Earning Release

Harmony Gold Mining Company Limited (NYSE:HMY) reported an increase in 1Q 10 revenues, led by higher realized gold prices. However a steep rise in the company's production costs dented bottomline performance. Meanwhile our fundamental outlook remains unchanged and we therefore reiterate our current 6-12 months HOLD rating for the company's common stock. We will reassess our rating in our next update report. We continue to anticipate a significant positive currency impact on the ADR over the coming 6-12 months. Therefore, we maintain our BUY rating. We will reassess our ADR (1 ADR = 1 common share) rating in our next update report.

ICICI Bank Ltd. (NYSE:IBN) reported positive growth in 2Q 10 bottom-line supported by significant costs improvements. Furthermore, although provisions increased y-o-y, they have declined q-o-q reflecting improved asset quality. Going forward, we maintain a cautious outlook given optimism regarding cost controls and improving economic conditions offset by risk concerns regarding tightening monetary policy. Therefore considering these factors, we maintain our 6-12 month HOLD rating. We will reassess our common stock rating in our next full update report. We continue to anticipate a positive currency impact on the ADR over the coming 6-12 months. Therefore, considering our fundamental outlook, we maintain our current BUY rating for the ADR. We will reassess our ADR rating (1 ADR = 2 common shares) in our next full update report.

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