Fundamental Analysis & Analysts Recommendations - Global Agribusiness Sector.pdf 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 Main Global Agribusiness March 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

14277077

1920.977

1119

204

221

101.28

110.64

15.32

14.02

18.75

Euro Stoxx 50 Pr

EUR

2623324

5644.468

4700

758

798

173.92

312.64

26.43

16.42

14.70

19.92

NIKKEI 225

JPY

2513645

181.4096

184

5.18

5.42

0.26

0.25

0.12

FTSE 100 INDEX

GBP

2685063

11645.08

9289

1459

1662

530.37

816.68

27.19

22.92

17.66

22.90

SWISS MARKET INDEX

CHF

1029881

10955.58

4116

866

841

406.91

554.15

21.12

18.10

15.51

22.46

S&P/TSX COMPOSITE INDEX

CAD

1682179

17040.14

7839

1860

2082

798.80

888.09

15.26

13.73

24.43

S&P/ASX 200 INDEX

AUD

1427633

6785.011

2835

596

693

248.60

337.74

21.81

17.37

16.05

21.89

HANG SENG INDEX

HKD

1744431

3366.18

1631

353

406

258.84

265.52

1.48

1.60

1.45

3.03

MSCI EM

USD

7991908

1557.267

1066

202

217

87.35

95.59

12.20

13.84

11.15

20.15

ADECOAGRO SA

USD

121

515

592

781

131

0.48

-0.25

0.28

0.61

29.46

13.42

28.58

22.36

AGCO CORP

USD

5276

5.82

9962

10355

10701

946

945

193

5.25

5.24

5.34

5.96

10.38

10.18

9.12

13.55

5.24

20.74

11.69

9.49

BBB-

05.03.2010

23.06.2005

AGRIUM INC

CAD

15864

124

149

18.61

16254

17079

17760

2645

408

9.21

9.24

9.78

9.67

10.90

10.31

10.42

7.66

21.79

0.32

25.58

15.85

BBB

24.11.2005

Baa2

18.03.2010

AMERICAN VANGUARD CORP

USD

930

0.94

366

431

483

1.28

1.68

2.02

25.52

19.45

16.19

21.63

10.91

38.32

10.44

20.68

ANDERSONS INC/THE

USD

924

1.27

5272

5643

5880

160

4.23

4.24

4.13

4.95

11.66

11.97

9.99

15.20

17.01

-2.76

10.72

3.04

ARCHER-DANIELS-MIDLAND CO

USD

21483

247

659

28.02

89038

90559

89926

88991

2890

2827

775

2.29

2.38

2.53

3.02

13.71

12.90

10.79

10.36

9.26

-18.96

1.05

3.12

19.10.2012

12.11.2004

ASTRA AGRO LESTARI TBK PT

IDR

3036

931

1575

3.15

1192

1285

1416

405

0.16

0.17

0.00

BRF - BRASIL FOODS SA-ADR

USD

19509

348

#VALUE!

28517

31633

34987

2333

2385

678

2.02

2.60

21.74

16.86

10.94

35.78

-18.95

24.64

8.36

BBB-

04.04.2012

Baa3

31.05.2012

BUNGE LTD

USD

10974

146

20.42

60991

62869

66618

68069

1580

1530

383

4.78

4.27

7.39

8.09

17.54

10.13

9.25

8.72

5.45

-7.98

0.50

2.43

BBB-

10.06.2010

CF INDUSTRIES HOLDINGS INC

USD

13031

12.74

6104

5971

5727

3332

714

29.40

28.97

25.71

23.09

7.14

8.04

8.96

0.10

28.46

5.42

37.17

54.59

CHINA AGRI-INDUSTRIES HLDGS

HKD

2951

6822

4284

6.92

10616

11656

12714

14640

162

-0.03

0.04

0.05

1.90

1.68

1.32

6.95

4.11

-11.59

-2.53

0.18

CHINA BLUECHEMICAL LTD - H

HKD

2894

4025

4610

2.23

1258

1289

1380

1576

457

431

0.05

0.06

1.23

1.29

1.20

1.08

5.42

2.72

6.18

2.12

4.31

CHIQUITA BRANDS INTL

USD

311

0.86

140

1.81

-0.98

-0.44

0.97

#VALUE!

6.92

-2.73

-1.74

0.50

2.74

2.35

03.09.2009

Caa1

18.03.2010

CNH GLOBAL N.V.

USD

10716

242

14.25

20447

20230

20687

2876

433

4.83

4.84

4.89

5.18

9.13

9.03

8.53

6.58

4.55

9.94

4.24

14.07

BB+

01.10.2010

Ba2

25.07.2011

COSAN LTD-CLASS A SHARES

USD

5665

271

20.56

24097

27349

28511

34276

1992

2010

818

4.40

1.77

2.04

2.75

23.17

20.15

14.91

33.40

77.15

-26.24

17.17

7.96

21.10.2010

CRESUD S.A.-SPONS ADR

USD

459

#VALUE!

3458

2973

3138

893

982

8.93

16.59

5.20

2.80

36.12

-3.07

83.90

28.39

DARLING INTERNATIONAL INC

USD

1978

118

2.14

1701

1731

1769

317

1.11

1.10

1.20

1.28

15.26

13.99

13.09

-5.33

25.10

-19.42

25.01

18.64

BB+

29.03.2012

Ba2

18.09.2012

DEERE & CO

USD

35563

120

388

37.98

35657

36353

36026

37121

5425

5787

1847

7.63

7.99

8.57

9.01

11.43

10.65

10.13

13.03

8.29

12.76

11.23

15.92

14.12.2006

08.02.2007

FIRST RESOURCES LTD

SGD

2269

7141

1584

1.96

483

580

695

257

258

294

0.12

0.14

7.52

7.56

7.85

6.79

17.61

7.44

42.72

GLANBIA PLC

EUR

3306

148

295

4.05

3475

3577

3498

3014

277

295

155

0.53

0.58

0.69

0.72

25.05

25.99

21.19

20.12

30.29

9.58

16.78

20.16

10.75

11.07.2005

GOLDEN AGRI-RESOURCES LTD

SGD

6216

97582

12838

6.00

4844

4738

5232

582

0.02

0.03

0.04

11.67

9.01

8.61

1.33

17.54

-16.25

5.55

9.62

GRAINCORP LTD-A

AUD

2819

1441

210

3.16

3408

3826

3569

INDOFOOD AGRI RESOURCES LTD

SGD

1355

4269

1434

5427

7229

4068

19097.51

INGREDION INC

USD

5139

6.33

INTREPID POTASH INC

USD

1462

151

1.40

451

IOI CORPORATION BHD

MYR

9900

5094

6398

11.41

4980

4595

KERNEL HOLDING SA

PLN

1514

0.77

677

834

KUALA LUMPUR KEPONG BHD

MYR

7019

1752

1065

7.16

3378

KUBOTA CORP

JPY

16677

4807

1256

20.42

KUMIAI CHEMICAL INDUSTRY CO

JPY

514

971

LINDSAY CORP

USD

1145

MAPLE LEAF FOODS INC

CAD

1783

430

140

MONSANTO CO

USD

55548

115

534

MOSAIC CO/THE

USD

26171

297

425

NUFARM LTD

AUD

1411

895

262

NUTRECO NV

EUR

3342

OLAM INTERNATIONAL LTD

SGD

3195

2228

PP LONDON SUMATRA INDONES PT

IDR

1407

PILGRIM'S PRIDE CORP

USD

#VALUE!

POTASH CORP OF SASKATCHEWAN

CAD

35447

SINOFERT HOLDINGS LTD

HKD

1838

SMITHFIELD FOODS INC

USD

3623

QUIMICA Y MINERA CHIL-SP ADR

USD

14493

SYNGENTA AG-REG

CHF

39984

TATE & LYLE PLC

GBp

5712

TYSON FOODS INC-CL A

USD

8509

URALKALI-SPON GDR-REG S

USD

22226

WILMAR INTERNATIONAL LTD

SGD

YARA INTERNATIONAL ASA

NOK

994

1.20

548

159

332

240

0.95

1.05

0.83

0.71

11.99

15.19

17.77

20.46

53.07

144.67

10.01

2701543

3090833

633.58

584.73

738.70

847.65

10.03

9.27

7.94

6.92

7.87

6.78

-4.61

13.66

19.51

7071

915

221

5.57

5.58

5.83

6.42

11.92

11.40

10.36

5.03

14.02

2.53

14.15

14.00

BBB

24.11.2008

Baa2

14.02.2008

436

504

184

1.16

1.15

0.95

1.31

16.83

20.37

14.79

1.89

-3.27

31.97

40.74

5104

5366

760

818

861

0.08

0.10

0.09

0.10

4.76

4.84

5.52

5.06

-1.07

0.70

-0.80

1.49

5.72

BBB+

14.03.2008

790

821

101

111

114

0.81

0.72

0.84

0.97

2.62

2.63

2.23

1.94

4.27

1.17

14.84

4.84

3132

3355

3661

558

499

621

0.31

0.36

0.41

6.84

5.91

5.19

-0.56

2.40

-7.98

4.00

5.12

10484

11157

11995

12880

1348

1413

0.51

0.55

0.57

0.71

0.25

0.24

0.19

0.08

0.00

0.15

-0.04

0.13

09.01.2007

30.09.2005

0.46

458

520

551

0.27

0.28

0.32

0.40

0.22

0.19

0.15

0.05

0.06

0.11

0.10

0.06

1.00

551

579

639

657

3.38

4.30

4.86

5.02

20.73

18.33

17.77

15.11

17.20

14.14

20.32

16.42

2.99

4739

4795

4886

395

0.97

1.02

1.00

1.21

12.13

12.35

10.27

-0.57

-0.96

4.27

3.50

8.13

52.89

13504

14016

14938

15913

3760

4021

2189

3.70

4.27

4.56

5.18

24.28

22.72

20.03

14.23

10.98

20.67

14.20

28.69

A+

21.10.2008

21.02.2012

23.80

11108

10051

10165

10724

3119

2807

644

4.48

4.01

4.27

4.90

15.33

14.41

12.55

11.77

9.42

0.24

26.39

27.92

BBB

28.04.2011

Baa1

12.10.2011

2.14

2239

2309

2388

211

0.26

0.23

0.44

0.48

23.96

12.57

11.52

4.83

3.19

32.38

-2.04

9.68

21.02.2011

3.69

6803

7164

7457

399

6.57

5.89

7.03

7.77

21.32

19.13

17.86

16.17

14.00

7.59

16.90

11.87

7.64

2390

9.47

13682

15181

16812

19158

744

771

226

0.11

0.13

0.11

0.14

8.19

8.26

9.41

7.64

6.54

16.88

30.98

25.04

4.07

22508

6823

1.22

434

507

551

156

189

0.02

0.00

259

#VALUE!

8121

8254

8041

406

114

0.72

0.73

1.10

1.14

#VALUE!

7.77

1.51

5.00

16.08.2011

Caa1

28.06.2011

647

865

37.96

7722

8010

8475

3496

3493

858

2.56

2.60

2.91

3.24

14.95

13.36

12.01

-8.81

8.83

-17.92

14.11

44.07

A-

15.11.2010

Baa1

23.05.2005

25139

7023

2.18

4729

5253

5257

5559

152

178

0.01

0.02

2.02

1.69

1.48

3.27

2.13

10.00

0.19

0.44

283

157

5.86

13094

13110

13163

13569

975

886

188

2.59

2.07

2.00

2.53

12.61

13.04

10.31

7.31

3.23

-15.65

10.73

6.81

27.03.2012

18.07.2012

#VALUE!

2429

2521

2722

1096

273

2.57

2.83

21.80

19.75

13.23

15.20

15.49

25.09

45.13

BBB

27.04.2009

Baa1

23.10.2006

#VALUE!

43.95

14953

16123

17059

3314

1103

23.96

21.51

26.35

28.87

22.13

19.86

18.06

16.49

7.41

11.66

9.44

10.79

23.34

15.06.2007

842

466

6.37

4601

4737

4865

5169

656

566

0.77

0.85

0.83

0.90

21.41

21.58

22.11

20.38

20.16

7.57

7.84

3.17

17.81

BBB

15.07.2011

Baa2

15.02.2013

136

359

10.01

33278

33351

34452

35225

1747

1899

425

1.90

1.94

2.08

2.37

12.37

11.54

10.12

3.14

5.49

-2.46

9.12

5.69

BBB

11.02.2013

Baa3

07.06.2012

794

#VALUE!

3496

4465

3888

4347

2068

2809

2.47

2.91

15.31

13.02

105.72

55.16

158.40

45.69

62.91

BBB-

18.06.2012

16894

24667

6396

30.15

36388

39478

44146

1728

1808

444

0.16

0.17

0.19

10.79

9.70

8.92

1.35

10.79

9.35

16.78

3.98

13827

641

284

14.30

14658

14853

15029

2575

2576

733

6.54

5.76

5.59

1.30

1.47

1.52

1.41

1.15

-1.27

3.13

3.07

BBB

15.03.2010

Baa2

17.03.2010

11081232 11081232 11803274 12903012 6532

6532

6918

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

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.15

1.98

1.78

2.15

1.39

1.32

1.26

1.39

9.90

9.63

8.84

9.90

8.70

8.04

7.53

8.70

14.02

12.58

11.38

14.02

2.23

2.37

2.58

2.23

1669.7

7.6%

Euro Stoxx 50 Pr

1.16

1.10

1.04

1.16

0.75

0.73

0.71

0.75

5.50

5.10

4.88

5.50

7.07

6.69

6.34

7.07

11.30

10.11

9.26

11.30

4.24

4.57

4.84

4.24

2894.4

6.6%

NIKKEI 225

1.49

1.40

1.31

1.49

0.70

0.66

0.65

0.70

9.34

8.06

7.55

9.34

9.42

8.24

7.74

9.42

23.71

18.64

14.51

23.71

1.67

1.68

1.95

1.67

11729.1

-5.0%

FTSE 100 INDEX

1.68

1.56

1.47

1.68

1.04

1.00

1.04

7.93

7.30

6.00

7.93

7.01

6.55

6.24

7.01

11.85

10.78

9.81

11.85

3.87

4.17

4.67

3.87

6752.0

4.0%

SWISS MARKET INDEX

2.36

2.20

2.03

2.36

1.98

1.88

1.81

1.98

12.11

11.10

9.86

12.11

13.02

12.04

11.25

13.02

14.73

13.21

12.02

14.73

3.32

3.68

4.10

3.32

7945.6

2.5%

S&P/TSX COMPOSITE INDEX

1.69

1.57

1.47

1.69

1.60

1.50

1.43

1.60

8.47

7.61

7.13

8.47

8.18

7.24

6.86

8.18

14.10

14.09

12.42

11.45

14.09

3.09

3.24

3.43

3.09

14530.3

13.1%

S&P/ASX 200 INDEX

1.95

1.84

1.74

1.95

1.86

1.75

1.66

1.86

11.45

10.24

9.35

11.45

9.79

8.61

7.98

9.79

15.64

13.92

12.77

15.64

4.23

4.55

4.90

4.23

5125.1

-0.4%

HANG SENG INDEX

1.38

1.28

1.21

1.38

1.82

1.68

1.54

1.82

7.32

6.76

6.27

7.32

8.30

7.52

7.04

8.30

11.21

10.23

9.39

11.21

3.41

3.72

4.45

3.41

25081.7

8.6%

MSCI EM

1.50

1.36

1.26

1.50

1.00

0.93

0.89

1.00

7.08

6.52

6.02

7.08

7.18

6.58

6.22

7.18

11.15

10.00

9.26

11.15

2.77

3.08

3.36

2.77

1199.4

12.5%

ADECOAGRO SA

0.93

0.91

0.85

0.79

1.84

1.68

1.27

1.20

1.04

12.70

7.78

11.61

6.07

8.04

8.70

5.63

4.84

3.82

17.19

29.46

13.42

11.03

8.84

70.4%

AGCO CORP

1.52

1.33

1.16

1.04

0.53

0.51

0.49

0.48

7.86

7.10

5.69

5.14

6.14

5.58

5.16

4.79

10.42

10.18

9.12

8.34

AGRIUM INC

2.32

1.93

1.67

1.49

0.95

0.90

0.87

0.84

0.80

9.43

8.63

8.27

7.71

7.21

6.95

7.02

6.79

6.13

10.80

10.58

10.70

10.38

11.59

2.56

2.16

1.93

1.75

1.52

12.82

9.60

8.47

7.97

6.97

26.55

19.45

16.19

13.47

12.10

ANDERSONS INC/THE

1.52

1.37

1.22

0.18

0.16

5.74

8.95

7.04

7.01

6.06

11.42

11.97

9.99

ARCHER-DANIELS-MIDLAND CO

1.13

1.09

1.02

0.94

0.24

7.90

5.39

8.43

8.33

7.13

7.64

13.28

12.90

10.79

10.19

ASTRA AGRO LESTARI TBK PT

3.28

2.94

2.68

2.41

1.96

2.60

2.36

2.14

2.03

1.89

10.60

9.89

8.97

7.55

8.71

7.76

7.08

6.87

13.23

12.16

11.52

10.84

BRF - BRASIL FOODS SA-ADR

2.65

2.42

2.24

2.06

1.88

1.35

1.21

1.09

1.00

0.92

18.98

13.38

11.69

10.33

58.30

21.74

16.87

15.03

BUNGE LTD

0.94

0.92

0.85

0.82

0.17

0.16

0.14

6.89

6.99

7.53

CF INDUSTRIES HOLDINGS INC

2.21

1.77

1.55

1.28

2.10

2.18

2.28

2.25

2.07

6.01

5.98

6.52

7.02

CHINA AGRI-INDUSTRIES HLDGS

0.87

0.77

0.78

0.72

0.30

0.23

0.20

0.18

13.42

7.52

7.27

CHINA BLUECHEMICAL LTD - H

1.46

1.33

1.21

1.09

1.86

1.68

1.47

1.43

5.70

5.32

5.38

0.10

AMERICAN VANGUARD CORP

CHIQUITA BRANDS INTL

7.96

0.00

1.11

13.85

0.26

0.11

0.19

59.77

9.9%

0.67

1.70

1.74

1.90

121.12

11.1%

35.60

9.0%

1.21

1.23

2.07

2.05

2.30

8.32

4.58

4.49

5.09

5.30

11.76

0.81

1.22

1.61

1.76

1.33

1.48

1.57

1.69

80.22

7.1%

0.77

227.44

10.0% 20.4%

51.50

4.2%

32.14

-1.5%

7.19

21814.51

16.7%

2.24

21.04

-5.9%

10.28

9.01

8.67

8.34

7.85

12.05

10.13

9.25

8.57

3.74

4.16

4.66

4.58

4.12

7.45

8.04

8.96

8.63

6.32

12.36

14.05

10.99

9.40

6.99

13.05

10.23

8.79

3.67

1.51

1.97

2.55

5.25

5.35

4.68

4.70

4.23

4.01

8.91

9.29

8.41

7.93

3.69

3.77

4.12

4.61

6.00

23.2%

6.00

9.58

5.16

14.00

108.6%

6.74

6.21

5.96

5.12

9.57

9.03

8.53

7.99

0.00

52.00

17.6%

5.51

6.99

5.30

5.58

6.90

20.15

14.92

11.37

2.13

1.34

2.23

1.52

22.41

7.1%

16.81

5.20

2.80

8.60

1.18

1.23

2.41

3.27

14.63

59.8%

14.46

13.99

13.09

17.30

3.0%

11.74

10.65

10.13

1.89

2.05

2.14

2.21

102.03

11.8% 39.5%

6.52

8.95

CNH GLOBAL N.V.

1.19

1.08

0.95

0.56

0.53

0.52

0.57

7.42

6.19

5.87

COSAN LTD-CLASS A SHARES

0.11

0.16

0.18

0.12

0.32

0.39

0.32

0.34

2.46

3.57

5.30

4.45

CRESUD S.A.-SPONS ADR

1.15

1.21

1.08

0.96

0.93

0.78

0.74

0.71

9.32

7.47

4.12

3.23

DARLING INTERNATIONAL INC

1.85

1.62

1.41

1.15

1.14

1.12

DEERE & CO

4.62

3.69

2.97

2.45

1.06

0.99

0.96

0.95

11.43

9.34

8.35

7.35

FIRST RESOURCES LTD

2.06

1.75

1.52

1.34

0.96

3.89

3.13

2.61

2.21

1.73

7.24

8.53

7.09

6.73

GLANBIA PLC

4.89

4.54

4.10

3.57

3.37

1.00

0.95

1.10

1.04

0.93

14.10

10.04

9.32

7.91

GOLDEN AGRI-RESOURCES LTD

0.72

0.67

0.64

0.63

0.59

1.17

1.05

0.95

0.89

0.71

8.50

8.65

8.35

8.80

GRAINCORP LTD-A

1.63

1.53

1.47

1.41

1.40

0.91

0.74

0.79

0.77

0.75

9.19

11.85

10.72

10.40

INDOFOOD AGRI RESOURCES LTD

0.96

0.88

0.80

0.92

0.65

0.96

0.89

0.81

0.78

0.67

5.37

7.40

5.56

3.79

INGREDION INC

2.04

1.82

1.58

1.42

0.79

0.74

0.73

0.67

0.60

10.92

9.99

8.86

INTREPID POTASH INC

1.57

1.49

1.36

1.23

3.36

3.35

2.90

2.73

2.59

8.38

9.49

7.54

6.53

IOI CORPORATION BHD

2.42

2.30

2.15

2.01

1.82

1.79

1.94

1.84

1.81

1.66

17.66

22.63

19.05

16.28

KERNEL HOLDING SA

1.29

1.08

0.93

0.82

0.83

0.70

0.60

0.58

0.53

0.49

9.55

7.29

4.84

KUALA LUMPUR KEPONG BHD

2.91

2.87

2.67

2.50

2.28

2.06

2.09

1.92

1.81

1.56

16.57

16.09

KUBOTA CORP

2.38

2.26

2.08

1.92

1.60

1.39

1.29

1.24

16.89

18.63

KUMIAI CHEMICAL INDUSTRY CO

1.13

1.05

0.99

0.93

1.12

0.99

0.93

0.88

20.65

2.08

1.79

1.74

1.59

MAPLE LEAF FOODS INC

2.03

1.83

1.61

0.37

0.36

MONSANTO CO

4.63

4.14

3.67

3.19

4.06

3.72

3.49

3.29

MOSAIC CO/THE

2.16

1.92

1.72

1.55

2.42

2.57

2.44

2.38

NUFARM LTD

0.93

0.97

0.92

0.82

0.64

0.61

0.59

NUTRECO NV

2.65

2.42

2.19

1.99

0.49

0.47

OLAM INTERNATIONAL LTD

1.32

1.15

1.06

0.97

0.24

PP LONDON SUMATRA INDONES PT

2.07

1.83

1.61

1.54

2.98

POTASH CORP OF SASKATCHEWAN

3.62

3.00

2.63

2.34

SINOFERT HOLDINGS LTD

0.84

0.83

0.78

SMITHFIELD FOODS INC

1.12

1.09

0.94

QUIMICA Y MINERA CHIL-SP ADR

6.58

5.70

4.97

SYNGENTA AG-REG

4.73

4.02

3.58

2.90

2.78

TATE & LYLE PLC

3.60

3.27

2.89

2.57

2.30

TYSON FOODS INC-CL A

1.48

1.32

1.18

1.07

URALKALI-SPON GDR-REG S

2.36

2.80

2.58

2.37

WILMAR INTERNATIONAL LTD

1.19

1.09

1.01

0.94

YARA INTERNATIONAL ASA

1.55

1.42

1.29

1.26

0.70

5.44

8.67

0.00 0.00

6.52

6.26

7.34

6.55

6.31

9.19

5.71

7.70

6.92

12.62

9.42

7.41

6.67

5.82

5.30

3.56

11.19

9.81

8.48

7.66

4.78

2.23

2.72

3.14

3.98

6.98

2.50

14.84

12.96

13.15

11.99

10.99

19.55

16.29

15.47

13.80

11.78

0.95

1.05

1.13

1.21

1.40

9.05

5.2%

9.23

8.35

7.53

7.26

5.05

12.74

11.26

10.76

10.09

6.92

2.07

2.27

2.48

3.10

10.33

0.71

16.8%

9.98

7.55

7.44

8.04

7.70

7.50

11.46

14.80

17.32

16.42

15.25

4.82

3.68

3.25

3.38

3.58

12.09

0.7%

3.80

6.81

6.18

5.54

5.28

3.65

11.34

9.92

8.64

8.01

5.11

0.87

1.03

1.17

1.56

1.95

1.49

26.2%

6.99

6.71

6.29

5.85

5.21

12.05

11.40

10.36

9.48

8.11

1.29

1.53

1.60

1.77

75.60

13.7%

7.61

8.22

6.22

5.29

16.57

20.37

14.79

13.34

14.23

0.00

21.60

11.6%

16.07

12.02

13.24

12.26

11.51

9.77

15.60

17.15

15.75

14.70

11.76

3.40

3.22

3.34

3.53

4.56

4.61

-4.3%

4.31

3.58

7.32

6.74

5.90

5.44

4.84

7.13

7.12

6.17

5.70

4.70

0.00

1.85

8.27

12.90

72.18

19.3%

15.37

14.20

13.67

11.63

11.53

10.13

9.65

8.06

18.37

18.39

16.13

15.38

12.54

3.40

3.20

3.54

3.72

4.88

20.39

-0.5%

13.48

12.34

14.86

13.70

11.26

10.44

26.54

22.86

18.27

16.56

1.20

1.34

1.50

1.59

1178.46

-5.5%

14.16

11.81

9.78

22.28

14.15

10.74

8.49

30.21

18.50

14.64

11.64

0.88

1.06

1.41

1.76

720.00

26.8%

11.65

9.48

8.71

7.65

23.36

18.33

17.77

15.25

0.42

0.52

0.53

0.54

81.60

-8.4%

7.15

5.82

5.09

7.67

7.11

6.26

14.10

12.68

10.54

1.22

15.11

15.6%

3.27

21.02

18.97

16.71

14.60

14.07

12.20

11.04

10.03

9.86

27.89

22.72

20.03

17.80

16.45

1.10

1.24

1.34

112.45

8.5%

2.12

11.08

10.93

9.88

9.80

7.66

7.87

7.06

6.77

6.59

13.94

14.41

12.55

12.05

10.00

0.41

1.63

1.73

1.76

66.44

8.1%

0.56

0.52

9.94

9.42

7.68

7.30

7.80

7.29

6.86

6.44

6.36

13.24

12.25

11.22

10.21

9.96

2.35

2.29

2.83

3.35

3.82

5.56

6.3%

0.45

0.44

11.58

10.22

9.42

8.56

8.89

8.23

7.73

7.40

6.78

14.79

13.73

12.43

11.75

11.13

2.91

3.06

3.37

3.50

3.79

67.43

-9.2%

0.19

0.17

0.14

13.36

5.94

12.52

10.74

8.99

7.93

11.68

11.76

9.54

7.59

2.40

2.51

3.23

4.07

1.82

8.9%

2.78

2.55

2.46

2.04

8.84

8.74

7.90

7.83

6.79

6.45

5.83

5.68

3.58

10.50

9.82

8.81

8.51

4.27

3.32

3.71

4.19

6.54

2505.87

25.3%

0.30

0.29

0.30

8.93

6.28

6.22

4.52

4.31

4.07

3.78

3.92

11.16

10.83

10.30

8.98

9.85

9.24

8.42

7.54

8.84

14.59

13.72

12.33

11.17

1.47

2.64

2.96

2.99

46.85

0.73

0.31

0.28

0.27

0.25

8.14

7.07

6.78

10.69

11.36

9.99

9.18

10.78

13.12

11.46

9.74

1.47

1.29

1.47

1.72

2.13

4.9%

0.89

0.28

0.27

0.26

7.63

7.12

6.76

6.34

5.56

7.25

6.57

6.20

9.85

13.04

10.31

10.22

0.00

29.90

14.5%

5.88

5.74

5.32

5.20

4.91

18.33

14.62

14.49

22.04

21.80

19.75

19.77

18.92

1.89

2.41

3.00

5.00

5.36

66.19

18.2%

2.81

2.61

2.47

2.35

2.34

16.18

14.29

13.09

12.46

12.25

13.08

11.87

10.96

10.36

10.00

19.41

17.16

15.66

14.80

15.13

2.18

2.55

2.80

2.96

3.03

409.94

0.5%

1.28

1.17

1.10

1.09

1.08

11.58

11.97

9.80

9.31

8.74

9.47

9.38

8.73

8.29

7.93

14.81

14.84

13.68

12.59

11.61

3.04

3.18

3.36

3.58

3.82

851.92

3.6%

0.25

0.24

0.23

9.35

7.50

6.42

6.61

5.87

5.51

5.12

4.95

13.33

11.54

10.12

9.58

0.67

0.99

0.83

26.50

10.4%

6.09

5.72

5.11

4.64

14.94

12.67

10.63

9.62

14.57

15.31

13.02

11.36

3.14

3.59

3.94

4.52

42.05

11.1%

0.37

0.34

0.31

0.28

9.78

12.28

9.71

10.57

16.83

14.47

13.18

12.72

15.09

12.12

11.14

10.08

1.59

1.86

2.04

2.27

3.79

14.8%

0.94

0.93

0.92

0.88

5.89

6.97

7.04

6.70

5.14

5.52

5.72

5.54

7.65

8.45

8.70

8.35

3.58

4.09

4.00

4.32

318.26

14.2%

LINDSAY CORP

0.69

1.13

PILGRIM'S PRIDE CORP

2.07

1.13

29.30

3.95

0.88

14.33

10.06

9.00

8.27

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

5.68

6.69

9.58

11.40

5.72

3.47

11.4%

11.03.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/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 UN EQUITY YTD Change AGRO UN EQUITY YTD % CHANGE

12/2011 06/yy 11.29 7.84 28'994.00 8.13 -27.99% 3.70% 2.90% 122.2 993.63 158.17 0.0 15.0 330.55 1'204.31

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 n-11

31.12.2008 31.12.2009 244.2 313.6 49.7 47.3 (19.3) (0.3) Profitability

LTM-4Q 31.12.2010 426.3 (0.6) (43.9) -

31.12.2011 548.1 1.53x 159.0 5.28x 56.0 17.40x

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

158.97 124.79 22.77% 13.06% 2.35% 3.73% 5.85% 0.33% 39.3% 22.4% 16.6% 10.2% 2.13 1.59 9.30% 14.65% 4.34 4.27

Price/ Cash Flow

06/yy 234.9 12.46x 66.2 0.00x 27.6 0.00x

j-12

f-12

m-12

a-12

LTM 06/yy 568.0 8.18x 126.4 10.47x 16.2 1256.16x

m-12

j-12

a-12

s-12

o-12

FY+1

0.00 1.12 72.57 1.21 -11.05% -4.13% 1.125 7 4.714 137'768 179'653 109'822 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 592.0 781.0 167.0 2.22x 1.93x 138.5 214.0 47.0 8.70x 5.63x 10.19x 28.7 70.1 16.3 29.46x 13.42x 58.07x 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

2.55 1.10 0.94 3.09 14.6% 12.6% 0.33 0.74 84.36 85.67 94.86 109.02

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 02.01.2009

.0 M d-11

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 31.12.2007 142.5 37.5 29.2 -

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Adecoagro SA Holdings By:

All

Holder Name SOROS FUND MANAGEMEN HBK INVESTMENTS LP STICHTING PENSIOEN Z AL GHARRAFA INVESTME OSPRAIE MANAGEMENT L WELLINGTON MANAGEMEN JENNISON ASSOCIATES PGGM VERMOGENSBEHEER GLOBAL THEMATIC PART DWS INVESTMENT S A VAN ECK ASSOCIATES C OPPENHEIMERFUNDS INC NEUBERGER BERMAN LLC BOYCE ALAN LELAND DEUTSCHE BANK AG VIEIRA MARCELO CAPITAL WORLD INVEST INVESTEC ASSET MANAG INVESCO LTD INVESTEC ASSET MANAG

Firm Name Raymond James Banco BTG Pactual SA Itau BBA Securities HSBC Morgan Stanley Credit Suisse Deutsche Bank

Portfolio Name n/a n/a n/a n/a OSPRAIE MANAGEMENT L WELLINGTON MANAGEMEN JENNISON ASSOCIATES PGGM VERMOGENSBEHEER GLOBAL THEMATIC PART Multiple Portfolios VAN ECK ASSOCIATES C OPPENHEIMER FUNDS IN NEUBERGER BERMAN GRO n/a DEUTSCHE BANK AKTIEN n/a CAPITAL WORLD INVEST Multiple Portfolios INVESCO LTD INVESTEC ASSET MANAG

Analyst PEDRO J RICHARDS THIAGO DUARTE GIOVANA ARAUJO PEDRO HERRERA JAVIER MARTINEZ LUIZ OTAVIO CAMPOS ALESSANDRO BALDONI

Source Research 20F 20F 20F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 20F 13F 20F 13F MF-AGG 13F 13F

Recommendation outperform neutral market perform overweight Overwt/No Rating outperform buy

Amt Held 25'385'678 20'471'770 15'307'824 12'562'906 10'964'692 4'849'226 4'567'090 4'500'000 2'838'842 2'440'227 1'859'290 1'632'343 1'400'101 1'393'169 1'366'531 1'105'331 776'200 685'692 576'960 421'700

% Out 20.94 16.88 12.62 10.36 9.04 4 3.77 3.71 2.34 2.01 1.53 1.35 1.15 1.15 1.13 0.91 0.64 0.57 0.48 0.35

Weighting

Change 5 3 3 5 5 5 5

Latest Chg 23'900 (96'328) 145'872 713'728 318'637 (140'701) (1'099'449) (62'725) 362'859 976'659 280'769 555'692 538'538 197'100

Target Price

M M M M M M M

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

16 11 15 14 13 14 17

File Dt 01.07.2012 31.12.2011 31.12.2011 31.12.2011 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.09.2012 28.09.2012 30.09.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 31.12.2011 30.06.2012 31.08.2012 30.06.2012 30.06.2012

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

Inst Type Hedge Fund Manager Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.11.2012 06.11.2012 22.10.2012 17.09.2012 14.08.2012 30.03.2012 23.11.2011

11.03.2013

AGCO Corp AGCO Corporation manufactures and distributes agricultural equipment throughout the world. The Company sells a range of agricultural equipment and related replacement parts, including tractors, combines, hay tools, sprayers, and forage equipment. AGCO markets its products under a variety of brand names, including Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.

Price/Volume 60

1.4 M 1.2 M

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGCO UN EQUITY YTD Change AGCO UN EQUITY YTD % CHANGE

12/2012 09/yy 55.04 38.09 40'380.00 54.37 -1.20% 42.74% 93.69% 97.0 5'275.84 1'296.00 0.0 33.3 781.30 5'823.84

31.12.2008 8'424.6 0.27x 711.7 3.21x 385.9 5.97x

.8 M .6 M

.4 M 10

.2 M

0 n-11

31.12.2009 31.12.2010 6'516.4 6'896.6 0.46x 0.68x 368.7 482.9 8.10x 9.77x 135.7 220.5 20.94x 21.82x Profitability

LTM-4Q 31.12.2011 8'773.2 0.57x 783.1 6.33x 583.3 9.61x

31.12.2012 9'962.2 0.53x 945.5 5.61x 522.1 9.36x

945.50 715.60 7.18% 6.57% 6.97% 16.16% 12.09% 1.33% 21.3% 9.5% 7.2% 5.2% 1.60 0.69 16.78% 37.41% 10.38 4.81

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 8'423.4 2.16x 739.1 4.59x 387.9 8.84x

a-12

09/yy 9'776.6 2.26x 971.4 5.89x 704.8 8.36x

m-12

j-12

a-12

s-12

o-12

FY+1

0.00 1.55 92.92 2.08 10.74% 10.89% 1.552 17 3.824 210'469 272'329 245'946 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'354.9 10'700.9 2'247.9 2'742.0 0.54x 0.49x 2.80x 2.29x 1'042.0 1'127.8 193.0 302.7 5.58x 5.16x 5.64x 5.50x 527.4 587.1 86.1 165.3 10.18x 9.12x 10.21x 9.84x S&P Issuer Ratings

05.03.2010 BBBSTABLE 12.17 7.79 0.54 1.37 37.4% 27.0% 1.33 7.58 35.25 76.17 41.85 69.57

Sales/Revenue/Turnover

40.00

10'000.0

35.00

9'000.0 8'000.0

30.00

7'000.0

25.00

6'000.0

20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009

.0 M d-11

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

1.6 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

AGCO Corp Holdings By:

All

Holder Name BLACKROCK GLOBAL THEMATIC PART LSV ASSET MANAGEMENT VANGUARD GROUP INC STATE STREET CORP FMR LLC SOUTHERNSUN ASSET MA NORDEA INV MANAGEMEN DEUTSCHE BANK AG AJO, LP DWS INVESTMENT S A CALAMOS ADVISORS LLC SYSTEMATIC FINANCIAL AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C APG ALL PENSIONS GRO ROBECO INVESTMENT MG TIAA CREF INVESTMENT TRACTORS & FARM EQUI

Firm Name Wells Fargo Securities, LLC William Blair & Co BMO Capital Markets Morgan Stanley RBC Capital Markets Barclays Goldman Sachs Credit Suisse JPMorgan Janney Montgomery Scott LLC Jefferies Piper Jaffray Credit Agricole Securities (USA) S&P Capital IQ EVA Dimensions

Portfolio Name n/a GLOBAL THEMATIC PART LSV ASSET MANAGEMENT VANGUARD GROUP INC STATE STREET CORPORA n/a SOUTHERNSUN ASSET MA NORDEA INVESTMENT MA DEUTSCHE BANK AKTIEN AJO, LP Multiple Portfolios CALAMOS ADVISORS LLC SYSTEMATIC FINANCIAL AMERIPRISE FINANCIAL WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C APG ALL PENSIONS GRO ROBECO INVESTMENT MA TIAA-CREF INVESTMENT #N/A N/A

Analyst ANDREW M CASEY LAWRENCE T DE MARIA JOEL G TISS VANCE EDELSON SETH R WEBER ANDY KAPLOWITZ JERRY REVICH JAMIE L COOK ANN DUIGNAN RYAN M CONNORS STEPHEN VOLKMANN MICHAEL E COX ASHISH GUPTA MICHAEL JAFFE TEAM COVERAGE

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

Recommendation market perform market perform outperform Underwt/In-Line sector perform equalweight neutral/neutral neutral neutral buy buy neutral buy hold buy

Amt Held 9'402'952 5'444'805 4'603'420 4'537'658 3'792'456 3'387'692 2'834'286 2'626'389 2'621'957 2'533'500 1'934'431 1'852'400 1'793'746 1'743'921 1'636'013 1'488'158 1'361'647 1'335'971 1'317'058 1'294'305

% Out 9.69 5.61 4.75 4.68 3.91 3.49 2.92 2.71 2.7 2.61 1.99 1.91 1.85 1.8 1.69 1.53 1.4 1.38 1.36 1.33

Weighting

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

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

Latest Chg 917'960 929'970 (72'630) (61'556) 527'216 635'660 186'550 24'408 300'629 2'432'200 14'058 (3'175) 874'657 (1'930'220) 693'102 (131'877) 253'311 (106'313) 75'553

Target Price #N/A N/A 49 53 46 54 60 51 54 52 60 52 53 65 46 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 09.11.2012 Corporation

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

Date 12.11.2012 09.11.2012 08.11.2012 05.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 26.07.2012 18.11.2011

11.03.2013

Agrium Inc Agrium Inc. supplies nitrogen, potash and phosphate for agricultural, industrial, and specialty use. The Company operates throughout the Americas while it markets its products globally.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGU CT EQUITY YTD Change AGU CT EQUITY YTD % CHANGE

12/2012 09/yy 116.38 77.50 124'016.00 109.04 -6.31% 40.70% 80.97% 149.4 16'286.13 3'961.00 0.0 4.0 726.00 19'103.14

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

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

120

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

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

31.12.2012 16'686.0 1.08x 2'715.0 6.66x 1'494.0 10.54x 2'715.00 2'271.00 13.61% 12.54% 10.26% 22.40% 16.17% 1.15% 26.9% 16.3% 13.6% 9.0% 1.54 0.53 24.79% 57.27% 7.82 4.01

Price/ Cash Flow

LTM

09/yy 14'691.0 4.18x 2'436.0 5.10x 1'318.0 8.05x

09/yy 16'602.0 3.48x 2'716.0 6.36x 1'329.0 10.81x

FY+1

0.94 1.25 148.86 2.42 33.51% 9.99% 1.253 29 4.276 379'272 572'744 526'229 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 17'533.4 18'232.3 3'723.8 7'175.3 1.05x 0.96x 5.18x 2.64x 2'747.2 2'719.5 419.2 1'290.1 6.95x 7.02x 6.98x 6.99x 1'511.4 1'506.4 195.9 802.2 10.58x 10.70x 10.58x 10.65x S&P Issuer Ratings

24.11.2005 BBB STABLE 10.12.2004 NR 21.05 11.11 1.19 1.46 57.3% 36.4% 1.15 5.36 46.81 91.33 96.20 41.94

Sales/Revenue/Turnover

30.00

18'000.0 16'000.0

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Agrium Inc Holdings By:

All

Holder Name JANA PARTNERS LLC ROYAL BANK OF CANADA ACADIAN ASSET MANAGE BMO FINANCIAL CORP CIBC GLOBAL ASSET MA GREYSTONE MANAGED IN WENTWORTH HAUSER AND LETKO BROSSEAU & ASS CIBC WORLD MARKETS I VAN ECK ASSOCIATES C SCHEER ROWLETT & ASS TD ASSET MANAGEMENT FMR LLC AJO, LP NORGES BANK ALTRINSIC GLOBAL ADV CI INVESTMENTS INC TORONTO DOMINION BAN BEUTEL GOODMAN & COM CAISSE DE DEPOT ET P

Firm Name Barclays Miller Tabak + Co., LLC Susquehanna Financial Group Macquarie Salman Partners Dundee Securities Corp TD Securities National Bank Financial Gabelli & Co Atlantic Equities LLP Alta Corp Capital Inc. BMO Capital Markets RBC Capital Markets Edward Jones CIBC World Markets Desjardins Securities Canaccord Genuity Corp Lazard Capital Markets Piper Jaffray Credit Agricole Securities (USA) PingAn Securities Dahlman Rose & Co Stifel Nicolaus Scotia Capital EVA Dimensions Morgan Stanley

Portfolio Name JANA PARTNERS LLC n/a ACADIAN ASSET MANAGE BMO FINANCIAL CORP CIBC GLOBAL ASSET MA GREYSTONE MANAGED IN WENTWORTH HAUSER AND LETKO BROSSEAU & ASS CIBC WORLD MARKETS I VAN ECK ASSOCIATES C SCHEER ROWLETT & ASS TD ASSET MANAGEMENT n/a AJO, LP NORGES BANK ALTRINSIC GLOBAL ADV Multiple Portfolios TORONTO DOMINION BAN BEUTEL, GOODMAN & CO CAISSE DE DEPOT ET P

Analyst MATTHEW J KORN TIM TIBERIO DONALD D CARSON DAVID PUPO RAYMOND GOLDIE CAROLYN DENNIS PAUL D'AMICO ROBERT B WINSLOW AMON R WILKES COLIN ISAAC JOHN CHU JOEL JACKSON ADAM SCHATZKER JEFF NELSON JACOB BOUT JOHN F HUGHES KEITH CARPENTER EDLAIN RODRIGUEZ MICHAEL E COX MARK W CONNELLY YAN ZHUBING CHARLES NEIVERT PAUL A MASSOUD BEN ISAACSON TEAM COVERAGE VINCENT ANDREWS

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

Recommendation overweight hold Positive neutral top pick buy hold underperform buy overweight outperform outperform outperform buy sector outperform hold buy buy neutral outperform buy hold buy sector outperform overweight restricted

Amt Held 6'504'035 4'869'621 4'137'930 3'575'022 3'397'988 2'462'833 2'443'690 2'424'092 2'424'050 2'419'025 2'314'748 2'269'006 2'198'213 2'175'680 2'126'637 2'072'874 1'899'177 1'869'338 1'851'655 1'826'738

% Out 4.36 3.26 2.77 2.39 2.28 1.65 1.64 1.62 1.62 1.62 1.55 1.52 1.47 1.46 1.42 1.39 1.27 1.25 1.24 1.22

Weighting

Change

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

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

Latest Chg 6'504'035 (284'758) 646'060 (58'167) (268'519) (193'277) (147'505) (64'230) 33'068 (214'197) (435'471) (53'548) (843'472) 334'180 2'126'637 20'902 189'221 9'216 91'705 1'826'738

Target Price 116 98 130 94 166 116 105 87 #N/A N/A 107 112 114 115 #N/A N/A 121 106 124 120 110 107 #N/A N/A #N/A N/A 103 119 #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 30.09.2012 30.09.2012 30.09.2012 30.09.2012 30.06.2012 30.09.2012 30.09.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012

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

Inst Type Hedge Fund Manager Bank Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 11.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 09.10.2012 08.10.2012 10.09.2012 20.08.2012 20.08.2012 15.08.2012

11.03.2013

American Vanguard Corp American Vanguard Corporation develops and markets products for agricultural and commercial uses. The Company manufactures and formulates chemicals for crops, human, and animal health protection. Chemicals include insecticides, fungicides, molluscicides, growth regulators, and soil fumigants.

Price/Volume 40

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.10.2012) 52-Week Low (12.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVD UN EQUITY YTD Change AVD UN EQUITY YTD % CHANGE

12/2012 09/yy 36.80 19.32 20'339.00 32.66 -11.21% 69.05% 68.58% 28.5 930.38 52.44 0.0 0.4 38.48 944.71

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

10 5 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-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 31.12.2008 237.5 1.68x 47.8 8.33x 20.0 16.03x

31.12.2009 31.12.2010 209.3 226.9 1.34x 1.30x 7.2 33.6 39.16x 8.81x (5.8) 11.0 92.22x 21.35x Profitability

LTM-4Q 31.12.2011 301.1 1.33x 54.8 7.29x 22.1 16.68x

31.12.2012 366.2 2.45x 75.7 11.86x 36.9 24.27x 75.74 59.32 16.20% 15.53% 9.93% 17.89% 14.46% 0.99% 44.0% 20.7% 16.2% 10.1% 1.96 1.01 13.11% 23.30% 5.06 2.58

Price/ Cash Flow

09/yy 282.3 4.96x 49.6 7.51x 19.5 15.72x

LTM 09/yy 347.5 8.07x 68.1 14.78x 32.0 31.07x

FY+1

0.37 1.04 23.58 1.25 67.56% 5.12% 1.037 7 4.429 87'673 55'242 54'257 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 430.7 482.6 110.0 100.1 98.0 111.0 26.8 22.6 9.60x 8.47x 9.55x 8.73x 48.7 60.2 13.2 11.2 19.45x 16.19x 19.29x 18.32x S&P Issuer Ratings

26.37 20.23 0.18 0.69 23.3% 18.9% 0.99 9.02 72.30 141.91 46.22 168.00

Sales/Revenue/Turnover

1'600.00

350.0

1'400.00

300.0

1'200.00

250.0

1'000.00

200.0

800.00

150.0

600.00

100.0

400.00

50.0

200.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

American Vanguard Corp Holdings By:

All

Holder Name KRAFT HERBERT A T ROWE PRICE ASSOCIA BLACKROCK HEARTLAND ADVISORS I VANGUARD GROUP INC WINTEMUTE GLENN A WINTEMUTE ERIC G WADDELL & REED FINAN ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV WELLINGTON MANAGEMEN THOMPSON SIEGEL & WA STATE STREET CORP BABSON CAPITAL MANAG VAN ECK ASSOCIATES C OXFORD ASSET MANAGEM NORTHERN TRUST CORPO NEXT CENTURY GROWTH HENNESSY ADVISORS IN WALL STREET ASSOCIAT

Firm Name Piper Jaffray Imperial Capital LLC Gabelli & Co Feltl & Company Sidoti & Company LLC Topeka Capital Markets Inc EVA Dimensions

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a HEARTLAND ADVISORS I VANGUARD GROUP INC n/a n/a WADDELL & REED FINAN n/a DIMENSIONAL FUND ADV WELLINGTON MANAGEMEN THOMPSON SIEGEL & WA STATE STREET CORPORA Multiple Portfolios VAN ECK ASSOCIATES C OXFORD ASSET MANAGEM NORTHERN TRUST CORPO NEXT CENTURY GROWTH HENNESSY ADVISORS IN WALL STREET ASSOCIAT

Analyst MICHAEL E COX RICHARD PAGET AMON R WILKES BRENT R RYSTROM DANIEL D RIZZO CHRISTOPHER KAPSCH TEAM COVERAGE

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

Recommendation overweight in-line buy strong buy neutral buy hold

Amt Held 2'634'790 2'610'531 1'982'374 1'945'840 1'495'183 1'061'959 1'015'204 942'293 782'177 724'370 565'943 529'963 491'741 473'517 423'346 406'310 394'274 353'348 296'600 293'400

% Out 9.39 9.3 7.06 6.93 5.33 3.78 3.62 3.36 2.79 2.58 2.02 1.89 1.75 1.69 1.51 1.45 1.41 1.26 1.06 1.05

Weighting

Change 5 3 5 5 3 5 3

M M M M M M U

Latest Chg (330'037) (119'231) 180'594 (2'124'840) 264'925 (10'500) 823'524 613'244 14'710 (354'582) (379'510) 45'840 33'904 423'346 (91'787) 57'371 353'348 24'000 (11'200)

Target Price 41 29 #N/A N/A 39 26 45 #N/A N/A

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

File Dt Inst Type 07.02.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 01.06.2010 n/a 22.03.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

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

Date 12.11.2012 05.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 03.08.2012

11.03.2013

Andersons Inc/The The Andersons, Inc. merchandises grain, operates grain elevator facilities, distributes wholesale agricultural fertilizer, and distributes agricultural inputs to dealers and farmers. The Company also manufactures lawn fertilizer and corncob-based products, and purchases, sells, repairs, and leases railcars. In addition, The Andersons operates retail stores and a distribution center.

Price/Volume .3 M

.2 M

Latest Fiscal Year: LTM as of: 52-Week High (27.04.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANDE UW EQUITY YTD Change ANDE UW EQUITY YTD % CHANGE

12/2012 09/yy 51.49 35.20 8'651.00 49.42 -4.02% 40.40% 86.56% 18.7 924.15 466.61 0.0 17.0 138.22 1'269.57

31.12.2008 3'489.5 0.17x 97.4 6.07x 32.9 9.21x

.1 M

10 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2009 31.12.2010 3'025.3 3'393.8 0.22x 0.35x 92.4 125.3 7.12x 9.55x 38.4 64.7 12.41x 10.45x Profitability

LTM-4Q 31.12.2011 4'576.3 0.25x 164.6 6.96x 95.1 8.58x

31.12.2012 5'272.0 0.22x 160.1 7.16x 79.5 10.14x

160.05 111.08 2.11% 2.28% 4.06% 14.21% 9.14% 2.69% 6.8% 3.0% 2.1% 1.5% 1.31 0.35 21.38% 78.50% 28.00 6.39

Price/ Cash Flow

09/yy 4'432.5 1.16x 175.4 5.61x 99.2 6.31x

LTM 09/yy 4'889.2 1.09x 125.7 0.00x 86.2 8.17x

FY+1

1.21 1.04 17.46 0.81 12.36% 15.20% 1.043 8 3.750 31'044 42'525 40'762 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'642.5 5'880.4 1'326.8 1'475.8 0.16x 0.14x 180.4 208.8 37.7 61.1 7.01x 6.06x 6.98x 6.71x 76.7 93.9 15.8 29.3 11.97x 9.99x 11.96x 11.46x S&P Issuer Ratings

7.22 -0.92 2.05 2.92 78.5% 43.3% 2.69 19.75 13.07 57.24 47.83 22.48

Sales/Revenue/Turnover

9.00

5'000.0

8.00

4'500.0

7.00

4'000.0 3'500.0

6.00

3'000.0

5.00 4.00

2'500.0 2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 02.01.2009

.2 M

Valuation Analysis

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Andersons Inc/The Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV AMERIPRISE FINANCIAL COLUMBIA PARTNERS LL NORTHERN TRUST CORPO FRANK RUSSELL TRUST STATE STREET CORP AQR CAPITAL MANAGEME ANDERSON MICHAEL J THOMPSON SIEGEL & WA BANK OF NEW YORK MEL CRAMER ROSENTHAL MCG ANDERSON DANIEL T MANAGED ACCOUNT ADVI VAN ECK ASSOCIATES C F&C ASSET MANAGEMENT COLUMBIA MANAGEMENT ANDERSON GERARD M

Firm Name BMO Capital Markets Stephens Inc CL King & Associates Feltl & Company Scotia Capital Piper Jaffray EVA Dimensions BB&T Capital Markets

Portfolio Name n/a n/a VANGUARD GROUP INC DIMENSIONAL FUND ADV AMERIPRISE FINANCIAL COLUMBIA PARTNERS LL NORTHERN TRUST CORPO FRANK RUSSELL COMPAN STATE STREET CORPORA AQR CAPITAL MANAGEME n/a THOMPSON SIEGEL & WA BANK OF NEW YORK MEL CRAMER ROSENTHAL MCG n/a MANAGED ACCOUNT ADVI VAN ECK ASSOCIATES C F&C ASSET MANAGEMENT Multiple Portfolios n/a

Analyst KENNETH B ZASLOW FARHA ASLAM ERIC J LARSON BRENT R RYSTROM CHRISTINE HEALY MICHAEL E COX TEAM COVERAGE HEATHER L JONES

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

Recommendation market perform overweight neutral buy sector perform neutral overweight hold

Amt Held 1'487'595 1'432'061 1'037'950 724'172 578'392 420'088 396'118 382'517 381'744 375'353 345'211 322'711 307'050 298'900 295'078 294'813 284'518 271'355 252'370 213'648

% Out 8 7.7 5.58 3.89 3.11 2.26 2.13 2.06 2.05 2.02 1.86 1.74 1.65 1.61 1.59 1.59 1.53 1.46 1.36 1.15

Weighting

Change 3 5 3 5 3 3 5 3

M M M M M M U M

Latest Chg (9'338) 13'112 32'424 (46'893) (103'908) 32'912 2'713 241'890 (31'108) 64'100 (715) (146'048) 2'726 96'750 (4'266) (66'455) (23'737) 37'900 (15'300) 1'389

Target Price 40 50 #N/A N/A 49 45 46 #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 07.11.2012 n/a 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 14.09.2012 n/a 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 01.03.2012 n/a

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

Date 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.08.2012

11.03.2013

Archer-Daniels-Midland Co Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM UN EQUITY YTD Change ADM UN EQUITY YTD % CHANGE

09/2012 09/yy 33.98 24.38 246'609.00 32.62 -4.00% 33.80% 85.00% 658.6 21'483.29 10'320.00 0.0 200.0 1'729.00 28'016.29

4.0 M 3.5 M 3.0 M

2.5 M

2.0 M 1.5 M

1.0 M

.5 M

0 n-11

30.06.2009 30.06.2010 69'207.0 61'682.0 0.33x 0.36x 3'457.0 3'357.0 6.66x 6.54x 1'684.0 1'930.0 9.36x 8.38x Profitability

LTM-4Q 30.06.2011 80'676.0 0.36x 3'566.0 8.05x 2'036.0 9.92x

30.06.2012 89'038.0 0.32x 2'890.0 9.77x 1'223.0 12.89x

2'890.00 2'042.00 2.29% 1.98% 3.78% 7.41% 6.08% 2.49% 4.1% 3.1% 2.2% 1.4% 1.84 0.34 24.84% 57.43% 35.56 14.00

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 85'779.0 1.37x 3'721.0 6.44x 2'151.0 7.73x

a-12

09/yy 88'944.0 1.25x 2'689.0 9.90x 945.0 13.46x

m-12

j-12

a-12

s-12

o-12

FY+1

2.15 1.07 643.60 9.53 7.43% 19.79% 1.074 14 3.000 1'196'338 1'501'573 1'285'236 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 89'925.6 88'991.2 21'857.8 22'996.5 3'361.8 3'929.8 775.0 720.5 8.33x 7.13x 8.18x 7.64x 1'638.2 1'931.8 365.8 306.8 12.90x 10.79x 12.66x 11.73x S&P Issuer Ratings

19.10.2012 A *19.10.2012 A-1 *6.45 3.15 2.31 3.37 57.4% 36.2% 2.49 9.18 10.29 26.13 10.16 57.77

Sales/Revenue/Turnover

45.00

100'000.0

40.00

90'000.0

35.00

80'000.0 70'000.0

30.00

60'000.0

25.00 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 03.07.2009

.0 M d-11

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

4.5 M

30 25

Valuation Analysis

30.06.2008 69'816.0 0.44x 3'176.0 9.74x 1'802.0 11.97x

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

11.03.2013

Archer-Daniels-Midland Co Holdings By:

All

Holder Name STATE FARM MUTUAL AU BLACKROCK VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA CARTER MOLLIE HALE JP MORGAN FRANKLIN RESOURCES WELLINGTON MANAGEMEN INVESCO LTD LSV ASSET MANAGEMENT VAN ECK ASSOCIATES C BANK OF NEW YORK MEL NORTHERN TRUST CORPO MACQUARIE GROUP LTD ALLIANZ ASSET MANAGE DIMENSIONAL FUND ADV LORD ABBETT & CO LLC CAMBIAR INVESTORS LL

Firm Name Argus Research Corp CL King & Associates EVA Dimensions BMO Capital Markets Morgan Stanley Buckingham Research Group Miller Tabak + Co., LLC Credit Agricole Securities (USA) Credit Suisse Davenport & Co Scotia Capital S&P Capital IQ

Portfolio Name STATE FARM MUTUAL AU n/a VANGUARD GROUP INC STATE STREET CORPORA T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA n/a n/a n/a WELLINGTON MANAGEMEN INVESCO LTD LSV ASSET MANAGEMENT VAN ECK ASSOCIATES C BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a n/a DIMENSIONAL FUND ADV LORD ABBETT & CO LLC CAMBIAR INVESTORS LL

Analyst WILLIAM V SELESKY ERIC J LARSON TEAM COVERAGE KENNETH B ZASLOW VINCENT ANDREWS JOHN E ROBERTS TIM TIBERIO DIANE GEISSLER ROBERT MOSKOW ANN H GURKIN CHRISTINE HEALY THOMAS GRAVES

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

Recommendation hold buy underweight market perform Equalwt/Cautious buy neutral underperform restricted buy sector perform hold

Amt Held 56'294'742 35'984'944 32'101'505 29'817'275 16'198'400 12'687'918 11'465'023 11'037'740 10'075'010 9'765'870 9'468'849 9'349'930 9'325'041 8'664'815 8'584'036 7'597'638 7'277'788 5'836'792 5'723'796 5'030'971

% Out 8.55 5.46 4.87 4.53 2.46 1.93 1.74 1.68 1.53 1.48 1.44 1.42 1.42 1.32 1.3 1.15 1.11 0.89 0.87 0.76

Weighting

Change

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

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

Latest Chg (169'804) 789'153 217'564 1'071'900 829'875 (1'967) 1'000'890 1'595'810 (1'431'199) 156'688 (607'800) (296'404) 112'193 951'712 (748'892) (2'325'475) 3'948 (444'263) (161'234)

Target Price #N/A N/A 32 #N/A N/A 26 #N/A N/A 37 26 27 #N/A N/A 33 31 29

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

File Dt Inst Type 30.06.2012 Insurance Company 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 08.12.2011 n/a 30.09.2012 Unclassified 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager

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

Date 07.11.2012 07.11.2012 06.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 26.09.2012

11.03.2013

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

6.0 M

20000

5.0 M 4.0 M

15000

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (03.12.2012) Daily Volume Current Price (3/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 AALI IJ EQUITY YTD Change AALI IJ EQUITY YTD % CHANGE

10000

12/2012 09/yy 24'000.00 17'800.00 930'500.00 18700 -22.08% 5.06% 14.52% 1'574.7 29'447'732.00 971'950.00 0.0 336'232.0 227'769.00 30'528'144.50

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

1.0 M

0 n-11

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

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

LTM

FY+1

0.97 319.91 -13.56% -5.08% 0.966 31 3.903 1'156'100 1'341'250 1'222'750 FY+2

FQ+1

FQ+2

31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 11'564'319.0 ######### ######### ######### ######### 2.78x 12.60x 12.05x 2.38x 2.12x 3'930'947.0 ######### ######### ######### ######### 8.17x 7.10x 9.96x 7.76x 7.08x 2'410'259.0 ######### ######### ######### ######### 12.87x 11.47x 15.59x 12.16x 11.52x 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 21.31% Short-Term Rating 28.08% Credit Ratios 27.10% EBITDA/Interest Exp. 1.02% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 37.7% Total Debt/EBITDA 34.0% Reference 29.9% 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 507.31 Cash Conversion Cycle 7.14

Price/ Cash Flow

134.64 44.54 0.19 0.25 10.8% 9.4% 1.02 1.32 0.72 51.27 25.89 26.10

Sales/Revenue/Turnover

30.00

12'000'000.0

25.00

10'000'000.0

20.00

8'000'000.0

15.00

6'000'000.0

10.00

4'000'000.0

5.00

2'000'000.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2008 8'161'217.0 1.81x 3'616'720.0 4.08x 2'631'019.0 5.87x

2.0 M

5000

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Astra Agro Lestari Tbk PT Holdings By:

All

Holder Name PT ASTRA INTERNATION VAN ECK ASSOCIATES C VANGUARD GROUP INC SCHRODER INVESTMENT BLACKROCK MANULIFE ASET MANAJE BANK OF NEW YORK MEL MONTGOMERY ASSET MAN DANAREKSA INVESTMENT AIG INVESTMENT CORP ALLIANZ ASSET MANAGE EASTSPRING INVESTMEN BAHANA TCW INVESTMEN NORDEA INVESTMENT FU SCHRODER INVESTMENT FIRST STATE INVESTME AMUNDI MITSUI SUMITOMO TRUS KOKUSAI ASSET MANAGE AMUNDI LUXEMBOURG SA

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

Firm Name

Analyst

EVA Dimensions Macquarie Standard Chartered Bahana Securities Andalan Artha Advisindo Sekuritas PT Kim Eng Securities Deutsche Bank Sucorinvest Central Gani Danareksa Goldman Sachs Credit Suisse DBS Vickers CIMB Samuel Sekuritas Indonesia Ciptadana Sekuritas OSK (Asia) Securities UOB Kay Hian Mandiri Sekuritas PT/Indonesia Indo Premier Securities Morgan Stanley JPMorgan Trimegah Securities Tbk PT Nomura PT Batavia Prosperindo Sekuritas BNP Paribas Equity Research HSBC PT ONIX Capital Tbk BNI Securities Affin Securities Sdn Bhd Kresna Graha Sekurindo Tbk PT

TEAM COVERAGE SUNAINA DHANUKA JOO ENG TEO LEONARDO HENRY GAVAZA ANDY WIBOWO GUNAWAN PANDU ANUGRAH JOVIN NG ISFHAN HELMY GABRIELLA MAUREEN NATASHA PATRICK TIAH AGUS SANDIANTO BEN SANTOSO ERWAN TEGUH TEH JOSEPH PANGARIBUAN SURAJ KHIANI ALVIN TAI STEFANUS DARMAGIRI HARIYANTO WIJAYA WILLY GUNAWAN CHARLES C SPENCER YING-JIAN CHAN WILLIAM SIMADIPUTRA MUZHAFAR MUKHTAR YASMIN SOULISA HELMY KRISTANTO THILAN WICKRAMASINGHE SHEILA YOVITA VIVIET S PUTRI ONG KENG WEE GEMILANG LIM

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

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

Amt Held 1'254'756'812 24'982'120 14'942'356 7'252'500 6'940'670 5'297'000 3'870'000 2'659'000 2'618'600 2'500'000 2'446'000 2'303'000 1'706'500 1'695'500 1'533'000 1'508'000 1'286'000 1'104'125 1'078'500 978'500

% Out 79.68 1.59 0.95 0.46 0.44 0.34 0.25 0.17 0.17 0.16 0.16 0.15 0.11 0.11 0.1 0.1 0.08 0.07 0.07 0.06

Weighting

Change

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

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

Latest Chg (22'000) 658'780 1'089'500 48'000 74'500 (108'500) (405'000) (239'000) (60'500)

Target Price #N/A N/A 17'900 20'443 26'000 23'400 22'500 23'000 19'700 20'500 20'600 27'000 21'600 27'400 25'000 19'000 25'558 23'500 23'000 16'300 26'000 15'000 22'000 29'000 25'200 27'600 22'000 22'600 22'500 #N/A N/A 23'200

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

File Dt 30.04.2012 12.11.2012 30.09.2012 30.09.2012 09.11.2012 31.12.2010 09.11.2012 31.08.2012 31.12.2010 31.12.2010 31.07.2012 29.06.2012 31.12.2010 28.09.2012 31.12.2010 31.12.2010 29.06.2012 10.05.2012 23.01.2012 29.06.2012

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 15 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Date 12.11.2012 08.11.2012 07.11.2012 07.11.2012 06.11.2012 05.11.2012 01.11.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 15.10.2012 25.09.2012 05.09.2012 26.07.2012 14.03.2012 02.02.2012 09.09.2011

11.03.2013

BRF - Brasil Foods SA BRF-Brasil Foods SA is a food processor in Latin America. The Company raises chickens to produce poultry products. Brasil Foods also processes frozen pastas, soybeans and their derivatives, and distributes frozen vegetables. The Company's core business is chilled and frozen food. The Company has offices in the Middle East, Asia, and Europe.

Price/Volume

2.5 M 2.0 M 1.5 M

12/2012 09/yy 23.24 13.61 348'006.00 22.36 -3.79% 64.29% 98.65% 872.5 19'508.50 9'518.32 0.0 37.5 2'627.06 -

1.0 M

.5 M

0 n-11

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 Profitability

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

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

j-12

f-12

m-12

2'333.14 1'366.48 4.79% 2.87% 2.68% 5.69% 0.94% 22.6% 8.4% 4.8% 2.9% 1.55 0.76 30.93% 65.47% 9.00 7.74

LTM

09/yy 25'007.5 4.69x 2'926.8 11.09x 1'606.6 0.00x

a-12

09/yy 27'470.8 3.90x 1'743.2 0.00x 371.5 0.00x

m-12

j-12

a-12

s-12

o-12

FY+1

1.09 8.15 9.58% 6.43% 1.090 8 3.500 448'725 392'869 456'513 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 31'632.5 34'986.8 7'230.8 7'463.3 1.43x 1.28x 6.27x 6.07x 3'858.8 4'642.6 678.3 749.0 1'801.1 2'278.6 286.0 331.0 21.74x 16.87x 23.22x S&P Issuer Ratings

04.04.2012 BBBSTABLE 3.98 0.76 2.89 3.99 65.5% 39.5% 0.94 2.79 40.68 47.26 49.52 18.19

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

.0 M d-11

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

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS UN EQUITY YTD Change BRFS UN EQUITY YTD % CHANGE

31.12.2008 11'393.0 0.84x 1'079.8 8.83x 54.4 -

15'000.0 10'000.0

0.40

5'000.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

BRF - Brasil Foods SA Holdings By:

All

Holder Name VAN ECK ASSOCIATES C BLACKROCK VANGUARD GROUP INC ARROWSTREET CAP LIMI DIMENSIONAL FUND ADV JP MORGAN MACQUARIE GROUP LTD WELLS CAPITAL MANAGE BNP PARIBAS INV PART CANADA PENSION PLAN BATTERYMARCH FINANCI CLAYMORE INVESTMENTS CREDIT AGRICOLE SA EMERGING GLOBAL SHAR QVT FINANCIAL LP ALPS ADVISORS INC MONTGOMERY ASSET MAN GOLDMAN SACHS GROUP SWEDBANK ROBUR FONDE FORTIS FUND MANAGERS

Firm Name Raymond James JPMorgan Miller Tabak + Co., LLC Itau BBA Securities Deutsche Bank HSBC Grupo Santander EVA Dimensions Banco BTG Pactual SA Bradesco Corretora

Portfolio Name VAN ECK ASSOCIATES C n/a VANGUARD GROUP INC ARROWSTREET CAPITAL DIMENSIONAL FUND ADV n/a n/a WELLS CAPITAL MANAGE n/a CANADA PENSION PLAN BATTERYMARCH FINANCI Multiple Portfolios CREDIT AGRICOLE SA Multiple Portfolios QVT FINANCIAL LP ALPS ADVISORS INC Multiple Portfolios GOLDMAN SACHS GROUP Multiple Portfolios Multiple Portfolios

Analyst JOSEPH GIORDANO ALAN ALANIS TIM TIBERIO ALEXANDRE RUIZ MIGUEL JOSE J YORDAN PEDRO HERRERA LUIS MIRANDA TEAM COVERAGE THIAGO DUARTE RICARDO BOIATI

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

Recommendation market perform underweight hold market perform hold overweight buy sell buy market perform

Amt Held 13'227'826 9'556'075 8'871'238 3'913'454 3'639'282 3'580'196 3'130'960 2'271'378 1'786'373 1'737'820 1'651'299 1'395'460 1'331'981 1'199'748 1'197'220 1'179'046 1'016'278 983'982 955'679 950'000

% Out 1.52 1.1 1.02 0.45 0.42 0.41 0.36 0.26 0.2 0.2 0.19 0.16 0.15 0.14 0.14 0.14 0.12 0.11 0.11 0.11

Weighting

Change 3 1 3 3 3 5 5 1 5 3

M D D M M M M M M M

Latest Chg (1'183'340) 986'683 19'966 147'046 (780'271) (961'655) (98'575) 2'127'078 (44'974) 38'000 (1'089'321) (119'234) (720'319) 6'344 660'000 42'339 (70'127) 381'785 -

Target Price #N/A N/A 17 18 20 15 20 24 #N/A N/A 21 21

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

File Dt 30.09.2012 31.07.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 31.10.2011 30.06.2012 09.11.2012 30.06.2012 30.09.2012 31.08.2012 30.06.2012 30.06.2012 30.09.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 28.09.2012 14.09.2012 28.08.2012 14.08.2012 23.07.2012 13.12.2011 18.11.2011 21.10.2011 13.05.2011

11.03.2013

Bunge Ltd Bunge Limited is a global agribusiness and food company. The Company buys, sells, stores, transports and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers and consumers. Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and sells fertilizer.

Price/Volume 80

2.0 M

60 50

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG UN EQUITY YTD Change BG UN EQUITY YTD % CHANGE

12/2012 09/yy 80.99 57.12 45'905.00 74.88 -7.54% 31.09% 76.58% 146.6 10'974.11 8'897.00 690.0 431.0 569.00 20'423.11

31.12.2008 52'574.0 0.21x 2'862.0 3.89x 1'064.0 7.66x

1.0 M

30 20

.5 M

10 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

2.5 M

31.12.2009 31.12.2010 41'926.0 45'707.0 0.34x 0.33x 305.0 1'396.0 46.71x 10.70x 361.0 2'354.0 37.55x 15.98x Profitability

LTM-4Q 31.12.2011 56'097.0 0.26x 1'717.0 8.49x 942.0 8.42x

31.12.2012 60'991.0 0.33x 1'580.0 12.71x 64.0 15.21x 1'580.00 1'010.00 1.66% 0.61% 0.24% 0.26% 2.39% 4.2% 2.4% 1.5% 0.1% 1.49 0.26 32.61% 87.47% 25.50 9.78

Price/ Cash Flow

LTM

09/yy 55'024.0 1.09x 1'776.0 7.60x 989.0 9.12x

09/yy 62'274.0 1.01x 1'655.0 10.99x 917.0 11.93x

FY+1

1.42 1.00 137.23 3.18 14.62% 3.39% 0.999 14 3.857 189'059 306'740 242'980 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 66'618.4 68'069.3 14'018.3 15'906.6 0.25x 0.25x 2'264.5 2'355.7 383.2 566.4 9.01x 8.67x 9.27x 8.88x 1'142.3 1'226.8 143.6 299.9 10.13x 9.25x 10.11x 10.02x S&P Issuer Ratings

10.06.2010 BBBPOS 5.37 1.65 5.44 5.82 87.5% 44.1% 2.39 11.02 14.35 37.41 19.43 33.35

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Bunge Ltd Holdings By:

All

Holder Name GOVT OF SINGAPORE IN VANGUARD GROUP INC BLACKROCK GLOBAL THEMATIC PART JENNISON ASSOCIATES LORD ABBETT & CO LLC DWS INVESTMENT S A HARDING LOEVNER LP WELLINGTON MANAGEMEN ROYAL BANK OF CANADA STATE STREET CORP FMR LLC LAZARD ASSET MANAGEM VAN ECK ASSOCIATES C ALTRINSIC GLOBAL ADV DEUTSCHE BANK AG SOUND SHORE MANAGEME COMGEST GROWTH PLC SKAGEN AS TAUBE HODSON STONEX

Firm Name EVA Dimensions Credit Suisse BMO Capital Markets Morgan Stanley Feltl & Company Scotia Capital Itau BBA Securities Piper Jaffray Credit Agricole Securities (USA) S&P Capital IQ Miller Tabak + Co., LLC HSBC

Portfolio Name n/a VANGUARD GROUP INC n/a GLOBAL THEMATIC PART JENNISON ASSOCIATES LORD ABBETT & CO LLC Multiple Portfolios HARDING LOEVNER LP WELLINGTON MANAGEMEN n/a STATE STREET CORPORA n/a LAZARD ASSET MANAGEM VAN ECK ASSOCIATES C ALTRINSIC GLOBAL ADV DEUTSCHE BANK AKTIEN SOUND SHORE MANAGEME Multiple Portfolios Multiple Portfolios TAUBE HODSON STONEX

Analyst TEAM COVERAGE ROBERT MOSKOW KENNETH B ZASLOW VINCENT ANDREWS BRENT R RYSTROM CHRISTINE HEALY GIOVANA ARAUJO MICHAEL E COX DIANE GEISSLER THOMAS GRAVES TIM TIBERIO PEDRO HERRERA

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

Recommendation underweight outperform outperform Equalwt/Cautious strong buy sector outperform market perform neutral buy buy buy neutral

Amt Held 7'305'865 6'345'782 5'889'581 5'679'747 4'421'645 4'248'886 3'811'875 3'137'158 3'116'789 3'108'139 2'817'342 2'582'893 2'315'664 2'235'655 1'746'741 1'678'822 1'645'653 1'574'000 1'558'747 1'244'306

% Out 5 4.34 4.03 3.89 3.02 2.91 2.61 2.15 2.13 2.13 1.93 1.77 1.58 1.53 1.19 1.15 1.13 1.08 1.07 0.85

Weighting

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

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

Latest Chg 212'257 (145'519) 840'902 144'014 (142'706) 88'900 322'292 1'433'039 (460'121) 188'243 (66'622) 12'693 (196'015) 36'298 (661'112) 1'645'653 93'130

Target Price #N/A N/A 78 80 #N/A N/A 82 85 80 78 88 75 75 74

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

File Dt Inst Type 01.03.2012 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Bank 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor

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

Date 02.11.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 26.09.2012 20.09.2012 17.09.2012

11.03.2013

CF Industries Holdings Inc CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and monoammonium phosphate.

Price/Volume

200

1.0 M .8 M .6 M

100

12/2012 09/yy 233.39 154.17 87'238.00 206.82 -11.38% 34.15% 66.86% 63.0 13'030.54 1'605.00 0.0 380.0 2'274.90 12'740.64

.4 M

.2 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

1.2 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CF UN EQUITY YTD Change CF UN EQUITY YTD % CHANGE

31.12.2008 3'921.1 0.45x 1'251.0 1.42x 684.6 3.84x

250

31.12.2009 31.12.2010 2'608.4 3'965.0 1.30x 2.82x 780.8 1'301.5 4.34x 8.58x 365.6 349.2 11.62x 16.77x Profitability

LTM-4Q 31.12.2011 6'097.9 1.83x 3'160.9 3.52x 1'539.2 6.22x

31.12.2012 6'104.0 2.05x 3'332.2 3.75x 1'848.7 6.91x 3'332.20 2'912.40 47.71% 47.31% 19.32% 35.38% 27.89% 0.64% 51.0% 54.6% 47.7% 30.3% 2.97 2.64 15.79% 27.19% 25.08 10.28

Price/ Cash Flow

09/yy 5'617.1 7.53x 2'750.4 3.47x 1'300.6 6.71x

LTM 09/yy 6'341.0 7.91x 3'543.6 3.92x 1'816.9 7.78x

FY+1

1.16 62.70 1.77 16.66% 1.99% 1.163 22 3.409 210'353 222'459 211'909 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'970.6 5'727.3 1'477.3 1'705.9 2.20x 2.30x 3'058.8 2'726.7 713.7 925.6 4.16x 4.66x 4.13x 4.32x 1'597.7 1'409.5 390.0 509.2 8.04x 8.96x 8.05x 8.47x S&P Issuer Ratings

24.63 20.76 -0.20 0.48 27.2% 20.3% 0.64 1.60 14.59 35.62 28.77 21.45

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

CF Industries Holdings Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET CORP JP MORGAN AMERIPRISE FINANCIAL GLOBAL THEMATIC PART DWS INVESTMENT S A BANK OF NEW YORK MEL AJO, LP DEUTSCHE BANK AG TIAA CREF INVESTMENT VAN ECK ASSOCIATES C BMO FINANCIAL CORP GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BNP PARIBAS INV PART JANUS CAPITAL MANAGE ACADIAN ASSET MANAGE FIRST TRUST ADVISORS

Firm Name Susquehanna Financial Group Barclays Morgan Stanley JPMorgan Feltl & Company Atlantic Equities LLP BMO Capital Markets RBC Capital Markets Scotia Capital Miller Tabak + Co., LLC S&P Capital IQ Gabelli & Co Lazard Capital Markets Piper Jaffray Credit Agricole Securities (USA) Dahlman Rose & Co Stifel Nicolaus EVA Dimensions

Portfolio Name n/a VANGUARD GROUP INC n/a STATE STREET CORPORA n/a AMERIPRISE FINANCIAL GLOBAL THEMATIC PART Multiple Portfolios BANK OF NEW YORK MEL AJO, LP DEUTSCHE BANK AKTIEN TIAA-CREF INVESTMENT VAN ECK ASSOCIATES C BMO FINANCIAL CORP GOLDMAN SACHS GROUP NORTHERN TRUST CORPO n/a n/a ACADIAN ASSET MANAGE FIRST TRUST ADVISORS

Analyst DONALD D CARSON MATTHEW J KORN VINCENT ANDREWS JEFFREY J ZEKAUSKAS BRENT R RYSTROM COLIN ISAAC JOEL JACKSON ADAM SCHATZKER BEN ISAACSON TIM TIBERIO KEVIN KIRKEBY AMON R WILKES EDLAIN RODRIGUEZ MICHAEL E COX MARK W CONNELLY CHARLES NEIVERT PAUL A MASSOUD TEAM COVERAGE

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

Recommendation Positive overweight Overwt/Attractive overweight strong buy neutral outperform sector perform sector perform buy sell buy buy overweight outperform hold hold buy

Amt Held 4'461'472 4'064'370 3'846'166 2'801'685 1'746'008 1'566'162 1'454'336 1'242'315 1'216'106 1'187'650 1'177'657 1'040'505 1'004'282 951'220 925'838 914'615 828'344 806'859 805'634 652'090

% Out 7.1 6.46 6.12 4.46 2.78 2.49 2.31 1.98 1.93 1.89 1.87 1.65 1.6 1.51 1.47 1.45 1.32 1.28 1.28 1.04

Weighting

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

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

Latest Chg (427'894) 55'936 (2'581'513) 135'230 126'168 295'096 89'277 27'275 51'809 772'050 35'765 90'210 (89'484) 28'246 776'579 102'384 (35'150) (382'700) 38'249 84'063

Target Price 320 250 250 241 241 212 235 250 225 240 190 #N/A N/A 250 250 225 200 #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 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.09.2012 Investment Advisor

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

Date 13.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 15.10.2012 21.08.2012 18.11.2011

11.03.2013

China Agri-Industries Holdings Ltd China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The Company also processes oilseed and wheat, and produces malt used for beer brewage.

Price/Volume 7

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

6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 606 HK EQUITY YTD Change 606 HK EQUITY YTD % CHANGE

12/2011 01/yy 5.54 3.47 6'821'945.00 4.36 -21.34% 25.68% 42.96% 5'249.9 22'889.48 33'122.76 0.0 3'146.3 9'175.65 53'711.65

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

1.20

1 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2007 28'869.2 0.78x 1'319.5 17.16x 1'100.4 16.21x

31.12.2008 31.12.2009 41'802.1 43'827.9 0.43x 1.13x 4'435.3 2'738.6 4.08x 18.10x 2'624.9 1'952.0 5.27x 19.71x Profitability

31.12.2010 53'491.7 1.05x 3'769.3 14.95x 1'701.6 20.41x

31.12.2011 82'349.9 0.62x 379.5 134.27x 2'368.0 10.08x 379.53 -582.85 -0.71% 4.70% 1.72% 5.88% 4.30% 1.23% 8.2% 1.4% 0.1% 2.9% 1.25 0.43 47.29% 150.81% 20.05 3.67

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.49 1.40 2'070.25 -20.00% 0.46% 1.405 15 4.467 10'155'090 11'780'120 16'129'820 FY+2

12/12 Y 12/13 Y 98'624.0 113'564.9 0.48x 0.46x 3'823.7 4'886.1 14.05x 10.99x 1'368.1 1'945.8 13.05x 10.23x S&P Issuer Ratings

FQ+1

FQ+2

0.41 -6.20 22.02 29.32 150.8% 56.9% 1.23 4.29 18.25 99.65 17.14 86.35

Sales/Revenue/Turnover

90'000.0 80'000.0

1.00 0.80

70'000.0 60'000.0 50'000.0

0.60

40'000.0 30'000.0

0.40 0.20

20'000.0 10'000.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

China Agri-Industries Holdings Ltd Holdings By:

All

Holder Name WIDE SMART HOLDINGS COFCO HONG KONG LTD MITSUBISHI CORP COFCO (BVI) NO. 108 MAPS INVESTMENT MANA VANGUARD GROUP INC VAN ECK ASSOCIATES C DWS INVESTMENT S A BLACKROCK ROBECO INVESTOR SERV DIMENSIONAL FUND ADV ROBECO FUND MANAGEME JULIUS BAER MULTICOO FIRST STATE INVESTME COMMONWEALTH BANK OF GLOBAL X MANAGEMENT OSK UOB UNIT TRUST M DIMENSIONAL FUND ADV STATE STREET CORP INVESCO LTD

Firm Name JPMorgan CIMB Ji Asia Nomura EVA Dimensions First Shanghai Securities Ltd Bank of China International Morgan Stanley SWS Research Co Ltd Hua Tai Securities Co., Ltd China International Capital Corp Guoyuan Securities (HK) Ltd BOCOM International Holdings

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

Analyst YING-JIAN CHAN Yang Lei WINNIE MAK EMMA LIU TEAM COVERAGE ZHANG ZHIBIN JENNY CHAN LILLIAN LOU SEAN ZHANG QIU YANG DAN WANG TEAM COVERAGE TEAM COVERAGE

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

Recommendation overweight outperform buy buy underweight buy buy Overwt/Attractive neutral add accumulate buy neutral

Amt Held 1'922'550'331 273'764'483 141'483'000 140'000'000 119'560'000 66'033'818 60'827'642 40'566'309 28'860'180 12'716'000 9'153'000 6'833'226 4'499'421 4'183'000 4'183'000 4'177'380 3'980'000 3'971'000 3'862'000 3'686'111

% Out 47.61 6.78 3.5 3.47 2.96 1.64 1.51 1 0.71 0.31 0.23 0.17 0.11 0.1 0.1 0.1 0.1 0.1 0.1 0.09

Weighting

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

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

Latest Chg (13'775'000) 1'476'058 (56'000) 320'000 (7'065'000) 379'326 (82'796) 37'000 56'000 2'185'000

Target Price 6 5 10 5 #N/A N/A 5 5 6 5 5 6 7 12

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

File Dt 05.11.2012 05.11.2012 31.03.2012 05.11.2012 30.06.2012 30.09.2012 12.11.2012 28.09.2012 09.11.2012 28.09.2012 31.07.2012 28.09.2012 30.09.2012 31.07.2012 31.07.2012 28.09.2012 31.03.2011 31.07.2012 09.11.2012 12.11.2012

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

Inst Type Government Corporation Corporation Other Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.11.2012 06.11.2012 16.10.2012 09.10.2012 11.09.2012 10.09.2012 03.09.2012 29.08.2012 25.07.2012 02.07.2012 29.06.2012 02.04.2012 31.03.2010

11.03.2013

China BlueChemical Ltd China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company produces ammonia and urea.

Price/Volume 7

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (10.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3983 HK EQUITY YTD Change 3983 HK EQUITY YTD % CHANGE

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

10.0 M

5.0 M

1 0 n-11

31.12.2008 31.12.2009 6'811.8 5'794.6 1.48x 3.19x 2'522.0 1'989.2 3.99x 9.29x 1'608.5 984.7 8.00x 19.92x Profitability

31.12.2010 6'867.3 3.06x 2'397.5 8.77x 1'175.3 18.89x

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

j-12

f-12

3'547.54 2'684.06 27.51% 28.45% 11.71% 15.87% 15.43% 0.63% 33.5% 33.4% 25.0% 20.4% 2.37 1.38 2.58% 3.50% 43.98 5.84

LTM-4Q

LTM

01/yy

01/yy -

m-12

a-12

m-12

j-12

a-12

s-12

o-12

FY+1 -

4.10 0.99 1'665.36 -20.93% -6.35% 0.987 21 4.333 6'212'252 7'542'176 8'640'047 FY+2

12/12 Y 12/13 Y 10'706.4 12'221.9 1.48x 1.22x 3'684.1 4'097.7 4.70x 4.23x 1'874.9 2'108.8 9.29x 8.41x S&P Issuer Ratings

FQ+1

FQ+2

132.43 60.43 -0.60 0.13 3.5% 3.0% 0.63 1.01 8.32 62.63 21.08 61.87

Sales/Revenue/Turnover

1.20

12'000.0

1.00

10'000.0

0.80

8'000.0

0.60

.0 M d-11

Fiscal Year Ended 31.12.2007 4'340.4 4.45x 2'047.3 9.44x 1'448.3 15.21x

15.0 M

12/2011 01/yy 6.56 4.18 4'024'720.00 4.87 -25.76% 16.51% 28.99% 1'771.0 22'450.70 425.00 0.0 1'430.7 2'836.12 17'326.15

6'000.0 4'000.0

0.40

2'000.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

China BlueChemical Ltd Holdings By:

All

Holder Name BLACKROCK COMMONWEALTH BANK OF FIRST STATE INVESTME JP MORGAN GOVT OF SINGAPORE IN MONDRIAN INVESTMENT BANK OF NEW YORK MEL BANK OF NEW YORK MEL VALUE PARTNERS LIMIT VANGUARD GROUP INC WILLIAM BLAIR & COMP DWS INVESTMENT S A AGF INVESTMENTS INC VAN ECK ASSOCIATES C FIRST STATE INVESTME MANULIFE FUNDS DIREC GARTMORE GROUP LTD AIG INVESTMENT CORP SHINHAN BNP PARIBAS MACQUARIE GROUP LTD

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

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

Analyst WANG AOCHAO ALBERT MIAO DAVID HURD CAROL JIN TEAM COVERAGE AKHIL HANDA DUKE SUTTIKULPANICH LAURA SHI BIN GUAN HE WEI RITA WU JACK LU GORDON WAI KENNY TANG SING HING XU HAITAO ZHANG ZHIBIN YANG SHENKANG XU JINGSHUN STEVEN LU GRACE LIU

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

Recommendation buy buy buy Buy/Cautious buy overweight in-line outperform accumulate long-term buy overweight underperform buy buy buy buy add buy buy accumulate

Amt Held % Out 193'093'580 10.9 176'296'000 9.95 152'852'000 8.63 139'721'867 7.89 106'479'765 6.01 89'810'000 5.07 88'751'779 5.01 (87'533'339) -4.94 81'730'000 4.61 72'701'480 4.11 59'282'609 3.35 57'138'398 3.23 35'639'175 2.01 26'574'000 1.5 23'444'000 1.32 21'044'000 1.19 15'088'000 0.85 15'050'000 0.85 14'574'000 0.82 13'139'000 0.74

Weighting

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

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

Latest Chg 1'602'000 11'020'000 8'268'000 (8'000) 1'675'022 12'516'000 442'000 (1'383'658) (24'000) 2'752'000 (660'000)

Target Price 7 7 6 7 #N/A N/A 8 6 6 6 6 8 5 7 5 7 7 7 8 9 6

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

File Dt Inst Type 09.11.2012 Investment Advisor 31.07.2012 Bank 31.07.2012 Mutual Fund Manager 22.10.2012 Unclassified 27.08.2012 Government 31.12.2011 Hedge Fund Manager 18.07.2012 Investment Advisor 18.07.2012 Investment Advisor 18.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.03.2012 Investment Advisor 12.11.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Unclassified 30.09.2012 Investment Advisor 31.12.2010 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 19.10.2012 18.10.2012 09.10.2012 28.09.2012 24.09.2012 29.08.2012 25.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 21.08.2012 21.08.2012 19.07.2012 22.06.2012 17.04.2012 02.04.2012 06.12.2011 26.07.2011 09.08.2010

11.03.2013

Chiquita Brands International Inc Chiquita Brands International, Inc. markets, produces, and distributes fresh bananas and other fresh produce. The Company also distributes and markets fresh-cut fruit and other branded fruit products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (25.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CQB UN EQUITY YTD Change CQB UN EQUITY YTD % CHANGE

12/2011 09/yy 9.80 4.63 28'702.00 6.71 -31.53% 44.92% 40.81% 46.3 310.72 572.48 0.0 0.0 45.26 860.97

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 n-11

31.12.2008 31.12.2009 3'609.4 3'470.4 0.35x 0.39x 163.5 205.5 7.81x 6.54x (328.7) 90.5 14.63x 7.33x Profitability

LTM-4Q 31.12.2010 3'227.4 0.34x 139.1 8.00x 57.4 22.61x

31.12.2011 3'139.3 0.29x 139.8 6.50x 56.8 4.61x 139.80 78.87 2.51% -0.81% -4.44% -11.52% 1.54% 14.3% 2.4% 0.3% 1.8% 1.84 0.81 29.54% 71.55% 10.48 11.72

Price/ Cash Flow

09/yy 3'190.6 1.32x 136.2 6.41x 53.2 43.89x

j-12

f-12

m-12

a-12

LTM 09/yy 3'062.6 0.85x 71.7 0.00x (88.6) 0.00x

m-12

j-12

a-12

s-12

o-12

FY+1

1.30 43.19 3.11 -28.46% -18.67% 1.300 5 3.400 143'825 196'851 146'000 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'050.0 3'092.3 709.0 806.0 89.9 167.0 7.0 51.4 9.58x 5.16x 5.89x 5.31x (19.9) 44.5 (15.8) 19.9 6.92x 9.65x 6.95x S&P Issuer Ratings

03.09.2009 B NEG 2.71 1.25 7.64 8.15 71.6% 41.7% 1.54 8.23 34.94 31.22 38.51 26.82

Sales/Revenue/Turnover

80.00

5'000.0

70.00

4'500.0 4'000.0

60.00

3'500.0

50.00

3'000.0

40.00

2'500.0 2'000.0

30.00

1'500.0

20.00

1'000.0

10.00

500.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 3'464.7 0.44x 131.8 11.58x (49.0) -

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Chiquita Brands International Inc Holdings By:

All

Holder Name FMR LLC DIMENSIONAL FUND ADV BLACKROCK SKAGEN FUNDS VANGUARD GROUP INC SKAGEN AS SHAH CAPITAL MANAGEM PRINCIPLED ASSET ADM NORTHERN TRUST CORPO LSV ASSET MANAGEMENT ROBECO INVESTMENT MG AGUIRRE FERNANDO TOWLE & CO AMERIPRISE FINANCIAL INVESCO LTD WYNNEFIELD CAPITAL M STATE STREET CORP COLUMBIA MANAGEMENT FARALLON CAPITAL MAN KILLEN GROUP INC

Firm Name Janney Montgomery Scott LLC Jefferies BB&T Capital Markets Imperial Capital LLC EVA Dimensions

Portfolio Name n/a DIMENSIONAL FUND ADV n/a n/a VANGUARD GROUP INC Multiple Portfolios SHAH CAPITAL MANAGEM n/a NORTHERN TRUST CORPO LSV ASSET MANAGEMENT ROBECO INVESTMENT MA n/a TOWLE & CO AMERIPRISE FINANCIAL INVESCO LTD WYNNEFIELD CAPITAL I STATE STREET CORPORA Multiple Portfolios FARALLON CAPITAL MAN THE KILLEN GROUP INC

Analyst JONATHAN P FEENEY SCOTT A MUSHKIN HEATHER L JONES MARY ROSS-GILBERT TEAM COVERAGE

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

Recommendation buy hold buy outperform underweight

Amt Held 6'087'601 3'457'423 2'706'645 2'284'610 2'218'082 1'691'216 1'651'634 1'623'683 1'457'214 1'388'086 1'273'380 1'248'822 1'008'570 963'903 945'937 915'000 861'803 811'310 756'727 710'097

% Out 13.15 7.47 5.85 4.93 4.79 3.65 3.57 3.51 3.15 3 2.75 2.7 2.18 2.08 2.04 1.98 1.86 1.75 1.63 1.53

Weighting

Change 5 3 5 5 1

U M U U D

Latest Chg (149'490) (43'888) 225'594 (37'641) (700'773) (16'418) 46'105 (1'800) (764'390) (18'146) (14'459) (274'143) 900'657 340'000 (35'172) (700) (266'661)

Target Price 15 6 9 8 #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 28.09.2012 30.06.2012 28.09.2012 30.09.2012 28.01.2010 30.06.2012 30.06.2012 30.09.2012 23.08.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 28.09.2012 30.06.2012 30.09.2012

Date 12 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor

Date 08.11.2012 26.10.2012 19.09.2012 15.08.2012 30.11.2011

11.03.2013

CNH Global NV CNH Global N.V. designs, manufactures, and distributes a full line of agricultural and construction equipment. The Company also provides equipment financing services. CNH Global's products are sold through dealers and distributors on a worldwide basis.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/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 CNH UN EQUITY YTD Change CNH UN EQUITY YTD % CHANGE

12/2012 09/yy 48.76 27.41 92'011.00 44.2 -9.35% 61.25% 76.21% 30.5 10'716.07 4'288.00 0.0 69.0 827.00 14'246.07

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

31.12.2009 31.12.2010 13'760.0 15'608.0 0.44x 0.84x 1'412.0 1'983.0 4.27x 6.65x (190.0) 452.0 23.06x Profitability

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2011 19'185.0 0.62x 2'616.0 4.56x 939.0 9.42x

31.12.2012 20'447.0 0.65x 2'876.0 4.62x 1'142.0 8.34x 2'876.00 2'419.00 11.83% 7.61% 3.29% 13.90% 6.28% 0.59% 23.9% 14.1% 11.8% 5.6% 1.49 0.80 50.99% 210.72% 2.23 4.21

Price/ Cash Flow

LTM

09/yy 18'199.0 5.24x 2'537.0 8.39x 955.0 6.68x

09/yy 20'301.0 4.98x 2'834.0 9.12x 1'140.0 8.25x

FY+1

22.62 1.65 1.20 36.61% 9.70% 1.650 8 3.250 119'831 107'106 125'794 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 20'230.0 20'687.2 4'476.6 5'365.0 0.92x 0.85x 2'299.4 2'394.0 432.5 620.5 6.21x 5.96x 6.46x 6.47x 1'184.1 1'254.8 211.8 345.5 9.03x 8.53x 8.91x 8.96x S&P Issuer Ratings

01.10.2010 BB+ STABLE 4.26 2.73 1.01 1.30 210.7% 67.6% 0.59 9.84 164.01 86.95 67.56 183.40

Sales/Revenue/Turnover

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 02.01.2009

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Fiscal Year Ended 31.12.2008 18'476.0 0.44x 2'676.0 3.07x 825.0 4.36x

50 45 40 35 30 25 20 15 10 5 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

CNH Global NV Holdings By:

All

Holder Name FIAT SPA GAMCO VAN ECK ASSOCIATES C BLACKROCK CITADEL ADVISORS LLC SKAGEN AS ALLIANZ ASSET MANAGE CLAYMORE INVESTMENTS CLEARBRIDGE ADVISORS LEGG MASON INC TIAA CREF INVESTMENT BANK OF AMERICA CORP TODD-VEREDUS ASSET M TEACHERS RETIREMENT FRANKLIN RESOURCES STATE STREET CORP ZADIG GESTION (LUXEM D E SHAW & COMPANY I VANGUARD GROUP INC NORGES BANK

Firm Name William Blair & Co ISI Group JPMorgan Credit Agricole Securities (USA) Jefferies Piper Jaffray Berenberg Bank Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a VAN ECK ASSOCIATES C n/a CITADEL ADVISORS LLC Multiple Portfolios n/a Multiple Portfolios CLEARBRIDGE ADVISORS Multiple Portfolios TIAA-CREF INVESTMENT BANK OF AMERICA TODD-VEREDUS ASSET M TEACHERS RETIREMENT n/a STATE STREET CORPORA Multiple Portfolios D E SHAW & CO VANGUARD GROUP INC NORGES BANK

Analyst LAWRENCE T DE MARIA DAVID RASO ANN DUIGNAN ASHISH GUPTA STEPHEN VOLKMANN MICHAEL E COX ALEXANDER VIRGO JERRY REVICH TEAM COVERAGE

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

Recommendation market perform hold restricted buy hold neutral sell not rated hold

Amt Held 211'866'037 4'538'112 3'638'212 2'507'600 1'784'044 1'644'161 695'970 631'143 576'316 515'886 500'892 453'297 369'511 365'000 312'000 279'243 273'338 223'682 200'857 192'891

% Out 88.38 1.89 1.52 1.05 0.74 0.69 0.29 0.26 0.24 0.22 0.21 0.19 0.15 0.15 0.13 0.12 0.11 0.09 0.08 0.08

Weighting

Change

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

M M M M M M N M U

Latest Chg 53'300 (325'837) (887'436) 1'205'641 378'204 (14'961) 71'663 (5'714) 3'000 32'700 152'586 142 (108'200) (21'637) (13'520) 112'964 1'862 192'891

Target Price 50 49 #N/A N/A 55 44 48 32 #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 15.10.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 28.09.2012 30.09.2012 31.10.2011 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.09.2012 30.09.2012 30.09.2012 30.06.2012 29.06.2012 30.06.2012 30.06.2012 31.12.2011

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

Inst Type Corporation Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Government

Date 09.11.2012 08.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 14.09.2012 30.05.2012 26.03.2012

11.03.2013

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

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (11.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CZZ UN EQUITY YTD Change CZZ UN EQUITY YTD % CHANGE

03/2012 09/yy 21.49 11.27 73'898.00 20.93 -2.61% 85.71% 95.40% 174.4 5'665.49 5'199.39 0.0 3'904.3 1'654.15 20'558.42

.8 M

.6 M

.4 M

.2 M

2 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

1.4 M

16 14

Valuation Analysis

31.03.2008 2'725.3 2.68x 179.0 40.85x 30.3 147.33x

31.03.2009 31.03.2010 5'790.0 15'499.9 0.93x 0.79x 478.7 1'509.8 11.29x 8.16x (372.1) 621.0 7.67x Profitability

LTM-4Q 31.03.2011 18'063.5 0.80x 2'701.0 5.34x 470.9 12.06x

31.03.2012 24'096.9 0.61x 1'992.3 7.42x 1'181.3 6.15x 1'992.33 849.55 3.53% 13.71% 1.29% 5.46% 1.06% 10.9% 8.0% 3.6% 4.9% 2.29 1.26 23.45% 93.22% 24.26 16.01

Price/ Cash Flow

LTM

09/yy 27'078.2 1.89x 2'892.7 4.23x 1'431.4 3.33x

09/yy 25'262.5 1.72x 1'292.6 0.00x 416.9 26.54x

FY+1

1.07 164.33 1.11 49.83% 20.91% 1.068 11 4.455 307'852 307'053 284'234 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 28'510.7 34'276.3 8'224.0 0.79x 0.64x 2'943.7 3'881.3 818.0 6.99x 5.30x 711.0 747.0 136.0 20.15x 14.92x S&P Issuer Ratings

21.10.2010 BB POS 3.39 0.69 1.99 2.94 93.2% 35.4% 1.06 3.38 15.09 22.86 12.38 14.03

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.03.2013

Cosan Ltd Holdings By:

All

Holder Name GIF GESTAO DE INVEST HIGHBRIDGE CAPITAL M JANUS CAPITAL MANAGE BLACKROCK SKAGEN AS QUELUZ HOLDINGS LIMI ACADIAN ASSET MANAGE VAN ECK ASSOCIATES C ASHMORE EMM LLC MSOR PARTICIPACOES S OSTERWEIS CAPITAL MA BNP PARIBAS INV PART OSTERWEIS CAPITAL MA CREDIT AGRICOLE SA CARMIGNAC GESTION LU FRANK RUSSELL TRUST PICTET ASSET MANAGEM JP MORGAN INVESTMENT AMERIPRISE FINANCIAL CREDIT SUISSE AG

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

Portfolio Name n/a HIGHBRIDGE CAPITAL M n/a n/a Multiple Portfolios n/a ACADIAN ASSET MANAGE VAN ECK ASSOCIATES C ASHMORE EMM LLC n/a Multiple Portfolios n/a PROF MANAGED-OSTERWE CREDIT AGRICOLE SA Multiple Portfolios FRANK RUSSELL COMPAN PICTET ASSET MANAGEM Multiple Portfolios AMERIPRISE FINANCIAL CREDIT SUISSE AG

Analyst PAULA KOVARSKY PEDRO J RICHARDS TEAM COVERAGE PEDRO HERRERA THIAGO DUARTE AURO ROZENBAUM JAVIER MARTINEZ CHRISTIAN AUDI LUCAS FERREIRA MATTHEW T FARWELL

Source 20F 13F ULT-AGG ULT-AGG MF-AGG 13D 13F 13F 13F 13D MF-AGG ULT-AGG MF-USA 13F MF-AGG 13F 13F MF-AGG 13F 13F

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

Amt Held 39'445'393 31'666'700 14'336'904 10'405'656 10'319'782 7'941'111 6'586'945 2'831'398 2'118'199 1'811'250 1'773'863 1'758'147 1'739'298 1'642'468 1'379'358 1'332'493 1'326'836 1'235'041 1'005'995 995'927

% Out 22.62 18.16 8.22 5.97 5.92 4.55 3.78 1.62 1.21 1.04 1.02 1.01 1 0.94 0.79 0.76 0.76 0.71 0.58 0.57

Weighting

Change

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

M M U M M M U M M R

Latest Chg (2'793'346) (989'927) 44'712 (212'240) (1'599'200) (71'318) (217'000) 875'612 (826'831) 282'332 400'425 516'919

Target Price 25 #N/A N/A #N/A N/A 18 21 18 16 22 #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 31.03.2012 30.06.2012 30.06.2012 30.06.2012 28.09.2012 19.10.2012 30.09.2012 30.09.2012 31.03.2012 19.10.2012 28.09.2012 30.06.2012 28.09.2012 30.06.2012 28.09.2012 30.09.2012 30.09.2012 31.12.2011 30.06.2012 30.06.2012

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

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Holding Company Hedge Fund Manager Investment Advisor Investment Advisor Other Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor

Date 08.11.2012 24.10.2012 22.10.2012 17.09.2012 24.08.2012 08.08.2012 29.06.2012 16.03.2012 01.07.2011 06.12.2010

11.03.2013

Cresud SACIF y A Cresud SACIF y A is an Argentine agricultural company, with a growing presence in Latin American countries, engaged in a range of activities including crop production, cattle raising and milk production. The Company's business model, rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the acquisition, development and exploitation of agricultural properties.

Price/Volume

06/2012 06/yy 13.37 6.69 3'378.00 9.16 -31.49% 36.92% 37.87% 50.2 459.43 3'883.18 0.0 1'990.8 586.60 -

Price/ Cash Flow

.3 M

.2 M

6 4

.1 M

0 n-11

30.06.2009 30.06.2010 1'427.2 1'882.4 2.99x 2.99x 345.6 769.5 12.35x 7.32x 124.6 185.4 Profitability

.0 M d-11

LTM-4Q 30.06.2011 2'540.3 3.34x 921.6 9.20x 212.6 -

30.06.2012 3'457.8 2.23x 893.3 8.62x 78.3 893.34 654.49 18.93% 5.38% 0.80% 3.66% 6.89% 0.35% 35.6% 28.4% 18.9% 2.3% 0.92 0.55 39.81% 188.20% 6.84 3.44

06/yy 2'540.3 12.04x 994.5 8.52x 212.6 0.00x

j-12

f-12

m-12

a-12

LTM 06/yy 2'222.8 10.87x 606.4 0.00x 78.3 0.00x

m-12

j-12

a-12

s-12

o-12

FY+1

1.00 0.16 -20.45% 10.10% 1.002 3 3.667 41'537 22'741 18'499 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'973.0 3'137.5 661.0 891.0 2.58x 2.41x 1'188.5 1'307.0 117.1 224.5 14.4 32.8 5.20x 2.80x 20.64x 17.52x S&P Issuer Ratings

2.21 1.61 3.36 3.96 188.2% 48.9% 0.35 0.66 53.53 106.49 76.47 83.55

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

.2 M

Fiscal Year Ended

.3 M

12 8

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRESY UW EQUITY YTD Change CRESY UW EQUITY YTD % CHANGE

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

.4 M

14 10

Valuation Analysis

30.06.2008 322.4 6.58x 50.1 42.35x 22.9 -

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 |

11.03.2013

Cresud SACIF y A Holdings By:

All

Holder Name TRADEWINDS GLOBAL IN MACQUARIE GROUP LTD GLOBAL THEMATIC PART D E SHAW & COMPANY I DWS INVESTMENT S A HORIZON KINETICS PARAMETRIC PORTFOLIO DEUTSCHE BANK AG VAN ECK ASSOCIATES C ODYSSEY REINS CO FAIRFAX FINANCIAL HO CREDIT SUISSE AG RUANE CUNNIFF & GOLD WARBURG INVEST LUXEM NUVEEN ASSET MANAGEM EATON VANCE ADVISORS BANK OF NEW YORK MEL RENAISSANCE TECHNOLO BOGLE INVESTMENT MAN OLD MUTUAL

Firm Name Raymond James HSBC Grupo Santander EVA Dimensions

Portfolio Name TRADEWINDS GLOBAL IN n/a GLOBAL THEMATIC PART D E SHAW & CO Multiple Portfolios n/a PARAMETRIC PORTFOLIO DEUTSCHE BANK AKTIEN VAN ECK ASSOCIATES C ODYSSEY REINS CO FAIRFAX FINANCIAL HO CREDIT SUISSE AG RUANE CUNNIFF & GOLD Multiple Portfolios Multiple Portfolios Multiple Portfolios BANK OF NEW YORK MEL RENAISSANCE TECHNOLO BOGLE INVESTMENT MAN n/a

Analyst PEDRO J RICHARDS PEDRO HERRERA WALTER CHIARVESIO TEAM COVERAGE

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

Recommendation market perform overweight buy hold

Amt Held 2'047'512 1'879'565 1'591'495 1'403'111 1'371'605 1'049'354 1'043'972 932'149 764'434 723'012 723'012 614'262 605'247 577'000 231'659 186'476 183'987 182'117 176'733 169'100

% Out 4.08 3.75 3.17 2.8 2.73 2.09 2.08 1.86 1.52 1.44 1.44 1.22 1.21 1.15 0.46 0.37 0.37 0.36 0.35 0.34

Weighting

Change 3 5 5 3

M M U M

Latest Chg (2'380'321) (50'300) 14'417 3'168 (192'607) (68'329) (112'996) (112'996) 94'197 2'000 86'598 15'431 2'427 176'733 -

Target Price #N/A N/A 17 15 #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 30.09.2012 30.06.2012 28.09.2012 30.06.2012 30.09.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 28.09.2012 30.09.2012 31.08.2012 30.09.2012 30.06.2012 30.06.2012 30.09.2012

Date Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Unclassified

Date 11.11.2012 17.09.2012 13.12.2011 18.11.2011

11.03.2013

Darling International Inc Darling International Inc. collects and recycles animal processing by-products and used restaurant cooking oil. The Company also provides grease trap collection services to restaurants. Darling processes such raw materials into finished products such as tallow, meat and bone meal, and yellow grease for sale in the United States and overseas.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DAR UN EQUITY YTD Change DAR UN EQUITY YTD % CHANGE

12/2012 09/yy 18.80 13.71 20'573.00 16.79 -10.69% 22.47% 63.26% 117.8 1'977.67 280.03 0.0 0.0 38.94 2'140.22

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

31.12.2009 31.12.2010 597.8 724.9 1.09x 2.65x 96.2 114.4 6.79x 16.78x 41.8 44.2 16.43x 21.08x Profitability

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2011 1'797.2 1.00x 393.5 4.57x 169.4 9.04x

31.12.2012 1'701.4 317.1 130.8 14.00x 317.11 231.74 13.62% 12.15% 8.94% 13.57% 11.83% 1.16% 27.6% 18.6% 13.6% 7.7% 1.73 1.06 19.76% 30.43% 17.04 18.96

Price/ Cash Flow

10/yy 1'593.6 5.13x 347.4 5.05x 149.9 8.74x

LTM 09/yy 1'707.4 4.98x 325.9 7.11x 131.5 16.48x

FY+1

0.00 1.14 115.01 2.79 -2.27% 4.68% 1.139 8 3.500 138'588 152'014 179'041 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'730.6 1'768.5 404.4 433.6 1.19x 1.08x 328.0 341.5 76.4 81.4 6.52x 6.26x 6.52x 6.85x 139.3 151.7 30.9 33.0 13.99x 13.09x 14.23x 14.13x S&P Issuer Ratings

29.03.2012 BB+ STABLE 13.18 8.97 0.50 0.77 30.4% 23.3% 1.16 4.07 21.36 19.20 19.17 13.74

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0 1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 09.01.2009

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Fiscal Year Ended 31.12.2008 807.5 0.58x 133.0 3.55x 54.6 7.70x

20 18 16 14 12 10 8 6 4 2 0 n-11

0.0 09.07.2009

09.01.2010

09.07.2010

09.01.2011

09.07.2011

09.01.2012

09.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Darling International Inc Holdings By:

All

Holder Name BLACKROCK SOUTHERNSUN ASSET MA VANGUARD GROUP INC FMR LLC GATES CAPITAL MANAGE NEUBERGER BERMAN LLC VERITABLE LP GW CAPITAL INCORPORA THOMSON HORSTMANN & ROYCE AND ASSOCIATES STATE STREET CORP GUGGENHEIM GLOBAL THEMATIC PART JENNISON ASSOCIATES NORTHERN TRUST CORPO DWS INVESTMENT S A VAN ECK ASSOCIATES C CAMBIAR INVESTORS LL ARTISAN PARTNERS HOL GOLDMAN SACHS GROUP

Firm Name BMO Capital Markets Stephens Inc Avondale Partners LLC JMP Securities Kansas City Capital Associates Ardour Capital Canaccord Genuity Corp Maxim Group LLC EVA Dimensions

Portfolio Name n/a SOUTHERNSUN ASSET MA VANGUARD GROUP INC n/a GATES CAPITAL MANAGE NEUBERGER BERMAN GRO VERITABLE LP GW CAPITAL INCORPORA THOMSON HORSTMANN & ROYCE & ASSOCIATES L STATE STREET CORPORA n/a GLOBAL THEMATIC PART JENNISON ASSOCIATES NORTHERN TRUST CORPO Multiple Portfolios VAN ECK ASSOCIATES C CAMBIAR INVESTORS LL ARTISAN PARTNERS LP GOLDMAN SACHS GROUP

Analyst KENNETH B ZASLOW FARHA ASLAM DANIEL J MANNES SHAWN M SEVERSON TYSON BAUER JINMING LIU JOHN S QUEALY WILLIAM D BREMER TEAM COVERAGE

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

Recommendation market perform overweight market perform market perform outperform hold hold hold buy

Amt Held 9'339'519 7'201'867 6'841'183 6'434'700 4'937'430 3'050'735 2'949'837 2'797'134 2'570'855 2'460'832 2'369'853 2'221'788 2'221'783 2'159'387 2'150'564 1'902'531 1'846'817 1'663'470 1'635'600 1'625'476

% Out 7.93 6.12 5.81 5.46 4.19 2.59 2.5 2.38 2.18 2.09 2.01 1.89 1.89 1.83 1.83 1.62 1.57 1.41 1.39 1.38

Weighting

Change 3 5 3 3 5 3 3 3 5

M M M M M D M M M

Latest Chg 444'941 (79'224) 264'770 (5'500) 1'740'911 (80'463) 397 201'332 (170'158) (965'000) (83'541) 563'490 419'347 (244'241) 468'092 14'491 (166'891) 34'661 (43'300) 835'438

Target Price 17 19 17 #N/A N/A 23 18 17 #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 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 09.11.2012 09.11.2012 18.11.2011

11.03.2013

Deere & Co Deere & Company manufactures and distributes a range of agricultural, construction and forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DE UN EQUITY YTD Change DE UN EQUITY YTD % CHANGE

10/2012 07/yy 95.60 69.51 120'070.00 91.29 -4.51% 31.33% 81.91% 389.6 35'562.59 5'869.70 0.0 19.9 5'009.40 37'978.68

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

31.10.2009 31.10.2010 22'793.4 25'548.3 0.84x 1.27x 2'011.7 3'625.0 9.52x 8.97x 873.5 1'865.0 16.04x 16.52x Profitability

3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M d-11

LTM-4Q 31.10.2011 31'546.9 0.98x 4'810.5 6.41x 2'799.9 11.45x

31.10.2012 35'656.6 0.95x 5'424.5 6.27x 3'064.7 11.20x

5'424.50 4'420.30 12.40% 13.27% 6.13% 44.66% 9.09% 0.70% 28.2% 15.9% 13.1% 8.6% 0.89 0.52 57.62% 473.84% 10.01 4.34

Price/ Cash Flow

j-12

f-12 m-12

LTM

07/yy 30'181.4 7.59x 4'544.1 12.02x 2'587.5 12.91x

a-12 m-12

07/yy 34'480.3 6.54x 5'302.3 10.63x 3'046.7 10.23x

j-12

a-12

s-12

o-12

FY+1

2.02 1.14 389.22 6.87 16.47% 5.64% 1.140 24 4.333 697'738 670'538 647'666 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 36'025.9 37'121.4 10'033.7 9'575.1 1.37x 1.31x 6.29x 6.52x 5'794.8 6'017.7 1'847.0 1'480.0 6.55x 6.31x 6.36x 6.14x 3'347.2 3'450.3 1'058.7 846.3 10.65x 10.13x 10.82x 10.67x S&P Issuer Ratings

14.12.2006 A STABLE 14.12.2006 A-1 28.05 17.08 0.42 1.14 473.8% 82.5% 0.70 5.25 36.55 84.26 96.96 73.75

Sales/Revenue/Turnover

70.00

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 31.10.2008

4.0 M

Fiscal Year Ended 31.10.2008 28'053.2 0.59x 3'698.6 4.50x 2'052.8 8.08x

100 90 80 70 60 50 40 30 20 10 0 n-11

0.0 30.04.2009

31.10.2009

30.04.2010

31.10.2010

30.04.2011

31.10.2011

30.04.2012

31.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Deere & Co Holdings By:

All

Holder Name CASCADE INVESTMENT L BLACKROCK VANGUARD GROUP INC CAPITAL WORLD INVEST STATE STREET CORP WELLINGTON MANAGEMEN BAILLIE GIFFORD AND EATON VANCE MANAGEME NORTHERN TRUST CORPO BANK OF AMERICA CORP VAN ECK ASSOCIATES C BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA GAMCO LSV ASSET MANAGEMENT NORGES BANK CAPITAL RESEARCH GLO GEODE CAPITAL MANAGE MORGAN STANLEY EPOCH INVESTMENT PAR

Firm Name Wells Fargo Securities, LLC Longbow Research William Blair & Co BMO Capital Markets Edward Jones ISI Group Piper Jaffray RBC Capital Markets Jefferies Robert W. Baird & Co Janney Montgomery Scott LLC Barclays Argus Research Corp Credit Agricole Securities (USA) Morgan Stanley Goldman Sachs Credit Suisse JPMorgan S&P Capital IQ EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC CAPITAL WORLD INVEST STATE STREET CORPORA WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO EATON VANCE MANAGEME NORTHERN TRUST CORPO BANK OF AMERICA VAN ECK ASSOCIATES C BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA n/a LSV ASSET MANAGEMENT NORGES BANK CAPITAL RESEARCH GLO GEODE CAPITAL MANAGE n/a EPOCH INVESTMENT PAR

Analyst ANDREW M CASEY ELI S LUSTGARTEN LAWRENCE T DE MARIA JOEL G TISS MATT ARNOLD DAVID RASO MICHAEL E COX SETH R WEBER STEPHEN VOLKMANN ROBERT F MCCARTHY JR RYAN M CONNORS ANDY KAPLOWITZ WILLIAM V SELESKY ASHISH GUPTA VANCE EDELSON JERRY REVICH JAMIE L COOK ANN DUIGNAN MICHAEL JAFFE TEAM COVERAGE

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

Recommendation market perform buy market perform outperform buy hold overweight sector perform hold neutral neutral overweight buy buy Underwt/In-Line neutral/neutral outperform underweight hold buy

Amt Held 24'508'573 23'466'471 16'468'837 15'406'300 14'430'862 9'367'165 7'698'726 5'808'027 5'639'969 5'536'490 4'600'209 4'445'281 3'540'677 3'347'018 2'934'650 2'932'441 2'800'000 2'468'896 2'381'309 2'307'742

% Out 6.26 5.99 4.2 3.93 3.68 2.39 1.97 1.48 1.44 1.41 1.17 1.13 0.9 0.85 0.75 0.75 0.71 0.63 0.61 0.59

Weighting

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

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

Latest Chg (645'453) (278'002) (1'350'000) 34'163 923'643 2'348 (254'192) 394'766 858'829 31'676 (75'475) 927'955 (10'514) 1'727'530 2'932'441 18'553 (664'927) 254'369

Target Price #N/A N/A 95 80 89 #N/A N/A 90 104 86 70 80 80 97 93 105 77 79 90 74 84 #N/A N/A

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

File Dt Inst Type 23.08.2011 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Unclassified 30.06.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 02.10.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

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

Date 12.11.2012 12.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 31.10.2012 24.10.2012 15.10.2012 10.10.2012 04.10.2012 24.09.2012 23.08.2012 16.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 15.08.2012 18.11.2011

11.03.2013

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

10.0 M 8.0 M 6.0 M

12/2012 09/yy 2.23 1.51 7'141'000.00 1.79 -19.73% 18.54% 38.89% 1'584.1 2'835.49 538.17 0.0 51.2 404.74 2'454.09

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.08.2012) 52-Week Low (25.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 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

31.12.2008 289.5 1.69x 161.0 3.04x 113.6 3.33x

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 4.65x 320.7 8.74x 237.1 10.81x

320.70 295.39 48.95% 54.08% 13.82% 23.81% 17.92% 0.35% 63.3% 53.4% 49.2% 39.3% 4.29 3.29 27.87% 48.64% 22.03 4.54

Price/ Cash Flow

09/yy 454.1 15.48x 268.2 6.00x 189.1 7.33x

LTM 09/yy 627.5 15.41x 348.7 8.20x 241.8 10.80x

FY+1

0.90 495.13 -0.74% -11.39% 0.896 16 4.875 3'214'400 2'186'933 2'278'246 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 724.7 868.4 3.31x 2.65x 367.7 421.8 6.67x 5.82x 226.5 260.7 9.81x 8.48x S&P Issuer Ratings

9.34 4.25 0.41 1.67 48.6% 31.7% 0.35 1.78 16.61 80.53 28.64 68.51

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 02.01.2009

100.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

First Resources Ltd Holdings By:

All

Holder Name EIGHT CAPITAL INC DB INTL TRUST SINGAP FMR LLC SCHRODER INVESTMENT VAN ECK ASSOCIATES C WILLIAM BLAIR & COMP FIDELITY INTERNATION ALLIANZ ASSET MANAGE FRANKLIN RESOURCES VANGUARD GROUP INC CITIGROUP GLOBAL MAR AMUNDI LUXEMBOURG SA BLACKROCK UOB ASSET MANAGEMENT PUTNAM INVESTMENT MA MANULIFE FUNDS DIREC TEMPLETON INVESTMENT SEB ROYCE AND ASSOCIATES FIDELITY INVT ASSET

Firm Name Morgan Stanley Credit Suisse JPMorgan HSBC DBS Vickers RHB Research Institute Sdn Bhd Nomura OSK (Asia) Securities Macquarie Standard Chartered Maybank Investment Bank Berhad UOB Kay Hian EVA Dimensions

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

Analyst CHARLES C SPENCER AGUS SANDIANTO YING-JIAN CHAN THILAN WICKRAMASINGHE BEN SANTOSO HOE LEE LENG MUZHAFAR MUKHTAR ALVIN TAI CONRAD WERNER ADRIAN FOULGER ONG CHEE TING TEAM COVERAGE TEAM COVERAGE

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

Recommendation Overwt/Attractive outperform overweight overweight hold outperform buy buy neutral outperform buy buy overweight

Amt Held 1'000'800'130 88'000'000 79'228'835 27'675'000 23'772'000 23'114'758 16'304'153 12'138'000 10'426'000 7'630'125 6'872'000 4'137'000 2'851'000 2'804'000 2'554'000 2'496'000 1'505'000 1'455'000 1'365'000 1'223'000

% Out 63.18 5.56 5 1.75 1.5 1.46 1.03 0.77 0.66 0.48 0.43 0.26 0.18 0.18 0.16 0.16 0.1 0.09 0.09 0.08

Weighting

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

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

Latest Chg (12'000'000) 65'259 6'262'000 (22'000) 5'951'000 3'871'190 1'059'000 389'000 1'288'000 (83'700'000) 123'000 917'000 (31'000) (117'000) 14'000 (9'000)

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

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

File Dt Inst Type 14.06.2012 n/a 16.04.2012 n/a 11.04.2012 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 20.01.2011 Bank 29.06.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Unclassified 31.05.2012 Investment Advisor 28.09.2012 Unclassified 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager

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

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 08.11.2012 07.11.2012 05.11.2012 23.10.2012 06.09.2012

11.03.2013

Glanbia PLC Glanbia plc is an international dairy, consumer foods, and nutritional products company. The Company conducts operations primarily in Ireland, the United Kingdom, and the United States.

Price/Volume 9

1.6 M

1.4 M

1.2 M

1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLB ID EQUITY YTD Change GLB ID EQUITY YTD % CHANGE

12/2011 01/yy 8.90 5.08 148'076.00 8.6 -3.38% 69.32% 88.23% 295.5 2'540.92 711.70 0.0 7.1 231.37 3'109.31

31.12.2007 2'206.6 0.72x 146.3 10.86x 59.8 22.72x

.6 M

3 2

.4 M

.2 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

.8 M

Valuation Analysis

31.12.2008 31.12.2009 2'232.2 1'830.3 0.49x 0.71x 158.9 150.5 6.85x 8.62x 78.4 112.7 8.00x 7.51x Profitability

31.12.2010 2'166.7 0.69x 188.6 7.94x 108.0 9.99x

31.12.2011 2'671.2 0.69x 212.9 8.69x 112.2 12.10x 212.89 160.28 6.00% 5.19% 7.04% 26.61% 13.11% 1.48% 16.4% 8.3% 6.3% 4.2% 1.82 1.05 38.51% 137.98% 6.27

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.00 0.55 151.61 46.20% 2.99% 0.550 5 4.200 344'996 303'094 533'020 FY+2

12/12 Y 12/13 Y 2'688.2 2'316.3 1.10x 1.26x 240.0 236.5 12.96x 13.15x 134.6 154.3 16.29x 15.47x S&P Issuer Ratings

FQ+1

FQ+2

11.07.2005 NR 6.87 5.34 2.47 3.19 138.0% 57.6% 1.48 7.13 58.09 62.13

Sales/Revenue/Turnover

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0 10.00

1'000.0

5.00

0.00 02.01.2009

500.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Glanbia PLC Holdings By:

All

Holder Name GLANBIA CO-OPERATIVE PRUDENTIAL PLC F&C ASSET MANAGEMENT VAN ECK ASSOCIATES C ARTISAN PARTNERS HOL F&C FUND MANAGEMENT FMR LLC BESSEMER GROUP INCOR VANGUARD GROUP INC ACHMEA BELEGGINSFOND HARTFORD INVESTMENTS LBPAM AMERIPRISE FINANCIAL ODIN FORVALTNING AS UNIVERSAL INVESTMENT DJE INVESTMENT SA F&C MANAGEMENT LTD METZLER ASSET MANAGE KBC GROUP NV JP MORGAN

Firm Name Jefferies Goodbody Stockbrokers Ltd Berenberg Bank Dolmen Stockbrokers EVA Dimensions NCB Stockbrokers(ESN) Davy Bloxham Stockbrokers

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

Analyst ALEX HOWSON LIAM IGOE JAMES TARGETT JOHN MULLANE TEAM COVERAGE DARREN GREENFIELD JOHN O'REILLY JOE R GILL

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

Recommendation buy buy buy buy hold buy outperform market weight

Amt Held 160'277'308 11'780'393 8'965'065 4'421'570 1'926'730 1'222'356 1'077'200 851'520 779'623 677'140 638'200 591'702 566'156 410'500 380'200 370'000 347'673 340'000 285'522 258'449

% Out 54.37 4 3.04 1.5 0.65 0.41 0.37 0.29 0.26 0.23 0.22 0.2 0.19 0.14 0.13 0.13 0.12 0.12 0.1 0.09

Weighting

Change 5 5 5 5 3 5 5 3

M M M M U M M M

Latest Chg (197'981) (4'094) 574'523 72'356 682'000 47'844 (878'950) (75'000) (6'839) (1'525'000) 63'000 (65'000) (306'108) -

Target Price 8 8 9 8 #N/A N/A 7 #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 01.03.2011 29.10.2012 24.05.2010 12.11.2012 30.06.2012 31.08.2012 30.09.2012 31.07.2012 30.09.2012 28.09.2012 30.12.2011 31.07.2012 28.09.2012 28.09.2012 29.06.2012 31.08.2012 31.07.2012 31.07.2012 28.09.2012 30.09.2012

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

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 07.11.2012 07.11.2012 07.11.2012 13.09.2012 05.09.2012 22.08.2012 01.08.2012 20.03.2012

11.03.2013

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 1

200.0 M

12/2012 09/yy 0.81 0.59 97'582'000.00 0.605 -24.84% 2.54% 6.98% 12'837.6 7'766.72 1'854.54 0.0 91.6 669.26 7'493.22

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

100.0 M

50.0 M

0 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 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

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 727.2 11.15x 409.6 16.12x

727.15 611.34 10.10% 10.11% 3.26% 4.95% 4.74% 0.48% 26.6% 12.0% 10.1% 6.8% 1.86 0.82 13.96% 21.75% 19.09 5.58

Price/ Cash Flow

09/yy 5'814.2 5.15x 979.9 6.59x 1'689.5 3.31x

LTM 09/yy 5'861.0 5.40x 812.0 9.75x 1'103.9 6.05x

FY+1

1.10 6'424.15 -14.78% -6.92% 1.099 21 3.524 94'700'000 62'306'300 58'498'080 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'919.6 6'536.4 1.20x 1.07x 897.9 995.2 8.35x 7.53x 524.8 583.4 11.26x 10.76x S&P Issuer Ratings

9.64 4.20 1.63 2.55 21.8% 17.7% 0.48 3.21 19.17 65.57 47.50 37.24

Sales/Revenue/Turnover

50.00

7'000.0

45.00

6'000.0

40.00 35.00

5'000.0

30.00

4'000.0

25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Golden Agri-Resources Ltd Holdings By:

All

Holder Name FLAMBO INTERNATIONAL VAN ECK ASSOCIATES C BLACKROCK ROBECO INVESTOR SERV CARMIGNAC GESTION VANGUARD GROUP INC JF ASSET MANAGEMENT FIDELITY INTERNATION ROYAL BANK OF CANADA GRANTHAM MAYO VAN OT ROBECO FUND MANAGEME SCHRODER INVESTMENT AMUNDI LUXEMBOURG SA ALLIANZ ASSET MANAGE LEGG MASON INTERNATI JOHN HANCOCK INVESTM INVESCO LTD PRINCIPAL FINANCIAL PRUDENTIAL FINANCIAL CARMIGNAC GESTION LU

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

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

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

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

Recommendation buy Overwt/Attractive neutral/neutral neutral neutral buy outperform underperform accumulate buy buy outperform trading buy buy underweight buy buy not rated add

Amt Held 6'412'197'897 220'280'663 156'144'812 134'380'000 125'987'817 80'531'331 55'822'000 42'746'019 41'797'700 35'619'000 33'760'488 31'114'764 30'153'912 27'677'382 26'976'000 24'285'323 23'142'981 21'245'479 20'911'300 20'332'338

% Out 49.95 1.72 1.22 1.05 0.98 0.63 0.43 0.33 0.33 0.28 0.26 0.24 0.23 0.22 0.21 0.19 0.18 0.17 0.16 0.16

Weighting

Change

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

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

Latest Chg 342'823'145 (178'000) 670'000 3'500'000 4'544'310 54'322'000 39'307'948 (1'916'000) 6'535'305 306'000 (1'752'000) 752'000 1'252'000 17'200'000 (28'284'161) 8'369'000

Target Price 1 1 1 1 1 1 1 1 1 1 1 1 1 1 #N/A N/A 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 Inst Type 26.07.2012 Unclassified 12.11.2012 Investment Advisor 09.11.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 31.10.2011 Investment Advisor 31.08.2012 Bank 29.02.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2011 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 07.11.2012 07.11.2012 08.10.2012 04.10.2012 25.09.2012 12.09.2012 10.09.2012 10.09.2012 27.08.2012 27.06.2012 14.03.2012 02.02.2012 14.11.2011

11.03.2013

GrainCorp Ltd GrainCorp Limited provides grain industry related services in Australia. The Group provides grain and bulk commodities handling and storage for growers, end users and marketing organizations. The Group also operates grain pools, provides transportation services for bulk commodities along with farming products and flour milling and mixing services.

Price/Volume 14

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

12 10 8

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (12.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GNC AT EQUITY YTD Change GNC AT EQUITY YTD % CHANGE

09/2012 01/yy 12.53 8.05 1'440'528.00 12 -4.24% 49.05% 88.13% 228.9 2'746.27 678.10 0.0 0.0 350.30 3'074.07

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

2 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 30.09.2008 1'527.9 0.61x 32.0 29.00x (19.9) -

30.09.2009 30.09.2010 1'653.5 1'981.8 0.54x 0.84x 114.0 151.1 7.86x 11.05x 63.2 80.2 21.25x 18.15x Profitability

30.09.2011 2'768.6 0.63x 213.5 8.22x 171.6 8.30x

30.09.2012 3'320.5 0.67x 323.9 6.83x 204.9 8.73x

323.90 232.70 7.01% 9.22% 7.48% 14.07% 11.02% 1.21% 9.8% 7.0% 6.2% 1.74 0.76 23.87% 44.02% 13.24 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.91 0.60 151.54 58.80% -2.83% 0.602 12 3.000 1'280'376 711'914 914'781 FY+2

09/13 Y 09/14 Y 3'727.3 3'477.5 0.89x 0.96x 413.0 382.4 7.44x 8.04x 180.0 156.8 14.80x 17.32x S&P Issuer Ratings

FQ+1

FQ+2

7.62 5.08 1.01 2.09 44.0% 30.6% 1.21 3.95 27.64 -

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0 6.00

1'000.0 4.00

500.0

2.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

GrainCorp Ltd Holdings By:

All

Holder Name UBS AG GRAINCORP LTD CITIGROUP GLOBAL MKT ADM GROUP COMPANY DEUTSCHE BANK AG NATIONAL AUSTRALIA B IOOF HOLDINGS LTD AMP LTD DIMENSIONAL FUND ADV ELLERSTON CAPITAL LT AUSTRALIA & NEW ZEAL COMMONWEALTH BANK OF ING GROEP NV DWS INVESTMENT S A DIMENSIONAL FUND ADV VAN ECK ASSOCIATES C VANGUARD INVESTMENTS VANGUARD GROUP INC AXA ROSENBERG INTL PRUDENTIAL FINANCIAL

Firm Name JPMorgan BBY Limited Credit Suisse Octa Phillip Securities Ltd Commonwealth Bank EVA Dimensions Goldman Sachs Macquarie Deutsche Bank Wilson HTM Investment Group Bell Potter

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

Analyst STUART JACKSON DENNIS HULME GRANT SALIGARI PAUL JENSZ JORDAN ROGERS TEAM COVERAGE JAMES HANNAM RIKKI BANNAN MARK WILSON JAMES FERRIER JONATHAN SNAPE

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

Recommendation overweight underperform restricted hold hold underweight neutral/neutral underperform hold sell sell

Amt Held 115'062'295 34'007'984 26'273'106 25'894'906 14'871'773 13'481'102 11'840'118 11'449'659 10'479'249 9'950'968 9'899'954 9'373'022 7'092'324 7'016'908 3'319'853 3'277'839 1'581'301 1'169'539 737'586 728'641

% Out 50.41 14.9 11.51 11.35 6.52 5.91 5.19 5.02 4.59 4.36 4.34 4.11 3.11 3.07 1.45 1.44 0.69 0.51 0.32 0.32

Weighting

Change

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

M M M U M D M M M M M

Latest Chg 2'726'133 549'001 (4'607'471) (91'165) (923'916) (3'005'658) 1'805'497 (3'006) 219'692 125'913 (22'414) 58'495

Target Price 13 13 #N/A N/A 13 13 #N/A N/A 13 13 12 8 7

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

File Dt Inst Type 31.10.2012 Bank 19.10.2012 n/a 19.10.2012 Unclassified 18.10.2012 n/a 24.10.2012 Investment Advisor 31.10.2012 Bank 08.11.2011 Investment Advisor 08.11.2012 Insurance Company 09.10.2012 Investment Advisor 19.10.2012 Corporation 14.09.2011 Bank 28.11.2011 Bank 23.09.2011 Investment Advisor 28.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 12.11.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 28.09.2012 Investment Advisor

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

Date 08.11.2012 05.11.2012 02.11.2012 29.10.2012 25.10.2012 23.10.2012 22.10.2012 22.10.2012 19.10.2012 28.08.2012 22.05.2012

11.03.2013

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

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 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

12/2012 09/yy 1.61 1.15 4'269'000.00 1.18 -26.71% 3.06% 7.53% 1'434.3 1'692.45 6'780'217.00 0.0 9'032'242.0 5'082'296.00 23'860'428.22

8.0 M

6.0 M

4.0 M

2.0 M

0 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

14.0 M

2 1

Valuation Analysis

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

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

1.37 380.08 -24.44% -11.61% 1.369 20 3.850 2'115'000 2'125'233 2'496'230 FY+2

FQ+1

FQ+2

31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'844'891.0 ######### ######### ######### ######### 1.87x 9.35x 7.27x 1.44x 1.31x 3'375'308.0 ######### ######### ######### ######### 7.65x 5.28x 7.69x 6.18x 5.54x 1'049'322.0 ######### ######### ######### ######### 14.39x 7.37x 11.43x 9.92x 8.64x S&P Issuer Ratings 3'375'308.00 Long-Term Rating Date 2'785'715.00 Long-Term Rating 20.12% Long-Term Outlook 17.64% Short-Term Rating Date 3.09% Short-Term Rating 7.89% Credit Ratios 7.51% EBITDA/Interest Exp. 0.41% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 30.1% Total Debt/EBITDA 24.4% Reference 20.1% Total Debt/Equity 7.6% Total Debt/Capital Asset Turnover 1.80 Net Fixed Asset Turnover 1.33 Accounts receivable turnover-days 19.48% Inventory Days 49.15% Accounts Payable Turnover Day 15.25 Cash Conversion Cycle 5.43

Price/ Cash Flow

6.79 1.15 0.50 2.01 49.1% 22.9% 0.41 1.76 24.00 67.42 38.26 53.16

Sales/Revenue/Turnover

50.00

14'000'000.0

45.00

12'000'000.0

40.00 35.00

10'000'000.0

30.00

8'000'000.0

25.00

6'000'000.0

20.00

4'000'000.0

15.00 10.00

2'000'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Indofood Agri Resources Ltd Holdings By:

All

Holder Name INDOFOOD SINGAPORE H VAN ECK ASSOCIATES C INDOFOOD AGRI RESOUR BLACKROCK WELLS FARGO ALLIANZ ASSET MANAGE VANGUARD GROUP INC RIDGEWORTH CAPITAL M HARTFORD INVESTMENT IVY MANAGEMENT INCOR UNION INVESTMENT LUX UOB ASSET MANAGEMENT PICTET CONSEIL EN IN WELLS CAPITAL MANAGE FIRST PACIFIC INVEST MORGAN STANLEY HANDELSBANKEN FONDER FIRST PACIFIC INV BV NIKKO ASSET MANAGEME DIMENSIONAL FUND ADV

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

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

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

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

Recommendation outperform outperform hold outperform underweight hold buy buy buy Overwt/Attractive Buy/Neutral neutral outperform buy buy hold hold reduce

Amt Held 998'200'000 21'561'520 12'000'000 7'394'000 4'624'109 4'080'000 3'406'770 2'157'000 2'001'000 2'000'000 2'000'000 2'000'000 1'909'701 1'175'000 1'125'344 1'108'000 1'000'000 882'444 845'000 819'000

% Out 69.52 1.5 0.84 0.51 0.32 0.28 0.24 0.15 0.14 0.14 0.14 0.14 0.13 0.08 0.08 0.08 0.07 0.06 0.06 0.06

Weighting

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

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

Latest Chg (20'000) 500'000 501'000 (152'892) 1'300'000 127'000 (10'000'000) 1'000'000 -

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

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

File Dt Inst Type 15.03.2011 Other 12.11.2012 Investment Advisor 09.11.2012 Corporation 09.11.2012 Investment Advisor 31.08.2012 Unclassified 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2011 Mutual Fund Manager 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 15.03.2011 Unclassified 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor 15.03.2011 n/a 14.09.2011 Unclassified 31.07.2012 Investment Advisor

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

Date 08.11.2012 07.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 11.10.2012 25.09.2012 01.05.2012 31.10.2011

11.03.2013

Ingredion Inc Ingredion Incorporated refines corn and produces sweeteners and starches. The Company has customers in a wide range of industries, including the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile industries. Ingredion has Company-owned operations, joint ventures, alliances, and technical licenses in countries around the world.

Price/Volume 70

Latest Fiscal Year: LTM as of: 52-Week High (17.01.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INGR UN EQUITY YTD Change INGR UN EQUITY YTD % CHANGE

12/2012 09/yy 70.41 45.30 70'945.00 66.51 -5.54% 46.82% 93.51% 77.3 5'138.96 1'800.00 0.0 22.0 628.00 6'332.96

1.5 M

1.0 M

20 .5 M

10 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

2.0 M

Valuation Analysis

31.12.2008 3'944.0 0.74x 562.0 5.19x 267.0 7.99x

2.5 M

31.12.2009 31.12.2010 3'672.0 4'367.0 0.70x 1.14x 408.0 519.0 6.29x 9.61x 41.0 169.0 14.62x 14.11x Profitability

LTM-4Q 31.12.2011 6'219.0 0.90x 892.0 6.24x 416.0 11.24x

31.12.2012 6'532.1 0.94x 914.6 6.73x 427.5 11.57x

914.60 703.60 10.77% 9.19% 7.84% 18.69% 11.51% 1.20% 18.9% 14.0% 10.8% 6.5% 2.53 1.55 32.19% 73.29% 7.91 6.61

Price/ Cash Flow

09/yy 6'078.6 3.42x 820.0 5.60x 372.6 8.48x

LTM 09/yy 6'435.8 3.46x 895.5 6.12x 411.1 10.57x

FY+1

1.38 1.08 75.00 0.45 17.99% 3.23% 1.076 10 4.200 91'871 126'216 112'236 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'917.5 7'071.2 1'668.0 1'735.7 0.87x 3.76x 3.56x 943.7 1'007.3 221.0 227.7 6.71x 6.29x 6.80x 6.67x 455.7 495.4 104.7 108.7 11.40x 10.36x 11.42x 11.07x S&P Issuer Ratings

24.11.2008 BBB STABLE 13.57 9.06 1.28 1.97 73.3% 42.1% 1.20 3.00 46.25 55.41 47.26 54.40

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Ingredion Inc Holdings By:

All

Holder Name BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC LSV ASSET MANAGEMENT ALLIANZ ASSET MANAGE GOLDMAN SACHS GROUP STATE STREET CORP EPOCH INVESTMENT PAR TIAA CREF INVESTMENT SNYDER CAPITAL MANAG FISHER INVESTMENTS I THRIVENT FINANCIAL F VAN ECK ASSOCIATES C ALBERTA INVESTMENT M RAINIER INVESTMENT M DEUTSCHE BANK AG HIGHLINE CAPITAL MAN ST DENIS J VILLERE & GAMCO PRUDENTIAL FINANCIAL

Firm Name Stephens Inc BMO Capital Markets KeyBanc Capital Markets Davenport & Co Gabelli & Co Morgan Stanley D.A. Davidson & Co BB&T Capital Markets EVA Dimensions

Portfolio Name n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC LSV ASSET MANAGEMENT n/a GOLDMAN SACHS GROUP STATE STREET CORPORA EPOCH INVESTMENT PAR TIAA-CREF INVESTMENT SNYDER CAPITAL MANAG FISHER INVESTMENTS THRIVENT FINANCIAL F VAN ECK ASSOCIATES C ALBERTA INV MGMT COR RAINIER INVESTMENT M DEUTSCHE BANK AKTIEN HIGHLINE CAPITAL MAN ST DENIS J VILLERE & n/a n/a

Analyst FARHA ASLAM KENNETH B ZASLOW AKSHAY S JAGDALE ANN H GURKIN AMON R WILKES VINCENT ANDREWS TIMOTHY S RAMEY HEATHER L JONES TEAM COVERAGE

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

Recommendation overweight outperform hold buy buy Equalwt/Cautious buy buy buy

Amt Held 4'124'600 3'401'603 3'376'350 3'177'794 2'879'594 1'771'056 1'743'018 1'738'675 1'672'571 1'307'694 1'250'994 1'178'873 1'166'146 1'149'264 1'148'540 1'085'243 1'008'000 978'877 860'500 826'715

% Out 5.39 4.44 4.41 4.15 3.76 2.31 2.28 2.27 2.18 1.71 1.63 1.54 1.52 1.5 1.5 1.42 1.32 1.28 1.12 1.08

Weighting

Change 5 5 3 5 5 3 5 5 5

M M M M M M M M U

Latest Chg 176'740 420'959 (337'509) (208'970) (74'087) 410'327 (36'215) (112'927) (1'005'501) 88'930 (103'883) (94'200) (107'331) 108'549 465'490 (210'253) (382'000) 84'447 (59'100) 311'828

Target Price 70 74 #N/A N/A 65 #N/A N/A 60 80 65 #N/A N/A

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

File Dt Inst Type 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Unclassified 30.06.2012 Investment Advisor

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

Date 05.11.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 19.09.2012 03.08.2012

11.03.2013

Intrepid Potash Inc Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The Company also markets langbeinite.

Price/Volume 30

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IPI UN EQUITY YTD Change IPI UN EQUITY YTD % CHANGE

12/2012 09/yy 24.67 17.82 62'868.00 19.35 -21.58% 8.59% 20.30% 75.6 1'461.96 0.00 0.0 0.0 57.75 1'404.21

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

5 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2008 415.3 3.46x 212.4 6.77x 142.7 11.23x

31.12.2009 31.12.2010 301.8 359.3 6.92x 7.46x 110.4 103.8 18.91x 25.82x 55.3 45.3 38.89x 62.15x Profitability

LTM-4Q 31.12.2011 443.0 3.46x 190.2 8.05x 109.4 18.40x

31.12.2012 451.3 6.98x 184.0 17.13x 87.4 18.35x

183.99 136.39 30.22% 30.34% 9.07% 9.84% 9.91% 0.47% 37.7% 40.7% 30.2% 19.4% 2.41 1.32 0.00% 0.00% 14.84 5.18

Price/ Cash Flow

09/yy 434.5 21.26x 190.2 9.09x 102.7 20.73x

LTM 09/yy 445.0 14.01x 187.4 7.94x 97.8 17.32x

FY+1

0.00 1.34 54.72 4.25 -14.90% -9.11% 1.336 15 3.000 177'855 176'574 148'984 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 435.8 503.9 92.1 107.3 3.35x 2.96x 15.40x 13.40x 170.8 225.9 35.3 45.9 8.22x 6.22x 7.78x 6.73x 72.5 98.8 13.4 18.3 20.37x 14.79x 20.35x 17.53x S&P Issuer Ratings

203.30 -68.97 -0.31 0.00 0.0% 0.0% 0.47 0.85 24.66 70.72 26.58 68.80

Sales/Revenue/Turnover

35.00

500.0 450.0

30.00

400.0

25.00

350.0 300.0

20.00

250.0 200.0

15.00

150.0

10.00

100.0 5.00 0.00 02.01.2009

50.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Intrepid Potash Inc Holdings By:

All

Holder Name MORGAN STANLEY JORNAYVAZ III ROBERT HARVEY JR HUGH E NEUBERGER BERMAN LLC ROYCE AND ASSOCIATES ADVISORY RESEARCH IN VANGUARD GROUP INC BLACKROCK JENNISON ASSOCIATES CAMBIAR INVESTORS LL CENTURY CAPITAL MANA STATE STREET CORP INVESCO LTD VAN ECK ASSOCIATES C INVESTEC ASSET MANAG TRANSAMERICA INVESTM SNYDER CAPITAL MANAG WENTWORTH HAUSER AND EAGLE ASSET MANAGEME CHILTON INVESTMENT C

Firm Name Susquehanna Financial Group Morgan Stanley Wunderlich Securities Barclays BMO Capital Markets RBC Capital Markets KeyBanc Capital Markets Scotia Capital Lazard Capital Markets Credit Agricole Securities (USA) EVA Dimensions Dahlman Rose & Co IPOfinancial.com

Portfolio Name n/a n/a n/a NEUBERGER BERMAN GRO ROYCE & ASSOCIATES L ADVISORY RESEARCH IN VANGUARD GROUP INC n/a JENNISON ASSOCIATES CAMBIAR INVESTORS LL CENTURY CAPITAL MANA STATE STREET CORPORA INVESCO LTD VAN ECK ASSOCIATES C INVESTEC ASSET MANAG Multiple Portfolios SNYDER CAPITAL MANAG WENTWORTH HAUSER AND EAGLE ASSET MANAGEME CHILTON INVESTMENT C

Analyst DONALD D CARSON VINCENT ANDREWS MICHAEL E HOFFMAN MATTHEW J KORN JOEL JACKSON ADAM SCHATZKER IVAN MARCUSE BEN ISAACSON EDLAIN RODRIGUEZ MARK W CONNELLY TEAM COVERAGE CHARLES NEIVERT TEAM COVERAGE

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

Recommendation neutral Equalwt/Attractive buy equalweight market perform underperform buy sector outperform neutral buy underweight hold buy

Amt Held 11'543'500 10'635'871 9'731'001 4'630'020 4'015'800 3'585'710 3'074'425 2'750'460 1'306'095 1'253'958 1'226'353 1'215'815 1'155'815 1'140'571 1'109'301 1'086'064 1'008'329 951'315 872'270 811'360

% Out 15.33 14.12 12.92 6.15 5.33 4.76 4.08 3.65 1.73 1.67 1.63 1.61 1.53 1.51 1.47 1.44 1.34 1.26 1.16 1.08

Weighting

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

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

Latest Chg (205'178) (56'051) (56'050) (39'389) 814'920 3'585'710 308'660 (149'709) (18'131) 105'546 831'321 (25'987) (2'233'535) (103'173) 249'222 (11'394) (120'805) 937 (522'392) (295'361)

Target Price 24 26 27 23 24 19 30 26 #N/A N/A 31 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 18.09.2012 n/a 18.09.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

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

Date 13.11.2012 02.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 08.10.2012 25.02.2011

11.03.2013

IOI Corp Bhd IOI Corporation Berhad cultivates and processes oil palm and rubber. The Company, through its subsidiaries, operates in property development and investment, provides landscape services, and sells ornamental plants and turfing grass. IOI Corporation also manufactures industrial and medical gases, and provides building, engineering, and construction services.

Price/Volume

12.0 M 10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.07.2012) 52-Week Low (07.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IOI MK EQUITY YTD Change IOI MK EQUITY YTD % CHANGE

06/2012 06/yy 5.42 4.75 5'094'000.00 4.82 -11.07% 1.47% 10.45% 6'388.2 30'791.13 8'268.94 0.0 288.0 4'435.95 35'472.73

6.0 M

4.0 M

2.0 M

0 n-11

30.06.2009 30.06.2010 14'568.0 12'386.5 2.17x 2.68x 2'682.5 1'723.8 11.79x 19.23x 983.5 2'035.7 28.40x 15.20x Profitability

LTM-4Q 30.06.2011 16'020.0 2.30x 2'422.4 15.21x 2'222.9 15.25x

30.06.2012 15'488.1 2.41x 2'362.4 15.80x 1'789.4 18.56x

2'362.40 2'107.09 13.60% 15.36% 9.72% 16.54% 11.74% 0.67% 20.2% 17.8% 16.0% 11.6% 4.17 2.63 35.85% 65.48% 9.24 -

Price/ Cash Flow

j-12

f-12

m-12

LTM

06/yy 16'154.3 9.33x 3'061.9 12.02x 2'222.9 15.25x

a-12

06/yy 15'640.3 9.23x 2'570.8 14.52x 1'789.4 18.64x

m-12

j-12

a-12

s-12

o-12

FY+1

1.04 -6.36% -4.15% 1.038 32 2.125 3'609'440 3'040'593 3'530'204 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 15'875.1 16'689.3 2.17x 2.05x 2'678.8 2'893.1 13.24x 12.26x 1'808.2 1'985.4 17.15x 15.75x S&P Issuer Ratings

14.03.2008 BBB+ STABLE 11.59 3.36 1.73 3.09 65.5% 39.0% 0.67 1.62 39.60 84.57

Sales/Revenue/Turnover

50.00

18'000.0

45.00

16'000.0

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 03.07.2009

.0 M d-11

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

14.0 M

5 4

Valuation Analysis

30.06.2008 14'641.2 3.33x 2'919.6 16.68x 2'231.6 20.22x

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

11.03.2013

IOI Corp Bhd Holdings By:

All

Holder Name PROGRESSIVE HOLDINGS EMPLOYEES PROVIDENT VANGUARD GROUP INC VAN ECK ASSOCIATES C BLACKROCK SHIN CHENG LEE PRUDENTIAL UNIT TRUS FIDELITY INTERNATION PENGURUSAN PELABURAN CIMB-PRINCIPAL ASSET GREAT EASTERN LIFE A YEOW CHOR LEE SCHRODER INVESTMENT EMERGING GLOBAL SHAR CREDIT SUISSE ASSET PACIFIC MUTUAL FUND EATON VANCE MANAGEME INVESCO LTD LEGAL & GENERAL PICTET & CIE

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

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

Analyst SUNAINA DHANUKA ADRIAN FOULGER ONG KENG WEE CHYE WEN FEI LIM SEONG CHUN ONG CHEE TING ELTRICIA LI CHING FOONG VINCE NG HOE LEE LENG HOE LEONG CHONG BEN SANTOSO MUZHAFAR MUKHTAR TEAM COVERAGE TEAM COVERAGE TEAM COVERAGE ALVIN TAI JESSICA JZE TIENG LOW NG KEAT YUNG MICHAEL GREENALL PATRICK TIAH TAN TING MIN CHARLES C SPENCER SIMONE X YEOH TEAM COVERAGE THILAN WICKRAMASINGHE GAN HUEY LING TEAM COVERAGE IVY NG

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

Recommendation neutral in-line reduce sell market perform hold hold buy underperform neutral hold neutral buy hold neutral neutral buy neutral hold Sell/Neutral underperform Underwt/Attractive underweight underweight underweight hold hold neutral

Amt Held 2'780'439'580 723'959'308 134'705'984 98'556'546 82'774'272 62'530'600 44'923'879 19'171'996 14'288'666 10'485'044 9'771'432 8'240'400 7'168'866 5'774'813 5'421'541 3'616'096 3'154'086 2'982'240 2'607'500 2'504'600

% Out 43.24 11.26 2.1 1.53 1.29 0.97 0.7 0.3 0.22 0.16 0.15 0.13 0.11 0.09 0.08 0.06 0.05 0.05 0.04 0.04

Weighting

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

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

Latest Chg 5'191'100 (122'900) 2'817'962 (90'800) (4'171'780) 10'565'842 (346'100) (10'912'600) 31'000 (59'828) (452'400) 46'800 (79'000)

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

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

File Dt 19.10.2012 06.11.2012 30.09.2012 12.11.2012 09.11.2012 19.10.2012 30.06.2011 29.02.2012 31.05.2011 30.04.2011 31.12.2010 19.10.2012 30.06.2012 09.11.2012 31.10.2012 31.10.2012 31.08.2012 12.11.2012 28.09.2012 31.08.2012

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

Inst Type Unclassified Government Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager n/a Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Unclassified Mutual Fund Manager

Date 08.11.2012 07.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 25.09.2012 11.09.2012 11.09.2012 10.09.2012 07.09.2012 07.09.2012 04.09.2012 28.08.2012 28.08.2012 27.08.2012

11.03.2013

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 .8 M

.7 M .6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (22.08.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 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 06/yy 76.00 51.00 43'740.00 60.5 -20.39% 18.63% 34.60% 79.7 4'820.85 698.28 0.0 31.0 82.53 2'444.90

.4 M

.3 M

.2 M

.1 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

.9 M

70 50

Valuation Analysis

30.06.2008 663.1 1.36x 123.2 7.33x 83.2 8.32x

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% 9.28% 19.17% 13.51% 1.00% 21.4% 15.4% 12.2% 9.6% 2.50 0.51 32.95% 59.19% 16.86 3.25

Price/ Cash Flow

06/yy 1'899.8 4.97x 313.2 8.13x 228.9 9.05x

LTM 06/yy 2'169.2 4.09x 324.7 6.46x 210.0 6.92x

FY+1

0.89 49.22 -11.23% -9.36% 0.890 13 3.769 211'703 128'742 119'060 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'515.1 2'613.1 0.89x 0.82x 363.0 414.4 6.74x 5.90x 217.6 249.8 7.12x 6.17x S&P Issuer Ratings

6.89 4.79 2.57 2.94 59.2% 36.6% 1.00 3.31 21.71 112.69 10.78 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

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 |

11.03.2013

Kernel Holding SA Holdings By:

All

Holder Name NAMSEN LTD CAPITAL RESEARCH GLO VANGUARD GROUP INC COMGEST GROWTH PLC VAN ECK ASSOCIATES C BZ WBK TOWARZYSTWO F DWS INVESTMENT S A BLACKROCK AVIVA INVESTORS POLA SWEDBANK ROBUR FONDE HARDING LOEVNER LP AVIVA PLC JP MORGAN FRANKLIN RESOURCES US GLOBAL INVESTORS VALIC CO I TIAA CREF INVESTMENT ING INVESTMENT MANAG INVESTORS TFI SA ING INTERNATIONAL AD

Firm Name EVA Dimensions UFC Capital Erste Bank Goldman Sachs Wood & Company Dragon Capital Millennium Dom Maklerski Ipopema Securities SA Dom Inwestycyjny BRE Banku Sberbank CIB ING Wholesale Banking UniCredit Research ArtCapital Concorde Capital Ltd Foyil Securities New Europe Investment Capital Ukraine LLC Phoenix Capital LLC BG Capital

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

Analyst TEAM COVERAGE VLADIMIR LANDA IGOR ZHOLONKIVSKYI ANTON FARLENKOV PIOTR DROZD TAMARA LEVCHENKO ADAM KAPTUR ZANETA MARZEC JAKUB SZKOPEK KONSTANTIN FASTOVETS ADAM MILEWICZ MARCIN GATARZ ANDRIY PATIOTA YEGOR SAMUSENKO YAROSLAV UDOVENKO PAVLO BIDAK ANNA SHUVALOVA DMYTRO USHENKO

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

Recommendation underweight buy hold Buy/Neutral hold Under Review neutral sell reduce buy hold hold sell buy buy not rated hold buy

Amt Held 30'460'657 2'095'150 1'940'740 1'400'000 1'195'804 1'107'145 1'099'456 933'414 906'557 666'981 660'129 326'495 308'154 306'989 300'000 218'301 215'047 208'629 205'297 193'604

% Out 38.23 2.63 2.44 1.76 1.5 1.39 1.38 1.17 1.14 0.84 0.83 0.41 0.39 0.39 0.38 0.27 0.27 0.26 0.26 0.24

Weighting

Change

1 5 3 5 3 #N/A N/A 3 1 2 5 3 3 1 5 5 #N/A N/A 3 5

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

Latest Chg 68'072 (1'108) 135'293 7'588 22'700 (9'774) 55'500 48'288 (325'266) (29'053) -

Target Price #N/A N/A 97 63 102 67 #N/A N/A 71 66 63 104 68 65 69 92 123 #N/A N/A 90 109

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

File Dt Inst Type 10.11.2012 Other 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2011 Investment Advisor 12.11.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.07.2012 Investment Advisor

Date Not Provided Not Provided 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 12 month 12 month

Date 12.11.2012 05.11.2012 04.11.2012 02.11.2012 31.10.2012 02.10.2012 19.09.2012 18.09.2012 31.08.2012 20.08.2012 24.07.2012 02.07.2012 25.05.2012 17.05.2012 17.04.2012 21.03.2012 23.11.2011 15.06.2011

11.03.2013

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 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (11.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 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

09/2012 06/yy 24.90 17.00 1'752'200.00 20.5 -17.67% 20.59% 44.30% 1'065.0 21'831.80 2'478.78 0.0 397.8 2'358.91 22'254.10

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

10 5 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 30.09.2008 7'789.7 1.42x 1'636.9 6.75x 1'040.7 9.83x

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

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

LTM-4Q 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% 9.95% 15.29% 12.28% 0.86% 23.1% 15.9% 13.7% 11.5% 3.05 2.01 21.78% 34.86% 7.74 -

Price/ Cash Flow

LTM

06/yy 9'513.6 9.68x 1'987.1 12.47x 1'421.8 16.23x

06/yy 10'924.0 9.18x 1'311.4 0.00x 1'249.6 19.07x

FY+1

0.75 403.86 -9.71% -12.51% 0.748 32 2.563 1'182'780 818'913 821'466 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 10'435.5 11'387.6 2.16x 1.97x 1'930.1 2'196.7 11.53x 10.13x 1'188.7 1'363.6 18.39x 16.13x S&P Issuer Ratings

27.33 13.93 0.00 1.55 34.9% 24.8% 0.86 2.93 47.30 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 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Kuala Lumpur Kepong Bhd Holdings By:

All

Holder Name BATU KAWAN BHD EMPLOYEES PROVIDENT VANGUARD GROUP INC VAN ECK ASSOCIATES C BLACKROCK PRUDENTIAL UNIT TRUS FIDELITY INTERNATION JF ASSET MANAGEMENT ENG KHOON YEOH SCHRODER INVESTMENT FRANKLIN RESOURCES KUALA LUMPUR KEPONG ALLIANZ ASSET MANAGE GREAT EASTERN LIFE A CIMB-PRINCIPAL ASSET NOMURA CREDIT SUISSE ASSET COMMONWEALTH BANK OF FIRST STATE INVESTME AMUNDI LUXEMBOURG SA

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

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

Analyst SUNAINA DHANUKA ADRIAN FOULGER ONG KENG WEE CHYE WEN FEI LIM SEONG CHUN ONG CHEE TING ELTRICIA LI CHING FOONG VINCE NG QUAH HE WEI HOE LEONG CHONG MUZHAFAR MUKHTAR TEAM COVERAGE TEAM COVERAGE TEAM COVERAGE PATRICK TIAH HOE LEE LENG ALVIN TAI JESSICA JZE TIENG LOW NG KEAT YUNG GAN HUEY LING TEAM COVERAGE MICHAEL GREENALL TAN TING MIN CHARLES C SPENCER TEAM COVERAGE SIMONE X YEOH THILAN WICKRAMASINGHE IVY NG

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

Recommendation underperform in-line reduce hold market perform hold hold buy fully valued neutral buy sell hold neutral Sell/Neutral underperform buy buy neutral buy hold buy neutral Equalwt/Attractive hold neutral overweight underperform

Amt Held 495'901'527 158'866'838 19'939'284 16'083'348 14'525'911 4'825'100 4'141'772 3'745'000 3'524'850 3'397'700 2'810'125 2'539'000 2'165'140 1'677'750 1'630'150 1'563'900 1'090'533 991'400 761'200 760'300

% Out 46.45 14.88 1.87 1.51 1.36 0.45 0.39 0.35 0.33 0.32 0.26 0.24 0.2 0.16 0.15 0.15 0.1 0.09 0.07 0.07

Weighting

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

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

Latest Chg (133'300) 430'300 (14'800) 53'639 (850'869) (656'000) 3'397'700 2'247'525 (176'960) 67'400 (15'971) (600) (45'000)

Target Price 18 21 22 20 22 24 20 25 20 22 29 22 19 23 17 22 27 25 23 26 22 26 22 24 #N/A N/A 22 29 20

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

File Dt 01.12.2011 07.11.2012 30.09.2012 12.11.2012 09.11.2012 30.06.2011 29.02.2012 30.09.2011 01.12.2011 30.06.2012 30.06.2012 01.12.2011 31.07.2012 31.12.2010 30.04.2011 22.06.2012 31.10.2012 31.07.2012 31.07.2012 29.06.2012

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

Inst Type Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Corporation Investment Advisor Mutual Fund Manager Mutual Fund Manager Unclassified Mutual Fund Manager Bank Investment Advisor Investment Advisor

Date 08.11.2012 07.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 30.10.2012 29.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 11.10.2012 11.10.2012 05.10.2012 05.10.2012 25.09.2012 11.09.2012 10.09.2012 10.09.2012 07.09.2012 04.09.2012 30.08.2012

11.03.2013

Kubota Corp KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and fluid piping systems. The Company's products include ductile iron pipes, engines, tractors, combine harvesters, reaper binders, rice planters, and excavators. Kubota also produces forged iron products, housing equipment, and environmental control plants.

Price/Volume

12.0 M 10.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 6326 JT EQUITY YTD Change 6326 JT EQUITY YTD % CHANGE

03/2012 09/yy 1'250.00 630.00 4'807'000.00 1247 -0.24% 97.94% 99.52% 1'285.9 1'603'541.25 355'235.00 0.0 53'931.0 100'559.00 1'963'794.22

500

8.0 M

400

6.0 M

300

4.0 M

200

2.0 M

100 0 n-11

.0 M d-11

31.03.2009 31.03.2010 1'107'482.0 930'644.0 0.76x 1.53x 134'057.0 98'873.0 6.28x 14.37x 48'064.0 42'326.0 14.20x 25.60x Profitability

LTM-4Q 31.03.2011 933'685.0 1.38x 113'104.0 11.42x 54'822.0 18.19x

31.03.2012 1'008'019.0 1.30x 129'588.0 10.09x 61'552.0 16.31x 129'588.00 105'680.00 10.48% 10.18% 4.55% 10.08% 6.73% 0.74% 27.0% 12.7% 10.3% 6.1% 1.62 1.12 23.88% 54.38% 2.27 3.75

Price/ Cash Flow

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

LTM

FY+1

1.28 1.16 1'215.77 60.80% 26.47% 1.158 20 3.700 6'441'400 5'323'067 4'960'311 FY+2

FQ+1

FQ+2

09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 966'352.0 ######### ######### ######### 333'273.7 5.08x 4.68x 1.66x 1.53x 117'333.0 135'848.0 143'333.8 174'407.3 9.42x 9.73x 13.70x 11.26x 55'450.0 65'846.0 68'839.4 85'955.8 14.41x 15.07x 22.86x 18.27x S&P Issuer Ratings Long-Term Rating Date 09.01.2007 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 68.49 (EBITDA-Capex)/Interest Exp. 54.24 Net Debt/EBITDA 2.04 Total Debt/EBITDA 2.83 Reference Total Debt/Equity 54.4% Total Debt/Capital 33.4% Asset Turnover 0.74 Net Fixed Asset Turnover 4.87 Accounts receivable turnover-days 161.31 Inventory Days 97.70 Accounts Payable Turnover Day 90.55 Cash Conversion Cycle 175.09 Sales/Revenue/Turnover

45.00

1'400'000.0

40.00

1'200'000.0

35.00

1'000'000.0

30.00 25.00

800'000.0

20.00

600'000.0

15.00

400'000.0

10.00

200'000.0

5.00 0.00 03.04.2009

j-12

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

14.0 M

800 700

Valuation Analysis

31.03.2008 1'154'574.0 0.96x 167'440.0 6.63x 68'026.0 11.76x

900

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.03.2013

Kubota Corp Holdings By:

All

Holder Name MASTER TRUST BANK OF NIPPON LIFE INSURANC MITSUBISHI UFJ TRUST SUMITOMO MITSUI TRUS MEIJI YASUDA LIFE IN JAPAN TRUSTEE SERVIC JP MORGAN CHASE BANK SUMITOMO MITSUI BANK MIZUHO CORPORATE BAN MOXLEY & CO KUBOTA CORP STATE STREET BANK OM BLACKROCK BANK OF NEW YORK MEL CAPITAL WORLD INVEST TRUST & CUSTODY SERV BANK OF TOKYO-MITSUB VAN ECK ASSOCIATES C JP MORGAN ASSET MGMT NIKKO ASSET MANAGEME

Firm Name

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

Analyst

Tachibana Securities YOSHIKAZU SHIMADA Daiwa Securities Co. Ltd. HIROSUKE TAI Morgan Stanley YOSHINAO IBARA Mizuho Securities JUNJI SAKURADA BNP Paribas Equity Research CHRISTOPHER CINTAVEY Nomura RYO TAZAKI SMBC Nikko Securities Inc TAKU OUCHI Barclays TSUTOMU KIJIMA Credit Suisse SHINJI KURODA Macquarie KENJIN HOTTA TIW MASAKAZU ITOI Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA Goldman Sachs YUICHIRO ISAYAMA EVA Dimensions TEAM COVERAGE Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Mito Securities YOICHIRO WATANABE

Source Co File MOF-JP 13G MOF-JP Co File Co File Co File Co File Co File Co File Co File Co File ULT-AGG Co File MF-AGG Co File 13G MF-AGG MOF-JP ULT-AGG

Recommendation Strong Outperform neutral Equalwt/Attractive buy hold buy outperform overweight neutral outperform neutral neutral buy/attractive underweight Neutral Plus Neutral Plus

Amt Held 107'318'000 82'844'265 78'950'000 60'526'000 59'929'000 59'649'000 45'384'000 45'006'000 40'851'000 31'758'000 29'553'000 27'153'000 24'664'395 24'470'000 23'578'000 23'181'000 20'173'729 19'296'000 15'501'000 14'893'000

% Out 8.35 6.44 6.14 4.71 4.66 4.64 3.53 3.5 3.18 2.47 2.3 2.11 1.92 1.9 1.83 1.8 1.57 1.5 1.21 1.16

Weighting

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

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

Latest Chg 1'488'000 7'036'265 (46'000) 22'026'000 (7'720'000) 16'336'000 (4'986'000) 6'753 1'804'000 131'000 (18'000) (9'650'000) (1'257'000)

Target Price #N/A N/A 800 830 900 780 870 870 1'070 800 930 #N/A N/A 700 1'050 #N/A N/A 820 #N/A N/A

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

File Dt Inst Type 31.03.2012 Bank 29.06.2012 Insurance Company 31.12.2011 Investment Advisor 13.04.2012 Bank 31.03.2012 Insurance Company 31.03.2012 Bank 31.03.2012 Investment Advisor 31.03.2012 Bank 31.03.2012 Bank 31.03.2012 Investment Advisor 31.03.2012 Corporation 31.03.2012 Investment Advisor 09.11.2012 Investment Advisor 30.09.2011 Investment Advisor 30.09.2012 Investment Advisor 31.03.2011 Bank 31.12.2011 Bank 12.11.2012 Investment Advisor 15.02.2011 Mutual Fund Manager 13.04.2012 Unclassified

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

Date 13.11.2012 05.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 24.10.2012 18.10.2012 03.10.2012 30.08.2012 21.08.2012 13.08.2012 15.06.2012 17.11.2010

11.03.2013

Kumiai Chemical Industry Co Ltd KUMIAI CHEMICAL INDUSTRY Co., Ltd. is a specialized agrochemical manufacturer affiliated with Zenno. The Company's main products include herbicides, fungicides, and insecticides. Kumiai Chemical markets its products in North America, Latin America, and Asia.

Price/Volume 450

3.5 M

400

3.0 M

350

2.5 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 4996 JT EQUITY YTD Change 4996 JT EQUITY YTD % CHANGE

10/2012 07/yy 589.00 261.00 971'000.00 568 -3.57% 117.62% 93.60% 87.0 49'403.34 345.00 0.0 2'491.0 7'674.00 44'565.34

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

2.0 M

200

1.5 M

150

1.0 M

100

.5 M

50 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.10.2008 40'031.0 0.27x 1'477.0 7.24x 303.0 68.09x

250

31.10.2009 31.10.2010 39'227.0 38'252.0 0.40x 0.28x 1'426.0 1'710.0 11.05x 6.16x 272.0 1'292.0 94.67x 16.27x Profitability

LTM-4Q 31.10.2011 42'095.0 0.39x 2'179.0 7.63x 1'360.0 16.58x

31.10.2012 44'072.0 0.54x 2'405.0 9.91x 2'137.0 13.42x

2'405.00 1'657.00 3.76% 7.14% 3.83% 5.37% 5.39% 0.79% 23.6% 5.5% 3.8% 4.8% 2.60 1.46 0.59% 0.85% 5.10 2.99

Price/ Cash Flow

LTM

07/yy 39'470.0 1.39x 1'798.0 8.05x 1'192.0 16.93x

07/yy 42'775.0 2.11x 1'946.0 14.49x 1'417.0 21.19x

FY+1

1.04 72.98 70.79% 17.84% 1.044 2 5.000 724'800 384'833 424'000 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 50'000.0 53'000.0 3'150.0 4'150.0 14.15x 10.74x 2'450.0 3'100.0 18.50x 14.64x S&P Issuer Ratings

801.67 601.00 -3.05 0.14 0.8% 0.8% 0.79 3.87 71.72 122.24 77.35 116.62

Sales/Revenue/Turnover

30.00

50'000.0 45'000.0

25.00

40'000.0 35'000.0

20.00

30'000.0

15.00

25'000.0 20'000.0

10.00

15'000.0 10'000.0

5.00 0.00 31.10.2008

5'000.0 0.0 30.04.2009

31.10.2009

30.04.2010

31.10.2010

30.04.2011

31.10.2011

30.04.2012

31.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Kumiai Chemical Industry Co Ltd Holdings By:

All

Holder Name ZENNOH KUMIAI CHEMICAL INDU JAPAN TRUSTEE SERVIC SHIZUOKA KEIZAI NOHK SURUGA BANK LTD NORINCHUKIN BANK LTD SIMPLEX ASSET MANAGE IHARA CHEMICAL INDUS VAN ECK ASSOCIATES C CITIGROUP GLOBAL MAR DIMENSIONAL FUND ADV IHARA KENSEI KOGYO SUMITOMO LIFE INSURA KYOEI FIRE & MARINE DAIWA SECURITIES GRO THEORIA MULTI-STRATE THE ABSOLUTE RETURN NIPPON KAYAKU CO LTD NIPPON SODA CO LTD NOMURA

Firm Name Nomura EVA Dimensions Tachibana Securities

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

Analyst SHUNTA OMURA TEAM COVERAGE SHUICHI NAGATANI

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

Recommendation buy overweight outperform

Amt Held % Out 26'527'000 30.5 7'379'000 8.48 6'768'000 7.78 2'770'000 3.18 2'609'000 3 2'588'000 2.98 2'204'000 2.53 1'508'000 1.73 1'296'000 1.49 1'184'000 1.36 1'146'000 1.32 1'095'000 1.26 1'085'000 1.25 1'007'000 1.16 305'000 0.35 (294'000) -0.34 (280'000) -0.32 270'218 0.31 264'000 0.3 233'000 0.27

Weighting

Change 5 5 5

M D D

Latest Chg 435 877'000 (2'000) 19'000 7'000 (1'000) (25'000) (2'000)

Target Price 580 #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 30.04.2012 Unclassified 30.04.2012 Corporation 30.04.2012 Bank 30.04.2012 n/a 30.04.2012 Bank 30.04.2012 Investment Advisor 21.03.2012 Investment Advisor 30.04.2012 Corporation 12.11.2012 Investment Advisor 30.04.2012 Investment Advisor 31.07.2012 Investment Advisor 30.04.2012 Other 30.04.2012 Insurance Company 30.04.2012 Insurance Company 13.07.2012 Holding Company 02.11.2012 Unclassified 25.09.2012 Mutual Fund Manager 31.05.2012 Corporation 31.03.2012 Corporation 31.08.2012 Unclassified

Date 12 month Not Provided Not Provided

Date 02.11.2012 26.07.2012 18.01.2012

11.03.2013

Lindsay Corp Lindsay Corporation manufactures and markets center pivot and lateral move irrigation equipment, as well as large diameter steel tubing, for use to irrigate agricultural crops. The Company also provides outsourced manufacturing and production services to original equipment manufacturers in the United States.

Price/Volume 90

.3 M

80 .2 M

70 60

.2 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LNN UN EQUITY YTD Change LNN UN EQUITY YTD % CHANGE

08/2012 08/yy 94.70 53.12 18'685.00 89.13 -5.88% 67.79% 87.13% 12.8 1'144.66 4.29 0.0 0.0 143.44 995.70

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

.1 M

10 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.08.2008 475.1 2.07x 71.5 13.75x 39.4 25.92x

.1 M

31.08.2009 31.08.2010 336.2 358.4 1.35x 1.09x 32.9 48.6 13.79x 8.03x 13.8 24.9 37.40x 18.62x Profitability

LTM-4Q 31.08.2011 478.9 1.44x 68.3 10.08x 36.8 20.53x

31.08.2012 551.3 1.26x 78.0 8.88x 43.3 19.34x 77.98 65.51 11.88% 11.81% 13.32% 18.36% 18.15% 1.40% 26.9% 16.4% 14.3% 7.9% 3.72 2.81 1.03% 1.38% 7.00 6.70

Price/ Cash Flow

08/yy 478.9 6.12x 68.3 10.08x 36.8 20.60x

LTM 08/yy 551.3 5.38x 78.0 8.88x 43.3 19.34x

FY+1

0.46 1.56 12.40 1.88 45.13% 11.39% 1.558 9 3.667 61'098 61'308 55'078 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 638.7 657.2 163.2 188.7 105.4 114.7 28.3 35.0 9.48x 8.71x 9.23x 9.23x 62.9 66.9 16.8 20.8 18.33x 17.77x 18.56x 18.83x S&P Issuer Ratings

158.49 138.39 -1.57 0.03 1.4% 1.4% 1.40 10.25 52.29 54.64 38.75 71.54

Sales/Revenue/Turnover

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0 30.00

200.0 20.00

100.0

10.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

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 |

11.03.2013

Lindsay Corp Holdings By:

All

Holder Name NEUBERGER BERMAN LLC INVESCO LTD BLACKROCK VANGUARD GROUP INC CS MCKEE LP BOSTON TRUST & INVES ALLIANZ ASSET MANAGE ROYCE AND ASSOCIATES AMERIPRISE FINANCIAL STATE STREET CORP DIMENSIONAL FUND ADV GAMCO VAN ECK ASSOCIATES C NORTHERN TRUST CORPO PAROD RICHARD W T ROWE PRICE ASSOCIA ALGER MANAGEMENT INC FORT WASHINGTON INVE BMO FINANCIAL CORP UBS

Firm Name Piper Jaffray Wedbush William Blair & Co Stifel Nicolaus Janney Montgomery Scott LLC Sidoti & Company LLC Monness, Crespi, Hardt & Co EVA Dimensions BB&T Capital Markets

Portfolio Name NEUBERGER BERMAN GRO INVESCO LTD n/a VANGUARD GROUP INC C S MCKEE LP BOSTON TRUST & INVES n/a ROYCE & ASSOCIATES L AMERIPRISE FINANCIAL STATE STREET CORPORA DIMENSIONAL FUND ADV n/a VAN ECK ASSOCIATES C NORTHERN TRUST CORPO n/a T ROWE PRICE ASSOCIA Multiple Portfolios FORT WASHINGTON INVE BMO FINANCIAL CORP n/a

Analyst MICHAEL E COX DAVID L ROSE BRIAN DRAB NATHAN JONES RYAN M CONNORS JOSEPH MONDILLO CHRIS L SHAW TEAM COVERAGE C SCHON WILLIAMS

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

Recommendation neutral neutral outperform hold neutral neutral buy hold hold

Amt Held 1'476'655 1'039'908 969'114 723'872 514'850 378'186 281'671 271'482 262'913 255'500 248'477 201'450 194'627 186'746 178'518 165'693 156'800 156'592 143'016 135'888

% Out 11.61 8.17 7.62 5.69 4.05 2.97 2.21 2.13 2.07 2.01 1.95 1.58 1.53 1.47 1.4 1.3 1.23 1.23 1.12 1.07

Weighting

Change 3 3 5 3 3 3 5 3 3

M M U M M M N D M

Latest Chg 7'275 (65'404) 54'281 33'243 (6'770) 12'132 61'295 11'199 (42'504) (10'984) 10'115 30'000 (17'159) (951) 7'272 (107'657) 156'800 26'860 12'465 19'667

Target Price 77 72 #N/A N/A #N/A N/A 65 64 92 #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 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 01.11.2012 30.06.2012 31.07.2012 30.06.2012 30.09.2012 30.06.2012

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

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

Date 25.10.2012 24.10.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 24.09.2012 11.08.2012 28.06.2012

11.03.2013

Maple Leaf Foods Inc Maple Leaf Foods Inc. manufactures and sells a variety of food products. The Company's products include fresh and prepared meats, poultry, flours, fresh and frozen bakery products, pasta, seafood, and pet and animal feeds. These products are primarily sold to retail, food service, wholesale, agricultural and industrial customers worldwide.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (30.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MFI CT EQUITY YTD Change MFI CT EQUITY YTD % CHANGE

12/2012 09/yy 14.00 9.88 429'545.00 13.07 -6.64% 32.29% 87.86% 140.0 1'830.38 1'261.76 0.0 67.1 90.41 3'068.81

1.6 M 1.4 M 1.2 M

1.0 M

.8 M .6 M

.4 M

2 0 n-11

.2 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

1.8 M

12 10

Valuation Analysis

31.12.2008 5'242.6 0.48x 277.6 9.11x (36.9) 38.17x

31.12.2009 31.12.2010 5'221.6 4'968.1 0.52x 0.51x 345.6 368.6 7.79x 6.92x 52.1 29.3 21.61x 16.27x Profitability

LTM-4Q 31.12.2011 4'893.6 0.52x 389.0 6.58x 82.1 10.83x

31.12.2012 4'864.8 0.60x 406.0 7.18x 115.3 11.97x 406.01 273.27 5.62% 3.51% 3.73% 13.13% 8.43% 1.57% 15.8% 8.3% 5.6% 2.4% 1.48 0.61 38.90% 141.63% 20.52 13.77

Price/ Cash Flow

09/yy 4'860.3 2.24x 403.4 7.10x 103.0 10.74x

LTM 09/yy 4'905.3 2.21x 357.9 7.51x 69.1 13.51x

FY+1

1.53 0.70 89.80 0.41 12.74% 9.51% 0.696 9 4.111 100'189 94'161 85'972 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'922.3 5'015.6 1'157.5 1'267.5 0.61x 431.7 490.4 82.5 100.6 7.11x 6.26x 7.36x 7.15x 147.2 169.4 21.7 34.0 12.68x 10.54x 12.92x 12.33x S&P Issuer Ratings

5.66 1.39 2.89 3.11 141.6% 56.8% 1.57 4.27 17.83 26.58 41.41 3.00

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Maple Leaf Foods Inc Holdings By:

All

Holder Name MCCAIN MICHAEL H WEST FACE CAPITAL IN ROYAL BANK OF CANADA FMR LLC VAN ECK ASSOCIATES C CLARINGTON CAPITAL M MACKENZIE FINANCIAL IG INVESTMENT MANAGE VANGUARD GROUP INC HARTFORD INVESTMENT QV INVESTORS INC FRANKLIN RESOURCES DIMENSIONAL FUND ADV ELMAR HOLDCO LIMITED HEXAVEST INC MCCAIN J SCOTT LAN RICHARD A TD ASSET MANAGEMENT VELS MICHAEL H SCOTIA ASSET MANAGEM

Firm Name TD Securities Octagon Capital Corporation EVA Dimensions BMO Capital Markets RBC Capital Markets Scotia Capital Canaccord Genuity Corp CIBC World Markets Veritas Investment Research Co

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a HEXAVEST INC n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst MICHAEL VAN AELST ROBERT GIBSON TEAM COVERAGE KENNETH B ZASLOW IRENE NATTEL CHRISTINE HEALY DEREK DLEY MARK PETRIE MICHAEL PALMER

Source PROXY Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG SEDI 13F SEDI SEDI MF-AGG SEDI MF-AGG

Recommendation buy buy hold market perform sector perform sector perform buy sector perform buy

Amt Held 45'773'783 15'894'413 10'167'970 2'672'000 2'101'650 1'384'280 1'363'400 1'083'200 1'038'045 1'005'946 781'400 733'400 551'208 549'861 547'406 443'744 420'050 402'065 297'664 258'907

% Out 32.69 11.35 7.26 1.91 1.5 0.99 0.97 0.77 0.74 0.72 0.56 0.52 0.39 0.39 0.39 0.32 0.3 0.29 0.21 0.18

Weighting

Change 5 5 3 3 3 3 5 3 5

M M D M M M M M M

Latest Chg 115'891 200'000 (1'946) (4'000) 51'105 (433'400) 13'470 (80'000) 50'400 (15'000) 950

Target Price 14 15 #N/A N/A 13 14 13 16 13 16

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

File Dt Inst Type 22.03.2012 n/a 28.02.2011 Investment Advisor 31.08.2012 Bank 31.03.2012 Investment Advisor 12.11.2012 Investment Advisor 31.03.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 09.03.2011 Other 30.09.2012 Investment Advisor 12.12.2011 n/a 07.11.2012 n/a 31.12.2011 Investment Advisor 07.11.2012 n/a 31.08.2012 Investment Advisor

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

Date 05.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 03.05.2012

11.03.2013

Monsanto Co Monsanto Company provides agricultural products for farmers. The Company's business segments are seeds and genomics. Monsanto produces a wide range of seeds and develops biotechnology traits that assist farmers in controlling insects and weeds as well as provides other seed companies with genetic material and biotechnology traits for their seed brands. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.01.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MON UN EQUITY YTD Change MON UN EQUITY YTD % CHANGE

Price/Volume

08/2012 08/yy 104.17 69.71 115'158.00 103.67 -0.47% 48.72% 97.62% 535.8 55'547.77 2'074.00 0.0 203.0 3'585.00 52'886.76

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

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 d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.08.2008 11'365.0 5.53x 3'458.0 18.18x 2'024.0 31.30x

100 90 80 70 60 50 40 30 20 10 0 n-11

31.08.2009 31.08.2010 11'724.0 10'483.0 3.89x 2.78x 4'175.0 2'529.0 10.92x 11.51x 2'109.0 1'096.0 19.02x 21.94x Profitability

LTM-4Q 31.08.2011 11'822.0 3.08x 3'116.0 11.69x 1'607.0 23.29x

31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.54x 3'760.00 3'138.00 23.24% 22.13% 10.51% 19.38% 17.56% 0.65% 52.2% 28.7% 24.3% 15.1% 2.29 1.30 10.26% 17.53% 6.74 1.99

Price/ Cash Flow

LTM

08/yy 11'822.0 12.43x 3'116.0 11.69x 1'607.0 23.29x

08/yy 13'516.0 12.22x 3'760.0 12.03x 2'045.0 22.45x

FY+1

1.52 1.07 534.04 4.12 32.77% 9.96% 1.067 25 4.160 444'657 571'895 636'046 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 02/13 Q2 05/13 Q3 14'937.9 15'913.1 5'266.0 4'481.9 3.55x 3.27x 10.09x 11.86x 4'322.9 4'779.9 2'189.0 1'531.6 12.20x 11.04x 12.19x 11.53x 2'482.6 2'800.4 1'396.7 943.7 22.72x 20.03x 23.10x 21.73x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 17.74 14.69 -0.71 0.52 17.5% 14.7% 0.65 3.27 54.33 184.02 39.15 163.69

Sales/Revenue/Turnover

70.00

16'000.0

60.00

14'000.0 12'000.0

50.00

10'000.0 40.00

8'000.0 30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

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 |

11.03.2013

Monsanto Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET CORP FMR LLC T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA MACKAY SHIELDS LLC MARSICO CAPITAL MANA LONE PINE CAPITAL LL BANK OF NEW YORK MEL NORTHERN TRUST CORPO MANNING & NAPIER ADV WADDELL & REED FINAN TIAA CREF INVESTMENT INSTITUTIONAL CAPITA NEUBERGER BERMAN LLC AMERICAN CENTURY COM

Firm Name Susquehanna Financial Group Edward Jones Piper Jaffray Monness, Crespi, Hardt & Co Wells Fargo Securities, LLC EVA Dimensions Canaccord Genuity Corp Gabelli & Co Morgan Stanley Credit Agricole Securities (USA) Jefferies Argus Research Corp JPMorgan Macquarie Topeka Capital Markets Inc Buckingham Research Group Miller Tabak + Co., LLC Atlantic Equities LLP Goldman Sachs Deutsche Bank Gilford Securities

Portfolio Name n/a VANGUARD GROUP INC STATE STREET CORPORA n/a T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA Multiple Portfolios MARSICO CAPITAL MANA LONE PINE CAPITAL LL BANK OF NEW YORK MEL NORTHERN TRUST CORPO MANNING & NAPIER ADV WADDELL & REED FINAN TIAA-CREF INVESTMENT INSTITUTIONAL CAPITA NEUBERGER BERMAN GRO AMERICAN CENTURY COM

Analyst DONALD D CARSON MATT ARNOLD MICHAEL E COX CHRIS L SHAW FRANK J MITSCH TEAM COVERAGE KEITH CARPENTER AMON R WILKES VINCENT ANDREWS MARK W CONNELLY LAURENCE ALEXANDER WILLIAM V SELESKY JEFFREY J ZEKAUSKAS COOLEY MAY CHRISTOPHER KAPSCH JOHN E ROBERTS TIM TIBERIO COLIN ISAAC ROBERT KOORT DAVID I BEGLEITER PAUL C CHRISTOPHERSON

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

Recommendation Positive hold overweight buy outperform underweight buy buy Overwt/Attractive buy hold buy overweight neutral hold buy buy neutral Buy/Neutral buy sell

Amt Held 29'892'904 26'773'011 21'710'276 18'320'968 13'389'395 12'443'623 11'825'808 11'393'821 10'455'585 8'532'535 8'094'837 8'058'039 8'030'298 7'454'419 6'809'492 6'682'746 6'200'528 6'162'175 6'004'086 5'919'681

% Out 5.59 5.01 4.06 3.43 2.5 2.33 2.21 2.13 1.96 1.6 1.51 1.51 1.5 1.39 1.27 1.25 1.16 1.15 1.12 1.11

Weighting

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

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

Latest Chg 2'736'640 655'382 1'125'279 (141'166) (676'918) (442'531) 724'396 48'910 1'707'984 (96'887) (2'009'196) 1'550'082 385'668 787'222 (1'269'034) 633'711 (184'260) (126'816) (1'311'692) 191'422

Target Price 115 #N/A N/A 116 100 #N/A N/A #N/A N/A 104 #N/A N/A 100 100 98 #N/A N/A 101 93 83 110 98 85 110 100 67

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 09.11.2012 08.11.2012 07.11.2012 05.11.2012 01.11.2012 27.10.2012 25.10.2012 18.10.2012 17.10.2012 17.10.2012 12.10.2012 04.10.2012 04.10.2012 04.10.2012 04.10.2012 03.10.2012 03.10.2012 03.10.2012 19.09.2012 17.08.2012 26.04.2012

11.03.2013

Mosaic Co/The The Mosaic Company produces and distributes crop nutrients to the agricultural communities located in North America and other countries. The Company's principal products include concentrated phosphates, and potash.

Price/Volume 70

4.0 M

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOS UN EQUITY YTD Change MOS UN EQUITY YTD % CHANGE

05/2012 08/yy 63.46 44.43 296'620.00 61.47 -3.09% 38.35% 82.97% 296.9 26'171.45 1'053.00 0.0 16.3 3'811.00 23'801.65

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

1.5 M

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.05.2008 9'812.6 5.63x 3'201.6 17.26x 2'082.8 26.66x

2.0 M

31.05.2009 31.05.2010 10'298.0 6'759.1 2.24x 2.87x 3'167.1 1'715.8 7.27x 11.31x 2'350.2 827.1 12.99x 24.96x Profitability

LTM-4Q 31.05.2011 9'937.8 2.88x 3'111.6 9.19x 2'514.6 15.14x

31.05.2012 11'107.8 1.58x 3'119.2 5.62x 1'930.2 10.64x

3'119.20 2'611.10 23.51% 23.79% 11.06% 15.08% 0.60% 27.8% 27.9% 22.4% 17.4% 3.43 2.38 6.31% 8.79% 11.71 5.34

Price/ Cash Flow

LTM

08/yy 10'832.8 11.16x 3'446.5 8.29x 2'742.9 14.52x

08/yy 10'529.6 7.84x 3'016.9 7.33x 1'833.6 13.37x

FY+1

1.10 1.32 275.88 7.12 12.42% 8.99% 1.319 25 4.080 487'319 608'903 629'453 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 02/13 Q3 05/13 Q4 10'165.3 10'724.4 2'306.6 2'862.1 2.27x 2.13x 9.91x 7.98x 3'020.9 3'366.1 643.5 941.3 7.87x 7.06x 7.24x 6.94x 1'832.2 2'052.7 383.9 569.8 14.41x 12.55x 13.28x 12.69x S&P Issuer Ratings

28.04.2011 BBB STABLE 29.08.2007 NR 54.63 25.92 -0.85 0.37 8.8% 8.1% 0.60 1.32 31.26 68.57 42.64 42.32

Sales/Revenue/Turnover

50.00

12'000.0

45.00

10'000.0

40.00 35.00

8'000.0

30.00

6'000.0

25.00 20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

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 |

11.03.2013

Mosaic Co/The Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI BLACKROCK VANGUARD GROUP INC STATE STREET CORP GLOBAL THEMATIC PART WELLINGTON MANAGEMEN DEUTSCHE BANK AG BANK OF NEW YORK MEL VAN ECK ASSOCIATES C DWS INVESTMENT S A JENNISON ASSOCIATES OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO FMR LLC ALLIANZ ASSET MANAGE NWQ INVESTMENT MANAG MORGAN STANLEY RS INVESTMENT MANAGE UBS NORGES BANK

Firm Name Susquehanna Financial Group RBC Capital Markets Canaccord Genuity Corp EVA Dimensions Barclays BMO Capital Markets CIBC World Markets Lazard Capital Markets Ameriprise Advisor Services, Inc Dahlman Rose & Co Deutsche Bank Morgan Stanley JPMorgan Macquarie Stifel Nicolaus Scotia Capital Gabelli & Co Atlantic Equities LLP Piper Jaffray Credit Agricole Securities (USA)

Portfolio Name n/a n/a VANGUARD GROUP INC STATE STREET CORPORA GLOBAL THEMATIC PART WELLINGTON MANAGEMEN DEUTSCHE BANK AKTIEN BANK OF NEW YORK MEL VAN ECK ASSOCIATES C Multiple Portfolios JENNISON ASSOCIATES OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO n/a n/a NWQ INVESTMENT MANAG n/a RS INVESTMENT MANAGE n/a NORGES BANK

Analyst DONALD D CARSON ADAM SCHATZKER KEITH CARPENTER TEAM COVERAGE MATTHEW J KORN JOEL JACKSON JACOB BOUT EDLAIN RODRIGUEZ FREDERICK M SCHULTZ CHARLES NEIVERT DAVID I BEGLEITER VINCENT ANDREWS JEFFREY J ZEKAUSKAS DAVID PUPO PAUL A MASSOUD BEN ISAACSON AMON R WILKES COLIN ISAAC MICHAEL E COX MARK W CONNELLY

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

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

Amt Held 19'711'671 14'850'339 12'779'821 11'912'312 10'836'980 9'782'435 8'119'466 5'797'260 5'695'211 4'890'777 4'767'151 3'959'877 3'878'562 3'582'273 3'194'675 3'191'154 3'133'293 3'011'690 2'765'513 2'515'392

% Out 6.64 5 4.3 4.01 3.65 3.29 2.73 1.95 1.92 1.65 1.61 1.33 1.31 1.21 1.08 1.07 1.06 1.01 0.93 0.85

Weighting

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

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

Latest Chg 497'002 124'054 770'239 1'125'955 1'570'443 618'896 (106'698) (326'516) 81'378 (288'026) 298'402 417'274 (5'241'770) (302'132) 1'032'268 43'255 1'534'660 893'240 2'515'392

Target Price 70 64 65 #N/A N/A 65 63 64 #N/A N/A #N/A N/A 60 60 70 60 65 73 60 #N/A N/A 58 62 75

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

File Dt Inst Type 01.07.2012 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 31.12.2011 Government

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

Date 13.11.2012 30.10.2012 25.10.2012 24.10.2012 23.10.2012 22.10.2012 21.10.2012 15.10.2012 09.10.2012 08.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 03.10.2012 02.10.2012 02.10.2012 02.10.2012

11.03.2013

Nufarm Ltd/Australia Nufarm Limited manufactures and supplies a range of agricultural chemicals used by farmers to protect crops from damage caused by weeds, pests and disease. The Company has worldwide operations.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NUF AT EQUITY YTD Change NUF AT EQUITY YTD % CHANGE

07/2012 01/yy 6.47 4.50 895'325.00 5.23 -19.17% 16.22% 37.06% 262.8 1'374.43 659.12 246.9 0.6 191.32 2'089.76

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 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.07.2008 2'492.5 1.72x 348.7 12.28x 137.9 24.18x

31.07.2009 31.07.2010 2'677.1 2'168.6 1.33x 0.86x 229.6 115.0 15.46x 16.23x 79.9 (24.0) 32.36x Profitability

31.07.2011 2'083.6 0.89x 156.3 11.83x (49.9) -

31.07.2012 2'181.6 0.99x 205.7 10.45x 72.6 24.53x 205.66 140.17 6.43% 5.06% 2.57% 4.60% 5.14% 0.77% 28.0% 9.4% 6.4% 3.3% 1.83 1.06 23.53% 53.62% 3.48 2.97

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.15 0.82 231.43 5.17% -9.98% 0.822 14 3.500 2'737'991 986'962 848'871 FY+2

07/13 Y 07/14 Y 2'250.0 2'326.8 0.94x 0.88x 286.8 304.6 7.29x 6.86x 112.8 124.9 12.25x 11.22x S&P Issuer Ratings

FQ+1

FQ+2

21.02.2011 BB STABLE 15.08.2001 NR 3.33 2.56 2.27 3.20 53.6% 30.9% 0.77 5.86 105.19 123.15 101.52 126.82

Sales/Revenue/Turnover

16.00

3'000.0

14.00

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 2.00 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

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 |

11.03.2013

Nufarm Ltd/Australia Holdings By:

All

Holder Name SUMITOMO CHEMICAL CO UBS AMALGAMATED DAIRIES IOOF HOLDINGS LTD MASSACHUSETTS FINANC SUN LIFE FINANCIAL I NATIONAL AUSTRALIA B RATHBONE DOUGLAS JOH BANK OF AMERICA CORP CREDIT SUISSE AG VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV HOGGARD KERRANCE MER FMR LLC BLACKROCK VANGUARD GROUP INC VANGUARD INVESTMENTS MCLEAN BUDDEN LTD GOODFELLOW WILLIAM B ST KENTIGERN TRUST

Firm Name Nomura Ord Minnett Octa Phillip Securities Ltd Euro Pacific Capital Inc EVA Dimensions Deutsche Bank Macquarie Goldman Sachs Credit Suisse JPMorgan Wilson HTM Investment Group

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

Analyst RICHARD J JOHNSON STEPHEN SCOTT PAUL JENSZ DAVID KRATOCHVIL TEAM COVERAGE MARK WILSON RIKKI BANNAN JAMES HANNAM LARRY GANDLER STUART JACKSON JAMES FERRIER

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

Recommendation neutral lighten hold sell buy sell underperform neutral/neutral underperform neutral hold

Amt Held 60'210'136 14'516'702 14'330'798 13'854'165 13'112'345 13'079'699 12'162'870 11'642'880 11'609'140 11'039'268 3'933'829 2'569'289 2'032'632 1'003'274 1'002'981 988'153 932'511 656'456 590'313 430'434

% Out 22.92 5.53 5.46 5.27 4.99 4.98 4.63 4.43 4.42 4.2 1.5 0.98 0.77 0.38 0.38 0.38 0.36 0.25 0.22 0.16

Weighting

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

M M M M U M D M M M M

Latest Chg (2'248'185) (1'177'739) (6'010'560) (474'417) (3'656) 3'356 147'612 51'615 (6'898) (11'875) 196 -

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

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

File Dt Inst Type 28.09.2011 Corporation 15.07.2010 Unclassified 28.09.2011 Corporation 09.06.2011 Investment Advisor 28.09.2011 Investment Advisor 11.10.2012 Investment Advisor 14.11.2011 Bank 02.08.2012 n/a 09.09.2010 Investment Advisor 12.02.2010 Investment Advisor 12.11.2012 Investment Advisor 31.07.2012 Investment Advisor 13.07.2010 n/a 31.08.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 30.04.2012 n/a 30.04.2012 Other

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

Date 02.11.2012 30.10.2012 15.10.2012 05.10.2012 01.10.2012 25.09.2012 25.09.2012 24.09.2012 24.09.2012 24.09.2012 24.09.2012

11.03.2013

Nutreco NV Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and fish feeds. The Company produces compound feeds for pigs, poultry, salmon and trout, and breeds poultry and produces eggs. Nutreco operates throughout Europe.

Price/Volume 70

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (3/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 NUO NA EQUITY YTD Change NUO NA EQUITY YTD % CHANGE

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

.4 M

.2 M

10 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2008 4'943.1 0.24x 203.7 5.88x 114.8 7.79x

.6 M

12/2012 09/yy 74.37 49.62 73'326.00 74.23 -0.19% 49.60% 99.92% 34.6 2'568.36 524.80 0.0 9.1 263.00 2'839.26

31.12.2009 31.12.2010 4'511.7 4'166.4 0.36x 0.53x 231.8 243.6 6.94x 9.04x 90.3 111.4 15.05x 18.99x Profitability

LTM-4Q 31.12.2011 4'721.1 0.43x 271.7 7.46x 130.5 14.16x

31.12.2012 5'229.1 0.48x 307.0 8.11x 176.8 14.15x

307.00 234.60 4.49% 4.06% 6.59% 19.15% 14.31% 1.95% 5.9% 4.5% 3.4% 1.27 0.78 18.62% 53.99% 7.38 -

Price/ Cash Flow

09/yy 5'152.3 0.00x 0.0 0.00x 0.0 0.00x

LTM 09/yy 5'385.4 0.00x 0.0 0.00x 0.0 0.00x

FY+1

2.76 0.72 34.01 36.02% 15.80% 0.719 12 3.167 138'477 124'067 113'702 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'506.1 5'731.4 0.51x 0.47x 345.0 367.1 8.23x 7.73x 187.3 203.8 13.73x 12.43x S&P Issuer Ratings

9.50 5.84 0.85 1.71 54.0% 34.8% 1.95 8.55 49.57 -

Sales/Revenue/Turnover

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0 6.00

2'000.0 4.00

1'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Nutreco NV Holdings By:

All

Holder Name ING GROEP NV BLACKROCK ALLIANZ ASSET MANAGE ACHMEA BELEGGINSFOND DJE INVESTMENT SA DELTA LLOYD FUND MAN VAN ECK ASSOCIATES C DWS INVESTMENT S A DIMENSIONAL FUND ADV BNP PARIBAS INV PART ASR NEDERLAND NV ING INVESTMENT MANAG FRANKFURT TRUST INVE TD ASSET MANAGEMENT VANGUARD GROUP INC ODIN FORVALTNING AS PRINCIPAL FINANCIAL NUTRECO NV JP MORGAN DEUTSCHE BANK AG

Firm Name AlphaValue Theodoor Gilissen Securities KBC Securities SNS Securities(ESN) Petercam Rabobank International ABN Amro Bank N.V. ING Wholesale Banking Equita SIM SpA Kempen & Co Goldman Sachs EVA Dimensions CA Cheuvreux Kepler Capital Markets

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

Analyst SOPHIE CABO-BROSETA TOM MULLER PASCALE WEBER RICHARD WITHAGEN FERNAND DE BOER PATRICK ROQUAS MAARTEN BAKKER MARCO GULPERS GIANMARCO BONACINA ERWIN DUT FULVIO CAZZOL TEAM COVERAGE HANS PLUIJGERS TEAM COVERAGE

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

Recommendation buy hold accumulate hold buy hold buy hold hold buy neutral/neutral buy suspended coverage buy

Amt Held 3'499'935 1'806'566 731'708 628'924 594'066 556'121 532'074 518'956 489'011 380'043 377'105 303'187 232'250 225'350 200'310 193'048 192'217 155'882 143'448 141'900

% Out 9.97 5.14 2.08 1.79 1.69 1.58 1.52 1.48 1.39 1.08 1.07 0.86 0.66 0.64 0.57 0.55 0.55 0.44 0.41 0.4

Weighting

Change

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

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

Latest Chg (462'903) (41'066) 81'516 (26'000) 6'500 (488) (66'982) 3'111 (591) 12'550 13'680 15'518 39'556 7 32'571 -

Target Price 72 59 62 63 67 58 72 62 61 68 66 #N/A N/A #N/A N/A 57

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

File Dt 25.06.2012 09.11.2012 30.09.2012 28.09.2012 31.08.2012 31.07.2012 12.11.2012 28.09.2012 31.07.2012 30.09.2012 31.12.2010 30.09.2012 31.08.2012 31.12.2011 30.06.2012 28.09.2012 30.09.2012 09.03.2011 30.09.2012 28.09.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Government Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor n/a Unclassified Investment Advisor

Date 08.11.2012 29.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 18.10.2012 12.10.2012 08.10.2012 29.08.2012 27.08.2012 10.05.2012 16.08.2011

11.03.2013

Olam International Ltd Olam International Limited is an international integrated supplier of both raw and processed agricultural commodities. The Group sources, processes, stores, transports, ships, distributes, trades and markets agricultural products. Olam International also provides insurance related services.

Price/Volume 3

100.0 M 90.0 M 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

3 2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2012) 52-Week Low (14.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OLAM SP EQUITY YTD Change OLAM SP EQUITY YTD % CHANGE

06/2012 06/yy 2.39 1.37 2'228'000.00 1.67 -30.13% 22.34% 29.76% 2'390.2 3'991.66 7'489.38 276.9 122.2 1'110.86 11'833.26

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

1 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 30.06.2008 8'111.9 0.84x 360.1 18.91x 167.7 23.64x

30.06.2009 30.06.2010 8'587.9 10'455.0 0.79x 0.87x 379.7 351.3 17.93x 25.80x 252.0 359.5 16.52x 14.46x Profitability

LTM-4Q 30.06.2011 15'803.4 0.75x 669.9 17.68x 429.8 13.42x

30.06.2012 17'093.8 0.65x 929.3 11.95x 370.9 12.10x

929.26 778.64 4.56% 2.56% 2.94% 12.23% 7.51% 1.38% 18.9% 5.1% 4.2% 2.2% 1.63 0.47 54.16% 239.38% 12.04 3.24

Price/ Cash Flow

LTM

06/yy 15'787.6 2.97x 1'006.5 11.77x 429.8 13.59x

06/yy 17'093.8 2.70x 856.6 12.64x 370.9 12.12x

FY+1

1.36 1'473.43 -25.56% 7.40% 1.363 20 3.400 4'393'200 6'119'200 13'610'410 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 21'004.4 23'936.6 5'812.0 5'812.0 0.59x 0.56x 1'101.6 1'316.3 282.0 282.0 10.74x 8.99x 20.98x 41.96x 342.1 433.6 119.0 83.1 11.76x 9.54x 14.78x 13.69x S&P Issuer Ratings

2.10 0.12 8.04 9.17 239.4% 68.0% 1.38 8.14 30.41 112.95 20.52 123.59

Sales/Revenue/Turnover

30.00

18'000.0 16'000.0

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00 0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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 |

11.03.2013

Olam International Ltd Holdings By:

All

Holder Name KEWALRAM SINGAPORE L TEMASEK HOLDINGS PRI ORBIS GROUP CAPITAL GROUP COMPAN AXA UBS AG ALLIANCEBERNSTEIN LP VERGHESE SUNNY GEORG WELLINGTON MANAGEMEN COLUMBIA WANGER ASSE OLAM INTL LTD SANFORD C BERNSTEIN VAN ECK ASSOCIATES C BLACKROCK DWS INVESTMENT S A VANGUARD GROUP INC SHEKHAR ANANTHARAMAN KRISHNAN SRIDHAR ALLIANCEBERNSTEIN LU FIDELITY INTERNATION

Firm Name

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

Analyst

Nomura TANUJ SHORI DBS Vickers MERVIN SONG JPMorgan AJAY NARAYAN MIRCHANDANI OSK (Asia) Securities LENG SENG CHOON Kim Eng Securities JAMES KOH Euro Pacific Capital Inc DAVID KRATOCHVIL Goldman Sachs PATRICK TIAH Standard Chartered ADRIAN FOULGER OCBC Investment Research CAREY WONG UOB Kay Hian EUGENE NG Religare Capital Markets VINCENT FERNANDO Deutsche Bank ELTRICIA LI CHING FOONG Morgan Stanley DIVYA GANGAHAR KOTHIYAL Credit Suisse SU TYE CHUA CIMB LEE WEN CHING HSBC THILAN WICKRAMASINGHE Macquarie CONRAD WERNER Jefferies ARYA SEN IIFL ZUO LI EVA Dimensions TEAM COVERAGE Frontier Investment & Capital Advisors PRIYO MAYENGBAM

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

Recommendation buy hold neutral buy hold neutral Buy/Neutral outperform hold buy buy buy Overwt/Attractive outperform outperform overweight outperform buy add sell buy

Amt Held 483'493'065 390'398'453 191'320'000 119'304'973 118'451'695 117'988'747 117'121'695 110'646'477 105'442'139 59'833'000 52'196'000 51'817'200 36'654'336 26'544'263 20'498'000 18'899'429 16'038'498 15'856'879 11'448'600 11'194'247

% Out 20.23 16.33 8 4.99 4.96 4.94 4.9 4.63 4.41 2.5 2.18 2.17 1.53 1.11 0.86 0.79 0.67 0.66 0.48 0.47

Weighting

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

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

Latest Chg (3'232'916) (3'772'000) (7'253'620) (3'772'000) (921'000) (550'000) (34'000) 29'000 1'727'000 2'004'568 42'969 9'680'609

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

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

File Dt Inst Type 17.09.2012 Investment Advisor 17.09.2012 Government 29.10.2012 n/a 04.06.2012 Investment Advisor 02.10.2012 Investment Advisor 29.11.2011 Bank 02.10.2012 Investment Advisor 21.07.2012 n/a 14.04.2011 Investment Advisor 28.09.2012 Investment Advisor 17.09.2012 n/a 31.08.2012 Investment Advisor 12.11.2012 Investment Advisor 09.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 21.07.2012 n/a 21.07.2012 n/a 30.09.2012 Investment Advisor 31.10.2011 Investment Advisor

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

Date 05.11.2012 02.11.2012 05.10.2012 14.09.2012 06.09.2012 03.09.2012 31.08.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 28.08.2012 28.08.2012 28.08.2012 28.08.2012 13.07.2012 22.05.2012 19.03.2012 04.01.2012 30.11.2011 01.07.2011

11.03.2013

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and processes palm oil, rubber, coconut, cocoa, coffee, and tea.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.04.2012) 52-Week Low (03.12.2012) Daily Volume Current Price (3/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 LSIP IJ EQUITY YTD Change LSIP IJ EQUITY YTD % CHANGE

12/2012 09/yy 3'150.00 1'830.00 22'508'000.00 2000 -36.51% 9.29% 12.88% 6'822.9 13'645'728.00 0.00 0.0 (714.0) 1'799'137.00 11'845'876.93

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

70.0 M

3000

60.0 M

2500

50.0 M

2000

40.0 M

1500

30.0 M

1000

20.0 M

500

10.0 M

0 n-11

31.12.2009 31.12.2010 3'199'687.0 3'592'658.0 3.42x 4.56x 1'171'436.0 1'597'639.0 9.34x 10.25x 707'487.0 1'033'329.0 15.90x 17.02x Profitability

LTM-4Q 31.12.2011 4'686'457.0 2.84x 2'224'402.0 5.97x 1'701'580.0 9.04x

j-12

f-12 m-12 a-12 m-12

j-12

a-12

s-12

o-12

LTM

FY+1

0.99 2'764.44 -27.81% -13.04% 0.994 26 4.038 9'389'500 10'916'280 14'007'230 FY+2

FQ+1

FQ+2

31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'211'578.0 ######### ######### ######### ######### 3.30x 11.95x 13.69x 2.13x 1.79x 1'509'513.0 ######### ######### ######### ######### 9.20x 5.32x 8.38x 6.45x 5.83x 1'116'186.0 ######### ######### ######### ######### 14.02x 8.23x 12.50x 9.82x 8.81x S&P Issuer Ratings 1'509'513.00 Long-Term Rating Date 1'263'206.00 Long-Term Rating 29.99% Long-Term Outlook 32.58% Short-Term Rating Date 15.56% Short-Term Rating 18.42% Credit Ratios 18.46% EBITDA/Interest Exp. 0.59% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 39.9% Total Debt/EBITDA 35.8% Reference 30.0% Total Debt/Equity 26.5% Total Debt/Capital Asset Turnover 3.39 Net Fixed Asset Turnover 2.32 Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day 60.83 Cash Conversion Cycle 4.99

Price/ Cash Flow

408.53 263.24 -1.19 0.00 0.0% 0.0% 0.59 1.01 6.02 73.34 26.79 52.57

Sales/Revenue/Turnover

18.00

5'000'000.0

16.00

4'500'000.0

14.00

4'000'000.0 3'500'000.0

12.00

3'000'000.0

10.00 8.00

2'500'000.0 2'000'000.0

6.00

1'500'000.0

4.00

1'000'000.0

2.00

500'000.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2008 3'846'154.0 1.00x 1'445'441.0 2.65x 927'555.0 4.29x

3500

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT Holdings By:

All

Holder Name SALIM IVOMAS PRATAMA SCHRODER INVESTMENT SCHRODER INVESTMENT VAN ECK ASSOCIATES C MANULIFE ASET MANAJE WILLIAM BLAIR & COMP ALLIANZ ASSET MANAGE EASTSPRING INVESTMEN FIDELITY INTERNATION DANAREKSA INVESTMENT DIMENSIONAL FUND ADV AVIVA PLC VANGUARD GROUP INC NORDEA INVESTMENT FU BNP PARIBAS INV PART FIRST STATE INVESTME MIRABAUD & CIE UOB ASSET MANAGEMENT BLACKROCK FORTIS INVESTMENTS P

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

Firm Name

Analyst

Andalan Artha Advisindo Sekuritas PT Macquarie Standard Chartered Bahana Securities Kim Eng Securities Ciptadana Sekuritas Deutsche Bank Credit Suisse DBS Vickers CIMB OSK (Asia) Securities UOB Kay Hian Danareksa Indo Premier Securities JPMorgan Trimegah Securities Tbk PT Nomura Mandiri Sekuritas PT/Indonesia PT Batavia Prosperindo Sekuritas BNP Paribas Equity Research EVA Dimensions Sucorinvest Central Gani PT ONIX Capital Tbk

ANDY WIBOWO GUNAWAN SUNAINA DHANUKA JOO ENG TEO LEONARDO HENRY GAVAZA PANDU ANUGRAH SURAJ KHIANI JOVIN NG AGUS SANDIANTO BEN SANTOSO ERWAN TEGUH TEH ALVIN TAI STEFANUS DARMAGIRI GABRIELLA MAUREEN NATASHA WILLY GUNAWAN YING-JIAN CHAN WILLIAM SIMADIPUTRA MUZHAFAR MUKHTAR HARIYANTO WIJAYA YASMIN SOULISA HELMY KRISTANTO TEAM COVERAGE TEAM COVERAGE SHEILA YOVITA

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

Recommendation buy neutral outperform hold buy buy buy outperform hold neutral buy buy buy buy underweight buy buy Under Review buy buy overweight buy hold

Amt Held 4'058'239'370 219'081'567 143'770'500 114'402'008 63'140'000 57'693'441 51'873'500 39'759'500 37'739'666 30'325'000 18'956'000 15'677'500 15'454'415 14'898'500 13'693'500 12'057'500 10'774'000 10'250'000 10'220'000 9'995'500

% Out 59.48 3.21 2.11 1.68 0.93 0.85 0.76 0.58 0.55 0.44 0.28 0.23 0.23 0.22 0.2 0.18 0.16 0.15 0.15 0.15

Weighting

Change

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

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

Latest Chg 60'210'000 (95'000) (25'555'000) (535'500) (2'518'500) (30'237'560) 4'040'500 2'200'000 10'774'000 -

Target Price 2'750 2'500 3'469 2'650 3'150 2'750 2'800 3'300 2'500 2'600 3'392 2'900 3'170 2'800 1'700 2'850 3'300 #N/A N/A 2'941 3'470 #N/A N/A 3'250 2'925

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

File Dt 31.03.2012 30.09.2012 12.07.2013 12.11.2012 31.12.2010 30.09.2012 31.08.2012 29.06.2012 29.02.2012 31.12.2010 31.07.2012 28.09.2012 30.06.2012 28.09.2012 31.07.2012 31.12.2010 29.06.2012 30.06.2011 31.07.2012 31.12.2011

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

Inst Type Unclassified Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Mutual Fund Manager

Date 13.11.2012 08.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 15.10.2012 25.09.2012 06.09.2012 29.08.2012 08.06.2012

11.03.2013

Pilgrim's Pride Corp Pilgrim's Pride Corporation produces prepared and fresh chicken products in the United States and Mexico. Through vertical integration, the Company controls the breeding, hatching, and growing of chickens and the processing, preparation, and packaging of its product lines. Pilgrim's Pride exports its products to Canada, Eastern Europe, the Far East, and other world markets.

Price/Volume 9

3.0 M

2.5 M

7 6

2.0 M

12/2012 09/yy 0.00 259.0 1'164.76 0.0 2.6 68.18 -

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

1.0 M

.5 M

1 0 n-11

30.09.2009 31.12.2010 7'088.1 6'881.6 0.05x 0.40x 317.8 486.8 1.13x 5.68x (151.6) 87.1 10.03x Profitability

LTM-4Q 31.12.2011 7'535.7 0.36x (135.7) (496.8) -

31.12.2012 8'121.4 0.36x 406.2 7.29x 174.2 9.99x

406.21 258.79 3.19% 1.88% 6.01% 23.84% 2.80% 5.4% 5.0% 3.2% 2.1% 2.11 0.62 39.97% 128.51% 21.46 8.40

Price/ Cash Flow

09/yy 7'517.7 1.42x (37.9) 0.00x (369.6) 0.00x

j-12

f-12

m-12

a-12

LTM 09/yy 7'761.0 1.48x 361.1 6.73x 66.1 18.04x

m-12

j-12

a-12

s-12

o-12

FY+1

47.05 3.14 7 3.000 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'253.8 8'041.0 2'020.6 2'070.6 0.36x 0.35x 1.61x 1.54x 536.0 541.0 113.9 156.0 6.28x 6.22x 6.28x 6.11x 281.0 295.8 50.5 91.1 S&P Issuer Ratings

16.08.2011 B POS 3.87 3.01 2.70 2.87 128.5% 56.2% 2.80 6.68 17.33 44.27 15.98 45.51

Sales/Revenue/Turnover

800.00

9'000.0

700.00

8'000.0

600.00

7'000.0 6'000.0

500.00

5'000.0

400.00

4'000.0

300.00

3'000.0

200.00

2'000.0

100.00

1'000.0

0.00 03.10.2008

.0 M d-11

Fiscal Year Ended 30.09.2008 8'518.8 0.25x (271.8) (998.6) -

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (#N/A Field Not Applicable) 52-Week Low (#N/A Field Not Applicable) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PPC UN EQUITY YTD Change PPC UN EQUITY YTD % CHANGE

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Pilgrim's Pride Corp Holdings By:

All

Holder Name JBS USA HOLDINGS INC VANGUARD GROUP INC VAN ECK ASSOCIATES C JACKSON DON BLACKROCK DIMENSIONAL FUND ADV CADENCE CAPITAL MANA GOLDMAN SACHS GROUP STATE STREET CORP SEGALL BRYANT & HAMI INVESCO LTD WELLINGTON MANAGEMEN ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO MANNING & NAPIER ADV PRUDENTIAL FINANCIAL TECHNICAL FINANCIAL PILGRIM LONNIE KEN CREDIT SUISSE AG SCOPUS ASSET MANAGEM

Firm Name B Riley & Company, Inc EVA Dimensions KeyBanc Capital Markets BMO Capital Markets Stephens Inc Imperial Capital LLC BB&T Capital Markets JPMorgan

Portfolio Name n/a VANGUARD GROUP INC VAN ECK ASSOCIATES C n/a n/a DIMENSIONAL FUND ADV CADENCE CAPITAL MANA GOLDMAN SACHS GROUP STATE STREET CORPORA SEGALL BRYANT & HAMI INVESCO LTD WELLINGTON MANAGEMEN ALLIANCEBERNSTEIN LP NORTHERN TRUST CORPO MANNING & NAPIER ADV n/a TFS CAPITAL LLC n/a CREDIT SUISSE AG SCOPUS ASSET MANAGEM

Analyst IAN CORYDON TEAM COVERAGE AKSHAY S JAGDALE KENNETH B ZASLOW FARHA ASLAM MARY ROSS-GILBERT HEATHER L JONES KENNETH GOLDMAN

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

Recommendation buy underweight hold market perform equalweight in-line hold neutral

Amt Held 194'990'667 3'936'536 3'934'328 3'356'402 2'657'967 2'143'567 1'622'971 1'541'119 1'084'846 1'058'902 926'231 851'608 798'796 795'682 730'440 647'187 589'674 516'293 467'365 444'544

% Out 75.29 1.52 1.52 1.3 1.03 0.83 0.63 0.6 0.42 0.41 0.36 0.33 0.31 0.31 0.28 0.25 0.23 0.2 0.18 0.17

Weighting

Change 5 1 3 3 3 3 3 3

M D M M M D M M

Latest Chg 18'924'438 460'665 (355'545) 576'083 496'245 (10'738) (374'140) 410'415 (107'773) (16'710) 833'050 92'248 (524'110) (18'165) 730'440 557'487 104'865 44'517 (74'775) (388'098)

Target Price 8 #N/A N/A #N/A N/A 6 6 5 #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 12.03.2012 Holding Company 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 29.02.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 16.03.2012 n/a 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager

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

Date 12.11.2012 12.11.2012 07.11.2012 29.10.2012 29.10.2012 10.08.2012 27.07.2012 07.11.2008

11.03.2013

Potash Corp of Saskatchewan Inc Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and nitrogen to the agricultural and industrial industries worldwide. The Company conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POT CT EQUITY YTD Change POT CT EQUITY YTD % CHANGE

12/2012 09/yy 47.27 37.02 646'636.00 42.07 -11.00% 13.64% 42.15% 865.0 36'390.33 4'081.00 0.0 0.0 562.00 38'966.43

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

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

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M d-11

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

31.12.2012 7'927.0 4.88x 3'589.0 10.79x 2'079.0 15.47x 3'589.00 3'011.00 37.98% 36.65% 12.07% 23.41% 0.46% 43.0% 45.2% 37.9% 26.2% 1.35 0.89 22.42% 41.17% 6.94 6.05

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 8'663.0 23.01x 4'230.0 9.80x 2'906.0 12.92x

a-12

09/yy 8'150.0 20.28x 3'888.0 10.55x 2'341.0 14.83x

m-12

j-12

a-12

s-12

o-12

FY+1

1.71 1.20 859.89 12.26 -2.08% 4.44% 1.200 30 3.867 1'237'692 1'641'696 1'510'490 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'223.2 8'700.8 1'883.8 2'358.7 4.55x 4.24x 20.74x 16.45x 4'216.8 4'628.3 880.4 1'237.1 9.24x 8.42x 9.20x 8.57x 2'644.5 2'916.6 535.3 808.7 13.72x 12.33x 13.77x 12.91x S&P Issuer Ratings

15.11.2010 ASTABLE 15.11.2010 A-2 31.48 12.77 0.98 1.14 41.2% 29.2% 0.46 0.74 52.73 60.49 99.91 13.30

Sales/Revenue/Turnover

45.00

10'000.0

40.00

9'000.0

35.00

8'000.0 7'000.0

30.00

6'000.0

25.00 20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 02.01.2009

8.0 M

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

50 45 40 35 30 25 20 15 10 5 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Potash Corp of Saskatchewan Inc Holdings By:

All

Holder Name CAPITAL WORLD INVEST ROYAL BANK OF CANADA FMR LLC BMO FINANCIAL CORP PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA THORNBURG INVESTMENT WENTWORTH HAUSER AND CIBC WORLD MARKETS I CAISSE DE DEPOT ET P JARISLOWSKY FRASER L BLACKROCK CARMIGNAC GESTION IG INVESTMENT MANAGE VAN ECK ASSOCIATES C TORONTO DOMINION BAN NORTHERN CROSS LLC GLOBAL THEMATIC PART TD ASSET MANAGEMENT DAVIS SELECTED ADVIS

Firm Name Susquehanna Financial Group EVA Dimensions Desjardins Securities CIBC World Markets Morgan Stanley Alta Corp Capital Inc. BMO Capital Markets Dundee Securities Corp TD Securities RBC Capital Markets National Bank Financial Raymond James Macquarie Salman Partners Paradigm Capital Inc Barclays Edward Jones Canaccord Genuity Corp Miller Tabak + Co., LLC S&P Capital IQ Lazard Capital Markets Credit Agricole Securities (USA) Stifel Nicolaus Dahlman Rose & Co Atlantic Equities LLP Oracle Investment Research Fraser Mackenzie Limited Deutsche Bank Cia de Professionales de Bolsa Scotia Capital

Portfolio Name CAPITAL WORLD INVEST n/a n/a BMO FINANCIAL CORP PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA THORNBURG INVESTMENT WENTWORTH HAUSER AND CIBC WORLD MARKETS I CAISSE DE DEPOT ET P JARISLOWSKY FRASER L n/a Multiple Portfolios IG INVESTMENT MANAGE VAN ECK ASSOCIATES C TORONTO DOMINION BAN NORTHERN CROSS LLC GLOBAL THEMATIC PART TD ASSET MANAGEMENT DAVIS SELECTED ADVIS

Analyst DONALD D CARSON TEAM COVERAGE JOHN F HUGHES JACOB BOUT VINCENT ANDREWS JOHN CHU JOEL JACKSON CAROLYN DENNIS PAUL D'AMICO ADAM SCHATZKER ROBERT B WINSLOW STEVEN P HANSEN DAVID PUPO RAYMOND GOLDIE SPENCER CHURCHILL MATTHEW J KORN JEFF NELSON KEITH CARPENTER TIM TIBERIO LEO LARKIN EDLAIN RODRIGUEZ MARK W CONNELLY PAUL A MASSOUD CHARLES NEIVERT COLIN ISAAC LAURENCE BALTER PETER PRATTAS DAVID I BEGLEITER JAMIL HALLASSOU HOLGUIN BEN ISAACSON

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

Recommendation neutral underweight buy sector perform restricted outperform outperform neutral buy sector perform underperform outperform outperform Under Review buy equalweight buy buy buy buy neutral buy buy hold neutral buy buy hold buy sector outperform

Amt Held 36'742'122 32'613'348 26'608'412 21'548'354 19'753'574 19'426'091 18'944'084 13'530'620 12'409'864 11'893'628 11'478'619 11'102'687 11'016'000 10'552'628 10'031'281 9'997'924 9'720'761 9'593'592 8'574'293 8'341'159

% Out 4.27 3.79 3.09 2.5 2.29 2.26 2.2 1.57 1.44 1.38 1.33 1.29 1.28 1.23 1.17 1.16 1.13 1.11 1 0.97

Weighting

Change

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

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

Latest Chg (830'000) (27'757) 619'519 (1'561'413) (4'106'650) (1'055'118) 1'013'891 170'128 268'550 417'984 (398'698) (30'673'629) (134'000) 901'300 (2'579'858) 41'446 9'720'761 1'748'250 1'077'919 (365'550)

Target Price 40 #N/A N/A 50 44 #N/A N/A 48 52 42 50 44 37 50 52 #N/A N/A 61 45 #N/A N/A 48 53 59 #N/A N/A 60 56 #N/A N/A 40 55 46 46 51 65

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 30.09.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 28.09.2012 30.06.2012 30.09.2012 30.06.2012 30.09.2012 30.09.2012 30.06.2012 30.06.2012

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

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

Date 09.11.2012 07.11.2012 06.11.2012 04.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 08.10.2012 13.09.2012 13.09.2012 23.08.2012 31.05.2012 02.02.2012 23.08.2011

11.03.2013

Sinofert Holdings Ltd Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company produces and imports potash fertilizers, phosphate-based and nitrogen-based fertilizers, and compound fertilizers. Sinofert operates in the Peoples Republic of China.

Price/Volume 3

200.0 M 180.0 M 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 M

3 2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (07.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 297 HK EQUITY YTD Change 297 HK EQUITY YTD % CHANGE

12/2011 01/yy 2.28 1.14 25'138'764.00 2.03 -10.96% 78.07% 78.07% 7'024.5 14'259.64 5'421.37 0.0 335.1 1'951.43 16'932.04

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

1 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2007 28'381.7 1.67x 2'061.8 23.03x 641.1 63.71x

31.12.2008 31.12.2009 45'392.9 27'010.7 0.72x 1.30x 1'897.7 (2'200.4) 17.13x 1'912.6 (1'443.8) 12.06x Profitability

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

31.12.2011 36'685.0 0.44x 1'180.1 13.75x 678.0 18.30x 1'180.15 745.57 2.03% 2.28% 2.47% 5.50% 5.49% 1.39% 5.7% 3.4% 2.2% 1.8% 1.15 0.31 19.09% 41.59% 20.14 5.83

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.83 1.33 1'762.48 -10.57% 7.98% 1.326 17 3.941 21'133'180 14'739'410 17'864'890 FY+2

12/12 Y 12/13 Y 40'778.8 43'124.2 0.41x 0.38x 1'490.1 1'694.1 11.36x 9.99x 872.1 1'021.6 13.12x 11.46x S&P Issuer Ratings

FQ+1

FQ+2

3.43 2.52 3.73 4.49 41.6% 28.9% 1.39 7.34 18.18 62.73 44.54 50.13

Sales/Revenue/Turnover

35.00

50'000.0 45'000.0

30.00

40'000.0

25.00

35'000.0 30'000.0

20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Sinofert Holdings Ltd Holdings By:

All

Holder Name SINOCHEM CORP POTASH CORP OF SASKA VAN ECK ASSOCIATES C CAPITAL WORLD INVEST FIDELITY INTERNATION ING INVESTMENT MANAG BLACKROCK DIMENSIONAL FUND ADV VANGUARD GROUP INC AIG INVESTMENT CORP MACQUARIE GROUP LTD GLOBAL X MANAGEMENT DIMENSIONAL FUND ADV APS ASSET MGMT JULIUS BAER MULTICOO AMERICAN INTERNATION CLAYMORE ADVISORS LL CB-ACCENT LUX SICAV STATE STREET CORP PICTET CONSEIL EN IN

Firm Name

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

Analyst

Jefferies JACK LU Essence Securities XU HAITAO Hua Tai Securities Co., Ltd YUNFENG FAN Goldman Sachs CAROL JIN BNP Paribas Equity Research GORDON WAI EVA Dimensions TEAM COVERAGE Deutsche Bank DAVID HURD Standard Chartered DUKE SUTTIKULPANICH China International Capital Corp BIN GUAN UOB Kay Hian WANG AOCHAO BOCOM International Holdings HE WEI Masterlink Securities LI XIN Macquarie LAURA SHI Barclays RITA WU OSK (Asia) Securities TIWEE PANG SWS Research Co Ltd SHI MING Frontier Investment & Capital Advisors RONEL SINGH N Guotai Junan GRACE LIU Bank of China International NI XIAOMAN

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

Recommendation underperform buy buy neutral/cautious hold hold buy outperform hold buy long-term buy hold outperform overweight buy neutral buy accumulate hold

Amt Held 3'698'660'874 1'563'312'141 105'396'000 95'674'000 51'094'379 32'102'949 20'425'500 12'802'000 10'890'387 9'000'000 8'172'000 7'177'641 5'894'000 4'740'000 3'903'000 3'646'230 3'010'000 3'000'000 2'990'000 2'960'777

% Out 52.65 22.26 1.5 1.36 0.73 0.46 0.29 0.18 0.16 0.13 0.12 0.1 0.08 0.07 0.06 0.05 0.04 0.04 0.04 0.04

Weighting

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

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

Latest Chg (96'000) (14'179'588) (549'015) 2'546'000 (38'601'383) 590'000 (1'018'100) 28'000 2'400'000 -

Target Price 2 2 2 2 2 #N/A N/A 2 2 2 2 2 1 2 2 3 2 4 5 4

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

File Dt Inst Type 31.12.2011 Government 31.12.2011 Government 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 31.10.2011 Investment Advisor 30.09.2012 Investment Advisor 09.11.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2010 Investment Advisor 30.06.2011 Investment Advisor 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2011 Government 09.11.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 09.11.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 09.11.2012 08.11.2012 26.10.2012 25.10.2012 25.10.2012 12.09.2012 06.09.2012 25.08.2012 24.08.2012 24.08.2012 24.08.2012 26.07.2012 25.07.2012 17.07.2012 29.08.2011 26.08.2011 11.07.2011 10.03.2011 22.03.2010

11.03.2013

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

2.0 M 1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SFD UN EQUITY YTD Change SFD UN EQUITY YTD % CHANGE

04/2012 07/yy 26.28 17.55 282'767.00 26.11 -0.65% 48.77% 96.71% 138.8 3'623.11 1'964.40 0.0 2.7 324.30 5'862.71

1.0 M

.5 M

5 0 n-11

30.04.2009 30.04.2010 12'487.7 11'202.6 0.32x 0.51x 96.7 266.5 41.79x 21.28x (198.4) (101.4) Profitability

LTM-4Q 30.04.2011 12'202.7 0.46x 1'156.2 4.90x 521.0 8.15x

30.04.2012 13'094.3 0.38x 975.3 5.11x 361.3 8.19x

975.30 732.50 5.59% 4.08% 3.04% 6.86% 6.13% 1.71% 11.8% 6.8% 4.5% 2.8% 2.90 0.84 26.47% 57.99% 17.75 4.86

Price/ Cash Flow

j-12

f-12

m-12

LTM

07/yy 12'395.6 1.75x 1'161.1 4.78x 526.8 6.42x

a-12

07/yy 13'091.4 1.59x 935.3 4.86x 340.9 7.98x

m-12

j-12

a-12

s-12

o-12

FY+1

0.00 1.03 127.23 8.77 14.17% 21.05% 1.034 16 3.750 961'904 473'061 451'156 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 13'163.2 13'568.9 3'284.2 3'179.0 0.42x 0.39x 1.75x 1.82x 810.5 893.8 188.0 205.0 7.25x 6.57x 6.68x 6.25x 292.8 350.6 64.5 72.4 13.04x 10.31x 11.09x 10.16x S&P Issuer Ratings

27.03.2012 BB STABLE 5.43 3.80 2.51 2.65 58.0% 36.7% 1.71 5.74 20.50 74.97 15.20 69.72

Sales/Revenue/Turnover

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 08.05.2009

.0 M d-11

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

2.5 M

25 20

Valuation Analysis

30.04.2008 11'351.2 0.68x 605.2 12.67x 128.9 25.89x

0.0 08.11.2009

08.05.2010

08.11.2010

08.05.2011

08.11.2011

08.05.2012

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 |

11.03.2013

Smithfield Foods Inc Holdings By:

All

Holder Name CONTIGROUP COS INC WELLINGTON MANAGEMEN BLACKROCK VANGUARD GROUP INC LSV ASSET MANAGEMENT JENNISON ASSOCIATES FRANK RUSSELL TRUST STATE STREET CORP SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV JP MORGAN FMR LLC BANK OF NEW YORK MEL TRADEWINDS GLOBAL IN GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C FRANKLIN RESOURCES NORGES BANK AMERIPRISE FINANCIAL

Firm Name Stephens Inc BMO Capital Markets Davenport & Co KeyBanc Capital Markets Morgan Stanley R.W. Pressprich & Co Credit Suisse D.A. Davidson & Co Credit Agricole Securities (USA) Miller Tabak + Co., LLC BB&T Capital Markets Cowen and Company S&P Capital IQ JPMorgan EVA Dimensions

Portfolio Name n/a WELLINGTON MANAGEMEN n/a VANGUARD GROUP INC LSV ASSET MANAGEMENT JENNISON ASSOCIATES FRANK RUSSELL COMPAN STATE STREET CORPORA SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV n/a n/a BANK OF NEW YORK MEL TRADEWINDS GLOBAL IN GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C n/a NORGES BANK AMERIPRISE FINANCIAL

Analyst FARHA ASLAM KENNETH B ZASLOW ANN H GURKIN AKSHAY S JAGDALE VINCENT ANDREWS SETH CRYSTALL ROBERT MOSKOW TIMOTHY S RAMEY DIANE GEISSLER TIM TIBERIO HEATHER L JONES COLIN GUHEEN THOMAS GRAVES KENNETH GOLDMAN TEAM COVERAGE

Source 13D/PROX 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation equalweight market perform buy hold Underwt/Cautious market perform outperform buy underperform hold hold outperform hold neutral buy

Amt Held 12'801'352 11'739'423 11'136'675 6'780'657 5'981'590 5'777'595 4'891'902 4'789'380 4'302'312 3'564'453 3'556'382 3'317'485 2'853'600 2'668'600 2'479'754 2'325'262 2'285'879 1'347'000 1'232'386 1'229'637

% Out 8.56 7.85 7.45 4.54 4 3.87 3.27 3.2 2.88 2.38 2.38 2.22 1.91 1.79 1.66 1.56 1.53 0.9 0.82 0.82

Weighting

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

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

Latest Chg (390'102) (1'422'841) 114'239 317'800 1'320'686 (300'724) (137'909) (145'943) (1'800'703) (107'674) (296'135) 216'908 (1'026'202) 2'479'754 363'743 (398'104) (5'000) 1'232'386 (355'070)

Target Price 21 22 23 #N/A N/A #N/A N/A #N/A N/A 25 26 21 22 #N/A N/A #N/A N/A 20 20 #N/A N/A

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

File Dt Inst Type 13.07.2012 Corporation 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor

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

Date 18.10.2012 12.10.2012 11.10.2012 10.10.2012 01.10.2012 28.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 10.07.2012 18.11.2011

11.03.2013

Sociedad Quimica y Minera de Chile SA Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers including potassium nitrate, sodium nitrate, and potassium sulfate for the agricultural industry. The Company also produces industrial chemicals, iodine and lithium. SQM markets its products in over 100 countries.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SQM UN EQUITY YTD Change SQM UN EQUITY YTD % CHANGE

12/2012 06/yy 65.31 50.43 28'911.00 56.01 -14.33% 11.06% 32.59% 120.4 14'493.06 1'599.04 0.0 54.7 640.46 -

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

1.4 M

1.2 M

1.0 M

.8 M

.6 M

.4 M

.2 M

0 n-11

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

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

31.12.2012 2'429.2 6.63x 1'096.4 14.70x 649.2 1'096.38 900.23 37.06% 35.96% 15.67% 32.91% 19.81% 0.59% 42.3% 45.1% 37.1% 26.7% 3.69 1.89 36.21% 74.97% 5.27 1.71

06/yy 1'996.8 31.11x 752.8 23.71x 444.2 0.00x

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

LTM 06/yy 2'326.5 25.92x 1'095.0 14.14x 644.4 0.00x

FY+1

0.98 3.37 -0.68% -2.83% 0.979 11 4.091 116'221 115'265 125'700 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'520.8 2'722.1 600.0 677.0 6.07x 5.61x 1'176.8 1'272.9 273.0 267.0 687.1 737.3 159.5 185.0 21.80x 19.75x 22.58x 22.07x S&P Issuer Ratings 27.04.2009 BBB STABLE 16.06 9.53 0.87 1.46 75.0% 42.2% 0.59 1.30 69.51 214.37 46.09 237.79

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

j-12

1.20

0.80

.0 M d-11

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

1'500.0 1'000.0

0.40

500.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Sociedad Quimica y Minera de Chile SA Holdings By:

All

Holder Name BLACKROCK T ROWE PRICE ASSOCIA MORGAN STANLEY NEUBERGER BERMAN LLC BAILLIE GIFFORD AND VAN ECK ASSOCIATES C WILLIAM BLAIR & COMP VANGUARD GROUP INC SCOUT INVESTMENT ADV UMB BANK N A FRANK RUSSELL TRUST GENERAL ELECTRIC COM FEDERATED INVESTORS COLUMBIA WANGER ASSE STATE STREET CORP FIDELITY INTERNATION SARASIN & PARTNERS L BNP PARIBAS INV PART HARDING LOEVNER LP CREDIT SUISSE AG

Firm Name Itau BBA Securities Raymond James Morgan Stanley Scotia Capital Miller Tabak + Co., LLC Credit Suisse Grupo Santander Celfin Capital BBVA Euroamerica Corredores de Bolsa JPMorgan Deutsche Bank Larrain Vial Corredores de Bolsa BICE Corredores de Bolsa BCI Corredora de Bolsa IM Trust Banchile Inversiones

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a NEUBERGER BERMAN GRO BAILLIE GIFFORD & CO VAN ECK ASSOCIATES C WILLIAM BLAIR & COMP VANGUARD GROUP INC SCOUT INVESTMENT ADV Multiple Portfolios FRANK RUSSELL COMPAN GENERAL ELECTRIC COM FEDERATED INVESTORS COLUMBIA WANGER ASSE STATE STREET CORPORA Multiple Portfolios SARASIN PARTNERS LLP n/a HARDING LOEVNER LP CREDIT SUISSE AG

Analyst GIOVANA ARAUJO PEDRO J RICHARDS JAVIER MARTINEZ BEN ISAACSON TIM TIBERIO VICCENZO PATERNOSTRO RODRIGO ORDONEZ CESAR PEREZ-NOVOA HERNAN GUERRERO HINOJOSA ANDRES GALARCE LUCAS FERREIRA ALESSANDRO BALDONI JUAN JOSE PONCE CYNDI MOSQUERA RODRIGO MUJICA JORGE MERINO FELIPE MERCADO

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

Recommendation outperform market perform Underwt/No Rating sector perform buy outperform hold buy underperform hold overweight hold buy buy neutral hold buy

Amt Held 3'938'112 3'836'225 2'948'013 2'194'452 2'109'000 1'825'071 1'749'609 1'539'802 1'310'106 1'248'457 1'029'869 974'747 857'438 706'000 675'394 566'397 553'713 525'662 517'820 362'468

% Out 3.27 3.19 2.45 1.82 1.75 1.52 1.45 1.28 1.09 1.04 0.86 0.81 0.71 0.59 0.56 0.47 0.46 0.44 0.43 0.3

Weighting

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

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

Latest Chg (187'157) 172'266 313'909 (68'029) 53'500 1'825'071 174'801 (141'019) 27'817 28'334 101'721 (274'911) (144'966) 18'910 44'208 25'579 (69'648) (1'600) (68'264)

Target Price 71 #N/A N/A 50 63 70 75 63 #N/A N/A 61 59 64 66 61 64 63 43 48

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 30.09.2012 30.09.2012 30.09.2012 30.06.2012 30.09.2012 28.09.2012 30.09.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 31.10.2011 30.09.2012 30.06.2012 30.09.2012 30.06.2012

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

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

Date 22.10.2012 21.10.2012 02.10.2012 01.10.2012 25.09.2012 24.09.2012 09.07.2012 30.05.2012 02.02.2012 12.01.2012 07.10.2011 02.09.2011 18.03.2011 18.03.2011 08.03.2011 15.01.2010 03.12.2009

11.03.2013

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

Price/Volume 400

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

350 300 250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (12.03.2012) Daily Volume Current Price (3/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 SYNN VX EQUITY YTD Change SYNN VX EQUITY YTD % CHANGE

12/2012 09/yy 411.00 292.50 59'449.00 407.8 -0.80% 39.42% 95.19% 93.1 37'976.84 3'348.00 11.0 1'599.00 41'744.04

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

100 50 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2008 11'624.0 1.68x 2'495.0 7.84x 1'385.0 12.86x

150

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

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

31.12.2012 14'202.0 2.72x 3'148.0 12.26x 1'872.0 19.65x 3'148.00 2'550.00 17.96% 15.15% 10.22% 23.06% 0.78% 49.2% 22.2% 18.0% 13.2% 1.71 0.75 17.26% 38.28% 4.79 1.62

Price/ Cash Flow

LTM

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

09/yy 7'002.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.89 92.99 40.66% 11.24% 0.893 33 3.909 149'097 200'874 198'780 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 15'313.5 16'202.5 3'295.9 4'596.0 2.67x 2.47x 3'514.5 3'807.1 1'048.0 11.87x 10.96x 2'295.0 2'507.4 518.0 17.16x 15.66x S&P Issuer Ratings

15.06.2007 A STABLE 15.06.2007 A-1 22.17 18.59 0.56 1.06 38.3% 27.7% 0.78 4.57 76.37 226.25 148.30 154.33

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Syngenta AG Holdings By:

All

Holder Name BLACKROCK CAPITAL WORLD INVEST BANK OF NEW YORK CAPITAL RESEARCH GLO FMR LLC HARBOR CAPITAL ADVIS VANGUARD GROUP INC CREDIT SUISSE ASSET VAN ECK ASSOCIATES C BANK OF NEW YORK MEL UBS FUND MANAGEMENT THORNBURG INVESTMENT WILLIAM BLAIR & COMP MANNING & NAPIER ADV JUPITER ASSET MANAGE PICTET & CIE INVESCO LTD DWS INVESTMENT S A SWISSCANTO FONDSLEIT SCHRODER INVESTMENT

Firm Name Sanford C. Bernstein & Co Barclays AlphaValue Nomura Societe Generale Deutsche Bank Credit Suisse CA Cheuvreux Bank Vontobel AG Kepler Capital Markets Morgan Stanley Jefferies HSBC Hamburger Sparkasse Liberum Capital Ltd Main First Bank AG Goldman Sachs Exane BNP Paribas Day by Day Zuercher Kantonalbank JPMorgan DZ Bank AG EVA Dimensions Euro Pacific Capital Inc Berenberg Bank S&P Capital IQ Canaccord Genuity Corp Macquarie Equita SIM SpA Dolmen Stockbrokers Redburn Partners National Bank AG

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

Analyst JEREMY REDENIUS GUNTHER ZECHMANN FABRICE FARIGOULE JEAN DE WATTEVILLE PATRICK LAMBERT VIRGINIE BOUCHER-FERTE CHRIS COUNIHAN MARTIN ROEDIGER PATRICK RAFAISZ BETTINA EDMONDSTON AMY WALKER LUCY WATSON GEOFF HAIRE MARCO GUENTHER SOPHIE JOURDIER RONALD KOEHLER RICHARD LOGAN JAMES KNIGHT VALERIE GASTALDY MARTIN SCHREIBER NEIL C TYLER HEINZ MUELLER TEAM COVERAGE DAVID KRATOCHVIL JAIDEEP PANDYA JOHNSON IMODE PAUL W SATCHELL JUERGEN RECK MASSIMO BONISOLI IAN G HUNTER TONY JONES STEFFEN MANSKE

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

Recommendation underperform equalweight add neutral buy buy restricted select list hold buy Underwt/In-Line hold overweight hold buy outperform Buy/Neutral neutral buy market perform underweight buy overweight neutral hold hold buy outperform buy buy buy buy

Amt Held 6'574'920 4'755'300 3'641'218 2'245'150 1'689'924 1'664'500 1'652'818 1'565'671 1'097'035 905'328 903'324 786'530 632'056 613'090 599'236 490'417 370'977 358'768 278'275 243'297

% Out 7.06 5.11 3.91 2.41 1.81 1.79 1.77 1.68 1.18 0.97 0.97 0.84 0.68 0.66 0.64 0.53 0.4 0.39 0.3 0.26

Weighting

Change

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

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

Latest Chg 357'715 646'990 (30'000) 212'307 (8'900) 51'885 153'056 (1'004) 65'532 11'362 54'754 (3'081) 175 2'798 (3'907) (5'148) 6'912

Target Price 290 381 421 400 450 420 #N/A N/A 390 355 400 304 365 400 #N/A N/A 400 415 435 328 410 #N/A N/A 310 400 #N/A N/A 350 350 320 310 330 340 340 #N/A N/A 280

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

File Dt 09.11.2012 30.12.2011 01.06.2012 30.09.2012 30.09.2012 30.06.2012 30.06.2012 31.10.2012 12.11.2012 09.11.2012 31.07.2012 31.07.2012 30.09.2012 31.07.2012 30.04.2012 31.08.2012 12.11.2012 28.09.2012 31.08.2012 30.06.2012

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor

Date 09.11.2012 09.11.2012 08.11.2012 02.11.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 23.10.2012 19.10.2012 17.10.2012 11.10.2012 03.10.2012 19.09.2012 06.09.2012 31.08.2012 08.08.2012 31.07.2012 17.07.2012 13.07.2012 18.05.2012 26.04.2012 21.02.2012 14.10.2011 21.01.2011 09.02.2009

11.03.2013

Tate & Lyle PLC Tate & Lyle PLC is the holding company for an international group of companies which produces and markets ingredients and solutions for the food, beverage, industrials and agriculture industries around the world. The Company's range of products includes nutritive sweeteners, industrial starches, ethanol, acidulants and animal feed.

Price/Volume

30.0 M

600

25.0 M 20.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (10.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TATE LN EQUITY YTD Change TATE LN EQUITY YTD % CHANGE

03/2012 01/yy 842.50 627.50 841'705.00 822 -2.43% 31.00% 94.19% 466.3 3'833.04 946.00 0.0 25.0 424.00 4'274.04

15.0 M

300 200

10.0 M

100

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

35.0 M

700 500

Valuation Analysis

31.03.2008 2'867.0 1.23x 339.0 10.44x 194.0 22.69x

800

31.03.2009 31.03.2010 3'553.0 2'533.0 0.69x 1.15x 296.0 373.0 8.24x 7.83x 65.0 15.0 13.36x Profitability

31.03.2011 2'720.0 1.17x 418.0 7.62x 163.0 13.56x

31.03.2012 3'088.0 1.24x 440.0 8.70x 305.0 10.70x 440.00 337.00 10.91% 12.27% 10.49% 30.95% 17.31% 1.13% 12.0% 8.5% 9.9% 2.01 1.00 32.55% 91.58% 9.41 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.07 0.66 465.08 21.11% 7.87% 0.663 19 3.684 1'135'805 1'246'740 1'146'748 FY+2

03/13 Y 03/14 Y 3'264.7 3'469.1 1.31x 1.20x 455.7 489.5 9.38x 8.73x 263.1 286.9 14.84x 13.68x S&P Issuer Ratings

FQ+1

FQ+2

15.07.2011 BBB STABLE 15.07.2011 A-2 13.33 10.24 1.16 2.26 91.6% 47.2% 1.13 3.53 38.91 -

Sales/Revenue/Turnover

25.00

4'000.0 3'500.0

20.00

3'000.0 2'500.0

15.00

2'000.0 10.00

1'500.0 1'000.0

5.00

0.00 03.04.2009

500.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.03.2013

Tate & Lyle PLC Holdings By:

All

Holder Name BLACKROCK AEGON SCHRODER INVESTMENT LLOYDS BANKING GROUP INVESCO LTD TIAA CREF INVESTMENT SCHRODER INVESTMENT KAMES CAPITAL PLC LEHMAN BROTHERS INTE BARCLAYS GLOBAL INVE ARTEMIS INVESTMENT M SCOTTISH WIDOWS LEGAL & GENERAL HARBINGER HOLDINGS L ARTEMIS INVESTMENT M M&G INVESTMENT MANAG NORGES BANK INVESTME DEUTSCHE PRIVATE BAN AVIVA INVESTORS VAN ECK GLOBAL

Firm Name Societe Generale Canaccord Genuity Corp Jefferies Exane BNP Paribas Investec Shore Capital Stockbrokers Berenberg Bank Panmure Gordon & Co Limited Credit Suisse Mirabaud Securities Redburn Partners EVA Dimensions Goldman Sachs JPMorgan Deutsche Bank Davy

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

Analyst WARREN L ACKERMAN ALICIA FORRY DIRK VAN VLAANDEREN JEFF STENT MARTIN DEBOO DARREN SHIRLEY JAMES TARGETT GRAHAM JONES CHARLES MILLS JULIAN LAKIN JEREMY FIALKO TEAM COVERAGE ROSIE EDWARDS ANKUR GUPTA HAROLD THOMPSON JACK GORMAN

Source ULT-AGG ULT-AGG REG ULT-AGG RNS-MAJ RNS-MAJ MF-AGG Co File Co File Co File REG ULT-AGG ULT-AGG BUS MF-AGG REG REG REG REG REG

Recommendation buy buy buy outperform hold hold hold hold outperform hold buy hold Sell/Neutral underweight buy neutral

Amt Held 54'732'171 35'187'693 24'317'861 23'537'971 23'111'061 18'849'408 18'765'408 18'569'241 18'122'510 17'568'133 17'273'969 16'781'425 16'063'135 13'311'182 12'506'997 9'344'841 8'765'151 8'591'308 8'464'958 8'083'533

% Out 11.74 7.55 5.22 5.05 4.96 4.04 4.03 3.98 3.89 3.77 3.71 3.6 3.45 2.86 2.68 2 1.88 1.84 1.82 1.73

Weighting

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

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

Latest Chg 21'342'208 (2'075'970) 292'950 9'638 (21'930'011) 3'552'033 13'544 3'432'832 (5'561'495) (2'101'826) (4'933'557) 2'320'825 569'263 212'790 8'045'076 (779'394) 21'309

Target Price 815 780 830 800 700 #N/A N/A 765 690 750 757 #N/A N/A #N/A N/A 667 615 900 #N/A N/A

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

File Dt Inst Type 09.11.2012 Investment Advisor 01.09.2012 Unclassified 01.09.2012 Investment Advisor 31.10.2012 Investment Advisor 02.10.2012 Investment Advisor 05.10.2012 Investment Advisor 30.09.2012 Investment Advisor 30.05.2012 Investment Advisor 30.05.2012 Bank 30.05.2012 Investment Advisor 01.09.2012 Investment Advisor 28.09.2012 Unclassified 01.09.2012 Unclassified 27.08.2010 Hedge Fund Manager 29.06.2012 Investment Advisor 01.09.2012 Investment Advisor 01.09.2012 Government 01.09.2012 Unclassified 01.09.2012 Investment Advisor 01.09.2012 Unclassified

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

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 02.11.2012 26.10.2012 10.10.2012 05.09.2012 29.08.2012 05.07.2012 14.05.2012 25.01.2012

11.03.2013

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 25

4.0 M 20

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (06.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSN UN EQUITY YTD Change TSN UN EQUITY YTD % CHANGE

09/2012 06/yy 24.31 14.00 136'165.00 24 -1.28% 71.47% 96.99% 284.5 8'508.83 2'432.00 0.0 30.0 1'071.00 10'007.83

1.5 M 1.0 M

.5 M 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

3.5 M

Valuation Analysis

30.09.2008 26'862.0 0.28x 860.0 8.64x 86.0 37.32x

4.5 M

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) 780.0 308.00x 7.42x Profitability

LTM-4Q 30.09.2011 32'266.0 0.25x 1'791.0 4.42x 750.0 9.19x

30.09.2012 33'278.0 0.21x 1'747.0 4.09x 583.0 8.43x

1'747.00 1'248.00 3.75% 2.79% 5.19% 10.16% 9.71% 2.89% 6.5% 5.7% 3.8% 1.8% 1.91 0.87 20.44% 40.45% 25.21 11.26

Price/ Cash Flow

LTM

07/yy 31'303.0 1.08x 2'042.0 4.32x 866.0 8.68x

06/yy 33'309.0 1.02x 1'579.0 5.37x 495.0 11.84x

FY+1

1.17 0.85 278.63 11.14 22.63% 23.99% 0.846 14 4.000 801'279 1'071'685 971'504 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 34'452.2 35'225.0 8'577.2 8'706.3 0.28x 0.25x 1.16x 1.14x 1'815.9 1'953.5 425.0 462.1 5.51x 5.12x 5.48x 5.32x 747.1 836.3 168.9 191.2 11.54x 10.12x 11.36x 10.87x S&P Issuer Ratings

11.02.2013 BBB STABLE 11.10.2006 NR 4.91 2.97 0.78 1.28 40.5% 28.7% 2.89 8.41 14.44 32.31 16.15 31.01

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Tyson Foods Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK ALLIANCEBERNSTEIN LP STATE STREET CORP JENNISON ASSOCIATES ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL LSV ASSET MANAGEMENT NEUBERGER BERMAN LLC JP MORGAN GOLDMAN SACHS GROUP MANNING & NAPIER ADV BANK OF AMERICA CORP VAN ECK ASSOCIATES C BANK OF NEW YORK MEL PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV NORTHERN TRUST CORPO TYSON LP BMO FINANCIAL CORP

Firm Name KeyBanc Capital Markets Morgan Stanley Credit Suisse BMO Capital Markets Stephens Inc Davenport & Co Miller Tabak + Co., LLC BB&T Capital Markets Credit Agricole Securities (USA) D.A. Davidson & Co Cowen and Company JPMorgan EVA Dimensions

Portfolio Name VANGUARD GROUP INC n/a ALLIANCEBERNSTEIN LP STATE STREET CORPORA JENNISON ASSOCIATES ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL LSV ASSET MANAGEMENT NEUBERGER BERMAN GRO n/a GOLDMAN SACHS GROUP MANNING & NAPIER ADV BANK OF AMERICA VAN ECK ASSOCIATES C BANK OF NEW YORK MEL n/a DIMENSIONAL FUND ADV NORTHERN TRUST CORPO #N/A N/A BMO FINANCIAL CORP

Analyst AKSHAY S JAGDALE VINCENT ANDREWS ROBERT MOSKOW KENNETH B ZASLOW FARHA ASLAM ANN H GURKIN TIM TIBERIO HEATHER L JONES DIANE GEISSLER TIMOTHY S RAMEY COLIN GUHEEN KENNETH GOLDMAN TEAM COVERAGE

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

Recommendation buy Underwt/Cautious neutral market perform overweight buy hold buy underperform neutral neutral neutral buy

Amt Held 16'846'543 16'401'484 14'224'115 12'343'976 12'087'847 10'180'976 9'776'876 7'926'260 7'777'262 5'664'372 5'410'411 5'053'940 4'477'986 4'468'090 4'357'300 3'818'474 3'661'268 3'486'641 3'000'000 2'639'936

% Out 5.77 5.62 4.87 4.23 4.14 3.49 3.35 2.72 2.66 1.94 1.85 1.73 1.53 1.53 1.49 1.31 1.25 1.19 1.03 0.9

Weighting

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

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

Latest Chg 486'609 (738'012) 1'019'819 86'417 1'134'934 (1'444'329) 1'355'726 (538'620) 732'732 (2'310'978) 313'067 5'053'940 128'695 (455'820) 112'820 2'454 (116'204) 292'381 (2'866'931)

Target Price 23 #N/A N/A 18 17 19 21 18 20 15 15 #N/A N/A 20 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 01.12.2011 Corporation 30.09.2012 Investment Advisor

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

Date 07.11.2012 24.10.2012 24.10.2012 12.10.2012 12.10.2012 11.10.2012 06.09.2012 27.08.2012 07.08.2012 06.08.2012 06.08.2012 10.07.2012 18.11.2011

11.03.2013

Uralkali OJSC Uralkali OJSC produces potash. The Company operates mines and ore-treatment mills in the Perm Territory, Russia. Uralkali extracts and processes potassium ore and sells standard and granular muriate of potash for the agriculture and chemical industries. The Company's main markets include Brazil, India, China, Southeast Asia, Russia, the United States, and Europe. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URKA LI EQUITY YTD Change URKA LI EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 44.41 33.51 794'326.00 37.85 -14.77% 12.95% 38.62% 587.2 22'225.64 3'299.25 0.0 12.5 1'017.94 -

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

1.20 1.00

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 d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2007 1'154.3 13.40x 473.4 32.69x 314.7 -

50 45 40 35 30 25 20 15 10 5 0 n-11

31.12.2008 31.12.2009 2'533.6 1'069.1 1.77x 8.13x 1'668.2 517.9 2.69x 16.78x 885.0 287.4 Profitability

LTM-4Q 31.12.2010 1'699.4 8.91x 800.4 18.91x 548.4 -

31.12.2011 3'495.9 7.09x 2'068.2 11.98x 1'184.0 2'068.15 1'690.67 48.36% 38.25% 11.54% 18.41% 13.43% 0.33% 74.6% 62.9% 51.8% 33.9% 2.74 1.81 26.05% 41.00% 5.09

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

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

FY+1

1.13 0.72% -0.94% 1.125 19 3.737 1'293'956 1'399'373 1'285'304 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/11 Q4 03/12 Q1 3'887.7 4'347.3 6.34x 5.52x 2'369.6 2'625.3 1'511.8 1'756.6 15.31x 13.02x S&P Issuer Ratings

18.06.2012 BBBSTABLE 41.64 34.28 0.85 1.36 41.0% 29.0% 0.33 1.35 71.93 73.09

Sales/Revenue/Turnover

4'000.0 3'500.0 3'000.0

0.80 0.60

2'500.0 2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Uralkali OJSC Holdings By:

All

Holder Name VAN ECK ASSOCIATES C FRANKLIN RESOURCES BLACKROCK LAZARD ASSET MANAGEM T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE SWEDBANK ROBUR FONDE FMR LLC VANGUARD GROUP INC DEKA INTERNATIONAL S PICTET & CIE DWS INVESTMENT SA NORDEA INVESTMENT FU UBS STRATEGY FUND MG PICTET CONSEIL EN IN DEUTSCHE BANK AG ROBECO INVESTOR SERV FLEXSHARES TRUST SEB UNION INVESTMENT GMB

Firm Name Uralsib Otkritie Capital Alfa-Bank JPMorgan VTB Capital Gazprombank Credit Suisse Goldman Sachs IFC Metropol HSBC Sberbank CIB Renaissance Capital Deutsche Bank Aton LLC RMG Securities

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

Analyst ARTEM EGORENKOV DENIS GABRIELIK MARIA BOVYKINA YURIY A VLASOV ELENA SAKHNOVA ALEKSEI ASTAPOV SEMYON MIRONOV DZHUNI ASTOR SERGEY FILCHENKOV YONAH WEISZ MIKHAIL STISKIN ANNA KUPRIYANOVA BOB KOMMERS MIKHAIL PAK DARIA KOZLOVA

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

Recommendation hold hold equalweight neutral hold neutral neutral neutral/attractive buy overweight hold buy hold hold Under Review

Amt Held 10'674'400 4'299'964 3'618'215 3'313'817 2'071'334 1'776'933 1'681'029 1'410'585 1'054'147 1'052'001 891'639 863'900 798'749 571'074 548'397 496'700 450'000 435'520 425'626 362'300

% Out 1.82 0.73 0.62 0.56 0.35 0.3 0.29 0.24 0.18 0.18 0.15 0.15 0.14 0.1 0.09 0.08 0.08 0.07 0.07 0.06

Weighting

Change

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

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

Latest Chg (7'658) 634'400 1'145'700 (671'400) (36'321) 117'815 (308'490) (74'663) 400'000 (352'999) 9'777 (423'000) 3'046 98'127 (1'500) (50'000) 39'469 (31'698) -

Target Price 41 41 44 37 44 42 37 49 47 52 43 45 41 49 #N/A N/A

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

File Dt Inst Type 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 09.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.11.2011 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 28.09.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 28.09.2012 Unclassified 30.03.2012 Investment Advisor

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

Date 12.11.2012 12.11.2012 29.10.2012 25.10.2012 23.10.2012 22.10.2012 12.10.2012 11.10.2012 12.09.2012 06.09.2012 06.08.2012 21.05.2012 24.04.2012 20.01.2012 09.03.2011

11.03.2013

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

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (13.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 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 09/yy 5.08 2.99 24'667'000.00 3.3 -35.04% 10.37% 14.83% 6'396.2 21'107.32 22'245.27 0.0 849.3 2'319.11 37'669.48

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 n-11

31.12.2009 31.12.2010 23'885.1 30'377.5 1.42x 1.29x 2'424.9 1'409.2 13.97x 27.77x 1'882.0 1'324.0 15.52x 21.19x Profitability

LTM-4Q 31.12.2011 44'710.0 0.86x 1'933.4 19.77x 1'600.8 15.43x

31.12.2012 45'463.4 0.84x 2'159.3 17.72x 1'255.5 13.95x 2'159.29 1'616.09 3.55% 3.64% 3.08% 9.06% 4.98% 1.11% 8.6% 5.0% 3.8% 2.8% 1.11 0.29 53.07% 155.06% 12.20 5.77

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 42'280.1 3.72x 1'910.6 20.26x 1'419.4 18.39x

a-12

09/yy 45'358.6 3.29x 2'173.5 14.55x 1'278.8 13.32x

m-12

j-12

a-12

s-12

o-12

FY+1

1.03 2'313.87 -32.49% -1.20% 1.030 26 3.154 10'774'600 10'735'900 12'124'770 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 49'323.7 55'156.0 12'684.0 12'935.0 0.63x 0.56x 2'602.9 2'859.0 555.0 598.0 14.47x 13.18x 14.67x 14.80x 1'393.6 1'525.5 245.0 288.0 12.12x 11.14x 12.76x 13.21x S&P Issuer Ratings

3.53 0.77 8.82 9.85 155.1% 59.4% 1.11 5.55 30.01 63.40 14.53 78.89

Sales/Revenue/Turnover

100.00

50'000.0

90.00

45'000.0

80.00

40'000.0

70.00

35'000.0

60.00

30'000.0

50.00 40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 02.01.2009

.0 M d-11

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

90.0 M

6 5

Valuation Analysis

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Wilmar International Ltd Holdings By:

All

Holder Name PPB GROUP BHD GLOBAL COCOA HOLDING WILMAR INTL HOLDINGS LONGHLIN ASIA LTD ARCHER-DANIELS-MIDLA CAPITAL GROUP COMPAN FIREFLY LTD BOLNEY ENTERPRISES L HARPOLE RESOURCES LT NOBLESPIRIT CORP HPR INVESTMENTS LTD HONG LEE HOLDINGS PT VAN ECK ASSOCIATES C BONOTO INVESTMENTS L BLACKROCK KIM YONG TEO NATALON CO LTD DALEX INVESTMENTS LT CAPITAL WORLD INVEST MACROMIND INVESTMENT

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

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

Analyst TAN TING MIN BEN SANTOSO JAMES KOH NICHOLAS HUAI GIM ONG TEAM COVERAGE CHARLES C SPENCER IVY NG TANUJ SHORI PATRICK TIAH YING-JIAN CHAN THILAN WICKRAMASINGHE CAREY WONG GAN HUEY LING JAMES RATNAM VINCENT FERNANDO DAVID KRATOCHVIL ADRIAN FOULGER ELTRICIA LI CHING FOONG MICHAEL GREENALL CONRAD WERNER ALVIN TAI ARYA SEN ZUO LI ONG KENG WEE TEAM COVERAGE

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

Recommendation neutral buy sell accumulate sell Overwt/Attractive neutral neutral neutral/neutral neutral underweight buy hold hold sell neutral in-line buy hold neutral buy underperform sell not rated sell

Amt Held 1'172'614'755 356'399'775 354'961'795 336'009'921 335'625'280 317'267'061 294'801'479 294'801'372 256'211'778 242'600'000 230'461'271 179'204'971 96'457'516 51'267'514 40'183'717 33'852'274 33'760'355 30'405'900 29'655'000 26'836'649

% Out 18.33 5.57 5.55 5.25 5.25 4.96 4.61 4.61 4.01 3.79 3.6 2.8 1.51 0.8 0.63 0.53 0.53 0.48 0.46 0.42

Weighting

Change

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

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

Latest Chg (7'808'000) (88'000) (1'182'000) (41'727'000) -

Target Price 3 4 3 3 3 4 4 4 3 3 3 4 4 4 3 3 4 4 3 3 5 4 4 #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 06.03.2012 06.03.2012 06.03.2012 06.03.2012 06.03.2012 23.02.2011 05.10.2012 05.10.2012 06.03.2012 06.03.2012 06.03.2012 06.03.2012 12.11.2012 05.10.2012 09.11.2012 21.01.2012 06.03.2012 06.03.2012 30.09.2012 06.03.2012

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

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

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 11.11.2012 11.11.2012 11.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 07.11.2012 01.11.2012 25.09.2012 21.08.2012 18.07.2012 10.05.2012 23.02.2012 02.02.2012 30.11.2011

11.03.2013

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

Price/Volume 350

6.0 M

300

5.0 M

250

4.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YAR NO EQUITY YTD Change YAR NO EQUITY YTD % CHANGE

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

2.0 M

100

1.0 M

50 0 n-11

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

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

31.12.2012 83'997.0 0.96x 14'756.0 5.46x 10'602.0 7.30x 14'756.00 11'332.00 13.49% 15.78% 13.66% 22.85% 19.86% 1.08% 17.6% 13.5% 12.6% 2.30 1.27 13.41% 22.62% 10.04 -

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 75'476.0 4.80x 14'031.0 5.01x 10'244.0 6.40x

a-12 m-12

09/yy 82'772.0 3.89x 16'127.0 5.30x 11'822.0 6.91x

j-12

a-12

s-12

o-12

FY+1

1.04 159.70 8.64% 1.83% 1.040 31 3.742 890'052 999'039 965'047 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 85'116.4 86'125.0 21'995.0 21'375.2 0.94x 0.90x 3.68x 3.86x 14'843.8 14'320.0 4'200.8 3'775.3 5.52x 5.72x 5.62x 5.58x 9'156.8 8'740.7 2'672.3 2'300.1 8.45x 8.70x 8.91x 8.97x S&P Issuer Ratings

15.03.2010 BBB STABLE 15.03.2010 A-2 12.29 9.31 0.06 0.74 22.6% 17.9% 1.08 3.23 36.44 -

Sales/Revenue/Turnover

18.00

100'000.0

16.00

90'000.0

14.00

80'000.0 70'000.0

12.00

60'000.0

10.00 8.00

50'000.0 40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 02.01.2009

.0 M d-11

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

3.0 M

150

12/2012 09/yy 305.50 221.70 640'967.00 278.8 -8.74% 25.76% 63.60% 284.2 79'236.98 10'895.00 0.0 1'745.0 9'941.00 81'935.98

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

11.03.2013

Yara International ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS STATE STREET BANK AN GOVERNMENT PENSION F CLEARSTREAM BANKING JP MORGAN CHASE BANK FMR LLC VAN ECK ASSOCIATES C DWS INVESTMENT S A YARA INTERNATIONAL A DNB NOR ASSET MANAGE BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE STOREBRAND FUND MANA VANGUARD GROUP INC DWPBANK AG NORTHERN TRUST CO ALLIANZ ASSET MANAGE LEGAL & GENERAL ASSU BLACKROCK NEW JERSEY DIVISION

Firm Name BMO Capital Markets SpareBank 1 Markets AS SEB Enskilda Exane BNP Paribas ABG Sundal Collier Sanford C. Bernstein & Co Nomura AlphaValue Pareto Securities Deutsche Bank Handelsbanken Societe Generale Credit Suisse JPMorgan Scotia Capital Nordea Equity Research DNB Markets Morgan Stanley Macquarie Carnegie Arctic Securities ASA Liberum Capital Ltd Euro Pacific Capital Inc Swedbank First Securities Goldman Sachs Redburn Partners Terra Markets AS HSBC Main First Bank AG EVA Dimensions Equita SIM SpA

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

Analyst JOEL JACKSON HENRIK SCHULTZ TRULS KOLSRUD ENGENE HEIDI VESTERINEN MARTIN MELBYE JEREMY REDENIUS JEAN DE WATTEVILLE VERONIQUE COLAS EIRIK VEGEM DAHLE VIRGINIE BOUCHER-FERTE ANNE GJOEN PATRICK LAMBERT LARS KJELLBERG NEIL C TYLER BEN ISAACSON ANDRE HOLO ADOLFSEN KNUT-IVAR BAKKEN AMY WALKER CHRISTIAN FAITZ BENGT JONASSEN THOMAS LORCK SOPHIE JOURDIER DAVID KRATOCHVIL HANS-ERIK JACOBSEN RICHARD LOGAN TONY JONES TOMAS SKEIVYS YONAH WEISZ THOMAS SWOBODA TEAM COVERAGE MASSIMO BONISOLI

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

Recommendation market perform buy hold neutral buy outperform buy buy buy hold buy buy neutral overweight sector perform buy buy Equalwt/In-Line outperform sell hold buy buy buy neutral/neutral neutral buy overweight neutral buy buy

Amt Held 102'915'622 22'996'764 18'578'626 10'642'112 8'743'820 5'042'842 4'343'322 3'855'107 3'642'587 3'580'552 3'003'390 2'428'226 2'163'698 2'109'322 1'629'306 1'445'240 1'425'914 1'364'525 1'340'418 1'250'000

% Out 35.78 7.99 6.46 3.7 3.04 1.75 1.51 1.34 1.27 1.24 1.04 0.84 0.75 0.73 0.57 0.5 0.5 0.47 0.47 0.43

Latest Chg -

Weighting

Change

Target Price

3 5 3 3 5 5 5 5 5 3 5 5 3 5 3 5 5 3 5 1 3 5 5 5 3 3 5 5 3 5 5

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

84 (3'998) (1'570) 32'666 825'403 (124'846) 106'333 160'094 70'281 500'000

308 290 280 270 320 335 360 352 400 300 365 370 305 360 315 335 320 322 400 #N/A N/A 290 350 340 330 340 #N/A N/A 320 360 320 #N/A N/A 320

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

File Dt Inst Type 05.11.2012 Government 05.11.2012 Bank 05.11.2012 Government 05.11.2012 Bank 05.11.2012 Investment Advisor 30.09.2012 Investment Advisor 12.11.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 05.11.2012 n/a 28.09.2012 Investment Advisor 05.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.10.2012 Investment Advisor 30.06.2012 Investment Advisor 05.11.2012 n/a 05.11.2012 Investment Advisor 30.09.2012 Investment Advisor 05.11.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2012 Pension Fund (ERISA)

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

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 08.11.2012 07.11.2012 02.11.2012 01.11.2012 31.10.2012 29.10.2012 29.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 17.10.2012 15.10.2012 10.10.2012 27.09.2012 26.09.2012 11.09.2012 30.04.2012