http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschreghighemergingmarkets UBS Research: Emerging Markets Regional Highlights en Copyright (C) UBS 2008. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Mon, 6 Oct 2008 Mon, 6 Oct 2008 60 http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschrss http://research.ibb.ubs.com:80/images/logo.gif http://www.ubs.com 160 44 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50824|native|public Regions

• Global


• Turkey


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Industrial, Diversified


• Turkish Industrial, Diversified


• EMEA Emerging Industrial, Diversified


• EMEA Emerging Industrial


• Global Industrial


• Turkish Industrial


• EMEA Emerging Industrial Goods & Services


• Global Industrial Goods & Services


• Turkish Industrial Goods & Services


• Global Emerging Industrial, Diversified


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services

Companies

• ENKAI.IS ENKA

Subjects

• Change in Recommendation


• Company Update


• Morning Note

]]> Ali Yavuz Birdal ENKAI.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50824|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50804|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Subjects

• Market Strategy / Comment


• Morning Note

]]> Alexei Morozov http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50804|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50797|native|public Regions

• Global


• EMEA Emerging


• Emerging Markets

Companies

• CARLb.CO Carlsberg


• LAFP.PA Lafarge


• HEIN.AS Heineken


• SSABa.ST SSAB


• XTA.L Xstrata Plc


• ANGJ.J Anglogold


• GFIJ.J Gold Fields Ltd


• IMPJ.J Implats


• NHMJ.J Northam


• AMSJ.J Anglo Platinum Ltd


• HARJ.J Harmony


• GMKN.RTS Norilsk Nickel


• VIP.N VimpelCom


• DRDJ.J DRDGOLD Ltd


• TKAG.F ThyssenKrupp


• AAL.L Anglo American


• SAB.L SABMiller


• INTB.BR InBev


• CHMFq.L Severstal


• ANTO.L Antofagasta


• NLMKq.L Novolipetsk


• URKA.RTS Uralkali


• MTL.N Mechel


• HK1q.L Evraz


• ISPA.AS ArcelorMittal


• PLZLq.L Polyus Gold


• RASP.RTS Raspadskaya


• KSP.I Kingspan


• BLNG.RTS Belon


• VALE5.SA Vale (PN)


• GG.N Goldcorp


• POT.N Potash Corporation


• TCKb.TO Teck Cominco


• IP.N International Paper


• NUE.N Nucor Corp.


• WY.N Weyerhaeuser


• X.N United States Steel


• ABX.N Barrick Gold Corp


• GGBR4.SA Gerdau


• CNX.N CONSOL Energy


• TX.N Ternium


• CMC.N Commercial Metals


• BUMI.JK Bumi Resources


• STRL.SI Straits Asia Res

Subjects

• Market Strategy / Comment


• Morning Note

]]> Themis Themistocleous CARLb.CO LAFP.PA HEIN.AS SSABa.ST XTA.L ANGJ.J GFIJ.J IMPJ.J NHMJ.J AMSJ.J HARJ.J GMKN.RTS VIP.N DRDJ.J TKAG.F AAL.L SAB.L INTB.BR CHMFq.L ANTO.L NLMKq.L URKA.RTS MTL.N HK1q.L ISPA.AS PLZLq.L RASP.RTS KSP.I BLNG.RTS VALE5.SA GG.N POT.N TCKb.TO IP.N NUE.N WY.N X.N ABX.N GGBR4.SA CNX.N TX.N CMC.N BUMI.JK STRL.SI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50797|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50796|native|public Regions

• Global


• Turkey


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Airlines


• Global Automobile Manufacturers


• Global Building Materials


• Global Banks


• Global Food Retailers & Wholesalers


• Global Industrial, Diversified


• Global Advanced Industrial Equipment


• Global Oil Companies, Secondary


• Global Real Estate


• Global Steel


• Turkish Airlines


• Turkish Automobile Manufacturers


• Turkish Building Materials


• Turkish Banks


• Turkish Food Retailers & Wholesalers


• Turkish Industrial, Diversified


• Turkish Advanced Industrial Equipment


• Turkish Oil Companies, Secondary


• Turkish Real Estate


• Turkish Steel


• Turkish Wireless Communications


• Turkish Distillers & Brewers


• Turkish Furnishings & Appliances


• Turkish Insurance, Full-Line


• Turkish Publishing


• EMEA Emerging Airlines


• EMEA Emerging Automobile Manufacturers


• EMEA Emerging Building Materials


• EMEA Emerging Banks


• EMEA Emerging Wireless Communications


• EMEA Emerging Distillers & Brewers


• EMEA Emerging Food Retailers & Wholesalers


• EMEA Emerging Furnishings & Appliances


• EMEA Emerging Industrial, Diversified


• EMEA Emerging Insurance, Full-Line


• EMEA Emerging Advanced Industrial Equipment


• EMEA Emerging Oil Companies, Secondary


• EMEA Emerging Publishing


• EMEA Emerging Real Estate


• EMEA Emerging Steel


• Global Wireless Communications


• Global Distillers & Brewers


• Global Furnishings & Appliances


• Global Insurance, Full-Line


• Global Publishing


• EMEA Emerging Basic Materials


• EMEA Emerging Consumer, Cyclical


• EMEA Emerging Energy


• EMEA Emerging Financial


• EMEA Emerging Home Construction & Furnishings


• EMEA Emerging Industrial


• EMEA Emerging Insurance


• EMEA Emerging Mining & Metals


• EMEA Emerging Consumer, Non-Cyclical


• EMEA Emerging Telecommunications


• EMEA Emerging Industrial Transportation


• Global Basic Materials


• Global Consumer, Cyclical


• Global Energy


• Global Financial


• Global Home Construction & Furnishings


• Global Industrial


• Global Insurance


• Global Mining & Metals


• Global Consumer, Non-Cyclical


• Global Telecommunications


• Global Industrial Transportation


• Turkish Basic Materials


• Turkish Consumer, Cyclical


• Turkish Energy


• Turkish Financial


• Turkish Home Construction & Furnishings


• Turkish Industrial


• Turkish Insurance


• Turkish Mining & Metals


• Turkish Consumer, Non-Cyclical


• Turkish Telecommunications


• Turkish Industrial Transportation


• EMEA Emerging Automobiles


• EMEA Emerging Basic Resources


• EMEA Emerging Cyclical Goods & Services


• EMEA Emerging Construction


• EMEA Emerging Food & Beverage


• EMEA Emerging Financial Services


• EMEA Emerging Industrial Goods & Services


• EMEA Emerging Media


• EMEA Emerging Non-Cyclical Goods & Services


• Global Automobiles


• Global Basic Resources


• Global Cyclical Goods & Services


• Global Construction


• Global Food & Beverage


• Global Financial Services


• Global Industrial Goods & Services


• Global Media


• Global Non-Cyclical Goods & Services


• Turkish Automobiles


• Turkish Basic Resources


• Turkish Cyclical Goods & Services


• Turkish Construction


• Turkish Food & Beverage


• Turkish Financial Services


• Turkish Industrial Goods & Services


• Turkish Media


• Turkish Non-Cyclical Goods & Services


• Turkish Banks, Ex-S&L


• Turkish Beverage


• Turkish Transportation Services


• EMEA Emerging Banks, Ex-S&L


• EMEA Emerging Beverage


• EMEA Emerging Transportation Services


• Global Banks, Ex-S&L


• Global Beverage


• Global Transportation Services


• Global Emerging Airlines


• Global Emerging Automobiles


• Global Emerging Automobile Manufacturers


• Global Emerging Basic Resources


• Global Emerging Banks, Ex-S&L


• Global Emerging Building Materials


• Global Emerging Banks


• Global Emerging Basic Materials


• Global Emerging Beverage


• Global Emerging Cyclical Goods & Services


• Global Emerging Construction


• Global Emerging Wireless Communications


• Global Emerging Consumer, Cyclical


• Global Emerging Distillers & Brewers


• Global Emerging Energy


• Global Emerging Food Retailers & Wholesalers


• Global Emerging Financial


• Global Emerging Food & Beverage


• Global Emerging Furnishings & Appliances


• Global Emerging Financial Services


• Global Emerging Home Construction & Furnishings


• Global Emerging Industrial, Diversified


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services


• Global Emerging Insurance, Full-Line


• Global Emerging Insurance


• Global Emerging Advanced Industrial Equipment


• Global Emerging Media


• Global Emerging Mining & Metals


• Global Emerging Non-Cyclical Goods & Services


• Global Emerging Consumer, Non-Cyclical


• Global Emerging Oil Companies, Secondary


• Global Emerging Publishing


• Global Emerging Real Estate


• Global Emerging Steel


• Global Emerging Telecommunications


• Global Emerging Industrial Transportation


• Global Emerging Transportation Services

Companies

• AKBNK.IS Akbank


• ARCLK.IS Arcelik


• GARAN.IS Garanti


• MIGRS.IS Migros Turk


• FROTO.IS Ford Otosan


• EREGL.IS Erdemir


• AKCNS.IS Akcansa


• KCHOL.IS Koc Holding


• TUPRS.IS Tupras


• THYAO.IS Turkish Airlines


• YKBNK.IS YKB


• ISCTR.IS Is Bank


• SAHOL.IS Sabanci Holding


• SISE.IS Sisecam


• TOASO.IS Tofas Oto Fabrika


• AKGRT.IS Aksigorta


• ENKAI.IS ENKA


• DYHOL.IS Dogan Yayin Holding


• TKC.N Turkcell


• AEFES.IS Anadolu Efes


• VAKBN.IS Vakifbank


• ISGYO.IS Is REIT


• BIMAS.IS BIM


• TAVHL.IS TAV


• ASYAB.IS Bank Asya


• ALBRK.IS Albaraka

]]> Batuhan Ozsahin AKBNK.IS ARCLK.IS GARAN.IS MIGRS.IS FROTO.IS EREGL.IS AKCNS.IS KCHOL.IS TUPRS.IS THYAO.IS YKBNK.IS ISCTR.IS SAHOL.IS SISE.IS TOASO.IS AKGRT.IS ENKAI.IS DYHOL.IS TKC.N AEFES.IS VAKBN.IS ISGYO.IS BIMAS.IS TAVHL.IS ASYAB.IS ALBRK.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50796|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq00685|native|public Regions

• Global


• South Africa


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Precious Metals


• South African Precious Metals


• EMEA Emerging Precious Metals


• EMEA Emerging Basic Materials


• EMEA Emerging Mining & Metals


• Global Basic Materials


• Global Mining & Metals


• South African Basic Materials


• South African Mining & Metals


• EMEA Emerging Basic Resources


• Global Basic Resources


• South African Basic Resources


• Global Emerging Basic Resources


• Global Emerging Basic Materials


• Global Emerging Mining & Metals


• Global Emerging Precious Metals

Companies

• ANGJ.J Anglogold


• GFIJ.J Gold Fields Ltd


• HARJ.J Harmony


• DRDJ.J DRDGOLD Ltd

Subjects

• Industry Overview

]]> Simon Kendall, CFA ANGJ.J GFIJ.J HARJ.J DRDJ.J http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq00685|native|public|20081005000000 Sun, 5 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq00684|native|public Regions

• Global


• South Africa


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Precious Metals


• South African Precious Metals


• EMEA Emerging Precious Metals


• EMEA Emerging Basic Materials


• EMEA Emerging Mining & Metals


• Global Basic Materials


• Global Mining & Metals


• South African Basic Materials


• South African Mining & Metals


• EMEA Emerging Basic Resources


• Global Basic Resources


• South African Basic Resources


• Global Emerging Basic Resources


• Global Emerging Basic Materials


• Global Emerging Mining & Metals


• Global Emerging Precious Metals

Companies

• LMI.L Lonmin


• GFIJ.J Gold Fields Ltd


• IMPJ.J Implats


• NHMJ.J Northam


• AMSJ.J Anglo Platinum Ltd


• HARJ.J Harmony


• AQP.L Aquarius Platinum

Subjects

• Company Update


• Industry Overview


• Morning Note

]]> Simon Kendall, CFA LMI.L GFIJ.J IMPJ.J NHMJ.J AMSJ.J HARJ.J AQP.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq00684|native|public|20081005000000 Sun, 5 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50752|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Advanced Industrial Equipment


• Russian Advanced Industrial Equipment


• EMEA Emerging Advanced Industrial Equipment


• EMEA Emerging Industrial


• Global Industrial


• Russian Industrial


• EMEA Emerging Industrial Goods & Services


• Global Industrial Goods & Services


• Russian Industrial Goods & Services


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services


• Global Emerging Advanced Industrial Equipment

Companies

• GMKN.RTS Norilsk Nickel


• CHMFq.L Severstal


• NLMKq.L Novolipetsk


• MTL.N Mechel


• HK1q.L Evraz


• PLZLq.L Polyus Gold


• PMTLq.L Polymetal


• RASP.RTS Raspadskaya


• BLNG.RTS Belon

Subjects

• Company Update


• Industry Overview


• Morning Note

]]> Alexei Morozov GMKN.RTS CHMFq.L NLMKq.L MTL.N HK1q.L PLZLq.L PMTLq.L RASP.RTS BLNG.RTS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50752|native|public|20081006000000 Mon, 6 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50736|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Russian Wireless Communications


• EMEA Emerging Wireless Communications


• Global Wireless Communications


• EMEA Emerging Telecommunications


• Global Telecommunications


• Russian Telecommunications


• Global Emerging Wireless Communications


• Global Emerging Telecommunications

Companies

• VIP.N VimpelCom

Subjects

• Company Update


• Morning Note

]]> Alex Wright VIP.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50736|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50707|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Subjects

• Market Strategy / Comment


• Morning Note

]]> Alexei Morozov http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50707|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50702|native|public Regions

• Austria


• Belgium


• Europe Including UK


• Europe Ex. UK


• United Kingdom


• Global


• UBSW EMEA


• Emerging Markets


• Asia Pacific


• Asia Pacific Ex. JP


• Americas


• Brazil


• Latin America


• United States


• North America


• Latin America Emerging


• Australia


• Australasia

Sectors

• Austrian Banks


• Belgian Banks


• European Banks


• European Ex. UK Banks


• British Banks


• Global Banks


• Global Diversified Financial


• Global Investment Services


• Austrian Financial


• Belgian Financial


• European Financial


• European Ex. UK Financial


• British Financial


• Global Financial


• Global Financial Services


• Austrian Banks, Ex-S&L


• Belgian Banks, Ex-S&L


• British Banks, Ex-S&L


• European Banks, Ex-S&L


• European Ex. UK Banks, Ex-S&L


• Global Banks, Ex-S&L


• Global Emerging Banks, Ex-S&L


• Global Emerging Banks


• Global Emerging Financial


• Asian Pacific Banks, Ex-S&L


• Asian Pacific Banks


• Asian Pacific Financial


• Asian Pacific Ex. JP Banks, Ex-S&L


• Asian Pacific Ex. JP Banks


• Asian Pacific Ex. JP Financial


• Americas Banks


• Americas Diversified Financial


• Americas Investment Services


• Brazilian Banks


• Latin American Banks


• US Banks


• US Diversified Financial


• US Investment Services


• Americas Financial


• Brazilian Financial


• Latin American Financial


• US Financial


• Americas Financial Services


• US Financial Services


• Brazilian Banks, Ex-S&L


• US Banks, Ex-S&L


• Latin American Banks, Ex-S&L


• Americas Banks, Ex-S&L


• North American Banks, Ex-S&L


• North American Banks


• North American Financial


• North American Diversified Financial


• North American Financial Services


• North American Investment Services


• Latin America Emerging Banks, Ex-S&L


• Latin America Emerging Banks


• Latin America Emerging Financial


• Australian Banks


• Australian Financial


• Australian Banks, Ex-S&L


• Australasian Banks, Ex-S&L


• Australasian Banks


• Australasian Financial

Subjects

• Industry Overview


• Morning Note

]]> Preeti Jasrasaria http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50702|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50699|native|public Regions

• Global


• Turkey


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Airlines


• Global Automobile Manufacturers


• Global Building Materials


• Global Banks


• Global Food Retailers & Wholesalers


• Global Industrial, Diversified


• Global Advanced Industrial Equipment


• Global Oil Companies, Secondary


• Global Real Estate


• Global Steel


• Turkish Airlines


• Turkish Automobile Manufacturers


• Turkish Building Materials


• Turkish Banks


• Turkish Food Retailers & Wholesalers


• Turkish Industrial, Diversified


• Turkish Advanced Industrial Equipment


• Turkish Oil Companies, Secondary


• Turkish Real Estate


• Turkish Steel


• Turkish Wireless Communications


• Turkish Distillers & Brewers


• Turkish Furnishings & Appliances


• Turkish Insurance, Full-Line


• Turkish Publishing


• EMEA Emerging Airlines


• EMEA Emerging Automobile Manufacturers


• EMEA Emerging Building Materials


• EMEA Emerging Banks


• EMEA Emerging Wireless Communications


• EMEA Emerging Distillers & Brewers


• EMEA Emerging Food Retailers & Wholesalers


• EMEA Emerging Furnishings & Appliances


• EMEA Emerging Industrial, Diversified


• EMEA Emerging Insurance, Full-Line


• EMEA Emerging Advanced Industrial Equipment


• EMEA Emerging Oil Companies, Secondary


• EMEA Emerging Publishing


• EMEA Emerging Real Estate


• EMEA Emerging Steel


• Global Wireless Communications


• Global Distillers & Brewers


• Global Furnishings & Appliances


• Global Insurance, Full-Line


• Global Publishing


• EMEA Emerging Basic Materials


• EMEA Emerging Consumer, Cyclical


• EMEA Emerging Energy


• EMEA Emerging Financial


• EMEA Emerging Home Construction & Furnishings


• EMEA Emerging Industrial


• EMEA Emerging Insurance


• EMEA Emerging Mining & Metals


• EMEA Emerging Consumer, Non-Cyclical


• EMEA Emerging Telecommunications


• EMEA Emerging Industrial Transportation


• Global Basic Materials


• Global Consumer, Cyclical


• Global Energy


• Global Financial


• Global Home Construction & Furnishings


• Global Industrial


• Global Insurance


• Global Mining & Metals


• Global Consumer, Non-Cyclical


• Global Telecommunications


• Global Industrial Transportation


• Turkish Basic Materials


• Turkish Consumer, Cyclical


• Turkish Energy


• Turkish Financial


• Turkish Home Construction & Furnishings


• Turkish Industrial


• Turkish Insurance


• Turkish Mining & Metals


• Turkish Consumer, Non-Cyclical


• Turkish Telecommunications


• Turkish Industrial Transportation


• EMEA Emerging Automobiles


• EMEA Emerging Basic Resources


• EMEA Emerging Cyclical Goods & Services


• EMEA Emerging Construction


• EMEA Emerging Food & Beverage


• EMEA Emerging Financial Services


• EMEA Emerging Industrial Goods & Services


• EMEA Emerging Media


• EMEA Emerging Non-Cyclical Goods & Services


• Global Automobiles


• Global Basic Resources


• Global Cyclical Goods & Services


• Global Construction


• Global Food & Beverage


• Global Financial Services


• Global Industrial Goods & Services


• Global Media


• Global Non-Cyclical Goods & Services


• Turkish Automobiles


• Turkish Basic Resources


• Turkish Cyclical Goods & Services


• Turkish Construction


• Turkish Food & Beverage


• Turkish Financial Services


• Turkish Industrial Goods & Services


• Turkish Media


• Turkish Non-Cyclical Goods & Services


• Turkish Banks, Ex-S&L


• Turkish Beverage


• Turkish Transportation Services


• EMEA Emerging Banks, Ex-S&L


• EMEA Emerging Beverage


• EMEA Emerging Transportation Services


• Global Banks, Ex-S&L


• Global Beverage


• Global Transportation Services


• Global Emerging Airlines


• Global Emerging Automobiles


• Global Emerging Automobile Manufacturers


• Global Emerging Basic Resources


• Global Emerging Banks, Ex-S&L


• Global Emerging Building Materials


• Global Emerging Banks


• Global Emerging Basic Materials


• Global Emerging Beverage


• Global Emerging Cyclical Goods & Services


• Global Emerging Construction


• Global Emerging Wireless Communications


• Global Emerging Consumer, Cyclical


• Global Emerging Distillers & Brewers


• Global Emerging Energy


• Global Emerging Food Retailers & Wholesalers


• Global Emerging Financial


• Global Emerging Food & Beverage


• Global Emerging Furnishings & Appliances


• Global Emerging Financial Services


• Global Emerging Home Construction & Furnishings


• Global Emerging Industrial, Diversified


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services


• Global Emerging Insurance, Full-Line


• Global Emerging Insurance


• Global Emerging Advanced Industrial Equipment


• Global Emerging Media


• Global Emerging Mining & Metals


• Global Emerging Non-Cyclical Goods & Services


• Global Emerging Consumer, Non-Cyclical


• Global Emerging Oil Companies, Secondary


• Global Emerging Publishing


• Global Emerging Real Estate


• Global Emerging Steel


• Global Emerging Telecommunications


• Global Emerging Industrial Transportation


• Global Emerging Transportation Services

Companies

• AKBNK.IS Akbank


• ARCLK.IS Arcelik


• GARAN.IS Garanti


• MIGRS.IS Migros Turk


• FROTO.IS Ford Otosan


• EREGL.IS Erdemir


• AKCNS.IS Akcansa


• KCHOL.IS Koc Holding


• TUPRS.IS Tupras


• THYAO.IS Turkish Airlines


• YKBNK.IS YKB


• ISCTR.IS Is Bank


• SAHOL.IS Sabanci Holding


• SISE.IS Sisecam


• TOASO.IS Tofas Oto Fabrika


• AKGRT.IS Aksigorta


• ENKAI.IS ENKA


• DYHOL.IS Dogan Yayin Holding


• TKC.N Turkcell


• AEFES.IS Anadolu Efes


• VAKBN.IS Vakifbank


• ISGYO.IS Is REIT


• BIMAS.IS BIM


• TAVHL.IS TAV


• ASYAB.IS Bank Asya


• ALBRK.IS Albaraka

]]> Batuhan Ozsahin AKBNK.IS ARCLK.IS GARAN.IS MIGRS.IS FROTO.IS EREGL.IS AKCNS.IS KCHOL.IS TUPRS.IS THYAO.IS YKBNK.IS ISCTR.IS SAHOL.IS SISE.IS TOASO.IS AKGRT.IS ENKAI.IS DYHOL.IS TKC.N AEFES.IS VAKBN.IS ISGYO.IS BIMAS.IS TAVHL.IS ASYAB.IS ALBRK.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50699|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50698|native|public Regions

• Global


• EMEA Emerging


• Emerging Markets

Companies

• HLBr.AT Coca-Cola Hellenic


• ASSAb.ST Assa Abloy


• GMKN.RTS Norilsk Nickel


• EXPN.L Experian Group


• C.N Citigroup


• JPM.N JPMorgan Chase


• MS.N Morgan Stanley


• GS.N Goldman Sachs


• ICE.N ICE

Subjects

• Market Strategy / Comment


• Morning Note

]]> Themis Themistocleous HLBr.AT ASSAb.ST GMKN.RTS EXPN.L C.N JPM.N MS.N GS.N ICE.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50698|native|public|20081003000000 Fri, 3 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50680|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Russian Non-Ferrous Metals


• EMEA Emerging Non-Ferrous Metals


• Global Non-Ferrous Metals


• EMEA Emerging Basic Materials


• EMEA Emerging Mining & Metals


• Global Basic Materials


• Global Mining & Metals


• Russian Basic Materials


• Russian Mining & Metals


• EMEA Emerging Basic Resources


• Global Basic Resources


• Russian Basic Resources


• Global Emerging Basic Resources


• Global Emerging Basic Materials


• Global Emerging Mining & Metals


• Global Emerging Non-Ferrous Metals

Companies

• GMKN.RTS Norilsk Nickel

Subjects

• Company Update


• Operating Results


• Morning Note

]]> Alexei Morozov GMKN.RTS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50680|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50674|native|public Regions

• Austria


• Belgium


• Europe Including UK


• Europe Ex. UK


• United Kingdom


• Global


• UBSW EMEA


• Emerging Markets


• Asia Pacific


• Asia Pacific Ex. JP


• Americas


• Brazil


• Latin America


• Latin America Emerging


• Australia


• Australasia

Sectors

• Austrian Banks


• Belgian Banks


• European Banks


• European Ex. UK Banks


• British Banks


• Global Banks


• Austrian Financial


• Belgian Financial


• European Financial


• European Ex. UK Financial


• British Financial


• Global Financial


• Austrian Banks, Ex-S&L


• Belgian Banks, Ex-S&L


• British Banks, Ex-S&L


• European Banks, Ex-S&L


• European Ex. UK Banks, Ex-S&L


• Global Banks, Ex-S&L


• Global Emerging Banks, Ex-S&L


• Global Emerging Banks


• Global Emerging Financial


• Asian Pacific Banks, Ex-S&L


• Asian Pacific Banks


• Asian Pacific Financial


• Asian Pacific Ex. JP Banks, Ex-S&L


• Asian Pacific Ex. JP Banks


• Asian Pacific Ex. JP Financial


• Brazilian Banks


• Latin American Banks


• Brazilian Financial


• Latin American Financial


• Brazilian Banks, Ex-S&L


• Latin American Banks, Ex-S&L


• Latin America Emerging Banks, Ex-S&L


• Latin America Emerging Banks


• Latin America Emerging Financial


• Australian Banks


• Australian Financial


• Australian Banks, Ex-S&L


• Australasian Banks, Ex-S&L


• Australasian Banks


• Australasian Financial

Companies

• ISP.MI Intesa SanPaolo


• NBGr.AT NBG


• RIBH.VI Raiffeisen Intl Bank


• DBSM.SI DBS


• STT.N State Street


• BNS.TO Scotiabank


• TD.TO TD Bank


• 8411.T Mizuho FG


• 1398.HK ICBC


• 3968.HK CMB

Subjects

• Industry Overview


• Market Strategy / Comment


• Morning Note

]]> Philip Finch ISP.MI NBGr.AT RIBH.VI DBSM.SI STT.N BNS.TO TD.TO 8411.T 1398.HK 3968.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50674|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50656|native|public Regions

• Global


• Russia


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Subjects

• Market Strategy / Comment


• Morning Note

]]> Alexei Morozov http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50656|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50655|native|public Regions

• Europe Including UK


• Europe Ex. UK


• Global


• Italy


• Poland


• EMEA Emerging


• UBSW EMEA


• Emerging Markets


• CE Europe


• Asia Pacific


• Asia Pacific Ex. JP


• Americas


• United States


• North America


• Australia


• Australasia

Sectors

• Global Banks


• Global Diversified Financial


• EMEA Emerging Banks


• Global Insurance, Property & Casualty


• EMEA Emerging Financial


• Global Financial


• Global Insurance


• Polish Financial


• EMEA Emerging Financial Services


• Global Financial Services


• Polish Financial Services


• EMEA Emerging Banks, Ex-S&L


• Global Banks, Ex-S&L


• Global Emerging Banks, Ex-S&L


• Global Emerging Banks


• Global Emerging Financial


• Global Emerging Financial Services


• CE Europe Banks, Ex-S&L


• CE Europe Financial Services


• CE Europe Financial


• Asian Pacific Banks


• Asian Pacific Financial


• Asian Pacific Diversified Financial


• Asian Pacific Financial Services


• Asian Pacific Insurance


• Asian Pacific Ex. JP Banks


• Asian Pacific Ex. JP Financial


• Asian Pacific Ex. JP Diversified Financial


• Asian Pacific Ex. JP Financial Services


• Asian Pacific Ex. JP Insurance


• Americas Banks


• Americas Diversified Financial


• US Banks


• Americas Insurance, Property & Casualty


• Americas Financial


• Americas Insurance


• US Financial


• Americas Financial Services


• North American Banks


• North American Financial


• North American Insurance, Property & Casualty


• North American Insurance


• Australian Banks


• Australian Diversified Financial


• Australian Financial


• Australian Insurance


• Australian Financial Services


• Australasian Banks


• Australasian Financial


• Australasian Diversified Financial


• Australasian Financial Services


• Australasian Insurance

Subjects

• Company Update


• Industry Overview


• Market Strategy / Comment


• Morning Note

]]> Preeti Jasrasaria http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50655|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50648|native|public Regions

• Global


• EMEA Emerging


• Emerging Markets

Companies

• ZURN.VX Zurich Financial


• ALVG.DE Allianz


• HSX.L Hiscox


• ITV.L ITV


• CGL.L Catlin


• QBRb.TO Quebecor Inc.


• NT.N Nortel Networks


• AIG.N AIG


• XL.N XL Capital


• NETC4.SA NET Servicos


• ACE.N ACE Ltd.


• TRI.N Thomson Reuters


• DTV.O DIRECTV Group


• ACGL.O Arch Capital Group


• MEGACPO.MX Megacable


• 9409.T TV Asahi


• 4817.Q Jupiter Telecom


• 0763.HK ZTE

Subjects

• Market Strategy / Comment


• Morning Note

]]> Themis Themistocleous ZURN.VX ALVG.DE HSX.L ITV.L CGL.L QBRb.TO NT.N AIG.N XL.N NETC4.SA ACE.N TRI.N DTV.O ACGL.O MEGACPO.MX 9409.T 4817.Q 0763.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50648|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50647|native|public Regions

• Global


• Turkey


• EMEA Emerging


• UBSW EMEA


• Emerging Markets

Sectors

• Global Airlines


• Global Automobile Manufacturers


• Global Building Materials


• Global Banks


• Global Food Retailers & Wholesalers


• Global Industrial, Diversified


• Global Advanced Industrial Equipment


• Global Oil Companies, Secondary


• Global Real Estate


• Global Steel


• Turkish Airlines


• Turkish Automobile Manufacturers


• Turkish Building Materials


• Turkish Banks


• Turkish Food Retailers & Wholesalers


• Turkish Industrial, Diversified


• Turkish Advanced Industrial Equipment


• Turkish Oil Companies, Secondary


• Turkish Real Estate


• Turkish Steel


• Turkish Wireless Communications


• Turkish Distillers & Brewers


• Turkish Furnishings & Appliances


• Turkish Insurance, Full-Line


• Turkish Publishing


• EMEA Emerging Airlines


• EMEA Emerging Automobile Manufacturers


• EMEA Emerging Building Materials


• EMEA Emerging Banks


• EMEA Emerging Wireless Communications


• EMEA Emerging Distillers & Brewers


• EMEA Emerging Food Retailers & Wholesalers


• EMEA Emerging Furnishings & Appliances


• EMEA Emerging Industrial, Diversified


• EMEA Emerging Insurance, Full-Line


• EMEA Emerging Advanced Industrial Equipment


• EMEA Emerging Oil Companies, Secondary


• EMEA Emerging Publishing


• EMEA Emerging Real Estate


• EMEA Emerging Steel


• Global Wireless Communications


• Global Distillers & Brewers


• Global Furnishings & Appliances


• Global Insurance, Full-Line


• Global Publishing


• EMEA Emerging Basic Materials


• EMEA Emerging Consumer, Cyclical


• EMEA Emerging Energy


• EMEA Emerging Financial


• EMEA Emerging Home Construction & Furnishings


• EMEA Emerging Industrial


• EMEA Emerging Insurance


• EMEA Emerging Mining & Metals


• EMEA Emerging Consumer, Non-Cyclical


• EMEA Emerging Telecommunications


• EMEA Emerging Industrial Transportation


• Global Basic Materials


• Global Consumer, Cyclical


• Global Energy


• Global Financial


• Global Home Construction & Furnishings


• Global Industrial


• Global Insurance


• Global Mining & Metals


• Global Consumer, Non-Cyclical


• Global Telecommunications


• Global Industrial Transportation


• Turkish Basic Materials


• Turkish Consumer, Cyclical


• Turkish Energy


• Turkish Financial


• Turkish Home Construction & Furnishings


• Turkish Industrial


• Turkish Insurance


• Turkish Mining & Metals


• Turkish Consumer, Non-Cyclical


• Turkish Telecommunications


• Turkish Industrial Transportation


• EMEA Emerging Automobiles


• EMEA Emerging Basic Resources


• EMEA Emerging Cyclical Goods & Services


• EMEA Emerging Construction


• EMEA Emerging Food & Beverage


• EMEA Emerging Financial Services


• EMEA Emerging Industrial Goods & Services


• EMEA Emerging Media


• EMEA Emerging Non-Cyclical Goods & Services


• Global Automobiles


• Global Basic Resources


• Global Cyclical Goods & Services


• Global Construction


• Global Food & Beverage


• Global Financial Services


• Global Industrial Goods & Services


• Global Media


• Global Non-Cyclical Goods & Services


• Turkish Automobiles


• Turkish Basic Resources


• Turkish Cyclical Goods & Services


• Turkish Construction


• Turkish Food & Beverage


• Turkish Financial Services


• Turkish Industrial Goods & Services


• Turkish Media


• Turkish Non-Cyclical Goods & Services


• Turkish Banks, Ex-S&L


• Turkish Beverage


• Turkish Transportation Services


• EMEA Emerging Banks, Ex-S&L


• EMEA Emerging Beverage


• EMEA Emerging Transportation Services


• Global Banks, Ex-S&L


• Global Beverage


• Global Transportation Services


• Global Emerging Airlines


• Global Emerging Automobiles


• Global Emerging Automobile Manufacturers


• Global Emerging Basic Resources


• Global Emerging Banks, Ex-S&L


• Global Emerging Building Materials


• Global Emerging Banks


• Global Emerging Basic Materials


• Global Emerging Beverage


• Global Emerging Cyclical Goods & Services


• Global Emerging Construction


• Global Emerging Wireless Communications


• Global Emerging Consumer, Cyclical


• Global Emerging Distillers & Brewers


• Global Emerging Energy


• Global Emerging Food Retailers & Wholesalers


• Global Emerging Financial


• Global Emerging Food & Beverage


• Global Emerging Furnishings & Appliances


• Global Emerging Financial Services


• Global Emerging Home Construction & Furnishings


• Global Emerging Industrial, Diversified


• Global Emerging Industrial


• Global Emerging Industrial Goods & Services


• Global Emerging Insurance, Full-Line


• Global Emerging Insurance


• Global Emerging Advanced Industrial Equipment


• Global Emerging Media


• Global Emerging Mining & Metals


• Global Emerging Non-Cyclical Goods & Services


• Global Emerging Consumer, Non-Cyclical


• Global Emerging Oil Companies, Secondary


• Global Emerging Publishing


• Global Emerging Real Estate


• Global Emerging Steel


• Global Emerging Telecommunications


• Global Emerging Industrial Transportation


• Global Emerging Transportation Services

Companies

• AKBNK.IS Akbank


• ARCLK.IS Arcelik


• GARAN.IS Garanti


• MIGRS.IS Migros Turk


• FROTO.IS Ford Otosan


• EREGL.IS Erdemir


• AKCNS.IS Akcansa


• KCHOL.IS Koc Holding


• TUPRS.IS Tupras


• THYAO.IS Turkish Airlines


• YKBNK.IS YKB


• ISCTR.IS Is Bank


• SAHOL.IS Sabanci Holding


• SISE.IS Sisecam


• TOASO.IS Tofas Oto Fabrika


• AKGRT.IS Aksigorta


• ENKAI.IS ENKA


• DYHOL.IS Dogan Yayin Holding


• TKC.N Turkcell


• AEFES.IS Anadolu Efes


• VAKBN.IS Vakifbank


• ISGYO.IS Is REIT


• BIMAS.IS BIM


• TAVHL.IS TAV


• ASYAB.IS Bank Asya


• ALBRK.IS Albaraka

]]> Batuhan Ozsahin AKBNK.IS ARCLK.IS GARAN.IS MIGRS.IS FROTO.IS EREGL.IS AKCNS.IS KCHOL.IS TUPRS.IS THYAO.IS YKBNK.IS ISCTR.IS SAHOL.IS SISE.IS TOASO.IS AKGRT.IS ENKAI.IS DYHOL.IS TKC.N AEFES.IS VAKBN.IS ISGYO.IS BIMAS.IS TAVHL.IS ASYAB.IS ALBRK.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50647|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50642|native|public Regions

• Germany


• Europe Including UK


• Europe Ex. UK


• France


• United Kingdom


• Global


• Ireland


• Netherlands


• Norway


• Nordic


• UBSW EMEA


• Emerging Markets

Subjects

• Change in Recommendation


• Company Update


• Market Strategy / Comment


• Operating Results


• Morning Note

]]> Paul Schneider http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50642|native|public|20081002000000 Thu, 2 Oct 2008 http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50612|native|public Regions

• Global


• Poland


• EMEA Emerging


• UBSW EMEA


• Emerging Markets


• CE Europe

Sectors

• Global Banks


• EMEA Emerging Banks


• EMEA Emerging Financial


• Global Financial


• Polish Financial


• EMEA Emerging Financial Services


• Global Financial Services


• Polish Financial Services


• EMEA Emerging Banks, Ex-S&L


• Global Banks, Ex-S&L


• Global Emerging Banks, Ex-S&L


• Global Emerging Banks


• Global Emerging Financial


• Global Emerging Financial Services


• CE Europe Banks, Ex-S&L


• CE Europe Financial Services


• CE Europe Financial

Subjects

• Industry Overview


• Morning Note

]]> Tomasz Walkowicz http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50612|native|public|20081001000000 Wed, 1 Oct 2008