Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global...

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August 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 15506648 2068.725 1096 1096 203 220 220 104.09 110.31 110.31 16.20 16.20 15.28 15.28 18.58

Euro Stoxx 50 Pr EUR 2749994 5651.205 4694 4694 757 791 791 223.73 301.85 301.85 21.73 18.26 16.11 16.11 20.90

NIKKEI 225 JPY 2736710 192.8163 197 197 19 22 22 5.73 8.12 8.12 0.25 0.24 0.18 0.18 0.11

FTSE 100 INDEX GBP 2759715 11992.46 9815 9815 1443 1652 1652 593.10 805.86 805.86 25.70 22.35 18.92 18.92 21.68

SWISS MARKET INDEX CHF 1066765 10838.49 4153 4153 935 854 854 442.14 565.80 565.80 20.47 17.72 16.00 16.00 24.38

S&P/TSX COMPOSITE INDEX CAD 1656479 17399.98 8467 8467 1848 1991 1991 759.17 813.39 813.39 15.62 15.62 14.58 14.58 23.95

S&P/ASX 200 INDEX AUD 1255626 5951.052 2639 2639 548 676 676 221.54 314.90 314.90 18.63 15.09 13.11 13.11 20.13

HANG SENG INDEX HKD 1686961 3138.247 1669 1669 356 400 400 280.48 270.36 270.36 1.30 1.48 1.34 1.34 2.91

MSCI EM USD 7192424 1322.513 975 975 188 179 179 82.73 89.20 89.20 11.53 11.76 10.69 10.69 19.21

SYNGENTA AG-ADR USD 37036 332 3 0 2 14202 14327 15043 15731 3148 3058 - - - - 4.72 5.14 - - 16.85 15.48 7.04 3.12 8.97 10.25 21.34 A 15.06.2007 - -

MONSANTO CO USD 53540 4206 534 2 0 0 4 52.86 13504 14769 14961 16146 3760 4206 -119 -119 3.77 4.55 4.58 5.35 22.08 22.08 21.93 18.79 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012

ARCHER-DANIELS-MIDLAND CO USD 23738 3312 659 10 0 0 3 30.31 90559 91131 90117 92386 2827 2554 647 647 2.31 2.18 2.36 3.04 16.49 16.49 15.30 11.86 12.25 15.34 -20.72 0.61 2.80 A 03.05.2013 A2 *- 30.04.2013

DEERE & CO USD 32200 4001 388 6 0 0 5 34.35 35657 37235 35478 35629 5425 6116 1378 1378 7.20 7.79 8.51 8.59 10.65 10.65 9.75 9.66 13.03 7.19 12.76 11.23 16.43 A 14.12.2006 A2 08.02.2007

POTASH CORP OF SASKATCHEWAN USD 27397 106282 865 4 0 0 1 30.23 7927 8029 7550 7708 3589 3545 864 864 2.63 2.62 2.50 2.64 12.07 12.07 12.67 12.00 -9.04 10.97 -18.39 14.49 44.15 A- 15.11.2010 A3 07.06.2013

KUBOTA CORP-SPONS ADR USD 18482 78 461 0 52 111 1167628 1167628 1357415 1425261 142415 142415 191635 191635 - - 390.81 430.49 - - 18.39 16.70 15.83 2.32 9.90 -3.19 12.20 NR 09.01.2007 WR 30.09.2005

AGRIUM INC USD 12924 5189 149 4 0 0 1 16.27 16686 16281 16800 17580 2715 2668 1194 1194 9.46 9.38 9.27 9.32 9.22 9.22 9.33 9.28 7.86 26.96 0.33 26.26 16.39 BBB 24.11.2005 Baa2 18.03.2010

CF INDUSTRIES HOLDINGS INC USD 11694 4105 63 2 0 0 2 11.47 6104 5913 5590 5422 3332 3297 827 827 27.77 28.40 23.94 22.09 6.95 6.95 8.24 8.93 0.10 25.42 5.42 37.17 55.75 - - - -

BUNGE LTD USD 11201 1313 146 9 1 0 1 22.31 60991 64609 64492 65718 1580 1705 640 640 7.58 6.13 6.74 7.93 12.47 12.47 11.34 9.64 8.72 3.04 -7.98 0.50 2.64 BBB- 10.06.2010 - -

MOSAIC CO/THE USD 18655 61378 426 1 0 0 4 16.05 9974 9974 8958 10051 2814 2890 627 627 4.08 3.99 3.94 4.39 10.99 10.99 11.12 9.99 -10.21 2.11 -9.77 -2.55 28.98 BBB 28.04.2011 Baa1 12.10.2011

WILMAR INTERNATIONAL LTD SGD 15842 6355 6396 17 0 1 2 28.28 35744 35532 37426 41902 1613 1757 462 462 0.15 0.16 0.17 0.18 9.50 9.50 9.23 8.29 1.32 8.50 9.07 15.52 3.89 - - - -

FIAT INDUSTRIAL EUR 15077 2736 1223 28 0 1 6 39.76 34248 34472 35213 36951 3716 3699 976 976 1.02 0.88 1.10 1.30 18.54 17.44 14.88 12.62 8.52 - 25.19 - 14.37 BB+ 04.11.2010 - -

TRACTOR SUPPLY COMPANY USD 8384 416 70 0 0 0 0 8.33 4664 4893 5158 5693 526 560 117 117 3.80 4.17 4.48 5.25 28.81 28.81 26.82 22.90 10.19 10.17 21.41 20.02 11.45 - - - -

TYSON FOODS INC-CL A USD 9691 3389 359 2 0 0 1 11.38 33278 33502 34239 35034 1747 1655 505 505 1.93 2.16 2.12 2.60 12.62 12.62 12.89 10.49 3.14 6.01 -2.46 9.10 4.94 BBB 11.02.2013 Baa3 07.06.2012

YARA INTERNATIONAL ASA NOK 12552 623 284 2 0 0 2 13.02 14159 14393 14224 14569 2460 2246 533 533 - 5.35 5.07 4.91 1.39 - 1.47 1.52 1.36 0.29 -1.40 2.97 2.63 BBB 15.03.2010 Baa2 17.03.2010

URALKALI-SPON GDR-REG S USD 12 4 0 0 2 3950 3950 3839 4109 2311 2311 - - - - 2.32 2.58 - - 10.34 9.29 12.98 50.12 11.76 37.32 58.52 BBB- 18.06.2012 - -

AGCO CORP USD 5341 1067 97 1 0 0 1 6.26 9962 10092 10524 10719 946 960 317 317 5.25 5.22 5.63 5.95 10.51 10.51 9.75 9.23 13.55 7.99 20.74 11.69 9.51 BBB- 05.03.2010 WR 23.06.2005

IOI CORPORATION BHD MYR 10751 6055 6398 3 0 0 1 12.26 4774 4288 4550 4822 728 816 - - 0.08 0.10 0.08 0.09 5.12 5.41 6.14 5.80 -1.02 -0.05 -0.76 1.43 5.87 BBB 15.05.2013 - -

SMITHFIELD FOODS INC USD 4620 3103 139 3 0 0 0 6.83 13221 13221 13506 13828 744 744 181 181 1.80 1.79 2.69 3.12 18.62 18.62 12.35 10.66 0.97 3.00 -23.70 4.22 5.63 BB *- 29.05.2013 B1 *- 15.07.2013

K+S AG-REG EUR 5190 5823 191 2 0 0 1 5.50 5227 5017 5405 5306 1434 1418 303 303 3.98 3.77 3.63 3.11 9.55 9.17 9.93 11.58 -2.04 5.91 -5.04 27.73 37.54 BBB+ 08.09.2011 Baa2 10.10.2009

INCITEC PIVOT LTD AUD 3872 16737 1629 1 0 0 0 5.35 3164 3055 3084 3487 661 469 425 425 0.25 0.26 0.17 0.23 8.11 9.33 12.38 9.43 -1.13 21.04 -8.62 15.80 13.89 BBB 12.10.2009 Baa3 04.12.2009

NIPPON MEAT PACKERS INC JPY 3526 1169 199 2 0 0 1 4.38 10456 10688 10784 11027 489 489 - - 0.73 0.89 0.84 0.93 0.18 - 0.19 0.17 0.00 0.00 -0.14 0.03 0.05 NR 09.01.2007 WR 25.09.2008

ISRAEL CHEMICALS LTD ILs 10252 3837 1272 1 0 0 0 3.27 1871 1896 1888 1938 533 540 132 132 0.29 0.29 0.27 0.26 2.19 2.19 2.36 2.43 -1.57 1.72 -3.86 4.35 7.99 - - - -

CHAROEN POKPHAND INDONESI PT IDR 6874 14975 16398 0 0 0 0 6.95 2078 2247 2454 2835 349 338 - - - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

NUTRECO NV EUR 3288 22 69 1 0 0 0 3.65 6945 7004 7233 7599 408 408 - - 3.35 2.86 3.41 3.80 21.72 18.55 18.21 16.36 14.29 1.17 17.26 12.12 7.80 - - - -

TORO CO USD 2813 405 58 0 0 0 0 2.96 1959 1993 2008 2144 259 284 60 60 2.10 2.60 2.45 2.86 18.83 18.83 20.00 17.13 3.97 2.89 11.27 -0.49 14.23 BBB 30.04.2012 Baa3 22.01.1996

CHAROEN POKPHAND FOODS-NVDR THB 6920 8184 7743 5 0 1 0 12.08 11400 11845 12599 13951 493 390 101 101 - 0.03 0.04 0.07 0.85 - 0.77 0.42 2.34 0.72 -0.65 0.78 0.11 - - - -

GOLDEN AGRI-RESOURCES LTD SGD 5299 244851 12838 1 0 0 1 5.19 4758 4688 4389 4975 597 539 - - 0.03 0.02 0.03 0.03 11.31 - 9.54 8.32 1.31 21.84 -13.24 6.17 9.03 - - - -

KUALA LUMPUR KEPONG BHD MYR 6960 1079 1065 1 0 0 1 7.30 3239 2914 3067 3422 535 471 - - - 0.29 0.29 0.35 7.00 - 6.87 5.77 -0.53 1.68 -7.65 3.83 4.99 - - - -

MARINE HARVEST NOK 3788 3409 3748 1 0 0 0 4.87 2607 2596 3004 3461 205 247 182 182 - 0.03 0.09 0.12 5.11 - 1.84 1.40 -0.70 0.71 -11.10 0.46 1.61 - - - -

PPB GROUP BERHAD MYR 5445 561 1186 0 0 0 0 5.38 927 951 976 1019 94 84 121 121 - 0.23 0.24 0.26 6.05 - 5.97 5.44 3.65 0.48 7.35 -1.97 2.72 - - - -

FELDA GLOBAL VENTURES MYR 4948 1139 3648 1 0 0 2 4.01 3972 4269 3731 4001 296 360 - - 0.09 0.07 0.06 0.07 6.19 5.08 6.96 5.90 22.47 - -15.27 - 2.60 - - - -

TAIWAN FERTILIZER CO LTD TWD 2396 2528 980 0 0 0 0 2.35 593 593 589 706 46 46 - - 0.12 0.11 0.13 0.16 0.72 - 0.64 0.51 0.16 0.45 3.39 0.72 0.26 - - - -

QUIMICA Y MINERA CHIL-SP ADR USD 8333 6177 2 0 0 1 2429 2523 2375 2620 1096 1100 245 245 - - 2.26 2.50 - - 13.62 12.30 13.23 14.20 15.49 25.09 43.59 BBB 27.04.2009 Baa1 23.10.2006

TONGAAT HULETT LTD ZAr 1397 103 107 1 0 0 0 2.08 1458 1458 1528 1658 263 263 293 293 0.96 0.97 1.13 1.35 1.34 1.36 1.15 0.97 1.92 - 1.58 - 1.83 - - - -

ANDERSONS INC/THE USD 1117 116 19 0 0 0 0 1.82 5272 5407 5508 5672 160 156 63 63 4.23 3.93 4.13 5.18 15.20 15.20 14.46 11.54 15.20 13.09 -2.76 10.72 2.88 - - - -

LINDSAY CORP USD 962 289 13 0 0 0 0 0.79 551 670 701 671 78 116 22 22 3.75 5.34 5.60 5.09 14.00 14.00 13.34 14.69 15.11 14.06 14.14 20.32 17.37 - - - -

KERNEL HOLDING SA PLN 1284 10 79 0 0 0 0 0.70 675 831 846 819 100 99 32 32 0.81 0.55 0.62 0.88 2.85 2.86 2.54 1.79 4.26 7.73 1.16 14.79 3.71 - - - -

NUFARM LTD AUD 1069 787 262 1 0 0 0 1.97 1972 2037 2008 2111 192 207 161 161 0.23 0.17 0.27 0.37 22.12 - 13.42 9.92 4.25 0.40 27.45 -1.18 9.20 BB 21.02.2011 - -

FIRST RESOURCES LTD SGD 2092 926 1584 0 0 0 0 1.83 474 482 532 678 252 263 - - 0.12 0.13 0.10 0.12 6.51 6.51 7.93 6.88 17.30 25.16 7.31 - 42.93 - - - -

CHIQUITA BRANDS INTL USD 552 520 46 1 0 0 0 1.11 3078 3060 3026 3077 59 81 54 54 -4.79 -4.54 0.55 1.11 - - 21.62 10.71 -1.94 -3.63 -57.51 -14.73 2.66 B 03.09.2009 Caa1 18.03.2010

CHAODA MODERN AGRICULTURE HKD 467 0 3188 0 0 0 0 0.04 898 975 545 557 - - 0.15 0.15 0.09 0.10 1.76 3.19 2.43 3.69 7.37 NR 10.02.2012 WR 10.08.2011

CHINA BLUECHEMICAL LTD - H HKD 2128 17012 4610 0 0 0 0 1.53 1385 1385 1539 1613 445 445 - - 0.05 0.05 0.05 0.06 0.92 0.90 0.86 0.84 1.30 3.21 -0.35 1.42 4.14 - - - -

ASTRA AGRO LESTARI TBK PT IDR 2387 590 1575 0 0 0 0 2.60 1127 1113 1175 1344 383 344 97 97 0.15 0.13 0.13 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

TURK TRAKTOR VE ZIRAAT MAKIN TRY 1672 11 53 0 0 0 0 1.72 1022 982 1112 1212 162 154 - - - 2.32 2.69 2.91 7.00 - 6.05 5.57 4.99 14.05 -1.56 12.88 8.14 - - - -

PP LONDON SUMATRA INDONES PT IDR 745 30598 6823 0 0 0 0 0.60 411 402 425 476 147 125 27 27 - 0.01 0.01 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

INDOFOOD AGRI RESOURCES LTD SGD 998 1706 1434 5331 0 7101 3996 17120.44 10885204 10804410 10411263 11833522 2360097 2287499 2321007 2321007 576.85 426.13 480.03 641.52 10.35 9.32 9.19 6.89 7.73 3.23 -12.73 11.28 16.65 - - - -

SINOFERT HOLDINGS LTD HKD 1096 58465 7024 1 0 0 0 1.36 5311 5311 5407 5666 179 179 - - 0.01 0.02 0.02 0.02 0.99 - 0.99 0.83 1.58 1.29 2.26 -0.98 0.43 - - - -

CRESUD S.A.-SPONS ADR USD 377 56 4 0 2 1 3458 3585 2973 3138 893 493 - - - - 2.18 4.44 - - 18.98 9.30 36.12 96.83 -3.07 83.90 13.75 - - - -

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 2.35 2.35 2.17 1.99 2.35 1.54 1.54 1.45 1.39 1.54 10.71 10.71 10.02 10.41 10.71 9.42 9.42 8.68 8.11 9.42 15.28 15.28 13.78 12.46 15.28 2.09 2.09 2.25 2.41 2.09 1817.9 7.8%

Euro Stoxx 50 Pr 1.20 1.20 1.14 1.08 1.20 0.78 0.78 0.76 0.74 0.78 6.12 6.12 5.60 5.07 6.12 7.15 7.15 6.76 6.41 7.15 12.13 12.13 10.80 9.73 12.13 4.16 4.16 4.41 4.75 4.16 2982.2 8.2%

NIKKEI 225 1.48 1.48 1.38 1.29 1.48 0.71 0.71 0.69 0.67 0.71 8.67 8.67 8.02 7.41 8.67 8.67 8.67 7.96 7.53 8.67 17.22 17.22 15.31 13.84 17.22 1.69 1.69 1.85 1.99 1.69 15094.6 10.4%

FTSE 100 INDEX 1.75 1.75 1.63 1.51 1.75 1.02 1.02 0.99 0.98 1.02 8.47 8.47 7.80 7.11 8.47 7.26 7.26 6.68 6.28 7.26 12.42 12.42 11.29 10.40 12.42 3.81 3.81 4.09 4.44 3.81 7018.4 6.9%

SWISS MARKET INDEX 2.36 2.36 2.19 2.03 2.36 2.02 2.02 1.93 1.84 2.02 12.36 12.36 11.22 10.06 12.35 12.69 12.69 11.73 10.97 12.69 14.83 14.83 13.40 12.16 14.83 3.29 3.29 3.67 4.20 3.29 8688.5 11.7%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.58 1.47 1.69 1.44 1.44 1.48 1.50 1.44 8.64 8.64 7.86 6.50 8.64 8.74 8.74 7.79 7.26 8.74 15.02 15.02 13.30 12.09 15.02 3.20 3.20 3.34 3.47 3.20 14096.1 12.0%

S&P/ASX 200 INDEX 1.85 1.85 1.75 1.65 1.85 1.73 1.73 1.64 1.56 1.73 10.56 10.56 9.52 9.07 10.56 8.80 8.80 7.99 7.46 8.80 14.50 14.50 13.15 12.09 14.50 4.65 4.65 4.98 5.32 4.65 5217.1 3.3%

HANG SENG INDEX 1.30 1.30 1.20 1.14 1.30 1.69 1.69 1.56 1.44 1.69 7.78 7.78 7.40 6.86 7.77 7.85 7.85 7.19 6.53 7.85 10.43 10.43 9.59 8.78 10.43 3.68 3.68 3.98 4.32 3.68 24746.4 13.2%

MSCI EM 1.38 1.38 1.26 1.15 1.38 0.98 0.98 0.91 0.85 0.98 6.88 6.88 6.31 5.82 6.88 7.37 7.37 6.70 6.16 7.37 10.69 10.69 9.55 8.74 10.69 2.93 2.93 3.23 3.48 2.93 1126.3 18.1%

SYNGENTA AG-ADR 2.59 2.46 2.35 2.20 2.14 13.76 14.36 12.95 17.11 16.85 15.48 13.91 13.62 6.97 2.77 3.02 79.24 -0.4%

MONSANTO CO 4.49 4.07 3.58 3.11 3.91 3.58 3.32 3.08 3.10 20.36 18.66 15.69 13.59 14.10 12.57 10.75 9.66 9.93 27.02 21.93 18.79 16.62 15.53 1.14 1.50 1.58 1.61 117.62 17.1%

ARCHER-DANIELS-MIDLAND CO 1.25 1.19 1.11 1.04 0.27 0.26 0.26 0.25 8.22 10.98 8.54 10.63 9.79 9.66 7.84 8.25 15.33 15.30 11.86 11.51 1.87 1.99 2.05 2.17 36.38 1.0%

DEERE & CO 4.20 3.20 2.56 2.12 0.96 0.91 0.90 0.87 10.39 8.53 7.95 7.25 6.64 5.89 5.90 5.66 10.68 9.75 9.66 9.40 2.08 2.34 2.45 2.57 97.56 17.6%

POTASH CORP OF SASKATCHEWAN 2.79 2.47 2.26 2.21 3.49 3.63 3.55 3.49 3.11 8.61 8.67 9.28 8.18 7.64 7.97 7.83 7.71 11.26 12.67 12.00 11.58 1.90 3.82 4.22 4.30 37.77 19.4%

KUBOTA CORP-SPONS ADR 1.56 1.33 1.27 17.69 13.59 12.41 25.73 18.39 16.70 1.10 1.38 1.50 89.41 21.6%

AGRIUM INC 1.89 1.57 1.34 1.21 0.78 0.77 0.74 0.69 0.68 7.68 7.84 6.97 6.47 6.14 6.44 6.32 5.86 5.56 8.79 9.33 9.28 8.60 8.16 0.82 2.08 2.16 2.24 105.78 22.3%

CF INDUSTRIES HOLDINGS INC 2.11 1.80 1.54 1.40 1.88 2.09 2.16 2.11 1.94 5.73 7.55 8.76 12.60 7.15 3.38 4.13 4.55 4.57 3.90 7.10 8.24 8.93 8.74 7.50 0.81 0.81 0.81 0.81 211.47 7.2%

BUNGE LTD 0.96 0.92 0.85 0.78 0.17 0.17 0.17 0.16 7.98 7.44 7.75 11.23 10.14 9.45 9.09 12.30 11.34 9.64 9.35 1.30 1.37 1.55 1.66 83.82 9.7%

MOSAIC CO/THE 1.39 1.50 1.93 2.22 1.87 2.08 1.86 1.77 7.76 10.39 7.28 6.63 5.61 6.63 5.43 4.85 10.71 11.12 9.99 8.57 7.70 2.28 2.05 2.28 1.90 2.28 55.88 27.6%

WILMAR INTERNATIONAL LTD 1.11 1.03 0.95 0.89 0.35 0.33 0.30 0.27 9.17 10.07 11.16 10.41 16.07 14.23 12.96 12.00 14.15 11.74 10.54 9.64 1.70 1.90 2.10 2.34 3.76 19.3%

FIAT INDUSTRIAL 2.11 2.01 1.74 1.51 0.44 0.43 0.41 0.39 0.36 6.84 6.54 5.77 5.32 10.80 10.35 9.36 8.52 7.80 11.92 11.20 9.50 7.98 6.36 2.47 2.79 3.32 3.73 10.00 7.7%

TRACTOR SUPPLY COMPANY 7.58 7.03 6.13 4.89 5.16 1.80 1.63 1.47 1.34 1.20 29.16 20.77 19.02 15.27 15.93 13.88 12.10 10.59 9.53 32.25 26.82 22.90 19.44 17.06 0.60 0.76 0.89 0.93 1.15 130.83 8.9%

TYSON FOODS INC-CL A 1.69 1.52 1.35 1.22 0.29 0.28 0.28 0.26 10.64 8.93 7.31 7.40 6.68 6.16 5.43 5.12 15.17 12.89 10.49 9.88 0.59 0.79 0.73 0.73 29.90 9.5%

YARA INTERNATIONAL ASA 1.46 1.36 1.25 1.16 1.21 0.89 0.88 0.86 0.85 1.02 5.54 7.17 6.96 6.95 4.84 5.50 5.71 5.72 6.47 7.19 8.71 9.00 8.76 13.34 3.81 4.47 4.38 4.56 3.44 293.10 11.9%

URALKALI-SPON GDR-REG S 1.77 1.77 1.63 1.53 1.42 8.05 7.82 7.20 6.54 6.03 9.97 10.34 9.29 8.34 7.47 5.55 5.42 5.60 6.36 6.18

AGCO CORP 1.54 1.34 1.18 1.04 0.54 0.51 0.50 0.49 7.94 6.73 6.32 5.83 6.60 5.85 5.53 5.20 10.52 9.75 9.23 8.87 0.00 0.39 0.49 0.42 61.17 11.5%

IOI CORPORATION BHD 2.74 2.60 2.44 2.29 2.18 2.03 2.36 2.23 2.12 2.30 20.00 18.96 19.64 17.44 17.61 13.47 15.26 14.44 13.38 14.46 17.67 19.93 18.83 17.06 18.83 3.00 2.77 2.82 2.99 2.93 5.47 0.2%

SMITHFIELD FOODS INC 1.43 1.21 1.15 0.35 0.34 0.33 9.07 8.51 7.42 6.86 16.59 12.35 10.66 32.75 -1.5%

K+S AG-REG 1.16 1.05 0.98 0.91 0.82 0.98 0.96 0.98 0.95 0.90 4.83 5.17 5.71 6.11 4.35 3.92 4.08 4.65 4.71 4.47 7.33 7.48 8.72 9.38 8.78 6.73 5.74 5.00 4.79 5.14 30.11 47.5%

INCITEC PIVOT LTD 1.11 1.04 0.98 0.92 0.88 1.11 1.26 1.11 1.03 0.98 8.32 9.04 7.01 6.29 6.02 7.78 8.95 6.93 6.27 5.80 10.56 13.70 10.44 8.98 8.71 3.88 4.14 5.13 6.01 6.69 3.26 24.1%

NIPPON MEAT PACKERS INC 1.05 1.01 0.97 0.92 0.87 0.34 0.33 0.32 0.31 0.31 8.70 8.20 7.57 7.26 8.70 7.98 7.37 7.00 6.64 22.88 18.41 16.59 14.81 12.88 1.36 1.64 1.76 1.97 2.58 1626.25 7.7%

ISRAEL CHEMICALS LTD 3.04 2.78 2.56 2.36 1.90 1.51 1.52 1.48 1.42 1.31 6.22 7.02 7.28 6.64 5.07 5.93 6.32 6.28 5.72 4.83 7.83 8.41 8.66 7.89 5.84 9.15 8.02 7.24 7.80 11.92 4119.29 43.4%

CHAROEN POKPHAND INDONESI PT 8.49 6.62 5.33 4.54 3.28 2.80 2.43 2.12 22.15 20.15 16.89 12.44 17.61 15.37 13.08 11.73 23.55 20.33 17.00 14.52 1.19 1.45 2.03 2.55 4858.57 13.0%

NUTRECO NV 2.51 2.34 2.12 1.91 1.77 0.48 0.45 0.43 0.42 0.42 10.99 10.00 9.18 8.40 8.12 8.60 8.32 7.60 7.12 6.87 14.03 13.71 12.32 11.20 11.07 3.07 3.07 3.39 3.71 3.77 35.04 -0.6%

TORO CO 9.92 8.69 7.27 1.43 1.40 1.31 1.26 1.20 11.50 11.20 9.89 9.15 22.79 20.00 17.13 15.59 13.74 1.80 1.80 1.80 51.00 4.3%

CHAROEN POKPHAND FOODS-NVDR 2.12 1.85 1.70 1.52 0.62 0.55 0.50 0.45 0.35 16.25 11.48 11.21 12.76 18.20 15.85 11.98 10.40 10.14 26.74 24.26 13.24 10.69

GOLDEN AGRI-RESOURCES LTD 0.61 0.58 0.55 0.52 0.52 0.99 0.95 0.84 0.75 0.59 7.24 8.25 8.42 7.24 7.50 8.14 8.63 7.54 6.75 6.22 10.86 12.14 10.58 9.17 6.88 2.42 2.42 2.42 3.15 3.63 0.61 15.4%

KUALA LUMPUR KEPONG BHD 3.01 3.00 2.80 2.58 2.37 2.14 2.27 2.03 1.86 1.65 17.14 16.69 16.50 14.85 14.42 12.37 13.81 11.91 10.47 8.65 19.00 22.29 18.71 16.51 13.09 3.29 2.75 3.06 3.30 4.65 20.74 -2.2%

MARINE HARVEST 1.97 1.67 1.58 1.53 1.34 1.45 1.26 1.09 1.04 1.04 17.28 8.93 6.40 7.89 20.91 7.92 6.23 6.45 6.66 96.69 10.92 8.28 8.46 8.78 0.45 4.52 8.44 8.66 2.75 7.18 19.8%

PPB GROUP BERHAD 1.22 1.18 1.13 1.07 6.24 5.58 5.34 5.03 87.65 70.95 87.65 93.13 49.07 44.44 40.21 32.80 25.91 19.35 17.63 15.60 1.53 1.54 1.64 1.85 13.97 -6.3%

FELDA GLOBAL VENTURES 2.64 2.47 2.34 2.21 1.35 1.33 1.24 1.19 1.02 22.00 18.03 24.58 16.12 9.52 11.95 10.40 10.37 19.64 22.56 19.13 18.88 7.86 2.39 2.39 2.75 2.93 4.13 -6.1%

TAIWAN FERTILIZER CO LTD 1.36 1.32 1.24 1.16 4.04 4.06 3.39 3.54 19.83 17.25 15.14 13.70 34.04 49.05 24.90 27.11 20.91 19.16 15.39 15.17 3.35 3.72 4.36 4.83 88.08 20.2%

QUIMICA Y MINERA CHIL-SP ADR 3.61 3.18 2.75 2.60 3.39 3.51 3.18 2.91 2.82 10.07 8.11 7.98 12.11 13.62 12.30 11.33 10.39 3.45 3.94 3.84 4.35 51.86 68.6%

TONGAAT HULETT LTD 1.80 1.47 1.33 1.20 0.99 0.91 0.84 0.79 11.12 8.75 7.27 6.75 7.43 7.10 6.56 6.13 11.72 11.35 9.53 8.43 2.96 3.11 3.78 4.15 13645.00 7.6%

ANDERSONS INC/THE 1.84 1.66 1.47 0.22 0.20 0.20 7.87 6.66 10.14 9.90 8.56 13.80 14.46 11.54 1.00 1.04 1.04 57.20 -4.3%

LINDSAY CORP 1.74 1.37 1.43 1.30 1.21 9.25 6.48 6.97 6.13 5.60 19.60 13.34 14.69 12.94 11.72 0.50 0.62 0.65 0.69 0.70 83.40 11.5%

KERNEL HOLDING SA 1.09 0.93 0.81 0.71 0.71 0.59 0.47 0.49 0.44 0.40 8.10 6.58 4.75 4.36 3.04 6.70 6.93 5.93 5.39 4.90 6.05 8.10 5.73 5.01 4.68 0.00 0.00 1.73 5.91 15.89 64.43 25.1%

NUFARM LTD 0.80 0.86 0.80 0.74 0.57 0.55 0.53 0.51 0.48 0.44 8.56 11.48 5.47 6.26 7.15 8.13 8.46 7.43 6.94 6.56 11.42 14.85 10.98 9.96 8.57 2.73 1.91 2.78 3.27 3.38 4.96 10.2%

FIRST RESOURCES LTD 1.90 1.61 1.41 1.23 3.55 3.09 2.43 2.01 1.60 7.34 8.92 7.06 6.11 7.00 7.00 6.05 5.36 10.40 10.08 8.75 7.63 2.42 2.73 3.03 3.48 2.33 38.7%

CHIQUITA BRANDS INTL 0.18 0.18 0.18 12.39 7.76 6.67 21.62 10.71 15.50 30.4%

CHAODA MODERN AGRICULTURE 0.14 0.39 0.62 0.07 0.72 9.89

CHINA BLUECHEMICAL LTD - H 0.97 0.88 0.81 0.75 1.22 1.09 1.04 0.93 4.07 4.00 4.37 5.34 3.22 3.11 2.91 2.70 6.77 6.71 6.49 6.43 5.16 5.37 5.62 5.65 4.95 38.3%

ASTRA AGRO LESTARI TBK PT 2.73 2.52 2.25 2.04 1.80 2.16 2.03 1.78 1.59 1.64 8.82 9.48 7.94 6.82 7.92 7.61 7.56 6.41 5.91 6.77 11.04 11.99 10.58 9.06 8.62 5.51 4.66 4.32 5.42 3.93 18542.79 19.2%

TURK TRAKTOR VE ZIRAAT MAKIN 5.08 4.41 3.92 3.72 1.65 1.50 1.38 1.27 1.26 18.56 15.66 12.94 15.67 10.58 9.59 8.67 7.94 7.93 12.38 11.67 10.76 9.50 6.11 6.34 7.00 8.73 64.87 7.2%

PP LONDON SUMATRA INDONES PT 1.16 1.12 1.01 0.94 0.95 1.67 1.75 1.57 1.45 1.28 4.95 6.82 5.98 5.54 6.29 3.54 4.57 3.91 3.68 4.28 5.86 8.09 6.63 6.23 4.64 7.62 4.94 4.70 5.34 4.66 1690.75 51.0%

INDOFOOD AGRI RESOURCES LTD 0.75 0.70 0.65 0.60 0.59 0.75 0.77 0.68 0.62 0.50 4.19 7.61 5.01 3.62 2.82 6.22 7.38 6.03 5.78 4.45 8.70 11.71 8.76 7.52 3.91 1.11 0.81 0.96 1.11 1.10 24.3%

SINOFERT HOLDINGS LTD 0.49 0.46 0.43 0.40 0.16 0.16 0.15 0.16 4.35 4.16 3.98 7.05 7.26 6.57 5.39 7.71 7.65 6.42 6.38 2.09 1.99 2.61 2.51 1.80 49.0%

CRESUD S.A.-SPONS ADR 1.02 1.07 0.96 0.86 0.83 0.70 0.66 0.64 0.62 8.29 6.64 3.67 2.87 14.94 18.98 9.30 7.65 11.22 1.33 1.38 2.71 3.68 17.00 126.4%

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


31.07.2013

Syngenta AG produces crop protection products and seeds. The Company produces

herbicides, insecticides and fungicides, and seeds for field crops, vegetables,

and flowers.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (01.02.2013) 87.73

52-Week Low (02.08.2012) 67.01

Daily Volume

79.54

52-Week High % Change -9.34% Dividend Yield -

52-Week Low % Change 18.70% Beta 1.05

% 52 Week Price Range High/Low 60.47% Equity Float -

Shares Out 30.06.2013 465.6 Short Int 0.49

37'036.27 1 Yr Total Return 19.77%

Total Debt 3'348.00 YTD Return 0.86%

Preferred Stock - Adjusted BETA 1.047

Minority Interest 11.0 Analyst Recs 7

Cash and Equivalents 1'599.00 Consensus Rating 3.571

Enterprise Value -

Average Volume 5 Day 358'410

SYT US EQUITY YTD Change - Average Volume 30 Day 208'304

SYT US EQUITY YTD % CHANGE - Average Volume 3 Month 188'060

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 06/yy 06/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265 14'327 15'043 15'731 - -

1.68x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.61x 2.48x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'325.0 3'576.0 - -

7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x - - - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'150.0 2'309.0 - -

- - - - - 0.00x 0.00x 16.85x 15.48x - -

EBITDA 3'148.00 Long-Term Rating Date 15.06.2007

EBIT 2'550.00 Long-Term Rating A

Operating Margin 17.96% Long-Term Outlook STABLE

Pretax Margin 15.15% Short-Term Rating Date 15.06.2007

Return on Assets 8.86% Short-Term Rating A-1

Return on Common Equity 20.64%

Return on Capital - EBITDA/Interest Exp. 22.17

Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59

Net Debt/EBITDA 1.03

Gross Margin 49.2% Total Debt/EBITDA 1.28

EBITDA Margin 21.3%

EBIT Margin 17.2% Total Debt/Equity 38.3%

Net Income Margin 13.2% Total Debt/Capital 27.7%

Asset Turnover 0.71

Current Ratio 1.71 Net Fixed Asset Turnover 4.65

Quick Ratio 0.75 Accounts receivable turnover-days 139.15

Debt to Assets 17.26% Inventory Days 205.65

Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60

Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33

Inventory Turnover 1.77

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

Syngenta AGPrice/Volume

Valuation Analysis

332'222.00

Current Price (7/dd/yy) Market Data

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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'!''

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31.07.2013

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

VAN ECK ASSOCIATES C n/a ULT-AGG 5'084'122 1.09 5'084'122 30.07.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 4'525'489 0.97 (681'375) 31.05.2013 Investment Advisor

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'546'491 0.33 4'359 31.03.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'530'995 0.33 - 31.05.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 1'103'763 0.24 5'186 31.03.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'006'378 0.22 264'763 31.03.2013 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 881'667 0.19 176'018 31.03.2013 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 864'367 0.19 327'067 31.03.2013 Unclassified

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 767'559 0.16 (35'599) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 667'554 0.14 33'577 30.07.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 561'409 0.12 26'396 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 534'400 0.11 (86'900) 31.03.2013 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 463'211 0.1 27'686 31.03.2013 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 308'796 0.07 (6'050) 30.04.2013 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 265'361 0.06 - 28.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 262'699 0.06 (4'176) 31.03.2013 Investment Advisor

PAX WORLD MANAGEMENT PAX WORLD MANAGEMENT 13F 243'219 0.05 928 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 232'731 0.05 56'587 31.03.2013 Investment Advisor

PENN DAVIS MCFARLAND PENN DAVIS MCFARLAND 13F 228'461 0.05 (45'874) 31.03.2013 Investment Advisor

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 215'106 0.05 (2'734) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 80 12 month 25.07.2013

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 25.07.2013

Jefferies LAURENCE ALEXANDER hold 3 M 86 12 month 24.07.2013

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 67 12 month 24.07.2013

Gilford Securities PAUL C CHRISTOPHERSON buy 5 M 88 12 month 07.11.2012

Holdings By:

Syngenta AG ee


31.07.2013

Monsanto Company provides agricultural products for farmers. The Company's

business segments are seeds and genomics. Monsanto produces a wide range of

seeds and develops biotechnology traits that assist farmers in controlling

insects and weeds as well as provides other seed companies with genetic material

and biotechnology traits for their seed brands.


LTM as of: 05/yy

52-Week High (15.05.2013) 109.33

52-Week Low (15.11.2012) 82.70

Daily Volume

100.43

52-Week High % Change -8.14% Dividend Yield 1.42


% 52 Week Price Range High/Low 66.58% Equity Float 531.37


53'540.17 1 Yr Total Return 19.13%


Preferred Stock 0.0 Adjusted BETA 1.043



Enterprise Value 52'860.17

Average Volume 5 Day 3'581'945

MON US EQUITY YTD Change - Average Volume 30 Day 2'874'696

MON US EQUITY YTD % CHANGE - Average Volume 3 Month 2'778'915


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'960.7 16'145.8 2'248.3 3'043.4

5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.46x 3.14x 23.05x 17.09x

3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.8 4'919.2 (118.6) 767.0

18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.61x 12.57x 10.75x 10.84x 10.66x

2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.1 2'898.6 (235.4) 308.3

31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.93x 18.79x 19.52x 19.00x


EBIT 3'138.00 Long-Term Rating A+





Return on Capital 17.33% EBITDA/Interest Exp. 17.74


Net Debt/EBITDA -0.21


EBITDA Margin 28.5%



Asset Turnover 0.71







Fiscal Year Ended

Monsanto CoPrice/Volume

Valuation Analysis

4'206'414.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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4!' F

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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

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31.07.2013


FMR LLC n/a ULT-AGG 34'024'416 6.38 2'974'499 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 31'472'919 5.9 2'128'133 29.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.34 655'081 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 23'415'012 4.39 312'878 30.07.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'953 2.54 1'437'264 31.03.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'010'767 2.25 (277'362) 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'618'944 2.18 158'090 30.06.2013 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'200'094 1.73 (1'287'528) 31.03.2013 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'976'193 1.68 662'862 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.46 (325'311) 31.03.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'534'852 1.41 161'546 30.06.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'303'681 1.37 (54'371) 31.05.2013 Investment Advisor

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'378'309 1.2 (22'517) 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 6'343'486 1.19 369'962 31.05.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'315'385 1.18 1'095'622 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'163'166 1.16 (132'927) 31.03.2013 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor


Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 26.07.2013

Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 25.07.2013

Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 25.07.2013

Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013

Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 24.07.2013

Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 18.07.2013

BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 16.07.2013

Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 16.07.2013

Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013


Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013

JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013

Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013

Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013


S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013

Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013

Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013

Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013

UBS BILL CARROLL neutral 3 M 110 12 month 04.04.2013

Holdings By:

Monsanto Co ee


31.07.2013

Archer-Daniels-Midland Company procures, transports, stores, processes, and

merchandises agricultural commodities and products. The Company processes

oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland

also processes produce products which have primarily two end uses including

food or feed ingredients.


LTM as of: 03/yy

52-Week High (29.07.2013) 36.85

52-Week Low (15.11.2012) 24.38

Daily Volume

36.02





23'738.25 1 Yr Total Return 41.58%







ADM US EQUITY YTD Change - Average Volume 30 Day 3'185'852

ADM US EQUITY YTD % CHANGE - Average Volume 3 Month 3'511'330


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

69'816.0 69'207.0 61'682.0 80'676.0 90'559.0 85'032.0 91'131.0 90'116.8 92'386.0 22'883.1 21'685.6

0.44x 0.33x 0.36x 0.36x 0.27x 1.45x 1.19x 0.30x 0.29x - -

3'176.0 3'457.0 3'357.0 3'566.0 2'827.0 3'707.0 2'554.0 3'138.9 3'868.1 647.0 772.8

9.74x 6.66x 6.54x 8.05x 8.77x 8.05x 11.28x 9.66x 7.84x 8.67x 7.99x

1'802.0 1'684.0 1'930.0 2'036.0 1'375.0 2'090.0 1'245.0 1'534.9 1'988.1 275.6 395.3

11.97x 9.39x 8.41x 7.37x 11.86x 7.48x 15.45x 15.30x 11.86x 13.50x 12.01x



Operating Margin 2.16% Long-Term Outlook NEG








EBITDA Margin 2.8%



Asset Turnover 2.14







Fiscal Year Ended

Archer-Daniels-Midland CoPrice/Volume

Valuation Analysis

3'311'798.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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.2

0'

02

1'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' 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

90'000.0

100'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0 '0!'4!.'-0



31.07.2013


STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.54 - 31.03.2013 Insurance Company

STATE STREET n/a ULT-AGG 34'619'003 5.25 1'265'690 30.07.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'048'900 5.17 (1'793) 31.03.2013 Insurance Company



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'987'953 3.79 144'233 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 17'134'671 2.6 219'139 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 14'243'106 2.16 346'468 30.07.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'024'678 1.98 3'092'941 31.03.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 12'193'594 1.85 9'175 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 11'608'003 1.76 1'441'542 30.06.2013 Investment Advisor

CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 - 14.06.2013 n/a


UBS n/a ULT-AGG 8'959'993 1.36 77'814 31.03.2013 Unclassified

MACQUARIE GROUP n/a ULT-AGG 8'908'854 1.35 (194'664) 31.05.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 8'142'599 1.24 (300'015) 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'900'419 1.05 62'694 31.03.2013 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'174'096 0.94 1'196'048 31.03.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV n/a ULT-AGG 5'856'914 0.89 10'295 30.04.2013 Investment Advisor


Stephens Inc FARHA ASLAM overweight 5 M 39 12 month 30.07.2013

Davenport & Co ANN H GURKIN buy 5 M 37 Not Provided 30.07.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 36 Not Provided 22.07.2013

JPMorgan ANN DUIGNAN neutral 3 U 33 3 month 19.07.2013

Scotia Capital CHRISTINE HEALY sector perform 3 M 38 12 month 18.07.2013

Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 39 12 month 11.07.2013

Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 13.05.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.05.2013

Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 02.05.2013

CL King & Associates ERIC J LARSON buy 5 M 37 12 month 02.05.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 01.05.2013

S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012

Holdings By:

Archer-Daniels-Midland Co ee


31.07.2013

Deere & Company manufactures and distributes a range of agricultural,

construction and forestry, and commercial and consumer equipment. The Company

supplies replacement parts for its own products and for those of other

manufacturers. Deere also provides product and parts financing services. Deere

and Company extends its services and products worldwide.


LTM as of: 04/yy

52-Week High (30.01.2013) 95.60

52-Week Low (29.08.2012) 73.14

Daily Volume

82.98





32'199.93 1 Yr Total Return 10.53%

Total Debt 5'869.70 YTD Return -2.82%






DE US EQUITY YTD Change - Average Volume 30 Day 3'131'145

DE US EQUITY YTD % CHANGE - Average Volume 3 Month 3'227'702


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

28'053.2 22'793.4 25'548.3 31'546.9 35'656.6 33'263.4 37'234.9 35'478.4 35'628.6 9'274.4 9'049.2

0.59x 0.84x 1.27x 0.98x 0.95x 4.05x 3.82x 1.32x 1.29x 6.62x 6.63x

3'698.6 2'011.7 3'625.0 4'810.5 5'424.5 5'142.7 6'115.9 5'826.6 5'824.0 1'377.5 1'246.7

4.50x 9.52x 8.97x 6.41x 6.27x 6.77x 6.02x 5.89x 5.90x 5.95x 5.72x

2'052.8 873.5 1'865.0 2'799.9 3'064.7 2'971.0 3'209.5 3'329.9 3'315.6 842.8 761.2

8.08x 13.13x 17.78x 11.41x 11.86x 12.54x 11.47x 9.75x 9.66x 9.98x 10.07x











EBITDA Margin 16.4%



Asset Turnover 0.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deere & CoPrice/Volume

Valuation Analysis

4'001'146.00


'-'.'0'1'2'3'4'5'6'

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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

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

'3!--!.''6 '3!'2!.'-' '3!--!.'-' '3!'2!.'-- '3!--!.'-- '3!'2!.'-. '3!--!.'-. '3!'2!.'-0



31.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 36'739'200 9.47 1'135'348 30.06.2013 Investment Advisor

CASCADE INVESTMENT L n/a 13D 27'508'573 7.09 - 10.12.2012 Investment Advisor



STATE STREET n/a ULT-AGG 14'997'126 3.86 (145'784) 30.07.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'259'301 2.13 (1'671'216) 31.03.2013 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'697'260 1.98 61'039 31.03.2013 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 5'763'386 1.49 898'034 31.03.2013 Investment Advisor

EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'779'705 1.23 58'555 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'479'960 1.15 104'688 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 4'427'576 1.14 177'170 30.07.2013 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 3'978'767 1.03 - 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'966'027 1.02 545'471 31.05.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 3'367'203 0.87 - 31.12.2012 Government


GAMCO n/a ULT-AGG 3'090'502 0.8 (24'208) 31.03.2013 Unclassified

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 2'743'544 0.71 (74'873) 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 2'702'775 0.7 (79'133) 31.03.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'619'236 0.67 1'020'948 31.03.2013 Investment Advisor


Longbow Research ELI S LUSTGARTEN neutral 3 D #N/A N/A Not Provided 30.07.2013

Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013

Jefferies STEPHEN VOLKMANN hold 3 M 90 12 month 26.07.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 22.07.2013

Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 88 12 month 19.07.2013

BMO Capital Markets JOEL G TISS outperform 5 M 110 Not Provided 15.07.2013

William Blair & Co LAWRENCE T DE MARIA market perform 3 M 90 12 month 12.07.2013

JPMorgan ANN DUIGNAN underweight 1 M 76 15 month 10.07.2013

Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 87 12 month 10.07.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 109 Not Provided 09.07.2013

ISI Group DAVID RASO buy 5 M 97 Not Provided 08.07.2013

Piper Jaffray MICHAEL E COX neutral 3 D 89 12 month 08.07.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 95 12 month 01.07.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA buy 5 U 102 Not Provided 12.06.2013

Goldman Sachs JERRY REVICH Sell/Neutral 1 D 85 12 month 17.05.2013

Macquarie SAMEER RATHOD neutral 3 M 95 12 month 16.05.2013

Barclays ANDY KAPLOWITZ overweight 5 M 101 Not Provided 16.05.2013

Credit Suisse JAMIE L COOK outperform 5 M 102 Not Provided 15.05.2013

UBS STEVEN FISHER neutral 3 M 96 12 month 15.05.2013

S&P Capital IQ MICHAEL JAFFE buy 5 M 120 Not Provided 15.05.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013

Holdings By:

Deere & Co ee


31.07.2013

Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and

nitrogen to the agricultural and industrial industries worldwide. The Company

conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.


LTM as of: 06/yy

52-Week High (31.07.2012) 44.97

52-Week Low (30.07.2013) 29.00

Daily Volume

31.63





27'397.32 1 Yr Total Return -26.50%




Cash and Equivalents 562.00 Consensus Rating 3.774



POT US EQUITY YTD Change - Average Volume 30 Day 9'981'252

POT US EQUITY YTD % CHANGE - Average Volume 3 Month 6'985'845


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

9'446.5 3'976.7 6'539.0 8'715.0 7'927.0 8'328.0 8'029.0 7'550.3 7'708.1 1'760.8 1'730.3

2.59x 8.98x 7.55x 4.55x 4.88x 19.90x 19.06x 4.00x 3.90x 17.34x 17.50x

4'503.1 1'114.1 2'709.0 4'398.0 3'589.0 4'082.0 3'545.0 3'791.4 3'860.7 863.7 884.9

5.44x 32.06x 18.21x 9.02x 10.79x 10.09x 10.12x 7.97x 7.83x 8.10x 7.92x

3'495.2 980.7 1'775.0 3'081.0 2'079.0 2'522.0 2'265.0 2'210.0 2'317.1 483.2 505.3

6.77x 36.97x 25.85x 11.80x 15.47x 13.96x 14.55x 12.67x 12.00x 13.07x 12.44x


EBIT 3'011.00 Long-Term Rating A-









EBITDA Margin 44.2%



Asset Turnover 0.46







Fiscal Year Ended

Potash Corp of Saskatchewan IncPrice/Volume

Valuation Analysis

106'281'812.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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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0'!''

02!''

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31.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 40'135'200 4.63 (12'034'722) 30.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 31'161'388 3.6 1'235'078 30.04.2013 Bank

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'282'630 2.23 (1'689'608) 31.03.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'799'720 2.17 (394'334) 31.03.2013 Investment Advisor

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 17'022'646 1.97 1'740'039 31.03.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'543'059 1.79 (1'271'000) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'083'717 1.63 (5'035'610) 31.03.2013 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 13'430'352 1.55 1'080'725 31.03.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 12'853'694 1.48 379'778 31.03.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'766'856 1.47 19'762 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'954'313 1.38 2'307'750 31.03.2013 Hedge Fund Manager

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 10'768'976 1.24 (124'384) 31.03.2013 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 10'726'888 1.24 (1'458'956) 31.03.2013 Investment Advisor

CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'716'000 1.24 10'716'000 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'581'716 1.22 1'284'275 31.03.2013 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 10'290'445 1.19 (2'430'183) 31.03.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 10'276'969 1.19 (876'809) 31.12.2012 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 10'100'008 1.17 1'381'000 31.03.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 9'969'957 1.15 (2'637'609) 31.03.2013 Investment Advisor

NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'809'617 1.13 24'707 31.03.2013 Investment Advisor


Raymond James STEVEN P HANSEN market perform 3 M 30 12 month 31.07.2013

Macquarie DAVID PUPO neutral 3 D 31 12 month 31.07.2013

Barclays MATTHEW J KORN equalweight 3 M 32 Not Provided 31.07.2013

BMO Capital Markets JOEL JACKSON market perform 3 D 30 12 month 30.07.2013

Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 24 12 month 30.07.2013

CIBC World Markets JACOB BOUT sector perform 3 M 33 18 month 30.07.2013

Cantor Fitzgerald PETER PRATTAS hold 3 D 36 12 month 30.07.2013

Cowen and Company CHARLES NEIVERT underperform 1 M 35 12 month 30.07.2013

National Bank Financial ROBERT B WINSLOW sector perform 3 M 34 12 month 30.07.2013

Atlantic Equities LLP COLIN ISAAC neutral 3 M 32 12 month 30.07.2013

Alta Corp Capital Inc. JOHN CHU underperform 1 D 30 12 month 30.07.2013

Susquehanna Financial Group DONALD D CARSON neutral 3 M 37 12 month 29.07.2013

Accountability Research Corp HARRIET LI buy 5 M 44 Not Provided 29.07.2013


Desjardins Securities JOHN F HUGHES buy 5 M 43 12 month 26.07.2013

Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 48 12 month 26.07.2013



TD Securities PAUL D'AMICO buy 5 M 49 12 month 26.07.2013

Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 25.07.2013


UBS BRIAN T MACARTHUR buy 5 M 43 12 month 25.07.2013

Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.07.2013

Scotia Capital BEN ISAACSON sector perform 3 M 36 12 month 25.07.2013

Canaccord Genuity Corp KEITH CARPENTER hold 3 M 37 Not Provided 25.07.2013

HSBC YONAH WEISZ overweight 5 M 48 Not Provided 23.07.2013

Stifel PAUL A MASSOUD buy 5 M 49 12 month 08.07.2013

Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 24.06.2013

Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.05.2013

S&P Capital IQ LEO LARKIN buy 5 M 52 12 month 31.01.2013

Oracle Investment Research LAURENCE BALTER buy 5 N 57 Not Provided 13.09.2012

Deutsche Bank DAVID I BEGLEITER hold 3 M 45 12 month 31.05.2012

Holdings By:

Potash Corp of Saskatchewan Inc ee


31.07.2013

KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and

fluid piping systems. The Company's products include ductile iron pipes,

engines, tractors, combine harvesters, reaper binders, rice planters, and

excavators. Kubota also produces forged iron products, housing equipment, and

environmental control plants.


LTM as of: 03/yy

52-Week High (22.05.2013) 88.38

52-Week Low (02.08.2012) 45.94

Daily Volume

73.55





18'481.93 1 Yr Total Return 58.60%



Minority Interest 52'093.0 Analyst Recs 2


Enterprise Value -


KUBTY US EQUITY YTD Change - Average Volume 30 Day 78'373

KUBTY US EQUITY YTD % CHANGE - Average Volume 3 Month 88'476


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

1'107'482.0 930'644.0 933'685.0 1'008'019.0 1'167'628.0 ######### ######### ######### ######### - -

0.76x 1.53x 1.38x 1.30x 1.78x 4.70x 5.38x - - - -

134'057.0 98'873.0 113'104.0 129'588.0 142'415.0 129'588.0 142'415.0 191'635.1 209'390.1 - -

6.28x 14.37x 11.42x 10.09x 14.62x 10.09x 14.62x - - - -

48'064.0 42'326.0 54'822.0 61'552.0 73'688.0 61'552.0 73'688.0 98'297.3 108'117.1 - -

- - - - - 0.00x 0.00x 18.39x 16.70x - -


EBIT 113'161.00 Long-Term Rating NR

Operating Margin 9.69% Long-Term Outlook -

Pretax Margin 10.44% Short-Term Rating Date -

Return on Assets 4.56% Short-Term Rating -






EBITDA Margin 12.2%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kubota CorpPrice/Volume

Valuation Analysis

78'151.00


'-'.'0'1'2'3'4'5'6'

-''

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!. F

!1 F

!3 F

!5 F

-!' F

-!. F

-!1 F

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

'!.'

'!1'

'!3'

'!5'

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31.07.2013



UMB BANK N A Multiple Portfolios MF-AGG 2'202'534 0.88 287'146 31.05.2013 Investment Advisor


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'041'403 0.41 (45'001) 31.03.2013 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 330'594 0.13 - 28.12.2012 Investment Advisor


BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 263'899 0.11 (90) 31.03.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 256'168 0.1 38'906 31.03.2013 Investment Advisor

TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 142'957 0.06 87 31.03.2013 Investment Advisor

TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 141'000 0.06 - 31.03.2013 Pension Fund (ERISA)

ROYAL BANK OF CANADA n/a ULT-AGG 120'215 0.05 65'037 31.03.2013 Bank

JP MORGAN n/a ULT-AGG 118'043 0.05 (32'821) 31.03.2013 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 103'364 0.04 (34'550) 31.03.2013 Investment Advisor

JANE STREET HOLDING JANE STREET HOLDING 13F 74'677 0.03 51'902 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 70'249 0.03 (900) 31.03.2013 Investment Advisor

APERIO GROUP LLC APERIO GROUP LLC 13F 56'080 0.02 6'107 31.03.2013 Investment Advisor

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 55'160 0.02 3'238 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 52'276 0.02 3'796 31.03.2013 Investment Advisor

WRIGHT INVESTORS SER WRIGHT INVESTORS SER 13F 50'185 0.02 35'070 30.06.2013 Investment Advisor

SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 37'524 0.01 (1'512) 31.03.2013 Investment Advisor


EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 16.07.2013

Holdings By:

Kubota Corp ee


31.07.2013

Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,

industrial, and specialty use. The Company operates throughout the Americas

while it markets its products globally.


LTM as of: 03/yy

52-Week High (28.01.2013) 115.31

52-Week Low (24.06.2013) 83.33

Daily Volume

86.5





12'923.94 1 Yr Total Return -7.45%







AGU US EQUITY YTD Change - Average Volume 30 Day 932'199

AGU US EQUITY YTD % CHANGE - Average Volume 3 Month 946'616


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

10'031.0 9'129.0 10'743.0 15'470.0 16'686.0 16'087.0 16'281.0 16'799.6 17'580.0 6'978.3 3'208.1

0.74x 1.15x 1.55x 0.75x 1.08x 3.35x 4.16x 0.93x 0.86x 2.31x 5.13x

2'380.0 941.0 1'470.0 2'706.0 2'715.0 2'706.0 2'668.0 2'526.5 2'574.9 1'194.1 460.2

3.13x 11.15x 11.34x 4.30x 6.66x 5.28x 6.70x 6.44x 6.32x 6.31x 6.14x

1'322.0 366.0 713.0 1'371.0 1'494.0 1'352.0 1'482.0 1'345.9 1'352.3 747.1 218.2

3.54x 23.92x 19.92x 6.96x 10.53x 8.89x 10.39x 9.33x 9.28x 9.49x 9.29x


EBIT 2'271.00 Long-Term Rating BBB



Return on Assets 9.17% Short-Term Rating NR






EBITDA Margin 16.4%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agrium IncPrice/Volume

Valuation Analysis

5'188'834.00


'

.'

1'

3'

5'

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1!' F

2!' F

3!' F

4!' 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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



31.07.2013


BLACKROCK n/a ULT-AGG 7'366'040 4.93 - 28.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 4'642'138 3.11 (406'439) 30.04.2013 Bank

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'296'877 2.88 87'300 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 4'144'101 2.77 3'006'091 30.04.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'295'429 2.21 3'295'429 31.03.2013 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'065'859 2.05 3'065'859 31.03.2013 Investment Advisor


CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'405'524 1.61 2'405'524 31.03.2013 Investment Advisor

LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'291'182 1.53 2'291'182 31.03.2013 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'207'886 1.48 2'207'886 31.03.2013 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'178'388 1.46 2'178'388 31.03.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 2'149'495 1.44 1'227'226 31.03.2013 Bank


ALLIANZ ASSET MANAGE n/a ULT-AGG 1'911'247 1.28 777'091 30.06.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'887'452 1.26 (14'084) 31.03.2013 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'855'820 1.24 1'855'820 31.03.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'832'868 1.23 (232'434) 31.12.2012 Investment Advisor


GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'770'924 1.19 (252'504) 30.06.2013 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 1'560'048 1.04 1'560'048 31.03.2013 Investment Advisor



Barclays MATTHEW J KORN overweight 5 M 103 Not Provided 31.07.2013

Goldman Sachs ADAM SAMUELSON neutral/cautious 3 M 81 12 month 30.07.2013

CIBC World Markets JACOB BOUT sector outperform 5 M 113 18 month 30.07.2013

Salman Partners RAYMOND GOLDIE top pick 5 M 125 12 month 30.07.2013


National Bank Financial ROBERT B WINSLOW underperform 1 M 83 12 month 30.07.2013


Canaccord Genuity Corp KEITH CARPENTER buy 5 M 114 Not Provided 25.07.2013


Piper Jaffray MICHAEL E COX neutral 3 M 94 12 month 16.07.2013

TD Securities PAUL D'AMICO buy 5 M 115 12 month 12.07.2013

BMO Capital Markets JOEL JACKSON market perform 3 M 101 Not Provided 11.07.2013


Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 09.07.2013


Scotia Capital BEN ISAACSON sector outperform 5 M 110 12 month 08.07.2013


Desjardins Securities JOHN F HUGHES buy 5 M 119 12 month 04.07.2013

Alta Corp Capital Inc. JOHN CHU outperform 5 M 120 12 month 28.06.2013

JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 92 15 month 18.06.2013

Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013


Macquarie DAVID PUPO neutral 3 M 102 12 month 17.05.2013

Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013


UBS BRIAN T MACARTHUR buy 5 M 113 12 month 10.05.2013

HSBC YONAH WEISZ overweight 5 N 117 Not Provided 17.04.2013

Holdings By:

Agrium Inc ee


31.07.2013

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate

fertilizer products globally. The Company's principal products in the nitrogen

segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate,

diesel exhaust fluid and aqua ammonia. The principal products in the phosphate

segment are diammonium phosphate and monoammonium phosphate.


LTM as of: 03/yy

52-Week High (30.01.2013) 233.43

52-Week Low (02.07.2013) 169.33

Daily Volume

197.24





11'693.97 1 Yr Total Return 1.56%







CF US EQUITY YTD Change - Average Volume 30 Day 1'204'313

CF US EQUITY YTD % CHANGE - Average Volume 3 Month 1'024'832


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

3'921.1 2'608.4 3'965.0 6'097.9 6'104.0 6'451.5 5'912.9 5'589.7 5'422.3 1'664.1 1'223.2

0.45x 1.30x 2.82x 1.83x 2.05x 6.80x 8.55x 2.17x 2.32x - -

1'251.0 780.8 1'301.5 3'160.9 3'332.2 3'276.2 3'296.7 2'775.7 2'522.9 827.4 582.6

1.42x 4.34x 8.58x 3.52x 3.75x 3.76x 3.43x 4.13x 4.55x 4.36x 4.58x

684.6 365.6 349.2 1'539.2 1'848.7 1'625.6 1'886.8 1'442.5 1'262.4 464.9 280.9

3.84x 11.05x 17.73x 6.38x 7.32x 7.23x 6.70x 8.24x 8.93x 8.76x 9.12x

EBITDA 3'332.20 Long-Term Rating Date -

EBIT 2'912.40 Long-Term Rating -









EBITDA Margin 55.8%



Asset Turnover 0.59







Fiscal Year Ended

CF Industries Holdings IncPrice/Volume

Valuation Analysis

4'104'945.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

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-2'

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g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' 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!''

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



31.07.2013



BLACKROCK n/a ULT-AGG 4'174'930 7.04 (396'409) 29.07.2013 Investment Advisor


GOLDMAN SACHS GROUP n/a ULT-AGG 1'603'582 2.7 1'347'210 31.03.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'467'471 2.48 334'471 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'361'605 2.3 (141'856) 31.03.2013 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'187'973 2 5'521 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'129'521 1.91 (813'693) 30.06.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'100'600 1.86 83'950 31.03.2013 Hedge Fund Manager


DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'071'396 1.81 105'973 30.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'054'616 1.78 24'033 31.05.2013 Investment Advisor

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 1'028'059 1.73 419'500 31.03.2013 Hedge Fund Manager

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'003'765 1.69 (7'726) 31.03.2013 Investment Advisor

AJO, LP AJO, LP 13F 985'290 1.66 (27'700) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 793'377 1.34 14'856 31.03.2013 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 774'990 1.31 (222'700) 31.03.2013 Hedge Fund Manager

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 771'875 1.3 (431'410) 31.03.2013 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 690'460 1.16 111'780 31.03.2013 Investment Advisor



Goldman Sachs ADAM SAMUELSON Sell/Cautious 1 M 179 12 month 30.07.2013

BGC Partners MARK R GULLEY sell 1 M 175 12 month 30.07.2013


Feltl & Company BRENT R RYSTROM hold 3 M 207 12 month 30.07.2013








Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013


Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 230 Not Provided 12.06.2013


S&P Capital IQ KEVIN KIRKEBY sell 1 M 175 Not Provided 09.05.2013


Holdings By:

CF Industries Holdings Inc ee


31.07.2013

Bunge Limited is a global agribusiness and food company. The Company buys,

sells, stores, transports and processes oilseeds and grains to make protein meal

for animal feed and edible oil products for commercial customers and consumers.

Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and

sells fertilizer.


LTM as of: 06/yy

52-Week High (05.02.2013) 80.99

52-Week Low (04.09.2012) 63.18

Daily Volume

76.43





11'201.27 1 Yr Total Return 18.02%







BG US EQUITY YTD Change - Average Volume 30 Day 832'770

BG US EQUITY YTD % CHANGE - Average Volume 3 Month 842'721


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

52'574.0 41'926.0 45'707.0 56'097.0 60'991.0 59'307.0 64'609.0 64'491.7 65'718.1 17'084.7 17'023.3

0.21x 0.34x 0.33x 0.26x 0.33x 1.02x 1.26x 0.27x 0.26x - -

2'862.0 305.0 1'396.0 1'717.0 1'580.0 1'590.0 1'705.0 2'199.6 2'361.8 639.6 697.4

3.89x 46.71x 10.70x 8.49x 12.71x 10.62x 12.60x 10.14x 9.45x 9.36x 9.26x

1'064.0 361.0 2'354.0 942.0 64.0 760.0 14.0 1'040.0 1'204.0 365.1 356.6

7.66x 11.11x 12.82x 10.19x 9.58x 8.86x 11.55x 11.34x 9.64x 9.73x 9.41x


EBIT 1'010.00 Long-Term Rating BBB-

Operating Margin 1.66% Long-Term Outlook POS



Return on Common Equity -0.39%





EBITDA Margin 2.6%



Asset Turnover 2.26







Fiscal Year Ended

Bunge LtdPrice/Volume

Valuation Analysis

1'312'951.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0!' F-!' F.!' F0!' F1!' F2!' F3!' F4!' F5!' F6!' F-'!' F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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1'!''

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31.07.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'945'545 5.42 1'231'351 31.03.2013 Investment Advisor

GIC PRIVATE LIMITED n/a ULT-AGG 7'328'780 5 27'132 28.03.2013 Government

BLACKROCK n/a ULT-AGG 6'029'750 4.11 224'748 29.07.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'551'638 3.79 (98'392) 31.03.2013 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'837'495 3.3 1'457'424 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'902'619 2.66 (364'415) 31.03.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'857'710 2.63 (105'383) 30.04.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'693'091 2.52 (33'680) 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 2'955'366 2.02 (87'520) 30.04.2013 Bank



LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'567'487 1.75 (768'005) 31.03.2013 Investment Advisor

COMGEST S A Multiple Portfolios MF-AGG 2'400'000 1.64 - 31.12.2012 Unclassified

LAZARD ASSET MANAGEM n/a ULT-AGG 2'029'600 1.38 (126'994) 31.03.2013 Unclassified

CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'778'625 1.21 1'107'235 31.03.2013 Hedge Fund Manager


SKAGEN AS Multiple Portfolios MF-AGG 1'510'273 1.03 - 28.06.2013 Investment Advisor

GUGGENHEIM n/a ULT-AGG 1'383'148 0.94 747'025 30.06.2013 Unclassified

ALLIANCE BERNSTEIN n/a ULT-AGG 1'340'535 0.91 (16'592) 31.05.2013 Investment Advisor


BMO Capital Markets KENNETH B ZASLOW outperform 5 M 83 Not Provided 26.07.2013

Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013


EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.07.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 25.07.2013

JPMorgan ANN DUIGNAN overweight 5 M 80 3 month 25.07.2013

Scotia Capital CHRISTINE HEALY sector outperform 5 M 86 12 month 25.07.2013

Itau BBA Securities GIOVANA ARAUJO market perform 3 M 84 Not Provided 25.07.2013




HSBC ALEXANDRE FALCAO neutral 3 M 74 Not Provided 05.06.2013

S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012

Holdings By:

Bunge Ltd ee


31.07.2013

The Mosaic Company produces and distributes crop nutrients to the agricultural

communities located in North America and other countries. The Company's

principal products include concentrated phosphates, and potash.


LTM as of: 05/yy

52-Week High (08.05.2013) 64.65

52-Week Low (30.07.2013) 39.95

Daily Volume

43.81





18'655.22 1 Yr Total Return -23.19%







MOS US EQUITY YTD Change - Average Volume 30 Day 6'012'718

MOS US EQUITY YTD % CHANGE - Average Volume 3 Month 4'174'639


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

10'298.0 6'759.1 9'937.8 11'107.8 9'974.1 11'107.8 9'974.1 8'957.6 10'051.3 2'503.3 2'646.8

2.24x 2.87x 2.88x 1.58x 2.34x 8.01x 8.90x 1.92x 1.69x - -

3'167.1 1'715.8 3'111.6 3'119.2 2'814.4 3'119.2 2'890.4 2'420.8 2'954.9 626.7 708.3

7.27x 11.31x 9.19x 5.62x 8.28x 5.62x 8.06x 6.63x 5.43x 5.86x 5.58x

2'350.2 827.1 2'514.6 1'930.2 1'888.7 1'930.2 1'888.7 1'682.2 1'774.7 379.0 407.5

12.55x 26.47x 15.94x 10.57x 14.91x 10.55x 15.26x 11.12x 9.99x 10.99x 10.29x











EBITDA Margin 29.0%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mosaic Co/ThePrice/Volume

Valuation Analysis

61'378'375.00


'

-'

.'

0'

1'

2'

3'

4'

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-'!' F

.'!' F

0'!' F

1'!' F

2'!' F

3'!' F

4'!' 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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'1!'3!.'-' '1!-.!.'-' '1!'3!.'-- '1!-.!.'-- '1!'3!.'-. '1!-.!.'-. '1!'3!.'-0



31.07.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 19'417'191 6.54 (1'076'130) 31.03.2013 Government




CAPITAL GROUP COMPAN n/a ULT-AGG 10'825'512 3.64 1'506'016 30.06.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'075'180 3.39 (1'372'812) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'724'446 3.27 (681'915) 31.03.2013 Investment Advisor


DEUTSCHE BANK AG n/a ULT-AGG 6'342'537 2.14 (2'220'979) 31.05.2013 Investment Advisor

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'036'574 2.03 534'920 31.03.2013 Investment Advisor




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'821'456 1.29 3'687'562 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'058'740 1.03 115'744 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'977'994 1 (1'648'299) 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'874'983 0.97 (1'790'829) 31.03.2013 Investment Advisor

GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'600'000 0.88 - 31.03.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 2'369'345 0.8 (474'053) 30.06.2013 Investment Advisor




BMO Capital Markets JOEL JACKSON market perform 3 D 43 12 month 30.07.2013

Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 35 12 month 30.07.2013

CIBC World Markets JACOB BOUT sector perform 3 M 50 18 month 30.07.2013

Cowen and Company CHARLES NEIVERT market perform 3 M 52 12 month 30.07.2013

Atlantic Equities LLP COLIN ISAAC neutral 3 D 50 12 month 30.07.2013


Susquehanna Financial Group DONALD D CARSON neutral 3 M 60 12 month 29.07.2013

Canaccord Genuity Corp KEITH CARPENTER hold 3 M 58 Not Provided 25.07.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 58 12 month 17.07.2013


Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 65 Not Provided 17.07.2013

JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 Not Provided 17.07.2013

BGC Partners MARK R GULLEY hold 3 M #N/A N/A Not Provided 17.07.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 17.07.2013



UBS BILL CARROLL buy 5 M 68 12 month 13.05.2013

HSBC YONAH WEISZ neutral 3 N 66 Not Provided 17.04.2013

Macquarie DAVID PUPO outperform 5 M 71 12 month 01.04.2013

Holdings By:

Mosaic Co/The ee


31.07.2013

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.


LTM as of: 03/yy

52-Week High (28.01.2013) 3.92

52-Week Low (13.09.2012) 2.99

Daily Volume

3.15



% 52 Week Price Range High/Low 20.43% Equity Float 1'980.61

Shares Out 31.07.2013 6'396.8 Short Int -

20'149.86 1 Yr Total Return -1.29%







WIL SP EQUITY YTD Change - Average Volume 30 Day 8'532'033

WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'841'485


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 45'645.3 45'193.0 47'602.5 53'295.6 12'476.0 12'981.0

0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.63x 0.57x - -

1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'528.5 2'776.0 588.0 674.0

7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.23x 12.96x 14.33x 14.40x

1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'359.4 1'503.0 298.0 385.0

8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.74x 10.54x 11.96x 12.32x











EBITDA Margin 4.9%



Asset Turnover 1.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

6'355'000.00


'--..00112

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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

50'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

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3'!''

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31.07.2013


KUOK BROTHERS SDN BH n/a ULT-AGG 1'172'844'755 18.33 - 21.03.2013 Holding Company

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

KERRY GROUP LTD n/a ULT-AGG 283'352'941 4.43 - 19.07.2013 Other

HARPOLE RESOURCES LT n/a EXCH 256'211'778 4.01 - 19.07.2013 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 72'144'416 1.13 - 30.07.2013 Investment Advisor

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


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

NATALON CO LTD n/a EXCH 33'760'355 0.53 - 19.07.2013 Holding Company

DALEX INVESTMENTS LT n/a EXCH 30'705'900 0.48 - 19.07.2013 Corporation

BRIGHT MAGIC INV LIM n/a EXCH 25'855'040 0.4 5'203'325 19.07.2013 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'205'991 0.32 1'166'000 30.06.2013 Investment Advisor

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

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'718'220 0.17 (100'410) 31.05.2013 Investment Advisor


Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 29.07.2013

CIMB IVY NG outperform 5 M 4 12 month 24.07.2013

Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 23.07.2013

DBS Vickers BEN SANTOSO buy 5 M 3 12 month 11.07.2013

OCBC Investment Research CAREY WONG hold 3 M 3 12 month 11.07.2013

TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 Not Provided 11.07.2013

Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013

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

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 9 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

UBS ANUBHAV GUPTA neutral 3 M 4 12 month 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


31.07.2013

Fiat Industrial SpA manufactures a wide range of branded trucks and tractors.

The Company also manufactures powertrains for industrial, and marine

applications as well as manufactures and supplies truck, bus, and diesel

engines, and engineers, manufactures, markets, and distributes agricultural and

construction equipment.


LTM as of: 06/yy

52-Week High (29.01.2013) 9.80

52-Week Low (01.10.2012) 7.57

Daily Volume

9.285





11'351.55 1 Yr Total Return 19.13%







FI IM EQUITY YTD Change - Average Volume 30 Day 3'180'576

FI IM EQUITY YTD % CHANGE - Average Volume 3 Month 3'510'573


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

- 17'968.0 21'342.0 24'231.0 25'785.0 25'129.0 25'954.0 26'511.6 27'820.3 6'702.3 7'535.3

- - - 0.95x 1.05x 3.88x 3.22x 0.69x 0.64x 2.20x 1.83x

- 959.0 1'757.0 2'352.0 2'798.0 2'627.0 1'973.0 2'893.6 3'198.4 735.0 687.0

- - - 9.83x 9.65x 10.28x 0.00x 10.35x 9.36x 10.14x 9.98x

- (464.0) 341.0 624.0 810.0 707.0 818.0 1'049.3 1'269.5 276.3 277.0

- - - 13.54x 12.45x 13.80x 12.88x 11.20x 9.50x 9.96x 9.62x


EBIT 2'079.00 Long-Term Rating BB+



Return on Assets 1.98% Short-Term Rating B






EBITDA Margin 10.8%



Asset Turnover 0.67







Fiscal Year Ended

Fiat Industrial SpAPrice/Volume

Valuation Analysis

2'736'031.00


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

0.0

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

'!''

-!''

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0!''

1!''

2!''

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31.07.2013


EXOR SPA n/a Research 366'929'588 30.01 - 12.07.2013 Corporation

HARRIS ASSOCIATES LP n/a Research 61'458'536 5.03 - 12.07.2013 Investment Advisor

FIAT SPA n/a Research 34'219'702 2.8 - 12.07.2013 Corporation

GIC PRIVATE LIMITED n/a ULT-AGG 28'449'177 2.33 - 12.07.2013 Government



NORGES BANK Multiple Portfolios MF-AGG 20'224'050 1.65 - 31.12.2012 Government



CITADEL ADVISORS LLC n/a Short (6'112'844) -0.5 - 04.12.2012 Hedge Fund Manager

AXA FUNDS MANAGEMENT AXA WORLD FUNDS-FRAM MF-PART 4'502'702 0.37 - 28.06.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'889'467 0.32 78 30.06.2012 Pension Fund (ERISA)


UBS n/a ULT-AGG 3'724'812 0.3 (96'640) 28.03.2013 Unclassified

SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 3'523'660 0.29 3'523'660 31.12.2012 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 3'400'546 0.28 (242'980) 28.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'253'172 0.27 (6'964) 28.03.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'024'525 0.25 (5'879) 28.06.2013 Investment Advisor

AXA FUNDS MANAGEMENT AXA WORLD FUNDS-ITAL MF-PART 2'566'501 0.21 2'566'501 18.06.2013 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 2'218'614 0.18 130'000 28.03.2013 Investment Advisor


AlphaValue HANS-PETER WODNIOK add 4 M 10 6 month 25.07.2013

Deutsche Bank PETER REILLY buy 5 M 12 12 month 23.07.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 11 Not Provided 23.07.2013

Barclays MICHAEL TYNDALL overweight 5 M 12 Not Provided 23.07.2013

Banca Akros(ESN) GABRIELE GAMBAROVA accumulate 4 M 10 12 month 22.07.2013

William Blair & Co LAWRENCE T DE MARIA outperform 5 M 10 12 month 11.07.2013

Mediobanca SpA MASSIMO VECCHIO outperform 5 M 10 12 month 10.07.2013

Natixis KATHLEEN GAILLIOT buy 5 M 11 Not Provided 10.07.2013

Banca IMI MONICA BOSIO hold 3 D 5 12 month 01.07.2013

Kepler Cheuvreux GIORGIO IANNELLA hold 3 M 9 Not Provided 26.06.2013

Equita SIM SpA MARTINO DEAMBROGGI buy 5 U 10 12 month 19.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 23.05.2013

Societe Generale STEPHEN REITMAN hold 3 M 10 12 month 02.05.2013

Bank am Bellevue MICHAEL STUDER buy 5 M 13 Not Provided 02.05.2013

Macquarie JENS SCHATTNER underperform 1 M 8 12 month 01.05.2013

Berenberg Bank ALEXANDER VIRGO sell 1 M 7 Not Provided 01.05.2013

Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 10 12 month 30.04.2013

Centrobanca MARCO CRISTOFORI buy 5 M 10 Not Provided 05.11.2012

UBS FREDRIC STAHL neutral 3 D 9 12 month 02.11.2012

Goldman Sachs STEFAN BURGSTALLER not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012

Holdings By:

Fiat Industrial SpA ee


31.07.2013

Tractor Supply Company operates a retail farm store chain in the United States.

The Company provides farm maintenance products, animal products, general

maintenance products, lawn and garden products, light truck equipment, work

clothing, and other products. Customers include hobby, part-time, and full-time

farmers and ranchers, as well as rural customers, contractors, and tradesman.


LTM as of: 06/yy

52-Week High (15.07.2013) 124.45

52-Week Low (04.12.2012) 82.39

Daily Volume

120.14





8'384.38 1 Yr Total Return 33.37%

Total Debt 1.28 YTD Return 36.55%






TSCO US EQUITY YTD Change - Average Volume 30 Day 517'398

TSCO US EQUITY YTD % CHANGE - Average Volume 3 Month 476'560


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

3'007.9 3'206.9 3'638.3 4'232.7 4'664.1 4'530.1 4'893.4 5'158.0 5'692.8 1'190.8 1'430.5

0.40x 0.55x 0.89x 1.14x 1.27x 4.76x 5.78x 1.59x 1.44x 7.01x 5.75x

196.3 257.8 336.0 433.1 525.8 501.3 560.2 600.0 688.6 117.5 170.1

6.16x 6.90x 9.67x 11.14x 11.30x 11.42x 14.55x 13.88x 12.10x 12.92x 12.56x

81.9 119.7 168.0 222.7 276.5 260.2 297.1 316.5 366.6 58.2 91.0

15.76x 16.50x 21.42x 23.27x 23.02x 23.43x 28.19x 26.82x 22.90x 24.80x 24.01x

EBITDA 525.77 Long-Term Rating Date -

EBIT 436.79 Long-Term Rating -









EBITDA Margin 11.4%



Asset Turnover 2.74


Quick Ratio 0.25 Accounts receivable turnover-days -



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

Tractor Supply CoPrice/Volume

Valuation Analysis

416'497.00


'

.'

1'

3'

5'

-''

-.'

-1'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0!' F

!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 F

1!' 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'!''

02!''

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31.07.2013


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'543'358 6.51 1'444'840 31.03.2013 Investment Advisor



WELLS FARGO n/a ULT-AGG 3'275'888 4.69 - 31.05.2013 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2'311'200 3.31 209'500 31.03.2013 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'829'394 2.62 (33'078) 30.06.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'512'479 2.17 (151'510) 31.03.2013 Investment Advisor





GENEVA CAPITAL MANAG GENEVA CAPITAL MANAG 13F 1'082'328 1.55 181'879 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 955'136 1.37 (29'214) 30.07.2013 Investment Advisor

LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 894'633 1.28 4'445 31.03.2013 Investment Advisor


GENEVA INVESTMENT MA GENEVA INVESTMENT MA 13F 832'594 1.19 22'100 31.03.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 751'870 1.08 (7'167) 28.06.2013 Investment Advisor

TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 713'900 1.02 9'800 31.03.2013 Investment Advisor


Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 124 Not Provided 26.07.2013

BMO Capital Markets WAYNE HOOD market perform 3 M 127 Not Provided 25.07.2013

Deutsche Bank ADAM SINDLER buy 5 M 135 12 month 25.07.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 133 12 month 25.07.2013

Credit Suisse GARY BALTER neutral 3 M 128 Not Provided 25.07.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 140 12 month 25.07.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 134 12 month 25.07.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 125 12 month 25.07.2013

Robert W. Baird & Co PETER S BENEDICT outperform 5 M 140 12 month 25.07.2013

Stephens Inc JOHN R LAWRENCE overweight 5 M 140 12 month 25.07.2013

Avondale Partners LLC JEFF BLACK market outperform 4 M 127 12 month 25.07.2013

BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 25.07.2013

Nomura ARAM RUBINSON neutral 3 M 124 12 month 25.07.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 25.07.2013


Piper Jaffray PETER J KEITH neutral 3 D 121 12 month 25.07.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 130 12 month 25.07.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 118 12 month 24.07.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 24.07.2013

Wedbush JOAN L STORMS outperform 5 M 135 12 month 24.07.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 24.07.2013

KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 24.07.2013

Raymond James DANIEL R WEWER JR strong buy 5 M 142 12 month 24.07.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 125 18 month 24.07.2013

Barclays ALAN M RIFKIN overweight 5 M 135 Not Provided 24.07.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 132 12 month 22.07.2013

UBS MICHAEL LASSER buy 5 M 134 12 month 18.07.2013

Argus Research Corp JOHN D STASZAK buy 5 M 128 12 month 20.05.2013


Holdings By:

Tractor Supply Co ee


31.07.2013

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 (16.07.2013) 27.54

52-Week Low (06.08.2012) 13.99

Daily Volume

27.31





9'690.74 1 Yr Total Return 84.62%







TSN US EQUITY YTD Change - Average Volume 30 Day 2'797'816

TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 3'676'345


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 33'248.0 33'502.0 34'239.2 35'034.4 8'654.2 8'770.3

- 0.27x 0.27x 0.25x 0.21x 1.03x 1.03x 0.32x 0.29x 1.29x 1.24x

860.0 875.0 2'082.0 1'791.0 1'747.0 1'559.0 1'655.0 1'848.4 2'094.7 504.7 562.7

- 8.23x 3.74x 4.42x 4.09x 5.47x 6.35x 6.16x 5.43x 5.54x 5.37x

86.0 (547.0) 780.0 750.0 583.0 615.0 529.0 767.4 931.3 215.1 247.5

37.32x - 7.70x 9.42x 8.30x 12.00x 11.47x 12.89x 10.49x 10.84x 10.37x











EBITDA Margin 4.9%



Asset Turnover 2.92







Fiscal Year Ended

Tyson Foods IncPrice/Volume

Valuation Analysis

3'389'093.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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.2

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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

'!''

.!''

1!''

3!''

5!''

-'!''

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31.07.2013


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



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



INVESCO LTD n/a ULT-AGG 6'188'286 2.17 1'112'436 30.07.2013 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


KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 32 12 month 31.07.2013

Credit Suisse ROBERT MOSKOW neutral 3 M 28 Not Provided 30.07.2013

Davenport & Co ANN H GURKIN buy 5 M 29 Not Provided 30.07.2013

Stephens Inc FARHA ASLAM overweight 5 M 30 12 month 26.07.2013

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 31 Not Provided 22.07.2013

BB&T Capital Markets BRETT M HUNDLEY buy 5 M 31 12 month 15.07.2013

D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 34 18 month 10.07.2013

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


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

JPMorgan KENNETH GOLDMAN neutral 3 M 27 3 month 06.05.2013

Holdings By:

Tyson Foods Inc ee


31.07.2013

Yara International ASA produces, distributes, and sells nitrogen-based mineral

fertilizers and related industrial products. The Company also distributes and

sells a range of phosphate and potash-based mineral fertilizers, as well as

complex and specialty mineral fertilizer products.


LTM as of: 06/yy

52-Week High (17.09.2012) 305.50

52-Week Low (24.06.2013) 236.50

Daily Volume

262




Shares Out 30.07.2013 284.2 Short Int -

74'462.30 1 Yr Total Return -3.70%







YAR NO EQUITY YTD Change - Average Volume 30 Day 830'592

YAR NO EQUITY YTD % CHANGE - Average Volume 3 Month 865'035


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

87'926.0 60'867.0 64'006.0 77'726.0 83'997.0 81'650.0 85'386.0 84'379.0 86'427.8 19'708.3 20'993.4

0.77x 1.52x 1.67x 0.95x 0.96x 3.76x 3.63x 0.91x 0.86x 3.89x 3.66x

14'376.0 3'698.0 9'907.0 15'917.0 14'591.0 17'701.0 13'323.0 14'038.2 13'532.9 3'161.5 3'014.2

4.73x 25.03x 10.80x 4.66x 5.52x 4.47x 5.26x 5.50x 5.71x 6.10x 6.21x

8'228.0 3'782.0 8'729.0 12'066.0 10'602.0 12'747.0 8'901.0 8'448.6 8'042.3 1'882.5 1'720.4

5.26x 20.16x 11.16x 5.72x 7.30x 5.81x 7.63x 8.71x 9.00x 9.64x 9.62x










Gross Margin - Total Debt/EBITDA 0.80

EBITDA Margin 15.6%



Asset Turnover 1.02



Debt to Assets 13.41% Inventory Days -

Tot Debt to Common Equity 22.62% Accounts Payable Turnover Day -

Accounts Receivable Turnover 9.17 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Yara International ASAPrice/Volume

Valuation Analysis

623'037.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

.2'

0''

02'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F

!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

90'000.0

100'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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31.07.2013


NORWEGIAN GOVT MINIS n/a EXCH 102'915'622 36.21 - 22.07.2013 Government


GOVERNMENT PENSION F n/a EXCH 17'080'554 6.01 - 22.07.2013 Government

CLEARSTREAM BANKING n/a EXCH 12'895'857 4.54 - 22.07.2013 Bank

BANK OF NEW YORK MEL n/a EXCH 10'263'546 3.61 - 22.07.2013 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 6'600'900 2.32 - 22.07.2013 Investment Advisor


YARA INTERNATIONAL A n/a EXCH 4'079'677 1.44 - 22.07.2013 Corporation

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'232'349 1.14 89'319 30.04.2013 Investment Advisor


SEB n/a ULT-AGG 2'873'372 1.01 297'322 22.07.2013 Unclassified


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'343'940 0.82 334'332 31.03.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'169'026 0.76 373'327 28.06.2013 Investment Advisor

DWP BANK n/a EXCH 2'118'468 0.75 - 22.07.2013 Bank

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 2'116'639 0.74 74'305 30.06.2013 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'917'789 0.67 11'087 30.06.2013 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 1'678'684 0.59 277'396 27.03.2013 Investment Advisor

KLP AKSJENORGE n/a EXCH 1'614'369 0.57 - 22.07.2013 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 311 12 month 30.07.2013

Swedbank First Securities HANS-ERIK JACOBSEN buy 5 U 300 Not Provided 30.07.2013


Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 300 12 month 22.07.2013

Pareto Securities SIGURD-ERIK NISSEN-MEYER sell 1 N 220 6 month 22.07.2013

DNB Markets KNUT-IVAR BAKKEN hold 3 M 280 Not Provided 22.07.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 270 Not Provided 22.07.2013

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 320 Not Provided 22.07.2013

AlphaValue FABRICE FARIGOULE buy 5 M 332 6 month 22.07.2013

Norne Securities AS TOMAS SKEIVYS buy 5 M 300 12 month 22.07.2013

Danske Markets MARTIN STENSHALL hold 3 M 265 12 month 22.07.2013

Handelsbanken ANNE GJOEN accumulate 4 M 287 12 month 20.07.2013

BMO Capital Markets JOEL JACKSON outperform 5 M 297 Not Provided 19.07.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 240 12 month 19.07.2013

Morgan Stanley PAUL R WALSH Equalwt/In-Line 3 M 316 12 month 19.07.2013

ABG Sundal Collier MARTIN MELBYE buy 5 M 290 6 month 19.07.2013

UBS JOE DEWHURST buy 5 M 318 12 month 19.07.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 366 12 month 19.07.2013

SEB Enskilda TRULS KOLSRUD ENGENE buy 5 U 280 Not Provided 19.07.2013

Carnegie BENGT JONASSEN hold 3 M #N/A N/A Not Provided 19.07.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 310 Not Provided 19.07.2013

Nomura JEAN DE WATTEVILLE buy 5 M 330 12 month 19.07.2013

Arctic Securities ASA THOMAS LORCK hold 3 M 265 Not Provided 19.07.2013

HSBC YONAH WEISZ underweight 1 D 230 Not Provided 17.07.2013

Redburn Partners NEIL TYLER neutral 3 M #N/A N/A Not Provided 24.06.2013

JPMorgan MARTIN EVANS neutral 3 M 254 3 month 07.06.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013

Fondsfinans AS PER HAAGENSEN buy 5 M 350 Not Provided 13.02.2013

Main First Bank AG THOMAS SWOBODA outperform 5 U 320 12 month 07.12.2012

Credit Suisse LARS KJELLBERG restricted #N/A N/A M #N/A N/A Not Provided 05.12.2012

SpareBank 1 Markets AS HENRIK SCHULTZ neutral 3 D 290 12 month 05.12.2012

Equita SIM SpA MASSIMO BONISOLI buy 5 M 320 12 month 30.04.2012

Holdings By:

Yara International ASA ee


31.07.2013

Uralkali OJSC produces potash. The Company operates mines and ore-treatment

mills in the Perm Territory, Russia. Uralkali extracts and processes potassium

ore and sells standard and granular muriate of potash for the agriculture and

chemical industries. The Company's main markets include Brazil, India, China,

Southeast Asia, Russia, the United States, and Europe.


LTM as of: 09/yy

52-Week High (25.09.2012) 43.25

52-Week Low (30.07.2013) 22.70

Daily Volume

23.95


52-Week Low % Change 5.51% Beta -


Shares Out #N/A N/A - Short Int 0.17

- 1 Yr Total Return -


Preferred Stock 0.0 Adjusted BETA -


Cash and Equivalents 1'665.58 Consensus Rating -

Enterprise Value -


URALL US EQUITY YTD Change - Average Volume 30 Day 704

URALL US EQUITY YTD % CHANGE - Average Volume 3 Month 1'338


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/11 Q4 03/12 Q1

2'533.6 1'069.1 1'699.4 3'495.9 3'949.8 527.9 677.9 3'839.0 4'108.8 - -

1.77x 8.13x 8.80x 6.91x 6.15x 0.00x 0.00x - - - -

1'668.2 517.9 800.4 2'068.2 2'311.4 0.0 0.0 2'111.9 2'236.5 - -

2.69x 16.78x 18.69x 11.68x 10.52x 0.00x 0.00x - - - -

885.0 287.4 548.4 1'184.0 1'600.8 185.7 207.8 1'295.1 1'356.2 - -

- - - - - 0.00x 0.00x 10.34x 9.29x - -


EBIT 1'851.85 Long-Term Rating BBB-









EBITDA Margin 58.5%



Asset Turnover 0.29







Fiscal Year Ended

Uralkali OJSCPrice/Volume

Valuation Analysis

12'075.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F!' F!' F!' F!' F!- F!- F!- F!- 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

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

'!.'

'!1'

'!3'

'!5'

-!''

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31.07.2013


VAN ECK ASSOCIATES C n/a ULT-AGG 6'186'459 0 - 30.07.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'912'214 0 (1'342'150) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 2'135'782 0 (5'954) 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'113'797 0 70'152 29.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'959'792 0 440'665 31.03.2013 Investment Advisor

PRUDENTIAL PLC n/a ULT-AGG 1'850'000 0 200'000 31.03.2013 Unclassified

PICTET FUNDS n/a ULT-AGG 1'838'367 0 (588'014) 30.04.2013 Investment Advisor

BARING INTERNATIONAL Multiple Portfolios MF-AGG 1'529'996 0 (128'940) 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'302'206 0 2'620 30.07.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'216'000 0 - 31.03.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'040'000 0 (123'600) 30.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 869'541 0 (110'710) 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 800'000 0 (100'000) 31.05.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 710'617 0 (4'236) 28.03.2013 Investment Advisor

NEPTUNE INVESTMENT M NEPTUNE INVESTMENT F MF-PART 700'623 0 - 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 595'626 0 70'000 28.03.2013 Unclassified

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 536'250 0 (99'000) 28.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 529'569 0 (1'094) 30.04.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 520'516 0 (92'700) 30.04.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 489'383 0 (64'000) 31.03.2013 Investment Advisor


#N/A N/A

Holdings By:

Uralkali OJSC ee


31.07.2013

AGCO Corporation manufactures and distributes agricultural equipment throughout

the world. The Company sells a range of agricultural equipment and related

replacement parts, including tractors, combines, hay tools, sprayers, and forage

equipment. AGCO markets its products under a variety of brand names, including

Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.


LTM as of: 03/yy

52-Week High (14.05.2013) 56.83

52-Week Low (04.09.2012) 41.17

Daily Volume

54.88





5'340.57 1 Yr Total Return 25.64%







AGCO US EQUITY YTD Change - Average Volume 30 Day 903'522

AGCO US EQUITY YTD % CHANGE - Average Volume 3 Month 907'952


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

8'424.6 6'516.4 6'896.6 8'773.2 9'962.2 9'249.2 10'091.6 10'524.5 10'718.9 2'811.5 2'440.5

0.27x 0.46x 0.68x 0.57x 0.53x 2.06x 2.24x 0.53x 0.49x 2.22x 2.54x

711.7 368.7 482.9 783.1 945.5 858.8 959.8 1'069.8 1'130.8 317.0 231.2

3.21x 8.10x 9.77x 6.33x 5.60x 6.74x 6.24x 5.85x 5.53x 5.90x 5.85x

385.9 135.7 220.5 583.3 522.1 623.5 519.9 556.4 593.6 178.8 115.6

5.97x 20.94x 21.82x 9.59x 9.35x 9.69x 9.98x 9.75x 9.23x 9.69x 9.67x

EBITDA 945.50 Long-Term Rating Date 05.03.2010

EBIT 715.60 Long-Term Rating BBB-









EBITDA Margin 9.5%



Asset Turnover 1.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AGCO CorpPrice/Volume

Valuation Analysis

1'067'062.00


'

-'

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0'

1'

2'

3'

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' F

0!2 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



31.07.2013



TRACTORS & FARM EQUI n/a Form 4 5'767'864 5.93 8'300 05.07.2013 Corporation




WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'365'950 3.46 52'658 31.03.2013 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'170'144 3.26 (2'240'790) 31.03.2013 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3'122'699 3.21 420'213 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'970'841 3.05 (342'260) 31.03.2013 Investment Advisor

NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 2'646'139 2.72 (125'457) 30.06.2013 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 2'139'890 2.2 1'444'042 31.03.2013 Investment Advisor


AJO, LP AJO, LP 13F 1'709'500 1.76 (633'000) 31.03.2013 Investment Advisor


APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 1'561'647 1.6 - 31.03.2013 Investment Advisor


CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'395'257 1.43 (23'192) 31.03.2013 Investment Advisor

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'369'390 1.41 511'923 31.03.2013 Investment Advisor


DEUTSCHE BANK AG n/a ULT-AGG 1'246'952 1.28 (1'387'329) 31.05.2013 Investment Advisor


Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013


Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 60 12 month 19.07.2013

Jefferies STEPHEN VOLKMANN buy 5 M 62 12 month 18.07.2013

BMO Capital Markets JOEL G TISS outperform 5 M 63 Not Provided 15.07.2013

Macquarie SAMEER RATHOD neutral 3 N 56 12 month 12.07.2013

William Blair & Co LAWRENCE T DE MARIA market perform 3 M 57 12 month 11.07.2013

JPMorgan ANN DUIGNAN neutral 3 M 57 3 month 10.07.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 59 12 month 01.07.2013

Barclays ANDY KAPLOWITZ equalweight 3 M 64 Not Provided 01.05.2013

Credit Suisse JAMIE L COOK neutral 3 M 56 Not Provided 30.04.2013

UBS STEVEN FISHER neutral 3 M 58 12 month 04.04.2013

Goldman Sachs JERRY REVICH neutral/neutral 3 M 59 12 month 05.02.2013


S&P Capital IQ MICHAEL JAFFE hold 3 D 46 Not Provided 26.07.2012

Holdings By:

AGCO Corp ee


31.07.2013

IOI Corporation Berhad cultivates and processes oil palm and rubber. The

Company, through its subsidiaries, operates in property development and

investment, provides landscape services, and sells ornamental plants and turfing

grass. IOI Corporation also manufactures industrial and medical gases, and

provides building, engineering, and construction services.


LTM as of: 03/yy

52-Week High (14.05.2013) 5.70

52-Week Low (15.03.2013) 4.58

Daily Volume

5.46





34'874.73 1 Yr Total Return 5.48%







IOI MK EQUITY YTD Change - Average Volume 30 Day 6'538'704

IOI MK EQUITY YTD % CHANGE - Average Volume 3 Month 7'127'916


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

14'641.2 14'568.0 12'386.5 16'020.0 15'488.1 16'217.0 13'910.6 14'761.3 15'643.0 - 3'594.0

3.33x 2.17x 2.68x 2.30x 2.41x 8.87x 10.49x 2.60x 2.44x - -

2'919.6 2'682.5 1'723.8 2'422.4 2'362.4 2'583.9 2'647.5 2'607.0 2'755.5 - 665.0

16.68x 11.79x 19.23x 15.21x 15.80x 14.53x 13.20x 15.26x 14.44x - -

2'231.6 983.5 2'035.7 2'222.9 1'789.4 1'935.6 2'104.7 1'772.4 1'874.6 - 470.0

20.22x 28.40x 15.20x 15.25x 18.56x 17.72x 14.23x 19.93x 18.83x - -











EBITDA Margin 19.0%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IOI Corp BhdPrice/Volume

Valuation Analysis

6'054'800.00


'

-

.

0

1

2

3

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2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' F

02!' 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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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31.07.2013


VERTICAL CAPACITY SD n/a EXCH 2'854'712'680 44.69 2'800'000 23.05.2013 Other

EMPLOYEES PROVIDENT #N/A N/A EXCH 649'535'008 10.17 - 24.07.2013 Government



SHIN CHENG LEE n/a EXCH 62'630'600 0.98 - 12.06.2013 n/a


PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 44'923'879 0.7 - 30.06.2011 Investment Advisor

FIL LIMITED n/a ULT-AGG 21'440'058 0.34 (24'926'242) 31.10.2012 Investment Advisor

PENGURUSAN PELABURAN Multiple Portfolios MF-AGG 14'288'666 0.22 - 31.05.2011 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 12'576'713 0.2 15'700 30.07.2013 Investment Advisor

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 10'948'372 0.17 385'358 30.06.2013 Investment Advisor

GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 9'771'432 0.15 - 31.12.2010 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 9'686'370 0.15 - 31.12.2012 Investment Advisor

YEOW CHOR LEE n/a EXCH 8'340'400 0.13 - 23.05.2013 n/a

FLEXSHARES TRUST Multiple Portfolios MF-AGG 7'963'505 0.12 1'050'900 31.05.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 7'344'117 0.11 - 30.04.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'168'866 0.11 - 31.12.2012 Investment Advisor

PICTET FUNDS n/a ULT-AGG 5'570'900 0.09 (25'000) 30.04.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'991'600 0.08 (96'000) 31.05.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'218'200 0.07 106'100 31.03.2013 Investment Advisor


Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 5 12 month 31.07.2013

Standard Chartered ADRIAN FOULGER in-line 3 M 5 12 month 29.07.2013

Credit Suisse TAN TING MIN underperform 1 M 5 Not Provided 29.07.2013


Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 5 12 month 22.07.2013

Macquarie SUNAINA DHANUKA underperform 1 M 5 12 month 19.07.2013

RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 6 12 month 19.07.2013

Morgan Stanley CHARLES C SPENCER Underwt/Cautious 1 M 4 12 month 18.07.2013

KAF Seagroatt & Campbell VINCE NG buy 5 M 7 Not Provided 11.07.2013

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 11.07.2013


Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 6 12 month 11.07.2013

TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 11.07.2013

BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 6 12 month 11.07.2013

JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 7 12 month 10.07.2013

Affin Securities Sdn Bhd ONG KENG WEE add 4 M 6 12 month 25.06.2013

CIMB IVY NG trading buy 5 M 6 3 month 21.06.2013

UBS SEBASTIAN TOBING buy 5 U 6 12 month 20.06.2013

Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 5 12 month 11.06.2013

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

JPMorgan YING-JIAN CHAN underweight 1 M 4 9 month 31.05.2013

Deutsche Bank MICHELLE FOONG sell 1 M 4 12 month 23.05.2013

Maybank Kim Eng ONG CHEE TING hold 3 M 6 12 month 22.05.2013

AmResearch Sdn Bhd GAN HUEY LING hold 3 M 6 12 month 22.05.2013

BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 4 12 month 15.05.2013

HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 06.02.2013

ECM Libra TEAM COVERAGE hold 3 M 5 12 month 20.11.2012

Holdings By:

IOI Corp Bhd ee


31.07.2013

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

33.25





4'620.17 1 Yr Total Return 79.73%







SFD US EQUITY YTD Change - Average Volume 30 Day 3'667'954

SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 5'440'225


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 13'506.4 13'828.4 3'166.8 3'314.6

0.32x 0.51x 0.46x 0.38x 0.44x 1.24x 1.60x 0.47x 0.44x - -

96.7 266.5 1'156.2 975.3 744.2 745.4 744.2 920.4 995.3 181.0 236.0

41.79x 21.28x 4.90x 5.11x 7.81x 0.00x 7.81x 7.42x 6.86x 7.40x -

(198.4) (101.4) 521.0 361.3 183.8 361.3 183.8 370.1 427.2 59.7 93.5

- - 9.39x 8.42x 14.41x 8.22x 14.52x 12.35x 10.66x 12.80x -


EBIT 504.30 Long-Term Rating BB *-









EBITDA Margin 5.6%



Asset Turnover 1.75







Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis

3'103'391.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -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'!''

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31.07.2013



MORGAN STANLEY n/a ULT-AGG 7'022'056 5.05 - 26.06.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'472'888 4.66 (48'612) 31.03.2013 Investment Advisor

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

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'125'358 3.69 655'445 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 30.06.2013 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) 30.04.2013 Investment Advisor

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

FMR LLC n/a ULT-AGG 3'436'600 2.47 (100'086) 31.03.2013 Investment Advisor

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



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 30.07.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 34 Not Provided 22.07.2013

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

JPMorgan KENNETH GOLDMAN neutral 3 M 34 3 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


31.07.2013

K+S AG manufactures and markets within the fertilizer division standard and

speciality fertilizers to the agricultural and industrial industries worldwide.

In its salt business, the company produces de-icing salt, food grade salt,

industrial salt and salt for chemical use.


LTM as of: 03/yy

52-Week High (21.08.2012) 40.98

52-Week Low (30.07.2013) 19.40

Daily Volume

20.415





3'907.43 1 Yr Total Return -47.08%







SDF GR EQUITY YTD Change - Average Volume 30 Day 3'925'514

SDF GR EQUITY YTD % CHANGE - Average Volume 3 Month 2'717'434


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

4'794.4 3'573.8 4'632.7 3'996.8 3'935.3 3'450.5 3'777.5 4'069.1 3'994.7 925.7 893.8

1.40x 2.35x 2.34x 1.68x 1.82x 9.39x 7.78x 1.12x 1.27x 5.15x 5.51x

1'464.3 460.2 972.2 1'122.5 1'079.9 1'009.3 1'067.7 1'016.0 891.3 228.3 211.5

4.57x 18.24x 11.14x 5.97x 6.65x 7.47x 6.82x 4.08x 4.65x - -

870.9 96.4 448.6 564.3 667.6 482.1 642.9 512.6 439.5 108.2 89.0

7.57x 68.95x 23.58x 10.98x 11.78x 14.74x 12.96x 7.48x 8.72x 8.38x 8.61x


EBIT 850.90 Long-Term Rating BBB+









EBITDA Margin 28.3%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

K+S AGPrice/Volume

Valuation Analysis

5'822'860.00


'2

-'-2.'.20'021'12

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F2!' F-'!' F-2!' F.'!' F.2!' F0'!' F02!' F1'!' F12!' F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



31.07.2013


MERITUS TRUST CO LTD n/a Co File 19'139'999 10 - 31.12.2012 Other

PRUDENTIAL PLC n/a ULT-AGG 10'376'980 5.42 - 29.05.2013 Unclassified


VIKING GLOBAL INVEST n/a Short (4'880'700) -2.55 (191'400) 10.07.2013 Hedge Fund Manager



ZBI EQUITIES LLC n/a Short (2'775'300) -1.45 (287'100) 29.07.2013 Investment Advisor


BROOKSIDE CAPITAL MA n/a Short (2'660'460) -1.39 880'440 30.07.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'309'050 1.21 (121'000) 31.05.2013 Investment Advisor


POINTSTATE CAPITAL n/a Short (1'741'740) -0.91 (133'980) 10.07.2013 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (1'301'520) -0.68 76'560 29.07.2013 Hedge Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'118'064 0.58 - 28.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'095'792 0.57 (84'129) 30.06.2013 Investment Advisor

UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 1'020'000 0.53 - 28.03.2013 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (937'860) -0.49 57'420 19.06.2013 Hedge Fund Manager

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 864'244 0.45 (35'784) 30.04.2013 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 700'182 0.37 160'177 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 642'703 0.34 33'498 31.05.2013 Investment Advisor


Baader Bank NORBERT BARTH buy 5 M 42 12 month 31.07.2013

JPMorgan BEN SCARLETT underweight 1 M 17 3 month 31.07.2013

Macquarie CHRISTIAN FAITZ neutral 3 D 25 12 month 31.07.2013

Bankhaus Lampe MARC GABRIEL buy 5 M 40 12 month 31.07.2013

Exane BNP Paribas HEIDI VESTERINEN underperform 1 M 16 Not Provided 31.07.2013

Liberum Capital Ltd SOPHIE JOURDIER sell 1 M 15 Not Provided 31.07.2013

Barclays ANDREAS HEINE underweight 1 D 17 Not Provided 31.07.2013

Commerzbank Corporates & Markets LUTZ GRUETEN Under Review #N/A N/A M #N/A N/A Not Provided 30.07.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE sell 1 M 15 12 month 30.07.2013

Nord/LB THORSTEN STRAUSS buy 5 M 34 12 month 30.07.2013

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 25 12 month 30.07.2013

HSBC JESKO MAYER-WEGELIN neutral 3 D 23 Not Provided 30.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 35 12 month 30.07.2013

Nomura PATRICK LAMBERT reduce 2 M 38 12 month 30.07.2013

S&P Capital IQ JACOB THRANE hold 3 U 21 12 month 30.07.2013

Hauck & Aufhaeuser NILS-PETER FITZL buy 5 M 42 12 month 19.07.2013

Main First Bank AG THOMAS SWOBODA outperform 5 M 30 12 month 19.07.2013

AlphaValue EILEEN RYAN buy 5 M 40 6 month 18.07.2013


UBS JOE DEWHURST sell 1 D 23 12 month 09.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.07.2013

Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 30 12 month 03.07.2013

M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 41 12 month 03.07.2013

Kepler Cheuvreux MARTIN ROEDIGER reduce 2 M 30 Not Provided 26.06.2013

DZ Bank AG HEINZ MUELLER buy 5 M 41 Not Provided 19.06.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 42 12 month 10.06.2013

EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 06.06.2013

Berenberg Bank JOHN PHILIPP KLEIN sell 1 M 28 Not Provided 04.06.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 40 Not Provided 24.05.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 23.05.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER buy 5 M 47 12 month 23.05.2013

Scotia Capital BEN ISAACSON sector underperform 1 M 31 12 month 14.05.2013

National Bank AG EKKEHARD D LINK buy 5 M 52 Not Provided 24.04.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 43 12 month 07.12.2012

Societe Generale PETER CLARK hold 3 M 41 12 month 12.11.2012

Redburn Partners TONY JONES neutral 3 U #N/A N/A Not Provided 30.03.2011

Solventis WPH-Bank GmbH KLAUS SOER sell 1 M 25 12 month 19.03.2010

Holdings By:

K+S AG ee


31.07.2013

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a

supplier for explosives products and services. The Company has operations

throughout the United States, Canada, Mexico and Australia.


LTM as of: 01/yy

52-Week High (18.10.2012) 3.36

52-Week Low (23.07.2013) 2.49

Daily Volume

2.63




Shares Out 31.03.2013 1'628.7 Short Int 16.12

4'283.56 1 Yr Total Return -11.81%







IPL AU EQUITY YTD Change - Average Volume 30 Day 9'051'188

IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 9'907'679


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

2'918.2 3'418.9 2'931.7 3'545.3 3'500.9 - - 3'412.5 3'858.2 - -

2.36x 1.84x 1.75x - - 1.66x 1.50x - -

1'022.0 524.1 760.5 808.4 731.3 - - 661.3 853.7 - -

9.09x 8.07x 8.40x - - 8.95x 6.93x - -

604.6 (221.4) 410.5 463.2 510.7 - - 313.6 415.4 - -

14.19x 11.51x 9.49x - - 13.70x 10.44x - -


EBIT 575.50 Long-Term Rating BBB









EBITDA Margin 15.4%



Asset Turnover 0.49







Fiscal Year Ended

Incitec Pivot LtdPrice/Volume

Valuation Analysis

16'737'254.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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!''

-'!''

-.!''

-1!''

-3!''

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



31.07.2013


HARRIS ASSOCIATES LP n/a EXCH 137'109'430 8.42 16'367'200 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 99'378'409 6.1 (3'034'136) 29.07.2013 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 98'572'385 6.05 (18'515'621) 29.05.2013 Bank

SCHRODER INVESTMENT n/a Co File 85'454'643 5.25 - 12.11.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a ULT-AGG 83'182'746 5.11 3'064'258 23.04.2013 Bank

DWS INVESTMENT S A Multiple Portfolios MF-AGG 31'789'110 1.95 - 30.04.2013 Investment Advisor


AMP LIFE LTD n/a Co File 23'876'351 1.47 - 12.11.2012 Investment Advisor

AUSTRALIAN FOUNDATIO n/a Co File 21'209'411 1.3 - 12.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'210'925 1.24 (4'343'704) 30.06.2013 Investment Advisor

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'313'839 0.63 - 28.06.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 9'569'641 0.59 2'083'894 31.08.2011 Investment Advisor


QUEENSLAND INVESTMEN n/a Co File 7'738'572 0.48 - 12.11.2012 Government

CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'266'295 0.45 552'230 31.12.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 6'544'000 0.4 6'544'000 31.03.2013 Investment Advisor

NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 5'871'268 0.36 (195'387) 28.03.2013 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 5'672'426 0.35 5'672'426 31.03.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 4'322'970 0.27 347'516 31.05.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'180'604 0.26 (425'000) 30.04.2013 Investment Advisor


Deutsche Bank MARK WILSON hold 3 M 3 12 month 31.07.2013

Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 29.07.2013

Macquarie JOHN PURTELL outperform 5 M 3 12 month 24.07.2013

BBY Limited DENNIS HULME strong buy 5 U 3 12 month 24.07.2013

Credit Suisse ANDREW PEROS neutral 3 M 3 Not Provided 23.07.2013

JPMorgan STUART JACKSON neutral 3 M 3 12 month 23.07.2013

CIMB ANDREW G SCOTT neutral 3 M 3 12 month 23.07.2013

Commonwealth Bank MICHAEL WARD neutral 3 M 3 12 month 23.07.2013

RBS Morgans BELINDA MOORE outperform 5 M 3 12 month 23.07.2013

UBS RAMOUN LAZAR buy 5 M 3 12 month 24.06.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Octa Phillip Securities Ltd PAUL JENSZ buy 5 M 4 Not Provided 22.05.2013

Morgan Stanley NICHOLAS ROBISON Equalwt/Cautious 3 M 3 12 month 13.05.2013

Holdings By:

Incitec Pivot Ltd ee


31.07.2013

NIPPON MEAT PACKERS, INC., produces and sells ham, sausage, and processed meat

products. The Company also breeds and raises cattle through its subsidiary.

NIPPON MEAT PACKERS owns a professional baseball team, the Nippon Ham Fighters.


LTM as of: 06/yy

52-Week High (19.07.2013) 1'678.00

52-Week Low (02.10.2012) 968.00

Daily Volume

1510





344'952.47 1 Yr Total Return 49.01%







2282 JP EQUITY YTD Change - Average Volume 30 Day 1'152'900

2282 JP EQUITY YTD % CHANGE - Average Volume 3 Month 1'311'159


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'028'449.0 953'616.0 990'338.0 1'022'706.0 1'022'839.0 ######### ######### ######### ######### 260'500.0 299'000.0

0.36x 0.35x 0.29x 0.30x 0.38x 1.17x 0.97x 0.39x 0.38x - -

46'063.0 49'953.0 58'848.0 55'669.0 47'802.0 53'150.0 37'816.0 53'695.4 58'120.4 - -

7.93x 6.76x 4.96x 5.43x 8.20x 5.57x 0.00x 7.98x 7.37x - -

1'657.0 15'721.0 16'731.0 11'655.0 16'459.0 10'005.0 17'732.0 16'775.0 18'802.7 3'400.0 7'500.0

211.78x 16.98x 13.33x 19.18x 19.53x 22.38x 17.48x 18.41x 16.59x - -











EBITDA Margin 4.7%



Asset Turnover 1.71







Fiscal Year Ended

Nippon Meat Packers IncPrice/Volume

Valuation Analysis

1'169'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.''1''3''5''

-'''-.''-1''-3''-5''

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F

-!' F

.!' F

0!' F

1!' F

2!' F

3!' F

4!' F

5!' F

840'000.0

860'000.0

880'000.0

900'000.0

920'000.0

940'000.0

960'000.0

980'000.0

1'000'000.0

1'020'000.0

1'040'000.0

1'060'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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31.07.2013


NIPPON MEAT PACKERS n/a Co File 29'466'000 12.9 (10'218) 31.03.2013 Corporation

MITSUBISHI UFJ FINAN n/a ULT-AGG 21'187'595 9.27 (11'898'489) 18.04.2013 Holding Company

MASTER TRUST BANK OF n/a Co File 17'115'000 7.49 (1'378'000) 31.03.2013 Bank

JAPAN TRUSTEE SERVIC n/a Co File 12'072'000 5.28 (8'320'000) 31.03.2013 Bank

HYAKUJUSHI BANK LTD/ n/a Co File 8'287'000 3.63 (750'000) 31.03.2013 Bank

MEIJI YASUDA LIFE IN n/a Co File 7'354'000 3.22 - 31.03.2013 Insurance Company

NIPPON LIFE INSURANC n/a ULT-AGG 7'298'000 3.19 - 31.03.2013 Insurance Company

SUMITOMO MITSUI TRUS n/a ULT-AGG 6'581'000 2.88 (1'894'000) 15.11.2012 Bank

NORINCHUKIN BANK LTD n/a Co File 5'926'000 2.59 - 31.03.2013 Investment Advisor

NOMURA n/a ULT-AGG 5'216'419 2.28 60'000 16.07.2013 Unclassified

NIPPONKOA INSURANCE n/a Co File 4'990'000 2.18 - 31.03.2013 Insurance Company

SUMITOMO MITSUI FINA n/a ULT-AGG 4'650'000 2.04 - 31.03.2013 Bank

NIKKO ASSET MANAGEME n/a ULT-AGG 3'982'000 1.74 (152'000) 15.11.2012 Unclassified


STATE STREET CUSTODI n/a ULT-AGG 3'794'000 1.66 - 31.03.2013 Other

TOMONY HOLDINGS INC n/a Co File 3'074'700 1.35 - 31.03.2012 Corporation

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'435'000 1.07 (195'000) 30.04.2013 Holding Company

ASAHI KASEI CORP n/a Co File 2'117'728 0.93 - 31.03.2013 Corporation




Morgan Stanley TAIZO DEMURA Underwt/In-Line 1 M 1'400 12 month 25.07.2013

Barclays TAKAYUKI HAYANO equalweight 3 M 1'440 Not Provided 28.06.2013

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

Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M 1'470 6 month 03.06.2013

SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 2'060 12 month 03.06.2013

Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI neutral 3 M 1'700 12 month 15.05.2013

Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI buy 5 M 1'870 Not Provided 14.05.2013

Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 1'500 12 month 13.05.2013

UBS NAOMI A TAKAGI neutral 3 M 1'590 12 month 13.05.2013

Mizuho Securities HIROSHI SAJI neutral 3 M 1'450 12 month 13.05.2013

Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012

Holdings By:

Nippon Meat Packers Inc ee


31.07.2013

Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and

markets chemical and fertilizer products in Israel. The Company markets its

products in Israel, Europe, and the Americas. Products include bromine

specialty chemicals, potash, phosphate fertilizers, and specialty performance

and industrial products.


LTM as of: 03/yy

52-Week High (28.01.2013) 5'175.00

52-Week Low (31.07.2013) 2'812.00

Daily Volume

2872





36'550.28 1 Yr Total Return -35.21%







ICL IT EQUITY YTD Change - Average Volume 30 Day 2'591'427

ICL IT EQUITY YTD % CHANGE - Average Volume 3 Month 2'072'405


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

6'904.0 4'554.3 5'691.5 7'067.8 6'672.2 7'038.9 6'760.6 6'732.0 6'910.9 1'753.5 1'656.0

1.47x 3.93x 4.02x 2.07x 2.54x 9.73x 9.88x 1.77x 1.74x 6.62x 7.03x

2'611.5 1'233.3 1'560.0 2'203.8 1'900.8 2'205.4 1'925.6 1'845.9 1'858.0 471.0 469.0

3.87x 14.51x 14.65x 6.65x 8.90x 7.06x 9.27x 6.32x 6.28x - -

2'004.2 770.4 1'024.7 1'511.8 1'300.5 1'521.3 1'316.9 1'218.5 1'216.3 315.5 304.0

4.44x 21.63x 21.18x 8.70x 11.67x 10.97x 12.52x 8.41x 8.66x - -











EBITDA Margin 28.5%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Israel Chemicals LtdPrice/Volume

Valuation Analysis

3'836'531.00


'

-'''

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1'''

2'''

3'''

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F.!' F1!' F3!' F5!' F-'!' F-.!' F-1!' F-3!' F-5!' 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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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0-!-.!.''6 0'!'3!.'-' 0-!-.!.'-' 0'!'3!.'-- 0-!-.!.'-- 0'!'3!.'-. 0-!-.!.'-. 0'!'3!.'-0



31.07.2013


ISRAEL CORP LTD #N/A N/A EXCH 665'485'881 52.29 - 29.07.2013 Holding Company

POTASH CORP OF SASKA #N/A N/A EXCH 176'088'630 13.84 - 29.07.2013 Government


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'788'733 0.93 - 31.05.2013 Hedge Fund Manager



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'400'000 0.5 1'984'000 31.05.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 5'850'741 0.46 (2'821) 30.07.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 4'163'369 0.33 4'163'369 31.03.2013 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 3'927'978 0.31 19'720 31.05.2013 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'775'212 0.3 - 31.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'458'855 0.27 378'887 31.03.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 2'897'013 0.23 23'840 28.02.2013 Holding Company


FERSON CHEMICALS LTD #N/A N/A EXCH 2'216'131 0.17 - 29.07.2013 Corporation


KEMPEN CAPITAL MANAG n/a ULT-AGG 2'121'199 0.17 226'900 28.02.2013 Unclassified


Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 3'200 Not Provided 31.07.2013

Barclays JOSEPH WOLF overweight 5 M 3'600 Not Provided 31.07.2013

UBS RONI BIRON Under Review #N/A N/A M 4'600 12 month 30.07.2013

HSBC YONAH WEISZ underweight 1 D 1'830 Not Provided 30.07.2013

Psagot Investment House Ltd ILANIT SHERF hold 3 M 4'400 12 month 30.07.2013

Goldman Sachs YULIA CHEKUNAEVA Buy/Cautious 5 U 5'300 12 month 24.07.2013

BMO Capital Markets JOEL JACKSON market perform 3 M 3'700 Not Provided 22.07.2013

Morgan Stanley PETER MACKEY not rated #N/A N/A M #N/A N/A Not Provided 12.07.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 3'800 12 month 01.07.2013

Credit Suisse MIKHAIL PRIKLONSKY outperform 5 M 4'700 Not Provided 27.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

VTB Capital ELENA SAKHNOVA buy 5 M 5'140 12 month 14.05.2013

I.B.I. GUIL BASHAN neutral 3 M 4'600 12 month 13.05.2013

CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 4'500 Not Provided 12.05.2013

Excellence Nessuah GILAD ALPER neutral 3 D 4'300 12 month 29.04.2013

DS Securities & Investments RICHARD GUSSOW market perform 3 N 4'600 12 month 02.04.2013

Bank Leumi ELLA FRIED market perform 3 M 5'000 Not Provided 01.01.2013

Holdings By:

Israel Chemicals Ltd ee


31.07.2013

PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds,

woven plastic bags, and poultry equipment as well as processes chicken. Through

its subsidiaries, the Company also operates poultry farms and distributes its

products.


LTM as of: 06/yy

52-Week High (22.05.2013) 5'550.00

52-Week Low (31.08.2012) 2'600.00

Daily Volume

4300





70'511'400.00 1 Yr Total Return 35.62%

Total Debt 1'936'794.00 YTD Return 18.90%




Enterprise Value 71'301'280.00


CPIN IJ EQUITY YTD Change - Average Volume 30 Day 10'843'120

CPIN IJ EQUITY YTD % CHANGE - Average Volume 3 Month 10'321'140


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

13'212'988.0 14'569'267.0 15'077'822.0 17'957'972.0 21'310'925.0 ######### ######### ######### ######### - -

0.28x 0.54x 1.95x 1.97x 2.86x 9.05x 8.44x 2.77x 2.37x - -

1'079'802.0 2'191'280.0 2'904'288.0 3'156'347.0 3'582'749.0 ######### ######### ######### ######### - -

3.48x 3.60x 10.10x 11.23x 16.99x 14.68x 0.00x 15.37x 13.08x - -

253'977.0 1'612'710.0 2'210'266.0 2'355'475.0 2'684'064.0 ######### ######### ######### ######### 291'500.0 #########

5.65x 4.58x 13.63x 14.93x 22.26x 20.15x 33.39x 20.33x 17.00x - -

EBITDA 3'582'749.00 Long-Term Rating Date -

EBIT 3'329'607.00 Long-Term Rating -









EBITDA Margin 15.7%



Asset Turnover 1.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Charoen Pokphand Indonesia Tbk PTPrice/Volume

Valuation Analysis

14'974'500.00


'

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0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

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

'!''

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0'!''

1'!''

2'!''

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31.07.2013


CENTRAL AGROMINA PT n/a Co File 9'106'385'410 55.53 - 30.09.2012 Other


VAN ECK ASSOCIATES C n/a ULT-AGG 142'379'504 0.87 (280'500) 30.07.2013 Investment Advisor




DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 27'627'000 0.17 - 31.12.2010 Investment Advisor

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 21'326'500 0.13 - 10.12.2012 Holding Company



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 18'869'000 0.12 (2'746'500) 28.12.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 18'521'008 0.11 - 30.07.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 11'345'500 0.07 (272'000) 31.05.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 10'333'000 0.06 (18'500) 31.05.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 9'561'000 0.06 2'844'000 31.05.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'776'000 0.05 - 31.05.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 8'633'984 0.05 - 31.05.2012 Investment Advisor

PICTET FUNDS n/a ULT-AGG 8'017'000 0.05 (200'000) 30.04.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 7'976'500 0.05 - 28.03.2013 Investment Advisor



Bahana Securities ADITYA EKA PRAKASA reduce 2 D #N/A N/A Not Provided 31.07.2013

UBS RONALD LIEM neutral 3 D 5'060 12 month 19.07.2013

Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/Attractive 5 M 5'400 12 month 09.07.2013

PT Batavia Prosperindo Sekuritas ROBERTUS YANUAR HARDY buy 5 M 5'500 12 month 03.07.2013

Macquarie LYALL TAYLOR underperform 1 D 3'000 12 month 01.07.2013

RHB Research Institute Sdn Bhd YUNIV TRENSENO neutral 3 M 4'850 Not Provided 23.06.2013


Maybank Kim Eng ADI N WICAKSONO hold 3 M 4'400 12 month 03.06.2013

AmCapital Indonesia VIVIET S PUTRI buy 5 N 5'400 Not Provided 25.04.2013

Sucorinvest Central Gani ARIEF BUDIMAN hold 3 M 4'500 12 month 18.04.2013

Standard Chartered NIRGUNAN TIRUCHELVAM in-line 3 M 3'317 12 month 09.04.2013

Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 4'600 12 month 28.03.2013

Credit Suisse AGUS SANDIANTO outperform 5 N 5'400 Not Provided 25.02.2013

Deutsche Bank ADI PUTRA not rated #N/A N/A M #N/A N/A Not Provided 21.11.2012

Holdings By:

Charoen Pokphand Indonesia Tbk PT ee


31.07.2013

Nutreco NV is active in animal nutrition and fish feed. The Company produces

premixes and feed specialties for pigs, poultry, ruminants and fish globally.

They also operate in meat processing in Iberia.


LTM as of: 06/yy

52-Week High (12.03.2013) 37.25

52-Week Low (26.10.2012) 27.83

Daily Volume

35.24





2'475.16 1 Yr Total Return 24.29%







NUO NA EQUITY YTD Change - Average Volume 30 Day 221'896

NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 273'652


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

4'943.1 4'511.7 4'166.4 4'721.1 5'229.1 5'440.3 5'273.3 5'445.8 5'721.6 1'547.0 -

0.24x 0.36x 0.53x 0.43x 0.48x 0.00x 0.00x 0.51x 0.47x - -

203.7 231.8 243.6 271.7 307.0 0.0 0.0 330.5 361.6 - -

5.88x 6.94x 9.04x 7.46x 8.11x 0.00x 0.00x 8.32x 7.60x - -

114.8 90.3 111.4 130.5 176.8 0.0 0.0 176.7 198.0 - -

7.79x 15.05x 18.99x 14.16x 14.15x 0.00x 0.00x 13.71x 12.32x - -











EBITDA Margin 5.9%



Asset Turnover 1.95







Fiscal Year Ended

Nutreco NVPrice/Volume

Valuation Analysis

22'375.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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-2

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02

1'

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!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

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

'!''

.!''

1!''

3!''

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31.07.2013


ING GROEP NV n/a Co File 7'002'665 9.97 - 31.12.2012 Investment Advisor

NORGES BANK n/a Research 2'098'790 2.99 (96'347) 15.07.2013 Government

DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'386'636 1.97 51'200 30.04.2013 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'175'242 1.67 - 30.04.2013 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 940'538 1.34 (104'729) 31.03.2013 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 738'888 1.05 43'844 30.04.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 658'310 0.94 68'210 31.12.2012 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 614'602 0.88 1'700 31.05.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 598'100 0.85 - 30.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 567'514 0.81 12'946 30.06.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 500'447 0.71 (40'329) 31.05.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 458'752 0.65 - 28.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 419'091 0.6 (183'113) 30.06.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 403'766 0.57 79'000 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 403'236 0.57 32'428 31.03.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 387'100 0.55 16'158 31.03.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 383'674 0.55 - 30.06.2013 Investment Advisor


ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 337'410 0.48 183'082 28.03.2013 Investment Advisor


Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 39 12 month 29.07.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 43 12 month 29.07.2013

KBC Securities PASCALE WEBER hold 3 M 36 Not Provided 26.07.2013

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 35 12 month 26.07.2013

Petercam FERNAND DE BOER hold 3 M 17 Not Provided 25.07.2013

Rabobank International PATRICK ROQUAS hold 3 M 32 12 month 25.07.2013

ING Bank MARCO GULPERS buy 5 M 38 12 month 25.07.2013

AlphaValue SOPHIE CABO-BROSETA add 4 D 41 6 month 25.07.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 42 Not Provided 25.07.2013


Kempen & Co ERWIN DUT hold 3 M 35 Not Provided 04.06.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 30 Not Provided 15.01.2013

Holdings By:

Nutreco NV ee


31.07.2013

The Toro Company designs, manufactures, and markets a range of turf equipment.

The Company's products include professional turf maintenance equipment, turf and

agricultural irrigation systems, landscaping equipment, and residential yard

products. Toro's products are sold worldwide under trademarks such as Toro,

Wheel Horse, Lawn-Boy, Irritrol, and Dingo.


LTM as of: 05/yy

52-Week High (11.07.2013) 49.88

52-Week Low (23.08.2012) 35.64

Daily Volume

48.91





2'812.73 1 Yr Total Return 31.67%







TTC US EQUITY YTD Change - Average Volume 30 Day 253'138

TTC US EQUITY YTD % CHANGE - Average Volume 3 Month 272'315


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 05/yy 05/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

1'878.2 1'523.4 1'690.4 1'884.0 1'958.7 1'984.5 1'992.5 2'008.3 2'144.3 505.0 359.5

0.71x 0.84x 1.08x 0.93x 1.31x 4.94x 5.21x 1.45x 1.37x 5.77x 8.11x

246.6 159.7 196.3 233.0 259.2 255.7 283.6 264.0 299.0 60.2 13.0

5.38x 8.02x 9.33x 7.49x 9.87x 8.68x 9.69x 11.20x 9.89x 10.33x 10.11x

119.7 62.8 93.2 117.7 129.5 128.9 150.6 140.5 164.0 31.6 (0.8)

10.58x 20.58x 20.42x 13.61x 20.09x 17.30x 17.40x 20.00x 17.13x 18.70x 17.79x











EBITDA Margin 14.2%



Asset Turnover 1.86







Fiscal Year Ended

Toro Co/ThePrice/Volume

Valuation Analysis

404'984.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

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1'

2'

3'

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!2 F

-!' F

-!2 F

.!' F

.!2 F

0!' 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

'!''

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31.07.2013




MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'238'818 5.63 9'875 31.03.2013 Investment Advisor


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'077'536 3.61 (28'000) 31.03.2013 Investment Advisor


KAYNE ANDERSON RUDNI KAYNE ANDERSON RUDNI 13F 1'582'756 2.75 (111'455) 31.03.2013 Hedge Fund Manager



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'111'040 1.93 65'836 31.03.2013 Investment Advisor


CS MCKEE LP C S MCKEE LP 13F 1'045'742 1.82 20'060 31.03.2013 Investment Advisor


FISHER INVESTMENTS I FISHER INVESTMENTS 13F 914'917 1.59 (710) 31.03.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 656'550 1.14 - 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 641'454 1.12 327'852 31.03.2013 Investment Advisor

ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 628'846 1.09 (4'311) 31.03.2013 Investment Advisor

HOFFMAN MICHAEL J n/a Form 4 624'644 1.09 - 26.12.2012 n/a

PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 601'907 1.05 30'774 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 600'755 1.04 (20'838) 31.03.2013 Investment Advisor


Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 29.07.2013

Sidoti & Company LLC ROBERT A KOSOWSKY neutral 3 M 51 12 month 26.07.2013

Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 22.07.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 04.06.2013

CL King & Associates JAMES BARRETT neutral 3 M #N/A N/A Not Provided 23.05.2013

S&P Capital IQ RICHARD TORTORIELLO hold 3 D 44 12 month 05.12.2012

Holdings By:

Toro Co/The ee


31.07.2013

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

28





216'802.38 1 Yr Total Return -12.84%







CPF-R TB EQUITY YTD Change - Average Volume 30 Day 8'413'890

CPF-R TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'836'469


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

156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 233'834.9 371'119.4 394'719.8 437'093.7 95'434.9 97'711.0

0.42x 0.70x 1.14x 1.36x 1.15x 4.85x 4.33x 0.93x 0.85x - -

8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 20'337.2 12'224.2 23'879.2 31'596.9 3'152.5 4'253.0

8.20x 7.17x 12.81x 14.44x 26.63x 19.21x 32.71x 15.85x 11.98x - -

3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 24'553.2 7'703.4 7'925.6 14'753.4 261.0 2'456.5

7.23x 7.50x 12.11x 13.64x 13.03x 10.26x 31.13x 24.26x 13.24x - -








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

8'184'200.00


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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

'!''

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31.07.2013




DWS INVESTMENT S A Multiple Portfolios MF-AGG 19'015'703 0.25 2'494'500 30.04.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 18'564'510 0.24 38'200 30.07.2013 Investment Advisor


CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 4'000'000 0.05 - 28.06.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'845'600 0.04 - 30.04.2013 Investment Advisor

LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2'180'300 0.03 - 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'540'357 0.02 (183'300) 30.06.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'420'000 0.02 (1'000'000) 30.04.2013 Investment Advisor

BSI SA Multiple Portfolios MF-AGG 1'300'000 0.02 1'300'000 28.03.2013 Investment Advisor

NOMURA n/a ULT-AGG 1'114'102 0.01 169'900 31.12.2012 Unclassified

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'054'000 0.01 - 30.07.2013 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 734'300 0.01 - 31.03.2013 Investment Advisor

CLARIDEN SICAV Multiple Portfolios MF-AGG 700'000 0.01 - 31.05.2013 Investment Advisor

OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 649'000 0.01 200'000 31.01.2013 Investment Advisor

WILLERFUNDS MANAGEME Multiple Portfolios MF-AGG 618'000 0.01 - 30.04.2013 Investment Advisor

FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 593'400 0.01 - 31.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 395'500 0.01 (191'500) 31.03.2013 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 376'700 0 376'700 31.07.2012 Investment Advisor


#N/A N/A

Holdings By:

Charoen Pokphand Foods PCL ee


31.07.2013

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 (06.08.2012) 0.75

52-Week Low (31.07.2013) 0.52

Daily Volume

0.525





6'739.71 1 Yr Total Return -27.58%







GGR SP EQUITY YTD Change - Average Volume 30 Day 41'841'670

GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 53'728'830


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 5'582.7 6'327.2 - -

0.72x 2.11x 2.41x 1.27x 1.34x 5.03x 5.20x 1.16x 1.04x - -

588.9 386.9 640.5 912.4 758.7 877.4 684.9 765.9 876.2 - -

3.64x 12.51x 13.19x 8.27x 10.69x 9.71x 10.68x 8.63x 7.54x - -

1'382.5 607.0 1'423.0 1'268.0 409.6 1'199.3 360.4 422.3 491.1 - -

1.18x 6.92x 5.32x 5.28x 16.12x 6.43x 16.30x 12.14x 10.58x - -











EBITDA Margin 11.5%



Asset Turnover 0.47







Fiscal Year Ended

Golden Agri-Resources LtdPrice/Volume

Valuation Analysis

244'851'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

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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

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

'!''

2!''

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31.07.2013


FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 - 22.04.2013 Unclassified

BLACKROCK n/a ULT-AGG 168'198'121 1.31 (1'085'000) 29.07.2013 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 132'800'000 1.03 - 30.04.2013 Bank


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

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 30'101'379 0.23 4'151'422 30.06.2013 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 29'171'480 0.23 173'000 30.06.2013 Investment Advisor

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

PRUDENTIAL FINANCIAL n/a ULT-AGG 19'170'600 0.15 1'000 30.06.2013 Investment Advisor

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

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 17'161'000 0.13 323'000 28.03.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'842'000 0.12 (1'351'000) 28.02.2013 Investment Advisor

AMUNDI JAPAN Multiple Portfolios MF-AGG 14'424'000 0.11 13'150'000 18.09.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 12'828'000 0.1 2'637'000 31.03.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 12'748'385 0.1 34'000 30.06.2013 Investment Advisor


Standard Chartered ADRIAN FOULGER underperform 1 D 0 12 month 29.07.2013

Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 29.07.2013

OCBC Investment Research CAREY WONG hold 3 D 1 12 month 29.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1 12 month 24.07.2013


Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 1 12 month 18.07.2013

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

Nomura MUZHAFAR MUKHTAR neutral 3 M 1 Not Provided 25.06.2013

UBS SEBASTIAN TOBING neutral 3 D 1 12 month 20.06.2013


JPMorgan YING-JIAN CHAN neutral 3 U 1 9 month 01.06.2013


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

HSBC THILAN WICKRAMASINGHE overweight 5 M 1 Not Provided 13.05.2013

CIMB IVY NG neutral 3 M 1 12 month 13.05.2013


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


31.07.2013

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 (13.08.2012) 24.02

52-Week Low (15.03.2013) 19.88

Daily Volume

21.2





22'577.27 1 Yr Total Return -7.97%







KLK MK EQUITY YTD Change - Average Volume 30 Day 510'767

KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 626'431


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 9'948.7 11'099.5 - -

1.42x 2.34x 2.53x 2.18x 2.29x 8.86x 10.44x 2.35x 2.11x - -

1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 2'310.0 1'529.1 1'713.8 1'987.4 - -

6.75x 12.64x 12.81x 10.09x 13.84x 11.75x 15.29x 13.81x 11.91x - -

1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'449.3 1'125.9 997.4 1'204.3 - -

9.83x 24.00x 17.88x 14.30x 21.84x 17.64x 22.41x 22.29x 18.71x - -











EBITDA Margin 16.2%



Asset Turnover 0.85








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

1'078'900.00


'

2

-'

-2

.'

.2

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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'!''

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



31.07.2013


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





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


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 0.21 143'390 28.09.2012 Investment Advisor

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

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




CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 976'900 0.09 (25'600) 31.05.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 907'000 0.09 (6'000) 30.04.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 797'100 0.07 7'300 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 710'000 0.07 - 31.03.2013 Investment Advisor


Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 20 12 month 31.07.2013

AmResearch Sdn Bhd GAN HUEY LING buy 5 M 23 12 month 30.07.2013

Standard Chartered ADRIAN FOULGER underperform 1 M 14 12 month 29.07.2013

Credit Suisse TAN TING MIN neutral 3 M 19 Not Provided 29.07.2013


Goldman Sachs NIKHIL BHANDARI Sell/Neutral 1 M 18 12 month 22.07.2013

DBS Vickers QUAH HE WEI fully valued 2 M 19 12 month 19.07.2013

CIMB IVY NG underperform 1 M 20 12 month 19.07.2013


KAF Seagroatt & Campbell VINCE NG hold 3 M 23 Not Provided 11.07.2013


Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 21 12 month 11.07.2013


BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 23 12 month 11.07.2013

JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 22 12 month 10.07.2013

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

Nomura MUZHAFAR MUKHTAR neutral 3 M 24 Not Provided 25.06.2013


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


JPMorgan YING-JIAN CHAN neutral 3 U 19 12 month 31.05.2013

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

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



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



Holdings By:

Kuala Lumpur Kepong Bhd ee


31.07.2013

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 (02.08.2012) 3.84

Daily Volume

5.995





22'471.31 1 Yr Total Return 51.15%







MHG NO EQUITY YTD Change - Average Volume 30 Day 15'947'180

MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 17'004'060


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 17'822.3 20'533.8 4'308.1 4'374.2

0.85x 1.40x 1.80x 0.98x 1.59x 4.32x 6.06x 1.63x 1.39x 6.59x 6.58x

2'599.5 2'566.8 3'849.4 3'560.2 1'215.2 2'849.9 1'466.9 3'645.2 4'634.3 1'079.5 1'022.9

4.40x 7.89x 7.10x 4.44x 20.28x 5.80x 18.19x 7.92x 6.23x 6.73x 6.32x

(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 1'197.8 753.3 2'215.9 2'714.1 631.2 585.1

- 11.54x 7.17x 8.30x 44.94x 8.77x 27.41x 10.92x 8.28x 8.88x 8.41x











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

3'408'515.00


'

-

.

0

1

2

3

4

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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!''

.'!''

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



31.07.2013


GEVERAN TRADING CO L n/a EXCH 989'493'302 26.4 - 22.07.2013 Corporation

GOVERNMENT PENSION F n/a EXCH 329'763'771 8.8 - 22.07.2013 Government

STATE STREET n/a ULT-AGG 263'460'951 7.03 - 30.07.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 139'596'408 3.72 - 22.07.2013 Investment Advisor

LANSDOWNE DEVEL MKT n/a EXCH 130'000'000 3.47 - 22.07.2013 n/a


CLEARSTREAM BANKING n/a EXCH 91'855'927 2.45 - 22.07.2013 Bank

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 81'642'648 2.18 5'914'757 30.04.2013 Investment Advisor


JP MORGAN CHASE BANK n/a EXCH 62'469'742 1.67 - 22.07.2013 Investment Advisor

DNB NORBANK ASA n/a EXCH 58'753'242 1.57 - 22.07.2013 Bank


STOREBRAND FUND MANA Multiple Portfolios MF-AGG 42'204'080 1.13 2'554'413 30.06.2013 Investment Advisor

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

STATOILS PENSJONSKAS n/a EXCH 38'707'509 1.03 - 22.07.2013 Pension Fund (ERISA)

CAPITA FINANCIAL MAN NEPTUNE EUROPEAN OPP MF-PART 31'694'397 0.85 31'694'397 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 31'002'632 0.83 - 22.07.2013 Unclassified

WEST COAST INVEST AS n/a EXCH 30'012'000 0.8 - 22.07.2013 Corporation

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

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


Carnegie MARIUS GAARD hold 3 D #N/A N/A Not Provided 28.07.2013

Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 M 8 12 month 23.07.2013

Arctic Securities ASA THOMAS LORCK buy 5 M 7 Not Provided 22.07.2013

Pareto Securities HENNING LUND buy 5 M 7 6 month 16.07.2013

DNB Markets KNUT-IVAR BAKKEN buy 5 M 7 Not Provided 16.07.2013


Handelsbanken KJETIL LYE buy 5 M 8 12 month 12.07.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 7 Not Provided 12.07.2013

Equita SIM SpA GIANMARCO BONACINA hold 3 M 7 12 month 11.07.2013

ABG Sundal Collier GEORG LIASJO hold 3 M 6 6 month 08.07.2013

Rabobank International PATRICK ROQUAS buy 5 M 7 Not Provided 01.07.2013

Fondsfinans AS BENT ROLLAND buy 5 M 7 Not Provided 28.06.2013

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

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

SEB Enskilda PEDER STRAND buy 5 M 7 Not Provided 03.05.2013

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

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

Holdings By:

Marine Harvest ASA ee


31.07.2013

PPB Group Berhad is an investment holding company. The Company operations

include grains trading, flour and animal feed milling industry as well as

downstream activities including livestock farming, food processing and consumer

products distribution with primary focus in Indonesia, Malaysia, China, India

and Europe.


LTM as of: 03/yy

52-Week High (26.07.2013) 15.32

52-Week Low (19.12.2012) 11.16

Daily Volume

14.9





17'663.95 1 Yr Total Return -0.51%







PEP MK EQUITY YTD Change - Average Volume 30 Day 497'767

PEP MK EQUITY YTD % CHANGE - Average Volume 3 Month 544'183


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

2'488.6 2'005.4 2'231.5 2'687.4 3'006.0 2'827.7 3'084.8 3'164.7 3'307.0 - -

4.62x 9.29x 8.90x 7.43x 4.51x 27.88x 19.87x 5.53x 5.24x - -

344.8 237.1 304.0 245.5 304.1 130.8 272.1 392.7 434.0 - -

33.31x 78.54x 65.32x 81.34x 44.62x 0.00x 54.29x 44.44x 40.21x - -

1'286.5 1'616.0 1'884.9 980.4 842.2 893.6 900.0 894.3 968.0 - -

9.58x 13.55x 19.56x 20.75x 16.34x 22.42x 16.65x 19.35x 17.63x - -











EBITDA Margin 8.8%



Asset Turnover 0.20







Fiscal Year Ended

PPB Group BhdPrice/Volume

Valuation Analysis

561'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

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



31.07.2013


KUOK BROTHERS SDN BH n/a ULT-AGG 602'310'128 50.81 - 22.03.2013 Holding Company



BLACKROCK n/a ULT-AGG 11'796'766 1 35'900 29.07.2013 Investment Advisor



FLEXSHARES TRUST Multiple Portfolios MF-AGG 1'508'700 0.13 (244'700) 31.05.2013 Investment Advisor

SIEW NAM OH n/a Co File 1'325'164 0.11 - 22.03.2013 n/a

SCOTTISH WIDOWS n/a ULT-AGG 1'168'500 0.1 6'100 28.02.2013 Unclassified

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 704'500 0.06 - 31.05.2013 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 563'100 0.05 - 30.06.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 530'000 0.04 (25'000) 30.04.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 400'500 0.03 - 31.05.2013 Investment Advisor

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 333'800 0.03 (87'700) 30.04.2011 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 319'631 0.03 - 28.03.2013 Unclassified

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 263'500 0.02 - 30.06.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 253'100 0.02 - 31.05.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 238'428 0.02 (55) 31.05.2013 Investment Advisor

LIBRA INVEST BERHAD Multiple Portfolios MF-AGG 219'000 0.02 - 31.12.2010 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 214'200 0.02 - 31.05.2013 Investment Advisor


KAF Seagroatt & Campbell VINCE NG hold 3 M 14 Not Provided 11.07.2013

Kenanga Investment Bank Bhd LIM SEONG CHUN outperform 5 M 15 12 month 11.07.2013


DBS Vickers CHONG TJEN-SAN hold 3 M 13 12 month 20.05.2013


Holdings By:

PPB Group Bhd ee


31.07.2013

Felda Global Ventures Holdings Berhad is an agricultural and agri-commodities

company. The Company owns and operates an oil palm plantation producing oil

palm and rubber plantation products, soybean and canola products, oleochemial

products and sugar products.


LTM as of: 03/yy

52-Week High (31.07.2012) 5.17

52-Week Low (22.01.2013) 4.27

Daily Volume

4.4


52-Week Low % Change 3.04% Beta -



16'051.87 1 Yr Total Return -11.96%


Preferred Stock 0.0 Adjusted BETA -





FGV MK EQUITY YTD Change - Average Volume 30 Day 906'887

FGV MK EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'919


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

- 2'880.3 5'804.6 7'453.1 12'886.5 1'720.0 13'848.7 12'102.7 12'980.3 - -

- - - - 1.12x 0.00x 4.35x 1.20x 1.11x - -

- 692.2 1'657.9 1'902.9 960.5 284.3 1'168.3 1'087.0 1'249.5 - -

- - - - 15.08x 0.00x 11.75x 11.95x 10.40x - -

- 322.3 932.0 1'327.8 806.0 192.2 750.3 705.8 821.1 - -

- - - - 16.21x 0.00x 21.00x 22.56x 19.13x - -











EBITDA Margin 8.4%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Felda Global Ventures Holdings BhdPrice/Volume

Valuation Analysis

1'138'900.00


'

-

.

0

1

2

3

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' F

0'!' 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

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



31.07.2013


FEDERAL LAND DEVELOP n/a Co File 729'629'800 20 - 25.04.2013 Government

FELDA ASSET HOLDINGS n/a Co File 680'722'800 18.66 - 25.04.2013 Corporation

EMPLOYEES PROVIDENT n/a EXCH 305'865'870 8.38 199'200 22.07.2013 Government

LEMBAGA TABUNG HAJI n/a Co File 283'915'100 7.78 - 25.04.2013 Government

KUMPULAN WANG PERSAR n/a EXCH 253'214'500 6.94 115'000 11.07.2013 Government




FLEXSHARES TRUST Multiple Portfolios MF-AGG 3'567'100 0.1 (1'925'400) 31.05.2013 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'494'700 0.07 - 31.05.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 1'279'000 0.04 - 30.07.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 1'207'000 0.03 - 30.04.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'142'000 0.03 - 31.05.2013 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 805'700 0.02 - 31.05.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 776'200 0.02 147'400 28.03.2013 Unclassified

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 672'800 0.02 - 31.05.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 633'800 0.02 34'100 30.06.2013 Investment Advisor

PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 572'200 0.02 (31'200) 31.05.2013 Investment Advisor

NOMURA n/a ULT-AGG 518'800 0.01 137'700 29.03.2013 Unclassified


Alliance Research Sdn Bhd ARHNUE TAN sell 1 M 3 12 month 31.07.2013

Credit Suisse TAN TING MIN underperform 1 M 4 Not Provided 29.07.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 6 Not Provided 26.07.2013


KAF Seagroatt & Campbell VINCE NG sell 1 M 4 Not Provided 23.07.2013



DBS Vickers QUAH HE WEI hold 3 M 4 12 month 19.07.2013

CIMB IVY NG neutral 3 M 5 12 month 19.07.2013

Public Investment Bank Berhad HOE LEONG CHONG underperform 1 M 4 12 month 19.07.2013

Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 4 12 month 19.07.2013


BIMB Securities Sdn Bhd NG KEAT YUNG trading buy 5 D 5 3 month 19.07.2013


JPMorgan YING-JIAN CHAN neutral 3 M 4 9 month 09.07.2013

Maybank Kim Eng ONG CHEE TING hold 3 M 4 12 month 01.07.2013



TA Securities Holdings Berhad TEAM COVERAGE sell 1 N 4 Not Provided 26.12.2012


Holdings By:

Felda Global Ventures Holdings Bhd ee


31.07.2013

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The

Company predominately sells its products in Taiwan.


LTM as of: 12/yy

52-Week High (17.09.2012) 82.40

52-Week Low (22.11.2012) 67.00

Daily Volume

73.3





71'834.00 1 Yr Total Return 6.26%

Total Debt 3.40 YTD Return -3.30%






1722 TT EQUITY YTD Change - Average Volume 30 Day 3'185'000

1722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 3'527'205


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 06/13 Q2 09/13 Q3

17'019.8 17'117.6 14'428.8 16'970.8 17'795.4 16'970.8 17'795.4 17'676.1 21'161.8 3'853.5 4'140.5

2.64x 5.93x 6.97x 3.88x 4.09x 17.21x 15.70x 3.76x 3.09x - -

606.5 2'126.5 1'076.4 677.7 1'367.0 677.7 1'367.0 1'435.4 2'827.8 - -

74.17x 47.74x 93.43x 97.17x 53.30x 97.17x 53.30x 49.05x 24.90x - -

2'191.7 1'266.9 1'723.6 3'011.1 3'339.0 3'011.1 3'339.0 3'761.9 4'597.0 546.6 624.4

23.30x 88.37x 61.93x 22.96x 22.23x 22.95x 22.23x 19.16x 15.39x 32.75x 30.44x











EBITDA Margin 7.7%



Asset Turnover 0.27







Fiscal Year Ended

Taiwan Fertilizer Co LtdPrice/Volume

Valuation Analysis

2'527'766.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -0!' F

2!' F

-'!' F

-2!' F

.'!' F

.2!' 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

20'000.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

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



31.07.2013


COUNCIL OF AGRICULTU n/a EXCH 236'000'000 24.08 113'624 31.05.2013 Government

CATHAY LIFE INSURANC n/a Co File 59'804'000 6.1 - 27.04.2013 Insurance Company

NAN SHAN LIFE INSURA n/a Co File 34'428'000 3.51 - 27.04.2013 Insurance Company

FUBON LIFE ASSURANCE n/a Co File 22'720'000 2.32 - 27.04.2013 Insurance Company

FMR LLC n/a ULT-AGG 21'528'485 2.2 1'037'865 30.06.2013 Investment Advisor

SAUDI ARABIAN MONETA n/a Co File 21'493'279 2.19 - 27.04.2013 Government



SHIN KONG LIFE INSUR n/a Co File 18'543'000 1.89 - 27.04.2013 Insurance Company

OLD LABOR RETIREMENT n/a Co File 15'922'000 1.62 - 27.04.2013 Pension Fund (ERISA)

VANGUARD EMS INDEX F n/a Co File 15'038'100 1.53 - 27.04.2013 n/a


FIDELITY INTL FUND n/a Co File 13'482'000 1.38 - 27.04.2013 n/a



POLARIS SEC INVESTME Multiple Portfolios MF-AGG 6'880'402 0.7 (699'598) 31.05.2013 Investment Advisor

CHUNGHWA POST CO LTD n/a EXCH 5'565'000 0.57 - 31.05.2013 Government

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 4'987'000 0.51 - 24.07.2012 Investment Advisor


CATHAY SECURITIES IN Multiple Portfolios MF-AGG 3'223'000 0.33 6'000 31.12.2012 Investment Advisor


CIMB ANDRE CHANG neutral 3 N 75 12 month 23.07.2013

Goldman Sachs TOMMY WONG neutral/cautious 3 M 80 12 month 22.07.2013

President Capital Management TOM HUNG neutral 3 D 78 6 month 09.07.2013

E Sun Securities AMBROSE WU buy on weakness 5 M #N/A N/A Not Provided 04.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

SinoPac JERRY LU buy 5 U 94 Not Provided 30.05.2013

KGI Securities DAVE CHIOU neutral 3 M 85 12 month 23.05.2013

HSBC ABEL LEE overweight 5 M 101 Not Provided 21.05.2013

BNP Paribas Equity Research MICHELLE CHENG buy 5 M 91 12 month 15.05.2013

Barclays SIDNEY YEH overweight 5 M 100 Not Provided 09.05.2013

Credit Suisse CHUNG HSU neutral 3 M 77 Not Provided 28.03.2013

JPMorgan CAREN HUANG neutral 3 M 90 3 month 03.02.2013

IBT Securities Co Ltd TITAN HORNG buy 5 M #N/A N/A Not Provided 14.01.2013

Mega Securities YOU JIANHENG neutral 3 M 78 6 month 12.11.2012

UBS ALLY CHEN neutral 3 M 75 12 month 27.08.2012

Masterlink Securities CHANG WANCHEN buy 5 M 96 12 month 27.07.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 11.07.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012

Holdings By:

Taiwan Fertilizer Co Ltd ee


31.07.2013

Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers

including potassium nitrate, sodium nitrate, and potassium sulfate for the

agricultural industry. The Company also produces industrial chemicals, iodine

and lithium. SQM markets its products in over 100 countries.


LTM as of: 03/yy

52-Week High (17.09.2012) 65.31

52-Week Low (30.07.2013) 30.13

Daily Volume

30.76





8'333.13 1 Yr Total Return -47.49%





Enterprise Value -


SQM US EQUITY YTD Change - Average Volume 30 Day 948'601

SQM US EQUITY YTD % CHANGE - Average Volume 3 Month 717'451


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

1'774.1 1'438.7 1'830.4 2'145.3 2'429.2 2'194.9 2'522.9 2'374.9 2'619.6 591.2 511.0

3.75x 7.90x 8.46x 6.99x 6.63x 28.55x 25.44x 3.82x 3.46x - -

743.4 573.2 654.5 949.4 1'096.4 1'006.8 1'099.6 1'046.0 1'130.9 245.3 195.0

8.95x 19.82x 23.66x 15.80x 14.70x 16.21x 14.19x - - - -

501.4 338.3 382.1 545.8 649.2 584.4 650.9 575.8 640.3 141.2 119.6

- - - - - 0.00x 0.00x 13.62x 12.30x 13.59x 13.04x











EBITDA Margin 43.6%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sociedad Quimica y Minera de Chile SAPrice/Volume

Valuation Analysis

6'176'613.00


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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'!''

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31.07.2013




MORGAN STANLEY n/a ULT-AGG 3'582'536 2.98 (164'716) 30.06.2013 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'424'600 2.01 148'800 31.03.2013 Investment Advisor




VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 1'415'289 1.18 1'415'289 31.03.2013 Investment Advisor


UMB BANK N A Multiple Portfolios MF-AGG 1'375'981 1.14 - 31.05.2013 Investment Advisor

FEDERATED INVESTORS FEDERATED INVESTORS 13F 814'400 0.68 (42'988) 31.03.2013 Investment Advisor

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 727'730 0.6 (58'406) 31.03.2013 Corporation

STATE STREET n/a ULT-AGG 725'327 0.6 (98'897) 30.07.2013 Investment Advisor

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 706'000 0.59 - 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 704'681 0.59 140'867 31.03.2013 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 586'950 0.49 51'800 31.03.2013 Investment Advisor

SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 559'413 0.46 (22'937) 31.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 495'264 0.41 56'535 31.03.2013 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 480'846 0.4 (383'238) 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 457'827 0.38 - 31.12.2012 Government


Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 52 12 month 30.07.2013

HSBC ALEXANDRE FALCAO underweight 1 D 29 Not Provided 30.07.2013

Itau BBA Securities GIOVANA ARAUJO market perform 3 M 65 Not Provided 30.07.2013


Miller Tabak + Co., LLC TIM TIBERIO accumulate 4 U 53 12 month 02.07.2013

Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 69 12 month 10.06.2013


BICE Corredores de Bolsa LEONOR SKEWES hold 3 M 63 12 month 26.03.2013

Credit Suisse VICCENZO PATERNOSTRO outperform 5 M 75 Not Provided 05.03.2013

Grupo Santander RODRIGO ORDONEZ buy 5 U 68 Not Provided 12.11.2012

BBVA HERNAN GUERRERO HINOJOSA underperform 1 D 61 Not Provided 02.02.2012

Euroamerica Corredores de Bolsa ANDRES GALARCE hold 3 N 59 12 month 12.01.2012

JPMorgan LUCAS FERREIRA overweight 5 M 64 Not Provided 07.10.2011

BCI Corredora de Bolsa RODRIGO MUJICA neutral 3 M 63 18 month 08.03.2011

IM Trust JORGE MERINO hold 3 M 43 12 month 15.01.2010

Banchile Inversiones FELIPE MERCADO buy 5 M 48 12 month 03.12.2009

Holdings By:

Sociedad Quimica y Minera de Chile SA ee


31.07.2013

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

12681





13'777.61 1 Yr Total Return -4.64%







TON SJ EQUITY YTD Change - Average Volume 30 Day 160'534

TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 174'573


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 15'069.2 16'352.2 - -

1.30x 1.59x 1.63x 1.42x 1.54x #DIV/0! #DIV/0! 1.27x 1.13x - -

1'581.0 1'975.0 1'661.0 2'242.0 2'591.0 0.0 0.0 2'888.2 3'129.3 - -

5.83x 7.35x 9.49x 7.65x 8.54x 0.00x 0.00x 7.10x 6.56x - -

649.0 2'868.0 833.0 889.0 1'070.0 0.0 0.0 1'265.3 1'441.0 - -

11.23x 12.18x 12.82x 12.40x 14.94x 0.00x 0.00x 11.35x 9.53x - -











EBITDA Margin 18.0%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tongaat Hulett LtdPrice/Volume

Valuation Analysis

103'314.00


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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

'!''

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31.07.2013


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



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


BNP Paribas Cadiz Securities MPHO MATLALA hold 3 N 12'321 Not Provided 17.07.2013


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

UBS RENIER SWANEPOEL sell 1 D 12'545 12 month 30.05.2013

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


31.07.2013

The Andersons, Inc. merchandises grain, operates grain elevator facilities,

distributes wholesale agricultural fertilizer, and distributes agricultural

inputs to dealers and farmers. The Company also manufactures lawn fertilizer

and corncob-based products, and purchases, sells, repairs, and leases railcars.

In addition, The Andersons operates retail stores and a distribution center.


LTM as of: 03/yy

52-Week High (30.07.2013) 59.94

52-Week Low (24.10.2012) 35.45

Daily Volume

59.75





1'117.32 1 Yr Total Return 59.54%







ANDE US EQUITY YTD Change - Average Volume 30 Day 116'785

ANDE US EQUITY YTD % CHANGE - Average Volume 3 Month 122'620


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

3'489.5 3'025.3 3'393.8 4'576.3 5'272.0 4'711.8 5'406.8 5'508.3 5'671.8 1'442.0 1'149.4

0.17x 0.22x 0.35x 0.25x 0.22x 1.04x 1.03x 0.19x 0.18x - -

97.4 92.4 125.3 164.6 160.1 166.9 155.9 184.2 213.0 62.9 33.6

6.07x 7.12x 9.55x 6.96x 7.16x 9.02x 10.96x 9.90x 8.56x 9.46x 9.00x

32.9 38.4 64.7 95.1 79.5 96.2 73.7 75.7 98.6 28.8 11.3

9.21x 12.41x 10.45x 8.58x 10.14x 9.44x 13.62x 14.46x 11.54x 13.54x 12.47x











EBITDA Margin 2.9%



Asset Turnover 2.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Andersons Inc/ThePrice/Volume

Valuation Analysis

116'254.00


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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

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

'!''

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31.07.2013





ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 1'000'863 5.35 51'995 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 808'257 4.32 37'126 30.04.2013 Investment Advisor


DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 428'151 2.29 (308'559) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 374'647 2 (7'541) 31.03.2013 Investment Advisor

ANDERSON MICHAEL J n/a Form 4 363'672 1.94 (189) 24.06.2013 n/a

THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 351'011 1.88 (18'451) 31.03.2013 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 340'527 1.82 (67'113) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 334'880 1.79 58'397 30.07.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 310'920 1.66 (33'200) 31.03.2013 Hedge Fund Manager

F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 295'655 1.58 14'100 31.03.2013 Investment Advisor

ANDERSON DANIEL T n/a Form 4 293'754 1.57 - 19.03.2013 n/a

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 271'783 1.45 (24'779) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 244'751 1.31 (14'009) 31.03.2013 Investment Advisor

ANDERSON GERARD M n/a Form 4 213'648 1.14 1'389 01.03.2012 n/a

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 206'662 1.11 (110'141) 31.03.2013 Investment Advisor

SIGNIA CAPITAL MANAG SIGNIA CAPITAL MANAG 13F 205'305 1.1 (31'160) 31.03.2013 Investment Advisor


BB&T Capital Markets BRETT M HUNDLEY buy 5 M 65 12 month 25.07.2013

BMO Capital Markets KENNETH B ZASLOW restricted #N/A N/A M #N/A N/A Not Provided 22.07.2013

Scotia Capital CHRISTINE HEALY sector perform 3 M 57 12 month 18.07.2013

Stephens Inc FARHA ASLAM equalweight 3 M 55 12 month 17.06.2013


Feltl & Company BRENT R RYSTROM buy 5 M 57 12 month 03.06.2013

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 09.05.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 08.05.2013

Holdings By:

Andersons Inc/The ee


31.07.2013

Lindsay Corporation manufactures and markets center pivot and lateral move

irrigation equipment, as well as large diameter steel tubing, for use to

irrigate agricultural crops. The Company also provides outsourced

manufacturing and production services to original equipment manufacturers in

the United States.


LTM as of: 05/yy

52-Week High (25.01.2013) 94.90

52-Week Low (28.08.2012) 64.46

Daily Volume

74.78





961.79 1 Yr Total Return 6.09%





Enterprise Value 792.64


LNN US EQUITY YTD Change - Average Volume 30 Day 171'218

LNN US EQUITY YTD % CHANGE - Average Volume 3 Month 171'174


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

475.1 336.2 358.4 478.9 551.3 539.5 670.3 700.8 671.0 158.3 140.5

2.07x 1.35x 1.09x 1.44x 1.26x 4.88x 5.04x - - - -

71.5 32.9 48.6 68.3 78.0 74.9 116.4 122.3 113.7 21.9 26.0

13.75x 13.79x 8.03x 10.08x 8.88x 7.92x 7.52x 6.48x 6.97x 6.67x 6.55x

39.4 13.8 24.9 36.8 43.3 40.4 68.9 72.4 66.2 12.2 13.7

25.92x 35.37x 19.26x 20.29x 17.43x 15.17x 15.22x 13.34x 14.69x 14.70x 14.63x











EBITDA Margin 17.4%



Asset Turnover 1.43







Fiscal Year Ended

Lindsay CorpPrice/Volume

Valuation Analysis

288'942.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

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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

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31.07.2013





VANGUARD GROUP INC VANGUARD GROUP INC 13F 819'743 6.37 70'113 31.03.2013 Investment Advisor

FIRST TRUST n/a ULT-AGG 518'552 4.03 491'175 30.07.2013 Investment Advisor

BOSTON TRUST & INVES BOSTON TRUST & INVES 13F 495'718 3.85 68'863 31.03.2013 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 469'500 3.65 7'560 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 344'224 2.68 (70'886) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 308'117 2.4 308'117 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 277'939 2.16 9'991 30.04.2013 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 267'682 2.08 2'100 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 255'321 1.99 281 31.03.2013 Investment Advisor

CENTURY CAPITAL MANA CENTURY CAPITAL MANA 13F 244'824 1.9 14'840 31.03.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 221'540 1.72 9'968 31.03.2013 Investment Advisor


VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 195'300 1.52 195'300 31.03.2013 Hedge Fund Manager

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 191'928 1.49 (3'547) 31.03.2013 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 187'362 1.46 48'774 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 187'110 1.45 (1'520) 31.03.2013 Unclassified


Stifel NATHAN JONES hold 3 M #N/A N/A Not Provided 26.07.2013

Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 65 12 month 08.07.2013

Wedbush DAVID L ROSE neutral 3 M 80 12 month 26.06.2013

William Blair & Co BRIAN DRAB outperform 5 M #N/A N/A Not Provided 26.06.2013

Sidoti & Company LLC JOSEPH MONDILLO neutral 3 M 77 12 month 26.06.2013

BB&T Capital Markets C SCHON WILLIAMS hold 3 M #N/A N/A Not Provided 26.06.2013


Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 108 Not Provided 20.05.2013


Holdings By:

Lindsay Corp ee


31.07.2013

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

51.5





4'103.70 1 Yr Total Return -26.32%







KER PW EQUITY YTD Change - Average Volume 30 Day 115'151

KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 153'727


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 2'704.3 2'617.8 698.0 -

1.36x 0.81x 1.50x 1.27x 0.97x 4.49x 3.75x 0.77x 0.75x - -

123.2 181.2 188.8 309.4 320.9 289.3 315.0 322.8 377.4 101.3 -

7.33x 4.70x 8.12x 7.78x 6.52x 8.73x 7.62x 6.93x 5.93x - -

83.2 135.5 152.0 226.3 206.7 201.3 141.0 150.2 208.9 66.9 -

8.32x 5.06x 8.15x 9.15x 6.99x 8.62x 10.25x 8.10x 5.73x - -











EBITDA Margin 11.9%



Asset Turnover 1.10







Fiscal Year Ended

Kernel Holding SAPrice/Volume

Valuation Analysis

9'895.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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!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

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2'!''

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-2'!''

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31.07.2013


NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 30.07.2013 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)

JP MORGAN n/a ULT-AGG 2'418'459 3.04 76'274 30.06.2013 Investment Advisor

OFE PZU ZLOTA JESIEN Multiple Portfolios MF-AGG 2'287'086 2.87 - 31.12.2012 Pension Fund (ERISA)

CAPITAL GROUP COMPAN n/a ULT-AGG 2'189'102 2.75 93'952 30.06.2013 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 854'001 1.07 - 30.07.2013 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 Multiple Portfolios MF-AGG 464'025 0.58 (112'579) 31.05.2013 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)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 396'165 0.5 (827'042) 30.06.2013 Investment Advisor


ING Bank ADAM MILEWICZ sell 1 D 50 12 month 22.07.2013

Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 72 12 month 11.07.2013

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

VTB Capital IVAN KUSHCH buy 5 N 75 12 month 22.03.2013

Millennium Dom Maklerski ADAM KAPTUR accumulate 4 U 68 6 month 18.03.2013

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

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


31.07.2013

Nufarm Limited manufactures and supplies a range of agricultural chemicals used

by farmers to protect crops from damage caused by weeds, pests and disease.

The Company has worldwide operations.


LTM as of: 01/yy

52-Week High (21.01.2013) 6.47

52-Week Low (18.04.2013) 3.85

Daily Volume

4.5





1'183.29 1 Yr Total Return -16.74%







NUF AU EQUITY YTD Change - Average Volume 30 Day 730'750

NUF AU EQUITY YTD % CHANGE - Average Volume 3 Month 816'220


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'221.5 2'335.7 - -

1.72x 1.33x 0.86x 0.89x 0.99x - - 0.90x 0.83x - -

348.7 229.6 188.3 163.3 213.0 - - 257.4 293.2 - -

12.28x 15.46x 9.91x 11.32x 10.09x - - 8.46x 7.43x - -

137.9 79.9 (24.0) (49.9) 72.6 - - 78.8 108.9 - -

24.18x 32.36x - - 24.53x - - 14.85x 10.98x - -


EBIT 147.47 Long-Term Rating BB









EBITDA Margin 10.2%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nufarm Ltd/AustraliaPrice/Volume

Valuation Analysis

787'208.00


'

-

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1

2

3

4

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-!' 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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0



31.07.2013


SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.9 - 24.09.2012 Corporation

AMALGAMATED DAIRIES n/a Co File 14'430'798 5.49 - 24.09.2012 Corporation

SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.97 - 11.10.2012 Investment Advisor

RATHBONE DOUGLAS JOH n/a EXCH 11'692'880 4.45 50'000 05.04.2013 n/a

FALLS CREEK NO 2 PTY n/a Co File 10'763'092 4.09 - 24.09.2012 Investment Advisor


CHALLENGE INVESTMENT n/a Co File 3'130'282 1.19 - 24.09.2012 Unclassified


PRESTON EW & KEELING n/a Co File 2'364'282 0.9 - 24.09.2012 n/a

QUINTAL AARON CRAIG n/a Co File 1'900'000 0.72 - 24.09.2012 n/a


SUN LIFE FINANCIAL I n/a ULT-AGG 1'524'353 0.58 (6'968) 31.05.2013 Investment Advisor


QUEENSLAND INVESTMEN n/a Co File 1'263'419 0.48 - 24.09.2012 Government

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'200'730 0.46 - 28.06.2013 Investment Advisor

DOUGLAS INDUSTRIES L n/a Co File 1'170'866 0.45 - 24.09.2012 Unclassified

MOTURUA PROPERTIES L n/a Co File 964'455 0.37 - 24.09.2012 Other

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 957'070 0.36 670'843 31.12.2012 Investment Advisor

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 846'000 0.32 - 30.06.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 837'412 0.32 819'023 31.03.2013 Investment Advisor


Wilson HTM Investment Group JAMES FERRIER buy 5 M 5 Not Provided 23.07.2013

Ord Minnett STEPHEN SCOTT hold 3 D 5 Not Provided 22.07.2013

Goldman Sachs JAMES HANNAM neutral/neutral 3 M 5 12 month 17.07.2013

Deutsche Bank MARK WILSON sell 1 M 4 12 month 27.06.2013

JPMorgan STUART JACKSON neutral 3 D 5 9 month 20.06.2013

Credit Suisse LARRY GANDLER outperform 5 M 5 Not Provided 18.06.2013

Macquarie RIKKI BANNAN outperform 5 U 5 12 month 07.06.2013


CIMB ANDREW G SCOTT outperform 5 M 6 12 month 28.05.2013

UBS RAMOUN LAZAR neutral 3 M 5 12 month 11.04.2013

RBS Morgans BELINDA MOORE outperform 5 M 5 12 month 28.03.2013

Octa Phillip Securities Ltd PAUL JENSZ buy 5 M 6 Not Provided 28.03.2013

Holdings By:

Nufarm Ltd/Australia ee


31.07.2013

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

1.68





2'661.24 1 Yr Total Return -9.56%







FR SP EQUITY YTD Change - Average Volume 30 Day 1'573'400

FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'989'375


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

289.5 218.9 329.9 494.6 603.4 568.8 613.1 676.7 862.1 184.0 184.0

1.69x 5.18x 5.77x 3.86x 4.67x 13.67x 17.54x 3.41x 2.60x - -

161.0 121.0 202.8 293.4 320.7 323.6 334.8 331.9 384.5 - -

3.04x 9.36x 9.38x 6.51x 8.78x 7.39x 7.68x 7.00x 6.05x - -

113.6 112.5 143.1 196.4 237.1 214.8 251.7 200.9 234.9 - -

3.33x 8.78x 12.35x 8.71x 10.81x 10.40x 9.26x 10.08x 8.75x - -











EBITDA Margin 54.6%



Asset Turnover 0.35







Fiscal Year Ended

First Resources LtdPrice/Volume

Valuation Analysis

926'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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.

0

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.!' F

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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!''

.'!''

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



31.07.2013


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


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

FRANKLIN RESOURCES n/a ULT-AGG 8'972'000 0.57 (534'000) 31.03.2013 Investment Advisor



AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'629'000 0.29 103'000 28.03.2013 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 2'189'100 0.14 (3'635'000) 30.06.2013 Investment Advisor

FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'772'000 0.11 - 31.03.2013 Investment Advisor

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

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'455'800 0.09 765'400 30.06.2013 Investment Advisor


Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 29.07.2013

Credit Suisse PRISCILLA TJITRA outperform 5 M 2 Not Provided 29.07.2013


RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 2 12 month 24.07.2013

Maybank Kim Eng ONG CHEE TING buy 5 M 2 12 month 23.07.2013

Goldman Sachs NIKHIL BHANDARI Buy/Neutral 5 M 2 12 month 22.07.2013




UBS SEBASTIAN TOBING buy 5 M 2 12 month 20.06.2013

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

JPMorgan YING-JIAN CHAN overweight 5 M 3 9 month 01.06.2013

Macquarie CONRAD WERNER outperform 5 U 2 12 month 15.05.2013



Holdings By:

First Resources Ltd ee


31.07.2013

Chiquita Brands International, Inc. markets, produces, and distributes fresh

bananas and other fresh produce. The Company also distributes and markets

fresh-cut fruit and other branded fruit products.


LTM as of: 03/yy

52-Week High (11.07.2013) 12.88

52-Week Low (02.08.2012) 4.85

Daily Volume

11.89





552.43 1 Yr Total Return 129.54%







CQB US EQUITY YTD Change - Average Volume 30 Day 520'480

CQB US EQUITY YTD % CHANGE - Average Volume 3 Month 457'759


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

3'609.4 3'470.4 3'227.4 3'139.3 3'078.3 3'108.6 3'059.6 3'026.0 3'077.0 821.5 716.0

0.35x 0.39x 0.34x 0.29x 0.30x 1.20x 1.15x - - - -

163.5 205.5 139.1 139.8 59.4 99.8 81.3 143.5 167.0 53.8 19.2

7.81x 6.54x 8.00x 6.50x 15.77x 9.35x 11.34x 7.76x 6.67x 7.57x 7.24x

(328.7) 90.5 57.4 56.8 (405.0) 21.8 (393.9) 30.2 53.1 22.7 (5.5)

14.63x 7.33x 22.61x 4.32x - 0.00x 0.00x 21.62x 10.71x 17.23x 13.99x


EBIT -3.75 Long-Term Rating B

Operating Margin -0.12% Long-Term Outlook NEG

Pretax Margin -9.67% Short-Term Rating Date -

Return on Assets -21.20% Short-Term Rating -

Return on Common Equity -66.28%





EBITDA Margin 2.7%


Net Income Margin -13.2% Total Debt/Capital 62.0%

Asset Turnover 1.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chiquita Brands International IncPrice/Volume

Valuation Analysis

520'347.00


'

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5

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-1

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!2 F

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-!2 F

.!' F

.!2 F

0!' F

0!2 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'!''

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31.07.2013




PENTWATER CAPITAL MA PENTWATER CAPITAL MA 13F 3'011'800 6.48 2'782'269 31.03.2013 Hedge Fund Manager



SKAGEN FUNDS n/a 13D 2'284'610 4.92 - 28.09.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'897'310 4.08 (75'230) 31.03.2013 Investment Advisor

SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 1'641'447 3.53 (11'668) 31.03.2013 Hedge Fund Manager

PRINCIPLED ASSET ADM n/a 13G 1'623'683 3.49 - 28.01.2010 Hedge Fund Manager

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 1'581'583 3.4 472'500 31.03.2013 Hedge Fund Manager

TOWLE & CO TOWLE & CO 13F 1'394'371 3 204'101 31.03.2013 Investment Advisor

AGUIRRE FERNANDO n/a Form 4 1'248'822 2.69 (18'146) 23.08.2012 n/a

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'064'303 2.29 324'490 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 863'584 1.86 (11'494) 31.03.2013 Investment Advisor


WYNNEFIELD CAPITAL M WYNNEFIELD CAPITAL I 13F 765'000 1.65 65'000 31.03.2013 Hedge Fund Manager

FULLER & THALER ASSE FULLER & THALER ASSE 13F 728'500 1.57 440'500 31.03.2013 Hedge Fund Manager

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 660'789 1.42 (9'360) 31.03.2013 Investment Advisor

PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 640'111 1.38 75'600 31.03.2013 Investment Advisor

IRONWOOD INVESTMENT IRONWOOD INVESTMENT 13F 357'169 0.77 53'369 31.03.2013 Hedge Fund Manager


BB&T Capital Markets BRETT M HUNDLEY buy 5 U 15 12 month 24.06.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 16 12 month 20.06.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 29.05.2013

Imperial Capital LLC MARY ROSS-GILBERT outperform 5 U 8 12 month 15.08.2012

Holdings By:

Chiquita Brands International Inc ee


31.07.2013

Chaoda Modern Agriculture (Holdings) Limited, through its subsidiaries, grows

fruits and vegetables in China. The Company controls the entire production

chain from seeds to processing and marketing. Chaoda offers both fresh produce

and frozen produce.


LTM as of: 01/yy

52-Week High (31.07.2012) 1.10

52-Week Low (31.07.2012) 1.10

Daily Volume

1.1

52-Week High % Change 0.00% Dividend Yield 8.86




3'620.43 1 Yr Total Return 0.00%





Enterprise Value 288.39

Average Volume 5 Day 0

682 HK EQUITY YTD Change - Average Volume 30 Day 0

682 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0


30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 01/yy 01/yy 06/11 Y 06/12 Y - -

2'797.7 3'849.9 5'032.6 6'126.8 6'963.7 - - - - - -

4.43x 4.06x 4.23x 1.73x 2.82x - - - - - -

1'515.1 2'136.4 2'961.2 3'556.1 4'225.1 - - - - - -

8.18x 7.31x 7.19x 2.98x 4.64x - - - - - -

1'358.2 1'732.7 1'955.8 3'986.4 3'658.9 - - - - - -

8.76x 8.06x 10.68x 2.59x 5.68x - - - - - -











EBITDA Margin 57.2%



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chaoda Modern Agriculture Holdings LtdPrice/Volume

Valuation Analysis

0.00


'

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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

8'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010'!''

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31.07.2013


HO KWOK n/a EXCH 645'092'644 19.6 - 28.01.2013 n/a

JANUS CAPITAL MANAGE n/a ULT-AGG 267'667'574 8.13 - 22.03.2011 Investment Advisor


JP MORGAN n/a ULT-AGG 156'508'230 4.76 - 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 140'505'183 4.27 (51'831'000) 02.12.2011 Investment Advisor

UBS n/a ULT-AGG 96'771'927 2.94 - 18.07.2013 Unclassified


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 55'166'186 1.68 - 30.04.2013 Investment Advisor


JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 48'812'649 1.48 (24'263) 29.02.2012 Investment Advisor

PYN RAHASTOYHTIO Multiple Portfolios MF-AGG 27'588'000 0.84 - 29.06.2013 Investment Advisor

FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 27'500'000 0.84 - 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'459'306 0.68 - 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 20'670'000 0.63 - 31.03.2013 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 15'228'567 0.46 - 30.04.2013 Investment Advisor

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 13'417'934 0.41 - 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 12'474'536 0.38 - 31.03.2013 Investment Advisor

SAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 12'418'000 0.38 - 18.09.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 12'120'000 0.37 - 31.05.2012 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 11'452'166 0.35 - 15.02.2012 Investment Advisor


#N/A N/A

Holdings By:

Chaoda Modern Agriculture Holdings Ltd ee


31.07.2013

China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company

produces ammonia and urea.


LTM as of: 01/yy

52-Week High (10.01.2013) 5.87

52-Week Low (31.07.2013) 3.58

Daily Volume

3.58





16'503.80 1 Yr Total Return -27.10%







3983 HK EQUITY YTD Change - Average Volume 30 Day 7'041'636

3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'430'427


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 - -

6'811.8 5'794.6 6'867.3 9'756.3 10'739.2 - - 11'934.5 12'511.5 - -

1.48x 3.19x 3.06x 2.15x 1.69x - - 0.92x 0.82x - -

2'522.0 1'989.2 2'397.5 3'547.5 3'450.0 - - 3'825.0 4'076.6 - -

3.99x 9.29x 8.77x 5.92x 5.25x - - 3.11x 2.91x - -

1'608.5 984.7 1'175.3 1'985.8 1'810.5 - - 1'932.7 1'998.9 - -

8.00x 19.92x 18.89x 11.09x 10.73x - - 6.71x 6.49x - -











EBITDA Margin 32.1%



Asset Turnover 0.64







Fiscal Year Ended

China BlueChemical LtdPrice/Volume

Valuation Analysis

17'011'545.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

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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

'!''

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31.07.2013


COMMONWEALTH BANK OF n/a EXCH 195'818'000 11.06 - 04.02.2013 Bank

JP MORGAN n/a ULT-AGG 124'073'067 7.01 - 09.01.2013 Investment Advisor




MONDRIAN INVESTMENT n/a Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager

BANK OF NEW YORK MEL n/a Short (87'533'339) -4.94 - 18.07.2012 Investment Advisor

VALUE PARTNERS GROUP n/a ULT-AGG 81'730'000 4.61 - 18.07.2012 Corporation



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 25'891'581 1.46 (5'110'500) 28.06.2013 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'764'000 1.23 - 31.12.2012 Unclassified


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 17'738'609 1 276'000 31.03.2013 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'092'000 0.85 15'092'000 28.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 15'027'141 0.85 (137) 30.04.2013 Investment Advisor


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 9'561'798 0.54 762'505 28.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'846'000 0.5 4'376'000 31.03.2013 Investment Advisor


Goldman Sachs CAROL JIN neutral/cautious 3 D 4 12 month 18.07.2013

Jefferies JACK LU buy 5 U 4 12 month 08.07.2013

UBS BONAN LI sell 1 M 4 12 month 04.07.2013

JPMorgan SCOTT DARLING suspended coverage #N/A N/A M #N/A N/A Not Provided 12.06.2013


BNP Paribas Equity Research GORDON WAI buy 5 M 6 12 month 03.06.2013

UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 22.04.2013

Essence Securities XU HAITAO add 4 D 5 6 month 26.03.2013

BOCOM International Holdings HE WEI long-term buy 5 M 5 Not Provided 25.03.2013

Macquarie LAURA SHI outperform 5 M 6 12 month 22.03.2013

China International Capital Corp BIN GUAN accumulate 4 M 6 12 month 22.03.2013

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 6 12 month 01.03.2013

Citic Securities Co., Ltd YIN XIAODONG overweight 5 N 7 6 month 02.01.2013

SWS Research Co Ltd ALBERT MIAO neutral 3 D 6 Not Provided 20.12.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 6 12 month 12.12.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 12.12.2012

Deutsche Bank DAVID HURD buy 5 N 6 12 month 09.10.2012

Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012

Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011

Holdings By:

China BlueChemical Ltd ee


31.07.2013

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: 06/yy

52-Week High (14.09.2012) 23'400.00

52-Week Low (26.07.2013) 15'500.00

Daily Volume

15550





24'487'284.00 1 Yr Total Return -29.81%







AALI IJ EQUITY YTD Change - Average Volume 30 Day 1'059'733

AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'424'766


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

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 11.82x 11.44x 2.17x 1.87x - -

3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 3'930'947.0 ######### ######### ######### ######### 993'690.0 862'814.0

4.08x 12.16x 12.07x 9.41x 8.17x 9.91x 9.41x 7.56x 6.41x - -

2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 2'410'259.0 ######### ######### ######### ######### 632'718.0 483'971.0

5.87x 21.57x 20.46x 14.21x 12.87x 15.08x 14.31x 11.99x 10.58x - -











EBITDA Margin 30.9%



Asset Turnover 0.92







Fiscal Year Ended

Astra Agro Lestari Tbk PTPrice/Volume

Valuation Analysis

589'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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g -. Q -. n -. l -. j -. a -. g -0 c -0 i -0 Q -0 i -0 g -0 g -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!''

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31.07.2013


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





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 - 31.05.2013 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 1'789'286 0.11 4'000 30.07.2013 Investment Advisor


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


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

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'367'000 0.09 577'000 31.05.2013 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 - 30.06.2013 Investment Advisor



UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 22'200 12 month 31.07.2013

Indo Premier Securities WILLIAM SIMADIPUTRA buy 5 M 22'500 12 month 31.07.2013

Credit Suisse PRISCILLA TJITRA neutral 3 M 19'800 Not Provided 30.07.2013

DBS Vickers BEN SANTOSO buy 5 U 19'550 12 month 30.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 19'940 12 month 30.07.2013

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 17'500 12 month 30.07.2013

Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 15'000 Not Provided 30.07.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 23'000 Not Provided 30.07.2013

Standard Chartered ADRIAN FOULGER in-line 3 M 17'223 12 month 29.07.2013

Deutsche Bank JOVIN NG hold 3 M 17'200 12 month 29.07.2013

Morgan Stanley CHARLES C SPENCER Underwt/In-Line 1 M 14'500 12 month 29.07.2013

Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 18'500 12 month 29.07.2013

JPMorgan YING-JIAN CHAN overweight 5 M 19'200 9 month 29.07.2013


Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 15'000 12 month 25.07.2013

Maybank Kim Eng PANDU ANUGRAH buy 5 M 20'000 12 month 23.07.2013

UBS BONNY BUDI SETIAWAN sell 1 D 17'850 12 month 20.06.2013

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

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

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


Holdings By:

Astra Agro Lestari Tbk PT ee


31.07.2013

Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells

agricultural tractors, individual tractor components and spare parts.


LTM as of: 06/yy

52-Week High (29.04.2013) 69.50

52-Week Low (31.07.2012) 33.70

Daily Volume

60.5





3'228.82 1 Yr Total Return 87.98%







TTRAK TI EQUITY YTD Change - Average Volume 30 Day 151'341

TTRAK TI EQUITY YTD % CHANGE - Average Volume 3 Month 126'929


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

787.5 667.7 1'193.4 1'800.7 1'974.0 2'087.8 1'895.4 2'146.3 2'340.2 412.0 526.0

0.80x 1.09x 0.98x 1.00x 1.56x 3.56x 6.48x 1.52x 1.40x - -

87.0 61.1 248.6 322.9 313.1 308.3 297.9 345.6 381.9 - -

7.23x 11.86x 4.73x 5.56x 9.85x 5.84x 12.46x 9.59x 8.67x - -

66.8 31.0 179.7 277.4 268.2 275.4 239.1 283.6 308.5 - -

3.29x 15.60x 6.98x 6.50x 11.59x 5.91x 15.18x 11.67x 10.76x - -








Asset Turnover 1.36% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 15.7%



Asset Turnover 1.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Turk Traktor ve Ziraat Makineleri ASPrice/Volume

Valuation Analysis

10'761.00


'

-'

.'

0'

1'

2'

3'

4'

5'

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!- F

!. F

!0 F

!1 F

!2 F

!3 F

!4 F

!5 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!''

-'!''

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31.07.2013


KOC HOLDING AS n/a Co File 20'013'375 37.5 - 31.12.2012 Holding Company

CNH GLOBAL NV n/a Co File 20'013'375 37.5 - 31.12.2012 Corporation

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 627'772 1.18 (193'463) 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 622'216 1.17 272 30.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 585'220 1.1 - 31.12.2012 Government

PICTET FUNDS n/a ULT-AGG 525'070 0.98 200'877 30.04.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 399'582 0.75 15'027 31.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 397'334 0.74 54'774 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 382'736 0.72 43'011 29.07.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 381'652 0.72 83'635 30.04.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 306'485 0.57 106'485 31.03.2013 Investment Advisor

SEB n/a ULT-AGG 278'165 0.52 214'730 31.03.2013 Unclassified

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 263'469 0.49 (143'669) 31.05.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 249'683 0.47 - 30.07.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 230'641 0.43 - 30.07.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 179'226 0.34 (61'534) 31.12.2012 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 130'399 0.24 - 30.07.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 107'144 0.2 - 30.04.2013 Investment Advisor

FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 106'200 0.2 13'000 31.03.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 86'904 0.16 - 28.03.2013 Investment Advisor


Oyak Securities SERHAT KAYA market perform 3 U 63 Not Provided 30.07.2013

Tera Stock Brokers OGUZHAN AKBULUT sell 1 M 51 Not Provided 30.07.2013

Burgan Securities UMUT OZTURK hold 3 M 67 12 month 30.07.2013

FinansInvest EZGI GULBAS neutral 3 M 58 12 month 29.07.2013

Seker Securities KIVANC UYSAL market perform 3 M 63 12 month 29.07.2013

BNP Paribas Equity Research KENAN COSGUNER buy 5 U 72 12 month 29.07.2013

Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 59 Not Provided 18.07.2013

Goldman Sachs ASLI TUNCER neutral/neutral 3 D 77 12 month 11.07.2013

ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 58 Not Provided 11.07.2013

Eczacibasi Securities AKIF DASIRAN underperform 1 M 63 Not Provided 02.07.2013

Global Menkul Degerler TEAM COVERAGE market perform 3 M 59 Not Provided 01.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 01.07.2013

Ak Investment ERKAN SAVRAN market perform 3 M 68 12 month 28.06.2013

Ekspres Invest KURTHAN ATMACA hold 3 U 67 Not Provided 24.06.2013

Yatirim Finansman Securities OZGUR UCUR market perform 3 M 60 12 month 04.06.2013

IS Investment & Securities ESRA SUNER market perform 3 M 71 Not Provided 31.05.2013

BGC Partners BERNA KURBAY buy 5 U 75 12 month 29.05.2013

Yapi Kredi Yatirim ve Menkul Degerler MEHMET A AGYUZ buy 5 U 68 12 month 28.05.2013

Sardis Securities HAYDAR ACUN strong buy 5 N 14 Not Provided 10.02.2010

Holdings By:

Turk Traktor ve Ziraat Makineleri AS ee


31.07.2013

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and

processes palm oil, rubber, coconut, cocoa, coffee, and tea.


LTM as of: 03/yy

52-Week High (08.08.2012) 2'925.00

52-Week Low (31.07.2013) 1'120.00

Daily Volume

1120





7'641'607.50 1 Yr Total Return -57.68%



Minority Interest (714.0) Analyst Recs 29

Cash and Equivalents 1'799'137.00 Consensus Rating 3.414



LSIP IJ EQUITY YTD Change - Average Volume 30 Day 24'814'270

LSIP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 23'726'890


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

3'846'154.0 3'199'687.0 3'592'658.0 4'686'457.0 4'211'578.0 ######### ######### ######### ######### ######### #########

1.00x 3.42x 4.56x 2.84x 3.30x 12.56x 13.84x 1.24x 0.98x - -

1'445'441.0 1'171'436.0 1'597'639.0 2'224'402.0 1'509'513.0 ######### ######### ######### ######### 280'032.0 267'466.0

2.65x 9.34x 10.25x 5.97x 9.20x 8.07x 9.10x 4.57x 3.91x - -

927'555.0 707'487.0 1'033'329.0 1'701'580.0 1'116'186.0 ######### 917'576.0 963'270.3 ######### 252'884.0 177'461.0

4.29x 15.90x 17.02x 9.04x 14.02x 12.23x 14.26x 8.09x 6.63x - -











EBITDA Margin 31.2%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perusahaan Perkebunan London Sumatra Indonesia Tbk PTPrice/Volume

Valuation Analysis

30'598'000.00


'

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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

4'000'000.0

4'500'000.0

5'000'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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31.07.2013


SALIM IVOMAS PRATAMA n/a Co File 4'058'425'010 59.48 - 31.12.2012 Unclassified



MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 63'140'000 0.93 - 31.12.2010 Investment Advisor



SIA FUNDS AG Multiple Portfolios MF-AGG 40'575'000 0.59 20'468'000 30.04.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 31'371'000 0.46 (8'388'500) 28.12.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'546'752 0.3 - 30.07.2013 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 14'898'500 0.22 - 28.03.2013 Investment Advisor

BARING INTERNATIONAL Multiple Portfolios MF-AGG 13'478'000 0.2 - 31.03.2013 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 12'057'500 0.18 - 31.12.2010 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 11'700'000 0.17 - 31.03.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 10'677'500 0.16 82'000 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 10'469'500 0.15 - 31.03.2013 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'250'000 0.15 - 30.06.2011 Investment Advisor

BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 10'185'000 0.15 - 31.12.2012 Investment Advisor

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'995'500 0.15 - 31.12.2011 Investment Advisor


Standard Chartered ADRIAN FOULGER in-line 3 D 1'297 12 month 29.07.2013

Credit Suisse PRISCILLA TJITRA neutral 3 M 1'600 Not Provided 29.07.2013

Bahana Securities LEONARDO HENRY GAVAZA reduce 2 D 1'000 Not Provided 29.07.2013

Nomura MUZHAFAR MUKHTAR buy 5 M 2'300 Not Provided 26.07.2013

RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1'888 12 month 24.07.2013

Maybank Kim Eng PANDU ANUGRAH hold 3 M 1'500 12 month 23.07.2013


Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 1'200 12 month 17.07.2013

DBS Vickers BEN SANTOSO fully valued 2 M 1'450 12 month 11.07.2013

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'300 Not Provided 01.07.2013

UBS BONNY BUDI SETIAWAN sell 1 D 1'180 12 month 20.06.2013

AmCapital Indonesia VIVIET S PUTRI buy 5 M 2'300 12 month 07.06.2013

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN sell 1 M 1'500 12 month 30.05.2013

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN hold 3 M 1'670 12 month 27.05.2013

PT Batavia Prosperindo Sekuritas ARANDI NUGRAHA hold 3 M 1'600 Not Provided 06.05.2013

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 1'830 12 month 03.05.2013

Deutsche Bank JOVIN NG hold 3 M 1'900 12 month 30.04.2013

Indo Premier Securities WILLIAM SIMADIPUTRA hold 3 D 2'200 12 month 30.04.2013

JPMorgan YING-JIAN CHAN neutral 3 M 1'700 9 month 29.04.2013

CIMB ERINDRA KRISNAWAN neutral 3 M 1'800 12 month 29.04.2013

Sucorinvest Central Gani ISFHAN HELMY buy 5 M 2'200 12 month 11.04.2013

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 2'574 12 month 10.04.2013

Macquarie SUNAINA DHANUKA outperform 5 U 2'100 12 month 26.03.2013

BNI Securities YASMIN SOULISA hold 3 M 2'300 Not Provided 08.03.2013

Trimegah Securities Tbk PT TITO TAMBAYONG hold 3 M 2'100 Not Provided 28.02.2013

Danareksa HELMY KRISTANTO buy 5 M 3'170 12 month 27.02.2013

Holdings By:

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT ee


31.07.2013

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 (23.08.2012) 1.47

52-Week Low (31.07.2013) 0.88

Daily Volume

0.885





1'269.34 1 Yr Total Return -35.83%

Total Debt 6'780'217.00 YTD Return -33.18%


Minority Interest 9'032'242.0 Analyst Recs 18

Cash and Equivalents 5'082'296.00 Consensus Rating 3.167



IFAR SP EQUITY YTD Change - Average Volume 30 Day 1'461'000

IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'772'141


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 1.58x 1.37x - -

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 7.38x 6.03x - -

795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 1'049'322.0 ######### 779'210.0 842'037.8 ######### - -

7.60x 14.82x 20.11x 8.65x 14.42x 12.09x 17.86x 11.71x 8.76x - -











EBITDA Margin 21.2%



Asset Turnover 0.39







Fiscal Year Ended

Indofood Agri Resources LtdPrice/Volume

Valuation Analysis

1'706'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

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-2!' F

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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!''

-'!''

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.'!''

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31.07.2013


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



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 - 28.03.2013 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


Standard Chartered ADRIAN FOULGER underperform 1 D 1 12 month 29.07.2013

Credit Suisse PRISCILLA TJITRA underperform 1 M 1 Not Provided 29.07.2013





DBS Vickers BEN SANTOSO hold 3 M 1 12 month 11.07.2013

TA Securities Holdings Berhad JAMES RATNAM buy 5 M 1 Not Provided 11.07.2013

Macquarie CONRAD WERNER neutral 3 M 1 12 month 05.07.2013

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 01.07.2013


JPMorgan YING-JIAN CHAN neutral 3 M 1 9 month 29.04.2013

CIMB IVY NG underperform 1 D 1 12 month 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

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


31.07.2013

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company

produces and imports potash fertilizers, phosphate-based and nitrogen-based

fertilizers, and compound fertilizers. Sinofert operates in the Peoples

Republic of China.


LTM as of: 01/yy

52-Week High (23.01.2013) 2.19

52-Week Low (31.07.2013) 1.18

Daily Volume

1.21





8'499.59 1 Yr Total Return -22.23%







297 HK EQUITY YTD Change - Average Volume 30 Day 7'080'281

297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'040'403


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 - -

45'392.9 27'010.7 29'271.1 36'685.0 41'190.1 - - 41'928.0 43'943.1 - -

0.72x 1.30x 1.07x 0.44x 0.35x - - 0.28x 0.25x - -

1'897.7 (2'200.4) 664.6 1'180.1 1'387.1 - - 1'454.0 1'606.2 - -

17.13x - 46.94x 13.75x 10.42x - - 7.26x 6.57x - -

1'912.6 (1'443.8) 535.7 678.0 878.4 - - 868.6 1'046.3 - -

12.06x - 44.67x 18.30x 12.10x - - 7.65x 6.42x - -











EBITDA Margin 3.4%



Asset Turnover 1.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sinofert Holdings LtdPrice/Volume

Valuation Analysis

58'465'000.00


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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

'!''

2!''

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31.07.2013


SINOCHEM CORP n/a Co File 3'698'660'874 52.65 - 31.12.2012 Government

POTASH CORP OF SASKA n/a Co File 1'563'312'141 22.26 - 31.12.2012 Government







NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 27'302'000 0.39 21'628'000 30.06.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 11'432'000 0.16 11'432'000 28.03.2013 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 8'172'000 0.12 590'000 30.06.2011 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 5'088'715 0.07 - 29.07.2013 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 4'652'000 0.07 - 30.06.2013 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'808'000 0.05 754'000 31.03.2013 Investment Advisor

CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 3'000'000 0.04 - 28.06.2013 Investment Advisor

LEMANIK FUNDS Multiple Portfolios MF-AGG 3'000'000 0.04 - 28.06.2013 Investment Advisor

AMUNDI JAPAN Multiple Portfolios MF-AGG 2'900'000 0.04 2'900'000 25.01.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 2'892'000 0.04 - 30.06.2013 Investment Advisor


Goldman Sachs CAROL JIN Buy/Cautious 5 U 2 12 month 18.07.2013

Essence Securities XU HAITAO buy 5 M 2 6 month 16.07.2013


Masterlink Securities LI XIN hold 3 M 2 Not Provided 04.06.2013

Macquarie LAURA SHI outperform 5 M 2 12 month 08.05.2013

UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 22.04.2013

BOCOM International Holdings HE WEI neutral 3 M 2 Not Provided 02.04.2013

China International Capital Corp BIN GUAN hold 3 M 2 12 month 29.03.2013

Jefferies JACK LU underperform 1 M 2 12 month 28.03.2013

BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 15.03.2013

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 2 12 month 01.03.2013

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 2 12 month 28.12.2012

Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 M 2 6 month 26.10.2012

Deutsche Bank DAVID HURD buy 5 N 2 12 month 06.09.2012

SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011

Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011

Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010

Holdings By:

Sinofert Holdings Ltd ee


31.07.2013

Cresud SACIF y A is an Argentine agricultural company, with a growing presence

in Latin American countries, engaged in a range of activities including crop

production, cattle raising and milk production. The Company's business model,

rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the

acquisition, development and exploitation of agricultural properties.


LTM as of: 03/yy

52-Week High (05.02.2013) 9.89

52-Week Low (24.06.2013) 7.00

Daily Volume

7.51





376.67 1 Yr Total Return -6.06%





Enterprise Value -


CRESY US EQUITY YTD Change - Average Volume 30 Day 84'486

CRESY US EQUITY YTD % CHANGE - Average Volume 3 Month 82'181


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

322.4 1'427.2 1'882.4 2'540.3 3'457.8 3'033.2 3'584.9 2'973.0 3'137.5 891.0 797.0

6.58x 2.99x 2.99x 3.34x 2.23x 10.76x 9.95x 2.49x 2.32x - -

50.1 345.6 769.5 921.6 893.3 437.5 492.9 1'179.5 1'425.0 - -

42.35x 12.35x 7.32x 9.20x 8.62x 0.00x 21.54x - - - -

22.9 124.6 185.4 212.6 78.3 73.9 95.6 118.0 238.0 32.8 34.3

- - - - - 0.00x 0.00x 18.98x 9.30x - 15.01x











EBITDA Margin 13.7%



Asset Turnover 0.32







Fiscal Year Ended

Cresud SACIF y APrice/Volume

Valuation Analysis

56'016.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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!- F

!. F

!0 F

!1 F

!2 F

!3 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'!''

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'!1'

'!3'

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31.07.2013



GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'587'407 3.16 (4'088) 31.03.2013 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'396'184 2.78 (176'404) 31.03.2013 Investment Advisor


HORIZON KINETICS n/a ULT-AGG 1'017'819 2.03 (7'760) 31.03.2013 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 974'048 1.94 (389'265) 31.03.2013 Hedge Fund Manager

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 918'045 1.83 (122'320) 31.03.2013 Investment Advisor

VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 725'300 1.45 (54'300) 31.03.2013 Hedge Fund Manager

ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 723'012 1.44 - 31.03.2013 Insurance Company

FAIRFAX FINANCIAL HO FAIRFAX FINANCIAL HO 13F 723'012 1.44 - 31.03.2013 Investment Advisor

RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 605'247 1.21 - 31.03.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 602'413 1.2 (3'422) 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 579'164 1.15 (404'077) 31.03.2013 Investment Advisor

WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 577'000 1.15 - 28.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 454'346 0.91 (289'388) 30.07.2013 Investment Advisor


RIMA SENVEST MGMT LL RIMA SENVEST MANAGEM 13F 321'754 0.64 188'333 31.03.2013 Investment Advisor

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 250'413 0.5 250'413 31.03.2013 Investment Advisor


CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 216'779 0.43 - 30.07.2013 Investment Advisor


EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 20.06.2013

Raymond James FEDERICO REY-MARINO outperform 5 M 17 12 month 20.05.2013

HSBC ALEXANDRE FALCAO overweight 5 M 17 Not Provided 20.05.2013

Grupo Santander WALTER CHIARVESIO underperform 1 D 10 Not Provided 07.01.2013

Holdings By:

Cresud SACIF y A ee


Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global...

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