Fundamental Analysis & Financial Analyst Recommandations - Agriculture…

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December 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.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 12998604 1833.863 1092 1092 201 211 211 98.24 103.78 103.78 14.34 14.34 13.58 13.58 19.03

Euro Stoxx 50 Pr EUR 2451695 5502.121 4614 4614 781 787 787 182.85 301.63 301.63 23.38 15.38 14.17 14.17 21.23

NIKKEI 225 JPY 2167153 171.1571 215 215 22 23 23 4.67 6.62 6.62 0.30 0.23 0.21 0.21 0.13

FTSE 100 INDEX GBP 2588755 11418.23 9505 9505 1559 1647 1647 624.07 815.31 815.31 23.81 21.13 18.22 18.22 26.10

SWISS MARKET INDEX CHF 912219 10433.67 3938 3938 839 803 803 364.78 522.86 522.86 21.23 18.78 14.81 14.81 22.56

S&P/TSX COMPOSITE INDEX CAD 1655760 16782.33 7800 7800 1912 1949 1949 809.04 853.46 853.46 15.29 15.29 14.50 14.50 25.34

S&P/ASX 200 INDEX AUD 1243037 6114.367 2909 2909 653 695 695 269.75 343.28 343.28 17.88 15.04 14.05 14.05 24.18

HANG SENG INDEX HKD 1639686 3134.31 1449 1449 346 361 361 252.13 246.53 246.53 1.44 1.54 1.48 1.48 3.09

MSCI EM USD 7288679 1376.785 979 979 183 180 180 81.25 87.05 87.05 12.26 12.70 11.44 11.44 18.84

WILMAR INTERNATIONAL LTD SGD 16475 8008 6401 17 0 1 7 25.47 36561 37091 38072 43387 1581 1777 539 539 0.21 0.16 0.14 0.17 10.58 10.64 12.25 9.98 38.58 21.03 30.41 32.12 3.92 - - - -

TIGER BRANDS LTD ZAr 6142 55 181 0 0 0 0 6.32 2558 2558 2915 3221 442 442 497 497 1.88 1.91 2.06 2.33 1.90 1.92 1.76 1.56 1.24 1.27 0.85 0.90 1.95 - - - -

TATE & LYLE PLC GBp 5742 95 466 2 0 0 1 6.45 4943 5089 5197 5373 704 608 - - 0.83 0.92 0.91 0.97 21.53 21.71 21.76 20.26 21.66 8.13 8.43 3.41 19.13 BBB 15.07.2011 Baa3 08.04.2009

SUEDZUCKER AG EUR 7211 55 189 3 0 1 1 10.28 9064 9815 9935 9923 1331 1634 446 446 2.47 4.30 3.72 3.26 11.47 12.21 13.26 15.15 17.49 8.73 40.53 -5.52 21.58 BBB+ 05.06.2012 - -

SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -

SMITHFIELD FOODS INC USD 3289 634 157 2 0 0 0 5.07 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.57 9.57 11.90 9.67 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012

SANDERSON FARMS INC USD 1102 159 22 0 0 0 0 1.23 1978 2298 2368 2483 -122 125 29 29 -5.47 1.23 2.24 1.31 38.99 38.99 21.44 36.53 2.73 10.01 - - 5.43 - - - -

RUCHI SOYA INDUSTRIES LTD INR 363 42 333 1 0 0 1 0.90 5392 5392 - - 218 218 - - 0.05 0.05 - - 0.42 0.42 - - 1.20 0.52 2.10 0.54 0.07 - - - -

PILGRIM'S PRIDE CORP USD 1720 252 221 1 0 0 0 2.83 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 23.58 23.58 13.83 12.34 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011

MARFRIG ALIMENTOS SA BRL 2008 1393 346 6 - 0 2 6.93 10514 11062 11490 12650 852 1007 231 231 -1.03 -0.46 0.09 0.15 - - 30.73 18.15 18.17 25.29 8.68 - 4.37 B+ 01.09.2010 - -

MOLINOS RIO DE LA PLATA S.A. ARS 1060 8 250 1 0 0 0 1.99 2656 3272 - - 56 98 - - 0.23 0.06 - - 15.35 15.37 - - 3.18 7.02 -14.40 0.64 0.62 - - - -

MEWAH INTERNATIONAL INC SGD 555 524 1507 0 0 0 0 0.76 3654 3654 3418 3539 22 22 64 64 0.02 0.02 0.02 0.02 10.75 10.09 12.04 10.03 21.64 - -63.39 - 0.50 - - - -

MAPLE LEAF FOODS INC CAD 1545 31 140 1 0 0 0 2.69 5 K 5 K 5 K 5 K 392 360 119 119 1.01 0.83 0.94 1.14 13.45 13.45 11.85 9.73 -1.51 -0.95 5.55 5.12 7.34 - - - -

M DIAS BRANCO SA BRL 3791 48 113 0 0 0 0 4.01 1399 1625 1627 1810 231 292 73 73 1.55 1.91 1.90 2.30 8.42 - 8.44 6.98 9.18 - 1.54 7.04 8.63 - - - -

L.D.C. SA EUR 804 0 8 0 0 0 0 0.84 3597 3622 3668 3773 219 219 227 227 9.13 9.79 10.01 10.40 13.05 13.05 12.76 12.29 11.14 13.27 4.23 12.85 7.91 - - - -

JBS SA BRL 8686 3010 2964 9 0 0 3 16.41 29689 34005 34032 36050 1476 1606 555 555 -0.04 0.08 0.17 0.25 17.40 135.34 8.14 5.53 5.88 15.30 -6.03 - 2.40 BB 16.07.2010 B1 21.10.2008

INCITEC PIVOT LTD AUD 5357 6530 1629 2 0 0 0 6.70 3655 3655 3887 4116 976 976 333 333 0.28 0.33 0.25 0.30 10.51 12.44 13.48 11.46 -1.31 32.70 3.96 24.43 27.89 BBB 12.10.2009 Baa3 04.12.2009

HORMEL FOODS CORP USD 8055 440 263 0 0 0 1 7.54 8231 8231 8607 8945 845 845 218 218 1.86 1.86 1.94 2.09 16.47 16.47 15.79 14.63 4.25 6.02 0.69 6.85 10.27 A 31.05.2001 A2 31.05.2001

GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007

FAUJI FERTILIZER COMPANY LTD PKR 1490 159 1272 0 0 0 0 1.71 1155 1201 722 749 509 453 303 303 0.19 0.18 0.16 0.16 0.07 0.07 0.08 0.08 0.27 0.27 0.77 0.36 0.39 - - - -

FAUJI FERTILIZER BIN QASIM PKR 351 316 934 0 0 0 0 0.50 581 507 - - 179 109 - - 0.12 0.06 0.06 0.07 0.06 0.06 0.07 0.06 0.30 0.63 0.59 0.36 0.22 - - - -

EBRO FOODS SA EUR 2741 34 150 1 0 0 0 3.21 2339 2563 2660 2740 351 395 392 392 1.29 1.39 1.32 1.42 16.65 17.47 17.53 16.22 7.78 -4.67 5.58 -6.16 19.96 - - - -

DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012

CHAMBAL FERTILISERS & CHEM INR 490 1336 416 1 0 0 0 1.12 1350 1350 1316 1397 156 156 153 153 0.07 0.07 0.15 0.16 0.31 0.31 0.14 0.13 0.58 0.46 0.30 0.22 0.21 - - - -

CHINA GREEN AGRICULTURE INC USD 98 55 27 0 0 0 0 0.04 218 204 - - 60 59 - - 1.56 1.48 - - 2.36 2.36 - - 21.04 61.90 25.19 49.43 29.12 - - - -

DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012

SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -

GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007

AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -

PETRA FOODS LTD SGD 1379 6 611 0 0 0 0 1.65 1392 1264 1279 1350 105 108 106 106 0.08 0.08 0.08 0.08 18.49 18.42 20.06 18.46 7.11 8.39 15.71 15.84 6.99 - - - -

BRF - BRASIL FOODS SA BRL 16615 2563 869 4 - 0 1 19.85 12350 13198 13449 14767 1383 1159 417 417 0.75 0.21 0.46 0.96 44.48 25.66 19.80 9.49 6.41 18.24 11.55 25.41 4.36 BBB- 04.04.2012 Baa3 31.05.2012

BUNGE LTD USD 10678 266 144 4 1 0 1 19.06 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 13.00 13.00 11.66 9.54 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -

INDUSTRIAS BACHOCO-SER B MXN 1295 42 600 0 0 0 0 1.16 2137 2866 3053 3219 57 209 250 250 - 0.20 0.24 0.13 0.82 - 0.70 1.27 0.94 1.32 -5.91 -1.33 0.56 - - - -

ADECOAGRO SA USD 1105 48 121 0 0 0 0 1.32 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.29 14.28 28.58 - - - 22.36 - - - -

ASSOCIATED BRITISH FOODS PLC GBp 18300 122 792 2 0 1 1 20.62 19613 19613 20604 21832 2507 2507 1373 1373 1.30 1.13 1.49 1.64 32.86 28.54 24.78 22.62 17.17 20.52 33.35 21.58 20.46 - - - -

AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -

YUNNAN YUNTIANHUA CO-A CNY 1347 8755 694 2 0 0 0 3.94 1616 1622 5626 5239 292 - - - 0.04 -0.09 -0.08 0.08 - - - 4.13 6.62 1.95 2.75 1.47 - - - - -

CHINA BLUECHEMICAL LTD - H HKD 2831 4867 4610 0 0 0 0 2.19 1259 1290 1440 1639 458 431 - - 0.05 0.05 0.06 0.06 1.20 1.27 1.10 1.02 5.43 2.73 6.19 2.12 4.31 - - - -

SINOFERT HOLDINGS LTD HKD 1532 14360 7023 1 0 0 0 1.94 4733 5258 5249 5549 152 177 - - 0.01 0.01 0.02 0.02 1.69 - 1.47 1.28 3.27 2.13 10.01 0.19 0.44 - - - -

FUJI OIL CO LTD JPY 1234 236 86 0 0 0 0 1.61 2882 2822 2891 2986 267 259 - - 1.20 1.07 1.29 1.43 0.16 - 0.13 0.12 0.08 0.04 -0.19 0.06 0.11 - - - -

TAIWAN FERTILIZER CO LTD TWD 2424 4818 980 0 0 0 0 2.37 583 577 602 601 23 4 38 38 0.12 0.08 0.12 0.13 1.03 - 0.68 0.67 0.61 0.19 -1.27 0.09 0.02 - - - -

SHANDONG KINGENTA ECOLOGIC-A CNY 1516 431 700 0 0 0 0 1.58 1225 1461 1642 2148 98 112 - - 0.10 0.12 0.13 0.17 2.96 - 2.62 2.08 6.29 - 6.01 - 1.23 - - - -

SHENZHEN NOPOSION AGROCHEM-A CNY 406 1003 354 0 0 0 0 0.37 249 248 262 341 18 - 24 24 0.03 0.04 0.05 0.07 4.39 - 3.62 2.67 1.08 - -2.98 3.64 - - - - -

HENAN SHUANGHUI INVESTMENT-A CNY 10224 556 606 0 0 0 0 9.94 6027 6712 7115 8686 151 - 354 354 - 0.32 0.45 0.59 4.64 - 3.28 2.55 0.57 2.05 -7.99 0.17 - - - - -

LUXI CHEMICAL GROUP CO LT-A CNY 859 2849 1465 1 0 0 0 1.96 1493 1657 - - 240 - - - 0.04 0.04 0.07 0.09 2.24 - 1.30 1.05 3.47 3.14 10.74 3.35 - - - - -

QINGHAI SALT LAKE INDUSTRY-A CNY 5999 2200 1591 2 0 0 0 8.20 1014 1070 1195 1456 509 - - - - 0.19 0.26 0.33 3.17 - 2.33 1.86 2.54 9.20 2.85 2.39 - - - - -

HUBEI YIHUA CHEMICAL INDUS-A CNY 1376 5619 777 3 0 0 1 4.11 2847 3050 3076 3553 477 - - - - 0.12 0.20 0.24 2.00 - 1.25 1.05 8.66 4.95 4.93 5.40 - - - - -

LIAONING HUAJIN TONGDA CHE-A CNY 1132 3191 1201 2 0 0 0 3.76 5721 5307 5916 7176 485 - - - 0.11 -0.03 0.11 0.12 - - 1.39 1.25 9.53 20.29 5.64 - - - - - -

Valuation Measures I/II

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

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

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

S&P 500 INDEX 2.07 2.07 1.90 1.73 2.07 1.29 1.29 1.24 1.19 1.29 9.35 9.35 8.77 8.55 9.35 8.71 8.71 8.15 7.55 8.71 13.58 13.58 12.28 11.00 13.58 2.25 2.25 2.44 2.63 2.25 1604.5 13.9%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.71 0.71 0.70 0.68 0.71 5.21 5.21 4.99 4.62 5.21 6.99 6.99 6.73 6.36 6.99 10.93 10.93 10.06 9.11 10.93 4.18 4.18 4.59 4.94 4.18 2734.7 7.5%

NIKKEI 225 1.15 1.15 1.08 1.01 1.15 0.53 0.53 0.50 0.50 0.53 6.88 6.88 6.19 5.86 6.88 7.52 7.52 6.81 6.40 7.52 17.27 17.27 14.47 11.54 17.27 2.20 2.20 2.21 2.52 2.20 9805.9 4.4%

FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.98 0.98 0.96 0.93 0.98 7.61 7.61 6.96 5.60 7.61 6.93 6.93 6.47 6.06 6.93 11.38 11.38 10.45 9.54 11.38 4.04 4.04 4.28 4.59 4.04 6362.7 9.7%

SWISS MARKET INDEX 2.16 2.16 2.02 1.88 2.16 1.83 1.83 1.73 1.64 1.83 11.93 11.93 10.40 9.20 11.93 12.99 12.99 11.99 11.16 12.99 13.76 13.76 12.51 11.35 13.76 3.50 3.50 3.80 4.18 3.50 7314.0 9.4%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.65 8.65 7.65 7.08 8.65 8.61 8.61 7.45 6.81 8.61 14.40 14.40 12.55 11.39 14.40 3.05 3.05 3.21 3.28 3.05 14215.3 16.4%

S&P/ASX 200 INDEX 1.67 1.67 1.58 1.49 1.67 1.59 1.59 1.48 1.41 1.59 9.83 9.83 8.91 6.65 9.83 8.80 8.80 7.78 7.16 8.80 13.46 13.46 11.99 10.98 13.46 4.87 4.87 5.24 5.64 4.87 4732.9 7.0%

HANG SENG INDEX 1.41 1.41 1.30 1.20 1.41 1.95 1.95 1.80 1.67 1.95 7.51 7.51 7.00 6.66 7.51 8.68 8.68 7.88 7.23 8.68 11.44 11.44 10.52 9.58 11.44 3.39 3.39 3.62 3.95 3.39 23289.2 6.5%

MSCI EM 1.51 1.51 1.37 1.24 1.51 1.02 1.02 0.94 0.88 1.02 7.13 7.13 6.48 5.16 7.13 7.63 7.63 6.81 6.24 7.63 11.44 11.44 10.02 9.05 11.44 2.87 2.87 3.05 3.42 2.87 1138.7 14.3%

WILMAR INTERNATIONAL LTD 1.24 1.16 1.08 1.00 1.00 0.39 0.35 0.31 0.28 0.27 8.47 11.06 12.88 9.65 12.05 14.04 12.09 10.97 9.38 9.91 14.98 12.21 10.96 9.91 2.37 1.59 1.90 2.17 2.33 3.36 6.6%

TIGER BRANDS LTD 3.91 3.39 3.02 2.71 2.42 2.11 1.91 1.67 1.46 15.61 13.37 12.18 11.40 11.45 13.94 12.73 11.50 10.48 17.17 15.58 13.80 12.31 10.74 3.00 3.29 3.70 4.13 4.66 28207.78 -1.0%

TATE & LYLE PLC 3.37 3.06 2.71 2.40 2.16 1.19 1.10 1.07 1.04 1.06 10.84 11.54 9.68 9.10 8.07 8.93 8.65 8.24 7.85 7.52 13.86 13.60 12.66 11.73 10.76 3.25 3.38 3.56 3.77 4.03 765.36 -0.5%

SUEDZUCKER AG 1.79 1.55 1.43 1.31 1.08 0.81 0.73 0.73 0.73 0.74 9.53 6.62 6.97 7.29 6.46 7.77 6.46 6.76 7.09 6.81 15.32 10.22 11.69 12.33 12.31 2.33 2.83 2.78 2.78 2.81 33.22 13.1%

SINAR MAS AGRO RES & TECH

SMITHFIELD FOODS INC 0.94 0.93 0.84 0.76 0.25 0.25 0.24 0.24 6.43 6.24 5.74 4.77 4.80 6.30 5.65 5.09 8.30 11.90 9.67 8.90 0.00 0.00 0.00 21.50 -2.3%

SANDERSON FARMS INC 2.00 1.96 1.97 1.73 0.56 0.47 0.44 0.45 7.98 10.88 5.66 21.44 36.53 10.45 1.40 1.46 1.57 1.70 46.83 -2.3%

RUCHI SOYA INDUSTRIES LTD 0.49 0.49 60.00 -1.2%

PILGRIM'S PRIDE CORP 2.14 1.73 2.51 0.23 0.22 0.21 0.22 7.75 7.15 5.20 13.83 12.34 5.77 0.00 0.00 0.00 6.70 0.9%

MARFRIG ALIMENTOS SA 0.87 1.09 1.09 1.05 0.85 0.19 0.17 0.16 0.15 0.14 16.79 5.36 4.68 3.68 2.89 9.59 7.43 6.36 5.45 4.69 63.97 37.78 18.46 6.87 1.06 0.27 0.56 1.51 2.48 12.39 2.5%

MOLINOS RIO DE LA PLATA S.A. 15.00 -26.5%

MEWAH INTERNATIONAL INC 0.99 0.97 0.92 0.83 0.13 0.13 0.13 0.11 16.00 7.83 6.03 11.88 11.86 10.29 8.38 11.87 14.72 12.27 9.68 2.72 1.90 1.90 2.99 0.42 -6.2%

MAPLE LEAF FOODS INC 1.65 1.66 1.45 1.24 0.32 0.31 0.30 0.30 5.03 6.00 5.05 4.31 6.51 6.66 5.68 5.09 11.33 11.77 9.66 8.27 1.46 1.46 1.46 1.46 13.93 27.1%

M DIAS BRANCO SA 4.06 3.44 2.95 2.69 2.78 2.33 2.09 2.00 1.79 22.01 17.65 14.75 13.64 11.99 16.73 13.29 11.54 10.63 8.97 23.09 17.57 14.53 13.58 10.59 0.97 1.38 1.65 1.80 2.30 68.67 -1.3%

L.D.C. SA 1.01 0.94 0.88 0.82 0.23 0.22 0.21 0.21 4.97 4.39 4.13 4.00 4.03 3.68 3.44 3.25 11.03 9.85 9.48 8.89 2.46 2.58 2.68 2.81 91.05 19.8%

JBS SA 0.81 0.86 0.81 0.77 0.71 0.30 0.26 0.24 0.22 0.21 20.13 7.46 6.31 5.81 10.73 8.24 6.78 6.18 5.65 145.24 16.94 11.51 9.43 9.46 1.21 1.93 2.62 2.13 7.45 22.1%

INCITEC PIVOT LTD 1.33 1.22 1.17 1.10 1.04 1.33 1.38 1.30 1.22 1.28 10.06 8.87 7.95 7.61 7.27 8.45 7.83 7.07 6.64 6.77 12.70 12.91 10.98 10.00 10.40 3.30 4.00 4.44 4.83 5.17 3.47 10.1%

HORMEL FOODS CORP 2.90 2.58 2.32 0.97 0.94 0.90 13.24 15.21 12.13 8.69 8.40 7.77 16.48 15.79 14.63 1.95 2.07 2.21 31.33 2.3%

GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%

FAUJI FERTILIZER COMPANY LTD 7.14 2.06 1.99 7.23 7.53 5.64 5.79 6.67 7.40 7.47 7.82 13.50 12.99 13.49 11.51 130.47 15.8%

FAUJI FERTILIZER BIN QASIM 2.50 0.61 3.36 6.56 5.39 26.94 9.56 14.88 14.89 42.98 19.1%

EBRO FOODS SA 1.37 1.26 1.22 1.16 1.15 1.03 1.00 0.98 0.96 10.97 9.70 9.37 8.93 9.09 8.18 7.69 7.35 7.10 15.05 13.52 12.51 11.84 10.65 4.51 3.75 4.04 4.26 5.31 16.52 20.3%

DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%

CHAMBAL FERTILISERS & CHEM 1.54 1.41 1.24 0.42 0.37 0.35 4.35 3.91 3.68 7.35 7.32 7.05 8.32 8.00 7.44 3.00 3.06 3.17 80.38 22.4%

CHINA GREEN AGRICULTURE INC

DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%

SINAR MAS AGRO RES & TECH

GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%

AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%

PETRA FOODS LTD 4.01 4.20 3.77 3.40 0.78 0.88 0.84 0.76 15.05 15.57 15.05 12.54 16.04 15.54 14.67 13.42 22.13 24.53 22.57 19.13 1.82 1.77 1.91 2.04 2.25 -18.7%

BRF - BRASIL FOODS SA 2.39 2.35 2.18 2.02 1.94 1.34 1.24 1.13 1.02 0.96 14.36 17.01 12.66 10.37 9.27 13.00 15.97 10.92 8.92 7.81 19.99 41.21 19.75 14.65 12.35 1.23 0.88 1.39 1.87 2.25 40.82 3.0%

BUNGE LTD 0.86 0.92 0.86 0.79 0.19 0.17 0.16 0.16 0.16 11.34 5.43 7.27 11.10 9.71 8.21 7.94 7.66 12.48 11.66 9.54 8.76 7.69 1.34 1.37 1.52 1.63 1.92 81.33 11.3%

INDUSTRIAS BACHOCO-SER B 0.61 0.42 0.40 21.30 4.65 6.32 4.79 4.48 9.04 16.48 33.73 20.4%

ADECOAGRO SA 1.04 0.99 0.92 0.85 0.77 2.04 1.81 1.41 1.27 1.04 14.23 14.02 8.51 6.20 5.12 8.78 9.08 5.87 5.24 3.74 19.26 21.29 14.28 12.34 8.47 0.00 0.00 0.99 13.74 50.8%

ASSOCIATED BRITISH FOODS PLC 1.87 1.75 1.61 1.48 1.27 0.93 0.89 0.84 0.79 0.74 11.19 9.94 9.50 8.28 7.12 8.93 8.38 7.87 7.27 6.63 16.77 15.48 14.13 12.87 11.67 1.90 2.08 2.26 2.56 2.93 1426.18 -1.2%

AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%

YUNNAN YUNTIANHUA CO-A 1.28 0.86 0.24 0.26 0.71 12.33 17.91 12.74 13.37 36.75 25.72 604.50 0.79 0.91 1.57 0.17 6.20 -48.7%

CHINA BLUECHEMICAL LTD - H 1.43 1.30 1.17 1.05 1.82 1.58 1.39 1.34 5.58 5.01 5.15 5.33 4.58 4.32 3.90 3.77 8.73 8.55 7.87 7.54 3.77 4.16 4.55 4.86 6.75 41.8%

SINOFERT HOLDINGS LTD 0.70 0.69 0.65 0.61 0.26 0.23 0.22 0.21 6.79 5.90 5.66 9.49 10.77 9.37 8.21 8.99 11.41 9.91 8.18 1.77 1.40 1.62 1.92 1.91 12.9%

FUJI OIL CO LTD 0.97 0.91 0.85 0.79 0.77 0.42 0.43 0.41 0.40 0.41 5.62 5.41 5.02 4.78 5.83 5.45 5.18 4.91 5.30 11.84 10.95 9.85 8.94 10.26 2.07 2.09 2.20 2.39 2.94 1250.00 8.0%

TAIWAN FERTILIZER CO LTD 1.38 1.38 1.31 1.24 4.32 4.03 4.04 3.18 17.60 18.21 18.25 17.57 41.40 28.94 26.29 15.43 21.33 19.90 19.43 14.19 3.48 3.53 3.73 4.70 82.54 14.6%

SHANDONG KINGENTA ECOLOGIC-A 3.03 2.64 2.21 1.84 1.25 0.92 0.71 0.58 20.52 31.57 17.81 16.65 12.75 9.67 7.43 20.06 16.30 12.94 9.88 1.26 1.71 2.15

SHENZHEN NOPOSION AGROCHEM-A 1.94 1.96 1.79 1.60 1.56 1.55 1.19 0.95 19.39 9.97 41.06 41.06 12.47 15.12 11.19 8.92 19.07 22.52 16.62 15.17 1.58

HENAN SHUANGHUI INVESTMENT-A 8.60 3.46 3.08 2.71 1.79 1.44 1.18 0.97 28.68 18.55 13.82 10.99 38.36 16.31 12.67 10.10 43.53 20.45 15.85 12.60 1.90 1.54 2.47 3.32 85.00 46.9%

LUXI CHEMICAL GROUP CO LT-A 1.55 0.43 5.62 7.58 12.17 8.11 6.52

QINGHAI SALT LAKE INDUSTRY-A 5.67 2.36 2.01 1.72 5.20 5.02 4.12 3.34 14.06 8.19 9.49 7.06 13.13 13.53 10.51 8.05 12.28 14.53 11.55 10.49 0.00 0.94 1.31 1.50 34.47 46.8%

HUBEI YIHUA CHEMICAL INDUS-A 1.83 1.10 0.98 0.86 0.56 0.45 0.39 0.35 3.39 4.13 2.73 2.51 9.40 7.97 7.18 6.69 9.24 7.79 6.52 6.77 1.75 0.94 1.08 1.18 14.23 49.2%

LIAONING HUAJIN TONGDA CHE-A 0.22 0.19 0.16 0.15 9.78 8.67 7.80 5.64

Price to Earnings Ratio

Valuation Measures II/II

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


26.11.2012

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

in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack

edible oils processing and merchandising, specialty fats, oleochemicals and

biodiesel manufacturing, and grains processing and merchandising. Wilmar also

manufactures and distributes fertilizers and owns a fleet of vessels.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (15.02.2012) 6.05

52-Week Low (13.09.2012) 2.99

Daily Volume

3.15

52-Week High % Change -47.93% Dividend Yield -

52-Week Low % Change 5.35% Beta 0.99

% 52 Week Price Range High/Low 5.23% Equity Float 2'313.63

Shares Out 26.11.2012 6'396.0 Short Int -

20'147.52 1 Yr Total Return -35.95%

Total Debt 20'888.94 YTD Return -36.20%

Preferred Stock 0.0 Adjusted BETA 0.995

Minority Interest 878.2 Analyst Recs 28

Cash and Equivalents 8'232.07 Consensus Rating 2.821

Enterprise Value 31'148.49

Average Volume 5 Day 9'658'600

WIL SP EQUITY YTD Change - Average Volume 30 Day 12'515'130

WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'157'540

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 12/12 Q4 03/13 Q1

16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 46'557.8 53'058.5 12'211.3 11'852.5

1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.66x 0.61x - -

833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'218.4 2'576.1 659.0 555.0

34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.04x 12.09x 12.47x 12.13x

580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'101.7 1'357.3 378.0 245.0

29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 14.98x 12.21x 12.21x 12.32x

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 3.17% Short-Term Rating -

Return on Common Equity 9.62%

Return on Capital 5.23% EBITDA/Interest Exp. 3.74

Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73

Net Debt/EBITDA 6.37

Gross Margin 8.7% Total Debt/EBITDA 9.67

EBITDA Margin 4.8%

EBIT Margin 3.6% Total Debt/Equity 156.2%

Net Income Margin 3.6% Total Debt/Capital 59.4%

Asset Turnover 1.12

Current Ratio 1.07 Net Fixed Asset Turnover 5.95

Quick Ratio 0.53 Accounts receivable turnover-days 33.52

Debt to Assets 52.70% Inventory Days 64.27

Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88

Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67

Inventory Turnover 5.69

Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

8'008'000.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

'

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10'000.0

15'000.0

20'000.0

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30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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26.11.2012

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

PPB GROUP BHD n/a Co File 1'172'614'755 18.32 - 06.03.2012 Corporation

GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other

WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.54 - 06.03.2012 n/a

LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a

ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.24 - 06.03.2012 Corporation

CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor

FIREFLY LTD n/a Co File 294'801'479 4.6 - 06.03.2012 n/a

BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.6 - 06.03.2012 n/a

HARPOLE RESOURCES LT n/a Co File 256'211'778 4 - 06.03.2012 n/a

NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a

HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a

HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 88'990'316 1.39 120'000 01.05.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 85'920'000 1.34 (10'305'000) 31.03.2012 Investment Advisor

BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 06.03.2012 n/a

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36'537'000 0.57 (80'996'000) 31.03.2012 Investment Advisor

YONG TEO KIM n/a Co File 33'852'274 0.53 - 21.01.2012 n/a

NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'973'000 0.5 - 02.05.2012 Investment Advisor

DALEX 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 30.04.2012

HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 26.04.2012

Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 6 12 month 20.04.2012

OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 16.04.2012

Phillip Securities LEE KOK JOO neutral 3 U 5 12 month 13.04.2012

BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 12.04.2012

TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 12.04.2012

UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 10.04.2012

JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.04.2012

Nomura TANUJ SHORI neutral 3 M 6 Not Provided 09.04.2012

Jefferies ARYA SEN underperform 1 M 4 12 month 14.03.2012

Euro Pacific Capital Inc STEVE WILDER buy 5 N 6 12 month 13.03.2012

OCBC Investment Research CAREY WONG hold 3 M 5 12 month 12.03.2012

DBS Vickers BEN SANTOSO buy 5 M 6 12 month 06.03.2012

Kim Eng Securities ROHAN SUPPIAH sell 1 M 5 12 month 28.02.2012

Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 6 12 month 27.02.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 D 5 12 month 26.02.2012

Credit Suisse TAN TING MIN outperform 5 M 6 Not Provided 23.02.2012

Macquarie CONRAD WERNER neutral 3 D 5 12 month 23.02.2012

CIMB IVY NG neutral 3 D 5 12 month 23.02.2012

AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 23.02.2012

DMG & Partners Securities TEAM COVERAGE neutral 3 D 5 12 month 23.02.2012

IIFL ZUO LI sell 1 M 4 12 month 23.02.2012

RBS JOHN DANIEL RACHMAT hold 3 D 5 12 month 22.02.2012

Religare Capital Markets VINCENT FERNANDO buy 5 M 6 12 month 06.02.2012

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

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 8 12 month 13.05.2010

Holdings By:

Wilmar International Ltd ee


26.11.2012

Tiger Brands Limited manufactures, processes and distributes food products which

include milling and baking, confectioneries, general foods, edible oils and

derivatives. The Group also owns a South African pharmaceutical manufacturer and

distributor.


LTM as of: 01/yy

52-Week High (04.05.2012) 29'321.00

52-Week Low (15.12.2011) 23'051.00

Daily Volume

28481

52-Week High % Change -2.86% Dividend Yield 2.98


% 52 Week Price Range High/Low 84.85% Equity Float 126.62

Shares Out 04.10.2012 191.2 Short Int -

54'454.54 1 Yr Total Return 27.50%

Total Debt 1'552.80 YTD Return 17.20%



Cash and Equivalents 371.10 Consensus Rating 2.714


Average Volume 5 Day 375'457

TBS SJ EQUITY YTD Change - Average Volume 30 Day 464'252

TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 506'561


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

18'954.0 20'430.4 19'316.0 20'430.2 22'677.0 - - 25'847.2 28'553.9 - -

1.35x 1.31x 1.88x 2.06x 2.25x - - 2.17x 1.93x - -

2'994.8 3'468.7 3'446.9 3'646.0 3'919.4 - - 4'402.3 4'874.0 - -

8.52x 7.73x 10.53x 11.54x 13.01x - - 12.73x 11.50x - -

2'273.7 2'485.5 2'192.3 2'583.9 2'718.2 - - 2'967.8 3'368.7 - -

9.02x 10.70x 13.61x 13.33x 16.17x - - 15.58x 13.80x - -











EBITDA Margin 17.3%



Asset Turnover 1.33


Quick Ratio 0.07 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 95.47



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tiger Brands LtdPrice/Volume

Valuation Analysis

55'299.00


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

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26.11.2012


PUBLIC INVESTMENT CO n/a Research 20'018'986 10.5 - 06.01.2012 Government

LAZARD ASSET MANAGEM n/a Research 11'630'077 6.1 - 06.01.2012 Investment Advisor

TIGER CONSUMER BRAND n/a Research 10'295'478 5.4 - 06.01.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'110'168 3.2 217'804 31.03.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'237'384 2.22 258'145 31.01.2012 Investment Advisor

INVESTEC FUND GROUP Multiple Portfolios MF-AGG 3'687'460 1.93 532'291 31.12.2011 Investment Advisor


ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 2'365'800 1.24 (591'136) 31.12.2011 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'338'479 1.23 379'111 31.03.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'377'698 0.72 - 29.02.2012 Mutual Fund Manager

CORONATION FUND MANA Multiple Portfolios MF-AGG 1'307'994 0.69 (490'728) 31.12.2011 Investment Advisor

JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'057'911 0.55 15'557 20.01.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 943'219 0.49 558'520 31.12.2011 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 881'243 0.46 29'881 31.01.2012 Mutual Fund Manager

MOMENTUM Multiple Portfolios MF-AGG 854'312 0.45 37'145 31.12.2011 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 746'545 0.39 61'000 29.02.2012 Investment Advisor

ABSA FUND MANAGERS L Multiple Portfolios MF-AGG 503'972 0.26 - 31.12.2011 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 468'681 0.25 2'706 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 452'412 0.24 (3'654) 01.05.2012 Investment Advisor

HARRIS 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 26.04.2012

Afrifocus Securities TANUJA CHITRE sell 1 D #N/A N/A Not Provided 29.03.2012

Deutsche Bank WARREN GOLDBLUM hold 3 D 27'000 12 month 14.03.2012

Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 D 24'000 12 month 01.03.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.02.2012

HSBC MICHELE OLIVIER underweight 1 D 25'200 Not Provided 06.02.2012

Avior Research JITEN BECHOO hold 3 N 28'637 Not Provided 25.01.2012

Credit Suisse MUKHTAR MUSTAPHA underperform 1 M 21'800 Not Provided 24.01.2012

SBG Securities BRENDAN GRUNDLINGH sell 1 M 21'000 12 month 20.01.2012

Holdings By:

Tiger Brands Ltd ee


26.11.2012

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 range

of products includes nutritive sweeteners, industrial starches, ethanol,

acidulants and animal feed.


LTM as of: 01/yy

52-Week High (23.11.2012) 776.50

52-Week Low (10.09.2012) 627.50

Daily Volume

769.5





3'587.19 1 Yr Total Return 20.49%

Total Debt 946.00 YTD Return 12.29%






TATE LN EQUITY YTD Change - Average Volume 30 Day 1'368'520

TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'425'714


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 - -

2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'246.3 3'356.7 - -

1.23x 0.69x 1.15x 1.17x 1.24x - - 1.24x 1.16x - -

339.0 296.0 373.0 418.0 440.0 - - 465.8 488.9 - -

10.44x 8.24x 7.83x 7.62x 8.70x - - 8.65x 8.24x - -

194.0 65.0 15.0 163.0 305.0 - - 269.1 290.0 - -

22.69x 13.36x - 13.56x 10.70x - - 13.60x 12.66x - -

EBITDA 440.00 Long-Term Rating Date 15.07.2011

EBIT 337.00 Long-Term Rating BBB

Operating Margin 10.91% Long-Term Outlook STABLE

Pretax Margin 12.27% Short-Term Rating Date 15.07.2011

Return on Assets 10.49% Short-Term Rating A-2





Gross Margin - Total Debt/EBITDA 2.26

EBITDA Margin 12.0%



Asset Turnover 1.13



Debt to Assets 32.55% Inventory Days -

Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -

Accounts Receivable Turnover 9.41 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis

95'053.00


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26.11.2012


INVESCO LTD n/a Co File 65'321'630 14.03 - 26.05.2011 Investment Advisor

INVESCO LTD Multiple Portfolios REG 64'128'318 13.77 (136'582) 01.01.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 24'024'911 5.16 (430'978) 01.01.2012 Investment Advisor

SCHRODERS PLC n/a Co File 24'024'911 5.16 - 26.05.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'876'991 5.13 (403'986) 29.02.2012 Investment Advisor

ARTEMIS INVESTMENT M n/a RNS-MAJ 23'207'193 4.98 (313'797) 03.10.2011 Investment Advisor

BLACKROCK INC n/a RNS-MAJ 22'917'647 4.92 (25'763) 12.04.2012 Investment Advisor

AXA n/a Co File 22'890'148 4.92 - 26.05.2011 Investment Advisor

LLOYDS BANKING GROUP n/a RNS-MAJ 22'854'608 4.91 (5'150'345) 30.11.2011 Investment Advisor

KAMES CAPITAL PLC n/a RNS-MAJ 18'440'319 3.96 (57'901) 29.03.2012 Investment Advisor

AEGON UK PLC Multiple Portfolios REG 18'275'862 3.92 99'495 01.01.2012 Investment Advisor

LEGAL & GENERAL INVE Multiple Portfolios REG 18'238'462 3.92 (272'995) 01.01.2012 Investment Advisor

AEGON ASSET MGMT n/a RNS-MAJ 18'234'583 3.92 (441'014) 16.08.2011 Investment Advisor

LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 26.05.2011 Bank

LEGAL & GENERAL GROU n/a Co File 18'062'288 3.88 - 26.05.2011 Investment Advisor

BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 26.05.2011 Investment Advisor

SCOTTISH WIDOWS INVE Multiple Portfolios REG 16'652'422 3.58 (3'430'604) 01.01.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 15'700'159 3.37 (6'126'353) 01.01.2012 Investment Advisor

BLACKROCK INV MANAGE Multiple Portfolios REG 14'095'691 3.03 3'926'269 01.01.2012 Investment Advisor

HARBINGER 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 02.05.2012

Canaccord Genuity Corp ALICIA FORRY hold 3 M 755 12 month 02.05.2012

Exane BNP Paribas JAMES BUSHNELL neutral 3 M 700 Not Provided 02.05.2012

Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 650 12 month 10.04.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 09.04.2012

Jefferies DIRK VAN VLAANDEREN hold 3 U 690 12 month 04.04.2012

Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 02.04.2012

Investec MARTIN DEBOO sell 1 M 640 12 month 30.03.2012

Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 30.03.2012

JPMorgan ALBERTO LOPEZ RUEDA underweight 1 M 600 18 month 29.03.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 700 Not Provided 01.03.2012

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.03.2012

Morgan Stanley TOBY MCCULLAGH Equalwt/Attractive 3 D 725 12 month 15.02.2012

NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 780 12 month 01.02.2012

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012

Credit Suisse CHARLES MILLS neutral 3 M 700 Not Provided 20.12.2011

Deutsche Bank HAROLD THOMPSON buy 5 M 785 12 month 31.05.2011

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 07.03.2011

Holdings By:

Tate & Lyle PLC ee


26.11.2012

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 business

includes bioethanol activities.


LTM as of: 11/yy

52-Week High (20.11.2012) 31.10

52-Week Low (27.02.2012) 21.39

Daily Volume

29.375





5'562.26 1 Yr Total Return 39.80%







SZU GR EQUITY YTD Change - Average Volume 30 Day 365'287

SZU GR EQUITY YTD % CHANGE - Average Volume 3 Month 362'648


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 11/12 Q3 02/13 Q4

5'779.6 5'871.3 5'718.2 6'160.8 6'991.9 5'947.9 6'737.2 7'663.9 7'654.9 1'961.4 1'828.8

0.96x 0.94x 0.99x 0.98x 0.91x 3.53x 3.85x 0.95x 0.91x - -

466.9 470.2 658.5 782.0 1'026.5 749.4 975.0 1'226.3 1'171.9 344.0 241.0

11.86x 11.73x 8.62x 7.73x 6.20x 6.92x 6.75x 6.46x 6.76x - -

19.6 162.2 200.1 250.4 376.3 228.7 316.7 585.5 510.8 124.0 94.3

145.20x 15.93x 16.13x 15.23x 10.95x 13.70x 14.10x 10.22x 11.69x - -

EBITDA 1'026.50 Long-Term Rating Date 05.06.2012

EBIT 762.10 Long-Term Rating BBB+



Return on Assets 8.19% Short-Term Rating A-2


Return on Capital - EBITDA/Interest Exp. 8.76




EBITDA Margin 16.6%



Asset Turnover 0.99







Fiscal Year Ended

Suedzucker AGPrice/Volume

Valuation Analysis

54'872.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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-2

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0'

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!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

1'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

.6!'.!.''5 .6!'5!.''5 .5!'.!.''6 .6!'5!.''6 .5!'.!.'-' .6!'5!.'-' .5!'.!.'-- .6!'5!.'-- .6!'.!.'-.



26.11.2012


ZUCKERRUBENVERWERTUN n/a Co File 104'144'484 55 - 28.02.2011 Corporation

ZUCKER INVEST GMBH n/a Co File 18'935'361 10 - 28.02.2011 n/a

BLACKROCK INC n/a Research 5'610'113 2.96 - 15.07.2010 Investment Advisor

AKO CAPITAL LLP n/a Short (2'897'110) -1.53 - 26.03.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 903'200 0.48 50'000 31.12.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 805'156 0.43 (133'236) 31.08.2011 Investment Advisor

BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 742'591 0.39 - 30.04.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 698'530 0.37 8'887 31.03.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 475'963 0.25 135 31.03.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 469'711 0.25 - 02.05.2012 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 422'729 0.22 - 31.01.2012 Investment Advisor

PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 408'548 0.22 405'213 31.12.2011 Insurance Company

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 396'229 0.21 - 30.03.2012 Investment Advisor

MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 346'610 0.18 84'909 30.12.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 327'438 0.17 255'741 02.05.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 311'542 0.16 65'000 31.12.2011 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 252'509 0.13 18'400 29.02.2012 Investment Advisor

LOS ANGELES CAPITAL LOS ANGELES CAPITAL 13F 245'491 0.13 245'491 31.12.2011 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 243'706 0.13 (4'553) 31.05.2011 Investment Advisor

STATE 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 18.04.2012

Barclays Capital JANE GELFAND underwt/neutral 1 M 21 Not Provided 04.04.2012

Nord/LB WOLFGANG VASTERLING buy 5 M 26 12 month 03.04.2012

Mirabaud Securities JULIAN LAKIN add 4 M 26 Not Provided 29.03.2012

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 U 27 12 month 28.03.2012

Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 31 6 month 22.03.2012

Exane BNP Paribas JAMES BUSHNELL neutral 3 M 24 Not Provided 20.03.2012

Bankhaus Lampe MARC GABRIEL buy 5 M 34 12 month 15.02.2012

Berenberg Bank JAMES TARGETT hold 3 M 26 12 month 10.02.2012

Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 30 12 month 30.01.2012

Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012

M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 27 12 month 16.01.2012

HSBC JESKO MAYER-WEGELIN overweight 5 M 30 Not Provided 12.01.2012

Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 30 Not Provided 12.01.2012

Independent Research GmbH LARS LUSEBRINK buy 5 M 29 6 month 12.01.2012

DZ Bank AG HEINZ MUELLER buy 5 M 30 12 month 12.01.2012

Silvia Quandt Research KLAUS KRAENZLE buy 5 M 34 12 month 12.01.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 09.01.2012

Deutsche Bank HAROLD THOMPSON hold 3 M 25 12 month 23.11.2011

Holdings By:

Suedzucker AG ee


26.11.2012

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 and

margarine. Sinar Mas also manufactures packaging products such as bottles and

caps as well as provides management services.


LTM as of: 12/yy

52-Week High (18.09.2012) 7'400.00

52-Week Low (13.02.2012) 5'100.00

Daily Volume

6800





19'530'912.00 1 Yr Total Return 5.35%

Total Debt 2'927'226.00 YTD Return 9.47%


Minority Interest 4'683.0 Analyst Recs 0

Cash and Equivalents 486'225.00 Consensus Rating -

Enterprise Value 23'439'176.40


SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1'033

SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'664


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 12/12 Q4 03/13 Q1

8'079'714.5 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 -









EBITDA Margin 11.6%



Asset Turnover 1.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume

Valuation Analysis

10'000.00


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

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!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 9

!1 9

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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26.11.2012


PURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 Other

BESSEMER 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


26.11.2012

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

processing and hog production groups. The Company also produces and markets a

range of branded food products such as frozen barbecues and chilies, peanuts,

and pork products. Smithfield's products are sold on a wholesale basis, through

catalogs, through its retail stores, and via the Internet.


LTM as of: 01/yy

52-Week High (08.12.2011) 25.12

52-Week Low (07.08.2012) 17.55

Daily Volume

22




Shares Out 31.08.2012 149.5 Short Int 8.55

3'288.54 1 Yr Total Return -1.52%







SFD US EQUITY YTD Change - Average Volume 30 Day 1'758'065

SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'001'953


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 10/12 Q2 01/13 Q3

11'351.2 12'487.7 11'202.6 12'202.7 13'094.3 11'996.5 13'001.5 13'204.7 13'760.4 3'314.5 3'512.9

0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.73x 0.37x 0.34x 1.53x 1.46x

605.2 96.7 266.5 1'156.2 975.3 933.0 1'080.6 805.2 896.9 192.8 204.8

12.67x 41.79x 21.28x 4.90x 5.11x 5.62x 5.10x 6.30x 5.65x 6.14x 5.81x

128.9 (198.4) (101.4) 521.0 361.3 418.0 380.2 274.8 341.3 65.5 78.3

25.89x - - 8.15x 8.19x 8.29x 7.42x 11.90x 9.67x 11.42x 10.22x


EBIT 732.50 Long-Term Rating BB









EBITDA Margin 7.1%



Asset Turnover 1.78







Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis

634'244.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

'.!'2!.''5 '.!--!.''5 '.!'2!.''6 '.!--!.''6 '.!'2!.'-' '.!--!.'-' '.!'2!.'-- '.!--!.'--



26.11.2012


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'910'303 8.64 1'392'035 31.12.2011 Investment Advisor

CONTIGROUP COS INC n/a 13D/PROX 12'801'352 7.95 - 15.07.2011 Corporation

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'471'879 4.02 2'172'577 31.03.2012 Hedge Fund Manager

VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'373'066 3.96 18'332 31.12.2011 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'312'883 3.92 (7'455) 31.12.2011 Investment Advisor

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 5'249'753 3.26 437'443 31.12.2011 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 4'927'289 3.06 1'204'798 31.03.2012 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'106'562 2.55 177'412 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'724'064 2.31 583'521 31.03.2012 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3'634'990 2.26 (680'759) 31.12.2011 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'619'845 2.25 303'984 31.12.2011 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'109'694 1.93 115'077 31.12.2011 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 3'084'164 1.91 (7'308'447) 31.12.2011 Investment Advisor

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 3'067'059 1.9 48'834 31.12.2011 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'980'600 1.85 (1'144'063) 31.12.2011 Investment Advisor

JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2'908'418 1.81 502'852 31.12.2011 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'361'500 1.47 1'493'900 31.12.2011 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'980'721 1.23 574'425 31.12.2011 Investment Advisor

BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'951'823 1.21 (125'123) 31.12.2011 Investment Advisor

PRINCIPAL 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 02.05.2012

Davenport & Co ANN H GURKIN buy 5 M 32 12 month 02.05.2012

Stephens Inc FARHA ASLAM overweight 5 M 28 12 month 01.05.2012

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 16.04.2012

Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 28 12 month 16.04.2012

Deutsche Bank CHRISTINA MCGLONE hold 3 M 25 12 month 10.04.2012

Credit Suisse ROBERT MOSKOW outperform 5 M 29 Not Provided 03.04.2012

JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 12.03.2012

Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 09.03.2012

KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 09.03.2012

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 31 12 month 09.03.2012

D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 30 Not Provided 08.03.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 05.07.2011

Holdings By:

Smithfield Foods Inc ee


26.11.2012

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

frozen chicken products. The Company also processes, markets, and distributes

processed and prepared food items. Sanderson Farms sells its chicken, primarily

under the Sanderson Farms brand name, to retailers, distributors, and fast

food operators in the southeastern, southwestern, and western United States.


LTM as of: 01/yy

52-Week High (29.05.2012) 55.87

52-Week Low (24.07.2012) 36.11

Daily Volume

47.96





1'101.69 1 Yr Total Return -2.52%

Total Debt 284.78 YTD Return -2.87%






SAFM US EQUITY YTD Change - Average Volume 30 Day 182'739

SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 242'139


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 10/12 Q4 01/13 Q1

1'474.8 1'723.6 1'789.5 1'925.4 1'978.1 1'933.1 2'068.2 2'367.6 2'483.1 631.2 549.7

0.54x 0.50x 0.47x 0.48x 0.69x 2.16x 2.55x 0.55x 0.49x 1.97x 2.48x

162.2 31.1 185.6 261.8 (122.2) 185.0 (76.4) 154.3 113.2 29.0 (9.3)

4.93x 27.51x 4.53x 3.50x - 5.25x 0.00x 7.98x 10.88x 11.66x 8.33x

78.8 (43.1) 82.3 134.8 (127.1) 85.4 (101.5) 50.1 35.6 6.5 (16.7)

8.97x - 9.17x 6.92x - 11.02x 0.00x 21.44x 36.53x 114.46x 30.28x

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 Capital 3.87% EBITDA/Interest Exp. -0.19

Asset Turnover 2.54% (EBITDA-Capex)/Interest Exp. -0.29


Gross Margin -5.4% Total Debt/EBITDA 1.25

EBITDA Margin 5.4%


Net Income Margin -6.4% Total Debt/Capital 36.0%

Asset Turnover 2.54







Fiscal Year Ended

Sanderson Farms IncPrice/Volume

Valuation Analysis

159'435.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

0-!-'!.''5 0'!'1!.''6 0-!-'!.''6 0'!'1!.'-' 0-!-'!.'-' 0'!'1!.'-- 0-!-'!.'--



26.11.2012


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'124'268 14.04 (152'100) 31.12.2011 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 1'711'304 7.69 (54'250) 31.12.2011 Hedge Fund Manager

TRUSTMARK NATIONAL B n/a 13G 1'646'502 7.4 - 31.12.2011 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'269'325 5.7 152'177 31.12.2011 Investment Advisor


SANDERSON JR JOE F n/a 13D 931'567 4.19 - 29.03.2012 n/a

BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 867'963 3.9 33'002 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 819'198 3.68 124'501 31.03.2012 Investment Advisor

UBS O'CONNOR LLC UBS O'CONNOR LLC 13F 788'771 3.54 10'268 31.12.2011 Hedge Fund Manager

SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 600'000 2.7 83'947 31.12.2011 Hedge Fund Manager

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 555'432 2.5 32'825 31.12.2011 Investment Advisor

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 500'000 2.25 - 31.12.2011 Hedge Fund Manager

STATE STREET CORP STATE STREET CORPORA 13F 473'888 2.13 (9'084) 31.03.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 465'451 2.09 14'256 31.12.2011 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 414'858 1.86 67'739 31.12.2011 Investment Advisor

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 365'913 1.64 (57'444) 31.12.2011 Insurance Company

COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 354'200 1.59 800 29.02.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 341'945 1.54 (3'258) 31.12.2011 Investment Advisor

MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 331'088 1.49 32'485 31.12.2011 Hedge Fund Manager

TEACHERS 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 01.05.2012

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 47 Not Provided 16.04.2012


Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.02.2012

JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 29.02.2012

Goldman Sachs LINDSAY DRUCKER MANN Buy/Neutral 5 M 65 12 month 28.02.2012

Deutsche Bank CHRISTINA MCGLONE hold 3 M 51 12 month 20.12.2011


Holdings By:

Sanderson Farms Inc ee


26.11.2012

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable

fat, texturized soya protein, soya flour and other soya products. The Group

has also developed Palm stearin and Palm olein cooking oils.


LTM as of: 01/yy

52-Week High (16.02.2012) 107.80

52-Week Low (20.11.2012) 60.10

Daily Volume

60.7





20'269.10 1 Yr Total Return -39.87%







RSI IN EQUITY YTD Change - Average Volume 30 Day 126'310

RSI IN EQUITY YTD % CHANGE - Average Volume 3 Month 558'704


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 12/12 Q3 03/13 Q4

115'540.7 124'848.4 142'739.6 180'465.7 302'464.4 - - - - - -

0.24x 0.10x 0.24x 0.34x - - - - - - -

4'618.8 2'789.9 4'934.0 6'580.5 4'472.6 - - - - - -

5.93x 4.28x 6.93x 9.26x - - - - - - -

1'638.4 954.9 1'749.0 2'251.7 1'194.2 - - - - - -

9.86x 4.51x 13.87x 15.10x 25.42x - - - - - -











EBITDA Margin 4.0%



Asset Turnover 2.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ruchi Soya Industries LtdPrice/Volume

Valuation Analysis

41'514.00


'

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1'

3'

5'

-''

-.'

-1'

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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26.11.2012


SHIVA FOUNDATION n/a Co File 47'874'013 14.36 - 31.12.2011 n/a

SHAHRA DINESH n/a EXCH 47'274'013 14.18 (200'000) 26.03.2012 n/a

SOYUMM MARKETING PVT n/a EXCH 23'620'967 7.09 200'000 26.03.2012 n/a

VS NET LTD n/a Co File 21'973'459 6.59 - 31.12.2011 n/a

SAWIL PLANTATIONS PT n/a Co File 19'612'913 5.88 - 31.12.2011 n/a

SPECTRA REALITIES PV n/a Co File 18'000'000 5.4 - 31.12.2011 n/a

CRESTA FUND LTD n/a EXCH 16'998'994 5.1 - 25.04.2012 n/a

ALBULA INVESTMENT FU n/a Co File 11'480'000 3.44 - 31.12.2011 n/a

AIWO LTD n/a Co File 11'100'000 3.33 - 31.12.2011 n/a

ARANDI INVST PVT LTD n/a Co File 8'679'170 2.6 - 31.12.2011 Other

SOYA INDUSTRIES LTD n/a Co File 7'630'115 2.29 - 31.12.2011 n/a

APL INTERNATIONAL LT n/a Co File 6'596'805 1.98 - 31.12.2011 Other

SHAHRA NITESH n/a Co File 6'096'153 1.83 - 31.12.2011 n/a

SHAHRA SARVESH n/a Co File 5'306'872 1.59 - 31.12.2011 n/a

RUCHI INFRASTRUCTURE n/a Co File 4'820'077 1.45 - 31.12.2011 Investment Advisor

MERRILL LYNCH CAPITA n/a Co File 4'436'570 1.33 - 31.12.2011 Other

MERDALE INVST CO LTD n/a Co File 4'249'645 1.27 - 31.12.2011 Other

CLEMFIELD INDUSTRIES n/a Co File 4'001'080 1.2 - 31.12.2011 Corporation

ELARA INDIA OPPORTUN n/a Co File 3'868'395 1.16 - 31.12.2011 Mutual Fund Manager

SHAHRA 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 16.02.2012

Batlivala & Karani Securities AYYATHURAI RAJKUMAR underperform 1 M 81 Not Provided 10.02.2012

Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 140 12 month 18.08.2011

ICICIdirect.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


26.11.2012

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

United States and Mexico. Through vertical integration, the Company controls

the breeding, hatching, and growing of chickens and the processing, preparation,

and packaging of its product lines. Pilgrim's Pride exports its products to

Canada, Eastern Europe, the Far East, and other world markets.


LTM as of: 03/yy

52-Week High (29.05.2012) 8.68

52-Week Low (16.10.2012) 4.20

Daily Volume

6.64





1'719.75 1 Yr Total Return 36.95%







PPC US EQUITY YTD Change - Average Volume 30 Day 682'330

PPC US EQUITY YTD % CHANGE - Average Volume 3 Month 688'331


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 12/12 Q4 03/13 Q1

7'498.6 8'518.8 7'088.1 6'881.6 7'535.7 7'131.2 7'532.0 7'848.2 8'053.5 1'919.4 1'950.0

0.47x 0.25x 0.05x 0.40x 0.36x 1.54x 1.43x 0.34x 0.32x 1.44x 1.41x

442.1 (271.8) 317.8 486.8 (151.1) 369.7 18.0 365.8 396.5 29.6 48.0

7.95x - 1.13x 5.68x - 8.23x 176.84x 7.75x 7.15x 9.50x 7.06x

47.0 (998.6) (151.6) 87.1 (496.8) 11.9 (336.8) 122.2 146.7 (29.1) (12.2)

33.72x - - 10.03x - 42.50x 0.00x 13.83x 12.34x 35.13x 11.86x

EBITDA -138.47 Long-Term Rating Date 16.08.2011

EBIT -347.53 Long-Term Rating B

Operating Margin -4.61% Long-Term Outlook NEG




Return on Capital 7.28% EBITDA/Interest Exp. -1.24



Gross Margin -1.9% Total Debt/EBITDA 3.23

EBITDA Margin 4.7%



Asset Turnover 2.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pilgrim's Pride CorpPrice/Volume

Valuation Analysis

252'412.00


'-.0123456

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

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26.11.2012


JBS USA HOLDINGS INC n/a Form 4 194'990'667 75.31 18'924'438 12.03.2012 Holding Company

JACKSON DON n/a Form 4 3'356'402 1.3 576'083 29.02.2012 n/a


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'100'000 0.81 2'000'000 31.12.2011 Investment Advisor

CADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 2'059'920 0.8 2'059'920 31.12.2011 Investment Advisor

WEISS MULTI-STRATEGY WEISS MULTI-STRATEGY 13F 1'581'346 0.61 1'548'946 31.12.2011 Hedge Fund Manager


STATE STREET CORP STATE STREET CORPORA 13F 1'192'619 0.46 293'707 31.03.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1'103'765 0.43 (139'485) 31.12.2011 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'072'598 0.41 11'799 31.12.2011 Investment Advisor


SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 909'248 0.35 234'248 31.12.2011 Hedge Fund Manager

SEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 874'693 0.34 21'000 31.12.2011 Investment Advisor

COOPER CREEK PARTNER COOPER CREEK PARTNER 13F 841'237 0.32 (102'902) 31.12.2011 Hedge Fund Manager

KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 705'298 0.27 705'298 31.12.2011 Investment Advisor

BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 664'774 0.26 (22'063) 31.12.2011 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 625'825 0.24 221'257 31.12.2011 Investment Advisor

BLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 612'200 0.24 394'298 31.12.2011 Hedge Fund Manager

PILGRIM LONNIE KEN n/a PROXY 471'776 0.18 - 21.03.2011 n/a

DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 452'271 0.17 452'271 31.12.2011 Investment Advisor



Imperial Capital LLC MARY ROSS-GILBERT outperform 5 M 9 12 month 01.05.2012



B Riley & Company, Inc IAN CORYDON buy 5 M 10 12 month 30.04.2012

BB&T Capital Markets HEATHER L JONES buy 5 M 9 12 month 27.04.2012


Deutsche Bank CHRISTINA MCGLONE not rated #N/A N/A M #N/A N/A Not Provided 04.03.2010

JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008

Holdings By:

Pilgrim's Pride Corp ee


26.11.2012

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 and

Asia.


LTM as of: 12/yy

52-Week High (14.03.2012) 12.65

52-Week Low (31.01.2012) 7.82

Daily Volume

12.09





4'180.09 1 Yr Total Return 37.23%


Preferred Stock - Adjusted BETA 0.951





MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2'341'743

MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'787'194


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 12/12 Q4 03/13 Q1

3'339.9 6'203.8 9'623.6 15'878.5 21'884.9 15'878.5 21'884.9 23'917.3 26'331.1 6'666.7 6'243.0

1.30x 0.85x 0.93x 0.75x 0.53x 2.69x 2.18x 0.52x 0.48x 2.03x 2.12x

- 884.4 725.0 1'502.5 1'773.8 1'502.5 1'773.8 1'941.3 2'268.9 480.7 507.0

- 5.95x 12.36x 7.90x 6.54x 7.90x 6.54x 7.43x 6.36x 6.66x 5.94x

85.0 (35.5) 534.4 146.1 (746.0) 146.1 (746.0) 160.6 169.7 65.0 (12.9)

36.61x - 9.95x 36.76x - 36.75x 0.00x 63.97x 37.78x 37.90x 39.38x


EBIT 1'032.28 Long-Term Rating B+

Operating Margin 4.72% Long-Term Outlook NEG


Return on Assets -0.32% Short-Term Rating -

Return on Common Equity -1.69%





EBITDA Margin 9.1%



Asset Turnover 0.95







Fiscal Year Ended

Marfrig Alimentos SAPrice/Volume

Valuation Analysis

1'392'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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26.11.2012


MMS PARTICIPACOES SA n/a EXCH 150'903'345 43.49 - 12.01.2012 n/a

BNDES PARTICIPACOES n/a EXCH 48'196'079 13.89 - 12.01.2012 Government

OSI INTERNATIONAL HO n/a EXCH 20'125'073 5.8 - 12.01.2012 n/a

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 17'625'202 5.08 - 31.12.2011 Investment Advisor

FRANKLIN TEMPLETON I n/a EXCH 17'418'597 5.02 - 12.01.2012 Mutual Fund Manager

MOLINA DOS MARCOS A n/a EXCH 12'907'805 3.72 - 12.01.2012 n/a

GWI CONSULT PART E S Multiple Portfolios MF-AGG 12'580'730 3.63 1'373'100 31.03.2012 Mutual Fund Manager

BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'657'008 1.05 704'841 31.03.2012 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'207'137 0.92 152'914 31.03.2012 Investment Advisor

MERCATTO GESTAO DE R Multiple Portfolios MF-AGG 2'132'600 0.61 (85'300) 31.03.2012 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'701'378 0.49 115'445 31.03.2012 Mutual Fund Manager

DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 1'600'000 0.46 - 30.03.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'525'950 0.44 - 01.05.2012 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'330'568 0.38 25'800 29.02.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'318'100 0.38 1'315'600 31.03.2012 Investment Advisor

NEST INVESTIMENTOS L Multiple Portfolios MF-AGG 1'262'700 0.36 (386'500) 31.12.2011 Mutual Fund Manager

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'260'000 0.36 1'400 02.05.2012 Unclassified

BNY MELLON ARX INV L Multiple Portfolios MF-AGG 1'217'443 0.35 418'323 31.03.2012 Investment Advisor

XP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'061'800 0.31 (177'800) 31.01.2012 Mutual Fund Manager

BRANDES 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 02.05.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 13 Not Provided 25.04.2012

Raymond James DANIELA M BRETTHAUER underperform 1 D #N/A N/A Not Provided 12.04.2012

JPMorgan ALAN ALANIS neutral 3 M 13 6 month 11.04.2012

XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012

SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 27.03.2012

Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 9 12 month 26.03.2012

Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 26.03.2012

Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 26.03.2012

HSBC PEDRO HERRERA underweight 1 D 12 Not Provided 20.03.2012

Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 02.03.2012

Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011


Deutsche Bank JOSE J YORDAN buy 5 M 22 12 month 28.11.2011

Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 M 7 Not Provided 14.11.2011

Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011

Credit Suisse ANTONIO GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 19.09.2011

Ativa S/A CTV LUCIANA LEOCADIO Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2010

Coinvalores MARCO AURELIO BARBOSA buy 5 M #N/A N/A Not Provided 06.05.2010

Holdings By:

Marfrig Alimentos SA ee


26.11.2012

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

margarine, flour, pasta, rice, meats, and cake mixes. The Company operates

industrial facilities and distribution centers in Argentina, and exports its

products to more than 20 countries.


LTM as of: 12/yy

52-Week High (02.12.2011) 32.50

52-Week Low (08.05.2012) 16.60

Daily Volume

20.4



% 52 Week Price Range High/Low 23.90% Equity Float -


5'109.15 1 Yr Total Return -24.27%







MOLI AR EQUITY YTD Change - Average Volume 30 Day 8'704

MOLI AR EQUITY YTD % CHANGE - Average Volume 3 Month 9'644


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 12/12 Q4 03/13 Q1

5'656.3 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 -









EBITDA Margin 3.0%



Asset Turnover 2.06







Fiscal Year Ended

Molinos Rio de la PlataPrice/Volume

Valuation Analysis

7'938.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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-2

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02

1'

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0.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

02!''

1'!''

12!''

2'!''

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26.11.2012


PCF SA n/a Co File 187'130'597 75.03 - 31.12.2011 Corporation

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 93'310 0.04 - 29.02.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 51'652 0.02 (1) 31.03.2012 Investment Advisor

CREDIT 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


26.11.2012

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

lauric, coconut, soybean, canola, sunflower, and corn oil. Mewah markets its

oils to refiners, processors, wholesalers and retailers, and packs and sells

edible oils and fats and specialized bakery and confectionery oils and fats to

consumers.


LTM as of: 12/yy

52-Week High (20.02.2012) 0.67

52-Week Low (18.05.2012) 0.38

Daily Volume

0.45





678.18 1 Yr Total Return -1.49%



Minority Interest (2.1) Analyst Recs 8


Enterprise Value 924.47


MII SP EQUITY YTD Change - Average Volume 30 Day 1'130'467

MII SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'784'846


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 12/12 Q4 03/13 Q1

2'705.4 3'275.5 2'867.1 3'533.1 4'467.9 1'060.1 4'467.9 4'179.9 4'327.4 - -

- - - 0.38x 0.18x 1.27x 0.97x 0.20x 0.20x - -

35.5 141.0 133.4 122.1 27.4 47.4 73.7 77.9 89.8 - -

- - - 11.02x 28.71x 0.00x 10.69x 11.86x 10.29x - -

26.5 88.7 89.2 92.4 42.2 36.1 42.2 37.3 42.8 - -

- - - 11.55x 12.81x 0.00x 12.81x 14.72x 12.27x - -











EBITDA Margin 0.6%



Asset Turnover 3.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mewah International IncPrice/Volume

Valuation Analysis

524'000.00


'

'

'

-

-

-

-

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-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



26.11.2012


EIGHTEEN TENTH NINET n/a Co File 527'585'220 35.01 - 16.03.2012 n/a

SENG JIN CHEO n/a Co File 126'975'000 8.43 - 16.03.2012 n/a

TIONG CHOON CHEO n/a Co File 115'128'000 7.64 - 16.03.2012 n/a

TIONG HENG CHEO n/a Co File 106'626'000 7.08 - 16.03.2012 n/a

TUAN HONG ONG n/a Co File 82'351'220 5.46 - 16.03.2012 n/a

CHEO SOH HUA n/a Co File 57'035'000 3.78 - 16.03.2012 n/a

CHEO SU CHING n/a Co File 50'020'000 3.32 - 16.03.2012 n/a

CHUNG AMY n/a Co File 39'772'000 2.64 - 16.03.2012 n/a

CHEO TEONG ENG n/a Co File 38'430'000 2.55 - 16.03.2012 n/a

CHEO CHONG CHER n/a Co File 35'990'000 2.39 - 16.03.2012 n/a

CHEO MING YOU n/a Co File 34'800'500 2.31 - 16.03.2012 n/a

SOR CHENG CHEO n/a Co File 28'560'000 1.9 - 16.03.2012 n/a

CHEO MING SHEN n/a Co File 23'327'500 1.55 - 16.03.2012 n/a

TONG CHOON CHEO n/a Co File 20'555'000 1.36 - 16.03.2012 n/a

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'186'000 0.28 - 30.06.2011 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'334'000 0.15 2'334'000 31.03.2011 Investment Advisor

PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 2'301'000 0.15 208'000 31.03.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 911'171 0.06 - 31.12.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 565'000 0.04 - 30.04.2012 Investment Advisor

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 549'576 0.04 - 02.05.2012 Investment Advisor


HSBC THILAN WICKRAMASINGHE underweight 1 D 0 Not Provided 26.04.2012

Nomura TANUJ SHORI reduce 2 M 0 Not Provided 09.04.2012

BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 0 12 month 22.03.2012

UOB Kay Hian TEAM COVERAGE sell 1 M 1 Not Provided 19.03.2012

DBS Vickers MERVIN SONG fully valued 2 M 1 12 month 06.03.2012

Credit Suisse TAN TING MIN underperform 1 M 1 Not Provided 29.02.2012

CIMB LEE WEN CHING underperform 1 M 0 12 month 29.02.2012

JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 16.02.2012


Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 24.06.2011

Holdings By:

Mewah International Inc ee


26.11.2012

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.


LTM as of: 03/yy

52-Week High (27.04.2012) 13.00

52-Week Low (30.07.2012) 9.87

Daily Volume

10.96





1'534.88 1 Yr Total Return 3.78%




Cash and Equivalents - Consensus Rating 3.889



MFI CN EQUITY YTD Change - Average Volume 30 Day 122'328

MFI CN EQUITY YTD % CHANGE - Average Volume 3 Month 156'347


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 12/12 Q4 03/13 Q1

5'209.6 5'242.6 5'221.6 4'968.1 4'893.6 4'924.6 4'906.5 4'917.7 5'045.3 1'256.5 1'173.0

0.55x 0.48x 0.52x 0.51x 0.52x 1.52x 2.23x - 0.53x - -

340.2 277.6 345.6 368.6 389.0 368.9 371.1 400.9 470.0 118.7 92.0

8.40x 9.11x 7.79x 6.92x 6.58x 0.00x 7.61x 6.66x 5.68x 6.00x 5.91x

195.0 (36.9) 52.1 29.3 82.1 21.4 72.2 121.7 160.7 43.7 22.3

29.12x 38.17x 21.61x 16.27x 10.83x 16.68x 12.92x 11.77x 9.66x 10.10x 9.76x











EBITDA Margin 7.3%



Asset Turnover 1.62





Accounts Receivable Turnover 20.83 Cash Conversion Cycle -0.26


Fiscal Year Ended

Maple Leaf Foods IncPrice/Volume

Valuation Analysis

31'263.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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.!' 9

.!2 9

0.0

1'000.0

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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1!''

3!''

5!''

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26.11.2012


MCCAIN MICHAEL H n/a Co File 45'773'783 32.69 - 08.12.2011 n/a

WEST FACE CAPITAL IN n/a Co File 15'894'413 11.35 - 28.02.2011 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9'146'125 6.53 (38'639) 31.12.2011 Investment Advisor

PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 2'672'000 1.91 200'000 31.03.2012 Investment Advisor


QVGD INVESTORS INC Multiple Portfolios MF-AGG 2'055'000 1.47 1'027'500 30.03.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'886'800 1.35 - 31.12.2011 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'794'238 1.28 (9'900) 31.03.2012 Investment Advisor


CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 895'630 0.64 - 31.03.2011 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 748'400 0.53 (94'600) 31.01.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 733'400 0.52 83'400 31.03.2012 Investment Advisor

ELMAR HOLDCO LIMITED n/a SEDI 549'861 0.39 - 09.03.2011 Other

HEXAVEST INC HEXAVEST INC 13F 533'936 0.38 86'764 31.03.2012 Hedge Fund Manager

LAN RICHARD A n/a SEDI 500'050 0.36 333'375 16.11.2011 n/a

MCCAIN J SCOTT n/a SEDI 443'744 0.32 - 12.12.2011 n/a


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402'065 0.29 50'400 31.12.2011 Investment Advisor

VELS MICHAEL H n/a SEDI 316'680 0.23 113 06.03.2012 n/a

PRUDENTIAL 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 03.05.2012

RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 03.05.2012

Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 03.05.2012

TD Newcrest MICHAEL VAN AELST buy 5 M 15 12 month 03.05.2012

CIBC World Markets MARK PETRIE sector perform 3 M 13 18 month 02.05.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.04.2012

Octagon Capital Corporation ROBERT GIBSON buy 5 M 14 12 month 19.03.2012

Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 01.12.2011

Holdings By:

Maple Leaf Foods Inc ee


26.11.2012

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

from wheat. The Company's products include biscuits and pasta, flour and wheat

bran as well as margarine and vegetable fats.


LTM as of: 03/yy

52-Week High (06.11.2012) 72.73

52-Week Low (28.11.2011) 43.27

Daily Volume

69.55





7'890.45 1 Yr Total Return 61.36%







MDIA3 BZ EQUITY YTD Change - Average Volume 30 Day 170'987

MDIA3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 153'618


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 12/12 Q4 03/13 Q1

1'507.2 2'192.6 2'347.9 2'444.0 2'911.0 1'875.2 3'075.0 3'385.7 3'767.8 907.0 901.0

2.06x 1.41x 2.07x 1.88x 2.02x 10.12x 6.90x 2.43x 2.16x - -

203.5 372.2 469.2 466.3 481.3 344.7 528.0 627.7 723.2 152.0 145.0

15.25x 8.29x 10.34x 9.87x 12.22x 0.00x 11.04x 13.29x 11.54x - -

80.1 214.2 351.6 351.6 366.5 267.7 390.9 440.3 527.4 124.0 101.0

35.33x 10.48x 13.54x 12.74x 14.76x 0.00x 13.87x 17.57x 14.53x - -











EBITDA Margin 18.0%



Asset Turnover 1.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

M Dias Branco SAPrice/Volume

Valuation Analysis

48'100.00


'

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1'

2'

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0.0

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

'!''

.!''

1!''

3!''

5!''

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26.11.2012


DIBRA FUNDO DE INVES n/a Co File 71'550'000 63.07 - 31.12.2011 Unclassified

FAMA INVESTIMENTOS L Multiple Portfolios MF-AGG 1'881'308 1.66 (158'900) 29.02.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'855'000 1.64 - 31.03.2012 Investment Advisor

CSHG ASSET MGMT SA Multiple Portfolios MF-AGG 1'644'500 1.45 (222'100) 31.01.2012 Mutual Fund Manager

FUNDAMENTAL INVESTIM Multiple Portfolios MF-AGG 1'017'900 0.9 (57'500) 31.01.2012 Mutual Fund Manager

BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 930'522 0.82 68'509 31.03.2012 Mutual Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 680'300 0.6 1'600 31.03.2012 Investment Advisor

FATOR ADMINISTRACAO Multiple Portfolios MF-AGG 579'900 0.51 (59'700) 31.03.2012 Investment Advisor

QUEST INVESTIMENTOS Multiple Portfolios MF-AGG 544'800 0.48 76'300 31.12.2011 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 527'400 0.46 - 01.05.2012 Investment Advisor

POLLUX CAPITAL ADMIN Multiple Portfolios MF-AGG 493'800 0.44 (65'000) 31.12.2011 Hedge Fund Manager

QUATRO A ADMIN DE RE Multiple Portfolios MF-AGG 491'700 0.43 - 30.11.2011 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 330'441 0.29 (119'559) 31.01.2012 Mutual Fund Manager

VINCI EQUITIES GESTO Multiple Portfolios MF-AGG 317'950 0.28 (27'100) 31.03.2012 Mutual Fund Manager

MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 202'472 0.18 7'500 29.02.2012 Investment Advisor

VICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 193'500 0.17 (10'800) 31.03.2012 Mutual Fund Manager

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 155'600 0.14 (1'700) 31.03.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 145'500 0.13 (2'100) 30.06.2011 Investment Advisor

ARBELA INVESTIMENTOS Multiple Portfolios MF-AGG 135'400 0.12 (29'900) 31.12.2011 Mutual Fund Manager

PRINCIPAL 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 27.04.2012

Fator Corretora RENATO PRADO hold 3 M 52 Not Provided 25.04.2012

Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 53 12 month 24.04.2012

Banco BTG Pactual SA THIAGO DUARTE buy 5 M 55 12 month 24.04.2012

Raymond James DANIELA M BRETTHAUER outperform 5 M 57 12 month 23.04.2012


XP Investimentos TEAM COVERAGE attractive 4 M #N/A N/A Not Provided 02.04.2012

Magliano SA CCVM HENRIQUE KLEINE buy 5 M 56 Not Provided 13.03.2012

Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 01.11.2011

Credit Suisse ANTONIO GONZALEZ neutral 3 M 45 Not Provided 25.07.2011

Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 01.03.2011

Itau 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


26.11.2012

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

from fresh prepackaged chicken to more elaborate prepared dishes. Those

products are sold under brand names including "Loue," "Bresse," "Landes" and

"Le Gaulois."


LTM as of: 11/yy

52-Week High (10.04.2012) 86.10

52-Week Low (03.10.2012) 75.88

Daily Volume

76.01





620.04 1 Yr Total Return -0.06%






Average Volume 5 Day 406

LOUP FP EQUITY YTD Change - Average Volume 30 Day 774

LOUP FP EQUITY YTD % CHANGE - Average Volume 3 Month 692


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 05/yy 11/yy 02/13 Y 02/14 Y 11/12 Q3 02/13 Q4

1'831.3 1'948.5 2'065.1 2'554.7 2'774.4 470.7 2'454.0 2'829.7 2'910.3 - -

0.29x 0.23x 0.30x 0.25x 0.25x 0.00x 0.00x 0.20x 0.18x - -

124.8 112.0 149.4 163.9 169.2 0.0 0.0 175.3 188.0 - -

4.21x 4.01x 4.20x 3.90x 4.17x 0.00x 0.00x 3.68x 3.44x - -

53.5 42.6 63.0 47.8 56.4 0.0 0.0 59.1 65.1 - -

10.11x 11.65x 9.69x 13.12x 12.05x 0.00x 0.00x 9.85x 9.48x - -











EBITDA Margin 6.1%



Asset Turnover 2.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

L.D.C. SAPrice/Volume

Valuation Analysis

128.00


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

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!' 9

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!' 9

!' 9

!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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-1!''

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26.11.2012


FAMILIE LAMBERT n/a Co File 3'434'166 42.1 - 16.03.2011 n/a

FAMILIE CHANCEREUL n/a Co File 1'511'718 18.53 - 16.03.2011 n/a

FAMILIE HUTTEPAIN n/a Co File 818'534 10.03 - 16.03.2011 n/a

CAFEL n/a Co File 782'651 9.59 - 16.03.2011 n/a

COOPERATIVE AGRICOLE n/a Research 726'736 8.91 - 20.08.2010 n/a

FAMILIE GUILLET n/a Co File 348'490 4.27 - 16.03.2011 n/a

DNCA FINANCE Multiple Portfolios MF-AGG 124'227 1.52 (3'001) 30.09.2011 Investment Advisor

LDC SA n/a Co File 66'788 0.82 - 16.03.2011 n/a

SPARINVEST Multiple Portfolios MF-AGG 16'494 0.2 (349) 29.02.2012 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 13'900 0.17 - 30.03.2012 Investment Advisor

GENERALI FINANCES Multiple Portfolios MF-AGG 9'500 0.12 - 30.01.2012 Unclassified

DEGROOF GESTION INST Multiple Portfolios MF-AGG 5'430 0.07 - 31.03.2011 Investment Advisor

AMPLEGEST Multiple Portfolios MF-AGG 1'500 0.02 - 30.12.2011 Investment Advisor

QUILVEST BANQUE PRIV Multiple Portfolios MF-AGG 773 0.01 - 30.03.2012 Mutual Fund Manager

NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 724 0.01 - 31.01.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 383 0 - 30.12.2011 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 361 0 - 30.09.2011 Investment Advisor

OLD MUTUAL CAPITAL I Multiple Portfolios MF-AGG 91 0 - 31.03.2012 Investment Advisor

CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (1'465) 31.03.2011 Investment Advisor

NATIXIS 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 23.04.2012

Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 90 12 month 06.04.2012

CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 95 12 month 05.04.2012

Oddo & Cie CAMILLE DAMOIS-GIGNOUX buy 5 M 93 Not Provided 05.04.2012

Portzamparc Societe de Bourse ROMAIN FREISMUTH hold 3 M 103 12 month 29.03.2012

Exane BNP Paribas PIERRE BERNARDIN neutral 3 M 77 Not Provided 14.10.2011

Holdings By:

L.D.C. SA ee


26.11.2012

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, corned

beef, and beef extract. JBS exports its products throughout the world.


LTM as of: 12/yy

52-Week High (08.03.2012) 8.50

52-Week Low (25.07.2012) 4.91

Daily Volume

6.1





18'079.94 1 Yr Total Return 4.10%







JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'695'100

JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3'418'428


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 12/12 Q4 03/13 Q1

14'141.6 30'340.3 34'905.6 55'055.8 61'796.8 54'712.8 61'796.8 70'838.0 75'038.1 19'409.0 18'236.0

0.62x 0.34x 1.03x 0.62x 0.53x 2.47x 1.86x 0.47x 0.43x 1.74x 1.81x

449.1 1'120.4 1'461.1 3'512.8 3'072.0 3'497.0 3'072.0 4'143.3 5'036.3 1'155.3 946.5

19.66x 9.14x 24.72x 9.66x 10.59x 9.70x 10.59x 8.24x 6.78x 7.47x 7.16x

(165.0) 25.9 220.7 (302.7) (247.2) (292.8) (247.2) 1'065.2 1'581.1 305.3 214.5

- 266.77x 98.11x - - 0.00x 0.00x 16.94x 11.51x 13.47x 12.13x


EBIT 1'780.62 Long-Term Rating BB









EBITDA Margin 5.0%



Asset Turnover 1.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

JBS SAPrice/Volume

Valuation Analysis

3'009'900.00


'-.0123456

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.!' 9

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3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

10'000.0

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

'!''

2!''

-'!''

-2!''

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26.11.2012


FB PARTICIPACOES SA n/a EXCH 1'280'415'305 43.2 - 05.03.2012 Other

BNDES PARTICIPACOES n/a EXCH 901'329'385 30.41 - 05.03.2012 Government

PROT FUND DE INVES E n/a EXCH 198'879'322 6.71 - 05.03.2012 n/a

JBS SA n/a EXCH 94'549'186 3.19 - 05.03.2012 Corporation

BANCO ORIGINAL SA n/a EXCH 74'690'893 2.52 - 05.03.2012 n/a

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 37'861'000 1.28 - 30.06.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 28'690'037 0.97 1'099'408 31.03.2012 Investment Advisor

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 22'421'800 0.76 (23'500) 31.03.2012 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'987'239 0.64 400 02.05.2012 Investment Advisor


ITAU UNIBANCO SA Multiple Portfolios MF-AGG 8'405'993 0.28 (900'027) 31.03.2012 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 4'387'647 0.15 185'400 31.03.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'058'500 0.14 (1'829'000) 31.03.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'683'013 0.09 - 31.01.2012 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'389'479 0.08 - 30.04.2011 Investment Advisor

SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2'277'541 0.08 589'982 31.03.2012 Mutual Fund Manager

FUNDACAO CESP Multiple Portfolios MF-AGG 2'161'300 0.07 - 31.03.2012 Mutual Fund Manager

BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 1'610'644 0.05 96'637 31.03.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'503'251 0.05 (24'500) 01.05.2012 Investment Advisor



Fator Corretora RENATO PRADO hold 3 M 7 Not Provided 02.05.2012

Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 27.04.2012

Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 24.04.2012


Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 D 6 Not Provided 20.04.2012



Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 6 12 month 22.03.2012

HSBC PEDRO HERRERA neutral 3 M 9 Not Provided 20.03.2012

Deutsche Bank JOSE J YORDAN hold 3 N 8 12 month 16.03.2012


Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 13.12.2011


Coinvalores MARCO AURELIO BARBOSA not rated #N/A N/A M #N/A N/A Not Provided 20.01.2009

Holdings By:

JBS SA ee


26.11.2012

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

supplier for explosives products and services. The Company has operations

throughout the United States, Canada, Mexico and Australia.


LTM as of: 01/yy

52-Week High (21.02.2012) 3.45

52-Week Low (06.06.2012) 2.62

Daily Volume

3.15




Shares Out 30.09.2012 1'628.7 Short Int 14.09








IPL AU EQUITY YTD Change - Average Volume 30 Day 8'441'884

IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 8'614'146


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

2'918.2 3'418.9 2'931.7 3'545.3 3'500.9 - - 3'723.2 3'942.4 - -

2.80x 1.75x 2.36x 1.84x 1.75x - - 1.69x 1.56x - -

1'022.0 1'014.7 760.5 900.9 935.1 - - 819.9 907.7 - -

8.00x 5.89x 9.09x 7.24x 6.57x - - 7.83x 7.07x - -

604.6 (221.4) 410.5 463.2 510.7 - - 395.0 463.6 - -

8.97x - 14.19x 11.51x 9.49x - - 12.91x 10.98x - -


EBIT 779.30 Long-Term Rating BBB



Return on Assets 7.29% Short-Term Rating NR






EBITDA Margin 26.7%



Asset Turnover 0.50







Fiscal Year Ended

Incitec Pivot LtdPrice/Volume

Valuation Analysis

6'529'621.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..00112

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

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.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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26.11.2012


COMMONWEALTH BANK OF n/a EXCH 82'699'905 5.08 - 06.03.2012 Bank

NATIONAL AUSTRALIA B n/a EXCH 81'179'861 4.98 (5'060'258) 10.02.2012 Bank

BLACKROCK INVESTMENT n/a EXCH 81'055'690 4.98 (3'083'379) 17.05.2011 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 64'304'416 3.95 7'753'936 31.12.2011 Investment Advisor




AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'479'000 1.13 - 30.06.2011 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 14'363'549 0.88 2'261'858 30.11.2011 Investment Advisor

MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 10'237'125 0.63 2'195'583 31.08.2011 Mutual Fund Manager

VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'081'710 0.56 26'861 30.03.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'630'872 0.41 583'776 31.03.2012 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 6'000'000 0.37 (1'000'000) 30.06.2011 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'582'961 0.28 47'240 29.02.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'105'604 0.25 - 31.01.2012 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3'895'530 0.24 - 30.06.2011 Investment Advisor

NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 3'826'190 0.23 - 29.02.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'570'920 0.22 (25'800) 31.03.2012 Investment Advisor

FIDELITY 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 24.04.2012

Commonwealth Bank MICHAEL WARD buy 5 U 4 12 month 19.04.2012

JPMorgan STUART JACKSON neutral 3 M 3 6 month 30.03.2012

Nomura RICHARD J JOHNSON neutral 3 M 4 Not Provided 13.03.2012

RBS BELINDA MOORE buy 5 M 4 12 month 06.03.2012

Deutsche Bank MARK WILSON hold 3 U 3 12 month 06.03.2012

Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 05.03.2012


Austock Securities PAUL JENSZ buy 5 M 5 Not Provided 28.02.2012

BBY Limited DENNIS HULME buy 5 M 4 12 month 24.02.2012

Credit Suisse LARRY GANDLER neutral 3 M 4 Not Provided 31.01.2012

Euro Pacific Capital Inc STEVE WILDER neutral 3 N 4 12 month 14.12.2011

Holdings By:

Incitec Pivot Ltd ee


26.11.2012

Hormel Foods Corporation manufactures and markets consumer-branded meat and

food products. The Company processes meat and poultry products and produces

a variety of prepared foods. Hormel markets its products around the world

under a variety of branded names.


LTM as of: 01/yy

52-Week High (19.11.2012) 31.49

52-Week Low (02.08.2012) 27.28

Daily Volume

30.64












HRL US EQUITY YTD Change - Average Volume 30 Day 813'969

HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 776'603


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 01/13 Q1 04/13 Q2

6'754.9 6'533.7 7'220.7 7'895.1 8'230.7 7'414.8 8'013.0 8'607.3 8'944.8 2'128.0 2'123.3

0.61x 0.74x 0.82x 0.97x 0.88x 3.13x 3.73x 0.86x 0.79x 3.52x 3.53x

635.6 658.9 759.0 839.7 845.5 815.4 795.4 898.3 971.3 218.4 211.2

6.49x 7.31x 7.83x 9.15x 8.52x 7.77x 9.16x 8.40x 7.77x 8.72x 8.49x

285.5 342.8 395.6 474.2 500.1 433.2 453.8 519.1 561.5 130.7 126.0

13.69x 14.35x 15.26x 17.21x 15.77x 15.05x 17.38x 15.79x 14.63x 15.56x 15.26x


EBIT 725.98 Long-Term Rating A



Return on Assets 11.35% Short-Term Rating NR




Net Debt/EBITDA -0.60


EBITDA Margin 10.3%



Asset Turnover 1.87







Fiscal Year Ended

Hormel Foods CorpPrice/Volume

Valuation Analysis

439'683.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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02

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-!' 9

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3!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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26.11.2012


HORMEL FOUNDATION n/a 13G 127'534'084 48.37 - 31.12.2011 Other

VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'407'087 3.57 (414'778) 31.12.2011 Investment Advisor


INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 3'707'971 1.41 2'678 31.12.2011 Investment Advisor


MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'464'767 1.31 (51'345) 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'313'563 0.88 (209'758) 31.03.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 1'709'793 0.65 (119'008) 31.12.2011 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'536'746 0.58 (59'465) 31.12.2011 Investment Advisor

GUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 1'490'530 0.57 (345'063) 31.12.2011 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'469'948 0.56 22'197 31.12.2011 Investment Advisor

NORGES BANK NORGES BANK 13F 1'469'732 0.56 1'469'732 31.12.2011 Government


ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'285'504 0.49 (46'282) 31.12.2011 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'262'840 0.48 (736'994) 31.12.2011 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'257'726 0.48 183'600 31.12.2011 Investment Advisor

BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1'079'228 0.41 20'198 31.12.2011 Investment Advisor

PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 1'071'998 0.41 473'186 31.12.2011 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'011'387 0.38 78'188 31.12.2011 Investment Advisor

ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 962'270 0.36 (362'893) 31.12.2011 Hedge Fund Manager



Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 24.04.2012

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 20.04.2012


Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 10.04.2012


D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 Not Provided 29.02.2012

Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 28.02.2012

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 12 month 23.02.2012

Deutsche Bank CHRISTINA MCGLONE sell 1 M 26 12 month 22.11.2011


Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 D 27 12 month 04.08.2011

Holdings By:

Hormel Foods Corp ee


26.11.2012

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

flour and tortillas. The Company operates in Mexico, the United States, Central

America, Venezuela, and Europe. Brand names include Mission, Guerrero,

Tortirica, and Breddy.


LTM as of: 03/yy

52-Week High (24.10.2012) 42.10

52-Week Low (19.12.2011) 25.50

Daily Volume

37.55





21'165.08 1 Yr Total Return 41.06%







GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923'695

GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1'012'249


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 12/12 Q4 03/13 Q1

35'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 64'239.4 67'714.4 17'453.0 15'783.0

0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x

3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'554.6 6'291.2 1'507.0 1'598.0

8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x

2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'240.0 1'726.4 430.0 474.0

8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x











EBITDA Margin 8.6%



Asset Turnover 1.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gruma SAB de CVPrice/Volume

Valuation Analysis

139'060.00


'2

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

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!2 9

-!' 9

-!2 9

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.!2 9

0!' 9

0!2 9

0.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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26.11.2012


BARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/a

ARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 Corporation

VALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 Unclassified

NACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment Advisor

GONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/a


INVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment Advisor


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment Advisor

GESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827'630 0.15 - 31.07.2011 Investment Advisor


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment Advisor

SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund Manager

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment Advisor

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment Advisor

MANULIFE 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 27.04.2012

BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012

Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012

Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012

HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012

EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Gruma SAB de CV ee


26.11.2012

Fauji Fertilizer Company Limited manufactures, purchases and markets

fertilizers.


LTM as of: 03/yy

52-Week High (08.05.2012) 129.00

52-Week Low (30.12.2011) 98.53

Daily Volume

112.63





143'292.17 1 Yr Total Return 10.24%







FFC PA EQUITY YTD Change - Average Volume 30 Day 1'161'127

FFC PA EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'555


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 12/12 Q4 03/13 Q1

40'688.8 57'433.7 72'914.8 88'154.7 55'221.2 83'185.9 82'215.4 69'446.0 71'999.0 - -

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 29'129.0 28'330.0 - -

5.24x 2.19x 3.48x 3.25x 3.50x 4.17x 0.00x 5.64x 5.79x - -

5'346.3 7'344.9 8'738.7 11'859.7 22'492.1 13'941.2 23'114.9 20'233.0 20'563.5 - -

10.93x 3.99x 7.99x 7.20x 5.64x 9.30x 6.87x 7.40x 7.47x - -











EBITDA Margin 37.8%



Asset Turnover 1.29







Fiscal Year Ended

Fauji Fertilizer Co LtdPrice/Volume

Valuation Analysis

159'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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2!' 9

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-2!' 9

.'!' 9

.2!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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26.11.2012


FAUJI FOUNDATION n/a Co File 564'204'255 44.35 - 31.12.2010 Unclassified

NATIONAL INVESTMENT n/a Co File 57'241'929 4.5 - 31.12.2010 Government

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 3'017'328 0.24 - 31.12.2011 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'572'024 0.2 153'749 29.02.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'449'892 0.19 2'449'892 31.01.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'284'938 0.1 1 31.12.2011 Investment Advisor

LEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 697'071 0.05 (27'301) 29.02.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 612'087 0.05 232'050 29.02.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 609'850 0.05 (1) 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 222'592 0.02 222'592 30.06.2011 Investment Advisor

LEGG MASON ASSET MAN Multiple Portfolios MF-AGG 220'200 0.02 - 20.04.2011 Mutual Fund Manager

NIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 147'671 0.01 - 05.12.2011 Investment Advisor

RODNEY SQUARE MANAGM Multiple Portfolios MF-AGG 117'562 0.01 1 30.12.2011 Investment Advisor

WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 108'802 0.01 11'500 31.03.2012 Investment Advisor

LEGGMASON INVESTORS Multiple Portfolios MF-AGG 97'762 0.01 (1) 29.02.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 54'465 0 - 31.12.2011 Investment Advisor

LEGAL & GENERAL GROU Multiple Portfolios MF-AGG 29'965 0 11'564 29.02.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 18'965 0 9'400 31.03.2012 Investment Advisor

TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 18'750 0 - 31.12.2011 Mutual Fund Manager

INVESTMENT 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 30.04.2012

Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 153 Not Provided 27.04.2012

M.M. Securities (Pvt.) Ltd IJAZ UR RAHMAN buy 5 M 137 Not Provided 27.04.2012

Credit Suisse FARHAN RIZVI neutral 3 M 143 Not Provided 19.04.2012

JS Global Capital Ltd NAVEED TEHSIN buy 5 M 137 12 month 19.04.2012

Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI buy 5 M 140 Not Provided 19.04.2012

Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 128 Not Provided 19.04.2012

Invest Capital Securities Pvt Ltd HASAN RAZA hold 3 M #N/A N/A Not Provided 18.04.2012

AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI buy 5 M 145 Not Provided 18.04.2012

First Capital Equities Limited ABRAR HUSSAIN hold 3 M 72 12 month 18.04.2012

BMA Capital Management FARID ALIANI buy 5 M 142 Not Provided 17.04.2012

Arif Habib Limited UMAR HAFIZ buy 5 M 145 Not Provided 16.04.2012

Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 M 145 Not Provided 04.04.2012

Ismail Iqbal Securities TEAM COVERAGE hold 3 D 133 Not Provided 27.01.2012

Invisor Securities (Private) Limited SHAMOON TARIQ buy 5 M 260 Not Provided 31.10.2011

Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN hold 3 U 63 Not Provided 01.10.2010

Holdings By:

Fauji Fertilizer Co Ltd ee


26.11.2012

Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets

fertilizers. The Company produces Granular Urea and DAP. Fauji Fertilizer

provides its products to farmers in Pakistan.


LTM as of: 03/yy

52-Week High (28.11.2011) 56.00

52-Week Low (27.09.2012) 35.30

Daily Volume

36.1





33'721.37 1 Yr Total Return -22.15%







FFBL PA EQUITY YTD Change - Average Volume 30 Day 1'867'317

FFBL PA EQUITY YTD % CHANGE - Average Volume 3 Month 1'851'750


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 12/12 Q4 03/13 Q1

12'242.9 26'820.8 36'724.9 43'256.7 55'868.8 44'745.1 49'748.7 - - - -

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 - - - -

9.61x 3.63x 2.65x 2.71x 2.14x 2.94x 3.10x - - - -

2'540.0 2'899.6 3'784.4 6'514.4 10'767.1 7'263.6 8'822.4 - - - -

15.46x 4.17x 6.45x 5.13x 3.68x 5.33x 4.40x 6.56x 5.39x - -











EBITDA Margin 21.5%



Asset Turnover 1.17





Accounts Receivable Turnover 20.02 Cash Conversion Cycle -4.62



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fauji Fertilizer Bin Qasim LtdPrice/Volume

Valuation Analysis

316'000.00


'

-'

.'

0'

1'

2'

3'

4'

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5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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26.11.2012


FAUJI FERTILIZER CO n/a Co File 475'232'996 50.88 - 31.12.2011 Corporation

FAUJI FOUNDATION n/a Co File 161'501'286 17.29 - 31.12.2011 Unclassified

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'025'000 0.22 - 29.02.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 426'680 0.05 - 31.01.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 352'000 0.04 - 29.02.2012 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 255'200 0.03 - 29.02.2012 Investment Advisor

HAYAT MALIK ARIF n/a Co File 110'001 0.01 - 31.12.2011 n/a

WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 107'800 0.01 16'000 31.03.2012 Investment Advisor

TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 44'000 0 - 31.12.2011 Mutual Fund Manager

BAJWA RASHID n/a Co File 500 0 - 31.12.2011 n/a

SHEIKH NASIER A n/a Co File 500 0 - 31.12.2011 n/a

KHAN NAVED A n/a Co File 500 0 - 31.12.2011 n/a

KHAN PARVEZ SARWAR n/a Co File 1 0 - 31.12.2011 n/a

DAR JAWAID RASHID n/a Co File 1 0 - 31.12.2011 n/a

ZAKI MUHAMMAD n/a Co File 1 0 - 31.12.2011 n/a

ALI LIAQAT n/a Co File 1 0 - 31.12.2011 n/a

INAYAT NADEEM n/a Co File 1 0 - 31.12.2011 n/a

JAVED QAISER n/a Co File 1 0 - 31.12.2011 n/a

ALAM GULFAM n/a Co File 1 0 - 31.12.2011 n/a


Elixir Securities Pakistan SULEMAN RAFIQ MANIYA hold 3 M 43 Not Provided 30.04.2012

Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 50 Not Provided 27.04.2012

Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 D 45 Not Provided 18.04.2012

AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI accumulate 4 M 44 Not Provided 17.04.2012

First Capital Equities Limited ABRAR HUSSAIN hold 3 M 39 Not Provided 17.04.2012

BMA Capital Management FARID ALIANI buy 5 M 48 Not Provided 16.04.2012

Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 U 44 Not Provided 16.04.2012

Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI hold 3 M 40 Not Provided 16.04.2012

M.M. Securities (Pvt.) Ltd IJAZ-UR-REHMAN buy 5 M 60 Not Provided 16.04.2012

JS Global Capital Ltd NAVEED TEHSIN buy 5 M 49 12 month 13.04.2012

Arif Habib Limited UMAR HAFIZ hold 3 M 49 Not Provided 13.04.2012

Invest Capital Securities Pvt Ltd HASAN RAZA buy 5 M 55 Not Provided 09.04.2012

Burj Capital Pakisatan Pvt Ltd RAZA HAMDANI hold 3 N 48 Not Provided 13.02.2012

Ismail Iqbal Securities TEAM COVERAGE sell 1 M 46 Not Provided 24.01.2012

Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 M 56 12 month 18.11.2011

IGI Finex Securities Ltd SARAH AFRIDI buy 5 M 50 6 month 13.06.2011

Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN buy 5 U 32 Not Provided 01.10.2010

Holdings By:

Fauji Fertilizer Bin Qasim Ltd ee


26.11.2012

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

products, and truffles.


LTM as of: 03/yy

52-Week High (28.02.2012) 15.39

52-Week Low (25.07.2012) 12.20

Daily Volume

13.74












EBRO SM EQUITY YTD Change - Average Volume 30 Day 370'787

EBRO SM EQUITY YTD % CHANGE - Average Volume 3 Month 469'358


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 12/12 Q4 03/13 Q1

2'004.2 2'367.9 1'765.4 1'702.0 1'804.1 1'589.5 1'908.9 2'051.8 2'113.5 - -

1.47x 1.04x 1.58x 1.44x 1.43x 0.00x 0.00x 1.18x 1.12x - -

230.9 264.8 228.2 259.7 291.0 0.0 0.0 302.4 321.7 - -

12.73x 9.30x 12.21x 9.42x 8.89x 0.00x 0.00x 8.18x 7.69x - -

99.5 130.6 176.5 388.8 151.5 380.7 151.6 158.2 168.6 - -

31.91x 19.86x 22.62x 18.78x 14.57x 6.70x 14.82x 13.52x 12.51x - -











EBITDA Margin 15.4%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ebro Foods SAPrice/Volume

Valuation Analysis

33'899.00


'.135

-'-.-1-3-5.'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

02!''

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



26.11.2012


ALIMENTOS Y ACEITES #N/A N/A Co File 15'721'882 10.22 - 31.12.2011 Other

CORP ECONOMICA DAMM #N/A N/A Co File 14'850'000 9.65 - 31.12.2011 Other

INST HISPANICO DEL A #N/A N/A Co File 13'588'347 8.83 - 31.12.2011 Other

ALBA PARTICIPACIONES #N/A N/A Co File 12'498'830 8.12 - 31.12.2011 Other

HISPAFOODS INVEST n/a Co File 10'600'210 6.89 - 31.12.2011 n/a

GRUPO DE NEGOCIOS DU n/a EXCH 6'499'103 4.22 - 23.06.2010 n/a

CASA GRANDE CARTAGEN #N/A N/A Co File 5'193'290 3.38 - 31.12.2011 Other

CAJA ESPANA DE INVER n/a EXCH 4'903'056 3.19 (118'725) 01.06.2010 Bank

PESCADERIA CORUNESAS n/a EXCH 2'919'962 1.9 - 31.10.2007 n/a

DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'520'046 1.64 62'000 29.02.2012 Mutual Fund Manager

CASTELLO CLEMENTE FE n/a Co File 2'284'750 1.48 - 31.12.2011 n/a

COMENGE SANCH JOSE I n/a Co File 2'007'007 1.3 - 31.12.2011 n/a

BEGINDAU SL n/a Co File 1'227'617 0.8 - 31.12.2011 n/a

HANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 800'000 0.52 150'000 30.03.2012 Mutual Fund Manager


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 620'000 0.4 620'000 31.03.2011 Investment Advisor

ROMANOS AGU GUILLERM n/a EXCH 582'603 0.38 (490'000) 24.02.2006 n/a

Y CALVO-SOT LEOPOLDO n/a Co File 546'000 0.35 - 31.12.2011 n/a

SOCIETE GENERALE Multiple Portfolios MF-AGG 526'677 0.34 (102'670) 29.02.2012 Bank



BPI JOAO SAFARA SILVA hold 3 M 17 Not Provided 30.04.2012

Grupo Santander JAVIER ECHANOVE buy 5 M 16 Not Provided 26.04.2012

Espirito Santo Investment Bank ResearchNUNO ESTACIO buy 5 M 19 Not Provided 26.04.2012

AlphaValue SOPHIE CABO-BROSETA buy 5 M 18 6 month 26.04.2012

Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 25.04.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 18 12 month 25.04.2012

Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 12 month 25.04.2012

NMAS 1 Agencia de Valores MANUEL LORENTE neutral 3 M 16 6 month 25.04.2012

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 Not Provided 25.04.2012

Exane BNP Paribas FRANCISCO RUIZ neutral 3 M 16 Not Provided 25.04.2012

BBVA JUAN ROS PADILLA market perform 3 M 16 Not Provided 07.03.2012


Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 16 Not Provided 01.03.2012

Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 15 12 month 01.02.2012

Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 17 Not Provided 27.01.2012

La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 18 Not Provided 02.11.2011

Link Securities PAULA SAMPEDRO accumulate 4 U 16 Not Provided 01.11.2011

Holdings By:

Ebro Foods SA ee


26.11.2012

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 Company

provides products such as milk and milk-based beverages, ice cream, half and

half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.

Dean Foods also supplies pickles, juice, juice drinks, and water.


LTM as of: 12/yy

52-Week High (22.10.2012) 19.17

52-Week Low (28.11.2011) 9.30

Daily Volume

16.99





3'147.11 1 Yr Total Return 83.08%







DF US EQUITY YTD Change - Average Volume 30 Day 5'580'033

DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4'432'618


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 12/12 Q4 03/13 Q1

11'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 12'739.9 13'188.4 3'311.4 3'366.1

0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x

819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5

10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x

131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 228.4 238.7 56.2 57.5

21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x


EBIT 405.57 Long-Term Rating B+

Operating Margin 3.11% Long-Term Outlook POS



Return on Common Equity -





EBITDA Margin 7.1%

EBIT Margin 4.9% Total Debt/Equity -


Asset Turnover 2.21




Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57



Fiscal Year Ended

Dean Foods CoPrice/Volume

Valuation Analysis

1'084'095.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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



26.11.2012


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment Advisor


ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment Advisor

TRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment Advisor

APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund Manager

NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)


CANADA 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 Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment Advisor

ENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/a

JACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment Advisor

ARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment Advisor

INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment Advisor




Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012



BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012

Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012


Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012

Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012

Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011

JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011

BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010

Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010

Holdings By:

Dean Foods Co ee


26.11.2012

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

and other products for farming and other agricultural applications. The Company

also provides consulting services to farmers on their seeding programs. Chambal

operates throughout India.


LTM as of: 01/yy

52-Week High (05.12.2011) 94.70

52-Week Low (30.08.2012) 62.05

Daily Volume

65.65





27'321.51 1 Yr Total Return -22.63%







CHMB IN EQUITY YTD Change - Average Volume 30 Day 1'576'548

CHMB IN EQUITY YTD % CHANGE - Average Volume 3 Month 1'566'434


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 12/12 Q3 03/13 Q4

32'055.5 55'973.8 41'273.4 56'779.5 75'320.2 - - 73'399.4 77'925.9 - -

1.18x 0.68x 1.24x 0.99x 0.83x - - 0.74x 0.64x - -

5'148.1 7'513.1 6'786.4 6'992.4 8'216.4 - - 8'532.4 8'867.4 - -

7.37x 5.08x 7.51x 8.03x 7.64x - - 7.32x 7.05x - -

2'374.3 2'255.9 2'172.3 2'405.9 1'583.1 - - 3'413.4 3'678.0 - -

8.75x 7.72x 11.77x 13.71x 20.34x - - 8.00x 7.44x - -











EBITDA Margin 11.6%



Asset Turnover 1.25







Fiscal Year Ended

Chambal Fertilizers & Chemicals LtdPrice/Volume

Valuation Analysis

1'336'109.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

-1'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

'3!'1!.''5 '3!-'!.''5 '3!'1!.''6 '3!-'!.''6 '3!'1!.'-' '3!-'!.'-' '3!'1!.'-- '3!-'!.'-- '3!'1!.'-.



26.11.2012


ZUARI INDUSTRIES LTD n/a Co File 59'015'360 14.18 - 31.12.2011 Corporation

HINDUSTAN TIMES LTD n/a Co File 50'061'715 12.03 - 31.12.2011 Corporation

SIL INVESTMENTS LTD n/a EXCH 32'153'455 7.73 - 11.04.2012 Investment Advisor

LIFE INSURANCE CORP n/a Co File 23'774'084 5.71 - 31.12.2011 Government

NOPANY NANDINI n/a Co File 15'284'667 3.67 - 31.12.2011 n/a

SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 9'677'780 2.33 - 30.09.2011 Investment Advisor

BIRLA COTTON SPG & W n/a Co File 8'424'515 2.02 - 31.12.2011 n/a

GOVT PENSION FUND GL n/a Co File 7'512'300 1.81 - 31.12.2011 n/a

YASHOVARDHAN INV & T n/a Co File 7'339'500 1.76 - 31.12.2011 Other

UTTAM COMMERCIAL LTD n/a Co File 6'727'100 1.62 - 31.12.2011 Unclassified

SHRADHANJALI INV & T n/a Co File 6'092'975 1.46 - 31.12.2011 n/a

HTL INVESTMENTS & TR n/a Co File 6'007'511 1.44 - 31.12.2011 Unclassified

RONSON TRADERS LTD n/a Co File 5'766'500 1.39 - 31.12.2011 Unclassified

MANBHAWANI INVESTMEN n/a Co File 5'300'000 1.27 - 31.12.2011 n/a

BLACKROCK INDIA EQ F n/a Co File 5'197'182 1.25 - 31.12.2011 n/a

DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 4'804'934 1.15 - 31.03.2012 Investment Advisor


MASTER TRUST BANK OF n/a Co File 4'478'652 1.08 - 31.12.2011 Bank

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 4'478'652 1.08 - 12.12.2011 Investment Advisor

NILGIRI 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 25.04.2012

MF Global Equities Research GAURI ANAND buy 5 M 110 Not Provided 13.04.2012

Prabhudas Lilladher Pvt Ltd MANISH MAHAWAR accumulate 4 M 91 12 month 12.04.2012

Edelweiss Capital MANOJ BAHETY hold 3 M 84 12 month 12.04.2012

Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 86 12 month 12.03.2012

Asit C Mehta Investments InterrmediatesDEEPAK CHITRODA accumulate 4 M 94 Not Provided 02.03.2012

Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 98 Not Provided 01.03.2012

Espirito Santo Investment Bank ResearchNICK PAULSON-ELLIS neutral 3 M 82 Not Provided 13.02.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 31.01.2012

Sunidhi Consultancy Services TARUN SURANA reduce 2 D 70 12 month 19.01.2012

Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 86 Not Provided 18.01.2012

ICICI Securities PRAKASH GAURAV GOEL buy 5 M 95 12 month 17.01.2012

PINC Infinity.com Financial Services SATISH MISHRA reduce 2 M 85 Not Provided 17.01.2012

Deutsche Bank AMIT MURARKA hold 3 N 94 12 month 05.12.2011

LKP Shares and Securities Ltd HETAL BACHKANIWALA buy 5 M 75 Not Provided 10.05.2010

Holdings By:

Chambal Fertilizers & Chemicals Ltd ee


26.11.2012

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

distributes humic acid organic liquid compound fertilizer. The Company markets

its products to wholesalers and retailers of agricultural farm products.


LTM as of: 12/yy

52-Week High (08.02.2012) 4.75

52-Week Low (28.12.2011) 2.61

Daily Volume

3.5





97.79 1 Yr Total Return 8.36%




Cash and Equivalents 71.98 Consensus Rating -



CGA US EQUITY YTD Change - Average Volume 30 Day 62'321

CGA US EQUITY YTD % CHANGE - Average Volume 3 Month 68'249


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

22.6 35.2 52.1 179.7 217.5 104.4 205.1 - - - -

14.93x 2.41x 3.04x 0.40x 0.18x 7.73x 1.40x - - - -

10.4 18.7 27.5 47.9 59.9 34.4 54.7 - - - -

32.43x 4.53x 5.75x 1.51x 0.66x 5.32x 0.48x - - - -

7.8 14.5 21.3 32.9 42.0 25.3 37.4 - - - -

47.54x 10.37x 9.87x 3.92x 2.28x 8.91x 2.14x - - - -











EBITDA Margin 29.1%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Green Agriculture IncPrice/Volume

Valuation Analysis

54'645.00


'

-

.

0

1

2

3

4

5

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

19861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

'1!'4!.''5 '1!'-!.''6 '1!'4!.''6 '1!'-!.'-' '1!'4!.'-' '1!'-!.'-- '1!'4!.'-- '1!'-!.'-.



26.11.2012


LI TAO n/a PROXY 9'039'519 33.55 - 25.10.2010 n/a

QING XIN JIANG n/a PROXY 1'677'769 6.23 - 25.10.2010 n/a

YINSHING DAVID TO n/a 13D 830'690 3.08 - 28.05.2009 n/a

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 537'450 1.99 71'500 31.12.2011 Investment Advisor

ARDSLEY ADVISORY PAR ARDSLEY ADVISORY PAR 13F 290'000 1.08 290'000 31.12.2011 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 234'100 0.87 143'500 31.12.2011 Hedge Fund Manager

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 142'500 0.53 (21'600) 31.12.2011 Government

TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 104'313 0.39 104'313 31.12.2011 Hedge Fund Manager

GUERRILLA CAPITAL MG GUERRILLA CAPITAL MA 13F 93'943 0.35 (332'878) 31.12.2011 Investment Advisor

SPARK LP/DE SPARK LP/DE 13F 90'000 0.33 46'600 31.12.2011 Hedge Fund Manager

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 59'276 0.22 (6'176) 31.12.2011 Investment Advisor

INVESCO LTD INVESCO LTD 13F 56'883 0.21 (5'093) 31.12.2011 Investment Advisor

WELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 53'233 0.2 (31'013) 31.12.2011 Investment Advisor

MORGAN STANLEY MORGAN STANLEY 13F 50'100 0.19 12'705 31.12.2011 Investment Advisor

WESTPAC BANKING CORP WESTPAC BANKING CORP 13F 44'495 0.17 44'495 31.12.2011 Bank

COMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 42'520 0.16 23'520 31.12.2011 Investment Advisor

HAO YU n/a PROXY 35'524 0.13 - 25.10.2010 n/a

GSA CAPITAL PARTNERS GSA CAPITAL PARTNERS 13F 33'600 0.12 33'600 31.12.2011 Hedge Fund Manager

BRIDGEWAY CAPITAL MA BRIDGEWAY CAPITAL MA 13F 32'500 0.12 32'500 31.12.2011 Investment Advisor

MAINSTREAM 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


26.11.2012

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 Company

provides products such as milk and milk-based beverages, ice cream, half and

half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.

Dean Foods also supplies pickles, juice, juice drinks, and water.


LTM as of: 12/yy

52-Week High (22.10.2012) 19.17

52-Week Low (28.11.2011) 9.30

Daily Volume

16.99





3'147.11 1 Yr Total Return 83.08%







DF US EQUITY YTD Change - Average Volume 30 Day 5'580'033

DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4'432'618


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 12/12 Q4 03/13 Q1

11'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 12'739.9 13'188.4 3'311.4 3'366.1

0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x

819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5

10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x

131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 228.4 238.7 56.2 57.5

21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x


EBIT 405.57 Long-Term Rating B+




Return on Common Equity -





EBITDA Margin 7.1%

EBIT Margin 4.9% Total Debt/Equity -


Asset Turnover 2.21




Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dean Foods CoPrice/Volume

Valuation Analysis

1'084'095.00


'

.

1

3

5

-'

-.

-1

-3

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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



26.11.2012


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment Advisor


ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment Advisor

TRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment Advisor

APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund Manager

NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)


CANADA 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 Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment Advisor

ENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/a

JACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment Advisor

ARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment Advisor

INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment Advisor




Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012



BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012

Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012


Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012

Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012

Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012


JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011

BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010

Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010

Holdings By:

Dean Foods Co ee


26.11.2012

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 and

margarine. Sinar Mas also manufactures packaging products such as bottles and

caps as well as provides management services.


LTM as of: 12/yy

52-Week High (18.09.2012) 7'400.00

52-Week Low (13.02.2012) 5'100.00

Daily Volume

6800





19'530'912.00 1 Yr Total Return 5.35%

Total Debt 2'927'226.00 YTD Return 9.47%



Cash and Equivalents 486'225.00 Consensus Rating -

Enterprise Value 23'439'176.40


SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1'033

SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'664


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 12/12 Q4 03/13 Q1

8'079'714.5 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 -









EBITDA Margin 11.6%



Asset Turnover 1.92







Fiscal Year Ended

Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume

Valuation Analysis

10'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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!. 9

!. 9

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!1 9

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5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

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

'!''

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1'!''

2'!''

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26.11.2012


PURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 Other



#N/A N/A

Holdings By:

Sinar Mas Agro Resources and Technology Tbk PT ee


26.11.2012

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

flour and tortillas. The Company operates in Mexico, the United States, Central

America, Venezuela, and Europe. Brand names include Mission, Guerrero,

Tortirica, and Breddy.


LTM as of: 03/yy

52-Week High (24.10.2012) 42.10

52-Week Low (19.12.2011) 25.50

Daily Volume

37.55





21'165.08 1 Yr Total Return 41.06%







GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923'695

GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1'012'249


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 12/12 Q4 03/13 Q1

35'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 64'239.4 67'714.4 17'453.0 15'783.0

0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x

3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'554.6 6'291.2 1'507.0 1'598.0

8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x

2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'240.0 1'726.4 430.0 474.0

8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x











EBITDA Margin 8.6%



Asset Turnover 1.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gruma SAB de CVPrice/Volume

Valuation Analysis

139'060.00


'2

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

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!2 9

-!' 9

-!2 9

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.!2 9

0!' 9

0!2 9

0.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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26.11.2012


BARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/a

ARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 Corporation

VALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 Unclassified

NACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment Advisor

GONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/a


INVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment Advisor


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment Advisor

GESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment Advisor



SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment Advisor

SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund Manager

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment Advisor

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment Advisor

MANULIFE 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 27.04.2012


Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012

Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012


EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Gruma SAB de CV ee


26.11.2012

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

Europe and the Americas. The company operates in three segments: Chocolate and

Confectionery Fats, Food Ingredients, and Technical Products and Feed.


LTM as of: 03/yy

52-Week High (23.11.2012) 268.00

52-Week Low (28.11.2011) 171.50

Daily Volume

266





10'878.92 1 Yr Total Return 56.04%







AAK SS EQUITY YTD Change - Average Volume 30 Day 59'790

AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56'326


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 12/12 Q4 03/13 Q1

13'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'373.0 18'329.8 4'439.0 4'455.0

0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - -

1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'357.1 1'544.6 367.7 336.0

8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - -

314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0

15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - -











EBITDA Margin 7.6%



Asset Turnover 1.72





Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

AarhusKarlshamn ABPrice/Volume

Valuation Analysis

6'146.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

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!3 9

!5 9

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-!. 9

-!1 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

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26.11.2012


BNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 Other

ARBEJDSMARKEDETS 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 Advisor

DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment Advisor

LANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment Advisor

BT 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 Advisor

FJARDE 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/a

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund Manager

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment Advisor

ANDRA 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 Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment Advisor

CARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment Advisor

OPPENHEIMERFUNDS 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 27.04.2012

Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012

Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012

Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012

SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012


Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012

Holdings By:

AarhusKarlshamn AB ee


26.11.2012

Petra Foods Limited manufactures and supplies cocoa ingredients, principally

cocoa powder, cocoa butter, and cocoa liquor. The Company also manufactures and

distributes branded consumer products, primarily chocolate confectionery for

the Indonesian market.


LTM as of: 12/yy

52-Week High (18.10.2012) 2.83

52-Week Low (28.11.2011) 1.70

Daily Volume

2.76





1'686.79 1 Yr Total Return 66.04%







PETRA SP EQUITY YTD Change - Average Volume 30 Day 52'833

PETRA SP EQUITY YTD % CHANGE - Average Volume 3 Month 127'646


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 12/12 Q4 03/13 Q1

836.6 1'127.3 1'244.5 1'566.0 1'702.2 1'566.0 1'702.2 1'563.7 1'651.3 - -

0.96x 0.41x 0.68x 0.83x 0.81x 2.86x 3.25x 1.22x 1.12x - -

57.0 53.1 67.1 108.0 128.7 106.6 129.8 129.5 137.3 - -

14.14x 8.75x 12.63x 12.10x 10.68x 12.25x 10.59x 15.54x 14.67x - -

26.3 14.1 24.6 44.5 60.6 44.5 60.6 56.3 61.6 - -

21.85x 10.18x 15.83x 16.93x 14.40x 17.07x 14.40x 24.53x 22.57x - -











EBITDA Margin 8.6%



Asset Turnover 1.39







Fiscal Year Ended

Petra Foods LtdPrice/Volume

Valuation Analysis

6'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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26.11.2012


BERLIAN ENTERPRISES n/a Co File 308'741'000 50.52 - 16.03.2012 Unclassified

TIGER GLOBAL MANAGEM n/a Co File 39'100'000 6.4 - 16.03.2012 Hedge Fund Manager

ABERDEEN ASSET MANAG n/a Co File 31'275'000 5.12 - 16.03.2012 Investment Advisor

MASON HILL ADVISORS n/a EXCH 30'466'299 4.99 (2'088'550) 06.02.2012 Unclassified

GENESIS ASSET MANAGE n/a EXCH 30'293'000 4.96 (1'609'000) 20.04.2012 Investment Advisor

EQUINOX PARTNERS LP n/a EXCH 23'575'000 3.86 (4'496'000) 11.09.2009 Hedge Fund Manager


FIDELITY INTERNATION Multiple Portfolios MF-AGG 9'686'140 1.58 3'585'003 31.10.2011 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 9'492'000 1.55 (1'112'000) 31.01.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9'313'000 1.52 - 31.03.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'360'000 0.55 - 30.09.2011 Investment Advisor

CHUANG TIONG CHOON n/a Co File 3'320'000 0.54 - 16.03.2012 n/a

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 2'725'000 0.45 (368'000) 29.07.2011 Mutual Fund Manager

SARASIN INVESTMENT M Multiple Portfolios MF-AGG 2'567'000 0.42 - 31.01.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'868'000 0.31 - 31.12.2011 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'835'000 0.3 - 31.01.2012 Unclassified

FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'452'000 0.24 - 31.01.2012 Mutual Fund Manager

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'378'000 0.23 259'000 30.12.2011 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'000 0.22 1'351'000 30.06.2011 Investment Advisor

WASATCH 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 19.03.2012

DBS Vickers ANDY SIM hold 3 M 2 12 month 06.03.2012

SIAS Research Pte Ltd JINSHU LIU overweight 5 M 2 Not Provided 27.02.2012

CIMB LEE WEN CHING outperform 5 M 2 12 month 24.02.2012

Holdings By:

Petra Foods Ltd ee


26.11.2012

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

chickens to produce poultry products. Brasil Foods also processes frozen

pastas, soybeans and their derivatives, and distributes frozen vegetables. The

Company's core business is chilled and frozen food. The Company has offices

in the Middle East, Asia, and Europe.


LTM as of: 03/yy

52-Week High (23.11.2012) 39.84

52-Week Low (26.07.2012) 27.53

Daily Volume

39.64





34'584.84 1 Yr Total Return 17.53%


Preferred Stock - Adjusted BETA 0.746





BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1'964'593

BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'140'336


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 12/12 Q4 03/13 Q1

6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 23'654.1 26'022.9 27'993.5 30'737.1 7'669.8 7'115.7

1.31x 0.84x 2.78x 1.23x 1.43x 3.50x 5.13x 1.48x 1.35x 5.47x 5.91x

775.5 1'079.8 619.4 2'320.6 2'878.5 1'898.9 2'635.3 2'586.5 3'783.3 868.8 717.5

11.22x 8.83x 71.50x 12.01x 12.81x 0.00x 14.12x 15.97x 10.92x 12.19x 11.02x

321.3 54.4 123.0 804.1 1'367.4 1'126.5 1'137.1 818.9 1'796.0 415.8 229.0

25.56x 112.96x 222.84x 29.61x 23.19x 23.85x 27.56x 41.21x 19.75x 23.98x 21.57x


EBIT 1'992.15 Long-Term Rating BBB-









EBITDA Margin 9.1%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BRF - Brasil Foods SAPrice/Volume

Valuation Analysis

2'562'700.00


'2

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

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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



26.11.2012


CAIXA DE PREVIDENCIA n/a EXCH 111'240'334 12.75 - 28.02.2012 Government

FUNDACAO PETROBRAS D n/a EXCH 89'166'762 10.22 - 28.02.2012 Other

TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 28.02.2012 Mutual Fund Manager

GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 30'031'734 3.44 - 31.03.2012 Mutual Fund Manager

WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2010 Other

FUND VALE DO RIO DOC n/a EXCH 25'039'981 2.87 - 28.02.2012 Other

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'441'935 2.11 600 02.05.2012 Investment Advisor


ONTARIO 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 Manager

FPRV1 SABIA FI MUTLI n/a EXCH 6'543'549 0.75 - 28.02.2012 Unclassified

FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2010 n/a

GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 5'099'532 0.58 (265'496) 31.03.2012 Mutual Fund Manager

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'915'140 0.56 (420'977) 31.03.2012 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 4'870'390 0.56 (53'420) 31.03.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'733'668 0.54 537'100 31.03.2012 Investment Advisor

BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 4'697'980 0.54 485'367 31.03.2012 Mutual Fund Manager

INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 4'494'441 0.52 (20'700) 31.03.2012 Other




Fator Corretora RENATO PRADO buy 5 M 43 Not Provided 02.05.2012



Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 30.04.2012


Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 40 Not Provided 30.04.2012

Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 42 12 month 29.04.2012

Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 40 Not Provided 27.04.2012

Raymond James DANIELA M BRETTHAUER market perform 3 D #N/A N/A Not Provided 12.04.2012

JPMorgan ALAN ALANIS neutral 3 M 36 6 month 11.04.2012


Barclays Capital GABRIEL VAZ DE LIMA overwt/positive 5 M 43 Not Provided 23.03.2012

Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 22.03.2012


Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011


Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011

Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 11.10.2011

Sociedade 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


26.11.2012

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

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

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

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

sells fertilizer.


LTM as of: 03/yy

52-Week High (06.11.2012) 73.48

52-Week Low (19.12.2011) 55.64

Daily Volume

73.05





10'677.85 1 Yr Total Return 26.08%







BG US EQUITY YTD Change - Average Volume 30 Day 996'179

BG US EQUITY YTD % CHANGE - Average Volume 3 Month 914'602


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 12/12 Q4 03/13 Q1

37'842.0 52'574.0 41'926.0 45'707.0 58'743.0 47'556.0 59'995.0 63'883.3 68'727.3 18'891.4 15'107.3

0.53x 0.21x 0.34x 0.33x 0.21x 1.12x 0.93x 0.26x 0.24x - -

1'541.0 2'862.0 305.0 1'396.0 1'701.0 1'495.0 1'524.0 1'962.8 2'323.0 627.0 456.0

12.97x 3.89x 46.71x 10.70x 7.36x 10.43x 9.16x 9.71x 8.21x 8.33x 8.26x

778.0 1'064.0 361.0 2'354.0 942.0 2'523.0 802.0 964.4 1'178.1 376.5 127.5

18.05x 7.66x 37.55x 15.98x 9.88x 13.96x 13.85x 11.66x 9.54x 9.64x 9.69x


EBIT 1'175.00 Long-Term Rating BBB-









EBITDA Margin 2.7%



Asset Turnover 2.33







Fiscal Year Ended

Bunge LtdPrice/Volume

Valuation Analysis

265'604.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

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-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

0.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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26.11.2012


GOVT OF SINGAPORE IN n/a 13G 7'305'865 5.01 - 13.02.2012 Government


GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'787'523 3.97 967'742 31.12.2011 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'304'721 3.64 (6'062) 31.12.2011 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'291'809 3.63 284'872 31.12.2011 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'908'738 2.68 (477'529) 29.02.2012 Mutual Fund Manager


FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'779'579 1.91 83'600 31.12.2011 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'770'956 1.9 112'345 31.12.2011 Investment Advisor


GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'618'770 1.8 2'060'371 31.12.2011 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'477'614 1.7 966'760 31.03.2012 Investment Advisor

RBC TRUSTEES (CI) LT RBC TRUSTEES (CI) LT 13F 2'415'246 1.66 - 31.12.2011 Investment Advisor

LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'306'730 1.58 (25'121) 31.12.2011 Investment Advisor

ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'644'241 1.13 (31'614) 31.12.2011 Hedge Fund Manager

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'332'098 0.91 641'140 31.03.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'281'372 0.88 (100) 31.12.2011 Investment Advisor


TAUBE 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 02.05.2012


Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 27.04.2012

Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 27.04.2012

Piper Jaffray MICHAEL E COX neutral 3 M 73 12 month 27.04.2012

Barclays Capital FAROOQ HAMED overwt/positive 5 M 80 Not Provided 27.04.2012


Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 26.04.2012

Scotia Capital CHRISTINE HEALY sector outperform 5 M 80 12 month 26.04.2012

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 72 12 month 26.04.2012

Topeka Capital Markets Inc IAN HOROWITZ hold 3 M 63 12 month 26.04.2012

HSBC PEDRO HERRERA neutral 3 M 73 Not Provided 24.04.2012

Deutsche Bank CHRISTINA MCGLONE buy 5 M 72 12 month 10.02.2012

Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 M 56 12 month 10.02.2012

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 12 month 10.02.2012

Holdings By:

Bunge Ltd ee


26.11.2012

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

Company operates chicken farms, processing units, feeding facilities, and

incubation plants. The Company also produces and distributes eggs, swine, and

balanced feed.


LTM as of: 03/yy

52-Week High (06.11.2012) 28.95

52-Week Low (19.12.2011) 20.25

Daily Volume

28.01





16'806.00 1 Yr Total Return 21.91%







BACHOCOB MM EQUITY YTD Change - Average Volume 30 Day 73'545

BACHOCOB MM EQUITY YTD % CHANGE - Average Volume 3 Month 65'467


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 12/12 Q4 03/13 Q1

18'208.8 20'125.3 23'262.9 24'715.5 27'735.0 24'826.5 31'030.3 39'639.0 41'785.0 - -

0.80x 0.41x 0.58x 0.48x 0.44x 1.70x 1.51x 0.49x 0.46x - -

2'054.4 846.4 2'076.4 3'155.6 735.9 3'013.9 1'413.7 3'239.0 2'383.0 - -

7.07x 9.76x 6.48x 3.76x 16.63x 4.22x 7.83x 4.65x 6.32x - -

1'278.3 (879.0) 797.6 1'983.4 157.0 1'862.5 663.6 1'833.0 1'027.0 - -

13.62x - 18.81x 7.73x 85.20x 8.86x 20.16x 9.04x 16.48x - -











EBITDA Margin 7.3%



Asset Turnover 1.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrias Bachoco SAB de CVPrice/Volume

Valuation Analysis

41'948.00


'

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0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

2'!''

-''!''

-2'!''

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26.11.2012


CONTROL AND FAMILY T n/a 20F 496'500'000 82.75 - 31.12.2010 Unclassified

GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 15'376'404 2.56 224'204 30.03.2012 Bank

OPERADORA GBM SA DE Multiple Portfolios MF-AGG 1'744'000 0.29 500'000 30.03.2012 Investment Advisor

IXE FONDOS SOSI SA D Multiple Portfolios MF-AGG 1'150'000 0.19 1'150'000 30.03.2012 Investment Advisor


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 144'400 0.02 144'400 30.09.2011 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 132'584 0.02 132'584 30.03.2012 Investment Advisor

GBM ASSET MANAGEMENT Multiple Portfolios MF-AGG 79'774 0.01 79'774 30.03.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28'037 0 - 31.07.2011 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 24'800 0 - 30.04.2011 Investment Advisor


GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9'291 0 - 30.01.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'600 0 - 31.01.2012 Investment Advisor

BLACKROCK 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 02.05.2012



Holdings By:

Industrias Bachoco SAB de CV ee


26.11.2012

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

Argentina, Brazil and Uruguay. The Company is currently involved in a broad

range of businesses, including farming crops and other agricultural products,

cattle and dairy operations, sugar, ethanol and energy production and land

transformation.


LTM as of: 12/yy

52-Week High (19.03.2012) 11.30

52-Week Low (28.11.2011) 7.60

Daily Volume

9.11





1'104.67 1 Yr Total Return 20.82%







AGRO US EQUITY YTD Change - Average Volume 30 Day 91'932

AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 136'757


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 Q3

182.2 306.5 398.1 403.7 645.4 0.0 645.4 610.8 785.0 - 167.0

- - - - - #DIV/0! 5.91x 2.28x 2.02x - -

37.5 49.7 47.3 (0.6) 159.0 0.0 159.0 144.8 224.3 - 47.0

- - - - - 0.00x 0.00x 9.08x 5.87x - 11.13x

29.2 (19.3) (0.3) (43.9) 56.0 0.0 56.0 51.4 77.0 - 16.3

- - - - 17.40x 0.00x 17.38x 21.29x 14.28x - 65.07x











EBITDA Margin 22.4%



Asset Turnover 0.33







Fiscal Year Ended

Adecoagro SAPrice/Volume

Valuation Analysis

47'791.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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-!' 9

-!2 9

.!' 9

.!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

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26.11.2012


SOROS FUND MANAGEMEN n/a Research 25'384'049 21.14 - 01.01.2012 Hedge Fund Manager

HBK INVESTMENTS LP n/a 20F 20'471'770 17.05 - 31.03.2011 Hedge Fund Manager

STICHTING 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 Advisor

OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 11'322'810 9.43 11'322'810 31.12.2011 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'388'679 4.49 944'740 31.12.2011 Investment Advisor

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.75 - 31.12.2011 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'235'902 3.53 144'974 31.12.2011 Investment Advisor

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 3'021'384 2.52 (22'311) 31.03.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'957'232 2.46 (169'020) 31.12.2011 Investment Advisor


BOYCE ALAN LELAND n/a 20F 1'030'310 0.86 - 31.03.2011 n/a

VIEIRA MARCELO n/a 20F 824'562 0.69 - 31.03.2011 n/a

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 816'476 0.68 (167'067) 31.12.2011 Investment Advisor

BLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 789'715 0.66 - 31.12.2011 Hedge Fund Manager

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 470'000 0.39 - 29.02.2012 Investment Advisor

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 465'000 0.39 - 31.12.2011 Investment Advisor

PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 463'359 0.39 (69'840) 31.12.2011 Hedge Fund Manager

COBRA CA HOLDINGS LT n/a Co File 387'308 0.32 - 27.01.2011 Other

DEUTSCHE 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 02.05.2012


Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 30.03.2012

Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012

Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 30.03.2012

Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011

Holdings By:

Adecoagro SA ee


26.11.2012

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 Group

conducts business in Europe, Australia, New Zealand, Asia, and the US.


LTM as of: 01/yy

52-Week High (20.11.2012) 1'460.00

52-Week Low (09.12.2011) 1'071.00

Daily Volume

1444





11'431.77 1 Yr Total Return 36.11%







ABF LN EQUITY YTD Change - Average Volume 30 Day 1'108'983

ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'005'986


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

8'235.0 9'255.0 10'167.0 11'065.0 12'252.0 - - 12'871.2 13'638.4 - -

0.85x 0.88x 0.94x 0.95x 0.94x - - 1.00x 0.92x - -

878.0 1'082.0 1'304.0 1'296.0 1'566.0 - - 1'536.2 1'637.2 - -

7.96x 7.52x 7.35x 8.15x 7.37x - - 8.38x 7.87x - -

357.0 359.0 546.0 541.0 555.0 - - 740.0 807.3 - -

16.50x 18.89x 15.15x 16.28x 18.13x - - 15.48x 14.13x - -











EBITDA Margin 12.8%



Asset Turnover 1.20







Fiscal Year Ended

Associated British Foods PLCPrice/Volume

Valuation Analysis

122'475.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1''

3''

5''

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-1''

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.!2 9

0!' 9

0!2 9

0.0

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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1!''

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26.11.2012


WITTINGTON PROPTYS L n/a Co File 431'515'108 54.51 - 17.09.2011 Investment Advisor

HOWARD INVESTMENTS L Multiple Portfolios REG 28'173'893 3.56 - 01.03.2012 Unclassified

CAPITAL RESEARCH AND Multiple Portfolios REG 24'295'000 3.07 (1'475'000) 01.03.2012 Investment Advisor


NEWTON INV MGMT Multiple Portfolios REG 16'634'283 2.1 (1'197'686) 01.03.2012 Mutual Fund Manager

RBC GLOBAL ASSET MAN Multiple Portfolios REG 16'433'696 2.08 5'021'938 01.03.2012 Investment Advisor

ASSOCIATED BRITISH F Multiple Portfolios REG 14'299'314 1.81 - 01.03.2012 Unclassified

LEGAL & GENERAL INVE Multiple Portfolios REG 14'010'601 1.77 (253'403) 01.03.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 11'716'189 1.48 6'699'611 01.03.2012 Unclassified

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'112'627 1.02 150'840 01.05.2012 Investment Advisor

BLACKROCK INV MANAGE Multiple Portfolios REG 7'208'119 0.91 (507'027) 01.03.2012 Investment Advisor

AEGON UK PLC Multiple Portfolios REG 6'188'803 0.78 923'612 01.03.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios REG 5'971'417 0.75 (425'346) 01.03.2012 Investment Advisor

CREDIT SUISSE SECURI Multiple Portfolios REG 5'948'707 0.75 858'480 01.03.2012 Investment Advisor

WESTON W G GALEN n/a Co File 5'672'560 0.72 - 08.11.2011 n/a

GALEWEST LIMITED Multiple Portfolios REG 5'258'642 0.66 - 01.03.2012 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 4'854'416 0.61 467'542 01.03.2012 Investment Advisor

JP MORGAN PRIVATE BA Multiple Portfolios REG 4'495'143 0.57 - 01.03.2012 Unclassified

UNIVERSITIES SUPERAN Multiple Portfolios REG 4'376'871 0.55 1'388'370 01.03.2012 Investment Advisor

LAZARD 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 02.05.2012

Canaccord Genuity Corp ALICIA FORRY buy 5 M 1'400 12 month 02.05.2012

Berenberg Bank JAMES TARGETT hold 3 M 1'225 Not Provided 02.05.2012

Societe Generale WARREN L ACKERMAN hold 3 M 1'275 12 month 01.05.2012

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1'325 12 month 27.04.2012

Nomura DAVID HAYES buy 5 M 1'375 Not Provided 25.04.2012

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 1'300 Not Provided 25.04.2012

Barclays Capital JANE GELFAND overwt/neutral 5 M 1'300 Not Provided 25.04.2012

Morgan Stanley TOBY MCCULLAGH Overwt/Attractive 5 M 1'350 12 month 24.04.2012

Investec MARTIN DEBOO hold 3 M 1'200 12 month 24.04.2012

Credit Suisse CHARLES MILLS outperform 5 M 1'300 Not Provided 24.04.2012

JPMorgan ALBERTO LOPEZ RUEDA overweight 5 M 1'340 6 month 24.04.2012

Jefferies DIRK VAN VLAANDEREN hold 3 M 1'155 12 month 24.04.2012

Standard & Poor's Equity Research CARL SHORT hold 3 M 1'320 12 month 24.04.2012

Exane BNP Paribas JEFF STENT outperform 5 M 1'320 Not Provided 24.04.2012

Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1'135 12 month 18.04.2012

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.03.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 1'160 Not Provided 01.03.2012

Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012

Deutsche Bank JAMES ISENWATER hold 3 M 1'070 12 month 08.11.2011

Holdings By:

Associated British Foods PLC ee


26.11.2012

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

Europe and the Americas. The company operates in three segments: Chocolate and

Confectionery Fats, Food Ingredients, and Technical Products and Feed.


LTM as of: 03/yy

52-Week High (23.11.2012) 268.00

52-Week Low (28.11.2011) 171.50

Daily Volume

266





10'878.92 1 Yr Total Return 56.04%







AAK SS EQUITY YTD Change - Average Volume 30 Day 59'790

AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56'326


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 12/12 Q4 03/13 Q1

13'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'373.0 18'329.8 4'439.0 4'455.0

0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - -

1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'357.1 1'544.6 367.7 336.0

8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - -

314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0

15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - -











EBITDA Margin 7.6%



Asset Turnover 1.72





Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

AarhusKarlshamn ABPrice/Volume

Valuation Analysis

6'146.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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!3 9

!5 9

-!' 9

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-!1 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

2'!''

-''!''

-2'!''

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26.11.2012


BNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 Other

ARBEJDSMARKEDETS 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 Advisor

DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment Advisor

LANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment Advisor

BT 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 Advisor

FJARDE 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/a

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund Manager

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment Advisor

ANDRA 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 Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment Advisor

CARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment Advisor

OPPENHEIMERFUNDS 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 27.04.2012

Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012

Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012

Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012

SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012



Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012

Holdings By:

AarhusKarlshamn AB ee


26.11.2012

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. Yunnan

Yuntianhua also manufactures glass fibers and lubricants.


LTM as of: 03/yy

52-Week High (01.12.2011) 19.45

52-Week Low (31.08.2012) 11.30

Daily Volume

12.09


52-Week Low % Change 6.99% Beta -



8'386.05 1 Yr Total Return -33.99%


Preferred Stock 0.0 Adjusted BETA -





600096 CH EQUITY YTD Change - Average Volume 30 Day 3'071'476

600096 CH EQUITY YTD % CHANGE - Average Volume 3 Month 3'971'116


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 12/12 Q4 03/13 Q1

6'000.0 7'693.2 6'021.7 7'123.7 10'059.5 7'709.4 10'202.4 35'024.5 32'613.5 2'507.0 2'607.0

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 1'370.0 1'927.0 - -

22.79x 11.20x 19.67x 18.31x - 0.00x 0.00x 17.91x 12.74x - -

681.7 657.6 77.3 181.9 168.8 128.0 (14.5) (350.0) 327.5 - -

38.76x 14.39x 180.84x 86.66x 57.36x 108.44x 0.00x - 25.72x - -









Net Debt/EBITDA -

Gross Margin 19.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yunnan Yuntianhua Co LtdPrice/Volume

Valuation Analysis

8'755'075.00


'

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0'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -.!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9

0.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

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



26.11.2012


YUNTIANHUA GROUP CO n/a EXCH 329'441'977 47.5 - 20.05.2011 Government

XA CHANGGUO INVEST M n/a EXCH 15'446'179 2.23 - 20.05.2011 n/a

FOUNDER SECURITIES C n/a EXCH 12'046'848 1.74 - 20.05.2011 Unclassified

YOUNGOR GROUP CO n/a EXCH 11'049'079 1.59 - 20.05.2011 Corporation

TJ KAISHI GOLD FUND n/a EXCH 10'845'510 1.56 - 20.05.2011 n/a

JI'NAN BEIAN INVEST n/a EXCH 10'708'310 1.54 - 20.05.2011 n/a

SX YUESHANG PH 7 INV n/a EXCH 10'485'220 1.51 - 20.05.2011 n/a

HEB LONGSHENG ASSETS n/a EXCH 10'387'060 1.5 - 20.05.2011 n/a

ZJ TIANTANG GUIGU LE n/a EXCH 10'376'352 1.5 - 20.05.2011 n/a

CH HUADIAN GRP HLD C n/a EXCH 10'373'675 1.5 - 20.05.2011 n/a

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 4'999'445 0.72 4'994'739 30.06.2011 Investment Advisor

SOCIAL 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 Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 2'368'219 0.34 (1'668'933) 30.06.2011 Investment Advisor

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 2'333'785 0.34 (867'223) 30.06.2011 Investment Advisor

SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 1'999'931 0.29 (1'548'659) 30.06.2011 Investment Advisor

CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 1'959'771 0.28 459'803 30.06.2011 Investment Advisor

GALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 1'899'881 0.27 699'950 30.06.2011 Investment Advisor

SH LILI INVEST MGMT n/a EXCH 1'794'996 0.26 - 20.05.2011 n/a

CHINA 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 22.04.2012

Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 06.04.2012

HuaChuang Securities GAO LI not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012

Rising Securities Co.,LTD XU HAIYANG neutral 3 N #N/A N/A Not Provided 10.02.2012

SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 02.02.2012

Capital Securities Corp XU YING buy 5 M 18 Not Provided 01.02.2012

Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 30.12.2011

Bohai Securities Co Ltd REN XIANGONG buy 5 N #N/A N/A Not Provided 22.08.2011

First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 22.03.2011

ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 15.03.2011

GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 26.12.2010

China Securities Co., Ltd LIANG BIN add 4 U 27 Not Provided 08.12.2010

Cinda Securities Ltd JINGPU GUO hold 3 D #N/A N/A Not Provided 05.11.2010

Bank of China International NI XIAOMAN hold 3 M 24 Not Provided 30.03.2010

AJ Securities XIN ZHANG neutral 3 M #N/A N/A Not Provided 18.03.2010

Pacific Securities Co Ltd YAO XIN hold 3 M #N/A N/A Not Provided 19.10.2009

China Galaxy Securities LI GUOHONG neutral 3 M #N/A N/A Not Provided 11.05.2009

Citic Securities Co., Ltd XUMING LIU hold 3 M 22 Not Provided 18.06.2008

Holdings By:

Yunnan Yuntianhua Co Ltd ee


26.11.2012

China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company

produces ammonia and urea.


LTM as of: 01/yy

52-Week High (16.03.2012) 6.56

52-Week Low (10.07.2012) 4.18

Daily Volume

4.76





21'943.60 1 Yr Total Return -13.68%







3983 HK EQUITY YTD Change - Average Volume 30 Day 6'090'281

3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'754'355


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 - - 11'162.8 12'700.3 - -

4.45x 1.48x 3.19x 3.06x 2.15x - - 1.40x 1.17x - -

2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 3'928.4 4'345.3 - -

9.44x 3.99x 9.29x 8.77x 5.92x - - 4.32x 3.90x - -

1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 2'042.9 2'251.1 - -

15.21x 8.00x 19.92x 18.89x 11.09x - - 8.55x 7.87x - -











EBITDA Margin 33.4%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China BlueChemical LtdPrice/Volume

Valuation Analysis

4'866'988.00


'

-

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0

1

2

3

4

5

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9

0.0

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'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



26.11.2012


JP MORGAN CHASE & CO n/a EXCH 193'982'323 10.95 - 05.03.2012 Investment Advisor

VALUE PARTNERS LIMIT n/a EXCH 157'336'000 8.88 - 02.02.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 130'252'000 7.35 9'482'000 31.01.2012 Mutual Fund Manager

BLACKROCK INC #N/A N/A EXCH 121'474'228 6.86 - 24.04.2012 Investment Advisor

MONDRIAN INVESTMENT #N/A N/A Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager

DEUTSCHE BANK AG n/a EXCH 85'218'843 4.81 - 30.11.2010 Investment Advisor



BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 39'871'900 2.25 (238'000) 31.01.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 37'022'833 2.09 683'800 30.09.2011 Investment Advisor


FIRST STATE INVESTME Multiple Portfolios MF-AGG 20'368'000 1.15 1'722'000 31.01.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 15'440'000 0.87 - 31.12.2011 Investment Advisor

AIG INVESTMENT CORP Multiple Portfolios MF-AGG 15'050'000 0.85 - 31.12.2010 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 12'670'000 0.72 248'000 31.12.2011 Investment Advisor


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 10'930'659 0.62 1'543'811 30.03.2012 Mutual Fund Manager

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 10'876'000 0.61 - 31.12.2011 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 9'750'000 0.55 - 30.06.2011 Investment Advisor

MACQUARIE 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 27.04.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012

Jefferies JACK LU underperform 1 N 5 12 month 16.04.2012

Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 02.04.2012

BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 02.04.2012

Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012

Essence Securities XU HAITAO buy 5 M 7 6 month 02.04.2012

Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 7 12 month 01.04.2012

Macquarie LAURA SHI neutral 3 M 6 12 month 31.03.2012

China International Capital Corp BIN GUAN buy 5 M 7 12 month 31.03.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 8 6 month 30.03.2012

DBS Vickers RACHEL MIU buy 5 M 7 12 month 30.03.2012

UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 30.03.2012

BOCOM International Holdings HE WEI long-term buy 5 M 8 12 month 30.03.2012

Standard Chartered STELLA TAN in-line 3 D 6 12 month 16.12.2011

Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011


AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.09.2011

GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011

Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010

Holdings By:

China BlueChemical Ltd ee


26.11.2012

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company

produces and imports potash fertilizers, phosphate-based and nitrogen-based

fertilizers, and compound fertilizers. Sinofert operates in the Peoples

Republic of China.


LTM as of: 01/yy

52-Week High (09.02.2012) 2.52

52-Week Low (07.06.2012) 1.14

Daily Volume

1.69





11'871.33 1 Yr Total Return -20.35%







297 HK EQUITY YTD Change - Average Volume 30 Day 16'163'470

297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'830'230


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 - - 40'677.1 43'008.7 - -

1.67x 0.72x 1.30x 1.07x 0.44x - - 0.42x 0.36x - -

2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'396.6 1'604.9 - -

23.03x 17.13x - 46.94x 13.75x - - 10.77x 9.37x - -

641.1 1'912.6 (1'443.8) 535.7 678.0 - - 848.5 977.2 - -

63.71x 12.06x - 44.67x 18.30x - - 11.41x 9.91x - -











EBITDA Margin 3.4%



Asset Turnover 1.39







Fiscal Year Ended

Sinofert Holdings LtdPrice/Volume

Valuation Analysis

14'360'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

1

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

-1'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



26.11.2012


SINOCHEM CORP #N/A N/A Co File 3'698'660'874 52.65 - 31.12.2011 Government

POTASH CORP OF SASKA #N/A N/A Co File 1'563'312'141 22.26 - 31.12.2011 Government



VANGUARD GROUP INC Multiple Portfolios MF-AGG 76'338'943 1.09 653'578 31.03.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'545) 31.10.2011 Investment Advisor

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'338'000 0.65 16'000 02.05.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 20'084'526 0.29 (152'427) 29.02.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14'744'000 0.21 14'744'000 30.06.2011 Investment Advisor


AIG INVESTMENT CORP Multiple Portfolios MF-AGG 9'000'000 0.13 - 31.12.2010 Investment Advisor

MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'172'000 0.12 590'000 30.06.2011 Mutual Fund Manager


APS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.12.2011 Investment Advisor


SARASIN INVESTMENT M Multiple Portfolios MF-AGG 4'398'000 0.06 - 31.01.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.12.2011 Mutual Fund Manager

AMERICAN INTERNATION Multiple Portfolios MF-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 Government

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'577'814 0.05 - 30.04.2012 Investment Advisor

AMUNDI 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 13.04.2012


Standard Chartered STELLA TAN outperform 5 M 2 12 month 23.03.2012

Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 D 2 12 month 23.03.2012

Macquarie LAURA SHI neutral 3 M 2 12 month 23.03.2012

China International Capital Corp BIN GUAN hold 3 D 2 12 month 23.03.2012

BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 23.03.2012

UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 23.03.2012

Essence Securities XU HAITAO neutral 3 M 2 6 month 23.03.2012

BOCOM International Holdings HE WEI neutral 3 D 2 12 month 23.03.2012

Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 3 12 month 22.03.2012

Masterlink Securities LI XIN hold 3 M 3 Not Provided 24.02.2012

OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011

SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011

Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011

Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011

Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010

Holdings By:

Sinofert Holdings Ltd ee


26.11.2012

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'187.00

52-Week Low (23.07.2012) 972.00

Daily Volume

1157





101'317.77 1 Yr Total Return 10.34%







2607 JP EQUITY YTD Change - Average Volume 30 Day 222'527

2607 JP EQUITY YTD % CHANGE - Average Volume 3 Month 220'449


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 12/12 Q3 03/13 Q4

214'079.0 239'369.0 213'229.0 222'714.0 236'594.0 219'270.0 236'307.0 237'283.8 245'065.0 - -

0.69x 0.61x 0.73x 0.59x 0.56x 2.75x 2.39x 0.52x 0.47x - -

18'453.0 21'310.0 27'633.0 25'843.0 21'875.0 26'515.0 22'257.0 24'185.0 25'437.5 - -

7.98x 6.84x 5.61x 5.10x 6.05x 5.47x 6.04x 5.45x 5.18x - -

(841.0) 7'485.0 10'726.0 9'783.0 8'290.0 10'236.0 7'689.0 9'100.0 10'100.0 - -

- 12.15x 10.59x 9.58x 12.20x 9.97x 12.31x 10.95x 9.85x - -











EBITDA Margin 9.2%



Asset Turnover 1.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fuji Oil Co Ltd/OsakaPrice/Volume

Valuation Analysis

235'800.00


'

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1''

3''

5''

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-1''

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!- 9

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!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

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26.11.2012


ITOCHU CORP n/a MOF-JP 17'831'522 20.36 - 11.10.2011 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 6'246'000 7.13 2'915'000 30.09.2011 Bank

MASTER TRUST BANK OF n/a Co File 5'404'000 6.17 (100'000) 30.09.2011 Bank

CAPITAL GUARDIAN TRU n/a MOF-JP 5'205'738 5.94 - 15.08.2011 Investment Advisor

ITOCHU SALES AND MAR n/a MOF-JP 3'154'130 3.6 16 11.10.2011 n/a

NOMURA ASSET MANAGEM n/a Co File 3'127'000 3.57 (1'112'200) 30.09.2011 Investment Advisor

TOKIO MARINE & NICHI n/a Co File 2'828'000 3.23 - 30.09.2011 Insurance Company

JA ZENKYOREN n/a Co File 2'185'000 2.5 - 30.09.2011 Bank

NIPPON LIFE INSURANC n/a Co File 2'000'000 2.28 - 30.09.2011 Insurance Company

SUMITOMO MITSUI BANK n/a Co File 1'875'000 2.14 - 30.09.2011 Bank

NORINCHUKIN BANK LTD n/a Co File 1'825'000 2.08 - 30.09.2011 Investment Advisor

SUMITOMO MITSUI TRUS n/a Co File 1'739'000 1.99 - 31.03.2011 Bank

CUSTOMERS' STOCKHOLD n/a Co File 1'656'000 1.89 - 31.03.2011 n/a

FUJI OIL CO LTD n/a Co File 1'608'800 1.84 19 30.09.2011 Corporation

ITOCHU SUGAR CO LTD n/a MOF-JP 1'130'000 1.29 - 11.10.2011 Corporation

J-OIL MILLS INC n/a Co File 1'000'000 1.14 - 31.03.2011 Corporation

CAPITAL INTERNATIONA n/a MOF-JP 855'300 0.98 - 15.08.2011 Investment Advisor

CAPITAL INTERNATIONA n/a MOF-JP 764'613 0.87 - 15.08.2011 Investment Advisor

KAMIGUMI CO LTD n/a Co File 611'050 0.7 - 31.03.2011 Corporation

MEITO 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 24.04.2012

Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 D 1'200 12 month 23.04.2012

SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1'240 12 month 23.04.2012

Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 D #N/A N/A Not Provided 12.04.2012


Daiwa Securities Co. Ltd. SATOSHI TANAKA outperform 5 M 1'330 Not Provided 21.02.2012

Nomura KEIKO YAMAGUCHI neutral 3 M 1'200 12 month 05.12.2011

Holdings By:

Fuji Oil Co Ltd/Osaka ee


26.11.2012

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

Company predominately sells its products in Taiwan.


LTM as of: 03/yy

52-Week High (02.03.2012) 84.70

52-Week Low (19.12.2011) 63.30

Daily Volume

72





70'560.00 1 Yr Total Return 4.37%







1722 TT EQUITY YTD Change - Average Volume 30 Day 3'422'658

1722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 4'150'289


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 12/12 Q4 03/13 Q1

11'799.2 17'019.8 17'117.6 14'428.8 16'970.8 15'248.4 17'552.6 17'517.9 17'476.7 5'155.0 4'969.2

5.45x 2.64x 5.93x 6.97x 3.88x 22.26x 12.24x 3.82x 3.91x - -

515.4 606.5 2'126.5 1'076.4 677.7 1'235.0 306.6 2'385.6 2'626.4 1'115.0 476.0

124.83x 74.17x 47.74x 93.43x 97.17x 62.53x 0.00x 28.94x 26.29x 27.15x 36.26x

3'768.9 2'191.7 1'266.9 1'723.6 3'011.1 1'793.5 2'724.7 3'562.9 3'651.0 1'661.1 1'557.8

20.36x 23.30x 88.37x 61.93x 22.96x 47.27x 27.46x 19.90x 19.43x 15.09x 18.72x











EBITDA Margin 0.6%

EBIT Margin -0.9% Total Debt/Equity 0.0%


Asset Turnover 0.25







Fiscal Year Ended

Taiwan Fertilizer Co LtdPrice/Volume

Valuation Analysis

4'818'345.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1'

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2!' 9

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-2!' 9

.'!' 9

.2!' 9

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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26.11.2012


COUNCIL OF AGRICULTU n/a EXCH 235'886'376 24.07 - 29.02.2012 n/a

SAUDI ARABIAN MONETA n/a Co File 36'850'108 3.76 - 23.04.2011 Government


CATHAY LIFE INSURANC n/a Co File 24'643'000 2.51 - 23.04.2011 n/a

FIDELITY INTL FUND n/a Co File 22'351'000 2.28 - 23.04.2011 n/a

KUWAIT INVESTMENT AU n/a Co File 18'433'000 1.88 - 23.04.2011 Government

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 17'415'958 1.78 177'011 31.03.2012 Investment Advisor

OLD 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 Company


VANGUARD EMS INDEX F n/a Co File 11'792'600 1.2 - 23.04.2011 n/a

FIDELITY EMRK FUND n/a Co File 10'557'000 1.08 - 23.04.2011 n/a

ABU DHABI INVESTMENT n/a Co File 9'465'000 0.97 - 23.04.2011 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'224'000 0.94 - 27.09.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'881'000 0.91 8'881'000 30.06.2011 Investment Advisor

POLARIS SEC INVESTME Multiple Portfolios MF-AGG 7'576'000 0.77 1'400'000 31.12.2011 Mutual Fund Manager

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6'413'700 0.65 (58'000) 30.03.2012 Investment Advisor

CHUNGHWA POST CO LTD n/a EXCH 5'565'000 0.57 - 29.02.2012 Government

INVESCO LTD Multiple Portfolios MF-AGG 5'398'633 0.55 944'000 02.05.2012 Investment Advisor

RCM 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 03.05.2012

Fubon Securities TERRY LIU neutral 3 M 76 6 month 02.05.2012

Morgan Stanley JEREMY CHEN Overwt/No Rating 5 M 100 12 month 01.05.2012

HSBC ABEL LEE overweight 5 M 89 Not Provided 26.04.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012

JPMorgan NICK LAI overweight 5 M 100 6 month 11.04.2012

Goldman Sachs TOMMY WONG neutral/cautious 3 M 84 12 month 28.03.2012

Yuanta Securities Investment ConsultingDANNY HO buy 5 M 107 Not Provided 28.03.2012

RBS ANDRE CHANG hold 3 M 82 12 month 13.03.2012

E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.02.2012

SinoPac JERRY LU neutral 3 M 73 Not Provided 02.01.2012

Macquarie CORINNE JIAN outperform 5 M 93 12 month 16.12.2011


Credit Suisse SIDNEY YEH outperform 5 M 104 Not Provided 17.10.2011

Masterlink Securities CHANG WANCHEN buy 5 M 124 12 month 26.08.2011

IBT Securities TITAN HORNG trading buy 5 M #N/A N/A Not Provided 31.12.2010

Holdings By:

Taiwan Fertilizer Co Ltd ee


26.11.2012

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

sells chemical fertilizers. The Company's products include compound

fertilizers, controlled release fertilizers and other new types of fertilizers.


LTM as of: 03/yy

52-Week High (29.11.2011) 17.35

52-Week Low (28.12.2011) 12.06

Daily Volume

13.48





9'436.00 1 Yr Total Return -19.67%







002470 CH EQUITY YTD Change - Average Volume 30 Day 964'214



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 12/12 Q4 03/13 Q1

2'623.3 3'634.0 4'159.2 5'479.1 7'626.2 4'619.4 8'224.6 10'224.0 13'372.4 - -

- - - 2.29x 1.17x 5.37x 3.81x - - - -

224.7 316.1 307.8 443.1 608.8 0.0 0.0 771.0 1'016.0 - -

- - - 28.32x 14.64x 0.00x 0.00x 12.75x 9.67x - -

197.1 235.8 212.9 313.7 436.5 288.9 487.0 560.2 729.2 - -

- - - 38.48x 20.69x 0.00x 19.45x 16.30x 12.94x - -











EBITDA Margin 7.6%



Asset Turnover 1.68







Fiscal Year Ended

Shandong Kingenta Ecological Engineering Co LtdPrice/Volume

Valuation Analysis

431'343.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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.2

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2!' 9

-'!' 9

-2!' 9

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.2!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

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'!1'

'!3'

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26.11.2012


LY JINZHENGDA INVEST n/a Co File 306'720'000 43.82 - 31.12.2011 n/a

LIANBU WAN n/a Co File 143'280'000 20.47 - 31.12.2011 n/a

CRF FERTILIZER INVES n/a Co File 75'000'000 10.71 - 31.12.2011 n/a

YOUNGOR INVESTMENT C n/a EXCH 75'000'000 10.71 75'000'000 11.04.2012 Investment Advisor


GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 2'678'554 0.38 2'678'554 30.06.2011 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 2'048'913 0.29 2'048'913 30.06.2011 Investment Advisor

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 2'032'973 0.29 851'700 30.06.2011 Investment Advisor

RUAN TIANZHEN n/a Co File 1'200'100 0.17 - 31.12.2011 n/a

E FUND MANAGEMENT Multiple Portfolios MF-AGG 499'899 0.07 498'899 30.06.2011 Investment Advisor

MINSHENG ROYAL FUND Multiple Portfolios MF-AGG 1'000 0 - 30.06.2011 Mutual Fund Manager

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment Advisor

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG - 0 (159'258) 30.06.2011 Investment Advisor

DEG DEUTSCHE INVESTI n/a EXCH - 0 (75'000'000) 11.04.2012 Bank

BOSERA 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 24.04.2012

PingAn Securities CHEN JIANWEN buy 5 M #N/A N/A Not Provided 23.04.2012

Citic Securities Co., Ltd YIN XIAODONG buy 5 M 18 6 month 06.04.2012


Central China Securities YANG SHU buy 5 N #N/A N/A Not Provided 28.11.2011

First 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


26.11.2012

Shenzhen Noposion Agrochemicals Company Ltd. manufactures herbicides,

insecticides, fungicides, aricides, and plant growth regulators.


LTM as of: 03/yy

52-Week High (29.11.2011) 13.98

52-Week Low (17.07.2012) 6.81

Daily Volume

6.98





2'529.27 1 Yr Total Return -48.91%










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 12/12 Q4 03/13 Q1

721.5 1'058.3 1'305.8 1'451.4 1'549.0 1'554.4 1'552.3 1'633.0 2'122.0 - -

- 2.48x 4.78x 5.13x 1.77x 11.97x 9.68x - - - -

90.1 120.8 169.6 139.0 113.2 0.0 0.0 151.0 204.0 - -

- 21.70x 36.79x 53.55x 24.17x 0.00x 0.00x 15.12x 11.19x - -

63.5 92.5 138.6 108.8 81.3 130.8 75.3 87.0 126.0 - -

- 38.09x 45.57x 69.78x 36.09x 46.12x 39.47x 22.52x 16.62x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shenzhen Noposion Agrochemicals Co LtdPrice/Volume

Valuation Analysis

1'003'052.00


'.135

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2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

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



26.11.2012


BAIQIANG LU n/a Co File 106'942'294 30.2 - 31.12.2011 n/a

SHENZHEN RONGXIN SOU n/a Co File 58'893'120 16.63 - 31.12.2011 Corporation

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 23'426'122 6.62 6'912'685 30.06.2011 Investment Advisor

TIBET LINZI HAOLAI I n/a EXCH 14'780'669 4.17 (4'926'800) 17.04.2012 Corporation

TIBET LINZHI RUNBAO n/a Co File 14'731'040 4.16 - 31.12.2011 Corporation

CUIDONG LU n/a Co File 6'711'465 1.9 - 31.12.2011 n/a

CHINA UNIVERSAL BALA n/a EXCH 6'359'550 1.8 - 12.03.2010 n/a

CHINA UNIVERSAL ADVA n/a EXCH 5'509'289 1.56 - 12.03.2010 n/a

HARVEST LI CAI TONG n/a EXCH 5'212'208 1.47 - 12.03.2010 n/a

DONGGUAN JUFU CO LTD n/a Co File 5'150'679 1.45 - 31.12.2011 Corporation

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 5'128'349 1.45 (7'795'349) 30.06.2011 Investment Advisor

CHINA AMC ADVANTAGE n/a Co File 4'800'000 1.36 - 31.12.2011 n/a

AEROSPACE S & T ASSE #N/A N/A EXCH 4'800'000 1.36 - 12.03.2010 Other

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'520'953 1.28 4'349'849 30.06.2011 Investment Advisor

HUASHANG FUND MANAGE Multiple Portfolios MF-AGG 4'143'389 1.17 (2'256'611) 30.06.2011 Investment Advisor

CHANGZHOU INVESTMENT n/a Co File 3'912'000 1.1 - 31.12.2011 Corporation

EFUND MGMT CO LTD n/a EXCH 3'200'000 0.9 - 12.03.2010 n/a

TJ JIAQIAO FUKAI INV n/a EXCH 3'200'000 0.9 - 12.03.2010 n/a

JIANGSU LIGHT IND PR n/a EXCH 3'200'000 0.9 - 12.03.2010 Corporation

FORTUNE 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 17.04.2012


Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 11.04.2012

SWS Research Co Ltd KAISHENG LIN neutral 3 D #N/A N/A Not Provided 02.02.2012

Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011

First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 14.04.2011

Donghai Securities Co Ltd WANG HUIQIN add 4 M 20 6 month 12.04.2011

Orient Securities YANG YUN buy 5 M 29 12 month 13.08.2010


Everbright Securities Co., Ltd ZHANG LIYANG neutral 3 M #N/A N/A Not Provided 12.08.2010

Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 29.06.2010

China Jianyin Investment Securities WANG PENG buy 5 M #N/A N/A Not Provided 07.06.2010

Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010

China Securities Co., Ltd LIANG BIN add 4 U 16 Not Provided 02.12.2009

Bohai Securities Co Ltd WEI LIU buy 5 U 14 12 month 13.08.2009

Holdings By:

Shenzhen Noposion Agrochemicals Co Ltd ee


26.11.2012

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

company. Through its subsidiaries, the Company manufactures meat products and

frozen food, provides processing and printing services, as well as operates in

commercial trading.


LTM as of: 03/yy

52-Week High (01.12.2011) 81.80

52-Week Low (05.09.2012) 54.48

Daily Volume

57.85





63'651.71 1 Yr Total Return -24.92%










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 12/12 Q4 03/13 Q1

21'797.7 25'954.8 28'290.7 36'238.3 37'520.4 36'511.7 38'971.2 44'297.3 54'076.9 10'774.0 12'414.0

1.63x 0.78x 1.10x 1.42x 1.10x 2.67x 4.09x 1.39x 1.11x - -

928.8 1'170.9 1'407.9 1'875.5 942.8 0.0 0.0 3'793.3 4'883.3 2'203.0 1'225.0

38.15x 17.30x 22.06x 27.35x 43.96x 0.00x 0.00x 16.31x 12.67x 12.51x 11.25x

561.9 698.9 910.7 1'159.2 564.9 1'204.3 488.4 3'087.3 3'974.8 1'912.0 271.0

63.62x 29.98x 35.34x 45.55x 75.22x 39.22x 85.48x 20.45x 15.85x 17.85x 15.64x







Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 3.58% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 3.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henan Shuanghui Investment & Development Co LtdPrice/Volume

Valuation Analysis

555'694.00


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.!' 9

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3!' 9

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-'!' 9

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-1!' 9

-3!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

'!''

2!''

-'!''

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0'!''

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26.11.2012


ROTARY VORTEX LTD n/a EXCH 311'809'958 51.45 - 30.06.2011 Corporation

AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 30'494'525 5.03 3'898'491 30.06.2011 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 15'693'444 2.59 11'727'950 30.06.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 12'898'376 2.13 (1'173'183) 30.06.2011 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'407'492 2.05 (3'205'391) 30.06.2011 Investment Advisor


E FUND MANAGEMENT Multiple Portfolios MF-AGG 11'379'665 1.88 (5'647'429) 30.06.2011 Investment Advisor

MERRILL LYNCH INTERN n/a Co File 8'658'799 1.43 - 30.06.2011 Bank

CHINA CINDA ASSET MA n/a Co File 6'569'253 1.08 - 30.06.2011 Government


FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 6'302'568 1.04 (78'042) 30.06.2011 Investment Advisor

EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 6'094'270 1.01 2'686'915 30.06.2011 Investment Advisor

YALE UNIVERSITY n/a Co File 5'671'259 0.94 - 30.06.2011 Endowment

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 5'441'929 0.9 (797'453) 30.06.2011 Investment Advisor

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 5'371'375 0.89 588'987 30.06.2011 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 5'118'249 0.84 (9'926'636) 30.06.2011 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 4'797'141 0.79 2'584'903 30.06.2011 Investment Advisor

MANULIFE TEDA FUND M Multiple Portfolios MF-AGG 4'714'491 0.78 3'504'968 30.06.2011 Investment Advisor

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 3'922'092 0.65 1'315'314 30.06.2011 Investment Advisor

BANK 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 02.05.2012

SWS Research Co Ltd ZHANG XUEJIAO buy 5 M #N/A N/A Not Provided 23.04.2012

Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.04.2012

Capital Securities Corp LIU HUI hold 3 M #N/A N/A Not Provided 19.04.2012

China Merchants Securities ZHU WEIHUA strong buy 5 M 85 6 month 06.04.2012

Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 05.04.2012

China Minzu Securities Co Ltd ZHANG LIHUA buy 5 M #N/A N/A Not Provided 07.03.2012

Northeast Securities Co Ltd ZHU CHENGLIANG add 4 M #N/A N/A Not Provided 02.03.2012

HuaChuang Securities GAO LI buy 5 M 85 6 month 02.03.2012

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 85 12 month 27.02.2012

Central China Securities LIU RAN buy 5 M #N/A N/A Not Provided 15.12.2011

Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011

Citic Securities Co., Ltd HUANG WEI buy 5 M #N/A N/A Not Provided 03.06.2011

China Jianyin Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 02.03.2011

First Capital Securities Co GUOXIAN JU strong buy 5 U #N/A N/A Not Provided 17.01.2011

Southwest Securities Co Ltd WANG JIANHUI add 4 D #N/A N/A Not Provided 17.12.2010

China Securities Co., Ltd ZHENG QI add 4 N #N/A N/A Not Provided 08.12.2010

GuoYuan Securities JIAXING ZHOU buy 5 M 96 12 month 30.11.2010

Everbright Securities Co., Ltd LI ZHUO buy 5 U #N/A N/A Not Provided 03.11.2010

Founder Securities GUANGYAO CHEN buy 5 M #N/A N/A Not Provided 26.04.2010

Pacific Securities Co Ltd ZHOU YU buy 5 M #N/A N/A Not Provided 09.12.2009

China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.10.2009

Orient Securities JIN LIN buy 5 N #N/A N/A Not Provided 24.09.2009

Sealand Securities LIU JINHU add 4 M #N/A N/A Not Provided 27.04.2009

Holdings By:

Henan Shuanghui Investment & Development Co Ltd ee


26.11.2012

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

and other chemical products. The Company's products include urea, synthetic

ammonia, and ammonium acid carbonate.


LTM as of: 03/yy

52-Week High (28.11.2011) 7.00

52-Week Low (16.11.2012) 3.64

Daily Volume

3.65





5'346.74 1 Yr Total Return -46.50%










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 12/12 Q4 03/13 Q1

4'924.3 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 8.11x 6.52x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.73







Fiscal Year Ended

Luxi Chemical Group Co LtdPrice/Volume

Valuation Analysis

2'849'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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4'!' 9

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

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26.11.2012


SHANDONG LIAOCHENG L n/a Co File 444'921'056 30.37 - 31.12.2011 Corporation

TJ RUNFENGDA EQY INV n/a Co File 51'000'000 3.48 - 31.12.2011 n/a

SZ JUNYI HENGTONG IN n/a Co File 50'000'000 3.41 - 31.12.2011 n/a

CHONGQING INTL TST n/a Co File 46'800'000 3.19 - 31.12.2011 n/a

KAI ZHANG n/a Co File 44'000'000 3 - 31.12.2011 n/a

SD DONGXIN INVEST CO n/a Co File 41'000'000 2.8 - 31.12.2011 n/a

TIBET AUTO REG INVES n/a Co File 40'000'000 2.73 - 31.12.2011 n/a

YONG ZHU n/a Co File 39'827'450 2.72 - 31.12.2011 n/a

TAIKANG ASSET MGMT C n/a EXCH 35'800'000 2.44 - 10.03.2011 Investment Advisor

GUOYUAN SECURITIES n/a Co File 35'200'000 2.4 - 31.12.2011 n/a

CHANGJIANG SERCURITI n/a Co File 35'000'000 2.39 - 31.12.2011 n/a

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 4'272'040 0.29 4'272'040 30.06.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'131'487 0.15 1'016'082 30.06.2011 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 1'723'500 0.12 1'707'953 30.06.2011 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'286'810 0.09 140'060 30.06.2011 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 382'468 0.03 22'736 30.06.2011 Investment Advisor

JINCHENG ZHANG n/a Co File 264'462 0.02 - 31.12.2011 n/a

YANBIN JIAO n/a Co File 132'433 0.01 - 31.12.2011 n/a

QING YU n/a Co File 115'880 0.01 - 31.12.2011 n/a

HUATAI-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 22.11.2011


Central China Securities LI LINLIN add 4 N #N/A N/A Not Provided 17.11.2010

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 20.07.2010

Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010

Bohai 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


26.11.2012

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

products. The Company's products include industrial salt, edible salt, purple

azo dye salt.


LTM as of: 03/yy

52-Week High (01.12.2011) 41.55

52-Week Low (16.11.2012) 23.23

Daily Volume

23.48





37'345.15 1 Yr Total Return -39.73%










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 12/12 Q4 03/13 Q1

2'985.7 3'909.5 4'227.2 5'452.1 6'314.3 5'213.3 6'112.2 7'442.0 9'065.7 1'999.0 3'528.0

20.36x 11.44x 10.78x 10.05x 9.46x 42.09x 47.93x 6.26x 5.92x - -

2'025.1 2'903.3 2'271.9 2'691.6 3'168.4 0.0 0.0 3'773.3 4'860.3 - -

30.02x 15.40x 20.06x 20.36x 18.85x 0.00x 0.00x 13.53x 10.51x - -

1'006.4 1'353.6 1'229.7 2'268.3 2'481.1 2'171.8 2'220.8 2'430.7 3'017.8 677.0 -

59.40x 32.40x 35.62x 22.41x 17.84x 22.44x 22.85x 14.53x 11.55x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21







Fiscal Year Ended

Qinghai Salt Lake Industry Co LtdPrice/Volume

Valuation Analysis

2'200'442.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

1'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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



26.11.2012


QINGHAI STE OWNED AS n/a Co File 492'901'654 30.99 - 30.06.2011 n/a

SINOCHEM CO LTD n/a Co File 238'791'954 15.01 - 30.06.2011 n/a

SINOFERT HOLDINGS LT n/a Co File 142'260'369 8.94 - 30.06.2011 Corporation

CHINA CINDA ASSET MA n/a Co File 115'702'308 7.27 - 30.06.2011 Government

CHINA CONSTRUCTION B n/a Co File 62'745'081 3.94 - 30.06.2011 Government

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 31'311'356 1.97 (10'658'535) 30.06.2011 Investment Advisor

GZ HUAMEI FENGSHOU A n/a Co File 29'679'406 1.87 - 30.06.2011 n/a

FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 13'174'224 0.83 2'016'467 30.06.2011 Investment Advisor

BJ HUABEI POWER INDU n/a Co File 11'952'157 0.75 - 30.06.2011 n/a


RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 8'605'847 0.54 330'440 30.06.2011 Investment Advisor

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 7'501'252 0.47 (251'432) 30.06.2011 Investment Advisor

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 7'269'383 0.46 (2'349'915) 30.06.2011 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 5'974'242 0.38 4'511'076 30.06.2011 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 5'435'104 0.34 1'116'688 30.06.2011 Investment Advisor

EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 4'873'283 0.31 (258'978) 30.06.2011 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 4'559'416 0.29 (766'988) 30.06.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 4'540'334 0.29 (4'339'452) 30.06.2011 Investment Advisor





Citic Securities Co., Ltd YIN XIAODONG buy 5 M #N/A N/A Not Provided 06.04.2012

Everbright Securities Co., Ltd CHENG LEI buy 5 M 45 12 month 06.04.2012


SWS Research Co Ltd DENG JIAN outperform 5 M #N/A N/A Not Provided 30.03.2012

PingAn Securities WU YING buy 5 M #N/A N/A Not Provided 30.03.2012

China Minzu Securities Co Ltd YU WALI buy 5 M 48 6 month 14.02.2012

Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 D 35 12 month 07.02.2012

Tebon Securities Co Ltd LI XIANGFENG outperform 5 M 70 6 month 01.01.2012

Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 20.12.2011

Bohai Securities Co Ltd REN XIANGONG neutral 3 M #N/A N/A Not Provided 29.09.2011

China Jianyin Investment Securities LIANG HAO strong buy 5 N #N/A N/A Not Provided 07.09.2011

China International Capital Corp BIN GUAN buy 5 M #N/A N/A Not Provided 14.07.2011

Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 19.06.2011

Cinda Securities Ltd JINGPU GUO strong buy 5 M 80 6 month 09.05.2011


Bank of China International NI XIAOMAN buy 5 M 67 Not Provided 31.01.2011

First Capital Securities Co TEAM COVERAGE strong buy 5 N #N/A N/A Not Provided 23.12.2010

China Securities Co., Ltd LIANG BIN add 4 M 71 Not Provided 08.12.2010

Pacific Securities Co Ltd YAO XIN buy 5 M #N/A N/A Not Provided 29.11.2010

Rising 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


26.11.2012

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

other chemical products. The Company's products include urea and

pentaerythritol that is used for the manufacturing of synthetic resin,

pesticides, and industrial dynamite.


LTM as of: 03/yy

52-Week High (03.05.2012) 14.90

52-Week Low (19.11.2012) 9.40

Daily Volume

9.54





8'565.65 1 Yr Total Return -29.79%










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 12/12 Q4 03/13 Q1

5'063.1 7'118.6 8'752.7 11'514.4 17'725.6 12'390.6 19'068.9 19'148.6 22'120.2 4'547.0 4'610.0

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 3'210.5 3'564.5 - -

13.63x 9.15x 12.43x 9.50x 7.84x 0.00x 0.00x 7.97x 7.18x - -

407.7 248.6 237.7 572.5 817.7 543.6 866.8 864.0 1'068.7 - -

30.60x 16.88x 48.74x 17.85x 11.70x 21.34x 11.80x 7.79x 6.52x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hubei Yihua Chemical Industry Co LtdPrice/Volume

Valuation Analysis

5'618'604.00


'

2

-'

-2

.'

.2

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -. i -.!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

-'1''!''

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



26.11.2012


HUBEI YIHUA GROUP LT n/a EXCH 105'611'548 16.85 - 10.01.2012 Corporation

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 31'822'514 5.08 19'527'239 30.06.2011 Investment Advisor

BJ HENGFENG RONGSHEN n/a EXCH 25'900'000 4.13 - 10.01.2012 n/a

BJ SHENGSHI MEILIN I n/a EXCH 25'800'000 4.12 - 10.01.2012 n/a

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 18'733'953 2.99 10'481'359 30.06.2011 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 16'239'328 2.59 15'225'147 30.06.2011 Investment Advisor

XA CHANGKE INVEST MG n/a EXCH 16'000'000 2.55 - 10.01.2012 n/a

BOSERA NEW GROWTH FU n/a EXCH 14'622'722 2.33 - 10.01.2012 n/a

PING'AN TRUST CO LTD n/a EXCH 12'944'174 2.07 - 10.01.2012 n/a

HUAAN INNOVATION FUN n/a EXCH 12'503'805 2 - 10.01.2012 n/a

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 12'286'541 1.96 (820'692) 30.06.2011 Investment Advisor

DACHENG VALUE GROWTH n/a Co File 12'084'385 1.93 - 30.06.2011 n/a

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 7'886'664 1.26 (333'875) 30.06.2011 Investment Advisor

NEW CHINA LIFE INSUR n/a Co File 7'635'440 1.22 - 30.06.2011 Insurance Company

E FUND SI100 INDEX F n/a EXCH 7'564'510 1.21 - 10.01.2012 n/a


BOSERA SELECTED EQUI n/a Co File 6'888'386 1.1 - 30.06.2011 n/a

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 6'504'474 1.04 (2'105'282) 30.06.2011 Investment Advisor

PINGAN PROP & CASUAL n/a Co File 6'216'190 0.99 - 30.06.2011 n/a

BANK 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 02.05.2012



Everbright Securities Co., Ltd CHENG LEI buy 5 M 26 12 month 24.04.2012

Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 20.04.2012

Great Wall Securities LING XUELIANG buy 5 M #N/A N/A Not Provided 16.04.2012

Hong Yuan Securities YANMING ZHANG add 4 M #N/A N/A Not Provided 09.04.2012

SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 30.03.2012

China Minzu Securities Co Ltd YU WALI buy 5 M 26 6 month 14.02.2012

Goldman Sachs JESSIE PINGLUN LAI Buy/Cautious 5 M 25 12 month 07.02.2012

Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 09.01.2012

Bohai Securities Co Ltd REN XIANGONG buy 5 M #N/A N/A Not Provided 24.10.2011

China Jianyin Investment Securities LIANG HAO strong buy 5 M #N/A N/A Not Provided 07.09.2011

Sealand Securities TEAM COVERAGE buy 5 M #N/A N/A Not Provided 22.08.2011



Guodu Securities Co Ltd WANG SHUANG strong buy 5 N 30 6 month 07.03.2011

Pacific Securities Co Ltd YAO XIN add 4 M #N/A N/A Not Provided 18.10.2010

Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 06.08.2010

Orient Securities YANG YUN buy 5 M 22 12 month 02.08.2010

Founder Securities ZHENGHUA ZHANG add 4 M #N/A N/A Not Provided 30.06.2010

AJ Securities XIN ZHANG buy 5 M #N/A N/A Not Provided 04.01.2010

Holdings By:

Hubei Yihua Chemical Industry Co Ltd ee


26.11.2012

Liaoning Huajin Tongda Chemicals Company Ltd. manufactures and markets

fertilizers, including urea, liquid ammonia, and compound fertilizers. Through

its subsidiaries, the Company also manufactures petrochemical products and

operates restaurants.


LTM as of: 03/yy

52-Week High (29.11.2011) 11.27

52-Week Low (20.09.2012) 5.56

Daily Volume

5.87


52-Week Low % Change 5.58% Beta -



7'046.97 1 Yr Total Return -45.52%


Preferred Stock 0.0 Adjusted BETA -








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 12/12 Q4 03/13 Q1

3'344.8 3'662.0 2'881.0 22'354.1 35'613.1 27'606.5 36'535.5 36'827.0 44'675.0 - -

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 - - - -

240.1 384.8 207.4 412.7 842.0 724.6 605.9 887.0 822.0 - -

34.67x 15.88x 67.28x 33.72x 10.84x 0.00x 17.04x 8.67x 7.80x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.16







Fiscal Year Ended

Liaoning Huajin Tongda Chemicals Co LtdPrice/Volume

Valuation Analysis

3'190'724.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

i -- f -- f -- R -- o -- l -- j -- W -- f -. c -. i -. R -.!' 9

.'!' 9

1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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



26.11.2012


BEIFANG HUAJIN CHEMI n/a Co File 613'930'000 51.14 - 31.12.2011 Government

E FUND MANAGEMENT Multiple Portfolios MF-AGG 14'625'786 1.22 6'234'444 30.06.2011 Investment Advisor

CITIC SECURITIES CO n/a Co File 13'323'828 1.11 - 31.12.2011 Unclassified

ZJ JIANGNAN POLYESTE n/a Co File 13'006'200 1.08 - 31.12.2011 n/a

MORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 12'900'000 1.07 (3'795'107) 30.06.2011 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 7'571'158 0.63 233'804 30.06.2011 Investment Advisor

RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 6'362'727 0.53 (453'201) 30.06.2011 Investment Advisor


HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 4'057'068 0.34 3'957'068 30.06.2011 Investment Advisor


HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'162'138 0.26 (1'295'300) 30.06.2011 Investment Advisor

LION FUND MANAGEMENT Multiple Portfolios MF-AGG 3'090'247 0.26 2'010'289 30.06.2011 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2'457'595 0.2 78'623 30.06.2011 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'332'698 0.19 216'517 30.06.2011 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 2'211'700 0.18 (240'000) 30.06.2011 Investment Advisor

HUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 1'776'300 0.15 1'776'300 30.06.2011 Investment Advisor

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 1'444'973 0.12 - 30.06.2011 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 924'142 0.08 (116'450) 30.06.2011 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 899'398 0.07 40'931 30.06.2011 Investment Advisor

DACHENG 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 16.04.2012

China Minzu Securities Co Ltd QI QIUSHI add 4 M 11 6 month 01.03.2012

SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 02.02.2012

China Jianyin Investment Securities ZHEJIAN SONG buy 5 M #N/A N/A Not Provided 02.12.2011

PingAn Securities WU YING strong buy 5 U #N/A N/A Not Provided 18.11.2010

Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 17.11.2010

Orient Securities WANG JING buy 5 M 15 12 month 15.08.2010

Pacific Securities Co Ltd YAO XIN add 4 U #N/A N/A Not Provided 23.03.2010

China Securities Co., Ltd LIANG BIN add 4 M 15 Not Provided 02.12.2009

China Galaxy Securities LI GUOHONG buy 5 N 10 Not Provided 20.12.2008

Holdings By:

Liaoning Huajin Tongda Chemicals Co Ltd ee


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