Gold sentiment softens – Dollar plummets – Indonesia at a high – Indian companies flex international muscle Media Tenor Financial Sentiment Tracker 2010 with focus 1-22 October 2010

All Quoted Analysts in WSJ-FT-MINT-Les Echos-Il Sole-Barrons

Media Tenor International AG

Roland Schatz

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Media Tenor International has been analyzing opinion-leading since 1994. This analysis is based on, 124, 441 statements by citied analysts in select business media: Financial Times, Les Echos, Expansion,Il Sole 24 ore, WSJ, Barron‘s, Mint, Financial News, Economist, Forbes. Media Tenor has evaluated more than 500 000 news stories in international TV news. Among its specialized analyses are political coverage, economic coverage, social values, technology and financial sentiment data.

Relative salience and tonality trend for currency Oct 2010

Relative salience and tone for select commodities Oct 2010

Gold sentiment softens – Dollar plummets – Indonesia at a high – Indian companies even out

FINANCIAL SENTIMENT TRACKER – ANALYST CITATIONS IN ELITE BUSINESS PRESS

Zurich 22 October: Gold sentiment has shown its first consistent fall in 2010 as cited analysts are beginning to discuss the possible downside of the metal’s haven status. Sentiment towards the US Dollar has been severely tested by the coverage of the October currency war, however, the implications to the broader global trade balance and the economies of countries affected by commodity prices have come onto the agenda. Indonesia has had a strong month and is the clear leader among non-BRIC developing countries and reporting on Tata Motor’s ability to perform in its UK expansion plans has highlighted the international impact of India’s corporate giants.

Gold sentiment has shown a negative trend on the aggregated international level in the third week of October. This represents a major shift after the consistently positive trend. Unlike previous dips, this result appears but part of a sustained trend. According to Media Tenor research director, Matthias Vollbracht, the sentiment shift is not a surprise, but rather an overdue discussion on the possibility of a Gold bubble. “The fact that there is a higher level of negativity towards the Gold price indicates that analysts are being cited in a broader debate than before it started to stand out as an anomaly – journalists have twigged to the bubble claims.“ However, the discussion is still favourable when it comes to Gold’s status as a flight to safety, and so the psychological driver to the current price is still there – at least for a while.

The dollar has slumped deeper into negative territory as the currency war story continues through October. It has also been far and away the main focus of the currency debate. “The coverage is tending to be less about what the dollar is doing against any one currency in the short term, but more how commodity markets and international trade are affected by the adjustment of the global currency picture,” says Vollbracht. Analysts have noted the fact that the export led Euro recovery may hit the skids with a stronger Euro, and there have been grumblings from Australian food exporters that the high Aussie dollar is leading to problems when it comes to fending off competition from South American food suppliers doing business in Asia. “The trade/competition aspects have so far

been a little understated in analyst citations,” notes Vollbracht, “but the consequences of the very low dollar will definitely become a hot topic in the next few weeks.”

Media Tenor International has been analyzing opinion-leading since 1994. This analysis is based on, 124, 441 statements by citied analysts in select business media: Financial Times, Les Echos, Expansion,Il Sole 24 ore, WSJ, Barron‘s, Mint, Financial News, Economist, Forbes. Media Tenor has evaluated more than 500 000 news stories in international TV news. Among its specialized analyses are political coverage, economic coverage, social values, technology and financial sentiment data.

Relative salience and tonality trend for economies Oct 2010

Relative salience and tonality of top 5 Indian Blue Chips Oct 2010

The Indonesian economy leads the non-BRIC developing country analysis in October. Excellent growth prospects are being highlighted by analysts. The trend in this area, however, is no longer as unanimously positive as in the past. Singapore and Mexico are both clearly lower, reflecting a general trend among the less present economies. “It is no longer a case that any country outside Europe or the US is an opportunity,” says Vollbracht, “there are concerns about key fundamentals and social conditions, as well as the impact on the overall global trend on individual economies – the euphoria is gone.” The large increase in the Indonesian volume also highlights the phenomenon of individual countries becoming popular based on a

key fundamental - only to disappear again. This echoes the high ratings of Ivory Coast or Ghana a few months ago, who have not yet turned up in the sample media set for October. Finally, Indian companies continue their excellent run in the media, with the leading five Indian companies in terms of visibility all well into positive sentiment territory. The agenda for India is no longer completely dominated by Reliance. October’s visibility leader so far, Tata Motors, is slightly down on its yearly average despite growth plans announced in the UK around Jaguar Land Rover. This international expansions topic is shared by Infosys’s push in the US and Japan. “The international aspect of Tata’s story is particularly important as it shows a shift in Indian company perception,” says Vollbracht, “in the case of Tata, the strong focus on its ability to create jobs in the UK reflects the growing confidence the media is showing in Indian companies to flex their international muscle. Media Tenor’s financial sentiment tracker will be released weekly at http://www.mediatenor.com.

Media Tenor International has been analyzing opinion-leading since 1994. This analysis is based on, 124, 441 statements by citied analysts in select business media: Financial Times, Les Echos, Expansion,Il Sole 24 ore, WSJ, Barron‘s, Mint, Financial News, Economist, Forbes. Media Tenor has evaluated more than 500 000 news stories in international TV news. Among its specialized analyses are political coverage, economic coverage, social values, technology and financial sentiment data.

Gold‘s bubble may not have burst, but there is a significant negative voice among analysts who see that Gold may not be the universal flight to safety that drove its price rise in 2010.

Indian companies are remarkable in their positivity at the moment. This is being largely driven by the impact they are having on the international scene, for example Infosys’s US and Japanese presence, or Tata’s UK job creation.

Societe General analysts were quoted on the “destruction” of the dollar (FT 15/10). However, this poetic overstatement overlooks the broader discussion on the effects of the currency war – such as US export prospects, and threats to Australia from overly strong currencies.

Analysts were very favorable on Indonesia‘s political stability and commodity driven economic prospects in October. However, the drop of major countries, such as Singapore, suggests that developing country sentiment is losing its unanimous positivity.