Fundamental Analysis & Analyst Recommendations - QMS Global Agricultural Chemicals Flexindex by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors Global Agricultural Chemicals FlexIndex August 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15538052

2072.938

1114

203

219

103.77

110.27

16.29

15.33

18.57

Euro Stoxx 50 Pr

EUR

2804497

5796.224

4700

755

792

224.84

301.13

22.18

19.37

16.56

20.64

NIKKEI 225

JPY

2795252

204.614

200

6.17

8.21

0.24

0.18

0.12

FTSE 100 INDEX

GBP

2785561

12306.15

10166

1480

1662

577.73

804.34

27.14

22.24

19.49

22.11

SWISS MARKET INDEX

CHF

1097222

11241.5

4209

960

871

442.18

568.67

21.19

18.04

16.47

24.43

S&P/TSX COMPOSITE INDEX

CAD

1617335

17024.28

7397

1827

1952

731.39

799.94

15.65

14.31

23.71

S&P/ASX 200 INDEX

AUD

1251718

6003.468

2646

547

674

222.26

315.75

18.69

15.14

13.16

20.09

HANG SENG INDEX

HKD

1663826

3174.221

1668

353

395

277.56

270.53

1.30

1.40

1.33

2.89

MSCI EM

USD

7092035

1308.553

973

188

178

82.51

88.55

11.37

11.49

10.59

19.18

YARA INTERNATIONAL ASA

NOK

12141

184

284

12.61

14233

14468

14298

14645

2472

536

5.38

5.10

4.93

1.37

0.29

2.64

BBB

15.03.2010

Baa2

17.03.2010

URALKALI

RUB

14128

9742

2846

0.50

120

114

113

0.02

0.01

0.27

0.35

0.38

0.39

1.52

0.36

1.13

1.78

BBB- *-

05.08.2013

CVR PARTNERS LP

USD

1401

1072

1.41

302

313

307

292

137

145

1.53

1.61

1.63

1.38

11.91

11.78

13.89

-0.18

-11.76

15.91

46.43

TERRA NITROGEN COMPANY LP

USD

4100

3.93

780

827

578

621

17.01

18.06

12.15

-2.35

0.03

9.03

21.62

76.86

SYNGENTA AG-REG

CHF

36822

43.42

15427

15563

16361

17455

3420

3322

24.72

21.03

25.49

28.70

22.18

19.94

18.30

16.26

7.65

3.39

9.74

11.13

23.19

15.06.2007

SOC QUIMICA Y MINERA CHILE-B

CLP

8098

799

263

0.02

0.00

0.02

0.03

0.05

0.08

BBB

27.04.2009

Baa1

23.10.2006

K+S AG-REG

EUR

4550

2907

191

4.87

5253

5042

5344

5001

1441

1425

305

4.00

3.79

3.30

1.73

8.37

8.04

9.63

18.30

-2.05

5.94

-5.07

27.86

37.73

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

SAUDI ARABIAN FERTILIZER CO

SAR

13132

401

333

12.29

1328

1324

1313

1405

1032

1035

240

3.09

3.14

3.06

3.19

3.35

3.43

3.30

-0.37

-0.17

-0.80

2.50

20.84

POTASH CORP OF SASKATCHEWAN

CAD

25681

8705

865

27.38

7612

7710

7136

7067

3446

3404

777

2.53

2.52

2.34

2.31

10.86

11.70

11.81

-8.68

10.54

-17.66

13.91

42.40

A-

15.11.2010

07.06.2013

PHOSAGRO OAO - CLS

USD

124

105303

108287

110706

112618

34695

33150

136.95

135.59

136.53

4.76

-1.91

30.61

BBB-

29.04.2013

MOSAIC CO/THE

USD

17612

11353

426

15.01

9974

9786

9427

2814

2890

590

4.08

3.99

3.82

3.73

10.38

10.83

11.09

-10.21

2.11

-9.77

-2.55

28.98

BBB

28.04.2011

Baa1

12.10.2011

JORDAN PHOSPHATE MINES

JOD

911

1.00

1072

1023

1152

1301

238

165

2.49

1.86

2.31

2.62

9.23

7.44

6.55

-9.21

15.02

3.76

33.66

22.82

INTREPID POTASH INC

USD

895

4060

0.96

451

432

374

380

183

170

1.16

0.98

0.54

0.41

12.00

21.87

28.88

1.89

3.92

-3.40

31.83

39.25

ISRAEL CHEMICALS LTD

ILs

10103

1499

1272

3.28

1880

1850

1864

1867

536

507

111

0.29

0.27

0.25

0.19

2.33

2.51

3.26

-1.58

0.61

-3.87

4.37

7.73

FAUJI FERTILIZER COMPANY LTD

PKR

1356

1177

1272

1.48

1195

1300

372

410

0.16

0.17

0.15

0.16

0.06

0.07

0.10

0.27

-0.22

0.22

0.31

CF INDUSTRIES HOLDINGS INC

USD

10877

1600

12.41

6104

5892

5563

5322

3332

3120

555

27.77

28.36

23.86

21.67

6.70

7.96

8.76

0.10

10.05

5.42

37.17

52.96

ARAB POTASH COMPANY

JOD

4648

4.12

828

822

905

1094

391

353

3.38

3.03

3.71

4.42

26.00

26.05

21.23

17.83

-26.25

19.20

-34.77

24.47

60.66

ACRON

RUB

1287

2.20

2159

2102

2141

2167

619

628

8.50

7.33

5.56

0.11

0.13

0.17

0.26

0.28

-0.94

0.57

0.91

15.06.2011

AGRIUM INC

CAD

12410

827

149

15.13

16023

15634

16083

16713

2607

2562

430

9.08

9.01

8.79

8.70

8.50

8.72

8.81

7.55

25.89

0.32

25.22

15.74

BBB

24.11.2005

Baa2

18.03.2010

CHINA BLUECHEMICAL LTD - H

HKD

2241

3631

4610

1.62

1385

1539

1613

445

0.05

0.06

0.97

0.95

0.91

0.88

1.30

3.21

-0.35

1.42

4.14

SINOFERT HOLDINGS LTD

HKD

1078

14574

7024

1.34

5311

5399

5603

179

0.01

0.02

0.97

0.84

1.58

1.29

2.26

-0.98

0.43

LUXI CHEMICAL GROUP CO LT-A

CNY

890

17256

1465

2.08

1668

1620

2143

2759

229

359

0.03

0.04

0.06

0.09

2.31

1.55

1.16

1.61

2.22

-0.97

2.33

QINGHAI SALT LAKE INDUSTRY-A

CNY

4371

6664

1591

7.48

1276

1289

1466

524

0.24

0.22

0.23

1.85

2.03

1.93

3.87

4.82

0.20

1.57

HUBEI YIHUA CHEMICAL INDUS-A

CNY

1020

18215

898

3.82

3149

3026

2937

3184

574

0.14

0.15

0.17

1.31

1.23

1.10

1.43

3.06

3.00

3.77

LIAONING HUAJIN TONGDA CHE-A

CNY

920

6354

1201

3.51

5621

5766

409

0.00

-0.03

0.03

0.07

4.14

1.76

-0.55

15.16

-2.79

SAUDI ARABIAN FERTILIZER CO

SAR

13132

401

333

12.29

1328

1324

1313

1405

1032

1035

240

3.09

3.14

3.06

3.19

3.35

3.43

3.30

-0.37

-0.17

-0.80

2.50

20.84

AGRIUM INC

CAD

12410

827

149

15.13

16023

15634

16083

16713

2607

2562

430

9.08

9.01

8.79

8.70

8.50

8.72

8.81

7.55

25.89

0.32

25.22

15.74

BBB

24.11.2005

Baa2

18.03.2010

CF INDUSTRIES HOLDINGS INC

USD

10877

1600

12.41

6104

5892

5563

5322

3332

3120

555

27.77

28.36

23.86

21.67

6.70

7.96

8.76

0.10

10.05

5.42

37.17

52.96

ISRAEL CHEMICALS LTD

ILs

10103

1499

1272

3.28

1880

1850

1864

1867

536

507

111

0.29

0.27

0.25

0.19

2.33

2.51

3.26

-1.58

0.61

-3.87

4.37

7.73

2258

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1.35

1.42

1.47

-1.41

2.99

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.36

2.18

2.02

2.36

1.52

1.45

1.39

1.52

10.77

10.05

10.50

10.77

9.45

8.71

8.12

9.45

15.33

13.83

12.51

15.33

2.09

2.25

2.39

2.09

1832.6

8.4%

Euro Stoxx 50 Pr

1.23

1.16

1.10

1.23

0.80

0.77

0.75

0.80

6.31

5.76

5.20

6.31

7.32

6.90

6.54

7.32

12.41

11.02

9.93

12.41

4.09

4.33

4.68

4.09

2986.8

6.7%

NIKKEI 225

1.47

1.38

1.28

1.47

0.71

0.68

0.66

0.71

8.66

7.99

7.39

8.66

9.06

8.32

7.87

9.06

17.21

15.29

13.81

17.21

1.70

1.86

2.00

1.70

15126.1

11.2%

FTSE 100 INDEX

1.75

1.64

1.52

1.75

0.99

0.96

0.94

0.99

8.46

7.75

6.51

8.46

7.41

6.77

6.34

7.41

12.58

11.39

10.45

12.57

3.82

4.13

4.48

3.82

7020.6

7.6%

SWISS MARKET INDEX

2.42

2.24

2.09

2.42

2.05

1.96

1.87

2.05

12.78

11.50

10.29

12.78

12.91

11.94

11.15

12.91

15.17

13.70

12.46

15.17

3.22

3.60

4.08

3.22

8714.2

9.8%

S&P/TSX COMPOSITE INDEX

1.68

1.57

1.47

1.68

1.61

1.51

1.49

1.61

8.56

7.76

6.47

8.56

8.72

7.77

7.24

8.72

14.90

13.20

12.04

14.90

3.23

3.36

3.47

3.23

14073.4

13.4%

S&P/ASX 200 INDEX

1.85

1.75

1.65

1.85

1.73

1.64

1.56

1.73

10.51

9.48

9.08

10.51

8.91

8.10

7.52

8.91

14.53

13.17

12.15

14.53

4.66

4.97

5.31

4.66

5231.2

3.3%

HANG SENG INDEX

1.29

1.19

1.13

1.29

1.67

1.55

1.43

1.67

7.72

7.34

6.79

7.72

8.04

7.37

6.68

8.04

10.32

9.50

8.70

10.32

3.72

4.02

4.35

3.72

24727.3

14.2%

MSCI EM

1.37

1.25

1.13

1.37

0.96

0.90

0.84

0.96

6.86

6.25

5.78

6.86

7.35

6.67

6.14

7.35

10.59

9.47

8.65

10.59

2.96

3.25

3.51

2.96

1109.6

18.3%

YARA INTERNATIONAL ASA

1.40

1.31

1.20

1.12

1.16

0.85

0.83

0.81

0.98

5.33

6.90

6.69

4.66

5.30

5.50

5.51

6.23

6.92

8.38

8.66

8.43

12.84

3.96

4.64

4.55

4.74

3.57

291.90

15.8%

URALKALI

1.78

1.76

1.91

1.60

1.64

3.51

3.78

3.79

3.58

3.16

8.09

7.80

8.35

8.53

6.97

8.20

9.56

9.26

7.87

10.00

11.40

12.53

14.49

11.27

5.53

4.84

4.61

3.57

5.69

231.24

45.9%

CVR PARTNERS LP

2.98

3.29

3.45

3.68

3.90

4.80

4.56

4.79

4.89

5.19

9.68

9.02

10.20

9.38

10.57

11.54

12.40

12.78

11.78

13.89

15.21

17.27

9.48

10.34

8.91

8.22

7.30

21.75

13.5%

SYNGENTA AG-REG

4.36

3.77

3.37

3.00

2.58

2.44

2.29

2.17

2.07

14.90

14.38

12.76

11.77

12.55

11.98

10.89

10.10

9.74

17.87

16.85

14.96

13.72

13.25

2.36

2.74

3.03

3.26

3.32

SOC QUIMICA Y MINERA CHILE-B

3.28

2.97

2.73

2.57

3.29

3.54

3.45

3.28

2.74

9.13

7.85

11.84

11.25

7.88

9.67

10.56

10.01

10.98

13.89

15.18

15.08

9.42

3.80

4.11

3.42

3.23

K+S AG-REG

1.01

0.93

0.91

0.87

0.84

0.85

0.91

0.89

0.82

4.22

4.76

7.24

9.31

5.92

3.45

3.83

5.63

5.53

4.68

6.41

7.21

13.71

14.78

11.69

7.70

6.10

3.48

3.36

SAUDI ARABIAN FERTILIZER CO

5.50

5.55

5.34

5.13

4.62

9.95

10.00

9.35

8.47

8.15

12.55

12.96

12.75

12.04

11.39

12.08

12.11

12.06

11.01

11.43

13.00

12.87

12.36

11.22

9.92

6.96

7.18

7.26

7.49

POTASH CORP OF SASKATCHEWAN

2.61

2.34

2.17

2.08

3.28

3.46

3.49

3.30

2.92

8.07

8.16

8.88

7.91

7.21

7.66

7.97

7.36

10.55

12.18

12.30

11.14

2.03

4.09

4.48

4.49

1.60

1.53

1.51

1.44

1.39

10.15

TERRA NITROGEN COMPANY LP

PHOSAGRO OAO - CLS MOSAIC CO/THE

1.42

1.86

2.10

JORDAN PHOSPHATE MINES

0.82

0.72

0.63

0.56

1.80

1.87

1.72

0.84

0.79

0.70

0.67

INTREPID POTASH INC

0.96

0.94

0.92

0.90

2.06

2.39

2.36

2.43

ISRAEL CHEMICALS LTD

2.99

2.74

2.58

2.40

1.49

1.53

1.48

CF INDUSTRIES HOLDINGS INC

2.03

1.85

1.57

1.48

1.75

1.96

2.04

ARAB POTASH COMPANY

3.30

3.13

2.79

2.51

1.89

5.06

5.14

ACRON

0.69

0.58

0.54

0.49

0.43

0.62

AGRIUM INC

1.81

1.51

1.29

CHINA BLUECHEMICAL LTD - H

1.02

0.93

0.85

1.16 0.79

SINOFERT HOLDINGS LTD

0.48

0.45

0.42

0.39

LUXI CHEMICAL GROUP CO LT-A

1.03

QINGHAI SALT LAKE INDUSTRY-A

1.69

HUBEI YIHUA CHEMICAL INDUS-A

0.80

0.46

1.87

10.03

7.48

6.60

3.54

3.39

3.36

5.62

5.77

5.12

3.81

4.36

3.83

3.73

5.11

7.18

7.28

7.25

5.20

8.05

8.65

9.66

1.29

6.13

7.10

8.12

7.65

4.99

5.92

6.60

7.12

6.72

2.00

1.77

5.52

8.63

9.84

8.94

6.88

3.65

4.48

5.00

4.25

4.09

4.18

11.67

10.08

10.56

9.94

8.76

9.75

10.01

0.60

0.59

0.54

0.47

3.14

3.46

4.38

4.57

3.33

3.68

0.75

0.74

0.71

0.67

0.66

1.29

1.15

1.10

0.98

7.37

7.57

6.79

6.22

4.28

4.21

4.60

5.61

0.16

0.15

0.16

4.27

4.08

3.91

0.53

0.42

0.32

0.28

13.78

3.60

3.39

2.98

3.33

5.66

0.33

0.35

0.32

0.27

3.98

3.01

10.83

11.09

9.08

7.27

4.60

5.27

4.64

4.29

3.20

10.11

21.87

28.88

59.65

4.82

7.71

8.92

11.56

10.74

5.75

7.11

6.83

5.04

4.26

6.84

7.96

8.76

8.49

6.99

8.43

8.16

7.77

15.02

15.03

12.63

11.42

4.12

4.60

4.01

3.11

3.79

4.33

5.71

5.95

6.35

6.33

5.86

5.49

8.44

9.08

3.41

3.28

3.08

2.85

7.12

7.05

6.97

7.20

6.61

5.24

7.58

5.80

4.79

4.22

12.48

12.76

14.59

30.38

7.39

7.61

7.10

7.12

2.87

1.17

6.31

5.50

LIAONING HUAJIN TONGDA CHE-A SAUDI ARABIAN FERTILIZER CO

5.50

5.55

5.34

5.13

AGRIUM INC

1.81

1.51

1.29

1.16

CF INDUSTRIES HOLDINGS INC

2.03

1.85

1.57

1.48

ISRAEL CHEMICALS LTD

2.99

2.74

2.58

2.40

4.62

1.87

8.4%

4.96

19.00

6.7%

8.16

153.73

4.0%

33.52

8.7%

2.18

2.42

2.01

2.42

46.88

13.4%

4.65

4.50

5.81

7.91

6.28

13.75

59.9%

0.00

9.28

7.73

5.78

5.98

12.38

13.52

14.14

14.22

0.84

9.95

7.43

6.30

6.42

6.55

3.82

40.80

3.3%

4.95

3.35

8.35

6.71

4.97

5.24

9.02

1744.59

66.9%

9.17

8.38

8.03

0.86

2.18

2.27

2.33

103.49

19.6%

6.83

6.76

4.91

5.11

5.34

5.38

4.95

31.3%

7.51

6.48

6.26

2.13

2.02

2.55

1.68

41.6%

13.53

9.47

7.11

5.55

2.69

10.84

12.41

11.82

14.08

0.91

1.35

1.31

7.16

0.58

0.43

FAUJI FERTILIZER COMPANY LTD

1.35

12.9%

45.29

3.55

0.76

410.90 15600.00

9.95

10.00

9.35

8.47

8.15

12.55

12.96

12.75

12.04

0.75

0.74

0.71

0.67

0.66

7.37

7.57

6.79

6.22

1.75

1.96

2.04

2.00

1.77

5.52

8.63

9.84

8.94

1.49

1.53

1.48

1.29

6.13

7.10

8.12

7.65

11.39

7.68

7.54

6.71

67.00

25.35

10.78

0.8%

12.09

3598.00

27.7%

14.67

128.22

17.6%

210.78

11.0%

6.56

76.3%

0.24

8.70

-48.3%

0.43

6.60

-5.0%

7.50

59.9%

12.08

12.11

12.06

11.01

11.43

13.00

12.87

12.36

11.22

9.92

6.96

7.18

7.26

7.49

5.95

6.35

6.33

5.86

5.49

8.44

9.08

9.17

8.38

8.03

0.86

2.18

2.27

2.33

6.88

3.65

4.48

5.00

5.04

4.26

6.84

7.96

8.76

8.49

6.99

0.84

4.99

5.92

6.60

7.12

6.72

4.82

7.71

8.92

11.56

10.74

5.75

9.28

7.73

5.78

5.98

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11.90

8.16

12.09

153.73

4.0%

103.49

19.6%

210.78

11.0%

3598.00

27.7%

08.08.2013

Yara International ASA Yara International ASA produces, distributes, and sells nitrogen-based mineral fertilizers and related industrial products. The Company also distributes and sells a range of phosphate and potash-based mineral fertilizers, as well as complex and specialty mineral fertilizer products.

Price/Volume 350

3.0 M

300

2.5 M

250

2.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YAR NO EQUITY YTD Change YAR NO EQUITY YTD % CHANGE OBX Index YTD -4fy FY1 2008

1.5 M

150

12/2012 06/yy 305.50 236.50 183'806.00 252.1 -17.55% 6.51% 23.48% 284.2 71'648.66 10'895.00 0.0 1'745.0 9'941.00 74'405.65

-3fy FY1 2009

-2fy FY1 2010

-1fy FY1 2011

-0fy FY1 2012

1.0 M

100

.5 M

50 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day Average Volume 30 Day Average Volume 3 Month Average Volume 6 Month 1fy

a-13 m-13

j-13

.0 M a-13

1.13 160.34 -6.92% -3.39% 1.134 32 3.906 902'439 824'477 885'566 953'261 2fy

1fq

2fq

Valuation Multiples Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 87'926.0 0.77x 14'376.0 4.73x 8'228.0 5.26x

31.12.2009 31.12.2010 60'867.0 64'006.0 1.52x 1.67x 3'698.0 9'907.0 25.03x 10.80x 3'782.0 8'729.0 20.16x 11.16x Profitability

LTM-4Q 31.12.2011 77'726.0 0.95x 15'917.0 4.66x 12'066.0 5.72x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio 16.00 Debt to Assets Tot Debt to Common Equity 14.00 Accounts Receivable Turnover 12.00 Inventory Turnover

31.12.2012 83'997.0 0.96x 14'591.0 5.52x 10'602.0 7.30x

06/yy 85'386 3.63x 13'323.0 5.26x 8'901.0 7.63x

FY+1

FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'379 86'428 19'708 20'993 0.88x 0.82x 3.75x 3.52x 14'038.2 13'532.9 3'161.5 3'014.2 5.30x 5.50x 5.87x 5.98x 8'448.6 8'042.3 1'882.5 1'720.4 8.38x 8.66x 9.27x 9.25x S&P Issuer Ratings

14'591.00 11'167.00 13.29% 15.78% 10.67% 18.21% 15.87% 1.02%

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA - Total Debt/EBITDA 15.6% Reference 11.6% Total Debt/Equity 12.6% Total Debt/Capital Asset Turnover 2.30 Net Fixed Asset Turnover 1.27 Accounts receivable turnover-days 13.41% 100'000.0 Inventory Days 22.62% 90'000.0 Accounts Payable Turnover Day 9.17 80'000.0 Cash Conversion Cycle - 70'000.0

Price/ 10.00Cash Flow

15.03.2010 BBB STABLE 15.03.2010 A-2 12.28 9.28 0.06 0.80 22.6% 17.9% 1.02 2.99 39.79 -

Sales/Revenue/Turnover 60'000.0

50'000.0

8.00

40'000.0

6.00 4.00

30'000.0 20'000.0

2.00

10'000.0

0.00 01.01.2010

LTM

06/yy 81'650 3.76x 17'701.0 4.47x 12'747.0 5.81x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Yara International ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET GOVERNMENT PENSION F CLEARSTREAM BANKING BANK OF NEW YORK MEL JP MORGAN CHASE BANK YARA INTERNATIONAL A FMR LLC DNB NOR ASSET MANAGE VAN ECK ASSOCIATES C SEB DWS INVESTMENT S A SWEDBANK ROBUR FONDE ODIN FORVALTNING AS STOREBRAND FUND MANA DWP BANK ALLIANZ ASSET MANAGE VANGUARD GROUP INC NORDEA FONDENE AS RBC INVESTOR SERVICE

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG EXCH

Amt Held 100'849'268 18'407'906 16'646'554 13'073'187 10'258'863 6'679'065 6'306'031 5'552'306 3'232'349 3'067'700 2'905'168 2'873'052 2'343'940 2'169'026 2'098'939 2'085'068 2'083'347 1'917'789 1'678'684 1'678'617

% Out 35.48 6.48 5.86 4.6 3.61 2.35 2.22 1.95 1.14 1.08 1.02 1.01 0.82 0.76 0.74 0.73 0.73 0.67 0.59 0.59

Weighting

Change

Latest Chg (19'942) 401'408 89'319 297'322 92'962 334'332 373'327 (17'700) 270'459 11'087 277'396 -

File Dt 29.07.2013 07.08.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 30.06.2013 30.04.2013 07.08.2013 29.07.2013 30.04.2013 31.03.2013 28.06.2013 31.07.2013 29.07.2013 30.06.2013 30.06.2013 27.03.2013 29.07.2013

Inst Type Government Investment Advisor Government Bank Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor n/a

Analyst Recommendations Firm Name BMO Capital Markets AlphaValue Swedbank First Securities Sanford C. Bernstein & Co Scotia Capital Nordea Equity Research Pareto Securities DNB Markets Exane BNP Paribas Liberum Capital Ltd Norne Securities AS Danske Markets Handelsbanken Deutsche Bank Morgan Stanley ABG Sundal Collier UBS Macquarie SEB Enskilda Carnegie Berenberg Bank Nomura Arctic Securities ASA HSBC Redburn Partners JPMorgan EVA Dimensions Fondsfinans AS Credit Suisse Main First Bank AG SpareBank 1 Markets AS Equita SIM SpA

Analyst JOEL JACKSON FABRICE FARIGOULE HANS-ERIK JACOBSEN JEREMY REDENIUS BEN ISAACSON ANDRE HOLO ADOLFSEN SIGURD-ERIK NISSEN-MEYER KNUT-IVAR BAKKEN HEIDI VESTERINEN SOPHIE JOURDIER TOMAS SKEIVYS MARTIN STENSHALL ANNE GJOEN VIRGINIE BOUCHER-FERTE PAUL R WALSH MARTIN MELBYE JOE DEWHURST CHRISTIAN FAITZ TRULS KOLSRUD ENGENE BENGT JONASSEN JOHN PHILIPP KLEIN JEAN DE WATTEVILLE THOMAS LORCK YONAH WEISZ NEIL TYLER MARTIN EVANS TIMOTHY STANISH PER HAAGENSEN LARS KJELLBERG THOMAS SWOBODA HENRIK SCHULTZ MASSIMO BONISOLI

Recommendation outperform buy neutral outperform sector perform buy sell hold neutral buy buy hold accumulate hold Equalwt/In-Line buy buy outperform buy hold buy buy hold underweight neutral neutral buy buy restricted outperform neutral buy

5 5 3 5 3 5 1 3 3 5 5 3 4 3 3 5 5 5 5 3 5 5 3 1 3 3 5 5 #N/A N/A 5 3 5

M M D M M M N M M M M M M M M M M M U M M M M D M M M M M U D M

Target Price 297 328 275 311 290 300 220 280 270 320 300 265 287 240 316 290 318 366 280 #N/A N/A 310 330 265 230 #N/A N/A 254 #N/A N/A 350 #N/A N/A 320 290 320

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date Not Provided 6 month Not Provided 12 month 12 month 12 month 6 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month 12 month

Date 05.08.2013 01.08.2013 31.07.2013 30.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 20.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 17.07.2013 24.06.2013 07.06.2013 06.06.2013 13.02.2013 07.12.2012 07.12.2012 05.12.2012 30.04.2012

08.08.2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Uralkali OJSC Uralkali OJSC produces potash. The Company operates mines and ore-treatment mills in the Perm Territory, Russia. Uralkali extracts and processes potassium ore and sells standard and granular muriate of potash for the agriculture and chemical industries. The Company's main markets include Brazil, India, China, Southeast Asia, Russia, the United States, and Europe.

Price/Volume 300

70.0 M 60.0 M 50.0 M

150

Latest Fiscal Year: LTM as of: 52-Week High (20.09.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URKA RM EQUITY YTD Change URKA RM EQUITY YTD % CHANGE

12/2012 09/yy 277.95 140.00 9'741'520.00 158.5 -42.99% 13.21% 11.67% 2'936.0 465'358.53 3'942.35 0.0 8.3 1'665.58 16'413.78

40.0 M

100

30.0 M 20.0 M

10.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

200

Valuation Analysis

31.12.2008 2'533.6 1.77x 1'668.2 2.69x 885.0 5.08x

90.0 M

250

31.12.2009 31.12.2010 1'069.1 1'699.4 8.13x 8.80x 517.9 800.4 16.78x 18.69x 287.4 548.4 29.00x 27.47x Profitability

LTM-4Q 31.12.2011 3'495.9 6.91x 2'068.2 11.68x 1'184.0 16.56x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 3'949.8 6.15x 2'311.4 10.52x 1'600.8 14.33x 2'311.35 1'851.85 46.88% 49.03% 11.88% 19.05% 13.45% 0.29% 74.9% 58.5% 46.9% 40.5% 1.99 1.39 27.59% 45.02% 11.24 4.08

Price/ Cash Flow

09/yy 527.9 0.00x 0.0 0.00x 185.7 0.00x

LTM 09/yy 677.9 0.00x 0.0 0.00x 207.8 0.00x

FY+1

.0 M a-13

0.85 1'717.52 -35.95% -31.36% 0.850 10 2.800 19'664'080 11'650'170 8'620'988 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/11 Q4 03/12 Q1 3'741.3 3'722.8 4.72x 4.73x 2'001.1 1'716.5 8.20x 9.56x 1'179.1 906.7 11.40x 12.53x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.08.2013 BBB- *88.09 72.86 0.99 1.71 45.0% 31.0% 0.29 1.21 32.56 89.72 24.71 97.57

Sales/Revenue/Turnover

60.00

4'500.0 4'000.0

50.00

3'500.0 3'000.0

40.00

2'500.0 30.00

2'000.0 1'500.0

20.00

1'000.0 10.00 0.00 03.01.2010

500.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Uralkali OJSC Holdings By:

All

Holder Name KALIHA FINANCE LTD WADGE HOLDINGS GALTCHEV FILARET SKUROV ANATOLY VANGUARD GROUP INC BLACKROCK NORGES BANK CAISSE DE DEPOT ET P PICTET FUNDS HANDELSBANKEN FONDER MANULIFE FUNDS DIREC NORTHERN TRUST CORPO EATON VANCE MANAGEME ARCA SGR SPA NOMURA SANPAOLO IMI ASSET M FMR LLC LEGAL & GENERAL BNP PARIBAS INV PART EURIZON CAPITAL SA

Firm Name Infina Investment Company IFC Metropol UFS-Finance Investment Company BCS VTB Capital EVA Dimensions Energocapital Brokerage Morgan Stanley Veles Capital Otkritie Capital RMG Securities Uralsib

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios MANULIFE EMERGING EA Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst JULIA GAPON MIKHAIL SMIRNOV ANNA MILOSTNOVA OLEG PETROPAVLOVSKIY ELENA SAKHNOVA TIMOTHY STANISH Alexander Ignatyuk DMITRIY KOLOMYTSYN VASILIY TANURKOV DENIS GABRIELIK ELENA SADOVSKAYA ANNA KUPRIYANOVA

Source Research Research Research Research MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-PART MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation hold sell buy sell sell hold buy Equalwt/No Rating buy not rated Under Review buy

Amt Held 504'994'729 367'001'984 205'521'111 140'928'762 37'586'976 18'320'777 9'990'332 3'545'770 1'487'321 1'293'978 853'312 509'249 370'000 268'600 267'390 225'603 221'655 183'243 150'000 133'722

% Out 17.2 12.5 7 4.8 1.28 0.62 0.34 0.12 0.05 0.04 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change

3 1 5 1 1 3 5 3 5 #N/A N/A #N/A N/A 5

M D M D M M N M U M M M

Latest Chg 2'242'193 120'390 (5'505) 853'312 25'000 86'861 6'682 8'109 (8'944)

Target Price 348 113 200 138 396 #N/A N/A 280 241 292 #N/A N/A #N/A N/A 163

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.07.2013 26.07.2013 26.07.2013 26.07.2013 30.06.2013 06.08.2013 31.12.2012 31.12.2012 30.04.2013 31.07.2013 30.04.2013 30.06.2013 31.05.2013 28.03.2013 31.12.2012 30.06.2011 30.06.2013 30.04.2013 31.03.2013 30.06.2011

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation n/a n/a n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor

Date 05.08.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 06.06.2013 03.06.2013 23.05.2013 14.04.2013 13.01.2012 09.03.2011 23.12.2009

08.08.2013

CVR Partners LP CVR Partners, LP was formed to own, operate and grow its nitrogen fertilizer business. The Company's nitrogen fertilizer manufacturing facility utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer. CVR Partners facility includes an ammonia unit, an urea ammonium nitrate, or UAN, unit, and a gasifier complex.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UAN US EQUITY YTD Change UAN US EQUITY YTD % CHANGE

12/2012 06/yy 30.00 19.11 1'072'424.00 19.17 -36.10% 0.31% 0.55% 73.1 1'400.85 125.00 0.0 0.0 127.85 1'413.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 263.0 134.8 118.9 -

31.12.2009 31.12.2010 208.4 180.5 67.5 38.8 57.9 33.3 Profitability

LTM-4Q 31.12.2011 302.9 5.62x 155.8 10.92x 132.4 16.77x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 302.3 6.09x 137.4 13.40x 112.2 16.50x 137.45 115.76 38.29% 37.14% 18.72% 25.12% 20.59% 0.50% 46.3% 46.4% 39.1% 37.1% 3.36 2.72 20.07% 28.01% 64.78 6.07

Price/ Cash Flow

06/yy 324.5 20.97x 168.7 10.06x 142.8 12.42x

LTM 06/yy 312.9 22.94x 145.3 11.52x 117.8 14.12x

FY+1

2.59 1.19 33.94 0.16 -15.95% -19.47% 1.188 7 3.000 583'130 302'906 470'431 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 307.3 292.3 68.7 73.4 150.8 133.8 34.0 37.2 9.38x 10.57x 10.01x 9.96x 120.8 103.1 25.7 29.0 11.78x 13.89x 13.45x 12.95x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

36.59 14.72 0.09 0.86 28.0% 21.9% 0.50 0.80 5.63 60.16 41.02 14.19

Sales/Revenue/Turnover

16.00

350.0

14.00

300.0

12.00

250.0

10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

CVR Partners LP Holdings By:

All

Holder Name CVR ENERGY INC MORGAN STANLEY GILDER GAGNON HOWE DEUTSCHE BANK AG RENAISSANCE TECHNOLO CREDIT SUISSE AG PRIVATE CAPITAL ADVI TAYLOR INVESTMENT CO CALIFORNIA PUBLIC EM RAYMOND JAMES & ASSO BALDWIN BROTHERS INC GUGGENHEIM ROTHSCHILD INVESTMEN TRUST & FIDUCIARY SG AMERICAS SECURITI INNOVATOR MANAGEMENT BARCLAYS PLC MUTUAL OF AMERICA CA WELLS FARGO UBS

Firm Name Cowen and Company Barclays Morgan Stanley Goldman Sachs Simmons & Company International EVA Dimensions IPOfinancial.com

Portfolio Name n/a n/a GILDER GAGNON HOWE n/a RENAISSANCE TECHNOLO n/a PRIVATE CAPITAL ADVI TAYLOR INVESTMENT CO CALIFORNIA PUBLIC EM RAYMOND JAMES & ASSO BALDWIN BROTHERS INC n/a ROTHSCHILD INV TRUST & FIDUCIARY SG AMERICAS SECURITI Multiple Portfolios n/a MUTUAL OF AMERICA CA n/a n/a

Analyst CHARLES NEIVERT MATTHEW J KORN VINCENT ANDREWS ADAM SAMUELSON JEFFREY A DIETERT CRAIG STERLING TEAM COVERAGE

Source Form 4 ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F MF-AGG ULT-AGG 13F ULT-AGG ULT-AGG

Recommendation market perform equalweight Equalwt/Attractive neutral/cautious neutral sell buy

Amt Held 38'920'000 526'466 436'034 373'189 362'700 192'397 186'415 169'950 164'200 161'904 118'777 114'222 107'891 106'649 85'558 79'526 77'656 68'233 65'837 58'015

% Out 53.26 0.72 0.6 0.51 0.5 0.26 0.26 0.23 0.22 0.22 0.16 0.16 0.15 0.15 0.12 0.11 0.11 0.09 0.09 0.08

Weighting

Change 3 3 3 3 3 1 5

M M M M M N M

Latest Chg (12'000'000) 19'729 (433'835) 311'659 314'600 88'792 8'565 58'050 149'600 37'600 15'935 34'022 50'600 20'910 23'507 5'021 34'921 (20'078) 5'713 (1'430)

Target Price 20 24 #N/A N/A 20 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.05.2013 Corporation 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Pension Fund (ERISA) 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 07.08.2013 06.08.2013 05.08.2013 05.08.2013 02.08.2013 16.05.2013 05.04.2012

08.08.2013

Terra Nitrogen Co LP Terra Nitrogen Company, L.P., through its subsidiaries, markets and produces nitrogen, fertilizer, crop protection products, and seed and services for agricultural, turf, ornamental, and other growers. The Company also produces nitrogen products and methanol for industrial customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.01.2013) 52-Week Low (17.04.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TNH US EQUITY YTD Change TNH US EQUITY YTD % CHANGE

12/2012 06/yy 256.50 196.02 11'895.00 219.44 -14.45% 11.95% 38.72% 18.5 4'100.38 0.00 0.0 0.0 154.80 3'931.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

250

.1 M

200

.1 M

150

.1 M

100

.0 M

0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 903.0 1.78x 438.0 3.67x 422.4 6.33x

300

31.12.2009 31.12.2010 507.7 564.6 3.74x 3.35x 160.3 219.0 11.84x 8.63x 144.3 201.6 19.27x 14.17x Profitability

LTM-4Q 31.12.2011 798.9 3.69x 530.4 5.56x 508.0 10.68x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 780.1 4.93x 578.3 6.65x 560.8 12.59x 578.30 560.80 71.89% 71.89% 186.84% 115.87% 2.58% 76.9% 76.9% 72.3% 71.9% 6.87 6.14 0.00% 0.00% 1102.80 14.08

Price/ Cash Flow

06/yy 796.8 17.32x 558.1 6.78x 537.2 12.93x

LTM 06/yy 827.1 18.58x 461.0 0.00x 597.9 11.85x

7.58 1.09 4.61 0.12 0.10% 6.26% 1.092 0 10'610 14'115 15'434

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.47 0.00 0.0% 0.0% 2.58 6.58 0.33 25.92 45.44 -8.44

Sales/Revenue/Turnover

12.00

1'000.0 900.0

10.00

800.0 700.0

8.00

600.0

6.00

500.0 400.0

4.00

300.0 200.0

2.00 0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Terra Nitrogen Co LP Holdings By:

All

Holder Name TERRA INDUSTRIES INC BANK OF AMERICA CORP SCHRODER INVESTMENT BOWEN HANES & COMPAN DEUTSCHE BANK AG RENAISSANCE TECHNOLO JAMES INVESTMENT RES S & T BANK BRIDGECREEK INV MGMT HUNTINGTON TRUST COM RANDOLPH CO INC MORGAN STANLEY ALLIANZ ASSET MANAGE CLAYMORE INVESTMENTS BLACKROCK CREDIT SUISSE AG WESTPAC BANKING CORP CALIFORNIA PUBLIC EM STEWART CAPITAL ADVI PRUDENTIAL FINANCIAL

Firm Name

Portfolio Name n/a BANK OF AMERICA SCHRODER INVESTMENT BOWEN HANES & COMPAN n/a RENAISSANCE TECHNOLO JAMES INVESTMENT RES S & T BANK BRIDGECREEK INVESTME Multiple Portfolios RANDOLPH COMPANY INC n/a n/a Multiple Portfolios n/a n/a WESTPAC BANKING CORP CALIFORNIA PUBLIC EM Multiple Portfolios n/a

Analyst

Source 13D 13F 13F 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG 13F 13F MF-AGG ULT-AGG

Recommendation

Amt Held 13'889'014 225'053 180'341 175'600 55'520 54'800 45'000 36'840 32'180 30'500 28'200 27'857 25'223 17'338 17'030 15'259 12'514 12'291 10'903 10'600

% Out 75.07 1.22 0.97 0.95 0.3 0.3 0.24 0.2 0.17 0.16 0.15 0.15 0.14 0.09 0.09 0.08 0.07 0.07 0.06 0.06

Weighting

Change

Latest Chg (1'692) (40'900) (10'280) (9'600) (47'705) 5'426 (2'515) 1'000 7'784 (3'150) (308) 7'142 (289) 4'031 700

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2012 Corporation 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Bank 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Bank 30.06.2013 Pension Fund (ERISA) 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor

Date

08.08.2013

Syngenta AG Syngenta AG produces crop protection products and seeds. The Company produces herbicides, insecticides and fungicides, and seeds for field crops, vegetables, and flowers.

Price/Volume 450

.7 M

400

.6 M

350

.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (03.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 06/yy 416.00 321.10 42'538.00 364 -12.48% 13.36% 47.21% 93.1 33'897.92 3'348.00 0.0 11.0 1'599.00 39'975.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

200

.3 M

150

.2 M

100

.1 M

50 0 a-12

31.12.2009 31.12.2010 10'992.0 11'641.0 2.56x 2.45x 2'368.0 2'460.0 11.86x 11.60x 1'371.0 1'397.0 19.06x 19.37x Profitability

LTM-4Q 31.12.2011 13'268.0 2.11x 2'889.0 9.69x 1'599.0 16.84x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 8.86% 20.64% 0.71% 49.2% 21.3% 17.2% 13.2% 1.71 0.75 17.26% 38.28% 2.62 1.77

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 8'265.0 0.00x 0.0 0.00x 0.0 0.00x

06/yy 14'327.0 0.00x 0.0 0.00x 0.0 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M a-13

0.89 92.99 10.70% 1.71% 0.887 31 3.968 226'293 246'424 258'987 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'062.1 16'069.0 4'062.5 2'904.0 2.55x 2.34x 3'341.9 3'677.0 11.98x 10.89x 2'203.4 2'440.0 1'867.0 16.85x 14.96x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 1.03 1.28 38.3% 27.7% 0.71 4.65 139.15 205.65 171.60 154.33

Sales/Revenue/Turnover

40.00

16'000.0

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 11'624.0 1.71x 2'495.0 7.99x 1'385.0 12.86x

250

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN BANK OF NEW YORK NORGES BANK FMR LLC VANGUARD GROUP INC HARBOR CAPITAL ADVIS CREDIT SUISSE AG UBS THORNBURG INVESTMENT PICTET FUNDS JUPITER ASSET MANAGE MANNING & NAPIER ADV THREADNEEDLE INVESTM DWS INVESTMENT S A SCHRODER INVESTMENT INVESCO LTD DEUTSCHE BANK AG WILLIAM BLAIR & COMP T ROWE PRICE ASSOCIA

Firm Name Canaccord Genuity Corp Sanford C. Bernstein & Co Kepler Cheuvreux AlphaValue Bank am Bellevue EVA Dimensions UBS Bank Vontobel AG Deutsche Bank Hamburger Sparkasse Barclays Morgan Stanley Goldman Sachs Credit Suisse Jefferies Macquarie Nomura S&P Capital IQ Liberum Capital Ltd Exane BNP Paribas HSBC Berenberg Bank Redburn Partners Zuercher Kantonalbank JPMorgan Day by Day Equita SIM SpA Bankhaus Metzler Main First Bank AG National Bank AG

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios

Analyst PAUL W SATCHELL JEREMY REDENIUS MARTIN ROEDIGER FABRICE FARIGOULE BRUNO ESCHLI TIMOTHY STANISH THOMAS GILBERT PATRICK RAFAISZ VIRGINIE BOUCHER-FERTE MARCO GUENTHER ANDREAS HEINE PAUL R WALSH RAKESH PATEL CHRIS COUNIHAN LAURENCE ALEXANDER CHRISTIAN FAITZ PATRICK LAMBERT JACOB THRANE SOPHIE JOURDIER JAMES KNIGHT GEOFF HAIRE JOHN PHILIPP KLEIN TONY JONES MARTIN SCHREIBER MARTIN EVANS VALERIE GASTALDY MASSIMO BONISOLI DANIEL SEIDENSPINNER RONALD KOEHLER STEFFEN MANSKE

Source ULT-AGG ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG 13F MF-AGG

Recommendation buy underperform buy buy buy hold sell hold buy buy equalweight Equalwt/In-Line Buy/Neutral outperform hold outperform buy hold hold neutral neutral buy buy outperform neutral hold hold buy outperform buy

Amt Held 4'640'124 4'634'983 3'907'159 2'118'825 1'946'127 1'826'340 1'664'500 1'398'194 1'033'568 932'280 580'099 577'569 536'300 408'606 394'230 378'887 374'701 324'956 282'549 281'193

% Out 4.98 4.98 4.2 2.28 2.09 1.96 1.79 1.5 1.11 1 0.62 0.62 0.58 0.44 0.42 0.41 0.4 0.35 0.3 0.3

Weighting

Change 5 1 5 5 5 3 1 3 5 5 3 3 5 5 3 5 5 3 3 3 3 5 5 5 3 3 3 5 5 5

M M M M M D M M M M M M M M M M M M M M M M M U M D M M M M

Latest Chg 42'023 (171'420) 64'575 (15'975) (6'783) (8'401) (9'092) (76'790) 20'021 462 120'406 (2'695) 49'768 (310'200) 70'471

Target Price 430 313 410 464 435 #N/A N/A 330 390 430 #N/A N/A 389 380 470 420 400 430 488 395 400 383 420 510 #N/A N/A #N/A N/A 381 #N/A N/A 390 450 415 280

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 06.08.2013 30.06.2013 26.02.2013 31.12.2012 30.06.2013 30.06.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 30.04.2013 30.04.2013 31.12.2012 28.02.2013 30.04.2013 28.06.2013 07.08.2013 28.06.2013 30.06.2013 30.06.2013

Date 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 3 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.08.2013 06.08.2013 05.08.2013 01.08.2013 30.07.2013 30.07.2013 29.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 18.07.2013 12.07.2013 02.07.2013 01.07.2013 27.06.2013 07.06.2013 04.04.2013 08.02.2013 07.02.2013 20.11.2012 09.02.2009

08.08.2013

Sociedad Quimica y Minera de Chile SA Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers nitrogen to the agricultural and industrial industries worldwide. The Company conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SQM/B CI EQUITY YTD Change SQM/B CI EQUITY YTD % CHANGE

12/2012 06/yy 30'700.00 13'941.00 798'923.00 14386 -53.14% 3.19% 2.66% 120.4 4'173'957.25 1'599.04 0.0 54.7 640.46 9'111.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'438.7 1'830.4 7.90x 8.46x 573.2 654.5 19.82x 23.66x 338.3 382.1 29.51x 39.06x Profitability

50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M s-12

LTM-4Q 31.12.2011 2'145.3 6.99x 949.4 15.80x 545.8 25.96x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'429.2 6.63x 1'096.4 14.70x 649.2 23.27x 1'096.38 900.23 37.06% 35.96% 15.05% 30.67% 18.89% 0.58% 42.3% 43.6% 35.6% 26.7% 3.69 1.89 36.21% 74.97% 4.49 1.75

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy 8'328.0 19.90x 4'082.0 10.09x 2'522.0 13.96x

j-13

06/yy 8'029.0 19.06x 3'545.0 10.12x 2'265.0 14.55x

f-13 m-13

a-13 m-13

j-13

FY+1

0.82 90.62 -48.19% -47.41% 0.824 7 2.429 900'788 575'717 404'395 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'283.1 2'344.3 599.7 540.3 3.89x 3.86x 15.88x 17.65x 942.1 863.0 245.8 205.5 9.67x 10.56x 10.68x 516.4 459.4 140.5 116.7 13.89x 15.18x 14.22x 14.11x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

27.04.2009 BBB STABLE 16.06 9.53 0.88 1.47 75.0% 42.2% 0.58 1.32 81.35 208.38 44.29 237.79

Sales/Revenue/Turnover

45.00

10'000.0

40.00

9'000.0

35.00

8'000.0 7'000.0

30.00

6'000.0

25.00 20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

60.0 M

Fiscal Year Ended 31.12.2008 1'774.1 3.75x 743.4 8.95x 501.4 12.51x

50 45 40 35 30 25 20 15 10 5 0 a-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Sociedad Quimica y Minera de Chile SA Holdings By:

All

Holder Name BANK OF NEW YORK ROYAL BANK OF CANADA BMO FINANCIAL CORP THORNBURG INVESTMENT JARISLOWSKY FRASER L PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I GLOBAL THEMATIC PART HARBOR CAPITAL ADVIS FIRST EAGLE INVESTME TORONTO DOMINION BAN WENTWORTH HAUSER AND IG INVESTMENT MANAGE CAISSE DE DEPOT ET P CI INVESTMENTS INC ADAGE CAPITAL PARTNE FMR LLC NORTHERN CROSS LLC VAN ECK ASSOCIATES C

Firm Name Larrain Vial Corredores de Bolsa Susquehanna Financial Group CIBC World Markets Stifel EVA Dimensions Credit Suisse Raymond James Macquarie Desjardins Securities Paradigm Capital Inc Canaccord Genuity Corp Miller Tabak + Co., LLC BGC Partners TD Securities Accountability Research Corp Barclays Alta Corp Capital Inc. BMO Capital Markets Goldman Sachs UBS Edward Jones Cantor Fitzgerald National Bank Financial Atlantic Equities LLP Morgan Stanley HSBC Salman Partners Dundee Securities Corp S&P Capital IQ Oracle Investment Research Deutsche Bank

Portfolio Name n/a n/a BMO FINANCIAL CORP THORNBURG INVESTMENT JARISLOWSKY FRASER L PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA CIBC WORLD MARKETS I GLOBAL THEMATIC PART Multiple Portfolios FIRST EAGLE INVESTME TORONTO DOMINION BAN WENTWORTH HAUSER AND IG INVESTMENT MANAGE CAISSE DE DEPOT ET P Multiple Portfolios ADAGE CAPITAL PARTNE n/a NORTHERN CROSS LLC n/a

Analyst CHARLES NEIVERT DONALD D CARSON JACOB BOUT PAUL A MASSOUD CRAIG STERLING CHRISTOPHER PARKINSON STEVEN P HANSEN DAVID PUPO JOHN F HUGHES SPENCER CHURCHILL KEITH CARPENTER TIM TIBERIO MARK R GULLEY PAUL D'AMICO HARRIET LI MATTHEW J KORN JOHN CHU JOEL JACKSON ADAM SAMUELSON BRIAN T MACARTHUR JEFF NELSON PETER PRATTAS ROBERT B WINSLOW COLIN ISAAC VINCENT ANDREWS YONAH WEISZ RAYMOND GOLDIE DAVID CHARLES LEO LARKIN LAURENCE BALTER DAVID I BEGLEITER

Source ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F MF-AGG 13F ULT-AGG 13F ULT-AGG

Recommendation underperform neutral sector perform buy underweight underperform market perform neutral buy buy hold Under Review hold buy hold equalweight underperform market perform neutral/cautious neutral buy hold sector perform neutral not rated overweight Under Review Under Review buy buy hold

Amt Held 40'135'200 31'161'388 19'282'630 18'799'720 17'022'646 15'543'059 14'083'717 13'762'736 12'853'694 12'766'856 11'954'313 10'768'976 10'726'888 10'581'716 10'290'445 10'276'969 10'100'008 9'969'957 9'809'617 9'266'746

% Out 4.63 3.59 2.22 2.17 1.96 1.79 1.62 1.59 1.48 1.47 1.38 1.24 1.24 1.22 1.19 1.19 1.17 1.15 1.13 1.07

Weighting

Change

1 3 3 5 1 1 3 3 5 5 3 #N/A N/A 3 5 3 3 1 3 3 3 5 3 3 3 #N/A N/A 5 #N/A N/A #N/A N/A 5 5 3

M M M M D D M D M M M M D M D M M D D D M D M M M M M M M N M

Latest Chg (12'034'722) 1'235'078 (1'689'608) (394'334) 1'740'039 (1'271'000) (5'035'610) 332'384 379'778 19'762 2'307'750 (124'384) (1'458'956) 1'284'275 (2'430'183) (876'809) 1'381'000 (2'637'609) 24'707 (363'624)

Target Price 26 28 34 37 #N/A N/A 28 31 31 39 39 31 #N/A N/A #N/A N/A 39 36 33 31 31 25 34 #N/A N/A 37 34 33 #N/A N/A 49 #N/A N/A #N/A N/A 52 55 46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2013 Investment Advisor 30.04.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 07.08.2013 Investment Advisor

Date 12 month 12 month 18 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 07.08.2013 06.08.2013 05.08.2013 05.08.2013 05.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 25.07.2013 23.07.2013 24.06.2013 15.05.2013 31.01.2013 13.09.2012 31.05.2012

08.08.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and producer. The Company focuses on the production of Phosphate-Based Fertilisers, feed phosphate and high-grade phosphate rock, as well as ammonia and Nitrogen-Based Fertilisers.

Price/Volume 45

.0 M

35 30

.0 M

12/2012 03/yy 40.98 15.02 2'907'491.00 17.81 -56.47% 18.58% 7.78% 191.4 3'408.83 1'265.80 0.0 3.6 786.80 3'645.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

5 0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

Fiscal Year Ended 31.12.2008 4'794.4 1.40x 1'464.3 4.57x 870.9 7.57x

.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDF GR EQUITY YTD Change SDF GR EQUITY YTD % CHANGE

31.12.2009 31.12.2010 3'573.8 4'632.7 2.35x 2.34x 460.2 972.2 18.24x 11.14x 96.4 448.6 68.95x 23.58x Profitability

LTM-4Q 31.12.2011 3'996.8 1.68x 1'122.5 5.97x 564.3 10.98x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 3'935.3 1.82x 1'079.9 6.65x 667.6 11.78x 1'079.90 850.90 21.62% 19.49% 9.91% 18.79% 17.32% 0.58% 45.1% 28.3% 22.1% 17.0% 3.78 2.41 19.07% 36.44% 4.05 3.18

Price/ Cash Flow

LTM

03/yy 03/yy 25'918.0 108'287.0 5.60x 6.97x 9'099.0 33'150.0 0.00x 6.14x 6'526.0 16'958.0 0.00x 9.36x

FY+1

0.79 172.05 -52.71% -46.98% 0.786 37 2.432 10'471'020 5'858'337 3'639'655 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'004.0 3'747.0 925.6 868.4 1.03x 1.25x 4.53x 4.90x 952.6 649.0 228.2 192.5 3.83x 5.63x 472.1 243.0 109.0 69.8 7.21x 13.71x 9.64x 12.47x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.08.2013 BBB+ *05.08.2013 A-2 *6.49 4.09 0.22 1.19 36.4% 26.7% 0.58 1.57 90.07 114.92 71.22 121.14

Sales/Revenue/Turnover

8.00

120'000.0

7.00

100'000.0

6.00

80'000.0

5.00 4.00

60'000.0

3.00

40'000.0

2.00

20'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

K+S AG Holdings By:

All

Holder Name MERITUS TRUST CO LTD DUBBERSON HOLDINGS L DUBHE HOLDINGS LTD FORNIDO HOLDINGS LTD OWL NEBULA ENTEPRISE LITVINENKO VLADIMIR FEIVEL LTD ANTOSHIN IGOR DMITRI VOLKOV MAXIM VIKTORO ALLIANZ INVESTMENTS OMBUDSTVEDT SVEN

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Firm Name

Analyst

Morgan Stanley Energocapital Brokerage Nomos Bank Renaissance Capital

TIMOTHY STANISH Alexander Ignatyuk YURI VOLOV MIKHAIL SAFIN

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File MF-AGG Co File

Recommendation underweight hold hold buy

Amt Held 10'580'553 10'505'867 10'505'867 9'995'511 8'651'158 6'223'855 6'223'855 2'489'542 1'224'108 13'530 1'245

% Out 8.17 8.11 8.11 7.72 6.68 4.81 4.81 1.92 0.95 0.01 0

Weighting

Change 1 3 3 5

M N M M

Latest Chg (480) -

Target Price #N/A N/A 47 44 59

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.12.2011 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Holding Company Holding Company Holding Company Other Other n/a Other n/a n/a Investment Advisor n/a

Date 06.06.2013 03.06.2013 29.05.2013 12.04.2012

08.08.2013

Saudi Arabian Fertilizer Co SAFCO (Saudi Arabian Fertilizer Company) manufactures agricultural supplies. communities located in North America and other countries. The Company's principal products include concentrated phosphates, and potash.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.12.2012) 52-Week Low (03.09.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAFCO AB EQUITY YTD Change SAFCO AB EQUITY YTD % CHANGE

12/2012 05/yy 161.50 137.25 401'230.00 147.75 -8.51% 7.65% 43.30% 333.3 49'248.77 40.00 0.0 0.0 3'594.03 46'082.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 5'235.8 3.69x 4'575.7 4.23x 4'279.8 5.24x

31.12.2009 31.12.2010 2'740.7 3'789.5 10.17x 10.04x 1'960.1 2'920.6 14.22x 13.02x 1'804.3 3'234.6 16.77x 13.62x Profitability

31.12.2011 5'051.2 8.09x 3'988.5 10.25x 4'109.8 10.71x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'980.4 9.48x 3'869.4 12.20x 3'866.2 13.13x 3'869.43 3'521.57 70.71% 41.95% 47.26% 0.53% 72.5% 78.2% 71.0% 77.6% 7.34 6.50 0.40% 0.45% 3.55

Price/ Cash Flow

LTM-4Q

LTM

05/yy 11'107.8 8.01x 3'119.2 5.62x 1'930.2 10.55x

05/yy 9'974.1 8.90x 2'890.4 8.06x 1'888.7 15.26x

FY+1

.0 M a-13

0.77 132.79 12.78% 5.00% 0.768 16 3.438 242'410 207'191 206'979 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'925.5 5'268.4 1'379.5 1'597.0 9.46x 8.84x 3'806.9 3'821.9 901.0 12.11x 12.06x 3'816.6 4'004.2 12.87x 12.36x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1086.61 925.64 -0.82 0.00 0.5% 0.4% 0.53 1.39 102.82 -

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Saudi Arabian Fertilizer Co Holdings By:

All

Holder Name SAUDI BASIC INDUSTRI BLACKROCK VANGUARD GROUP INC STATE STREET CAPITAL GROUP COMPAN GLOBAL THEMATIC PART WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C DEUTSCHE BANK AG RS INVESTMENT MANAGE DWS INVESTMENT S A BANK OF NEW YORK MEL NORTHERN TRUST CORPO INSTITUTIONAL CAPITA MORGAN STANLEY OPPENHEIMERFUNDS INC GREEN VALLEY INVESTO NORGES BANK ALLIANZ ASSET MANAGE AMERIPRISE FINANCIAL

Firm Name JPMorgan Scotia Capital Susquehanna Financial Group Stifel BGC Partners Piper Jaffray UBS Credit Suisse JPMorgan Canaccord Genuity Corp Gabelli & Co Barclays EVA Dimensions BMO Capital Markets Goldman Sachs CIBC World Markets Atlantic Equities LLP Deutsche Bank Morgan Stanley HSBC Macquarie

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a GLOBAL THEMATIC PART WELLINGTON MANAGEMEN n/a n/a RS INVESTMENT MANAGE Multiple Portfolios BANK OF NEW YORK MEL NORTHERN TRUST CORPO INSTITUTIONAL CAPITA n/a OPPENHEIMER FUNDS IN GREEN VALLEY INVESTO NORGES BANK n/a AMERIPRISE FINANCIAL

Analyst CHARLES NEIVERT BEN ISAACSON DONALD D CARSON PAUL A MASSOUD MARK R GULLEY MICHAEL E COX BILL CARROLL CHRISTOPHER PARKINSON JEFFREY J ZEKAUSKAS KEITH CARPENTER AMON R WILKES MATTHEW J KORN CRAIG STERLING JOEL JACKSON ADAM SAMUELSON JACOB BOUT COLIN ISAAC DAVID I BEGLEITER VINCENT ANDREWS YONAH WEISZ DAVID PUPO

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F MF-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F

Recommendation market perform sector perform neutral buy hold neutral neutral neutral overweight hold buy overweight overweight market perform neutral/cautious sector perform neutral hold Overwt/Attractive neutral outperform

Amt Held 19'417'191 14'763'584 12'886'085 12'258'939 10'825'512 10'075'180 9'724'446 6'455'793 6'342'537 6'036'574 5'514'100 5'402'924 4'724'427 3'821'456 3'058'740 2'977'994 2'600'000 2'531'671 2'359'185 2'311'757

% Out 6.54 4.97 4.34 4.13 3.64 3.39 3.27 2.17 2.14 2.03 1.86 1.82 1.59 1.29 1.03 1 0.88 0.85 0.79 0.78

Weighting

Change 3 3 3 5 3 3 3 3 5 3 5 5 5 3 3 3 3 3 5 3 5

M M M M M M M M M M M M U D D M D M M N M

Latest Chg (1'076'130) (118'422) 119'147 143'023 1'506'016 (1'372'812) (681'915) 894'611 (2'220'979) 534'920 (15'923) (486'974) 331'845 3'687'562 115'744 (1'648'299) (490'503) 60'604

Target Price 36 50 43 50 #N/A N/A 43 40 41 50 45 #N/A N/A 49 #N/A N/A 43 35 50 50 58 70 66 71

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.03.2013 31.03.2013 07.08.2013 30.06.2013 31.03.2013 31.03.2013 07.08.2013 28.06.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 28.06.2013 31.03.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 15 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 18 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 07.08.2013 06.08.2013 06.08.2013 05.08.2013 05.08.2013 04.08.2013 02.08.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 17.07.2013 17.07.2013 17.04.2013 01.04.2013

08.08.2013

Potash Corp of Saskatchewan Inc Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and phosphates and fertilizers. The Company also imports mining machinery and trucks, raw materials such as sulfur, ammonium hydroxide and anhydrous ammonia.

Price/Volume 16

.3 M

.2 M

12 10

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POT CN EQUITY YTD Change POT CN EQUITY YTD % CHANGE

12/2012 03/yy 45.14 28.75 8'704'519.00 30.85 -31.65% 7.30% 12.82% 866.9 26'744.50 4'081.00 0.0 0.0 562.00 28'516.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 3'976.7 6'539.0 8.98x 7.55x 1'114.1 2'709.0 32.06x 18.21x 980.7 1'775.0 36.97x 25.85x Profitability

.1 M

2 0 a-12

.0 M s-12

LTM-4Q 31.12.2011 8'715.0 4.55x 4'398.0 9.02x 3'081.0 11.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 7'927.0 4.88x 3'589.0 10.79x 2'079.0 15.47x 3'589.00 3'011.00 37.98% 36.65% 13.00% 23.72% 17.63% 0.46% 43.0% 44.2% 36.3% 26.2% 1.35 0.89 22.42% 41.17% 7.29 6.48

Price/ Cash Flow

03/yy 831.2 4.53x 150.1 0.00x 162.7 5.93x

o-12

n-12

d-12

j-13

LTM 03/yy 724.6 5.39x 117.1 8.84x 98.6 9.89x

f-13 m-13

a-13

m-13

j-13

FY+1

3.54 1.14 861.34 15.10 -25.16% -22.18% 1.139 29 3.345 16'332'880 7'666'789 5'051'894 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'431.8 7'359.3 1'714.9 1'669.6 3.84x 3.86x 16.81x 17.12x 3'722.9 3'580.0 808.7 829.5 7.66x 7.97x 8.11x 7.90x 2'140.3 2'089.7 447.6 455.6 12.18x 12.30x 13.02x 12.51x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

15.11.2010 ANEG 15.11.2010 A-2 31.48 12.77 0.80 0.98 41.2% 29.2% 0.46 0.72 50.07 56.31 79.78 13.30

Sales/Revenue/Turnover

50.00

900.0

45.00

800.0

40.00

700.0

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0

15.00

200.0

10.00

100.0

5.00 0.00 31.12.2009

.1 M

Fiscal Year Ended 31.12.2008 9'446.5 2.59x 4'503.1 5.44x 3'495.2 6.77x

.2 M

Valuation Analysis

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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08.08.2013

Potash Corp of Saskatchewan Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN MINISTRY OF FINANCE SOCIAL SECURITY CORP GOVERNMENT OF KUWAIT FRANKLIN TEMPLETON F FRANKLIN RESOURCES EATON VANCE MANAGEME JORDAN KUWAIT BANK EATON VANCE ADVISORS BECK MACK & OLIVER L AUSTIN INVESTMENT MA BLACKROCK NORGES BANK 7 INVESTMENT MANAGEM SOCIETE GENERALE BANK OF NEW YORK MEL AL ARABI INVESTMENT NOMURA MANUFACTURERS & TRAD AL-QURAAN KHALID MOH

Firm Name Cowen and Company Goldman Sachs EVA Dimensions HSBC Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios BECK MACK & OLIVER L Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios AB MENA FEEDER FUND n/a Multiple Portfolios n/a

Analyst YOUSEF HUSSEINI MATIJA GERGOLET TIMOTHY STANISH NASSER MZ MOUMEN ALEKSANDAR STOJANOVSKI

Source Research Research Research Research Research ULT-AGG MF-AGG Research MF-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-PART ULT-AGG MF-AGG Research

Recommendation buy Buy/Neutral overweight overweight buy

Amt Held 27'750'000 19'245'396 12'342'208 7'000'000 1'475'250 1'309'335 185'138 161'800 65'901 38'790 30'790 24'750 8'777 8'417 6'997 5'467 4'885 3'100 1'700 450

% Out 37 25.66 16.46 9.33 1.97 1.75 0.25 0.22 0.09 0.05 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0 0 0

Weighting

Change 5 5 5 5 5

M M N U M

Latest Chg 61'500 341'525 8'000 30'790 2'251 74 -

Target Price 11 17 #N/A N/A 16 19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.08.2013 Holding Company 01.08.2013 Government 01.08.2013 Government 01.08.2013 Government 01.08.2013 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 01.08.2013 Bank 31.05.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 06.08.2013 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 28.03.2013 Bank 07.08.2013 Investment Advisor 28.06.2013 Investment Advisor 17.11.2010 Unclassified 31.05.2013 Investment Advisor 01.08.2013 n/a

Date 12 month 12 month Not Provided Not Provided 12 month

Date 01.08.2013 11.07.2013 21.06.2013 17.04.2013 14.04.2013

08.08.2013

Phosagro OAO Phosagro OAO is a global vertically integrated phosphate-based fertiliser supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (22.05.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHOR RU EQUITY YTD Change PHOR RU EQUITY YTD % CHANGE

12/2012 01/yy 40.66 39.83 0.00 0.00% 129.5 36'469.00 0.0 12'389.0 10'497.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 a-12

31.12.2009 31.12.2010 60'785.0 76'951.0 15'177.0 20'464.0 6'381.0 10'578.0 Profitability

LTM-4Q 31.12.2011 100'518.0 1.30x 35'370.0 3.70x 19'935.0 50.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 105'303.0 1.84x 34'695.0 5.57x 20'654.0 7.50x 34'695.00 28'174.00 26.76% 29.64% 13.99% 33.54% 19.43% 0.89% 42.9% 30.6% 24.3% 19.6% 1.02 0.40 31.54% 73.70% 46.32 5.98

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

LTM

FY+1

63.10 3 2.333 0 0 17 FY+2

FQ+1

FQ+2

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

01/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 0.0 110'706.4 112'618.3 #DIV/0! 0.0 31'874.5 31'836.1 0.00x 0.0 18'105.5 18'159.1 0.00x S&P Issuer Ratings Long-Term Rating Date 29.04.2013 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 29.08 (EBITDA-Capex)/Interest Exp. 17.88 Net Debt/EBITDA 1.07 Total Debt/EBITDA 1.64 Reference Total Debt/Equity 73.7% Total Debt/Capital 37.1% Asset Turnover 0.89 Net Fixed Asset Turnover 1.70 Accounts receivable turnover-days 7.88 Inventory Days 61.07 Accounts Payable Turnover Day 11.61 Cash Conversion Cycle 64.30 Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

.0 M s-12

Fiscal Year Ended 31.12.2008 92'191.0 45'404.0 27'576.0 -

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Phosagro OAO Holdings By:

All

Holder Name CARRANITA HOLDINGS L BLACKROCK COMMONWEALTH BANK OF SCHRODER INVESTMENT NATIONAL AUSTRALIA B DWS INVESTMENT S A VAN ECK ASSOCIATES C AMP LIFE LTD AUSTRALIAN FOUNDATIO VANGUARD GROUP INC VANGUARD INVESTMENTS MACQUARIE GROUP NORGES BANK QUEENSLAND INVESTMEN CI INVESTMENTS INC LITMAN/GREGORY FUND NATIXIS INTERNATIONA IVY MANAGEMENT INCOR ALLIANCE BERNSTEIN FLEXSHARES TRUST

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Firm Name

Analyst

EVA Dimensions Goldman Sachs Macquarie BBY Limited Credit Suisse JPMorgan CIMB Commonwealth Bank RBS Morgans UBS EVA Dimensions Octa Phillip Securities Ltd Morgan Stanley

MARK WILSON MATTHEW MCNEE JOHN PURTELL DENNIS HULME ANDREW PEROS STUART JACKSON ANDREW G SCOTT MICHAEL WARD BELINDA MOORE RAMOUN LAZAR TIMOTHY STANISH PAUL JENSZ NICHOLAS ROBISON

Source EXCH ULT-AGG EXCH Co File ULT-AGG MF-AGG ULT-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold neutral/neutral outperform strong buy neutral neutral neutral neutral outperform buy hold buy Equalwt/Cautious

Amt Held 137'109'430 99'528'313 98'572'385 85'454'643 83'182'746 31'789'110 27'750'600 23'876'351 21'209'411 20'210'925 10'313'839 9'569'641 9'144'480 7'738'572 7'266'295 6'544'000 5'871'268 5'672'426 5'104'794 4'322'970

% Out 8.42 6.11 6.05 5.25 5.11 1.95 1.7 1.47 1.3 1.24 0.63 0.59 0.56 0.48 0.45 0.4 0.36 0.35 0.31 0.27

Weighting

Change 3 3 5 5 3 3 3 3 5 5 3 5 3

M M M U M M M M M M M M M

Latest Chg 16'367'200 (3'023'815) (18'515'621) 3'064'258 (4'343'704) 2'083'894 552'230 6'544'000 (195'387) 5'672'426 2'391'123 347'516

Target Price 3 3 3 3 3 3 3 3 3 3 #N/A N/A 4 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.05.2013 06.08.2013 29.05.2013 12.11.2012 23.04.2013 30.04.2013 07.08.2013 12.11.2012 12.11.2012 30.06.2013 28.06.2013 31.08.2011 31.12.2012 12.11.2012 31.12.2012 31.03.2013 28.03.2013 31.03.2013 30.06.2013 31.05.2013

Date 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Bank Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 31.07.2013 29.07.2013 24.07.2013 24.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 23.07.2013 24.06.2013 06.06.2013 22.05.2013 13.05.2013

08.08.2013

Mosaic Co/The The Mosaic Company produces and distributes crop nutrients to the agricultural Company also markets langbeinite.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOS US EQUITY YTD Change MOS US EQUITY YTD % CHANGE

05/2013 06/yy 64.65 39.75 11'352'747.00 41.36 -36.02% 4.05% 6.47% 297.1 17'611.96 1'079.20 0.0 17.5 3'697.10 15'011.56

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 9'812.6 5.63x 3'201.6 17.26x 2'082.8 26.66x

31.12.2009 31.12.2010 10'298.0 6'759.1 2.24x 2.87x 3'167.1 1'715.8 7.27x 11.31x 2'350.2 827.1 12.55x 26.47x Profitability

LTM-4Q 31.12.2011 9'937.8 2.88x 3'111.6 9.19x 2'514.6 15.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 11'107.8 1.58x 3'119.2 5.62x 1'930.2 10.57x 2'814.40 2'209.60 22.15% 22.39% 10.86% 14.87% 0.57% 27.7% 29.0% 22.9% 18.9% 3.90 2.67 5.97% 8.04% 11.29 5.15

Price/ Cash Flow

06/yy 429.6 15.08x 181.6 8.53x 90.1 20.26x

LTM

FY+1

06/yy 432.2 13.76x 169.6 8.85x 74.0 19.36x

2.42 1.31 277.13 4.68 -27.36% -25.95% 1.306 24 3.750 12'735'677 8'507'428 5'350'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'786.0 9'427.4 2'351.7 2'430.8 1.65x 1.71x 2'670.0 2'602.0 590.4 627.2 5.62x 5.77x 6.15x 6.09x 1'616.1 1'505.1 331.5 333.3 10.83x 11.09x 11.70x 11.28x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.04.2011 BBB STABLE 29.08.2007 NR 54.12 23.58 -0.91 0.37 8.0% 7.4% 0.57 1.24 32.34 70.94 40.72 62.45

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 01.01.2010

50.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2002

2003

2004

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2005

2006

2007

2008

2009

2010

2011

2012

08.08.2013

Mosaic Co/The Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI HARVEY JR HUGH E ADVISORY RESEARCH IN NEUBERGER BERMAN LLC VANGUARD GROUP INC BLACKROCK HEARTLAND ADVISORS I MORGAN STANLEY JANUS CAPITAL MANAGE SUN LIFE FINANCIAL I CAMBIAR INVESTORS LL JENNISON ASSOCIATES ROYCE AND ASSOCIATES STATE STREET PARNASSUS INVESTMENT INVESCO LTD RENAISSANCE TECHNOLO AMERICAN CENTURY COM SNYDER CAPITAL MANAG SAC CAPITAL ADVISORS

Firm Name Cowen and Company Susquehanna Financial Group KeyBanc Capital Markets BMO Capital Markets Morgan Stanley UBS Credit Suisse Wunderlich Securities Scotia Capital Barclays EVA Dimensions Goldman Sachs BGC Partners IPOfinancial.com

Portfolio Name n/a n/a ADVISORY RESEARCH IN NEUBERGER BERMAN GRO VANGUARD GROUP INC n/a HEARTLAND ADVISORS I n/a n/a n/a CAMBIAR INVESTORS LL JENNISON ASSOCIATES ROYCE & ASSOCIATES L n/a PARNASSUS INVESTMENT n/a RENAISSANCE TECHNOLO AMERICAN CENTURY COM SNYDER CAPITAL MANAG SAC CAPITAL ADVISORS

Analyst CHARLES NEIVERT DONALD D CARSON IVAN MARCUSE JOEL JACKSON VINCENT ANDREWS BILL CARROLL CHRISTOPHER PARKINSON MICHAEL E HOFFMAN BEN ISAACSON MATTHEW J KORN CRAIG STERLING ADAM SAMUELSON MARK R GULLEY TEAM COVERAGE

Source Form 4 Form 4 13F 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F

Recommendation underperform neutral hold market perform Equalwt/Attractive neutral underperform buy sector underperform underweight overweight Sell/Cautious hold buy

Amt Held 10'682'886 9'754'240 4'196'256 3'531'776 3'171'862 2'884'032 2'552'297 2'411'827 1'966'481 1'834'007 1'810'924 1'650'130 1'422'716 1'379'106 1'222'393 1'097'994 1'076'900 999'949 964'919 931'632

% Out 14.1 12.87 5.54 4.66 4.19 3.81 3.37 3.18 2.6 2.42 2.39 2.18 1.88 1.82 1.61 1.45 1.42 1.32 1.27 1.23

Weighting

Change 1 3 3 3 3 3 1 5 1 1 5 1 3 5

M M M M M M M M M D U D M M

Latest Chg 20'000 23'544 137'652 (765'536) (24'180) 61'419 625'695 (4'567'021) 808'725 673'896 4'585 14'600 (1'665'906) (122'447) 240'929 (86'919) 258'600 300'899 (39'205) 931'632

Target Price 9 12 #N/A N/A 11 #N/A N/A 13 11 22 12 13 #N/A N/A 9 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.05.2013 n/a 25.02.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 06.08.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 18 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 07.08.2013 06.08.2013 05.08.2013 02.08.2013 02.08.2013 02.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 31.07.2013 30.07.2013 11.07.2013 25.02.2011

08.08.2013

Jordan Phosphate Mines Jordan Phosphate Mines is active in the exploration, production and export of markets chemical and fertilizer products in Israel. The Company markets its products in Israel, Europe, and the Americas. Products include bromine specialty chemicals, potash, phosphate fertilizers, and specialty performance and industrial products.

Price/Volume 6000 5000 4000 3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (18.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JOPH JR EQUITY YTD Change JOPH JR EQUITY YTD % CHANGE

12/2012 06/yy 13.90 7.31 20'488.00 8.6 -38.13% 17.65% 21.09% 75.0 645.00 71.46 0.0 8.0 49.65 705.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1000 0 a-12

31.12.2009 31.12.2010 458.2 563.9 2.58x 2.16x 111.0 77.7 10.65x 15.65x 92.9 80.2 14.54x 15.83x Profitability

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 812.4 1.13x 164.5 5.57x 145.8 6.55x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 759.4 1.32x 168.9 5.95x 132.2 7.38x 168.89 148.86 19.60% 20.07% 9.87% 13.31% 11.85% 0.72% 37.0% 16.2% 13.4% 17.4% 2.70 0.84 7.19% 9.28% 10.43 2.31

Price/ Cash Flow

06/yy 7'016.7 8.81x 2'194.4 6.84x 1'502.8 9.00x

LTM 06/yy 6'566.0 10.03x 1'800.8 7.87x 1'225.8 10.36x

FY+1

1.71 7.02 -28.06% -32.54% 1.715 5 5.000 18'229 23'916 18'201 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 815.8 921.5 191.0 239.0 0.63x 0.44x 161.8 184.0 23.0 4.36x 3.83x 122.7 138.8 10.5 5.27x 4.64x 6.56x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

59.16 33.02 0.45 0.86 9.3% 8.4% 0.72 1.83 35.00 158.24 23.04 147.97

Sales/Revenue/Turnover

20.00

8'000.0

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 31.12.2009

s-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 846.9 1.57x 279.1 4.75x 238.6 6.13x

2000

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-13

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Jordan Phosphate Mines Holdings By:

All

Holder Name KAMIL HOLDINGS LTD POTASH CORP OF SASKA CAPITAL GROUP COMPAN FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C THORNBURG INVESTMENT INVESCO LTD NORGES BANK BLACKROCK JANUS CAPITAL MANAGE NEUBERGER BERMAN LLC VANGUARD GROUP INC SCHRODER INVESTMENT COLUMBIA WANGER ASSE ING INVESTMENT MANAG MACKENZIE FINANCIAL FERSON CHEMICALS LTD STATE STREET KEMPEN CAPITAL MANAG

Firm Name EFG-Hermes BMO Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs Excellence Nessuah UBS Liberum Capital Ltd Psagot Investment House Ltd HSBC Credit Suisse Bank Leumi EVA Dimensions VTB Capital I.B.I. CLAL Finance Betucha DS Securities & Investments

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a

Analyst JOSEPH WOLF JOEL JACKSON VIRGINIE BOUCHER-FERTE PETER MACKEY YULIA CHEKUNAEVA GILAD ALPER RONI BIRON SOPHIE JOURDIER ILANIT SHERF YONAH WEISZ MIKHAIL PRIKLONSKY ELLA FRIED TIMOTHY STANISH ELENA SAKHNOVA GUIL BASHAN JONATHAN KREIZMAN RICHARD GUSSOW

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG

Recommendation overweight market perform hold not rated neutral/cautious hold buy hold hold underweight outperform market perform overweight buy neutral market perform market perform

Amt Held 665'485'881 176'088'630 20'479'539 11'788'733 9'664'378 7'472'338 6'400'000 5'816'259 4'631'249 4'283'338 4'163'369 3'927'978 3'867'652 3'476'464 3'448'212 3'088'196 2'893'973 2'216'131 2'211'609 2'206'599

% Out 52.29 13.84 1.61 0.93 0.76 0.59 0.5 0.46 0.36 0.34 0.33 0.31 0.3 0.27 0.27 0.24 0.23 0.17 0.17 0.17

Weighting

Change

5 3 3 #N/A N/A 3 3 5 3 3 1 5 3 5 5 3 3 3

M M M M M M M M M D M M M M M M N

Latest Chg (11'101'591) 2'721'166 1'984'000 36'179 11'747 4'163'369 19'720 268'912 378'887 (327'000) 700'247 22'960 7'641 198'500

Target Price 3'600 2'600 2'700 #N/A N/A 2'900 3'000 3'500 3'200 #N/A N/A 1'830 4'700 4'200 #N/A N/A 5'140 4'600 4'500 4'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 06.08.2013 Holding Company 06.08.2013 Government 30.06.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.05.2013 Investment Advisor 07.08.2013 Investment Advisor 31.12.2012 Government 06.08.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 06.08.2013 Corporation 07.08.2013 Investment Advisor 31.03.2013 Unclassified

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

Date 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 27.06.2013 16.06.2013 06.06.2013 14.05.2013 13.05.2013 12.05.2013 02.04.2013

08.08.2013

Intrepid Potash Inc Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and monoammonium phosphate.

Price/Volume

200

5.0 M 4.0 M 3.0 M

100

12/2012 06/yy 24.05 10.60 4'060'189.00 11.81 -50.89% 11.42% 9.00% 75.8 894.82 0.00 0.0 0.0 57.75 959.61

2.0 M

1.0 M

0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IPI US EQUITY YTD Change IPI US EQUITY YTD % CHANGE

31.12.2008 415.3 3.46x 212.4 6.77x 142.7 11.23x

250

31.12.2009 31.12.2010 301.8 359.3 6.92x 7.46x 109.7 103.0 19.02x 26.00x 55.3 45.3 29.08x 61.66x Profitability

LTM-4Q 31.12.2011 443.0 3.46x 189.5 8.08x 109.4 18.30x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 451.3 3.44x 183.0 8.47x 87.4 18.29x 183.00 135.40 30.00% 30.34% 6.83% 8.01% 0.40% 37.7% 39.2% 26.9% 19.4% 2.41 1.32 0.00% 0.00% 12.76 4.34

Price/ Cash Flow

06/yy 6'385.4 7.18x 3'456.7 3.71x 1'744.5 7.19x

LTM 06/yy 5'892.2 8.34x 3'120.4 3.68x 1'778.7 6.05x

FY+1

1.30 54.90 6.79 -43.73% -44.53% 1.301 15 2.600 6'050'143 2'786'095 1'703'890 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 374.1 379.7 94.0 97.0 2.52x 2.48x 10.02x 9.81x 119.2 110.9 29.5 26.5 8.05x 8.65x 8.61x 9.02x 40.4 27.3 9.9 7.7 21.87x 28.88x 38.22x 34.94x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

202.21 -70.06 0.38 0.88 0.0% 0.0% 0.40 0.70 28.61 84.16 30.19 68.93

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Intrepid Potash Inc Holdings By:

All

Holder Name JORNAYVAZ III ROBERT BLACKROCK STATE STREET GOLDMAN SACHS GROUP GLOBAL THEMATIC PART AMERIPRISE FINANCIAL VAN ECK ASSOCIATES C BANK OF NEW YORK MEL JP MORGAN RENAISSANCE TECHNOLO NORTHERN TRUST CORPO DWS INVESTMENT S A DEUTSCHE BANK AG DISCOVERY CAPITAL MA BMO FINANCIAL CORP AJO, LP MORGAN STANLEY ADAGE CAPITAL PARTNE TIAA CREF INVESTMENT LSV ASSET MANAGEMENT

Firm Name Cowen and Company JPMorgan BMO Capital Markets Miller Tabak + Co., LLC BGC Partners Cowen and Company Gabelli & Co Atlantic Equities LLP Piper Jaffray Scotia Capital Susquehanna Financial Group Stifel Goldman Sachs Feltl & Company Barclays Credit Suisse S&P Capital IQ EVA Dimensions

Portfolio Name VANGUARD GROUP INC n/a n/a n/a GLOBAL THEMATIC PART AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL n/a RENAISSANCE TECHNOLO NORTHERN TRUST CORPO Multiple Portfolios n/a DISCOVERY CAPITAL MA BMO FINANCIAL CORP AJO, LP n/a ADAGE CAPITAL PARTNE TIAA-CREF INVESTMENT LSV ASSET MANAGEMENT

Analyst VINCENT ANDREWS JEFFREY J ZEKAUSKAS JOEL JACKSON TIM TIBERIO MARK R GULLEY CHARLES NEIVERT AMON R WILKES COLIN ISAAC MICHAEL E COX BEN ISAACSON DONALD D CARSON PAUL A MASSOUD ADAM SAMUELSON BRENT R RYSTROM MATTHEW J KORN CHRISTOPHER PARKINSON KEVIN KIRKEBY CRAIG STERLING

Source 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F MF-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F

Recommendation Overwt/Attractive overweight market perform hold sell underperform buy neutral neutral sector outperform Positive hold Sell/Cautious hold overweight neutral sell buy

Amt Held 4'237'326 4'174'930 2'927'749 1'603'582 1'467'471 1'361'605 1'213'212 1'187'973 1'129'521 1'100'600 1'074'320 1'071'396 1'054'616 1'028'059 1'003'765 985'290 793'377 774'990 771'875 690'460

% Out 7.4 7.29 5.11 2.8 2.56 2.38 2.12 2.07 1.97 1.92 1.88 1.87 1.84 1.79 1.75 1.72 1.39 1.35 1.35 1.21

Weighting

Change 5 5 3 3 1 1 5 3 3 5 4 3 1 3 5 3 1 5

M M M M M M M M M M M M M M M M M M

Latest Chg 207'447 (396'409) (25'762) 1'347'210 334'471 (141'856) 278'140 5'521 (813'693) 83'950 103'496 105'973 24'033 419'500 (7'726) (27'700) 14'856 (222'700) (431'410) 111'780

Target Price 250 210 195 225 175 170 #N/A N/A 184 204 234 275 165 179 207 244 230 175 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 07.08.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 07.08.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 3 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 05.08.2013 30.07.2013 30.07.2013 11.07.2013 12.06.2013 09.05.2013 15.01.2013

08.08.2013

Israel Chemicals Ltd Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and agricultural and chemical industries. The Company produces a range of minerals, such as potassium chloride, potassium sulfate, potassium nitrate, industrial salt, bromine and fertilizers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (07.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICL IT EQUITY YTD Change ICL IT EQUITY YTD % CHANGE

12/2012 03/yy 5'175.00 2'757.00 1'498'797.00 2817 -45.53% 2.18% 1.74% 1'272.6 35'850.33 2'044.27 0.0 24.5 356.64 11'646.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 6'904.0 1.47x 2'611.5 3.87x 2'004.2 4.44x

50 45 40 35 30 25 20 15 10 5 0 a-12

31.12.2009 31.12.2010 4'554.3 5'691.5 3.93x 4.02x 1'233.3 1'560.0 14.51x 14.65x 770.4 1'024.7 21.63x 21.18x Profitability

LTM-4Q 31.12.2011 7'067.8 2.07x 2'203.8 6.65x 1'511.8 8.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 6'672.2 2.54x 1'900.8 8.90x 1'300.5 11.67x 1'900.81 1'613.75 24.19% 22.87% 16.40% 35.49% 0.88% 41.3% 27.4% 22.7% 19.5% 1.73 0.75 26.39% 60.56% 4.97 2.93

Price/ Cash Flow

03/yy 726.2 17.27x 378.6 8.43x 305.7 11.72x

LTM 03/yy 582.5 23.74x 250.3 13.82x 178.7 21.43x

FY+1

8.57 1.09 428.47 -37.56% -35.36% 1.085 18 3.556 3'685'421 2'953'331 2'389'988 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'615.7 6'624.0 1'576.0 1'479.0 1.78x 1.80x 7.26x 7.75x 1'764.2 1'634.9 393.0 369.0 6.60x 7.12x 1'143.9 1'017.4 242.0 222.0 8.92x 11.56x 11.42x 11.94x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

32.95 21.37 0.84 1.03 60.6% 37.5% 0.88 2.12 73.39 124.37 61.22 141.18

Sales/Revenue/Turnover

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 31.12.2009

100.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Israel Chemicals Ltd Holdings By:

All

Holder Name ISRAEL CORP LTD MINISTRY OF FINANCE ARAB METALS CO SOCIAL SECURITY CORP ISLAMIC DEVELOPMENT GOVERNMENT OF IRAQ LIBYAN ARAB FOREIGN GENERAL INVESTMENTS FRANKLIN RESOURCES EATON VANCE MANAGEME EATON VANCE ADVISORS PRUDENTIAL FINANCIAL BANK OF NOVA SCOTIA HARDING LOEVNER LP MANUFACTURERS & TRAD PICTET FUNDS

Firm Name Barclays EVA Dimensions HSBC Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst MATIJA GERGOLET TIMOTHY STANISH YONAH WEISZ ALEKSANDAR STOJANOVSKI

Source Research Research Research Research Research Research Research Research ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG

Recommendation neutral/neutral underweight underweight sell

Amt Held 23'294'614 22'398'101 16'601'699 4'342'968 4'300'000 3'920'707 3'386'250 3'286'095 253'792 101'036 33'870 21'163 8'894 7'924 2'100 -

% Out 27.96 26.88 19.93 5.21 5.16 4.71 4.06 3.94 0.3 0.12 0.04 0.03 0.01 0.01 0 0

Weighting

Change 3 1 1 1

M N D M

Latest Chg 9'696 (16'963) (791)

Target Price 49 #N/A N/A 41 31

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 28.06.2013 31.05.2013 31.05.2013 28.06.2013 31.12.2012 31.10.2012 31.05.2013 31.08.2012

Date 12 month Not Provided Not Provided 12 month

Inst Type Other Government Corporation Government Bank Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Date 11.07.2013 21.06.2013 17.04.2013 05.02.2013

08.08.2013

Fauji Fertilizer Co Ltd Fauji Fertilizer Company Limited manufactures, purchases and markets fertilizers.

Price/Volume 140

12.0 M

120

10.0 M

100

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (11.03.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FFC PA EQUITY YTD Change FFC PA EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

20 0 a-12

31.12.2009 31.12.2010 72'914.8 88'154.7 1.05x 0.97x 21'876.2 28'122.7 3.48x 3.05x 8'738.7 11'859.7 7.99x 7.20x Profitability

LTM-4Q 31.12.2011 111'111.9 1.12x 48'946.3 2.53x 23'351.9 5.43x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 122'251.6 1.26x 38'046.5 4.05x 20'362.1 7.32x 38'046.47 35'287.61 28.86% 28.47% 23.99% 90.21% 43.08% 1.43% 38.8% 31.6% 29.4% 16.7% 1.08 0.82 30.59% 111.50% 76.65 5.39

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

03/yy 03/yy 105'321.3 132'942.1 5.37x 4.69x 45'934.1 41'953.9 3.88x 3.65x 22'194.6 22'294.3 7.16x 6.29x

14.45 0.87 7.59% 0.25% 0.870 18 4.333 1'213'120 1'731'337 2'208'225

FY+1

FY+2

12/13 Y

12/14 Y

FQ+1

FQ+2

06/13 Q2 09/13 Q3 - 17'985.8 7'554.0 19'550.0 20'310.0 4'340.6 7.11x 6.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

16.51 13.36 0.19 0.77 111.5% 47.8% 1.43 3.19 4.76 67.71 20.47

Sales/Revenue/Turnover

45.00

140'000.0

40.00

120'000.0

35.00

100'000.0

30.00 25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 01.01.2010

.0 M s-12

Fiscal Year Ended 31.12.2008 57'433.7 20'693.1 7'344.9 3.99x

6.0 M

12/2012 03/yy 121.60 106.80 1'176'500.00 109.03 -10.34% 2.09% 15.07% 1'272.2 138'712.13 31'599.77 0.0 6'194.9 32'874.26 151'822.84

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Fauji Fertilizer Co Ltd Holdings By:

All

Holder Name FAUJI FOUNDATION NATIONAL INVESTMENT PICIC ASSET MANAGEME FRANKLIN RESOURCES AL-MEEZAN INVESTMENT EATON VANCE MANAGEME ROBECO INVESTOR SERV AL-MEEZAN INVESTMENT BLACKROCK ATLAS ASSET MANAGEME TUNDRA FONDER AB / S LEGG MASON CAPITAL M JS INVESTMENTS LTD EATON VANCE ADVISORS GOLDMAN SACHS GROUP UNION INVESTMENT LUX LEGG MASON GLOBAL FU SIMPLICITY AB GOLDMAN SACHS ASSET UBL FUND MANAGERS LT

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a MEEZAN ISLAMIC FUND Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

M.M. Securities (Pvt.) Ltd IJAZ-UR-REHMAN Foundation Securities (Private) Limited SANAKHAWAN SYED JS Global Capital Ltd NAVEED TEHSIN Global Securities Pakistan Ltd ARIF SHEIKH AKD Securities (Pvt.) Ltd RAZA JAFRI Arif Habib Limited TAHIR ABBAS Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI BMA Capital Management FARID ALIANI Fortune Securities Ltd AHSAN HUSSAIN EVA Dimensions TIMOTHY STANISH Optimus Capital Management Pvt Ltd ASIR ZAFFAR Elixir Securities Pakistan SATEESH BALANI Topline Securities Pvt. Ltd Asad I Siddiqui Taurus Securities Limited TAHA KHAN JAVED Shajar Capital Pakisatan Pvt Ltd YAWAR UZ ZAMAN Credit Suisse FARHAN RIZVI First Capital Equities Limited ABRAR HUSSAIN

Source Co File Co File MF-AGG ULT-AGG MF-PART MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy neutral buy buy buy buy buy buy buy overweight buy hold buy buy buy neutral hold

Amt Held 564'204'254 42'018'042 9'014'547 8'296'903 5'294'609 3'241'524 2'117'363 1'617'057 1'419'050 1'186'849 865'131 854'778 792'164 762'550 619'300 600'000 450'974 380'000 336'500 300'000

% Out 44.35 3.3 0.71 0.65 0.42 0.25 0.17 0.13 0.11 0.09 0.07 0.07 0.06 0.06 0.05 0.05 0.04 0.03 0.03 0.02

Weighting

Change 5 3 5 5 5 5 5 5 5 5 5 3 5 5 5 3 3

M M M M M U M M M U M M M M M M M

Latest Chg 2'560'066 (313'592) 135'500 (538'602) (604'700) (1'376) (220'700) 501'000 100'000 -

Target Price 137 119 131 126 142 129 130 125 130 #N/A N/A 128 117 126 128 136 130 72

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.03.2013 31.12.2012 30.06.2013 31.05.2013 30.04.2013 31.03.2013 06.08.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 28.03.2013 31.03.2013 31.03.2013 28.02.2013 31.03.2013

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.08.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 17.07.2013 07.06.2013 22.05.2013 13.05.2013 23.01.2013 21.01.2013

08.08.2013

CF Industries Holdings Inc CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate produces ammonia and urea.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (02.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CF US EQUITY YTD Change CF US EQUITY YTD % CHANGE

12/2012 01/yy 233.43 169.33 1'600'375.00 189.88 -18.66% 12.14% 32.06% 57.3 10'876.83 1'605.00 0.0 380.0 2'274.90 12'405.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 3'921.1 0.45x 1'251.0 1.42x 684.6 3.84x

31.12.2009 31.12.2010 2'608.4 3'965.0 1.30x 2.82x 780.8 1'301.5 4.34x 8.58x 365.6 349.2 11.05x 17.73x Profitability

LTM-4Q 31.12.2011 6'097.9 1.83x 3'160.9 3.52x 1'539.2 6.38x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 6'104.0 2.05x 3'332.2 3.75x 1'848.7 7.32x 3'332.20 2'912.40 47.71% 47.31% 18.37% 35.58% 23.79% 0.61% 51.0% 53.0% 45.9% 30.3% 2.95 2.62 15.79% 27.19% 18.01 10.87

Price/ Cash Flow

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M a-13

0.84 1.30 57.00 1.67 -7.73% -6.17% 1.301 21 3.429 1'212'465 1'213'942 1'059'921 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'562.6 5'321.5 1'170.3 1'361.6 2.12x 2.33x 2'768.1 2'480.7 554.7 667.8 4.48x 5.00x 5.03x 5.11x 1'421.0 1'199.4 244.3 309.0 7.96x 8.76x 9.05x 8.80x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.04 19.42 0.37 0.99 27.2% 20.3% 0.61 1.51 20.27 33.57 48.76 36.83

Sales/Revenue/Turnover

9.00

12'000.0

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

CF Industries Holdings Inc Holdings By:

All

Holder Name VANGUARD GROUP INC JP MORGAN BLACKROCK GIC PRIVATE LIMITED BANK OF NEW YORK MEL MONDRIAN INVESTMENT BANK OF NEW YORK MEL VALUE PARTNERS GROUP DWS INVESTMENT S A VANGUARD GROUP INC AGF INVESTMENTS INC MANULIFE FUNDS DIREC VAN ECK ASSOCIATES C WILLIAM BLAIR & COMP DIMENSIONAL FUND ADV EASTSPRING INVESTMEN PICTET FUNDS MACQUARIE GROUP TOUCHSTONE ADVISORS SCHRODER INVESTMENT

Firm Name Morgan Stanley Goldman Sachs UBS JPMorgan EVA Dimensions BNP Paribas Equity Research UOB Kay Hian Essence Securities BOCOM International Holdings Macquarie China International Capital Corp Standard Chartered Citic Securities Co., Ltd SWS Research Co Ltd First Shanghai Securities Ltd AMTD Financial Planning Limited Deutsche Bank Hua Tai Securities Co., Ltd Guoyuan Securities (HK) Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a WILLIAM BLAIR & COMP n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst JACK LU CAROL JIN BONAN LI SCOTT DARLING TIMOTHY STANISH GORDON WAI WANG AOCHAO XU HAITAO HE WEI LAURA SHI BIN GUAN DUKE SUTTIKULPANICH YIN XIAODONG ALBERT MIAO ZHANG ZHIBIN KENNY TANG SING HING DAVID HURD YANG SHENKANG XU JINGSHUN

Source EXCH ULT-AGG ULT-AGG ULT-AGG EXCH Co File Short ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy neutral/cautious sell suspended coverage buy buy buy add long-term buy outperform accumulate in-line overweight neutral buy buy buy add buy

Amt Held % Out 195'818'000 11.06 124'073'067 7.01 117'358'369 6.63 107'230'965 6.05 106'361'569 6.01 89'810'000 5.07 (87'533'339) -4.94 81'730'000 4.61 57'738'398 3.26 52'038'796 2.94 25'891'581 1.46 21'764'000 1.23 17'782'000 1 17'368'609 0.98 16'284'000 0.92 15'092'000 0.85 15'027'141 0.85 13'891'000 0.78 9'561'798 0.54 8'846'000 0.5

Weighting 5 3 1 #N/A N/A 5 5 5 4 5 5 4 3 5 3 5 5 5 4 5

Change M D M M M M M D M M M M N D M M N M N

Latest Chg (854'287) 3'566'000 (5'110'500) (370'000) 15'092'000 (137) 762'505 4'376'000

Target Price 4 4 4 #N/A N/A #N/A N/A 6 7 5 5 6 6 6 7 6 6 5 6 7 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.02.2013 Bank 09.01.2013 Investment Advisor 06.08.2013 Investment Advisor 12.03.2013 Government 14.02.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 18.07.2012 Investment Advisor 18.07.2012 Corporation 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Unclassified 07.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month 12 month 12 month 6 month Not Provided 12 month Not Provided 12 month 6 month 12 month

Date 31.07.2013 18.07.2013 04.07.2013 12.06.2013 06.06.2013 03.06.2013 22.04.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 01.03.2013 02.01.2013 20.12.2012 12.12.2012 12.12.2012 09.10.2012 02.04.2012 06.12.2011

08.08.2013

Arab Potash Co Arab Potash Company PLC manufactures and supplies minerals for the use in the produces and imports potash fertilizers, phosphate-based and nitrogen-based fertilizers, and compound fertilizers. Sinofert operates in the Peoples Republic of China.

Price/Volume 3

90.0 M 80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.12.2012) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance APOT JR EQUITY YTD Change APOT JR EQUITY YTD % CHANGE

12/2012 01/yy 50.25 39.00 12.00 39.51 -21.37% 1.31% 4.53% 83.3 3'291.87 7.73 0.0 0.0 329.54 2'920.44

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 30.0 M 20.0 M

10.0 M 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 667.6 4.19x 382.1 7.32x 311.4 9.41x

50.0 M

31.12.2009 31.12.2010 373.7 559.0 7.84x 6.12x 179.5 226.2 16.31x 15.13x 131.8 162.7 22.90x 22.28x Profitability

LTM-4Q 31.12.2011 720.2 4.56x 367.0 8.94x 299.7 12.26x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 586.3 6.06x 276.6 12.85x 198.8 19.49x 276.60 212.38 36.23% 38.98% 15.08% 17.19% 17.22% 0.49% 51.3% 43.0% 32.1% 33.9% 5.67 4.17 0.71% 0.80% 4.96 4.41

Price/ Cash Flow

LTM

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M a-13

1.01 1.79 -6.44% -10.48% 1.009 5 1.400 5 57 105 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 640.7 774.7 161.0 150.0 4.39x 3.47x 291.7 346.3 10.01x 8.43x 218.3 274.0 57.0 15.03x 12.63x 14.69x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

82.71 81.97 -1.48 0.03 0.8% 0.8% 0.49 1.43 73.52 82.67 123.85

Sales/Revenue/Turnover

35.00

50'000.0 45'000.0

30.00

40'000.0

25.00

35'000.0 30'000.0

20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Arab Potash Co Holdings By:

All

Holder Name PCS JORDAN IIC POTASH CORP OF SASKA DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN ING INVESTMENT MANAG VAN ECK ASSOCIATES C NORDEA INV MANAGEMEN NORDEA INVESTMENT FU MACQUARIE GROUP BLACKROCK GLOBAL X MANAGEMENT LEGG MASON CAPITAL M PICTET FUNDS TRANSAMERICA INVESTM CB-ACCENT LUX SICAV LEMANIK FUNDS AMUNDI JAPAN JOHN HANCOCK ADVISER

Firm Name Goldman Sachs Essence Securities EVA Dimensions Masterlink Securities Macquarie UOB Kay Hian BOCOM International Holdings China International Capital Corp Jefferies BNP Paribas Equity Research Standard Chartered First Shanghai Securities Ltd Hua Tai Securities Co., Ltd Deutsche Bank SWS Research Co Ltd Guotai Junan Bank of China International

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CAROL JIN XU HAITAO TIMOTHY STANISH LI XIN LAURA SHI WANG AOCHAO HE WEI BIN GUAN JACK LU GORDON WAI DUKE SUTTIKULPANICH ZHANG ZHIBIN YUNFENG FAN DAVID HURD SHI MING GRACE LIU NI XIAOMAN

Source Co File Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral/cautious buy overweight hold outperform hold neutral hold underperform hold outperform buy buy buy neutral accumulate hold

Amt Held 3'698'660'874 1'563'312'141 49'380'000 47'523'153 43'734'993 38'156'000 30'600'813 29'928'000 27'302'000 11'432'000 8'172'000 7'463'500 5'088'715 4'652'000 4'200'000 3'808'000 3'000'000 3'000'000 2'900'000 2'892'000

% Out 52.65 22.26 0.7 0.68 0.62 0.54 0.44 0.43 0.39 0.16 0.12 0.11 0.07 0.07 0.06 0.05 0.04 0.04 0.04 0.04

Weighting

Change 3 5 5 3 5 3 3 3 1 3 5 5 5 5 3 4 3

D M M M M M M M M M M M M N M M M

Latest Chg 23'880'000 (86'714'000) (155'116) 21'628'000 11'432'000 590'000 (2'500'000) 754'000 2'900'000 -

Target Price 1 2 #N/A N/A 2 2 2 2 2 2 2 2 2 2 2 2 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 30.04.2013 30.06.2013 31.12.2012 30.06.2013 30.06.2013 07.08.2013 30.06.2013 28.03.2013 30.06.2011 06.08.2013 06.08.2013 30.06.2013 31.08.2012 31.03.2013 31.07.2013 28.06.2013 25.01.2012 30.06.2013

Date 12 month 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided Not Provided Not Provided

Inst Type Government Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.08.2013 31.07.2013 06.06.2013 04.06.2013 08.05.2013 22.04.2013 02.04.2013 29.03.2013 28.03.2013 15.03.2013 01.03.2013 28.12.2012 26.10.2012 06.09.2012 26.08.2011 10.03.2011 22.03.2010

08.08.2013

Acron JSC Acron JSC is a vertically integrated Russian mineral fertilizer producer with a diversified product portfolio consisting of multi-nutrient fertilizers such as NPK and bulk blends, as well as straight nitrogen based products such as urea, ammonium nitrate and UAN.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKRN RM EQUITY YTD Change AKRN RM EQUITY YTD % CHANGE

12/2012 03/yy 1'555.00 1'007.00 3'944.00 1045.6 -32.80% 3.83% 9.78% 40.5 42'382.35 62'214.00 0.0 15'698.0 49'533.00 72'416.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

1400

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.0 M

0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 43'131.6 0.98x 17'400.2 2.44x 9'340.4 1.38x

1600

31.12.2009 31.12.2010 37'541.7 46'737.7 1.85x 1.85x 6'899.8 10'396.8 10.08x 8.30x 7'081.4 5'584.1 5.29x 8.82x Profitability

LTM-4Q 31.12.2011 65'431.0 1.51x 29'554.0 3.35x 18'329.0 3.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 71'112.0 1.20x 20'390.0 4.17x 14'195.0 3.99x 20'390.00 18'420.00 25.90% 26.66% 8.12% 19.37% 10.11% 0.49% 43.1% 29.9% 26.7% 20.0% 2.25 1.56 39.72% 98.10% 24.47 3.72

Price/ Cash Flow

LTM

03/yy 69'986.8 5.33x 30'347.4 3.06x 19'756.7 3.05x

03/yy 69'251.0 5.14x 20'688.0 4.04x 11'444.0 4.72x

FY+1

.0 M a-13

0.84 6.23 -16.53% -21.50% 0.840 20 4.300 17'168 18'438 16'015 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 70'505.2 71'373.9 1.40x 1.55x 17'584.4 15'748.3 4.12x 4.60x 10'315.2 8'258.2 4.33x 5.71x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.70 3.70 0.68 3.04 98.1% 44.0% 0.49 1.62 14.92 98.04 30.45 84.21

Sales/Revenue/Turnover

25.00

80'000.0 70'000.0

20.00

60'000.0 50'000.0

15.00

40'000.0 10.00

30'000.0 20'000.0

5.00

0.00 03.01.2010

10'000.0 0.0 03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Acron JSC Holdings By:

All

Holder Name AKRONAGROSERVICE REFKO HOLDINGS LTD QUESTAR HOLDINGS LTD GRANADILLA HOLDINGS AGROBERRY VENTURES L EAST CAPITAL ASSET M URALSIB JSC NORGES BANK VANGUARD GROUP INC HANDELSBANKEN FONDER ANTONOV IVAN NIKOLAE ALLIANZ INVESTMENTS PICTET FUNDS KUNITSKY VLADIMIR YA GUSTAVIADAVEGARDH FO CLARIDEN SICAV POPOV ALEXANDER JULIUS BAER MULTICOO UNION BANCAIRE PRIVE BARCLAYS MULTI-MANAG

Firm Name BCS UBS Infina Investment Company Nomos Bank UFS-Finance Investment Company VTB Capital Uralsib Otkritie Capital EVA Dimensions Energocapital Brokerage Deutsche Bank Renaissance Capital RMG Securities Veles Capital HSBC Gazprombank Credit Suisse Raiffeisenbank AG Alfa-Bank Grandis Capital

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst OLEG PETROPAVLOVSKIY KIRILL TACHENNIKOV JULIA GAPON YURI VOLOV ANNA MILOSTNOVA KEVIN WHYTE ARTEM EGORENKOV DENIS GABRIELIK TIMOTHY STANISH Alexander Ignatyuk BOB KOMMERS BORIS KRASNOJENOV ELENA SADOVSKAYA VASILIY TANURKOV YONAH WEISZ ALEKSEI ASTAPOV MIKHAIL PRIKLONSKY KONSTANTIN YUMINOV MARIA BOVYKINA DMITRY TEREKHOV

Source Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG Co File MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG

Recommendation sell buy hold buy buy buy buy buy buy hold buy buy buy buy neutral overweight neutral buy overweight buy

Amt Held 9'432'262 8'033'839 7'681'193 6'323'304 2'772'526 635'179 151'772 117'027 80'528 56'084 32'022 27'342 25'000 14'998 14'000 13'420 12'971 10'244 9'451 7'900

% Out 23.27 19.82 18.95 15.6 6.84 1.57 0.37 0.29 0.2 0.14 0.08 0.07 0.06 0.04 0.03 0.03 0.03 0.03 0.02 0.02

Weighting

Change 1 5 3 5 5 5 5 5 5 3 5 5 5 5 3 5 3 5 5 5

D M M M M U M M M N M M M M M M M N M N

Latest Chg (55'782) 46'618 (2'570) (10'000) 14'000 (720) 5'000 1'800

Target Price 1'022 1'749 2'230 1'905 1'886 1'626 2'037 1'863 #N/A N/A 1'690 1'800 1'676 1'736 3'030 1'600 1'700 1'340 2'325 1'660 3'309

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.05.2012 31.12.2012 31.03.2013 31.07.2013 31.12.2012 30.12.2011 31.03.2013 31.12.2012 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.12.2012 28.06.2013

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Unclassified Holding Company n/a Unclassified n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 07.08.2013 31.07.2013 18.07.2013 12.07.2013 12.07.2013 05.07.2013 20.06.2013 10.06.2013 06.06.2013 03.06.2013 29.05.2013 29.05.2013 29.04.2013 19.04.2013 17.04.2013 17.04.2013 03.04.2013 27.03.2013 12.03.2013 25.01.2012

08.08.2013

Agrium Inc Agrium Inc. supplies nitrogen, potash and phosphate for agricultural, products. The Company's products include industrial salt, edible salt, purple azo dye salt.

Price/Volume 40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (06.08.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGU CN EQUITY YTD Change AGU CN EQUITY YTD % CHANGE

12/2012 03/yy 116.38 83.46 826'757.00 86.5 -25.67% 3.65% 9.25% 149.4 12'923.94 3'961.00 0.0 4.0 726.00 15'755.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 a-12

31.12.2009 31.12.2010 9'129.0 10'743.0 1.15x 1.55x 941.0 1'470.0 11.15x 11.34x 366.0 713.0 23.92x 19.92x Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

LTM-4Q 31.12.2011 15'470.0 0.75x 2'706.0 4.30x 1'371.0 6.96x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 16'686.0 1.08x 2'715.0 6.66x 1'494.0 10.53x 2'715.00 2'271.00 13.61% 12.54% 9.17% 21.83% 15.94% 1.01% 26.9% 16.4% 13.5% 9.0% 1.54 0.53 24.79% 57.27% 6.58 2.82

Price/ Cash Flow

03/yy 6'112.2 48.01x 0.0 0.00x 2'220.8 22.85x

LTM 03/yy 7'888.8 31.92x 0.0 0.00x 2'360.9 19.81x

FY+1

1.81 1.22 148.90 5.21 -8.61% -11.80% 1.218 28 4.107 1'298'005 982'452 892'629 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 16'748.9 17'404.8 3'225.5 3'257.5 0.90x 0.84x 4.94x 4.72x 2'482.1 2'490.9 447.5 499.5 6.35x 6.33x 6.25x 6.24x 1'329.8 1'293.3 209.1 245.8 9.08x 9.17x 9.14x 9.08x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.11.2005 BBB STABLE 10.12.2004 NR 21.05 11.11 1.25 1.47 57.3% 36.4% 1.01 5.10 55.49 129.23 139.01 41.94

Sales/Revenue/Turnover

100.00

9'000.0

90.00

8'000.0

80.00

7'000.0

70.00

6'000.0

60.00

5'000.0

50.00

4'000.0

40.00

3'000.0

30.00

2'000.0

20.00

1'000.0

10.00 0.00 01.01.2010

s-12

Fiscal Year Ended 31.12.2008 10'031.0 0.74x 2'380.0 3.13x 1'322.0 3.54x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-13

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Agrium Inc Holdings By:

All

Holder Name BLACKROCK SINOCHEM CORP SINOFERT HOLDINGS LT CHINA CINDA ASSET MA CHINA CONSTRUCTION B CHINA HUARONG ASSET CHINA LIFE INSURANCE GUANGZHOU HUAMEI FEN WANG YIHONG E FUND MANAGEMENT BEIJING HUABEI POWER CHINA ASSET MANAGEME YINHUA FUND MANAGEME SWS MU FUND MANAGEME RONGTONG FUND MANAGE HARVEST FUND MANAGEM UBS SDIC FUND MANAGE CHINA SOUTHERN FUND HUATAI-PINEBRIDGE FU MORGAN STANLEY

Firm Name BMO Capital Markets SWS Research Co Ltd PingAn Securities Everbright Securities Co., Ltd Capital Securities Corp Bank of China International China International Capital Corp Citic Securities Co., Ltd Industrial Securities China Minzu Securities Co Ltd Tebon Securities Co Ltd Central China Securities China Investment Securities Founder Securities China Securities Co., Ltd Rising Securities Co.,LTD

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst CAROL JIN DENG JIAN YAN ZHUBING WANG XIXIN ZHENG CHUNMING NI XIAOMAN BIN GUAN YIN XIAODONG ZHENG FANGBIAO YU WALI LI XIANGFENG LI LINLIN LIANG HAO ZHENGHUA ZHANG LIANG BIN TEAM COVERAGE

Source Co File Co File Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation Sell/Cautious outperform buy buy hold hold accumulate buy buy buy outperform add strong buy add add outperform

Amt Held 492'901'654 238'791'954 142'260'369 115'702'308 62'004'881 32'909'977 32'190'525 29'679'406 28'932'924 13'456'798 11'952'157 10'264'119 10'221'104 10'037'840 7'839'118 5'061'392 3'864'692 2'982'532 2'922'107 2'310'068

% Out 30.99 15.01 8.94 7.27 3.9 2.07 2.02 1.87 1.82 0.85 0.75 0.65 0.64 0.63 0.49 0.32 0.24 0.19 0.18 0.15

Weighting

Change 1 5 5 5 3 3 4 5 5 5 5 4 5 4 4 5

D M M M M D D M M M M M N N M N

Latest Chg (2'388'072) 6'807'320 (1'514'636) 4'681'710 (314'075) (3'548'953) 3'789'021 (114'391) -

Target Price 9 #N/A N/A #N/A N/A 33 29 67 #N/A N/A #N/A N/A #N/A N/A 48 70 #N/A N/A #N/A N/A #N/A N/A 71 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Other Government Corporation Government Government Government Government Investment Advisor n/a Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 07.08.2013 02.08.2013 24.06.2013 21.04.2013 11.03.2013 14.01.2013 07.01.2013 25.06.2012 27.04.2012 14.02.2012 01.01.2012 20.12.2011 07.09.2011 19.06.2011 08.12.2010 31.08.2010

08.08.2013

China BlueChemical Ltd China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company other chemical products. The Company's products include urea and pentaerythritol that is used for the manufacturing of synthetic resin, pesticides, and industrial dynamite.

Price/Volume 14

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-13

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3983 HK EQUITY YTD Change 3983 HK EQUITY YTD % CHANGE

12/2012 03/yy 5.87 3.58 3'631'273.00 3.77 -35.78% 5.31% 3.06% 1'771.0 17'379.70 23.10 0.0 1'417.3 2'603.99 12'555.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 6'811.8 1.48x 2'522.0 3.99x 1'608.5 8.00x

31.12.2009 31.12.2010 5'794.6 6'867.3 3.19x 3.06x 1'989.2 2'397.5 9.29x 8.77x 984.7 1'175.3 19.92x 18.89x Profitability

31.12.2011 9'756.3 2.15x 3'547.5 5.92x 1'985.8 11.09x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 10'739.2 1.69x 3'450.0 5.25x 1'810.5 10.73x 3'449.96 2'663.96 24.81% 24.28% 10.78% 14.29% 13.92% 0.64% 30.8% 32.1% 24.8% 16.9% 2.33 1.25 0.13% 0.17% 52.36 4.73

Price/ Cash Flow

LTM-4Q

LTM

03/yy

03/yy -

FY+1 -

5.04 1.05 1'663.77 -20.58% -24.71% 1.046 18 4.333 4'321'856 6'480'859 5'683'325 FY+2

12/13 Y 12/14 Y 11'934.5 12'511.5 0.97x 0.87x 3'825.0 4'076.6 3.28x 3.08x 1'932.7 1'998.9 7.05x 6.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

163.19 89.29 -0.75 0.01 0.2% 0.2% 0.64 1.05 6.99 77.45 17.36 67.08

Sales/Revenue/Turnover

1'400.00

25'000.0

1'200.00

20'000.0

1'000.00

15'000.0

800.00 600.00

10'000.0

400.00

5'000.0 200.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

China BlueChemical Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF BJ HENGFENG RONGSHEN BJ SHENGSHI MEILIN I XA CHANGKE INVEST MG BOSERA NEW GROWTH FU PINGAN TRUST CO LTD HUAAN INNOVATION FUN E FUND MANAGEMENT CHINA LIFE INSURANCE E FUND SI100 INDEX F YINHUA FUND MANAGEME HARVEST FUND MANAGEM RONGTONG FUND MANAGE TONGLI SERIES FUND-I NEW CHINA FUND MANAG CQ YUXINTONG SINGLE FULLGOAL FUND MANAGE PING AN LIFE INSURAN HUAAN FUND MANAGEMEN UBS SDIC FUND MANAGE

Firm Name Jefferies Hong Yuan Securities PingAn Securities Everbright Securities Co., Ltd SWS Research Co Ltd Bank of China International China Merchants Securities Tebon Securities Co Ltd Industrial Securities Great Wall Securities China Minzu Securities Co Ltd Rising Securities Co.,LTD China Investment Securities Guodu Securities Co Ltd Founder Securities AJ Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CAROL JIN YANMING ZHANG WU YING CHENG LEI SHAWN ZHOU SU WENJIE LU PING LI XIANGFENG ZHENG FANGBIAO LING XUELIANG YU WALI SONG HUAISONG LIANG HAO WANG SHUANG ZHENGHUA ZHANG XIN ZHANG

Source Co File Co File Co File Co File EXCH EXCH EXCH MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG

Recommendation neutral/cautious add buy buy outperform buy strong buy outperform buy buy buy outperform strong buy strong buy add buy

Amt Held 151'313'890 37'107'966 36'964'692 22'923'840 20'950'558 18'545'635 17'914'701 12'014'825 11'550'641 10'837'976 10'370'576 9'545'260 9'295'324 7'580'799 6'920'274 6'847'513 6'827'169 6'455'316 5'826'031 4'347'662

% Out 16.85 4.13 4.12 2.55 2.33 2.07 2 1.34 1.29 1.21 1.16 1.06 1.04 0.84 0.77 0.76 0.76 0.72 0.65 0.48

Weighting

Change 3 4 5 5 5 5 5 5 5 5 5 5 5 5 4 5

M M M M M M U M M M M M M N M M

Latest Chg (1'052'493) 5'309'508 (249'367) 1'314'681 (1'826'356) 5'064'637 3'738'207 4'194'988

Target Price 7 #N/A N/A #N/A N/A 15 #N/A N/A 8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A #N/A N/A 21 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 10.01.2012 10.01.2012 10.01.2012 31.12.2012 31.12.2012 10.01.2012 31.12.2012 31.12.2012 31.12.2012 10.01.2012 31.12.2012 31.12.2012 31.12.2012 10.01.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 6 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor n/a Other n/a Investment Advisor Government n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 18.07.2013 08.07.2013 24.06.2013 21.04.2013 19.03.2013 14.01.2013 23.07.2012 25.06.2012 24.04.2012 16.04.2012 14.02.2012 09.01.2012 07.09.2011 07.03.2011 30.06.2010 04.01.2010

08.08.2013

Sinofert Holdings Ltd Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company fertilizers, including urea, liquid ammonia, and compound fertilizers. Through its subsidiaries, the Company also manufactures petrochemical products and operates restaurants.

Price/Volume 9

60.0 M

50.0 M

7 6

40.0 M

12/2012 03/yy 2.19 1.18 14'574'400.00 1.19 -45.66% 0.85% 1.98% 7'024.5 8'359.10 4'705.26 0.0 320.9 1'192.88 10'431.62

20.0 M

10.0 M

1 0 a-12

s-12

o-12

31.12.2008 45'392.9

31.12.2009 27'010.7

1'897.7

(2'200.4)

1'912.6

(1'443.8)

31.12.2010 29'271.1 1.07x 664.6 46.94x 535.7 44.67x

31.12.2011 36'685.0 0.44x 1'180.1 13.75x 678.0 18.30x

31.12.2012 41'190.1 0.35x 1'387.1 10.42x 878.4 12.10x

LTM-4Q

LTM

03/yy

03/yy -

Profitability EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'387.05 916.45 2.22% 2.48% 3.21% 6.55% 6.67% 1.50% 5.8% 3.4% 2.2% 2.1% 1.26 0.26 17.82% 34.09% 28.73 6.05

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M a-13

j-13

FY+1 -

1.99 1.34 1'762.48 -22.04% -35.72% 1.340 16 3.875 19'801'300 10'564'120 9'935'349 FY+2

12/13 Y 12/14 Y 41'875.9 43'457.9 0.27x 0.25x 1'448.5 1'578.0 7.20x 6.61x 859.4 1'008.4 7.51x 6.48x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

3.77 2.74 2.53 3.39 34.1% 25.0% 1.50 9.32 12.74 60.54 44.12 29.16

Sales/Revenue/Turnover

40.00

40'000.0

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 01.01.2010

n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 297 HK EQUITY YTD Change 297 HK EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Sinofert Holdings Ltd Holdings By:

All

Holder Name SINOCHEM CORP ZJ CITIC SECURITIES CHANGSHENG FUND MANA E FUND MANAGEMENT CHINA INTERNATIONAL RONGTONG FUND MANAGE UBS SDIC FUND MANAGE YINHUA FUND MANAGEME INVESCO GREAT WALL F SOCIAL SECURITY FUND GUOTAI JUNAN SECURIT FORTUNE SGAM FUND MA BAOYING FUND MANAGEM HFT INVESTMENT MANAG HARVEST FUND MANAGEM CHINA NATURE ASSET M CHINA MERCHANTS FUND EVERBRIGHT PRAMERICA HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN

Firm Name Goldman Sachs Northeast Securities Co Ltd EVA Dimensions Rising Securities Co.,LTD Guotai Junan Citic Securities Co., Ltd Guodu Securities Co Ltd China Minzu Securities Co Ltd China Investment Securities PingAn Securities Central China Securities China Securities Co., Ltd China Galaxy Securities

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KAISHENG LIN WEIGANG WANG TIMOTHY STANISH HOU SHIXIA WANG GANG HUANG LILI WANG SHUANG QI QIUSHI ZHEJIAN SONG WU YING LI LINLIN LIANG BIN LI GUOHONG

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral sell outperform buy hold buy add buy strong buy add add buy

Amt Held 613'930'000 17'128'708 11'546'688 10'843'546 9'215'107 6'963'405 6'872'492 6'675'088 6'415'266 6'100'000 5'737'285 5'621'034 5'500'089 5'095'669 4'773'374 4'284'900 3'404'481 3'181'480 2'764'156 2'214'005

% Out 51.14 1.43 0.96 0.9 0.77 0.58 0.57 0.56 0.53 0.51 0.48 0.47 0.46 0.42 0.4 0.36 0.28 0.27 0.23 0.18

Weighting

Change 5 3 1 5 5 3 5 4 5 5 4 4 5

M M M N M M M M M U M M N

Latest Chg 11'355'534 (807'290) 7'423'833 (184'627) 6'475'476 2'017'039 6'415'266 5'526'544 1'704'440 4'708'932 (3'370'291) 3'884'900 3'287'501 2'114'889

Target Price #N/A N/A 8 #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A 15 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 27.06.2013 06.06.2013 27.03.2013 26.03.2013 25.12.2012 11.06.2012 01.03.2012 02.12.2011 18.11.2010 17.11.2010 02.12.2009 20.12.2008

08.08.2013

Luxi Chemical Group Co Ltd Luxi Chemical Group Co., Ltd. manufactures and markets a variety of fertilizers and other chemical products. The Company's products include urea, synthetic ammonia, and ammonium acid carbonate.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000830 CH EQUITY YTD Change 000830 CH EQUITY YTD % CHANGE

Price/Volume

12/2012 01/yy 5.17 3.24 17'255'770.00 3.72 -28.05% 14.81% 22.28% 1'464.9 5'449.28 7'936.73 0.0 0.0 926.93 12'752.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 6'791.9 0.91x 892.9 6.91x 229.5 16.27x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 6'446.5 7'646.4 1.51x 1.50x 667.2 894.5 14.55x 12.82x 140.2 212.0 47.38x 30.70x Profitability

LTM-4Q 31.12.2011 9'296.1 1.52x 1'492.4 9.48x 423.4 19.64x

31.12.2012 10'209.5 1.26x 1'403.6 9.17x 338.6 17.32x 1'403.65 655.88 6.42% 4.26% 2.53% 7.24% 0.65% 11.9% 7.3% 3.3% 0.35 0.12 49.84% 149.65% 210.98 5.68

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.01 836.25 -16.59% -7.00% 1.005 3 4.667 14'619'100 15'660'850 15'317'190 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.09 -2.36 149.6% 59.9% 0.65 0.85 1.73 64.27 70.10 -4.30

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'115.0 16'887.0 2'199.0 2'663.0 5.80x 4.79x 604.0 807.0 9.47x 7.11x S&P Issuer Ratings

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Luxi Chemical Group Co Ltd Holdings By:

All

Holder Name SHANDONG LIAOCHENG L SHENZHEN JUNYI HENGT TIBET AUTO REG INVES YONG ZHU SD DONGXIN INVEST CO FIRST-TRUST FUND MAN CHANGJIANG SERCURITI TAIKANG LIFE INSURAN ZHANG KAI MAANSHAN CHANGTAI IN JIA XIAOXUE CHINA SOUTHERN FUND MORGAN STANLEY HUAXI GF FUND MANAGEMENT C HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU EVERBRIGHT PRAMERICA HUAAN FUND MANAGEMEN PENGHUA FUND MANAGEM JINCHENG ZHANG

Firm Name Fortune CLSA Securities Limited Qilu Securities Co Ltd Central China Securities Sinolink Securities Co Ltd HuaChuang Securities China Galaxy Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst YANG YAN LI XUAN LI LINLIN LIU BO GAO LI LI GUOHONG

Source Co File Co File Co File Co File Co File MF-AGG Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy add buy buy buy

Amt Held 474'218'251 50'000'000 40'000'000 34'447'914 17'284'000 13'183'073 11'218'000 10'274'942 9'664'000 7'838'399 7'814'962 3'255'391 2'536'743 2'293'801 1'792'000 1'300'000 797'596 599'568 528'969 507'252

% Out 32.37 3.41 2.73 2.35 1.18 0.9 0.77 0.7 0.66 0.54 0.53 0.22 0.17 0.16 0.12 0.09 0.05 0.04 0.04 0.03

Weighting

Change 5 5 4 5 5 5

M M M M M M

Latest Chg 10'083'239 255'723 2'536'743 803'851 1'773'500 1'300'000 797'596 93'025 (70'101) -

Target Price 7 #N/A N/A #N/A N/A #N/A N/A 8 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided Not Provided 6 month Not Provided

Inst Type Corporation Other Government n/a Other Investment Advisor Other Insurance Company n/a Other n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 07.06.2013 28.01.2013 23.11.2012 25.05.2012 22.11.2011 20.07.2010

08.08.2013

Qinghai Salt Lake Industry Co Ltd Qinghai Salt Lake Industry Co., Ltd. develops, manufactures, and markets salt products. The Company's products include industrial salt, edible salt, purple azo dye salt.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000792 CH EQUITY YTD Change 000792 CH EQUITY YTD % CHANGE

12/2012 01/yy 35.85 15.60 6'663'871.00 16.82 -53.08% 7.82% 6.47% 1'590.5 26'752.36 18'110.02 0.0 1'758.3 2'166.01 45'789.47

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 3'909.5 11.44x 2'903.3 15.40x 1'353.6 32.40x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 4'227.2 5'452.1 10.78x 10.05x 2'271.9 2'691.6 20.06x 20.36x 1'229.7 2'268.3 35.62x 22.41x Profitability

LTM-4Q 31.12.2011 6'314.3 9.46x 3'168.4 18.85x 2'481.1 17.84x

31.12.2012 7'811.2 7.72x 3'207.1 18.81x 2'524.3 16.89x 3'207.12 2'682.41 34.34% 41.22% 6.06% 15.54% 0.20% 51.3% 30.3% 32.3% 1.22 0.57 42.67% 113.68% 3.50 2.22

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.09 435.33 -51.79% -36.04% 1.085 7 3.714 9'863'820 8'329'453 7'383'841 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.24 -6.21 113.7% 50.6% 0.20 0.31 104.39 164.47 227.45 79.33

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 7'887.0 8'972.0 1'637.0 1'901.0 3'589.0 3'139.0 12.76x 14.59x 2'223.2 2'290.8 12.41x 11.82x S&P Issuer Ratings

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Qinghai Salt Lake Industry Co Ltd Holdings By:

All

Holder Name QINGHAI STE OWNED AS SINOCHEM CORP SINOFERT HOLDINGS LT CHINA CINDA ASSET MA CHINA CONSTRUCTION B CHINA HUARONG ASSET CHINA LIFE INSURANCE GUANGZHOU HUAMEI FEN WANG YIHONG E FUND MANAGEMENT BEIJING HUABEI POWER CHINA ASSET MANAGEME YINHUA FUND MANAGEME SWS MU FUND MANAGEME RONGTONG FUND MANAGE HARVEST FUND MANAGEM UBS SDIC FUND MANAGE CHINA SOUTHERN FUND HUATAI-PINEBRIDGE FU MORGAN STANLEY

Firm Name Goldman Sachs SWS Research Co Ltd PingAn Securities Everbright Securities Co., Ltd Capital Securities Corp Bank of China International China International Capital Corp Citic Securities Co., Ltd Industrial Securities China Minzu Securities Co Ltd Tebon Securities Co Ltd Central China Securities China Investment Securities Founder Securities China Securities Co., Ltd Rising Securities Co.,LTD

Analyst CAROL JIN DENG JIAN YAN ZHUBING WANG XIXIN ZHENG CHUNMING NI XIAOMAN BIN GUAN YIN XIAODONG ZHENG FANGBIAO YU WALI LI XIANGFENG LI LINLIN LIANG HAO ZHENGHUA ZHANG LIANG BIN TEAM COVERAGE

Source Co File Co File Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation Sell/Cautious outperform buy buy hold hold accumulate buy buy buy outperform add strong buy add add outperform

% Out 30.99 15.01 8.94 7.27 3.9 2.07 2.02 1.87 1.82 0.85 0.75 0.65 0.64 0.63 0.49 0.32 0.24 0.19 0.18 0.15

Weighting

Change 1 5 5 5 3 3 4 5 5 5 5 4 5 4 4 5

D M M M M D D M M M M M N N M N

Latest Chg (2'388'072) 6'807'320 (1'514'636) 4'681'710 (314'075) (3'548'953) 3'789'021 (114'391) -

Target Price 9 #N/A N/A #N/A N/A 33 29 67 #N/A N/A #N/A N/A #N/A N/A 48 70 #N/A N/A #N/A N/A #N/A N/A 71 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 07.08.2013 02.08.2013 24.06.2013 21.04.2013 11.03.2013 14.01.2013 07.01.2013 25.06.2012 27.04.2012 14.02.2012 01.01.2012 20.12.2011 07.09.2011 19.06.2011 08.12.2010 31.08.2010

08.08.2013

Hubei Yihua Chemical Industry Co Ltd Hubei Yihua Chemical Industry Co., Ltd. manufactures and sells fertilizers and other chemical products. The Company's products include urea and pentaerythritol that is used for the manufacturing of synthetic resin, pesticides, and industrial dynamite.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.08.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000422 CH EQUITY YTD Change 000422 CH EQUITY YTD % CHANGE

12/2012 01/yy 13.17 6.09 18'214'917.00 6.95 -47.23% 14.12% 10.03% 897.9 6'240.17 17'889.48 0.0 1'636.5 1'539.28 23'391.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 7'118.6 1.39x 1'080.3 9.15x 248.6 16.88x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 8'752.7 11'514.4 2.14x 1.85x 1'506.7 2'271.4 12.43x 9.38x 237.7 572.5 48.74x 17.85x Profitability

LTM-4Q 31.12.2011 17'725.6 1.35x 2'968.0 8.07x 817.7 11.70x

31.12.2012 19'273.2 1.45x 3'512.6 7.96x 866.2 11.51x 3'512.57 2'333.40 12.11% 8.32% 2.80% 13.34% 0.67% 19.3% 12.0% 4.5% 0.73 0.20 60.71% 291.15% 17.60 4.04

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.02 649.06 -45.58% -36.52% 1.021 6 4.500 13'746'750 10'381'710 12'178'520 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.28 -1.66 291.1% 69.7% 0.67 1.05 20.74 90.40 48.66 49.64

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'975.0 19'490.0 4'458.0 4'616.0 3'073.0 3'296.0 7.61x 7.10x 738.5 886.5 7.54x 6.71x S&P Issuer Ratings

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Hubei Yihua Chemical Industry Co Ltd Holdings By:

All

Holder Name HUBEI YIHUA GROUP LT BJ HENGFENG RONGSHEN BJ SHENGSHI MEILIN I XA CHANGKE INVEST MG BOSERA NEW GROWTH FU PINGAN TRUST CO LTD HUAAN INNOVATION FUN E FUND MANAGEMENT CHINA LIFE INSURANCE E FUND SI100 INDEX F YINHUA FUND MANAGEME HARVEST FUND MANAGEM RONGTONG FUND MANAGE TONGLI SERIES FUND-I NEW CHINA FUND MANAG CQ YUXINTONG SINGLE FULLGOAL FUND MANAGE PING AN LIFE INSURAN HUAAN FUND MANAGEMEN UBS SDIC FUND MANAGE

Firm Name Goldman Sachs Hong Yuan Securities PingAn Securities Everbright Securities Co., Ltd SWS Research Co Ltd Bank of China International China Merchants Securities Tebon Securities Co Ltd Industrial Securities Great Wall Securities China Minzu Securities Co Ltd Rising Securities Co.,LTD China Investment Securities Guodu Securities Co Ltd Founder Securities AJ Securities

Analyst CAROL JIN YANMING ZHANG WU YING CHENG LEI SHAWN ZHOU SU WENJIE LU PING LI XIANGFENG ZHENG FANGBIAO LING XUELIANG YU WALI SONG HUAISONG LIANG HAO WANG SHUANG ZHENGHUA ZHANG XIN ZHANG

Source Co File Co File Co File Co File EXCH EXCH EXCH MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG

Recommendation neutral/cautious add buy buy outperform buy strong buy outperform buy buy buy outperform strong buy strong buy add buy

% Out 16.85 4.13 4.12 2.55 2.33 2.07 2 1.34 1.29 1.21 1.16 1.06 1.04 0.84 0.77 0.76 0.76 0.72 0.65 0.48

Weighting

Change 3 4 5 5 5 5 5 5 5 5 5 5 5 5 4 5

M M M M M M U M M M M M M N M M

Latest Chg (1'052'493) 5'309'508 (249'367) 1'314'681 (1'826'356) 5'064'637 3'738'207 4'194'988

Target Price 7 #N/A N/A #N/A N/A 15 #N/A N/A 8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A #N/A N/A 21 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 6 month Not Provided Not Provided

Date 18.07.2013 08.07.2013 24.06.2013 21.04.2013 19.03.2013 14.01.2013 23.07.2012 25.06.2012 24.04.2012 16.04.2012 14.02.2012 09.01.2012 07.09.2011 07.03.2011 30.06.2010 04.01.2010

08.08.2013

Liaoning Huajin Tongda Chemicals Co Ltd Liaoning Huajin Tongda Chemicals Company Ltd. manufactures and markets fertilizers, including urea, liquid ammonia, and compound fertilizers. Through its subsidiaries, the Company also manufactures petrochemical products and operates restaurants.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (8/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000059 CH EQUITY YTD Change 000059 CH EQUITY YTD % CHANGE

12/2012 01/yy 8.10 4.36 6'354'018.00 4.69 -42.10% 7.57% 9.09% 1'200.5 5'630.38 18'876.46 0.0 65.3 4'018.38 21'509.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 3'662.0 3.14x 930.5 12.34x 384.8 15.88x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 2'881.0 22'354.1 9.83x 1.27x 746.8 2'233.3 37.93x 12.75x 207.4 412.7 67.28x 33.72x Profitability

LTM-4Q 31.12.2011 35'613.1 0.56x 3'018.0 6.56x 842.0 10.84x

31.12.2012 34'406.7 0.67x 2'503.4 9.23x 19.6 417.79x 2'503.38 1'180.50 3.43% 0.64% -0.78% -3.14% 1.17% 7.9% 2.7% 0.1% 0.68 0.25 57.63% 257.76% 149.68 6.03

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

1.18 557.60 -34.86% -31.13% 1.177 6 3.667 9'593'572 6'946'740 7'588'244

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(420.0) 60.0 25.35x 10.78x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.57 1.37 257.8% 71.9% 1.17 1.87 2.44 60.53 44.96 18.49

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

0.9 1.00

08.08.2013

Liaoning Huajin Tongda Chemicals Co Ltd Holdings By:

All

Holder Name BEIFANG HUAJIN CHEMI ZJ CITIC SECURITIES CHANGSHENG FUND MANA E FUND MANAGEMENT CHINA INTERNATIONAL RONGTONG FUND MANAGE UBS SDIC FUND MANAGE YINHUA FUND MANAGEME INVESCO GREAT WALL F SOCIAL SECURITY FUND GUOTAI JUNAN SECURIT FORTUNE SGAM FUND MA BAOYING FUND MANAGEM HFT INVESTMENT MANAG HARVEST FUND MANAGEM CHINA NATURE ASSET M CHINA MERCHANTS FUND EVERBRIGHT PRAMERICA HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN

Firm Name SWS Research Co Ltd Northeast Securities Co Ltd EVA Dimensions Rising Securities Co.,LTD Guotai Junan Citic Securities Co., Ltd Guodu Securities Co Ltd China Minzu Securities Co Ltd China Investment Securities PingAn Securities Central China Securities China Securities Co., Ltd China Galaxy Securities

Analyst KAISHENG LIN WEIGANG WANG TIMOTHY STANISH HOU SHIXIA WANG GANG HUANG LILI WANG SHUANG QI QIUSHI ZHEJIAN SONG WU YING LI LINLIN LIANG BIN LI GUOHONG

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral sell outperform buy hold buy add buy strong buy add add buy

% Out 51.14 1.43 0.96 0.9 0.77 0.58 0.57 0.56 0.53 0.51 0.48 0.47 0.46 0.42 0.4 0.36 0.28 0.27 0.23 0.18

Weighting

Change 5 3 1 5 5 3 5 4 5 5 4 4 5

M M M N M M M M M U M M N

Latest Chg 11'355'534 (807'290) 7'423'833 (184'627) 6'475'476 2'017'039 6'415'266 5'526'544 1'704'440 4'708'932 (3'370'291) 3'884'900 3'287'501 2'114'889

Target Price #N/A N/A 8 #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A 15 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 27.06.2013 06.06.2013 27.03.2013 26.03.2013 25.12.2012 11.06.2012 01.03.2012 02.12.2011 18.11.2010 17.11.2010 02.12.2009 20.12.2008

08.08.2013

Saudi Arabian Fertilizer Co SAFCO (Saudi Arabian Fertilizer Company) manufactures agricultural supplies. and other chemical products. The Company's products include urea, synthetic ammonia, and ammonium acid carbonate.

Price/Volume

12/2012 01/yy 161.50 137.25 401'230.00 147.75 -8.51% 7.65% 43.30% 333.3 49'248.77 40.00 0.0 0.0 3'594.03 46'082.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 5'235.8 3.69x 4'575.7 4.23x 4'279.8 5.24x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 2'740.7 3'789.5 10.17x 10.04x 1'960.1 2'920.6 14.22x 13.02x 1'804.3 3'234.6 16.77x 13.62x Profitability

LTM-4Q 31.12.2011 5'051.2 8.09x 3'988.5 10.25x 4'109.8 10.71x

31.12.2012 4'980.4 9.48x 3'869.4 12.20x 3'866.2 13.13x 3'869.43 3'521.57 70.71% 41.95% 47.26% 0.53% 72.5% 78.2% 71.0% 77.6% 7.34 6.50 0.40% 0.45% 3.55

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

0.77 132.79 12.78% 5.00% 0.768 16 3.438 242'410 207'191 206'979 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1086.61 925.64 -0.82 0.00 0.5% 0.4% 0.53 1.39 102.82 -

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'925.5 5'268.4 1'379.5 1'597.0 9.46x 8.84x 3'806.9 3'821.9 901.0 12.11x 12.06x 3'816.6 4'004.2 12.87x 12.36x S&P Issuer Ratings

0.1 0.0 2001

0.00

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08.08.2013

Saudi Arabian Fertilizer Co Holdings By:

All

Holder Name SAUDI BASIC INDUSTRI SHENZHEN JUNYI HENGT TIBET AUTO REG INVES YONG ZHU SD DONGXIN INVEST CO FIRST-TRUST FUND MAN CHANGJIANG SERCURITI TAIKANG LIFE INSURAN ZHANG KAI MAANSHAN CHANGTAI IN JIA XIAOXUE CHINA SOUTHERN FUND MORGAN STANLEY HUAXI GF FUND MANAGEMENT C HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU EVERBRIGHT PRAMERICA HUAAN FUND MANAGEMEN PENGHUA FUND MANAGEM JINCHENG ZHANG

Firm Name JPMorgan Qilu Securities Co Ltd Central China Securities Sinolink Securities Co Ltd HuaChuang Securities China Galaxy Securities

Analyst YANG YAN LI XUAN LI LINLIN LIU BO GAO LI LI GUOHONG

Source Co File Co File Co File Co File Co File MF-AGG Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File

Recommendation buy buy add buy buy buy

% Out 32.37 3.41 2.73 2.35 1.18 0.9 0.77 0.7 0.66 0.54 0.53 0.22 0.17 0.16 0.12 0.09 0.05 0.04 0.04 0.03

Weighting

Change 5 5 4 5 5 5

M M M M M M

Latest Chg 10'083'239 255'723 2'536'743 803'851 1'773'500 1'300'000 797'596 93'025 (70'101) -

Target Price 7 #N/A N/A #N/A N/A #N/A N/A 8 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided Not Provided 6 month Not Provided

Date 07.06.2013 28.01.2013 23.11.2012 25.05.2012 22.11.2011 20.07.2010

08.08.2013

Agrium Inc Agrium Inc. supplies nitrogen, potash and phosphate for agricultural, products. The Company's products include industrial salt, edible salt, purple azo dye salt.

Price/Volume

12/2012 01/yy 116.38 83.46 826'757.00 86.5 -25.67% 3.65% 9.25% 149.4 12'923.94 3'961.00 0.0 4.0 726.00 15'755.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 10'031.0 0.74x 2'380.0 3.13x 1'322.0 3.54x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 9'129.0 10'743.0 1.15x 1.55x 941.0 1'470.0 11.15x 11.34x 366.0 713.0 23.92x 19.92x Profitability

LTM-4Q 31.12.2011 15'470.0 0.75x 2'706.0 4.30x 1'371.0 6.96x

31.12.2012 16'686.0 1.08x 2'715.0 6.66x 1'494.0 10.53x 2'715.00 2'271.00 13.61% 12.54% 9.17% 21.83% 15.94% 1.01% 26.9% 16.4% 13.5% 9.0% 1.54 0.53 24.79% 57.27% 6.58 2.82

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

1.81 1.22 148.90 5.21 -8.61% -11.80% 1.218 28 4.107 1'298'005 982'452 892'629 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

21.05 11.11 1.25 1.47 57.3% 36.4% 1.01 5.10 55.49 129.23 139.01 41.94

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

24.11.2005 BBB STABLE 10.12.2004 NR

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Agrium Inc Holdings By:

All

Analyst CAROL JIN DENG JIAN YAN ZHUBING WANG XIXIN ZHENG CHUNMING NI XIAOMAN BIN GUAN YIN XIAODONG ZHENG FANGBIAO YU WALI LI XIANGFENG LI LINLIN LIANG HAO ZHENGHUA ZHANG LIANG BIN TEAM COVERAGE

Source Co File Co File Co File Co File Co File Co File ULT-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation Sell/Cautious outperform buy buy hold hold accumulate buy buy buy outperform add strong buy add add outperform

% Out 30.99 15.01 8.94 7.27 3.9 2.07 2.02 1.87 1.82 0.85 0.75 0.65 0.64 0.63 0.49 0.32 0.24 0.19 0.18 0.15

Weighting

Change 1 5 5 5 3 3 4 5 5 5 5 4 5 4 4 5

D M M M M D D M M M M M N N M N

Latest Chg (2'388'072) 6'807'320 (1'514'636) 4'681'710 (314'075) (3'548'953) 3'789'021 (114'391) -

Target Price 9 #N/A N/A #N/A N/A 33 29 67 #N/A N/A #N/A N/A #N/A N/A 48 70 #N/A N/A #N/A N/A #N/A N/A 71 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 07.08.2013 02.08.2013 24.06.2013 21.04.2013 11.03.2013 14.01.2013 07.01.2013 25.06.2012 27.04.2012 14.02.2012 01.01.2012 20.12.2011 07.09.2011 19.06.2011 08.12.2010 31.08.2010

08.08.2013

CF Industries Holdings Inc CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate other chemical products. The Company's products include urea and pentaerythritol that is used for the manufacturing of synthetic resin, pesticides, and industrial dynamite.

Price/Volume

12/2012 01/yy 233.43 169.33 1'600'375.00 189.88 -18.66% 12.14% 32.06% 57.3 10'876.83 1'605.00 0.0 380.0 2'274.90 12'405.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 3'921.1 0.45x 1'251.0 1.42x 684.6 3.84x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 2'608.4 3'965.0 1.30x 2.82x 780.8 1'301.5 4.34x 8.58x 365.6 349.2 11.05x 17.73x Profitability

LTM-4Q 31.12.2011 6'097.9 1.83x 3'160.9 3.52x 1'539.2 6.38x

31.12.2012 6'104.0 2.05x 3'332.2 3.75x 1'848.7 7.32x 3'332.20 2'912.40 47.71% 47.31% 18.37% 35.58% 23.79% 0.61% 51.0% 53.0% 45.9% 30.3% 2.95 2.62 15.79% 27.19% 18.01 10.87

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

0.84 1.30 57.00 1.67 -7.73% -6.17% 1.301 21 3.429 1'212'465 1'213'942 1'059'921 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.04 19.42 0.37 0.99 27.2% 20.3% 0.61 1.51 20.27 33.57 48.76 36.83

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

CF Industries Holdings Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BJ HENGFENG RONGSHEN BJ SHENGSHI MEILIN I XA CHANGKE INVEST MG BOSERA NEW GROWTH FU PINGAN TRUST CO LTD HUAAN INNOVATION FUN E FUND MANAGEMENT CHINA LIFE INSURANCE E FUND SI100 INDEX F YINHUA FUND MANAGEME HARVEST FUND MANAGEM RONGTONG FUND MANAGE TONGLI SERIES FUND-I NEW CHINA FUND MANAG CQ YUXINTONG SINGLE FULLGOAL FUND MANAGE PING AN LIFE INSURAN HUAAN FUND MANAGEMEN UBS SDIC FUND MANAGE

Firm Name Morgan Stanley Hong Yuan Securities PingAn Securities Everbright Securities Co., Ltd SWS Research Co Ltd Bank of China International China Merchants Securities Tebon Securities Co Ltd Industrial Securities Great Wall Securities China Minzu Securities Co Ltd Rising Securities Co.,LTD China Investment Securities Guodu Securities Co Ltd Founder Securities AJ Securities

Analyst CAROL JIN YANMING ZHANG WU YING CHENG LEI SHAWN ZHOU SU WENJIE LU PING LI XIANGFENG ZHENG FANGBIAO LING XUELIANG YU WALI SONG HUAISONG LIANG HAO WANG SHUANG ZHENGHUA ZHANG XIN ZHANG

Source Co File Co File Co File Co File EXCH EXCH EXCH MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG Co File MF-AGG EXCH MF-AGG MF-AGG

Recommendation neutral/cautious add buy buy outperform buy strong buy outperform buy buy buy outperform strong buy strong buy add buy

% Out 16.85 4.13 4.12 2.55 2.33 2.07 2 1.34 1.29 1.21 1.16 1.06 1.04 0.84 0.77 0.76 0.76 0.72 0.65 0.48

Weighting

Change 3 4 5 5 5 5 5 5 5 5 5 5 5 5 4 5

M M M M M M U M M M M M M N M M

Latest Chg (1'052'493) 5'309'508 (249'367) 1'314'681 (1'826'356) 5'064'637 3'738'207 4'194'988

Target Price 7 #N/A N/A #N/A N/A 15 #N/A N/A 8 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18 #N/A N/A #N/A N/A 21 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 6 month Not Provided Not Provided

Date 18.07.2013 08.07.2013 24.06.2013 21.04.2013 19.03.2013 14.01.2013 23.07.2012 25.06.2012 24.04.2012 16.04.2012 14.02.2012 09.01.2012 07.09.2011 07.03.2011 30.06.2010 04.01.2010

08.08.2013

Israel Chemicals Ltd Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and fertilizers, including urea, liquid ammonia, and compound fertilizers. Through its subsidiaries, the Company also manufactures petrochemical products and operates restaurants.

Price/Volume

12/2012 01/yy 5'175.00 2'757.00 1'498'797.00 2817 -45.53% 2.18% 1.74% 1'272.6 35'850.33 2'044.27 0.0 24.5 356.64 11'646.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M a-12

Market Data

Fiscal Year Ended 31.12.2008 6'904.0 1.47x 2'611.5 3.87x 2'004.2 4.44x

1 1 1 1 1 1 0 0 0 0 0

31.12.2009 31.12.2010 4'554.3 5'691.5 3.93x 4.02x 1'233.3 1'560.0 14.51x 14.65x 770.4 1'024.7 21.63x 21.18x Profitability

LTM-4Q 31.12.2011 7'067.8 2.07x 2'203.8 6.65x 1'511.8 8.70x

31.12.2012 6'672.2 2.54x 1'900.8 8.90x 1'300.5 11.67x 1'900.81 1'613.75 24.19% 22.87% 16.40% 35.49% 0.88% 41.3% 27.4% 22.7% 19.5% 1.73 0.75 26.39% 60.56% 4.97 2.93

01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 01/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

8.57 1.09 428.47 -37.56% -35.36% 1.085 18 3.556 3'685'421 2'953'331 2'389'988 FY+2

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

32.95 21.37 0.84 1.03 60.6% 37.5% 0.88 2.12 73.39 124.37 61.22 141.18

Sales/Revenue/Turnover

1.0 0.8 0.7

0.80 0.60 0.40

0.6 0.5 0.4 0.3 0.2

0.20

FQ+2

0.9 1.00

FQ+1

0.1 0.0 2001

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

08.08.2013

Israel Chemicals Ltd Holdings By:

All

Holder Name ISRAEL CORP LTD ZJ CITIC SECURITIES CHANGSHENG FUND MANA E FUND MANAGEMENT CHINA INTERNATIONAL RONGTONG FUND MANAGE UBS SDIC FUND MANAGE YINHUA FUND MANAGEME INVESCO GREAT WALL F SOCIAL SECURITY FUND GUOTAI JUNAN SECURIT FORTUNE SGAM FUND MA BAOYING FUND MANAGEM HFT INVESTMENT MANAG HARVEST FUND MANAGEM CHINA NATURE ASSET M CHINA MERCHANTS FUND EVERBRIGHT PRAMERICA HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN

Firm Name Barclays Northeast Securities Co Ltd EVA Dimensions Rising Securities Co.,LTD Guotai Junan Citic Securities Co., Ltd Guodu Securities Co Ltd China Minzu Securities Co Ltd China Investment Securities PingAn Securities Central China Securities China Securities Co., Ltd China Galaxy Securities

Analyst KAISHENG LIN WEIGANG WANG TIMOTHY STANISH HOU SHIXIA WANG GANG HUANG LILI WANG SHUANG QI QIUSHI ZHEJIAN SONG WU YING LI LINLIN LIANG BIN LI GUOHONG

Source Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral sell outperform buy hold buy add buy strong buy add add buy

% Out 51.14 1.43 0.96 0.9 0.77 0.58 0.57 0.56 0.53 0.51 0.48 0.47 0.46 0.42 0.4 0.36 0.28 0.27 0.23 0.18

Weighting

Change 5 3 1 5 5 3 5 4 5 5 4 4 5

M M M N M M M M M U M M N

Latest Chg 11'355'534 (807'290) 7'423'833 (184'627) 6'475'476 2'017'039 6'415'266 5'526'544 1'704'440 4'708'932 (3'370'291) 3'884'900 3'287'501 2'114'889

Target Price #N/A N/A 8 #N/A N/A #N/A N/A 9 #N/A N/A #N/A N/A 11 #N/A N/A #N/A N/A #N/A N/A 15 10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 27.06.2013 06.06.2013 27.03.2013 26.03.2013 25.12.2012 11.06.2012 01.03.2012 02.12.2011 18.11.2010 17.11.2010 02.12.2009 20.12.2008