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As of 31st December , BPI Equity Research's Recommendations over the previous 12 months were distributed by investment ratings as follows:

Recommendation% Total% IB Services
Buy 45 % 5 %
Neutral 38 % 4 %
Under Revision 2 % 0 %
Underperform 15 % 0 %
Accept Bid 1 % 0 %

Note: IB Services referes to the percentage recommendations within each rating category on those companies to whom the BPI Group provided relevant services as financial adviser within the last 12 months

INVESTMENT RATINGS AND RISK CLASSIFICATION (TOTAL RETURN IN 12-18 MONTHS)

RecommendationLow RiskMedium RiskHigh Risk
Buy/CoRe List>15%>20%>30%
Neutral>5% and < 15%>10% and < 20%>15% and < 30%
Reduce>-10% and < 5%>-10% and < 10%>-10% and < 15%
Sell<-10%<-10%<-10%

Note: These investment ratings are not strict and should be taken as a general rule.

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