Fundamental Analysis & Analyst Recommendations - World Top Agriculture Co.

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May 2012

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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.

12MEst. Tot.

Rev. - 2013Est. Tot.

Rev. - 2014 EBITDA - LFYEst. EBITDA -

Tr. 12MEst. EBITDA -

2013Est. EBITDA -

2014 EPS - LFYEst. EPS - Tr. 12M

Est. EPS - 2013

Est. EPS - 2014

P/E Ratio - LFY

Est. P/E Ratio - Tr.

12MEst. P/E

Ratio - 2013Est. P/E

Ratio - 2014

Est. Revenue

Growth - 1Y

Est. Revenue

Growth - 5YEst. EBITDA Growth - 1Y

Est. Est. EBITDA

Growth - 5YEst. 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 12065148 1819.645 1101 1101 199 211 211 99.05 105.01 105.01 13.20 13.20 12.45 12.45 18.96

Euro Stoxx 50 Pr EUR 1998447 9706.116 4624 4624 729 780 780 187.01 317.53 317.53 18.56 14.34 10.93 10.93 19.91

NIKKEI 225 JPY 2085654 169.8761 229 229 23 25 25 5.23 8.38 8.38 0.26 - 0.16 0.16 0.14

FTSE 100 INDEX GBP 2358943 12603.19 9295 9295 1632 1729 1729 799.14 881.20 881.20 16.50 15.26 14.96 14.96 27.48

SWISS MARKET INDEX CHF 799592 10504.39 3903 3903 816 778 778 390.87 525.06 525.06 16.67 16.33 12.41 12.41 22.99

S&P/TSX COMPOSITE INDEX CAD 1478684 17163.84 7371 7371 2006 2111 2111 836.70 898.29 898.29 13.15 13.15 12.25 12.25 26.09

S&P/ASX 200 INDEX AUD 1070576 7263.933 2766 2766 609 661 661 290.34 336.43 336.43 13.50 12.70 11.65 11.65 22.77

HANG SENG INDEX HKD 1387961 2395.301 1499 1499 348 378 378 268.86 252.95 252.95 1.17 1.27 1.24 1.24 3.16

MSCI EM USD 6641335 1248.574 965 965 180 187 187 85.00 93.36 93.36 10.83 11.66 9.86 9.86 19.66

WILMAR INTERNATIONAL LTD SGD 19039 14367 6401 16 0 1 1 29.74 35080 35814 37787 42456 1517 1778 594 594 0.20 0.18 0.19 0.22 10.19 10.23 9.52 8.24 37.02 49.89 29.18 30.82 3.39 - - - -

TIGER BRANDS LTD ZAr 6149 235 191 0 0 0 0 6.40 2451 2451 2756 2969 435 435 - - 1.82 1.89 2.08 2.33 2.05 2.55 1.86 1.66 0.69 0.61 0.63 0.57 2.13 - - - -

TATE & LYLE PLC GBp 4832 853 468 2 0 0 1 5.56 4300 4603 4752 4957 661 836 - - 0.65 0.97 0.88 0.91 16.98 15.45 18.73 18.08 11.67 0.66 19.07 -0.30 24.29 BBB 15.07.2011 Baa3 08.04.2009

SUEDZUCKER AG EUR 5798 248 189 3 0 1 1 8.66 8897 8897 9264 9211 1306 1306 1387 1387 2.43 2.53 2.77 2.72 15.39 16.20 14.08 14.32 17.17 6.33 39.78 -5.42 18.68 BBB 31.05.2007 - -

SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -

SMITHFIELD FOODS INC USD 3235 455 166 2 0 0 0 5.05 12203 13002 13110 13607 1156 1081 229 229 2.89 3.09 2.66 2.69 6.50 6.50 7.55 7.47 8.93 1.66 333.85 13.29 9.47 BB 27.03.2012 B2 15.08.2011

SANDERSON FARMS INC USD 1161 48 22 0 0 0 0 1.46 1978 2068 2326 2396 -122 -76 46 46 -5.47 -4.31 3.21 4.83 - - 16.26 10.81 2.73 12.41 - - -6.18 - - - -

RUCHI SOYA INDUSTRIES LTD INR 571 342 333 1 0 0 0 1.04 5557 5557 #VALUE! #VALUE! 82 82 - - 0.07 0.07 #VALUE! #VALUE! 0.48 0.48 #VALUE! #VALUE! 1.24 0.53 -0.59 0.12 0.03 - - - -

PILGRIM'S PRIDE CORP USD 1877 294 221 1 0 0 0 3.10 7536 7532 7826 7963 -151 18 133 133 -2.17 -1.46 0.86 1.17 - - 8.43 6.19 9.50 9.46 - - -2.00 B 16.08.2011 Caa1 28.06.2011

MARFRIG ALIMENTOS SA BRL 1668 586 346 6 0 0 2 5.96 10848 10838 11827 12894 879 879 201 201 -1.07 -1.05 0.06 0.12 - - 38.47 20.64 18.75 27.54 8.95 - 4.02 B+ 01.09.2010 - -

MOLINOS RIO DE LA PLATA S.A. ARS 1137 1 250 1 0 0 0 1.69 2875 2875 #VALUE! #VALUE! 60 60 - - 0.25 0.25 #VALUE! #VALUE! 4.10 - #VALUE! #VALUE! 3.44 5.97 -15.59 0.69 0.47 - - - -

MEWAH INTERNATIONAL INC SGD 455 2491 1507 0 0 0 0 0.69 3506 3506 3500 3696 22 22 74 74 0.02 0.02 0.03 0.03 8.46 7.95 6.77 6.24 20.76 - -60.82 - 0.48 - - - -

MAPLE LEAF FOODS INC CAD 1596 34 140 1 0 0 0 2.73 5 K 5 K 5 K 5 K 382 364 101 101 0.98 0.90 1.03 1.26 12.39 12.39 10.84 8.90 -1.47 -2.29 5.41 4.99 7.80 - - - -

M DIAS BRANCO SA BRL 2995 22 113 0 0 0 0 3.20 1443 1524 1652 1831 239 262 76 76 1.60 1.71 1.90 2.30 7.66 - 6.89 5.69 9.47 9.13 1.59 7.26 8.20 - - - -

L.D.C. SA EUR 867 0 8 0 0 0 0 0.94 3251 3395 3532 3618 209 189 220 220 9.06 7.06 9.12 10.36 19.15 19.15 14.82 13.06 30.17 17.00 12.29 10.93 8.16 - - - -

JBS SA BRL 8448 1812 2964 9 0 0 3 15.66 30632 31295 33850 36258 1523 1447 589 589 -0.04 -0.05 0.22 0.27 - - 6.35 5.22 6.07 55.38 -6.22 - 2.46 BB 16.07.2010 B1 21.10.2008

INCITEC PIVOT LTD AUD 4713 9951 1629 2 0 0 0 6.32 3845 3967 3853 4055 887 842 506 506 0.32 0.27 0.27 0.30 10.68 - 10.64 9.43 32.72 31.90 18.17 37.06 22.70 BBB 12.10.2009 Baa3 04.12.2009

HORMEL FOODS CORP USD 7790 373 266 0 0 0 1 7.42 7895 8013 8367 8740 840 795 194 194 1.74 1.67 1.81 1.94 17.69 17.69 16.30 15.25 9.34 6.32 10.63 8.16 10.64 A 31.05.2001 A2 31.05.2001

GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007

FAUJI FERTILIZER COMPANY LTD PKR 1626 1521 1272 0 0 0 0 1.66 608 906 #VALUE! #VALUE! 368 - - - 0.19 0.20 0.19 0.20 0.07 0.07 0.07 0.07 -0.41 0.15 0.29 0.27 0.67 - - - -

FAUJI FERTILIZER BIN QASIM PKR 415 1005 934 0 0 0 0 0.48 616 548 562 560 190 160 118 118 0.13 0.10 0.07 0.08 0.05 0.05 0.07 0.06 0.32 0.26 0.62 0.38 0.34 - - - -

EBRO FOODS SA EUR 2490 447 150 1 0 0 0 2.98 2296 2296 2653 2744 345 341 396 396 1.27 1.26 1.34 1.45 16.28 16.26 15.33 14.19 7.63 3.01 5.48 -6.05 19.10 - - - -

DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010

CHAMBAL FERTILIZERS & CHEM INR 536 1371 416 1 0 0 0 1.10 1384 1384 1235 1306 151 151 158 158 0.07 0.07 0.16 0.17 0.34 0.34 0.15 0.14 0.60 0.47 0.32 0.21 0.20 - - - -

CHINA GREEN AGRICULTURE INC USD 88 15 27 0 0 0 0 0.03 180 220 #VALUE! #VALUE! 48 59 - - 1.27 1.51 #VALUE! #VALUE! 2.15 2.15 #VALUE! #VALUE! 245.01 - 73.88 - 26.63 - - - -

DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010

SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -

GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007

AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -

PETRA FOODS LTD SGD 1175 48 611 0 0 0 0 1.33 1336 1312 1422 1522 101 104 116 116 0.08 0.08 0.09 0.10 14.56 14.59 12.78 11.43 6.82 16.96 15.08 15.20 5.93 - - - -

BRF - BRASIL FOODS SA BRL 14034 551 869 4 0 0 1 16.96 12742 12899 13625 14944 1427 1306 360 360 0.78 0.65 0.95 1.19 12.31 12.31 8.43 6.67 6.61 18.42 11.92 26.22 5.55 BBB- 04.04.2012 - -

BUNGE LTD USD 8770 285 144 4 1 0 1 14.10 58743 59995 62906 66334 1701 1524 388 388 5.79 4.94 6.56 7.24 12.17 12.17 9.17 8.30 28.52 16.84 21.85 13.15 2.90 BBB- 10.06.2010 - -

INDUSTRIAS BACHOCO-SER B MXN 1041 24 600 0 0 0 0 0.87 2014 2253 2644 2750 53 103 147 147 - 0.08 0.11 0.15 1.55 - 1.16 0.87 0.89 1.47 -5.57 -1.25 0.19 - - - -

ADECOAGRO SA USD 1055 32 121 0 0 0 0 0.90 645 593 636 800 159 159 - - 0.48 0.35 0.45 0.71 25.34 25.34 19.32 12.32 59.86 - - - 24.63 - - - -

ASSOCIATED BRITISH FOODS PLC GBp 14680 555 792 3 0 1 1 17.83 17491 18375 19195 20250 2049 2125 - - 1.08 1.10 1.36 1.47 26.58 26.73 21.54 19.88 13.96 19.62 -0.97 19.23 18.52 - - - -

AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -

YUNNAN YUNTIANHUA CO-A CNY #VALUE! 0 694 2 0 0 0 #VALUE! 1590 1612 1639 1835 287 - - - 0.04 0.00 0.06 0.09 - - #VALUE! #VALUE! 6.51 3.05 2.71 1.45 2.85 - - - -

CHINA BLUECHEMICAL LTD - H HKD 3069 2951 4610 0 0 0 0 2.37 1256 1256 1541 1788 457 457 - - 0.05 0.06 0.06 0.07 1.26 0.86 1.10 0.95 5.42 3.07 6.18 2.11 4.68 - - - -

SINOFERT HOLDINGS LTD HKD 1257 11804 7023 1 0 0 0 1.51 4724 4724 5093 5518 152 152 - - 0.01 0.01 0.02 0.02 1.51 - 1.14 0.93 3.26 2.20 9.99 0.19 0.41 - - - -

FUJI OIL CO LTD JPY 1134 205 86 0 0 0 0 1.53 2990 2990 3114 3214 276 276 - - - 1.22 1.38 1.57 0.13 - 0.12 0.10 0.08 0.06 -0.19 0.06 0.12 - - - -

TAIWAN FERTILIZER CO LTD TWD 2268 2488 980 0 0 0 0 2.16 573 593 586 604 23 23 - - 0.11 0.09 0.12 0.13 0.83 - 0.63 0.60 0.60 0.53 -1.25 0.09 0.13 - - - -

SHANDONG KINGENTA ECOLOGIC-A CNY 1617 2074 700 0 0 0 0 1.64 1205 1205 1568 2074 96 96 135 135 0.10 0.10 0.14 0.18 3.73 3.78 2.62 2.00 6.19 - 5.91 - 1.26 - - - -

SHENZHEN NOPOSION AGROCHEM-A CNY 475 2666 354 0 0 0 0 0.44 245 245 278 348 18 - - - 0.03 0.03 0.05 0.10 6.27 - 4.37 2.03 1.06 - -2.93 3.58 1.15 - - - -

HENAN SHUANGHUI INVESTMENT-A CNY 6033 1347 606 0 0 0 0 5.88 5929 6158 7390 8910 149 - 3 3 - 0.13 0.51 0.64 12.35 - 3.11 2.45 0.56 3.46 -7.86 0.16 0.40 - - - -

LUXI CHEMICAL GROUP CO LT-A CNY 1222 12335 1465 1 0 0 0 2.13 1469 1548 #VALUE! #VALUE! 236 - - - 0.04 0.05 #VALUE! #VALUE! 2.68 - #VALUE! #VALUE! 3.41 4.45 10.56 3.29 2.54 - - - -

QINGHAI SALT LAKE INDUSTRY-A CNY 8038 5280 1591 2 0 0 0 9.54 998 966 1357 1608 501 - - - - 0.22 0.34 0.41 3.62 - 2.34 1.97 2.50 4.57 2.80 2.35 7.93 - - - -

HUBEI YIHUA CHEMICAL INDUS-A CNY 1942 7834 542 2 0 0 1 4.11 2801 3013 3094 3804 469 - - - - 0.24 0.26 0.30 2.00 - 1.86 1.62 8.52 5.74 5.12 5.31 2.65 - - - -

LIAONING HUAJIN TONGDA CHE-A CNY 1688 9949 1201 2 0 0 0 3.14 5628 5773 #VALUE! #VALUE! 477 - - - 0.11 0.08 0.12 0.14 2.82 - 1.85 1.63 9.37 15.65 5.55 - 1.34 - - - -

Valuation Measures I/IIMarket 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] |

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 1.95 1.95 1.77 1.62 1.95 1.19 1.19 1.13 1.09 1.19 8.39 8.39 7.58 6.91 8.39 8.64 8.64 7.94 7.42 8.64 12.45 12.45 11.07 9.98 12.45 2.29 2.29 2.55 2.76 2.29 1573.0 20.3%

Euro Stoxx 50 Pr 0.93 0.93 0.88 0.83 0.93 0.59 0.59 0.57 0.56 0.59 4.19 4.19 3.93 3.67 4.19 12.44 12.44 11.71 11.24 12.44 8.59 8.59 7.68 7.11 8.59 5.64 5.64 6.06 6.46 5.64 2763.3 28.9%

NIKKEI 225 1.04 1.04 0.97 0.90 1.04 0.48 0.48 0.46 0.46 0.48 5.76 5.76 5.40 5.24 5.76 6.68 6.68 6.17 5.91 6.68 12.98 12.98 12.07 9.89 12.98 2.44 2.44 2.48 2.83 2.44 10661.4 23.8%

FTSE 100 INDEX 1.42 1.42 1.31 1.20 1.42 0.90 0.90 0.87 0.86 0.90 6.22 6.22 5.72 5.40 6.22 7.29 7.29 6.77 6.52 7.29 9.47 9.47 8.58 8.04 9.47 4.51 4.51 4.87 5.29 4.51 6547.9 24.1%

SWISS MARKET INDEX 1.83 1.83 1.70 1.57 1.83 1.58 1.58 1.49 1.42 1.58 10.01 10.01 8.71 7.87 10.01 13.50 13.50 12.50 11.64 13.50 11.71 11.71 10.45 9.59 11.71 4.05 4.05 4.52 4.87 4.05 6847.4 18.0%

S&P/TSX COMPOSITE INDEX 1.59 1.59 1.44 1.31 1.59 1.52 1.52 1.41 1.37 1.52 7.44 7.44 6.60 5.75 7.44 8.13 8.13 7.07 6.63 8.13 12.48 12.48 10.84 10.01 12.48 3.26 3.26 3.33 3.52 3.26 14479.7 26.8%

S&P/ASX 200 INDEX 1.55 1.55 1.45 1.35 1.55 1.44 1.44 1.35 1.27 1.44 8.82 8.82 7.70 7.13 8.82 10.99 10.99 9.52 8.81 10.99 11.84 11.84 10.39 9.54 11.84 5.23 5.23 5.67 6.09 5.23 4852.0 19.9%

HANG SENG INDEX 1.23 1.23 1.13 1.03 1.23 1.63 1.63 1.49 1.37 1.63 5.80 5.80 5.26 5.01 5.80 6.34 6.34 5.84 5.38 6.34 9.65 9.65 8.70 7.86 9.65 4.07 4.07 4.42 4.93 4.07 23577.3 24.4%

MSCI EM 1.38 1.38 1.24 1.09 1.38 0.95 0.95 0.87 0.82 0.95 5.98 5.98 5.35 4.91 5.98 6.67 6.67 6.02 5.56 6.67 9.86 9.86 8.72 8.00 9.86 3.30 3.30 3.61 3.95 3.30 1155.5 25.5%

WILMAR INTERNATIONAL LTD 1.43 1.25 1.13 1.08 0.45 0.40 0.35 0.31 9.78 15.09 9.94 9.32 14.67 14.06 12.52 11.14 11.44 12.14 10.51 9.62 2.05 1.88 2.05 2.35 4.78 26.0%

TIGER BRANDS LTD 4.52 3.73 3.30 2.92 2.51 2.23 2.07 1.91 1.74 15.79 15.05 12.46 11.37 15.00 12.62 11.59 10.69 17.98 15.51 13.86 12.47 10.78 2.88 3.34 3.72 4.17 4.64 26485.71 -1.5%

TATE & LYLE PLC 3.24 2.81 2.51 2.20 1.95 1.16 1.02 0.97 0.95 0.94 13.56 10.23 8.31 8.02 7.18 8.40 7.79 7.49 7.20 7.04 15.16 11.85 11.44 10.82 10.24 3.55 3.81 3.99 4.17 4.66 717.50 9.3%

SUEDZUCKER AG 1.47 1.35 1.21 1.08 0.92 0.66 0.63 0.63 0.62 0.63 7.81 6.55 6.10 6.07 5.27 6.67 6.24 6.36 6.27 5.99 12.55 11.06 11.25 10.67 10.65 2.84 3.08 3.20 3.33 3.12 28.57 18.7%

SINAR MAS AGRO RES & TECH

SMITHFIELD FOODS INC 1.01 0.85 0.76 0.67 0.26 0.25 0.24 0.23 4.49 5.81 4.42 3.85 4.32 4.78 4.87 4.81 6.84 7.55 7.47 6.93 0.00 0.00 0.00 0.00 27.11 35.0%

SANDERSON FARMS INC 2.18 2.05 1.78 1.68 0.59 0.50 0.48 0.52 12.21 7.77 8.16 6.27 7.77 16.26 10.81 15.16 1.29 1.34 1.43 1.50 49.25 -5.6%

RUCHI SOYA INDUSTRIES LTD 82.00 -12.0%

PILGRIM'S PRIDE CORP 2.33 2.38 1.95 0.25 0.24 0.24 6.35 5.43 8.43 6.19 0.00 0.00 0.00 8.60 18.6%

MARFRIG ALIMENTOS SA 0.70 0.80 0.77 0.84 0.64 0.15 0.14 0.13 0.12 0.11 13.47 8.26 5.17 2.99 2.22 7.99 6.48 5.54 4.92 4.36 77.60 41.63 17.08 6.72 1.32 0.23 0.75 0.97 2.47 11.95 23.2%

MOLINOS RIO DE LA PLATA S.A. 22.00 8.9%

MEWAH INTERNATIONAL INC 0.81 0.78 0.72 0.65 0.10 0.10 0.10 0.08 12.58 5.03 4.31 11.26 9.27 8.18 7.18 9.74 8.63 7.95 6.57 3.31 2.98 2.98 4.97 0.45 18.0%

MAPLE LEAF FOODS INC 1.75 1.63 1.42 1.25 0.33 0.33 0.32 0.31 0.30 5.33 5.73 4.81 3.95 6.79 6.47 5.56 4.82 4.07 12.01 11.05 9.07 7.44 5.05 1.38 1.38 1.38 14.54 25.2%

M DIAS BRANCO SA 3.11 2.68 2.36 1.90 2.13 1.81 1.64 1.59 1.39 16.85 13.98 10.67 12.94 10.35 8.84 8.31 7.19 17.68 13.89 11.47 10.95 1.27 2.08 2.72 2.16 55.50 4.2%

L.D.C. SA 1.20 1.07 1.03 0.96 0.27 0.25 0.24 0.23 6.17 4.96 4.97 4.75 5.13 4.28 4.30 4.09 15.04 11.65 10.26 10.36 2.18 2.24 2.35 2.45 95.35 14.2%

JBS SA 0.80 0.78 0.75 0.71 0.64 0.28 0.25 0.23 0.22 0.21 127.78 7.62 8.58 7.99 9.58 10.06 6.95 6.28 5.87 5.75 140.24 12.81 10.53 9.21 7.88 0.26 1.39 2.17 2.19 2.38 7.61 32.3%

INCITEC PIVOT LTD 1.24 1.22 1.13 1.07 1.00 1.44 1.22 1.16 1.12 1.12 7.92 8.42 7.03 6.76 6.84 6.81 7.91 6.70 6.41 6.21 8.96 10.81 9.58 9.10 9.19 3.54 3.74 4.15 4.39 4.52 3.72 26.4%

HORMEL FOODS CORP 3.02 2.90 2.71 2.14 0.99 0.93 0.89 0.84 13.63 14.48 14.17 8.75 8.65 8.26 7.54 16.91 16.30 15.25 14.02 2.01 2.04 2.18 2.40 30.00 1.5%

GRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%

FAUJI FERTILIZER COMPANY LTD 7.35 6.77 6.52 6.87 6.70 6.25 5.96 13.11 15.04 13.78 136.02 17.3%

FAUJI FERTILIZER BIN QASIM 2.79 2.66 2.62 0.68 0.74 0.74 3.59 7.56 6.51 2.61 4.07 5.11 3.70 6.13 5.40 24.08 15.64 15.37 46.89 16.4%

EBRO FOODS SA 1.27 1.19 1.15 1.08 1.06 0.94 0.91 0.88 10.15 8.90 8.35 7.90 8.62 7.53 7.11 6.82 6.80 13.93 12.05 11.15 10.52 4.87 3.94 4.18 4.55 4.09 16.78 31.9%

DEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%

CHAMBAL FERTILIZERS & CHEM 1.65 1.50 1.34 0.44 0.43 0.41 4.64 3.55 4.70 7.03 6.97 6.70 8.89 8.16 7.53 2.81 2.87 2.89 87.00 24.1%

CHINA GREEN AGRICULTURE INC

DEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%

SINAR MAS AGRO RES & TECH

GRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%

AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%

PETRA FOODS LTD 3.41 3.44 3.04 2.69 0.67 0.65 0.61 0.56 12.81 11.31 10.68 13.53 11.53 10.73 10.08 18.84 16.29 14.56 14.24 2.13 2.45 2.65 3.12 2.21 -9.9%

BRF - BRASIL FOODS SA 1.95 1.81 1.66 1.57 1.46 1.10 1.03 0.94 0.87 0.80 11.08 11.22 9.60 7.98 7.44 10.61 10.25 8.17 7.50 6.69 16.36 17.01 13.46 11.37 9.88 1.39 1.65 2.21 2.63 2.84 41.38 27.5%

BUNGE LTD 0.71 0.72 0.68 0.64 0.16 0.14 0.13 0.13 0.13 9.33 6.41 6.33 4.89 8.20 7.52 6.75 6.18 5.66 10.27 9.17 8.30 7.45 6.38 1.63 1.73 1.90 2.06 2.35 75.00 24.8%

INDUSTRIAS BACHOCO-SER B 0.52 0.39 0.38 16.92 5.91 4.84 4.57 4.18 15.93 11.95 32.50 36.0%

ADECOAGRO SA 1.00 0.96 0.90 1.04 0.91 1.95 1.66 1.32 1.10 0.94 13.67 14.18 9.65 5.12 4.92 6.00 5.93 4.13 2.94 2.56 18.50 19.32 12.32 10.29 7.06 0.00 0.00 13.95 59.4%

ASSOCIATED BRITISH FOODS PLC 1.62 1.50 1.40 1.30 1.16 0.85 0.76 0.72 0.68 0.64 11.98 9.27 8.21 7.95 6.79 8.99 7.77 7.31 6.84 6.57 16.22 13.64 12.59 11.49 10.20 2.11 2.37 2.57 2.79 3.38 1281.94 9.3%

AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%

YUNNAN YUNTIANHUA CO-A 11.10

CHINA BLUECHEMICAL LTD - H 1.58 1.42 1.26 1.15 2.00 1.62 1.40 1.38 6.15 5.26 4.79 5.33 4.98 4.42 3.92 3.98 9.61 8.56 7.41 7.92 3.42 4.08 4.70 4.58 6.90 33.4%

SINOFERT HOLDINGS LTD 0.59 0.57 0.54 0.51 0.22 0.20 0.19 0.18 11.32 7.42 7.19 6.27 6.37 7.50 8.85 7.21 7.17 2.12 1.85 2.38 2.12 2.25 61.9%

FUJI OIL CO LTD 0.86 0.80 0.75 0.69 0.64 0.37 0.36 0.35 0.34 0.34 4.98 5.26 4.72 4.07 5.35 4.92 4.62 4.30 4.33 10.49 9.38 8.23 7.21 7.22 2.34 2.46 2.62 3.00 4.20 1244.00 21.4%

TAIWAN FERTILIZER CO LTD 1.32 1.27 1.25 1.20 4.15 3.87 3.75 3.50 16.75 21.93 13.62 12.00 39.99 27.55 32.21 14.10 20.43 18.68 17.71 13.43 3.62 3.90 4.34 4.97 93.01 35.8%

SHANDONG KINGENTA ECOLOGIC-A 3.29 2.78 2.28 1.93 1.35 1.03 0.78 0.66 21.92 23.70 12.23 17.53 12.14 8.82 7.04 21.76 16.58 12.63 10.13

SHENZHEN NOPOSION AGROCHEM-A 2.30 2.26 2.08 1.88 1.85 1.71 1.36 1.10 23.03 15.35 29.09 27.18 15.32 17.15 13.35 10.91 22.65 27.63 12.85 17.53 1.33 1.57 1.81 2.05 6.60 -20.4%

HENAN SHUANGHUI INVESTMENT-A 9.42 7.04 5.75 4.59 1.08 0.82 0.68 0.54 31.03 15.39 11.88 10.06 25.15 11.00 8.31 6.63 48.31 19.71 15.52 13.11 1.74 1.17 2.23 3.15 87.50 38.9%

LUXI CHEMICAL GROUP CO LT-A 2.25 0.62 8.12 8.39 17.60

QINGHAI SALT LAKE INDUSTRY-A 7.72 3.09 2.73 2.40 7.09 5.92 5.00 3.90 19.15 14.09 13.04 11.03 15.53 16.08 12.38 10.08 16.73 14.78 12.44 11.95 0.00 0.76 1.19 1.38 42.05 31.5%

HUBEI YIHUA CHEMICAL INDUS-A 2.62 1.57 1.38 1.21 0.81 0.63 0.51 0.47 4.87 3.67 4.70 4.09 9.56 8.08 6.35 5.70 13.24 11.80 10.23 8.21 1.22 0.85 1.11 1.68 24.25 23.7%

LIAONING HUAJIN TONGDA CHE-A 0.33 14.83 11.71 10.31

Price to Earnings Ratio

Valuation Measures II/IIEstimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


18.05.2012

Wilmar International Ltd. is an agribusiness company. The Company is involved

in oil palm cultivation, edible oils refining, oilseeds crushing, consumer packedible oils processing and merchandising, specialty fats, oleochemicals andbiodiesel manufacturing, and grains processing and merchandising. Wilmar alsomanufactures and distributes fertilizers and owns a fleet of vessels.

Latest Fiscal Year: 12/2011LTM as of: 12/yy52-Week High (15.02.2012) 6.0552-Week Low (18.05.2012) 3.71Daily Volume

3.7952-Week High % Change -37.36% Dividend Yield -52-Week Low % Change 2.16% Beta 1.04% 52 Week Price Range High/Low 0.00% Equity Float 2'331.40

Shares Out 18.05.2012 6'402.3 Short Int -24'264.74 1 Yr Total Return -29.86%

Total Debt 20'888.94 YTD Return -23.72%Preferred Stock 0.0 Adjusted BETA 1.042Minority Interest 878.2 Analyst Recs 27Cash and Equivalents 1'710.50 Consensus Rating 3.111Enterprise Value 37'902.46

Average Volume 5 Day 14'385'000WIL SP EQUITY YTD Change - Average Volume 30 Day 8'285'034WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 11'475'110

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q316'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 48'159.5 54'110.5 11'852.0 13'296.7

1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.67x 0.61x - -833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'695.3 3'026.8 757.5 782.034.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.06x 12.52x 12.04x 11.91x580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'555.0 1'803.4 458.5 471.029.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 12.14x 10.51x 10.04x 9.72x

EBITDA 1'933.39 Long-Term Rating Date -EBIT 1'454.82 Long-Term Rating -Operating Margin 3.25% Long-Term Outlook -Pretax Margin 4.65% Short-Term Rating Date -Return on Assets 4.34% Short-Term Rating -Return on Common Equity 12.69%Return on Capital 6.48% EBITDA/Interest Exp. 3.74Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.73

Net Debt/EBITDA 9.92Gross Margin 8.7% Total Debt/EBITDA 10.80EBITDA Margin 4.3%EBIT Margin 3.3% Total Debt/Equity 156.2%Net Income Margin 3.6% Total Debt/Capital 59.4%

Asset Turnover 1.21Current Ratio 1.07 Net Fixed Asset Turnover 6.51Quick Ratio 0.24 Accounts receivable turnover-days 27.03Debt to Assets 52.70% Inventory Days 62.57Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 13.93Accounts Receivable Turnover 13.50 Cash Conversion Cycle 75.67Inventory Turnover 5.83

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

14'367'000.00Current Price (5/dd/yy) Market Data

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10'000.0

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40'000.0

45'000.0

50'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePPB GROUP BHD n/a Co File 1'172'614'755 18.32 - 06.03.2012 CorporationGLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 OtherWILMAR INTL HOLDINGS n/a Co File 354'961'795 5.54 - 06.03.2012 n/aLONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/aARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.24 - 06.03.2012 CorporationCAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment AdvisorFIREFLY LTD n/a Co File 294'801'479 4.6 - 06.03.2012 n/aBOLNEY ENTERPRISES L n/a Co File 294'801'372 4.6 - 06.03.2012 n/aHARPOLE RESOURCES LT n/a Co File 256'211'778 4 - 06.03.2012 n/aNOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/aHPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/aHONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 88'990'316 1.39 120'000 01.05.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 85'920'000 1.34 (10'305'000) 31.03.2012 Investment AdvisorBONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 06.03.2012 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36'537'000 0.57 (80'996'000) 31.03.2012 Investment AdvisorYONG TEO KIM n/a Co File 33'852'274 0.53 - 21.01.2012 n/aNATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'973'000 0.5 - 02.05.2012 Investment AdvisorDALEX INVESTMENTS LT n/a Co File 30'405'900 0.47 - 06.03.2012 Corporation

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Standard Chartered ADRIAN FOULGER in-line 3 D 5 12 month 30.04.2012HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 26.04.2012Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 6 12 month 20.04.2012OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 16.04.2012Phillip Securities LEE KOK JOO neutral 3 U 5 12 month 13.04.2012BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 12.04.2012TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 12.04.2012UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 10.04.2012JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.04.2012Nomura TANUJ SHORI neutral 3 M 6 Not Provided 09.04.2012Jefferies ARYA SEN underperform 1 M 4 12 month 14.03.2012Euro Pacific Capital Inc STEVE WILDER buy 5 N 6 12 month 13.03.2012OCBC Investment Research CAREY WONG hold 3 M 5 12 month 12.03.2012DBS Vickers BEN SANTOSO buy 5 M 6 12 month 06.03.2012Kim Eng Securities ROHAN SUPPIAH sell 1 M 5 12 month 28.02.2012Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 6 12 month 27.02.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 D 5 12 month 26.02.2012Credit Suisse TAN TING MIN outperform 5 M 6 Not Provided 23.02.2012Macquarie CONRAD WERNER neutral 3 D 5 12 month 23.02.2012CIMB IVY NG neutral 3 D 5 12 month 23.02.2012AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 23.02.2012DMG & Partners Securities TEAM COVERAGE neutral 3 D 5 12 month 23.02.2012IIFL ZUO LI sell 1 M 4 12 month 23.02.2012RBS JOHN DANIEL RACHMAT hold 3 D 5 12 month 22.02.2012Religare Capital Markets VINCENT FERNANDO buy 5 M 6 12 month 06.02.2012Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 8 12 month 13.05.2010

Holdings By:

Wilmar International Ltd ee


18.05.2012

Tiger Brands Limited manufactures, processes and distributes food products which

include milling and baking, confectioneries, general foods, edible oils andderivatives. The Group also owns a South African pharmaceutical manufacturer anddistributor.

Latest Fiscal Year: 09/2011LTM as of: 01/yy52-Week High (04.05.2012) 29'321.0052-Week Low (23.05.2011) 18'113.00Daily Volume

2688552-Week High % Change -8.31% Dividend Yield 2.9452-Week Low % Change 48.43% Beta 0.76% 52 Week Price Range High/Low 83.90% Equity Float 160.32

Shares Out 07.12.2011 190.7 Short Int -51'258.14 1 Yr Total Return 50.47%

Total Debt 2'177.00 YTD Return 9.36%Preferred Stock 0.0 Adjusted BETA 0.762Minority Interest 386.0 Analyst Recs 11Cash and Equivalents 506.00 Consensus Rating 2.636Enterprise Value 53'315.14

Average Volume 5 Day 578'312TBS SJ EQUITY YTD Change - Average Volume 30 Day 579'478TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 669'861


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - -16'209.9 18'954.0 20'430.4 19'316.0 20'430.0 - - 22'971.0 24'749.0 - -

1.85x 1.35x 1.31x 1.88x 2.06x - - 2.29x 2.09x - -2'675.1 2'994.8 3'468.7 3'446.9 3'629.0 - - 4'223.7 4'599.3 - -

11.22x 8.52x 7.73x 10.53x 11.59x - - 12.62x 11.59x - -2'242.8 2'273.7 2'485.5 2'192.3 2'584.0 - - 2'819.9 3'165.3 - -

14.17x 9.02x 10.70x 13.61x 13.33x - - 15.51x 13.86x - -




Fiscal Year Ended

Tiger Brands LtdPrice/Volume

Valuation Analysis

235'283.00Current Price (5/dd/yy) Market Data

Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePUBLIC INVESTMENT CO n/a Research 20'018'986 10.5 - 06.01.2012 GovernmentLAZARD ASSET MANAGEM n/a Research 11'630'077 6.1 - 06.01.2012 Investment AdvisorTIGER CONSUMER BRAND n/a Research 10'295'478 5.4 - 06.01.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 6'110'168 3.2 217'804 31.03.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 4'237'384 2.22 258'145 31.01.2012 Investment AdvisorINVESTEC FUND GROUP Multiple Portfolios MF-AGG 3'687'460 1.93 532'291 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'605'342 1.37 - 02.05.2012 Investment AdvisorALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 2'365'800 1.24 (591'136) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'338'479 1.23 379'111 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 1'377'698 0.72 - 29.02.2012 Mutual Fund ManagerCORONATION FUND MANA Multiple Portfolios MF-AGG 1'307'994 0.69 (490'728) 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'057'911 0.55 15'557 20.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 943'219 0.49 558'520 31.12.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 881'243 0.46 29'881 31.01.2012 Mutual Fund ManagerMOMENTUM Multiple Portfolios MF-AGG 854'312 0.45 37'145 31.12.2011 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 746'545 0.39 61'000 29.02.2012 Investment AdvisorABSA FUND MANAGERS L Multiple Portfolios MF-AGG 503'972 0.26 - 31.12.2011 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 468'681 0.25 2'706 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 452'412 0.24 (3'654) 01.05.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 431'100 0.23 104'500 30.12.2011 Unclassified


Investec ANTHONY GEARD hold 3 M 30'000 Not Provided 26.04.2012Afrifocus Securities TANUJA CHITRE sell 1 D #N/A N/A Not Provided 29.03.2012Deutsche Bank WARREN GOLDBLUM hold 3 D 27'000 12 month 14.03.2012Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 D 24'000 12 month 01.03.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.02.2012HSBC MICHELE OLIVIER underweight 1 D 25'200 Not Provided 06.02.2012Avior Research JITEN BECHOO hold 3 N 28'637 Not Provided 25.01.2012Credit Suisse MUKHTAR MUSTAPHA underperform 1 M 21'800 Not Provided 24.01.2012SBG Securities BRENDAN GRUNDLINGH sell 1 M 21'000 12 month 20.01.2012

Holdings By:

Tiger Brands Ltd ee


18.05.2012

Tate & Lyle PLC is the holding company for an international group of companies

which produces and markets ingredients and solutions for the food, beverage,industrials and agriculture industries around the world. The Company's rangeof products includes nutritive sweeteners, industrial starches, ethanol,acidulants and animal feed.


656.552-Week High % Change -10.01% Dividend Yield 3.6652-Week Low % Change 31.59% Beta 0.66% 52 Week Price Range High/Low 76.15% Equity Float 464.55


Total Debt 1'114.00 YTD Return -6.81%Preferred Stock 0.0 Adjusted BETA 0.659Minority Interest 23.0 Analyst Recs 19Cash and Equivalents 654.00 Consensus Rating 3.000Enterprise Value 3'514.97

Average Volume 5 Day 1'215'027TATE LN EQUITY YTD Change - Average Volume 30 Day 1'342'795TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'261'705


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 03/12 Y 03/13 Y - -3'225.0 2'867.0 3'553.0 2'533.0 2'720.0 - - 3'005.9 3'136.1 - -

1.17x 1.23x 0.69x 1.15x 1.17x - - 1.19x 1.08x - -396.0 339.0 296.0 373.0 418.0 - - 451.3 469.3 - -9.53x 10.44x 8.24x 7.83x 7.62x - - 7.79x 7.49x - -

214.0 194.0 65.0 15.0 163.0 - - 261.5 269.9 - -17.11x 22.69x 13.36x - 13.56x - - 11.85x 11.44x - -

EBITDA 418.00 Long-Term Rating Date 15.07.2011EBIT 309.00 Long-Term Rating BBBOperating Margin 11.36% Long-Term Outlook STABLEPretax Margin 9.01% Short-Term Rating Date 15.07.2011Return on Assets 5.14% Short-Term Rating A-2Return on Common Equity 18.35%Return on Capital 10.16% EBITDA/Interest Exp. 6.85Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 5.90

Net Debt/EBITDA 1.10Gross Margin - Total Debt/EBITDA 2.67EBITDA Margin 15.4%EBIT Margin 11.4% Total Debt/Equity 117.3%Net Income Margin 6.0% Total Debt/Capital 53.4%

Asset Turnover 0.86Current Ratio 1.93 Net Fixed Asset Turnover 2.64Quick Ratio 1.07 Accounts receivable turnover-days 36.84Debt to Assets 36.51% Inventory Days -Tot Debt to Common Equity 117.26% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.91 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESCO LTD n/a Co File 65'321'630 14.03 - 26.05.2011 Investment AdvisorINVESCO LTD Multiple Portfolios REG 64'128'318 13.77 (136'582) 01.01.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 24'024'911 5.16 (430'978) 01.01.2012 Investment AdvisorSCHRODERS PLC n/a Co File 24'024'911 5.16 - 26.05.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'876'991 5.13 (403'986) 29.02.2012 Investment AdvisorARTEMIS INVESTMENT M n/a RNS-MAJ 23'207'193 4.98 (313'797) 03.10.2011 Investment AdvisorBLACKROCK INC n/a RNS-MAJ 22'917'647 4.92 (25'763) 12.04.2012 Investment AdvisorAXA n/a Co File 22'890'148 4.92 - 26.05.2011 Investment AdvisorLLOYDS BANKING GROUP n/a RNS-MAJ 22'854'608 4.91 (5'150'345) 30.11.2011 Investment AdvisorKAMES CAPITAL PLC n/a RNS-MAJ 18'440'319 3.96 (57'901) 29.03.2012 Investment AdvisorAEGON UK PLC Multiple Portfolios REG 18'275'862 3.92 99'495 01.01.2012 Investment AdvisorLEGAL & GENERAL INVE Multiple Portfolios REG 18'238'462 3.92 (272'995) 01.01.2012 Investment AdvisorAEGON ASSET MGMT n/a RNS-MAJ 18'234'583 3.92 (441'014) 16.08.2011 Investment AdvisorLEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 26.05.2011 BankLEGAL & GENERAL GROU n/a Co File 18'062'288 3.88 - 26.05.2011 Investment AdvisorBARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 26.05.2011 Investment AdvisorSCOTTISH WIDOWS INVE Multiple Portfolios REG 16'652'422 3.58 (3'430'604) 01.01.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 15'700'159 3.37 (6'126'353) 01.01.2012 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 14'095'691 3.03 3'926'269 01.01.2012 Investment AdvisorHARBINGER HOLDINGS L n/a BUS 13'311'182 2.86 (4'933'557) 27.08.2010 Hedge Fund Manager


Societe Generale WARREN L ACKERMAN sell 1 M 650 12 month 02.05.2012Canaccord Genuity Corp ALICIA FORRY hold 3 M 755 12 month 02.05.2012Exane BNP Paribas JAMES BUSHNELL neutral 3 M 700 Not Provided 02.05.2012Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 650 12 month 10.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 09.04.2012Jefferies DIRK VAN VLAANDEREN hold 3 U 690 12 month 04.04.2012Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 02.04.2012Investec MARTIN DEBOO sell 1 M 640 12 month 30.03.2012Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 30.03.2012JPMorgan ALBERTO LOPEZ RUEDA underweight 1 M 600 18 month 29.03.2012Mirabaud Securities JULIAN LAKIN hold 3 M 700 Not Provided 01.03.2012Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.03.2012Morgan Stanley TOBY MCCULLAGH Equalwt/Attractive 3 D 725 12 month 15.02.2012NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 780 12 month 01.02.2012Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012Credit Suisse CHARLES MILLS neutral 3 M 700 Not Provided 20.12.2011Deutsche Bank HAROLD THOMPSON buy 5 M 785 12 month 31.05.2011Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 07.03.2011

Holdings By:

Tate & Lyle PLC ee


18.05.2012

Suedzucker AG operates in the traditional sugar industry in Eastern and Western

Europe. The Company, through its subsidiaries, produces functional food,chilled frozen and starch and fruit concentrates. Suedzucker's other businessincludes bioethanol activities.


24.06552-Week High % Change -8.08% Dividend Yield -52-Week Low % Change 26.19% Beta 0.60% 52 Week Price Range High/Low 71.94% Equity Float 66.27



Average Volume 5 Day 452'855SZU GR EQUITY YTD Change - Average Volume 30 Day 343'114SZU GR EQUITY YTD % CHANGE - Average Volume 3 Month 348'934


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 05/12 Q1 08/12 Q2#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 5'947.9 6'737.2 7'280.3 7'238.9 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 3.53x 3.85x 0.88x 0.83x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 749.4 975.0 1'090.1 1'069.7 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 6.92x 6.75x 6.24x 6.36x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 228.7 316.7 419.0 417.0 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 13.70x 14.10x 11.06x 11.25x - -

EBITDA 1'026.50 Long-Term Rating Date 31.05.2007EBIT 762.10 Long-Term Rating BBBOperating Margin 10.90% Long-Term Outlook STABLEPretax Margin 9.07% Short-Term Rating Date 30.09.2010Return on Assets 4.84% Short-Term Rating A-2Return on Common Equity 14.81%Return on Capital 10.95% EBITDA/Interest Exp. 8.76Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 6.40




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Suedzucker AGPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeZUCKERRUBENVERWERTUN n/a Co File 104'144'484 55 - 28.02.2011 CorporationZUCKER INVEST GMBH n/a Co File 18'935'361 10 - 28.02.2011 n/aBLACKROCK INC n/a Research 5'610'113 2.96 - 15.07.2010 Investment AdvisorAKO CAPITAL LLP n/a Short (2'897'110) -1.53 - 26.03.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 903'200 0.48 50'000 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 805'156 0.43 (133'236) 31.08.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 742'591 0.39 - 30.04.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 698'530 0.37 8'887 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 475'963 0.25 135 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 469'711 0.25 - 02.05.2012 Investment AdvisorACTIVEST MUNICH Multiple Portfolios MF-AGG 422'729 0.22 - 31.01.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 408'548 0.22 405'213 31.12.2011 Insurance CompanyDEUTSCHE BANK AG Multiple Portfolios MF-AGG 396'229 0.21 - 30.03.2012 Investment AdvisorMEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 346'610 0.18 84'909 30.12.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 327'438 0.17 255'741 02.05.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 311'542 0.16 65'000 31.12.2011 Investment AdvisorBANQUE DEGROOF Multiple Portfolios MF-AGG 252'509 0.13 18'400 29.02.2012 Investment AdvisorLOS ANGELES CAPITAL LOS ANGELES CAPITAL 13F 245'491 0.13 245'491 31.12.2011 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 243'706 0.13 (4'553) 31.05.2011 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 226'872 0.12 (6'222) 29.02.2012 Investment Advisor


Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 29 12 month 18.04.2012Barclays Capital JANE GELFAND underwt/neutral 1 M 21 Not Provided 04.04.2012Nord/LB WOLFGANG VASTERLING buy 5 M 26 12 month 03.04.2012Mirabaud Securities JULIAN LAKIN add 4 M 26 Not Provided 29.03.2012Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 U 27 12 month 28.03.2012Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 31 6 month 22.03.2012Exane BNP Paribas JAMES BUSHNELL neutral 3 M 24 Not Provided 20.03.2012Bankhaus Lampe MARC GABRIEL buy 5 M 34 12 month 15.02.2012Berenberg Bank JAMES TARGETT hold 3 M 26 12 month 10.02.2012Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 30 12 month 30.01.2012Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 27 12 month 16.01.2012HSBC JESKO MAYER-WEGELIN overweight 5 M 30 Not Provided 12.01.2012Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 30 Not Provided 12.01.2012Independent Research GmbH LARS LUSEBRINK buy 5 M 29 6 month 12.01.2012DZ Bank AG HEINZ MUELLER buy 5 M 30 12 month 12.01.2012Silvia Quandt Research KLAUS KRAENZLE buy 5 M 34 12 month 12.01.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 09.01.2012Deutsche Bank HAROLD THOMPSON hold 3 M 25 12 month 23.11.2011

Holdings By:

Suedzucker AG ee


18.05.2012

PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops

oil palm and tea plantations. The Company produces and trades crude palm oil,palm kernel oil, tea, and refined palm products such as cooking oil andmargarine. Sinar Mas also manufactures packaging products such as bottles andcaps as well as provides management services.


620052-Week High % Change -24.39% Dividend Yield -52-Week Low % Change 21.57% Beta 0.94% 52 Week Price Range High/Low 35.48% Equity Float 86.17

Shares Out 31.12.2011 2'872.2 Short Int -17'807'596.00 1 Yr Total Return 3.83%

Total Debt 2'927'226.00 YTD Return -3.13%Preferred Stock 0.0 Adjusted BETA 0.943Minority Interest 4'683.0 Analyst Recs 0Cash and Equivalents 486'225.00 Consensus Rating -Enterprise Value 20'253'280.60

Average Volume 5 Day 15'300SMAR IJ EQUITY YTD Change - Average Volume 30 Day 21'100SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 32'262


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q28'079'714.5 16'094'424.7 14'201'230.5 20'265'425.0 31'676'219.0 ######### ######### - - - -

2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - -1'792'904.5 2'307'298.9 1'316'747.4 1'890'879.0 2'711'558.0 ######### ######### - - - -

9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - -988'943.9 1'046'389.3 748'495.1 1'260'513.0 1'784'724.0 ######### ######### - - - -

17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - -

EBITDA 2'711'558.00 Long-Term Rating Date -EBIT 2'471'560.00 Long-Term Rating -Operating Margin 7.80% Long-Term Outlook -Pretax Margin 7.54% Short-Term Rating Date -Return on Assets 13.12% Short-Term Rating -Return on Common Equity 27.12%Return on Capital 20.67% EBITDA/Interest Exp. 9.81Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 6.49



Fiscal Year Ended

Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 OtherBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117'500 0 - 31.01.2012 Investment Advisor


#N/A N/A

Holdings By:

Sinar Mas Agro Resources and Technology Tbk PT ee


18.05.2012

Smithfield Foods, Inc. processes pork and produces hogs through its meat

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



Shares Out 06.03.2012 161.1 Short Int 13.493'235.04 1 Yr Total Return -2.12%


Average Volume 5 Day 2'121'621SFD US EQUITY YTD Change - Average Volume 30 Day 1'726'378SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 1'843'726


30.04.2007 30.04.2008 30.04.2009 30.04.2010 30.04.2011 01/yy 01/yy 04/12 Y 04/13 Y 04/12 Q4 07/12 Q19'359.3 11'351.2 12'487.7 11'202.6 12'202.7 11'996.5 13'001.5 13'109.6 13'606.8 3'295.8 3'240.0

0.69x 0.68x 0.32x 0.51x 0.46x 1.75x 1.73x 0.39x 0.34x 1.52x 1.59x586.0 605.2 96.7 266.5 1'156.2 933.0 1'080.6 1'061.7 1'042.9 229.3 259.011.01x 12.67x 41.79x 21.28x 4.90x 5.62x 5.10x 4.78x 4.87x 4.89x 4.75x166.8 128.9 (198.4) (101.4) 521.0 418.0 380.2 438.3 442.9 94.0 107.915.85x 25.89x - - 8.15x 8.29x 7.42x 7.55x 7.47x 7.60x 7.35x

EBITDA 1'156.20 Long-Term Rating Date 27.03.2012EBIT 924.30 Long-Term Rating BBOperating Margin 7.57% Long-Term Outlook STABLEPretax Margin 6.20% Short-Term Rating Date -Return on Assets 6.80% Short-Term Rating -Return on Common Equity 16.54%Return on Capital 12.06% EBITDA/Interest Exp. 4.68Asset Turnover 1.59% (EBITDA-Capex)/Interest Exp. 3.97




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'910'303 8.64 1'392'035 31.12.2011 Investment AdvisorCONTIGROUP COS INC n/a 13D/PROX 12'801'352 7.95 - 15.07.2011 CorporationACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'471'879 4.02 2'172'577 31.03.2012 Hedge Fund ManagerVANGUARD GROUP INC VANGUARD GROUP INC 13F 6'373'066 3.96 18'332 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'312'883 3.92 (7'455) 31.12.2011 Investment AdvisorSYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 5'249'753 3.26 437'443 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 4'927'289 3.06 1'204'798 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'106'562 2.55 177'412 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'724'064 2.31 583'521 31.03.2012 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3'634'990 2.26 (680'759) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'619'845 2.25 303'984 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'109'694 1.93 115'077 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 3'084'164 1.91 (7'308'447) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 3'067'059 1.9 48'834 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'980'600 1.85 (1'144'063) 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2'908'418 1.81 502'852 31.12.2011 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'361'500 1.47 1'493'900 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'980'721 1.23 574'425 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'951'823 1.21 (125'123) 31.12.2011 Investment AdvisorPRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 1'598'064 0.99 50'012 31.12.2011 Investment Advisor


Goldman Sachs LINDSAY DRUCKER MANN neutral/neutral 3 M 20 12 month 02.05.2012Davenport & Co ANN H GURKIN buy 5 M 32 12 month 02.05.2012Stephens Inc FARHA ASLAM overweight 5 M 28 12 month 01.05.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 16.04.2012Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 28 12 month 16.04.2012Deutsche Bank CHRISTINA MCGLONE hold 3 M 25 12 month 10.04.2012Credit Suisse ROBERT MOSKOW outperform 5 M 29 Not Provided 03.04.2012JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 12.03.2012Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 09.03.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 09.03.2012Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 31 12 month 09.03.2012D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 30 Not Provided 08.03.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 05.07.2011

Holdings By:

Smithfield Foods Inc ee


18.05.2012

Sanderson Farms, Inc. produces, processes, markets, and distributes fresh and

frozen chicken products. The Company also processes, markets, and distributesprocessed and prepared food items. Sanderson Farms sells its chicken, primarilyunder the Sanderson Farms brand name, to retailers, distributors, and fastfood operators in the southeastern, southwestern, and western United States.



Shares Out 16.02.2012 22.3 Short Int 2.611'160.52 1 Yr Total Return 11.78%

Total Debt 284.78 YTD Return 4.74%Preferred Stock 0.0 Adjusted BETA 0.501Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 11.08 Consensus Rating 2.778Enterprise Value 1'456.27

Average Volume 5 Day 124'989SAFM US EQUITY YTD Change - Average Volume 30 Day 164'149SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 218'740


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 01/yy 01/yy 10/12 Y 10/13 Y 04/12 Q2 07/12 Q31'474.8 1'723.6 1'789.5 1'925.4 1'978.1 1'933.1 2'068.2 2'325.5 2'396.3 589.1 613.4

0.54x 0.50x 0.47x 0.48x 0.69x 2.16x 2.55x 0.58x 0.52x 2.34x 2.15x162.2 31.1 185.6 261.8 (122.2) 185.0 (76.4) 178.5 232.1 46.0 62.94.93x 27.51x 4.53x 3.50x - 5.25x 0.00x 8.16x 6.27x 7.37x 7.16x78.8 (43.1) 82.3 134.8 (127.1) 85.4 (101.5) 76.9 108.4 20.1 31.78.97x - 9.17x 6.92x - 11.02x 0.00x 16.26x 10.81x 12.27x 11.90x

EBITDA -122.22 Long-Term Rating Date -EBIT -179.38 Long-Term Rating -Operating Margin -9.07% Long-Term Outlook -Pretax Margin -9.82% Short-Term Rating Date -Return on Assets -14.20% Short-Term Rating -Return on Common Equity -22.05%Return on Capital - EBITDA/Interest Exp. -0.19Asset Turnover 2.21% (EBITDA-Capex)/Interest Exp. -0.29

Net Debt/EBITDA -Gross Margin -5.4% Total Debt/EBITDA -2.33EBITDA Margin -6.2%EBIT Margin -9.1% Total Debt/Equity 56.2%Net Income Margin -6.4% Total Debt/Capital 36.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sanderson Farms IncPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'124'268 14.04 (152'100) 31.12.2011 Investment AdvisorADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 1'711'304 7.69 (54'250) 31.12.2011 Hedge Fund ManagerTRUSTMARK NATIONAL B n/a 13G 1'646'502 7.4 - 31.12.2011 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'269'325 5.7 152'177 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1'070'134 4.81 3'924 31.12.2011 Investment AdvisorSANDERSON JR JOE F n/a 13D 931'567 4.19 - 29.03.2012 n/aBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 867'963 3.9 33'002 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 819'198 3.68 124'501 31.03.2012 Investment AdvisorUBS O'CONNOR LLC UBS O'CONNOR LLC 13F 788'771 3.54 10'268 31.12.2011 Hedge Fund ManagerSOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 600'000 2.7 83'947 31.12.2011 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 555'432 2.5 32'825 31.12.2011 Investment AdvisorHIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 500'000 2.25 - 31.12.2011 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 473'888 2.13 (9'084) 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 465'451 2.09 14'256 31.12.2011 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 414'858 1.86 67'739 31.12.2011 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 365'913 1.64 (57'444) 31.12.2011 Insurance CompanyCOLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 354'200 1.59 800 29.02.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 341'945 1.54 (3'258) 31.12.2011 Investment AdvisorMAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 331'088 1.49 32'485 31.12.2011 Hedge Fund ManagerTEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 324'970 1.46 8'472 31.12.2011 Investment Advisor


Stephens Inc FARHA ASLAM equalweight 3 M 52 12 month 01.05.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 47 Not Provided 16.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.02.2012JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 29.02.2012Goldman Sachs LINDSAY DRUCKER MANN Buy/Neutral 5 M 65 12 month 28.02.2012Deutsche Bank CHRISTINA MCGLONE hold 3 M 51 12 month 20.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Sanderson Farms Inc ee


18.05.2012

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable

fat, texturized soya protein, soya flour and other soya products. The Grouphas also developed Palm stearin and Palm olein cooking oils.



Shares Out 24.04.2012 333.4 Short Int -31'069.02 1 Yr Total Return -10.16%


Average Volume 5 Day 293'588RSI IN EQUITY YTD Change - Average Volume 30 Day 1'242'974RSI IN EQUITY YTD % CHANGE - Average Volume 3 Month 1'142'183


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - - - - -




Fiscal Year Ended

Ruchi Soya Industries LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHIVA FOUNDATION n/a Co File 47'874'013 14.36 - 31.12.2011 n/aSHAHRA DINESH n/a EXCH 47'274'013 14.18 (200'000) 26.03.2012 n/aSOYUMM MARKETING PVT n/a EXCH 23'620'967 7.09 200'000 26.03.2012 n/aVS NET LTD n/a Co File 21'973'459 6.59 - 31.12.2011 n/aSAWIL PLANTATIONS PT n/a Co File 19'612'913 5.88 - 31.12.2011 n/aSPECTRA REALITIES PV n/a Co File 18'000'000 5.4 - 31.12.2011 n/aCRESTA FUND LTD n/a EXCH 16'998'994 5.1 - 25.04.2012 n/aALBULA INVESTMENT FU n/a Co File 11'480'000 3.44 - 31.12.2011 n/aAIWO LTD n/a Co File 11'100'000 3.33 - 31.12.2011 n/aARANDI INVST PVT LTD n/a Co File 8'679'170 2.6 - 31.12.2011 OtherSOYA INDUSTRIES LTD n/a Co File 7'630'115 2.29 - 31.12.2011 n/aAPL INTERNATIONAL LT n/a Co File 6'596'805 1.98 - 31.12.2011 OtherSHAHRA NITESH n/a Co File 6'096'153 1.83 - 31.12.2011 n/aSHAHRA SARVESH n/a Co File 5'306'872 1.59 - 31.12.2011 n/aRUCHI INFRASTRUCTURE n/a Co File 4'820'077 1.45 - 31.12.2011 Investment AdvisorMERRILL LYNCH CAPITA n/a Co File 4'436'570 1.33 - 31.12.2011 OtherMERDALE INVST CO LTD n/a Co File 4'249'645 1.27 - 31.12.2011 OtherCLEMFIELD INDUSTRIES n/a Co File 4'001'080 1.2 - 31.12.2011 CorporationELARA INDIA OPPORTUN n/a Co File 3'868'395 1.16 - 31.12.2011 Mutual Fund ManagerSHAHRA ABHADEVI n/a Co File 3'828'926 1.15 - 31.12.2011 n/a


EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 16.02.2012Batlivala & Karani Securities AYYATHURAI RAJKUMAR underperform 1 M 81 Not Provided 10.02.2012Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 140 12 month 18.08.2011ICICIdirect.com BHARAT CHHODA not rated #N/A N/A M #N/A N/A Not Provided 17.05.2011

Holdings By:

Ruchi Soya Industries Ltd ee


18.05.2012

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the

United States and Mexico. Through vertical integration, the Company controlsthe breeding, hatching, and growing of chickens and the processing, preparation,and packaging of its product lines. Pilgrim's Pride exports its products toCanada, Eastern Europe, the Far East, and other world markets.





Average Volume 5 Day 970'448PPC US EQUITY YTD Change - Average Volume 30 Day 732'457PPC US EQUITY YTD % CHANGE - Average Volume 3 Month 936'488


30.09.2007 30.09.2008 30.09.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q37'498.6 8'518.8 7'088.1 6'881.6 7'535.7 7'131.2 7'532.0 7'825.8 7'962.7 2'015.4 1'973.8

0.47x 0.25x 0.05x 0.40x 0.36x 1.54x 1.43x 0.36x 0.31x 1.48x 1.44x442.1 (271.8) 317.8 486.8 (151.1) 369.7 18.0 487.3 569.5 133.0 144.47.95x - 1.13x 5.68x - 8.23x 176.84x 6.35x 5.43x 5.93x 5.80x47.0 (998.6) (151.6) 87.1 (496.8) 11.9 (336.8) 211.5 291.0 60.2 71.6

33.72x - - 10.03x - 42.50x 0.00x 8.43x 6.19x 9.00x 8.66x

EBITDA -151.07 Long-Term Rating Date 16.08.2011EBIT -360.13 Long-Term Rating BOperating Margin -4.78% Long-Term Outlook DEVELOPPretax Margin -6.46% Short-Term Rating Date -Return on Assets -16.29% Short-Term Rating -Return on Common Equity -61.02%Return on Capital - EBITDA/Interest Exp. -1.35Asset Turnover 2.47% (EBITDA-Capex)/Interest Exp. -2.57

Net Debt/EBITDA -Gross Margin -1.9% Total Debt/EBITDA -9.75EBITDA Margin -2.0%EBIT Margin -4.8% Total Debt/Equity 265.2%Net Income Margin -6.6% Total Debt/Capital 72.5%


Fiscal Year Ended

Pilgrim's Pride CorpPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJBS USA HOLDINGS INC n/a Form 4 194'990'667 75.31 18'924'438 12.03.2012 Holding CompanyJACKSON DON n/a Form 4 3'356'402 1.3 576'083 29.02.2012 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 2'784'142 1.08 255'534 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'100'000 0.81 2'000'000 31.12.2011 Investment AdvisorCADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 2'059'920 0.8 2'059'920 31.12.2011 Investment AdvisorWEISS MULTI-STRATEGY WEISS MULTI-STRATEGY 13F 1'581'346 0.61 1'548'946 31.12.2011 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'426'223 0.55 94'072 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1'192'619 0.46 293'707 31.03.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1'103'765 0.43 (139'485) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'072'598 0.41 11'799 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'056'408 0.41 48'540 31.12.2011 Investment AdvisorSCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 909'248 0.35 234'248 31.12.2011 Hedge Fund ManagerSEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 874'693 0.34 21'000 31.12.2011 Investment AdvisorCOOPER CREEK PARTNER COOPER CREEK PARTNER 13F 841'237 0.32 (102'902) 31.12.2011 Hedge Fund ManagerKENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 705'298 0.27 705'298 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 664'774 0.26 (22'063) 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 625'825 0.24 221'257 31.12.2011 Investment AdvisorBLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 612'200 0.24 394'298 31.12.2011 Hedge Fund ManagerPILGRIM LONNIE KEN n/a PROXY 471'776 0.18 - 21.03.2011 n/aDEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 452'271 0.17 452'271 31.12.2011 Investment Advisor


Stephens Inc FARHA ASLAM equalweight 3 M 8 12 month 01.05.2012Imperial Capital LLC MARY ROSS-GILBERT outperform 5 M 9 12 month 01.05.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 7 Not Provided 30.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 30.04.2012B Riley & Company, Inc IAN CORYDON buy 5 M 10 12 month 30.04.2012BB&T Capital Markets HEATHER L JONES buy 5 M 9 12 month 27.04.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011Deutsche Bank CHRISTINA MCGLONE not rated #N/A N/A M #N/A N/A Not Provided 04.03.2010JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008

Holdings By:

Pilgrim's Pride Corp ee


18.05.2012

Marfrig Alimentos SA processes food. The Company processes beef, pork, lamb,

and poultry, and produces frozen vegetables, canned meats, fish, ready meals,and pasta. Marfrig operates in South American, the United States, Europe andAsia.




Total Debt 11'964.46 YTD Return 13.58%Preferred Stock 0.0 Adjusted BETA 0.908Minority Interest 164.8 Analyst Recs 17Cash and Equivalents 3'477.86 Consensus Rating 2.235Enterprise Value 12'017.16

Average Volume 5 Day 2'511'820MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2'167'640MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'673'205


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q33'339.9 6'203.8 9'623.6 15'878.5 21'884.9 15'878.5 21'884.9 23'858.9 26'011.8 5'928.3 6'115.3

1.30x 0.85x 0.93x 0.75x 0.53x 2.69x 2.18x 0.44x 0.41x 1.83x 1.78x- 884.4 725.0 1'502.5 1'773.8 1'502.5 1'773.8 1'854.4 2'169.3 405.0 480.3- 5.95x 12.36x 7.90x 6.54x 7.90x 6.54x 6.48x 5.54x - -

85.0 (35.5) 534.4 146.1 (746.0) 146.1 (746.0) 99.6 75.4 (115.9) 11.536.61x - 9.95x 36.76x - 36.75x 0.00x 77.60x 41.63x 11.25x 8.22x

EBITDA 1'773.80 Long-Term Rating Date 01.09.2010EBIT 1'032.28 Long-Term Rating B+Operating Margin 4.72% Long-Term Outlook NEGPretax Margin -5.83% Short-Term Rating Date -Return on Assets -3.21% Short-Term Rating -Return on Common Equity -12.34%Return on Capital - EBITDA/Interest Exp. 1.00Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 0.49

Net Debt/EBITDA 4.78Gross Margin 14.4% Total Debt/EBITDA 6.75EBITDA Margin 8.1%EBIT Margin 4.7% Total Debt/Equity 208.7%Net Income Margin -3.4% Total Debt/Capital 67.0%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Marfrig Alimentos SAPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMMS PARTICIPACOES SA n/a EXCH 150'903'345 43.49 - 12.01.2012 n/aBNDES PARTICIPACOES n/a EXCH 48'196'079 13.89 - 12.01.2012 GovernmentOSI INTERNATIONAL HO n/a EXCH 20'125'073 5.8 - 12.01.2012 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 17'625'202 5.08 - 31.12.2011 Investment AdvisorFRANKLIN TEMPLETON I n/a EXCH 17'418'597 5.02 - 12.01.2012 Mutual Fund ManagerMOLINA DOS MARCOS A n/a EXCH 12'907'805 3.72 - 12.01.2012 n/aGWI CONSULT PART E S Multiple Portfolios MF-AGG 12'580'730 3.63 1'373'100 31.03.2012 Mutual Fund ManagerBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'657'008 1.05 704'841 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'207'137 0.92 152'914 31.03.2012 Investment AdvisorMERCATTO GESTAO DE R Multiple Portfolios MF-AGG 2'132'600 0.61 (85'300) 31.03.2012 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'701'378 0.49 115'445 31.03.2012 Mutual Fund ManagerDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 1'600'000 0.46 - 30.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'525'950 0.44 - 01.05.2012 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'330'568 0.38 25'800 29.02.2012 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'318'100 0.38 1'315'600 31.03.2012 Investment AdvisorNEST INVESTIMENTOS L Multiple Portfolios MF-AGG 1'262'700 0.36 (386'500) 31.12.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'260'000 0.36 1'400 02.05.2012 UnclassifiedBNY MELLON ARX INV L Multiple Portfolios MF-AGG 1'217'443 0.35 418'323 31.03.2012 Investment AdvisorXP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'061'800 0.31 (177'800) 31.01.2012 Mutual Fund ManagerBRANDES INVESTMENT P Multiple Portfolios MF-AGG 847'072 0.24 - 31.03.2012 Investment Advisor


Bradesco Corretora RICARDO BOIATI market perform 3 M 14 Not Provided 02.05.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 13 Not Provided 25.04.2012Raymond James DANIELA M BRETTHAUER underperform 1 D #N/A N/A Not Provided 12.04.2012JPMorgan ALAN ALANIS neutral 3 M 13 6 month 11.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 27.03.2012Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 9 12 month 26.03.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 26.03.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 26.03.2012HSBC PEDRO HERRERA underweight 1 D 12 Not Provided 20.03.2012Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 02.03.2012Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Deutsche Bank JOSE J YORDAN buy 5 M 22 12 month 28.11.2011Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 M 7 Not Provided 14.11.2011Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011Credit Suisse ANTONIO GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 19.09.2011Ativa S/A CTV LUCIANA LEOCADIO Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2010Coinvalores MARCO AURELIO BARBOSA buy 5 M #N/A N/A Not Provided 06.05.2010

Holdings By:

Marfrig Alimentos SA ee


18.05.2012

Molinos Rio de la Plata S.A. produces, markets, and exports foods including oil,

margarine, flour, pasta, rice, meats, and cake mixes. The Company operatesindustrial facilities and distribution centers in Argentina, and exports itsproducts to more than 20 countries.


20.252-Week High % Change -42.29% Dividend Yield -52-Week Low % Change 21.69% Beta 1.03% 52 Week Price Range High/Low 19.57% Equity Float -



Average Volume 5 Day 22'877MOLI AR EQUITY YTD Change - Average Volume 30 Day 22'730MOLI AR EQUITY YTD % CHANGE - Average Volume 3 Month 19'256


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q25'656.3 8'008.2 8'035.3 11'095.0 12'795.5 11'095.0 12'795.5 - - - -

0.71x 0.43x 0.53x 0.80x 0.78x 2.30x 3.30x - - - -161.9 661.4 771.5 875.6 268.0 806.6 268.0 - - - -24.83x 5.20x 5.57x 10.12x 37.18x 10.98x 37.18x - - - -322.5 207.6 237.5 376.2 277.4 376.2 277.4 - - - -8.19x 12.30x 13.39x 18.57x 27.08x 18.64x 27.08x - - - -

EBITDA 267.98 Long-Term Rating Date -EBIT 125.01 Long-Term Rating -Operating Margin 0.98% Long-Term Outlook -Pretax Margin 2.63% Short-Term Rating Date -Return on Assets 5.06% Short-Term Rating -Return on Common Equity 21.91%Return on Capital 9.35% EBITDA/Interest Exp. 2.36Asset Turnover 2.34% (EBITDA-Capex)/Interest Exp. 0.07




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Molinos Rio de la PlataPrice/Volume

Valuation Analysis

708.00Current Price (5/dd/yy) Market Data

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePCF SA n/a Co File 187'130'597 75.03 - 31.12.2011 CorporationEATON VANCE MANAGEME Multiple Portfolios MF-AGG 93'310 0.04 - 29.02.2012 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 51'652 0.02 (1) 31.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'745 0 - 29.03.2012 Mutual Fund Manager


Allaria Ledesma y Cia CHRISTIAN REOS sell 1 M 22 Not Provided 13.03.2012

Holdings By:

Molinos Rio de la Plata ee


18.05.2012

Mewah International, Inc. produces vegetable oils. The Company produces palm,

lauric, coconut, soybean, canola, sunflower, and corn oil. Mewah markets itsoils to refiners, processors, wholesalers and retailers, and packs and sellsedible oils and fats and specialized bakery and confectionery oils and fats toconsumers.


0.38552-Week High % Change -63.68% Dividend Yield 2.8152-Week Low % Change 5.48% Beta -% 52 Week Price Range High/Low 4.32% Equity Float 218.69

Shares Out 18.05.2012 1'507.1 Short Int -580.22 1 Yr Total Return -59.99%

Total Debt 386.13 YTD Return -16.30%Preferred Stock 0.0 Adjusted BETA -Minority Interest (2.1) Analyst Recs 10Cash and Equivalents 136.80 Consensus Rating 2.200Enterprise Value 876.55

Average Volume 5 Day 1'827'600MII SP EQUITY YTD Change - Average Volume 30 Day 1'961'967MII SP EQUITY YTD % CHANGE - Average Volume 3 Month 5'053'984


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q32'705.4 3'275.5 2'867.1 3'533.1 4'467.9 1'060.1 4'467.9 4'461.1 4'710.8 - -

- - - 0.38x 0.18x 1.27x 0.97x 0.16x 0.16x - -35.5 141.0 133.4 122.1 27.4 47.4 73.7 94.6 107.1 - -

- - - 11.02x 28.71x 0.00x 10.69x 9.27x 8.18x - -26.5 88.7 89.2 92.4 42.2 36.1 42.2 52.6 57.5 - -

- - - 11.55x 12.81x 0.00x 12.81x 8.63x 7.95x - -

EBITDA 27.45 Long-Term Rating Date -EBIT 13.25 Long-Term Rating -Operating Margin 0.30% Long-Term Outlook -Pretax Margin 0.85% Short-Term Rating Date -Return on Assets 3.41% Short-Term Rating -Return on Common Equity 8.07%Return on Capital - EBITDA/Interest Exp. 2.13Asset Turnover 3.61% (EBITDA-Capex)/Interest Exp. -5.03



Fiscal Year Ended

Mewah International IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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3'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEIGHTEEN TENTH NINET n/a Co File 527'585'220 35.01 - 16.03.2012 n/aSENG JIN CHEO n/a Co File 126'975'000 8.43 - 16.03.2012 n/aTIONG CHOON CHEO n/a Co File 115'128'000 7.64 - 16.03.2012 n/aTIONG HENG CHEO n/a Co File 106'626'000 7.08 - 16.03.2012 n/aTUAN HONG ONG n/a Co File 82'351'220 5.46 - 16.03.2012 n/aCHEO SOH HUA n/a Co File 57'035'000 3.78 - 16.03.2012 n/aCHEO SU CHING n/a Co File 50'020'000 3.32 - 16.03.2012 n/aCHUNG AMY n/a Co File 39'772'000 2.64 - 16.03.2012 n/aCHEO TEONG ENG n/a Co File 38'430'000 2.55 - 16.03.2012 n/aCHEO CHONG CHER n/a Co File 35'990'000 2.39 - 16.03.2012 n/aCHEO MING YOU n/a Co File 34'800'500 2.31 - 16.03.2012 n/aSOR CHENG CHEO n/a Co File 28'560'000 1.9 - 16.03.2012 n/aCHEO MING SHEN n/a Co File 23'327'500 1.55 - 16.03.2012 n/aTONG CHOON CHEO n/a Co File 20'555'000 1.36 - 16.03.2012 n/aUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'186'000 0.28 - 30.06.2011 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'334'000 0.15 2'334'000 31.03.2011 Investment AdvisorPACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 2'301'000 0.15 208'000 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 911'171 0.06 - 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 565'000 0.04 - 30.04.2012 Investment AdvisorINDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 549'576 0.04 - 02.05.2012 Investment Advisor


HSBC THILAN WICKRAMASINGHE underweight 1 D 0 Not Provided 26.04.2012Nomura TANUJ SHORI reduce 2 M 0 Not Provided 09.04.2012BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 0 12 month 22.03.2012UOB Kay Hian TEAM COVERAGE sell 1 M 1 Not Provided 19.03.2012DBS Vickers MERVIN SONG fully valued 2 M 1 12 month 06.03.2012Credit Suisse TAN TING MIN underperform 1 M 1 Not Provided 29.02.2012CIMB LEE WEN CHING underperform 1 M 0 12 month 29.02.2012JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 16.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 24.06.2011

Holdings By:

Mewah International Inc ee


18.05.2012

Maple Leaf Foods Inc. manufactures and sells a variety of food products.

The Company's products include fresh and prepared meats, poultry, flours,fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.These products are primarily sold to retail, food service, wholesale,agricultural and industrial customers worldwide.




Total Debt 983.98 YTD Return 7.57%Preferred Stock 0.0 Adjusted BETA 0.726Minority Interest 65.0 Analyst Recs 8Cash and Equivalents - Consensus Rating 4.000Enterprise Value 2'784.93

Average Volume 5 Day 182'702MFI CN EQUITY YTD Change - Average Volume 30 Day 231'859MFI CN EQUITY YTD % CHANGE - Average Volume 3 Month 196'709


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q35'209.6 5'242.6 5'221.6 4'968.1 4'893.6 4'924.6 4'906.5 4'965.7 5'095.3 1'250.0 1'278.0

0.55x 0.48x 0.52x 0.51x 0.52x 1.52x 2.23x - - - -340.2 277.6 345.6 368.6 389.0 368.9 371.1 430.3 500.7 103.0 120.58.40x 9.11x 7.79x 6.92x 6.58x 0.00x 7.61x 6.47x 5.56x 6.28x 5.88x

195.0 (36.9) 52.1 29.3 82.1 21.4 72.2 145.6 180.3 33.3 46.229.12x 38.17x 21.61x 16.27x 10.83x 16.68x 12.92x 11.05x 9.07x 10.59x 10.00x



Asset Turnover 1.69Current Ratio 1.09 Net Fixed Asset Turnover 4.64Quick Ratio 0.39 Accounts receivable turnover-days 16.77Debt to Assets 33.46% Inventory Days 25.16Tot Debt to Common Equity 113.74% Accounts Payable Turnover Day 42.19Accounts Receivable Turnover 21.76 Cash Conversion Cycle -0.26Inventory Turnover 14.51


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Maple Leaf Foods IncPrice/Volume

Valuation Analysis


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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMCCAIN MICHAEL H n/a Co File 45'773'783 32.69 - 08.12.2011 n/aWEST FACE CAPITAL IN n/a Co File 15'894'413 11.35 - 28.02.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9'146'125 6.53 (38'639) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 2'672'000 1.91 200'000 31.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'374'701 1.7 3'195 01.05.2012 Investment AdvisorQVGD INVESTORS INC Multiple Portfolios MF-AGG 2'055'000 1.47 1'027'500 30.03.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'886'800 1.35 - 31.12.2011 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'794'238 1.28 (9'900) 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 911'050 0.65 29'300 31.12.2011 Investment AdvisorCLARINGTON CAPITAL M Multiple Portfolios MF-AGG 895'630 0.64 - 31.03.2011 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 748'400 0.53 (94'600) 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 733'400 0.52 83'400 31.03.2012 Investment AdvisorELMAR HOLDCO LIMITED n/a SEDI 549'861 0.39 - 09.03.2011 OtherHEXAVEST INC HEXAVEST INC 13F 533'936 0.38 86'764 31.03.2012 Hedge Fund ManagerLAN RICHARD A n/a SEDI 500'050 0.36 333'375 16.11.2011 n/aMCCAIN J SCOTT n/a SEDI 443'744 0.32 - 12.12.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 422'333 0.3 (24'557) 31.07.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402'065 0.29 50'400 31.12.2011 Investment AdvisorVELS MICHAEL H n/a SEDI 316'680 0.23 113 06.03.2012 n/aPRUDENTIAL RETIREMEN PRUDENTIAL RETIREMEN Sch-D 296'700 0.21 130'800 31.12.2011 Insurance Company


BMO Capital Markets KENNETH B ZASLOW outperform 5 M 14 12 month 03.05.2012RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 03.05.2012Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 03.05.2012TD Newcrest MICHAEL VAN AELST buy 5 M 15 12 month 03.05.2012CIBC World Markets MARK PETRIE sector perform 3 M 13 18 month 02.05.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.04.2012Octagon Capital Corporation ROBERT GIBSON buy 5 M 14 12 month 19.03.2012Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 01.12.2011

Holdings By:

Maple Leaf Foods Inc ee


18.05.2012

M Dias Branco SA manufactures, markets and distributes food products derived

from wheat. The Company's products include biscuits and pasta, flour and wheatbran as well as margarine and vegetable fats.





Average Volume 5 Day 198'740MDIA3 BZ EQUITY YTD Change - Average Volume 30 Day 223'817MDIA3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 180'697


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q31'507.2 2'192.6 2'347.9 2'444.0 2'911.0 1'875.2 3'075.0 3'331.8 3'693.0 883.0 885.0

2.06x 1.41x 2.07x 1.88x 2.02x 10.12x 6.90x 1.83x 1.74x - -203.5 372.2 469.2 466.3 481.3 344.7 528.0 623.0 729.8 154.0 160.015.25x 8.29x 10.34x 9.87x 12.22x 0.00x 11.04x 10.35x 8.84x - -

80.1 214.2 351.6 351.6 366.5 267.7 390.9 438.8 528.5 107.0 114.035.33x 10.48x 13.54x 12.74x 14.76x 0.00x 13.87x 13.89x 11.47x 13.09x 12.35x




Fiscal Year Ended

M Dias Branco SAPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIBRA FUNDO DE INVES n/a Co File 71'550'000 63.07 - 31.12.2011 UnclassifiedFAMA INVESTIMENTOS L Multiple Portfolios MF-AGG 1'881'308 1.66 (158'900) 29.02.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'855'000 1.64 - 31.03.2012 Investment AdvisorCSHG ASSET MGMT SA Multiple Portfolios MF-AGG 1'644'500 1.45 (222'100) 31.01.2012 Mutual Fund ManagerFUNDAMENTAL INVESTIM Multiple Portfolios MF-AGG 1'017'900 0.9 (57'500) 31.01.2012 Mutual Fund ManagerBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 930'522 0.82 68'509 31.03.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 680'300 0.6 1'600 31.03.2012 Investment AdvisorFATOR ADMINISTRACAO Multiple Portfolios MF-AGG 579'900 0.51 (59'700) 31.03.2012 Investment AdvisorQUEST INVESTIMENTOS Multiple Portfolios MF-AGG 544'800 0.48 76'300 31.12.2011 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 527'400 0.46 - 01.05.2012 Investment AdvisorPOLLUX CAPITAL ADMIN Multiple Portfolios MF-AGG 493'800 0.44 (65'000) 31.12.2011 Hedge Fund ManagerQUATRO A ADMIN DE RE Multiple Portfolios MF-AGG 491'700 0.43 - 30.11.2011 Mutual Fund ManagerDWS INVESTMENT SA Multiple Portfolios MF-AGG 330'441 0.29 (119'559) 31.01.2012 Mutual Fund ManagerVINCI EQUITIES GESTO Multiple Portfolios MF-AGG 317'950 0.28 (27'100) 31.03.2012 Mutual Fund ManagerMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 202'472 0.18 7'500 29.02.2012 Investment AdvisorVICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 193'500 0.17 (10'800) 31.03.2012 Mutual Fund ManagerITAU UNIBANCO SA Multiple Portfolios MF-AGG 155'600 0.14 (1'700) 31.03.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 145'500 0.13 (2'100) 30.06.2011 Investment AdvisorARBELA INVESTIMENTOS Multiple Portfolios MF-AGG 135'400 0.12 (29'900) 31.12.2011 Mutual Fund ManagerPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 126'600 0.11 - 31.03.2012 Investment Advisor


Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 52 Not Provided 27.04.2012Fator Corretora RENATO PRADO hold 3 M 52 Not Provided 25.04.2012Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 53 12 month 24.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 55 12 month 24.04.2012Raymond James DANIELA M BRETTHAUER outperform 5 M 57 12 month 23.04.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 17.04.2012XP Investimentos TEAM COVERAGE attractive 4 M #N/A N/A Not Provided 02.04.2012Magliano SA CCVM HENRIQUE KLEINE buy 5 M 56 Not Provided 13.03.2012Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 01.11.2011Credit Suisse ANTONIO GONZALEZ neutral 3 M 45 Not Provided 25.07.2011Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 01.03.2011Itau BBA Securities JULIANA ROZENBAUM Under Review #N/A N/A M #N/A N/A Not Provided 30.11.2009

Holdings By:

M Dias Branco SA ee


18.05.2012

L.D.C. SA processes and sells a wide range of specialty poultry products ranging

from fresh prepackaged chicken to more elaborate prepared dishes. Thoseproducts are sold under brand names including "Loue," "Bresse," "Landes" and"Le Gaulois."



Shares Out 31.08.2011 8.2 Short Int -681.30 1 Yr Total Return 17.23%

Total Debt 110.06 YTD Return 5.06%Preferred Stock 0.0 Adjusted BETA 0.471Minority Interest 7.4 Analyst Recs 6Cash and Equivalents 104.87 Consensus Rating 4.000Enterprise Value 739.44

Average Volume 5 Day 101LOUP FP EQUITY YTD Change - Average Volume 30 Day 791LOUP FP EQUITY YTD % CHANGE - Average Volume 3 Month 624


28.02.2007 29.02.2008 28.02.2009 28.02.2010 28.02.2011 05/yy 11/yy 02/12 Y 02/13 Y 02/12 Q4 05/12 Q11'576.3 1'831.3 1'948.5 2'065.1 2'554.7 470.7 2'454.0 2'775.5 2'843.7 - -

0.34x 0.29x 0.23x 0.30x 0.25x 0.00x 0.00x 0.23x 0.22x - -105.5 124.8 112.0 149.4 163.9 0.0 0.0 172.7 172.0 - -5.07x 4.21x 4.01x 4.20x 3.90x 0.00x 0.00x 4.28x 4.30x - -42.8 53.5 42.6 63.0 47.8 0.0 0.0 57.6 60.4 - -

14.74x 10.11x 11.65x 9.69x 13.12x 0.00x 0.00x 11.65x 10.26x - -




Fiscal Year Ended

LDCPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAMILIE LAMBERT n/a Co File 3'434'166 42.1 - 16.03.2011 n/aFAMILIE CHANCEREUL n/a Co File 1'511'718 18.53 - 16.03.2011 n/aFAMILIE HUTTEPAIN n/a Co File 818'534 10.03 - 16.03.2011 n/aCAFEL n/a Co File 782'651 9.59 - 16.03.2011 n/aCOOPERATIVE AGRICOLE n/a Research 726'736 8.91 - 20.08.2010 n/aFAMILIE GUILLET n/a Co File 348'490 4.27 - 16.03.2011 n/aDNCA FINANCE Multiple Portfolios MF-AGG 124'227 1.52 (3'001) 30.09.2011 Investment AdvisorLDC SA n/a Co File 66'788 0.82 - 16.03.2011 n/aSPARINVEST Multiple Portfolios MF-AGG 16'494 0.2 (349) 29.02.2012 Investment AdvisorPALATINE ASSET MANAG Multiple Portfolios MF-AGG 13'900 0.17 - 30.03.2012 Investment AdvisorGENERALI FINANCES Multiple Portfolios MF-AGG 9'500 0.12 - 30.01.2012 UnclassifiedDEGROOF GESTION INST Multiple Portfolios MF-AGG 5'430 0.07 - 31.03.2011 Investment AdvisorAMPLEGEST Multiple Portfolios MF-AGG 1'500 0.02 - 30.12.2011 Investment AdvisorQUILVEST BANQUE PRIV Multiple Portfolios MF-AGG 773 0.01 - 30.03.2012 Mutual Fund ManagerNEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 724 0.01 - 31.01.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 383 0 - 30.12.2011 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 361 0 - 30.09.2011 Investment AdvisorOLD MUTUAL CAPITAL I Multiple Portfolios MF-AGG 91 0 - 31.03.2012 Investment AdvisorCPR ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (1'465) 31.03.2011 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG - 0 (30'702) 30.12.2011 Mutual Fund Manager


Gilbert Dupont CHRISTINE ROPERT buy 5 M 103 Not Provided 23.04.2012Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 90 12 month 06.04.2012CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 95 12 month 05.04.2012Oddo & Cie CAMILLE DAMOIS-GIGNOUX buy 5 M 93 Not Provided 05.04.2012Portzamparc Societe de Bourse ROMAIN FREISMUTH hold 3 M 103 12 month 29.03.2012Exane BNP Paribas PIERRE BERNARDIN neutral 3 M 77 Not Provided 14.10.2011

Holdings By:

LDC ee


18.05.2012

JBS SA processes beef and pork. The Company produces fresh meat and processed

meat products such as roast beef with gravy, stewed steak, cubed beef, cornedbeef, and beef extract. JBS exports its products throughout the world.



Shares Out 14.05.2012 2'963.9 Short Int -17'042.56 1 Yr Total Return 4.93%


Average Volume 5 Day 4'919'640JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 3'773'280JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 4'316'382


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q314'141.6 30'340.3 34'905.6 55'055.8 61'796.8 54'712.8 61'796.8 68'288.5 73'147.3 17'337.7 17'599.0

0.62x 0.34x 1.03x 0.62x 0.53x 2.47x 1.86x 0.45x 0.41x 1.82x 1.77x449.1 1'120.4 1'461.1 3'512.8 3'072.0 3'497.0 3'072.0 4'547.0 5'028.9 1'187.3 1'268.719.66x 9.14x 24.72x 9.66x 10.59x 9.70x 10.59x 6.95x 6.28x - -(165.0) 25.9 220.7 (302.7) (247.2) (292.8) (247.2) 1'309.3 1'560.0 291.0 332.0

- 266.77x 98.11x - - 0.00x 0.00x 12.81x 10.53x - -

EBITDA 3'072.03 Long-Term Rating Date 16.07.2010EBIT 1'780.62 Long-Term Rating BBOperating Margin 2.88% Long-Term Outlook STABLEPretax Margin -0.37% Short-Term Rating Date -Return on Assets -0.54% Short-Term Rating -Return on Common Equity -1.29%Return on Capital - EBITDA/Interest Exp. 1.38Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 0.85

Net Debt/EBITDA 4.42Gross Margin 10.8% Total Debt/EBITDA 6.14EBITDA Margin 5.0%EBIT Margin 2.9% Total Debt/Equity 91.3%Net Income Margin -0.4% Total Debt/Capital 46.6%


Fiscal Year Ended

JBS SAPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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60'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFB PARTICIPACOES SA n/a EXCH 1'280'415'305 43.2 - 05.03.2012 OtherBNDES PARTICIPACOES n/a EXCH 901'329'385 30.41 - 05.03.2012 GovernmentPROT FUND DE INVES E n/a EXCH 198'879'322 6.71 - 05.03.2012 n/aJBS SA n/a EXCH 94'549'186 3.19 - 05.03.2012 CorporationBANCO ORIGINAL SA n/a EXCH 74'690'893 2.52 - 05.03.2012 n/aCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 37'861'000 1.28 - 30.06.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 28'690'037 0.97 1'099'408 31.03.2012 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 22'421'800 0.76 (23'500) 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'987'239 0.64 400 02.05.2012 Investment AdvisorBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 9'815'250 0.33 738'972 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 8'405'993 0.28 (900'027) 31.03.2012 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 4'387'647 0.15 185'400 31.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'058'500 0.14 (1'829'000) 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'762'800 0.09 2'706'300 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'683'013 0.09 - 31.01.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'389'479 0.08 - 30.04.2011 Investment AdvisorSANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2'277'541 0.08 589'982 31.03.2012 Mutual Fund ManagerFUNDACAO CESP Multiple Portfolios MF-AGG 2'161'300 0.07 - 31.03.2012 Mutual Fund ManagerBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 1'610'644 0.05 96'637 31.03.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'503'251 0.05 (24'500) 01.05.2012 Investment Advisor


Bradesco Corretora RICARDO BOIATI market perform 3 M 9 Not Provided 02.05.2012Fator Corretora RENATO PRADO hold 3 M 7 Not Provided 02.05.2012Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 27.04.2012Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 24.04.2012SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 24.04.2012Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 D 6 Not Provided 20.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 22.03.2012Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 6 12 month 22.03.2012HSBC PEDRO HERRERA neutral 3 M 9 Not Provided 20.03.2012Deutsche Bank JOSE J YORDAN hold 3 N 8 12 month 16.03.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 10.02.2012Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Coinvalores MARCO AURELIO BARBOSA not rated #N/A N/A M #N/A N/A Not Provided 20.01.2009

Holdings By:

JBS SA ee


18.05.2012

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a

supplier for explosives products and services. The Company has operationsthroughout the United States, Canada, Mexico and Australia.


2.9452-Week High % Change -28.81% Dividend Yield 3.9152-Week Low % Change 0.68% Beta 1.18% 52 Week Price Range High/Low 11.76% Equity Float 1'626.45

Shares Out 31.03.2012 1'628.7 Short Int 5.674'788.47 1 Yr Total Return -20.42%


Average Volume 5 Day 13'200'870IPL AU EQUITY YTD Change - Average Volume 30 Day 10'510'560IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 11'376'110


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - -1'373.2 2'918.2 3'418.9 2'931.7 3'906.3 - - 3'915.1 4'120.0 - -

3.44x 2.80x 1.75x 2.36x 1.67x - - 1.58x 1.45x - -326.8 1'022.0 1'014.7 760.5 900.9 - - 811.9 958.4 - -14.46x 8.00x 5.89x 9.09x 7.24x - - 7.91x 6.70x - -205.3 604.6 (221.4) 410.5 463.2 - - 438.9 496.7 - -21.01x 8.97x - 14.19x 11.51x - - 10.81x 9.58x - -

EBITDA 900.90 Long-Term Rating Date 12.10.2009EBIT 752.70 Long-Term Rating BBBOperating Margin 19.27% Long-Term Outlook STABLEPretax Margin 15.91% Short-Term Rating Date 11.02.2010Return on Assets 6.96% Short-Term Rating NRReturn on Common Equity 12.67%Return on Capital 9.88% EBITDA/Interest Exp. 23.77Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 6.71




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Incitec Pivot LtdPrice/Volume

Valuation Analysis


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4'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 82'699'905 5.08 - 06.03.2012 BankNATIONAL AUSTRALIA B n/a EXCH 81'179'861 4.98 (5'060'258) 10.02.2012 BankBLACKROCK INVESTMENT n/a EXCH 81'055'690 4.98 (3'083'379) 17.05.2011 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 64'304'416 3.95 7'753'936 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 30'393'365 1.87 1'019'840 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 29'726'535 1.83 - 29.02.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 27'615'906 1.7 37'170 01.05.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'479'000 1.13 - 30.06.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15'806'532 0.97 - 02.05.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 14'363'549 0.88 2'261'858 30.11.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 10'237'125 0.63 2'195'583 31.08.2011 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'081'710 0.56 26'861 30.03.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'630'872 0.41 583'776 31.03.2012 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 6'000'000 0.37 (1'000'000) 30.06.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'582'961 0.28 47'240 29.02.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'105'604 0.25 - 31.01.2012 Investment AdvisorARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3'895'530 0.24 - 30.06.2011 Investment AdvisorNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 3'826'190 0.23 - 29.02.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'570'920 0.22 (25'800) 31.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2'692'126 0.17 (1'625'525) 30.12.2011 Investment Advisor


Macquarie JOHN PURTELL outperform 5 M 4 12 month 24.04.2012Commonwealth Bank MICHAEL WARD buy 5 U 4 12 month 19.04.2012JPMorgan STUART JACKSON neutral 3 M 3 6 month 30.03.2012Nomura RICHARD J JOHNSON neutral 3 M 4 Not Provided 13.03.2012RBS BELINDA MOORE buy 5 M 4 12 month 06.03.2012Deutsche Bank MARK WILSON hold 3 U 3 12 month 06.03.2012Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 05.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012Austock Securities PAUL JENSZ buy 5 M 5 Not Provided 28.02.2012BBY Limited DENNIS HULME buy 5 M 4 12 month 24.02.2012Credit Suisse LARRY GANDLER neutral 3 M 4 Not Provided 31.01.2012Euro Pacific Capital Inc STEVE WILDER neutral 3 N 4 12 month 14.12.2011

Holdings By:

Incitec Pivot Ltd ee


18.05.2012

Hormel Foods Corporation manufactures and markets consumer-branded meat and

food products. The Company processes meat and poultry products and producesa variety of prepared foods. Hormel markets its products around the worldunder a variety of branded names.





Average Volume 5 Day 781'165HRL US EQUITY YTD Change - Average Volume 30 Day 834'099HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 799'839


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 01/yy 01/yy 10/12 Y 10/13 Y 04/12 Q2 07/12 Q36'193.0 6'754.9 6'533.7 7'220.7 7'895.1 7'414.8 8'013.0 8'366.6 8'739.6 2'041.4 2'030.3

0.85x 0.61x 0.74x 0.82x 0.97x 3.13x 3.73x 0.88x 0.81x 3.64x 3.64x607.2 635.6 658.9 759.0 839.7 815.4 795.4 858.4 898.2 194.3 193.58.67x 6.49x 7.31x 7.83x 9.15x 7.77x 9.16x 8.65x 8.26x 8.59x 8.45x

301.9 285.5 342.8 395.6 474.2 433.2 453.8 487.1 518.7 110.7 107.817.19x 13.69x 14.35x 15.26x 17.21x 15.05x 17.38x 16.30x 15.25x 14.13x 13.89x

EBITDA 839.69 Long-Term Rating Date 31.05.2001EBIT 715.53 Long-Term Rating AOperating Margin 9.06% Long-Term Outlook STABLEPretax Margin 9.10% Short-Term Rating Date 30.06.1999Return on Assets 11.43% Short-Term Rating NRReturn on Common Equity 18.75%Return on Capital 17.45% EBITDA/Interest Exp. 37.05Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 32.78

Net Debt/EBITDA -0.34Gross Margin 16.9% Total Debt/EBITDA 0.30EBITDA Margin 10.6%EBIT Margin 9.1% Total Debt/Equity 9.4%Net Income Margin 6.0% Total Debt/Capital 8.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Hormel Foods CorpPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHORMEL FOUNDATION n/a 13G 127'534'084 48.37 - 31.12.2011 OtherVANGUARD GROUP INC VANGUARD GROUP INC 13F 9'407'087 3.57 (414'778) 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 5'552'882 2.11 175'942 31.03.2012 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 3'707'971 1.41 2'678 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'650'489 1.38 118'048 31.12.2011 Investment AdvisorMAIRS & POWER INCORP MAIRS & POWER INC 13F 3'464'767 1.31 (51'345) 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'313'563 0.88 (209'758) 31.03.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1'709'793 0.65 (119'008) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'536'746 0.58 (59'465) 31.12.2011 Investment AdvisorGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 1'490'530 0.57 (345'063) 31.12.2011 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'469'948 0.56 22'197 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 1'469'732 0.56 1'469'732 31.12.2011 GovernmentBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'378'509 0.52 12'319 31.12.2011 Investment AdvisorANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'285'504 0.49 (46'282) 31.12.2011 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'262'840 0.48 (736'994) 31.12.2011 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'257'726 0.48 183'600 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1'079'228 0.41 20'198 31.12.2011 Investment AdvisorPANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 1'071'998 0.41 473'186 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'011'387 0.38 78'188 31.12.2011 Investment AdvisorARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 962'270 0.36 (362'893) 31.12.2011 Hedge Fund Manager


Stephens Inc FARHA ASLAM equalweight 3 M 29 12 month 01.05.2012Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 24.04.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 20.04.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 16.04.2012Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 10.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 Not Provided 29.02.2012Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 28.02.2012Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 12 month 23.02.2012Deutsche Bank CHRISTINA MCGLONE sell 1 M 26 12 month 22.11.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 D 27 12 month 04.08.2011

Holdings By:

Hormel Foods Corp ee


18.05.2012

Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat

flour and tortillas. The Company operates in Mexico, the United States, CentralAmerica, Venezuela, and Europe. Brand names include Mission, Guerrero,Tortirica, and Breddy.




Total Debt 13'105.32 YTD Return 17.27%Preferred Stock 0.0 Adjusted BETA 0.866Minority Interest 4'281.6 Analyst Recs 7Cash and Equivalents 1'319.91 Consensus Rating 3.000Enterprise Value 33'503.96

Average Volume 5 Day 893'003GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 898'234GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 811'906


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q335'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 61'277.0 65'350.5 15'666.0 15'533.0

0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.52x 0.48x 2.06x 2.09x3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'443.0 6'601.0 1'432.0 1'552.0

8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.16x 5.08x 5.26x 4.95x2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'402.3 2'338.3 354.0 426.0

8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 12.83x 7.73x 10.12x 9.08x

EBITDA 4'935.10 Long-Term Rating Date 14.03.2012EBIT 3'338.46 Long-Term Rating BBOperating Margin 5.79% Long-Term Outlook STABLEPretax Margin 13.22% Short-Term Rating Date -Return on Assets 12.63% Short-Term Rating -Return on Common Equity 51.74%Return on Capital 22.13% EBITDA/Interest Exp. 4.85Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 3.25



Fiscal Year Ended

Gruma SAB de CVPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/aARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 CorporationVALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 UnclassifiedNACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment AdvisorGONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'066'069 0.37 - 02.05.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'525'500 0.27 1'525'500 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment AdvisorGESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827'630 0.15 - 31.07.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820'625 0.15 820'625 31.12.2011 Insurance CompanySANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment AdvisorSPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 796'686 0.14 29'000 31.12.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund ManagerALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526'074 0.09 - 30.04.2011 Investment Advisor


GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Gruma SAB de CV ee


18.05.2012

Fauji Fertilizer Company Limited manufactures, purchases and markets

fertilizers.



Shares Out 31.03.2012 1'272.2 Short Int -147'566.89 1 Yr Total Return 39.77%


Average Volume 5 Day 2'354'548FFC PA EQUITY YTD Change - Average Volume 30 Day 3'139'855FFC PA EQUITY YTD % CHANGE - Average Volume 3 Month 2'968'746


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q240'688.8 57'433.7 72'914.8 88'154.7 55'221.2 83'185.9 82'215.4 - - - -

1.76x 0.79x 1.05x 0.97x 2.12x 4.56x 6.59x - - - -13'650.7 20'693.1 21'876.2 26'356.4 33'362.3 27'963.3 30'100.7 - - - -

5.24x 2.19x 3.48x 3.25x 3.50x 4.17x 0.00x - - - -5'346.3 7'344.9 8'738.7 11'859.7 22'492.1 13'941.2 23'114.9 21'206.3 21'176.0 - -

10.93x 3.99x 7.99x 7.20x 5.64x 9.30x 6.87x 6.70x 6.25x - -



Asset Turnover 0.85Current Ratio 1.07 Net Fixed Asset Turnover 2.30Quick Ratio 0.89 Accounts receivable turnover-days 4.21Debt to Assets 23.51% Inventory Days 77.90Tot Debt to Common Equity 56.59% Accounts Payable Turnover Day -Accounts Receivable Turnover 86.65 Cash Conversion Cycle -Inventory Turnover 4.69


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Fauji Fertilizer Co LtdPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAUJI FOUNDATION n/a Co File 564'204'255 44.35 - 31.12.2010 UnclassifiedNATIONAL INVESTMENT n/a Co File 57'241'929 4.5 - 31.12.2010 GovernmentLEGG MASON CAPITAL M Multiple Portfolios MF-AGG 3'017'328 0.24 - 31.12.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'572'024 0.2 153'749 29.02.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'449'892 0.19 2'449'892 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'284'938 0.1 1 31.12.2011 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 697'071 0.05 (27'301) 29.02.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 612'087 0.05 232'050 29.02.2012 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 609'850 0.05 (1) 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 222'592 0.02 222'592 30.06.2011 Investment AdvisorLEGG MASON ASSET MAN Multiple Portfolios MF-AGG 220'200 0.02 - 20.04.2011 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 147'671 0.01 - 05.12.2011 Investment AdvisorRODNEY SQUARE MANAGM Multiple Portfolios MF-AGG 117'562 0.01 1 30.12.2011 Investment AdvisorWORLD INVEST OPPORTU Multiple Portfolios MF-AGG 108'802 0.01 11'500 31.03.2012 Investment AdvisorLEGGMASON INVESTORS Multiple Portfolios MF-AGG 97'762 0.01 (1) 29.02.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 54'465 0 - 31.12.2011 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 29'965 0 11'564 29.02.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 18'965 0 9'400 31.03.2012 Investment AdvisorTUNDRA FONDER AB / S Multiple Portfolios MF-AGG 18'750 0 - 31.12.2011 Mutual Fund ManagerINVESTMENT CORP OF P n/a Co File 937 0 - 31.12.2010 Government


Elixir Securities Pakistan SULEMAN RAFIQ MANIYA buy 5 M 150 Not Provided 30.04.2012Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 153 Not Provided 27.04.2012M.M. Securities (Pvt.) Ltd IJAZ UR RAHMAN buy 5 M 137 Not Provided 27.04.2012Credit Suisse FARHAN RIZVI neutral 3 M 143 Not Provided 19.04.2012JS Global Capital Ltd NAVEED TEHSIN buy 5 M 137 12 month 19.04.2012Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI buy 5 M 140 Not Provided 19.04.2012Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 128 Not Provided 19.04.2012Invest Capital Securities Pvt Ltd HASAN RAZA hold 3 M #N/A N/A Not Provided 18.04.2012AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI buy 5 M 145 Not Provided 18.04.2012First Capital Equities Limited ABRAR HUSSAIN hold 3 M 72 12 month 18.04.2012BMA Capital Management FARID ALIANI buy 5 M 142 Not Provided 17.04.2012Arif Habib Limited UMAR HAFIZ buy 5 M 145 Not Provided 16.04.2012Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 M 145 Not Provided 04.04.2012Ismail Iqbal Securities TEAM COVERAGE hold 3 D 133 Not Provided 27.01.2012Invisor Securities (Private) Limited SHAMOON TARIQ buy 5 M 260 Not Provided 31.10.2011Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN hold 3 U 63 Not Provided 01.10.2010

Holdings By:

Fauji Fertilizer Co Ltd ee


18.05.2012

Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets

fertilizers. The Company produces Granular Urea and DAP. Fauji Fertilizerprovides its products to farmers in Pakistan.





Average Volume 5 Day 1'367'118FFBL PA EQUITY YTD Change - Average Volume 30 Day 3'100'340FFBL PA EQUITY YTD % CHANGE - Average Volume 3 Month 2'883'040


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q312'242.9 26'820.8 36'724.9 43'256.7 55'868.8 44'745.1 49'748.7 50'971.0 50'837.0 - -

3.91x 1.10x 0.64x 0.69x 0.66x 2.93x 3.66x - - - -4'987.0 8'082.6 8'942.3 10'989.2 17'216.4 12'233.2 14'502.8 10'737.0 8'543.0 - -

9.61x 3.63x 2.65x 2.71x 2.14x 2.94x 3.10x 4.07x 5.11x - -2'540.0 2'899.6 3'784.4 6'514.4 10'767.1 7'263.6 8'822.4 6'355.7 6'362.0 - -

15.46x 4.17x 6.45x 5.13x 3.68x 5.33x 4.40x 6.13x 5.40x - -



Asset Turnover 1.48Current Ratio 1.17 Net Fixed Asset Turnover 3.85Quick Ratio 0.76 Accounts receivable turnover-days 4.82Debt to Assets 28.29% Inventory Days 43.31Tot Debt to Common Equity 83.35% Accounts Payable Turnover Day 52.76Accounts Receivable Turnover 75.68 Cash Conversion Cycle -4.62Inventory Turnover 8.43

Fiscal Year Ended

Fauji Fertilizer Bin Qasim LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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20'000.0

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40'000.0

50'000.0

60'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAUJI FERTILIZER CO n/a Co File 475'232'996 50.88 - 31.12.2011 CorporationFAUJI FOUNDATION n/a Co File 161'501'286 17.29 - 31.12.2011 UnclassifiedEATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'025'000 0.22 - 29.02.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 426'680 0.05 - 31.01.2012 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 352'000 0.04 - 29.02.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 255'200 0.03 - 29.02.2012 Investment AdvisorHAYAT MALIK ARIF n/a Co File 110'001 0.01 - 31.12.2011 n/aWORLD INVEST OPPORTU Multiple Portfolios MF-AGG 107'800 0.01 16'000 31.03.2012 Investment AdvisorTUNDRA FONDER AB / S Multiple Portfolios MF-AGG 44'000 0 - 31.12.2011 Mutual Fund ManagerBAJWA RASHID n/a Co File 500 0 - 31.12.2011 n/aSHEIKH NASIER A n/a Co File 500 0 - 31.12.2011 n/aKHAN NAVED A n/a Co File 500 0 - 31.12.2011 n/aKHAN PARVEZ SARWAR n/a Co File 1 0 - 31.12.2011 n/aDAR JAWAID RASHID n/a Co File 1 0 - 31.12.2011 n/aZAKI MUHAMMAD n/a Co File 1 0 - 31.12.2011 n/aALI LIAQAT n/a Co File 1 0 - 31.12.2011 n/aINAYAT NADEEM n/a Co File 1 0 - 31.12.2011 n/aJAVED QAISER n/a Co File 1 0 - 31.12.2011 n/aALAM GULFAM n/a Co File 1 0 - 31.12.2011 n/a


Elixir Securities Pakistan SULEMAN RAFIQ MANIYA hold 3 M 43 Not Provided 30.04.2012Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 50 Not Provided 27.04.2012Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 D 45 Not Provided 18.04.2012AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI accumulate 4 M 44 Not Provided 17.04.2012First Capital Equities Limited ABRAR HUSSAIN hold 3 M 39 Not Provided 17.04.2012BMA Capital Management FARID ALIANI buy 5 M 48 Not Provided 16.04.2012Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 U 44 Not Provided 16.04.2012Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI hold 3 M 40 Not Provided 16.04.2012M.M. Securities (Pvt.) Ltd IJAZ-UR-REHMAN buy 5 M 60 Not Provided 16.04.2012JS Global Capital Ltd NAVEED TEHSIN buy 5 M 49 12 month 13.04.2012Arif Habib Limited UMAR HAFIZ hold 3 M 49 Not Provided 13.04.2012Invest Capital Securities Pvt Ltd HASAN RAZA buy 5 M 55 Not Provided 09.04.2012Burj Capital Pakisatan Pvt Ltd RAZA HAMDANI hold 3 N 48 Not Provided 13.02.2012Ismail Iqbal Securities TEAM COVERAGE sell 1 M 46 Not Provided 24.01.2012Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 M 56 12 month 18.11.2011IGI Finex Securities Ltd SARAH AFRIDI buy 5 M 50 6 month 13.06.2011Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN buy 5 U 32 Not Provided 01.10.2010

Holdings By:

Fauji Fertilizer Bin Qasim Ltd ee


18.05.2012

Ebro Foods SA processes food products. The Company produces rice, pasta, dairy

products, and truffles.




Total Debt 489.15 YTD Return -9.43%Preferred Stock 0.0 Adjusted BETA 0.596Minority Interest 1.2 Analyst Recs 19Cash and Equivalents 102.08 Consensus Rating 4.421Enterprise Value 2'345.40

Average Volume 5 Day 979'184EBRO SM EQUITY YTD Change - Average Volume 30 Day 813'039EBRO SM EQUITY YTD % CHANGE - Average Volume 3 Month 628'885


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q32'004.2 2'367.9 1'765.4 1'702.0 1'804.1 1'589.5 1'908.9 2'085.2 2'156.5 - -

1.47x 1.04x 1.58x 1.44x 1.43x 0.00x 0.00x 1.07x 1.00x - -230.9 264.8 228.2 259.7 291.0 0.0 0.0 311.3 329.7 - -12.73x 9.30x 12.21x 9.42x 8.89x 0.00x 0.00x 7.53x 7.11x - -

99.5 130.6 176.5 388.8 151.5 380.7 151.6 161.5 175.4 - -31.91x 19.86x 22.62x 18.78x 14.57x 6.70x 14.82x 12.05x 11.15x - -




Fiscal Year Ended

Ebro Foods SAPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALIMENTOS Y ACEITES #N/A N/A Co File 15'721'882 10.22 - 31.12.2011 OtherCORP ECONOMICA DAMM #N/A N/A Co File 14'850'000 9.65 - 31.12.2011 OtherINST HISPANICO DEL A #N/A N/A Co File 13'588'347 8.83 - 31.12.2011 OtherALBA PARTICIPACIONES #N/A N/A Co File 12'498'830 8.12 - 31.12.2011 OtherHISPAFOODS INVEST n/a Co File 10'600'210 6.89 - 31.12.2011 n/aGRUPO DE NEGOCIOS DU n/a EXCH 6'499'103 4.22 - 23.06.2010 n/aCASA GRANDE CARTAGEN #N/A N/A Co File 5'193'290 3.38 - 31.12.2011 OtherCAJA ESPANA DE INVER n/a EXCH 4'903'056 3.19 (118'725) 01.06.2010 BankPESCADERIA CORUNESAS n/a EXCH 2'919'962 1.9 - 31.10.2007 n/aDWS INVESTMENT S A Multiple Portfolios MF-AGG 2'520'046 1.64 62'000 29.02.2012 Mutual Fund ManagerCASTELLO CLEMENTE FE n/a Co File 2'284'750 1.48 - 31.12.2011 n/aCOMENGE SANCH JOSE I n/a Co File 2'007'007 1.3 - 31.12.2011 n/aBEGINDAU SL n/a Co File 1'227'617 0.8 - 31.12.2011 n/aHANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 800'000 0.52 150'000 30.03.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 738'482 0.48 (119'461) 31.07.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 620'000 0.4 620'000 31.03.2011 Investment AdvisorROMANOS AGU GUILLERM n/a EXCH 582'603 0.38 (490'000) 24.02.2006 n/aY CALVO-SOT LEOPOLDO n/a Co File 546'000 0.35 - 31.12.2011 n/aSOCIETE GENERALE Multiple Portfolios MF-AGG 526'677 0.34 (102'670) 29.02.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 466'396 0.3 33'242 31.03.2012 Investment Advisor


BPI JOAO SAFARA SILVA hold 3 M 17 Not Provided 30.04.2012Grupo Santander JAVIER ECHANOVE buy 5 M 16 Not Provided 26.04.2012Espirito Santo Investment Bank ResearchNUNO ESTACIO buy 5 M 19 Not Provided 26.04.2012AlphaValue SOPHIE CABO-BROSETA buy 5 M 18 6 month 26.04.2012Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 25.04.2012Banco Sabadell IGNACIO ROMERO buy 5 M 18 12 month 25.04.2012Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 12 month 25.04.2012NMAS 1 Agencia de Valores MANUEL LORENTE neutral 3 M 16 6 month 25.04.2012Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 Not Provided 25.04.2012Exane BNP Paribas FRANCISCO RUIZ neutral 3 M 16 Not Provided 25.04.2012BBVA JUAN ROS PADILLA market perform 3 M 16 Not Provided 07.03.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 16 Not Provided 01.03.2012Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 15 12 month 01.02.2012Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 17 Not Provided 27.01.2012La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 18 Not Provided 02.11.2011Link Securities PAULA SAMPEDRO accumulate 4 U 16 Not Provided 01.11.2011

Holdings By:

Ebro Foods SA ee


18.05.2012

Dean Foods Company is a food and beverage company that produces a full line of

Company-branded and private label dairy and dairy-related products. The Companyprovides products such as milk and milk-based beverages, ice cream, half andhalf, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.Dean Foods also supplies pickles, juice, juice drinks, and water.





Average Volume 5 Day 5'094'561DF US EQUITY YTD Change - Average Volume 30 Day 3'142'358DF US EQUITY YTD % CHANGE - Average Volume 3 Month 2'544'512


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q311'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 13'019.2 13'217.4 3'228.5 3'288.2

0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.47x 0.44x 1.92x 1.87x819.9 869.5 906.8 706.5 691.3 706.5 764.9 864.7 905.7 217.2 204.910.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.32x 6.98x 7.28x 7.21x131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 211.9 239.8 53.8 46.621.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 12.20x 10.84x 12.27x 12.27x

EBITDA 691.34 Long-Term Rating Date 02.12.2010EBIT 405.57 Long-Term Rating B+Operating Margin 3.11% Long-Term Outlook STABLEPretax Margin -15.72% Short-Term Rating Date -Return on Assets -22.98% Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. 2.72Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 1.44

Net Debt/EBITDA 5.28Gross Margin 23.1% Total Debt/EBITDA 5.45EBITDA Margin 5.3%EBIT Margin 3.1% Total Debt/Equity -Net Income Margin -12.1% Total Debt/Capital 102.7%

Asset Turnover 1.90Current Ratio 1.15 Net Fixed Asset Turnover 6.18Quick Ratio 0.71 Accounts receivable turnover-days 25.68Debt to Assets 65.44% Inventory Days 15.96Tot Debt to Common Equity - Accounts Payable Turnover Day 28.13Accounts Receivable Turnover 14.21 Cash Conversion Cycle 13.51Inventory Turnover 22.87


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Dean Foods CoPrice/Volume

Valuation Analysis


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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 9'656'638 5.24 59'053 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment AdvisorTRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment AdvisorAPPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund ManagerNATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'836'553 2.63 255'459 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4'386'500 2.38 (45'700) 31.12.2011 Pension Fund (ERISA)AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'181'596 2.27 15'706 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment AdvisorENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/aJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment AdvisorARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'806'948 0.98 34'586 31.12.2011 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'730'366 0.94 10'616 31.12.2011 Investment Advisor


Stephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010

Holdings By:

Dean Foods Co ee


18.05.2012

Chambal Fertilizers and Chemicals Ltd. manufactures ammonia, urea, pesticides

and other products for farming and other agricultural applications. The Companyalso provides consulting services to farmers on their seeding programs. Chambaloperates throughout India.





Average Volume 5 Day 3'570'519CHMB IN EQUITY YTD Change - Average Volume 30 Day 1'874'032CHMB IN EQUITY YTD % CHANGE - Average Volume 3 Month 2'073'845


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 67'216.4 71'069.0 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 0.69x 0.64x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 8'574.8 8'917.6 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 6.97x 6.70x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 3'574.0 3'889.1 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... - - 8.16x 7.53x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Chambal Fertilizers & Chemicals LtdPrice/Volume

Valuation Analysis


'

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10'000.0

20'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeZUARI INDUSTRIES LTD n/a Co File 59'015'360 14.18 - 31.12.2011 CorporationHINDUSTAN TIMES LTD n/a Co File 50'061'715 12.03 - 31.12.2011 CorporationSIL INVESTMENTS LTD n/a EXCH 32'153'455 7.73 - 11.04.2012 Investment AdvisorLIFE INSURANCE CORP n/a Co File 23'774'084 5.71 - 31.12.2011 GovernmentNOPANY NANDINI n/a Co File 15'284'667 3.67 - 31.12.2011 n/aSUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 9'677'780 2.33 - 30.09.2011 Investment AdvisorBIRLA COTTON SPG & W n/a Co File 8'424'515 2.02 - 31.12.2011 n/aGOVT PENSION FUND GL n/a Co File 7'512'300 1.81 - 31.12.2011 n/aYASHOVARDHAN INV & T n/a Co File 7'339'500 1.76 - 31.12.2011 OtherUTTAM COMMERCIAL LTD n/a Co File 6'727'100 1.62 - 31.12.2011 UnclassifiedSHRADHANJALI INV & T n/a Co File 6'092'975 1.46 - 31.12.2011 n/aHTL INVESTMENTS & TR n/a Co File 6'007'511 1.44 - 31.12.2011 UnclassifiedRONSON TRADERS LTD n/a Co File 5'766'500 1.39 - 31.12.2011 UnclassifiedMANBHAWANI INVESTMEN n/a Co File 5'300'000 1.27 - 31.12.2011 n/aBLACKROCK INDIA EQ F n/a Co File 5'197'182 1.25 - 31.12.2011 n/aDSP BLACKROCK INVEST Multiple Portfolios MF-AGG 4'804'934 1.15 - 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'623'265 1.11 (573'917) 31.01.2012 Investment AdvisorMASTER TRUST BANK OF n/a Co File 4'478'652 1.08 - 31.12.2011 BankBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 4'478'652 1.08 - 12.12.2011 Investment AdvisorNILGIRI PLANTATIONS n/a Co File 4'056'740 0.97 - 31.12.2011 n/a


MSFL - Institutional Business Group RAHUL METKAR accumulate 4 N 82 12 month 25.04.2012MF Global Equities Research GAURI ANAND buy 5 M 110 Not Provided 13.04.2012Prabhudas Lilladher Pvt Ltd MANISH MAHAWAR accumulate 4 M 91 12 month 12.04.2012Edelweiss Capital MANOJ BAHETY hold 3 M 84 12 month 12.04.2012Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 86 12 month 12.03.2012Asit C Mehta Investments InterrmediatesDEEPAK CHITRODA accumulate 4 M 94 Not Provided 02.03.2012Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 98 Not Provided 01.03.2012Espirito Santo Investment Bank ResearchNICK PAULSON-ELLIS neutral 3 M 82 Not Provided 13.02.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 31.01.2012Sunidhi Consultancy Services TARUN SURANA reduce 2 D 70 12 month 19.01.2012Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 86 Not Provided 18.01.2012ICICI Securities PRAKASH GAURAV GOEL buy 5 M 95 12 month 17.01.2012PINC Infinity.com Financial Services SATISH MISHRA reduce 2 M 85 Not Provided 17.01.2012Deutsche Bank AMIT MURARKA hold 3 N 94 12 month 05.12.2011LKP Shares and Securities Ltd HETAL BACHKANIWALA buy 5 M 75 Not Provided 10.05.2010

Holdings By:

Chambal Fertilizers & Chemicals Ltd ee


18.05.2012

China Green Agriculture, Inc., through its subsidiaries, produces and

distributes humic acid organic liquid compound fertilizer. The Company marketsits products to wholesalers and retailers of agricultural farm products.



Shares Out 01.05.2012 27.0 Short Int 1.8487.79 1 Yr Total Return -50.98%

Total Debt 4.10 YTD Return 8.34%Preferred Stock 0.0 Adjusted BETA 1.148Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 65.61 Consensus Rating -Enterprise Value 33.93

Average Volume 5 Day 76'914CGA US EQUITY YTD Change - Average Volume 30 Day 72'651CGA US EQUITY YTD % CHANGE - Average Volume 3 Month 94'817


30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 12/yy 12/yy 06/12 Y 06/13 Y 06/12 Q4 09/12 Q115.2 22.6 35.2 52.1 179.7 104.4 205.1 - - - -

- 14.93x 2.41x 3.04x 0.40x 7.73x 1.40x - - - -8.0 10.4 18.7 27.5 47.9 34.4 54.7 - - - -

- 32.43x 4.53x 5.75x 1.51x 5.32x 0.48x - - - -6.9 7.8 14.5 21.3 32.9 25.3 37.4 - - - -

- 47.54x 10.37x 9.87x 3.92x 8.91x 2.14x - - - -




Fiscal Year Ended

China Green Agriculture IncPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLI TAO n/a PROXY 9'039'519 33.55 - 25.10.2010 n/aQING XIN JIANG n/a PROXY 1'677'769 6.23 - 25.10.2010 n/aYINSHING DAVID TO n/a 13D 830'690 3.08 - 28.05.2009 n/aSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 537'450 1.99 71'500 31.12.2011 Investment AdvisorARDSLEY ADVISORY PAR ARDSLEY ADVISORY PAR 13F 290'000 1.08 290'000 31.12.2011 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 234'100 0.87 143'500 31.12.2011 Hedge Fund ManagerCALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 142'500 0.53 (21'600) 31.12.2011 GovernmentTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 104'313 0.39 104'313 31.12.2011 Hedge Fund ManagerGUERRILLA CAPITAL MG GUERRILLA CAPITAL MA 13F 93'943 0.35 (332'878) 31.12.2011 Investment AdvisorSPARK LP/DE SPARK LP/DE 13F 90'000 0.33 46'600 31.12.2011 Hedge Fund ManagerSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 59'276 0.22 (6'176) 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 56'883 0.21 (5'093) 31.12.2011 Investment AdvisorWELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 53'233 0.2 (31'013) 31.12.2011 Investment AdvisorMORGAN STANLEY MORGAN STANLEY 13F 50'100 0.19 12'705 31.12.2011 Investment AdvisorWESTPAC BANKING CORP WESTPAC BANKING CORP 13F 44'495 0.17 44'495 31.12.2011 BankCOMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 42'520 0.16 23'520 31.12.2011 Investment AdvisorHAO YU n/a PROXY 35'524 0.13 - 25.10.2010 n/aGSA CAPITAL PARTNERS GSA CAPITAL PARTNERS 13F 33'600 0.12 33'600 31.12.2011 Hedge Fund ManagerBRIDGEWAY CAPITAL MA BRIDGEWAY CAPITAL MA 13F 32'500 0.12 32'500 31.12.2011 Investment AdvisorMAINSTREAM INVESTMEN MAINSTREAM INVESTMEN 13F 31'750 0.12 (4'400) 31.12.2011 Hedge Fund Manager


Miller Tabak + Co., LLC ZHANG HAIRONG speculative buy 4 N 11 12 month 08.02.2011

Holdings By:

China Green Agriculture Inc ee


18.05.2012

Dean Foods Company is a food and beverage company that produces a full line of

Company-branded and private label dairy and dairy-related products. The Companyprovides products such as milk and milk-based beverages, ice cream, half andhalf, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.Dean Foods also supplies pickles, juice, juice drinks, and water.





Average Volume 5 Day 5'094'561DF US EQUITY YTD Change - Average Volume 30 Day 3'142'358DF US EQUITY YTD % CHANGE - Average Volume 3 Month 2'544'512


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q311'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 13'019.2 13'217.4 3'228.5 3'288.2

0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.47x 0.44x 1.92x 1.87x819.9 869.5 906.8 706.5 691.3 706.5 764.9 864.7 905.7 217.2 204.910.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.32x 6.98x 7.28x 7.21x131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 211.9 239.8 53.8 46.621.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 12.20x 10.84x 12.27x 12.27x

EBITDA 691.34 Long-Term Rating Date 02.12.2010EBIT 405.57 Long-Term Rating B+Operating Margin 3.11% Long-Term Outlook STABLEPretax Margin -15.72% Short-Term Rating Date -Return on Assets -22.98% Short-Term Rating -Return on Common Equity -Return on Capital - EBITDA/Interest Exp. 2.72Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 1.44

Net Debt/EBITDA 5.28Gross Margin 23.1% Total Debt/EBITDA 5.45EBITDA Margin 5.3%EBIT Margin 3.1% Total Debt/Equity -Net Income Margin -12.1% Total Debt/Capital 102.7%

Asset Turnover 1.90Current Ratio 1.15 Net Fixed Asset Turnover 6.18Quick Ratio 0.71 Accounts receivable turnover-days 25.68Debt to Assets 65.44% Inventory Days 15.96Tot Debt to Common Equity - Accounts Payable Turnover Day 28.13Accounts Receivable Turnover 14.21 Cash Conversion Cycle 13.51Inventory Turnover 22.87

Fiscal Year Ended

Dean Foods CoPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 9'656'638 5.24 59'053 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment AdvisorTRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment AdvisorAPPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund ManagerNATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'836'553 2.63 255'459 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4'386'500 2.38 (45'700) 31.12.2011 Pension Fund (ERISA)AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'181'596 2.27 15'706 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment AdvisorENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/aJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment AdvisorARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'806'948 0.98 34'586 31.12.2011 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'730'366 0.94 10'616 31.12.2011 Investment Advisor


Stephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010

Holdings By:

Dean Foods Co ee


18.05.2012

PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops

oil palm and tea plantations. The Company produces and trades crude palm oil,palm kernel oil, tea, and refined palm products such as cooking oil andmargarine. Sinar Mas also manufactures packaging products such as bottles andcaps as well as provides management services.


620052-Week High % Change -24.39% Dividend Yield -52-Week Low % Change 21.57% Beta 0.94% 52 Week Price Range High/Low 35.48% Equity Float 86.17

Shares Out 31.12.2011 2'872.2 Short Int -17'807'596.00 1 Yr Total Return 3.83%

Total Debt 2'927'226.00 YTD Return -3.13%Preferred Stock 0.0 Adjusted BETA 0.943Minority Interest 4'683.0 Analyst Recs 0Cash and Equivalents 486'225.00 Consensus Rating -Enterprise Value 20'253'280.60

Average Volume 5 Day 15'300SMAR IJ EQUITY YTD Change - Average Volume 30 Day 21'100SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 32'262


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q28'079'714.5 16'094'424.7 14'201'230.5 20'265'425.0 31'676'219.0 ######### ######### - - - -

2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - -1'792'904.5 2'307'298.9 1'316'747.4 1'890'879.0 2'711'558.0 ######### ######### - - - -

9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - -988'943.9 1'046'389.3 748'495.1 1'260'513.0 1'784'724.0 ######### ######### - - - -

17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - -

EBITDA 2'711'558.00 Long-Term Rating Date -EBIT 2'471'560.00 Long-Term Rating -Operating Margin 7.80% Long-Term Outlook -Pretax Margin 7.54% Short-Term Rating Date -Return on Assets 13.12% Short-Term Rating -Return on Common Equity 27.12%Return on Capital 20.67% EBITDA/Interest Exp. 9.81Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 6.49




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume

Valuation Analysis


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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 OtherBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117'500 0 - 31.01.2012 Investment Advisor


#N/A N/A

Holdings By:

Sinar Mas Agro Resources and Technology Tbk PT ee


18.05.2012

Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat

flour and tortillas. The Company operates in Mexico, the United States, CentralAmerica, Venezuela, and Europe. Brand names include Mission, Guerrero,Tortirica, and Breddy.





Average Volume 5 Day 893'003GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 898'234GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 811'906


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q335'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 61'277.0 65'350.5 15'666.0 15'533.0

0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.52x 0.48x 2.06x 2.09x3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'443.0 6'601.0 1'432.0 1'552.0

8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.16x 5.08x 5.26x 4.95x2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'402.3 2'338.3 354.0 426.0

8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 12.83x 7.73x 10.12x 9.08x

EBITDA 4'935.10 Long-Term Rating Date 14.03.2012EBIT 3'338.46 Long-Term Rating BBOperating Margin 5.79% Long-Term Outlook STABLEPretax Margin 13.22% Short-Term Rating Date -Return on Assets 12.63% Short-Term Rating -Return on Common Equity 51.74%Return on Capital 22.13% EBITDA/Interest Exp. 4.85Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 3.25



Fiscal Year Ended

Gruma SAB de CVPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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50'000.0

60'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/aARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 CorporationVALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 UnclassifiedNACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment AdvisorGONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'066'069 0.37 - 02.05.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'525'500 0.27 1'525'500 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment AdvisorGESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827'630 0.15 - 31.07.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820'625 0.15 820'625 31.12.2011 Insurance CompanySANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment AdvisorSPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 796'686 0.14 29'000 31.12.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund ManagerALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526'074 0.09 - 30.04.2011 Investment Advisor


GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Gruma SAB de CV ee


18.05.2012

AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in

Europe and the Americas. The company operates in three segments: Chocolate andConfectionery Fats, Food Ingredients, and Technical Products and Feed.





Average Volume 5 Day 43'740AAK SS EQUITY YTD Change - Average Volume 30 Day 37'773AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 42'495


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q313'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'911.6 18'637.3 4'174.2 4'626.2

0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.67x 0.62x - -1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'415.0 1'553.4 312.5 381.5


EBITDA 1'264.00 Long-Term Rating Date -EBIT 914.00 Long-Term Rating -Operating Margin 5.47% Long-Term Outlook -Pretax Margin 4.89% Short-Term Rating Date -Return on Assets 6.26% Short-Term Rating -Return on Common Equity 17.94%Return on Capital 10.05% EBITDA/Interest Exp. 13.45Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 9.80




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

AarhusKarlshamn ABPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 OtherARBEJDSMARKEDETS TIL n/a Co File 3'363'711 8.22 - 31.12.2008 Pension Fund (ERISA)SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'156'295 5.27 (27'536) 31.12.2011 Investment AdvisorDIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment AdvisorLANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment AdvisorFONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment AdvisorBT PENSION SCHEME n/a Co File 696'041 1.7 - 31.12.2008 Pension Fund (ERISA)ENTER FONDER AB Multiple Portfolios MF-AGG 644'550 1.58 (4'700) 31.03.2012 Investment AdvisorFJARDE AP-FONDEN n/a Co File 564'951 1.38 - 31.12.2008 Pension Fund (ERISA)HANDELSBANKENS SMABO n/a Co File 503'050 1.23 - 31.12.2008 n/aSEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund ManagerFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment AdvisorANDRA AP FONDEN n/a Co File 387'382 0.95 - 31.12.2008 Pension Fund (ERISA)AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282'500 0.69 (60'441) 31.12.2011 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment AdvisorCARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151'550 0.37 81'998 29.02.2012 Investment Advisor


Nordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012

Holdings By:

AarhusKarlshamn AB ee


18.05.2012

Petra Foods Limited manufactures and supplies cocoa ingredients, principally

cocoa powder, cocoa butter, and cocoa liquor. The Company also manufactures anddistributes branded consumer products, primarily chocolate confectionery forthe Indonesian market.





Average Volume 5 Day 205'200PETRA SP EQUITY YTD Change - Average Volume 30 Day 136'967PETRA SP EQUITY YTD % CHANGE - Average Volume 3 Month 224'444


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4836.6 1'127.3 1'244.5 1'566.0 1'702.2 1'566.0 1'702.2 1'812.4 1'940.4 - -0.96x 0.41x 0.68x 0.83x 0.81x 2.86x 3.25x 0.92x 0.85x - -57.0 53.1 67.1 108.0 128.7 106.6 129.8 147.3 158.3 - -

14.14x 8.75x 12.63x 12.10x 10.68x 12.25x 10.59x 11.53x 10.73x - -26.3 14.1 24.6 44.5 60.6 44.5 60.6 71.1 80.3 - -

21.85x 10.18x 15.83x 16.93x 14.40x 17.07x 14.40x 16.29x 14.56x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Petra Foods LtdPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBERLIAN ENTERPRISES n/a Co File 308'741'000 50.52 - 16.03.2012 UnclassifiedTIGER GLOBAL MANAGEM n/a Co File 39'100'000 6.4 - 16.03.2012 Hedge Fund ManagerABERDEEN ASSET MANAG n/a Co File 31'275'000 5.12 - 16.03.2012 Investment AdvisorMASON HILL ADVISORS n/a EXCH 30'466'299 4.99 (2'088'550) 06.02.2012 UnclassifiedGENESIS ASSET MANAGE n/a EXCH 30'293'000 4.96 (1'609'000) 20.04.2012 Investment AdvisorEQUINOX PARTNERS LP n/a EXCH 23'575'000 3.86 (4'496'000) 11.09.2009 Hedge Fund ManagerDWS INVESTMENT S A Multiple Portfolios MF-AGG 12'000'000 1.96 - 29.02.2012 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 9'686'140 1.58 3'585'003 31.10.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 9'492'000 1.55 (1'112'000) 31.01.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9'313'000 1.52 - 31.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'360'000 0.55 - 30.09.2011 Investment AdvisorCHUANG TIONG CHOON n/a Co File 3'320'000 0.54 - 16.03.2012 n/aINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 2'725'000 0.45 (368'000) 29.07.2011 Mutual Fund ManagerSARASIN INVESTMENT M Multiple Portfolios MF-AGG 2'567'000 0.42 - 31.01.2012 Investment AdvisorDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'868'000 0.31 - 31.12.2011 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 1'835'000 0.3 - 31.01.2012 UnclassifiedFIRST STATE INVESTME Multiple Portfolios MF-AGG 1'452'000 0.24 - 31.01.2012 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'378'000 0.23 259'000 30.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'000 0.22 1'351'000 30.06.2011 Investment AdvisorWASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'253'000 0.21 1'253'000 31.12.2011 Investment Advisor


NRA Capital ANGELIA PHUA long-term buy 5 M 2 Not Provided 19.03.2012DBS Vickers ANDY SIM hold 3 M 2 12 month 06.03.2012SIAS Research Pte Ltd JINSHU LIU overweight 5 M 2 Not Provided 27.02.2012CIMB LEE WEN CHING outperform 5 M 2 12 month 24.02.2012

Holdings By:

Petra Foods Ltd ee


18.05.2012

BRF-Brasil Foods SA is a food processor in Latin America. The Company raises

chickens to produce poultry products. Brasil Foods also processes frozenpastas, soybeans and their derivatives, and distributes frozen vegetables. TheCompany's core business is chilled and frozen food. The Company has officesin the Middle East, Asia, and Europe.





Average Volume 5 Day 2'140'420BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'312'630BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'404'579


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q36'633.4 11'393.0 15'905.8 22'681.3 25'706.2 23'654.1 26'022.9 27'487.8 30'147.7 7'018.2 6'640.0

1.31x 0.84x 2.78x 1.23x 1.43x 3.50x 5.13x 1.22x 1.11x 4.92x 5.20x775.5 1'079.8 619.4 2'320.6 2'878.5 1'898.9 2'635.3 3'338.3 4'186.3 727.0 769.011.22x 8.83x 71.50x 12.01x 12.81x 0.00x 14.12x 10.25x 8.17x - -321.3 54.4 123.0 804.1 1'367.4 1'126.5 1'137.1 1'544.5 2'056.6 281.3 395.025.56x 112.96x 222.84x 29.61x 23.19x 23.85x 27.56x 17.01x 13.46x - -

EBITDA 2'878.49 Long-Term Rating Date 04.04.2012EBIT 1'992.15 Long-Term Rating BBB-Operating Margin 7.75% Long-Term Outlook STABLEPretax Margin 5.92% Short-Term Rating Date -Return on Assets 4.74% Short-Term Rating -Return on Common Equity 9.87%Return on Capital 8.25% EBITDA/Interest Exp. 6.30Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 3.84



Fiscal Year Ended

BRF - Brasil Foods SAPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAIXA DE PREVIDENCIA n/a EXCH 111'240'334 12.75 - 28.02.2012 GovernmentFUNDACAO PETROBRAS D n/a EXCH 89'166'762 10.22 - 28.02.2012 OtherTARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 28.02.2012 Mutual Fund ManagerGOVERNANCA & GESTAO Multiple Portfolios MF-AGG 30'031'734 3.44 - 31.03.2012 Mutual Fund ManagerWEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2010 OtherFUND VALE DO RIO DOC n/a EXCH 25'039'981 2.87 - 28.02.2012 OtherBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'441'935 2.11 600 02.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16'406'366 1.88 1'553'774 31.03.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 15'900'000 1.82 - 31.12.2010 Pension Fund (ERISA)FUND SISTEL DE SEGUR n/a EXCH 12'214'625 1.4 - 28.02.2012 Pension Fund (ERISA)FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'951'821 1.14 3'200 31.03.2012 Mutual Fund ManagerFPRV1 SABIA FI MUTLI n/a EXCH 6'543'549 0.75 - 28.02.2012 UnclassifiedFURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2010 n/aGUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 5'099'532 0.58 (265'496) 31.03.2012 Mutual Fund ManagerHSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'915'140 0.56 (420'977) 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 4'870'390 0.56 (53'420) 31.03.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'733'668 0.54 537'100 31.03.2012 Investment AdvisorBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 4'697'980 0.54 485'367 31.03.2012 Mutual Fund ManagerINVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 4'494'441 0.52 (20'700) 31.03.2012 OtherBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'454'591 0.4 671'872 31.03.2012 Investment Advisor


Bradesco Corretora RICARDO BOIATI market perform 3 M 43 Not Provided 02.05.2012Fator Corretora RENATO PRADO buy 5 M 43 Not Provided 02.05.2012SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 02.05.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 30.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 44 12 month 30.04.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 40 Not Provided 30.04.2012Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 42 12 month 29.04.2012Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 40 Not Provided 27.04.2012Raymond James DANIELA M BRETTHAUER market perform 3 D #N/A N/A Not Provided 12.04.2012JPMorgan ALAN ALANIS neutral 3 M 36 6 month 11.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Barclays Capital GABRIEL VAZ DE LIMA overwt/positive 5 M 43 Not Provided 23.03.2012Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 22.03.2012HSBC PEDRO HERRERA overweight 5 M 46 Not Provided 20.03.2012Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 11.10.2011Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011

Holdings By:

BRF - Brasil Foods SA ee


18.05.2012

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

sells, stores, transports and processes oilseeds and grains to make protein mealfor animal feed and edible oil products for commercial customers and consumers.Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, andsells fertilizer.





Average Volume 5 Day 1'144'274BG US EQUITY YTD Change - Average Volume 30 Day 1'339'557BG US EQUITY YTD % CHANGE - Average Volume 3 Month 1'225'546


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q337'842.0 52'574.0 41'926.0 45'707.0 58'743.0 47'556.0 59'995.0 62'905.6 66'334.4 15'663.3 17'143.4

0.53x 0.21x 0.34x 0.33x 0.21x 1.12x 0.93x 0.21x 0.19x - -1'541.0 2'862.0 305.0 1'396.0 1'701.0 1'495.0 1'524.0 1'872.7 2'086.1 387.6 539.2

12.97x 3.89x 46.71x 10.70x 7.36x 10.43x 9.16x 7.52x 6.75x 7.68x 7.55x778.0 1'064.0 361.0 2'354.0 942.0 2'523.0 802.0 985.2 1'087.9 222.8 315.818.05x 7.66x 37.55x 15.98x 9.88x 13.96x 13.85x 9.17x 8.30x 8.59x 8.27x

EBITDA 1'701.00 Long-Term Rating Date 10.06.2010EBIT 1'175.00 Long-Term Rating BBB-Operating Margin 2.00% Long-Term Outlook POSPretax Margin 1.68% Short-Term Rating Date -Return on Assets 3.69% Short-Term Rating -Return on Common Equity 8.05%Return on Capital 7.31% EBITDA/Interest Exp. 5.63Asset Turnover 2.38% (EBITDA-Capex)/Interest Exp. 1.91




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Bunge LtdPrice/Volume

Valuation Analysis


'

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOVT OF SINGAPORE IN n/a 13G 7'305'865 5.01 - 13.02.2012 GovernmentVANGUARD GROUP INC VANGUARD GROUP INC 13F 5'849'741 4.02 9'315 31.12.2011 Investment AdvisorGLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'787'523 3.97 967'742 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'304'721 3.64 (6'062) 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'291'809 3.63 284'872 31.12.2011 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 3'908'738 2.68 (477'529) 29.02.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'288'677 2.26 225'324 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'779'579 1.91 83'600 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'770'956 1.9 112'345 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 2'629'099 1.8 55'631 31.03.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'618'770 1.8 2'060'371 31.12.2011 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 2'477'614 1.7 966'760 31.03.2012 Investment AdvisorRBC TRUSTEES (CI) LT RBC TRUSTEES (CI) LT 13F 2'415'246 1.66 - 31.12.2011 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'306'730 1.58 (25'121) 31.12.2011 Investment AdvisorALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'644'241 1.13 (31'614) 31.12.2011 Hedge Fund ManagerCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'332'098 0.91 641'140 31.03.2012 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 1'281'372 0.88 (100) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'194'619 0.82 24'914 31.12.2011 Investment AdvisorTAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1'138'266 0.78 (2'200) 31.03.2012 Investment Advisor


Itau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 02.05.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 63 Not Provided 27.04.2012Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 27.04.2012Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 27.04.2012Piper Jaffray MICHAEL E COX neutral 3 M 73 12 month 27.04.2012Barclays Capital FAROOQ HAMED overwt/positive 5 M 80 Not Provided 27.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.04.2012Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 26.04.2012Scotia Capital CHRISTINE HEALY sector outperform 5 M 80 12 month 26.04.2012Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 72 12 month 26.04.2012Topeka Capital Markets Inc IAN HOROWITZ hold 3 M 63 12 month 26.04.2012HSBC PEDRO HERRERA neutral 3 M 73 Not Provided 24.04.2012Deutsche Bank CHRISTINA MCGLONE buy 5 M 72 12 month 10.02.2012Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 M 56 12 month 10.02.2012Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 12 month 10.02.2012

Holdings By:

Bunge Ltd ee


18.05.2012

Industrias Bachoco, S.A. produces poultry for consumption in Mexico. The

Company operates chicken farms, processing units, feeding facilities, andincubation plants. The Company also produces and distributes eggs, swine, andbalanced feed.





Average Volume 5 Day 103'254BACHOCOB MM EQUITY YTD Change - Average Volume 30 Day 198'025BACHOCOB MM EQUITY YTD % CHANGE - Average Volume 3 Month 234'100


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q318'208.8 20'125.3 23'262.9 24'715.5 27'735.0 24'826.5 31'030.3 36'408.0 37'868.0 - -

0.80x 0.41x 0.58x 0.48x 0.44x 1.70x 1.51x 0.43x - - -2'054.4 846.4 2'076.4 3'155.6 735.9 3'013.9 1'413.7 2'026.0 2'470.0 - -

7.07x 9.76x 6.48x 3.76x 16.63x 4.22x 7.83x 5.91x 4.84x - -1'278.3 (879.0) 797.6 1'983.4 157.0 1'862.5 663.6 902.0 1'186.0 - -

13.62x - 18.81x 7.73x 85.20x 8.86x 20.16x 15.93x 11.95x - -

EBITDA 735.95 Long-Term Rating Date -EBIT 9.89 Long-Term Rating -Operating Margin 0.04% Long-Term Outlook -Pretax Margin 0.43% Short-Term Rating Date -Return on Assets 0.71% Short-Term Rating -Return on Common Equity 0.97%Return on Capital - EBITDA/Interest Exp. 10.55Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 0.41



Fiscal Year Ended

Industrias Bachoco SAB de CVPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

15'000.0

20'000.0

25'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCONTROL AND FAMILY T n/a 20F 496'500'000 82.75 - 31.12.2010 UnclassifiedGRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 15'376'404 2.56 224'204 30.03.2012 BankOPERADORA GBM SA DE Multiple Portfolios MF-AGG 1'744'000 0.29 500'000 30.03.2012 Investment AdvisorIXE FONDOS SOSI SA D Multiple Portfolios MF-AGG 1'150'000 0.19 1'150'000 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 180'121 0.03 - 31.01.2012 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 144'400 0.02 144'400 30.09.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 132'584 0.02 132'584 30.03.2012 Investment AdvisorGBM ASSET MANAGEMENT Multiple Portfolios MF-AGG 79'774 0.01 79'774 30.03.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28'037 0 - 31.07.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 24'800 0 - 30.04.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 10'460 0 - 31.01.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9'291 0 - 30.01.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'600 0 - 31.01.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 800 0 - 29.06.2011 Investment Advisor


GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market outperform 4 M 37 Not Provided 02.05.2012BBVA FERNANDO OLVERA outperform 5 M 28 Not Provided 20.04.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 13.02.2012

Holdings By:

Industrias Bachoco SAB de CV ee


18.05.2012

Adecoagro S.A. is an agricultural company in South America, with operations in

Argentina, Brazil and Uruguay. The Company is currently involved in a broadrange of businesses, including farming crops and other agricultural products,cattle and dairy operations, sugar, ethanol and energy production and landtransformation.




Total Debt 158.17 YTD Return 5.80%Preferred Stock 0.0 Adjusted BETA -Minority Interest 15.0 Analyst Recs 8Cash and Equivalents 330.55 Consensus Rating 4.750Enterprise Value 897.26

Average Volume 5 Day 163'127AGRO US EQUITY YTD Change - Average Volume 30 Day 166'806AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 217'828


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 12/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3182.2 306.5 398.1 403.7 645.4 0.0 645.4 636.4 800.4 - 167.0

- - - - - #DIV/0! 5.91x 2.15x 1.98x - -37.5 49.7 47.3 (0.6) 159.0 0.0 159.0 151.8 217.7 - 47.0

- - - - - 0.00x 0.00x 5.93x 4.13x - 7.01x29.2 (19.3) (0.3) (43.9) 56.0 0.0 56.0 54.9 85.4 - 16.3

- - - - 17.40x 0.00x 17.38x 19.32x 12.32x - 62.50x





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Adecoagro SAPrice/Volume

Valuation Analysis


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100.0

200.0

300.0

400.0

500.0

600.0

700.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOROS FUND MANAGEMEN n/a Research 25'384'049 21.14 - 01.01.2012 Hedge Fund ManagerHBK INVESTMENTS LP n/a 20F 20'471'770 17.05 - 31.03.2011 Hedge Fund ManagerSTICHTING PENSIOEN Z n/a 20F 15'307'824 12.75 - 31.03.2011 Pension Fund (ERISA)AL GHARRAFA INVESTME n/a 20F 12'562'906 10.46 - 31.03.2011 Investment AdvisorOSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 11'322'810 9.43 11'322'810 31.12.2011 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'388'679 4.49 944'740 31.12.2011 Investment AdvisorPGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.75 - 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'235'902 3.53 144'974 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 3'021'384 2.52 (22'311) 31.03.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'957'232 2.46 (169'020) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'046'725 1.7 2'739 01.05.2012 Investment AdvisorBOYCE ALAN LELAND n/a 20F 1'030'310 0.86 - 31.03.2011 n/aVIEIRA MARCELO n/a 20F 824'562 0.69 - 31.03.2011 n/aNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 816'476 0.68 (167'067) 31.12.2011 Investment AdvisorBLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 789'715 0.66 - 31.12.2011 Hedge Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 470'000 0.39 - 29.02.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 465'000 0.39 - 31.12.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 463'359 0.39 (69'840) 31.12.2011 Hedge Fund ManagerCOBRA CA HOLDINGS LT n/a Co File 387'308 0.32 - 27.01.2011 OtherDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 386'896 0.32 (298'202) 31.12.2011 Investment Advisor


Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 02.05.2012HSBC PEDRO HERRERA overweight 5 M 13 Not Provided 24.04.2012Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 30.03.2012Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 30.03.2012Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011

Holdings By:

Adecoagro SA ee


18.05.2012

Associated British Foods PLC processes and manufactures food products. The

Company produces flour and cereals, baking and confectionery ingredients, teas,vegetable oils and dairy products. They also refine sugar, process meats,manufacture textiles, and have glass manufacturing operations. The Groupconducts business in Europe, Australia, New Zealand, Asia, and the US.

Latest Fiscal Year: 09/2011LTM as of: 01/yy52-Week High (24.04.2012) 1'249.0052-Week Low (09.08.2011) 935.50Daily Volume




Average Volume 5 Day 766'107ABF LN EQUITY YTD Change - Average Volume 30 Day 834'819ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 891'490


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - -6'800.0 8'235.0 9'255.0 10'167.0 11'065.0 - - 12'143.0 12'810.3 - -

1.00x 0.85x 0.88x 0.94x 0.95x - - 0.90x 0.84x - -832.0 878.0 1'082.0 1'304.0 1'296.0 - - 1'451.4 1'543.2 - -8.19x 7.96x 7.52x 7.35x 8.15x - - 7.77x 7.31x - -

369.0 357.0 359.0 546.0 541.0 - - 685.6 742.7 - -16.98x 16.50x 18.89x 15.15x 16.28x - - 13.64x 12.59x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Associated British Foods PLCPrice/Volume

Valuation Analysis


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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWITTINGTON PROPTYS L n/a Co File 431'515'108 54.51 - 17.09.2011 Investment AdvisorHOWARD INVESTMENTS L Multiple Portfolios REG 28'173'893 3.56 - 01.03.2012 UnclassifiedCAPITAL RESEARCH AND Multiple Portfolios REG 24'295'000 3.07 (1'475'000) 01.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 24'295'000 3.07 - 31.03.2012 Investment AdvisorNEWTON INV MGMT Multiple Portfolios REG 16'634'283 2.1 (1'197'686) 01.03.2012 Mutual Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios REG 16'433'696 2.08 5'021'938 01.03.2012 Investment AdvisorASSOCIATED BRITISH F Multiple Portfolios REG 14'299'314 1.81 - 01.03.2012 UnclassifiedLEGAL & GENERAL INVE Multiple Portfolios REG 14'010'601 1.77 (253'403) 01.03.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 11'716'189 1.48 6'699'611 01.03.2012 UnclassifiedBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'112'627 1.02 150'840 01.05.2012 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 7'208'119 0.91 (507'027) 01.03.2012 Investment AdvisorAEGON UK PLC Multiple Portfolios REG 6'188'803 0.78 923'612 01.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios REG 5'971'417 0.75 (425'346) 01.03.2012 Investment AdvisorCREDIT SUISSE SECURI Multiple Portfolios REG 5'948'707 0.75 858'480 01.03.2012 Investment AdvisorWESTON W G GALEN n/a Co File 5'672'560 0.72 - 08.11.2011 n/aGALEWEST LIMITED Multiple Portfolios REG 5'258'642 0.66 - 01.03.2012 UnclassifiedSTANDARD LIFE INVEST Multiple Portfolios REG 4'854'416 0.61 467'542 01.03.2012 Investment AdvisorJP MORGAN PRIVATE BA Multiple Portfolios REG 4'495'143 0.57 - 01.03.2012 UnclassifiedUNIVERSITIES SUPERAN Multiple Portfolios REG 4'376'871 0.55 1'388'370 01.03.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios REG 4'286'523 0.54 4'047'993 01.03.2012 Investment Advisor


Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 02.05.2012Canaccord Genuity Corp ALICIA FORRY buy 5 M 1'400 12 month 02.05.2012Berenberg Bank JAMES TARGETT hold 3 M 1'225 Not Provided 02.05.2012Societe Generale WARREN L ACKERMAN hold 3 M 1'275 12 month 01.05.2012Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1'325 12 month 27.04.2012Nomura DAVID HAYES buy 5 M 1'375 Not Provided 25.04.2012Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 1'300 Not Provided 25.04.2012Barclays Capital JANE GELFAND overwt/neutral 5 M 1'300 Not Provided 25.04.2012Morgan Stanley TOBY MCCULLAGH Overwt/Attractive 5 M 1'350 12 month 24.04.2012Investec MARTIN DEBOO hold 3 M 1'200 12 month 24.04.2012Credit Suisse CHARLES MILLS outperform 5 M 1'300 Not Provided 24.04.2012JPMorgan ALBERTO LOPEZ RUEDA overweight 5 M 1'340 6 month 24.04.2012Jefferies DIRK VAN VLAANDEREN hold 3 M 1'155 12 month 24.04.2012Standard & Poor's Equity Research CARL SHORT hold 3 M 1'320 12 month 24.04.2012Exane BNP Paribas JEFF STENT outperform 5 M 1'320 Not Provided 24.04.2012Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1'135 12 month 18.04.2012Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.03.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012Mirabaud Securities JULIAN LAKIN hold 3 M 1'160 Not Provided 01.03.2012Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012Deutsche Bank JAMES ISENWATER hold 3 M 1'070 12 month 08.11.2011

Holdings By:

Associated British Foods PLC ee


18.05.2012

AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in

Europe and the Americas. The company operates in three segments: Chocolate andConfectionery Fats, Food Ingredients, and Technical Products and Feed.





Average Volume 5 Day 43'740AAK SS EQUITY YTD Change - Average Volume 30 Day 37'773AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 42'495


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q313'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'911.6 18'637.3 4'174.2 4'626.2

0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.67x 0.62x - -1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'415.0 1'553.4 312.5 381.5






Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

AarhusKarlshamn ABPrice/Volume

Valuation Analysis


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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

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 OtherARBEJDSMARKEDETS TIL n/a Co File 3'363'711 8.22 - 31.12.2008 Pension Fund (ERISA)SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'156'295 5.27 (27'536) 31.12.2011 Investment AdvisorDIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment AdvisorLANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment AdvisorFONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment AdvisorBT PENSION SCHEME n/a Co File 696'041 1.7 - 31.12.2008 Pension Fund (ERISA)ENTER FONDER AB Multiple Portfolios MF-AGG 644'550 1.58 (4'700) 31.03.2012 Investment AdvisorFJARDE AP-FONDEN n/a Co File 564'951 1.38 - 31.12.2008 Pension Fund (ERISA)HANDELSBANKENS SMABO n/a Co File 503'050 1.23 - 31.12.2008 n/aSEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund ManagerFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment AdvisorANDRA AP FONDEN n/a Co File 387'382 0.95 - 31.12.2008 Pension Fund (ERISA)AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282'500 0.69 (60'441) 31.12.2011 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment AdvisorCARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151'550 0.37 81'998 29.02.2012 Investment Advisor


Nordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012

Holdings By:

AarhusKarlshamn AB ee


18.05.2012

Yunnan Yuntianhua Co., Ltd. manufactures and markets fertilizers and other

chemical products. The Company's products include synthetic ammonia, urea,nitramine, pentaerythritol, sodium formate, and polyformaldehyde. YunnanYuntianhua also manufactures glass fibers and lubricants.


-52-Week High % Change - Dividend Yield -52-Week Low % Change - Beta -% 52 Week Price Range High/Low 28.17% Equity Float 256.67

Shares Out 31.03.2012 693.6 Short Int -- 1 Yr Total Return -

Total Debt 14'071.10 YTD Return -Preferred Stock 0.0 Adjusted BETA -Minority Interest 2'157.2 Analyst Recs 7Cash and Equivalents 2'227.55 Consensus Rating 4.143Enterprise Value -

Average Volume 5 Day 0600096 CH EQUITY YTD Change - Average Volume 30 Day 0600096 CH EQUITY YTD % CHANGE - Average Volume 3 Month 0


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q36'000.0 7'693.2 6'021.7 7'123.7 10'059.5 7'709.4 10'202.4 10'370.7 11'610.3 2'845.0 2'451.0

5.46x 2.53x 4.05x 3.99x 2.42x 9.52x 7.66x - - - -1'437.7 1'739.7 1'238.6 1'550.8 - 501.7 0.0 1'735.0 2'123.0 - -

22.79x 11.20x 19.67x 18.31x - 0.00x 0.00x - - - -681.7 657.6 77.3 181.9 168.8 128.0 (14.5) 284.4 419.3 - -38.76x 14.39x 180.84x 86.66x 57.36x 108.44x 0.00x - - - -

EBITDA 1'816.70 Long-Term Rating Date -EBIT 769.78 Long-Term Rating -Operating Margin 7.65% Long-Term Outlook -Pretax Margin 2.65% Short-Term Rating Date -Return on Assets 0.66% Short-Term Rating -Return on Common Equity 3.11%Return on Capital 3.63% EBITDA/Interest Exp. 2.22Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -0.40



Fiscal Year Ended

Yunnan Yuntianhua Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeYUNTIANHUA GROUP CO n/a EXCH 329'441'977 47.5 - 20.05.2011 GovernmentXA CHANGGUO INVEST M n/a EXCH 15'446'179 2.23 - 20.05.2011 n/aFOUNDER SECURITIES C n/a EXCH 12'046'848 1.74 - 20.05.2011 UnclassifiedYOUNGOR GROUP CO n/a EXCH 11'049'079 1.59 - 20.05.2011 CorporationTJ KAISHI GOLD FUND n/a EXCH 10'845'510 1.56 - 20.05.2011 n/aJI'NAN BEIAN INVEST n/a EXCH 10'708'310 1.54 - 20.05.2011 n/aSX YUESHANG PH 7 INV n/a EXCH 10'485'220 1.51 - 20.05.2011 n/aHEB LONGSHENG ASSETS n/a EXCH 10'387'060 1.5 - 20.05.2011 n/aZJ TIANTANG GUIGU LE n/a EXCH 10'376'352 1.5 - 20.05.2011 n/aCH HUADIAN GRP HLD C n/a EXCH 10'373'675 1.5 - 20.05.2011 n/aLION FUND MANAGEMENT Multiple Portfolios MF-AGG 4'999'445 0.72 4'994'739 30.06.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 3'999'815 0.58 - 31.12.2010 Pension Fund (ERISA)CHINA POST & CAPITAL Multiple Portfolios MF-AGG 2'779'518 0.4 2'779'518 30.06.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 2'368'219 0.34 (1'668'933) 30.06.2011 Investment AdvisorCHANGSHENG FUND MANA Multiple Portfolios MF-AGG 2'333'785 0.34 (867'223) 30.06.2011 Investment AdvisorSYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 1'999'931 0.29 (1'548'659) 30.06.2011 Investment AdvisorCHANG XIN ASSET MANA Multiple Portfolios MF-AGG 1'959'771 0.28 459'803 30.06.2011 Investment AdvisorGALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 1'899'881 0.27 699'950 30.06.2011 Investment AdvisorSH LILI INVEST MGMT n/a EXCH 1'794'996 0.26 - 20.05.2011 n/aCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 1'568'950 0.23 (5'356'932) 30.06.2011 Investment Advisor


Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 M 11 12 month 22.04.2012Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 06.04.2012HuaChuang Securities GAO LI not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012Rising Securities Co.,LTD XU HAIYANG neutral 3 N #N/A N/A Not Provided 10.02.2012SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 02.02.2012Capital Securities Corp XU YING buy 5 M 18 Not Provided 01.02.2012Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 30.12.2011Bohai Securities Co Ltd REN XIANGONG buy 5 N #N/A N/A Not Provided 22.08.2011First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 22.03.2011ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 15.03.2011GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 26.12.2010China Securities Co., Ltd LIANG BIN add 4 U 27 Not Provided 08.12.2010Cinda Securities Ltd JINGPU GUO hold 3 D #N/A N/A Not Provided 05.11.2010Bank of China International NI XIAOMAN hold 3 M 24 Not Provided 30.03.2010AJ Securities XIN ZHANG neutral 3 M #N/A N/A Not Provided 18.03.2010Pacific Securities Co Ltd YAO XIN hold 3 M #N/A N/A Not Provided 19.10.2009China Galaxy Securities LI GUOHONG neutral 3 M #N/A N/A Not Provided 11.05.2009Citic Securities Co., Ltd XUMING LIU hold 3 M 22 Not Provided 18.06.2008

Holdings By:

Yunnan Yuntianhua Co Ltd ee


18.05.2012

China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company

produces ammonia and urea.




Total Debt 425.00 YTD Return -12.07%Preferred Stock 0.0 Adjusted BETA 1.015Minority Interest 1'430.7 Analyst Recs 22Cash and Equivalents 2'836.12 Consensus Rating 4.500Enterprise Value 18'432.68

Average Volume 5 Day 4'213'9343983 HK EQUITY YTD Change - Average Volume 30 Day 5'584'1523983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'566'843


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -4'340.4 6'811.8 5'794.6 6'867.3 9'756.3 - - 11'964.1 13'884.3 - -

4.45x 1.48x 3.19x 3.06x 2.15x - - 1.50x 1.23x - -2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 4'166.9 4'700.4 - -

9.44x 3.99x 9.29x 8.77x 5.92x - - 4.42x 3.92x - -1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 2'288.5 2'586.7 - -

15.21x 8.00x 19.92x 18.89x 11.09x - - 8.56x 7.41x - -




Fiscal Year Ended

China BlueChemical LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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0

1

2

3

4

5

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 193'982'323 10.95 - 05.03.2012 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 157'336'000 8.88 - 02.02.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 130'252'000 7.35 9'482'000 31.01.2012 Mutual Fund ManagerBLACKROCK INC #N/A N/A EXCH 121'474'228 6.86 - 24.04.2012 Investment AdvisorMONDRIAN INVESTMENT #N/A N/A Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund ManagerDEUTSCHE BANK AG n/a EXCH 85'218'843 4.81 - 30.11.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 67'349'555 3.8 2'890'386 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 63'102'600 3.56 - 29.02.2012 Mutual Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 39'871'900 2.25 (238'000) 31.01.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 37'022'833 2.09 683'800 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 30'032'000 1.7 42'000 01.05.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 20'368'000 1.15 1'722'000 31.01.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 15'440'000 0.87 - 31.12.2011 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 15'050'000 0.85 - 31.12.2010 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 12'670'000 0.72 248'000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'529'500 0.65 - 02.05.2012 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 10'930'659 0.62 1'543'811 30.03.2012 Mutual Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 10'876'000 0.61 - 31.12.2011 Investment AdvisorPETERCAM SA Multiple Portfolios MF-AGG 9'750'000 0.55 - 30.06.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 9'060'000 0.51 - 30.06.2011 Mutual Fund Manager


SWS Research Co Ltd ALBERT MIAO outperform 5 M 7 Not Provided 27.04.2012First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012Jefferies JACK LU underperform 1 N 5 12 month 16.04.2012Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 02.04.2012BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 02.04.2012Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012Essence Securities XU HAITAO buy 5 M 7 6 month 02.04.2012Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 7 12 month 01.04.2012Macquarie LAURA SHI neutral 3 M 6 12 month 31.03.2012China International Capital Corp BIN GUAN buy 5 M 7 12 month 31.03.2012JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 8 6 month 30.03.2012DBS Vickers RACHEL MIU buy 5 M 7 12 month 30.03.2012UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 30.03.2012BOCOM International Holdings HE WEI long-term buy 5 M 8 12 month 30.03.2012Standard Chartered STELLA TAN in-line 3 D 6 12 month 16.12.2011Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.09.2011GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010

Holdings By:

China BlueChemical Ltd ee


18.05.2012

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company

produces and imports potash fertilizers, phosphate-based and nitrogen-basedfertilizers, and compound fertilizers. Sinofert operates in the PeoplesRepublic of China.





Average Volume 5 Day 10'638'920297 HK EQUITY YTD Change - Average Volume 30 Day 8'724'914297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 10'712'690


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -28'381.7 45'392.9 27'010.7 29'271.1 36'685.0 - - 39'550.4 42'850.6 - -

1.67x 0.72x 1.30x 1.07x 0.44x - - 0.42x 0.38x - -2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'636.3 1'873.9 - -

23.03x 17.13x - 46.94x 13.75x - - 7.19x 6.27x - -641.1 1'912.6 (1'443.8) 535.7 678.0 - - 958.7 1'100.4 - -63.71x 12.06x - 44.67x 18.30x - - 8.85x 7.21x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Sinofert Holdings LtdPrice/Volume

Valuation Analysis


'

-

-

.

.

0

0

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1

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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

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOCHEM CORP #N/A N/A Co File 3'698'660'874 52.65 - 31.12.2011 GovernmentPOTASH CORP OF SASKA #N/A N/A Co File 1'563'312'141 22.26 - 31.12.2011 GovernmentCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 133'510'000 1.9 - 31.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 119'112'000 1.7 162'000 01.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 76'338'943 1.09 653'578 31.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'545) 31.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'338'000 0.65 16'000 02.05.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 20'084'526 0.29 (152'427) 29.02.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14'744'000 0.21 14'744'000 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'064'000 0.19 (48'000) 01.05.2012 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 9'000'000 0.13 - 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'172'000 0.12 590'000 30.06.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'712'000 0.08 - 31.01.2012 Investment AdvisorAPS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'490'673 0.06 - 31.08.2011 Investment AdvisorSARASIN INVESTMENT M Multiple Portfolios MF-AGG 4'398'000 0.06 - 31.01.2012 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.12.2011 Mutual Fund ManagerAMERICAN INTERNATION Multiple Portfolios MF-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 GovernmentGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'577'814 0.05 - 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'200'000 0.05 - 29.02.2012 Investment Advisor


Jefferies JACK LU underperform 1 N 1 12 month 13.04.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.04.2012Standard Chartered STELLA TAN outperform 5 M 2 12 month 23.03.2012Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 D 2 12 month 23.03.2012Macquarie LAURA SHI neutral 3 M 2 12 month 23.03.2012China International Capital Corp BIN GUAN hold 3 D 2 12 month 23.03.2012BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 23.03.2012UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 23.03.2012Essence Securities XU HAITAO neutral 3 M 2 6 month 23.03.2012BOCOM International Holdings HE WEI neutral 3 D 2 12 month 23.03.2012Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 3 12 month 22.03.2012Masterlink Securities LI XIN hold 3 M 3 Not Provided 24.02.2012OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010

Holdings By:

Sinofert Holdings Ltd ee


18.05.2012

FUJI OIL CO., LTD. produces palm oil and coconut oil. The Company also produces

a variety of oil-related products, such as cooking oil, oil and fat products,and soybean protein products.




Total Debt 37'719.00 YTD Return -5.94%Preferred Stock 0.0 Adjusted BETA 0.586Minority Interest 5'839.0 Analyst Recs 7Cash and Equivalents 12'403.00 Consensus Rating 3.571Enterprise Value 120'913.62

Average Volume 5 Day 310'4202607 JP EQUITY YTD Change - Average Volume 30 Day 339'3332607 JP EQUITY YTD % CHANGE - Average Volume 3 Month 280'508


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 219'270.0 236'307.0 246'373.3 254'311.7 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 2.75x 2.39x 0.47x 0.43x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 26'515.0 22'257.0 24'574.0 26'174.0 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 5.47x 6.04x 4.92x 4.62x - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 10'236.0 7'689.0 9'400.0 10'700.0 - -#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data...#N/A Requesting Data... 9.97x 12.31x 9.38x 8.23x - -




Fiscal Year Ended

Fuji Oil Co Ltd/OsakaPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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3''

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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

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1'!''

3'!''

5'!''

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeITOCHU CORP n/a MOF-JP 17'831'522 20.36 - 11.10.2011 CorporationJAPAN TRUSTEE SERVIC n/a Co File 6'246'000 7.13 2'915'000 30.09.2011 BankMASTER TRUST BANK OF n/a Co File 5'404'000 6.17 (100'000) 30.09.2011 BankCAPITAL GUARDIAN TRU n/a MOF-JP 5'205'738 5.94 - 15.08.2011 Investment AdvisorITOCHU SALES AND MAR n/a MOF-JP 3'154'130 3.6 16 11.10.2011 n/aNOMURA ASSET MANAGEM n/a Co File 3'127'000 3.57 (1'112'200) 30.09.2011 Investment AdvisorTOKIO MARINE & NICHI n/a Co File 2'828'000 3.23 - 30.09.2011 Insurance CompanyJA ZENKYOREN n/a Co File 2'185'000 2.5 - 30.09.2011 BankNIPPON LIFE INSURANC n/a Co File 2'000'000 2.28 - 30.09.2011 Insurance CompanySUMITOMO MITSUI BANK n/a Co File 1'875'000 2.14 - 30.09.2011 BankNORINCHUKIN BANK LTD n/a Co File 1'825'000 2.08 - 30.09.2011 Investment AdvisorSUMITOMO MITSUI TRUS n/a Co File 1'739'000 1.99 - 31.03.2011 BankCUSTOMERS' STOCKHOLD n/a Co File 1'656'000 1.89 - 31.03.2011 n/aFUJI OIL CO LTD n/a Co File 1'608'800 1.84 19 30.09.2011 CorporationITOCHU SUGAR CO LTD n/a MOF-JP 1'130'000 1.29 - 11.10.2011 CorporationJ-OIL MILLS INC n/a Co File 1'000'000 1.14 - 31.03.2011 CorporationCAPITAL INTERNATIONA n/a MOF-JP 855'300 0.98 - 15.08.2011 Investment AdvisorCAPITAL INTERNATIONA n/a MOF-JP 764'613 0.87 - 15.08.2011 Investment AdvisorKAMIGUMI CO LTD n/a Co File 611'050 0.7 - 31.03.2011 CorporationMEITO SANGYO CO LTD n/a Co File 606'000 0.69 - 31.03.2011 Corporation


Mizuho Securities HIROSHI SAJI buy 5 M 1'250 12 month 24.04.2012Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 D 1'200 12 month 23.04.2012SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1'240 12 month 23.04.2012Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 D #N/A N/A Not Provided 12.04.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012Daiwa Securities Co. Ltd. SATOSHI TANAKA outperform 5 M 1'330 Not Provided 21.02.2012Nomura KEIKO YAMAGUCHI neutral 3 M 1'200 12 month 05.12.2011

Holdings By:

Fuji Oil Co Ltd/Osaka ee


18.05.2012

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The

Company predominately sells its products in Taiwan.




Total Debt 9.61 YTD Return -2.84%Preferred Stock 0.0 Adjusted BETA 1.095Minority Interest 0.0 Analyst Recs 18Cash and Equivalents 3'250.15 Consensus Rating 4.222Enterprise Value 63'889.45

Average Volume 5 Day 2'308'6461722 TT EQUITY YTD Change - Average Volume 30 Day 2'879'4721722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 3'458'217


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q311'799.2 17'019.8 17'117.6 14'428.8 16'970.8 15'248.4 17'552.6 17'341.9 17'888.3 3'958.9 4'139.0

5.45x 2.64x 5.93x 6.97x 3.88x 22.26x 12.24x 3.68x 3.66x - -515.4 606.5 2'126.5 1'076.4 677.7 1'235.0 306.6 2'319.1 1'983.5 - -

124.83x 74.17x 47.74x 93.43x 97.17x 62.53x 0.00x 27.55x 32.21x - -3'768.9 2'191.7 1'266.9 1'723.6 3'011.1 1'793.5 2'724.7 3'530.7 3'754.2 678.5 743.2

20.36x 23.30x 88.37x 61.93x 22.96x 47.27x 27.46x 18.68x 17.71x 15.45x 15.09x

EBITDA 677.65 Long-Term Rating Date -EBIT 446.97 Long-Term Rating -Operating Margin 2.63% Long-Term Outlook -Pretax Margin 19.36% Short-Term Rating Date -Return on Assets 4.62% Short-Term Rating -Return on Common Equity 5.93%Return on Capital 5.93% EBITDA/Interest Exp. 15401.23Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -42742.36




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Taiwan Fertilizer Co LtdPrice/Volume

Valuation Analysis


'

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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

18'000.0

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

.'!''

1'!''

3'!''

5'!''

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOUNCIL OF AGRICULTU n/a EXCH 235'886'376 24.07 - 29.02.2012 n/aSAUDI ARABIAN MONETA n/a Co File 36'850'108 3.76 - 23.04.2011 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 27'385'178 2.79 1'334'770 31.03.2012 Investment AdvisorCATHAY LIFE INSURANC n/a Co File 24'643'000 2.51 - 23.04.2011 n/aFIDELITY INTL FUND n/a Co File 22'351'000 2.28 - 23.04.2011 n/aKUWAIT INVESTMENT AU n/a Co File 18'433'000 1.88 - 23.04.2011 GovernmentFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 17'415'958 1.78 177'011 31.03.2012 Investment AdvisorOLD LABOR RETIREMENT n/a Co File 13'293'000 1.36 - 23.04.2011 Pension Fund (ERISA)SHIN KONG LIFE INSUR n/a Co File 12'669'000 1.29 - 23.04.2011 Insurance CompanyBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'993'000 1.22 - 02.05.2012 Investment AdvisorVANGUARD EMS INDEX F n/a Co File 11'792'600 1.2 - 23.04.2011 n/aFIDELITY EMRK FUND n/a Co File 10'557'000 1.08 - 23.04.2011 n/aABU DHABI INVESTMENT n/a Co File 9'465'000 0.97 - 23.04.2011 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'224'000 0.94 - 27.09.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'881'000 0.91 8'881'000 30.06.2011 Investment AdvisorPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 7'576'000 0.77 1'400'000 31.12.2011 Mutual Fund ManagerLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6'413'700 0.65 (58'000) 30.03.2012 Investment AdvisorCHUNGHWA POST CO LTD n/a EXCH 5'565'000 0.57 - 29.02.2012 GovernmentINVESCO LTD Multiple Portfolios MF-AGG 5'398'633 0.55 944'000 02.05.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 4'819'000 0.49 - 29.02.2012 Investment Advisor


BNP Paribas Equity Research MICHELLE CHENG buy 5 M 93 12 month 03.05.2012Fubon Securities TERRY LIU neutral 3 M 76 6 month 02.05.2012Morgan Stanley JEREMY CHEN Overwt/No Rating 5 M 100 12 month 01.05.2012HSBC ABEL LEE overweight 5 M 89 Not Provided 26.04.2012Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012JPMorgan NICK LAI overweight 5 M 100 6 month 11.04.2012Goldman Sachs TOMMY WONG neutral/cautious 3 M 84 12 month 28.03.2012Yuanta Securities Investment ConsultingDANNY HO buy 5 M 107 Not Provided 28.03.2012RBS ANDRE CHANG hold 3 M 82 12 month 13.03.2012E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.02.2012SinoPac JERRY LU neutral 3 M 73 Not Provided 02.01.2012Macquarie CORINNE JIAN outperform 5 M 93 12 month 16.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Credit Suisse SIDNEY YEH outperform 5 M 104 Not Provided 17.10.2011Masterlink Securities CHANG WANCHEN buy 5 M 124 12 month 26.08.2011IBT Securities TITAN HORNG trading buy 5 M #N/A N/A Not Provided 31.12.2010

Holdings By:

Taiwan Fertilizer Co Ltd ee


18.05.2012

Shandong Kingenta Ecological Engineering Co.,Ltd. develops, manufactures and

sells chemical fertilizers. The Company's products include compoundfertilizers, controlled release fertilizers and other new types of fertilizers.




Total Debt 1'167.55 YTD Return 13.95%Preferred Stock 0.0 Adjusted BETA -Minority Interest 64.7 Analyst Recs 5Cash and Equivalents 1'300.74 Consensus Rating 5.000Enterprise Value 10'350.78

Average Volume 5 Day 2'823'136002470 CH EQUITY YTD Change - Average Volume 30 Day 2'417'906002470 CH EQUITY YTD % CHANGE - Average Volume 3 Month 2'369'761


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q32'623.3 3'634.0 4'159.2 5'479.1 7'626.2 4'619.4 8'224.6 9'921.0 13'124.5 - -

- - - 2.29x 1.17x 5.37x 3.81x - - - -224.7 316.1 307.8 443.1 608.8 0.0 0.0 852.5 1'173.0 - -

- - - 28.32x 14.64x 0.00x 0.00x 12.14x 8.82x - -197.1 235.8 212.9 313.7 436.5 288.9 487.0 603.5 828.8 - -

- - - 38.48x 20.69x 0.00x 19.45x 16.58x 12.63x - -

EBITDA 608.82 Long-Term Rating Date -EBIT 533.51 Long-Term Rating -Operating Margin 7.00% Long-Term Outlook -Pretax Margin 7.17% Short-Term Rating Date -Return on Assets 8.86% Short-Term Rating -Return on Common Equity 15.04%Return on Capital 11.73% EBITDA/Interest Exp. 22.53Asset Turnover 1.55% (EBITDA-Capex)/Interest Exp. -4.03




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Shandong Kingenta Ecological Engineering Co LtdPrice/Volume

Valuation Analysis


'

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2'000.0

3'000.0

4'000.0

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6'000.0

7'000.0

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

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-!.'



18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLY JINZHENGDA INVEST n/a Co File 306'720'000 43.82 - 31.12.2011 n/aLIANBU WAN n/a Co File 143'280'000 20.47 - 31.12.2011 n/aCRF FERTILIZER INVES n/a Co File 75'000'000 10.71 - 31.12.2011 n/aYOUNGOR INVESTMENT C n/a EXCH 75'000'000 10.71 75'000'000 11.04.2012 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 2'903'615 0.41 - 31.12.2011 Pension Fund (ERISA)GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 2'678'554 0.38 2'678'554 30.06.2011 Investment AdvisorGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 2'048'913 0.29 2'048'913 30.06.2011 Investment AdvisorBOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 2'032'973 0.29 851'700 30.06.2011 Investment AdvisorRUAN TIANZHEN n/a Co File 1'200'100 0.17 - 31.12.2011 n/aE FUND MANAGEMENT Multiple Portfolios MF-AGG 499'899 0.07 498'899 30.06.2011 Investment AdvisorMINSHENG ROYAL FUND Multiple Portfolios MF-AGG 1'000 0 - 30.06.2011 Mutual Fund ManagerFULLGOAL FUND MANAGE Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment AdvisorHFT INVESTMENT MANAG Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment AdvisorICBC CREDIT SUISSE A Multiple Portfolios MF-AGG - 0 (159'258) 30.06.2011 Investment AdvisorDEG DEUTSCHE INVESTI n/a EXCH - 0 (75'000'000) 11.04.2012 BankBOSERA FUND MANAGEME Multiple Portfolios MF-AGG - 0 (500) 30.06.2011 Investment Advisor


HuaChuang Securities ZHOU ZHENG buy 5 M #N/A N/A Not Provided 24.04.2012PingAn Securities CHEN JIANWEN buy 5 M #N/A N/A Not Provided 23.04.2012Citic Securities Co., Ltd YIN XIAODONG buy 5 M 18 6 month 06.04.2012Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 06.03.2012Central China Securities YANG SHU buy 5 N #N/A N/A Not Provided 28.11.2011First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 17.05.2011

Holdings By:

Shandong Kingenta Ecological Engineering Co Ltd ee


18.05.2012

Shenzhen Noposion Agrochemicals Company Ltd. manufactures herbicides,

insecticides, fungicides, aricides, and plant growth regulators.




Total Debt 229.86 YTD Return -0.12%Preferred Stock 0.0 Adjusted BETA 1.282Minority Interest 65.2 Analyst Recs 5Cash and Equivalents 498.49 Consensus Rating 4.000Enterprise Value 2'803.63



31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3721.5 1'058.3 1'305.8 1'451.4 1'549.0 1'554.4 1'552.3 1'761.7 2'203.0 863.0 378.0

- 2.48x 4.78x 5.13x 1.77x 11.97x 9.68x - - - -90.1 120.8 169.6 139.0 113.2 0.0 0.0 163.5 210.0 - -

- 21.70x 36.79x 53.55x 24.17x 0.00x 0.00x 17.15x 13.35x - -63.5 92.5 138.6 108.8 81.3 130.8 75.3 107.3 251.5 - -

- 38.09x 45.57x 69.78x 36.09x 46.12x 39.47x 27.63x 12.85x - -




Fiscal Year Ended

Shenzhen Noposion Agrochemicals Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

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200.0

400.0

600.0

800.0

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1'200.0

1'400.0

1'600.0

1'800.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBAIQIANG LU n/a Co File 106'942'294 30.2 - 31.12.2011 n/aSHENZHEN RONGXIN SOU n/a Co File 58'893'120 16.63 - 31.12.2011 CorporationFULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 23'426'122 6.62 6'912'685 30.06.2011 Investment AdvisorTIBET LINZI HAOLAI I n/a EXCH 14'780'669 4.17 (4'926'800) 17.04.2012 CorporationTIBET LINZHI RUNBAO n/a Co File 14'731'040 4.16 - 31.12.2011 CorporationCUIDONG LU n/a Co File 6'711'465 1.9 - 31.12.2011 n/aCHINA UNIVERSAL BALA n/a EXCH 6'359'550 1.8 - 12.03.2010 n/aCHINA UNIVERSAL ADVA n/a EXCH 5'509'289 1.56 - 12.03.2010 n/aHARVEST LI CAI TONG n/a EXCH 5'212'208 1.47 - 12.03.2010 n/aDONGGUAN JUFU CO LTD n/a Co File 5'150'679 1.45 - 31.12.2011 CorporationCHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 5'128'349 1.45 (7'795'349) 30.06.2011 Investment AdvisorCHINA AMC ADVANTAGE n/a Co File 4'800'000 1.36 - 31.12.2011 n/aAEROSPACE S & T ASSE #N/A N/A EXCH 4'800'000 1.36 - 12.03.2010 OtherCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'520'953 1.28 4'349'849 30.06.2011 Investment AdvisorHUASHANG FUND MANAGE Multiple Portfolios MF-AGG 4'143'389 1.17 (2'256'611) 30.06.2011 Investment AdvisorCHANGZHOU INVESTMENT n/a Co File 3'912'000 1.1 - 31.12.2011 CorporationEFUND MGMT CO LTD n/a EXCH 3'200'000 0.9 - 12.03.2010 n/aTJ JIAQIAO FUKAI INV n/a EXCH 3'200'000 0.9 - 12.03.2010 n/aJIANGSU LIGHT IND PR n/a EXCH 3'200'000 0.9 - 12.03.2010 CorporationFORTUNE TRUST CO LTD n/a EXCH 3'200'000 0.9 - 12.03.2010 Investment Advisor


PingAn Securities CHEN JIANWEN buy 5 M #N/A N/A Not Provided 17.04.2012Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 12.04.2012Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 11.04.2012SWS Research Co Ltd KAISHENG LIN neutral 3 D #N/A N/A Not Provided 02.02.2012Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 14.04.2011Donghai Securities Co Ltd WANG HUIQIN add 4 M 20 6 month 12.04.2011Orient Securities YANG YUN buy 5 M 29 12 month 13.08.2010GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 12.08.2010Everbright Securities Co., Ltd ZHANG LIYANG neutral 3 M #N/A N/A Not Provided 12.08.2010Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 29.06.2010China Jianyin Investment Securities WANG PENG buy 5 M #N/A N/A Not Provided 07.06.2010Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010China Securities Co., Ltd LIANG BIN add 4 U 16 Not Provided 02.12.2009Bohai Securities Co Ltd WEI LIU buy 5 U 14 12 month 13.08.2009

Holdings By:

Shenzhen Noposion Agrochemicals Co Ltd ee


18.05.2012

Henan Shuanghui Investment & Development Co., Ltd. is an investment holding

company. Through its subsidiaries, the Company manufactures meat products andfrozen food, provides processing and printing services, as well as operates incommercial trading.


6352-Week High % Change -22.98% Dividend Yield -52-Week Low % Change 8.21% Beta -% 52 Week Price Range High/Low 23.20% Equity Float 276.38


Total Debt 917.06 YTD Return -9.17%Preferred Stock 0.0 Adjusted BETA -Minority Interest 654.2 Analyst Recs 14Cash and Equivalents 2'513.46 Consensus Rating 4.786Enterprise Value 37'207.29



31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q321'797.7 25'954.8 28'290.7 36'238.3 37'520.4 36'511.7 38'971.2 46'767.2 56'387.4 8'867.0 14'109.0

1.63x 0.78x 1.10x 1.42x 1.10x 2.67x 4.09x 0.86x 0.71x - -928.8 1'170.9 1'407.9 1'875.5 942.8 0.0 0.0 3'383.0 4'477.8 18.0 948.038.15x 17.30x 22.06x 27.35x 43.96x 0.00x 0.00x 11.00x 8.31x 8.47x 8.23x561.9 698.9 910.7 1'159.2 564.9 1'204.3 488.4 2'783.1 3'754.0 174.0 833.063.62x 29.98x 35.34x 45.55x 75.22x 39.22x 85.48x 19.71x 15.52x 18.92x 18.21x




Fiscal Year Ended

Henan Shuanghui Investment & Development Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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20'000.0

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30'000.0

35'000.0

40'000.0

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROTARY VORTEX LTD n/a EXCH 311'809'958 51.45 - 30.06.2011 CorporationAEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 30'494'525 5.03 3'898'491 30.06.2011 Investment AdvisorGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 15'693'444 2.59 11'727'950 30.06.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 12'898'376 2.13 (1'173'183) 30.06.2011 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'407'492 2.05 (3'205'391) 30.06.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 12'000'000 1.98 - 30.06.2011 Pension Fund (ERISA)E FUND MANAGEMENT Multiple Portfolios MF-AGG 11'379'665 1.88 (5'647'429) 30.06.2011 Investment AdvisorMERRILL LYNCH INTERN n/a Co File 8'658'799 1.43 - 30.06.2011 BankCHINA CINDA ASSET MA n/a Co File 6'569'253 1.08 - 30.06.2011 GovernmentCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 6'479'477 1.07 (7'379'330) 30.06.2011 Investment AdvisorFRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 6'302'568 1.04 (78'042) 30.06.2011 Investment AdvisorEVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 6'094'270 1.01 2'686'915 30.06.2011 Investment AdvisorYALE UNIVERSITY n/a Co File 5'671'259 0.94 - 30.06.2011 EndowmentCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 5'441'929 0.9 (797'453) 30.06.2011 Investment AdvisorRONGTONG FUND MANAGE Multiple Portfolios MF-AGG 5'371'375 0.89 588'987 30.06.2011 Investment AdvisorGUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 5'118'249 0.84 (9'926'636) 30.06.2011 Investment AdvisorFORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 4'797'141 0.79 2'584'903 30.06.2011 Investment AdvisorMANULIFE TEDA FUND M Multiple Portfolios MF-AGG 4'714'491 0.78 3'504'968 30.06.2011 Investment AdvisorICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 3'922'092 0.65 1'315'314 30.06.2011 Investment AdvisorBANK OF COMMUNICATIO Multiple Portfolios MF-AGG 3'612'961 0.6 2'484'861 30.06.2011 Investment Advisor


PingAn Securities WEN XIAN strong buy 5 M #N/A N/A Not Provided 02.05.2012SWS Research Co Ltd ZHANG XUEJIAO buy 5 M #N/A N/A Not Provided 23.04.2012Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.04.2012Capital Securities Corp LIU HUI hold 3 M #N/A N/A Not Provided 19.04.2012China Merchants Securities ZHU WEIHUA strong buy 5 M 85 6 month 06.04.2012Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 05.04.2012China Minzu Securities Co Ltd ZHANG LIHUA buy 5 M #N/A N/A Not Provided 07.03.2012Northeast Securities Co Ltd ZHU CHENGLIANG add 4 M #N/A N/A Not Provided 02.03.2012HuaChuang Securities GAO LI buy 5 M 85 6 month 02.03.2012Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 85 12 month 27.02.2012Central China Securities LIU RAN buy 5 M #N/A N/A Not Provided 15.12.2011Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011Citic Securities Co., Ltd HUANG WEI buy 5 M #N/A N/A Not Provided 03.06.2011China Jianyin Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 02.03.2011First Capital Securities Co GUOXIAN JU strong buy 5 U #N/A N/A Not Provided 17.01.2011Southwest Securities Co Ltd WANG JIANHUI add 4 D #N/A N/A Not Provided 17.12.2010China Securities Co., Ltd ZHENG QI add 4 N #N/A N/A Not Provided 08.12.2010GuoYuan Securities JIAXING ZHOU buy 5 M 96 12 month 30.11.2010Everbright Securities Co., Ltd LI ZHUO buy 5 U #N/A N/A Not Provided 03.11.2010Founder Securities GUANGYAO CHEN buy 5 M #N/A N/A Not Provided 26.04.2010Pacific Securities Co Ltd ZHOU YU buy 5 M #N/A N/A Not Provided 09.12.2009China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.10.2009Orient Securities JIN LIN buy 5 N #N/A N/A Not Provided 24.09.2009Sealand Securities LIU JINHU add 4 M #N/A N/A Not Provided 27.04.2009

Holdings By:

Henan Shuanghui Investment & Development Co Ltd ee


18.05.2012

Luxi Chemical Group Co., Ltd. manufactures and markets a variety of fertilizers

and other chemical products. The Company's products include urea, syntheticammonia, and ammonium acid carbonate.







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q34'924.3 6'791.9 6'446.5 7'646.4 9'296.1 8'586.6 9'793.2 - - - -

1.95x 0.91x 1.51x 1.50x 1.52x 5.03x 5.79x - - - -719.8 892.9 667.2 894.5 1'492.4 0.0 506.8 - - - -13.34x 6.91x 14.55x 12.82x 9.48x 0.00x 0.00x - - - -224.6 229.5 140.2 212.0 423.4 247.8 440.1 - - - -33.00x 16.27x 47.38x 30.70x 19.64x 26.76x 16.92x - - - -

EBITDA 1'492.44 Long-Term Rating Date -EBIT 840.98 Long-Term Rating -Operating Margin 9.05% Long-Term Outlook -Pretax Margin 6.28% Short-Term Rating Date -Return on Assets 3.46% Short-Term Rating -Return on Common Equity 11.01%Return on Capital 6.35% EBITDA/Interest Exp. 3.97Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -1.94




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Luxi Chemical Group Co LtdPrice/Volume

Valuation Analysis


'-.0123456

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2'000.0

3'000.0

4'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHANDONG LIAOCHENG L n/a Co File 444'921'056 30.37 - 31.12.2011 CorporationTJ RUNFENGDA EQY INV n/a Co File 51'000'000 3.48 - 31.12.2011 n/aSZ JUNYI HENGTONG IN n/a Co File 50'000'000 3.41 - 31.12.2011 n/aCHONGQING INTL TST n/a Co File 46'800'000 3.19 - 31.12.2011 n/aKAI ZHANG n/a Co File 44'000'000 3 - 31.12.2011 n/aSD DONGXIN INVEST CO n/a Co File 41'000'000 2.8 - 31.12.2011 n/aTIBET AUTO REG INVES n/a Co File 40'000'000 2.73 - 31.12.2011 n/aYONG ZHU n/a Co File 39'827'450 2.72 - 31.12.2011 n/aTAIKANG ASSET MGMT C n/a EXCH 35'800'000 2.44 - 10.03.2011 Investment AdvisorGUOYUAN SECURITIES n/a Co File 35'200'000 2.4 - 31.12.2011 n/aCHANGJIANG SERCURITI n/a Co File 35'000'000 2.39 - 31.12.2011 n/aCHANGSHENG FUND MANA Multiple Portfolios MF-AGG 4'272'040 0.29 4'272'040 30.06.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'131'487 0.15 1'016'082 30.06.2011 Investment AdvisorHUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 1'723'500 0.12 1'707'953 30.06.2011 Investment AdvisorGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'286'810 0.09 140'060 30.06.2011 Investment AdvisorPENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 382'468 0.03 22'736 30.06.2011 Investment AdvisorJINCHENG ZHANG n/a Co File 264'462 0.02 - 31.12.2011 n/aYANBIN JIAO n/a Co File 132'433 0.01 - 31.12.2011 n/aQING YU n/a Co File 115'880 0.01 - 31.12.2011 n/aHUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 113'781 0.01 (864'219) 30.06.2011 Investment Advisor


HuaChuang Securities GAO LI buy 5 M 8 6 month 22.11.2011First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 03.05.2011Central China Securities LI LINLIN add 4 N #N/A N/A Not Provided 17.11.2010China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 20.07.2010Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010Bohai Securities Co Ltd WEI LIU neutral 3 M #N/A N/A Not Provided 31.05.2009

Holdings By:

Luxi Chemical Group Co Ltd ee


18.05.2012

Qinghai Salt Lake Industry Co., Ltd. develops, manufactures, and markets salt

products. The Company's products include industrial salt, edible salt, purpleazo dye salt.







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q32'985.7 3'909.5 4'227.2 5'452.1 6'314.3 5'213.3 6'112.2 8'587.1 10'173.7 1'708.0 2'128.0

20.36x 11.44x 10.78x 10.05x 9.46x 42.09x 47.93x - - - -2'025.1 2'903.3 2'271.9 2'691.6 3'168.4 0.0 0.0 3'754.5 4'877.5 - -

30.02x 15.40x 20.06x 20.36x 18.85x 0.00x 0.00x 16.08x 12.38x - -1'006.4 1'353.6 1'229.7 2'268.3 2'481.1 2'171.8 2'220.8 3'321.9 3'878.9 - -

59.40x 32.40x 35.62x 22.41x 17.84x 22.44x 22.85x 14.78x 12.44x - -

EBITDA 3'168.35 Long-Term Rating Date -EBIT 2'811.66 Long-Term Rating -Operating Margin 44.53% Long-Term Outlook -Pretax Margin 53.12% Short-Term Rating Date -Return on Assets 9.13% Short-Term Rating -Return on Common Equity 19.93%Return on Capital 13.76% EBITDA/Interest Exp. 8.47Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -7.43




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Qinghai Salt Lake Industry Co LtdPrice/Volume

Valuation Analysis


'

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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeQINGHAI STE OWNED AS n/a Co File 492'901'654 30.99 - 30.06.2011 n/aSINOCHEM CO LTD n/a Co File 238'791'954 15.01 - 30.06.2011 n/aSINOFERT HOLDINGS LT n/a Co File 142'260'369 8.94 - 30.06.2011 CorporationCHINA CINDA ASSET MA n/a Co File 115'702'308 7.27 - 30.06.2011 GovernmentCHINA CONSTRUCTION B n/a Co File 62'745'081 3.94 - 30.06.2011 GovernmentGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 31'311'356 1.97 (10'658'535) 30.06.2011 Investment AdvisorGZ HUAMEI FENGSHOU A n/a Co File 29'679'406 1.87 - 30.06.2011 n/aFULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 13'174'224 0.83 2'016'467 30.06.2011 Investment AdvisorBJ HUABEI POWER INDU n/a Co File 11'952'157 0.75 - 30.06.2011 n/aE FUND MANAGEMENT Multiple Portfolios MF-AGG 11'090'091 0.7 (3'281'079) 30.06.2011 Investment AdvisorRONGTONG FUND MANAGE Multiple Portfolios MF-AGG 8'605'847 0.54 330'440 30.06.2011 Investment AdvisorCHANGSHENG FUND MANA Multiple Portfolios MF-AGG 7'501'252 0.47 (251'432) 30.06.2011 Investment AdvisorICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 7'269'383 0.46 (2'349'915) 30.06.2011 Investment AdvisorDACHENG FUND MANAGME Multiple Portfolios MF-AGG 5'974'242 0.38 4'511'076 30.06.2011 Investment AdvisorYINHUA FUND MANAGEME Multiple Portfolios MF-AGG 5'435'104 0.34 1'116'688 30.06.2011 Investment AdvisorEVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 4'873'283 0.31 (258'978) 30.06.2011 Investment AdvisorFRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 4'559'416 0.29 (766'988) 30.06.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 4'540'334 0.29 (4'339'452) 30.06.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'530'334 0.28 (3'229'968) 30.06.2011 Investment AdvisorBANK OF COMMUNICATIO Multiple Portfolios MF-AGG 4'416'725 0.28 2'177'887 30.06.2011 Investment Advisor


Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 27.04.2012Citic Securities Co., Ltd YIN XIAODONG buy 5 M #N/A N/A Not Provided 06.04.2012Everbright Securities Co., Ltd CHENG LEI buy 5 M 45 12 month 06.04.2012Capital Securities Corp XU YING buy 5 M 39 Not Provided 30.03.2012SWS Research Co Ltd DENG JIAN outperform 5 M #N/A N/A Not Provided 30.03.2012PingAn Securities WU YING buy 5 M #N/A N/A Not Provided 30.03.2012China Minzu Securities Co Ltd YU WALI buy 5 M 48 6 month 14.02.2012Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 D 35 12 month 07.02.2012Tebon Securities Co Ltd LI XIANGFENG outperform 5 M 70 6 month 01.01.2012Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 20.12.2011Bohai Securities Co Ltd REN XIANGONG neutral 3 M #N/A N/A Not Provided 29.09.2011China Jianyin Investment Securities LIANG HAO strong buy 5 N #N/A N/A Not Provided 07.09.2011China International Capital Corp BIN GUAN buy 5 M #N/A N/A Not Provided 14.07.2011Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 19.06.2011Cinda Securities Ltd JINGPU GUO strong buy 5 M 80 6 month 09.05.2011GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 21.04.2011Bank of China International NI XIAOMAN buy 5 M 67 Not Provided 31.01.2011First Capital Securities Co TEAM COVERAGE strong buy 5 N #N/A N/A Not Provided 23.12.2010China Securities Co., Ltd LIANG BIN add 4 M 71 Not Provided 08.12.2010Pacific Securities Co Ltd YAO XIN buy 5 M #N/A N/A Not Provided 29.11.2010Rising Securities Co.,LTD TEAM COVERAGE outperform 5 N #N/A N/A Not Provided 31.08.2010

Holdings By:

Qinghai Salt Lake Industry Co Ltd ee


18.05.2012

Hubei Yihua Chemical Industry Co., Ltd. manufactures and sells fertilizers and

other chemical products. The Company's products include urea andpentaerythritol that is used for the manufacturing of synthetic resin,pesticides, and industrial dynamite.







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q25'063.1 7'118.6 8'752.7 11'514.4 17'725.6 12'390.6 19'068.9 19'577.3 24'074.0 3'905.0 4'639.0

3.35x 1.39x 2.14x 1.85x 1.31x 4.69x 5.21x - - - -1'245.3 1'080.3 1'506.7 2'241.3 2'968.0 0.0 0.0 3'221.0 4'101.0 - -

13.63x 9.15x 12.43x 9.50x 7.84x 0.00x 0.00x 8.08x 6.35x - -407.7 248.6 237.7 572.5 817.7 543.6 866.8 972.2 1'161.3 - -30.60x 16.88x 48.74x 17.85x 11.70x 21.34x 11.80x 11.80x 10.23x - -

EBITDA 2'967.95 Long-Term Rating Date -EBIT 2'072.52 Long-Term Rating -Operating Margin 11.69% Long-Term Outlook -Pretax Margin 8.43% Short-Term Rating Date -Return on Assets 3.59% Short-Term Rating -Return on Common Equity 20.54%Return on Capital 9.40% EBITDA/Interest Exp. 3.74Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. -2.62



Fiscal Year Ended

Hubei Yihua Chemical Industry Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHUBEI YIHUA GROUP LT n/a EXCH 105'611'548 16.85 - 10.01.2012 CorporationBOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 31'822'514 5.08 19'527'239 30.06.2011 Investment AdvisorBJ HENGFENG RONGSHEN n/a EXCH 25'900'000 4.13 - 10.01.2012 n/aBJ SHENGSHI MEILIN I n/a EXCH 25'800'000 4.12 - 10.01.2012 n/aHUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 18'733'953 2.99 10'481'359 30.06.2011 Investment AdvisorDACHENG FUND MANAGME Multiple Portfolios MF-AGG 16'239'328 2.59 15'225'147 30.06.2011 Investment AdvisorXA CHANGKE INVEST MG n/a EXCH 16'000'000 2.55 - 10.01.2012 n/aBOSERA NEW GROWTH FU n/a EXCH 14'622'722 2.33 - 10.01.2012 n/aPING'AN TRUST CO LTD n/a EXCH 12'944'174 2.07 - 10.01.2012 n/aHUAAN INNOVATION FUN n/a EXCH 12'503'805 2 - 10.01.2012 n/aGUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 12'286'541 1.96 (820'692) 30.06.2011 Investment AdvisorDACHENG VALUE GROWTH n/a Co File 12'084'385 1.93 - 30.06.2011 n/aRONGTONG FUND MANAGE Multiple Portfolios MF-AGG 7'886'664 1.26 (333'875) 30.06.2011 Investment AdvisorNEW CHINA LIFE INSUR n/a Co File 7'635'440 1.22 - 30.06.2011 Insurance CompanyE FUND SI100 INDEX F n/a EXCH 7'564'510 1.21 - 10.01.2012 n/aE FUND MANAGEMENT Multiple Portfolios MF-AGG 6'942'245 1.11 (12'656'601) 30.06.2011 Investment AdvisorBOSERA SELECTED EQUI n/a Co File 6'888'386 1.1 - 30.06.2011 n/aABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 6'504'474 1.04 (2'105'282) 30.06.2011 Investment AdvisorPINGAN PROP & CASUAL n/a Co File 6'216'190 0.99 - 30.06.2011 n/aBANK OF CMNCATN SCHL n/a Co File 5'687'531 0.91 - 30.06.2011 n/a


PingAn Securities WU YING strong buy 5 M #N/A N/A Not Provided 02.05.2012Capital Securities Corp XU YING buy 5 M 23 Not Provided 25.04.2012Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 24.04.2012Everbright Securities Co., Ltd CHENG LEI buy 5 M 26 12 month 24.04.2012Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 20.04.2012Great Wall Securities LING XUELIANG buy 5 M #N/A N/A Not Provided 16.04.2012Hong Yuan Securities YANMING ZHANG add 4 M #N/A N/A Not Provided 09.04.2012SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 30.03.2012China Minzu Securities Co Ltd YU WALI buy 5 M 26 6 month 14.02.2012Goldman Sachs JESSIE PINGLUN LAI Buy/Cautious 5 M 25 12 month 07.02.2012Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 09.01.2012Bohai Securities Co Ltd REN XIANGONG buy 5 M #N/A N/A Not Provided 24.10.2011China Jianyin Investment Securities LIANG HAO strong buy 5 M #N/A N/A Not Provided 07.09.2011Sealand Securities TEAM COVERAGE buy 5 M #N/A N/A Not Provided 22.08.2011GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 07.03.2011First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 07.03.2011Guodu Securities Co Ltd WANG SHUANG strong buy 5 N 30 6 month 07.03.2011Pacific Securities Co Ltd YAO XIN add 4 M #N/A N/A Not Provided 18.10.2010Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 06.08.2010Orient Securities YANG YUN buy 5 M 22 12 month 02.08.2010Founder Securities ZHENGHUA ZHANG add 4 M #N/A N/A Not Provided 30.06.2010AJ Securities XIN ZHANG buy 5 M #N/A N/A Not Provided 04.01.2010

Holdings By:

Hubei Yihua Chemical Industry Co Ltd ee


18.05.2012

Liaoning Huajin Tongda Chemicals Company Ltd. manufactures and markets

fertilizers, including urea, liquid ammonia, and compound fertilizers. Throughits subsidiaries, the Company also manufactures petrochemical products andoperates restaurants.


8.952-Week High % Change -39.82% Dividend Yield -52-Week Low % Change 24.48% Beta -% 52 Week Price Range High/Low 29.06% Equity Float 567.56


Total Debt 12'534.00 YTD Return 18.37%Preferred Stock 0.0 Adjusted BETA -Minority Interest 65.0 Analyst Recs 4Cash and Equivalents 1'930.69 Consensus Rating 4.750Enterprise Value 19'893.95



31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q33'344.8 3'662.0 2'881.0 22'354.1 35'613.1 27'606.5 36'535.5 - - - -

3.94x 3.12x 9.83x 1.27x 0.56x 2.94x 2.35x - - - -- 930.5 746.8 2'233.3 3'018.0 1'640.5 0.0 - - - -- 12.26x 37.93x 12.75x 6.56x 0.00x 0.00x - - - -

240.1 384.8 207.4 412.7 842.0 724.6 605.9 818.5 890.5 - -34.67x 15.88x 67.28x 33.72x 10.84x 0.00x 17.04x 11.71x 10.31x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Liaoning Huajin Tongda Chemicals Co LtdPrice/Volume

Valuation Analysis


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18.05.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBEIFANG HUAJIN CHEMI n/a Co File 613'930'000 51.14 - 31.12.2011 GovernmentE FUND MANAGEMENT Multiple Portfolios MF-AGG 14'625'786 1.22 6'234'444 30.06.2011 Investment AdvisorCITIC SECURITIES CO n/a Co File 13'323'828 1.11 - 31.12.2011 UnclassifiedZJ JIANGNAN POLYESTE n/a Co File 13'006'200 1.08 - 31.12.2011 n/aMORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 12'900'000 1.07 (3'795'107) 30.06.2011 Investment AdvisorHFT INVESTMENT MANAG Multiple Portfolios MF-AGG 7'571'158 0.63 233'804 30.06.2011 Investment AdvisorRONGTONG FUND MANAGE Multiple Portfolios MF-AGG 6'362'727 0.53 (453'201) 30.06.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 6'000'000 0.5 - 31.12.2011 Pension Fund (ERISA)HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 4'057'068 0.34 3'957'068 30.06.2011 Investment AdvisorBANK OF COMMUNICATIO Multiple Portfolios MF-AGG 3'517'261 0.29 3'517'261 30.06.2011 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'162'138 0.26 (1'295'300) 30.06.2011 Investment AdvisorLION FUND MANAGEMENT Multiple Portfolios MF-AGG 3'090'247 0.26 2'010'289 30.06.2011 Investment AdvisorYINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2'457'595 0.2 78'623 30.06.2011 Investment AdvisorFRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'332'698 0.19 216'517 30.06.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 2'211'700 0.18 (240'000) 30.06.2011 Investment AdvisorHUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 1'776'300 0.15 1'776'300 30.06.2011 Investment AdvisorBOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 1'444'973 0.12 - 30.06.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 924'142 0.08 (116'450) 30.06.2011 Investment AdvisorGUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 899'398 0.07 40'931 30.06.2011 Investment AdvisorDACHENG FUND MANAGME Multiple Portfolios MF-AGG 724'829 0.06 (134'511) 30.06.2011 Investment Advisor


Citic Securities Co., Ltd HUANG LILI buy 5 M 10 6 month 16.04.2012China Minzu Securities Co Ltd QI QIUSHI add 4 M 11 6 month 01.03.2012SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 02.02.2012China Jianyin Investment Securities ZHEJIAN SONG buy 5 M #N/A N/A Not Provided 02.12.2011PingAn Securities WU YING strong buy 5 U #N/A N/A Not Provided 18.11.2010Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 17.11.2010Orient Securities WANG JING buy 5 M 15 12 month 15.08.2010Pacific Securities Co Ltd YAO XIN add 4 U #N/A N/A Not Provided 23.03.2010China Securities Co., Ltd LIANG BIN add 4 M 15 Not Provided 02.12.2009China Galaxy Securities LI GUOHONG buy 5 N 10 Not Provided 20.12.2008

Holdings By:

Liaoning Huajin Tongda Chemicals Co Ltd ee


Date post:	17-May-2015
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