Fundamental Analysis & Financial Analyst Recommandations - Global Agri…

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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 12803200 1812.556 1093 1093 201 211 211 98.19 103.87 103.87 14.14 14.14 13.37 13.37 19.02

Euro Stoxx 50 Pr EUR 2382352 5375.146 4576 4576 771 778 778 180.08 298.98 298.98 23.01 15.08 13.86 13.86 20.96

NIKKEI 225 JPY 2129014 168.6997 214 214 22 23 23 4.65 6.60 6.60 0.29 0.23 0.21 0.21 0.13

FTSE 100 INDEX GBP 2544814 11252.88 9503 9503 1555 1644 1644 624.42 814.22 814.22 23.44 20.73 17.97 17.97 25.96

SWISS MARKET INDEX CHF 889864 10217.62 3916 3916 834 798 798 363.13 518.52 518.52 20.75 18.37 14.53 14.53 22.27

S&P/TSX COMPOSITE INDEX CAD 1626375 16528.26 7764 7764 1907 1945 1945 805.81 850.09 850.09 15.05 15.05 14.27 14.27 25.25

S&P/ASX 200 INDEX AUD 1220491 6013.828 2884 2884 648 689 689 267.45 340.41 340.41 17.49 14.71 13.74 13.74 23.97

HANG SENG INDEX HKD 1609595 3092.354 1449 1449 347 362 362 252.09 246.24 246.24 1.42 1.52 1.46 1.46 3.10

MSCI EM USD 7180442 1359.299 979 979 183 180 180 81.16 86.72 86.72 12.07 12.47 11.29 11.29 18.79

ADECOAGRO SA USD 1090 9 121 0 0 0 0 1.30 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.00 14.09 28.58 - - - 22.36 - - - -

AGCO CORP USD 4318 73 97 1 0 0 1 5.44 8773 9777 9840 10126 783 971 219 219 4.47 5.68 5.22 5.55 7.84 7.84 8.54 8.02 27.21 10.24 56.21 15.95 9.94 BBB- 05.03.2010 WR 23.06.2005

AGRIUM INC CAD 14990 126 158 2 0 0 1 15.93 15507 16642 16512 17486 2713 2723 534 534 9.69 9.61 9.66 9.85 10.49 10.49 10.44 10.24 44.11 46.59 84.28 46.98 16.40 BBB 24.11.2005 Baa2 18.03.2010

AMERICAN VANGUARD CORP USD 928 3 28 0 0 0 0 0.96 304 348 363 424 55 68 21 21 0.80 1.12 1.23 1.63 29.54 29.54 26.92 20.29 34.19 10.30 63.10 8.82 19.60 - - - -

ANDERSONS INC/THE USD 784 11 19 0 0 0 0 1.34 4576 4889 4999 5206 165 159 40 40 5.09 4.61 4.32 4.09 9.15 9.15 9.75 10.31 34.84 20.32 31.40 17.53 3.25 - - - -

ARCHER-DANIELS-MIDLAND CO USD 17333 383 659 10 0 0 2 26.04 89038 88944 91122 94033 2890 2689 688 688 2.29 2.02 2.39 2.70 13.03 13.03 11.01 9.73 10.36 15.60 -18.96 1.05 3.02 A *- 19.10.2012 A2 12.11.2004

ASTRA AGRO LESTARI TBK PT IDR 3262 458 1575 0 0 0 0 3.32 1116 1182 1178 1301 370 365 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 - - - -

BRF - BRASIL FOODS SA-ADR USD 16263 142 #VALUE! 8 #VALUE! 0 3 #VALUE! 25706 27471 27942 30381 2878 2412 938 938 - - 1.18 2.22 - - 33.18 17.61 13.34 37.97 24.04 52.90 9.08 BBB- 04.04.2012 Baa3 31.05.2012

BUNGE LTD USD 10542 23 144 4 1 0 1 18.93 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 12.83 12.83 11.52 9.42 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -

CF INDUSTRIES HOLDINGS INC USD 13033 51 71 2 0 0 1 12.94 6098 6341 6202 6019 3161 3544 850 850 23.30 28.58 27.58 26.32 7.25 7.25 7.52 7.88 53.79 36.08 142.87 80.30 55.88 - - - -

CHINA AGRI-INDUSTRIES HLDGS HKD 2287 10325 4038 4 0 0 1 6.26 10625 11666 12697 14674 49 162 - - -0.03 0.04 0.06 0.07 1.80 - 1.31 1.04 6.96 4.11 -11.60 -2.53 0.18 - - - -

CHINA BLUECHEMICAL LTD - H HKD 2938 2718 4610 0 0 0 0 2.28 1259 1290 1443 1640 458 431 - - 0.05 0.05 0.06 0.06 1.25 1.32 1.14 1.05 5.43 2.73 6.19 2.12 4.31 - - - -

CHIQUITA BRANDS INTL USD 310 8 46 1 0 0 0 0.86 3 K 3 K 3 K 3 K 140 72 10 10 1.81 -0.98 -0.28 0.73 - - #VALUE! 9.18 -2.73 -1.74 0.50 2.74 2.35 B 03.09.2009 Caa1 18.03.2010

CNH GLOBAL N.V. USD 11375 217 240 17 0 0 2 27.94 19185 20301 19169 19641 2616 2834 347 347 3.82 4.70 4.59 4.79 10.10 10.10 10.34 9.92 22.92 8.23 31.92 8.18 13.96 BB+ 01.10.2010 Ba2 25.07.2011

COSAN LTD-CLASS A SHARES USD 4476 47 271 5 0 4 2 17.64 24097 25262 39270 45408 1992 2013 810 810 4.40 1.21 2.83 3.14 28.59 28.59 12.23 11.01 33.40 100.89 -26.24 17.17 8.04 BB 21.10.2010 - -

CRESUD S.A.-SPONS ADR USD 406 15 #VALUE! 4 0 2 1 #VALUE! 3458 3458 2664 3109 893 982 1043 1043 - - 2.98 5.56 - - 13.07 7.01 36.12 - -3.07 83.90 28.39 - - - -

DARLING INTERNATIONAL INC USD 1893 31 117 0 0 0 0 2.06 1797 1707 1717 1754 394 326 84 84 1.47 1.11 1.16 1.32 14.48 14.48 13.81 12.14 147.93 36.04 243.92 58.03 19.09 BB+ 29.03.2012 Ba2 18.09.2012

DEERE & CO USD 32469 909 406 27 0 0 4 58.77 36578 35719 34907 36894 4811 5302 791 791 7.63 7.64 8.31 8.99 10.85 10.85 9.98 9.23 15.95 12.43 - 13.81 15.38 A 14.12.2006 A2 08.02.2007

FIRST RESOURCES LTD SGD 2637 1360 1470 0 0 0 0 2.26 404 512 481 610 239 285 - - 0.11 0.13 0.11 0.12 8.52 8.70 10.53 9.00 40.75 - 36.46 - 45.34 - - - -

GLANBIA PLC EUR 3040 1343 295 1 0 0 0 3.77 3425 3525 3606 3476 273 291 146 146 0.52 0.57 0.67 0.73 23.08 23.94 19.75 18.18 29.86 9.44 16.54 19.87 10.59 NR 11.07.2005 - -

GOLDEN AGRI-RESOURCES LTD SGD 6390 43630 12139 1 0 0 0 6.03 4858 4783 4389 4964 744 663 683 683 0.08 0.07 0.03 0.04 4.56 - 9.91 8.12 57.00 24.32 34.63 28.00 11.30 - - - -

GRAINCORP LTD-A AUD 2907 585 210 1 0 0 0 3.25 3435 3435 3649 3548 335 335 236 236 0.95 1.06 0.82 0.72 12.40 - 16.16 18.35 20.62 - 53.50 145.82 10.09 - - - -

INDOFOOD AGRI RESOURCES LTD SGD 1404 1055 1439 5924 0 7036 5333 19387.94 10285851 11185341 11328588 12763307 2922741 2712924 - - 847.21 762.14 727.24 910.20 8.25 8.23 8.65 6.91 26.85 20.38 14.39 29.40 19.79 - - - -

INGREDION INC USD 4788 22 76 2 0 0 0 6.06 6219 6436 6528 6993 892 896 229 229 4.68 5.22 5.53 5.89 11.98 11.98 11.32 10.62 42.41 16.19 71.87 21.42 13.91 BBB 24.11.2008 Baa2 14.02.2008

INTREPID POTASH INC USD 1552 32 75 0 0 0 0 1.42 443 445 442 480 190 187 52 52 1.23 1.24 1.21 1.40 16.62 16.62 17.10 14.73 23.28 - 83.32 51.76 42.11 - - - -

IOI CORPORATION BHD MYR 10226 7225 6398 3 0 0 1 11.60 5058 4854 5480 5707 772 859 948 948 0.08 0.11 0.10 0.11 4.78 4.91 5.16 4.73 -1.08 1.70 -0.81 1.52 5.78 BBB+ 14.03.2008 - -

KERNEL HOLDING SA PLN 1586 158 80 0 0 0 0 0.69 675 675 759 801 101 101 24 24 0.84 0.82 0.83 0.96 2.35 2.36 2.32 2.01 4.43 - 4.30 16.09 4.66 - - - -

KUALA LUMPUR KEPONG BHD MYR 7168 1296 1065 1 0 0 1 7.46 3452 3378 3625 3949 753 - - - - 0.38 0.42 0.46 5.76 - 5.19 4.80 -0.37 4.42 - 9.37 - - - - -

KUBOTA CORP JPY 13407 3559 1256 4 0 1 1 17.40 12235 13021 13821 14612 1573 1649 - - 0.59 0.64 0.66 0.76 0.20 0.20 0.19 0.17 0.10 0.00 0.18 -0.05 0.15 NR 09.01.2007 WR 30.09.2005

KUMIAI CHEMICAL INDUSTRY CO JPY 393 81 81 0 0 0 0 0.37 511 522 534 558 26 27 - - - 0.27 0.23 0.29 0.21 - 0.24 0.19 0.12 0.01 0.33 0.12 0.06 - - - -

LINDSAY CORP USD 949 2 13 0 0 0 0 0.81 551 551 587 602 78 78 18 18 3.38 3.38 4.12 4.40 22.07 22.07 18.11 16.95 15.11 22.43 14.14 20.32 14.15 - - - -

MAPLE LEAF FOODS INC CAD 1516 3 140 1 0 0 0 2.65 4905 4917 4930 5057 390 359 119 119 1.00 0.82 0.93 1.14 13.20 13.20 11.63 9.55 -1.50 -0.95 5.52 5.10 7.31 - - - -

MONSANTO CO USD 47900 159 534 2 0 0 4 46.59 13504 13516 14603 15600 3760 3760 471 471 3.70 3.88 4.40 5.04 23.09 23.09 20.37 17.76 14.23 8.01 20.67 14.20 27.82 A+ 21.10.2008 A1 21.02.2012

MOSAIC CO/THE USD 21994 200 425 1 0 0 4 19.45 11108 10530 10489 11062 3119 3017 718 718 4.48 4.33 4.53 5.03 11.93 11.93 11.41 10.28 11.77 24.36 0.24 26.39 28.65 BBB 28.04.2011 Baa1 12.10.2011

NUFARM LTD AUD 1514 945 262 1 0 0 0 2.25 2257 2257 2385 2514 217 207 90 90 0.32 0.26 0.46 0.51 22.87 22.87 12.92 11.74 4.86 3.21 137.70 -1.66 9.48 BB 21.02.2011 - -

NUTRECO NV EUR 2713 106 35 1 0 0 0 3.19 6054 5774 6663 7011 348 379 - - 4.92 5.24 6.38 6.95 18.89 17.68 15.52 14.25 17.07 10.51 14.79 14.67 8.43 - - - -

OLAM INTERNATIONAL LTD SGD 3306 112550 2390 6 0 0 1 9.10 13948 15140 16898 19494 758 722 240 240 0.12 0.13 0.13 0.17 9.02 9.26 8.38 6.65 6.66 23.10 22.52 25.53 3.89 - - - -

PP LONDON SUMATRA INDONES PT IDR 1590 7802 6823 0 0 0 0 1.40 485 470 486 534 230 184 74 74 - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -

PILGRIM'S PRIDE CORP USD 1650 32 221 1 0 0 0 2.76 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 22.62 22.62 13.27 11.84 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011

POTASH CORP OF SASKATCHEWAN CAD 32879 364 859 5 0 0 0 36.54 8736 8170 7845 8697 4409 3897 967 967 3.52 2.94 2.82 3.39 13.07 13.07 13.59 11.34 33.36 31.17 62.50 34.04 47.82 A- 15.11.2010 Baa1 23.05.2005

SINOFERT HOLDINGS LTD HKD 1486 5030 7023 1 0 0 0 1.90 4733 5258 5248 5549 152 177 - - 0.01 0.01 0.02 0.02 1.64 - 1.43 1.24 3.27 2.13 10.01 0.19 0.44 - - - -

SMITHFIELD FOODS INC USD 3224 61 157 2 0 0 0 5.01 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.38 9.38 11.67 9.48 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012

QUIMICA Y MINERA CHIL-SP ADR USD 15364 137 #VALUE! 1 0 0 1 #VALUE! 2145 2367 2494 2710 949 1095 337 337 - - 2.60 2.78 - - 22.01 20.60 17.20 19.93 45.05 24.99 47.07 BBB 27.04.2009 Baa1 23.10.2006

SYNGENTA AG-REG CHF 35753 119 91 3 0 0 2 40.16 14130 14729 15168 16177 3077 3108 - - 20.29 19.45 23.37 26.38 22.39 21.46 18.63 16.50 14.88 9.01 18.57 14.52 22.47 A 15.06.2007 - -

TATE & LYLE PLC GBp 5693 685 466 2 0 0 1 6.40 4923 5069 5176 5352 702 606 - - 0.82 0.91 0.90 0.97 21.35 21.52 21.58 20.09 21.57 8.10 8.39 3.40 19.06 BBB 15.07.2011 Baa3 08.04.2009

TYSON FOODS INC-CL A USD 6839 266 359 2 0 0 1 8.23 33278 33278 34556 35545 1747 1747 396 396 1.90 1.88 1.85 2.15 10.05 10.05 10.23 8.79 3.14 5.09 -2.46 9.12 5.25 BBB- 24.02.2011 Baa3 07.06.2012

URALKALI-SPON GDR-REG S USD 21615 1262 #VALUE! 3 0 0 1 #VALUE! 3496 4465 4093 4875 2068 2809 - - - - 2.59 3.36 - - 14.22 10.96 105.72 55.16 158.40 45.69 62.91 BBB- 18.06.2012 - -

WILMAR INTERNATIONAL LTD SGD 16336 7640 6401 17 0 1 7 25.30 36483 37012 38035 43378 1578 1774 538 538 0.21 0.16 0.14 0.17 10.47 10.53 12.19 9.93 38.50 20.99 30.35 32.05 3.91 - - - -

YARA INTERNATIONAL ASA NOK 13618 649 285 2 0 0 1 14.47 13608 14492 14755 14632 2787 2824 663 663 - 7.27 6.45 5.91 1.14 - 1.28 1.40 3.75 3.27 10.62 4.95 3.41 BBB 15.03.2010 Baa2 17.03.2010

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 2.04 2.04 1.87 1.71 2.04 1.27 1.27 1.22 1.17 1.27 9.21 9.21 8.64 8.42 9.21 8.61 8.61 8.05 7.50 8.61 13.37 13.36 12.09 10.83 13.36 2.28 2.28 2.47 2.67 2.28 1604.9 15.6%

Euro Stoxx 50 Pr 1.12 1.12 1.07 1.01 1.12 0.71 0.71 0.69 0.67 0.71 5.15 5.15 4.94 4.58 5.15 6.91 6.91 6.66 6.29 6.91 10.81 10.81 9.95 9.02 10.81 4.23 4.23 4.66 4.99 4.23 2732.1 8.4%

NIKKEI 225 1.13 1.13 1.06 0.99 1.13 0.52 0.52 0.49 0.49 0.52 6.75 6.75 6.08 5.76 6.75 7.43 7.43 6.74 6.33 7.43 16.96 16.96 14.21 11.35 16.96 2.24 2.24 2.25 2.56 2.24 9797.6 6.2%

FTSE 100 INDEX 1.60 1.60 1.49 1.38 1.60 0.97 0.97 0.95 0.92 0.97 7.43 7.43 6.78 5.47 7.43 6.84 6.84 6.37 5.96 6.84 11.27 11.27 10.33 9.43 11.27 4.07 4.07 4.32 4.64 4.07 6767.7 17.6%

SWISS MARKET INDEX 2.13 2.13 2.00 1.85 2.13 1.81 1.81 1.71 1.62 1.81 11.78 11.78 10.28 9.09 11.78 12.81 12.81 11.82 11.00 12.81 13.65 13.65 12.37 11.22 13.65 3.54 3.54 3.84 4.22 3.54 7305.5 9.9%

S&P/TSX COMPOSITE INDEX 1.66 1.66 1.53 1.43 1.66 1.56 1.56 1.46 1.36 1.56 8.54 8.54 7.55 6.99 8.54 8.50 8.50 7.36 6.75 8.50 14.24 14.24 12.42 11.27 14.24 3.09 3.09 3.25 3.32 3.09 14206.6 17.7%

S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.46 1.39 1.57 9.71 9.71 8.80 6.58 9.71 8.72 8.72 7.70 7.10 8.72 13.28 13.28 11.84 10.84 13.28 4.94 4.94 5.31 5.71 4.94 4724.1 8.1%

HANG SENG INDEX 1.39 1.39 1.28 1.18 1.39 1.92 1.92 1.77 1.64 1.92 7.19 7.19 6.66 6.33 7.19 8.55 8.55 7.76 7.12 8.55 11.28 11.28 10.36 9.43 11.28 3.44 3.44 3.68 4.01 3.44 23279.7 8.2%

MSCI EM 1.49 1.49 1.35 1.22 1.49 1.00 1.00 0.93 0.87 1.00 7.03 7.03 6.39 5.08 7.03 7.54 7.54 6.74 6.16 7.54 11.29 11.29 9.90 8.92 11.29 2.92 2.92 3.10 3.46 2.92 1138.5 16.2%

ADECOAGRO SA 1.02 0.98 0.91 0.84 0.76 2.01 1.78 1.39 1.25 1.03 14.05 13.83 8.40 6.12 5.05 8.63 8.93 5.77 5.15 3.67 19.01 21.00 14.09 12.18 8.36 0.00 0.00 1.00 13.74 52.8%

AGCO CORP 1.43 1.25 1.07 0.94 0.49 0.44 0.43 0.41 7.77 6.19 5.29 4.97 6.92 5.70 5.24 4.95 10.21 8.54 8.02 7.29 0.00 0.00 0.07 0.00 54.64 22.7%

AGRIUM INC 2.42 2.17 1.80 1.55 0.98 0.91 0.86 0.84 0.74 9.97 8.15 7.74 8.12 6.36 6.21 6.07 6.17 6.39 10.59 10.41 10.22 10.44 11.32 0.14 0.75 1.68 1.66 113.19 13.0%

AMERICAN VANGUARD CORP 3.14 2.56 2.19 1.97 1.79 19.18 13.14 9.99 8.76 8.34 44.72 26.92 20.29 17.21 13.79 36.00 8.8%

ANDERSONS INC/THE 1.45 1.30 1.18 0.17 0.16 0.15 6.88 64.88 10.21 6.44 7.46 7.55 8.16 8.59 9.75 10.31 12.78 1.02 1.42 1.42 45.95 9.0%

ARCHER-DANIELS-MIDLAND CO 0.91 0.90 0.85 0.79 0.20 0.19 0.18 0.18 6.42 6.71 6.50 6.91 7.83 8.28 7.52 6.95 10.71 11.02 9.73 8.42 2.57 2.58 2.71 2.77 30.22 14.8%

ASTRA AGRO LESTARI TBK PT 3.72 3.48 3.08 2.80 2.44 2.98 2.77 2.51 2.33 2.10 10.18 11.23 10.76 9.87 8.24 9.05 7.94 7.56 7.02 12.32 13.98 12.21 11.89 10.39 4.17 4.19 4.30 4.92 7.17 23258.88 16.3%

BRF - BRASIL FOODS SA-ADR 2.32 2.22 2.22 1.26 1.22 1.12 0.98 0.92 12.08 11.12 10.93 18.22 33.18 17.61 13.68 0.27 0.72 1.55 1.92 19.70 5.7%

BUNGE LTD 0.85 0.91 0.85 0.78 0.19 0.17 0.15 0.15 0.16 11.19 5.36 7.18 11.03 9.65 8.16 7.89 7.61 12.32 11.52 9.42 8.65 7.59 1.36 1.39 1.54 1.65 1.94 81.33 12.8%

CF INDUSTRIES HOLDINGS INC 3.29 2.26 1.81 1.63 2.16 2.10 2.17 2.32 2.29 6.77 6.07 5.94 7.32 6.79 4.25 3.82 4.09 4.92 4.60 9.16 7.52 7.88 9.26 8.50 0.48 0.77 0.77 0.77 0.77 239.02 15.3%

CHINA AGRI-INDUSTRIES HLDGS 0.83 0.77 0.71 0.65 0.24 0.18 0.16 0.14 12.80 30.28 5.93 5.10 11.18 12.88 10.12 8.52 6.64 10.14 8.07 7.48 3.87 1.87 2.46 3.03 5.84 33.1%

CHINA BLUECHEMICAL LTD - H 1.49 1.35 1.22 1.09 1.89 1.64 1.44 1.39 5.80 5.14 5.29 5.05 4.76 4.47 4.05 3.94 9.07 8.86 8.15 7.83 3.63 4.03 4.41 4.68 6.40 29.5%

CHIQUITA BRANDS INTL 0.10 0.10 0.10 8.93 5.98 10.32 5.94 9.18 9.18 9.83 46.8%

CNH GLOBAL N.V. 1.41 1.28 1.13 1.00 0.64 0.59 0.58 0.56 9.31 7.97 6.94 5.73 14.74 13.27 12.66 11.70 12.62 10.34 9.92 9.32 1.05 0.00 0.00 0.00 49.29 3.9%

COSAN LTD-CLASS A SHARES 0.09 0.06 0.06 0.06 0.27 0.24 0.21 0.17 2.08 5.42 4.34 3.72 4.72 5.51 4.48 3.36 5.82 12.23 11.01 10.01 2.52 2.69 3.07 2.12 20.32 22.9%

CRESUD S.A.-SPONS ADR 0.96 1.01 0.91 0.81 0.78 0.73 0.63 0.59 7.80 6.27 3.46 2.71 13.97 13.07 7.01 5.12 1.42 1.44 2.88 3.96 17.00 109.9%

DARLING INTERNATIONAL INC 2.13 1.77 1.54 1.05 1.10 1.08 5.06 6.23 5.78 10.35 13.81 12.14 18.42 14.6%

DEERE & CO 4.20 3.29 2.62 0.97 0.93 0.88 10.38 8.51 7.97 11.35 10.77 10.34 10.67 9.98 9.23 2.08 2.24 2.31 89.29 7.7%

FIRST RESOURCES LTD 2.87 2.39 2.06 1.79 1.29 5.59 4.48 3.53 3.02 2.18 13.87 8.41 9.46 8.49 10.06 8.33 7.23 6.75 4.24 15.85 12.90 11.02 10.34 5.95 1.86 1.92 2.22 2.64 4.81 2.56 25.4%

GLANBIA PLC 4.57 3.97 3.60 3.12 2.70 0.93 0.84 0.87 0.84 0.70 13.18 10.86 8.12 6.97 10.05 14.03 12.16 11.53 10.72 9.27 18.27 15.40 14.18 12.66 10.58 1.02 1.12 1.21 1.34 1.49 7.78 -3.2%

GOLDEN AGRI-RESOURCES LTD 0.88 0.73 0.69 0.65 0.62 1.24 1.19 1.05 0.95 0.77 9.76 8.30 8.73 8.58 8.03 7.44 8.83 7.40 6.98 5.87 9.39 12.14 9.96 9.76 7.90 2.01 2.01 2.61 2.61 4.82 0.76 24.0%

GRAINCORP LTD-A 1.65 1.56 1.49 1.42 1.45 0.93 0.80 0.82 0.80 0.77 9.35 12.61 10.86 10.59 10.61 7.67 7.73 8.25 7.86 7.89 11.73 15.62 17.74 16.44 16.09 4.72 3.61 3.11 3.31 3.21 12.08 -1.9%

INDOFOOD AGRI RESOURCES LTD 1.05 0.98 0.88 0.80 0.68 1.09 0.98 0.87 0.83 0.68 5.90 7.74 6.13 4.29 5.80 6.45 5.30 5.08 3.44 8.95 10.59 8.47 7.94 5.03 1.45 0.93 0.89 1.01 1.46 1.62 35.2%

INGREDION INC 2.13 1.92 1.65 1.44 0.76 0.73 0.68 0.67 0.61 15.67 7.55 7.09 7.25 6.67 6.32 6.09 5.62 13.35 11.32 10.62 9.93 8.93 1.02 1.19 1.33 1.57 71.43 14.2%

INTREPID POTASH INC 1.78 1.60 1.44 1.28 3.75 3.51 3.24 2.89 2.65 9.38 8.82 8.36 7.47 7.11 7.32 7.47 6.23 5.37 5.67 16.32 17.10 14.73 12.31 14.41 0.00 0.00 25.11 21.8%

IOI CORPORATION BHD 2.44 2.31 2.15 2.00 1.71 1.82 1.87 1.79 1.79 1.49 17.84 16.56 18.10 13.99 12.03 12.24 11.37 11.12 7.77 15.76 15.81 14.49 13.99 9.19 3.37 3.51 3.76 3.61 5.75 4.95 1.7%

KERNEL HOLDING SA 1.35 1.13 0.97 0.92 0.93 0.73 0.65 0.62 0.56 0.51 10.00 6.64 5.47 4.24 3.83 6.68 6.00 5.60 5.10 4.43 7.48 7.44 6.47 6.09 4.93 0.00 0.00 3.22 5.15 11.80 77.41 21.1%

KUALA LUMPUR KEPONG BHD 2.92 2.71 2.50 2.40 2.11 2.08 1.98 1.81 1.67 1.41 16.62 15.01 13.50 11.94 10.43 9.62 8.67 6.71 18.42 15.90 14.71 12.87 9.88 3.39 3.72 3.91 5.02 5.89 22.60 9.9%

KUBOTA CORP 1.64 1.56 1.45 1.35 1.11 0.97 0.92 0.89 11.64 14.76 9.87 9.84 10.85 9.93 8.83 8.13 18.28 15.82 13.64 12.42 1.75 1.91 2.06 2.24 884.00 2.9%

KUMIAI CHEMICAL INDUSTRY CO 0.74 0.71 0.68 0.74 0.70 0.65 13.53 11.34 8.94 15.23 11.71 7.81 19.79 15.50 11.34 1.34 1.34 2.15 580.00 55.9%

LINDSAY CORP 1.72 1.62 1.58 1.48 9.45 8.67 8.04 7.58 19.55 18.11 16.95 15.74 0.50 0.59 0.58 0.60 74.00 -0.8%

MAPLE LEAF FOODS INC 1.63 1.63 1.43 1.22 0.31 0.31 0.30 0.29 4.95 5.91 4.98 4.24 6.46 6.61 5.64 5.05 11.17 11.60 9.52 8.15 1.48 1.48 1.48 1.48 13.93 29.0%

MONSANTO CO 4.01 3.62 3.25 2.78 3.50 3.28 3.07 2.96 2.93 18.16 16.73 14.75 13.56 12.47 11.10 10.00 9.40 9.76 24.11 20.37 17.76 16.07 13.95 1.28 1.43 1.40 1.24 101.89 13.7%

MOSAIC CO/THE 1.82 1.62 1.45 1.29 2.04 2.10 1.99 1.97 1.79 9.31 8.89 8.31 7.91 6.27 6.31 5.66 5.49 5.38 11.71 11.41 10.28 9.72 8.40 0.49 1.94 1.99 1.81 62.28 20.5%

NUFARM LTD 0.98 1.04 0.98 0.86 0.70 0.68 0.63 0.60 0.57 0.53 11.56 9.93 8.41 7.63 10.71 8.12 7.42 7.02 6.47 6.41 13.69 12.49 11.34 10.20 10.31 2.21 2.17 2.66 3.30 3.95 5.64 1.2%

NUTRECO NV 2.37 2.17 1.96 1.77 1.65 0.38 0.41 0.39 0.37 0.37 10.47 9.04 8.34 7.70 8.66 7.78 7.30 6.91 6.25 14.08 12.10 11.11 10.11 9.47 2.91 3.61 3.76 4.14 4.28 63.35 5.2%

OLAM INTERNATIONAL LTD 1.34 1.15 1.04 0.96 0.24 0.20 0.17 0.14 29.74 8.00 9.36 11.80 9.82 8.13 7.03 11.85 10.27 8.15 6.44 2.36 2.83 3.66 4.66 2.27 33.8%

PP LONDON SUMATRA INDONES PT 2.65 2.29 1.95 1.70 1.26 3.34 3.27 2.98 2.80 2.43 8.14 9.35 8.60 8.16 6.23 7.13 6.29 5.93 4.71 9.48 10.98 9.46 8.68 6.70 2.74 3.80 3.41 3.94 5.72 2989.41 32.9%

PILGRIM'S PRIDE CORP 2.05 1.66 2.40 0.22 0.21 0.20 0.21 7.56 6.97 5.07 13.27 11.84 5.54 0.00 0.00 0.00 6.70 5.2%

POTASH CORP OF SASKATCHEWAN 3.78 3.31 2.66 2.34 3.86 4.20 3.79 3.70 3.57 9.11 10.19 9.45 8.99 8.66 7.48 9.02 7.81 7.67 7.77 10.59 13.55 11.31 10.94 10.78 0.73 1.57 2.06 2.17 2.20 48.74 27.9%

SINOFERT HOLDINGS LTD 0.68 0.67 0.63 0.59 0.25 0.23 0.22 0.20 6.59 5.73 5.49 9.32 10.57 9.20 8.06 8.73 11.08 9.62 7.94 1.82 1.44 1.67 1.97 1.97 20.0%

SMITHFIELD FOODS INC 0.92 0.91 0.82 0.74 0.25 0.24 0.23 0.24 6.31 6.12 5.63 4.68 4.74 6.22 5.59 5.03 8.14 11.67 9.48 8.72 0.00 0.00 0.00 21.50 -0.3%

QUIMICA Y MINERA CHIL-SP ADR 7.55 6.58 5.69 5.15 5.25 6.84 3.09 5.56 5.14 4.95 29.17 17.69 15.62 15.38 15.37 27.37 22.01 20.60 19.13 20.72 1.32 1.81 2.53 3.17 4.21 65.84 15.2%

SYNGENTA AG-REG 4.30 4.15 3.64 3.03 1.95 2.68 2.51 2.35 2.24 2.15 16.39 14.56 12.78 11.86 11.80 13.05 11.88 10.69 10.04 9.44 19.77 17.49 15.50 14.37 13.60 2.07 2.41 2.65 2.90 3.00 374.90 4.0%

TATE & LYLE PLC 3.36 3.05 2.70 2.39 2.15 1.19 1.10 1.06 1.03 1.06 10.79 11.48 9.64 9.05 8.03 8.89 8.61 8.21 7.79 7.48 13.80 13.53 12.60 11.64 10.71 3.26 3.39 3.58 3.80 4.05 765.36 -0.1%

TYSON FOODS INC-CL A 1.17 1.04 0.94 0.86 0.21 0.20 0.19 0.19 7.36 7.68 5.33 5.38 4.84 4.91 4.46 4.64 10.49 10.23 8.79 7.91 0.85 1.18 1.06 1.06 20.75 9.8%

URALKALI-SPON GDR-REG S 2.29 2.71 2.86 2.60 1.95 5.92 5.28 4.43 4.20 3.57 14.55 11.14 9.10 8.21 7.82 14.17 14.22 10.96 10.15 8.84 3.23 3.72 4.67 5.22 6.22 43.31 17.7%

WILMAR INTERNATIONAL LTD 1.23 1.15 1.07 0.99 0.99 0.38 0.35 0.31 0.28 0.27 8.40 10.96 12.77 9.57 12.00 13.99 12.10 10.97 9.34 9.82 14.94 12.16 11.01 9.82 2.39 1.57 1.92 2.15 2.35 3.31 5.9%

YARA INTERNATIONAL ASA 1.77 1.49 1.31 1.17 0.97 0.92 0.93 0.94 0.91 7.02 5.66 6.67 6.91 5.26 5.04 5.52 5.87 5.95 7.89 7.34 8.00 8.39 9.18 2.47 2.96 3.18 3.29 2.96 322.20 19.2%

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


22.11.2012

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.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (19.03.2012) 11.29

52-Week Low (25.11.2011) 7.50

Daily Volume

8.99

52-Week High % Change -20.37% Dividend Yield 0.00

52-Week Low % Change 19.87% Beta 1.11

% 52 Week Price Range High/Low 31.93% Equity Float 71.61

Shares Out 30.06.2012 121.3 Short Int 0.73

1'090.12 1 Yr Total Return 6.52%

Total Debt 158.17 YTD Return 8.71%

Preferred Stock 0.0 Adjusted BETA 1.115

Minority Interest 15.0 Analyst Recs 9

Cash and Equivalents 330.55 Consensus Rating 4.556

Enterprise Value 1'300.80

Average Volume 5 Day 29'663

AGRO UN EQUITY YTD Change - Average Volume 30 Day 20'815

AGRO UN EQUITY YTD % CHANGE - Average Volume 3 Month 32'062

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 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

142.5 244.2 313.6 426.3 548.1 234.9 568.0 610.8 785.0 - 167.0

- - - - 1.53x 12.46x 8.18x 2.24x 1.99x - -

37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 144.8 224.3 - 47.0

- - - - 5.28x 0.00x 10.47x 8.93x 5.77x - 10.94x

29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 51.4 77.0 - 16.3

- - - - 17.40x 0.00x 1256.16x 21.00x 14.09x - 64.21x

EBITDA 158.97 Long-Term Rating Date -

EBIT 124.79 Long-Term Rating -

Operating Margin 22.77% Long-Term Outlook -

Pretax Margin 13.06% Short-Term Rating Date -

Return on Assets 2.35% Short-Term Rating -

Return on Common Equity 3.73%

Return on Capital 5.85% EBITDA/Interest Exp. 2.55

Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 1.10

Net Debt/EBITDA 0.94

Gross Margin 39.3% Total Debt/EBITDA 3.09

EBITDA Margin 22.4%

EBIT Margin 16.6% Total Debt/Equity 14.6%

Net Income Margin 10.2% Total Debt/Capital 12.6%

Asset Turnover 0.33

Current Ratio 2.13 Net Fixed Asset Turnover 0.74

Quick Ratio 1.59 Accounts receivable turnover-days 84.36

Debt to Assets 9.30% Inventory Days 85.67

Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 94.86

Accounts Receivable Turnover 4.34 Cash Conversion Cycle 109.02

Inventory Turnover 4.27

Fiscal Year Ended

Adecoagro SAPrice/Volume

Valuation Analysis

9'129.00

Current Price (11/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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22.11.2012

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

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

DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'440'227 2.01 318'637 28.09.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'859'290 1.53 (140'701) 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

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012

Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 11 12 month 06.11.2012

Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012

HSBC PEDRO HERRERA overweight 5 M 14 Not Provided 17.09.2012

Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012

Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012

Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011

Holdings By:

Adecoagro SA ee


22.11.2012

AGCO Corporation manufactures and distributes agricultural equipment throughout

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

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

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

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


LTM as of: 09/yy

52-Week High (22.02.2012) 54.00

52-Week Low (04.06.2012) 38.09

Daily Volume

44.52






Total Debt 1'469.80 YTD Return 3.61%






AGCO UN EQUITY YTD Change - Average Volume 30 Day 301'744

AGCO UN EQUITY YTD % CHANGE - Average Volume 3 Month 296'126


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

6'828.1 8'424.6 6'516.4 6'896.6 8'773.2 8'423.4 9'776.6 9'840.2 10'126.0 2'583.5 2'287.7

0.93x 0.27x 0.46x 0.67x 0.57x 2.16x 2.26x 0.47x 0.43x 1.81x -

543.9 730.8 386.7 501.3 783.1 739.1 971.4 952.8 1'035.2 219.3 200.0

11.66x 3.13x 7.72x 9.18x 6.33x 4.59x 5.89x 5.70x 5.24x 5.82x 5.65x

246.3 385.9 153.7 238.9 583.3 387.9 704.8 514.8 549.5 94.1 106.8

26.87x 5.97x 21.00x 21.84x 9.61x 8.84x 8.36x 8.54x 8.02x 8.82x 8.11x

EBITDA 783.10 Long-Term Rating Date 05.03.2010

EBIT 609.60 Long-Term Rating BBB-

Operating Margin 6.95% Long-Term Outlook STABLE








EBITDA Margin 9.9%



Asset Turnover 1.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AGCO CorpPrice/Volume

Valuation Analysis

73'037.00


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2'000.0

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5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

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22.11.2012


BLACKROCK n/a ULT-AGG 9'402'952 9.69 917'960 30.06.2012 Investment Advisor


LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'603'420 4.75 (72'630) 30.06.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'537'658 4.68 (61'556) 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 3'792'456 3.91 527'216 30.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 3'387'692 3.49 635'660 30.06.2012 Investment Advisor

SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 2'834'286 2.92 186'550 30.06.2012 Investment Advisor

NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 2'626'389 2.71 24'408 30.09.2012 Investment Advisor


AJO, LP AJO, LP 13F 2'533'500 2.61 2'432'200 30.06.2012 Investment Advisor


CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'852'400 1.91 (3'175) 30.06.2012 Investment Advisor

SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'793'746 1.85 874'657 30.09.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'743'921 1.8 (1'930'220) 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'636'013 1.69 693'102 30.06.2012 Investment Advisor


APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 1'361'647 1.4 - 30.06.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'335'971 1.38 253'311 30.09.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'317'058 1.36 (106'313) 30.06.2012 Investment Advisor

TRACTORS & FARM EQUI #N/A N/A Form 4 1'294'305 1.33 75'553 09.11.2012 Corporation


Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012

William Blair & Co LAWRENCE T DE MARIA market perform 3 M 49 12 month 09.11.2012

BMO Capital Markets JOEL G TISS outperform 5 M 53 Not Provided 08.11.2012

Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 46 12 month 05.11.2012

RBC Capital Markets SETH R WEBER sector perform 3 M 54 12 month 01.11.2012

Barclays ANDY KAPLOWITZ equalweight 3 M 60 Not Provided 01.11.2012

Goldman Sachs JERRY REVICH neutral/neutral 3 M 51 12 month 31.10.2012

Credit Suisse JAMIE L COOK neutral 3 M 54 Not Provided 31.10.2012

JPMorgan ANN DUIGNAN neutral 3 M 52 12 month 31.10.2012

Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 60 12 month 31.10.2012

Jefferies STEPHEN VOLKMANN buy 5 M 52 12 month 31.10.2012

Piper Jaffray MICHAEL E COX neutral 3 M 53 12 month 31.10.2012

Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 65 Not Provided 31.10.2012

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

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

Holdings By:

AGCO Corp ee


22.11.2012

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

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

while it markets its products globally.


LTM as of: 09/yy

52-Week High (24.10.2012) 107.50

52-Week Low (14.12.2011) 66.00

Daily Volume

100.15





14'953.63 1 Yr Total Return 39.00%




Cash and Equivalents 1'346.00 Consensus Rating 4.393



AGU CT EQUITY YTD Change - Average Volume 30 Day 754'900

AGU CT EQUITY YTD % CHANGE - Average Volume 3 Month 746'971


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

5'270.0 10'031.0 9'129.0 10'743.0 15'470.0 14'691.0 16'602.0 16'472.2 17'444.1 3'024.8 3'757.0

2.08x 0.74x 1.15x 1.55x 0.75x 4.18x 3.48x 0.99x 0.92x 5.41x 4.27x

846.0 2'380.0 941.0 1'470.0 2'706.0 2'436.0 2'716.0 2'560.8 2'617.8 532.5 406.0

12.96x 3.13x 11.15x 11.34x 4.30x 5.10x 6.36x 6.21x 6.07x 6.05x 6.06x

441.0 1'322.0 366.0 713.0 1'371.0 1'318.0 1'329.0 1'474.4 1'510.9 265.8 197.2

23.03x 3.54x 23.92x 19.92x 6.96x 8.05x 10.81x 10.41x 10.22x 10.17x 10.10x

EBITDA 2'706.00 Long-Term Rating Date 24.11.2005

EBIT 2'325.00 Long-Term Rating BBB


Pretax Margin 13.34% Short-Term Rating Date 10.12.2004

Return on Assets 9.75% Short-Term Rating NR






EBITDA Margin 16.4%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Agrium IncPrice/Volume

Valuation Analysis

125'697.00


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

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22.11.2012


JANA PARTNERS LLC JANA PARTNERS LLC 13F 6'504'035 4.36 6'504'035 30.06.2012 Hedge Fund Manager

ROYAL BANK OF CANADA n/a ULT-AGG 4'869'621 3.26 (284'758) 30.06.2012 Bank

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'137'930 2.77 646'060 30.09.2012 Hedge Fund Manager

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'575'022 2.39 (58'167) 30.09.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'397'988 2.28 (268'519) 30.09.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'462'833 1.65 (193'277) 30.09.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'443'690 1.64 (147'505) 30.06.2012 Investment Advisor

LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'424'092 1.62 (64'230) 30.09.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'424'050 1.62 33'068 30.09.2012 Investment Advisor


SCHEER ROWLETT & ASS SCHEER ROWLETT & ASS 13F 2'314'748 1.55 (435'471) 30.06.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'269'006 1.52 (53'548) 30.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'198'213 1.47 (843'472) 30.06.2012 Investment Advisor

AJO, LP AJO, LP 13F 2'175'680 1.46 334'180 30.06.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 2'126'637 1.42 2'126'637 31.12.2011 Government

ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 2'072'874 1.39 20'902 30.06.2012 Hedge Fund Manager

CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'899'177 1.27 189'221 30.06.2012 Hedge Fund Manager

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'869'338 1.25 9'216 30.06.2012 Investment Advisor

BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 1'851'655 1.24 91'705 30.09.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 1'826'738 1.22 1'826'738 30.06.2012 Investment Advisor


Barclays MATTHEW J KORN overweight 5 M 116 Not Provided 12.11.2012

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 98 12 month 11.11.2012

Susquehanna Financial Group DONALD D CARSON Positive 4 M 130 12 month 09.11.2012

Macquarie DAVID PUPO neutral 3 M 94 12 month 08.11.2012

Salman Partners RAYMOND GOLDIE top pick 5 M 166 12 month 08.11.2012

Dundee Securities Corp CAROLYN DENNIS buy 5 M 116 12 month 08.11.2012

TD Securities PAUL D'AMICO hold 3 M 105 12 month 08.11.2012

National Bank Financial ROBERT B WINSLOW underperform 1 M 87 12 month 08.11.2012

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 08.11.2012

Atlantic Equities LLP COLIN ISAAC overweight 5 M 107 12 month 08.11.2012

Alta Corp Capital Inc. JOHN CHU outperform 5 M 112 12 month 08.11.2012

BMO Capital Markets JOEL JACKSON outperform 5 M 114 Not Provided 07.11.2012

RBC Capital Markets ADAM SCHATZKER outperform 5 M 115 12 month 07.11.2012

Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 07.11.2012

CIBC World Markets JACOB BOUT sector outperform 5 M 121 12 month 07.11.2012

Desjardins Securities JOHN F HUGHES hold 3 M 106 Not Provided 07.11.2012

Canaccord Genuity Corp KEITH CARPENTER buy 5 M 124 12 month 07.11.2012

Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 120 12 month 07.11.2012


Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 107 Not Provided 07.11.2012

PingAn Securities YAN ZHUBING buy 5 N #N/A N/A Not Provided 09.10.2012

Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012

Stifel Nicolaus PAUL A MASSOUD buy 5 M 103 12 month 10.09.2012

Scotia Capital BEN ISAACSON sector outperform 5 U 119 12 month 20.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012

Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012

Holdings By:

Agrium Inc ee


22.11.2012

American Vanguard Corporation develops and markets products for agricultural and

commercial uses. The Company manufactures and formulates chemicals for crops,

human, and animal health protection. Chemicals include insecticides,

fungicides, molluscicides, growth regulators, and soil fumigants.


LTM as of: 09/yy

52-Week High (03.10.2012) 36.92

52-Week Low (25.11.2011) 10.94

Daily Volume

33.09





928.48 1 Yr Total Return 190.53%





Enterprise Value 958.97


AVD UN EQUITY YTD Change - Average Volume 30 Day 51'617

AVD UN EQUITY YTD % CHANGE - Average Volume 3 Month 61'372


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

216.7 237.5 209.3 226.9 304.4 282.3 347.5 363.2 424.0 99.1 108.8

2.38x 1.68x 1.34x 1.30x 1.31x 4.96x 8.07x - - - -

46.1 47.8 7.2 33.6 54.8 49.6 68.1 73.0 96.0 20.6 28.0

11.18x 8.33x 39.16x 8.81x 7.29x 7.51x 14.78x 13.14x 9.99x 10.58x 9.59x

18.7 20.0 (5.8) 11.0 22.1 19.5 32.0 35.4 47.1 9.9 13.2

25.51x 16.03x 92.22x 21.35x 16.68x 15.72x 31.07x 26.92x 20.29x 22.33x 20.84x











EBITDA Margin 19.6%



Asset Turnover 0.94







Fiscal Year Ended

American Vanguard CorpPrice/Volume

Valuation Analysis

2'998.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

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02

1'

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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''!''

-''''!''

-'.''!''

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22.11.2012


KRAFT HERBERT A n/a 13D 2'634'790 9.39 (330'037) 07.02.2012 n/a

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'610'531 9.3 (119'231) 30.06.2012 Investment Advisor


HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 1'945'840 6.93 (2'124'840) 30.06.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'495'183 5.33 264'925 30.06.2012 Investment Advisor

WINTEMUTE GLENN A n/a Form 4 1'061'959 3.78 (10'500) 01.06.2010 n/a

WINTEMUTE ERIC G n/a Form 4 1'015'204 3.62 - 22.03.2012 n/a

WADDELL & REED FINAN WADDELL & REED FINAN 13F 942'293 3.36 823'524 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 782'177 2.79 613'244 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'370 2.58 14'710 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 565'943 2.02 (354'582) 30.06.2012 Investment Advisor

THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 529'963 1.89 (379'510) 30.09.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 491'741 1.75 45'840 30.06.2012 Investment Advisor

BABSON CAPITAL MANAG Multiple Portfolios MF-AGG 473'517 1.69 33'904 31.08.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 423'346 1.51 423'346 30.09.2012 Investment Advisor

OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 406'310 1.45 (91'787) 30.09.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 394'274 1.41 57'371 30.06.2012 Investment Advisor

NEXT CENTURY GROWTH NEXT CENTURY GROWTH 13F 353'348 1.26 353'348 30.06.2012 Investment Advisor

HENNESSY ADVISORS IN HENNESSY ADVISORS IN 13F 296'600 1.06 24'000 30.09.2012 Investment Advisor

WALL STREET ASSOCIAT WALL STREET ASSOCIAT 13F 293'400 1.05 (11'200) 30.06.2012 Hedge Fund Manager


Piper Jaffray MICHAEL E COX overweight 5 M 41 12 month 12.11.2012

Imperial Capital LLC RICHARD PAGET in-line 3 M 29 12 month 05.11.2012


Feltl & Company BRENT R RYSTROM strong buy 5 M 39 12 month 02.11.2012

Sidoti & Company LLC DANIEL D RIZZO neutral 3 M 26 12 month 01.11.2012

Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 45 12 month 01.11.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.08.2012

Holdings By:

American Vanguard Corp ee


22.11.2012

The Andersons, Inc. merchandises grain, operates grain elevator facilities,

distributes wholesale agricultural fertilizer, and distributes agricultural

inputs to dealers and farmers. The Company also manufactures lawn fertilizer

and corncob-based products, and purchases, sells, repairs, and leases railcars.

In addition, The Andersons operates retail stores and a distribution center.


LTM as of: 09/yy

52-Week High (27.04.2012) 51.49

52-Week Low (25.07.2012) 35.20

Daily Volume

42.17






Total Debt 342.59 YTD Return -2.38%






ANDE UW EQUITY YTD Change - Average Volume 30 Day 44'048

ANDE UW EQUITY YTD % CHANGE - Average Volume 3 Month 49'481


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

2'379.1 3'489.5 3'025.3 3'393.8 4'576.3 4'432.5 4'889.2 4'999.3 5'205.5 1'427.6 1'317.0

0.53x 0.17x 0.22x 0.35x 0.25x 1.16x 1.09x 0.17x 0.16x - -

96.2 97.4 92.4 125.3 164.6 175.4 125.7 179.4 177.2 40.0 40.9

13.05x 6.07x 7.12x 9.55x 6.96x 5.61x 0.00x 7.46x 7.55x 7.70x 7.21x

68.8 32.9 38.4 64.7 95.1 99.2 86.2 81.0 76.1 16.0 17.1

11.73x 9.21x 12.41x 10.45x 8.58x 6.31x 8.17x 9.75x 10.31x 11.01x 9.95x











EBITDA Margin 3.2%



Asset Turnover 2.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Andersons Inc/ThePrice/Volume

Valuation Analysis

10'948.00


'

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1'

2'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

-!''

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1!''

2!''

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22.11.2012


ALLIANZ ASSET MANAGE n/a ULT-AGG 1'487'595 8 (9'338) 30.06.2012 Investment Advisor



DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'172 3.89 (46'893) 30.06.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 578'392 3.11 (103'908) 30.06.2012 Investment Advisor

COLUMBIA PARTNERS LL COLUMBIA PARTNERS LL 13F 420'088 2.26 32'912 30.06.2012 Hedge Fund Manager


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 382'517 2.06 241'890 30.09.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 381'744 2.05 (31'108) 30.06.2012 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 375'353 2.02 64'100 30.06.2012 Hedge Fund Manager

ANDERSON MICHAEL J n/a Form 4 345'211 1.86 (715) 07.11.2012 n/a

THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 322'711 1.74 (146'048) 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 307'050 1.65 2'726 30.09.2012 Investment Advisor

CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 298'900 1.61 96'750 30.06.2012 Investment Advisor

ANDERSON DANIEL T n/a Form 4 295'078 1.59 (4'266) 14.09.2012 n/a

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 294'813 1.59 (66'455) 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 284'518 1.53 (23'737) 30.09.2012 Investment Advisor

F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 271'355 1.46 37'900 30.09.2012 Investment Advisor

COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 252'370 1.36 (15'300) 28.09.2012 Investment Advisor

ANDERSON GERARD M n/a Form 4 213'648 1.15 1'389 01.03.2012 n/a


BMO Capital Markets KENNETH B ZASLOW market perform 3 M 40 Not Provided 07.11.2012

Stephens Inc FARHA ASLAM overweight 5 M 50 12 month 07.11.2012

CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 07.11.2012

Feltl & Company BRENT R RYSTROM buy 5 M 49 12 month 07.11.2012

Scotia Capital CHRISTINE HEALY sector perform 3 M 45 12 month 06.11.2012


EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.11.2012

BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 06.08.2012

Holdings By:

Andersons Inc/The ee


22.11.2012

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

merchandises agricultural commodities and products. The Company processes

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

also processes produce products which have primarily two end uses including

food or feed ingredients.


LTM as of: 09/yy

52-Week High (10.05.2012) 33.98

52-Week Low (15.11.2012) 24.38

Daily Volume

26.32





17'333.47 1 Yr Total Return -4.63%

Total Debt 10'320.00 YTD Return -5.67%





Average Volume 5 Day 1'855'477

ADM UN EQUITY YTD Change - Average Volume 30 Day 1'457'511

ADM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'249'520


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

69'816.0 69'207.0 61'682.0 80'676.0 89'038.0 85'779.0 88'944.0 91'121.5 94'033.2 22'746.6 21'920.0

0.44x 0.33x 0.36x 0.36x 0.32x 1.37x 1.25x 0.23x 0.23x - -

3'176.0 3'457.0 3'357.0 3'566.0 2'890.0 3'721.0 2'689.0 3'140.7 3'460.3 688.3 750.3

9.74x 6.66x 6.54x 8.05x 9.77x 6.44x 9.90x 8.28x 7.52x 8.38x 7.63x

1'802.0 1'684.0 1'930.0 2'036.0 1'223.0 2'151.0 945.0 1'469.8 1'823.3 360.0 365.8

11.97x 9.36x 8.38x 9.92x 12.89x 7.73x 13.46x 11.02x 9.73x 11.02x 9.77x


EBIT 2'042.00 Long-Term Rating A *-



Return on Assets 2.19% Short-Term Rating A-1 *-






EBITDA Margin 3.0%



Asset Turnover 2.06







Fiscal Year Ended

Archer-Daniels-Midland CoPrice/Volume

Valuation Analysis

383'162.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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0'

02

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

2!''

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22.11.2012


STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.55 - 30.06.2012 Insurance Company

BLACKROCK n/a ULT-AGG 35'984'944 5.46 (169'804) 30.06.2012 Investment Advisor



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'198'400 2.46 1'071'900 30.06.2012 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'687'918 1.93 829'875 30.09.2012 Investment Advisor

CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 (1'967) 08.12.2011 n/a

JP MORGAN n/a ULT-AGG 11'037'740 1.68 1'000'890 30.09.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 10'075'010 1.53 1'595'810 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'765'870 1.48 (1'431'199) 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 9'468'849 1.44 156'688 30.06.2012 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'664'815 1.32 112'193 30.09.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'584'036 1.3 951'712 30.06.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 7'597'638 1.15 (748'892) 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 7'277'788 1.11 (2'325'475) 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'836'792 0.89 3'948 30.06.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'723'796 0.87 (444'263) 30.06.2012 Investment Advisor

CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 5'030'971 0.76 (161'234) 30.09.2012 Hedge Fund Manager


Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.11.2012

CL King & Associates ERIC J LARSON buy 5 M 32 12 month 07.11.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 06.11.2012


Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 31.10.2012

Buckingham Research Group JOHN E ROBERTS buy 5 M 37 12 month 31.10.2012

Miller Tabak + Co., LLC TIM TIBERIO neutral 3 M 26 12 month 31.10.2012

Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 27 Not Provided 31.10.2012

Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 30.10.2012

Davenport & Co ANN H GURKIN buy 5 M 33 Not Provided 30.10.2012


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

Holdings By:

Archer-Daniels-Midland Co ee


22.11.2012

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

20000

52-Week High % Change -16.67% Dividend Yield -



Shares Out 30.09.2012 1'574.7 Short Int -

31'494'900.00 1 Yr Total Return -3.05%



Minority Interest 286'543.0 Analyst Recs 32


Enterprise Value 32'020'381.00


AALI IJ EQUITY YTD Change - Average Volume 30 Day 496'800

AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 974'074


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 2.73x 2.43x - -

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 9.05x 7.94x - -

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 13.98x 12.21x - -

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







Fiscal Year Ended

Astra Agro Lestari Tbk PTPrice/Volume

Valuation Analysis

458'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2!' 9

3!' 9

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!''

-'!''

-2!''

.'!''

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22.11.2012


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

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'982'120 1.59 (22'000) 12.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'942'356 0.95 658'780 30.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'252'500 0.46 1'089'500 30.09.2012 Investment Advisor


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

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'870'000 0.25 - 09.11.2012 Investment Advisor

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'446'000 0.16 74'500 31.07.2012 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



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

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

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


22.11.2012

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) 21.69

52-Week Low (12.07.2012) 13.61

Daily Volume

18.64



% 52 Week Price Range High/Low 63.61% Equity Float -


16'262.90 1 Yr Total Return -0.71%


Preferred Stock - Adjusted BETA 1.109



Enterprise Value -


BRFS UN EQUITY YTD Change - Average Volume 30 Day 402'419

BRFS UN EQUITY YTD % CHANGE - Average Volume 3 Month 564'236


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 27'942.1 30'381.4 7'507.2 6'812.6

1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.47x 1.36x - -

775.5 1'079.8 619.4 2'320.6 2'878.5 2'926.8 1'743.2 2'572.5 3'682.0 937.8 759.2

11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x - - - -

321.3 54.4 123.0 804.1 1'367.4 1'606.6 371.5 990.1 1'877.1 480.2 305.7

- - - - - 0.00x 0.00x 33.18x 17.61x 21.01x 18.20x


EBIT 1'992.15 Long-Term Rating BBB-





Return on Capital - EBITDA/Interest Exp. 6.06




EBITDA Margin 9.1%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BRF - Brasil Foods SAPrice/Volume

Valuation Analysis

141'852.00


'

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!2 9

-!' 9

-!2 9

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.!2 9

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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'!''

'!.'

'!1'

'!3'

'!5'

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22.11.2012


VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 13'227'826 1.52 (1'183'340) 30.09.2012 Investment Advisor



ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 3'913'454 0.45 147'046 30.06.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'639'282 0.42 (780'271) 30.06.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 3'580'196 0.41 (961'655) 30.09.2012 Unclassified


WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'271'378 0.26 2'127'078 30.06.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'786'373 0.2 (44'974) 30.06.2012 Investment Advisor

CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'737'820 0.2 38'000 30.09.2012 Pension Fund (ERISA)

BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'651'299 0.19 (1'089'321) 30.06.2012 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 1'395'460 0.16 (119'234) 31.10.2011 Mutual Fund Manager

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'331'981 0.15 (720'319) 30.06.2012 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'199'748 0.14 6'344 09.11.2012 Investment Advisor

QVT FINANCIAL LP QVT FINANCIAL LP 13F 1'197'220 0.14 660'000 30.06.2012 Hedge Fund Manager

ALPS ADVISORS INC ALPS ADVISORS INC 13F 1'179'046 0.14 42'339 30.09.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'016'278 0.12 - 31.08.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 983'982 0.11 (70'127) 30.06.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 955'679 0.11 381'785 30.06.2012 Investment Advisor

FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 950'000 0.11 - 30.09.2012 Investment Advisor


Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 12.11.2012

JPMorgan ALAN ALANIS underweight 1 D 17 12 month 28.09.2012

Miller Tabak + Co., LLC TIM TIBERIO hold 3 D 18 12 month 14.09.2012

Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 20 Not Provided 28.08.2012

Deutsche Bank JOSE J YORDAN hold 3 M 15 12 month 14.08.2012


Grupo Santander LUIS MIRANDA buy 5 M 24 Not Provided 13.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011

Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 21.10.2011

Bradesco Corretora RICARDO BOIATI market perform 3 M 21 Not Provided 13.05.2011

Holdings By:

BRF - Brasil Foods SA ee


22.11.2012

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

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

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

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

sells fertilizer.


LTM as of: 09/yy

52-Week High (06.11.2012) 73.46

52-Week Low (19.12.2011) 55.64

Daily Volume

72.12





10'541.91 1 Yr Total Return 22.78%







BG UN EQUITY YTD Change - Average Volume 30 Day 258'294

BG UN EQUITY YTD % CHANGE - Average Volume 3 Month 242'761


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

37'842.0 52'574.0 41'926.0 45'707.0 58'743.0 55'024.0 62'274.0 63'883.3 68'727.3 18'891.4 15'107.3

0.53x 0.21x 0.34x 0.33x 0.21x 1.09x 1.01x 0.26x 0.23x - -

1'541.0 2'862.0 305.0 1'396.0 1'701.0 1'776.0 1'655.0 1'962.8 2'323.0 627.0 456.0

12.97x 3.89x 46.71x 10.70x 7.36x 7.60x 10.99x 9.65x 8.16x 8.27x 8.21x

778.0 1'064.0 361.0 2'354.0 942.0 989.0 917.0 964.4 1'178.1 376.5 127.5

18.05x 7.66x 37.55x 15.98x 9.81x 9.12x 11.93x 11.52x 9.42x 9.52x 9.57x



Operating Margin 2.00% Long-Term Outlook POS








EBITDA Margin 2.7%



Asset Turnover 2.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bunge LtdPrice/Volume

Valuation Analysis

22'556.00


'

-'

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4'

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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!''

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.'!''

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0'!''

02!''

1'!''

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



22.11.2012


GOVT OF SINGAPORE IN n/a PROXY 7'305'865 5 - 01.03.2012 Government





LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 4'248'886 2.91 (142'706) 30.06.2012 Investment Advisor


HARDING LOEVNER LP HARDING LOEVNER LP 13F 3'137'158 2.15 322'292 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'116'789 2.13 1'433'039 30.06.2012 Investment Advisor




LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'315'664 1.58 12'693 30.09.2012 Investment Advisor


ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'746'741 1.19 36'298 30.06.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'678'822 1.15 (661'112) 30.06.2012 Investment Advisor

SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 1'645'653 1.13 1'645'653 30.09.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 1'558'747 1.07 - 28.09.2012 Mutual Fund Manager

TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1'244'306 0.85 93'130 30.09.2012 Investment Advisor



Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 29.10.2012

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 80 Not Provided 26.10.2012

Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 26.10.2012


Scotia Capital CHRISTINE HEALY sector outperform 5 M 85 12 month 25.10.2012

Itau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 25.10.2012


Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 Not Provided 25.10.2012

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

Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 75 12 month 20.09.2012

HSBC PEDRO HERRERA neutral 3 M 74 Not Provided 17.09.2012

Holdings By:

Bunge Ltd ee


22.11.2012

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

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

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

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

segment are diammonium phosphate and monoammonium phosphate.


LTM as of: 09/yy

52-Week High (14.09.2012) 227.98

52-Week Low (15.12.2011) 128.03

Daily Volume

207.3





13'033.07 1 Yr Total Return 39.99%







CF UN EQUITY YTD Change - Average Volume 30 Day 224'733

CF UN EQUITY YTD % CHANGE - Average Volume 3 Month 214'223


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

2'756.7 3'921.1 2'608.4 3'965.0 6'097.9 5'617.1 6'341.0 6'201.9 6'019.5 1'581.6 1'443.6

1.94x 0.45x 1.30x 2.82x 1.83x 7.53x 7.91x 2.19x 2.29x - -

686.1 1'251.0 780.8 1'301.5 3'160.9 2'750.4 3'543.6 3'388.0 3'166.6 850.2 701.8

7.80x 1.42x 4.34x 8.58x 3.52x 3.47x 3.92x 3.82x 4.09x 3.90x 3.86x

372.7 684.6 365.6 349.2 1'539.2 1'300.6 1'816.9 1'783.0 1'640.7 438.5 387.5

16.75x 3.84x 11.62x 16.77x 6.22x 6.71x 7.78x 7.52x 7.88x 7.73x 7.84x

EBITDA 3'160.90 Long-Term Rating Date -

EBIT 2'744.70 Long-Term Rating -







Net Debt/EBITDA -0.17


EBITDA Margin 55.9%



Asset Turnover 0.65







Fiscal Year Ended

CF Industries Holdings IncPrice/Volume

Valuation Analysis

50'803.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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!1 9

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-!. 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

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22.11.2012




FMR LLC n/a ULT-AGG 3'846'166 6.12 (2'581'513) 30.06.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 1'746'008 2.78 126'168 30.09.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'566'162 2.49 295'096 30.06.2012 Investment Advisor




AJO, LP AJO, LP 13F 1'187'650 1.89 772'050 30.06.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'040'505 1.65 90'210 30.06.2012 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 951'220 1.51 28'246 30.09.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 925'838 1.47 776'579 30.06.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 828'344 1.32 (35'150) 30.06.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 806'859 1.28 (382'700) 30.06.2012 Investment Advisor

ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 805'634 1.28 38'249 30.09.2012 Hedge Fund Manager

FIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 652'090 1.04 84'063 30.09.2012 Investment Advisor




Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 07.11.2012

JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 241 12 month 07.11.2012


Atlantic Equities LLP COLIN ISAAC neutral 3 M 212 12 month 07.11.2012


RBC Capital Markets ADAM SCHATZKER sector perform 3 M 250 12 month 06.11.2012

Scotia Capital BEN ISAACSON sector perform 3 M 225 12 month 06.11.2012


S&P Capital IQ KEVIN KIRKEBY sell 1 M 190 Not Provided 06.11.2012


Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 250 12 month 06.11.2012


Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 225 Not Provided 06.11.2012

Dahlman Rose & Co CHARLES NEIVERT hold 3 D 200 12 month 15.10.2012

Stifel Nicolaus PAUL A MASSOUD hold 3 N #N/A N/A Not Provided 21.08.2012


Holdings By:

CF Industries Holdings Inc ee


22.11.2012

China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The

Company also processes oilseed and wheat, and produces malt used for beer

brewage.


LTM as of: 01/yy

52-Week High (09.02.2012) 6.76

52-Week Low (25.07.2012) 3.68

Daily Volume

4.39



% 52 Week Price Range High/Low 24.68% Equity Float 1'559.76


17'728.44 1 Yr Total Return -22.22%







606 HK EQUITY YTD Change - Average Volume 30 Day 9'776'983

606 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'795'785


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

28'869.2 41'802.1 43'827.9 53'491.7 82'349.9 - - 98'408.4 113'729.3 - -

0.78x 0.43x 1.13x 1.05x 0.62x - - 0.45x 0.43x - -

1'319.5 4'435.3 2'738.6 3'769.3 379.5 - - 3'769.7 4'798.9 - -

17.16x 4.08x 18.10x 14.95x 134.27x - - 12.88x 10.12x - -

1'100.4 2'624.9 1'952.0 1'701.6 2'368.0 - - 1'701.2 2'245.3 - -

16.21x 5.27x 19.71x 20.41x 10.08x - - 10.14x 8.07x - -


EBIT -582.85 Long-Term Rating -

Operating Margin -0.71% Long-Term Outlook -





Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -6.20



EBITDA Margin 1.4%



Asset Turnover 1.23







Fiscal Year Ended

China Agri-Industries Holdings LtdPrice/Volume

Valuation Analysis

10'325'141.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

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22.11.2012


WIDE SMART HOLDINGS #N/A N/A EXCH 1'922'550'331 47.61 - 05.11.2012 Government

COFCO HONG KONG LTD #N/A N/A EXCH 273'764'483 6.78 - 05.11.2012 Corporation

MITSUBISHI CORP n/a Co File 141'483'000 3.5 - 31.03.2012 Corporation

COFCO (BVI) NO. 108 #N/A N/A EXCH 140'000'000 3.47 - 05.11.2012 Other

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 119'560'000 2.96 (13'775'000) 30.06.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 66'033'818 1.64 1'476'058 30.09.2012 Investment Advisor


DWS INVESTMENT S A Multiple Portfolios MF-AGG 40'566'309 1 320'000 28.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 28'860'180 0.71 (7'065'000) 09.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'716'000 0.31 - 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'153'000 0.23 - 31.07.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 6'833'226 0.17 379'326 28.09.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 4'499'421 0.11 (82'796) 30.09.2012 Mutual Fund Manager


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'183'000 0.1 - 31.07.2012 Bank

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'177'380 0.1 - 28.09.2012 Investment Advisor

OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'980'000 0.1 - 31.03.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'971'000 0.1 37'000 31.07.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 3'862'000 0.1 56'000 09.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 3'686'111 0.09 2'185'000 12.11.2012 Investment Advisor


JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.11.2012

CIMB Yang Lei outperform 5 M 5 12 month 06.11.2012

Ji Asia WINNIE MAK buy 5 M 10 12 month 16.10.2012

Nomura EMMA LIU buy 5 M 5 Not Provided 09.10.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 11.09.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 5 12 month 10.09.2012

Bank of China International JENNY CHAN buy 5 U 5 Not Provided 03.09.2012

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 6 12 month 29.08.2012

SWS Research Co Ltd SEAN ZHANG neutral 3 D 5 Not Provided 25.07.2012

Hua Tai Securities Co., Ltd QIU YANG add 4 D 5 6 month 02.07.2012

China International Capital Corp DAN WANG accumulate 4 M 6 12 month 29.06.2012

Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 7 12 month 02.04.2012

BOCOM International Holdings TEAM COVERAGE neutral 3 N 12 12 month 31.03.2010

Holdings By:

China Agri-Industries Holdings Ltd ee


22.11.2012

China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company

produces ammonia and urea.


LTM as of: 01/yy

52-Week High (16.03.2012) 6.56

52-Week Low (10.07.2012) 4.18

Daily Volume

4.94





22'773.40 1 Yr Total Return -15.15%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

4'340.4 6'811.8 5'794.6 6'867.3 9'756.3 - - 11'181.5 12'710.9 - -

4.45x 1.48x 3.19x 3.06x 2.15x - - 1.46x 1.22x - -

2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 3'944.6 4'355.7 - -

9.44x 3.99x 9.29x 8.77x 5.92x - - 4.47x 4.05x - -

1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 2'049.6 2'257.6 - -

15.21x 8.00x 19.92x 18.89x 11.09x - - 8.86x 8.15x - -











EBITDA Margin 33.4%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China BlueChemical LtdPrice/Volume

Valuation Analysis

2'718'359.00


'

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1

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3

4

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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'!1'

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22.11.2012


BLACKROCK n/a ULT-AGG 193'093'580 10.9 1'602'000 09.11.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 176'296'000 9.95 11'020'000 31.07.2012 Bank

FIRST STATE INVESTME Multiple Portfolios MF-AGG 152'852'000 8.63 8'268'000 31.07.2012 Mutual Fund Manager


GOVT OF SINGAPORE IN n/a EXCH 106'479'765 6.01 - 27.08.2012 Government

MONDRIAN INVESTMENT n/a Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager

BANK OF NEW YORK MEL n/a EXCH 88'751'779 5.01 - 18.07.2012 Investment Advisor

BANK OF NEW YORK MEL n/a Short (87'533'339) -4.94 - 18.07.2012 Investment Advisor

VALUE PARTNERS LIMIT n/a EXCH 81'730'000 4.61 - 18.07.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 59'282'609 3.35 12'516'000 30.09.2012 Investment Advisor


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 35'639'175 2.01 (1'383'658) 30.03.2012 Investment Advisor


FIRST STATE INVESTME Multiple Portfolios MF-AGG 23'444'000 1.32 2'752'000 31.07.2012 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'044'000 1.19 - 30.06.2012 Unclassified

GARTMORE GROUP LTD Multiple Portfolios MF-AGG 15'088'000 0.85 - 30.09.2012 Investment Advisor


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14'574'000 0.82 - 30.06.2012 Investment Advisor



UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 19.10.2012

SWS Research Co Ltd ALBERT MIAO buy 5 M 7 Not Provided 18.10.2012

Deutsche Bank DAVID HURD buy 5 N 6 12 month 09.10.2012

Goldman Sachs CAROL JIN Buy/Cautious 5 U 7 12 month 28.09.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 24.09.2012

JPMorgan AKHIL HANDA overweight 5 M 8 Not Provided 29.08.2012

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 6 12 month 25.08.2012

Macquarie LAURA SHI outperform 5 M 6 12 month 22.08.2012

China International Capital Corp BIN GUAN accumulate 4 D 6 12 month 22.08.2012

BOCOM International Holdings HE WEI long-term buy 5 M 6 12 month 22.08.2012

Barclays RITA WU overweight 5 M 8 Not Provided 22.08.2012

Jefferies JACK LU underperform 1 M 5 12 month 21.08.2012

BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 21.08.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 19.07.2012

Essence Securities XU HAITAO buy 5 M 7 6 month 22.06.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012

Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012

Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011

GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011

Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010

Holdings By:

China BlueChemical Ltd ee


22.11.2012

Chiquita Brands International, Inc. markets, produces, and distributes fresh

bananas and other fresh produce. The Company also distributes and markets

fresh-cut fruit and other branded fruit products.


LTM as of: 09/yy

52-Week High (23.02.2012) 10.55

52-Week Low (25.06.2012) 4.63

Daily Volume

6.7





310.25 1 Yr Total Return -19.66%







CQB UN EQUITY YTD Change - Average Volume 30 Day 102'361

CQB UN EQUITY YTD % CHANGE - Average Volume 3 Month 131'128


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

3'464.7 3'609.4 3'470.4 3'227.4 3'139.3 3'190.6 3'062.6 3'011.7 3'032.0 688.7 792.0

0.44x 0.35x 0.39x 0.34x 0.29x 1.32x 0.85x - - - -

131.8 163.5 205.5 139.1 139.8 136.2 71.7 83.4 144.8 9.7 46.0

11.58x 7.81x 6.54x 8.00x 6.50x 6.41x 0.00x 10.32x 5.94x 6.44x 5.93x

(49.0) (328.7) 90.5 57.4 56.8 53.2 (88.6) (17.6) 30.7 (13.5) 15.7

- 14.63x 7.33x 22.61x 4.61x 43.89x 0.00x - 9.18x 12.57x 10.08x


EBIT 78.87 Long-Term Rating B

Operating Margin 2.51% Long-Term Outlook NEG

Pretax Margin -0.81% Short-Term Rating Date -

Return on Assets -4.44% Short-Term Rating -

Return on Common Equity -11.52%





EBITDA Margin 2.4%



Asset Turnover 1.54







Fiscal Year Ended

Chiquita Brands International IncPrice/Volume

Valuation Analysis

7'598.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

-'!''

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0'!''

1'!''

2'!''

3'!''

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22.11.2012





SKAGEN FUNDS n/a 13D 2'284'610 4.93 - 28.09.2012 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 1'691'216 3.65 (700'773) 28.09.2012 Mutual Fund Manager

SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 1'651'634 3.57 (16'418) 30.09.2012 Hedge Fund Manager

PRINCIPLED ASSET ADM n/a 13G 1'623'683 3.51 - 28.01.2010 Hedge Fund Manager


LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 1'388'086 3 (1'800) 30.06.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'273'380 2.75 (764'390) 30.09.2012 Investment Advisor

AGUIRRE FERNANDO n/a Form 4 1'248'822 2.7 (18'146) 23.08.2012 n/a

TOWLE & CO TOWLE & CO 13F 1'008'570 2.18 (14'459) 30.09.2012 Investment Advisor



WYNNEFIELD CAPITAL M WYNNEFIELD CAPITAL I 13F 915'000 1.98 340'000 30.06.2012 Hedge Fund Manager


COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 811'310 1.75 (700) 28.09.2012 Investment Advisor

FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 756'727 1.63 - 30.06.2012 Hedge Fund Manager

KILLEN GROUP INC THE KILLEN GROUP INC 13F 710'097 1.53 (266'661) 30.09.2012 Investment Advisor


Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 U 15 12 month 08.11.2012

Jefferies SCOTT A MUSHKIN hold 3 M 6 12 month 26.10.2012

BB&T Capital Markets HEATHER L JONES buy 5 U 9 12 month 19.09.2012

Imperial Capital LLC MARY ROSS-GILBERT outperform 5 U 8 12 month 15.08.2012


Holdings By:

Chiquita Brands International Inc ee


22.11.2012

CNH Global N.V. designs, manufactures, and distributes a full line of

agricultural and construction equipment. The Company also provides equipment

financing services. CNH Global's products are sold through dealers and

distributors on a worldwide basis.


LTM as of: 09/yy

52-Week High (20.11.2012) 47.88

52-Week Low (24.07.2012) 34.36

Daily Volume

47.45





11'374.54 1 Yr Total Return 28.70%







CNH UN EQUITY YTD Change - Average Volume 30 Day 92'512

CNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 94'929


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

15'964.0 18'476.0 13'760.0 15'608.0 19'185.0 18'199.0 20'301.0 19'168.7 19'641.0 4'702.7 4'527.5

1.52x 0.79x 1.03x 1.55x 1.24x 5.24x 4.98x 0.94x 0.86x 4.53x -

2'337.0 2'676.0 1'412.0 1'983.0 2'616.0 2'537.0 2'834.0 2'102.3 2'202.9 346.8 424.0

10.41x 5.44x 10.03x 12.17x 9.08x 8.39x 9.12x 13.27x 12.66x 13.66x 12.99x

559.0 825.0 (190.0) 452.0 939.0 955.0 1'140.0 1'070.8 1'116.2 161.1 211.7

25.22x 4.36x - 23.06x 9.42x 6.68x 8.25x 10.34x 9.92x 10.77x 10.02x


EBIT 2'190.00 Long-Term Rating BB+









EBITDA Margin 14.0%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CNH Global NVPrice/Volume

Valuation Analysis

217'499.00


'2

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

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

2!''

-'!''

-2!''

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.2!''

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22.11.2012


FIAT SPA n/a 13D 211'866'037 88.38 - 15.10.2012 Corporation

GAMCO n/a ULT-AGG 4'538'112 1.89 53'300 30.06.2012 Unclassified



CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'784'044 0.74 1'205'641 30.06.2012 Hedge Fund Manager

SKAGEN AS Multiple Portfolios MF-AGG 1'644'161 0.69 378'204 28.09.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 695'970 0.29 (14'961) 30.09.2012 Investment Advisor

CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 631'143 0.26 71'663 31.10.2011 Mutual Fund Manager

CLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 576'316 0.24 (5'714) 30.06.2012 Investment Advisor

LEGG MASON INC Multiple Portfolios MF-AGG 515'886 0.22 3'000 30.09.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 500'892 0.21 32'700 30.06.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 453'297 0.19 152'586 30.06.2012 Investment Advisor

TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 369'511 0.15 142 30.09.2012 Investment Advisor

TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 365'000 0.15 - 30.09.2012 Pension Fund (ERISA)

FRANKLIN RESOURCES n/a ULT-AGG 312'000 0.13 (108'200) 30.09.2012 Investment Advisor


ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 273'338 0.11 (13'520) 29.06.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 223'682 0.09 112'964 30.06.2012 Hedge Fund Manager

VANGUARD GROUP INC VANGUARD GROUP INC 13F 200'857 0.08 1'862 30.06.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 192'891 0.08 192'891 31.12.2011 Government



ISI Group DAVID RASO hold 3 M 49 Not Provided 08.11.2012

JPMorgan ANN DUIGNAN restricted #N/A N/A M #N/A N/A Not Provided 01.11.2012


Jefferies STEPHEN VOLKMANN hold 3 M 44 12 month 31.10.2012


Berenberg Bank ALEXANDER VIRGO sell 1 N 32 Not Provided 14.09.2012

Goldman Sachs JERRY REVICH not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012


Holdings By:

CNH Global NV ee


22.11.2012

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) 17.10

52-Week Low (25.11.2011) 10.75

Daily Volume

16.54





4'475.54 1 Yr Total Return 50.01%







CZZ UN EQUITY YTD Change - Average Volume 30 Day 247'443

CZZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 292'037


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 5.51x 4.48x - -

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 12.23x 11.01x - -


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

47'110.00


'.135

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!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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22.11.2012


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



Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 24.08.2012

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


22.11.2012

Cresud SACIF y A is an Argentine agricultural company, with a growing presence

in Latin American countries, engaged in a range of activities including crop

production, cattle raising and milk production. The Company's business model,

rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the

acquisition, development and exploitation of agricultural properties.


LTM as of: 06/yy

52-Week High (21.02.2012) 13.64

52-Week Low (01.06.2012) 6.69

Daily Volume

8.1





406.26 1 Yr Total Return -27.74%





Enterprise Value -


CRESY UW EQUITY YTD Change - Average Volume 30 Day 12'940

CRESY UW EQUITY YTD % CHANGE - Average Volume 3 Month 15'330


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 12/12 Q2 03/13 Q3

322.4 1'427.2 1'882.4 2'540.3 3'457.8 2'540.3 2'222.8 2'663.6 3'109.4 - -

6.58x 2.99x 2.99x 3.34x 2.23x 12.04x 10.87x 2.73x 2.26x - -

50.1 345.6 769.5 921.6 893.3 994.5 606.4 1'043.0 1'103.7 - -

42.35x 12.35x 7.32x 9.20x 8.62x 8.52x 0.00x - - - -

22.9 124.6 185.4 212.6 78.3 212.6 78.3 153.1 271.6 - -

- - - - - 0.00x 0.00x 13.07x 7.01x - -











EBITDA Margin 28.4%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cresud SACIF y APrice/Volume

Valuation Analysis

14'855.00


'

.

1

3

5

-'

-.

-1

-3

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!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 9

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'

-!''

-!.'



22.11.2012


TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'047'512 4.08 (2'380'321) 30.06.2012 Investment Advisor


GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'591'495 3.17 - 30.09.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 1'403'111 2.8 14'417 30.06.2012 Hedge Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'371'605 2.73 - 28.09.2012 Mutual Fund Manager

HORIZON KINETICS n/a ULT-AGG 1'049'354 2.09 3'168 30.06.2012 Investment Advisor

PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'043'972 2.08 - 30.09.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 932'149 1.86 (192'607) 30.06.2012 Investment Advisor


ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 723'012 1.44 (112'996) 30.06.2012 Insurance Company

FAIRFAX FINANCIAL HO FAIRFAX FINANCIAL HO 13F 723'012 1.44 (112'996) 30.06.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 614'262 1.22 94'197 30.06.2012 Investment Advisor

RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 605'247 1.21 - 30.06.2012 Investment Advisor

WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 577'000 1.15 2'000 28.09.2012 Mutual Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 231'659 0.46 86'598 30.09.2012 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 186'476 0.37 - 31.08.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 183'987 0.37 15'431 30.09.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 182'117 0.36 2'427 30.06.2012 Hedge Fund Manager

BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 176'733 0.35 176'733 30.06.2012 Hedge Fund Manager

OLD MUTUAL n/a ULT-AGG 169'100 0.34 - 30.09.2012 Unclassified




Grupo Santander WALTER CHIARVESIO buy 5 U 15 Not Provided 13.12.2011

EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Cresud SACIF y A ee


22.11.2012

Darling International Inc. collects and recycles animal processing by-products

and used restaurant cooking oil. The Company also provides grease trap

collection services to restaurants. Darling processes such raw materials into

finished products such as tallow, meat and bone meal, and yellow grease for sale

in the United States and overseas.


LTM as of: 09/yy

52-Week High (01.10.2012) 18.80

52-Week Low (14.12.2011) 12.07

Daily Volume

16.07





1'892.51 1 Yr Total Return 17.47%







DAR UN EQUITY YTD Change - Average Volume 30 Day 235'806

DAR UN EQUITY YTD % CHANGE - Average Volume 3 Month 218'504


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

645.3 807.5 597.8 724.9 1'797.2 1'593.6 1'707.4 1'717.0 1'753.5 440.5 395.0

1.52x 0.58x 1.09x 2.65x 1.00x 5.13x 4.98x 1.18x 1.09x - -

103.9 133.0 96.2 114.4 393.5 347.4 325.9 329.2 355.0 83.9 77.4

9.42x 3.55x 6.79x 16.78x 4.57x 5.05x 7.11x 6.23x 5.78x 6.34x 6.41x

45.5 54.6 41.8 44.2 169.4 149.9 131.5 137.4 159.4 35.2 29.7

20.51x 7.70x 16.43x 21.08x 9.04x 8.74x 16.48x 13.81x 12.14x 12.24x 11.48x


EBIT 314.61 Long-Term Rating BB+









EBITDA Margin 19.1%



Asset Turnover 1.16







Fiscal Year Ended

Darling International IncPrice/Volume

Valuation Analysis

31'427.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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22.11.2012



SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 7'201'867 6.12 (79'224) 30.06.2012 Investment Advisor



GATES CAPITAL MANAGE GATES CAPITAL MANAGE 13F 4'937'430 4.19 1'740'911 30.06.2012 Hedge Fund Manager


VERITABLE LP VERITABLE LP 13F 2'949'837 2.5 397 30.06.2012 Investment Advisor

GW CAPITAL INCORPORA GW CAPITAL INCORPORA 13F 2'797'134 2.38 201'332 30.06.2012 Investment Advisor

THOMSON HORSTMANN & THOMSON HORSTMANN & 13F 2'570'855 2.18 (170'158) 30.06.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'460'832 2.09 (965'000) 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 2'369'853 2.01 (83'541) 30.06.2012 Investment Advisor

GUGGENHEIM n/a ULT-AGG 2'221'788 1.89 563'490 30.09.2012 Unclassified


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'159'387 1.83 (244'241) 30.09.2012 Investment Advisor




CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'663'470 1.41 34'661 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'635'600 1.39 (43'300) 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'625'476 1.38 835'438 30.06.2012 Investment Advisor




Avondale Partners LLC DANIEL J MANNES market perform 3 M 17 12 month 12.11.2012

JMP Securities SHAWN M SEVERSON market perform 3 M #N/A N/A Not Provided 12.11.2012

Kansas City Capital Associates TYSON BAUER outperform 5 M 23 12 month 12.11.2012

Ardour Capital JINMING LIU hold 3 D 18 12 month 12.11.2012

Canaccord Genuity Corp JOHN S QUEALY hold 3 M 17 12 month 09.11.2012

Maxim Group LLC WILLIAM D BREMER hold 3 M #N/A N/A Not Provided 09.11.2012


Holdings By:

Darling International Inc ee


22.11.2012

Deere & Company manufactures and distributes a range of agricultural,

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

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

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

and Company extends its services and products worldwide.


LTM as of: 07/yy

52-Week High (14.02.2012) 89.69

52-Week Low (04.06.2012) 69.51

Daily Volume

82.9





32'469.20 1 Yr Total Return 16.66%







DE UN EQUITY YTD Change - Average Volume 30 Day 686'769

DE UN EQUITY YTD % CHANGE - Average Volume 3 Month 803'464


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 01/13 Q1 04/13 Q2

28'053.2 22'793.4 25'548.3 31'546.9 36'578.0 30'181.4 34'480.3 34'907.3 36'894.0 6'326.6 9'692.8

1.27x 1.71x 2.07x 1.68x - 7.59x 6.54x 1.19x 1.07x 9.58x 6.17x

3'698.6 2'011.7 3'625.0 4'810.5 - 4'544.1 5'302.3 5'451.4 5'679.3 790.5 1'634.5

9.60x 19.38x 14.56x 11.02x - 12.02x 10.63x 10.77x 10.34x 11.64x 11.45x

2'052.8 873.5 1'865.0 2'799.9 3'065.0 2'587.5 3'046.7 3'258.6 3'408.3 521.2 1'057.0

8.08x 16.04x 16.52x 11.45x 11.20x 12.91x 10.23x 9.98x 9.23x 9.96x 9.83x


EBIT 3'895.60 Long-Term Rating A



Return on Assets 6.07% Short-Term Rating A-1






EBITDA Margin 15.4%



Asset Turnover 0.69







Fiscal Year Ended

Deere & CoPrice/Volume

Valuation Analysis

908'829.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-''

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!2 9

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-!2 9

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.!2 9

0!' 9

0!2 9

1!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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



22.11.2012


CASCADE INVESTMENT L n/a 13D 24'508'573 6.26 - 23.08.2011 Investment Advisor



CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 15'406'300 3.93 (1'350'000) 30.06.2012 Investment Advisor



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'698'726 1.97 2'348 30.09.2012 Investment Advisor

EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 5'808'027 1.48 (254'192) 30.06.2012 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 5'536'490 1.41 858'829 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'600'209 1.17 31'676 30.09.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'445'281 1.13 (75'475) 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'540'677 0.9 927'955 30.06.2012 Investment Advisor

GAMCO n/a ULT-AGG 3'347'018 0.85 (10'514) 30.06.2012 Unclassified

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'934'650 0.75 1'727'530 30.06.2012 Investment Advisor


CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 2'800'000 0.71 - 30.06.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'468'896 0.63 18'553 30.06.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'381'309 0.61 (664'927) 02.10.2012 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'307'742 0.59 254'369 30.06.2012 Hedge Fund Manager


Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012

Longbow Research ELI S LUSTGARTEN buy 5 M 95 12 month 12.11.2012


BMO Capital Markets JOEL G TISS outperform 5 M 89 Not Provided 08.11.2012

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 08.11.2012

ISI Group DAVID RASO hold 3 M 90 Not Provided 08.11.2012


RBC Capital Markets SETH R WEBER sector perform 3 M 86 12 month 24.10.2012

Jefferies STEPHEN VOLKMANN hold 3 M 70 12 month 15.10.2012

Robert W. Baird & Co ROBERT F MCCARTHY JR neutral 3 M 80 12 month 10.10.2012

Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 80 12 month 04.10.2012

Barclays ANDY KAPLOWITZ overweight 5 M 97 Not Provided 24.09.2012

Argus Research Corp WILLIAM V SELESKY buy 5 M 93 Not Provided 23.08.2012


Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 77 12 month 15.08.2012

Goldman Sachs JERRY REVICH neutral/neutral 3 M 79 12 month 15.08.2012

Credit Suisse JAMIE L COOK outperform 5 M 90 Not Provided 15.08.2012

JPMorgan ANN DUIGNAN underweight 1 M 74 Not Provided 15.08.2012

S&P Capital IQ MICHAEL JAFFE hold 3 M 84 Not Provided 15.08.2012


Holdings By:

Deere & Co ee


22.11.2012

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

2.04





3'231.51 1 Yr Total Return 38.30%







FR SP EQUITY YTD Change - Average Volume 30 Day 1'838'933

FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'021'516


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

185.2 289.5 218.9 329.9 494.6 454.1 627.5 589.1 747.6 - -

7.33x 1.69x 5.18x 5.77x 3.86x 15.48x 15.41x 4.69x 3.64x - -

- 161.0 121.0 202.8 293.4 268.2 348.7 332.4 382.7 - -

- 3.04x 9.36x 9.38x 6.51x 6.00x 8.20x 8.33x 7.23x - -

47.2 113.6 112.5 143.1 196.4 189.1 241.8 198.9 230.5 55.0 -

20.04x 3.33x 8.78x 12.35x 8.71x 7.33x 10.80x 12.90x 11.02x - -











EBITDA Margin 55.6%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

First Resources LtdPrice/Volume

Valuation Analysis

1'360'000.00


'

-

-

.

.

0

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

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!''

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



22.11.2012


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

FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'304'153 1.03 3'871'190 29.02.2012 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


Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 3 12 month 12.11.2012

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

HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 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

Nomura MUZHAFAR MUKHTAR buy 5 M 4 Not Provided 12.11.2012

OSK (Asia) Securities ALVIN TAI buy 5 M 3 12 month 12.11.2012

Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012

Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012

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


Holdings By:

First Resources Ltd ee


22.11.2012

Glanbia plc is an international dairy, consumer foods, and nutritional products

company. The Company conducts operations primarily in Ireland, the United

Kingdom, and the United States.


LTM as of: 01/yy

52-Week High (14.11.2012) 8.16

52-Week Low (08.12.2011) 4.15

Daily Volume

8.04




Shares Out 31.10.2012 294.8 Short Int -

2'370.25 1 Yr Total Return 83.27%







GLB ID EQUITY YTD Change - Average Volume 30 Day 570'890

GLB ID EQUITY YTD % CHANGE - Average Volume 3 Month 396'748


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 - -

2'206.6 2'232.2 1'830.3 2'166.7 2'671.2 - - 2'812.3 2'710.8 - -

0.72x 0.49x 0.71x 0.69x 0.69x - - 1.00x 1.01x - -

146.3 158.9 150.5 188.6 212.9 - - 241.7 254.8 - -

10.86x 6.85x 8.62x 7.94x 8.69x - - 12.16x 11.53x - -

59.8 78.4 112.7 108.0 112.2 - - 135.9 159.7 - -

22.72x 8.00x 7.51x 9.99x 12.10x - - 15.40x 14.18x - -


EBIT 160.28 Long-Term Rating NR









EBITDA Margin 8.3%



Asset Turnover 1.48


Quick Ratio 1.05 Accounts receivable turnover-days -


Tot Debt to Common Equity 137.98% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 62.13


Fiscal Year Ended

Glanbia PLCPrice/Volume

Valuation Analysis

1'343'074.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

-!3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



22.11.2012


GLANBIA CO-OPERATIVE n/a Co File 160'277'308 54.37 - 01.03.2011 Corporation

PRUDENTIAL PLC n/a RNS-MAJ 11'780'393 4 (197'981) 29.10.2012 Investment Advisor

F&C ASSET MANAGEMENT n/a RNS-MAJ 8'965'065 3.04 - 24.05.2010 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'926'730 0.65 574'523 30.06.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'222'356 0.41 72'356 31.08.2012 Mutual Fund Manager


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 851'520 0.29 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 779'623 0.26 47'844 30.09.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 677'140 0.23 - 28.09.2012 Mutual Fund Manager

HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 638'200 0.22 (878'950) 30.12.2011 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 591'702 0.2 (75'000) 31.07.2012 Mutual Fund Manager

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 566'156 0.19 (6'839) 28.09.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 410'500 0.14 (1'525'000) 28.09.2012 Mutual Fund Manager

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 380'200 0.13 63'000 29.06.2012 Mutual Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 370'000 0.13 - 31.08.2012 Mutual Fund Manager

F&C MANAGEMENT LTD Multiple Portfolios MF-AGG 347'673 0.12 - 31.07.2012 Investment Advisor

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 340'000 0.12 (65'000) 31.07.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 285'522 0.1 (306'108) 28.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 258'449 0.09 - 30.09.2012 Unclassified


Jefferies ALEX HOWSON buy 5 M 8 12 month 07.11.2012

Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 8 12 month 07.11.2012

Berenberg Bank JAMES TARGETT buy 5 M 9 Not Provided 07.11.2012

Dolmen Stockbrokers JOHN MULLANE buy 5 M 8 Not Provided 13.09.2012


NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 7 12 month 22.08.2012

Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 01.08.2012

Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012

Holdings By:

Glanbia PLC ee


22.11.2012

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 -2.09%







GGR SP EQUITY YTD Change - Average Volume 30 Day 72'205'300

GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 79'992'800


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 5'378.3 6'083.6 - -

4.16x 0.72x 2.11x 2.41x 1.27x 5.15x 5.40x 1.32x 1.16x - -

519.9 588.9 386.9 640.5 912.4 979.9 812.0 837.6 999.7 - -

15.00x 3.64x 12.51x 13.19x 8.27x 6.59x 9.75x 8.83x 7.40x - -

1'164.8 1'382.5 607.0 1'423.0 1'268.0 1'689.5 1'103.9 497.1 612.2 - -

6.04x 1.18x 6.92x 5.32x 5.28x 3.31x 6.05x 12.14x 9.96x - -











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

43'630'000.00


'''''-----

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2'!' 9

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-2'!' 9

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.2'!' 9

0''!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2!''

-'!''

-2!''

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22.11.2012


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



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


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 55'822'000 0.43 54'322'000 30.09.2011 Mutual Fund Manager


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


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

JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 12.11.2012

HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012



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

BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 25.09.2012

Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.09.2012

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



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


22.11.2012

GrainCorp Limited provides grain industry related services in Australia. The

Group provides grain and bulk commodities handling and storage for growers, end

users and marketing organizations. The Group also operates grain pools,

provides transportation services for bulk commodities along with farming

products and flour milling and mixing services.


LTM as of: 01/yy

52-Week High (22.10.2012) 12.69

52-Week Low (23.11.2011) 6.90

Daily Volume

12.31





2'809.65 1 Yr Total Return 76.79%







GNC AT EQUITY YTD Change - Average Volume 30 Day 3'836'179

GNC AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'415'199


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

1'527.9 1'653.5 1'981.8 2'768.6 3'320.5 - - 3'527.1 3'429.4 - -

0.61x 0.54x 0.84x 0.63x 0.67x - - 0.96x 0.99x - -

32.0 114.0 151.1 213.5 323.9 - - 405.6 380.4 - -

29.00x 7.86x 11.05x 8.22x 6.83x - - 7.73x 8.25x - -

(19.9) 63.2 80.2 171.6 204.9 - - 177.3 157.3 - -

- 21.25x 18.15x 8.30x 8.73x - - 15.62x 17.74x - -










Gross Margin - Total Debt/EBITDA 2.09

EBITDA Margin 9.8%



Asset Turnover 1.21



Debt to Assets 23.87% Inventory Days -


Accounts Receivable Turnover 13.24 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GrainCorp LtdPrice/Volume

Valuation Analysis

584'936.00


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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

'!''

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22.11.2012


UBS AG n/a EXCH 115'062'295 50.41 - 31.10.2012 Bank

GRAINCORP LTD n/a Research 34'007'984 14.9 - 19.10.2012 n/a

CITIGROUP GLOBAL MKT n/a EXCH 26'273'106 11.51 - 19.10.2012 Unclassified

ADM GROUP COMPANY n/a EXCH 25'894'906 11.35 - 18.10.2012 n/a

DEUTSCHE BANK AG n/a EXCH 14'871'773 6.52 2'726'133 24.10.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a EXCH 13'481'102 5.91 - 31.10.2012 Bank

IOOF HOLDINGS LTD n/a Co File 11'840'118 5.19 - 08.11.2011 Investment Advisor

AMP LTD n/a EXCH 11'449'659 5.02 - 08.11.2012 Insurance Company

DIMENSIONAL FUND ADV n/a Co File 10'479'249 4.59 549'001 09.10.2012 Investment Advisor

ELLERSTON CAPITAL LT n/a EXCH 9'950'968 4.36 (4'607'471) 19.10.2012 Corporation

AUSTRALIA & NEW ZEAL n/a EXCH 9'899'954 4.34 (91'165) 14.09.2011 Bank

COMMONWEALTH BANK OF n/a EXCH 9'373'022 4.11 (923'916) 28.11.2011 Bank

ING GROEP NV n/a EXCH 7'092'324 3.11 (3'005'658) 23.09.2011 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'016'908 3.07 1'805'497 28.09.2012 Mutual Fund Manager



VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'581'301 0.69 219'692 30.09.2012 Mutual Fund Manager


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 737'586 0.32 (22'414) 29.06.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 728'641 0.32 58'495 28.09.2012 Investment Advisor


JPMorgan STUART JACKSON overweight 5 M 13 6 month 08.11.2012

BBY Limited DENNIS HULME underperform 1 M 13 12 month 05.11.2012

Credit Suisse GRANT SALIGARI restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012

Octa Phillip Securities Ltd PAUL JENSZ hold 3 U 13 Not Provided 29.10.2012

Commonwealth Bank JORDAN ROGERS hold 3 M 13 12 month 25.10.2012


Goldman Sachs JAMES HANNAM neutral/neutral 3 M 13 12 month 22.10.2012

Macquarie RIKKI BANNAN underperform 1 M 13 12 month 22.10.2012

Deutsche Bank MARK WILSON hold 3 M 12 12 month 19.10.2012

Wilson HTM Investment Group JAMES FERRIER sell 1 M 8 Not Provided 28.08.2012

Bell Potter JONATHAN SNAPE sell 1 M 7 12 month 22.05.2012

Holdings By:

GrainCorp Ltd ee


22.11.2012

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

1.2





1'721.14 1 Yr Total Return -7.85%

Total Debt 7'260'324.00 YTD Return -4.94%


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 2'412'067

IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'788'391


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 1.64x 1.37x - -

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 6.45x 5.30x - -

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 10.59x 8.47x - -











EBITDA Margin 24.3%



Asset Turnover 0.41







Fiscal Year Ended

Indofood Agri Resources LtdPrice/Volume

Valuation Analysis

1'055'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

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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

'!''

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22.11.2012


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

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'080'000 0.28 1'300'000 31.07.2012 Investment Advisor


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


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

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 819'000 0.06 - 31.07.2012 Investment Advisor


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


AmResearch Sdn Bhd GAN HUEY LING buy 5 M 2 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


22.11.2012

Ingredion Incorporated refines corn and produces sweeteners and

starches. The Company has customers in a wide range of industries, including

the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile

industries. Ingredion has Company-owned operations, joint ventures,

alliances, and technical licenses in countries around the world.


LTM as of: 09/yy

52-Week High (06.11.2012) 64.07

52-Week Low (17.07.2012) 45.30

Daily Volume

62.54





4'787.81 1 Yr Total Return 24.29%







INGR UN EQUITY YTD Change - Average Volume 30 Day 115'333

INGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 104'280


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

3'391.0 3'944.0 3'672.0 4'367.0 6'219.0 6'078.6 6'435.8 6'528.1 6'992.8 1'642.3 1'720.7

0.94x 0.74x 0.70x 1.14x 0.90x 3.42x 3.46x 0.94x 0.83x 3.71x 3.44x

472.0 562.0 408.0 519.0 892.0 820.0 895.5 906.3 955.5 228.7 232.5

6.72x 5.19x 6.29x 9.61x 6.24x 5.60x 6.12x 6.67x 6.32x 6.42x 6.33x

198.0 267.0 41.0 169.0 416.0 372.6 411.1 429.9 456.4 109.5 111.7

14.47x 7.99x 14.62x 14.11x 11.24x 8.48x 10.57x 11.32x 10.62x 10.68x 10.51x


EBIT 681.00 Long-Term Rating BBB









EBITDA Margin 13.9%



Asset Turnover 1.22







Fiscal Year Ended

Ingredion IncPrice/Volume

Valuation Analysis

22'129.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

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1'

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4'

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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

'!''

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22.11.2012






ALLIANZ ASSET MANAGE n/a ULT-AGG 2'879'594 3.76 (74'087) 30.09.2012 Investment Advisor



EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'738'675 2.27 (112'927) 30.06.2012 Hedge Fund Manager

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'672'571 2.18 (1'005'501) 30.06.2012 Investment Advisor

SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'307'694 1.71 88'930 30.09.2012 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 1'250'994 1.63 (103'883) 30.09.2012 Investment Advisor

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 1'178'873 1.54 (94'200) 30.06.2012 Investment Advisor


ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'149'264 1.5 108'549 30.09.2012 Government

RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'148'540 1.5 465'490 30.06.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'085'243 1.42 (210'253) 30.06.2012 Investment Advisor

HIGHLINE CAPITAL MAN HIGHLINE CAPITAL MAN 13F 1'008'000 1.32 (382'000) 30.06.2012 Hedge Fund Manager

ST DENIS J VILLERE & ST DENIS J VILLERE & 13F 978'877 1.28 84'447 30.09.2012 Investment Advisor

GAMCO n/a ULT-AGG 860'500 1.12 (59'100) 30.06.2012 Unclassified




BMO Capital Markets KENNETH B ZASLOW outperform 5 M 74 Not Provided 26.10.2012

KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 26.10.2012



Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M 60 12 month 25.10.2012

D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 80 12 month 25.10.2012

BB&T Capital Markets HEATHER L JONES buy 5 M 65 12 month 19.09.2012


Holdings By:

Ingredion Inc ee


22.11.2012

Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The

Company also markets langbeinite.


LTM as of: 09/yy

52-Week High (16.02.2012) 26.39

52-Week Low (04.06.2012) 18.43

Daily Volume

20.61





1'551.92 1 Yr Total Return -11.16%







IPI UN EQUITY YTD Change - Average Volume 30 Day 146'323

IPI UN EQUITY YTD % CHANGE - Average Volume 3 Month 158'271


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

213.5 415.3 301.8 359.3 443.0 434.5 445.0 442.1 479.6 114.2 117.0

- 3.46x 6.92x 7.46x 3.46x 21.26x 14.01x 3.38x 3.17x 12.71x 12.45x

46.0 212.4 110.4 103.8 190.2 190.2 187.4 190.6 228.4 51.9 52.2

- 6.77x 18.91x 25.82x 8.05x 9.09x 7.94x 7.47x 6.23x 6.96x 6.80x

29.7 142.7 55.3 45.3 109.4 102.7 97.8 91.2 105.8 22.4 26.5

- 11.23x 38.89x 62.15x 18.40x 20.73x 17.32x 17.10x 14.73x 16.25x 15.12x











EBITDA Margin 42.1%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intrepid Potash IncPrice/Volume

Valuation Analysis

31'591.00


'

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

2!''

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22.11.2012


MORGAN STANLEY n/a ULT-AGG 11'543'500 15.33 (205'178) 30.06.2012 Investment Advisor

JORNAYVAZ III ROBERT n/a Form 4 10'635'871 14.12 (56'051) 18.09.2012 n/a

HARVEY JR HUGH E n/a Form 4 9'731'001 12.92 (56'050) 18.09.2012 n/a


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4'015'800 5.33 814'920 30.06.2012 Investment Advisor

ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 3'585'710 4.76 3'585'710 30.06.2012 Investment Advisor




CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'253'958 1.67 105'546 30.09.2012 Hedge Fund Manager

CENTURY CAPITAL MANA CENTURY CAPITAL MANA 13F 1'226'353 1.63 831'321 30.06.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 1'155'815 1.53 (2'233'535) 30.06.2012 Investment Advisor


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'109'301 1.47 249'222 30.06.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'086'064 1.44 (11'394) 30.06.2012 Investment Advisor

SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'008'329 1.34 (120'805) 30.09.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 951'315 1.26 937 30.06.2012 Investment Advisor

EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 872'270 1.16 (522'392) 30.09.2012 Investment Advisor

CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 811'360 1.08 (295'361) 30.06.2012 Hedge Fund Manager


Susquehanna Financial Group DONALD D CARSON neutral 3 M 24 12 month 13.11.2012

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 U 26 12 month 02.11.2012

Wunderlich Securities MICHAEL E HOFFMAN buy 5 M 27 18 month 02.11.2012

Barclays MATTHEW J KORN equalweight 3 M 23 Not Provided 02.11.2012

BMO Capital Markets JOEL JACKSON market perform 3 M 24 Not Provided 01.11.2012

RBC Capital Markets ADAM SCHATZKER underperform 1 M 19 12 month 01.11.2012

KeyBanc Capital Markets IVAN MARCUSE buy 5 M 30 12 month 01.11.2012

Scotia Capital BEN ISAACSON sector outperform 5 M 26 12 month 01.11.2012

Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 01.11.2012

Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 31 Not Provided 01.11.2012



IPOfinancial.com TEAM COVERAGE buy 5 M #N/A N/A Not Provided 25.02.2011

Holdings By:

Intrepid Potash Inc ee


22.11.2012

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

Company, through its subsidiaries, operates in property development and

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

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

provides building, engineering, and construction services.


LTM as of: 06/yy

52-Week High (09.02.2012) 5.60

52-Week Low (25.09.2012) 4.82

Daily Volume

4.87





31'312.30 1 Yr Total Return 0.99%







IOI MK EQUITY YTD Change - Average Volume 30 Day 2'785'570

IOI MK EQUITY YTD % CHANGE - Average Volume 3 Month 2'911'172


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 12/12 Q2 03/13 Q3

14'641.2 14'568.0 12'386.5 16'020.0 15'488.1 16'154.3 15'640.3 16'779.7 17'475.4 - -

3.33x 2.17x 2.68x 2.30x 2.41x 9.33x 9.23x 2.03x 1.92x - -

2'919.6 2'682.5 1'723.8 2'422.4 2'362.4 3'061.9 2'570.8 2'902.6 3'123.6 - -

16.68x 11.79x 19.23x 15.21x 15.80x 12.02x 14.52x 12.24x 11.37x - -

2'231.6 983.5 2'035.7 2'222.9 1'789.4 2'222.9 1'789.4 1'974.8 2'168.9 - -

20.22x 28.40x 15.20x 15.25x 18.56x 15.25x 18.64x 15.81x 14.49x - -


EBIT 2'107.09 Long-Term Rating BBB+









EBITDA Margin 17.7%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IOI Corp BhdPrice/Volume

Valuation Analysis

7'225'100.00


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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

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

'!''

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22.11.2012


PROGRESSIVE HOLDINGS n/a EXCH 2'780'439'580 43.24 5'191'100 19.10.2012 Unclassified

EMPLOYEES PROVIDENT #N/A N/A EXCH 723'959'308 11.26 (122'900) 06.11.2012 Government




SHIN CHENG LEE n/a EXCH 62'530'600 0.97 - 19.10.2012 n/a

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


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

CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 10'485'044 0.16 (346'100) 30.04.2011 Mutual Fund Manager

GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 9'771'432 0.15 - 31.12.2010 Mutual Fund Manager

YEOW CHOR LEE n/a EXCH 8'240'400 0.13 - 19.10.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'168'866 0.11 (10'912'600) 30.06.2012 Investment Advisor

EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 5'774'813 0.09 31'000 09.11.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'421'541 0.08 (59'828) 31.10.2012 Mutual Fund Manager

PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 3'616'096 0.06 (452'400) 31.10.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'154'086 0.05 - 31.08.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 2'982'240 0.05 - 12.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 2'607'500 0.04 46'800 28.09.2012 Unclassified

PICTET & CIE Multiple Portfolios MF-AGG 2'504'600 0.04 (79'000) 31.08.2012 Mutual Fund Manager


Macquarie SUNAINA DHANUKA neutral 3 M 4 12 month 08.11.2012

Standard Chartered ADRIAN FOULGER in-line 3 M 5 12 month 07.11.2012

Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 5 12 month 07.11.2012

Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 D 4 12 month 07.11.2012

Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 05.11.2012

Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 5 12 month 05.11.2012

Deutsche Bank ELTRICIA LI CHING FOONG hold 3 M 5 12 month 01.11.2012

KAF Seagroatt & Campbell VINCE NG buy 5 M 6 Not Provided 30.10.2012

RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 5 12 month 30.10.2012

Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 6 12 month 30.10.2012


Nomura MUZHAFAR MUKHTAR neutral 3 M 5 Not Provided 15.10.2012

TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 6 Not Provided 15.10.2012

ECM Libra TEAM COVERAGE hold 3 M 5 12 month 15.10.2012

Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 4 12 month 15.10.2012

OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 11.10.2012

JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 6 12 month 11.10.2012

BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 5 12 month 11.10.2012


Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 4 12 month 11.09.2012

Credit Suisse TAN TING MIN underperform 1 M 5 Not Provided 11.09.2012

Morgan Stanley CHARLES C SPENCER Underwt/Attractive 1 M 4 12 month 10.09.2012

JPMorgan SIMONE X YEOH underweight 1 M 5 6 month 07.09.2012


HSBC THILAN WICKRAMASINGHE underweight 1 M 5 Not Provided 04.09.2012

AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 28.08.2012

UOB Kay Hian TEAM COVERAGE hold 3 M 5 Not Provided 28.08.2012

CIMB IVY NG neutral 3 M 5 12 month 27.08.2012

Holdings By:

IOI Corp Bhd ee


22.11.2012

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

63.95












KER PW EQUITY YTD Change - Average Volume 30 Day 104'197

KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 94'650


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 2'438.8 2'572.2 528.5 -

1.36x 0.81x 1.50x 1.34x 0.97x 4.97x 4.09x 0.88x 0.79x - -

105.1 177.6 175.5 285.2 324.6 313.2 324.7 371.5 398.1 75.5 -

8.59x 4.80x 8.73x 8.93x 6.47x 8.13x 6.46x 6.00x 5.60x - -

83.2 135.5 152.0 226.3 213.8 228.9 210.0 218.4 249.7 40.4 -

8.32x 5.06x 8.15x 9.15x 6.80x 9.05x 6.92x 7.44x 6.47x - -











EBITDA Margin 15.0%



Asset Turnover 1.18







Fiscal Year Ended

Kernel Holding SAPrice/Volume

Valuation Analysis

158'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

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



22.11.2012


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


BLACKROCK n/a ULT-AGG 933'414 1.17 7'588 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

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 215'047 0.27 48'288 31.08.2012 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


22.11.2012

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

20.56





21'947.90 1 Yr Total Return 2.86%







KLK MK EQUITY YTD Change - Average Volume 30 Day 755'190

KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 862'688


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2

7'789.7 6'620.4 7'450.0 10'691.9 10'570.2 9'513.6 10'924.0 11'098.3 12'093.0 - -

1.42x 2.34x 2.53x 2.18x - 9.68x 9.18x 1.99x 1.79x - -

1'636.9 1'223.7 1'471.5 2'306.8 - 1'987.1 1'311.4 2'191.3 2'376.3 - -

6.75x 12.64x 12.81x 10.09x - 12.47x 0.00x 10.43x 9.62x - -

1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'421.8 1'249.6 1'384.0 1'499.1 - -

9.83x 24.00x 17.88x 14.30x 19.40x 16.23x 19.07x 15.90x 14.71x - -









Net Debt/EBITDA -

Gross Margin 27.6% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuala Lumpur Kepong BhdPrice/Volume

Valuation Analysis

1'296'000.00


'

2

-'

-2

.'

.2

0'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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



22.11.2012


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


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


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


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


CIMB IVY NG underperform 1 M 20 12 month 30.08.2012

Holdings By:

Kuala Lumpur Kepong Bhd ee


22.11.2012

KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and

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

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

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

environmental control plants.


LTM as of: 09/yy

52-Week High (21.11.2012) 867.00

52-Week Low (19.12.2011) 608.00

Daily Volume

859





1'104'604.63 1 Yr Total Return 33.77%







6326 JT EQUITY YTD Change - Average Volume 30 Day 5'282'367

6326 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'540'954


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

1'154'574.0 1'107'482.0 930'644.0 933'685.0 1'008'019.0 966'352.0 ######### ######### ######### 285'000.0 315'000.0

0.96x 0.76x 1.53x 1.38x 1.30x 5.08x 4.68x 1.26x 1.17x - -

167'440.0 134'057.0 98'873.0 113'104.0 129'588.0 117'333.0 135'848.0 144'358.1 162'471.9 - -

6.63x 6.28x 14.37x 11.42x 10.09x 9.42x 9.73x 9.93x 8.83x - -

68'026.0 48'064.0 42'326.0 54'822.0 61'552.0 55'450.0 65'846.0 68'638.3 79'469.5 - -

11.76x 14.20x 25.60x 18.19x 16.31x 14.41x 15.07x 15.82x 13.64x - -


EBIT 105'680.00 Long-Term Rating NR









EBITDA Margin 12.7%



Asset Turnover 0.74







Fiscal Year Ended

Kubota CorpPrice/Volume

Valuation Analysis

3'559'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

1'400'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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



22.11.2012


MASTER TRUST BANK OF n/a Co File 107'318'000 8.35 1'488'000 31.03.2012 Bank

NIPPON LIFE INSURANC n/a MOF-JP 82'844'265 6.44 7'036'265 29.06.2012 Insurance Company

MITSUBISHI UFJ TRUST n/a 13G 78'950'000 6.14 (46'000) 31.12.2011 Investment Advisor

SUMITOMO MITSUI TRUS n/a MOF-JP 60'526'000 4.71 22'026'000 13.04.2012 Bank

MEIJI YASUDA LIFE IN n/a Co File 59'929'000 4.66 - 31.03.2012 Insurance Company

JAPAN TRUSTEE SERVIC n/a Co File 59'649'000 4.64 (7'720'000) 31.03.2012 Bank

JP MORGAN CHASE BANK n/a Co File 45'384'000 3.53 16'336'000 31.03.2012 Investment Advisor

SUMITOMO MITSUI BANK n/a Co File 45'006'000 3.5 - 31.03.2012 Bank

MIZUHO CORPORATE BAN n/a Co File 40'851'000 3.18 - 31.03.2012 Bank

MOXLEY & CO n/a Co File 31'758'000 2.47 (4'986'000) 31.03.2012 Investment Advisor

KUBOTA CORP n/a Co File 29'553'000 2.3 6'753 31.03.2012 Corporation

STATE STREET BANK OM n/a Co File 27'153'000 2.11 1'804'000 31.03.2012 Investment Advisor


BANK OF NEW YORK MEL n/a Co File 24'470'000 1.9 - 30.09.2011 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 23'578'000 1.83 - 30.09.2012 Investment Advisor

TRUST & CUSTODY SERV n/a Co File 23'181'000 1.8 - 31.03.2011 Bank

BANK OF TOKYO-MITSUB n/a 13G 20'173'729 1.57 - 31.12.2011 Bank


JP MORGAN ASSET MGMT n/a MOF-JP 15'501'000 1.21 (9'650'000) 15.02.2011 Mutual Fund Manager

NIKKO ASSET MANAGEME n/a ULT-AGG 14'893'000 1.16 (1'257'000) 13.04.2012 Unclassified


Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 U #N/A N/A Not Provided 13.11.2012

Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 800 Not Provided 05.11.2012

Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 830 12 month 02.11.2012

Mizuho Securities JUNJI SAKURADA buy 5 M 900 12 month 02.11.2012

BNP Paribas Equity Research CHRISTOPHER CINTAVEY hold 3 M 780 12 month 02.11.2012

Nomura RYO TAZAKI buy 5 M 870 12 month 02.11.2012

SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 870 12 month 02.11.2012

Barclays TSUTOMU KIJIMA overweight 5 M 1'070 Not Provided 02.11.2012

Credit Suisse SHINJI KURODA neutral 3 M 800 Not Provided 24.10.2012

Macquarie KENJIN HOTTA outperform 5 N 930 12 month 18.10.2012

TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 03.10.2012

Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 700 12 month 30.08.2012

Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 1'050 12 month 21.08.2012


Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 N 820 6 month 15.06.2012

Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 17.11.2010

Holdings By:

Kubota Corp ee


22.11.2012

KUMIAI CHEMICAL INDUSTRY Co., Ltd. is a specialized agrochemical manufacturer

affiliated with Zenno. The Company's main products include herbicides,

fungicides, and insecticides. Kumiai Chemical markets its products in North

America, Latin America, and Asia.


LTM as of: 07/yy

52-Week High (21.09.2012) 420.00

52-Week Low (21.11.2011) 250.00

Daily Volume

372





32'355.71 1 Yr Total Return 48.45%







4996 JT EQUITY YTD Change - Average Volume 30 Day 147'567

4996 JT EQUITY YTD % CHANGE - Average Volume 3 Month 316'185


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

39'512.0 40'031.0 39'227.0 38'252.0 42'095.0 39'470.0 42'775.0 44'000.0 46'000.0 10'090.0 -

0.22x 0.27x 0.40x 0.28x 0.39x 1.39x 2.11x - - - -

1'495.0 1'477.0 1'426.0 1'710.0 2'179.0 1'798.0 1'946.0 2'000.0 2'600.0 - -

5.85x 7.24x 11.05x 6.16x 7.63x 8.05x 14.49x 15.23x 11.71x - -

468.0 303.0 272.0 1'292.0 1'360.0 1'192.0 1'417.0 1'500.0 1'900.0 - -

38.79x 68.09x 94.67x 16.27x 16.58x 16.93x 21.19x 19.79x 15.50x - -











EBITDA Margin 5.2%



Asset Turnover 0.72







Fiscal Year Ended

Kumiai Chemical Industry Co LtdPrice/Volume

Valuation Analysis

81'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'

-''-2'.''.2'0''02'1''12'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



22.11.2012


ZENNOH n/a Co File 26'527'000 30.5 - 30.04.2012 Unclassified

KUMIAI CHEMICAL INDU n/a Co File 7'379'000 8.48 435 30.04.2012 Corporation

JAPAN TRUSTEE SERVIC n/a Co File 6'768'000 7.78 877'000 30.04.2012 Bank

SHIZUOKA KEIZAI NOHK n/a Co File 2'770'000 3.18 - 30.04.2012 n/a

SURUGA BANK LTD n/a Co File 2'609'000 3 - 30.04.2012 Bank

NORINCHUKIN BANK LTD n/a Co File 2'588'000 2.98 - 30.04.2012 Investment Advisor

SIMPLEX ASSET MANAGE Multiple Portfolios MF-AGG 2'204'000 2.53 - 21.03.2012 Investment Advisor

IHARA CHEMICAL INDUS n/a Co File 1'508'000 1.73 - 30.04.2012 Corporation


CITIGROUP GLOBAL MAR n/a Co File 1'184'000 1.36 - 30.04.2012 Investment Advisor


IHARA KENSEI KOGYO n/a Co File 1'095'000 1.26 19'000 30.04.2012 Other

SUMITOMO LIFE INSURA n/a Co File 1'085'000 1.25 7'000 30.04.2012 Insurance Company

KYOEI FIRE & MARINE n/a Co File 1'007'000 1.16 - 30.04.2012 Insurance Company

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 305'000 0.35 - 13.07.2012 Holding Company

THEORIA MULTI-STRATE n/a Short (294'000) -0.34 (1'000) 02.11.2012 Unclassified

THE ABSOLUTE RETURN n/a Short (280'000) -0.32 (25'000) 25.09.2012 Mutual Fund Manager

NIPPON KAYAKU CO LTD n/a Co File 270'218 0.31 - 31.05.2012 Corporation

NIPPON SODA CO LTD n/a Co File 264'000 0.3 - 31.03.2012 Corporation

NOMURA n/a ULT-AGG 233'000 0.27 (2'000) 31.08.2012 Unclassified


Nomura SHUNTA OMURA buy 5 M 580 12 month 02.11.2012


Tachibana Securities SHUICHI NAGATANI outperform 5 D #N/A N/A Not Provided 18.01.2012

Holdings By:

Kumiai Chemical Industry Co Ltd ee


22.11.2012

Lindsay Corporation manufactures and markets center pivot and lateral move

irrigation equipment, as well as large diameter steel tubing, for use to

irrigate agricultural crops. The Company also provides outsourced

manufacturing and production services to original equipment manufacturers in

the United States.


LTM as of: 08/yy

52-Week High (02.11.2012) 79.50

52-Week Low (21.12.2011) 49.29

Daily Volume

74.61












LNN UN EQUITY YTD Change - Average Volume 30 Day 40'991

LNN UN EQUITY YTD % CHANGE - Average Volume 3 Month 46'464


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 11/12 Q1 02/13 Q2

475.1 336.2 358.4 478.9 551.3 478.9 551.3 587.3 601.8 129.5 148.3

2.07x 1.35x 1.09x 1.44x 1.26x 6.12x 5.38x - - - -

71.5 32.9 48.6 68.3 78.0 68.3 78.0 93.4 100.7 17.6 25.4

13.75x 13.79x 8.03x 10.08x 8.88x 10.08x 8.88x 8.67x 8.04x 8.49x -

39.4 13.8 24.9 36.8 43.3 36.8 43.3 54.2 57.7 9.5 14.5

25.92x 37.40x 18.62x 20.53x 19.34x 20.60x 19.34x 18.11x 16.95x 18.10x 18.00x











EBITDA Margin 14.1%



Asset Turnover 1.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lindsay CorpPrice/Volume

Valuation Analysis

1'876.00


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100.0

200.0

300.0

400.0

500.0

600.0

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

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22.11.2012


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'476'655 11.61 7'275 30.06.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 1'039'908 8.17 (65'404) 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 969'114 7.62 54'281 30.06.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 723'872 5.69 33'243 30.06.2012 Investment Advisor

CS MCKEE LP C S MCKEE LP 13F 514'850 4.05 (6'770) 30.06.2012 Investment Advisor

BOSTON TRUST & INVES BOSTON TRUST & INVES 13F 378'186 2.97 12'132 30.06.2012 Investment Advisor


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 271'482 2.13 11'199 30.06.2012 Investment Advisor



DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 248'477 1.95 10'115 30.06.2012 Investment Advisor

GAMCO n/a ULT-AGG 201'450 1.58 30'000 30.06.2012 Unclassified


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 186'746 1.47 (951) 30.06.2012 Investment Advisor

PAROD RICHARD W n/a Form 4 178'518 1.4 7'272 01.11.2012 n/a

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 165'693 1.3 (107'657) 30.06.2012 Investment Advisor

ALGER MANAGEMENT INC Multiple Portfolios MF-AGG 156'800 1.23 156'800 31.07.2012 Investment Advisor

FORT WASHINGTON INVE FORT WASHINGTON INVE 13F 156'592 1.23 26'860 30.06.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 143'016 1.12 12'465 30.09.2012 Investment Advisor

UBS n/a ULT-AGG 135'888 1.07 19'667 30.06.2012 Unclassified



Wedbush DAVID L ROSE neutral 3 M 72 12 month 24.10.2012

William Blair & Co BRIAN DRAB outperform 5 U #N/A N/A Not Provided 18.10.2012

Stifel Nicolaus NATHAN JONES hold 3 M #N/A N/A Not Provided 18.10.2012

Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 65 12 month 17.10.2012

Sidoti & Company LLC JOSEPH MONDILLO neutral 3 M 64 12 month 17.10.2012

Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 N 92 Not Provided 24.09.2012


BB&T Capital Markets C SCHON WILLIAMS hold 3 M #N/A N/A Not Provided 28.06.2012

Holdings By:

Lindsay Corp ee


22.11.2012

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

The Company's products include fresh and prepared meats, poultry, flours,

fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.

These products are primarily sold to retail, food service, wholesale,

agricultural and industrial customers worldwide.


LTM as of: 09/yy

52-Week High (27.04.2012) 13.00

52-Week Low (30.07.2012) 9.88

Daily Volume

10.8









Cash and Equivalents - Consensus Rating 3.889



MFI CT EQUITY YTD Change - Average Volume 30 Day 91'533

MFI CT EQUITY YTD % CHANGE - Average Volume 3 Month 110'120


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

5'209.6 5'242.6 5'221.6 4'968.1 4'893.6 4'860.3 4'905.3 4'917.7 5'045.3 1'256.5 1'173.0

0.55x 0.48x 0.52x 0.51x 0.52x 2.24x 2.21x - 0.53x - -

340.2 277.6 345.6 368.6 389.0 403.4 357.9 400.9 470.0 118.7 92.0

8.40x 9.11x 7.79x 6.92x 6.58x 7.10x 7.51x 6.61x 5.64x 5.96x 5.87x

195.0 (36.9) 52.1 29.3 82.1 103.0 69.1 121.7 160.7 43.7 22.3

29.12x 38.17x 21.61x 16.27x 10.83x 10.74x 13.51x 11.60x 9.52x 9.95x 9.62x











EBITDA Margin 7.3%



Asset Turnover 1.62





Accounts Receivable Turnover 20.83 Cash Conversion Cycle -0.26


Fiscal Year Ended

Maple Leaf Foods IncPrice/Volume

Valuation Analysis

3'158.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

.!''

1!''

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-'!''

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22.11.2012


MCCAIN MICHAEL H n/a PROXY 45'773'783 32.69 - 22.03.2012 n/a

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

ROYAL BANK OF CANADA n/a ULT-AGG 10'167'970 7.26 115'891 31.08.2012 Bank



CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'384'280 0.99 - 31.03.2012 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'363'400 0.97 - 31.07.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'083'200 0.77 (4'000) 30.06.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'005'946 0.72 (433'400) 30.09.2012 Investment Advisor

QV INVESTORS INC Multiple Portfolios MF-AGG 781'400 0.56 - 31.07.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 733'400 0.52 - 30.09.2012 Investment Advisor


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

HEXAVEST INC HEXAVEST INC 13F 547'406 0.39 13'470 30.09.2012 Investment Advisor

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

LAN RICHARD A n/a SEDI 420'050 0.3 (80'000) 07.11.2012 n/a

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

VELS MICHAEL H n/a SEDI 297'664 0.21 (15'000) 07.11.2012 n/a

SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 258'907 0.18 950 31.08.2012 Investment Advisor


TD Securities MICHAEL VAN AELST buy 5 M 14 12 month 05.11.2012

Octagon Capital Corporation ROBERT GIBSON buy 5 M 15 12 month 02.11.2012



RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 01.11.2012


Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 01.11.2012

CIBC World Markets MARK PETRIE sector perform 3 M 13 Not Provided 31.10.2012

Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 03.05.2012

Holdings By:

Maple Leaf Foods Inc ee


22.11.2012

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

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

seeds and develops biotechnology traits that assist farmers in controlling

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

and biotechnology traits for their seed brands.


LTM as of: 08/yy

52-Week High (05.10.2012) 92.18

52-Week Low (14.12.2011) 67.11

Daily Volume

89.6





47'899.99 1 Yr Total Return 28.74%







MON UN EQUITY YTD Change - Average Volume 30 Day 682'809

MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 698'706


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 11/12 Q1 02/13 Q2

11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 11'822.0 13'516.0 14'602.9 15'600.4 2'639.3 5'210.2

5.53x 3.89x 2.78x 3.08x 3.35x 12.43x 12.22x 3.16x 2.89x 17.86x 8.87x

3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'116.0 3'760.0 4'212.2 4'675.2 471.4 2'183.9

18.18x 10.92x 11.51x 11.69x 12.03x 11.69x 12.03x 11.10x 10.00x 11.18x 10.96x

2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 1'607.0 2'045.0 2'382.2 2'702.7 197.3 1'403.9

31.30x 19.02x 21.94x 23.29x 23.54x 23.29x 22.45x 20.37x 17.76x 20.44x 20.14x


EBIT 3'138.00 Long-Term Rating A+









EBITDA Margin 27.8%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Monsanto CoPrice/Volume

Valuation Analysis

159'009.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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22.11.2012




STATE STREET CORP STATE STREET CORPORA 13F 21'710'276 4.06 1'125'279 30.06.2012 Investment Advisor


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'389'395 2.5 (676'918) 30.06.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'443'623 2.33 (442'531) 30.06.2012 Investment Advisor


DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 11'393'821 2.13 48'910 30.06.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'455'585 1.96 1'707'984 30.06.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'532'535 1.6 (96'887) 31.08.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'094'837 1.51 (2'009'196) 30.06.2012 Investment Advisor

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 8'058'039 1.51 1'550'082 30.06.2012 Hedge Fund Manager



MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'809'492 1.27 (1'269'034) 30.09.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'682'746 1.25 633'711 30.06.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'200'528 1.16 (184'260) 30.06.2012 Investment Advisor

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 6'162'175 1.15 (126'816) 30.09.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'004'086 1.12 (1'311'692) 30.06.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'919'681 1.11 191'422 30.06.2012 Investment Advisor



Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 08.11.2012


Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 U 100 12 month 05.11.2012

Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 01.11.2012






Jefferies LAURENCE ALEXANDER hold 3 M 98 12 month 12.10.2012

Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 04.10.2012


Macquarie COOLEY MAY neutral 3 M 93 12 month 04.10.2012

Topeka Capital Markets Inc CHRISTOPHER KAPSCH hold 3 M 83 12 month 04.10.2012

Buckingham Research Group JOHN E ROBERTS buy 5 M 110 12 month 03.10.2012


Atlantic Equities LLP COLIN ISAAC neutral 3 M 85 Not Provided 03.10.2012

Goldman Sachs ROBERT KOORT Buy/Neutral 5 M 110 12 month 19.09.2012

Deutsche Bank DAVID I BEGLEITER buy 5 M 100 12 month 17.08.2012

Gilford Securities PAUL C CHRISTOPHERSON sell 1 M 67 12 month 26.04.2012

Holdings By:

Monsanto Co ee


22.11.2012

The Mosaic Company produces and distributes crop nutrients to the agricultural

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

principal products include concentrated phosphates, and potash.


LTM as of: 08/yy

52-Week High (07.09.2012) 61.97

52-Week Low (04.06.2012) 44.43

Daily Volume

51.67





21'993.53 1 Yr Total Return -1.58%







MOS UN EQUITY YTD Change - Average Volume 30 Day 728'459

MOS UN EQUITY YTD % CHANGE - Average Volume 3 Month 816'219


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 08/yy 05/13 Y 05/14 Y 11/12 Q2 02/13 Q3

9'812.6 10'298.0 6'759.1 9'937.8 11'107.8 10'832.8 10'529.6 10'488.6 11'061.8 2'619.1 2'466.3

5.63x 2.24x 2.87x 2.88x 1.58x 11.16x 7.84x 1.81x 1.65x 7.34x 7.73x

3'201.6 3'167.1 1'715.8 3'111.6 3'119.2 3'446.5 3'016.9 3'082.6 3'436.1 717.8 743.3

17.26x 7.27x 11.31x 9.19x 5.62x 8.29x 7.33x 6.31x 5.66x 5.83x 5.61x

2'082.8 2'350.2 827.1 2'514.6 1'930.2 2'742.9 1'833.6 1'956.1 2'134.3 449.6 445.8

26.66x 12.99x 24.96x 15.14x 10.64x 14.52x 13.37x 11.41x 10.28x 10.91x 10.50x











EBITDA Margin 28.7%



Asset Turnover 0.63







Fiscal Year Ended

Mosaic Co/ThePrice/Volume

Valuation Analysis

199'728.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

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-!2 9

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0!' 9

0!2 9

1!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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22.11.2012


TEMASEK HOLDINGS PRI n/a Research 19'711'671 6.64 - 01.07.2012 Government

BLACKROCK n/a ULT-AGG 14'850'339 5 497'002 30.06.2012 Investment Advisor



GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'836'980 3.65 1'125'955 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'782'435 3.29 1'570'443 30.06.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'797'260 1.95 (106'698) 30.09.2012 Investment Advisor




OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'959'877 1.33 298'402 30.06.2012 Investment Advisor


FMR LLC n/a ULT-AGG 3'582'273 1.21 (5'241'770) 30.06.2012 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'191'154 1.07 1'032'268 30.06.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'133'293 1.06 43'255 30.06.2012 Investment Advisor

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 3'011'690 1.01 1'534'660 30.06.2012 Investment Advisor

UBS n/a ULT-AGG 2'765'513 0.93 893'240 30.09.2012 Unclassified









CIBC World Markets JACOB BOUT sector outperform 5 M 64 Not Provided 21.10.2012


Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 09.10.2012

Dahlman Rose & Co CHARLES NEIVERT buy 5 M 60 12 month 08.10.2012

Deutsche Bank DAVID I BEGLEITER hold 3 M 60 12 month 03.10.2012



Macquarie DAVID PUPO outperform 5 M 65 12 month 03.10.2012


Scotia Capital BEN ISAACSON sector perform 3 D 60 12 month 03.10.2012





Holdings By:

Mosaic Co/The ee


22.11.2012

Nufarm Limited manufactures and supplies a range of agricultural chemicals used

by farmers to protect crops from damage caused by weeds, pests and disease.

The Company has worldwide operations.


LTM as of: 01/yy

52-Week High (12.09.2012) 6.30

52-Week Low (29.12.2011) 3.99

Daily Volume

5.57





1'463.36 1 Yr Total Return 27.46%







NUF AT EQUITY YTD Change - Average Volume 30 Day 1'048'417

NUF AT EQUITY YTD % CHANGE - Average Volume 3 Month 911'577


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'305.5 2'430.5 - -

1.72x 1.33x 0.86x 0.89x 0.99x - - 0.96x 0.89x - -

348.7 229.6 115.0 90.0 209.7 - - 293.7 310.2 - -

12.28x 15.46x 16.23x 20.55x 10.25x - - 7.42x 7.02x - -

137.9 79.9 (24.0) (49.9) 72.6 - - 118.0 131.0 - -

24.18x 32.36x - - 19.75x - - 12.49x 11.34x - -











EBITDA Margin 9.2%



Asset Turnover 0.77







Fiscal Year Ended

Nufarm Ltd/AustraliaPrice/Volume

Valuation Analysis

944'748.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

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1!' 9

2!' 9

3!' 9

4!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

.!''

1!''

3!''

5!''

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22.11.2012


SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.92 - 28.09.2011 Corporation

UBS n/a ULT-AGG 14'516'702 5.53 - 15.07.2010 Unclassified

AMALGAMATED DAIRIES n/a Co File 14'330'798 5.46 - 28.09.2011 Corporation

IOOF HOLDINGS LTD n/a EXCH 13'854'165 5.27 (2'248'185) 09.06.2011 Investment Advisor

MASSACHUSETTS FINANC n/a EXCH 13'112'345 4.99 - 28.09.2011 Investment Advisor

SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.98 - 11.10.2012 Investment Advisor

NATIONAL AUSTRALIA B n/a EXCH 12'162'870 4.63 (1'177'739) 14.11.2011 Bank

RATHBONE DOUGLAS JOH n/a EXCH 11'642'880 4.43 - 02.08.2012 n/a

BANK OF AMERICA CORP n/a EXCH 11'609'140 4.42 (6'010'560) 09.09.2010 Investment Advisor

CREDIT SUISSE AG n/a EXCH 11'039'268 4.2 (474'417) 12.02.2010 Investment Advisor



HOGGARD KERRANCE MER n/a EXCH 2'032'632 0.77 - 13.07.2010 n/a




VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 932'511 0.36 (6'898) 30.09.2012 Mutual Fund Manager

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 656'456 0.25 (11'875) 31.08.2012 Investment Advisor

GOODFELLOW WILLIAM B n/a EXCH 590'313 0.22 196 30.04.2012 n/a

ST KENTIGERN TRUST n/a EXCH 430'434 0.16 - 30.04.2012 Other


Nomura RICHARD J JOHNSON neutral 3 M 6 12 month 02.11.2012

Ord Minnett STEPHEN SCOTT lighten 2 M 5 Not Provided 30.10.2012

Octa Phillip Securities Ltd PAUL JENSZ hold 3 M 6 Not Provided 15.10.2012

Euro Pacific Capital Inc DAVID KRATOCHVIL sell 1 M 5 12 month 05.10.2012


Deutsche Bank MARK WILSON sell 1 M 4 12 month 25.09.2012

Macquarie RIKKI BANNAN underperform 1 D 6 12 month 25.09.2012

Goldman Sachs JAMES HANNAM neutral/neutral 3 M 6 12 month 24.09.2012

Credit Suisse LARRY GANDLER underperform 1 M 6 Not Provided 24.09.2012

JPMorgan STUART JACKSON neutral 3 M 5 6 month 24.09.2012

Wilson HTM Investment Group JAMES FERRIER hold 3 M 6 Not Provided 24.09.2012

Holdings By:

Nufarm Ltd/Australia ee


22.11.2012

Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and

fish feeds. The Company produces compound feeds for pigs, poultry, salmon and

trout, and breeds poultry and produces eggs. Nutreco operates throughout

Europe.


LTM as of: 09/yy

52-Week High (21.11.2012) 61.09

52-Week Low (21.11.2011) 44.79

Daily Volume

60.24





2'115.55 1 Yr Total Return 38.38%







NUO NA EQUITY YTD Change - Average Volume 30 Day 124'945

NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 115'435


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

4'021.1 4'943.1 4'511.7 4'166.4 4'721.1 5'152.3 5'385.4 5'196.0 5'466.9 - -

0.41x 0.24x 0.36x 0.53x 0.43x 0.00x 0.00x 0.46x 0.43x - -

198.4 203.7 231.8 243.6 271.7 0.0 0.0 319.4 340.5 - -

8.33x 5.88x 6.94x 9.04x 7.46x 0.00x 0.00x 7.78x 7.30x - -

118.6 114.8 90.3 111.4 130.5 0.0 0.0 175.9 188.4 - -

12.21x 7.79x 15.05x 18.99x 14.16x 0.00x 0.00x 12.10x 11.11x - -











EBITDA Margin 6.6%



Asset Turnover 1.82





Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Nutreco NVPrice/Volume

Valuation Analysis

106'019.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2'

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!3 9

!5 9

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

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5!''

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22.11.2012


ING GROEP NV n/a Research 3'499'935 9.97 (462'903) 25.06.2012 Investment Advisor



ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 628'924 1.79 - 28.09.2012 Mutual Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 594'066 1.69 (26'000) 31.08.2012 Mutual Fund Manager

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 556'121 1.58 6'500 31.07.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 532'074 1.52 (488) 12.11.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 518'956 1.48 (66'982) 28.09.2012 Mutual Fund Manager


BNP PARIBAS INV PART n/a ULT-AGG 380'043 1.08 3'111 30.09.2012 Investment Advisor

ASR NEDERLAND NV n/a Research 377'105 1.07 - 31.12.2010 Government

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 303'187 0.86 (591) 30.09.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 232'250 0.66 12'550 31.08.2012 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 225'350 0.64 13'680 31.12.2011 Investment Advisor


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 193'048 0.55 39'556 28.09.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 192'217 0.55 7 30.09.2012 Investment Advisor

NUTRECO NV n/a Research 155'882 0.44 - 09.03.2011 n/a

JP MORGAN n/a ULT-AGG 143'448 0.41 32'571 30.09.2012 Unclassified

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 141'900 0.4 - 28.09.2012 Investment Advisor


AlphaValue SOPHIE CABO-BROSETA buy 5 M 72 6 month 08.11.2012

Theodoor Gilissen Securities TOM MULLER hold 3 M 59 Not Provided 29.10.2012

KBC Securities PASCALE WEBER accumulate 4 M 62 Not Provided 26.10.2012

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 63 12 month 26.10.2012

Petercam FERNAND DE BOER buy 5 M 67 Not Provided 26.10.2012

Rabobank International PATRICK ROQUAS hold 3 M 58 Not Provided 26.10.2012

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 72 12 month 26.10.2012

ING Wholesale Banking MARCO GULPERS hold 3 M 62 12 month 18.10.2012

Equita SIM SpA GIANMARCO BONACINA hold 3 D 61 12 month 12.10.2012

Kempen & Co ERWIN DUT buy 5 M 68 12 month 08.10.2012

Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 66 12 month 29.08.2012


CA Cheuvreux HANS PLUIJGERS suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 57 Not Provided 16.08.2011

Holdings By:

Nutreco NV ee


22.11.2012

Olam International Limited is an international integrated supplier of both raw

and processed agricultural commodities. The Group sources, processes, stores,

transports, ships, distributes, trades and markets agricultural products. Olam

International also provides insurance related services.


LTM as of: 06/yy

52-Week High (08.02.2012) 2.76

52-Week Low (04.06.2012) 1.53

Daily Volume

1.695





4'051.41 1 Yr Total Return -23.10%







OLAM SP EQUITY YTD Change - Average Volume 30 Day 14'533'400

OLAM SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'939'480


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 12/12 Q2 03/13 Q3

8'111.9 8'587.9 10'455.0 15'803.4 17'093.8 15'787.6 17'093.8 20'708.5 23'889.6 5'467.5 5'856.0

0.84x 0.79x 0.87x 0.75x 0.63x 2.97x 2.70x 0.58x 0.54x - -

365.3 484.1 523.5 728.3 929.3 1'006.5 856.6 1'136.2 1'372.9 294.0 336.0

18.64x 14.07x 17.31x 16.27x 11.65x 11.77x 12.64x 9.82x 8.13x 11.55x 16.60x

167.7 252.0 359.5 429.8 370.9 429.8 370.9 410.2 523.6 148.0 190.0

23.64x 16.52x 14.46x 13.42x 12.10x 13.59x 12.12x 10.27x 8.15x 9.06x 8.74x











EBITDA Margin 4.8%



Asset Turnover 1.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Olam International LtdPrice/Volume

Valuation Analysis

112'550'000.00


'

-

-

.

.

0

0

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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22.11.2012


KEWALRAM SINGAPORE L n/a Co File 483'493'065 20.23 - 17.09.2012 Investment Advisor

TEMASEK HOLDINGS PRI n/a Co File 390'398'453 16.33 - 17.09.2012 Government

ORBIS GROUP n/a EXCH 191'320'000 8 - 29.10.2012 n/a

CAPITAL GROUP COMPAN n/a EXCH 119'304'973 4.99 (3'232'916) 04.06.2012 Investment Advisor

AXA n/a EXCH 118'451'695 4.96 (3'772'000) 02.10.2012 Investment Advisor

UBS AG n/a EXCH 117'988'747 4.94 (7'253'620) 29.11.2011 Bank

ALLIANCEBERNSTEIN LP n/a EXCH 117'121'695 4.9 (3'772'000) 02.10.2012 Investment Advisor

VERGHESE SUNNY GEORG n/a Co File 110'646'477 4.63 - 21.07.2012 n/a

WELLINGTON MANAGEMEN n/a EXCH 105'442'139 4.41 (921'000) 14.04.2011 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 59'833'000 2.5 - 28.09.2012 Investment Advisor

OLAM INTL LTD n/a Co File 52'196'000 2.18 - 17.09.2012 n/a

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 51'817'200 2.17 (550'000) 31.08.2012 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 20'498'000 0.86 1'727'000 28.09.2012 Mutual Fund Manager


SHEKHAR ANANTHARAMAN n/a Co File 16'038'498 0.67 - 21.07.2012 n/a

KRISHNAN SRIDHAR n/a Co File 15'856'879 0.66 - 21.07.2012 n/a

ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 11'448'600 0.48 42'969 30.09.2012 Investment Advisor



Nomura TANUJ SHORI buy 5 M 3 Not Provided 05.11.2012

DBS Vickers MERVIN SONG hold 3 M 2 12 month 02.11.2012

JPMorgan AJAY NARAYAN MIRCHANDANI neutral 3 M 2 6 month 05.10.2012

OSK (Asia) Securities LENG SENG CHOON buy 5 M 3 12 month 14.09.2012

Kim Eng Securities JAMES KOH hold 3 U 2 12 month 06.09.2012

Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 2 12 month 03.09.2012

Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 3 12 month 31.08.2012


OCBC Investment Research CAREY WONG hold 3 M 2 12 month 29.08.2012

UOB Kay Hian EUGENE NG buy 5 M 3 Not Provided 29.08.2012

Religare Capital Markets VINCENT FERNANDO buy 5 M 2 12 month 29.08.2012


Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/Attractive 5 M 3 12 month 28.08.2012

Credit Suisse SU TYE CHUA outperform 5 M 3 Not Provided 28.08.2012

CIMB LEE WEN CHING outperform 5 M 3 12 month 28.08.2012


Macquarie CONRAD WERNER outperform 5 M 2 12 month 22.05.2012

Jefferies ARYA SEN buy 5 M 3 12 month 19.03.2012

IIFL ZUO LI add 4 M 3 12 month 04.01.2012


Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 3 18 month 01.07.2011

Holdings By:

Olam International Ltd ee


22.11.2012

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and

processes palm oil, rubber, coconut, cocoa, coffee, and tea.


LTM as of: 09/yy

52-Week High (13.04.2012) 3'150.00

52-Week Low (15.12.2011) 2'075.00

Daily Volume

2250





15'351'444.00 1 Yr Total Return 0.43%



Minority Interest (67.0) Analyst Recs 26

Cash and Equivalents 2'063'982.00 Consensus Rating 4.462



LSIP IJ EQUITY YTD Change - Average Volume 30 Day 12'278'080

LSIP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 17'974'200


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

2'900'835.0 3'846'154.0 3'199'687.0 3'592'658.0 4'686'457.0 ######### ######### ######### ######### ######### -

5.09x 1.00x 3.42x 4.56x 2.84x 11.95x 13.69x 2.66x 2.23x - -

1'097'690.0 1'445'441.0 1'176'744.0 1'603'417.0 2'224'402.0 ######### ######### ######### ######### 716'788.0 -

13.46x 2.65x 9.30x 10.21x 5.97x 5.32x 8.38x 7.13x 6.29x - -

564'034.0 927'555.0 707'487.0 1'033'329.0 1'701'580.0 ######### ######### ######### ######### 430'692.0 -

25.79x 4.29x 15.90x 17.02x 9.04x 8.23x 12.50x 10.98x 9.46x - -











EBITDA Margin 39.1%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perusahaan Perkebunan London Sumatra Indonesia Tbk PTPrice/Volume

Valuation Analysis

7'802'000.00


'

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0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

3'500'000.0

4'000'000.0

4'500'000.0

5'000'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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22.11.2012


SALIM IVOMAS PRATAMA n/a EXCH 4'058'239'370 59.48 - 31.03.2012 Unclassified


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 143'770'500 2.11 - 12.07.2013 Mutual Fund Manager


MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 63'140'000 0.93 - 31.12.2010 Mutual Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 57'693'441 0.85 (25'555'000) 30.09.2012 Investment Advisor


EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 39'759'500 0.58 (2'518'500) 29.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 37'739'666 0.55 (30'237'560) 29.02.2012 Investment Advisor

DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 30'325'000 0.44 - 31.12.2010 Mutual Fund Manager


AVIVA PLC Multiple Portfolios MF-AGG 15'677'500 0.23 - 28.09.2012 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 14'898'500 0.22 - 28.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 13'693'500 0.2 2'200'000 31.07.2012 Investment Advisor


MIRABAUD & CIE Multiple Portfolios MF-AGG 10'774'000 0.16 10'774'000 29.06.2012 Mutual Fund Manager


BLACKROCK n/a ULT-AGG 10'220'000 0.15 - 31.07.2012 Investment Advisor

FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'995'500 0.15 - 31.12.2011 Mutual Fund Manager


Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 2'750 12 month 13.11.2012

Macquarie SUNAINA DHANUKA neutral 3 D 2'500 12 month 08.11.2012

Standard Chartered JOO ENG TEO outperform 5 M 3'469 12 month 07.11.2012

Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 2'650 Not Provided 07.11.2012

Kim Eng Securities PANDU ANUGRAH buy 5 M 3'150 12 month 05.11.2012

Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'750 12 month 05.11.2012

Deutsche Bank JOVIN NG buy 5 M 2'800 12 month 01.11.2012

Credit Suisse AGUS SANDIANTO outperform 5 M 3'300 Not Provided 01.11.2012

DBS Vickers BEN SANTOSO hold 3 D 2'500 12 month 01.11.2012

CIMB ERWAN TEGUH TEH neutral 3 D 2'600 12 month 01.11.2012

OSK (Asia) Securities ALVIN TAI buy 5 M 3'392 12 month 01.11.2012

UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'900 Not Provided 01.11.2012

Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 3'170 12 month 01.11.2012

Indo Premier Securities WILLY GUNAWAN buy 5 M 2'800 12 month 01.11.2012

JPMorgan YING-JIAN CHAN underweight 1 M 1'700 6 month 31.10.2012

Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA buy 5 M 2'850 12 month 31.10.2012

Nomura MUZHAFAR MUKHTAR buy 5 M 3'300 Not Provided 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

PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 U 2'941 12 month 15.10.2012

BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 3'470 12 month 25.09.2012


Sucorinvest Central Gani TEAM COVERAGE buy 5 M 3'250 12 month 29.08.2012

PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 2'925 12 month 08.06.2012

Holdings By:

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT ee


22.11.2012

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

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

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

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

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


LTM as of: 09/yy

52-Week High (29.05.2012) 8.68

52-Week Low (16.10.2012) 4.20

Daily Volume

6.37





1'649.82 1 Yr Total Return 25.61%







PPC UN EQUITY YTD Change - Average Volume 30 Day 162'290

PPC UN EQUITY YTD % CHANGE - Average Volume 3 Month 172'476


30.09.2007 30.09.2008 30.09.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

7'498.6 8'518.8 7'088.1 6'881.6 7'535.7 7'517.7 7'761.0 7'848.2 8'053.5 1'919.4 1'950.0

0.47x 0.25x 0.05x 0.40x 0.36x 1.42x 1.48x 0.34x 0.31x 1.41x 1.38x

442.1 (271.8) 317.8 486.8 (138.5) (37.9) 361.1 365.8 396.5 29.6 48.0

7.95x - 1.13x 5.68x - 0.00x 6.73x 7.56x 6.97x 9.26x 6.89x

47.0 (998.6) (151.6) 87.1 (496.8) (369.6) 66.1 122.2 146.7 (29.1) (12.2)

33.72x - - 10.03x - 0.00x 18.04x 13.27x 11.84x 33.70x 11.38x

EBITDA -138.47 Long-Term Rating Date 16.08.2011

EBIT -347.53 Long-Term Rating B

Operating Margin -4.61% Long-Term Outlook NEG

Pretax Margin -6.46% Short-Term Rating Date -



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

Asset Turnover 2.62% (EBITDA-Capex)/Interest Exp. -2.46


Gross Margin -1.9% Total Debt/EBITDA 3.23

EBITDA Margin 4.7%


Net Income Margin -6.6% Total Debt/Capital 72.5%

Asset Turnover 2.62







Fiscal Year Ended

Pilgrim's Pride CorpPrice/Volume

Valuation Analysis

31'714.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

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!2 9

-!' 9

-!2 9

.!' 9

.!2 9

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

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22.11.2012


JBS USA HOLDINGS INC n/a Form 4 194'990'667 75.29 18'924'438 12.03.2012 Holding Company



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



CADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 1'622'971 0.63 (374'140) 30.06.2012 Investment Advisor



SEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 1'058'902 0.41 (16'710) 30.06.2012 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 851'608 0.33 92'248 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 798'796 0.31 (524'110) 30.06.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 795'682 0.31 (18'165) 30.06.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 730'440 0.28 730'440 30.09.2012 Investment Advisor


TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 589'674 0.23 104'865 30.09.2012 Investment Advisor

PILGRIM LONNIE KEN n/a PROXY 516'293 0.2 44'517 16.03.2012 n/a

CREDIT SUISSE AG CREDIT SUISSE AG 13F 467'365 0.18 (74'775) 30.06.2012 Investment Advisor

SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 444'544 0.17 (388'098) 30.06.2012 Hedge Fund Manager


B Riley & Company, Inc IAN CORYDON buy 5 M 8 Not Provided 12.11.2012




Stephens Inc FARHA ASLAM equalweight 3 M 6 12 month 29.10.2012

Imperial Capital LLC MARY ROSS-GILBERT in-line 3 D 5 12 month 10.08.2012


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

Holdings By:

Pilgrim's Pride Corp ee


22.11.2012

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

nitrogen to the agricultural and industrial industries worldwide. The Company

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


LTM as of: 09/yy

52-Week High (02.02.2012) 47.94

52-Week Low (16.11.2012) 37.02

Daily Volume

38.1





32'799.73 1 Yr Total Return -12.21%







POT CT EQUITY YTD Change - Average Volume 30 Day 1'364'715

POT CT EQUITY YTD % CHANGE - Average Volume 3 Month 1'688'263


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

5'234.2 9'446.5 3'976.7 6'539.0 8'715.0 8'663.0 8'150.0 7'826.7 8'676.4 1'817.3 2'001.7

8.89x 2.59x 8.98x 7.55x 4.55x 23.01x 20.28x 4.63x 4.04x 19.93x 18.24x

1'824.5 4'503.1 1'114.1 2'709.0 4'398.0 4'230.0 3'888.0 4'041.8 4'667.9 964.6 1'016.8

25.50x 5.44x 32.06x 18.21x 9.02x 9.80x 10.55x 9.02x 7.81x 8.30x 7.98x

1'103.6 3'495.2 980.7 1'775.0 3'081.0 2'906.0 2'341.0 2'490.7 2'994.8 568.5 631.5

43.48x 6.77x 36.97x 25.85x 11.80x 12.92x 14.83x 13.55x 11.31x 12.46x 11.55x


EBIT 3'909.00 Long-Term Rating A-









EBITDA Margin 47.7%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Potash Corp of Saskatchewan IncPrice/Volume

Valuation Analysis

363'781.00


'2

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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22.11.2012


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 36'742'122 4.27 (830'000) 30.06.2012 Investment Advisor



BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 21'548'354 2.5 (1'561'413) 30.09.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'753'574 2.29 (4'106'650) 30.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'426'091 2.26 (1'055'118) 30.06.2012 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'944'084 2.2 1'013'891 30.09.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 13'530'620 1.57 170'128 30.06.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 12'409'864 1.44 268'550 30.09.2012 Investment Advisor

CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11'893'628 1.38 417'984 30.06.2012 Investment Advisor

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 11'478'619 1.33 (398'698) 30.06.2012 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'016'000 1.28 (134'000) 28.09.2012 Investment Advisor

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'552'628 1.23 901'300 30.06.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 10'031'281 1.17 (2'579'858) 30.09.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'997'924 1.16 41'446 30.06.2012 Investment Advisor

NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'720'761 1.13 9'720'761 30.09.2012 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 9'593'592 1.11 1'748'250 30.09.2012 Investment Advisor

TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 8'574'293 1 1'077'919 30.06.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'341'159 0.97 (365'550) 30.06.2012 Investment Advisor


Susquehanna Financial Group DONALD D CARSON neutral 3 M 40 12 month 09.11.2012


Desjardins Securities JOHN F HUGHES buy 5 M 50 12 month 06.11.2012

CIBC World Markets JACOB BOUT sector perform 3 M 44 Not Provided 04.11.2012

Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012

Alta Corp Capital Inc. JOHN CHU outperform 5 M 48 12 month 02.11.2012


Dundee Securities Corp CAROLYN DENNIS neutral 3 M 42 12 month 01.11.2012

TD Securities PAUL D'AMICO buy 5 M 50 12 month 01.11.2012


National Bank Financial ROBERT B WINSLOW underperform 1 M 37 12 month 31.10.2012

Raymond James STEVEN P HANSEN outperform 5 M 50 12 month 26.10.2012

Macquarie DAVID PUPO outperform 5 M 52 12 month 26.10.2012

Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 26.10.2012

Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 61 12 month 26.10.2012

Barclays MATTHEW J KORN equalweight 3 M 45 Not Provided 26.10.2012

Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.10.2012



S&P Capital IQ LEO LARKIN buy 5 M 59 12 month 25.10.2012






Oracle Investment Research LAURENCE BALTER buy 5 N 55 Not Provided 13.09.2012

Fraser Mackenzie Limited PETER PRATTAS buy 5 U 46 12 month 23.08.2012

Deutsche Bank DAVID I BEGLEITER hold 3 M 46 12 month 31.05.2012

Cia de Professionales de Bolsa JAMIL HALLASSOU HOLGUIN buy 5 N 51 Not Provided 02.02.2012

Scotia Capital BEN ISAACSON sector outperform 5 U 65 12 month 23.08.2011

Holdings By:

Potash Corp of Saskatchewan Inc ee


22.11.2012

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company

produces and imports potash fertilizers, phosphate-based and nitrogen-based

fertilizers, and compound fertilizers. Sinofert operates in the Peoples

Republic of China.


LTM as of: 01/yy

52-Week High (09.02.2012) 2.52

52-Week Low (07.06.2012) 1.14

Daily Volume

1.64





11'520.11 1 Yr Total Return -31.05%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

28'381.7 45'392.9 27'010.7 29'271.1 36'685.0 - - 40'677.1 43'008.7 - -

1.67x 0.72x 1.30x 1.07x 0.44x - - 0.41x 0.35x - -

2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'396.6 1'604.9 - -

23.03x 17.13x - 46.94x 13.75x - - 10.57x 9.20x - -

641.1 1'912.6 (1'443.8) 535.7 678.0 - - 848.5 977.2 - -

63.71x 12.06x - 44.67x 18.30x - - 11.08x 9.62x - -











EBITDA Margin 3.4%



Asset Turnover 1.39







Fiscal Year Ended

Sinofert Holdings LtdPrice/Volume

Valuation Analysis

5'030'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

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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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



22.11.2012


SINOCHEM CORP n/a Co File 3'698'660'874 52.65 - 31.12.2011 Government

POTASH CORP OF SASKA n/a Co File 1'563'312'141 22.26 - 31.12.2011 Government


CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 95'674'000 1.36 - 30.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'588) 31.10.2011 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'102'949 0.46 (549'015) 30.09.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'890'387 0.16 (38'601'383) 30.09.2012 Investment Advisor


MACQUARIE GROUP LTD n/a ULT-AGG 8'172'000 0.12 590'000 30.06.2011 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'177'641 0.1 - 28.09.2012 Investment Advisor


APS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.07.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.07.2012 Mutual Fund Manager

AMERICAN INTERNATION n/a ULT-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 Government

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 3'010'000 0.04 28'000 09.11.2012 Investment Advisor

CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 3'000'000 0.04 2'400'000 31.10.2012 Mutual Fund Manager

STATE STREET CORP Multiple Portfolios MF-AGG 2'990'000 0.04 - 09.11.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 2'960'777 0.04 - 31.08.2012 Investment Advisor


Jefferies JACK LU underperform 1 D 2 12 month 09.11.2012

Essence Securities XU HAITAO buy 5 M 2 6 month 08.11.2012

Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 M 2 6 month 26.10.2012

Goldman Sachs CAROL JIN neutral/cautious 3 M 2 12 month 25.10.2012

BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 25.10.2012


Deutsche Bank DAVID HURD buy 5 N 2 12 month 06.09.2012

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 2 12 month 25.08.2012

China International Capital Corp BIN GUAN hold 3 M 2 12 month 24.08.2012

UOB Kay Hian WANG AOCHAO buy 5 M 2 Not Provided 24.08.2012

BOCOM International Holdings HE WEI long-term buy 5 M 2 Not Provided 24.08.2012

Masterlink Securities LI XIN hold 3 M 1 Not Provided 26.07.2012

Macquarie LAURA SHI outperform 5 U 2 12 month 25.07.2012

Barclays RITA WU overweight 5 N 2 Not Provided 17.07.2012

OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011

SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011

Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011

Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011

Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010

Holdings By:

Sinofert Holdings Ltd ee


22.11.2012

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 (06.12.2011) 25.10

52-Week Low (07.08.2012) 17.55

Daily Volume

21.57





3'224.27 1 Yr Total Return -5.44%







SFD UN EQUITY YTD Change - Average Volume 30 Day 292'600

SFD UN EQUITY YTD % CHANGE - Average Volume 3 Month 434'826


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 0.37x 0.33x 1.51x 1.44x

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 6.22x 5.59x 6.06x 5.74x

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 11.67x 9.48x 11.20x 10.02x











EBITDA Margin 7.1%



Asset Turnover 1.78







Fiscal Year Ended

Smithfield Foods IncPrice/Volume

Valuation Analysis

60'548.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

!2 9

-!' 9

-!2 9

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.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

.!''

1!''

3!''

5!''

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-1!''

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22.11.2012


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



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


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




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



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


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'229'637 0.82 (355'070) 30.06.2012 Investment Advisor


Stephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012




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




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


22.11.2012

Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers

including potassium nitrate, sodium nitrate, and potassium sulfate for the

agricultural industry. The Company also produces industrial chemicals, iodine

and lithium. SQM markets its products in over 100 countries.


LTM as of: 06/yy

52-Week High (17.09.2012) 65.31

52-Week Low (15.12.2011) 50.29

Daily Volume

57.18





15'364.13 1 Yr Total Return 4.27%





Enterprise Value -


SQM UN EQUITY YTD Change - Average Volume 30 Day 107'910

SQM UN EQUITY YTD % CHANGE - Average Volume 3 Month 149'287


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 12/12 Q4 03/13 Q1

1'187.5 1'774.1 1'438.7 1'830.4 2'145.3 1'996.8 2'326.5 2'493.9 2'710.3 661.0 618.5

5.07x 3.75x 7.90x 8.46x 6.99x 31.11x 25.92x 6.47x 5.90x 24.66x -

358.0 743.4 573.2 654.5 949.4 752.8 1'095.0 1'160.9 1'245.2 337.0 324.0

16.81x 8.95x 19.82x 23.66x 15.80x 23.71x 14.14x - - - -

180.0 501.4 338.3 382.1 545.8 444.2 644.4 680.0 740.1 186.3 177.0

- - - - - 0.00x 0.00x 22.01x 20.60x 20.77x 20.95x











EBITDA Margin 47.1%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sociedad Quimica y Minera de Chile SAPrice/Volume

Valuation Analysis

137'426.00


'

-'

.'

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1'

2'

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!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



22.11.2012



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'836'225 3.19 172'266 30.06.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'948'013 2.45 313'909 30.06.2012 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'109'000 1.75 53'500 30.09.2012 Investment Advisor

VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'825'071 1.52 1'825'071 30.09.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'749'609 1.45 174'801 30.09.2012 Investment Advisor


SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'310'106 1.09 27'817 30.09.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'248'457 1.04 28'334 28.09.2012 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'029'869 0.86 101'721 30.09.2012 Investment Advisor

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 974'747 0.81 (274'911) 30.09.2012 Corporation

FEDERATED INVESTORS FEDERATED INVESTORS 13F 857'438 0.71 (144'966) 30.06.2012 Investment Advisor

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 706'000 0.59 - 30.06.2012 Investment Advisor

STATE STREET CORP STATE STREET CORPORA 13F 675'394 0.56 18'910 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 566'397 0.47 44'208 31.10.2011 Investment Advisor

SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 553'713 0.46 25'579 30.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 525'662 0.44 (69'648) 30.06.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 517'820 0.43 (1'600) 30.09.2012 Investment Advisor

CREDIT SUISSE AG CREDIT SUISSE AG 13F 362'468 0.3 (68'264) 30.06.2012 Investment Advisor


Itau BBA Securities GIOVANA ARAUJO outperform 5 M 71 Not Provided 22.10.2012


Morgan Stanley JAVIER MARTINEZ Underwt/No Rating 1 M 50 12 month 02.10.2012



Credit Suisse VICCENZO PATERNOSTRO outperform 5 M 75 Not Provided 24.09.2012

Grupo Santander RODRIGO ORDONEZ hold 3 M 63 Not Provided 09.07.2012

Celfin Capital CESAR PEREZ-NOVOA buy 5 M #N/A N/A Not Provided 30.05.2012

BBVA HERNAN GUERRERO HINOJOSA underperform 1 D 61 Not Provided 02.02.2012

Euroamerica Corredores de Bolsa ANDRES GALARCE hold 3 N 59 12 month 12.01.2012

JPMorgan LUCAS FERREIRA overweight 5 M 64 Not Provided 07.10.2011

Deutsche Bank ALESSANDRO BALDONI hold 3 D 66 12 month 02.09.2011

Larrain Vial Corredores de Bolsa JUAN JOSE PONCE buy 5 M 61 Not Provided 18.03.2011

BICE Corredores de Bolsa CYNDI MOSQUERA buy 5 M 64 18 month 18.03.2011

BCI Corredora de Bolsa RODRIGO MUJICA neutral 3 M 63 18 month 08.03.2011

IM Trust JORGE MERINO hold 3 M 43 12 month 15.01.2010

Banchile Inversiones FELIPE MERCADO buy 5 M 48 12 month 03.12.2009

Holdings By:

Sociedad Quimica y Minera de Chile SA ee


22.11.2012

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

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

and flowers.


LTM as of: 09/yy

52-Week High (01.11.2012) 368.20

52-Week Low (24.11.2011) 251.00

Daily Volume

360.5





33'571.98 1 Yr Total Return 44.86%







SYNN VX EQUITY YTD Change - Average Volume 30 Day 192'437

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 196'247


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

9'240.0 11'624.0 10'992.0 11'641.0 13'268.0 0.0 7'002.0 14'242.8 15'189.9 2'755.6 3'160.5

2.79x 1.68x 2.56x 2.45x 2.11x #DIV/0! 0.00x 2.61x 2.40x - -

1'933.0 2'495.0 2'368.0 2'460.0 2'889.0 0.0 0.0 3'182.0 3'535.7 - 1'048.0

13.34x 7.84x 11.86x 11.60x 9.69x 0.00x 0.00x 11.88x 10.69x - -

1'109.0 1'385.0 1'371.0 1'397.0 1'599.0 0.0 0.0 2'034.9 2'280.1 - 518.0

22.14x 12.86x 19.06x 19.37x 16.84x 0.00x 0.00x 17.49x 15.50x - -


EBIT 2'282.00 Long-Term Rating A









EBITDA Margin 21.1%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

119'284.00


'

2'

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-2'

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02'

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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22.11.2012



CAPITAL WORLD INVEST n/a 13G 4'755'300 5.11 - 30.12.2011 Investment Advisor

BANK OF NEW YORK n/a EXCH 3'641'218 3.91 646'990 01.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'245'150 2.41 (30'000) 30.09.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 (8'900) 30.06.2012 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'565'671 1.68 153'056 31.10.2012 Mutual Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 905'328 0.97 65'532 09.11.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 903'324 0.97 11'362 31.07.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 786'530 0.84 - 31.07.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 632'056 0.68 54'754 30.09.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 613'090 0.66 - 31.07.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 599'236 0.64 (3'081) 30.04.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 490'417 0.53 175 31.08.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 370'977 0.4 2'798 12.11.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 358'768 0.39 (3'907) 28.09.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 278'275 0.3 (5'148) 31.08.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 243'297 0.26 6'912 30.06.2012 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 290 12 month 09.11.2012

Barclays GUNTHER ZECHMANN equalweight 3 M 381 Not Provided 09.11.2012

AlphaValue FABRICE FARIGOULE add 4 M 421 6 month 08.11.2012

Nomura JEAN DE WATTEVILLE neutral 3 M 400 12 month 02.11.2012

Societe Generale PATRICK LAMBERT buy 5 M 450 12 month 25.10.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 420 12 month 24.10.2012

Credit Suisse CHRIS COUNIHAN restricted #N/A N/A M #N/A N/A Not Provided 24.10.2012

CA Cheuvreux MARTIN ROEDIGER select list 5 M 390 Not Provided 24.10.2012

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 355 Not Provided 24.10.2012

Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 400 Not Provided 24.10.2012

Morgan Stanley AMY WALKER Underwt/In-Line 1 M 304 12 month 23.10.2012

Jefferies LUCY WATSON hold 3 M 365 12 month 23.10.2012

HSBC GEOFF HAIRE overweight 5 M 400 Not Provided 23.10.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.10.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012

Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 19.10.2012

Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 435 12 month 17.10.2012

Exane BNP Paribas JAMES KNIGHT neutral 3 M 328 Not Provided 11.10.2012

Day by Day VALERIE GASTALDY buy 5 M 410 3 month 03.10.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012

JPMorgan NEIL C TYLER underweight 1 M 310 12 month 06.09.2012

DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 31.08.2012


Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 D 350 12 month 31.07.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012

Macquarie JUERGEN RECK outperform 5 M 330 12 month 26.04.2012

Equita SIM SpA MASSIMO BONISOLI buy 5 M 340 12 month 21.02.2012

Dolmen Stockbrokers IAN G HUNTER buy 5 M 340 Not Provided 14.10.2011

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 21.01.2011

National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009

Holdings By:

Syngenta AG ee


22.11.2012

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

which produces and markets ingredients and solutions for the food, beverage,

industrials and agriculture industries around the world. The Company's range

of products includes nutritive sweeteners, industrial starches, ethanol,

acidulants and animal feed.


LTM as of: 01/yy

52-Week High (20.11.2012) 773.50

52-Week Low (10.09.2012) 627.50

Daily Volume

766





3'570.87 1 Yr Total Return 16.69%







TATE LN EQUITY YTD Change - Average Volume 30 Day 1'403'796

TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'415'518


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

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

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

339.0 296.0 373.0 418.0 440.0 - - 465.8 488.9 - -

10.44x 8.24x 7.83x 7.62x 8.70x - - 8.61x 8.21x - -

194.0 65.0 15.0 163.0 305.0 - - 269.1 290.0 - -

22.69x 13.36x - 13.56x 10.70x - - 13.53x 12.60x - -











EBITDA Margin 12.0%



Asset Turnover 1.13







Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis

684'917.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-''

.''

0''

1''

2''

3''

4''

5''

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



22.11.2012



AEGON n/a ULT-AGG 35'187'693 7.55 (2'075'970) 01.09.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios REG 24'317'861 5.22 292'950 01.09.2012 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 23'537'971 5.05 9'638 31.10.2012 Investment Advisor

INVESCO LTD n/a RNS-MAJ 23'111'061 4.96 (21'930'011) 02.10.2012 Investment Advisor

TIAA CREF INVESTMENT n/a RNS-MAJ 18'849'408 4.04 3'552'033 05.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'765'408 4.03 13'544 30.09.2012 Investment Advisor

KAMES CAPITAL PLC n/a Co File 18'569'241 3.98 - 30.05.2012 Investment Advisor

LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 30.05.2012 Bank

BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 30.05.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 17'273'969 3.71 3'432'832 01.09.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 16'781'425 3.6 (5'561'495) 28.09.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 16'063'135 3.45 (2'101'826) 01.09.2012 Unclassified

HARBINGER HOLDINGS L n/a BUS 13'311'182 2.86 (4'933'557) 27.08.2010 Hedge Fund Manager

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 12'506'997 2.68 2'320'825 29.06.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 9'344'841 2 569'263 01.09.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 8'765'151 1.88 212'790 01.09.2012 Government

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 8'591'308 1.84 8'045'076 01.09.2012 Unclassified

AVIVA INVESTORS Multiple Portfolios REG 8'464'958 1.82 (779'394) 01.09.2012 Investment Advisor

VAN ECK GLOBAL Multiple Portfolios REG 8'083'533 1.73 21'309 01.09.2012 Unclassified


Societe Generale WARREN L ACKERMAN buy 5 M 815 12 month 12.11.2012

Canaccord Genuity Corp ALICIA FORRY buy 5 M 780 Not Provided 12.11.2012

Jefferies DIRK VAN VLAANDEREN buy 5 M 830 12 month 09.11.2012

Exane BNP Paribas JEFF STENT outperform 5 M 800 Not Provided 09.11.2012

Investec MARTIN DEBOO hold 3 M 700 12 month 08.11.2012

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 08.11.2012

Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 08.11.2012

Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 08.11.2012

Credit Suisse CHARLES MILLS outperform 5 M 750 Not Provided 02.11.2012

Mirabaud Securities JULIAN LAKIN hold 3 D 757 12 month 26.10.2012

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 10.10.2012


Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 667 12 month 29.08.2012

JPMorgan ANKUR GUPTA underweight 1 M 615 12 month 05.07.2012

Deutsche Bank HAROLD THOMPSON buy 5 M 900 12 month 14.05.2012

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

Holdings By:

Tate & Lyle PLC ee


22.11.2012

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

18.89





6'838.85 1 Yr Total Return -2.08%







TSN UN EQUITY YTD Change - Average Volume 30 Day 1'110'511

TSN UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'151'624


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 07/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2

26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 31'303.0 33'309.0 34'556.2 35'545.4 8'589.6 8'540.1

0.28x 0.27x 0.27x 0.25x 0.21x 1.08x 1.02x 0.23x 0.21x 1.01x 1.00x

860.0 875.0 2'082.0 1'791.0 1'747.0 2'042.0 1'579.0 1'677.2 1'845.6 395.8 360.1

8.64x 8.23x 3.74x 4.42x 4.09x 4.32x 5.37x 4.91x 4.46x 5.13x 5.08x

86.0 (547.0) 780.0 750.0 583.0 866.0 495.0 661.1 767.8 151.5 145.7

37.32x 308.00x 7.42x 9.19x 8.43x 8.68x 11.84x 10.23x 8.79x 10.27x 9.95x











EBITDA Margin 5.2%



Asset Turnover 2.90







Fiscal Year Ended

Tyson Foods IncPrice/Volume

Valuation Analysis

266'487.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

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!''

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



22.11.2012




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


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


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



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





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


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


22.11.2012

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

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

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

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

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


LTM as of: 09/yy

52-Week High (21.09.2012) 44.41

52-Week Low (13.12.2011) 31.63

Daily Volume

36.81





21'614.95 1 Yr Total Return -0.24%





Enterprise Value -


URKA LI EQUITY YTD Change - Average Volume 30 Day 1'820'892

URKA LI EQUITY YTD % CHANGE - Average Volume 3 Month 1'974'373


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 12/11 Q4 03/12 Q1

1'154.3 2'533.6 1'069.1 1'699.4 3'495.9 527.9 677.9 4'093.3 4'875.1 - 790.0

13.40x 1.77x 8.13x 8.91x 7.09x 0.00x 0.00x 5.83x 4.73x - -

473.4 1'668.2 517.9 800.4 2'068.2 0.0 0.0 2'532.6 3'105.3 - 475.0

32.69x 2.69x 16.78x 18.91x 11.98x 0.00x 0.00x - - - -

314.7 885.0 287.4 548.4 1'184.0 185.7 207.8 1'635.6 2'127.7 - 510.0

- - - - - 0.00x 0.00x 14.22x 10.96x - -











EBITDA Margin 62.9%



Asset Turnover 0.33





Accounts Receivable Turnover - Cash Conversion Cycle 73.09



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Uralkali OJSCPrice/Volume

Valuation Analysis

1'262'364.00


'2

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

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



22.11.2012



FRANKLIN RESOURCES n/a ULT-AGG 4'299'964 0.73 634'400 30.09.2012 Investment Advisor


LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'313'817 0.56 (671'400) 30.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'071'334 0.35 (36'321) 30.09.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'681'029 0.29 (308'490) 30.06.2012 Investment Advisor



DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'052'001 0.18 (352'999) 30.11.2011 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 891'639 0.15 9'777 31.08.2012 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 863'900 0.15 (423'000) 28.09.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 798'749 0.14 3'046 28.09.2012 Investment Advisor

UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 571'074 0.1 98'127 31.07.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 548'397 0.09 - 31.08.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 496'700 0.08 (1'500) 28.09.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 450'000 0.08 (50'000) 28.09.2012 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 435'520 0.07 39'469 31.10.2012 Investment Advisor

SEB n/a ULT-AGG 425'626 0.07 (31'698) 28.09.2012 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 362'300 0.06 - 30.03.2012 Investment Advisor


Uralsib ARTEM EGORENKOV hold 3 M 41 Not Provided 12.11.2012

Otkritie Capital DENIS GABRIELIK hold 3 M 41 Not Provided 12.11.2012

Alfa-Bank MARIA BOVYKINA equalweight 3 M 44 Not Provided 29.10.2012

JPMorgan YURIY A VLASOV neutral 3 M 37 Not Provided 25.10.2012

VTB Capital ELENA SAKHNOVA hold 3 M 44 12 month 23.10.2012

Gazprombank ALEKSEI ASTAPOV neutral 3 M 42 12 month 22.10.2012

Credit Suisse SEMYON MIRONOV neutral 3 M 37 Not Provided 12.10.2012

Goldman Sachs DZHUNI ASTOR neutral/attractive 3 M 49 12 month 11.10.2012

IFC Metropol SERGEY FILCHENKOV buy 5 M 47 12 month 12.09.2012

HSBC YONAH WEISZ overweight 5 M 52 Not Provided 06.09.2012

Sberbank CIB MIKHAIL STISKIN hold 3 M 43 Not Provided 06.08.2012

Renaissance Capital ANNA KUPRIYANOVA buy 5 M 45 12 month 21.05.2012

Deutsche Bank BOB KOMMERS hold 3 M 41 12 month 24.04.2012

Aton LLC MIKHAIL PAK hold 3 M 49 12 month 20.01.2012

RMG Securities DARIA KOZLOVA Under Review #N/A N/A M #N/A N/A Not Provided 09.03.2011

Holdings By:

Uralkali OJSC ee


22.11.2012

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.


LTM as of: 09/yy

52-Week High (15.02.2012) 6.05

52-Week Low (13.09.2012) 2.99

Daily Volume

3.13





20'019.60 1 Yr Total Return -37.85%







WIL SP EQUITY YTD Change - Average Volume 30 Day 12'710'330

WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'159'630


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 46'612.3 53'160.0 12'211.3 11'852.5

1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.66x 0.60x - -

833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'910.6 2'173.5 2'215.8 2'563.1 659.0 555.0

33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 13.99x 12.10x 12.42x 12.08x

580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'419.4 1'278.8 1'100.6 1'345.3 378.0 245.0

29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 14.94x 12.16x 12.11x 12.22x











EBITDA Margin 4.8%



Asset Turnover 1.12







Fiscal Year Ended

Wilmar International LtdPrice/Volume

Valuation Analysis

7'640'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

6'!''

-''!''

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



22.11.2012


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


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


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


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


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


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




Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012


Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012

IIFL ZUO LI sell 1 M 4 12 month 23.02.2012



Holdings By:

Wilmar International Ltd ee


22.11.2012

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

fertilizers and related industrial products. The Company also distributes and

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

complex and specialty mineral fertilizer products.


LTM as of: 09/yy

52-Week High (17.09.2012) 305.50

52-Week Low (16.12.2011) 215.50

Daily Volume

270.4





77'782.23 1 Yr Total Return 22.57%







YAR NO EQUITY YTD Change - Average Volume 30 Day 1'070'938

YAR NO EQUITY YTD % CHANGE - Average Volume 3 Month 966'185


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

56'631.0 87'926.0 60'867.0 64'006.0 77'726.0 75'476.0 82'772.0 84'277.4 83'574.1 20'613.9 21'246.3

1.46x 0.77x 1.52x 1.67x 0.95x 4.80x 3.89x 0.93x 0.87x 4.02x 3.71x

6'475.0 14'376.0 3'698.0 9'907.0 15'917.0 14'031.0 16'127.0 16'416.8 14'965.9 3'786.5 4'346.0

12.73x 4.73x 25.03x 10.80x 4.66x 5.01x 5.30x 5.04x 5.52x 5.17x 5.27x

6'037.0 8'228.0 3'782.0 8'729.0 12'066.0 10'244.0 11'822.0 10'510.1 9'413.5 2'405.7 2'963.0

12.21x 5.26x 20.16x 11.16x 5.72x 6.40x 6.91x 7.34x 8.00x 7.60x 7.80x











EBITDA Margin 19.5%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yara International ASAPrice/Volume

Valuation Analysis

648'903.00


'

2'

-''

-2'

.''

.2'

0''

02'

j -- M -- f -. b -. i -. A -. i -. f -. f -. A -. n -. l -.!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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22.11.2012


NORWEGIAN GOVT MINIS n/a EXCH 102'915'622 35.78 - 05.11.2012 Government

STATE STREET BANK AN n/a EXCH 22'996'764 7.99 - 05.11.2012 Bank

GOVERNMENT PENSION F n/a EXCH 18'578'626 6.46 - 05.11.2012 Government

CLEARSTREAM BANKING n/a EXCH 10'642'112 3.7 - 05.11.2012 Bank

JP MORGAN CHASE BANK n/a EXCH 8'743'820 3.04 - 05.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 5'042'842 1.75 84 30.09.2012 Investment Advisor


DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'855'107 1.34 (1'570) 28.09.2012 Mutual Fund Manager

YARA INTERNATIONAL A n/a EXCH 3'642'587 1.27 - 05.11.2012 n/a

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'580'552 1.24 32'666 28.09.2012 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 3'003'390 1.04 - 05.11.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'428'226 0.84 825'403 30.06.2012 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 2'163'698 0.75 (124'846) 31.10.2012 Investment Advisor


DWPBANK AG n/a EXCH 1'629'306 0.57 - 05.11.2012 n/a

NORTHERN TRUST CO n/a EXCH 1'445'240 0.5 - 05.11.2012 Investment Advisor


LEGAL & GENERAL ASSU n/a EXCH 1'364'525 0.47 - 05.11.2012 Investment Advisor


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'250'000 0.43 500'000 30.06.2012 Pension Fund (ERISA)



SpareBank 1 Markets AS HENRIK SCHULTZ buy 5 U 290 12 month 12.11.2012

SEB Enskilda TRULS KOLSRUD ENGENE hold 3 D 280 Not Provided 09.11.2012

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 270 Not Provided 09.11.2012

ABG Sundal Collier MARTIN MELBYE buy 5 M 320 6 month 08.11.2012

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 335 12 month 07.11.2012

Nomura JEAN DE WATTEVILLE buy 5 M 360 12 month 02.11.2012

AlphaValue VERONIQUE COLAS buy 5 M 352 6 month 01.11.2012

Pareto Securities EIRIK VEGEM DAHLE buy 5 M 400 6 month 31.10.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 300 12 month 29.10.2012

Handelsbanken ANNE GJOEN buy 5 M 365 Not Provided 29.10.2012

Societe Generale PATRICK LAMBERT buy 5 M 370 12 month 23.10.2012

Credit Suisse LARS KJELLBERG neutral 3 M 305 Not Provided 22.10.2012

JPMorgan NEIL C TYLER overweight 5 M 360 12 month 22.10.2012


Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 335 12 month 22.10.2012

DNB Markets KNUT-IVAR BAKKEN buy 5 M 320 Not Provided 22.10.2012

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 322 12 month 19.10.2012

Macquarie CHRISTIAN FAITZ outperform 5 M 400 12 month 19.10.2012

Carnegie BENGT JONASSEN sell 1 M #N/A N/A Not Provided 19.10.2012

Arctic Securities ASA THOMAS LORCK hold 3 D 290 Not Provided 19.10.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 350 Not Provided 19.10.2012

Euro Pacific Capital Inc DAVID KRATOCHVIL buy 5 M 340 12 month 19.10.2012

Swedbank First Securities HANS-ERIK JACOBSEN buy 5 M 330 Not Provided 19.10.2012

Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 340 12 month 17.10.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 15.10.2012

Terra Markets AS TOMAS SKEIVYS buy 5 M 320 12 month 10.10.2012

HSBC YONAH WEISZ overweight 5 M 360 Not Provided 27.09.2012

Main First Bank AG THOMAS SWOBODA neutral 3 M 320 12 month 26.09.2012


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

Holdings By:

Yara International ASA ee


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