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GICS SectorConsumer StaplesSub-Industry Packaged Foods & Meats

SummaryMead Johnson Nutrition, split off from Bristol-Myers Squibb in 2009, is a globalleader in pediatric nutrition.

Key Stock Statistics(Source S&P, Vickers, company reports)

52-Wk Range $87.27 60.62 S&P Oper. EPS 2012E 3.13 Market Capitalization(B) $15.934 Beta 0.61

Trailing 12-Month EPS $2.56 S&P Oper. EPS 2013E 3.62 Yield (%) 1.54 S&P 3-Yr. Proj. EPS CAGR(%) 13Trailing 12-Month P/E 30.5 P/E on S&P Oper. EPS 2012E 25.0 Dividend Rate/Share $1.20 S&P Credit Rating BBB$10K Invested 5 Yrs Ago NA Common Shares Outstg. (M) 203.9 Institutional Ownership (%) 94

Price Performance

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A

2009 2010 2011 2012

32

30-Week Mov. Avg.

12-Mo. Target Price

10-Week Mov. Avg.

Relative Strength

GAAP Earnings vs. Previous Year

Up Down No Change

Volume Above Avg.

Below Avg.

STARS

8425 47

30

40

60

80

0

4

8

12

Vol.

Mil.

5

1

Highlights

The 12-month target price for MJN has recentlybeen changed to $81.00 from $78.00. The High-

lights section of this Stock Report will be updat-ed accordingly.

Investment Rationale/Risk

The Investment Rationale/Risk section of thisStock Report will be updated shortly. For the

latest News story on MJN from MarketScope,see below.

04/26/12 02:54 pm ET ... S&P KEEPS SELL OPIN-ION ON SHARES OF MEAD JOHNSON NUTRI-TION (MJN 86.20**): Before special items, Q1EPS of $0.82 vs. $0.76 is $0.06 above our esti-mate. We are impressed by 29% EBIT growthfrom Asia/Latin American segment and sizabledecline in corporate and other expense. Beforespecial items, we are raising our '12 EPS esti-mate to $3.13 from $3.08 and '13's to $3.62 from$3.55. We view MJN as impressive int'l growthstory. With higher EPS estimates, we are rais-ing our target price by $3, to $81, which reflects

close to 50% P/E premium (on '12 EPS esti-mates) to a recent average for a group of foodstocks. But our target remains below the cur-rent price. /Tom Graves, CFA

Qualitative Risk Assessment

LOW MEDIUM HIGH

Our risk assessment reflects our view thatdemand for Mead Johnson's infant formula andchildren's nutritional products is comparativelypredictable in developed economies and growingin emerging markets. We think demand in thesecategories has a relatively low sensitivity tochanges in general economic and geopoliticalconditions. This is partly offset by possible

volatility in dairy prices.

Quantitative Evaluations

S&P Quality Ranking NR

D C B- B B+ A- A A+

Relative Strength Rank MODERATE57

LOWEST = 1 HIGHEST = 99

Revenue/Earnings Data

Revenue (Million $)

1Q 2Q 3Q 4Q Year

2012 986.6 -- -- -- --2011 899.8 932.0 933.9 911.3 3,6772010 763.5 764.2 810.2 803.7 3,1422009 693.0 719.3 699.8 714.4 2,8272008 716.0 716.0 742.8 707.7 2,8822007 615.1 615.1 673.1 673.1 2,576

Earnings Per Share ($)

2012 0.80 E0.76 E0.80 E0.75 E3.132011 0.71 0.64 0.70 0.42 2.472010 0.61 0.59 0.52 0.48 2.202009 0.55 0.66 0.48 0.31 1.992008 0.77 0.67 0.60 0.23 2.322007 -- -- -- -- --Fiscal year ended Dec. 31. Next earnings report expected: LateJuly. EPS Estimates based on S&P Operating Earnings; historicalGAAP earnings are as reported.

Dividend Data(Dates:mm/ddPayment Date:mm/dd/yy)

Amount($)

DateDecl.

Ex-Div.Date

Stk. ofRecord

PaymentDate

0.260 06/09 06/15 06/17 07/01/110.260 09/13 09/21 09/23 10/03/110.260 12/07 12/15 12/19 01/03/120.300 03/02 03/14 03/16 04/03/12Dividends have been paid since 2009. Source: Company reports.

Stock Report | June 2, 2012 | NYS Symbol:MJN | MJNis in the S&P 500

Mead Johnson Nutrition Co

S&P Recommendation SELL Price$78.15 (as of Jun 1, 2012)

12-Mo. Target Price$81.00

Investment StyleLarge-Cap Blend

Please read the Required Disclosures and Analyst Certification on the last page of this report.Redistribution or reproduction is prohibited without written permission. Copyright 2012 The McGraw-Hill Companies, Inc.

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Business SummaryMarch 05, 2012

CORPORATE OVERVIEW. Mead Johnson Nutrition Company is a global leader in pediatric nutrition withabout $3.7 billion in net sales in 2011. MJN's products, which include the Enfa family of brands (e.g. Enfamilinfant formula) address a broad range of nutritional needs for infants, children and expectant and nursingmothers. MJN's principal product categories are infant formula (59% of 2011 sales) and children's nutrition(38%).

MJN markets its portfolio of more than 70 products to mothers, health care professionals and retailers inmore than 50 countries in Asia, North America, Latin America and Europe. MJN has two reportable seg-ments -- Asia/Latin America (66% of sales and 72% of segment operating profits in 2011) and North Ameri-ca/Europe (34% and 28%). In 2011, 72% of MJN's net sales were generated in countries outside of the U.S.DKSH International Ltd. and Wal-Mart Stores Inc. (including sales to Sam's Club) accounted for about 14%and 12%, respectively, of MJN's gross sales in 2011.

Mead Johnson was founded in 1905 and introduced its first infant formula product in 1911. Over the years,MJN expanded to more countries and added more products. In 1967, it became a wholly owned subsidiaryof Bristol-Myers Squibb Company. In February 2009, MJN completed an initial public offering of 34.5 millionshares of its Class A common stock, with Bristol-Myers owning 100% of MJN's Class B common stock andover 42 million shares (55%) of its Class A common stock. Each Class B share had 10 votes per share andClass A one vote. Bristol-Myers retained 83.1% of the outstanding shares.

In December 2009, Bristol-Myers completed an exchange offer, resulting in the split-off of MJN. This alsoinvolved the conversion of Class B shares into Class A shares, with Bristol-Myers distributing 170 millionshares of Class A stock, or 83% of the outstanding shares of MJN. Subsequently, Bristol-Myers retainedno share ownership in MJN.

MARKET PROFILE. MJN recognizes six stages of pediatric development: Stage 0 (Pre-natal); Stage 1 (0-6months old); Stage 2 (6-12 months old); Stage 3 (12 months to 3 years old); Stage 4 (3-5 years old); andStage 5 (beyond 5 years old).

MJN produces different products for each stage. In the U.S., its business has been focused on the infantformula category (Stages 1 and 2), and certain children's nutrition products (Stage 3). Outside of the U.S., itsells infant formula products (Stages 1 and 2) and a range of children's nutrition products (Stages 3, 4 and5). In August 2009, MJN first shipped Enfagrow, nutrition tailored for toddlers, in the U.S.

Its infant formula products include formulas for routine feeding and mild intolerance as well as specialtyformula products, including formulas for severe intolerance, formulas for premature and low birth weightinfants and medical nutrition products. Children's nutrition products are designed to provide enhanced nu-

trition. MJN's children's nutrition business focuses primarily on Asia and Latin America.

The U.S. Department of Agriculture (USDA) sponsors a special supplemental nutrition program for women,infants and children ("WIC" program). The program is administered individually by each state and MJN saidthat it is estimated that about 52% of all infants born in the U.S. in 2011 benefited from the WIC program.Manufacturers that choose to compete for WIC contracts must have a widely distributed infant formulabrand. During the bid process, each manufacturer submits a sealed bid. The manufacturer with the lowestnet price, calculated as the manufacturer's published wholesale price less the manufacturer's rebate bid,is awarded the contract. WIC contracts are generally three years in length, with some contracts providingfor extensions. As of December 31, 2011, MJN held contracts that supply about 42% of WIC births.

The U.S. FDA's Center for Food Safety and Applied Nutrition is responsible for the regulation of infant for-mula. Outside the U.S., some countries will refer to the U.S. FDA, the European Food Safety Authority or theWorld Health Organization in establishing standards for infant formulas.

Industry growth drivers are likely to include increasing middle-class births in emerging countries; morewomen in the work force; growing recognition of the role of early nutrition in lifelong health; and con-sumers valuing the nutritional benefits of premium products.

FINANCIAL TRENDS. In 2011, MJN's reported EPS of $2.47 included a negative impact of about $0.32 fromspecial items. In 2010, reported EPS of $2.20 included a negative impact of about $0.22 from special items.

In 2011, MJN had $92.5 million of research and development expense, up from $78.5 million in 2010.

In 2011, dairy products, consisting primarily of milk powders, non-fat dry milk, lactose and whey proteinconcentrates, accounted for about 41% of MJN's global expenditures for materials.

Corporate Information

Investor ContactK. Chieger (847-804-9896)

Office2701 Patriot Blvd, Glenview, IL 60026.

Telephone847-832-2420.

Websitehttp://www.meadjohnson.com

Officers

ChrmnJ.M. Cornelius

Pres & CEOS.W. Golsby

COO & EVP

P.K. Jakobsen

EVP & CFOP.G. Leemputte

SVP, Secy & GeneralCounselW.C. P'Pool

Board MembersS. M. Altschuler

H. B. Bernick

K. A. Casiano

A. C. Catalano

C. A. Clark

J. M. Cornelius

S. W. Golsby

P. G. Ratcliffe

E. Sigal

R. S. Singer

DomicileDelaware

Founded1905

Employees6,600

Stockholders1,655

Stock Report | June 2, 2012 | NYS Symbol:MJN


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Sub-Industry Outlook Stock Performance

Our fundamental outlook for the S&P PackagedFoods & Meats sub-industry is neutral. Forpackaged food manufacturers, we think there willcontinue to be some year-to-year commodity costpressure, although less than there was in 2011. Also,for a number of packaged food manufacturers, we

view ingredient costs as a relatively small part of theoverall retail price paid paid by consumers.

Recently, we have seen indications ofmore-than-expected food industry volume softnessin the U.S., which we think is at least partlyattributable to a cumulative impact from priceincreases facing consumers and a lacklustereconomy.

We expect that rising prices at food stores will leadto consumers putting increased focus on lessexpensive products, including various private label(store brand) items. However, we think thatmanufacturers of higher-priced branded productswill generally hold on to much of their marketshares, helped by brand loyalty among consumersand marketing support by manufacturers.

We think various food companies are seeking tobolster profits with cost reduction programs, andare looking to offset at least some of the input costpressure with price increases. However, withconsumers likely to be quite price-sensitive, therecould be some resistance among retailers andconsumers to increased prices from manufacturers.

In 2012, we look for a moderate increase in overallU.S. consumer spending on food, with part of therise being from higher prices.

Over time, we expect growing consumer andregulatory scrutiny of prospective health concerns

and benefits from various foods, beverages andingredients.

Longer term, we believe the packaged food industrywill focus on consumer lifestyles, tastes, healthconsiderations, and demographics, including both

opportunities in developing international marketsand the interests and needs of an aging U.S.population. We anticipate industry growthopportunities will include further introduction anddistribution of products that appeal to consumers'interest in healthier eating. We believe risingstandards of living in developing internationalmarkets should provide U.S. packaged foodcompanies with opportunities for growth.

In 2012, we see the prospect that the translation ofinternational profits into U.S. dollars will be lessfavorable than it was in 2011, due to fluctuation inexchange rates.

Year to date, through May 18, the S&P PackagedFoods & Meat Index gained 1.0%, compared to a

3.0% rise for the S&P 1500 Index. In 2011, the S&PPackaged Foods & Meat Index was up 14.2%,compared to a 0.3% decline for the S&P 1500 Index.

--Tom Graves, CFA

GICS Sector:Consumer StaplesSub-Industry:Packaged Foods & Meats

Based on S&P 1500 IndexesMonth-end Price Performance as of 05/31/12

2008 2009 2010 2011 2012

140

120

100

80

60

40

20

0

Sub-Industry Sector S&P 1500

NOTE:All Sector & Sub-Industry information is based on thGlobal Industry Classification Standard (GICS)



Sub-Industry : Packaged Foods & Meats Peer Group*: Based on market capitalizations within GICS Sub-Industry

Peer GroupStock

Symbol

Stk.Mkt.Cap.

(Mil. $)

RecentStock

Price($)

52Week

High/Low($) B etaYield

(%)P/E

Ratio

FairValue

Calc.($)QualityRanking

S&PIQ

%ile

Return onRevenue

(%)

LTD toCa(%

Mead Johnson Nutrition MJN 15,934 78.15 87.27/60.62 0.61 1.5 31 65.60 NR 98 14.1 111.

Adecoagro SA AGRO 1,121 9.27 13.10/7.16 NA Nil 26 NA NR 18 10.4 13.American Lorain ALN 43 1.26 2.20/1.10 1.29 Nil 2 NA NR 36 9.9 8.B&G Foods'A' BGS 1,131 23.38 24.64/15.29 1.21 4.6 21 21.40 NR 26 9.2 74.BRF - Brasil Foods S.A. ADR BRFS 12,972 14.92 21.70/14.83 1.36 2.2 19 NA NR 20 5.3 20.Diamond Foods DMND 444 20.15 96.13/20.01 0.18 0.9 9 30.30 NR 16 5.2 49.Dole Food Co DOLE 761 8.55 14.58/8.02 1.47 Nil 14 NA NR 22 0.5 65.Feihe International ADY 90 4.42 9.32/2.22 0.95 Nil 34 NA NR 2 1.6 17.Post Holdings POST 1,008 29.31 34.35/22.75 NA Nil NM NA NR 80 NA 32.Rogers Sugar RSI.C 487 5.56 5.78/4.46 NA 19.4 12 NA NR NA 7.5 32.SkyPeople Fruit Juice SPU 40 1.54 3.40/1.37 0.23 Nil 4 NA NR 33 16.8 NASmart Balance SMBL 358 6.07 7.15/4.47 0.72 Nil 38 5.60 NR 14 3.5 22.Tate & Lyle ADS TATYY 4,687 40.24 46.07/35.13 0.88 3.7 10 NA NR 20 9.9 42.6

Westway Group WWAY 355 5.89 6.60/3.78 0.13 Nil NM NA NR 7 1.2 23.9Zhongpin Inc HOGS 351 9.35 14.17/6.60 1.37 Nil 6 NA NR 15 4.4 15.

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.

Source: S&P.Redistribution or reproduction is prohibited without written permission. Copyright 2012 The McGraw-Hill Companies,Inc.

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S&P Analyst Research Notes and other Company News

April 26, 201202:54 pm ET ... S&P KEEPS SELL OPINION ON SHARES OF MEAD JOHNSONNUTRITION (MJN 86.20**): Before special items, Q1 EPS of $0.82 vs. $0.76 is $0.06above our estimate. We are impressed by 29% EBIT growth from Asia/LatinAmerican segment and sizable decline in corporate and other expense. Beforespecial items, we are raising our '12 EPS estimate to $3.13 from $3.08 and '13's to

$3.62 from $3.55. We view MJN as impressive int'l growth story. With higher EPSestimates, we are raising our target price by $3, to $81, which reflects close to50% P/E premium (on '12 EPS estimates) to a recent average for a group of foodstocks. But our target remains below the current price. /Tom Graves, CFA

April 23, 201202:48 pm ET ... S&P KEEPS SELL OPINION ON SHARES OF MEAD JOHNSONNUTRITION (MJN 81.30**): We see some prospective benefits for MJN fromNestle's expected acquisition of Pfizer Nutrition, including less financial andexecution risk from MJN not being part of winning bid. Also, regulatory reviewmay lead to MJN having an opportunity to acquire pieces of Pfizer Nutritionbusiness. Lastly, we think the deal price creates new valuation benchmarks forMJN shares, but the acquisition is also likely to boost Nestle's overallcompetitive position in child nutrition. The net impact is that we are raising our

target price for MJN to $78, from $73, st ill below the current price. /Tom Graves,CFA

March 6, 201206:01 am ET ... S&P REITERATES SELL OPINION ON SHARES OF MEAD JOHNSONNUTRITION (MJN 78.96**): In our view, the stock has gotten ahead of our EPSgrowth outlook, and does not adequately reflect a prospective rise in financialrisk. Before special items, we look for EPS growth to slow in '12, but the forwardP/E on the shares is at a premium to historical average. Furthermore, a recentunconfirmed Reuters article suggests MJN partnering with Danone in auction bid

to acquire Pfizer nutrition business; we think this would add risk to MJN shares.We view MJN largely as an emerging market growth story, but see thisadequately reflected in our $73 target price. /Tom Graves, CFA

March 5, 2012DOWN 0.41 to 77.85... MJN raises its quarterly cash dividend by 15% to $0.30 pershare from $0.26.

March 2, 2012On March 1, 2012, Stanley D. Burhans was appointed as the new VicePresident-Finance, Global Commercial Operations of Mead Johnson NutritionCompany, effective immediately. As a result, Mr. Burhans will no longer serve as

the company's Vice President and Controller. Until Mr. Burhans' successor isappointed, the company has appointed Kathy A. MacDonald, 48, the company'sVice President, Investor Relations, to serve as the company's Acting CorporateController. Ms. MacDonald has been the company's Vice President, InvestorRelations since January 2011 and has been continuously employed by thecompany or its former parent, Bristol-Myers Squibb Company, since 1988 invarious capacities.

March 1, 201211:39 am ET ... S&P LOWERS OPINION ON SHARES OF MEAD JOHNSONNUTRITION TO SELL, FROM HOLD (MJN 78.09**): With the stock close to a52-week high, we advise caution on the premium P/E shares. In '12, we look forMJN's growth rate to be adversely affected by recent product safety concerns

and related publicity, although we think product samples were found to be safe.Also, there could be a modest negative impact from f/x fluctuation. Excludingsome technology-related spending, we are lowering our '12 EPS estimate to$3.08, from $3.10, and initiating '13's at $3.55. We still view MJN largely as anemerging market growth story, but see this adequately reflected in our $73 targetprice. /Tom Graves, CFA

January 26, 201201:11 pm ET ... S&P REITERATES HOLD OPINION ON SHARES OF MEADJOHNSON NUTRITION (MJN 73.90***): Before special items, Q4 EPS of $0.52, vs.$0.57, is $0.01 above our estimate. We think headwinds included dairy prices, plus

timing of pension settlement expenses and tax accruals. In '12, we expect anadverse impact from recent product safety concerns and related publicity,although we think product samples were found to be safe. Excluding some

technology-related spending, we are lowering our '12 EPS estimate to $3.10 from

$3.15. We see MJN largely as an emerging market growth story, with thisappropriately reflected in the current price. Indicated dividend yield is 1.4%. /TomGraves, CFA

January 3, 2012UP 3.81 to 72.54... MJN says it was notified by FDA and CDC that health inspectorshave completed their testing on all formula samples collected from the co. Tests

confirmed that the Mead Johson products were safe, and no presence ofCronobacter was detected. Notes this is consistent with two rounds of testingconducted by co. Says all infant formulas, incl. Enfamil PREMIUM Newborn,undergo approximately 2,300 quality checks and safety tests. William Blairreiterates outperform.

January 3, 201210:31 am ET ... MEAD JOHNSON NUTRITION COMPANY (MJN 72.54) UP 3.81,MEAD JOHNSON (MJN) GETS FDA, CDC NODS ON ENFAMIL. WILLIAM BLAIRKEEPS OUTPERFORM... Analyst Jon Andersen tells salesforce MJN said it was

told by Food and Drug Administration, Centers for Disease Control that healthinspectors completed their testing on all formula samples collected from MJN,

tests confirmed products were safe. Believes FDA, CDC findings clear way forWMT, other retailers who pulled batch of product to return Enfamil PremiumNewborn formula to store shelves. Says MJN shares recently have traded atlevels he finds attractive in light of co.'s attractive LT growth, returncharacteristics. Maintains $2.78 '11 EPS, $3.16 '12 ests. B.Egli

December 27, 2011MJN says it has conducted a new round of rigorous testing on samples of abatch of Enfamil Premium Newborn powdered formula related to a FDAinvestigation. Drawn from samples parallel to those being tested by public healthofficials and following the same methodology, the new testing did not detect anypresence of Cronobacter (Enterobacter sakazakii). MJN says it can say withconfidence that Enfamil Premium Newborn formula is safe.

December 22, 2011DOWN 6.39 to 70.09... WAL-MART has pulled a batch of powdered infant formulafrom more than 3,000 of its stores nationwide after a newborn Missouri boy whowas fed the formula died from what preliminary tests indicate was a rarebacterial infection, the retailer said. The government has not ordered a recall of

the 12.5-ounce cans of Enfamil Newborn powder with the lot number ZP1K7G.Manufacturer MJN said its records showed the lot tested negative for the

bacterium before it was shipped: AP.



Source: S&P.

Redistribution or reproduction is prohibited without written permission. Copyright 2012 The McGraw-Hill Companies,Inc.

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Analysts' Recommendations

Wall Street Average

S

WH

H

BH

B

Number of Analysts Following Stock

Monthly Average Trend Buy

B

Buy/Hold

BH

Hold

H

Weak Hold

WH

Sell

S

No Opinion MJN Trend

J A S O N D J F M A M J J A S O N D J F M A M J

2010 2011 2012

Stock Price ($)

40

60

80

100

12

14

16

Of the total 17 companies following MJN, 15 analysts currently publish recommendations.

No. of Ratings % of Total 1 Mo. Prior 3 Mos. Prior

Buy 2 13 2 3Buy/Hold 5 33 5 6Hold 7 47 7 5Weak Hold 1 7 1 1Sell 0 0 0 0No Opinion 0 0 0 0Total 15 100 15 15

Wall Steet Consensus Opinion

BUY/HOLD

Companies Offering Coverage

BMO Capital Markets, U.S. Equity ResearchBofA Merrill Lynch

Citigroup IncCredit Agricole Securities (USA) Inc.Credit SuisseD.A. Davidson & Co.Deutsche BankGabelli & Company, Inc.Goldman SachsHilliard LyonsJP MorganMiller Tabak & Co., LLCMorgan StanleyMorningstar Inc.RBC Capital MarketsS&P Equity ResearchWilliam Blair & Company L.L.C.

Wall Street Consensus Estimates

2011 Actual $2.47

2011 2012

F M A M J J A S O N D J F M A M J2

3

4

5

Estimates 2011 2012 2013

Fiscal Years Avg Est. High Est. Low Est. # of Est. Est. P/E2013 3.63 3.85 3.45 14 21.52012 3.16 3.24 3.09 15 24.72013 vs. 2012 15% 19% 12% -7% -13%

Q2'13 0.90 0.94 0.87 13 86.8Q2'12 0.77 0.80 0 .73 13 NMQ2'13 vs. Q2'12 17% 17% 19% 0% NA

A company's earnings outlook plays a major part in any investment decision. Standard & Poor's organizes the earnings estimates of over 2,300Wall Street analysts, and provides their consensus of earnings over the next two years. This graph shows the trend in analyst estimates over

the past 15 months.

Wall Street Consensus vs. Performance

For fiscal year 2012, analysts estimate that MJNwill earn $3.16. For the 1st quarter of fiscal year2012, MJN announced earnings per share of$0.80, representing 25% of the total annualestimate. For fiscal year 2013, analysts estimate

that MJN's earnings per share will grow by 15%to $3.63.



Source: S&P, Capital IQ Estimates, Inc.

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Glossary

S&P STARSSince January 1, 1987, Standard and Poor's EquityResearch Services has ranked a universe of commonstocks based on a given stock's potential for futureperformance. Under proprietary STARS (STockAppreciation Ranking System), S&P equity analysts rankstocks according to their individual forecast of a stock'sfuture total return potential versus the expected total

return of a relevant benchmark (e.g., a regional index(S&P Asia 50 Index, S&P Europe 350 Index or S&P 500Index)), based on a 12-month time horizon. STARS wasdesigned to meet the needs of investors looking to put

their investment decisions in perspective. Data used toassist in determining the STARS ranking may be theresult of the analyst's own models as well as internalproprietary models resulting from dynamic data inputs.

S&P 12-Month Target PriceThe S&P equity analyst's projection of the market price agiven security will command 12 months hence, based ona combination of intrinsic, relative, and private marketvaluation metrics, including S&P Fair Value.

Investment Style ClassificationCharacterizes the stock as Growth or Value, andindicates its capitalization level. Growth is evaluated

along three dimensions (earnings, sales and internalgrowth), while Value is evaluated along four dimensions(book-to-price, cash flow-to-price, dividend yield andsale-to-price). Growth stocks score higher than themarket average on growth dimensions and lower onvalue dimensions. The reverse is true for Value stocks.Certain stocks are classified as Blend, indicating amixture of growth and value characteristics and cannotbe classified as purely growth or value.

S&P EPS EstimatesStandard & Poor's earnings per share (EPS) estimatesreflect analyst projections of future EPS from continuingoperations, and generally exclude various items that areviewed as special, non-recurring, or extr aordinary. Also,S&P EPS estimates reflect either forecasts of S&P equityanalysts; or, the consensus (average) EPS estimate,which are independently compiled by Capital IQ, a dataprovider to Standard & Poor's Equity Research. Among

the items typically excluded from EPS estimates areasset sale gains; impairment, restructuring ormerger-related charges; legal and insurancesettlements; in process research and developmentexpenses; gains or losses on the extinguishment of debt;

the cumulative effect of accounting changes; andearnings related to operations that have been classifiedby the company as discontinued. The inclusion of someitems, such as stock option expense and recurring typesof other charges, may vary, and depend on such factorsas industry practice, analyst judgment, and the extent towhich some types of data is disclosed by companies.

S&P Core EarningsStandard & Poor's Core Earnings is a uniformmethodology for adjusting operating earnings byfocusing on a company's after-tax earnings generatedfrom its principal businesses. Included in the Standard &Poor's definition are employee stock option grant

expenses, pension costs, restructuring charges fromongoing operations, write-downs of depreciable oramortizable operating assets, purchased research anddevelopment, M&A related expenses and unrealizedgains/losses from hedging activities. Excluded from thedefinition are pension gains, impairment of goodwillcharges, gains or losses from asset sales, reversal ofprior-year charges and provision from litigation orinsurance settlements.

Qualitative Risk AssessmentThe S&P equity analyst's view of a given company'soperational risk, or the risk of a firm's ability to continueas an ongoing concern. The Qualitative Risk Assessment

is a relative ranking to the S&P U.S. STARS universe, andshould be reflective of risk factors related to acompany's operations, as opposed to risk and volatilitymeasures associated with share prices.

Quantitative EvaluationsIn contrast to our qualitative STARS recommendations,which are assigned by S&P analysts, the quantitativeevaluations described below are derived fromproprietary arithmetic models. These computer-driven

evaluations may at times contradict an analyst'squalitative assessment of a stock. One primary reasonfor this is that different measures are used to determineeach. For instance, when designating STARS, S&Panalysts assess many factors that cannot be reflected ina model, such as risks and opportunities, managementchanges, recent competitive shifts, patent expiration,litigation risk, etc.

S&P Quality RankingGrowth and stability of earnings and dividends aredeemed key elements in establishing S&P's QualityRankings for common stocks, which are designed tocapsulize the nature of this record in a single symbol. Itshould be noted, however, that the process also takesinto consideration certain adjustments and modificationsdeemed desirable in establishing such rankings. Thefinal score for each stock is measured against a scoringmatrix determined by analysis of the scores of a large

and representative sample of stocks. The range ofscores in the array of this sample has been aligned withthe following ladder of rankings:

A+AA-B+NR

HighestHighAbove AverageAverageNot Ranked

BB-CD

Below AverageLowerLowestIn Reorganization

S&P Fair Value RankUsing S&P's exclusive proprietary quantitative model,stocks are ranked in one of five groups, ranging fromGroup 5, listing the most undervalued stocks, to Group 1,

the most overvalued issues. Group 5 stocks are expectedto generally outperform all others. A positive (+) ornegative (-) Timing Index is placed next to the Fair Valueranking to further aid the selection process. A stock witha (+) added to the Fair Value Rank simply means that thisstock has a somewhat better chance to outperform otherstocks with the same Fair Value Rank. A stock with a (-)has a somewhat lesser chance to outperform otherstocks with the same Fair Value Rank. The Fair Valuerankings imply the following: 5-Stock is significantlyundervalued; 4-Stock is moderately undervalued; 3-Stockis fairly valued; 2-Stock is modestly overvalued; 1-Stockis significantly overvalued.

S&P Fair Value CalculationThe price at which a stock should trade at, according toS&P's proprietary quantitative model that incorporatesboth actual and estimated variables (as opposed to onlyactual variables in the case of S&P Quality Ranking).Relying heavily on a company's actual return on equity,

the S&P Fair Value model places a value on a securitybased on placing a formula-derived price-to-bookmultiple on a company's consensus earnings per shareestimate.

Insider ActivityGives an insight as to insider sentiment by showingwhether directors, officers and key employees who haveproprietary information not available to the generalpublic, are buying or selling the company's stock during

the most recent six months.

Funds From Operations FFOFFO is Funds from Operations and equal to a REIT's netincome, excluding gains or losses from sales of property,plus real estate depreciation.

Investability Quotient (IQ)The IQ is a measure of investment desirability. It serves

as an indicator of potential medium-to-long term returnand as a caution against downside risk. The measure

takes into account variables such as technicalindicators, earnings estimates, liquidity, financial ratiosand selected S&P proprietary measures.

S&P's IQ Rationale:Mead Johnson Nutrition

Proprietary S&P Measures

Technical IndicatorsLiquidity/Volatility MeasuresQuantitative Measures

Raw Score18

321971

Max Value115

402075

IQ Total 140 250

VolatilityRates the volatility of the stock's price over the past year.

Technical EvaluationIn researching the past market history of prices and

trading volume for each company, S&P's computermodels apply special technical methods and formulas toidentify and project price trends for the stock.

Relative Strength RankShows, on a scale of 1 to 99, how the stock hasperformed versus all other companies in S&P's universeon a rolling 13-week basis.

Global Industry Classification Standard (GICS)An industry classification standard, developed byStandard & Poor's in collaboration with Morgan StanleyCapital International (MSCI). GICS is currently comprisedof 10 Sectors, 24 Industry Groups, 68 Industries, and 154Sub-Industries.

S&P Issuer Credit RatingA Standard & Poor's Issuer Credit Rating is a currentopinion of an obligor's overall financial capacity (itscreditworthiness) to pay its financial obligations. Thisopinion focuses on the obligor's capacity and willingness

to meet its financial commitments as they come due. Itdoes not apply to any specific financial obligation, as itdoes not take into account the nature of and provisionsof the obligation, its standing in bankruptcy or liquidation,statutory preferences, or the legality and enforceabilityof the obligation. In addition, it does not take intoaccount the creditworthiness of the guarantors, insurers,

or other forms of credit enhancement on the obligation.The Issuer Credit Rating is not a recommendation topurchase, sell, or hold a financial obligation issued by anobligor, as it does not comment on market price orsuitability for a particular investor. Issuer Credit Ratingsare based on current information furnished by obligors orobtained by Standard & Poor's from other sources itconsiders reliable. Standard & Poor's does not performan audit in connection with any Issuer Credit Rating andmay, on occasion, rely on unaudited f inancialinformation. Issuer Credit Ratings may be changed,suspended, or withdrawn as a result of changes in, orunavailability of, such information, or based on othercircumstances.

Exchange TypeASE - American Stock Exchange; AU - Australia StockExchange; BB - Bulletin Board; NGM - Nasdaq GlobalMarket; NNM - Nasdaq Global Select Market; NSC -

Nasdaq Capital Market; NYS - New York StockExchange; OTN - Other OTC (Over the Counter); OTC -Over the Counter; QB - OTCQB; QX - OTCQX; TS - TorontoStock Exchange; TXV - TSX Venture Exchange; NEX -NEX Exchange.

S&P Equity Research ServicesStandard & Poor's Equity Research Services U.S.includes Standard & Poor's Investment AdvisoryServices LLC; Standard & Poor's Equity ResearchServices Europe includes McGraw-Hill FinancialResearch Europe Limited trading as Standard & Poor's;Standard & Poor's Equity Research Services Asiaincludes McGraw-Hill Financial Singapore Pte. Limited's



Redistribution or reproduction is prohibited without written permission. Copyright 2012 Standard & Poor's Financial Services LLC.STANDARD & POOR'S, S&P, S&P 500, S&P Europe 350 a nd STARS are registered trademarks of Standard & Poor's Financial Services LLC.

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offices in Singapore, Standard & Poor's InvestmentAdvisory Services (HK) Limited in Hong Kong, Standard &Poor's Malaysia Sdn Bhd, and Standard & Poor'sInformation Services (Australia) Pty Ltd.

Abbreviations Used in S&P Equity Research ReportsCAGR- Compound Annual Growth Rate;CAPEX- CapitalExpenditures;CY- Calendar Year; DCF- Discounted CashFlow;EBIT- Earnings Before Interest and Taxes;EBITDA-Earnings Before Interest, Taxes, Depreciation andAmortization;EPS- Earnings Per Share;EV- Enterprise

Value; FCF- Free Cash Flow;FFO- Funds From Operations;FY- Fiscal Year; P/E- Price/Earnings ;PEG Ratio-P/E-to-Growth Ratio;PV- Present Value;R&D- Research& Development;ROE- Return on Equity;ROI- Return onInvestment;ROIC- Return on Invested Capital;ROA-Return on Assets;SG&A- Selling, General &Administrative Expenses;WACC- Weighted AverageCost of Capital

Dividends on American Depository Receipts (ADRs) andAmerican Depository Shares (ADSs) are net of taxes(paid in the country of origin).

Required Disclosures

In contrast to the qualitative STARS recommendationscovered in this report, which are determined andassigned by S&P equity analysts, S&Ps quantitativeevaluations are derived from S&Ps proprietary FairValue quantitative model. In particular, the Fair ValueRanking methodology is a relative ranking methodology,whereas the STARS methodology is not. Because theFair Value model and the STARS methodology reflectdifferent criteria, assumptions and analytical methods,quantitative evaluations may at times differ from (or evencontradict) an equity analysts STARS recommendations.As a quantitative model, Fair Value relies on history andconsensus estimates and does not introduce an elementof subjectivity as can be the case with equity analysts inassigning STARS recommendations.

S&P Global STARS Distribution

In North America:As of March 30, 2012, researchanalysts at Standard & Poor's Equity Research ServicesNorth America recommended 34.5% of issuers with buyrecommendations, 57.9% with hold recommendationsand 7.6% with sell recommendations.

In Europe:As of March 30, 2012, research analysts atStandard & Poor's Equity Research Services Europerecommended 30.1% of issuers with buyrecommendations, 49.4% with hold recommendationsand 20.5% with sell recommendations.

In Asia:As of March 30, 2012, research analysts atStandard & Poor's Equity Research Services Asiarecommended 35.9% of issuers with buyrecommendations, 54.3% with hold recommendationsand 9.8% with sell recommendations.

Globally:As of March 30, 2012, research analysts atStandard & Poor's Equity Research Services globallyrecommended 34.0% of issuers with buyrecommendations, 56.3% with hold recommendationsand 9.7% with sell recommendations.

5-STARS (Strong Buy): Total return isexpected to outperform the total return of a relevant

benchmark, by a wide margin over the coming 12months, with shares rising in price on an absolute basis.

4-STARS (Buy): Total return is expected tooutperform the total return of a relevant benchmark over

the coming 12 months, with shares rising in price on anabsolute basis.

3-STARS (Hold): Total return is expected toclosely approximate the total return of a relevantbenchmark over the coming 12 months, with sharesgenerally rising in price on an absolute basis.

2-STARS (Sell): Total return is expected to

underperform the total return of a relevant benchmarkover the coming 12 months, and the share price notanticipated to show a gain.

1-STARS (Strong Sell): Total return isexpected to underperform the total return of a relevantbenchmark by a wide margin over the coming 12 months,with shares falling in price on an absolute basis.

Relevant benchmarks:In North America the relevantbenchmark is the S&P 500 Index, in Europe and in Asia,

the relevant benchmarks are generally the S&P Europe350 Index and the S&P Asia 50 Index.

For All Regions:All of the views expressed in thisresearch report accurately reflect the research analyst'spersonal views regarding any and all of the subjectsecurities or issuers. No part of analyst compensationwas, is, or will be directly or indirectly, related to thespecific recommendations or views expressed in thisresearch report.

S&P Global Quantitative Recommendations Distribution

In Europe:As of March 30, 2012, Standard & Poor'sQuantitative Services Europe recommended 50.0% ofissuers with buy recommendations, 20.0% with holdrecommendations and 29.0% with sell recommendations.

In Asia:As of March 30, 2012, Standard & Poor'sQuantitative Services Asia recommended 35.9% of

issuers with buy recommendations, 22.0% with holdrecommendations and 27.0% with sell recommendations.

Globally:As of March 30, 2012, Standard & Poor'sQuantitative Services globally recommended 46.0% ofissuers with buy recommendations, 21.0% with holdrecommendations and 32.0% with sell recommendations.

Additional information is available upon request.

Other Disclosures

This report has been prepared and issued by Standard &Poor's and/or one of its affiliates. In the United States,research reports are prepared by Standard & Poor'sInvestment Advisory Services LLC ("SPIAS"). In theUnited States, research reports are issued by Standard& Poor's ("S&P"); in the United Kingdom by McGraw-Hill

Financial Research Europe Limited, which is authorizedand regulated by the Financial Services Authority and

trades as Standard & Poor's; in Hong Kong by Standard& Poor's Investment Advisory Services (HK) Limited,which is regulated by the Hong Kong Securities FuturesCommission; in Singapore by McGraw-Hill FinancialSingapore Pte. Limited (MHFSPL), which is regulated by

the Monetary Authority of Singapore; in Malaysia byStandard & Poor's Malaysia Sdn Bhd ("S&PM"), which isregulated by the Securities Commission; in Australia byStandard & Poor's Information Services (Australia) PtyLtd ("SPIS"), which is regulated by the AustralianSecurities & Investments Commission; and in Korea bySPIAS, which is also registered in Korea as across-border investment advisory company.

The research and analytical services performed bySPIAS, McGraw-Hill Financial Research Europe Limited,MHFSPL, S&PM, and SPIS are each conducted

separately from any other analytical activity of Standard& Poor's.

Standard & Poor's or an affiliate may license certainintellectual property or provide pricing or other services

to, or otherwise have a financial interest in, certainissuers of securities, including exchange-tradedinvestments whose investment objective is tosubstantially replicate the returns of a proprietaryStandard & Poor's index, such as the S&P 500. In caseswhere Standard & Poor's or an affiliate is paid fees thatare tied to the amount of assets that are invested in thefund or the volume of trading activity in the fund,investment in the fund will generally result in Standard &

Poor's or an affiliate earning compensation in addition tothe subscription fees or other compensation for servicesrendered by Standard & Poor's. A reference to aparticular investment or security by Standard & Poor'sand one of its affiliates is not a recommendation to buy,sell, or hold such investment or security, nor is itconsidered to be investment advice.

Indexes are unmanaged, statistical composites and theirreturns do not include payment of any sales charges or

fees an investor would pay to purchase the securitiesthey represent. Such costs would lower performance. Itis not possible to invest directly in an index.

Standard & Poor's and its affiliates provide a wide rangeof services to, or relating to, many organizations,including issuers of securities, investment advisers,broker-dealers, investment banks, other financialinstitutions and financial intermediaries, and accordinglymay receive fees or other economic benefits from thoseorganizations, including organizations whose securitiesor services they may recommend, rate, include in modelportfolios, evaluate or otherwise address.

This company is not a customer of S&P Capital IQ or itsaffiliates.

Disclaimers

With respect to reports issued to clients in Japan and inthe case of inconsistencies between the English andJapanese version of a report, the English versionprevails. With respect to reports issued to clients inGerman and in the case of inconsistencies between theEnglish and German version of a report, the Englishversion prevails. Neither S&P nor its affiliates guarantee

the accuracy of the translation. Assumptions, opinionsand estimates constitute our judgment as of the date of

this material and are subject to change without notice.Past performance is not necessarily indicative of futureresults.

Standard & Poor's, its affiliates, and any third-partyproviders, as well as their directors, officers,shareholders, employees, or agents (collectively S&PParties) do not guarantee the accuracy, completeness oradequacy of this material, and S&P Parties shall have noliability for any errors, omissions, or interruptions therein,regardless of the cause, or for the results obtained from

the use of the information provided by the S&P Parties.S&P PARTIES DISCLAIM ANY AND ALL EXPRESS ORIMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITEDTO, ANY WARRANTIES OF MERCHANTABILITY,SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSEOR USE. In no event shall S&P Parties be liable to anyparty for any direct, indirect, incidental, exemplary,compensatory, punitive, special or consequentialdamages, costs, expenses, legal fees, or losses(including, without limitation, lost income or lost profitsand opportunity costs) in connection with any use of theinformation contained in this document even if advised of

the possibility of such damages. Capital IQ is a businessof Standard & Poor's.

Ratings from Standard & Poor's Ratings Services arestatements of opinion as of the date they are expressedand not statements of fact or recommendations topurchase, hold, or sell any securities or to make anyinvestment decisions. Standard & Poor's assumes noobligation to update its opinions following publication inany form or format. Standard & Poor's ratings should notbe relied on and are not substitutes for the skill,judgment and experience of t he user, its management,employees, advisors and/or clients when makinginvestment and other business decisions. Standard &Poor's rating opinions do not address the suitability ofany security. Standard & Poor's does not act as afiduciary. While Standard & Poor's has obtainedinformation from sources it believes to be reliable,Standard & Poor's does not perform an audit and




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undertakes no duty of due diligence or independentverification of any information it receives.

Standard & Poor's keeps certain activities of its businessunits separate from each other in order to preserve theindependence and objectivity of their respectiveactivities. As a result, certain business units of Standard

& Poor's may have information that is not available toother Standard & Poor's business units. Standard &Poor's has established policies and procedures tomaintain the confidentiality of certain non-publicinformation received in connection with each analyticalprocess.

Standard & Poor's Ratings Services did not participate inthe development of this report. Standard & Poor's mayreceive compensation for its ratings and certaincredit-related analyses, normally from issuers orunderwriters of securities or from obligors. Standard &Poor's reserves the right to disseminate its opinions andanalyses. Standard & Poor's public ratings and analysesare made available on its Web sites,www.standardandpoors.com (free of charge), andwww.ratingsdirect.com and www.globalcreditportal.com(subscription), and may be distributed through other

means, including via Standard & Poor's publications andthird-party redistributors. Additional information aboutour ratings fees is available atwww.standardandpoors.com/usratingsfees.

This material is not intended as an offer or solicitation forthe purchase or sale of any security or other financialinstrument. Securities, financial instruments orstrategies mentioned herein may not be suitable for allinvestors. Any opinions expressed herein are given ingood faith, are subject to change without notice, and areonly current as of the stated date of their issue. Prices,values, or income from any securities or investmentsmentioned in this report may fall against the interests of

the investor and the investor may get back less than theamount invested. Where an investment is described asbeing likely to yield income, please note that the amountof income that the investor will receive from such an

investment may fluctuate. Where an investment orsecurity is denominated in a different currency to theinvestor's currency of reference, changes in rates ofexchange may have an adverse effect on the value, priceor income of or from that investment to the investor. Theinformation contained in this report does not constituteadvice on the tax consequences of making any particularinvestment decision. This material is not intended for anyspecific investor and does not take into account yourparticular investment objectives, financial situations orneeds and is not intended as a recommendation ofparticular securities, financial instruments or strat egies

to you. Before acting on any recommendation in thismaterial, you should consider whether it is suitable foryour particular circumstances and, if necessary, seekprofessional advice.

This document does not constitute an offer of services in

jurisdictions where Standard & Poor's or its affiliates donot have the necessary licenses.

For residents of the U.K. - This report is only directed atand should only be relied on by persons outside of theUnited Kingdom or persons who are inside the UnitedKingdom and who have professional experience inmatters relating to investments or who are high networth persons, as defined in Article 19(5) or Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005, respectively.

For residents of Singapore - Anything herein that may beconstrued as a recommendation is intended for generalcirculation and does not take into account the specific

investment objectives, financial situation or particularneeds of any particular person. Advice should be soughtfrom a financial adviser regarding the suitability of aninvestment, taking into account the specific investmentobjectives, financial situation or particular needs of anyperson in receipt of the recommendation, before theperson makes a commitment to purchase the investmentproduct.

For residents of Malaysia - All queries in relation to this

report should be referred to Ching Wah Tam.

For residents of Indonesia - This research report doesnot constitute an offering document and it should not beconstrued as an offer of securities in Indonesia, and thatany such securities will only be offered or sold through afinancial institution.

For residents of the Philippines - The securities beingoffered or sold have not been registered with theSecurities and Exchange Commission under theSecurities Regulation Code of the Philippines. Any futureoffer or sale thereof is subject to registrationrequirements under the Code unless such offer or salequalifies as an exempt transaction.

U.S. STARS Cumulative Model PerformanceHypothetical Growth Due to Price Appreciation of $100For the Period 12/31/1986 through 05/31/2012

S&P 500 5 STARS 4 STARS 3 STARS 2 STARS 1 STARS

0

800

1,600

2,400

'92 '94 '96 '98 '00 '02 '04 '06 '08 '10

The performance above represents only the results ofStandard & Poor's model portfolios. Model performancehas inherent limitations. Standard & Poor's maintains themodels and calculates the model perf ormance shown,but does not manage actual assets. The U.S. STARSmodel performance chart is only an illustration ofStandard & Poor's (S&P) research; it shows how U.S.common stocks, ADRs (American Depositary Receipts)and ADSs (American Depositary Shares), collectivelyequities, that received particular STARS rankingsperformed. STARS categories are models only; they arenot collective investment funds. The STARS performancedoes not show how any actual portfolio has performed.STARS model performance does not represent theresults of actual trading of investor assets. Thus, themodel performance shown does not reflect the impact

that material economic and market factors might havehad on decision-making if actual investor money hadbeen managed. Performance is calculated using a

time-weighted rate of return. While model performancefor some or all STARS categories performed better than

the S&P 500 for the period shown, the performanceduring any shorter period may not have, and there is noassurance that they will perform better than the S&P 500in the future. STARS does not take into account anyparticular investment objective, financial situation orneed and is not intended as an investmentrecommendation or strategy. Investments based on theSTARS methodology may lose money. High returns arenot necessarily the norm and there is no assurance that

they can be sustained. Past model performance ofSTARS is no guarantee of future performance.

For model performance calculation purposes, theequities within each STARS category at December 31,

1986 were equally weighted. Thereafter, additions to thecomposition of the equities in each STARS category aremade at the average value of the STARS category at thepreceding month end with no rebalancing. Deletions aremade at the closing price of the day that the deletion ismade. Performance was calculated from inception

through March 31, 2003 on a monthly basis. Thereafter,performance is calculated daily. Equities in each STARScategory will change over time, and some or all of theequities that received STARS rankings during the time

period shown may not have maintained their STARSranking during the entire period.

The model performance does not consider taxes andbrokerage commissions, nor does it reflect the deductionof any advisory or other fees charged by advisors orother parties that investors will incur when theiraccounts are managed in accordance with the models.The imposition of these fees and charges would causeactual performance to be lower than the performanceshown. For example, if a model returned 10 percent on a$100,000 investment for a 12-month period (or $10,000)and an annual asset-based fee of 1.5 percent wereimposed at the end of the period (or $1,650), the netreturn would be 8.35 percent (or $8,350) for the year.Over 3 years, an annual 1.5% fee taken at year end withan assumed 10% return per year would result in acumulative gross return of 33.1%, a total fee of $5,375and a cumulative net return of 27.2% (or $27,200). Fees

deducted on a frequency other than annual would resultin a different cumulative net return in the precedingexample.

The Standard & Poor's 500 index is the benchmark forU.S. STARS. The S&P 500 index is calculated in U.S.dollars and does not take into account the reinvestmentof dividends. Indexes are unmanaged, statisticalcomposites and their returns do not include payment ofany sales charges or fees an investor would pay topurchase the securities they represent. Such costswould lower performance. It is not possible to investdirectly in an index. The S&P 500 index includes adifferent number of constituents and has different riskcharacteristics than the STARS equities. Some of theSTARS equities may have been included in the S&P 500index for some (but not necessarily all) of the periodcovered in the chart, and some such equities may nothave been included at all. The S&P 500 excludes ADRsand ADSs. The methodology for calculating the return of

the S&P 500 index differs from the methodology ofcalculating the return for STARS. Past performance of

the S&P 500 index is no guarantee of futureperformance.

An investment based upon the models should only bemade after consulting with a financial advisor and withan understanding of the risks associated with anyinvestment in securities, including, but not limited to,market risk, currency risk, political and credit risks, therisk of economic recession and the risk that issuers ofsecurities or general stock market conditions mayworsen, over time. Foreign investing involves certainrisks, including currency fluctuations and controls,restrictions on foreign investments, less governmentalsupervision and regulation, less liquidity and thepotential for market volatility and political instability. Aswith any investment, investment returns and principalvalue will fluctuate, so that when redeemed, an

investor's shares may be worth more or less than theiroriginal cost.

For residents of Australia This report is distributed byStandard & Poors Information Services (Australia) PtyLtd ("SPIS") in Australia. The entirety of this report isapproved by Charles Baumann, who has reviewed andauthorised its content as at the date of publication.

Any express or implied opinion contained in this report islimited to "General Advice" and based solely onconsideration of the investment merits of the financialproduct(s) alone. The information in this report has notbeen prepared for use by retail investors and has been




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prepared without taking account of any particularperson's financial or investment objectives, financialsituation or needs. Before acting on any advice, anyperson using the advice should consider itsappropriateness having regard to their own or theirclients' objectives, financial situation and needs. Youshould obtain a Product Disclosure Statement relating to

the product and consider the statement before makingany decision or recommendation about whether toacquire the product. Each opinion must be weighed

solely as one factor in any investment decision made byor on behalf of any adviser and any such adviser mustaccordingly make their own assessment taking intoaccount an individual's particular circumstances.

SPIS holds an Australian Financial Services LicenceNumber 258896. Please refer to the SPIS FinancialServices Guide for more information atwww.fundsinsights.com.au.




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