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Mobile Telecommunications Co KSC ZAIN KK Mobile Telesystems OJSC MTSS RM Mobile-8 Telecom Tbk FREN IJ Moscow Integrated Electricity MSRS RM Mosenergo OAO MSNG RM Mosenergosbyt JSC MSSB RU MPX Energia SA MPXE3 BZ MTN Group Ltd MTN SJ New World TMT Ltd 2640044Q HK NHPC Ltd NHPC IN Nortel Inversora SA NORT6 AR North-West Telecom SPTL RM NTPC Ltd NTPC IN OGK-1 OAO OGKA RM OGK-2 OAO OGKB RM OGK-4 OJSC EONR RM OGK-6 OAO OGK6 RM OnMobile Global Ltd ONMB IN Orascom Telecom Holding SAE ORTE EY Pakistan Telecommunication Co Ltd PTC PA Partner Communications Co Ltd PTNR IT PCCW Ltd 8 HK Perusahaan Listrik Negara PT PLN IJ Petronas Gas BHD PTG MK Petronet LNG Ltd PLNG IN Philippine Long Distance Telephone Co TEL PM Power Assets Holdings Ltd 6 HK Power Grid Corp of India Ltd PWGR IN Qatar Gas Transport Co Nakilat QGTS QD Qatar Telecom Qtel Q.S.C. QTEL QD Quadra Power Generation JGC TGKD RM RAO Energy System of East OAO VRAO RM Reliance Communications Ltd RCOM IN Reliance Infrastructure Ltd RELI IN Reliance Power Ltd RPWR IN Rostelecom OJSC RTKM RU Saudi Telecom Co STC AB Sibirtelecom OJSC STKM RM Singapore Telecommunications Ltd ST SP Sistema JSFC AFKS RM SK Telecom Co Ltd 017670 KS Southern Telecommunications Co UTEL RM SP PowerAssets Ltd 263447Z SP Rapid Ratings Coverage Directory StarHub Ltd STH SP Tata Communications Ltd TCOM IN Tata Power Co Ltd TPWR IN Tauron Polska Energia SA TPE PW Tele Norte Leste Participacoes SA TNLP4 BZ Telecom Argentina SA TECO2 AR Telecom Egypt ETEL EY Telefonica Brasil SA VIVT4 BZ Telefonica Chile SA CTCA CI Telefonica de Argentina SA TEAR1 AR Telekom Malaysia Bhd T MK Telekomunikacja Polska SA TPS PW Telekomunikasi Indonesia Tbk PT TLKM IJ Telemar Norte Leste SA TMAR5 BZ Telkom SA Ltd TKG SJ Telmex Corp SA CHILESAT CI Tenaga Nasional Bhd TNB MK TGC-2 TGKB RM TGK-1 OAO TGKA RM TGK-14 TGKN RM TGK-6 JSC TGKF RM Tim Participacoes SA TCSL4 BZ Total Access Communication PCL DTAC TB Tractebel Energia SA TBLE3 BZ Transener S.A.-B TRAN AR True Corp PCL TRUE TB Turk Telekomunikasyon AS TTKOM TI Turkcell Iletisim Hizmet AS TCELL TI Uralsvyazinform URSI RM Vivo Participacoes SA VIVO3 BZ Vodacom Group Ltd VOD SJ Volga Territorial Generating Co VTGK RU VolgaTelecom VTEL RM WGC-3 OJSC OGKC RM XP Power Ltd XPP LN Yenisei Territorial Generating Co ETGK RU Zorlu Enerji Elektrik Uretim ZOREN TI Rapid Ratings | © All rights reserved Rapid Ratings International 2012 Page 40 of 41
Contact Details Head Office 86 Chambers Street, Suite 701 New York, NY 10007 Ph: +1.646.233.4600 Fax: +1.646.219.7460 Rating Equivalency Scale FHR Range EPD (%)* Temporal EPD (%)* Explanation 95-100 0.0006 0.005 Minimal Risk of non-payment and insolvency 90-94 0.001 0.01 Exceptionally Low Risk 85-89 0.005 0.04 Very Low Risk 80-84 0.01 0.08 Low Risk 75-79 0.04 0.31 Moderate to Low Risk and somewhat subject to fluctuations in market conditions 70-74 0.08 0.62 Generally Moderate Risk 65-69 0.22 1.69 Moderate Risk / subject to market conditions: investment grade threshold at 65 60-64 0.42 3.23 Moderate Risk that can worsen with market conditions 55-59 0.74 5.70 Medium to Moderate Risk and generally subject to market fluctuations 50-54 1.26 9.70 Generally Medium Risk 45-49 2.04 15.71 Medium Risk / more subject to market conditions 40-44 2.94 22.64 Medium Risk that can worsen with market conditions 35-39 3.96 30.49 Medium to Moderately High Risk and very subject to fluctuations in market conditions 30-34 4.88 37.58 Moderately High Risk / Increasingly At Risk 25-29 5.56 42.81 High Risk 20-24 5.86 45.12 High Risk of non-payment 15-19 5.90 45.43 High Risk of failure which is unlikely to improve with better market conditions 10-14 5.90 45.43 Very High potential for payment default 5-9 5.90 45.43 Still trading but likely under extreme pressure 0-4 5.90 45.43 Still trading but possibly insolvent Feedback Rapid Ratings Coverage Directory Rapid Ratings appreciates all comments and suggestions. We use this information to drive our product development pipeline as we strive to continually enhance your risk assessment and mitigation practices. Feedback can be submitted at www.rapidratings.com/feedback *The EPDs (estimated probabilities of default) for each rating notch represent a seventeen year average (1991- 2007) and may be adjusted by Rapid Ratings customers to reflect temporal assumptions. The temporal adjustment shown reflects the highest year of defaults observed in our study, 2001. While the Rapid Ratings scale appears to be linear, this is not really the case. Owing to the way the statistical distributions underlying the models for each sector have been constructed, and the sector specific-weights for each variable, companies make non-linear movements over time on Rapid Ratings' scale. The Rapid Ratings’ probability of default (PD) model originally showed a downward slope in default probabilities for all companies in the last 20 rating points on the bottom of the rating scale (i.e. in the very high risk category). This reveals that some very weak companies continue to survive while many companies in their cohort have defaulted. To facilitate modeling by clients, Rapid Ratings has capped the PD at the peak so that client models can fully reflect the underlying risk but avoid getting caught up in the reality of weak survivors. Disclaimer: A Financial Health Rating (FHR) or equity recommendation from Rapid Ratings is not a recommendation or opinion that is intended to substitute for a financial advisor's or investor's independent assessment of whether to buy, sell or hold any financial products. The FHR is a statement of opinion derived objectively through our software from public information about the relevant entity. This information and the related FHR’s and related analysis provided in the reports by Rapid Ratings do not represent an offer to trade in securities. The research information contained therein is an objective and independent reference source, which should be used in conjunction with other information in forming the basis for an investment decision. Rapid Ratings believes that all of its reports are based on reliable data and information, but Rapid Ratings has not verified this or obtained an independent verification to this effect. Rapid Ratings provides no guarantee with respect to the accuracy or completeness of the data relied upon, nor the conclusions derived from the data. Each FHR is a relative, probabilistic assessment of the credit risk of the relevant entity and its potential to meet financial obligations. It is not a statement that default will or will not occur given that circumstances change and management can adopt new strategies. Reports have been prepared at the request of, and for the purpose of, the subscribers to our service only, and neither Rapid Ratings nor any of our employees accept any responsibility on any ground whatsoever, including liability in negligence, to any other person. Finally, Rapid Ratings and its employees accept no liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings and rating research in any way whatsoever, unless Rapid Ratings is negligent in misinterpreting or manipulating the data, in which case, our maximum liability to our client is the amount of our fee for the report. Rapid Ratings | © All rights reserved Rapid Ratings International 2012 Page 41 of 41
Page 1 and 2: Rapid Ratings Coverage Directory Oc
Page 3 and 4: Sector Contents Rapid Ratings Cover
Page 5 and 6: Marcopolo SA POMO3 BZ Marfrig Alime
Page 7 and 8: Huadian Power International Co 1071
Page 9 and 10: National Bank of Greece SA ETE GA N
Page 11 and 12: Tsim Sha Tsui Properties 247 HK VTe
Page 13 and 14: Union Bank of India UNBK IN Unitech
Page 15 and 16: Papua N.Guinea Ticker Exchange Boug
Page 17 and 18: Chemoil Energy Ltd CHEME SP China Y
Page 19 and 20: Shinhan Financial Group Co Ltd 0555
Page 21 and 22: Finans Fin Kiralama FFKRL TI Finans
Page 23 and 24: Aerospace and Defense Ticker Exchan
Page 25 and 26: RHB Capital Bhd RHBC MK Rizal Comme
Page 27 and 28: Shui On Land Ltd 272 HK Shun Tak Ho
Page 29 and 30: Getac Technology Corp 3005 TT Great
Page 31 and 32: AAC Technologies Holdings Inc 2018
Page 33 and 34: Bradespar SA BRAP3 BZ Brasil Insura
Page 35 and 36: Fibria Celulose SA FIBR3 BZ Ipek Do
Page 37 and 38: Woongjin Coway Co Ltd 021240 KS Xin
Page 39: Yang Ming Marine Transport Corp 260

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