1. Returns to Style using Style Research’s Markets Analyzer Asia Pacific x Japan End February 2011

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

3. Overview Value works long term – like in other markets – EBITDA best over 10 years – 4.1% pa xs return Small cap performs better than large cap – Like other markets High Beta does not work – like other markets Nothing works consistently – Top 10 inconsistent over different time periods

4. Approach Benchmark = market – All stocks with market cap of USD 100 million Analysis after country & sector adjustment – Factor screen within countries and sectors – Eliminates country and sector bias Rebalanced every 6 months – Repriced every month – Includes dividends

5. Value

12. Growth

19. Other

24. Quality

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

32. 10 year XS returns

33. Weight: Market Cap, Rebal 6 mths 4.0% pa

34. Weight: Market Cap, Rebal 3 mths 4.6% pa

35. Weight: Earnings, Rebal 6 mths 8.5% pa

36. overview Value works long term – like in other markets – EBITDA best over 10 years Small cap works better than large cap – Like other markets High Beta does not work – like other markets Nothing works consistently – Top 10 inconsistent over different time periods – Rebalance and weighting schemes make a difference