Fundamental Analysis & Analysts Recommendations - Q.M.S Advisors Farming Index

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July 2013

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15048494 2009.903 1116 1116 203 221 221 102.58 110.19 110.19 15.91 15.91 14.81 14.81 18.60

Euro Stoxx 50 Pr EUR 2506637 5265.382 4538 4538 730 761 761 202.56 295.84 295.84 21.64 17.12 14.82 14.82 20.16

NIKKEI 225 JPY 2708328 192.8561 190 190 18 21 21 5.33 7.83 7.83 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2620754 11454.37 10091 10091 1401 1681 1681 580.50 805.78 805.78 24.82 21.79 17.88 17.88 21.10

SWISS MARKET INDEX CHF 1021875 10739.83 4067 4067 852 824 824 412.33 553.54 553.54 20.55 17.06 15.31 15.31 21.92

S&P/TSX COMPOSITE INDEX CAD 1559024 16386.8 8312 8312 1776 1964 1964 734.63 817.52 817.52 14.82 14.82 13.31 13.31 23.19

S&P/ASX 200 INDEX AUD 1204861 5783.791 2665 2665 548 679 679 223.33 321.25 321.25 17.84 14.46 12.40 12.40 20.13

HANG SENG INDEX HKD 1583628 3023.512 1673 1673 355 400 400 278.82 271.89 271.89 1.23 1.39 1.26 1.26 2.92

MSCI EM USD 6946260 1281.009 971 971 188 179 179 82.45 90.53 90.53 11.13 11.30 10.14 10.14 19.19

WILMAR INTERNATIONAL LTD SGD 15531 6081 6396 17 0 1 2 27.84 35493 35282 37349 41799 1602 1744 459 459 0.15 0.16 0.17 0.18 9.25 9.25 8.94 8.07 1.32 8.44 9.01 15.41 3.86 - - - -

BRF SA BRL 18505 3 870 4 0 0 1 21.70 12654 13040 14115 15634 1035 1189 359 359 0.41 0.52 0.95 1.22 18.11 18.12 9.87 7.72 4.85 12.24 -8.41 11.25 4.05 BBB- 04.04.2012 Baa3 31.05.2012

JBS SA BRL 8398 5 2846 9 0 0 2 15.72 33588 35148 37731 40186 1923 1942 582 582 0.11 0.13 0.26 0.32 9.90 9.90 4.80 3.99 9.98 12.53 18.22 - 2.45 BB *- 11.06.2013 Ba3 *- 10.06.2013

CHAROEN POKPHAND FOODS PUB THB 6588 36752 7743 5 0 1 0 11.73 11361 11804 12607 13990 492 389 151 151 - 0.03 0.06 0.08 0.81 - 0.48 0.35 2.33 0.72 -0.65 0.78 0.10 - - - -

HORMEL FOODS CORP USD 10358 504 263 0 0 0 1 10.35 8231 8447 8668 9090 845 843 210 210 1.89 1.86 1.94 2.20 21.00 21.00 20.20 17.76 4.25 6.31 0.69 6.85 9.98 A 31.05.2001 A2 31.05.2001

KUALA LUMPUR KEPONG BHD MYR 7154 393 1065 1 0 0 1 7.50 3274 2945 3117 3494 540 476 - - - 0.29 0.30 0.36 7.20 - 7.01 5.81 -0.54 1.69 -7.73 3.87 5.04 - - - -

GOLDEN AGRI-RESOURCES LTD SGD 5562 13233 12838 1 0 0 1 5.36 4725 4655 4431 5014 592 535 - - 0.03 0.02 0.03 0.03 11.79 - 9.66 8.90 1.30 21.69 -13.15 6.13 8.97 - - - -

TYSON FOODS INC-CL A USD 9339 2150 359 2 0 0 1 11.03 33278 33502 34230 35080 1747 1655 496 496 1.93 2.16 2.11 2.56 12.17 12.17 12.47 10.29 3.14 - -2.46 9.10 4.94 BBB 11.02.2013 Baa3 07.06.2012

INNER MONGOLIA YILI INDUS-A CNY 11630 14163 1599 0 0 0 0 10.93 6805 7046 7924 9204 418 - 97 97 - 0.18 0.19 0.24 5.23 - 4.76 3.82 1.98 3.31 2.90 6.00 - - - - -

COSAN LTD-CLASS A SHARES USD 4236 681 271 12 0 4 3 22.16 30017 30016 34232 35674 3084 3196 - - 4.40 1.13 3.37 3.89 31.18 31.18 10.48 9.07 24.57 65.07 54.78 76.68 10.65 BB 21.10.2010 - -

ASTRA AGRO LESTARI TBK PT IDR 2760 312 1575 0 0 0 0 2.87 1162 1176 1227 1381 395 391 76 76 0.15 0.15 0.14 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

SMITHFIELD FOODS INC USD 4542 2710 139 3 0 0 0 6.75 13221 13221 13488 13808 744 744 182 182 1.80 1.79 2.62 3.02 18.30 18.30 12.47 10.84 0.97 3.00 -23.70 4.22 5.63 BB *- 29.05.2013 B1 * 30.05.2013

MARINE HARVEST NOK 3810 10476 3748 1 0 0 0 4.85 2507 2496 2889 3277 197 238 169 169 - 0.03 0.09 0.11 5.14 - 1.91 1.45 -0.67 0.69 -10.68 0.44 1.54 - - - -

FIRST RESOURCES LTD SGD 2127 290 1584 0 0 0 0 1.84 471 479 518 670 250 261 - - 0.12 0.12 0.10 0.12 6.58 6.58 7.88 6.76 17.17 24.98 7.25 - 42.62 - - - -

SEABOARD CORP USD 3310 0 1 0 0 0 0 3.10 6189 400 - - - 234.54 - - - 7.70 11.04 -8.18 9.93 - - - - -

HEILONGJIANG AGRICULTURE-A CNY 2420 21528 1778 1 0 0 0 3.02 2215 1848 4065 85 - - - -0.02 -0.01 0.01 0.07 - - 22.69 3.34 0.32 2.85 -7.92 -1.95 - - - - -

GENTING PLANTATIONS BHD MYR 2317 340 759 0 0 0 0 2.30 384 406 397 468 131 120 144 144 - 0.12 0.14 0.17 7.93 - 6.99 5.49 -2.40 3.86 -9.85 -0.53 9.18 - - - -

MARFRIG ALIMENTOS SA BRL 1666 2 476 6 0 0 1 6.17 10528 11156 11384 11710 877 993 254 254 -0.61 -0.70 0.09 0.37 - - 14.95 3.83 5.73 21.38 6.54 - 3.95 B *+ 11.06.2013 - -

BRIGHT DAIRY & FOOD CO LTD-A CNY 3211 11178 1225 0 0 0 0 3.21 2234 2297 2667 3111 130 - - - - 0.05 0.06 0.08 9.12 - 7.14 5.24 2.75 2.12 7.45 6.14 - - - - -

ILLOVO SUGAR LTD ZAr 1394 235 460 0 0 0 0 1.68 1092 1092 1199 1282 212 - 238 238 0.19 0.19 0.23 0.28 1.60 1.60 1.29 1.07 2.09 1.03 3.61 1.20 - - - - -

TONGAAT HULETT LTD ZAr 1344 98 107 1 0 0 0 2.00 1410 1410 1468 1595 254 254 289 289 0.92 0.94 1.12 1.35 1.29 1.31 1.07 0.89 1.86 - 1.53 - 1.77 - - - -

KERNEL HOLDING SA PLN 1181 192 79 0 0 0 0 0.64 645 794 787 787 96 91 100 100 0.77 0.53 0.65 0.88 2.50 2.51 2.05 1.51 4.07 7.38 1.11 14.13 3.44 - - - -

MHP SA -GDR REG S USD 1849 0 106 1 0 0 0 2.77 1408 1414 1495 1770 468 457 142 142 2.80 2.70 2.66 3.36 6.49 6.49 6.57 5.20 14.52 14.13 16.45 22.94 32.33 B 07.03.2013 B3 22.01.2013

INDOFOOD AGRI RESOURCES LTD SGD 1053 2080 1434 5293 0 7051 3968 17192.73 10808721 10728495 10519262 11768394 2343515 2271426 2462650 2462650 572.80 423.14 496.15 655.21 10.52 9.47 8.97 6.80 7.68 3.21 -12.64 11.20 16.53 - - - -

FRESH DEL MONTE PRODUCE INC USD 1614 94 58 0 0 0 0 1.78 3421 3442 3434 3495 235 221 73 73 2.70 2.21 1.70 2.07 12.79 12.79 16.59 13.67 -4.69 0.66 15.75 -2.71 6.41 NR 30.08.2012 - -

SAO MARTINHO SA BRL 1190 1 112 1 0 0 0 1.78 726 726 851 954 187 183 59 59 0.29 0.29 0.89 1.03 16.20 16.21 5.26 4.53 8.73 6.70 -12.17 11.94 11.17 BB+ 22.12.2011 - -

NEW BRITAIN PALM OIL LTD GBp 1098 2 149 0 0 0 0 2.11 1011 1011 926 1048 242 242 - - 0.01 0.01 0.49 0.78 2582.76 2582.76 33.21 20.89 -19.73 37.91 -77.45 16.26 35.75 - - - -

CHINA MODERN DAIRY HOLDINGS HKD 1361 4953 4800 0 0 0 0 1.49 216 262 329 449 56 68 56 56 0.01 0.01 0.01 0.02 2.62 - 2.21 1.60 6.53 - 3.13 - 3.35 - - - -

CERMAQ ASA NOK 1619 37 92 1 0 0 0 2.13 1910 1996 2206 2353 148 150 58 58 - 1.10 1.44 2.03 2.59 - 1.97 1.40 0.21 1.91 -7.45 -0.33 1.22 - - - -

LEROEY SEAFOOD GROUP ASA NOK 1495 6 54 1 0 0 0 1.91 1476 1503 1656 1735 126 164 82 82 - 2.18 2.96 3.55 2.03 - 1.50 1.25 -0.13 2.03 -7.75 1.21 1.77 - - - -

ADECOAGRO SA USD 760 117 122 0 0 0 1.05 605 602 722 783 113 113 - - 0.08 -0.05 0.55 0.71 - - 11.31 8.82 10.33 - -28.65 24.80 18.76 - - - -

SANDERSON FARMS INC USD 1564 94 23 0 0 0 0 1.69 2386 2490 2667 2690 161 159 107 107 2.35 2.41 5.67 7.42 28.20 28.20 11.99 9.16 20.63 7.89 - -0.13 6.39 - - - -

DOLE FOOD CO INC USD 1154 378 89 2 0 0 0 2.72 4247 5617 4243 4314 162 - 34 34 0.30 -0.01 0.44 0.65 - - 29.30 19.92 -11.13 -8.12 -25.32 -11.89 - B *- 11.06.2013 B3 03.04.2013

CAL-MAINE FOODS INC USD 1164 40 24 0 0 0 0 1.04 1113 1237 1292 1308 119 112 33 33 2.62 2.69 3.00 3.53 17.95 17.95 16.10 13.68 18.17 5.61 4.52 8.42 9.02 - - - -

SLC AGRICOLA SA BRL 811 155 98 0 0 0 0 1.07 496 466 541 597 112 102 24 24 0.17 0.23 0.52 0.61 15.85 15.93 7.03 5.98 4.99 18.79 -10.52 18.71 9.69 - - - -

SHANDONG HOMEY AQUATIC DEV-A CNY 592 5615 730 0 0 0 0 0.68 167 167 207 240 50 - 15 15 0.04 0.05 0.06 0.08 2.67 - 2.26 1.73 2.72 1.95 -0.07 0.26 - - - - -

TRADEWINDS (MALAYSIA) BHD MYR 0 296 1 0 0 0 2540 2540 261 261 - - - 0.22 - - 5.49 13.75 -9.08 5.19 3.21 - - - -

HAIKOU AGRICULTURE & INDUS-A CNY 746 20701 880 0 0 0 0 0.92 138 145 13 - - - -0.01 0.00 0.03 0.03 54.59 - 4.24 4.24 -3.60 1.19 -7.59 -1.37 - - - - -

KHON KAEN SUGAR INDUSTRY PCL THB 680 1006 1576 0 0 0 0 1.45 706 644 642 691 133 116 121 121 0.05 0.04 0.04 0.04 0.29 0.30 0.34 0.31 1.11 0.41 0.50 0.70 0.57 - - - -

SIPEF NV EUR 579 2 9 0 0 0 0 0.59 333 333 294 323 110 110 82 82 7.70 7.70 5.00 5.80 10.81 10.81 16.42 14.16 -12.29 9.62 -28.30 8.48 42.62 - - - -

BW PLANTATION TBK PT IDR 334 2869 4052 0 0 0 0 0.62 95 95 122 167 52 49 - - 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 - - - -

ASIAN CITRUS HOLDINGS LTD HKD 415 1289 1221 0 0 0 0 0.04 229 209 218 265 96 83 86 86 0.08 0.06 0.05 0.07 0.56 0.56 0.64 0.49 3.32 5.34 1.81 2.92 5.11 - - - -

SAMPOERNA AGRO TBK PT IDR 294 950 1890 0 0 0 0 0.38 300 290 305 345 65 57 14 14 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

SHANDONG MINHE ANIMAL HUS-A CNY 489 7398 302 0 0 0 0 0.46 194 184 242 332 -3 - - - -0.05 -0.07 0.02 0.10 - - 11.16 2.54 -1.87 - - - - - - - -

ASTARTA HOLDING NV PLN 475 0 25 0 0 0 0 0.19 106 111 113 137 26 27 10 10 0.53 0.58 0.73 1.14 2.30 2.33 1.82 1.16 4.99 11.09 -7.05 7.94 7.26 - - - -

FORTUNE NG FUNG FOOD HEBEI-A CNY 220 2042 279 0 0 0 0 0.22 93 94 7 - - - - 0.02 5.94 - 1.57 -0.07 1.91 -0.41 - - - - -

HUNAN NEW WELLFUL CO LTD-A CNY 205 1863 234 0 0 0 0 0.23 169 168 208 5 - - - 0.01 0.01 0.10 14.72 - 1.37 1.30 1.54 -10.24 3.23 - - - - -

BLACK EARTH FARMING LTD-SDR SEK 236 201 208 0 0 0 0 1.27 654 645 939 1300 -202 -220 182 182 - 0.14 0.52 0.99 5.78 - 1.57 0.82 16.97 13.20 -9.93 - -5.00 - - - -

XINJIANG WESTERN ANIMAL-A CNY 263 2650 117 0 0 0 0 0.31 78 78 14 14 - - - 0.04 8.33 - 8.60 11.32 7.70 5.86 2.88 - - - -

CHINA GREEN (HOLDINGS) LTD HKD 87 1416 884 0 0 0 0 0.14 329 322 125 106 - - 0.08 0.06 0.18 - 1.81 2.45 1.23 2.80 4.27 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.28 2.28 2.09 1.90 2.28 1.46 1.46 1.40 1.34 1.46 10.29 10.29 9.60 9.93 10.29 9.10 9.10 8.39 7.84 9.10 14.81 14.81 13.24 12.08 14.81 2.15 2.15 2.31 2.42 2.15 1777.9 8.9%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.75 0.75 0.73 0.71 0.75 5.73 5.73 5.26 4.79 5.73 6.92 6.92 6.53 6.19 6.92 11.52 11.52 10.28 9.27 11.52 4.34 4.34 4.62 4.97 4.34 2965.8 11.9%

NIKKEI 225 1.53 1.53 1.43 1.33 1.53 0.74 0.74 0.71 0.69 0.74 9.04 9.04 8.35 7.65 9.04 8.98 8.98 8.31 7.83 8.98 17.85 17.85 15.84 14.29 17.85 1.63 1.63 1.78 1.92 1.63 14922.5 5.8%

FTSE 100 INDEX 1.69 1.69 1.57 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.33 8.33 7.62 6.95 8.33 6.81 6.81 6.42 6.04 6.81 11.97 11.97 10.90 10.09 11.97 3.91 3.91 4.21 4.56 3.91 7105.8 10.0%

SWISS MARKET INDEX 2.35 2.35 2.18 2.03 2.35 2.01 2.01 1.91 1.83 2.01 12.06 12.06 11.00 9.81 12.06 13.03 13.03 12.00 11.23 13.03 14.76 14.76 13.28 12.09 14.76 3.29 3.29 3.68 4.21 3.29 8622.8 9.5%

S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.42 1.47 1.38 8.16 8.16 7.36 6.07 8.16 8.34 8.34 7.38 6.79 8.34 14.06 14.06 12.41 11.29 14.06 3.32 3.32 3.47 3.63 3.32 14171.6 16.8%

S&P/ASX 200 INDEX 1.76 1.76 1.66 1.56 1.76 1.64 1.64 1.55 1.48 1.64 9.92 9.92 8.96 8.54 9.92 8.52 8.52 7.75 7.21 8.52 13.63 13.63 12.36 11.44 13.63 4.90 4.90 5.23 5.60 4.90 5201.7 8.2%

HANG SENG INDEX 1.22 1.22 1.12 1.07 1.22 1.59 1.59 1.46 1.35 1.59 7.34 7.34 6.98 6.49 7.34 7.57 7.57 6.93 6.23 7.57 9.76 9.76 8.98 8.25 9.76 3.95 3.95 4.25 4.66 3.95 24799.3 20.5%

MSCI EM 1.32 1.32 1.22 1.10 1.32 0.95 0.95 0.88 0.82 0.95 6.56 6.56 6.01 5.52 6.56 7.14 7.14 6.49 5.99 7.14 10.14 10.14 9.12 8.34 10.14 3.06 3.06 3.38 3.67 3.06 1125.3 22.6%

WILMAR INTERNATIONAL LTD 1.09 1.01 0.93 0.87 0.34 0.32 0.29 0.27 8.99 9.87 10.94 10.20 15.93 14.07 12.82 11.88 13.87 11.45 10.33 9.37 1.73 1.94 2.18 2.39 3.78 21.5%

BRF SA 2.89 2.62 2.42 2.18 2.06 1.47 1.31 1.18 1.08 0.99 20.69 14.06 12.00 10.79 9.46 19.39 12.36 10.19 9.04 8.09 63.56 22.24 17.39 14.98 12.33 0.74 1.22 1.64 1.84 2.05 51.81 8.4%

JBS SA 0.88 0.83 0.78 0.75 0.68 0.26 0.22 0.21 0.20 0.18 13.98 6.70 5.96 5.47 5.27 8.36 6.40 5.83 5.45 4.94 18.53 10.81 8.99 8.31 7.01 1.06 1.98 2.60 2.80 2.95 8.03 24.9%

CHAROEN POKPHAND FOODS PUB 2.03 1.77 1.63 1.47 0.59 0.52 0.47 0.43 0.33 15.53 10.97 10.71 12.19 17.73 14.12 11.12 9.67 9.88 25.19 15.13 11.10 9.10 3.86 3.71 4.56 5.62 36.23 35.4%

HORMEL FOODS CORP 3.70 3.34 2.97 2.80 1.25 1.19 1.14 1.10 16.89 18.15 15.04 12.99 11.92 11.40 10.11 9.81 21.04 20.20 17.76 16.14 1.53 1.69 1.79 2.17 42.29 8.1%

KUALA LUMPUR KEPONG BHD 3.06 3.05 2.85 2.62 2.41 2.17 2.30 2.05 1.89 1.68 17.43 16.98 16.78 15.10 14.67 12.57 13.90 11.95 10.61 8.79 19.32 22.51 18.65 16.73 13.31 3.23 2.73 3.03 3.26 4.57 20.86 -3.2%

GOLDEN AGRI-RESOURCES LTD 0.64 0.61 0.58 0.55 0.53 1.04 0.98 0.87 0.78 0.62 7.60 8.67 8.84 7.60 7.88 8.46 8.79 7.73 6.75 5.39 11.40 12.38 11.40 9.42 7.22 2.31 2.31 2.54 3.23 7.62 0.63 13.4%

TYSON FOODS INC-CL A 1.62 1.47 1.31 1.19 0.28 0.27 0.27 0.25 10.25 8.64 7.08 7.13 6.48 5.99 5.35 5.13 14.62 12.47 10.29 9.76 0.61 0.83 0.76 0.76 28.30 7.5%

INNER MONGOLIA YILI INDUS-A 7.31 4.98 4.36 3.67 1.68 1.47 1.26 1.12 19.95 15.64 14.08 12.27 22.16 17.73 14.20 11.82 33.58 29.20 23.40 19.18 0.54 0.91 0.90 1.01 35.46 1.6%

COSAN LTD-CLASS A SHARES 0.15 0.13 0.10 0.05 0.32 0.28 0.27 0.10 3.00 4.18 3.50 6.97 5.58 5.50 2.26 15.93 10.48 9.07 7.25 2.44 1.95 1.81 3.57 24.84 58.7%

ASTRA AGRO LESTARI TBK PT 3.06 2.81 2.51 2.25 1.83 2.43 2.25 2.00 1.83 1.76 9.90 9.72 8.38 7.40 8.15 7.70 6.83 6.25 5.09 12.39 12.47 11.17 9.94 7.76 4.91 4.81 4.64 5.58 7.71 20455.28 17.2%

SMITHFIELD FOODS INC 1.40 1.22 1.15 0.34 0.34 0.33 8.92 8.54 7.93 8.41 7.45 6.93 16.31 12.47 10.84 32.75 0.2%

MARINE HARVEST 2.06 1.66 1.62 1.55 1.40 1.52 1.32 1.16 1.13 1.13 18.07 10.33 7.04 8.42 21.66 8.26 6.64 6.91 6.98 101.13 11.81 8.92 9.46 9.46 0.43 4.08 8.68 8.48 2.63 7.04 12.2%

FIRST RESOURCES LTD 1.93 1.64 1.44 1.23 0.90 3.61 3.20 2.48 2.09 1.62 7.46 9.26 7.07 6.16 7.11 7.05 6.08 5.20 3.42 10.57 10.10 8.66 7.34 4.48 2.38 2.76 3.05 3.65 7.45 2.38 38.2%

SEABOARD CORP

HEILONGJIANG AGRICULTURE-A 0.87 0.60 26.94 139.17 20.52

GENTING PLANTATIONS BHD 2.13 2.01 1.85 1.70 6.21 5.83 4.95 4.42 22.12 24.62 17.41 15.73 15.71 15.98 12.58 10.74 22.22 22.43 17.63 15.46 1.22 1.20 1.35 1.54 9.87 0.7%

MARFRIG ALIMENTOS SA 0.60 0.74 0.70 0.60 0.47 0.16 0.15 0.14 0.13 0.11 4.07 3.91 2.97 2.66 2.10 6.67 6.47 5.84 5.49 5.22 52.63 33.69 8.62 8.92 5.49 0.36 0.82 2.23 2.52 4.99 11.15 54.6%

BRIGHT DAIRY & FOOD CO LTD-A 5.04 4.53 4.00 3.45 1.43 1.20 1.03 0.87 36.55 49.48 20.75 15.92 61.85 43.81 32.16 22.65 0.31 1.27 1.66 2.61 15.11 -6.0%

ILLOVO SUGAR LTD 2.45 2.04 1.78 1.59 1.27 1.16 1.09 1.03 12.99 9.74 8.03 8.24 8.19 7.04 6.22 5.98 17.25 13.10 10.94 9.89 2.82 3.82 4.57 5.05 3607.33 16.9%

TONGAAT HULETT LTD 1.77 1.47 1.33 1.15 0.98 0.91 0.84 0.78 10.97 8.64 7.17 6.66 7.36 6.90 6.35 6.12 11.57 10.94 9.12 8.32 3.00 3.24 3.97 4.22 13865.67 10.0%

KERNEL HOLDING SA 1.00 0.85 0.74 0.64 0.65 0.54 0.45 0.45 0.41 0.37 7.44 6.15 4.35 3.83 2.80 6.39 6.37 5.55 5.09 4.67 5.56 6.85 5.06 4.46 4.31 0.00 0.00 3.13 6.34 17.28 66.65 34.5%

MHP SA -GDR REG S 1.65 1.40 1.14 0.94 1.34 1.24 1.04 0.90 0.84 5.54 5.07 4.50 3.73 5.85 5.64 4.79 4.25 4.51 6.21 6.57 5.20 4.26 3.84 0.00 2.40 2.51 7.06 14.86 21.15 20.9%

INDOFOOD AGRI RESOURCES LTD 0.76 0.72 0.67 0.61 0.51 0.77 0.78 0.70 0.64 0.52 4.28 7.30 5.87 4.30 2.89 6.29 6.98 6.07 5.50 3.29 8.88 11.50 8.70 7.56 4.01 1.08 0.74 0.83 1.20 2.44 1.17 24.1%

FRESH DEL MONTE PRODUCE INC 0.47 0.47 0.46 7.29 9.32 8.36 10.79 16.59 13.67 31.00 9.7%

SAO MARTINHO SA 1.29 1.21 1.13 1.66 1.40 1.25 1.15 1.22 7.67 4.08 4.22 6.10 4.87 4.33 4.09 4.15 24.32 11.86 10.21 6.93 8.51 1.10 2.08 3.29 6.32 8.85 32.67 37.6%

NEW BRITAIN PALM OIL LTD 1.09 1.05 0.99 0.99 0.94 1.68 1.77 1.57 1.47 1.46 10.56 11.84 11.43 12.30 7.32 9.06 9.21 7.17 6.69 6.45 21.52 22.24 13.99 13.00 13.30 2.50 2.09 2.35 2.05 2.25 595.00 21.4%

CHINA MODERN DAIRY HOLDINGS 1.62 1.49 1.34 1.17 1.01 4.48 3.27 2.40 1.88 1.63 17.67 12.03 7.94 6.25 5.41 20.46 16.25 12.00 9.33 7.15 20.38 17.15 12.37 9.46 7.22 0.00 0.12 0.40 0.92 2.96 35.2%

CERMAQ ASA 1.74 1.53 1.36 1.25 1.24 0.87 0.73 0.69 0.66 0.63 24.17 8.44 6.38 6.41 17.85 8.34 6.42 6.43 7.27 38.59 12.17 8.63 8.75 13.48 1.27 3.40 4.91 5.57 4.63 110.60 2.4%

LEROEY SEAFOOD GROUP ASA 1.71 1.35 1.45 1.40 1.02 0.90 0.86 0.84 0.63 17.93 7.11 6.46 7.53 15.10 6.35 5.76 5.91 7.26 30.09 9.24 7.71 7.74 1.80 6.40 6.95 6.55 195.57 15.7%

ADECOAGRO SA 0.69 0.68 0.63 0.61 1.28 1.05 0.97 0.83 5.95 5.46 4.64 7.55 5.50 4.30 3.69 22.87 11.31 8.82 9.21 0.00 0.00 0.96 1.21 13.60 118.6%

SANDERSON FARMS INC 2.77 2.39 2.00 0.66 0.59 0.58 0.59 10.87 6.32 5.05 5.87 29.98 11.99 9.16 11.52 1.03 1.07 1.13 1.16 70.50 3.7%

DOLE FOOD CO INC 0.17 0.27 0.27 0.26 11.72 21.85 9.27 8.86 19.64 16.26 15.73 14.94 29.30 19.92 17.66 0.00 0.00 0.00 11.50 -10.8%

CAL-MAINE FOODS INC 1.06 0.90 0.89 8.42 8.36 6.69 18.29 16.10 13.68 1.74 2.63 2.34 38.00 -21.3%

SLC AGRICOLA SA 0.94 0.91 0.86 0.85 1.59 1.50 1.36 1.30 1.24 14.50 8.78 8.39 8.91 8.42 7.37 6.95 6.04 39.34 15.84 13.49 13.57 19.46 3.37 0.68 1.10 1.65 25.25 36.6%

SHANDONG HOMEY AQUATIC DEV-A 1.24 1.16 1.05 0.96 3.51 2.85 2.47 2.11 14.08 13.43 9.47 7.98 12.01 9.97 9.06 7.94 14.62 13.88 10.62 8.99 1.11 0.97 1.31 2.07

TRADEWINDS (MALAYSIA) BHD

HAIKOU AGRICULTURE & INDUS-A 27.37 26.00 26.00

KHON KAEN SUGAR INDUSTRY PCL 1.70 1.57 1.45 1.30 1.02 1.06 0.98 0.93 8.13 9.20 8.94 11.06 11.97 10.57 10.67 9.60 10.79 9.73 8.55 4.57 3.94 4.40 4.76 14.21 12.8%

SIPEF NV 1.21 1.28 1.19 1.17 1.70 1.95 1.77 1.63 7.47 9.04 8.27 7.40 5.75 7.10 6.25 5.39 9.29 12.77 11.01 9.50 2.63 2.62 2.62 2.69 59.25 17.8%

BW PLANTATION TBK PT 1.97 1.73 1.44 1.13 0.55 3.16 2.75 1.99 1.63 0.86 8.78 8.71 6.92 5.13 10.41 9.29 6.74 5.42 2.41 10.68 10.81 6.63 4.66 1.95 1.48 1.63 2.11 1.86 0.00 1204.60 46.9%

ASIAN CITRUS HOLDINGS LTD 0.31 0.30 0.28 0.25 1.38 1.51 1.24 1.04 3.91 4.23 3.37 2.84 0.29 0.43 0.30 0.25 4.34 4.93 3.77 3.27 7.87 7.72 9.07 10.28 3.59 37.1%

SAMPOERNA AGRO TBK PT 1.09 1.04 0.95 0.88 0.95 0.96 0.85 0.79 6.19 6.63 4.96 4.38 6.22 6.03 4.78 4.13 8.79 9.95 7.24 7.13 5.35 3.14 3.48 3.64 1897.92 22.4%

SHANDONG MINHE ANIMAL HUS-A 2.27 2.09 1.85 1.64 2.10 2.02 1.47 1.14 73.56 27.58 17.27 466.61 30.77 9.59 9.15 68.48 15.56 12.81 10.07 0.60 1.01 1.26

ASTARTA HOLDING NV 1.00 0.87 0.70 0.59 0.50 1.11 0.97 0.81 0.71 0.64 5.51 5.60 3.48 3.48 2.61 6.00 5.75 4.43 3.82 3.61 5.98 6.07 3.87 4.01 3.51 0.00 4.00 10.26 58.55 -7.8%

FORTUNE NG FUNG FOOD HEBEI-A

HUNAN NEW WELLFUL CO LTD-A 1.10 0.99 10.11 8.38

BLACK EARTH FARMING LTD-SDR 0.95 0.77 0.68 0.58 1.42 1.23 0.89 0.82 11.76 6.99 3.48 2.92 10.72 5.59 4.04 0.00 0.00 0.00 0.00

XINJIANG WESTERN ANIMAL-A

CHINA GREEN (HOLDINGS) LTD 1.09

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


08.07.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (28.01.2013) 3.92

52-Week Low (13.09.2012) 2.99

Daily Volume

3.11

52-Week High % Change -20.66% Dividend Yield -

52-Week Low % Change 4.01% Beta 1.02

% 52 Week Price Range High/Low 16.13% Equity Float 1'968.67

Shares Out 08.07.2013 6'396.7 Short Int -

19'893.64 1 Yr Total Return -13.73%

Total Debt 22'245.27 YTD Return -6.05%

Preferred Stock 0.0 Adjusted BETA 1.015

Minority Interest 849.3 Analyst Recs 25

Cash and Equivalents 2'319.11 Consensus Rating 3.680

Enterprise Value 35'657.38

Average Volume 5 Day 5'789'000

WIL SP EQUITY YTD Change - Average Volume 30 Day 10'197'030

WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 8'340'641

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 45'645 45'193 47'840 53'540 12'476 12'981

0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.62x 0.56x - -

1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'534.0 2'781.1 588.0 674.0

7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.07x 12.82x 14.21x 14.27x

1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'368.3 1'510.3 298.0 385.0

8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.45x 10.33x 11.73x 12.08x

EBITDA 2'051.83 Long-Term Rating Date -

EBIT 1'508.62 Long-Term Rating -

Operating Margin 3.32% Long-Term Outlook -

Pretax Margin 3.64% Short-Term Rating Date -

Return on Assets 3.16% Short-Term Rating -

Return on Common Equity 9.31%

Return on Capital 4.91% EBITDA/Interest Exp. 3.17

Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.56

Net Debt/EBITDA 8.62

Gross Margin 8.6% Total Debt/EBITDA 10.60

EBITDA Margin 4.9%

EBIT Margin 3.7% Total Debt/Equity 155.1%

Net Income Margin 2.8% Total Debt/Capital 59.4%

Asset Turnover 1.09

Current Ratio 1.11 Net Fixed Asset Turnover 5.34

Quick Ratio 0.29 Accounts receivable turnover-days 28.68

Debt to Assets 53.07% Inventory Days 63.36

Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 11.66

Accounts Receivable Turnover 12.73 Cash Conversion Cycle 78.89

Inventory Turnover 5.76

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

6'081'000.00

Current Price (7/dd/yy) Market Data

'--..00112

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2'!' F

3'!' F

4'!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

-'!''

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1'!''

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08.07.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PPB GROUP BHD n/a Co File 1'172'614'755 18.33 - 21.03.2013 Corporation

ARCHER-DANIELS-MIDLA n/a ULT-AGG 1'046'986'850 16.37 - 21.03.2013 Corporation

WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 Other

LONGHLIN ASIA LIMITE n/a Co File 336'009'921 5.25 - 21.03.2013 Other

FIREFLY LTD n/a Co File 294'801'479 4.61 - 21.03.2013 Other

BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.61 - 21.03.2013 Other

HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 21.03.2013 Other

NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 21.03.2013 Other

HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 21.03.2013 Corporation

HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 21.03.2013 Other

VAN ECK ASSOCIATES C n/a ULT-AGG 72'676'416 1.14 - 05.07.2013 Investment Advisor

KERRY GROUP LTD n/a ULT-AGG 56'538'007 0.88 - 21.03.2013 Other

BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 21.03.2013 Other

BLACKROCK n/a ULT-AGG 39'138'084 0.61 309'000 03.07.2013 Investment Advisor

KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.03.2013 n/a

NATALON CO LTD n/a Co File 33'760'355 0.53 - 21.03.2013 Holding Company

DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 21.03.2013 Corporation

BRIGHT MAGIC INV LIM n/a Co File 20'651'715 0.32 - 21.03.2013 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'965'991 0.31 833'342 31.03.2013 Investment Advisor

HPRY HOLDINGS LTD n/a Co File 13'630'073 0.21 - 21.03.2013 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013

TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 12 month 03.07.2013

DBS Vickers BEN SANTOSO buy 5 U 3 12 month 01.07.2013

UOB Kay Hian TEAM COVERAGE buy 5 M 4 Not Provided 01.07.2013

Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 28.06.2013

Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 24.06.2013

OCBC Investment Research CAREY WONG hold 3 D 3 12 month 24.06.2013

CIMB IVY NG outperform 5 M 4 12 month 19.06.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013

Jefferies ABHIJIT ATTAVAR buy 5 M 4 12 month 24.05.2013

Deutsche Bank MICHELLE FOONG hold 3 M 4 12 month 09.05.2013

Macquarie CONRAD WERNER neutral 3 M 4 12 month 09.05.2013

Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 4 Not Provided 09.05.2013

Standard Chartered ADRIAN FOULGER outperform 5 M 4 12 month 08.05.2013

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 08.05.2013

JPMorgan YING-JIAN CHAN overweight 5 M 4 12 month 08.05.2013

HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 08.05.2013

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 5 12 month 08.05.2013

AmResearch Sdn Bhd GAN HUEY LING buy 5 U 4 12 month 08.05.2013

Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 08.05.2013

Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 22.02.2013

IIFL ZUO LI sell 1 M 4 12 month 23.02.2012

Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Wilmar International Ltd ee


08.07.2013

BRF SA is a food processor in Latin America. The Company operates

in the segments of poultry meats, pork and beef, industrialized meats,

margarines, pastas, pizzas and frozen vegetables as well as being one of the

leading milk collectors and dairy product processers in Brazil.


LTM as of: 03/yy

52-Week High (10.05.2013) 50.27

52-Week Low (26.07.2012) 27.53

Daily Volume

47.8



% 52 Week Price Range High/Low 88.92% Equity Float 832.63

Shares Out 19.06.2013 872.5 Short Int -

41'704.22 1 Yr Total Return 63.26%

Total Debt 9'518.32 YTD Return 14.93%






BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'168'080

BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'052'294


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

11'393.0 15'905.8 22'681.3 25'706.2 28'517.4 26'022.9 29'389.2 31'810.5 35'235.2 7'613.0 7'975.0

0.84x 2.74x 1.21x 1.43x 1.53x 5.10x 5.45x 1.53x 1.37x 6.44x 6.11x

1'079.9 619.4 2'320.6 2'878.5 2'333.1 2'635.3 2'679.3 3'956.7 4'798.6 809.2 919.8

8.83x 70.41x 11.85x 12.81x 18.70x 14.12x 17.17x 12.36x 10.19x - -

54.4 123.0 804.1 1'367.4 813.2 1'137.1 1'018.6 1'886.5 2'397.1 359.8 423.8

112.97x 222.84x 29.61x 23.19x 45.11x 27.56x 38.09x 22.24x 17.39x - -

EBITDA 2'333.14 Long-Term Rating Date 04.04.2012

EBIT 1'366.48 Long-Term Rating BBB-

Operating Margin 4.79% Long-Term Outlook STABLE








EBITDA Margin 9.1%



Asset Turnover 0.98







Fiscal Year Ended

BRF SAPrice/Volume

Valuation Analysis

2'700.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

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1!' F

3!' F

5!' F

-'!' F

-.!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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08.07.2013


CAIXA DE PREVIDENCIA n/a 20F 106'401'022 12.2 - 28.02.2013 Government

FUNDACAO PETROBRAS D n/a 20F 105'530'869 12.1 - 28.02.2013 Other

TARPON INVESTIMENTOS n/a Research 68'925'388 7.9 (1'063'102) 14.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 35'171'138 4.03 - 03.07.2013 Investment Advisor

WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2012 Other

GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 25'547'134 2.93 (13'200) 30.06.2013 Investment Advisor

FUND VALE DO RIO DOC n/a 20F 22'166'725 2.54 - 28.02.2013 Other

AHORRO CORP GESTION AHORRO CORPORACION I MF-PART 19'264'569 2.21 19'252'337 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'411'496 1.77 3'200'215 31.03.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 13'400'000 1.54 - 31.12.2011 Pension Fund (ERISA)

FUND SISTEL DE SEGUR n/a 20F 10'400'748 1.19 - 28.02.2013 Pension Fund (ERISA)

BTG PACTUAL GLOBAL A Multiple Portfolios MF-AGG 8'768'707 1.01 1'469'394 30.06.2013 Investment Advisor

GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 7'695'400 0.88 1'342'000 31.03.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 6'678'985 0.77 - 31.12.2012 Government

FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2012 n/a

MORGAN STANLEY n/a ULT-AGG 5'179'278 0.59 (11'476) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'658'859 0.53 113'348 31.05.2013 Investment Advisor

REAL GRANDEZA FUNDAC Multiple Portfolios MF-AGG 4'481'114 0.51 144'100 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'432'193 0.51 (28'500) 31.03.2013 Investment Advisor

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'312'565 0.49 (159'980) 30.06.2013 Investment Advisor


Bradesco Corretora GABRIEL VAZ DE LIMA outperform 5 M 55 Not Provided 02.07.2013

Banco BTG Pactual SA THIAGO DUARTE buy 5 M 50 12 month 02.07.2013

Coinvalores SANDRA PERES buy 5 M 59 Not Provided 27.06.2013

Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 53 Not Provided 10.06.2013


JPMorgan ALAN ALANIS neutral 3 M 51 6 month 28.05.2013

Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 24.05.2013

HSBC DIEGO MAIA neutral 3 D 55 Not Provided 17.05.2013

Banco Safra de Investimento ALAN DE SOUZA CARDOSO Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2013

Goldman Sachs LUCA CIPICCIA Buy/Neutral 5 M 58 12 month 03.05.2013

Magliano SA CCVM HENRIQUE KLEINE buy 5 M 50 12 month 03.05.2013

Morgan Stanley JAVIER MARTINEZ Underwt/In-Line 1 M 38 12 month 30.04.2013

Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2013

Agora CTVM SA JOSE FERREIRA Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2013

Nau Securities Ltd JOHN NELSON FERREIRA sell 1 M 45 12 month 30.04.2013

Grupo Santander LUIS MIRANDA buy 5 M 47 Not Provided 29.04.2013

Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 55 Not Provided 29.04.2013

Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012

Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011

Holdings By:

BRF SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (30.01.2013) 7.85

52-Week Low (25.07.2012) 4.91

Daily Volume

6.43





18'927.63 1 Yr Total Return 3.08%







JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 6'214'964

JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 5'649'578


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

30'340.3 34'905.6 55'055.8 61'796.8 75'696.7 63'135.1 79'213.2 85'034.5 90'567.5 20'277.0 21'358.8

0.34x 1.03x 0.62x 0.53x 0.44x 1.92x 1.74x 0.43x 0.38x 1.72x 1.62x

1'120.4 1'461.1 3'512.8 3'072.0 4'333.4 2'920.0 4'376.2 5'533.8 6'073.2 1'311.8 1'540.5

9.14x 24.72x 9.66x 10.59x 7.62x 12.60x 8.23x 6.40x 5.83x 5.70x -

25.9 220.7 (302.7) (247.2) 718.9 (278.1) 830.8 1'715.8 2'046.9 384.7 527.0

266.82x 98.11x - - 24.21x 0.00x 23.59x 10.81x 8.99x 9.86x -


EBIT 2'719.69 Long-Term Rating BB *-









EBITDA Margin 5.5%



Asset Turnover 1.62







Fiscal Year Ended

JBS SAPrice/Volume

Valuation Analysis

5'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

'!''

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08.07.2013


FB PARTICIPACOES SA n/a EXCH 1'255'758'549 42.66 - 04.02.2013 Other

BNDES PARTICIPACOES n/a EXCH 584'313'343 19.85 - 04.02.2013 Government

CAIXA ECONOMICA FEDE n/a EXCH 296'424'955 10.07 - 04.02.2013 Government

PROT FUND DE INVES E n/a EXCH 102'733'177 3.49 - 04.02.2013 n/a

JBS SA n/a EXCH 74'474'194 2.53 - 04.02.2013 Corporation

BANCO ORIGINAL SA n/a EXCH 38'267'373 1.3 - 04.02.2013 Bank

DIMENSIONAL FUND ADV n/a ULT-AGG 20'223'295 0.69 - 29.03.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 18'013'776 0.61 (303'700) 03.07.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 12'756'100 0.43 (211'724) 31.03.2013 Investment Advisor

BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 9'187'927 0.31 (1'328'289) 30.06.2013 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 7'826'150 0.27 126'910 30.06.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 6'205'644 0.21 1'750'140 31.05.2013 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 5'839'442 0.2 (233'600) 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'870'100 0.17 209'700 31.05.2013 Investment Advisor

WESTERN ASSET MANAGE Multiple Portfolios MF-AGG 3'067'446 0.1 355'527 30.06.2013 Investment Advisor

SCHRODER INVEST MGMT Multiple Portfolios MF-AGG 2'237'565 0.08 1'073'865 30.06.2013 Investment Advisor

BLACKROCK BRASIL GES Multiple Portfolios MF-AGG 2'174'700 0.07 (55'400) 03.07.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'108'500 0.07 - 31.05.2012 Investment Advisor

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 2'100'625 0.07 232'600 30.06.2013 Investment Advisor


Bradesco Corretora GABRIEL VAZ DE LIMA outperform 5 M 8 Not Provided 02.07.2013


Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 9 12 month 02.07.2013

Coinvalores SANDRA PERES buy 5 M 8 Not Provided 27.06.2013


Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 8 Not Provided 10.06.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013

JPMorgan ALAN ALANIS overweight 5 M 8 6 month 28.05.2013

Morgan Stanley JAVIER MARTINEZ Equalwt/In-Line 3 M 8 12 month 17.05.2013

Deutsche Bank JOSE J YORDAN hold 3 M 8 12 month 16.05.2013


Agora CTVM SA JOSE FERREIRA hold 3 M 8 Not Provided 15.05.2013

HSBC DIEGO MAIA overweight 5 M 9 Not Provided 20.02.2013

Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 07.01.2013

Holdings By:

JBS SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (07.11.2012) 37.00

52-Week Low (25.06.2013) 21.60

Daily Volume

26.75





207'123.70 1 Yr Total Return -20.90%



Minority Interest 16'259.0 Analyst Recs 29




CPF TB EQUITY YTD Change - Average Volume 30 Day 24'676'860

CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 23'693'290


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 233'834.9 371'119.4 396'359.2 439'850.4 98'881.7 97'711.0

0.42x 0.70x 1.14x 1.36x 1.15x 4.85x 4.33x 0.90x 0.82x - -

8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 20'337.2 12'224.2 26'125.1 33'167.2 4'741.5 4'253.0

8.20x 7.17x 12.81x 14.44x 26.63x 19.21x 32.71x 14.12x 11.12x - -

3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 24'553.2 7'703.4 13'735.2 18'250.8 2'507.0 3'317.0

7.23x 7.50x 12.11x 13.64x 13.03x 10.26x 31.13x 15.13x 11.10x 12.30x 10.76x








Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -0.74



EBITDA Margin 3.3%



Asset Turnover 1.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Charoen Pokphand Foods PCLPrice/Volume

Valuation Analysis

36'752'300.00


'

2

-'

-2

.'

.2

0'

02

1'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F.'!' F1'!' F3'!' F5'!' F-''!' F-.'!' F-1'!' F-3'!' F-5'!' F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

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08.07.2013


CHAROEN POKPHAND GRO n/a ULT-AGG 2'817'341'295 36.39 - 09.05.2013 Holding Company

THAI NVDR CO LTD n/a EXCH 473'414'955 6.11 - 09.05.2013 Corporation

UBS AG/HONG KONG n/a EXCH 319'254'106 4.12 - 09.05.2013 Bank

CPF THAILAND PCL n/a EXCH 203'859'940 2.63 - 09.05.2013 Other

UBS AG/LONDON n/a EXCH 202'880'795 2.62 - 09.05.2013 Investment Advisor

JIRAPUMMIN WALAIPORN n/a EXCH 160'000'000 2.07 - 09.05.2013 n/a

STATE STREET BANK EU n/a EXCH 157'673'085 2.04 - 09.05.2013 Bank

SOCIAL SECURITY OFFI n/a EXCH 102'957'900 1.33 - 09.05.2013 Unclassified

TIEANWORN PRIN n/a EXCH 100'000'000 1.29 - 09.05.2013 n/a

BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 09.05.2013 Corporation


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 72'193'850 0.93 67'768'450 31.12.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 58'197'700 0.75 - 09.05.2013 Government

STATE STREET n/a ULT-AGG 43'468'830 0.56 - 09.05.2013 Investment Advisor


TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 18'594'800 0.24 (204'000) 28.02.2013 Investment Advisor

KANCHANADUL VEERAVAT n/a Co File 16'915'170 0.22 - 31.12.2009 n/a

ARUNANONDCHAI SUNTHO n/a Co File 14'748'299 0.19 - 31.12.2009 n/a

WATCHARANANAN ARUNEE n/a Co File 7'639'999 0.1 - 31.12.2009 n/a

VISEDPAITOON PONG n/a Co File 6'500'000 0.08 - 31.12.2009 n/a


Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 36 12 month 08.07.2013

Kasikorn Securities SORAPONG JAKTEERUGKUL outperform 5 M 35 12 month 05.07.2013

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 33 Not Provided 28.06.2013

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 40 12 month 28.06.2013

SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 U 35 Not Provided 14.06.2013

KGI Securities SUTHEP AMRIT SINGH neutral 3 U 33 Not Provided 13.06.2013

Macquarie BUNLUNG WAIYANONT outperform 5 M 35 12 month 11.06.2013

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 07.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013

BNP Paribas Equity Research YUWANEE PROMMAPORN buy 5 M 42 12 month 05.06.2013

Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 44 12 month 03.06.2013

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 35 12 month 31.05.2013

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 34 12 month 31.05.2013

Deutsche Bank CHALINEE CONGMUANG buy 5 M 34 12 month 30.05.2013

JPMorgan KAE PORNPUNNARATH overweight 5 M 39 12 month 30.05.2013

KT Zmico Securities PHORNSRI LAYSANITSAEREKUL buy 5 M 36 12 month 15.05.2013

UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 M 36 Not Provided 15.05.2013

Trinity Securities DULADETH BIK buy 5 M 39 Not Provided 15.05.2013

CIMB MARCIN SPIEWAK neutral 3 M 32 12 month 14.05.2013

RHB Research Institute Sdn Bhd HAN MENG TAN buy 5 M 38 Not Provided 14.05.2013

Krungsri Securities SITTIDATH PRASERTRUNGRUANG sell 1 M 28 Not Provided 14.05.2013

IV Global RATTANA LEENUTAPHONG buy 5 U 36 12 month 14.05.2013

Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/In-Line 5 M 39 12 month 13.05.2013

Maybank Kim Eng SUTTATIP PEERASUB buy 5 M 43 12 month 22.04.2013

Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 17.04.2013

Phillip Securities NAREE APISAWAITTKAN accumulate 4 M 37 Not Provided 01.03.2013

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 40 Not Provided 16.10.2012

AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 49 Not Provided 29.06.2012

Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 U 56 Not Provided 11.05.2012

Holdings By:

Charoen Pokphand Foods PCL ee


08.07.2013

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.


LTM as of: 04/yy

52-Week High (15.05.2013) 43.17

52-Week Low (02.08.2012) 27.28

Daily Volume

39.11

52-Week High % Change -9.40% Dividend Yield 1.64



Shares Out 02.06.2013 264.8 Short Int 5.69

10'357.95 1 Yr Total Return 30.44%

Total Debt 250.00 YTD Return 26.46%



Cash and Equivalents 759.78 Consensus Rating 3.727


Average Volume 5 Day 862'960

HRL US EQUITY YTD Change - Average Volume 30 Day 1'049'552

HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 946'804


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

6'754.9 6'533.7 7'220.7 7'895.1 8'230.7 8'066.8 8'447.3 8'667.9 9'089.9 2'118.9 2'280.0

0.61x 0.74x 0.82x 0.97x 0.88x 3.67x 4.02x 1.17x 1.09x 4.85x 4.44x

635.6 658.9 759.0 839.7 845.5 814.0 843.2 908.6 1'024.4 210.3 253.3

6.49x 7.31x 7.83x 9.07x 8.53x 8.96x 12.94x 11.40x 10.11x 10.54x 10.34x

285.5 342.8 395.6 474.2 500.1 472.1 499.0 524.5 596.1 120.9 144.7

13.69x 14.35x 15.21x 16.98x 15.54x 15.95x 22.13x 20.20x 17.76x 18.80x 18.40x

EBITDA 845.48 Long-Term Rating Date 31.05.2001

EBIT 725.98 Long-Term Rating A


Pretax Margin 9.21% Short-Term Rating Date 30.06.1999

Return on Assets 11.11% Short-Term Rating NR




Net Debt/EBITDA -0.02


EBITDA Margin 10.0%



Asset Turnover 1.88







Fiscal Year Ended

Hormel Foods CorpPrice/Volume

Valuation Analysis

503'988.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!-'!.''6 0'!'1!.'-' 0'!-'!.'-' 0'!'1!.'-- 0'!-'!.'-- 0'!'1!.'-. 0'!-'!.'-. 0'!'1!.'-0



08.07.2013


HORMEL FOUNDATION n/a Form 5 128'616'558 48.56 - 31.12.2012 Other

VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'332'214 3.9 (179'374) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 9'971'705 3.77 (504'352) 05.07.2013 Investment Advisor


UBS n/a ULT-AGG 3'956'835 1.49 54'655 31.03.2013 Unclassified

MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'367'793 1.27 (53'355) 31.03.2013 Investment Advisor

GUGGENHEIM n/a ULT-AGG 2'316'302 0.87 151'707 31.05.2013 Unclassified

INVESCO LTD n/a ULT-AGG 2'285'112 0.86 466'101 05.07.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'714'796 0.65 25'044 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 1'579'243 0.6 - 31.12.2012 Government

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'437'423 0.54 (64'345) 31.03.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'436'126 0.54 (68'900) 31.03.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'262'636 0.48 130'316 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'160'008 0.44 (87'332) 31.03.2013 Investment Advisor

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 1'139'107 0.43 51'252 31.03.2013 Investment Advisor

RIVERBRIDGE PARTNERS RIVERBRIDGE PARTNERS 13F 1'085'771 0.41 102'899 31.03.2013 Investment Advisor

ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'064'214 0.4 (30'141) 31.03.2013 Investment Advisor

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'003'542 0.38 42'034 31.03.2013 Investment Advisor

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 973'300 0.37 973'300 31.03.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 955'218 0.36 22'581 31.03.2013 Investment Advisor


Davenport & Co ANN H GURKIN buy 5 U 50 12 month 01.07.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 41 Not Provided 27.06.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY sell 1 M 32 12 month 27.06.2013

Stephens Inc FARHA ASLAM overweight 5 M 44 12 month 27.06.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 26.06.2013

KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 48 12 month 19.06.2013

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 19.06.2013

Credit Suisse ROBERT MOSKOW neutral 3 M 39 Not Provided 18.06.2013

D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 M 42 18 month 24.05.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 24.05.2013

Holdings By:

Hormel Foods Corp ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (11.07.2012) 24.40

52-Week Low (15.03.2013) 19.88

Daily Volume

21.56





22'960.66 1 Yr Total Return -7.42%







KLK MK EQUITY YTD Change - Average Volume 30 Day 772'790

KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 668'941


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

7'789.7 6'620.4 7'450.0 10'691.9 10'507.3 11'263.2 9'453.1 10'002.4 11'214.1 - -

1.42x 2.34x 2.53x 2.18x 2.29x 8.86x 10.44x 2.37x 2.12x - -

1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 2'310.0 1'529.1 1'730.6 2'012.7 - -

6.75x 12.64x 12.81x 10.09x 13.84x 11.75x 15.29x 13.90x 11.95x - -

1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'449.3 1'125.9 1'016.9 1'229.9 - -

9.83x 24.00x 17.88x 14.30x 21.84x 17.64x 22.41x 22.51x 18.65x - -











EBITDA Margin 16.2%



Asset Turnover 0.85



Debt to Assets 21.78% Inventory Days -

Tot Debt to Common Equity 34.86% Accounts Payable Turnover Day -


Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuala Lumpur Kepong BhdPrice/Volume

Valuation Analysis

393'000.00


'

2

-'

-2

.'

.2

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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08.07.2013


BATU KAWAN BHD n/a Co File 495'901'527 46.57 - 30.11.2012 Holding Company

EMPLOYEES PROVIDENT n/a EXCH 167'043'438 15.69 (122'000) 28.06.2013 Government




PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor

ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 30.11.2012 n/a

JP MORGAN n/a ULT-AGG 2'762'600 0.26 - 31.12.2012 Investment Advisor

KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 30.11.2012 Corporation

FRANKLIN RESOURCES n/a ULT-AGG 2'196'090 0.21 (614'035) 31.12.2012 Investment Advisor

FIL LIMITED n/a ULT-AGG 2'153'997 0.2 110'140 31.10.2012 Investment Advisor

NOMURA n/a ULT-AGG 1'787'000 0.17 32'400 29.03.2013 Unclassified

GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Investment Advisor

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'624'650 0.15 67'400 30.04.2011 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'447'641 0.14 - 31.12.2012 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 1'299'472 0.12 450'900 31.05.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'116'122 0.1 12'800 29.03.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'002'500 0.09 (1'600) 29.04.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 913'000 0.09 3'000 31.03.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 789'800 0.07 (1'900) 28.02.2013 Investment Advisor


TA Securities Holdings Berhad JAMES RATNAM hold 3 M 24 12 month 03.07.2013

Morgan Stanley CHARLES C SPENCER Underwt/Attractive 1 M 16 12 month 02.07.2013

KAF Seagroatt & Campbell VINCE NG hold 3 M 23 Not Provided 02.07.2013

DBS Vickers QUAH HE WEI fully valued 2 M 19 12 month 01.07.2013

AmResearch Sdn Bhd GAN HUEY LING buy 5 M 23 12 month 01.07.2013

UOB Kay Hian TEAM COVERAGE hold 3 M 23 Not Provided 01.07.2013

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 28.06.2013

Nomura MUZHAFAR MUKHTAR neutral 3 M 24 Not Provided 25.06.2013

Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 21 12 month 11.06.2013

Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 20 12 month 11.06.2013

BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 23 12 month 11.06.2013

Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 19 12 month 11.06.2013

JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 22 12 month 10.06.2013


JPMorgan YING-JIAN CHAN neutral 3 U 19 Not Provided 31.05.2013

Maybank Kim Eng ONG CHEE TING sell 1 M 19 12 month 23.05.2013

RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 21 12 month 23.05.2013

Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 19 12 month 23.05.2013

Credit Suisse TAN TING MIN neutral 3 M 20 Not Provided 22.05.2013

HSBC THILAN WICKRAMASINGHE overweight 5 M 26 Not Provided 22.05.2013

CIMB IVY NG underperform 1 M 20 12 month 22.05.2013

Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 12.04.2013

Deutsche Bank MICHELLE FOONG sell 1 M 17 12 month 11.04.2013

BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 22 12 month 10.04.2013

Macquarie SUNAINA DHANUKA underperform 1 M 18 12 month 26.03.2013

Standard Chartered ADRIAN FOULGER underperform 1 D 17 12 month 05.02.2013

ECM Libra TEAM COVERAGE hold 3 M 20 12 month 22.11.2012

Holdings By:

Kuala Lumpur Kepong Bhd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (18.07.2012) 0.78

52-Week Low (19.04.2013) 0.52

Daily Volume

0.555





7'124.84 1 Yr Total Return -21.31%







GGR SP EQUITY YTD Change - Average Volume 30 Day 45'646'030

GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 57'011'410


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'985.9 2'293.7 3'504.7 5'952.9 6'051.7 6'009.0 5'962.7 5'675.5 6'421.9 - -

0.72x 2.11x 2.41x 1.27x 1.34x 5.03x 5.20x 1.19x 1.06x - -

588.9 386.9 640.5 912.4 758.7 877.4 684.9 781.6 888.4 - -

3.64x 12.51x 13.19x 8.27x 10.69x 9.71x 10.68x 8.79x 7.73x - -

1'382.5 607.0 1'423.0 1'268.0 409.6 1'199.3 360.4 434.3 499.9 - -

1.18x 6.92x 5.32x 5.28x 16.12x 6.43x 16.30x 12.38x 11.40x - -

EBITDA 758.72 Long-Term Rating Date -

EBIT 642.91 Long-Term Rating -









EBITDA Margin 11.5%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Agri-Resources LtdPrice/Volume

Valuation Analysis

13'233'000.00


'

'

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.2'!' F

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


FLAMBO INTERNATIONAL n/a EXCH 6'412'447'897 49.95 250'000 22.04.2013 Unclassified

BLACKROCK n/a ULT-AGG 167'582'121 1.31 13'685'000 03.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 163'474'082 1.27 3'074'000 31.05.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 134'678'063 1.05 (85'000) 05.07.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 132'800'000 1.03 - 28.03.2013 Bank

CARMIGNAC GESTION Multiple Portfolios MF-AGG 116'682'668 0.91 (3'536'149) 29.03.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 112'862'000 0.88 (3'000'000) 30.04.2013 Investment Advisor


GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 34'705'000 0.27 (914'000) 31.05.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 31'678'183 0.25 - 30.04.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 29'310'934 0.23 13'308'844 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 28'998'480 0.23 (11'000) 31.05.2013 Investment Advisor

BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 26'581'350 0.21 4'888'350 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 25'949'957 0.2 6'642'427 31.03.2013 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 25'311'810 0.2 3'339'495 29.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 19'211'600 0.15 (364'000) 31.05.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 17'356'000 0.14 - 28.06.2013 Investment Advisor

NOMURA n/a ULT-AGG 17'107'714 0.13 367'000 31.12.2012 Unclassified

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 16'838'000 0.13 16'729'000 31.12.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 15'151'512 0.12 (8'022'400) 28.02.2013 Investment Advisor


UOB Kay Hian STEFANUS DARMAGIRI hold 3 M 1 Not Provided 01.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1 12 month 28.06.2013

Nomura MUZHAFAR MUKHTAR neutral 3 M 1 Not Provided 25.06.2013

OCBC Investment Research CAREY WONG buy 5 M 1 12 month 10.06.2013



JPMorgan YING-JIAN CHAN neutral 3 U 1 12 month 01.06.2013

Deutsche Bank MICHELLE FOONG sell 1 M 1 12 month 23.05.2013

Macquarie CONRAD WERNER neutral 3 U 1 12 month 14.05.2013

Phillip Securities NICHOLAS HUAI GIM ONG neutral 3 M 1 Not Provided 14.05.2013



CIMB IVY NG neutral 3 M 1 12 month 13.05.2013


Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 28.02.2013

Standard Chartered ADRIAN FOULGER in-line 3 D 1 12 month 05.02.2013

Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012


IIFL ZUO LI add 4 M 1 12 month 14.11.2011

Holdings By:

Golden Agri-Resources Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (02.07.2013) 26.50

52-Week Low (06.08.2012) 13.99

Daily Volume

26.32





9'339.45 1 Yr Total Return 44.83%







TSN US EQUITY YTD Change - Average Volume 30 Day 3'503'207

TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 4'010'514


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 24'980.0 33'502.0 34'230.1 35'080.5 8'642.4 8'773.0

- 0.27x 0.27x 0.25x 0.21x 1.02x 1.03x 0.31x 0.28x 1.25x 1.20x

860.0 875.0 2'082.0 1'791.0 1'747.0 694.0 1'655.0 1'841.6 2'061.1 496.3 566.4

- 8.23x 3.74x 4.42x 4.09x 0.00x 6.35x 5.99x 5.35x 5.40x 5.28x

86.0 (547.0) 780.0 750.0 583.0 449.0 529.0 763.7 912.2 211.4 249.2

37.32x - 7.70x 9.42x 8.30x 0.00x 11.47x 12.47x 10.29x 10.51x 10.08x


EBIT 1'248.00 Long-Term Rating BBB



Return on Assets 4.61% Short-Term Rating NR






EBITDA Margin 4.9%



Asset Turnover 2.92







Fiscal Year Ended

Tyson Foods IncPrice/Volume

Valuation Analysis

2'150'207.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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08.07.2013


VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'081'673 6.35 1'032'482 31.03.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 14'110'483 4.95 (3'264'280) 31.05.2013 Investment Advisor


ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'260'714 3.95 (80'489) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'415'244 2.95 (365'946) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'160'358 2.87 (3'469'521) 31.03.2013 Investment Advisor

AJO, LP AJO, LP 13F 7'514'100 2.64 6'643'800 31.03.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'448'059 2.61 (188'523) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 6'541'407 2.3 (967'339) 31.05.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 6'188'286 2.17 1'112'436 05.07.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 5'369'711 1.89 1'074'959 05.07.2013 Investment Advisor

ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 5'236'226 1.84 4'428'895 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 4'843'248 1.7 (828'506) 31.03.2013 Investment Advisor

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 4'541'558 1.59 3'449'702 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 4'364'465 1.53 (1'332'274) 31.03.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 4'225'160 1.48 (24'900) 31.03.2013 Hedge Fund Manager

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'106'792 1.44 2'802'261 31.03.2013 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'483'354 1.22 1'300'430 31.03.2013 Investment Advisor


Davenport & Co ANN H GURKIN buy 5 M 29 Not Provided 02.07.2013

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 21.06.2013

KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 28 12 month 17.06.2013

Stephens Inc FARHA ASLAM overweight 5 U 30 12 month 07.06.2013

S&P Capital IQ THOMAS GRAVES hold 3 M 26 12 month 29.05.2013

Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 29 12 month 21.05.2013

D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 28 18 month 07.05.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 07.05.2013

Credit Suisse ROBERT MOSKOW neutral 3 M 24 Not Provided 06.05.2013

JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 06.05.2013

BB&T Capital Markets HEATHER L JONES buy 5 M 27 12 month 06.05.2013

Holdings By:

Tyson Foods Inc ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (04.07.2013) 36.19

52-Week Low (03.08.2012) 18.03

Daily Volume

34.92





71'338.55 1 Yr Total Return 65.82%







600887 CH EQUITY YTD Change - Average Volume 30 Day 17'334'660

600887 CH EQUITY YTD % CHANGE - Average Volume 3 Month 14'961'100


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

21'537.1 24'214.7 29'577.2 37'218.5 41'741.2 38'391.5 43'220.7 48'601.3 56'456.8 12'180.0 13'278.0

0.33x 0.85x 1.03x 0.86x 0.86x 3.19x 3.66x 1.45x 1.20x - -

(1'515.2) 1'171.6 1'184.9 2'176.3 2'563.3 0.0 0.0 3'780.7 4'721.0 594.0 1'304.0

- 17.54x 25.75x 14.78x 14.01x 0.00x 0.00x 17.73x 14.20x - -

(1'687.4) 647.7 777.2 1'809.2 1'717.2 2'075.0 1'793.6 2'379.1 2'956.8 162.0 994.0

- 32.69x 39.44x 18.08x 20.54x 16.90x 29.09x 29.20x 23.40x 22.96x 21.89x







Return on Capital - EBITDA/Interest Exp. 25.55


Net Debt/EBITDA -

Gross Margin 29.3% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.95





Accounts Receivable Turnover 97.83 Cash Conversion Cycle -12.15


Fiscal Year Ended

Inner Mongolia Yili Industrial Group Co LtdPrice/Volume

Valuation Analysis

14'163'499.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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08.07.2013


HOHHOT INVESTMENT CO n/a EXCH 190'013'958 9.3 - 10.01.2013 Corporation

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 107'068'671 5.24 28'078'749 31.12.2012 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 74'982'481 3.67 (1'293'778) 31.12.2012 Investment Advisor

SOCIAL SECURITY FUND n/a EXCH 63'808'863 3.12 - 10.01.2013 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 61'679'751 3.02 211'974 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 60'688'773 2.97 (19'746'179) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 49'682'034 2.43 - 10.01.2013 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 42'714'541 2.09 13'932'697 31.12.2012 Investment Advisor

MERRILL LYNCH INTERN n/a EXCH 40'620'259 1.99 - 10.01.2013 Bank

TAIKANG LIFE INSURAN n/a EXCH 36'458'375 1.78 - 10.01.2013 Insurance Company

CHINA AMC RETURN FUN n/a EXCH 33'711'947 1.65 - 10.01.2013 n/a

CITIGROUP INCORPORAT n/a ULT-AGG 32'651'073 1.6 - 10.01.2013 Investment Advisor

NEW CHINA LIFE INSUR n/a EXCH 32'400'000 1.59 - 10.01.2013 Insurance Company

BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 29'456'722 1.44 29'456'722 31.12.2012 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 28'866'119 1.41 6'347'490 31.12.2012 Investment Advisor

HARVEST THEMATIC FUN n/a EXCH 25'063'579 1.23 - 10.01.2013 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 23'233'749 1.14 765'310 31.12.2012 Investment Advisor

YALE UNIVERSITY n/a Co File 22'056'237 1.08 - 31.12.2012 Endowment

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 21'234'705 1.04 12'711'393 31.12.2012 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 20'414'481 1 (7'133'338) 31.12.2012 Investment Advisor


Hong Yuan Securities SU QINGQING buy 5 M 30 6 month 08.07.2013

PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 08.07.2013

Guotai Junan HU CHUNXIA buy 5 M 37 12 month 07.07.2013

Qilu Securities Co Ltd XIE GANG buy 5 M #N/A N/A Not Provided 07.07.2013

China International Capital Corp ZHIYAO JIN buy 5 M #N/A N/A Not Provided 04.07.2013

Everbright Securities Co., Ltd TINGZHI XING accumulate 4 M 28 12 month 04.07.2013

Chang Jiang Securities Co. Limited ZHOU MI buy 5 M #N/A N/A Not Provided 03.07.2013

Northeast Securities Co Ltd ZHU CHENGLIANG buy 5 U #N/A N/A Not Provided 28.06.2013

Guodu Securities Co Ltd ZHAO XIANDONG strong buy 5 M #N/A N/A Not Provided 27.06.2013

China Investment Securities JIANG XIN strong buy 5 M 40 12 month 26.06.2013

SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 18.06.2013


Capital Securities Corp LIU HUI buy 5 M 34 Not Provided 23.05.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.04.2013

Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 33 12 month 25.03.2013

Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 06.02.2013

Bank of China International SU CHENG buy 5 M #N/A N/A Not Provided 24.01.2013

HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012

Sinolink Securities Co Ltd XIAO ZHE buy 5 U #N/A N/A Not Provided 01.11.2012

China Securities Co., Ltd FUSHENG HUANG buy 5 M 30 Not Provided 25.06.2012

China Merchants Securities LONG JUN buy 5 M #N/A N/A Not Provided 18.06.2012

Industrial Securities CHEN YU buy 5 N #N/A N/A Not Provided 18.07.2011

Central China Securities FANG XIAHONG buy 5 M #N/A N/A Not Provided 28.05.2011

China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.06.2010

Holdings By:

Inner Mongolia Yili Industrial Group Co Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (13.03.2013) 21.55

52-Week Low (12.07.2012) 12.06

Daily Volume

15.65





4'236.26 1 Yr Total Return 22.16%







CZZ US EQUITY YTD Change - Average Volume 30 Day 1'079'103

CZZ US EQUITY YTD % CHANGE - Average Volume 3 Month 1'048'301


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

5'790.0 15'499.9 18'063.5 24'096.9 30'016.5 24'096.9 30'016.5 34'232.0 35'674.0 - -

0.93x 0.79x 0.80x 0.61x 0.78x 2.18x 2.63x 0.60x 0.56x - -

478.7 1'509.8 2'701.0 1'992.3 3'083.8 2'129.6 3'195.9 3'973.5 4'032.0 - -

11.29x 8.16x 5.34x 7.42x 7.54x 6.94x 7.28x 5.58x 5.50x - -

(372.1) 621.0 470.9 1'181.3 638.2 1'181.1 518.5 954.5 1'022.5 - -

- 7.67x 12.06x 6.15x - 0.00x 0.00x 10.48x 9.07x - -


EBIT 1'539.70 Long-Term Rating BB

Operating Margin 5.13% Long-Term Outlook POS








EBITDA Margin 10.6%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cosan LtdPrice/Volume

Valuation Analysis

681'188.00


'

2

-'

-2

.'

.2

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!2 F-!' F-!2 F.!' F.!2 F0!' F0!2 F1!' F1!2 F2!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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08.07.2013


HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 26'534'795 15.22 (5'131'871) 31.03.2013 Hedge Fund Manager

GIF GESTAO DE INVEST n/a 13D 25'925'095 14.87 (2'046'267) 14.05.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 31.05.2013 Investment Advisor


QUELUZ HOLDINGS LIMI n/a 13D 5'468'966 3.14 (2'472'145) 11.04.2013 Holding Company

CREDIT SUISSE AG n/a ULT-AGG 4'341'632 2.49 (2'171'562) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'627'848 2.08 3'340'805 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'725'855 1.56 2'725'855 31.03.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'643'693 1.52 (125'000) 31.03.2013 Investment Advisor


MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 11.04.2013 Other

OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'481'408 0.85 (114'730) 28.03.2013 Hedge Fund Manager

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'417'934 0.81 (542'869) 31.03.2013 Investment Advisor

COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 1'360'819 0.78 1'360'819 31.03.2013 Bank

BNP PARIBAS INV PART n/a ULT-AGG 1'310'423 0.75 136'232 31.03.2013 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'266'186 0.73 (370'740) 29.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'150'121 0.66 150'000 31.03.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'150'000 0.66 150'000 28.02.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'029'475 0.59 20'600 28.02.2013 Investment Advisor


Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 02.07.2013

Itau BBA Securities PAULA KOVARSKY outperform 5 M 27 Not Provided 19.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

HSBC ALEXANDRE FALCAO overweight 5 M 24 Not Provided 17.05.2013

Riedel Research Group Inc DAVID R RIEDEL buy 5 N 27 Not Provided 04.05.2013

Grupo Santander CHRISTIAN AUDI buy 5 M 24 Not Provided 05.04.2013

Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 20 12 month 18.12.2012


Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012

JPMorgan LUCAS FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 01.07.2011

Imperial Capital LLC MATTHEW T FARWELL outperform 5 R #N/A N/A Not Provided 06.12.2010

Holdings By:

Cosan Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (18.07.2012) 24'000.00

52-Week Low (16.05.2013) 16'900.00

Daily Volume

17450





27'479'300.00 1 Yr Total Return -18.03%





Enterprise Value 28'558'894.25


AALI IJ EQUITY YTD Change - Average Volume 30 Day 1'881'733

AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'458'711


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 11'564'319.0 ######### ######### ######### ######### ######### #########

1.81x 4.75x 4.55x 3.12x 2.78x 12.76x 11.08x 2.35x 2.06x - -

3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 3'930'947.0 ######### ######### ######### ######### 752'834.0 993'690.0

4.08x 12.16x 12.07x 9.41x 8.17x 11.53x 7.76x 7.70x 6.83x - -

2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 2'410'259.0 ######### ######### ######### ######### 506'474.5 632'718.0

5.87x 21.57x 20.46x 14.21x 12.87x 17.27x 12.20x 12.47x 11.17x - -

EBITDA 3'930'947.00 Long-Term Rating Date -

EBIT 3'453'729.00 Long-Term Rating -









EBITDA Margin 33.3%



Asset Turnover 0.98








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astra Agro Lestari Tbk PTPrice/Volume

Valuation Analysis

311'500.00


'

2'''

-''''

-2'''

.''''

.2'''

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


PT ASTRA INTERNATION n/a Co File 1'254'831'088 79.68 - 30.09.2012 Corporation

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 13'315'000 0.85 5'582'000 31.03.2013 Investment Advisor



VAN ECK ASSOCIATES C n/a ULT-AGG 6'810'620 0.43 (4'500) 05.07.2013 Investment Advisor

MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 30.04.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 2'633'423 0.17 2'449'500 05.07.2013 Investment Advisor

DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Investment Advisor

BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'986'500 0.13 - 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'809'286 0.11 (16'000) 05.07.2013 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Investment Advisor

SUMITOMO MITSUI TRUS n/a ULT-AGG 1'110'625 0.07 - 12.11.2012 Bank

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 971'500 0.06 - 31.12.2011 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 930'000 0.06 - 31.05.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 884'500 0.06 - 30.04.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 870'500 0.06 (1'432'500) 28.12.2012 Investment Advisor


DBS Vickers BEN SANTOSO hold 3 D 19'550 12 month 01.07.2013

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23'300 Not Provided 01.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 19'940 12 month 28.06.2013

Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 15'000 12 month 26.06.2013

Maybank Kim Eng PANDU ANUGRAH buy 5 M 20'000 12 month 24.06.2013

Goldman Sachs PATRICK TIAH neutral/neutral 3 D 23'000 12 month 19.06.2013

Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 24'000 Not Provided 18.06.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 13.06.2013

Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 21'500 12 month 02.06.2013

JPMorgan YING-JIAN CHAN overweight 5 U 20'300 12 month 01.06.2013

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 17'500 12 month 30.05.2013

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 20'500 12 month 10.05.2013

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 20'500 12 month 01.05.2013

CIMB ERINDRA KRISNAWAN neutral 3 M 19'000 12 month 26.04.2013

Indo Premier Securities WILLIAM SIMADIPUTRA hold 3 M 19'600 Not Provided 25.04.2013

HSBC THILAN WICKRAMASINGHE neutral 3 M 19'100 Not Provided 24.04.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 23'000 Not Provided 24.04.2013

Deutsche Bank JOVIN NG hold 3 M 18'500 12 month 23.04.2013

Credit Suisse AGUS SANDIANTO outperform 5 M 21'950 Not Provided 23.04.2013

Sucorinvest Central Gani ISFHAN HELMY hold 3 M 19'700 12 month 11.04.2013

AmCapital Indonesia VIVIET S PUTRI buy 5 M 20'250 12 month 11.04.2013

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 22'817 12 month 10.04.2013

Macquarie SUNAINA DHANUKA underperform 1 M 14'400 12 month 26.03.2013

PT Batavia Prosperindo Sekuritas ARANDI NUGRAHA buy 5 M 21'887 12 month 08.03.2013

BNI Securities YASMIN SOULISA hold 3 M 20'500 Not Provided 04.03.2013

Trimegah Securities Tbk PT TEAM COVERAGE buy 5 M 22'000 12 month 01.03.2013

Danareksa HELMY KRISTANTO hold 3 M 20'500 12 month 27.02.2013

Standard Chartered JOO ENG TEO in-line 3 M 18'226 12 month 05.02.2013


Holdings By:

Astra Agro Lestari Tbk PT ee


08.07.2013

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.


LTM as of: 04/yy

52-Week High (29.05.2013) 33.96

52-Week Low (07.08.2012) 17.55

Daily Volume

32.69





4'542.36 1 Yr Total Return 51.48%







SFD US EQUITY YTD Change - Average Volume 30 Day 8'784'742

SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 5'131'836


30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 04/yy 04/yy 04/14 Y 04/15 Y 07/13 Q1 10/13 Q2

12'487.7 11'202.6 12'202.7 13'094.3 13'221.1 13'094.3 13'221.1 13'487.8 13'807.8 3'164.3 3'330.5

0.32x 0.51x 0.46x 0.38x 0.44x 1.67x 1.60x 0.46x 0.43x - -

96.7 266.5 1'156.2 975.3 744.2 975.3 744.2 905.7 974.6 182.0 242.8

41.79x 21.28x 4.90x 5.11x 7.81x 5.11x 7.81x 7.45x 6.93x 7.34x -

(198.4) (101.4) 521.0 361.3 183.8 361.3 183.8 360.6 415.7 58.9 96.4

- - 9.73x 8.03x 14.41x 8.22x 14.52x 12.47x 10.84x 12.69x -


EBIT 504.30 Long-Term Rating BB *-









EBITDA Margin 5.6%



Asset Turnover 1.75







Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis

2'710'014.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

5'!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'4!'2!.'-' '4!--!.'-' '4!'2!.'-- '4!--!.'-- '4!'2!.'-. '4!--!.'-. '4!'2!.'-0



08.07.2013





LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'818'284 4.19 121'259 31.03.2013 Investment Advisor


SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'815'986 3.47 315'235 31.03.2013 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'258'333 3.06 (667'155) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'205'870 3.03 1'409'155 31.05.2013 Investment Advisor


CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 3'600'000 2.59 (1'400'000) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 3'482'463 2.51 (27'315) 31.03.2013 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 3'440'638 2.48 440'872 31.03.2013 Hedge Fund Manager


ALLIANCE BERNSTEIN n/a ULT-AGG 3'273'231 2.36 2'086'166 31.05.2013 Investment Advisor

CITIGROUP INCORPORAT n/a ULT-AGG 2'843'366 2.05 611'134 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 2'522'361 1.82 690'948 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'416'647 1.74 (3'323'684) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 2'350'581 1.69 129'175 05.07.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'225'867 1.6 195'116 31.03.2013 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'942'383 1.4 1'942'383 31.03.2013 Investment Advisor


Davenport & Co ANN H GURKIN neutral 3 M 34 Not Provided 02.07.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.06.2013



Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 24 12 month 19.06.2013

S&P Capital IQ THOMAS GRAVES hold 3 M 34 Not Provided 17.06.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 34 Not Provided 14.06.2013

D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 34 12 month 14.06.2013

BB&T Capital Markets BRETT M HUNDLEY hold 3 M #N/A N/A Not Provided 14.06.2013

Stephens Inc FARHA ASLAM equalweight 3 M 34 12 month 03.06.2013

KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 29.05.2013

Knight TEAM COVERAGE buy 5 N 31 12 month 14.12.2012

R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012

Holdings By:

Smithfield Foods Inc ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (08.07.2013) 6.44

52-Week Low (27.07.2012) 3.69

Daily Volume

6.27





23'502.10 1 Yr Total Return 57.00%







MHG NO EQUITY YTD Change - Average Volume 30 Day 15'527'780

MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 17'356'370


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

13'486.9 14'500.2 15'191.4 16'132.8 15'463.5 16'008.3 15'398.2 17'822.9 20'217.1 4'349.1 4'195.6

0.85x 1.40x 1.80x 0.98x 1.59x 4.32x 6.06x 1.68x 1.46x 6.75x 7.07x

2'599.5 2'566.8 3'849.4 3'560.2 1'215.2 2'849.9 1'466.9 3'619.7 4'500.5 1'044.0 868.9

4.40x 7.89x 7.10x 4.44x 20.28x 5.80x 18.19x 8.26x 6.64x 7.73x 7.48x

(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 1'197.8 753.3 2'165.4 2'632.6 610.3 502.9

- 11.54x 7.17x 8.30x 44.94x 8.77x 27.41x 11.81x 8.92x 10.02x 9.41x











EBITDA Margin 9.5%



Asset Turnover 0.66


Quick Ratio 0.64 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 18.76



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marine Harvest ASAPrice/Volume

Valuation Analysis

10'475'961.00


'

-

.

0

1

2

3

4

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' F

5'!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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08.07.2013


GEVERAN TRADING CO L n/a EXCH 985'193'302 26.28 - 01.07.2013 Corporation

GOVERNMENT PENSION F n/a EXCH 324'816'895 8.67 - 01.07.2013 Government



LANSDOWNE DEVEL MKT n/a EXCH 130'000'000 3.47 - 01.07.2013 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 97'232'686 2.59 5'461'031 31.03.2013 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 93'494'612 2.49 - 01.07.2013 Bank

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 75'727'891 2.02 7'548'947 27.03.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 71'142'278 1.9 - 01.07.2013 Investment Advisor

DNB NORBANK ASA n/a EXCH 54'854'176 1.46 - 01.07.2013 Bank


DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 40'656'735 1.08 10'301'800 31.12.2012 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 40'213'861 1.07 9'613'967 30.06.2013 Investment Advisor

STATOILS PENSJONSKAS n/a EXCH 38'724'509 1.03 - 01.07.2013 Pension Fund (ERISA)

WEST COAST INVEST AS n/a EXCH 30'012'000 0.8 - 01.07.2013 Corporation

JP MORGAN CHASE BANK n/a EXCH 29'568'196 0.79 - 01.07.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 28'918'196 0.77 (1'150'000) 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 28'366'753 0.76 - 01.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 27'026'350 0.72 5'078'865 31.05.2013 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 23'671'074 0.63 705'780 27.03.2013 Investment Advisor


Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 02.07.2013

Rabobank International PATRICK ROQUAS buy 5 M 7 12 month 01.07.2013

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 01.07.2013

Fondsfinans AS BENT ROLLAND buy 5 M 7 12 month 28.06.2013

Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 U 8 12 month 27.06.2013

Pareto Securities HENNING LUND buy 5 M 7 6 month 27.06.2013


SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 7 12 month 24.05.2013

DNB Markets KNUT-IVAR BAKKEN buy 5 M 7 Not Provided 10.05.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 7 12 month 06.05.2013

SEB Enskilda PEDER STRAND buy 5 M 7 Not Provided 03.05.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 7 12 month 02.05.2013

Swedbank First Securities HENNING C STEFFENRUD buy 5 M 7 Not Provided 02.05.2013

Handelsbanken KJETIL LYE buy 5 M 8 12 month 01.05.2013

Arctic Securities ASA THOMAS LORCK buy 5 M 7 Not Provided 01.05.2013

ABG Sundal Collier GEORG LIASJO hold 3 M 6 6 month 30.04.2013

Norne Securities AS ANDERS GJENDEMSJO buy 5 M 6 12 month 10.01.2013

Holdings By:

Marine Harvest ASA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (27.08.2012) 2.23

52-Week Low (03.05.2013) 1.65

Daily Volume

1.72





2'724.61 1 Yr Total Return -11.60%

Total Debt 538.17 YTD Return -13.43%






FR SP EQUITY YTD Change - Average Volume 30 Day 1'664'233

FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'932'063


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

289.5 218.9 329.9 494.6 603.4 568.8 613.1 663.7 857.8 164.0 164.0

1.69x 5.18x 5.77x 3.86x 4.67x 13.67x 17.54x 3.54x 2.66x - -

161.0 121.0 202.8 293.4 320.7 323.6 334.8 334.9 387.8 - -

3.04x 9.36x 9.38x 6.51x 8.78x 7.39x 7.68x 7.05x 6.08x - -

113.6 112.5 143.1 196.4 237.1 214.8 251.7 203.1 239.5 - -

3.33x 8.78x 12.35x 8.71x 10.81x 10.40x 9.26x 10.10x 8.66x - -











EBITDA Margin 54.6%



Asset Turnover 0.35







Fiscal Year Ended

First Resources LtdPrice/Volume

Valuation Analysis

290'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

-1!' F

-3!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


EIGHT CAPITAL INC n/a Co File 1'000'800'130 63.18 - 15.03.2013 Holding Company

KING FORTUNE INTERNA n/a Co File 88'000'000 5.56 - 15.03.2013 Holding Company

FMR LLC n/a ULT-AGG 79'209'422 5 (2'102'641) 31.03.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 39'362'758 2.48 8'096'000 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'312'000 1.47 (3'308'000) 31.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 19'523'096 1.23 (9'827'205) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 11'540'200 0.73 10'352'200 31.03.2013 Unclassified





PETERCAM SA PETERCAM B-PETERCAM MF-PART 3'910'435 0.25 3'910'435 31.05.2013 Investment Advisor


POWER CORP OF CANADA n/a ULT-AGG 3'150'000 0.2 1'988'500 28.02.2013 Holding Company

OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 2'500'672 0.16 1'700'672 30.04.2013 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2'496'000 0.16 - 30.06.2012 Unclassified

BARING INTERNATIONAL Multiple Portfolios MF-AGG 2'269'000 0.14 - 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'152'100 0.14 (3'568'000) 31.05.2013 Investment Advisor

FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'772'000 0.11 (81'000) 31.12.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'521'000 0.1 713'000 31.03.2013 Investment Advisor


DBS Vickers BEN SANTOSO buy 5 M 2 12 month 01.07.2013

UOB Kay Hian TEAM COVERAGE buy 5 M 3 Not Provided 01.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 2 12 month 28.06.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 3 Not Provided 25.06.2013

Maybank Kim Eng ONG CHEE TING buy 5 M 2 12 month 24.06.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013

JPMorgan YING-JIAN CHAN overweight 5 M 3 12 month 01.06.2013

CIMB LEE WEN CHING outperform 5 N 2 12 month 21.05.2013

Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 15.05.2013

Macquarie CONRAD WERNER outperform 5 U 2 12 month 15.05.2013


Goldman Sachs PATRICK TIAH Buy/Neutral 5 N 2 12 month 12.04.2013



Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 05.02.2013

Holdings By:

First Resources Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (19.03.2013) 2'934.00

52-Week Low (27.08.2012) 1'991.00

Daily Volume

2765.66





3'310.28 1 Yr Total Return 26.90%






Average Volume 5 Day 973

SEB US EQUITY YTD Change - Average Volume 30 Day 1'187

SEB US EQUITY YTD % CHANGE - Average Volume 3 Month 817


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

4'267.8 3'601.3 4'385.7 5'746.9 6'189.1 5'749.8 3'310.3 - - - -

0.33x 0.38x 0.51x 0.39x 0.46x 1.61x 1.81x - - - -

212.2 115.6 407.9 435.5 399.9 399.4 179.8 - - - -

6.67x 11.79x 5.45x 5.15x 7.12x 5.38x 0.00x - - - -

146.9 92.5 283.6 345.8 282.3 311.2 133.0 - - - -

10.10x 19.64x 8.59x 7.88x 10.79x 8.48x 0.00x - - - -





Return on Assets - Short-Term Rating -

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. 21.82

Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin - Total Debt/Equity 7.6%


Asset Turnover -

Current Ratio 2.63 Net Fixed Asset Turnover -






Fiscal Year Ended

Seaboard CorpPrice/Volume

Valuation Analysis

230.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

.2''

0'''

02''

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!' F!' F!' F!' F!' F!' F!' F!' F!' F!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

-'!''

-2!''

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08.07.2013


SEABOARD FLOUR LLC n/a PROXY 465'826 38.92 - 31.01.2013 Holding Company

SFC PREFERRED LLC n/a PROXY 428'123 35.77 - 31.01.2013 Other

FMR LLC n/a ULT-AGG 60'800 5.08 (95) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 46'161 3.86 (4) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 18'127 1.51 1'192 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'844 1.41 (2'135) 31.03.2013 Investment Advisor

KAHN BROTHERS GROUP KAHN BROTHERS GROUP 13F 14'004 1.17 121 31.03.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 10'650 0.89 (125) 31.03.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'476 0.88 - 31.03.2013 Investment Advisor

BRESKY STEVEN J n/a PROXY 8'563 0.72 - 31.01.2013 n/a

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6'553 0.55 (252) 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 6'029 0.5 55 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'465 0.37 (142) 31.03.2013 Investment Advisor

JAMES INVESTMENT RES JAMES INVESTMENT RES 13F 3'438 0.29 25 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 2'820 0.24 - 31.12.2012 Government

MERITAGE PORTFOLIO M MERITAGE PORTFOLIO M 13F 2'538 0.21 - 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 2'058 0.17 375 05.07.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'976 0.17 175 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 1'891 0.16 303 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'669 0.14 (199) 31.03.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.05.2013

Holdings By:

Seaboard Corp ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (07.09.2012) 9.18

52-Week Low (04.12.2012) 6.58

Daily Volume

8.35





14'843.63 1 Yr Total Return 5.83%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

5'606.8 6'520.1 9'235.6 13'324.1 13'588.5 15'102.7 11'334.9 - 24'932.0 - -

3.69x 4.67x 3.20x 1.47x 1.40x 6.00x 6.06x - - - -

908.0 714.3 869.7 1'015.7 522.4 0.0 0.0 - - - -

22.77x 42.64x 34.01x 19.25x 36.43x 0.00x 0.00x - - - -

588.1 358.5 357.2 440.9 (187.8) 457.7 (163.3) - 895.0 - -

29.81x 72.62x 66.15x 34.64x - 30.99x 0.00x 139.17x 20.52x - -




Pretax Margin -2.25% Short-Term Rating Date -

Return on Assets -0.90% Short-Term Rating -

Return on Common Equity -2.89%



Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin -1.4% Total Debt/Capital 51.0%

Asset Turnover 0.62







Fiscal Year Ended

Heilongjiang Agriculture Co LtdPrice/Volume

Valuation Analysis

21'528'033.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

-'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0!' F-'!' F.'!' F0'!' F1'!' F2'!' F3'!' F4'!' F5'!' F6'!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

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12'!''

2''!''

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08.07.2013


HEILONGJIANG BEIDAHU n/a Co File 1'140'262'121 64.14 - 31.12.2012 Government

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 53'980'085 3.04 (251'986) 31.12.2012 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 25'914'850 1.46 25'914'850 31.12.2012 Investment Advisor

BILL & MELINDAGATES n/a Co File 10'000'210 0.56 - 31.12.2012 n/a

CHINA LIFE INSURANCE n/a ULT-AGG 9'858'964 0.55 - 31.12.2012 Government

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 8'705'687 0.49 6'107'187 31.12.2012 Investment Advisor

QINGDAO GUOXINHANG I n/a Co File 8'178'501 0.46 - 31.12.2012 Other

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 5'651'909 0.32 (4'464'092) 31.12.2012 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 4'072'331 0.23 (447'942) 31.12.2012 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 2'509'901 0.14 (105'289) 31.12.2012 Investment Advisor

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 2'414'200 0.14 (7'615'343) 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 1'859'699 0.1 - 08.07.2013 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 1'747'306 0.1 164'946 31.12.2012 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 1'586'289 0.09 242'070 31.12.2012 Investment Advisor

EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 1'403'773 0.08 (200'000) 31.12.2012 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 1'328'237 0.07 (117'381) 31.12.2012 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 1'070'476 0.06 (48'632) 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 999'906 0.06 999'906 31.12.2012 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 849'322 0.05 (66'900) 31.12.2012 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 803'948 0.05 87'165 31.12.2012 Investment Advisor



Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 28.08.2012

SWS Research Co Ltd GONG YANHAI neutral 3 M #N/A N/A Not Provided 01.06.2012

Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 02.05.2012

China Merchants Securities JUN HUANG strong buy 5 M #N/A N/A Not Provided 14.02.2012

Northeast Securities Co Ltd WEIMING GUO buy 5 M #N/A N/A Not Provided 05.07.2011

China International Capital Corp FEIYANG YUAN hold 3 M #N/A N/A Not Provided 12.01.2011

China Securities Co., Ltd FUSHENG HUANG add 4 N 18 Not Provided 08.12.2010

Holdings By:

Heilongjiang Agriculture Co Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (03.07.2013) 10.18

52-Week Low (31.01.2013) 8.10

Daily Volume

9.8





7'435.82 1 Yr Total Return -1.63%







GENP MK EQUITY YTD Change - Average Volume 30 Day 659'493

GENP MK EQUITY YTD % CHANGE - Average Volume 3 Month 462'597


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'036.0 755.6 988.6 1'336.5 1'233.4 1'338.0 1'303.8 1'274.6 1'500.8 - -

2.12x 5.78x 6.31x 4.45x 5.44x 16.98x 20.17x 5.82x 4.93x - -

482.2 305.2 448.6 613.5 419.5 595.7 384.1 462.6 587.9 - -

4.56x 14.31x 13.90x 9.70x 15.99x 11.18x 16.98x 15.98x 12.58x - -

373.3 235.7 324.2 442.0 327.1 426.5 292.3 330.4 415.4 - -

7.17x 20.05x 20.58x 14.76x 20.88x 16.89x 22.46x 22.43x 17.63x - -











EBITDA Margin 29.5%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Genting Plantations BhdPrice/Volume

Valuation Analysis

339'900.00


'

.

1

3

5

-'

-.

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


GENTING BHD n/a EXCH 407'005'000 53.64 - 09.05.2012 Holding Company

EMPLOYEES PROVIDENT #N/A N/A EXCH 114'886'900 15.14 6'100 02.07.2013 Government

KUMPULAN WANG PERSAR #N/A N/A EXCH 47'313'400 6.24 (313'600) 02.07.2013 Government

FIL LIMITED n/a ULT-AGG 6'320'790 0.83 (374'300) 31.10.2012 Investment Advisor


PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'704'500 0.62 - 30.06.2011 Investment Advisor

GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 3'778'500 0.5 - 31.12.2010 Investment Advisor

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 2'369'600 0.31 (98'500) 30.04.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'327'254 0.31 (2'686'000) 31.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 1'578'900 0.21 35'500 28.03.2013 Investment Advisor


LIBRA INVEST BERHAD Multiple Portfolios MF-AGG 750'000 0.1 - 31.12.2010 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 728'000 0.1 40'000 31.05.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 690'077 0.09 - 31.12.2012 Investment Advisor

PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 681'000 0.09 11'400 31.05.2013 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 673'200 0.09 - 30.06.2012 Unclassified

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 522'700 0.07 - 30.04.2013 Investment Advisor

TA UNIT TRUST MANAGE Multiple Portfolios MF-AGG 481'500 0.06 - 30.06.2011 Investment Advisor

COMMERCE TRUST BHD Multiple Portfolios MF-AGG 445'200 0.06 - 31.12.2010 Investment Advisor

WELLS FARGO n/a ULT-AGG 442'927 0.06 (39) 30.04.2013 Investment Advisor


KAF Seagroatt & Campbell VINCE NG hold 3 M 11 Not Provided 02.07.2013

DBS Vickers QUAH HE WEI hold 3 M 10 12 month 01.07.2013

AmResearch Sdn Bhd GAN HUEY LING buy 5 M 10 12 month 01.07.2013

UOB Kay Hian TEAM COVERAGE hold 3 M 8 Not Provided 01.07.2013

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 10 12 month 28.06.2013

Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 11 12 month 12.06.2013

Public Investment Bank Berhad HOE LEONG CHONG outperform 5 M 10 12 month 11.06.2013

Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 10 12 month 11.06.2013

BIMB Securities Sdn Bhd NG KEAT YUNG trading buy 5 D 10 3 month 11.06.2013

JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 9 12 month 10.06.2013



JPMorgan YING-JIAN CHAN overweight 5 U 10 Not Provided 31.05.2013

Credit Suisse TAN TING MIN neutral 3 D 9 Not Provided 30.05.2013


CIMB IVY NG neutral 3 M 10 12 month 30.05.2013

Maybank Kim Eng ONG CHEE TING buy 5 M 10 12 month 30.05.2013

RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 10 12 month 30.05.2013

Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 9 12 month 30.05.2013

BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 10 12 month 10.04.2013

Macquarie SUNAINA DHANUKA underperform 1 M 7 12 month 28.03.2013

Standard Chartered ADRIAN FOULGER in-line 3 M 8 12 month 05.02.2013

ECM Libra TEAM COVERAGE hold 3 M 8 12 month 29.11.2012

Holdings By:

Genting Plantations Bhd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (04.10.2012) 12.41

52-Week Low (18.04.2013) 5.75

Daily Volume

7.21





3'754.59 1 Yr Total Return -25.52%







MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 3'970'427

MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 4'173'858


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

6'203.8 9'623.6 15'878.5 21'014.1 23'726.4 20'553.7 25'142.9 25'656.6 26'390.6 6'732.8 6'616.0

0.85x 0.93x 0.72x 0.56x 0.57x 2.34x 2.19x 0.42x 0.43x 1.86x 1.91x

884.4 725.0 1'502.5 1'722.1 1'976.1 1'778.4 2'238.5 2'148.3 2'378.8 572.5 642.3

5.95x 12.35x 7.65x 6.86x 6.87x 7.39x 6.49x 6.47x 5.84x 5.77x 5.44x

(35.5) 534.4 146.1 (746.0) (223.9) (735.0) (339.6) 141.7 507.2 20.0 89.0

- 9.95x 36.76x - - 0.00x 0.00x 33.69x 8.62x 11.41x -


EBIT 1'160.96 Long-Term Rating B *+









EBITDA Margin 8.9%



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marfrig Alimentos SAPrice/Volume

Valuation Analysis

2'100.00


'

.

1

3

5

-'

-.

-1

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


MMS PARTICIPACOES SA n/a EXCH 163'410'526 31.38 - 15.02.2013 Holding Company

BNDES PARTICIPACOES n/a EXCH 102'222'710 19.63 - 15.02.2013 Government

CAPITAL GROUP INTERN n/a Research 29'700'700 5.7 3'210'800 10.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 28'970'600 5.56 3'690'600 10.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 19'515'602 3.75 48'800 31.03.2013 Investment Advisor

OSI INTERNATIONAL HO n/a Research 19'464'641 3.74 2'695'891 06.12.2012 Other

MOLINA DOS MARCOS A n/a EXCH 12'133'414 2.33 - 15.02.2013 n/a

PASCOAL MARCAL SANTO n/a EXCH 8'436'107 1.62 - 15.02.2013 n/a


FATOR ADMINISTRACAO Multiple Portfolios MF-AGG 5'741'400 1.1 4'732'800 31.03.2013 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 3'539'338 0.68 334'554 30.06.2013 Investment Advisor

BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'249'638 0.62 616'810 30.06.2013 Investment Advisor

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 2'919'516 0.56 (333'424) 30.06.2013 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 2'881'912 0.55 - 31.03.2013 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 2'753'467 0.53 146'770 30.06.2013 Investment Advisor

BNY MELLON ARX INV L Multiple Portfolios MF-AGG 2'687'114 0.52 891'298 30.06.2013 Investment Advisor


FMR LLC n/a ULT-AGG 2'360'432 0.45 577'499 31.05.2013 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 2'282'000 0.44 393'800 30.04.2013 Investment Advisor

SCHRODER INVEST MGMT Multiple Portfolios MF-AGG 1'908'287 0.37 857'384 30.06.2013 Investment Advisor


Bradesco Corretora GABRIEL VAZ DE LIMA market perform 3 M 8 Not Provided 02.07.2013

Espirito Santo Investment Bank ResearchCATARINA PEDROSA neutral 3 M 7 Not Provided 02.07.2013

Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 11 12 month 02.07.2013


Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 9 Not Provided 10.06.2013

Morgan Stanley JAVIER MARTINEZ Overwt/In-Line 5 M 11 12 month 06.06.2013


JPMorgan ALAN ALANIS neutral 3 U 9 6 month 28.05.2013

Deutsche Bank JOSE J YORDAN buy 5 M 27 12 month 21.05.2013


Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 14.05.2013

Agora CTVM SA JOSE FERREIRA Under Review #N/A N/A M #N/A N/A Not Provided 14.05.2013

HSBC DIEGO MAIA neutral 3 M 9 Not Provided 15.04.2013

Credit Suisse ANTONIO GONZALEZ not rated #N/A N/A M #N/A N/A Not Provided 09.07.2012

Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011

Holdings By:

Marfrig Alimentos SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (08.07.2013) 16.53

52-Week Low (24.09.2012) 8.10

Daily Volume

16.08





19'698.62 1 Yr Total Return 73.45%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'337.4 7'916.4 9'529.1 11'724.9 13'702.3 12'136.2 14'090.3 16'361.0 19'081.8 - -

0.58x 1.19x 1.14x 0.90x 0.86x 3.27x 3.56x - - - -

(214.3) 407.6 474.2 546.3 795.9 0.0 0.0 - - - -

- 23.06x 22.81x 19.27x 14.76x 0.00x 0.00x - - - -

(286.0) 122.5 194.4 237.8 311.3 243.4 328.2 447.8 616.2 - -

- 79.42x 54.00x 38.91x 35.11x 38.38x 49.45x 43.81x 32.16x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.65







Fiscal Year Ended

Bright Dairy & Food Co LtdPrice/Volume

Valuation Analysis

11'177'727.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


SHANGHAI MILK GROUP n/a Co File 367'498'967 30 - 31.12.2012 Corporation

BRIGHT FOOD GROUP CO n/a Co File 314'404'338 25.66 - 31.12.2012 Other

SHANGHAI LIUHE YUXIU n/a Co File 57'300'000 4.68 - 31.12.2012 Private Equity

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 27'875'362 2.28 20'391'209 31.12.2012 Investment Advisor

SOCIAL SECURITY FUND n/a Co File 26'061'624 2.13 - 31.12.2012 Government

E FUND MANAGEMENT Multiple Portfolios MF-AGG 22'478'235 1.83 (6'525'310) 31.12.2012 Investment Advisor

SH JINGLIN JINGTONG n/a Co File 20'500'000 1.67 - 31.12.2012 Private Equity

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 19'983'482 1.63 16'750'000 31.12.2012 Investment Advisor

GUANGDONG WENS INVES n/a Co File 18'500'000 1.51 - 31.12.2012 Private Equity

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 18'489'472 1.51 1'278'543 31.12.2012 Investment Advisor

SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 18'100'000 1.48 18'100'000 31.12.2012 Investment Advisor

EVERBRIGHT GOLD SHAN n/a Co File 18'100'000 1.48 - 31.12.2012 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 8'400'000 0.69 8'400'000 31.12.2012 Investment Advisor


CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 8'169'373 0.67 2'598'208 31.12.2012 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 7'708'476 0.63 3'583'403 31.12.2012 Investment Advisor

TAIKANG LIFE INSURAN n/a Co File 7'204'116 0.59 - 31.12.2012 Insurance Company

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 4'760'004 0.39 2'160'004 31.12.2012 Investment Advisor


CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 4'277'204 0.35 3'492'770 31.12.2012 Investment Advisor


Guotai Junan HU CHUNXIA buy 5 M 17 12 month 07.07.2013

Everbright Securities Co., Ltd TINGZHI XING accumulate 4 M 15 12 month 04.07.2013

Qilu Securities Co Ltd XIE GANG add 4 M #N/A N/A Not Provided 04.07.2013

Capital Securities Corp LIU HUI hold 3 M 14 Not Provided 28.06.2013

Northeast Securities Co Ltd ZHU CHENGLIANG add 4 M #N/A N/A Not Provided 28.06.2013

SWS Research Co Ltd ZHANG XUEJIAO buy 5 M #N/A N/A Not Provided 28.03.2013

PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 27.03.2013

Citic Securities Co., Ltd HUANG WEI overweight 5 M #N/A N/A Not Provided 06.02.2013

Bank of China International SU CHENG buy 5 M #N/A N/A Not Provided 24.01.2013

China Merchants Securities LONG JUN neutral 3 M #N/A N/A Not Provided 05.07.2012


China International Capital Corp FEIYANG YUAN sell 1 M #N/A N/A Not Provided 11.04.2011

China Investment Securities JIANG XIN buy 5 N #N/A N/A Not Provided 07.01.2011

China Minzu Securities Co Ltd LIU XIAOFENG add 4 N #N/A N/A Not Provided 23.03.2010

Central China Securities LIU RAN monitored #N/A N/A N #N/A N/A Not Provided 21.09.2009

Holdings By:

Bright Dairy & Food Co Ltd ee


08.07.2013

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.


LTM as of: 01/yy

52-Week High (15.05.2013) 3'876.19

52-Week Low (13.07.2012) 2'617.17

Daily Volume

3085





14'206.57 1 Yr Total Return 13.20%







ILV SJ EQUITY YTD Change - Average Volume 30 Day 361'763

ILV SJ EQUITY YTD % CHANGE - Average Volume 3 Month 563'025


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y 06/12 Q1 09/12 Q2

8'601.7 8'467.9 8'107.9 9'173.2 11'128.9 - - 12'217.0 13'071.4 - -

1.50x 1.68x 1.64x 1.49x 1.57x - - 1.34x 1.20x - -

1'604.0 1'746.1 1'216.5 1'580.2 2'157.3 - - 2'425.2 2'744.0 - -

8.02x 8.17x 10.91x 8.65x 8.12x - - 7.04x 6.22x - -

739.1 662.0 546.2 443.1 876.5 - - 1'078.2 1'289.2 - -

13.46x 17.35x 23.93x 19.10x 16.77x - - 13.10x 10.94x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.93





Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Illovo Sugar LtdPrice/Volume

Valuation Analysis

235'282.00


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02''

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f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

02!''

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08.07.2013


ABF OVERSEAS LTD n/a Co File 236'569'232 51.37 - 31.03.2012 Other

GOVERNMENT EMP PENSI n/a SJ-REG 34'877'122 7.57 3'562'450 31.05.2013 Government

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 29'066'731 6.31 (621'828) 31.03.2013 Investment Advisor

GEPF SIM PTY LTD IND n/a SJ-REG 9'530'700 2.07 - 31.05.2013 Other

STATE STREET CUSTODI n/a ULT-AGG 8'111'003 1.76 205'626 31.05.2013 Other

OLD MUTUAL n/a ULT-AGG 7'591'095 1.65 98'324 31.05.2013 Unclassified

GLOBAL BALANCED PORT n/a SJ-REG 6'295'191 1.37 (338'102) 31.05.2013 Other

INVESTEC FUND GROUP Multiple Portfolios MF-AGG 6'046'246 1.31 (10'300) 31.03.2013 Investment Advisor

JP MORGAN CUSTODIAN n/a SJ-REG 5'004'744 1.09 575'450 31.05.2013 Investment Advisor

CITIBANK NEW YORK n/a SJ-REG 3'842'823 0.83 (184'543) 31.05.2013 Unclassified

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3'675'267 0.8 - 28.02.2013 Bank

GEPF CORONATION FM n/a SJ-REG 3'379'088 0.73 - 31.05.2013 Other


DIMENSIONAL FUND ADV n/a ULT-AGG 2'689'768 0.58 770 29.03.2013 Investment Advisor

DOMESTIC EQUITY PORT n/a SJ-REG 2'328'541 0.51 (340'920) 31.05.2013 Other

ABSA GROUP PF BALANC n/a SJ-REG 2'263'837 0.49 (57'423) 31.05.2013 Other

DOMESTIC BALANCED PO n/a SJ-REG 2'262'100 0.49 - 31.05.2013 Other

ILLOVO SUGAR 1992 SH n/a SJ-REG 1'779'866 0.39 (7'036) 31.05.2013 n/a

SBSA ITF SYM INF PLU n/a SJ-REG 1'756'461 0.38 - 31.05.2013 Other

ALLAN GRAY FDG-AM n/a SJ-REG 1'727'242 0.38 - 31.05.2013 Other


SBG Securities BRENDAN GRUNDLINGH buy 5 M 3'800 12 month 24.06.2013

Avior Research JITEN BECHOO underperform 1 M 3'934 Not Provided 13.06.2013


Investec ANTHONY GEARD hold 3 U 3'700 Not Provided 30.05.2013

Morgan Stanley VIKHYAT SHARMA Overwt/In-Line 5 M 3'250 12 month 28.05.2013

Renaissance Capital ROBYN COLLINS underweight 1 M 3'400 Not Provided 20.01.2010

Holdings By:

Illovo Sugar Ltd ee


08.07.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 14'940.00

52-Week Low (03.06.2013) 11'862.00

Daily Volume

12608





13'698.30 1 Yr Total Return 1.99%







TON SJ EQUITY YTD Change - Average Volume 30 Day 168'830

TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 220'379


31.12.2008 31.12.2009 31.03.2011 31.03.2012 31.03.2013 03/yy 12/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

7'106.0 9'110.0 9'681.0 12'081.0 14'373.0 0.0 0.0 14'963.2 16'253.8 - -

- - 1.63x 1.42x 1.54x #DIV/0! #DIV/0! 1.28x 1.15x - -

1'581.0 1'975.0 1'661.0 2'242.0 2'591.0 0.0 0.0 2'946.6 3'203.4 - -

- - 9.49x 7.65x 8.54x 0.00x 0.00x 6.90x 6.35x - -

649.0 2'868.0 833.0 889.0 1'070.0 0.0 0.0 1'298.0 1'480.2 - -

- - 12.82x 12.40x 14.94x 0.00x 0.00x 10.94x 9.12x - -










Gross Margin - Total Debt/EBITDA 2.43

EBITDA Margin 18.0%



Asset Turnover 0.74





Accounts Receivable Turnover 6.72 Cash Conversion Cycle -


Fiscal Year Ended

Tongaat Hulett LtdPrice/Volume

Valuation Analysis

97'573.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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12!''

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08.07.2013


GOVERNMENT EMP PENSI n/a SJ-REG 12'233'586 11.26 (1'659'884) 31.05.2013 Government

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8'010'427 7.37 (26'800) 31.03.2013 Investment Advisor

GEPF CORONATION FM n/a SJ-REG 2'603'578 2.4 348'700 31.05.2013 Other

GEPF KAGISO ASSET MG n/a SJ-REG 2'447'098 2.25 - 31.05.2013 Other

INV SOL INCUBATR EQ n/a SJ-REG 2'404'317 2.21 10'908 31.05.2013 Other

ESKOM PENSION & PROV n/a SJ-REG 2'394'998 2.2 156'201 31.05.2013 Pension Fund (ERISA)

JP MORGAN CUSTODIAN n/a SJ-REG 2'187'877 2.01 376'909 31.05.2013 Investment Advisor


BANK OF NEW YORK n/a SJ-REG 1'998'363 1.84 44'325 31.05.2013 Investment Advisor

CITIBANK NEW YORK n/a SJ-REG 1'748'003 1.61 19'011 31.05.2013 Unclassified

STATE STREET CUSTODI n/a ULT-AGG 1'661'371 1.53 122'644 31.05.2013 Other


GLOBAL BALANCED PORT n/a SJ-REG 1'366'131 1.26 - 31.05.2013 Other


ALLIANZ ASSET MANAGE n/a ULT-AGG 1'305'379 1.2 118'312 31.03.2013 Investment Advisor

BANK OF NY CUSTODIAN n/a SJ-REG 1'284'408 1.18 - 31.05.2013 Investment Advisor

IS ELEMENT INVESTMEN n/a SJ-REG 1'249'064 1.15 (212'189) 31.05.2013 Other

MACQUARIE GROUP n/a ULT-AGG 1'007'586 0.93 - 31.05.2013 Investment Advisor

SBSA ITF SYMM SAT EQ n/a SJ-REG 989'679 0.91 - 31.05.2013 Other

CITIBANK LONDON n/a SJ-REG 961'545 0.89 77'817 31.05.2013 Bank


EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.07.2013

SBG Securities BRENDAN GRUNDLINGH hold 3 M 13'500 12 month 24.06.2013

Avior Research JITEN BECHOO outperform 5 M 15'749 Not Provided 13.06.2013

Investec ANTHONY GEARD hold 3 M 13'500 Not Provided 31.05.2013

Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 M 12'200 12 month 24.05.2013

Renaissance Capital ROBYN COLLINS underweight 1 M 10'023 Not Provided 20.01.2010

Holdings By:

Tongaat Hulett Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (22.08.2012) 76.00

52-Week Low (21.06.2013) 45.10

Daily Volume

49.55





3'948.31 1 Yr Total Return -21.85%







KER PW EQUITY YTD Change - Average Volume 30 Day 177'042

KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 170'044


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

663.1 1'047.1 1'020.5 1'899.1 2'157.4 2'056.1 2'656.5 2'630.6 2'633.0 - -

1.36x 0.81x 1.50x 1.27x 0.97x 4.49x 3.75x 0.75x 0.71x - -

123.2 181.2 188.8 309.4 320.9 289.3 305.4 334.9 384.2 - -

7.33x 4.70x 8.12x 7.78x 6.52x 8.73x 7.86x 6.37x 5.55x - -

83.2 135.5 152.0 226.3 206.7 201.3 141.0 179.0 220.8 - -

8.32x 5.06x 8.15x 9.15x 6.99x 8.62x 10.25x 6.85x 5.06x - -











EBITDA Margin 11.5%



Asset Turnover 1.10







Fiscal Year Ended

Kernel Holding SAPrice/Volume

Valuation Analysis

191'736.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

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08.07.2013


NAMSEN LTD n/a EXCH 30'460'657 38.23 - 05.07.2013 Other

ING OFE Multiple Portfolios MF-AGG 3'894'020 4.89 - 31.12.2012 Pension Fund (ERISA)

AVIVA OFE Multiple Portfolios MF-AGG 2'438'641 3.06 - 31.12.2012 Pension Fund (ERISA)

OFE PZU ZLOTA JESIEN Multiple Portfolios MF-AGG 2'287'086 2.87 - 31.12.2012 Pension Fund (ERISA)

JP MORGAN n/a ULT-AGG 2'273'385 2.85 90'500 31.05.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'095'150 2.63 - 31.03.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'239'484 1.56 - 30.04.2013 Investment Advisor


AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 865'263 1.09 (241'882) 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 860'348 1.08 - 05.07.2013 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 676'809 0.85 22'700 31.10.2012 Investment Advisor

GENESIS INVESTMENT M GENESIS SMALLER COMP MF-PART 667'458 0.84 - 28.03.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 31.03.2013 Investment Advisor

NORDEA OFE Multiple Portfolios MF-AGG 600'634 0.75 - 31.12.2012 Pension Fund (ERISA)

ASSICURAZIONI GENERA Multiple Portfolios MF-AGG 482'163 0.61 - 31.12.2012 Insurance Company

COMGEST GROWTH PLC COMGEST GROWTH GEM P MF-PART 464'025 0.58 (112'579) 31.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 401'501 0.5 (810'425) 31.03.2013 Investment Advisor

AEGON OFE Multiple Portfolios MF-AGG 400'693 0.5 - 31.12.2012 Pension Fund (ERISA)

AXA OFE Multiple Portfolios MF-AGG 399'575 0.5 - 31.12.2012 Pension Fund (ERISA)


Sberbank CIB KONSTANTIN FASTOVETS buy 5 M 77 Not Provided 13.06.2013

Riedel Research Group Inc DAVID R RIEDEL buy 5 M 66 12 month 10.06.2013


Wood & Company PIOTR DROZD hold 3 D 57 12 month 04.06.2013

UniCredit Research MARCIN GATARZ hold 3 M 61 12 month 03.04.2013

Millennium Dom Maklerski ADAM KAPTUR accumulate 4 U 68 6 month 18.03.2013

ING Bank ADAM MILEWICZ hold 3 D 62 12 month 14.03.2013

Dom Inwestycyjny BRE Banku JAKUB SZKOPEK hold 3 D 61 Not Provided 04.03.2013

KBC Securities GERGELY PALFFY buy 5 M 83 12 month 13.02.2013

Ipopema Securities SA ZANETA MARZEC buy 5 U 78 12 month 09.01.2013

Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012

Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012

Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012

ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012

Holdings By:

Kernel Holding SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (07.03.2013) 19.87

52-Week Low (12.07.2012) 10.75

Daily Volume

17.5



% 52 Week Price Range High/Low 74.01% Equity Float -


1'849.17 1 Yr Total Return 63.06%







MHPC LI EQUITY YTD Change - Average Volume 30 Day 78'970

MHPC LI EQUITY YTD % CHANGE - Average Volume 3 Month 77'370


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

799.0 711.0 944.2 1'229.1 1'407.5 1'279.9 1'413.6 1'494.9 1'770.1 360.0 353.5

1.00x 2.25x 2.68x 1.63x 1.95x 6.52x 7.27x 1.79x 1.38x - -

313.8 271.0 326.6 401.6 467.7 429.0 457.0 491.6 578.0 141.7 135.0

2.54x 5.90x 7.75x 4.98x 5.87x 3.94x 6.12x 5.64x 4.79x - -

1.5 148.6 205.4 243.4 297.1 273.4 284.7 286.4 377.9 101.7 107.0

29.55x 7.39x 9.10x 4.75x 5.61x 5.54x 6.58x 6.57x 5.20x - -


EBIT 380.58 Long-Term Rating B

Operating Margin 27.04% Long-Term Outlook NEG








EBITDA Margin 32.3%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MHP SAPrice/Volume

Valuation Analysis

286.00


'.135

-'-.-1-3-5.'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!- F!. F!0 F!1 F!2 F!3 F!4 F!5 F!6 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

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08.07.2013


KOSYUK YURIY A n/a Research 69'600'000 65.87 (15'900'000) 08.12.2010 n/a

FRANKLIN RESOURCES n/a ULT-AGG 3'915'845 3.71 304'682 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'933'486 2.78 (75'315) 31.03.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 802'190 0.76 (19'220) 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 767'425 0.73 (48'060) 31.03.2013 Investment Advisor



EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 607'262 0.57 - 31.03.2013 Investment Advisor

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 541'388 0.51 - 30.04.2013 Investment Advisor

SEB n/a ULT-AGG 537'646 0.51 (92'367) 28.03.2013 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 529'928 0.5 - 30.06.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 443'220 0.42 35'960 31.05.2013 Investment Advisor

COMGEST GROWTH PLC COMGEST GROWTH GEM P MF-PART 423'362 0.4 (102'713) 31.05.2013 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 238'178 0.23 (102'655) 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 175'522 0.17 17'231 30.04.2013 Investment Advisor

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 150'000 0.14 - 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 147'409 0.14 20'029 30.04.2013 Investment Advisor

ALLIANCE BERNSTEIN J Multiple Portfolios MF-AGG 129'600 0.12 - 31.08.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 122'000 0.12 30'000 28.02.2013 Investment Advisor


Deutsche Bank NATALIA SMIRNOVA hold 3 M 17 12 month 14.06.2013

Sberbank CIB KONSTANTIN FASTOVETS hold 3 D 19 Not Provided 14.03.2013

Alfa-Bank MARIA BOVYKINA overweight 5 M 22 Not Provided 12.03.2013

Morgan Stanley MARYIA BERASNEVA Equalwt/In-Line 3 M 21 12 month 01.03.2013

Wood & Company PIOTR DROZD buy 5 N 23 12 month 18.01.2013

Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 23 12 month 15.01.2013

VTB Capital IVAN KUSHCH buy 5 M 24 12 month 16.11.2012

Eavex Capital IVAN DZVINKA buy 5 N 24 12 month 12.09.2012

Credit Suisse VICTORIA PETROVA outperform 5 M 20 Not Provided 24.07.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 26 12 month 17.07.2012

ArtCapital ANDRIY PATIOTA buy 5 M 23 12 month 27.03.2012


Dragon Capital TAMARA LEVCHENKO buy 5 M 21 12 month 20.03.2012

Holdings By:

MHP SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (11.07.2012) 1.52

52-Week Low (08.07.2013) 0.93

Daily Volume

0.94





1'348.23 1 Yr Total Return -35.33%

Total Debt 6'780'217.00 YTD Return -29.03%


Minority Interest 9'032'242.0 Analyst Recs 18

Cash and Equivalents 5'082'296.00 Consensus Rating 3.278



IFAR SP EQUITY YTD Change - Average Volume 30 Day 2'146'433

IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'843'469


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 13'844'891.0 ######### ######### ######### ######### - -

1.09x 3.46x 3.98x 1.76x 1.87x 7.36x 7.45x 1.56x 1.39x - -

3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 3'001'808.0 ######### ######### ######### ######### - -

3.93x 11.95x 12.40x 6.19x 8.61x 7.15x 8.74x 6.98x 6.07x - -

795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 1'049'322.0 ######### 779'210.0 932'242.2 ######### - -

7.60x 14.82x 20.11x 8.65x 14.42x 12.09x 17.86x 11.50x 8.70x - -

EBITDA 3'001'808.00 Long-Term Rating Date -

EBIT 2'412'215.00 Long-Term Rating -









EBITDA Margin 21.2%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indofood Agri Resources LtdPrice/Volume

Valuation Analysis

2'080'000.00


'

'

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-

-

-

-

-

.

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

16'000'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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08.07.2013


INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.6 - 15.03.2013 Other

PT INDOFOOD SUKSES M n/a Co File 20'000'000 1.39 - 15.03.2013 Corporation

INDOFOOD AGRI RESOUR n/a Co File 13'500'000 0.94 - 15.03.2013 Corporation



FIL LIMITED n/a ULT-AGG 4'847'995 0.34 4'847'995 31.10.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 3'359'000 0.23 265'000 31.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 2'709'000 0.19 - 31.08.2012 Investment Advisor


MANDIRI SEKURITAS PT MANDIRI INVESTA ATRA MF-PART 2'135'820 0.15 2'135'820 31.05.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 28.09.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'999'000 0.14 34'000 31.05.2013 Investment Advisor

FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2013 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'062'000 0.07 - 30.06.2013 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 1'014'000 0.07 - 14.09.2012 Unclassified

JP MORGAN n/a ULT-AGG 990'000 0.07 - 30.09.2012 Investment Advisor

FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2013 Other

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 822'000 0.06 733'000 31.03.2013 Investment Advisor

NORINCHUKIN ZENKYORE Multiple Portfolios MF-AGG 518'000 0.04 - 18.09.2012 Investment Advisor


Macquarie CONRAD WERNER neutral 3 M 1 12 month 05.07.2013

TA Securities Holdings Berhad JAMES RATNAM buy 5 M 1 12 month 03.07.2013

DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.07.2013

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 01.07.2013



Credit Suisse AGUS SANDIANTO neutral 3 D 1 Not Provided 30.04.2013


JPMorgan YING-JIAN CHAN neutral 3 M 1 12 month 29.04.2013

CIMB IVY NG underperform 1 D 1 12 month 29.04.2013

AmResearch Sdn Bhd GAN HUEY LING hold 3 M 1 12 month 29.04.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 29.04.2013

BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 1 12 month 10.04.2013

HSBC THILAN WICKRAMASINGHE neutral 3 U 1 Not Provided 06.02.2013

Standard Chartered ADRIAN FOULGER in-line 3 D 1 12 month 05.02.2013

Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012

IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011

Holdings By:

Indofood Agri Resources Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (05.07.2013) 28.39

52-Week Low (12.07.2012) 23.04

Daily Volume

28.25





1'614.07 1 Yr Total Return 21.06%







FDP US EQUITY YTD Change - Average Volume 30 Day 199'237

FDP US EQUITY YTD % CHANGE - Average Volume 3 Month 203'416


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'531.0 3'496.4 3'552.9 3'589.7 3'421.2 3'513.6 3'442.1 3'434.0 3'494.5 955.5 778.5

0.57x 0.49x 0.49x 0.46x 0.47x 1.78x 1.82x - - - -

265.0 228.7 184.3 202.6 234.5 189.5 220.6 191.0 213.0 73.0 37.5

7.57x 7.52x 9.42x 8.09x 6.90x 7.86x 7.76x 9.32x 8.36x 9.00x 8.53x

157.7 143.9 62.2 92.5 143.2 99.8 121.8 91.1 109.2 44.9 14.3

8.39x 8.04x 14.72x 16.89x 9.61x 13.35x 12.21x 16.59x 13.67x 16.62x 15.48x


EBIT 164.50 Long-Term Rating NR









EBITDA Margin 6.4%



Asset Turnover 1.34







Fiscal Year Ended

Fresh Del Monte Produce IncPrice/Volume

Valuation Analysis

94'051.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013



ABU GHAZALEH MOHAMME n/a Form 4 5'310'455 9.29 - 28.05.2013 n/a


ABU-GHAZALEH OUSSAMA n/a PROXY 3'398'502 5.95 (235'287) 01.03.2012 n/a

ABU GHAZALEH AMIR n/a Form 4 3'378'338 5.91 (21'000) 18.03.2013 n/a

LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 3'368'931 5.9 (14'195) 31.03.2013 Investment Advisor

ABU-GHAZALEH MAHER n/a 13D 2'910'650 5.09 - 14.03.2011 n/a

ABU-GHAZALEH SUMAYA n/a PROXY 2'811'666 4.92 (50'000) 01.03.2012 n/a





CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'126'986 1.97 304'141 31.03.2013 Investment Advisor


DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 1'065'500 1.86 (1'540) 31.03.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 1'014'889 1.78 7'900 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 929'963 1.63 (1'982) 31.03.2013 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 781'958 1.37 781'958 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 699'311 1.22 262'939 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 667'631 1.17 (6'814) 31.03.2013 Investment Advisor


BB&T Capital Markets BRETT M HUNDLEY hold 3 M #N/A N/A Not Provided 24.06.2013

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 01.05.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 31 12 month 30.04.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 17.01.2013

Holdings By:

Fresh Del Monte Produce Inc ee


08.07.2013

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


LTM as of: 03/yy

52-Week High (24.01.2013) 29.70

52-Week Low (10.07.2012) 20.28

Daily Volume

23.74





2'682.62 1 Yr Total Return 13.63%







SMTO3 BZ EQUITY YTD Change - Average Volume 30 Day 162'923

SMTO3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 134'963


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

774.4 1'183.3 1'295.0 1'367.0 1'636.0 1'367.0 1'636.0 1'917.0 2'150.0 359.0 675.0

2.92x 2.20x 2.60x 2.52x 2.77x 8.98x 9.81x 2.03x 1.84x - -

243.2 463.1 566.1 581.2 421.8 414.4 411.9 825.6 929.0 133.0 333.0

9.28x 5.62x 5.95x 5.92x 10.74x 0.00x 11.00x 4.87x 4.33x - -

(71.9) 103.7 142.3 126.6 73.0 137.2 73.0 238.6 279.6 29.1 117.0

- 17.73x 20.30x 20.82x 43.76x 19.24x 43.77x 11.86x 10.21x - -


EBIT 202.43 Long-Term Rating BB+









EBITDA Margin 25.2%



Asset Turnover 0.31







Fiscal Year Ended

Sao Martinho SAPrice/Volume

Valuation Analysis

600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

!5 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-. '.!'1!.'-0



08.07.2013


LJN PARTICIPACOES SA n/a EXCH 63'415'600 56.12 - 11.09.2012 Corporation



HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 1'657'821 1.47 16'700 31.05.2013 Investment Advisor

VICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 1'268'300 1.12 402'200 31.05.2013 Investment Advisor

BAPTISTA LUIZ OLAVO n/a EXCH 1'197'800 1.06 - 11.09.2012 n/a


SPINELLI SA CVMC/BRA Multiple Portfolios MF-AGG 1'000'000 0.88 - 31.03.2013 Investment Advisor

SAO MARTINHO SA n/a EXCH 711'900 0.63 - 11.09.2012 Corporation

LARRAIN VIAL SA CORR n/a ULT-AGG 659'500 0.58 - 30.06.2012 Investment Advisor

CLARITAS ADMIN DE RE Multiple Portfolios MF-AGG 646'400 0.57 199'700 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 573'300 0.51 - 03.07.2013 Investment Advisor

DAYCOVAL ASSET MANAG Multiple Portfolios MF-AGG 373'360 0.33 26'210 28.02.2013 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 354'200 0.31 (86'600) 30.06.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 336'600 0.3 (4'200) 05.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 248'239 0.22 18'600 31.03.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 240'900 0.21 18'200 28.02.2013 Investment Advisor

GUARDIAN LIFE GROUP n/a ULT-AGG 235'108 0.21 235'108 31.03.2013 Insurance Company

HUMAITA INVESTIMENTO Multiple Portfolios MF-AGG 226'600 0.2 44'400 28.02.2013 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 223'900 0.2 59'300 30.06.2013 Investment Advisor



Coinvalores FELIPE MARTINS SILVEIRA hold 3 M 29 Not Provided 27.06.2013

Morgan Stanley JAVIER MARTINEZ Equalwt/No Rating 3 M 26 12 month 25.06.2013

Bradesco Corretora AURO ROZENBAUM outperform 5 M 36 12 month 25.06.2013


Agora CTVM SA LUIZ OTAVIO BROAD buy 5 M 36 Not Provided 25.06.2013

Banco do Brasil SA ANDREA AZNAR Under Review #N/A N/A M #N/A N/A Not Provided 24.06.2013

Itau BBA Securities GIOVANA ARAUJO market perform 3 M 33 Not Provided 24.06.2013

HSBC ALEXANDRE FALCAO neutral 3 M 27 Not Provided 17.05.2013

Grupo Santander CHRISTIAN AUDI buy 5 M 35 Not Provided 24.04.2013

Fator Corretora RODRIGO FERNANDES buy 5 M 35 Not Provided 25.03.2013

JPMorgan CASSIO LUCIN overweight 5 M 31 6 month 17.01.2013

Holdings By:

Sao Martinho SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (30.07.2012) 860.00

52-Week Low (10.04.2013) 352.50

Daily Volume

490





735.24 1 Yr Total Return -33.67%







NBPO LN EQUITY YTD Change - Average Volume 30 Day 47'933

NBPO LN EQUITY YTD % CHANGE - Average Volume 3 Month 49'596


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 03/10 Q1 06/10 Q2

352.2 323.8 461.2 780.1 677.0 740.6 677.1 620.1 701.4 - -

0.94x 3.06x 5.07x 2.45x 2.28x 0.00x 0.00x 2.20x 1.90x - -

136.0 111.1 175.5 336.7 162.1 0.0 0.0 153.7 197.5 - -

2.44x 8.91x 13.32x 5.67x 9.52x 0.00x 0.00x 9.21x 7.17x - -

21.2 138.0 247.2 76.5 0.6 0.0 0.0 53.6 96.9 - -

15.72x 6.85x 8.09x 20.93x 1938.60x 0.00x 0.00x 22.24x 13.99x - -











EBITDA Margin 23.9%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New Britain Palm Oil LtdPrice/Volume

Valuation Analysis

1'949.00


'-''.''0''1''2''3''4''5''6''

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


KULIM MALAYSIA BHD n/a Co File 73'482'619 48.97 - 31.12.2010 Investment Advisor

WEST NEW BRITAIN PRO n/a Co File 12'000'000 8 - 31.12.2010 Other

CHAYTOR ALAN JAMES n/a RNS-DIR 6'729'000 4.48 40'000 21.05.2013 n/a

PACIFIC RIM PLANTATI n/a Co File 6'699'000 4.46 - 31.12.2010 Other

AXA FRAMLINGTON INV n/a Co File 5'057'715 3.37 - 31.12.2010 Investment Advisor


NATIONAL CAPITAL n/a Co File 4'784'184 3.19 - 31.12.2010 Other

STANDARD LIFE INVEST n/a Co File 3'846'609 2.56 - 31.12.2010 Investment Advisor

THREADNEEDLE INVESTM n/a Co File 3'838'817 2.56 - 31.12.2010 Investment Advisor

NATL SUPERANNUATION n/a Co File 3'756'774 2.5 - 31.12.2010 n/a

PNG SUSTAINABLE DEVP n/a Co File 2'153'626 1.44 - 31.12.2010 Other


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'548'548 1.03 47'000 31.12.2012 Investment Advisor

KINA FUNDS MGMT n/a Co File 1'404'200 0.94 - 31.12.2010 n/a

INDEPENDENT PUBLIC B n/a Co File 1'349'682 0.9 - 31.12.2010 Other

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 1'309'368 0.87 - 31.01.2013 Investment Advisor

AVIVA INVESTORS GLOB n/a Co File 1'274'775 0.85 - 31.12.2010 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'163'318 0.78 - 30.04.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 1'158'000 0.77 - 31.12.2010 Unclassified

INVESCO PERPETUAL UK n/a Co File 1'039'684 0.69 - 31.12.2010 Investment Advisor


VSA Capital Ltd EDWARD HUGO hold 3 M 480 12 month 26.06.2013

Peel Hunt CHARLES HALL hold 3 M 500 Not Provided 24.06.2013

Deutsche Bank HAROLD THOMPSON restricted #N/A N/A M #N/A N/A Not Provided 20.06.2013

Shore Capital Stockbrokers PHIL CARROLL hold 3 U #N/A N/A Not Provided 20.06.2013

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 650 Not Provided 20.06.2013

Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 750 Not Provided 14.05.2013

Macquarie SUNAINA DHANUKA underperform 1 D 505 12 month 08.11.2012

XCAP Securities Limited RICHARD LUCAS strong buy 5 N 1'100 Not Provided 04.08.2011

Holdings By:

New Britain Palm Oil Ltd ee


08.07.2013

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.


LTM as of: 01/yy

52-Week High (03.05.2013) 2.90

52-Week Low (11.10.2012) 1.86

Daily Volume

2.19





10'552.59 1 Yr Total Return 1.86%







1117 HK EQUITY YTD Change - Average Volume 30 Day 7'516'609

1117 HK EQUITY YTD % CHANGE - Average Volume 3 Month 11'137'270


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 589.8 1'113.4 1'677.6 - - 2'555.5 3'483.3 - -

- - - 9.09x 5.52x - - 4.33x 3.19x - -

- - 118.1 346.8 431.1 - - 711.5 963.1 - -

- - - 29.20x 21.47x - - 16.25x 12.00x - -

- - 53.1 224.6 398.5 - - 442.7 659.6 - -

- - - 38.34x 17.86x - - 17.15x 12.37x - -











EBITDA Margin 26.0%



Asset Turnover 0.23







Fiscal Year Ended

China Modern Dairy Holdings LtdPrice/Volume

Valuation Analysis

4'953'268.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

.'!' F

1'!' F

3'!' F

5'!' F

-''!' F

-.'!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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08.07.2013


CHINA MENGNIU DAIRY n/a EXCH 1'347'903'000 27.97 - 07.05.2013 Corporation

YINMU HOLDINGS CO LT n/a Co File 739'559'117 15.35 - 30.06.2012 Holding Company

XINMU HOLDINGS CO LT n/a Co File 711'021'025 14.76 - 30.06.2012 Holding Company

JINMU HOLDINGS CO LT n/a Co File 218'157'733 4.53 - 30.06.2012 Other

UBS n/a ULT-AGG 216'165'000 4.49 - 18.12.2010 Unclassified

ADVANCED DAIRY CO LT n/a EXCH 168'248'682 3.49 (674'000'000) 21.05.2013 Corporation

CRYSTAL DAIRY HOLDIN n/a EXCH 72'104'918 1.5 (214'000'000) 21.05.2013 Holding Company

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 51'328'000 1.07 10'147'000 31.12.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 22'464'000 0.47 - 31.03.2013 Investment Advisor



DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 10'180'000 0.21 (120'000) 11.01.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 9'750'986 0.2 9'750'986 31.10.2012 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 7'843'000 0.16 4'040'000 31.05.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 6'335'000 0.13 3'226'000 31.03.2013 Investment Advisor


OBERWEIS ASSET MANAG Multiple Portfolios MF-AGG 4'000'000 0.08 4'000'000 28.03.2013 Investment Advisor

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 3'688'003 0.08 (105'010) 05.07.2013 Investment Advisor

EMERGING MARKETS MAN Multiple Portfolios MF-AGG 3'557'000 0.07 - 25.01.2013 Investment Advisor


ABC International LISA LEE buy 5 M 3 12 month 04.07.2013

First Shanghai Securities Ltd PATRICK WONG hold 3 M 3 12 month 02.07.2013

China International Capital Corp YANG CHEN buy 5 M 3 12 month 28.06.2013

Oriental Patron Securities Ltd TRACY SUN buy 5 M 3 12 month 28.06.2013


KGI Securities ANSON CHAN outperform 5 M 4 12 month 04.06.2013

Standard Chartered CHARLES YAN outperform 5 M 3 12 month 08.05.2013

Deutsche Bank WINNIE MAK hold 3 M 2 12 month 06.05.2013

Bank of China International LI YAN buy 5 N 4 Not Provided 03.05.2013

Yuanta Securities Investment ConsultingNICE WANG buy 5 M 3 Not Provided 02.05.2013

Jefferies JESSIE GUO hold 3 M 3 12 month 16.04.2013

GuoSen Securities Co Ltd NANXIANG YANG buy 5 M 3 12 month 14.03.2013

Mirae Asset Securities MAXWELL YANG reduce 2 M 2 12 month 05.03.2013

Guotai Junan SUNNY KWOK accumulate 4 U 3 Not Provided 28.02.2013

Credit Suisse KEVIN YIN outperform 5 M 3 Not Provided 27.02.2013

Citic Securities Co., Ltd CHANGQING MAO overweight 5 N 2 6 month 11.12.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 2 Not Provided 18.09.2012

Holdings By:

China Modern Dairy Holdings Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (24.05.2013) 114.50

52-Week Low (26.07.2012) 68.50

Daily Volume

108





9'990.00 1 Yr Total Return 42.88%







CEQ NO EQUITY YTD Change - Average Volume 30 Day 475'373

CEQ NO EQUITY YTD % CHANGE - Average Volume 3 Month 482'547


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'715.6 8'971.7 9'990.5 11'634.3 11'781.9 11'677.0 12'314.0 13'608.5 14'513.9 2'952.8 4'048.0

0.65x 0.78x 0.95x 0.65x 0.92x 2.73x 3.36x 0.94x 0.83x 4.41x 3.14x

331.8 857.9 1'778.3 1'685.5 910.8 1'388.5 923.0 1'576.4 2'048.5 357.6 537.9

16.99x 8.18x 5.36x 4.50x 11.84x 5.78x 12.71x 8.34x 6.42x 7.26x 6.81x

(59.1) 295.3 1'514.4 789.0 242.7 513.6 626.2 844.3 1'173.8 174.8 308.8

- 15.22x 5.50x 8.23x 31.92x 13.58x 13.70x 12.17x 8.63x 10.03x 9.23x








Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 7.5%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cermaq ASAPrice/Volume

Valuation Analysis

37'321.00


'

.'

1'

3'

5'

-''

-.'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


NORWEGIAN GOVT MINIS n/a EXCH 52'328'416 56.57 - 01.07.2013 Government

LANSDOWNE DEVELOPED n/a EXCH 7'082'444 7.66 - 01.07.2013 n/a


STATE STREET n/a ULT-AGG 2'292'282 2.48 (951) 01.07.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1'145'648 1.24 41'605 27.03.2013 Investment Advisor

LANSDOWNE UK STRAT I n/a EXCH 1'006'962 1.09 - 01.07.2013 n/a

SKAGEN AS Multiple Portfolios MF-AGG 965'045 1.04 - 31.05.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 956'919 1.03 - 01.07.2013 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 863'084 0.93 57'681 27.03.2013 Investment Advisor

DZ PRIVATBANK SA n/a EXCH 735'500 0.8 - 01.07.2013 Bank

SIA FUNDS AG Multiple Portfolios MF-AGG 696'442 0.75 - 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 666'918 0.72 65'147 31.05.2013 Investment Advisor

SVENSKA HANDELSBANKE n/a EXCH 629'978 0.68 - 01.07.2013 Bank

KVERVA AS n/a EXCH 627'531 0.68 - 01.07.2013 n/a

BNP PARIBAS SA n/a EXCH 559'398 0.6 - 01.07.2013 Bank

HANDELSBANKEN FONDFO Multiple Portfolios MF-AGG 480'000 0.52 190'000 30.06.2013 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 475'000 0.51 42'598 30.04.2013 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 475'000 0.51 - 01.07.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 467'428 0.51 - 01.07.2013 Investment Advisor


Nordea Equity Research KOLBJORN GISKEODEGARD sell 1 D 102 12 month 27.06.2013

Pareto Securities HENNING LUND hold 3 M 101 6 month 27.06.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 125 Not Provided 17.06.2013


SpareBank 1 Markets AS GEIR KRISTIANSEN neutral 3 M 109 12 month 24.05.2013

Swedbank First Securities HENNING C STEFFENRUD neutral 3 D 115 Not Provided 21.05.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 N 125 12 month 17.05.2013

Norne Securities AS ANDERS GJENDEMSJO sell 1 D 107 12 month 07.05.2013

SEB Enskilda PEDER STRAND hold 3 M 95 Not Provided 03.05.2013

Fondsfinans AS BENT ROLLAND buy 5 M 118 12 month 02.05.2013


Arctic Securities ASA THOMAS LORCK hold 3 M 85 Not Provided 23.04.2013

Carnegie MARIUS GAARD not rated #N/A N/A M #N/A N/A Not Provided 08.04.2013

ABG Sundal Collier GEORG LIASJO buy 5 M 118 6 month 12.03.2013

DNB Markets KNUT-IVAR BAKKEN buy 5 M 110 Not Provided 13.02.2013

Holdings By:

Cermaq ASA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (03.05.2013) 185.00

52-Week Low (24.07.2012) 102.00

Daily Volume

169





9'223.58 1 Yr Total Return 64.09%







LSG NO EQUITY YTD Change - Average Volume 30 Day 24'983

LSG NO EQUITY YTD % CHANGE - Average Volume 3 Month 34'574


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

6'057.1 7'473.8 8'887.7 9'176.9 9'102.9 9'115.6 9'270.9 10'213.5 10'702.3 2'550.5 2'562.6

0.75x 0.95x 1.42x 0.73x 1.09x 3.26x 4.19x 1.15x 1.06x 4.73x 4.64x

534.2 1'154.2 1'805.9 1'484.8 774.9 1'182.9 1'010.1 1'856.3 2'046.4 507.7 440.8

8.51x 6.12x 7.00x 4.50x 12.78x 6.27x 10.86x 6.35x 5.76x 6.35x 6.32x

124.7 729.5 1'419.5 382.7 480.8 187.0 735.0 1'090.8 1'235.0 286.3 242.4

19.33x 7.71x 7.56x 11.98x 14.70x 27.44x 11.51x 9.24x 7.71x 8.77x 8.37x











EBITDA Margin 10.9%



Asset Turnover 0.78





Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Leroy Seafood Group ASAPrice/Volume

Valuation Analysis

6'293.00


'.'1'3'5'

-''-.'-1'-3'-5'.''

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!. F

!1 F

!3 F

!5 F

-!' F

-!. F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


AUSTEVOLL SEAFOOD AS n/a EXCH 34'144'281 62.56 - 01.07.2013 Corporation


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 731'849 1.34 14'797 27.03.2013 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 652'884 1.2 84'160 30.06.2013 Investment Advisor

ALFRED BERG KAPITALF Multiple Portfolios MF-AGG 547'502 1 (30'254) 28.02.2013 Investment Advisor

Pictet & Cie (Europe n/a EXCH 467'562 0.86 - 01.07.2013 Unclassified

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 428'696 0.79 58'124 31.12.2012 Investment Advisor

LEROY SEAFOOD GROUP n/a EXCH 329'776 0.6 - 01.07.2013 Corporation

FORSVARETS PERSONELL n/a EXCH 317'000 0.58 - 01.07.2013 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 304'800 0.56 - 30.06.2013 Investment Advisor

CITIBANK NA n/a EXCH 304'710 0.56 - 01.07.2013 Bank

JP MORGAN CHASE BANK n/a EXCH 293'800 0.54 - 01.07.2013 Investment Advisor

SIA FUNDS AG Multiple Portfolios MF-AGG 280'817 0.51 - 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 260'456 0.48 - 01.07.2013 Investment Advisor

VELU AS n/a EXCH 207'300 0.38 - 01.07.2013 Other

PARETO SICAV n/a EXCH 185'970 0.34 - 01.07.2013 n/a

KLP AKSJENORGE n/a EXCH 177'379 0.33 - 01.07.2013 Investment Advisor

TERRA FONDSFORVALTNI Multiple Portfolios MF-AGG 173'835 0.32 (8'875) 30.06.2013 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 172'444 0.32 44'640 27.03.2013 Investment Advisor

BKK PENSJONSKASSE n/a EXCH 170'000 0.31 - 01.07.2013 Pension Fund (ERISA)



Pareto Securities HENNING LUND buy 5 M 199 6 month 27.06.2013

Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 U 230 12 month 25.06.2013

Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 24.06.2013

SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 185 12 month 24.05.2013

Fondsfinans AS BENT ROLLAND neutral 3 M 164 12 month 16.05.2013

DNB Markets KNUT-IVAR BAKKEN hold 3 M 190 Not Provided 16.05.2013

ABG Sundal Collier GEORG LIASJO hold 3 M 175 6 month 15.05.2013

Arctic Securities ASA THOMAS LORCK buy 5 M 200 Not Provided 15.05.2013

Swedbank First Securities HENNING C STEFFENRUD buy 5 M 200 Not Provided 15.05.2013


SEB Enskilda PEDER STRAND hold 3 M 195 Not Provided 04.04.2013

Norne Securities AS ANDERS GJENDEMSJO buy 5 M 151 12 month 14.11.2012

Holdings By:

Leroy Seafood Group ASA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (08.08.2012) 10.90

52-Week Low (24.06.2013) 6.01

Daily Volume

6.22






Total Debt - YTD Return -26.65%






AGRO US EQUITY YTD Change - Average Volume 30 Day 230'741

AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 259'909


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

244.2 313.6 426.3 548.1 604.7 587.5 601.9 722.3 782.7 - -

- - - 1.53x - 8.25x 4.71x 1.76x 1.74x - -

49.7 47.3 (0.6) 159.0 113.4 131.4 100.1 190.0 243.3 - -

- - - 5.28x - 10.99x 0.00x 5.50x 4.30x - -

(19.3) (0.3) (43.9) 56.0 9.4 42.2 10.7 65.4 84.5 - -

- - - 17.40x 110.13x 31.29x 0.00x 11.31x 8.82x - -









Net Debt/EBITDA -


EBITDA Margin 18.8%


Net Income Margin 1.6% Total Debt/Capital -

Asset Turnover 0.35







Fiscal Year Ended

Adecoagro SAPrice/Volume

Valuation Analysis

117'117.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


SOROS FUND MANAGEMEN SOROS FUND MANAGEMEN 13F 25'911'633 21.2 - 31.03.2013 Hedge Fund Manager

SOROS FUND MANAGEMEN n/a Research 25'911'633 21.2 - 31.03.2013 Hedge Fund Manager

HBK INVESTMENTS LP n/a 20F 20'471'770 16.75 - 31.12.2011 Hedge Fund Manager

STICHTING PENSIOEN Z n/a 20F 15'307'824 12.53 - 31.12.2011 Pension Fund (ERISA)

AL GHARRAFA INVESTME n/a 20F 12'562'906 10.28 - 31.12.2011 Investment Advisor

OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10'955'414 8.96 135'833 31.03.2013 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'998'270 4.91 1'494'548 31.03.2013 Investment Advisor

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.68 - 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'457'358 3.65 18'106 31.03.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'791'991 3.1 777'932 31.03.2013 Investment Advisor


BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 2'818'810 2.31 2'818'810 31.03.2013 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'524'867 2.07 2'524'867 31.03.2013 Investment Advisor

BOYCE ALAN LELAND n/a 20F 1'393'169 1.14 362'859 31.12.2011 n/a

DEUTSCHE BANK AG n/a ULT-AGG 1'168'097 0.96 (409'165) 31.03.2013 Investment Advisor

VIEIRA MARCELO n/a 20F 1'105'331 0.9 280'769 31.12.2011 n/a

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'010'008 0.83 95'056 31.05.2013 Investment Advisor


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 480'388 0.39 (1'462'312) 31.03.2013 Investment Advisor



EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 06.07.2013

HSBC ALEXANDRE FALCAO overweight 5 M 14 Not Provided 17.05.2013

Raymond James FEDERICO REY-MARINO outperform 5 M 16 12 month 16.05.2013



Itau BBA Securities GIOVANA ARAUJO outperform 5 M 15 Not Provided 15.05.2013

Riedel Research Group Inc DAVID R RIEDEL buy 5 N 13 Not Provided 16.03.2013

Holdings By:

Adecoagro SA ee


08.07.2013

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.


LTM as of: 04/yy

52-Week High (11.06.2013) 72.15

52-Week Low (24.07.2012) 36.11

Daily Volume

67.97





1'564.32 1 Yr Total Return 50.26%







SAFM US EQUITY YTD Change - Average Volume 30 Day 270'810

SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 217'567


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

1'723.6 1'789.5 1'925.4 1'978.1 2'386.1 2'183.9 2'490.2 2'667.2 2'689.6 723.0 727.2

0.50x 0.47x 0.48x 0.69x 0.49x 2.49x 2.00x 0.59x 0.55x 2.25x 2.15x

31.1 185.6 261.8 (122.2) 161.1 (10.3) 159.2 267.6 334.8 107.2 100.5

27.51x 4.53x 3.50x - 7.29x 0.00x 9.65x 6.32x 5.05x 4.75x 4.64x

(43.1) 82.3 134.8 (127.1) 53.9 (61.4) 55.5 130.4 169.8 58.6 54.5

- 9.17x 6.92x - 19.28x 0.00x 25.42x 11.99x 9.16x 7.89x 8.13x











EBITDA Margin 6.4%



Asset Turnover 2.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sanderson Farms IncPrice/Volume

Valuation Analysis

94'476.00


'

-'

.'

0'

1'

2'

3'

4'

5'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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08.07.2013


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'565'597 11.15 (200) 31.03.2013 Investment Advisor


TRUSTMARK NATIONAL B n/a 13G 1'526'466 6.63 (120'036) 31.12.2012 Investment Advisor


SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'231'056 5.35 (63'665) 31.03.2013 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 939'727 4.08 198'407 31.03.2013 Investment Advisor

SANDERSON JR JOE F n/a Form 4 872'163 3.79 (16'304) 06.06.2013 n/a

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 718'800 3.12 (11'600) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 627'815 2.73 333'955 31.03.2013 Investment Advisor

TAMRO CAPITAL PARTNE TAMRO CAPITAL PARTNE 13F 577'652 2.51 577'652 31.03.2013 Investment Advisor

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 542'301 2.36 (4'165) 31.03.2013 Insurance Company

DIMENSIONAL FUND ADV n/a ULT-AGG 527'425 2.29 16'874 31.03.2013 Investment Advisor

TEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 459'678 2 44'031 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 452'149 1.96 12'129 31.03.2013 Investment Advisor

PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 421'000 1.83 - 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 399'770 1.74 (1'815) 31.03.2013 Investment Advisor

KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 332'097 1.44 41'562 31.03.2013 Investment Advisor

ABN AMRO ASSET MANAG Multiple Portfolios MF-AGG 305'487 1.33 305'487 28.03.2013 Investment Advisor

LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 302'804 1.32 32'251 31.03.2013 Hedge Fund Manager

ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 299'444 1.3 12'759 31.03.2013 Investment Advisor



KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 D #N/A N/A Not Provided 17.06.2013

Stephens Inc FARHA ASLAM overweight 5 M 81 12 month 07.06.2013


EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 31.05.2013

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 30.05.2013

Holdings By:

Sanderson Farms Inc ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (12.09.2012) 15.19

52-Week Low (16.07.2012) 8.50

Daily Volume

12.89





1'154.14 1 Yr Total Return 36.84%







DOLE US EQUITY YTD Change - Average Volume 30 Day 2'280'872

DOLE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'471'279


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'620.0 6'778.5 6'892.6 4'778.4 4'246.7 6'050.2 5'617.0 4'242.5 4'314.0 1'099.5 1'195.8

- 0.38x 0.39x 0.49x 0.62x 1.60x 1.85x - - - -

386.5 410.1 305.1 216.8 161.9 247.9 222.3 138.5 167.3 34.3 31.3

- 6.34x 8.70x 10.85x 16.27x 0.00x 0.00x 19.64x 16.26x 20.40x 17.44x

121.0 84.1 (34.1) 38.4 (144.5) 53.7 (227.6) 38.5 56.8 8.3 1.6

- 11.18x - 7.03x 37.60x 8.56x 0.00x 29.30x 19.92x 36.01x 24.18x


EBIT 57.23 Long-Term Rating B *-



Return on Assets -5.25% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin - Total Debt/Equity 246.9%


Asset Turnover 1.30







Fiscal Year Ended

Dole Food Co IncPrice/Volume

Valuation Analysis

378'393.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

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08.07.2013


D H MURDOCK LIVING T n/a 13D 23'533'671 26.28 - 10.06.2013 n/a

CASTLE & COOKE HOLDI n/a 13D 11'784'914 13.16 - 10.06.2013 Corporation


ALLIANCE BERNSTEIN n/a ULT-AGG 4'079'251 4.56 71'524 31.05.2013 Investment Advisor

WESTCHESTER CAPITAL WESTCHESTER CAPITAL 13F 3'802'400 4.25 750'000 31.03.2013 Hedge Fund Manager

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'719'792 4.15 713'024 31.03.2013 Investment Advisor

STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 3'330'821 3.72 2'152'072 31.03.2013 Investment Advisor

SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 2'460'146 2.75 (51'043) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'414'979 2.7 (1'357'281) 31.03.2013 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'223'497 2.48 188'318 31.03.2013 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'992'700 2.23 1'992'700 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 1'443'052 1.61 - 31.05.2013 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 1'222'000 1.36 1'222'000 31.03.2013 Investment Advisor

BALYASNY ASSET MANAG BALYASNY ASSET MANAG 13F 1'142'504 1.28 414'135 31.03.2013 Hedge Fund Manager

LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 1'034'877 1.16 (110'334) 31.03.2013 Hedge Fund Manager

TOWLE & CO TOWLE & CO 13F 1'015'642 1.13 (14'670) 31.03.2013 Investment Advisor

KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 997'690 1.11 117'056 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 761'939 0.85 82'995 31.03.2013 Investment Advisor


Goldman Sachs JASON ENGLISH neutral/neutral 3 M 11 12 month 11.06.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 12 12 month 11.06.2013

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 11.06.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 14.03.2013

Holdings By:

Dole Food Co Inc ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (05.07.2013) 48.30

52-Week Low (23.07.2012) 34.55

Daily Volume

48.29





1'163.71 1 Yr Total Return 22.61%







CALM US EQUITY YTD Change - Average Volume 30 Day 73'631

CALM US EQUITY YTD % CHANGE - Average Volume 3 Month 78'383


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 03/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1

915.9 928.8 910.1 942.0 1'113.1 1'080.3 1'237.4 1'292.0 1'308.0 330.0 295.0

0.36x 0.32x 0.78x 0.57x 0.58x 2.38x 2.71x - - - -

249.0 149.6 134.4 114.2 119.4 120.7 111.6 125.0 156.0 33.0 22.0

1.34x 1.96x 5.26x 4.66x 5.44x 6.52x 7.74x 8.36x 6.69x 7.06x 6.74x

151.9 79.5 67.8 60.8 89.7 59.8 91.5 72.0 84.9 18.0 8.0

4.88x 7.30x 11.40x 11.08x 13.30x 15.71x 15.17x 16.10x 13.68x 14.20x 13.72x











EBITDA Margin 9.0%



Asset Turnover 1.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cal-Maine Foods IncPrice/Volume

Valuation Analysis

39'541.00


'

-'

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1'

2'

3'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!- F!- F!. F!. F!0 F!0 F!1 F!1 F!2 F!2 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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08.07.2013


ADAMS JR FRED R n/a Form 4 6'241'653 28.77 (15'483) 26.12.2012 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'288'748 10.55 66'580 31.03.2013 Investment Advisor

CAL-MAINE ESOP n/a PROXY 1'441'071 6.64 - 20.07.2012 n/a



VANGUARD GROUP INC VANGUARD GROUP INC 13F 808'214 3.72 (53'477) 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 591'583 2.73 5'898 31.03.2013 Investment Advisor

THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 549'806 2.53 256'604 31.03.2013 Hedge Fund Manager

BAKER ADOLPHUS B n/a Form 4 400'946 1.85 6'550 15.01.2013 n/a

STATE STREET n/a ULT-AGG 292'430 1.35 (13'399) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 273'318 1.26 (31'600) 31.03.2013 Hedge Fund Manager

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 231'500 1.07 (104'346) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 228'198 1.05 2'330 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 193'178 0.89 18'314 05.07.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 190'150 0.88 (226) 31.03.2013 Investment Advisor

WCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 159'139 0.73 (7'135) 31.03.2013 Investment Advisor

LEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 150'047 0.69 27'280 31.03.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 147'186 0.68 (116'074) 31.03.2013 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 130'641 0.6 57'433 31.03.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 15.04.2013

Stephens Inc ERIC GOTTLIEB equalweight 3 M 38 12 month 09.04.2013

Holdings By:

Cal-Maine Foods Inc ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (20.07.2012) 24.80

52-Week Low (16.04.2013) 16.15

Daily Volume

18.49





1'828.61 1 Yr Total Return -5.94%







SLCE3 BZ EQUITY YTD Change - Average Volume 30 Day 224'527

SLCE3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 232'383


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

413.7 588.0 888.7 1'005.6 1'118.7 1'134.2 1'050.8 1'219.0 1'346.0 224.0 307.0

3.71x 3.25x 2.81x 2.02x 2.37x 7.65x 10.30x 1.98x 1.74x - -

167.2 79.3 205.9 331.5 252.9 354.5 229.4 287.0 328.3 54.3 82.0

9.18x 24.09x 12.11x 6.13x 10.48x 6.72x 10.57x 8.42x 7.37x 7.93x -

44.6 9.1 58.6 81.6 38.1 92.4 51.1 111.1 125.1 14.0 28.4

30.66x 174.35x 36.75x 18.65x 51.23x 14.38x 36.02x 15.84x 13.49x 17.44x -











EBITDA Margin 21.8%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SLC Agricola SAPrice/Volume

Valuation Analysis

154'800.00


'

2

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-2

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f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!- F!. F!0 F!1 F!2 F!3 F!4 F!5 F!6 F-!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

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08.07.2013


SLC PARTICIPACOES SA n/a EXCH 50'467'394 51.03 - 14.03.2013 Corporation


DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'369'122 7.45 (48'053) 30.04.2013 Investment Advisor

CREDIT SUISSE HEDGIN n/a Co File 4'879'900 4.93 - 31.12.2012 n/a

CSHG ASSET MGMT SA n/a EXCH 4'875'647 4.93 - 14.03.2013 Investment Advisor



KONDOR ADMIN E GESTO Multiple Portfolios MF-AGG 1'016'771 1.03 (78'929) 31.05.2013 Investment Advisor

CAIXA ECONOMICA FEDE Multiple Portfolios MF-AGG 879'400 0.89 - 31.03.2013 Investment Advisor

LARRAIN VIAL SA CORR n/a ULT-AGG 664'900 0.67 - 31.03.2013 Investment Advisor

SLC AGRICOLA SA n/a EXCH 553'826 0.56 - 14.03.2013 Corporation

ADVIS INVESTIMENTOS Multiple Portfolios MF-AGG 532'000 0.54 23'000 31.03.2013 Investment Advisor

SARASIN n/a ULT-AGG 485'200 0.49 - 28.03.2013 Unclassified

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 483'239 0.49 53'162 31.05.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 469'400 0.47 35'000 28.02.2013 Investment Advisor

VOTORANTIM ASSET MGM Multiple Portfolios MF-AGG 455'200 0.46 18'400 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 389'215 0.39 5'480 31.05.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 333'400 0.34 (4'100) 05.07.2013 Investment Advisor


BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 271'400 0.27 (11'600) 30.06.2013 Investment Advisor



EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 06.06.2013

Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 24 12 month 04.06.2013

Planner Corretora de Valores RICARDO TADEU MARTINS neutral 3 M 23 Not Provided 24.05.2013

Raymond James FEDERICO REY-MARINO outperform 5 M 25 12 month 09.05.2013

Itau BBA Securities GIOVANA ARAUJO outperform 5 M 33 Not Provided 08.05.2013

HSBC RAVI JAIN neutral 3 M 24 Not Provided 14.03.2013

JPMorgan CASSIO LUCIN neutral 3 M 26 6 month 17.01.2013

Holdings By:

SLC Agricola SA ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (18.07.2012) 9.18

52-Week Low (25.06.2013) 4.82

Daily Volume

4.97





3'630.57 1 Yr Total Return -37.67%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

473.3 526.7 771.7 875.7 1'021.9 920.4 1'023.3 1'272.3 1'470.7 295.0 264.0

7.50x 12.41x 12.51x 7.35x 5.53x 31.57x 22.60x 3.02x 2.46x - -

210.3 148.3 227.9 310.7 309.3 0.0 0.0 418.0 460.0 89.5 35.7

16.87x 44.07x 42.36x 20.72x 18.28x 0.00x 0.00x 9.97x 9.06x 10.45x 10.04x

124.5 75.3 142.8 207.5 216.7 207.7 217.8 260.0 352.4 80.7 28.0

26.40x 82.25x 62.83x 28.88x 24.40x 29.14x 23.47x 13.88x 10.62x 13.36x 12.68x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shandong Homey Aquatic Development Co LtdPrice/Volume

Valuation Analysis

5'614'867.00


'-.0123456

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.''!''

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3''!''

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08.07.2013


HOMEY GROUP CO LTD n/a Co File 303'446'268 41.54 - 31.12.2012 Unclassified


HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 17'882'972 2.45 17'117'728 31.12.2012 Investment Advisor

TJ LIUHE BIYUN EQY I n/a Co File 17'438'864 2.39 - 31.12.2012 Investment Advisor

BOSERA FUNDS MGMT CO n/a EXCH 16'139'737 2.21 - 28.11.2011 n/a

DACHENG FUND MANAGME n/a EXCH 12'430'342 1.7 - 28.11.2011 Investment Advisor

PING AN PROPERTIES I n/a EXCH 12'028'386 1.65 - 28.11.2011 Other

HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 11'948'711 1.64 5'768'868 31.12.2012 Investment Advisor

TJ SHENGXI EQY INVES n/a Co File 10'581'659 1.45 - 31.12.2012 Other

CHINA SECURITIES CO n/a Co File 10'131'004 1.39 - 31.12.2012 Government

TIANHONG SELECTED SE n/a EXCH 9'630'186 1.32 - 28.11.2011 n/a

EFUND MGMT CO LTD n/a EXCH 9'564'192 1.31 - 28.11.2011 n/a

CHINA POST & CAPITAL Multiple Portfolios MF-AGG 9'165'000 1.25 2'470'772 31.12.2012 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 3'495'344 0.48 3'495'344 31.12.2012 Investment Advisor

BAOYING FUND MANAGEM Multiple Portfolios MF-AGG 3'091'860 0.42 3'091'860 31.12.2012 Investment Advisor

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 2'891'300 0.4 1'391'300 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'306'525 0.32 1'174'605 31.12.2012 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'134'250 0.29 2'134'250 31.12.2012 Investment Advisor

MORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 1'300'000 0.18 1'300'000 31.12.2012 Investment Advisor



Qilu Securities Co Ltd XIE GANG buy 5 M #N/A N/A Not Provided 30.06.2013

Chang Jiang Securities Co. Limited ZHIJIAN CHEN add 4 M #N/A N/A Not Provided 25.06.2013

SWS Research Co Ltd ZHAO JINHOU outperform 5 M #N/A N/A Not Provided 07.06.2013

Sinolink Securities Co Ltd HUANG TING add 4 M #N/A N/A Not Provided 02.05.2013

China International Capital Corp FEIYANG YUAN accumulate 4 M #N/A N/A Not Provided 15.04.2013

Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 27.03.2013

Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 27.03.2013

Everbright Securities Co., Ltd LIU XIAOBO buy 5 M 10 6 month 26.03.2013

Guotai Junan SUN JIANPING buy 5 M #N/A N/A Not Provided 18.03.2013


PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 25.12.2012

Hong Yuan Securities HU JIANJUN buy 5 M #N/A N/A Not Provided 31.10.2012

Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 22.08.2012

China Merchants Securities JUN HUANG buy 5 D 15 12 month 13.07.2012


Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 04.03.2012

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 27.12.2011

Bank of China International LIU DU buy 5 M 19 Not Provided 08.03.2011

China Investment Securities WANG YIGUO neutral 3 M #N/A N/A Not Provided 07.01.2011

China Securities Co., Ltd FUSHENG HUANG add 4 M 12 Not Provided 08.12.2010

KGI Securities SABRINA LEE outperform 5 M 11 12 month 18.09.2009

Holdings By:

Shandong Homey Aquatic Development Co Ltd ee


08.07.2013

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.


LTM as of: 12/yy

52-Week High (27.02.2013) 9.27

52-Week Low (11.10.2012) 6.30

Daily Volume

-

52-Week High % Change - Dividend Yield -

52-Week Low % Change - Beta -



- 1 Yr Total Return -

Total Debt 3'662.12 YTD Return -

Preferred Stock 0.0 Adjusted BETA -



Enterprise Value -


TWI MK EQUITY YTD Change - Average Volume 30 Day 0

TWI MK EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'767.6 2'069.3 5'551.1 6'931.4 8'152.2 7'010.0 8'152.2 - - - -

1.35x 2.02x 0.96x 0.97x 0.82x 3.54x 3.33x - - - -

445.0 392.9 1'027.9 1'184.2 839.0 869.8 839.0 - - - -

5.35x 10.64x 5.21x 5.68x 7.92x 0.00x 7.92x - - - -

160.7 241.0 481.1 474.9 208.2 480.3 208.2 - - - -

5.35x 3.37x 4.06x 6.27x 12.73x 6.17x 12.73x - - - -











EBITDA Margin 10.3%



Asset Turnover 1.00







Fiscal Year Ended

Tradewinds Malaysia BhdPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

-'

f -. M -. n -. l -. j -. S -. f -0 b -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

.!''

1!''

3!''

5!''

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08.07.2013


PERSPECTIVE LANE (M) n/a EXCH 285'109'874 96.17 40'293'506 14.03.2013 Other

FELDA GLOBAL VENTURE n/a Co File 59'294'097 20 - 30.04.2012 Holding Company

KELANA VENTURES SDN n/a EXCH 26'270'000 8.86 - 11.03.2013 Corporation

SEAPORT TERMINAL JOH n/a EXCH 12'070'000 4.07 - 06.03.2013 Corporation

DIMENSIONAL FUND ADV n/a ULT-AGG 8'263'500 2.79 (27'900) 29.03.2013 Investment Advisor

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 819'500 0.28 - 31.12.2010 Investment Advisor

CMS TRUST MANAGEMENT CMS ISLAMIC FUND MF-PART 137'474 0.05 137'474 31.12.2012 Investment Advisor

KENANGA UNIT TRUST B Multiple Portfolios MF-AGG 136'000 0.05 - 30.06.2011 Investment Advisor

PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 101'200 0.03 - 31.12.2010 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 79'700 0.03 (370'200) 31.03.2013 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios MF-AGG 62'000 0.02 - 31.07.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 45'300 0.02 - 31.01.2013 Investment Advisor

APEX INVESTMENT SERI Multiple Portfolios MF-AGG 30'000 0.01 - 30.06.2011 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 23'000 0.01 - 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'700 0 (4'500) 31.03.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'000 0 - 30.01.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG - 0 (27'100) 28.03.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG - 0 (63'515) 31.03.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

BGC Partners TEAM COVERAGE buy 5 N #N/A N/A Not Provided 28.12.2012

Holdings By:

Tradewinds Malaysia Bhd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (28.05.2013) 7.26

52-Week Low (28.11.2012) 4.31

Daily Volume

5.2





4'576.69 1 Yr Total Return 10.17%




Cash and Equivalents 800.04 Consensus Rating -






31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

798.1 813.0 874.8 1'087.6 847.7 1'102.3 888.6 - - - -

3.50x 6.76x 8.42x 4.03x 7.20x 18.70x 26.02x - - - -

104.0 78.8 30.2 151.5 81.0 0.0 0.0 - - - -

26.87x 69.79x 243.78x 28.92x 75.34x 0.00x 0.00x - - - -

81.4 61.3 29.2 60.0 14.6 59.6 13.7 - - - -

33.33x 88.00x 244.85x 60.59x 342.94x 62.22x 386.37x 26.00x 26.00x - -


EBIT -3.03 Long-Term Rating -

Operating Margin -0.36% Long-Term Outlook -






Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin -3.9% Total Debt/Equity 97.6%


Asset Turnover 0.22







Fiscal Year Ended

Haikou Agriculture & Industry CoPrice/Volume

Valuation Analysis

20'700'690.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

.'!' F

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3'!' F

5'!' F

-''!' F

-.'!' F

-1'!' F

-3'!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.'!''

1'!''

3'!''

5'!''

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08.07.2013


HAINAN LUONIUSHAN HO n/a Co File 96'089'444 10.92 - 31.12.2012 Holding Company

HAIKOU YONGSHENG ANI n/a Co File 27'644'584 3.14 - 31.12.2012 Corporation

HAINAN SHENXING TRAD n/a Co File 14'450'000 1.64 - 31.12.2012 Corporation

HAINAN XINGMU FEEDS n/a Co File 14'450'000 1.64 - 31.12.2012 Corporation

HAINAN XINDI INDUSTR n/a Co File 13'005'000 1.48 - 31.12.2012 Corporation

XIANG XU n/a Co File 12'152'415 1.38 - 31.12.2012 n/a

HAINAN GUANXIANG TRA n/a Co File 7'225'000 0.82 - 31.12.2012 Corporation

CHINA ECONOMIC DEV T n/a Co File 5'750'000 0.65 - 31.12.2012 Corporation

GUANGFA SECURITIES C n/a Co File 3'040'051 0.35 - 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'794'157 0.32 219'300 31.12.2012 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'968'796 0.22 188'473 31.12.2012 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 561'588 0.06 (244'622) 31.12.2012 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 454'260 0.05 (57'510) 31.12.2012 Investment Advisor

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 130'200 0.01 - 31.12.2012 Investment Advisor

HUASHANG FUND MANAGE Multiple Portfolios MF-AGG 70'800 0.01 - 31.12.2012 Investment Advisor

JUNFENG XU n/a Co File 66'445 0.01 - 31.12.2012 n/a

ZILI XU n/a Co File 21'415 0 - 31.12.2012 n/a

JINLONG KONG n/a Co File 21'415 0 - 31.12.2012 n/a

DIANLING HU n/a Co File 14'277 0 - 31.12.2012 n/a

GUOQIANG WANG n/a Co File 9'034 0 - 31.12.2012 n/a


Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011

Holdings By:

Haikou Agriculture & Industry Co ee


08.07.2013

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products.

The Company produces sugar and molasses, fertilizers, ethanol, and electricity.


LTM as of: 04/yy

52-Week High (26.02.2013) 15.80

52-Week Low (20.06.2013) 11.00

Daily Volume

12.6





21'378.35 1 Yr Total Return 1.83%







KSL TB EQUITY YTD Change - Average Volume 30 Day 1'455'310

KSL TB EQUITY YTD % CHANGE - Average Volume 3 Month 1'380'600


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

11'056.0 11'671.0 12'071.3 16'459.8 22'212.3 20'876.0 20'254.0 20'171.0 21'737.0 - -

1.30x 2.45x 2.72x 1.96x 1.71x 7.09x 7.81x 1.82x 1.68x - -

1'548.3 1'627.1 1'499.3 3'606.7 4'170.5 4'228.7 3'651.5 3'803.6 4'308.2 - -

9.31x 17.58x 21.86x 8.92x 9.11x 9.62x 12.44x 11.97x 10.57x - -

859.5 919.6 158.7 1'889.9 2'354.3 2'277.0 2'201.1 1'979.5 2'200.8 - -

9.18x 21.08x 124.51x 9.60x 9.01x 9.45x 9.09x 10.79x 9.73x - -











EBITDA Margin 18.0%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Khon Kaen Sugar Industry PCLPrice/Volume

Valuation Analysis

1'006'100.00


'

.

1

3

5

-'

-.

-1

-3


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

2!''

-'!''

-2!''

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0'!''

02!''

1'!''

12!''

2'!''

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08.07.2013


KSL SUGAR HOLDING CO n/a EXCH 540'000'000 31.83 - 08.03.2013 Holding Company

CHUTIMAVORAPHAND CHA n/a EXCH 42'533'465 2.51 - 08.03.2013 n/a

THAI NVDR CO LTD n/a EXCH 39'634'949 2.34 - 08.03.2013 Corporation

CHINTHAMMIT DUANGKEA n/a EXCH 37'595'956 2.22 - 08.03.2013 n/a

CREDIT SUISSE/SINGAP n/a EXCH 37'502'900 2.21 - 08.03.2013 Bank

CHINTHAMMIT DUANGDAO n/a EXCH 37'210'019 2.19 - 08.03.2013 n/a

CHINTHAMMIT SOMCHAI n/a EXCH 36'249'139 2.14 - 08.03.2013 n/a

CHINTHAMMIT KAMONDAN n/a EXCH 34'235'970 2.02 - 08.03.2013 n/a

CHINTHAMMIT PIRIPON n/a EXCH 33'835'870 1.99 - 08.03.2013 n/a

CHINNAKIJ CO LTD n/a EXCH 31'910'000 1.88 - 08.03.2013 Other

CHINTHAMMIT CHAMROON n/a EXCH 28'929'906 1.71 - 08.03.2013 n/a

CHINTHAMMIT NAREERAT n/a EXCH 28'127'660 1.66 - 08.03.2013 n/a

TOKARANYASET SUKHUM n/a EXCH 26'762'070 1.58 - 08.03.2013 n/a

CHINTHAMMIT SARAN n/a EXCH 23'899'880 1.41 - 08.03.2013 n/a

CHINTHAMMIT KAMORNWA n/a EXCH 23'834'790 1.4 - 08.03.2013 n/a

CHINTHAMMIT CHALEE n/a EXCH 22'131'010 1.3 - 08.03.2013 n/a

CHINTHAMMIT KANNIKA n/a EXCH 21'236'340 1.25 - 08.03.2013 n/a

ROJANACHOTIKUL THAWA n/a EXCH 21'188'300 1.25 - 08.03.2013 n/a

CHINTHAMMIT CHATRI n/a EXCH 20'920'510 1.23 - 08.03.2013 n/a

TAMESIRICHAI PORNPRA n/a EXCH 19'803'375 1.17 - 08.03.2013 n/a


Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 15 Not Provided 21.06.2013

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 16 12 month 20.06.2013

DBS Vickers JESADA TECHAHUSDIN hold 3 M 13 12 month 20.06.2013

Maybank Kim Eng PONGRAT RATANATAVANANANDA hold 3 M 13 12 month 20.06.2013

Bualuang Securities SUPPATA SRISUK hold 3 M 15 12 month 20.06.2013

UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 M 17 Not Provided 20.06.2013

IV Global POLASIT TANPOONKIAT buy 5 M 13 12 month 20.06.2013

Kasikorn Securities SORAPONG JAKTEERUGKUL neutral 3 M 13 Not Provided 20.06.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 18.06.2013

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 15 12 month 31.05.2013

Macquarie TREVOR BUCHINSKI neutral 3 N 13 12 month 21.05.2013

Phillip Securities NAREE APISAWAITTKAN accumulate 4 D 15 Not Provided 29.03.2013

AIRA Securities NUTTAPON KUMNOUNPHON hold 3 D 15 Not Provided 29.01.2013

Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 17 12 month 15.01.2013

KT Zmico Securities WARAPORN WIBOONKANARAK buy 5 M 16 12 month 28.12.2012

Thanachart Securities PCL KALVALEE THONGSOMAUNG buy 5 M 18 12 month 15.10.2012

KGI Securities SUCHOT TIRAWANNARAT neutral 3 M 14 Not Provided 20.09.2012

Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 M 17 Not Provided 08.05.2012

Holdings By:

Khon Kaen Sugar Industry PCL ee


08.07.2013

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.


LTM as of: 01/yy

52-Week High (20.08.2012) 66.00

52-Week Low (03.07.2013) 50.00

Daily Volume

50.28










Enterprise Value 460.44


SIP BB EQUITY YTD Change - Average Volume 30 Day 7'426

SIP BB EQUITY YTD % CHANGE - Average Volume 3 Month 6'049


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

279.4 237.8 279.4 367.7 332.5 - - 228.3 251.3 - -

0.85x 1.82x 2.94x 1.77x 2.12x - - 2.16x 1.99x - -

89.5 90.8 127.9 141.3 110.2 - - 64.0 72.7 - -

2.66x 4.75x 6.41x 4.61x 6.40x - - 7.10x 6.25x - -

58.8 60.2 84.8 95.1 68.4 - - 33.4 40.1 - -

4.24x 7.42x 10.01x 7.07x 10.04x - - 12.77x 11.01x - -











EBITDA Margin 33.1%



Asset Turnover 0.55







Fiscal Year Ended

Sipef SAPrice/Volume

Valuation Analysis

2'322.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

!' F

!' F

!- F

!- F

!- F

!- F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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-3!''

-5!''

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08.07.2013


ACKERMANS & VAN HAAR n/a Research 2'389'312 26.69 - 31.12.2012 Holding Company

FORTIS INVESTMENT MA n/a Research 491'740 5.49 - 31.12.2012 Unclassified

GEDEI NV n/a Research 480'435 5.37 - 31.12.2012 Other

ALCATEL BELL PENSIOE n/a Research 469'600 5.25 - 31.12.2012 Pension Fund (ERISA)

CABRA NV n/a Research 399'095 4.46 - 31.12.2012 Corporation

BRACHT BARON n/a Research 265'966 2.97 - 31.12.2012 n/a

BNP PARIBAS INV PART n/a ULT-AGG 263'917 2.95 (26'073) 28.02.2013 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 140'348 1.57 (14'859) 31.03.2013 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 112'189 1.25 (11'427) 29.03.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 102'301 1.14 - 28.03.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 73'906 0.83 (1'210) 30.04.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 71'285 0.8 - 31.05.2013 Investment Advisor

SIPEF n/a Research 59'676 0.67 - 31.12.2012 Holding Company

NORGES BANK Multiple Portfolios MF-AGG 46'423 0.52 - 31.12.2012 Government


DIERICKX LEYS & CIE Multiple Portfolios MF-AGG 31'500 0.35 - 29.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 24'000 0.27 - 31.08.2012 Investment Advisor

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 20'000 0.22 - 31.05.2013 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 13'050 0.15 - 02.04.2013 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 12'931 0.14 8'841 31.05.2013 Investment Advisor


ING Bank MATTHIAS MAENHAUT hold 3 N 54 12 month 27.06.2013

Bank Degroof(ESN) BERNARD HANSSENS hold 3 M 57 12 month 13.06.2013

KBC Securities PASCALE WEBER hold 3 M 64 Not Provided 13.06.2013

Petercam KRIS KIPPERS add 4 M 62 Not Provided 13.06.2013


Holdings By:

Sipef SA ee


08.07.2013

BW Plantation Tbk Pt operates palm plantations and processes palm oil.


LTM as of: 03/yy

52-Week High (16.07.2012) 1'610.00

52-Week Low (08.07.2013) 820.00

Daily Volume

820





3'322'519.00 1 Yr Total Return -45.60%

Total Debt 2'821'769.43 YTD Return -40.58%






BWPT IJ EQUITY YTD Change - Average Volume 30 Day 11'911'270

BWPT IJ EQUITY YTD % CHANGE - Average Volume 3 Month 15'603'740


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

513'699.0 584'109.0 712'173.9 888'298.3 944'274.5 983'407.2 945'488.8 ######### ######### 299'755.0 289'580.0

- 3.96x 8.13x 6.85x 8.83x 26.52x 35.12x 5.03x 3.71x - -

266'200.5 290'724.0 410'836.7 537'972.2 517'759.1 566'923.8 484'769.2 662'471.5 913'112.4 - -

- 7.95x 14.09x 11.31x 16.10x 15.36x 16.96x 9.29x 6.74x - -

119'809.9 167'467.1 243'587.6 320'388.2 262'183.8 348'537.9 216'101.7 309'982.9 471'245.3 81'695.0 70'770.0

- 10.26x 21.38x 14.11x 21.29x 19.11x 24.89x 10.81x 6.63x - -











EBITDA Margin 51.3%



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BW Plantation Tbk PTPrice/Volume

Valuation Analysis

2'869'000.00


'.''1''3''5''

-'''-.''-1''-3''-5''

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

1'000'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


PTBW INVESTINDO n/a Co File 1'570'040'800 38.75 - 30.09.2012 Other

FENDALTON INVESTMENT n/a Co File 942'024'480 23.25 - 30.09.2012 Corporation

JPMCB NON TREATY CL n/a Co File 226'093'019 5.58 - 30.09.2012 Other

JPMCB-SCHRODER INTL n/a Co File 130'812'500 3.23 - 30.09.2012 n/a

PT AIA FINL UL EQUIT n/a Co File 100'861'500 2.49 - 30.09.2012 n/a

CITIBANK SINGAPORE A n/a Co File 78'700'000 1.94 - 30.09.2012 Other

BNYM SA NV BANK OF S n/a Co File 57'500'000 1.42 - 30.09.2012 Bank

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 44'058'000 1.09 (120'590'000) 31.12.2012 Investment Advisor

PT TASPEN PERSERO TH n/a Co File 42'360'500 1.05 - 30.09.2012 Other

SMARTLINK RUPIAH FUN n/a Co File 38'096'500 0.94 - 30.09.2012 n/a

HSBC FUND SERVICES n/a Co File 33'301'500 0.82 - 30.09.2012 Investment Advisor

PANIN SEKURITAS Multiple Portfolios MF-AGG 26'708'000 0.66 - 31.12.2011 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 23'900'000 0.59 5'100'000 28.09.2012 Investment Advisor

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 18'045'500 0.45 - 31.12.2011 Investment Advisor

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 17'613'500 0.43 - 16.08.2012 Holding Company



OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 14'270'000 0.35 - 30.06.2011 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 13'827'000 0.34 1'540'000 28.02.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 13'158'500 0.32 - 31.03.2013 Investment Advisor


UOB Kay Hian STEFANUS DARMAGIRI hold 3 M 980 Not Provided 01.07.2013

Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 775 12 month 26.06.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 2'000 Not Provided 25.06.2013

Bahana Securities LEONARDO HENRY GAVAZA buy 5 U 1'300 Not Provided 18.06.2013

Sucorinvest Central Gani ISFHAN HELMY hold 3 D 1'070 12 month 12.06.2013


JPMorgan YING-JIAN CHAN overweight 5 U 1'250 12 month 01.06.2013

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 1'250 12 month 16.05.2013

Indo Premier Securities WILLIAM SIMADIPUTRA buy 5 M 1'200 12 month 16.05.2013

Credit Suisse AGUS SANDIANTO neutral 3 M 1'110 Not Provided 07.05.2013

CIMB ERINDRA KRISNAWAN neutral 3 D 950 12 month 02.05.2013

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1'605 12 month 10.04.2013

Trimegah Securities Tbk PT TITO TAMBAYONG hold 3 M 1'120 Not Provided 28.03.2013

Danareksa HELMY KRISTANTO buy 5 M 1'960 Not Provided 27.03.2013

Standard Chartered JOO ENG TEO outperform 5 M 1'702 12 month 25.02.2013

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 1'670 Not Provided 28.12.2012

PT Etrading Securities LINDA LAUWIRA buy 5 M 1'310 Not Provided 11.01.2012

Holdings By:

BW Plantation Tbk PT ee


08.07.2013

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.


LTM as of: 01/yy

52-Week High (21.09.2012) 4.97

52-Week Low (25.06.2013) 2.47

Daily Volume

2.62





3'221.44 1 Yr Total Return -36.60%










30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

533.8 668.5 812.5 1'412.6 1'776.1 - - 1'692.4 2'052.8 - -

- - 3.80x 3.53x 1.16x - - 0.19x -0.04x - -

267.0 298.5 353.0 655.0 746.8 - - 663.3 938.0 - -

- - 8.75x 7.62x 2.77x - - 0.43x 0.30x - -

399.3 440.1 585.5 1'039.0 750.2 - - 517.5 708.0 - -

- - 6.43x 5.94x 5.80x - - 4.93x 3.77x - -











EBITDA Margin 39.6%



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asian Citrus Holdings LtdPrice/Volume

Valuation Analysis

1'289'137.00


'--..00112

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' F.'!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



08.07.2013


MARKET AHEAD INVESTM n/a RNS-DIR 232'303'392 18.89 7'233'473 31.12.2012 Investment Advisor

HUGE MARKET INVEST L n/a RNS-MAJ 73'715'394 6 7'953'854 31.12.2012 Investment Advisor

VALUE PARTNERS LTD n/a RNS-MAJ 72'735'000 5.92 (1'194'000) 13.11.2012 Holding Company

TEMASEK HOLDINGS PRI n/a ULT-AGG 61'387'000 4.99 - 11.01.2012 Government

WELLINGTON MANAGEMEN n/a RNS-MAJ 61'262'792 4.98 (11'824'133) 07.06.2013 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 47'596'000 3.87 (540'000) 31.03.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 23'649'807 1.92 (11'000'000) 30.04.2013 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'548'000 1.35 - 30.06.2012 Unclassified

PETERCAM SA PETERCAM B-PETERCAM MF-PART 14'256'273 1.16 14'256'273 31.05.2013 Investment Advisor


SARASIN n/a ULT-AGG 10'195'000 0.83 - 28.03.2013 Unclassified

POWER CORP OF CANADA n/a ULT-AGG 9'550'000 0.78 - 28.02.2013 Holding Company

VALUE SQUARE NV Multiple Portfolios MF-AGG 9'046'369 0.74 337'113 29.06.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 6'670'156 0.54 - 28.03.2013 Investment Advisor

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 5'000'000 0.41 1'000'000 31.05.2013 Investment Advisor




AMUNDI Multiple Portfolios MF-AGG 2'775'000 0.23 - 28.02.2013 Investment Advisor




Maybank Kim Eng JACQUELINE KO hold 3 D 3 12 month 04.06.2013

Cantor Fitzgerald SUE MUNDEN hold 3 D 3 Not Provided 03.06.2013

Liberum Capital Ltd NICK WALKER hold 3 D 7 Not Provided 28.03.2013

GuoSen Securities Co Ltd NANXIANG YANG buy 5 M 6 12 month 28.09.2012

South China Research Ltd TERRY LAM buy 5 N 5 12 month 24.08.2012

ICBC International Securities ALEX CHENG buy 5 M 9 Not Provided 19.09.2011

Phillip Securities BING WANG buy 5 N 11 12 month 01.12.2010

Holdings By:

Asian Citrus Holdings Ltd ee


08.07.2013

PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and

markets oil palm products.


LTM as of: 03/yy

52-Week High (10.07.2012) 3'375.00

52-Week Low (08.07.2013) 1'510.00

Daily Volume

1550





2'929'500.00 1 Yr Total Return -52.74%







SGRO IJ EQUITY YTD Change - Average Volume 30 Day 1'567'283

SGRO IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'282'399


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'288'143.0 1'815'557.1 2'311'748.8 3'142'378.9 2'986'237.0 ######### ######### ######### ######### 636'813.0 687'006.0

0.73x 2.74x 2.53x 1.83x 1.83x 7.95x 7.76x 1.16x 1.09x - -

695'203.1 553'161.2 767'519.1 840'659.0 642'291.6 773'629.9 569'057.4 634'398.3 800'344.6 141'955.0 144'583.0

2.40x 9.00x 7.63x 6.82x 8.52x 9.04x 8.55x 6.03x 4.78x - -

439'516.3 281'766.2 451'716.8 540'943.4 329'201.1 415'739.2 290'855.4 296'086.1 395'377.0 47'337.0 32'671.0

5.04x 17.88x 13.28x 10.40x 14.37x 16.35x 13.65x 9.95x 7.24x - -











EBITDA Margin 19.7%



Asset Turnover 0.78







Fiscal Year Ended

Sampoerna Agro PTPrice/Volume

Valuation Analysis

950'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

.2''

0'''

02''


0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


SAMPOERNA AGRI RESOU n/a Co File 1'267'217'500 67.05 - 30.09.2012 Holding Company


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'995'000 0.85 163'500 28.12.2012 Investment Advisor

PANIN SEKURITAS Multiple Portfolios MF-AGG 11'460'000 0.61 - 31.12.2011 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 7'234'000 0.38 - 31.01.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 6'598'500 0.35 - 28.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 4'600'000 0.24 - 31.08.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 4'204'500 0.22 - 31.05.2013 Investment Advisor

SIA FUNDS AG Multiple Portfolios MF-AGG 4'014'000 0.21 - 31.03.2013 Investment Advisor

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 3'768'500 0.2 - 31.12.2011 Investment Advisor

MITSUBISHI UFJ FINAN n/a ULT-AGG 3'760'500 0.2 (1'681'500) 22.01.2013 Holding Company


NIKKO ASSET MANAGEME n/a ULT-AGG 3'056'500 0.16 - 15.10.2012 Unclassified

SYAILENDRA CAPITAL P Multiple Portfolios MF-AGG 2'976'000 0.16 - 31.12.2010 Investment Advisor

PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 2'668'500 0.14 - 31.12.2010 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'500'000 0.13 - 28.09.2012 Investment Advisor

MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 2'157'000 0.11 - 31.12.2010 Investment Advisor

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 1'870'000 0.1 - 24.05.2012 Holding Company



DBS Vickers BEN SANTOSO hold 3 U 1'620 12 month 01.07.2013

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'400 Not Provided 01.07.2013

Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 1'625 12 month 26.06.2013

Bahana Securities LEONARDO HENRY GAVAZA hold 3 U 1'800 Not Provided 18.06.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1'429 12 month 10.06.2013


Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN sell 1 M 1'600 12 month 30.05.2013

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN hold 3 M 2'000 12 month 16.05.2013

PT Batavia Prosperindo Sekuritas ARANDI NUGRAHA hold 3 M 2'031 12 month 16.05.2013

Credit Suisse AGUS SANDIANTO neutral 3 M 2'150 Not Provided 07.05.2013

CIMB ERINDRA KRISNAWAN neutral 3 M 2'000 12 month 01.05.2013

Indo Premier Securities WILLIAM SIMADIPUTRA hold 3 M 2'400 12 month 01.05.2013

BNI Securities YASMIN SOULISA hold 3 M 2'425 Not Provided 05.04.2013

Trimegah Securities Tbk PT TITO TAMBAYONG buy 5 M 2'600 Not Provided 01.04.2013

Danareksa HELMY KRISTANTO buy 5 M 3'100 Not Provided 28.03.2013

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'800 Not Provided 28.12.2012

PT Etrading Securities LINDA LAUWIRA buy 5 M 3'300 Not Provided 11.01.2012

Holdings By:

Sampoerna Agro PT ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (18.02.2013) 13.05

52-Week Low (16.04.2013) 7.29

Daily Volume

9.93





2'999.32 1 Yr Total Return -11.97%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

812.1 725.7 1'002.9 1'345.0 1'190.9 1'374.9 1'130.7 1'487.0 2'035.7 - -

1.68x 2.71x 2.66x 2.53x 2.18x 9.61x 9.29x - - - -

107.4 11.4 111.4 264.9 (19.5) 0.0 0.0 91.0 292.0 - -

12.69x 171.85x 23.96x 12.83x - 0.00x 0.00x 30.77x 9.59x - -

51.5 (42.4) 44.5 187.1 (82.3) 161.5 (133.2) 61.5 209.0 - -

22.37x - 54.56x 16.00x - 20.31x 0.00x 68.48x 15.56x - -

EBITDA -19.53 Long-Term Rating Date -

EBIT -79.73 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -0.67


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.56







Fiscal Year Ended

Shandong Minhe animal Husbanry Co LtdPrice/Volume

Valuation Analysis

7'398'298.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

2''!''

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08.07.2013


XIMIN SUN n/a EXCH 114'310'000 37.85 - 29.01.2013 n/a

LIU SHIFENG n/a Co File 14'381'482 4.76 - 31.12.2012 n/a

LI NING n/a Co File 13'624'000 4.51 - 31.12.2012 n/a

FORTUNE TRUST CO LTD n/a Co File 11'000'000 3.64 - 31.12.2012 Investment Advisor

JIANGSU WINFAST INVS n/a Co File 10'000'000 3.31 - 31.12.2012 Corporation

TJ PARADISE SV PENGR n/a Co File 9'000'000 2.98 - 31.12.2012 Other

AEGON-INDUST FUND MG n/a EXCH 8'800'000 2.91 - 14.11.2011 n/a

GUANGDONG NUCLEAR FI n/a Co File 7'941'100 2.63 - 31.12.2012 Other

XIANFA SUN n/a EXCH 7'651'745 2.53 - 29.01.2013 n/a


SONG GE n/a Co File 6'897'057 2.28 - 31.12.2012 n/a

SUN WEIQI n/a EXCH 2'423'316 0.8 - 14.11.2011 n/a

TJ KAISHI FULI EQY I n/a EXCH 2'423'316 0.8 - 14.11.2011 Investment Advisor

SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 1'791'263 0.59 1'791'263 31.12.2012 Investment Advisor

WANG LING n/a EXCH 664'990 0.22 - 29.01.2013 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 91'291 0.03 (11'564) 31.12.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 45'894 0.02 - 31.12.2012 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 29'100 0.01 - 31.12.2012 Investment Advisor

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 800 0 (12'200) 31.12.2012 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG - 0 (600'000) 31.12.2012 Investment Advisor


Qilu Securities Co Ltd XIE GANG add 4 M #N/A N/A Not Provided 02.07.2013

China Minzu Securities Co Ltd LIU XIAOFENG add 4 N 13 6 month 13.05.2013

Everbright Securities Co., Ltd LIU XIAOBO buy 5 M 13 6 month 29.03.2013

Guotai Junan SUN JIANPING add 4 M #N/A N/A Not Provided 18.03.2013


China Merchants Securities JUN HUANG buy 5 M #N/A N/A Not Provided 13.07.2012


PingAn Securities WANG HUA neutral 3 M #N/A N/A Not Provided 02.02.2012

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M 15 6 month 27.12.2011

Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011

Great Wall Securities RAN FEI buy 5 N #N/A N/A Not Provided 23.05.2011

SWS Research Co Ltd ZHAO JINHOU neutral 3 N #N/A N/A Not Provided 11.05.2010

Holdings By:

Shandong Minhe animal Husbanry Co Ltd ee


08.07.2013

Astarta Holding N.V. is an agri-industrial holding company. The Company,

through its subsidiaries, produces and sells sugar made of sugar beet, sugar by-

products, grain crops, meat, and milk.


LTM as of: 03/yy

52-Week High (05.09.2012) 74.85

52-Week Low (19.04.2013) 44.20

Daily Volume

63.5





1'587.50 1 Yr Total Return 7.63%







AST PW EQUITY YTD Change - Average Volume 30 Day 5'805

AST PW EQUITY YTD % CHANGE - Average Volume 3 Month 10'865


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

123.4 128.2 219.3 303.6 354.3 317.2 372.5 379.1 457.6 110.0 -

1.26x 2.55x 3.15x 1.59x 1.64x 7.21x 6.21x 1.50x 1.20x - -

25.5 51.3 99.9 115.3 88.1 109.3 90.4 107.6 139.8 32.0 -

6.10x 6.37x 6.92x 4.19x 6.58x 5.21x 6.81x 5.75x 4.43x - -

(7.7) 29.5 80.1 87.6 45.2 76.0 48.1 56.4 91.6 26.0 -

- 8.27x 7.26x 3.33x 7.46x 4.92x 7.59x 6.07x 3.87x - -











EBITDA Margin 24.3%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astarta Holding NVPrice/Volume

Valuation Analysis

62.00


'

-'

.'

0'

1'

2'

3'

4'

5'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!' F!' F!- F!- F!- F!- F!- F!. F!. F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

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08.07.2013


ALBACON VENTURES LTD n/a EXCH 9'246'883 36.99 - 05.07.2013 Private Equity

ALUXES HOLDING LTD n/a EXCH 6'496'883 25.99 - 05.07.2013 Other

AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 1'250'096 5 - 30.06.2012 Investment Advisor

METLIFE AMPLICO Multiple Portfolios MF-AGG 1'076'731 4.31 - 31.12.2012 Pension Fund (ERISA)

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 996'085 3.98 (104'813) 30.06.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 975'192 3.9 - 30.04.2013 Investment Advisor

ING OFE Multiple Portfolios MF-AGG 900'982 3.6 - 31.12.2012 Pension Fund (ERISA)

AVIVA OFE Multiple Portfolios MF-AGG 850'373 3.4 - 31.12.2012 Pension Fund (ERISA)

OFE PZU ZLOTA JESIEN Multiple Portfolios MF-AGG 700'313 2.8 - 31.12.2012 Pension Fund (ERISA)

ASSICURAZIONI GENERA Multiple Portfolios MF-AGG 633'283 2.53 - 31.12.2012 Insurance Company

PKO BP BANKOWY OFE Multiple Portfolios MF-AGG 330'435 1.32 - 31.12.2012 Pension Fund (ERISA)


ALLIANZ Multiple Portfolios MF-AGG 133'040 0.53 - 31.12.2012 Pension Fund (ERISA)

AEGON OFE Multiple Portfolios MF-AGG 110'105 0.44 - 31.12.2012 Pension Fund (ERISA)

OFE WARTA Multiple Portfolios MF-AGG 78'174 0.31 - 31.12.2012 Pension Fund (ERISA)

OFE POCZTYLION Multiple Portfolios MF-AGG 78'016 0.31 - 31.12.2012 Pension Fund (ERISA)

PEKAO OFE Multiple Portfolios MF-AGG 75'256 0.3 - 31.12.2012 Pension Fund (ERISA)

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 60'964 0.24 16'903 30.04.2013 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 51'151 0.2 51'151 31.12.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 44'450 0.18 25'200 30.04.2013 Investment Advisor


Dom Inwestycyjny BRE Banku JAKUB SZKOPEK hold 3 D 56 Not Provided 05.06.2013

Wood & Company PIOTR DROZD buy 5 U 61 12 month 06.05.2013

Sberbank CIB KONSTANTIN FASTOVETS hold 3 M 64 Not Provided 14.03.2013

ING Bank ADAM MILEWICZ buy 5 U 75 12 month 19.02.2013

Ipopema Securities SA ZANETA MARZEC sell 1 D 55 12 month 09.01.2013


UniCredit Research MARCIN GATARZ buy 5 M 85 12 month 01.10.2012

Eavex Capital DMITRY CHURIN buy 5 N 95 12 month 12.09.2012

Dragon Capital TAMARA LEVCHENKO buy 5 M 83 Not Provided 26.04.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 99 12 month 17.04.2012

ArtCapital ANDRIY PATIOTA buy 5 M 110 12 month 23.11.2011

Holdings By:

Astarta Holding NV ee


08.07.2013

Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and

lamb.


LTM as of: 03/yy

52-Week High (16.01.2013) 6.62

52-Week Low (25.06.2013) 4.60

Daily Volume

4.82





1'346.72 1 Yr Total Return -13.03%




Cash and Equivalents 43.16 Consensus Rating -






31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

615.5 526.9 505.3 520.4 570.4 524.2 574.9 - - - -

2.20x 3.83x 3.93x 3.26x 2.86x 13.83x 8.24x - - - -

47.3 35.0 22.6 39.1 43.7 0.0 0.0 - - - -

28.68x 57.66x 88.07x 43.29x 37.35x 0.00x 0.00x - - - -

19.4 4.9 (33.4) 14.7 18.9 16.3 37.0 - - - -

68.29x 351.00x - 117.60x 83.43x 100.74x 0.00x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fortune Ng Fung Food Hebei Co LtdPrice/Volume

Valuation Analysis

2'041'975.00


'

-

.

0

1

2

3

4

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

02!' F

1'!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


SANHE FUCHENG INVEST n/a Co File 77'287'421 27.66 - 30.06.2012 Investment Advisor

CHINA RESOURCES NG F n/a Co File 13'970'063 5 - 30.06.2012 Corporation

YOU LIFENG n/a Co File 4'617'381 1.65 - 30.06.2012 n/a

MINMETALS CAP HOLDIN n/a Co File 4'000'000 1.43 - 30.06.2012 Holding Company

FANG BINGQING n/a Co File 1'571'200 0.56 - 30.06.2012 n/a

LIU MIN n/a Co File 1'137'498 0.41 - 30.06.2012 n/a

WANG CHANGYU n/a Co File 1'000'300 0.36 - 30.06.2012 n/a

LIU PENGYU n/a Co File 980'000 0.35 - 30.06.2012 n/a

ZHANG HUI n/a Co File 826'951 0.3 - 30.06.2012 n/a

WANG JUN n/a Co File 804'921 0.29 - 30.06.2012 n/a


China International Capital Corp FEIYANG YUAN reduce 2 M #N/A N/A Not Provided 12.01.2011

Holdings By:

Fortune Ng Fung Food Hebei Co Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (15.03.2013) 7.39

52-Week Low (25.06.2013) 4.70

Daily Volume

5.36





1'256.17 1 Yr Total Return -20.12%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

773.0 574.6 877.2 961.3 1'037.9 997.4 1'030.0 1'275.0 - - -

1.41x 3.77x 2.09x 1.56x 1.50x 7.35x 6.21x - - - -

32.9 20.6 (15.6) 85.0 31.6 0.0 0.0 - - - -

33.04x 104.84x - 17.64x 49.19x 0.00x 0.00x - - - -

8.1 21.7 14.8 72.1 21.1 80.0 14.1 115.0 - - -

125.00x 94.67x 126.88x 20.70x 68.44x 19.03x 103.56x 8.38x - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.17







Fiscal Year Ended

Hunan New Wellful Co LtdPrice/Volume

Valuation Analysis

1'863'157.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


HUNAN CEREALS OILS & n/a Co File 87'967'606 37.54 - 30.06.2012 Corporation

CHINA AGRICULTURAL U n/a Co File 2'850'062 1.22 - 30.06.2012 Other

HUATAI SECURITIES CO n/a Co File 1'223'814 0.52 - 30.06.2012 Investment Advisor

GZ YIXUN NETWORK TEC n/a Co File 910'000 0.39 - 30.06.2012 Corporation

YAN XIAOFEI n/a Co File 829'010 0.35 - 30.06.2012 n/a

WANG BAOCAI n/a Co File 796'250 0.34 - 30.06.2012 n/a

NING XIANMIN n/a Co File 630'500 0.27 - 30.06.2012 n/a

NAM KWONG CEREALS OI n/a Co File 570'012 0.24 - 30.06.2012 Corporation

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 135'914 0.06 78'714 31.12.2012 Investment Advisor

CHINA POST & CAPITAL Multiple Portfolios MF-AGG 34'710 0.01 - 31.12.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 23'100 0.01 (3'390) 31.12.2012 Investment Advisor

ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 5'992 0 - 31.12.2012 Investment Advisor

NEW CHINA FUND MANAG Multiple Portfolios MF-AGG - 0 (264'030) 31.12.2012 Investment Advisor



China Minzu Securities Co Ltd LIU XIAOFENG add 4 M 10 6 month 22.08.2011

Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011

Central China Securities FANG XIAHONG add 4 N #N/A N/A Not Provided 31.05.2011

China International Capital Corp FEIYANG YUAN hold 3 M #N/A N/A Not Provided 12.01.2011

Hong Yuan Securities ZHOU SONG neutral 3 N #N/A N/A Not Provided 27.06.2010

Holdings By:

Hunan New Wellful Co Ltd ee


08.07.2013

Black Earth Farming Limited acquires and cultivates land in south-west Russia.


LTM as of: 03/yy

52-Week High (19.03.2013) 13.15

52-Week Low (28.06.2013) 6.90

Daily Volume

7.75












BEFSDB SS EQUITY YTD Change - Average Volume 30 Day 504'237

BEFSDB SS EQUITY YTD % CHANGE - Average Volume 3 Month 305'434


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

698.9 2'394.7 1'430.0 2'067.1 4'458.5 2'607.9 4'396.5 6'398.6 8'861.5 - -

8.85x 4.55x 10.78x 5.08x 2.08x 18.35x 9.39x 1.32x 0.97x - -

(761.0) (641.6) (499.8) (821.2) (1'377.1) (770.7) (1'497.6) 1'242.5 2'494.8 - -

- - - - - 0.00x 0.00x 6.99x 3.48x - -

(733.6) (1'349.3) (1'294.2) (1'342.1) 217.5 (1'015.9) (19.1) 303.1 1'377.3 - -

- - - - 24.49x 0.00x 61.49x 10.72x 5.59x - -

EBITDA -1'377.11 Long-Term Rating Date -

EBIT -1'951.80 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -2.38


Net Debt/EBITDA -

Gross Margin -18.5% Total Debt/EBITDA -2.33

EBITDA Margin -34.1%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Black Earth Farming LtdPrice/Volume

Valuation Analysis

201'087.00


'

.

1

3

5

-'

-.

-1

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F!. F!1 F!3 F!5 F-!' F-!. F-!1 F-!3 F-!5 F.!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

2''!''

-''''!''

-'2''!''

.''''!''

.'2''!''

0''''!''

0'2''!''

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08.07.2013


KINNEVIK INVESTMENT n/a Co File 31'087'097 14.97 - 31.12.2011 Holding Company

LUXOR CAPITAL GROUP n/a Research 17'696'766 8.52 - 26.06.2013 Hedge Fund Manager

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 16'377'683 7.89 (803'624) 31.03.2013 Investment Advisor

ALECTA PENSIONSFORSA n/a Co File 11'600'000 5.59 - 31.12.2011 Pension Fund (ERISA)

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 8'903'270 4.29 569'126 31.03.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3'124'139 1.5 (106'861) 30.06.2013 Investment Advisor

ALFRED BERG ASSET MA Multiple Portfolios MF-AGG 2'504'698 1.21 880'412 31.01.2013 Investment Advisor

NTC VARMA MUTUAL PEN n/a Co File 2'100'000 1.01 - 31.12.2011 Insurance Company

HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 1'855'198 0.89 348'000 28.06.2013 Investment Advisor

SARASIN n/a ULT-AGG 1'421'166 0.68 - 28.03.2013 Unclassified

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 833'482 0.4 - 30.06.2012 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 560'687 0.27 - 31.03.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 450'000 0.22 (50'000) 28.03.2013 Investment Advisor

SEB n/a ULT-AGG 441'933 0.21 87'686 31.03.2013 Unclassified

MAGNETAR FINANCIAL L n/a Short (415'339) -0.2 685'309 20.06.2013 Hedge Fund Manager

BANCO FONDER AB Multiple Portfolios MF-AGG 352'594 0.17 150'478 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 329'975 0.16 149'975 28.03.2013 Unclassified

VOSTOK NAFTA INVESTM n/a Co File 319'373 0.15 - 26.06.2013 Corporation

SELIGSON & CO FUND M Multiple Portfolios MF-AGG 270'000 0.13 - 31.05.2013 Investment Advisor

E OHMAN J:OR FONDER Multiple Portfolios MF-AGG 168'192 0.08 - 31.03.2013 Investment Advisor


Pareto Securities SERGEJ KAZATCHENKO buy 5 M 16 6 month 10.06.2013


Holdings By:

Black Earth Farming Ltd ee


08.07.2013

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.


LTM as of: 03/yy

52-Week High (03.06.2013) 18.49

52-Week Low (04.12.2012) 9.22

Daily Volume

13.79















31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

235.6 267.2 294.6 314.6 480.5 362.9 493.3 - - - -

- - 8.31x 4.80x 3.34x 18.16x 13.50x - - - -

35.4 44.1 50.7 57.7 84.9 0.0 0.0 - - - -

- - 48.26x 26.16x 18.91x 0.00x 0.00x - - - -

23.5 30.4 34.2 38.3 31.7 35.6 32.1 - - - -

- - 63.94x 39.55x 41.48x 41.79x 50.36x - - - -











EBITDA Margin 17.7%



Asset Turnover 0.50







Fiscal Year Ended

Xinjiang Western Animal Husbandry Co LtdPrice/Volume

Valuation Analysis

2'650'005.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F

.!' F

1!' F

3!' F

5!' F

-'!' F

-.!' F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

.''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0



08.07.2013


SHIHEZI STE-OWNED AS n/a Co File 51'856'138 44.32 - 31.12.2011 Other

SHANGHAI LIANCHUANG n/a EXCH 11'135'419 9.52 - 11.04.2013 Corporation

XJ HENGHEYUAN INVEST n/a EXCH 7'084'781 6.06 (1'000'000) 26.04.2012 Private Equity


XINGMING XIN n/a Co File 1'808'269 1.55 - 31.12.2011 n/a

ZHAO XIAONING n/a Co File 1'130'800 0.97 - 31.12.2011 n/a

SONG JIANFENG n/a Co File 744'492 0.64 - 31.12.2011 n/a

XIANMIN LI n/a Co File 740'239 0.63 - 31.12.2011 n/a

MUSHAJIANG KELIMU n/a Co File 672'944 0.58 - 31.12.2011 n/a

BINSHUANG DING n/a EXCH 471'061 0.4 - 19.08.2010 n/a

YIMIN XU n/a Co File 379'440 0.32 - 31.12.2011 n/a

ICBC ASIA LTD n/a EXCH 201'542 0.17 - 19.08.2010 Bank

YONGGANG LI n/a Co File 134'589 0.12 - 31.12.2011 n/a

JIANFANG CHEN n/a Co File 121'130 0.1 - 31.12.2011 n/a

YONGBO SHI n/a EXCH 107'671 0.09 - 19.08.2010 n/a

FAYU LUO n/a EXCH 100'941 0.09 - 19.08.2010 n/a

WENZHONG CHENG n/a EXCH 80'753 0.07 - 19.08.2010 n/a

HONGYONG GUO n/a EXCH 80'753 0.07 - 19.08.2010 n/a

WEIHANG WANG n/a EXCH 80'753 0.07 - 19.08.2010 n/a

HONG JIANG n/a EXCH 74'024 0.06 - 19.08.2010 n/a


GF Securities Co. Ltd. HU HONG buy 5 N #N/A N/A Not Provided 25.06.2013

Holdings By:

Xinjiang Western Animal Husbandry Co Ltd ee


08.07.2013

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.


LTM as of: 01/yy

52-Week High (17.10.2012) 2.14

52-Week Low (31.05.2013) 0.71

Daily Volume

0.76















30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -

1'267.1 1'547.7 1'900.8 2'234.6 2'548.2 - - - - - -

5.32x 2.79x 3.28x 1.99x 0.48x - - - - - -

528.5 641.9 862.3 885.1 969.3 - - - - - -

12.75x 6.72x 7.24x 5.02x 1.26x - - - - - -

471.0 454.9 576.0 458.8 520.3 - - - - - -

17.13x 10.65x 12.34x 10.69x 3.12x - - - - - -











EBITDA Margin 33.1%



Asset Turnover 0.47







Fiscal Year Ended

China Green Holdings Ltd/BermudaPrice/Volume

Valuation Analysis

1'416'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

f -. M -. n -. l -. j -. S -. f -0 b -0 i -0 M -0 i -0 f -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' F.'!' F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



08.07.2013


SHAO FENG SUN n/a Co File 407'274'000 46.07 - 30.04.2012 n/a

PARTNER SHANGHAI LTD n/a EXCH 226'553'576 25.63 49'748'576 17.04.2013 Other

CHEN YUANMING n/a EXCH 44'244'000 5 - 30.05.2013 n/a

DEUTSCHE BANK AG n/a ULT-AGG 44'032'285 4.98 - 12.03.2013 Investment Advisor





DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'631'521 0.41 (14'410'845) 30.04.2013 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'677'000 0.19 (726'000) 31.03.2013 Investment Advisor

SECURITY KAG Multiple Portfolios MF-AGG 957'000 0.11 (339'000) 31.05.2013 Investment Advisor

DAI SHAOBO n/a EXCH 840'000 0.1 - 30.05.2013 n/a

DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 659'469 0.07 - 25.07.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 588'000 0.07 - 31.05.2013 Investment Advisor

AERO FUND PCC LTD Multiple Portfolios MF-AGG 494'000 0.06 - 31.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 492'000 0.06 - 31.05.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 429'000 0.05 (87'000) 30.04.2013 Investment Advisor

DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 253'095 0.03 - 31.12.2012 Investment Advisor



Bank of China International JENNY CHAN buy 5 M 11 Not Provided 11.05.2011

Sun Hung Kai Securities CHONG KOK MING buy 5 M 11 12 month 25.10.2010

Holdings By:

China Green Holdings Ltd/Bermuda ee


Fundamental Analysis & Analysts Recommendations - Q.M.S Advisors Farming Index

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Transcript of Fundamental Analysis & Analysts Recommendations - Q.M.S Advisors Farming Index