Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agricultur by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations QMS Global Agriculture FlexIndex The QMS Advisors' Global Agriculture Flexible Index. August 2013

Q M S Advisors .

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

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

S&P 500 INDEX

USD

15506648

2068.725

1096

203

220

104.09

110.31

16.20

15.28

18.58

Euro Stoxx 50 Pr

EUR

2749994

5651.205

4694

757

791

223.73

301.85

21.73

18.26

16.11

20.90

NIKKEI 225

JPY

2736710

192.8163

197

5.73

8.12

0.25

0.24

0.18

0.11

FTSE 100 INDEX

GBP

2759715

11992.46

9815

1443

1652

593.10

805.86

25.70

22.35

18.92

21.68

SWISS MARKET INDEX

CHF

1066765

10838.49

4153

935

854

442.14

565.80

20.47

17.72

16.00

24.38

S&P/TSX COMPOSITE INDEX

CAD

1656479

17399.98

8467

1848

1991

759.17

813.39

15.62

14.58

23.95

S&P/ASX 200 INDEX

AUD

1255626

5951.052

2639

548

676

221.54

314.90

18.63

15.09

13.11

20.13

HANG SENG INDEX

HKD

1686961

3138.247

1669

356

400

280.48

270.36

1.30

1.48

1.34

2.91

MSCI EM

USD

7192424

1322.513

975

188

179

82.73

89.20

11.53

11.76

10.69

19.21

SYNGENTA AG-ADR

USD

37036

332

14202

14327

15043

15731

3148

3058

4.72

5.14

16.85

15.48

7.04

8.97

10.25

21.34

15.06.2007

MONSANTO CO

USD

53540

4206

534

52.86

13504

14769

14961

16146

3760

4206

-119

3.77

4.55

4.58

5.35

22.08

21.93

18.79

14.23

4.50

20.67

14.20

28.48

A+

21.10.2008

ARCHER-DANIELS-MIDLAND CO

USD

23738

3312

659

30.31

90559

91131

90117

92386

2827

2554

647

2.31

2.18

2.36

3.04

16.49

15.30

11.86

12.25

15.34

-20.72

0.61

2.80

03.05.2013

DEERE & CO

USD

32200

4001

388

34.35

35657

37235

35478

35629

5425

6116

1378

7.20

7.79

8.51

8.59

10.65

9.75

9.66

13.03

7.19

12.76

11.23

16.43

14.12.2006

08.02.2007

POTASH CORP OF SASKATCHEWAN

USD

27397

106282

865

30.23

7927

8029

7550

7708

3589

3545

864

2.63

2.62

2.50

2.64

12.07

12.67

12.00

-9.04

10.97

-18.39

14.49

44.15

A-

15.11.2010

07.06.2013

KUBOTA CORP-SPONS ADR

USD

18482

461

111

1167628

1357415

1425261

142415

191635

390.81

430.49

18.39

16.70

15.83

2.32

9.90

-3.19

12.20

09.01.2007

30.09.2005

AGRIUM INC

USD

12924

5189

149

16.27

16686

16281

16800

17580

2715

2668

1194

9.46

9.38

9.27

9.32

9.22

9.33

9.28

7.86

26.96

0.33

26.26

16.39

BBB

24.11.2005

Baa2

18.03.2010

CF INDUSTRIES HOLDINGS INC

USD

11694

4105

11.47

6104

5913

5590

5422

3332

3297

827

27.77

28.40

23.94

22.09

6.95

8.24

8.93

0.10

25.42

5.42

37.17

55.75

BUNGE LTD

USD

11201

1313

146

22.31

60991

64609

64492

65718

1580

1705

640

7.58

6.13

6.74

7.93

12.47

11.34

9.64

8.72

3.04

-7.98

0.50

2.64

BBB-

10.06.2010

MOSAIC CO/THE

USD

18655

61378

426

16.05

9974

8958

10051

2814

2890

627

4.08

3.99

3.94

4.39

10.99

11.12

9.99

-10.21

2.11

-9.77

-2.55

28.98

BBB

28.04.2011

Baa1

12.10.2011

WILMAR INTERNATIONAL LTD

SGD

15842

6355

6396

28.28

35744

35532

37426

41902

1613

1757

462

0.15

0.16

0.17

0.18

9.50

9.23

8.29

1.32

8.50

9.07

15.52

3.89

FIAT INDUSTRIAL

EUR

15077

2736

1223

39.76

34248

34472

35213

36951

3716

3699

976

1.02

0.88

1.10

1.30

18.54

17.44

14.88

12.62

8.52

25.19

14.37

BB+

04.11.2010

TRACTOR SUPPLY COMPANY

USD

8384

416

8.33

4664

4893

5158

5693

526

560

117

3.80

4.17

4.48

5.25

28.81

26.82

22.90

10.19

10.17

21.41

20.02

11.45

TYSON FOODS INC-CL A

USD

9691

3389

359

11.38

33278

33502

34239

35034

1747

1655

505

1.93

2.16

2.12

2.60

12.62

12.89

10.49

3.14

6.01

-2.46

9.10

4.94

BBB

11.02.2013

Baa3

07.06.2012

YARA INTERNATIONAL ASA

NOK

12552

623

284

13.02

14159

14393

14224

14569

2460

2246

533

5.35

5.07

4.91

1.39

1.47

1.52

1.36

0.29

-1.40

2.97

2.63

BBB

15.03.2010

Baa2

17.03.2010

URALKALI-SPON GDR-REG S

USD

3950

3839

4109

2311

2.32

2.58

10.34

9.29

12.98

50.12

11.76

37.32

58.52

BBB-

18.06.2012

AGCO CORP

USD

5341

1067

6.26

9962

10092

10524

10719

946

960

317

5.25

5.22

5.63

5.95

10.51

9.75

9.23

13.55

7.99

20.74

11.69

9.51

BBB-

05.03.2010

23.06.2005

IOI CORPORATION BHD

MYR

10751

6055

6398

12.26

4774

4288

4550

4822

728

816

0.08

0.10

0.08

0.09

5.12

5.41

6.14

5.80

-1.02

-0.05

-0.76

1.43

5.87

BBB

15.05.2013

SMITHFIELD FOODS INC

USD

4620

3103

139

6.83

13221

13506

13828

744

181

1.80

1.79

2.69

3.12

18.62

12.35

10.66

0.97

3.00

-23.70

4.22

5.63

K+S AG-REG

EUR

5190

5823

191

5.50

5227

5017

5405

5306

1434

1418

303

3.98

3.77

3.63

3.11

9.55

9.17

9.93

11.58

-2.04

5.91

-5.04

27.73

37.54

BBB+

08.09.2011

Baa2

10.10.2009

INCITEC PIVOT LTD

AUD

3872

16737

1629

5.35

3164

3055

3084

3487

661

469

425

0.25

0.26

0.17

0.23

8.11

9.33

12.38

9.43

-1.13

21.04

-8.62

15.80

13.89

BBB

12.10.2009

Baa3

04.12.2009

NIPPON MEAT PACKERS INC

JPY

3526

1169

199

4.38

10456

10688

10784

11027

489

0.73

0.89

0.84

0.93

0.18

0.19

0.17

0.00

-0.14

0.03

0.05

09.01.2007

25.09.2008

ISRAEL CHEMICALS LTD

ILs

10252

3837

1272

3.27

1871

1896

1888

1938

533

540

132

0.29

0.27

0.26

2.19

2.36

2.43

-1.57

1.72

-3.86

4.35

7.99

CHAROEN POKPHAND INDONESI PT

IDR

6874

14975

16398

6.95

2078

2247

2454

2835

349

338

0.02

0.00

NUTRECO NV

EUR

3288

3.65

6945

7004

7233

7599

408

3.35

2.86

3.41

3.80

21.72

18.55

18.21

16.36

14.29

1.17

17.26

12.12

7.80

TORO CO

USD

2813

405

2.96

1959

1993

2008

2144

259

284

2.10

2.60

2.45

2.86

18.83

20.00

17.13

3.97

2.89

11.27

-0.49

14.23

BBB

30.04.2012

Baa3

22.01.1996

CHAROEN POKPHAND FOODS-NVDR

THB

6920

8184

7743

12.08

11400

11845

12599

13951

493

390

101

0.03

0.04

0.07

0.85

0.77

0.42

2.34

0.72

-0.65

0.78

0.11

GOLDEN AGRI-RESOURCES LTD

SGD

5299

244851

12838

5.19

4758

4688

4389

4975

597

539

0.03

0.02

0.03

11.31

9.54

8.32

1.31

21.84

-13.24

6.17

9.03

KUALA LUMPUR KEPONG BHD

MYR

6960

1079

1065

7.30

3239

2914

3067

3422

535

471

0.29

0.35

7.00

6.87

5.77

-0.53

1.68

-7.65

3.83

4.99

MARINE HARVEST

NOK

3788

3409

3748

4.87

2607

2596

3004

3461

205

247

182

0.03

0.09

0.12

5.11

1.84

1.40

-0.70

0.71

-11.10

0.46

1.61

PPB GROUP BERHAD

MYR

5445

561

1186

5.38

927

951

976

1019

121

0.23

0.24

0.26

6.05

5.97

5.44

3.65

0.48

7.35

-1.97

2.72

FELDA GLOBAL VENTURES

MYR

4948

1139

3648

4.01

3972

4269

3731

4001

296

360

0.09

0.07

0.06

0.07

6.19

5.08

6.96

5.90

22.47

-15.27

2.60

TAIWAN FERTILIZER CO LTD

TWD

2396

2528

980

2.35

593

589

706

0.12

0.11

0.13

0.16

0.72

0.64

0.51

0.16

0.45

3.39

0.72

0.26

QUIMICA Y MINERA CHIL-SP ADR

USD

8333

6177

2429

2523

2375

2620

1096

1100

245

2.26

2.50

13.62

12.30

13.23

14.20

15.49

25.09

43.59

BBB

27.04.2009

Baa1

23.10.2006

TONGAAT HULETT LTD

ZAr

1397

103

107

2.08

1458

1528

1658

263

293

0.96

0.97

1.13

1.35

1.34

1.36

1.15

0.97

1.92

1.58

1.83

ANDERSONS INC/THE

USD

1117

116

1.82

5272

5407

5508

5672

160

156

4.23

3.93

4.13

5.18

15.20

14.46

11.54

15.20

13.09

-2.76

10.72

2.88

LINDSAY CORP

USD

962

289

0.79

551

670

701

671

116

3.75

5.34

5.60

5.09

14.00

13.34

14.69

15.11

14.06

14.14

20.32

17.37

KERNEL HOLDING SA

PLN

1284

0.70

675

831

846

819

100

0.81

0.55

0.62

0.88

2.85

2.86

2.54

1.79

4.26

7.73

1.16

14.79

3.71

NUFARM LTD

AUD

1069

787

262

1.97

1972

2037

2008

2111

192

207

161

0.23

0.17

0.27

0.37

22.12

13.42

9.92

4.25

0.40

27.45

-1.18

9.20

21.02.2011

FIRST RESOURCES LTD

SGD

2092

926

1584

1.83

474

482

532

678

252

263

0.12

0.13

0.10

0.12

6.51

7.93

6.88

17.30

25.16

7.31

42.93

CHIQUITA BRANDS INTL

USD

552

520

1.11

3078

3060

3026

3077

-4.79

-4.54

0.55

1.11

21.62

10.71

-1.94

-3.63

-57.51

-14.73

2.66

03.09.2009

Caa1

18.03.2010

CHAODA MODERN AGRICULTURE

HKD

467

3188

0.04

898

975

545

557

0.15

0.09

0.10

1.76

3.19

2.43

3.69

7.37

10.02.2012

10.08.2011

CHINA BLUECHEMICAL LTD - H

HKD

2128

17012

4610

1.53

1385

1539

1613

445

0.05

0.06

0.92

0.90

0.86

0.84

1.30

3.21

-0.35

1.42

4.14

ASTRA AGRO LESTARI TBK PT

IDR

2387

590

1575

2.60

1127

1113

1175

1344

383

344

0.15

0.13

0.14

0.00

TURK TRAKTOR VE ZIRAAT MAKIN

TRY

1672

1.72

1022

982

1112

1212

162

154

2.32

2.69

2.91

7.00

6.05

5.57

4.99

14.05

-1.56

12.88

8.14

PP LONDON SUMATRA INDONES PT

IDR

745

30598

6823

0.60

411

402

425

476

147

125

0.01

0.02

0.00

INDOFOOD AGRI RESOURCES LTD

SGD

998

1706

1434

5331

7101

3996

17120.44

2360097

2287499

2321007

576.85

426.13

480.03

641.52

10.35

9.32

9.19

6.89

7.73

3.23

-12.73

11.28

16.65

SINOFERT HOLDINGS LTD

HKD

1096

58465

7024

1.36

CRESUD S.A.-SPONS ADR

USD

377

10885204 10804410 10411263 11833522

3.12

29.05.2013

A1 A2

21.02.2012 *-

30.04.2013

15.07.2013

5311

5407

5666

179

0.01

0.02

0.99

0.83

1.58

1.29

2.26

-0.98

0.43

3458

3585

2973

3138

893

493

2.18

4.44

18.98

9.30

36.12

96.83

-3.07

83.90

13.75

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

2.35

2.17

1.99

2.35

1.54

1.45

1.39

1.54

10.71

10.02

10.41

10.71

9.42

8.68

8.11

9.42

15.28

13.78

12.46

15.28

2.09

2.25

2.41

2.09

1817.9

7.8%

Euro Stoxx 50 Pr

1.20

1.14

1.08

1.20

0.78

0.76

0.74

0.78

6.12

5.60

5.07

6.12

7.15

6.76

6.41

7.15

12.13

10.80

9.73

12.13

4.16

4.41

4.75

4.16

2982.2

8.2%

NIKKEI 225

1.48

1.38

1.29

1.48

0.71

0.69

0.67

0.71

8.67

8.02

7.41

8.67

7.96

7.53

8.67

17.22

15.31

13.84

17.22

1.69

1.85

1.99

1.69

15094.6

10.4%

FTSE 100 INDEX

1.75

1.63

1.51

1.75

1.02

0.99

0.98

1.02

8.47

7.80

7.11

8.47

7.26

6.68

6.28

7.26

12.42

11.29

10.40

12.42

3.81

4.09

4.44

3.81

7018.4

6.9%

SWISS MARKET INDEX

2.36

2.19

2.03

2.36

2.02

1.93

1.84

2.02

12.36

11.22

10.06

12.35

12.69

11.73

10.97

12.69

14.83

13.40

12.16

14.83

3.29

3.67

4.20

3.29

8688.5

11.7%

S&P/TSX COMPOSITE INDEX

1.69

1.58

1.47

1.69

1.44

1.48

1.50

1.44

8.64

7.86

6.50

8.64

8.74

7.79

7.26

8.74

15.02

13.30

12.09

15.02

3.20

3.34

3.47

3.20

14096.1

12.0%

S&P/ASX 200 INDEX

1.85

1.75

1.65

1.85

1.73

1.64

1.56

1.73

10.56

9.52

9.07

10.56

8.80

7.99

7.46

8.80

14.50

13.15

12.09

14.50

4.65

4.98

5.32

4.65

5217.1

3.3%

HANG SENG INDEX

1.30

1.20

1.14

1.30

1.69

1.56

1.44

1.69

7.78

7.40

6.86

7.77

7.85

7.19

6.53

7.85

10.43

9.59

8.78

10.43

3.68

3.98

4.32

3.68

24746.4

13.2%

MSCI EM

1.38

1.26

1.15

1.38

0.98

0.91

0.85

0.98

6.88

6.31

5.82

6.88

7.37

6.70

6.16

7.37

10.69

9.55

8.74

10.69

2.93

3.23

3.48

2.93

1126.3

18.1%

2.59

2.46

2.35

2.20

2.14

13.76

14.36

12.95

17.11

16.85

15.48

13.91

13.62

6.97

2.77

3.02

3.10

20.36

18.66

15.69

13.59

14.10

12.57

10.75

9.66

27.02

21.93

18.79

16.62

15.53

1.14

1.50

1.58

SYNGENTA AG-ADR

-0.4%

1.61

117.62

17.1%

MONSANTO CO

4.49

4.07

3.58

3.11

3.91

3.58

3.32

3.08

ARCHER-DANIELS-MIDLAND CO

1.25

1.19

1.11

1.04

0.27

0.26

0.25

8.22

10.98

8.54

10.63

9.79

9.66

7.84

8.25

15.33

15.30

11.86

11.51

1.87

1.99

2.05

2.17

36.38

1.0%

DEERE & CO

4.20

3.20

2.56

2.12

0.96

0.91

0.90

0.87

10.39

8.53

7.95

7.25

6.64

5.89

5.90

5.66

10.68

9.75

9.66

9.40

2.08

2.34

2.45

2.57

97.56

17.6%

POTASH CORP OF SASKATCHEWAN

2.79

2.47

2.26

2.21

3.49

3.63

3.55

3.49

8.18

7.64

7.97

7.83

7.71

11.26

12.67

12.00

11.58

1.90

3.82

4.22

4.30

37.77

19.4%

1.56

1.33

1.27

25.73

18.39

16.70

1.10

1.38

1.50

89.41

21.6%

KUBOTA CORP-SPONS ADR

3.11

8.61

8.67

9.28

17.69

13.59

12.41

AGRIUM INC

1.89

1.57

1.34

1.21

0.78

0.77

0.74

0.69

0.68

7.68

7.84

6.97

6.47

CF INDUSTRIES HOLDINGS INC

2.11

1.80

1.54

1.40

1.88

2.09

2.16

2.11

1.94

5.73

7.55

8.76

12.60

BUNGE LTD

0.96

0.92

0.85

0.78

0.17

0.16

7.98

7.44

MOSAIC CO/THE

1.39

1.50

1.93

2.22

1.87

2.08

1.86

1.77

7.76

10.39

WILMAR INTERNATIONAL LTD

1.11

1.03

0.95

0.89

0.35

0.33

0.30

0.27

9.17

FIAT INDUSTRIAL

2.11

2.01

1.74

1.51

0.44

0.43

0.41

0.39

0.36

6.84

TRACTOR SUPPLY COMPANY

7.58

7.03

6.13

4.89

1.80

1.63

1.47

1.34

1.20

TYSON FOODS INC-CL A

1.69

1.52

1.35

1.22

0.29

0.28

0.26

YARA INTERNATIONAL ASA

1.46

1.36

1.25

1.16

1.21

0.89

0.88

0.86

0.85

URALKALI-SPON GDR-REG S

1.77

1.63

1.53

1.42

AGCO CORP

1.54

1.34

1.18

1.04

0.54

0.51

0.50

0.49

IOI CORPORATION BHD

2.74

2.60

2.44

2.29

2.03

2.36

2.23

2.12

SMITHFIELD FOODS INC

1.43

1.21

1.15

0.35

0.34

0.33

K+S AG-REG

1.16

1.05

0.98

0.91

0.82

0.98

0.96

0.98

0.95

0.90

4.83

5.17

5.71

6.11

INCITEC PIVOT LTD

1.11

1.04

0.98

0.92

0.88

1.11

1.26

1.11

1.03

0.98

8.32

9.04

7.01

6.29

NIPPON MEAT PACKERS INC

1.05

1.01

0.97

0.92

0.87

0.34

0.33

0.32

0.31

8.70

8.20

7.57

7.26

ISRAEL CHEMICALS LTD

3.04

2.78

2.56

2.36

1.90

1.51

1.52

1.48

1.42

1.31

6.22

7.02

7.28

6.64

CHAROEN POKPHAND INDONESI PT

8.49

6.62

5.33

4.54

3.28

2.80

2.43

2.12

22.15

20.15

16.89

12.44

NUTRECO NV

2.51

2.34

2.12

1.91

0.48

0.45

0.43

0.42

10.99

10.00

9.18

8.40

TORO CO

9.92

8.69

7.27

1.43

1.40

1.31

1.26

1.20

CHAROEN POKPHAND FOODS-NVDR

2.12

1.85

1.70

1.52

0.62

0.55

0.50

0.45

0.35

GOLDEN AGRI-RESOURCES LTD

0.61

0.58

0.55

0.52

0.99

0.95

0.84

0.75

0.59

7.24

8.25

8.42

7.24

7.50

8.14

8.63

KUALA LUMPUR KEPONG BHD

3.01

3.00

2.80

2.58

2.37

2.14

2.27

2.03

1.86

1.65

17.14

16.69

16.50

14.85

14.42

12.37

13.81

MARINE HARVEST

1.97

1.67

1.58

1.53

1.34

1.45

1.26

1.09

1.04

17.28

8.93

6.40

7.89

20.91

7.92

PPB GROUP BERHAD

1.22

1.18

1.13

1.07

6.24

5.58

5.34

5.03

87.65

70.95

87.65

93.13

49.07

FELDA GLOBAL VENTURES

2.64

2.47

2.34

2.21

1.35

1.33

1.24

1.19

22.00

18.03

24.58

16.12

9.52

TAIWAN FERTILIZER CO LTD

1.36

1.32

1.24

1.16

4.04

4.06

3.39

3.54

19.83

17.25

15.14

13.70

QUIMICA Y MINERA CHIL-SP ADR

3.61

3.18

2.75

2.60

3.39

3.51

3.18

2.91

10.07

8.11

7.98

TONGAAT HULETT LTD

1.80

1.47

1.33

1.20

0.99

0.91

0.84

0.79

11.12

8.75

7.27

6.75

ANDERSONS INC/THE

1.84

1.66

1.47

0.22

0.20

7.87

6.66

1.74

1.37

1.43

1.30

1.21

KERNEL HOLDING SA

1.09

0.93

0.81

0.71

0.59

0.47

0.49

0.44

0.40

8.10

6.58

4.75

4.36

3.04

NUFARM LTD

0.80

0.86

0.80

0.74

0.57

0.55

0.53

0.51

0.48

0.44

8.56

11.48

5.47

6.26

7.15

FIRST RESOURCES LTD

1.90

1.61

1.41

1.23

3.55

3.09

2.43

2.01

1.60

7.34

8.92

7.06

6.11

0.18

5.16

2.18

1.77

LINDSAY CORP

CHIQUITA BRANDS INTL CHAODA MODERN AGRICULTURE

0.14

CHINA BLUECHEMICAL LTD - H

0.97

0.88

0.81

0.75

ASTRA AGRO LESTARI TBK PT

2.73

2.52

2.25

2.04

TURK TRAKTOR VE ZIRAAT MAKIN

5.08

4.41

3.92

3.72

PP LONDON SUMATRA INDONES PT

1.16

1.12

1.01

0.94

INDOFOOD AGRI RESOURCES LTD

0.75

0.70

0.65

0.60

SINOFERT HOLDINGS LTD

0.49

0.46

0.43

0.40

CRESUD S.A.-SPONS ADR

1.02

1.07

0.96

0.86

1.02

2.30

6.14

6.44

6.32

5.86

5.56

8.79

9.33

9.28

8.60

8.16

0.82

2.08

2.16

2.24

105.78

22.3%

3.38

4.13

4.55

4.57

3.90

7.10

8.24

8.93

8.74

7.50

0.81

211.47

7.2%

7.75

11.23

10.14

9.45

9.09

12.30

11.34

9.64

9.35

1.30

1.37

1.55

1.66

83.82

9.7%

7.28

6.63

5.61

6.63

5.43

4.85

10.71

11.12

9.99

8.57

2.28

2.05

2.28

1.90

55.88

27.6%

10.07

11.16

10.41

16.07

14.23

12.96

12.00

14.15

11.74

10.54

9.64

1.70

1.90

2.10

2.34

3.76

19.3%

6.54

5.77

5.32

10.80

10.35

9.36

8.52

7.80

11.92

11.20

9.50

7.98

6.36

2.47

2.79

3.32

3.73

10.00

7.7%

29.16

20.77

19.02

15.27

15.93

13.88

12.10

10.59

9.53

32.25

26.82

22.90

19.44

17.06

0.60

0.76

0.89

0.93

130.83

8.9%

10.64

8.93

7.31

7.40

6.68

6.16

5.43

5.12

15.17

12.89

10.49

9.88

0.59

0.79

0.73

5.54

7.17

6.96

6.95

4.84

5.50

5.71

5.72

7.19

8.71

9.00

8.76

13.34

3.81

4.47

4.38

4.56

3.44

8.05

7.82

7.20

6.54

7.47

5.55

5.42

5.60

6.36

6.18

7.94

6.73

6.32

5.83

6.60

5.85

5.53

5.20

0.00

0.39

0.49

0.42

20.00

18.96

19.64

17.44

13.47

15.26

14.44

13.38

3.00

2.77

2.82

2.99

8.51

7.42

6.86

4.35

3.92

4.08

4.65

4.71

4.47

7.33

7.48

8.72

9.38

8.78

6.73

5.74

5.00

4.79

6.02

7.78

8.95

6.93

6.27

5.80

10.56

13.70

10.44

8.98

8.71

3.88

4.14

5.13

6.01

8.70

7.98

7.37

7.00

6.64

22.88

18.41

16.59

14.81

12.88

1.36

1.64

1.76

5.93

6.32

6.28

5.72

4.83

7.83

8.41

8.66

7.89

5.84

9.15

8.02

17.61

15.37

13.08

11.73

23.55

20.33

17.00

14.52

1.19

8.60

8.32

7.60

7.12

14.03

13.71

12.32

11.20

11.07

3.07

11.50

11.20

9.89

9.15

22.79

20.00

17.13

15.59

13.74

18.20

15.85

11.98

10.40

10.14

26.74

24.26

13.24

10.69

7.54

6.75

6.22

10.86

12.14

10.58

9.17

11.91

10.47

8.65

19.00

22.29

18.71

16.51

6.23

6.45

6.66

96.69

10.92

8.28

8.46

8.78

44.44

40.21

32.80

25.91

19.35

17.63

15.60

11.95

10.40

10.37

19.64

22.56

19.13

18.88

34.04

49.05

24.90

27.11

20.91

19.16

15.39

15.17

12.11

13.62

12.30

11.33

7.43

7.10

6.56

6.13

11.72

11.35

9.53

8.43

10.14

9.90

8.56

13.80

14.46

11.54

9.25

6.48

6.97

6.13

5.60

19.60

13.34

14.69

12.94

6.70

6.93

5.93

5.39

4.90

6.05

8.10

5.73

5.01

8.13

8.46

7.43

6.94

6.56

11.42

14.85

10.98

9.96

7.00

6.05

5.36

10.40

10.08

8.75

7.63

12.39

7.76

6.67

21.62

10.71

2.82

0.39

16.25

11.48

11.21

17.61

5.07

8.12

0.62

14.46

6.87

0.07

1.09

1.04

0.93

4.07

4.00

4.37

5.34

2.16

2.03

1.78

1.59

1.64

8.82

9.48

7.94

6.82

1.65

1.50

1.38

1.27

1.26

18.56

15.66

12.94

15.67

0.95

1.67

1.75

1.57

1.45

1.28

4.95

6.82

5.98

5.54

0.59

0.75

0.77

0.68

0.62

0.50

4.19

7.61

5.01

3.62

0.16

0.15

0.16

4.35

4.16

3.98

0.83

0.70

0.66

0.64

8.29

6.64

3.67

0.62

6.47

6.03

12.76

1.22 1.80

7.15

9.07

1.02

9.93

79.24

9.97

10.34

9.29

8.34

10.52

9.75

9.23

8.87

17.67

19.93

18.83

17.06

16.59

12.35

10.66

18.83

3.11

2.91

2.70

6.77

6.71

6.49

6.43

7.56

6.41

5.91

6.77

11.04

11.99

10.58

9.06

10.58

9.59

8.67

7.94

7.93

12.38

11.67

10.76

9.50

6.29

3.54

4.57

3.91

3.68

4.28

5.86

8.09

6.63

6.23

2.82

6.22

7.38

6.03

5.78

4.45

8.70

11.71

8.76

7.52

7.05

7.26

6.57

5.39

7.71

7.65

6.42

6.38

14.94

18.98

9.30

7.65

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

1.15

9.5%

293.10

11.9%

61.17

11.5% 0.2%

32.75

-1.5%

5.14

30.11

47.5%

6.69

3.26

24.1%

1.97

2.58

1626.25

7.7%

7.24

7.80

11.92

4119.29

43.4%

1.45

2.03

2.55

4858.57

13.0%

3.07

3.39

3.71

35.04

-0.6%

1.80

51.00

4.3%

6.88

2.42

3.15

3.63

0.61

15.4%

13.09

3.29

2.75

3.06

3.30

4.65

20.74

-2.2%

0.45

4.52

8.44

8.66

2.75

7.18

19.8%

1.53

1.54

1.64

1.85

13.97

-6.3%

2.39

2.75

2.93

4.13

-6.1%

3.35

3.72

4.36

4.83

88.08

20.2%

3.45

3.94

3.84

4.35

51.86

68.6%

2.96

3.11

3.78

4.15

13645.00

7.6%

1.00

1.04

57.20

-4.3%

11.72

0.50

0.62

0.65

0.69

0.70

83.40

11.5%

4.68

0.00

1.73

5.91

15.89

64.43

25.1%

8.57

2.73

1.91

2.78

3.27

3.38

4.96

10.2%

2.42

2.73

3.03

3.48

2.33

38.7%

15.50

30.4%

4.95

38.3%

18542.79

19.2%

7.86

10.39

2.93

29.90

3.77

9.89

7.61

2.87

2.28

5.47

0.72

3.22 7.92

7.70

5.16

5.37

5.62

5.65

5.51

4.66

4.32

5.42

6.11

6.34

7.00

8.73

4.64

7.62

4.94

4.70

5.34

3.91

1.11

0.81

0.96

2.09

1.99

2.61

1.33

1.38

2.71

8.62

11.22

3.93

64.87

7.2%

1690.75

51.0%

1.11

1.10

24.3%

2.51

1.80

49.0%

3.68

17.00

126.4%

4.66

31.07.2013

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 90

.8 M

.7 M

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYT US EQUITY YTD Change SYT US EQUITY YTD % CHANGE

12/2012 06/yy 87.73 67.01 332'222.00 79.54 -9.34% 18.70% 60.47% 465.6 37'036.27 3'348.00 11.0 1'599.00 -

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

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

1.20 1.00

.4 M .3 M

30 20

.2 M

.1 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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 11'624.0 1.68x 2'495.0 7.84x 1'385.0 -

.5 M

50 40

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 Profitability

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

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

06/yy 8'265 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 14'327 0.00x 0.0 0.00x 0.0 0.00x

FY+1

1.05 0.49 19.77% 0.86% 1.047 7 3.571 358'410 208'304 188'060 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 15'043 15'731 2.61x 2.48x 3'325.0 3'576.0 2'150.0 2'309.0 16.85x 15.48x S&P Issuer Ratings

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

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

Sales/Revenue/Turnover

16'000.0 14'000.0 12'000.0

0.80 0.60

10'000.0 8'000.0 6'000.0

0.40 0.20

4'000.0 2'000.0 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 |

31.07.2013

Syngenta AG Holdings By:

All

Holder Name VAN ECK ASSOCIATES C MACQUARIE GROUP SCOUT INVESTMENT ADV UMB BANK N A JANUS CAPITAL MANAGE THORNBURG INVESTMENT FISHER INVESTMENTS I NIKKO ASSET MANAGEME WENTWORTH HAUSER AND INVESCO LTD BANK OF NEW YORK MEL VANGUARD GROUP INC MANAGED ACCOUNT ADVI SEI INVESTMENT MANAG CLAYMORE INVESTMENTS BLACKROCK PAX WORLD MANAGEMENT BANK OF AMERICA CORP PENN DAVIS MCFARLAND PARAMETRIC PORTFOLIO

Firm Name EVA Dimensions Miller Tabak + Co., LLC Gabelli & Co Jefferies Sanford C. Bernstein & Co Gilford Securities

Portfolio Name n/a n/a SCOUT INVESTMENT ADV Multiple Portfolios n/a THORNBURG INVESTMENT FISHER INVESTMENTS n/a WENTWORTH HAUSER AND n/a BANK OF NEW YORK MEL Multiple Portfolios MANAGED ACCOUNT ADVI Multiple Portfolios Multiple Portfolios n/a PAX WORLD MANAGEMENT BANK OF AMERICA PENN DAVIS MCFARLAND PARAMETRIC PORTFOLIO

Analyst TIMOTHY STANISH TIM TIBERIO AMON R WILKES LAURENCE ALEXANDER JEREMY REDENIUS PAUL C CHRISTOPHERSON

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

Recommendation hold hold buy hold underperform buy

Amt Held 5'084'122 4'525'489 1'546'491 1'530'995 1'103'763 1'006'378 881'667 864'367 767'559 667'554 561'409 534'400 463'211 308'796 265'361 262'699 243'219 232'731 228'461 215'106

% Out 1.09 0.97 0.33 0.33 0.24 0.22 0.19 0.19 0.16 0.14 0.12 0.11 0.1 0.07 0.06 0.06 0.05 0.05 0.05 0.05

Weighting

Change 3 3 5 3 1 5

D M M M M M

Latest Chg 5'084'122 (681'375) 4'359 5'186 264'763 176'018 327'067 (35'599) 33'577 26'396 (86'900) 27'686 (6'050) (4'176) 928 56'587 (45'874) (2'734)

Target Price #N/A N/A 80 #N/A N/A 86 67 88

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

File Dt 30.07.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 28.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 30.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 07.11.2012

31.07.2013

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.

Price/Volume 120

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MON US EQUITY YTD Change MON US EQUITY YTD % CHANGE

08/2012 05/yy 109.33 82.70 4'206'414.00 100.43 -8.14% 21.44% 66.58% 533.1 53'540.17 2'074.00 0.0 203.0 3'585.00 52'860.17

31.08.2008 11'365.0 5.53x 3'458.0 18.18x 2'024.0 31.30x

4.0 M 3.0 M

2.0 M 20

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

8.0 M

100

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 18.65x 22.19x Profitability

LTM-4Q 31.08.2011 11'822.0 3.08x 3'116.0 11.69x 1'607.0 23.28x

31.08.2012 13'504.0 3.35x 3'760.0 12.03x 2'045.0 23.12x 3'760.00 3'138.00 23.24% 22.13% 12.01% 19.18% 17.33% 0.71% 52.2% 28.5% 24.3% 15.1% 2.29 1.30 10.26% 17.53% 4.03 2.65

Price/ Cash Flow

LTM

05/yy 13'653.0 11.45x 3'948.0 10.50x 2'162.0 19.08x

05/yy 14'769.0 13.29x 4'206.0 12.61x 2'502.0 22.13x

FY+1

.0 M j-13

1.42 1.04 531.37 4.72 19.13% 7.31% 1.043 26 4.346 3'581'945 2'874'696 2'778'915 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 14'960.7 16'145.8 2'248.3 3'043.4 3.46x 3.14x 23.05x 17.09x 4'206.8 4'919.2 (118.6) 767.0 12.57x 10.75x 10.84x 10.66x 2'479.1 2'898.6 (235.4) 308.3 21.93x 18.79x 19.52x 19.00x S&P Issuer Ratings

21.10.2008 A+ STABLE 24.10.2007 A-1 17.74 14.69 -0.21 0.52 17.5% 14.7% 0.71 3.42 90.66 137.61 32.21 163.69

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

04.03.2013

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

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

31.07.2013

Monsanto Co Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JENNISON ASSOCIATES PRIMECAP MANAGEMENT CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERICAN CENTURY COM MACKAY SHIELDS LLC LONE PINE CAPITAL LL TIAA CREF INVESTMENT WELLS FARGO AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA MARSICO CAPITAL MANA WADDELL & REED FINAN

Firm Name Edward Jones Canaccord Genuity Corp Wells Fargo Securities, LLC Topeka Capital Markets Inc Morgan Stanley Jefferies BGC Partners Susquehanna Financial Group Piper Jaffray Stifel Gabelli & Co Macquarie Argus Research Corp JPMorgan Deutsche Bank Credit Suisse Miller Tabak + Co., LLC S&P Capital IQ Atlantic Equities LLP Monness, Crespi, Hardt & Co EVA Dimensions Goldman Sachs UBS

Portfolio Name n/a n/a VANGUARD GROUP INC n/a JENNISON ASSOCIATES PRIMECAP MANAGEMENT n/a DAVIS SELECTED ADVIS WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERICAN CENTURY COM Multiple Portfolios LONE PINE CAPITAL LL TIAA-CREF INVESTMENT n/a AMERIPRISE FINANCIAL T ROWE PRICE ASSOCIA MARSICO CAPITAL MANA WADDELL & REED FINAN

Analyst MATT ARNOLD KEITH CARPENTER FRANK J MITSCH CHRISTOPHER KAPSCH VINCENT ANDREWS LAURENCE ALEXANDER MARK R GULLEY DONALD D CARSON MICHAEL E COX PAUL A MASSOUD AMON R WILKES COOLEY MAY WILLIAM V SELESKY JEFFREY J ZEKAUSKAS DAVID I BEGLEITER CHRISTOPHER PARKINSON TIM TIBERIO KEVIN KIRKEBY COLIN ISAAC CHRIS L SHAW CRAIG STERLING ROBERT KOORT BILL CARROLL

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

Recommendation hold buy outperform buy Overwt/Attractive hold buy Positive overweight hold buy outperform buy overweight buy outperform hold hold underweight buy overweight buy/attractive neutral

Amt Held 34'024'416 31'472'919 28'477'720 23'415'012 13'555'953 12'010'767 11'618'944 9'200'094 9'188'909 8'976'193 7'759'245 7'534'852 7'303'681 6'662'550 6'378'309 6'343'486 6'315'385 6'163'166 5'748'918 5'682'063

% Out 6.38 5.9 5.34 4.39 2.54 2.25 2.18 1.73 1.72 1.68 1.46 1.41 1.37 1.25 1.2 1.19 1.18 1.16 1.08 1.07

Weighting

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

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

Latest Chg 2'974'499 2'128'133 655'081 312'878 1'437'264 (277'362) 158'090 (1'287'528) (1'006'807) 662'862 (325'311) 161'546 (54'371) 1'304'240 (22'517) 369'962 1'095'622 (132'927) (647'027) 165'308

Target Price #N/A N/A 121 #N/A N/A 121 125 110 123 128 135 #N/A N/A #N/A N/A 117 120 111 116 121 104 110 90 119 #N/A N/A 122 110

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

File Dt Inst Type 31.03.2013 Investment Advisor 29.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 26.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 18.07.2013 18.07.2013 16.07.2013 16.07.2013 08.07.2013 02.07.2013 29.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 29.05.2013 09.04.2013 05.04.2013 04.04.2013

31.07.2013

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 18.0 M

16.0 M

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM US EQUITY YTD Change ADM US EQUITY YTD % CHANGE

12/2012 03/yy 36.85 24.38 3'311'798.00 36.02 -2.25% 47.74% 93.34% 659.0 23'738.25 9'540.00 0.0 211.0 3'007.00 30'310.25

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

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

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 9.39x 8.41x Profitability

LTM-4Q 30.06.2011 80'676.0 0.36x 3'566.0 8.05x 2'036.0 7.37x

30.06.2012 90'559.0 0.27x 2'827.0 8.77x 1'375.0 11.86x

2'827.00 1'958.00 2.16% 2.19% 2.93% 6.67% 2.14% 4.0% 2.8% 1.8% 1.5% 1.75 0.34 21.14% 50.42% 27.49 6.85

Price/ Cash Flow

LTM

03/yy 85'032.0 1.45x 3'707.0 8.05x 2'090.0 7.48x

03/yy 91'131.0 1.19x 2'554.0 11.28x 1'245.0 15.45x

FY+1

1.05 643.95 10.40 41.58% 33.01% 1.052 13 3.154 2'690'348 3'185'852 3'511'330 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 90'116.8 92'386.0 22'883.1 21'685.6 0.30x 0.29x 3'138.9 3'868.1 647.0 772.8 9.66x 7.84x 8.67x 7.99x 1'534.9 1'988.1 275.6 395.3 15.30x 11.86x 13.50x 12.01x S&P Issuer Ratings

03.05.2013 A NEG 03.05.2013 A-1 6.25 3.51 2.56 3.47 50.4% 33.3% 2.14 9.15 13.28 53.32 13.85 83.94

Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

31.07.2013

Archer-Daniels-Midland Co Holdings By:

All

Holder Name STATE FARM MUTUAL AU STATE STREET STATE FARM MUTUAL AU VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA FMR LLC INVESCO LTD WELLINGTON MANAGEMEN VAN ECK ASSOCIATES C FRANKLIN RESOURCES JP MORGAN CARTER MOLLIE HALE NORTHERN TRUST CORPO UBS MACQUARIE GROUP LSV ASSET MANAGEMENT BANK OF NEW YORK MEL CITADEL ADVISORS LLC DIMENSIONAL FUND ADV

Firm Name Stephens Inc Davenport & Co BMO Capital Markets JPMorgan Scotia Capital Miller Tabak + Co., LLC Argus Research Corp EVA Dimensions Credit Suisse CL King & Associates Morgan Stanley S&P Capital IQ

Portfolio Name STATE FARM MUTUAL AU n/a STATE FARM MUTUAL AU VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a NORTHERN TRUST CORPO n/a n/a LSV ASSET MANAGEMENT BANK OF NEW YORK MEL CITADEL ADVISORS LLC n/a

Analyst FARHA ASLAM ANN H GURKIN KENNETH B ZASLOW ANN DUIGNAN CHRISTINE HEALY TIM TIBERIO WILLIAM V SELESKY AUSTIN BURKETT ROBERT MOSKOW ERIC J LARSON VINCENT ANDREWS THOMAS GRAVES

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

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

Amt Held 56'294'742 34'619'003 34'048'900 33'738'017 33'038'654 24'987'953 17'134'671 14'243'106 13'024'678 12'758'034 12'193'594 11'608'003 11'465'023 10'609'601 8'959'993 8'908'854 8'142'599 6'900'419 6'174'096 5'856'914

% Out 8.54 5.25 5.17 5.12 5.01 3.79 2.6 2.16 1.98 1.94 1.85 1.76 1.74 1.61 1.36 1.35 1.24 1.05 0.94 0.89

Weighting

Change

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

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

Latest Chg 1'265'690 (1'793) 451'073 1'032'346 144'233 219'139 346'468 3'092'941 2'966'037 9'175 1'441'542 963'522 77'814 (194'664) (300'015) 62'694 1'196'048 10'295

Target Price 39 37 36 33 38 39 #N/A N/A #N/A N/A #N/A N/A 37 #N/A N/A 29

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

File Dt Inst Type 31.03.2013 Insurance Company 30.07.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 29.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 14.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Unclassified 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor

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

Date 30.07.2013 30.07.2013 22.07.2013 19.07.2013 18.07.2013 11.07.2013 13.05.2013 13.05.2013 02.05.2013 02.05.2013 01.05.2013 26.09.2012

31.07.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (29.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DE US EQUITY YTD Change DE US EQUITY YTD % CHANGE

Price/Volume

10/2012 04/yy 95.60 73.14 4'001'146.00 82.98 -13.20% 13.45% 43.81% 388.0 32'199.93 5'869.70 0.0 19.9 5'009.40 34'346.23

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

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

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

Fiscal Year Ended 31.10.2008 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 j-12

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 13.13x 17.78x Profitability

LTM-4Q 31.10.2011 31'546.9 0.98x 4'810.5 6.41x 2'799.9 11.41x

31.10.2012 35'656.6 0.95x 5'424.5 6.27x 3'064.7 11.86x 5'424.50 4'420.30 12.40% 13.27% 5.86% 41.03% 8.48% 0.68% 28.2% 16.4% 12.8% 8.6% 0.89 0.52 57.62% 473.84% 7.13 4.33

Price/ Cash Flow

LTM

04/yy 33'263.4 4.05x 5'142.7 6.77x 2'971.0 12.54x

04/yy 37'234.9 3.82x 6'115.9 6.02x 3'209.5 11.47x

FY+1

2.28 1.14 387.70 16.30 10.53% -2.82% 1.138 24 3.750 3'119'378 3'131'145 3'227'702 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 35'478.4 35'628.6 9'274.4 9'049.2 1.32x 1.29x 6.62x 6.63x 5'826.6 5'824.0 1'377.5 1'246.7 5.89x 5.90x 5.95x 5.72x 3'329.9 3'315.6 842.8 761.2 9.75x 9.66x 9.98x 10.07x S&P Issuer Ratings

14.12.2006 A STABLE 14.12.2006 A-1 29.10 17.72 0.35 1.03 473.8% 82.5% 0.68 5.23 51.16 84.21 107.80 73.75

Sales/Revenue/Turnover

140.00

40'000.0

120.00

35'000.0 30'000.0

100.00

25'000.0 80.00

20'000.0 60.00

15'000.0

40.00

10'000.0

20.00

5'000.0

0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

31.07.2013

Deere & Co Holdings By:

All

Holder Name CAPITAL GROUP COMPAN CASCADE INVESTMENT L BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN BAILLIE GIFFORD AND NORTHERN TRUST CORPO BANK OF AMERICA CORP EATON VANCE MANAGEME BANK OF NEW YORK MEL VAN ECK ASSOCIATES C BERKSHIRE HATHAWAY I WELLS FARGO NORGES BANK LSV ASSET MANAGEMENT GAMCO CLEARBRIDGE INVESTME UBS ALLIANZ ASSET MANAGE

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO NORTHERN TRUST CORPO BANK OF AMERICA EATON VANCE MANAGEME BANK OF NEW YORK MEL n/a n/a n/a NORGES BANK LSV ASSET MANAGEMENT n/a CLEARBRIDGE INVESTME n/a n/a

Analyst ELI S LUSTGARTEN ANDREW M CASEY STEPHEN VOLKMANN MATT ARNOLD RYAN M CONNORS JOEL G TISS LAWRENCE T DE MARIA ANN DUIGNAN MIRCEA DOBRE WILLIAM V SELESKY DAVID RASO MICHAEL E COX SETH R WEBER TAKUO KATAYAMA JERRY REVICH SAMEER RATHOD ANDY KAPLOWITZ JAMIE L COOK STEVEN FISHER MICHAEL JAFFE CRAIG STERLING

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

Recommendation neutral underperform hold buy neutral outperform market perform underweight neutral buy buy neutral sector perform buy Sell/Neutral neutral overweight outperform neutral buy buy

Amt Held 36'739'200 27'508'573 26'514'374 17'271'090 14'997'126 8'259'301 7'697'260 5'837'227 5'763'386 4'779'705 4'479'960 4'427'576 3'978'767 3'966'027 3'367'203 3'166'517 3'090'502 2'743'544 2'702'775 2'619'236

% Out 9.47 7.09 6.83 4.45 3.86 2.13 1.98 1.5 1.49 1.23 1.15 1.14 1.03 1.02 0.87 0.82 0.8 0.71 0.7 0.67

Weighting

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

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

Latest Chg 1'135'348 1'159'666 457'034 (145'784) (1'671'216) 61'039 57'539 898'034 58'555 104'688 177'170 545'471 (144'050) (24'208) (74'873) (79'133) 1'020'948

Target Price #N/A N/A #N/A N/A 90 #N/A N/A 88 110 90 76 87 109 97 89 95 102 85 95 101 102 96 120 #N/A N/A

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

File Dt 30.06.2013 10.12.2012 29.07.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.05.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 15 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 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 Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor

Date 30.07.2013 29.07.2013 26.07.2013 22.07.2013 19.07.2013 15.07.2013 12.07.2013 10.07.2013 10.07.2013 09.07.2013 08.07.2013 08.07.2013 01.07.2013 12.06.2013 17.05.2013 16.05.2013 16.05.2013 15.05.2013 15.05.2013 15.05.2013 16.01.2013

31.07.2013

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 (31.07.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POT US EQUITY YTD Change POT US EQUITY YTD % CHANGE

12/2012 06/yy 44.97 29.00 106'281'812.00 31.63 -29.66% 9.07% 16.47% 866.2 27'397.32 4'081.00 0.0 0.0 562.00 30'230.32

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

100.0 M 80.0 M 60.0 M 40.0 M 20.0 M

a-12

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% 13.00% 23.72% 0.46% 43.0% 44.2% 36.3% 26.2% 1.35 0.89 22.42% 41.17% 7.29 6.48

Price/ Cash Flow

s-12

o-12

n-12

LTM

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

d-12

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

j-13

f-13

m-13 a-13

m-13

j-13

.0 M j-13

FY+1

3.32 1.19 861.81 16.95 -26.50% -20.62% 1.194 31 3.774 29'889'012 9'981'252 6'985'845 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'550.3 7'708.1 1'760.8 1'730.3 4.00x 3.90x 17.34x 17.50x 3'791.4 3'860.7 863.7 884.9 7.97x 7.83x 8.10x 7.92x 2'210.0 2'317.1 483.2 505.3 12.67x 12.00x 13.07x 12.44x S&P Issuer Ratings

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

Sales/Revenue/Turnover

45.00

10'000.0

40.00

9'000.0

35.00

8'000.0 7'000.0

30.00

6'000.0

25.00 20.00

5'000.0 4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

120.0 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 j-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Potash Corp of Saskatchewan Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 40'135'200 31'161'388 19'282'630 18'799'720 17'022'646 15'543'059 14'083'717 13'430'352 12'853'694 12'766'856 11'954'313 10'768'976 10'726'888 10'716'000 10'581'716 10'290'445 10'276'969 10'100'008 9'969'957 9'809'617

% Out 4.63 3.6 2.23 2.17 1.97 1.79 1.63 1.55 1.48 1.47 1.38 1.24 1.24 1.24 1.22 1.19 1.19 1.17 1.15 1.13

Weighting

Change

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

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

Latest Chg (12'034'722) 1'235'078 (1'689'608) (394'334) 1'740'039 (1'271'000) (5'035'610) 1'080'725 379'778 19'762 2'307'750 (124'384) (1'458'956) 10'716'000 1'284'275 (2'430'183) (876'809) 1'381'000 (2'637'609) 24'707

Target Price 30 31 32 30 24 33 36 35 34 32 30 37 44 40 43 48 47 43 49 #N/A N/A 43 43 #N/A N/A 36 37 48 49 #N/A N/A #N/A N/A #N/A N/A 52 57 45

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

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

Date 12 month 12 month Not Provided 12 month 12 month 18 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 3 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 23.07.2013 08.07.2013 24.06.2013 15.05.2013 04.05.2013 31.01.2013 13.09.2012 31.05.2012

31.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KUBTY US EQUITY YTD Change KUBTY US EQUITY YTD % CHANGE

03/2013 03/yy 88.38 45.94 78'151.00 73.55 -16.78% 60.10% 65.06% 251.3 18'481.93 460'517.00 0.0 52'093.0 110'535.00 -

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

1.20 1.00

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.03.2009 1'107'482.0 0.76x 134'057.0 6.28x 48'064.0 -

100 90 80 70 60 50 40 30 20 10 0 j-12

31.03.2010 31.03.2011 930'644.0 933'685.0 1.53x 1.38x 98'873.0 113'104.0 14.37x 11.42x 42'326.0 54'822.0 Profitability

LTM-4Q 31.03.2012 1'008'019.0 1.30x 129'588.0 10.09x 61'552.0 -

LTM

FY+1

1.11 0.27 58.60% 28.46% 1.108 2 3.000 44'498 78'373 88'476 FY+2

FQ+1

FQ+2

31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 1'167'628.0 ######### ######### ######### ######### 1.78x 4.70x 5.38x 142'415.0 129'588.0 142'415.0 191'635.1 209'390.1 14.62x 10.09x 14.62x 73'688.0 61'552.0 73'688.0 98'297.3 108'117.1 0.00x 0.00x 18.39x 16.70x S&P Issuer Ratings 142'415.00 Long-Term Rating Date 09.01.2007 113'161.00 Long-Term Rating NR 9.69% Long-Term Outlook 10.44% Short-Term Rating Date 4.56% Short-Term Rating 10.44% Credit Ratios 7.03% EBITDA/Interest Exp. 111.26 0.72% (EBITDA-Capex)/Interest Exp. 74.82 Net Debt/EBITDA 2.46 27.4% Total Debt/EBITDA 3.23 12.2% Reference 9.7% Total Debt/Equity 60.7% 6.3% Total Debt/Capital 36.2% Asset Turnover 0.72 1.71 Net Fixed Asset Turnover 4.86 1.20 Accounts receivable turnover-days 172.55 26.41% Inventory Days 93.23 60.71% Accounts Payable Turnover Day 95.40 2.12 Cash Conversion Cycle 170.39 3.91 Sales/Revenue/Turnover

1'400'000.0 1'200'000.0 1'000'000.0

0.80

800'000.0 0.60

600'000.0

0.40

400'000.0 200'000.0

0.20

0.0 0.00

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

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

31.07.2013

Kubota Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C UMB BANK N A SCOUT INVESTMENT ADV NEUBERGER BERMAN LLC CLAYMORE INVESTMENTS BLACKROCK BOSTON COMMON ASSET BMO FINANCIAL CORP TODD-VEREDUS ASSET M TEACHERS RETIREMENT ROYAL BANK OF CANADA JP MORGAN MANAGED ACCOUNT ADVI JANE STREET HOLDING DIMENSIONAL FUND ADV APERIO GROUP LLC PARAMETRIC PORTFOLIO NORTHERN TRUST CORPO WRIGHT INVESTORS SER SANTA BARBARA ASSET

Firm Name EVA Dimensions

Portfolio Name n/a Multiple Portfolios SCOUT INVESTMENT ADV NEUBERGER BERMAN GRO Multiple Portfolios n/a BOSTON COMMON ASSET BMO FINANCIAL CORP TODD-VEREDUS ASSET M TEACHERS RETIREMENT n/a n/a MANAGED ACCOUNT ADVI JANE STREET HOLDING n/a APERIO GROUP LLC PARAMETRIC PORTFOLIO NORTHERN TRUST CORPO WRIGHT INVESTORS SER SANTA BARBARA ASSET

Analyst TIMOTHY STANISH

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

Recommendation sell

Amt Held 3'878'789 2'202'534 1'953'468 1'041'403 330'594 313'455 263'899 256'168 142'957 141'000 120'215 118'043 103'364 74'677 70'249 56'080 55'160 52'276 50'185 37'524

% Out 1.54 0.88 0.78 0.41 0.13 0.12 0.11 0.1 0.06 0.06 0.05 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.01

Weighting

Change 1

Latest Chg 3'878'789 287'146 5'940 (45'001) (17'825) (90) 38'906 87 65'037 (32'821) (34'550) 51'902 (900) 6'107 3'238 3'796 35'070 (1'512)

Target Price #N/A N/A

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

File Dt Inst Type 30.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided

Date 16.07.2013

31.07.2013

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 120

7.0 M

100

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGU US EQUITY YTD Change AGU US EQUITY YTD % CHANGE

12/2011 03/yy 115.31 83.33 5'188'834.00 86.5 -24.98% 3.80% 9.91% 149.4 12'923.94 3'961.00 0.0 4.0 726.00 16'267.94

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

3.0 M

2.0 M

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

4.0 M

Valuation Analysis

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

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

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

Price/ Cash Flow

LTM

03/yy 16'087.0 3.35x 2'706.0 5.28x 1'352.0 8.89x

03/yy 16'281.0 4.16x 2'668.0 6.70x 1'482.0 10.39x

FY+1

1.73 1.29 148.90 2.38 -7.45% -12.45% 1.295 28 4.107 1'878'314 932'199 946'616 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'799.6 17'580.0 6'978.3 3'208.1 0.93x 0.86x 2.31x 5.13x 2'526.5 2'574.9 1'194.1 460.2 6.44x 6.32x 6.31x 6.14x 1'345.9 1'352.3 747.1 218.2 9.33x 9.28x 9.49x 9.29x S&P Issuer Ratings

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

Sales/Revenue/Turnover

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 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Agrium Inc Holdings By:

All

Holder Name BLACKROCK ROYAL BANK OF CANADA ACADIAN ASSET MANAGE FRANKLIN RESOURCES BMO FINANCIAL CORP CIBC GLOBAL ASSET MA VAN ECK ASSOCIATES C CONNOR CLARK & LUNN LETKO BROSSEAU & ASS WENTWORTH HAUSER AND CIBC WORLD MARKETS I BANK OF NOVA SCOTIA INVESCO LTD ALLIANZ ASSET MANAGE TORONTO DOMINION BAN NEUBERGER BERMAN LLC CI INVESTMENTS INC NORGES BANK GREYSTONE MANAGED IN FIERA CAPITAL CORPOR

Firm Name Gabelli & Co Barclays Goldman Sachs CIBC World Markets Salman Partners Cowen and Company National Bank Financial Susquehanna Financial Group Canaccord Genuity Corp Miller Tabak + Co., LLC Piper Jaffray TD Securities BMO Capital Markets BGC Partners Edward Jones Stifel Scotia Capital EVA Dimensions Desjardins Securities Alta Corp Capital Inc. JPMorgan Morgan Stanley Atlantic Equities LLP Macquarie Dundee Securities Corp Credit Suisse UBS HSBC

Portfolio Name n/a n/a ACADIAN ASSET MANAGE n/a BMO FINANCIAL CORP CIBC GLOBAL ASSET MA n/a CONNOR CLARK & LUNN LETKO BROSSEAU & ASS WENTWORTH HAUSER AND CIBC WORLD MARKETS I n/a n/a n/a TORONTO DOMINION BAN NEUBERGER BERMAN GRO Multiple Portfolios NORGES BANK GREYSTONE MANAGED IN FIERA CAPITAL CORPOR

Analyst AMON R WILKES MATTHEW J KORN ADAM SAMUELSON JACOB BOUT RAYMOND GOLDIE CHARLES NEIVERT ROBERT B WINSLOW DONALD D CARSON KEITH CARPENTER TIM TIBERIO MICHAEL E COX PAUL D'AMICO JOEL JACKSON MARK R GULLEY JEFF NELSON PAUL A MASSOUD BEN ISAACSON CRAIG STERLING JOHN F HUGHES JOHN CHU JEFFREY J ZEKAUSKAS VINCENT ANDREWS COLIN ISAAC DAVID PUPO DAVID CHARLES CHRISTOPHER PARKINSON BRIAN T MACARTHUR YONAH WEISZ

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

Recommendation buy overweight neutral/cautious sector outperform top pick underperform underperform Positive buy hold neutral buy market perform buy buy buy sector outperform buy buy outperform neutral not rated neutral neutral Under Review outperform buy overweight

Amt Held 7'366'040 4'642'138 4'296'877 4'144'101 3'295'429 3'065'859 2'702'978 2'405'524 2'291'182 2'207'886 2'178'388 2'149'495 1'913'350 1'911'247 1'887'452 1'855'820 1'832'868 1'775'036 1'770'924 1'560'048

% Out 4.93 3.11 2.88 2.77 2.21 2.05 1.81 1.61 1.53 1.48 1.46 1.44 1.28 1.28 1.26 1.24 1.23 1.19 1.19 1.04

Weighting

Change

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

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

Latest Chg (406'439) 87'300 3'006'091 3'295'429 3'065'859 482'231 2'405'524 2'291'182 2'207'886 2'178'388 1'227'226 173'393 777'091 (14'084) 1'855'820 (232'434) (252'504) 1'560'048

Target Price #N/A N/A 103 81 113 125 88 83 127 114 93 94 115 101 122 #N/A N/A 99 110 #N/A N/A 119 120 92 #N/A N/A 101 102 #N/A N/A 122 113 117

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

File Dt 28.06.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.07.2013 30.06.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 30.06.2013 31.03.2013

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

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

Date 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 25.07.2013 18.07.2013 16.07.2013 12.07.2013 11.07.2013 11.07.2013 09.07.2013 08.07.2013 08.07.2013 08.07.2013 04.07.2013 28.06.2013 18.06.2013 12.06.2013 30.05.2013 17.05.2013 15.05.2013 10.05.2013 10.05.2013 17.04.2013

31.07.2013

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

5.0 M 4.0 M 3.0 M

100

12/2012 03/yy 233.43 169.33 4'104'945.00 197.24 -15.50% 16.48% 43.54% 59.3 11'693.97 1'605.00 0.0 380.0 2'274.90 11'473.87

2.0 M

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

6.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (02.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CF US EQUITY YTD Change CF US EQUITY YTD % CHANGE

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 11.05x 17.73x Profitability

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

31.12.2012 6'104.0 2.05x 3'332.2 3.75x 1'848.7 7.32x 3'332.20 2'912.40 47.71% 47.31% 18.91% 35.39% 27.48% 0.59% 51.0% 55.8% 48.6% 30.3% 2.95 2.62 15.79% 27.19% 16.71 8.71

Price/ Cash Flow

03/yy 6'451.5 6.80x 3'276.2 3.76x 1'625.6 7.23x

LTM 03/yy 5'912.9 8.55x 3'296.7 3.43x 1'886.8 6.70x

FY+1

0.81 1.25 59.00 1.67 1.56% -2.53% 1.248 21 3.333 2'330'682 1'204'313 1'024'832 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'589.7 5'422.3 1'664.1 1'223.2 2.17x 2.32x 2'775.7 2'522.9 827.4 582.6 4.13x 4.55x 4.36x 4.58x 1'442.5 1'262.4 464.9 280.9 8.24x 8.93x 8.76x 9.12x S&P Issuer Ratings

23.04 19.42 -0.18 0.49 27.2% 20.3% 0.59 1.55 21.84 41.91 47.39 36.83

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

CF Industries Holdings Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 4'237'326 4'174'930 2'945'820 1'603'582 1'467'471 1'361'605 1'213'212 1'187'973 1'129'521 1'100'600 1'074'320 1'071'396 1'054'616 1'028'059 1'003'765 985'290 793'377 774'990 771'875 690'460

% Out 7.15 7.04 4.97 2.7 2.48 2.3 2.05 2 1.91 1.86 1.81 1.81 1.78 1.73 1.69 1.66 1.34 1.31 1.3 1.16

Weighting

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

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

Latest Chg 207'447 (396'409) (8'191) 1'347'210 334'471 (141'856) 278'140 5'521 (813'693) 83'950 103'496 105'973 24'033 419'500 (7'726) (27'700) 14'856 (222'700) (431'410) 111'780

Target Price 190 179 175 #N/A N/A 207 204 210 275 250 215 184 244 #N/A N/A 170 230 235 175 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 29.07.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 23.07.2013 18.07.2013 12.07.2013 11.07.2013 08.07.2013 14.06.2013 12.06.2013 10.05.2013 09.05.2013 15.01.2013

31.07.2013

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 90

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BG US EQUITY YTD Change BG US EQUITY YTD % CHANGE

12/2012 06/yy 80.99 63.18 1'312'951.00 76.43 -5.63% 20.97% 74.40% 146.6 11'201.27 8'897.00 690.0 431.0 569.00 22'312.27

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

20 10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Market Data

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

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 11.11x 12.82x Profitability

LTM-4Q 31.12.2011 56'097.0 0.26x 1'717.0 8.49x 942.0 10.19x

31.12.2012 60'991.0 0.33x 1'580.0 12.71x 64.0 9.58x 1'580.00 1'010.00 1.66% 0.61% 0.05% -0.39% 2.16% 2.26% 4.2% 2.6% 1.7% 0.1% 1.49 0.26 32.61% 87.47% 22.22 8.65

Price/ Cash Flow

LTM

06/yy 59'307.0 1.02x 1'590.0 10.62x 760.0 8.86x

06/yy 64'609.0 1.26x 1'705.0 12.60x 14.0 11.55x

FY+1

1.41 0.94 137.13 3.39 18.02% 5.93% 0.941 15 4.200 1'369'758 832'770 842'721 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 64'491.7 65'718.1 17'084.7 17'023.3 0.27x 0.26x 2'199.6 2'361.8 639.6 697.4 10.14x 9.45x 9.36x 9.26x 1'040.0 1'204.0 365.1 356.6 11.34x 9.64x 9.73x 9.41x S&P Issuer Ratings

10.06.2010 BBBPOS 5.15 1.58 6.50 6.92 87.5% 44.1% 2.26 11.38 16.43 42.20 19.73 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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Bunge Ltd Holdings By:

All

Holder Name FMR LLC VANGUARD GROUP INC GIC PRIVATE LIMITED BLACKROCK GLOBAL THEMATIC PART HARDING LOEVNER LP JENNISON ASSOCIATES DWS INVESTMENT S A WELLINGTON MANAGEMEN ROYAL BANK OF CANADA STATE STREET VAN ECK ASSOCIATES C LORD ABBETT & CO LLC COMGEST S A LAZARD ASSET MANAGEM CARLSON CAPITAL LP NORTHERN TRUST CORPO SKAGEN AS GUGGENHEIM ALLIANCE BERNSTEIN

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a GLOBAL THEMATIC PART HARDING LOEVNER LP JENNISON ASSOCIATES Multiple Portfolios WELLINGTON MANAGEMEN n/a n/a n/a LORD ABBETT & CO LLC Multiple Portfolios n/a CARLSON CAPITAL LP NORTHERN TRUST CORPO Multiple Portfolios n/a n/a

Analyst KENNETH B ZASLOW ROBERT MOSKOW MATTHEW J KORN AUSTIN BURKETT VINCENT ANDREWS ANN DUIGNAN CHRISTINE HEALY GIOVANA ARAUJO BRENT R RYSTROM MICHAEL E COX TIM TIBERIO ALEXANDRE FALCAO THOMAS GRAVES

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

Recommendation outperform restricted overweight hold Equalwt/Cautious overweight sector outperform market perform hold overweight buy neutral buy

Amt Held 10'326'901 7'945'545 7'328'780 6'029'750 5'551'638 4'837'495 3'902'619 3'857'710 3'693'091 2'955'366 2'887'691 2'653'720 2'567'487 2'400'000 2'029'600 1'778'625 1'559'898 1'510'273 1'383'148 1'340'535

% Out 7.05 5.42 5 4.11 3.79 3.3 2.66 2.63 2.52 2.02 1.97 1.81 1.75 1.64 1.38 1.21 1.06 1.03 0.94 0.91

Weighting

Change

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

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

Latest Chg 752'559 1'231'351 27'132 224'748 (98'392) 1'457'424 (364'415) (105'383) (33'680) (87'520) (179'766) 479'688 (768'005) (126'994) 1'107'235 265'229 747'025 (16'592)

Target Price 83 #N/A N/A 83 #N/A N/A #N/A N/A 80 86 84 74 91 80 74 75

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Government 29.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Bank 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Unclassified 31.03.2013 Unclassified 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 30.06.2013 Unclassified 31.05.2013 Investment Advisor

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

Date 26.07.2013 26.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 11.07.2013 05.06.2013 26.09.2012

31.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (30.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MOS US EQUITY YTD Change MOS US EQUITY YTD % CHANGE

05/2013 05/yy 64.65 39.95 61'378'375.00 43.81 -32.24% 9.66% 15.63% 297.1 18'655.22 1'079.20 0.0 17.5 3'697.10 16'054.82

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

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.05.2009 10'298.0 2.24x 3'167.1 7.27x 2'350.2 12.55x

31.05.2010 31.05.2011 6'759.1 9'937.8 2.87x 2.88x 1'715.8 3'111.6 11.31x 9.19x 827.1 2'514.6 26.47x 15.94x Profitability

31.05.2012 11'107.8 1.58x 3'119.2 5.62x 1'930.2 10.57x

31.05.2013 9'974.1 2.34x 2'814.4 8.28x 1'888.7 14.91x 2'814.40 2'209.60 22.15% 22.39% 10.86% 14.87% 0.57% 27.7% 29.0% 22.9% 18.9% 3.90 2.67 5.97% 8.04% 11.29 5.15

Price/ Cash Flow

LTM-4Q

LTM

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

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

FY+1

.0 M j-13

2.28 1.31 277.13 4.68 -23.19% -21.56% 1.313 23 3.783 16'677'860 6'012'718 4'174'639 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'957.6 10'051.3 2'503.3 2'646.8 1.92x 1.69x 2'420.8 2'954.9 626.7 708.3 6.63x 5.43x 5.86x 5.58x 1'682.2 1'774.7 379.0 407.5 11.12x 9.99x 10.99x 10.29x S&P Issuer Ratings

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

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 04.06.2010

0.0 04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

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

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

31.07.2013

Mosaic Co/The Holdings By:

All

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

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

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

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

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

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

Amt Held 19'417'191 14'763'584 12'886'085 12'255'639 10'825'512 10'075'180 9'724'446 6'455'793 6'342'537 6'036'574 5'514'100 5'402'924 4'724'427 3'821'456 3'058'740 2'977'994 2'874'983 2'600'000 2'531'671 2'369'345

% Out 6.54 4.97 4.34 4.13 3.64 3.39 3.27 2.17 2.14 2.03 1.86 1.82 1.59 1.29 1.03 1 0.97 0.88 0.85 0.8

Weighting

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

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

Latest Chg (1'076'130) (118'422) 119'147 137'823 1'506'016 (1'372'812) (681'915) 894'611 (2'220'979) 534'920 (15'923) (486'974) 331'845 3'687'562 115'744 (1'648'299) (1'790'829) (474'053)

Target Price #N/A N/A 49 43 35 50 52 50 57 60 58 58 70 65 60 #N/A N/A #N/A N/A 64 70 68 66 71

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

File Dt 31.03.2013 31.03.2013 31.03.2013 30.07.2013 30.06.2013 31.03.2013 31.03.2013 30.07.2013 31.05.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 30.06.2013

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

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

Date 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 25.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 17.07.2013 16.07.2013 08.07.2013 13.05.2013 17.04.2013 01.04.2013

31.07.2013

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

Price/Volume

60.0 M 50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (13.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WIL SP EQUITY YTD Change WIL SP EQUITY YTD % CHANGE

12/2012 03/yy 3.92 2.99 6'355'000.00 3.15 -19.64% 5.35% 20.43% 6'396.8 20'149.86 22'245.27 0.0 849.3 2'319.11 35'968.71

40.0 M

30.0 M

20.0 M

10.0 M

1 0 j-12

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

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

31.12.2012 45'463.4 0.84x 2'051.8 18.65x 1'255.5 13.95x 2'051.83 1'508.62 3.32% 3.64% 3.16% 9.31% 4.91% 1.09% 8.6% 4.9% 3.7% 2.8% 1.11 0.29 53.07% 155.06% 12.73 5.76

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 45'645.3 4.03x 2'374.3 18.46x 1'470.0 17.03x

d-12

03/yy 45'193.0 3.31x 2'234.2 16.97x 1'315.0 13.57x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M j-13

1.03 1'980.61 -1.29% -4.84% 1.025 25 3.680 4'941'600 8'532'033 7'841'485 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'602.5 53'295.6 12'476.0 12'981.0 0.63x 0.57x 2'528.5 2'776.0 588.0 674.0 14.23x 12.96x 14.33x 14.40x 1'359.4 1'503.0 298.0 385.0 11.74x 10.54x 11.96x 12.32x S&P Issuer Ratings

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

Sales/Revenue/Turnover

100.00

50'000.0

90.00

45'000.0

80.00

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 01.01.2010

a-12

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

70.0 M

4 4

Valuation Analysis

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Wilmar International Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 1'172'844'755 1'046'986'850 354'961'795 336'009'921 294'801'479 294'801'372 283'352'941 256'211'778 230'461'271 179'204'971 72'144'416 51'267'514 39'853'084 33'852'274 33'760'355 30'705'900 25'855'040 20'205'991 13'630'073 10'718'220

% Out 18.33 16.37 5.55 5.25 4.61 4.61 4.43 4.01 3.6 2.8 1.13 0.8 0.62 0.53 0.53 0.48 0.4 0.32 0.21 0.17

Weighting

Change

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

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

Latest Chg 961'000 5'203'325 1'166'000 (100'410)

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

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

File Dt 21.03.2013 21.03.2013 06.03.2012 21.03.2013 21.03.2013 21.03.2013 19.07.2013 19.07.2013 21.03.2013 21.03.2013 30.07.2013 21.03.2013 29.07.2013 21.03.2013 19.07.2013 19.07.2013 19.07.2013 30.06.2013 21.03.2013 31.05.2013

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

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

Date 29.07.2013 24.07.2013 23.07.2013 11.07.2013 11.07.2013 11.07.2013 03.07.2013 01.07.2013 28.06.2013 06.06.2013 24.05.2013 09.05.2013 09.05.2013 09.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 22.02.2013 23.02.2012 02.02.2012

31.07.2013

Fiat Industrial SpA Fiat Industrial SpA manufactures a wide range of branded trucks and tractors. The Company also manufactures powertrains for industrial, and marine applications as well as manufactures and supplies truck, bus, and diesel engines, and engineers, manufactures, markets, and distributes agricultural and construction equipment.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FI IM EQUITY YTD Change FI IM EQUITY YTD % CHANGE

12/2012 06/yy 9.80 7.57 2'736'031.00 9.285 -6.53% 22.66% 64.13% 1'222.6 11'351.55 20'730.00 0.0 787.0 4'615.00 29'934.55

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

25.0 M 20.0 M 15.0 M 10.0 M 5.0 M

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

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

31.12.2009 31.12.2010 17'968.0 21'342.0 959.0 1'757.0 (464.0) 341.0 Profitability

LTM-4Q 31.12.2011 24'231.0 0.95x 2'352.0 9.83x 624.0 13.54x

31.12.2012 25'785.0 1.05x 2'798.0 9.65x 810.0 12.45x 2'798.00 2'079.00 8.06% 5.76% 1.98% 15.99% 0.67% 18.8% 10.8% 8.0% 3.1% 1.67 0.36 53.24% 420.06% 17.38 3.76

Price/ Cash Flow

LTM

06/yy 25'129.0 3.88x 2'627.0 10.28x 707.0 13.80x

06/yy 25'954.0 3.22x 1'973.0 0.00x 818.0 12.88x

FY+1

.0 M j-13

0.88 792.73 19.13% 15.45% 0.885 22 3.909 3'351'062 3'180'576 3'510'573 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26'511.6 27'820.3 6'702.3 7'535.3 0.69x 0.64x 2.20x 1.83x 2'893.6 3'198.4 735.0 687.0 10.35x 9.36x 10.14x 9.98x 1'049.3 1'269.5 276.3 277.0 11.20x 9.50x 9.96x 9.62x S&P Issuer Ratings

04.11.2010 BB+ STABLE 24.02.2011 B 8.94 4.63 6.37 7.62 420.1% 78.4% 0.67 5.85 21.01 97.18 85.48 19.55

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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Fiat Industrial SpA Holdings By:

All

Holder Name EXOR SPA HARRIS ASSOCIATES LP FIAT SPA GIC PRIVATE LIMITED BLACKROCK VANGUARD GROUP INC NORGES BANK VAN ECK ASSOCIATES C CAPITAL GROUP COMPAN CITADEL ADVISORS LLC AXA FUNDS MANAGEMENT NEW JERSEY DIVISION ALLIANZ ASSET MANAGE UBS SOUTHEASTERN ASSET M GENERALI ASSET MANAG NATIXIS ASSET MANAGE CARMIGNAC GESTION AXA FUNDS MANAGEMENT ARCA SGR SPA

Firm Name AlphaValue Deutsche Bank Main First Bank AG Barclays Banca Akros(ESN) William Blair & Co Mediobanca SpA Natixis Banca IMI Kepler Cheuvreux Equita SIM SpA EVA Dimensions ICBPI Societe Generale Bank am Bellevue Macquarie Berenberg Bank Morgan Stanley Centrobanca UBS Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a AXA WORLD FUNDS-FRAM Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios AXA WORLD FUNDS-ITAL Multiple Portfolios

Analyst HANS-PETER WODNIOK PETER REILLY CHRISTOPHER YOUL MICHAEL TYNDALL GABRIELE GAMBAROVA LAWRENCE T DE MARIA MASSIMO VECCHIO KATHLEEN GAILLIOT MONICA BOSIO GIORGIO IANNELLA MARTINO DEAMBROGGI TIMOTHY STANISH LUCA ARENA STEPHEN REITMAN MICHAEL STUDER JENS SCHATTNER ALEXANDER VIRGO LAURA LEMBKE MARCO CRISTOFORI FREDRIC STAHL STEFAN BURGSTALLER

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

Recommendation add buy outperform overweight accumulate outperform outperform buy hold hold buy underweight not rated hold buy underperform sell Overwt/In-Line buy neutral not rated

Amt Held % Out 366'929'588 30.01 61'458'536 5.03 34'219'702 2.8 28'449'177 2.33 25'496'853 2.09 21'754'015 1.78 20'224'050 1.65 13'102'778 1.07 6'700'000 0.55 (6'112'844) -0.5 4'502'702 0.37 3'889'467 0.32 3'781'590 0.31 3'724'812 0.3 3'523'660 0.29 3'400'546 0.28 3'253'172 0.27 3'024'525 0.25 2'566'501 0.21 2'218'614 0.18

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

Change M M M M M M M M D M U M M M M M M M M D M

Latest Chg 2'030'474 4'227'994 (1'337'500) 78 16'109 (96'640) 3'523'660 (242'980) (6'964) (5'879) 2'566'501 130'000

Target Price 10 12 11 12 10 10 10 11 5 9 10 #N/A N/A #N/A N/A 10 13 8 7 10 10 9 #N/A N/A

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

File Dt Inst Type 12.07.2013 Corporation 12.07.2013 Investment Advisor 12.07.2013 Corporation 12.07.2013 Government 29.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Government 30.07.2013 Investment Advisor 30.06.2013 Investment Advisor 04.12.2012 Hedge Fund Manager 28.06.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 30.06.2013 Investment Advisor 28.03.2013 Unclassified 31.12.2012 Investment Advisor 28.06.2013 Investment Advisor 28.03.2013 Investment Advisor 28.06.2013 Investment Advisor 18.06.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 25.07.2013 23.07.2013 23.07.2013 23.07.2013 22.07.2013 11.07.2013 10.07.2013 10.07.2013 01.07.2013 26.06.2013 19.06.2013 06.06.2013 23.05.2013 02.05.2013 02.05.2013 01.05.2013 01.05.2013 30.04.2013 05.11.2012 02.11.2012 30.05.2012

31.07.2013

Tractor Supply Co Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products. Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

Price/Volume 140

4.0 M

120

3.5 M

100

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.07.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSCO US EQUITY YTD Change TSCO US EQUITY YTD % CHANGE

12/2012 06/yy 124.45 82.39 416'497.00 120.14 -3.46% 45.82% 89.75% 69.8 8'384.38 1.28 0.0 0.0 138.63 8'329.95

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

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 3'007.9 0.40x 196.3 6.16x 81.9 15.76x

2.0 M

31.12.2009 31.12.2010 3'206.9 3'638.3 0.55x 0.89x 257.8 336.0 6.90x 9.67x 119.7 168.0 16.50x 21.42x Profitability

LTM-4Q 31.12.2011 4'232.7 1.14x 433.1 11.14x 222.7 23.27x

31.12.2012 4'664.1 1.27x 525.8 11.30x 276.5 23.02x 525.77 436.79 9.36% 9.34% 16.65% 26.88% 26.91% 2.74% 33.6% 11.4% 9.6% 5.9% 2.02 0.25 0.07% 0.12% 3.21

Price/ Cash Flow

06/yy 4'530.1 4.76x 501.3 11.42x 260.2 23.43x

LTM 06/yy 4'893.4 5.78x 560.2 14.55x 297.1 28.19x

FY+1

0.72 0.93 68.98 2.17 33.37% 36.55% 0.926 29 4.069 627'946 517'398 476'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'158.0 5'692.8 1'190.8 1'430.5 1.59x 1.44x 7.01x 5.75x 600.0 688.6 117.5 170.1 13.88x 12.10x 12.92x 12.56x 316.5 366.6 58.2 91.0 26.82x 22.90x 24.80x 24.01x S&P Issuer Ratings

498.36 353.41 -0.10 0.00 0.1% 0.1% 2.74 8.80 113.55 36.28 -

Sales/Revenue/Turnover

35.00

5'000.0 4'500.0

30.00

4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 2'000.0

15.00

1'500.0

10.00

1'000.0 5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Tractor Supply Co Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC WELLS FARGO NEUBERGER BERMAN LLC ARTISAN PARTNERS HOL STATE STREET AMERICAN CENTURY COM WILLIAM BLAIR & COMP ALLIANZ ASSET MANAGE FMR LLC BANK OF NEW YORK MEL VAN ECK ASSOCIATES C GENEVA CAPITAL MANAG INVESCO LTD LUTHER KING CAPITAL NORTHERN TRUST CORPO GENEVA INVESTMENT MA PRUDENTIAL FINANCIAL TIMESSQUARE CAPITAL

Firm Name Daiwa Securities Co. Ltd. BMO Capital Markets Deutsche Bank Goldman Sachs Credit Suisse SunTrust Robinson Humphrey JPMorgan Janney Montgomery Scott LLC Robert W. Baird & Co Stephens Inc Avondale Partners LLC BB&T Capital Markets Nomura Wells Fargo Securities, LLC Feltl & Company Piper Jaffray Telsey Advisory Group RBC Capital Markets Edward Jones Wedbush William Blair & Co KeyBanc Capital Markets Raymond James Oppenheimer & Co Barclays Northcoast Research UBS Argus Research Corp EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a NEUBERGER BERMAN GRO ARTISAN PARTNERS LP n/a AMERICAN CENTURY COM WILLIAM BLAIR & COMP n/a n/a BANK OF NEW YORK MEL n/a GENEVA CAPITAL MANAG n/a LUTHER KING CAPITAL NORTHERN TRUST CORPO GENEVA INVESTMENT MA n/a TIMESSQUARE CAPITAL

Analyst KAHORI TAMADA WAYNE HOOD ADAM SINDLER MATTHEW J FASSLER GARY BALTER DAVID G MAGEE CHRISTOPHER HORVERS DAVID S STRASSER PETER S BENEDICT JOHN R LAWRENCE JEFF BLACK ANDREW P WOLF ARAM RUBINSON MATTHEW NEMER BRENT R RYSTROM PETER J KEITH JOSEPH I FELDMAN R SCOT CICCARELLI BRIAN YARBROUGH JOAN L STORMS MARK R MILLER BRADLEY B THOMAS DANIEL R WEWER JR BRIAN NAGEL ALAN M RIFKIN CHARLES E CERANKOSKY MICHAEL LASSER JOHN D STASZAK CRAIG STERLING

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

Recommendation neutral market perform buy neutral/neutral neutral buy overweight buy outperform overweight market outperform hold neutral market perform hold neutral no rating system outperform hold outperform outperform hold strong buy outperform overweight buy buy buy underweight

Amt Held 4'543'358 4'297'683 3'305'237 3'275'888 2'343'578 2'311'200 2'304'302 1'829'394 1'512'479 1'424'996 1'219'777 1'206'833 1'173'717 1'082'328 955'136 894'633 893'944 832'594 751'870 713'900

% Out 6.51 6.16 4.74 4.69 3.36 3.31 3.3 2.62 2.17 2.04 1.75 1.73 1.68 1.55 1.37 1.28 1.28 1.19 1.08 1.02

Weighting

Change

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

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

Latest Chg 1'444'840 228'057 30'645 (214'997) 209'500 67'591 (33'078) (151'510) 373'042 98'334 (14'730) 1'165'056 181'879 (29'214) 4'445 24'787 22'100 (7'167) 9'800

Target Price 124 127 135 133 128 140 134 125 140 140 127 #N/A N/A 124 #N/A N/A 117 121 130 118 #N/A N/A 135 #N/A N/A #N/A N/A 142 125 135 132 134 128 #N/A N/A

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

File Dt 31.03.2013 29.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.07.2013 30.06.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 28.06.2013 31.03.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided 12 month 12 month 12 month 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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 24.07.2013 22.07.2013 18.07.2013 20.05.2013 15.01.2013

31.07.2013

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

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.07.2013) 52-Week Low (06.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSN US EQUITY YTD Change TSN US EQUITY YTD % CHANGE

09/2012 03/yy 27.54 13.99 3'389'093.00 27.31 -0.82% 95.19% 98.34% 284.8 9'690.74 2'432.00 0.0 30.0 1'071.00 11'382.74

10.0 M

5.0 M

5 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

25.0 M

25 20

Valuation Analysis

30.09.2008 26'862.0 860.0 86.0 37.32x

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

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

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

Price/ Cash Flow

LTM

03/yy 33'248.0 1.03x 1'559.0 5.47x 615.0 12.00x

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

FY+1

1.06 0.80 278.68 17.11 84.62% 41.36% 0.804 14 4.286 2'055'794 2'797'816 3'676'345 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 34'239.2 35'034.4 8'654.2 8'770.3 0.32x 0.29x 1.29x 1.24x 1'848.4 2'094.7 504.7 562.7 6.16x 5.43x 5.54x 5.37x 767.4 931.3 215.1 247.5 12.89x 10.49x 10.84x 10.37x S&P Issuer Ratings

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

Sales/Revenue/Turnover

12.00

35'000.0

10.00

30'000.0 25'000.0

8.00

20'000.0 6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 09.10.2009

0.0 09.04.2010

09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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

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

31.07.2013

Tyson Foods Inc Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

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

M M M M M M M M M D M

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

Target Price 32 28 29 30 31 31 34 26 29 #N/A N/A 27

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

File Dt Inst Type 31.03.2013 Investment Advisor 29.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.07.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month 18 month 12 month 12 month Not Provided 3 month

Date 31.07.2013 30.07.2013 30.07.2013 26.07.2013 22.07.2013 15.07.2013 10.07.2013 29.05.2013 21.05.2013 07.05.2013 06.05.2013

31.07.2013

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

Price/Volume 350

3.0 M

300

2.5 M

250

2.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 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

1.0 M

100

.5 M

50 0 j-12

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 14'591.0 5.52x 10'602.0 7.30x 14'591.00 11'167.00 13.29% 15.78% 10.67% 18.21% 15.87% 1.02% 15.6% 11.6% 12.6% 2.30 1.27 13.41% 22.62% 9.17 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

06/yy 81'650.0 3.76x 17'701.0 4.47x 12'747.0 5.81x

d-12

06/yy 85'386.0 3.63x 13'323.0 5.26x 8'901.0 7.63x

j-13

f-13

m-13 a-13

m-13

j-13

FY+1

.0 M j-13

1.13 160.07 -3.70% 0.49% 1.134 32 3.969 692'577 830'592 865'035 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 84'379.0 86'427.8 19'708.3 20'993.4 0.91x 0.86x 3.89x 3.66x 14'038.2 13'532.9 3'161.5 3'014.2 5.50x 5.71x 6.10x 6.21x 8'448.6 8'042.3 1'882.5 1'720.4 8.71x 9.00x 9.64x 9.62x S&P Issuer Ratings

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

Sales/Revenue/Turnover

16.00

100'000.0

14.00

90'000.0 80'000.0

12.00

70'000.0

10.00

60'000.0

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 01.01.2010

a-12

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

1.5 M

150

12/2012 06/yy 305.50 236.50 623'037.00 262 -13.98% 10.78% 27.83% 284.2 74'462.30 10'895.00 0.0 1'745.0 9'941.00 77'219.30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Yara International ASA Holdings By:

All

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

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

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

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

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

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

Amt Held 102'915'622 18'548'186 17'080'554 12'895'857 10'263'546 6'600'900 5'552'306 4'079'677 3'232'349 3'114'824 2'873'372 2'873'052 2'343'940 2'169'026 2'118'468 2'116'639 1'930'919 1'917'789 1'678'684 1'614'369

% Out 36.21 6.53 6.01 4.54 3.61 2.32 1.95 1.44 1.14 1.1 1.01 1.01 0.82 0.76 0.75 0.74 0.68 0.67 0.59 0.57

Weighting

Change

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

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

Latest Chg (1'705) 401'408 89'319 297'322 92'962 334'332 373'327 74'305 465'427 11'087 277'396 -

Target Price 311 300 290 300 220 280 270 320 332 300 265 287 297 240 316 290 318 366 280 #N/A N/A 310 330 265 230 #N/A N/A 254 #N/A N/A 350 320 #N/A N/A 290 320

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

File Dt 22.07.2013 30.07.2013 22.07.2013 22.07.2013 22.07.2013 22.07.2013 30.06.2013 22.07.2013 30.04.2013 30.07.2013 22.07.2013 30.04.2013 31.03.2013 28.06.2013 22.07.2013 30.06.2013 30.06.2013 30.06.2013 27.03.2013 22.07.2013

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

Inst Type Government Investment Advisor Government Bank Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

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

31.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.09.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out #N/A N/A Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance URALL US EQUITY YTD Change URALL US EQUITY YTD % CHANGE

12/2012 09/yy 43.25 22.70 12'075.00 23.95 -44.62% 5.51% 6.08% 3'942.35 0.0 8.3 1'665.58 -

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

1.20

.1 M

.0 M

0 a-12

.0 M s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'533.6 1.77x 1'668.2 2.69x 885.0 -

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

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

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

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

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

FY+1

0.17 -36.26% 0 2'565 704 1'338 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/11 Q4 03/12 Q1 3'839.0 4'108.8 2'111.9 2'236.5 1'295.1 1'356.2 10.34x 9.29x S&P Issuer Ratings

18.06.2012 BBBSTABLE 88.09 72.86 0.99 1.71 45.0% 31.0% 0.29 1.21 32.56 89.72 24.71 97.57

Sales/Revenue/Turnover

4'500.0 4'000.0

1.00 0.80

3'500.0 3'000.0 2'500.0

0.60

2'000.0 1'500.0

0.40 0.20

1'000.0 500.0 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 |

31.07.2013

Uralkali OJSC Holdings By:

All

Holder Name VAN ECK ASSOCIATES C FRANKLIN RESOURCES JP MORGAN BLACKROCK T ROWE PRICE ASSOCIA PRUDENTIAL PLC PICTET FUNDS BARING INTERNATIONAL BANK OF NEW YORK MEL SWEDBANK ROBUR FONDE DWS INVESTMENT SA ALLIANZ ASSET MANAGE DEUTSCHE BANK AG NORDEA INVESTMENT FU NEPTUNE INVESTMENT M SEB DEKA INTERNATIONAL S DIMENSIONAL FUND ADV RAIFFEISEN KAPITALAN BARING FUND MANAGERS

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios NEPTUNE INVESTMENT F n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

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

Recommendation

Amt Held 6'186'459 2'912'214 2'135'782 2'113'797 1'959'792 1'850'000 1'838'367 1'529'996 1'302'206 1'216'000 1'040'000 869'541 800'000 710'617 700'623 595'626 536'250 529'569 520'516 489'383

% Out 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Weighting

Change

Latest Chg (1'342'150) (5'954) 70'152 440'665 200'000 (588'014) (128'940) 2'620 (123'600) (110'710) (100'000) (4'236) 70'000 (99'000) (1'094) (92'700) (64'000)

Target Price

#N/A N/A

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

File Dt 30.07.2013 31.03.2013 30.06.2013 29.07.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 30.07.2013 31.03.2013 30.04.2013 31.03.2013 31.05.2013 28.03.2013 31.12.2012 28.03.2013 28.03.2013 30.04.2013 30.04.2013 31.03.2013

Date

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

Date

31.07.2013

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

3.0 M 2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (04.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGCO US EQUITY YTD Change AGCO US EQUITY YTD % CHANGE

12/2012 03/yy 56.83 41.17 1'067'062.00 54.88 -3.43% 33.30% 87.55% 97.3 5'340.57 1'286.80 0.0 33.3 781.30 6'257.77

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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

3.5 M

50 40

Valuation Analysis

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

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 9.59x

31.12.2012 9'962.2 0.53x 945.5 5.60x 522.1 9.35x 945.50 715.60 7.18% 6.57% 6.63% 15.43% 11.32% 1.29% 21.3% 9.5% 7.2% 5.2% 1.60 0.69 16.66% 37.14% 9.05 3.93

Price/ Cash Flow

LTM

03/yy 9'249.2 2.06x 858.8 6.74x 623.5 9.69x

03/yy 10'091.6 2.24x 959.8 6.24x 519.9 9.98x

FY+1

0.18 1.52 90.53 4.11 25.64% 12.13% 1.518 17 3.706 1'051'926 903'522 907'952 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'524.5 10'718.9 2'811.5 2'440.5 0.53x 0.49x 2.22x 2.54x 1'069.8 1'130.8 317.0 231.2 5.85x 5.53x 5.90x 5.85x 556.4 593.6 178.8 115.6 9.75x 9.23x 9.69x 9.67x S&P Issuer Ratings

05.03.2010 BBBSTABLE 12.17 7.79 0.92 1.50 37.1% 26.9% 1.29 7.56 40.34 92.77 48.22 69.57

Sales/Revenue/Turnover

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0 6.00

4'000.0 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

AGCO Corp Holdings By:

All

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

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

Portfolio Name n/a n/a LSV ASSET MANAGEMENT n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN GLOBAL THEMATIC PART SOUTHERNSUN ASSET MA OPPENHEIMER FUNDS IN NORDEA INVESTMENT MA ROBECO INVESTMENT MA n/a AJO, LP AMERIPRISE FINANCIAL APG ALL PENSIONS GRO Multiple Portfolios CALAMOS ADVISORS LLC SYSTEMATIC FINANCIAL n/a n/a

Analyst ANDREW M CASEY MICHAEL E COX RYAN M CONNORS STEPHEN VOLKMANN JOEL G TISS SAMEER RATHOD LAWRENCE T DE MARIA ANN DUIGNAN SETH R WEBER ANDY KAPLOWITZ JAMIE L COOK STEVEN FISHER JERRY REVICH CRAIG STERLING MICHAEL JAFFE

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

Recommendation underperform overweight buy buy outperform neutral market perform neutral sector perform equalweight neutral neutral neutral/neutral buy hold

Amt Held 6'338'219 5'767'864 4'644'120 4'583'831 4'556'572 3'365'950 3'170'144 3'122'699 2'970'841 2'646'139 2'139'890 1'794'238 1'709'500 1'621'364 1'561'647 1'396'950 1'395'257 1'369'390 1'291'106 1'246'952

% Out 6.51 5.93 4.77 4.71 4.68 3.46 3.26 3.21 3.05 2.72 2.2 1.84 1.76 1.67 1.6 1.44 1.43 1.41 1.33 1.28

Weighting

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

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

Latest Chg (430'116) 8'300 (82'200) 126'618 206'014 52'658 (2'240'790) 420'213 (342'260) (125'457) 1'444'042 351'524 (633'000) (83'015) (4'263) (23'192) 511'923 228'602 (1'387'329)

Target Price #N/A N/A 67 60 62 63 56 57 57 59 64 56 58 59 #N/A N/A 46

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

File Dt 29.07.2013 05.07.2013 31.03.2013 01.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013

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

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

Date 29.07.2013 21.07.2013 19.07.2013 18.07.2013 15.07.2013 12.07.2013 11.07.2013 10.07.2013 01.07.2013 01.05.2013 30.04.2013 04.04.2013 05.02.2013 15.01.2013 26.07.2012

31.07.2013

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 35.0 M

30.0 M 25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (15.03.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 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 03/yy 5.70 4.58 6'054'800.00 5.46 -4.21% 19.21% 79.46% 6'387.3 34'874.73 8'268.94 0.0 288.0 4'435.95 39'780.83

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

15.0 M

10.0 M

5.0 M

0 j-12

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% 9.85% 16.54% 12.00% 0.65% 20.2% 19.0% 17.3% 11.6% 4.17 2.63 35.85% 65.48% 8.61 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 16'217.0 8.87x 2'583.9 14.53x 1'935.6 17.72x

d-12

03/yy 13'910.6 10.49x 2'647.5 13.20x 2'104.7 14.23x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M j-13

1.13 2'809.99 5.48% 8.58% 1.126 30 3.000 3'712'440 6'538'704 7'127'916 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 14'761.3 15'643.0 3'594.0 2.60x 2.44x 2'607.0 2'755.5 665.0 15.26x 14.44x 1'772.4 1'874.6 470.0 19.93x 18.83x S&P Issuer Ratings

15.05.2013 BBB STABLE 11.59 3.36 1.75 2.87 65.5% 39.0% 0.65 1.61 42.41 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

a-12

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

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

31.07.2013

IOI Corp Bhd Holdings By:

All

Holder Name VERTICAL CAPACITY SD EMPLOYEES PROVIDENT VANGUARD GROUP INC BLACKROCK SHIN CHENG LEE VAN ECK ASSOCIATES C PRUDENTIAL UNIT TRUS FIL LIMITED PENGURUSAN PELABURAN EMERGING GLOBAL SHAR CIMB-PRINCIPAL ASSET GREAT EASTERN LIFE A CAISSE DE DEPOT ET P YEOW CHOR LEE FLEXSHARES TRUST DIMENSIONAL FUND ADV SCHRODER INVESTMENT PICTET FUNDS CREDIT SUISSE ASSET ING INVESTMENT MANAG

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

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

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

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

Recommendation neutral in-line underperform buy neutral/neutral underperform neutral Underwt/Cautious buy market perform buy neutral hold buy buy add trading buy buy hold hold underweight sell hold hold reduce neutral hold

Amt Held 2'854'712'680 649'535'008 101'872'019 73'964'372 62'630'600 49'975'850 44'923'879 21'440'058 14'288'666 12'576'713 10'948'372 9'771'432 9'686'370 8'340'400 7'963'505 7'344'117 7'168'866 5'570'900 4'991'600 4'218'200

% Out 44.69 10.17 1.59 1.16 0.98 0.78 0.7 0.34 0.22 0.2 0.17 0.15 0.15 0.13 0.12 0.11 0.11 0.09 0.08 0.07

Weighting

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

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

Latest Chg 2'800'000 12'045'500 (187'400) (24'926'242) 15'700 385'358 1'050'900 (25'000) (96'000) 106'100

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

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

File Dt 23.05.2013 24.07.2013 30.06.2013 29.07.2013 12.06.2013 30.07.2013 30.06.2011 31.10.2012 31.05.2011 30.07.2013 30.06.2013 31.12.2010 31.12.2012 23.05.2013 31.05.2013 30.04.2013 31.12.2012 30.04.2013 31.05.2013 31.03.2013

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 3 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month

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

Date 31.07.2013 29.07.2013 29.07.2013 23.07.2013 22.07.2013 19.07.2013 19.07.2013 18.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 25.06.2013 21.06.2013 20.06.2013 11.06.2013 06.06.2013 31.05.2013 23.05.2013 22.05.2013 22.05.2013 15.05.2013 06.02.2013 20.11.2012

31.07.2013

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

Price/Volume

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

04/2013 04/yy 33.96 17.55 3'103'391.00 33.25 -2.09% 89.46% 95.67% 139.0 4'620.17 2'505.30 0.0 13.4 310.60 6'828.27

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

80.0 M

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 30.04.2009 12'487.7 0.32x 96.7 41.79x (198.4) -

30.04.2010 30.04.2011 11'202.6 12'202.7 0.51x 0.46x 266.5 1'156.2 21.28x 4.90x (101.4) 521.0 9.39x Profitability

LTM-4Q 30.04.2012 13'094.3 0.38x 975.3 5.11x 361.3 8.42x

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

Price/ Cash Flow

LTM

04/yy 13'094.3 1.24x 745.4 0.00x 361.3 8.22x

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

FY+1

0.00 0.91 135.74 19.08 79.73% 54.15% 0.905 14 3.000 2'018'758 3'667'954 5'440'225 FY+2

FQ+1

FQ+2

04/14 Y 04/15 Y 07/13 Q1 10/13 Q2 13'506.4 13'828.4 3'166.8 3'314.6 0.47x 0.44x 920.4 995.3 181.0 236.0 7.42x 6.86x 7.40x 370.1 427.2 59.7 93.5 12.35x 10.66x 12.80x S&P Issuer Ratings

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

Sales/Revenue/Turnover

30.00

14'000.0

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 07.05.2010

0.0 07.11.2010

07.05.2011

07.11.2011

07.05.2012

07.11.2012

07.05.2013

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

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

31.07.2013

Smithfield Foods Inc Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

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

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

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

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

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

File Dt Inst Type 29.07.2013 Investment Advisor 26.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 30.07.2013 22.07.2013 22.06.2013 19.06.2013 19.06.2013 17.06.2013 14.06.2013 14.06.2013 14.06.2013 03.06.2013 29.05.2013 14.12.2012 28.09.2012

31.07.2013

K+S AG K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SDF GR EQUITY YTD Change SDF GR EQUITY YTD % CHANGE

12/2012 03/yy 40.98 19.40 5'822'860.00 20.415 -50.41% 5.23% 7.97% 191.4 3'907.43 1'265.80 0.0 3.6 786.80 4'144.33

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

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

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

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

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

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

Price/ Cash Flow

03/yy 3'450.5 9.39x 1'009.3 7.47x 482.1 14.74x

LTM 03/yy 3'777.5 7.78x 1'067.7 6.82x 642.9 12.96x

FY+1

.0 M j-13

0.82 172.05 -47.08% -39.22% 0.818 36 3.278 11'379'820 3'925'514 2'717'434 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'069.1 3'994.7 925.7 893.8 1.12x 1.27x 5.15x 5.51x 1'016.0 891.3 228.3 211.5 4.08x 4.65x 512.6 439.5 108.2 89.0 7.48x 8.72x 8.38x 8.61x S&P Issuer Ratings

08.09.2011 BBB+ STABLE 30.11.2009 A-2 6.49 4.09 0.22 1.19 36.4% 26.7% 0.58 1.57 90.07 114.92 71.22 121.14

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

K+S AG Holdings By:

All

Holder Name MERITUS TRUST CO LTD PRUDENTIAL PLC BLACKROCK VIKING GLOBAL INVEST DWS INVESTMENT S A VAN ECK ASSOCIATES C ZBI EQUITIES LLC NORGES BANK BROOKSIDE CAPITAL MA DEUTSCHE BANK AG VANGUARD GROUP INC POINTSTATE CAPITAL MARSHALL WACE LLP UNION INVESTMENT GMB CAPITAL GROUP COMPAN UNIVERSAL INVEST LUX AQR CAPITAL MANAGEME DEKA INVESTMENT GMBH UNIVERSAL INVESTMENT ALLIANZ ASSET MANAGE

Firm Name Baader Bank JPMorgan Macquarie Bankhaus Lampe Exane BNP Paribas Liberum Capital Ltd Barclays Commerzbank Corporates & Markets Deutsche Bank Nord/LB Sanford C. Bernstein & Co HSBC Independent Research GmbH Nomura S&P Capital IQ Hauck & Aufhaeuser Main First Bank AG AlphaValue BMO Capital Markets UBS Day by Day Morgan Stanley M.M. Warburg Investment Research Kepler Cheuvreux DZ Bank AG Bankhaus Metzler EVA Dimensions Berenberg Bank Landesbank Baden-Wuerttemberg Hamburger Sparkasse Equinet Institutional Services(ESN) Scotia Capital National Bank AG Equita SIM SpA Societe Generale Redburn Partners Solventis WPH-Bank GmbH

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

Analyst NORBERT BARTH BEN SCARLETT CHRISTIAN FAITZ MARC GABRIEL HEIDI VESTERINEN SOPHIE JOURDIER ANDREAS HEINE LUTZ GRUETEN VIRGINIE BOUCHER-FERTE THORSTEN STRAUSS JEREMY REDENIUS JESKO MAYER-WEGELIN CHRISTOPH SCHOENDUBE PATRICK LAMBERT JACOB THRANE NILS-PETER FITZL THOMAS SWOBODA EILEEN RYAN JOEL JACKSON JOE DEWHURST VALERIE GASTALDY PETER MACKEY OLIVER SCHWARZ MARTIN ROEDIGER HEINZ MUELLER LARS HETTCHE TIMOTHY STANISH JOHN PHILIPP KLEIN ULLE WORNER MARCO GUENTHER MICHAEL SCHAEFER BEN ISAACSON EKKEHARD D LINK MASSIMO BONISOLI PETER CLARK TONY JONES KLAUS SOER

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

Recommendation buy underweight neutral buy underperform sell underweight Under Review sell buy underperform neutral buy reduce hold buy outperform buy market perform sell hold Underwt/In-Line buy reduce buy buy buy sell buy buy buy sector underperform buy buy hold neutral sell

Amt Held % Out 19'139'999 10 10'376'980 5.42 10'312'371 5.39 (4'880'700) -2.55 4'782'511 2.5 2'812'285 1.47 (2'775'300) -1.45 2'673'489 1.4 (2'660'460) -1.39 2'309'050 1.21 1'901'377 0.99 (1'741'740) -0.91 (1'301'520) -0.68 1'118'064 0.58 1'095'792 0.57 1'020'000 0.53 (937'860) -0.49 864'244 0.45 700'182 0.37 642'703 0.34

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

Change M M D M M M D M M M M D M M U M M M M D M M M M M M U M M M M M M M M U M

Latest Chg (46'315) (191'400) 193'143 (287'100) 880'440 (121'000) 129'069 (133'980) 76'560 (84'129) 57'420 (35'784) 160'177 33'498

Target Price 42 17 25 40 16 15 17 #N/A N/A 15 34 25 23 35 38 21 42 30 40 30 23 #N/A N/A 30 41 30 41 42 #N/A N/A 28 40 #N/A N/A 47 31 52 43 41 #N/A N/A 25

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

File Dt 31.12.2012 29.05.2013 29.07.2013 10.07.2013 30.04.2013 30.07.2013 29.07.2013 31.12.2012 30.07.2013 31.05.2013 30.06.2013 10.07.2013 29.07.2013 28.03.2013 30.06.2013 28.03.2013 19.06.2013 30.04.2013 28.03.2013 31.05.2013

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

Inst Type Other Unclassified Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 19.07.2013 19.07.2013 18.07.2013 11.07.2013 09.07.2013 05.07.2013 03.07.2013 03.07.2013 26.06.2013 19.06.2013 10.06.2013 06.06.2013 04.06.2013 24.05.2013 23.05.2013 23.05.2013 14.05.2013 24.04.2013 07.12.2012 12.11.2012 30.03.2011 19.03.2010

31.07.2013

Incitec Pivot Ltd Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (23.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IPL AU EQUITY YTD Change IPL AU EQUITY YTD % CHANGE

09/2012 01/yy 3.36 2.49 16'737'254.00 2.63 -21.73% 5.62% 19.54% 1'628.7 4'283.56 1'441.00 0.0 2.3 154.10 5'919.66

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

a-12

s-12

30.09.2008 2'918.2

30.09.2009 3'418.9

1'022.0

524.1

604.6

(221.4)

30.09.2010 2'931.7 2.36x 760.5 9.09x 410.5 14.19x

30.09.2011 3'545.3 1.84x 808.4 8.07x 463.2 11.51x

30.09.2012 3'500.9 1.75x 731.3 8.40x 510.7 9.49x

LTM-4Q

LTM

01/yy

01/yy -

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

731.30 575.50 16.44% 20.33% 6.95% 12.49% 9.30% 0.49% 15.4% 10.6% 14.6% 0.93 0.47 20.55% 35.76% 8.98 -

Price/ Cash Flow

n-12

d-12

j-13

f-13

m-13

a-13

m-13

.0 M j-13

j-13

FY+1 -

4.75 1.16 1'626.62 16.12 -11.81% -17.61% 1.161 16 3.750 8'810'170 9'051'188 9'907'679 FY+2

09/13 Y 09/14 Y 3'412.5 3'858.2 1.66x 1.50x 661.3 853.7 8.95x 6.93x 313.6 415.4 13.70x 10.44x S&P Issuer Ratings

FQ+1

FQ+2

12.10.2009 BBB STABLE 11.02.2010 NR 17.71 2.54 3.15 3.22 35.8% 26.3% 0.49 1.30 40.64 -

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

o-12

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

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

31.07.2013

Incitec Pivot Ltd Holdings By:

All

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

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

Firm Name

Analyst

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

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

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

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

Amt Held 137'109'430 99'378'409 98'572'385 85'454'643 83'182'746 31'789'110 28'154'466 23'876'351 21'209'411 20'210'925 10'313'839 9'569'641 9'144'480 7'738'572 7'266'295 6'544'000 5'871'268 5'672'426 4'322'970 4'180'604

% Out 8.42 6.1 6.05 5.25 5.11 1.95 1.73 1.47 1.3 1.24 0.63 0.59 0.56 0.48 0.45 0.4 0.36 0.35 0.27 0.26

Weighting

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

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

Latest Chg 16'367'200 (3'034'136) (18'515'621) 3'064'258 (4'343'704) 2'083'894 552'230 6'544'000 (195'387) 5'672'426 347'516 (425'000)

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

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

File Dt 31.05.2013 29.07.2013 29.05.2013 12.11.2012 23.04.2013 30.04.2013 30.07.2013 12.11.2012 12.11.2012 30.06.2013 28.06.2013 31.08.2011 31.12.2012 12.11.2012 31.12.2012 31.03.2013 28.03.2013 31.03.2013 31.05.2013 30.04.2013

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

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

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

31.07.2013

Nippon Meat Packers Inc NIPPON MEAT PACKERS, INC., produces and sells ham, sausage, and processed meat products. The Company also breeds and raises cattle through its subsidiary. NIPPON MEAT PACKERS owns a professional baseball team, the Nippon Ham Fighters.

Price/Volume 1800

8.0 M

1600

7.0 M

1400

6.0 M

1200

5.0 M

1000

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 2282 JP EQUITY YTD Change 2282 JP EQUITY YTD % CHANGE

03/2013 06/yy 1'678.00 968.00 1'169'000.00 1510 -10.01% 55.99% 79.72% 228.4 344'952.47 159'211.00 0.0 2'670.0 78'428.00 428'405.48

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

31.03.2010 31.03.2011 953'616.0 990'338.0 0.35x 0.29x 49'953.0 58'848.0 6.76x 4.96x 15'721.0 16'731.0 16.98x 13.33x Profitability

400

2.0 M

200

1.0 M

0 j-12

LTM-4Q 31.03.2012 1'022'706.0 0.30x 55'669.0 5.43x 11'655.0 19.18x

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

LTM

FY+1

.0 M j-13

0.69 189.91 49.01% 28.31% 0.692 10 3.200 1'150'200 1'152'900 1'311'159 FY+2

FQ+1

FQ+2

31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 1'022'839.0 ######### ######### ######### ######### 260'500.0 299'000.0 0.38x 1.17x 0.97x 0.39x 0.38x 47'802.0 53'150.0 37'816.0 53'695.4 58'120.4 8.20x 5.57x 0.00x 7.98x 7.37x 16'459.0 10'005.0 17'732.0 16'775.0 18'802.7 3'400.0 7'500.0 19.53x 22.38x 17.48x 18.41x 16.59x S&P Issuer Ratings 47'802.00 Long-Term Rating Date 09.01.2007 28'021.00 Long-Term Rating NR 2.74% Long-Term Outlook 2.74% Short-Term Rating Date 2.74% Short-Term Rating 5.64% Credit Ratios 3.92% EBITDA/Interest Exp. 30.22 1.71% (EBITDA-Capex)/Interest Exp. 11.31 Net Debt/EBITDA 1.69 19.1% Total Debt/EBITDA 3.33 4.7% Reference 2.6% Total Debt/Equity 54.3% 1.6% Total Debt/Capital 35.0% Asset Turnover 1.71 1.46 Net Fixed Asset Turnover 4.67 0.88 Accounts receivable turnover-days 43.36 26.09% Inventory Days 49.80 54.26% Accounts Payable Turnover Day 43.87 8.42 Cash Conversion Cycle 49.29 7.33

Price/ Cash Flow

Sales/Revenue/Turnover

12.00

1'060'000.0 1'040'000.0 1'020'000.0 1'000'000.0 980'000.0 960'000.0 940'000.0 920'000.0 900'000.0 880'000.0 860'000.0 840'000.0

10.00 8.00 6.00 4.00 2.00 0.00 02.04.2010

3.0 M

600

Fiscal Year Ended 31.03.2009 1'028'449.0 0.36x 46'063.0 7.93x 1'657.0 211.78x

4.0 M

800

Valuation Analysis

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

31.07.2013

Nippon Meat Packers Inc Holdings By:

All

Holder Name NIPPON MEAT PACKERS MITSUBISHI UFJ FINAN MASTER TRUST BANK OF JAPAN TRUSTEE SERVIC HYAKUJUSHI BANK LTD/ MEIJI YASUDA LIFE IN NIPPON LIFE INSURANC SUMITOMO MITSUI TRUS NORINCHUKIN BANK LTD NOMURA NIPPONKOA INSURANCE SUMITOMO MITSUI FINA NIKKO ASSET MANAGEME VAN ECK ASSOCIATES C STATE STREET CUSTODI TOMONY HOLDINGS INC DAIWA SECURITIES GRO ASAHI KASEI CORP BLACKROCK VANGUARD GROUP INC

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

Analyst

Morgan Stanley TAIZO DEMURA Barclays TAKAYUKI HAYANO EVA Dimensions CRAIG STERLING Tokai Tokyo Securities TOMONOBU TSUNOYAMA SMBC Nikko Securities Inc YOSHIYASU OKIHIRA Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI Goldman Sachs KEIKO YAMAGUCHI UBS NAOMI A TAKAGI Mizuho Securities HIROSHI SAJI Nomura SATOSHI FUJIWARA

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

Recommendation Underwt/In-Line equalweight hold neutral outperform neutral buy neutral/neutral neutral neutral suspended coverage

Amt Held 29'466'000 21'187'595 17'115'000 12'072'000 8'287'000 7'354'000 7'298'000 6'581'000 5'926'000 5'216'419 4'990'000 4'650'000 3'982'000 3'951'000 3'794'000 3'074'700 2'435'000 2'117'728 1'962'712 1'914'647

% Out 12.9 9.27 7.49 5.28 3.63 3.22 3.19 2.88 2.59 2.28 2.18 2.04 1.74 1.73 1.66 1.35 1.07 0.93 0.86 0.84

Weighting

Change

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

M M M M M M M M M M M

Latest Chg (10'218) (11'898'489) (1'378'000) (8'320'000) (750'000) (1'894'000) 60'000 (152'000) (195'000) 4'000 126'000

Target Price 1'400 1'440 #N/A N/A 1'470 2'060 1'700 1'870 1'500 1'590 1'450 #N/A N/A

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

File Dt 31.03.2013 18.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 15.11.2012 31.03.2013 16.07.2013 31.03.2013 31.03.2013 15.11.2012 30.07.2013 31.03.2013 31.03.2012 30.04.2013 31.03.2013 29.07.2013 30.06.2013

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

Inst Type Corporation Holding Company Bank Bank Bank Insurance Company Insurance Company Bank Investment Advisor Unclassified Insurance Company Bank Unclassified Investment Advisor Other Corporation Holding Company Corporation Investment Advisor Investment Advisor

Date 25.07.2013 28.06.2013 06.06.2013 03.06.2013 03.06.2013 15.05.2013 14.05.2013 13.05.2013 13.05.2013 13.05.2013 02.07.2012

31.07.2013

Israel Chemicals Ltd Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and markets chemical and fertilizer products in Israel. The Company markets its products in Israel, Europe, and the Americas. Products include bromine specialty chemicals, potash, phosphate fertilizers, and specialty performance and industrial products.

Price/Volume 6000 5000 4000 3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICL IT EQUITY YTD Change ICL IT EQUITY YTD % CHANGE

12/2012 03/yy 5'175.00 2'812.00 3'836'531.00 2872 -44.54% 2.13% 3.27% 1'272.6 36'550.28 2'044.27 0.0 24.5 356.64 11'664.40

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

1000 0 j-12

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

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13 m-13

j-13

Market Data

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

31.12.2012 6'672.2 2.54x 1'900.8 8.90x 1'300.5 11.67x 1'900.81 1'613.75 24.19% 22.87% 17.80% 39.71% 0.91% 41.3% 28.5% 24.1% 19.5% 1.73 0.75 26.39% 60.56% 5.32 2.82

Price/ Cash Flow

03/yy 7'038.9 9.73x 2'205.4 7.06x 1'521.3 10.97x

LTM 03/yy 6'760.6 9.88x 1'925.6 9.27x 1'316.9 12.52x

FY+1

9.06 1.05 428.47 -35.21% -34.09% 1.053 17 3.588 5'346'834 2'591'427 2'072'405 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'732.0 6'910.9 1'753.5 1'656.0 1.77x 1.74x 6.62x 7.03x 1'845.9 1'858.0 471.0 469.0 6.32x 6.28x 1'218.5 1'216.3 315.5 304.0 8.41x 8.66x S&P Issuer Ratings

32.95 21.37 0.72 0.91 60.6% 37.5% 0.91 2.29 68.59 129.39 58.94 141.18

Sales/Revenue/Turnover

20.00

8'000.0

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 31.12.2009

a-12

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

2000

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

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

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

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

31.07.2013

Israel Chemicals Ltd Holdings By:

All

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

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

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

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

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

Recommendation hold overweight Under Review underweight hold Buy/Cautious market perform not rated hold outperform overweight buy neutral market perform neutral market perform market perform

Amt Held 665'485'881 176'088'630 20'479'539 11'788'733 9'905'230 7'569'728 6'400'000 5'850'741 4'631'249 4'266'236 4'163'369 3'927'978 3'867'652 3'775'212 3'458'855 2'897'013 2'389'717 2'216'131 2'212'749 2'121'199

% Out 52.29 13.84 1.61 0.93 0.78 0.59 0.5 0.46 0.36 0.34 0.33 0.31 0.3 0.3 0.27 0.23 0.19 0.17 0.17 0.17

Weighting

Change

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

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

Latest Chg (11'101'591) 2'949'970 1'984'000 (2'821) (354'605) 4'163'369 19'720 268'912 378'887 23'840 (20'586) (1'983) 226'900

Target Price 3'200 3'600 4'600 1'830 4'400 5'300 3'700 #N/A N/A 3'800 4'700 #N/A N/A 5'140 4'600 4'500 4'300 4'600 5'000

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

File Dt Inst Type 29.07.2013 Holding Company 29.07.2013 Government 30.06.2013 Investment Advisor 31.05.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.07.2013 Investment Advisor 31.12.2012 Government 29.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Holding Company 31.05.2013 Investment Advisor 29.07.2013 Corporation 30.07.2013 Investment Advisor 28.02.2013 Unclassified

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

Date 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 24.07.2013 22.07.2013 12.07.2013 01.07.2013 27.06.2013 06.06.2013 14.05.2013 13.05.2013 12.05.2013 29.04.2013 02.04.2013 01.01.2013

31.07.2013

Charoen Pokphand Indonesia Tbk PT PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds, woven plastic bags, and poultry equipment as well as processes chicken. Through its subsidiaries, the Company also operates poultry farms and distributes its products.

Price/Volume 6000 5000 4000 3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPIN IJ EQUITY YTD Change CPIN IJ EQUITY YTD % CHANGE

12/2012 06/yy 5'550.00 2'600.00 14'974'500.00 4300 -22.52% 65.38% 59.32% 16'398.0 70'511'400.00 1'936'794.00 0.0 19'849.0 954'694.00 71'301'280.00

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

1000 0 j-12

a-12

s-12

o-12 n-12

d-12

j-13

f-13

m-13 a-13 m-13 j-13

Market Data

Fiscal Year Ended 31.12.2008 13'212'988.0 0.28x 1'079'802.0 3.48x 253'977.0 5.65x

2000

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 j-13

31.12.2009 31.12.2010 14'569'267.0 15'077'822.0 0.54x 1.95x 2'191'280.0 2'904'288.0 3.60x 10.10x 1'612'710.0 2'210'266.0 4.58x 13.63x Profitability

LTM-4Q 31.12.2011 17'957'972.0 1.97x 3'156'347.0 11.23x 2'355'475.0 14.93x

LTM

FY+1

1.28 7'291.62 35.62% 18.90% 1.282 14 3.357 7'865'900 10'843'120 10'321'140 FY+2

FQ+1

FQ+2

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 21'310'925.0 ######### ######### ######### ######### 2.86x 9.05x 8.44x 2.77x 2.37x 3'582'749.0 ######### ######### ######### ######### 16.99x 14.68x 0.00x 15.37x 13.08x 2'684'064.0 ######### ######### ######### ######### 291'500.0 ######### 22.26x 20.15x 33.39x 20.33x 17.00x S&P Issuer Ratings 3'582'749.00 Long-Term Rating Date 3'329'607.00 Long-Term Rating 15.62% Long-Term Outlook 15.84% Short-Term Rating Date 23.37% Short-Term Rating 33.10% Credit Ratios 28.90% EBITDA/Interest Exp. 1.97% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 21.1% Total Debt/EBITDA 15.7% Reference 14.5% Total Debt/Equity 12.6% Total Debt/Capital Asset Turnover 3.31 Net Fixed Asset Turnover 1.27 Accounts receivable turnover-days 15.68% Inventory Days 23.75% Accounts Payable Turnover Day 13.32 Cash Conversion Cycle 7.08

Price/ Cash Flow

29.96 14.69 0.22 0.57 23.7% 19.2% 1.97 5.17 27.41 51.53 11.90 72.25

Sales/Revenue/Turnover

80.00

25'000'000.0

70.00

20'000'000.0

60.00 50.00

15'000'000.0

40.00

10'000'000.0

30.00 20.00

5'000'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Charoen Pokphand Indonesia Tbk PT Holdings By:

All

Holder Name CENTRAL AGROMINA PT VANGUARD GROUP INC VAN ECK ASSOCIATES C BLACKROCK DIMENSIONAL FUND ADV FIL LIMITED DANAREKSA INVESTMENT DAIWA SECURITIES GRO FLEXSHARES TRUST CAISSE DE DEPOT ET P EASTSPRING INVESTMEN INVESCO LTD CREDIT SUISSE ASSET AVIVA PLC TIAA CREF INVESTMENT EATON VANCE MANAGEME FRANK RUSSELL TRUST PICTET FUNDS AMUNDI LUXEMBOURG SA ING INVESTMENT MANAG

Firm Name Bahana Securities UBS Morgan Stanley PT Batavia Prosperindo Sekuritas Macquarie RHB Research Institute Sdn Bhd EVA Dimensions Maybank Kim Eng AmCapital Indonesia Sucorinvest Central Gani Standard Chartered Trimegah Securities Tbk PT Credit Suisse Deutsche Bank

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

Analyst ADITYA EKA PRAKASA RONALD LIEM DIVYA GANGAHAR KOTHIYAL ROBERTUS YANUAR HARDY LYALL TAYLOR YUNIV TRENSENO CRAIG STERLING ADI N WICAKSONO VIVIET S PUTRI ARIEF BUDIMAN NIRGUNAN TIRUCHELVAM IVAN CHAMDANI AGUS SANDIANTO ADI PUTRA

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

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

Amt Held 9'106'385'410 207'776'685 142'379'504 140'090'615 104'051'990 43'749'451 27'627'000 21'326'500 20'432'500 19'803'500 18'869'000 18'521'008 11'345'500 10'333'000 9'561'000 8'776'000 8'633'984 8'017'000 7'976'500 7'534'687

% Out 55.53 1.27 0.87 0.85 0.63 0.27 0.17 0.13 0.12 0.12 0.12 0.11 0.07 0.06 0.06 0.05 0.05 0.05 0.05 0.05

Weighting

Change

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

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

Latest Chg 16'419'000 (280'500) 146'000 (34'810'887) 266'000 (2'746'500) (272'000) (18'500) 2'844'000 (200'000) (7'349)

Target Price #N/A N/A 5'060 5'400 5'500 3'000 4'850 #N/A N/A 4'400 5'400 4'500 3'317 4'600 5'400 #N/A N/A

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

File Dt 30.09.2012 30.06.2013 30.07.2013 29.07.2013 30.04.2013 31.10.2012 31.12.2010 10.12.2012 31.05.2013 31.12.2012 28.12.2012 30.07.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2012 30.04.2013 28.03.2013 31.05.2013

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

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Holding Company 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 31.07.2013 19.07.2013 09.07.2013 03.07.2013 01.07.2013 23.06.2013 06.06.2013 03.06.2013 25.04.2013 18.04.2013 09.04.2013 28.03.2013 25.02.2013 21.11.2012

31.07.2013

Nutreco NV Nutreco NV is active in animal nutrition and fish feed. The Company produces premixes and feed specialties for pigs, poultry, ruminants and fish globally. They also operate in meat processing in Iberia.

Price/Volume 40

1.2 M

1.0 M

30 .8 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (26.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.07.2013 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

12/2012 06/yy 37.25 27.83 22'375.00 35.24 -5.15% 26.65% 78.25% 70.2 2'475.16 524.80 0.0 9.1 263.00 2'746.06

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

.4 M

10 .2 M

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 4'943.1 0.24x 203.7 5.88x 114.8 7.79x

.6 M

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

06/yy 5'440.3 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 5'273.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M j-13

2.91 0.67 67.70 24.29% 13.16% 0.672 12 3.583 234'744 221'896 273'652 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'445.8 5'721.6 1'547.0 0.51x 0.47x 330.5 361.6 8.32x 7.60x 176.7 198.0 13.71x 12.32x 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 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Nutreco NV Holdings By:

All

Holder Name ING GROEP NV NORGES BANK DJE INVESTMENT SA DELTA LLOYD FUND MAN VAN ECK ASSOCIATES C BNP PARIBAS INV PART BEUTEL GOODMAN & COM TD ASSET MANAGEMENT ETHENEA INDEPENDENT FRANKFURT TRUST INVE JP MORGAN ING INVESTMENT MANAG ODIN FORVALTNING AS ALLIANZ ASSET MANAGE THREADNEEDLE INVESTM VANGUARD GROUP INC BARING FUND MANAGERS ACHMEA BELEGGINSFOND BLACKROCK ZADIG GESTION (LUXEM

Firm Name Goldman Sachs Equita SIM SpA KBC Securities SNS Securities(ESN) Petercam Rabobank International ING Bank AlphaValue ABN Amro Bank N.V. EVA Dimensions Kempen & Co Theodoor Gilissen Securities

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

Analyst FULVIO CAZZOL GIANMARCO BONACINA PASCALE WEBER RICHARD WITHAGEN FERNAND DE BOER PATRICK ROQUAS MARCO GULPERS SOPHIE CABO-BROSETA MAARTEN BAKKER CRAIG STERLING ERWIN DUT TOM MULLER

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

Recommendation neutral/neutral buy hold hold hold hold buy add buy hold hold hold

Amt Held 7'002'665 2'098'790 1'386'636 1'175'242 1'100'343 940'538 738'888 658'310 614'602 598'100 567'514 500'447 458'752 419'091 403'766 403'236 387'100 383'674 358'864 337'410

% Out 9.97 2.99 1.97 1.67 1.57 1.34 1.05 0.94 0.88 0.85 0.81 0.71 0.65 0.6 0.57 0.57 0.55 0.55 0.51 0.48

Weighting

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

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

Latest Chg (96'347) 51'200 (104'729) 43'844 68'210 1'700 12'946 (40'329) (183'113) 79'000 32'428 16'158 (55'362) 183'082

Target Price 39 43 36 35 17 32 38 41 42 #N/A N/A 35 30

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

File Dt 31.12.2012 15.07.2013 30.04.2013 30.04.2013 30.07.2013 31.03.2013 30.04.2013 31.12.2012 31.05.2013 30.04.2013 30.06.2013 31.05.2013 28.06.2013 30.06.2013 28.02.2013 31.03.2013 31.03.2013 30.06.2013 29.07.2013 28.03.2013

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

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

Date 29.07.2013 29.07.2013 26.07.2013 26.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 25.07.2013 10.06.2013 04.06.2013 15.01.2013

31.07.2013

Toro Co/The The Toro Company designs, manufactures, and markets a range of turf equipment. The Company's products include professional turf maintenance equipment, turf and agricultural irrigation systems, landscaping equipment, and residential yard products. Toro's products are sold worldwide under trademarks such as Toro, Wheel Horse, Lawn-Boy, Irritrol, and Dingo. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.07.2013) 52-Week Low (23.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTC US EQUITY YTD Change TTC US EQUITY YTD % CHANGE

Price/Volume

10/2012 05/yy 49.88 35.64 404'984.00 48.91 -1.94% 37.23% 93.19% 57.5 2'812.73 225.34 0.0 0.0 125.86 2'956.16

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

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

31.10.2009 31.10.2010 1'523.4 1'690.4 0.84x 1.08x 159.7 196.3 8.02x 9.33x 62.8 93.2 20.58x 20.42x Profitability

LTM-4Q 31.10.2011 1'884.0 0.93x 233.0 7.49x 117.7 13.61x

31.10.2012 1'958.7 1.31x 259.2 9.87x 129.5 20.09x 259.25 205.61 10.50% 10.02% 14.05% 44.06% 28.59% 1.86% 34.4% 14.2% 11.5% 6.6% 1.62 0.71 24.10% 72.13% 6.86 4.58

Price/ Cash Flow

05/yy 1'984.5 4.94x 255.7 8.68x 128.9 17.30x

s-12

o-12

n-12

d-12

LTM 05/yy 1'992.5 5.21x 283.6 9.69x 150.6 17.40x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

1.02 1.01 56.23 0.74 31.67% 14.50% 1.013 6 3.333 298'591 253'138 272'315 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 2'008.3 2'144.3 505.0 359.5 1.45x 1.37x 5.77x 8.11x 264.0 299.0 60.2 13.0 11.20x 9.89x 10.33x 10.11x 140.5 164.0 31.6 (0.8) 20.00x 17.13x 18.70x 17.79x S&P Issuer Ratings

30.04.2012 BBB STABLE 15.11 12.59 0.51 0.79 72.1% 41.9% 1.86 11.02 53.03 79.53 54.24 60.45

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 06.11.2009

.0 M a-12

Fiscal Year Ended 31.10.2008 1'878.2 0.71x 246.6 5.38x 119.7 10.58x

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

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

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

31.07.2013

Toro Co/The Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK MAIRS & POWER INCORP NEUBERGER BERMAN LLC COLUMBIA WANGER ASSE T ROWE PRICE ASSOCIA KAYNE ANDERSON RUDNI JP MORGAN STATE STREET BMO FINANCIAL CORP VAN ECK ASSOCIATES C CS MCKEE LP INVESCO LTD FISHER INVESTMENTS I ROYCE AND ASSOCIATES PRINCIPAL FINANCIAL ING INVESTMENT MANAG HOFFMAN MICHAEL J PANAGORA ASSET MANAG BANK OF NEW YORK MEL

Firm Name Longbow Research Sidoti & Company LLC Raymond James EVA Dimensions CL King & Associates S&P Capital IQ

Portfolio Name VANGUARD GROUP INC n/a MAIRS & POWER INC NEUBERGER BERMAN GRO COLUMBIA WANGER ASSE T ROWE PRICE ASSOCIA KAYNE ANDERSON RUDNI n/a n/a BMO FINANCIAL CORP n/a C S MCKEE LP n/a FISHER INVESTMENTS ROYCE & ASSOCIATES L n/a ING INVESTMENT MANAG n/a PANAGORA ASSET MANAG BANK OF NEW YORK MEL

Analyst DAVID S MACGREGOR ROBERT A KOSOWSKY SAMUEL J DARKATSH CRAIG STERLING JAMES BARRETT RICHARD TORTORIELLO

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

Recommendation neutral neutral market perform buy neutral hold

Amt Held 3'646'716 3'488'197 3'238'818 2'201'868 2'077'536 1'884'240 1'582'756 1'377'672 1'132'052 1'111'040 1'085'497 1'045'742 965'214 914'917 656'550 641'454 628'846 624'644 601'907 600'755

% Out 6.34 6.07 5.63 3.83 3.61 3.28 2.75 2.4 1.97 1.93 1.89 1.82 1.68 1.59 1.14 1.12 1.09 1.09 1.05 1.04

Weighting

Change 3 3 3 5 3 3

M M M U M D

Latest Chg (325'103) (318'683) 9'875 (25'814) (28'000) 39'900 (111'455) (175'520) 45'630 65'836 1'085'497 20'060 87'828 (710) 327'852 (4'311) 30'774 (20'838)

Target Price #N/A N/A 51 #N/A N/A #N/A N/A #N/A N/A 44

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

File Dt Inst Type 31.03.2013 Investment Advisor 29.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 26.12.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 29.07.2013 26.07.2013 22.07.2013 04.06.2013 23.05.2013 05.12.2012

31.07.2013

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

Price/Volume 40

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.11.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPF-R TB EQUITY YTD Change CPF-R TB EQUITY YTD % CHANGE

12/2011 03/yy 37.00 21.60 8'184'200.00 28 -24.32% 29.63% 43.18% 7'742.9 216'802.38 146'202.65 0.0 16'259.0 12'258.40 378'525.86

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

30.0 M

15 10

20.0 M

10.0 M

0 j-12

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

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

31.12.2012 357'175.2 1.15x 15'453.8 26.63x 18'789.9 13.03x 15'453.78 8'077.37 2.26% 6.63% 2.56% 7.55% 5.93% 1.23% 11.6% 3.3% 1.2% 5.3% 1.15 0.37 47.08% 139.88% 17.86 7.13

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

LTM

FY+1

.0 M j-13

0.91 -12.84% -15.68% 0.910 0 7'316'864 8'413'890 6'836'469 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 233'834.9 371'119.4 394'719.8 437'093.7 95'434.9 97'711.0 4.85x 4.33x 0.93x 0.85x 20'337.2 12'224.2 23'879.2 31'596.9 3'152.5 4'253.0 19.21x 32.71x 15.85x 11.98x 24'553.2 7'703.4 7'925.6 14'753.4 261.0 2'456.5 10.26x 31.13x 24.26x 13.24x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

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

Sales/Revenue/Turnover

100.00

400'000.0

90.00

350'000.0

80.00

300'000.0

70.00

250'000.0

60.00 50.00

200'000.0

40.00

150'000.0

30.00

100'000.0

20.00

50'000.0

10.00 0.00 01.01.2010

a-12

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

40.0 M

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Charoen Pokphand Foods PCL Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C DWS INVESTMENT S A BANK OF NEW YORK MEL FLEXSHARES TRUST CARMIGNAC GESTION LU ROBECO INVESTOR SERV LION GLOBAL INVESTOR NORTHERN TRUST CORPO RAIFFEISEN KAPITALAN BSI SA NOMURA CHARLES SCHWAB INVES SCHRODER KOREA LTD CLARIDEN SICAV OPPENHEIM PRAMERICA WILLERFUNDS MANAGEME FORWARD MANAGEMENT L LOMBARD ODIER DARIER CIBC GLOBAL ASSET MA

Firm Name

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

Analyst

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

Recommendation

Amt Held 76'543'800 73'708'536 19'015'703 18'564'510 9'328'800 4'000'000 2'845'600 2'180'300 1'540'357 1'420'000 1'300'000 1'114'102 1'054'000 734'300 700'000 649'000 618'000 593'400 395'500 376'700

% Out 0.99 0.95 0.25 0.24 0.12 0.05 0.04 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change

Latest Chg 990'100 2'494'500 38'200 749'400 (183'300) (1'000'000) 1'300'000 169'900 200'000 (191'500) 376'700

Target Price

#N/A N/A

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

File Dt 29.07.2013 30.07.2013 30.04.2013 30.07.2013 31.05.2013 28.06.2013 30.04.2013 31.12.2012 30.06.2013 30.04.2013 28.03.2013 31.12.2012 30.07.2013 31.03.2013 31.05.2013 31.01.2013 30.04.2013 31.03.2013 31.03.2013 31.07.2012

Date

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 Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

31.07.2013

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

Price/Volume 1

300.0 M

250.0 M

1 200.0 M

1 0

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2012) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GGR SP EQUITY YTD Change GGR SP EQUITY YTD % CHANGE

12/2012 03/yy 0.75 0.52 244'851'000.00 0.525 -29.53% 1.94% 11.11% 12'837.6 6'739.71 1'854.54 0.0 91.6 669.26 6'607.06

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

100.0 M

0 50.0 M

0 0 j-12

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

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

31.12.2012 6'051.7 1.34x 758.7 10.69x 409.6 16.12x 758.72 642.91 10.62% 10.11% 2.84% 4.29% 4.20% 0.47% 26.6% 11.5% 9.5% 6.8% 1.86 0.82 13.96% 21.75% 15.61 6.45

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

.0 M j-13

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

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

FY+1

1.08 6'424.15 -27.58% -18.36% 1.080 20 3.300 39'937'800 41'841'670 53'728'830 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'582.7 6'327.2 1.16x 1.04x 765.9 876.2 8.63x 7.54x 422.3 491.1 12.14x 10.58x S&P Issuer Ratings

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

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

a-12

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

150.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Golden Agri-Resources Ltd Holdings By:

All

Holder Name FLAMBO INTERNATIONAL BLACKROCK ALLIANZ ASSET MANAGE ROYAL BANK OF CANADA VAN ECK ASSOCIATES C ROBECO INVESTOR SERV VANGUARD GROUP INC GRANTHAM MAYO VAN OT ROBECO FUND MANAGEME NORTHERN TRUST CORPO CI INVESTMENTS INC JP MORGAN BOSTON COMMON ASSET PRUDENTIAL FINANCIAL LANDESBANK BERLIN IN EASTSPRING INVESTMEN F&C ASSET MANAGEMENT AMUNDI JAPAN IVY MANAGEMENT INCOR JOHN HANCOCK INVESTM

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

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

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

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

Recommendation underperform outperform hold buy neutral/neutral Overwt/In-Line hold neutral neutral underweight neutral sell neutral neutral overweight neutral buy buy not rated add

Amt Held 6'412'197'897 168'198'121 163'474'082 132'800'000 132'747'063 112'862'000 76'008'498 34'705'000 31'678'183 30'101'379 29'310'934 29'171'480 26'581'350 19'170'600 17'356'000 17'161'000 14'842'000 14'424'000 12'828'000 12'748'385

% Out 49.95 1.31 1.27 1.03 1.03 0.88 0.59 0.27 0.25 0.23 0.23 0.23 0.21 0.15 0.14 0.13 0.12 0.11 0.1 0.1

Weighting

Change

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

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

Latest Chg (1'085'000) 3'074'000 (255'000) (3'000'000) 3'526'800 (914'000) 4'151'422 13'308'844 173'000 4'888'350 1'000 323'000 (1'351'000) 13'150'000 2'637'000 34'000

Target Price 0 1 1 1 1 1 1 1 1 #N/A N/A 1 1 1 1 1 1 1 1 #N/A N/A 1

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

File Dt 22.04.2013 29.07.2013 30.06.2013 30.04.2013 30.07.2013 30.04.2013 30.06.2013 31.05.2012 30.04.2013 30.06.2013 31.12.2012 30.06.2013 31.03.2013 30.06.2013 28.06.2013 28.03.2013 28.02.2013 18.09.2012 31.03.2013 30.06.2013

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

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

Date 29.07.2013 29.07.2013 29.07.2013 24.07.2013 22.07.2013 18.07.2013 01.07.2013 25.06.2013 20.06.2013 06.06.2013 01.06.2013 23.05.2013 14.05.2013 14.05.2013 13.05.2013 13.05.2013 10.04.2013 14.03.2012 02.02.2012 14.11.2011

31.07.2013

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

Price/Volume

5.0 M 4.0 M

15 10

09/2012 03/yy 24.02 19.88 1'078'900.00 21.2 -11.74% 6.64% 31.88% 1'065.0 22'577.27 2'478.78 0.0 397.8 2'358.91 23'672.21

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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

6.0 M

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.08.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLK MK EQUITY YTD Change KLK MK EQUITY YTD % CHANGE

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

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

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

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

Price/ Cash Flow

LTM-4Q

LTM

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

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

FY+1

.0 M j-13

0.77 394.77 -7.97% -8.89% 0.766 31 2.548 252'080 510'767 626'431 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 9'948.7 11'099.5 2.35x 2.11x 1'713.8 1'987.4 13.81x 11.91x 997.4 1'204.3 22.29x 18.71x S&P Issuer Ratings

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

Sales/Revenue/Turnover

70.00

12'000.0

60.00

10'000.0

50.00

8'000.0

40.00

6'000.0 30.00

4'000.0 20.00

2'000.0

10.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

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

31.07.2013

Kuala Lumpur Kepong Bhd Holdings By:

All

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

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

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

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

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

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

Amt Held 495'901'527 167'099'538 14'710'848 13'020'711 7'227'248 4'825'100 3'524'850 2'753'200 2'539'000 2'196'090 2'153'997 1'677'750 1'624'650 1'447'641 1'299'472 1'116'122 976'900 907'000 797'100 710'000

% Out 46.57 15.69 1.38 1.22 0.68 0.45 0.33 0.26 0.24 0.21 0.2 0.16 0.15 0.14 0.12 0.1 0.09 0.09 0.07 0.07

Weighting

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

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

Latest Chg 1'568'900 (185'900) (167'900) 143'390 110'140 67'400 450'900 (25'600) (6'000) 7'300 -

Target Price 20 23 14 19 21 18 19 20 16 23 22 21 24 23 22 23 24 22 19 #N/A N/A 19 19 19 26 17 22 18 20

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

File Dt 30.11.2012 24.07.2013 30.06.2013 29.07.2013 30.07.2013 30.06.2011 30.11.2012 31.03.2013 30.11.2012 28.09.2012 31.10.2012 31.12.2010 30.04.2011 31.12.2012 31.05.2013 30.04.2013 31.05.2013 30.04.2013 28.03.2013 31.03.2013

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

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

Date 31.07.2013 30.07.2013 29.07.2013 29.07.2013 24.07.2013 22.07.2013 19.07.2013 19.07.2013 18.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 11.07.2013 10.07.2013 01.07.2013 25.06.2013 20.06.2013 11.06.2013 06.06.2013 31.05.2013 23.05.2013 23.05.2013 22.05.2013 11.04.2013 10.04.2013 26.03.2013 22.11.2012

31.07.2013

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

Price/Volume 7

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MHG NO EQUITY YTD Change MHG NO EQUITY YTD % CHANGE

12/2012 03/yy 6.44 3.84 3'408'515.00 5.995 -7.22% 55.96% 81.90% 3'748.3 22'471.31 5'716.30 0.0 69.0 335.30 28'862.11

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

30.0 M

20.0 M

10.0 M

0 j-12

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

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

31.12.2012 15'463.5 1.59x 1'215.2 20.28x 408.6 44.94x 1'215.20 537.50 3.48% 5.10% 3.21% 6.42% 5.56% 0.66% 37.5% 9.5% 5.1% 2.6% 2.92 0.64 24.52% 49.20% 12.17

Price/ Cash Flow

s-12

o-12

n-12

LTM

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

d-12

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

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M j-13

0.98 2'384.73 51.15% 18.98% 0.982 17 4.412 16'636'740 15'947'180 17'004'060 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'822.3 20'533.8 4'308.1 4'374.2 1.63x 1.39x 6.59x 6.58x 3'645.2 4'634.3 1'079.5 1'022.9 7.92x 6.23x 6.73x 6.32x 2'215.9 2'714.1 631.2 585.1 10.92x 8.28x 8.88x 8.41x S&P Issuer Ratings

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

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 01.01.2010

a-12

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

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Marine Harvest ASA Holdings By:

All

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

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

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a NEPTUNE EUROPEAN OPP n/a n/a Multiple Portfolios Multiple Portfolios

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

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

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

Amt Held 989'493'302 329'763'771 263'460'951 139'596'408 130'000'000 97'232'686 91'855'927 81'642'648 66'455'854 62'469'742 58'753'242 46'964'932 42'204'080 40'656'735 38'707'509 31'694'397 31'002'632 30'012'000 28'918'196 23'671'074

% Out 26.4 8.8 7.03 3.72 3.47 2.59 2.45 2.18 1.77 1.67 1.57 1.25 1.13 1.08 1.03 0.85 0.83 0.8 0.77 0.63

Weighting

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

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

Latest Chg 5'461'031 5'914'757 2'554'413 10'301'800 31'694'397 (1'150'000) 705'780

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

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

File Dt Inst Type 22.07.2013 Corporation 22.07.2013 Government 30.07.2013 Investment Advisor 22.07.2013 Investment Advisor 22.07.2013 n/a 31.03.2013 Investment Advisor 22.07.2013 Bank 30.04.2013 Investment Advisor 22.07.2013 Investment Advisor 22.07.2013 Investment Advisor 22.07.2013 Bank 30.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Investment Advisor 22.07.2013 Pension Fund (ERISA) 31.12.2012 Investment Advisor 22.07.2013 Unclassified 22.07.2013 Corporation 30.06.2013 Investment Advisor 27.03.2013 Investment Advisor

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

Date 28.07.2013 23.07.2013 22.07.2013 16.07.2013 16.07.2013 15.07.2013 12.07.2013 12.07.2013 11.07.2013 08.07.2013 01.07.2013 28.06.2013 06.06.2013 24.05.2013 03.05.2013 02.05.2013 10.01.2013

31.07.2013

PPB Group Bhd PPB Group Berhad is an investment holding company. The Company operations include grains trading, flour and animal feed milling industry as well as downstream activities including livestock farming, food processing and consumer products distribution with primary focus in Indonesia, Malaysia, China, India and Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.07.2013) 52-Week Low (19.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PEP MK EQUITY YTD Change PEP MK EQUITY YTD % CHANGE

12/2012 03/yy 15.32 11.16 561'000.00 14.9 -2.74% 33.51% 94.71% 1'185.5 17'663.95 373.83 0.0 494.0 1'050.08 17'451.13

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

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'488.6 4.62x 344.8 33.31x 1'286.5 9.58x

31.12.2009 31.12.2010 2'005.4 2'231.5 9.29x 8.90x 237.1 304.0 78.54x 65.32x 1'616.0 1'884.9 13.55x 19.56x Profitability

LTM-4Q 31.12.2011 2'687.4 7.43x 245.5 81.34x 980.4 20.75x

31.12.2012 3'006.0 4.51x 304.1 44.62x 842.2 16.34x 304.10 201.30 6.70% 30.50% 5.84% 6.30% 6.21% 0.20% 14.7% 8.8% 5.4% 28.0% 3.34 2.23 2.40% 2.62% 5.55 -

Price/ Cash Flow

LTM

03/yy 2'827.7 27.88x 130.8 0.00x 893.6 22.42x

03/yy 3'084.8 19.87x 272.1 54.29x 900.0 16.65x

FY+1

.0 M j-13

0.94 502.66 -0.51% 29.65% 0.939 5 3.000 297'080 497'767 544'183 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'164.7 3'307.0 5.53x 5.24x 392.7 434.0 44.44x 40.21x 894.3 968.0 19.35x 17.63x S&P Issuer Ratings

35.55 14.36 -2.67 1.12 2.6% 2.5% 0.20 2.38 65.80 97.81

Sales/Revenue/Turnover

100.00

12'000.0

90.00

10'000.0

80.00 70.00

8'000.0

60.00

6'000.0

50.00 40.00

4'000.0

30.00 20.00

2'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

PPB Group Bhd Holdings By:

All

Holder Name KUOK BROTHERS SDN BH EMPLOYEES PROVIDENT VANGUARD GROUP INC BLACKROCK DIMENSIONAL FUND ADV VAN ECK ASSOCIATES C FLEXSHARES TRUST SIEW NAM OH SCOTTISH WIDOWS EATON VANCE MANAGEME JOHN HANCOCK ADVISER PICTET FUNDS CREDIT SUISSE ASSET CIMB-PRINCIPAL ASSET LEGAL & GENERAL NORTHERN TRUST CORPO FRANK RUSSELL TRUST WELLS FARGO LIBRA INVEST BERHAD ROYAL LONDON ASSET M

Firm Name KAF Seagroatt & Campbell Kenanga Investment Bank Bhd EVA Dimensions DBS Vickers AmResearch Sdn Bhd

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

Analyst VINCE NG LIM SEONG CHUN CRAIG STERLING CHONG TJEN-SAN GAN HUEY LING

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

Recommendation hold outperform underweight hold hold

Amt Held 602'310'128 79'188'579 15'846'408 11'796'766 8'933'306 8'606'200 1'508'700 1'325'164 1'168'500 704'500 563'100 530'000 400'500 333'800 319'631 263'500 253'100 238'428 219'000 214'200

% Out 50.81 6.68 1.34 1 0.75 0.73 0.13 0.11 0.1 0.06 0.05 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02

Weighting

Change 3 5 1 3 3

M M M M M

Latest Chg 2'256'500 35'900 11'800 (244'700) 6'100 (25'000) (87'700) (55) -

Target Price 14 15 #N/A N/A 13 13

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

File Dt 22.03.2013 23.07.2013 30.06.2013 29.07.2013 30.04.2013 30.07.2013 31.05.2013 22.03.2013 28.02.2013 31.05.2013 30.06.2013 30.04.2013 31.05.2013 30.04.2011 28.03.2013 30.06.2013 31.05.2012 31.05.2013 31.12.2010 31.05.2013

Date Not Provided 12 month Not Provided 12 month 12 month

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

Date 11.07.2013 11.07.2013 06.06.2013 20.05.2013 28.02.2013

31.07.2013

Felda Global Ventures Holdings Bhd Felda Global Ventures Holdings Berhad is an agricultural and agri-commodities company. The Company owns and operates an oil palm plantation producing oil palm and rubber plantation products, soybean and canola products, oleochemial products and sugar products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2012) 52-Week Low (22.01.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FGV MK EQUITY YTD Change FGV MK EQUITY YTD % CHANGE

12/2012 03/yy 5.17 4.27 1'138'900.00 4.4 -14.89% 3.04% 23.33% 3'648.2 16'051.87 2'439.94 0.0 857.8 5'673.00 12'992.37

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

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008

31.12.2009 31.12.2010 2'880.3 5'804.6 692.2 1'657.9 322.3 932.0 Profitability

LTM-4Q 31.12.2011 7'453.1 1'902.9 1'327.8 -

31.12.2012 12'886.5 1.12x 960.5 15.08x 806.0 16.21x 960.48 851.37 6.61% 8.74% 5.24% 19.75% 13.48% 0.97% 12.2% 8.4% 7.8% 6.3% 3.03 2.34 14.79% 39.98% 34.27 20.42

Price/ Cash Flow

LTM

03/yy 1'720.0 0.00x 284.3 0.00x 192.2 0.00x

03/yy 13'848.7 4.35x 1'168.3 11.75x 750.3 21.00x

FY+1

.0 M j-13

1'393.69 -11.96% -2.95% 21 2.190 670'380 906'887 1'183'919 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'102.7 12'980.3 1.20x 1.11x 1'087.0 1'249.5 11.95x 10.40x 705.8 821.1 22.56x 19.13x S&P Issuer Ratings

8.63 6.82 -3.38 1.96 40.0% 26.0% 0.97 8.14 10.65 17.87 10.75 18.42

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00 14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Felda Global Ventures Holdings Bhd Holdings By:

All

Holder Name FEDERAL LAND DEVELOP FELDA ASSET HOLDINGS EMPLOYEES PROVIDENT LEMBAGA TABUNG HAJI KUMPULAN WANG PERSAR VANGUARD GROUP INC VAN ECK ASSOCIATES C BLACKROCK FLEXSHARES TRUST CAISSE DE DEPOT ET P EATON VANCE MANAGEME INVESCO LTD PICTET FUNDS CREDIT SUISSE ASSET EATON VANCE ADVISORS LEGAL & GENERAL ROYAL LONDON ASSET M NORTHERN TRUST CORPO PACIFIC MUTUAL FUND NOMURA

Firm Name Alliance Research Sdn Bhd Credit Suisse Nomura RHB Research Institute Sdn Bhd KAF Seagroatt & Campbell Deutsche Bank Kenanga Investment Bank Bhd DBS Vickers CIMB Public Investment Bank Berhad Affin Securities Sdn Bhd TA Securities Holdings Berhad BIMB Securities Sdn Bhd Morgan Stanley JPMorgan Maybank Kim Eng EVA Dimensions Macquarie TA Securities Holdings Berhad ECM Libra

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

Analyst ARHNUE TAN TAN TING MIN MUZHAFAR MUKHTAR HOE LEE LENG VINCE NG MICHELLE FOONG LIM SEONG CHUN QUAH HE WEI IVY NG HOE LEONG CHONG ONG KENG WEE JAMES RATNAM NG KEAT YUNG CHARLES C SPENCER YING-JIAN CHAN ONG CHEE TING CRAIG STERLING SUNAINA DHANUKA TEAM COVERAGE TEAM COVERAGE

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

Recommendation sell underperform buy neutral sell sell market perform hold neutral underperform reduce hold trading buy Underwt/Cautious neutral hold sell underperform sell hold

Amt Held 729'629'800 680'722'800 305'865'870 283'915'100 253'214'500 48'110'350 24'593'900 22'132'300 3'567'100 3'298'200 2'494'700 1'279'000 1'207'000 1'142'000 805'700 776'200 672'800 633'800 572'200 518'800

% Out 20 18.66 8.38 7.78 6.94 1.32 0.67 0.61 0.1 0.09 0.07 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

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

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

Latest Chg 199'200 115'000 12'857'600 405'800 (1'925'400) 147'400 34'100 (31'200) 137'700

Target Price 3 4 6 4 4 3 5 4 5 4 4 5 5 4 4 4 #N/A N/A 4 4 5

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

File Dt 25.04.2013 25.04.2013 22.07.2013 25.04.2013 11.07.2013 30.06.2013 30.07.2013 29.07.2013 31.05.2013 31.12.2012 31.05.2013 30.07.2013 30.04.2013 31.05.2013 31.05.2013 28.03.2013 31.05.2013 30.06.2013 31.05.2013 29.03.2013

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 3 month 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month

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

Date 31.07.2013 29.07.2013 26.07.2013 24.07.2013 23.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 19.07.2013 18.07.2013 09.07.2013 01.07.2013 06.06.2013 26.03.2013 26.12.2012 03.12.2012

31.07.2013

Taiwan Fertilizer Co Ltd Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The Company predominately sells its products in Taiwan.

Price/Volume 90

25.0 M

80 20.0 M

70 60

15.0 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (22.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1722 TT EQUITY YTD Change 1722 TT EQUITY YTD % CHANGE

12/2012 12/yy 82.40 67.00 2'527'766.00 73.3 -11.04% 9.40% 45.45% 980.0 71'834.00 3.40 0.0 0.0 1'424.65 70'412.76

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

5.0 M

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 17'019.8 2.64x 606.5 74.17x 2'191.7 23.30x

10.0 M

31.12.2009 31.12.2010 17'117.6 14'428.8 5.93x 6.97x 2'126.5 1'076.4 47.74x 93.43x 1'266.9 1'723.6 88.37x 61.93x Profitability

LTM-4Q 31.12.2011 16'970.8 3.88x 677.7 97.17x 3'011.1 22.96x

31.12.2012 17'795.4 4.09x 1'367.0 53.30x 3'339.0 22.23x 1'366.99 1'114.68 6.26% 21.07% 5.04% 6.41% 6.41% 0.27% 13.6% 7.7% 6.3% 18.8% 4.42 2.28 0.01% 0.01% 5.71 5.00

Price/ Cash Flow

LTM

12/yy 16'970.8 17.21x 677.7 97.17x 3'011.1 22.95x

12/yy 17'795.4 15.70x 1'367.0 53.30x 3'339.0 22.23x

FY+1

.0 M j-13

1.07 681.06 1.68 6.26% -3.30% 1.065 17 3.588 1'941'353 3'185'000 3'527'205 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'676.1 21'161.8 3'853.5 4'140.5 3.76x 3.09x 1'435.4 2'827.8 49.05x 24.90x 3'761.9 4'597.0 546.6 624.4 19.16x 15.39x 32.75x 30.44x S&P Issuer Ratings

27897.80 -12437.51 -1.04 0.00 0.0% 0.0% 0.27 0.50 64.06 73.21 9.33 127.94

Sales/Revenue/Turnover

140.00

20'000.0 18'000.0

120.00

16'000.0

100.00

14'000.0 12'000.0

80.00

10'000.0 8'000.0

60.00

6'000.0

40.00

4'000.0 20.00 0.00 02.01.2010

2'000.0 0.0 02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

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

31.07.2013

Taiwan Fertilizer Co Ltd Holdings By:

All

Holder Name COUNCIL OF AGRICULTU CATHAY LIFE INSURANC NAN SHAN LIFE INSURA FUBON LIFE ASSURANCE FMR LLC SAUDI ARABIAN MONETA VANGUARD GROUP INC GIC PRIVATE LIMITED SHIN KONG LIFE INSUR OLD LABOR RETIREMENT VANGUARD EMS INDEX F BLACKROCK FIDELITY INTL FUND VAN ECK ASSOCIATES C NORGES BANK POLARIS SEC INVESTME CHUNGHWA POST CO LTD DAIWA SB INVESTMENTS DIMENSIONAL FUND ADV CATHAY SECURITIES IN

Firm Name

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

Analyst

CIMB ANDRE CHANG Goldman Sachs TOMMY WONG President Capital Management TOM HUNG E Sun Securities AMBROSE WU EVA Dimensions TIMOTHY STANISH SinoPac JERRY LU KGI Securities DAVE CHIOU HSBC ABEL LEE BNP Paribas Equity Research MICHELLE CHENG Barclays SIDNEY YEH Credit Suisse CHUNG HSU JPMorgan CAREN HUANG IBT Securities Co Ltd TITAN HORNG Mega Securities YOU JIANHENG UBS ALLY CHEN Masterlink Securities CHANG WANCHEN Yuanta Securities Investment ConsultingTEAM COVERAGE Capital Securities Corp TEAM COVERAGE

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

Recommendation neutral neutral/cautious neutral buy on weakness underweight buy neutral overweight buy overweight neutral neutral buy neutral neutral buy Under Review buy

Amt Held 236'000'000 59'804'000 34'428'000 22'720'000 21'528'485 21'493'279 20'555'100 19'341'000 18'543'000 15'922'000 15'038'100 14'199'000 13'482'000 11'865'000 7'156'534 6'880'402 5'565'000 4'987'000 3'757'000 3'223'000

% Out 24.08 6.1 3.51 2.32 2.2 2.19 2.1 1.97 1.89 1.62 1.53 1.45 1.38 1.21 0.73 0.7 0.57 0.51 0.38 0.33

Weighting

Change

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

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

Latest Chg 113'624 1'037'865 618'000 (280'000) (699'598) 30'000 6'000

Target Price 75 80 78 #N/A N/A #N/A N/A 94 85 101 91 100 77 90 #N/A N/A 78 75 96 #N/A N/A 90

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

File Dt Inst Type 31.05.2013 Government 27.04.2013 Insurance Company 27.04.2013 Insurance Company 27.04.2013 Insurance Company 30.06.2013 Investment Advisor 27.04.2013 Government 30.06.2013 Investment Advisor 27.04.2013 Government 27.04.2013 Insurance Company 27.04.2013 Pension Fund (ERISA) 27.04.2013 n/a 29.07.2013 Investment Advisor 27.04.2013 n/a 30.07.2013 Investment Advisor 31.12.2012 Government 31.05.2013 Investment Advisor 31.05.2013 Government 24.07.2012 Investment Advisor 30.04.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 23.07.2013 22.07.2013 09.07.2013 04.07.2013 06.06.2013 30.05.2013 23.05.2013 21.05.2013 15.05.2013 09.05.2013 28.03.2013 03.02.2013 14.01.2013 12.11.2012 27.08.2012 27.07.2012 11.07.2012 16.04.2012

31.07.2013

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 (30.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SQM US EQUITY YTD Change SQM US EQUITY YTD % CHANGE

12/2012 03/yy 65.31 30.13 6'176'613.00 30.76 -52.90% 2.09% 1.79% 120.4 8'333.13 1'599.04 0.0 54.7 640.46 -

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 j-12

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% 15.05% 30.67% 18.89% 0.58% 42.3% 43.6% 35.6% 26.7% 3.69 1.89 36.21% 74.97% 4.49 1.75

03/yy 2'194.9 28.55x 1'006.8 16.21x 584.4 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 2'522.9 25.44x 1'099.6 14.19x 650.9 0.00x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

0.92 4.75 -47.49% -46.32% 0.917 12 3.917 1'818'774 948'601 717'451 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'374.9 2'619.6 591.2 511.0 3.82x 3.46x 1'046.0 1'130.9 245.3 195.0 575.8 640.3 141.2 119.6 13.62x 12.30x 13.59x 13.04x S&P Issuer Ratings

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

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

.0 M a-12

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

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 |

31.07.2013

Sociedad Quimica y Minera de Chile SA Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK MORGAN STANLEY BAILLIE GIFFORD AND NEUBERGER BERMAN LLC VAN ECK ASSOCIATES C VANGUARD GROUP INC VONTOBEL ASSET MANAG SCOUT INVESTMENT ADV UMB BANK N A FEDERATED INVESTORS GENERAL ELECTRIC COM STATE STREET COLUMBIA WANGER ASSE PRINCIPAL FINANCIAL HARDING LOEVNER LP SARASIN & PARTNERS L BNP PARIBAS INV PART FRANK RUSSELL TRUST NORGES BANK

Firm Name Morgan Stanley HSBC Itau BBA Securities Scotia Capital Miller Tabak + Co., LLC Banco BTG Pactual SA EVA Dimensions BICE Corredores de Bolsa Credit Suisse Grupo Santander BBVA Euroamerica Corredores de Bolsa JPMorgan BCI Corredora de Bolsa IM Trust Banchile Inversiones

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a BAILLIE GIFFORD & CO NEUBERGER BERMAN GRO n/a VANGUARD GROUP INC VONTOBEL ASSET MANAG SCOUT INVESTMENT ADV Multiple Portfolios FEDERATED INVESTORS GENERAL ELECTRIC COM n/a COLUMBIA WANGER ASSE n/a HARDING LOEVNER LP SARASIN PARTNERS LLP n/a FRANK RUSSELL COMPAN NORGES BANK

Analyst JAVIER MARTINEZ ALEXANDRE FALCAO GIOVANA ARAUJO BEN ISAACSON TIM TIBERIO CESAR PEREZ-NOVOA TIMOTHY STANISH LEONOR SKEWES VICCENZO PATERNOSTRO RODRIGO ORDONEZ HERNAN GUERRERO HINOJOSA ANDRES GALARCE LUCAS FERREIRA RODRIGO MUJICA JORGE MERINO FELIPE MERCADO

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

Recommendation Overwt/No Rating underweight market perform sector outperform accumulate buy overweight hold outperform buy underperform hold overweight neutral hold buy

Amt Held 5'038'735 4'138'457 3'582'536 2'424'600 1'815'510 1'728'308 1'610'826 1'415'289 1'406'557 1'375'981 814'400 727'730 725'327 706'000 704'681 586'950 559'413 495'264 480'846 457'827

% Out 4.19 3.44 2.98 2.01 1.51 1.44 1.34 1.18 1.17 1.14 0.68 0.6 0.6 0.59 0.59 0.49 0.46 0.41 0.4 0.38

Weighting

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

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

Latest Chg 759'630 (902'648) (164'716) 148'800 (319'012) (47'376) (21'140) 1'415'289 6'263 (42'988) (58'406) (98'897) 140'867 51'800 (22'937) 56'535 (383'238) -

Target Price 52 29 65 55 53 69 #N/A N/A 63 75 68 61 59 64 63 43 48

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

File Dt 31.03.2013 29.07.2013 30.06.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012

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

Date 30.07.2013 30.07.2013 30.07.2013 11.07.2013 02.07.2013 10.06.2013 06.06.2013 26.03.2013 05.03.2013 12.11.2012 02.02.2012 12.01.2012 07.10.2011 08.03.2011 15.01.2010 03.12.2009

31.07.2013

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

Price/Volume 16000

4.5 M

14000

4.0 M

12000

3.5 M 3.0 M

10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (03.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TON SJ EQUITY YTD Change TON SJ EQUITY YTD % CHANGE

03/2013 12/yy 14'940.00 11'862.00 103'314.00 12681 -15.12% 6.90% 24.37% 108.6 13'777.61 6'284.00 0.0 1'371.0 917.00 20'515.61

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

31.12.2009 31.03.2011 9'110.0 9'681.0 1.59x 1.63x 1'975.0 1'661.0 7.35x 9.49x 2'868.0 833.0 12.18x 12.82x Profitability

1.5 M

4000

1.0 M

2000

.5 M

0 j-12

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

31.03.2013 14'373.0 1.54x 2'591.0 8.54x 1'070.0 14.94x 2'591.00 2'119.00 14.74% 10.85% 5.48% 14.18% 10.94% 0.74% 18.0% 14.7% 7.4% 1.18 0.68 29.50% 74.98% 6.72 -

Price/ Cash Flow

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

a-12

s-12

o-12

n-12

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

d-12

j-13

f-13

m-13 a-13 m-13

j-13

FY+1

.0 M j-13

2.68 0.31 87.11 -4.64% -3.42% 0.311 8 3.000 108'562 160'534 174'573 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 15'069.2 16'352.2 1.27x 1.13x 2'888.2 3'129.3 7.10x 6.56x 1'265.3 1'441.0 11.35x 9.53x S&P Issuer Ratings

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

Sales/Revenue/Turnover

50.00

16'000.0

45.00

14'000.0

40.00

12'000.0

35.00

10'000.0

30.00 25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 01.01.2010

2.0 M

6000

Fiscal Year Ended 31.12.2008 7'106.0 1.30x 1'581.0 5.83x 649.0 11.23x

2.5 M

8000

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Tongaat Hulett Ltd Holdings By:

All

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

Firm Name BNP Paribas Cadiz Securities EVA Dimensions SBG Securities Avior Research Investec UBS Morgan Stanley Renaissance Capital

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

Analyst MPHO MATLALA CRAIG STERLING BRENDAN GRUNDLINGH JITEN BECHOO ANTHONY GEARD RENIER SWANEPOEL VIKHYAT SHARMA ROBYN COLLINS

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

Recommendation hold hold hold outperform hold sell Underwt/In-Line underweight

Amt Held 12'233'586 8'010'427 2'603'578 2'447'098 2'404'317 2'394'998 2'187'877 2'062'507 1'998'363 1'748'003 1'661'371 1'558'819 1'366'131 1'317'648 1'305'379 1'284'408 1'249'064 1'007'586 989'679 961'545

% Out 11.26 7.37 2.4 2.25 2.21 2.2 2.01 1.9 1.84 1.61 1.53 1.43 1.26 1.21 1.2 1.18 1.15 0.93 0.91 0.89

Weighting

Change 3 3 3 5 3 1 1 1

N D M M M D M M

Latest Chg (1'659'884) (26'800) 348'700 10'908 156'201 376'909 1'305'468 44'325 19'011 122'644 118'312 (212'189) 77'817

Target Price 12'321 #N/A N/A 13'500 15'749 13'500 12'545 12'200 10'023

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

File Dt Inst Type 31.05.2013 Government 31.03.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Other 31.05.2013 Other 31.05.2013 Pension Fund (ERISA) 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Unclassified 31.05.2013 Other 30.07.2013 Investment Advisor 31.05.2013 Other 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Investment Advisor 31.05.2013 Other 31.05.2013 Bank

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

Date 17.07.2013 08.07.2013 24.06.2013 13.06.2013 31.05.2013 30.05.2013 24.05.2013 20.01.2010

31.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.07.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANDE US EQUITY YTD Change ANDE US EQUITY YTD % CHANGE

12/2012 03/yy 59.94 35.45 116'254.00 59.75 -0.32% 68.55% 99.22% 18.7 1'117.32 466.61 0.0 17.0 138.22 1'823.81

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

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 j-12

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% 3.70% 12.81% 6.64% 2.72% 6.8% 2.9% 1.9% 1.5% 1.31 0.35 21.38% 78.50% 26.88 6.56

Price/ Cash Flow

03/yy 4'711.8 1.04x 166.9 9.02x 96.2 9.44x

s-12

o-12

n-12

d-12

LTM 03/yy 5'406.8 1.03x 155.9 10.96x 73.7 13.62x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

1.02 0.99 17.44 0.78 59.54% 40.13% 0.993 7 3.286 117'464 116'785 122'620 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'508.3 5'671.8 1'442.0 1'149.4 0.19x 0.18x 184.2 213.0 62.9 33.6 9.90x 8.56x 9.46x 9.00x 75.7 98.6 28.8 11.3 14.46x 11.54x 13.54x 12.47x S&P Issuer Ratings

7.22 -0.92 4.42 4.80 78.5% 43.3% 2.72 19.59 13.58 55.63 23.79 22.48

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 3'489.5 0.17x 97.4 6.07x 32.9 9.21x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Andersons Inc/The Holdings By:

All

Holder Name BLACKROCK ALLIANZ ASSET MANAGE VANGUARD GROUP INC ADVISORY RESEARCH IN DIMENSIONAL FUND ADV NORTHERN TRUST CORPO DEPRINCE RACE & ZOLL STATE STREET ANDERSON MICHAEL J THOMPSON SIEGEL & WA FRANK RUSSELL TRUST VAN ECK ASSOCIATES C AQR CAPITAL MANAGEME F&C ASSET MANAGEMENT ANDERSON DANIEL T MANAGED ACCOUNT ADVI AMERIPRISE FINANCIAL ANDERSON GERARD M BANK OF NEW YORK MEL SIGNIA CAPITAL MANAG

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

Portfolio Name n/a n/a VANGUARD GROUP INC ADVISORY RESEARCH IN n/a NORTHERN TRUST CORPO DEPRINCE RACE & ZOLL n/a n/a THOMPSON SIEGEL & WA FRANK RUSSELL COMPAN n/a AQR CAPITAL MANAGEME F&C ASSET MANAGEMENT n/a MANAGED ACCOUNT ADVI AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL SIGNIA CAPITAL MANAG

Analyst BRETT M HUNDLEY KENNETH B ZASLOW CHRISTINE HEALY FARHA ASLAM MICHAEL E COX BRENT R RYSTROM ERIC J LARSON AUSTIN BURKETT

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

Recommendation buy restricted sector perform equalweight neutral buy neutral underweight

Amt Held 1'648'412 1'566'375 1'152'936 1'000'863 808'257 439'897 428'151 374'647 363'672 351'011 340'527 334'880 310'920 295'655 293'754 271'783 244'751 213'648 206'662 205'305

% Out 8.82 8.38 6.17 5.35 4.32 2.35 2.29 2 1.94 1.88 1.82 1.79 1.66 1.58 1.57 1.45 1.31 1.14 1.11 1.1

Weighting

Change

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

M M M M M M M D

Latest Chg 207'694 47'793 117'755 51'995 37'126 8'448 (308'559) (7'541) (189) (18'451) (67'113) 58'397 (33'200) 14'100 (24'779) (14'009) 1'389 (110'141) (31'160)

Target Price 65 #N/A N/A 57 55 52 57 #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 29.07.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 24.06.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 19.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 01.03.2012 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 25.07.2013 22.07.2013 18.07.2013 17.06.2013 07.06.2013 03.06.2013 09.05.2013 08.05.2013

31.07.2013

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (28.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LNN US EQUITY YTD Change LNN US EQUITY YTD % CHANGE

08/2012 05/yy 94.90 64.46 288'942.00 74.78 -21.20% 16.01% 33.90% 12.9 961.79 4.29 0.0 0.0 143.44 792.64

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13

m-13

j-13

Fiscal Year Ended 31.08.2008 475.1 2.07x 71.5 13.75x 39.4 25.92x

100 90 80 70 60 50 40 30 20 10 0 j-12

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 35.37x 19.26x Profitability

LTM-4Q 31.08.2011 478.9 1.44x 68.3 10.08x 36.8 20.29x

31.08.2012 551.3 1.26x 78.0 8.88x 43.3 17.43x

77.98 65.51 11.88% 11.81% 14.74% 20.45% 20.33% 1.43% 26.9% 17.4% 15.5% 7.9% 3.72 2.81 1.03% 1.38% 5.92 7.15

Price/ Cash Flow

05/yy 539.5 4.88x 74.9 7.92x 40.4 15.17x

LTM 05/yy 670.3 5.04x 116.4 7.52x 68.9 15.22x

FY+1

0.62 1.51 12.41 2.59 6.09% -6.42% 1.512 9 3.667 145'801 171'218 171'174 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 700.8 671.0 158.3 140.5 122.3 113.7 21.9 26.0 6.48x 6.97x 6.67x 6.55x 72.4 66.2 12.2 13.7 13.34x 14.69x 14.70x 14.63x S&P Issuer Ratings

158.49 138.39 -1.45 0.01 1.4% 1.4% 1.43 11.86 61.70 51.03 35.54 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

04.03.2013

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

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

31.07.2013

Lindsay Corp Holdings By:

All

Holder Name BLACKROCK NEUBERGER BERMAN LLC INVESCO LTD VANGUARD GROUP INC FIRST TRUST BOSTON TRUST & INVES CS MCKEE LP ALLIANZ ASSET MANAGE FMR LLC DIMENSIONAL FUND ADV ROYCE AND ASSOCIATES STATE STREET CENTURY CAPITAL MANA VAN ECK ASSOCIATES C WELLINGTON MANAGEMEN BANK OF NEW YORK MEL VINIK ASSET MANAGEME NORTHERN TRUST CORPO BMO FINANCIAL CORP GAMCO

Firm Name Stifel Janney Montgomery Scott LLC Wedbush William Blair & Co Sidoti & Company LLC BB&T Capital Markets Piper Jaffray Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a NEUBERGER BERMAN GRO n/a VANGUARD GROUP INC n/a BOSTON TRUST & INVES C S MCKEE LP n/a n/a n/a ROYCE & ASSOCIATES L n/a CENTURY CAPITAL MANA n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL VINIK ASSET MANAGEME NORTHERN TRUST CORPO BMO FINANCIAL CORP n/a

Analyst NATHAN JONES RYAN M CONNORS DAVID L ROSE BRIAN DRAB JOSEPH MONDILLO C SCHON WILLIAMS MICHAEL E COX CHRIS L SHAW CRAIG STERLING

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

Recommendation hold neutral neutral outperform neutral hold neutral buy buy

Amt Held 1'322'131 1'191'238 983'563 819'743 518'552 495'718 469'500 344'224 308'117 277'939 267'682 255'321 244'824 239'928 221'540 198'229 195'300 191'928 187'362 187'110

% Out 10.28 9.26 7.65 6.37 4.03 3.85 3.65 2.68 2.4 2.16 2.08 1.99 1.9 1.87 1.72 1.54 1.52 1.49 1.46 1.45

Weighting

Change 3 3 3 5 3 3 3 5 5

M M M M M M M M U

Latest Chg (98'560) 45'086 70'113 491'175 68'863 7'560 (70'886) 308'117 9'991 2'100 281 14'840 50'697 9'968 62'002 195'300 (3'547) 48'774 (1'520)

Target Price #N/A N/A 65 80 #N/A N/A 77 #N/A N/A 87 108 #N/A N/A

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

File Dt Inst Type 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified

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

Date 26.07.2013 08.07.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 26.06.2013 20.05.2013 24.04.2013

31.07.2013

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

Price/Volume .7 M

.6 M

.5 M

.4 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KER PW EQUITY YTD Change KER PW EQUITY YTD % CHANGE

06/2012 03/yy 76.00 45.10 9'895.00 51.5 -32.30% 14.19% 21.52% 79.7 4'103.70 698.28 0.0 31.0 82.53 2'237.55

30.06.2008 663.1 1.36x 123.2 7.33x 83.2 8.32x

.3 M

30 20

.2 M

.1 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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

LTM-4Q

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

30.06.2011 1'899.1 1.27x 309.4 7.78x 226.3 9.15x

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

320.93 255.43 11.84% 8.99% 5.86% 11.83% 10.11% 1.10% 21.4% 11.9% 9.0% 9.6% 2.50 0.51 32.95% 59.19% 17.90 3.15

Price/ Cash Flow

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

LTM 03/yy 2'656.5 3.75x 315.0 7.62x 141.0 10.25x

FY+1

.0 M j-13

1.07 49.22 -26.32% -22.85% 1.068 12 3.750 48'230 115'151 153'727 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'704.3 2'617.8 698.0 0.77x 0.75x 322.8 377.4 101.3 6.93x 5.93x 150.2 208.9 66.9 8.10x 5.73x S&P Issuer Ratings

6.89 4.79 2.98 3.32 59.2% 36.6% 1.10 3.80 20.39 115.75 7.74 80.94

Sales/Revenue/Turnover

400.00

2'500.0

350.00

2'000.0

300.00 250.00

1'500.0

200.00

1'000.0

150.00 100.00

500.0

50.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

03.07.2013

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

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

31.07.2013

Kernel Holding SA Holdings By:

All

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

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

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios GENESIS SMALLER COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

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

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

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

Amt Held 30'460'657 3'894'020 2'438'641 2'418'459 2'287'086 2'189'102 1'239'484 1'188'156 906'557 865'263 854'001 676'809 667'458 666'981 600'634 482'163 464'025 400'693 399'575 396'165

% Out 38.23 4.89 3.06 3.04 2.87 2.75 1.56 1.49 1.14 1.09 1.07 0.85 0.84 0.84 0.75 0.61 0.58 0.5 0.5 0.5

Weighting

Change

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

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

Latest Chg 76'274 93'952 79'707 (241'882) 22'700 (112'579) (827'042)

Target Price 50 72 77 66 #N/A N/A 57 61 75 68 61 83 78 #N/A N/A #N/A N/A 69 123

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

File Dt 30.07.2013 31.12.2012 31.12.2012 30.06.2013 31.12.2012 30.06.2013 30.04.2013 29.07.2013 30.06.2012 31.12.2012 30.07.2013 31.10.2012 28.03.2013 31.03.2013 31.12.2012 31.12.2012 31.05.2013 31.12.2012 31.12.2012 30.06.2013

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

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

Date 22.07.2013 11.07.2013 13.06.2013 10.06.2013 06.06.2013 04.06.2013 03.04.2013 22.03.2013 18.03.2013 04.03.2013 13.02.2013 09.01.2013 17.12.2012 02.10.2012 25.05.2012 17.04.2012

31.07.2013

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 (18.04.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NUF AU EQUITY YTD Change NUF AU EQUITY YTD % CHANGE

07/2012 01/yy 6.47 3.85 787'208.00 4.5 -30.45% 16.88% 22.52% 263.0 1'183.29 659.12 246.9 0.6 191.32 2'177.70

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

.0 M j-13

j-13

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 229.6 188.3 15.46x 9.91x 79.9 (24.0) 32.36x Profitability

31.07.2011 2'083.6 0.89x 163.3 11.32x (49.9) -

31.07.2012 2'181.6 0.99x 213.0 10.09x 72.6 24.53x

212.96 147.47 6.76% 5.06% 2.01% 3.83% 4.46% 0.72% 28.0% 10.2% 7.1% 3.3% 1.83 1.06 23.53% 53.62% 2.82 2.22

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.33 0.68 223.94 14.78 -16.74% -22.01% 0.680 14 3.714 644'639 730'750 816'220 FY+2

07/13 Y 07/14 Y 2'221.5 2'335.7 0.90x 0.83x 257.4 293.2 8.46x 7.43x 78.8 108.9 14.85x 10.98x S&P Issuer Ratings

FQ+1

FQ+2

21.02.2011 BB STABLE 15.08.2001 NR 3.45 2.68 3.24 4.18 53.6% 30.9% 0.72 6.00 129.89 165.03 109.10 126.82

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

31.01.2013

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

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

31.07.2013

Nufarm Ltd/Australia Holdings By:

All

Holder Name SUMITOMO CHEMICAL CO AMALGAMATED DAIRIES SUN LIFE FINANCIAL I RATHBONE DOUGLAS JOH FALLS CREEK NO 2 PTY DIMENSIONAL FUND ADV CHALLENGE INVESTMENT VAN ECK ASSOCIATES C PRESTON EW & KEELING QUINTAL AARON CRAIG NORGES BANK SUN LIFE FINANCIAL I VANGUARD GROUP INC QUEENSLAND INVESTMEN VANGUARD INVESTMENTS DOUGLAS INDUSTRIES L MOTURUA PROPERTIES L AXA ROSENBERG INTL EIM CAPITAL MANAGERS PUTNAM INVESTMENT MA

Firm Name Wilson HTM Investment Group Ord Minnett Goldman Sachs Deutsche Bank JPMorgan Credit Suisse Macquarie EVA Dimensions CIMB UBS RBS Morgans Octa Phillip Securities Ltd

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

Analyst JAMES FERRIER STEPHEN SCOTT JAMES HANNAM MARK WILSON STUART JACKSON LARRY GANDLER RIKKI BANNAN TIMOTHY STANISH ANDREW G SCOTT RAMOUN LAZAR BELINDA MOORE PAUL JENSZ

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

Recommendation buy hold neutral/neutral sell neutral outperform outperform buy outperform neutral outperform buy

Amt Held 60'210'136 14'430'798 13'079'699 11'692'880 10'763'092 4'152'977 3'130'282 3'090'915 2'364'282 1'900'000 1'565'238 1'524'353 1'278'622 1'263'419 1'200'730 1'170'866 964'455 957'070 846'000 837'412

% Out 22.9 5.49 4.97 4.45 4.09 1.58 1.19 1.18 0.9 0.72 0.6 0.58 0.49 0.48 0.46 0.45 0.37 0.36 0.32 0.32

Weighting

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

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

Latest Chg 50'000 6'139 (6'968) 336'501 670'843 819'023

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

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

File Dt 24.09.2012 24.09.2012 11.10.2012 05.04.2013 24.09.2012 30.04.2013 24.09.2012 30.07.2013 24.09.2012 24.09.2012 31.12.2012 31.05.2013 30.06.2013 24.09.2012 28.06.2013 24.09.2012 24.09.2012 31.12.2012 30.06.2013 31.03.2013

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

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

Date 23.07.2013 22.07.2013 17.07.2013 27.06.2013 20.06.2013 18.06.2013 07.06.2013 06.06.2013 28.05.2013 11.04.2013 28.03.2013 28.03.2013

31.07.2013

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

Price/Volume 3

12.0 M 10.0 M

8.0 M 1

Latest Fiscal Year: LTM as of: 52-Week High (27.08.2012) 52-Week Low (03.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FR SP EQUITY YTD Change FR SP EQUITY YTD % CHANGE

12/2012 03/yy 2.23 1.65 926'000.00 1.68 -24.66% 2.13% 7.69% 1'584.1 2'661.24 538.17 0.0 51.2 391.79 2'324.48

6.0 M 4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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

14.0 M

Valuation Analysis

31.12.2008 289.5 1.69x 161.0 3.04x 113.6 3.33x

16.0 M

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

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

31.12.2012 603.4 4.67x 320.7 8.78x 237.1 10.81x 320.70 295.39 48.95% 54.08% 14.17% 24.14% 18.26% 0.35% 63.3% 54.6% 50.4% 39.3% 4.29 3.19 27.87% 48.64% 23.15 4.79

Price/ Cash Flow

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

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

FY+1

.0 M j-13

0.84 495.13 -9.56% -15.45% 0.839 18 5.000 1'856'400 1'573'400 1'989'375 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 676.7 862.1 184.0 184.0 3.41x 2.60x 331.9 384.5 7.00x 6.05x 200.9 234.9 10.08x 8.75x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

700.0 600.0

20.00

500.0 15.00

400.0 300.0

10.00

200.0 5.00

0.00 01.01.2010

100.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

First Resources Ltd Holdings By:

All

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

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

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

Analyst ADRIAN FOULGER PRISCILLA TJITRA MUZHAFAR MUKHTAR ALVIN TAI ONG CHEE TING NIKHIL BHANDARI CHARLES C SPENCER TEAM COVERAGE BEN SANTOSO SEBASTIAN TOBING CRAIG STERLING YING-JIAN CHAN CONRAD WERNER MICHAEL GREENALL THILAN WICKRAMASINGHE

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

Recommendation outperform outperform buy buy buy Buy/Neutral Overwt/In-Line buy buy buy overweight overweight outperform buy overweight

Amt Held 1'000'800'130 88'000'000 79'209'422 39'362'758 23'312'000 19'523'096 11'540'200 8'972'000 8'477'000 6'793'629 4'629'000 3'511'063 3'150'000 2'500'672 2'496'000 2'269'000 2'189'100 1'772'000 1'521'000 1'455'800

% Out 63.18 5.56 5 2.48 1.47 1.23 0.73 0.57 0.54 0.43 0.29 0.22 0.2 0.16 0.16 0.14 0.14 0.11 0.1 0.09

Weighting

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

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

Latest Chg (2'102'641) 8'096'000 (3'308'000) (9'827'205) 10'352'200 (534'000) 156'000 103'000 167'000 1'988'500 1'700'672 (3'635'000) 713'000 765'400

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

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

File Dt 15.03.2013 15.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.03.2013 30.07.2013 31.03.2013 28.03.2013 29.07.2013 28.02.2013 30.04.2013 30.06.2012 31.03.2013 30.06.2013 31.03.2013 31.03.2013 30.06.2013

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

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

Date 29.07.2013 29.07.2013 26.07.2013 24.07.2013 23.07.2013 22.07.2013 18.07.2013 16.07.2013 15.07.2013 20.06.2013 06.06.2013 01.06.2013 15.05.2013 10.04.2013 27.02.2013

31.07.2013

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 (11.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CQB US EQUITY YTD Change CQB US EQUITY YTD % CHANGE

12/2012 03/yy 12.88 4.85 520'347.00 11.89 -7.69% 145.15% 87.67% 46.5 552.43 605.53 0.0 0.0 51.03 1'114.22

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 3'609.4 0.35x 163.5 7.81x (328.7) 14.63x

31.12.2009 31.12.2010 3'470.4 3'227.4 0.39x 0.34x 205.5 139.1 6.54x 8.00x 90.5 57.4 7.33x 22.61x Profitability

LTM-4Q 31.12.2011 3'139.3 0.29x 139.8 6.50x 56.8 4.32x

31.12.2012 3'078.3 0.30x 59.4 15.77x (405.0) 59.40 -3.75 -0.12% -9.67% -21.20% -66.28% 1.65% 10.9% 2.7% 0.6% -13.2% 1.42 0.70 35.67% 163.48% 9.74 12.14

Price/ Cash Flow

03/yy 3'108.6 1.20x 99.8 9.35x 21.8 0.00x

LTM 03/yy 3'059.6 1.15x 81.3 11.34x (393.9) 0.00x

FY+1

1.18 42.85 2.46 129.54% 44.12% 1.185 4 4.000 400'540 520'480 457'759 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'026.0 3'077.0 821.5 716.0 143.5 167.0 53.8 19.2 7.76x 6.67x 7.57x 7.24x 30.2 53.1 22.7 (5.5) 21.62x 10.71x 17.23x 13.99x S&P Issuer Ratings

03.09.2009 B NEG 1.31 0.13 6.91 7.54 163.5% 62.0% 1.65 8.01 37.47 30.07 38.72 28.03

Sales/Revenue/Turnover

35.00

5'000.0 4'500.0

30.00

4'000.0

25.00

3'500.0 3'000.0

20.00

2'500.0 2'000.0

15.00

1'500.0

10.00

1'000.0 5.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Chiquita Brands International Inc Holdings By:

All

Holder Name FMR LLC DIMENSIONAL FUND ADV PENTWATER CAPITAL MA BLACKROCK VANGUARD GROUP INC SKAGEN FUNDS ROBECO INVESTMENT MG SHAH CAPITAL MANAGEM PRINCIPLED ASSET ADM AQR CAPITAL MANAGEME TOWLE & CO AGUIRRE FERNANDO AMERIPRISE FINANCIAL STATE STREET VAN ECK ASSOCIATES C WYNNEFIELD CAPITAL M FULLER & THALER ASSE NORTHERN TRUST CORPO PUTNAM INVESTMENT MA IRONWOOD INVESTMENT

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

Portfolio Name n/a n/a PENTWATER CAPITAL MA n/a VANGUARD GROUP INC n/a ROBECO INVESTMENT MA SHAH CAPITAL MANAGEM n/a AQR CAPITAL MANAGEME TOWLE & CO n/a AMERIPRISE FINANCIAL n/a n/a WYNNEFIELD CAPITAL I FULLER & THALER ASSE NORTHERN TRUST CORPO PUTNAM INVESTMENT MA IRONWOOD INVESTMENT

Analyst BRETT M HUNDLEY JONATHAN P FEENEY AUSTIN BURKETT MARY ROSS-GILBERT

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

Recommendation buy buy underweight outperform

Amt Held 6'946'000 3'880'670 3'011'800 2'711'103 2'351'664 2'284'610 1'897'310 1'641'447 1'623'683 1'581'583 1'394'371 1'248'822 1'064'303 863'584 824'417 765'000 728'500 660'789 640'111 357'169

% Out 14.95 8.35 6.48 5.84 5.06 4.92 4.08 3.53 3.49 3.4 3 2.69 2.29 1.86 1.77 1.65 1.57 1.42 1.38 0.77

Weighting

Change 5 5 1 5

U M U U

Latest Chg 21'000 328'708 2'782'269 173'931 (20'066) (75'230) (11'668) 472'500 204'101 (18'146) 324'490 (11'494) 141'341 65'000 440'500 (9'360) 75'600 53'369

Target Price 15 16 #N/A N/A 8

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

File Dt 31.03.2013 30.04.2013 31.03.2013 29.07.2013 31.03.2013 28.09.2012 31.03.2013 31.03.2013 28.01.2010 31.03.2013 31.03.2013 23.08.2012 31.03.2013 31.03.2013 30.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date 12 month 12 month Not Provided 12 month

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

Date 24.06.2013 20.06.2013 29.05.2013 15.08.2012

31.07.2013

Chaoda Modern Agriculture Holdings Ltd Chaoda Modern Agriculture (Holdings) Limited, through its subsidiaries, grows fruits and vegetables in China. The Company controls the entire production chain from seeds to processing and marketing. Chaoda offers both fresh produce and frozen produce.

Price/Volume 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.07.2012) 52-Week Low (31.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 682 HK EQUITY YTD Change 682 HK EQUITY YTD % CHANGE

06/2010 01/yy 1.10 1.10 0.00 1.1 0.00% 0.00% 0.00% 3'291.3 3'620.43 14.50 0.0 263.7 2'044.35 288.39

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

1.20 1.00

0 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 30.06.2006 2'797.7 4.43x 1'515.1 8.18x 1'358.2 8.76x

30.06.2007 30.06.2008 3'849.9 5'032.6 4.06x 4.23x 2'136.4 2'961.2 7.31x 7.19x 1'732.7 1'955.8 8.06x 10.68x Profitability

30.06.2009 6'126.8 1.73x 3'556.1 2.98x 3'986.4 2.59x

30.06.2010 6'963.7 2.82x 4'225.1 4.64x 3'658.9 5.68x 4'225.06 3'439.07 49.39% 52.52% 16.72% 18.01% 17.06% 0.33% 65.7% 57.2% 45.5% 52.5% 16.56 10.74 0.07% 0.07% 30.39 47.23

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M j-13

8.86 0.70 2'646.11 0.00% 0.00% 0.702 0 0 0 0

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/11 Y

06/12 Y

S&P Issuer Ratings

FQ+2 -

10.02.2012 NR 57.42 13.05 -0.66 0.24 0.1% 0.1% 0.33 0.56 12.01 7.73 2.73 22.49

Sales/Revenue/Turnover

8'000.0 7'000.0 6'000.0

0.80 0.60

5'000.0 4'000.0 3'000.0

0.40 0.20

2'000.0 1'000.0 0.0

0.00

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

31.07.2013

Chaoda Modern Agriculture Holdings Ltd Holdings By:

All

Holder Name HO KWOK JANUS CAPITAL MANAGE BLACKROCK JP MORGAN MORGAN STANLEY UBS VAN ECK ASSOCIATES C ROBECO INVESTOR SERV DIMENSIONAL FUND ADV JULIUS BAER MULTIPAR PYN RAHASTOYHTIO FORTIS FUND MANAGERS VANGUARD GROUP INC BNP PARIBAS INV PART ROBECO FUND MANAGEME BRANDES INVESTMENT P ARTISAN PARTNERS HOL SAM SUSTAINABLE ASSE FRANK RUSSELL TRUST CREDIT SUISSE AG

Firm Name

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

Analyst

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

Recommendation

Amt Held 645'092'644 267'667'574 211'742'246 156'508'230 140'505'183 96'771'927 64'906'868 55'166'186 50'874'260 48'812'649 27'588'000 27'500'000 22'459'306 20'670'000 15'228'567 13'417'934 12'474'536 12'418'000 12'120'000 11'452'166

% Out 19.6 8.13 6.43 4.76 4.27 2.94 1.97 1.68 1.55 1.48 0.84 0.84 0.68 0.63 0.46 0.41 0.38 0.38 0.37 0.35

Weighting

Change

Latest Chg (51'831'000) (24'263) -

Target Price

#N/A N/A

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

File Dt 28.01.2013 22.03.2011 18.07.2013 31.03.2013 02.12.2011 18.07.2013 30.07.2013 30.04.2013 30.04.2013 29.02.2012 29.06.2013 28.02.2013 30.06.2013 31.03.2013 30.04.2013 30.06.2013 31.03.2013 18.09.2012 31.05.2012 15.02.2012

Date

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

Date

31.07.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 3983 HK EQUITY YTD Change 3983 HK EQUITY YTD % CHANGE

12/2012 01/yy 5.87 3.58 17'011'545.00 3.58 -39.01% 0.00% 5.02% 1'771.0 16'503.80 23.10 0.0 1'417.3 2'603.99 11'881.06

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

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

.0 M j-13

j-13

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

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

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

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

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.30 1.02 1'663.77 -27.10% -28.50% 1.021 18 4.333 4'225'927 7'041'636 5'430'427 FY+2

12/13 Y 12/14 Y 11'934.5 12'511.5 0.92x 0.82x 3'825.0 4'076.6 3.11x 2.91x 1'932.7 1'998.9 6.71x 6.49x S&P Issuer Ratings

FQ+1

FQ+2

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

Sales/Revenue/Turnover

9.00

12'000.0

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

China BlueChemical Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held % Out 195'818'000 11.06 124'073'067 7.01 118'591'020 6.7 107'230'965 6.05 106'361'569 6.01 89'810'000 5.07 (87'533'339) -4.94 81'730'000 4.61 57'738'398 3.26 52'038'796 2.94 25'891'581 1.46 21'764'000 1.23 18'052'000 1.02 17'738'609 1 16'284'000 0.92 15'092'000 0.85 15'027'141 0.85 13'891'000 0.78 9'561'798 0.54 8'846'000 0.5

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

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

Latest Chg 3'566'000 (5'110'500) 276'000 15'092'000 (137) 762'505 4'376'000

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

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

File Dt Inst Type 04.02.2013 Bank 09.01.2013 Investment Advisor 29.07.2013 Investment Advisor 12.03.2013 Government 14.02.2013 Investment Advisor 31.12.2011 Hedge Fund Manager 18.07.2012 Investment Advisor 18.07.2012 Corporation 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 28.06.2013 Investment Advisor 31.12.2012 Unclassified 30.07.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.05.2013 Investment Advisor 28.06.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 18.07.2013 08.07.2013 04.07.2013 12.06.2013 06.06.2013 03.06.2013 22.04.2013 26.03.2013 25.03.2013 22.03.2013 22.03.2013 01.03.2013 02.01.2013 20.12.2012 12.12.2012 12.12.2012 09.10.2012 02.04.2012 06.12.2011

31.07.2013

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

Price/Volume 25000

9.0 M 8.0 M

20000

7.0 M 6.0 M

15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (26.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AALI IJ EQUITY YTD Change AALI IJ EQUITY YTD % CHANGE

12/2012 06/yy 23'400.00 15'500.00 589'500.00 15550 -33.55% 0.32% 4.43% 1'574.7 24'487'284.00 971'950.00 0.0 336'232.0 227'769.00 26'674'098.75

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

4.0 M 3.0 M 2.0 M

5000

1.0 M 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13 m-13

j-13

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

5.0 M

10000

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

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

LTM

FY+1

0.92 319.91 -29.81% -18.95% 0.919 32 3.625 1'206'900 1'059'733 1'424'766 FY+2

FQ+1

31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 11'564'319.0 ######### ######### ######### ######### ######### 2.78x 11.82x 11.44x 2.17x 1.87x 3'930'947.0 ######### ######### ######### ######### 993'690.0 8.17x 9.91x 9.41x 7.56x 6.41x 2'410'259.0 ######### ######### ######### ######### 632'718.0 12.87x 15.08x 14.31x 11.99x 10.58x 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 17.52% Short-Term Rating 25.59% Credit Ratios 22.55% EBITDA/Interest Exp. 0.92% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 37.7% Total Debt/EBITDA 30.9% Reference 26.7% 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 838.76 Cash Conversion Cycle 8.32

Price/ Cash Flow

.0 M j-13

FQ+2 12/13 Q4 ######### 862'814.0 483'971.0 134.64 44.54 0.53 0.59 10.8% 9.4% 0.92 1.18 0.44 43.86 32.03 26.10

Sales/Revenue/Turnover

20.00

14'000'000.0

18.00

12'000'000.0

16.00 14.00

10'000'000.0

12.00

8'000'000.0

10.00

6'000'000.0

8.00

4'000'000.0

6.00 4.00

2'000'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Astra Agro Lestari Tbk PT Holdings By:

All

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

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

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

Analyst STEFANUS DARMAGIRI WILLIAM SIMADIPUTRA PRISCILLA TJITRA BEN SANTOSO ALVIN TAI JOSEPH PANGARIBUAN LEONARDO HENRY GAVAZA MUZHAFAR MUKHTAR ADRIAN FOULGER JOVIN NG CHARLES C SPENCER NIKHIL BHANDARI YING-JIAN CHAN CRAIG STERLING HARIYANTO WIJAYA PANDU ANUGRAH BONNY BUDI SETIAWAN ANDY WIBOWO GUNAWAN SURAJ KHIANI ERINDRA KRISNAWAN THILAN WICKRAMASINGHE ISFHAN HELMY VIVIET S PUTRI MICHAEL GREENALL SUNAINA DHANUKA ARANDI NUGRAHA YASMIN SOULISA TEAM COVERAGE HELMY KRISTANTO ONG KENG WEE

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

Recommendation buy buy neutral buy buy hold hold buy in-line hold Underwt/In-Line neutral/neutral overweight buy sell buy sell buy buy neutral neutral hold buy buy underperform buy hold buy hold not rated

Amt Held 1'254'831'088 13'315'000 12'627'770 10'258'180 6'710'120 5'297'000 3'533'923 2'659'000 2'618'600 1'986'500 1'789'286 1'736'000 1'695'500 1'533'000 1'508'000 1'367'000 1'110'625 971'500 930'000 884'500

% Out 79.68 0.85 0.8 0.65 0.43 0.34 0.22 0.17 0.17 0.13 0.11 0.11 0.11 0.1 0.1 0.09 0.07 0.06 0.06 0.06

Weighting

Change

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

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

Latest Chg 5'582'000 (166'000) 145'000 (13'500) 900'500 4'000 29'000 577'000 -

Target Price 22'200 22'500 19'800 19'550 19'940 17'500 15'000 23'000 17'223 17'200 14'500 18'500 19'200 #N/A N/A 15'000 20'000 17'850 20'500 20'500 19'000 19'100 19'700 20'250 22'817 14'400 21'887 20'500 22'000 20'500 #N/A N/A

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

File Dt 30.09.2012 31.03.2013 29.07.2013 30.06.2013 30.07.2013 31.12.2010 30.07.2013 31.05.2013 31.12.2010 31.12.2012 30.07.2013 30.04.2013 28.03.2013 31.12.2010 31.12.2010 31.05.2013 12.11.2012 31.12.2011 30.06.2013 31.05.2013

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

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

Date 31.07.2013 31.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 29.07.2013 26.07.2013 25.07.2013 23.07.2013 20.06.2013 10.05.2013 01.05.2013 26.04.2013 24.04.2013 11.04.2013 11.04.2013 10.04.2013 26.03.2013 08.03.2013 04.03.2013 01.03.2013 27.02.2013 02.02.2012

31.07.2013

Turk Traktor ve Ziraat Makineleri AS Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells agricultural tractors, individual tractor components and spare parts.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (31.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTRAK TI EQUITY YTD Change TTRAK TI EQUITY YTD % CHANGE

12/2012 06/yy 69.50 33.70 10'761.00 60.5 -12.95% 79.53% 75.56% 53.4 3'228.82 355.77 0.0 0.0 378.97 3'313.08

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

.8 M

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 j-12

31.12.2009 31.12.2010 667.7 1'193.4 1.09x 0.98x 61.1 248.6 11.86x 4.73x 31.0 179.7 15.60x 6.98x Profitability

LTM-4Q 31.12.2011 1'800.7 1.00x 322.9 5.56x 277.4 6.50x

31.12.2012 1'974.0 1.56x 313.1 9.85x 268.2 11.59x 313.15 294.28 14.91% 16.12% 17.15% 41.14% 25.72% 1.36% 21.4% 15.7% 14.6% 13.6% 2.52 1.62 26.96% 53.60% 4.00 5.05

Price/ Cash Flow

06/yy 2'087.8 3.56x 308.3 5.84x 275.4 5.91x

s-12

o-12

n-12

d-12

LTM 06/yy 1'895.4 6.48x 297.9 12.46x 239.1 15.18x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

.0 M j-13

0.61 87.98% 10.69% 0.608 19 3.211 121'716 151'341 126'929 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'146.3 2'340.2 412.0 526.0 1.52x 1.40x 345.6 381.9 9.59x 8.67x 283.6 308.5 11.67x 10.76x S&P Issuer Ratings

20.59 0.28 1.24 53.6% 34.9% 1.36 12.25 91.26 72.28 76.20 70.55

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 787.5 0.80x 87.0 7.23x 66.8 3.29x

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Turk Traktor ve Ziraat Makineleri AS Holdings By:

All

Holder Name KOC HOLDING AS CNH GLOBAL NV WASATCH ADVISORS INC BANK OF NEW YORK MEL NORGES BANK PICTET FUNDS AVIVA PLC SCHRODER INVESTMENT BLACKROCK ROBECO INVESTOR SERV SWEDBANK ROBUR FONDE SEB AMERIPRISE FINANCIAL INVESCO LTD VAN ECK ASSOCIATES C MANNING & NAPIER ADV EMERGING GLOBAL SHAR DIMENSIONAL FUND ADV FORWARD MANAGEMENT L NORDEA INVESTMENT FU

Firm Name Oyak Securities Tera Stock Brokers Burgan Securities FinansInvest Seker Securities BNP Paribas Equity Research Garanti Yatirim Menkul Kiymetler Goldman Sachs ATA Invest Eczacibasi Securities Global Menkul Degerler EVA Dimensions Ak Investment Ekspres Invest Yatirim Finansman Securities IS Investment & Securities BGC Partners Yapi Kredi Yatirim ve Menkul Degerler Sardis Securities

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

Analyst SERHAT KAYA OGUZHAN AKBULUT UMUT OZTURK EZGI GULBAS KIVANC UYSAL KENAN COSGUNER ONUR MARSAN ASLI TUNCER ERMAN TUTUNCUOGLU AKIF DASIRAN TEAM COVERAGE TIMOTHY STANISH ERKAN SAVRAN KURTHAN ATMACA OZGUR UCUR ESRA SUNER BERNA KURBAY MEHMET A AGYUZ HAYDAR ACUN

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

Recommendation market perform sell hold neutral market perform buy market perform neutral/neutral market perform underperform market perform hold market perform hold market perform market perform buy buy strong buy

Amt Held 20'013'375 20'013'375 627'772 622'216 585'220 525'070 399'582 397'334 382'736 381'652 306'485 278'165 263'469 249'683 230'641 179'226 130'399 107'144 106'200 86'904

% Out 37.5 37.5 1.18 1.17 1.1 0.98 0.75 0.74 0.72 0.72 0.57 0.52 0.49 0.47 0.43 0.34 0.24 0.2 0.2 0.16

Weighting

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

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

Latest Chg (193'463) 272 200'877 15'027 54'774 43'011 83'635 106'485 214'730 (143'669) (61'534) 13'000 -

Target Price 63 51 67 58 63 72 59 77 58 63 59 #N/A N/A 68 67 60 71 75 68 14

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

File Dt 31.12.2012 31.12.2012 31.03.2013 30.07.2013 31.12.2012 30.04.2013 31.05.2013 31.03.2013 29.07.2013 30.04.2013 31.03.2013 31.03.2013 31.05.2013 30.07.2013 30.07.2013 31.12.2012 30.07.2013 30.04.2013 31.03.2013 28.03.2013

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

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

Date 30.07.2013 30.07.2013 30.07.2013 29.07.2013 29.07.2013 29.07.2013 18.07.2013 11.07.2013 11.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 04.06.2013 31.05.2013 29.05.2013 28.05.2013 10.02.2010

31.07.2013

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 3000

90.0 M 80.0 M

2500

70.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2012) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSIP IJ EQUITY YTD Change LSIP IJ EQUITY YTD % CHANGE

12/2012 03/yy 2'925.00 1'120.00 30'598'000.00 1120 -61.71% 0.00% 1.13% 6'822.9 7'641'607.50 0.00 0.0 (714.0) 1'799'137.00 6'185'607.64

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

50.0 M 40.0 M

1000

30.0 M 20.0 M

500

10.0 M

0 j-12

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

s-12

o-12

n-12

d-12

j-13

f-13

m-13 a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.95 2'764.44 -57.68% -49.40% 0.948 29 3.414 24'602'500 24'814'270 23'726'890 FY+2

FQ+1

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 4'211'578.0 ######### ######### ######### ######### ######### 3.30x 12.56x 13.84x 1.24x 0.98x 1'509'513.0 ######### ######### ######### ######### 280'032.0 9.20x 8.07x 9.10x 4.57x 3.91x 1'116'186.0 ######### 917'576.0 963'270.3 ######### 252'884.0 14.02x 12.23x 14.26x 8.09x 6.63x 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 12.41% Short-Term Rating 14.66% Credit Ratios 14.69% EBITDA/Interest Exp. 0.56% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 39.9% Total Debt/EBITDA 31.2% Reference 25.1% 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 48.14 Cash Conversion Cycle 4.99

Price/ Cash Flow

FQ+2 09/13 Q3 ######### 267'466.0 177'461.0 408.53 263.24 -1.13 0.00 0.0% 0.0% 0.56 0.96 7.58 73.22 31.62 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 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 3'846'154.0 1.00x 1'445'441.0 2.65x 927'555.0 4.29x

60.0 M

1500

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT Holdings By:

All

Holder Name SALIM IVOMAS PRATAMA SCHRODER INVESTMENT SCHRODER INVESTMENT MANULIFE ASET MANAJE VAN ECK ASSOCIATES C DIMENSIONAL FUND ADV SIA FUNDS AG EASTSPRING INVESTMEN DANAREKSA INVESTMENT BANK OF NEW YORK MEL BLACKROCK NORDEA INVESTMENT FU BARING INTERNATIONAL FIRST STATE INVESTME ALLIANZ ASSET MANAGE NORDEA INV MANAGEMEN BNP PARIBAS INV PART UOB ASSET MANAGEMENT BAHANA TCW INVESTMEN FORTIS INVESTMENTS P

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

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

Analyst ADRIAN FOULGER PRISCILLA TJITRA LEONARDO HENRY GAVAZA MUZHAFAR MUKHTAR ALVIN TAI PANDU ANUGRAH CRAIG STERLING HARIYANTO WIJAYA BEN SANTOSO STEFANUS DARMAGIRI BONNY BUDI SETIAWAN VIVIET S PUTRI JOSEPH PANGARIBUAN ANDY WIBOWO GUNAWAN ARANDI NUGRAHA SURAJ KHIANI JOVIN NG WILLIAM SIMADIPUTRA YING-JIAN CHAN ERINDRA KRISNAWAN ISFHAN HELMY MICHAEL GREENALL SUNAINA DHANUKA YASMIN SOULISA TITO TAMBAYONG HELMY KRISTANTO

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

Recommendation in-line neutral reduce buy buy hold overweight sell fully valued buy sell buy sell hold hold buy hold hold neutral neutral buy buy outperform hold hold buy

Amt Held 4'058'425'010 316'198'067 143'770'500 63'140'000 56'791'512 51'379'884 40'575'000 31'371'000 30'325'000 20'546'752 20'325'000 14'898'500 13'478'000 12'057'500 11'700'000 10'677'500 10'469'500 10'250'000 10'185'000 9'995'500

% Out 59.48 4.63 2.11 0.93 0.83 0.75 0.59 0.46 0.44 0.3 0.3 0.22 0.2 0.18 0.17 0.16 0.15 0.15 0.15 0.15

Weighting

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

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

Latest Chg 101'206'000 (111'000) 20'468'000 (8'388'500) 82'000 -

Target Price 1'297 1'600 1'000 2'300 1'888 1'500 #N/A N/A 1'200 1'450 2'300 1'180 2'300 1'500 1'670 1'600 1'830 1'900 2'200 1'700 1'800 2'200 2'574 2'100 2'300 2'100 3'170

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

File Dt 31.12.2012 31.03.2013 12.07.2013 31.12.2010 30.07.2013 30.04.2013 30.04.2013 28.12.2012 31.12.2010 30.07.2013 29.07.2013 28.03.2013 31.03.2013 31.12.2010 31.03.2013 30.06.2013 31.03.2013 30.06.2011 31.12.2012 31.12.2011

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

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

Date 29.07.2013 29.07.2013 29.07.2013 26.07.2013 24.07.2013 23.07.2013 18.07.2013 17.07.2013 11.07.2013 01.07.2013 20.06.2013 07.06.2013 30.05.2013 27.05.2013 06.05.2013 03.05.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 11.04.2013 10.04.2013 26.03.2013 08.03.2013 28.02.2013 27.02.2013

31.07.2013

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

Price/Volume 2

20.0 M

1 1

12/2012 03/yy 1.47 0.88 1'706'000.00 0.885 -39.80% 0.57% 2.59% 1'434.3 1'269.34 6'780'217.00 0.0 9'032'242.0 5'082'296.00 21'775'489.76

15.0 M

10.0 M

0 5.0 M

0 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.08.2012) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFAR SP EQUITY YTD Change IFAR SP EQUITY YTD % CHANGE

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

30.0 M

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

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

LTM

FY+1

1.26 400.08 -35.83% -33.18% 1.265 18 3.167 1'119'600 1'461'000 1'772'141 FY+2

FQ+1

FQ+2

31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 13'844'891.0 ######### ######### ######### ######### 1.87x 7.36x 7.45x 1.58x 1.37x 3'001'808.0 ######### ######### ######### ######### 8.61x 7.15x 8.74x 7.38x 6.03x 1'049'322.0 ######### 779'210.0 842'037.8 ######### 14.42x 12.09x 17.86x 11.71x 8.76x S&P Issuer Ratings 3'001'808.00 Long-Term Rating Date 2'412'215.00 Long-Term Rating 17.42% Long-Term Outlook 17.64% Short-Term Rating Date 2.23% Short-Term Rating 5.75% Credit Ratios 5.78% EBITDA/Interest Exp. 0.39% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 30.1% Total Debt/EBITDA 21.2% Reference 16.7% Total Debt/Equity 7.6% Total Debt/Capital Asset Turnover 1.80 Net Fixed Asset Turnover 1.27 Accounts receivable turnover-days 19.48% Inventory Days 49.15% Accounts Payable Turnover Day 12.07 Cash Conversion Cycle 5.17

Price/ Cash Flow

.0 M j-13

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

Sales/Revenue/Turnover

30.00

16'000'000.0 14'000'000.0

25.00

12'000'000.0 20.00

10'000'000.0 8'000'000.0

15.00

6'000'000.0

10.00

4'000'000.0 5.00 0.00 01.01.2010

2'000'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Indofood Agri Resources Ltd Holdings By:

All

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

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

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

Analyst ADRIAN FOULGER PRISCILLA TJITRA MUZHAFAR MUKHTAR NIKHIL BHANDARI CHARLES C SPENCER CRAIG STERLING BEN SANTOSO JAMES RATNAM CONRAD WERNER STEFANUS DARMAGIRI SEBASTIAN TOBING YING-JIAN CHAN IVY NG GAN HUEY LING MICHAEL GREENALL THILAN WICKRAMASINGHE ARYA SEN ZUO LI

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

Recommendation underperform underperform buy neutral/neutral Overwt/In-Line overweight hold buy neutral buy neutral neutral underperform hold reduce neutral hold reduce

Amt Held 998'200'000 20'000'000 13'500'000 10'476'000 7'436'520 4'847'995 4'083'747 3'359'000 2'709'000 2'458'000 2'135'820 2'000'000 1'999'000 1'125'344 1'062'000 1'014'000 990'000 882'444 822'000 518'000

% Out 69.6 1.39 0.94 0.73 0.52 0.34 0.28 0.23 0.19 0.17 0.15 0.14 0.14 0.08 0.07 0.07 0.07 0.06 0.06 0.04

Weighting

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

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

Latest Chg 803'000 4'847'995 697'000 265'000 2'135'820 34'000 733'000 -

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

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

File Dt 15.03.2013 15.03.2013 15.03.2013 29.07.2013 30.07.2013 31.10.2012 30.06.2013 31.03.2013 31.08.2012 30.04.2013 31.05.2013 28.03.2013 31.05.2013 15.03.2013 30.06.2013 14.09.2012 30.09.2012 15.03.2013 31.03.2013 18.09.2012

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

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

Date 29.07.2013 29.07.2013 26.07.2013 22.07.2013 18.07.2013 16.07.2013 11.07.2013 11.07.2013 05.07.2013 01.07.2013 20.06.2013 29.04.2013 29.04.2013 29.04.2013 10.04.2013 06.02.2013 01.05.2012 31.10.2011

31.07.2013

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

90.0 M 80.0 M

70.0 M 60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (31.07.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 297 HK EQUITY YTD Change 297 HK EQUITY YTD % CHANGE

12/2012 01/yy 2.19 1.18 58'465'000.00 1.21 -44.75% 2.54% 8.33% 7'024.5 8'499.59 4'705.26 0.0 320.9 1'192.88 10'551.35

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

40.0 M 30.0 M 20.0 M

10.0 M 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

.0 M j-13

j-13

Fiscal Year Ended 31.12.2008 45'392.9 0.72x 1'897.7 17.13x 1'912.6 12.06x

50.0 M

31.12.2009 31.12.2010 27'010.7 29'271.1 1.30x 1.07x (2'200.4) 664.6 46.94x (1'443.8) 535.7 44.67x Profitability

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

31.12.2012 41'190.1 0.35x 1'387.1 10.42x 878.4 12.10x 1'387.05 916.45 2.22% 2.48% 3.21% 6.55% 6.67% 1.50% 5.8% 3.4% 2.2% 2.1% 1.26 0.26 17.82% 34.09% 28.73 6.05

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.96 1.32 1'762.48 -22.23% -34.64% 1.323 16 4.000 4'766'779 7'080'281 9'040'403 FY+2

12/13 Y 12/14 Y 41'928.0 43'943.1 0.28x 0.25x 1'454.0 1'606.2 7.26x 6.57x 868.6 1'046.3 7.65x 6.42x S&P Issuer Ratings

FQ+1

FQ+2

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

Sales/Revenue/Turnover

35.00

50'000.0 45'000.0

30.00

40'000.0

25.00

35'000.0 30'000.0

20.00

25'000.0 20'000.0

15.00

15'000.0

10.00

10'000.0 5.00 0.00 01.01.2010

5'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

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

31.07.2013

Sinofert Holdings Ltd Holdings By:

All

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

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

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

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

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

Recommendation Buy/Cautious buy overweight hold outperform hold neutral hold underperform hold outperform buy buy buy neutral accumulate hold

Amt Held 3'698'660'874 1'563'312'141 49'380'000 47'523'153 43'734'993 38'156'000 30'762'050 30'360'000 27'302'000 11'432'000 9'899'500 8'172'000 5'088'715 4'652'000 4'200'000 3'808'000 3'000'000 3'000'000 2'900'000 2'892'000

% Out 52.65 22.26 0.7 0.68 0.62 0.54 0.44 0.43 0.39 0.16 0.14 0.12 0.07 0.07 0.06 0.05 0.04 0.04 0.04 0.04

Weighting

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

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

Latest Chg 23'880'000 (86'714'000) (281'992) 21'628'000 11'432'000 (300'000) 590'000 754'000 2'900'000 -

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

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

File Dt 31.12.2012 31.12.2012 30.04.2013 30.06.2013 31.12.2012 30.06.2013 31.05.2013 30.07.2013 30.06.2013 28.03.2013 29.07.2013 30.06.2011 29.07.2013 30.06.2013 31.08.2012 31.03.2013 28.06.2013 28.06.2013 25.01.2012 30.06.2013

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

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

Date 18.07.2013 16.07.2013 06.06.2013 04.06.2013 08.05.2013 22.04.2013 02.04.2013 29.03.2013 28.03.2013 15.03.2013 01.03.2013 28.12.2012 26.10.2012 06.09.2012 26.08.2011 10.03.2011 22.03.2010

31.07.2013

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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (24.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRESY US EQUITY YTD Change CRESY US EQUITY YTD % CHANGE

Price/Volume

06/2012 03/yy 9.89 7.00 56'016.00 7.51 -24.06% 7.29% 17.65% 50.2 376.67 3'883.18 0.0 1'990.8 586.60 -

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

1.20 1.00

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

Fiscal Year Ended 30.06.2008 322.4 6.58x 50.1 42.35x 22.9 -

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

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% 0.87% 3.98% 0.32% 35.6% 13.7% 1.7% 2.3% 0.92 0.55 39.81% 188.20% 5.06 7.32

03/yy 3'033.2 10.76x 437.5 0.00x 73.9 0.00x

LTM 03/yy 3'584.9 9.95x 492.9 21.54x 95.6 0.00x

FY+1

1.11 0.13 -6.06% -9.74% 1.113 4 3.000 82'796 84'486 82'181 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'973.0 3'137.5 891.0 797.0 2.49x 2.32x 1'179.5 1'425.0 118.0 238.0 32.8 34.3 18.98x 9.30x 15.01x S&P Issuer Ratings

2.21 1.61 8.74 11.02 188.2% 48.9% 0.32 0.92 72.12 49.83 87.57 83.55

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

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 |

31.07.2013

Cresud SACIF y A Holdings By:

All

Holder Name MACQUARIE GROUP GLOBAL THEMATIC PART TRADEWINDS GLOBAL IN DWS INVESTMENT S A HORIZON KINETICS D E SHAW & COMPANY I PARAMETRIC PORTFOLIO VINIK ASSET MANAGEME ODYSSEY REINS CO FAIRFAX FINANCIAL HO RUANE CUNNIFF & GOLD CREDIT SUISSE AG DEUTSCHE BANK AG WARBURG INVEST LUXEM VAN ECK ASSOCIATES C EATON VANCE MANAGEME RIMA SENVEST MGMT LL FINDLAY PARK PARTNER BANK OF NEW YORK MEL CLAYMORE ADVISORS LL

Firm Name EVA Dimensions Raymond James HSBC Grupo Santander

Portfolio Name n/a GLOBAL THEMATIC PART TRADEWINDS GLOBAL IN Multiple Portfolios n/a D E SHAW & CO PARAMETRIC PORTFOLIO VINIK ASSET MANAGEME ODYSSEY REINS CO FAIRFAX FINANCIAL HO RUANE CUNNIFF & GOLD n/a n/a Multiple Portfolios n/a Multiple Portfolios RIMA SENVEST MANAGEM FINDLAY PARK PARTNER BANK OF NEW YORK MEL Multiple Portfolios

Analyst DOUG WALTERS FEDERICO REY-MARINO ALEXANDRE FALCAO WALTER CHIARVESIO

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

Recommendation sell outperform overweight underperform

Amt Held 1'879'565 1'587'407 1'396'184 1'371'605 1'017'819 974'048 918'045 725'300 723'012 723'012 605'247 602'413 579'164 577'000 454'346 423'761 321'754 250'413 231'073 216'779

% Out 3.75 3.16 2.78 2.73 2.03 1.94 1.83 1.45 1.44 1.44 1.21 1.2 1.15 1.15 0.91 0.84 0.64 0.5 0.46 0.43

Weighting

Change 1 5 5 1

D M M D

Latest Chg (4'088) (176'404) (7'760) (389'265) (122'320) (54'300) (3'422) (404'077) (289'388) 188'333 250'413 35'456 -

Target Price #N/A N/A 17 17 10

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

File Dt Inst Type 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 30.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.07.2013 Investment Advisor

Date Not Provided 12 month Not Provided Not Provided

Date 20.06.2013 20.05.2013 20.05.2013 07.01.2013