Erste Group: Recommendation List

Recommendation List International Stocks – January 30, 2009 New recommendations: Goldcorp

Cancelled: Bombardier Sanyo Electric

Erste Group Research - Recommendation List January 30, 2009

Seite 1

Core Investments - Musterdepots Core-Investments - Modelportfolios since 01.01.03 since 01.01.09

North Amer ica

since 01.01.03

since 01.01.09

S&P 500 €

- 22.93%

-0.55%

Portfolio €

61.78%

4.07%

S&P 500 $

-3.94%

-6.43%

Portfolio $

109.83%

- 3.20%

ISIN

Count ry

Sec tor

Pur chas e Date

Purc has e Pr ice

Cur r ent Pr ice

Pe r f. Eur o

Outpe r f. loca l

Pe r f. loca l

AGNICO-EAGLE M INES

CA00 847 4108 5

CN

Gold-Mining

25/01/20 08

61 .0 0

6 5.77

0 .1 1%

45.31 %

7.82 %

GOLDCORP INC

CA38 095 6409 7

CN

Gold-Mining

30/01/20 09

36 .1 1

3 6.11

0 .0 0%

0 .0 0%

0.00 %

JOHNSON & J OHNSON BOMBARDIER INC 'B'

US4781 601 046 CA09 775 1200 7

US CN

Hea lth care Indus tr ial

14/09/20 07 30/03/20 07

63 .1 1 4.65

5 8.28 4.05

- 1.8 5% -15.49 %

35.39 % 27.69 %

-7.65 % - 12.90%

BERKSHIRE HATHAWAY ORAC LE C ORP.

US0846 702 076 US6838 9X105 4

US US

Rei nsura nce /Hold ing Softw a re

16/05/20 08 21/09/20 07

40 65.00 21 .0 4

29 00.00 1 7.59

-15.57 % -10.15 %

11.97 % 27.96 %

- 28.66% - 16.40%

Se cur it y

STOXX €

since 01.01.03 since 01.01.09 since 01.01.03 1.50% -6.13% Portfolio € 54.01%

since 01.01.09 - 0.52%

Europe Se cur it y

ISIN

Count ry

Sec tor

Pur chas e Date

Purc has e Pr ice

Cur r ent Pr ice

Pe r f. Eur o

Outpe r f. loca l

Pe r f. loca l - 40.98%

SOLARWORLD AG

DE0005 108 401

DE

Ener gy, A lte rnative

11/05/20 07

27 .9 1

1 6.47

-40.98 %

9 .8 1%

VESTAS WIND SYSTEMS

DK0010 268 606

DK

Ener gy, A lte rnative

09/01/20 09

334.50

289 .50

-13.45 %

-13.51 %

- 13.45%

RWE AG

DE00 070 3712 9

DE

Utility

17/01/20 08

93 .0 5

6 1.09

-34.35 %

10.34 %

- 34.35%

GAM ESA

ES0143 416 115

SP

Indus tr ial

18/11/20 05

11 .9 8

1 2.90

7 .6 8%

41.27 %

7.68 %

ROCHE HOLDING GEN.

CH0012 032 048

CH

Me dica l Dru gs

17/01/20 08

201.60

160 .30

-15.06 %

24.20 %

- 20.49%

since 1.1.03

since 01.01.09

since 01.01.03 since 01.01.09

Asia

MSCI Far East €

19.04%

0.22%

Portfolio €

50.86%

0.33%

MS CI Far East (Lo)

11.25%

-4.21%

Port folio(Lo)

99.40%

- 5.25%

ISIN

Count ry

Sec tor

Pur chas e Date

Purc has e Pr ice

Cur r ent Pr ice

Pe r f. Eur o

Outpe r f. loca l

Pe r f. loca l

ZIJIN M INING GROUP

CNE100 000 502

HK

Gold-Mining

11/04/20 08

7.94

3.87

-41.15 %

- 4.5 9%

- 51.26%

LIHIR GOLD

PG0008 974 597

AU

Gold-Mining

10/10/20 08

2.49

2.96

18.17%

31.01 %

1 8.88%

NEWC REST MINING CHINA M OBILE LTD

AU00 0000 NCM7 HK0941 009 539

AU HK

Gold-Mining Commun ication s

11/10/20 08 05/09/20 03

25 .6 4 21 .3 0

3 0.40 7 0.00

17.86% 17 6.42%

30.70 % 21 0.88%

1 8.56% 228 .6 4%

CHINA C ONSTR. BA NK INFOSYS TECHNOLOGIES

CNE100 000 2H1 INE0 09A0 1021

HK IN

Fin anc ial Softw a re

30/11/20 07 22/02/20 08

30 21.00 15 80.10

3.91 13 09.65

-40.65 % -24.23 %

6 .3 5% 16.22 %

- 47.73% - 17.12%

PTT PLC

TH0646 010 007

TH

Oil In te grated

22/02/20 08

328.00

159 .00

-49.02 %

-107 0.3 9%

- 51.52%

since 1.1.03

since 01.01.09

352.47%

6.88%

Se cur it y

since 01.01.03 since 01.01.09

Austria

ATX €

48.10%

-2.72%

Portfolio €

ISIN

Count ry

Sec tor

Pur chas e Date

Purc has e Pr ice

Cur r ent Pr ice

Outpe r f. loca l

Pe r f. loca l

ÖSTERR. POST A G CA IMM O INTERNATIONAL ZUM TOBEL A G

AT0000 APOST4 A TCAIMMOINT5 AT0000 837 307

AS AS AS

Trans port Real Estate Indus tr ial

29/06/20 07 25/09/20 08 08/04/20 08

32 .5 0 4.70 17 .3 2

2 4.40 4.68 6.22

39.92 % 5 .7 8% - 7.0 7%

- 24.92% - 39.36% - 64.09%

VIENNA INSURA NCE GROUP INTERCELL AG

AT0000 908 504 AT0000 612 601

AS AS

Fin anc ial Co nsumer, n on-c yclic al

26/05/20 06 06/04/20 05

46 .6 0 5.73

2 4.25 2 4.82

7 .2 5% 37 0.21%

- 47.96% 333 .1 6%

EVN AG RHI

AT0000 741 053 AT0000 676 903

AS AS

Utilities Indus tr ial

06/01/20 06 10/03/20 08

18 .1 8 27 .0 1

1 1.90 1 2.35

20.33 % - 0.6 7%

- 34.53% - 54.28%

ANDRITZ VERBUND

AT0000 730 007 AT0000 746 409

AS AS

Indus tr ial Utility

23/10/20 08 18/08/20 08

18 .8 0 47 .4 8

2 2.64 3 0.00

26.75 % 14.74 %

2 0.43% - 36.82%

Se cur it y

OMV A G KA PSC H TRAFFIC COM

AT0000 743 059

AS

Oil & Gas

24/01/20 08

43 .6 0

2 1.21

2 .4 3%

- 51.35%

A T00 0KAPSCH9

AS

Traffi c Mana geme nt

13/02/20 08

27 .3 3

1 5.50

1 .5 0%

1.80 %

Erste Group Research - Recommendation List January 30, 2009

Seite 2

USA - Core Investments Bombardier Inc 'B' Bom bar dier Inc. 'B' 9 .0 8 .0

Can cellati on: Due to w eakening demand in the aviation s egment the c ompany s how s signs of economic deterioration. We cannot see a pos itive change soon and t heref ore cancel t he s toc k f rom our rec ommendation list .

7.0 6 .0 5.0 4 .0 3 .0 01/ 08 02/ 08 03/ 0804/ 08 05/ 0806/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 BOMB ARDIER ' B'

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V60

M AV 30

Profitability / Growth 7,116.50 1.19 8.97 3.17 6.43 0.17 2.80 0.29

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

11.13 4.80 58.49 2.23 41.67 250.63 41.09 0.48

Johnson & Johnson Johnson & Johnson

The c ompany is the top healthcare company w orldw ide. Even if it is already a large corporation it has alw ay s been able t o f ind grow th opportunities und to increase its prof itability. The PE ratio is low (14), especially regarding t he high quality of the balance sheet .

74 71 68 65 62 59 56 53 50 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 JOHNSON & JOHNS ON

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V60

MA V 30

Profitability / Growth 161,701.80 0.69 72.76 52.06 12.81 1.58 3.54 2.57

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

25.60 25.36 18.04 3.27 24.52 6.61 11.42 9.77

Agnico-Eagle Mines Agnico Eag le Mines

80

Agnico-Eagle Mines is a prof itable Canadian gold minining company w ith revenues already ex ceeding CAD 400 million per year. The c ompany has a solid balance s heet and in an environment of rising gold pric es probably w ill generat e increasing prof its in the next y ears.

70 60 50 40 30 20 01/ 08 02/ 08 03/ 08 04/ 0805/ 08 06/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 A GNI CO-EA GLE MINES

Marke t Data / Valuation M a rket C ap B et a

MA V60

M AV 30

Profitability / Growth 10,407.58 1.04

R et urn o n E q uit y O pera ti ng M argin

5 2- We ek- H igh 5 2- We ek- Lo w

82.80 26.60

D ebt R at i o D ivid end Y iel d

P E c urrent Y e ar P E G R at io

97.24 4.11

E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r

P rice / Bo o k R at io P rice / S ales R at io

3.62 19.23

H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

Erste Group Research - Recommendation List January 30, 2009

8.42 39.67 0.00 0.32 -25.00 -36.25 74.19 16.37

Seite 3

USA - Core Investments Goldcorp Inc Goldcor p New Recom mendation: Goldcorp is a North American gold producer that has been able to increase its s ales subs tancially w ithin the last years. Due t o a f avourable inc rease of t he gold price during the las t years the company also s how s st able cash f low s. Goldc orp als o has a solid balance s heet w ith an equity ratio of nearly 74%.

48

38

28

18 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 Goldc orp

Market Data / Valuation M arke t Cap

MA V60

M AV 30

Profitability / Growth 26,339.87

B et a

0.83

Re tu rn o n E quit y

3.62

Op erat ing M argi n

27.75

52 -W eek- H igh

52.48

De bt Rat io

7.35

52 -W eek- Lo w

17.77

Div idend Y ield

0.62

P E current Y ear

45.69

E arnings Gro wt h current year

- 42.39

6.45

E arnings Gro wt h next ye ar

- 20.92

P rice/ B oo k Rat io

1.52

His to rica l E arning s Gro wt h

P rice/ S ales Rat io

8.34

P E G R at io

8.67

His to rica l S ales Gro wt h

24.46

Berkshire Hathaway Inc B Ber kshire Hathaw ay -B 5,000

Berkshire Hathaw ay is a holding company w ith t he main focus on the reins urance business. Due to ef ficient management by the invest ment tycoons Warren Buff ett and Charles Munger it has a mult i-decade long success ful enterprise hist ory. The stock can be us ed as a strategic part of an equity portf olio. Berkshire Hathaw ay appears very attrac tive f or above average returns.

4,500 4,000 3,500 3,000 2,500 01/ 08 02/ 08 03/ 0804/ 08 05/ 0806/ 0807/ 0808/ 0809/ 0810/ 08 11/ 08 12/ 0801/ 09 BERK SHIREHATHAWA Y' B'

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MA V60

M AV 30

Profitability / Growth 135,207.00 0.82 147,000.00 74,100.00 15.71 1.13 1.22

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

11.53 18.17 21.51 n.a. 19.65 -31.71 19.62 22.66

Oracle Or acle 23

Oracle is a leading softw are company w orldw ide. With new products they are successf ul in ex panding sales and earnings. Cash Flow s also are solid and chanc es are good t hat Oracle can c ontinue above average grow th f or an extended period of time.

20

17

14 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 0808/ 08 09/ 0810/ 08 11/ 08 12/ 08 01/ 09 ORA CLE

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MAV 30

M AV60

Profitability / Growth 88,762.26 0.85 23.62 15.10 13.13 1.00 3.89 3.85

Erste Group Research - Recommendation List January 30, 2009

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

27.64 35.71 32.80 0.00 30.12 46.04 23.22 19.58

Seite 4

Europa - Core Investments RWE AG RWE is one of Germany's top elect ricity s uppliers. It also ow ns major UK-based utilities and domestic elec tric ity and gas supplier RWE npow er, as w ell as operating div isions all over Europe. Furt her RWE is reducing it's large overall CO2 exposure by inves ting in new and exis ting Nuclear and alternative Energy plant s. Buy.

RWE

105 100 95 90 85 80 75 70 65 60 55 50

01/ 08 02/ 08 03/ 08 04/ 0805/ 08 06/ 08 07/ 0808/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 RWE

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V60

MA V30

Profitability / Growth 34,341.82 0.88 89.44 49.10 12.31 1.06 2.91 0.77

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

19.29 12.84 47.10 6.49 17.04 18.23 20.39 -1.15

GAMESA S.A. The Spanish manuf ac turer Gamesa is t he market leader in Spain and is pos itioned among t he most important w ind generat or manuf acturers in the w orld w it h a market share in 2007 upper 15% . Gamesa has its main produc t lines in 20 countries s pread out ov er f our continents . Good long term potential. Buy.

Gam esa 37 34 31 28 25 22 19 16 13 10 01/ 08 02/ 0803/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 GA MESA CORPN.TEGC.

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MAV 30

MA V60

Profitability / Growth 3,228.59 1.22 36.18 10.10 13.60 0.73 2.28 0.94

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

18.80 7.67 39.83 2.12 10.00 n.a. 9.79 24.04

Vestas Wind Systems The Danish Vestas Wind Syst ems A/S is present in 63 count ries and w it h a market share of 23% f or years t he w orlds larges t producer of w indturbines. The company has a solid order bac klog f rom Europe (62%) and t he grow th markets Americas (24% ) and As ia (14%). Due to the over proport ional share price drop las t year and the good grow th out look in t he w ind indus try the s tock has recovery and high long term potential. Buy.

Vestas Wind System s 520

320

120 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 0807/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 Vest as

M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

52,875.77 1.41 700.00 180.00 20.12 0.45 4.26 1.30

Erste Group Research - Recommendation List January 30, 2009

MA V60

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

MA V30

20.95 9.11 9.00 0.25 159.59 n.a. n.a. 17.22

Seite 5

Europa - Core Investments Solarworld AG Due t o the increased oil prices and enhanced environmental aw arenes s chanc es aris e f or c ompanies of the alternat ive energy-sector. Solarw orld w ill be able to boost its earnings the nex t years. As Solarw orld is one of the leaders in the indus try of integrat ed s olarcompanies w e rec ommend buy ing the st ock.

Solar w or ld 50 45 40 35 30 25 20 15 10 01/ 08 02/ 08 03/ 0804/ 08 05/ 0806/ 08 07/ 0808/ 08 09/ 08 10/ 08 11/ 0812/ 08 01/ 09 SOLARWORLD

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 30

M AV60

Profitability / Growth 1,843.38 1.48 37.90 10.80 0.44 2.27 2.10

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

17.57 29.16 48.11 1.28 -16.81 52.28 n.a. 37.36

Roche Holding AG In this dif f icult ec onomic environment f or c yclic al companies, a def ens ive value such as the Sw iss pharmaceutic al giant is an at tract ive inves tment. The core business is the product ion of quality drugs in a higher price segment f or hospitals, w here the f irm enjoys a solid pipeline. Through acquis itions , Roc he is als o in a good position in it s medical technique division. We s elect the st ock f or our rec ommendation lis t.

Roche 215 200 185 170 155 140 01/ 08 02/ 08 03/ 0804/ 08 05/ 0806/ 08 07/ 0808/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 ROCHE HOLDI NG

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V60

M AV 30

Profitability / Growth 141,142.40 0.92 209.90 140.10 14.47 1.64 3.37 3.08

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

23.02 31.36 11.41 3.51 23.21 15.94 n.a. 11.57

Seite 6

Asien - Core Investments NEWCREST MINING Ne w cr est Minin g Aus tralia's largest gold mine operator quadrupled it's last half -year res ults, production rose las t year by 10% to 1.75 million ounc es. New cres t has gold reserves amounting to 40 million ounc es. The v aluation per oz is considerably cheaper than the industry average. Af ter t he bitt er losses w ithin the previous w eeks , the stock is now v alued v ery favorably .

40

30

20

10 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08

M AV6 0

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 3 0

Profitability / Growth 14,038.67 0.72 40.50 16.55 95.09 2.86 4.36 5.22

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

6.48 32.24 10.18 0.47 73.45 360.19 2.60 24.90

SANYO ELECTRIC Sanyo Electr ic

Cancell ation: 280

The company w ill be acquired by Panasonic Corp f or 140 Yen/s hare. We do not expect an increase f or this of f er and theref ore cancel the stock f rom our recommendation list.

260 240 220 200 180 160 140 120 01/ 08 02/ 0803/ 08 04/ 08 05/ 0806/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 S A NYOELECTRI C

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 30

M AV60

Profitability / Growth 262,127.30 1.00 297.00 110.00 34.37 8.88 0.13

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

286.27 3.77 60.22 0.00 n.a. -271.31 n.a. -1.45

CHINA CONSTRUCTION BANK China Construction Bank 9

CCB is our top-pic k w ithin t he Chinese banking sec tor. In our view , CCB should be a key benef ic iary of the rising rat e cyc le. Grow th, valuation as w ell as margins are more attractive t han the Peer Group. CCB ist c urrently evaluating takeov er-targets w orldw ide, the trough-train program (DII and QDII) f rom mainland China should also support the CCB's stock.

8 7 6 5 4 3 2 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 CHINA CON.B ANK ' H'

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V30

M AV60

Profitability / Growth 905,859.30 1.22 7.29 2.50 8.49 0.52 1.75 2.13

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

18.39 32.04 62.27 5.76 42.86 47.67 37.97 15.87

Seite 7

Asien - Core Investments CHINA MOBILE China Mobile

160

China Mobile is the lead ing f orce in the w orld’s b igg est mobile pho ne marke t. The company, through its subsidia ries, p ro vide s cellulartelecommu nica tion servic es in the People's Republic of China. It has a solid b alan ce she et an d is expec ted to show strong grow th rates in the c oming y ears. We recommend China

150 140 130 120 110 100 90 80 70

Mobile as a Buy.

60 50 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 CH IN A MOB ILE

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MA V30

MA V60

Profitability / Growth 1,413,834.00 1.08 138.98 50.50 11.96 0.67 3.06 3.22

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

25.14 36.18 8.66 4.61 31.02 45.79 20.67 21.59

Lihir Gold Lihir Gold The w ell estab lis hed g old p ro duce r, based in Papua Ne w Gu inea , has re cently ann ounc ed the acquisit ion of Equigold . The company now has 3.4 million ou nces o f addition al resource s. Prod uctio n is sche dule d f or 2008 at 90 0,000 ounc es of g old, at cas h cost s of USD 360 per oun ce. 20 09 a produc tion of 1.28 million o unces at ca sh cos ts of $ 357 pe r oz e xpecte d. Conc lusion: L ihir should be exten ded f rom the current f alling en ergy an d commodity price s and by the sharp rise in gold prices ab ove b enef it .

5

4

3

2

1 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 Li hir Gol d

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MAV 30

MAV60

Profitability / Growth 6,849.03 0.95 4.39 1.52 1.37 1.76 6.96

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

-1.62 21.80 0.05 0.17 n.a. -871.43 n.a. n.a.

INFOSYS TECHNOLOGIES LTD The Indian IT service p ro vide r is on e of the bigg est bene ficia ries o f glob alizatio n. In the p ast qu arter, turno ver exce eded the USD 1 b illion ma rk f or the f irs t time, EBITma rg in increas ed to 28.8 %. For the current f is cal year, the company expe cts ne arly 3 0% of prof it and s ales grow th, due to the current reco rd backlo g certainly a realistic expe ctation. A f ter the re cent p rice d eclines, w e see the stoc k no w at an attractive en try-leve l.

I nfos ys Te chnologie s Ltd. 2, 200 2, 000 1, 800 1, 600 1, 400 1, 200 1, 000 01/ 08 02/ 0803/ 0804/ 0805/ 0806/ 0807/ 0808/ 0809/ 0810/ 08 11/ 08 12/ 08 01/ 09 I NFOS YS TECH NOLOGI ES

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MAV 30

MA V60

Profitability / Growth 748,241.40 0.69 2,046.50 1,040.00 16.03 1.04 5.42 4.47

Erste Group Research - Recommendation List January 30, 2009

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h Hist o rical S ales G ro wth

37.20 27.92 0.00 2.12 17.75 32.40 35.24 33.57

Seite 8

Asien - Core Investments PTT PCL The Thai oil and g as compa ny ben ef its f rom high oil prices, strong g as de man d as w e ll as significantly higher c ontract status in the pe tro chemica ls d ivision . The quality o f PTT's bala nce s heet is ou tstand ing, due to the PE-ra tio o f 10x, a dividend yie ld o f 3 .6 %and hig h prof ita bility w e see sign if ica nt upside po tential.

PTT

420 380 340 300 260 220 180 140

01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 P TT

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MAV 30

MA V60

Profitability / Growth 451,849.10 1.24 382.00 134.00 4.59 1.77 1.11 0.22

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

30.04 7.79 36.32 5.79 1.99 - 28.28 31.81 30.10

ZIJIN MINING Du e to a aggres sive expan sion strateg y, China's large st gold company advan ced to the f ou rt h large st gold produce r w o rldw ide. Th e compan y is characte rized by low mining c osts a nd a p ro misin g exploration pipeline. Valuation an d grow th prospec ts are f av ourable compared to the p eergroup, the planne d A -s hare listing in Sh angha i sh ould supp ort the s tock price .

Zijin Mi ni ng 11

6

1 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 ZI JI N MI NI NG GROUP 'H'

Market Data / Valuation M arke t Cap B et a 52 -W eek- H igh 52 -W eek- Lo w P E current Y ear P E G R at io P rice/ B oo k Rat io P rice/ S ales Rat io

MA V30

MAV60

Profitability / Growth 76,773.48 1.60 10.96 1.39 15.99 1.08 3.15 3.10

Erste Group Research - Recommendation List January 30, 2009

Re tu rn o n E quit y Op erat ing M argi n De bt Rat io Div idend Y ield E arnings Gro wt h current year E arnings Gro wt h next ye ar His to rica l E arning s Gro wt h His to rica l S ales Gro wt h

56.78 32.05 47.51 3.04 48.44 16.32 67.06 78.54

Seite 9

Österreich – Xetra Core Investments EVN The earnings development of EVN is robus t due to its geographic al expans ion into Central and East ern Europe. Apart f rom the geographical divers if ication and the mult i-utility approach (w ater and w as te), w e like the 12.5% stake in Verbund, w hic h contributes enormously t o the value of t he EVN stock. Including the c ompanies consolidated at-equity, w hich have been recogniz ed at 1.0x book value, this is another enhancement f or the value of the stock. The company 's c ommunicat ion polic y and t he s toc k's low liquidity are some kind of burden, unfortunately. Our recommendat ion: Buy , target price: EUR 18.9.

EVN 24 22 20 18 16 14 12 10 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 0807/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 EVN

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 30

MA V60

Profitability / Growth 1,950.86 0.61 23.07 10.00 9.71 -0.67 0.72

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

6.8% 6.8% 50.4% 3.4% 7.2% 22.1% -3.3% 8.9%

Vienna Insurance Group Austria’s largest insurance company sets great st ore by the expans ion into CEE. More than one-third of the premium volume is already being earned in the region. In Romania, the c ompany is number one, and in the Cz ech Republic, Slov akia and Bulgaria it ranks s econd in the market. The company has a total of 20 million cus tomers in 20 c ountries . The GDP of the CEE region is low er GDP in c omparison to Wes tern Europe and t he region has an enormous grow th potent ial w ith respect to insurance density. The stoc k currently suf f ers f rom the w eak sentiment tow ards CEE. Our target pric e: EUR 44.

Vienna Insur anc Gr oup 60 55 50 45 40 35 30 25 20 15 10 01/ 08 02/ 08 03/ 08 04/ 0805/ 08 06/ 08 07/ 0808/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09

VI ENNA I NS URA NCEGROUP A

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V30

MA V60

Profitability / Growth 3,130.88 0.90 59.00 15.41 7.39 -0.78 n.m.

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

10.8% --5.4% 0.9% 5.9% 9.7% --

Intercell Interc ell is the f irst biotec h c ompany list ed on Wiener Börs e specialized in the development of therapeutic and prophy lac tic vaccines. The v acc ine market off ers ex cellent grow th pers pec tives . The main development projects are a prophy lac tic vac cine against Japanese enc ephalitis (in the phase of market approval currently) and a therapeutic com-pound against hepatitis C. The company has a lot more projects in the pipeline and projec ts in the clinical t esting phase w ith cooperation partners (esp. Nov artis/Merck). Our t arget price: EUR 39,5.

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

I ntercell

36 33 30 27 24 21 18 15 01/ 08 02/ 0803/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09

I NTERCELL

MA V 30

M AV60

Profitability / Growth 1,205.90 0.88 33.18 15.70 98.91 -3.50 11.56

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

3.6% 11.2% 24.7% 0.0% 17.7% 257.3% -182.9% 62.9%

Seite 10

Österreich – Xetra Core Investments RHI RHI is a global play er and has a w orldw ide number one posit ion in the ref ract ories business . The mos t important customer indus tries are iron & steel, cement & lime, nonf errous metals and glass . The group's c urrent targets are the st rengt hening of the leading market pos ition als o through ac quisitions. It t arget s EUR 2bn rev enues and 12% EBIT margin by 2010. The f urther bac kw ard integration w ith start up of its new raw material JV in China in t he c ours e of 2008 w ill hav e a significant positiv e margin impact. Our 12-month target price: EUR 19.

RHI

35 30 25 20 15

10 01/ 08 02/ 0803/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 RHI

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

M AV 30

MA V60

Profitability / Growth 475.98 0.85 34.45 10.60 7.96 -1.68 0.35

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

23.6% 7.0% 75.3% 0.0% - 55.5% -4.4% - 35.6% 1.9%

Österreichische Post AG Austrian Pos t is the leading logist ics company in Austria, w ith a nat ionw ide s ervice obligation. In rec ent years, the f irm has been transf ormed into a modern and suc ces sf ul company w ith highquality s tandards . Aust rian Pos t intends to grow through selec tiv e ac quisitions, mainly in the CEE region. Recently, the company w as f acing problems in its parcel div ision. How ever, w e see still ups ide potent ial f or the s hare pric e. The div idend yield of around 10% (incl. the special div idend) s hould act as support . Our target price: EUR 30.

Österr eichische Po st AG 29 26 23 20 01/ 08 02/ 0803/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 OS TERREICHI S CHEP OST

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MAV 30

M AV60

Profitability / Growth 1,701.00 0.49 28.66 19.61 12.19 -2.47 0.62

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

18.6% 7.2% 68.0% 10.7% 8.6% 10.8% 12.0% 12.5%

OMV OMV currently suf f ers signif ic antly f rom t he recent decline in the oil price. The s tock is s till s uitable as a "hedge" f or the portf olio agains t possible oil price increas es and is also a good means t o divers if y into the commodity sector. The valuation of the st ock is currently quite low , in our opinion, and does not consider the strong subst anc e of the company. Our target price: under rev iew .

OMV

60 55 50 45 40 35 30 25 20 15

01/ 08 02/ 0803/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 OMV

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 30

MAV60

Profitability / Growth 6,456.00 0.97 56.90 16.70 2.74 -0.56 0.25

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

21.7% 13.7% 48.2% 12.8% 1.5% 0.8% 18.9% 10.2%

Seite 11

Österreich – Xetra Core Investments Kapsch TrafficCom KTC benef its in the long-term f rom budget c ons traints of gov ernments and from the ever rising traf f ic volume. We s ee plenty of projects globally in the long term. The valuation of the stock is only based on ex ist ing project s, the disputed projec t in Slovakia is completely exc luded f rom our model. Our target pric e: EUR 32.7.

Kapsch TrafficCom 33 30 27 24 21 18 15 12 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 K AP S CH TRA FFI C COM

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V30

MA V60

Profitability / Growth 344.65 n.a. 43.75 24.55 8.46 -1.16 1.14

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

14.3% 18.1% 46.6% 3.5% - 23.4% 6.2% 0.3% -5.9%

Verbund Due to rising c ons truction cos ts f or new pow er plant s, w e expect the electricit y prices to remain at least at high lev els. 90% of Verbund's c urrent ouput is generated by hy dropow er. Assuming an average w ater supply , Verbund w ill be able to pres ent another record year in 2009. How ev er, 2010 could bring a dec lining res ult. Our target pric e: under review .

Verb und

60 50 40 30

20 01/ 08 02/ 08 03/ 08 04/ 0805/ 08 06/ 08 07/ 08 08/ 0809/ 08 10/ 08 11/ 08 12/ 08 01/ 09 VERBUNDGESELLS CHAFT

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V30

MA V60

Profitability / Growth 9,119.64 0.84 61.72 26.80 10.50 -2.70 2.31

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

28.0% 33.9% 55.2% 4.3% 17.6% 11.8% 20.7% 11.5%

CA Immo Int. Ca Immo Int.(CAII) has recently cut back its development pipeline and also stat ed t hat they w ould only do “bargain hunting” in t he cas e real market if opport unities arise. The stock is not perf ectly liquid, but w e believe it has the perf ect c ons ervat ive strategy f or this dif f ic ult market s ituation w ith an estimated LTV ratio of only 12% at the end of 2008 and good contac ts t o Bank Austria (10% ow ner of CA Immo). Addt ionally, CA Immo is constantly increas ing it s st ake in the company . Our target pric e: EUR 6.0.

13

CA Im m o I nternational

10 7 4 1 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 01/ 09 CA Imm o

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V 30

MA V60

Profitability / Growth 123.86 0.78 11.00 1.75 -1.21 -0.24 2.32

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

-18.2% -169.2% 46.4% 0.0% 530.1% -19.5% -208.4% n.a.

Seite 12

Österreich – Xetra Core Investments Andritz Andritz has recently announced new ambitous long-t erm targets. Andrit z now targets a s ust ainable EBITA-margin level of 7% (af ter 5. 9%) and a sales volume of EUR 4.5bn by 2010/ 11. Bas ed on the track record inves tors can expect that promises w ill be delivered. We thinkt t hat Andritz is a good inves tment cas e in a recessionary environment due to a f lexible cost strucutre and its strong exposure to the market f or renew able energy (+40% ). Our target pric e: EUR 40. 0.

Andr itz 40 .0 30 .0 20 .0 10 .0 01/ 08 02/ 0803/ 0804/ 0805/ 0806/ 0807/ 08 08/ 0809/ 0810/ 08 11/ 08 12/ 0801/ 09 ANDRITZ

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

MA V60

MA V30

Profitability / Growth 1,222.00 1.03 44.24 15.91 8.35 -1.83 0.34

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

23.1% 5.7% 77.0% 5.3% -7.7% 1.9% 14.0% 9.0%

Zumtobel Zumtobel is the leading pure player in the highly fragment ed light ing bus iness in Europe and a global player in the c omponent bus iness w it h a core competence on s tate-of -the-art product s. The f oc us is on components ("TridonicAtco"), prof essional light ing solutions , luminaires and lighting management, primarily in the non-residential sector. The company is currently f ac ing a very tough environment but w ith the EUR 480mn, 5-year credit agreement concluded mid 2008 it should be able to w eather the storm. Our target price: EUR 8.0.

Marke t Data / Valuation M a rket C ap B et a 5 2- We ek- H igh 5 2- We ek- Lo w P E c urrent Y e ar P E G R at io P rice / Bo o k R at io P rice / S ales R at io

Zumtobel

22 19 16 13 10 7

4 1 01/ 08 02/ 08 03/ 08 04/ 08 05/ 08 06/ 08 07/ 08 08/ 08 09/ 08 10/ 08 11/ 08 12/ 08 Zumt obel

M AV60

M AV 30

Profitability / Growth 288.79 0.65 20.90 5.10 30.46 -0.52 0.25

Erste Group Research - Recommendation List January 30, 2009

R et urn o n E q uit y O pera ti ng M argin D ebt R at i o D ivid end Y iel d E arni ngs G ro wth cu rre nt year E arni ngs G ro wth ne xt yea r H ist o rica l E a rn ing s G ro wt h H ist o rica l S a les Gro wt h

1.7% 3.0% 52.9% 1.6% -84.1% 50.2% - 55.7% -4.5%

Seite 13

Published b y Er ste Group Bank AG, Neutorgasse 17, 1010 Vienna, Au stria. Phone +43 ( 0)5 0100 - ext.

Erste Group Homepage: www.erstegroup.com On Bloomberg please type: ERBK . T his research report was prepared by Erste Group Bank AG (”Erste Group”) or its affiliate named herein. T he information herein has been obtained from, and any opinions herein are based upon, sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All opinions, forecasts and estimates herein reflect our judgement on the date of this report and are subject to change without notice. T he report is not intended to be an offer, or the solicitation of any offer, to buy or sell the securities referred to herein. From time to time, Erste Group or its affiliates or the principals or employees of Erste Group or its affiliates may have a position in the securities referred to herein or hold options, warrants or rights with respect thereto or other securities of such issuers and may make a market or otherwise act as principal in transactions in any of these securities. Erste Group or its affiliates or the principals or employees of Erste Group or its affiliates may from time to time provide investment banking or consulting services to or serve as a director of a company being reported on herein. Further information on the securities referred to herein may be obtained from Erste Group upon request. Past performance is not necessarily indicative for future results and transactions in securities, options or futures can be considered risky. Not all transaction are suitable for every investor. Investors should consult their advisor, to make sure that the planned investment fits into their needs and preferences and that the involved risks are fully understood. T his document may not be reproduced, distributed or published without the prior consent of Erste Group. Erste Group Bank AG confirms that it has approved any investment advertisements contained in this material. Erste Group Bank AG is regulated by the Financial Services Authority for the conduct of investment business in the UK. Please refer to www.erstegroup.com for the current list o f specific disclosures and the breakdown of Erste Group’s inv estment recommen dations.

Erste Group Research - Recommendation List January 30, 2009

Seite 14