q.m.s advisors proprietary farming index

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November 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 12742083 1802 1092 1092 201 211 211 99.16 103.92 103.92 14.00 14.00 13.36 13.36 19.03

Euro Stoxx 50 Pr EUR 2324027 5299.889 4562 4562 753 768 768 135.41 296.59 296.59 29.74 14.66 13.57 13.58 20.45

NIKKEI 225 JPY 2067030 472.9535 223 223 29 46 46 4.82 6.91 6.91 0.28 0.22 0.20 0.20 0.14

FTSE 100 INDEX GBP 2543378 11232.85 9373 9373 1572 1635 1635 675.72 815.92 815.92 21.60 19.30 17.89 17.89 26.18

SWISS MARKET INDEX CHF 891811 10216.76 3899 3899 829 792 792 367.58 515.80 515.80 20.39 18.10 14.53 14.53 22.60

S&P/TSX COMPOSITE INDEX CAD 1640160 16517.02 7724 7724 1887 1928 1928 803.40 843.45 843.45 15.14 15.14 14.42 14.42 25.00

S&P/ASX 200 INDEX AUD 1232233 6071.692 2911 2911 653 698 698 269.57 344.49 344.49 17.69 14.87 13.84 13.84 24.16

HANG SENG INDEX HKD 1582309 3051.83 1447 1447 344 359 359 251.79 246.20 246.20 1.40 1.49 1.43 1.43 3.08

MSCI EM USD 7240012 1403.281 993 993 181 186 186 79.50 86.75 86.75 12.44 12.72 11.40 11.40 18.68

WILMAR INTERNATIONAL LTD SGD 16581 12737 6401 17 0 1 7 25.55 36564 37094 38301 43594 1581 1778 539 539 0.21 0.16 0.14 0.17 10.65 10.71 12.32 10.05 38.58 21.04 30.42 32.12 3.92 - - - -

BRF - BRASIL FOODS SA BRL 15836 2333 869 4 #VALUE! 0 1 19.10 12462 13318 13607 14869 1395 1169 412 412 0.76 0.21 0.47 0.97 42.91 24.76 18.83 9.14 6.47 18.41 11.65 25.65 4.40 BBB- 04.04.2012 Baa3 31.05.2012

JBS SA BRL 9196 1118 2964 9 0 0 3 16.99 29959 32473 34045 36171 1489 1621 637 637 -0.04 0.01 0.18 0.26 143.52 143.52 8.48 5.72 5.94 - -6.08 - 2.42 BB 16.07.2010 B1 21.10.2008

CHAROEN POKPHAND FOODS PUB THB 8518 155142 6656 2 0 0 1 12.98 6718 10288 10981 12702 634 585 158 158 - 0.10 0.07 0.09 0.37 - 0.51 0.42 0.29 0.81 0.50 0.86 0.19 - - - -

HORMEL FOODS CORP USD 7894 146 266 0 0 0 1 7.54 7895 8164 8291 8693 840 833 228 228 1.74 1.80 1.86 1.95 16.72 16.72 16.19 15.48 9.34 5.93 10.63 8.16 10.20 A 31.05.2001 A2 31.05.2001

KUALA LUMPUR KEPONG BHD MYR 7202 544 1065 1 0 0 1 7.50 3481 3557 3454 3635 751 - - - - 0.39 0.36 0.42 5.61 - 6.07 5.20 14.17 5.65 18.48 9.34 - - - - -

GOLDEN AGRI-RESOURCES LTD SGD 6404 39588 12139 1 0 0 0 6.06 4868 4793 4426 5009 746 664 719 719 0.08 0.07 0.04 0.04 4.58 - 9.27 7.70 57.13 24.37 34.70 28.06 11.33 - - - -

TYSON FOODS INC-CL A USD 6097 558 370 2 0 0 1 7.77 32266 33309 33368 34723 1791 1579 394 394 1.89 1.59 1.80 1.55 10.67 10.67 9.44 10.97 13.49 4.80 -13.98 28.56 4.74 BBB- 24.02.2011 Baa3 07.06.2012

INNER MONGOLIA YILI INDUS-A CNY 5363 5541 1599 1 0 0 1 5.38 5977 6564 6763 8001 349 - 142 142 - 0.18 0.18 0.24 3.04 - 3.05 2.27 4.15 2.87 13.44 4.00 - - - - -

COSAN LTD-CLASS A SHARES USD 4553 158 271 5 0 4 2 17.66 24097 25262 39270 45408 1992 2013 810 810 4.40 1.21 2.83 3.14 28.83 28.83 12.34 11.10 33.40 100.89 -26.24 17.17 8.04 BB 21.10.2010 - -

ASTRA AGRO LESTARI TBK PT IDR 3375 406 1575 0 0 0 0 3.43 1118 1184 1181 1304 371 366 97 97 0.16 0.15 0.15 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

SMITHFIELD FOODS INC USD 3160 335 157 2 0 0 0 4.94 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.27 9.25 9.25 11.52 9.38 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012

MARINE HARVEST NOK 2890 9066 3581 1 0 0 0 3.77 3 K 3 K 3 K 3 K 617 272 74 74 - 0.01 0.02 0.07 13.83 - 6.41 2.02 1.07 0.75 -1.30 4.15 1.74 - - - -

FIRST RESOURCES LTD SGD 2695 2239 1470 0 0 0 0 2.31 404 513 483 622 240 285 - - 0.11 0.13 0.10 0.12 8.73 8.91 11.04 9.46 40.84 - 36.54 - 45.44 - - - -

SEABOARD CORP USD 2675 0 1 0 0 0 0 2.46 5747 5865 #VALUE! #VALUE! 436 401 - - 241.10 236.62 #VALUE! #VALUE! 9.43 9.43 #VALUE! #VALUE! 31.04 15.97 6.78 3.41 6.83 - - - -

HEILONGJIANG AGRICULTURE-A CNY 2190 13925 1778 1 0 0 0 2.61 2140 1954 2735 3282 163 - 177 177 0.03 0.04 0.05 0.06 4.73 - 4.32 3.57 7.11 4.78 2.70 0.82 - - - - -

GENTING PLANTATIONS BHD MYR 2113 60 759 0 0 0 0 1.94 435 413 411 471 200 158 173 173 - 0.15 0.17 0.20 5.93 - 5.36 4.50 11.46 5.71 11.97 6.92 12.49 - - - -

MARFRIG ALIMENTOS SA BRL 1767 1219 346 6 #VALUE! 0 2 6.73 10610 11163 11597 12844 860 1016 233 233 -1.04 -0.47 0.14 0.18 - - 18.39 14.07 18.34 25.52 8.76 - 4.41 B+ 01.09.2010 - -

BRIGHT DAIRY & FOOD CO LTD-A CNY 1725 1457 1049 0 0 0 0 1.67 1883 2079 2211 2595 88 - - - 0.03 0.04 0.04 0.05 5.04 - 5.50 4.32 3.70 1.42 2.44 0.33 - - - - -

ILLOVO SUGAR LTD ZAr 1616 226 460 0 0 0 0 1.84 1046 1046 1266 1372 180 - 245 245 0.11 0.15 0.22 0.28 2.65 3.72 1.80 1.45 1.50 1.04 3.41 0.69 - - - - -

TONGAAT HULETT LTD ZAr 1606 97 105 1 0 0 0 2.41 1377 1533 1516 1696 256 285 315 315 0.93 1.11 1.33 1.56 1.53 1.57 1.27 1.09 2.83 - 3.99 - 2.12 - - - -

KERNEL HOLDING SA PLN 1540 42 80 0 0 0 0 0.67 660 660 771 801 99 99 23 23 0.82 0.80 0.86 0.97 2.23 2.24 2.09 1.84 4.33 - 4.20 15.73 4.56 - - - -

MHP SA -GDR REG S USD 1517 36 108 1 0 0 0 2.48 1229 1356 1348 1533 402 474 107 107 2.26 3.04 2.58 2.91 4.47 4.47 5.27 4.66 30.17 - 22.97 23.21 34.99 - - B3 10.12.2008

INDOFOOD AGRI RESOURCES LTD SGD 1438 1042 1439 5937 0 7051 5344 19673.46 10308563 11210038 11353061 12792025 2929194 2718914 - - 849.08 763.82 728.85 912.21 8.44 8.43 8.85 7.07 26.91 20.42 14.42 29.46 19.84 - - - -

FRESH DEL MONTE PRODUCE INC USD 1435 24 58 0 0 0 0 1.47 3590 3425 3430 3499 203 216 18 18 1.69 2.35 2.53 2.62 10.57 10.57 9.81 9.50 1.04 0.99 9.93 23.12 6.32 NR 30.08.2012 - -

SAO MARTINHO SA BRL 1345 39 112 1 0 0 0 1.83 663 716 755 934 201 287 77 77 0.54 0.40 0.65 0.93 14.38 14.66 8.85 6.15 2.69 12.51 4.46 5.72 21.58 BB+ 22.12.2011 - -

NEW BRITAIN PALM OIL LTD GBp 1305 12 145 1 0 0 0 2.54 1240 1180 1059 1123 535 513 - - 0.84 0.35 0.68 0.96 63.52 63.52 32.53 22.78 104.55 54.99 145.85 82.09 69.17 - - - -

CHINA MODERN DAIRY HOLDINGS HKD 1226 569 4800 0 0 0 0 1.26 216 216 342 466 55 54 97 97 0.01 0.01 0.02 0.02 2.47 - 1.73 1.26 6.54 - 3.09 - 3.23 - - - -

CERMAQ ASA NOK 1203 53 92 0 0 0 0 1.64 2018 1999 2011 2330 292 178 43 43 2.84 0.34 0.58 1.56 6.68 - 3.86 1.45 2.85 1.91 -0.91 0.25 1.54 - - - -

LEROEY SEAFOOD GROUP ASA NOK 1117 27 54 1 0 0 0 1.59 1592 1551 1583 1704 258 154 46 46 - 0.75 1.23 2.62 4.72 - 2.89 1.35 0.56 1.27 -3.08 2.03 1.70 - - - -

ADECOAGRO SA USD 1082 23 121 0 0 0 0 1.29 548 568 614 789 159 126 - - 0.48 0.01 0.42 0.70 1223.29 1223.29 21.36 12.79 28.58 - - - 22.25 - - - -

SANDERSON FARMS INC USD 1070 40 22 0 0 0 0 1.20 1978 2298 2365 2480 -122 125 26 26 -5.47 1.23 2.19 1.31 37.94 37.94 21.34 35.54 2.73 10.01 - - 5.43 - - - -

DOLE FOOD CO INC USD 1049 104 89 2 0 0 0 2.62 7224 6967 6942 6449 354 287 78 78 0.62 0.66 1.27 1.37 18.07 18.07 9.39 8.72 4.81 0.44 16.00 8.54 4.11 B 30.10.2009 B3 *+ 18.09.2012

CAL-MAINE FOODS INC USD 1013 6 24 0 0 0 0 0.88 1113 1142 1258 1291 119 129 45 45 2.62 2.88 3.04 3.33 14.84 14.84 14.09 12.86 18.17 9.60 4.52 8.42 11.32 - - - -

SLC AGRICOLA SA BRL 931 38 97 0 0 0 0 1.33 488 558 559 597 158 136 37 37 0.40 0.02 0.34 0.57 188.94 - 13.55 7.97 6.38 17.83 28.26 - 11.82 - - - -

SHANDONG HOMEY AQUATIC DEV-A CNY 921 3811 730 0 0 0 0 0.96 141 155 171 200 50 - 32 32 0.05 0.05 0.06 0.07 3.76 - 3.57 2.73 2.16 0.12 5.83 2.15 - - - - -

TRADEWINDS (MALAYSIA) BHD MYR 709 25 296 1 0 0 0 2.01 2257 2622 #VALUE! #VALUE! 386 - - - - 0.40 #VALUE! #VALUE! 1.94 - #VALUE! #VALUE! 8.10 17.49 4.95 14.11 - - - - -

HAIKOU AGRICULTURE & INDUS-A CNY 707 7135 880 0 0 0 0 0.85 175 179 #VALUE! #VALUE! 24 - - - 0.01 0.01 #VALUE! #VALUE! 14.75 - #VALUE! #VALUE! 3.91 0.69 64.49 - - - - - -

KHON KAEN SUGAR INDUSTRY PCL THB 678 471 1551 0 0 0 0 1.16 536 726 675 680 118 136 - - 0.04 0.05 0.04 0.04 0.29 - 0.33 0.34 1.18 0.96 4.58 0.93 0.61 - - - -

SIPEF NV EUR 671 1 9 0 0 0 0 0.65 336 347 337 358 129 112 - - 9.71 7.49 6.69 6.98 12.17 12.17 14.14 13.54 40.15 22.76 13.30 38.31 40.93 - - - -

BW PLANTATION TBK PT IDR 583 16729 4042 0 0 0 0 0.84 92 103 113 155 52 53 - - 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.01 - - - -

ASIAN CITRUS HOLDINGS LTD HKD 552 3179 1221 0 0 0 0 0.15 229 229 276 319 96 95 132 132 0.08 0.08 0.08 0.09 0.59 0.59 0.62 0.54 3.32 2.74 2.25 2.93 5.34 - - - -

SAMPOERNA AGRO TBK PT IDR 471 593 1890 0 0 0 0 0.54 326 288 326 364 74 63 13 13 0.03 0.02 0.02 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

SHANDONG MINHE ANIMAL HUS-A CNY 464 2265 302 0 0 0 0 0.41 216 200 248 357 43 - - - 0.13 -0.03 0.09 0.09 - - 2.79 2.84 5.48 - 22.13 5.08 - - - - -

ASTARTA HOLDING NV PLN 449 6 25 0 0 0 0 0.17 92 107 114 130 35 42 - - 0.95 0.95 0.85 0.98 1.40 1.47 1.57 1.36 11.69 9.85 4.68 20.33 11.99 - - - -

FORTUNE NG FUNG FOOD HEBEI-A CNY 243 1370 279 0 0 0 0 0.25 84 89 #VALUE! #VALUE! 6 - - - - 0.01 #VALUE! #VALUE! 12.84 - #VALUE! #VALUE! 0.48 0.72 11.80 -0.47 - - - - -

HUNAN NEW WELLFUL CO LTD-A CNY 224 1638 234 0 0 0 0 0.24 154 172 183 205 14 - - - 0.04 0.04 0.09 0.10 3.94 - 1.80 1.49 1.54 1.84 - 2.35 - - - - -

BLACK EARTH FARMING LTD-SDR SEK 221 110 125 1 0 0 0 1.50 305 438 627 753 -121 -109 136 136 - -1.59 0.19 1.17 - - 6.80 1.07 6.57 77.31 -9.49 - -3.68 - - - -

XINJIANG WESTERN ANIMAL-A CNY 192 497 117 0 0 0 0 0.23 51 51 #VALUE! #VALUE! 9 9 - - - 0.05 #VALUE! #VALUE! 4.97 - #VALUE! #VALUE! 1.09 - 2.20 - 2.94 - - - -

CHINA GREEN (HOLDINGS) LTD HKD 185 1401 884 0 0 0 0 0.10 329 329 #VALUE! #VALUE! 125 125 - - 0.08 0.08 #VALUE! #VALUE! 0.29 - #VALUE! #VALUE! 1.81 2.26 1.23 2.80 4.91 - - - -

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 2.05 2.05 1.87 1.71 2.05 1.27 1.27 1.22 1.18 1.27 9.11 9.11 8.63 8.34 9.11 8.56 8.56 8.00 7.45 8.56 13.36 13.36 12.08 10.80 13.36 2.28 2.28 2.48 2.67 2.28 1601.7 15.4%

Euro Stoxx 50 Pr 1.11 1.11 1.05 0.99 1.11 0.69 0.69 0.68 0.66 0.69 5.09 5.09 4.86 4.50 5.09 6.90 6.90 6.62 6.26 6.90 10.68 10.68 9.79 8.88 10.68 4.28 4.28 4.73 5.08 4.28 2740.1 9.9%

NIKKEI 225 1.06 1.06 1.00 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.36 6.36 5.72 5.44 6.36 10.37 10.37 6.14 5.36 10.37 15.78 15.78 13.22 10.64 15.78 2.38 2.38 2.40 2.73 2.38 9777.1 12.9%

FTSE 100 INDEX 1.60 1.60 1.49 1.38 1.60 0.98 0.98 0.96 0.93 0.98 7.46 7.46 6.82 5.51 7.46 6.87 6.87 6.39 5.98 6.87 11.26 11.26 10.32 9.42 11.26 4.12 4.12 4.32 4.63 4.12 6351.1 9.9%

SWISS MARKET INDEX 2.15 2.15 2.01 1.87 2.15 1.82 1.82 1.72 1.63 1.82 11.90 11.90 10.38 9.16 11.90 12.89 12.89 11.89 11.07 12.89 13.77 13.77 12.47 11.29 13.77 3.51 3.51 3.81 4.19 3.51 7273.6 8.1%

S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.53 8.53 7.62 7.07 8.53 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.53 11.37 14.44 3.05 3.05 3.22 3.28 3.05 14199.6 16.4%

S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.47 1.39 1.57 9.68 9.68 8.79 6.58 9.68 8.70 8.70 7.66 7.08 8.70 13.27 13.27 11.82 10.84 13.27 4.93 4.93 5.31 5.71 4.93 4714.6 7.6%

HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.49 8.49 7.71 7.08 8.49 11.10 11.10 10.24 9.29 11.10 3.49 3.49 3.74 4.07 3.49 23186.8 9.4%

MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%

WILMAR INTERNATIONAL LTD 1.25 1.17 1.08 1.00 1.01 0.39 0.35 0.31 0.28 0.28 8.53 12.64 12.17 9.67 12.09 14.13 12.20 11.08 9.41 9.97 15.07 12.28 11.12 9.97 2.35 1.54 1.89 2.12 2.31 3.33 5.2%

BRF - BRASIL FOODS SA 2.28 2.24 2.08 1.93 1.86 1.28 1.19 1.08 0.98 0.92 13.73 16.34 12.39 9.91 8.87 12.52 15.00 10.49 8.58 7.52 19.11 38.83 18.86 14.03 11.81 1.29 0.93 1.41 1.95 2.35 40.07 5.7%

JBS SA 0.86 0.90 0.85 0.81 0.75 0.31 0.27 0.26 0.24 0.22 12.16 8.23 6.63 6.11 11.03 8.34 7.05 6.41 5.92 152.86 17.49 11.80 9.62 9.21 1.32 2.02 2.61 2.57 7.42 15.7%

CHAROEN POKPHAND FOODS PUB 3.54 2.58 2.33 2.07 1.25 0.78 0.67 0.59 12.82 19.31 11.04 9.39 17.52 15.96 11.73 10.44 14.95 15.53 12.90 10.99 3.62 3.45 3.94 4.59 39.20 16.2%

HORMEL FOODS CORP 3.08 2.85 2.66 2.24 1.00 0.95 0.91 0.88 13.89 13.00 13.03 11.85 8.92 8.71 8.39 7.83 17.23 16.19 15.48 14.39 1.98 1.99 2.16 2.36 30.80 2.3%

KUALA LUMPUR KEPONG BHD 3.26 2.95 2.72 2.51 2.34 2.25 2.09 1.98 1.82 1.66 16.09 16.75 15.12 13.60 10.39 12.04 10.53 9.76 8.26 15.43 18.65 15.96 14.81 12.37 3.62 3.36 3.77 3.97 4.78 22.66 9.4%

GOLDEN AGRI-RESOURCES LTD 0.88 0.73 0.69 0.65 0.62 1.24 1.18 1.05 0.95 0.77 9.78 8.18 8.45 8.45 7.45 8.42 7.21 6.85 5.31 9.41 11.34 9.41 9.41 7.13 2.00 2.21 2.81 2.81 6.01 0.78 27.5%

TYSON FOODS INC-CL A 1.11 1.05 0.97 0.88 0.19 0.18 0.18 0.17 6.35 6.61 7.92 5.02 4.19 4.59 5.18 4.23 8.64 9.44 10.97 8.11 0.96 0.94 0.94 0.94 19.43 14.5%

INNER MONGOLIA YILI INDUS-A 6.46 4.06 3.33 2.75 0.90 0.79 0.67 0.59 16.19 13.88 9.35 8.13 12.84 10.37 8.63 7.49 19.43 18.97 14.16 12.03 0.19 1.04 1.08 0.81 24.35 16.5%

COSAN LTD-CLASS A SHARES 0.09 0.06 0.07 0.06 0.28 0.24 0.21 0.18 2.10 5.46 4.37 3.75 4.75 5.53 4.50 3.38 5.87 12.34 11.11 10.09 2.50 2.66 3.05 2.10 20.32 20.1%

ASTRA AGRO LESTARI TBK PT 3.84 3.60 3.18 2.89 2.52 3.07 2.86 2.59 2.40 2.17 10.51 11.59 11.11 10.19 8.51 9.33 8.19 7.80 7.25 12.72 14.46 12.61 12.28 10.73 4.04 4.06 4.16 4.77 6.94 23258.88 12.6%

SMITHFIELD FOODS INC 0.91 0.90 0.81 0.73 0.24 0.24 0.23 0.23 6.22 6.04 5.56 4.62 4.69 6.15 5.52 4.97 8.03 11.52 9.38 8.60 0.00 0.00 0.00 21.38 0.4%

MARINE HARVEST 1.57 1.50 1.44 1.39 1.26 1.03 1.07 1.05 0.94 0.84 5.96 13.26 7.76 6.15 6.36 13.97 7.50 5.85 5.44 8.73 36.94 11.66 8.15 7.72 5.11 0.62 5.14 8.70 5.37 5.01 7.5%

FIRST RESOURCES LTD 2.93 2.45 2.11 1.83 1.32 5.71 4.56 3.54 3.05 2.23 14.17 8.95 9.89 8.86 10.27 8.58 7.45 6.99 4.33 16.20 13.50 11.57 10.83 6.07 1.82 1.88 2.12 2.53 4.70 2.53 21.8%

SEABOARD CORP

HEILONGJIANG AGRICULTURE-A 2.26 2.14 2.06 1.97 0.73 0.80 0.67 0.55 2.46 15.35 14.75 11.51 9.22 31.69 26.91 22.23 15.34

GENTING PLANTATIONS BHD 2.02 1.83 1.66 1.50 1.50 5.45 5.14 4.48 4.07 2.94 15.41 15.46 13.09 12.04 9.61 11.26 9.37 8.44 8.03 14.57 16.47 13.81 12.74 14.02 1.67 1.57 1.68 1.80 2.81 9.78 14.4%

MARFRIG ALIMENTOS SA 0.77 0.96 0.96 0.92 0.74 0.17 0.15 0.14 0.13 0.12 14.75 4.71 4.11 3.23 2.53 9.25 7.15 6.12 5.32 4.97 37.93 29.02 15.15 6.17 1.21 0.31 0.64 1.71 2.82 12.00 13.0%

BRIGHT DAIRY & FOOD CO LTD-A 3.75 0.93 0.78 0.66 0.57 18.66 19.16 38.63 34.26 26.90 22.49 10.00 14.0%

ILLOVO SUGAR LTD 2.56 2.28 2.03 1.86 1.70 1.28 1.18 1.08 1.01 21.01 10.54 8.90 7.94 10.97 7.53 6.46 5.78 5.52 24.72 15.77 12.68 10.48 10.91 2.06 3.08 3.84 4.71 4.56 3256.00 5.7%

TONGAAT HULETT LTD 2.46 1.93 1.73 1.36 1.30 1.06 0.95 0.86 0.74 12.87 9.38 7.35 6.87 10.71 7.65 6.69 5.81 5.19 18.02 11.16 9.52 7.75 7.67 2.14 2.66 3.29 3.61 4.61 13787.50 6.2%

KERNEL HOLDING SA 1.31 1.10 0.94 0.88 0.90 0.71 0.61 0.59 0.53 0.48 9.71 6.44 5.31 4.11 3.72 6.54 5.67 5.39 4.95 4.18 7.26 6.86 6.04 5.53 4.19 0.00 0.00 2.98 6.38 12.16 79.03 24.5%

MHP SA -GDR REG S 1.68 1.30 1.05 0.87 1.21 1.06 0.94 0.78 0.65 7.02 5.18 5.14 3.91 6.21 5.21 4.57 3.98 3.48 6.12 5.27 4.66 3.83 3.18 0.00 0.00 0.00 2.03 21.36 57.3%

INDOFOOD AGRI RESOURCES LTD 1.07 1.00 0.90 0.82 0.69 1.11 1.00 0.88 0.84 0.69 6.02 7.90 6.26 4.38 5.87 6.53 5.37 5.14 3.49 9.14 10.82 8.64 8.11 5.13 1.42 0.91 0.87 0.99 1.43 1.62 32.5%

FRESH DEL MONTE PRODUCE INC 0.82 0.78 0.75 0.40 0.42 0.41 0.39 7.00 6.98 6.37 6.21 6.08 5.77 5.31 11.81 9.81 9.50 8.57 28.25 13.7%

SAO MARTINHO SA 1.33 1.32 1.25 1.12 0.99 2.01 1.77 1.43 1.23 1.08 6.13 6.22 3.98 3.14 2.22 6.65 5.79 4.52 3.74 3.32 17.10 18.25 12.68 9.96 6.93 1.28 1.80 3.25 4.52 10.53 30.66 25.7%

NEW BRITAIN PALM OIL LTD 1.58 1.28 1.20 1.09 1.03 1.79 1.96 1.85 1.72 1.71 6.30 12.10 10.70 5.93 6.13 5.24 9.63 7.53 5.92 5.45 7.17 20.47 14.33 10.43 9.06 3.10 2.32 2.38 2.87 2.41 662.40 21.0%

CHINA MODERN DAIRY HOLDINGS 1.49 1.34 1.18 1.01 4.10 2.89 2.12 1.71 1.42 16.24 11.71 7.96 5.40 17.31 13.00 9.50 7.58 18.73 13.38 9.77 7.73 0.00 0.00 0.75 3.89 2.49 25.9%

CERMAQ ASA 1.15 1.19 1.08 0.97 0.89 0.60 0.60 0.52 0.48 0.46 5.46 11.23 6.50 4.61 5.65 10.97 6.31 4.92 4.60 6.79 22.25 8.35 6.02 5.85 4.96 3.22 5.30 7.30 97.04 29.4%

LEROEY SEAFOOD GROUP ASA 1.16 1.17 1.06 0.97 0.75 0.68 0.71 0.66 0.63 0.58 6.70 10.55 6.14 5.11 6.51 10.30 6.28 5.31 3.97 7.95 16.64 7.81 6.23 4.87 3.89 2.72 5.77 7.71 8.47 141.13 19.6%

ADECOAGRO SA 1.02 0.97 0.90 0.84 0.75 2.00 1.76 1.37 1.25 1.02 13.95 13.63 8.12 6.01 5.02 8.63 8.88 5.95 4.81 3.87 18.88 21.36 12.79 11.78 8.27 0.00 0.00 1.01 13.62 52.5%

SANDERSON FARMS INC 1.95 1.92 1.93 1.69 0.55 0.45 0.43 0.43 7.86 10.58 5.50 21.33 35.54 10.17 1.44 1.50 1.61 1.75 46.83 0.3%

DOLE FOOD CO INC 1.17 0.15 0.15 0.16 0.15 7.70 3.86 4.93 7.22 7.49 7.86 6.91 9.90 9.39 8.72 7.27 0.00 0.00 0.00 17.00 42.6%

CAL-MAINE FOODS INC 0.93 0.81 0.79 7.16 6.21 5.69 16.19 14.09 12.86 1.96 3.27 2.55 44.00 2.9%

SLC AGRICOLA SA 0.97 0.95 0.91 0.88 0.81 1.84 1.66 1.55 1.48 1.40 5.99 11.74 8.52 8.58 12.81 9.32 10.46 9.69 9.02 9.68 14.84 27.95 16.45 15.13 15.63 1.19 2.54 1.34 1.41 1.55 25.82 33.5%

SHANDONG HOMEY AQUATIC DEV-A 3.09 1.96 1.79 1.61 5.87 5.40 4.61 3.93 16.70 18.17 18.60 11.65 17.60 17.05 13.99 11.61 24.38 22.24 17.03 14.51 0.00 1.40 1.91 2.42 9.94 26.6%

TRADEWINDS (MALAYSIA) BHD

HAIKOU AGRICULTURE & INDUS-A

KHON KAEN SUGAR INDUSTRY PCL 2.10 1.84 1.63 1.57 1.28 1.00 1.00 0.89 10.19 8.52 7.70 6.95 10.49 8.67 8.73 7.95 12.68 10.26 10.34 8.96 2.72 4.31 4.29 5.15 15.90 20.5%

SIPEF NV 1.52 1.38 1.22 1.17 2.00 1.97 1.86 1.66 7.12 8.60 8.14 5.04 6.16 5.82 4.98 8.12 11.12 10.65 8.17 2.40 2.43 2.44 2.51 64.33 8.4%

BW PLANTATION TBK PT 4.03 3.27 2.60 2.02 1.24 6.11 5.15 3.76 2.89 1.91 15.70 14.70 9.80 7.21 15.03 13.18 9.16 6.99 4.01 17.77 16.38 11.22 8.16 4.70 0.72 0.84 1.15 1.80 3.31 1808.33 30.1%

ASIAN CITRUS HOLDINGS LTD 0.43 0.39 0.37 0.35 1.86 1.61 1.39 1.16 5.32 4.11 3.67 3.26 1.19 1.13 1.14 0.94 5.92 4.82 4.17 3.54 5.78 6.73 7.58 9.46 5.99 70.6%

SAMPOERNA AGRO TBK PT 1.77 1.65 1.46 1.30 1.42 1.44 1.29 1.24 1.32 5.66 8.94 7.12 6.50 5.23 7.86 5.95 5.44 6.02 7.43 11.98 8.99 8.70 9.45 3.77 3.21 2.94 5.11 3068.36 27.8%

SHANDONG MINHE ANIMAL HUS-A 1.75 1.95 1.79 1.62 2.09 1.87 1.30 1.20 13.01 35.41 478.00 12.10 10.11 13.48 17.38 17.70 12.92 2.51 0.31 1.57 2.30

ASTARTA HOLDING NV 1.16 0.94 0.76 0.60 0.44 1.16 0.95 0.85 0.77 0.68 6.24 6.13 3.41 2.62 1.60 4.70 4.64 4.52 3.73 3.54 3.82 5.16 4.47 3.40 2.71 0.00 0.00 16.10 81.64 36.2%

FORTUNE NG FUNG FOOD HEBEI-A 60.22

HUNAN NEW WELLFUL CO LTD-A 2.68 1.32 1.22 1.09 9.74 13.94 25.83 11.21 9.28

BLACK EARTH FARMING LTD-SDR 1.09 1.14 0.99 0.85 0.70 2.69 1.69 1.41 1.17 1.07 13.62 7.77 4.83 4.00 46.08 7.26 5.87 4.05 0.00

XINJIANG WESTERN ANIMAL-A 2.14 3.69 26.89 23.30 29.20

CHINA GREEN (HOLDINGS) LTD 2.37

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


13.11.2012

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: 09/yy

52-Week High (15.02.2012) 6.05

52-Week Low (13.09.2012) 2.99

Daily Volume

3.17

52-Week High % Change -47.60% Dividend Yield -

52-Week Low % Change 6.02% Beta 1.00

% 52 Week Price Range High/Low 5.88% Equity Float 2'315.63

Shares Out 12.11.2012 6'396.0 Short Int -

20'275.44 1 Yr Total Return -37.67%

Total Debt 20'888.94 YTD Return -35.80%

Preferred Stock 0.0 Adjusted BETA 1.004

Minority Interest 878.2 Analyst Recs 28

Cash and Equivalents 8'232.07 Consensus Rating 2.821

Enterprise Value 31'245.64

Average Volume 5 Day 17'289'400

WIL SP EQUITY YTD Change - Average Volume 30 Day 11'784'070

WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'820'270

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 09/yy 09/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 42'280.1 45'358.6 46'834.0 53'306.6 12'211.3 11'852.5

1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.67x 0.61x - -

833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'910.6 2'173.5 2'211.3 2'562.6 659.0 555.0

33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 14.13x 12.20x 12.52x 12.17x

580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'419.4 1'278.8 1'098.0 1'346.4 378.0 245.0

29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 15.07x 12.28x 12.28x 12.40x

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

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

12'737'000.00

Current Price (11/dd/yy) Market Data

'

-

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0

1

2

3

4

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

-'!''

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0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


13.11.2012

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 18.33 - 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 5.55 - 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 5.25 - 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 EXCH 294'801'479 4.61 - 05.10.2012 n/a

BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a

HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 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 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor

BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a

BLACKROCK n/a ULT-AGG 40'255'717 0.63 (1'110'000) 09.11.2012 Investment Advisor

KIM YONG TEO 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

DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor

MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012

DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012

Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012

Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012

UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012

Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012

CIMB IVY NG neutral 3 M 4 12 month 11.11.2012

Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012

JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012

HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012

OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012

AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012

TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012

Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012

Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012

Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012

Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012

BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012

Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012

OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012

Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012

IIFL ZUO LI sell 1 M 4 12 month 23.02.2012

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

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

Holdings By:

Wilmar International Ltd ee


13.11.2012

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: 09/yy

52-Week High (16.03.2012) 38.67

52-Week Low (26.07.2012) 27.53

Daily Volume

37.9



% 52 Week Price Range High/Low 79.62% Equity Float 723.24

Shares Out 29.10.2012 872.5 Short Int -

32'665.40 1 Yr Total Return 10.56%

Total Debt 8'053.53 YTD Return 4.46%

Preferred Stock - Adjusted BETA 0.737





BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1'855'793

BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'256'930


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/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 25'007.5 27'470.8 27'873.4 30'581.4 7'549.5 6'931.0

1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.43x 1.31x 5.35x 5.85x

775.5 1'079.8 619.4 2'320.6 2'878.5 2'926.8 1'743.2 2'652.8 3'795.3 849.3 614.0

11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x 15.00x 10.49x 12.47x 11.15x

321.3 54.4 123.0 804.1 1'367.4 1'606.6 371.5 862.7 1'783.0 373.3 189.5

25.56x 112.96x 222.84x 29.61x 23.19x 17.45x 81.77x 38.83x 18.86x 23.51x 20.96x

EBITDA 2'878.49 Long-Term Rating Date 04.04.2012

EBIT 1'992.15 Long-Term Rating BBB-

Operating Margin 7.75% Long-Term Outlook STABLE




Return on Capital - EBITDA/Interest Exp. 6.06




EBITDA Margin 9.1%



Asset Turnover 0.88







Fiscal Year Ended

BRF - Brasil Foods SAPrice/Volume

Valuation Analysis

2'333'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

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-!' A

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0!' A

1!' A

2!' A

3!' A

4!' A

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!''

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13.11.2012


CAIXA DE PREVIDENCIA n/a EXCH 107'837'688 12.36 - 25.09.2012 Government

FUNDACAO PETROBRAS D n/a EXCH 88'294'288 10.12 - 25.09.2012 Other

BLACKROCK n/a ULT-AGG 71'011'166 8.14 494'876 09.11.2012 Investment Advisor

TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 25.09.2012 Mutual Fund Manager

GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 26'845'634 3.08 (3'186'100) 30.09.2012 Mutual Fund Manager

WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2011 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'146'567 2.31 298'420 30.09.2012 Investment Advisor

FUND VALE DO RIO DOC n/a EXCH 14'744'797 1.69 - 25.09.2012 Other

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

FUND SISTEL DE SEGUR n/a EXCH 11'691'141 1.34 - 25.09.2012 Pension Fund (ERISA)

FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'988'421 1.14 6'700 31.10.2012 Mutual Fund Manager

GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 6'171'180 0.71 565'200 30.09.2012 Mutual Fund Manager

FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2011 n/a

BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 5'785'661 0.66 310'626 31.10.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'938'108 0.57 226'940 30.09.2012 Investment Advisor

HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'687'462 0.54 (101'262) 31.10.2012 Investment Advisor

INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 3'848'019 0.44 (30'361) 30.09.2012 Other

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'581'938 0.41 26'433 31.10.2012 Investment Advisor

FONTANA FILHO WALTER n/a 20F 2'990'290 0.34 (28'138) 31.12.2011 n/a

BRF BRASIL FOODS SA n/a EXCH 2'966'409 0.34 - 25.09.2012 Corporation


Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 37 12 month 13.11.2012

Bradesco Corretora RICARDO BOIATI outperform 5 M 45 12 month 13.11.2012

Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 13.11.2012

Banco BTG Pactual SA THIAGO DUARTE buy 5 M 40 12 month 13.11.2012

Agora CTVM SA JOSE FERREIRA buy 5 M 45 Not Provided 09.11.2012

SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 07.11.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 39 Not Provided 22.10.2012

HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 05.10.2012

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

JPMorgan ALAN ALANIS underweight 1 D 33 12 month 28.09.2012

Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 27.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 11.09.2012

Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 14.08.2012

Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012

Barclays GABRIEL VAZ DE LIMA overweight 5 M 42 Not Provided 10.05.2012

Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012

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

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

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


13.11.2012

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: 06/yy

52-Week High (08.03.2012) 8.50

52-Week Low (25.07.2012) 4.91

Daily Volume

6.41





18'969.12 1 Yr Total Return 24.71%







JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'666'637

JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3'653'241


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

14'141.6 30'340.3 34'905.6 55'055.8 61'796.8 58'026.7 66'981.6 70'225.1 74'609.5 19'175.9 18'956.5

0.62x 0.34x 1.03x 0.62x 0.53x 2.15x 1.91x 0.49x 0.45x 1.83x 1.83x

- 1'120.4 1'461.1 3'512.8 3'072.0 3'171.1 3'343.3 4'207.2 4'976.2 1'314.2 1'142.5

- 9.14x 24.72x 9.66x 10.59x 8.33x 9.94x 8.34x 7.05x 7.39x 7.35x

(165.0) 25.9 220.7 (302.7) (247.2) (439.6) 72.2 1'076.6 1'547.9 386.0 331.5

- 266.82x 98.11x - - 0.00x 278.48x 17.49x 11.80x 13.67x 12.79x


EBIT 1'780.62 Long-Term Rating BB


Pretax Margin -0.37% Short-Term Rating Date -







EBITDA Margin 5.0%


Net Income Margin -0.4% Total Debt/Capital 46.6%

Asset Turnover 1.43







Fiscal Year Ended

JBS SAPrice/Volume

Valuation Analysis

1'117'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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2!' A

-'!' A

-2!' A

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0'!' A

02!' A

1'!' A

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



13.11.2012


FB PARTICIPACOES SA n/a EXCH 1'200'541'969 40.51 - 21.08.2012 Other

BNDES PARTICIPACOES n/a EXCH 842'011'620 28.41 - 21.08.2012 Government

PROT FUND DE INVES E n/a EXCH 98'215'928 3.31 - 21.08.2012 n/a

JBS SA n/a EXCH 93'150'350 3.14 - 21.08.2012 Corporation

BANCO ORIGINAL SA n/a EXCH 60'505'514 2.04 - 21.08.2012 n/a

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

JANUS CAPITAL MANAGE n/a ULT-AGG 22'421'800 0.76 - 30.06.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'477'003 0.59 (7'658'137) 30.09.2012 Investment Advisor

BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 14'056'228 0.47 2'162'449 31.10.2012 Investment Advisor

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 9'092'774 0.31 44'280 31.10.2012 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 6'280'800 0.21 6'280'800 30.06.2012 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 5'532'280 0.19 495'300 31.10.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'386'100 0.15 - 30.09.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 2'851'026 0.1 1'791'872 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'724'413 0.09 (50'600) 31.07.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 2'389'479 0.08 - 30.04.2011 Investment Advisor

SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2'047'107 0.07 608'166 31.10.2012 Mutual Fund Manager

WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 1'500'000 0.05 - 28.09.2012 Mutual Fund Manager

VOTORANTIM ASSET MGM Multiple Portfolios MF-AGG 1'458'537 0.05 669'400 31.10.2012 Mutual Fund Manager


Agora CTVM SA JOSE FERREIRA hold 3 M 8 Not Provided 12.11.2012

Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 7 12 month 07.11.2012

Bradesco Corretora RICARDO BOIATI market perform 3 M 8 Not Provided 01.11.2012


Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 8 Not Provided 22.10.2012


JPMorgan ALAN ALANIS neutral 3 M 7 12 month 28.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012

Deutsche Bank JOSE J YORDAN hold 3 M 7 12 month 29.08.2012

Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 16.08.2012

Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 15.08.2012

SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M 8 Not Provided 24.07.2012

Barclays GABRIEL VAZ DE LIMA underweight 1 M 7 Not Provided 16.05.2012



Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 13.12.2011

Holdings By:

JBS SA ee


13.11.2012

Charoen Pokphand Foods Public Company Limited produces a wide range of food

products. The Company's products include chicken, pork, shrimp, fish, eggs.

and duck.


LTM as of: 09/yy

52-Week High (09.05.2012) 42.25

52-Week Low (21.11.2011) 29.50

Daily Volume

33.75





261'324.30 1 Yr Total Return 16.28%



Minority Interest 2'921.7 Analyst Recs 29




CPF TB EQUITY YTD Change - Average Volume 30 Day 28'043'280

CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 26'841'310


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

134'808.9 156'237.6 165'063.0 189'048.5 206'099.5 200'702.1 315'634.2 336'908.0 389'712.0 92'564.3 107'251.0

0.55x 0.42x 0.70x 1.09x 1.30x 4.51x 4.69x 1.07x 0.92x - -

5'180.9 8'067.5 16'147.8 16'863.9 19'442.1 18'176.7 17'943.8 24'952.0 33'942.2 4'862.0 -

14.37x 8.20x 7.17x 12.24x 13.77x 13.60x 22.08x 15.96x 11.73x - -

1'275.1 3'128.4 10'190.2 13'562.6 15'837.0 15'721.2 20'954.8 15'663.3 19'381.1 1'326.8 5'894.0

25.56x 7.23x 7.50x 12.11x 13.87x 11.33x 11.13x 15.53x 12.90x 11.84x 11.10x











EBITDA Margin 5.7%



Asset Turnover 1.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Charoen Pokphand Foods PCLPrice/Volume

Valuation Analysis

155'141'500.00


'2

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

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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13.11.2012


CHAROEN POKPHAND GRO n/a EXCH 2'817'341'295 36.39 - 27.08.2012 Holding Company

UBS AG/LONDON n/a EXCH 433'172'149 5.59 178'363'500 29.08.2012 Investment Advisor

THAI NVDR CO LTD n/a EXCH 417'010'295 5.39 - 27.08.2012 Corporation

ORIENT SUCCESS INTL n/a EXCH 405'000'000 5.23 - 27.08.2012 n/a

CAPITAL RESEARCH AND n/a EXCH 394'374'700 5.09 18'102'300 04.10.2012 Investment Advisor

UOB-KAY HIAN PTE LTD n/a EXCH 218'827'700 2.83 - 27.08.2012 Corporation

CPF THAILAND PCL n/a EXCH 203'859'940 2.63 - 27.08.2012 n/a

JIRAPUMMIN WALAIPORN n/a EXCH 140'000'000 1.81 - 27.08.2012 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 94'621'808 1.22 (2'324'800) 30.06.2012 Investment Advisor

SOCIAL SECURITY OFFI n/a EXCH 90'827'900 1.17 - 27.08.2012 Unclassified

UBS AG/HONG KONG n/a EXCH 89'254'106 1.15 - 27.08.2012 Bank

BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 27.08.2012 Corporation

TIEANWORN PRIN n/a EXCH 80'000'000 1.03 - 27.08.2012 n/a

STATE STREET BANK EU n/a EXCH 68'965'241 0.89 - 27.08.2012 n/a

ASAVANUND AREEYA n/a EXCH 60'000'000 0.77 - 27.08.2012 n/a

GOVT OF SINGAPORE IN n/a EXCH 59'182'100 0.76 - 27.08.2012 Government

STATE STREET BANK AN n/a EXCH 51'261'990 0.66 - 27.08.2012 Bank

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 46'960'300 0.61 46'960'300 30.09.2011 Mutual Fund Manager


TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 18'369'000 0.24 (239'200) 28.09.2012 Investment Advisor


KT Zmico Securities WEERAPAT WONGURAI buy on weakness 5 D 39 3 month 13.11.2012

IV Global RATTANA LEENUTAPHONG hold 3 M 38 Not Provided 13.11.2012

Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 40 12 month 13.11.2012

Morgan Stanley DIVYA GANGAHAR KOTHIYAL Equalwt/In-Line 3 M 33 12 month 12.11.2012

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 50 Not Provided 12.11.2012

JPMorgan KAE PORNPUNNARATH overweight 5 M 43 6 month 12.11.2012

CIMB MARCIN SPIEWAK outperform 5 M 49 12 month 12.11.2012

Kim Eng Securities SUTTATIP PEERASUB buy 5 M 40 12 month 12.11.2012

SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 34 Not Provided 12.11.2012

Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 44 12 month 12.11.2012

Phillip Securities NAREE APISAWAITTKAN accumulate 4 M 37 Not Provided 22.10.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 41 Not Provided 16.10.2012

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

UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 U 40 Not Provided 15.10.2012

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 43 12 month 15.10.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 42 Not Provided 12.10.2012

Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 08.10.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 39 12 month 28.09.2012

Trinity Securities SURACHAI PRAMUALCHAROENKIT buy 5 M 42 Not Provided 25.09.2012


Macquarie BUNLUNG WAIYANONT outperform 5 M 40 12 month 28.08.2012

Deutsche Bank CHALINEE CONGMUANG hold 3 M 36 12 month 14.08.2012

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 45 12 month 14.08.2012

OSK (Asia) Securities HAN MENG TAN sell 1 M 24 12 month 14.08.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 38 Not Provided 11.07.2012

AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 49 Not Provided 29.06.2012

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

Holdings By:

Charoen Pokphand Foods PCL ee


13.11.2012

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: 07/yy

52-Week High (03.07.2012) 30.70

52-Week Low (02.08.2012) 27.28

Daily Volume

30.1

52-Week High % Change -1.99% Dividend Yield 1.92



Shares Out 02.09.2012 262.9 Short Int 7.88

7'894.28 1 Yr Total Return 3.85%

Total Debt 250.00 YTD Return 4.91%



Cash and Equivalents 539.21 Consensus Rating 3.182


Average Volume 5 Day 770'645

HRL US EQUITY YTD Change - Average Volume 30 Day 682'846

HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 729'535


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1

6'193.0 6'754.9 6'533.7 7'220.7 7'895.1 7'854.2 8'164.4 8'290.9 8'692.6 2'230.6 2'146.6

0.85x 0.61x 0.74x 0.82x 0.97x 3.46x 3.60x 0.90x 0.83x - -

607.2 635.6 658.9 759.0 839.7 851.1 833.1 868.7 901.7 228.4 225.2

8.67x 6.49x 7.31x 7.83x 9.15x 8.69x 8.55x 8.71x 8.39x 8.73x 8.68x

301.9 285.5 342.8 395.6 474.2 478.0 484.8 500.1 520.1 133.0 135.2

17.19x 13.69x 14.35x 15.26x 17.21x 16.46x 15.78x 16.19x 15.48x 15.71x 15.52x

EBITDA 839.69 Long-Term Rating Date 31.05.2001

EBIT 715.53 Long-Term Rating A


Pretax Margin 9.10% Short-Term Rating Date 30.06.1999

Return on Assets 11.36% Short-Term Rating NR




Net Debt/EBITDA -0.43


EBITDA Margin 10.2%



Asset Turnover 1.91







Fiscal Year Ended

Hormel Foods CorpPrice/Volume

Valuation Analysis

145'886.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

-!' A

.!' A

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1!' A

2!' A

3!' A

4!' A

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!''

-3!''

-5!''

.'!''

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



13.11.2012


HORMEL FOUNDATION n/a 13G 127'534'084 48.51 - 31.12.2011 Other

VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'069'674 3.83 228'434 30.06.2012 Investment Advisor


STATE STREET CORP STATE STREET CORPORA 13F 5'787'990 2.2 235'108 30.06.2012 Investment Advisor

UBS n/a ULT-AGG 3'940'520 1.5 598'235 30.09.2012 Unclassified

MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'433'292 1.31 (545) 30.06.2012 Investment Advisor

GUGGENHEIM n/a ULT-AGG 1'990'034 0.76 (226'480) 30.09.2012 Unclassified

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'750'680 0.67 194'911 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'692'070 0.64 1'692'070 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 1'670'945 0.64 (237'034) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'627'634 0.62 (149'563) 30.09.2012 Investment Advisor

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

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 1'349'141 0.51 560'433 30.06.2012 Investment Advisor

ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'233'585 0.47 97'265 30.06.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'199'026 0.46 (163'300) 30.06.2012 Investment Advisor

CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'135'353 0.43 (352'129) 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 953'288 0.36 58'055 30.09.2012 Hedge Fund Manager

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 938'395 0.36 67'691 30.06.2012 Investment Advisor

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 932'238 0.35 (305'654) 30.09.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 910'530 0.35 (377'750) 30.06.2012 Investment Advisor


Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 29.10.2012

Janney Montgomery Scott LLC JONATHAN P FEENEY sell 1 M 25 12 month 25.10.2012

Stephens Inc FARHA ASLAM overweight 5 U 34 12 month 25.10.2012

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 12.10.2012

Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 11.10.2012

KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012

Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 24.08.2012

D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 18 month 24.08.2012

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 Not Provided 24.08.2012

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 23.08.2012

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

Holdings By:

Hormel Foods Corp ee


13.11.2012

Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,

and cocoa on its plantations. Through its subsidiaries, the Company mills and

refines oil palm products, cultivates ramie, and manufactures oleochemicals,

soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala

Lumpur Kepong also develops properties and operates holiday bungalows.


LTM as of: 06/yy

52-Week High (25.01.2012) 26.76

52-Week Low (11.05.2012) 17.00

Daily Volume

20.72





22'118.70 1 Yr Total Return 2.66%







KLK MK EQUITY YTD Change - Average Volume 30 Day 774'383

KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 805'157


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 06/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1

5'024.4 7'789.7 6'620.4 7'450.0 10'691.9 9'513.6 10'924.0 10'608.0 11'164.4 3'075.0 -

2.95x 1.42x 2.34x 2.53x 2.18x 9.68x 9.18x 2.15x 1.99x - -

965.5 1'636.9 1'223.7 1'471.5 2'306.8 1'987.1 1'311.4 1'913.1 2'187.7 - -

15.33x 6.75x 12.64x 12.81x 10.09x 12.47x 0.00x 12.04x 10.53x - -

694.2 1'040.7 612.5 1'012.3 1'571.4 1'421.8 1'249.6 1'188.9 1'383.4 - -

20.25x 9.83x 24.00x 17.88x 14.30x 16.23x 19.07x 18.65x 15.96x - -









Net Debt/EBITDA -

Gross Margin 27.6% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.02



Debt to Assets 19.05% Inventory Days -

Tot Debt to Common Equity 29.54% Accounts Payable Turnover Day -


Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuala Lumpur Kepong BhdPrice/Volume

Valuation Analysis

543'600.00


'

2

-'

-2

.'

.2

0'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A!2 A-!' A-!2 A.!' A.!2 A0!' A0!2 A1!' A1!2 A2!' A

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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13.11.2012


BATU KAWAN BHD n/a Co File 495'901'527 46.45 - 01.12.2011 Holding Company

EMPLOYEES PROVIDENT #N/A N/A EXCH 158'866'838 14.88 (133'300) 07.11.2012 Government




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

FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'141'772 0.39 (850'869) 29.02.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'745'000 0.35 (656'000) 30.09.2011 Mutual Fund Manager

ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 01.12.2011 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'397'700 0.32 3'397'700 30.06.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'810'125 0.26 2'247'525 30.06.2012 Investment Advisor

KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 01.12.2011 Corporation

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'165'140 0.2 (176'960) 31.07.2012 Investment Advisor

GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Mutual Fund Manager

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'630'150 0.15 67'400 30.04.2011 Mutual Fund Manager

NOMURA n/a ULT-AGG 1'563'900 0.15 - 22.06.2012 Unclassified

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'090'533 0.1 (15'971) 31.10.2012 Mutual Fund Manager

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 991'400 0.09 (600) 31.07.2012 Bank

FIRST STATE INVESTME Multiple Portfolios MF-AGG 761'200 0.07 - 31.07.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 760'300 0.07 (45'000) 29.06.2012 Investment Advisor


Macquarie SUNAINA DHANUKA underperform 1 D 18 12 month 08.11.2012


Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 22 12 month 07.11.2012

Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 20 12 month 07.11.2012

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 05.11.2012

Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 24 12 month 05.11.2012

Deutsche Bank ELTRICIA LI CHING FOONG hold 3 U 20 12 month 01.11.2012

KAF Seagroatt & Campbell VINCE NG buy 5 M 25 Not Provided 30.10.2012

DBS Vickers QUAH HE WEI fully valued 2 M 20 12 month 29.10.2012

Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 22 12 month 15.10.2012

Nomura MUZHAFAR MUKHTAR buy 5 M 29 Not Provided 15.10.2012

TA Securities Holdings Berhad TEAM COVERAGE sell 1 M 22 Not Provided 15.10.2012

ECM Libra TEAM COVERAGE hold 3 M 19 12 month 15.10.2012

Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 23 12 month 15.10.2012

Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 11.10.2012

RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 22 12 month 11.10.2012


JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 25 12 month 11.10.2012

BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 23 12 month 11.10.2012

AmResearch Sdn Bhd GAN HUEY LING buy 5 M 26 12 month 05.10.2012

UOB Kay Hian TEAM COVERAGE hold 3 M 22 Not Provided 05.10.2012

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 26 12 month 25.09.2012

Credit Suisse TAN TING MIN neutral 3 M 22 Not Provided 11.09.2012

Morgan Stanley CHARLES C SPENCER Equalwt/Attractive 3 M 24 12 month 10.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012

JPMorgan SIMONE X YEOH neutral 3 M 22 6 month 07.09.2012

HSBC THILAN WICKRAMASINGHE overweight 5 M 29 Not Provided 04.09.2012

CIMB IVY NG underperform 1 M 20 12 month 30.08.2012

Holdings By:

Kuala Lumpur Kepong Bhd ee


13.11.2012

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and

sells crude palm oil and palm kernel. The Company also refines crude palm oil

into cooking oil, margarine, and shortening for sale and distribution.


LTM as of: 09/yy

52-Week High (03.04.2012) 0.81

52-Week Low (08.06.2012) 0.59

Daily Volume

0.61





7'830.90 1 Yr Total Return -5.26%







GGR SP EQUITY YTD Change - Average Volume 30 Day 74'808'170

GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 79'728'440


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'873.4 2'985.9 2'293.7 3'504.7 5'952.9 5'814.2 5'861.0 5'412.4 6'124.8 - -

4.16x 0.72x 2.11x 2.41x 1.27x 5.15x 5.40x 1.31x 1.14x - -

519.9 588.9 386.9 640.5 912.4 979.9 812.0 879.2 1'027.1 - -

15.00x 3.64x 12.51x 13.19x 8.27x 6.59x 9.75x 8.42x 7.21x - -

1'164.8 1'382.5 607.0 1'423.0 1'268.0 1'689.5 1'103.9 530.7 634.7 - -

6.04x 1.18x 6.92x 5.32x 5.28x 3.31x 6.05x 11.34x 9.41x - -

EBITDA 912.36 Long-Term Rating Date -

EBIT 817.72 Long-Term Rating -









EBITDA Margin 13.9%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Golden Agri-Resources LtdPrice/Volume

Valuation Analysis

39'588'000.00


'''''-----

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2'!' A

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-2'!' A

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

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13.11.2012


FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 342'823'145 26.07.2012 Unclassified


BLACKROCK n/a ULT-AGG 156'508'812 1.22 1'028'000 09.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 134'380'000 1.05 3'500'000 28.09.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'987'817 0.98 - 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'531'331 0.63 4'544'310 30.09.2012 Investment Advisor


FIDELITY INTERNATION Multiple Portfolios MF-AGG 42'746'019 0.33 39'307'948 31.10.2011 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 41'797'700 0.33 (1'916'000) 31.08.2012 Bank

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'619'000 0.28 - 29.02.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 33'760'488 0.26 6'535'305 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'114'764 0.24 306'000 30.09.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 30'153'912 0.23 (1'752'000) 29.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 27'677'382 0.22 752'000 31.07.2012 Investment Advisor

LEGG MASON INTERNATI Multiple Portfolios MF-AGG 26'976'000 0.21 - 31.03.2011 Mutual Fund Manager

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 24'285'323 0.19 1'252'000 31.08.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 23'142'981 0.18 17'200'000 12.11.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 21'245'479 0.17 (28'284'161) 30.09.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 20'911'300 0.16 - 30.09.2012 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 20'332'338 0.16 8'369'000 28.09.2012 Investment Advisor


Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 1 12 month 12.11.2012


Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 12.11.2012

Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.11.2012


HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012


Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 07.11.2012

Macquarie CONRAD WERNER underperform 1 D 1 12 month 07.11.2012

Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 1 12 month 08.10.2012

OCBC Investment Research CAREY WONG buy 5 M 1 12 month 04.10.2012


CIMB IVY NG trading buy 5 M 1 3 month 10.09.2012

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 10.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012


Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012


IIFL ZUO LI add 4 M 1 12 month 14.11.2011

Holdings By:

Golden Agri-Resources Ltd ee


13.11.2012

Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,

prepared foods and related allied products. The Company's products are marketed

and sold to national and regional grocery retailers, regional grocery

wholesalers, meat distributors, warehouse club stores, military commissaries,

and industrial food processing companies.


LTM as of: 06/yy

52-Week High (29.12.2011) 21.06

52-Week Low (06.08.2012) 14.07

Daily Volume

16.97





6'096.87 1 Yr Total Return -12.25%







TSN US EQUITY YTD Change - Average Volume 30 Day 4'119'023

TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 5'110'429


30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 07/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1

25'729.0 26'862.0 26'704.0 28'430.0 32'266.0 31'303.0 33'309.0 33'368.3 34'722.7 8'487.6 8'568.9

0.35x 0.28x 0.27x 0.27x 0.25x 1.08x 1.02x 0.23x 0.21x 0.92x 0.93x

1'129.0 860.0 875.0 2'082.0 1'791.0 2'042.0 1'579.0 1'702.2 1'506.7 394.4 336.8

8.05x 8.64x 8.23x 3.74x 4.42x 4.32x 5.37x 4.59x 5.18x 5.44x 5.35x

268.0 86.0 (547.0) 780.0 750.0 866.0 495.0 668.8 568.9 160.6 120.5

22.59x 37.32x 308.00x 7.42x 9.19x 8.68x 11.84x 9.44x 10.97x 11.29x 10.80x


EBIT 1'285.00 Long-Term Rating BBB-

Operating Margin 3.98% Long-Term Outlook POS








EBITDA Margin 4.7%



Asset Turnover 2.90







Fiscal Year Ended

Tyson Foods IncPrice/Volume

Valuation Analysis

558'081.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

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2!' A

-'!' A

-2!' A

.'!' A

.2!' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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13.11.2012




ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 14'224'115 4.87 1'019'819 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 12'343'976 4.23 86'417 30.06.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'087'847 4.14 1'134'934 30.09.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10'180'976 3.49 (1'444'329) 30.09.2012 Hedge Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 9'776'876 3.35 1'355'726 30.06.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'926'260 2.72 (538'620) 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'777'262 2.66 732'732 30.06.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 5'664'372 1.94 (2'310'978) 30.09.2012 Unclassified

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'410'411 1.85 313'067 30.06.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'053'940 1.73 5'053'940 30.09.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 4'477'986 1.53 128'695 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'468'090 1.53 (455'820) 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'357'300 1.49 112'820 30.09.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 3'818'474 1.31 2'454 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'661'268 1.25 (116'204) 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'486'641 1.19 292'381 30.06.2012 Investment Advisor

TYSON LP #N/A N/A PROXY 3'000'000 1.03 - 01.12.2011 Corporation

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'639'936 0.9 (2'866'931) 30.09.2012 Investment Advisor


KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 23 12 month 07.11.2012

Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 24.10.2012

Credit Suisse ROBERT MOSKOW neutral 3 M 18 Not Provided 24.10.2012


Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.10.2012

Davenport & Co ANN H GURKIN buy 5 M 21 Not Provided 11.10.2012

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 18 12 month 06.09.2012

BB&T Capital Markets HEATHER L JONES buy 5 M 20 12 month 27.08.2012

Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 15 Not Provided 07.08.2012

D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 15 12 month 06.08.2012

Cowen and Company COLIN GUHEEN neutral 3 M #N/A N/A Not Provided 06.08.2012

JPMorgan KENNETH GOLDMAN neutral 3 D 20 Not Provided 10.07.2012


Holdings By:

Tyson Foods Inc ee


13.11.2012

Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice

cream, and other dairy products. The Company also produces frozen food and

noodles.


LTM as of: 09/yy

52-Week High (14.03.2012) 24.55

52-Week Low (03.08.2012) 18.03

Daily Volume

20.89





33'395.71 1 Yr Total Return -8.11%







600887 CH EQUITY YTD Change - Average Volume 30 Day 6'022'140

600887 CH EQUITY YTD % CHANGE - Average Volume 3 Month 7'431'052


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

19'277.1 21'537.1 24'214.7 29'577.2 37'218.5 35'194.7 40'873.9 42'116.4 49'822.9 8'790.0 11'570.0

1.20x 0.33x 0.85x 1.03x 0.86x 3.19x 3.32x 0.66x 0.54x - -

535.5 (1'515.2) 1'171.6 1'184.9 2'176.3 0.0 0.0 3'227.5 3'879.5 884.0 947.0

43.34x - 17.54x 25.75x 14.78x 0.00x 0.00x 10.37x 8.63x 9.12x 8.69x

(20.6) (1'687.4) 647.7 777.2 1'809.2 1'644.6 1'757.3 1'729.4 2'301.4 433.0 557.0

- - 32.69x 39.44x 18.08x 17.74x 19.29x 18.97x 14.16x 19.17x 16.98x







Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 2.08% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 2.08





Accounts Receivable Turnover 84.28 Cash Conversion Cycle -10.33


Fiscal Year Ended

Inner Mongolia Yili Industrial Group Co LtdPrice/Volume

Valuation Analysis

5'541'116.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.'!' A

1'!' A

3'!' A

5'!' A

-''!' A

-.'!' A

-1'!' A

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!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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



13.11.2012


HOHHOT INVESTMENT CO n/a Co File 162'792'708 10.18 - 31.12.2011 Corporation

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 82'449'586 5.16 33'442'440 31.12.2011 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 75'297'237 4.71 6'260'396 31.12.2011 Investment Advisor


RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 57'473'682 3.6 (2'576'575) 31.12.2011 Investment Advisor

UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 41'766'438 2.61 17'319'345 31.12.2011 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 39'792'482 2.49 (32'163'224) 31.12.2011 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 39'754'240 2.49 38'861'124 31.12.2011 Investment Advisor

MERRILL LYNCH INTERN n/a Co File 32'332'947 2.02 - 31.12.2011 Bank

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 30'254'578 1.89 (7'396'242) 31.12.2011 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 29'289'637 1.83 3'659'441 31.12.2011 Investment Advisor

CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 27'010'400 1.69 (3'263'070) 31.12.2011 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 23'985'285 1.5 20'540'741 31.12.2011 Investment Advisor

AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 20'759'331 1.3 2'061'668 31.12.2011 Investment Advisor

HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 20'728'505 1.3 9'260'930 31.12.2011 Investment Advisor

TAIKANG LIFE INSURAN n/a Co File 20'161'908 1.26 - 31.12.2011 Insurance Company

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 19'693'251 1.23 18'694'911 31.12.2011 Investment Advisor

SOCIAL SECURITY FUND n/a Co File 19'118'229 1.2 - 31.12.2011 Pension Fund (ERISA)

ABN AMRO TEDA FUND M Multiple Portfolios MF-AGG 18'909'102 1.18 (2'551'503) 31.12.2011 Investment Advisor

CITIGROUP GLOBAL MAR n/a Co File 18'785'714 1.18 - 31.12.2011 Unclassified


PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 12.11.2012

Everbright Securities Co., Ltd LI JIE buy 5 M 21 12 month 04.11.2012


Capital Securities Corp LIU HUI buy 5 M 25 Not Provided 01.11.2012

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

Hong Yuan Securities LI BIN buy 5 M 30 6 month 31.10.2012

SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 31.10.2012

Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.08.2012

Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 25 12 month 20.08.2012

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

Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 21.06.2012

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

Northeast Securities Co Ltd ZHU CHENGLIANG neutral 3 D #N/A N/A Not Provided 16.06.2012

Guodu Securities Co Ltd LI YUN buy 5 M #N/A N/A Not Provided 24.04.2012

Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 05.04.2012

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

GuoYuan Securities JIAXING ZHOU buy 5 M 24 6 month 05.07.2011

Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011

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

China International Capital Corp FEIYANG YUAN buy 5 M #N/A N/A Not Provided 11.04.2011

China Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 07.01.2011

HuaChuang Securities GAO LI buy 5 N #N/A N/A Not Provided 10.12.2010

Bank of China International LIU DU buy 5 N 25 Not Provided 14.10.2010

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

Shanxi Securities Co Ltd LUO YIN add 4 N #N/A N/A Not Provided 30.04.2009

Holdings By:

Inner Mongolia Yili Industrial Group Co Ltd ee


13.11.2012

Cosan Ltd is a fully integrated company in the renewable energy and

infrastructure segments in Brazil. It produces sugar & ethanol and distributes

fuels through a network of service stations. Cosan transports and loads

shipments of sugar and other grains at two terminals in Santos. Cosan also has a

lubricants distribution business and farmland development operation.


LTM as of: 09/yy

52-Week High (08.11.2012) 17.11

52-Week Low (25.11.2011) 10.75

Daily Volume

16.92





4'552.96 1 Yr Total Return 44.34%







CZZ US EQUITY YTD Change - Average Volume 30 Day 1'102'439

CZZ US EQUITY YTD % CHANGE - Average Volume 3 Month 1'296'558


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4

2'725.3 5'790.0 15'499.9 18'063.5 24'096.9 27'078.2 25'262.5 39'270.0 45'407.7 7'977.0 8'711.0

2.68x 0.93x 0.79x 0.80x 0.61x 1.89x 1.72x 0.56x 0.48x - -

179.0 478.7 1'509.8 2'701.0 1'992.3 2'892.7 1'292.6 3'202.8 3'937.5 810.0 908.0

40.85x 11.29x 8.16x 5.34x 7.42x 4.23x 0.00x 5.53x 4.50x - -

30.3 (372.1) 621.0 470.9 1'181.3 1'431.4 416.9 740.0 897.0 157.0 198.0

147.33x - 7.67x 12.06x 6.15x 3.33x 26.54x 12.34x 11.11x - -


EBIT 849.55 Long-Term Rating BB









EBITDA Margin 8.0%



Asset Turnover 1.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cosan LtdPrice/Volume

Valuation Analysis

158'442.00


'.135

-'-.-1-3-5

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!2 A

-!' A

-!2 A

.!' A

.!2 A

0!' A

0!2 A

1!' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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



13.11.2012


GIF GESTAO DE INVEST n/a 20F 39'445'393 22.62 - 31.03.2012 Investment Advisor

HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 31'666'700 18.16 - 30.06.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 14'336'904 8.22 (2'793'346) 30.06.2012 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 28.09.2012 Mutual Fund Manager

QUELUZ HOLDINGS LIMI n/a 13D 7'941'111 4.55 - 19.10.2012 Holding Company

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'586'945 3.78 44'712 30.09.2012 Hedge Fund Manager


ASHMORE EMM LLC ASHMORE EMM LLC 13F 2'118'199 1.21 (1'599'200) 31.03.2012 Investment Advisor

MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 19.10.2012 Other

OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'773'863 1.02 - 28.09.2012 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 1'758'147 1.01 (71'318) 30.06.2012 Investment Advisor

OSTERWEIS CAPITAL MA PROF MANAGED-OSTERWE MF-USA 1'739'298 1 - 28.09.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'642'468 0.94 (217'000) 30.06.2012 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'379'358 0.79 875'612 28.09.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'332'493 0.76 (826'831) 30.09.2012 Investment Advisor

PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 1'326'836 0.76 282'332 30.09.2012 Investment Advisor

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 1'235'041 0.71 - 31.12.2011 Mutual Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'005'995 0.58 400'425 30.06.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 995'927 0.57 516'919 30.06.2012 Investment Advisor



Itau BBA Securities PAULA KOVARSKY outperform 5 M 25 Not Provided 08.11.2012

Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 24.10.2012



Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012

Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 U 16 12 month 29.06.2012

Grupo Santander CHRISTIAN AUDI buy 5 M 22 Not Provided 16.03.2012

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

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

Holdings By:

Cosan Ltd ee


13.11.2012

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking

oil. Through its subsidiaries, the Company also operates a variety of other

plantations such as palm oil, tea, and cocoa plantations.


LTM as of: 09/yy

52-Week High (18.07.2012) 24'000.00

52-Week Low (21.05.2012) 18'000.00

Daily Volume

20650





32'518'484.00 1 Yr Total Return 0.33%

Total Debt 0.00 YTD Return -0.59%




Enterprise Value 33'043'965.25


AALI IJ EQUITY YTD Change - Average Volume 30 Day 704'233

AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 968'623


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

5'960'954.0 8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 ######### ######### ######### ######### ######### -

7.25x 1.81x 4.75x 4.55x 3.12x 12.60x 12.05x 2.82x 2.52x - -

3'052'540.0 3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 ######### ######### ######### ######### 932'383.0 -

14.16x 4.08x 12.16x 12.07x 9.41x 7.10x 9.96x 9.33x 8.19x - -

1'973'428.0 2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 ######### ######### ######### ######### 642'270.0 -

22.34x 5.87x 21.57x 20.46x 14.21x 11.47x 15.59x 14.46x 12.61x - -

EBITDA 3'572'651.00 Long-Term Rating Date -

EBIT 3'195'661.00 Long-Term Rating -









EBITDA Margin 30.9%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astra Agro Lestari Tbk PTPrice/Volume

Valuation Analysis

406'000.00


'

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0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

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

'!''

2!''

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13.11.2012


PT ASTRA INTERNATION n/a EXCH 1'254'756'812 79.68 - 30.04.2012 Corporation





MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Mutual Fund Manager


MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 31.08.2012 Investment Advisor

DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Mutual Fund Manager

AIG INVESTMENT CORP Multiple Portfolios MF-AGG 2'500'000 0.16 - 31.12.2010 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'303'000 0.15 (108'500) 29.06.2012 Investment Advisor

BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'706'500 0.11 - 31.12.2010 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Mutual Fund Manager

FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 1'286'000 0.08 - 29.06.2012 Mutual Fund Manager

MITSUI SUMITOMO TRUS Multiple Portfolios MF-AGG 1'104'125 0.07 (405'000) 10.05.2012 Mutual Fund Manager

KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 1'078'500 0.07 (239'000) 23.01.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 978'500 0.06 (60'500) 29.06.2012 Investment Advisor


EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.11.2012

Macquarie SUNAINA DHANUKA underperform 1 D 17'900 12 month 08.11.2012

Standard Chartered JOO ENG TEO in-line 3 M 20'443 12 month 07.11.2012

Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 26'000 Not Provided 07.11.2012

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 23'400 12 month 06.11.2012

Kim Eng Securities PANDU ANUGRAH hold 3 M 22'500 12 month 05.11.2012

Deutsche Bank JOVIN NG buy 5 M 23'000 12 month 01.11.2012

Sucorinvest Central Gani ISFHAN HELMY hold 3 U 19'700 12 month 31.10.2012

Danareksa GABRIELLA MAUREEN NATASHA hold 3 M 20'500 12 month 31.10.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 20'600 12 month 30.10.2012

Credit Suisse AGUS SANDIANTO outperform 5 M 27'000 Not Provided 30.10.2012

DBS Vickers BEN SANTOSO hold 3 M 21'600 12 month 30.10.2012

CIMB ERWAN TEGUH TEH outperform 5 M 27'400 12 month 30.10.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 U 25'000 12 month 30.10.2012

Ciptadana Sekuritas SURAJ KHIANI hold 3 M 19'000 15 month 30.10.2012

OSK (Asia) Securities ALVIN TAI buy 5 M 25'558 12 month 30.10.2012

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23'500 Not Provided 30.10.2012

Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA neutral 3 M 23'000 12 month 30.10.2012

Indo Premier Securities WILLY GUNAWAN sell 1 M 16'300 12 month 30.10.2012

Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 26'000 12 month 29.10.2012

JPMorgan YING-JIAN CHAN underweight 1 M 15'000 6 month 29.10.2012

Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 M 22'000 12 month 29.10.2012

Nomura MUZHAFAR MUKHTAR buy 5 M 29'000 Not Provided 29.10.2012

PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 25'200 12 month 15.10.2012

BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 27'600 12 month 25.09.2012

HSBC THILAN WICKRAMASINGHE underweight 1 D 22'000 Not Provided 05.09.2012

PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 22'600 12 month 26.07.2012

BNI Securities VIVIET S PUTRI buy 5 M 22'500 12 month 14.03.2012


Kresna Graha Sekurindo Tbk PT GEMILANG LIM hold 3 M 23'200 Not Provided 09.09.2011

Holdings By:

Astra Agro Lestari Tbk PT ee


13.11.2012

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: 07/yy

52-Week High (08.12.2011) 25.12

52-Week Low (07.08.2012) 17.55

Daily Volume

21.28





3'159.99 1 Yr Total Return -8.59%







SFD US EQUITY YTD Change - Average Volume 30 Day 1'602'178

SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 1'927'241


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 07/yy 07/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 12'395.6 13'091.4 13'204.7 13'760.4 3'314.5 3'512.9

0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.59x 0.36x 0.33x 1.50x 1.42x

605.2 96.7 266.5 1'156.2 975.3 1'161.1 935.3 805.2 896.9 192.8 204.8

12.67x 41.79x 21.28x 4.90x 5.11x 4.78x 4.86x 6.15x 5.52x 5.99x 5.67x

128.9 (198.4) (101.4) 521.0 361.3 526.8 340.9 274.8 341.3 65.5 78.3

25.89x - - 8.15x 8.19x 6.42x 7.98x 11.52x 9.38x 11.08x 10.04x


EBIT 732.50 Long-Term Rating BB









EBITDA Margin 7.1%



Asset Turnover 1.78







Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis

334'686.00


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'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A-!' A.!' A0!' A1!' A2!' A3!' A4!' A5!' A6!' A-'!' A

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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-1!''

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13.11.2012


CONTIGROUP COS INC n/a 13D/PROX 12'801'352 8.56 - 13.07.2012 Corporation

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'739'423 7.85 (390'102) 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 9'659'994 6.46 (1'476'681) 30.09.2012 Investment Advisor


CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'000'000 4.01 6'000'000 30.09.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'981'590 4 317'800 30.06.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'777'595 3.87 1'320'686 30.09.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'891'902 3.27 (300'724) 30.09.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 4'789'380 3.2 (137'909) 30.06.2012 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'302'312 2.88 (145'943) 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'564'453 2.38 (1'800'703) 30.09.2012 Hedge Fund Manager


JP MORGAN n/a ULT-AGG 3'317'485 2.22 (296'135) 30.09.2012 Unclassified

FMR LLC n/a ULT-AGG 2'853'600 1.91 216'908 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'668'600 1.79 (1'026'202) 30.09.2012 Investment Advisor

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'479'754 1.66 2'479'754 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'325'262 1.56 363'743 30.06.2012 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'558'102 1.04 1'485'765 30.09.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'347'000 0.9 (5'000) 30.09.2012 Investment Advisor


Stephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012


Davenport & Co ANN H GURKIN buy 5 M 23 Not Provided 11.10.2012

KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012

Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 01.10.2012

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

Credit Suisse ROBERT MOSKOW outperform 5 M 25 Not Provided 05.09.2012

D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 26 18 month 05.09.2012


Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 22 12 month 04.09.2012

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 04.09.2012

Cowen and Company COLIN GUHEEN outperform 5 M #N/A N/A Not Provided 04.09.2012

S&P Capital IQ THOMAS GRAVES hold 3 U 20 12 month 04.09.2012

JPMorgan KENNETH GOLDMAN neutral 3 M 20 Not Provided 10.07.2012


Holdings By:

Smithfield Foods Inc ee


13.11.2012

Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic

salmon. The Company operates hatcheries, processes and packages fish, as well

as sells and markets the products. Marine Harvest operates in Canada, Norway

and Scotland. The Company sells salmon worldwide through its sales companies in

Norway, Canada, the United Kingdom and the United States.


LTM as of: 09/yy

52-Week High (05.10.2012) 5.03

52-Week Low (23.11.2011) 2.21

Daily Volume

4.654





16'666.63 1 Yr Total Return 79.55%







MHG NO EQUITY YTD Change - Average Volume 30 Day 17'891'110

MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 18'266'160


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

14'028.7 13'486.9 14'500.2 15'191.4 16'132.8 16'562.4 15'569.8 15'553.2 15'898.2 4'137.8 3'692.3

1.35x 0.85x 1.40x 1.80x 0.98x 5.64x 4.77x 1.43x 1.39x 5.33x -

1'062.4 2'599.5 2'566.8 3'849.4 3'560.2 4'220.2 1'566.1 1'556.4 2'900.0 427.2 701.3

17.81x 4.40x 7.89x 7.10x 4.44x 3.66x 13.83x 13.97x 7.50x 8.99x 8.00x

5.5 (2'852.6) 1'296.3 3'078.0 1'115.7 2'072.9 222.7 442.8 1'426.4 166.0 370.0

324.53x - 11.54x 7.17x 8.30x 4.44x 79.33x 36.94x 11.66x 13.53x 11.58x











EBITDA Margin 10.1%



Asset Turnover 0.71


Quick Ratio 0.76 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 12.75



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marine Harvest ASAPrice/Volume

Valuation Analysis

9'066'381.00


'

-

.

0

1

2

3

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

-'!' A

.'!' A

0'!' A

1'!' A

2'!' A

3'!' A

4'!' A

5'!' A

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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13.11.2012


GEVERAN TRADING CO L n/a EXCH 777'402'775 21.71 - 05.11.2012 Corporation


GOVERNMENT PENSION F n/a EXCH 287'660'842 8.03 - 05.11.2012 Government

MORGAN STANLEY & CO n/a EXCH 250'380'982 6.99 - 05.11.2012 Investment Advisor


CLEARSTREAM BANKING n/a EXCH 121'009'628 3.38 - 05.11.2012 Bank

DEUTSCHE BANK TRUST n/a EXCH 68'351'620 1.91 - 05.11.2012 Investment Advisor

DNB NORBANK ASA n/a EXCH 54'835'879 1.53 - 05.11.2012 Bank

BANK OF NEW YORK MEL n/a EXCH 53'595'285 1.5 - 05.11.2012 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 48'155'128 1.34 927'314 28.09.2012 Investment Advisor

GOLDMAN SACHS & CO n/a EXCH 41'229'566 1.15 - 05.11.2012 Investment Advisor

STATOILS PENSJONSKAS n/a EXCH 37'612'992 1.05 - 05.11.2012 Pension Fund (ERISA)

JP MORGAN CHASE BANK n/a EXCH 31'257'245 0.87 - 05.11.2012 Investment Advisor

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 30'331'135 0.85 4'558'600 29.06.2012 Investment Advisor

WEST COAST INVEST AS n/a EXCH 30'012'000 0.84 - 05.11.2012 n/a

NORTHERN TRUST CO n/a EXCH 27'284'230 0.76 - 05.11.2012 Investment Advisor

SEB n/a ULT-AGG 26'953'872 0.75 - 05.11.2012 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 25'998'196 0.73 (2'600'000) 31.10.2012 Investment Advisor

MP PENSION n/a EXCH 24'658'000 0.69 - 05.11.2012 Pension Fund (ERISA)

MONKS INVESTMENT TRU n/a EXCH 22'412'622 0.63 - 05.11.2012 n/a


ABN Amro Bank N.V. MAARTEN BAKKER reduce 2 M 4 Not Provided 13.11.2012

DNB Markets KNUT-IVAR BAKKEN buy 5 U 5 Not Provided 05.11.2012

Arctic Securities ASA THOMAS LORCK buy 5 U 6 Not Provided 05.11.2012

SpareBank 1 Markets AS GEIR KRISTIANSEN sell 1 M 4 Not Provided 02.11.2012

Pareto Securities FELIX HEINRICH buy 5 M 6 6 month 31.10.2012

Swedbank First Securities HENNING C STEFFENRUD buy 5 M 6 Not Provided 30.10.2012

Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 29.10.2012

Fondsfinans AS BENT ROLLAND buy 5 M 6 Not Provided 29.10.2012

Nordea Equity Research KOLBJORN GISKEODEGARD hold 3 D 5 12 month 29.10.2012

Handelsbanken KJETIL LYE buy 5 M 6 Not Provided 29.10.2012

ABG Sundal Collier DAG SLETMO buy 5 M 6 6 month 28.10.2012

Rabobank International PATRICK ROQUAS buy 5 M 5 Not Provided 09.10.2012


SEB Enskilda PEDER STRAND hold 3 M 4 Not Provided 04.09.2012

Norne Securities AS ANDERS GJENDEMSJO buy 5 M 5 12 month 19.07.2012

Holdings By:

Marine Harvest ASA ee


13.11.2012

First Resources Limited produces crude palm oil. The Company is an upstream

operator with primary business activities in the cultivation and harvesting of

oil palms, and the processing of fresh fruit bunches into crude palm oil for

local and export sales. The Company is also constructing a biodiesel plant

located in Dumai, Riau province, close to the Dumai port.


LTM as of: 09/yy

52-Week High (27.08.2012) 2.23

52-Week Low (30.11.2011) 1.43

Daily Volume

2.08





3'294.87 1 Yr Total Return 46.36%







FR SP EQUITY YTD Change - Average Volume 30 Day 2'371'867

FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'026'313


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

185.2 289.5 218.9 329.9 494.6 454.1 627.5 590.2 760.1 - -

7.33x 1.69x 5.18x 5.77x 3.86x 15.48x 15.41x 4.79x 3.66x - -

- 161.0 121.0 202.8 293.4 268.2 348.7 329.1 379.4 - -

- 3.04x 9.36x 9.38x 6.51x 6.00x 8.20x 8.58x 7.45x - -

47.2 113.6 112.5 143.1 196.4 189.1 241.8 194.7 226.8 55.0 -

20.04x 3.33x 8.78x 12.35x 8.71x 7.33x 10.80x 13.50x 11.57x - -











EBITDA Margin 55.6%



Asset Turnover 0.39







Fiscal Year Ended

First Resources LtdPrice/Volume

Valuation Analysis

2'239'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.!' A

1!' A

3!' A

5!' A

-'!' A

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

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13.11.2012


EIGHT CAPITAL INC n/a EXCH 1'000'800'130 63.18 - 14.06.2012 n/a

DB INTL TRUST SINGAP n/a EXCH 88'000'000 5.56 (12'000'000) 16.04.2012 n/a

FMR LLC n/a ULT-AGG 79'228'835 5 65'259 11.04.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23'114'758 1.46 5'951'000 30.09.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 12'138'000 0.77 1'059'000 30.09.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 10'426'000 0.66 389'000 28.09.2012 Investment Advisor


CITIGROUP GLOBAL MAR n/a EXCH 6'872'000 0.43 (83'700'000) 20.01.2011 Bank

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'137'000 0.26 123'000 29.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'851'000 0.18 - 09.11.2012 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'804'000 0.18 - 30.06.2011 Mutual Fund Manager

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'554'000 0.16 917'000 30.06.2012 Investment Advisor

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

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'505'000 0.1 (31'000) 31.05.2012 Investment Advisor

SEB n/a ULT-AGG 1'455'000 0.09 (117'000) 28.09.2012 Unclassified

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'365'000 0.09 14'000 30.06.2012 Investment Advisor

FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'223'000 0.08 (9'000) 30.06.2012 Mutual Fund Manager



Credit Suisse AGUS SANDIANTO outperform 5 M 3 Not Provided 12.11.2012

JPMorgan YING-JIAN CHAN overweight 5 M 3 6 month 12.11.2012


DBS Vickers BEN SANTOSO hold 3 M 2 12 month 12.11.2012

RHB Research Institute Sdn Bhd HOE LEE LENG outperform 5 M 2 12 month 12.11.2012



Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012


Maybank Investment Bank Berhad ONG CHEE TING buy 5 M 2 12 month 05.11.2012

UOB Kay Hian TEAM COVERAGE buy 5 M 2 Not Provided 23.10.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012

Holdings By:

First Resources Ltd ee


13.11.2012

Seaboard Corporation is a diversified international agribusiness and

transportation company that primarily produces and processes domestic pork and

ships cargo. The Company also merchandises commodities, mills flour and feed,

farms produce, produces sugar, and generates electric power overseas.


LTM as of: 09/yy

52-Week High (06.11.2012) 2'391.97

52-Week Low (17.01.2012) 1'805.00

Daily Volume

2232











Average Volume 5 Day 496

SEB US EQUITY YTD Change - Average Volume 30 Day 556

SEB US EQUITY YTD % CHANGE - Average Volume 3 Month 723


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

3'213.3 4'267.8 3'601.3 4'385.7 5'746.9 5'548.6 5'864.5 - - - -

0.53x 0.33x 0.38x 0.51x 0.39x 1.79x 1.57x - - - -

249.1 212.2 115.6 407.9 435.5 473.3 400.7 - - - -

6.90x 6.67x 11.79x 5.45x 5.15x 4.43x 6.23x - - - -

181.3 146.9 92.5 283.6 345.8 370.3 285.7 - - - -

10.20x 10.10x 22.05x 8.59x 8.44x 6.53x 9.55x - - - -











EBITDA Margin 6.8%



Asset Turnover 1.85







Fiscal Year Ended

Seaboard CorpPrice/Volume

Valuation Analysis

18.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

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!' A

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!' A

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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13.11.2012


SEABOARD FLOUR LLC n/a PROXY 465'826 38.83 - 31.01.2012 Holding Company

SFC PREFERRED LLC n/a PROXY 428'123 35.68 - 31.01.2012 Other

FMR LLC n/a ULT-AGG 61'046 5.09 - 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 45'594 3.8 55 30.06.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'426 1.54 519 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 17'568 1.46 1'323 30.09.2012 Investment Advisor

KAHN BROTHERS GROUP KAHN BROTHERS GROUP 13F 13'883 1.16 (25) 30.09.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'476 0.87 1'000 30.06.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 10'089 0.84 175 30.06.2012 Investment Advisor

BRESKY STEVEN J n/a PROXY 8'608 0.72 45 31.01.2012 n/a

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6'926 0.58 (591) 30.06.2012 Hedge Fund Manager

STATE STREET CORP STATE STREET CORPORA 13F 5'701 0.48 (891) 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'123 0.43 68 30.06.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 3'900 0.33 (553) 30.06.2012 Investment Advisor

AXA AXA 13F 3'527 0.29 - 30.06.2012 Investment Advisor

JAMES INVESTMENT RES JAMES INVESTMENT RES 13F 3'418 0.28 (1'908) 30.09.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 2'820 0.24 2'820 31.12.2011 Government

MERITAGE PORTFOLIO M MERITAGE PORTFOLIO M 13F 2'538 0.21 - 30.09.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'905 0.16 (60) 30.06.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'770 0.15 (92) 30.09.2012 Investment Advisor



Holdings By:

Seaboard Corp ee


13.11.2012

Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean,

wheat, corn, and other grain products. The Company also produces fertilizers

and sells paper products.


LTM as of: 09/yy

52-Week High (15.11.2011) 11.66

52-Week Low (29.06.2012) 7.29

Daily Volume

7.67





13'634.81 1 Yr Total Return -30.72%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

5'432.1 5'606.8 6'520.1 9'235.6 13'324.1 14'669.9 12'168.2 17'030.0 20'436.0 - -

5.12x 3.69x 4.67x 3.20x 1.47x 7.82x 5.70x - - - -

986.7 908.0 714.3 869.7 1'015.7 0.0 0.0 1'103.0 1'414.0 - -

28.17x 22.77x 42.64x 34.01x 19.25x 0.00x 0.00x 14.75x 11.51x - -

536.8 588.1 358.5 357.2 440.9 377.6 466.8 510.5 614.5 - -

46.18x 29.81x 72.62x 66.15x 34.64x 52.52x 30.78x 26.91x 22.23x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.82







Fiscal Year Ended

Heilongjiang Agriculture Co LtdPrice/Volume

Valuation Analysis

13'925'370.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

-'!' A

.'!' A

0'!' A

1'!' A

2'!' A

3'!' A

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''!''

02'!''

1''!''

12'!''

2''!''

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13.11.2012


HEILONGJIANG BEIDAHU n/a Co File 1'140'262'121 64.14 - 31.12.2011 Government

CITIC SECURITIES CO n/a Co File 70'278'344 3.95 - 31.12.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 59'544'991 3.35 3'307'340 31.12.2011 Investment Advisor

CHINA PACIFIC PROP I n/a Co File 46'355'329 2.61 - 31.12.2011 n/a


BILL & MELINDAGATES n/a Co File 7'500'132 0.42 - 31.12.2011 n/a


RONGXINTONG TRUST 10 n/a Co File 4'354'800 0.24 - 31.12.2011 n/a

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'890'833 0.22 144'880 31.12.2011 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3'515'295 0.2 (9'761'894) 31.12.2011 Investment Advisor

BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 3'497'291 0.2 2'000'000 31.12.2011 Investment Advisor

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 2'610'358 0.15 630'942 30.06.2012 Investment Advisor

HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216'769 0.12 (2'828'121) 31.12.2011 Investment Advisor

HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 1'691'243 0.1 85'762 31.12.2011 Investment Advisor

E FUND MANAGEMENT Multiple Portfolios MF-AGG 1'592'660 0.09 (259'200) 31.12.2011 Investment Advisor

CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 1'415'525 0.08 (17'012'753) 31.12.2011 Investment Advisor

GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 1'245'589 0.07 79'049 31.12.2011 Investment Advisor

TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 1'130'817 0.06 (8'029) 31.12.2011 Investment Advisor

DACHENG FUND MANAGME Multiple Portfolios MF-AGG 1'005'058 0.06 (12'149) 31.12.2011 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 889'737 0.05 56'500 13.11.2012 Investment Advisor


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

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

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

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

Southwest Securities Co Ltd WANG JIANHUI neutral 3 N #N/A N/A Not Provided 18.08.2011

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


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

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

GuoYuan Securities JIAXING ZHOU buy 5 M #N/A N/A Not Provided 25.08.2010

Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 24.04.2009

Holdings By:

Heilongjiang Agriculture Co Ltd ee


13.11.2012

Genting Plantations Berhad is an investment holding company which operates

plantations. The Company, through its subsidiaries, also develops and invests

in properties, processes fresh fruit bunches, trades rubber wood, provides palm

oil mill management services, and operates golf course.


LTM as of: 06/yy

52-Week High (05.07.2012) 10.20

52-Week Low (30.11.2011) 7.77

Daily Volume

8.55












GENP MK EQUITY YTD Change - Average Volume 30 Day 447'220

GENP MK EQUITY YTD % CHANGE - Average Volume 3 Month 485'490


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

906.4 1'036.0 755.6 988.6 1'336.5 1'181.3 1'267.7 1'262.4 1'447.3 - -

6.67x 2.12x 5.78x 6.31x 4.45x 19.19x 18.81x 4.79x 4.13x - -

457.5 482.2 305.2 448.6 613.5 607.1 486.2 530.2 636.8 - -

13.22x 4.56x 14.31x 13.90x 9.70x 8.92x 13.45x 11.26x 9.37x - -

344.1 373.3 235.7 324.2 442.0 417.8 356.4 380.5 455.9 - -

18.92x 7.17x 20.05x 20.58x 14.76x 14.38x 19.80x 16.47x 13.81x - -











EBITDA Margin 38.4%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Genting Plantations BhdPrice/Volume

Valuation Analysis

60'000.00


'

.

1

3

5

-'

-.

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

-!' A

.!' A

0!' A

1!' A

2!' A

3!' A

4!' A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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13.11.2012


GENTING BHD n/a EXCH 407'005'000 53.63 - 09.05.2012 Holding Company

EMPLOYEES PROVIDENT #N/A N/A EXCH 115'117'200 15.17 (142'900) 07.11.2012 Government

KUMPULAN WANG PERSAR #N/A N/A EXCH 41'192'500 5.43 (120'100) 06.11.2012 Government



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


GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 3'778'500 0.5 - 31.12.2010 Mutual Fund Manager


CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 2'369'600 0.31 (98'500) 30.04.2011 Mutual Fund Manager

AFFIN TRUST MANAGEME Multiple Portfolios MF-AGG 1'821'800 0.24 - 30.09.2011 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 1'543'400 0.2 - 28.09.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 965'700 0.13 119'300 31.08.2012 Investment Advisor

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 746'805 0.1 (395'095) 30.09.2012 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 739'600 0.1 399'200 28.09.2012 Mutual Fund Manager

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

PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 590'900 0.08 (143'000) 31.10.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 567'800 0.07 (326'000) 30.03.2012 Investment Advisor

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




Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 8 12 month 07.11.2012

Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 M 8 12 month 07.11.2012

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 9 12 month 05.11.2012

Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 9 12 month 05.11.2012

KAF Seagroatt & Campbell VINCE NG buy 5 M 11 Not Provided 30.10.2012

DBS Vickers QUAH HE WEI hold 3 M 10 12 month 29.10.2012

RHB Research Institute Sdn Bhd HOE LEE LENG market perform 3 M 9 12 month 15.10.2012

Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 10 12 month 15.10.2012

Nomura MUZHAFAR MUKHTAR neutral 3 M 10 Not Provided 15.10.2012

UOB Kay Hian TEAM COVERAGE sell 1 M 8 Not Provided 15.10.2012

ECM Libra TEAM COVERAGE hold 3 M 9 12 month 15.10.2012

Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 9 12 month 15.10.2012


JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 9 12 month 11.10.2012

BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 10 12 month 11.10.2012


Credit Suisse TAN TING MIN outperform 5 M 11 Not Provided 11.09.2012



JPMorgan SIMONE X YEOH underweight 1 M 8 6 month 08.09.2012



CIMB IVY NG neutral 3 M 9 12 month 28.08.2012

Holdings By:

Genting Plantations Bhd ee


13.11.2012

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: 09/yy

52-Week High (14.03.2012) 12.65

52-Week Low (14.11.2011) 7.35

Daily Volume

10.62





3'644.18 1 Yr Total Return 44.49%


Preferred Stock - Adjusted BETA 0.947





MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2'319'143

MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'836'632


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/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 21'201.4 23'025.4 23'920.2 26'493.2 6'666.7 6'243.0

1.30x 0.85x 0.93x 0.75x 0.53x 2.24x 2.26x 0.49x 0.45x 1.95x 2.04x

- 884.4 725.0 1'502.5 1'773.8 1'932.8 2'095.5 1'947.1 2'273.4 480.7 507.0

- 5.95x 12.35x 7.90x 6.54x 5.64x 6.83x 7.15x 6.12x 6.43x 5.73x

85.0 (35.5) 534.4 146.1 (746.0) (446.3) (78.2) 176.6 187.7 65.0 (12.9)

36.61x - 9.95x 36.76x - 0.00x 0.00x 37.93x 29.02x 27.23x 24.64x


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








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marfrig Alimentos SAPrice/Volume

Valuation Analysis

1'218'700.00


'

.

1

3

5

-'

-.

-1

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

2!' A

-'!' A

-2!' A

.'!' A

.2!' A

0'!' A

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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13.11.2012


MMS PARTICIPACOES SA n/a EXCH 150'918'743 43.65 - 24.10.2012 n/a

BNDES PARTICIPACOES n/a EXCH 48'197'188 13.94 - 24.10.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 34'510'497 9.98 - 24.10.2012 Investment Advisor

OSI INTERNATIONAL HO n/a EXCH 20'122'499 5.82 - 24.10.2012 n/a

MOLINA DOS MARCOS A n/a EXCH 12'135'734 3.51 - 24.10.2012 n/a

GWI CONSULT PART E S Multiple Portfolios MF-AGG 11'996'930 3.47 1'838'700 30.09.2012 Mutual Fund Manager

PASCOAL MARCAL SANTO n/a EXCH 8'297'938 2.4 - 24.10.2012 n/a

ITAU UNIBANCO SA Multiple Portfolios MF-AGG 2'348'255 0.68 (29'250) 31.10.2012 Investment Advisor

BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 2'311'914 0.67 (39'904) 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'835'400 0.53 800 09.11.2012 Investment Advisor

BNY MELLON ARX INV L Multiple Portfolios MF-AGG 1'549'157 0.45 (83'012) 31.10.2012 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'441'645 0.42 50'300 30.09.2012 Mutual Fund Manager

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'373'745 0.4 (186'100) 31.10.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'277'050 0.37 - 12.11.2012 Investment Advisor

XP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'150'300 0.33 (375'800) 31.08.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'013'553 0.29 - 31.07.2012 Investment Advisor

SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 848'136 0.25 (11'874) 31.10.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 809'446 0.23 - 31.07.2012 Investment Advisor

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 792'672 0.23 - 28.09.2012 Investment Advisor

MERCATTO GESTAO DE R Multiple Portfolios MF-AGG 738'037 0.21 (1'548'963) 30.09.2012 Investment Advisor


Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 07.11.2012


Barclays GABRIEL VAZ DE LIMA equalweight 3 U 11 Not Provided 26.10.2012

Bradesco Corretora RICARDO BOIATI restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012

Raymond James JOSEPH GIORDANO outperform 5 M 14 12 month 25.10.2012

Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 25.10.2012

Agora CTVM SA JOSE FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012

Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 10 12 month 24.10.2012

HSBC PEDRO HERRERA neutral 3 M 13 Not Provided 24.10.2012

JPMorgan ALAN ALANIS underweight 1 D 10 12 month 28.09.2012

Deutsche Bank JOSE J YORDAN buy 5 M 25 12 month 31.08.2012


Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 14.08.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL restricted #N/A N/A M #N/A N/A Not Provided 25.07.2012

Credit Suisse ANTONIO GONZALEZ not rated #N/A N/A M #N/A N/A Not Provided 09.07.2012


Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011


Holdings By:

Marfrig Alimentos SA ee


13.11.2012

Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products.

The Company's products include liquid milk, milk powder, yogurt, cheese, and

juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.


LTM as of: 09/yy

52-Week High (24.05.2012) 10.41

52-Week Low (06.01.2012) 7.92

Daily Volume

8.77





10'743.59 1 Yr Total Return -2.79%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

8'177.4 7'337.4 7'916.4 9'529.1 11'724.9 11'362.7 12'945.9 13'768.0 16'158.0 - -

1.59x 0.58x 1.19x 1.14x 0.90x 3.58x 3.25x - - - -

160.8 (214.3) 407.6 474.2 546.3 0.0 0.0 - - - -

80.75x - 23.06x 22.81x 19.27x 0.00x 0.00x - - - -

212.9 (286.0) 122.5 194.4 237.8 222.4 299.6 310.0 407.0 - -

64.20x - 79.42x 54.00x 38.91x 38.53x 30.49x 34.26x 26.90x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.62







Fiscal Year Ended

Bright Dairy & Food Co LtdPrice/Volume

Valuation Analysis

1'457'071.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.!' A

1!' A

3!' A

5!' A

-'!' A

-.!' A

-1!' A

-3!' A

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'!''

02!''

1'!''

12!''

2'!''

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13.11.2012


SHANGHAI MILK GROUP n/a Co File 367'498'967 30 - 31.12.2011 Corporation

BRIGHT FOOD GROUP CO n/a Co File 314'404'338 25.66 - 31.12.2011 n/a

E FUND MANAGEMENT Multiple Portfolios MF-AGG 28'412'643 2.32 18'413'154 31.12.2011 Investment Advisor


CHINA LIFE INSURANCE n/a Co File 12'377'742 1.01 - 31.12.2011 Government

HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 8'785'364 0.72 8'484'236 30.06.2012 Investment Advisor

ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 8'400'000 0.69 8'400'000 31.12.2011 Investment Advisor

GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 6'236'775 0.51 2'513'476 31.12.2011 Investment Advisor

CHINA INTERNATIONAL Multiple Portfolios MF-AGG 5'001'542 0.41 5'001'542 31.12.2011 Investment Advisor

CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 3'249'648 0.27 3'204'775 31.12.2011 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3'130'801 0.26 (16'142) 31.12.2011 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 2'700'022 0.22 500'004 31.12.2011 Investment Advisor

FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'187'139 0.18 2'187'139 31.12.2011 Investment Advisor

EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 2'071'025 0.17 (92'575) 31.12.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'214'100 0.1 297'000 31.12.2011 Investment Advisor

BANK OF CHINA INVEST Multiple Portfolios MF-AGG 1'199'985 0.1 1'199'985 31.12.2011 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'195'542 0.1 1'195'542 31.12.2011 Investment Advisor


GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 814'594 0.07 552'540 31.12.2011 Investment Advisor

CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 784'434 0.06 - 31.12.2011 Investment Advisor


PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 05.11.2012

SWS Research Co Ltd ZHANG XUEJIAO neutral 3 M #N/A N/A Not Provided 02.11.2012

Capital Securities Corp LIU HUI hold 3 M 10 Not Provided 26.10.2012

China Merchants Securities LONG JUN neutral 3 M #N/A N/A Not Provided 05.07.2012

Northeast Securities Co Ltd ZHU CHENGLIANG add 4 N #N/A N/A Not Provided 16.06.2012

HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 26.03.2012

Bank of China International LIU DU hold 3 M 12 Not Provided 14.04.2011

China International Capital Corp FEIYANG YUAN sell 1 M #N/A N/A Not Provided 11.04.2011

China Investment Securities JIANG XIN buy 5 N #N/A N/A Not Provided 07.01.2011

GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 30.08.2010

China Minzu Securities Co Ltd LIU XIAOFENG add 4 N #N/A N/A Not Provided 23.03.2010

Central China Securities LIU RAN monitored #N/A N/A N #N/A N/A Not Provided 21.09.2009

Holdings By:

Bright Dairy & Food Co Ltd ee


13.11.2012

Illovo Sugar Limited is a sugar producing company that operates in all areas of

sugar production, from growing sugar cane to milling, refining and packaging

sugar. The Company also manufactures downstream by-products.


LTM as of: 01/yy

52-Week High (02.11.2012) 3'260.00

52-Week Low (21.12.2011) 2'182.68

Daily Volume

3080





14'173.35 1 Yr Total Return 23.31%







ILV SJ EQUITY YTD Change - Average Volume 30 Day 153'369

ILV SJ EQUITY YTD % CHANGE - Average Volume 3 Month 227'307


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 - -

6'794.1 8'601.7 8'467.9 8'107.9 9'173.2 - - 11'104.0 12'034.7 - -

1.76x 1.50x 1.68x 1.64x 1.49x - - 1.40x 1.25x - -

1'214.0 1'604.0 1'746.1 1'216.5 1'580.2 - - 2'150.3 2'504.2 - -

9.83x 8.02x 8.17x 10.91x 8.65x - - 7.53x 6.46x - -

599.8 739.1 662.0 546.2 443.1 - - 912.3 1'132.2 - -

17.27x 13.46x 17.35x 23.93x 19.10x - - 15.77x 12.68x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Illovo Sugar LtdPrice/Volume

Valuation Analysis

225'909.00


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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

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13.11.2012


ABF OVERSEAS LTD n/a Co File 236'569'232 51.41 - 31.03.2012 Other

GEPF EQUITY n/a SJ-REG 31'803'561 6.91 - 26.10.2012 n/a

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 31'127'557 6.76 (78'200) 29.06.2012 Investment Advisor

ALLAN GRAY BALANCED n/a SJ-REG 14'327'049 3.11 - 26.10.2012 n/a

ALLAN GRAY EQUITY FU n/a SJ-REG 12'124'596 2.63 (100'000) 26.10.2012 n/a

GEPF SIM PTY LTD IND n/a SJ-REG 9'530'700 2.07 - 26.10.2012 n/a

GLOBAL BALANCED PORT n/a SJ-REG 6'713'293 1.46 - 26.10.2012 n/a

INVESTEC FUND GROUP Multiple Portfolios MF-AGG 6'438'060 1.4 1'067'564 31.03.2012 Investment Advisor

OLD MUTUAL LIFE ASSU n/a SJ-REG 6'431'364 1.4 1'724'031 26.10.2012 n/a

STATE STREET BANK AN n/a SJ-REG 6'001'610 1.3 (122'892) 26.10.2012 n/a

INVESTEC OPPORTUNITY n/a SJ-REG 5'855'705 1.27 - 26.10.2012 n/a

CITIBANK N.A.NEW YOR n/a SJ-REG 4'196'620 0.91 (94'447) 26.10.2012 n/a

OLD MUTUAL n/a ULT-AGG 4'131'270 0.9 (297'989) 31.03.2012 Unclassified

FIRST STATE INVESTME Multiple Portfolios MF-AGG 3'675'267 0.8 - 31.07.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3'675'267 0.8 - 31.07.2012 Bank

ALLAN GRAY STABLE FU n/a SJ-REG 3'012'614 0.65 - 26.10.2012 n/a

DOMESTIC EQUITY PORT n/a SJ-REG 2'946'539 0.64 (145'900) 26.10.2012 n/a

SANLAM LIFE INSURANC n/a SJ-REG 2'512'656 0.55 (29) 26.10.2012 n/a

DOMESTIC BALANCED PO n/a SJ-REG 2'441'636 0.53 - 26.10.2012 n/a



Investec ANTHONY GEARD hold 3 M 3'000 Not Provided 07.11.2012

SBG Securities BRENDAN GRUNDLINGH buy 5 M 3'300 12 month 10.10.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.09.2012

Goldman Sachs ROSIE EDWARDS neutral/neutral 3 M 3'050 12 month 29.08.2012

Avior Research JITEN BECHOO hold 3 M 2'986 Not Provided 19.06.2012

Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 2'650 12 month 28.05.2012

Renaissance Capital ROBYN COLLINS underweight 1 M 3'400 Not Provided 20.01.2010

Holdings By:

Illovo Sugar Ltd ee


13.11.2012

Tongaat Hulett Ltd is the holding company for a group of companies with a

diverse range of operations including sugar cane cultivation, raw sugar milling

and refining, and specialty starches and sweeteners. Other operations include

land management, bio-fuel production and electricity co-generation.


LTM as of: 12/yy

52-Week High (30.08.2012) 14'700.00

52-Week Low (14.11.2011) 9'068.00

Daily Volume

12987





14'091.00 1 Yr Total Return 45.84%







TON SJ EQUITY YTD Change - Average Volume 30 Day 166'061

TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 177'646


31.12.2007 31.12.2008 31.12.2009 31.03.2011 31.03.2012 03/yy 12/yy 03/13 Y 03/14 Y 03/05 Q1 06/05 Q2

6'395.0 7'106.0 9'110.0 9'681.0 12'081.0 0.0 0.0 13'301.8 14'878.4 - -

1.62x 1.30x 1.59x 1.63x 1.42x #DIV/0! #DIV/0! 1.45x 1.24x - -

1'060.0 1'581.0 1'975.0 1'661.0 2'242.0 0.0 0.0 2'766.0 3'163.0 - -

9.79x 5.83x 7.35x 9.49x 7.65x 0.00x 0.00x 7.65x 6.69x - -

3'457.0 649.0 2'868.0 833.0 889.0 0.0 0.0 1'214.2 1'479.0 - -

153.18x 11.23x 12.18x 12.82x 12.40x 0.00x 0.00x 11.16x 9.52x - -










Gross Margin - Total Debt/EBITDA 2.77

EBITDA Margin 18.6%



Asset Turnover 0.67





Accounts Receivable Turnover 4.74 Cash Conversion Cycle -


Fiscal Year Ended

Tongaat Hulett LtdPrice/Volume

Valuation Analysis

97'323.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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-!1 A

-!3 A

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 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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13.11.2012


GEPF EQUITY n/a SJ-REG 16'676'402 15.37 571'276 26.10.2012 n/a

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8'517'933 7.85 (655'861) 29.06.2012 Investment Advisor

ALLAN GRAY EQUITY FU n/a SJ-REG 4'402'559 4.06 (46'700) 26.10.2012 n/a

ALLAN GRAY BALANCED n/a SJ-REG 2'831'309 2.61 (46'700) 26.10.2012 n/a

GEPF KAGISO ASSET MN n/a SJ-REG 2'369'633 2.18 (40'739) 26.10.2012 n/a

INV SOL LTD INCUBATO n/a SJ-REG 2'033'000 1.87 (85'264) 26.10.2012 n/a

GEPF CORONATION FM P n/a SJ-REG 1'878'922 1.73 - 26.10.2012 n/a

ESKOM PENSION + PROV n/a SJ-REG 1'735'672 1.6 43'743 26.10.2012 n/a

TONGAAT HULETT MANAG n/a SJ-REG 1'727'621 1.59 687'000 26.10.2012 n/a

IS LTD-ELEMENT INVES n/a SJ-REG 1'716'312 1.58 - 26.10.2012 n/a

MELLON BANK N.A OMNI n/a SJ-REG 1'453'279 1.34 (51'987) 26.10.2012 n/a

CITIBANK N.A.NEW YOR n/a SJ-REG 1'439'806 1.33 30'423 26.10.2012 n/a

GLOBAL BALANCED PORT n/a SJ-REG 1'366'131 1.26 - 26.10.2012 n/a

MACQUARIE GROUP LTD n/a ULT-AGG 1'218'196 1.12 - 28.09.2012 Investment Advisor


CORONATION ASSET MAN Multiple Portfolios MF-AGG 990'140 0.91 225'954 30.06.2012 Investment Advisor

JP MORGAN CHASE BANK n/a SJ-REG 925'220 0.85 (41'531) 26.10.2012 n/a


TONGAAT HULETT DEFIN n/a SJ-REG 853'902 0.79 - 26.10.2012 n/a

SBSA ITF SYM SAT EQ n/a SJ-REG 852'905 0.79 - 26.10.2012 n/a


Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 M 10'250 12 month 12.11.2012

Investec ANTHONY GEARD buy 5 M 15'000 Not Provided 30.10.2012

SBG Securities BRENDAN GRUNDLINGH buy 5 M 14'900 12 month 10.10.2012


Avior Research JITEN BECHOO buy 5 M 15'067 Not Provided 12.06.2012

Renaissance Capital ROBYN COLLINS underweight 1 M 10'023 Not Provided 20.01.2010

Holdings By:

Tongaat Hulett Ltd ee


13.11.2012

Kernel Holding SA is a diversified agri-business company operating in

Ukraine. The Company produces, procures, transports, stores, processes and

merchandises agricultural commodities on the international markets through

Company-owned port transshipment facilities. Kernel also produces, refines,

packages and merchandizes bottled vegetable oil.


LTM as of: 06/yy

52-Week High (22.08.2012) 76.00

52-Week Low (21.05.2012) 51.00

Daily Volume

63.5





5'059.90 1 Yr Total Return -3.57%







KER PW EQUITY YTD Change - Average Volume 30 Day 100'517

KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 92'155


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

663.1 1'047.1 1'020.5 1'899.1 2'169.2 1'899.8 2'169.2 2'534.1 2'632.1 535.0 -

1.36x 0.81x 1.50x 1.34x 0.97x 4.97x 4.09x 0.81x 0.73x - -

105.1 177.6 175.5 285.2 324.6 313.2 324.7 385.4 405.3 74.2 -

8.59x 4.80x 8.73x 8.93x 6.47x 8.13x 6.46x 5.67x 5.39x - -

83.2 135.5 152.0 226.3 213.8 228.9 210.0 230.1 242.8 41.0 -

8.32x 5.06x 8.15x 9.15x 6.80x 9.05x 6.92x 6.86x 6.04x - -











EBITDA Margin 15.0%



Asset Turnover 1.18







Fiscal Year Ended

Kernel Holding SAPrice/Volume

Valuation Analysis

42'318.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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1'

2'

3'

4'

5'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2'!''

-''!''

-2'!''

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13.11.2012


NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 10.11.2012 Other

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'095'150 2.63 - 30.09.2012 Investment Advisor


COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'400'000 1.76 - 30.06.2011 Investment Advisor


BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'107'145 1.39 - 30.06.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'099'456 1.38 135'293 28.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 933'414 1.17 4'927 09.11.2012 Investment Advisor

AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 30.06.2012 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 660'129 0.83 22'700 30.06.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 326'495 0.41 - 28.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 308'154 0.39 (9'774) 30.09.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 306'989 0.39 - 30.06.2012 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.38 55'500 29.06.2012 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 218'301 0.27 - 31.07.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 208'629 0.26 (325'266) 30.06.2012 Investment Advisor

INVESTORS TFI SA Multiple Portfolios MF-AGG 205'297 0.26 (29'053) 30.06.2012 Mutual Fund Manager

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 193'604 0.24 - 31.07.2012 Investment Advisor



UFC Capital VLADIMIR LANDA buy 5 M 97 Not Provided 05.11.2012

Erste Bank IGOR ZHOLONKIVSKYI hold 3 M 63 12 month 04.11.2012

Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012

Wood & Company PIOTR DROZD hold 3 D 67 12 month 31.10.2012

Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012

Millennium Dom Maklerski ADAM KAPTUR neutral 3 D 71 Not Provided 19.09.2012

Ipopema Securities SA ZANETA MARZEC sell 1 D 66 12 month 18.09.2012

Dom Inwestycyjny BRE Banku JAKUB SZKOPEK reduce 2 D 63 Not Provided 31.08.2012

Sberbank CIB KONSTANTIN FASTOVETS buy 5 U 104 Not Provided 20.08.2012

ING Wholesale Banking ADAM MILEWICZ hold 3 U 68 12 month 24.07.2012

UniCredit Research MARCIN GATARZ hold 3 D 65 12 month 02.07.2012

ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012

Concorde Capital Ltd YEGOR SAMUSENKO buy 5 U 92 12 month 17.05.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012

Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012

Phoenix Capital LLC ANNA SHUVALOVA hold 3 N 90 12 month 23.11.2011

BG Capital DMYTRO USHENKO buy 5 U 109 12 month 15.06.2011

Holdings By:

Kernel Holding SA ee


13.11.2012

MHP SA is a vertically integrated producer of poultry products in Ukraine. The

Company owns and operates each of the key stages of chicken production process

from feed grains to processing, marketing, distribution and sales. MHP also has

an expanding grain cultivation business, growing crops to support its chicken

production and for sale to third parties.


LTM as of: 06/yy

52-Week High (29.10.2012) 15.95

52-Week Low (29.12.2011) 9.16

Daily Volume

13.58



% 52 Week Price Range High/Low 77.19% Equity Float -


1'517.40 1 Yr Total Return 28.11%







MHPC LI EQUITY YTD Change - Average Volume 30 Day 101'858

MHPC LI EQUITY YTD % CHANGE - Average Volume 3 Month 126'599


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

474.4 799.0 711.0 944.2 1'229.1 1'048.6 1'356.2 1'347.0 1'525.1 303.0 322.0

- 1.00x 2.25x 2.68x 1.63x 9.68x 6.42x 1.70x 1.39x - -

166.5 313.8 271.0 326.6 401.6 351.6 474.5 459.8 525.0 106.8 209.0

- 2.54x 5.90x 7.75x 4.98x 7.25x 4.62x 5.21x 4.57x - -

40.9 1.5 148.6 205.4 243.4 186.4 327.6 275.8 315.3 58.2 64.0

- 29.55x 7.39x 9.10x 4.75x 9.59x 3.79x 5.27x 4.66x - -











EBITDA Margin 35.0%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MHP SAPrice/Volume

Valuation Analysis

35'628.00


'.135

-'-.-1-3-5

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!2 A

-!' A

-!2 A

.!' A

.!2 A

0!' A

0!2 A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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13.11.2012


KOSYUK YURIY A n/a Research 69'600'000 66.05 (15'900'000) 08.12.2010 n/a

FRANKLIN RESOURCES n/a ULT-AGG 3'347'044 3.18 152'584 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'250'877 3.09 (141'731) 30.09.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'477'025 1.4 - 31.08.2012 Investment Advisor

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 778'865 0.74 8'766 30.09.2012 Investment Advisor


SEB n/a ULT-AGG 630'013 0.6 2'183 28.09.2012 Unclassified

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 607'262 0.58 - 30.06.2012 Investment Advisor

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 541'388 0.51 - 28.09.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 529'950 0.5 (9'996) 31.10.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 407'260 0.39 (88'370) 31.08.2012 Investment Advisor

KLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 350'000 0.33 (80'000) 30.06.2012 Hedge Fund Manager

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 340'833 0.32 - 30.06.2012 Investment Advisor

WOORI ASSET MANAGEME Multiple Portfolios MF-AGG 216'000 0.2 - 30.06.2012 Mutual Fund Manager

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 210'000 0.2 - 31.08.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 161'420 0.15 - 31.07.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 130'821 0.12 - 31.08.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 100'000 0.09 100'000 30.09.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 92'800 0.09 - 31.05.2012 Investment Advisor



Erste Bank IGOR ZHOLONKIVSKYI buy 5 M 16 12 month 04.11.2012

VTB Capital IVAN KUSHCH buy 5 M 24 12 month 17.10.2012

Alfa-Bank MARTIN MASAR overweight 5 M 23 Not Provided 17.09.2012

Eavex Capital IVAN DZVINKA buy 5 N 24 12 month 12.09.2012

Sberbank CIB KONSTANTIN FASTOVETS buy 5 M 18 Not Provided 10.09.2012


Credit Suisse VICTORIA PETROVA outperform 5 M 20 Not Provided 24.07.2012

Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 24 12 month 20.07.2012

Morgan Stanley MARYIA BERASNEVA Overwt/In-Line 5 M 22 12 month 17.07.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 26 12 month 17.07.2012

Deutsche Bank NATALIA SMIRNOVA hold 3 M 13 12 month 14.06.2012

ArtCapital ANDRIY PATIOTA buy 5 M 23 12 month 27.03.2012

Concorde Capital Ltd YEGOR SAMUSENKO buy 5 M 19 12 month 21.03.2012


Dragon Capital TAMARA LEVCHENKO buy 5 M 21 12 month 20.03.2012

Phoenix Capital LLC ANNA SHUVALOVA buy 5 N 21 12 month 23.11.2011

BG Capital DMYTRO USHENKO buy 5 M 25 12 month 29.03.2011

Holdings By:

MHP SA ee


13.11.2012

Indofood Agri Resources Limited is an integrated agribusiness company. The

Company and its subsidiaries are involved in research and development, oil palm

seed breeding, oil palm cultivation and milling. Indofood Agri Resources also

refines, brands and markets cooking oil, margarine, shortening and other palm

oil products.


LTM as of: 09/yy

52-Week High (22.02.2012) 1.70

52-Week Low (05.06.2012) 1.15

Daily Volume

1.225





1'758.83 1 Yr Total Return -8.39%

Total Debt 7'260'324.00 YTD Return -2.96%


Minority Interest 8'622'050.0 Analyst Recs 20

Cash and Equivalents 6'535'204.00 Consensus Rating 4.300



IFAR SP EQUITY YTD Change - Average Volume 30 Day 2'887'833

IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'952'125


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

6'505'642.0 11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 ######### ######### ######### ######### ######### -

4.49x 1.09x 3.46x 3.98x 1.76x 9.35x 7.27x 1.66x 1.39x - -

1'535'383.0 3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 ######### ######### ######### ######### - -

19.01x 3.93x 11.95x 12.40x 6.19x 5.28x 7.69x 6.53x 5.37x - -

889'094.0 795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 ######### ######### ######### ######### - -

23.55x 7.60x 14.82x 20.11x 8.65x 7.37x 11.43x 10.82x 8.64x - -

EBITDA 3'581'819.00 Long-Term Rating Date -

EBIT 3'094'222.00 Long-Term Rating -









EBITDA Margin 24.3%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Indofood Agri Resources LtdPrice/Volume

Valuation Analysis

1'042'000.00


'''-----..

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.!' A

1!' A

3!' A

5!' A

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0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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02!''

1'!''

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13.11.2012


INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.52 - 15.03.2011 Other


INDOFOOD AGRI RESOUR n/a EXCH 12'000'000 0.84 500'000 09.11.2012 Corporation


WELLS FARGO n/a ULT-AGG 4'624'109 0.32 (152'892) 31.08.2012 Unclassified



RIDGEWORTH CAPITAL M Multiple Portfolios MF-AGG 2'157'000 0.15 - 30.09.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'001'000 0.14 - 30.09.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 2'000'000 0.14 (10'000'000) 30.06.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.03.2012 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.06.2011 Mutual Fund Manager

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'909'701 0.13 - 31.08.2012 Investment Advisor

WELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1'175'000 0.08 - 31.08.2012 Investment Advisor

FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2011 Unclassified

MORGAN STANLEY n/a ULT-AGG 1'108'000 0.08 - 30.06.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'000'000 0.07 1'000'000 31.10.2012 Investment Advisor

FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2011 n/a

NIKKO ASSET MANAGEME n/a ULT-AGG 845'000 0.06 - 14.09.2011 Unclassified



Macquarie CONRAD WERNER outperform 5 M 1 12 month 08.11.2012



Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 01.11.2012

HSBC THILAN WICKRAMASINGHE underweight 1 D 1 Not Provided 01.11.2012

DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.11.2012


TA Securities Holdings Berhad JAMES RATNAM buy 5 M 2 12 month 01.11.2012

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2 Not Provided 01.11.2012


Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 2 12 month 31.10.2012


CIMB IVY NG outperform 5 M 2 12 month 31.10.2012



BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 1 12 month 25.09.2012

Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012

IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011

Holdings By:

Indofood Agri Resources Ltd ee


13.11.2012

Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous

fruit, melons, and other fresh produce and non-produce items. The Company

grows, distributes, transports, and markets its products worldwide.


LTM as of: 09/yy

52-Week High (15.11.2011) 26.33

52-Week Low (22.03.2012) 21.80

Daily Volume

24.85





1'435.22 1 Yr Total Return -2.92%







FDP US EQUITY YTD Change - Average Volume 30 Day 146'213

FDP US EQUITY YTD % CHANGE - Average Volume 3 Month 160'300


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

3'365.5 3'531.0 3'496.4 3'552.9 3'589.7 3'625.6 3'425.1 3'430.4 3'499.4 789.8 922.8

0.70x 0.57x 0.49x 0.49x 0.46x 1.84x 1.77x 0.47x 0.44x - -

269.0 265.0 228.7 184.3 202.6 220.7 216.3 243.0 256.3 18.5 86.8

8.72x 7.57x 7.52x 9.42x 8.09x 6.63x 7.03x 6.08x 5.77x 6.06x 5.96x

179.8 157.7 143.9 62.2 92.5 93.0 133.1 147.0 151.5 1.3 60.1

10.52x 8.39x 9.25x 15.31x 14.80x 12.15x 10.89x 9.81x 9.50x 9.73x 9.46x


EBIT 129.10 Long-Term Rating NR









EBITDA Margin 6.3%



Asset Turnover 1.40







Fiscal Year Ended

Fresh Del Monte Produce IncPrice/Volume

Valuation Analysis

23'767.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!. A

!1 A

!3 A

!5 A

-!' A

-!. A

-!1 A

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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

.3!-.!.''5 .3!'3!.''6 .3!-.!.''6 .3!'3!.'-' .3!-.!.'-' .3!'3!.'-- .3!-.!.'-- .3!'3!.'-.



13.11.2012


FMR LLC n/a ULT-AGG 6'704'300 11.54 (139'783) 30.06.2012 Investment Advisor

ABU GHAZALEH MOHAMME n/a Form 4 5'310'455 9.14 - 10.05.2011 n/a


LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 3'592'179 6.18 (87'925) 30.09.2012 Investment Advisor

ABU-GHAZALEH AMIR n/a Form 4 3'474'595 5.98 (125'000) 30.05.2012 n/a

ABU-GHAZALEH OUSSAMA n/a PROXY 3'398'502 5.85 (235'287) 01.03.2012 n/a

ABU-GHAZALEH MAHER n/a 13D 2'910'650 5.01 - 14.03.2011 n/a

ABU-GHAZALEH SUMAYA n/a PROXY 2'811'666 4.84 (50'000) 01.03.2012 n/a

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'669'420 4.59 (38'800) 30.06.2012 Investment Advisor




TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'196'088 2.06 (1'380'178) 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 982'336 1.69 32'677 30.06.2012 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 941'439 1.62 40'200 30.06.2012 Hedge Fund Manager

CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 925'125 1.59 (227'636) 30.09.2012 Hedge Fund Manager

STATE STREET CORP STATE STREET CORPORA 13F 922'229 1.59 (77'655) 30.06.2012 Investment Advisor

DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 747'334 1.29 107'370 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 684'457 1.18 18'418 30.06.2012 Investment Advisor

BUCKHEAD CAPITAL MAN BUCKHEAD CAPITAL MAN 13F 672'144 1.16 (94'089) 30.09.2012 Investment Advisor


SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M #N/A N/A Not Provided 06.11.2012


Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 31 12 month 31.10.2012

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 31.10.2012

Jefferies SCOTT A MUSHKIN hold 3 M 26 12 month 26.10.2012

BB&T Capital Markets HEATHER L JONES buy 5 U 30 12 month 19.09.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 17.08.2012

Holdings By:

Fresh Del Monte Produce Inc ee


13.11.2012

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


LTM as of: 09/yy

52-Week High (08.11.2012) 26.10

52-Week Low (02.01.2012) 16.45

Daily Volume

24.4





2'775.28 1 Yr Total Return 20.07%







SMTO3 BZ EQUITY YTD Change - Average Volume 30 Day 142'677

SMTO3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 137'165


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4

712.4 774.4 1'183.3 1'295.0 1'367.0 1'397.9 1'477.1 1'556.7 1'927.5 405.0 -

4.86x 2.92x 2.20x 2.60x 2.52x 6.95x 6.39x 2.42x 2.03x - -

128.1 243.2 283.7 379.4 414.3 481.6 443.9 647.8 829.5 158.0 -

27.05x 9.28x 9.18x 8.88x 8.31x 0.00x 0.00x 5.79x 4.52x - -

(46.9) (71.9) 103.7 142.3 126.6 175.2 92.9 158.3 239.8 46.9 -

- - 17.73x 20.30x 20.82x 12.92x 29.08x 18.25x 12.68x - -


EBIT 229.29 Long-Term Rating BB+









EBITDA Margin 44.5%



Asset Turnover 0.28







Fiscal Year Ended

Sao Martinho SAPrice/Volume

Valuation Analysis

39'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!- A

!. A

!0 A

!1 A

!2 A

!3 A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



13.11.2012


LJN PARTICIPACOES SA n/a EXCH 63'415'600 56.12 - 11.09.2012 Corporation


HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 1'596'921 1.41 3'700 31.10.2012 Investment Advisor

BAPTISTA LUIZ OLAVO n/a EXCH 1'197'800 1.06 - 11.09.2012 n/a

GARTMORE INVESTMENT Multiple Portfolios MF-AGG 939'359 0.83 (7'900) 30.09.2012 Investment Advisor

VICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 799'500 0.71 35'100 31.10.2012 Mutual Fund Manager

SAO MARTINHO SA n/a EXCH 711'900 0.63 - 11.09.2012 n/a

LARRAIN VIAL SA Multiple Portfolios MF-AGG 659'500 0.58 - 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 528'200 0.47 - 09.11.2012 Investment Advisor

SPINELLI SA CVMC/BRA Multiple Portfolios MF-AGG 500'000 0.44 - 31.07.2012 Mutual Fund Manager

SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 423'560 0.37 28'382 31.10.2012 Mutual Fund Manager


VANGUARD GROUP INC Multiple Portfolios MF-AGG 256'406 0.23 25'589 30.06.2012 Investment Advisor


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 135'314 0.12 - 30.09.2012 Investment Advisor

GERACAO FUTURO CORRE Multiple Portfolios MF-AGG 134'700 0.12 134'700 31.10.2012 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 125'422 0.11 - 09.11.2012 Investment Advisor

SABINO OMET JOAO GUI n/a EXCH 124'300 0.11 - 11.09.2012 n/a

CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 119'900 0.11 26'900 31.03.2012 Mutual Fund Manager

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 113'000 0.1 - 30.04.2011 Investment Advisor


Morgan Stanley JAVIER MARTINEZ Equalwt/No Rating 3 M 26 12 month 08.11.2012


Itau BBA Securities GIOVANA ARAUJO outperform 5 M 35 Not Provided 08.11.2012

Coinvalores MARCO AURELIO BARBOSA hold 3 M 27 Not Provided 08.11.2012

Bradesco Corretora AURO ROZENBAUM outperform 5 M 34 12 month 07.11.2012

Votorantim CTVM Research DANIEL FONSECA outperform 5 M 32 12 month 07.11.2012

JPMorgan CASSIO LUCIN overweight 5 M 31 Not Provided 26.10.2012

Agora CTVM SA LUIZ OTAVIO BROAD buy 5 M 34 Not Provided 24.10.2012



Banco do Brasil SA HENRIQUE AUGUSTO KOCH outperform 5 M 31 Not Provided 15.08.2012

Fator Corretora RODRIGO FERNANDES buy 5 M 32 Not Provided 27.06.2012

Deutsche Bank ALESSANDRO BALDONI buy 5 U 28 12 month 20.06.2012

Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 32 Not Provided 05.04.2012


SLW Corretora de Valores e Cambio LTDERICK SCOTT HOOD buy 5 M #N/A N/A Not Provided 16.02.2012

Grupo Santander CHRISTIAN AUDI buy 5 M 32 Not Provided 13.12.2011

Ativa S/A CTV RICARDO CORREA Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2011

Holdings By:

Sao Martinho SA ee


13.11.2012

New Britain Palm Oil Limited is an integrated industrial producer of

sustainable palm oil in Australasia. The Company owns and operates palm oil

plantations, seed production and plant breed facilities, and two refineries.


LTM as of: 06/yy

52-Week High (01.02.2012) 911.50

52-Week Low (13.11.2012) 542.00

Daily Volume

547.5





821.51 1 Yr Total Return -32.41%







NBPO LN EQUITY YTD Change - Average Volume 30 Day 92'321

NBPO LN EQUITY YTD % CHANGE - Average Volume 3 Month 207'536


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 03/10 Q1 06/10 Q2

225.0 352.2 323.8 470.5 780.1 435.7 762.2 666.5 706.7 - -

4.28x 0.94x 3.06x 4.97x 2.45x 0.00x 0.00x 2.46x 2.24x - -

96.7 136.0 111.1 175.5 336.7 0.0 0.0 165.8 212.2 - -

9.97x 2.44x 8.91x 13.32x 5.67x 0.00x 0.00x 9.63x 7.53x - -

86.9 21.2 138.0 247.2 76.5 0.0 0.0 62.2 100.1 - -

12.38x 15.72x 6.85x 8.09x 20.93x 0.00x 0.00x 20.47x 14.33x - -











EBITDA Margin 43.5%



Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New Britain Palm Oil LtdPrice/Volume

Valuation Analysis

12'147.00


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

-'''

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!2 A

-!' A

-!2 A

.!' A

.!2 A

0!' A

0!2 A

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



13.11.2012


KULIM MALAYSIA BHD n/a Co File 73'482'619 48.97 - 31.12.2010 Investment Advisor

WEST NEW BRITAIN PRO n/a Co File 12'000'000 8 - 31.12.2010 n/a

CHAYTOR ALAN JAMES n/a Co File 6'699'000 4.46 - 31.12.2010 n/a

PACIFIC RIM PLANTATI n/a Co File 6'699'000 4.46 - 31.12.2010 Other

AXA FRAMLINGTON INV n/a Co File 5'057'715 3.37 - 31.12.2010 Investment Advisor

NATIONAL CAPITAL n/a Co File 4'784'184 3.19 - 31.12.2010 Other

JP MORGAN n/a ULT-AGG 4'342'417 2.89 - 31.07.2012 Unclassified

STANDARD LIFE INVEST n/a Co File 3'846'609 2.56 - 31.12.2010 Investment Advisor

THREADNEEDLE INVESTM n/a Co File 3'838'817 2.56 - 31.12.2010 Investment Advisor

NATL SUPERANNUATION n/a Co File 3'756'774 2.5 - 31.12.2010 n/a

PNG SUSTAINABLE DEVP n/a Co File 2'153'626 1.44 - 31.12.2010 Other


FRANKLIN TEMPLETON I Multiple Portfolios MF-AGG 1'950'000 1.3 (310'000) 30.06.2012 Investment Advisor

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 1'748'585 1.17 - 30.09.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'501'548 1 165'860 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'452'460 0.97 282'901 31.08.2012 Investment Advisor

KINA FUNDS MGMT n/a Co File 1'404'200 0.94 - 31.12.2010 n/a

INDEPENDENT PUBLIC B n/a Co File 1'349'682 0.9 - 31.12.2010 Other

AVIVA INVESTORS GLOB n/a Co File 1'274'775 0.85 - 31.12.2010 Investment Advisor

OLD MUTUAL n/a ULT-AGG 1'158'000 0.77 - 31.12.2010 Unclassified



Deutsche Bank HAROLD THOMPSON buy 5 M 700 12 month 02.11.2012

Peel Hunt CHARLES HALL buy 5 M 700 Not Provided 02.11.2012

Shore Capital Stockbrokers PHIL CARROLL sell 1 D #N/A N/A Not Provided 01.11.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 750 Not Provided 05.10.2012

Daniel Stewart & Co EDWARD HUGO sell 1 M 657 12 month 22.08.2012

XCAP Securities Limited RICHARD LUCAS strong buy 5 N 1'100 Not Provided 04.08.2011

Holdings By:

New Britain Palm Oil Ltd ee


13.11.2012

China Modern Dairy Holdings Ltd. is an industrialized agricultural company.

The Company operates dairy farms and produces raw milk in China. China Modern

Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy

farming.


LTM as of: 01/yy

52-Week High (26.03.2012) 2.45

52-Week Low (28.12.2011) 1.51

Daily Volume

1.98





9'504.00 1 Yr Total Return -4.35%







1117 HK EQUITY YTD Change - Average Volume 30 Day 2'985'877

1117 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'277'978


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

- - 589.8 1'113.4 1'677.6 - - 2'647.1 3'610.7 - -

- - - 9.09x 5.52x - - 3.77x 2.82x - -

- - 118.1 346.8 429.9 - - 752.2 1'029.6 - -

- - - 29.20x 21.53x - - 13.00x 9.50x - -

- - 53.1 224.6 398.5 - - 562.7 792.9 - -

- - - 38.34x 17.86x - - 13.38x 9.77x - -








Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.64



EBITDA Margin 25.0%



Asset Turnover 0.22







Fiscal Year Ended

China Modern Dairy Holdings LtdPrice/Volume

Valuation Analysis

569'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

2!' A

-'!' A

-2!' A

.'!' A

.2!' A

0'!' A

02!' A

1'!' A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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



13.11.2012


ADVANCED DAIRY CO LT n/a Co File 1'152'248'682 24.01 - 30.06.2012 Corporation

YINMU HOLDINGS CO LT n/a Co File 739'559'117 15.41 - 30.06.2012 n/a

XINMU HOLDINGS CO LT n/a Co File 711'021'025 14.81 - 30.06.2012 n/a

CRYSTAL DAIRY HOLDIN n/a Co File 384'104'918 8 - 30.06.2012 Holding Company

JINMU HOLDINGS CO LT n/a Co File 218'157'733 4.54 - 30.06.2012 n/a

UBS n/a ULT-AGG 216'211'562 4.5 16'632 30.06.2012 Unclassified


IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 30'778'000 0.64 - 30.06.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 15'061'000 0.31 (1'439'000) 31.12.2011 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 11'000'000 0.23 - 11.04.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 8'665'000 0.18 4'040'000 30.09.2012 Investment Advisor


STATE STREET CORP Multiple Portfolios MF-AGG 5'605'000 0.12 88'000 09.11.2012 Investment Advisor

EMERGING MARKETS MAN Multiple Portfolios MF-AGG 5'280'000 0.11 (221'000) 29.06.2012 Investment Advisor

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 5'043'101 0.11 46'002 09.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 2'550'264 0.05 - 28.09.2012 Unclassified

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 2'299'872 0.05 - 09.11.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'476'000 0.03 - 29.06.2012 Investment Advisor


WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 1'309'000 0.03 - 15.11.2011 Investment Advisor


Deutsche Bank ANNE LING buy 5 M 2 12 month 08.11.2012

Oriental Patron Securities Ltd TRACY SUN buy 5 N 3 12 month 06.11.2012

Standard Chartered CHARLES YAN outperform 5 M 3 12 month 12.10.2012


Jefferies JESSIE GUO buy 5 M 3 12 month 26.09.2012

First Shanghai Securities Ltd JERRY LU buy 5 M 2 12 month 24.09.2012

Guotai Junan SUNNY KWOK neutral 3 D 2 Not Provided 19.09.2012

Mirae Asset Securities MAXWELL YANG reduce 2 M 2 12 month 19.09.2012

Credit Suisse KEVIN YIN outperform 5 M 3 Not Provided 18.09.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 2 Not Provided 18.09.2012

GuoSen Securities Co Ltd NANXIANG YANG buy 5 N 3 12 month 27.04.2012

Celestial Securities Limited TEAM COVERAGE hold 3 N #N/A N/A Not Provided 06.01.2011

Holdings By:

China Modern Dairy Holdings Ltd ee


13.11.2012

Cermaq ASA manufactures fish feed and operates fish farms. The Company mills

salmon and trout food in Norway, the United Kingdom, Canada and Chile, and

raises fish in the United Kingdom, Canada, and Chile.


LTM as of: 09/yy

52-Week High (14.02.2012) 82.59

52-Week Low (25.11.2011) 56.39

Daily Volume

75





6'937.50 1 Yr Total Return 29.11%







CEQ NO EQUITY YTD Change - Average Volume 30 Day 90'922

CEQ NO EQUITY YTD % CHANGE - Average Volume 3 Month 156'844


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

7'721.2 8'715.6 8'971.7 9'990.5 11'634.3 11'520.4 11'525.3 11'592.8 13'435.3 3'335.5 2'633.3

1.07x 0.65x 0.78x 0.95x 0.65x 3.07x 2.99x 0.81x 0.70x 2.92x -

1'008.3 331.8 857.9 1'778.3 1'685.5 1'984.2 1'024.6 864.0 1'501.4 245.5 239.3

8.20x 16.99x 8.18x 5.36x 4.50x 3.56x 9.25x 10.97x 6.31x 7.17x 6.34x

497.5 (59.1) 295.3 1'514.4 789.0 1'084.7 180.1 233.7 831.0 107.8 92.7

14.03x - 15.22x 5.50x 8.23x 5.39x 38.52x 22.25x 8.35x 9.86x 8.12x











EBITDA Margin 8.9%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cermaq ASAPrice/Volume

Valuation Analysis

52'966.00


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

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!2 A

-!' A

-!2 A

.!' A

.!2 A

0!' A

0!2 A

1!' A

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'!''

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



13.11.2012


NORWEGIAN GOVT MINIS n/a EXCH 40'271'600 43.54 - 05.11.2012 Government

LANSDOWNE DEVELOPED n/a EXCH 6'040'772 6.53 - 05.11.2012 n/a



JP MORGAN CHASE BANK n/a EXCH 3'010'349 3.25 - 05.11.2012 Investment Advisor

MONTAGUE PLACE CUSTO n/a EXCH 1'353'847 1.46 - 05.11.2012 n/a

SKAGEN AS Multiple Portfolios MF-AGG 1'084'045 1.17 (475'000) 28.09.2012 Mutual Fund Manager

PICTET & CIE BANQUIE n/a EXCH 1'078'783 1.17 - 05.11.2012 Bank

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1'006'065 1.09 9'402 28.09.2012 Investment Advisor

LANSDOWNE UK STRAT I n/a EXCH 861'118 0.93 - 05.11.2012 n/a

DNB NORBANK ASA n/a EXCH 781'229 0.84 - 05.11.2012 Bank

NORTHERN TRUST CO n/a EXCH 768'194 0.83 - 05.11.2012 Investment Advisor

SIA FUNDS AG Multiple Portfolios MF-AGG 747'423 0.81 160'326 31.08.2012 Mutual Fund Manager

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 694'613 0.75 (198'329) 31.10.2012 Investment Advisor

ALFRED BERG KAPITALF Multiple Portfolios MF-AGG 692'606 0.75 - 30.09.2012 Mutual Fund Manager

BANK OF NEW YORK MEL n/a EXCH 605'778 0.65 - 05.11.2012 Investment Advisor

FONDSFINANS KAPITALF Multiple Portfolios MF-AGG 514'000 0.56 100'000 28.09.2012 Mutual Fund Manager

STATOILS PENSJONSKAS n/a EXCH 491'962 0.53 - 05.11.2012 Pension Fund (ERISA)

GOLDMAN SACHS & CO n/a EXCH 467'338 0.51 - 05.11.2012 Investment Advisor



ABN Amro Bank N.V. MAARTEN BAKKER buy 5 N 100 12 month 12.11.2012

DNB Markets KNUT-IVAR BAKKEN buy 5 M 92 Not Provided 05.11.2012

SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 95 Not Provided 02.11.2012



Nordea Equity Research KOLBJORN GISKEODEGARD buy 5 M 95 12 month 25.10.2012

ABG Sundal Collier GEORG LIASJO buy 5 M 87 6 month 24.10.2012

Carnegie MARIUS GAARD hold 3 M #N/A N/A Not Provided 24.10.2012


Handelsbanken KJETIL LYE buy 5 M 110 Not Provided 24.10.2012


Arctic Securities ASA THOMAS LORCK buy 5 M 85 Not Provided 23.10.2012

SEB Enskilda VEBJORN E ULSEROD buy 5 M 98 Not Provided 24.07.2012

Norne Securities AS ANDERS GJENDEMSJO buy 5 M 103 12 month 23.07.2012

Holdings By:

Cermaq ASA ee


13.11.2012

Leroey Seafood Group ASA is the parent corporation for a group of companies that

produce and market ocean and farmed fish and seafood products. The Company also

sells a range of processed fish products. Leroey trades with producers,

distributers, and importers of fish on a worldwide basis. The Company has

subsidiaries in Denmark, France, and Portugal.


LTM as of: 09/yy

52-Week High (06.09.2012) 125.00

52-Week Low (19.12.2011) 76.50

Daily Volume

118





6'440.13 1 Yr Total Return 65.37%







LSG NO EQUITY YTD Change - Average Volume 30 Day 32'220

LSG NO EQUITY YTD % CHANGE - Average Volume 3 Month 40'571


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

6'290.9 6'057.1 7'473.8 8'887.7 9'176.9 9'500.1 8'943.0 9'125.1 9'824.9 2'354.1 2'365.3

1.22x 0.75x 0.95x 1.42x 0.73x 4.11x 2.53x 0.98x 0.87x 3.82x -

541.1 534.2 1'154.2 1'805.9 1'484.8 1'895.1 610.7 889.7 1'459.9 267.2 324.3

14.17x 8.51x 6.12x 7.00x 4.50x 3.50x 0.00x 10.30x 6.28x 6.59x 6.21x

277.0 124.7 729.5 1'419.5 382.7 835.6 236.7 379.3 814.4 133.7 192.0

19.13x 19.33x 7.71x 7.56x 11.98x 5.57x 27.69x 16.64x 7.81x 8.46x 7.79x











EBITDA Margin 9.8%



Asset Turnover 0.82





Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Leroey Seafood Group ASAPrice/Volume

Valuation Analysis

26'984.00


'

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!- A

!- A

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!. A

!0 A

!0 A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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-5!''

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13.11.2012


AUSTEVOLL SEAFOOD AS n/a EXCH 34'144'281 62.56 - 05.11.2012 Corporation


BIOMAR AS n/a EXCH 1'000'000 1.83 - 05.11.2012 n/a

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 572'236 1.05 (18'172) 31.10.2012 Investment Advisor

ALFRED BERG KAPITALF Multiple Portfolios MF-AGG 517'765 0.95 30'000 30.09.2012 Mutual Fund Manager

CITIBANK NA n/a EXCH 481'136 0.88 - 05.11.2012 Bank

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 361'072 0.66 49'984 29.06.2012 Investment Advisor

FORSVARETS PERSONELL n/a EXCH 352'700 0.65 - 05.11.2012 Unclassified

LEROY SEAFOOD GROUP n/a EXCH 329'776 0.6 - 05.11.2012 n/a

SVENSKA HANDELSBANKE n/a EXCH 322'552 0.59 - 05.11.2012 Bank

PICTET & CIE BANQUIE n/a EXCH 312'341 0.57 - 05.11.2012 Bank

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 293'800 0.54 - 31.10.2012 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 254'845 0.47 13'363 28.09.2012 Investment Advisor

PARETO SICAV n/a EXCH 220'764 0.4 - 05.11.2012 n/a

VELU AS n/a EXCH 207'300 0.38 - 05.11.2012 n/a

BKK PENSJONSKASSE n/a EXCH 188'800 0.35 - 05.11.2012 n/a

PROFOND AS n/a EXCH 162'002 0.3 - 05.11.2012 Unclassified

SIA FUNDS AG Multiple Portfolios MF-AGG 146'641 0.27 67'623 31.08.2012 Mutual Fund Manager

FIRSTNORDIC FONDENE Multiple Portfolios MF-AGG 126'000 0.23 - 29.06.2012 Investment Advisor

TERRA FONDSFORVALTNI Multiple Portfolios MF-AGG 119'697 0.22 (37'887) 30.09.2012 Mutual Fund Manager


SpareBank 1 Markets AS GEIR KRISTIANSEN neutral 3 U 123 12 month 13.11.2012

DNB Markets KNUT-IVAR BAKKEN buy 5 M 145 Not Provided 13.11.2012

Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 09.11.2012

Handelsbanken KJETIL LYE buy 5 M 148 12 month 09.11.2012

Arctic Securities ASA THOMAS LORCK buy 5 M 150 Not Provided 09.11.2012

Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 U 150 12 month 06.11.2012

ABG Sundal Collier DAG SLETMO buy 5 M 141 6 month 05.11.2012





SEB Enskilda VEBJORN E ULSEROD buy 5 M 134 Not Provided 24.08.2012

Norne Securities AS ANDERS GJENDEMSJO buy 5 U 120 12 month 09.06.2012

Holdings By:

Leroey Seafood Group ASA ee


13.11.2012

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: 06/yy

52-Week High (19.03.2012) 11.30

52-Week Low (25.11.2011) 7.50

Daily Volume

8.93












AGRO US EQUITY YTD Change - Average Volume 30 Day 94'291

AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 137'677


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

142.5 244.2 313.6 426.3 548.1 234.9 568.0 614.3 788.5 - 167.0

- - - - 1.53x 12.46x 8.18x 2.23x 1.98x - -

37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 145.6 217.4 - 47.0

- - - - 5.28x 0.00x 10.47x 8.88x 5.95x - 10.94x

29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 50.5 84.1 - 16.3

- - - - 17.40x 0.00x 1256.16x 21.36x 12.79x - 63.79x











EBITDA Margin 22.2%



Asset Turnover 0.32







Fiscal Year Ended

Adecoagro SAPrice/Volume

Valuation Analysis

22'636.00


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 A

-!' A

-!2 A

.!' A

.!2 A

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



13.11.2012


SOROS FUND MANAGEMEN n/a Research 25'385'678 20.94 - 01.07.2012 Hedge Fund Manager

HBK INVESTMENTS LP n/a 20F 20'471'770 16.88 - 31.12.2011 Hedge Fund Manager

STICHTING PENSIOEN Z n/a 20F 15'307'824 12.62 - 31.12.2011 Pension Fund (ERISA)

AL GHARRAFA INVESTME n/a 20F 12'562'906 10.36 - 31.12.2011 Investment Advisor

OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10'964'692 9.04 23'900 30.06.2012 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'849'226 4 (96'328) 30.06.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'567'090 3.77 145'872 30.09.2012 Investment Advisor

PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.71 - 30.06.2012 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'838'842 2.34 713'728 30.09.2012 Investment Advisor



OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'632'343 1.35 (1'099'449) 30.06.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'400'101 1.15 (62'725) 30.06.2012 Investment Advisor

BOYCE ALAN LELAND n/a 20F 1'393'169 1.15 362'859 31.12.2011 n/a

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'366'531 1.13 976'659 30.06.2012 Investment Advisor

VIEIRA MARCELO n/a 20F 1'105'331 0.91 280'769 31.12.2011 n/a

CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 776'200 0.64 - 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 685'692 0.57 555'692 31.08.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 576'960 0.48 538'538 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 421'700 0.35 197'100 30.06.2012 Investment Advisor


Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012


Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012


Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012


Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011

Holdings By:

Adecoagro SA ee


13.11.2012

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: 07/yy

52-Week High (29.05.2012) 55.87

52-Week Low (24.07.2012) 36.11

Daily Volume

46.67





1'069.53 1 Yr Total Return -7.06%







SAFM US EQUITY YTD Change - Average Volume 30 Day 163'602

SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 248'356


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/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 1'947.4 2'297.6 2'364.7 2'480.1 627.2 549.7

0.54x 0.50x 0.47x 0.48x 0.69x 2.24x 2.24x 0.53x 0.48x 1.95x 2.42x

162.2 31.1 185.6 261.8 (122.2) (28.2) 124.8 152.3 113.2 26.4 (9.3)

4.93x 27.51x 4.53x 3.50x - 0.00x 7.82x 7.86x 10.58x 11.62x 8.10x

78.8 (43.1) 82.3 134.8 (127.1) (57.7) 23.0 48.7 35.6 4.7 (16.7)

8.97x - 9.17x 6.92x - 0.00x 29.94x 21.33x 35.54x 126.48x 29.45x

EBITDA -122.22 Long-Term Rating Date -

EBIT -179.38 Long-Term Rating -

Operating Margin -9.07% Long-Term Outlook -




Return on Capital 3.87% EBITDA/Interest Exp. -0.19



Gross Margin -5.4% Total Debt/EBITDA 1.25

EBITDA Margin 5.4%



Asset Turnover 2.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sanderson Farms IncPrice/Volume

Valuation Analysis

40'125.00


'

-'

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1'

2'

3'

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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'!''

02!''

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



13.11.2012


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'021'768 13.15 (35'000) 30.06.2012 Investment Advisor

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 2'004'728 8.73 136'439 30.06.2012 Hedge Fund Manager

TRUSTMARK NATIONAL B n/a 13G 1'646'502 7.17 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 1'635'943 7.12 (89'207) 09.11.2012 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'297'852 5.65 (279'279) 30.06.2012 Investment Advisor


SANDERSON JR JOE F n/a Form 4 927'568 4.04 (3'999) 30.05.2012 n/a

BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 722'849 3.15 140'302 30.06.2012 Hedge Fund Manager

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 585'612 2.55 585'612 30.09.2012 Insurance Company

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 566'001 2.46 (298'788) 30.09.2012 Investment Advisor

UBS n/a ULT-AGG 555'888 2.42 (314'355) 30.06.2012 Unclassified

PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 523'600 2.28 100'900 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 480'998 2.09 (51'436) 30.06.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 471'978 2.05 454'504 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 444'126 1.93 (29'762) 30.06.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 345'789 1.51 (75'449) 30.06.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 343'915 1.5 343'915 30.09.2012 Investment Advisor

TEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 335'474 1.46 9'561 30.06.2012 Investment Advisor

LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 305'104 1.33 (47'711) 30.09.2012 Hedge Fund Manager


KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 60 12 month 07.11.2012


Stephens Inc FARHA ASLAM equalweight 3 M 38 12 month 18.10.2012

Sidoti & Company LLC KATYA VORONCHUK buy 5 N 59 12 month 15.10.2012


Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.08.2012

JPMorgan KENNETH GOLDMAN neutral 3 M 49 12 month 28.08.2012


Holdings By:

Sanderson Farms Inc ee


13.11.2012

Dole Food Company, Inc. produces, markets, and distributes fresh fruit and

vegetables. The Company's product categories, including bananas, packaged

salads and packaged fruit. Dole supplies provide wholesale, retail and

institutional customers around the world.


LTM as of: 06/yy

52-Week High (12.09.2012) 15.19

52-Week Low (28.11.2011) 8.02

Daily Volume

11.923





1'048.68 1 Yr Total Return 11.74%







DOLE US EQUITY YTD Change - Average Volume 30 Day 1'291'909

DOLE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'351'037


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

6'820.8 7'620.0 6'778.5 6'892.6 7'223.8 7'147.0 6'967.1 6'942.3 6'448.5 2'065.5 1'531.5

- - 0.38x 0.39x 0.33x 1.42x 1.37x - - - -

304.9 386.5 410.1 305.1 353.9 375.9 286.7 350.8 334.0 78.3 78.3

- - 6.34x 8.70x 6.65x 6.67x 8.35x 7.49x 7.86x 7.64x 7.98x

(57.5) 121.0 84.1 (34.1) 38.4 (5.8) 36.0 111.3 120.0 10.4 16.7

- - 11.18x - 13.95x 143.00x 14.03x 9.39x 8.72x 9.19x 8.92x


EBIT 250.02 Long-Term Rating B









EBITDA Margin 4.1%



Asset Turnover 1.60







Fiscal Year Ended

Dole Food Co IncPrice/Volume

Valuation Analysis

104'326.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

-3

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-!' A

.!' A

0!' A

1!' A

2!' A

3!' A

4!' A

5!' A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

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



13.11.2012


MURDOCK LIVING TRUST n/a 13D 23'758'054 26.71 (21'131'276) 01.11.2012 n/a

CASTLE & COOKE HOLDI n/a 13D 11'784'914 13.25 - 01.11.2012 Corporation

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4'323'290 4.86 555'327 30.06.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'220'160 3.62 (488'085) 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'044'130 3.42 227'004 30.06.2012 Investment Advisor

LORD ABBETT & CO LLC n/a 13G 2'619'792 2.95 (2'048'739) 31.08.2012 Investment Advisor

SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 2'511'189 2.82 1'088'070 30.09.2012 Investment Advisor


ALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1'873'667 2.11 (1'722'280) 30.06.2012 Hedge Fund Manager

AXA Multiple Portfolios MF-AGG 1'779'592 2 - 31.08.2012 Investment Advisor

BAMCO INC BAMCO INC 13F 1'731'786 1.95 (1'810'814) 30.06.2012 Investment Advisor

STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1'614'583 1.82 10'000 30.06.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'372'528 1.54 652'721 30.09.2012 Investment Advisor

PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 1'326'963 1.49 53'750 30.06.2012 Investment Advisor

BB&T ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'182'282 1.33 (277'522) 28.09.2012 Investment Advisor

TOWLE & CO TOWLE & CO 13F 1'070'222 1.2 (14'173) 30.09.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 1'041'829 1.17 1'016'800 30.09.2012 Government

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 854'531 0.96 854'531 30.06.2012 Hedge Fund Manager

LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 833'052 0.94 (1'023'264) 30.09.2012 Hedge Fund Manager


Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 19 12 month 25.10.2012



Goldman Sachs JASON ENGLISH neutral/attractive 3 M 12 12 month 12.08.2012

Holdings By:

Dole Food Co Inc ee


13.11.2012

Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell

eggs. The Company markets its products in various states in the Southwestern,

Southeastern, Midwestern, and Mid-Atlantic regions of the United States.


LTM as of: 09/yy

52-Week High (01.10.2012) 47.00

52-Week Low (25.11.2011) 31.16

Daily Volume

42.75





1'013.09 1 Yr Total Return 29.20%





Enterprise Value 877.57


CALM US EQUITY YTD Change - Average Volume 30 Day 119'378

CALM US EQUITY YTD % CHANGE - Average Volume 3 Month 102'704


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 09/yy 05/13 Y 05/14 Y 11/12 Q2 02/13 Q3

915.9 928.8 910.1 942.0 1'113.1 995.4 1'142.2 1'258.0 1'291.0 330.0 373.0

0.36x 0.32x 0.78x 0.57x 0.58x 2.43x 2.53x - - - -

249.0 149.6 134.4 114.2 119.4 112.0 129.3 143.0 156.0 45.0 51.0

1.34x 1.96x 5.26x 4.66x 5.44x 5.62x 6.38x 6.21x 5.69x 6.29x 5.96x

151.9 79.5 67.8 60.8 89.7 59.2 96.0 77.0 83.0 24.0 30.0

4.88x 7.30x 11.40x 11.08x 13.30x 12.96x 13.95x 14.09x 12.86x 14.54x 13.70x











EBITDA Margin 11.3%



Asset Turnover 1.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cal-Maine Foods IncPrice/Volume

Valuation Analysis

5'893.00


'2

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

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A!- A!- A!. A!. A!0 A!0 A!1 A!1 A!2 A!2 A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

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.!''

1!''

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13.11.2012


ADAMS JR FRED R n/a Form 4 6'257'136 29.07 (319'939) 09.12.2011 n/a

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'546'868 11.83 24'000 30.06.2012 Investment Advisor


CAL-MAINE ESOP n/a PROXY 1'441'071 6.7 - 20.07.2012 n/a


VANGUARD GROUP INC VANGUARD GROUP INC 13F 832'547 3.87 (8'237) 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 576'713 2.68 11'169 30.06.2012 Investment Advisor

BAKER ADOLPHUS B n/a Form 4 415'128 1.93 - 11.05.2012 n/a

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 358'834 1.67 (278'900) 30.06.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 322'272 1.5 36'099 30.09.2012 Investment Advisor

PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 299'330 1.39 12'725 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 297'411 1.38 3'391 30.06.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 265'000 1.23 36'300 30.06.2012 Investment Advisor

WCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 263'531 1.22 82'829 30.06.2012 Investment Advisor

FIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 250'350 1.16 34'348 30.09.2012 Investment Advisor

O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 234'870 1.09 (11'877) 30.06.2012 Hedge Fund Manager

INVESCO LTD INVESCO LTD 13F 234'199 1.09 52'568 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 210'786 0.98 42'145 30.09.2012 Hedge Fund Manager


ROYAL BANK OF CANADA n/a ULT-AGG 201'577 0.94 (21'199) 30.06.2012 Bank


Stephens Inc ERIC GOTTLIEB equalweight 3 M 38 12 month 01.11.2012

Sidoti & Company LLC MICHAEL LAVERY buy 5 M 50 12 month 01.10.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 04.01.2012

Holdings By:

Cal-Maine Foods Inc ee


13.11.2012

SLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company

has farms located in the Brazilian states of Goias, Mato Grosso do Sul,

Mato Grosso, and Maranhao & Bahia.


LTM as of: 06/yy

52-Week High (20.07.2012) 24.80

52-Week Low (21.12.2011) 14.49

Daily Volume

19.34





1'920.59 1 Yr Total Return 16.00%







SLCE3 BZ EQUITY YTD Change - Average Volume 30 Day 156'180

SLCE3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 206'864


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

268.7 413.7 588.0 888.7 1'005.6 911.5 1'150.9 1'153.3 1'232.1 312.5 267.0

5.56x 3.71x 3.25x 2.81x 2.25x 10.55x 8.22x 2.07x 1.89x - -

43.6 167.2 79.3 205.9 325.9 273.4 280.6 262.0 283.0 77.1 53.1

34.32x 9.18x 24.09x 12.11x 6.94x 8.17x 9.93x 10.46x 9.69x - -

31.6 44.6 9.1 58.6 81.6 93.4 5.2 77.3 115.4 17.3 10.7

46.74x 30.66x 174.35x 36.75x 18.57x 13.41x 402.83x 27.95x 16.45x - -











EBITDA Margin 24.4%



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SLC Agricola SAPrice/Volume

Valuation Analysis

37'500.00


'

2

-'

-2

.'

.2

0'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!. A

!1 A

!3 A

!5 A

-!' A

-!. A

-!1 A

-!3 A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

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



13.11.2012


SLC PARTICIPACOES SA n/a EXCH 28'947'298 29.27 - 24.10.2012 n/a

EVAUX PARTICIPACOES n/a EXCH 21'520'096 21.76 - 24.10.2012 Other

BLACKROCK n/a ULT-AGG 11'110'789 11.23 (39'627) 09.11.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'479'535 7.56 - 28.09.2012 Mutual Fund Manager

CSHG ASSET MGMT SA n/a EXCH 4'875'647 4.93 - 24.10.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'075'669 1.09 - 28.09.2012 Investment Advisor

LARRAIN VIAL SA Multiple Portfolios MF-AGG 743'600 0.75 - 31.07.2012 Investment Advisor

SLC AGRICOLA SA n/a EXCH 642'834 0.65 - 24.10.2012 n/a

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 580'250 0.59 - 12.11.2012 Investment Advisor

NEST INVESTIMENTOS L Multiple Portfolios MF-AGG 556'500 0.56 (200'200) 31.10.2012 Mutual Fund Manager

SARASIN INVESTMENT M Multiple Portfolios MF-AGG 485'200 0.49 - 31.07.2012 Investment Advisor

KONDOR ADMIN E GESTO Multiple Portfolios MF-AGG 403'100 0.41 (9'500) 31.07.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 381'081 0.39 25'870 30.09.2012 Investment Advisor

DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 363'635 0.37 - 25.07.2011 Investment Advisor


PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 319'700 0.32 - 30.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 272'476 0.28 23'700 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 265'500 0.27 - 15.11.2011 Investment Advisor

BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 262'900 0.27 (76'300) 30.09.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 200'781 0.2 - 09.11.2012 Investment Advisor


Raymond James PEDRO J RICHARDS outperform 5 M 25 12 month 11.11.2012

Planner Corretora de Valores RICARDO TADEU MARTINS neutral 3 M 23 Not Provided 09.11.2012


JPMorgan CASSIO LUCIN neutral 3 M 26 Not Provided 26.10.2012

Itau BBA Securities GIOVANA ARAUJO outperform 5 M 33 Not Provided 22.10.2012



Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 27 12 month 09.08.2012

Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 09.08.2012

Deutsche Bank ALESSANDRO BALDONI buy 5 M 26 12 month 28.06.2012




Holdings By:

SLC Agricola SA ee


13.11.2012

Shandong Homey Aquatic Development Co., Ltd. operates fish farms to produce

lefteye flounder, abalone, sea cucumber, and brill. The Company also processes

frozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS

brand name.


LTM as of: 09/yy

52-Week High (14.11.2011) 12.75

52-Week Low (29.06.2012) 6.93

Daily Volume

7.85





5'734.40 1 Yr Total Return -36.92%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

772.1 473.3 526.7 771.7 875.7 843.8 968.0 1'062.2 1'244.6 297.0 202.0

14.08x 7.50x 12.41x 12.51x 7.35x 39.99x 25.72x 4.94x 4.03x 17.64x 28.58x

285.5 210.3 148.3 227.9 310.7 0.0 0.0 351.0 427.7 200.0 51.7

38.07x 16.87x 44.07x 42.36x 20.72x 0.00x 0.00x 17.05x 13.99x 15.88x 15.39x

201.6 124.5 75.3 142.8 207.5 172.2 231.1 248.7 318.7 98.3 43.6

52.31x 26.40x 82.25x 62.83x 28.88x 39.85x 25.35x 22.24x 17.03x 23.22x 21.93x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shandong Homey Aquatic Development Co LtdPrice/Volume

Valuation Analysis

3'811'158.00


'

.

1

3

5

-'

-.

-1

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

2!' A

-'!' A

-2!' A

.'!' A

.2!' A

0'!' A

02!' A

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

-'1''!''

-'3''!''

-'5''!''

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13.11.2012


HOMEY GROUP CO LTD n/a Co File 303'265'150 41.51 - 31.12.2011 Unclassified

PING AN LIFE INSURAN n/a Co File 40'419'474 5.53 - 31.12.2011 Insurance Company


TJ LIUHE BIYUN EQY I n/a Co File 17'438'864 2.39 - 31.12.2011 n/a

BOSERA FUNDS MGMT CO n/a EXCH 16'139'737 2.21 - 28.11.2011 n/a

DACHENG FUND MANAGME n/a EXCH 12'430'342 1.7 - 28.11.2011 Investment Advisor

TIANHONG ASSET MANAG Multiple Portfolios MF-AGG 12'418'274 1.7 12'418'274 31.12.2011 Investment Advisor

PING AN PROPERTIES I n/a EXCH 12'028'386 1.65 - 28.11.2011 n/a

TJ SHENGXI EQY INVES n/a Co File 10'581'659 1.45 - 31.12.2011 n/a

ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 10'511'222 1.44 10'011'272 31.12.2011 Investment Advisor

CHINA SECURITIES CO n/a Co File 10'131'004 1.39 - 31.12.2011 n/a

GUANGFA SECURITIES C n/a Co File 10'131'004 1.39 - 31.12.2011 Investment Advisor

TIANHONG SELECTED SE n/a EXCH 9'630'186 1.32 - 28.11.2011 n/a

EFUND MGMT CO LTD n/a EXCH 9'564'192 1.31 - 28.11.2011 n/a

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 8'761'279 1.2 8'093'307 31.12.2011 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 7'305'700 1 5'703'656 31.12.2011 Investment Advisor

CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 5'841'400 0.8 4'935'811 31.12.2011 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 5'474'942 0.75 2'624'942 31.12.2011 Investment Advisor

HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 4'432'643 0.61 (6'851'432) 31.12.2011 Investment Advisor

YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2'999'947 0.41 2'999'947 31.12.2011 Investment Advisor


SWS Research Co Ltd ZHAO JINHOU outperform 5 D #N/A N/A Not Provided 06.11.2012

PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 05.11.2012

Hong Yuan Securities HU JIANJUN buy 5 M #N/A N/A Not Provided 31.10.2012

Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 23.10.2012

Everbright Securities Co., Ltd LIU XIAOBO buy 5 M 11 6 month 22.10.2012

Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 22.08.2012

China Merchants Securities JUN HUANG buy 5 D 15 12 month 13.07.2012


Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 04.03.2012

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 27.12.2011

Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 20.10.2011

Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 12.08.2011


Bank of China International LIU DU buy 5 M 19 Not Provided 08.03.2011

HuaChuang Securities GAO LI strong buy 5 U #N/A N/A Not Provided 08.03.2011

China International Capital Corp FEIYANG YUAN accumulate 4 M #N/A N/A Not Provided 12.01.2011

China Investment Securities WANG YIGUO neutral 3 M #N/A N/A Not Provided 07.01.2011

ZheShang Securities JIN YAN buy 5 M #N/A N/A Not Provided 21.12.2010

China Securities Co., Ltd FUSHENG HUANG add 4 M 12 Not Provided 08.12.2010

GuoYuan Securities JIAXING ZHOU neutral 3 M #N/A N/A Not Provided 17.08.2010

Pacific Securities Co Ltd CHENG XIAODONG add 4 M #N/A N/A Not Provided 26.10.2009

KGI Securities SABRINA LEE outperform 5 M 11 12 month 18.09.2009

Holdings By:

Shandong Homey Aquatic Development Co Ltd ee


13.11.2012

Tradewinds (Malaysia) Berhad is an investment holding company. The Company's

subsidiaries are involved in the cultivation of oil palm, the production of

crude palm oil and sugar refining.


LTM as of: 06/yy

52-Week High (08.02.2012) 10.58

52-Week Low (11.10.2012) 6.30

Daily Volume

7.34





2'176.09 1 Yr Total Return -15.17%







TWI MK EQUITY YTD Change - Average Volume 30 Day 475'197

TWI MK EQUITY YTD % CHANGE - Average Volume 3 Month 339'057


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'690.8 1'767.6 2'069.3 5'551.1 6'931.4 6'020.6 8'052.8 - - - -

1.65x 1.35x 2.02x 0.96x 0.97x 3.63x 3.29x - - - -

388.5 445.0 392.9 1'027.9 1'184.2 568.0 402.3 - - - -

7.20x 5.35x 10.64x 5.21x 5.68x 0.00x 0.00x - - - -

147.6 160.7 241.0 481.1 474.9 530.7 365.0 - - - -

10.94x 5.35x 3.37x 4.06x 6.27x 5.78x 7.27x - - - -









Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.04







Fiscal Year Ended

Tradewinds Malaysia BhdPrice/Volume

Valuation Analysis

25'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A!. A!1 A!3 A!5 A-!' A-!. A-!1 A-!3 A-!5 A.!' A

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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



13.11.2012


PERSPECTIVE LANE (M) n/a Co File 89'048'663 30.04 - 30.04.2012 n/a

FELDA GLOBAL VENTURE n/a Co File 59'294'097 20 - 30.04.2012 n/a

KELANA VENTURES SDN n/a Co File 26'270'000 8.86 - 30.04.2012 n/a

SEAPORT TERMINAL JOH n/a Co File 12'070'000 4.07 - 30.04.2012 Corporation

GRENFELL HOLDINGS SD n/a EXCH 3'310'402 1.12 (59'294'097) 06.01.2010 n/a


CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 819'500 0.28 - 31.12.2010 Mutual Fund Manager


VANGUARD GROUP INC Multiple Portfolios MF-AGG 518'654 0.17 - 30.06.2012 Investment Advisor


STATE STREET CORP Multiple Portfolios MF-AGG 238'300 0.08 - 09.11.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 148'300 0.05 - 30.04.2011 Investment Advisor

KENANGA UNIT TRUST B Multiple Portfolios MF-AGG 136'000 0.05 - 30.06.2011 Investment Advisor

PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 101'200 0.03 - 31.12.2010 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 47'515 0.02 - 30.09.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 45'300 0.02 - 31.07.2012 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 35'682 0.01 - 30.09.2012 Investment Advisor

APEX INVESTMENT SERI Multiple Portfolios MF-AGG 30'000 0.01 - 30.06.2011 Investment Advisor


US GLOBAL INVESTORS Multiple Portfolios MF-AGG 27'100 0.01 - 29.06.2012 Investment Advisor



Holdings By:

Tradewinds Malaysia Bhd ee


13.11.2012

Haikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and

markets a variety of agricultural products. The Company's products include

pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and

undertakes construction projects.


LTM as of: 09/yy

52-Week High (26.04.2012) 6.63

52-Week Low (22.12.2011) 3.72

Daily Volume

5





4'400.66 1 Yr Total Return -4.94%




Cash and Equivalents 506.44 Consensus Rating -






31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

804.7 798.1 813.0 874.8 1'087.6 901.1 1'116.9 - - - -

7.09x 3.50x 6.76x 8.42x 4.03x 28.93x 17.56x - - - -

125.6 104.0 78.8 30.2 151.5 0.0 0.0 - - - -

45.41x 26.87x 69.79x 243.78x 28.92x 0.00x 0.00x - - - -

368.8 81.4 61.3 29.2 60.0 42.8 48.0 - - - -

14.83x 33.33x 88.00x 244.85x 60.59x 105.01x 97.01x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.29







Fiscal Year Ended

Haikou Agriculture & Industry CoPrice/Volume

Valuation Analysis

7'135'085.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.'!' A

1'!' A

3'!' A

5'!' A

-''!' A

-.'!' A

-1'!' A

-3'!' A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

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13.11.2012


HAINAN LUONIUSHAN HO n/a Co File 90'705'000 10.31 - 31.12.2011 Holding Company

HAIKOU YONGSHENG ANI n/a Co File 27'644'584 3.14 - 31.12.2011 Corporation

HAINAN SHENXING TRAD n/a Co File 14'450'000 1.64 - 31.12.2011 Corporation

HAINAN XINGMU FEEDS n/a Co File 14'450'000 1.64 - 31.12.2011 Corporation

HAINAN XINDI INDUSTR n/a Co File 13'005'000 1.48 - 31.12.2011 Corporation

HUBEI XINRUI TECHNOL n/a Co File 12'131'000 1.38 - 31.12.2011 Corporation

CHINA ECONOMIC DEV T n/a Co File 8'670'000 0.99 - 31.12.2011 Corporation

HAINAN GUANXIANG TRA n/a Co File 7'225'000 0.82 - 31.12.2011 Corporation

HUANG JINFANG n/a Co File 4'000'000 0.45 - 31.12.2011 n/a

LIN TIANHU n/a Co File 2'531'177 0.29 - 31.12.2011 n/a

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'383'757 0.27 622'800 31.12.2011 Investment Advisor

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'708'299 0.19 161'948 31.12.2011 Investment Advisor

FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 1'100'000 0.12 - 31.12.2011 Investment Advisor

CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'039'736 0.12 591'736 31.12.2011 Investment Advisor

PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 514'879 0.06 55'282 31.12.2011 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 484'899 0.06 484'899 31.12.2011 Investment Advisor

JUNFENG XU n/a Co File 118'125 0.01 - 31.12.2011 n/a

UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 114'973 0.01 (221'622) 31.12.2011 Investment Advisor

ZILI XU n/a Co File 21'415 0 - 31.12.2011 n/a

JINLONG KONG n/a Co File 21'415 0 - 31.12.2011 n/a


Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011

GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 27.07.2009

Holdings By:

Haikou Agriculture & Industry Co ee


13.11.2012

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products.

The Company produces sugar and molasses, fertilizers, ethanol, and electricity.


LTM as of: 07/yy

52-Week High (09.01.2012) 14.90

52-Week Low (14.11.2011) 11.40

Daily Volume

13.2





20'800.14 1 Yr Total Return 18.94%







KSL TB EQUITY YTD Change - Average Volume 30 Day 1'468'327

KSL TB EQUITY YTD % CHANGE - Average Volume 3 Month 1'638'220


31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1

8'916.9 11'056.0 11'671.0 12'071.3 16'459.8 14'827.2 22'274.3 20'723.8 20'874.7 - -

2.85x 1.30x 2.45x 2.72x 1.93x 9.77x 6.36x 1.72x 1.65x - -

1'538.2 1'548.3 1'627.1 1'499.3 3'606.8 2'764.1 4'183.9 4'117.2 4'086.7 - -

16.51x 9.31x 17.58x 21.86x 8.83x 14.04x 8.07x 8.67x 8.73x - -

835.9 859.5 919.6 158.7 1'889.9 1'393.1 2'328.2 2'128.5 2'161.9 385.0 -

24.81x 9.18x 21.08x 124.51x 9.60x 17.37x 8.08x 10.26x 10.34x - -











EBITDA Margin 18.8%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Khon Kaen Sugar Industry PCLPrice/Volume

Valuation Analysis

470'500.00


'

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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13.11.2012


KSL SUGAR HOLDING CO n/a EXCH 520'000'000 33 - 09.03.2012 Holding Company

CHUTIMAVORAPHAND CHA n/a EXCH 42'533'465 2.7 - 09.03.2012 n/a

SOMERS LTD n/a EXCH 39'708'300 2.52 - 09.03.2012 Other

CREDIT SUISSE/SINGAP n/a EXCH 36'507'900 2.32 - 09.03.2012 Bank

CHINTHAMMIT DUANGKAE n/a EXCH 36'040'956 2.29 - 09.03.2012 n/a

CHINTHAMMIT DUANGDAO n/a EXCH 35'560'690 2.26 - 09.03.2012 n/a

THAI NVDR CO LTD n/a EXCH 35'152'411 2.23 - 09.03.2012 Corporation

CHINTHAMMIT PIRIPON n/a EXCH 33'814'700 2.15 - 09.03.2012 n/a

CHINTHAMMIT KAMONDAN n/a EXCH 33'534'700 2.13 - 09.03.2012 n/a

CHINNAKIJ CO LTD n/a EXCH 30'910'000 1.96 - 09.03.2012 Other

CHINTHAMMIT SOMCHAI n/a EXCH 30'867'175 1.96 - 09.03.2012 n/a

CHINTHAMMIT NAREERAT n/a EXCH 27'727'660 1.76 - 09.03.2012 n/a

TOKARANYASET SUKHUM n/a EXCH 26'762'070 1.7 - 09.03.2012 n/a

CHINTHAMMIT SARAN n/a EXCH 23'799'880 1.51 - 09.03.2012 n/a

CHINTHAMMIT KAMORNWA n/a EXCH 23'720'200 1.51 448'000 09.03.2012 n/a

CHINTHAMMIT CHALEE n/a EXCH 21'744'610 1.38 - 09.03.2012 n/a

CHINTHAMMIT CHATRI n/a EXCH 21'490'510 1.36 - 09.03.2012 n/a

CHINTHAMMIT KANNIKA n/a EXCH 21'236'340 1.35 - 09.03.2012 n/a

ROJANACHOTIKUL THAWA n/a EXCH 21'188'300 1.34 - 09.03.2012 n/a

CHINTHAMMIT CHAMROON n/a EXCH 20'016'120 1.27 - 09.03.2012 n/a


Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 19 12 month 15.10.2012

Thanachart Securities PCL KALVALEE THONGSOMAUNG buy 5 M 18 12 month 15.10.2012

Phillip Securities NAREE APISAWAITTKAN buy 5 M 15 Not Provided 11.10.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 16 12 month 28.09.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 16 12 month 25.09.2012


KT Zmico Securities POLASIT TANPOONKIAT buy 5 U 16 12 month 20.09.2012

KGI Securities SUCHOT TIRAWANNARAT neutral 3 M 14 Not Provided 20.09.2012

DBS Vickers JESADA TECHAHUSDIN buy 5 M 16 12 month 20.09.2012

UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 M 18 Not Provided 20.09.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 15 12 month 20.09.2012

Bualuang Securities SUPPATA SRISUK hold 3 D 15 12 month 17.09.2012

OSK (Asia) Securities TEAM COVERAGE buy 5 M 15 12 month 13.09.2012

Kasikorn Securities SIRINATTHA TECHASIRIWAN not rated #N/A N/A M #N/A N/A Not Provided 12.09.2012

Kim Eng Securities PONGRAT RATANATAVANANANDA buy 5 M 15 12 month 17.08.2012

AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 14 Not Provided 29.06.2012

Trinity Securities VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 15 Not Provided 19.06.2012

Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 M 17 Not Provided 08.05.2012

Holdings By:

Khon Kaen Sugar Industry PCL ee


13.11.2012

Sipef NV is a holding company which operates plantations in Indonesia, Papua

New Guinea, Vietnam, and the Ivory Coast. The subsidiaries produce rubber,

palm oil and palm kernel oil, cocoa, tea, coffee, bananas, pineapples and

flowers.


LTM as of: 01/yy

52-Week High (27.03.2012) 72.50

52-Week Low (15.06.2012) 54.51

Daily Volume

59.37





528.15 1 Yr Total Return 7.50%







SIP BB EQUITY YTD Change - Average Volume 30 Day 6'399

SIP BB EQUITY YTD % CHANGE - Average Volume 3 Month 5'243


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 - -

207.3 279.4 237.8 279.4 367.7 - - 265.3 281.5 - -

25.24x 0.85x 1.82x 2.94x 1.77x - - 1.98x 1.91x - -

80.1 89.5 90.8 127.9 141.3 - - 82.4 87.2 - -

65.34x 2.66x 4.75x 6.41x 4.61x - - 6.16x 5.82x - -

47.3 58.8 60.2 84.8 95.1 - - 49.8 53.4 - -

105.62x 4.24x 7.42x 10.01x 7.07x - - 11.12x 10.65x - -











EBITDA Margin 32.2%



Asset Turnover 0.63







Fiscal Year Ended

Sipef SAPrice/Volume

Valuation Analysis

1'153.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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4'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

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13.11.2012


ACKERMANS & VAN HAAR n/a Co File 2'335'373 26.09 - 31.12.2011 Holding Company

FORTIS INVESTMENT MG n/a Co File 491'740 5.49 - 31.12.2011 n/a

GEDEI NV n/a Co File 480'435 5.37 - 31.12.2011 n/a

ALCATEL BELL PENSIOE n/a Co File 469'600 5.25 - 31.12.2011 Pension Fund (ERISA)

CABRA NV n/a Co File 399'095 4.46 - 31.12.2011 n/a

BRACHT BARON n/a Co File 265'966 2.97 - 31.12.2011 n/a

BNP PARIBAS INV PART n/a ULT-AGG 167'913 1.88 - 30.09.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 160'148 1.79 (900) 30.06.2012 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 121'616 1.36 350 28.09.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 68'281 0.76 (1'110) 28.09.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 65'361 0.73 3'440 30.12.2011 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 60'500 0.68 - 31.08.2012 Investment Advisor

SIPEF n/a Co File 59'676 0.67 - 31.12.2011 n/a

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 43'225 0.48 855 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'310 0.39 83 30.06.2012 Investment Advisor

DIERICKX LEYS & CIE Multiple Portfolios MF-AGG 31'500 0.35 13'474 28.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 28'911 0.32 714 09.11.2012 Investment Advisor

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 20'000 0.22 - 28.09.2012 Mutual Fund Manager

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 16'919 0.19 - 31.08.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 15'000 0.17 (5'203) 01.10.2012 Investment Advisor


KBC Securities PASCALE WEBER accumulate 4 M 71 Not Provided 30.10.2012

Bank Degroof(ESN) BERNARD HANSSENS reduce 2 M 56 Not Provided 25.10.2012

Petercam KRIS KIPPERS add 4 U 66 Not Provided 22.10.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012

Holdings By:

Sipef SA ee


13.11.2012

BW Plantation Tbk Pt operates palm plantations and processes palm oil.


LTM as of: 09/yy

52-Week High (10.04.2012) 1'790.00

52-Week Low (20.12.2011) 1'090.00

Daily Volume

1390





5'620'090.50 1 Yr Total Return 19.81%

Total Debt 1'800'189.39 YTD Return 25.16%






BWPT IJ EQUITY YTD Change - Average Volume 30 Day 17'317'650

BWPT IJ EQUITY YTD % CHANGE - Average Volume 3 Month 16'470'340


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

340'552.2 513'699.0 584'109.0 712'173.9 888'298.3 954'532.7 991'826.2 ######### ######### 309'457.0 -

- - 3.96x 8.13x 6.85x 23.68x 31.70x 6.51x 4.79x - -

185'327.5 266'200.5 290'724.0 380'028.5 497'949.7 557'765.3 512'963.6 617'140.9 888'019.9 - -

- - 7.95x 15.23x 12.22x 9.90x 16.72x 13.18x 9.16x - -

86'551.7 119'809.9 167'467.1 243'587.6 320'388.2 336'528.1 307'395.1 333'437.9 498'709.1 82'000.0 -

- - 10.26x 21.38x 14.11x 12.72x 19.71x 16.38x 11.22x - -











EBITDA Margin 51.7%



Asset Turnover 0.25





Accounts Receivable Turnover 77.16 Cash Conversion Cycle -27.22



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BW Plantation Tbk PTPrice/Volume

Valuation Analysis

16'728'500.00


'.''1''3''5''

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i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

-'!' A

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2'!' A

3'!' A

4'!' A

5'!' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

1'000'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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13.11.2012


PTBW INVESTINDO n/a EXCH 1'570'124'362 38.83 - 31.03.2012 Other

FENDALTON INVESTMENT n/a EXCH 942'074'617 23.3 - 31.03.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 161'912'000 4 8'961'000 30.06.2012 Investment Advisor


PANIN SEKURITAS Multiple Portfolios MF-AGG 26'708'000 0.66 - 31.12.2011 Mutual Fund Manager


FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 18'045'500 0.45 - 31.12.2011 Mutual Fund Manager

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 15'912'500 0.39 - 29.06.2012 Investment Advisor


OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 14'270'000 0.35 - 30.06.2011 Investment Advisor

SEB n/a ULT-AGG 13'464'000 0.33 - 28.09.2012 Unclassified

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 11'500'000 0.28 1'500'000 28.09.2012 Investment Advisor

FIRST STATE INVESTME Multiple Portfolios MF-AGG 10'697'500 0.26 - 31.12.2010 Mutual Fund Manager

BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 9'667'500 0.24 - 31.12.2010 Mutual Fund Manager


ICON ADVISERS INC Multiple Portfolios MF-AGG 6'600'000 0.16 - 31.08.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 6'358'500 0.16 - 09.11.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'000'000 0.15 6'000'000 30.06.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'893'313 0.15 - 30.06.2012 Investment Advisor

NOMURA n/a ULT-AGG 4'719'000 0.12 - 12.09.2011 Unclassified


Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 1'650 12 month 09.11.2012

Standard Chartered JOO ENG TEO outperform 5 M 2'046 12 month 07.11.2012

Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 1'750 Not Provided 07.11.2012

Credit Suisse AGUS SANDIANTO neutral 3 M 1'690 Not Provided 02.11.2012



Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA buy 5 M 1'800 12 month 01.11.2012

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 1'670 12 month 01.11.2012

Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 1'960 12 month 01.11.2012

Indo Premier Securities WILLY GUNAWAN buy 5 M 1'900 12 month 01.11.2012

JPMorgan YING-JIAN CHAN overweight 5 M 1'650 6 month 31.10.2012

Nomura MUZHAFAR MUKHTAR buy 5 M 2'100 Not Provided 31.10.2012


OSK (Asia) Securities YUNIV TRENSENO buy 5 M 1'994 12 month 11.10.2012

BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 1'740 12 month 25.09.2012


Sucorinvest Central Gani TEAM COVERAGE buy 5 M 2'350 12 month 30.07.2012

PT Etrading Securities LINDA LAUWIRA buy 5 M 1'310 Not Provided 11.01.2012

Holdings By:

BW Plantation Tbk PT ee


13.11.2012

Asian Citrus Holdings Limited owns and operates orange plantations in China.

The Company currently cultivates and sells a variety of oranges namely winter

oranges (hamlin, pineapple and hong jiang oranges) and summer oranges (Valencia

oranges) in the PRC.


LTM as of: 01/yy

52-Week High (12.03.2012) 5.90

52-Week Low (20.08.2012) 3.23

Daily Volume

3.51





4'280.34 1 Yr Total Return -29.20%










30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

533.8 668.5 812.5 1'412.6 1'776.1 - - 2'137.7 2'469.2 - -

- - 3.80x 3.53x 1.16x - - 0.49x 0.19x - -

267.0 298.5 353.0 635.8 746.8 - - 1'025.0 1'012.0 - -

- - 8.75x 7.85x 2.77x - - 1.13x 1.14x - -

399.3 440.1 585.5 1'110.0 750.2 - - 709.4 819.8 - -

- - 6.43x 5.56x 5.80x - - 4.82x 4.17x - -











EBITDA Margin 41.4%



Asset Turnover 0.22





Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Asian Citrus Holdings LtdPrice/Volume

Valuation Analysis

3'179'000.00


'

-

.

0

1

2

3

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.'!' A

1'!' A

3'!' A

5'!' A

-''!' A

-.'!' A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



13.11.2012


MARKET AHEAD INVESTM n/a RNS-DIR 225'069'919 18.46 (50'000'000) 05.11.2012 Investment Advisor

VALUE PARTNERS LTD n/a RNS-MAJ 73'929'000 6.06 3'406'000 22.03.2012 Holding Company

HUGE MARKET INVEST L n/a EXCH 65'761'540 5.39 (100'000'000) 25.11.2011 Investment Advisor

TEMASEK HOLDINGS PRI n/a RNS-MAJ 61'387'000 5.03 - 11.01.2012 Government

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 53'313'800 4.37 2'763'000 30.06.2012 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'548'000 1.36 - 30.06.2012 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 12'000'000 0.98 - 30.06.2012 Investment Advisor

SARASIN INVESTMENT M Multiple Portfolios MF-AGG 10'195'000 0.84 - 31.07.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 10'009'000 0.82 (4'459'000) 31.07.2012 Investment Advisor

VALUE SQUARE NV Multiple Portfolios MF-AGG 9'046'369 0.74 337'113 29.06.2012 Mutual Fund Manager

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 9'006'220 0.74 3'000'000 30.11.2011 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'920'000 0.73 - 30.04.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'050'000 0.66 - 31.07.2012 Investment Advisor


PETERCAM SA Multiple Portfolios MF-AGG 5'002'156 0.41 - 30.12.2011 Investment Advisor

T&D ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'560'000 0.29 - 25.08.2011 Mutual Fund Manager



AMUNDI Multiple Portfolios MF-AGG 2'890'000 0.24 - 29.06.2012 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 2'865'606 0.23 48'000 09.11.2012 Investment Advisor


Seymour Pierce SUE MUNDEN buy 5 M 6 Not Provided 13.11.2012

Liberum Capital Ltd NICK WALKER buy 5 M 7 Not Provided 02.10.2012

GuoSen Securities Co Ltd NANXIANG YANG buy 5 M 6 12 month 28.09.2012

Kim Eng Securities JACQUELINE KO buy 5 M 6 12 month 24.09.2012

South China Research Ltd TERRY LAM buy 5 N 5 12 month 24.08.2012


ICBC International Securities ALEX CHENG buy 5 M 9 Not Provided 19.09.2011

Phillip Securities BING WANG buy 5 N 11 12 month 01.12.2010

Holdings By:

Asian Citrus Holdings Ltd ee


13.11.2012

PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and

markets oil palm products.


LTM as of: 09/yy

52-Week High (09.04.2012) 3'675.00

52-Week Low (06.11.2012) 2'325.00

Daily Volume

2400





4'536'000.00 1 Yr Total Return -20.58%







SGRO IJ EQUITY YTD Change - Average Volume 30 Day 3'842'233

SGRO IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'066'607


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'598'930.9 2'288'143.0 1'815'557.1 2'311'748.8 3'142'378.9 ######### ######### ######### ######### 784'051.0 -

3.94x 0.73x 2.74x 2.53x 1.83x 6.78x 8.93x 1.45x 1.30x - -

530'464.7 695'203.1 553'161.2 764'481.6 708'289.5 ######### 604'091.5 655'964.0 867'237.5 126'287.0 -

11.88x 2.40x 9.00x 7.67x 8.10x 4.94x 10.10x 7.86x 5.95x - -

215'083.0 439'516.3 281'766.2 451'716.8 540'943.4 664'993.5 305'771.3 390'925.9 501'476.7 72'888.0 -

26.74x 5.04x 17.88x 13.28x 10.40x 8.26x 17.93x 11.98x 8.99x - -











EBITDA Margin 21.7%



Asset Turnover 0.78







Fiscal Year Ended

Sampoerna Agro PTPrice/Volume

Valuation Analysis

593'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

.2''

0'''

02''

1'''


0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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



13.11.2012


SAMPOERNA AGRI RESOU n/a EXCH 1'267'245'000 67.05 - 31.03.2012 Holding Company


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'831'500 0.84 3'576'500 29.06.2012 Investment Advisor

PANIN SEKURITAS Multiple Portfolios MF-AGG 11'460'000 0.61 - 31.12.2011 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 6'928'500 0.37 - 28.09.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 6'283'500 0.33 1'452'000 31.07.2012 Investment Advisor




NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 4'023'500 0.21 - 31.08.2012 Investment Advisor

SIA FUNDS AG Multiple Portfolios MF-AGG 3'939'000 0.21 - 31.08.2012 Mutual Fund Manager

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 3'768'500 0.2 - 31.12.2011 Mutual Fund Manager


PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 3'242'756 0.17 - 31.08.2012 Investment Advisor

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'170'000 0.17 - 24.05.2012 Holding Company

SYAILENDRA CAPITAL P Multiple Portfolios MF-AGG 2'976'000 0.16 - 31.12.2010 Mutual Fund Manager

PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 2'668'500 0.14 - 31.12.2010 Investment Advisor

PRATAMA CAPITAL INDO Multiple Portfolios MF-AGG 2'582'000 0.14 - 31.12.2010 Mutual Fund Manager


KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 2'394'000 0.13 (215'000) 22.05.2012 Investment Advisor


Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 3'100 12 month 12.11.2012

Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN hold 3 D 2'550 12 month 08.11.2012

Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 2'550 Not Provided 07.11.2012

Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 2'500 12 month 05.11.2012

Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 D 2'600 Not Provided 02.11.2012

Credit Suisse AGUS SANDIANTO outperform 5 M 3'450 Not Provided 01.11.2012

DBS Vickers BEN SANTOSO buy 5 M 2'800 12 month 01.11.2012



Indo Premier Securities WILLY GUNAWAN buy 5 M 3'180 12 month 01.11.2012

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'800 12 month 31.10.2012

Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA Under Review #N/A N/A M #N/A N/A Not Provided 31.10.2012



OSK (Asia) Securities YUNIV TRENSENO buy 5 M 4'050 12 month 11.10.2012

PT ONIX Capital Tbk SHEILA YOVITA buy 5 N 4'050 12 month 26.04.2012

PT Etrading Securities LINDA LAUWIRA buy 5 M 3'300 Not Provided 11.01.2012

Holdings By:

Sampoerna Agro PT ee


13.11.2012

Shandong Minhe Animal Husbandry Co., Ltd. engaging in the breeding, hatching,

and the growing of chickens and the processing, preparation, and packaging of

its product lines.


LTM as of: 09/yy

52-Week High (20.03.2012) 18.42

52-Week Low (30.08.2012) 8.35

Daily Volume

9.56





2'887.57 1 Yr Total Return -28.87%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

564.4 812.1 725.7 1'002.9 1'345.0 1'291.3 1'246.6 1'546.0 2'222.5 - -

- 1.68x 2.71x 2.66x 2.53x 8.53x 10.31x - - - -

134.6 107.4 11.4 111.4 264.9 0.0 0.0 - - - -

- 12.69x 171.85x 23.96x 12.83x 0.00x 0.00x - - - -

84.7 51.5 (42.4) 44.5 187.1 210.4 (51.8) 210.0 193.5 - -

- 22.37x - 54.56x 16.00x 13.55x 0.00x 17.38x 17.70x - -









Net Debt/EBITDA -


EBITDA Margin -

EBIT Margin -2.8% Total Debt/Equity 26.7%


Asset Turnover 0.76







Fiscal Year Ended

Shandong Minhe animal Husbanry Co LtdPrice/Volume

Valuation Analysis

2'265'165.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'


0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

2''!''

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



13.11.2012


XIMIN SUN n/a Co File 114'310'000 37.85 - 31.12.2011 n/a

LIU SHIFENG n/a Co File 14'381'482 4.76 - 31.12.2011 n/a

JIANGSU WINFAST INVS n/a Co File 14'000'000 4.64 - 31.12.2011 Corporation

LI NING n/a Co File 13'624'000 4.51 - 31.12.2011 n/a

YANTAI YUKAI APPLIAN n/a Co File 11'270'000 3.73 - 31.12.2011 Corporation

FORTUNE TRUST CO LTD n/a Co File 11'000'000 3.64 - 31.12.2011 Investment Advisor

SH MILIEEN INVEST MG n/a Co File 9'400'000 3.11 - 31.12.2011 n/a

CHINA LIFE INSURANCE n/a Co File 9'045'816 2.99 - 31.12.2011 Government

TJ PARADISE SV PENGR n/a Co File 9'000'000 2.98 - 31.12.2011 n/a

AEGON-INDUST FUND MG n/a EXCH 8'800'000 2.91 - 14.11.2011 n/a

GD NUCLEAR FINANCE n/a Co File 8'000'000 2.65 - 31.12.2011 n/a

XIANFA SUN n/a EXCH 7'453'124 2.47 5'838'000 30.10.2012 n/a

AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 4'880'000 1.62 4'880'000 31.12.2011 Investment Advisor

SUN WEIQI n/a EXCH 2'423'316 0.8 - 14.11.2011 n/a

TJ KAISHI FULI EQY I n/a EXCH 2'423'316 0.8 - 14.11.2011 n/a


FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 191'200 0.06 191'200 31.12.2011 Investment Advisor

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 177'198 0.06 - 31.12.2011 Investment Advisor

BNY MELLON WESTERN F Multiple Portfolios MF-AGG 85'822 0.03 - 31.12.2011 Mutual Fund Manager

GF FUND MANAGEMENT C Multiple Portfolios MF-AGG - 0 (492'440) 31.12.2011 Investment Advisor


Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 17.08.2012

Everbright Securities Co., Ltd LI JIE buy 5 M 14 6 month 16.08.2012

China Merchants Securities JUN HUANG buy 5 M #N/A N/A Not Provided 13.07.2012


PingAn Securities WANG HUA neutral 3 M #N/A N/A Not Provided 02.02.2012

Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M 15 6 month 27.12.2011

Southwest Securities Co Ltd WANG JIANHUI add 4 M #N/A N/A Not Provided 19.07.2011

Sealand Securities TEAM COVERAGE add 4 N #N/A N/A Not Provided 07.07.2011

Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011

Great Wall Securities RAN FEI buy 5 N #N/A N/A Not Provided 23.05.2011

ZheShang Securities JIN YAN buy 5 M #N/A N/A Not Provided 23.01.2011

GuoYuan Securities FU FANGBAO neutral 3 N #N/A N/A Not Provided 31.08.2010

Bohai Securities Co Ltd YALEI YAN buy 5 N #N/A N/A Not Provided 10.08.2010

SWS Research Co Ltd ZHAO JINHOU neutral 3 N #N/A N/A Not Provided 11.05.2010

Holdings By:

Shandong Minhe animal Husbanry Co Ltd ee


13.11.2012

Astarta Holding N.V. is an agri-industrial holding company. The Company,

through its subsidiaries, produces and sells sugar made of sugar beet, sugar by-

products, grain crops, meat, and milk.


LTM as of: 09/yy

52-Week High (05.09.2012) 74.85

52-Week Low (19.12.2011) 43.60

Daily Volume

59.95





1'476.25 1 Yr Total Return -4.84%







AST PW EQUITY YTD Change - Average Volume 30 Day 11'070

AST PW EQUITY YTD % CHANGE - Average Volume 3 Month 12'697


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

87.7 123.4 128.2 219.3 303.6 275.9 351.8 376.6 422.5 - -

3.11x 1.26x 2.55x 3.15x 1.59x 9.25x 6.17x 1.50x 1.28x - -

27.1 25.5 51.3 99.9 115.3 105.7 138.6 121.9 124.9 - -

10.04x 6.10x 6.37x 6.92x 4.19x 5.23x 4.42x 4.64x 4.52x - -

21.6 (7.7) 29.5 80.1 87.6 97.3 78.2 72.6 81.7 - -

10.29x - 8.27x 7.26x 3.33x 3.94x 5.19x 5.16x 4.47x - -











EBITDA Margin 39.4%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Astarta Holding NVPrice/Volume

Valuation Analysis

5'999.00


'

-'

.'

0'

1'

2'

3'

4'

5'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A!' A!' A!- A!- A!- A!- A!- A!. A!. A

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

-'1''!''

-'3''!''

-'5''!''

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



13.11.2012


ALBACON VENTURES LTD #N/A N/A EXCH 9'246'883 36.99 - 10.11.2012 Private Equity

ALUXES HOLDING LTD #N/A N/A EXCH 6'496'883 25.99 - 10.11.2012 Other

AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 1'250'096 5 - 30.06.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 996'085 3.98 (104'813) 30.06.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 975'192 3.9 7'507 28.09.2012 Mutual Fund Manager


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 34'361 0.14 - 31.08.2012 Investment Advisor

DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 27'443 0.11 - 25.07.2011 Investment Advisor

BPH TFI SA Multiple Portfolios MF-AGG 25'585 0.1 25'585 30.06.2011 Mutual Fund Manager

EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 20'000 0.08 20'000 28.09.2012 Mutual Fund Manager

AMPLICO TFI Multiple Portfolios MF-AGG 15'069 0.06 - 30.06.2012 Mutual Fund Manager

DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 13'318 0.05 - 30.06.2012 Mutual Fund Manager

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 12'000 0.05 - 28.09.2012 Investment Advisor

CLARIDEN SICAV Multiple Portfolios MF-AGG 11'570 0.05 - 29.04.2011 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 10'900 0.04 - 31.08.2012 Investment Advisor

NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 10'516 0.04 - 29.06.2012 Mutual Fund Manager

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 9'250 0.04 - 31.08.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 5'000 0.02 - 28.09.2012 Investment Advisor

PIONEER PEKAO INVEST Multiple Portfolios MF-AGG 3'634 0.01 3'634 30.06.2012 Investment Advisor

IDEA TFI Multiple Portfolios MF-AGG 809 0 366 30.06.2012 Mutual Fund Manager


Sberbank CIB KONSTANTIN FASTOVETS hold 3 D 65 Not Provided 08.11.2012

UniCredit Research MARCIN GATARZ buy 5 M 85 12 month 01.10.2012

Eavex Capital DMITRY CHURIN buy 5 N 95 12 month 12.09.2012

Ipopema Securities SA ZANETA MARZEC buy 5 U 82 12 month 28.08.2012

Dom Inwestycyjny BRE Banku JAKUB SZKOPEK buy 5 U 74 Not Provided 09.08.2012


Dragon Capital TAMARA LEVCHENKO buy 5 M 83 Not Provided 26.04.2012

Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 99 12 month 17.04.2012

Erste Bank IGOR ZHOLONKIVSKYI buy 5 M 80 12 month 16.04.2012

Concorde Capital Ltd YEGOR SAMUSENKO buy 5 M 94 12 month 07.03.2012

ING Wholesale Banking DOROTA PUCHLEW sell 1 N 45 12 month 09.01.2012

ArtCapital ANDRIY PATIOTA buy 5 M 110 12 month 23.11.2011

Phoenix Capital LLC ANNA SHUVALOVA buy 5 N 109 12 month 23.11.2011


Wood & Company BARBARA ZALESKA hold 3 D 78 12 month 21.10.2011

PJS Adamant Investments ALEXANDRE UTMELIDZE buy 5 M 106 Not Provided 21.03.2011

BG Capital ALEXANDER PARASCHIY buy 5 M 93 12 month 30.11.2010

Holdings By:

Astarta Holding NV ee


13.11.2012

Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and

lamb.


LTM as of: 09/yy

52-Week High (17.05.2012) 6.95

52-Week Low (26.09.2012) 5.00

Daily Volume

5.42





1'514.36 1 Yr Total Return -11.10%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

515.9 615.5 526.9 505.3 520.4 512.7 557.3 - - - -

5.33x 2.20x 3.83x 3.93x 3.26x 15.24x 11.67x - - - -

49.7 47.3 35.0 22.6 39.1 0.0 0.0 - - - -

55.40x 28.68x 57.66x 88.07x 43.29x 0.00x 0.00x - - - -

19.4 19.4 4.9 (33.4) 14.7 (21.2) 19.0 - - - -

137.14x 68.29x 351.00x - 117.60x 0.00x 76.83x - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fortune Ng Fung Food Hebei Co LtdPrice/Volume

Valuation Analysis

1'370'211.00


'

-

.

0

1

2

3

4

5

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

2!' A

-'!' A

-2!' A

.'!' A

.2!' A

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

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



13.11.2012


SANHE FUCHENG INVEST n/a Co File 77'287'521 27.66 - 31.12.2010 Investment Advisor

CHINA RESOURCES ENTE n/a Co File 14'896'313 5.33 - 31.12.2010 Corporation

INNER MONGOLIA TRAD n/a Co File 7'000'000 2.51 - 31.12.2010 Corporation

KE YUYING n/a Co File 2'142'500 0.77 - 31.12.2010 n/a

ZHANG HUI n/a Co File 1'189'600 0.43 - 31.12.2010 n/a

SHEN JIANWEN n/a Co File 774'999 0.28 - 31.12.2010 n/a

LI LI n/a Co File 756'817 0.27 - 31.12.2010 n/a

KUN JI n/a Co File 720'436 0.26 - 31.12.2010 n/a

ZHAO ZHICHONG n/a Co File 686'100 0.25 - 31.12.2010 n/a

XU ZHAOYI n/a Co File 625'745 0.22 - 31.12.2010 n/a


China International Capital Corp FEIYANG YUAN reduce 2 M #N/A N/A Not Provided 12.01.2011

Holdings By:

Fortune Ng Fung Food Hebei Co Ltd ee


13.11.2012

Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company

exports pigs to Hong Kong and Macau as well as sells them domestically.


LTM as of: 09/yy

52-Week High (15.11.2011) 8.27

52-Week Low (06.01.2012) 5.61

Daily Volume

5.94





1'392.10 1 Yr Total Return -25.89%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

567.4 773.0 574.6 877.2 961.3 953.2 1'069.0 1'137.0 1'275.0 - -

4.72x 1.41x 3.77x 2.09x 1.56x 8.39x 5.94x - - - -

12.8 32.9 20.6 (15.6) 85.0 0.0 0.0 - - - -

209.21x 33.04x 104.84x - 17.64x 0.00x 0.00x - - - -

18.7 8.1 21.7 14.8 72.1 49.5 56.0 95.4 115.0 - -

96.73x 125.00x 94.67x 126.88x 20.70x 35.41x 26.94x 11.21x 9.28x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.43







Fiscal Year Ended

Hunan New Wellful Co LtdPrice/Volume

Valuation Analysis

1'637'772.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

2!' A

-'!' A

-2!' A

.'!' A

.2!' A

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

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



13.11.2012


HUNAN CEREALS OILS & n/a Co File 87'967'605 37.54 - 31.12.2009 Corporation

CHINA AGRICULTURAL U n/a Co File 2'850'061 1.22 - 31.12.2009 Other

CHINA RESOURCES ENTE n/a Co File 1'330'616 0.57 - 31.12.2009 Corporation

NAM KWONG CEREALS OI n/a Co File 570'012 0.24 - 31.12.2009 n/a

DENG PINGZHEN n/a Co File 520'842 0.22 - 31.12.2009 n/a

HUANG JINGXIN n/a Co File 468'652 0.2 - 31.12.2009 n/a

YU LIANYONG n/a Co File 459'940 0.2 - 31.12.2009 n/a

ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 46'410 0.02 - 31.12.2011 Investment Advisor


Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 20.08.2012

China Minzu Securities Co Ltd LIU XIAOFENG add 4 M 10 6 month 22.08.2011

Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011

Central China Securities FANG XIAHONG add 4 N #N/A N/A Not Provided 31.05.2011

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

ZheShang Securities JIN YAN neutral 3 M #N/A N/A Not Provided 16.08.2010

Bohai Securities Co Ltd YALEI YAN buy 5 N #N/A N/A Not Provided 10.08.2010

Hong Yuan Securities ZHOU SONG neutral 3 N #N/A N/A Not Provided 27.06.2010

Holdings By:

Hunan New Wellful Co Ltd ee


13.11.2012

Black Earth Farming Limited acquires and cultivates land in south-west Russia.


LTM as of: 06/yy

52-Week High (14.11.2011) 18.50

52-Week Low (05.06.2012) 8.10

Daily Volume

12.35





1'495.22 1 Yr Total Return -31.01%







BEFSDB SS EQUITY YTD Change - Average Volume 30 Day 108'321

BEFSDB SS EQUITY YTD % CHANGE - Average Volume 3 Month 104'638


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

521.8 698.9 2'394.7 1'430.0 2'067.1 1'192.2 2'966.3 4'252.2 5'100.3 1'857.2 1'384.4

33.19x 8.85x 4.55x 10.78x 5.08x 48.71x 13.88x 2.03x 1.58x 4.41x 6.22x

(9.8) (761.0) (641.6) (499.8) (821.2) (599.0) (740.7) 761.4 1'335.4 921.4 32.4

- - - - - 0.00x 0.00x 13.62x 7.77x - -

(387.6) (733.6) (1'349.3) (1'294.2) (1'342.1) (1'499.3) (1'344.8) (120.7) 426.9 709.1 (149.1)

- - - - - 0.00x 0.00x 46.08x 7.26x - -

EBITDA -821.19 Long-Term Rating Date -

EBIT -1'246.59 Long-Term Rating -

Operating Margin -60.31% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. -2.38


Net Debt/EBITDA -

Gross Margin -12.8% Total Debt/EBITDA -5.21

EBITDA Margin -25.0%

EBIT Margin -40.3% Total Debt/Equity 54.6%


Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Black Earth Farming LtdPrice/Volume

Valuation Analysis

109'718.00


'.135

-'-.-1-3-5.'

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A!. A!1 A!3 A!5 A-!' A-!. A-!1 A-!3 A-!5 A

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''!''

.''''!''

.'2''!''

0''''!''

0'2''!''

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



13.11.2012


KINNEVIK INVESTMENT n/a Co File 31'087'097 24.95 - 31.12.2011 Holding Company

VOSTOK NAFTA INVSTMN n/a Co File 30'888'704 24.79 - 31.12.2011 n/a

ALECTA PENSIONSFORSA n/a Co File 11'600'000 9.31 - 31.12.2011 Pension Fund (ERISA)

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 6'763'270 5.43 3'921'418 30.06.2012 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 3'945'000 3.17 610'000 30.06.2012 Investment Advisor

HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 2'306'281 1.85 (100'000) 31.10.2012 Mutual Fund Manager

NTC VARMA MUTUAL PEN n/a Co File 2'100'000 1.69 - 31.12.2011 n/a

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'555'084 1.25 (14'492) 31.10.2012 Investment Advisor

SARASIN INVESTMENT M Multiple Portfolios MF-AGG 852'700 0.68 - 31.07.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 833'482 0.67 - 30.06.2012 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 340'346 0.27 - 30.06.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 340'000 0.27 25'000 29.06.2012 Investment Advisor

GAMCO n/a ULT-AGG 180'000 0.14 20'000 29.06.2012 Unclassified

SELIGSON & CO FUND M Multiple Portfolios MF-AGG 158'377 0.13 - 31.10.2012 Mutual Fund Manager

WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 154'435 0.12 - 15.11.2011 Investment Advisor

SCHROEDER POUL n/a Co File 150'000 0.12 - 31.12.2011 n/a

UNGER MAGNUS n/a Co File 150'000 0.12 - 31.12.2011 n/a

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 138'079 0.11 - 28.09.2012 Investment Advisor

HANDELSBANKEN BOFOND Multiple Portfolios MF-AGG 105'000 0.08 - 31.10.2012 Investment Advisor

BRILIOTH PER n/a Co File 100'000 0.08 - 31.12.2011 n/a


Pareto Securities SERGEJ KAZATCHENKO buy 5 M 16 6 month 18.09.2012

Holdings By:

Black Earth Farming Ltd ee


13.11.2012

Xinjiang Western Animal Husbandry Co., Ltd is a raw milk supplier. The

Company's operation chain covers breeding, feed production and processing,

cattle farming, slaughtering, fresh milk collection and sale and distribution.


LTM as of: 09/yy

52-Week High (14.11.2011) 17.29

52-Week Low (26.09.2012) 9.95

Daily Volume

10.22





1'195.74 1 Yr Total Return -39.36%







300106 CH EQUITY YTD Change - Average Volume 30 Day 565'695

300106 CH EQUITY YTD % CHANGE - Average Volume 3 Month 827'286


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

64.7 235.6 267.2 294.6 314.6 329.7 424.1 - - - -

- - - 8.31x 4.80x 17.41x 14.89x - - - -

18.3 35.4 44.1 50.7 57.7 0.0 0.0 - - - -

- - - 48.26x 26.16x 0.00x 0.00x - - - -

9.8 23.5 30.4 34.2 38.3 41.9 36.6 - - - -

- - - 63.94x 39.55x 0.00x 33.73x - - - -











EBITDA Margin 18.3%



Asset Turnover 0.40







Fiscal Year Ended

Xinjiang Western Animal Husbandry Co LtdPrice/Volume

Valuation Analysis

496'631.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

!2 A

-!' A

-!2 A

.!' A

.!2 A

0!' A

0!2 A

1!' A

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



13.11.2012


SHIHEZI STE-OWNED AS n/a Co File 51'856'138 44.32 - 31.12.2011 Other

SHANGHAI LIANCHUANG n/a Co File 16'535'419 14.13 - 31.12.2011 Corporation

XJ HENGHEYUAN INVEST n/a EXCH 7'084'781 6.06 (1'000'000) 26.04.2012 n/a


XINGMING XIN n/a Co File 1'808'269 1.55 - 31.12.2011 n/a

ZHAO XIAONING n/a Co File 1'130'800 0.97 - 31.12.2011 n/a

SONG JIANFENG n/a Co File 744'492 0.64 - 31.12.2011 n/a

XIANMIN LI n/a Co File 740'239 0.63 - 31.12.2011 n/a

MUSHAJIANG KELIMU n/a Co File 672'944 0.58 - 31.12.2011 n/a

BINSHUANG DING n/a EXCH 471'061 0.4 - 19.08.2010 n/a

YIMIN XU n/a Co File 379'440 0.32 - 31.12.2011 n/a

ICBC ASIA LTD n/a EXCH 201'542 0.17 - 19.08.2010 Bank

YONGGANG LI n/a Co File 134'589 0.12 - 31.12.2011 n/a

JIANFANG CHEN n/a Co File 121'130 0.1 - 31.12.2011 n/a

YONGBO SHI n/a EXCH 107'671 0.09 - 19.08.2010 n/a

FAYU LUO n/a EXCH 100'941 0.09 - 19.08.2010 n/a

WENZHONG CHENG n/a EXCH 80'753 0.07 - 19.08.2010 n/a

HONGYONG GUO n/a EXCH 80'753 0.07 - 19.08.2010 n/a

WEIHANG WANG n/a EXCH 80'753 0.07 - 19.08.2010 n/a

HONG JIANG n/a EXCH 74'024 0.06 - 19.08.2010 n/a



Holdings By:

Xinjiang Western Animal Husbandry Co Ltd ee


13.11.2012

China Green (Holdings) Limited, through its subsidiaries, produces and supplies

a wide range of agricultural products including fresh produce, processed food

to both domestic and international markets., The Company also offers branded

food and beverage products to domestic markets in China.


LTM as of: 01/yy

52-Week High (06.03.2012) 3.39

52-Week Low (06.06.2012) 1.48

Daily Volume

1.62





1'432.14 1 Yr Total Return -28.32%










30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -

1'267.1 1'547.7 1'900.8 2'234.6 2'548.2 - - - - - -

5.32x 2.79x 3.28x 1.99x 0.48x - - - - - -

528.5 641.9 862.3 885.1 969.3 - - - - - -

12.75x 6.72x 7.24x 5.02x 1.26x - - - - - -

471.0 454.9 576.0 458.8 520.3 - - - - - -

17.13x 10.65x 12.34x 10.69x 3.12x - - - - - -











EBITDA Margin 38.0%



Asset Turnover 0.50







Fiscal Year Ended

China Green Holdings Ltd/BermudaPrice/Volume

Valuation Analysis

1'401'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A

.!' A

1!' A

3!' A

5!' A

-'!' A

-.!' A

-1!' A

-3!' A

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



13.11.2012


SHAO FENG SUN n/a Co File 407'274'000 46.07 - 30.04.2012 n/a

DEUTSCHE BANK AG n/a EXCH 44'451'456 5.03 - 16.08.2012 Investment Advisor

ALLIANCEBERNSTEIN LP n/a EXCH 44'081'000 4.99 - 13.01.2011 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 43'494'511 4.92 - 29.07.2011 Investment Advisor

INVESCO HK LTD n/a EXCH 43'100'000 4.88 (2'094'000) 23.10.2009 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 42'710'000 4.83 (2'253'000) 31.03.2010 Investment Advisor

JP MORGAN n/a ULT-AGG 41'572'491 4.7 - 26.10.2012 Unclassified

DWS INVESTMENT S A Multiple Portfolios MF-AGG 26'375'869 2.98 - 28.09.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 17'966'000 2.03 (1'644'000) 30.06.2012 Investment Advisor

COLUMBIA MANAGEMENT n/a EXCH 5'799'500 0.66 - 11.02.2011 Investment Advisor



SAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 2'784'000 0.31 - 16.09.2011 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'774'000 0.31 (3'929'000) 31.10.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 2'676'000 0.3 - 09.11.2012 Investment Advisor


SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 1'653'000 0.19 - 30.09.2012 Investment Advisor



RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 1'026'000 0.12 - 22.08.2011 Investment Advisor



Bank of China International JENNY CHAN buy 5 M 11 Not Provided 11.05.2011

Sun Hung Kai Securities CHONG KOK MING buy 5 M 11 12 month 25.10.2010

Holdings By:

China Green Holdings Ltd/Bermuda ee


q.m.s advisors proprietary farming index

Documents

30latest fiscal

2012dbs vickers

2012miller

cash conversion

2012seb enskilda

8latest fiscal

multiple portfolios

multiple portfolios