Q.M.S Advisors Farming Index by Q.M.S Advisors

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

Fundamental Analysis & Analyst Recommendations Q.M.S Advisors Farming Index November 2012

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

12742083

1802

1092

201

211

99.16

103.92

14.00

13.36

19.03

Euro Stoxx 50 Pr

EUR

2324027

5299.889

4562

753

768

135.41

296.59

29.74

14.66

13.57

13.58

20.45

NIKKEI 225

JPY

2067030

472.9535

223

4.82

6.91

0.28

0.22

0.20

0.14

FTSE 100 INDEX

GBP

2543378

11232.85

9373

1572

1635

675.72

815.92

21.60

19.30

17.89

26.18

SWISS MARKET INDEX

CHF

891811

10216.76

3899

829

792

367.58

515.80

20.39

18.10

14.53

22.60

S&P/TSX COMPOSITE INDEX

CAD

1640160

16517.02

7724

1887

1928

803.40

843.45

15.14

14.42

25.00

S&P/ASX 200 INDEX

AUD

1232233

6071.692

2911

653

698

269.57

344.49

17.69

14.87

13.84

24.16

HANG SENG INDEX

HKD

1582309

3051.83

1447

344

359

251.79

246.20

1.40

1.49

1.43

3.08

MSCI EM

USD

7240012

1403.281

993

181

186

79.50

86.75

12.44

12.72

11.40

18.68

WILMAR INTERNATIONAL LTD

SGD

16581

12737

6401

25.55

36564

37094

38301

43594

1581

1778

539

0.21

0.16

0.14

0.17

10.71

12.32

10.05

38.58

21.04

30.42

32.12

3.92

BRF - BRASIL FOODS SA

BRL

15836

2333

869

#VALUE!

19.10

12462

13318

13607

14869

1395

1169

412

0.76

0.21

0.47

0.97

42.91

24.76

18.83

9.14

6.47

18.41

11.65

25.65

4.40

BBB-

04.04.2012

Baa3

31.05.2012

JBS SA

BRL

9196

1118

2964

16.99

29959

32473

34045

36171

1489

1621

637

-0.04

0.01

0.18

0.26

143.52

8.48

5.72

5.94

-6.08

2.42

16.07.2010

21.10.2008

CHAROEN POKPHAND FOODS PUB

THB

8518

155142

6656

12.98

6718

10288

10981

12702

634

585

158

0.10

0.07

0.09

0.37

0.51

0.42

0.29

0.81

0.50

0.86

0.19

HORMEL FOODS CORP

USD

7894

146

266

7.54

7895

8164

8291

8693

840

833

228

1.74

1.80

1.86

1.95

16.72

16.19

15.48

9.34

5.93

10.63

8.16

10.20

31.05.2001

KUALA LUMPUR KEPONG BHD

MYR

7202

544

1065

7.50

3481

3557

3454

3635

751

0.39

0.36

0.42

5.61

6.07

5.20

14.17

5.65

18.48

9.34

GOLDEN AGRI-RESOURCES LTD

SGD

6404

39588

12139

6.06

4868

4793

4426

5009

746

664

719

0.08

0.07

0.04

4.58

9.27

7.70

57.13

24.37

34.70

28.06

11.33

TYSON FOODS INC-CL A

USD

6097

558

370

7.77

32266

33309

33368

34723

1791

1579

394

1.89

1.59

1.80

1.55

10.67

9.44

10.97

13.49

4.80

-13.98

28.56

4.74

BBB-

24.02.2011

Baa3

07.06.2012

INNER MONGOLIA YILI INDUS-A

CNY

5363

5541

1599

5.38

5977

6564

6763

8001

349

142

0.18

0.24

3.04

3.05

2.27

4.15

2.87

13.44

4.00

COSAN LTD-CLASS A SHARES

USD

4553

158

271

17.66

24097

25262

39270

45408

1992

2013

810

4.40

1.21

2.83

3.14

28.83

12.34

11.10

33.40

100.89

-26.24

17.17

8.04

21.10.2010

ASTRA AGRO LESTARI TBK PT

IDR

3375

406

1575

3.43

1118

1184

1181

1304

371

366

0.16

0.15

0.17

0.00

SMITHFIELD FOODS INC

USD

3160

335

157

4.94

13094

13091

13205

13760

975

935

193

2.59

2.30

1.85

2.27

9.25

11.52

9.38

7.31

3.98

-15.65

10.73

7.14

27.03.2012

18.07.2012

MARINE HARVEST

NOK

2890

9066

3581

3.77

617

272

0.01

0.02

0.07

13.83

6.41

2.02

1.07

0.75

-1.30

4.15

1.74

FIRST RESOURCES LTD

SGD

2695

2239

1470

2.31

404

513

483

622

240

285

0.11

0.13

0.10

0.12

8.73

8.91

11.04

9.46

40.84

36.54

45.44

SEABOARD CORP

USD

2675

2.46

5747

5865

#VALUE!

436

401

241.10

236.62

#VALUE!

9.43

#VALUE!

31.04

15.97

6.78

3.41

6.83

HEILONGJIANG AGRICULTURE-A

CNY

2190

13925

1778

2.61

2140

1954

2735

3282

163

177

0.03

0.04

0.05

0.06

4.73

4.32

3.57

7.11

4.78

2.70

0.82

GENTING PLANTATIONS BHD

MYR

2113

759

1.94

435

413

411

471

200

158

173

0.15

0.17

0.20

5.93

5.36

4.50

11.46

5.71

11.97

6.92

12.49

MARFRIG ALIMENTOS SA

BRL

1767

1219

346

#VALUE!

6.73

10610

11163

11597

12844

860

1016

233

-1.04

-0.47

0.14

0.18

18.39

14.07

18.34

25.52

8.76

4.41

B+

01.09.2010

BRIGHT DAIRY & FOOD CO LTD-A

CNY

1725

1457

1049

1.67

1883

2079

2211

2595

0.03

0.04

0.05

5.04

5.50

4.32

3.70

1.42

2.44

0.33

ILLOVO SUGAR LTD

ZAr

1616

226

460

1.84

1046

1266

1372

180

245

0.11

0.15

0.22

0.28

2.65

3.72

1.80

1.45

1.50

1.04

3.41

0.69

TONGAAT HULETT LTD

ZAr

1606

105

2.41

1377

1533

1516

1696

256

285

315

0.93

1.11

1.33

1.56

1.53

1.57

1.27

1.09

2.83

3.99

2.12

KERNEL HOLDING SA

PLN

1540

0.67

660

771

801

0.82

0.80

0.86

0.97

2.23

2.24

2.09

1.84

4.33

4.20

15.73

4.56

MHP SA -GDR REG S

USD

1517

108

2.48

1229

1356

1348

1533

402

474

107

2.26

3.04

2.58

2.91

4.47

5.27

4.66

30.17

22.97

23.21

34.99

10.12.2008

INDOFOOD AGRI RESOURCES LTD

SGD

1438

1042

1439

5937

7051

5344

19673.46

2929194

2718914

849.08

763.82

728.85

912.21

8.44

8.43

8.85

7.07

26.91

20.42

14.42

29.46

19.84

FRESH DEL MONTE PRODUCE INC

USD

1435

1.47

3590

3425

3430

3499

203

216

1.69

2.35

2.53

2.62

10.57

9.81

9.50

1.04

0.99

9.93

23.12

6.32

30.08.2012

SAO MARTINHO SA

BRL

1345

112

1.83

663

716

755

934

201

287

0.54

0.40

0.65

0.93

14.38

14.66

8.85

6.15

2.69

12.51

4.46

5.72

21.58

BB+

22.12.2011

NEW BRITAIN PALM OIL LTD

GBp

1305

145

2.54

1240

1180

1059

1123

535

513

0.84

0.35

0.68

0.96

63.52

32.53

22.78

104.55

54.99

145.85

82.09

69.17

CHINA MODERN DAIRY HOLDINGS

HKD

1226

569

4800

1.26

216

342

466

0.01

0.02

2.47

1.73

1.26

6.54

3.09

3.23

CERMAQ ASA

NOK

1203

1.64

2018

1999

2011

2330

292

178

2.84

0.34

0.58

1.56

6.68

3.86

1.45

2.85

1.91

-0.91

0.25

1.54

LEROEY SEAFOOD GROUP ASA

NOK

1117

1.59

1592

1551

1583

1704

258

154

0.75

1.23

2.62

4.72

2.89

1.35

0.56

1.27

-3.08

2.03

1.70

ADECOAGRO SA

USD

1082

121

1.29

548

568

614

789

159

126

0.48

0.01

0.42

0.70

1223.29

21.36

12.79

28.58

22.25

SANDERSON FARMS INC

USD

1070

1.20

1978

2298

2365

2480

-122

125

-5.47

1.23

2.19

1.31

37.94

21.34

35.54

2.73

10.01

5.43

DOLE FOOD CO INC

USD

1049

104

2.62

7224

6967

6942

6449

354

287

0.62

0.66

1.27

1.37

18.07

9.39

8.72

4.81

0.44

16.00

8.54

4.11

30.10.2009

CAL-MAINE FOODS INC

USD

1013

0.88

1113

1142

1258

1291

119

129

2.62

2.88

3.04

3.33

14.84

14.09

12.86

18.17

9.60

4.52

8.42

11.32

SLC AGRICOLA SA

BRL

931

1.33

488

558

559

597

158

136

0.40

0.02

0.34

0.57

188.94

13.55

7.97

6.38

17.83

28.26

11.82

SHANDONG HOMEY AQUATIC DEV-A

CNY

921

3811

730

0.96

141

155

171

200

0.05

0.06

0.07

3.76

3.57

2.73

2.16

0.12

5.83

2.15

TRADEWINDS (MALAYSIA) BHD

MYR

709

296

2.01

2257

2622

#VALUE!

386

0.40

#VALUE!

1.94

#VALUE!

8.10

17.49

4.95

14.11

HAIKOU AGRICULTURE & INDUS-A

CNY

707

7135

880

0.85

175

179

#VALUE!

0.01

#VALUE!

14.75

#VALUE!

3.91

0.69

64.49

KHON KAEN SUGAR INDUSTRY PCL

THB

678

471

1551

1.16

536

726

675

680

118

136

0.04

0.05

0.04

0.29

0.33

0.34

1.18

0.96

4.58

0.93

0.61

SIPEF NV

EUR

671

0.65

336

347

337

358

129

112

9.71

7.49

6.69

6.98

12.17

14.14

13.54

40.15

22.76

13.30

38.31

40.93

BW PLANTATION TBK PT

IDR

583

16729

4042

0.84

103

113

155

0.01

0.00

0.01

ASIAN CITRUS HOLDINGS LTD

HKD

552

3179

1221

0.15

229

276

319

132

0.08

0.09

0.59

0.62

0.54

3.32

2.74

2.25

2.93

5.34

SAMPOERNA AGRO TBK PT

IDR

471

593

1890

0.54

326

288

326

364

0.03

0.02

0.03

0.00

SHANDONG MINHE ANIMAL HUS-A

CNY

464

2265

302

0.41

216

200

248

357

0.13

-0.03

0.09

2.79

2.84

5.48

22.13

5.08

ASTARTA HOLDING NV

PLN

449

0.17

107

114

130

0.95

0.85

0.98

1.40

1.47

1.57

1.36

11.69

9.85

4.68

20.33

11.99

FORTUNE NG FUNG FOOD HEBEI-A

CNY

243

1370

279

0.25

#VALUE!

0.01

#VALUE!

12.84

#VALUE!

0.48

0.72

11.80

-0.47

HUNAN NEW WELLFUL CO LTD-A

CNY

224

1638

234

0.24

154

172

183

205

0.04

0.09

0.10

3.94

1.80

1.49

1.54

1.84

2.35

BLACK EARTH FARMING LTD-SDR

SEK

221

110

125

1.50

305

438

627

753

-121

-109

136

-1.59

0.19

1.17

6.80

1.07

6.57

77.31

-9.49

-3.68

XINJIANG WESTERN ANIMAL-A

CNY

192

497

117

0.23

#VALUE!

0.05

#VALUE!

4.97

#VALUE!

1.09

2.20

2.94

CHINA GREEN (HOLDINGS) LTD

HKD

185

1401

884

0.10

329

#VALUE!

125

0.08

#VALUE!

0.29

#VALUE!

1.81

2.26

1.23

2.80

4.91

10308563 11210038 11353061 12792025

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

10.65

18.09.2012

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

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.05

1.87

1.71

2.05

1.27

1.22

1.18

1.27

9.11

8.63

8.34

9.11

8.56

8.00

7.45

8.56

13.36

12.08

10.80

13.36

2.28

2.48

2.67

2.28

1601.7

15.4%

Euro Stoxx 50 Pr

1.11

1.05

0.99

1.11

0.69

0.68

0.66

0.69

5.09

4.86

4.50

5.09

6.90

6.62

6.26

6.90

10.68

9.79

8.88

10.68

4.28

4.73

5.08

4.28

2740.1

9.9%

NIKKEI 225

1.06

1.00

0.93

1.06

0.49

0.46

0.49

6.36

5.72

5.44

6.36

10.37

6.14

5.36

10.37

15.78

13.22

10.64

15.78

2.38

2.40

2.73

2.38

9777.1

12.9%

FTSE 100 INDEX

1.60

1.49

1.38

1.60

0.98

0.96

0.93

0.98

7.46

6.82

5.51

7.46

6.87

6.39

5.98

6.87

11.26

10.32

9.42

11.26

4.12

4.32

4.63

4.12

6351.1

9.9%

SWISS MARKET INDEX

2.15

2.01

1.87

2.15

1.82

1.72

1.63

1.82

11.90

10.38

9.16

11.90

12.89

11.89

11.07

12.89

13.77

12.47

11.29

13.77

3.51

3.81

4.19

3.51

7273.6

8.1%

S&P/TSX COMPOSITE INDEX

1.67

1.55

1.44

1.67

1.58

1.47

1.38

1.58

8.53

7.62

7.07

8.53

8.57

7.41

6.80

8.57

14.44

12.53

11.37

14.44

3.05

3.22

3.28

3.05

14199.6

16.4%

S&P/ASX 200 INDEX

1.65

1.56

1.47

1.65

1.57

1.47

1.39

1.57

9.68

8.79

6.58

9.68

8.70

7.66

7.08

8.70

13.27

11.82

10.84

13.27

4.93

5.31

5.71

4.93

4714.6

7.6%

HANG SENG INDEX

1.37

1.26

1.16

1.37

1.89

1.75

1.62

1.89

7.09

6.54

6.23

7.09

8.49

7.71

7.08

8.49

11.10

10.24

9.29

11.10

3.49

3.74

4.07

3.49

23186.8

9.4%

MSCI EM

1.51

1.36

1.24

1.51

1.00

0.93

0.87

1.00

7.12

6.46

5.14

7.12

7.53

6.86

6.23

7.53

11.40

9.99

9.01

11.40

2.89

3.07

3.42

2.89

1136.6

14.9%

WILMAR INTERNATIONAL LTD

1.25

1.17

1.08

1.00

1.01

0.39

0.35

0.31

0.28

8.53

12.64

12.17

9.67

12.09

14.13

12.20

11.08

9.41

9.97

15.07

12.28

11.12

9.97

2.35

1.54

1.89

2.12

2.31

3.33

5.2%

BRF - BRASIL FOODS SA

2.28

2.24

2.08

1.93

1.86

1.28

1.19

1.08

0.98

0.92

13.73

16.34

12.39

9.91

8.87

12.52

15.00

10.49

8.58

7.52

19.11

38.83

18.86

14.03

11.81

1.29

0.93

1.41

1.95

2.35

40.07

5.7%

JBS SA

0.86

0.90

0.85

0.81

0.75

0.31

0.27

0.26

0.24

0.22

12.16

8.23

6.63

6.11

11.03

8.34

7.05

6.41

5.92

152.86

17.49

11.80

9.62

9.21

1.32

2.02

2.61

2.57

7.42

15.7%

CHAROEN POKPHAND FOODS PUB

3.54

2.58

2.33

2.07

1.25

0.78

0.67

0.59

12.82

19.31

11.04

9.39

17.52

15.96

11.73

10.44

14.95

15.53

12.90

10.99

3.62

3.45

3.94

4.59

39.20

16.2%

HORMEL FOODS CORP

3.08

2.85

2.66

2.24

1.00

0.95

0.91

0.88

13.89

13.00

13.03

11.85

8.92

8.71

8.39

7.83

17.23

16.19

15.48

14.39

1.98

1.99

2.16

2.36

30.80

2.3%

KUALA LUMPUR KEPONG BHD

3.26

2.95

2.72

2.51

2.34

2.25

2.09

1.98

1.82

1.66

16.09

16.75

15.12

13.60

10.39

12.04

10.53

9.76

8.26

15.43

18.65

15.96

14.81

12.37

3.62

3.36

3.77

3.97

4.78

22.66

9.4%

GOLDEN AGRI-RESOURCES LTD

0.88

0.73

0.69

0.65

0.62

1.24

1.18

1.05

0.95

0.77

9.78

8.18

8.45

7.45

8.42

7.21

6.85

5.31

9.41

11.34

9.41

7.13

2.00

2.21

2.81

6.01

0.78

27.5%

TYSON FOODS INC-CL A

1.11

1.05

0.97

0.88

0.19

0.18

0.17

6.35

6.61

7.92

5.02

4.19

4.59

5.18

4.23

8.64

9.44

10.97

8.11

0.96

0.94

19.43

14.5%

INNER MONGOLIA YILI INDUS-A

6.46

4.06

3.33

2.75

0.90

0.79

0.67

0.59

16.19

13.88

9.35

8.13

12.84

10.37

8.63

7.49

19.43

18.97

14.16

12.03

0.19

1.04

1.08

0.81

24.35

16.5%

COSAN LTD-CLASS A SHARES

0.09

0.06

0.07

0.06

0.28

0.24

0.21

0.18

2.10

5.46

4.37

3.75

4.75

5.53

4.50

3.38

5.87

12.34

11.11

10.09

2.50

2.66

3.05

2.10

20.32

20.1%

ASTRA AGRO LESTARI TBK PT

3.84

3.60

3.18

2.89

3.07

2.86

2.59

2.40

10.51

11.59

11.11

10.19

8.51

9.33

8.19

7.80

12.72

14.46

12.61

12.28

4.04

4.06

4.16

4.77

23258.88

12.6%

SMITHFIELD FOODS INC

0.91

0.90

0.81

0.73

0.24

0.23

6.22

6.04

5.56

4.62

4.69

6.15

5.52

4.97

8.03

11.52

9.38

8.60

0.00

21.38

0.4%

MARINE HARVEST

1.57

1.50

1.44

1.39

1.26

1.03

1.07

1.05

0.94

0.84

5.96

13.26

7.76

6.15

6.36

13.97

7.50

5.85

5.44

8.73

36.94

11.66

8.15

7.72

5.11

0.62

5.14

8.70

5.37

5.01

7.5%

FIRST RESOURCES LTD

2.93

2.45

2.11

1.83

1.32

5.71

4.56

3.54

3.05

2.23

14.17

8.95

9.89

8.86

10.27

8.58

7.45

6.99

4.33

16.20

13.50

11.57

10.83

6.07

1.82

1.88

2.12

2.53

4.70

2.53

21.8%

HEILONGJIANG AGRICULTURE-A

2.26

2.14

2.06

1.97

0.73

0.80

0.67

0.55

15.35

14.75

11.51

9.22

31.69

26.91

22.23

15.34

GENTING PLANTATIONS BHD

2.02

1.83

1.66

1.50

5.45

5.14

4.48

4.07

2.94

15.41

15.46

13.09

12.04

9.61

11.26

9.37

8.44

8.03

14.57

16.47

13.81

12.74

14.02

1.67

1.57

1.68

1.80

2.81

9.78

14.4%

MARFRIG ALIMENTOS SA

0.77

0.96

0.92

0.74

0.17

0.15

0.14

0.13

0.12

14.75

4.71

4.11

3.23

9.25

7.15

6.12

5.32

4.97

37.93

29.02

15.15

6.17

1.21

0.31

0.64

1.71

2.82

12.00

13.0%

BRIGHT DAIRY & FOOD CO LTD-A

3.75

0.93

0.78

0.66

0.57

38.63

34.26

26.90

22.49

10.00

14.0%

ILLOVO SUGAR LTD

2.56

2.28

2.03

1.86

1.70

1.28

1.18

1.08

1.01

21.01

10.54

8.90

7.94

10.97

7.53

6.46

5.78

5.52

24.72

15.77

12.68

10.48

10.91

2.06

3.08

3.84

4.71

4.56

3256.00

5.7%

TONGAAT HULETT LTD

2.46

1.93

1.73

1.36

1.30

1.06

0.95

0.86

0.74

12.87

9.38

7.35

6.87

10.71

7.65

6.69

5.81

5.19

18.02

11.16

9.52

7.75

7.67

2.14

2.66

3.29

3.61

4.61

13787.50

6.2%

KERNEL HOLDING SA

1.31

1.10

0.94

0.88

0.71

0.61

0.59

0.53

0.48

9.71

6.44

5.31

4.11

6.54

5.67

5.39

4.95

4.18

7.26

6.86

6.04

5.53

4.19

0.00

2.98

6.38

12.16

79.03

24.5%

MHP SA -GDR REG S

1.68

1.30

1.05

0.87

1.21

1.06

0.94

0.78

0.65

7.02

5.18

5.14

3.91

6.21

5.21

4.57

3.98

3.48

6.12

5.27

4.66

3.83

3.18

0.00

2.03

21.36

57.3%

INDOFOOD AGRI RESOURCES LTD

1.07

1.00

0.90

0.82

1.11

1.00

0.88

0.84

0.69

6.02

7.90

6.26

4.38

5.87

6.53

5.37

5.14

3.49

9.14

10.82

8.64

8.11

5.13

1.42

0.91

0.87

0.99

1.62

32.5%

0.82

0.78

0.75

0.40

0.42

0.41

0.39

7.00

6.98

6.37

6.21

6.08

5.77

5.31

11.81

9.81

9.50

8.57

28.25

13.7%

2.52

2.17

7.25

10.73

6.94

SEABOARD CORP

FRESH DEL MONTE PRODUCE INC

0.90

0.69

2.46

2.53

18.66

19.16

3.72

1.43

SAO MARTINHO SA

1.33

1.32

1.25

1.12

0.99

2.01

1.77

1.43

1.23

1.08

6.13

6.22

3.98

3.14

2.22

6.65

5.79

4.52

3.74

3.32

17.10

18.25

12.68

9.96

6.93

1.28

1.80

3.25

4.52

10.53

30.66

25.7%

NEW BRITAIN PALM OIL LTD

1.58

1.28

1.20

1.09

1.03

1.79

1.96

1.85

1.72

1.71

6.30

12.10

10.70

5.93

6.13

5.24

9.63

7.53

5.92

5.45

7.17

20.47

14.33

10.43

9.06

3.10

2.32

2.38

2.87

2.41

662.40

21.0%

CHINA MODERN DAIRY HOLDINGS

1.49

1.34

1.18

1.01

4.10

2.89

2.12

1.71

1.42

16.24

11.71

7.96

5.40

17.31

13.00

9.50

7.58

18.73

13.38

9.77

7.73

0.00

0.75

3.89

2.49

25.9%

CERMAQ ASA

1.15

1.19

1.08

0.97

0.89

0.60

0.52

0.48

0.46

5.46

11.23

6.50

4.61

5.65

10.97

6.31

4.92

4.60

6.79

22.25

8.35

6.02

5.85

4.96

3.22

5.30

7.30

97.04

29.4%

LEROEY SEAFOOD GROUP ASA

1.16

1.17

1.06

0.97

0.75

0.68

0.71

0.66

0.63

0.58

6.70

10.55

6.14

5.11

6.51

10.30

6.28

5.31

3.97

7.95

16.64

7.81

6.23

4.87

3.89

2.72

5.77

7.71

141.13

19.6%

ADECOAGRO SA

1.02

0.97

0.90

0.84

0.75

2.00

1.76

1.37

1.25

1.02

13.95

13.63

8.12

6.01

8.63

8.88

5.95

4.81

3.87

18.88

21.36

12.79

11.78

8.27

0.00

1.01

13.62

52.5%

SANDERSON FARMS INC

1.95

1.92

1.93

1.69

0.55

0.45

0.43

7.86

10.58

5.50

21.33

35.54

10.17

1.44

1.50

1.61

1.75

46.83

0.3%

DOLE FOOD CO INC

1.17

0.15

0.16

0.15

7.49

7.86

6.91

9.90

9.39

8.72

7.27

0.00

17.00

42.6%

0.93

0.81

0.79

7.16

6.21

5.69

16.19

14.09

12.86

1.96

3.27

2.55

1.84

1.66

1.55

1.48

9.32

10.46

9.69

9.02

14.84

27.95

16.45

15.13

1.19

2.54

1.34

1.41

CAL-MAINE FOODS INC 0.81

1.40

7.70

3.86

4.93

5.99

11.74

8.52

8.58

5.02

7.22

12.81

9.68

8.47

44.00

2.9%

25.82

33.5%

2.42

9.94

26.6%

4.29

5.15

15.90

20.5%

2.44

2.51

64.33

8.4%

0.84

1.15

1.80

1808.33

30.1%

5.78

6.73

7.58

9.46

5.99

70.6%

3.77

3.21

2.94

5.11

3068.36

27.8%

2.51

0.31

1.57

2.30

2.71

0.00

81.64

36.2%

4.05

0.00

SLC AGRICOLA SA

0.97

0.95

0.91

0.88

15.63

SHANDONG HOMEY AQUATIC DEV-A

3.09

1.96

1.79

1.61

5.87

5.40

4.61

3.93

16.70

18.17

18.60

11.65

17.60

17.05

13.99

11.61

24.38

22.24

17.03

14.51

0.00

1.40

1.91

KHON KAEN SUGAR INDUSTRY PCL

2.10

1.84

1.63

1.57

1.28

1.00

0.89

10.19

8.52

7.70

6.95

10.49

8.67

8.73

7.95

12.68

10.26

10.34

8.96

2.72

4.31

SIPEF NV

1.52

1.38

1.22

1.17

2.00

1.97

1.86

1.66

7.12

8.60

8.14

5.04

6.16

5.82

4.98

8.12

11.12

10.65

8.17

2.40

2.43

BW PLANTATION TBK PT

4.03

3.27

2.60

2.02

6.11

5.15

3.76

2.89

15.70

14.70

9.80

7.21

15.03

13.18

9.16

6.99

17.77

16.38

11.22

8.16

0.72

ASIAN CITRUS HOLDINGS LTD

0.43

0.39

0.37

0.35

1.86

1.61

1.39

1.16

5.32

4.11

3.67

3.26

1.19

1.13

1.14

0.94

5.92

4.82

4.17

3.54

SAMPOERNA AGRO TBK PT

1.77

1.65

1.46

1.30

1.42

1.44

1.29

1.24

5.66

8.94

7.12

6.50

5.23

7.86

5.95

5.44

7.43

11.98

8.99

8.70

SHANDONG MINHE ANIMAL HUS-A

1.75

1.95

1.79

1.62

2.09

1.87

1.30

1.20

13.01

35.41

478.00

12.10

10.11

13.48

17.38

17.70

12.92

ASTARTA HOLDING NV

1.16

0.94

0.76

0.60

1.16

0.95

0.85

0.77

6.24

6.13

3.41

2.62

3.82

5.16

4.47

3.40

11.21

9.28

46.08

7.26

5.87

1.55

TRADEWINDS (MALAYSIA) BHD HAIKOU AGRICULTURE & INDUS-A

1.24

0.44

1.91

1.32

0.68

1.60

4.70

4.64

4.52

3.73

4.01

6.02

3.54

FORTUNE NG FUNG FOOD HEBEI-A

4.70

9.45

60.22

HUNAN NEW WELLFUL CO LTD-A

2.68

BLACK EARTH FARMING LTD-SDR

1.09

XINJIANG WESTERN ANIMAL-A

2.14

1.14

0.99

0.85

0.70

1.32

1.22

1.09

2.69

1.69

1.41

3.69

9.74 1.17

13.94

1.07

25.83 13.62

26.89

23.30

CHINA GREEN (HOLDINGS) LTD

7.77

4.83

4.00 29.20 2.37

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

3.31

16.10

13.11.2012

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

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (15.02.2012) 52-Week Low (13.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 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

12/2011 09/yy 6.05 2.99 12'737'000.00 3.17 -47.60% 6.02% 5.88% 6'396.0 20'275.44 20'888.94 0.0 878.2 8'232.07 31'245.64

80.0 M 70.0 M 60.0 M

50.0 M

40.0 M 30.0 M

20.0 M

10.0 M

0 n-11

31.12.2008 31.12.2009 29'145.2 23'885.1 0.52x 1.42x 1'969.8 2'424.9 7.68x 13.97x 1'531.0 1'882.0 8.10x 15.52x Profitability

LTM-4Q 31.12.2010 30'377.5 1.29x 1'409.2 27.77x 1'324.0 21.19x

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

31.12.2011 44'710.0 0.86x 1'933.4 19.77x 1'600.8 15.43x 1'933.39 1'454.82 3.25% 4.65% 3.17% 9.62% 5.23% 1.12% 8.7% 4.8% 3.6% 3.6% 1.07 0.53 52.70% 156.24% 10.92 5.69

Price/ Cash Flow

09/yy 42'280.1 3.72x 1'910.6 20.26x 1'419.4 18.39x

j-12

f-12

m-12

a-12

LTM 09/yy 45'358.6 3.29x 2'173.5 14.55x 1'278.8 13.32x

m-12

j-12

a-12

s-12

o-12

FY+1

1.00 2'315.63 -37.67% -35.80% 1.004 28 2.821 17'289'400 11'784'070 12'820'270 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 46'834.0 53'306.6 12'211.3 11'852.5 0.67x 0.61x 2'211.3 2'562.6 659.0 555.0 14.13x 12.20x 12.52x 12.17x 1'098.0 1'346.4 378.0 245.0 15.07x 12.28x 12.28x 12.40x S&P Issuer Ratings

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

3.74 0.73 6.37 9.67 156.2% 59.4% 1.12 5.95 33.52 64.27 15.88 75.67

Sales/Revenue/Turnover

100.00

50'000.0

90.00

45'000.0

80.00

40'000.0

70.00

35'000.0

60.00

30'000.0

50.00 40.00

25'000.0 20'000.0

30.00

15'000.0

20.00

10'000.0

10.00

5'000.0

0.00 02.01.2009

.0 M d-11

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

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

90.0 M

6 5

Valuation Analysis

31.12.2007 16'466.2 1.72x 833.6 33.92x 580.4 29.28x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Wilmar International Ltd Holdings By:

All

Holder Name PPB GROUP BHD GLOBAL COCOA HOLDING WILMAR INTL HOLDINGS LONGHLIN ASIA LTD ARCHER-DANIELS-MIDLA CAPITAL GROUP COMPAN FIREFLY LTD BOLNEY ENTERPRISES L HARPOLE RESOURCES LT NOBLESPIRIT CORP HPR INVESTMENTS LTD HONG LEE HOLDINGS PT VAN ECK ASSOCIATES C BONOTO INVESTMENTS L BLACKROCK KIM YONG TEO NATALON CO LTD DALEX INVESTMENTS LT CAPITAL WORLD INVEST MACROMIND INVESTMENT

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

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

Analyst TAN TING MIN BEN SANTOSO JAMES KOH NICHOLAS HUAI GIM ONG TEAM COVERAGE CHARLES C SPENCER IVY NG TANUJ SHORI PATRICK TIAH YING-JIAN CHAN THILAN WICKRAMASINGHE CAREY WONG GAN HUEY LING JAMES RATNAM VINCENT FERNANDO DAVID KRATOCHVIL ADRIAN FOULGER ELTRICIA LI CHING FOONG MICHAEL GREENALL CONRAD WERNER ALVIN TAI ARYA SEN ZUO LI ONG KENG WEE TEAM COVERAGE

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

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

Amt Held 1'172'614'755 356'399'775 354'961'795 336'009'921 335'625'280 317'267'061 294'801'479 294'801'372 256'211'778 242'600'000 230'461'271 179'204'971 96'457'516 51'267'514 40'255'717 33'852'274 33'760'355 30'405'900 29'655'000 26'836'649

% Out 18.33 5.57 5.55 5.25 5.25 4.96 4.61 4.61 4.01 3.79 3.6 2.8 1.51 0.8 0.63 0.53 0.53 0.48 0.46 0.42

Weighting

Change

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

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

Latest Chg (7'808'000) (88'000) (1'110'000) (41'727'000) -

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

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

File Dt 06.03.2012 06.03.2012 06.03.2012 06.03.2012 06.03.2012 23.02.2011 05.10.2012 05.10.2012 06.03.2012 06.03.2012 06.03.2012 06.03.2012 12.11.2012 05.10.2012 09.11.2012 21.01.2012 06.03.2012 06.03.2012 30.09.2012 06.03.2012

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

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

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 11.11.2012 11.11.2012 11.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 07.11.2012 01.11.2012 25.09.2012 21.08.2012 18.07.2012 10.05.2012 23.02.2012 02.02.2012 30.11.2011

13.11.2012

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

Price/Volume

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (16.03.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRFS3 BZ EQUITY YTD Change BRFS3 BZ EQUITY YTD % CHANGE

12/2011 09/yy 38.67 27.53 2'333'300.00 37.9 -1.97% 37.67% 79.62% 872.5 32'665.40 8'053.53 39.6 2'892.90 39'398.53

4.0 M

3.0 M

2.0 M

1.0 M

5 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

7.0 M

40 35

Valuation Analysis

31.12.2007 6'633.4 1.31x 775.5 11.22x 321.3 25.56x

31.12.2008 31.12.2009 11'393.0 15'905.8 0.84x 2.74x 1'079.8 619.4 8.83x 70.41x 54.4 123.0 112.96x 222.84x Profitability

LTM-4Q 31.12.2010 22'681.3 1.21x 2'320.6 11.85x 804.1 29.61x

31.12.2011 25'706.2 1.43x 2'878.5 12.81x 1'367.4 23.19x 2'878.49 1'992.15 7.75% 5.92% 2.14% 4.57% 0.88% 25.9% 9.1% 5.6% 5.3% 1.39 0.35 26.86% 57.24% 10.29 7.47

Price/ Cash Flow

LTM

09/yy 25'007.5 4.69x 2'926.8 11.09x 1'606.6 17.45x

09/yy 27'470.8 3.90x 1'743.2 0.00x 371.5 81.77x

FY+1

0.74 723.24 10.56% 4.46% 0.737 18 3.500 1'316'080 1'855'793 2'256'930 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 27'873.4 30'581.4 7'549.5 6'931.0 1.43x 1.31x 5.35x 5.85x 2'652.8 3'795.3 849.3 614.0 15.00x 10.49x 12.47x 11.15x 862.7 1'783.0 373.3 189.5 38.83x 18.86x 23.51x 20.96x S&P Issuer Ratings

04.04.2012 BBBSTABLE 6.06 3.69 2.77 3.99 57.2% 36.3% 0.88 2.80 35.57 49.02 42.75 20.59

Sales/Revenue/Turnover

40.00

30'000.0

35.00

25'000.0

30.00

20'000.0

25.00 20.00

15'000.0

15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

BRF - Brasil Foods SA Holdings By:

All

Holder Name CAIXA DE PREVIDENCIA FUNDACAO PETROBRAS D BLACKROCK TARPON INVESTIMENTOS GOVERNANCA & GESTAO WEG PARTICIPACOES E VANGUARD GROUP INC FUND VALE DO RIO DOC ONTARIO TEACHERS PEN FUND SISTEL DE SEGUR FUNDACAO VALE DO RIO GUEPARDO INVESTIMENT FURLAN LUIZ FERNANDO BTG PACTUAL ASSET MG T ROWE PRICE ASSOCIA HSBC GESTAO DE RECUR INVESTIDOR PROFISSIO ITAU UNIBANCO SA FONTANA FILHO WALTER BRF BRASIL FOODS SA

Firm Name

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

Analyst

Morgan Stanley JAVIER MARTINEZ Bradesco Corretora RICARDO BOIATI Credit Suisse GUSTAVO JOSEF WIGMAN Banco BTG Pactual SA THIAGO DUARTE Agora CTVM SA JOSE FERREIRA SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO Itau BBA Securities ALEXANDRE RUIZ MIGUEL HSBC PEDRO HERRERA Raymond James JOSEPH GIORDANO JPMorgan ALAN ALANIS Coinvalores SANDRA PERES EVA Dimensions TEAM COVERAGE Banco Safra de Investimento FERNANDO LABES Planner Corretora de Valores RICARDO TADEU MARTINS Barclays GABRIEL VAZ DE LIMA Banco do Brasil SA HENRIQUE AUGUSTO KOCH XP Investimentos TEAM COVERAGE Grupo Santander LUIS MIRANDA Magliano SA CCVM HENRIQUE KLEINE Sociedade Corretora Paulista MARCELO VAREJAO

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

Recommendation Equalwt/Attractive outperform outperform buy buy hold market perform overweight market perform underweight hold sell underperform Under Review overweight Under Review unattractive buy buy Under Review

Amt Held 107'837'688 88'294'288 71'011'166 69'972'351 26'845'634 26'346'620 20'146'567 14'744'797 13'400'000 11'691'141 9'988'421 6'171'180 5'944'216 5'785'661 4'938'108 4'687'462 3'848'019 3'581'938 2'990'290 2'966'409

% Out 12.36 10.12 8.14 8.02 3.08 3.02 2.31 1.69 1.54 1.34 1.14 0.71 0.68 0.66 0.57 0.54 0.44 0.41 0.34 0.34

Weighting

Change

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

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

Latest Chg 494'876 (3'186'100) 298'420 6'700 565'200 310'626 226'940 (101'262) (30'361) 26'433 (28'138) -

Target Price 37 45 45 40 45 #N/A N/A 39 40 #N/A N/A 33 #N/A N/A #N/A N/A 36 #N/A N/A 42 #N/A N/A #N/A N/A 43 38 #N/A N/A

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

File Dt 25.09.2012 25.09.2012 09.11.2012 25.09.2012 30.09.2012 31.12.2011 30.09.2012 25.09.2012 31.12.2011 25.09.2012 31.10.2012 30.09.2012 31.12.2011 31.10.2012 30.09.2012 31.10.2012 30.09.2012 31.10.2012 31.12.2011 25.09.2012

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

Inst Type Government Other Investment Advisor Mutual Fund Manager Mutual Fund Manager Other Investment Advisor Other Pension Fund (ERISA) Pension Fund (ERISA) Mutual Fund Manager Mutual Fund Manager n/a Mutual Fund Manager Investment Advisor Investment Advisor Other Investment Advisor n/a Corporation

Date 13.11.2012 13.11.2012 13.11.2012 13.11.2012 09.11.2012 07.11.2012 22.10.2012 05.10.2012 01.10.2012 28.09.2012 27.09.2012 11.09.2012 14.08.2012 27.07.2012 10.05.2012 30.04.2012 02.04.2012 13.12.2011 08.11.2011 08.08.2011

13.11.2012

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

Price/Volume 9

40.0 M

35.0 M

30.0 M

25.0 M

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JBSS3 BZ EQUITY YTD Change JBSS3 BZ EQUITY YTD % CHANGE

12/2011 06/yy 8.50 4.91 1'117'600.00 6.41 -24.47% 30.55% 44.85% 2'963.9 18'969.12 18'873.48 0.0 935.4 5'288.19 35'047.59

31.12.2007 14'141.6 0.62x (165.0) -

15.0 M

3 2

10.0 M

5.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

20.0 M

Valuation Analysis

31.12.2008 31.12.2009 30'340.3 34'905.6 0.34x 1.03x 1'120.4 1'461.1 9.14x 24.72x 25.9 220.7 266.82x 98.11x Profitability

LTM-4Q 31.12.2010 55'055.8 0.62x 3'512.8 9.66x (302.7) -

31.12.2011 61'796.8 0.53x 3'072.0 10.59x (247.2) 3'072.03 1'780.62 2.88% -0.37% 0.15% 0.35% 1.35% 1.43% 10.8% 5.0% 3.1% -0.4% 1.72 0.96 39.81% 91.34% 14.92 10.89

Price/ Cash Flow

LTM

06/yy 58'026.7 2.15x 3'171.1 8.33x (439.6) 0.00x

06/yy 66'981.6 1.91x 3'343.3 9.94x 72.2 278.48x

FY+1

1.13 767.71 24.71% 5.43% 1.131 17 3.294 1'564'240 2'666'637 3'653'241 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 70'225.1 74'609.5 19'175.9 18'956.5 0.49x 0.45x 1.83x 1.83x 4'207.2 4'976.2 1'314.2 1'142.5 8.34x 7.05x 7.39x 7.35x 1'076.6 1'547.9 386.0 331.5 17.49x 11.80x 13.67x 12.79x S&P Issuer Ratings

16.07.2010 BB STABLE 1.77 1.10 4.57 6.21 91.3% 46.6% 1.43 4.47 24.54 33.61 18.49 38.71

Sales/Revenue/Turnover

25.00

70'000.0 60'000.0

20.00

50'000.0 15.00

40'000.0 30'000.0

10.00

20'000.0 5.00

0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

JBS SA Holdings By:

All

Holder Name FB PARTICIPACOES SA BNDES PARTICIPACOES PROT FUND DE INVES E JBS SA BANCO ORIGINAL SA COMGEST GROWTH PLC JANUS CAPITAL MANAGE BLACKROCK VANGUARD GROUP INC BRAM BRADESCO ASSET ITAU UNIBANCO SA GUARDIAN INVESTOR SE BB GESTAO DE RECURSO BANK OF NEW YORK MEL PRINCIPAL FINANCIAL DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER SANTANDER BRASIL ASS WARBURG INVEST LUXEM VOTORANTIM ASSET MGM

Firm Name

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

Analyst

Agora CTVM SA JOSE FERREIRA Votorantim CTVM Research LUIZ CARLOS CESTA Bradesco Corretora RICARDO BOIATI Banco BTG Pactual SA THIAGO DUARTE Itau BBA Securities ALEXANDRE RUIZ MIGUEL HSBC PEDRO HERRERA JPMorgan ALAN ALANIS EVA Dimensions TEAM COVERAGE Deutsche Bank JOSE J YORDAN Banco Safra de Investimento FERNANDO LABES Morgan Stanley JAVIER MARTINEZ SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO Barclays GABRIEL VAZ DE LIMA XP Investimentos TEAM COVERAGE Banco do Brasil SA HENRIQUE AUGUSTO KOCH Grupo Santander LUIS MIRANDA

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

Recommendation hold outperform market perform buy outperform overweight neutral underweight hold outperform Overwt/Attractive hold underweight unattractive Under Review hold

Amt Held 1'200'541'969 842'011'620 98'215'928 93'150'350 60'505'514 37'861'000 22'421'800 18'965'190 17'477'003 14'056'228 9'092'774 6'280'800 5'532'280 4'386'100 2'851'026 2'724'413 2'389'479 2'047'107 1'500'000 1'458'537

% Out 40.51 28.41 3.31 3.14 2.04 1.28 0.76 0.64 0.59 0.47 0.31 0.21 0.19 0.15 0.1 0.09 0.08 0.07 0.05 0.05

Weighting

Change

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

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

Latest Chg 66'800 (7'658'137) 2'162'449 44'280 6'280'800 495'300 1'791'872 (50'600) 608'166 669'400

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

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

File Dt 21.08.2012 21.08.2012 21.08.2012 21.08.2012 21.08.2012 30.06.2011 30.06.2012 09.11.2012 30.09.2012 31.10.2012 31.10.2012 30.06.2012 31.10.2012 30.09.2012 30.09.2012 31.07.2012 30.04.2011 31.10.2012 28.09.2012 31.10.2012

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

Inst Type Other Government n/a Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager

Date 12.11.2012 07.11.2012 01.11.2012 29.10.2012 22.10.2012 05.10.2012 28.09.2012 05.09.2012 29.08.2012 16.08.2012 15.08.2012 24.07.2012 16.05.2012 02.04.2012 10.02.2012 13.12.2011

13.11.2012

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 45

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPF TB EQUITY YTD Change CPF TB EQUITY YTD % CHANGE

12/2011 09/yy 42.25 29.50 155'141'500.00 33.75 -20.12% 14.41% 50.98% 7'742.9 261'324.30 69'449.23 0.0 2'921.7 24'341.35 398'170.25

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

10 5 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

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

Fiscal Year Ended 31.12.2007 134'808.9 0.55x 5'180.9 14.37x 1'275.1 25.56x

31.12.2008 31.12.2009 156'237.6 165'063.0 0.42x 0.70x 8'067.5 16'147.8 8.20x 7.17x 3'128.4 10'190.2 7.23x 7.50x Profitability

LTM-4Q 31.12.2010 189'048.5 1.09x 16'863.9 12.24x 13'562.6 12.11x

31.12.2011 206'099.5 1.30x 19'442.1 13.77x 15'837.0 13.87x 19'442.07 14'702.75 7.13% 9.14% 9.60% 26.20% 14.90% 1.45% 16.3% 5.7% 3.5% 7.7% 1.70 0.87 43.43% 109.20% 16.44 6.80

Price/ Cash Flow

LTM

FY+1

0.87 3'320.89 16.28% 5.71% 0.865 29 4.172 30'530'220 28'043'280 26'841'310 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 200'702.1 315'634.2 336'908.0 389'712.0 92'564.3 107'251.0 4.51x 4.69x 1.07x 0.92x 18'176.7 17'943.8 24'952.0 33'942.2 4'862.0 13.60x 22.08x 15.96x 11.73x 15'721.2 20'954.8 15'663.3 19'381.1 1'326.8 5'894.0 11.33x 11.13x 15.53x 12.90x 11.84x 11.10x 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

7.99 3.76 6.72 7.57 109.2% 51.1% 1.45 4.91 22.26 53.80 19.46 78.64

Sales/Revenue/Turnover

100.00

250'000.0

90.00

200'000.0

80.00 70.00

150'000.0

60.00 50.00

100'000.0

40.00 30.00

50'000.0

20.00 10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Charoen Pokphand Foods PCL Holdings By:

All

Holder Name CHAROEN POKPHAND GRO UBS AG/LONDON THAI NVDR CO LTD ORIENT SUCCESS INTL CAPITAL RESEARCH AND UOB-KAY HIAN PTE LTD CPF THAILAND PCL JIRAPUMMIN WALAIPORN VANGUARD GROUP INC SOCIAL SECURITY OFFI UBS AG/HONG KONG BANGKOK PRODUCES PCL TIEANWORN PRIN STATE STREET BANK EU ASAVANUND AREEYA GOVT OF SINGAPORE IN STATE STREET BANK AN JF ASSET MANAGEMENT JF ASSET MANAGEMENT TMB ASSET MANAGEMENT

Firm Name KT Zmico Securities IV Global Kasikorn Securities Morgan Stanley Credit Suisse JPMorgan CIMB Kim Eng Securities SCB Securities Co. Ltd. Bualuang Securities Phillip Securities Asia Plus Securities KTB Securities Thailand Co Ltd UOB Kay Hian Thanachart Securities PCL Finansia Syrus Securities PCL Standard Chartered Country Group Securities PCL Trinity Securities EVA Dimensions Macquarie Deutsche Bank DBS Vickers OSK (Asia) Securities Krungsri Securities AIRA Securities Capital Nomura Securities

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

Analyst WEERAPAT WONGURAI RATTANA LEENUTAPHONG SIRINATTHA TECHASIRIWAN DIVYA GANGAHAR KOTHIYAL CHAI TECHAKUMPUCH KAE PORNPUNNARATH MARCIN SPIEWAK SUTTATIP PEERASUB KANCHAN KHANIJOU PRASIT SUJIRAVORAKUL NAREE APISAWAITTKAN THIPTAWAT SUWANTAMARONG PARIN KITCHATORNPITAK THUNYA SUTAVEPRAMOCHANON SARACHADA SORNSONG SUREEPORN TEEWASUWET NIRGUNAN TIRUCHELVAM DOME KUNPRAYOONSAWAD SURACHAI PRAMUALCHAROENKIT TEAM COVERAGE BUNLUNG WAIYANONT CHALINEE CONGMUANG NALYNE VIRIYASATHIEN HAN MENG TAN SITTIDATH PRASERTRUNGRUANG NUTTAPON KUMNOUNPHON PLOENJAI JIRAJARUS

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

Recommendation buy on weakness hold outperform Equalwt/In-Line outperform overweight outperform buy neutral buy accumulate buy strong buy buy buy buy underperform trading buy buy underweight outperform hold buy sell trading buy buy

Amt Held 2'817'341'295 433'172'149 417'010'295 405'000'000 394'374'700 218'827'700 203'859'940 140'000'000 94'621'808 90'827'900 89'254'106 82'885'000 80'000'000 68'965'241 60'000'000 59'182'100 51'261'990 46'960'300 22'779'500 18'369'000

% Out 36.39 5.59 5.39 5.23 5.09 2.83 2.63 1.81 1.22 1.17 1.15 1.07 1.03 0.89 0.77 0.76 0.66 0.61 0.29 0.24

Weighting

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

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

Latest Chg 178'363'500 18'102'300 (2'324'800) 46'960'300 22'779'500 (239'200)

Target Price 39 38 40 33 50 43 49 40 34 44 37 41 40 40 43 42 29 39 42 #N/A N/A 40 36 45 24 38 49 56

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

File Dt Inst Type 27.08.2012 Holding Company 29.08.2012 Investment Advisor 27.08.2012 Corporation 27.08.2012 n/a 04.10.2012 Investment Advisor 27.08.2012 Corporation 27.08.2012 n/a 27.08.2012 n/a 30.06.2012 Investment Advisor 27.08.2012 Unclassified 27.08.2012 Bank 27.08.2012 Corporation 27.08.2012 n/a 27.08.2012 n/a 27.08.2012 n/a 27.08.2012 Government 27.08.2012 Bank 30.09.2011 Mutual Fund Manager 30.09.2011 Mutual Fund Manager 28.09.2012 Investment Advisor

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

Date 13.11.2012 13.11.2012 13.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 22.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 08.10.2012 28.09.2012 25.09.2012 10.09.2012 28.08.2012 14.08.2012 14.08.2012 14.08.2012 11.07.2012 29.06.2012 11.05.2012

13.11.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.07.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HRL US EQUITY YTD Change HRL US EQUITY YTD % CHANGE

10/2011 07/yy 30.70 27.28 145'886.00 30.1 -1.99% 10.34% 77.78% 262.9 7'894.28 250.00 0.0 3.2 539.21 7'541.37

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

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 n-11

31.10.2008 31.10.2009 6'754.9 6'533.7 0.61x 0.74x 635.6 658.9 6.49x 7.31x 285.5 342.8 13.69x 14.35x Profitability

LTM-4Q 31.10.2010 7'220.7 0.82x 759.0 7.83x 395.6 15.26x

31.10.2011 7'895.1 0.97x 839.7 9.15x 474.2 17.21x

839.69 715.53 9.06% 9.10% 11.36% 17.47% 16.42% 1.91% 16.9% 10.2% 8.7% 6.0% 2.57 1.29 5.89% 9.41% 18.10 7.64

Price/ Cash Flow

07/yy 7'854.2 3.46x 851.1 8.69x 478.0 16.46x

j-12

f-12

m-12

a-12

LTM 07/yy 8'164.4 3.60x 833.1 8.55x 484.8 15.78x

m-12

j-12

a-12

s-12

o-12

FY+1

1.92 0.62 133.30 7.88 3.85% 4.91% 0.622 11 3.182 770'645 682'846 729'535 FY+2

FQ+1

FQ+2

10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 8'290.9 8'692.6 2'230.6 2'146.6 0.90x 0.83x 868.7 901.7 228.4 225.2 8.71x 8.39x 8.73x 8.68x 500.1 520.1 133.0 135.2 16.19x 15.48x 15.71x 15.52x S&P Issuer Ratings

31.05.2001 A STABLE 30.06.1999 NR 37.05 32.78 -0.43 0.30 9.4% 8.6% 1.91 9.01 20.12 47.65 15.56 46.60

Sales/Revenue/Turnover

20.00

9'000.0

18.00

8'000.0

16.00

7'000.0

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 31.10.2008

.0 M d-11

Fiscal Year Ended 31.10.2007 6'193.0 0.85x 607.2 8.67x 301.9 17.19x

0.0 30.04.2009

31.10.2009

30.04.2010

31.10.2010

30.04.2011

31.10.2011

30.04.2012

31.10.2012

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

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

13.11.2012

Hormel Foods Corp Holdings By:

All

Holder Name HORMEL FOUNDATION VANGUARD GROUP INC BLACKROCK STATE STREET CORP UBS MAIRS & POWER INCORP GUGGENHEIM NORTHERN TRUST CORPO WELLINGTON MANAGEMEN INVESCO LTD BANK OF NEW YORK MEL NORGES BANK PGGM VERMOGENSBEHEER ANALYTIC INVESTORS L SCHRODER INVESTMENT CITIGROUP INCORPORAT ACADIAN ASSET MANAGE GEODE CAPITAL MANAGE SCOUT INVESTMENT ADV ROYCE AND ASSOCIATES

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

Portfolio Name n/a VANGUARD GROUP INC n/a STATE STREET CORPORA n/a MAIRS & POWER INC n/a NORTHERN TRUST CORPO WELLINGTON MANAGEMEN INVESCO LTD BANK OF NEW YORK MEL NORGES BANK PGGM VERMOGENSBEHEER ANALYTIC INVESTORS L SCHRODER INVESTMENT CITIGROUP INCORPORAT ACADIAN ASSET MANAGE GEODE CAPITAL MANAGE SCOUT INVESTMENT ADV ROYCE & ASSOCIATES L

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

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

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

Amt Held 127'534'084 10'069'674 7'402'467 5'787'990 3'940'520 3'433'292 1'990'034 1'750'680 1'692'070 1'670'945 1'627'634 1'469'732 1'349'141 1'233'585 1'199'026 1'135'353 953'288 938'395 932'238 910'530

% Out 48.51 3.83 2.82 2.2 1.5 1.31 0.76 0.67 0.64 0.64 0.62 0.56 0.51 0.47 0.46 0.43 0.36 0.36 0.35 0.35

Weighting

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

M M U M M M M M M M M

Latest Chg 228'434 212'955 235'108 598'235 (545) (226'480) 194'911 1'692'070 (237'034) (149'563) 1'469'732 560'433 97'265 (163'300) (352'129) 58'055 67'691 (305'654) (377'750)

Target Price #N/A N/A 25 34 31 #N/A N/A #N/A N/A 32 25 32 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2011 Other 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.12.2011 Government 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor

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

Date 29.10.2012 25.10.2012 25.10.2012 12.10.2012 11.10.2012 10.10.2012 24.08.2012 24.08.2012 24.08.2012 23.08.2012 18.11.2011

13.11.2012

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

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2012) 52-Week Low (11.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLK MK EQUITY YTD Change KLK MK EQUITY YTD % CHANGE

09/2011 06/yy 26.76 17.00 543'600.00 20.72 -22.57% 21.88% 38.11% 1'067.5 22'118.70 2'089.60 0.0 392.4 1'670.16 23'028.52

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

10 5 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 30.09.2007 5'024.4 2.95x 965.5 15.33x 694.2 20.25x

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

30.09.2008 30.09.2009 7'789.7 6'620.4 1.42x 2.34x 1'636.9 1'223.7 6.75x 12.64x 1'040.7 612.5 9.83x 24.00x Profitability

LTM-4Q 30.09.2010 7'450.0 2.53x 1'471.5 12.81x 1'012.3 17.88x

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

2'306.84 2'041.62 19.10% 19.32% 11.65% 18.41% 14.90% 1.02% 27.6% 16.3% 14.7% 1.91 1.08 19.05% 29.54% 8.40 -

Price/ Cash Flow

LTM

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

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

FY+1

0.81 405.54 2.66% -5.48% 0.812 32 3.188 592'900 774'383 805'157 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 10'608.0 11'164.4 3'075.0 2.15x 1.99x 1'913.1 2'187.7 12.04x 10.53x 1'188.9 1'383.4 18.65x 15.96x S&P Issuer Ratings

31.07 24.68 29.5% 21.9% 1.02 3.40 43.58 83.54

Sales/Revenue/Turnover

70.00

12'000.0

60.00

10'000.0

50.00

8'000.0

40.00

6'000.0 30.00

4'000.0 20.00

2'000.0

10.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

13.11.2012

Kuala Lumpur Kepong Bhd Holdings By:

All

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

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

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

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

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

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

Amt Held 495'901'527 158'866'838 19'939'284 16'083'348 14'529'911 4'825'100 4'141'772 3'745'000 3'524'850 3'397'700 2'810'125 2'539'000 2'165'140 1'677'750 1'630'150 1'563'900 1'090'533 991'400 761'200 760'300

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

Weighting

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

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

Latest Chg (133'300) 430'300 (14'800) 57'039 (850'869) (656'000) 3'397'700 2'247'525 (176'960) 67'400 (15'971) (600) (45'000)

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

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

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

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

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

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

13.11.2012

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

Price/Volume 1

300.0 M

250.0 M

1 1

200.0 M

12/2011 09/yy 0.81 0.59 39'588'000.00 0.61 -24.22% 3.39% 9.30% 12'837.6 7'830.90 1'085.86 0.0 87.4 325.10 7'404.23

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

100.0 M

50.0 M

0 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 1'873.4 4.16x 519.9 15.00x 1'164.8 6.04x

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (08.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GGR SP EQUITY YTD Change GGR SP EQUITY YTD % CHANGE

31.12.2008 31.12.2009 2'985.9 2'293.7 0.72x 2.11x 588.9 386.9 3.64x 12.51x 1'382.5 607.0 1.18x 6.92x Profitability

LTM-4Q 31.12.2010 3'504.7 2.41x 640.5 13.19x 1'423.0 5.32x

31.12.2011 5'952.9 1.27x 912.4 8.27x 1'268.0 5.28x

912.36 817.72 13.74% 28.76% 9.33% 13.99% 12.60% 0.50% 30.9% 13.9% 12.0% 21.3% 1.65 0.49 9.17% 13.53% 18.25 5.51

Price/ Cash Flow

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

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

FY+1

1.07 6'425.35 -5.26% -12.55% 1.074 22 4.182 79'311'200 74'808'170 79'728'440 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 5'412.4 6'124.8 1.31x 1.14x 879.2 1'027.1 8.42x 7.21x 530.7 634.7 11.34x 9.41x S&P Issuer Ratings

15.47 7.90 1.12 1.69 13.5% 11.8% 0.50 3.27 20.06 66.42 47.42 39.04

Sales/Revenue/Turnover

50.00

7'000.0

45.00

6'000.0

40.00 35.00

5'000.0

30.00

4'000.0

25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Golden Agri-Resources Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 6'412'197'897 220'280'663 156'508'812 134'380'000 125'987'817 80'531'331 55'822'000 42'746'019 41'797'700 35'619'000 33'760'488 31'114'764 30'153'912 27'677'382 26'976'000 24'285'323 23'142'981 21'245'479 20'911'300 20'332'338

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

Weighting

Change

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

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

Latest Chg 342'823'145 (178'000) 1'028'000 3'500'000 4'544'310 54'322'000 39'307'948 (1'916'000) 6'535'305 306'000 (1'752'000) 752'000 1'252'000 17'200'000 (28'284'161) 8'369'000

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

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

File Dt Inst Type 26.07.2012 Unclassified 12.11.2012 Investment Advisor 09.11.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2011 Mutual Fund Manager 31.10.2011 Investment Advisor 31.08.2012 Bank 29.02.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 29.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.03.2011 Mutual Fund Manager 31.08.2012 Mutual Fund Manager 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor

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

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

13.11.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.12.2011) 52-Week Low (06.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSN US EQUITY YTD Change TSN US EQUITY YTD % CHANGE

09/2011 06/yy 21.06 14.07 558'081.00 16.97 -19.47% 20.65% 40.67% 291.9 6'096.87 2'182.00 0.0 28.0 716.00 7'766.87

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

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 30.09.2007 25'729.0 0.35x 1'129.0 8.05x 268.0 22.59x

30.09.2008 30.09.2009 26'862.0 26'704.0 0.28x 0.27x 860.0 875.0 8.64x 8.23x 86.0 (547.0) 37.32x 308.00x Profitability

LTM-4Q 30.09.2010 28'430.0 0.27x 2'082.0 3.74x 780.0 7.42x

30.09.2011 32'266.0 0.25x 1'791.0 4.42x 750.0 9.19x

1'791.00 1'285.00 3.98% 3.33% 4.31% 8.52% 8.82% 2.90% 6.8% 4.7% 3.3% 2.3% 2.01 0.86 19.71% 38.57% 24.82 11.64

Price/ Cash Flow

LTM

07/yy 31'303.0 1.08x 2'042.0 4.32x 866.0 8.68x

06/yy 33'309.0 1.02x 1'579.0 5.37x 495.0 11.84x

FY+1

0.94 0.80 285.89 11.23 -12.25% -17.23% 0.796 14 3.286 3'932'837 4'119'023 5'110'429 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 33'368.3 34'722.7 8'487.6 8'568.9 0.23x 0.21x 0.92x 0.93x 1'702.2 1'506.7 394.4 336.8 4.59x 5.18x 5.44x 5.35x 668.8 568.9 160.6 120.5 9.44x 10.97x 11.29x 10.80x S&P Issuer Ratings

24.02.2011 BBBPOS 11.10.2006 NR 7.40 4.74 1.04 1.56 38.6% 27.7% 2.90 8.55 14.67 31.27 13.86 29.41

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

13.11.2012

Tyson Foods Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK ALLIANCEBERNSTEIN LP STATE STREET CORP JENNISON ASSOCIATES ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL LSV ASSET MANAGEMENT NEUBERGER BERMAN LLC JP MORGAN GOLDMAN SACHS GROUP MANNING & NAPIER ADV BANK OF AMERICA CORP VAN ECK ASSOCIATES C BANK OF NEW YORK MEL PRUDENTIAL FINANCIAL DIMENSIONAL FUND ADV NORTHERN TRUST CORPO TYSON LP BMO FINANCIAL CORP

Firm Name KeyBanc Capital Markets Morgan Stanley Credit Suisse BMO Capital Markets Stephens Inc Davenport & Co Miller Tabak + Co., LLC BB&T Capital Markets Credit Agricole Securities (USA) D.A. Davidson & Co Cowen and Company JPMorgan EVA Dimensions

Portfolio Name VANGUARD GROUP INC n/a ALLIANCEBERNSTEIN LP STATE STREET CORPORA JENNISON ASSOCIATES ACADIAN ASSET MANAGE AMERIPRISE FINANCIAL LSV ASSET MANAGEMENT NEUBERGER BERMAN GRO n/a GOLDMAN SACHS GROUP MANNING & NAPIER ADV BANK OF AMERICA VAN ECK ASSOCIATES C BANK OF NEW YORK MEL n/a DIMENSIONAL FUND ADV NORTHERN TRUST CORPO #N/A N/A BMO FINANCIAL CORP

Analyst AKSHAY S JAGDALE VINCENT ANDREWS ROBERT MOSKOW KENNETH B ZASLOW FARHA ASLAM ANN H GURKIN TIM TIBERIO HEATHER L JONES DIANE GEISSLER TIMOTHY S RAMEY COLIN GUHEEN KENNETH GOLDMAN TEAM COVERAGE

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

Recommendation buy Underwt/Cautious neutral market perform overweight buy hold buy underperform neutral neutral neutral buy

Amt Held 16'846'543 16'771'588 14'224'115 12'343'976 12'087'847 10'180'976 9'776'876 7'926'260 7'777'262 5'664'372 5'410'411 5'053'940 4'477'986 4'468'090 4'357'300 3'818'474 3'661'268 3'486'641 3'000'000 2'639'936

% Out 5.77 5.75 4.87 4.23 4.14 3.49 3.35 2.72 2.66 1.94 1.85 1.73 1.53 1.53 1.49 1.31 1.25 1.19 1.03 0.9

Weighting

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

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

Latest Chg 486'609 370'104 1'019'819 86'417 1'134'934 (1'444'329) 1'355'726 (538'620) 732'732 (2'310'978) 313'067 5'053'940 128'695 (455'820) 112'820 2'454 (116'204) 292'381 (2'866'931)

Target Price 23 #N/A N/A 18 17 19 21 18 20 15 15 #N/A N/A 20 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 01.12.2011 Corporation 30.09.2012 Investment Advisor

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

Date 07.11.2012 24.10.2012 24.10.2012 12.10.2012 12.10.2012 11.10.2012 06.09.2012 27.08.2012 07.08.2012 06.08.2012 06.08.2012 10.07.2012 18.11.2011

13.11.2012

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

Price/Volume 30

140.0 M

120.0 M 100.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (03.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600887 CH EQUITY YTD Change 600887 CH EQUITY YTD % CHANGE

12/2011 09/yy 24.55 18.03 5'541'116.00 20.89 -14.91% 15.86% 45.40% 1'598.6 33'395.71 3'141.98 0.0 281.6 3'921.13 33'472.47

31.12.2007 19'277.1 1.20x 535.5 43.34x (20.6) -

60.0 M

40.0 M

20.0 M

0 n-11

31.12.2008 31.12.2009 21'537.1 24'214.7 0.33x 0.85x (1'515.2) 1'171.6 17.54x (1'687.4) 647.7 32.69x Profitability

LTM-4Q 31.12.2010 29'577.2 1.03x 1'184.9 25.75x 777.2 39.44x

31.12.2011 37'218.5 0.86x 2'176.3 14.78x 1'809.2 18.08x 2'176.35 1'445.30 3.88% 5.74% 8.94% 27.84% 2.08% 28.8% 4.0% 4.9% 0.68 0.33 15.77% 52.16% 84.28 11.11

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 35'194.7 3.19x 0.0 0.00x 1'644.6 17.74x

a-12 m-12

09/yy 40'873.9 3.32x 0.0 0.00x 1'757.3 19.29x

j-12

a-12

s-12

o-12

FY+1

0.89 1'558.96 -8.11% 3.36% 0.895 16 4.500 7'743'830 6'022'140 7'431'052 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 42'116.4 49'822.9 8'790.0 11'570.0 0.66x 0.54x 3'227.5 3'879.5 884.0 947.0 10.37x 8.63x 9.12x 8.69x 1'729.4 2'301.4 433.0 557.0 18.97x 14.16x 19.17x 16.98x S&P Issuer Ratings

52.2% 33.3% 2.08 4.66 4.34 32.95 64.02 -10.33

Sales/Revenue/Turnover

40.00

40'000.0

35.00

35'000.0

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

.0 M d-11

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

80.0 M

Valuation Analysis

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Inner Mongolia Yili Industrial Group Co Ltd Holdings By:

All

Holder Name HOHHOT INVESTMENT CO CHINA ASSET MANAGEME E FUND MANAGEMENT CHINA ASSET MANAGEME RONGTONG FUND MANAGE UBS SDIC FUND MANAGE HARVEST FUND MANAGEM CHINA UNIVERSAL ASSE MERRILL LYNCH INTERN PENGHUA FUND MANAGEM DACHENG FUND MANAGME CCB PRINCIPAL ASSET HUATAI-PINEBRIDGE FU AEGON INDUSTRIAL FUN HSBC-JINTRUST FUND M TAIKANG LIFE INSURAN GF FUND MANAGEMENT C SOCIAL SECURITY FUND ABN AMRO TEDA FUND M CITIGROUP GLOBAL MAR

Firm Name PingAn Securities Everbright Securities Co., Ltd EVA Dimensions Capital Securities Corp Sinolink Securities Co Ltd Hong Yuan Securities SWS Research Co Ltd Rising Securities Co.,LTD Morgan Stanley China Securities Co., Ltd Citic Securities Co., Ltd China Merchants Securities Northeast Securities Co Ltd Guodu Securities Co Ltd Great Wall Securities Industrial Securities GuoYuan Securities Bohai Securities Co Ltd Central China Securities China International Capital Corp China Investment Securities HuaChuang Securities Bank of China International China Galaxy Securities Shanxi Securities Co Ltd

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

Analyst WEN XIAN LI JIE TEAM COVERAGE LIU HUI XIAO ZHE LI BIN JASMINE ZHOU ZHAO YUE LILLIAN LOU FUSHENG HUANG HUANG WEI LONG JUN ZHU CHENGLIANG LI YUN WANG PING CHEN YU JIAXING ZHOU YALEI YAN FANG XIAHONG FEIYANG YUAN JIANG XIN GAO LI LIU DU DONG JUNFENG LUO YIN

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

Recommendation buy buy underweight buy buy buy buy outperform Equalwt/Attractive buy buy buy neutral buy buy buy buy buy buy buy strong buy buy buy buy add

Amt Held 162'792'708 82'449'586 75'297'237 58'771'745 57'473'682 41'766'438 39'792'482 39'754'240 32'332'947 30'254'578 29'289'637 27'010'400 23'985'285 20'759'331 20'728'505 20'161'908 19'693'251 19'118'229 18'909'102 18'785'714

% Out 10.18 5.16 4.71 3.68 3.6 2.61 2.49 2.49 2.02 1.89 1.83 1.69 1.5 1.3 1.3 1.26 1.23 1.2 1.18 1.18

Weighting

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

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

Latest Chg 33'442'440 6'260'396 2'932'302 (2'576'575) 17'319'345 (32'163'224) 38'861'124 (7'396'242) 3'659'441 (3'263'070) 20'540'741 2'061'668 9'260'930 18'694'911 (2'551'503) -

Target Price #N/A N/A 21 #N/A N/A 25 #N/A N/A 30 #N/A N/A 29 25 30 26 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 24 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 25 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Bank 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Insurance Company 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2011 Investment Advisor 31.12.2011 Unclassified

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

Date 12.11.2012 04.11.2012 02.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 22.08.2012 20.08.2012 25.06.2012 21.06.2012 18.06.2012 16.06.2012 24.04.2012 05.04.2012 18.07.2011 05.07.2011 12.06.2011 28.05.2011 11.04.2011 07.01.2011 10.12.2010 14.10.2010 29.06.2010 30.04.2009

13.11.2012

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

Price/Volume 18

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CZZ US EQUITY YTD Change CZZ US EQUITY YTD % CHANGE

03/2012 09/yy 17.11 10.75 158'442.00 16.92 -1.23% 57.40% 95.91% 174.4 4'552.96 5'199.39 0.0 3'904.3 1'654.15 17'664.08

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

1.5 M

6 4

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.03.2008 2'725.3 2.68x 179.0 40.85x 30.3 147.33x

2.0 M

Valuation Analysis

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

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

31.03.2012 24'096.9 0.61x 1'992.3 7.42x 1'181.3 6.15x 1'992.33 849.55 3.53% 13.71% 0.76% 3.06% 1.11% 10.9% 8.0% 3.5% 4.9% 2.29 1.26 23.45% 93.22% 28.04 23.76

Price/ Cash Flow

LTM

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

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

FY+1

0.81 1.10 164.33 1.45 44.34% 57.38% 1.096 10 4.200 1'110'773 1'102'439 1'296'558 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 39'270.0 45'407.7 7'977.0 8'711.0 0.56x 0.48x 3'202.8 3'937.5 810.0 908.0 5.53x 4.50x 740.0 897.0 157.0 198.0 12.34x 11.11x S&P Issuer Ratings

21.10.2010 BB POS 3.39 0.69 2.22 2.93 93.2% 35.4% 1.11 3.14 13.05 15.41 10.25 14.03

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

13.11.2012

Cosan Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 39'445'393 31'666'700 14'336'904 11'147'442 10'319'782 7'941'111 6'586'945 2'831'398 2'118'199 1'811'250 1'773'863 1'758'147 1'739'298 1'642'468 1'379'358 1'332'493 1'326'836 1'235'041 1'005'995 995'927

% Out 22.62 18.16 8.22 6.39 5.92 4.55 3.78 1.62 1.21 1.04 1.02 1.01 1 0.94 0.79 0.76 0.76 0.71 0.58 0.57

Weighting

Change

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

D M M M M M U M M R

Latest Chg (2'793'346) 741'786 44'712 (212'240) (1'599'200) (71'318) (217'000) 875'612 (826'831) 282'332 400'425 516'919

Target Price #N/A N/A 25 #N/A N/A 18 21 18 16 22 #N/A N/A #N/A N/A

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

File Dt 31.03.2012 30.06.2012 30.06.2012 30.09.2012 28.09.2012 19.10.2012 30.09.2012 30.09.2012 31.03.2012 19.10.2012 28.09.2012 30.06.2012 28.09.2012 30.06.2012 28.09.2012 30.09.2012 30.09.2012 31.12.2011 30.06.2012 30.06.2012

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

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

Date 13.11.2012 08.11.2012 24.10.2012 17.09.2012 24.08.2012 08.08.2012 29.06.2012 16.03.2012 01.07.2011 06.12.2010

13.11.2012

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

Price/Volume 25000

6.0 M

20000

5.0 M 4.0 M

15000

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.07.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AALI IJ EQUITY YTD Change AALI IJ EQUITY YTD % CHANGE

10000

12/2011 09/yy 24'000.00 18'000.00 406'000.00 20650 -13.96% 14.72% 42.50% 1'574.7 32'518'484.00 0.00 0.0 286'543.0 838'190.00 33'043'965.25

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

1.0 M

0 n-11

31.12.2008 31.12.2009 8'161'217.0 7'424'283.0 1.81x 4.75x 3'616'720.0 2'898'342.0 4.08x 12.16x 2'631'019.0 1'660'649.0 5.87x 21.57x Profitability

LTM-4Q 31.12.2010 8'843'721.0 4.55x 3'335'987.0 12.07x 2'016'780.0 20.46x

j-12

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

j-12

a-12

s-12

o-12

LTM

FY+1

1.05 319.99 0.33% -0.59% 1.049 32 3.500 601'100 704'233 968'623 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 10'772'582.0 ######### ######### ######### ######### ######### 3.12x 12.60x 12.05x 2.82x 2.52x 3'572'651.0 ######### ######### ######### ######### 932'383.0 9.41x 7.10x 9.96x 9.33x 8.19x 2'405'564.0 ######### ######### ######### ######### 642'270.0 14.21x 11.47x 15.59x 14.46x 12.61x S&P Issuer Ratings 3'572'651.00 Long-Term Rating Date 3'195'661.00 Long-Term Rating 29.66% Long-Term Outlook 30.94% Short-Term Rating Date 19.58% Short-Term Rating 27.93% Credit Ratios 27.58% EBITDA/Interest Exp. 1.01% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 36.5% Total Debt/EBITDA 30.9% Reference 26.8% Total Debt/Equity 22.3% Total Debt/Capital Asset Turnover 1.31 Net Fixed Asset Turnover 0.59 Accounts receivable turnover-days 0.00% Inventory Days 0.00% Accounts Payable Turnover Day 221.99 Cash Conversion Cycle 6.54

Price/ Cash Flow

615.34 276.30 0.06 0.14 0.0% 0.0% 1.01 1.42 1.65 55.97 33.62 15.42

Sales/Revenue/Turnover

30.00

12'000'000.0

25.00

10'000'000.0

20.00

8'000'000.0

15.00

6'000'000.0

10.00

4'000'000.0

5.00

2'000'000.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 5'960'954.0 7.25x 3'052'540.0 14.16x 1'973'428.0 22.34x

2.0 M

5000

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Astra Agro Lestari Tbk PT Holdings By:

All

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

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

Firm Name

Analyst

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

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

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

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

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

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

Weighting

Change

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

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

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

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

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

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

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

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

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

13.11.2012

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 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.12.2011) 52-Week Low (07.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.08.2012 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

04/2012 07/yy 25.12 17.55 334'686.00 21.28 -15.29% 21.25% 47.16% 149.5 3'159.99 1'964.40 0.0 2.7 324.30 4'943.39

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

10 5 0 n-11

30.04.2009 30.04.2010 12'487.7 11'202.6 0.32x 0.51x 96.7 266.5 41.79x 21.28x (198.4) (101.4) Profitability

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 30.04.2011 12'202.7 0.46x 1'156.2 4.90x 521.0 8.15x

30.04.2012 13'094.3 0.38x 975.3 5.11x 361.3 8.19x

975.30 732.50 5.59% 4.08% 4.64% 10.01% 8.42% 1.78% 11.8% 7.1% 5.3% 2.8% 2.90 0.84 26.47% 57.99% 19.83 5.53

Price/ Cash Flow

LTM

07/yy 12'395.6 1.75x 1'161.1 4.78x 526.8 6.42x

07/yy 13'091.4 1.59x 935.3 4.86x 340.9 7.98x

FY+1

0.00 1.01 133.23 8.55 -8.59% -12.36% 1.007 16 3.250 1'127'588 1'602'178 1'927'241 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 10/12 Q2 01/13 Q3 13'204.7 13'760.4 3'314.5 3'512.9 0.36x 0.33x 1.50x 1.42x 805.2 896.9 192.8 204.8 6.15x 5.52x 5.99x 5.67x 274.8 341.3 65.5 78.3 11.52x 9.38x 11.08x 10.04x S&P Issuer Ratings

27.03.2012 BB STABLE 5.43 3.80 1.90 2.13 58.0% 36.7% 1.78 5.80 18.35 65.82 12.45 69.72

Sales/Revenue/Turnover

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 08.05.2009

d-11

Fiscal Year Ended 30.04.2008 11'351.2 0.68x 605.2 12.67x 128.9 25.89x

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

0.0 08.11.2009

08.05.2010

08.11.2010

08.05.2011

08.11.2011

08.05.2012

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

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

13.11.2012

Smithfield Foods Inc Holdings By:

All

Holder Name CONTIGROUP COS INC WELLINGTON MANAGEMEN BLACKROCK VANGUARD GROUP INC CAISSE DE DEPOT ET P LSV ASSET MANAGEMENT JENNISON ASSOCIATES FRANK RUSSELL TRUST STATE STREET CORP SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV JP MORGAN FMR LLC BANK OF NEW YORK MEL TRADEWINDS GLOBAL IN GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C AMERICAN CENTURY COM FRANKLIN RESOURCES

Firm Name Stephens Inc BMO Capital Markets Davenport & Co KeyBanc Capital Markets Morgan Stanley R.W. Pressprich & Co Credit Suisse D.A. Davidson & Co Credit Agricole Securities (USA) Miller Tabak + Co., LLC BB&T Capital Markets Cowen and Company S&P Capital IQ JPMorgan EVA Dimensions

Portfolio Name n/a WELLINGTON MANAGEMEN n/a VANGUARD GROUP INC CAISSE DE DEPOT ET P LSV ASSET MANAGEMENT JENNISON ASSOCIATES FRANK RUSSELL COMPAN STATE STREET CORPORA SOUTHERNSUN ASSET MA ACADIAN ASSET MANAGE DIMENSIONAL FUND ADV n/a n/a BANK OF NEW YORK MEL TRADEWINDS GLOBAL IN GOLDMAN SACHS GROUP VAN ECK ASSOCIATES C AMERICAN CENTURY COM n/a

Analyst FARHA ASLAM KENNETH B ZASLOW ANN H GURKIN AKSHAY S JAGDALE VINCENT ANDREWS SETH CRYSTALL ROBERT MOSKOW TIMOTHY S RAMEY DIANE GEISSLER TIM TIBERIO HEATHER L JONES COLIN GUHEEN THOMAS GRAVES KENNETH GOLDMAN TEAM COVERAGE

Source 13D/PROX 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG

Recommendation equalweight market perform buy hold Underwt/Cautious market perform outperform buy underperform hold hold outperform hold neutral buy

Amt Held 12'801'352 11'739'423 9'659'994 6'780'657 6'000'000 5'981'590 5'777'595 4'891'902 4'789'380 4'302'312 3'564'453 3'556'382 3'317'485 2'853'600 2'668'600 2'479'754 2'325'262 2'285'879 1'558'102 1'347'000

% Out 8.56 7.85 6.46 4.54 4.01 4 3.87 3.27 3.2 2.88 2.38 2.38 2.22 1.91 1.79 1.66 1.56 1.53 1.04 0.9

Weighting

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

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

Latest Chg (390'102) (1'476'681) 114'239 6'000'000 317'800 1'320'686 (300'724) (137'909) (145'943) (1'800'703) (107'674) (296'135) 216'908 (1'026'202) 2'479'754 363'743 (398'104) 1'485'765 (5'000)

Target Price 21 22 23 #N/A N/A #N/A N/A #N/A N/A 25 26 21 22 #N/A N/A #N/A N/A 20 20 #N/A N/A

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

File Dt Inst Type 13.07.2012 Corporation 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 18.10.2012 12.10.2012 11.10.2012 10.10.2012 01.10.2012 28.09.2012 05.09.2012 05.09.2012 05.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 10.07.2012 18.11.2011

13.11.2012

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 6

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 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

12/2011 09/yy 5.03 2.21 9'066'381.00 4.654 -7.48% 110.21% 88.78% 3'581.1 16'666.63 6'746.40 0.0 75.8 279.10 21'737.93

31.12.2007 14'028.7 1.35x 1'062.4 17.81x 5.5 324.53x

40.0 M 30.0 M

20.0 M 1

10.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

80.0 M

31.12.2008 31.12.2009 13'486.9 14'500.2 0.85x 1.40x 2'599.5 2'566.8 4.40x 7.89x (2'852.6) 1'296.3 11.54x Profitability

LTM-4Q 31.12.2010 15'191.4 1.80x 3'849.4 7.10x 3'078.0 7.17x

31.12.2011 16'132.8 0.98x 3'560.2 4.44x 1'115.7 8.30x 3'560.20 2'826.50 17.52% 8.57% 1.01% 2.11% 2.54% 0.71% 47.9% 10.1% 5.1% 6.9% 3.40 0.76 29.60% 62.66% 11.13

Price/ Cash Flow

LTM

09/yy 16'562.4 5.64x 4'220.2 3.66x 2'072.9 4.44x

09/yy 15'569.8 4.77x 1'566.1 13.83x 222.7 79.33x

FY+1

1.09 2'448.06 79.55% 79.97% 1.091 15 4.000 12'050'710 17'891'110 18'266'160 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 15'553.2 15'898.2 4'137.8 3'692.3 1.43x 1.39x 5.33x 1'556.4 2'900.0 427.2 701.3 13.97x 7.50x 8.99x 8.00x 442.8 1'426.4 166.0 370.0 36.94x 11.66x 13.53x 11.58x S&P Issuer Ratings

8.77 6.17 3.20 3.37 62.7% 38.4% 0.71 3.83 32.88 12.75

Sales/Revenue/Turnover

12.00

18'000.0 16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 6.00

8'000.0 6'000.0

4.00

4'000.0 2.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Marine Harvest ASA Holdings By:

All

Holder Name GEVERAN TRADING CO L STATE STREET BANK AN GOVERNMENT PENSION F MORGAN STANLEY & CO ALLIANZ ASSET MANAGE CLEARSTREAM BANKING DEUTSCHE BANK TRUST DNB NORBANK ASA BANK OF NEW YORK MEL DNB NOR ASSET MANAGE GOLDMAN SACHS & CO STATOILS PENSJONSKAS JP MORGAN CHASE BANK DANSKE CAPITAL NORGE WEST COAST INVEST AS NORTHERN TRUST CO SEB HANDELSBANKEN FONDER MP PENSION MONKS INVESTMENT TRU

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

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

Analyst MAARTEN BAKKER KNUT-IVAR BAKKEN THOMAS LORCK GEIR KRISTIANSEN FELIX HEINRICH HENNING C STEFFENRUD MARIUS GAARD BENT ROLLAND KOLBJORN GISKEODEGARD KJETIL LYE DAG SLETMO PATRICK ROQUAS TEAM COVERAGE PEDER STRAND ANDERS GJENDEMSJO

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

Recommendation reduce buy buy sell buy buy buy buy hold buy buy buy sell hold buy

Amt Held 777'402'775 314'735'729 287'660'842 250'380'982 126'034'626 121'009'628 68'351'620 54'835'879 53'595'285 48'155'128 41'229'566 37'612'992 31'257'245 30'331'135 30'012'000 27'284'230 26'953'872 25'998'196 24'658'000 22'412'622

% Out 21.71 8.79 8.03 6.99 3.52 3.38 1.91 1.53 1.5 1.34 1.15 1.05 0.87 0.85 0.84 0.76 0.75 0.73 0.69 0.63

Weighting

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

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

Latest Chg 480'101 927'314 4'558'600 (2'600'000) -

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

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

File Dt Inst Type 05.11.2012 Corporation 05.11.2012 Bank 05.11.2012 Government 05.11.2012 Investment Advisor 28.09.2012 Investment Advisor 05.11.2012 Bank 05.11.2012 Investment Advisor 05.11.2012 Bank 05.11.2012 Investment Advisor 28.09.2012 Investment Advisor 05.11.2012 Investment Advisor 05.11.2012 Pension Fund (ERISA) 05.11.2012 Investment Advisor 29.06.2012 Investment Advisor 05.11.2012 n/a 05.11.2012 Investment Advisor 05.11.2012 Unclassified 31.10.2012 Investment Advisor 05.11.2012 Pension Fund (ERISA) 05.11.2012 n/a

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

Date 13.11.2012 05.11.2012 05.11.2012 02.11.2012 31.10.2012 30.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 28.10.2012 09.10.2012 06.09.2012 04.09.2012 19.07.2012

13.11.2012

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

Price/Volume

10.0 M 8.0 M 6.0 M

12/2011 09/yy 2.23 1.43 2'239'000.00 2.08 -6.73% 45.96% 81.37% 1'584.1 3'294.87 349.63 0.0 43.7 194.48 2'824.19

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.08.2012) 52-Week Low (30.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FR SP EQUITY YTD Change FR SP EQUITY YTD % CHANGE

31.12.2007 185.2 7.33x 47.2 20.04x

31.12.2008 31.12.2009 289.5 218.9 1.69x 5.18x 161.0 121.0 3.04x 9.36x 113.6 112.5 3.33x 8.78x Profitability

LTM-4Q 31.12.2010 329.9 5.77x 202.8 9.38x 143.1 12.35x

31.12.2011 494.6 3.86x 293.4 6.51x 196.4 8.71x

293.44 269.90 54.57% 56.95% 15.10% 25.70% 19.64% 0.39% 69.9% 55.6% 51.6% 39.7% 1.80 1.27 23.31% 39.52% 20.15 4.70

Price/ Cash Flow

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

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

FY+1

0.88 495.13 46.36% 40.54% 0.884 16 4.750 1'712'800 2'371'867 2'026'313 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 590.2 760.1 4.79x 3.66x 329.1 379.4 8.58x 7.45x 194.7 226.8 55.0 13.50x 11.57x S&P Issuer Ratings

7.40 3.41 0.24 1.31 39.5% 27.4% 0.39 1.88 18.16 77.84 39.21 51.78

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 02.01.2009

100.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

First Resources Ltd Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

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

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

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

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

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

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

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

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

13.11.2012

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

Price/Volume 2500

.0 M .0 M

2000

.0 M .0 M

1500

.0 M

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (17.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SEB US EQUITY YTD Change SEB US EQUITY YTD % CHANGE

12/2011 09/yy 2'391.97 1'805.00 18.00 2232 -6.69% 23.66% 69.68% 1.2 2'675.34 173.47 0.0 0.5 394.77 2'457.22

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

.0 M .0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 3'213.3 0.53x 249.1 6.90x 181.3 10.20x

.0 M

500

31.12.2008 31.12.2009 4'267.8 3'601.3 0.33x 0.38x 212.2 115.6 6.67x 11.79x 146.9 92.5 10.10x 22.05x Profitability

LTM-4Q 31.12.2010 4'385.7 0.51x 407.9 5.45x 283.6 8.59x

31.12.2011 5'746.9 0.39x 435.5 5.15x 345.8 8.44x

435.50 354.28 6.16% 7.70% 9.03% 13.28% 12.30% 1.85% 10.0% 6.8% 5.3% 6.0% 2.91 1.55 5.77% 8.34% 11.68 7.25

Price/ Cash Flow

10/yy 5'548.6 1.79x 473.3 4.43x 370.3 6.53x

LTM 09/yy 5'864.5 1.57x 400.7 6.23x 285.7 9.55x

0.00 1.11 0.30 0.01 2.67% 9.63% 1.105 1 5.000 496 556 723

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

63.41 36.66 -0.56 0.52 8.3% 7.7% 1.85 7.30 31.16 50.21 11.58 57.88

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0 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 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Seaboard Corp Holdings By:

All

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

Firm Name EVA Dimensions

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

Analyst TEAM COVERAGE

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

Recommendation overweight

Amt Held 465'826 428'123 61'046 45'594 18'426 17'568 13'883 10'476 10'089 8'608 6'926 5'701 5'123 3'900 3'527 3'418 2'820 2'538 1'905 1'770

% Out 38.83 35.68 5.09 3.8 1.54 1.46 1.16 0.87 0.84 0.72 0.58 0.48 0.43 0.33 0.29 0.28 0.24 0.21 0.16 0.15

Latest Chg -

Weighting

Change

Target Price

55 519 1'323 (25) 1'000 175 45 (591) (891) 68 (553) (1'908) 2'820 (60) (92)

#N/A N/A

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

File Dt Inst Type 31.01.2012 Holding Company 31.01.2012 Other 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.01.2012 n/a 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 31.12.2011 Government 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

Date Not Provided

Date 05.11.2012

13.11.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.11.2011) 52-Week Low (29.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600598 CH EQUITY YTD Change 600598 CH EQUITY YTD % CHANGE

12/2011 09/yy 11.66 7.29 13'925'370.00 7.67 -34.22% 5.21% 9.15% 1'777.7 13'634.81 5'989.18 0.0 378.2 2'210.98 16'268.63

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 5'432.1 5.12x 986.7 28.17x 536.8 46.18x

31.12.2008 31.12.2009 5'606.8 6'520.1 3.69x 4.67x 908.0 714.3 22.77x 42.64x 588.1 358.5 29.81x 72.62x Profitability

LTM-4Q 31.12.2010 9'235.6 3.20x 869.7 34.01x 357.2 66.15x

31.12.2011 13'324.1 1.47x 1'015.7 19.25x 440.9 34.64x 1'015.71 643.32 4.83% 3.38% 3.15% 8.18% 0.82% 18.1% 6.1% 3.3% 0.95 0.30 33.27% 103.91% 11.15 2.44

Price/ Cash Flow

LTM

09/yy 14'669.9 7.82x 0.0 0.00x 377.6 52.52x

09/yy 12'168.2 5.70x 0.0 0.00x 466.8 30.78x

FY+1

1.19 637.42 -30.72% -9.35% 1.187 4 4.000 6'047'116 7'455'345 13'545'980 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 17'030.0 20'436.0 1'103.0 1'414.0 14.75x 11.51x 510.5 614.5 26.91x 22.23x S&P Issuer Ratings

103.9% 49.4% 0.82 2.06 32.83 149.90 27.10 196.48

Sales/Revenue/Turnover

500.00

14'000.0

450.00

12'000.0

400.00 350.00

10'000.0

300.00

8'000.0

250.00

6'000.0

200.00

4'000.0

150.00 100.00

2'000.0

50.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Heilongjiang Agriculture Co Ltd Holdings By:

All

Holder Name HEILONGJIANG BEIDAHU CITIC SECURITIES CO CHINA SOUTHERN FUND CHINA PACIFIC PROP I CHINA ASSET MANAGEME BILL & MELINDAGATES CHINA ASSET MANAGEME RONGXINTONG TRUST 10 HARVEST FUND MANAGEM CHINA MERCHANTS FUND BOSHI FUND MANAGEMEN HUAAN FUND MANAGEMEN HFT INVESTMENT MANAG HUATAI-PINEBRIDGE FU E FUND MANAGEMENT CHANGSHENG FUND MANA GTJA ALLIANZ FUND MA TIANTONG ASSET MANAG DACHENG FUND MANAGME CHINA ASSET MANAGEME

Firm Name Founder Securities SWS Research Co Ltd Citic Securities Co., Ltd China Merchants Securities Southwest Securities Co Ltd Northeast Securities Co Ltd Great Wall Securities China International Capital Corp China Securities Co., Ltd GuoYuan Securities Sealand Securities

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

Analyst BAOPING ZHANG GONG YANHAI CHANGQING MAO JUN HUANG WANG JIANHUI WEIMING GUO WANG PING FEIYANG YUAN FUSHENG HUANG JIAXING ZHOU SUN XIA

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

Recommendation add neutral add strong buy neutral buy buy hold add buy add

Amt Held 1'140'262'121 70'278'344 59'544'991 46'355'329 12'131'712 7'500'132 4'499'903 4'354'800 3'890'833 3'515'295 3'497'291 2'610'358 2'216'769 1'691'243 1'592'660 1'415'525 1'245'589 1'130'817 1'005'058 889'737

% Out 64.14 3.95 3.35 2.61 0.68 0.42 0.25 0.24 0.22 0.2 0.2 0.15 0.12 0.1 0.09 0.08 0.07 0.06 0.06 0.05

Weighting

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

N M M M N M M M N M M

Latest Chg 3'307'340 9'481'712 1'699'903 144'880 (9'761'894) 2'000'000 630'942 (2'828'121) 85'762 (259'200) (17'012'753) 79'049 (8'029) (12'149) 56'500

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

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.06.2012 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 13.11.2012

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

Inst Type Government Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor n/a 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 28.08.2012 01.06.2012 02.05.2012 14.02.2012 18.08.2011 05.07.2011 23.05.2011 12.01.2011 08.12.2010 25.08.2010 24.04.2009

13.11.2012

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

Price/Volume 12

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (05.07.2012) 52-Week Low (30.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GENP MK EQUITY YTD Change GENP MK EQUITY YTD % CHANGE

12/2011 06/yy 10.20 7.77 60'000.00 8.55 -16.18% 10.03% 32.08% 758.8 6'488.14 427.14 0.0 117.6 1'116.92 5'968.90

31.12.2007 906.4 6.67x 457.5 13.22x 344.1 18.92x

3.0 M

2.0 M

2 0 n-11

1.0 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

4.0 M

Valuation Analysis

31.12.2008 31.12.2009 1'036.0 755.6 2.12x 5.78x 482.2 305.2 4.56x 14.31x 373.3 235.7 7.17x 20.05x Profitability

LTM-4Q 31.12.2010 988.6 6.31x 448.6 13.90x 324.2 20.58x

31.12.2011 1'336.5 4.45x 613.5 9.70x 442.0 14.76x

613.54 569.19 42.59% 44.99% 8.72% 11.22% 9.52% 0.31% 54.7% 38.4% 34.5% 33.1% 6.09 5.14 10.40% 13.21% 9.35 4.33

Price/ Cash Flow

06/yy 1'181.3 19.19x 607.1 8.92x 417.8 14.38x

LTM 06/yy 1'267.7 18.81x 486.2 13.45x 356.4 19.80x

FY+1

0.85 194.95 9.87% 1.18% 0.853 27 3.333 177'460 447'220 485'490 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'262.4 1'447.3 4.79x 4.13x 530.2 636.8 11.26x 9.37x 380.5 455.9 16.47x 13.81x S&P Issuer Ratings

304.79 182.09 -1.28 1.14 13.2% 11.3% 0.31 0.59 39.15 84.54 117.05 76.40

Sales/Revenue/Turnover

70.00

1'600.0

60.00

1'400.0 1'200.0

50.00

1'000.0 40.00

800.0 30.00

600.0

20.00

400.0

10.00

200.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Genting Plantations Bhd Holdings By:

All

Holder Name GENTING BHD EMPLOYEES PROVIDENT KUMPULAN WANG PERSAR VANGUARD GROUP INC BLACKROCK PRUDENTIAL UNIT TRUS FIDELITY INTERNATION GREAT EASTERN LIFE A SCHRODER INVESTMENT CIMB-PRINCIPAL ASSET AFFIN TRUST MANAGEME AVIVA PLC TIAA CREF INVESTMENT LIBRA INVEST BERHAD ALLIANZ ASSET MANAGE HSBC INVESTMENT FUND MANULIFE FUNDS DIREC PACIFIC MUTUAL FUND AGF INVESTMENTS INC TA UNIT TRUST MANAGE

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

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

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

Source EXCH EXCH EXCH MF-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

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

Amt Held 407'005'000 115'117'200 41'192'500 9'472'874 6'310'600 4'704'500 3'813'140 3'778'500 3'129'200 2'369'600 1'821'800 1'543'400 965'700 750'000 746'805 739'600 673'200 590'900 567'800 481'500

% Out 53.63 15.17 5.43 1.25 0.83 0.62 0.5 0.5 0.41 0.31 0.24 0.2 0.13 0.1 0.1 0.1 0.09 0.08 0.07 0.06

Weighting

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

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

Latest Chg (142'900) (120'100) 87'259 41'600 3'813'140 126'500 (98'500) 119'300 (395'095) 399'200 (143'000) (326'000) -

Target Price 7 9 8 8 9 9 11 10 9 10 10 8 9 9 11 9 10 11 11 #N/A N/A 14 8 12 11 9

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

File Dt Inst Type 09.05.2012 Holding Company 07.11.2012 Government 06.11.2012 Government 30.09.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2011 Investment Advisor 31.10.2011 Investment Advisor 31.12.2010 Mutual Fund Manager 30.06.2012 Investment Advisor 30.04.2011 Mutual Fund Manager 30.09.2011 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2010 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.06.2012 Unclassified 31.10.2012 Investment Advisor 30.03.2012 Investment Advisor 30.06.2011 Investment Advisor

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

Date 08.11.2012 07.11.2012 07.11.2012 07.11.2012 05.11.2012 05.11.2012 30.10.2012 29.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 15.10.2012 11.10.2012 11.10.2012 11.10.2012 25.09.2012 11.09.2012 11.09.2012 10.09.2012 08.09.2012 04.09.2012 29.08.2012 28.08.2012

13.11.2012

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

Price/Volume 14

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRFG3 BZ EQUITY YTD Change MRFG3 BZ EQUITY YTD % CHANGE

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

10.0 M

5.0 M

2 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 3'339.9 1.30x 85.0 36.61x

15.0 M

12/2011 09/yy 12.65 7.35 1'218'700.00 10.62 -15.97% 44.49% 66.23% 345.7 3'644.18 11'964.46 164.8 3'477.86 13'890.68

31.12.2008 31.12.2009 6'203.8 9'623.6 0.85x 0.93x 884.4 725.0 5.95x 12.35x (35.5) 534.4 9.95x Profitability

LTM-4Q 31.12.2010 15'878.5 0.75x 1'502.5 7.90x 146.1 36.76x

31.12.2011 21'884.9 0.53x 1'773.8 6.54x (746.0) 1'773.80 1'032.28 4.72% -5.83% -0.32% -1.69% 0.95% 14.4% 9.1% 5.7% -3.4% 1.40 0.72 50.22% 208.67% 16.13 7.48

Price/ Cash Flow

LTM

09/yy 21'201.4 2.24x 1'932.8 5.64x (446.3) 0.00x

09/yy 23'025.4 2.26x 2'095.5 6.83x (78.2) 0.00x

FY+1

0.95 105.38 44.49% 24.36% 0.947 14 2.643 1'668'300 2'319'143 2'836'632 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 23'920.2 26'493.2 6'666.7 6'243.0 0.49x 0.45x 1.95x 2.04x 1'947.1 2'273.4 480.7 507.0 7.15x 6.12x 6.43x 5.73x 176.6 187.7 65.0 (12.9) 37.93x 29.02x 27.23x 24.64x S&P Issuer Ratings

01.09.2010 B+ NEG 1.27 0.62 4.83 6.19 208.7% 67.0% 0.95 3.18 22.69 48.91 47.17 20.11

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Marfrig Alimentos SA Holdings By:

All

Holder Name MMS PARTICIPACOES SA BNDES PARTICIPACOES FRANKLIN RESOURCES OSI INTERNATIONAL HO MOLINA DOS MARCOS A GWI CONSULT PART E S PASCOAL MARCAL SANTO ITAU UNIBANCO SA BRAM BRADESCO ASSET BLACKROCK BNY MELLON ARX INV L MELLON GLOBAL MANAGE BB GESTAO DE RECURSO VAN ECK ASSOCIATES C XP GESTAO DE RECURSO DIMENSIONAL FUND ADV SANTANDER BRASIL ASS DIMENSIONAL FUND ADV BRANDES INVESTMENT P MERCATTO GESTAO DE R

Firm Name

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

Analyst

Votorantim CTVM Research LUIZ CARLOS CESTA EVA Dimensions TEAM COVERAGE Barclays GABRIEL VAZ DE LIMA Bradesco Corretora RICARDO BOIATI Raymond James JOSEPH GIORDANO Banco BTG Pactual SA THIAGO DUARTE Agora CTVM SA JOSE FERREIRA Morgan Stanley JAVIER MARTINEZ HSBC PEDRO HERRERA JPMorgan ALAN ALANIS Deutsche Bank JOSE J YORDAN SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO Banco Safra de Investimento FERNANDO LABES Itau BBA Securities ALEXANDRE RUIZ MIGUEL Credit Suisse ANTONIO GONZALEZ XP Investimentos TEAM COVERAGE Grupo Santander LUIS MIRANDA Banco do Brasil SA HENRIQUE AUGUSTO KOCH

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

Recommendation market perform underweight equalweight restricted outperform neutral restricted Equalwt/Attractive neutral underweight buy hold underperform restricted not rated unattractive underperform Under Review

Amt Held 150'918'743 48'197'188 34'510'497 20'122'499 12'135'734 11'996'930 8'297'938 2'348'255 2'311'914 1'835'400 1'549'157 1'441'645 1'373'745 1'277'050 1'150'300 1'013'553 848'136 809'446 792'672 738'037

% Out 43.65 13.94 9.98 5.82 3.51 3.47 2.4 0.68 0.67 0.53 0.45 0.42 0.4 0.37 0.33 0.29 0.25 0.23 0.23 0.21

Weighting

Change

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

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

Latest Chg 1'838'700 (29'250) (39'904) 800 (83'012) 50'300 (186'100) (375'800) (11'874) (1'548'963)

Target Price 10 #N/A N/A 11 #N/A N/A 14 10 #N/A N/A 10 13 10 25 #N/A N/A 7 #N/A N/A #N/A N/A #N/A N/A 9 #N/A N/A

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

File Dt 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 30.09.2012 24.10.2012 31.10.2012 31.10.2012 09.11.2012 31.10.2012 30.09.2012 31.10.2012 12.11.2012 31.08.2012 31.07.2012 31.10.2012 31.07.2012 28.09.2012 30.09.2012

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

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

Date 07.11.2012 02.11.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 28.09.2012 31.08.2012 15.08.2012 14.08.2012 25.07.2012 09.07.2012 02.04.2012 13.12.2011 11.11.2011

13.11.2012

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

Price/Volume 12

16.0 M 14.0 M

12.0 M 8

Latest Fiscal Year: LTM as of: 52-Week High (24.05.2012) 52-Week Low (06.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600597 CH EQUITY YTD Change 600597 CH EQUITY YTD % CHANGE

12/2011 09/yy 10.41 7.92 1'457'071.00 8.77 -15.75% 10.73% 35.34% 1'225.0 10'743.59 1'868.39 0.0 383.3 1'114.19 10'383.13

31.12.2007 8'177.4 1.59x 160.8 80.75x 212.9 64.20x

8.0 M 6.0 M

4.0 M 2

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

10.0 M

Valuation Analysis

31.12.2008 31.12.2009 7'337.4 7'916.4 0.58x 1.19x (214.3) 407.6 23.06x (286.0) 122.5 79.42x Profitability

LTM-4Q 31.12.2010 9'529.1 1.14x 474.2 22.81x 194.4 54.00x

31.12.2011 11'724.9 0.90x 546.3 19.27x 237.8 38.91x

546.27 246.00 2.10% 2.05% 3.74% 9.51% 1.62% 32.9% 2.6% 2.0% 0.98 0.60 25.34% 76.21% 10.91 8.11

Price/ Cash Flow

LTM

09/yy 11'362.7 3.58x 0.0 0.00x 222.4 38.53x

09/yy 12'945.9 3.25x 0.0 0.00x 299.6 30.49x

FY+1

1.00 505.59 -2.79% -0.51% 0.999 6 3.833 1'114'207 1'259'757 1'964'302 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 13'768.0 16'158.0 310.0 407.0 34.26x 26.90x S&P Issuer Ratings

76.2% 39.7% 1.62 4.49 33.55 45.13 59.15 24.00

Sales/Revenue/Turnover

50.00

14'000.0

45.00

12'000.0

40.00 35.00

10'000.0

30.00

8'000.0

25.00

6'000.0

20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Bright Dairy & Food Co Ltd Holdings By:

All

Holder Name SHANGHAI MILK GROUP BRIGHT FOOD GROUP CO E FUND MANAGEMENT SOCIAL SECURITY FUND CHINA LIFE INSURANCE HUAAN FUND MANAGEMEN ZHONG HAI FUND MANAG GUOTAI ASSET MANAGEM CHINA INTERNATIONAL CCB PRINCIPAL ASSET CHINA MERCHANTS FUND FORTUNE SGAM FUND MA FRANKLIN TEMPLETON S EVERBRIGHT PRAMERICA CHINA SOUTHERN FUND BANK OF CHINA INVEST CITIC PRUDENTIAL FUN CHINA ASSET MANAGEME GF FUND MANAGEMENT C CHINA UNIVERSAL ASSE

Firm Name PingAn Securities SWS Research Co Ltd Capital Securities Corp China Merchants Securities Northeast Securities Co Ltd HuaChuang Securities Bank of China International China International Capital Corp China Investment Securities GuoYuan Securities China Minzu Securities Co Ltd Central China Securities

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

Analyst WEN XIAN ZHANG XUEJIAO LIU HUI LONG JUN ZHU CHENGLIANG GAO LI LIU DU FEIYANG YUAN JIANG XIN JIAXING ZHOU LIU XIAOFENG LIU RAN

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

Recommendation buy neutral hold neutral add buy hold sell buy neutral add monitored

Amt Held 367'498'967 314'404'338 28'412'643 23'700'612 12'377'742 8'785'364 8'400'000 6'236'775 5'001'542 3'249'648 3'130'801 2'700'022 2'187'139 2'071'025 1'214'100 1'199'985 1'195'542 999'951 814'594 784'434

% Out 30 25.66 2.32 1.93 1.01 0.72 0.69 0.51 0.41 0.27 0.26 0.22 0.18 0.17 0.1 0.1 0.1 0.08 0.07 0.06

Weighting

Change

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

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

Latest Chg 18'413'154 8'484'236 8'400'000 2'513'476 5'001'542 3'204'775 (16'142) 500'004 2'187'139 (92'575) 297'000 1'199'985 1'195'542 999'951 552'540 -

Target Price #N/A N/A #N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2011 Government 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 05.11.2012 02.11.2012 26.10.2012 05.07.2012 16.06.2012 26.03.2012 14.04.2011 11.04.2011 07.01.2011 30.08.2010 23.03.2010 21.09.2009

13.11.2012

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

Price/Volume 3500

6.0 M

3000

5.0 M

2500

4.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (21.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ILV SJ EQUITY YTD Change ILV SJ EQUITY YTD % CHANGE

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

2.0 M

1000

1.0 M

500 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.03.2008 6'794.1 1.76x 1'214.0 9.83x 599.8 17.27x

3.0 M

1500

03/2012 01/yy 3'260.00 2'182.68 225'909.00 3080 -5.52% 41.11% 87.93% 460.2 14'173.35 2'497.30 0.0 902.7 1'390.10 16'183.25

31.03.2009 31.03.2010 8'601.7 8'467.9 1.50x 1.68x 1'604.0 1'746.1 8.02x 8.17x 739.1 662.0 13.46x 17.35x Profitability

31.03.2011 8'107.9 1.64x 1'216.5 10.91x 546.2 23.93x

31.03.2012 9'173.2 1.49x 1'580.2 8.65x 443.1 19.10x 1'580.20 1'340.70 14.62% 10.37% 4.17% 8.24% 9.89% 0.86% 38.2% 14.6% 4.8% 1.87 0.83 21.89% 44.89% 15.60 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.14 0.57 161.29 23.31% 27.39% 0.570 8 3.750 120'486 153'369 227'307 FY+2

03/13 Y 03/14 Y 11'104.0 12'034.7 1.40x 1.25x 2'150.3 2'504.2 7.53x 6.46x 912.3 1'132.2 15.77x 12.68x S&P Issuer Ratings

FQ+1

FQ+2

5.76 4.17 44.9% 27.9% 0.86 1.78 23.46 18.76

Sales/Revenue/Turnover

30.00

10'000.0 9'000.0

25.00

8'000.0 7'000.0

20.00

6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00 0.00 03.04.2009

1'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

13.11.2012

Illovo Sugar Ltd Holdings By:

All

Holder Name ABF OVERSEAS LTD GEPF EQUITY ALLAN GRAY UNIT TRUS ALLAN GRAY BALANCED ALLAN GRAY EQUITY FU GEPF SIM PTY LTD IND GLOBAL BALANCED PORT INVESTEC FUND GROUP OLD MUTUAL LIFE ASSU STATE STREET BANK AN INVESTEC OPPORTUNITY CITIBANK N.A.NEW YOR OLD MUTUAL FIRST STATE INVESTME COMMONWEALTH BANK OF ALLAN GRAY STABLE FU DOMESTIC EQUITY PORT SANLAM LIFE INSURANC DOMESTIC BALANCED PO DIMENSIONAL FUND ADV

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

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

Analyst ANTHONY GEARD BRENDAN GRUNDLINGH TEAM COVERAGE ROSIE EDWARDS JITEN BECHOO VIKHYAT SHARMA ROBYN COLLINS

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

Recommendation hold buy hold neutral/neutral hold Equalwt/In-Line underweight

Amt Held 236'569'232 31'803'561 31'127'557 14'327'049 12'124'596 9'530'700 6'713'293 6'438'060 6'431'364 6'001'610 5'855'705 4'196'620 4'131'270 3'675'267 3'675'267 3'012'614 2'946'539 2'512'656 2'441'636 1'955'839

% Out 51.41 6.91 6.76 3.11 2.63 2.07 1.46 1.4 1.4 1.3 1.27 0.91 0.9 0.8 0.8 0.65 0.64 0.55 0.53 0.43

Weighting

Change 3 5 3 3 3 3 1

M M D M M M M

Latest Chg (78'200) (100'000) 1'067'564 1'724'031 (122'892) (94'447) (297'989) (145'900) (29) -

Target Price 3'000 3'300 #N/A N/A 3'050 2'986 2'650 3'400

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

File Dt 31.03.2012 26.10.2012 29.06.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 31.03.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 31.03.2012 31.07.2012 31.07.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 31.07.2012

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

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

Date 07.11.2012 10.10.2012 06.09.2012 29.08.2012 19.06.2012 28.05.2012 20.01.2010

13.11.2012

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

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.08.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TON SJ EQUITY YTD Change TON SJ EQUITY YTD % CHANGE

03/2012 12/yy 14'700.00 9'068.00 97'323.00 12987 -11.65% 43.22% 72.82% 108.5 14'091.00 5'733.00 0.0 1'087.0 592.00 21'150.00

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

1.6 M

14000

1.4 M

12000

1.2 M

10000

1.0 M

8000

.8 M

6000

.6 M

4000

.4 M

2000

.2 M

0 n-11

.0 M d-11

j-12

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

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 6'395.0 1.62x 1'060.0 9.79x 3'457.0 153.18x

16000

31.12.2008 31.12.2009 7'106.0 9'110.0 1.30x 1.59x 1'581.0 1'975.0 5.83x 7.35x 649.0 2'868.0 11.23x 12.18x Profitability

LTM-4Q 31.03.2011 9'681.0 1.63x 1'661.0 9.49x 833.0 12.82x

31.03.2012 12'081.0 1.42x 2'242.0 7.65x 889.0 12.40x 2'242.00 1'876.00 15.53% 11.36% 5.19% 14.24% 10.51% 0.67% 18.6% 15.9% 7.4% 0.84 0.49 32.24% 85.45% 4.74 -

Price/ Cash Flow

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

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

FY+1

2.46 0.52 73.05 45.84% 31.82% 0.522 7 3.571 93'273 166'061 177'646 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/05 Q1 06/05 Q2 13'301.8 14'878.4 1.45x 1.24x 2'766.0 3'163.0 7.65x 6.69x 1'214.2 1'479.0 11.16x 9.52x S&P Issuer Ratings

4.25 2.97 2.33 2.77 85.5% 42.4% 0.67 1.44 77.22 -

Sales/Revenue/Turnover

60.00

14'000.0

50.00

12'000.0 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 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

13.11.2012

Tongaat Hulett Ltd Holdings By:

All

Holder Name GEPF EQUITY ALLAN GRAY UNIT TRUS ALLAN GRAY EQUITY FU ALLAN GRAY BALANCED GEPF KAGISO ASSET MN INV SOL LTD INCUBATO GEPF CORONATION FM P ESKOM PENSION + PROV TONGAAT HULETT MANAG IS LTD-ELEMENT INVES MELLON BANK N.A OMNI CITIBANK N.A.NEW YOR GLOBAL BALANCED PORT MACQUARIE GROUP LTD ALLIANZ ASSET MANAGE CORONATION ASSET MAN JP MORGAN CHASE BANK DIMENSIONAL FUND ADV TONGAAT HULETT DEFIN SBSA ITF SYM SAT EQ

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

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

Analyst VIKHYAT SHARMA ANTHONY GEARD BRENDAN GRUNDLINGH TEAM COVERAGE JITEN BECHOO ROBYN COLLINS

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

Recommendation Underwt/In-Line buy buy underweight buy underweight

Amt Held 16'676'402 8'517'933 4'402'559 2'831'309 2'369'633 2'033'000 1'878'922 1'735'672 1'727'621 1'716'312 1'453'279 1'439'806 1'366'131 1'218'196 1'115'125 990'140 925'220 870'217 853'902 852'905

% Out 15.37 7.85 4.06 2.61 2.18 1.87 1.73 1.6 1.59 1.58 1.34 1.33 1.26 1.12 1.03 0.91 0.85 0.8 0.79 0.79

Weighting

Change 1 5 5 1 5 1

M M M D M M

Latest Chg 571'276 (655'861) (46'700) (46'700) (40'739) (85'264) 43'743 687'000 (51'987) 30'423 1'115'125 225'954 (41'531) -

Target Price 10'250 15'000 14'900 #N/A N/A 15'067 10'023

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

File Dt 26.10.2012 29.06.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 28.09.2012 30.06.2012 30.06.2012 26.10.2012 31.07.2012 26.10.2012 26.10.2012

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

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

Date 12.11.2012 30.10.2012 10.10.2012 01.10.2012 12.06.2012 20.01.2010

13.11.2012

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

Price/Volume .8 M

.7 M .6 M .5 M

Latest Fiscal Year: LTM as of: 52-Week High (22.08.2012) 52-Week Low (21.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KER PW EQUITY YTD Change KER PW EQUITY YTD % CHANGE

06/2012 06/yy 76.00 51.00 42'318.00 63.5 -16.45% 24.51% 49.00% 79.7 5'059.90 697.15 0.0 29.9 82.53 2'185.17

.4 M

.3 M

.2 M

.1 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

.9 M

70 50

Valuation Analysis

30.06.2008 663.1 1.36x 105.1 8.59x 83.2 8.32x

30.06.2009 30.06.2010 1'047.1 1'020.5 0.81x 1.50x 177.6 175.5 4.80x 8.73x 135.5 152.0 5.06x 8.15x Profitability

LTM-4Q 30.06.2011 1'899.1 1.34x 285.2 8.93x 226.3 9.15x

30.06.2012 2'169.2 0.97x 324.6 6.47x 213.8 6.80x

324.60 255.77 11.79% 8.96% 11.47% 19.38% 1.18% 21.1% 15.0% 11.8% 9.9% 3.41 0.67 33.19% 58.30% 17.01 5.81

Price/ Cash Flow

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

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

FY+1

0.94 49.22 -3.57% -8.57% 0.940 16 3.188 155'537 100'517 92'155 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 2'534.1 2'632.1 535.0 0.81x 0.73x 385.4 405.3 74.2 5.67x 5.39x 230.1 242.8 41.0 6.86x 6.04x S&P Issuer Ratings

4.97 4.14 1.89 2.15 58.3% 36.3% 1.18 3.54 21.52 63.04 5.08 79.39

Sales/Revenue/Turnover

400.00

2'500.0

350.00

2'000.0

300.00 250.00

1'500.0

200.00

1'000.0

150.00 100.00

500.0

50.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

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

13.11.2012

Kernel Holding SA Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

Change

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

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

Latest Chg 68'072 (1'108) 135'293 4'927 22'700 (9'774) 55'500 48'288 (325'266) (29'053) -

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

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

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

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

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

13.11.2012

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

Price/Volume

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (29.10.2012) 52-Week Low (29.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MHPC LI EQUITY YTD Change MHPC LI EQUITY YTD % CHANGE

12/2011 06/yy 15.95 9.16 35'628.00 13.58 -14.86% 48.33% 77.19% 105.4 1'517.40 898.31 0.0 44.5 96.54 2'483.52

2.0 M

1.5 M

1.0 M

.5 M

2 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

3.5 M

16 14

Valuation Analysis

31.12.2007 474.4 166.5 40.9 -

31.12.2008 31.12.2009 799.0 711.0 1.00x 2.25x 313.8 271.0 2.54x 5.90x 1.5 148.6 29.55x 7.39x Profitability

LTM-4Q 31.12.2010 944.2 2.68x 326.6 7.75x 205.4 9.10x

31.12.2011 1'229.1 1.63x 401.6 4.98x 243.4 4.75x 401.64 321.30 26.14% 21.33% 17.18% 37.72% 22.16% 0.71% 27.7% 35.0% 28.7% 19.8% 2.63 0.49 46.20% 101.93% 8.22

Price/ Cash Flow

06/yy 1'048.6 9.68x 351.6 7.25x 186.4 9.59x

LTM 06/yy 1'356.2 6.42x 474.5 4.62x 327.6 3.79x

FY+1

0.00 0.87 28.11% 26.80% 0.868 18 4.778 31'637 101'858 126'599 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 1'347.0 1'525.1 303.0 322.0 1.70x 1.39x 459.8 525.0 106.8 209.0 5.21x 4.57x 275.8 315.3 58.2 64.0 5.27x 4.66x S&P Issuer Ratings

6.09 2.53 1.93 2.09 101.9% 49.2% 0.71 1.33 44.52 8.31 62.95

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

400.0 5.00

0.00 02.01.2009

200.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

MHP SA Holdings By:

All

Holder Name KOSYUK YURIY A FRANKLIN RESOURCES T ROWE PRICE ASSOCIA ALLIANZ ASSET MANAGE ALLIANCEBERNSTEIN LU SWEDBANK ROBUR FONDE SEB EAST CAPITAL ASSET M CARNEGIE FONDER AB/S HANDELSBANKEN FONDER SANFORD C BERNSTEIN KLEINHEINZ CAPITAL P BZ WBK TOWARZYSTWO F WOORI ASSET MANAGEME MD MANAGEMENT LTD ALLIANZ GLOBAL INVES EATON VANCE MANAGEME ING INVESTMENT MANAG FRANK RUSSELL TRUST TIAA CREF INVESTMENT

Firm Name Erste Bank VTB Capital Alfa-Bank Eavex Capital Sberbank CIB UFC Capital Credit Suisse Goldman Sachs Morgan Stanley Foyil Securities New Europe Deutsche Bank ArtCapital Concorde Capital Ltd Investment Capital Ukraine LLC Dragon Capital Phoenix Capital LLC BG Capital

Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios KLEINHEINZ CAPITAL P Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst IGOR ZHOLONKIVSKYI IVAN KUSHCH MARTIN MASAR IVAN DZVINKA KONSTANTIN FASTOVETS VLADIMIR LANDA VICTORIA PETROVA ANTON FARLENKOV MARYIA BERASNEVA YAROSLAV UDOVENKO NATALIA SMIRNOVA ANDRIY PATIOTA YEGOR SAMUSENKO PAVLO BIDAK TAMARA LEVCHENKO ANNA SHUVALOVA DMYTRO USHENKO

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

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

Amt Held 69'600'000 3'347'044 3'250'877 1'477'025 778'865 657'086 630'013 607'262 541'388 529'950 407'260 350'000 340'833 216'000 210'000 161'420 130'821 100'000 92'800 89'939

% Out 66.05 3.18 3.09 1.4 0.74 0.62 0.6 0.58 0.51 0.5 0.39 0.33 0.32 0.2 0.2 0.15 0.12 0.09 0.09 0.09

Weighting

Change

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

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

Latest Chg (15'900'000) 152'584 (141'731) 8'766 2'183 (9'996) (88'370) (80'000) 100'000 18'215

Target Price 16 24 23 24 18 24 20 24 22 26 13 23 19 #N/A N/A 21 21 25

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

File Dt Inst Type 08.12.2010 n/a 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Unclassified 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor

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

Date 04.11.2012 17.10.2012 17.09.2012 12.09.2012 10.09.2012 06.08.2012 24.07.2012 20.07.2012 17.07.2012 17.07.2012 14.06.2012 27.03.2012 21.03.2012 21.03.2012 20.03.2012 23.11.2011 29.03.2011

13.11.2012

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

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFAR SP EQUITY YTD Change IFAR SP EQUITY YTD % CHANGE

12/2011 09/yy 1.70 1.15 1'042'000.00 1.225 -27.73% 6.99% 14.55% 1'435.8 1'758.83 7'260'324.00 0.0 8'622'050.0 6'535'204.00 24'056'708.76

8.0 M

6.0 M

4.0 M

2.0 M

0 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

14.0 M

2 1

Valuation Analysis

31.12.2007 6'505'642.0 4.49x 1'535'383.0 19.01x 889'094.0 23.55x

31.12.2008 31.12.2009 11'840'499.0 9'040'325.0 1.09x 3.46x 3'283'546.0 2'619'890.0 3.93x 11.95x 795'284.0 1'526'829.0 7.60x 14.82x Profitability

LTM-4Q 31.12.2010 9'484'281.0 3.98x 3'044'846.0 12.40x 1'402'013.0 20.11x

LTM

FY+1

1.33 423.08 -8.39% -2.96% 1.325 20 4.300 2'130'800 2'887'833 2'952'125 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'605'311.0 ######### ######### ######### ######### ######### 1.76x 9.35x 7.27x 1.66x 1.39x 3'581'819.0 ######### ######### ######### ######### 6.19x 5.28x 7.69x 6.53x 5.37x 1'489'946.0 ######### ######### ######### ######### 8.65x 7.37x 11.43x 10.82x 8.64x S&P Issuer Ratings 3'581'819.00 Long-Term Rating Date 3'094'222.00 Long-Term Rating 24.55% Long-Term Outlook 28.19% Short-Term Rating Date 4.07% Short-Term Rating 10.32% Credit Ratios 9.81% EBITDA/Interest Exp. 0.41% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 36.5% Total Debt/EBITDA 24.3% Reference 20.1% Total Debt/Equity 11.8% Total Debt/Capital Asset Turnover 1.97 Net Fixed Asset Turnover 1.52 Accounts receivable turnover-days 21.86% Inventory Days 56.64% Accounts Payable Turnover Day 14.10 Cash Conversion Cycle 4.70

Price/ Cash Flow

8.39 6.33 0.40 1.96 56.6% 25.3% 0.41 1.79 25.97 77.81 59.95 73.48

Sales/Revenue/Turnover

50.00

14'000'000.0

45.00

12'000'000.0

40.00 35.00

10'000'000.0

30.00

8'000'000.0

25.00

6'000'000.0

20.00

4'000'000.0

15.00 10.00

2'000'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Indofood Agri Resources Ltd Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

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

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

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

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

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

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

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

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

13.11.2012

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

Price/Volume 30

1.4 M

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (15.11.2011) 52-Week Low (22.03.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FDP US EQUITY YTD Change FDP US EQUITY YTD % CHANGE

12/2011 09/yy 26.33 21.80 23'767.00 24.85 -5.62% 13.99% 66.45% 58.1 1'435.22 215.50 0.0 25.7 46.90 1'468.82

31.12.2007 3'365.5 0.70x 269.0 8.72x 179.8 10.52x

.6 M

.4 M

5 0 n-11

.2 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

.8 M

Valuation Analysis

31.12.2008 31.12.2009 3'531.0 3'496.4 0.57x 0.49x 265.0 228.7 7.57x 7.52x 157.7 143.9 8.39x 9.25x Profitability

LTM-4Q 31.12.2010 3'552.9 0.49x 184.3 9.42x 62.2 15.31x

31.12.2011 3'589.7 0.46x 202.6 8.09x 92.5 14.80x

202.60 129.10 3.60% 2.80% 5.43% 7.54% 1.40% 8.9% 6.3% 4.3% 2.6% 2.41 0.91 8.61% 12.76% 12.23 7.47

Price/ Cash Flow

09/yy 3'625.6 1.84x 220.7 6.63x 93.0 12.15x

LTM 09/yy 3'425.1 1.77x 216.3 7.03x 133.1 10.89x

FY+1

1.61 0.87 37.51 1.02 -2.92% 1.00% 0.872 7 3.571 150'389 146'213 160'300 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'430.4 3'499.4 789.8 922.8 0.47x 0.44x 243.0 256.3 18.5 86.8 6.08x 5.77x 6.06x 5.96x 147.0 151.5 1.3 60.1 9.81x 9.50x 9.73x 9.46x S&P Issuer Ratings

30.08.2012 NR 25.33 15.40 0.02 0.13 12.8% 11.2% 1.40 3.33 29.77 48.72 39.02 40.00

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 26.12.2008

500.0 0.0 26.06.2009

26.12.2009

26.06.2010

26.12.2010

26.06.2011

26.12.2011

26.06.2012

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

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

13.11.2012

Fresh Del Monte Produce Inc Holdings By:

All

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

Firm Name SunTrust Robinson Humphrey Credit Agricole Securities (USA) Janney Montgomery Scott LLC CL King & Associates Jefferies BB&T Capital Markets EVA Dimensions

Portfolio Name n/a n/a DIMENSIONAL FUND ADV LETKO BROSSEAU & ASS n/a n/a n/a n/a LSV ASSET MANAGEMENT n/a VANGUARD GROUP INC n/a TRADEWINDS GLOBAL IN NORTHERN TRUST CORPO AQR CAPITAL MANAGEME CAMBIAR INVESTORS LL STATE STREET CORPORA DEPRINCE RACE & ZOLL AMERIPRISE FINANCIAL BUCKHEAD CAPITAL MAN

Analyst WILLIAM CHAPPELL DIANE GEISSLER JONATHAN P FEENEY ERIC J LARSON SCOTT A MUSHKIN HEATHER L JONES TEAM COVERAGE

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

Recommendation neutral underperform buy neutral hold buy overweight

Amt Held 6'704'300 5'310'455 3'865'117 3'592'179 3'474'595 3'398'502 2'910'650 2'811'666 2'669'420 2'110'139 2'079'823 1'948'865 1'196'088 982'336 941'439 925'125 922'229 747'334 684'457 672'144

% Out 11.54 9.14 6.65 6.18 5.98 5.85 5.01 4.84 4.59 3.63 3.58 3.35 2.06 1.69 1.62 1.59 1.59 1.29 1.18 1.16

Weighting

Change 3 1 5 3 3 5 5

M M M M M U D

Latest Chg (139'783) (53'660) (87'925) (125'000) (235'287) (50'000) (38'800) 98'958 82'813 29'235 (1'380'178) 32'677 40'200 (227'636) (77'655) 107'370 18'418 (94'089)

Target Price #N/A N/A 26 31 #N/A N/A 26 30 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 10.05.2011 n/a 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.05.2012 n/a 01.03.2012 n/a 14.03.2011 n/a 01.03.2012 n/a 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor

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

Date 06.11.2012 01.11.2012 31.10.2012 31.10.2012 26.10.2012 19.09.2012 17.08.2012

13.11.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (02.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SMTO3 BZ EQUITY YTD Change SMTO3 BZ EQUITY YTD % CHANGE

03/2012 09/yy 26.10 16.45 39'400.00 24.4 -6.51% 48.33% 88.29% 113.0 2'775.28 1'232.37 0.0 0.0 417.11 3'770.56

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 n-11

31.03.2009 31.03.2010 774.4 1'183.3 2.92x 2.20x 243.2 283.7 9.28x 9.18x (71.9) 103.7 17.73x Profitability

LTM-4Q 31.03.2011 1'295.0 2.60x 379.4 8.88x 142.3 20.30x

31.03.2012 1'367.0 2.52x 414.3 8.31x 126.6 20.82x 414.26 229.29 16.77% 12.16% 1.90% 4.56% 4.75% 0.28% 27.5% 44.5% 15.1% 9.3% 1.28 0.87 25.74% 60.87% 22.16 4.70

Price/ Cash Flow

09/yy 1'397.9 6.95x 481.6 0.00x 175.2 12.92x

j-12

f-12

m-12

a-12

LTM 09/yy 1'477.1 6.39x 443.9 0.00x 92.9 29.08x

m-12

j-12

a-12

s-12

o-12

FY+1

0.65 47.55 20.07% 47.81% 0.655 19 4.316 157'560 142'677 137'165 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 1'556.7 1'927.5 405.0 2.42x 2.03x 647.8 829.5 158.0 5.79x 4.52x 158.3 239.8 46.9 18.25x 12.68x S&P Issuer Ratings

22.12.2011 BB+ STABLE 5.66 1.45 1.68 3.04 60.9% 37.8% 0.28 0.43 16.52 77.89 39.31 38.72

Sales/Revenue/Turnover

9.00

1'600.0

8.00

1'400.0

7.00

1'200.0

6.00

1'000.0

5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 03.04.2009

.0 M d-11

Fiscal Year Ended 31.03.2008 712.4 4.86x 128.1 27.05x (46.9) -

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

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

13.11.2012

Sao Martinho SA Holdings By:

All

Holder Name LJN PARTICIPACOES SA DWS INVESTMENT S A HSBC GESTAO DE RECUR BAPTISTA LUIZ OLAVO GARTMORE INVESTMENT VICTOIRE BRASIL INVE SAO MARTINHO SA LARRAIN VIAL SA BLACKROCK SPINELLI SA CVMC/BRA SANTANDER BRASIL ASS DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL GERACAO FUTURO CORRE STATE STREET CORP SABINO OMET JOAO GUI CASA 4 FUNDS LUX EUR JOHN HANCOCK ADVISER

Firm Name

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

Analyst

Morgan Stanley JAVIER MARTINEZ Banco BTG Pactual SA THIAGO DUARTE Itau BBA Securities GIOVANA ARAUJO Coinvalores MARCO AURELIO BARBOSA Bradesco Corretora AURO ROZENBAUM Votorantim CTVM Research DANIEL FONSECA JPMorgan CASSIO LUCIN Agora CTVM SA LUIZ OTAVIO BROAD HSBC PEDRO HERRERA EVA Dimensions TEAM COVERAGE Banco do Brasil SA HENRIQUE AUGUSTO KOCH Fator Corretora RODRIGO FERNANDES Deutsche Bank ALESSANDRO BALDONI Credit Suisse LUIZ OTAVIO CAMPOS XP Investimentos TEAM COVERAGE SLW Corretora de Valores e Cambio LTDERICK SCOTT HOOD Grupo Santander CHRISTIAN AUDI Ativa S/A CTV RICARDO CORREA

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

Recommendation Equalwt/No Rating buy outperform hold outperform outperform overweight buy neutral underweight outperform buy buy outperform unattractive buy buy Under Review

Amt Held 63'415'600 1'684'309 1'596'921 1'197'800 939'359 799'500 711'900 659'500 528'200 500'000 423'560 307'260 256'406 178'700 135'314 134'700 125'422 124'300 119'900 113'000

% Out 56.12 1.49 1.41 1.06 0.83 0.71 0.63 0.58 0.47 0.44 0.37 0.27 0.23 0.16 0.12 0.12 0.11 0.11 0.11 0.1

Weighting

Change

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

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

Latest Chg 13'227 3'700 (7'900) 35'100 28'382 25'589 134'700 26'900 -

Target Price 26 31 35 27 34 32 31 34 27 #N/A N/A 31 32 28 32 #N/A N/A #N/A N/A 32 #N/A N/A

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

File Dt 11.09.2012 28.09.2012 31.10.2012 11.09.2012 30.09.2012 31.10.2012 11.09.2012 30.06.2012 09.11.2012 31.07.2012 31.10.2012 31.07.2012 30.06.2012 31.07.2012 30.09.2012 31.10.2012 09.11.2012 11.09.2012 31.03.2012 30.04.2011

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

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

Date 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 26.10.2012 24.10.2012 17.09.2012 23.08.2012 15.08.2012 27.06.2012 20.06.2012 05.04.2012 02.04.2012 16.02.2012 13.12.2011 03.08.2011

13.11.2012

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NBPO LN EQUITY YTD Change NBPO LN EQUITY YTD % CHANGE

12/2011 06/yy 911.50 542.00 12'147.00 547.5 -39.93% 1.01% 0.00% 150.0 821.51 314.66 0.0 54.6 60.15 1'597.15

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 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 225.0 4.28x 96.7 9.97x 86.9 12.38x

1000 900 800 700 600 500 400 300 200 100 0 n-11

31.12.2008 31.12.2009 352.2 323.8 0.94x 3.06x 136.0 111.1 2.44x 8.91x 21.2 138.0 15.72x 6.85x Profitability

LTM-4Q 31.12.2010 470.5 4.97x 175.5 13.32x 247.2 8.09x

31.12.2011 780.1 2.45x 336.7 5.67x 76.5 20.93x

336.65 285.24 36.57% 7.62% 1.90% 3.41% 0.43% 50.0% 43.5% 35.6% 9.8% 2.88 0.40 18.45% 33.20% 2.22

Price/ Cash Flow

03/yy 435.7 0.00x 0.0 0.00x 0.0 0.00x

LTM 06/yy 762.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

3.45 0.61 37.41 -32.41% -21.27% 0.614 6 3.000 28'754 92'321 207'536 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 03/10 Q1 06/10 Q2 666.5 706.7 2.46x 2.24x 165.8 212.2 9.63x 7.53x 62.2 100.1 20.47x 14.33x S&P Issuer Ratings

31.65 21.51 0.87 0.94 33.2% 23.9% 0.43 0.98 164.81 185.41

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0 700.0

25.00

600.0

20.00

500.0

15.00

400.0 300.0

10.00

200.0

5.00 0.00 02.01.2009

100.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

New Britain Palm Oil Ltd Holdings By:

All

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

Firm Name Macquarie Deutsche Bank Peel Hunt Shore Capital Stockbrokers Liberum Capital Ltd Daniel Stewart & Co XCAP Securities Limited

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

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

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

Recommendation underperform buy buy sell buy sell strong buy

Amt Held 73'482'619 12'000'000 6'699'000 6'699'000 5'057'715 4'784'184 4'342'417 3'846'609 3'838'817 3'756'774 2'153'626 1'964'862 1'950'000 1'748'585 1'501'548 1'452'460 1'404'200 1'349'682 1'274'775 1'158'000

% Out 48.97 8 4.46 4.46 3.37 3.19 2.89 2.56 2.56 2.5 1.44 1.31 1.3 1.17 1 0.97 0.94 0.9 0.85 0.77

Weighting

Change 1 5 5 1 5 1 5

D M M D M M N

Latest Chg 2'140 (310'000) 165'860 282'901 -

Target Price 505 700 700 #N/A N/A 750 657 1'100

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

File Dt Inst Type 31.12.2010 Investment Advisor 31.12.2010 n/a 31.12.2010 n/a 31.12.2010 Other 31.12.2010 Investment Advisor 31.12.2010 Other 31.07.2012 Unclassified 31.12.2010 Investment Advisor 31.12.2010 Investment Advisor 31.12.2010 n/a 31.12.2010 Other 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 31.12.2010 n/a 31.12.2010 Other 31.12.2010 Investment Advisor 31.12.2010 Unclassified

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

Date 08.11.2012 02.11.2012 02.11.2012 01.11.2012 05.10.2012 22.08.2012 04.08.2011

13.11.2012

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

Price/Volume 3

40.0 M 35.0 M

30.0 M 25.0 M

20.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2012) 52-Week Low (28.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 1117 HK EQUITY YTD Change 1117 HK EQUITY YTD % CHANGE

06/2012 01/yy 2.45 1.51 569'000.00 1.98 -19.18% 31.13% 50.00% 4'800.0 9'504.00 2'590.79 0.0 66.2 518.28 9'780.25

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

30.06.2009 -

10.0 M 5.0 M

0 n-11

Profitability

30.06.2010 589.8 118.1 53.1 -

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

30.06.2012 1'677.6 5.52x 429.9 21.53x 398.5 17.86x

429.95 333.60 19.89% 24.29% 5.12% 8.19% 6.85% 0.22% 25.0% 19.3% 23.8% 0.73 0.44 29.95% 51.14% 14.03 -

Price/ Cash Flow

j-12

f-12

LTM-4Q

LTM

01/yy

01/yy -

m-12

a-12

m-12

j-12

a-12

s-12

o-12

FY+1 -

0.00 0.61 1'594.91 -4.35% 20.73% 0.614 14 4.357 806'900 2'985'877 3'277'978 FY+2

06/13 Y 06/14 Y 2'647.1 3'610.7 3.77x 2.82x 752.2 1'029.6 13.00x 9.50x 562.7 792.9 13.38x 9.77x S&P Issuer Ratings

FQ+1

FQ+2

6.03 -3.64 4.94 6.18 51.1% 33.5% 0.22 0.63 26.08 -

Sales/Revenue/Turnover

45.00

1'800.0

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 03.07.2009

.0 M d-11

Fiscal Year Ended 30.06.2008

15.0 M

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

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

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

13.11.2012

China Modern Dairy Holdings Ltd Holdings By:

All

Holder Name ADVANCED DAIRY CO LT YINMU HOLDINGS CO LT XINMU HOLDINGS CO LT CRYSTAL DAIRY HOLDIN JINMU HOLDINGS CO LT UBS SCHRODER INVESTMENT IVY MANAGEMENT INCOR CHINA SOUTHERN FUND DAIWA SB INVESTMENT DANSKE INVEST A/S VANGUARD GROUP INC STATE STREET CORP EMERGING MARKETS MAN CLAYMORE ADVISORS LL SCOTTISH WIDOWS INDEXIQ ADVISORS LLC DANSKE INVEST MANAGE BLACKROCK WELLINGTON MANAGEMEN

Firm Name Deutsche Bank Oriental Patron Securities Ltd Standard Chartered EVA Dimensions Jefferies First Shanghai Securities Ltd Guotai Junan Mirae Asset Securities Credit Suisse AMTD Financial Planning Limited GuoSen Securities Co Ltd Celestial Securities Limited

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

Analyst ANNE LING TRACY SUN CHARLES YAN TEAM COVERAGE JESSIE GUO JERRY LU SUNNY KWOK MAXWELL YANG KEVIN YIN KENNY TANG SING HING NANXIANG YANG TEAM COVERAGE

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

Recommendation buy buy outperform underweight buy buy neutral reduce outperform buy buy hold

Amt Held 1'152'248'682 739'559'117 711'021'025 384'104'918 218'157'733 216'211'562 41'181'000 30'778'000 15'061'000 11'000'000 8'665'000 8'403'755 5'605'000 5'280'000 5'043'101 2'550'264 2'299'872 1'476'000 1'419'000 1'309'000

% Out 24.01 15.41 14.81 8 4.54 4.5 0.86 0.64 0.31 0.23 0.18 0.18 0.12 0.11 0.11 0.05 0.05 0.03 0.03 0.03

Weighting

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

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

Latest Chg 16'632 11'347'000 (1'439'000) 4'040'000 1'019'000 88'000 (221'000) 46'002 -

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

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

File Dt 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 31.12.2011 11.04.2012 30.09.2012 30.06.2012 09.11.2012 29.06.2012 09.11.2012 28.09.2012 09.11.2012 29.06.2012 09.11.2012 15.11.2011

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

Inst Type Corporation n/a n/a Holding Company n/a 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 08.11.2012 06.11.2012 12.10.2012 12.10.2012 26.09.2012 24.09.2012 19.09.2012 19.09.2012 18.09.2012 18.09.2012 27.04.2012 06.01.2011

13.11.2012

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

Price/Volume 90

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEQ NO EQUITY YTD Change CEQ NO EQUITY YTD % CHANGE

12/2011 09/yy 82.59 56.39 52'966.00 75 -9.19% 33.01% 73.89% 92.5 6'937.50 1'511.10 0.0 45.9 459.30 9'478.30

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

1.5 M

30 20

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 7'721.2 1.07x 1'008.3 8.20x 497.5 14.03x

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 8'715.6 8'971.7 0.65x 0.78x 331.8 857.9 16.99x 8.18x (59.1) 295.3 15.22x Profitability

LTM-4Q 31.12.2010 9'990.5 0.95x 1'778.3 5.36x 1'514.4 5.50x

31.12.2011 11'634.3 0.65x 1'685.5 4.50x 789.0 8.23x 1'685.50 1'368.50 11.76% 8.64% 1.67% 3.20% 2.92% 1.07% 8.9% 6.0% 6.8% 2.71 1.03 14.59% 24.72% 5.66 -

Price/ Cash Flow

LTM

09/yy 11'520.4 3.07x 1'984.2 3.56x 1'084.7 5.39x

09/yy 11'525.3 2.99x 1'024.6 9.25x 180.1 38.52x

FY+1

0.94 45.20 29.11% 14.03% 0.945 14 4.571 44'848 90'922 156'844 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 11'592.8 13'435.3 3'335.5 2'633.3 0.81x 0.70x 2.92x 864.0 1'501.4 245.5 239.3 10.97x 6.31x 7.17x 6.34x 233.7 831.0 107.8 92.7 22.25x 8.35x 9.86x 8.12x S&P Issuer Ratings

38.39 25.55 2.44 2.67 24.7% 19.7% 1.07 4.42 64.68 -

Sales/Revenue/Turnover

250.00

14'000.0 12'000.0

200.00

10'000.0 150.00

8'000.0 6'000.0

100.00

4'000.0 50.00

0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Cermaq ASA Holdings By:

All

Holder Name NORWEGIAN GOVT MINIS LANSDOWNE DEVELOPED GOVERNMENT PENSION F STATE STREET BANK AN JP MORGAN CHASE BANK MONTAGUE PLACE CUSTO SKAGEN AS PICTET & CIE BANQUIE DNB NOR ASSET MANAGE LANSDOWNE UK STRAT I DNB NORBANK ASA NORTHERN TRUST CO SIA FUNDS AG STOREBRAND FUND MANA ALFRED BERG KAPITALF BANK OF NEW YORK MEL FONDSFINANS KAPITALF STATOILS PENSJONSKAS GOLDMAN SACHS & CO DIMENSIONAL FUND ADV

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

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

Analyst MAARTEN BAKKER KNUT-IVAR BAKKEN GEIR KRISTIANSEN TEAM COVERAGE FELIX HEINRICH KOLBJORN GISKEODEGARD GEORG LIASJO MARIUS GAARD BENT ROLLAND KJETIL LYE HENNING C STEFFENRUD THOMAS LORCK VEBJORN E ULSEROD ANDERS GJENDEMSJO

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

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

Amt Held 40'271'600 6'040'772 5'287'412 3'073'821 3'010'349 1'353'847 1'084'045 1'078'783 1'006'065 861'118 781'229 768'194 747'423 694'613 692'606 605'778 514'000 491'962 467'338 436'993

% Out 43.54 6.53 5.72 3.32 3.25 1.46 1.17 1.17 1.09 0.93 0.84 0.83 0.81 0.75 0.75 0.65 0.56 0.53 0.51 0.47

Weighting

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

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

Latest Chg (475'000) 9'402 160'326 (198'329) 100'000 -

Target Price 100 92 95 #N/A N/A 92 95 87 #N/A N/A 104 110 95 85 98 103

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

File Dt 05.11.2012 05.11.2012 05.11.2012 05.11.2012 05.11.2012 05.11.2012 28.09.2012 05.11.2012 28.09.2012 05.11.2012 05.11.2012 05.11.2012 31.08.2012 31.10.2012 30.09.2012 05.11.2012 28.09.2012 05.11.2012 05.11.2012 31.07.2012

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

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

Date 12.11.2012 05.11.2012 02.11.2012 02.11.2012 31.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 23.10.2012 24.07.2012 23.07.2012

13.11.2012

Leroey Seafood Group ASA Leroey Seafood Group ASA is the parent corporation for a group of companies that produce and market ocean and farmed fish and seafood products. The Company also sells a range of processed fish products. Leroey trades with producers, distributers, and importers of fish on a worldwide basis. The Company has subsidiaries in Denmark, France, and Portugal.

Price/Volume 140

.3 M

120

.3 M

100

.2 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.09.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LSG NO EQUITY YTD Change LSG NO EQUITY YTD % CHANGE

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

.1 M

20 0 n-11

31.12.2008 31.12.2009 6'057.1 7'473.8 0.75x 0.95x 534.2 1'154.2 8.51x 6.12x 124.7 729.5 19.33x 7.71x Profitability

LTM-4Q 31.12.2010 8'887.7 1.42x 1'805.9 7.00x 1'419.5 7.56x

31.12.2011 9'176.9 0.73x 1'484.8 4.50x 382.7 11.98x 1'484.80 1'212.90 13.22% 5.83% 2.39% 5.17% 0.82% 9.8% 6.7% 4.2% 2.52 1.19 27.83% 60.62% 21.19

Price/ Cash Flow

j-12

f-12

m-12

LTM

09/yy 9'500.1 4.11x 1'895.1 3.50x 835.6 5.57x

a-12

09/yy 8'943.0 2.53x 610.7 0.00x 236.7 27.69x

m-12

j-12

a-12

s-12

o-12

FY+1

0.76 16.88 65.37% 52.08% 0.758 13 4.538 36'726 32'220 40'571 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 9'125.1 9'824.9 2'354.1 2'365.3 0.98x 0.87x 3.82x 889.7 1'459.9 267.2 324.3 10.30x 6.28x 6.59x 6.21x 379.3 814.4 133.7 192.0 16.64x 7.81x 8.46x 7.79x S&P Issuer Ratings

12.19 7.80 2.34 3.55 60.6% 35.5% 0.82 4.89 17.27 -

Sales/Revenue/Turnover

18.00

10'000.0

16.00

9'000.0

14.00

8'000.0 7'000.0

12.00

6'000.0

10.00 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 6'290.9 1.22x 541.1 14.17x 277.0 19.13x

.2 M

12/2011 09/yy 125.00 76.50 26'984.00 118 -5.60% 54.25% 86.60% 54.6 6'440.13 3'190.34 0.0 534.9 1'597.43 9'164.77

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Leroey Seafood Group ASA Holdings By:

All

Holder Name AUSTEVOLL SEAFOOD AS GOVERNMENT PENSION F BIOMAR AS STOREBRAND FUND MANA ALFRED BERG KAPITALF CITIBANK NA DANSKE CAPITAL NORGE FORSVARETS PERSONELL LEROY SEAFOOD GROUP SVENSKA HANDELSBANKE PICTET & CIE BANQUIE HANDELSBANKEN FONDER DNB NOR ASSET MANAGE PARETO SICAV VELU AS BKK PENSJONSKASSE PROFOND AS SIA FUNDS AG FIRSTNORDIC FONDENE TERRA FONDSFORVALTNI

Firm Name SpareBank 1 Markets AS DNB Markets Carnegie Handelsbanken Arctic Securities ASA Nordea Equity Research ABG Sundal Collier Pareto Securities Fondsfinans AS Swedbank First Securities EVA Dimensions SEB Enskilda Norne Securities AS

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

Analyst GEIR KRISTIANSEN KNUT-IVAR BAKKEN MARIUS GAARD KJETIL LYE THOMAS LORCK KOLBJORN GISKEODEGARD DAG SLETMO FELIX HEINRICH BENT ROLLAND HENNING C STEFFENRUD TEAM COVERAGE VEBJORN E ULSEROD ANDERS GJENDEMSJO

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

Recommendation neutral buy buy buy buy strong buy buy buy buy buy sell buy buy

Amt Held 34'144'281 1'312'220 1'000'000 572'236 517'765 481'136 361'072 352'700 329'776 322'552 312'341 293'800 254'845 220'764 207'300 188'800 162'002 146'641 126'000 119'697

% Out 62.56 2.4 1.83 1.05 0.95 0.88 0.66 0.65 0.6 0.59 0.57 0.54 0.47 0.4 0.38 0.35 0.3 0.27 0.23 0.22

Weighting

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

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

Latest Chg (18'172) 30'000 49'984 13'363 67'623 (37'887)

Target Price 123 145 #N/A N/A 148 150 150 141 167 134 145 #N/A N/A 134 120

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

File Dt Inst Type 05.11.2012 Corporation 05.11.2012 Government 05.11.2012 n/a 31.10.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 05.11.2012 Bank 29.06.2012 Investment Advisor 05.11.2012 Unclassified 05.11.2012 n/a 05.11.2012 Bank 05.11.2012 Bank 31.10.2012 Investment Advisor 28.09.2012 Investment Advisor 05.11.2012 n/a 05.11.2012 n/a 05.11.2012 n/a 05.11.2012 Unclassified 31.08.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 30.09.2012 Mutual Fund Manager

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

Date 13.11.2012 13.11.2012 09.11.2012 09.11.2012 09.11.2012 06.11.2012 05.11.2012 23.10.2012 17.10.2012 10.10.2012 05.09.2012 24.08.2012 09.06.2012

13.11.2012

Adecoagro SA Adecoagro S.A. is an agricultural company in South America, with operations in Argentina, Brazil and Uruguay. The Company is currently involved in a broad range of businesses, including farming crops and other agricultural products, cattle and dairy operations, sugar, ethanol and energy production and land transformation.

Price/Volume 2.5 M

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.03.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGRO US EQUITY YTD Change AGRO US EQUITY YTD % CHANGE

12/2011 06/yy 11.30 7.50 22'636.00 8.93 -20.97% 19.07% 39.74% 121.3 1'081.63 158.17 0.0 15.0 330.55 1'292.31

31.12.2007 142.5 37.5 29.2 -

1.0 M

.5 M

2 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2008 31.12.2009 244.2 313.6 49.7 47.3 (19.3) (0.3) Profitability

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

31.12.2011 548.1 1.53x 159.0 5.28x 56.0 17.40x

158.97 124.79 22.77% 13.06% 0.91% 1.47% 5.85% 0.32% 39.3% 22.2% 14.9% 10.2% 2.13 1.59 9.30% 14.65% 3.92 3.22

Price/ Cash Flow

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

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

FY+1

0.00 1.11 72.14 0.73 2.17% 7.98% 1.110 9 4.556 77'913 94'291 137'677 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 614.3 788.5 167.0 2.23x 1.98x 145.6 217.4 47.0 8.88x 5.95x 10.94x 50.5 84.1 16.3 21.36x 12.79x 63.79x S&P Issuer Ratings

2.55 1.10 1.60 3.45 14.6% 12.6% 0.32 0.71 93.28 113.52 85.73 109.02

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 02.01.2009

1.5 M

Valuation Analysis

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Adecoagro SA Holdings By:

All

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

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

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

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

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

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

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

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

Weighting

Change 5 3 3 5 5 5 5

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

Target Price

M M M M M M M

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

16 11 15 14 13 14 17

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

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

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

Date 11.11.2012 06.11.2012 22.10.2012 17.09.2012 14.08.2012 30.03.2012 23.11.2011

13.11.2012

Sanderson Farms Inc Sanderson Farms, Inc. produces, processes, markets, and distributes fresh and frozen chicken products. The Company also processes, markets, and distributes processed and prepared food items. Sanderson Farms sells its chicken, primarily under the Sanderson Farms brand name, to retailers, distributors, and fast food operators in the southeastern, southwestern, and western United States.

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2012) 52-Week Low (24.07.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAFM US EQUITY YTD Change SAFM US EQUITY YTD % CHANGE

10/2011 07/yy 55.87 36.11 40'125.00 46.67 -16.50% 29.24% 51.42% 23.0 1'069.53 284.78 0.0 0.0 11.08 1'199.45

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

20 10 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.10.2007 1'474.8 0.54x 162.2 4.93x 78.8 8.97x

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

31.10.2008 31.10.2009 1'723.6 1'789.5 0.50x 0.47x 31.1 185.6 27.51x 4.53x (43.1) 82.3 9.17x Profitability

LTM-4Q 31.10.2010 1'925.4 0.48x 261.8 3.50x 134.8 6.92x

31.10.2011 1'978.1 0.69x (122.2) (127.1) -

-122.22 -179.38 -9.07% -9.82% 2.54% 4.12% 3.87% 2.54% -5.4% 5.4% 2.6% -6.4% 3.85 0.92 30.02% 56.18% 27.06 9.91

Price/ Cash Flow

07/yy 1'947.4 2.24x (28.2) 0.00x (57.7) 0.00x

LTM 07/yy 2'297.6 2.24x 124.8 7.82x 23.0 29.94x

FY+1

1.46 0.54 19.90 1.42 -7.06% -5.48% 0.539 8 3.000 139'585 163'602 248'356 FY+2

FQ+1

FQ+2

10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 2'364.7 2'480.1 627.2 549.7 0.53x 0.48x 1.95x 2.42x 152.3 113.2 26.4 (9.3) 7.86x 10.58x 11.62x 8.10x 48.7 35.6 4.7 (16.7) 21.33x 35.54x 126.48x 29.45x S&P Issuer Ratings

-0.19 -0.29 1.04 1.25 56.2% 36.0% 2.54 4.55 13.52 36.94 18.43 39.26

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 31.10.2008

0.0 30.04.2009

31.10.2009

30.04.2010

31.10.2010

30.04.2011

31.10.2011

30.04.2012

31.10.2012

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

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

13.11.2012

Sanderson Farms Inc Holdings By:

All

Holder Name ROYCE AND ASSOCIATES ADAGE CAPITAL PARTNE TRUSTMARK NATIONAL B BLACKROCK SOUTHERNSUN ASSET MA VANGUARD GROUP INC SANDERSON JR JOE F BROOKSIDE CAPITAL IN GREAT WEST LIFE ASSU BANK OF NEW YORK MEL UBS PERKINS INVESTMENT M DIMENSIONAL FUND ADV MORGAN STANLEY STATE STREET CORP NORTHERN TRUST CORPO AMERIPRISE FINANCIAL LORD ABBETT & CO LLC TEACHERS ADVISORS IN LEE MUNDER CAPITAL G

Firm Name KeyBanc Capital Markets EVA Dimensions Stephens Inc Sidoti & Company LLC BMO Capital Markets Morgan Stanley JPMorgan BB&T Capital Markets

Portfolio Name ROYCE & ASSOCIATES L ADAGE CAPITAL PARTNE n/a n/a SOUTHERNSUN ASSET MA VANGUARD GROUP INC n/a BROOKSIDE CAPITAL MA GREAT WEST LIFE ASSU BANK OF NEW YORK MEL n/a PERKINS INVESTMENT M DIMENSIONAL FUND ADV n/a STATE STREET CORPORA NORTHERN TRUST CORPO AMERIPRISE FINANCIAL Multiple Portfolios TEACHERS ADVISORS IN LEE MUNDER CAPITAL G

Analyst AKSHAY S JAGDALE TEAM COVERAGE FARHA ASLAM KATYA VORONCHUK KENNETH B ZASLOW VINCENT ANDREWS KENNETH GOLDMAN HEATHER L JONES

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

Recommendation buy underweight equalweight buy market perform Underwt/Cautious neutral hold

Amt Held 3'021'768 2'004'728 1'646'502 1'635'943 1'297'852 1'291'196 927'568 722'849 585'612 566'001 555'888 523'600 480'998 471'978 444'126 362'810 345'789 343'915 335'474 305'104

% Out 13.15 8.73 7.17 7.12 5.65 5.62 4.04 3.15 2.55 2.46 2.42 2.28 2.09 2.05 1.93 1.58 1.51 1.5 1.46 1.33

Weighting

Change 5 1 3 5 3 1 3 3

M D M N M M M M

Latest Chg (35'000) 136'439 (89'207) (279'279) 27'199 (3'999) 140'302 585'612 (298'788) (314'355) 100'900 (51'436) 454'504 (29'762) 16'095 (75'449) 343'915 9'561 (47'711)

Target Price 60 #N/A N/A 38 59 42 33 49 #N/A N/A

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

File Dt Inst Type 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 31.12.2011 Investment Advisor 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.05.2012 n/a 30.06.2012 Hedge Fund Manager 30.09.2012 Insurance Company 30.09.2012 Investment Advisor 30.06.2012 Unclassified 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager

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

Date 07.11.2012 01.11.2012 18.10.2012 15.10.2012 12.10.2012 29.08.2012 28.08.2012 28.08.2012

13.11.2012

Dole Food Co Inc Dole Food Company, Inc. produces, markets, and distributes fresh fruit and vegetables. The Company's product categories, including bananas, packaged salads and packaged fruit. Dole supplies provide wholesale, retail and institutional customers around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.09.2012) 52-Week Low (28.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOLE US EQUITY YTD Change DOLE US EQUITY YTD % CHANGE

12/2011 06/yy 15.19 8.02 104'326.00 11.923 -21.53% 48.67% 52.86% 88.9 1'048.68 1'679.84 0.0 25.9 122.35 2'617.23

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

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 n-11

31.12.2008 31.12.2009 7'620.0 6'778.5 0.38x 386.5 410.1 6.34x 121.0 84.1 11.18x Profitability

LTM-4Q 31.12.2010 6'892.6 0.39x 305.1 8.70x (34.1) -

31.12.2011 7'223.8 0.33x 353.9 6.65x 38.4 13.95x 353.94 250.02 3.46% 0.67% 0.83% 4.03% 1.60% 10.9% 4.1% 2.6% 0.5% 1.68 0.75 39.34% 211.97% 8.81 7.70

Price/ Cash Flow

06/yy 7'147.0 1.42x 375.9 6.67x (5.8) 143.00x

j-12

f-12

m-12

a-12

LTM 06/yy 6'967.1 1.37x 286.7 8.35x 36.0 14.03x

m-12

j-12

a-12

s-12

o-12

FY+1

0.00 1.18 52.64 15.07 11.74% 37.84% 1.180 5 3.400 987'722 1'291'909 1'351'037 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 6'942.3 6'448.5 2'065.5 1'531.5 350.8 334.0 78.3 78.3 7.49x 7.86x 7.64x 7.98x 111.3 120.0 10.4 16.7 9.39x 8.72x 9.19x 8.92x S&P Issuer Ratings

30.10.2009 B POS 20.09.2006 NR 2.49 1.91 5.38 5.71 212.0% 67.2% 1.60 7.70 41.33 47.30 30.88 53.29

Sales/Revenue/Turnover

200.00

9'000.0

180.00

8'000.0

160.00

7'000.0

140.00

6'000.0

120.00

5'000.0

100.00

4'000.0

80.00

3'000.0

60.00

2'000.0

40.00

1'000.0

20.00 0.00 09.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 6'820.8 304.9 (57.5) -

0.0 09.07.2009

09.01.2010

09.07.2010

09.01.2011

09.07.2011

09.01.2012

09.07.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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

13.11.2012

Dole Food Co Inc Holdings By:

All

Holder Name MURDOCK LIVING TRUST CASTLE & COOKE HOLDI ALLIANCEBERNSTEIN LP ROBECO INVESTMENT MG DIMENSIONAL FUND ADV LORD ABBETT & CO LLC SCOTT & STRINGFELLOW VANGUARD GROUP INC ALETHEIA RESEARCH & AXA BAMCO INC STERLING CAPITAL MAN BLACKROCK BANK OF NEW YORK MEL PARADIGM CAPITAL MAN BB&T ASSET MANAGEMEN TOWLE & CO AMERICAN INTERNATION SAC CAPITAL ADVISORS LEE MUNDER CAPITAL G

Firm Name Janney Montgomery Scott LLC BB&T Capital Markets EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a ALLIANCEBERNSTEIN LP ROBECO INVESTMENT MA DIMENSIONAL FUND ADV n/a SCOTT & STRINGFELLOW VANGUARD GROUP INC ALETHEIA RESEARCH & Multiple Portfolios BAMCO INC STERLING CAPITAL MAN n/a BANK OF NEW YORK MEL PARADIGM CAPITAL MAN Multiple Portfolios TOWLE & CO n/a SAC CAPITAL ADVISORS LEE MUNDER CAPITAL G

Analyst JONATHAN P FEENEY HEATHER L JONES TEAM COVERAGE JASON ENGLISH

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

Recommendation buy hold sell neutral/attractive

Amt Held 23'758'054 11'784'914 4'323'290 3'220'160 3'044'130 2'619'792 2'511'189 1'942'085 1'873'667 1'779'592 1'731'786 1'614'583 1'512'611 1'372'528 1'326'963 1'182'282 1'070'222 1'041'829 854'531 833'052

% Out 26.71 13.25 4.86 3.62 3.42 2.95 2.82 2.18 2.11 2 1.95 1.82 1.7 1.54 1.49 1.33 1.2 1.17 0.96 0.94

Weighting

Change 5 3 1 3

M M D M

Latest Chg (21'131'276) 555'327 (488'085) 227'004 (2'048'739) 1'088'070 71'850 (1'722'280) (1'810'814) 10'000 143'392 652'721 53'750 (277'522) (14'173) 1'016'800 854'531 (1'023'264)

Target Price 19 #N/A N/A #N/A N/A 12

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

File Dt Inst Type 01.11.2012 n/a 01.11.2012 Corporation 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Government 30.06.2012 Hedge Fund Manager 30.09.2012 Hedge Fund Manager

Date 12 month Not Provided Not Provided 12 month

Date 25.10.2012 19.09.2012 06.09.2012 12.08.2012

13.11.2012

Cal-Maine Foods Inc Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell eggs. The Company markets its products in various states in the Southwestern, Southeastern, Midwestern, and Mid-Atlantic regions of the United States.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CALM US EQUITY YTD Change CALM US EQUITY YTD % CHANGE

05/2012 09/yy 47.00 31.16 5'893.00 42.75 -9.04% 37.20% 71.53% 21.5 1'013.09 76.22 0.0 0.2 260.75 877.57

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

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.05.2008 915.9 0.36x 249.0 1.34x 151.9 4.88x

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

31.05.2009 31.05.2010 928.8 910.1 0.32x 0.78x 149.6 134.4 1.96x 5.26x 79.5 67.8 7.30x 11.40x Profitability

LTM-4Q 31.05.2011 942.0 0.57x 114.2 4.66x 60.8 11.08x

31.05.2012 1'113.1 0.58x 119.4 5.44x 89.7 13.30x

119.40 88.65 7.96% 12.49% 14.12% 21.17% 18.69% 1.68% 18.1% 11.3% 8.6% 8.1% 3.14 2.27 10.49% 15.91% 15.90 7.60

Price/ Cash Flow

08/yy 995.4 2.43x 112.0 5.62x 59.2 12.96x

LTM 09/yy 1'142.2 2.53x 129.3 6.38x 96.0 13.95x

FY+1

3.13 0.91 13.34 1.20 29.20% 21.15% 0.914 3 4.333 66'841 119'378 102'704 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 11/12 Q2 02/13 Q3 1'258.0 1'291.0 330.0 373.0 143.0 156.0 45.0 51.0 6.21x 5.69x 6.29x 5.96x 77.0 83.0 24.0 30.0 14.09x 12.86x 14.54x 13.70x S&P Issuer Ratings

22.98 17.81 -1.05 0.57 15.9% 13.7% 1.68 4.96 23.34 48.85 30.40 44.36

Sales/Revenue/Turnover

16.00

1'200.0

14.00

1'000.0

12.00

800.0

10.00 8.00

600.0

6.00

400.0

4.00

200.0 2.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

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

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

13.11.2012

Cal-Maine Foods Inc Holdings By:

All

Holder Name ADAMS JR FRED R ROYCE AND ASSOCIATES ALLIANZ ASSET MANAGE CAL-MAINE ESOP BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV BAKER ADOLPHUS B ARTISAN PARTNERS HOL PRUDENTIAL FINANCIAL PARADIGM CAPITAL MAN STATE STREET CORP LSV ASSET MANAGEMENT WCM INVESTMENT MANAG FIRST TRUST ADVISORS O'SHAUGHNESSY ASSET INVESCO LTD ACADIAN ASSET MANAGE NORTHERN TRUST CORPO ROYAL BANK OF CANADA

Firm Name Stephens Inc Sidoti & Company LLC EVA Dimensions

Portfolio Name n/a ROYCE & ASSOCIATES L n/a n/a n/a VANGUARD GROUP INC DIMENSIONAL FUND ADV n/a ARTISAN PARTNERS LP n/a PARADIGM CAPITAL MAN STATE STREET CORPORA LSV ASSET MANAGEMENT WCM INVESTMENT MANAG FIRST TRUST ADVISORS O'SHAUGHNESSY ASSET INVESCO LTD ACADIAN ASSET MANAGE NORTHERN TRUST CORPO n/a

Analyst ERIC GOTTLIEB MICHAEL LAVERY TEAM COVERAGE

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

Recommendation equalweight buy buy

Amt Held 6'257'136 2'546'868 1'531'466 1'441'071 1'177'722 832'547 576'713 415'128 358'834 322'272 299'330 297'411 265'000 263'531 250'350 234'870 234'199 210'786 207'214 201'577

% Out 29.07 11.83 7.12 6.7 5.47 3.87 2.68 1.93 1.67 1.5 1.39 1.38 1.23 1.22 1.16 1.09 1.09 0.98 0.96 0.94

Weighting

Change 3 5 5

M M U

Latest Chg (319'939) 24'000 1'925 84'538 (8'237) 11'169 (278'900) 36'099 12'725 3'391 36'300 82'829 34'348 (11'877) 52'568 42'145 8'736 (21'199)

Target Price 38 50 #N/A N/A

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

File Dt Inst Type 09.12.2011 n/a 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 20.07.2012 n/a 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 11.05.2012 n/a 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.09.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 30.06.2012 Bank

Date 12 month 12 month Not Provided

Date 01.11.2012 01.10.2012 04.01.2012

13.11.2012

SLC Agricola SA SLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company has farms located in the Brazilian states of Goias, Mato Grosso do Sul, Mato Grosso, and Maranhao & Bahia.

Price/Volume 30

1.6 M 1.4 M

1.2 M 20

Latest Fiscal Year: LTM as of: 52-Week High (20.07.2012) 52-Week Low (21.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SLCE3 BZ EQUITY YTD Change SLCE3 BZ EQUITY YTD % CHANGE

12/2011 06/yy 24.80 14.49 37'500.00 19.34 -22.02% 33.47% 51.02% 98.9 1'920.59 882.41 0.0 0.0 130.46 2'749.70

31.12.2007 268.7 5.56x 43.6 34.32x 31.6 46.74x

.8 M .6 M

.4 M 5 0 n-11

.2 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

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

1.0 M

Valuation Analysis

31.12.2008 31.12.2009 413.7 588.0 3.71x 3.25x 167.2 79.3 9.18x 24.09x 44.6 9.1 30.66x 174.35x Profitability

LTM-4Q 31.12.2010 888.7 2.81x 205.9 12.11x 58.6 36.75x

31.12.2011 1'005.6 2.25x 325.9 6.94x 81.6 18.57x

325.88 256.88 25.54% 23.98% 0.15% 0.27% 4.20% 0.33% 36.4% 24.4% 18.2% 8.1% 1.21 0.23 24.62% 45.95% 47.61 2.99

Price/ Cash Flow

06/yy 911.5 10.55x 273.4 8.17x 93.4 13.41x

LTM 06/yy 1'150.9 8.22x 280.6 9.93x 5.2 402.83x

FY+1

0.70 47.79 16.00% 29.10% 0.703 13 3.692 108'920 156'180 206'864 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 1'153.3 1'232.1 312.5 267.0 2.07x 1.89x 262.0 283.0 77.1 53.1 10.46x 9.69x 77.3 115.4 17.3 10.7 27.95x 16.45x S&P Issuer Ratings

9.75 -2.66 2.95 3.44 46.0% 31.5% 0.33 0.48 7.69 122.26 19.33 155.52

Sales/Revenue/Turnover

90.00

1'200.0

80.00

1'000.0

70.00

800.0

60.00 50.00

600.0

40.00

400.0

30.00 20.00

200.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

SLC Agricola SA Holdings By:

All

Holder Name SLC PARTICIPACOES SA EVAUX PARTICIPACOES BLACKROCK DWS INVESTMENT S A CSHG ASSET MGMT SA DEUTSCHE BANK AG LARRAIN VIAL SA SLC AGRICOLA SA VAN ECK ASSOCIATES C NEST INVESTIMENTOS L SARASIN INVESTMENT M KONDOR ADMIN E GESTO FMR LLC DEUTSCHE INVESTMENT DIMENSIONAL FUND ADV PRINCIPAL FINANCIAL VANGUARD GROUP INC WELLINGTON MANAGEMEN BB GESTAO DE RECURSO BANK OF NEW YORK MEL

Firm Name

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

Analyst

Raymond James PEDRO J RICHARDS Planner Corretora de Valores RICARDO TADEU MARTINS Banco BTG Pactual SA THIAGO DUARTE JPMorgan CASSIO LUCIN Itau BBA Securities GIOVANA ARAUJO HSBC PEDRO HERRERA SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO Morgan Stanley JAVIER MARTINEZ Banco do Brasil SA MARIANA MARCOLIN PERINGER Deutsche Bank ALESSANDRO BALDONI Credit Suisse LUIZ OTAVIO CAMPOS EVA Dimensions TEAM COVERAGE XP Investimentos TEAM COVERAGE

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

Recommendation outperform neutral neutral neutral outperform neutral hold Overwt/No Rating Under Review buy outperform buy unattractive

Amt Held 28'947'298 21'520'096 11'110'789 7'479'535 4'875'647 1'075'669 743'600 642'834 580'250 556'500 485'200 403'100 381'081 363'635 331'812 319'700 272'476 265'500 262'900 200'781

% Out 29.27 21.76 11.23 7.56 4.93 1.09 0.75 0.65 0.59 0.56 0.49 0.41 0.39 0.37 0.34 0.32 0.28 0.27 0.27 0.2

Weighting

Change

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

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

Latest Chg (39'627) (200'200) (9'500) 25'870 23'700 (76'300) -

Target Price 25 23 25 26 33 24 #N/A N/A 27 #N/A N/A 26 24 #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 24.10.2012 24.10.2012 09.11.2012 28.09.2012 24.10.2012 28.09.2012 31.07.2012 24.10.2012 12.11.2012 31.10.2012 31.07.2012 31.07.2012 30.09.2012 25.07.2011 31.07.2012 30.09.2012 30.06.2012 15.11.2011 30.09.2012 09.11.2012

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

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

Date 11.11.2012 09.11.2012 06.11.2012 26.10.2012 22.10.2012 17.09.2012 10.08.2012 09.08.2012 09.08.2012 28.06.2012 31.05.2012 09.04.2012 02.04.2012

13.11.2012

Shandong Homey Aquatic Development Co Ltd Shandong Homey Aquatic Development Co., Ltd. operates fish farms to produce lefteye flounder, abalone, sea cucumber, and brill. The Company also processes frozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.11.2011) 52-Week Low (29.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600467 CH EQUITY YTD Change 600467 CH EQUITY YTD % CHANGE

12/2011 09/yy 12.75 6.93 3'811'158.00 7.85 -38.43% 13.28% 19.59% 730.5 5'734.40 682.00 0.0 42.3 1'036.84 5'984.93

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

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 n-11

31.12.2008 31.12.2009 473.3 526.7 7.50x 12.41x 210.3 148.3 16.87x 44.07x 124.5 75.3 26.40x 82.25x Profitability

LTM-4Q 31.12.2010 771.7 12.51x 227.9 42.36x 142.8 62.83x

31.12.2011 875.7 7.35x 310.7 20.72x 207.5 28.88x 310.68 237.39 27.11% 23.93% 7.32% 10.80% 0.31% 33.2% 26.2% 23.7% 2.13 1.12 18.48% 25.36% 30.26 0.72

Price/ Cash Flow

09/yy 843.8 39.99x 0.0 0.00x 172.2 39.85x

j-12

f-12 m-12

a-12 m-12

LTM 09/yy 968.0 25.72x 0.0 0.00x 231.1 25.35x

j-12

a-12

s-12

o-12

FY+1

1.22 316.02 -36.92% -14.53% 1.221 11 4.727 6'226'571 6'447'001 5'373'011 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'062.2 1'244.6 297.0 202.0 4.94x 4.03x 17.64x 28.58x 351.0 427.7 200.0 51.7 17.05x 13.99x 15.88x 15.39x 248.7 318.7 98.3 43.6 22.24x 17.03x 23.22x 21.93x S&P Issuer Ratings

8.41 1.38 25.4% 20.0% 0.31 0.59 12.09 511.57 45.62 431.15

Sales/Revenue/Turnover

1'800.00

1'000.0

1'600.00

900.0

1'400.00

800.0 700.0

1'200.00

600.0

1'000.00 800.00

500.0 400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 772.1 14.08x 285.5 38.07x 201.6 52.31x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Shandong Homey Aquatic Development Co Ltd Holdings By:

All

Holder Name HOMEY GROUP CO LTD PING AN LIFE INSURAN SOCIAL SECURITY FUND TJ LIUHE BIYUN EQY I BOSERA FUNDS MGMT CO DACHENG FUND MANAGME TIANHONG ASSET MANAG PING AN PROPERTIES I TJ SHENGXI EQY INVES ICBC CREDIT SUISSE A CHINA SECURITIES CO GUANGFA SECURITIES C TIANHONG SELECTED SE EFUND MGMT CO LTD GF FUND MANAGEMENT C FORTUNE SGAM FUND MA CHINA MERCHANTS FUND CITIC PRUDENTIAL FUN HSBC-JINTRUST FUND M YINHUA FUND MANAGEME

Firm Name SWS Research Co Ltd PingAn Securities Hong Yuan Securities Northeast Securities Co Ltd Everbright Securities Co., Ltd Founder Securities China Merchants Securities Citic Securities Co., Ltd Industrial Securities Tebon Securities Co Ltd Rising Securities Co.,LTD Sealand Securities Great Wall Securities Bank of China International HuaChuang Securities China International Capital Corp China Investment Securities ZheShang Securities China Securities Co., Ltd GuoYuan Securities Pacific Securities Co Ltd KGI Securities

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

Analyst ZHAO JINHOU SHAO QING HU JIANJUN WEIMING GUO LIU XIAOBO BAOPING ZHANG JUN HUANG CHANGQING MAO ZHAO QIN TEAM COVERAGE SONG HUAISONG SUN XIA WANG PING LIU DU GAO LI FEIYANG YUAN WANG YIGUO JIN YAN FUSHENG HUANG JIAXING ZHOU CHENG XIAODONG SABRINA LEE

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

Recommendation outperform buy buy add buy add buy add buy outperform outperform add buy buy strong buy accumulate neutral buy add neutral add outperform

Amt Held 303'265'150 40'419'474 24'279'737 17'438'864 16'139'737 12'430'342 12'418'274 12'028'386 10'581'659 10'511'222 10'131'004 10'131'004 9'630'186 9'564'192 8'761'279 7'305'700 5'841'400 5'474'942 4'432'643 2'999'947

% Out 41.51 5.53 3.32 2.39 2.21 1.7 1.7 1.65 1.45 1.44 1.39 1.39 1.32 1.31 1.2 1 0.8 0.75 0.61 0.41

Weighting

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

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

Latest Chg 12'418'274 10'011'272 8'093'307 5'703'656 4'935'811 2'624'942 (6'851'432) 2'999'947

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 11 #N/A N/A 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 19 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 12 #N/A N/A #N/A N/A 11

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

File Dt Inst Type 31.12.2011 Unclassified 31.12.2011 Insurance Company 31.12.2011 Pension Fund (ERISA) 31.12.2011 n/a 28.11.2011 n/a 28.11.2011 Investment Advisor 31.12.2011 Investment Advisor 28.11.2011 n/a 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 Investment Advisor 28.11.2011 n/a 28.11.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor

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

Date 06.11.2012 05.11.2012 31.10.2012 23.10.2012 22.10.2012 22.08.2012 13.07.2012 02.05.2012 04.03.2012 27.12.2011 20.10.2011 12.08.2011 23.05.2011 08.03.2011 08.03.2011 12.01.2011 07.01.2011 21.12.2010 08.12.2010 17.08.2010 26.10.2009 18.09.2009

13.11.2012

Tradewinds Malaysia Bhd Tradewinds (Malaysia) Berhad is an investment holding company. The Company's subsidiaries are involved in the cultivation of oil palm, the production of crude palm oil and sugar refining.

Price/Volume 12

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.02.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWI MK EQUITY YTD Change TWI MK EQUITY YTD % CHANGE

12/2011 06/yy 10.58 6.30 25'100.00 7.34 -30.62% 16.51% 24.30% 296.5 2'176.09 3'495.98 0.0 1'046.7 794.91 6'169.68

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

2 0 n-11

d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2007 1'690.8 1.65x 388.5 7.20x 147.6 10.94x

31.12.2008 31.12.2009 1'767.6 2'069.3 1.35x 2.02x 445.0 392.9 5.35x 10.64x 160.7 241.0 5.35x 3.37x Profitability

LTM-4Q 31.12.2010 5'551.1 0.96x 1'027.9 5.21x 481.1 4.06x

31.12.2011 6'931.4 0.97x 1'184.2 5.68x 474.9 6.27x 1'184.20 964.15 13.91% 12.94% 4.70% 16.09% 9.19% 1.04% 9.9% 6.9% 1.56 0.65 43.91% 148.07% 5.30 -

Price/ Cash Flow

06/yy 6'020.6 3.63x 568.0 0.00x 530.7 5.78x

LTM 06/yy 8'052.8 3.29x 402.3 0.00x 365.0 7.27x

1.03 106.48 -15.17% -24.80% 1.035 1 5.000 76'480 475'197 339'057

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

09/12 Q3

12/12 Q4

S&P Issuer Ratings

8.76 7.14 148.1% 50.6% 1.04 3.56 69.03 -

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0 6'000.0

10.00

5'000.0 8.00

4'000.0 6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Tradewinds Malaysia Bhd Holdings By:

All

Holder Name PERSPECTIVE LANE (M) FELDA GLOBAL VENTURE KELANA VENTURES SDN SEAPORT TERMINAL JOH GRENFELL HOLDINGS SD BANK OF NEW YORK MEL CIMB-PRINCIPAL ASSET DIMENSIONAL FUND ADV VANGUARD GROUP INC DIMENSIONAL FUND ADV STATE STREET CORP JOHN HANCOCK ADVISER KENANGA UNIT TRUST B PHEIM UNIT TRUSTS BE NORTHERN TRUST CORPO BESSEMER GROUP INCOR SEI INVESTMENT MANAG APEX INVESTMENT SERI DIMENSIONAL FUND ADV US GLOBAL INVESTORS

Firm Name EVA Dimensions

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

Analyst TEAM COVERAGE

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

Recommendation overweight

Amt Held 89'048'663 59'294'097 26'270'000 12'070'000 3'310'402 1'926'390 819'500 745'700 518'654 292'200 238'300 148'300 136'000 101'200 47'515 45'300 35'682 30'000 27'900 27'100

% Out 30.04 20 8.86 4.07 1.12 0.65 0.28 0.25 0.17 0.1 0.08 0.05 0.05 0.03 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 5

Latest Chg (59'294'097) -

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 30.04.2012 n/a 30.04.2012 n/a 30.04.2012 n/a 30.04.2012 Corporation 06.01.2010 n/a 09.11.2012 Investment Advisor 31.12.2010 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 09.11.2012 Investment Advisor 30.04.2011 Investment Advisor 30.06.2011 Investment Advisor 31.12.2010 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2011 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Investment Advisor

Date Not Provided

Date 05.09.2012

13.11.2012

Haikou Agriculture & Industry Co Haikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and markets a variety of agricultural products. The Company's products include pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and undertakes construction projects.

Price/Volume 7

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2012) 52-Week Low (22.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 000735 CH EQUITY YTD Change 000735 CH EQUITY YTD % CHANGE

12/2011 09/yy 6.63 3.72 7'135'085.00 5 -24.59% 34.41% 47.08% 880.1 4'400.66 1'149.81 0.0 112.6 506.44 5'316.09

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

60.0 M

40.0 M

20.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 804.7 7.09x 125.6 45.41x 368.8 14.83x

80.0 M

31.12.2008 31.12.2009 798.1 813.0 3.50x 6.76x 104.0 78.8 26.87x 69.79x 81.4 61.3 33.33x 88.00x Profitability

LTM-4Q 31.12.2010 874.8 8.42x 30.2 243.78x 29.2 244.85x

31.12.2011 1'087.6 4.03x 151.5 28.92x 60.0 60.59x

151.53 69.21 6.36% 6.36% 1.25% 2.90% 0.29% 19.3% 6.4% 5.5% 1.45 0.64 31.70% 67.16% 49.89 1.50

Price/ Cash Flow

09/yy 901.1 28.93x 0.0 0.00x 42.8 105.01x

LTM 09/yy 1'116.9 17.56x 0.0 0.00x 48.0 97.01x

1.01 685.11 -4.94% 21.36% 1.008 0 7'051'121 13'371'520 26'114'790

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

2.87 -0.97 67.2% 38.7% 0.29 1.25 7.34 243.78 24.89 162.22

Sales/Revenue/Turnover

180.00

1'200.0

160.00

1'000.0

140.00

800.0

120.00 100.00

600.0

80.00

400.0

60.00 40.00

200.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Haikou Agriculture & Industry Co Holdings By:

All

Holder Name HAINAN LUONIUSHAN HO HAIKOU YONGSHENG ANI HAINAN SHENXING TRAD HAINAN XINGMU FEEDS HAINAN XINDI INDUSTR HUBEI XINRUI TECHNOL CHINA ECONOMIC DEV T HAINAN GUANXIANG TRA HUANG JINFANG LIN TIANHU CHINA SOUTHERN FUND GF FUND MANAGEMENT C FORTUNE SGAM FUND MA CITIC PRUDENTIAL FUN PENGHUA FUND MANAGEM HARVEST FUND MANAGEM JUNFENG XU UBS SDIC FUND MANAGE ZILI XU JINLONG KONG

Firm Name Northeast Securities Co Ltd GuoYuan Securities

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

Analyst WEIMING GUO JIAXING ZHOU

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

Recommendation neutral neutral

Amt Held 90'705'000 27'644'584 14'450'000 14'450'000 13'005'000 12'131'000 8'670'000 7'225'000 4'000'000 2'531'177 2'383'757 1'708'299 1'100'000 1'039'736 514'879 484'899 118'125 114'973 21'415 21'415

% Out 10.31 3.14 1.64 1.64 1.48 1.38 0.99 0.82 0.45 0.29 0.27 0.19 0.12 0.12 0.06 0.06 0.01 0.01 0 0

Weighting

Change 3 3

M N

Latest Chg 622'800 161'948 591'736 55'282 484'899 (221'622) -

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

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011

Date Not Provided Not Provided

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

Date 05.07.2011 27.07.2009

13.11.2012

Khon Kaen Sugar Industry PCL Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. The Company produces sugar and molasses, fertilizers, ethanol, and electricity.

Price/Volume 16

18.0 M

16.0 M

14.0 M 12.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.01.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KSL TB EQUITY YTD Change KSL TB EQUITY YTD % CHANGE

10/2011 07/yy 14.90 11.40 470'500.00 13.2 -11.41% 15.79% 51.43% 1'575.8 20'800.14 12'085.46 0.0 1'888.8 280.95 35'688.01

31.10.2007 8'916.9 2.85x 1'538.2 16.51x 835.9 24.81x

8.0 M

6.0 M

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

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

10.0 M

31.10.2008 31.10.2009 11'056.0 11'671.0 1.30x 2.45x 1'548.3 1'627.1 9.31x 17.58x 859.5 919.6 9.18x 21.08x Profitability

LTM-4Q 31.10.2010 12'071.3 2.72x 1'499.3 21.86x 158.7 124.51x

31.10.2011 16'459.8 1.93x 3'606.8 8.83x 1'889.9 9.60x

3'606.76 2'961.45 17.99% 16.91% 8.28% 23.52% 11.57% 0.79% 29.5% 18.8% 15.1% 11.5% 0.66 0.14 46.03% 123.79% 26.29 3.51

Price/ Cash Flow

LTM

07/yy 14'827.2 9.77x 2'764.1 14.04x 1'393.1 17.37x

07/yy 22'274.3 6.36x 4'183.9 8.07x 2'328.2 8.08x

FY+1

0.99 311.03 18.94% 2.84% 0.986 17 4.765 608'180 1'468'327 1'638'220 FY+2

FQ+1

FQ+2

10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 20'723.8 20'874.7 1.72x 1.65x 4'117.2 4'086.7 8.67x 8.73x 2'128.5 2'161.9 385.0 10.26x 10.34x S&P Issuer Ratings

7.75 4.77 3.14 3.21 123.8% 50.9% 0.79 1.18 13.92 104.23 18.25 71.07

Sales/Revenue/Turnover

60.00

18'000.0 16'000.0

50.00

14'000.0 12'000.0

40.00

10'000.0 30.00

8'000.0 6'000.0

20.00

4'000.0 10.00 0.00 31.10.2008

2'000.0 0.0 30.04.2009

31.10.2009

30.04.2010

31.10.2010

30.04.2011

31.10.2011

30.04.2012

31.10.2012

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

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

13.11.2012

Khon Kaen Sugar Industry PCL Holdings By:

All

Holder Name KSL SUGAR HOLDING CO CHUTIMAVORAPHAND CHA SOMERS LTD CREDIT SUISSE/SINGAP CHINTHAMMIT DUANGKAE CHINTHAMMIT DUANGDAO THAI NVDR CO LTD CHINTHAMMIT PIRIPON CHINTHAMMIT KAMONDAN CHINNAKIJ CO LTD CHINTHAMMIT SOMCHAI CHINTHAMMIT NAREERAT TOKARANYASET SUKHUM CHINTHAMMIT SARAN CHINTHAMMIT KAMORNWA CHINTHAMMIT CHALEE CHINTHAMMIT CHATRI CHINTHAMMIT KANNIKA ROJANACHOTIKUL THAWA CHINTHAMMIT CHAMROON

Firm Name Krungsri Securities Thanachart Securities PCL Phillip Securities Country Group Securities PCL Asia Plus Securities EVA Dimensions KT Zmico Securities KGI Securities DBS Vickers UOB Kay Hian Finansia Syrus Securities PCL Bualuang Securities OSK (Asia) Securities Kasikorn Securities Kim Eng Securities AIRA Securities Trinity Securities Capital Nomura Securities

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

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst SITTIDATH PRASERTRUNGRUANG KALVALEE THONGSOMAUNG NAREE APISAWAITTKAN DOME KUNPRAYOONSAWAD THIPTAWAT SUWANTAMARONG TEAM COVERAGE POLASIT TANPOONKIAT SUCHOT TIRAWANNARAT JESADA TECHAHUSDIN THUNYA SUTAVEPRAMOCHANON SUREEPORN TEEWASUWET SUPPATA SRISUK TEAM COVERAGE SIRINATTHA TECHASIRIWAN PONGRAT RATANATAVANANANDA NUTTAPON KUMNOUNPHON VAJIRALUX SANGLERDSILLAPACHAI PLOENJAI JIRAJARUS

Recommendation buy buy buy trading buy buy overweight buy neutral buy buy buy hold buy not rated buy buy buy buy

Amt Held 520'000'000 42'533'465 39'708'300 36'507'900 36'040'956 35'560'690 35'152'411 33'814'700 33'534'700 30'910'000 30'867'175 27'727'660 26'762'070 23'799'880 23'720'200 21'744'610 21'490'510 21'236'340 21'188'300 20'016'120

% Out 33 2.7 2.52 2.32 2.29 2.26 2.23 2.15 2.13 1.96 1.96 1.76 1.7 1.51 1.51 1.38 1.36 1.35 1.34 1.27

Weighting

Change

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

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

Latest Chg 448'000 -

Target Price 19 18 15 16 16 #N/A N/A 16 14 16 18 15 15 15 #N/A N/A 15 14 15 17

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

File Dt 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012 09.03.2012

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

Inst Type Holding Company n/a Other Bank n/a n/a Corporation n/a n/a Other n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Date 15.10.2012 15.10.2012 11.10.2012 28.09.2012 25.09.2012 21.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 20.09.2012 17.09.2012 13.09.2012 12.09.2012 17.08.2012 29.06.2012 19.06.2012 08.05.2012

13.11.2012

Sipef SA Sipef NV is a holding company which operates plantations in Indonesia, Papua New Guinea, Vietnam, and the Ivory Coast. The subsidiaries produce rubber, palm oil and palm kernel oil, cocoa, tea, coffee, bananas, pineapples and flowers.

Price/Volume 80

.1 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (15.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIP BB EQUITY YTD Change SIP BB EQUITY YTD % CHANGE

12/2011 01/yy 72.50 54.51 1'153.00 59.37 -18.11% 8.92% 23.96% 9.0 528.15 2.03 0.0 19.8 38.69 511.95

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

20 10 0 n-11

31.12.2008 31.12.2009 279.4 237.8 0.85x 1.82x 89.5 90.8 2.66x 4.75x 58.8 60.2 4.24x 7.42x Profitability

31.12.2010 279.4 2.94x 127.9 6.41x 84.8 10.01x

31.12.2011 367.7 1.77x 141.3 4.61x 95.1 7.07x

101.59 92.99 35.18% 35.93% 12.18% 16.84% 16.50% 0.63% 38.3% 32.2% 28.3% 25.9% 2.52 1.55 0.46% 0.62% 11.23 5.74

Price/ Cash Flow

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.77 7.50% 5.42% 0.768 4 3.750 3'108 6'399 5'243 FY+2

12/12 Y 12/13 Y 265.3 281.5 1.98x 1.91x 82.4 87.2 6.16x 5.82x 49.8 53.4 11.12x 10.65x S&P Issuer Ratings

FQ+1

FQ+2

208.70 116.73 -0.41 0.11 0.6% 0.6% 0.63 0.96 32.60 63.79 22.30 68.23

Sales/Revenue/Turnover

20.00

400.0

18.00

350.0

16.00

300.0

14.00

250.0

12.00 10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

2.00 0.00 02.01.2009

d-11

Fiscal Year Ended 31.12.2007 207.3 25.24x 80.1 65.34x 47.3 105.62x

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Sipef SA Holdings By:

All

Holder Name ACKERMANS & VAN HAAR FORTIS INVESTMENT MG GEDEI NV ALCATEL BELL PENSIOE CABRA NV BRACHT BARON BNP PARIBAS INV PART ROYCE AND ASSOCIATES BANK DELEN SA KBC GROUP NV PETERCAM SA NORDEA INV MANAGEMEN SIPEF DEXIA ASSET MANAGEME VANGUARD GROUP INC DIERICKX LEYS & CIE BLACKROCK CAPITAL AT WORK INTE PICTET CONSEIL EN IN BANQUE DEGROOF

Firm Name KBC Securities Bank Degroof(ESN) Petercam EVA Dimensions

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

Analyst PASCALE WEBER BERNARD HANSSENS KRIS KIPPERS TEAM COVERAGE

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

Recommendation accumulate reduce add overweight

Amt Held 2'335'373 491'740 480'435 469'600 399'095 265'966 167'913 160'148 121'616 68'281 65'361 60'500 59'676 43'225 35'310 31'500 28'911 20'000 16'919 15'000

% Out 26.09 5.49 5.37 5.25 4.46 2.97 1.88 1.79 1.36 0.76 0.73 0.68 0.67 0.48 0.39 0.35 0.32 0.22 0.19 0.17

Weighting

Change 4 2 4 5

M M U D

Latest Chg (900) 350 (1'110) 3'440 855 83 13'474 714 (5'203)

Target Price 71 56 66 #N/A N/A

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

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 30.09.2012 30.06.2012 28.09.2012 28.09.2012 30.12.2011 31.08.2012 31.12.2011 28.09.2012 30.06.2012 28.09.2012 09.11.2012 28.09.2012 31.08.2012 01.10.2012

Date Not Provided Not Provided Not Provided Not Provided

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

Date 30.10.2012 25.10.2012 22.10.2012 05.09.2012

13.11.2012

BW Plantation Tbk PT BW Plantation Tbk Pt operates palm plantations and processes palm oil.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (20.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BWPT IJ EQUITY YTD Change BWPT IJ EQUITY YTD % CHANGE

12/2011 09/yy 1'790.00 1'090.00 16'728'500.00 1390 -22.35% 27.52% 45.71% 4'043.2 5'620'090.50 1'800'189.39 0.0 0.0 240'474.57 8'131'427.23

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 M d-11

j-12

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

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 340'552.2 185'327.5 86'551.7 -

2000 1800 1600 1400 1200 1000 800 600 400 200 0 n-11

31.12.2008 31.12.2009 513'699.0 584'109.0 3.96x 266'200.5 290'724.0 7.95x 119'809.9 167'467.1 10.26x Profitability

LTM-4Q 31.12.2010 712'173.9 8.13x 380'028.5 15.23x 243'587.6 21.38x

31.12.2011 888'298.3 6.85x 497'949.7 12.22x 320'388.2 14.11x 497'949.72 483'632.46 54.44% 48.40% 7.85% 20.90% 10.19% 0.25% 69.1% 51.7% 49.5% 36.1% 0.85 0.47 50.16% 126.25% 77.16 1.76

Price/ Cash Flow

LTM

FY+1

0.91 1'531.03 19.81% 25.16% 0.909 20 4.500 12'675'100 17'317'650 16'470'340 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 954'532.7 991'826.2 ######### ######### 309'457.0 23.68x 31.70x 6.51x 4.79x 557'765.3 512'963.6 617'140.9 888'019.9 9.90x 16.72x 13.18x 9.16x 336'528.1 307'395.1 333'437.9 498'709.1 82'000.0 12.72x 19.71x 16.38x 11.22x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.40 2.59 4.90 5.05 126.2% 55.8% 0.25 0.36 4.74 207.45 121.12 -27.22

Sales/Revenue/Turnover

30.00

1'000'000.0 900'000.0

25.00

800'000.0 700'000.0

20.00

600'000.0

15.00

500'000.0 400'000.0

10.00

300'000.0 200'000.0

5.00 0.00 02.01.2009

100'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

BW Plantation Tbk PT Holdings By:

All

Holder Name PTBW INVESTINDO FENDALTON INVESTMENT SCHRODER INVESTMENT AIG INVESTMENT CORP PANIN SEKURITAS UNION INVESTMENT LUX FORTIS INVESTMENTS P AMUNDI LUXEMBOURG SA SCHRODER INVESTMENT OSK UOB UNIT TRUST M SEB DEXIA ASSET MANAGEME FIRST STATE INVESTME BAHANA TCW INVESTMEN DIMENSIONAL FUND ADV ICON ADVISERS INC STATE STREET CORP SWEDBANK ROBUR FONDE VANGUARD GROUP INC NOMURA

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

Firm Name

Analyst

Andalan Artha Advisindo Sekuritas PT Standard Chartered Bahana Securities Credit Suisse UOB Kay Hian CIMB Trimegah Securities Tbk PT Ciptadana Sekuritas Danareksa Indo Premier Securities JPMorgan Nomura PT Batavia Prosperindo Sekuritas OSK (Asia) Securities BNP Paribas Equity Research EVA Dimensions Sucorinvest Central Gani PT Etrading Securities

ANDY WIBOWO GUNAWAN JOO ENG TEO LEONARDO HENRY GAVAZA AGUS SANDIANTO STEFANUS DARMAGIRI ERWAN TEGUH TEH WILLIAM SIMADIPUTRA SURAJ KHIANI GABRIELLA MAUREEN NATASHA WILLY GUNAWAN YING-JIAN CHAN MUZHAFAR MUKHTAR YASMIN SOULISA YUNIV TRENSENO HELMY KRISTANTO TEAM COVERAGE TEAM COVERAGE LINDA LAUWIRA

Source EXCH EXCH 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 ULT-AGG

Recommendation buy outperform buy neutral buy outperform buy buy buy buy overweight buy buy buy buy sell buy buy

Amt Held 1'570'124'362 942'074'617 161'912'000 85'000'000 26'708'000 18'800'000 18'045'500 15'912'500 15'387'500 14'270'000 13'464'000 11'500'000 10'697'500 9'667'500 8'977'500 6'600'000 6'358'500 6'000'000 5'893'313 4'719'000

% Out 38.83 23.3 4 2.1 0.66 0.46 0.45 0.39 0.38 0.35 0.33 0.28 0.26 0.24 0.22 0.16 0.16 0.15 0.15 0.12

Weighting

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

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

Latest Chg 8'961'000 1'500'000 6'000'000 -

Target Price 1'650 2'046 1'750 1'690 1'625 1'900 1'800 1'670 1'960 1'900 1'650 2'100 1'700 1'994 1'740 #N/A N/A 2'350 1'310

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

File Dt 31.03.2012 31.03.2012 30.06.2012 31.12.2010 31.12.2011 30.03.2012 31.12.2011 29.06.2012 12.07.2013 30.06.2011 28.09.2012 28.09.2012 31.12.2010 31.12.2010 31.07.2012 31.08.2012 09.11.2012 30.06.2012 30.06.2012 12.09.2011

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

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

Date 09.11.2012 07.11.2012 07.11.2012 02.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 15.10.2012 11.10.2012 25.09.2012 18.09.2012 30.07.2012 11.01.2012

13.11.2012

Asian Citrus Holdings Ltd Asian Citrus Holdings Limited owns and operates orange plantations in China. The Company currently cultivates and sells a variety of oranges namely winter oranges (hamlin, pineapple and hong jiang oranges) and summer oranges (Valencia oranges) in the PRC.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2012) 52-Week Low (20.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.07.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 73 HK EQUITY YTD Change 73 HK EQUITY YTD % CHANGE

06/2012 01/yy 5.90 3.23 3'179'000.00 3.51 -40.51% 8.67% 10.11% 1'219.5 4'280.34 1.03 0.0 102.2 2'388.11 1'156.62

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

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 30.06.2008 533.8 267.0 399.3 -

30.06.2009 30.06.2010 668.5 812.5 3.80x 298.5 353.0 8.75x 440.1 585.5 6.43x Profitability

30.06.2011 1'412.6 3.53x 635.8 7.85x 1'110.0 5.56x

30.06.2012 1'776.1 1.16x 746.8 2.77x 750.2 5.80x

746.75 609.57 34.32% 43.07% 9.38% 9.57% 9.64% 0.22% 44.6% 41.4% 33.7% 42.2% 47.49 42.47 0.01% 0.01% 17.97

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.67 0.86 788.25 -29.20% -9.64% 0.864 7 5.000 8'540'380 2'847'426 1'881'331 FY+2

06/13 Y 06/14 Y 2'137.7 2'469.2 0.49x 0.19x 1'025.0 1'012.0 1.13x 1.14x 709.4 819.8 4.82x 4.17x S&P Issuer Ratings

FQ+1

FQ+2

5114.75 2736.24 -3.25 0.00 0.0% 0.0% 0.22 1.00 20.37 -

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 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

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 |

13.11.2012

Asian Citrus Holdings Ltd Holdings By:

All

Holder Name MARKET AHEAD INVESTM VALUE PARTNERS LTD HUGE MARKET INVEST L TEMASEK HOLDINGS PRI ROYCE AND ASSOCIATES MANULIFE FUNDS DIREC INVESTEC ASSET MANAG SARASIN INVESTMENT M ALLIANZ ASSET MANAGE VALUE SQUARE NV HENDERSON GLOBAL INV JUPITER ASSET MANAGE MACKENZIE FINANCIAL BLACKROCK PETERCAM SA T&D ASSET MANAGEMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC AMUNDI STATE STREET CORP

Firm Name Seymour Pierce Liberum Capital Ltd GuoSen Securities Co Ltd Kim Eng Securities South China Research Ltd EVA Dimensions ICBC International Securities Phillip Securities

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

Analyst SUE MUNDEN NICK WALKER NANXIANG YANG JACQUELINE KO TERRY LAM TEAM COVERAGE ALEX CHENG BING WANG

Source RNS-DIR RNS-MAJ EXCH RNS-MAJ MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy buy buy buy buy

Amt Held 225'069'919 73'929'000 65'761'540 61'387'000 53'313'800 16'548'000 12'000'000 10'195'000 10'009'000 9'046'369 9'006'220 8'920'000 8'050'000 5'169'902 5'002'156 3'560'000 3'406'000 3'298'353 2'890'000 2'865'606

% Out 18.46 6.06 5.39 5.03 4.37 1.36 0.98 0.84 0.82 0.74 0.74 0.73 0.66 0.42 0.41 0.29 0.28 0.27 0.24 0.23

Weighting

Change 5 5 5 5 5 5 5 5

M M M M N U M N

Latest Chg (50'000'000) 3'406'000 (100'000'000) 2'763'000 (4'459'000) 337'113 3'000'000 471'000 48'000

Target Price 6 7 6 6 5 #N/A N/A 9 11

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

File Dt Inst Type 05.11.2012 Investment Advisor 22.03.2012 Holding Company 25.11.2011 Investment Advisor 11.01.2012 Government 30.06.2012 Investment Advisor 30.06.2012 Unclassified 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 31.07.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.11.2011 Investment Advisor 30.04.2012 Investment Advisor 31.07.2012 Investment Advisor 09.11.2012 Investment Advisor 30.12.2011 Investment Advisor 25.08.2011 Mutual Fund Manager 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 09.11.2012 Investment Advisor

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

Date 13.11.2012 02.10.2012 28.09.2012 24.09.2012 24.08.2012 13.02.2012 19.09.2011 01.12.2010

13.11.2012

Sampoerna Agro PT PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and markets oil palm products.

Price/Volume 4000

18.0 M

3500

16.0 M

3000

14.0 M 12.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.04.2012) 52-Week Low (06.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SGRO IJ EQUITY YTD Change SGRO IJ EQUITY YTD % CHANGE

12/2011 09/yy 3'675.00 2'325.00 593'000.00 2400 -34.69% 3.23% 3.70% 1'890.0 4'536'000.00 431'979.50 0.0 30'439.9 348'687.99 5'156'616.59

31.12.2007 1'598'930.9 3.94x 530'464.7 11.88x 215'083.0 26.74x

8.0 M

1500

6.0 M

1000

4.0 M

500

2.0 M

0 n-11

31.12.2008 31.12.2009 2'288'143.0 1'815'557.1 0.73x 2.74x 695'203.1 553'161.2 2.40x 9.00x 439'516.3 281'766.2 5.04x 17.88x Profitability

LTM-4Q 31.12.2010 2'311'748.8 2.53x 764'481.6 7.67x 451'716.8 13.28x

j-12

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

j-12

a-12

s-12

o-12

LTM

FY+1

1.10 622.76 -20.58% -17.24% 1.095 18 4.222 1'941'900 3'842'233 3'066'607 FY+2

FQ+1

FQ+2

31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 3'142'378.9 ######### ######### ######### ######### 784'051.0 1.83x 6.78x 8.93x 1.45x 1.30x 708'289.5 ######### 604'091.5 655'964.0 867'237.5 126'287.0 8.10x 4.94x 10.10x 7.86x 5.95x 540'943.4 664'993.5 305'771.3 390'925.9 501'476.7 72'888.0 10.40x 8.26x 17.93x 11.98x 8.99x S&P Issuer Ratings 708'289.48 Long-Term Rating Date 702'296.47 Long-Term Rating 22.35% Long-Term Outlook 23.63% Short-Term Rating Date 8.60% Short-Term Rating 12.43% Credit Ratios 11.16% EBITDA/Interest Exp. 0.78% (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA 33.8% Total Debt/EBITDA 21.7% Reference 14.6% Total Debt/Equity 17.2% Total Debt/Capital Asset Turnover 1.59 Net Fixed Asset Turnover 0.72 Accounts receivable turnover-days 12.66% Inventory Days 17.50% Accounts Payable Turnover Day 75.56 Cash Conversion Cycle 5.07

Price/ Cash Flow

27.16 -0.72 0.97 1.23 17.5% 14.7% 0.78 1.16 4.84 72.19 47.12 17.17

Sales/Revenue/Turnover

70.00

3'500'000.0

60.00

3'000'000.0

50.00

2'500'000.0

40.00

2'000'000.0

30.00

1'500'000.0

20.00

1'000'000.0

10.00

500'000.0

0.00 02.01.2009

.0 M d-11

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

10.0 M

2000

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Sampoerna Agro PT Holdings By:

All

Holder Name SAMPOERNA AGRI RESOU AIG INVESTMENT CORP EASTSPRING INVESTMEN PANIN SEKURITAS NORDEA INVESTMENT FU BESSEMER GROUP INCOR DIMENSIONAL FUND ADV BANK OF NEW YORK MEL SCHRODER INVESTMENT NORDEA INV MANAGEMEN SIA FUNDS AG FORTIS INVESTMENTS P VANGUARD GROUP INC PICTET CONSEIL EN IN DAIWA SECURITIES GRO SYAILENDRA CAPITAL P PHEIM UNIT TRUSTS BE PRATAMA CAPITAL INDO UNION INVESTMENT LUX KOKUSAI ASSET MANAGE

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

Firm Name

Analyst

Danareksa Andalan Artha Advisindo Sekuritas PT Bahana Securities Samuel Sekuritas Indonesia Trimegah Securities Tbk PT Credit Suisse DBS Vickers CIMB UOB Kay Hian Indo Premier Securities Ciptadana Sekuritas Mandiri Sekuritas PT/Indonesia EVA Dimensions PT Batavia Prosperindo Sekuritas OSK (Asia) Securities PT ONIX Capital Tbk PT Etrading Securities

GABRIELLA MAUREEN NATASHA ANDY WIBOWO GUNAWAN LEONARDO HENRY GAVAZA JOSEPH PANGARIBUAN WILLIAM SIMADIPUTRA AGUS SANDIANTO BEN SANTOSO ERWAN TEGUH TEH STEFANUS DARMAGIRI WILLY GUNAWAN SURAJ KHIANI HARIYANTO WIJAYA TEAM COVERAGE YASMIN SOULISA YUNIV TRENSENO SHEILA YOVITA LINDA LAUWIRA

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

Recommendation buy hold hold hold hold outperform buy outperform buy buy buy Under Review hold buy buy buy buy

Amt Held 1'267'245'000 20'000'000 15'831'500 11'460'000 6'928'500 6'283'500 5'546'559 5'114'033 4'605'500 4'023'500 3'939'000 3'768'500 3'741'234 3'242'756 3'170'000 2'976'000 2'668'500 2'582'000 2'500'000 2'394'000

% Out 67.05 1.06 0.84 0.61 0.37 0.33 0.29 0.27 0.24 0.21 0.21 0.2 0.2 0.17 0.17 0.16 0.14 0.14 0.13 0.13

Weighting

Change

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

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

Latest Chg 3'576'500 1'452'000 757'500 (215'000)

Target Price 3'100 2'550 2'550 2'500 2'600 3'450 2'800 3'500 3'200 3'180 2'800 #N/A N/A #N/A N/A 3'677 4'050 4'050 3'300

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

File Dt 31.03.2012 31.12.2010 29.06.2012 31.12.2011 28.09.2012 31.07.2012 31.07.2012 09.11.2012 31.12.2010 31.08.2012 31.08.2012 31.12.2011 30.06.2012 31.08.2012 24.05.2012 31.12.2010 31.12.2010 31.12.2010 30.03.2012 22.05.2012

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

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

Date 12.11.2012 08.11.2012 07.11.2012 05.11.2012 02.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 23.10.2012 15.10.2012 11.10.2012 26.04.2012 11.01.2012

13.11.2012

Shandong Minhe animal Husbanry Co Ltd Shandong Minhe Animal Husbandry Co., Ltd. engaging in the breeding, hatching, and the growing of chickens and the processing, preparation, and packaging of its product lines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2012) 52-Week Low (30.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 002234 CH EQUITY YTD Change 002234 CH EQUITY YTD % CHANGE

12/2011 09/yy 18.42 8.35 2'265'165.00 9.56 -48.10% 14.49% 12.51% 302.0 2'887.57 429.30 0.0 0.0 1'090.99 2'536.94

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

31.12.2008 31.12.2009 812.1 725.7 1.68x 2.71x 107.4 11.4 12.69x 171.85x 51.5 (42.4) 22.37x Profitability

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M d-11

LTM-4Q 31.12.2010 1'002.9 2.66x 111.4 23.96x 44.5 54.56x

31.12.2011 1'345.0 2.53x 264.9 12.83x 187.1 16.00x

264.86 211.07 15.69% 14.02% -3.16% -4.71% 0.76% 21.6% -2.8% 13.9% 2.75 2.22 20.30% 26.73% 31.38 5.15

Price/ Cash Flow

09/yy 1'291.3 8.53x 0.0 0.00x 210.4 13.55x

j-12

f-12 m-12

a-12 m-12

LTM 09/yy 1'246.6 10.31x 0.0 0.00x (51.8) 0.00x

j-12

a-12

s-12

o-12

FY+1

1.13 66.92 -28.87% -26.20% 1.132 6 4.500 2'008'645 1'328'779 1'850'866 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'546.0 2'222.5 210.0 193.5 17.38x 17.70x S&P Issuer Ratings

10.87 6.15 26.7% 21.1% 0.76 2.00 11.66 71.12 16.70 53.02

Sales/Revenue/Turnover

500.00

1'600.0

450.00

1'400.0

400.00

1'200.0

350.00

1'000.0

300.00 250.00

800.0

200.00

600.0

150.00

400.0

100.00

200.0

50.00 0.00 02.01.2009

18.0 M

Fiscal Year Ended 31.12.2007 564.4 134.6 84.7 -

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

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Shandong Minhe animal Husbanry Co Ltd Holdings By:

All

Holder Name XIMIN SUN LIU SHIFENG JIANGSU WINFAST INVS LI NING YANTAI YUKAI APPLIAN FORTUNE TRUST CO LTD SH MILIEEN INVEST MG CHINA LIFE INSURANCE TJ PARADISE SV PENGR AEGON-INDUST FUND MG GD NUCLEAR FINANCE XIANFA SUN AEGON INDUSTRIAL FUN SUN WEIQI TJ KAISHI FULI EQY I CHINA ASSET MANAGEME FULLGOAL FUND MANAGE ABC-CA FUND MANAGEME BNY MELLON WESTERN F GF FUND MANAGEMENT C

Firm Name Rising Securities Co.,LTD Everbright Securities Co., Ltd China Merchants Securities Citic Securities Co., Ltd PingAn Securities Tebon Securities Co Ltd Southwest Securities Co Ltd Sealand Securities Northeast Securities Co Ltd Great Wall Securities ZheShang Securities GuoYuan Securities Bohai Securities Co Ltd SWS Research Co Ltd

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

Analyst ZHAO YUE LI JIE JUN HUANG CHANGQING MAO WANG HUA TEAM COVERAGE WANG JIANHUI TEAM COVERAGE WEIMING GUO RAN FEI JIN YAN FU FANGBAO YALEI YAN ZHAO JINHOU

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

Recommendation outperform buy buy add neutral outperform add add add buy buy neutral buy neutral

Amt Held 114'310'000 14'381'482 14'000'000 13'624'000 11'270'000 11'000'000 9'400'000 9'045'816 9'000'000 8'800'000 8'000'000 7'453'124 4'880'000 2'423'316 2'423'316 931'026 191'200 177'198 85'822 -

% Out 37.85 4.76 4.64 4.51 3.73 3.64 3.11 2.99 2.98 2.91 2.65 2.47 1.62 0.8 0.8 0.31 0.06 0.06 0.03 0

Weighting

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

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

Latest Chg 5'838'000 4'880'000 931'026 191'200 (492'440)

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

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

File Dt Inst Type 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 n/a 31.12.2011 Corporation 31.12.2011 Investment Advisor 31.12.2011 n/a 31.12.2011 Government 31.12.2011 n/a 14.11.2011 n/a 31.12.2011 n/a 30.10.2012 n/a 31.12.2011 Investment Advisor 14.11.2011 n/a 14.11.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Mutual Fund Manager 31.12.2011 Investment Advisor

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

Date 17.08.2012 16.08.2012 13.07.2012 01.03.2012 02.02.2012 27.12.2011 19.07.2011 07.07.2011 05.07.2011 23.05.2011 23.01.2011 31.08.2010 10.08.2010 11.05.2010

13.11.2012

Astarta Holding NV Astarta Holding N.V. is an agri-industrial holding company. The Company, through its subsidiaries, produces and sells sugar made of sugar beet, sugar byproducts, grain crops, meat, and milk.

Price/Volume 80

.2 M

.1 M .1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.09.2012) 52-Week Low (19.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AST PW EQUITY YTD Change AST PW EQUITY YTD % CHANGE

12/2011 09/yy 74.85 43.60 5'999.00 59.95 -19.91% 37.50% 52.48% 25.0 1'476.25 209.87 0.0 0.4 18.72 560.44

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

31.12.2008 31.12.2009 123.4 128.2 1.26x 2.55x 25.5 51.3 6.10x 6.37x (7.7) 29.5 8.27x Profitability

.1 M

.0 M

0 n-11

.0 M d-11

LTM-4Q 31.12.2010 219.3 3.15x 99.9 6.92x 80.1 7.26x

31.12.2011 303.6 1.59x 115.3 4.19x 87.6 3.33x 115.31 97.84 32.23% 29.64% 12.89% 22.75% 0.58% 36.3% 39.4% 32.5% 28.8% 2.36 0.35 36.81% 68.48% 15.52 0.84

Price/ Cash Flow

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

09/yy 275.9 9.25x 105.7 5.23x 97.3 3.94x

LTM 09/yy 351.8 6.17x 138.6 4.42x 78.2 5.19x

FY+1

1.01 9.26 -4.84% 15.29% 1.011 13 4.538 6'041 11'070 12'697 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 376.6 422.5 1.50x 1.28x 121.9 124.9 4.64x 4.52x 72.6 81.7 5.16x 4.47x S&P Issuer Ratings

7.57 3.75 1.49 1.53 68.5% 40.6% 0.58 1.82 23.58 436.19 26.21 396.95

Sales/Revenue/Turnover

1'800.00

350.0

1'600.00

300.0

1'400.00

250.0

1'200.00 1'000.00

200.0

800.00

150.0

600.00

100.0

400.00

50.0

200.00 0.00 02.01.2009

.1 M

Fiscal Year Ended 31.12.2007 87.7 3.11x 27.1 10.04x 21.6 10.29x

.1 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Astarta Holding NV Holdings By:

All

Holder Name ALBACON VENTURES LTD ALUXES HOLDING LTD AVIVA INVESTORS POLA ING INVESTMENT MANAG DWS INVESTMENT S A SWEDBANK ROBUR FONDE EATON VANCE MANAGEME DEUTSCHE INVESTMENT BPH TFI SA EVLI FUND MANAGEMENT AMPLICO TFI DEUTSCHE INVESTMENT DEXIA ASSET MANAGEME CLARIDEN SICAV PRUDENTIAL FINANCIAL NOBLE FUNDS TFI SA EATON VANCE ADVISORS DEXIA ASSET MANAGEME PIONEER PEKAO INVEST IDEA TFI

Firm Name Sberbank CIB UniCredit Research Eavex Capital Ipopema Securities SA Dom Inwestycyjny BRE Banku UFC Capital Dragon Capital Foyil Securities New Europe Erste Bank Concorde Capital Ltd ING Wholesale Banking ArtCapital Phoenix Capital LLC Investment Capital Ukraine LLC Wood & Company PJS Adamant Investments BG Capital

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

Analyst KONSTANTIN FASTOVETS MARCIN GATARZ DMITRY CHURIN ZANETA MARZEC JAKUB SZKOPEK VLADIMIR LANDA TAMARA LEVCHENKO YAROSLAV UDOVENKO IGOR ZHOLONKIVSKYI YEGOR SAMUSENKO DOROTA PUCHLEW ANDRIY PATIOTA ANNA SHUVALOVA PAVLO BIDAK BARBARA ZALESKA ALEXANDRE UTMELIDZE ALEXANDER PARASCHIY

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

Recommendation hold buy buy buy buy buy buy buy buy buy sell buy buy not rated hold buy buy

Amt Held 9'246'883 6'496'883 1'250'096 996'085 975'192 227'249 34'361 27'443 25'585 20'000 15'069 13'318 12'000 11'570 10'900 10'516 9'250 5'000 3'634 809

% Out 36.99 25.99 5 3.98 3.9 0.91 0.14 0.11 0.1 0.08 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.02 0.01 0

Weighting

Change

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

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

Latest Chg (104'813) 7'507 25'585 20'000 3'634 366

Target Price 65 85 95 82 74 84 83 99 80 94 45 110 109 #N/A N/A 78 106 93

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

File Dt 10.11.2012 10.11.2012 30.06.2012 30.06.2012 28.09.2012 30.06.2012 31.08.2012 25.07.2011 30.06.2011 28.09.2012 30.06.2012 30.06.2012 28.09.2012 29.04.2011 31.08.2012 29.06.2012 31.08.2012 28.09.2012 30.06.2012 30.06.2012

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

Inst Type Private Equity Other Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager

Date 08.11.2012 01.10.2012 12.09.2012 28.08.2012 09.08.2012 06.08.2012 26.04.2012 17.04.2012 16.04.2012 07.03.2012 09.01.2012 23.11.2011 23.11.2011 11.11.2011 21.10.2011 21.03.2011 30.11.2010

13.11.2012

Fortune Ng Fung Food Hebei Co Ltd Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and lamb.

Price/Volume 8

25.0 M

20.0 M

6 5

Latest Fiscal Year: LTM as of: 52-Week High (17.05.2012) 52-Week Low (26.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600965 CH EQUITY YTD Change 600965 CH EQUITY YTD % CHANGE

12/2011 09/yy 6.95 5.00 1'370'211.00 5.42 -22.01% 8.40% 27.69% 279.4 1'514.36 90.00 0.0 0.0 38.54 1'552.80

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

10.0 M

3 2

5.0 M

1 0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 515.9 5.33x 49.7 55.40x 19.4 137.14x

15.0 M

Valuation Analysis

31.12.2008 31.12.2009 615.5 526.9 2.20x 3.83x 47.3 35.0 28.68x 57.66x 19.4 4.9 68.29x 351.00x Profitability

LTM-4Q 31.12.2010 505.3 3.93x 22.6 88.07x (33.4) -

31.12.2011 520.4 3.26x 39.1 43.29x 14.7 117.60x

39.14 17.94 3.45% 2.99% 2.92% 3.88% 0.86% 12.2% 3.3% 2.8% 1.87 0.63 13.99% 18.44% 9.32 3.00

Price/ Cash Flow

09/yy 512.7 15.24x 0.0 0.00x (21.2) 0.00x

LTM 09/yy 557.3 11.67x 0.0 0.00x 19.0 76.83x

0.99 173.32 -11.10% -7.32% 0.992 0 2'665'359 3'041'263 2'586'377

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

6.19 1.83 18.4% 15.6% 0.86 2.13 39.26 121.97 43.48 139.36

Sales/Revenue/Turnover

250.00

700.0 600.0

200.00

500.0 150.00

400.0 300.0

100.00

200.0 50.00

0.00 02.01.2009

100.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Fortune Ng Fung Food Hebei Co Ltd Holdings By:

All

Holder Name SANHE FUCHENG INVEST CHINA RESOURCES ENTE INNER MONGOLIA TRAD KE YUYING ZHANG HUI SHEN JIANWEN LI LI KUN JI ZHAO ZHICHONG XU ZHAOYI

Firm Name China International Capital Corp

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

Source Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File

Analyst FEIYANG YUAN

Recommendation reduce

Amt Held 77'287'521 14'896'313 7'000'000 2'142'500 1'189'600 774'999 756'817 720'436 686'100 625'745

% Out 27.66 5.33 2.51 0.77 0.43 0.28 0.27 0.26 0.25 0.22

Latest Chg -

Weighting

Change

Target Price

#N/A N/A

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

File Dt 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010 31.12.2010

Date Not Provided

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

Date 12.01.2011

13.11.2012

Hunan New Wellful Co Ltd Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company exports pigs to Hong Kong and Macau as well as sells them domestically.

Price/Volume 9

25.0 M

8 20.0 M

7 6

15.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.11.2011) 52-Week Low (06.01.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 600975 CH EQUITY YTD Change 600975 CH EQUITY YTD % CHANGE

12/2011 09/yy 8.27 5.61 1'637'772.00 5.94 -28.17% 5.93% 19.62% 234.4 1'392.10 71.66 0.0 9.4 74.36 1'491.79

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

5.0 M

1 0 n-11

31.12.2008 31.12.2009 773.0 574.6 1.41x 3.77x 32.9 20.6 33.04x 104.84x 8.1 21.7 125.00x 94.67x Profitability

LTM-4Q 31.12.2010 877.2 2.09x (15.6) 14.8 126.88x

31.12.2011 961.3 1.56x 85.0 17.64x 72.1 20.70x 84.98 57.32 5.96% 7.77% 7.48% 10.72% 1.43% 17.0% 3.0% 7.5% 2.58 0.51 9.50% 13.52% 44.61 4.47

Price/ Cash Flow

09/yy 953.2 8.39x 0.0 0.00x 49.5 35.41x

j-12

f-12

m-12

a-12

LTM 09/yy 1'069.0 5.94x 0.0 0.00x 56.0 26.94x

m-12

j-12

a-12

s-12

o-12

FY+1

1.21 140.19 -25.89% -6.74% 1.211 1 5.000 1'278'905 2'140'114 3'267'284 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'137.0 1'275.0 95.4 115.0 11.21x 9.28x S&P Issuer Ratings

20.19 15.10 13.5% 11.7% 1.43 4.31 8.21 81.94 4.63 92.82

Sales/Revenue/Turnover

1'200.00

1'200.0

1'000.00

1'000.0

800.00

800.0

600.00

600.0

400.00

400.0

200.00

200.0

0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 567.4 4.72x 12.8 209.21x 18.7 96.73x

10.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Hunan New Wellful Co Ltd Holdings By:

All

Holder Name HUNAN CEREALS OILS & CHINA AGRICULTURAL U CHINA RESOURCES ENTE NAM KWONG CEREALS OI DENG PINGZHEN HUANG JINGXIN YU LIANYONG ABC-CA FUND MANAGEME

Firm Name Rising Securities Co.,LTD China Minzu Securities Co Ltd Northeast Securities Co Ltd Central China Securities China International Capital Corp ZheShang Securities Bohai Securities Co Ltd Hong Yuan Securities

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

Analyst ZHAO YUE LIU XIAOFENG WEIMING GUO FANG XIAHONG FEIYANG YUAN JIN YAN YALEI YAN ZHOU SONG

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

Recommendation outperform add neutral add hold neutral buy neutral

Amt Held 87'967'605 2'850'061 1'330'616 570'012 520'842 468'652 459'940 46'410

% Out 37.54 1.22 0.57 0.24 0.22 0.2 0.2 0.02

Latest Chg -

Weighting

Change

Target Price

5 4 3 4 3 3 5 3

M M M N M M N N

#N/A N/A 10 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2009 31.12.2011

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

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

Date 20.08.2012 22.08.2011 05.07.2011 31.05.2011 12.01.2011 16.08.2010 10.08.2010 27.06.2010

13.11.2012

Black Earth Farming Ltd Black Earth Farming Limited acquires and cultivates land in south-west Russia.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.11.2011) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEFSDB SS EQUITY YTD Change BEFSDB SS EQUITY YTD % CHANGE

12/2011 06/yy 18.50 8.10 109'718.00 12.35 -33.24% 52.47% 41.35% 124.6 1'495.22 3'430.88 0.0 0.0 985.45 10'174.46

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

1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 521.8 33.19x (9.8) (387.6) -

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

31.12.2008 31.12.2009 698.9 2'394.7 8.85x 4.55x (761.0) (641.6) (733.6) (1'349.3) Profitability

LTM-4Q 31.12.2010 1'430.0 10.78x (499.8) (1'294.2) -

31.12.2011 2'067.1 5.08x (821.2) (1'342.1) -821.19 -1'246.59 -60.31% -63.02% -12.43% -20.63% 0.27% -12.8% -25.0% -40.3% -64.9% 7.01 1.94 33.79% 54.55% 5.79

Price/ Cash Flow

06/yy 1'192.2 48.71x (599.0) 0.00x (1'499.3) 0.00x

LTM 06/yy 2'966.3 13.88x (740.7) 0.00x (1'344.8) 0.00x

FY+1

1.03 -31.01% -10.83% 1.029 1 5.000 82'192 108'321 104'638 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 4'252.2 5'100.3 1'857.2 1'384.4 2.03x 1.58x 4.41x 6.22x 761.4 1'335.4 921.4 32.4 13.62x 7.77x (120.7) 426.9 709.1 (149.1) 46.08x 7.26x S&P Issuer Ratings

-2.38 -4.12 -5.21 54.6% 35.3% 0.27 0.49 63.22 232.37

Sales/Revenue/Turnover

3'500.00

3'000.0

3'000.00

2'500.0

2'500.00

2'000.0

2'000.00

1'500.0 1'500.00

1'000.0 1'000.00

500.0

500.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

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

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

13.11.2012

Black Earth Farming Ltd Holdings By:

All

Holder Name KINNEVIK INVESTMENT VOSTOK NAFTA INVSTMN ALECTA PENSIONSFORSA LANSFORSAKRINGAR FON DANSKE CAPITAL SVERI HOLBERG FONDSFORVALT NTC VARMA MUTUAL PEN HANDELSBANKEN FONDER SARASIN INVESTMENT M NEW JERSEY DIVISION VANGUARD GROUP INC DANSKE INVEST MANAGE GAMCO SELIGSON & CO FUND M WELLINGTON MANAGEMEN SCHROEDER POUL UNGER MAGNUS NORDEA INV MANAGEMEN HANDELSBANKEN BOFOND BRILIOTH PER

Firm Name Pareto Securities

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

Analyst SERGEJ KAZATCHENKO

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

Recommendation buy

Amt Held 31'087'097 30'888'704 11'600'000 6'763'270 3'945'000 2'306'281 2'100'000 1'555'084 852'700 833'482 340'346 340'000 180'000 158'377 154'435 150'000 150'000 138'079 105'000 100'000

% Out 24.95 24.79 9.31 5.43 3.17 1.85 1.69 1.25 0.68 0.67 0.27 0.27 0.14 0.13 0.12 0.12 0.12 0.11 0.08 0.08

Weighting

Change 5

Latest Chg 3'921'418 610'000 (100'000) (14'492) 25'000 20'000 -

Target Price

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

File Dt 31.12.2011 31.12.2011 31.12.2011 30.06.2012 30.06.2012 31.10.2012 31.12.2011 31.10.2012 31.07.2012 30.06.2012 30.06.2012 29.06.2012 29.06.2012 31.10.2012 15.11.2011 31.12.2011 31.12.2011 28.09.2012 31.10.2012 31.12.2011

Date 6 month

Inst Type Holding Company n/a Pension Fund (ERISA) Investment Advisor Investment Advisor Mutual Fund Manager n/a Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Unclassified Mutual Fund Manager Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a

Date 18.09.2012

13.11.2012

Xinjiang Western Animal Husbandry Co Ltd Xinjiang Western Animal Husbandry Co., Ltd is a raw milk supplier. The Company's operation chain covers breeding, feed production and processing, cattle farming, slaughtering, fresh milk collection and sale and distribution.

Price/Volume 18

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (14.11.2011) 52-Week Low (26.09.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 300106 CH EQUITY YTD Change 300106 CH EQUITY YTD % CHANGE

12/2011 09/yy 17.29 9.95 496'631.00 10.22 -40.89% 2.71% 7.49% 117.0 1'195.74 123.96 0.0 17.2 159.34 1'421.03

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

1.20 1.00

1.5 M

6 4

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 64.7 18.3 9.8 -

2.0 M

Valuation Analysis

31.12.2008 31.12.2009 235.6 267.2 35.4 44.1 23.5 30.4 Profitability

LTM-4Q 31.12.2010 294.6 8.31x 50.7 48.26x 34.2 63.94x

31.12.2011 314.6 4.80x 57.7 26.16x 38.3 39.55x 57.67 32.88 10.45% 12.28% 4.88% 7.10% 6.70% 0.40% 16.1% 18.3% 10.5% 12.2% 2.47 1.20 14.91% 22.19% 6.97 1.57

09/yy 329.7 17.41x 0.0 0.00x 41.9 0.00x

LTM 09/yy 424.1 14.89x 0.0 0.00x 36.6 33.73x

0.64 1.00 37.65 -39.36% -21.24% 0.996 0 541'815 565'695 827'286

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

11.01 -0.95 -0.61 2.15 22.2% 17.7% 0.40 1.22 52.38 231.86 41.96 242.28

Sales/Revenue/Turnover

350.0 300.0 250.0

0.80

200.0 0.60

150.0

0.40

100.0 50.0

0.20

0.0 0.00

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

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

13.11.2012

Xinjiang Western Animal Husbandry Co Ltd Holdings By:

All

Holder Name SHIHEZI STE-OWNED AS SHANGHAI LIANCHUANG XJ HENGHEYUAN INVEST SOCIAL SECURITY FUND XINGMING XIN ZHAO XIAONING SONG JIANFENG XIANMIN LI MUSHAJIANG KELIMU BINSHUANG DING YIMIN XU ICBC ASIA LTD YONGGANG LI JIANFANG CHEN YONGBO SHI FAYU LUO WENZHONG CHENG HONGYONG GUO WEIHANG WANG HONG JIANG

Firm Name Great Wall Securities

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

Source Co File Co File EXCH Co File Co File Co File Co File Co File Co File EXCH Co File EXCH Co File Co File EXCH EXCH EXCH EXCH EXCH EXCH

Analyst WANG PING

Recommendation buy

Amt Held 51'856'138 16'535'419 7'084'781 3'000'000 1'808'269 1'130'800 744'492 740'239 672'944 471'061 379'440 201'542 134'589 121'130 107'671 100'941 80'753 80'753 80'753 74'024

% Out 44.32 14.13 6.06 2.56 1.55 0.97 0.64 0.63 0.58 0.4 0.32 0.17 0.12 0.1 0.09 0.09 0.07 0.07 0.07 0.06

Weighting

Change 5

Latest Chg (1'000'000) -

Target Price #N/A N/A

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

File Dt Inst Type 31.12.2011 Other 31.12.2011 Corporation 26.04.2012 n/a 31.12.2011 Pension Fund (ERISA) 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 31.12.2011 n/a 19.08.2010 n/a 31.12.2011 n/a 19.08.2010 Bank 31.12.2011 n/a 31.12.2011 n/a 19.08.2010 n/a 19.08.2010 n/a 19.08.2010 n/a 19.08.2010 n/a 19.08.2010 n/a 19.08.2010 n/a

Date Not Provided

Date 23.05.2011

13.11.2012

China Green Holdings Ltd/Bermuda China Green (Holdings) Limited, through its subsidiaries, produces and supplies a wide range of agricultural products including fresh produce, processed food to both domestic and international markets., The Company also offers branded food and beverage products to domestic markets in China.

Price/Volume 4

16.0 M

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2012) 52-Week Low (06.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance 904 HK EQUITY YTD Change 904 HK EQUITY YTD % CHANGE

04/2012 01/yy 3.39 1.48 1'401'000.00 1.62 -52.21% 9.46% 8.38% 884.0 1'432.14 1'313.53 0.0 0.0 1'717.21 747.81

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

6.0 M

4.0 M

2.0 M

0 n-11

30.04.2009 30.04.2010 1'547.7 1'900.8 2.79x 3.28x 641.9 862.3 6.72x 7.24x 454.9 576.0 10.65x 12.34x Profitability

30.04.2011 2'234.6 1.99x 885.1 5.02x 458.8 10.69x

30.04.2012 2'548.2 0.48x 969.3 1.26x 520.3 3.12x

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

969.27 691.42 27.13% 27.34% 10.14% 14.49% 11.95% 0.50% 44.5% 38.0% 27.1% 20.4% 1.34 1.18 24.37% 34.28% 92.28 29.14

0.00 1.42 476.76 -28.32% -20.98% 1.417 1 5.000 3'852'000 4'172'046 2'596'719

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

04/13 Y

04/14 Y

S&P Issuer Ratings

FQ+2 -

9.83 2.91 -0.42 1.36 34.3% 25.5% 0.50 1.26 3.97 12.56 9.19 7.35

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

.0 M d-11

Fiscal Year Ended 30.04.2008 1'267.1 5.32x 528.5 12.75x 471.0 17.13x

8.0 M

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 |

13.11.2012

China Green Holdings Ltd/Bermuda Holdings By:

All

Holder Name SHAO FENG SUN DEUTSCHE BANK AG ALLIANCEBERNSTEIN LP WELLINGTON MANAGEMEN INVESCO HK LTD JANUS CAPITAL MANAGE JP MORGAN DWS INVESTMENT S A FRANKLIN RESOURCES COLUMBIA MANAGEMENT DIMENSIONAL FUND ADV VANGUARD GROUP INC SAM SUSTAINABLE ASSE HANDELSBANKEN FONDER STATE STREET CORP SCHRODER INVESTMENT SPARINVEST FONDSMAEG DIMENSIONAL FUND ADV BLACKROCK RUSSELL INVESTMENTS

Firm Name EVA Dimensions Bank of China International Sun Hung Kai Securities

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

Analyst TEAM COVERAGE JENNY CHAN CHONG KOK MING

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

Recommendation buy buy buy

Amt Held 407'274'000 44'451'456 44'081'000 43'494'511 43'100'000 42'710'000 41'572'491 26'375'869 17'966'000 5'799'500 3'258'000 3'069'016 2'784'000 2'774'000 2'676'000 1'797'000 1'653'000 1'407'000 1'338'000 1'026'000

% Out 46.07 5.03 4.99 4.92 4.88 4.83 4.7 2.98 2.03 0.66 0.37 0.35 0.31 0.31 0.3 0.2 0.19 0.16 0.15 0.12

Weighting

Change 5 5 5

U M M

Latest Chg (2'094'000) (2'253'000) (1'644'000) 18'000 (3'929'000) 213'000 -

Target Price #N/A N/A 11 11

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

File Dt Inst Type 30.04.2012 n/a 16.08.2012 Investment Advisor 13.01.2011 Investment Advisor 29.07.2011 Investment Advisor 23.10.2009 Investment Advisor 31.03.2010 Investment Advisor 26.10.2012 Unclassified 28.09.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 11.02.2011 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 16.09.2011 Investment Advisor 31.10.2012 Investment Advisor 09.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.09.2012 Investment Advisor 31.07.2012 Investment Advisor 09.11.2012 Investment Advisor 22.08.2011 Investment Advisor

Date Not Provided Not Provided 12 month

Date 05.03.2012 11.05.2011 25.10.2010