Fundamental Analysis & Analysts Recommendations - Q.M.S Advisors Farming Index 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 Global Agribusiness FlexIndex July 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

15048494

2009.903

1116

203

221

102.58

110.19

15.91

14.81

18.60

Euro Stoxx 50 Pr

EUR

2506637

5265.382

4538

730

761

202.56

295.84

21.64

17.12

14.82

20.16

NIKKEI 225

JPY

2708328

192.8561

190

5.33

7.83

0.26

0.27

0.18

0.11

FTSE 100 INDEX

GBP

2620754

11454.37

10091

1401

1681

580.50

805.78

24.82

21.79

17.88

21.10

SWISS MARKET INDEX

CHF

1021875

10739.83

4067

852

824

412.33

553.54

20.55

17.06

15.31

21.92

S&P/TSX COMPOSITE INDEX

CAD

1559024

16386.8

8312

1776

1964

734.63

817.52

14.82

13.31

23.19

S&P/ASX 200 INDEX

AUD

1204861

5783.791

2665

548

679

223.33

321.25

17.84

14.46

12.40

20.13

HANG SENG INDEX

HKD

1583628

3023.512

1673

355

400

278.82

271.89

1.23

1.39

1.26

2.92

MSCI EM

USD

6946260

1281.009

971

188

179

82.45

90.53

11.13

11.30

10.14

19.19

WILMAR INTERNATIONAL LTD

SGD

15531

6081

6396

27.84

35493

35282

37349

41799

1602

1744

459

0.15

0.16

0.17

0.18

9.25

8.94

8.07

1.32

8.44

9.01

15.41

3.86

BRF SA

BRL

18505

870

21.70

12654

13040

14115

15634

1035

1189

359

0.41

0.52

0.95

1.22

18.11

18.12

9.87

7.72

4.85

12.24

-8.41

11.25

4.05

JBS SA

BRL

8398

2846

15.72

33588

35148

37731

40186

1923

1942

582

0.11

0.13

0.26

0.32

9.90

4.80

3.99

9.98

12.53

18.22

2.45

CHAROEN POKPHAND FOODS PUB

THB

6588

36752

7743

11.73

11361

11804

12607

13990

492

389

151

0.03

0.06

0.08

0.81

0.48

0.35

2.33

0.72

-0.65

0.78

0.10

HORMEL FOODS CORP

USD

10358

504

263

10.35

8231

8447

8668

9090

845

843

210

1.89

1.86

1.94

2.20

21.00

20.20

17.76

4.25

6.31

0.69

6.85

9.98

31.05.2001

KUALA LUMPUR KEPONG BHD

MYR

7154

393

1065

7.50

3274

2945

3117

3494

540

476

0.29

0.30

0.36

7.20

7.01

5.81

-0.54

1.69

-7.73

3.87

5.04

GOLDEN AGRI-RESOURCES LTD

SGD

5562

13233

12838

5.36

4725

4655

4431

5014

592

535

0.03

0.02

0.03

11.79

9.66

8.90

1.30

21.69

-13.15

6.13

8.97

TYSON FOODS INC-CL A

USD

9339

2150

359

11.03

33278

33502

34230

35080

1747

1655

496

1.93

2.16

2.11

2.56

12.17

12.47

10.29

3.14

-2.46

9.10

4.94

BBB

11.02.2013

Baa3

07.06.2012

INNER MONGOLIA YILI INDUS-A

CNY

11630

14163

1599

10.93

6805

7046

7924

9204

418

0.18

0.19

0.24

5.23

4.76

3.82

1.98

3.31

2.90

6.00

COSAN LTD-CLASS A SHARES

USD

4236

681

271

22.16

30017

30016

34232

35674

3084

3196

4.40

1.13

3.37

3.89

31.18

10.48

9.07

24.57

65.07

54.78

76.68

10.65

21.10.2010

ASTRA AGRO LESTARI TBK PT

IDR

2760

312

1575

2.87

1162

1176

1227

1381

395

391

0.15

0.14

0.16

0.00

SMITHFIELD FOODS INC

USD

4542

2710

139

6.75

13221

13488

13808

744

182

1.80

1.79

2.62

3.02

18.30

12.47

10.84

0.97

3.00

-23.70

4.22

5.63

MARINE HARVEST

NOK

3810

10476

3748

4.85

2507

2496

2889

3277

197

238

169

0.03

0.09

0.11

5.14

1.91

1.45

-0.67

0.69

-10.68

0.44

1.54

FIRST RESOURCES LTD

SGD

2127

290

1584

1.84

471

479

518

670

250

261

0.12

0.10

0.12

6.58

7.88

6.76

17.17

24.98

7.25

42.62

SEABOARD CORP

USD

3310

3.10

6189

400

234.54

7.70

11.04

-8.18

9.93

HEILONGJIANG AGRICULTURE-A

CNY

2420

21528

1778

3.02

2215

1848

4065

-0.02

-0.01

0.01

0.07

22.69

3.34

0.32

2.85

-7.92

-1.95

GENTING PLANTATIONS BHD

MYR

2317

340

759

2.30

384

406

397

468

131

120

144

0.12

0.14

0.17

7.93

6.99

5.49

-2.40

3.86

-9.85

-0.53

9.18

MARFRIG ALIMENTOS SA

BRL

1666

476

6.17

10528

11156

11384

11710

877

993

254

-0.61

-0.70

0.09

0.37

14.95

3.83

5.73

21.38

6.54

3.95

11.06.2013

BRIGHT DAIRY & FOOD CO LTD-A

CNY

3211

11178

1225

3.21

2234

2297

2667

3111

130

0.05

0.06

0.08

9.12

7.14

5.24

2.75

2.12

7.45

6.14

ILLOVO SUGAR LTD

ZAr

1394

235

460

1.68

1092

1199

1282

212

238

0.19

0.23

0.28

1.60

1.29

1.07

2.09

1.03

3.61

1.20

TONGAAT HULETT LTD

ZAr

1344

107

2.00

1410

1468

1595

254

289

0.92

0.94

1.12

1.35

1.29

1.31

1.07

0.89

1.86

1.53

1.77

KERNEL HOLDING SA

PLN

1181

192

0.64

645

794

787

100

0.77

0.53

0.65

0.88

2.50

2.51

2.05

1.51

4.07

7.38

1.11

14.13

3.44

MHP SA -GDR REG S

USD

1849

106

2.77

1408

1414

1495

1770

468

457

142

2.80

2.70

2.66

3.36

6.49

6.57

5.20

14.52

14.13

16.45

22.94

32.33

07.03.2013

22.01.2013

INDOFOOD AGRI RESOURCES LTD

SGD

1053

2080

1434

5293

7051

3968

17192.73

2343515

2271426

2462650

572.80

423.14

496.15

655.21

10.52

9.47

8.97

6.80

7.68

3.21

-12.64

11.20

16.53

FRESH DEL MONTE PRODUCE INC

USD

1614

1.78

3421

3442

3434

3495

235

221

2.70

2.21

1.70

2.07

12.79

16.59

13.67

-4.69

0.66

15.75

-2.71

6.41

30.08.2012

SAO MARTINHO SA

BRL

1190

112

1.78

726

851

954

187

183

0.29

0.89

1.03

16.20

16.21

5.26

4.53

8.73

6.70

-12.17

11.94

11.17

BB+

22.12.2011

NEW BRITAIN PALM OIL LTD

GBp

1098

149

2.11

1011

926

1048

242

0.01

0.49

0.78

2582.76

33.21

20.89

-19.73

37.91

-77.45

16.26

35.75

CHINA MODERN DAIRY HOLDINGS

HKD

1361

4953

4800

1.49

216

262

329

449

0.01

0.02

2.62

2.21

1.60

6.53

3.13

3.35

CERMAQ ASA

NOK

1619

2.13

1910

1996

2206

2353

148

150

1.10

1.44

2.03

2.59

1.97

1.40

0.21

1.91

-7.45

-0.33

1.22

LEROEY SEAFOOD GROUP ASA

NOK

1495

1.91

1476

1503

1656

1735

126

164

2.18

2.96

3.55

2.03

1.50

1.25

-0.13

2.03

-7.75

1.21

1.77

ADECOAGRO SA

USD

760

117

122

1.05

605

602

722

783

113

0.08

-0.05

0.55

0.71

11.31

8.82

10.33

-28.65

24.80

18.76

SANDERSON FARMS INC

USD

1564

1.69

2386

2490

2667

2690

161

159

107

2.35

2.41

5.67

7.42

28.20

11.99

9.16

20.63

7.89

-0.13

6.39

DOLE FOOD CO INC

USD

1154

378

2.72

4247

5617

4243

4314

162

0.30

-0.01

0.44

0.65

29.30

19.92

-11.13

-8.12

-25.32

-11.89

11.06.2013

03.04.2013

CAL-MAINE FOODS INC

USD

1164

1.04

1113

1237

1292

1308

119

112

2.62

2.69

3.00

3.53

17.95

16.10

13.68

18.17

5.61

4.52

8.42

9.02

SLC AGRICOLA SA

BRL

811

155

1.07

496

466

541

597

112

102

0.17

0.23

0.52

0.61

15.85

15.93

7.03

5.98

4.99

18.79

-10.52

18.71

9.69

SHANDONG HOMEY AQUATIC DEV-A

CNY

592

5615

730

0.68

167

207

240

0.04

0.05

0.06

0.08

2.67

2.26

1.73

2.72

1.95

-0.07

0.26

TRADEWINDS (MALAYSIA) BHD

MYR

296

2540

261

0.22

5.49

13.75

-9.08

5.19

3.21

HAIKOU AGRICULTURE & INDUS-A

CNY

746

20701

880

0.92

138

145

-0.01

0.00

0.03

54.59

4.24

-3.60

1.19

-7.59

-1.37

KHON KAEN SUGAR INDUSTRY PCL

THB

680

1006

1576

1.45

706

644

642

691

133

116

121

0.05

0.04

0.29

0.30

0.34

0.31

1.11

0.41

0.50

0.70

0.57

SIPEF NV

EUR

579

0.59

333

294

323

110

7.70

5.00

5.80

10.81

16.42

14.16

-12.29

9.62

-28.30

8.48

42.62

BW PLANTATION TBK PT

IDR

334

2869

4052

0.62

122

167

0.01

0.00

0.01

ASIAN CITRUS HOLDINGS LTD

HKD

415

1289

1221

0.04

229

209

218

265

0.08

0.06

0.05

0.07

0.56

0.64

0.49

3.32

5.34

1.81

2.92

5.11

SAMPOERNA AGRO TBK PT

IDR

294

950

1890

0.38

300

290

305

345

0.02

0.00

SHANDONG MINHE ANIMAL HUS-A

CNY

489

7398

302

0.46

194

184

242

332

-3

-0.05

-0.07

0.02

0.10

11.16

2.54

-1.87

ASTARTA HOLDING NV

PLN

475

0.19

106

111

113

137

0.53

0.58

0.73

1.14

2.30

2.33

1.82

1.16

4.99

11.09

-7.05

7.94

7.26

FORTUNE NG FUNG FOOD HEBEI-A

CNY

220

2042

279

0.22

0.02

5.94

1.57

-0.07

1.91

-0.41

HUNAN NEW WELLFUL CO LTD-A

CNY

205

1863

234

0.23

169

168

208

0.01

0.10

14.72

1.37

1.30

1.54

-10.24

3.23

BLACK EARTH FARMING LTD-SDR

SEK

236

201

208

1.27

654

645

939

-202

-220

182

0.14

0.52

5.78

1.57

16.97

13.20

-9.93

-5.00

XINJIANG WESTERN ANIMAL-A

CNY

263

2650

117

0.31

0.04

8.33

8.60

11.32

7.70

5.86

2.88

CHINA GREEN (HOLDINGS) LTD

HKD

1416

884

0.14

329

322

125

106

0.08

0.06

0.18

1.81

2.45

1.23

2.80

4.27

10808721 10728495 10519262 11768394

1300

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

0.99

0.82

BBBBB

04.04.2012

Baa3

31.05.2012

11.06.2013

Ba3 *-

10.06.2013

29.05.2013

30.05.2013

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

S&P 500 INDEX

2.28

2.09

1.90

2.28

1.46

1.40

1.34

1.46

10.29

9.60

9.93

10.29

9.10

8.39

7.84

9.10

14.81

13.24

12.08

14.81

2.15

2.31

2.42

2.15

1777.9

8.9%

Euro Stoxx 50 Pr

1.15

1.09

1.03

1.15

0.75

0.73

0.71

0.75

5.73

5.26

4.79

5.73

6.92

6.53

6.19

6.92

11.52

10.28

9.27

11.52

4.34

4.62

4.97

4.34

2965.8

11.9%

NIKKEI 225

1.53

1.43

1.33

1.53

0.74

0.71

0.69

0.74

9.04

8.35

7.65

9.04

8.98

8.31

7.83

8.98

17.85

15.84

14.29

17.85

1.63

1.78

1.92

1.63

14922.5

5.8%

FTSE 100 INDEX

1.69

1.57

1.46

1.69

0.96

0.93

0.95

0.96

8.33

7.62

6.95

8.33

6.81

6.42

6.04

6.81

11.97

10.90

10.09

11.97

3.91

4.21

4.56

3.91

7105.8

10.0%

SWISS MARKET INDEX

2.35

2.18

2.03

2.35

2.01

1.91

1.83

2.01

12.06

11.00

9.81

12.06

13.03

12.00

11.23

13.03

14.76

13.28

12.09

14.76

3.29

3.68

4.21

3.29

8622.8

9.5%

S&P/TSX COMPOSITE INDEX

1.62

1.51

1.41

1.62

1.38

1.42

1.47

1.38

8.16

7.36

6.07

8.16

8.34

7.38

6.79

8.34

14.06

12.41

11.29

14.06

3.32

3.47

3.63

3.32

14171.6

16.8%

S&P/ASX 200 INDEX

1.76

1.66

1.56

1.76

1.64

1.55

1.48

1.64

9.92

8.96

8.54

9.92

8.52

7.75

7.21

8.52

13.63

12.36

11.44

13.63

4.90

5.23

5.60

4.90

5201.7

8.2%

HANG SENG INDEX

1.22

1.12

1.07

1.22

1.59

1.46

1.35

1.59

7.34

6.98

6.49

7.34

7.57

6.93

6.23

7.57

9.76

8.98

8.25

9.76

3.95

4.25

4.66

3.95

24799.3

20.5%

MSCI EM

1.32

1.22

1.10

1.32

0.95

0.88

0.82

0.95

6.56

6.01

5.52

6.56

7.14

10.14

9.12

8.34

10.14

3.06

3.38

3.67

3.06

1125.3

22.6%

WILMAR INTERNATIONAL LTD

1.09

1.01

0.93

0.87

0.34

0.32

0.29

0.27

8.99

9.87

10.94

10.20

13.87

11.45

10.33

9.37

1.73

1.94

2.18

2.39

3.78

21.5%

BRF SA

2.89

2.62

2.42

2.18

2.06

1.47

1.31

1.18

1.08

0.99

20.69

14.06

12.00

10.79

JBS SA

0.88

0.83

0.78

0.75

0.68

0.26

0.22

0.21

0.20

0.18

13.98

6.70

5.96

5.47

CHAROEN POKPHAND FOODS PUB

2.03

1.77

1.63

1.47

0.59

0.52

0.47

0.43

0.33

15.53

10.97

10.71

HORMEL FOODS CORP

3.70

3.34

2.97

2.80

1.25

1.19

1.14

1.10

16.89

18.15

15.04

KUALA LUMPUR KEPONG BHD

3.06

3.05

2.85

2.62

2.41

2.17

2.30

2.05

1.89

1.68

17.43

16.98

16.78

15.10

GOLDEN AGRI-RESOURCES LTD

0.64

0.61

0.58

0.55

0.53

1.04

0.98

0.87

0.78

0.62

7.60

8.67

8.84

7.60

TYSON FOODS INC-CL A

1.62

1.47

1.31

1.19

0.28

0.27

0.25

10.25

8.64

7.08

7.13

INNER MONGOLIA YILI INDUS-A

7.31

4.98

4.36

3.67

1.68

1.47

1.26

1.12

19.95

15.64

14.08

12.27

COSAN LTD-CLASS A SHARES

0.15

0.13

0.10

0.05

0.32

0.28

0.27

0.10

3.00

4.18

3.50

ASTRA AGRO LESTARI TBK PT

3.06

2.81

2.51

2.25

2.43

2.25

2.00

1.83

9.90

9.72

8.38

SMITHFIELD FOODS INC

1.40

1.22

1.15

0.34

0.33

8.92

8.54

7.93

MARINE HARVEST

2.06

1.66

1.62

1.55

1.40

1.52

1.32

1.16

1.13

18.07

10.33

7.04

FIRST RESOURCES LTD

1.93

1.64

1.44

1.23

0.90

3.61

3.20

2.48

2.09

1.62

7.46

9.26

GENTING PLANTATIONS BHD

2.13

2.01

1.85

1.70

22.12

MARFRIG ALIMENTOS SA

0.60

0.74

0.70

0.60

BRIGHT DAIRY & FOOD CO LTD-A

5.04

4.53

4.00

ILLOVO SUGAR LTD

2.45

2.04

1.78

TONGAAT HULETT LTD

1.77

1.47

1.33

1.15

KERNEL HOLDING SA

1.00

0.85

0.74

0.64

MHP SA -GDR REG S

1.65

1.40

1.14

0.94

INDOFOOD AGRI RESOURCES LTD

0.76

0.72

0.67

0.61

1.83

1.76

%D to Spot

7.14

6.49

5.99

15.93

14.07

12.82

11.88

9.46

19.39

12.36

10.19

9.04

8.09

63.56

22.24

17.39

14.98

12.33

0.74

1.22

1.64

1.84

2.05

51.81

8.4%

5.27

8.36

6.40

5.83

5.45

4.94

18.53

10.81

8.99

8.31

7.01

1.06

1.98

2.60

2.80

2.95

8.03

24.9%

12.19

17.73

14.12

11.12

9.67

9.88

25.19

15.13

11.10

9.10

3.86

3.71

4.56

5.62

36.23

35.4%

12.99

11.92

11.40

10.11

9.81

21.04

20.20

17.76

16.14

1.53

1.69

1.79

2.17

42.29

8.1%

14.67

12.57

13.90

11.95

10.61

8.79

19.32

22.51

18.65

16.73

13.31

3.23

2.73

3.03

3.26

4.57

20.86

-3.2%

7.88

8.46

8.79

7.73

6.75

5.39

11.40

12.38

11.40

9.42

7.22

2.31

2.54

3.23

7.62

0.63

13.4%

6.48

5.99

5.35

5.13

14.62

12.47

10.29

9.76

0.61

0.83

0.76

28.30

7.5%

22.16

17.73

14.20

11.82

33.58

29.20

23.40

19.18

0.54

0.91

0.90

1.01

35.46

1.6%

6.97

5.58

5.50

2.26

15.93

10.48

9.07

7.25

2.44

1.95

1.81

3.57

24.84

58.7%

8.15

7.70

6.83

6.25

12.39

12.47

11.17

9.94

4.91

4.81

4.64

5.58

20455.28

17.2%

8.41

7.45

6.93

16.31

12.47

10.84

8.42

21.66

8.26

6.64

6.91

6.98

101.13

11.81

8.92

9.46

0.43

4.08

8.68

8.48

7.07

6.16

7.11

7.05

6.08

5.20

3.42

10.57

10.10

8.66

7.34

4.48

2.38

2.76

3.05

3.65

26.94

139.17

20.52

24.62

17.41

15.73

15.71

15.98

12.58

10.74

22.22

22.43

17.63

15.46

1.22

1.20

1.35

1.54

4.07

3.91

2.97

2.66

6.67

6.47

5.84

5.49

52.63

33.69

8.62

8.92

0.36

0.82

2.23

2.52

61.85

43.81

32.16

22.65

0.31

1.27

1.66

2.61

15.11

-6.0%

8.19

7.04

6.22

5.98

17.25

13.10

10.94

9.89

2.82

3.82

4.57

5.05

3607.33

16.9%

7.36

6.90

6.35

6.12

11.57

10.94

9.12

8.32

3.00

3.24

3.97

4.22

13865.67

10.0%

6.39

6.37

5.55

5.09

4.67

5.56

6.85

5.06

4.46

4.31

0.00

3.13

6.34

17.28

66.65

34.5%

5.85

5.64

4.79

4.25

4.51

6.21

6.57

5.20

4.26

3.84

0.00

2.40

2.51

7.06

14.86

21.15

20.9%

6.29

6.98

6.07

5.50

3.29

8.88

11.50

8.70

7.56

4.01

1.08

0.74

0.83

1.20

2.44

1.17

24.1%

7.29

9.32

8.36

10.79

16.59

13.67

6.10

4.87

4.33

4.09

4.15

24.32

11.86

10.21

6.93

8.51

1.10

2.08

3.29

6.32

7.40

5.09

7.76

7.71

32.75

0.2%

2.63

7.04

12.2%

7.45

2.38

38.2%

9.87

0.7%

4.99

11.15

54.6%

SEABOARD CORP HEILONGJIANG AGRICULTURE-A

0.87

0.60

6.21

5.83

4.95

4.42

0.16

0.15

0.14

0.13

3.45

1.43

1.20

1.03

0.87

36.55

49.48

20.75

15.92

1.59

1.27

1.16

1.09

1.03

12.99

9.74

8.03

8.24

0.98

0.91

0.84

0.78

10.97

8.64

7.17

6.66

0.54

0.45

0.41

0.37

7.44

6.15

4.35

3.83

1.34

1.24

1.04

0.90

0.84

5.54

5.07

4.50

3.73

0.77

0.78

0.70

0.64

0.52

4.28

7.30

5.87

4.30

0.47

0.46

1.66

1.40

1.25

1.15

1.22

7.67

4.08

4.22

0.47

0.65

0.51

FRESH DEL MONTE PRODUCE INC

0.11

2.10

2.80

2.89

5.22

5.49

SAO MARTINHO SA

1.29

1.21

1.13

NEW BRITAIN PALM OIL LTD

1.09

1.05

0.99

0.94

1.68

1.77

1.57

1.47

1.46

10.56

11.84

11.43

12.30

7.32

9.06

9.21

7.17

6.69

6.45

21.52

22.24

13.99

13.00

13.30

2.50

2.09

2.35

2.05

CHINA MODERN DAIRY HOLDINGS

1.62

1.49

1.34

1.17

1.01

4.48

3.27

2.40

1.88

1.63

17.67

12.03

7.94

6.25

5.41

20.46

16.25

12.00

9.33

7.15

20.38

17.15

12.37

9.46

7.22

0.00

0.12

0.40

0.92

CERMAQ ASA

1.74

1.53

1.36

1.25

1.24

0.87

0.73

0.69

0.66

0.63

24.17

8.44

6.38

6.41

17.85

8.34

6.42

6.43

7.27

38.59

12.17

8.63

8.75

13.48

1.27

3.40

4.91

5.57

LEROEY SEAFOOD GROUP ASA

1.71

1.35

1.45

1.40

1.02

0.90

0.86

0.84

0.63

17.93

7.11

6.46

7.53

15.10

6.35

5.76

5.91

7.26

30.09

9.24

7.71

7.74

1.80

6.40

6.95

ADECOAGRO SA

0.69

0.68

0.63

0.61

1.28

1.05

0.97

0.83

5.95

5.46

4.64

SANDERSON FARMS INC

2.77

2.39

2.00

0.66

0.59

0.58

0.59

0.17

0.27

0.26

DOLE FOOD CO INC CAL-MAINE FOODS INC

11.72

21.85

9.27

14.50

8.78

8.39

31.00

9.7%

8.85

32.67

37.6%

2.25

595.00

21.4%

2.96

35.2%

4.63

110.60

2.4%

6.55

195.57

15.7% 118.6%

7.55

5.50

4.30

3.69

22.87

11.31

8.82

9.21

0.00

0.96

1.21

13.60

10.87

6.32

5.05

5.87

29.98

11.99

9.16

11.52

1.03

1.07

1.13

1.16

70.50

3.7%

8.86

19.64

16.26

15.73

14.94

29.30

19.92

17.66

0.00

11.50

-10.8%

8.42

8.36

6.69

18.29

16.10

13.68

1.74

2.63

2.34

38.00

-21.3%

8.91

8.42

7.37

6.95

39.34

15.84

13.49

13.57

3.37

0.68

1.10

1.65

25.25

36.6%

12.01

9.97

9.06

7.94

14.62

13.88

10.62

8.99

1.11

0.97

1.31

2.07

27.37

26.00

11.06

11.97

10.57

10.67

9.60

10.79

9.73

8.55

4.57

3.94

4.40

4.76

14.21

12.8%

9.29

12.77

11.01

9.50

2.63

2.62

2.69

59.25

17.8%

10.68

10.81

6.63

4.66

1.48

1.63

2.11

1.86

1204.60

46.9%

1.06

0.90

0.89

SLC AGRICOLA SA

0.94

0.91

0.86

0.85

1.59

1.50

1.36

1.30

SHANDONG HOMEY AQUATIC DEV-A

1.24

1.16

1.05

0.96

3.51

2.85

2.47

2.11

14.08

13.43

9.47

KHON KAEN SUGAR INDUSTRY PCL

1.70

1.57

1.45

1.30

1.02

1.06

0.98

0.93

8.13

9.20

8.94

SIPEF NV

1.21

1.28

1.19

1.17

1.70

1.95

1.77

1.63

7.47

9.04

8.27

7.40

5.75

7.10

6.25

5.39

BW PLANTATION TBK PT

1.97

1.73

1.44

1.13

3.16

2.75

1.99

1.63

8.78

8.71

6.92

5.13

10.41

9.29

6.74

5.42

ASIAN CITRUS HOLDINGS LTD

0.31

0.30

0.28

0.25

1.38

1.51

1.24

1.04

3.91

4.23

3.37

2.84

0.29

0.43

0.30

0.25

4.34

4.93

3.77

3.27

7.87

7.72

9.07

10.28

3.59

37.1%

SAMPOERNA AGRO TBK PT

1.09

1.04

0.95

0.88

0.95

0.96

0.85

0.79

6.19

6.63

4.96

4.38

6.22

6.03

4.78

4.13

8.79

9.95

7.24

7.13

5.35

3.14

3.48

3.64

1897.92

22.4%

SHANDONG MINHE ANIMAL HUS-A

2.27

2.09

1.85

1.64

2.10

2.02

1.47

1.14

73.56

27.58

17.27

466.61

30.77

9.59

9.15

68.48

15.56

12.81

10.07

0.60

1.01

1.26

ASTARTA HOLDING NV

1.00

0.87

0.70

0.59

1.11

0.97

0.81

0.71

5.60

3.48

6.00

5.75

4.43

3.82

6.07

3.87

4.01

58.55

-7.8%

1.10

0.99

0.95

0.77

0.68

0.58

1.42

1.23

0.89

0.82

11.76

6.99

3.48

2.92

5.59

4.04

1.24

7.98

6.04

19.46

TRADEWINDS (MALAYSIA) BHD HAIKOU AGRICULTURE & INDUS-A

0.55

0.50

0.86

0.64

5.51

2.61

2.41

3.61

5.98

1.95

3.51

0.00

4.00

FORTUNE NG FUNG FOOD HEBEI-A HUNAN NEW WELLFUL CO LTD-A BLACK EARTH FARMING LTD-SDR

10.11

XINJIANG WESTERN ANIMAL-A CHINA GREEN (HOLDINGS) LTD

1.09

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

8.38 10.72

0.00

10.26

08.07.2013

Wilmar International Ltd Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

Price/Volume

60.0 M 50.0 M

40.0 M

3 2

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (13.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WIL SP EQUITY YTD Change WIL SP EQUITY YTD % CHANGE

12/2012 03/yy 3.92 2.99 6'081'000.00 3.11 -20.66% 4.01% 16.13% 6'396.7 19'893.64 22'245.27 0.0 849.3 2'319.11 35'657.38

30.0 M

20.0 M

10.0 M

1 0 j-12

31.12.2009 31.12.2010 23'885.1 30'377.5 1.42x 1.48x 2'424.9 1'409.2 13.97x 31.82x 1'882.0 1'324.0 15.52x 21.19x Profitability

LTM-4Q 31.12.2011 44'710.0 1.00x 1'839.5 24.28x 1'600.8 15.43x

31.12.2012 45'463.4 0.84x 2'051.8 18.65x 1'255.5 13.95x

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

2'051.83 1'508.62 3.32% 3.64% 3.16% 9.31% 4.91% 1.09% 8.6% 4.9% 3.7% 2.8% 1.11 0.29 53.07% 155.06% 12.73 5.76

Price/ Cash Flow

03/yy 45'645 4.03x 2'374.3 18.46x 1'470.0 17.03x

s-12

o-12

n-12

d-12

LTM 03/yy 45'193 3.31x 2'234.2 16.97x 1'315.0 13.57x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.02 1'968.67 -13.73% -6.05% 1.015 25 3.680 5'789'000 10'197'030 8'340'641 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'840 53'540 12'476 12'981 0.62x 0.56x 2'534.0 2'781.1 588.0 674.0 14.07x 12.82x 14.21x 14.27x 1'368.3 1'510.3 298.0 385.0 11.45x 10.33x 11.73x 12.08x 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

3.17 0.56 8.62 10.60 155.1% 59.4% 1.09 5.34 28.68 63.36 11.66 78.89

Sales/Revenue/Turnover

100.00

50'000.0

90.00

45'000.0

80.00 70.00

40'000.0 35'000.0

60.00

30'000.0

50.00

25'000.0

40.00

20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 01.01.2010

.0 M a-12

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

70.0 M

4 4

Valuation Analysis

31.12.2008 29'145.2 0.52x 1'969.8 7.68x 1'531.0 8.10x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Wilmar International Ltd Holdings By:

All

Holder Name PPB GROUP BHD ARCHER-DANIELS-MIDLA WILMAR INTL HOLDINGS LONGHLIN ASIA LIMITE FIREFLY LTD BOLNEY ENTERPRISES L HARPOLE RESOURCES LT NOBLESPIRIT CORP HPR INVESTMENTS LTD HONG LEE HOLDINGS PT VAN ECK ASSOCIATES C KERRY GROUP LTD BONOTO INVESTMENTS L BLACKROCK KIM YONG TEO NATALON CO LTD DALEX INVESTMENTS LT BRIGHT MAGIC INV LIM VANGUARD GROUP INC HPRY HOLDINGS LTD

Firm Name Nomura TA Securities Holdings Berhad DBS Vickers UOB Kay Hian Morgan Stanley Maybank Kim Eng OCBC Investment Research CIMB EVA Dimensions Jefferies Deutsche Bank Macquarie Phillip Securities Standard Chartered Goldman Sachs JPMorgan HSBC BNP Paribas Equity Research AmResearch Sdn Bhd Religare Capital Markets Credit Suisse IIFL Affin Securities Sdn Bhd

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

Analyst TANUJ SHORI JAMES RATNAM BEN SANTOSO TEAM COVERAGE CHARLES C SPENCER JAMES KOH CAREY WONG IVY NG CRAIG STERLING ABHIJIT ATTAVAR MICHELLE FOONG CONRAD WERNER NICHOLAS HUAI GIM ONG ADRIAN FOULGER PATRICK TIAH YING-JIAN CHAN THILAN WICKRAMASINGHE MICHAEL GREENALL GAN HUEY LING VINCENT FERNANDO TAN TING MIN ZUO LI ONG KENG WEE

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

Recommendation neutral buy buy buy Overwt/Attractive buy hold outperform underweight buy hold neutral accumulate outperform neutral/neutral overweight underweight buy buy sell neutral sell not rated

Amt Held 1'172'614'755 1'046'986'850 354'961'795 336'009'921 294'801'479 294'801'372 256'211'778 242'600'000 230'461'271 179'204'971 72'676'416 56'538'007 51'267'514 39'138'084 33'852'274 33'760'355 30'405'900 20'651'715 19'965'991 13'630'073

% Out 18.33 16.37 5.55 5.25 4.61 4.61 4.01 3.79 3.6 2.8 1.14 0.88 0.8 0.61 0.53 0.53 0.48 0.32 0.31 0.21

Weighting

Change

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

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

Latest Chg 309'000 833'342 -

Target Price 4 4 3 4 4 5 3 4 #N/A N/A 4 4 4 4 4 3 4 3 5 4 3 4 4 #N/A N/A

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

File Dt 21.03.2013 21.03.2013 06.03.2012 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 05.07.2013 21.03.2013 21.03.2013 03.07.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 31.03.2013 21.03.2013

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

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

Date 03.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 24.06.2013 19.06.2013 06.06.2013 24.05.2013 09.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 22.02.2013 23.02.2012 02.02.2012

08.07.2013

BRF SA BRF SA is a food processor in Latin America. The Company operates in the segments of poultry meats, pork and beef, industrialized meats, margarines, pastas, pizzas and frozen vegetables as well as being one of the leading milk collectors and dairy product processers in Brazil.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS3 BZ EQUITY YTD Change BRFS3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 50.27 27.53 2'700.00 47.8 -4.91% 73.63% 88.92% 872.5 41'704.22 9'518.32 0.0 37.5 2'627.06 48'897.77

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 j-12

.0 M 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 11'393.0 0.84x 1'079.9 8.83x 54.4 112.97x

31.12.2009 31.12.2010 15'905.8 22'681.3 2.74x 1.21x 619.4 2'320.6 70.41x 11.85x 123.0 804.1 222.84x 29.61x Profitability

LTM-4Q 31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 23.19x

31.12.2012 28'517.4 1.53x 2'333.1 18.70x 813.2 45.11x

2'333.14 1'366.48 4.79% 2.87% 3.39% 6.95% 6.97% 0.98% 22.6% 9.1% 5.5% 2.9% 1.55 0.76 30.93% 65.47% 10.41 7.23

Price/ Cash Flow

LTM

03/yy 26'022.9 5.10x 2'635.3 14.12x 1'137.1 27.56x

03/yy 29'389.2 5.45x 2'679.3 17.17x 1'018.6 38.09x

FY+1

0.69 832.63 63.26% 14.93% 0.692 16 3.750 1'882'840 2'168'080 2'052'294 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 31'810.5 35'235.2 7'613.0 7'975.0 1.53x 1.37x 6.44x 6.11x 3'956.7 4'798.6 809.2 919.8 12.36x 10.19x 1'886.5 2'397.1 359.8 423.8 22.24x 17.39x S&P Issuer Ratings

04.04.2012 BBBSTABLE 3.98 0.76 2.67 3.41 65.5% 39.5% 0.98 2.80 35.07 50.50 46.74 18.19

Sales/Revenue/Turnover

40.00

30'000.0

35.00

25'000.0

30.00

20'000.0

25.00 20.00

15'000.0

15.00

10'000.0

10.00

5'000.0 5.00 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

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 |

08.07.2013

BRF SA Holdings By:

All

Holder Name CAIXA DE PREVIDENCIA FUNDACAO PETROBRAS D TARPON INVESTIMENTOS BLACKROCK WEG PARTICIPACOES E GOVERNANCA & GESTAO FUND VALE DO RIO DOC AHORRO CORP GESTION VANGUARD GROUP INC ONTARIO TEACHERS PEN FUND SISTEL DE SEGUR BTG PACTUAL GLOBAL A GUEPARDO INVESTIMENT NORGES BANK FURLAN LUIZ FERNANDO MORGAN STANLEY JP MORGAN REAL GRANDEZA FUNDAC T ROWE PRICE ASSOCIA HSBC GESTAO DE RECUR

Firm Name Bradesco Corretora Banco BTG Pactual SA Coinvalores Itau BBA Securities EVA Dimensions JPMorgan Planner Corretora de Valores HSBC Banco Safra de Investimento Goldman Sachs Magliano SA CCVM Morgan Stanley Banco do Brasil SA Agora CTVM SA Nau Securities Ltd Grupo Santander Credit Suisse Raymond James Sociedade Corretora Paulista

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a AHORRO CORPORACION I Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GABRIEL VAZ DE LIMA THIAGO DUARTE SANDRA PERES ALEXANDRE RUIZ MIGUEL CRAIG STERLING ALAN ALANIS RICARDO TADEU MARTINS DIEGO MAIA ALAN DE SOUZA CARDOSO LUCA CIPICCIA HENRIQUE KLEINE JAVIER MARTINEZ HENRIQUE AUGUSTO KOCH JOSE FERREIRA JOHN NELSON FERREIRA LUIS MIRANDA GUSTAVO JOSEF WIGMAN JOSEPH GIORDANO MARCELO VAREJAO

Source 20F 20F Research ULT-AGG 20F MF-AGG 20F MF-PART MF-AGG Research 20F MF-AGG MF-AGG MF-AGG 20F ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy buy outperform underweight neutral Under Review neutral Under Review Buy/Neutral buy Underwt/In-Line Under Review Under Review sell buy outperform market perform Under Review

Amt Held 106'401'022 105'530'869 68'925'388 35'171'138 26'346'620 25'547'134 22'166'725 19'264'569 15'411'496 13'400'000 10'400'748 8'768'707 7'695'400 6'678'985 5'944'216 5'179'278 4'658'859 4'481'114 4'432'193 4'312'565

% Out 12.2 12.1 7.9 4.03 3.02 2.93 2.54 2.21 1.77 1.54 1.19 1.01 0.88 0.77 0.68 0.59 0.53 0.51 0.51 0.49

Weighting

Change

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

M M M M M M M D M M M M M M M M M M M

Latest Chg (1'063'102) (13'200) 19'252'337 3'200'215 1'469'394 1'342'000 (11'476) 113'348 144'100 (28'500) (159'980)

Target Price 55 50 59 53 #N/A N/A 51 #N/A N/A 55 #N/A N/A 58 50 38 #N/A N/A #N/A N/A 45 47 55 #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 28.02.2013 Government 28.02.2013 Other 14.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.12.2012 Other 30.06.2013 Investment Advisor 28.02.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2011 Pension Fund (ERISA) 28.02.2013 Pension Fund (ERISA) 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor

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

Date 02.07.2013 02.07.2013 27.06.2013 10.06.2013 06.06.2013 28.05.2013 24.05.2013 17.05.2013 08.05.2013 03.05.2013 03.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 01.10.2012 08.08.2011

08.07.2013

JBS SA JBS SA processes beef and pork. The Company produces fresh meat and processed meat products such as roast beef with gravy, stewed steak, cubed beef, corned beef, and beef extract. JBS exports its products throughout the world.

Price/Volume 9

30.0 M

25.0 M

7 6

20.0 M

12/2012 03/yy 7.85 4.91 5'200.00 6.43 -18.09% 30.96% 54.08% 2'943.6 18'927.63 20'488.94 0.0 822.8 5'383.09 35'435.08

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

10.0 M

5.0 M

1 0 j-12

.0 M 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 30'340.3 0.34x 1'120.4 9.14x 25.9 266.82x

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JBSS3 BZ EQUITY YTD Change JBSS3 BZ EQUITY YTD % CHANGE

31.12.2009 31.12.2010 34'905.6 55'055.8 1.03x 0.62x 1'461.1 3'512.8 24.72x 9.66x 220.7 (302.7) 98.11x Profitability

LTM-4Q 31.12.2011 61'796.8 0.53x 3'072.0 10.59x (247.2) -

31.12.2012 75'696.7 0.44x 4'333.4 7.62x 718.9 24.21x

4'333.40 2'719.69 3.59% 1.83% 1.69% 4.00% 4.45% 1.62% 11.5% 5.5% 3.5% 0.9% 1.68 0.96 41.18% 99.41% 15.55 12.79

Price/ Cash Flow

LTM

03/yy 63'135.1 1.92x 2'920.0 12.60x (278.1) 0.00x

03/yy 79'213.2 1.74x 4'376.2 8.23x 830.8 23.59x

FY+1

1.14 990.83 3.08% 8.24% 1.140 15 3.933 4'599'080 6'214'964 5'649'578 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 85'034.5 90'567.5 20'277.0 21'358.8 0.43x 0.38x 1.72x 1.62x 5'533.8 6'073.2 1'311.8 1'540.5 6.40x 5.83x 5.70x 1'715.8 2'046.9 384.7 527.0 10.81x 8.99x 9.86x S&P Issuer Ratings

11.06.2013 BB *2.54 1.59 3.58 4.84 99.4% 48.9% 1.62 4.98 23.47 28.54 17.04 35.11

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

JBS SA Holdings By:

All

Holder Name FB PARTICIPACOES SA BNDES PARTICIPACOES CAIXA ECONOMICA FEDE PROT FUND DE INVES E JBS SA BANCO ORIGINAL SA DIMENSIONAL FUND ADV VANGUARD GROUP INC BLACKROCK JANUS CAPITAL MANAGE BRAM BRADESCO ASSET ITAU UNIBANCO SA PRINCIPAL FINANCIAL BB GESTAO DE RECURSO BANK OF NEW YORK MEL WESTERN ASSET MANAGE SCHRODER INVEST MGMT BLACKROCK BRASIL GES GRANTHAM MAYO VAN OT HSBC GESTAO DE RECUR

Firm Name Bradesco Corretora Banco BTG Pactual SA Votorantim CTVM Research Coinvalores Banco Safra de Investimento Itau BBA Securities EVA Dimensions JPMorgan Morgan Stanley Deutsche Bank Banco do Brasil SA Agora CTVM SA HSBC Grupo Santander

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 n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GABRIEL VAZ DE LIMA THIAGO DUARTE LUIZ CARLOS CESTA SANDRA PERES ALAN DE SOUZA CARDOSO ALEXANDRE RUIZ MIGUEL CRAIG STERLING ALAN ALANIS JAVIER MARTINEZ JOSE J YORDAN HENRIQUE AUGUSTO KOCH JOSE FERREIRA DIEGO MAIA LUIS MIRANDA

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

Recommendation outperform buy outperform buy Under Review market perform hold overweight Equalwt/In-Line hold Under Review hold overweight hold

Amt Held 1'255'758'549 584'313'343 296'424'955 102'733'177 74'474'194 38'267'373 20'223'295 18'508'716 18'013'776 12'756'100 9'187'927 7'826'150 6'205'644 5'839'442 4'870'100 3'067'446 2'237'565 2'174'700 2'108'500 2'100'625

% Out 42.66 19.85 10.07 3.49 2.53 1.3 0.69 0.63 0.61 0.43 0.31 0.27 0.21 0.2 0.17 0.1 0.08 0.07 0.07 0.07

Weighting

Change

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

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

Latest Chg 7'492'431 (303'700) (211'724) (1'328'289) 126'910 1'750'140 (233'600) 209'700 355'527 1'073'865 (55'400) 232'600

Target Price 8 8 9 8 #N/A N/A 8 #N/A N/A 8 8 8 #N/A N/A 8 9 7

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

File Dt 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 04.02.2013 29.03.2013 31.03.2013 03.07.2013 31.03.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013 03.07.2013 31.05.2012 30.06.2013

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

Inst Type Other Government Government n/a Corporation Bank 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 02.07.2013 02.07.2013 02.07.2013 27.06.2013 11.06.2013 10.06.2013 06.06.2013 28.05.2013 17.05.2013 16.05.2013 15.05.2013 15.05.2013 20.02.2013 07.01.2013

08.07.2013

Charoen Pokphand Foods PCL Charoen Pokphand Foods Public Company Limited produces a wide range of food products. The Company's products include chicken, pork, shrimp, fish, eggs. and duck.

Price/Volume 40

180.0 M

160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPF TB EQUITY YTD Change CPF TB EQUITY YTD % CHANGE

12/2012 03/yy 37.00 21.60 36'752'300.00 26.75 -27.70% 23.84% 26.95% 7'742.9 207'123.70 146'202.65 0.0 16'259.0 12'258.40 368'847.18

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

80.0 M

60.0 M

40.0 M

20.0 M

0 j-12

31.12.2009 31.12.2010 165'063.0 189'048.5 0.70x 1.14x 16'147.8 16'863.9 7.17x 12.81x 10'190.2 13'562.6 7.50x 12.11x Profitability

LTM-4Q 31.12.2011 206'099.5 1.36x 19'442.1 14.44x 16'116.9 13.64x

31.12.2012 357'175.2 1.15x 15'453.8 26.63x 18'789.9 13.03x

15'453.78 8'077.37 2.26% 6.63% 2.56% 7.55% 5.93% 1.23% 11.6% 3.3% 1.2% 5.3% 1.15 0.37 47.08% 139.88% 17.86 7.13

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

0.93 3'678.34 -20.90% -19.44% 0.930 29 4.345 17'440'820 24'676'860 23'693'290 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 233'834.9 371'119.4 396'359.2 439'850.4 98'881.7 97'711.0 4.85x 4.33x 0.90x 0.82x 20'337.2 12'224.2 26'125.1 33'167.2 4'741.5 4'253.0 19.21x 32.71x 14.12x 11.12x 24'553.2 7'703.4 13'735.2 18'250.8 2'507.0 3'317.0 10.26x 31.13x 15.13x 11.10x 12.30x 10.76x 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

2.42 -0.74 11.89 13.24 139.9% 54.8% 1.23 4.38 20.44 51.20 19.56 43.01

Sales/Revenue/Turnover

100.00

400'000.0

90.00

350'000.0

80.00

300'000.0

70.00

250'000.0

60.00 50.00

200'000.0

40.00

150'000.0

30.00

100'000.0

20.00

50'000.0

10.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 156'237.6 0.42x 8'067.5 8.20x 3'128.4 7.23x

100.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Charoen Pokphand Foods PCL Holdings By:

All

Holder Name CHAROEN POKPHAND GRO THAI NVDR CO LTD UBS AG/HONG KONG CPF THAILAND PCL UBS AG/LONDON JIRAPUMMIN WALAIPORN STATE STREET BANK EU SOCIAL SECURITY OFFI TIEANWORN PRIN BANGKOK PRODUCES PCL VANGUARD GROUP INC MANNING & NAPIER ADV GOVT OF SINGAPORE IN STATE STREET NORGES BANK TMB ASSET MANAGEMENT KANCHANADUL VEERAVAT ARUNANONDCHAI SUNTHO WATCHARANANAN ARUNEE VISEDPAITOON PONG

Firm Name Finansia Syrus Securities PCL Kasikorn Securities Credit Suisse DBS Vickers SCB Securities Co. Ltd. KGI Securities Macquarie Thanachart Securities PCL EVA Dimensions BNP Paribas Equity Research Bualuang Securities Asia Plus Securities Country Group Securities PCL Deutsche Bank JPMorgan KT Zmico Securities UOB Kay Hian Trinity Securities CIMB RHB Research Institute Sdn Bhd Krungsri Securities IV Global Morgan Stanley Maybank Kim Eng Standard Chartered Phillip Securities KTB Securities Thailand Co Ltd AIRA Securities Capital Nomura Securities

Portfolio Name n/a 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 n/a n/a n/a

Analyst SUREEPORN TEEWASUWET SORAPONG JAKTEERUGKUL CHAI TECHAKUMPUCH NALYNE VIRIYASATHIEN KANCHAN KHANIJOU SUTHEP AMRIT SINGH BUNLUNG WAIYANONT SARACHADA SORNSONG CRAIG STERLING YUWANEE PROMMAPORN PRASIT SUJIRAVORAKUL THIPTAWAT SUWANTAMARONG DOME KUNPRAYOONSAWAD CHALINEE CONGMUANG KAE PORNPUNNARATH PHORNSRI LAYSANITSAEREKUL THUNYA SUTAVEPRAMOCHANON DULADETH BIK MARCIN SPIEWAK HAN MENG TAN SITTIDATH PRASERTRUNGRUANG RATTANA LEENUTAPHONG DIVYA GANGAHAR KOTHIYAL SUTTATIP PEERASUB NIRGUNAN TIRUCHELVAM NAREE APISAWAITTKAN PARIN KITCHATORNPITAK NUTTAPON KUMNOUNPHON PLOENJAI JIRAJARUS

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

Recommendation buy outperform outperform buy buy neutral outperform buy sell buy buy buy trading buy buy overweight buy buy buy neutral buy sell buy Overwt/In-Line buy underperform accumulate strong buy buy buy

Amt Held 2'817'341'295 473'414'955 319'254'106 203'859'940 202'880'795 160'000'000 157'673'085 102'957'900 100'000'000 82'885'000 80'511'800 72'193'850 58'197'700 43'468'830 35'452'082 18'594'800 16'915'170 14'748'299 7'639'999 6'500'000

% Out 36.39 6.11 4.12 2.63 2.62 2.07 2.04 1.33 1.29 1.07 1.04 0.93 0.75 0.56 0.46 0.24 0.22 0.19 0.1 0.08

Weighting

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

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

Latest Chg 1'940'200 67'768'450 (204'000) -

Target Price 36 35 33 40 35 33 35 40 #N/A N/A 42 44 35 34 34 39 36 36 39 32 38 28 36 39 43 29 37 40 49 56

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

File Dt 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 09.05.2013 31.03.2013 31.12.2012 09.05.2013 09.05.2013 31.12.2012 28.02.2013 31.12.2009 31.12.2009 31.12.2009 31.12.2009

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

Inst Type Holding Company Corporation Bank Other Investment Advisor n/a Bank Unclassified n/a Corporation Investment Advisor Investment Advisor Government Investment Advisor Government Investment Advisor n/a n/a n/a n/a

Date 08.07.2013 05.07.2013 28.06.2013 28.06.2013 14.06.2013 13.06.2013 11.06.2013 07.06.2013 06.06.2013 05.06.2013 03.06.2013 31.05.2013 31.05.2013 30.05.2013 30.05.2013 15.05.2013 15.05.2013 15.05.2013 14.05.2013 14.05.2013 14.05.2013 14.05.2013 13.05.2013 22.04.2013 17.04.2013 01.03.2013 16.10.2012 29.06.2012 11.05.2012

08.07.2013

Hormel Foods Corp Hormel Foods Corporation manufactures and markets consumer-branded meat and food products. The Company processes meat and poultry products and produces a variety of prepared foods. Hormel markets its products around the world under a variety of branded names.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HRL US EQUITY YTD Change HRL US EQUITY YTD % CHANGE

10/2012 04/yy 43.17 27.28 503'988.00 39.11 -9.40% 43.37% 74.45% 264.8 10'357.95 250.00 0.0 5.5 759.78 10'353.17

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

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M 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 31.10.2008 6'754.9 0.61x 635.6 6.49x 285.5 13.69x

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

31.10.2009 31.10.2010 6'533.7 7'220.7 0.74x 0.82x 658.9 759.0 7.31x 7.83x 342.8 395.6 14.35x 15.21x Profitability

LTM-4Q 31.10.2011 7'895.1 0.97x 839.7 9.07x 474.2 16.98x

31.10.2012 8'230.7 0.88x 845.5 8.53x 500.1 15.54x 845.48 725.98 8.82% 9.21% 11.11% 17.18% 16.22% 1.88% 16.2% 10.0% 8.5% 6.1% 2.95 1.61 5.48% 8.87% 18.74 7.42

Price/ Cash Flow

04/yy 8'066.8 3.67x 814.0 8.96x 472.1 15.95x

LTM 04/yy 8'447.3 4.02x 843.2 12.94x 499.0 22.13x

FY+1

1.64 0.68 133.89 5.69 30.44% 26.46% 0.685 11 3.727 862'960 1'049'552 946'804 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 8'667.9 9'089.9 2'118.9 2'280.0 1.17x 1.09x 4.85x 4.44x 908.6 1'024.4 210.3 253.3 11.40x 10.11x 10.54x 10.34x 524.5 596.1 120.9 144.7 20.20x 17.76x 18.80x 18.40x S&P Issuer Ratings

31.05.2001 A STABLE 30.06.1999 NR 65.75 55.46 -0.02 0.30 8.9% 8.1% 1.88 9.05 19.43 49.06 16.06 49.57

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 30.10.2009

0.0 30.04.2010

30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

30.04.2013

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 |

08.07.2013

Hormel Foods Corp Holdings By:

All

Holder Name HORMEL FOUNDATION VANGUARD GROUP INC STATE STREET BLACKROCK UBS MAIRS & POWER INCORP GUGGENHEIM INVESCO LTD NORTHERN TRUST CORPO NORGES BANK BANK OF NEW YORK MEL SCHRODER INVESTMENT ACADIAN ASSET MANAGE WELLINGTON MANAGEMEN PGGM VERMOGENSBEHEER RIVERBRIDGE PARTNERS ANALYTIC INVESTORS L SCOUT INVESTMENT ADV FINDLAY PARK PARTNER GEODE CAPITAL MANAGE

Firm Name Davenport & Co BMO Capital Markets Janney Montgomery Scott LLC Stephens Inc Edward Jones KeyBanc Capital Markets CL King & Associates Credit Suisse D.A. Davidson & Co EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a MAIRS & POWER INC n/a n/a NORTHERN TRUST CORPO NORGES BANK BANK OF NEW YORK MEL SCHRODER INVESTMENT ACADIAN ASSET MANAGE WELLINGTON MANAGEMEN PGGM VERMOGENSBEHEER RIVERBRIDGE PARTNERS ANALYTIC INVESTORS L SCOUT INVESTMENT ADV FINDLAY PARK PARTNER GEODE CAPITAL MANAGE

Analyst ANN H GURKIN KENNETH B ZASLOW JONATHAN P FEENEY FARHA ASLAM BRIAN YARBROUGH AKSHAY S JAGDALE ERIC J LARSON ROBERT MOSKOW TIMOTHY S RAMEY AUSTIN BURKETT

Source Form 5 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy market perform sell overweight hold buy neutral neutral neutral overweight

Amt Held 128'616'558 10'332'214 9'971'705 8'128'465 3'956'835 3'367'793 2'316'302 2'285'112 1'714'796 1'579'243 1'437'423 1'436'126 1'262'636 1'160'008 1'139'107 1'085'771 1'064'214 1'003'542 973'300 955'218

% Out 48.56 3.9 3.77 3.07 1.49 1.27 0.87 0.86 0.65 0.6 0.54 0.54 0.48 0.44 0.43 0.41 0.4 0.38 0.37 0.36

Weighting

Change 5 3 1 5 3 5 3 3 3 5

U M M M M M M M M D

Latest Chg (179'374) (504'352) 565'946 54'655 (53'355) 151'707 466'101 25'044 (64'345) (68'900) 130'316 (87'332) 51'252 102'899 (30'141) 42'034 973'300 22'581

Target Price 50 41 32 44 #N/A N/A 48 #N/A N/A 39 42 #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 31.03.2013 05.07.2013 03.07.2013 31.03.2013 31.03.2013 31.05.2013 05.07.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified 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 01.07.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 19.06.2013 19.06.2013 18.06.2013 24.05.2013 24.05.2013

08.07.2013

Kuala Lumpur Kepong Bhd Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber, and cocoa on its plantations. Through its subsidiaries, the Company mills and refines oil palm products, cultivates ramie, and manufactures oleochemicals, soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala Lumpur Kepong also develops properties and operates holiday bungalows.

Price/Volume

5.0 M 4.0 M

15 10

09/2012 03/yy 24.40 19.88 393'000.00 21.56 -11.64% 8.45% 40.27% 1'065.0 22'960.66 2'478.78 0.0 397.8 2'358.91 24'055.60

2.0 M

1.0 M

0 j-12

.0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLK MK EQUITY YTD Change KLK MK EQUITY YTD % CHANGE

30.09.2008 7'789.7 1.42x 1'636.9 6.75x 1'040.7 9.83x

30.09.2009 30.09.2010 6'620.4 7'450.0 2.34x 2.53x 1'223.7 1'471.5 12.64x 12.81x 612.5 1'012.3 24.00x 17.88x Profitability

30.09.2011 10'691.9 2.18x 2'306.8 10.09x 1'571.4 14.30x

30.09.2012 10'507.3 2.29x 1'734.4 13.84x 1'211.2 21.84x 1'734.40 1'472.48 14.01% 13.56% 10.18% 15.86% 12.67% 0.85% 23.1% 16.2% 13.3% 11.5% 3.05 2.01 21.78% 34.86% 7.68 -

Price/ Cash Flow

LTM-4Q

LTM

03/yy 11'263.2 8.86x 2'310.0 11.75x 1'449.3 17.64x

03/yy 9'453.1 10.44x 1'529.1 15.29x 1'125.9 22.41x

FY+1

0.78 394.83 -7.42% -7.99% 0.777 31 2.548 361'580 772'790 668'941 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 10'002.4 11'214.1 2.37x 2.12x 1'730.6 2'012.7 13.90x 11.95x 1'016.9 1'229.9 22.51x 18.65x S&P Issuer Ratings

27.33 13.93 0.44 1.57 34.9% 24.8% 0.85 2.76 47.52 80.75

Sales/Revenue/Turnover

70.00

12'000.0

60.00

10'000.0

50.00

8'000.0

40.00

6'000.0 30.00

4'000.0 20.00

2'000.0

10.00 0.00 02.10.2009

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 |

08.07.2013

Kuala Lumpur Kepong Bhd Holdings By:

All

Holder Name BATU KAWAN BHD EMPLOYEES PROVIDENT VANGUARD GROUP INC BLACKROCK VAN ECK ASSOCIATES C PRUDENTIAL UNIT TRUS ENG KHOON YEOH JP MORGAN KUALA LUMPUR KEPONG FRANKLIN RESOURCES FIL LIMITED NOMURA GREAT EASTERN LIFE A CIMB-PRINCIPAL ASSET CAISSE DE DEPOT ET P FLEXSHARES TRUST DIMENSIONAL FUND ADV CREDIT SUISSE ASSET PICTET FUNDS AMUNDI LUXEMBOURG SA

Firm Name TA Securities Holdings Berhad Morgan Stanley KAF Seagroatt & Campbell DBS Vickers AmResearch Sdn Bhd UOB Kay Hian Kenanga Investment Bank Bhd Nomura Public Investment Bank Berhad Alliance Research Sdn Bhd BIMB Securities Sdn Bhd Hong Leong Investment Bank Bhd JF Apex Securities Bhd EVA Dimensions JPMorgan Maybank Kim Eng RHB Research Institute Sdn Bhd Affin Securities Sdn Bhd Credit Suisse HSBC CIMB Goldman Sachs Deutsche Bank BNP Paribas Equity Research Macquarie Standard Chartered ECM Libra

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

Analyst JAMES RATNAM CHARLES C SPENCER VINCE NG QUAH HE WEI GAN HUEY LING TEAM COVERAGE LIM SEONG CHUN MUZHAFAR MUKHTAR HOE LEONG CHONG ARHNUE TAN NG KEAT YUNG CHYE WEN FEI JESSICA JZE TIENG LOW CRAIG STERLING YING-JIAN CHAN ONG CHEE TING HOE LEE LENG ONG KENG WEE TAN TING MIN THILAN WICKRAMASINGHE IVY NG PATRICK TIAH MICHELLE FOONG MICHAEL GREENALL SUNAINA DHANUKA ADRIAN FOULGER TEAM COVERAGE

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

Recommendation hold Underwt/Attractive hold fully valued buy hold market perform neutral neutral neutral buy hold hold underweight neutral sell neutral reduce neutral overweight underperform Sell/Neutral sell hold underperform underperform hold

Amt Held 495'901'527 167'043'438 14'731'348 12'764'011 7'280'448 4'825'100 3'524'850 2'762'600 2'539'000 2'196'090 2'153'997 1'787'000 1'677'750 1'624'650 1'447'641 1'299'472 1'116'122 1'002'500 913'000 789'800

% Out 46.57 15.69 1.38 1.2 0.68 0.45 0.33 0.26 0.24 0.21 0.2 0.17 0.16 0.15 0.14 0.12 0.1 0.09 0.09 0.07

Weighting

Change 3 1 3 2 5 3 3 3 3 3 5 3 3 1 3 1 3 2 3 5 1 1 1 3 1 1 3

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

Latest Chg (122'000) 1'677'900 (168'100) (614'035) 110'140 32'400 67'400 450'900 12'800 (1'600) 3'000 (1'900)

Target Price 24 16 23 19 23 23 22 24 21 20 23 19 22 #N/A N/A 19 19 21 19 20 26 20 17 17 22 18 17 20

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

File Dt 30.11.2012 28.06.2013 31.03.2013 03.07.2013 05.07.2013 30.06.2011 30.11.2012 31.12.2012 30.11.2012 31.12.2012 31.10.2012 29.03.2013 31.12.2010 30.04.2011 31.12.2012 31.05.2013 29.03.2013 29.04.2013 31.03.2013 28.02.2013

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

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

Date 03.07.2013 02.07.2013 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 25.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 06.06.2013 31.05.2013 23.05.2013 23.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 12.04.2013 11.04.2013 10.04.2013 26.03.2013 05.02.2013 22.11.2012

08.07.2013

Golden Agri-Resources Ltd Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel. The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

Price/Volume 1

300.0 M

250.0 M

1 200.0 M

1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GGR SP EQUITY YTD Change GGR SP EQUITY YTD % CHANGE

12/2012 03/yy 0.78 0.52 13'233'000.00 0.555 -28.85% 6.73% 17.31% 12'837.6 7'124.84 1'854.54 0.0 91.6 669.26 6'870.90

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

100.0 M

0 50.0 M

0 0 j-12

31.12.2009 31.12.2010 2'293.7 3'504.7 2.11x 2.41x 386.9 640.5 12.51x 13.19x 607.0 1'423.0 6.92x 5.32x Profitability

LTM-4Q 31.12.2011 5'952.9 1.27x 912.4 8.27x 1'268.0 5.28x

31.12.2012 6'051.7 1.34x 758.7 10.69x 409.6 16.12x

758.72 642.91 10.62% 10.11% 2.84% 4.29% 4.20% 0.47% 26.6% 11.5% 9.5% 6.8% 1.86 0.82 13.96% 21.75% 15.61 6.45

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

03/yy 6'009.0 5.03x 877.4 9.71x 1'199.3 6.43x

LTM 03/yy 5'962.7 5.20x 684.9 10.68x 360.4 16.30x

FY+1

1.10 6'423.90 -21.31% -13.70% 1.099 20 3.500 23'056'600 45'646'030 57'011'410 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'675.5 6'421.9 1.19x 1.06x 781.6 888.4 8.79x 7.73x 434.3 499.9 12.38x 11.40x S&P Issuer Ratings

10.94 5.02 1.78 2.67 21.8% 17.7% 0.47 3.06 23.39 56.59 46.68 37.24

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 2'985.9 0.72x 588.9 3.64x 1'382.5 1.18x

150.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Golden Agri-Resources Ltd Holdings By:

All

Holder Name FLAMBO INTERNATIONAL BLACKROCK ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C ROYAL BANK OF CANADA CARMIGNAC GESTION ROBECO INVESTOR SERV VANGUARD GROUP INC GRANTHAM MAYO VAN OT ROBECO FUND MANAGEME CI INVESTMENTS INC JP MORGAN BOSTON COMMON ASSET NORTHERN TRUST CORPO CARMIGNAC GESTION LU PRUDENTIAL FINANCIAL LANDESBANK BERLIN IN NOMURA EASTSPRING INVESTMEN AMUNDI LUXEMBOURG SA

Firm Name UOB Kay Hian RHB Research Institute Sdn Bhd Nomura OCBC Investment Research EVA Dimensions Morgan Stanley JPMorgan Deutsche Bank Macquarie Phillip Securities Goldman Sachs HSBC CIMB BNP Paribas Equity Research Credit Suisse Standard Chartered Jefferies Affin Securities Sdn Bhd IIFL

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a BOSTON COMMON ASSET Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst STEFANUS DARMAGIRI ALVIN TAI MUZHAFAR MUKHTAR CAREY WONG CRAIG STERLING CHARLES C SPENCER YING-JIAN CHAN MICHELLE FOONG CONRAD WERNER NICHOLAS HUAI GIM ONG PATRICK TIAH THILAN WICKRAMASINGHE IVY NG MICHAEL GREENALL TAN TING MIN ADRIAN FOULGER ARYA SEN ONG KENG WEE ZUO LI

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

Recommendation hold buy neutral buy underweight Overwt/Attractive neutral sell neutral neutral neutral/neutral overweight neutral buy outperform in-line buy not rated add

Amt Held 6'412'447'897 167'582'121 163'474'082 134'678'063 132'800'000 116'682'668 112'862'000 75'182'498 34'705'000 31'678'183 29'310'934 28'998'480 26'581'350 25'949'957 25'311'810 19'211'600 17'356'000 17'107'714 16'838'000 15'151'512

% Out 49.95 1.31 1.27 1.05 1.03 0.91 0.88 0.59 0.27 0.25 0.23 0.23 0.21 0.2 0.2 0.15 0.14 0.13 0.13 0.12

Weighting

Change

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

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

Latest Chg 250'000 13'685'000 3'074'000 (85'000) (3'536'149) (3'000'000) 2'767'003 (914'000) 13'308'844 (11'000) 4'888'350 6'642'427 3'339'495 (364'000) 367'000 16'729'000 (8'022'400)

Target Price 1 1 1 1 #N/A N/A 1 1 1 1 1 1 1 1 1 1 1 1 #N/A N/A 1

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

File Dt 22.04.2013 03.07.2013 31.05.2013 05.07.2013 28.03.2013 29.03.2013 30.04.2013 31.03.2013 31.05.2012 30.04.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 29.03.2013 31.05.2013 28.06.2013 31.12.2012 31.12.2012 28.02.2013

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

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

Date 01.07.2013 28.06.2013 25.06.2013 10.06.2013 06.06.2013 02.06.2013 01.06.2013 23.05.2013 14.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 10.04.2013 28.02.2013 05.02.2013 14.03.2012 02.02.2012 14.11.2011

08.07.2013

Tyson Foods Inc Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork, prepared foods and related allied products. The Company's products are marketed and sold to national and regional grocery retailers, regional grocery wholesalers, meat distributors, warehouse club stores, military commissaries, and industrial food processing companies.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.07.2013) 52-Week Low (06.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSN US EQUITY YTD Change TSN US EQUITY YTD % CHANGE

09/2012 03/yy 26.50 13.99 2'150'207.00 26.32 -0.68% 88.12% 98.56% 284.8 9'339.45 2'432.00 0.0 30.0 1'071.00 11'031.45

10.0 M

5.0 M

5 0 j-12

.0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

25 20

Valuation Analysis

30.09.2008 26'862.0 860.0 86.0 37.32x

30.09.2009 30.09.2010 26'704.0 28'430.0 0.27x 0.27x 875.0 2'082.0 8.23x 3.74x (547.0) 780.0 7.70x Profitability

LTM-4Q 30.09.2011 32'266.0 0.25x 1'791.0 4.42x 750.0 9.42x

30.09.2012 33'278.0 0.21x 1'747.0 4.09x 583.0 8.30x 1'747.00 1'248.00 3.75% 2.79% 4.61% 8.83% 8.77% 2.92% 6.5% 4.9% 3.4% 1.8% 1.91 0.87 20.44% 40.45% 24.99 11.34

Price/ Cash Flow

LTM

03/yy 24'980.0 1.02x 694.0 0.00x 449.0 0.00x

03/yy 33'502.0 1.03x 1'655.0 6.35x 529.0 11.47x

FY+1

1.10 0.82 278.68 15.19 44.83% 36.24% 0.822 14 4.286 3'397'193 3'503'207 4'010'514 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 34'230.1 35'080.5 8'642.4 8'773.0 0.31x 0.28x 1.25x 1.20x 1'841.6 2'061.1 496.3 566.4 5.99x 5.35x 5.40x 5.28x 763.7 912.2 211.4 249.2 12.47x 10.29x 10.51x 10.08x S&P Issuer Ratings

11.02.2013 BBB STABLE 11.10.2006 NR 4.77 2.89 1.00 1.46 40.5% 28.7% 2.92 8.43 14.56 32.10 14.09 31.01

Sales/Revenue/Turnover

10.00

35'000.0

9.00

30'000.0

8.00 7.00

25'000.0

6.00

20'000.0

5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 09.10.2009

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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 |

08.07.2013

Tyson Foods Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK ALLIANCE BERNSTEIN STATE STREET ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL JENNISON ASSOCIATES AJO, LP LSV ASSET MANAGEMENT JP MORGAN INVESCO LTD VAN ECK ASSOCIATES C ARROWSTREET CAP LIMI FMR LLC SYSTEMATIC FINANCIAL BANK OF AMERICA CORP AQR CAPITAL MANAGEME BMO FINANCIAL CORP NORTHERN TRUST CORPO FRANK RUSSELL TRUST

Firm Name Davenport & Co BMO Capital Markets KeyBanc Capital Markets Stephens Inc S&P Capital IQ Miller Tabak + Co., LLC D.A. Davidson & Co EVA Dimensions Credit Suisse JPMorgan BB&T Capital Markets

Portfolio Name VANGUARD GROUP INC n/a n/a n/a ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL JENNISON ASSOCIATES AJO, LP LSV ASSET MANAGEMENT n/a n/a n/a ARROWSTREET CAPITAL n/a SYSTEMATIC FINANCIAL BANK OF AMERICA AQR CAPITAL MANAGEME BMO FINANCIAL CORP NORTHERN TRUST CORPO FRANK RUSSELL COMPAN

Analyst ANN H GURKIN KENNETH B ZASLOW AKSHAY S JAGDALE FARHA ASLAM THOMAS GRAVES TIM TIBERIO TIMOTHY S RAMEY AUSTIN BURKETT ROBERT MOSKOW KENNETH GOLDMAN HEATHER L JONES

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

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

Amt Held 18'081'673 17'396'102 14'110'483 13'037'776 11'260'714 8'415'244 8'160'358 7'514'100 7'448'059 6'541'407 6'188'286 5'369'711 5'236'226 4'843'248 4'541'558 4'364'465 4'225'160 4'106'792 3'818'578 3'483'354

% Out 6.35 6.11 4.95 4.58 3.95 2.95 2.87 2.64 2.61 2.3 2.17 1.89 1.84 1.7 1.59 1.53 1.48 1.44 1.34 1.22

Weighting

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

M M M U M M M D M M M

Latest Chg 1'032'482 2'057'292 (3'264'280) (281'584) (80'489) (365'946) (3'469'521) 6'643'800 (188'523) (967'339) 1'112'436 1'074'959 4'428'895 (828'506) 3'449'702 (1'332'274) (24'900) 2'802'261 124'207 1'300'430

Target Price 29 30 28 30 26 29 28 #N/A N/A 24 27 27

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 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 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 31.05.2013 Investment Advisor 05.07.2013 Investment Advisor 05.07.2013 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 31.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided Not Provided 6 month 12 month

Date 02.07.2013 21.06.2013 17.06.2013 07.06.2013 29.05.2013 21.05.2013 07.05.2013 07.05.2013 06.05.2013 06.05.2013 06.05.2013

08.07.2013

Inner Mongolia Yili Industrial Group Co Ltd Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice cream, and other dairy products. The Company also produces frozen food and noodles.

Price/Volume 40

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.07.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600887 CH EQUITY YTD Change 600887 CH EQUITY YTD % CHANGE

12/2012 03/yy 36.19 18.03 14'163'499.00 34.92 -3.51% 93.68% 94.99% 2'042.9 71'338.55 2'584.97 0.0 190.1 2'004.20 67'037.63

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

30.0 M

15 10

20.0 M

10.0 M

0 j-12

31.12.2009 31.12.2010 24'214.7 29'577.2 0.85x 1.03x 1'171.6 1'184.9 17.54x 25.75x 647.7 777.2 32.69x 39.44x Profitability

LTM-4Q 31.12.2011 37'218.5 0.86x 2'176.3 14.78x 1'809.2 18.08x

31.12.2012 41'741.2 0.86x 2'563.3 14.01x 1'717.2 20.54x

2'563.30 1'648.76 3.95% 5.00% 8.10% 18.63% 1.95% 29.3% 3.9% 4.1% 0.54 0.21 13.05% 35.24% 97.83 9.66

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 38'391.5 3.19x 0.0 0.00x 2'075.0 16.90x

d-12

03/yy 43'220.7 3.66x 0.0 0.00x 1'793.6 29.09x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.87 1'628.17 65.82% 60.46% 0.869 20 4.650 14'672'130 17'334'660 14'961'100 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 48'601.3 56'456.8 12'180.0 13'278.0 1.45x 1.20x 3'780.7 4'721.0 594.0 1'304.0 17.73x 14.20x 2'379.1 2'956.8 162.0 994.0 29.20x 23.40x 22.96x 21.89x S&P Issuer Ratings

25.55 -5.37 35.2% 25.6% 1.95 4.43 3.73 37.77 62.40 -12.15

Sales/Revenue/Turnover

40.00

45'000.0

35.00

40'000.0

30.00

35'000.0 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

.0 M a-12

Fiscal Year Ended 31.12.2008 21'537.1 0.33x (1'515.2) (1'687.4) -

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Inner Mongolia Yili Industrial Group Co Ltd Holdings By:

All

Holder Name HOHHOT INVESTMENT CO HARVEST FUND MANAGEM E FUND MANAGEMENT SOCIAL SECURITY FUND CHINA ASSET MANAGEME CHINA ASSET MANAGEME MORGAN STANLEY PENGHUA FUND MANAGEM MERRILL LYNCH INTERN TAIKANG LIFE INSURAN CHINA AMC RETURN FUN CITIGROUP INCORPORAT NEW CHINA LIFE INSUR BANK OF COMMUNICATIO YINHUA FUND MANAGEME HARVEST THEMATIC FUN GF FUND MANAGEMENT C YALE UNIVERSITY BOSHI FUND MANAGEMEN HUATAI-PINEBRIDGE FU

Firm Name Hong Yuan Securities PingAn Securities Guotai Junan Qilu Securities Co Ltd China International Capital Corp Everbright Securities Co., Ltd Chang Jiang Securities Co. Limited Northeast Securities Co Ltd Guodu Securities Co Ltd China Investment Securities SWS Research Co Ltd EVA Dimensions Capital Securities Corp Rising Securities Co.,LTD Morgan Stanley Citic Securities Co., Ltd Bank of China International HuaChuang Securities Sinolink Securities Co Ltd China Securities Co., Ltd China Merchants Securities Industrial Securities Central China Securities China Galaxy Securities

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

Analyst SU QINGQING WEN XIAN HU CHUNXIA XIE GANG ZHIYAO JIN TINGZHI XING ZHOU MI ZHU CHENGLIANG ZHAO XIANDONG JIANG XIN JASMINE ZHOU CRAIG STERLING LIU HUI ZHAO YUE LILLIAN LOU HUANG WEI SU CHENG GAO LI XIAO ZHE FUSHENG HUANG LONG JUN CHEN YU FANG XIAHONG DONG JUNFENG

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

Recommendation buy buy buy buy buy accumulate buy buy strong buy strong buy buy sell buy outperform Equalwt/Attractive buy buy buy buy buy buy buy buy buy

Amt Held 190'013'958 107'068'671 74'982'481 63'808'863 61'679'751 60'688'773 49'682'034 42'714'541 40'620'259 36'458'375 33'711'947 32'651'073 32'400'000 29'456'722 28'866'119 25'063'579 23'233'749 22'056'237 21'234'705 20'414'481

% Out 9.3 5.24 3.67 3.12 3.02 2.97 2.43 2.09 1.99 1.78 1.65 1.6 1.59 1.44 1.41 1.23 1.14 1.08 1.04 1

Weighting

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

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

Latest Chg 28'078'749 (1'293'778) 211'974 (19'746'179) 13'932'697 29'456'722 6'347'490 765'310 12'711'393 (7'133'338)

Target Price 30 #N/A N/A 37 #N/A N/A #N/A N/A 28 #N/A N/A #N/A N/A #N/A N/A 40 #N/A N/A #N/A N/A 34 29 33 26 #N/A N/A #N/A N/A #N/A N/A 30 #N/A N/A #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 10.01.2013 31.12.2012 31.12.2012 10.01.2013 31.12.2012 31.12.2012 10.01.2013 31.12.2012 10.01.2013 10.01.2013 10.01.2013 10.01.2013 10.01.2013 31.12.2012 31.12.2012 10.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Insurance Company n/a Investment Advisor Insurance Company Investment Advisor Investment Advisor n/a Investment Advisor Endowment Investment Advisor Investment Advisor

Date 08.07.2013 08.07.2013 07.07.2013 07.07.2013 04.07.2013 04.07.2013 03.07.2013 28.06.2013 27.06.2013 26.06.2013 18.06.2013 06.06.2013 23.05.2013 22.04.2013 25.03.2013 06.02.2013 24.01.2013 17.12.2012 01.11.2012 25.06.2012 18.06.2012 18.07.2011 28.05.2011 29.06.2010

08.07.2013

Cosan Ltd Cosan Ltd is a fully integrated company in the renewable energy and infrastructure segments in Brazil. It produces sugar & ethanol and distributes fuels through a network of service stations. Cosan transports and loads shipments of sugar and other grains at two terminals in Santos. Cosan also has a lubricants distribution business and farmland development operation.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 CZZ US EQUITY YTD Change CZZ US EQUITY YTD % CHANGE

03/2013 03/yy 21.55 12.06 681'188.00 15.65 -27.38% 29.77% 37.83% 174.4 4'236.26 11'612.60 0.0 3'601.8 2'593.80 22'164.89

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

5 0 j-12

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 31.03.2009 5'790.0 0.93x 478.7 11.29x (372.1) -

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

31.03.2010 31.03.2011 15'499.9 18'063.5 0.79x 0.80x 1'509.8 2'701.0 8.16x 5.34x 621.0 470.9 7.67x 12.06x Profitability

LTM-4Q 31.03.2012 24'096.9 0.61x 1'992.3 7.42x 1'181.3 6.15x

31.03.2013 30'016.5 0.78x 3'083.8 7.54x 638.2 3'083.80 1'539.70 5.13% 3.30% 1.85% 6.75% 1.07% 11.1% 10.6% 5.5% 2.1% 1.39 0.91 34.36% 118.57% 22.61 32.15

Price/ Cash Flow

LTM

03/yy 24'096.9 2.18x 2'129.6 6.94x 1'181.1 0.00x

03/yy 30'016.5 2.63x 3'195.9 7.28x 518.5 0.00x

FY+1

1.07 166.81 0.96 22.16% -9.59% 1.074 11 4.455 912'918 1'079'103 1'048'301 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 34'232.0 35'674.0 0.60x 0.56x 3'973.5 4'032.0 5.58x 5.50x 954.5 1'022.5 10.48x 9.07x S&P Issuer Ratings

21.10.2010 BB POS 5.08 2.27 2.82 3.63 118.6% 46.4% 1.07 3.92 16.14 11.35 13.55 13.94

Sales/Revenue/Turnover

6.00

35'000.0

5.00

30'000.0 25'000.0

4.00

20'000.0 3.00

15'000.0

2.00

10'000.0

1.00

5'000.0

0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

08.07.2013

Cosan Ltd Holdings By:

All

Holder Name HIGHBRIDGE CAPITAL M GIF GESTAO DE INVEST BLACKROCK SKAGEN AS ACADIAN ASSET MANAGE QUELUZ HOLDINGS LIMI CREDIT SUISSE AG MORGAN STANLEY WELLINGTON MANAGEMEN CREDIT AGRICOLE SA FMR LLC MSOR PARTICIPACOES S OSTERWEIS CAPITAL MA FRANK RUSSELL TRUST COMMERZBANK AKTIENGE BNP PARIBAS INV PART CARMIGNAC GESTION LU AMERIPRISE FINANCIAL THREADNEEDLE INVESTM AMUNDI LUXEMBOURG SA

Firm Name Raymond James Itau BBA Securities EVA Dimensions HSBC Riedel Research Group Inc Grupo Santander Morgan Stanley Banco BTG Pactual SA Bradesco Corretora JPMorgan Imperial Capital LLC

Portfolio Name HIGHBRIDGE CAPITAL M n/a n/a Multiple Portfolios ACADIAN ASSET MANAGE n/a n/a n/a WELLINGTON MANAGEMEN CREDIT AGRICOLE SA n/a n/a Multiple Portfolios FRANK RUSSELL COMPAN COMMERZBANK AKTIENGE n/a Multiple Portfolios AMERIPRISE FINANCIAL Multiple Portfolios Multiple Portfolios

Analyst PEDRO J RICHARDS PAULA KOVARSKY DOUG WALTERS ALEXANDRE FALCAO DAVID R RIEDEL CHRISTIAN AUDI JAVIER MARTINEZ THIAGO DUARTE AURO ROZENBAUM LUCAS FERREIRA MATTHEW T FARWELL

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

Recommendation market perform outperform underweight overweight buy buy Overwt/No Rating buy outperform restricted outperform

Amt Held 26'534'795 25'925'095 11'285'463 10'319'782 6'670'687 5'468'966 4'341'632 3'627'848 2'725'855 2'643'693 2'367'300 1'811'250 1'481'408 1'417'934 1'360'819 1'310'423 1'266'186 1'150'121 1'150'000 1'029'475

% Out 15.22 14.87 6.47 5.92 3.83 3.14 2.49 2.08 1.56 1.52 1.36 1.04 0.85 0.81 0.78 0.75 0.73 0.66 0.66 0.59

Weighting

Change

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

M M M M N M M M M M R

Latest Chg (5'131'871) (2'046'267) 370'692 116'437 (2'472'145) (2'171'562) 3'340'805 2'725'855 (125'000) (96'437) (114'730) (542'869) 1'360'819 136'232 (370'740) 150'000 150'000 20'600

Target Price #N/A N/A 27 #N/A N/A 24 27 24 20 21 18 #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 31.03.2013 Hedge Fund Manager 14.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 11.04.2013 Holding Company 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 11.04.2013 Other 28.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor

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

Date 02.07.2013 19.06.2013 06.06.2013 17.05.2013 04.05.2013 05.04.2013 18.12.2012 24.08.2012 08.08.2012 01.07.2011 06.12.2010

08.07.2013

Astra Agro Lestari Tbk PT PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries, the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

Price/Volume 25000

9.0 M 8.0 M

20000

7.0 M 6.0 M

15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (16.05.2013) Daily Volume Current Price (7/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 AALI IJ EQUITY YTD Change AALI IJ EQUITY YTD % CHANGE

12/2012 03/yy 24'000.00 16'900.00 311'500.00 17450 -27.29% 3.25% 15.49% 1'574.7 27'479'300.00 971'950.00 0.0 336'232.0 227'769.00 28'558'894.25

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

4.0 M 3.0 M 2.0 M

5000

1.0 M 0 j-12

.0 M 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 8'161'217.0 1.81x 3'616'720.0 4.08x 2'631'019.0 5.87x

5.0 M

10000

31.12.2009 31.12.2010 7'424'283.0 8'843'721.0 4.75x 4.55x 2'898'342.0 3'335'987.0 12.16x 12.07x 1'660'649.0 2'016'780.0 21.57x 20.46x Profitability

LTM-4Q 31.12.2011 10'772'582.0 3.12x 3'572'651.0 9.41x 2'405'564.0 14.21x

LTM

FY+1

0.93 319.91 -18.03% -9.05% 0.933 32 3.750 689'800 1'881'733 1'458'711 FY+2

FQ+1

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 11'564'319.0 ######### ######### ######### ######### ######### 2.78x 12.76x 11.08x 2.35x 2.06x 3'930'947.0 ######### ######### ######### ######### 752'834.0 8.17x 11.53x 7.76x 7.70x 6.83x 2'410'259.0 ######### ######### ######### ######### 506'474.5 12.87x 17.27x 12.20x 12.47x 11.17x S&P Issuer Ratings 3'930'947.00 Long-Term Rating Date 3'453'729.00 Long-Term Rating 29.87% Long-Term Outlook 30.48% Short-Term Rating Date 20.07% Short-Term Rating 26.81% Credit Ratios 26.03% EBITDA/Interest Exp. 0.98% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 37.7% Total Debt/EBITDA 33.3% Reference 28.9% Total Debt/Equity 20.8% Total Debt/Capital Asset Turnover 0.68 Net Fixed Asset Turnover 0.10 Accounts receivable turnover-days 7.83% Inventory Days 10.76% Accounts Payable Turnover Day 755.89 Cash Conversion Cycle 7.27

Price/ Cash Flow

FQ+2 09/13 Q3 ######### 993'690.0 632'718.0 134.64 44.54 0.19 0.25 10.8% 9.4% 0.98 1.28 0.48 50.23 34.52 26.10

Sales/Revenue/Turnover

20.00

14'000'000.0

18.00

12'000'000.0

16.00 14.00

10'000'000.0

12.00

8'000'000.0

10.00

6'000'000.0

8.00

4'000'000.0

6.00 4.00

2'000'000.0

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

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 |

08.07.2013

Astra Agro Lestari Tbk PT Holdings By:

All

Holder Name PT ASTRA INTERNATION SCHRODER INVESTMENT BLACKROCK VANGUARD GROUP INC VAN ECK ASSOCIATES C MANULIFE ASET MANAJE MONTGOMERY ASSET MAN INVESCO LTD DANAREKSA INVESTMENT BAHANA TCW INVESTMEN BANK OF NEW YORK MEL DIMENSIONAL FUND ADV NORDEA INVESTMENT FU SCHRODER INVESTMENT FIRST STATE INVESTME SUMITOMO MITSUI TRUS FORTIS INVESTMENTS P NORDEA INV MANAGEMEN EATON VANCE MANAGEME EASTSPRING INVESTMEN

Firm Name DBS Vickers UOB Kay Hian RHB Research Institute Sdn Bhd Mandiri Sekuritas PT/Indonesia Maybank Kim Eng Goldman Sachs Bahana Securities EVA Dimensions Morgan Stanley JPMorgan Samuel Sekuritas Indonesia Andalan Artha Advisindo Sekuritas PT Ciptadana Sekuritas CIMB Indo Premier Securities HSBC Nomura Deutsche Bank Credit Suisse Sucorinvest Central Gani AmCapital Indonesia BNP Paribas Equity Research Macquarie PT Batavia Prosperindo Sekuritas BNI Securities Trimegah Securities Tbk PT Danareksa Standard Chartered Affin Securities Sdn Bhd

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

Analyst BEN SANTOSO STEFANUS DARMAGIRI ALVIN TAI HARIYANTO WIJAYA PANDU ANUGRAH PATRICK TIAH LEONARDO HENRY GAVAZA CRAIG STERLING CHARLES C SPENCER YING-JIAN CHAN JOSEPH PANGARIBUAN ANDY WIBOWO GUNAWAN SURAJ KHIANI ERINDRA KRISNAWAN WILLIAM SIMADIPUTRA THILAN WICKRAMASINGHE MUZHAFAR MUKHTAR JOVIN NG AGUS SANDIANTO ISFHAN HELMY VIVIET S PUTRI MICHAEL GREENALL SUNAINA DHANUKA ARANDI NUGRAHA YASMIN SOULISA TEAM COVERAGE HELMY KRISTANTO JOO ENG TEO ONG KENG WEE

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

Recommendation hold buy buy sell buy neutral/neutral buy overweight Overwt/Attractive overweight hold buy buy neutral hold neutral buy hold outperform hold buy buy underperform buy hold buy hold in-line not rated

Amt Held 1'254'831'088 13'315'000 12'176'770 10'225'180 6'810'620 5'297'000 2'659'000 2'633'423 2'618'600 1'986'500 1'809'286 1'736'000 1'695'500 1'533'000 1'508'000 1'110'625 971'500 930'000 884'500 870'500

% Out 79.68 0.85 0.77 0.65 0.43 0.34 0.17 0.17 0.17 0.13 0.11 0.11 0.11 0.1 0.1 0.07 0.06 0.06 0.06 0.06

Weighting

Change

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

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

Latest Chg 5'582'000 2'062'500 113'000 (4'500) 2'449'500 (16'000) 29'000 (1'432'500)

Target Price 19'550 23'300 19'940 15'000 20'000 23'000 24'000 #N/A N/A 21'500 20'300 17'500 20'500 20'500 19'000 19'600 19'100 23'000 18'500 21'950 19'700 20'250 22'817 14'400 21'887 20'500 22'000 20'500 18'226 #N/A N/A

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

File Dt 30.09.2012 31.03.2013 03.07.2013 31.03.2013 05.07.2013 31.12.2010 30.04.2013 05.07.2013 31.12.2010 31.12.2012 05.07.2013 29.03.2013 28.03.2013 31.12.2010 31.12.2010 12.11.2012 31.12.2011 31.05.2013 30.04.2013 28.12.2012

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

Inst Type Corporation 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 Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.07.2013 01.07.2013 28.06.2013 26.06.2013 24.06.2013 19.06.2013 18.06.2013 13.06.2013 02.06.2013 01.06.2013 30.05.2013 10.05.2013 01.05.2013 26.04.2013 25.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 11.04.2013 11.04.2013 10.04.2013 26.03.2013 08.03.2013 04.03.2013 01.03.2013 27.02.2013 05.02.2013 02.02.2012

08.07.2013

Smithfield Foods Inc Smithfield Foods, Inc. processes pork and produces hogs through its meat processing and hog production groups. The Company also produces and markets a range of branded food products such as frozen barbecues and chilies, peanuts, and pork products. Smithfield's products are sold on a wholesale basis, through catalogs, through its retail stores, and via the Internet.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SFD US EQUITY YTD Change SFD US EQUITY YTD % CHANGE

04/2013 04/yy 33.96 17.55 2'710'014.00 32.69 -3.74% 86.27% 92.26% 139.0 4'542.36 2'505.30 0.0 13.4 310.60 6'750.46

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

80.0 M

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

.0 M 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 30.04.2009 12'487.7 0.32x 96.7 41.79x (198.4) -

30.04.2010 30.04.2011 11'202.6 12'202.7 0.51x 0.46x 266.5 1'156.2 21.28x 4.90x (101.4) 521.0 9.73x Profitability

LTM-4Q 30.04.2012 13'094.3 0.38x 975.3 5.11x 361.3 8.03x

30.04.2013 13'221.1 0.44x 744.2 7.81x 183.8 14.41x 744.20 504.30 3.81% 1.74% 2.43% 5.67% 5.81% 1.75% 10.0% 5.6% 3.8% 1.4% 2.03 0.56 32.47% 80.89% 20.53 5.38

Price/ Cash Flow

LTM

04/yy 13'094.3 1.67x 975.3 5.11x 361.3 8.22x

04/yy 13'221.1 1.60x 744.2 7.81x 183.8 14.52x

FY+1

0.00 0.95 135.74 14.92 51.48% 51.55% 0.945 14 3.000 3'066'500 8'784'742 5'131'836 FY+2

FQ+1

FQ+2

04/14 Y 04/15 Y 07/13 Q1 10/13 Q2 13'487.8 13'807.8 3'164.3 3'330.5 0.46x 0.43x 905.7 974.6 182.0 242.8 7.45x 6.93x 7.34x 360.6 415.7 58.9 96.4 12.47x 10.84x 12.69x S&P Issuer Ratings

29.05.2013 BB *4.29 2.58 2.95 3.37 80.9% 44.6% 1.75 5.78 17.73 67.60 12.63 72.70

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 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 07.05.2010

0.0 07.11.2010

07.05.2011

07.11.2011

07.05.2012

07.11.2012

07.05.2013

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 |

08.07.2013

Smithfield Foods Inc Holdings By:

All

Holder Name BLACKROCK MORGAN STANLEY VANGUARD GROUP INC LSV ASSET MANAGEMENT ACADIAN ASSET MANAGE SOUTHERNSUN ASSET MA FRANK RUSSELL TRUST JP MORGAN STATE STREET CAISSE DE DEPOT ET P DIMENSIONAL FUND ADV ADAGE CAPITAL PARTNE FMR LLC ALLIANCE BERNSTEIN CITIGROUP INCORPORAT GOLDMAN SACHS GROUP JENNISON ASSOCIATES VAN ECK ASSOCIATES C WELLINGTON MANAGEMEN ROBECO INVESTMENT MG

Firm Name Davenport & Co EVA Dimensions BMO Capital Markets JPMorgan Miller Tabak + Co., LLC S&P Capital IQ Credit Suisse D.A. Davidson & Co BB&T Capital Markets Stephens Inc KeyBanc Capital Markets Knight R.W. Pressprich & Co

Portfolio Name n/a n/a VANGUARD GROUP INC LSV ASSET MANAGEMENT ACADIAN ASSET MANAGE SOUTHERNSUN ASSET MA FRANK RUSSELL COMPAN n/a n/a CAISSE DE DEPOT ET P n/a ADAGE CAPITAL PARTNE n/a n/a n/a n/a JENNISON ASSOCIATES n/a WELLINGTON MANAGEMEN ROBECO INVESTMENT MA

Analyst ANN H GURKIN AUSTIN BURKETT KENNETH B ZASLOW KENNETH GOLDMAN TIM TIBERIO THOMAS GRAVES ROBERT MOSKOW TIMOTHY S RAMEY BRETT M HUNDLEY FARHA ASLAM AKSHAY S JAGDALE TEAM COVERAGE SETH CRYSTALL

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

Recommendation neutral underweight market perform neutral hold hold outperform neutral hold equalweight hold buy market perform

Amt Held 9'441'838 7'022'056 6'472'888 5'818'284 5'125'358 4'815'986 4'258'333 4'205'870 3'868'452 3'600'000 3'482'463 3'440'638 3'436'600 3'273'231 2'843'366 2'522'361 2'416'647 2'350'581 2'225'867 1'942'383

% Out 6.8 5.05 4.66 4.19 3.69 3.47 3.06 3.03 2.78 2.59 2.51 2.48 2.47 2.36 2.05 1.82 1.74 1.69 1.6 1.4

Weighting

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

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

Latest Chg (350'929) (48'612) 121'259 655'445 315'235 (667'155) 1'409'155 (41'562) (1'400'000) (27'315) 440'872 (100'086) 2'086'166 611'134 690'948 (3'323'684) 129'175 195'116 1'942'383

Target Price 34 #N/A N/A 34 34 24 34 34 34 #N/A N/A 34 #N/A N/A 31 #N/A N/A

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

File Dt Inst Type 03.07.2013 Investment Advisor 26.06.2013 Investment Advisor 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 31.05.2013 Investment Advisor 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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 02.07.2013 22.06.2013 21.06.2013 19.06.2013 19.06.2013 17.06.2013 14.06.2013 14.06.2013 14.06.2013 03.06.2013 29.05.2013 14.12.2012 28.09.2012

08.07.2013

Marine Harvest ASA Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic salmon. The Company operates hatcheries, processes and packages fish, as well as sells and markets the products. Marine Harvest operates in Canada, Norway and Scotland. The Company sells salmon worldwide through its sales companies in Norway, Canada, the United Kingdom and the United States.

Price/Volume 7

80.0 M

70.0 M

60.0 M 50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (27.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MHG NO EQUITY YTD Change MHG NO EQUITY YTD % CHANGE

12/2012 03/yy 6.44 3.69 10'475'961.00 6.27 -2.64% 69.81% 98.15% 3'748.3 23'502.10 5'716.30 0.0 69.0 335.30 29'892.90

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

30.0 M

20.0 M

10.0 M

0 j-12

31.12.2009 31.12.2010 14'500.2 15'191.4 1.40x 1.80x 2'566.8 3'849.4 7.89x 7.10x 1'296.3 3'078.0 11.54x 7.17x Profitability

LTM-4Q 31.12.2011 16'132.8 0.98x 3'560.2 4.44x 1'115.7 8.30x

31.12.2012 15'463.5 1.59x 1'215.2 20.28x 408.6 44.94x

1'215.20 537.50 3.48% 5.10% 3.21% 6.42% 5.56% 0.66% 37.5% 9.5% 5.1% 2.6% 2.92 0.64 24.52% 49.20% 12.17

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 16'008.3 4.32x 2'849.9 5.80x 1'197.8 8.77x

d-12

03/yy 15'398.2 6.06x 1'466.9 18.19x 753.3 27.41x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.96 2'393.98 57.00% 24.43% 0.964 17 4.647 13'021'410 15'527'780 17'356'370 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'822.9 20'217.1 4'349.1 4'195.6 1.68x 1.46x 6.75x 7.07x 3'619.7 4'500.5 1'044.0 868.9 8.26x 6.64x 7.73x 7.48x 2'165.4 2'632.6 610.3 502.9 11.81x 8.92x 10.02x 9.41x S&P Issuer Ratings

3.17 1.26 4.30 4.59 49.2% 32.8% 0.66 3.65 29.98 18.76

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 13'486.9 0.85x 2'599.5 4.40x (2'852.6) -

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Marine Harvest ASA Holdings By:

All

Holder Name GEVERAN TRADING CO L GOVERNMENT PENSION F STATE STREET MORGAN STANLEY LANSDOWNE DEVEL MKT ALLIANZ ASSET MANAGE CLEARSTREAM BANKING DNB NOR ASSET MANAGE BANK OF NEW YORK MEL DNB NORBANK ASA VAN ECK ASSOCIATES C DANSKE CAPITAL NORGE STOREBRAND FUND MANA STATOILS PENSJONSKAS WEST COAST INVEST AS JP MORGAN CHASE BANK HANDELSBANKEN FONDER GOLDMAN SACHS GROUP JP MORGAN NORDEA FONDENE AS

Firm Name Carnegie Rabobank International Gabelli & Co Fondsfinans AS Nordea Equity Research Pareto Securities EVA Dimensions SpareBank 1 Markets AS DNB Markets Equita SIM SpA SEB Enskilda ABN Amro Bank N.V. Swedbank First Securities Handelsbanken Arctic Securities ASA ABG Sundal Collier Norne Securities AS

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

Analyst MARIUS GAARD PATRICK ROQUAS AMON R WILKES BENT ROLLAND KOLBJORN GISKEODEGARD HENNING LUND CRAIG STERLING GEIR KRISTIANSEN KNUT-IVAR BAKKEN GIANMARCO BONACINA PEDER STRAND MAARTEN BAKKER HENNING C STEFFENRUD KJETIL LYE THOMAS LORCK GEORG LIASJO ANDERS GJENDEMSJO

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

Recommendation buy buy buy buy strong buy buy sell buy buy buy buy buy buy buy buy hold buy

Amt Held 985'193'302 324'816'895 262'185'384 145'764'965 130'000'000 97'232'686 93'494'612 75'727'891 71'142'278 54'854'176 47'311'756 40'656'735 40'213'861 38'724'509 30'012'000 29'568'196 28'918'196 28'366'753 27'026'350 23'671'074

% Out 26.28 8.67 6.99 3.89 3.47 2.59 2.49 2.02 1.9 1.46 1.26 1.08 1.07 1.03 0.8 0.79 0.77 0.76 0.72 0.63

Weighting

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

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

Latest Chg 5'461'031 7'548'947 10'301'800 9'613'967 (1'150'000) 5'078'865 705'780

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

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

File Dt Inst Type 01.07.2013 Corporation 01.07.2013 Government 05.07.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 n/a 31.03.2013 Investment Advisor 01.07.2013 Bank 27.03.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Bank 05.07.2013 Investment Advisor 31.12.2012 Investment Advisor 30.06.2013 Investment Advisor 01.07.2013 Pension Fund (ERISA) 01.07.2013 Corporation 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 01.07.2013 Investment Advisor 31.05.2013 Investment Advisor 27.03.2013 Investment Advisor

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

Date 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 06.06.2013 24.05.2013 10.05.2013 06.05.2013 03.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 30.04.2013 10.01.2013

08.07.2013

First Resources Ltd First Resources Limited produces crude palm oil. The Company is an upstream operator with primary business activities in the cultivation and harvesting of oil palms, and the processing of fresh fruit bunches into crude palm oil for local and export sales. The Company is also constructing a biodiesel plant located in Dumai, Riau province, close to the Dumai port.

Price/Volume 3

12.0 M 10.0 M

8.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (27.08.2012) 52-Week Low (03.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FR SP EQUITY YTD Change FR SP EQUITY YTD % CHANGE

12/2012 03/yy 2.23 1.65 290'000.00 1.72 -22.87% 4.56% 15.38% 1'584.1 2'724.61 538.17 0.0 51.2 391.79 2'359.24

6.0 M 4.0 M

2.0 M

0 j-12

.0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

Valuation Analysis

31.12.2008 289.5 1.69x 161.0 3.04x 113.6 3.33x

16.0 M

31.12.2009 31.12.2010 218.9 329.9 5.18x 5.77x 121.0 202.8 9.36x 9.38x 112.5 143.1 8.78x 12.35x Profitability

LTM-4Q 31.12.2011 494.6 3.86x 293.4 6.51x 196.4 8.71x

31.12.2012 603.4 4.67x 320.7 8.78x 237.1 10.81x

320.70 295.39 48.95% 54.08% 14.17% 24.14% 18.26% 0.35% 63.3% 54.6% 50.4% 39.3% 4.29 3.19 27.87% 48.64% 23.15 4.79

Price/ Cash Flow

03/yy 568.8 13.67x 323.6 7.39x 214.8 10.40x

LTM 03/yy 613.1 17.54x 334.8 7.68x 251.7 9.26x

FY+1

0.84 495.13 -11.60% -13.43% 0.842 18 5.000 755'200 1'664'233 1'932'063 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 663.7 857.8 164.0 164.0 3.54x 2.66x 334.9 387.8 7.05x 6.08x 203.1 239.5 10.10x 8.66x S&P Issuer Ratings

9.34 4.25 0.53 1.52 48.6% 31.7% 0.35 1.72 15.77 76.23 46.45 68.51

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

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

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 |

08.07.2013

First Resources Ltd Holdings By:

All

Holder Name EIGHT CAPITAL INC KING FORTUNE INTERNA FMR LLC WILLIAM BLAIR & COMP SCHRODER INVESTMENT FIL LIMITED SEB FRANKLIN RESOURCES VAN ECK ASSOCIATES C VANGUARD GROUP INC AMUNDI LUXEMBOURG SA PETERCAM SA BLACKROCK POWER CORP OF CANADA OSK UOB UNIT TRUST M MANULIFE FUNDS DIREC BARING INTERNATIONAL ALLIANZ ASSET MANAGE FIDELITY INVT ASSET TRANSAMERICA INVESTM

Firm Name DBS Vickers UOB Kay Hian RHB Research Institute Sdn Bhd Nomura Maybank Kim Eng EVA Dimensions JPMorgan CIMB Credit Suisse Macquarie Morgan Stanley Goldman Sachs BNP Paribas Equity Research HSBC Standard Chartered

Portfolio Name n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios PETERCAM B-PETERCAM n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BEN SANTOSO TEAM COVERAGE ALVIN TAI MUZHAFAR MUKHTAR ONG CHEE TING CRAIG STERLING YING-JIAN CHAN LEE WEN CHING AGUS SANDIANTO CONRAD WERNER CHARLES C SPENCER PATRICK TIAH MICHAEL GREENALL THILAN WICKRAMASINGHE ADRIAN FOULGER

Source Co File Co File ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-PART ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy overweight overweight outperform outperform outperform Overwt/Attractive Buy/Neutral buy overweight outperform

Amt Held 1'000'800'130 88'000'000 79'209'422 39'362'758 23'312'000 19'523'096 11'540'200 8'972'000 8'547'000 6'793'629 4'526'000 3'910'435 3'338'063 3'150'000 2'500'672 2'496'000 2'269'000 2'152'100 1'772'000 1'521'000

% Out 63.18 5.56 5 2.48 1.47 1.23 0.73 0.57 0.54 0.43 0.29 0.25 0.21 0.2 0.16 0.16 0.14 0.14 0.11 0.1

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

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

Latest Chg (2'102'641) 8'096'000 (3'308'000) (9'827'205) 10'352'200 (534'000) 156'000 586'000 3'910'435 1'988'500 1'700'672 (3'568'000) (81'000) 713'000

Target Price 2 3 2 3 2 #N/A N/A 3 2 2 2 2 2 2 3 2

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

File Dt 15.03.2013 15.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 05.07.2013 31.03.2013 28.02.2013 31.05.2013 03.07.2013 28.02.2013 30.04.2013 30.06.2012 31.03.2013 31.05.2013 31.12.2012 31.03.2013

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

Inst Type Holding Company Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 01.07.2013 01.07.2013 28.06.2013 25.06.2013 24.06.2013 06.06.2013 01.06.2013 21.05.2013 15.05.2013 15.05.2013 14.05.2013 12.04.2013 10.04.2013 27.02.2013 05.02.2013

08.07.2013

Seaboard Corp Seaboard Corporation is a diversified international agribusiness and transportation company that primarily produces and processes domestic pork and ships cargo. The Company also merchandises commodities, mills flour and feed, farms produce, produces sugar, and generates electric power overseas.

Price/Volume 3500

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M

3000 2500 2000

Valuation Analysis

1500

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (27.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SEB US EQUITY YTD Change SEB US EQUITY YTD % CHANGE

12/2012 03/yy 2'934.00 1'991.00 230.00 2765.66 -5.74% 38.91% 82.15% 1.2 3'310.28 174.75 0.0 3.6 361.03 3'104.52

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

500 0 j-12

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 4'267.8 0.33x 212.2 6.67x 146.9 10.10x

1000

31.12.2009 31.12.2010 3'601.3 4'385.7 0.38x 0.51x 115.6 407.9 11.79x 5.45x 92.5 283.6 19.64x 8.59x Profitability

LTM-4Q 31.12.2011 5'746.9 0.39x 435.5 5.15x 345.8 7.88x

31.12.2012 6'189.1 0.46x 399.9 7.12x 282.3 10.79x

399.88 309.66 5.00% 5.93% 9.1% 4.6% 2.63 1.30 5.22% 7.58% -

Price/ Cash Flow

03/yy 5'749.8 1.61x 399.4 5.38x 311.2 8.48x

LTM 03/yy 3'310.3 1.81x 179.8 0.00x 133.0 0.00x

1.03 0.29 0.01 26.90% 9.32% 1.030 1 3.000 973 1'187 817

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

36.19 21.82 7.6% 7.0% 63.36

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 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

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 |

08.07.2013

Seaboard Corp Holdings By:

All

Holder Name SEABOARD FLOUR LLC SFC PREFERRED LLC FMR LLC DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC KAHN BROTHERS GROUP LSV ASSET MANAGEMENT ROYCE AND ASSOCIATES BRESKY STEVEN J RENAISSANCE TECHNOLO STATE STREET NORTHERN TRUST CORPO JAMES INVESTMENT RES NORGES BANK MERITAGE PORTFOLIO M INVESCO LTD BANK OF NEW YORK MEL AXA TIAA CREF INVESTMENT

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC KAHN BROTHERS GROUP LSV ASSET MANAGEMENT ROYCE & ASSOCIATES L n/a RENAISSANCE TECHNOLO n/a NORTHERN TRUST CORPO JAMES INVESTMENT RES NORGES BANK MERITAGE PORTFOLIO M n/a BANK OF NEW YORK MEL n/a TIAA-CREF INVESTMENT

Analyst AUSTIN BURKETT

Source PROXY PROXY ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F PROXY 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F

Recommendation hold

Amt Held 465'826 428'123 60'800 46'161 18'127 16'844 14'004 10'650 10'476 8'563 6'553 6'029 4'465 3'438 2'820 2'538 2'058 1'976 1'891 1'669

% Out 38.92 35.77 5.08 3.86 1.51 1.41 1.17 0.89 0.88 0.72 0.55 0.5 0.37 0.29 0.24 0.21 0.17 0.17 0.16 0.14

Weighting

Change 3

Latest Chg (95) (4) 1'192 (2'135) 121 (125) (252) 55 (142) 25 375 175 303 (199)

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 31.01.2013 Holding Company 31.01.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 n/a 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided

Date 13.05.2013

08.07.2013

Heilongjiang Agriculture Co Ltd Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean, wheat, corn, and other grain products. The Company also produces fertilizers and sells paper products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (04.12.2012) Daily Volume Current Price (7/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 600598 CH EQUITY YTD Change 600598 CH EQUITY YTD % CHANGE

12/2012 03/yy 9.18 6.58 21'528'033.00 8.35 -9.04% 26.90% 68.08% 1'777.7 14'843.63 5'719.37 0.0 242.4 1'432.70 18'537.97

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

31.12.2009 31.12.2010 6'520.1 9'235.6 4.67x 3.20x 714.3 869.7 42.64x 34.01x 358.5 357.2 72.62x 66.15x Profitability

80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M a-12

LTM-4Q 31.12.2011 13'324.1 1.47x 1'015.7 19.25x 440.9 34.64x

31.12.2012 13'588.5 1.40x 522.4 36.43x (187.8) -

522.44 101.79 0.75% -2.25% -0.90% -2.89% 0.62% 16.2% 0.6% -1.4% 0.87 0.26 36.44% 108.96% 9.10 1.73

Price/ Cash Flow

s-12

o-12

LTM

03/yy 15'102.7 6.00x 0.0 0.00x 457.7 30.99x

n-12

03/yy 11'334.9 6.06x 0.0 0.00x (163.3) 0.00x

d-12

j-13

f-13

m-13

a-13

m-13

FY+1

1.16 637.42 5.83% 2.33% 1.158 2 4.500 0 2'943'253 7'707'948 FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y 06/13 Q2 09/13 Q3 - 24'932.0 895.0 139.17x 20.52x S&P Issuer Ratings

1.33 0.16 109.0% 51.0% 0.62 1.87 40.11 211.00 57.76 164.08

Sales/Revenue/Turnover

500.00

16'000.0

450.00

14'000.0

400.00

12'000.0

350.00

10'000.0

300.00 250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00 0.00 01.01.2010

90.0 M

Fiscal Year Ended 31.12.2008 5'606.8 3.69x 908.0 22.77x 588.1 29.81x

10 9 8 7 6 5 4 3 2 1 0 j-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Heilongjiang Agriculture Co Ltd Holdings By:

All

Holder Name HEILONGJIANG BEIDAHU CHINA SOUTHERN FUND LION FUND MANAGEMENT BILL & MELINDAGATES CHINA LIFE INSURANCE CHINA ASSET MANAGEME QINGDAO GUOXINHANG I HARVEST FUND MANAGEM HUATAI-PINEBRIDGE FU HUAAN FUND MANAGEMEN CHANGSHENG FUND MANA CHINA ASSET MANAGEME E FUND MANAGEMENT GTJA ALLIANZ FUND MA EVERBRIGHT PRAMERICA CHINA MERCHANTS FUND TIANTONG ASSET MANAG CHINA ASSET MANAGEME DACHENG FUND MANAGME GUOTAI ASSET MANAGEM

Firm Name HuaChuang Securities Founder Securities SWS Research Co Ltd Citic Securities Co., Ltd China Merchants Securities Northeast Securities Co Ltd China International Capital Corp China Securities Co., Ltd

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

Analyst GAO LI BAOPING ZHANG GONG YANHAI CHANGQING MAO JUN HUANG WEIMING GUO FEIYANG YUAN FUSHENG HUANG

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

Recommendation buy add neutral add strong buy buy hold add

Amt Held 1'140'262'121 53'980'085 25'914'850 10'000'210 9'858'964 8'705'687 8'178'501 5'651'909 4'072'331 2'509'901 2'414'200 1'859'699 1'747'306 1'586'289 1'403'773 1'328'237 1'070'476 999'906 849'322 803'948

% Out 64.14 3.04 1.46 0.56 0.55 0.49 0.46 0.32 0.23 0.14 0.14 0.1 0.1 0.09 0.08 0.07 0.06 0.06 0.05 0.05

Weighting

Change 5 4 3 4 5 5 3 4

M N M M M M M N

Latest Chg (251'986) 25'914'850 6'107'187 (4'464'092) (447'942) (105'289) (7'615'343) 164'946 242'070 (200'000) (117'381) (48'632) 999'906 (66'900) 87'165

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 18

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 08.07.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Investment Advisor n/a Government Investment Advisor Other 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 01.02.2013 28.08.2012 01.06.2012 02.05.2012 14.02.2012 05.07.2011 12.01.2011 08.12.2010

08.07.2013

Genting Plantations Bhd Genting Plantations Berhad is an investment holding company which operates plantations. The Company, through its subsidiaries, also develops and invests in properties, processes fresh fruit bunches, trades rubber wood, provides palm oil mill management services, and operates golf course.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.07.2013) 52-Week Low (31.01.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GENP MK EQUITY YTD Change GENP MK EQUITY YTD % CHANGE

12/2012 03/yy 10.18 8.10 339'900.00 9.8 -3.73% 21.06% 92.33% 758.8 7'435.82 703.38 0.0 229.4 1'051.34 7'393.71

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M 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 1'036.0 2.12x 482.2 4.56x 373.3 7.17x

31.12.2009 31.12.2010 755.6 988.6 5.78x 6.31x 305.2 448.6 14.31x 13.90x 235.7 324.2 20.05x 20.58x Profitability

LTM-4Q 31.12.2011 1'336.5 4.45x 613.5 9.70x 442.0 14.76x

31.12.2012 1'233.4 5.44x 419.5 15.99x 327.1 20.88x

419.53 363.13 29.44% 32.74% 6.54% 8.70% 7.03% 0.29% 44.7% 29.5% 25.0% 26.5% 5.55 4.29 14.89% 20.54% 7.84 4.71

Price/ Cash Flow

03/yy 1'338.0 16.98x 595.7 11.18x 426.5 16.89x

LTM 03/yy 1'303.8 20.17x 384.1 16.98x 292.3 22.46x

FY+1

0.99 189.11 -1.63% 9.88% 0.989 24 3.292 739'980 659'493 462'597 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'274.6 1'500.8 5.82x 4.93x 462.6 587.9 15.98x 12.58x 330.4 415.4 22.43x 17.63x S&P Issuer Ratings

111.04 23.54 -0.70 1.93 20.5% 16.1% 0.29 0.49 46.58 77.53 106.88 64.94

Sales/Revenue/Turnover

35.00

1'600.0

30.00

1'400.0 1'200.0

25.00

1'000.0 20.00

800.0 15.00

600.0

10.00

400.0

5.00

200.0

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

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 |

08.07.2013

Genting Plantations Bhd Holdings By:

All

Holder Name GENTING BHD EMPLOYEES PROVIDENT KUMPULAN WANG PERSAR FIL LIMITED BLACKROCK PRUDENTIAL UNIT TRUS GREAT EASTERN LIFE A CIMB-PRINCIPAL ASSET VANGUARD GROUP INC AVIVA PLC DIMENSIONAL FUND ADV LIBRA INVEST BERHAD AGF INVESTMENTS INC CAISSE DE DEPOT ET P PACIFIC MUTUAL FUND MANULIFE FUNDS DIREC EATON VANCE MANAGEME TA UNIT TRUST MANAGE COMMERCE TRUST BHD WELLS FARGO

Firm Name KAF Seagroatt & Campbell DBS Vickers AmResearch Sdn Bhd UOB Kay Hian Kenanga Investment Bank Bhd Hong Leong Investment Bank Bhd Public Investment Bank Berhad Alliance Research Sdn Bhd BIMB Securities Sdn Bhd JF Apex Securities Bhd EVA Dimensions Morgan Stanley JPMorgan Credit Suisse HSBC CIMB Maybank Kim Eng RHB Research Institute Sdn Bhd Affin Securities Sdn Bhd BNP Paribas Equity Research Macquarie Standard Chartered ECM Libra

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

Analyst VINCE NG QUAH HE WEI GAN HUEY LING TEAM COVERAGE LIM SEONG CHUN CHYE WEN FEI HOE LEONG CHONG ARHNUE TAN NG KEAT YUNG JESSICA JZE TIENG LOW CRAIG STERLING CHARLES C SPENCER YING-JIAN CHAN TAN TING MIN THILAN WICKRAMASINGHE IVY NG ONG CHEE TING HOE LEE LENG ONG KENG WEE MICHAEL GREENALL SUNAINA DHANUKA ADRIAN FOULGER TEAM COVERAGE

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

Recommendation hold hold buy hold market perform hold outperform neutral trading buy hold sell Overwt/Attractive overweight neutral overweight neutral buy neutral reduce hold underperform in-line hold

Amt Held 407'005'000 114'886'900 47'313'400 6'320'790 6'048'500 4'704'500 3'778'500 2'369'600 2'327'254 1'578'900 1'299'200 750'000 728'000 690'077 681'000 673'200 522'700 481'500 445'200 442'927

% Out 53.64 15.14 6.24 0.83 0.8 0.62 0.5 0.31 0.31 0.21 0.17 0.1 0.1 0.09 0.09 0.09 0.07 0.06 0.06 0.06

Weighting

Change 3 3 5 3 3 3 5 3 5 3 1 5 5 3 5 3 5 3 2 3 1 3 3

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

Latest Chg 6'100 (313'600) (374'300) (98'500) (2'686'000) 35'500 6'200 40'000 11'400 (39)

Target Price 11 10 10 8 10 11 10 10 10 9 #N/A N/A 12 10 9 11 10 10 10 9 10 7 8 8

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

File Dt 09.05.2012 02.07.2013 02.07.2013 31.10.2012 03.07.2013 30.06.2011 31.12.2010 30.04.2011 31.03.2013 28.03.2013 29.03.2013 31.12.2010 31.05.2013 31.12.2012 31.05.2013 30.06.2012 30.04.2013 30.06.2011 31.12.2010 30.04.2013

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

Inst Type Holding Company Government 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 Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 01.07.2013 01.07.2013 01.07.2013 28.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 10.06.2013 06.06.2013 02.06.2013 31.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 10.04.2013 28.03.2013 05.02.2013 29.11.2012

08.07.2013

Marfrig Alimentos SA Marfrig Alimentos SA processes food. The Company processes beef, pork, lamb, and poultry, and produces frozen vegetables, canned meats, fish, ready meals, and pasta. Marfrig operates in South American, the United States, Europe and Asia.

Price/Volume 14

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRFG3 BZ EQUITY YTD Change MRFG3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 12.41 5.75 2'100.00 7.21 -41.90% 25.39% 21.47% 520.7 3'754.59 12'567.05 0.0 148.9 3'179.08 13'900.37

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

15.0 M

10.0 M

4 5.0 M

2 0 j-12

.0 M 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 6'203.8 0.85x 884.4 5.95x (35.5) -

31.12.2009 31.12.2010 9'623.6 15'878.5 0.93x 0.72x 725.0 1'502.5 12.35x 7.65x 534.4 146.1 9.95x 36.76x Profitability

LTM-4Q 31.12.2011 21'014.1 0.56x 1'722.1 6.86x (746.0) -

31.12.2012 23'726.4 0.57x 1'976.1 6.87x (223.9) -

1'976.09 1'160.96 4.89% -3.88% -1.37% -6.82% 1.02% 15.0% 8.9% 4.8% -0.9% 1.33 0.65 49.11% 302.37% 15.68 8.21

Price/ Cash Flow

LTM

03/yy 20'553.7 2.34x 1'778.4 7.39x (735.0) 0.00x

03/yy 25'142.9 2.19x 2'238.5 6.49x (339.6) 0.00x

FY+1

0.89 214.40 -25.52% -14.98% 0.885 12 3.500 2'511'140 3'970'427 4'173'858 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 25'656.6 26'390.6 6'732.8 6'616.0 0.42x 0.43x 1.86x 1.91x 2'148.3 2'378.8 572.5 642.3 6.47x 5.84x 5.77x 5.44x 141.7 507.2 20.0 89.0 33.69x 8.62x 11.41x S&P Issuer Ratings

11.06.2013 B *+ 1.46 0.82 4.46 5.88 302.4% 74.5% 1.02 3.37 23.28 44.44 42.29 23.10

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 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

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 |

08.07.2013

Marfrig Alimentos SA Holdings By:

All

Holder Name MMS PARTICIPACOES SA BNDES PARTICIPACOES CAPITAL GROUP INTERN CAPITAL GROUP COMPAN FRANKLIN RESOURCES OSI INTERNATIONAL HO MOLINA DOS MARCOS A PASCOAL MARCAL SANTO DIMENSIONAL FUND ADV FATOR ADMINISTRACAO BB GESTAO DE RECURSO BRAM BRADESCO ASSET BNP PARIBAS ASSET MA MELLON GLOBAL MANAGE ITAU UNIBANCO SA BNY MELLON ARX INV L NORGES BANK FMR LLC ACADIAN ASSET MANAGE SCHRODER INVEST MGMT

Firm Name

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

Analyst

Bradesco Corretora GABRIEL VAZ DE LIMA Espirito Santo Investment Bank Research CATARINA PEDROSA Votorantim CTVM Research LUIZ CARLOS CESTA Banco Safra de Investimento ALAN DE SOUZA CARDOSO Itau BBA Securities ALEXANDRE RUIZ MIGUEL Morgan Stanley JAVIER MARTINEZ EVA Dimensions CRAIG STERLING JPMorgan ALAN ALANIS Deutsche Bank JOSE J YORDAN Banco do Brasil SA HENRIQUE AUGUSTO KOCH Banco BTG Pactual SA THIAGO DUARTE Agora CTVM SA JOSE FERREIRA HSBC DIEGO MAIA Credit Suisse ANTONIO GONZALEZ Grupo Santander LUIS MIRANDA

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

Recommendation market perform neutral market perform Under Review market perform Overwt/In-Line underweight neutral buy Under Review neutral Under Review neutral not rated underperform

Amt Held 163'410'526 102'222'710 29'700'700 28'970'600 19'515'602 19'464'641 12'133'414 8'436'107 6'264'966 5'741'400 3'539'338 3'249'638 2'919'516 2'881'912 2'753'467 2'687'114 2'565'266 2'360'432 2'282'000 1'908'287

% Out 31.38 19.63 5.7 5.56 3.75 3.74 2.33 1.62 1.2 1.1 0.68 0.62 0.56 0.55 0.53 0.52 0.49 0.45 0.44 0.37

Weighting

Change

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

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

Latest Chg 3'210'800 3'690'600 48'800 2'695'891 4'732'800 334'554 616'810 (333'424) 146'770 891'298 577'499 393'800 857'384

Target Price 8 7 11 #N/A N/A 9 11 #N/A N/A 9 27 #N/A N/A 10 #N/A N/A 9 #N/A N/A 9

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

File Dt 15.02.2013 15.02.2013 10.06.2013 10.06.2013 31.03.2013 06.12.2012 15.02.2013 15.02.2013 29.03.2013 31.03.2013 30.06.2013 30.06.2013 30.06.2013 31.03.2013 30.06.2013 30.06.2013 31.12.2012 31.05.2013 30.04.2013 30.06.2013

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

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

Date 02.07.2013 02.07.2013 02.07.2013 11.06.2013 10.06.2013 06.06.2013 06.06.2013 28.05.2013 21.05.2013 14.05.2013 14.05.2013 14.05.2013 15.04.2013 09.07.2012 13.12.2011

08.07.2013

Bright Dairy & Food Co Ltd Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products. The Company's products include liquid milk, milk powder, yogurt, cheese, and juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (24.09.2012) Daily Volume Current Price (7/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 600597 CH EQUITY YTD Change 600597 CH EQUITY YTD % CHANGE

12/2012 03/yy 16.53 8.10 11'177'727.00 16.08 -2.72% 98.52% 93.47% 1'225.0 19'698.62 1'632.23 0.0 410.8 2'339.38 19'704.52

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

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 j-12

31.12.2009 31.12.2010 7'916.4 9'529.1 1.19x 1.14x 407.6 474.2 23.06x 22.81x 122.5 194.4 79.42x 54.00x Profitability

LTM-4Q 31.12.2011 11'724.9 0.90x 546.3 19.27x 237.8 38.91x

31.12.2012 13'702.3 0.86x 795.9 14.76x 311.3 35.11x

795.85 472.62 3.45% 3.06% 3.85% 10.00% 1.65% 34.8% 3.4% 2.3% 1.25 0.92 17.48% 40.67% 11.00 7.37

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 12'136.2 3.27x 0.0 0.00x 243.4 38.38x

d-12

03/yy 14'090.3 3.56x 0.0 0.00x 328.2 49.45x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.95 532.96 73.45% 65.69% 0.951 9 4.444 9'308'106 6'411'421 6'213'749 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'361.0 19'081.8 447.8 616.2 43.81x 32.16x S&P Issuer Ratings

9.89 -3.67 40.7% 26.9% 1.65 4.43 33.18 49.49 56.36 24.44

Sales/Revenue/Turnover

50.00

16'000.0

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 7'337.4 0.58x (214.3) (286.0) -

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Bright Dairy & Food Co Ltd Holdings By:

All

Holder Name SHANGHAI MILK GROUP BRIGHT FOOD GROUP CO SHANGHAI LIUHE YUXIU GUOTAI ASSET MANAGEM SOCIAL SECURITY FUND E FUND MANAGEMENT SH JINGLIN JINGTONG CHINA INTERNATIONAL GUANGDONG WENS INVES HUATAI-PINEBRIDGE FU SYWG BNP PARIBAS ASS EVERBRIGHT GOLD SHAN YINHUA FUND MANAGEME CHINA LIFE INSURANCE CHINA MERCHANTS FUND FRANKLIN TEMPLETON S TAIKANG LIFE INSURAN FORTUNE SGAM FUND MA CHINA ASSET MANAGEME CHINA UNIVERSAL ASSE

Firm Name Guotai Junan Everbright Securities Co., Ltd Qilu Securities Co Ltd Capital Securities Corp Northeast Securities Co Ltd SWS Research Co Ltd PingAn Securities Citic Securities Co., Ltd Bank of China International China Merchants Securities HuaChuang Securities China International Capital Corp China Investment Securities China Minzu Securities Co Ltd Central China Securities

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

Analyst HU CHUNXIA TINGZHI XING XIE GANG LIU HUI ZHU CHENGLIANG ZHANG XUEJIAO WEN XIAN HUANG WEI SU CHENG LONG JUN GAO LI FEIYANG YUAN JIANG XIN LIU XIAOFENG LIU RAN

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

Recommendation buy accumulate add hold add buy buy overweight buy neutral buy sell buy add monitored

Amt Held 367'498'967 314'404'338 57'300'000 27'875'362 26'061'624 22'478'235 20'500'000 19'983'482 18'500'000 18'489'472 18'100'000 18'100'000 8'400'000 8'335'190 8'169'373 7'708'476 7'204'116 4'760'004 4'499'873 4'277'204

% Out 30 25.66 4.68 2.28 2.13 1.83 1.67 1.63 1.51 1.51 1.48 1.48 0.69 0.68 0.67 0.63 0.59 0.39 0.37 0.35

Weighting

Change

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

M M M M M M M M M M M M N N N

Latest Chg 20'391'209 (6'525'310) 16'750'000 1'278'543 18'100'000 8'400'000 2'598'208 3'583'403 2'160'004 1'239'995 3'492'770

Target Price 17 15 #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #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 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 31.12.2012

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

Inst Type Corporation Other Private Equity Investment Advisor Government Investment Advisor Private Equity Investment Advisor Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 07.07.2013 04.07.2013 04.07.2013 28.06.2013 28.06.2013 28.03.2013 27.03.2013 06.02.2013 24.01.2013 05.07.2012 26.03.2012 11.04.2011 07.01.2011 23.03.2010 21.09.2009

08.07.2013

Illovo Sugar Ltd Illovo Sugar Limited is a sugar producing company that operates in all areas of sugar production, from growing sugar cane to milling, refining and packaging sugar. The Company also manufactures downstream by-products.

Price/Volume 4000

6.0 M

3500

5.0 M

3000 4.0 M

2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (13.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ILV SJ EQUITY YTD Change ILV SJ EQUITY YTD % CHANGE

03/2013 01/yy 3'876.19 2'617.17 235'282.00 3085 -20.41% 17.88% 38.27% 460.5 14'206.57 2'340.80 0.0 1'006.2 474.20 17'079.37

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

2.0 M

1000 1.0 M

500 0 j-12

.0 M 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 31.03.2009 8'601.7 1.50x 1'604.0 8.02x 739.1 13.46x

3.0 M

1500

31.03.2010 31.03.2011 8'467.9 8'107.9 1.68x 1.64x 1'746.1 1'216.5 8.17x 10.91x 662.0 546.2 17.35x 23.93x Profitability

31.03.2012 9'173.2 1.49x 1'580.2 8.65x 443.1 19.10x

31.03.2013 11'128.9 1.57x 2'157.3 8.12x 876.5 16.77x 2'160.90 1'901.00 17.08% 14.64% 7.31% 15.20% 14.47% 0.93% 40.7% 17.1% 7.9% 1.45 0.15 18.62% 39.22% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.08 0.57 155.58 13.20% 6.46% 0.566 7 3.286 271'006 361'763 563'025 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/12 Q1 09/12 Q2 12'217.0 13'071.4 1.34x 1.20x 2'425.2 2'744.0 7.04x 6.22x 1'078.2 1'289.2 13.10x 10.94x S&P Issuer Ratings

7.13 4.05 39.2% 25.1% 0.93 1.93 -

Sales/Revenue/Turnover

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0 15.00

4'000.0 10.00

2'000.0

5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

08.07.2013

Illovo Sugar Ltd Holdings By:

All

Holder Name ABF OVERSEAS LTD GOVERNMENT EMP PENSI ALLAN GRAY UNIT TRUS GEPF SIM PTY LTD IND STATE STREET CUSTODI OLD MUTUAL GLOBAL BALANCED PORT INVESTEC FUND GROUP JP MORGAN CUSTODIAN CITIBANK NEW YORK COMMONWEALTH BANK OF GEPF CORONATION FM VANGUARD GROUP INC DIMENSIONAL FUND ADV DOMESTIC EQUITY PORT ABSA GROUP PF BALANC DOMESTIC BALANCED PO ILLOVO SUGAR 1992 SH SBSA ITF SYM INF PLU ALLAN GRAY FDG-AM

Firm Name SBG Securities Avior Research EVA Dimensions Investec Morgan Stanley Renaissance Capital

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

Analyst BRENDAN GRUNDLINGH JITEN BECHOO CRAIG STERLING ANTHONY GEARD VIKHYAT SHARMA ROBYN COLLINS

Source Co File SJ-REG MF-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG MF-AGG SJ-REG SJ-REG MF-AGG SJ-REG MF-AGG ULT-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG

Recommendation buy underperform hold hold Overwt/In-Line underweight

Amt Held 236'569'232 34'877'122 29'066'731 9'530'700 8'111'003 7'591'095 6'295'191 6'046'246 5'004'744 3'842'823 3'675'267 3'379'088 2'959'626 2'689'768 2'328'541 2'263'837 2'262'100 1'779'866 1'756'461 1'727'242

% Out 51.37 7.57 6.31 2.07 1.76 1.65 1.37 1.31 1.09 0.83 0.8 0.73 0.64 0.58 0.51 0.49 0.49 0.39 0.38 0.38

Weighting

Change 5 1 3 3 5 1

M M M U M M

Latest Chg 3'562'450 (621'828) 205'626 98'324 (338'102) (10'300) 575'450 (184'543) 1'437'955 770 (340'920) (57'423) (7'036) -

Target Price 3'800 3'934 #N/A N/A 3'700 3'250 3'400

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

File Dt 31.03.2012 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 28.02.2013 31.05.2013 31.03.2013 29.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

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

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

Date 24.06.2013 13.06.2013 06.06.2013 30.05.2013 28.05.2013 20.01.2010

08.07.2013

Tongaat Hulett Ltd Tongaat Hulett Ltd is the holding company for a group of companies with a diverse range of operations including sugar cane cultivation, raw sugar milling and refining, and specialty starches and sweeteners. Other operations include land management, bio-fuel production and electricity co-generation.

Price/Volume 16000

4.5 M

14000

4.0 M

12000

3.5 M 3.0 M

10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (03.06.2013) Daily Volume Current Price (7/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 TON SJ EQUITY YTD Change TON SJ EQUITY YTD % CHANGE

03/2013 12/yy 14'940.00 11'862.00 97'573.00 12608 -16.00% 6.29% 43.14% 108.6 13'698.30 6'284.00 0.0 1'371.0 917.00 20'436.30

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

31.12.2009 31.03.2011 9'110.0 9'681.0 1.63x 1'975.0 1'661.0 9.49x 2'868.0 833.0 12.82x Profitability

1.5 M

4000

1.0 M

2000

.5 M

0 j-12

LTM-4Q 31.03.2012 12'081.0 1.42x 2'242.0 7.65x 889.0 12.40x

31.03.2013 14'373.0 1.54x 2'591.0 8.54x 1'070.0 14.94x

2'591.00 2'119.00 14.74% 10.85% 5.48% 14.18% 10.94% 0.74% 18.0% 14.7% 7.4% 1.18 0.68 29.50% 74.98% 6.72 -

Price/ Cash Flow

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

.0 M a-12

s-12

o-12

n-12

LTM 12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

d-12

j-13

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

j-13

FY+1

2.70 0.45 87.11 1.99% -3.97% 0.447 7 3.000 106'542 168'830 220'379 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 14'963.2 16'253.8 1.28x 1.15x 2'946.6 3'203.4 6.90x 6.35x 1'298.0 1'480.2 10.94x 9.12x S&P Issuer Ratings

4.35 2.64 2.07 2.43 75.0% 39.2% 0.74 1.49 54.31 -

Sales/Revenue/Turnover

50.00

16'000.0

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 01.01.2010

2.0 M

6000

Fiscal Year Ended 31.12.2008 7'106.0 1'581.0 649.0 -

2.5 M

8000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Tongaat Hulett Ltd Holdings By:

All

Holder Name GOVERNMENT EMP PENSI ALLAN GRAY UNIT TRUS GEPF CORONATION FM GEPF KAGISO ASSET MG INV SOL INCUBATR EQ ESKOM PENSION & PROV JP MORGAN CUSTODIAN VANGUARD GROUP INC BANK OF NEW YORK CITIBANK NEW YORK STATE STREET CUSTODI VAN ECK ASSOCIATES C GLOBAL BALANCED PORT DIMENSIONAL FUND ADV ALLIANZ ASSET MANAGE BANK OF NY CUSTODIAN IS ELEMENT INVESTMEN MACQUARIE GROUP SBSA ITF SYMM SAT EQ CITIBANK LONDON

Firm Name EVA Dimensions SBG Securities Avior Research Investec Morgan Stanley Renaissance Capital

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

Analyst CRAIG STERLING BRENDAN GRUNDLINGH JITEN BECHOO ANTHONY GEARD VIKHYAT SHARMA ROBYN COLLINS

Source SJ-REG MF-AGG SJ-REG SJ-REG SJ-REG SJ-REG SJ-REG MF-AGG SJ-REG SJ-REG ULT-AGG ULT-AGG SJ-REG ULT-AGG ULT-AGG SJ-REG SJ-REG ULT-AGG SJ-REG SJ-REG

Recommendation hold hold outperform hold Underwt/In-Line underweight

Amt Held 12'233'586 8'010'427 2'603'578 2'447'098 2'404'317 2'394'998 2'187'877 2'062'165 1'998'363 1'748'003 1'661'371 1'570'409 1'366'131 1'317'648 1'305'379 1'284'408 1'249'064 1'007'586 989'679 961'545

% Out 11.26 7.37 2.4 2.25 2.21 2.2 2.01 1.9 1.84 1.61 1.53 1.45 1.26 1.21 1.2 1.18 1.15 0.93 0.91 0.89

Weighting

Change 3 3 5 3 1 1

D M M M M M

Latest Chg (1'659'884) (26'800) 348'700 10'908 156'201 376'909 1'305'236 44'325 19'011 122'644 118'312 (212'189) 77'817

Target Price #N/A N/A 13'500 15'749 13'500 12'200 10'023

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

File Dt Inst Type 31.05.2013 Government 31.03.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Other 31.05.2013 Other 31.05.2013 Pension Fund (ERISA) 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 31.05.2013 Other 05.07.2013 Investment Advisor 31.05.2013 Other 29.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Bank

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

Date 08.07.2013 24.06.2013 13.06.2013 31.05.2013 24.05.2013 20.01.2010

08.07.2013

Kernel Holding SA Kernel Holding SA is a diversified agri-business company operating in Ukraine. The Company produces, procures, transports, stores, processes and merchandises agricultural commodities on the international markets through Company-owned port transshipment facilities. Kernel also produces, refines, packages and merchandizes bottled vegetable oil.

Price/Volume .7 M

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/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 KER PW EQUITY YTD Change KER PW EQUITY YTD % CHANGE

06/2012 03/yy 76.00 45.10 191'736.00 49.55 -34.80% 9.87% 12.62% 79.7 3'948.31 698.28 0.0 31.0 82.53 2'134.12

30.06.2008 663.1 1.36x 123.2 7.33x 83.2 8.32x

.3 M

30 20

.2 M

.1 M

0 j-12

.0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2009 30.06.2010 1'047.1 1'020.5 0.81x 1.50x 181.2 188.8 4.70x 8.12x 135.5 152.0 5.06x 8.15x Profitability

LTM-4Q 30.06.2011 1'899.1 1.27x 309.4 7.78x 226.3 9.15x

30.06.2012 2'157.4 0.97x 320.9 6.52x 206.7 6.99x

320.93 255.43 11.84% 8.99% 5.86% 11.83% 10.11% 1.10% 21.4% 11.5% 8.6% 9.6% 2.50 0.51 32.95% 59.19% 17.90 3.15

Price/ Cash Flow

03/yy 2'056.1 4.49x 289.3 8.73x 201.3 8.62x

LTM 03/yy 2'656.5 3.75x 305.4 7.86x 141.0 10.25x

FY+1

1.01 49.22 -21.85% -25.77% 1.011 11 3.818 112'122 177'042 170'044 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'630.6 2'633.0 0.75x 0.71x 334.9 384.2 6.37x 5.55x 179.0 220.8 6.85x 5.06x S&P Issuer Ratings

6.89 4.79 3.07 3.42 59.2% 36.6% 1.10 3.80 20.39 115.75 7.74 80.94

Sales/Revenue/Turnover

400.00

2'500.0

350.00

2'000.0

300.00 250.00

1'500.0

200.00

1'000.0

150.00 100.00

500.0

50.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

08.07.2013

Kernel Holding SA Holdings By:

All

Holder Name NAMSEN LTD ING OFE AVIVA OFE OFE PZU ZLOTA JESIEN JP MORGAN CAPITAL GROUP COMPAN DWS INVESTMENT S A BLACKROCK AVIVA INVESTORS POLA BZ WBK TOWARZYSTWO F VAN ECK ASSOCIATES C HARDING LOEVNER LP GENESIS INVESTMENT M SWEDBANK ROBUR FONDE NORDEA OFE ASSICURAZIONI GENERA COMGEST GROWTH PLC VANGUARD GROUP INC AEGON OFE AXA OFE

Firm Name Sberbank CIB Riedel Research Group Inc EVA Dimensions Wood & Company UniCredit Research Millennium Dom Maklerski ING Bank Dom Inwestycyjny BRE Banku KBC Securities Ipopema Securities SA Investment Capital Ukraine LLC Goldman Sachs Dragon Capital ArtCapital Foyil Securities New Europe

Portfolio Name n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios GENESIS SMALLER COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios COMGEST GROWTH GEM P Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst KONSTANTIN FASTOVETS DAVID R RIEDEL CRAIG STERLING PIOTR DROZD MARCIN GATARZ ADAM KAPTUR ADAM MILEWICZ JAKUB SZKOPEK GERGELY PALFFY ZANETA MARZEC PAVLO BIDAK ANTON FARLENKOV TAMARA LEVCHENKO ANDRIY PATIOTA YAROSLAV UDOVENKO

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

Recommendation buy buy sell hold hold accumulate hold hold buy buy not rated Buy/Neutral Under Review sell buy

Amt Held 30'460'657 3'894'020 2'438'641 2'287'086 2'273'385 2'095'150 1'239'484 1'087'238 906'557 865'263 860'348 676'809 667'458 666'981 600'634 482'163 464'025 401'501 400'693 399'575

% Out 38.23 4.89 3.06 2.87 2.85 2.63 1.56 1.36 1.14 1.09 1.08 0.85 0.84 0.84 0.75 0.61 0.58 0.5 0.5 0.5

Weighting

Change

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

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

Latest Chg 90'500 59'365 (241'882) 22'700 (112'579) (810'425) -

Target Price 77 66 #N/A N/A 57 61 68 62 61 83 78 #N/A N/A 102 #N/A N/A 69 123

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

File Dt 05.07.2013 31.12.2012 31.12.2012 31.12.2012 31.05.2013 31.03.2013 30.04.2013 03.07.2013 30.06.2012 31.12.2012 05.07.2013 31.10.2012 28.03.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 31.03.2013 31.12.2012 31.12.2012

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

Inst Type Other Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Insurance Company Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA)

Date 13.06.2013 10.06.2013 06.06.2013 04.06.2013 03.04.2013 18.03.2013 14.03.2013 04.03.2013 13.02.2013 09.01.2013 17.12.2012 02.11.2012 02.10.2012 25.05.2012 17.04.2012

08.07.2013

MHP SA MHP SA is a vertically integrated producer of poultry products in Ukraine. The Company owns and operates each of the key stages of chicken production process from feed grains to processing, marketing, distribution and sales. MHP also has an expanding grain cultivation business, growing crops to support its chicken production and for sale to third parties.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/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 MHPC LI EQUITY YTD Change MHPC LI EQUITY YTD % CHANGE

12/2012 03/yy 19.87 10.75 286.00 17.5 -11.93% 62.79% 74.01% 105.7 1'849.17 1'140.10 0.0 39.0 94.79 2'771.06

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

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M 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 799.0 1.00x 313.8 2.54x 1.5 29.55x

20 18 16 14 12 10 8 6 4 2 0 j-12

31.12.2009 31.12.2010 711.0 944.2 2.25x 2.68x 271.0 326.6 5.90x 7.75x 148.6 205.4 7.39x 9.10x Profitability

LTM-4Q 31.12.2011 1'229.1 1.63x 401.6 4.98x 243.4 4.75x

31.12.2012 1'407.5 1.95x 467.7 5.87x 297.1 5.61x

467.72 380.58 27.04% 22.64% 12.51% 26.82% 21.23% 0.62% 28.8% 32.3% 25.8% 21.1% 2.13 0.33 45.82% 98.31% 4.14

Price/ Cash Flow

03/yy 1'279.9 6.52x 429.0 3.94x 273.4 5.54x

LTM 03/yy 1'413.6 7.27x 457.0 6.12x 284.7 6.58x

FY+1

0.00 0.97 63.06% 18.40% 0.972 12 4.500 92'865 78'970 77'370 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 1'494.9 1'770.1 360.0 353.5 1.79x 1.38x 491.6 578.0 141.7 135.0 5.64x 4.79x 286.4 377.9 101.7 107.0 6.57x 5.20x S&P Issuer Ratings

07.03.2013 B NEG 7.89 3.54 1.93 2.06 98.3% 48.7% 0.62 1.15 88.21 14.51 77.71

Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

MHP SA Holdings By:

All

Holder Name KOSYUK YURIY A FRANKLIN RESOURCES T ROWE PRICE ASSOCIA NORGES BANK ALLIANCE BERNSTEIN ALLIANZ ASSET MANAGE BLACKROCK SWEDBANK ROBUR FONDE EAST CAPITAL ASSET M CARNEGIE FONDER AB/S SEB HANDELSBANKEN FONDER SANFORD C BERNSTEIN COMGEST GROWTH PLC BZ WBK TOWARZYSTWO F EATON VANCE MANAGEME MD MANAGEMENT LTD TIAA CREF INVESTMENT ALLIANCE BERNSTEIN J OFI ASSET MANAGEMENT

Firm Name Deutsche Bank Sberbank CIB Alfa-Bank Morgan Stanley Wood & Company Goldman Sachs VTB Capital Eavex Capital Credit Suisse Foyil Securities New Europe ArtCapital Investment Capital Ukraine LLC Dragon Capital

Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios COMGEST GROWTH GEM P Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NATALIA SMIRNOVA KONSTANTIN FASTOVETS MARIA BOVYKINA MARYIA BERASNEVA PIOTR DROZD ANTON FARLENKOV IVAN KUSHCH IVAN DZVINKA VICTORIA PETROVA YAROSLAV UDOVENKO ANDRIY PATIOTA PAVLO BIDAK TAMARA LEVCHENKO

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

Recommendation hold hold overweight Equalwt/In-Line buy Buy/Neutral buy buy outperform buy buy not rated buy

Amt Held 69'600'000 3'915'845 2'933'486 2'611'720 802'190 767'425 736'871 703'465 607'262 541'388 537'646 529'928 443'220 423'362 238'178 175'522 150'000 147'409 129'600 122'000

% Out 65.87 3.71 2.78 2.47 0.76 0.73 0.7 0.67 0.57 0.51 0.51 0.5 0.42 0.4 0.23 0.17 0.14 0.14 0.12 0.12

Weighting

Change

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

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

Latest Chg (15'900'000) 304'682 (75'315) (19'220) (48'060) 2'735 (92'367) 35'960 (102'713) (102'655) 17'231 20'029 30'000

Target Price 17 19 22 21 23 23 24 24 20 26 23 #N/A N/A 21

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

File Dt 08.12.2010 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 28.03.2013 30.06.2013 31.05.2013 31.05.2013 31.12.2012 30.04.2013 31.03.2013 30.04.2013 31.08.2012 28.02.2013

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

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

Date 14.06.2013 14.03.2013 12.03.2013 01.03.2013 18.01.2013 15.01.2013 16.11.2012 12.09.2012 24.07.2012 17.07.2012 27.03.2012 21.03.2012 20.03.2012

08.07.2013

Indofood Agri Resources Ltd Indofood Agri Resources Limited is an integrated agribusiness company. The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling. Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.

Price/Volume 2

20.0 M

1 1

12/2012 03/yy 1.52 0.93 2'080'000.00 0.94 -38.16% 1.08% 5.98% 1'434.3 1'348.23 6'780'217.00 0.0 9'032'242.0 5'082'296.00 22'022'170.46

15.0 M

10.0 M

0 5.0 M

0 0 j-12

.0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFAR SP EQUITY YTD Change IFAR SP EQUITY YTD % CHANGE

31.12.2008 11'840'499.0 1.09x 3'283'546.0 3.93x 795'284.0 7.60x

30.0 M

31.12.2009 31.12.2010 9'040'325.0 9'484'281.0 3.46x 3.98x 2'619'890.0 3'044'846.0 11.95x 12.40x 1'526'829.0 1'402'013.0 14.82x 20.11x Profitability

LTM-4Q 31.12.2011 12'605'311.0 1.76x 3'581'819.0 6.19x 1'489'946.0 8.65x

LTM

FY+1

1.31 400.08 -35.33% -29.03% 1.312 18 3.278 1'142'800 2'146'433 1'843'469 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'844'891.0 ######### ######### ######### ######### 1.87x 7.36x 7.45x 1.56x 1.39x 3'001'808.0 ######### ######### ######### ######### 8.61x 7.15x 8.74x 6.98x 6.07x 1'049'322.0 ######### 779'210.0 932'242.2 ######### 14.42x 12.09x 17.86x 11.50x 8.70x S&P Issuer Ratings 3'001'808.00 Long-Term Rating Date 2'412'215.00 Long-Term Rating 17.42% Long-Term Outlook 17.64% Short-Term Rating Date 2.23% Short-Term Rating 5.75% Credit Ratios 5.78% EBITDA/Interest Exp. 0.39% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 30.1% Total Debt/EBITDA 21.2% Reference 16.7% Total Debt/Equity 7.6% Total Debt/Capital Asset Turnover 1.80 Net Fixed Asset Turnover 1.27 Accounts receivable turnover-days 19.48% Inventory Days 49.15% Accounts Payable Turnover Day 12.07 Cash Conversion Cycle 5.17

Price/ Cash Flow

6.04 1.93 0.85 2.36 49.1% 22.9% 0.39 1.71 30.25 70.58 64.52 67.49

Sales/Revenue/Turnover

30.00

16'000'000.0 14'000'000.0

25.00

12'000'000.0 20.00

10'000'000.0 8'000'000.0

15.00

6'000'000.0

10.00

4'000'000.0 5.00 0.00 01.01.2010

2'000'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Indofood Agri Resources Ltd Holdings By:

All

Holder Name INDOFOOD SINGAPORE H PT INDOFOOD SUKSES M INDOFOOD AGRI RESOUR BLACKROCK VAN ECK ASSOCIATES C FIL LIMITED VANGUARD GROUP INC MORGAN STANLEY PICTET FUNDS DIMENSIONAL FUND ADV MANDIRI SEKURITAS PT UNION INVESTMENT LUX HARTFORD INVESTMENT FIRST PACIFIC INVEST HANDELSBANKEN FONDER NIKKO ASSET MANAGEME JP MORGAN FIRST PACIFIC INV BV SCHRODER INVESTMENT NORINCHUKIN ZENKYORE

Firm Name Macquarie TA Securities Holdings Berhad DBS Vickers UOB Kay Hian EVA Dimensions Morgan Stanley Credit Suisse Goldman Sachs JPMorgan CIMB AmResearch Sdn Bhd Nomura BNP Paribas Equity Research HSBC Standard Chartered Jefferies IIFL

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a MANDIRI INVESTA ATRA Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CONRAD WERNER JAMES RATNAM BEN SANTOSO STEFANUS DARMAGIRI CRAIG STERLING CHARLES C SPENCER AGUS SANDIANTO PATRICK TIAH YING-JIAN CHAN IVY NG GAN HUEY LING MUZHAFAR MUKHTAR MICHAEL GREENALL THILAN WICKRAMASINGHE ADRIAN FOULGER ARYA SEN ZUO LI

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

Recommendation neutral buy hold buy hold Overwt/Attractive neutral neutral/neutral neutral underperform hold buy reduce neutral in-line hold reduce

Amt Held 998'200'000 20'000'000 13'500'000 10'653'000 7'492'520 4'847'995 4'081'747 3'359'000 2'709'000 2'458'000 2'135'820 2'000'000 1'999'000 1'125'344 1'062'000 1'014'000 990'000 882'444 822'000 518'000

% Out 69.6 1.39 0.94 0.74 0.52 0.34 0.28 0.23 0.19 0.17 0.15 0.14 0.14 0.08 0.07 0.07 0.07 0.06 0.06 0.04

Weighting

Change 3 5 3 5 3 5 3 3 3 1 3 5 2 3 3 3 2

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

Latest Chg 989'000 4'847'995 691'000 265'000 2'135'820 34'000 733'000 -

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

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

File Dt 15.03.2013 15.03.2013 15.03.2013 03.07.2013 05.07.2013 31.10.2012 31.03.2013 31.03.2013 31.08.2012 29.03.2013 31.05.2013 28.09.2012 31.05.2013 15.03.2013 30.06.2013 14.09.2012 30.09.2012 15.03.2013 31.03.2013 18.09.2012

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

Inst Type Other Corporation Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Other Investment Advisor Investment Advisor

Date 05.07.2013 03.07.2013 01.07.2013 01.07.2013 10.06.2013 02.06.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 10.04.2013 06.02.2013 05.02.2013 01.05.2012 31.10.2011

08.07.2013

Fresh Del Monte Produce Inc Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous fruit, melons, and other fresh produce and non-produce items. The Company grows, distributes, transports, and markets its products worldwide.

Price/Volume 30

.7 M

.6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDP US EQUITY YTD Change FDP US EQUITY YTD % CHANGE

12/2012 03/yy 28.39 23.04 94'051.00 28.25 -0.49% 22.61% 97.38% 57.1 1'614.07 126.20 0.0 35.7 39.90 1'779.77

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

.3 M

.2 M

5 0 j-12

.1 M .0 M 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 3'531.0 0.57x 265.0 7.57x 157.7 8.39x

.4 M

Valuation Analysis

31.12.2009 31.12.2010 3'496.4 3'552.9 0.49x 0.49x 228.7 184.3 7.52x 9.42x 143.9 62.2 8.04x 14.72x Profitability

LTM-4Q 31.12.2011 3'589.7 0.46x 202.6 8.09x 92.5 16.89x

31.12.2012 3'421.2 0.47x 234.5 6.90x 143.2 9.61x

234.50 164.50 4.81% 4.59% 4.73% 6.79% 6.34% 1.34% 10.0% 6.4% 4.4% 4.2% 2.55 0.93 4.98% 7.03% 9.82 6.53

Price/ Cash Flow

03/yy 3'513.6 1.78x 189.5 7.86x 99.8 13.35x

LTM 03/yy 3'442.1 1.82x 220.6 7.76x 121.8 12.21x

FY+1

1.50 0.84 37.13 1.45 21.06% 8.25% 0.835 4 4.000 129'615 199'237 203'416 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'434.0 3'494.5 955.5 778.5 191.0 213.0 73.0 37.5 9.32x 8.36x 9.00x 8.53x 91.1 109.2 44.9 14.3 16.59x 13.67x 16.62x 15.48x S&P Issuer Ratings

30.08.2012 NR 60.13 39.69 0.57 0.69 7.0% 6.4% 1.34 3.35 37.07 55.75 39.20 45.79

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Fresh Del Monte Produce Inc Holdings By:

All

Holder Name FMR LLC ABU GHAZALEH MOHAMME DIMENSIONAL FUND ADV ABU-GHAZALEH OUSSAMA ABU GHAZALEH AMIR LETKO BROSSEAU & ASS ABU-GHAZALEH MAHER ABU-GHAZALEH SUMAYA LSV ASSET MANAGEMENT BLACKROCK VANGUARD GROUP INC ALLIANZ ASSET MANAGE CAMBIAR INVESTORS LL NORTHERN TRUST CORPO DEPRINCE RACE & ZOLL AQR CAPITAL MANAGEME STATE STREET HOTCHKIS & WILEY CAP PRINCIPAL FINANCIAL AMERIPRISE FINANCIAL

Firm Name BB&T Capital Markets CL King & Associates Janney Montgomery Scott LLC EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a LETKO BROSSEAU & ASS n/a n/a LSV ASSET MANAGEMENT n/a VANGUARD GROUP INC n/a CAMBIAR INVESTORS LL NORTHERN TRUST CORPO DEPRINCE RACE & ZOLL AQR CAPITAL MANAGEME n/a HOTCHKIS AND WILEY n/a AMERIPRISE FINANCIAL

Analyst BRETT M HUNDLEY ERIC J LARSON JONATHAN P FEENEY AUSTIN BURKETT

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

Recommendation hold neutral buy buy

Amt Held 7'514'100 5'310'455 4'012'112 3'398'502 3'378'338 3'368'931 2'910'650 2'811'666 2'503'734 2'127'674 2'085'552 1'154'206 1'126'986 1'078'717 1'065'500 1'014'889 929'963 781'958 699'311 667'631

% Out 13.15 9.29 7.02 5.95 5.91 5.9 5.09 4.92 4.38 3.72 3.65 2.02 1.97 1.89 1.86 1.78 1.63 1.37 1.22 1.17

Weighting

Change 3 3 5 5

M M M U

Latest Chg (31'600) 67'995 (235'287) (21'000) (14'195) (50'000) (189'800) 90'755 (60'759) 68'798 304'141 26'202 (1'540) 7'900 (1'982) 781'958 262'939 (6'814)

Target Price #N/A N/A #N/A N/A 31 #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 28.05.2013 n/a 31.03.2013 Investment Advisor 01.03.2012 n/a 18.03.2013 n/a 31.03.2013 Investment Advisor 14.03.2011 n/a 01.03.2012 n/a 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 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 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided

Date 24.06.2013 01.05.2013 30.04.2013 17.01.2013

08.07.2013

Sao Martinho SA Sao Martinho SA harvests and processes sugarcane to produce sugar and ethanol.

Price/Volume 35

.8 M

.7 M

.6 M .5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (10.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMTO3 BZ EQUITY YTD Change SMTO3 BZ EQUITY YTD % CHANGE

03/2013 03/yy 29.70 20.28 600.00 23.74 -20.07% 17.06% 35.24% 113.0 2'682.62 1'981.93 0.0 0.0 643.33 4'021.22

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

.3 M

.2 M

.1 M

0 j-12

.0 M 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 31.03.2009 774.4 2.92x 243.2 9.28x (71.9) -

.4 M

31.03.2010 31.03.2011 1'183.3 1'295.0 2.20x 2.60x 463.1 566.1 5.62x 5.95x 103.7 142.3 17.73x 20.30x Profitability

LTM-4Q 31.03.2012 1'367.0 2.52x 581.2 5.92x 126.6 20.82x

31.03.2013 1'636.0 2.77x 421.8 10.74x 73.0 43.76x 421.75 202.43 12.37% 6.00% 1.40% 3.54% 4.85% 0.31% 24.6% 25.2% 12.4% 4.5% 1.55 1.05 35.18% 94.35% 32.37 8.63

Price/ Cash Flow

03/yy 1'367.0 8.98x 414.4 0.00x 137.2 19.24x

LTM 03/yy 1'636.0 9.81x 411.9 11.00x 73.0 43.77x

FY+1

0.65 47.55 13.63% -15.21% 0.648 13 4.077 145'260 162'923 134'963 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'917.0 2'150.0 359.0 675.0 2.03x 1.84x 825.6 929.0 133.0 333.0 4.87x 4.33x 238.6 279.6 29.1 117.0 11.86x 10.21x S&P Issuer Ratings

22.12.2011 BB+ STABLE 3.45 1.09 3.25 4.81 94.3% 48.5% 0.31 0.44 11.27 42.31 25.64 27.95

Sales/Revenue/Turnover

30.00

1'800.0 1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00 0.00 02.04.2010

200.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

08.07.2013

Sao Martinho SA Holdings By:

All

Holder Name LJN PARTICIPACOES SA NORGES BANK DWS INVESTMENT S A HSBC GESTAO DE RECUR VICTOIRE BRASIL INVE BAPTISTA LUIZ OLAVO DIMENSIONAL FUND ADV SPINELLI SA CVMC/BRA SAO MARTINHO SA LARRAIN VIAL SA CORR CLARITAS ADMIN DE RE BLACKROCK DAYCOVAL ASSET MANAG BB GESTAO DE RECURSO VAN ECK ASSOCIATES C VANGUARD GROUP INC INVESTEC ASSET MANAG GUARDIAN LIFE GROUP HUMAITA INVESTIMENTO ITAU UNIBANCO SA

Firm Name EVA Dimensions Coinvalores Morgan Stanley Bradesco Corretora Banco BTG Pactual SA Agora CTVM SA Banco do Brasil SA Itau BBA Securities HSBC Grupo Santander Fator Corretora JPMorgan

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

Analyst CRAIG STERLING FELIPE MARTINS SILVEIRA JAVIER MARTINEZ AURO ROZENBAUM THIAGO DUARTE LUIZ OTAVIO BROAD ANDREA AZNAR GIOVANA ARAUJO ALEXANDRE FALCAO CHRISTIAN AUDI RODRIGO FERNANDES CASSIO LUCIN

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

Recommendation hold hold Equalwt/No Rating outperform buy buy Under Review market perform neutral buy buy overweight

Amt Held 63'415'600 2'410'195 1'685'309 1'657'821 1'268'300 1'197'800 1'009'222 1'000'000 711'900 659'500 646'400 573'300 373'360 354'200 336'600 248'239 240'900 235'108 226'600 223'900

% Out 56.12 2.13 1.49 1.47 1.12 1.06 0.89 0.88 0.63 0.58 0.57 0.51 0.33 0.31 0.3 0.22 0.21 0.21 0.2 0.2

Weighting

Change

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

D M M M M M M M M M M M

Latest Chg 16'700 402'200 199'700 26'210 (86'600) (4'200) 18'600 18'200 235'108 44'400 59'300

Target Price #N/A N/A 29 26 36 35 36 #N/A N/A 33 27 35 35 31

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

File Dt 11.09.2012 31.12.2012 30.04.2013 31.05.2013 31.05.2013 11.09.2012 29.03.2013 31.03.2013 11.09.2012 30.06.2012 31.05.2013 03.07.2013 28.02.2013 30.06.2013 05.07.2013 31.03.2013 28.02.2013 31.03.2013 28.02.2013 30.06.2013

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

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

Date 02.07.2013 27.06.2013 25.06.2013 25.06.2013 25.06.2013 25.06.2013 24.06.2013 24.06.2013 17.05.2013 24.04.2013 25.03.2013 17.01.2013

08.07.2013

New Britain Palm Oil Ltd New Britain Palm Oil Limited is an integrated industrial producer of sustainable palm oil in Australasia. The Company owns and operates palm oil plantations, seed production and plant breed facilities, and two refineries.

Price/Volume 900

3.5 M

800

3.0 M

700

2.5 M

600

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2012) 52-Week Low (10.04.2013) Daily Volume Current Price (7/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 NBPO LN EQUITY YTD Change NBPO LN EQUITY YTD % CHANGE

12/2012 03/yy 860.00 352.50 1'949.00 490 -43.02% 39.01% 27.09% 150.0 735.24 326.72 0.0 10.1 18.82 1'415.95

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

2.0 M

400

1.5 M

300

1.0 M

200

.5 M

100 0 j-12

.0 M 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 352.2 0.94x 136.0 2.44x 21.2 15.72x

500

31.12.2009 31.12.2010 323.8 461.2 3.06x 5.07x 111.1 175.5 8.91x 13.32x 138.0 247.2 6.85x 8.09x Profitability

LTM-4Q 31.12.2011 780.1 2.45x 336.7 5.67x 76.5 20.93x

31.12.2012 677.0 2.28x 162.1 9.52x 0.6 1938.60x

162.06 92.17 13.61% 0.65% 0.04% 0.07% 0.43% 0.40% 36.6% 23.9% 13.6% 0.1% 2.16 0.66 19.25% 33.58% 6.70 2.25

Price/ Cash Flow

03/yy 740.6 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 677.1 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.05 0.57 37.38 -33.67% -2.97% 0.572 6 3.000 5'481 47'933 49'596 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/10 Q1 06/10 Q2 620.1 701.4 2.20x 1.90x 153.7 197.5 9.21x 7.17x 53.6 96.9 22.24x 13.99x S&P Issuer Ratings

15.32 4.18 1.90 2.02 33.6% 24.9% 0.40 0.81 54.63 163.01 15.62 202.35

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 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

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 |

08.07.2013

New Britain Palm Oil Ltd Holdings By:

All

Holder Name KULIM MALAYSIA BHD WEST NEW BRITAIN PRO CHAYTOR ALAN JAMES PACIFIC RIM PLANTATI AXA FRAMLINGTON INV JP MORGAN NATIONAL CAPITAL STANDARD LIFE INVEST THREADNEEDLE INVESTM NATL SUPERANNUATION PNG SUSTAINABLE DEVP BLACKROCK SCHRODER INVESTMENT KINA FUNDS MGMT INDEPENDENT PUBLIC B AVIVA INVESTORS FUND AVIVA INVESTORS GLOB INVESTEC ASSET MANAG OLD MUTUAL INVESCO PERPETUAL UK

Firm Name VSA Capital Ltd Peel Hunt Deutsche Bank Shore Capital Stockbrokers Panmure Gordon & Co Limited Liberum Capital Ltd Macquarie XCAP Securities Limited

Portfolio Name n/a n/a n/a n/a n/a n/a n/a 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

Analyst EDWARD HUGO CHARLES HALL HAROLD THOMPSON PHIL CARROLL GRAHAM JONES SOPHIE JOURDIER SUNAINA DHANUKA RICHARD LUCAS

Source Co File Co File RNS-DIR Co File Co File ULT-AGG Co File Co File Co File Co File Co File ULT-AGG MF-AGG Co File Co File MF-AGG Co File MF-AGG ULT-AGG Co File

Recommendation hold hold restricted hold buy hold underperform strong buy

Amt Held 73'482'619 12'000'000 6'729'000 6'699'000 5'057'715 5'011'117 4'784'184 3'846'609 3'838'817 3'756'774 2'153'626 1'622'054 1'548'548 1'404'200 1'349'682 1'309'368 1'274'775 1'163'318 1'158'000 1'039'684

% Out 48.97 8 4.48 4.46 3.37 3.34 3.19 2.56 2.56 2.5 1.44 1.08 1.03 0.94 0.9 0.87 0.85 0.78 0.77 0.69

Weighting

Change

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

M M M U M M D N

Latest Chg 40'000 (16'500) 47'000 -

Target Price 480 500 #N/A N/A #N/A N/A 650 750 505 1'100

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

File Dt 31.12.2010 31.12.2010 21.05.2013 31.12.2010 31.12.2010 28.02.2013 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 28.03.2013 31.12.2012 31.12.2010 31.12.2010 31.01.2013 31.12.2010 30.04.2013 31.12.2010 31.12.2010

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

Inst Type Investment Advisor Other n/a Other Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor n/a Other Investment Advisor Investment Advisor n/a Other Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 26.06.2013 24.06.2013 20.06.2013 20.06.2013 20.06.2013 14.05.2013 08.11.2012 04.08.2011

08.07.2013

China Modern Dairy Holdings Ltd China Modern Dairy Holdings Ltd. is an industrialized agricultural company. The Company operates dairy farms and produces raw milk in China. China Modern Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy farming.

Price/Volume 4

120.0 M

100.0 M

80.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1117 HK EQUITY YTD Change 1117 HK EQUITY YTD % CHANGE

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

30.06.2009 -

40.0 M

20.0 M

1 0 j-12

Profitability

30.06.2010 589.8 118.1 53.1 -

30.06.2011 1'113.4 9.09x 346.8 29.20x 224.6 38.34x

30.06.2012 1'677.6 5.52x 431.1 21.47x 398.5 17.86x

431.07 334.65 19.95% 24.29% 4.52% 8.12% 6.61% 0.23% 26.0% 20.5% 23.8% 0.73 0.44 29.95% 51.14% 11.46 -

Price/ Cash Flow

s-12

o-12

LTM-4Q

LTM

01/yy

01/yy -

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

FY+1 -

0.00 0.65 1'561.54 1.86% 2.82% 0.646 20 4.300 6'944'211 7'516'609 11'137'270 FY+2

06/13 Y 06/14 Y 2'555.5 3'483.3 4.33x 3.19x 711.5 963.1 16.25x 12.00x 442.7 659.6 17.15x 12.37x S&P Issuer Ratings

FQ+1

FQ+2

3.33 -3.23 5.90 6.42 51.1% 33.5% 0.23 0.64 31.93 -

Sales/Revenue/Turnover

45.00

1'800.0

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 03.07.2009

.0 M a-12

Fiscal Year Ended 30.06.2008

60.0 M

06/2012 01/yy 2.90 1.86 4'953'268.00 2.19 -24.48% 17.74% 33.65% 4'818.5 10'552.59 2'590.79 0.0 66.2 518.28 11'559.15

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

08.07.2013

China Modern Dairy Holdings Ltd Holdings By:

All

Holder Name CHINA MENGNIU DAIRY YINMU HOLDINGS CO LT XINMU HOLDINGS CO LT JINMU HOLDINGS CO LT UBS ADVANCED DAIRY CO LT CRYSTAL DAIRY HOLDIN SCHRODER INVESTMENT IVY MANAGEMENT INCOR JP MORGAN NORGES BANK DAIWA SB INVESTMENT FIL LIMITED VANGUARD GROUP INC DANSKE INVEST A/S CAPITAL GROUP COMPAN STATE STREET OBERWEIS ASSET MANAG CLAYMORE ADVISORS LL EMERGING MARKETS MAN

Firm Name

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

Analyst

ABC International LISA LEE First Shanghai Securities Ltd PATRICK WONG China International Capital Corp YANG CHEN Oriental Patron Securities Ltd TRACY SUN EVA Dimensions CRAIG STERLING KGI Securities ANSON CHAN Standard Chartered CHARLES YAN Deutsche Bank WINNIE MAK Bank of China International LI YAN Yuanta Securities Investment ConsultingNICE WANG Jefferies JESSIE GUO GuoSen Securities Co Ltd NANXIANG YANG Mirae Asset Securities MAXWELL YANG Guotai Junan SUNNY KWOK Credit Suisse KEVIN YIN Citic Securities Co., Ltd CHANGQING MAO AMTD Financial Planning Limited KENNY TANG SING HING

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

Recommendation buy hold buy buy underweight outperform outperform hold buy buy hold buy reduce accumulate outperform overweight buy

Amt Held 1'347'903'000 739'559'117 711'021'025 218'157'733 216'165'000 168'248'682 72'104'918 51'328'000 22'464'000 21'961'000 21'403'889 10'180'000 9'750'986 9'141'000 7'843'000 6'335'000 5'425'000 4'000'000 3'688'003 3'557'000

% Out 27.97 15.35 14.76 4.53 4.49 3.49 1.5 1.07 0.47 0.46 0.44 0.21 0.2 0.19 0.16 0.13 0.11 0.08 0.08 0.07

Weighting

Change 5 3 5 5 1 5 5 3 5 5 3 5 2 4 5 5 5

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

Latest Chg (674'000'000) (214'000'000) 10'147'000 (120'000) 9'750'986 440'000 4'040'000 3'226'000 4'000'000 (105'010) -

Target Price 3 3 3 3 #N/A N/A 4 3 2 4 3 3 3 2 3 3 2 2

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

File Dt 07.05.2013 30.06.2012 30.06.2012 30.06.2012 18.12.2010 21.05.2013 21.05.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012 11.01.2013 31.10.2012 31.03.2013 31.05.2013 31.03.2013 05.07.2013 28.03.2013 05.07.2013 25.01.2013

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

Inst Type Corporation Holding Company Holding Company Other Unclassified Corporation Holding Company 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

Date 04.07.2013 02.07.2013 28.06.2013 28.06.2013 06.06.2013 04.06.2013 08.05.2013 06.05.2013 03.05.2013 02.05.2013 16.04.2013 14.03.2013 05.03.2013 28.02.2013 27.02.2013 11.12.2012 18.09.2012

08.07.2013

Cermaq ASA Cermaq ASA manufactures fish feed and operates fish farms. The Company mills salmon and trout food in Norway, the United Kingdom, Canada and Chile, and raises fish in the United Kingdom, Canada, and Chile.

Price/Volume 120

8.0 M 7.0 M

100

6.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (24.05.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEQ NO EQUITY YTD Change CEQ NO EQUITY YTD % CHANGE

12/2012 03/yy 114.50 68.50 37'321.00 108 -5.68% 57.66% 81.52% 92.5 9'990.00 3'510.04 0.0 41.6 510.18 13'142.70

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

4.0 M 3.0 M

2.0 M 20

1.0 M

0 j-12

.0 M 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 8'715.6 0.65x 331.8 16.99x (59.1) -

5.0 M

Valuation Analysis

31.12.2009 31.12.2010 8'971.7 9'990.5 0.78x 0.95x 857.9 1'778.3 8.18x 5.36x 295.3 1'514.4 15.22x 5.50x Profitability

LTM-4Q 31.12.2011 11'634.3 0.65x 1'685.5 4.50x 789.0 8.23x

31.12.2012 11'781.9 0.92x 910.8 11.84x 242.7 31.92x

910.82 556.89 4.73% 2.62% 5.57% 10.51% 8.20% 1.10% 7.5% 4.5% 2.1% 2.77 1.05 29.05% 62.06% 7.14 -

Price/ Cash Flow

LTM

03/yy 11'677.0 2.73x 1'388.5 5.78x 513.6 13.58x

03/yy 12'314.0 3.36x 923.0 12.71x 626.2 13.70x

FY+1

0.95 34.17 42.88% 30.09% 0.950 14 3.429 85'517 475'373 482'547 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'608.5 14'513.9 2'952.8 4'048.0 0.94x 0.83x 4.41x 3.14x 1'576.4 2'048.5 357.6 537.9 8.34x 6.42x 7.26x 6.81x 844.3 1'173.8 174.8 308.8 12.17x 8.63x 10.03x 9.23x S&P Issuer Ratings

11.06 3.37 3.77 62.1% 38.1% 1.10 4.26 51.13 -

Sales/Revenue/Turnover

40.00

14'000.0

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 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

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 |

08.07.2013

Cermaq ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS LANSDOWNE DEVELOPED GOVERNMENT PENSION F STATE STREET ALLIANZ ASSET MANAGE DNB NOR ASSET MANAGE LANSDOWNE UK STRAT I SKAGEN AS GOLDMAN SACHS GROUP NORDEA FONDENE AS DZ PRIVATBANK SA SIA FUNDS AG JP MORGAN SVENSKA HANDELSBANKE KVERVA AS BNP PARIBAS SA HANDELSBANKEN FONDFO DJE INVESTMENT SA JP MORGAN CHASE BANK BANK OF NEW YORK MEL

Firm Name Nordea Equity Research Pareto Securities ABN Amro Bank N.V. EVA Dimensions SpareBank 1 Markets AS Swedbank First Securities Equita SIM SpA Norne Securities AS SEB Enskilda Fondsfinans AS Handelsbanken Arctic Securities ASA Carnegie ABG Sundal Collier DNB Markets

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

Analyst KOLBJORN GISKEODEGARD HENNING LUND MAARTEN BAKKER CRAIG STERLING GEIR KRISTIANSEN HENNING C STEFFENRUD GIANMARCO BONACINA ANDERS GJENDEMSJO PEDER STRAND BENT ROLLAND KJETIL LYE THOMAS LORCK MARIUS GAARD GEORG LIASJO KNUT-IVAR BAKKEN

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

Recommendation sell hold buy sell neutral neutral buy sell hold buy buy hold not rated buy buy

Amt Held 52'328'416 7'082'444 4'980'349 2'292'282 1'193'744 1'145'648 1'006'962 965'045 956'919 863'084 735'500 696'442 666'918 629'978 627'531 559'398 480'000 475'000 475'000 467'428

% Out 56.57 7.66 5.38 2.48 1.29 1.24 1.09 1.04 1.03 0.93 0.8 0.75 0.72 0.68 0.68 0.6 0.52 0.51 0.51 0.51

Weighting

Change

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

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

Latest Chg (951) 134'362 41'605 57'681 65'147 190'000 42'598 -

Target Price 102 101 125 #N/A N/A 109 115 125 107 95 118 125 85 #N/A N/A 118 110

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

File Dt 01.07.2013 01.07.2013 01.07.2013 01.07.2013 31.03.2013 27.03.2013 01.07.2013 31.05.2013 01.07.2013 27.03.2013 01.07.2013 31.03.2013 31.05.2013 01.07.2013 01.07.2013 01.07.2013 30.06.2013 30.04.2013 01.07.2013 01.07.2013

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

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

Date 27.06.2013 27.06.2013 17.06.2013 06.06.2013 24.05.2013 21.05.2013 17.05.2013 07.05.2013 03.05.2013 02.05.2013 23.04.2013 23.04.2013 08.04.2013 12.03.2013 13.02.2013

08.07.2013

Leroy Seafood Group ASA Leroey Seafood Group ASA is the parent corporation for a group of companies that produce and market ocean and farmed fish and seafood products. The Company also sells a range of processed fish products. Leroey trades with producers, distributers, and importers of fish on a worldwide basis. The Company has subsidiaries in Denmark, France, and Portugal.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSG NO EQUITY YTD Change LSG NO EQUITY YTD % CHANGE

12/2012 03/yy 185.00 102.00 6'293.00 169 -8.65% 65.69% 81.93% 54.6 9'223.58 3'314.66 0.0 649.4 1'082.80 11'781.17

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M 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 6'057.1 0.75x 534.2 8.51x 124.7 19.33x

200 180 160 140 120 100 80 60 40 20 0 j-12

31.12.2009 31.12.2010 7'473.8 8'887.7 0.95x 1.42x 1'154.2 1'805.9 6.12x 7.00x 729.5 1'419.5 7.71x 7.56x Profitability

LTM-4Q 31.12.2011 9'176.9 0.73x 1'484.8 4.50x 382.7 11.98x

31.12.2012 9'102.9 1.09x 774.9 12.78x 480.8 14.70x

774.87 483.10 5.31% 7.41% 6.16% 13.23% 0.78% 10.9% 7.7% 5.3% 2.51 0.98 28.15% 62.37% -

Price/ Cash Flow

LTM

03/yy 9'115.6 3.26x 1'182.9 6.27x 187.0 27.44x

03/yy 9'270.9 4.19x 1'010.1 10.86x 735.0 11.51x

FY+1

0.76 17.71 64.09% 36.21% 0.763 13 4.231 14'570 24'983 34'574 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'213.5 10'702.3 2'550.5 2'562.6 1.15x 1.06x 4.73x 4.64x 1'856.3 2'046.4 507.7 440.8 6.35x 5.76x 6.35x 6.32x 1'090.8 1'235.0 286.3 242.4 9.24x 7.71x 8.77x 8.37x S&P Issuer Ratings

6.02 2.01 1.86 3.03 62.4% 35.7% 0.78 4.55 -

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

5'000.0 4'000.0 3'000.0 2'000.0

5.00

1'000.0 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

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 |

08.07.2013

Leroy Seafood Group ASA Holdings By:

All

Holder Name AUSTEVOLL SEAFOOD AS GOVERNMENT PENSION F DNB NOR ASSET MANAGE STOREBRAND FUND MANA ALFRED BERG KAPITALF Pictet & Cie (Europe DANSKE CAPITAL NORGE LEROY SEAFOOD GROUP FORSVARETS PERSONELL HANDELSBANKEN FONDER CITIBANK NA JP MORGAN CHASE BANK SIA FUNDS AG STATE STREET VELU AS PARETO SICAV KLP AKSJENORGE TERRA FONDSFORVALTNI NORDEA FONDENE AS BKK PENSJONSKASSE

Firm Name EVA Dimensions Pareto Securities Nordea Equity Research Carnegie SpareBank 1 Markets AS Fondsfinans AS DNB Markets ABG Sundal Collier Arctic Securities ASA Swedbank First Securities Handelsbanken SEB Enskilda Norne Securities AS

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

Analyst CRAIG STERLING HENNING LUND KOLBJORN GISKEODEGARD MARIUS GAARD GEIR KRISTIANSEN BENT ROLLAND KNUT-IVAR BAKKEN GEORG LIASJO THOMAS LORCK HENNING C STEFFENRUD KJETIL LYE PEDER STRAND ANDERS GJENDEMSJO

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

Recommendation hold buy strong buy buy buy neutral hold hold buy buy buy hold buy

Amt Held 34'144'281 1'693'935 731'849 652'884 547'502 467'562 428'696 329'776 317'000 304'800 304'710 293'800 280'817 260'456 207'300 185'970 177'379 173'835 172'444 170'000

% Out 62.56 3.1 1.34 1.2 1 0.86 0.79 0.6 0.58 0.56 0.56 0.54 0.51 0.48 0.38 0.34 0.33 0.32 0.32 0.31

Weighting

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

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

Latest Chg 14'797 84'160 (30'254) 58'124 (8'875) 44'640 -

Target Price #N/A N/A 199 230 #N/A N/A 185 164 190 175 200 200 200 195 151

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

File Dt Inst Type 01.07.2013 Corporation 01.07.2013 Government 27.03.2013 Investment Advisor 30.06.2013 Investment Advisor 28.02.2013 Investment Advisor 01.07.2013 Unclassified 31.12.2012 Investment Advisor 01.07.2013 Corporation 01.07.2013 Unclassified 30.06.2013 Investment Advisor 01.07.2013 Bank 01.07.2013 Investment Advisor 31.03.2013 Investment Advisor 01.07.2013 Investment Advisor 01.07.2013 Other 01.07.2013 n/a 01.07.2013 Investment Advisor 30.06.2013 Investment Advisor 27.03.2013 Investment Advisor 01.07.2013 Pension Fund (ERISA)

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

Date 03.07.2013 27.06.2013 25.06.2013 24.06.2013 24.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 10.05.2013 04.04.2013 14.11.2012

08.07.2013

Adecoagro SA Adecoagro S.A. is an agricultural company in South America, with operations in Argentina, Brazil and Uruguay. The Company is currently involved in a broad range of businesses, including farming crops and other agricultural products, cattle and dairy operations, sugar, ethanol and energy production and land transformation.

Price/Volume 12

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (08.08.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGRO US EQUITY YTD Change AGRO US EQUITY YTD % CHANGE

12/2012 03/yy 10.90 6.01 117'117.00 6.22 -42.94% 3.58% 4.39% 122.2 760.19 0.0 0.1 218.81 1'045.92

4.0 M 3.0 M

2.0 M 2 0 j-12

1.0 M .0 M 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 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

Valuation Analysis

31.12.2008 244.2 49.7 (19.3) -

8.0 M

31.12.2009 31.12.2010 313.6 426.3 47.3 (0.6) (0.3) (43.9) Profitability

LTM-4Q 31.12.2011 548.1 1.53x 159.0 5.28x 56.0 17.40x

31.12.2012 604.7 113.4 9.4 110.13x

113.43 58.96 9.75% 0.64% 0.54% 0.89% 0.35% 21.9% 18.8% 9.8% 1.6% 1.68 1.13 10.41% 18.04% 4.37 4.94

Price/ Cash Flow

03/yy 587.5 8.25x 131.4 10.99x 42.2 31.29x

LTM 03/yy 601.9 4.71x 100.1 0.00x 10.7 0.00x

FY+1

0.00 1.20 72.46 1.68 -36.14% -26.65% 1.196 8 4.500 202'720 230'741 259'909 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 722.3 782.7 1.76x 1.74x 190.0 243.3 5.50x 4.30x 65.4 84.5 11.31x 8.82x S&P Issuer Ratings

1.70 -1.58 18.0% 0.35 0.74 83.84 74.15 82.91 75.08

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

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

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 |

08.07.2013

Adecoagro SA Holdings By:

All

Holder Name SOROS FUND MANAGEMEN SOROS FUND MANAGEMEN HBK INVESTMENTS LP STICHTING PENSIOEN Z AL GHARRAFA INVESTME OSPRAIE MANAGEMENT L WELLINGTON MANAGEMEN PGGM VERMOGENSBEHEER JENNISON ASSOCIATES GLOBAL THEMATIC PART DWS INVESTMENT S A BRANDES INVESTMENT P TRADEWINDS GLOBAL IN BOYCE ALAN LELAND DEUTSCHE BANK AG VIEIRA MARCELO NUVEEN ASSET MANAGEM BLACKROCK INVESTEC ASSET MANAG NORGES BANK

Firm Name EVA Dimensions HSBC Raymond James Banco BTG Pactual SA Morgan Stanley Itau BBA Securities Riedel Research Group Inc

Portfolio Name SOROS FUND MANAGEMEN n/a n/a n/a n/a OSPRAIE MANAGEMENT L WELLINGTON MANAGEMEN PGGM VERMOGENSBEHEER JENNISON ASSOCIATES GLOBAL THEMATIC PART Multiple Portfolios BRANDES INVESTMENT P TRADEWINDS GLOBAL IN n/a n/a n/a Multiple Portfolios n/a INVESTEC ASSET MANAG NORGES BANK

Analyst AUSTIN BURKETT ALEXANDRE FALCAO FEDERICO REY-MARINO THIAGO DUARTE JAVIER MARTINEZ GIOVANA ARAUJO DAVID R RIEDEL

Source 13F Research 20F 20F 20F 13F 13F 13F 13F 13F MF-AGG 13F 13F 20F ULT-AGG 20F MF-AGG ULT-AGG 13F 13F

Recommendation sell overweight outperform buy Overwt/No Rating outperform buy

Amt Held 25'911'633 25'911'633 20'471'770 15'307'824 12'562'906 10'955'414 5'998'270 4'500'000 4'457'358 3'791'991 3'263'469 2'818'810 2'524'867 1'393'169 1'168'097 1'105'331 1'010'008 854'046 480'388 453'724

% Out 21.2 21.2 16.75 12.53 10.28 8.96 4.91 3.68 3.65 3.1 2.67 2.31 2.07 1.14 0.96 0.9 0.83 0.7 0.39 0.37

Weighting

Change 1 5 5 5 5 5 5

M M M M M M N

Latest Chg 135'833 1'494'548 18'106 777'932 2'818'810 2'524'867 362'859 (409'165) 280'769 95'056 676'508 (1'462'312) -

Target Price #N/A N/A 14 16 11 13 15 13

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

File Dt 31.03.2013 31.03.2013 31.12.2011 31.12.2011 31.12.2011 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.12.2011 31.03.2013 31.12.2011 31.05.2013 03.07.2013 31.03.2013 31.12.2012

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

Inst Type Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Government

Date 06.07.2013 17.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 16.03.2013

08.07.2013

Sanderson Farms Inc Sanderson Farms, Inc. produces, processes, markets, and distributes fresh and frozen chicken products. The Company also processes, markets, and distributes processed and prepared food items. Sanderson Farms sells its chicken, primarily under the Sanderson Farms brand name, to retailers, distributors, and fast food operators in the southeastern, southwestern, and western United States.

Price/Volume 80 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAFM US EQUITY YTD Change SAFM US EQUITY YTD % CHANGE

10/2012 04/yy 72.15 36.11 94'476.00 67.97 -5.79% 88.23% 88.40% 23.0 1'564.32 160.97 0.0 0.0 27.80 1'690.83

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

30 20 10 0 j-12

31.10.2009 31.10.2010 1'789.5 1'925.4 0.47x 0.48x 185.6 261.8 4.53x 3.50x 82.3 134.8 9.17x 6.92x Profitability

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q 31.10.2011 1'978.1 0.69x (122.2) (127.1) -

31.10.2012 2'386.1 0.49x 161.1 7.29x 53.9 19.28x 161.08 96.32 4.04% 3.63% 6.33% 10.13% 8.50% 2.84% 7.3% 6.4% 3.8% 2.3% 2.93 0.93 17.96% 29.26% 23.17 10.53

Price/ Cash Flow

04/yy 2'183.9 2.49x (10.3) 0.00x (61.4) 0.00x

LTM 04/yy 2'490.2 2.00x 159.2 9.65x 55.5 25.42x

FY+1

1.00 0.64 20.20 1.76 50.26% 43.80% 0.642 6 3.000 181'763 270'810 217'567 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 2'667.2 2'689.6 723.0 727.2 0.59x 0.55x 2.25x 2.15x 267.6 334.8 107.2 100.5 6.32x 5.05x 4.75x 4.64x 130.4 169.8 58.6 54.5 11.99x 9.16x 7.89x 8.13x S&P Issuer Ratings

17.51 12.15 0.79 0.95 29.3% 22.6% 2.84 4.99 15.75 34.67 13.48 39.52

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 06.11.2009

a-12

Fiscal Year Ended 31.10.2008 1'723.6 0.50x 31.1 27.51x (43.1) -

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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 |

08.07.2013

Sanderson Farms Inc Holdings By:

All

Holder Name ROYCE AND ASSOCIATES BLACKROCK TRUSTMARK NATIONAL B VANGUARD GROUP INC SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE SANDERSON JR JOE F LORD ABBETT & CO LLC WELLINGTON MANAGEMEN TAMRO CAPITAL PARTNE GREAT WEST LIFE ASSU DIMENSIONAL FUND ADV TEACHERS ADVISORS IN STATE STREET PERKINS INVESTMENT M NORTHERN TRUST CORPO KENNEDY CAPITAL MANA ABN AMRO ASSET MANAG LEE MUNDER CAPITAL G ING INVESTMENT MANAG

Firm Name BMO Capital Markets KeyBanc Capital Markets Stephens Inc JPMorgan EVA Dimensions BB&T Capital Markets

Portfolio Name ROYCE & ASSOCIATES L n/a n/a VANGUARD GROUP INC SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE n/a LORD ABBETT & CO LLC WELLINGTON MANAGEMEN TAMRO CAPITAL PARTNE GREAT WEST LIFE ASSU n/a TEACHERS ADVISORS IN n/a PERKINS INVESTMENT M NORTHERN TRUST CORPO KENNEDY CAPITAL MANA Multiple Portfolios LEE MUNDER CAPITAL G ING INVESTMENT MANAG

Analyst KENNETH B ZASLOW AKSHAY S JAGDALE FARHA ASLAM KENNETH GOLDMAN AUSTIN BURKETT HEATHER L JONES

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

Recommendation market perform hold overweight neutral sell hold

Amt Held 2'565'597 1'808'732 1'526'466 1'261'961 1'231'056 939'727 872'163 718'800 627'815 577'652 542'301 527'425 459'678 452'149 421'000 399'770 332'097 305'487 302'804 299'444

% Out 11.15 7.86 6.63 5.48 5.35 4.08 3.79 3.12 2.73 2.51 2.36 2.29 2 1.96 1.83 1.74 1.44 1.33 1.32 1.3

Weighting

Change 3 3 5 3 1 3

M D M M D M

Latest Chg (200) 156'554 (120'036) (118'738) (63'665) 198'407 (16'304) (11'600) 333'955 577'652 (4'165) 16'874 44'031 12'129 (1'815) 41'562 305'487 32'251 12'759

Target Price 60 #N/A N/A 81 74 #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 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 06.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 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 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor

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

Date 21.06.2013 17.06.2013 07.06.2013 31.05.2013 31.05.2013 30.05.2013

08.07.2013

Dole Food Co Inc Dole Food Company, Inc. produces, markets, and distributes fresh fruit and vegetables. The Company's product categories, including bananas, packaged salads and packaged fruit. Dole supplies provide wholesale, retail and institutional customers around the world.

Price/Volume 16

25.0 M

20.0 M

12 10

Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (16.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOLE US EQUITY YTD Change DOLE US EQUITY YTD % CHANGE

12/2012 03/yy 15.19 8.50 378'393.00 12.89 -15.14% 51.65% 65.62% 89.5 1'154.14 1'694.16 0.0 26.4 91.58 2'720.49

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

10.0 M

6 4

5.0 M

2 0 j-12

.0 M 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 7'620.0 386.5 121.0 -

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 6'778.5 6'892.6 0.38x 0.39x 410.1 305.1 6.34x 8.70x 84.1 (34.1) 11.18x Profitability

LTM-4Q 31.12.2011 4'778.4 0.49x 216.8 10.85x 38.4 7.03x

31.12.2012 4'246.7 0.62x 161.9 16.27x (144.5) 37.60x

161.93 57.23 1.35% 0.28% -5.25% -30.58% 1.30% 8.7% -3.4% 1.86 0.39 40.05% 246.91% 8.54 8.84

Price/ Cash Flow

03/yy 6'050.2 1.60x 247.9 0.00x 53.7 8.56x

LTM 03/yy 5'617.0 1.85x 222.3 0.00x (227.6) 0.00x

FY+1

0.00 1.07 53.43 6.58 36.84% 12.38% 1.070 4 3.000 865'617 2'280'872 1'471'279 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'242.5 4'314.0 1'099.5 1'195.8 138.5 167.3 34.3 31.3 19.64x 16.26x 20.40x 17.44x 38.5 56.8 8.3 1.6 29.30x 19.92x 36.01x 24.18x S&P Issuer Ratings

11.06.2013 B *20.09.2006 NR 13.25 4.59 246.9% 70.4% 1.30 7.33 42.64 41.19 34.42 58.37

Sales/Revenue/Turnover

600.00

9'000.0 8'000.0

500.00

7'000.0 6'000.0

400.00

5'000.0 300.00

4'000.0 3'000.0

200.00

2'000.0 100.00 0.00 08.01.2010

1'000.0 0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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 |

08.07.2013

Dole Food Co Inc Holdings By:

All

Holder Name D H MURDOCK LIVING T CASTLE & COOKE HOLDI DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN WESTCHESTER CAPITAL ROBECO INVESTMENT MG STERLING CAPITAL MAN SCOTT & STRINGFELLOW BANK OF NEW YORK MEL LSV ASSET MANAGEMENT VANGUARD GROUP INC BLACKROCK ARTISAN PARTNERS HOL AXA WENTWORTH HAUSER AND BALYASNY ASSET MANAG LEE MUNDER CAPITAL G TOWLE & CO KENNEDY CAPITAL MANA AMERIPRISE FINANCIAL

Firm Name Goldman Sachs Janney Montgomery Scott LLC BB&T Capital Markets EVA Dimensions

Portfolio Name n/a n/a n/a n/a WESTCHESTER CAPITAL ROBECO INVESTMENT MA STERLING CAPITAL MAN SCOTT & STRINGFELLOW BANK OF NEW YORK MEL LSV ASSET MANAGEMENT VANGUARD GROUP INC n/a ARTISAN PARTNERS LP n/a WENTWORTH HAUSER AND BALYASNY ASSET MANAG LEE MUNDER CAPITAL G TOWLE & CO KENNEDY CAPITAL MANA AMERIPRISE FINANCIAL

Analyst JASON ENGLISH JONATHAN P FEENEY HEATHER L JONES AUSTIN BURKETT

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

Recommendation neutral/neutral buy hold underweight

Amt Held 23'533'671 11'784'914 4'659'217 4'079'251 3'802'400 3'719'792 3'330'821 2'460'146 2'414'979 2'376'130 2'223'497 2'027'553 1'992'700 1'443'052 1'222'000 1'142'504 1'034'877 1'015'642 997'690 761'939

% Out 26.28 13.16 5.2 4.56 4.25 4.15 3.72 2.75 2.7 2.65 2.48 2.26 2.23 1.61 1.36 1.28 1.16 1.13 1.11 0.85

Weighting

Change 3 5 3 1

M M M U

Latest Chg 217'250 71'524 750'000 713'024 2'152'072 (51'043) (1'357'281) (185'300) 188'318 514'506 1'992'700 1'222'000 414'135 (110'334) (14'670) 117'056 82'995

Target Price 11 12 #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 10.06.2013 n/a 10.06.2013 Corporation 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided

Date 11.06.2013 11.06.2013 11.06.2013 14.03.2013

08.07.2013

Cal-Maine Foods Inc Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell eggs. The Company markets its products in various states in the Southwestern, Southeastern, Midwestern, and Mid-Atlantic regions of the United States.

Price/Volume 60

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.07.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CALM US EQUITY YTD Change CALM US EQUITY YTD % CHANGE

05/2012 03/yy 48.30 34.55 39'541.00 48.29 -0.02% 39.77% 99.93% 21.7 1'163.71 76.22 0.0 0.2 260.75 1'044.41

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

10 0 j-12

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 31.05.2008 915.9 0.36x 249.0 1.34x 151.9 4.88x

31.05.2009 31.05.2010 928.8 910.1 0.32x 0.78x 149.6 134.4 1.96x 5.26x 79.5 67.8 7.30x 11.40x Profitability

LTM-4Q 31.05.2011 942.0 0.57x 114.2 4.66x 60.8 11.08x

31.05.2012 1'113.1 0.58x 119.4 5.44x 89.7 13.30x

119.40 88.65 7.96% 12.49% 12.62% 18.78% 16.89% 1.71% 18.1% 9.0% 6.4% 8.1% 3.14 2.27 10.49% 15.91% 16.34 7.77

Price/ Cash Flow

02/yy 1'080.3 2.38x 120.7 6.52x 59.8 15.71x

LTM 03/yy 1'237.4 2.71x 111.6 7.74x 91.5 15.17x

FY+1

2.64 0.83 13.54 0.79 22.61% 21.84% 0.826 2 4.000 59'389 73'631 78'383 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 1'292.0 1'308.0 330.0 295.0 125.0 156.0 33.0 22.0 8.36x 6.69x 7.06x 6.74x 72.0 84.9 18.0 8.0 16.10x 13.68x 14.20x 13.72x S&P Issuer Ratings

22.98 17.81 -1.07 0.61 15.9% 13.7% 1.71 5.03 22.70 47.73 29.91 44.36

Sales/Revenue/Turnover

25.00

1'200.0 1'000.0

20.00

800.0 15.00

600.0 10.00

400.0

5.00

0.00 05.06.2009

200.0 0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

05.06.2013

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 |

08.07.2013

Cal-Maine Foods Inc Holdings By:

All

Holder Name ADAMS JR FRED R ROYCE AND ASSOCIATES CAL-MAINE ESOP ALLIANZ ASSET MANAGE BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV THIRD AVENUE MANAGEM BAKER ADOLPHUS B STATE STREET RENAISSANCE TECHNOLO ACADIAN ASSET MANAGE NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL WCM INVESTMENT MANAG LEGG MASON GLOBAL FU LSV ASSET MANAGEMENT NORGES BANK PRINCIPAL FINANCIAL

Firm Name EVA Dimensions Stephens Inc

Portfolio Name n/a ROYCE & ASSOCIATES L n/a n/a n/a VANGUARD GROUP INC n/a THIRD AVENUE MANAGEM n/a n/a RENAISSANCE TECHNOLO ACADIAN ASSET MANAGE NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL WCM INVESTMENT MANAG Multiple Portfolios LSV ASSET MANAGEMENT NORGES BANK n/a

Analyst AUSTIN BURKETT ERIC GOTTLIEB

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

Recommendation overweight equalweight

Amt Held 6'241'653 2'288'748 1'441'071 1'403'268 1'132'693 808'214 591'583 549'806 400'946 292'430 273'318 231'500 228'198 193'178 190'150 159'139 150'047 147'186 141'442 130'641

% Out 28.77 10.55 6.64 6.47 5.22 3.72 2.73 2.53 1.85 1.35 1.26 1.07 1.05 0.89 0.88 0.73 0.69 0.68 0.65 0.6

Weighting

Change 5 3

U M

Latest Chg (15'483) 66'580 49'499 73'453 (53'477) 5'898 256'604 6'550 (13'399) (31'600) (104'346) 2'330 18'314 (226) (7'135) 27'280 (116'074) 57'433

Target Price #N/A N/A 38

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

File Dt Inst Type 26.12.2012 n/a 31.03.2013 Investment Advisor 20.07.2012 n/a 31.05.2013 Investment Advisor 03.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 15.01.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor

Date Not Provided 12 month

Date 15.04.2013 09.04.2013

08.07.2013

SLC Agricola SA SLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company has farms located in the Brazilian states of Goias, Mato Grosso do Sul, Mato Grosso, and Maranhao & Bahia.

Price/Volume 25

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (20.07.2012) 52-Week Low (16.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLCE3 BZ EQUITY YTD Change SLCE3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 24.80 16.15 154'800.00 18.49 -25.44% 14.49% 27.05% 98.9 1'828.61 810.86 0.0 46.1 157.25 2'417.89

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

0 j-12

31.12.2009 31.12.2010 588.0 888.7 3.25x 2.81x 79.3 205.9 24.09x 12.11x 9.1 58.6 174.35x 36.75x Profitability

s-12

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 1'005.6 2.02x 331.5 6.13x 81.6 18.65x

31.12.2012 1'118.7 2.37x 252.9 10.48x 38.1 51.23x

252.93 145.12 12.97% 6.48% 1.37% 2.57% 3.12% 0.28% 22.7% 21.8% 10.9% 3.4% 1.34 0.33 21.82% 41.64% 19.45 3.03

Price/ Cash Flow

03/yy 1'134.2 7.65x 354.5 6.72x 92.4 14.38x

LTM 03/yy 1'050.8 10.30x 229.4 10.57x 51.1 36.02x

FY+1

0.65 43.00 -5.94% -5.99% 0.649 9 3.889 150'800 224'527 232'383 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'219.0 1'346.0 224.0 307.0 1.98x 1.74x 287.0 328.3 54.3 82.0 8.42x 7.37x 7.93x 111.1 125.1 14.0 28.4 15.84x 13.49x 17.44x S&P Issuer Ratings

5.51 2.06 2.37 3.68 41.6% 28.9% 0.28 0.41 18.76 120.54 19.96 154.72

Sales/Revenue/Turnover

300.00

1'200.0

250.00

1'000.0

200.00

800.0

150.00

600.0

100.00

400.0

50.00

200.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 413.7 3.71x 167.2 9.18x 44.6 30.66x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

SLC Agricola SA Holdings By:

All

Holder Name SLC PARTICIPACOES SA BLACKROCK DWS INVESTMENT S A CREDIT SUISSE HEDGIN CSHG ASSET MGMT SA NORGES BANK DIMENSIONAL FUND ADV KONDOR ADMIN E GESTO CAIXA ECONOMICA FEDE LARRAIN VIAL SA CORR SLC AGRICOLA SA ADVIS INVESTIMENTOS SARASIN HSBC GESTAO DE RECUR INVESTEC ASSET MANAG VOTORANTIM ASSET MGM FMR LLC VAN ECK ASSOCIATES C VANGUARD GROUP INC BB GESTAO DE RECURSO

Firm Name Morgan Stanley EVA Dimensions Banco BTG Pactual SA Planner Corretora de Valores Raymond James Itau BBA Securities HSBC JPMorgan

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

Analyst JAVIER MARTINEZ CRAIG STERLING THIAGO DUARTE RICARDO TADEU MARTINS FEDERICO REY-MARINO GIOVANA ARAUJO RAVI JAIN CASSIO LUCIN

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

Recommendation Overwt/No Rating buy neutral neutral outperform outperform neutral neutral

Amt Held 50'467'394 10'702'769 7'369'122 4'879'900 4'875'647 1'839'258 1'120'121 1'016'771 879'400 664'900 553'826 532'000 485'200 483'239 469'400 455'200 389'215 333'400 280'364 271'400

% Out 51.03 10.82 7.45 4.93 4.93 1.86 1.13 1.03 0.89 0.67 0.56 0.54 0.49 0.49 0.47 0.46 0.39 0.34 0.28 0.27

Weighting

Change 5 5 3 3 5 5 3 3

M M M M M M M M

Latest Chg (84'810) (48'053) (78'929) 23'000 53'162 35'000 18'400 5'480 (4'100) 22'400 (11'600)

Target Price 27 #N/A N/A 24 23 25 33 24 26

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

File Dt 14.03.2013 03.07.2013 30.04.2013 31.12.2012 14.03.2013 31.12.2012 29.03.2013 31.05.2013 31.03.2013 31.03.2013 14.03.2013 31.03.2013 28.03.2013 31.05.2013 28.02.2013 31.03.2013 31.05.2013 05.07.2013 31.03.2013 30.06.2013

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

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

Date 24.06.2013 06.06.2013 04.06.2013 24.05.2013 09.05.2013 08.05.2013 14.03.2013 17.01.2013

08.07.2013

Shandong Homey Aquatic Development Co Ltd Shandong Homey Aquatic Development Co., Ltd. operates fish farms to produce lefteye flounder, abalone, sea cucumber, and brill. The Company also processes frozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 600467 CH EQUITY YTD Change 600467 CH EQUITY YTD % CHANGE

12/2012 03/yy 9.18 4.82 5'614'867.00 4.97 -45.86% 3.11% 8.49% 730.5 3'630.57 716.40 0.0 35.5 444.49 4'166.56

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 M 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 473.3 7.50x 210.3 16.87x 124.5 26.40x

10 9 8 7 6 5 4 3 2 1 0 j-12

31.12.2009 31.12.2010 526.7 771.7 12.41x 12.51x 148.3 227.9 44.07x 42.36x 75.3 142.8 82.25x 62.83x Profitability

LTM-4Q 31.12.2011 875.7 7.35x 310.7 20.72x 207.5 28.88x

31.12.2012 1'021.9 5.53x 309.3 18.28x 216.7 24.40x

309.26 220.96 21.62% 20.90% 5.69% 7.77% 0.27% 28.8% 22.1% 21.2% 1.84 0.54 18.59% 24.97% 17.25 0.67

Price/ Cash Flow

03/yy 920.4 31.57x 0.0 0.00x 207.7 29.14x

LTM 03/yy 1'023.3 22.60x 0.0 0.00x 217.8 23.47x

FY+1

1.10 338.03 -37.67% -31.12% 1.099 15 4.667 5'391'314 7'372'556 7'885'608 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'272.3 1'470.7 295.0 264.0 3.02x 2.46x 418.0 460.0 89.5 35.7 9.97x 9.06x 10.45x 10.04x 260.0 352.4 80.7 28.0 13.88x 10.62x 13.36x 12.68x S&P Issuer Ratings

9.81 -6.99 25.0% 19.8% 0.27 0.55 21.16 547.11 40.86 479.01

Sales/Revenue/Turnover

1'800.00

1'200.0

1'600.00

1'000.0

1'400.00

800.0

1'200.00 1'000.00

600.0

800.00

400.0

600.00 400.00

200.0

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

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 |

08.07.2013

Shandong Homey Aquatic Development Co Ltd Holdings By:

All

Holder Name HOMEY GROUP CO LTD SOCIAL SECURITY FUND HFT INVESTMENT MANAG TJ LIUHE BIYUN EQY I BOSERA FUNDS MGMT CO DACHENG FUND MANAGME PING AN PROPERTIES I HSBC-JINTRUST FUND M TJ SHENGXI EQY INVES CHINA SECURITIES CO TIANHONG SELECTED SE EFUND MGMT CO LTD CHINA POST & CAPITAL CITIC PRUDENTIAL FUN BAOYING FUND MANAGEM ICBC CREDIT SUISSE A CHINA SOUTHERN FUND FRANKLIN TEMPLETON S MORGAN STANLEY HUAXI CHINA ASSET MANAGEME

Firm Name Qilu Securities Co Ltd Chang Jiang Securities Co. Limited SWS Research Co Ltd Sinolink Securities Co Ltd China International Capital Corp Northeast Securities Co Ltd Rising Securities Co.,LTD Everbright Securities Co., Ltd Guotai Junan HuaChuang Securities PingAn Securities Hong Yuan Securities Founder Securities China Merchants Securities Citic Securities Co., Ltd Industrial Securities Tebon Securities Co Ltd Bank of China International China Investment Securities China Securities Co., Ltd KGI Securities

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

Analyst XIE GANG ZHIJIAN CHEN ZHAO JINHOU HUANG TING FEIYANG YUAN WEIMING GUO ZHAO YUE LIU XIAOBO SUN JIANPING GAO LI SHAO QING HU JIANJUN BAOPING ZHANG JUN HUANG CHANGQING MAO ZHAO QIN TEAM COVERAGE LIU DU WANG YIGUO FUSHENG HUANG SABRINA LEE

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

Recommendation buy add outperform add accumulate add outperform buy buy buy buy buy add buy add buy outperform buy neutral add outperform

Amt Held 303'446'268 32'930'055 17'882'972 17'438'864 16'139'737 12'430'342 12'028'386 11'948'711 10'581'659 10'131'004 9'630'186 9'564'192 9'165'000 3'495'344 3'091'860 2'891'300 2'306'525 2'134'250 1'300'000 1'200'000

% Out 41.54 4.51 2.45 2.39 2.21 1.7 1.65 1.64 1.45 1.39 1.32 1.31 1.25 0.48 0.42 0.4 0.32 0.29 0.18 0.16

Weighting

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

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

Latest Chg 17'117'728 5'768'868 2'470'772 3'495'344 3'091'860 1'391'300 1'174'605 2'134'250 1'300'000 1'200'000

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 15 #N/A N/A #N/A N/A #N/A N/A 19 #N/A N/A 12 11

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 28.11.2011 28.11.2011 28.11.2011 31.12.2012 31.12.2012 31.12.2012 28.11.2011 28.11.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 30.06.2013 25.06.2013 07.06.2013 02.05.2013 15.04.2013 27.03.2013 27.03.2013 26.03.2013 18.03.2013 03.02.2013 25.12.2012 31.10.2012 22.08.2012 13.07.2012 02.05.2012 04.03.2012 27.12.2011 08.03.2011 07.01.2011 08.12.2010 18.09.2009

08.07.2013

Tradewinds Malaysia Bhd Tradewinds (Malaysia) Berhad is an investment holding company. The Company's subsidiaries are involved in the cultivation of oil palm, the production of crude palm oil and sugar refining.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWI MK EQUITY YTD Change TWI MK EQUITY YTD % CHANGE

12/2012 12/yy 9.27 6.30 0.00 98.99% 296.5 3'662.12 0.0 1'109.2 776.64 -

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

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

Fiscal Year Ended 31.12.2008 1'767.6 1.35x 445.0 5.35x 160.7 5.35x

10 9 8 7 6 5 4 3 2 1 0 j-12

31.12.2009 31.12.2010 2'069.3 5'551.1 2.02x 0.96x 392.9 1'027.9 10.64x 5.21x 241.0 481.1 3.37x 4.06x Profitability

LTM-4Q 31.12.2011 6'931.4 0.97x 1'184.2 5.68x 474.9 6.27x

31.12.2012 8'152.2 0.82x 839.0 7.92x 208.2 12.73x

839.04 597.71 7.33% 6.06% 2.56% 8.67% 5.74% 1.00% 10.3% 7.3% 2.6% 1.61 0.84 44.23% 150.20% 6.58 -

Price/ Cash Flow

12/yy 7'010.0 3.54x 869.8 0.00x 480.3 6.17x

LTM 12/yy 8'152.2 3.33x 839.0 7.92x 208.2 12.73x

2 4.000 0 0 0

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

5.99 3.79 3.44 4.36 150.2% 50.8% 1.00 3.40 55.64 -

Sales/Revenue/Turnover

12.00

9'000.0 8'000.0

10.00

7'000.0 6'000.0

8.00

5'000.0 6.00

4'000.0 3'000.0

4.00

2'000.0 2.00 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

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 |

08.07.2013

Tradewinds Malaysia Bhd Holdings By:

All

Holder Name PERSPECTIVE LANE (M) FELDA GLOBAL VENTURE KELANA VENTURES SDN SEAPORT TERMINAL JOH DIMENSIONAL FUND ADV CIMB-PRINCIPAL ASSET CMS TRUST MANAGEMENT KENANGA UNIT TRUST B PHEIM UNIT TRUSTS BE VANGUARD GROUP INC AXA INVESTMENT MANAG BESSEMER GROUP INCOR APEX INVESTMENT SERI AXA ROSENBERG INTL SCHRODER INVESTMENT GLOBAL X MANAGEMENT US GLOBAL INVESTORS NORTHERN TRUST CORPO

Firm Name EVA Dimensions BGC Partners

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

Analyst AUSTIN BURKETT TEAM COVERAGE

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

Recommendation hold buy

Amt Held 285'109'874 59'294'097 26'270'000 12'070'000 8'263'500 819'500 137'474 136'000 101'200 79'700 62'000 45'300 30'000 23'000 8'700 4'000 -

% Out 96.17 20 8.86 4.07 2.79 0.28 0.05 0.05 0.03 0.03 0.02 0.02 0.01 0.01 0 0 0 0

Weighting

Change 3 5

M N

Latest Chg 40'293'506 (27'900) 137'474 (370'200) (4'500) (27'100) (63'515)

Target Price #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 14.03.2013 30.04.2012 11.03.2013 06.03.2013 29.03.2013 31.12.2010 31.12.2012 30.06.2011 31.12.2010 31.03.2013 31.07.2012 31.01.2013 30.06.2011 31.12.2012 31.03.2013 30.01.2012 28.03.2013 31.03.2013

Date Not Provided Not Provided

Inst Type Other Holding Company Corporation Corporation 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 17.01.2013 28.12.2012

08.07.2013

Haikou Agriculture & Industry Co Haikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and markets a variety of agricultural products. The Company's products include pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and undertakes construction projects.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (28.11.2012) Daily Volume Current Price (7/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 000735 CH EQUITY YTD Change 000735 CH EQUITY YTD % CHANGE

12/2012 03/yy 7.26 4.31 20'700'690.00 5.2 -28.37% 20.65% 40.34% 880.1 4'576.69 1'647.53 0.0 122.5 800.04 5'631.86

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

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 j-12

.0 M 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 798.1 3.50x 104.0 26.87x 81.4 33.33x

31.12.2009 31.12.2010 813.0 874.8 6.76x 8.42x 78.8 30.2 69.79x 243.78x 61.3 29.2 88.00x 244.85x Profitability

LTM-4Q 31.12.2011 1'087.6 4.03x 151.5 28.92x 60.0 60.59x

31.12.2012 847.7 7.20x 81.0 75.34x 14.6 342.94x

80.99 -3.03 -0.36% 3.84% 0.34% 0.80% 0.22% 17.1% -3.9% 1.7% 1.52 0.67 37.85% 97.56% 51.07 1.11

Price/ Cash Flow

03/yy 1'102.3 18.70x 0.0 0.00x 59.6 62.22x

LTM 03/yy 888.6 26.02x 0.0 0.00x 13.7 386.37x

1.03 689.23 10.17% -10.81% 1.033 0 19'977'790 32'373'010 36'217'740

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

26.00x 26.00x S&P Issuer Ratings

1.01 -1.14 97.6% 47.6% 0.22 0.93 7.15 328.99 21.28 308.88

Sales/Revenue/Turnover

180.00

1'200.0

160.00

1'000.0

140.00

800.0

120.00 100.00

600.0

80.00

400.0

60.00 40.00

200.0

20.00 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

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 |

08.07.2013

Haikou Agriculture & Industry Co Holdings By:

All

Holder Name HAINAN LUONIUSHAN HO HAIKOU YONGSHENG ANI HAINAN SHENXING TRAD HAINAN XINGMU FEEDS HAINAN XINDI INDUSTR XIANG XU HAINAN GUANXIANG TRA CHINA ECONOMIC DEV T GUANGFA SECURITIES C CHINA SOUTHERN FUND GF FUND MANAGEMENT C CITIC PRUDENTIAL FUN PENGHUA FUND MANAGEM ABC-CA FUND MANAGEME HUASHANG FUND MANAGE JUNFENG XU ZILI XU JINLONG KONG DIANLING HU GUOQIANG WANG

Firm Name Northeast 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 Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a n/a

Analyst WEIMING GUO

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

Recommendation neutral

Amt Held 96'089'444 27'644'584 14'450'000 14'450'000 13'005'000 12'152'415 7'225'000 5'750'000 3'040'051 2'794'157 1'968'796 561'588 454'260 130'200 70'800 66'445 21'415 21'415 14'277 9'034

% Out 10.92 3.14 1.64 1.64 1.48 1.38 0.82 0.65 0.35 0.32 0.22 0.06 0.05 0.01 0.01 0.01 0 0 0 0

Weighting

Change 3

Latest Chg 219'300 188'473 (244'622) (57'510) -

Target Price #N/A N/A

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

Date Not Provided

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

Date 05.07.2011

08.07.2013

Khon Kaen Sugar Industry PCL Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. The Company produces sugar and molasses, fertilizers, ethanol, and electricity.

Price/Volume 16

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.02.2013) 52-Week Low (20.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KSL TB EQUITY YTD Change KSL TB EQUITY YTD % CHANGE

10/2012 04/yy 15.80 11.00 1'006'100.00 12.6 -20.25% 14.55% 35.42% 1'696.7 21'378.35 15'251.91 0.0 1'753.1 289.73 45'526.20

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

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M 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 31.10.2008 11'056.0 1.30x 1'548.3 9.31x 859.5 9.18x

10.0 M

31.10.2009 31.10.2010 11'671.0 12'071.3 2.45x 2.72x 1'627.1 1'499.3 17.58x 21.86x 919.6 158.7 21.08x 124.51x Profitability

LTM-4Q 31.10.2011 16'459.8 1.96x 3'606.7 8.92x 1'889.9 9.60x

31.10.2012 22'212.3 1.71x 4'170.5 9.11x 2'354.3 9.01x 4'170.52 3'270.21 14.72% 14.40% 6.09% 20.72% 8.44% 0.56% 25.8% 18.0% 12.8% 10.6% 0.49 0.09 51.50% 148.38% 17.66 1.64

Price/ Cash Flow

LTM

04/yy 20'876.0 7.09x 4'228.7 9.62x 2'277.0 9.45x

04/yy 20'254.0 7.81x 3'651.5 12.44x 2'201.1 9.09x

FY+1

1.04 449.66 1.83% -4.86% 1.035 17 3.882 994'340 1'455'310 1'380'600 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 20'171.0 21'737.0 1.82x 1.68x 3'803.6 4'308.2 11.97x 10.57x 1'979.5 2'200.8 10.79x 9.73x S&P Issuer Ratings

7.50 -0.14 6.09 6.17 148.4% 55.9% 0.56 0.98 20.67 222.15 14.85 58.50

Sales/Revenue/Turnover

50.00

25'000.0

45.00

20'000.0

40.00 35.00

15'000.0

30.00 25.00

10'000.0

20.00 15.00

5'000.0

10.00 5.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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 |

08.07.2013

Khon Kaen Sugar Industry PCL Holdings By:

All

Holder Name KSL SUGAR HOLDING CO CHUTIMAVORAPHAND CHA THAI NVDR CO LTD CHINTHAMMIT DUANGKEA CREDIT SUISSE/SINGAP CHINTHAMMIT DUANGDAO CHINTHAMMIT SOMCHAI CHINTHAMMIT KAMONDAN CHINTHAMMIT PIRIPON CHINNAKIJ CO LTD CHINTHAMMIT CHAMROON CHINTHAMMIT NAREERAT TOKARANYASET SUKHUM CHINTHAMMIT SARAN CHINTHAMMIT KAMORNWA CHINTHAMMIT CHALEE CHINTHAMMIT KANNIKA ROJANACHOTIKUL THAWA CHINTHAMMIT CHATRI TAMESIRICHAI PORNPRA

Firm Name Finansia Syrus Securities PCL Asia Plus Securities DBS Vickers Maybank Kim Eng Bualuang Securities UOB Kay Hian IV Global Kasikorn Securities EVA Dimensions Country Group Securities PCL Macquarie Phillip Securities AIRA Securities Krungsri Securities KT Zmico Securities Thanachart Securities PCL KGI Securities Capital Nomura Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst SUREEPORN TEEWASUWET THIPTAWAT SUWANTAMARONG JESADA TECHAHUSDIN PONGRAT RATANATAVANANANDA SUPPATA SRISUK THUNYA SUTAVEPRAMOCHANON POLASIT TANPOONKIAT SORAPONG JAKTEERUGKUL CRAIG STERLING DOME KUNPRAYOONSAWAD TREVOR BUCHINSKI NAREE APISAWAITTKAN NUTTAPON KUMNOUNPHON SITTIDATH PRASERTRUNGRUANG WARAPORN WIBOONKANARAK KALVALEE THONGSOMAUNG SUCHOT TIRAWANNARAT PLOENJAI JIRAJARUS

Recommendation buy buy hold hold hold buy buy neutral underweight trading buy neutral accumulate hold buy buy buy neutral buy

Amt Held 540'000'000 42'533'465 39'634'949 37'595'956 37'502'900 37'210'019 36'249'139 34'235'970 33'835'870 31'910'000 28'929'906 28'127'660 26'762'070 23'899'880 23'834'790 22'131'010 21'236'340 21'188'300 20'920'510 19'803'375

% Out 31.83 2.51 2.34 2.22 2.21 2.19 2.14 2.02 1.99 1.88 1.71 1.66 1.58 1.41 1.4 1.3 1.25 1.25 1.23 1.17

Latest Chg -

Weighting

Change

Target Price

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

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

15 16 13 13 15 17 13 13 #N/A N/A 15 13 15 15 17 16 18 14 17

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

File Dt 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013

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

Inst Type Holding Company n/a Corporation n/a Bank n/a n/a n/a n/a Other n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Date 21.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 18.06.2013 31.05.2013 21.05.2013 29.03.2013 29.01.2013 15.01.2013 28.12.2012 15.10.2012 20.09.2012 08.05.2012

08.07.2013

Sipef SA Sipef NV is a holding company which operates plantations in Indonesia, Papua New Guinea, Vietnam, and the Ivory Coast. The subsidiaries produce rubber, palm oil and palm kernel oil, cocoa, tea, coffee, bananas, pineapples and flowers.

Price/Volume 70

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2012) 52-Week Low (03.07.2013) Daily Volume Current Price (7/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 SIP BB EQUITY YTD Change SIP BB EQUITY YTD % CHANGE

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

31.12.2009 31.12.2010 237.8 279.4 1.82x 2.94x 90.8 127.9 4.75x 6.41x 60.2 84.8 7.42x 10.01x Profitability

31.12.2011 367.7 1.77x 141.3 4.61x 95.1 7.07x

31.12.2012 332.5 2.12x 110.2 6.40x 68.4 10.04x

85.75 73.30 28.33% 29.50% 11.41% 15.23% 15.22% 0.55% 34.9% 33.1% 28.3% 20.6% 1.92 0.97 2.00% 2.67% 10.12 5.22

Price/ Cash Flow

.0 M

10 0 j-12

.0 M a-12

s-12

LTM-4Q

LTM

01/yy

01/yy -

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

FY+1 -

0.74 -17.56% -11.22% 0.739 5 2.800 5'625 7'426 6'049 FY+2

12/13 Y 12/14 Y 228.3 251.3 2.16x 1.99x 64.0 72.7 7.10x 6.25x 33.4 40.1 12.77x 11.01x S&P Issuer Ratings

FQ+1

FQ+2

225.81 34.83 -0.17 0.11 2.7% 2.4% 0.55 0.78 36.18 70.09 27.72 78.56

Sales/Revenue/Turnover

18.00

400.0

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 M

Fiscal Year Ended 31.12.2008 279.4 0.85x 89.5 2.66x 58.8 4.24x

.1 M

12/2012 01/yy 66.00 50.00 2'322.00 50.28 -23.82% 0.56% 0.00% 9.0 450.09 9.55 0.0 24.1 23.34 460.44

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Sipef SA Holdings By:

All

Holder Name ACKERMANS & VAN HAAR FORTIS INVESTMENT MA GEDEI NV ALCATEL BELL PENSIOE CABRA NV BRACHT BARON BNP PARIBAS INV PART ROYCE AND ASSOCIATES BANK DELEN SA PETERCAM SA KBC GROUP NV NORDEA INV MANAGEMEN SIPEF NORGES BANK VANGUARD GROUP INC DIERICKX LEYS & CIE PICTET FUNDS CAPITAL AT WORK INTE BANQUE DEGROOF DEXIA ASSET MANAGEME

Firm Name ING Bank Bank Degroof(ESN) KBC Securities Petercam EVA Dimensions

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

Analyst MATTHIAS MAENHAUT BERNARD HANSSENS PASCALE WEBER KRIS KIPPERS CRAIG STERLING

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

Recommendation hold hold hold add underweight

Amt Held 2'389'312 491'740 480'435 469'600 399'095 265'966 263'917 140'348 112'189 102'301 73'906 71'285 59'676 46'423 33'358 31'500 24'000 20'000 13'050 12'931

% Out 26.69 5.49 5.37 5.25 4.46 2.97 2.95 1.57 1.25 1.14 0.83 0.8 0.67 0.52 0.37 0.35 0.27 0.22 0.15 0.14

Weighting

Change 3 3 3 4 1

N M M M M

Latest Chg (26'073) (14'859) (11'427) (1'210) 2'502 8'841

Target Price 54 57 64 62 #N/A N/A

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

File Dt Inst Type 31.12.2012 Holding Company 31.12.2012 Unclassified 31.12.2012 Other 31.12.2012 Pension Fund (ERISA) 31.12.2012 Corporation 31.12.2012 n/a 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 29.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Holding Company 31.12.2012 Government 31.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.08.2012 Investment Advisor 31.05.2013 Investment Advisor 02.04.2013 Investment Advisor 31.05.2013 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided

Date 27.06.2013 13.06.2013 13.06.2013 13.06.2013 06.06.2013

08.07.2013

BW Plantation Tbk PT BW Plantation Tbk Pt operates palm plantations and processes palm oil.

Price/Volume 1800

60.0 M

1600

50.0 M

1400 1200

40.0 M

1000

12/2012 03/yy 1'610.00 820.00 2'869'000.00 820 -49.07% 0.00% 2.63% 4'051.9 3'322'519.00 2'821'769.43 0.0 0.0 75'553.03 6'156'923.28

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

600

20.0 M

400

10.0 M

200 0 j-12

31.12.2009 31.12.2010 584'109.0 712'173.9 3.96x 8.13x 290'724.0 410'836.7 7.95x 14.09x 167'467.1 243'587.6 10.26x 21.38x Profitability

LTM-4Q 31.12.2011 888'298.3 6.85x 537'972.2 11.31x 320'388.2 14.11x

31.12.2012 944'274.5 8.83x 517'759.1 16.10x 262'183.8 21.29x

517'759.07 417'974.25 44.26% 37.22% 4.68% 13.42% 6.44% 0.20% 60.5% 51.3% 38.6% 27.8% 0.65 0.17 57.43% 169.36% 77.23 2.74

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

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

j-13

LTM

FY+1

0.96 1'001.56 -45.60% -40.58% 0.964 18 3.778 6'245'200 11'911'270 15'603'740 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 983'407.2 945'488.8 ######### ######### 299'755.0 289'580.0 26.52x 35.12x 5.03x 3.71x 566'923.8 484'769.2 662'471.5 913'112.4 15.36x 16.96x 9.29x 6.74x 348'537.9 216'101.7 309'982.9 471'245.3 81'695.0 70'770.0 19.11x 24.89x 10.81x 6.63x 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 1.90 5.85 5.97 169.4% 62.9% 0.20 0.27 4.73 133.17 180.66 8.43

Sales/Revenue/Turnover

45.00

1'000'000.0

40.00

900'000.0

35.00

800'000.0 700'000.0

30.00

600'000.0

25.00 20.00

500'000.0 400'000.0

15.00

300'000.0

10.00

200'000.0

5.00

100'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 513'699.0 266'200.5 119'809.9 -

30.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.07.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BWPT IJ EQUITY YTD Change BWPT IJ EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

BW Plantation Tbk PT Holdings By:

All

Holder Name PTBW INVESTINDO FENDALTON INVESTMENT JPMCB NON TREATY CL JPMCB-SCHRODER INTL PT AIA FINL UL EQUIT CITIBANK SINGAPORE A BNYM SA NV BANK OF S SCHRODER INVESTMENT PT TASPEN PERSERO TH SMARTLINK RUPIAH FUN HSBC FUND SERVICES PANIN SEKURITAS UNION INVESTMENT LUX FORTIS INVESTMENTS P DAIWA SECURITIES GRO DIMENSIONAL FUND ADV SCHRODER INVESTMENT OSK UOB UNIT TRUST M AMUNDI LUXEMBOURG SA BARING FUND MANAGERS

Firm Name UOB Kay Hian Mandiri Sekuritas PT/Indonesia Nomura Bahana Securities Sucorinvest Central Gani EVA Dimensions JPMorgan Andalan Artha Advisindo Sekuritas PT Indo Premier Securities Credit Suisse CIMB BNP Paribas Equity Research Trimegah Securities Tbk PT Danareksa Standard Chartered Ciptadana Sekuritas PT Etrading Securities

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

Analyst STEFANUS DARMAGIRI HARIYANTO WIJAYA MUZHAFAR MUKHTAR LEONARDO HENRY GAVAZA ISFHAN HELMY CRAIG STERLING YING-JIAN CHAN ANDY WIBOWO GUNAWAN WILLIAM SIMADIPUTRA AGUS SANDIANTO ERINDRA KRISNAWAN MICHAEL GREENALL TITO TAMBAYONG HELMY KRISTANTO JOO ENG TEO SURAJ KHIANI LINDA LAUWIRA

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

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

Amt Held 1'570'040'800 942'024'480 226'093'019 130'812'500 100'861'500 78'700'000 57'500'000 44'058'000 42'360'500 38'096'500 33'301'500 26'708'000 23'900'000 18'045'500 17'613'500 15'519'000 15'387'500 14'270'000 13'827'000 13'158'500

% Out 38.75 23.25 5.58 3.23 2.49 1.94 1.42 1.09 1.05 0.94 0.82 0.66 0.59 0.45 0.43 0.38 0.38 0.35 0.34 0.32

Weighting

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

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

Latest Chg (120'590'000) 5'100'000 1'540'000 -

Target Price 980 775 2'000 1'300 1'070 #N/A N/A 1'250 1'250 1'200 1'110 950 1'605 1'120 1'960 1'702 1'670 1'310

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

File Dt 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2012 30.09.2012 30.09.2012 30.09.2012 31.12.2011 28.09.2012 31.12.2011 16.08.2012 29.03.2013 12.07.2013 30.06.2011 28.02.2013 31.03.2013

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

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

Date 01.07.2013 26.06.2013 25.06.2013 18.06.2013 12.06.2013 06.06.2013 01.06.2013 16.05.2013 16.05.2013 07.05.2013 02.05.2013 10.04.2013 28.03.2013 27.03.2013 25.02.2013 28.12.2012 11.01.2012

08.07.2013

Asian Citrus Holdings Ltd Asian Citrus Holdings Limited owns and operates orange plantations in China. The Company currently cultivates and sells a variety of oranges namely winter oranges (hamlin, pineapple and hong jiang oranges) and summer oranges (Valencia oranges) in the PRC.

Price/Volume 5

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

4 4 3 3 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 73 HK EQUITY YTD Change 73 HK EQUITY YTD % CHANGE

06/2012 01/yy 4.97 2.47 1'289'137.00 2.62 -47.27% 6.07% 8.00% 1'229.6 3'221.44 1.03 0.0 102.2 2'388.11 282.14

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

1 1 0 j-12

30.06.2009 30.06.2010 668.5 812.5 3.80x 298.5 353.0 8.75x 440.1 585.5 6.43x Profitability

30.06.2011 1'412.6 3.53x 655.0 7.62x 1'039.0 5.94x

30.06.2012 1'776.1 1.16x 746.8 2.77x 750.2 5.80x

746.75 609.57 34.32% 43.07% 7.03% 7.19% 7.26% 0.20% 44.6% 39.6% 30.6% 42.2% 47.49 42.47 0.01% 0.01% 16.49 16.00

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.72 0.90 930.88 -36.60% -27.67% 0.903 7 4.143 1'420'515 2'474'664 1'877'148 FY+2

06/13 Y 06/14 Y 1'692.4 2'052.8 0.19x -0.04x 663.3 938.0 0.43x 0.30x 517.5 708.0 4.93x 3.77x S&P Issuer Ratings

FQ+1

FQ+2

5114.75 2736.24 -3.69 0.00 0.0% 0.0% 0.20 0.81 22.19 22.87 10.64 17.55

Sales/Revenue/Turnover

20.00

2'000.0

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 03.07.2009

a-12

Fiscal Year Ended 30.06.2008 533.8 267.0 399.3 -

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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 |

08.07.2013

Asian Citrus Holdings Ltd Holdings By:

All

Holder Name MARKET AHEAD INVESTM HUGE MARKET INVEST L VALUE PARTNERS LTD TEMASEK HOLDINGS PRI WELLINGTON MANAGEMEN ROYCE AND ASSOCIATES INVESTEC ASSET MANAG MANULIFE FUNDS DIREC PETERCAM SA DIMENSIONAL FUND ADV SARASIN POWER CORP OF CANADA VALUE SQUARE NV PETERCAM SA CAPITAL AT WORK INTE VANGUARD GROUP INC AMUNDI LUXEMBOURG SA STATE STREET AMUNDI JP MORGAN

Firm Name EVA Dimensions Maybank Kim Eng Cantor Fitzgerald Liberum Capital Ltd GuoSen Securities Co Ltd South China Research Ltd ICBC International Securities Phillip Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios PETERCAM B-PETERCAM n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst CRAIG STERLING JACQUELINE KO SUE MUNDEN NICK WALKER NANXIANG YANG TERRY LAM ALEX CHENG BING WANG

Source RNS-DIR RNS-MAJ RNS-MAJ ULT-AGG RNS-MAJ MF-AGG MF-AGG MF-AGG MF-PART ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy hold hold hold buy buy buy buy

Amt Held 232'303'392 73'715'394 72'735'000 61'387'000 61'262'792 47'596'000 23'649'807 16'548'000 14'256'273 11'962'000 10'195'000 9'550'000 9'046'369 6'670'156 5'000'000 3'809'000 2'981'000 2'843'327 2'775'000 2'421'000

% Out 18.89 6 5.92 4.99 4.98 3.87 1.92 1.35 1.16 0.97 0.83 0.78 0.74 0.54 0.41 0.31 0.24 0.23 0.23 0.2

Weighting

Change 5 3 3 3 5 5 5 5

M D D D M N M N

Latest Chg 7'233'473 7'953'854 (1'194'000) (11'824'133) (540'000) (11'000'000) 14'256'273 50'000 337'113 1'000'000 420'000 147'000 -

Target Price #N/A N/A 3 3 7 6 5 9 11

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

File Dt 31.12.2012 31.12.2012 13.11.2012 11.01.2012 07.06.2013 31.03.2013 30.04.2013 30.06.2012 31.05.2013 29.03.2013 28.03.2013 28.02.2013 29.06.2012 28.03.2013 31.05.2013 31.03.2013 28.02.2013 05.07.2013 28.02.2013 30.09.2012

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

Inst Type Investment Advisor Investment Advisor Holding Company Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 04.06.2013 03.06.2013 28.03.2013 28.09.2012 24.08.2012 19.09.2011 01.12.2010

08.07.2013

Sampoerna Agro PT PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and markets oil palm products.

Price/Volume 3500

18.0 M

3000

16.0 M 14.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (7/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 SGRO IJ EQUITY YTD Change SGRO IJ EQUITY YTD % CHANGE

12/2012 03/yy 3'375.00 1'510.00 950'000.00 1550 -54.07% 2.65% 1.66% 1'890.0 2'929'500.00 941'503.14 0.0 33'634.2 228'071.48 3'824'566.64

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

10.0 M

1500

8.0 M 6.0 M

1000

4.0 M

500

2.0 M

0 j-12

.0 M 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 2'288'143.0 0.73x 695'203.1 2.40x 439'516.3 5.04x

12.0 M

2000

31.12.2009 31.12.2010 1'815'557.1 2'311'748.8 2.74x 2.53x 553'161.2 767'519.1 9.00x 7.63x 281'766.2 451'716.8 17.88x 13.28x Profitability

LTM-4Q 31.12.2011 3'142'378.9 1.83x 840'659.0 6.82x 540'943.4 10.40x

LTM

FY+1

0.93 622.78 -52.74% -36.20% 0.934 18 3.111 1'122'800 1'567'283 1'282'399 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'986'237.0 ######### ######### ######### ######### 636'813.0 687'006.0 1.83x 7.95x 7.76x 1.16x 1.09x 642'291.6 773'629.9 569'057.4 634'398.3 800'344.6 141'955.0 144'583.0 8.52x 9.04x 8.55x 6.03x 4.78x 329'201.1 415'739.2 290'855.4 296'086.1 395'377.0 47'337.0 32'671.0 14.37x 16.35x 13.65x 9.95x 7.24x S&P Issuer Ratings 642'291.56 Long-Term Rating Date 446'681.61 Long-Term Rating 14.96% Long-Term Outlook 15.31% Short-Term Rating Date 7.90% Short-Term Rating 11.22% Credit Ratios 9.86% EBITDA/Interest Exp. 0.78% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 26.6% Total Debt/EBITDA 19.7% Reference 13.1% Total Debt/Equity 11.0% Total Debt/Capital Asset Turnover 1.11 Net Fixed Asset Turnover 0.48 Accounts receivable turnover-days 22.75% Inventory Days 35.75% Accounts Payable Turnover Day 76.28 Cash Conversion Cycle 8.36

Price/ Cash Flow

17.49 -3.54 1.51 1.61 35.8% 26.1% 0.78 1.05 4.78 43.65 27.41 25.40

Sales/Revenue/Turnover

30.00

3'500'000.0

25.00

3'000'000.0 2'500'000.0

20.00

2'000'000.0 15.00

1'500'000.0

10.00

1'000'000.0

5.00

500'000.0

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

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 |

08.07.2013

Sampoerna Agro PT Holdings By:

All

Holder Name SAMPOERNA AGRI RESOU DIMENSIONAL FUND ADV EASTSPRING INVESTMEN PANIN SEKURITAS BESSEMER GROUP INCOR NORDEA INVESTMENT FU PICTET FUNDS NORDEA INV MANAGEMEN SIA FUNDS AG FORTIS INVESTMENTS P MITSUBISHI UFJ FINAN VANGUARD GROUP INC NIKKO ASSET MANAGEME SYAILENDRA CAPITAL P PHEIM UNIT TRUSTS BE BLACKROCK UNION INVESTMENT LUX MANULIFE ASET MANAJE DAIWA SECURITIES GRO SCHRODER INVESTMENT

Firm Name DBS Vickers UOB Kay Hian Mandiri Sekuritas PT/Indonesia Bahana Securities RHB Research Institute Sdn Bhd EVA Dimensions Samuel Sekuritas Indonesia Andalan Artha Advisindo Sekuritas PT PT Batavia Prosperindo Sekuritas Credit Suisse CIMB Indo Premier Securities BNI Securities Trimegah Securities Tbk PT Danareksa Ciptadana Sekuritas PT Etrading Securities

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

Analyst BEN SANTOSO STEFANUS DARMAGIRI HARIYANTO WIJAYA LEONARDO HENRY GAVAZA ALVIN TAI CRAIG STERLING JOSEPH PANGARIBUAN ANDY WIBOWO GUNAWAN ARANDI NUGRAHA AGUS SANDIANTO ERINDRA KRISNAWAN WILLIAM SIMADIPUTRA YASMIN SOULISA TITO TAMBAYONG HELMY KRISTANTO SURAJ KHIANI LINDA LAUWIRA

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

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

Amt Held 1'267'217'500 17'871'000 15'995'000 11'460'000 7'234'000 6'598'500 4'600'000 4'204'500 4'014'000 3'768'500 3'760'500 3'670'000 3'056'500 2'976'000 2'668'500 2'579'872 2'500'000 2'157'000 1'870'000 1'558'000

% Out 67.05 0.95 0.85 0.61 0.38 0.35 0.24 0.22 0.21 0.2 0.2 0.19 0.16 0.16 0.14 0.14 0.13 0.11 0.1 0.08

Weighting

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

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

Latest Chg 163'500 (1'681'500) 225'000 -

Target Price 1'620 2'400 1'625 1'800 1'429 #N/A N/A 1'600 2'000 2'031 2'150 2'000 2'400 2'425 2'600 3'100 2'800 3'300

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

File Dt 30.09.2012 29.03.2013 28.12.2012 31.12.2011 31.01.2013 28.03.2013 31.08.2012 31.05.2013 31.03.2013 31.12.2011 22.01.2013 31.03.2013 15.10.2012 31.12.2010 31.12.2010 03.07.2013 28.09.2012 31.12.2010 24.05.2012 31.12.2010

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

Inst Type Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company Investment Advisor

Date 01.07.2013 01.07.2013 26.06.2013 18.06.2013 10.06.2013 06.06.2013 30.05.2013 16.05.2013 16.05.2013 07.05.2013 01.05.2013 01.05.2013 05.04.2013 01.04.2013 28.03.2013 28.12.2012 11.01.2012

08.07.2013

Shandong Minhe animal Husbanry Co Ltd Shandong Minhe Animal Husbandry Co., Ltd. engaging in the breeding, hatching, and the growing of chickens and the processing, preparation, and packaging of its product lines.

Price/Volume 14

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.02.2013) 52-Week Low (16.04.2013) Daily Volume Current Price (7/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 002234 CH EQUITY YTD Change 002234 CH EQUITY YTD % CHANGE

12/2012 03/yy 13.05 7.29 7'398'298.00 9.93 -23.91% 36.21% 42.01% 302.0 2'999.32 603.15 0.0 0.0 910.17 2'799.65

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

15.0 M

10.0 M

31.12.2009 31.12.2010 725.7 1'002.9 2.71x 2.66x 11.4 111.4 171.85x 23.96x (42.4) 44.5 54.56x Profitability

0 j-12

.0 M a-12

LTM-4Q 31.12.2011 1'345.0 2.53x 264.9 12.83x 187.1 16.00x

31.12.2012 1'190.9 2.18x (19.5) (82.3) -

-19.53 -79.73 -6.69% -6.90% -6.58% -9.03% 0.56% 0.2% -11.2% -6.9% 1.73 1.38 29.25% 43.95% 26.96 4.80

Price/ Cash Flow

03/yy 1'374.9 9.61x 0.0 0.00x 161.5 20.31x

s-12

o-12

n-12

d-12

LTM 03/yy 1'130.7 9.29x 0.0 0.00x (133.2) 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

1.20 113.93 -11.97% 3.44% 1.198 6 4.500 6'072'949 5'363'082 5'913'737 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'487.0 2'035.7 91.0 292.0 30.77x 9.59x 61.5 209.0 68.48x 15.56x S&P Issuer Ratings

-0.67 -5.84 43.9% 30.5% 0.56 1.67 13.54 76.00 20.76 53.32

Sales/Revenue/Turnover

500.00

1'600.0

450.00

1'400.0

400.00

1'200.0

350.00

1'000.0

300.00 250.00

800.0

200.00

600.0

150.00

400.0

100.00

200.0

50.00 0.00 01.01.2010

5.0 M

Fiscal Year Ended 31.12.2008 812.1 1.68x 107.4 12.69x 51.5 22.37x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Shandong Minhe animal Husbanry Co Ltd Holdings By:

All

Holder Name XIMIN SUN LIU SHIFENG LI NING FORTUNE TRUST CO LTD JIANGSU WINFAST INVS TJ PARADISE SV PENGR AEGON-INDUST FUND MG GUANGDONG NUCLEAR FI XIANFA SUN CHINA LIFE INSURANCE SONG GE SUN WEIQI TJ KAISHI FULI EQY I SYWG BNP PARIBAS ASS WANG LING GF FUND MANAGEMENT C HARVEST FUND MANAGEM GUOTAI ASSET MANAGEM ABC-CA FUND MANAGEME CHINA ASSET MANAGEME

Firm Name Qilu Securities Co Ltd China Minzu Securities Co Ltd Everbright Securities Co., Ltd Guotai Junan Rising Securities Co.,LTD China Merchants Securities Citic Securities Co., Ltd PingAn Securities Tebon Securities Co Ltd Northeast Securities Co Ltd Great Wall Securities SWS Research Co Ltd

Portfolio Name n/a n/a n/a n/a 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

Analyst XIE GANG LIU XIAOFENG LIU XIAOBO SUN JIANPING ZHAO YUE JUN HUANG CHANGQING MAO WANG HUA TEAM COVERAGE WEIMING GUO RAN FEI ZHAO JINHOU

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

Recommendation add add buy add outperform buy add neutral outperform add buy neutral

Amt Held 114'310'000 14'381'482 13'624'000 11'000'000 10'000'000 9'000'000 8'800'000 7'941'100 7'651'745 7'048'557 6'897'057 2'423'316 2'423'316 1'791'263 664'990 91'291 45'894 29'100 800 -

% Out 37.85 4.76 4.51 3.64 3.31 2.98 2.91 2.63 2.53 2.33 2.28 0.8 0.8 0.59 0.22 0.03 0.02 0.01 0 0

Weighting

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

M N M M M M M M M M N N

Latest Chg 1'791'263 (11'564) (12'200) (600'000)

Target Price #N/A N/A 13 13 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 15 #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 29.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 14.11.2011 31.12.2012 29.01.2013 31.12.2012 31.12.2012 14.11.2011 14.11.2011 31.12.2012 29.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 02.07.2013 13.05.2013 29.03.2013 18.03.2013 17.08.2012 13.07.2012 01.03.2012 02.02.2012 27.12.2011 05.07.2011 23.05.2011 11.05.2010

08.07.2013

Astarta Holding NV Astarta Holding N.V. is an agri-industrial holding company. The Company, through its subsidiaries, produces and sells sugar made of sugar beet, sugar byproducts, grain crops, meat, and milk.

Price/Volume 80

.2 M

.1 M .1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (7/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 AST PW EQUITY YTD Change AST PW EQUITY YTD % CHANGE

12/2012 03/yy 74.85 44.20 62.00 63.5 -15.16% 43.67% 58.04% 25.0 1'587.50 254.31 0.0 0.3 11.94 619.17

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

31.12.2009 31.12.2010 128.2 219.3 2.55x 3.15x 51.3 99.9 6.37x 6.92x 29.5 80.1 8.27x 7.26x Profitability

.1 M

.0 M

0 j-12

.0 M a-12

LTM-4Q 31.12.2011 303.6 1.59x 115.3 4.19x 87.6 3.33x

31.12.2012 354.3 1.64x 88.1 6.58x 45.2 7.46x

88.11 62.84 17.74% 12.50% 7.74% 14.36% 0.60% 25.3% 24.3% 17.4% 12.8% 2.77 0.35 38.90% 74.15% 11.10 1.04

Price/ Cash Flow

03/yy 317.2 7.21x 109.3 5.21x 76.0 4.92x

s-12

o-12

n-12

d-12

LTM 03/yy 372.5 6.21x 90.4 6.81x 48.1 7.59x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.00 9.25 7.63% 15.45% 1.000 7 3.857 3'166 5'805 10'865 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 379.1 457.6 110.0 1.50x 1.20x 107.6 139.8 32.0 5.75x 4.43x 56.4 91.6 26.0 6.07x 3.87x S&P Issuer Ratings

4.17 1.73 2.76 2.85 74.1% 42.6% 0.60 1.72 32.89 350.65 15.25 401.77

Sales/Revenue/Turnover

100.00

400.0

90.00

350.0

80.00

300.0

70.00

250.0

60.00 50.00

200.0

40.00

150.0

30.00

100.0

20.00

50.0

10.00 0.00 01.01.2010

.1 M

Fiscal Year Ended 31.12.2008 123.4 1.26x 25.5 6.10x (7.7) -

.1 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Astarta Holding NV Holdings By:

All

Holder Name ALBACON VENTURES LTD ALUXES HOLDING LTD AVIVA INVESTORS POLA METLIFE AMPLICO ING INVESTMENT MANAG DWS INVESTMENT S A ING OFE AVIVA OFE OFE PZU ZLOTA JESIEN ASSICURAZIONI GENERA PKO BP BANKOWY OFE SWEDBANK ROBUR FONDE ALLIANZ AEGON OFE OFE WARTA OFE POCZTYLION PEKAO OFE EATON VANCE MANAGEME BZ WBK TOWARZYSTWO F EATON VANCE ADVISORS

Firm Name Dom Inwestycyjny BRE Banku Wood & Company Sberbank CIB ING Bank Ipopema Securities SA Investment Capital Ukraine LLC UniCredit Research Eavex Capital Dragon Capital Foyil Securities New Europe ArtCapital

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

Analyst JAKUB SZKOPEK PIOTR DROZD KONSTANTIN FASTOVETS ADAM MILEWICZ ZANETA MARZEC PAVLO BIDAK MARCIN GATARZ DMITRY CHURIN TAMARA LEVCHENKO YAROSLAV UDOVENKO ANDRIY PATIOTA

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

Recommendation hold buy hold buy sell not rated buy buy buy buy buy

Amt Held 9'246'883 6'496'883 1'250'096 1'076'731 996'085 975'192 900'982 850'373 700'313 633'283 330'435 227'249 133'040 110'105 78'174 78'016 75'256 60'964 51'151 44'450

% Out 36.99 25.99 5 4.31 3.98 3.9 3.6 3.4 2.8 2.53 1.32 0.91 0.53 0.44 0.31 0.31 0.3 0.24 0.2 0.18

Weighting

Change

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

D U M U D M M N M M M

Latest Chg (104'813) 16'903 51'151 25'200

Target Price 56 61 64 75 55 #N/A N/A 85 95 83 99 110

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

File Dt 05.07.2013 05.07.2013 30.06.2012 31.12.2012 30.06.2012 30.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.04.2013 31.12.2012 30.04.2013

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

Inst Type Private Equity Other Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Insurance Company Pension Fund (ERISA) Investment Advisor Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor

Date 05.06.2013 06.05.2013 14.03.2013 19.02.2013 09.01.2013 17.12.2012 01.10.2012 12.09.2012 26.04.2012 17.04.2012 23.11.2011

08.07.2013

Fortune Ng Fung Food Hebei Co Ltd Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and lamb.

Price/Volume 7

40.0 M

35.0 M

30.0 M 25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.01.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 600965 CH EQUITY YTD Change 600965 CH EQUITY YTD % CHANGE

12/2012 03/yy 6.62 4.60 2'041'975.00 4.82 -27.19% 4.78% 23.27% 279.4 1'346.72 100.00 0.0 0.0 43.16 1'368.84

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

15.0 M

10.0 M

5.0 M

0 j-12

.0 M 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 615.5 2.20x 47.3 28.68x 19.4 68.29x

20.0 M

31.12.2009 31.12.2010 526.9 505.3 3.83x 3.93x 35.0 22.6 57.66x 88.07x 4.9 (33.4) 351.00x Profitability

LTM-4Q 31.12.2011 520.4 3.26x 39.1 43.29x 14.7 117.60x

31.12.2012 570.4 2.86x 43.7 37.35x 18.9 83.43x

43.72 20.11 3.53% 3.53% 5.45% 7.31% 0.85% 12.5% 4.4% 3.3% 1.71 0.62 14.37% 20.05% 9.17 2.64

Price/ Cash Flow

03/yy 524.2 13.83x 0.0 0.00x 16.3 100.74x

LTM 03/yy 574.9 8.24x 0.0 0.00x 37.0 0.00x

1.15 173.21 -13.03% -14.11% 1.150 0 1'919'350 3'312'474 4'656'801

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

6.27 2.34 20.1% 16.7% 0.85 2.26 39.82 138.52 44.62 136.56

Sales/Revenue/Turnover

250.00

700.0 600.0

200.00

500.0 150.00

400.0 300.0

100.00

200.0 50.00

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

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 |

08.07.2013

Fortune Ng Fung Food Hebei Co Ltd Holdings By:

All

Holder Name SANHE FUCHENG INVEST CHINA RESOURCES NG F YOU LIFENG MINMETALS CAP HOLDIN FANG BINGQING LIU MIN WANG CHANGYU LIU PENGYU ZHANG HUI WANG JUN

Firm Name China International Capital Corp

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File

Analyst FEIYANG YUAN

Recommendation reduce

Amt Held 77'287'421 13'970'063 4'617'381 4'000'000 1'571'200 1'137'498 1'000'300 980'000 826'951 804'921

% Out 27.66 5 1.65 1.43 0.56 0.41 0.36 0.35 0.3 0.29

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012

Date Not Provided

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

Date 12.01.2011

08.07.2013

Hunan New Wellful Co Ltd Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company exports pigs to Hong Kong and Macau as well as sells them domestically.

Price/Volume 8

25.0 M

20.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (7/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 600975 CH EQUITY YTD Change 600975 CH EQUITY YTD % CHANGE

12/2012 03/yy 7.39 4.70 1'863'157.00 5.36 -27.47% 14.04% 26.77% 234.4 1'256.17 173.91 0.0 60.6 122.38 1'395.68

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

10.0 M

3 2

5.0 M

1 0 j-12

.0 M 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 773.0 1.41x 32.9 33.04x 8.1 125.00x

15.0 M

Valuation Analysis

31.12.2009 31.12.2010 574.6 877.2 3.77x 2.09x 20.6 (15.6) 104.84x 21.7 14.8 94.67x 126.88x Profitability

LTM-4Q 31.12.2011 961.3 1.56x 85.0 17.64x 72.1 20.70x

31.12.2012 1'037.9 1.50x 31.6 49.19x 21.1 68.44x

31.63 1.87 0.18% 1.99% 1.61% 2.57% 1.17% 9.5% -0.1% 2.0% 1.81 0.53 18.89% 31.55% 40.75 3.68

Price/ Cash Flow

03/yy 997.4 7.35x 0.0 0.00x 80.0 19.03x

LTM 03/yy 1'030.0 6.21x 0.0 0.00x 14.1 103.56x

FY+1

1.22 139.81 -20.12% -12.99% 1.218 1 5.000 1'823'051 3'034'729 2'808'675 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'275.0 115.0 8.38x S&P Issuer Ratings

3.37 -2.61 31.5% 22.1% 1.17 3.51 8.96 99.11 4.71 98.93

Sales/Revenue/Turnover

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0 60.00

400.0 40.00

200.0

20.00 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

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 |

08.07.2013

Hunan New Wellful Co Ltd Holdings By:

All

Holder Name HUNAN CEREALS OILS & CHINA AGRICULTURAL U HUATAI SECURITIES CO GZ YIXUN NETWORK TEC YAN XIAOFEI WANG BAOCAI NING XIANMIN NAM KWONG CEREALS OI CHINA UNIVERSAL ASSE CHINA POST & CAPITAL CHINA SOUTHERN FUND ZHONG HAI FUND MANAG NEW CHINA FUND MANAG

Firm Name Rising Securities Co.,LTD China Minzu Securities Co Ltd Northeast Securities Co Ltd Central China Securities China International Capital Corp Hong Yuan Securities

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 Multiple Portfolios

Analyst ZHAO YUE LIU XIAOFENG WEIMING GUO FANG XIAHONG FEIYANG YUAN ZHOU SONG

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

Recommendation outperform add neutral add hold neutral

Amt Held 87'967'606 2'850'062 1'223'814 910'000 829'010 796'250 630'500 570'012 135'914 34'710 23'100 5'992 -

% Out 37.54 1.22 0.52 0.39 0.35 0.34 0.27 0.24 0.06 0.01 0.01 0 0

Weighting

Change 5 4 3 4 3 3

M M M N M N

Latest Chg 78'714 (3'390) (264'030)

Target Price #N/A N/A 10 #N/A N/A #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 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 20.08.2012 22.08.2011 05.07.2011 31.05.2011 12.01.2011 27.06.2010

08.07.2013

Black Earth Farming Ltd Black Earth Farming Limited acquires and cultivates land in south-west Russia.

Price/Volume 14

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2013) 52-Week Low (28.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEFSDB SS EQUITY YTD Change BEFSDB SS EQUITY YTD % CHANGE

12/2012 03/yy 13.15 6.90 201'087.00 7.75 -41.06% 12.32% 8.00% 207.7 1'609.44 3'334.43 0.0 0.0 2'638.93 8'683.58

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

2 0 j-12

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 698.9 8.85x (761.0) (733.6) -

31.12.2009 31.12.2010 2'394.7 1'430.0 4.55x 10.78x (641.6) (499.8) (1'349.3) (1'294.2) Profitability

LTM-4Q 31.12.2011 2'067.1 5.08x (821.2) (1'342.1) -

31.12.2012 4'458.5 2.08x (1'377.1) 217.5 24.49x

-1'377.11 -1'951.80 -43.78% 6.45% -0.17% -0.26% 0.39% -18.5% -34.1% -45.9% 4.9% 9.13 4.10 26.00% 37.44% 3.39

Price/ Cash Flow

03/yy 2'607.9 18.35x (770.7) 0.00x (1'015.9) 0.00x

LTM 03/yy 4'396.5 9.39x (1'497.6) 0.00x (19.1) 61.49x

FY+1

0.98 5.73% -12.43% 0.978 2 3.000 338'159 504'237 305'434 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'398.6 8'861.5 1.32x 0.97x 1'242.5 2'494.8 6.99x 3.48x 303.1 1'377.3 10.72x 5.59x S&P Issuer Ratings

-2.38 -4.12 -2.33 37.4% 27.2% 0.39 0.73 107.78 232.37

Sales/Revenue/Turnover

3'500.00

5'000.0 4'500.0

3'000.00

4'000.0

2'500.00

3'500.0 3'000.0

2'000.00

2'500.0 2'000.0

1'500.00

1'500.0

1'000.00

1'000.0 500.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

08.07.2013

Black Earth Farming Ltd Holdings By:

All

Holder Name KINNEVIK INVESTMENT LUXOR CAPITAL GROUP LANSFORSAKRINGAR FON ALECTA PENSIONSFORSA DANSKE CAPITAL SVERI HANDELSBANKEN FONDER ALFRED BERG ASSET MA NTC VARMA MUTUAL PEN HOLBERG FONDSFORVALT SARASIN NEW JERSEY DIVISION VANGUARD GROUP INC DANSKE INVEST MANAGE SEB MAGNETAR FINANCIAL L BANCO FONDER AB GAMCO VOSTOK NAFTA INVESTM SELIGSON & CO FUND M E OHMAN J:OR FONDER

Firm Name Pareto Securities EVA Dimensions

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

Analyst SERGEJ KAZATCHENKO CRAIG STERLING

Source Co File Research MF-AGG Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Short MF-AGG ULT-AGG Co File MF-AGG MF-AGG

Recommendation

Amt Held % Out 31'087'097 14.97 17'696'766 8.52 16'377'683 7.89 11'600'000 5.59 8'903'270 4.29 3'124'139 1.5 2'504'698 1.21 2'100'000 1.01 1'855'198 0.89 1'421'166 0.68 833'482 0.4 560'687 0.27 450'000 0.22 441'933 0.21 (415'339) -0.2 352'594 0.17 329'975 0.16 319'373 0.15 270'000 0.13 168'192 0.08

Weighting buy sell

Change 5 1

M M

Latest Chg (803'624) 569'126 (106'861) 880'412 348'000 (50'000) 87'686 685'309 150'478 149'975 -

Target Price 16 #N/A N/A

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

File Dt 31.12.2011 26.06.2013 31.03.2013 31.12.2011 31.03.2013 30.06.2013 31.01.2013 31.12.2011 28.06.2013 28.03.2013 30.06.2012 31.03.2013 28.03.2013 31.03.2013 20.06.2013 31.03.2013 28.03.2013 26.06.2013 31.05.2013 31.03.2013

Date 6 month Not Provided

Inst Type Holding Company Hedge Fund Manager Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Unclassified Pension Fund (ERISA) Investment Advisor Investment Advisor Unclassified Hedge Fund Manager Investment Advisor Unclassified Corporation Investment Advisor Investment Advisor

Date 10.06.2013 06.06.2013

08.07.2013

Xinjiang Western Animal Husbandry Co Ltd Xinjiang Western Animal Husbandry Co., Ltd is a raw milk supplier. The Company's operation chain covers breeding, feed production and processing, cattle farming, slaughtering, fresh milk collection and sale and distribution.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (7/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 300106 CH EQUITY YTD Change 300106 CH EQUITY YTD % CHANGE

12/2012 03/yy 18.49 9.22 2'650'005.00 13.79 -25.42% 49.57% 60.63% 117.0 1'613.43 289.21 0.0 69.3 63.46 1'924.03

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 M 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 235.6 35.4 23.5 -

20 18 16 14 12 10 8 6 4 2 0 j-12

31.12.2009 31.12.2010 267.2 294.6 8.31x 44.1 50.7 48.26x 30.4 34.2 63.94x Profitability

LTM-4Q 31.12.2011 314.6 4.80x 57.7 26.16x 38.3 39.55x

31.12.2012 480.5 3.34x 84.9 18.91x 31.7 41.48x

84.92 38.00 7.91% 6.49% 3.28% 5.54% 4.99% 0.50% 15.0% 17.7% 7.9% 6.6% 1.23 0.33 26.29% 49.24% 9.08 1.66

Price/ Cash Flow

03/yy 362.9 18.16x 0.0 0.00x 35.6 41.79x

LTM 03/yy 493.3 13.50x 0.0 0.00x 32.1 50.36x

0.18 0.90 43.05 7.34% 23.13% 0.896 1 5.000 2'673'988 2'735'859 2'839'388

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

S&P Issuer Ratings

7.83 -5.17 2.66 3.41 49.2% 30.6% 0.50 1.17 40.29 220.46 45.34 215.42

Sales/Revenue/Turnover

200.00

600.0

180.00

500.0

160.00 140.00

400.0

120.00

300.0

100.00 80.00

200.0

60.00 40.00

100.0

20.00 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

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 |

08.07.2013

Xinjiang Western Animal Husbandry Co Ltd Holdings By:

All

Holder Name SHIHEZI STE-OWNED AS SHANGHAI LIANCHUANG XJ HENGHEYUAN INVEST SOCIAL SECURITY FUND XINGMING XIN ZHAO XIAONING SONG JIANFENG XIANMIN LI MUSHAJIANG KELIMU BINSHUANG DING YIMIN XU ICBC ASIA LTD YONGGANG LI JIANFANG CHEN YONGBO SHI FAYU LUO WENZHONG CHENG HONGYONG GUO WEIHANG WANG HONG JIANG

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Firm Name GF Securities Co. Ltd.

Co File EXCH EXCH Co File Co File Co File Co File Co File Co File EXCH Co File EXCH Co File Co File EXCH EXCH EXCH EXCH EXCH EXCH

Analyst HU HONG

Source

Recommendation buy

Amt Held 51'856'138 11'135'419 7'084'781 3'000'000 1'808'269 1'130'800 744'492 740'239 672'944 471'061 379'440 201'542 134'589 121'130 107'671 100'941 80'753 80'753 80'753 74'024

% Out 44.32 9.52 6.06 2.56 1.55 0.97 0.64 0.63 0.58 0.4 0.32 0.17 0.12 0.1 0.09 0.09 0.07 0.07 0.07 0.06

Weighting

Change 5

Latest Chg (1'000'000) -

Target Price #N/A N/A

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

File Dt 31.12.2011 11.04.2013 26.04.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 19.08.2010 31.12.2011 19.08.2010 31.12.2011 31.12.2011 19.08.2010 19.08.2010 19.08.2010 19.08.2010 19.08.2010 19.08.2010

Date Not Provided

Inst Type Other Corporation Private Equity Government n/a n/a n/a n/a n/a n/a n/a Bank n/a n/a n/a n/a n/a n/a n/a n/a

Date 25.06.2013

08.07.2013

China Green Holdings Ltd/Bermuda China Green (Holdings) Limited, through its subsidiaries, produces and supplies a wide range of agricultural products including fresh produce, processed food to both domestic and international markets., The Company also offers branded food and beverage products to domestic markets in China.

Price/Volume 3

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

2 2

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (31.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 904 HK EQUITY YTD Change 904 HK EQUITY YTD % CHANGE

04/2012 01/yy 2.14 0.71 1'416'000.00 0.76 -64.49% 7.04% 4.20% 884.0 671.87 1'313.53 0.0 0.0 1'717.21 1'110.56

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

0 j-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

30.04.2009 30.04.2010 1'547.7 1'900.8 2.79x 3.28x 641.9 862.3 6.72x 7.24x 454.9 576.0 10.65x 12.34x Profitability

30.04.2011 2'234.6 1.99x 885.1 5.02x 458.8 10.69x

30.04.2012 2'548.2 0.48x 969.3 1.26x 520.3 3.12x 969.27 691.42 27.13% 27.34% 7.05% 9.95% 8.65% 0.47% 44.5% 33.1% 21.3% 20.4% 1.34 1.18 24.37% 34.28% 82.55 19.22

0.00 1.40 205.12 -59.14% -50.97% 1.399 1 5.000 1'003'200 3'369'261 2'950'813

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

04/13 Y

04/14 Y

S&P Issuer Ratings

FQ+2 -

9.83 2.91 0.70 1.63 34.3% 25.5% 0.47 1.17 4.43 19.04 7.65 7.35

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

a-12

Fiscal Year Ended 30.04.2008 1'267.1 5.32x 528.5 12.75x 471.0 17.13x

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

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 |

08.07.2013

China Green Holdings Ltd/Bermuda Holdings By:

All

Holder Name SHAO FENG SUN PARTNER SHANGHAI LTD CHEN YUANMING DEUTSCHE BANK AG JP MORGAN FRANKLIN RESOURCES DIMENSIONAL FUND ADV NORGES BANK DWS INVESTMENT S A VANGUARD GROUP INC STATE STREET SCHRODER INVESTMENT SECURITY KAG DAI SHAOBO DEUTSCHE INVESTMENT JOHN HANCOCK ADVISER AERO FUND PCC LTD PRUDENTIAL FINANCIAL MACKAY SHIELDS LLC DEUTSCHE INVESTMENT

Firm Name EVA Dimensions Bank of China International Sun Hung Kai Securities

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

Analyst CRAIG STERLING JENNY CHAN CHONG KOK MING

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

Recommendation buy buy buy

Amt Held 407'274'000 226'553'576 44'244'000 44'032'285 41'572'491 17'966'000 12'492'800 3'739'361 3'631'521 2'715'928 2'412'000 1'677'000 957'000 840'000 659'469 588'000 494'000 492'000 429'000 253'095

% Out 46.07 25.63 5 4.98 4.7 2.03 1.41 0.42 0.41 0.31 0.27 0.19 0.11 0.1 0.07 0.07 0.06 0.06 0.05 0.03

Weighting

Change 5 5 5

M M M

Latest Chg 49'748'576 (132'000) (14'410'845) 54'000 (726'000) (339'000) (87'000) -

Target Price #N/A N/A 11 11

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

File Dt 30.04.2012 17.04.2013 30.05.2013 12.03.2013 26.10.2012 28.09.2012 29.03.2013 31.12.2012 30.04.2013 31.03.2013 05.07.2013 31.03.2013 31.05.2013 30.05.2013 25.07.2012 31.05.2013 31.03.2013 31.05.2013 30.04.2013 31.12.2012

Date Not Provided Not Provided 12 month

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

Date 06.06.2013 11.05.2011 25.10.2010