Page 1

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations NDX Index - Nasdaq 100 Index April 2013

Q M S Advisors .

.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14281184

1923.576

1116

1116

204

220

220

101.41

110.54

110.54

15.38

15.38

14.11

14.11

18.80

Euro Stoxx 50 Pr

EUR

2553062

5424.032

4630

4630

739

775

775

229.96

307.93

307.93

19.02

16.41

14.21

14.21

19.70

NIKKEI 225

JPY

2554354

186.4402

188

188

19

20

20

5.28

5.50

5.50

0.27

0.27

0.25

0.25

0.12

FTSE 100 INDEX

GBP

2682474

11610.68

9614

9614

1447

1650

1650

531.79

820.72

820.72

27.64

-

17.91

17.91

22.24

SWISS MARKET INDEX

CHF

1031660

10946.31

4119

4119

844

836

836

408.77

551.74

551.74

21.20

18.86

15.71

15.71

21.93

S&P/TSX COMPOSITE INDEX

CAD

1675907

17151.75

7923

7923

1852

2088

2088

796.17

890.32

890.32

15.37

15.37

13.74

13.74

24.29

S&P/ASX 200 INDEX

AUD

1408237

6730.544

2878

2878

607

705

705

252.53

342.62

342.62

21.54

17.43

15.87

15.87

22.39

HANG SENG INDEX

HKD

1692248

3310.555

1659

1659

376

407

407

268.25

266.15

266.15

1.38

1.51

1.39

1.39

3.12

MSCI EM

USD

7658673

1544.178

1079

1079

201

220

220

86.99

95.05

95.05

11.75

13.38

10.76

10.76

20.03

ACTIVISION BLIZZARD INC

USD

16104

1000

1112

0

0

0

4

11.73

4856

4856

4277

4682

1779

1779

189

189

1.01

1.00

0.85

1.03

14.46

14.46

17.03

14.04

51.86

36.64

NR

11.07.2008

-

-

ADOBE SYSTEMS INC

USD

21436

552

494

2

0

0

4

19.31

4404

4366

4118

4539

1477

1296

288

288

1.64

1.41

1.42

1.79

30.31

30.31

30.10

23.84

4.45

3.06

0.67

4.71

29.68

BBB+

25.01.2010

Baa1

25.01.2010

AKAMAI TECHNOLOGIES INC

USD

6240

623

178

0

0

0

1

5.14

1374

1374

1510

1715

519

519

151

151

1.15

1.15

1.96

2.21

30.50

30.50

17.91

15.85

18.59

15.60

12.01

19.00

37.78

NR

12.11.2002

-

-

ALEXION PHARMACEUTICALS INC

USD

17832

346

195

0

0

0

1

16.99

1134

1134

1509

1894

424

424

135

135

1.38

1.33

2.89

3.33

68.68

68.68

31.57

27.43

44.76

59.85

61.86

-

37.38

-

-

-

-

ALTERA CORP

USD

11236

529

320

1

0

0

3

8.72

1783

1783

1823

2075

628

628

120

120

1.72

1.71

1.54

1.87

20.55

20.55

22.86

18.83

-13.63

8.79

-28.72

14.97

35.23

A-

04.11.2011

A2

01.05.2012

AMAZON.COM INC

USD

118040

266

454

6

0

0

11

112.10

61093

61093

75720

92943

2835

2834

958

958

0.05

0.36

3.36

5.69

721.39

721.39

77.30

45.64

27.07

30.56

45.76

25.77

4.64

AA-

26.11.2012

Baa1

26.11.2012

AMGEN INC

USD

73226

417

756

27

0

0

24

75.71

17265

17265

18045

18399

6665

6665

1782

1782

6.00

5.96

7.19

8.23

16.43

16.43

13.61

11.90

10.80

3.45

24.07

2.92

38.60

A+

07.09.2007

Baa1

07.11.2011

ANALOG DEVICES INC

USD

13999

647

298

1

0

0

4

10.77

2701

2675

2697

2988

942

923

225

225

2.13

2.11

2.18

2.70

21.68

21.68

21.03

16.94

-9.76

1.99

-20.98

4.28

34.52

A-

29.09.2010

A3

25.06.2009

APPLE INC

USD

434671

1105

939

0

0

0

121

297.56

156508

164687

181211

204263

58518

59255

13978

13978

44.15

44.10

44.13

49.77

10.48

10.48

10.48

9.29

44.58

41.47

64.36

65.35

35.98

NR

16.04.2004

WR

31.03.2004

APPLIED MATERIALS INC

USD

16093

2523

1197

2

0

0

2

16.29

8719

8103

7822

9351

1422

1285

317

317

0.75

0.62

0.61

1.07

21.63

21.63

22.13

12.50

-17.10

0.23

-45.03

-11.81

15.86

A-

21.12.1999

A3

20.08.1997

AUTODESK INC

USD

9123

417

224

1

0

0

2

7.50

2312

2312

2447

2649

478

478

161

161

1.09

1.14

2.12

2.46

35.61

35.61

19.17

16.52

4.36

1.06

1.66

-1.18

20.66

BBB

05.12.2012

Baa2

10.12.2012

AUTOMATIC DATA PROCESSING

USD

31429

725

484

0

0

0

2

29.94

10665

10945

11314

12148

2342

2375

779

779

2.74

2.79

2.91

3.17

23.23

23.23

22.28

20.42

7.95

5.09

6.64

4.99

21.70

AAA

29.10.1998

-

-

AVAGO TECHNOLOGIES LTD

USD

8805

232

245

0

0

0

1

7.66

2K

2K

2K

3K

744

740

173

173

2.27

2.29

2.62

2.98

15.62

15.62

13.64

11.99

1.20

8.15

-0.13

39.47

31.13

-

-

-

-

BAIDU INC - SPON ADR

USD

30095

478

350

12

0

1

32

167.63

22306

22306

30384

39327

12133

12133

2805

2805

29.83

29.82

33.59

41.93

17.94

17.94

15.92

12.75

53.83

63.25

43.39

75.53

54.39

-

-

A3

06.11.2012

BED BATH & BEYOND INC

USD

14622

459

236

0

0

0

2

13.84

9500

10245

10909

11614

1752

1782

655

655

4.06

4.38

4.58

5.06

14.76

14.76

14.13

12.78

8.46

8.66

19.02

11.38

17.40

BBB+

30.06.2011

-

-

BIOGEN IDEC INC

USD

41849

438

237

1

0

0

4

39.25

5516

5516

6412

7509

2204

2204

532

532

5.73

5.73

7.79

9.63

30.91

30.91

22.74

18.39

9.27

9.86

3.06

11.87

39.96

BBB+

04.12.2008

Baa2

19.03.2012

BMC SOFTWARE INC

USD

6541

371

162

1

0

0

2

6.69

2172

2198

2224

2320

769

702

222

222

2.36

2.16

3.42

3.84

21.19

21.19

13.39

11.92

5.17

4.81

6.32

13.24

31.93

BBB+

22.07.2010

Baa2

23.07.2010

BROADCOM CORP-CL A

USD

19605

1097

569

2

0

0

4

17.58

8006

8006

8443

9303

1297

1297

284

284

1.45

1.44

2.76

3.04

23.93

23.93

12.48

11.33

8.35

16.32

2.94

48.35

16.20

A-

11.08.2011

A2

27.10.2010

CA INC

USD

11389

636

466

1

0

0

3

10.14

4814

4680

4637

4677

1805

1836

403

403

1.90

1.99

2.42

2.54

12.55

12.55

10.34

9.84

8.69

1.88

11.15

14.58

39.23

BBB+

11.04.2011

Baa2

13.08.2010

CATAMARAN CORP

USD

10848

347

205

1

0

0

0

11.65

9940

9940

14511

16281

367

367

146

146

0.87

0.87

1.87

2.36

60.69

60.69

28.25

22.42

99.78

303.30

120.71

82.08

3.70

BB

22.05.2012

-

-

CELGENE CORP

USD

47109

682

420

3

0

0

4

46.29

5507

5507

6112

7016

2199

2199

724

724

4.01

3.90

5.68

6.85

28.85

28.85

19.80

16.42

13.73

29.21

32.20

36.40

39.93

BBB+

04.10.2010

Baa2

04.10.2010

CERNER CORP

USD

16057

211

172

0

0

0

1

15.22

2665

2665

3005

3383

794

794

219

219

2.26

2.26

2.80

3.29

41.26

41.26

33.30

28.32

20.98

12.78

18.13

17.35

29.80

-

-

-

-

C.H. ROBINSON WORLDWIDE INC

USD

9396

371

161

0

0

0

0

9.51

11359

11359

12978

14119

713

713

192

192

2.76

2.74

3.07

3.48

21.54

21.54

19.22

16.94

9.89

8.96

-1.63

5.84

6.28

-

-

-

-

CHECK POINT SOFTWARE TECH

USD

9574

814

199

0

0

0

3

6.28

1343

1343

1423

1517

761

761

192

192

2.94

2.96

3.43

3.76

15.71

15.71

13.57

12.38

7.68

12.54

9.76

17.15

56.71

-

-

-

-

CISCO SYSTEMS INC

USD

110638

2102

5298

16

0

0

49

80.56

46061

47252

48708

51403

12971

13372

3802

3802

1.55

1.62

2.00

2.11

12.79

12.79

10.39

9.83

6.58

4.44

18.36

5.10

28.30

A+

10.02.2006

A1

10.02.2006

CITRIX SYSTEMS INC

USD

13233

823

186

0

0

0

1

12.30

2586

2586

2971

3355

606

606

188

188

1.86

1.75

3.14

3.60

40.57

40.57

22.59

19.72

17.21

13.28

5.10

15.29

23.42

NR

04.02.2005

-

-

COGNIZANT TECH SOLUTIONS-A

USD

22519

368

302

0

0

0

3

19.66

7346

7346

8620

10011

1518

1518

405

405

3.44

3.44

4.30

4.98

21.69

21.69

17.35

15.00

20.02

26.92

20.42

28.37

20.66

-

-

-

-

COMCAST CORP-CLASS A

USD

108404

1457

2639

40

0

17

12

153.89

62570

62570

64235

68029

19977

19977

5022

5022

1.92

1.93

2.39

2.74

21.49

21.49

17.34

15.16

12.05

16.15

8.82

11.13

31.93

A-

14.02.2013

A3

13.02.2013

COSTCO WHOLESALE CORP

USD

46133

164

432

1

#VALUE!

0

5

45.52

99137

103128

106075

115242

3667

3874

930

930

3.89

4.32

4.55

5.03

24.46

24.46

23.22

21.01

11.50

8.06

11.02

10.87

3.76

DELL INC

USD

25335

3115

1738

9

0

0

13

21.66

56940

56940

55902

56163

4156

4156

974

974

1.48

1.49

1.57

1.72

9.73

9.73

9.25

8.44

-8.27

-1.66

-22.56

0.13

7.30

DENTSPLY INTERNATIONAL INC

USD

5985

161

142

2

0

0

0

7.47

2928

2928

3051

3187

537

537

153

153

1.98

1.95

2.42

2.69

21.49

21.49

17.29

15.59

15.40

7.52

27.33

5.25

DIRECTV

USD

32576

1649

587

18

0

0

2

49.04

29740

29740

31930

34148

7447

7447

1891

1891

4.52

4.54

4.90

5.77

12.52

12.52

11.61

9.86

9.23

10.57

7.32

DISCOVERY COMMUNICATIONS-A

USD

28342

344

304

5

0

0

1

32.39

4487

4521

5545

6087

1978

1975

522

522

2.52

2.51

3.40

4.21

31.69

31.69

23.43

18.88

7.65

-

DOLLAR TREE INC

USD

10985

892

225

0

0

0

0

10.86

7395

7395

7935

8637

1095

1095

254

254

2.68

2.53

2.78

3.21

19.11

19.11

17.39

15.09

11.52

EBAY INC

USD

67133

1333

1294

5

0

0

9

62.24

14072

14071

16351

18761

4088

4090

1237

1237

1.95

1.94

2.76

3.23

26.67

26.67

18.78

16.03

EQUINIX INC

USD

10342

119

49

3

0

0

0

13.02

1896

1914

2216

2544

818

819

236

236

2.99

2.99

3.76

5.26

70.88

70.88

56.38

EXPEDIA INC

USD

8406

690

135

1

0

0

2

7.83

4030

4030

4678

5253

809

809

103

103

2.70

2.71

3.46

4.13

22.91

22.91

17.94

EXPEDITORS INTL WASH INC

USD

7393

828

206

0

0

0

1

6.14

5981

5981

6380

6951

571

571

143

143

1.57

1.57

1.80

2.05

22.80

22.80

EXPRESS SCRIPTS HOLDING CO

USD

47825

910

818

16

0

0

3

60.96

93858

94235

100902

102195

4657

4672

1544

1544

2.46

2.43

4.27

4.91

24.05

F5 NETWORKS INC

USD

6882

192

79

0

0

0

1

6.36

1377

1420

1562

1808

461

475

142

142

3.46

3.51

5.02

5.81

FACEBOOK INC-A

USD

60042

4811

2372

2

0

0

10

52.77

5089

5089

6672

8427

1187

1187

739

739

0.01

0.02

0.57

0.77

FASTENAL CO

USD

14971

244

297

0

0

0

0

14.89

3134

3134

3471

3910

727

727

191

191

1.42

1.42

1.63

1.91

FISERV INC

USD

11551

100

133

3

0

0

0

14.42

4482

4482

4887

5102

1410

1410

373

373

4.38

4.48

5.97

6.65

FOSSIL INC

USD

5665

210

53

0

0

0

0

5.57

2858

2858

3166

3453

554

554

105

105

5.37

5.41

6.06

GARMIN LTD

USD

6511

273

196

0

0

0

3

3.64

2716

2716

2555

2508

695

695

112

112

2.76

2.85

GILEAD SCIENCES INC

USD

69238

762

1519

8

0

0

3

75.12

9703

9703

10748

12727

4288

4288

1116

1116

1.70

GOOGLE INC-CL A

USD

268688

116

330

6

0

0

50

224.67

50175

51379

47959

56130

15722

15684

5178

5178

HENRY SCHEIN INC

USD

7981

89

88

1

0

0

0

8.83

8940

8940

9516

10039

759

759

185

185

INTEL CORP

USD

106141

3444

4944

13

0

0

23

97.00

53341

53341

53942

56527

22160

22160

4602

INTUIT INC

USD

19482

544

295

0

0

0

1

19.32

4151

4211

4594

5017

1419

1307

1427

2.12

-

-0.50

28.11.2012

A1

26.03.2012

*-

05.02.2013

Baa1 *-

05.02.2013

18.33

BBB+

02.09.2011

Baa2

16.08.2011

12.83

25.04

BBB

25.02.2011

-

-

8.50

-

43.69

BBB

09.03.2011

-

-

11.62

15.79

17.48

14.81

-

-

-

-

20.77

13.73

23.39

9.42

29.07

A

02.03.2010

A2

21.10.2010

40.30

20.76

29.85

23.95

49.56

42.81

BB

28.02.2013

Ba3

28.02.2013

15.02

16.86

8.40

12.52

2.11

20.08

BBB-

22.12.2011

Ba1

30.10.2009

19.84

17.44

-2.76

1.93

-13.03

4.22

9.54

-

-

-

-

24.05

13.70

11.89

103.47

43.89

81.37

32.09

4.96

BBB+

31.05.2012

Baa3

04.06.2009

24.98

24.98

17.43

15.07

19.57

19.35

24.19

28.96

33.43

-

-

-

-

1260.00

1260.00

44.29

32.56

37.13

-

-42.91

-

23.32

-

-

-

35.55

35.55

30.91

26.43

13.25

8.59

17.41

11.95

23.21

-

-

-

-

19.31

19.31

14.50

13.00

3.34

1.00

4.83

8.80

31.46

BBB-

02.03.2010

Baa2

08.11.2007

6.88

17.64

17.64

15.76

13.88

11.30

15.87

5.81

20.38

19.40

-

-

-

-

2.41

2.46

11.68

11.68

13.80

13.54

-1.55

-8.13

7.15

-6.49

25.58

-

-

-

-

1.70

2.07

2.90

26.74

26.74

21.91

15.68

15.71

19.77

4.80

14.12

44.20

A-

23.03.2011

Baa1

23.03.2011

34.02

33.74

45.83

53.82

24.02

24.02

17.68

15.06

32.37

24.66

15.66

21.04

30.53

AA

19.11.2012

Aa2

16.05.2011

4.44

4.43

4.87

5.39

20.57

20.57

18.71

16.92

4.80

7.43

8.80

10.46

8.50

-

-

-

-

4602

2.13

2.13

2.02

2.18

10.06

10.06

10.59

9.82

-1.22

6.39

-5.87

10.34

41.54

A+

17.02.1993

A1

14.09.2011

1427

2.50

2.36

3.44

3.78

27.85

27.85

19.10

17.40

10.05

3.29

8.49

11.70

31.04

BBB

29.05.2008

Baa1

04.06.2010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

A+ A-

-


Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

14281184

1923.576

1116

1116

204

220

220

101.41

110.54

110.54

15.38

15.38

14.11

14.11

18.80

Euro Stoxx 50 Pr

EUR

2553062

5424.032

4630

4630

739

775

775

229.96

307.93

307.93

19.02

16.41

14.21

14.21

19.70

NIKKEI 225

JPY

2554354

186.4402

188

188

19

20

20

5.28

5.50

5.50

0.27

0.27

0.25

0.25

0.12

FTSE 100 INDEX

GBP

2682474

11610.68

9614

9614

1447

1650

1650

531.79

820.72

820.72

27.64

-

17.91

17.91

22.24

SWISS MARKET INDEX

CHF

1031660

10946.31

4119

4119

844

836

836

408.77

551.74

551.74

21.20

18.86

15.71

15.71

21.93

S&P/TSX COMPOSITE INDEX

CAD

1675907

17151.75

7923

7923

1852

2088

2088

796.17

890.32

890.32

15.37

15.37

13.74

13.74

24.29

S&P/ASX 200 INDEX

AUD

1408237

6730.544

2878

2878

607

705

705

252.53

342.62

342.62

21.54

17.43

15.87

15.87

22.39

HANG SENG INDEX

HKD

1692248

3310.555

1659

1659

376

407

407

268.25

266.15

266.15

1.38

1.51

1.39

1.39

3.12

MSCI EM

USD

7658673

1544.178

1079

1079

201

220

220

86.99

95.05

95.05

11.75

13.38

10.76

10.76

20.03

INTUITIVE SURGICAL INC

USD

20081

164

40

0

0

0

1

2957

936

936

230

230

15.98

15.96

17.59

20.65

31.16

31.16

28.27

24.08

23.99

26.50

26.25

29.59

42.95

-

-

-

-

KLA-TENCOR CORPORATION

USD

8648

424

167

1

0

0

3

6.82

3172

3127

2885

3313

1108

1034

213

213

4.64

4.25

3.26

4.52

12.25

12.25

15.95

11.52

-0.10

7.21

-11.07

9.66

33.07

BBB

28.04.2008

Baa1

29.04.2008

KRAFT FOODS GROUP INC

USD

30476

659

#VALUE!

0

0

0

0

39.81

18339

#VALUE!

18808

19311

3285

-

817

817

2.91

-

2.81

3.12

-

-

18.30

16.45

-1.69

-

-

-

-

BBB

19.07.2012

Baa2

16.07.2012

LIBERTY GLOBAL INC-A

USD

17843

685

259

28

0

0

2

43.20

10311

10311

13284

14933

4757

4757

1306

1306

-1.71

-1.79

1.90

2.95

-

-

37.62

24.31

8.41

2.82

9.34

7.11

46.14

06.02.2013

-

-

LIBERTY INTERACTIVE CORP-A

USD

11739

835

545

8

0

4

4

19.63

10054

10054

10402

10929

1809

1809

436

436

-0.34

-0.29

1.16

1.38

-

-

18.74

15.69

4.55

5.26

1.97

1.87

17.99

BB

29.09.2011

-

-

LIFE TECHNOLOGIES CORP

USD

10912

270

171

2

0

0

0

13.07

3799

3799

3928

4071

1167

1167

299

299

2.72

2.70

4.37

4.77

23.72

23.72

14.65

13.43

0.60

27.22

0.54

29.53

30.72

BBB+

29.11.2012

Baa3

06.03.2012

LINEAR TECHNOLOGY CORP

USD

8814

516

230

1

0

0

1

8.33

1267

1283

1287

1431

638

636

151

151

1.71

1.69

1.79

2.07

22.43

22.43

21.20

18.34

-14.65

3.85

-21.96

2.10

49.59

-

-

-

-

MATTEL INC

USD

15007

546

342

2

0

0

1

15.18

6421

6421

6834

7142

1195

1195

89

89

2.47

2.50

2.80

3.07

17.42

17.42

15.56

14.21

2.47

0.84

-0.59

5.79

18.62

BBB+

04.04.2011

Baa1

29.04.2011

MAXIM INTEGRATED PRODUCTS

USD

9409

569

293

0

0

0

1

8.69

2404

2405

2465

2685

783

801

201

201

1.27

1.56

1.79

2.11

20.62

20.62

18.01

15.27

-2.78

3.93

-10.98

11.36

33.31

BBB+

09.05.2012

Baa1

10.06.2010

MICROCHIP TECHNOLOGY INC

USD

7172

361

193

0

0

0

1

6.52

1383

1490

1600

1845

497

405

110

110

1.66

1.53

1.84

2.15

23.99

23.99

19.96

17.11

-6.99

13.84

-14.74

1.38

27.20

-

-

-

-

MICRON TECHNOLOGY INC

USD

10136

5505

1018

3

0

1

3

11.74

8234

8047

8633

10369

1523

1467

599

599

-1.06

-1.06

-0.38

0.75

-

-

#VALUE!

13.16

-6.30

15.62

-46.75

0.62

18.23

BB-

30.06.2011

Ba3

20.08.2012

MICROSOFT CORP

USD

236587

2197

8381

12

0

0

63

182.46

73723

72930

79390

85801

30923

29120

8110

8110

2.73

2.56

2.84

3.14

11.00

11.00

9.93

8.97

5.40

5.66

3.33

9.15

39.93

AAA

22.09.2008

Aaa

11.05.2009

MONDELEZ INTERNATIONAL INC-A

USD

53491

1074

1778

19

0

0

4

68.58

35 K

49 K

37 K

39 K

5028

7727

1384

1384

1.39

2.24

1.57

1.76

13.44

13.44

19.22

17.08

-2.22

0.57

1.00

-0.96

15.84

BBB

02.02.2010

Baa2

02.02.2010

MONSTER BEVERAGE CORP

USD

8084

387

166

0

0

0

0

7.76

2061

2061

2323

2612

571

571

137

137

1.86

1.86

2.24

2.66

26.25

26.25

21.84

18.33

20.99

14.14

20.63

19.62

27.72

-

-

-

-

MYLAN INC

USD

11479

1254

395

6

0

0

0

16.88

6796

6817

7181

7728

1719

1831

465

465

1.89

1.93

2.86

3.20

15.04

15.04

10.14

9.07

10.87

8.37

9.83

31.53

26.87

BBB-

20.11.2012

Baa3

20.11.2012

NETAPP INC

USD

12005

984

365

1

0

0

5

7.52

6233

6318

6372

6923

1049

967

369

369

1.61

1.37

2.28

2.53

24.31

24.31

14.63

13.17

21.68

14.59

5.21

22.10

15.30

BBB+

04.12.2012

Baa1

05.12.2012

NEWS CORP-CL A

USD

70531

831

2383

15

#VALUE!

1

10

80.68

33706

34333

35613

38024

6646

6754

1688

1688

1.41

1.57

1.68

1.98

19.26

19.26

18.02

15.30

0.90

2.06

8.36

4.21

19.67

BBB+

30.11.2012

-

-

NUANCE COMMUNICATIONS INC

USD

6322

934

312

2

0

0

1

7.70

1652

1753

2167

2446

380

380

193

193

0.96

0.89

1.81

2.03

22.46

22.46

11.07

9.86

25.23

18.98

41.82

33.78

21.66

BB-

11.02.2011

Ba3

06.08.2012

NVIDIA CORP

USD

7700

1551

617

0

0

0

4

3.99

4280

4280

4256

4635

874

874

128

128

0.94

0.91

0.85

0.97

13.74

13.74

14.72

12.89

7.06

11.62

2.58

-2.04

20.43

NR

07.05.2009

-

-

O'REILLY AUTOMOTIVE INC

USD

11530

192

113

1

0

0

0

12.38

6182

6182

6660

7075

1154

1154

300

300

4.75

4.75

5.72

6.48

21.81

21.81

18.11

15.98

6.80

22.91

12.10

24.62

18.67

BBB

18.01.2012

Baa3

11.01.2011

ORACLE CORP

USD

148244

3115

4905

16

0

0

31

135.03

37121

37149

37444

39560

16973

17286

5889

5889

2.00

2.16

2.69

2.93

14.61

14.61

11.73

10.76

4.21

11.70

9.33

18.51

46.53

A+

24.04.2012

A1

24.06.2011

PACCAR INC

USD

17726

400

353

0

0

0

2

15.48

17051

17051

16096

17675

2296

2296

426

426

3.12

3.12

3.18

3.57

16.07

16.07

15.79

14.04

4.25

6.40

6.65

1.08

13.47

A+

29.04.2010

A1

25.02.2009

PAYCHEX INC

USD

12672

640

363

0

0

0

0

12.37

2230

2269

2325

2465

952

972

243

243

1.51

1.54

1.59

1.70

22.62

22.62

21.86

20.47

6.98

2.40

8.75

4.19

42.85

-

-

-

-

PERRIGO CO

USD

10996

150

93

1

0

0

1

11.91

3173

3263

3587

4027

713

774

238

238

4.51

5.00

5.68

6.64

23.51

23.51

20.69

17.71

15.18

15.43

20.05

33.72

23.73

-

-

-

-

PRICELINE.COM INC

USD

34640

93

50

1

0

0

5

31.02

5261

5261

6530

7724

1895

1895

340

340

27.86

27.91

38.76

46.07

24.89

24.89

17.92

15.08

20.79

29.06

30.44

60.37

36.02

BBB

07.03.2012

-

-

QUALCOMM INC

USD

113998

1090

1706

0

0

0

27

85.68

19121

20458

24134

26887

6579

7149

2345

2345

2.79

3.84

4.51

4.91

17.28

17.28

14.72

13.52

27.84

20.60

8.08

15.03

34.94

NR

19.12.2001

-

-

RANDGOLD RESOURCES LTD-ADR

USD

7794

81

92

0

0

0

0

7.59

1318

1318

1607

2150

699

699

-

-

4.70

4.70

5.86

8.20

18.01

18.01

14.43

10.31

16.92

45.49

22.71

53.34

53.06

-

-

-

-

REGENERON PHARMACEUTICALS

USD

16545

74

97

0

0

0

1

16.42

1378

1378

1881

2292

495

495

168

168

6.75

6.61

5.09

6.79

25.69

25.69

33.39

25.00

209.20

65.37

-

-

35.88

-

-

-

-

ROSS STORES INC

USD

13216

582

227

0

0

0

1

12.72

9721

9721

10266

10979

1457

1457

424

424

3.53

3.53

3.85

4.33

16.84

16.84

15.44

13.73

12.93

10.88

19.12

21.88

14.99

BBB+

08.06.2011

-

-

SANDISK CORP

USD

13367

507

241

2

0

0

6

9.35

5053

5053

5608

6170

1113

1113

317

317

1.70

1.69

3.78

4.22

32.70

32.70

14.61

13.10

-10.77

7.31

-38.39

15.61

22.03

BB

20.12.2011

-

-

SBA COMMUNICATIONS CORP-CL A

USD

9118

226

127

5

0

0

0

14.25

954

954

1222

1310

602

602

185

185

-1.00

-0.98

-0.79

-0.17

-

-

#VALUE!

#VALUE!

36.65

23.27

39.32

23.72

63.14

B+

10.04.2012

WR

01.08.2006

SEAGATE TECHNOLOGY

USD

12876

2574

396

3

0

0

2

13.84

14939

16332

14137

13697

3926

4319

704

704

6.51

7.57

5.19

5.40

4.74

4.74

6.91

6.64

36.17

4.37

148.80

21.32

26.45

BB+

07.03.2011

-

-

SEARS HOLDINGS CORP

USD

5414

128

106

3

0

0

1

8.34

39854

39854

36896

36739

-146

-146

-

-

-2.03

-2.61

-2.66

-2.17

-

-

#VALUE!

#VALUE!

-4.12

-4.12

-131.75

-

-0.37

CCC+

05.01.2012

-

-

SIGMA-ALDRICH

USD

9224

259

120

1

0

0

1

9.18

2623

2623

2712

2840

809

809

199

199

3.85

3.87

4.14

4.42

19.79

19.79

18.51

17.31

4.71

4.39

6.31

7.73

30.84

A+

28.09.2011

A2

25.10.2010

SIRIUS XM RADIO INC

USD

20234

4587

5262

2

0

0

1

22.15

3402

3402

3811

4177

1136

1136

257

257

0.09

0.54

0.10

0.13

5.71

5.71

31.16

23.73

12.85

37.39

20.65

-

33.38

BB

26.10.2011

B1

08.08.2012

STAPLES INC

USD

8896

1166

669

2

0

0

1

9.56

24381

24524

23895

23939

2015

2000

418

418

0.85

0.87

1.33

1.42

15.30

15.30

10.03

9.35

-1.15

4.45

-4.75

0.80

8.15

BBB

02.07.2008

Baa2

08.07.2008

STARBUCKS CORP

USD

42688

380

749

1

0

0

2

40.78

13300

13663

14921

16722

2367

2446

689

689

1.79

1.86

2.16

2.63

30.57

30.57

26.28

21.65

13.67

6.80

14.11

10.50

17.90

A-

24.02.2012

Baa3

13.05.2009

STERICYCLE INC

USD

9008

97

86

1

0

0

0

10.35

1913

1913

2140

2327

545

556

156

156

3.30

3.31

3.70

4.18

31.61

31.61

28.31

25.04

14.15

15.02

11.17

16.22

29.08

NR

18.07.2007

-

-

SYMANTEC CORP

USD

16933

2022

724

2

0

0

3

15.76

6730

6839

6886

7005

1795

1834

497

497

1.20

1.24

1.71

1.93

19.81

19.81

14.35

12.76

8.72

3.43

8.92

5.06

26.82

BBB

13.09.2010

Baa2

13.09.2010

TEXAS INSTRUMENTS INC

USD

38402

863

1108

6

0

0

4

40.12

12825

12825

12173

12983

3986

3988

719

719

1.91

1.79

1.71

2.16

19.40

19.40

20.27

16.11

-6.63

-1.58

-10.10

-2.68

31.10

A+

23.09.2010

A1

25.05.2011

VERISK ANALYTICS INC-CLASS A

USD

11227

156

168

1

0

0

0

12.59

1534

1534

1725

1884

696

696

181

181

1.92

1.92

2.35

2.64

31.97

31.97

26.12

23.23

15.20

-

18.20

15.57

45.35

BBB-

29.03.2011

Ba1

29.03.2011

VERTEX PHARMACEUTICALS INC

USD

11856

394

217

0

0

0

1

11.20

1527

1527

1160

1047

42

42

-15

-15

0.67

0.31

-0.56

-0.88

175.29

175.29

#VALUE!

#VALUE!

8.25

155.92

-83.50

-

2.77

-

-

-

-

VIACOM INC-CLASS B

USD

30442

523

507

8

0

0

1

38.33

13887

13249

13796

14412

4137

3913

905

905

4.21

4.20

4.71

5.38

14.60

14.60

13.03

11.40

-6.89

2.72

0.29

-

29.53

BBB+

29.07.2010

Baa1

05.08.2010

VIRGIN MEDIA INC

USD

12958

769

269

6

0

0

0

14.29

4101

4101

4255

4389

1654

1654

425

425

1.09

1.04

1.54

2.03

30.58

30.58

20.67

15.68

2.72

-0.06

3.98

5.67

40.32

06.02.2013

-

-

VODAFONE GROUP PLC-SP ADR

USD

140115

1846

#VALUE!

35

0

1

8

#VALUE!

46417

44677

45079

45316

18214

13907

-

-

-

-

1.63

1.70

-

-

11.62

11.15

1.16

5.40

24.18

7.88

31.13

A-

30.05.2006

A3

03.08.2011

WESTERN DIGITAL CORP

USD

11711

1120

246

2

#VALUE!

#VALUE!

3

10.02

12478

15648

15048

14751

2890

3716

757

757

7.78

9.19

7.97

7.83

5.29

5.29

6.11

6.21

30.99

18.63

108.97

35.83

23.75

NR

29.04.1999

-

-

WHOLE FOODS MARKET INC

USD

16100

287

185

0

0

0

1

15.20

11699

12164

13059

14931

1112

1171

299

299

2.71

2.85

2.87

3.40

30.48

30.48

30.23

25.54

15.74

9.56

25.78

18.10

9.62

BBB-

07.08.2012

-

-

WYNN RESORTS LTD

USD

12568

372

101

6

0

0

2

17.02

5154

5154

5389

5665

1442

1442

410

410

5.22

5.27

6.08

6.73

23.63

23.63

20.47

18.52

-2.19

15.11

-6.15

15.28

27.99

BB+

10.06.2011

-

-

XILINX INC

USD

9992

455

264

1

0

0

2

9.22

2241

2195

2170

2305

719

671

161

161

1.99

1.80

1.77

2.00

21.22

21.22

21.58

19.13

-5.43

1.77

-16.86

11.13

30.55

BBB+u

04.04.2012

-

-

YAHOO! INC

USD

25969

3571

1115

0

0

0

6

20.03

4987

4987

4601

4767

1457

1457

361

361

1.13

1.17

1.16

1.28

20.15

20.15

20.38

18.38

0.05

-5.80

-1.08

1.47

29.22

NR

18.04.2008

-

-

18.76

2179

2179

2563

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

B+

*+

BB

*-


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.16

2.16

1.99

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.99

9.99

9.69

9.48

9.99

8.74

8.74

8.08

7.57

8.74

14.11

14.11

12.64

11.43

14.11

2.21

2.21

2.37

2.56

2.21

1681.4

7.8%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.02

1.14

0.73

0.73

0.71

0.69

0.73

5.32

5.32

4.97

4.74

5.32

7.00

7.00

6.62

6.30

7.00

11.05

11.05

9.90

9.06

11.05

4.35

4.35

4.68

4.98

4.35

2895.5

9.4%

NIKKEI 225

1.50

1.50

1.41

1.32

1.50

0.70

0.70

0.66

0.65

0.70

9.47

9.47

8.14

7.61

9.47

9.50

9.50

8.28

7.76

9.50

24.04

24.04

18.83

14.58

24.04

1.65

1.65

1.66

1.94

1.65

11916.4

-4.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.35

1.68

1.01

1.01

0.97

0.99

1.01

7.91

7.91

7.28

5.26

7.91

7.04

7.04

6.59

6.32

7.04

11.82

11.82

10.72

9.82

11.82

3.89

3.89

4.18

4.61

3.89

6809.6

6.4%

SWISS MARKET INDEX

2.39

2.39

2.22

2.05

2.39

2.00

2.00

1.90

1.82

2.00

12.30

12.30

11.24

9.87

12.30

13.09

13.09

12.11

11.32

13.09

14.91

14.91

13.35

12.12

14.91

3.31

3.31

3.67

4.16

3.31

8026.2

2.8%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.57

1.57

1.48

1.42

1.57

8.40

8.40

7.54

7.00

8.40

8.22

8.22

7.27

6.88

8.22

13.98

13.98

12.32

11.33

13.98

3.14

3.14

3.29

3.49

3.14

14540.6

14.8%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.68

1.88

1.80

1.80

1.70

1.61

1.80

11.09

11.09

9.90

9.04

11.09

9.54

9.54

8.40

7.80

9.54

15.14

15.14

13.48

12.37

15.14

4.39

4.39

4.70

5.07

4.39

5152.0

4.1%

HANG SENG INDEX

1.33

1.33

1.23

1.15

1.33

1.73

1.73

1.60

1.49

1.73

7.12

7.12

6.60

6.21

7.12

8.13

8.13

7.39

6.84

8.13

10.80

10.80

9.91

9.02

10.80

3.57

3.57

3.85

4.37

3.57

24942.6

11.8%

MSCI EM

1.43

1.43

1.30

1.21

1.43

0.95

0.95

0.88

0.84

0.95

6.85

6.85

6.30

5.89

6.85

7.03

7.03

6.45

6.05

7.03

10.76

10.76

9.67

8.97

10.76

3.08

3.08

3.59

6.74

3.08

1183.8

15.8%

ACTIVISION BLIZZARD INC

1.43

1.35

1.27

1.18

3.33

3.77

3.44

3.28

3.30

12.08

15.02

13.23

11.12

6.77

8.20

7.00

6.39

6.53

12.90

17.03

14.04

12.35

11.76

1.21

1.29

1.31

0.85

15.99

10.6%

ADOBE SYSTEMS INC

3.20

3.02

2.78

2.48

4.93

5.21

4.72

4.10

3.41

14.63

18.72

16.19

13.44

10.86

16.13

13.55

11.28

18.49

30.10

23.84

18.04

12.72

0.00

0.00

0.00

0.00

43.69

2.2%

AKAMAI TECHNOLOGIES INC

2.77

2.45

2.19

2.01

4.53

4.13

3.64

3.19

2.75

13.74

12.35

10.95

10.14

8.37

8.05

6.96

5.97

19.83

17.91

15.85

14.08

11.46

0.00

0.00

0.00

0.00

41.59

18.6%

ALEXION PHARMACEUTICALS INC

11.23

8.75

6.44

4.96

15.79

11.81

9.42

7.70

6.47

48.26

33.38

25.99

21.19

36.54

26.02

19.05

14.35

44.54

31.57

27.43

22.03

17.78

0.00

0.00

0.00

0.00

113.89

24.7%

ALTERA CORP

3.40

3.09

2.79

2.70

6.26

6.16

5.41

4.87

17.84

17.90

14.07

15.92

13.71

14.59

11.79

10.70

20.39

22.86

18.83

16.19

1.02

1.16

1.22

1.25

35.91

2.2%

AMAZON.COM INC

15.45

12.12

9.86

7.53

1.90

1.56

1.27

1.05

0.86

40.11

26.94

18.00

13.21

7.67

34.79

24.02

17.53

13.01

135.20

77.29

45.63

26.70

17.28

0.00

0.00

0.00

0.00

318.97

22.8%

AMGEN INC

3.83

3.19

2.79

2.29

4.26

4.06

3.98

3.96

3.94

11.88

13.12

12.09

13.38

21.66

10.21

10.11

9.17

9.26

15.07

13.60

11.90

11.39

11.06

1.46

1.90

2.30

2.55

97.95

0.1%

ANALOG DEVICES INC

3.36

3.00

2.67

2.46

5.18

5.19

4.68

4.28

17.19

17.36

14.42

12.39

11.38

11.59

9.51

8.64

21.41

21.03

16.94

14.74

2.52

2.88

3.06

3.04

APPLE INC

3.71

3.01

2.42

1.94

2.78

2.40

2.13

1.88

1.78

8.43

8.37

7.85

7.55

5.09

4.95

4.42

4.00

10.44

10.49

9.30

8.50

0.57

2.34

2.46

2.56

APPLIED MATERIALS INC

2.11

2.25

2.11

1.71

1.86

2.06

1.72

1.70

8.43

20.95

11.06

9.38

9.93

12.41

8.17

8.07

18.57

22.13

12.50

13.08

2.50

2.60

2.61

AUTODESK INC

4.47

3.99

3.47

2.86

3.98

3.73

3.44

3.10

2.75

15.86

13.88

12.91

11.73

11.54

10.39

9.30

8.49

21.27

19.17

16.52

14.41

0.00

0.00

0.00

AUTOMATIC DATA PROCESSING

5.17

4.71

4.27

4.01

2.94

2.78

2.59

2.39

2.26

18.16

16.92

15.99

14.95

13.35

12.77

11.70

10.76

23.68

22.28

20.42

18.46

2.39

2.58

AVAGO TECHNOLOGIES LTD

3.67

3.13

2.68

2.17

3.73

3.68

3.31

2.90

2.69

12.14

11.90

9.86

8.28

BAIDU INC - SPON ADR

7.17

4.90

3.50

2.58

1.93

8.49

6.15

4.76

3.80

3.02

14.71

12.56

9.97

8.09

BED BATH & BEYOND INC

3.92

3.48

3.07

2.66

2.55

1.55

1.34

1.26

1.19

1.12

14.36

12.10

11.15

BIOGEN IDEC INC

5.60

5.11

4.25

3.48

7.63

6.53

5.57

4.98

4.48

23.74

21.54

BMC SOFTWARE INC

5.32

10.65

8.76

6.85

3.01

2.94

2.82

2.70

9.71

BROADCOM CORP-CL A

2.57

2.21

1.93

1.68

2.45

2.32

2.11

1.95

11.61

CA INC

2.29

2.11

1.98

1.86

2.37

2.46

2.44

2.42

8.16

8.03

7.38

7.28

5.85

5.85

5.71

5.59

CATAMARAN CORP

2.07

2.26

2.11

1.92

1.09

0.75

0.67

0.59

0.60

22.93

25.76

23.30

16.76

32.81

17.37

14.21

12.43

11.56

CELGENE CORP

7.86

6.07

4.72

3.60

8.53

7.71

6.71

5.64

4.77

23.61

17.74

14.86

10.53

16.76

14.78

12.92

10.65

10.29

CERNER CORP

5.89

5.06

4.38

3.75

6.06

5.34

4.75

4.23

3.78

25.32

22.98

20.40

17.95

18.58

15.72

13.66

12.03

C.H. ROBINSON WORLDWIDE INC

7.51

5.98

5.51

4.72

0.83

0.72

0.67

0.60

18.60

17.56

15.37

13.72

12.39

11.25

10.10

CHECK POINT SOFTWARE TECH

2.86

2.56

2.27

2.01

7.10

6.73

6.31

6.00

12.81

11.96

10.99

10.76

7.82

7.52

CISCO SYSTEMS INC

2.11

1.90

1.76

1.67

2.40

2.27

2.15

2.02

9.93

9.22

8.93

8.30

5.55

5.28

CITRIX SYSTEMS INC

4.29

4.00

3.66

3.13

5.19

4.45

3.94

3.56

17.25

14.67

13.14

13.11

15.19

COGNIZANT TECH SOLUTIONS-A

4.71

3.70

2.99

2.49

3.07

2.61

2.25

1.96

22.23

20.33

16.57

17.77

COMCAST CORP-CLASS A

2.20

2.19

2.12

1.90

1.77

1.73

1.69

1.59

1.53

1.46

7.93

7.35

6.75

6.20

COSTCO WHOLESALE CORP

3.51

4.13

3.73

3.13

3.15

0.47

0.43

0.40

0.38

0.35

13.66

14.11

12.94

DELL INC

2.40

2.02

1.74

1.37

0.45

0.45

0.45

0.45

7.71

6.73

6.46

DENTSPLY INTERNATIONAL INC

2.76

2.42

2.12

1.91

2.06

1.96

1.88

1.81

14.90

13.08

1.10

1.02

0.95

0.90

0.85

6.97

5.67

6.25

1.53

DIRECTV

5.61

3.13

4.93

9.12

3.51

10.56

10.00

17.08

48.09

5.1%

600.48

29.7%

2.46

14.48

8.0%

0.00

42.31

4.2%

2.71

2.90

64.63

-0.3%

9.56

9.88

8.55

7.13

13.10

13.64

11.99

10.21

1.52

1.99

2.21

2.52

3.52

41.31

15.4%

11.57

9.01

7.21

5.72

17.79

15.92

12.75

10.32

8.18

0.00

0.00

0.00

0.00

0.00

124.82

45.0%

9.30

8.10

7.49

7.06

6.66

6.07

16.53

14.13

12.78

11.53

10.07

0.00

0.00

0.00

0.00

68.53

6.0%

16.64

12.08

16.61

14.24

11.04

9.44

26.93

22.74

18.39

15.53

13.42

0.00

0.00

0.00

0.00

179.76

1.5%

9.10

7.93

7.59

7.58

8.05

7.62

7.25

13.81

13.39

11.92

11.19

0.00

0.00

0.00

0.00

46.88

2.4%

13.24

11.71

10.93

11.18

11.21

9.73

9.61

11.87

12.48

11.33

11.31

1.15

1.28

1.32

1.40

40.45

17.4%

11.14

10.34

9.84

9.39

1.60

4.02

4.02

4.00

25.00

0.1%

46.98

28.25

22.42

18.51

16.15

0.00

0.00

0.00

0.00

62.80

18.9%

22.95

19.80

16.42

12.87

10.19

0.00

0.00

0.00

0.00

114.92

2.1%

39.53

33.30

28.32

24.24

19.92

0.00

0.00

0.00

0.00

95.00

1.9%

9.33

21.00

19.22

16.94

14.97

2.26

2.42

2.64

2.95

69.39

17.6%

7.02

6.81

14.66

13.57

12.38

11.42

0.00

0.00

0.00

0.00

55.00

18.3%

5.12

4.93

11.29

10.40

9.84

9.10

1.25

2.72

2.80

2.97

23.83

14.9%

13.17

11.71

10.03

25.21

22.59

19.72

17.69

0.00

0.00

0.00

0.00

84.37

18.8%

12.94

11.26

9.66

8.33

20.23

17.35

15.00

13.18

0.00

0.00

0.00

0.00

84.50

13.2%

7.77

7.36

6.91

6.51

6.21

21.05

17.38

15.20

13.05

11.27

1.53

1.86

2.10

2.41

2.47

46.62

12.2%

12.40

11.14

10.09

9.55

8.60

27.30

23.24

21.01

19.28

17.33

0.94

7.82

1.19

1.31

1.24

108.00

2.2%

5.56

4.33

5.02

4.58

3.91

8.51

9.25

8.44

6.25

1.10

2.23

2.28

2.83

14.24

-1.8%

12.16

10.74

12.76

12.01

11.21

10.50

18.96

17.29

15.59

14.36

0.51

0.58

0.63

0.66

43.56

4.0%

4.67

3.99

6.60

6.22

5.77

5.48

5.12

13.54

11.61

9.86

8.76

6.72

0.00

0.00

0.00

0.00

57.99

2.0%

15.51

13.23

11.84

10.80

9.63

29.85

23.43

18.88

16.09

13.31

0.00

0.00

0.00

71.70

-9.9%

4.92

4.75

4.58

4.15

3.77

6.28

5.11

4.66

4.32

3.88

25.74

20.63

16.90

14.30

DOLLAR TREE INC

7.05

5.60

5.10

4.29

3.20

1.49

1.38

1.27

1.17

1.05

16.56

13.87

12.47

10.05

8.87

9.93

9.22

8.23

7.52

6.76

19.32

17.39

15.09

13.03

11.17

0.00

0.00

0.00

EBAY INC

3.36

2.85

2.42

2.13

1.75

4.77

4.10

3.58

3.14

2.83

17.27

15.65

12.77

11.05

10.65

13.49

11.57

10.01

8.53

7.60

21.99

18.79

16.04

13.85

12.35

0.00

0.00

0.00

0.00

EQUINIX INC

4.38

4.25

3.81

3.37

2.87

5.44

4.67

4.07

3.60

3.26

18.44

18.00

14.89

13.11

10.56

14.73

12.71

10.92

9.74

8.83

79.85

56.38

40.30

25.49

21.41

0.00

0.00

1.13

3.01

EXPEDIA INC

4.66

4.11

3.32

2.77

2.11

1.80

1.60

1.47

1.37

10.32

11.00

9.02

10.61

10.00

8.74

7.59

6.74

5.79

19.92

17.94

15.02

13.72

12.27

0.68

0.71

0.73

0.67

EXPEDITORS INTL WASH INC

3.64

3.47

3.19

2.83

1.24

1.16

1.06

0.97

19.51

17.48

15.38

13.98

10.42

9.61

8.57

7.84

22.28

19.84

17.44

15.48

1.56

1.71

1.91

EXPRESS SCRIPTS HOLDING CO

1.96

1.96

1.87

1.73

0.51

0.47

0.47

0.46

11.78

9.95

8.74

6.54

11.30

9.21

8.36

7.81

15.69

13.70

11.89

10.32

0.00

0.00

F5 NETWORKS INC

5.17

4.19

3.34

2.77

4.98

4.41

3.81

3.27

18.02

17.58

16.87

16.70

11.24

10.26

8.59

7.36

19.72

17.43

15.07

12.35

0.00

FACEBOOK INC-A

4.09

4.64

4.08

3.46

3.09

11.94

9.00

7.12

5.66

4.57

33.38

25.12

19.87

15.90

12.12

18.82

15.67

11.87

9.23

49.03

44.29

32.56

23.73

17.21

FASTENAL CO

8.74

8.02

6.68

5.62

4.59

4.78

4.31

3.83

3.34

3.21

34.58

29.10

25.18

21.53

20.35

20.50

17.54

15.02

12.86

35.65

30.91

26.43

22.24

19.57

FISERV INC

3.47

3.00

2.61

2.57

2.36

2.26

2.19

2.09

16.91

14.69

13.06

11.61

10.04

9.01

8.50

8.19

7.67

16.82

14.50

13.00

11.89

FOSSIL INC

5.17

4.21

3.37

2.87

1.99

1.79

1.64

1.48

1.33

16.96

14.57

12.41

11.32

10.18

9.19

8.38

7.44

6.60

17.67

15.76

13.88

12.16

2.34

2.55

2.60

2.80

9.94

11.21

10.47

5.14

6.09

6.03

5.87

11.30

13.80

13.54

14.05

GILEAD SCIENCES INC

6.78

5.38

4.22

3.37

7.24

6.44

5.44

4.53

3.90

21.51

20.26

12.44

7.52

16.10

15.90

11.61

8.07

22.75

21.93

15.69

11.20

9.05

GOOGLE INC-CL A

3.76

3.17

2.69

2.22

6.44

5.60

4.78

4.34

3.86

16.77

14.15

11.99

11.00

12.22

10.17

8.68

7.48

20.40

17.71

15.08

13.04

11.73

HENRY SCHEIN INC

3.14

2.81

2.46

2.17

0.89

0.84

0.80

0.75

17.01

13.73

12.79

11.90

11.80

10.96

10.23

9.84

20.84

18.71

16.92

INTEL CORP

2.18

1.93

1.76

1.74

1.98

1.96

1.88

1.83

1.85

6.07

5.94

5.53

5.39

4.46

4.64

4.26

4.23

4.07

9.65

10.61

INTUIT INC

7.34

5.41

4.52

4.86

4.63

4.24

3.88

3.52

3.22

17.79

15.93

14.53

13.20

12.16

11.01

9.92

9.34

9.05

22.13

19.10

2.36

GARMIN LTD

1.90

2.29

13.33

6.61

DISCOVERY COMMUNICATIONS-A

0.46

2.42

12.70

10.08

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7.04

7.09

6.46

49.84

3.1%

60.97

17.8%

249.29

17.6%

73.53

18.4%

2.07

44.71

24.9%

0.00

0.00

63.97

9.5%

0.00

0.00

0.00

113.91

30.1%

0.00

0.00

0.00

0.00

33.48

32.9%

1.66

0.97

1.37

1.46

50.50

0.0%

0.00

0.00

0.00

0.00

0.00

0.00

0.00

5.26

5.37

5.52

0.00

0.00

0.00

0.00

0.00

0.00

15.13

0.00

0.00

9.83

10.38

4.06

4.26

4.38

17.40

15.71

0.57

1.03

1.03

8.48

10.18

2.72

1.53

88.47

2.2%

115.64

21.1%

5.41

42.60

28.0%

0.00

49.35

8.5%

0.00

866.85

6.8%

90.55

-0.7%

4.68

23.39

9.0%

1.03

68.07

3.6%


Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.16

2.16

1.99

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.99

9.99

9.69

9.48

9.99

8.74

8.74

8.08

7.57

8.74

14.11

14.11

12.64

11.43

14.11

2.21

2.21

2.37

2.56

2.21

1681.4

7.8%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.02

1.14

0.73

0.73

0.71

0.69

0.73

5.32

5.32

4.97

4.74

5.32

7.00

7.00

6.62

6.30

7.00

11.05

11.05

9.90

9.06

11.05

4.35

4.35

4.68

4.98

4.35

2895.5

9.4%

NIKKEI 225

1.50

1.50

1.41

1.32

1.50

0.70

0.70

0.66

0.65

0.70

9.47

9.47

8.14

7.61

9.47

9.50

9.50

8.28

7.76

9.50

24.04

24.04

18.83

14.58

24.04

1.65

1.65

1.66

1.94

1.65

11916.4

-4.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.35

1.68

1.01

1.01

0.97

0.99

1.01

7.91

7.91

7.28

5.26

7.91

7.04

7.04

6.59

6.32

7.04

11.82

11.82

10.72

9.82

11.82

3.89

3.89

4.18

4.61

3.89

6809.6

6.4%

SWISS MARKET INDEX

2.39

2.39

2.22

2.05

2.39

2.00

2.00

1.90

1.82

2.00

12.30

12.30

11.24

9.87

12.30

13.09

13.09

12.11

11.32

13.09

14.91

14.91

13.35

12.12

14.91

3.31

3.31

3.67

4.16

3.31

8026.2

2.8%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.57

1.57

1.48

1.42

1.57

8.40

8.40

7.54

7.00

8.40

8.22

8.22

7.27

6.88

8.22

13.98

13.98

12.32

11.33

13.98

3.14

3.14

3.29

3.49

3.14

14540.6

14.8%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.68

1.88

1.80

1.80

1.70

1.61

1.80

11.09

11.09

9.90

9.04

11.09

9.54

9.54

8.40

7.80

9.54

15.14

15.14

13.48

12.37

15.14

4.39

4.39

4.70

5.07

4.39

5152.0

4.1%

HANG SENG INDEX

1.33

1.33

1.23

1.15

1.33

1.73

1.73

1.60

1.49

1.73

7.12

7.12

6.60

6.21

7.12

8.13

8.13

7.39

6.84

8.13

10.80

10.80

9.91

9.02

10.80

3.57

3.57

3.85

4.37

3.57

24942.6

11.8%

MSCI EM

1.43

1.43

1.30

1.21

1.43

0.95

0.95

0.88

0.84

0.95

6.85

6.85

6.30

5.89

6.85

3.08

3.08

3.59

6.74

3.08

1183.8

15.8%

INTUITIVE SURGICAL INC

5.48

4.39

3.57

2.95

9.31

7.84

6.79

6.00

5.32

25.53

22.17

18.79

608.92

22.5%

KLA-TENCOR CORPORATION

2.62

2.49

2.19

1.89

2.74

3.00

2.61

2.54

10.23

14.21

10.80

14.5%

KRAFT FOODS GROUP INC

5.54

5.72

5.30

5.14

1.65

1.62

1.58

1.54

1.47

12.32

19.57

LIBERTY GLOBAL INC-A

11.16

16.44

14.52

1.74

1.34

1.19

1.11

0.96

6.20

LIBERTY INTERACTIVE CORP-A

1.72

1.69

1.48

1.30

1.17

1.13

1.07

1.02

0.98

LIFE TECHNOLOGIES CORP

2.01

2.11

1.92

1.75

2.88

2.78

2.68

2.59

2.55

LINEAR TECHNOLOGY CORP

12.17

9.50

8.10

5.87

6.92

6.85

6.16

5.60

MATTEL INC

5.04

4.61

4.69

2.32

2.20

2.10

MAXIM INTEGRATED PRODUCTS

3.76

3.57

3.24

2.89

3.90

3.82

MICROCHIP TECHNOLOGY INC

3.64

3.81

3.69

3.91

5.18

MICRON TECHNOLOGY INC

1.32

1.37

1.25

1.08

MICROSOFT CORP

3.37

2.87

2.32

MONDELEZ INTERNATIONAL INC-A

1.61

1.59

1.49

MONSTER BEVERAGE CORP

9.84

8.67

MYLAN INC

2.77

NETAPP INC

2.95

NEWS CORP-CL A

7.03

7.03

6.45

6.05

7.03

10.76

10.76

9.67

8.97

10.76

20.64

17.96

15.33

13.25

11.33

32.53

28.27

24.08

20.91

18.69

9.41

6.01

8.35

6.38

5.80

11.61

15.95

11.52

10.61

13.83

12.94

12.39

11.32

10.47

9.90

17.83

18.30

16.45

14.92

6.03

4.57

4.49

8.97

7.54

6.67

6.42

6.89

28.76

37.62

24.31

8.75

14.66

18.87

10.61

9.93

9.42

8.80

8.32

22.65

18.74

13.84

11.48

10.72

9.53

9.57

9.42

8.96

8.65

8.89

16.11

14.65

18.51

17.50

15.42

13.85

12.87

13.21

11.51

10.32

19.90

2.04

14.02

16.44

11.91

10.89

11.11

10.25

9.63

9.37

3.50

3.19

14.34

12.79

11.19

9.73

11.08

10.18

8.93

4.48

3.89

3.57

16.24

14.12

12.70

10.89

13.09

14.20

1.21

1.17

0.98

0.91

5.98

6.25

3.54

3.01

7.15

5.52

1.89

3.20

2.97

2.75

2.59

2.66

8.40

7.60

6.84

6.41

5.92

5.67

5.16

4.78

4.97

10.49

9.96

9.00

8.22

1.47

1.52

1.46

1.38

1.30

1.23

114.45

15.38

12.40

11.62

12.24

11.62

10.79

10.18

9.22

21.03

19.21

17.07

15.29

13.20

8.53

7.63

3.90

3.48

3.10

2.75

2.58

28.14

21.80

18.32

15.38

13.31

11.87

10.28

8.75

7.30

25.89

21.84

18.33

15.12

3.33

2.59

2.00

1.69

1.60

1.49

1.43

1.40

5.75

7.89

6.48

5.57

8.38

8.42

8.01

7.07

7.13

11.24

10.14

9.07

8.43

2.56

2.28

1.95

1.93

1.88

1.73

1.62

1.61

5.92

9.11

8.83

7.87

5.87

6.25

5.55

5.33

14.00

14.63

13.17

11.95

2.72

2.62

2.40

2.16

2.07

1.98

1.86

1.78

1.70

16.93

12.24

12.58

11.01

11.96

11.11

9.97

9.11

21.54

18.03

15.31

12.93

NUANCE COMMUNICATIONS INC

2.38

2.16

2.00

1.90

3.62

2.92

2.58

2.43

11.83

11.42

10.00

7.43

11.69

8.86

7.96

7.47

11.75

11.07

9.86

9.21

NVIDIA CORP

1.61

1.50

1.41

1.36

1.80

1.81

1.66

1.54

11.49

9.10

8.59

8.74

4.41

5.02

4.40

3.73

11.61

14.72

12.89

10.98

O'REILLY AUTOMOTIVE INC

5.13

5.55

5.15

4.18

1.87

1.73

1.63

1.54

1.44

12.84

13.15

10.86

9.67

10.79

9.81

9.14

8.53

22.08

18.11

15.98

14.13

ORACLE CORP

3.57

3.26

2.66

2.25

4.00

3.97

3.76

3.56

3.30

11.87

10.46

9.91

9.10

7.30

7.40

6.76

6.27

13.03

11.70

10.73

9.82

PACCAR INC

3.02

2.79

2.45

1.99

1.10

1.10

1.00

0.99

10.84

10.40

9.35

7.53

8.04

7.13

7.54

16.24

15.79

14.04

13.02

PAYCHEX INC

7.68

7.41

6.82

6.35

5.67

5.45

5.14

4.81

4.56

17.96

17.70

16.36

15.45

12.90

12.39

11.68

10.79

10.41

23.00

21.86

20.47

18.89

17.33

PERRIGO CO

5.72

4.83

3.87

3.10

3.44

3.07

2.73

2.59

2.46

21.66

19.60

16.43

12.78

15.24

13.26

11.51

10.80

10.26

23.76

20.69

17.71

16.40

PRICELINE.COM INC

8.91

6.22

4.67

3.42

6.59

5.30

4.48

3.94

3.61

20.85

17.38

15.00

13.33

15.90

12.52

10.36

8.93

7.81

22.42

17.92

15.08

QUALCOMM INC

3.46

3.00

2.63

2.34

6.03

4.72

4.24

4.05

3.96

16.64

13.60

12.83

12.51

11.65

9.38

8.57

7.89

18.24

14.72

RANDGOLD RESOURCES LTD-ADR

2.99

2.52

2.03

5.69

4.85

3.63

4.95

13.32

10.05

7.14

6.47

10.43

9.03

5.81

17.93

14.43

REGENERON PHARMACEUTICALS

12.37

9.40

6.95

11.57

12.20

8.80

7.22

6.08

5.29

31.60

22.52

12.97

34.73

21.66

14.21

13.08

17.20

37.60

ROSS STORES INC

7.45

6.50

5.60

4.64

1.36

1.29

1.20

1.12

1.01

12.54

11.35

9.91

9.16

8.62

8.06

7.40

6.80

6.34

SANDISK CORP

1.84

1.69

1.52

1.34

2.65

2.38

2.17

1.91

1.85

23.19

11.22

10.79

10.75

9.31

5.80

5.09

5.26

5.33

SBA COMMUNICATIONS CORP-CL A

15.55

28.28

9.61

7.46

6.96

6.49

6.15

26.67

18.65

16.00

14.51

24.24

18.71

17.01

15.56

14.60

SEAGATE TECHNOLOGY

4.33

3.81

3.87

2.88

0.86

0.91

0.94

0.94

4.71

4.26

4.28

4.46

SEARS HOLDINGS CORP

1.11

1.64

1.79

1.98

0.14

0.15

0.15

0.15

SIGMA-ALDRICH

3.60

3.07

2.73

2.61

3.51

3.40

3.25

3.10

2.99

17.08

16.42

15.16

SIRIUS XM RADIO INC

4.17

6.39

15.43

205.67

5.93

5.31

4.84

4.41

4.03

24.68

22.04

19.28

STAPLES INC

1.42

1.32

1.24

1.17

1.06

0.36

0.37

0.37

0.37

0.36

6.09

5.87

5.77

5.84

4.74

STARBUCKS CORP

8.01

7.44

6.60

5.41

3.74

3.20

2.86

2.55

2.26

2.00

22.55

18.31

15.90

13.54

15.93

STERICYCLE INC

5.91

4.82

4.03

3.64

4.74

4.21

3.87

3.45

23.83

21.64

18.85

18.26

SYMANTEC CORP

3.58

3.26

3.01

2.47

2.52

2.46

2.42

2.34

9.56

9.77

9.72

7.74

6.61

TEXAS INSTRUMENTS INC

3.56

3.56

3.47

3.42

3.00

3.15

2.95

2.83

2.60

13.44

12.28

10.78

10.49

VERISK ANALYTICS INC-CLASS A

42.33

18.05

11.28

7.87

7.35

6.51

5.96

5.49

5.07

23.16

20.88

18.86

17.56

VERTEX PHARMACEUTICALS INC

11.86

11.09

16.17

17.53

7.85

10.22

11.32

9.17

5.79

47.96

VIACOM INC-CLASS B

4.25

4.34

4.05

3.98

2.19

2.21

2.11

2.03

1.93

13.64

11.74

10.35

9.17

7.39

9.19

9.08

8.57

8.11

7.75

14.70

13.03

VIRGIN MEDIA INC

18.70

2.50

2.14

2.39

2.08

2.01

1.95

1.89

1.83

7.00

6.07

5.64

4.82

3.58

8.64

8.19

7.90

7.55

7.62

33.06

20.67

1.89

2.05

2.04

2.01

14.71

8.55

8.61

12.33

WESTERN DIGITAL CORP

1.54

1.34

1.15

1.08

0.98

0.78

0.79

0.82

4.25

3.93

3.80

4.80

3.57

3.01

3.20

3.60

6.39

WHOLE FOODS MARKET INC

4.33

4.23

3.77

3.28

1.38

1.23

1.08

0.94

0.84

20.08

18.63

15.39

12.22

14.26

12.51

10.76

9.11

3.68

11.89

11.25

10.26

9.83

10.93

10.23

9.95

15.12

17.24

16.39

14.44

13.22

13.99

12.14

9.26

21.67

22.04

19.44

13.09

12.10

11.53

11.40

1.18

1.86

4.03

4.27

VODAFONE GROUP PLC-SP ADR

WYNN RESORTS LTD

2.45

158.25

25.63

17.78

11.23

2.45

2.33

2.22

2.04

XILINX INC

3.90

3.59

3.28

3.01

4.51

4.61

4.33

3.92

YAHOO! INC

1.80

1.73

1.55

1.39

5.83

5.64

5.45

5.28

1.25

5.13

10.36

2.68

3.04

3.12

3.02

59.60

13.77

3.24

3.93

4.09

4.39

50.32

-2.0%

17.39

12.45

0.00

0.00

0.00

0.00

78.78

10.0%

15.69

13.06

11.68

0.00

0.00

0.00

0.00

24.20

11.5%

13.43

12.34

11.52

0.00

0.00

0.00

0.00

63.31

-1.1%

21.20

18.34

16.13

2.59

2.69

2.78

2.89

37.34

-1.5%

17.28

15.56

14.21

13.35

2.84

3.16

3.56

3.59

43.27

-0.7%

8.02

21.05

18.01

15.27

13.73

2.74

2.99

3.09

3.16

34.59

7.5%

11.79

10.63

19.53

19.96

17.11

14.63

3.79

3.84

3.89

3.96

39.27

7.0%

3.74

3.22

13.16

9.41

0.00

0.00

0.00

0.00

11.72

18.1%

2.74

3.21

3.42

3.75

32.90

16.5%

1.71

1.77

1.95

2.33

11.49

0.00

0.00

0.00

0.00

8.15

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.56

0.57

0.57

0.57

32.35

6.9%

0.00

26.46

32.4% 14.5%

8.42

7.93

3.42

4.46

4.71

5.47

17.24

13.79

12.30

12.07

13.06

11.46

11.02

10.37

9.61

17.14

23.96

19.08

15.61

13.50

12.02

4.99

4.93

4.78

13.45

11.37

9.73

16.05

14.41

6.90

6.41

11.42

11.19

9.55

9.12

18.15

16.07

14.59

13.35

0.1%

58.67

20.1%

32.93

13.5%

39.17

17.6%

2.42

2.52

2.56

14.31

0.00

0.00

0.00

0.00

109.26

5.5%

0.76

0.93

0.82

0.93

37.88

20.4%

2.81

2.54

2.78

2.25

48.80

-2.7%

3.63

3.73

3.83

3.91

32.63

-6.4%

14.74

0.22

0.25

0.26

0.40

123.92

5.4%

13.03

11.68

0.00

0.00

0.00

824.32

18.7%

13.52

12.76

11.09

1.35

1.51

1.70

10.31

10.83

0.56

0.63

1.43

33.39

25.00

22.92

18.75

0.00

0.00

0.00

0.00

16.85

15.44

13.73

12.23

10.56

0.94

1.10

1.21

1.41

26.73

14.61

13.10

11.98

12.28

0.00

0.00

83.51

56.91

0.00

0.00

0.00

2.35

4.01

4.33

0.00

0.00

0.00

6.91

6.64

12.57

6.03

2.03

2.24

75.85

14.3%

120.19

42.1%

188.00

10.7%

65.95

11.0%

58.88

6.5%

0.00

81.76

13.8%

4.38

35.51

-1.0%

28.82

-43.4%

19.91

18.51

17.31

15.87

15.39

1.04

1.14

1.20

1.31

49.76

31.16

23.73

19.04

11.64

1.07

0.00

0.00

0.00

3.98

9.64

10.03

9.35

8.77

7.39

3.31

3.62

3.82

4.00

8.89

32.00

26.33

21.69

18.09

15.79

1.22

1.50

1.78

2.16

13.26

31.91

28.31

25.04

21.98

6.04

15.33

14.35

12.76

11.22

0.00

0.00

1.03

1.43

24.92

1.4%

8.16

21.06

20.29

16.13

14.67

15.43

2.05

2.87

3.07

3.21

34.19

-1.6%

12.40

30.51

26.12

23.23

1235.00

22.30

0.00

0.00

0.00

0.00

11.40

9.99

8.84

1.70

1.86

1.93

2.06

15.68

12.11

9.27

0.35

0.34

0.33

0.35

11.62

11.15

10.93

5.64

5.50

5.38

6.11

6.21

6.57

0.00

1.91

2.20

34.57

30.23

25.54

21.38

0.64

2.30

9.07

22.94

20.47

18.52

16.08

7.63

10.73

20.04

21.58

19.13

16.74

1.98

19.31

20.38

18.38

16.75

0.00

44.69

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

0.00

30.13

0.61

5.30

59.51

17.09

11.23

2.29

7.96

10.77

1.28

4.81

20.49

18.39

16.12

77.20

0.8%

3.60

16.7%

14.06

5.7%

63.88

12.1%

106.90

2.2%

61.70

0.5%

61.88

13.9%

64.75

5.6%

43.96

-8.6%

5.36

29.65

3.5%

2.59

50.77

4.3%

1.02

1.36

100.16

15.3%

3.21

3.24

3.26

138.92

11.5%

2.30

2.49

2.54

38.84

1.7%

0.00

0.00

0.00

22.96

-2.6%

0.44

4.01


27.03.2013

Activision Blizzard Inc Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products cover diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy.

Price/Volume 16

14.0 M

14

12.0 M

12

10.0 M

10

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATVI UW EQUITY YTD Change ATVI UW EQUITY YTD % CHANGE

12/2012 12/yy 15.07 10.46 999'988.00 14.46 -4.05% 38.31% 86.78% 1'113.7 16'104.06 0.00 0.0 0.0 4'375.00 11'729.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

6

4.0 M

4

2.0 M

2 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'026.0 2.75x 421.0 19.80x (107.0) 32.00x

8.0 M

8

Valuation Analysis

31.12.2009 31.12.2010 4'279.0 4'447.0 2.49x 2.52x 1'034.0 1'312.0 10.30x 8.55x 113.0 418.0 26.45x 25.39x Profitability

LTM-4Q 31.12.2011 4'755.0 2.20x 1'788.0 5.84x 1'085.0 13.25x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'856.0 1.53x 1'779.0 4.18x 1'149.0 10.51x 1'779.00 1'451.00 29.88% 30.02% 8.36% 10.47% 0.35% 65.8% 36.6% 29.9% 23.7% 2.37 1.92 0.00% 0.00% 7.16 9.27

Price/ Cash Flow

12/yy 4'756 8.58x 1'789.0 5.83x 1'085.0 13.25x

LTM 12/yy 4'856 7.73x 1'779.0 4.18x 1'149.0 10.62x

FY+1

1.24 0.80 425.85 15.45 13.93% 37.96% 0.797 26 4.846 1'299'422 2'192'225 2'133'043 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'277 4'682 706 609 2.50x 2.05x 16.59x 19.66x 1'430.4 1'675.4 188.7 96.3 8.20x 7.00x 8.09x 8.23x 964.8 1'170.1 125.0 52.6 17.03x 14.04x 16.99x 17.40x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.07.2008 NR -2.46 0.00 0.0% 0.0% 0.35 31.95 51.10 39.46 78.81 12.30

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Activision Blizzard Inc Holdings By:

All

Holder Name VIVENDI UNIVERSAL SA BLACKROCK GOLDMAN SACHS GROUP FMR LLC DAVIS SELECTED ADVIS INVESCO LTD VANGUARD GROUP INC JENNISON ASSOCIATES RS INVESTMENT MANAGE INVESTEC ASSET MANAG STATE STREET NEUBERGER BERMAN LLC WELLINGTON MANAGEMEN ALLIANZ ASSET MANAGE PRIMECAP MANAGEMENT DNB NOR ASSET MANAGE SCOTT & STRINGFELLOW BURGUNDY ASSET MANAG LEVIN CAPITAL STRATE DIMENSIONAL FUND ADV

Firm Name Wedbush Stifel MKM Partners Longbow Research BMO Capital Markets Brean Murray Carret & Co Cowen and Company Piper Jaffray Argus Research Corp Robert W. Baird & Co Sterne, Agee & Leach National Alliance Capital Markets Atlantic Equities LLP Credit Suisse Hilliard Lyons Janney Montgomery Scott LLC Jefferies William Blair & Co Macquarie S&P Capital IQ Ascendiant Capital Markets Pacific Crest Securities EVA Dimensions Wedge Partners Goldman Sachs Hudson Square Research

Portfolio Name n/a n/a GOLDMAN SACHS GROUP n/a DAVIS SELECTED ADVIS INVESCO LTD VANGUARD GROUP INC JENNISON ASSOCIATES RS INVESTMENT MANAGE INVESTEC ASSET MANAG n/a NEUBERGER BERMAN GRO WELLINGTON MANAGEMEN n/a PRIMECAP MANAGEMENT DNB NOR ASSET MANAGE SCOTT & STRINGFELLOW BURGUNDY ASSET MANAG LEVIN CAPITAL STRATE DIMENSIONAL FUND ADV

Analyst MICHAEL PACHTER DREW E CRUM ERIC O HANDLER JAMES L HARDIMAN EDWARD S WILLIAMS TODD MITCHELL DOUGLAS CREUTZ MICHAEL J OLSON JOSEPH F BONNER COLIN SEBASTIAN ARVIND BHATIA MICHAEL HICKEY CHRISTOPHER HICKEY STEPHEN JU JEFFREY S THOMISON SHAWN C MILNE BRIAN J PITZ RALPH SCHACKART BENJAMIN A SCHACHTER JIM YIN EDWARD WOO EVAN S WILSON ANDREW S ZAMFOTIS BRIAN BLAIR BRIAN KARIMZAD DANIEL ERNST

Source 13D ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation outperform buy buy neutral outperform buy outperform overweight buy outperform buy buy overweight outperform buy buy buy outperform outperform buy buy outperform buy no rating system Buy/Neutral buy

Amt Held 683'643'890 55'463'866 31'765'437 23'174'317 19'976'589 19'404'727 13'176'188 11'250'425 10'994'976 10'895'776 9'637'705 9'221'191 7'549'964 6'454'601 6'044'400 5'618'546 5'605'412 5'424'077 5'332'947 5'074'509

% Out 61.39 4.98 2.85 2.08 1.79 1.74 1.18 1.01 0.99 0.98 0.87 0.83 0.68 0.58 0.54 0.5 0.5 0.49 0.48 0.46

Weighting

Change

5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 #N/A N/A 5 5

M M M M M M M M M M M M M M M M M M U M M M M M M M

Latest Chg (35'000'000) (1'740'335) 26'306'631 8'647'721 (1'188'820) (1'294'285) (214'795) (1'395) 378'217 245'147 440'853 767'452 (28'824'951) (2'115'251) 308'200 662'822 (18'574) 1'713'049 5'332'947 102'063

Target Price 21 17 17 #N/A N/A 17 15 #N/A N/A 17 18 15 17 16 14 16 15 14 16 #N/A N/A 15 15 16 15 #N/A N/A #N/A N/A 16 16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.11.2011 Corporation 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 21.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 25.02.2013 21.02.2013 19.02.2013 14.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 15.01.2013 26.11.2012 09.11.2011 23.04.2009


27.03.2013

Adobe Systems Inc Adobe Systems Incorporated develops, markets, and supports computer software products and technologies. The Company's products allow users to express and use information across all print and electronic media. Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADBE UW EQUITY YTD Change ADBE UW EQUITY YTD % CHANGE

11/2012 03/yy 43.42 29.52 552'443.00 42.74 -1.55% 44.78% 95.14% 501.5 21'436.16 1'508.16 0.0 0.0 3'538.35 19'306.88

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.11.2009 30.11.2010 2'945.9 3'800.0 5.97x 3.60x 1'014.2 1'309.1 17.34x 10.45x 386.5 774.7 44.23x 20.38x Profitability

5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12

LTM-4Q 30.11.2011 4'216.3 2.83x 1'467.3 8.13x 832.8 15.32x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.11.2012 4'403.7 3.42x 1'477.0 10.20x 832.8 21.10x 1'477.04 1'177.27 26.73% 25.41% 7.39% 11.14% 9.65% 0.45% 89.0% 29.7% 22.7% 18.9% 3.41 3.27 15.12% 22.63% 8.75 -

Price/ Cash Flow

03/yy 4'233.8 12.62x 1'454.6 10.64x 783.5 19.84x

m-12

j-12

j-12

a-12

LTM 03/yy 4'366.3 13.72x 1'296.0 13.77x 712.7 28.25x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 0.98 468.19 10.96 23.42% 13.43% 0.981 26 3.500 1'531'074 1'095'489 1'021'079 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 05/13 Q2 08/13 Q3 4'117.6 4'539.1 1'011.9 1'018.5 4.59x 4.16x 19.63x 19.46x 1'197.4 1'425.5 288.4 300.1 16.13x 13.55x 14.86x 13.84x 738.5 914.2 171.5 183.6 30.10x 23.84x 29.44x 28.21x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.01.2010 BBB+ STABLE 21.89 17.87 -1.64 1.18 22.6% 18.5% 0.45 7.07 41.60 48.84 -

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 27.11.2009

6.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.11.2008 3'579.9 2.94x 1'330.6 7.90x 871.8 12.80x

50 45 40 35 30 25 20 15 10 5 0 m-12

0.0 27.05.2010

27.11.2010

27.05.2011

27.11.2011

27.05.2012

27.11.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Adobe Systems Inc Holdings By:

All

Holder Name PRIMECAP MANAGEMENT CAPITAL GROUP COMPAN VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP BANK OF NEW YORK MEL BLACKROCK DODGE & COX VANGUARD GROUP INC STATE STREET MACQUARIE GROUP INVESCO LTD JP MORGAN FMR LLC INSTITUTIONAL CAPITA GOLDMAN SACHS GROUP UBS NORTHERN TRUST CORPO OPPENHEIMERFUNDS INC TIAA CREF INVESTMENT ALLIANZ ASSET MANAGE

Firm Name Lazard Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Argus Research Corp Credit Suisse Edward Jones Janney Montgomery Scott LLC Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co FBR Capital Markets Macquarie Stifel Griffin Securities Cowen and Company JMP Securities Piper Jaffray Wedge Partners Jefferies Wells Fargo Securities, LLC EVA Dimensions Atlantic Equities LLP

Portfolio Name PRIMECAP MANAGEMENT n/a VALUEACT HOLDINGS LP n/a BANK OF NEW YORK MEL n/a DODGE & COX VANGUARD GROUP INC n/a n/a INVESCO LTD n/a n/a INSTITUTIONAL CAPITA GOLDMAN SACHS GROUP n/a NORTHERN TRUST CORPO OPPENHEIMER FUNDS IN TIAA-CREF INVESTMENT n/a

Analyst BRETT FODERO THOMAS ERNST JR JENNIFER LOWE HEATHER BELLINI ROBERT P BREZA JOSEPH F BONNER PHILIP WINSLOW JOSH OLSON RICHARD FETYKO BRENDAN BARNICLE STEVEN M ASHLEY MARK L MOERDLER DAVID M HILAL BRAD A ZELNICK BLAIR ABERNETHY JAY VLEESCHHOUWER PETER GOLDMACHER PATRICK WALRAVENS MICHAEL J OLSON KIRK ADAMS ROSS MACMILLAN JASON MAYNARD ANDREW S ZAMFOTIS CHRISTOPHER HICKEY

Source 13F ULT-AGG 13F Research 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation neutral buy Equalwt/In-Line Sell/Neutral outperform hold neutral hold neutral sector perform neutral outperform underperform outperform hold buy outperform market outperform neutral no rating system hold market perform hold neutral

Amt Held 41'990'090 32'056'800 31'303'362 31'303'362 28'969'101 24'243'681 23'408'246 22'068'491 19'658'202 16'028'894 14'441'727 9'585'287 9'284'149 8'570'714 8'333'959 8'316'859 6'606'256 6'262'292 6'230'316 6'094'062

% Out 8.37 6.39 6.24 6.24 5.78 4.83 4.67 4.4 3.92 3.2 2.88 1.91 1.85 1.71 1.66 1.66 1.32 1.25 1.24 1.22

Weighting

Change

3 5 3 1 5 3 3 3 3 3 3 5 1 5 3 5 5 4 3 #N/A N/A 3 3 3 3

M M M M M M M M M M M M M M D M M M M M M M M M

Latest Chg (921'300) 8'670'057 452'801 (254'043) 2'214'496 507'549 154'535 609'606 2'526'910 (301'806) 1'778'118 8'570'714 432'333 (470'074) (148'465) 13'690 307'156 343'947

Target Price #N/A N/A 50 #N/A N/A 34 52 #N/A N/A 35 #N/A N/A 38 #N/A N/A 43 52 30 46 #N/A N/A 48 #N/A N/A 46 43 #N/A N/A 43 #N/A N/A #N/A N/A 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Date 25.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 15.01.2013 14.12.2012


27.03.2013

Akamai Technologies Inc Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the Internet, ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M 5.0 M

30

12/2012 12/yy 42.52 25.90 623'142.00 35.08 -17.50% 35.44% 55.23% 177.9 6'240.11 0.00 0.0 0.0 1'095.24 5'144.87

25

4.0 M

20

3.0 M

15

2.0 M

10

1.0 M

5 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 790.9 2.51x 313.7 6.32x 145.1 11.61x

7.0 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKAM UW EQUITY YTD Change AKAM UW EQUITY YTD % CHANGE

45

31.12.2009 31.12.2010 859.8 1'023.6 4.04x 7.36x 347.3 398.0 10.01x 18.93x 145.9 171.2 19.34x 52.28x Profitability

LTM-4Q 31.12.2011 1'158.5 3.88x 463.4 9.71x 200.9 30.45x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'373.9 4.50x 519.1 11.90x 204.0 35.57x 519.06 314.89 22.92% 23.41% 8.25% 9.06% 9.06% 0.56% 68.6% 37.8% 22.9% 14.8% 3.59 3.23 0.00% 0.00% 6.39 -

Price/ Cash Flow

12/yy 1'158.5 14.93x 463.4 9.71x 200.9 30.45x

LTM 12/yy 1'373.9 16.10x 519.1 11.90x 204.0 35.57x

FY+1

0.00 1.31 171.97 15.60 -6.90% -14.25% 1.311 29 3.966 762'414 1'103'705 1'059'625 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'510.2 1'715.0 357.3 363.5 3.49x 2.93x 14.28x 13.87x 639.5 739.7 151.4 153.3 8.05x 6.96x 8.01x 7.75x 348.8 396.5 84.9 81.9 17.91x 15.85x 18.10x 17.88x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

12.11.2002 NR -2.11 0.00 0.0% 0.0% 0.56 4.31 57.23 34.55 -

Sales/Revenue/Turnover

25.00

1'600.0 1'400.0

20.00

1'200.0 1'000.0

15.00

800.0 10.00

600.0 400.0

5.00

0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Akamai Technologies Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA VANGUARD GROUP INC BLACKROCK STATE STREET WELLINGTON MANAGEMEN FMR LLC MORGAN STANLEY BANK OF NEW YORK MEL LEIGHTON F THOMSON ALLIANZ ASSET MANAGE INVESCO LTD COATUE MANAGEMENT LL BROOKSIDE CAPITAL IN CLEARBRIDGE INVESTME FAIRPOINTE CAPITAL L NORTHERN TRUST CORPO EARNEST PARTNERS LLC NORGES BANK MANAGED ACCOUNT ADVI COLUMBUS CIRCLE INVE

Firm Name D.A. Davidson & Co Oppenheimer & Co Craig-Hallum Capital Group LLC FBN Securities Tigress Financial Partners Jefferies S&P Capital IQ Wells Fargo Securities, LLC Maxim Group LLC FBR Capital Markets Macquarie Janney Montgomery Scott LLC Pacific Crest Securities William Blair & Co Raymond James B Riley & Company, Inc Stifel Cowen and Company Credit Agricole Securities (USA) JPMorgan Dougherty & Company LLC Canaccord Genuity Corp Piper Jaffray Morgan Stanley Goldman Sachs Credit Suisse EVA Dimensions Battle Road Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL n/a n/a INVESCO LTD COATUE MANAGEMENT LL BROOKSIDE CAPITAL MA CLEARBRIDGE INVESTME FAIRPOINTE CAPITAL L NORTHERN TRUST CORPO EARNEST PARTNERS LLC NORGES BANK MANAGED ACCOUNT ADVI COLUMBUS CIRCLE INVE

Analyst DONNA M JAEGERS TIMOTHY K HORAN JEFF VAN RHEE SHEBLY SEYRAFI IVAN FEINSETH AARON SCHWARTZ SCOTT H KESSLER GRAY W POWELL GREG MESNIAEFF DAVID M HILAL KEVIN SMITHEN RICHARD FETYKO CHAD BARTLEY JAMES D BREEN JR MICHAEL TURITS SAMEET SINHA BEN LOWE COLBY SYNESAEL EDWARD MAGUIRE STERLING AUTY MARK KELLEHER GREGORY MILLER MICHAEL J OLSON JENNIFER LOWE HEATHER BELLINI PHILIP WINSLOW ANDREW S ZAMFOTIS TEAM COVERAGE

Source 13G 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F Form 4 ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy outperform buy outperform strong buy hold strong buy outperform buy market perform outperform neutral sector perform outperform market perform buy hold outperform buy neutral buy buy overweight Equalwt/In-Line neutral/neutral underperform underweight hold

Amt Held 20'446'047 10'552'831 9'381'857 7'880'054 6'167'160 5'657'984 4'997'389 4'155'077 3'803'876 3'782'211 3'406'403 3'301'129 3'182'552 3'060'013 2'650'409 2'471'613 1'823'137 1'444'989 1'407'918 1'398'929

% Out 11.49 5.93 5.27 4.43 3.47 3.18 2.81 2.34 2.14 2.13 1.91 1.86 1.79 1.72 1.49 1.39 1.02 0.81 0.79 0.79

Weighting

Change 5 5 5 5 5 3 5 5 5 3 5 3 3 5 3 5 3 5 5 3 5 5 5 3 3 1 1 3

M M M N M M U M N M M M M M M M M M M M M M M M M M M M

Latest Chg 5'548'410 162'538 351'376 3'835'050 (2'835'333) (686'077) 352'843 30'000 (527'044) 377'785 (1'528'393) 624'104 (271'044) (538'495) 2'632 (48'222) 95'439 87'951 843'390

Target Price 45 43 44 45 #N/A N/A 40 45 #N/A N/A 44 36 42 40 #N/A N/A #N/A N/A #N/A N/A 41 #N/A N/A #N/A N/A 45 42 50 45 40 #N/A N/A 40 30 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.03.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 18 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 22.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 25.02.2013 07.02.2013 07.02.2013 07.02.2013 15.01.2013 07.06.2012


27.03.2013

Alexion Pharmaceuticals Inc Alexion Pharmaceuticals, Inc., a biopharmaceutical company, researches and develops proprietary immunoregulatory compounds for the treatment of autoimmune and cardiovascular diseases. The Company develops C5 complement inhibitors and Apogens which are two classes of potential therapeutic compounds designed to selectively target specific disease-causing segments of the immune system.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (07.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALXN UW EQUITY YTD Change ALXN UW EQUITY YTD % CHANGE

12/2012 12/yy 119.53 81.39 345'720.00 91.35 -23.58% 12.24% 26.11% 195.2 17'832.37 149.00 0.0 0.0 989.50 16'991.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

120

12.0 M

100

10.0 M

80

8.0 M

60

6.0 M

40

4.0 M

20

2.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 259.1 11.40x 42.2 69.99x 33.1 92.79x

140

31.12.2009 31.12.2010 386.8 541.0 10.81x 12.96x 99.5 166.4 41.99x 42.14x 295.2 97.0 53.07x 76.71x Profitability

LTM-4Q 31.12.2011 783.4 16.24x 261.9 48.58x 175.3 74.48x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'134.1 15.35x 424.0 41.06x 254.8 67.93x 423.96 400.07 35.28% 35.06% 12.71% 16.41% 15.95% 0.57% 88.9% 37.4% 35.3% 22.5% 4.15 3.57 5.70% 7.56% 4.20 1.44

Price/ Cash Flow

12/yy 783.4 52.66x 261.9 48.58x 175.3 82.66x

LTM 12/yy 1'134.1 65.98x 424.0 41.06x 254.8 70.48x

FY+1

0.00 0.83 192.56 4.06 -2.07% -2.62% 0.831 25 4.600 285'753 599'186 510'584 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'509.4 1'893.6 335.9 364.2 11.06x 8.55x 50.79x 46.62x 653.1 892.3 135.0 147.0 26.02x 19.05x 26.84x 590.9 697.9 121.5 138.5 31.57x 27.43x 31.65x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

57.28 54.33 -1.98 0.35 7.6% 7.0% 0.57 6.84 87.12 255.05 49.27 292.90

Sales/Revenue/Turnover

70.00

1'200.0

60.00

1'000.0

50.00

800.0

40.00

600.0 30.00

400.0 20.00

200.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Alexion Pharmaceuticals Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA FMR LLC BLACKROCK JENNISON ASSOCIATES VANGUARD GROUP INC SANDS CAPITAL MANAGE STATE STREET JANUS CAPITAL MANAGE VIKING GLOBAL INVEST AMERIPRISE FINANCIAL AMERICAN CENTURY COM BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO HARBOR CAPITAL ADVIS JP MORGAN TIAA CREF INVESTMENT TOUCHSTONE ADVISORS ARTISAN PARTNERS HOL

Firm Name Robert W. Baird & Co Sanford C. Bernstein & Co Canaccord Genuity Corp Cowen and Company Wells Fargo Securities, LLC Lazard Capital Markets Janney Montgomery Scott LLC Leerink Swann & Co Morgan Stanley Goldman Sachs Brean Murray Carret & Co JPMorgan Jefferies William Blair & Co Stifel Oppenheimer & Co Guggenheim Securities LLC Piper Jaffray Barclays S&P Capital IQ EVA Dimensions Deutsche Bank

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a n/a JENNISON ASSOCIATES VANGUARD GROUP INC SANDS CAPITAL MANAGE n/a n/a VIKING GLOBAL INVEST AMERIPRISE FINANCIAL AMERICAN CENTURY COM BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO Multiple Portfolios n/a TIAA-CREF INVESTMENT Multiple Portfolios ARTISAN PARTNERS LP

Analyst CHRISTOPHER J RAYMOND GEOFFREY C PORGES SALVEEN J RICHTER ERIC SCHMIDT BRIAN C ABRAHAMS JOSHUA SCHIMMER KIMBERLY LEE HOWARD LIANG DAVID FRIEDMAN TERENCE FLYNN JONATHAN M ASCHOFF GEOFFREY MEACHAM EUN K YANG JOHN S SONNIER STEPHEN D WILLEY DAVID FERREIRO BRET HOLLEY M IAN SOMAIYA YING HUANG STEVEN SILVER ANDREW S ZAMFOTIS ROBYN KARNAUSKAS

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F MF-AGG ULT-AGG 13F MF-AGG 13F

Recommendation outperform market perform buy outperform market perform buy neutral outperform Overwt/In-Line buy/attractive buy overweight hold outperform buy outperform buy overweight overweight buy buy buy

Amt Held 30'257'061 18'500'374 14'952'509 13'337'767 10'056'686 8'519'061 8'078'606 7'722'801 4'713'716 4'014'242 3'693'290 3'135'927 2'830'500 2'722'627 2'696'867 2'669'856 2'667'173 2'567'502 2'268'866 1'575'200

% Out 15.5 9.48 7.66 6.83 5.15 4.36 4.14 3.96 2.41 2.06 1.89 1.61 1.45 1.39 1.38 1.37 1.37 1.32 1.16 0.81

Weighting

Change 5 3 5 5 3 5 3 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5

M M M M M U M M M M M M M M M M M M M M M M

Latest Chg 215 495'500 (2'556'631) (697'284) 737'216 250'074 227'389 327'372 961'192 4'014'242 517'382 111'414 65'670 (494'724) 20'210 406'152 (1'204'145) (45'482) (76'000) 133'000

Target Price 125 92 132 #N/A N/A #N/A N/A 102 107 #N/A N/A 108 122 120 120 88 #N/A N/A 118 115 121 122 118 116 #N/A N/A 117

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 9 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 20.03.2013 11.03.2013 04.03.2013 04.03.2013 26.02.2013 20.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 25.01.2013 15.01.2013 25.10.2012


27.03.2013

Altera Corp Altera Corporation is a global semiconductor company that designs, manufactures, and markets programmable logic devices and associated development tools. The Company's products, include a variety of programmable logic devices and hardcopy application-specific integrated circuits.

Price/Volume 45

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (24.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALTR UW EQUITY YTD Change ALTR UW EQUITY YTD % CHANGE

12/2012 12/yy 40.14 29.59 528'618.00 35.14 -12.46% 18.76% 52.61% 319.8 11'236.10 500.00 0.0 0.0 3'017.59 8'718.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 m-12

31.12.2009 31.12.2010 1'195.4 1'954.4 4.74x 4.66x 333.6 895.9 17.00x 10.16x 251.1 782.9 26.94x 14.29x Profitability

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 2'064.5 4.36x 881.1 10.23x 770.7 15.79x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'783.0 4.75x 628.1 13.49x 556.8 19.99x 628.10 591.24 33.16% 33.20% 12.46% 17.60% 15.40% 0.40% 69.6% 35.2% 33.2% 31.2% 6.78 6.15 10.73% 15.00% 6.41 3.94

Price/ Cash Flow

12/yy 2'064.5 19.46x 881.1 10.23x 770.7 15.79x

LTM 12/yy 1'783.0 19.71x 628.1 13.49x 556.8 20.11x

FY+1

1.02 1.27 318.69 5.45 -9.66% 2.33% 1.271 32 3.656 710'706 1'015'133 978'217 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'823.5 2'075.1 413.7 449.6 4.62x 3.89x 20.99x 19.17x 597.4 739.4 120.0 141.7 14.59x 11.79x 14.70x 13.39x 493.4 610.9 105.2 116.0 22.86x 18.83x 22.86x 21.17x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.11.2011 ASTABLE 78.75 71.11 -4.01 0.80 15.0% 13.0% 0.40 9.44 57.06 92.93 32.70 117.30

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'367.2 3.06x 434.3 9.62x 359.7 14.16x

15

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Altera Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK SUN LIFE FINANCIAL I VANGUARD GROUP INC GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT STATE STREET JP MORGAN WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE OPPENHEIMERFUNDS INC CAPITAL GROUP COMPAN WADDELL & REED FINAN NEUBERGER BERMAN LLC T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO ARTISAN PARTNERS HOL INVESCO LTD CADIAN CAPITAL MANAG BAILLIE GIFFORD AND

Firm Name BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Nomura MKM Partners Raymond James Miller Tabak + Co., LLC Jefferies RBC Capital Markets Mizuho Securities USA Inc GARP Research Macquarie Argus Research Corp ISI Group Pacific Crest Securities Drexel Hamilton LLC Lazard Capital Markets Piper Jaffray Goldman Sachs Barclays Deutsche Bank Morgan Stanley Credit Suisse JPMorgan William Blair & Co Credit Agricole Securities (USA) SunTrust Robinson Humphrey Canaccord Genuity Corp Wedge Partners EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT n/a n/a WELLINGTON MANAGEMEN EAGLE CAPITAL MANAGE OPPENHEIMER FUNDS IN n/a WADDELL & REED FINAN NEUBERGER BERMAN GRO T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO ARTISAN PARTNERS LP INVESCO LTD CADIAN CAPITAL MANAG BAILLIE GIFFORD & CO

Analyst AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG ROMIT SHAH DANIEL A BERENBAUM HANS C MOSESMANN BRENDAN FURLONG MARK J LIPACIS DOUG FREEDMAN RUBEN ROY STEPHEN SAUNDERS SHAWN WEBSTER JAMES KELLEHER SUMIT DHANDA JOHN VINH RICHARD WHITTINGTON IAN ING AUGUSTE P RICHARD JAMES SCHNEIDER BLAYNE CURTIS ROSS C SEYMORE JOSEPH MOORE JOHN W PITZER CHRISTOPHER DANELY ANIL K DORADLA SRINI PAJJURI WILLIAM STEIN ROBERT BURLESON JUN ZHANG ANDREW S ZAMFOTIS

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform neutral outperform reduce neutral strong buy hold hold sector perform buy buy neutral hold neutral sector perform buy neutral overweight buy/attractive equalweight hold Overwt/In-Line neutral neutral market perform buy neutral hold no rating system hold

Amt Held 24'871'009 17'460'092 15'117'297 14'317'894 14'051'363 13'119'135 12'485'525 11'419'255 9'597'620 9'206'161 8'573'092 8'500'000 8'407'529 8'347'713 5'994'701 4'782'958 4'610'400 3'609'232 3'444'400 3'436'351

% Out 7.78 5.46 4.73 4.48 4.39 4.1 3.9 3.57 3 2.88 2.68 2.66 2.63 2.61 1.87 1.5 1.44 1.13 1.08 1.07

Weighting

Change

5 3 5 2 3 5 3 3 3 5 5 3 3 3 3 5 3 5 5 3 3 5 3 3 3 5 3 3 #N/A N/A 3

M M M M M M M M M M M M N M M M M M M M M M M M D M M M M M

Latest Chg 8'679'679 3'940'534 291'013 4'649'182 (776'600) 130'132 (6'994'056) (412'673) 333'798 22'060 (600'000) 666'690 1'286'209 (962'960) (117'329) (5'000) (348'696) 1'490'000 379'626

Target Price 40 33 #N/A N/A 27 32 42 34 35 36 41 #N/A N/A 38 #N/A N/A 29 #N/A N/A 45 #N/A N/A 36 41 35 32 36 30 29 #N/A N/A 40 32 34 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 18.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 07.03.2013 04.03.2013 28.02.2013 27.02.2013 26.02.2013 25.02.2013 20.02.2013 11.02.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 18.01.2013 15.01.2013


27.03.2013

Amazon.com Inc Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMZN UW EQUITY YTD Change AMZN UW EQUITY YTD % CHANGE

12/2012 12/yy 284.68 183.66 265'757.00 259.685 -8.78% 41.39% 71.63% 454.6 118'040.09 5'510.00 0.0 0.0 11'448.00 112'102.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

50

1.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 19'166.0 0.98x 1'129.0 16.55x 645.0 36.89x

300

31.12.2009 31.12.2010 24'509.0 34'204.0 2.19x 2.15x 1'507.0 1'974.0 35.69x 37.21x 902.0 1'152.0 63.45x 71.15x Profitability

LTM-4Q 31.12.2011 48'077.0 1.49x 1'945.0 36.75x 631.0 126.35x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 61'093.0 1.77x 2'835.0 38.08x (39.0) 5017.40x 2'835.00 676.00 1.11% 0.64% -0.14% -0.50% -0.42% 2.11% 24.8% 4.6% 1.1% -0.1% 1.12 0.78 16.93% 67.26% 20.59 8.34

Price/ Cash Flow

LTM

12/yy 48'077.0 6.86x 1'945.0 36.75x 632.0 126.35x

12/yy 61'093.0 6.68x 2'834.0 38.09x (40.0) 696.86x

FY+1

0.00 1.18 366.92 7.35 28.01% 3.40% 1.180 43 4.256 799'145 822'788 893'988 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 75'719.6 92'943.2 16'180.5 15'981.5 1.48x 1.16x 7.07x 7.11x 4'673.5 6'406.4 957.6 1'068.9 24.02x 17.53x 23.58x 22.38x 1'478.2 2'507.9 263.1 325.1 77.29x 45.63x 78.72x 70.28x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -2.10 1.94 67.3% 40.2% 2.11 10.65 17.78 43.88 95.23 -33.57

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Amazon.com Inc Holdings By:

All

Holder Name BEZOS JEFFREY P CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET BAILLIE GIFFORD AND SANDS CAPITAL MANAGE JP MORGAN JENNISON ASSOCIATES MORGAN STANLEY INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL UBS WELLINGTON MANAGEMEN TORONTO DOMINION BAN TIAA CREF INVESTMENT WINSLOW CAPITAL MANA

Firm Name Janney Montgomery Scott LLC Robert W. Baird & Co ISI Group Sanford C. Bernstein & Co William Blair & Co Cantor Fitzgerald Cowen and Company Pacific Crest Securities Barclays JMP Securities Evercore Partners EVA Dimensions BMO Capital Markets JPMorgan Canaccord Genuity Corp Stifel Piper Jaffray Topeka Capital Markets Inc Nomura Daiwa Securities Co. Ltd. Telsey Advisory Group Morgan Stanley Oppenheimer & Co Argus Research Corp Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse Jefferies Needham & Co Raymond James Macquarie B Riley & Company, Inc Wells Fargo Securities, LLC Atlantic Equities LLP Benchmark Company LLC Credit Agricole Securities (USA) Wedge Partners McAdams Wright Ragen Inc BGC Partners S&P Capital IQ Battle Road Research First Global Stockbroking

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a BAILLIE GIFFORD & CO SANDS CAPITAL MANAGE n/a JENNISON ASSOCIATES n/a INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN TORONTO DOMINION BAN TIAA-CREF INVESTMENT WINSLOW CAPITAL MANA

Analyst SHAWN C MILNE COLIN SEBASTIAN GREGORY MELICH CARLOS KIRJNER MARK R MILLER YOUSSEF H SQUALI JOHN BLACKLEDGE CHAD BARTLEY ANTHONY J DICLEMENTE RONALD V JOSEY III KEN SENA CRAIG STERLING EDWARD S WILLIAMS DOUGLAS ANMUTH MICHAEL GRAHAM JORDAN ROHAN EUGENE E MUNSTER VICTOR ANTHONY BRIAN NOWAK KAZUYA NISHIMURA THOMAS FORTE SCOTT W DEVITT JASON S HELFSTEIN JOSEPH F BONNER ROSS SANDLER HEATH P TERRY MARK S MAHANEY STEPHEN JU BRIAN J PITZ KERRY RICE AARON M KESSLER BENJAMIN A SCHACHTER SCOTT TILGHMAN MATTHEW NEMER JAMES CORDWELL DANIEL L KURNOS JAMES LEE BRIAN BLAIR DAN GEIMAN COLIN W GILLIS MICHAEL SOUERS TEAM COVERAGE RITESH DOSHI

Source Form 4 ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F

Recommendation buy outperform buy outperform outperform buy outperform outperform equalweight market perform overweight sell market perform neutral hold buy overweight buy buy outperform no rating system Overwt/Attractive outperform hold buy buy/attractive outperform outperform buy hold market perform outperform buy outperform overweight buy outperform no rating system hold hold hold hold market perform

Amt Held 86'970'020 43'940'459 20'211'207 18'170'531 15'967'446 15'535'787 13'841'567 11'864'837 7'730'515 6'405'541 6'217'693 5'456'857 5'407'626 5'046'581 4'778'512 4'522'854 4'405'355 4'260'200 3'037'780 3'002'027

% Out 19.13 9.67 4.45 4 3.51 3.42 3.05 2.61 1.7 1.41 1.37 1.2 1.19 1.11 1.05 1 0.97 0.94 0.67 0.66

Weighting

Change

5 5 5 5 5 5 5 5 3 3 5 1 3 3 3 5 5 5 5 5 #N/A N/A 5 5 3 5 5 5 5 5 3 3 5 5 5 5 5 5 #N/A N/A 3 3 3 3 3

M M M M M M M M M N M D M D M M M M M M M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg (195'151) 4'330'950 1'315'756 (211'684) 407'611 (672'592) 141'685 18'391 238'226 374'494 (801'059) (186'717) (822'311) (13'747) 75'209 (623'769) (179'692) (100) (14'891) 257'610

Target Price 310 325 320 320 #N/A N/A 300 #N/A N/A 346 260 #N/A N/A 330 #N/A N/A 260 300 300 335 329 360 300 295 370 325 325 #N/A N/A 335 330 330 334 330 #N/A N/A #N/A N/A 305 341 #N/A N/A 325 330 290 #N/A N/A #N/A N/A 220 250 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.02.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 9 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 18 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 16.03.2013 15.03.2013 14.03.2013 14.03.2013 12.03.2013 12.03.2013 12.03.2013 06.03.2013 22.02.2013 20.02.2013 13.02.2013 11.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 26.11.2012 26.10.2012 26.10.2012 26.10.2012 27.04.2012 27.07.2011


27.03.2013

Amgen Inc Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMGN UW EQUITY YTD Change AMGN UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 98.03 65.38 417'252.00 97.84 -0.19% 49.65% 97.85% 748.4 73'226.39 26'541.00 0.0 0.0 24'061.00 75'706.39

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 15'003.0 4.02x 6'287.0 9.59x 4'052.0 12.89x

120

31.12.2009 31.12.2010 14'642.0 15'053.0 3.65x 3.13x 6'728.0 6'679.0 7.94x 7.05x 4'605.0 4'627.0 11.71x 11.68x Profitability

LTM-4Q 31.12.2011 15'582.0 3.33x 5'372.0 9.66x 3'683.0 12.87x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 14.37x 6'665.00 5'577.00 32.30% 29.01% 8.42% 22.81% 12.22% 0.33% 83.1% 38.6% 32.3% 25.2% 3.81 3.24 48.88% 139.25% 6.38 1.12

Price/ Cash Flow

LTM

12/yy 15'582.0 12.25x 5'372.0 9.66x 3'683.0 13.02x

12/yy 17'265.0 14.29x 6'665.0 10.15x 4'345.0 14.46x

FY+1

1.47 0.71 747.54 14.88 47.70% 13.97% 0.712 33 3.970 1'434'266 1'826'069 1'689'150 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'044.7 18'398.7 4'368.8 4'514.1 3.81x 3.54x 7'499.5 8'265.9 1'782.0 1'782.0 10.11x 9.17x 10.47x 5'527.7 6'219.2 1'427.9 1'356.4 13.60x 11.90x 13.61x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.09.2007 A+ STABLE 31.05.2012 A-1+ 6.18 5.54 0.37 3.98 139.2% 58.2% 0.33 3.21 57.39 327.87 89.08 296.17

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Amgen Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN INVESCO LTD FRANKLIN RESOURCES NORTHERN TRUST CORPO BANK OF AMERICA CORP T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA CREF INVESTMENT CLEARBRIDGE INVESTME NORGES BANK LSV ASSET MANAGEMENT SUSQUEHANNA INTERNAT LEGG MASON INC

Firm Name Edward Jones Leerink Swann & Co BMO Capital Markets Morgan Stanley Brean Murray Carret & Co Robert W. Baird & Co Sanford C. Bernstein & Co William Blair & Co Hamburger Sparkasse Stifel Guggenheim Securities LLC Cowen and Company S&P Capital IQ RBC Capital Markets Credit Suisse Piper Jaffray Argus Research Corp Jefferies Lazard Capital Markets ISI Group Oppenheimer & Co Atlantic Equities LLP Independent Research GmbH JPMorgan Barclays EVA Dimensions Goldman Sachs Deutsche Bank First Global Stockbroking Cyrrus

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN INVESCO LTD n/a NORTHERN TRUST CORPO BANK OF AMERICA T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL BANK OF NEW YORK MEL TIAA-CREF INVESTMENT CLEARBRIDGE INVESTME NORGES BANK LSV ASSET MANAGEMENT SUSQUEHANNA INTERNAT Multiple Portfolios

Analyst JUDSON CLARK HOWARD LIANG JIM BIRCHENOUGH MARSHALL URIST GENE MACK CHRISTOPHER J RAYMOND GEOFFREY C PORGES JOHN S SONNIER MARCO GUENTHER JOEL D SENDEK BRET HOLLEY ERIC SCHMIDT STEVEN SILVER MICHAEL J YEE RAVI MEHROTRA M IAN SOMAIYA JOHN M EADE EUN K YANG JOSHUA SCHIMMER MARK J SCHOENEBAUM BORIS PEAKER RICHARD J PURKISS CHRISTOPH SCHOENDUBE GEOFFREY MEACHAM CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS TERENCE FLYNN ROBYN KARNAUSKAS KAVITA THOMAS TOMAS MENCIK

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG

Recommendation hold market perform market perform Equalwt/In-Line buy neutral market perform market perform sell hold neutral outperform buy outperform neutral overweight buy buy buy buy market perform overweight buy neutral equalweight buy neutral/attractive buy sector outperform buy

Amt Held 76'142'906 58'002'657 44'895'140 42'036'924 34'391'769 31'109'405 21'832'328 15'651'522 11'669'900 11'487'213 11'107'530 10'496'023 8'561'832 8'520'399 7'581'069 7'120'455 6'263'455 5'365'370 5'306'546 5'225'051

% Out 10.17 7.75 6 5.62 4.6 4.16 2.92 2.09 1.56 1.53 1.48 1.4 1.14 1.14 1.01 0.95 0.84 0.72 0.71 0.7

Weighting

Change 3 3 3 3 5 3 3 3 1 3 3 5 5 5 3 5 5 5 5 5 3 5 5 3 3 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M N U M M

Latest Chg 2'810'500 3'329'190 (2'963'375) 648'331 313'379 (1'069'549) 706'375 (4'012'727) (484'470) 3'592'934 (660'498) 1'929'023 (189'300) 734'423 (145'272) 5'419'529 (677'420) 1'981'232 (176'156)

Target Price #N/A N/A #N/A N/A 83 #N/A N/A 98 86 104 #N/A N/A #N/A N/A #N/A N/A 95 #N/A N/A 104 95 100 107 96 100 106 92 89 115 103 85 90 #N/A N/A 91 108 #N/A N/A 78

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013 22.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 15.03.2013 12.03.2013 04.03.2013 01.03.2013 25.02.2013 25.02.2013 15.02.2013 07.02.2013 07.02.2013 15.01.2013 13.12.2012 22.10.2012 17.05.2012 05.04.2012


27.03.2013

Analog Devices Inc Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing. The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications. Analog Devices sells its products worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADI UW EQUITY YTD Change ADI UW EQUITY YTD % CHANGE

10/2012 02/yy 47.16 34.25 647'283.00 45.75 -2.99% 33.58% 89.08% 306.0 13'998.79 821.60 0.0 0.0 3'900.38 10'771.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.10.2008 2'582.9 1.90x 781.6 6.28x 786.3 12.00x

50 45 40 35 30 25 20 15 10 5 0 a-12

LTM-4Q

31.10.2009 31.10.2010 2'014.9 2'761.5 3.00x 2.81x 478.3 1'037.5 12.64x 7.49x 247.8 712.1 26.42x 14.21x Profitability

31.10.2011 2'993.3 2.85x 1'192.5 7.15x 867.4 13.91x

31.10.2012 2'701.1 3.25x 942.3 9.32x 651.2 18.69x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

942.31 832.48 30.82% 30.12% 11.70% 15.75% 13.57% 0.49% 64.5% 34.5% 30.4% 24.1% 8.94 8.08 14.62% 19.72% 8.47 3.15

Price/ Cash Flow

02/yy 2'912.9 11.98x 1'117.4 8.18x 784.7 15.90x

LTM 02/yy 2'675.2 13.57x 923.5 11.08x 643.1 21.17x

FY+1

2.62 302.88 5.32 9.59% 30 3.933 690'032 826'644 797'643 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 2'696.8 2'988.0 660.9 687.0 4.01x 3.43x 17.22x 16.33x 929.3 1'133.1 225.4 247.3 11.59x 9.51x 10.78x 10.18x 670.9 843.0 162.7 178.6 21.03x 16.94x 19.70x 18.60x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.09.2010 ASTABLE 18.03.2008 A-2 35.66 30.66 -3.49 0.82 19.7% 16.5% 0.49 5.53 42.97 115.39 42.62 121.28

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Analog Devices Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BLACKROCK FMR LLC VANGUARD GROUP INC JP MORGAN STATE STREET T ROWE PRICE ASSOCIA ARTISAN PARTNERS HOL INVESCO LTD CANTILLON CAPITAL MA BANK OF NEW YORK MEL NORTHERN TRUST CORPO PIONEER INVESTMENT M SILVER BRIDGE CAPITA FIRST PACIFIC ADVISO JOHN W BRISTOL & COM M&G INVESTMENT MANAG RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Firm Name Morgan Stanley BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Sterne, Agee & Leach MKM Partners Edward Jones B Riley & Company, Inc RBC Capital Markets Sanford C. Bernstein & Co SunTrust Robinson Humphrey ISI Group Canaccord Genuity Corp Raymond James Deutsche Bank Argus Research Corp Credit Suisse JPMorgan Stephens Inc Macquarie Barclays Drexel Hamilton LLC Goldman Sachs Jefferies Pacific Crest Securities Nomura EVA Dimensions First Global Stockbroking GARP Research

Portfolio Name n/a WELLINGTON MANAGEMEN n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA ARTISAN PARTNERS LP INVESCO LTD CANTILLON CAPITAL MA BANK OF NEW YORK MEL NORTHERN TRUST CORPO PIONEER INVESTMENT M SILVER BRIDGE CAPITA FIRST PACIFIC ADVISO JOHN W BRISTOL & COM M&G INVESTMENT MANAG RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Analyst JOSEPH MOORE AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG VIJAY R RAKESH DANIEL A BERENBAUM WILLIAM C KREHER CRAIG ELLIS DOUG FREEDMAN STACY A RASGON WILLIAM STEIN SUMIT DHANDA ROBERT BURLESON J STEVEN SMIGIE ROSS C SEYMORE JAMES KELLEHER JOHN W PITZER CHRISTOPHER DANELY HARSH KUMAR SHAWN WEBSTER BLAYNE CURTIS RICHARD WHITTINGTON JAMES V COVELLO MARK J LIPACIS MICHAEL MCCONNELL ROMIT SHAH ANDREW S ZAMFOTIS ISHANSH VIJ BRETT CARSON

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation Equalwt/In-Line market perform outperform outperform neutral neutral hold buy sector perform market perform neutral strong buy buy strong buy hold buy outperform overweight equalweight outperform equalweight buy neutral/attractive hold outperform neutral overweight moderate outperform neutral

Amt Held 42'481'445 17'590'220 15'828'824 14'178'802 13'626'694 12'688'403 12'288'343 7'920'850 6'993'850 6'478'386 6'176'564 5'944'729 5'046'951 4'771'606 3'907'800 3'674'800 3'515'380 3'460'117 3'284'000 3'074'952

% Out 13.88 5.75 5.17 4.63 4.45 4.15 4.02 2.59 2.29 2.12 2.02 1.94 1.65 1.56 1.28 1.2 1.15 1.13 1.07 1

Weighting

Change 3 3 5 5 3 3 3 5 3 3 3 5 5 5 3 5 5 5 3 5 3 5 3 3 5 3 5 4 3

M M M M M M M M M M N M M M M M M M M M M M M M M M M U M

Latest Chg 2'350'000 221'721 (1'046'664) 390'542 904'321 272'270 (67'101) (153'600) 4'514'096 (88'400) (285'009) 202'723 67'978 (6'552) 57'700 (170'259) (2'000) (435'000) 240'000

Target Price #N/A N/A 45 52 #N/A N/A 41 41 #N/A N/A 57 46 41 45 52 50 57 45 52 50 51 41 49 45 55 44 51 55 40 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 22.03.2013 19.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 06.03.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.01.2013 23.05.2011 21.05.2009


27.03.2013

Apple Inc Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers.

Price/Volume

12.0 M

600

10.0 M 8.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (04.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAPL UW EQUITY YTD Change AAPL UW EQUITY YTD % CHANGE

09/2012 12/yy 705.07 419.00 1'105'317.00 462.88 -34.35% 10.47% 15.58% 939.1 434'671.16 0.00 0.0 0.0 121'251.00 297'559.17

6.0 M

300 200

4.0 M

100

2.0 M

0 m-12

30.09.2009 30.09.2010 42'905.0 65'225.0 3.03x 3.32x 12'474.0 19'412.0 10.43x 11.17x 8'235.0 14'013.0 20.08x 19.30x Profitability

LTM-4Q 30.09.2011 108'249.0 2.72x 35'604.0 8.26x 25'922.0 14.61x

30.09.2012 156'508.0 3.23x 58'518.0 8.63x 41'733.0 15.11x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

58'518.00 55'241.00 35.30% 35.63% 24.94% 38.41% 38.41% 0.98% 43.9% 36.0% 33.5% 26.7% 1.50 1.04 0.00% 0.00% 16.05 71.10

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

FY+1

1.15 0.96 938.73 19.43 -22.62% -12.67% 0.958 64 4.500 3'031'029 3'609'170 3'984'129 FY+2

FQ+1

FQ+2

12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 127'841.0 164'687.0 181'210.6 204'263.1 42'751.1 39'983.9 8.29x 10.49x 1.72x 1.41x 6.86x 7.20x 45'482.0 59'255.0 60'120.6 67'410.2 13'977.7 12'754.9 6.16x 5.76x 4.95x 4.42x 4.81x 4.69x 32'982.0 41'747.0 41'526.6 47'056.9 9'599.0 8'992.3 11.54x 11.56x 10.49x 9.30x 10.27x 9.90x S&P Issuer Ratings Long-Term Rating Date 16.04.2004 Long-Term Rating NR Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -2.31 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.98 Net Fixed Asset Turnover 14.17 Accounts receivable turnover-days 22.69 Inventory Days 5.12 Accounts Payable Turnover Day 84.69 Cash Conversion Cycle -52.97 Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 02.10.2009

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

700 500

Valuation Analysis

30.09.2008 37'491.0 2.39x 8'823.0 10.14x 6'119.0 18.91x

800

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Apple Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD JANUS CAPITAL MANAGE MORGAN STANLEY UBS TIAA CREF INVESTMENT CAPITAL GROUP COMPAN NORGES BANK CITIGROUP INCORPORAT GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE JENNISON ASSOCIATES

Firm Name Sterne, Agee & Leach Piper Jaffray Sanford C. Bernstein & Co Scotia Capital Oppenheimer & Co Evercore Partners EVA Dimensions RBC Capital Markets Edward Jones Topeka Capital Markets Inc Credit Suisse Monness, Crespi, Hardt & Co ABG Sundal Collier Canaccord Genuity Corp Barclays BMO Capital Markets Cowen and Company Exane BNP Paribas Tigress Financial Partners Janney Montgomery Scott LLC Jefferies Stifel Nomura Wells Fargo Securities, LLC Credit Agricole Securities (USA) Mizuho Securities USA Inc ISI Group BTIG LLC Argus Research Corp Wedge Partners Robert W. Baird & Co Raymond James Societe Generale Cross Research William Blair & Co Berenberg Bank Pacific Crest Securities JMP Securities Needham & Co S&P Capital IQ Morgan Stanley Telsey Advisory Group JPMorgan

Portfolio Name n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA SUSQUEHANNA INTERNAT n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD n/a n/a n/a TIAA-CREF INVESTMENT n/a NORGES BANK CITIGROUP INCORPORAT GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE JENNISON ASSOCIATES

Analyst SHAW WU EUGENE E MUNSTER TONI SACCONAGHI GUS PAPAGEORGIOU ITTAI KIDRON ROBERT CIHRA ANDREW S ZAMFOTIS AMIT DARYANANI WILLIAM C KREHER BRIAN J WHITE KULBINDER GARCHA JEFFREY FIDACARO PER LINDBERG T MICHAEL WALKLEY BENJAMIN A REITZES KEITH F BACHMAN MATTHEW HOFFMAN ALEXANDER PETERC IVAN FEINSETH WILLIAM CHOI PETER J MISEK AARON C RAKERS STUART JEFFREY MAYNARD UM AVI SILVER ABHEY R LAMBA BRIAN MARSHALL WALTER P PIECYK JR JAMES KELLEHER BRIAN BLAIR WILLIAM V POWER TAVIS C MCCOURT ANDY PERKINS SHANNON S CROSS ANIL K DORADLA ADNAAN AHMAD ANDY HARGREAVES ALEX GAUNA CHARLES WOLF SCOTT H KESSLER KATHRYN HUBERTY THOMAS FORTE MARK A MOSKOWITZ

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation buy overweight outperform sector perform outperform overweight overweight outperform buy buy outperform buy sell buy overweight outperform outperform outperform strong buy buy hold buy neutral outperform outperform buy strong buy buy buy no rating system neutral outperform buy buy outperform sell sector perform market perform buy strong buy Overwt/In-Line no rating system overweight

Amt Held 49'566'789 42'083'340 41'472'347 36'866'613 23'598'905 16'882'717 15'541'148 13'550'305 12'973'383 12'677'606 10'155'052 8'062'807 7'890'584 7'768'584 7'650'330 7'531'087 6'999'016 6'361'655 6'358'050 5'985'132

% Out 5.28 4.48 4.42 3.93 2.51 1.8 1.65 1.44 1.38 1.35 1.08 0.86 0.84 0.83 0.81 0.8 0.75 0.68 0.68 0.64

Weighting

Change

5 5 5 3 5 5 5 5 5 5 5 5 1 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 #N/A N/A 3 5 5 5 5 1 3 3 5 5 5 #N/A N/A 5

M M M M M M D M M M M M M M M M M M M M M M M M M M M U M M M M M M M D M M M M M M M

Latest Chg 136'948 1'096'729 (4'409'314) 43'240 118'759 804'173 (883'277) 90'528 293'843 (1'805'929) 974'700 932'696 (842'844) (249'589) (7'786'595) 677'078 6'601'182 (1'211'280) (559'069) (286'097)

Target Price 630 767 725 528 550 675 #N/A N/A 600 #N/A N/A 888 600 670 400 600 530 580 #N/A N/A 700 #N/A N/A 610 420 650 490 #N/A N/A 505 575 600 540 600 #N/A N/A 465 600 560 580 #N/A N/A 360 #N/A N/A #N/A N/A 710 600 630 550 725

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 9 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 23.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 11.03.2013 07.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 26.02.2013 25.02.2013 22.02.2013 13.02.2013 12.02.2013


27.03.2013

Applied Materials Inc Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

Price/Volume

12.0 M

12

10.0 M 8.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMAT UW EQUITY YTD Change AMAT UW EQUITY YTD % CHANGE

10/2012 01/yy 13.99 9.96 2'522'965.00 13.41 -4.11% 34.71% 85.73% 1'200.0 16'092.59 1'946.00 0.0 0.0 1'937.00 16'285.59

6.0 M

6 4

4.0 M

2

2.0 M

0 m-12

31.10.2009 31.10.2010 5'013.6 9'548.7 3.06x 1.47x 53.4 1'934.1 287.63x 7.25x (305.3) 937.9 14.03x Profitability

31.10.2011 10'517.0 1.16x 2'587.0 4.71x 1'926.0 9.71x

31.10.2012 8'719.0 1.46x 1'422.0 8.97x 109.0 14.20x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'422.00 1'000.00 11.47% 3.62% 0.21% 0.33% 0.41% 0.64% 38.0% 15.9% 10.7% 1.3% 2.25 1.39 16.08% 26.90% 6.04 3.27

Price/ Cash Flow

j-12

LTM-4Q

LTM

01/yy 10'020.0 5.78x 2'170.0 7.25x 1'538.0 10.92x

01/yy 8'103.0 7.01x 1'285.0 12.13x 26.0 20.69x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

2.68 1.28 1'189.49 15.71 7.93% 17.99% 1.275 21 3.524 2'728'404 3'268'027 3'293'184 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 7'822.2 9'351.3 1'907.4 2'122.4 2.05x 1.63x 8.64x 7.75x 1'311.6 1'992.0 317.3 448.3 12.41x 8.17x 9.56x 8.50x 734.5 1'239.2 163.3 245.8 22.13x 12.50x 16.62x 13.73x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

21.12.1999 ASTABLE 14.97 13.26 0.15 1.51 26.9% 21.2% 0.64 8.73 60.31 111.15 36.97 125.35

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 30.10.2009

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

14 10

Valuation Analysis

31.10.2008 8'129.2 1.63x 1'693.6 7.84x 960.7 14.62x

16

0.0 30.04.2010

30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Applied Materials Inc Holdings By:

All

Holder Name HARRIS ASSOCIATES LP BLACKROCK VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA INVESCO LTD BANK OF NEW YORK MEL ARTISAN PARTNERS HOL ALLIANCE BERNSTEIN AMERICAN CENTURY COM PARNASSUS INVESTMENT NORTHERN TRUST CORPO EDINBURGH PARTNERS L PRIMECAP MANAGEMENT INTERNATIONAL VALUE PERKINS INVESTMENT M ASHMORE WELATH MANAG NORGES BANK FRANK RUSSELL TRUST THIRD AVENUE MANAGEM

Firm Name Exane BNP Paribas Credit Suisse Stifel RBC Capital Markets Piper Jaffray Pacific Crest Securities Edward Jones D.A. Davidson & Co Needham & Co Cowen and Company S&P Capital IQ Argus Research Corp Deutsche Bank B Riley & Company, Inc Credit Agricole Securities (USA) Susquehanna Financial Group EVA Dimensions Goldman Sachs First Global Stockbroking

Portfolio Name HARRIS ASSOC LP n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA INVESCO LTD BANK OF NEW YORK MEL ARTISAN PARTNERS LP n/a AMERICAN CENTURY COM PARNASSUS INVESTMENT NORTHERN TRUST CORPO EDINBURGH PARTNERS L PRIMECAP MANAGEMENT INTERNATIONAL VALUE PERKINS INVESTMENT M ASHMORE WEALTH MANAG NORGES BANK FRANK RUSSELL COMPAN THIRD AVENUE MANAGEM

Analyst JEROME RAMEL SATYA KUMAR PATRICK J HO MAHESH SANGANERIA JAGADISH IYER WESTON TWIGG WILLIAM C KREHER THOMAS DIFFELY EDWIN MOK TIMOTHY M ARCURI ANGELO ZINO JAMES KELLEHER VISHAL SHAH BEN PANG MARK HELLER MEHDI HOSSEINI ANDREW S ZAMFOTIS JAMES V COVELLO ISHANSH VIJ

Source 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation underperform neutral buy outperform overweight sector perform hold buy hold outperform strong buy buy hold neutral underperform negative hold Buy/Neutral Moderate Underperformer

Amt Held 72'270'054 67'930'668 53'777'175 49'142'947 46'613'936 39'341'476 33'460'335 31'940'038 30'904'569 22'526'396 21'102'107 16'814'617 16'333'533 15'709'205 15'222'919 12'707'676 12'359'710 10'182'490 9'950'494 9'850'907

% Out 6.02 5.66 4.48 4.1 3.88 3.28 2.79 2.66 2.58 1.88 1.76 1.4 1.36 1.31 1.27 1.06 1.03 0.85 0.83 0.82

Weighting

Change 1 3 5 5 5 3 3 5 3 5 5 5 3 3 1 2 3 5 2

M M M M M M M M M M M M M M M M D M M

Latest Chg 43'721 (1'712'433) (420'124) (3'279'475) 3'685'210 7'695'341 2'547'592 4'532'400 (2'425'271) (3'696'753) 3'964'607 (416'248) 978'253 (145'500) 2'466'230 (2'123'881) 12'359'710 2'242'176 (4'615'059) 544'496

Target Price 12 13 17 17 16 #N/A N/A #N/A N/A 17 #N/A N/A #N/A N/A 17 16 13 13 14 9 #N/A N/A 17 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 18 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 26.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 13.03.2013 05.03.2013 26.02.2013 26.02.2013 26.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 18.01.2013 10.01.2013 27.05.2011


27.03.2013

Autodesk Inc Autodesk, Inc. supplies PC software and multimedia tools. The Company's two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors.

Price/Volume 45

12.0 M

40

10.0 M

35 30

8.0 M

25

01/2013 01/yy 42.69 27.97 416'901.00 40.6 -4.90% 45.16% 85.80% 224.7 9'122.82 745.60 0.0 0.0 2'365.40 7'503.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

4.0 M

10

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 2'315.2 1.21x 505.4 5.57x 183.6 10.10x

6.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (24.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADSK UW EQUITY YTD Change ADSK UW EQUITY YTD % CHANGE

31.01.2010 31.01.2011 1'713.7 1'951.8 2.52x 3.98x 246.3 387.6 17.54x 20.04x 58.0 212.0 44.06x 43.74x Profitability

LTM-4Q 31.01.2012 2'215.6 2.95x 469.8 13.90x 285.3 29.51x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 2'312.2 3.06x 477.6 14.81x 247.4 35.67x 477.60 349.80 15.13% 13.41% 6.57% 12.60% 0.61% 89.7% 20.7% 15.1% 10.7% 2.45 2.35 17.31% 36.49% 5.19 -

Price/ Cash Flow

01/yy 2'215.6 12.65x 469.8 13.90x 285.3 30.00x

LTM 01/yy 2'312.2 11.17x 477.6 14.81x 247.4 34.11x

FY+1

0.00 1.59 223.61 3.15 -3.77% 14.85% 1.587 20 3.800 614'410 862'134 778'539 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 2'447.2 2'649.2 583.5 598.3 2.86x 2.48x 12.81x 12.44x 722.3 807.1 160.7 175.7 10.39x 9.30x 10.27x 9.93x 480.0 553.9 102.5 116.2 19.17x 16.52x 19.20x 18.26x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.12.2012 BBB STABLE -3.39 1.56 36.5% 26.7% 0.61 21.08 70.46 140.80 -

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Autodesk Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA VANGUARD GROUP INC BLACKROCK VALUEACT HOLDINGS LP STATE STREET CLEARBRIDGE INVESTME SUN LIFE FINANCIAL I MANNING & NAPIER ADV INVESCO LTD WESTEND ADVISORS LLC ARTISAN PARTNERS HOL SOROBAN CAPITAL PART ALLIANZ ASSET MANAGE TPG-AXON MANAGEMENT NORTHERN TRUST CORPO CITADEL ADVISORS LLC FRANKLIN RESOURCES CADIAN CAPITAL MANAG FMR LLC

Firm Name Wedbush Griffin Securities Credit Suisse Jefferies Argus Research Corp Morgan Stanley RBC Capital Markets JPMorgan Robert W. Baird & Co Stifel Cowen and Company MKM Partners Barclays Wedge Partners Pacific Crest Securities Canaccord Genuity Corp Goldman Sachs EVA Dimensions GARP Research

Portfolio Name n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a VALUEACT HOLDINGS LP n/a CLEARBRIDGE INVESTME n/a MANNING & NAPIER ADV INVESCO LTD WESTEND ADVISORS LLC ARTISAN PARTNERS LP SOROBAN CAPITAL PART n/a TPG-AXON MANAGEMENT NORTHERN TRUST CORPO CITADEL ADVISORS LLC n/a CADIAN CAPITAL MANAG n/a

Analyst STEVEN R KOENIG JAY VLEESCHHOUWER PHILIP WINSLOW ROSS MACMILLAN JOSEPH F BONNER KEITH WEISS MATTHEW HEDBERG STERLING AUTY STEVEN M ASHLEY BLAIR ABERNETHY GREGG MOSKOWITZ ISRAEL HERNANDEZ RAIMO LENSCHOW KIRK ADAMS BRENDAN BARNICLE RICHARD DAVIS JR HEATHER BELLINI ANDREW S ZAMFOTIS ROBERT J FURLONG

Source ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG

Recommendation outperform buy neutral buy hold Equalwt/In-Line outperform neutral outperform hold neutral neutral equalweight no rating system outperform hold Buy/Neutral overweight neutral

Amt Held 20'985'000 14'298'153 13'591'633 11'871'323 10'316'335 9'085'582 9'017'360 8'445'671 6'525'880 5'033'823 4'189'258 3'654'500 3'355'300 3'249'113 3'172'757 3'145'074 2'696'684 2'693'544 2'534'340 2'509'593

% Out 9.34 6.36 6.05 5.28 4.59 4.04 4.01 3.76 2.9 2.24 1.86 1.63 1.49 1.45 1.41 1.4 1.2 1.2 1.13 1.12

Weighting

Change

5 5 3 5 3 3 5 3 5 3 3 3 3 #N/A N/A 5 3 5 5 3

M M M M M M M M M M M M M M M M U M M

Latest Chg 6'700'000 (1'254'431) 133'888 (451'684) 4'334'211 (701'524) (611'503) (2'543'056) (2'826'611) (835'441) (282'183) 98'400 353'500 (77'821) 3'172'757 (263'126) 2'696'684 370'325 50'000 (171'385)

Target Price 45 42 35 47 #N/A N/A #N/A N/A 50 38 43 #N/A N/A #N/A N/A 41 42 #N/A N/A 45 38 45 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor

Date 26.03.2013 26.03.2013 20.03.2013 20.03.2013 01.03.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.01.2013 15.01.2013 22.05.2009


27.03.2013

Automatic Data Processing Inc Automatic Data Processing, Inc. is a global provider of business outsourcing solutions. The Company's services include a wide range of human resource, payroll, tax and benefits administration solutions. Automatic Data also provides solutions to auto, truck, motorcycle, marine and recreational vehicle dealers.

Price/Volume 70

3.0 M

60

2.5 M

50

2.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADP UW EQUITY YTD Change ADP UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 8'776.5 2.25x 2'087.8 9.47x 1'235.7 19.40x

1.5 M

30

06/2012 12/yy 65.05 50.90 725'089.00 64.8 -0.38% 27.31% 98.23% 485.0 31'429.12 34.30 0.0 0.0 1'665.40 29'941.21

30.06.2009 30.06.2010 8'838.4 8'927.7 1.83x 2.02x 2'191.8 2'137.1 7.38x 8.46x 1'332.6 1'211.4 14.89x 16.78x Profitability

LTM-4Q 30.06.2011 9'879.5 2.47x 2'196.5 11.09x 1'254.2 20.82x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 10'665.2 2.37x 2'342.3 10.81x 1'388.5 20.31x 2'342.30 1'959.00 18.37% 19.90% 4.28% 22.37% 22.36% 0.33% 49.6% 21.7% 18.1% 13.0% 1.08 0.13 0.11% 0.56% 7.40 -

Price/ Cash Flow

LTM

12/yy 10'326.0 9.20x 2'245.0 11.14x 1'343.3 20.61x

12/yy 10'945.0 9.49x 2'375.4 10.99x 1'407.0 20.41x

FY+1

2.50 0.95 483.63 7.22 19.65% 14.46% 0.953 28 3.750 749'128 758'717 737'152 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 11'314.5 12'147.6 3'105.8 2'817.9 2.58x 2.37x 9.35x 10.26x 2'344.2 2'557.6 778.9 481.0 12.77x 11.70x 12.33x 12.00x 1'411.6 1'533.8 474.2 282.2 22.28x 20.42x 21.47x 20.88x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.10.1998 AAA STABLE 27.03.2002 A-1+ 304.19 286.00 -0.63 0.01 0.6% 0.6% 0.33 15.41 49.46 9.19 -

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Automatic Data Processing Inc Holdings By:

All

Holder Name VANGUARD GROUP INC STATE STREET BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BANK OF AMERICA CORP INVESCO LTD NORTHERN TRUST CORPO DEUTSCHE BANK AG CEDAR ROCK CAPITAL L ALLIANCE BERNSTEIN BROWN BROTHERS HARRI FIDUCIARY MANAGEMENT WELLS FARGO JP MORGAN CLEARBRIDGE INVESTME NORGES BANK T ROWE PRICE ASSOCIA JENSEN INVESTMENT MA

Firm Name Sanford C. Bernstein & Co RBC Capital Markets Wells Fargo Securities, LLC BMO Capital Markets Goldman Sachs Janney Montgomery Scott LLC Jefferies Robert W. Baird & Co William Blair & Co Stifel Edward Jones Argus Research Corp S&P Capital IQ Cowen and Company Barclays Credit Suisse First Analysis Corp JPMorgan Raymond James Evercore Partners Oppenheimer & Co Susquehanna Financial Group Credit Agricole Securities (USA) EVA Dimensions Northcoast Research Deutsche Bank

Portfolio Name VANGUARD GROUP INC n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL BANK OF AMERICA INVESCO LTD NORTHERN TRUST CORPO DEUTSCHE BANK AKTIEN CEDAR ROCK CAPITAL L n/a BROWN BROTHERS HARRI FIDUCIARY MANAGEMENT n/a n/a CLEARBRIDGE INVESTME NORGES BANK T ROWE PRICE ASSOCIA JENSEN INVESTMENT MA

Analyst RODERICK BOURGEOIS DANIEL R PERLIN TIMOTHY W WILLI JEFFREY M SILBER PAUL THOMAS JOSEPH D FORESI JASON KUPFERBERG MARK S MARCON TIMOTHY J MCHUGH DAVID M GROSSMAN JOSH OLSON JOHN M EADE DYLAN CATHERS MOSHE KATRI GARY E BISBEE GEORGE MIHALOS JAMES ROBERT MACDONALD TIEN-TSIN HUANG MICHAEL J BAKER DAVID M TOGUT GLENN GREENE JAMES E FRIEDMAN CRAIG J MAURER ANDREW S ZAMFOTIS KARTIK MEHTA BRYAN KEANE

Source 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F

Recommendation outperform outperform market perform outperform Buy/Neutral neutral underperform outperform market perform buy hold buy buy neutral equalweight outperform equalweight neutral outperform overweight market perform Positive underperform hold neutral hold

Amt Held 25'296'439 24'859'646 24'301'584 24'184'018 20'150'291 19'284'761 13'066'138 10'617'982 8'045'478 7'558'234 6'495'027 6'117'004 6'078'556 6'042'415 4'977'288 4'647'529 4'209'825 3'901'533 3'787'494 3'640'609

% Out 5.22 5.13 5.01 4.99 4.15 3.98 2.69 2.19 1.66 1.56 1.34 1.26 1.25 1.25 1.03 0.96 0.87 0.8 0.78 0.75

Weighting

Change 5 5 3 5 5 3 1 5 3 5 3 5 5 3 3 5 3 3 5 5 3 4 1 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 294'033 2'903'272 470'727 811'385 (799'916) 1'576'794 688'945 (479'675) (40'973) 3'601'447 (126'433) 3'013'821 334'687 30'902 165'701 (162'194) 45'612 302'378 325'044 176'733

Target Price 62 61 #N/A N/A 68 71 61 55 66 #N/A N/A 65 #N/A N/A 68 67 #N/A N/A 60 67 #N/A N/A 63 66 71 #N/A N/A 67 62 #N/A N/A #N/A N/A 58

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 26.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Government Investment Advisor Investment Advisor

Date 27.03.2013 26.03.2013 21.03.2013 18.03.2013 18.03.2013 15.03.2013 12.03.2013 08.03.2013 08.03.2013 07.03.2013 28.02.2013 15.02.2013 14.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 15.01.2013 14.12.2012 25.01.2012


27.03.2013

Avago Technologies Ltd Avago Technologies Ltd. manufactures semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits. The Company's products are used in mobile phones, consumer electronics, enterprise and telecom networking gear, optical mice, automotive electronics, and military and aerospace systems.

Price/Volume

3.0 M

10/2012 02/yy 39.21 29.71 232'485.00 35.78 -8.75% 20.43% 63.89% 246.1 8'805.09 3.00 0.0 0.0 1'084.00 7'657.09

25

2.0 M

20

1.5 M

15

1.0 M

10

.5 M

5 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

LTM-4Q

31.10.2009 31.10.2010 1'484.0 2'093.0 2.46x 2.67x 300.0 629.0 12.19x 8.90x (44.0) 415.0 57.69x 13.71x Profitability

31.10.2011 2'336.0 3.18x 745.0 9.99x 552.0 14.93x

31.10.2012 2'364.0 3.06x 744.0 9.71x 563.0 14.90x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

744.00 589.00 24.92% 24.75% 21.10% 24.70% 24.66% 0.89% 48.4% 31.1% 24.4% 23.8% 4.89 4.12 0.10% 0.12% 8.28 6.12

Price/ Cash Flow

01/yy 2'349.0 12.82x 732.0 10.20x 558.0 15.17x

LTM 02/yy 2'377.0 12.79x 740.0 10.51x 563.0 15.83x

FY+1

1.70 1.27 243.97 2.30 -5.93% 13.62% 1.265 20 4.700 416'631 725'209 720'103 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 2'391.8 2'661.8 556.6 605.2 3.11x 2.59x 13.74x 12.52x 775.5 895.9 173.1 195.4 9.88x 8.55x 9.35x 8.74x 672.9 782.6 148.3 174.8 13.64x 11.99x 13.16x 12.52x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

744.00 503.00 -1.55 0.00 0.1% 0.1% 0.89 5.38 44.79 60.62 62.43 39.42

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 06.11.2009

2.5 M

30

Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVGO UW EQUITY YTD Change AVGO UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

40 35

Valuation Analysis

31.10.2008 1'699.0 331.0 83.0 -

45

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Avago Technologies Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JENNISON ASSOCIATES FMR LLC BLACKROCK VANGUARD GROUP INC INVESCO LTD WELLINGTON MANAGEMEN MAVERICK CAPITAL LTD JP MORGAN UBS SAC CAPITAL ADVISORS STATE STREET HARBOR CAPITAL ADVIS CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC AMERIPRISE FINANCIAL RAINIER INVESTMENT M WESTPAC BANKING CORP TIAA CREF INVESTMENT

Firm Name Wedge Partners Jefferies Longbow Research Canaccord Genuity Corp Lazard Capital Markets RBC Capital Markets D.A. Davidson & Co Barclays Sterne, Agee & Leach Credit Suisse JPMorgan Miller Tabak + Co., LLC Nomura EVA Dimensions BNP Paribas Equity Research Brean Murray Carret & Co Goldman Sachs Deutsche Bank Williams Financial Group

Portfolio Name n/a JENNISON ASSOCIATES n/a n/a VANGUARD GROUP INC INVESCO LTD WELLINGTON MANAGEMEN MAVERICK CAPITAL LTD n/a n/a SAC CAPITAL ADVISORS n/a Multiple Portfolios CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA OPPENHEIMER FUNDS IN AMERIPRISE FINANCIAL RAINIER INVESTMENT M WESTPAC BANKING CORP TIAA-CREF INVESTMENT

Analyst CHRISTOPHER J CRESPI MARK J LIPACIS JOANNE FEENEY T MICHAEL WALKLEY IAN ING DOUG FREEDMAN AALOK K SHAH BLAYNE CURTIS VIJAY R RAKESH JOHN W PITZER CHRISTOPHER DANELY BRENDAN FURLONG ROMIT SHAH ANDREW S ZAMFOTIS NITIN KUMAR MIKE BURTON JAMES SCHNEIDER ROSS C SEYMORE CODY G ACREE

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG 13F 13F 13F 13F 13F 13F 13F

Recommendation no rating system buy buy buy buy outperform neutral overweight buy outperform neutral buy buy overweight hold buy buy/attractive buy not rated

Amt Held 66'208'020 12'247'507 12'169'187 12'160'304 11'336'064 9'684'318 7'305'417 5'692'111 5'275'181 4'960'860 4'551'860 4'162'501 4'124'830 4'123'058 4'067'400 3'896'410 3'425'362 3'346'280 3'167'358 3'128'480

% Out 26.9 4.98 4.95 4.94 4.61 3.94 2.97 2.31 2.14 2.02 1.85 1.69 1.68 1.68 1.65 1.58 1.39 1.36 1.29 1.27

Weighting

Change

#N/A N/A 5 5 5 5 5 3 5 5 5 3 5 5 5 3 5 5 5 #N/A N/A

M M M M M M M M M M M M M U M M U M M

Latest Chg 5'086'800 (460'816) (5'174'982) 747'847 5'361'238 257'060 (2'842'341) (53'175) 1'165'019 3'680'860 224'927 (22'575) 107'734 876'000 832'140 1'586'987 22'910 3'155'858 (517'499)

Target Price #N/A N/A 42 40 43 44 42 37 40 44 42 32 41 40 #N/A N/A 36 41 44 40 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.01.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 25.03.2013 21.03.2013 20.03.2013 19.03.2013 15.03.2013 14.03.2013 07.03.2013 06.03.2013 05.03.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 21.02.2013 14.02.2013 12.12.2012 30.11.2012 17.08.2012


27.03.2013

Baidu Inc Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, pay for performance and news, MP3, and image searches.

Price/Volume 160

4.5 M

140

4.0 M

120

3.5 M 3.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (18.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIDU UW EQUITY YTD Change BIDU UW EQUITY YTD % CHANGE

12/2012 12/yy 154.15 83.32 477'986.00 86.07 -44.16% 3.30% 3.88% 272.0 30'094.99 11'941.23 0.0 1'159.9 32'484.86 167'626.52

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'198.3 8.68x 1'377.4 20.15x 1'048.1 29.52x

2.5 M

80

31.12.2009 31.12.2010 4'447.8 7'915.1 20.91x 26.99x 1'921.9 4'400.1 48.38x 48.55x 1'485.1 3'525.2 65.75x 62.98x Profitability

LTM-4Q 31.12.2011 14'500.8 16.93x 8'461.6 29.02x 6'638.6 38.64x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 22'306.0 8.93x 12'133.2 16.42x 10'456.0 20.96x 12'133.21 11'051.32 49.54% 53.64% 30.30% 50.58% 0.65% 71.1% 54.4% 49.5% 46.9% 4.21 4.10 26.15% 45.83% 24.08 -

Price/ Cash Flow

LTM

12/yy 14'500.8 74.71x 0.0 0.00x 6'638.6 38.66x

12/yy 22'306.0 44.23x 12'133.2 16.42x 10'456.0 20.97x

FY+1

0.00 1.35 12.06 -42.63% -14.18% 1.351 30 3.933 668'576 849'616 878'141 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'383.9 39'327.5 6'017.6 7'491.7 5.46x 3.86x 30.80x 24.60x 14'488.3 18'610.6 2'804.6 3'649.1 11.57x 9.01x 11.38x 10.71x 11'836.3 14'911.6 2'267.9 2'955.9 15.92x 12.75x 15.99x 15.17x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

112.49 -1.69 0.98 45.8% 30.5% 0.65 6.66 15.20 180.27 -

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Baidu Inc Holdings By:

All

Holder Name BAILLIE GIFFORD AND CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA OPPENHEIMERFUNDS INC INVESCO LTD WADDELL & REED FINAN LAZARD ASSET MANAGEM FMR LLC THORNBURG INVESTMENT VONTOBEL ASSET MANAG ARTISAN PARTNERS HOL ORBIS HOLDINGS LIMIT CARMIGNAC GESTION VANGUARD GROUP INC JENNISON ASSOCIATES AMERIPRISE FINANCIAL GENERAL ELECTRIC COM MORGAN STANLEY SCHRODER INVESTMENT TRILOGY GLOBAL ADVIS

Firm Name

Portfolio Name BAILLIE GIFFORD & CO n/a T ROWE PRICE ASSOCIA OPPENHEIMER FUNDS IN INVESCO LTD WADDELL & REED FINAN n/a n/a THORNBURG INVESTMENT VONTOBEL ASSET MANAG ARTISAN PARTNERS LP ORBIS HOLDINGS LIMIT Multiple Portfolios Multiple Portfolios JENNISON ASSOCIATES AMERIPRISE FINANCIAL GENERAL ELECTRIC COM n/a SCHRODER INVESTMENT TRILOGY GLOBAL ADVIS

Analyst

Oppenheimer & Co ANDY YEUNG Morgan Stanley RICHARD W JI Wedge Partners JUAN LIN Nomura JIN YOON Brean Murray Carret & Co FAWNE JIANG Stifel GEORGE I ASKEW BOCOM International Holdings MA YUAN Goldman Sachs PIYUSH MUBAYI Deutsche Bank ALAN HELLAWELL Macquarie JIONG SHAO China International Capital Corp JIN YU Credit Suisse WALLACE CHEUNG JPMorgan DICK WEI Jefferies CYNTHIA JINHONG MENG Raymond James AARON M KESSLER HSBC CHI TSANG Bank of China International THOMAS CHONG CIMB WENDY HUANG S&P Capital IQ SCOTT H KESSLER Maxim Group LLC ECHO HE Piper Jaffray EUGENE E MUNSTER Barclays ALICIA YAP Pacific Crest Securities EVAN S WILSON EVA Dimensions ANDREW S ZAMFOTIS First Shanghai Securities Ltd TSOI HO Standard Chartered DON SEE Yuanta Securities Investment ConsultingTEAM COVERAGE Guotai Junan DUNDAS DENG

Source 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F MF-AGG MF-AGG 13F 13F 13F ULT-AGG 13F 13F

Recommendation market perform Equalwt/Attractive no rating system buy buy hold buy neutral/neutral hold outperform buy underperform overweight hold market perform overweight buy outperform strong buy sell overweight equalweight outperform overweight buy outperform Under Review buy

Amt Held 28'247'850 25'076'338 18'925'723 11'512'523 8'773'726 7'955'010 7'601'344 7'595'841 7'558'634 7'064'519 6'746'927 5'682'934 5'499'558 4'742'187 4'379'366 4'209'633 3'549'170 2'448'675 2'416'560 2'242'423

% Out 10.38 9.22 6.96 4.23 3.23 2.92 2.79 2.79 2.78 2.6 2.48 2.09 2.02 1.74 1.61 1.55 1.3 0.9 0.89 0.82

Weighting

Change

3 3 #N/A N/A 5 5 3 5 3 3 5 5 1 5 3 3 5 5 5 5 1 5 3 5 5 5 5 #N/A N/A 5

M M M M M M M M M M M M M M D M M M M M M M M M M M M N

Latest Chg 2'611'797 1'671'900 (2'370'395) 3'352'541 1'165'777 440'190 5'567'325 (3'398'993) 2'202'823 1'581'606 2'439'910 305'000 95'502 (2'602'940) (916'771) (771'577) (353'048) (1'858'488) 698'529

Target Price #N/A N/A 105 #N/A N/A 128 120 #N/A N/A 132 89 119 132 120 80 140 112 #N/A N/A 131 122 133 120 80 140 108 140 #N/A N/A 126 180 #N/A N/A 200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 26.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 06.03.2013 19.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 17.01.2013 08.11.2012 31.10.2012 25.07.2012 27.03.2012


27.03.2013

Bed Bath & Beyond Inc Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The Company, through its retail stores, sells a wide assortment of merchandise principally including domestics merchandise and home furnishings as well as food, giftware, health and beauty care items and infant and toddler merchandise.

Price/Volume 80 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2012) 52-Week Low (20.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBBY UW EQUITY YTD Change BBBY UW EQUITY YTD % CHANGE

02/2012 11/yy 75.83 54.33 459'214.00 64.66 -14.73% 19.01% 48.05% 226.1 14'621.93 0.00 0.0 0.0 1'759.56 13'837.22

29.02.2008 7'048.9 1.01x 995.8 7.14x 562.8 14.03x

30 20 10 0 m-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q

28.02.2009 28.02.2010 7'208.3 7'828.8 0.67x 1.20x 849.5 1'164.9 5.72x 8.08x 425.1 600.0 12.99x 18.09x Profitability

28.02.2011 8'758.5 1.17x 1'472.3 6.96x 791.3 15.59x

29.02.2012 9'499.9 1.31x 1'752.2 7.11x 989.5 14.86x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'752.24 1'568.37 16.51% 16.52% 16.58% 25.74% 1.67% 41.4% 17.4% 15.5% 10.4% 3.09 1.31 0.00% 0.00% 2.38

Price/ Cash Flow

LTM

11/yy 9'272.5 4.95x 1'659.2 7.50x 921.9 15.56x

11/yy 10'245.4 5.34x 1'782.2 7.19x 1'015.0 13.74x

FY+1

0.00 0.90 219.45 11.13 -4.02% 15.65% 0.895 28 4.143 687'744 731'883 721'148 FY+2

FQ+1

FQ+2

02/13 Y 02/14 Y 02/13 Q4 05/13 Q1 10'908.9 11'613.8 3'396.2 2'565.6 1.24x 1.14x 3.99x 5.34x 1'846.4 1'959.9 655.0 388.1 7.49x 7.06x 7.11x 7.03x 1'041.1 1'092.8 375.9 211.3 14.13x 12.78x 13.16x 12.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.06.2011 BBB+ STABLE -0.44 0.00 0.0% 0.0% 1.67 7.90 153.10 57.25 -

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0 8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 06.03.2009

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

70

0.0 06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Bed Bath & Beyond Inc Holdings By:

All

Holder Name FMR LLC DAVIS SELECTED ADVIS BLACKROCK STATE STREET VANGUARD GROUP INC PRIMECAP MANAGEMENT JP MORGAN GOLDMAN SACHS GROUP BROWN BROTHERS HARRI BANK OF NEW YORK MEL EISENBERG WARREN MONTAG & CALDWELL IN NORTHERN TRUST CORPO ARTISAN PARTNERS HOL INVESCO LTD WESTEND ADVISORS LLC FEINSTEIN LEONARD BAILLIE GIFFORD AND GREEN VALLEY INVESTO PUTNAM INVESTMENT MA

Firm Name Morgan Stanley ISI Group Sanford C. Bernstein & Co S&P Capital IQ Oppenheimer & Co Wells Fargo Securities, LLC Robert W. Baird & Co BB&T Capital Markets Jefferies Nomura Telsey Advisory Group Credit Suisse Goldman Sachs Williams Capital Group EVA Dimensions Deutsche Bank Canaccord Genuity Corp Argus Research Corp SunTrust Robinson Humphrey Gilford Securities Wedbush William Blair & Co JPMorgan KeyBanc Capital Markets Raymond James Barclays GARP Research

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a GOLDMAN SACHS GROUP BROWN BROTHERS HARRI BANK OF NEW YORK MEL n/a MONTAG & CALDWELL IN NORTHERN TRUST CORPO ARTISAN PARTNERS LP INVESCO LTD WESTEND ADVISORS LLC n/a BAILLIE GIFFORD & CO GREEN VALLEY INVESTO PUTNAM INVESTMENT MA

Analyst DAVID GOBER GREGORY MELICH COLIN MCGRANAHAN MICHAEL SOUERS BRIAN NAGEL MATTHEW NEMER PETER S BENEDICT ANTHONY CHUKUMBA JOHN MARRIN ARAM RUBINSON JOSEPH I FELDMAN GARY BALTER MATTHEW J FASSLER MARC RIDDICK CRAIG STERLING MICHAEL BAKER LAURA A CHAMPINE CHRISTOPHER GRAJA DAVID G MAGEE BERNARD SOSNICK JOAN L STORMS DANIEL H HOFKIN CHRISTOPHER HORVERS BRADLEY B THOMAS BUDD BUGATCH ALAN M RIFKIN ROBERT J FURLONG

Source ULT-AGG 13G ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F Form 4 13F 13F 13F 13F 13F Form 4 13F 13F 13F

Recommendation Underwt/In-Line neutral outperform buy outperform market perform neutral buy buy neutral no rating system outperform Sell/Neutral outperform overweight buy buy buy buy buy outperform outperform neutral hold strong buy overweight neutral

Amt Held 23'381'935 22'803'561 11'393'794 10'416'242 10'190'717 6'309'436 4'773'018 4'211'263 4'021'741 3'586'653 3'470'639 3'206'710 3'084'372 3'005'500 2'697'686 2'156'877 2'150'887 2'056'392 2'000'000 1'955'301

% Out 10.34 10.08 5.04 4.61 4.51 2.79 2.11 1.86 1.78 1.59 1.53 1.42 1.36 1.33 1.19 0.95 0.95 0.91 0.88 0.86

Weighting

Change

1 3 5 5 5 3 3 5 5 3 #N/A N/A 5 1 5 5 5 5 5 5 5 5 5 3 3 5 5 3

M M M M M M M M M M M M D M M M M M M M M M M M M M M

Latest Chg (1'905'265) 572'841 (1'346'419) 516'584 60'752 (156'200) 189'426 2'061'609 4'012'176 26'037 (1'007'536) (51'870) 3'005'500 (584'935) 36'927 130'302 2'000'000 175'993

Target Price 57 62 80 77 71 #N/A N/A 64 75 72 65 70 70 56 80 #N/A N/A 63 74 80 75 #N/A N/A 77 #N/A N/A 65 #N/A N/A 85 70 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.01.2013 25.03.2013 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 24.03.2013 24.03.2013 22.03.2013 21.03.2013 19.03.2013 14.03.2013 13.03.2013 13.03.2013 01.03.2013 01.03.2013 10.02.2013 04.02.2013 28.01.2013 24.01.2013 15.01.2013 09.01.2013 07.01.2013 20.12.2012 20.12.2012 20.12.2012 20.12.2012 20.12.2012 19.12.2012 19.12.2012 19.12.2012 19.12.2012 16.12.2010


27.03.2013

Biogen Idec Inc Biogen Idec Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company's products addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIIB UW EQUITY YTD Change BIIB UW EQUITY YTD % CHANGE

12/2012 12/yy 178.87 124.23 438'340.00 177.09 -1.00% 42.55% 96.74% 236.3 41'848.52 1'140.80 0.0 2.3 3'742.37 39'249.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 4'097.5 3.19x 2'160.2 6.05x 783.2 13.34x

200 180 160 140 120 100 80 60 40 20 0 m-12

31.12.2009 31.12.2010 4'377.3 4'716.4 3.06x 3.27x 1'723.4 1'923.1 7.77x 8.03x 970.1 1'005.3 13.11x 13.82x Profitability

LTM-4Q 31.12.2011 5'048.6 4.87x 2'138.7 11.50x 1'234.4 21.12x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'516.5 5.81x 2'204.1 14.53x 1'380.0 25.54x 2'204.13 1'838.48 33.33% 33.55% 14.39% 20.62% 18.05% 0.58% 90.1% 40.0% 33.3% 25.0% 1.96 1.44 11.26% 16.39% 8.68 1.41

Price/ Cash Flow

12/yy 5'048.6 17.24x 2'138.7 11.50x 1'234.4 21.20x

LTM 12/yy 5'516.5 22.83x 2'204.1 14.53x 1'380.0 25.54x

FY+1

0.00 0.94 235.99 2.65 40.29% 20.74% 0.944 30 4.133 356'022 416'743 462'976 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'412.0 7'509.5 1'413.1 1'537.7 6.46x 5.19x 2'756.4 3'554.5 531.7 573.7 14.24x 11.04x 15.11x 1'842.8 2'290.3 376.9 430.8 22.74x 18.39x 22.74x 20.53x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.12.2008 BBB+ STABLE 35.61 31.50 -1.18 0.52 16.4% 14.1% 0.58 3.33 42.18 259.73 107.28 194.63

Sales/Revenue/Turnover

25.00

6'000.0 5'000.0

20.00

4'000.0 15.00

3'000.0 10.00

2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Biogen Idec Inc Holdings By:

All

Holder Name FMR LLC PRIMECAP MANAGEMENT CAPITAL GROUP COMPAN BLACKROCK JP MORGAN VANGUARD GROUP INC STATE STREET CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA JENNISON ASSOCIATES MARSICO CAPITAL MANA LEGG MASON INC WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL WINSLOW CAPITAL MANA INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL VIKING GLOBAL INVEST UBS

Firm Name Jefferies BMO Capital Markets Morgan Stanley Sanford C. Bernstein & Co Wells Fargo Securities, LLC Canaccord Genuity Corp Guggenheim Securities LLC Credit Suisse Oppenheimer & Co Barclays Argus Research Corp Leerink Swann & Co RBC Capital Markets Cowen and Company Stifel Robert W. Baird & Co Goldman Sachs ISI Group Deutsche Bank Brean Murray Carret & Co JPMorgan William Blair & Co Lazard Capital Markets Piper Jaffray Summer Street Research Partners EVA Dimensions S&P Capital IQ First Global Stockbroking Pareto Securities BWS Financial

Portfolio Name n/a PRIMECAP MANAGEMENT n/a n/a n/a VANGUARD GROUP INC n/a CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA JENNISON ASSOCIATES MARSICO CAPITAL MANA Multiple Portfolios WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL WINSLOW CAPITAL MANA INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL VIKING GLOBAL INVEST n/a

Analyst THOMAS WEI JIM BIRCHENOUGH MARSHALL URIST GEOFFREY C PORGES BRIAN C ABRAHAMS RITU BARAL BRET HOLLEY RAVI MEHROTRA DAVID FERREIRO CHARLES ANTHONY BUTLER JOHN M EADE MARKO KOZUL MICHAEL J YEE ERIC SCHMIDT JOEL D SENDEK CHRISTOPHER J RAYMOND TERENCE FLYNN MARK J SCHOENEBAUM ROBYN KARNAUSKAS GENE MACK GEOFFREY MEACHAM JOHN S SONNIER WILLIAM TANNER M IAN SOMAIYA CAROL A WERTHER ANDREW S ZAMFOTIS STEVEN SILVER KAVITA THOMAS YILMAZ MAHSHID HAMED KHORSAND

Source ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation buy market perform Overwt/In-Line market perform market perform buy neutral outperform market perform overweight buy outperform outperform outperform buy neutral buy/attractive buy buy buy neutral outperform neutral neutral neutral buy hold moderate outperform hold buy

Amt Held 23'263'262 20'849'653 16'996'294 12'806'982 11'609'895 10'336'438 10'063'286 9'638'356 8'899'722 5'726'910 5'113'956 4'462'281 4'442'767 4'288'109 3'800'651 3'351'094 3'224'018 2'905'069 2'725'961 2'643'230

% Out 9.84 8.82 7.19 5.42 4.91 4.37 4.26 4.08 3.77 2.42 2.16 1.89 1.88 1.81 1.61 1.42 1.36 1.23 1.15 1.12

Weighting

Change 5 3 5 3 3 5 3 5 3 5 5 5 5 5 5 3 5 5 5 5 3 5 3 3 3 5 3 4 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 362'835 (285'460) (296'806) (922'590) 884'978 251'801 222'476 (609'681) 206'053 1'901'232 (1'159'058) (94'247) (712'695) (983'499) 384'184 (361'833) 5'432 (22'800) 725'938 (208'543)

Target Price 201 186 188 183 #N/A N/A 187 158 200 152 180 195 #N/A N/A 180 #N/A N/A 184 160 190 159 170 187 155 #N/A N/A #N/A N/A 179 #N/A N/A #N/A N/A 154 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Unclassified

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 9 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 05.03.2013 01.03.2013 28.02.2013 14.02.2013 12.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 29.01.2013 15.01.2013 18.10.2012 27.02.2012 10.01.2012 11.12.2009


27.03.2013

BMC Software Inc BMC Software, Inc. provides management solutions for mainframe and distributed information technology systems. The Company's portfolio of software solutions spans enterprise systems, applications, databases and IT process management. BMC also provides maintenance and support for its products and performs software implementation, integration and education services for its customers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (01.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMC UW EQUITY YTD Change BMC UW EQUITY YTD % CHANGE

03/2012 12/yy 47.89 35.50 370'595.00 45.78 -4.41% 28.96% 82.97% 142.9 6'541.46 821.60 0.0 0.0 1'583.00 6'692.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 1'731.6 2.80x 524.3 9.25x 313.6 18.37x

50 45 40 35 30 25 20 15 10 5 0 m-12

31.03.2009 31.03.2010 1'871.9 1'911.2 2.84x 3.06x 584.1 684.9 9.11x 8.54x 238.1 406.1 17.19x 18.81x Profitability

LTM-4Q 31.03.2011 2'065.3 3.61x 722.8 10.32x 456.2 21.72x

31.03.2012 2'172.0 2.64x 768.5 7.46x 401.0 17.02x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

768.50 543.90 25.04% 24.40% 7.82% 30.66% 18.84% 0.52% 73.8% 31.9% 21.2% 18.5% 1.54 1.41 16.89% 56.83% 6.77 -

Price/ Cash Flow

12/yy 2'169.5 11.81x 796.1 5.53x 452.8 13.38x

LTM 12/yy 2'197.5 10.67x 701.7 8.27x 328.9 18.34x

FY+1

0.00 1.00 140.97 9.55 14.59% 15.43% 0.997 14 3.643 666'740 563'230 533'879 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'224.0 2'319.7 591.4 531.4 2.86x 2.53x 10.74x 11.60x 831.0 878.7 222.0 203.5 8.05x 7.62x 7.36x 7.29x 534.3 560.3 136.9 120.4 13.39x 11.92x 12.06x 11.75x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.07.2010 BBB+ STABLE 27.25 26.31 0.21 1.90 56.8% 36.2% 0.52 25.26 54.04 25.07 -

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

BMC Software Inc Holdings By:

All

Holder Name MACQUARIE GROUP ELLIOTT MANAGEMENT C DODGE & COX VANGUARD GROUP INC BLACKROCK STATE STREET CRAMER ROSENTHAL MCG GLENVIEW CAPITAL MAN INVESCO LTD LAZARD ASSET MANAGEM WELLINGTON MANAGEMEN RENAISSANCE TECHNOLO BESSEMER GROUP INCOR MORGAN STANLEY NORTHERN TRUST CORPO D E SHAW & COMPANY I BANK OF NEW YORK MEL TIAA CREF INVESTMENT NORGES BANK HUSSMAN ECONOMETRICS

Firm Name Cowen and Company Lazard Capital Markets RBC Capital Markets Jefferies Raymond James Mizuho Securities USA Inc Longbow Research Evercore Partners EVA Dimensions Oppenheimer & Co Credit Suisse JPMorgan Janney Montgomery Scott LLC Susquehanna Financial Group

Portfolio Name n/a n/a DODGE & COX VANGUARD GROUP INC n/a n/a CRAMER ROSENTHAL MCG GLENVIEW CAPITAL MAN INVESCO LTD n/a WELLINGTON MANAGEMEN RENAISSANCE TECHNOLO BESSEMER GROUP INCOR n/a NORTHERN TRUST CORPO D E SHAW & CO BANK OF NEW YORK MEL TIAA-CREF INVESTMENT NORGES BANK HUSSMAN ECONOMETRICS

Analyst GREGG MOSKOWITZ JOEL P FISHBEIN JR MATTHEW HEDBERG AARON SCHWARTZ MICHAEL TURITS ABHEY R LAMBA KEVIN M BUTTIGIEG STEWART KIRK MATERNE III ANDREW S ZAMFOTIS SHAUL EYAL PHILIP WINSLOW JOHN DIFUCCI YUN KIM J DERRICK WOOD

Source ULT-AGG 13D 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation neutral neutral outperform buy market perform neutral buy equalweight underweight outperform neutral neutral buy Positive

Amt Held 14'177'031 13'692'000 12'687'878 9'242'657 7'922'917 6'294'015 5'600'796 5'210'579 3'963'393 3'861'878 3'419'033 3'382'300 2'703'247 2'114'478 1'908'484 1'707'305 1'609'799 1'342'552 1'336'072 1'250'000

% Out 9.92 9.58 8.88 6.47 5.54 4.4 3.92 3.65 2.77 2.7 2.39 2.37 1.89 1.48 1.34 1.19 1.13 0.94 0.94 0.87

Weighting

Change 3 3 5 5 3 3 5 3 1 5 3 3 5 4

M M M M M M M M D M M M M M

Latest Chg 302'000 (556'400) 128'721 (228'286) 17'214 (504'144) (102'900) (102'651) (866'326) (125'847) 129'500 (5'163) 1'467'673 (36'314) 310'049 (73'169) 39'488 81'326 500'000

Target Price #N/A N/A #N/A N/A 47 48 #N/A N/A 46 48 44 #N/A N/A 44 40 34 52 50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.02.2013 30.01.2013 31.12.2012 31.12.2012 25.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 18 month Not Provided 9 month 12 month 12 month

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Unclassified Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Government Investment Advisor

Date 25.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 06.03.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013


27.03.2013

Broadcom Corp Broadcom Corporation provides integrated silicon solutions that enable broadband digital data transmission of voice, data, and video content to the home and within the business enterprise. The Company designs, develops, and supplies integrated circuits for cable set-top boxes, cable modems, high-speed networking, direct satellite and digital broadcast, and digital subscriber line.

Price/Volume 45

8.0 M

40

7.0 M

35

6.0 M

30

5.0 M

25

Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (17.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BRCM UW EQUITY YTD Change BRCM UW EQUITY YTD % CHANGE

12/2012 12/yy 39.66 28.60 1'097'361.00 34.46 -13.11% 20.49% 52.98% 518.0 19'604.90 1'693.00 0.0 0.0 3'722.00 17'575.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 4'490.3 6'818.3 2.85x 2.95x 356.1 1'291.0 35.95x 15.57x 65.3 1'081.8 76.76x 20.94x Profitability

10

2.0 M

5

1.0 M

0 m-12

.0 M a-12

LTM-4Q 31.12.2011 7'389.0 1.62x 1'260.0 9.52x 927.0 16.49x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 8'006.0 2.11x 1'297.0 13.01x 719.0 22.90x 1'297.00 852.00 10.64% 8.19% 7.10% 10.01% 0.79% 49.7% 16.2% 10.6% 9.0% 2.25 1.85 15.11% 21.60% 11.29 8.50

Price/ Cash Flow

12/yy 7'389.0 7.92x 1'235.0 9.71x 927.0 16.68x

m-12

j-12

j-12

a-12

LTM 12/yy 8'006.0 8.93x 1'297.0 13.01x 719.0 23.06x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.16 1.08 516.69 8.10 -10.43% 4.10% 1.085 49 4.551 1'507'244 2'194'952 2'032'107 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'442.9 9'303.0 1'914.1 2'052.9 2.10x 1.75x 9.93x 9.16x 1'568.5 1'806.7 283.8 350.3 11.21x 9.73x 11.94x 11.36x 1'666.4 1'876.1 334.2 398.8 12.48x 11.33x 12.54x 12.13x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.08.2011 ASTABLE 43.23 35.10 -1.56 1.31 21.6% 17.8% 0.79 18.77 32.41 43.08 43.88 31.61

Sales/Revenue/Turnover

20.00

9'000.0

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

3.0 M

15

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 4'658.1 1.37x 498.4 12.84x 214.8 20.45x

4.0 M

20

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Broadcom Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC BLACKROCK VANGUARD GROUP INC JP MORGAN STATE STREET CAPITAL GROUP COMPAN CLEARBRIDGE INVESTME JENNISON ASSOCIATES BANK OF NEW YORK MEL INVESCO LTD TIAA CREF INVESTMENT NORTHERN TRUST CORPO LEGG MASON INC LORD ABBETT & CO LLC AMERIPRISE FINANCIAL CITADEL ADVISORS LLC HARBOR CAPITAL ADVIS OPPENHEIMERFUNDS INC DEUTSCHE BANK AG

Firm Name BMO Capital Markets FBR Capital Markets Lazard Capital Markets Exane BNP Paribas Robert W. Baird & Co Wells Fargo Securities, LLC Evercore Partners MKM Partners B Riley & Company, Inc Susquehanna Financial Group Stifel Cowen and Company Wedge Partners RBC Capital Markets D.A. Davidson & Co Sanford C. Bernstein & Co Canaccord Genuity Corp Edward Jones William Blair & Co Wedbush ISI Group Piper Jaffray Benchmark Company LLC Mizuho Securities USA Inc Raymond James JMP Securities Nomura Brean Murray Carret & Co Oppenheimer & Co Drexel Hamilton LLC Barclays Argus Research Corp JPMorgan Societe Generale Deutsche Bank Morgan Stanley Credit Suisse Jefferies Needham & Co Macquarie Williams Financial Group Credit Agricole Securities (USA) Pacific Crest Securities

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a n/a n/a CLEARBRIDGE INVESTME JENNISON ASSOCIATES BANK OF NEW YORK MEL INVESCO LTD TIAA-CREF INVESTMENT NORTHERN TRUST CORPO Multiple Portfolios LORD ABBETT & CO LLC AMERIPRISE FINANCIAL CITADEL ADVISORS LLC Multiple Portfolios OPPENHEIMER FUNDS IN DEUTSCHE BANK AKTIEN

Analyst AMBRISH SRIVASTAVA CHRISTOPHER ROLLAND DANIEL L AMIR JEROME RAMEL TRISTAN GERRA DAVID M WONG PATRICK WANG DANIEL A BERENBAUM CRAIG ELLIS CHRISTOPHER CASO KEVIN E CASSIDY TIMOTHY M ARCURI BRIAN BLAIR DOUG FREEDMAN AALOK K SHAH STACY A RASGON ROBERT BURLESON WILLIAM C KREHER ANIL K DORADLA BETSY VAN HEES SUMIT DHANDA AUGUSTE P RICHARD GARY W MOBLEY RUBEN ROY J STEVEN SMIGIE ALEX GAUNA ROMIT SHAH MIKE BURTON RICHARD SCHAFER RICHARD WHITTINGTON BLAYNE CURTIS JAMES KELLEHER HARLAN SUR PETER KNOX ROSS C SEYMORE JOSEPH MOORE JOHN W PITZER MARK J LIPACIS N QUINN BOLTON SHAWN WEBSTER CODY G ACREE SRINI PAJJURI MICHAEL MCCONNELL

Source 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F MF-AGG 13F 13F

Recommendation outperform outperform buy underperform outperform market perform overweight buy buy Positive buy outperform no rating system outperform buy outperform buy buy outperform outperform buy overweight buy buy market perform market outperform buy buy outperform buy overweight buy overweight hold buy Overwt/In-Line outperform buy buy neutral buy outperform outperform

Amt Held 34'885'074 33'275'931 32'676'043 22'937'805 21'611'182 21'343'957 17'606'581 15'680'788 13'125'552 12'011'561 9'533'071 7'935'621 6'958'491 6'634'244 6'251'821 5'482'859 4'949'433 4'704'744 4'551'715 3'676'030

% Out 6.73 6.42 6.31 4.43 4.17 4.12 3.4 3.03 2.53 2.32 1.84 1.53 1.34 1.28 1.21 1.06 0.96 0.91 0.88 0.71

Weighting

Change

5 5 5 1 5 3 5 5 5 4 5 5 #N/A N/A 5 5 5 5 5 5 5 5 5 5 5 3 4 5 5 5 5 5 5 5 3 5 5 5 5 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (1'518'740) 2'364'108 834'084 4'111'018 979'113 2'511'764 (152'306) (862'301) 1'756'103 (1'754'943) 2'374'769 176'864 69'246 97'009 665'488 795'681 (10'611) 46'990 1'700'682

Target Price 40 42 45 32 38 #N/A N/A 40 43 45 39 43 #N/A N/A #N/A N/A 45 44 37 40 #N/A N/A #N/A N/A 41 39 50 40 40 #N/A N/A 42 35 40 45 45 40 46 45 37 39 39 45 40 39 35 40 38 41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 18 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

Date 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 22.03.2013 21.03.2013 21.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 13.03.2013 11.03.2013 08.03.2013 05.03.2013 04.03.2013 04.03.2013 01.03.2013 01.03.2013 27.02.2013 25.02.2013 25.02.2013 20.02.2013 14.02.2013 14.02.2013 13.02.2013 11.02.2013 04.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 29.01.2013


27.03.2013

CA Inc CA, Inc. designs, develops, markets, licenses, and supports standardized computer software products. The Company's products are used with mainframe computers and in client/server environments. CA offers various enterprise systems management, information management, and business applications solutions to a variety of organizations.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CA UW EQUITY YTD Change CA UW EQUITY YTD % CHANGE

03/2012 12/yy 28.00 21.49 635'557.00 24.98 -10.79% 16.27% 53.65% 455.9 11'388.97 1'301.00 0.0 0.0 2'679.00 10'141.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 m-12

31.03.2009 31.03.2010 4'271.0 4'227.0 1.93x 2.58x 1'503.0 1'572.0 5.49x 6.95x 671.0 771.0 11.44x 16.19x Profitability

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 4'429.0 2.36x 1'624.0 6.45x 827.0 15.21x

31.03.2012 4'814.0 2.38x 1'805.0 6.35x 951.0 14.51x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'805.00 1'404.00 29.16% 28.13% 7.91% 16.59% 13.88% 0.40% 86.6% 39.2% 30.3% 19.8% 1.06 0.95 10.84% 24.11% 5.76 -

Price/ Cash Flow

12/yy 4'754.0 7.81x 1'796.0 4.72x 928.0 11.17x

LTM 12/yy 4'680.0 9.01x 1'836.0 4.72x 924.0 11.05x

FY+1

4.00 1.06 327.85 7.94 -6.65% 14.79% 1.056 14 3.429 906'295 908'262 1'069'077 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'637.0 4'676.8 1'145.0 1'144.2 2.10x 1.94x 8.78x 8.67x 1'733.7 1'777.3 402.5 443.0 5.85x 5.71x 5.65x 5.46x 1'109.7 1'130.9 252.9 279.9 10.34x 9.84x 10.10x 9.82x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.04.2011 BBB+ STABLE 28.20 27.08 -0.68 0.71 24.1% 19.4% 0.40 12.89 63.58 46.18 -

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 03.04.2009

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 4'277.0 2.63x 1'248.0 9.02x 500.0 18.29x

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

25

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

CA Inc Holdings By:

All

Holder Name CAREAL HOLDING AG NWQ INVESTMENT MANAG BLACKROCK STATE STREET VANGUARD GROUP INC ALLIANZ ASSET MANAGE BANK OF NEW YORK MEL JANUS CAPITAL MANAGE HOTCHKIS & WILEY CAP INVESCO LTD BARROW HANLEY MEWHIN AMERICAN INTERNATION NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA ROBECO INVESTMENT MG LSV ASSET MANAGEMENT CREDIT SUISSE AG AJO, LP MANAGED ACCOUNT ADVI NORDEA INV MANAGEMEN

Firm Name Longbow Research Evercore Partners JPMorgan Lazard Capital Markets RBC Capital Markets Jefferies Raymond James Oppenheimer & Co Mizuho Securities USA Inc Credit Suisse Sanford C. Bernstein & Co EVA Dimensions Cowen and Company

Portfolio Name n/a NWQ INVESTMENT MANAG n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL n/a HOTCHKIS AND WILEY INVESCO LTD BARROW HANLEY MEWHIN n/a NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA ROBECO INVESTMENT MA LSV ASSET MANAGEMENT CREDIT SUISSE AG AJO, LP MANAGED ACCOUNT ADVI NORDEA INVESTMENT MA

Analyst KEVIN M BUTTIGIEG STEWART KIRK MATERNE III JOHN DIFUCCI JOEL P FISHBEIN JR MATTHEW HEDBERG AARON SCHWARTZ MICHAEL TURITS SHAUL EYAL ABHEY R LAMBA PHILIP WINSLOW MARK L MOERDLER ANDREW S ZAMFOTIS GREGG MOSKOWITZ

Source 13D 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral equalweight overweight neutral sector perform hold market perform outperform buy neutral underperform buy neutral

Amt Held 125'813'380 22'342'814 19'880'570 15'856'480 14'410'711 13'622'366 8'833'656 7'990'175 6'430'928 6'086'388 5'699'040 4'609'383 4'526'919 4'417'122 4'295'400 3'715'551 3'704'282 3'683'900 3'564'380 3'535'206

% Out 27.6 4.9 4.36 3.48 3.16 2.99 1.94 1.75 1.41 1.33 1.25 1.01 0.99 0.97 0.94 0.81 0.81 0.81 0.78 0.78

Weighting

Change 3 3 5 3 3 3 3 5 5 3 1 5 3

M M M M M M M M M M M M M

Latest Chg (5'173'367) 274'826 (151'728) (943'896) 1'477'711 3'604'277 342'966 (1'075'420) 32'440 4'363'449 (64'061) 3'890'100 (493'237) (293'749) 862'627 (329'700) (813'813) 185'925

Target Price #N/A N/A 27 34 #N/A N/A 27 26 #N/A N/A 26 28 22 19 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 04.07.2012 31.12.2012 25.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 9 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013 19.03.2013 28.02.2013 25.02.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 18.01.2013 15.01.2013 14.12.2012


27.03.2013

Catamaran Corp Catamaran Corporation provides pharmacy benefits management (PBM) services and healthcare IT solutions to the healthcare benefits management industry. The Company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services, and professional services.

Price/Volume 60

7.0 M 6.0 M 5.0 M

30

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (28.03.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTRX UW EQUITY YTD Change CTRX UW EQUITY YTD % CHANGE

12/2011 12/yy 57.40 35.89 347'084.00 52.8 -8.01% 47.14% 78.62% 205.5 10'848.46 1'173.40 0.0 2.8 370.78 11'653.84

4.0 M

20

3.0 M 2.0 M

10

1.0 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

40

Valuation Analysis

31.12.2008 862.9 0.50x 38.4 11.20x 15.1 20.76x

9.0 M

50

31.12.2009 31.12.2010 1'438.6 1'948.4 0.92x 1.19x 91.1 114.8 14.52x 20.19x 46.1 64.7 28.41x 41.60x Profitability

LTM-4Q 31.12.2011 4'975.5 0.64x 166.4 19.06x 91.8 38.59x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 9'940.1 1.05x 367.4 28.48x 116.7 54.05x 367.37 217.02 2.18% 1.91% 2.77% 4.42% 2.36% 7.4% 3.7% 2.2% 1.2% 1.25 0.88 15.89% 25.47% 20.57 941.67

Price/ Cash Flow

LTM

12/yy 4'975.5 2.55x 166.5 19.06x 91.8 38.85x

12/yy 9'940.1 3.23x 367.4 28.48x 116.7 54.05x

FY+1

0.91 204.57 2.46 46.02% 12.08% 0.912 26 4.346 354'870 454'640 408'810 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'511.3 16'280.9 3'524.3 3'583.1 0.79x 0.68x 3.28x 3.22x 671.0 820.2 145.9 156.3 17.37x 14.21x 17.68x 16.49x 391.7 499.5 85.9 92.9 28.25x 22.42x 28.27x 26.27x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.05.2012 BB STABLE 13.77 12.26 2.18 3.19 25.5% 20.3% 2.36 156.71 17.79 0.39 13.24 4.94

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Catamaran Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC BLACKROCK WELLINGTON MANAGEMEN TIAA CREF INVESTMENT AMERICAN CENTURY COM TORONTO DOMINION BAN ALLIANCE BERNSTEIN INVESCO LTD GREYSTONE MANAGED IN JP MORGAN HARTFORD INVESTMENT PRUDENTIAL FINANCIAL JENNISON ASSOCIATES ROYAL BANK OF CANADA SUN LIFE FINANCIAL I TIGER CONSUMER MANAG STATE STREET BANK OF NEW YORK MEL CONNOR CLARK & LUNN

Firm Name Credit Suisse Jefferies Morgan Stanley ISI Group Raymond James Dougherty & Company LLC William Blair & Co Leerink Swann & Co Paradigm Capital Inc Oppenheimer & Co TD Securities EVA Dimensions Stonecap Securities Inc BMO Capital Markets SunTrust Robinson Humphrey JPMorgan CIBC World Markets Cantor Fitzgerald Scotia Capital Cowen and Company JMP Securities Maxim Group LLC Goldman Sachs

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN TIAA-CREF INVESTMENT AMERICAN CENTURY COM TORONTO DOMINION BAN n/a INVESCO LTD GREYSTONE MANAGED IN n/a Multiple Portfolios n/a JENNISON ASSOCIATES n/a n/a TIGER CONSUMER MANAG n/a BANK OF NEW YORK MEL CONNOR CLARK & LUNN

Analyst GLEN SANTANGELO BRIAN TANQUILUT RICKY GOLDWASSER MICHAEL CHERNY MICHAEL J BAKER BROOKS O NEIL AMANDA MURPHY DAVID LARSEN GABRIEL LEUNG BRET D JONES LENNOX GIBBS ANDREW S ZAMFOTIS SCOTT RATTEE JENNIFER LYNCH DAVID S MACDONALD LISA C GILL STEPHANIE PRICE TOM LISTON PAUL STEEP CHARLES RHYEE TIM MCDONOUGH ANTHONY V VENDETTI ROBERT P JONES

Source 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG MF-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F

Recommendation outperform buy Overwt/In-Line strong buy market perform buy outperform outperform buy market perform buy sell outperform market perform buy overweight sector perform buy sector perform outperform market outperform buy buy/attractive

Amt Held 30'629'845 18'118'825 13'419'480 7'901'802 7'640'808 4'722'589 3'664'716 3'584'630 3'101'723 2'956'696 2'722'566 2'474'818 2'470'131 2'187'503 2'154'069 2'094'791 2'082'583 2'028'935 1'988'509 1'970'410

% Out 14.91 8.82 6.53 3.85 3.72 2.3 1.78 1.74 1.51 1.44 1.33 1.2 1.2 1.06 1.05 1.02 1.01 0.99 0.97 0.96

Weighting

Change 5 5 5 5 3 5 5 5 5 3 5 1 5 3 5 5 3 5 3 5 4 5 5

M M M M M M M M M M M D M M M M M M M M M M M

Latest Chg 343'251 (2'132'436) 4'044'482 (472'937) 274'344 10'232 2'929'645 135'274 1'565'958 (343'480) (205'724) 246'729 866'943 349'578 333'985 74'871 (144'985) 1'153'410

Target Price 61 65 62 60 #N/A N/A 75 #N/A N/A #N/A N/A 64 #N/A N/A 61 #N/A N/A 63 59 62 62 60 65 58 #N/A N/A 65 66 62

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month

Date 26.03.2013 22.03.2013 15.03.2013 14.03.2013 08.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 22.01.2013


27.03.2013

Celgene Corp Celgene Corporation is a global biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

Price/Volume 120

8.0 M 7.0 M

100

6.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (21.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CELG UW EQUITY YTD Change CELG UW EQUITY YTD % CHANGE

12/2012 12/yy 115.41 58.53 681'830.00 112.5 -2.52% 92.21% 94.88% 418.7 47'108.75 3'079.79 0.0 0.0 3'900.27 46'288.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.0 M

40

2.0 M 20

1.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'254.8 10.27x 528.7 43.81x (1'533.7) 35.21x

5.0 M

60

Valuation Analysis

31.12.2009 31.12.2010 2'689.9 3'625.7 8.39x 7.30x 1'010.1 1'296.0 22.35x 20.43x 776.7 880.5 33.54x 25.83x Profitability

LTM-4Q 31.12.2011 4'842.1 5.93x 1'663.3 17.27x 1'318.2 22.61x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'506.7 5.83x 2'198.8 14.61x 1'456.2 19.57x 2'198.84 1'915.39 34.78% 30.54% 13.40% 25.99% 18.78% 0.51% 94.6% 39.9% 34.8% 26.4% 3.27 2.88 26.25% 54.08% 5.78 1.33

Price/ Cash Flow

12/yy 4'842.1 22.09x 1'663.3 17.27x 1'318.2 22.02x

LTM 12/yy 5'506.7 22.51x 2'198.8 14.61x 1'456.2 20.12x

FY+1

0.00 0.75 417.33 6.43 44.16% 42.91% 0.754 33 4.606 654'366 932'472 1'014'648 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'111.7 7'015.8 1'465.9 1'525.0 7.26x 6.05x 3'131.7 3'580.3 723.5 749.5 14.78x 12.92x 15.52x 2'432.2 2'852.0 580.3 605.8 19.80x 16.42x 19.79x 18.90x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.10.2010 BBB+ STABLE 07.09.2011 A-2 34.79 32.25 -0.37 1.40 54.1% 35.1% 0.51 10.16 63.34 274.73 132.49 205.59

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Celgene Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE STATE STREET CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN INVESCO LTD FMR LLC WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERIPRISE FINANCIAL TIAA CREF INVESTMENT ALLIANZ ASSET MANAGE CARMIGNAC GESTION EDGEWOOD MANAGEMENT WELLINGTON MANAGEMEN MACKAY SHIELDS LLC DEUTSCHE BANK AG

Firm Name Wells Fargo Securities, LLC RBC Capital Markets Robert W. Baird & Co Cantor Fitzgerald Sanford C. Bernstein & Co JMP Securities Lazard Capital Markets Cowen and Company BMO Capital Markets Morgan Stanley Brean Murray Carret & Co Credit Suisse William Blair & Co Leerink Swann & Co Stifel Oppenheimer & Co Guggenheim Securities LLC Barclays Piper Jaffray JPMorgan ISI Group S&P Capital IQ Jefferies Goldman Sachs Argus Research Corp Deutsche Bank Summer Street Research Partners EVA Dimensions Wallachbeth Capital LLC

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA n/a INVESCO LTD n/a WINSLOW CAPITAL MANA NORTHERN TRUST CORPO BANK OF NEW YORK MEL AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a Multiple Portfolios EDGEWOOD MANAGEMENT WELLINGTON MANAGEMEN Multiple Portfolios DEUTSCHE BANK AKTIEN

Analyst BRIAN C ABRAHAMS MICHAEL J YEE CHRISTOPHER J RAYMOND MARA GOLDSTEIN GEOFFREY C PORGES MICHAEL G KING JR JOSHUA SCHIMMER ERIC SCHMIDT JIM BIRCHENOUGH MARSHALL URIST GENE MACK RAVI MEHROTRA JOHN S SONNIER HOWARD LIANG JOEL D SENDEK BORIS PEAKER BRET HOLLEY YING HUANG M IAN SOMAIYA GEOFFREY MEACHAM MARK J SCHOENEBAUM STEVEN SILVER THOMAS WEI TERENCE FLYNN JOHN M EADE ROBYN KARNAUSKAS CAROL A WERTHER ANDREW S ZAMFOTIS DIFEI YANG

Source ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG MF-AGG 13F 13F MF-AGG 13F

Recommendation outperform outperform outperform buy outperform market outperform buy outperform outperform Overwt/In-Line buy neutral outperform outperform buy market perform buy overweight overweight overweight buy strong buy buy neutral/attractive hold hold buy buy buy

Amt Held 24'465'445 18'961'055 18'865'806 17'736'780 12'321'174 11'021'127 8'545'914 7'344'888 7'170'974 6'951'282 5'932'771 5'659'738 5'654'758 5'006'788 4'817'550 4'689'500 4'472'808 4'391'058 4'056'619 3'736'273

% Out 5.84 4.53 4.51 4.24 2.94 2.63 2.04 1.75 1.71 1.66 1.42 1.35 1.35 1.2 1.15 1.12 1.07 1.05 0.97 0.89

Weighting

Change 5 5 5 5 5 4 5 5 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 3 3 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M D M M M M

Latest Chg (68'196) (5'121'865) 122'374 (1'838'326) 343'769 518'543 (293'492) 2'189'655 (98'854) (127'088) (170'216) (213'700) (284'437) (938'919) (1'123'361) (808'227) (151'870) 336'096

Target Price #N/A N/A 115 107 121 137 130 128 #N/A N/A 113 115 115 110 #N/A N/A #N/A N/A 116 #N/A N/A 122 113 126 115 95 125 114 89 #N/A N/A 105 122 #N/A N/A 99

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 24.03.2013 20.03.2013 20.03.2013 15.03.2013 07.03.2013 07.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 03.03.2013 28.02.2013 28.02.2013 20.02.2013 11.02.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 15.01.2013 08.01.2013


27.03.2013

Cerner Corp Cerner Corporation is a worldwide supplier of healthcare solutions and services. The Company's Solutions are designed to optimize clinical and financial outcomes for healthcare organizations ranging from single-doctor practices, to health systems, to entire countries, for the pharmaceutical and medical device industries, and for the healthcare commerce system.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CERN UW EQUITY YTD Change CERN UW EQUITY YTD % CHANGE

12/2012 12/yy 93.88 67.66 210'837.00 93.24 -0.68% 37.81% 97.56% 172.2 16'056.65 196.14 0.0 0.0 1'036.79 15'216.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'671.9 1'850.2 3.81x 4.04x 481.6 552.7 13.22x 13.54x 193.5 237.3 35.69x 34.08x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

LTM-4Q 31.12.2011 2'203.2 4.42x 672.4 14.48x 306.6 34.80x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'665.4 4.60x 794.2 15.43x 397.2 33.66x 794.24 571.66 21.45% 22.05% 11.85% 15.44% 14.66% 0.80% 77.2% 29.8% 21.4% 14.9% 3.09 2.78 5.29% 6.92% 4.67 25.89

Price/ Cash Flow

12/yy 2'203.2 18.02x 672.4 14.48x 306.6 34.70x

j-12

j-12

a-12

LTM 12/yy 2'665.4 18.80x 794.2 15.43x 397.2 33.66x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 0.96 152.13 9.61 22.43% 20.09% 0.962 24 4.042 208'386 264'083 269'010 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'005.0 3'383.1 709.2 730.3 4.81x 4.10x 967.7 1'113.6 219.2 237.2 15.72x 13.66x 15.71x 494.3 583.5 110.8 119.2 33.30x 28.32x 33.32x 32.05x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

156.72 120.52 -1.06 0.25 6.9% 6.5% 0.80 5.04 77.91 14.06 67.81 24.16

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 08.01.2010

1.8 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'676.0 1.80x 449.4 6.70x 188.7 18.93x

100 90 80 70 60 50 40 30 20 10 0 m-12

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Cerner Corp Holdings By:

All

Holder Name FMR LLC PATTERSON NEAL L SANDS CAPITAL MANAGE VANGUARD GROUP INC ILLIG CLIFFORD W BLACKROCK STATE STREET WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN ARTISAN PARTNERS HOL MANNING & NAPIER ADV JP MORGAN MACKAY SHIELDS LLC INVESCO LTD TCW GROUP INC TOUCHSTONE ADVISORS CAPITAL GROUP COMPAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL FRANKLIN RESOURCES

Firm Name Leerink Swann & Co Lazard Capital Markets Wells Fargo Securities, LLC Raymond James Avondale Partners LLC B Riley & Company, Inc Piper Jaffray Jefferies Robert W. Baird & Co William Blair & Co Oppenheimer & Co Argus Research Corp First Analysis Corp EVA Dimensions Morgan Stanley Cowen and Company Maxim Group LLC Credit Suisse JPMorgan Sterne, Agee & Leach ISI Group S&P Capital IQ

Portfolio Name n/a n/a SANDS CAPITAL MANAGE VANGUARD GROUP INC n/a n/a n/a WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN ARTISAN PARTNERS LP MANNING & NAPIER ADV n/a Multiple Portfolios INVESCO LTD TCW GROUP INCORPORAT Multiple Portfolios n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a

Analyst DAVID LARSEN STEVEN P HALPER JAMIE STOCKTON ALEXANDER Y DRAPER RICHARD CLOSE EUGENE MANNHEIMER SEAN W WIELAND DAVID H WINDLEY ERIC W COLDWELL RYAN S DANIELS BRET D JONES DAVID H TOUNG FRANK SPARACINO ANDREW S ZAMFOTIS RICKY GOLDWASSER CHARLES RHYEE ANTHONY V VENDETTI GLEN SANTANGELO LISA C GILL GREG T BOLAN MICHAEL CHERNY JEFFREY LOO

Source ULT-AGG Form 4 13F 13F Form 4 ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG MF-AGG 13F 13F MF-AGG ULT-AGG 13F 13F ULT-AGG

Recommendation market perform buy market perform outperform market outperform neutral overweight buy outperform outperform underperform buy overweight overweight Equalwt/In-Line neutral hold neutral overweight buy neutral strong buy

Amt Held 12'700'072 12'056'024 9'374'174 8'609'866 7'544'562 7'524'187 5'945'448 5'621'196 5'600'000 4'266'715 4'202'633 3'691'773 3'162'947 2'539'177 2'460'507 2'130'994 2'083'462 2'047'600 1'982'694 1'897'931

% Out 7.37 7 5.44 5 4.38 4.37 3.45 3.26 3.25 2.48 2.44 2.14 1.84 1.47 1.43 1.24 1.21 1.19 1.15 1.1

Weighting

Change 3 5 3 5 4 3 5 5 5 5 1 5 5 5 3 3 3 3 5 5 3 5

M M M M M M M M M M M M M U M M M M M M M M

Latest Chg 2'767'147 (1'500) 1'320'072 212'583 (1'469'240) 224'327 (84'988) (100'000) 34'300 (185'150) 730'621 (89'373) (156'818) 162'795 51'735 (165'178) (7'446) 73'112 (127'039)

Target Price #N/A N/A 101 #N/A N/A 100 97 91 100 97 94 #N/A N/A 54 95 97 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 88 93 100 95 92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 01.03.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.03.2013 n/a 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 18 month 18 month Not Provided 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month

Date 21.03.2013 20.03.2013 18.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 27.02.2013 25.02.2013 12.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 23.01.2013


27.03.2013

CH Robinson Worldwide Inc C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

Price/Volume 80

50

1.5 M

40

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHRW UW EQUITY YTD Change CHRW UW EQUITY YTD % CHANGE

12/2012 12/yy 67.93 50.82 370'730.00 59.01 -13.13% 16.12% 47.87% 159.2 9'395.82 321.66 0.0 0.0 210.02 9'507.46

1.0 M

30 20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

60

Valuation Analysis

31.12.2008 8'578.6 1.05x 602.8 14.87x 359.2 26.46x

2.5 M

70

31.12.2009 31.12.2010 7'577.2 9'274.3 1.25x 1.40x 615.3 652.2 15.45x 19.88x 360.8 387.0 27.57x 34.42x Profitability

LTM-4Q 31.12.2011 10'336.3 1.07x 725.2 15.30x 431.6 26.63x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 11'359.1 0.91x 713.4 14.45x 593.8 22.91x 713.41 675.32 5.95% 8.44% 24.03% 43.14% 37.86% 4.60% 8.4% 6.3% 5.9% 5.2% 1.36 1.32 11.47% 21.38% 8.73 -

Price/ Cash Flow

LTM

12/yy 10'336.3 4.51x 725.2 15.30x 431.6 26.53x

12/yy 11'359.1 3.44x 713.4 14.45x 593.8 23.07x

FY+1

2.27 0.85 156.98 5.31 -7.59% -6.09% 0.848 32 3.438 449'598 532'824 559'868 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'978.5 14'118.8 2'967.9 3'368.6 0.71x 0.65x 3.19x 2.81x 845.3 941.1 191.5 214.9 11.25x 10.10x 11.29x 10.95x 490.0 547.5 110.4 124.8 19.22x 16.94x 19.20x 18.56x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

0.16 0.45 21.4% 17.6% 4.60 82.11 41.92 22.54 -

Sales/Revenue/Turnover

50.00

12'000.0

45.00

10'000.0

40.00 35.00

8'000.0

30.00

6'000.0

25.00 20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

CH Robinson Worldwide Inc Holdings By:

All

Holder Name PRIMECAP MANAGEMENT BLACKROCK VANGUARD GROUP INC JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN STATE STREET CAPITAL GROUP COMPAN BANK OF NEW YORK MEL BANK OF AMERICA CORP FMR LLC MERCHANTS' GATE CAPI PARNASSUS INVESTMENT T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO MACKENZIE FINANCIAL ORBIS HOLDINGS LIMIT JENSEN INVESTMENT MA POLEN CAPITAL MANAGE INVESCO LTD CAPITAL COUNSEL LLC

Firm Name Longbow Research Sanford C. Bernstein & Co Morgan Stanley Wolfe Trahan & Co Macquarie Edward Jones RBC Capital Markets Thompson, Davis & Company Jefferies Susquehanna Financial Group Avondale Partners LLC Goldman Sachs Credit Suisse JPMorgan Robert W. Baird & Co Stephens Inc Raymond James FBR Capital Markets Stifel Sterne, Agee & Leach Wunderlich Securities Oppenheimer & Co BB&T Capital Markets Cowen Securities LLC EVA Dimensions William Blair & Co Wells Fargo Securities, LLC Deutsche Bank S&P Capital IQ

Portfolio Name PRIMECAP MANAGEMENT n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL BANK OF AMERICA n/a MERCHANTS' GATE CAPI PARNASSUS INVESTMENT T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO MACKENZIE FINANCIAL ORBIS HOLDINGS LIMIT JENSEN INVESTMENT MA POLEN CAPITAL MANAGE INVESCO LTD CAPITAL COUNSEL LLC

Analyst MATTHEW S BROOKLIER DAVID VERNON WILLIAM J GREENE SCOTT H GROUP KELLY A DOUGHERTY LOGAN PURK JOHN L BARNES III DAVID P CAMPBELL H PETER NESVOLD MATT TROY RYAN BOUCHARD TOM KIM CHRISTOPHER J CERASO THOMAS R WADEWITZ BENJAMIN J HARTFORD JACK ATKINS PATRICK TYLER BROWN JOHN R MIMS JOHN G LARKIN JEFFREY A KAUFFMAN CHAZ G JONES SCOTT A SCHNEEBERGER THOMAS S ALBRECHT JASON H SEIDL CRAIG STERLING NATHAN J BROCHMANN ANTHONY P GALLO JUSTIN B YAGERMAN JAMES CORRIDORE

Source 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral outperform Equalwt/Attractive outperform neutral hold sector perform buy hold neutral market perform neutral/attractive neutral neutral neutral equalweight market perform outperform sell buy hold market perform hold hold hold outperform market perform buy buy

Amt Held 9'609'274 8'920'704 8'388'906 7'414'398 6'861'475 6'473'551 5'120'000 5'079'005 4'408'198 3'746'268 2'791'765 2'683'000 2'436'066 2'117'531 2'029'264 1'975'439 1'962'668 1'918'183 1'794'464 1'480'315

% Out 6.04 5.6 5.27 4.66 4.31 4.07 3.22 3.19 2.77 2.35 1.75 1.69 1.53 1.33 1.27 1.24 1.23 1.2 1.13 0.93

Weighting

Change 3 5 3 5 3 3 3 5 3 3 3 3 3 3 3 3 3 5 1 5 3 3 3 3 3 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M M M M D M M M M

Latest Chg 139'500 149'590 (64'505) 375'802 262'805 257'866 1'438'324 834'268 (57'335) 2'515 (26'610) 30'963 475'964 1'975'439 (662'340) 31'929 (185'129) (33'562)

Target Price #N/A N/A 74 #N/A N/A 78 58 #N/A N/A 63 94 61 65 67 66 65 62 73 66 #N/A N/A 80 #N/A N/A 78 64 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 72 76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Date 27.03.2013 22.03.2013 20.03.2013 15.03.2013 12.03.2013 08.03.2013 07.03.2013 05.03.2013 01.03.2013 13.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 10.11.2012 25.09.2012


27.03.2013

Check Point Software Technologies Ltd Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

Price/Volume 70

4.0 M

60

3.5 M

50

3.0 M 2.5 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.04.2012) 52-Week Low (18.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHKP UW EQUITY YTD Change CHKP UW EQUITY YTD % CHANGE

12/2012 12/yy 64.99 40.60 813'573.00 46.5 -28.45% 14.53% 24.19% 205.9 9'574.02 0.00 0.0 0.0 3'295.36 6'278.65

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 924.4 1'097.9 5.67x 6.58x 483.7 594.4 10.83x 12.16x 357.5 452.8 18.12x 21.72x Profitability

1.0 M

10

.5 M

0 m-12

.0 M a-12

LTM-4Q 31.12.2011 1'247.0 6.37x 693.7 11.44x 544.0 20.77x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'342.7 4.61x 761.4 8.12x 620.0 16.20x 761.42 746.54 55.60% 58.60% 14.28% 19.32% 0.31% 88.4% 56.7% 55.6% 46.2% 2.21 2.15 0.00% 0.00% 3.67 -

Price/ Cash Flow

12/yy 1'247.0 26.65x 693.7 11.44x 544.0 20.60x

m-12

j-12

j-12

a-12

LTM 12/yy 1'342.7 22.26x 761.4 8.12x 620.0 16.09x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 0.88 159.71 6.37 -26.74% -2.39% 0.878 32 4.313 623'078 487'155 515'189 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'422.8 1'516.8 328.3 346.9 5.48x 4.73x 22.97x 21.54x 834.4 893.9 191.8 201.6 7.52x 7.02x 7.52x 7.36x 688.1 737.2 158.5 166.8 13.57x 12.38x 13.58x 13.25x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

21.34 21.11 -4.33 0.00 0.0% 0.0% 0.31 36.48 99.65 15.80 -

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

1.5 M

20

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 808.5 3.18x 402.3 6.39x 324.0 11.37x

2.0 M

30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Check Point Software Technologies Ltd Holdings By:

All

Holder Name SHWED GIL NACHT MARIUS SUN LIFE FINANCIAL I THORNBURG INVESTMENT FMR LLC FRANKLIN RESOURCES SCHRODER INVESTMENT CARMIGNAC GESTION WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL INVESCO LTD PRUDENTIAL FINANCIAL HARRIS ASSOCIATES LP FARALLON CAPITAL MAN JENNISON ASSOCIATES WESTFIELD CAPITAL MG T ROWE PRICE ASSOCIA PERKINS INVESTMENT M WILLIAM BLAIR & COMP BESSEMER GROUP INCOR

Firm Name Stifel Lazard Capital Markets BMO Capital Markets Wells Fargo Securities, LLC Topeka Capital Markets Inc Nomura FBR Capital Markets Needham & Co Raymond James Oppenheimer & Co Jefferies Argus Research Corp MKM Partners First Analysis Corp Macquarie Wunderlich Securities Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Pacific Crest Securities Stephens Inc William Blair & Co Cowen and Company FBN Securities B Riley & Company, Inc EVA Dimensions Deutsche Bank Goldman Sachs

Portfolio Name n/a n/a n/a THORNBURG INVESTMENT n/a n/a SCHRODER INVESTMENT Multiple Portfolios WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL INVESCO LTD n/a HARRIS ASSOC LP FARALLON CAPITAL MAN JENNISON ASSOCIATES WESTFIELD CAPITAL MA T ROWE PRICE ASSOCIA PERKINS INVESTMENT M WILLIAM BLAIR & COMP BESSEMER GROUP INCOR

Analyst TODD C WELLER JOEL P FISHBEIN JR KARL KEIRSTEAD GRAY W POWELL FREDERICK D ZIEGEL RICHARD G SHERLUND DANIEL H IVES SCOTT ZELLER MICHAEL TURITS SHAUL EYAL AARON SCHWARTZ JOSEPH F BONNER ISRAEL HERNANDEZ CRAIG NANKERVIS BRAD A ZELNICK BRIAN S FREED KEITH WEISS ROBERT P BREZA PHILIP WINSLOW STERLING AUTY ROB D OWENS JONATHAN B RUYKHAVER JONATHAN HO GREGG MOSKOWITZ SHEBLY SEYRAFI DANIEL CUMMINS ANDREW S ZAMFOTIS THOMAS ERNST JR GREG DUNHAM

Source 20F 20F ULT-AGG 13F ULT-AGG ULT-AGG 13F MF-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy neutral market perform outperform buy buy outperform hold outperform outperform buy hold buy equalweight outperform buy Equalwt/In-Line sector perform outperform overweight outperform overweight outperform neutral outperform neutral overweight hold neutral/neutral

Amt Held 24'963'760 21'214'986 15'280'180 12'621'374 9'955'180 8'768'144 7'995'556 6'439'019 6'399'218 5'390'445 5'040'047 4'220'341 4'047'800 2'672'000 2'392'593 2'183'420 2'089'800 1'850'161 1'846'238 1'748'270

% Out 12.12 10.3 7.42 6.13 4.84 4.26 3.88 3.13 3.11 2.62 2.45 2.05 1.97 1.3 1.16 1.06 1.01 0.9 0.9 0.85

Weighting

Change 5 3 3 5 5 5 5 3 5 5 5 3 5 3 5 5 3 3 5 5 5 5 5 3 5 3 5 3 3

M D M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 987'407 235'870 (8'911'572) 4'046'942 572'741 2'901'491 1'253'232 (29'658) 424'233 4'047'800 1'181'000 794'584 (524'608) (1'196'313) 1'850'161 (36'863) 543'420

Target Price 55 #N/A N/A 48 #N/A N/A 68 55 55 #N/A N/A 52 56 56 #N/A N/A 48 #N/A N/A 55 60 #N/A N/A 47 55 53 55 55 #N/A N/A #N/A N/A 60 50 #N/A N/A 50 49

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 n/a 31.01.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 18 month 12 month Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 26.03.2013 25.03.2013 24.03.2013 15.03.2013 11.03.2013 10.03.2013 06.03.2013 04.03.2013 04.03.2013 03.03.2013 28.02.2013 12.02.2013 12.02.2013 29.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 17.01.2013 18.10.2012 17.10.2012


27.03.2013

Cisco Systems Inc Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Price/Volume 25 20 15

Valuation Analysis

10

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO UW EQUITY YTD Change CSCO UW EQUITY YTD % CHANGE

07/2012 01/yy 21.98 14.97 2'102'008.00 20.75 -5.60% 38.66% 83.89% 5'332.0 110'638.46 16'328.00 0.0 15.0 48'716.00 80'563.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.07.2008 39'540.0 2.86x 11'189.0 10.09x 8'052.0 16.14x

5

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13 m-13

31.07.2009 31.07.2010 36'117.0 40'040.0 2.82x 2.64x 9'153.0 11'194.0 11.13x 9.46x 6'134.0 7'767.0 17.79x 16.96x Profitability

LTM-4Q 31.07.2011 43'218.0 1.37x 10'959.0 5.39x 6'490.0 12.57x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.07.2012 46'061.0 1.10x 12'971.0 3.91x 8'041.0 10.12x 12'971.00 10'369.00 22.51% 22.06% 10.04% 17.79% 14.26% 0.51% 61.2% 28.3% 22.7% 17.5% 3.49 3.20 17.79% 31.84% 5.99 11.64

Price/ Cash Flow

LTM

01/yy 44'844.0 6.16x 12'018.0 6.27x 6'998.0 13.77x

01/yy 47'252.0 5.76x 13'372.0 6.17x 9'317.0 13.06x

FY+1

2.12 0.99 5'322.18 61.50 1.91% 5.60% 0.989 49 4.245 8'847'501 9'486'852 9'196'968 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 48'708.3 51'403.4 12'204.0 12'524.3 2.09x 1.74x 6.31x 6.00x 15'215.0 15'696.1 3'802.0 4'002.0 5.28x 5.12x 5.12x 5.02x 10'665.0 11'156.2 2'630.9 2'720.4 10.40x 9.84x 10.24x 10.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.02.2006 A+ STABLE 31.01.2011 A-1+ 21.76 19.87 -2.25 1.22 31.8% 24.1% 0.51 13.28 60.78 31.27 16.63 77.17

Sales/Revenue/Turnover

25.00

50'000.0 45'000.0 40'000.0

20.00

35'000.0 15.00

30'000.0

10.00

25'000.0 20'000.0 15'000.0 10'000.0

5.00

5'000.0 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Cisco Systems Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLINGTON MANAGEMEN VANGUARD GROUP INC BANK OF NEW YORK MEL JP MORGAN INVESCO LTD FMR LLC FRANKLIN RESOURCES NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG LAZARD ASSET MANAGEM FIRST EAGLE INVESTME NORGES BANK TIAA CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AG

Firm Name Jefferies Raymond James FBR Capital Markets Stifel Topeka Capital Markets Inc Edward Jones Pacific Crest Securities RBC Capital Markets Nomura Mizuho Securities USA Inc S&P Capital IQ Daiwa Securities Co. Ltd. William Blair & Co Berenberg Bank Janney Montgomery Scott LLC Argus Research Corp ISI Group BMO Capital Markets Sterne, Agee & Leach Oppenheimer & Co Morgan Stanley JPMorgan Needham & Co Robert W. Baird & Co Wedbush Independent Research GmbH Davenport & Co Wunderlich Securities Wells Fargo Securities, LLC JMP Securities Lazard Capital Markets Piper Jaffray MKM Partners Northland Securities Inc Barclays FBN Securities Evercore Partners Deutsche Bank Wedge Partners EVA Dimensions Goldman Sachs Tigress Financial Partners BGC Partners

Portfolio Name n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN Multiple Portfolios BANK OF NEW YORK MEL n/a INVESCO LTD n/a n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG n/a FIRST EAGLE INVESTME NORGES BANK TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AKTIEN

Analyst GEORGE C NOTTER SIMON M LEOPOLD SCOTT S THOMPSON SANJIV R WADHWANI BRIAN J WHITE WILLIAM C KREHER BRENT A BRACELIN MARK SUE STUART JEFFREY JOANNA MAKRIS JAMES G MOORMAN YOKO YAMADA JASON NOAH ADER ADNAAN AHMAD WILLIAM CHOI JAMES KELLEHER BRIAN MARSHALL TIMOTHY P LONG ALEX KURTZ ITTAI KIDRON EHUD A GELBLUM ROD HALL ALEXANDER HENDERSON JAYSON NOLAND SR ROHIT CHOPRA MARKUS FRIEBEL F DRAKE JOHNSTONE MATTHEW S ROBISON JESS L LUBERT ERIK SUPPIGER RYAN HUTCHINSON TROY D JENSEN MICHAEL GENOVESE CATHARINE TREBNICK BENJAMIN A REITZES SHEBLY SEYRAFI MARK A MCKECHNIE BRIAN T MODOFF CHRISTOPHER J CRESPI ANDREW S ZAMFOTIS SIMONA JANKOWSKI IVAN FEINSETH COLIN W GILLIS

Source ULT-AGG 13F ULT-AGG 13F MF-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation hold outperform underperform buy buy hold outperform outperform buy buy buy outperform outperform sell neutral buy cautious outperform buy outperform Overwt/Attractive underweight hold outperform outperform hold buy buy outperform market perform neutral overweight buy outperform overweight outperform equalweight buy no rating system buy Buy/Neutral neutral buy

Amt Held 276'768'876 232'564'275 225'135'431 183'794'312 144'509'645 112'982'877 98'235'021 96'443'571 86'751'700 82'170'687 77'496'020 70'428'507 69'820'447 52'443'161 47'768'835 46'147'106 43'095'418 42'368'958 40'386'595 37'520'775

% Out 5.19 4.36 4.22 3.45 2.71 2.12 1.84 1.81 1.63 1.54 1.45 1.32 1.31 0.98 0.9 0.87 0.81 0.79 0.76 0.7

Weighting

Change

3 5 1 5 5 3 5 5 5 5 5 5 5 1 3 5 2 5 5 5 5 1 3 5 5 3 5 5 5 3 3 5 5 5 5 5 3 5 #N/A N/A 5 5 3 5

M M D M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M M M M M M M N M

Latest Chg (27'443'381) (1'696'027) (6'694'074) 65'261'717 4'376'292 12'991'203 (10'116'927) 19'583'032 (271'698) 2'085'888 6'196'339 (4'001'080) (52'225) (1'195'030) (540'834) 4'202'738 3'103'045 7'990'890 6'191'620

Target Price 22 25 17 25 26 #N/A N/A 25 24 25 25 26 24 #N/A N/A 14 20 26 #N/A N/A 25 26 24 24 18 #N/A N/A 25 24 24 24 24 #N/A N/A #N/A N/A #N/A N/A 25 25 26 24 25 23 24 #N/A N/A #N/A N/A 25 #N/A N/A 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 22.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 9 month Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Date 26.03.2013 25.03.2013 21.03.2013 21.03.2013 21.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 08.03.2013 06.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 01.03.2013 27.02.2013 25.02.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 04.02.2013 18.01.2013 15.01.2013 09.12.2012 03.12.2012 16.08.2012


27.03.2013

Citrix Systems Inc Citrix Systems, Inc. designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand. The Company develops and markets comprehensive solutions across all dimensions of application, server and desktop virtualization as well as application and network optimization. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTXS UW EQUITY YTD Change CTXS UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 87.98 56.57 823'223.00 70.99 -19.31% 25.49% 45.91% 186.4 13'232.81 0.00 0.0 0.0 928.63 12'304.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'614.1 1'874.7 4.34x 6.37x 364.7 459.8 19.19x 25.97x 191.0 277.1 30.37x 46.86x Profitability

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12 m-12

LTM-4Q 31.12.2011 2'206.4 4.78x 576.2 18.30x 356.3 32.47x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'586.1 4.37x 605.7 18.66x 352.5 35.28x 605.65 390.78 15.11% 15.86% 7.93% 12.05% 12.05% 0.58% 84.4% 23.4% 15.1% 13.6% 1.28 1.16 0.00% 0.00% 4.64 42.03

Price/ Cash Flow

12/yy 2'206.4 21.29x 576.2 18.30x 356.3 32.30x

j-12

j-12

a-12

LTM 12/yy 2'586.1 20.53x 605.7 18.66x 352.5 37.50x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.46 184.83 2.51 -10.55% 7.97% 1.456 38 4.184 617'548 533'508 648'544 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'971.4 3'355.3 677.0 711.0 4.07x 3.44x 18.08x 16.95x 934.2 1'050.9 188.2 214.8 13.17x 11.71x 13.25x 12.65x 594.2 684.5 118.9 132.8 22.59x 19.72x 22.62x 21.83x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.02.2005 NR -1.53 0.00 0.0% 0.0% 0.58 8.91 78.93 8.71 58.16 29.47

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

3.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'583.4 2.32x 294.8 12.44x 178.3 19.81x

100 90 80 70 60 50 40 30 20 10 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Citrix Systems Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JP MORGAN INVESCO LTD ALLIANCE BERNSTEIN CLEARBRIDGE INVESTME WILLIAM BLAIR & COMP NORTHERN TRUST CORPO MORGAN STANLEY MAVERICK CAPITAL LTD WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL BROWN ADVISORY INC BANK OF NEW YORK MEL SUN LIFE FINANCIAL I HARDING LOEVNER LP LEGG MASON INC KEYBANK NATIONAL ASS

Firm Name Mizuho Securities USA Inc Stifel Lazard Capital Markets Tigress Financial Partners Longbow Research FBN Securities Evercore Partners Morgan Stanley Nomura Oppenheimer & Co Berenberg Bank William Blair & Co Needham & Co Raymond James Drexel Hamilton LLC Sanford C. Bernstein & Co Jefferies Pacific Crest Securities MKM Partners JMP Securities Wells Fargo Securities, LLC Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Robert W. Baird & Co Stephens Inc FBR Capital Markets Cowen and Company Susquehanna Financial Group Credit Agricole Securities (USA) Barclays EVA Dimensions Deutsche Bank Noble Financial Group

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a INVESCO LTD n/a CLEARBRIDGE INVESTME WILLIAM BLAIR & COMP NORTHERN TRUST CORPO n/a MAVERICK CAPITAL LTD WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL n/a HARDING LOEVNER LP Multiple Portfolios KEYBANK NATIONAL ASS

Analyst ABHEY R LAMBA BRAD REBACK JOEL P FISHBEIN JR IVAN FEINSETH KEVIN M BUTTIGIEG SHEBLY SEYRAFI STEWART KIRK MATERNE III KEITH WEISS RICHARD G SHERLUND SHAUL EYAL DAUD KHAN BHAVAN SURI SCOTT ZELLER MICHAEL TURITS JAMES N GILMAN MARK L MOERDLER ROSS MACMILLAN ROB D OWENS ISRAEL HERNANDEZ PATRICK WALRAVENS JASON MAYNARD HEATHER BELLINI MATTHEW HEDBERG PHILIP WINSLOW JOHN DIFUCCI STEVEN M ASHLEY JONATHAN B RUYKHAVER DANIEL H IVES GREGG MOSKOWITZ J DERRICK WOOD EDWARD MAGUIRE RAIMO LENSCHOW ANDREW S ZAMFOTIS THOMAS ERNST JR SUSAN BAUR

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F MF-AGG 13F

Recommendation buy buy buy strong buy neutral outperform overweight Equalwt/In-Line neutral market perform hold outperform buy outperform hold outperform buy outperform buy market perform outperform neutral/neutral sector perform neutral underweight outperform overweight outperform outperform Positive outperform equalweight hold buy buy

Amt Held 15'136'139 11'851'019 8'355'023 7'734'370 6'506'574 5'862'079 5'739'377 5'257'890 4'082'862 3'929'338 3'874'190 3'768'917 3'732'787 3'581'960 3'431'077 2'765'576 2'671'828 2'436'445 2'367'537 2'054'417

% Out 8.12 6.36 4.48 4.15 3.49 3.14 3.08 2.82 2.19 2.11 2.08 2.02 2 1.92 1.84 1.48 1.43 1.31 1.27 1.1

Weighting

Change 5 5 5 5 3 5 5 3 3 3 3 5 5 5 3 5 5 5 5 3 5 3 3 3 1 5 5 5 5 4 5 3 3 5 5

M M M R M N M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (6'151'934) 104'224 (179'482) 1'043'984 887'659 1'496'089 1'062'062 1'053'573 (83'316) (313'208) 2'291'404 417'815 668'154 75'282 40'871 184'746 170'063 82'767 1'086'635

Target Price 85 83 95 #N/A N/A #N/A N/A 85 85 #N/A N/A 85 #N/A N/A 76 #N/A N/A 85 78 72 102 85 90 88 #N/A N/A #N/A N/A 80 85 73 56 80 86 100 #N/A N/A 95 82 76 #N/A N/A 95 101

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 10.03.2013 07.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 26.02.2013 25.02.2013 21.02.2013 14.02.2013 05.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 15.01.2013 14.06.2012 26.04.2012


27.03.2013

Cognizant Technology Solutions Corp Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

Price/Volume 90

12.0 M

80

10.0 M

70 60

8.0 M

50

12/2012 12/yy 81.05 53.93 367'892.00 74.62 -7.93% 38.36% 76.29% 301.8 22'518.97 0.00 0.0 0.0 2'863.76 19'655.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30

31.12.2009 31.12.2010 3'278.7 4'592.4 3.68x 4.37x 707.9 972.0 17.06x 20.63x 535.0 733.5 25.47x 30.92x Profitability

2.0 M

10 0 m-12

.0 M a-12 m-12

LTM-4Q 31.12.2011 6'121.2 2.79x 1'260.6 13.53x 883.6 22.56x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 7'346.5 2.64x 1'518.1 12.80x 1'051.3 21.48x 1'518.08 1'361.50 18.53% 18.89% 17.48% 23.87% 23.87% 1.22% 41.8% 20.7% 18.5% 14.3% 3.50 3.06 0.00% 0.00% 5.82 26.51

Price/ Cash Flow

12/yy 6'121.2 12.47x 1'260.6 13.53x 883.6 22.56x

j-12

j-12

a-12

LTM 12/yy 7'346.5 10.11x 1'518.1 12.80x 1'051.3 21.48x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.18 300.31 3.01 -3.60% 0.77% 1.182 29 4.621 666'963 519'967 568'322 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'619.6 10'011.3 2'007.3 2'110.5 2.27x 1.85x 9.72x 9.13x 1'745.3 2'033.8 405.4 423.8 11.26x 9.66x 11.28x 10.84x 1'311.2 1'523.6 306.8 321.5 17.35x 15.00x 17.32x 16.66x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-1.89 0.00 0.0% 0.0% 1.22 8.50 62.89 13.80 7.66 69.03

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

4.0 M

20

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'816.3 1.60x 591.5 7.62x 430.8 12.54x

6.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTSH UW EQUITY YTD Change CTSH UW EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Cognizant Technology Solutions Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET WADDELL & REED FINAN LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA JP MORGAN INVESCO LTD ALLIANCE BERNSTEIN EDGEWOOD MANAGEMENT SUN LIFE FINANCIAL I BANK OF NEW YORK MEL BROWN ADVISORY INC POLEN CAPITAL MANAGE NORTHERN TRUST CORPO AMERIPRISE FINANCIAL GENESIS ASSET MANAGE ORBIS HOLDINGS LIMIT CALAMOS ADVISORS LLC

Firm Name Sanford C. Bernstein & Co RBC Capital Markets JPMorgan Janney Montgomery Scott LLC Nomura Wells Fargo Securities, LLC Susquehanna Financial Group Pacific Crest Securities Credit Suisse Berenberg Bank BMO Capital Markets Morgan Stanley Goldman Sachs BNP Paribas Equity Research Cowen and Company Barclays EVA Dimensions Jefferies Needham & Co Robert W. Baird & Co William Blair & Co Oppenheimer & Co BB&T Capital Markets Atlantic Equities LLP Deutsche Bank Piper Jaffray BOE Securities Centrum Broking Pvt Ltd

Portfolio Name n/a n/a VANGUARD GROUP INC n/a WADDELL & REED FINAN LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA n/a INVESCO LTD n/a EDGEWOOD MANAGEMENT n/a BANK OF NEW YORK MEL n/a POLEN CAPITAL MANAGE NORTHERN TRUST CORPO AMERIPRISE FINANCIAL GENESIS ASSET MANAGE ORBIS HOLDINGS LIMIT CALAMOS ADVISORS LLC

Analyst RODERICK BOURGEOIS DANIEL R PERLIN TIEN-TSIN HUANG JOSEPH D FORESI ASHWIN MEHTA EDWARD S CASO JR JAMES E FRIEDMAN JESSE HULSING GEORGE MIHALOS DAUD KHAN KEITH F BACHMAN KATHRYN HUBERTY JULIO C QUINTEROS JR ARVIND RAMNANI MOSHE KATRI DARRIN D PELLER ANDREW S ZAMFOTIS JASON KUPFERBERG MAYANK TANDON DAVID J KONING BHAVAN SURI GLENN GREENE GEORGE A PRICE CHRISTOPHER HICKEY BRYAN KEANE MARK J ZGUTOWICZ BINDAL PARIKH TOTLANI GIRISH PAI

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation outperform outperform overweight buy buy outperform Positive sector perform outperform hold outperform Equalwt/In-Line neutral/neutral buy outperform overweight hold buy buy outperform outperform outperform buy overweight buy overweight buy hold

Amt Held 17'371'723 16'558'747 13'391'893 12'081'543 11'426'637 10'912'591 10'151'194 7'242'399 7'054'287 6'260'736 6'100'206 5'913'487 5'568'034 5'319'826 4'294'290 4'188'728 3'994'216 3'404'286 3'243'161 2'925'763

% Out 5.76 5.49 4.44 4 3.79 3.62 3.36 2.4 2.34 2.07 2.02 1.96 1.85 1.76 1.42 1.39 1.32 1.13 1.07 0.97

Weighting

Change 5 5 5 5 5 5 4 3 5 3 5 3 3 5 5 5 3 5 5 5 5 5 5 5 5 5 5 3

M M M M M M M D M M M M M M M M U M M M M M M M M M M M

Latest Chg 1'260'736 229'104 400'238 196'560 320'797 5'889'084 (629'607) (399'683) 340'942 (167'623) 1'901'297 223'113 116'916 58'892 (35'135) (205'411) 3'404'286 1'885'322 341'215

Target Price 85 85 86 90 89 #N/A N/A 88 #N/A N/A 85 61 85 72 75 83 #N/A N/A 86 #N/A N/A 80 90 92 #N/A N/A 88 86 86 92 73 77 78

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 18 month 12 month 12 month 12 month 12 month 12 month Not Provided

Date 27.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 19.03.2013 12.03.2013 11.03.2013 07.03.2013 06.03.2013 01.03.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 23.11.2012 22.08.2012 08.07.2011


27.03.2013

Comcast Corp Comcast Corporation is a global media and technology company with two primary businesses. The Company provides video, high-speed Internet and phone services to residential and business customers. Comcast also operates news and entertainment cable networks, a national and a Spanish broadcast network, TV production operations, TV station groups, film studios, theme parks and resorts.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

12.0 M 10.0 M

30

12/2012 12/yy 42.00 28.10 1'457'297.00 41.56 -1.05% 47.90% 97.95% 2'122.3 108'404.07 40'458.00 0.0 17'438.0 12'415.00 153'885.07

25

8.0 M

20

6.0 M

15

4.0 M

10

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 34'423.0 2.33x 13'132.0 6.10x 2'547.0 18.55x

14.0 M

40 35

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMCSA UW EQUITY YTD Change CMCSA UW EQUITY YTD % CHANGE

45

31.12.2009 31.12.2010 35'756.0 37'937.0 2.14x 2.28x 13'714.0 14'596.0 5.58x 5.93x 3'638.0 3'635.0 15.19x 16.77x Profitability

LTM-4Q 31.12.2011 55'842.0 2.12x 18'357.0 6.44x 4'160.0 15.01x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.46x 19'977.00 12'179.00 19.46% 18.55% 3.84% 12.84% 9.11% 0.39% 68.1% 31.9% 19.5% 9.9% 1.20 1.07 24.52% 81.97% 12.68 -

Price/ Cash Flow

LTM

12/yy 55'842.0 8.52x 18'357.0 6.44x 4'160.0 15.01x

12/yy 62'570.0 8.83x 19'977.0 7.21x 6'203.0 19.36x

FY+1

1.56 1.07 2'120.37 30.95 39.63% 11.18% 1.073 32 4.563 4'083'910 4'155'336 3'837'537 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 64'234.9 68'029.0 15'441.5 15'990.0 2.62x 2.44x 11.23x 10.78x 20'933.0 22'280.9 5'021.5 5'330.9 7.36x 6.91x 7.33x 7.16x 6'388.8 7'180.1 1'370.2 1'629.2 17.38x 15.20x 17.57x 16.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 1.40 2.03 82.0% 37.7% 0.39 2.28 28.87 59.15 -

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Comcast Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET DODGE & COX WELLINGTON MANAGEMEN INVESCO LTD JP MORGAN NORTHERN TRUST CORPO BANK OF NEW YORK MEL TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN GEODE CAPITAL MANAGE GCIC LTD/CANADA

Firm Name JPMorgan Goldman Sachs Edward Jones Pivotal Research Group LLC Wells Fargo Securities, LLC Macquarie Morgan Stanley Argus Research Corp Credit Suisse Oppenheimer & Co Atlantic Equities LLP Evercore Partners RBC Capital Markets Brean Murray Carret & Co Raymond James Wunderlich Securities Guggenheim Securities LLC Telsey Advisory Group Deutsche Bank Janney Montgomery Scott LLC Jefferies Pacific Crest Securities Stifel Scotia Capital Nomura S&P Capital IQ Maxim Group LLC New Street Research ISI Group EVA Dimensions BTIG LLC

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a DODGE & COX WELLINGTON MANAGEMEN INVESCO LTD n/a NORTHERN TRUST CORPO BANK OF NEW YORK MEL TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV n/a GEODE CAPITAL MANAGE GOODMAN & COMPANY IN

Analyst PHILIP CUSICK JASON ARMSTRONG DAVID HEGER JEFFREY WLODARCZAK MARCI RYVICKER AMY YONG BENJAMIN SWINBURNE JOSEPH F BONNER MICHAEL SENNO TIMOTHY K HORAN CHRISTOPHER WATTS BRYAN KRAFT JONATHAN ATKIN TODD MITCHELL FRANK G LOUTHAN MATTHEW HARRIGAN SHING YIN JAISON BLAIR DOUGLAS D MITCHELSON TONY WIBLE THOMAS O SEITZ ANDY HARGREAVES CHRISTOPHER C KING JEFFREY FAN MICHAEL L MCCORMACK TUNA AMOBI JOHN TINKER CHARLES GAYNOR VIJAY JAYANT CRAIG STERLING RICHARD GREENFIELD

Source ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation overweight buy/attractive buy buy outperform neutral Equalwt/In-Line hold outperform outperform overweight overweight outperform buy outperform buy neutral no rating system buy buy buy sector perform buy sector outperform buy buy buy neutral buy hold neutral

Amt Held 170'286'499 152'232'792 122'446'969 108'349'162 98'374'255 72'420'757 63'251'006 52'985'837 39'427'371 33'384'322 30'125'878 26'200'994 24'679'889 23'978'448 22'993'590 22'281'474 19'975'360 18'685'369 17'865'247 16'042'220

% Out 8.02 7.17 5.77 5.11 4.64 3.41 2.98 2.5 1.86 1.57 1.42 1.23 1.16 1.13 1.08 1.05 0.94 0.88 0.84 0.76

Weighting

Change

5 5 5 5 5 3 3 3 5 5 5 5 5 5 5 5 3 #N/A N/A 5 5 5 3 5 5 5 5 5 3 5 3 3

M M M M M D M M M M M M U M M M M M M M M D M M M M M M M M M

Latest Chg (15'203'842) (136'836) 4'965'013 2'257'020 1'987'933 (11'233'339) (2'617'597) (6'273'501) 6'577'191 6'326 (1'342'104) 1'422'866 (1'113'877) 710'946 1'226'195 3'494'798 36'016 1'272'776 (1'760'635) (436'600)

Target Price 49 47 #N/A N/A 48 #N/A N/A 45 42 #N/A N/A 48 45 48 46 46 48 44 47 40 47 48 48 45 #N/A N/A 45 46 48 46 48 40 47 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 18 month 12 month 12 month 12 month 12 month 12 month 18 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 24.03.2013 12.03.2013 06.03.2013 04.03.2013 22.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 15.01.2013 26.01.2011


27.03.2013

Costco Wholesale Corp Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (08.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COST UW EQUITY YTD Change COST UW EQUITY YTD % CHANGE

08/2012 02/yy 105.96 76.56 164'241.00 105.72 -0.23% 38.08% 98.97% 436.4 46'133.18 1'382.00 157.0 4'854.00 45'523.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.08.2008 72'483.0 0.39x 2'622.1 10.74x 1'282.7 22.66x

120

31.08.2009 31.08.2010 71'422.0 77'946.0 0.30x 0.28x 2'522.0 2'880.0 8.39x 7.60x 1'086.0 1'303.0 20.46x 19.18x Profitability

LTM-4Q 31.08.2011 88'915.0 0.34x 3'303.0 9.28x 1'462.0 23.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.08.2012 99'137.0 0.39x 3'667.0 10.64x 1'709.0 25.16x 3'667.00 2'759.00 2.78% 2.79% 6.92% 17.53% 13.59% 3.64% 12.4% 3.8% 2.9% 1.7% 1.10 0.48 5.09% 11.18% 86.23 12.43

Price/ Cash Flow

LTM

FY+1

7.89 0.74 432.15 6.38 25.19% 7.33% 0.745 28 4.036 715'834 739'957 696'108 FY+2

FQ+1

FQ+2

02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 93'396.0 103'128.0 106'074.6 115'242.1 24'295.1 33'139.4 1.38x 1.49x 0.43x 0.39x 1.92x 1.40x 3'392.0 3'874.0 4'090.6 4'518.5 930.4 1'298.1 9.91x 11.35x 11.14x 10.09x 10.78x 10.53x 1'516.0 1'958.0 2'003.7 2'198.1 450.2 638.4 24.48x 23.65x 23.24x 21.01x 22.46x 21.94x S&P Issuer Ratings Long-Term Rating Date 28.11.2012 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 34.92 (EBITDA-Capex)/Interest Exp. 20.83 Net Debt/EBITDA -0.20 Total Debt/EBITDA 1.26 Reference Total Debt/Equity 11.2% Total Debt/Capital 9.9% Asset Turnover 3.64 Net Fixed Asset Turnover 7.96 Accounts receivable turnover-days 4.30 Inventory Days 29.84 Accounts Payable Turnover Day 28.11 Cash Conversion Cycle 3.64 Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Costco Wholesale Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET DAVIS SELECTED ADVIS FMR LLC JENNISON ASSOCIATES NORTHERN TRUST CORPO AMERICAN CENTURY COM GOLDMAN SACHS GROUP BANK OF NEW YORK MEL INVESCO LTD NORGES BANK JP MORGAN T ROWE PRICE ASSOCIA BERKSHIRE HATHAWAY I BANK OF AMERICA CORP MONTAG & CALDWELL IN WINSLOW CAPITAL MANA HARBOR CAPITAL ADVIS

Firm Name Northcoast Research ISI Group William Blair & Co Guggenheim Securities LLC Morgan Stanley Daiwa Securities Co. Ltd. BMO Capital Markets Argus Research Corp Robert W. Baird & Co Stifel Cowen and Company Telsey Advisory Group EVA Dimensions Credit Suisse Edward Jones JPMorgan Janney Montgomery Scott LLC Jefferies Sanford C. Bernstein & Co Raymond James Oppenheimer & Co Piper Jaffray Barclays Susquehanna Financial Group Tigress Financial Partners Deutsche Bank McAdams Wright Ragen Inc

Portfolio Name n/a n/a VANGUARD GROUP INC n/a DAVIS SELECTED ADVIS n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO AMERICAN CENTURY COM GOLDMAN SACHS GROUP BANK OF NEW YORK MEL INVESCO LTD NORGES BANK n/a T ROWE PRICE ASSOCIA n/a BANK OF AMERICA MONTAG & CALDWELL IN WINSLOW CAPITAL MANA Multiple Portfolios

Analyst CHARLES E CERANKOSKY GREGORY MELICH MARK R MILLER JOHN HEINBOCKEL MARK WILTAMUTH KAHORI TAMADA KAREN SHORT CHRISTOPHER GRAJA PETER S BENEDICT DAVID A SCHICK FAYE LANDES JOSEPH I FELDMAN AUSTIN BURKETT MICHAEL B EXSTEIN BRIAN YARBROUGH CHRISTOPHER HORVERS DAVID S STRASSER DANIEL T BINDER COLIN MCGRANAHAN BUDD BUGATCH BRIAN NAGEL SEAN NAUGHTON ROBERT S DRBUL ROBERT SUMMERS IVAN FEINSETH PAUL TRUSSELL DAN GEIMAN

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F MF-AGG

Recommendation buy strong buy outperform neutral Overwt/In-Line neutral outperform buy outperform buy neutral no rating system hold outperform hold overweight buy hold market perform market perform market perform overweight equalweight negative strong buy buy hold

Amt Held 51'504'375 21'671'006 19'469'354 17'510'444 15'318'718 13'559'317 8'972'856 7'834'546 6'028'756 5'846'843 5'649'922 5'135'180 4'427'681 4'378'833 4'345'534 4'333'363 4'196'949 3'799'389 3'546'132 3'279'692

% Out 11.8 4.97 4.46 4.01 3.51 3.11 2.06 1.8 1.38 1.34 1.29 1.18 1.01 1 1 0.99 0.96 0.87 0.81 0.75

Weighting

Change

5 5 5 3 5 3 5 5 5 5 3 #N/A N/A 3 5 3 5 5 3 3 3 3 5 3 2 5 5 3

M M M M M M M M M M M M D M M M M M M M M M M M N M M

Latest Chg (1'398'958) (3'954'786) 612'041 163'599 (2'770'670) 914'367 187'224 (52'440) 716'763 (762'123) 13'503 (571'875) 1'674'312 1'416'393 403'832 1'112'363 (109'758) (52'878) 77'350

Target Price 115 116 #N/A N/A 98 113 108 115 115 117 107 #N/A N/A 110 #N/A N/A 115 #N/A N/A 113 116 92 102 #N/A N/A 105 113 105 65 #N/A N/A 110 102

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 9 month 12 month 12 month 12 month Not Provided 18 month 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 24.03.2013 22.03.2013 20.03.2013 19.03.2013 15.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 04.03.2013 27.02.2013 15.02.2013 11.10.2012


27.03.2013

Dell Inc Dell Inc. offers a wide range of computers and related products. The Company sells personal computers, servers and networking products, storage systems, mobility products, software and peripherals, and services. Dell serves consumers and businesses in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region.

Price/Volume 18

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DELL UW EQUITY YTD Change DELL UW EQUITY YTD % CHANGE

01/2013 02/yy 16.84 8.70 3'115'058.00 14.5 -13.90% 66.76% 71.27% 1'747.2 25'334.70 9'085.00 0.0 21.0 12'777.00 21'663.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 61'101.0 0.19x 3'961.0 2.87x 2'478.0 6.93x

6

31.01.2010 31.01.2011 52'902.0 61'494.0 0.35x 0.27x 3'024.0 4'403.0 6.06x 3.83x 1'433.0 2'635.0 13.58x 9.20x Profitability

LTM-4Q 31.01.2012 62'071.0 0.41x 5'367.0 4.76x 3'492.0 8.87x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 56'940.0 0.35x 4'156.0 4.82x 2'372.0 9.21x 4'156.00 3'012.00 5.29% 4.99% 5.15% 24.21% 13.57% 1.24% 21.4% 7.3% 5.3% 4.2% 1.19 0.97 19.11% 85.07% 5.80 32.13

Price/ Cash Flow

LTM

02/yy 62'071.0 1.52x 5'367.0 4.76x 3'492.0 8.83x

02/yy 56'940.0 1.29x 4'156.0 4.82x 2'372.0 9.15x

FY+1

0.55 1.10 1'470.39 38.47 -11.08% 43.93% 1.104 30 3.133 4'695'212 4'447'010 7'157'540 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 55'902.0 56'163.4 13'547.7 13'977.5 0.36x 0.33x 1.63x 1.42x 4'312.7 4'727.9 973.6 1'154.7 5.02x 4.58x 4.78x 4.53x 2'753.1 2'916.4 626.7 685.6 9.25x 8.44x 9.29x 9.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.02.2013 A- *05.02.2013 A-1 *15.39 13.49 -0.89 2.19 85.1% 45.9% 1.24 26.80 62.79 11.33 94.54 -20.41

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 29.01.2010

0.0 29.07.2010

29.01.2011

29.07.2011

29.01.2012

29.07.2012

29.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Dell Inc Holdings By:

All

Holder Name DELL MICHAEL S SOUTHEASTERN ASSET M T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC CITIGROUP INCORPORAT HARRIS ASSOCIATES LP FRANKLIN RESOURCES DODGE & COX INVESCO LTD BROWN BROTHERS HARRI NORTHERN TRUST CORPO BANK OF NEW YORK MEL YACKTMAN ASSET MANAG MORGAN STANLEY SCHRODER INVESTMENT NORGES BANK PZENA INVESTMENT MAN

Firm Name Robert W. Baird & Co Sanford C. Bernstein & Co Morgan Stanley Brean Murray Carret & Co Sterne, Agee & Leach Wells Fargo Securities, LLC S&P Capital IQ Topeka Capital Markets Inc Monness, Crespi, Hardt & Co BMO Capital Markets Edward Jones Jefferies Pacific Crest Securities Stifel Mizuho Securities USA Inc Argus Research Corp Wedge Partners Needham & Co Raymond James Cowen and Company Maxim Group LLC Cross Research Credit Agricole Securities (USA) FBN Securities ISI Group Deutsche Bank Crowell, Weedon & Co Goldman Sachs Credit Suisse JPMorgan Evercore Partners Barclays EVA Dimensions RBC Capital Markets Jyske Bank

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a CITIGROUP INCORPORAT HARRIS ASSOC LP n/a DODGE & COX INVESCO LTD BROWN BROTHERS HARRI NORTHERN TRUST CORPO BANK OF NEW YORK MEL YACKTMAN ASSET MANAG n/a SCHRODER INVESTMENT NORGES BANK PZENA INVESTMENT MAN

Analyst JAYSON NOLAND SR TONI SACCONAGHI KATHRYN HUBERTY ANANDA BARUAH SHAW WU MAYNARD UM ANGELO ZINO BRIAN J WHITE JEFFREY FIDACARO KEITH F BACHMAN WILLIAM C KREHER PETER J MISEK BRENT A BRACELIN AARON C RAKERS ABHEY R LAMBA JAMES KELLEHER JUN ZHANG RICHARD J KUGELE BRIAN G ALEXANDER MATTHEW HOFFMAN ASHOK KUMAR SHANNON S CROSS AVI SILVER SHEBLY SEYRAFI BRIAN MARSHALL CHRISTOPHER WHITMORE JAMES D RAGAN WILLIAM C SHOPE JR KULBINDER GARCHA MARK A MOSKOWITZ ROBERT CIHRA BENJAMIN A REITZES ANDREW S ZAMFOTIS AMIT DARYANANI ROBERT JAKOBSEN

Source 13G 13D 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F

Recommendation neutral market perform restricted hold neutral market perform hold buy neutral market perform hold hold sector perform hold neutral sell no rating system hold market perform neutral hold hold underperform sector perform neutral hold neutral not rated restricted restricted suspended coverage suspended coverage overweight sector perform strong buy

Amt Held 273'332'371 121'514'858 82'129'627 67'817'664 63'098'665 62'291'737 32'607'204 31'497'454 28'739'667 25'888'998 23'983'550 23'331'742 20'513'052 19'112'269 18'760'153 14'912'159 14'374'325 14'050'626 12'735'099 12'677'923

% Out 15.64 6.95 4.7 3.88 3.61 3.57 1.87 1.8 1.64 1.48 1.37 1.34 1.17 1.09 1.07 0.85 0.82 0.8 0.73 0.73

Weighting

Change

3 3 #N/A N/A 3 3 3 3 5 3 3 3 3 3 3 3 1 #N/A N/A 3 3 3 3 3 1 3 3 3 3 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M D D M M M M M M M M

Latest Chg (1'810'700) 5'586'760 (7'236'164) 139'595 3'390 22'548'224 370'700 8'722'100 4'511'397 (85'300) (9'214'269) (248'673) 369'712 843'092 14'912'159 (2'616'894) 9'838'823 (477'474) (1'738'375)

Target Price 15 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 15 18 #N/A N/A 14 #N/A N/A 14 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 14 14 #N/A N/A 14 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 12 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 n/a 14.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 20.03.2013 14.03.2013 07.03.2013 07.03.2013 06.03.2013 28.02.2013 26.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 16.01.2013 09.01.2013 24.05.2012


27.03.2013

DENTSPLY International Inc DENTSPLY International Inc. manufactures and distributes dental supplies on a worldwide basis. The Company's products include dental prosthetics, endodontic instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and intraoral cameras. DENTSPLY also provides impression materials, orthodontic appliances, and dental operatory software systems, and other dental products. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XRAY UW EQUITY YTD Change XRAY UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 43.50 35.04 160'617.00 41.9 -3.68% 19.58% 81.09% 142.8 5'985.41 1'521.00 0.0 40.7 80.13 7'467.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 2'159.4 2'221.0 2.44x 2.25x 453.3 457.2 11.61x 10.91x 274.3 265.7 19.11x 18.08x Profitability

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 2'537.7 2.63x 421.6 15.85x 244.5 17.58x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'928.4 2.43x 536.9 13.26x 314.2 20.01x 536.86 407.66 13.92% 11.18% 6.46% 15.49% 10.05% 0.60% 53.1% 18.3% 13.9% 10.7% 1.20 0.56 30.59% 68.86% 6.73 3.59

Price/ Cash Flow

12/yy 2'537.7 9.29x 421.6 15.85x 244.5 17.76x

LTM 12/yy 2'928.4 9.79x 536.9 13.26x 314.2 20.31x

FY+1

0.53 1.12 142.51 7.16 5.27% 5.94% 1.124 17 3.471 176'830 226'952 227'401 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'051.4 3'186.6 735.0 797.4 2.35x 2.19x 10.28x 9.41x 621.6 666.1 153.3 169.5 12.01x 11.21x 11.75x 347.3 382.3 79.9 95.4 17.29x 15.59x 17.48x 17.16x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.09.2011 BBB+ STABLE 25.08.2011 A-2 9.44 7.82 2.68 2.83 68.9% 40.3% 0.60 4.86 54.37 101.99 40.71 115.66

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'193.7 2.06x 469.7 9.61x 283.9 15.02x

50 45 40 35 30 25 20 15 10 5 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

DENTSPLY International Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I BROWN BROTHERS HARRI VANGUARD GROUP INC BLACKROCK STATE STREET SELECT EQUITY GROUP ATLANTA CAPITAL MANA WESTFIELD CAPITAL MG FMR LLC WELLINGTON MANAGEMEN MUNDER CAPITAL MANAG NEUBERGER BERMAN LLC COLUMBIA WANGER ASSE NORTHERN TRUST CORPO BANK OF NEW YORK MEL PRINCIPAL FINANCIAL INVESCO LTD LUTHER KING CAPITAL ASTER INVESTMENT MGM

Firm Name Robert W. Baird & Co Northcoast Research William Blair & Co Wellington Shields & Co. LLC Edward Jones Jefferies Barrington Research Stifel Morgan Stanley Goldman Sachs Credit Suisse CL King & Associates EVA Dimensions S&P Capital IQ

Portfolio Name T ROWE PRICE ASSOCIA n/a BROWN BROTHERS HARRI VANGUARD GROUP INC n/a n/a SELECT EQUITY GROUP ATLANTA CAPITAL MANA WESTFIELD CAPITAL MA n/a WELLINGTON MANAGEMEN MUNDER CAPITAL MANAG NEUBERGER BERMAN GRO COLUMBIA WANGER ASSE NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a INVESCO LTD LUTHER KING CAPITAL ASTER INVESTMENT MAN

Analyst JEFFREY D JOHNSON EDWIN SNYDER JOHN C KREGER ELLIOTT LEO SCHLANG MATTHEW D COLLINS BRANDON COUILLARD CHARLES R JONES JONATHAN D BLOCK STEVE BEUCHAW ROBERT P JONES GLEN SANTANGELO ROSS TAYLOR ANDREW S ZAMFOTIS PHILLIP SELIGMAN

Source 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F

Recommendation outperform buy market perform hold buy buy outperform hold Equalwt/In-Line neutral/neutral neutral buy underweight buy

Amt Held 21'763'768 12'383'186 9'477'744 8'484'604 7'674'325 5'604'196 4'708'489 3'696'111 3'008'167 2'847'602 2'285'400 2'268'847 2'100'664 2'090'500 1'984'283 1'733'160 1'681'810 1'576'984 1'501'637 1'288'000

% Out 15.24 8.67 6.63 5.94 5.37 3.92 3.3 2.59 2.11 1.99 1.6 1.59 1.47 1.46 1.39 1.21 1.18 1.1 1.05 0.9

Weighting

Change 5 5 3 3 5 5 5 3 3 3 3 5 1 5

M M M M M M M M M M M M M M

Latest Chg 2'267'669 329'154 146'210 186'430 202'230 443'308 43'840 106'680 (403'831) (200'000) (9'049) 2'218 441'000 (66'306) (55'406) 69'982 (153'629) 225'220 (163'890)

Target Price 46 48 #N/A N/A #N/A N/A #N/A N/A 44 45 #N/A N/A #N/A N/A 44 43 48 #N/A N/A 41

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 26.03.2013 19.03.2013 17.03.2013 01.03.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 15.01.2013 25.10.2012


27.03.2013

DIRECTV DIRECTV provides digital television entertainment in the United States and Latin America. The Company acquires, promotes, sells and distributes digital entertainment programming via satellite to residential and commercial subscribers.

Price/Volume 60

8.0 M 7.0 M

50

6.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTV UW EQUITY YTD Change DTV UW EQUITY YTD % CHANGE

12/2012 12/yy 57.00 42.87 1'649'497.00 56.84 -0.28% 32.59% 98.87% 573.1 32'576.07 17'966.00 0.0 400.0 1'902.00 49'040.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.0 M

20

2.0 M 10

1.0 M

0 m-12

31.12.2009 31.12.2010 21'565.0 24'102.0 1.68x 1.72x 5'265.0 6'342.0 6.88x 6.55x 942.0 2'198.0 23.16x 16.10x Profitability

LTM-4Q 31.12.2011 27'226.0 1.56x 6'939.0 6.11x 2'609.0 12.32x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 29'740.0 1.54x 7'447.0 6.16x 2'949.0 11.10x 7'447.00 5'085.00 17.10% 14.94% 15.13% 30.07% 1.53% 47.6% 25.0% 17.1% 9.9% 1.00 0.83 87.40% 11.50 45.03

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 27'226.0 6.64x 6'939.0 6.11x 2'609.0 12.36x

LTM 12/yy 29'740.0 6.19x 7'447.0 6.16x 2'949.0 11.05x

FY+1

0.00 0.89 544.49 13.44 17.93% 13.32% 0.892 25 4.000 1'544'031 1'943'783 1'474'898 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 31'929.7 34'147.5 7'529.2 7'770.8 1.58x 1.51x 6.53x 6.38x 7'887.2 8'495.6 1'890.6 2'125.9 6.22x 5.77x 6.22x 6.06x 2'725.5 2'916.2 645.0 784.0 11.61x 9.86x 11.60x 10.92x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

25.02.2011 BBB STABLE 19.11.2012 A-2 8.60 4.73 2.16 2.41 138.9% 1.53 3.76 31.81 8.13 27.99 11.95

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

.0 M a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 19'693.0 1.40x 4'911.0 5.62x 1'521.0 16.85x

5.0 M

30

Valuation Analysis

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

DIRECTV Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK BERKSHIRE HATHAWAY I STATE STREET MALONE JOHN C VANGUARD GROUP INC SOUTHEASTERN ASSET M PRIMECAP MANAGEMENT INVESCO LTD FMR LLC UBS NORTHERN TRUST CORPO HIGHFIELDS CAPITAL M GAMCO MANNING & NAPIER ADV CLEARBRIDGE INVESTME BANK OF NEW YORK MEL GOLDMAN SACHS GROUP JP MORGAN ARROWSTREET CAP LIMI

Firm Name Brean Murray Carret & Co Guggenheim Securities LLC Edward Jones Credit Suisse Atlantic Equities LLP Wells Fargo Securities, LLC S&P Capital IQ Pivotal Research Group LLC Nomura JPMorgan RBC Capital Markets Morgan Stanley Goldman Sachs Jefferies Macquarie Wunderlich Securities Evercore Partners Telsey Advisory Group Pacific Crest Securities ISI Group New Street Research EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC SOUTHEASTERN ASSET M PRIMECAP MANAGEMENT INVESCO LTD n/a n/a NORTHERN TRUST CORPO HIGHFIELDS CAPITAL M n/a MANNING & NAPIER ADV CLEARBRIDGE INVESTME BANK OF NEW YORK MEL GOLDMAN SACHS GROUP n/a ARROWSTREET CAPITAL

Analyst TODD MITCHELL SHING YIN DAVID HEGER MICHAEL SENNO CHRISTOPHER WATTS MARCI RYVICKER TUNA AMOBI JEFFREY WLODARCZAK MICHAEL L MCCORMACK PHILIP CUSICK JONATHAN ATKIN BENJAMIN SWINBURNE JASON ARMSTRONG THOMAS O SEITZ AMY YONG MATTHEW HARRIGAN BRYAN KRAFT JAISON BLAIR ANDY HARGREAVES VIJAY JAYANT ANDREW ENTWISTLE CRAIG STERLING DOUGLAS D MITCHELSON

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG Form 4 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation buy buy buy neutral overweight market perform hold buy reduce neutral sector perform Overwt/In-Line neutral/attractive buy neutral buy overweight no rating system sector perform neutral buy buy buy

Amt Held 53'171'004 38'143'004 34'037'500 29'320'520 27'717'717 27'668'108 25'794'847 21'475'390 11'804'878 9'372'647 8'896'992 8'059'587 7'579'945 7'166'238 6'655'107 6'407'491 6'262'271 5'634'474 5'566'742 5'486'422

% Out 9.28 6.66 5.94 5.12 4.84 4.83 4.5 3.75 2.06 1.64 1.55 1.41 1.32 1.25 1.16 1.12 1.09 0.98 0.97 0.96

Weighting

Change

5 5 5 3 5 3 3 5 2 3 3 5 3 5 3 5 5 #N/A N/A 3 3 5 5 5

M U M M M M M M M M M M M M M M M M M D M M M

Latest Chg (10'640'111) 4'481'900 (387'527) 26'100'639 (410'119) (1'255'886) (1'593'165) (1'148'717) (2'371'987) (1'016'243) (368'428) (2'973'987) (400'468) (159'295) (370'220) (206'840) (22'895) (1'503'828) 728'393

Target Price 66 64 #N/A N/A 58 64 #N/A N/A 52 64 40 55 53 56 56 60 52 65 60 62 #N/A N/A 55 61 #N/A N/A 57

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 16.06.2010 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Date 25.03.2013 25.03.2013 22.03.2013 15.03.2013 15.03.2013 06.03.2013 06.03.2013 06.03.2013 25.02.2013 19.02.2013 17.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 15.01.2013 05.11.2012


27.03.2013

Discovery Communications Inc Discovery Communications, Inc. provides non-fiction entertainment. The Company operates a wide range of educational television channels as well as offers consumer and educational products and services, and a diversified portfolio of digital media services.

Price/Volume 90

3.5 M

80

3.0 M

70

2.5 M

60

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DISCA UW EQUITY YTD Change DISCA UW EQUITY YTD % CHANGE

12/2012 12/yy 80.25 48.03 344'355.00 79.53 -0.90% 65.58% 97.77% 145.1 28'342.03 5'243.00 2.0 2.0 1'201.00 32'388.03

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'443.0 2.21x 1'350.0 5.63x 317.0 14.60x

50

31.12.2009 31.12.2010 3'516.0 3'773.0 3.13x 5.42x 1'204.0 1'517.0 9.14x 13.49x 560.0 653.0 30.37x 24.10x Profitability

LTM-4Q 31.12.2011 4'168.0 4.59x 1'823.0 10.50x 1'132.0 15.64x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'487.0 5.20x 1'978.0 11.80x 943.0 25.19x 1'978.00 1'861.00 41.48% 33.83% 7.59% 14.73% 9.88% 0.36% 72.9% 43.7% 41.1% 21.0% 2.89 2.46 40.55% 83.37% 4.16 -

Price/ Cash Flow

12/yy 4'204.0 16.92x 1'822.0 10.50x 1'132.0 15.40x

LTM 12/yy 4'521.0 17.78x 1'975.0 11.82x 943.0 25.29x

FY+1

0.00 1.00 142.71 11.79 60.67% 25.28% 0.999 28 3.571 340'878 492'667 434'755 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'545.3 6'087.4 1'186.0 1'437.6 6.11x 5.63x 28.21x 23.36x 2'448.7 2'735.3 522.3 658.1 13.23x 11.84x 13.21x 12.77x 1'229.9 1'456.0 249.5 332.3 23.43x 18.88x 23.42x 21.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

09.03.2011 BBB STABLE 7.98 7.67 2.05 2.65 83.4% 45.4% 0.36 11.79 87.92 18.17 -

Sales/Revenue/Turnover

60.00

5'000.0 4'500.0

50.00

4'000.0 3'500.0

40.00

3'000.0

30.00

2'500.0 2'000.0

20.00

1'500.0 1'000.0

10.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Discovery Communications Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC AMERIPRISE FINANCIAL JANUS CAPITAL MANAGE WADDELL & REED FINAN SUN LIFE FINANCIAL I NORTHERN TRUST CORPO ING INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL WILLIAM BLAIR & COMP GOLDMAN SACHS GROUP FIRST MANHATTAN CO A MUNDER CAPITAL MANAG NEUBERGER BERMAN LLC BAMCO INC CAPITAL GROUP COMPAN TIAA CREF INVESTMENT

Firm Name MKM Partners Sanford C. Bernstein & Co Needham & Co Pivotal Research Group LLC B Riley & Company, Inc Lazard Capital Markets Davenport & Co Goldman Sachs RBC Capital Markets Credit Suisse Macquarie Nomura Cowen and Company S&P Capital IQ Telsey Advisory Group Morgan Stanley JPMorgan Barrington Research Evercore Partners Susquehanna Financial Group Atlantic Equities LLP Barclays Piper Jaffray Deutsche Bank EVA Dimensions Wedge Partners Gabelli & Co BTIG LLC Hudson Square Research

Portfolio Name n/a n/a n/a VANGUARD GROUP INC AMERIPRISE FINANCIAL n/a WADDELL & REED FINAN n/a NORTHERN TRUST CORPO ING INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL WILLIAM BLAIR & COMP GOLDMAN SACHS GROUP FIRST MANHATTAN COMP MUNDER CAPITAL MANAG NEUBERGER BERMAN GRO BAMCO INC n/a TIAA-CREF INVESTMENT

Analyst ERIC O HANDLER TODD JUENGER LAURA A MARTIN BRIAN WIESER DAVID W MILLER BARTON CROCKETT MICHAEL C MORRIS DREW BORST DAVID BANK MICHAEL SENNO AMY YONG MICHAEL NATHANSON DOUGLAS CREUTZ TUNA AMOBI JAISON BLAIR BENJAMIN SWINBURNE ALEXIA S QUADRANI JAMES C GOSS ALAN GOULD VASILY KARASYOV HAMILTON FABER ANTHONY J DICLEMENTE JAMES M MARSH JR DOUGLAS D MITCHELSON CRAIG STERLING MARTIN PYYKKONEN BRETT HARRISS RICHARD GREENFIELD MARLA S BACKER

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation neutral outperform hold hold buy buy buy sell/attractive outperform underperform neutral neutral outperform buy no rating system Equalwt/Attractive neutral market perform equalweight neutral neutral equalweight neutral buy overweight no rating system buy neutral buy

Amt Held 27'072'344 14'119'015 8'863'543 8'372'355 4'118'371 3'171'565 2'890'950 2'806'506 2'802'220 2'664'481 2'640'394 2'454'004 2'322'118 2'309'576 2'018'003 1'965'867 1'960'332 1'791'677 1'691'786 1'682'717

% Out 18.65 9.73 6.11 5.77 2.84 2.19 1.99 1.93 1.93 1.84 1.82 1.69 1.6 1.59 1.39 1.35 1.35 1.23 1.17 1.16

Weighting

Change

3 5 3 3 5 5 5 1 5 1 3 3 5 5 #N/A N/A 3 3 3 3 3 3 3 3 5 5 #N/A N/A 5 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M D M

Latest Chg 913'978 267'760 46'425 (13'621) 621'142 1'508'900 (66'715) 1'305'897 (13'148) 424'082 1'143'456 (143'123) (50'824) 498'261 (246'723) (8'638) (214'110) (107'385) (3'591'432) 192'217

Target Price 72 87 #N/A N/A 73 90 90 80 62 74 68 65 65 #N/A N/A 78 82 73 74 #N/A N/A 69 68 51 70 40 78 #N/A N/A #N/A N/A #N/A N/A 44 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 22.03.2013 15.03.2013 15.03.2013 06.03.2013 25.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 11.02.2013 28.01.2013 15.01.2013 10.10.2012 01.08.2012 11.10.2010 15.09.2009


27.03.2013

Dollar Tree Inc Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Price/Volume 60

4.0 M 3.5 M

50

3.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (20.06.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLTR UW EQUITY YTD Change DLTR UW EQUITY YTD % CHANGE

01/2013 02/yy 56.82 37.13 892'166.00 48.35 -14.90% 30.24% 57.01% 227.2 10'985.43 271.30 0.0 0.0 399.90 10'856.83

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.5 M

20

1.0 M 10 0 m-12

.5 M .0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 4'644.9 0.81x 527.5 7.17x 229.5 16.88x

2.5 M

30

Valuation Analysis

31.01.2010 31.01.2011 5'231.2 5'882.4 0.77x 1.03x 670.6 816.0 5.97x 7.44x 320.5 397.3 13.91x 15.79x Profitability

LTM-4Q 31.01.2012 6'630.5 1.47x 946.0 10.32x 488.3 21.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 7'394.5 1.20x 1'095.4 8.11x 619.3 14.97x 1'095.40 920.10 12.44% 13.24% 24.38% 41.12% 35.00% 2.91% 35.9% 14.8% 12.4% 8.4% 2.18 0.59 9.86% 16.27% 5.16

Price/ Cash Flow

01/yy 6'630.5 5.09x 946.0 10.32x 488.3 20.85x

LTM 02/yy 7'394.5 5.62x 1'095.4 8.11x 619.3 15.86x

FY+1

0.00 0.77 219.23 5.04 1.10% 19.21% 0.771 25 4.040 808'056 931'551 848'206 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 7'935.3 8'637.5 1'867.9 1'859.0 1.36x 1.26x 5.80x 5.82x 1'177.7 1'319.4 254.3 252.2 9.22x 8.23x 9.16x 8.93x 618.8 685.1 128.2 127.4 17.39x 15.09x 17.36x 16.88x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

391.21 279.71 -0.12 0.25 16.3% 14.0% 2.91 8.28 71.95 24.24 -

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 05.02.2010

1'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Dollar Tree Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA STATE STREET FMR LLC MORGAN STANLEY BLUE RIDGE CAPITAL L JANUS CAPITAL MANAGE ETON PARK CAPITAL MA ALLIANZ ASSET MANAGE JENNISON ASSOCIATES WELLINGTON MANAGEMEN BROCK JR MACON F LUXOR CAPITAL GROUP BANK OF NEW YORK MEL NORTHERN TRUST CORPO RENAISSANCE TECHNOLO INVESCO LTD HIGHFIELDS CAPITAL M

Firm Name Morgan Stanley Raymond James BB&T Capital Markets JPMorgan Nomura Deutsche Bank Johnson Rice & Co FBR Capital Markets Wells Fargo Securities, LLC Feltl & Company MKM Partners Barclays Telsey Advisory Group Northcoast Research BMO Capital Markets Goldman Sachs RBC Capital Markets Credit Suisse Jefferies Wedbush Buckingham Research Group Canaccord Genuity Corp Piper Jaffray EVA Dimensions Morgan Stanley S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA n/a n/a n/a BLUE RIDGE CAPITAL L n/a ETON PARK CAPITAL MA n/a JENNISON ASSOCIATES WELLINGTON MANAGEMEN n/a LUXOR CAPITAL GROUP BANK OF NEW YORK MEL NORTHERN TRUST CORPO RENAISSANCE TECHNOLO INVESCO LTD HIGHFIELDS CAPITAL M

Analyst MARK WILTAMUTH DANIEL R WEWER JR ANTHONY CHUKUMBA MATTHEW BOSS ARAM RUBINSON PAUL TRUSSELL DAVID M MANN DUTCH FOX MATTHEW NEMER BRENT R RYSTROM PATRICK G MCKEEVER JR MEREDITH ADLER JOSEPH I FELDMAN NICHOLAS MITCHELL WAYNE HOOD STEPHEN GRAMBLING R SCOT CICCARELLI EDWARD J KELLY DANIEL T BINDER JOAN L STORMS JOHN M ZOLIDIS LAURA A CHAMPINE PETER J KEITH CRAIG STERLING JOSEPH PARKHILL JOSEPH AGNESE

Source ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F Form 4 13F 13F 13F 13F 13F 13F

Recommendation Equalwt/In-Line strong buy buy overweight neutral hold equalweight market perform outperform strong buy buy equalweight no rating system neutral outperform Buy/Neutral outperform outperform hold outperform neutral hold neutral overweight Equalwt/In-Line hold

Amt Held 14'931'182 13'657'132 11'804'692 11'394'576 10'690'471 8'359'549 7'838'676 6'500'000 5'285'877 4'500'000 3'949'867 3'621'416 3'480'399 3'267'686 3'203'362 3'123'498 3'043'869 2'746'830 2'657'227 2'391'153

% Out 6.57 6.01 5.2 5.02 4.71 3.68 3.45 2.86 2.33 1.98 1.74 1.59 1.53 1.44 1.41 1.37 1.34 1.21 1.17 1.05

Weighting

Change

3 5 5 5 3 3 3 3 5 5 5 3 #N/A N/A 3 5 5 5 5 3 5 3 3 3 5 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 153'153 7'912'671 7'119'050 (797'605) (13'711'833) 3'184'024 1'870'000 (827'100) 4'500'000 2'395'188 1'017'576 1'772'662 6'108 3'203'362 503'260 (104'819) (488'100) (1'788'861) 2'391'153

Target Price #N/A N/A 53 60 45 48 43 #N/A N/A 43 #N/A N/A 53 50 42 48 #N/A N/A 60 53 50 55 41 54 46 46 47 #N/A N/A 40 48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 01.04.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager

Date 25.03.2013 14.03.2013 13.03.2013 04.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 15.01.2013 07.01.2013 16.08.2012


27.03.2013

eBay Inc eBay Inc. operates an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets. eBay also offers, through a subsidiary, secure online payment services.

Price/Volume 70

16.0 M

60

14.0 M 12.0 M

50

10.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (10.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBAY UW EQUITY YTD Change EBAY UW EQUITY YTD % CHANGE

12/2012 12/yy 57.26 35.32 1'332'741.00 51.78 -9.52% 46.60% 72.88% 1'296.5 67'133.41 4'519.00 0.0 0.0 9'408.00 62'244.41

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

20

4.0 M

10

2.0 M

0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M f-13 m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 8'541.3 1.82x 2'844.6 5.46x 1'779.5 9.01x

8.0 M

30

31.12.2009 31.12.2010 8'727.4 9'156.3 2.93x 3.42x 2'305.9 2'837.5 11.10x 11.03x 2'389.1 1'801.0 15.90x 20.17x Profitability

LTM-4Q 31.12.2011 11'651.7 3.02x 3'313.0 10.62x 3'229.4 17.23x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 14'072.0 4.34x 4'088.0 14.95x 2'609.0 26.15x 4'088.00 2'888.00 20.52% 21.92% 8.11% 13.46% 0.44% 70.0% 29.1% 20.5% 18.5% 1.96 0.94 12.19% 21.66% 18.72 -

Price/ Cash Flow

LTM

12/yy 11'651.7 12.60x 3'313.0 10.62x 3'229.4 17.33x

12/yy 14'071.0 15.16x 4'090.0 14.94x 2'610.0 26.29x

FY+1

0.00 1.24 1'172.15 10.89 35.98% 1.49% 1.242 44 4.500 3'578'202 3'002'050 2'969'003 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'351.1 18'761.3 3'765.3 3'946.7 3.76x 3.11x 16.34x 15.38x 5'392.5 6'235.5 1'237.2 1'298.8 11.57x 10.01x 11.57x 11.11x 3'637.3 4'253.1 823.4 872.0 18.79x 16.04x 18.82x 18.14x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.03.2010 A STABLE 05.11.2010 A-1 64.89 44.94 -1.20 1.10 21.7% 17.8% 0.44 6.29 19.55 25.36 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

eBay Inc Holdings By:

All

Holder Name OMIDYAR PIERRE M FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE VANGUARD GROUP INC INVESCO LTD BAILLIE GIFFORD AND WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA CREF INVESTMENT JP MORGAN UBS WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Firm Name

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a Multiple Portfolios INVESCO LTD BAILLIE GIFFORD & CO WELLINGTON MANAGEMEN OPPENHEIMER FUNDS IN DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a n/a WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Analyst

Cantor Fitzgerald YOUSSEF H SQUALI JMP Securities RONALD V JOSEY III Compass Point Research & Trading LLC DOUGLAS GREINER Topeka Capital Markets Inc VICTOR ANTHONY Janney Montgomery Scott LLC SHAWN C MILNE Keefe, Bruyette & Woods SANJAY SAKHRANI Stifel JORDAN ROHAN RBC Capital Markets MARK S MAHANEY JPMorgan DOUGLAS ANMUTH Robert W. Baird & Co COLIN SEBASTIAN Sanford C. Bernstein & Co CARLOS KIRJNER Wedbush GIL B LURIA Cowen and Company JOHN BLACKLEDGE Susquehanna Financial Group JAMES E FRIEDMAN Piper Jaffray EUGENE E MUNSTER Morgan Stanley SCOTT W DEVITT Jefferies BRIAN J PITZ Macquarie BENJAMIN A SCHACHTER Telsey Advisory Group THOMAS FORTE Edward Jones JOSH OLSON Barclays ANTHONY J DICLEMENTE Argus Research Corp DAVID RITTER Nomura BRIAN NOWAK Credit Agricole Securities (USA) JAMES LEE Canaccord Genuity Corp MICHAEL GRAHAM Evercore Partners KEN SENA BMO Capital Markets EDWARD S WILLIAMS Daiwa Securities Co. Ltd. KAZUYA NISHIMURA Raymond James AARON M KESSLER Credit Suisse STEPHEN JU Needham & Co KERRY RICE B Riley & Company, Inc SCOTT TILGHMAN BGC Partners COLIN W GILLIS Wells Fargo Securities, LLC MATTHEW NEMER S&P Capital IQ SCOTT H KESSLER Atlantic Equities LLP JAMES CORDWELL Benchmark Company LLC DANIEL L KURNOS Pacific Crest Securities CHAD BARTLEY EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs HEATH P TERRY Tigress Financial Partners IVAN FEINSETH Deutsche Bank ROSS SANDLER

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F

Recommendation buy market outperform neutral hold buy outperform buy outperform overweight outperform outperform outperform neutral Positive overweight Overwt/Attractive buy outperform no rating system buy equalweight buy buy buy hold overweight outperform outperform outperform neutral buy buy buy market perform hold overweight buy outperform overweight buy/attractive buy hold

Amt Held 121'858'408 68'453'183 58'093'760 51'962'883 47'412'395 45'140'231 40'275'490 32'968'767 31'965'970 30'626'146 28'907'848 20'441'029 19'219'016 17'984'285 15'628'609 13'224'417 12'566'376 11'689'306 11'256'041 10'734'813

% Out 9.4 5.28 4.48 4.01 3.66 3.48 3.11 2.54 2.47 2.36 2.23 1.58 1.48 1.39 1.21 1.02 0.97 0.9 0.87 0.83

Weighting

Change

5 4 3 3 5 5 5 5 5 5 5 5 3 4 5 5 5 5 #N/A N/A 5 3 5 5 5 3 5 5 5 5 3 5 5 5 3 3 5 5 5 5 5 5 3

M M M M M M M M M M M M M M M M M M M M M M M M M U N M M M M M M M M M M M M M N N

Latest Chg (30'000) 477'861 (32'761) 1'287'075 (847'963) 4'482'329 (5'193'294) (4'169'104) (1'802'736) (10'212'918) (1'345'350) (2'197'523) (984'371) 49'071 492'872 2'942'485 522'751 2'454'742 10'696'161

Target Price 56 67 50 54 65 62 63 57 56 60 66 64 #N/A N/A 66 63 62 62 58 61 #N/A N/A 60 65 58 64 56 64 64 60 61 50 60 64 65 #N/A N/A 60 62 63 62 #N/A N/A 63 #N/A N/A 55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.12.2012 31.12.2012 22.03.2013 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 14.03.2013 14.03.2013 28.02.2013 22.02.2013 22.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 15.01.2013 11.01.2013 03.12.2012 20.09.2012


27.03.2013

Equinix Inc Equinix, Inc. provides core Internet exchange services to networks, Internet infrastructure companies, enterprises, and content providers. The Company operates Internet Business Exchange centers in several countries, where customers can interconnect with the providers that serve Internet networks and users for their peering, transit, and traffic exchange requirements.

Price/Volume 250

1.0 M .8 M

12/2012 12/yy 231.21 146.52 119'378.00 211.92 -8.34% 44.64% 77.22% 48.8 10'342.47 3'010.75 0.0 84.2 418.71 13'018.69

.6 M .4 M

50

.2 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2009 31.12.2010 882.5 1'220.3 5.74x 4.27x 353.7 474.0 14.32x 10.99x 69.4 36.9 59.63x 65.53x Profitability

LTM-4Q 31.12.2011 1'569.8 4.45x 659.7 10.59x 94.0 56.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'895.7 6.72x 817.7 15.57x 144.7 68.96x 817.73 419.44 22.13% 10.36% 2.43% 6.75% 5.40% 0.32% 50.2% 42.8% 22.0% 7.6% 1.19 1.08 49.09% 128.92% 12.64 -

Price/ Cash Flow

12/yy 1'588.3 16.29x 659.8 10.59x 94.0 56.33x

LTM 12/yy 1'913.7 23.94x 819.3 15.54x 144.7 68.96x

FY+1

0.00 1.15 48.34 7.97 39.55% 2.77% 1.148 23 4.304 140'846 240'961 201'845 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'215.6 2'543.7 522.1 543.7 6.05x 5.17x 25.24x 24.19x 1'024.3 1'192.7 235.7 247.2 12.71x 10.92x 12.86x 12.33x 200.0 283.4 42.3 47.7 56.38x 40.30x 56.26x 50.48x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.02.2013 BB STABLE 4.08 0.27 3.16 3.67 128.9% 55.4% 0.32 0.54 28.96 55.69 -

Sales/Revenue/Turnover

18.00

2'000.0

16.00

1'800.0

14.00

1'600.0 1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

1.2 M

150 100

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EQIX UW EQUITY YTD Change EQIX UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

200

Valuation Analysis

31.12.2008 704.7 4.18x 235.5 12.53x 107.9 18.60x

1.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Equinix Inc Holdings By:

All

Holder Name COATUE MANAGEMENT LL LONE PINE CAPITAL LL BLACKROCK GOLDMAN SACHS GROUP VANGUARD GROUP INC PAULSON & CO MARSICO CAPITAL MANA OZ MANAGEMENT LP FIR TREE INCORPORATE STATE STREET FMR LLC BAMCO INC BLUE RIDGE CAPITAL L JAT CAPITAL MANAGEME NORGES BANK AMERIPRISE FINANCIAL VIKING GLOBAL INVEST AMERICAN CENTURY COM WELLINGTON MANAGEMEN PRUDENTIAL FINANCIAL

Firm Name Wells Fargo Securities, LLC FBN Securities Stifel Evercore Partners Oppenheimer & Co Piper Jaffray Cowen and Company Morgan Stanley RBC Capital Markets JPMorgan Jefferies Stephens Inc Raymond James Canaccord Genuity Corp Pacific Crest Securities William Blair & Co Nomura Deutsche Bank EVA Dimensions Atlantic Equities LLP Goldman Sachs Gabelli & Co

Portfolio Name COATUE MANAGEMENT LL LONE PINE CAPITAL LL n/a GOLDMAN SACHS GROUP VANGUARD GROUP INC PAULSON & CO MARSICO CAPITAL MANA OZ MANAGEMENT FIR TREE INCORPORATE n/a n/a BAMCO INC BLUE RIDGE CAPITAL L JAT CAPITAL MANAGEME NORGES BANK AMERIPRISE FINANCIAL VIKING GLOBAL INVEST AMERICAN CENTURY COM WELLINGTON MANAGEMEN n/a

Analyst GRAY W POWELL SHEBLY SEYRAFI TODD C WELLER JONATHAN SCHILDKRAUT TIMOTHY K HORAN CHRISTOPHER M LARSEN COLBY SYNESAEL SIMON FLANNERY JONATHAN ATKIN STERLING AUTY THOMAS O SEITZ BARRY MCCARVER FRANK G LOUTHAN GREGORY MILLER MICHAEL BOWEN JAMES D BREEN JR MICHAEL L MCCORMACK BRETT FELDMAN ANDREW S ZAMFOTIS CHRISTOPHER WATTS SCOTT GOLDMAN SERGEY DLUZHEVSKIY

Source 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation outperform outperform buy overweight market perform overweight outperform Equalwt/In-Line outperform not rated buy equalweight strong buy buy outperform outperform buy buy sell neutral neutral/neutral buy

Amt Held 4'163'477 2'794'535 2'791'546 2'395'429 2'255'616 2'100'000 1'984'857 1'713'479 1'484'582 1'476'908 1'317'763 1'201'665 1'170'000 1'090'449 998'974 955'463 937'081 889'814 847'955 778'738

% Out 8.53 5.73 5.72 4.91 4.62 4.3 4.07 3.51 3.04 3.03 2.7 2.46 2.4 2.23 2.05 1.96 1.92 1.82 1.74 1.6

Weighting

Change

5 5 5 5 3 5 5 3 5 #N/A N/A 5 3 5 5 5 5 5 5 1 3 3 5

M N M M M M M M M M M M M M M M M M M M M M

Latest Chg 709'516 549'226 57'735 112'178 (124'775) 79'954 10'974 267'873 (818'672) 547'748 431'551 651'445 177'197 431'500 235'618 (1'421'727) 15'191

Target Price #N/A N/A 270 265 265 #N/A N/A 245 #N/A N/A #N/A N/A 250 #N/A N/A 250 215 245 250 240 #N/A N/A 235 270 #N/A N/A 205 216 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013

Date Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 20.03.2013 15.03.2013 12.03.2013 12.03.2013 12.03.2013 01.03.2013 22.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 15.01.2013 02.11.2012 14.09.2012 14.09.2012


27.03.2013

Expedia Inc Expedia, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPE UW EQUITY YTD Change EXPE UW EQUITY YTD % CHANGE

12/2012 12/yy 68.09 30.71 689'640.00 62.08 -8.83% 102.12% 83.92% 122.6 8'406.25 1'249.35 0.0 109.1 1'938.14 7'826.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 m-12

31.12.2009 31.12.2010 2'955.4 3'033.6 1.28x 2.33x 875.4 704.0 4.31x 10.04x 299.5 421.5 19.06x 21.54x Profitability

LTM-4Q 31.12.2011 3'449.0 1.13x 719.2 5.41x 472.3 11.89x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'030.3 1.92x 809.3 9.56x 280.2 22.76x 809.30 548.75 13.62% 8.69% 4.12% 12.51% 9.91% 0.59% 77.7% 20.1% 13.6% 7.0% 0.88 0.80 17.63% 54.79% 10.06 -

Price/ Cash Flow

12/yy 3'449.0 6.99x 693.9 5.61x 472.3 6.58x

m-12

j-12

j-12

a-12

LTM 12/yy 4'030.3 5.90x 809.3 9.56x 280.2 22.67x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.55 1.03 107.18 9.41 85.16% 1.23% 1.028 29 3.828 596'728 633'597 641'175 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'677.5 5'252.9 966.5 1'221.4 1.57x 1.29x 7.81x 5.90x 895.5 1'031.3 102.8 238.9 8.74x 7.59x 8.67x 8.51x 487.7 579.1 32.0 131.6 17.94x 15.02x 18.02x 17.44x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.12.2011 BBBSTABLE 9.22 6.53 -0.85 1.54 54.8% 34.3% 0.59 11.05 36.37 -

Sales/Revenue/Turnover

10.00

4'500.0

9.00

4'000.0

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00 0.00 01.01.2010

.0 M a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'937.0 0.67x 774.6 2.53x (2'517.8) -

80

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Expedia Inc Holdings By:

All

Holder Name LIBERTY MEDIA CORP JP MORGAN CAPITAL GROUP COMPAN VANGUARD GROUP INC BLACKROCK FMR LLC DILLER BARRY STATE STREET AMERICAN CENTURY COM INVESCO LTD CITADEL ADVISORS LLC TIAA CREF INVESTMENT RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE SAC CAPITAL ADVISORS JANA PARTNERS LLC DEUTSCHE BANK AG BURGUNDY ASSET MANAG PAR CAPITAL MANAGEME

Firm Name Lazard Capital Markets Cantor Fitzgerald Evercore Partners Monness, Crespi, Hardt & Co JMP Securities Cowen and Company Piper Jaffray Ascendiant Capital Markets Atlantic Equities LLP Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Janney Montgomery Scott LLC Jefferies Raymond James Macquarie Stifel Nomura Millman Research Associates Benchmark Company LLC Barclays Pacific Crest Securities EVA Dimensions Knight

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a AMERICAN CENTURY COM INVESCO LTD CITADEL ADVISORS LLC TIAA-CREF INVESTMENT RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP n/a SAC CAPITAL ADVISORS JANA PARTNERS LLC DEUTSCHE BANK AKTIEN BURGUNDY ASSET MANAG PAR CAPITAL MANAGEME

Analyst JAKE FULLER NAVED KHAN KEN SENA WILLIAM LENNAN RONALD V JOSEY III KEVIN KOPELMAN MICHAEL J OLSON EDWARD WOO JAMES CORDWELL ROSS SANDLER SCOTT W DEVITT HEATH P TERRY MARK S MAHANEY STEPHEN JU DOUGLAS ANMUTH BRIAN MULLAN BRIAN P FITZGERALD AARON M KESSLER THOMAS WHITE MICHAEL B PURCELL BRIAN NOWAK MICHAEL MILLMAN DANIEL L KURNOS ANTHONY J DICLEMENTE CHAD BARTLEY CRAIG STERLING TEAM COVERAGE

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG Form 4 ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation buy buy equalweight neutral market perform outperform neutral buy overweight buy Equalwt/Attractive neutral/attractive sector perform neutral neutral neutral hold outperform neutral hold neutral buy buy equalweight sector perform buy buy

Amt Held 10'277'576 9'279'710 8'301'519 6'143'414 5'693'902 4'860'232 4'408'396 3'878'902 3'746'816 3'117'727 2'458'402 2'347'269 2'311'184 2'310'848 2'121'920 1'784'128 1'645'994 1'360'489 1'300'692 1'221'000

% Out 8.38 7.57 6.77 5.01 4.64 3.96 3.6 3.16 3.06 2.54 2.01 1.91 1.89 1.89 1.73 1.46 1.34 1.11 1.06 1

Weighting

Change 5 5 3 3 3 5 3 5 5 5 3 3 3 3 3 3 3 5 3 3 3 5 5 3 3 5 5

M M M M N M M M M M M M D M M M M M M M M M M M M M N

Latest Chg 467'672 2'902'924 (2'611'077) 450'667 (2'341'833) (3'570'502) 6'069 (672'878) 2'770'516 (155'445) 2'438'791 312'750 546'800 979'605 160'188 569'939 601'068 369'956 6'266 -

Target Price 78 77 70 #N/A N/A #N/A N/A #N/A N/A 73 81 77 80 #N/A N/A 70 73 72 67 70 70 77 70 #N/A N/A 62 70 80 72 #N/A N/A #N/A N/A 47

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 28.02.2013 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager

Date 25.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 13.03.2013 22.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 15.01.2013 28.03.2012


27.03.2013

Expeditors International of Washington Inc Expeditors International of Washington, Inc. is a global logistics company. The Company provides air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution, and other international logistics services.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2012) 52-Week Low (10.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPD UW EQUITY YTD Change EXPD UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 47.48 34.20 828'056.00 35.8 -24.60% 4.68% 12.05% 206.5 7'392.61 0.00 0.0 4.9 1'260.84 6'136.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 4'092.3 5'967.6 1.58x 1.76x 426.6 585.5 15.13x 17.93x 240.2 344.2 31.32x 34.34x Profitability

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M a-12

LTM-4Q 31.12.2011 6'150.5 1.20x 656.3 11.27x 385.7 22.88x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'980.9 1.15x 570.7 12.10x 333.4 25.19x 570.74 530.80 8.87% 9.20% 11.45% 16.54% 16.51% 2.05% 13.2% 9.5% 8.9% 5.6% 2.80 2.72 0.00% 0.00% 6.08 -

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 6'150.5 5.49x 656.3 11.27x 385.7 22.88x

LTM 12/yy 5'980.9 4.75x 570.7 12.10x 333.4 25.19x

FY+1

1.56 1.11 202.61 3.01 -22.00% -9.48% 1.108 23 3.826 880'764 775'821 619'559 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'380.3 6'951.2 1'470.8 1'592.5 0.95x 0.86x 4.14x 3.83x 638.9 716.1 143.0 154.1 9.61x 8.57x 9.77x 9.47x 371.1 417.4 82.8 90.3 19.84x 17.44x 19.92x 19.31x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

456.23 418.16 -2.21 0.00 0.0% 0.0% 2.05 10.92 60.16 44.00 -

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

3.0 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 5'633.9 1.12x 514.8 12.29x 301.0 24.28x

50 45 40 35 30 25 20 15 10 5 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Expeditors International of Washington Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC FIDUCIARY MANAGEMENT STATE STREET SUN LIFE FINANCIAL I MERCHANTS' GATE CAPI INVESCO LTD INTERNATIONAL VALUE ASHMORE WELATH MANAG LATEEF INVESTMENT MA JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT MACQUARIE GROUP BANK OF NEW YORK MEL NORTHERN TRUST CORPO DF DENT & COMPANY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN COLUMBIA WANGER ASSE GOLDMAN SACHS GROUP

Firm Name Stifel Morgan Stanley Robert W. Baird & Co Macquarie RBC Capital Markets Edward Jones Thompson, Davis & Company Wolfe Trahan & Co Jefferies William Blair & Co Credit Suisse Raymond James FBR Capital Markets Sterne, Agee & Leach Avondale Partners LLC JPMorgan Stephens Inc BB&T Capital Markets Susquehanna Financial Group EVA Dimensions Goldman Sachs McAdams Wright Ragen Inc

Portfolio Name n/a VANGUARD GROUP INC FIDUCIARY MANAGEMENT n/a n/a MERCHANTS' GATE CAPI INVESCO LTD INTERNATIONAL VALUE ASHMORE WEALTH MANAG LATEEF INVESTMENT MA n/a PRIMECAP MANAGEMENT n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO D F DENT & COMPANY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN COLUMBIA WANGER ASSE GOLDMAN SACHS GROUP

Analyst DAVID G ROSS WILLIAM J GREENE BENJAMIN J HARTFORD KELLY A DOUGHERTY JOHN L BARNES III LOGAN PURK DAVID P CAMPBELL SCOTT H GROUP H PETER NESVOLD NATHAN J BROCHMANN CHRISTOPHER J CERASO PATRICK TYLER BROWN JOHN R MIMS JEFFREY A KAUFFMAN RYAN BOUCHARD THOMAS R WADEWITZ JACK ATKINS KEVIN W STERLING MATT TROY CRAIG STERLING TOM KIM MICHAEL ROARKE

Source ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F

Recommendation buy Underwt/Attractive neutral neutral sector perform buy buy peerperform buy outperform outperform market perform market perform buy market outperform neutral equalweight hold neutral overweight buy/attractive hold

Amt Held 16'713'579 10'745'095 9'548'061 8'466'673 7'414'472 5'932'567 5'198'445 4'872'939 4'200'000 4'108'880 3'512'183 3'205'897 3'196'323 2'930'404 2'854'140 2'808'886 2'744'167 2'734'305 2'688'000 2'253'930

% Out 8.09 5.2 4.62 4.1 3.59 2.87 2.52 2.36 2.03 1.99 1.7 1.55 1.55 1.42 1.38 1.36 1.33 1.32 1.3 1.09

Weighting

Change 5 1 3 3 3 5 5 3 5 5 5 3 3 5 4 3 3 3 3 5 5 3

M M M M M N M M M M M M M M U M M M M M M M

Latest Chg 181'667 37'627 335'654 687'308 (277'133) 619'357 (224'020) 4'200'000 (118'507) 329'426 (94'350) (19'047) 99'104 (99'296) (85'903) 551'707 (3'193'290) (606'000) 1'557'129

Target Price 43 #N/A N/A 40 38 39 #N/A N/A 67 #N/A N/A 44 #N/A N/A 44 #N/A N/A 34 53 46 36 40 #N/A N/A 42 #N/A N/A 51 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 21.03.2013 20.03.2013 13.03.2013 12.03.2013 07.03.2013 07.03.2013 05.03.2013 05.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 15.01.2013 10.01.2013 11.05.2012


27.03.2013

Express Scripts Holding Co Express Scripts Holding Company. is a full service pharmacy benefit management and specialty managed care company serving clients throughout North America. The Company's customers include managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ESRX UW EQUITY YTD Change ESRX UW EQUITY YTD % CHANGE

12/2012 12/yy 66.00 49.80 909'724.00 58.43 -11.47% 17.33% 53.27% 818.5 47'824.90 15'915.00 0.0 10.7 2'793.90 60'956.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

60

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 21'978.0 0.68x 1'378.2 10.77x 776.1 17.57x

70

31.12.2009 31.12.2010 24'722.3 44'973.2 0.59x 0.68x 1'604.2 2'315.6 9.13x 13.18x 827.6 1'181.2 26.27x 23.30x Profitability

LTM-4Q 31.12.2011 46'128.3 0.52x 2'567.8 9.39x 1'275.8 16.31x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 93'858.1 0.61x 4'657.1 12.31x 1'312.9 21.95x 4'657.10 2'784.50 2.97% 2.33% 3.62% 10.32% 6.91% 2.56% 7.8% 5.0% 3.0% 1.4% 0.82 0.63 27.39% 68.06% 25.48 85.30

Price/ Cash Flow

LTM

FY+1

0.00 1.08 816.05 11.45 9.81% 8.20% 1.084 27 4.444 1'184'091 1'809'915 1'633'507 FY+2

FQ+1

FQ+2

12/yy 46'128.3 2.31x 2'566.7 9.39x 1'275.8 16.80x

12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 94'235.2 100'902.4 102'194.7 25'493.0 25'344.9 2.27x 0.57x 0.54x 2.34x 2.32x 4'672.2 6'617.4 7'290.3 1'543.8 1'637.6 12.27x 9.21x 8.36x 9.17x 8.93x 1'334.2 3'402.1 3'832.8 762.2 866.7 22.22x 13.70x 11.89x 13.66x 13.20x S&P Issuer Ratings Long-Term Rating Date 31.05.2012 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 7.52 (EBITDA-Capex)/Interest Exp. 7.26 Net Debt/EBITDA 2.81 Total Debt/EBITDA 3.41 Reference Total Debt/Equity 68.1% Total Debt/Capital 40.5% Asset Turnover 2.56 Net Fixed Asset Turnover 91.91 Accounts receivable turnover-days 14.36 Inventory Days 4.29 Accounts Payable Turnover Day 7.97 Cash Conversion Cycle 10.73 Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Express Scripts Holding Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT FMR LLC DAVIS SELECTED ADVIS JENNISON ASSOCIATES INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL BROWN ADVISORY INC AMERICAN CENTURY COM GREEN VALLEY INVESTO WINSLOW CAPITAL MANA MARSICO CAPITAL MANA MONTAG & CALDWELL IN GENERAL ELECTRIC COM

Firm Name Lazard Capital Markets Edward Jones Leerink Swann & Co Raymond James Morgan Stanley JPMorgan ISI Group SunTrust Robinson Humphrey Credit Suisse Argus Research Corp BMO Capital Markets RBC Capital Markets William Blair & Co Macquarie Oppenheimer & Co Cowen and Company Maxim Group LLC Jefferies Mizuho Securities USA Inc JMP Securities S&P Capital IQ EVA Dimensions Goldman Sachs

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT n/a DAVIS SELECTED ADVIS JENNISON ASSOCIATES INVESCO LTD NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a AMERICAN CENTURY COM GREEN VALLEY INVESTO WINSLOW CAPITAL MANA MARSICO CAPITAL MANA MONTAG & CALDWELL IN GENERAL ELECTRIC COM

Analyst THOMAS GALLUCCI JUDSON CLARK DAVID LARSEN MICHAEL J BAKER RICKY GOLDWASSER LISA C GILL ROSS MUKEN DAVID S MACDONALD GLEN SANTANGELO DAVID H TOUNG JENNIFER LYNCH FRANK G MORGAN JOHN C KREGER DANE LEONE BRET D JONES CHARLES RHYEE ANTHONY V VENDETTI BRIAN TANQUILUT ANN HYNES TIM MCDONOUGH HERMAN SAFTLAS ANDREW S ZAMFOTIS ROBERT P JONES

Source ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation buy buy outperform outperform Overwt/In-Line overweight neutral buy outperform hold market perform outperform outperform neutral outperform outperform buy hold buy market outperform buy sell buy/attractive

Amt Held 51'799'425 36'089'956 34'950'626 32'371'271 29'035'082 20'497'371 17'645'363 17'628'445 17'578'199 16'454'404 14'192'525 14'065'675 11'914'976 10'735'527 9'471'265 9'050'000 8'820'756 8'291'195 6'922'492 6'565'630

% Out 6.33 4.41 4.27 3.95 3.55 2.5 2.16 2.15 2.15 2.01 1.73 1.72 1.46 1.31 1.16 1.11 1.08 1.01 0.85 0.8

Weighting

Change 5 5 5 5 5 5 3 5 5 3 3 5 5 3 5 5 5 3 5 4 5 1 5

M M M M M M M M M M M M M D M M M M M M M M M

Latest Chg 140'545 1'081'676 21'078'481 1'103'409 2'274'019 (9'888'972) 2'233'833 (7'879'281) (3'465'126) 871'282 (1'336'070) 357'583 258'313 1'831'211 (626'400) 9'050'000 (5'088'700) (5'091'773) 703'698 (2'173'623)

Target Price 68 #N/A N/A #N/A N/A 65 64 68 59 68 65 #N/A N/A 59 62 #N/A N/A 60 62 #N/A N/A 70 56 63 67 65 #N/A N/A 64

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Corporation

Date 25.03.2013 22.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 08.03.2013 07.03.2013 28.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.01.2013 06.11.2012


27.03.2013

F5 Networks Inc F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications. The Company's software-based solutions manage, control and optimize Internet traffic and content. F5's solutions automatically deliver Internet content for service providers and e-businesses.

Price/Volume 160

100

09/2012 12/yy 139.46 81.07 191'959.00 87.57 -37.21% 8.02% 11.13% 78.6 6'882.21 0.00 0.0 0.0 532.15 6'364.47

1.0 M

60 40

.5 M

20 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.09.2009 30.09.2010 653.1 882.0 4.27x 8.97x 152.7 253.8 18.26x 31.17x 91.5 151.2 33.72x 55.46x Profitability

LTM-4Q 30.09.2011 1'151.8 4.41x 371.5 13.67x 241.4 24.00x

30.09.2012 1'377.2 5.59x 461.4 16.70x 275.2 30.28x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

461.44 426.30 30.95% 31.38% 14.89% 21.76% 21.76% 0.76% 82.9% 33.4% 30.7% 20.0% 1.67 1.54 0.00% 0.00% 7.16 13.33

Price/ Cash Flow

12/yy 1'205.3 24.10x 392.1 20.01x 252.2 34.01x

LTM 12/yy 1'420.3 17.60x 474.8 14.99x 278.2 27.71x

FY+1

0.00 1.51 78.29 5.22 -34.70% -9.86% 1.514 39 4.103 334'936 423'057 417'853 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 1'561.6 1'808.1 375.9 396.8 3.62x 2.67x 15.34x 14.28x 620.1 741.3 141.8 153.8 10.26x 8.59x 9.92x 9.32x 400.6 466.6 97.6 101.4 17.43x 15.07x 16.75x 16.20x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-1.09 0.00 0.0% 0.0% 0.76 25.16 51.15 27.45 48.86 26.53

Sales/Revenue/Turnover

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.10.2009

1.5 M

80

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (25.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FFIV UW EQUITY YTD Change FFIV UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

120

Valuation Analysis

30.09.2008 650.2 2.55x 128.2 12.94x 74.3 25.14x

2.5 M

140

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

F5 Networks Inc Holdings By:

All

Holder Name SANDS CAPITAL MANAGE BLACKROCK VANGUARD GROUP INC STATE STREET ALLIANZ ASSET MANAGE INVESCO LTD JP MORGAN ALLIANCE BERNSTEIN TOUCHSTONE ADVISORS FRANKLIN RESOURCES AMERIPRISE FINANCIAL TIAA CREF INVESTMENT HARDING LOEVNER LP BANK OF NEW YORK MEL BNP PARIBAS INV PART ING INVESTMENT MANAG RAINIER INVESTMENT M NORTHERN TRUST CORPO FMR LLC ZEVENBERGEN CAPITAL

Firm Name Jefferies Sterne, Agee & Leach Topeka Capital Markets Inc JPMorgan Pacific Crest Securities Daiwa Securities Co. Ltd. William Blair & Co ISI Group BMO Capital Markets MKM Partners Stifel Oppenheimer & Co Wells Fargo Securities, LLC Lazard Capital Markets Raymond James Janney Montgomery Scott LLC Northland Securities Inc Barclays FBN Securities Morgan Stanley Goldman Sachs RBC Capital Markets Needham & Co Robert W. Baird & Co FBR Capital Markets Wunderlich Securities McAdams Wright Ragen Inc Nomura JMP Securities Piper Jaffray Wedbush Mizuho Securities USA Inc EVA Dimensions Deutsche Bank Wedge Partners Noble Financial Group

Portfolio Name SANDS CAPITAL MANAGE n/a VANGUARD GROUP INC n/a n/a INVESCO LTD n/a n/a Multiple Portfolios n/a AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT HARDING LOEVNER LP BANK OF NEW YORK MEL n/a ING INVESTMENT MANAG RAINIER INVESTMENT M NORTHERN TRUST CORPO n/a ZEVENBERGEN CAPITAL

Analyst GEORGE C NOTTER ALEX KURTZ BRIAN J WHITE ROD HALL BRENT A BRACELIN NACHI HOSHINO JASON NOAH ADER BRIAN MARSHALL TIMOTHY P LONG MICHAEL GENOVESE SANJIV R WADHWANI ITTAI KIDRON JESS L LUBERT RYAN HUTCHINSON SIMON M LEOPOLD WILLIAM CHOI CATHARINE TREBNICK BENJAMIN A REITZES SHEBLY SEYRAFI EHUD A GELBLUM KENT SCHOFIELD MARK SUE ALEXANDER HENDERSON JAYSON NOLAND SR SCOTT S THOMPSON MATTHEW S ROBISON SID PARAKH STUART JEFFREY ERIK SUPPIGER TROY D JENSEN ROHIT CHOPRA JOANNA MAKRIS ANDREW S ZAMFOTIS BRIAN T MODOFF CHRISTOPHER J CRESPI SUSAN BAUR

Source 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG MF-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F

Recommendation hold buy buy neutral outperform outperform outperform buy outperform buy hold market perform outperform buy market perform neutral market perform equalweight sector perform Overwt/Attractive Buy/Neutral outperform hold neutral outperform hold hold neutral market outperform overweight outperform buy hold buy no rating system hold

Amt Held 6'500'573 5'480'713 4'706'782 3'380'610 2'653'320 2'641'815 2'055'929 1'900'382 1'702'180 1'638'455 1'621'830 1'525'508 1'409'318 1'361'176 1'337'177 1'281'547 1'281'144 1'251'721 959'270 872'736

% Out 8.27 6.97 5.99 4.3 3.38 3.36 2.62 2.42 2.17 2.08 2.06 1.94 1.79 1.73 1.7 1.63 1.63 1.59 1.22 1.11

Weighting

Change

3 5 5 3 5 5 5 5 5 5 3 3 5 5 3 3 3 3 3 5 5 5 3 3 5 3 3 3 4 5 5 5 3 5 #N/A N/A 3

M M M M M U M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 1'695'348 89'928 (9'620) 1'146'896 1'036'287 (225'686) (181'767) 36'040 448'354 (1'464'392) 510'952 98'533 6'545 41'773 459'877 94'505 35'154 400'186 (14'050)

Target Price 92 118 118 90 125 100 #N/A N/A 125 120 120 #N/A N/A #N/A N/A #N/A N/A 115 #N/A N/A 98 95 90 110 125 111 130 #N/A N/A 110 120 105 110 104 130 107 112 145 #N/A N/A 116 #N/A N/A 126

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 18 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 20.03.2013 13.03.2013 05.03.2013 01.03.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 22.02.2013 14.02.2013 12.02.2013 11.02.2013 11.02.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 17.01.2013 15.01.2013 25.10.2012 15.06.2012 19.04.2012


27.03.2013

Facebook Inc Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers. Facebook develops technologies that facilitate the sharing of information, photographs, website links, and videos. Facebook users have the ability to share and restrict information based on their own specific criteria.

Price/Volume 45

300.0 M

40

250.0 M

35 30

200.0 M

25

12/2012 12/yy 43.00 17.55 4'811'090.00 25.2 -41.40% 43.59% 30.06% 1'684.2 60'041.69 2'356.00 0.0 0.0 9'626.00 52'771.69

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

31.12.2009 31.12.2010 777.0 1'974.0 340.0 1'171.0 122.0 372.0 Profitability

50.0 M

5 0 m-12

.0 M j-12

LTM-4Q 31.12.2011 3'711.0 2'079.0 668.0 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'089.0 10.98x 1'187.0 47.07x 32.0 2661.97x 1'187.00 538.00 10.57% 9.71% -0.14% -0.19% 0.59% 0.47% 73.2% 23.3% 10.6% 0.6% 10.71 9.83 15.60% 20.04% 8.04 -

Price/ Cash Flow

12/yy 3'711.0 0.00x 2'080.0 0.00x 764.0 0.00x

j-12

a-12

s-12

LTM 12/yy 5'089.0 29.55x 1'187.0 47.07x (15.0) 1330.98x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

0.00 1'630.82 32.24 -5.37% 41 3.976 4'914'341 7'963'358 9'907'331 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'672.4 8'426.9 1'446.3 1'601.9 7.58x 5.81x 40.81x 36.77x 3'368.2 4'446.3 739.4 795.2 15.67x 11.87x 15.80x 15.32x 1'425.5 2'025.4 308.9 340.4 44.29x 32.56x 44.13x 41.86x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.27 -0.94 -6.12 1.98 20.0% 16.7% 0.47 2.63 45.53 -

Sales/Revenue/Turnover

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 01.01.2010

100.0 M

10

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 272.0 (56.0) -

150.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.05.2012) 52-Week Low (04.09.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FB UW EQUITY YTD Change FB UW EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Facebook Inc Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN MORGAN STANLEY T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE VANGUARD GROUP INC BLACKROCK JENNISON ASSOCIATES UBS WINSLOW CAPITAL MANA BAILLIE GIFFORD AND WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AMERIPRISE FINANCIAL SANDBERG SHERYL KARA ELEVATION MANAGEMENT MERITECH CAPITAL ASS ALLIANZ ASSET MANAGE MACKAY SHIELDS LLC

Firm Name Jefferies Robert W. Baird & Co Sanford C. Bernstein & Co Cantor Fitzgerald Cowen and Company Pacific Crest Securities Wedge Partners JMP Securities Telsey Advisory Group Needham & Co Daiwa Securities Co. Ltd. Pivotal Research Group LLC BMO Capital Markets Nomura Wells Fargo Securities, LLC Wedbush S&P Capital IQ Topeka Capital Markets Inc Morgan Stanley Sterne, Agee & Leach Piper Jaffray Credit Agricole Securities (USA) William Blair & Co Edward Jones BTIG LLC JPMorgan Argus Research Corp Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse Raymond James Macquarie Stifel Evercore Partners Oppenheimer & Co Barclays Lazard Capital Markets EVA Dimensions Battle Road Research Atlantic Equities LLP

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA SANDS CAPITAL MANAGE VANGUARD GROUP INC n/a JENNISON ASSOCIATES n/a WINSLOW CAPITAL MANA BAILLIE GIFFORD & CO WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AMERIPRISE FINANCIAL n/a ELEVATION MANAGEMENT n/a n/a Multiple Portfolios

Analyst BRIAN J PITZ COLIN SEBASTIAN CARLOS KIRJNER YOUSSEF H SQUALI JOHN BLACKLEDGE EVAN S WILSON MARTIN PYYKKONEN RONALD V JOSEY III THOMAS FORTE LAURA A MARTIN KAZUYA NISHIMURA BRIAN WIESER DANIEL SALMON BRIAN NOWAK JASON MAYNARD MICHAEL PACHTER SCOTT H KESSLER VICTOR ANTHONY SCOTT W DEVITT ARVIND BHATIA EUGENE E MUNSTER JAMES LEE RALPH SCHACKART JOSH OLSON RICHARD GREENFIELD DOUGLAS ANMUTH JOSEPH F BONNER ROSS SANDLER HEATHER BELLINI MARK S MAHANEY STEPHEN JU AARON M KESSLER BENJAMIN A SCHACHTER JORDAN ROHAN KEN SENA JASON S HELFSTEIN ANTHONY J DICLEMENTE WILLIAM BIRD ANDREW S ZAMFOTIS TEAM COVERAGE HAMILTON FABER

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F Form 4 13F ULT-AGG ULT-AGG MF-AGG

Recommendation hold outperform market perform buy neutral sector perform no rating system market perform no rating system buy outperform buy market perform buy outperform outperform hold buy Overwt/Attractive buy overweight buy outperform buy sell overweight hold buy Buy/Neutral outperform neutral outperform outperform hold equalweight outperform equalweight neutral underweight hold not rated

Amt Held 77'644'473 39'095'420 33'281'620 33'193'967 26'797'536 26'311'904 22'992'371 22'376'854 21'438'888 21'263'110 20'578'390 20'370'317 18'422'852 18'204'867 18'122'565 17'788'268 16'989'027 16'268'858 14'532'244 14'165'900

% Out 4.61 2.32 1.98 1.97 1.59 1.56 1.37 1.33 1.27 1.26 1.22 1.21 1.09 1.08 1.08 1.06 1.01 0.97 0.86 0.84

Weighting

Change

3 5 3 5 3 3 #N/A N/A 3 #N/A N/A 5 5 5 3 5 5 5 3 5 5 5 5 5 5 5 1 5 3 5 5 5 3 5 5 3 3 5 3 3 1 3 #N/A N/A

M M M M M M M N M M N M M M M M M M M M M M M M M M M M M M M M M D M M M M M U M

Latest Chg 37'380'569 15'722'220 6'803'009 13'789'661 9'685'751 12'411'139 6'546'408 9'675'216 4'888'178 21'263'110 364'134 20'370'317 (20'142'720) 17'235'166 17'425'168 (176'452) 16'989'027 16'268'858 4'277'820 308'300

Target Price 30 34 27 35 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 38 33 30 36 32 32 #N/A N/A 35 31 40 34 37 38 40 #N/A N/A #N/A N/A 22 35 #N/A N/A 37 40 32 31 37 30 #N/A N/A 32 33 30 #N/A N/A #N/A N/A 29 45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 20.03.2013 31.12.2012 31.12.2012 31.01.2013 31.01.2013

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Venture Capital Investment Advisor Investment Advisor

Date 26.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 19.03.2013 19.03.2013 15.03.2013 15.03.2013 15.03.2013 11.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 05.03.2013 01.03.2013 14.02.2013 04.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 15.01.2013 19.06.2012 14.05.2012


27.03.2013

Fastenal Co Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion. The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

Price/Volume 60

4.5 M 4.0 M

50

3.5 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FAST UW EQUITY YTD Change FAST UW EQUITY YTD % CHANGE

12/2012 12/yy 54.40 37.17 244'273.00 50.48 -7.20% 35.79% 77.25% 296.6 14'970.57 0.00 0.0 0.0 79.97 14'890.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'930.3 2'269.5 3.08x 3.81x 336.7 470.5 17.65x 18.40x 184.4 265.4 33.58x 33.28x Profitability

2.0 M 1.5 M 1.0 M

10 0 m-12

.5 M .0 M a-12

LTM-4Q 31.12.2011 2'766.9 4.60x 619.5 20.55x 357.9 36.04x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 3'133.6 4.39x 727.3 18.91x 420.5 32.85x 727.34 673.29 21.49% 21.51% 24.03% 27.86% 27.86% 1.79% 51.5% 23.2% 21.5% 13.4% 6.30 2.21 0.00% 0.00% 8.82 2.23

Price/ Cash Flow

12/yy 2'766.9 15.30x 619.5 20.55x 357.9 35.75x

m-12

j-12

j-12

a-12

LTM 12/yy 3'133.6 17.16x 727.3 18.91x 420.5 32.85x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.47 0.98 271.83 17.77 -5.01% 8.34% 0.979 14 3.571 393'332 449'375 536'213 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'471.0 3'909.5 814.0 885.2 4.26x 3.73x 18.34x 16.90x 848.7 991.3 191.2 223.0 17.54x 15.02x 17.39x 16.75x 485.8 570.9 109.1 127.8 30.91x 26.43x 30.91x 29.73x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.11 0.00 0.0% 0.0% 1.79 6.58 41.51 164.02 17.49 188.04

Sales/Revenue/Turnover

70.00

3'500.0

60.00

3'000.0

50.00

2'500.0

40.00

2'000.0

30.00

1'500.0

20.00

1'000.0

10.00

500.0

0.00 01.01.2010

2.5 M

20

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'340.4 2.17x 489.7 10.39x 279.7 18.25x

3.0 M

30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Fastenal Co Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA RUANE CUNNIFF & GOLD CAPITAL GROUP COMPAN BANK OF NEW YORK MEL VANGUARD GROUP INC BLACKROCK KIERLIN ROBERT A STATE STREET SLAGGIE STEPHEN M WILLIAM BLAIR & COMP DF DENT & COMPANY BAMCO INC INVESCO LTD AMERIPRISE FINANCIAL TCW GROUP INC ASHMORE WELATH MANAG NORTHERN TRUST CORPO JANUS CAPITAL MANAGE FRANKLIN RESOURCES NORGES BANK

Firm Name Credit Suisse Raymond James Longbow Research Edward Jones Robert W. Baird & Co Janney Montgomery Scott LLC William Blair & Co Wunderlich Securities BB&T Capital Markets Wells Fargo Securities, LLC Barclays EVA Dimensions S&P Capital IQ

Portfolio Name T ROWE PRICE ASSOCIA RUANE CUNNIFF & GOLD n/a BANK OF NEW YORK MEL VANGUARD GROUP INC n/a n/a n/a n/a WILLIAM BLAIR & COMP D F DENT & COMPANY BAMCO INC INVESCO LTD AMERIPRISE FINANCIAL TCW GROUP INCORPORAT ASHMORE WEALTH MANAG NORTHERN TRUST CORPO n/a n/a NORGES BANK

Analyst HAMZAH MAZARI SAMUEL J DARKATSH DEREK JOSE LOGAN PURK DAVID J MANTHEY JOHN A BALIOTTI II RYAN MERKEL BRENT D RAKERS HOLDEN LEWIS ALLISON POLINIAK-CUSIC SCOTT R DAVIS CRAIG STERLING MICHAEL JAFFE

Source 13F 13F ULT-AGG 13F 13F ULT-AGG Form 4 ULT-AGG Form 5 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F

Recommendation neutral market perform neutral hold outperform neutral outperform buy hold market perform underweight overweight strong buy

Amt Held 40'926'610 20'695'409 17'403'300 14'403'129 14'271'882 13'623'011 12'503'300 10'765'664 10'251'188 7'645'531 5'010'231 4'449'803 4'396'422 4'322'152 4'204'133 4'000'000 3'750'192 3'613'771 2'836'458 2'414'245

% Out 13.8 6.98 5.87 4.86 4.81 4.59 4.22 3.63 3.46 2.58 1.69 1.5 1.48 1.46 1.42 1.35 1.26 1.22 0.96 0.81

Weighting

Change 3 3 3 3 5 3 5 5 3 3 1 5 5

M M M M M M M M M M M U M

Latest Chg 5'306'940 12'406 325'000 548'654 (3'867'384) 93'478 (207'500) 266'818 (269'140) 1'268'350 (116'399) (10'310) 862'477 3'705'974 (22'590) 4'000'000 82'817 (5'256'552) 338'364 234'738

Target Price 54 #N/A N/A #N/A N/A #N/A N/A 54 43 #N/A N/A 59 #N/A N/A #N/A N/A 44 #N/A N/A 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 07.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 18 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 25.03.2013 25.03.2013 25.03.2013 21.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 18.01.2013 18.01.2013 17.01.2013


27.03.2013

Fiserv Inc Fiserv, Inc. provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FISV UW EQUITY YTD Change FISV UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 86.78 64.48 100'496.00 86.52 -0.30% 34.18% 98.83% 133.5 11'550.72 3'230.00 0.0 0.0 358.00 14'422.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 4'077.0 4'133.0 2.63x 2.76x 1'279.0 1'346.0 8.37x 8.47x 476.0 496.0 13.32x 16.97x Profitability

1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

LTM-4Q 31.12.2011 4'337.0 2.60x 1'345.0 8.39x 472.0 14.95x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'482.0 2.99x 1'410.0 9.51x 611.0 18.04x 1'410.00 1'056.00 23.56% 20.08% 7.17% 18.31% 10.91% 0.53% 42.1% 31.5% 23.6% 13.6% 1.28 0.92 38.01% 94.53% 6.74 -

Price/ Cash Flow

12/yy 4'337.0 10.46x 1'345.0 8.39x 472.0 14.87x

j-12

j-12

a-12

LTM 12/yy 4'482.0 11.60x 1'410.0 9.51x 611.0 17.64x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 0.98 130.79 2.47 24.13% 9.48% 0.979 24 3.667 128'015 232'197 242'049 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'887.3 5'102.0 1'189.3 1'196.1 2.98x 2.74x 12.86x 12.76x 1'600.4 1'696.0 373.4 393.3 9.01x 8.50x 9.04x 8.93x 759.4 835.5 172.1 187.7 14.50x 13.00x 14.49x 14.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.03.2010 BBBSTABLE 26.09.2007 A-3 8.10 6.98 2.04 2.29 94.5% 48.6% 0.53 17.68 54.26 109.93 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

1.2 M

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 4'587.0 2.08x 1'258.0 7.59x 569.0 10.92x

100 90 80 70 60 50 40 30 20 10 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Fiserv Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC VANGUARD GROUP INC BLACKROCK STATE STREET LONGVIEW PARTNERS (G SUN LIFE FINANCIAL I INVESCO LTD MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON DILLON DONALD F FINDLAY PARK PARTNER BANK OF NEW YORK MEL EGERTON CAPITAL LIMI INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO EMINENCE CAPITAL LLC JARISLOWSKY FRASER L LORD ABBETT & CO LLC

Firm Name RBC Capital Markets Northcoast Research Stephens Inc Goldman Sachs Evercore Partners EVA Dimensions Edward Jones Sterne, Agee & Leach First Analysis Corp SunTrust Robinson Humphrey JPMorgan Robert W. Baird & Co William Blair & Co Cowen and Company Barclays Credit Suisse Jefferies Avondale Partners LLC Oppenheimer & Co Argus Research Corp JMP Securities Deutsche Bank BOE Securities

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a LONGVIEW PARTNERS (G n/a INVESCO LTD MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON n/a FINDLAY PARK PARTNER BANK OF NEW YORK MEL EGERTON CAPITAL LIMI INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO EMINENCE CAPITAL LLC JARISLOWSKY FRASER L LORD ABBETT & CO LLC

Analyst DANIEL R PERLIN KARTIK MEHTA BRETT HUFF JULIO C QUINTEROS JR DAVID M TOGUT ANDREW S ZAMFOTIS JOSH OLSON GREGORY SMITH LARRY BERLIN ANDREW W JEFFREY TIEN-TSIN HUANG DAVID J KONING CHRISTOPHER SHUTLER MOSHE KATRI DARRIN D PELLER GEORGE MIHALOS RAMSEY EL-ASSAL PETER J HECKMANN GLENN GREENE DAVID RITTER DAVID M SCHARF BRYAN KEANE UNNATI BHAVEKAR

Source 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F Form 4 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation sector perform neutral equalweight neutral/neutral overweight overweight buy buy equalweight neutral neutral neutral outperform outperform equalweight underperform buy market perform outperform buy market perform hold buy

Amt Held 14'479'666 9'774'796 8'529'325 6'971'332 5'912'133 5'449'211 2'847'515 2'619'234 2'072'806 1'900'334 1'898'286 1'891'654 1'755'042 1'716'266 1'705'366 1'422'001 1'411'128 1'265'796 1'204'996 1'193'655

% Out 10.85 7.32 6.39 5.22 4.43 4.08 2.13 1.96 1.55 1.42 1.42 1.42 1.31 1.29 1.28 1.07 1.06 0.95 0.9 0.89

Weighting

Change 3 3 3 3 5 5 5 5 3 3 3 3 5 5 3 1 5 3 5 5 3 3 5

M M M M M D M M M M M M M M M M M M M M M M M

Latest Chg 3'754'321 949'400 83'298 45'049 202'131 61'900 (99'329) (407) (7'517) 1'042 (39'088) 1'011'066 (2'321) (299'954) (3'090) 47'434 (172'514)

Target Price 85 #N/A N/A 90 88 107 #N/A N/A #N/A N/A 93 85 #N/A N/A 85 86 #N/A N/A #N/A N/A 87 79 94 78 89 95 #N/A N/A 71 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 07.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 9 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month

Date 26.03.2013 26.03.2013 25.03.2013 18.03.2013 18.03.2013 05.03.2013 28.02.2013 28.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 07.01.2013 24.10.2012 10.10.2012 10.08.2010


27.03.2013

Fossil Inc Fossil, Inc. designs, develops, markets, and distributes consumer fashion accessories. The Company's products include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

Price/Volume 160

6.0 M

140

5.0 M

120 4.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.04.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FOSL UW EQUITY YTD Change FOSL UW EQUITY YTD % CHANGE

12/2012 12/yy 139.20 62.79 209'618.00 95.46 -31.42% 52.03% 42.76% 59.3 5'664.96 77.93 0.0 6.9 177.36 5'572.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 1'548.1 2'030.7 1.19x 2.06x 253.0 417.0 7.30x 10.01x 139.2 255.2 16.11x 18.71x Profitability

1.0 M

20 0 m-12

.0 M a-12 m-12

LTM-4Q 31.12.2011 2'567.3 1.82x 523.9 8.92x 294.7 17.27x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'857.5 1.64x 554.4 8.44x 343.4 16.62x 554.38 488.84 17.11% 17.23% 19.71% 29.35% 29.22% 1.64% 56.2% 19.4% 17.1% 12.0% 2.81 1.33 4.23% 6.32% 8.58 2.51

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

12/yy 2'567.3 8.80x 523.9 8.92x 294.7 17.18x

LTM 12/yy 2'857.5 7.86x 554.4 8.44x 343.4 16.51x

FY+1

0.00 1.81 49.38 2.82 -28.75% 2.53% 1.806 14 3.429 229'722 270'760 251'480 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'165.6 3'452.8 652.4 700.3 1.75x 1.57x 8.64x 8.06x 606.5 664.6 105.0 111.1 9.19x 8.38x 9.20x 9.04x 363.8 406.3 58.5 63.1 15.76x 13.88x 15.62x 15.24x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

107.44 85.66 -0.18 0.14 6.3% 5.9% 1.64 9.26 42.41 144.81 44.12 143.10

Sales/Revenue/Turnover

45.00

3'500.0

40.00

3'000.0

35.00

2'500.0

30.00 25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 08.01.2010

2.0 M

40

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'583.2 0.63x 243.4 4.07x 138.1 8.60x

3.0 M

60

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Fossil Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC KARTSOTIS KOSTA N BROWN ADVISORY INC VANGUARD GROUP INC KARTSOTIS TOM BLACKROCK ARTISAN PARTNERS HOL STATE STREET SAC CAPITAL ADVISORS BAMCO INC EMINENCE CAPITAL LLC COLUMBIA WANGER ASSE BANK OF NEW YORK MEL MUNDER CAPITAL MANAG NORTHERN TRUST CORPO INVESCO LTD SHROFF JAL S SIGMA CAPITAL MANAGE NORGES BANK

Firm Name ISI Group Brean Murray Carret & Co FBR Capital Markets Cowen and Company EVA Dimensions JPMorgan KeyBanc Capital Markets Macquarie Benchmark Company LLC Telsey Advisory Group Jefferies BB&T Capital Markets Piper Jaffray Credit Agricole Securities (USA)

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a n/a VANGUARD GROUP INC n/a n/a ARTISAN PARTNERS LP n/a SAC CAPITAL ADVISORS BAMCO INC EMINENCE CAPITAL LLC COLUMBIA WANGER ASSE BANK OF NEW YORK MEL MUNDER CAPITAL MANAG NORTHERN TRUST CORPO INVESCO LTD n/a SIGMA CAPITAL MANAGE NORGES BANK

Analyst OMAR SAAD ERIC M BEDER ANNA ANDREEVA JOHN KERNAN CRAIG STERLING SIMEON A SIEGEL JANE THORN LEESON LIZABETH DUNN RONALD BOOKBINDER DAVID WU RANDAL J KONIK SCOTT D KRASIK NEELY J N TAMMINGA BARBARA WYCKOFF

Source 13F ULT-AGG Form 4 ULT-AGG 13F 13D ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F Form 4 13F 13F

Recommendation neutral sell suspended coverage outperform underweight neutral hold neutral hold no rating system buy buy neutral outperform

Amt Held 10'680'023 9'000'530 6'413'039 3'266'860 3'098'118 2'873'079 2'668'541 2'477'200 2'153'231 1'582'530 969'577 953'770 872'645 864'288 726'639 679'832 662'928 548'723 530'000 490'448

% Out 18 15.17 10.81 5.5 5.22 4.84 4.5 4.17 3.63 2.67 1.63 1.61 1.47 1.46 1.22 1.15 1.12 0.92 0.89 0.83

Weighting

Change

3 1 #N/A N/A 5 1 3 3 3 3 #N/A N/A 5 5 3 5

M M M M U M M D M M M M M D

Latest Chg 2'185'950 (7'979) (70'760) 22'028 (120'991) (7'400) 82'508 186'452 (171'996) 68'723 300'800 304'093 (4'105) 5'477 (73'635) 180'000 31'190

Target Price 110 85 #N/A N/A #N/A N/A #N/A N/A 95 #N/A N/A 115 110 116 125 128 110 130

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 19.01.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 20.04.2011 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.03.2013 n/a 31.12.2012 Hedge Fund Manager 31.12.2012 Government

Date 12 month 12 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided

Date 24.03.2013 20.03.2013 12.03.2013 06.03.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013


27.03.2013

Garmin Ltd Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (22.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRMN UW EQUITY YTD Change GRMN UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 50.64 32.82 272'783.00 33.29 -34.26% 1.43% 2.64% 195.6 6'511.25 0.00 0.0 0.0 2'872.58 3'638.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'494.1 0.83x 940.4 3.10x 732.8 6.04x

50 45 40 35 30 25 20 15 10 5 0 m-12

31.12.2009 31.12.2010 2'946.4 2'689.9 1.48x 1.43x 882.5 731.3 4.93x 5.25x 704.0 584.6 8.78x 10.73x Profitability

LTM-4Q 31.12.2011 2'758.6 1.90x 648.3 8.10x 520.9 14.69x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'715.7 1.82x 694.6 7.13x 542.4 14.49x 694.63 604.16 22.25% 23.00% 11.68% 15.98% 0.58% 53.0% 25.6% 22.2% 20.0% 2.79 2.19 0.00% 0.00% 4.48 3.24

Price/ Cash Flow

12/yy 2'758.6 6.20x 648.3 8.10x 520.9 14.74x

LTM 12/yy 2'715.7 8.08x 694.6 7.34x 542.4 14.30x

FY+1

5.41 0.79 116.15 13.03 -27.05% -17.39% 0.795 13 3.538 359'301 495'422 468'374 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'554.9 2'507.7 517.1 669.3 597.4 603.4 112.2 173.6 6.09x 6.03x 5.85x 5.70x 469.1 475.8 81.4 132.6 13.80x 13.54x 13.85x 13.70x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-4.14 0.00 0.0% 0.0% 0.58 6.57 81.61 112.86 42.57 151.08

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Garmin Ltd Holdings By:

All

Holder Name KAO MIN H BURRELL GARY L CAPITAL GROUP COMPAN RUEY-JENG KAO BLACKROCK VANGUARD GROUP INC SELECT EQUITY GROUP STATE STREET INVESCO LTD PERKINS INVESTMENT M SWEDBANK ROBUR FONDE JANUS CAPITAL MANAGE BANK OF NEW YORK MEL FMR LLC NEUBERGER BERMAN LLC NORTHERN TRUST CORPO AMERICAN CENTURY COM NORGES BANK WESTWOOD MANAGEMENT DISCIPLINED GROWTH I

Firm Name EVA Dimensions Avondale Partners LLC Oppenheimer & Co RBC Capital Markets D.A. Davidson & Co Dougherty & Company LLC Wells Fargo Securities, LLC Goldman Sachs JPMorgan Needham & Co Pacific Crest Securities William Blair & Co

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC SELECT EQUITY GROUP n/a INVESCO LTD PERKINS INVESTMENT M Multiple Portfolios n/a BANK OF NEW YORK MEL n/a NEUBERGER BERMAN GRO NORTHERN TRUST CORPO AMERICAN CENTURY COM NORGES BANK WESTWOOD MANAGEMENT DISCIPLINED GROWTH I

Analyst CRAIG STERLING JOHN F BRIGHT YAIR REINER MARK SUE JB GROH CHARLIE ANDERSON ANDREW SPINOLA SIMONA JANKOWSKI PAUL T COSTER RICHARD F VALERA JAMES FAUCETTE JONATHAN HO

Source Form 4 Form 4 ULT-AGG 13G ULT-AGG 13F 13F ULT-AGG 13F 13F MF-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation overweight market outperform market perform sector perform neutral neutral outperform Sell/Neutral underweight hold outperform outperform

Amt Held 38'942'580 29'338'570 11'420'372 10'377'962 9'394'082 6'693'746 4'510'019 4'463'288 2'982'081 2'728'330 2'665'523 2'290'419 1'955'792 1'953'297 1'905'166 1'417'566 1'231'894 1'197'871 1'142'569 1'126'958

% Out 19.91 15 5.84 5.31 4.8 3.42 2.31 2.28 1.52 1.39 1.36 1.17 1 1 0.97 0.72 0.63 0.61 0.58 0.58

Weighting

Change 5 4 3 3 3 3 5 1 1 3 5 5

U M M M M M M M M M M M

Latest Chg (45'000) (225'000) 1'444'130 1'759'198 194'596 2'407'002 (209'401) 421'770 22'091 1'414'677 593'095 (2'464'202) 498'766 671'795 78'050 30'574 397'019 32'380

Target Price #N/A N/A 45 #N/A N/A 47 40 #N/A N/A #N/A N/A 30 30 #N/A N/A 50 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 14.12.2012 n/a 15.05.2012 n/a 28.02.2013 Investment Advisor 31.12.2012 n/a 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 18 month Not Provided Not Provided 12 month 9 month Not Provided 12 month Not Provided

Date 08.03.2013 01.03.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013


27.03.2013

Gilead Sciences Inc Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (11.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD UW EQUITY YTD Change GILD UW EQUITY YTD % CHANGE

12/2012 12/yy 46.37 22.67 761'759.00 45.48 -1.91% 100.64% 94.16% 1'522.4 69'238.41 8'224.05 0.0 241.1 2'582.09 75'121.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 5'335.8 8.35x 2'845.0 15.67x 1'978.9 24.71x

50 45 40 35 30 25 20 15 10 5 0 m-12

31.12.2009 31.12.2010 7'011.4 7'949.4 5.18x 3.38x 3'857.3 4'227.7 9.42x 6.35x 2'635.8 2'901.3 14.87x 10.50x Profitability

LTM-4Q 31.12.2011 8'385.4 3.41x 4'092.1 6.99x 2'803.6 11.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 9'702.5 6.36x 4'288.4 14.38x 2'591.6 21.60x 4'288.38 4'010.18 41.33% 37.23% 13.45% 32.30% 17.56% 0.50% 74.5% 44.2% 41.3% 26.7% 1.44 0.85 38.72% 88.34% 5.24 1.58

Price/ Cash Flow

LTM

12/yy 8'385.4 14.21x 4'094.7 6.98x 2'803.6 11.34x

12/yy 9'702.5 21.53x 4'288.4 14.38x 2'591.6 21.60x

FY+1

0.00 0.87 1'509.35 58.09 92.63% 23.84% 0.866 31 4.677 2'743'750 2'509'634 2'522'554 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'748.3 12'727.1 2'570.1 2'646.0 6.42x 5.44x 4'741.4 6'491.6 1'115.5 1'129.0 15.90x 11.61x 16.57x 3'226.3 4'427.6 782.8 791.0 21.93x 15.69x 22.45x 19.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.03.2011 ASTABLE 11.88 10.78 1.32 1.92 88.3% 46.3% 0.50 10.35 69.83 232.14 164.03 137.94

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET WELLINGTON MANAGEMEN NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL UBS MARSICO CAPITAL MANA JP MORGAN JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA CREF INVESTMENT JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP FRANKLIN RESOURCES WINSLOW CAPITAL MANA

Firm Name BMO Capital Markets RBC Capital Markets Leerink Swann & Co Stifel Oppenheimer & Co Wells Fargo Securities, LLC Maxim Group LLC Piper Jaffray ISI Group Guggenheim Securities LLC S&P Capital IQ Jefferies JPMorgan Sanford C. Bernstein & Co Robert W. Baird & Co Morgan Stanley Lazard Capital Markets Credit Suisse Cowen and Company Summer Street Research Partners William Blair & Co Argus Research Corp Needham & Co Atlantic Equities LLP Barclays EVA Dimensions Goldman Sachs Deutsche Bank First Global Stockbroking BWS Financial

Portfolio Name n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL n/a MARSICO CAPITAL MANA n/a JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a GOLDMAN SACHS GROUP n/a WINSLOW CAPITAL MANA

Analyst JIM BIRCHENOUGH MICHAEL J YEE HOWARD LIANG JOEL D SENDEK DAVID FERREIRO BRIAN C ABRAHAMS JASON KOLBERT M IAN SOMAIYA MARK J SCHOENEBAUM BRET HOLLEY STEVEN SILVER THOMAS WEI GEOFFREY MEACHAM GEOFFREY C PORGES BRIAN P SKORNEY MARSHALL URIST JOSHUA SCHIMMER RAVI MEHROTRA PHILIP NADEAU CAROL A WERTHER JOHN S SONNIER JOHN M EADE ALAN CARR RICHARD J PURKISS CHARLES ANTHONY BUTLER ANDREW S ZAMFOTIS TERENCE FLYNN ROBYN KARNAUSKAS KAVITA THOMAS HAMED KHORSAND

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F

Recommendation outperform outperform outperform buy outperform outperform buy overweight buy buy buy hold overweight outperform outperform Overwt/In-Line buy outperform outperform neutral outperform hold buy neutral overweight overweight neutral/attractive buy market perform buy

Amt Held 298'675'044 111'854'914 88'315'026 67'203'144 62'827'858 59'800'423 45'508'106 29'696'606 25'991'274 21'926'206 21'623'634 20'915'172 20'711'890 19'501'542 18'205'634 16'314'578 15'814'906 14'721'904 12'683'224 12'538'366

% Out 19.62 7.35 5.8 4.41 4.13 3.93 2.99 1.95 1.71 1.44 1.42 1.37 1.36 1.28 1.2 1.07 1.04 0.97 0.83 0.82

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 3 5 3 5 3 5 5 3 5 3 5

M M M M M M M M M M M M M M M M M M M M M M R D M D M M M M

Latest Chg 16'340'092 15'313'566 1'612'488 2'762'936 1'603'151 (6'740'462) 9'207'940 (2'060'540) (2'486'034) (6'080'712) 6'930'110 5'867'630 9'988'298 3'621'978 (761'396) (1'905'270) (2'927'484) (892'748) 12'538'366

Target Price 53 50 #N/A N/A 49 50 #N/A N/A 48 50 50 50 50 40 50 48 45 46 58 55 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 45 41 42 #N/A N/A 43 48 #N/A N/A 24

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 14.03.2013 13.03.2013 11.03.2013 07.03.2013 06.03.2013 06.03.2013 26.02.2013 20.02.2013 20.02.2013 19.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 30.01.2013 09.02.2012 21.04.2011


27.03.2013

Google Inc Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOOG UW EQUITY YTD Change GOOG UW EQUITY YTD % CHANGE

12/2012 12/yy 844.00 556.55 115'590.00 811.4 -3.86% 45.79% 88.05% 267.5 268'688.22 5'537.00 0.0 0.0 49'557.00 224'668.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

300 200

1.0 M

100

.5 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

2.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 23'650.6 29'321.0 7.29x 5.42x 9'836.5 11'777.0 17.53x 13.48x 6'520.4 8'505.0 30.38x 22.58x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.70x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 20.79x 15'722.00 12'760.00 25.43% 26.68% 12.91% 16.54% 15.48% 0.62% 58.9% 30.5% 24.8% 21.4% 4.22 3.90 5.90% 7.72% 7.72 85.42

Price/ Cash Flow

LTM

12/yy 37'905.0 15.26x 13'593.0 12.41x 9'737.0 21.72x

12/yy 51'379.0 13.87x 15'684.0 12.08x 10'737.0 20.97x

FY+1

0.00 0.98 266.48 4.39 24.96% 14.38% 0.979 45 4.222 417'677 594'329 622'068 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 47'959.4 56'129.7 11'262.5 11'591.7 4.44x 3.51x 19.60x 18.70x 22'088.2 25'902.6 5'178.4 5'293.7 10.17x 8.68x 10.14x 9.76x 15'493.8 18'396.8 3'573.1 3'650.7 17.71x 15.08x 17.74x 17.07x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.11.2012 AA STABLE 15.07.2010 A-1+ 187.17 148.20 -2.81 0.35 7.7% 7.2% 0.62 4.79 47.41 4.28 21.55 30.52

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE UBS TIAA CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GRANTHAM MAYO VAN OT

Firm Name Goldman Sachs Jefferies Wedbush Robert W. Baird & Co Wedge Partners Sanford C. Bernstein & Co Cantor Fitzgerald Cowen and Company Barclays Edward Jones Credit Agricole Securities (USA) Tigress Financial Partners JMP Securities Stifel Daiwa Securities Co. Ltd. Pivotal Research Group LLC Sterne, Agee & Leach Canaccord Genuity Corp Wells Fargo Securities, LLC Morgan Stanley BMO Capital Markets Pacific Crest Securities Oppenheimer & Co Nomura RBC Capital Markets Atlantic Equities LLP William Blair & Co Piper Jaffray Argus Research Corp EVA Dimensions Deutsche Bank S&P Capital IQ Telsey Advisory Group JPMorgan Hilliard Lyons Raymond James Hamburger Sparkasse Independent Research GmbH Credit Suisse Needham & Co Macquarie B Riley & Company, Inc BGC Partners

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE n/a TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN NORGES BANK GRANTHAM MAYO VAN OT

Analyst HEATHER BELLINI BRIAN J PITZ JAMES G DIX COLIN SEBASTIAN MARTIN PYYKKONEN CARLOS KIRJNER YOUSSEF H SQUALI JOHN BLACKLEDGE ANTHONY J DICLEMENTE JOSH OLSON JAMES LEE IVAN FEINSETH RONALD V JOSEY III JORDAN ROHAN KAZUYA NISHIMURA BRIAN WIESER SHAW WU MICHAEL GRAHAM JASON MAYNARD SCOTT W DEVITT DANIEL SALMON EVAN S WILSON JASON S HELFSTEIN BRIAN NOWAK MARK S MAHANEY HAMILTON FABER RALPH SCHACKART EUGENE E MUNSTER JOSEPH F BONNER ANDREW S ZAMFOTIS ROSS SANDLER SCOTT H KESSLER THOMAS FORTE DOUGLAS ANMUTH STEPHEN TURNER AARON M KESSLER MARCO GUENTHER MARKUS FRIEBEL STEPHEN JU KERRY RICE BENJAMIN A SCHACHTER SAMEET SINHA COLIN W GILLIS

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F

Recommendation neutral/neutral buy neutral outperform no rating system outperform buy outperform overweight buy buy strong buy market outperform hold outperform hold neutral buy market perform Overwt/Attractive market perform outperform market perform buy outperform overweight outperform overweight buy hold buy hold no rating system overweight neutral outperform hold hold outperform buy outperform buy hold

Amt Held 18'215'530 14'812'725 11'833'058 11'006'397 10'616'879 9'457'496 6'419'685 4'586'974 4'016'989 3'824'800 3'207'437 2'756'412 2'715'974 2'501'395 2'490'314 2'380'317 2'222'539 2'173'908 2'116'195 2'046'828

% Out 6.81 5.54 4.42 4.11 3.97 3.54 2.4 1.71 1.5 1.43 1.2 1.03 1.02 0.94 0.93 0.89 0.83 0.81 0.79 0.77

Weighting

Change

3 5 3 5 #N/A N/A 5 5 5 5 5 5 5 4 3 5 3 3 5 3 5 3 5 3 5 5 5 5 5 5 3 5 3 #N/A N/A 5 3 5 3 3 5 5 5 5 3

M M M M M M M M M M M M N M M M M M M M M M M M M M M M M D M M M M D M M M M M M M M

Latest Chg (5'443) 308'479 347'460 1'637'525 (388'122) 151'141 623'378 27'119 (227'260) (23'714) (39'630) 597'897 (130'698) (90'008) 6'165 (21'961) (122'117) 320'943 333'660 76'916

Target Price 760 1'000 770 830 #N/A N/A 1'000 900 #N/A N/A 850 #N/A N/A 1'000 #N/A N/A 955 #N/A N/A 925 820 #N/A N/A 830 #N/A N/A 932 790 980 765 860 950 1'000 #N/A N/A 938 875 #N/A N/A 935 825 870 860 #N/A N/A 825 #N/A N/A 800 847 850 795 846 760

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 14.03.2013 14.03.2013 12.03.2013 11.03.2013 11.03.2013 11.03.2013 11.03.2013 10.03.2013 07.03.2013 05.03.2013 01.03.2013 28.02.2013 22.02.2013 21.02.2013 20.02.2013 10.02.2013 07.02.2013 06.02.2013 05.02.2013 29.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013


27.03.2013

Henry Schein Inc Henry Schein, Inc. distributes healthcare products and services, including practice management software, to office-based healthcare practitioners. The Company has operations in North America and other countries. Henry Schein's operations include direct marketing, telesales, and field sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSIC UW EQUITY YTD Change HSIC UW EQUITY YTD % CHANGE

12/2012 12/yy 91.45 71.97 89'280.00 91.14 -0.34% 26.64% 98.41% 87.6 7'981.43 533.28 0.0 437.5 122.08 8'830.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 6'380.4 0.54x 520.7 6.61x 239.5 12.12x

100 90 80 70 60 50 40 30 20 10 0 m-12

31.12.2009 31.12.2010 6'538.3 7'526.8 0.73x 0.84x 548.6 634.6 8.71x 9.95x 311.2 325.8 16.57x 17.36x Profitability

LTM-4Q 31.12.2011 8'530.2 0.76x 698.0 9.30x 367.7 16.23x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 8'940.0 0.88x 759.5 10.37x 388.1 18.01x 759.48 634.15 7.09% 6.84% 7.70% 15.38% 12.97% 1.77% 28.0% 8.5% 7.1% 4.3% 1.84 0.77 10.00% 20.40% 9.39 5.98

Price/ Cash Flow

LTM

12/yy 8'530.2 3.18x 698.0 9.30x 367.7 16.23x

12/yy 8'940.0 3.48x 759.5 10.37x 388.1 18.05x

FY+1

0.00 0.97 85.87 2.32 19.29% 13.27% 0.969 18 3.444 125'728 168'908 147'219 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'516.3 10'038.8 2'249.9 2'378.6 0.90x 0.83x 3.95x 3.72x 805.9 862.9 185.3 202.7 10.96x 10.23x 10.95x 10.76x 432.3 472.6 95.0 108.6 18.71x 16.92x 18.69x 18.10x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.58 22.92 0.54 0.70 20.4% 14.9% 1.77 33.39 38.75 60.87 38.35 61.28

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

5'000.0 4'000.0 3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Henry Schein Inc Holdings By:

All

Holder Name FMR LLC T ROWE PRICE ASSOCIA BLACKROCK GENERATION INVESTMEN VANGUARD GROUP INC BROWN BROTHERS HARRI NEUBERGER BERMAN LLC STATE STREET PRUDENTIAL FINANCIAL JENNISON ASSOCIATES MEDICAL MUTUAL INSUR ATLANTA CAPITAL MANA FINDLAY PARK PARTNER TIVERTON ASSET MANAG MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP WADDELL & REED FINAN JP MORGAN ENTRUST CAPITAL INC

Firm Name Robert W. Baird & Co Piper Jaffray Northcoast Research Edward Jones William Blair & Co Leerink Swann & Co Jefferies Stifel Credit Suisse JPMorgan Barrington Research CL King & Associates Wallachbeth Capital LLC Goldman Sachs ISI Group EVA Dimensions

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a GENERATION INVESTMEN VANGUARD GROUP INC BROWN BROTHERS HARRI NEUBERGER BERMAN GRO n/a n/a JENNISON ASSOCIATES MEDICAL MUTUAL INSUR ATLANTA CAPITAL MANA FINDLAY PARK PARTNER TIVERTON ASSET MANAG MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP WADDELL & REED FINAN n/a ENTRUST CAPITAL INC

Analyst JEFFREY D JOHNSON KEVIN ELLICH EDWIN SNYDER MATTHEW D COLLINS JOHN C KREGER DAVID LARSEN BRANDON COUILLARD JONATHAN D BLOCK GLEN SANTANGELO LISA C GILL CHARLES R JONES ROSS TAYLOR GLEN M LOSEV ROBERT P JONES MICHAEL CHERNY ANDREW S ZAMFOTIS

Source ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F Sch-D 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation outperform neutral buy buy outperform market perform hold hold neutral neutral market perform buy hold neutral/neutral neutral hold

Amt Held 6'472'168 6'403'492 5'191'730 4'217'926 4'169'622 3'434'959 3'325'469 3'038'459 2'107'791 1'991'253 1'900'000 1'682'101 1'677'966 1'580'369 1'567'500 1'423'289 1'371'758 1'351'150 1'302'255 1'300'000

% Out 7.39 7.31 5.93 4.82 4.76 3.92 3.8 3.47 2.41 2.27 2.17 1.92 1.92 1.8 1.79 1.63 1.57 1.54 1.49 1.48

Weighting

Change 5 3 5 5 5 3 3 3 3 3 3 5 3 3 3 3

M M M M M M M M M M M M M M M D

Latest Chg 192'973 115'400 (33'416) 42'683 230'374 43'407 72'379 103'082 366'839 1'900'000 77'278 923 1'580'369 (5'200) (431'584) (240'276) 57'000 234'038 -

Target Price 98 92 110 #N/A N/A #N/A N/A #N/A N/A 80 #N/A N/A 92 89 #N/A N/A 100 85 92 88 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 18.03.2013 17.03.2013 26.02.2013 25.02.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 04.02.2013


27.03.2013

Intel Corp Intel Corporation designs, manufactures, and sells computer components and related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price/Volume

30.0 M 25.0 M 20.0 M

15

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTC UW EQUITY YTD Change INTC UW EQUITY YTD % CHANGE

12/2012 12/yy 29.27 19.23 3'444'290.00 21.46 -26.68% 11.60% 19.12% 4'946.0 106'141.16 13'448.00 0.0 0.0 22'586.00 97'003.16

15.0 M

10

10.0 M

5

5.0 M

0 m-12

31.12.2009 31.12.2010 35'127.0 43'623.0 2.84x 2.16x 10'994.0 20'226.0 9.08x 4.65x 4'369.0 11'464.0 16.80x 10.37x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 9.59x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.50x 22'160.00 14'638.00 27.44% 27.88% 14.16% 22.66% 18.78% 0.69% 62.1% 41.5% 27.4% 20.6% 2.43 1.71 15.94% 26.26% 14.26 4.57

Price/ Cash Flow

j-12

j-12

LTM

12/yy 53'999.0 7.72x 23'541.0 4.81x 12'942.0 9.78x

a-12

12/yy 53'341.0 8.56x 22'160.0 4.10x 11'005.0 9.50x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

4.05 1.01 4'769.01 216.01 -21.03% 5.13% 1.014 53 3.491 7'926'692 9'448'922 9'479'995 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 53'942.2 56'526.9 12'663.6 12'920.5 1.90x 1.81x 8.11x 7.98x 20'993.2 22'865.8 4'601.8 4'574.9 4.64x 4.26x 4.69x 4.54x 10'397.5 11'205.2 2'241.9 2'265.2 10.61x 9.83x 10.40x 10.04x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

17.02.1993 A+ STABLE 17.02.1993 A-1+ 67.15 33.74 -0.41 0.61 26.3% 20.8% 0.69 2.07 25.53 79.60 52.25 52.88

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

25 20

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

30

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Intel Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET MOORE GORDON EARLE BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AG LOOMIS SAYLES & COMP GOLDMAN SACHS GROUP STATE FARM MUTUAL AU GEODE CAPITAL MANAGE

Firm Name Sanford C. Bernstein & Co BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Piper Jaffray Drexel Hamilton LLC Sterne, Agee & Leach Evercore Partners MKM Partners Argus Research Corp JPMorgan B Riley & Company, Inc Miller Tabak + Co., LLC Susquehanna Financial Group FBR Capital Markets Longbow Research Stifel Barclays Williams Financial Group Cowen and Company Maxim Group LLC Pacific Crest Securities Canaccord Genuity Corp Edward Jones ISI Group JMP Securities RBC Capital Markets Needham & Co Lazard Capital Markets Raymond James Nomura Jefferies Hamburger Sparkasse Morgan Stanley Crowell, Weedon & Co Daiwa Securities Co. Ltd. Deutsche Bank Roth Capital Partners Credit Suisse Macquarie Independent Research GmbH Oppenheimer & Co S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD WELLINGTON MANAGEMEN HARRIS ASSOC LP n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AKTIEN LOOMIS SAYLES & CO L GOLDMAN SACHS GROUP STATE FARM MUTUAL AU GEODE CAPITAL MANAGE

Analyst STACY A RASGON AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG AUGUSTE P RICHARD RICHARD WHITTINGTON VIJAY R RAKESH PATRICK WANG DANIEL A BERENBAUM JAMES KELLEHER CHRISTOPHER DANELY CRAIG ELLIS BRENDAN FURLONG CHRISTOPHER CASO CHRISTOPHER ROLLAND JOANNE FEENEY KEVIN E CASSIDY BLAYNE CURTIS CODY G ACREE TIMOTHY M ARCURI ASHOK KUMAR MICHAEL MCCONNELL ROBERT BURLESON WILLIAM C KREHER SUMIT DHANDA ALEX GAUNA DOUG FREEDMAN N QUINN BOLTON DANIEL L AMIR HANS C MOSESMANN ROMIT SHAH MARK J LIPACIS MARCO GUENTHER JOSEPH MOORE JAMES D RAGAN YOKO YAMADA ROSS C SEYMORE KRISHNA SHANKAR JOHN W PITZER SHAWN WEBSTER MARKUS FRIEBEL RICHARD SCHAFER ANGELO ZINO

Source ULT-AGG 13F ULT-AGG Form 4 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F Sch-D 13F

Recommendation underperform market perform outperform outperform neutral hold neutral equalweight buy buy neutral neutral hold neutral market perform neutral buy equalweight hold neutral buy sector perform hold hold buy market outperform sector perform hold buy underperform reduce hold buy Underwt/In-Line buy neutral buy neutral outperform outperform buy market perform hold

Amt Held 275'299'132 224'362'465 212'941'059 172'992'357 107'648'009 76'183'909 73'349'858 71'696'575 64'099'640 62'419'311 56'437'200 42'262'952 40'574'173 40'236'837 39'078'900 38'661'945 36'009'427 35'339'649 34'886'904 33'702'161

% Out 5.57 4.54 4.31 3.5 2.18 1.54 1.48 1.45 1.3 1.26 1.14 0.85 0.82 0.81 0.79 0.78 0.73 0.71 0.71 0.68

Weighting

Change 1 3 5 5 3 3 3 3 5 5 3 3 3 3 3 3 5 3 3 3 5 3 3 3 5 4 3 3 5 1 2 3 5 1 5 3 5 3 5 5 5 3 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (4'738'268) 4'358'835 5'216'553 (1'255'200) 7'796'302 231'840 (7'774'199) 2'772'732 3'284'665 1'725'102 (1'073'550) 2'352'168 14'347'374 3'652'891 (11'739'300) 9'367'763 4'046'035 (2'267'980) 9'192 (3'328'989)

Target Price 18 21 26 #N/A N/A 21 22 18 22 24 25 19 24 23 21 23 #N/A N/A 28 20 #N/A N/A #N/A N/A 29 #N/A N/A 20 #N/A N/A 25 26 24 #N/A N/A 26 #N/A N/A 19 24 #N/A N/A 20 26 21 26 20 28 26 27 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 26.03.2013 02.03.2005 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012

Date 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 24.03.2013 24.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 06.03.2013 06.03.2013 05.03.2013 04.03.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 12.02.2013 31.01.2013 29.01.2013 22.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013 18.01.2013


27.03.2013

Intuit Inc Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

Price/Volume 4.0 M

60

3.5 M

07/2012 01/yy 68.41 53.49 544'081.00 65.73 -3.92% 22.88% 82.04% 296.4 19'481.64 499.00 0.0 0.0 744.00 19'321.64

2.5 M 2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.07.2009 31.07.2010 3'109.0 3'455.0 2.98x 3.44x 957.7 1'119.0 9.67x 10.61x 447.0 574.0 18.68x 23.80x Profitability

LTM-4Q 31.07.2011 3'772.0 3.61x 1'308.0 10.41x 634.0 22.03x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.07.2012 4'151.0 4.07x 1'419.0 11.90x 792.0 23.21x 1'419.00 1'177.00 28.35% 27.73% 15.72% 31.51% 24.92% 0.84% 81.7% 31.0% 25.8% 19.1% 1.20 0.73 10.65% 18.19% 7.43 -

Price/ Cash Flow

01/yy 3'995.0 15.60x 1'401.0 11.90x 685.0 24.86x

LTM 01/yy 4'211.0 16.35x 1'307.0 14.04x 790.0 26.43x

FY+1

0.97 0.92 282.43 9.51 11.69% 10.78% 0.922 21 3.952 556'902 655'323 583'213 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 4'594.0 5'016.9 2'245.9 732.5 4.06x 3.59x 8.11x 25.43x 1'755.7 1'948.2 1'426.8 108.7 11.01x 9.92x 10.41x 9.90x 1'041.4 1'146.0 913.9 37.8 19.10x 17.40x 18.06x 17.37x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.05.2008 BBB STABLE 28.38 25.68 -0.12 0.40 18.2% 15.4% 0.84 7.24 49.24 99.84 -

Sales/Revenue/Turnover

20.00

4'500.0

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 31.07.2009

3.0 M

40

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTU UW EQUITY YTD Change INTU UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.5 M

70 50

Valuation Analysis

31.07.2008 3'071.0 2.93x 902.7 9.96x 476.8 19.80x

80

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Intuit Inc Holdings By:

All

Holder Name PRIMECAP MANAGEMENT BLACKROCK CAPITAL GROUP COMPAN COOK SCOTT D VANGUARD GROUP INC FMR LLC STATE STREET WADDELL & REED FINAN JENNISON ASSOCIATES MACQUARIE GROUP BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC JANUS CAPITAL MANAGE WINSLOW CAPITAL MANA TIAA CREF INVESTMENT ALLIANCE BERNSTEIN NORTHERN TRUST CORPO POLEN CAPITAL MANAGE JP MORGAN ALLIANZ ASSET MANAGE

Firm Name First Analysis Corp Raymond James Wells Fargo Securities, LLC Cowen and Company Morgan Stanley Jefferies Millman Research Associates Deutsche Bank Goldman Sachs JPMorgan Janney Montgomery Scott LLC Macquarie Oppenheimer & Co Barclays Wedbush Evercore Partners Northcoast Research EVA Dimensions Pacific Crest Securities

Portfolio Name PRIMECAP MANAGEMENT n/a n/a n/a VANGUARD GROUP INC n/a n/a WADDELL & REED FINAN JENNISON ASSOCIATES n/a BANK OF NEW YORK MEL OPPENHEIMER FUNDS IN n/a WINSLOW CAPITAL MANA TIAA-CREF INVESTMENT n/a NORTHERN TRUST CORPO POLEN CAPITAL MANAGE n/a n/a

Analyst LARRY BERLIN WAYNE JOHNSON TIMOTHY W WILLI PETER GOLDMACHER ADAM H HOLT ROSS MACMILLAN MICHAEL MILLMAN THOMAS ERNST JR GREG DUNHAM STERLING AUTY YUN KIM BRAD A ZELNICK SCOTT A SCHNEEBERGER RAIMO LENSCHOW GIL B LURIA DAVID M TOGUT KARTIK MEHTA ANDREW S ZAMFOTIS BRENDAN BARNICLE

Source 13F ULT-AGG ULT-AGG Form 4 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG

Recommendation equalweight outperform market perform outperform Equalwt/In-Line hold hold buy neutral/attractive overweight buy neutral outperform equalweight outperform equalweight neutral overweight sector perform

Amt Held 17'554'978 16'418'092 14'070'100 13'201'868 12'522'198 12'387'302 11'381'863 10'418'562 10'137'644 9'716'592 7'322'060 6'639'811 5'859'348 5'283'586 5'239'299 4'535'135 3'987'428 3'863'314 3'562'017 3'307'239

% Out 5.92 5.54 4.75 4.45 4.22 4.18 3.84 3.52 3.42 3.28 2.47 2.24 1.98 1.78 1.77 1.53 1.35 1.3 1.2 1.12

Weighting

Change 3 5 3 5 3 3 3 5 3 5 5 3 5 3 5 3 3 5 3

M M M M M M M M M M M M M M M M M M M

Latest Chg (89'700) 7'978'400 258'297 151'423 (426'676) 1'183'080 1'052'512 347'950 (532'809) (354'330) 553'376 (480'314) (43'300) (1'174'672) (7'574) 81'337 (543'447) 511'535

Target Price #N/A N/A 68 #N/A N/A #N/A N/A #N/A N/A 66 59 69 67 65 80 62 65 67 76 64 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 27.03.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 06.02.2013 15.01.2013 29.04.2011


27.03.2013

Intuitive Surgical Inc Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The Company's surgical system controls Intuitive Surgical endoscopic instruments, including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, scalpels, forceps/pickups, needle holders, endoscopic retractors, electrocautery, ultrasonic cutters, and accessories during surgical procedures.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISRG UW EQUITY YTD Change ISRG UW EQUITY YTD % CHANGE

12/2012 12/yy 594.62 455.18 163'540.00 497.25 -16.38% 9.24% 30.17% 40.4 20'081.32 0.00 0.0 0.0 1'324.40 18'756.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

600

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 874.9 5.17x 335.9 13.47x 204.3 24.80x

700

31.12.2009 31.12.2010 1'052.2 1'413.0 10.57x 6.45x 412.0 595.6 27.01x 15.31x 232.6 381.8 51.17x 27.22x Profitability

LTM-4Q 31.12.2011 1'757.3 9.77x 741.3 23.16x 495.1 37.58x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'178.8 8.44x 935.9 19.65x 656.6 30.69x 935.90 878.10 40.30% 41.03% 18.44% 21.09% 21.09% 0.61% 72.1% 43.0% 40.3% 30.1% 4.71 4.22 0.00% 0.00% 6.52 5.21

Price/ Cash Flow

12/yy 1'757.3 31.89x 741.3 23.16x 495.1 37.64x

LTM 12/yy 2'178.8 35.98x 935.9 19.65x 656.6 30.72x

FY+1

0.00 1.01 39.97 2.26 -8.98% 1.40% 1.010 19 4.316 136'012 144'332 125'361 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'562.9 2'957.1 583.1 632.1 6.47x 5.43x 29.27x 26.76x 1'044.4 1'223.2 229.7 261.0 17.96x 15.33x 17.96x 17.32x 726.6 849.1 165.2 180.1 28.27x 24.08x 28.26x 27.18x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-1.42 0.00 0.0% 0.0% 0.61 9.93 56.12 70.25 30.62 95.75

Sales/Revenue/Turnover

40.00

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Intuitive Surgical Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BAILLIE GIFFORD AND BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC SANDS CAPITAL MANAGE MORGAN STANLEY MARSICO CAPITAL MANA WINSLOW CAPITAL MANA VIKING GLOBAL INVEST BROWN ADVISORY INC ALLIANCE BERNSTEIN JANUS CAPITAL MANAGE EDGEWOOD MANAGEMENT JP MORGAN NORTHERN TRUST CORPO INVESCO LTD UBS MACKAY SHIELDS LLC

Firm Name Morgan Stanley Janney Montgomery Scott LLC William Blair & Co Cantor Fitzgerald Leerink Swann & Co Raymond James Canaccord Genuity Corp Northland Securities Inc Mizuho Securities USA Inc SunTrust Robinson Humphrey JPMorgan Lazard Capital Markets JMP Securities Goldman Sachs Barrington Research Stifel EVA Dimensions

Portfolio Name n/a BAILLIE GIFFORD & CO n/a VANGUARD GROUP INC n/a n/a SANDS CAPITAL MANAGE n/a MARSICO CAPITAL MANA WINSLOW CAPITAL MANA VIKING GLOBAL INVEST n/a n/a n/a EDGEWOOD MANAGEMENT n/a NORTHERN TRUST CORPO INVESCO LTD n/a Multiple Portfolios

Analyst DAVID R LEWIS SPENCER NAM BENJAMIN C ANDREW JEREMY FEFFER RICHARD NEWITTER LAWRENCE S KEUSCH JASON R MILLS SURAJ KALIA MICHAEL S MATSON AMIT HAZAN TYCHO W PETERSON SEAN D LAVIN J T HARESCO III DAVID H ROMAN CHARLES R JONES FREDERICK A WISE ANDREW S ZAMFOTIS

Source ULT-AGG 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG MF-AGG

Recommendation Equalwt/In-Line buy outperform buy market perform outperform buy underperform buy buy overweight buy market outperform Buy/Neutral outperform hold hold

Amt Held 5'776'094 2'300'257 1'860'003 1'756'880 1'561'366 1'252'626 1'131'468 985'936 969'364 936'203 818'598 748'303 727'270 646'802 575'597 572'264 567'682 547'562 522'564 521'852

% Out 14.3 5.7 4.61 4.35 3.87 3.1 2.8 2.44 2.4 2.32 2.03 1.85 1.8 1.6 1.43 1.42 1.41 1.36 1.29 1.29

Weighting

Change 3 5 5 5 3 5 5 1 5 5 5 5 4 5 5 3 3

M M M M M M M M M M M M M U M M D

Latest Chg 482'400 (77'540) 45'236 34'594 34'047 43'778 (300'639) 653'710 295'136 731'598 74'215 441'507 (382'372) 66'396 (78'814) (12'311) (8'043) 7'272 (494)

Target Price #N/A N/A 670 #N/A N/A 575 #N/A N/A 620 527 400 636 649 625 625 620 715 650 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.01.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 20.03.2013 18.03.2013 14.03.2013 14.03.2013 14.03.2013 01.03.2013 22.02.2013 25.01.2013 23.01.2013 23.01.2013


27.03.2013

KLA-Tencor Corp KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry. The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Price/Volume

2.0 M

06/2012 12/yy 57.95 43.22 424'337.00 52.05 -10.18% 20.43% 59.95% 166.1 8'647.83 746.83 0.0 0.0 2'534.44 6'816.69

1.0 M

20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2009 30.06.2010 1'520.2 1'820.8 2.45x 2.14x 4.7 401.5 800.84x 9.71x (523.4) 212.3 17.99x Profitability

LTM-4Q 30.06.2011 3'175.2 1.72x 1'246.4 4.39x 794.5 8.24x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 3'171.9 2.02x 1'108.5 5.79x 756.0 10.61x 1'108.46 1'016.33 32.04% 30.71% 14.23% 21.97% 18.82% 0.64% 58.1% 33.1% 30.1% 23.8% 4.83 3.75 14.64% 22.52% 5.44 2.05

Price/ Cash Flow

12/yy 3'165.5 7.57x 1'159.7 5.70x 757.6 10.40x

LTM 12/yy 3'126.7 8.34x 1'034.0 5.90x 695.2 11.24x

FY+1

2.88 1.24 165.91 5.24 -1.41% 9.76% 1.235 18 4.444 446'447 573'765 636'107 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'884.6 3'312.9 725.9 764.2 2.46x 1.91x 8.90x 8.40x 815.9 1'069.3 213.3 248.7 8.35x 6.38x 6.54x 6.36x 549.1 765.6 147.2 160.3 15.95x 11.52x 12.84x 11.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.04.2008 BBB STABLE 20.45 19.39 -1.77 0.72 22.5% 18.4% 0.64 11.17 67.32 178.13 31.28 206.13

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

1.5 M

30

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLAC UW EQUITY YTD Change KLAC UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

50 40

Valuation Analysis

30.06.2008 2'521.7 2.50x 638.4 9.86x 359.1 14.64x

60

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

KLA-Tencor Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC JP MORGAN AMERIPRISE FINANCIAL STATE STREET PRIMECAP MANAGEMENT FMR LLC T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE BANK OF NEW YORK MEL INVESCO LTD RENAISSANCE TECHNOLO NORTHERN TRUST CORPO FIRST EAGLE INVESTME CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU

Firm Name Needham & Co Exane BNP Paribas B Riley & Company, Inc RBC Capital Markets Piper Jaffray Stifel Pacific Crest Securities Susquehanna Financial Group Goldman Sachs Cowen and Company Deutsche Bank Credit Suisse Credit Agricole Securities (USA) EVA Dimensions S&P Capital IQ First Global Stockbroking

Portfolio Name n/a n/a VANGUARD GROUP INC n/a AMERIPRISE FINANCIAL n/a PRIMECAP MANAGEMENT n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL INVESCO LTD RENAISSANCE TECHNOLO NORTHERN TRUST CORPO FIRST EAGLE INVESTME CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU

Analyst EDWIN MOK JEROME RAMEL BEN PANG MAHESH SANGANERIA JAGADISH IYER PATRICK J HO WESTON TWIGG MEHDI HOSSEINI JAMES V COVELLO TIMOTHY M ARCURI VISHAL SHAH SATYA KUMAR MARK HELLER ANDREW S ZAMFOTIS ANGELO ZINO ISHANSH VIJ

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy outperform buy outperform overweight buy outperform neutral Sell/Neutral neutral hold outperform buy buy buy market perform

Amt Held 22'627'316 15'847'397 10'207'414 7'117'585 6'915'022 6'903'570 5'050'800 4'192'094 3'012'005 2'636'341 2'625'824 2'528'135 2'300'784 2'272'086 1'796'300 1'708'804 1'665'757 1'545'691 1'537'676 1'478'800

% Out 13.62 9.54 6.14 4.28 4.16 4.16 3.04 2.52 1.81 1.59 1.58 1.52 1.38 1.37 1.08 1.03 1 0.93 0.93 0.89

Weighting

Change 5 5 5 5 5 5 5 3 1 3 3 5 5 5 5 3

N M M M M M M M M N U M M M R M

Latest Chg (370'332) (735'483) 2'028'630 337'635 126'226 (79'000) (1'402'932) (321'290) (2'104'992) 100'118 (507'988) 376'200 29'564 1'702'853 793'685 100'773 157'204 105'700

Target Price 61 65 66 60 62 58 61 50 50 #N/A N/A 56 63 62 #N/A N/A 57 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Insurance Company

Date 26.03.2013 26.03.2013 21.03.2013 15.03.2013 15.03.2013 26.02.2013 25.02.2013 13.02.2013 07.02.2013 04.02.2013 25.01.2013 25.01.2013 25.01.2013 15.01.2013 26.10.2012 05.02.2011


27.03.2013

Kraft Foods Group Inc Kraft Foods Group, Inc. is a food company. The Company is focused on consumer packaged food and beverages for North American Grocery stores. Kraft Foods offers a wide range of branded beverages, cheese, grocery products and convenient meals.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRFT UW EQUITY YTD Change KRFT UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 52.28 42.29 659'166.00 51.36 -1.76% 21.45% 90.79% 593.4 30'475.62 35.00 0.0 0.0 39'805.62

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 s-12

.0 M o-12

n-12

d-12

j-13

f-13

m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 17'708.0 2'662.0 -

60

31.12.2009 31.12.2010 17'278.0 17'797.0 3'314.0 3'307.0 2'170.0 3'531.0 Profitability

LTM-4Q 31.12.2011 18'655.0 3'285.0 1'839.0 -

31.12.2012 18'339.0 1'642.0 15.26x 3'285.00 2'811.00 15.33% 13.38% 31.8% 9.0% 1.27 0.35 0.16% 0.21% -

LTM

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

12/yy 9'100.0 3.93x 898.0 0.00x 560.0 0.00x

FY+1

592.55 7.11 14.05% 24 4.000 942'294 1'218'622 949'694 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'808.0 19'311.1 4'500.4 4'863.3 2.13x 2.03x 8.84x 8.22x 3'516.9 3'801.6 816.7 929.6 11.32x 10.47x 11.42x 11.18x 1'683.3 1'868.4 393.5 467.8 18.30x 16.45x 18.28x 17.78x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.07.2012 BBB NEG 19.07.2012 A-2 821.25 721.00 0.2% 0.2% 35.12

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Kraft Foods Group Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL MORGAN STANLEY JP MORGAN NORTHERN TRUST CORPO STATE STREET INVESCO LTD FEDERATED INVESTORS AMERICAN CENTURY COM FMR LLC BANK OF AMERICA CORP MACQUARIE GROUP NORGES BANK UBS STANDARD LIFE INVEST NEUBERGER BERMAN LLC OPPENHEIMERFUNDS INC

Firm Name Canaccord Genuity Corp EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs Sanford C. Bernstein & Co BMO Capital Markets Edward Jones RBC Capital Markets Argus Research Corp Stifel Jefferies Davenport & Co Janney Montgomery Scott LLC CL King & Associates Morgan Stanley Deutsche Bank Credit Suisse JPMorgan Barclays S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO n/a INVESCO LTD FEDERATED INVESTORS AMERICAN CENTURY COM n/a BANK OF AMERICA n/a NORGES BANK n/a STANDARD LIFE INVEST NEUBERGER BERMAN GRO OPPENHEIMER FUNDS IN

Analyst ALICIA FORRY AUSTIN BURKETT DIANE GEISSLER JASON ENGLISH ALEXIA HOWARD KENNETH B ZASLOW BRIAN YARBROUGH EDWARD AARON JOHN D STASZAK CHRISTOPHER R GROWE THILO WREDE ANN H GURKIN JONATHAN P FEENEY ERIC J LARSON MATTHEW GRAINGER ERIC R KATZMAN ROBERT MOSKOW KENNETH GOLDMAN ANDREW LAZAR THOMAS GRAVES

Source ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F

Recommendation buy hold outperform neutral/neutral market perform outperform hold outperform hold buy buy buy neutral buy Equalwt/In-Line hold outperform neutral overweight hold

Amt Held 41'134'579 29'803'464 26'976'162 14'309'447 11'362'096 10'420'868 9'340'994 8'573'100 8'191'727 7'588'295 7'504'882 6'408'721 6'286'967 6'269'784 5'036'151 4'735'130 4'407'486 4'391'342 4'173'053 4'144'582

% Out 6.93 5.02 4.55 2.41 1.91 1.76 1.57 1.44 1.38 1.28 1.26 1.08 1.06 1.06 0.85 0.8 0.74 0.74 0.7 0.7

Weighting

Change 5 3 5 3 3 5 3 5 3 5 5 5 3 5 3 3 5 3 5 3

M D M M M M M M M M M M M M M M M M M M

Latest Chg 29'803'464 26'976'162 14'309'447 11'362'096 10'370'973 9'258'122 8'573'100 23'929 7'588'295 7'504'882 6'408'721 6'286'967 6'269'784 5'036'151 4'735'130 4'369'118 4'391'342 4'173'053 4'144'582

Target Price 56 #N/A N/A 54 51 47 53 #N/A N/A 50 #N/A N/A 49 52 53 46 50 47 46 50 49 51 46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 27.03.2013 22.03.2013 20.03.2013 17.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 07.03.2013 07.03.2013 01.03.2013 27.02.2013 21.02.2013 19.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 16.10.2012


27.03.2013

Liberty Global Inc Liberty Global, Inc. owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Price/Volume 80

7.0 M

70

6.0 M

60

5.0 M

50

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LBTYA UW EQUITY YTD Change LBTYA UW EQUITY YTD % CHANGE

12/2012 12/yy 71.83 44.89 684'623.00 71.6 -0.32% 59.50% 99.15% 141.3 17'842.89 27'524.50 0.0 (124.9) 2'038.90 43'203.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

30 20

2.0 M

10

1.0 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 10'497.7 2.54x 4'361.8 6.12x (788.9) -

4.0 M

40

Valuation Analysis

31.12.2009 31.12.2010 7'497.4 8'364.2 4.24x 3.30x 3'203.0 3'770.7 9.93x 7.32x (412.1) 388.2 Profitability

LTM-4Q 31.12.2011 9'510.8 3.63x 4'351.0 7.93x (772.7) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 10'310.8 4.04x 4'757.2 8.76x 322.8 4'757.20 2'066.10 20.04% -4.69% 0.86% 12.87% 0.28% 64.9% 46.1% 20.0% 3.1% 0.81 0.66 71.85% 1245.45% 10.62 -

Price/ Cash Flow

LTM

12/yy 9'510.8 13.73x 4'262.9 8.10x (772.7) 0.00x

12/yy 10'310.8 14.84x 4'757.2 8.76x 322.8 0.00x

FY+1

0.00 1.00 130.15 26.19 41.84% 13.67% 0.997 12 4.667 655'993 720'674 702'148 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'284.4 14'933.4 2'732.2 2'771.4 3.19x 2.80x 5'731.6 6'476.4 1'306.0 1'328.0 7.54x 6.67x 8.11x 596.6 935.2 76.7 63.2 37.62x 24.31x 35.69x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

06.02.2013 B+ *+ 2.84 1.71 5.36 5.79 1245.5% 93.0% 0.28 0.78 34.46 71.82 -

Sales/Revenue/Turnover

7.00

12'000.0

6.00

10'000.0

5.00

8'000.0

4.00

6'000.0 3.00

4'000.0 2.00

2'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Liberty Global Inc Holdings By:

All

Holder Name BLACKROCK COATUE MANAGEMENT LL T ROWE PRICE ASSOCIA COMCAST CORP CASCADE INVESTMENT L BLUE RIDGE CAPITAL L DODGE & COX VANGUARD GROUP INC FMR LLC STATE STREET MARSICO CAPITAL MANA MARATHON ASSET MANAG AMERICAN CENTURY COM ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO GATES FOUNDATION NORGES BANK TIAA CREF INVESTMENT

Firm Name Wunderlich Securities ISI Group Evercore Partners Pivotal Research Group LLC Barclays HSBC Morgan Stanley Stifel Goldman Sachs JPMorgan Credit Suisse EVA Dimensions Nomura

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a BLUE RIDGE CAPITAL L DODGE & COX VANGUARD GROUP INC n/a n/a MARSICO CAPITAL MANA MARATHON ASSET MANAG AMERICAN CENTURY COM ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO BILL & MELINDA FOUND NORGES BANK TIAA-CREF INVESTMENT

Analyst MATTHEW HARRIGAN VIJAY JAYANT BRYAN KRAFT JEFFREY WLODARCZAK MICHAEL BISHOP NICOLAS COTE-COLISSON BENJAMIN SWINBURNE CHRISTOPHER C KING TIMOTHY BODDY DANIEL X MORRIS JUSTIN FUNNELL CRAIG STERLING HENRIK NYBLOM

Source ULT-AGG 13G 13F 13G/PRXY 13G 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy strong buy overweight buy overweight overweight not rated buy not rated restricted outperform sell buy

Amt Held 10'240'573 8'584'691 8'102'429 7'681'369 7'381'014 3'900'000 3'758'684 3'672'844 3'626'082 3'605'167 2'958'710 2'655'038 2'635'034 2'471'200 2'385'018 2'300'000 2'210'000 2'119'515 2'056'197 1'872'138

% Out 7.25 6.07 5.73 5.43 5.22 2.76 2.66 2.6 2.57 2.55 2.09 1.88 1.86 1.75 1.69 1.63 1.56 1.5 1.45 1.32

Weighting

Change

5 5 5 5 5 5 #N/A N/A 5 #N/A N/A #N/A N/A 5 1 5

M M M M M M M M M M M M M

Latest Chg 1'720'594 3'593'100 (43'700) (1'999'643) 1'474'161 (1'229'118) 191'797 (1'516'764) 57'469 897'807 (3'950'000) (209'351) 187'404

Target Price 84 85 83 88 76 80 #N/A N/A 80 #N/A N/A #N/A N/A 65 #N/A N/A 67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 05.02.2013 31.12.2012 31.03.2012 16.06.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 18 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type Investment Advisor Hedge Fund Manager Investment Advisor Corporation Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Endowment Government Investment Advisor

Date 26.03.2013 25.03.2013 07.03.2013 06.03.2013 26.02.2013 15.02.2013 14.02.2013 14.02.2013 05.02.2013 05.02.2013 21.01.2013 15.01.2013 14.12.2012


27.03.2013

Liberty Interactive Corp Liberty Interactive Corporation owns interests in video and Internet commerce businesses. The Company owns interests in home shopping television networks and lifestyle and travel services Internet websites.

Price/Volume 25

7.0 M 6.0 M

20

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LINTA UW EQUITY YTD Change LINTA UW EQUITY YTD % CHANGE

12/2012 12/yy 22.04 14.06 834'529.00 21.7 -1.54% 54.30% 95.74% 512.7 11'739.45 7'884.00 0.0 4'489.0 4'479.00 19'633.45

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

10

3.0 M 2.0 M

5

1.0 M

0 m-12

31.12.2009 31.12.2010 8'305.0 8'932.0 1.24x 1.53x 1'607.0 1'679.0 6.40x 8.14x 258.0 1'892.0 28.53x 19.47x Profitability

LTM-4Q 31.12.2011 9'616.0 1.41x 1'774.0 7.63x 912.0 20.79x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 10'054.0 1.85x 1'809.0 10.29x 1'530.0 1'809.00 1'200.00 11.94% 19.74% 7.02% 21.77% 11.88% 0.46% 36.4% 18.0% 11.9% 15.2% 1.17 0.86 30.03% 104.26% 8.92 5.88

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy 9'616.0 5.78x 1'774.0 7.63x 1'332.0 27.48x

a-12

12/yy 10'054.0 6.15x 1'809.0 10.29x 1'530.0 0.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.06 502.95 1.68 25.22% 10.26% 1.061 10 3.800 772'739 960'771 853'674 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'401.9 10'929.0 2'383.2 2'443.8 1.93x 1.89x 1'977.7 2'085.0 435.5 482.0 9.93x 9.42x 9.91x 9.69x 591.1 659.1 114.0 139.5 18.74x 15.69x 18.77x 18.14x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.09.2011 BB STABLE 4.19 3.40 1.88 4.36 104.3% 39.5% 0.46 8.49 41.04 62.29 37.50 65.83

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 8'079.0 0.91x 1'523.0 4.82x (781.0) -

15

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Liberty Interactive Corp Holdings By:

All

Holder Name DODGE & COX BROWN BROTHERS HARRI MACQUARIE GROUP FMR LLC BLACKROCK HARRIS ASSOCIATES LP VANGUARD GROUP INC CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS STATE STREET MERITAGE GROUP LP GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN UNITED STATES STEEL PRINCIPAL FINANCIAL SAC CAPITAL ADVISORS HORIZON KINETICS FPR PARTNERS LLC INVESCO LTD

Firm Name EVA Dimensions Lazard Capital Markets Morgan Stanley Stifel Wunderlich Securities Wells Fargo Securities, LLC Telsey Advisory Group Topeka Capital Markets Inc Wedge Partners

Portfolio Name DODGE & COX BROWN BROTHERS HARRI n/a n/a n/a HARRIS ASSOC LP VANGUARD GROUP INC CLEARBRIDGE INVESTME T ROWE PRICE ASSOCIA DAVIS SELECTED ADVIS n/a MERITAGE GROUP LP GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN UNITED STATES STEEL n/a SAC CAPITAL ADVISORS n/a FPR PARTNERS LLC INVESCO LTD

Analyst CRAIG STERLING BARTON CROCKETT DAVID GOBER BENJAMIN MOGIL MATTHEW HARRIGAN MATTHEW NEMER THOMAS FORTE VICTOR ANTHONY MARTIN PYYKKONEN

Source 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F

Recommendation sell buy Equalwt/In-Line buy buy market perform no rating system buy no rating system

Amt Held 27'022'608 24'681'853 24'537'419 23'246'941 19'991'838 19'739'481 19'730'463 14'068'260 12'733'184 10'769'953 10'459'416 10'164'241 9'677'945 7'624'453 6'752'704 6'387'620 6'286'911 6'114'848 5'979'990 5'766'417

% Out 5.27 4.81 4.79 4.53 3.9 3.85 3.85 2.74 2.48 2.1 2.04 1.98 1.89 1.49 1.32 1.25 1.23 1.19 1.17 1.12

Weighting

Change

1 5 3 5 5 3 #N/A N/A 5 #N/A N/A

D M M M M M M M M

Latest Chg (2'943'360) 386'568 4'061'744 17'945'695 (508'478) 306'458 551'860 (655'318) (365'600) (626'635) 159'159 2'540'365 1'433'223 2'889'408 444'143 4'950'027 1'036'740 320'700 (586'668)

Target Price #N/A N/A 24 #N/A N/A 23 28 #N/A N/A 25 27 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 18 month Not Provided 12 month 12 month Not Provided

Date 25.03.2013 12.03.2013 05.03.2013 05.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 07.11.2012


27.03.2013

Life Technologies Corp Life Technologies Corporation develops biotechnology tools used by researchers. The Company offers a broad range of products and services, including systems, instruments, reagents, and custom services. Life's portfolio of products includes technologies for capillary electrophoresis based sequencing, sequencing, mass spectrometry sample preparation, and cell culture.

Price/Volume

12/2012 12/yy 65.84 39.73 270'422.00 64.04 -2.73% 61.19% 93.11% 170.4 10'911.58 2'414.07 0.0 0.8 261.27 13'065.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

31.12.2009 31.12.2010 3'280.3 3'588.1 3.89x 3.44x 912.2 1'130.1 13.97x 10.94x 144.6 378.3 17.18x 45.49x Profitability

3.0 M 2.5 M

30

2.0 M 1.5 M

20

1.0 M

10 0 m-12

.5 M .0 M a-12

LTM-4Q 31.12.2011 3'775.7 2.34x 1'160.6 7.61x 378.5 16.84x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 3'798.5 2.78x 1'166.9 9.04x 430.9 18.03x 1'166.86 737.97 19.43% 14.00% 4.83% 9.31% 7.36% 0.43% 56.2% 30.7% 19.4% 11.3% 1.36 0.80 27.95% 51.89% 5.69 4.26

Price/ Cash Flow

12/yy 3'775.7 10.90x 1'216.4 7.26x 412.8 15.50x

m-12

j-12

j-12

a-12

LTM 12/yy 3'798.5 11.06x 1'166.9 9.04x 430.9 18.16x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.14 169.33 2.38 31.36% 30.48% 1.136 25 3.640 607'425 554'846 624'773 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'928.5 4'071.3 959.9 980.9 3.28x 3.08x 13.60x 13.28x 1'387.3 1'458.3 298.7 302.3 9.42x 8.96x 10.62x 10.32x 762.1 817.9 184.6 188.3 14.65x 13.43x 14.65x 14.34x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.11.2012 BBB+ STABLE 9.42 8.47 1.84 2.07 51.9% 34.2% 0.43 4.53 64.28 85.93 39.53 110.68

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

3.5 M

40

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'620.3 4.67x 431.5 17.52x 5.7 8.18x

4.5 M

60 50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIFE UW EQUITY YTD Change LIFE UW EQUITY YTD % CHANGE

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Life Technologies Corp Holdings By:

All

Holder Name PRIMECAP MANAGEMENT PAULSON & CO GLENVIEW CAPITAL MAN BLACKROCK VANGUARD GROUP INC STATE STREET BAILLIE GIFFORD AND TCW GROUP INC GLOBAL THEMATIC PART INVESCO LTD SOUND SHORE MANAGEME GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DEUTSCHE BANK AG LORD ABBETT & CO LLC SECTORAL ASSET MANAG ORBIMED ADVISORS LLC ARIEL INVESTMENTS LL

Firm Name Cowen and Company Edward Jones EVA Dimensions Mizuho Securities USA Inc Leerink Swann & Co William Blair & Co Cantor Fitzgerald Oppenheimer & Co Piper Jaffray Macquarie Wallachbeth Capital LLC Morgan Stanley Goldman Sachs Credit Suisse First Analysis Corp JPMorgan Robert W. Baird & Co Maxim Group LLC Credit Agricole Securities (USA) Barclays ISI Group Jefferies S&P Capital IQ

Portfolio Name PRIMECAP MANAGEMENT PAULSON & CO GLENVIEW CAPITAL MAN n/a VANGUARD GROUP INC n/a BAILLIE GIFFORD & CO TCW GROUP INCORPORAT GLOBAL THEMATIC PART INVESCO LTD SOUND SHORE MANAGEME GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BANK OF NEW YORK MEL T ROWE PRICE ASSOCIA DEUTSCHE BANK AKTIEN LORD ABBETT & CO LLC SECTORAL ASSET MANAG ORBIMED ADVISORS LLC ARIEL INVESTMENTS LL

Analyst DOUG SCHENKEL MATTHEW D COLLINS ANDREW S ZAMFOTIS PETER R LAWSON DANIEL L LEONARD AMANDA MURPHY SUNG JI NAM DAVID FERREIRO WILLIAM R QUIRK JONATHAN P GROBERG DIFEI YANG DANIEL BRENNAN ISAAC RO VAMIL DIVAN GREG CHODACZEK TYCHO W PETERSON JEFF T ELLIOTT BRYAN BROKMEIER PAUL R KNIGHT CHARLES ANTHONY BUTLER ROSS MUKEN JON WOOD JEFFREY LOO

Source 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral hold hold neutral market perform market perform hold outperform neutral outperform buy Equalwt/In-Line Sell/Neutral outperform equalweight neutral outperform buy outperform equalweight neutral buy buy

Amt Held 14'793'545 14'000'000 11'195'648 10'978'751 10'156'540 7'397'920 4'031'469 3'834'794 3'630'809 2'909'700 2'590'100 2'380'152 2'285'527 2'283'930 2'178'356 2'131'565 2'028'205 1'956'408 1'904'500 1'878'931

% Out 8.68 8.22 6.57 6.44 5.96 4.34 2.37 2.25 2.13 1.71 1.52 1.4 1.34 1.34 1.28 1.25 1.19 1.15 1.12 1.1

Weighting

Change 3 3 3 3 3 3 3 5 3 5 5 3 1 5 3 3 5 5 5 3 3 5 5

M M U M M M M M M M M M M M M M M M D M U M M

Latest Chg (35'709) 486'200 (248'867) 98'046 236'947 407'632 (474'879) 66'865 (537'311) (102'116) (790'013) 7'934 104'323 (109'790) (135'972) 562'723 (50'585) (25'800) 390'771

Target Price #N/A N/A #N/A N/A #N/A N/A 60 #N/A N/A #N/A N/A 58 67 63 66 74 #N/A N/A 48 69 45 64 66 75 74 60 65 58 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 18 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor

Date 25.03.2013 22.03.2013 11.03.2013 07.03.2013 05.03.2013 25.02.2013 25.02.2013 24.02.2013 22.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 18.01.2013 02.10.2012


27.03.2013

Linear Technology Corp Linear Technology Corporation designs, manufactures, and markets a line of linear integrated circuits. The Company's products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, and RF signal conditioning circuits.

Price/Volume 45

6.0 M

40

5.0 M

35 30

4.0 M

25

06/2012 12/yy 38.80 28.28 516'325.00 37.9 -2.32% 34.02% 91.44% 232.6 8'814.23 805.60 0.0 0.0 1'203.06 8'330.79

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

30.06.2009 30.06.2010 968.5 1'170.0 5.82x 5.72x 464.0 608.9 12.15x 10.98x 289.2 361.3 18.96x 17.96x Profitability

1.0 M

5 0 m-12

.0 M a-12

LTM-4Q 30.06.2011 1'484.0 5.04x 817.4 9.14x 580.8 13.32x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 1'266.6 5.38x 638.0 10.67x 398.1 18.32x 637.97 582.04 45.95% 42.31% 21.70% 56.66% 28.42% 0.70% 75.3% 49.6% 45.2% 31.4% 8.83 7.95 43.52% 109.38% 9.02 3.92

Price/ Cash Flow

01/yy 1'336.0 20.77x 706.1 9.36x 496.1 13.90x

m-12

j-12

j-12

a-12

LTM 12/yy 1'282.8 22.14x 636.2 11.54x 395.8 20.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

3.32 1.12 229.91 8.16 16.78% 10.50% 1.122 26 3.615 589'471 885'074 957'049 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 1'287.0 1'430.5 313.5 329.9 6.36x 5.56x 26.23x 24.81x 630.7 723.8 151.0 162.9 13.21x 11.51x 12.56x 11.92x 428.6 503.5 109.1 111.7 21.20x 18.34x 19.46x 18.73x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

13.43 12.67 -0.76 1.28 109.4% 52.2% 0.70 4.01 40.36 92.94 12.83 121.69

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

2.0 M

10

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 1'175.2 6.73x 616.8 12.83x 387.6 18.96x

3.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LLTC UW EQUITY YTD Change LLTC UW EQUITY YTD % CHANGE

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Linear Technology Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE FARM MUTUAL AU VANGUARD GROUP INC FIRST EAGLE INVESTME STATE FARM MUTUAL AU BLACKROCK STATE STREET RENAISSANCE TECHNOLO AMERICAN CENTURY COM BANK OF AMERICA CORP INVESCO LTD WELLINGTON MANAGEMEN JP MORGAN NEUBERGER BERMAN LLC NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS GROUP FMR LLC SUN LIFE FINANCIAL I NORGES BANK

Firm Name BMO Capital Markets Wells Fargo Securities, LLC MKM Partners Longbow Research SunTrust Robinson Humphrey ISI Group Stifel Drexel Hamilton LLC Deutsche Bank Credit Suisse JPMorgan Raymond James Macquarie Susquehanna Financial Group Morgan Stanley Goldman Sachs Jefferies Pacific Crest Securities B Riley & Company, Inc Oppenheimer & Co Nomura Piper Jaffray EVA Dimensions

Portfolio Name n/a STATE FARM MUTUAL AU VANGUARD GROUP INC FIRST EAGLE INVESTME STATE FARM MUTUAL AU n/a n/a RENAISSANCE TECHNOLO AMERICAN CENTURY COM BANK OF AMERICA INVESCO LTD WELLINGTON MANAGEMEN n/a NEUBERGER BERMAN GRO NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOLDMAN SACHS GROUP n/a n/a NORGES BANK

Analyst AMBRISH SRIVASTAVA DAVID M WONG DANIEL A BERENBAUM JOANNE FEENEY WILLIAM STEIN SUMIT DHANDA TORE E SVANBERG RICHARD WHITTINGTON ROSS C SEYMORE JOHN W PITZER CHRISTOPHER DANELY J STEVEN SMIGIE SHAWN WEBSTER CHRISTOPHER CASO JOSEPH MOORE JAMES V COVELLO MARK J LIPACIS MICHAEL MCCONNELL CRAIG ELLIS RICHARD SCHAFER ROMIT SHAH AUGUSTE P RICHARD ANDREW S ZAMFOTIS

Source ULT-AGG 13F 13F 13F Sch-D ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F

Recommendation market perform outperform neutral buy neutral strong buy buy buy hold outperform underweight underperform outperform neutral Equalwt/In-Line neutral/attractive hold underperform neutral outperform neutral overweight overweight

Amt Held 28'051'250 17'490'900 15'279'740 14'457'182 13'355'946 13'149'330 9'811'143 8'233'100 6'790'653 6'644'258 5'525'424 3'969'889 3'918'427 3'376'310 3'328'502 2'833'058 2'826'455 2'714'529 2'524'415 1'861'718

% Out 12.06 7.52 6.57 6.22 5.74 5.65 4.22 3.54 2.92 2.86 2.38 1.71 1.68 1.45 1.43 1.22 1.22 1.17 1.09 0.8

Weighting

Change 3 5 3 5 3 5 5 5 3 5 1 1 5 3 3 3 3 1 3 5 3 5 5

M M M M N M M M M M M M M M M M M M M M M M M

Latest Chg (2'505'250) 23'904 (1'018'036) 1'493 (19'937) 101'134 652'100 294'543 6'017'757 373'526 (3'419'188) 475'836 (62'075) 83'206 (425'282) (97'291) 1'073'440 412'780 251'633

Target Price 35 #N/A N/A 33 42 36 43 42 45 33 40 25 #N/A N/A 37 35 #N/A N/A 35 38 #N/A N/A 34 43 30 39 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Government

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 18 month 12 month 12 month Not Provided

Date 25.03.2013 25.03.2013 22.03.2013 20.03.2013 12.03.2013 11.03.2013 20.02.2013 13.02.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 16.01.2013 15.01.2013


27.03.2013

Mattel Inc Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAT UW EQUITY YTD Change MAT UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 43.99 30.15 546'242.00 43.56 -0.98% 44.48% 96.89% 344.5 15'006.96 1'509.84 0.0 0.0 1'335.71 15'181.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 5'430.8 5'856.2 1.26x 1.50x 901.0 1'067.7 7.62x 8.24x 528.7 684.9 14.58x 14.05x Profitability

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 6'266.0 1.52x 1'202.4 7.94x 768.5 12.73x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 6'420.9 1.98x 1'195.3 10.63x 776.5 14.83x 1'195.30 1'021.02 15.90% 14.72% 12.73% 27.24% 19.43% 1.05% 53.1% 18.6% 15.9% 12.1% 2.07 1.49 23.13% 49.23% 5.19 6.33

Price/ Cash Flow

12/yy 6'266.1 6.08x 1'202.4 7.94x 768.5 12.56x

LTM 12/yy 6'420.9 7.90x 1'195.3 10.63x 776.5 14.65x

FY+1

2.85 0.81 343.14 6.02 31.32% 20.00% 0.815 14 4.286 709'740 725'401 846'019 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'833.8 7'142.3 983.4 1'223.1 2.23x 2.13x 1'481.8 1'577.3 89.4 189.7 10.25x 9.63x 10.33x 967.3 1'042.7 30.5 109.1 15.56x 14.21x 15.53x 15.39x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.04.2011 BBB+ STABLE 23.04.2010 A-2 13.46 10.99 0.15 1.26 49.2% 33.0% 1.05 11.50 70.50 57.85 44.09 84.25

Sales/Revenue/Turnover

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 5'918.0 1.02x 713.9 8.43x 379.6 15.24x

50 45 40 35 30 25 20 15 10 5 0 m-12

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Mattel Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA STATE STREET PRIMECAP MANAGEMENT ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL BANK OF NEW YORK MEL NORTHERN TRUST CORPO CORNERSTONE INVESTME M&G INVESTMENT MANAG INVESCO LTD AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Firm Name MKM Partners B Riley & Company, Inc Monness, Crespi, Hardt & Co EVA Dimensions Stifel BMO Capital Markets SunTrust Robinson Humphrey Wells Fargo Securities, LLC Goldman Sachs Longbow Research Needham & Co KeyBanc Capital Markets Barclays

Portfolio Name n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a PRIMECAP MANAGEMENT n/a ARTISAN PARTNERS LP BANK OF NEW YORK MEL NORTHERN TRUST CORPO CORNERSTONE INVESTME M&G INVESTMENT MANAG INVESCO LTD AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Analyst ERIC O HANDLER LINDA BOLTON WEISER JIM CHARTIER CRAIG STERLING DREW E CRUM GERRICK L JOHNSON MICHAEL A SWARTZ TIMOTHY A CONDER MICHAEL KELTER JAMES L HARDIMAN SEAN P MCGOWAN SCOTT W HAMANN FELICIA R KANTOR HENDRIX

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy buy neutral hold hold outperform buy outperform neutral/cautious buy buy buy equalweight

Amt Held 30'339'567 27'510'900 21'552'139 19'932'925 16'419'806 15'622'302 13'796'644 9'035'305 7'773'226 6'818'003 6'423'432 5'845'037 5'289'229 4'744'712 3'802'167 3'728'848 3'194'203 3'103'095 2'953'635 2'838'342

% Out 8.81 7.99 6.26 5.79 4.77 4.53 4 2.62 2.26 1.98 1.86 1.7 1.54 1.38 1.1 1.08 0.93 0.9 0.86 0.82

Weighting

Change 5 5 3 3 3 5 5 5 3 5 5 5 3

M M M D M M M M M M M M M

Latest Chg (862'000) (1'227'792) 606'526 (1'588'071) 209'910 488'774 (28'000) (409'088) (153'300) (313'838) 52'526 545'032 (600) (352'951) 29'712 (50'725) (75'421) 182'402 342'408

Target Price 45 47 36 #N/A N/A #N/A N/A 50 45 #N/A N/A 40 45 42 42 39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 25.03.2013 20.03.2013 20.03.2013 11.03.2013 05.03.2013 19.02.2013 19.02.2013 19.02.2013 14.02.2013 11.02.2013 04.02.2013 03.02.2013 01.02.2013


27.03.2013

Maxim Integrated Products Inc Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a broad range of linear and mixed-signal integrated circuits. The Company also provides a range of high-frequency design processes and capabilities that can be used in custom design.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MXIM UW EQUITY YTD Change MXIM UW EQUITY YTD % CHANGE

06/2012 12/yy 33.66 23.55 569'160.00 32.17 -4.43% 36.60% 85.26% 292.5 9'409.02 309.09 0.0 0.0 956.39 8'687.51

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

30

3.0 M

25

2.5 M

20

2.0 M

15

1.5 M

10

1.0 M

5

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 2'052.8 2.69x 601.6 9.16x 317.7 20.79x

35

30.06.2009 30.06.2010 1'646.0 1'997.6 2.44x 2.36x 302.0 467.2 13.31x 10.08x 10.5 125.1 80.60x 32.24x Profitability

LTM-4Q 30.06.2011 2'472.3 2.59x 879.3 7.30x 489.0 14.97x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 2'403.5 2.85x 782.8 8.76x 386.7 20.19x 782.77 571.68 23.78% 22.16% 10.18% 14.54% 13.16% 0.66% 60.4% 33.3% 24.5% 16.1% 2.25 1.69 8.27% 12.18% 9.42 3.86

Price/ Cash Flow

12/yy 2'460.6 10.96x 839.7 8.44x 483.4 16.48x

LTM 12/yy 2'404.5 12.26x 800.9 9.66x 369.7 18.54x

FY+1

2.86 1.13 288.85 4.47 15.14% 10.23% 1.130 28 4.250 608'001 835'056 905'496 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 2'464.7 2'685.5 595.9 630.8 3.47x 3.07x 14.44x 13.54x 853.3 972.5 201.1 223.6 10.18x 8.93x 9.68x 9.30x 528.4 629.6 123.6 141.8 18.01x 15.27x 16.65x 15.97x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

09.05.2012 BBB+ STABLE 379.25 251.17 -0.90 0.39 12.2% 10.9% 0.66 1.76 38.66 94.28 42.85 91.09

Sales/Revenue/Turnover

16.00

3'000.0

14.00

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Maxim Integrated Products Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN DODGE & COX VANGUARD GROUP INC BLACKROCK OPPENHEIMERFUNDS INC JENNISON ASSOCIATES INVESCO LTD STATE STREET TIAA CREF INVESTMENT FMR LLC AMERIPRISE FINANCIAL RENAISSANCE TECHNOLO ARROWSTREET CAP LIMI PRUDENTIAL FINANCIAL CRAMER ROSENTHAL MCG NORGES BANK CITADEL ADVISORS LLC EDGE ASSET MANAGEMEN FRONTIER CAPITAL MAN

Firm Name BMO Capital Markets Wells Fargo Securities, LLC Susquehanna Financial Group MKM Partners Miller Tabak + Co., LLC Longbow Research Jefferies B Riley & Company, Inc RBC Capital Markets ISI Group Stifel Deutsche Bank Morgan Stanley Credit Suisse Needham & Co Raymond James Macquarie Barclays EVA Dimensions Goldman Sachs SunTrust Robinson Humphrey JPMorgan Pacific Crest Securities Oppenheimer & Co Nomura

Portfolio Name n/a WELLINGTON MANAGEMEN DODGE & COX VANGUARD GROUP INC n/a OPPENHEIMER FUNDS IN JENNISON ASSOCIATES INVESCO LTD n/a TIAA-CREF INVESTMENT n/a AMERIPRISE FINANCIAL RENAISSANCE TECHNOLO ARROWSTREET CAPITAL n/a CRAMER ROSENTHAL MCG NORGES BANK CITADEL ADVISORS LLC EDGE ASSET MANAGEMEN FRONTIER CAPITAL MAN

Analyst AMBRISH SRIVASTAVA DAVID M WONG CHRISTOPHER CASO DANIEL A BERENBAUM BRENDAN FURLONG JOANNE FEENEY MARK J LIPACIS CRAIG ELLIS DOUG FREEDMAN SUMIT DHANDA TORE E SVANBERG ROSS C SEYMORE JOSEPH MOORE JOHN W PITZER VERNON P ESSI JR J STEVEN SMIGIE SHAWN WEBSTER BLAYNE CURTIS ANDREW S ZAMFOTIS JAMES V COVELLO WILLIAM STEIN CHRISTOPHER DANELY MICHAEL MCCONNELL RICHARD SCHAFER ROMIT SHAH

Source ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation market perform market perform Positive neutral buy neutral buy buy outperform buy buy hold Overwt/In-Line neutral buy outperform neutral equalweight overweight neutral/attractive buy overweight outperform outperform buy

Amt Held 108'455'920 23'693'247 17'278'700 13'893'017 12'687'449 9'109'810 7'632'685 6'738'689 5'842'288 5'830'315 4'222'341 3'734'853 2'666'100 2'598'638 2'514'342 2'426'235 2'414'380 2'156'890 2'042'935 2'019'368

% Out 37.08 8.1 5.91 4.75 4.34 3.11 2.61 2.3 2 1.99 1.44 1.28 0.91 0.89 0.86 0.83 0.83 0.74 0.7 0.69

Weighting

Change 3 3 4 3 5 3 5 5 5 5 5 3 5 3 5 5 3 3 5 3 5 5 5 5 5

M M M M M M M M M M M M M M M M M M U M M M M M M

Latest Chg (10'800) (62'238) (1'395'900) 830'470 (706'667) 23'440 (1'417'942) (919'402) 88'475 3'523'668 (4'365'577) 776'016 (484'200) 1'358'506 (501'228) (566'875) 269'489 215'797 (3'169) 529'010

Target Price 30 #N/A N/A 37 35 36 #N/A N/A 38 36 33 37 37 32 35 31 37 35 34 30 #N/A N/A 30 36 35 36 38 34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Government Hedge Fund Manager Investment Advisor Hedge Fund Manager

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 20.03.2013 18.03.2013 15.03.2013 11.03.2013 11.03.2013 01.03.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013


27.03.2013

Microchip Technology Inc Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Price/Volume 40 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCHP UW EQUITY YTD Change MCHP UW EQUITY YTD % CHANGE

03/2012 12/yy 37.63 28.93 361'417.00 36.71 -2.43% 26.89% 89.48% 195.4 7'171.76 355.05 0.0 0.0 1'459.01 6'520.87

31.03.2008 1'035.7 5.66x 428.7 13.66x 297.7 22.89x

15 10 5 0 m-12

31.03.2009 31.03.2010 903.3 947.7 3.12x 4.58x 335.8 336.3 8.39x 12.92x 245.6 217.0 19.44x 25.14x Profitability

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.03.2011 1'487.2 4.24x 582.7 10.83x 419.0 17.44x

31.03.2012 1'383.2 4.40x 496.8 12.24x 336.7 22.41x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

496.78 397.35 28.73% 27.45% 4.32% 7.67% 6.87% 0.43% 57.3% 27.2% 16.2% 24.3% 8.13 6.57 11.51% 17.84% 9.12 2.92

Price/ Cash Flow

12/yy 1'424.3 16.38x 528.1 11.52x 381.6 19.80x

LTM 12/yy 1'490.4 15.21x 405.4 14.10x 148.3 21.30x

FY+1

3.82 1.06 189.47 18.21 3.72% 13.71% 1.058 19 3.789 472'521 591'991 577'364 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'600.1 1'845.4 427.3 446.2 4.06x 3.38x 15.11x 14.29x 459.3 553.0 109.5 125.1 14.20x 11.79x 12.89x 12.14x 377.7 449.3 98.2 103.8 19.96x 17.11x 17.96x 17.23x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

14.50 12.68 -1.61 2.40 17.8% 15.1% 0.43 2.82 40.12 125.55 23.19 135.16

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.04.2009

a-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

35

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Microchip Technology Inc Holdings By:

All

Holder Name SUN LIFE FINANCIAL I VANGUARD GROUP INC BLACKROCK STATE STREET WADDELL & REED FINAN ALLIANZ ASSET MANAGE CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL SANGHI STEVE BANK OF NEW YORK MEL EPOCH INVESTMENT PAR NORTHERN TRUST CORPO INVESCO LTD PRINCIPAL FINANCIAL NEUBERGER BERMAN LLC CRAMER ROSENTHAL MCG EDGE ASSET MANAGEMEN MUNDER CAPITAL MANAG SANTA BARBARA ASSET

Firm Name Susquehanna Financial Group Miller Tabak + Co., LLC Longbow Research B Riley & Company, Inc ISI Group SunTrust Robinson Humphrey JPMorgan Jefferies Needham & Co Stephens Inc Stifel Williams Financial Group Goldman Sachs Credit Suisse Pacific Crest Securities Mizuho Securities USA Inc EVA Dimensions Nomura

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WADDELL & REED FINAN n/a CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL EPOCH INVESTMENT PAR NORTHERN TRUST CORPO INVESCO LTD n/a NEUBERGER BERMAN GRO CRAMER ROSENTHAL MCG EDGE ASSET MANAGEMEN MUNDER CAPITAL MANAG SANTA BARBARA ASSET

Analyst CHRISTOPHER CASO BRENDAN FURLONG JOANNE FEENEY CRAIG ELLIS SUMIT DHANDA WILLIAM STEIN CHRISTOPHER DANELY MARK J LIPACIS RAJVINDRA S. GILL HARSH KUMAR KEVIN E CASSIDY CODY G ACREE JAMES SCHNEIDER JOHN W PITZER MICHAEL MCCONNELL RUBEN ROY ANDREW S ZAMFOTIS ROMIT SHAH

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F Form 4 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F

Recommendation Positive hold buy neutral strong buy neutral neutral buy buy overweight buy hold neutral/attractive outperform sector perform neutral underweight not rated

Amt Held 20'652'289 11'449'663 10'215'984 8'053'745 7'958'920 7'183'656 6'603'405 6'486'159 5'719'227 5'203'186 3'536'082 3'440'055 3'410'255 3'241'640 2'974'983 2'375'073 2'237'470 2'230'888 2'216'560 2'130'894

% Out 10.57 5.86 5.23 4.12 4.07 3.68 3.38 3.32 2.93 2.66 1.81 1.76 1.75 1.66 1.52 1.22 1.15 1.14 1.13 1.09

Weighting

Change

4 3 5 3 5 3 3 5 5 5 5 3 3 5 3 3 1 #N/A N/A

M M M M M N M M M M M M M M M M M M

Latest Chg 1'371'574 300'700 223'203 (2'753'385) (1'131'696) 3'191'490 338'710 (551'987) (203'808) 213'301 94'169 (55'818) 270'068 (503'649) 2'237'470 7'909 (122'889) 250'691

Target Price 40 36 41 38 42 38 34 41 40 43 40 #N/A N/A 33 40 #N/A N/A 40 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.03.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 25.03.2013 21.03.2013 20.03.2013 15.03.2013 13.03.2013 12.03.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 16.01.2013 21.02.2012


27.03.2013

Micron Technology Inc Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

Price/Volume 12

25.0 M

10

20.0 M

8

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MU UW EQUITY YTD Change MU UW EQUITY YTD % CHANGE

08/2012 02/yy 10.27 5.16 5'504'563.00 9.92 -3.36% 92.25% 93.24% 1'021.8 10'136.06 3'262.00 0.0 717.0 2'559.00 11'742.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

4

5.0 M

2 0 m-12

31.08.2009 31.08.2010 4'803.0 8'482.0 1.95x 0.95x 1'241.0 3'584.0 7.57x 2.24x (1'882.0) 1'850.0 4.35x Profitability

LTM-4Q 31.08.2011 8'788.0 0.79x 2'860.0 2.42x 167.0 52.18x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.08.2012 8'234.0 0.94x 1'523.0 5.06x (1'032.0) 1'523.00 -618.00 -7.51% -12.73% -8.01% -14.77% 0.57% 11.8% 18.2% -6.4% -12.5% 2.57 1.72 22.77% 42.36% 6.52 3.69

Price/ Cash Flow

j-12

j-12

LTM

03/yy 8'378.0 4.13x 2'134.0 4.76x (529.0) 0.00x

a-12

02/yy 8'047.0 4.11x 1'467.0 6.93x (1'124.0) 0.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.52 1'009.96 83.50 15.69% 56.22% 1.518 28 4.286 9'777'688 6'844'282 5'904'880 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 8'633.0 10'369.0 2'211.9 2'493.1 1.39x 1.05x 5.60x 4.85x 2'125.8 3'140.6 599.1 740.6 5.52x 3.74x 4.10x 3.89x (441.7) 728.5 3.7 86.9 13.16x 24.99x 17.59x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.06.2011 BBNEG 8.51 -0.98 0.60 2.49 42.4% 27.9% 0.57 1.12 55.80 98.70 63.05 85.52

Sales/Revenue/Turnover

9.00

10'000.0

8.00

9'000.0

7.00

8'000.0 7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 04.09.2009

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.08.2008 5'841.0 1.28x 1'243.0 6.03x (1'619.0) -

15.0 M

6

Valuation Analysis

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Micron Technology Inc Holdings By:

All

Holder Name ORBIS HOLDINGS LIMIT VANGUARD GROUP INC BLACKROCK ALLIANCE BERNSTEIN STATE STREET FMR LLC PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA DONALD SMITH & CO IN STANDARD LIFE INVEST DEUTSCHE BANK AG NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL APG ALL PENSIONS GRO CHILTON INVESTMENT C DIMENSIONAL FUND ADV RENAISSANCE TECHNOLO JP MORGAN GOLDMAN SACHS GROUP

Firm Name Sterne, Agee & Leach Susquehanna Financial Group Robert W. Baird & Co Wells Fargo Securities, LLC Drexel Hamilton LLC Deutsche Bank Roth Capital Partners Credit Suisse JPMorgan Jefferies Pacific Crest Securities Sanford C. Bernstein & Co Wedbush Raymond James Macquarie Stifel Nomura JMP Securities Lazard Capital Markets Cross Research Piper Jaffray MKM Partners Credit Agricole Securities (USA) RBC Capital Markets EVA Dimensions Goldman Sachs

Portfolio Name ORBIS HOLDINGS LIMIT VANGUARD GROUP INC n/a n/a n/a n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA DONALD SMITH & CO IN STANDARD LIFE INVEST DEUTSCHE BANK AKTIEN NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL APG ALL PENSIONS GRO CHILTON INVESTMENT C DIMENSIONAL FUND ADV RENAISSANCE TECHNOLO n/a GOLDMAN SACHS GROUP

Analyst VIJAY R RAKESH MEHDI HOSSEINI TRISTAN GERRA DAVID M WONG RICHARD WHITTINGTON BOB GUJAVARTY KRISHNA SHANKAR JOHN W PITZER HARLAN SUR SUNDEEP BAJIKAR MONIKA GARG MARK C NEWMAN BETSY VAN HEES HANS C MOSESMANN DEEPON NAG KEVIN E CASSIDY SIDNEY HO ALEX GAUNA DANIEL L AMIR STEVEN B FOX JAGADISH IYER DANIEL A BERENBAUM RYAN GOODMAN DOUG FREEDMAN ANDREW S ZAMFOTIS JAMES SCHNEIDER

Source 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation buy negative outperform outperform buy hold buy outperform neutral buy sector perform outperform outperform strong buy neutral buy neutral market outperform neutral buy overweight buy outperform outperform sell not rated

Amt Held 125'476'301 60'550'589 50'499'416 42'218'703 39'840'863 33'406'492 31'718'427 28'790'003 24'163'605 17'859'015 17'129'392 12'962'251 11'894'373 10'214'814 9'763'392 9'115'178 8'524'323 8'349'036 8'278'733 7'017'746

% Out 12.28 5.93 4.94 4.13 3.9 3.27 3.1 2.82 2.36 1.75 1.68 1.27 1.16 1 0.96 0.89 0.83 0.82 0.81 0.69

Weighting

Change

5 2 5 5 5 3 5 5 3 5 3 5 5 5 3 5 3 4 3 5 5 5 5 5 1 #N/A N/A

M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 4'582'077 2'317'884 (10'593'378) 831'587 866'623 (11'298'006) (15'600) 8'389'121 994'097 4'261'143 3'279'608 151'756 (1'121'455) (85'548) (1'357'681) (1'163'914) (31'653) 7'171'600 4'191'821 (12'538'081)

Target Price 12 7 12 #N/A N/A 15 9 12 14 11 15 #N/A N/A 11 11 12 10 14 9 10 #N/A N/A 12 12 11 11 12 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Unclassified 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 15.01.2013 10.05.2012


27.03.2013

Microsoft Corp Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Price/Volume 35

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

30 25 20

Valuation Analysis

15

Latest Fiscal Year: LTM as of: 52-Week High (20.04.2012) 52-Week Low (05.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSFT UW EQUITY YTD Change MSFT UW EQUITY YTD % CHANGE

06/2012 12/yy 32.89 26.26 2'197'460.00 28.245 -14.11% 7.56% 28.68% 8'376.2 236'587.05 11'944.00 0.0 0.0 63'040.00 182'463.04

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 60'420.0 3.77x 24'548.0 9.29x 17'681.0 14.48x

10

30.06.2009 30.06.2010 58'437.0 62'484.0 3.18x 2.70x 23'255.0 26'830.0 8.00x 6.28x 14'569.0 18'760.0 13.66x 10.96x Profitability

LTM-4Q 30.06.2011 69'943.0 2.53x 29'927.0 5.91x 23'150.0 9.85x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 73'723.0 2.78x 30'923.0 6.64x 16'978.0 11.21x 30'923.00 27'956.00 37.92% 30.20% 12.83% 22.62% 19.36% 0.61% 76.2% 39.9% 35.4% 23.0% 2.60 2.41 9.85% 18.00% 5.22 11.94

Price/ Cash Flow

LTM

12/yy 72'052.0 9.64x 29'890.0 5.95x 23'468.0 9.58x

12/yy 72'930.0 10.89x 29'120.0 5.82x 15'459.0 10.43x

FY+1

3.04 0.91 7'614.41 97.89 -10.71% 6.53% 0.915 44 4.273 9'421'840 10'647'497 11'226'720 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 79'389.8 85'800.8 20'595.4 21'270.2 2.08x 1.68x 8.48x 8.00x 32'245.0 35'418.9 8'109.5 8'584.3 5.67x 5.16x 5.33x 5.29x 23'860.5 26'104.8 6'444.0 6'550.7 9.96x 9.00x 9.11x 9.16x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

22.09.2008 AAA STABLE 09.03.2011 NR 81.38 75.31 -1.86 0.49 18.0% 15.3% 0.61 8.73 70.16 30.66 82.47 13.98

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK GATES III WILLIAM HE VANGUARD GROUP INC BALLMER STEVEN ANTHO CAPITAL GROUP COMPAN STATE STREET INVESCO LTD BANK OF NEW YORK MEL FMR LLC JP MORGAN NORTHERN TRUST CORPO WELLINGTON MANAGEMEN MORGAN STANLEY FRANKLIN RESOURCES T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA CORP DEUTSCHE BANK AG

Firm Name BMO Capital Markets Stifel Cowen and Company Longbow Research JPMorgan Sanford C. Bernstein & Co Evercore Partners Morgan Stanley Raymond James Nomura Griffin Securities Cross Research MKM Partners Jyske Bank Pacific Crest Securities Edward Jones Daiwa Securities Co. Ltd. Oppenheimer & Co Janney Montgomery Scott LLC Argus Research Corp Hilliard Lyons Independent Research GmbH Deutsche Bank Goldman Sachs RBC Capital Markets Credit Suisse Jefferies FBR Capital Markets BGC Partners S&P Capital IQ Atlantic Equities LLP Credit Agricole Securities (USA) Barclays Wells Fargo Securities, LLC EVA Dimensions Tigress Financial Partners Hamburger Sparkasse McAdams Wright Ragen Inc Crowell, Weedon & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a INVESCO LTD BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA DEUTSCHE BANK AKTIEN

Analyst KARL KEIRSTEAD BRAD REBACK GREGG MOSKOWITZ KEVIN M BUTTIGIEG JOHN DIFUCCI MARK L MOERDLER STEWART KIRK MATERNE III KEITH WEISS MICHAEL TURITS RICHARD G SHERLUND JAY VLEESCHHOUWER RICHARD T WILLIAMS ISRAEL HERNANDEZ ROBERT JAKOBSEN BRENDAN BARNICLE JOSH OLSON KAZUYA NISHIMURA SHAUL EYAL YUN KIM JOSEPH F BONNER STEPHEN TURNER MARKUS FRIEBEL THOMAS ERNST JR HEATHER BELLINI MATTHEW HEDBERG PHILIP WINSLOW ROSS MACMILLAN DAVID M HILAL COLIN W GILLIS ANGELO ZINO CHRISTOPHER HICKEY EDWARD MAGUIRE RAIMO LENSCHOW JASON MAYNARD ANDREW S ZAMFOTIS IVAN FEINSETH MARCO GUENTHER SID PARAKH JAMES D RAGAN

Source ULT-AGG Form 4 13F PROXY ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F

Recommendation market perform buy outperform buy neutral outperform equalweight Equalwt/In-Line outperform buy buy buy neutral buy sector perform buy outperform outperform neutral hold buy hold buy neutral/neutral sector perform outperform hold market perform buy strong buy overweight buy equalweight market perform buy neutral buy buy buy

Amt Held 445'443'578 421'411'775 343'251'826 333'252'990 331'613'585 326'298'009 149'430'083 134'373'549 120'328'290 113'075'761 105'829'897 102'690'425 84'045'210 75'890'832 73'457'901 68'095'523 66'902'672 63'588'305 62'016'508 58'477'141

% Out 5.32 5.03 4.1 3.98 3.96 3.9 1.78 1.6 1.44 1.35 1.26 1.23 1 0.91 0.88 0.81 0.8 0.76 0.74 0.7

Weighting

Change 3 5 5 5 3 5 3 3 5 5 5 5 3 5 3 5 5 5 3 3 5 3 5 3 3 5 3 3 5 5 5 5 3 3 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M N M M M

Latest Chg 13'636'630 (7'000'000) 5'359'366 15'606'940 7'695'629 (12'969'628) 1'319'949 (44'811'714) (109'672) 330'681 (36'166'932) 1'827'246 3'691'748 (5'832'161) 7'165'720 5'081'777 3'768'764 400'990 6'032'465

Target Price 30 36 #N/A N/A 33 30 37 30 #N/A N/A 34 32 38 37 27 32 #N/A N/A #N/A N/A 31 36 28 #N/A N/A 35 31 31 30 33 38 31 30 31 35 35 36 29 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 36 36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 06.02.2013 31.12.2012 14.09.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided 12 month 9 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 18.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 11.03.2013 07.03.2013 04.03.2013 01.03.2013 01.03.2013 20.02.2013 05.02.2013 29.01.2013 28.01.2013 28.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 15.01.2013 03.12.2012 27.11.2012 23.07.2012 20.07.2012


27.03.2013

Mondelez International Inc Mondelez International Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Mondelez International sells its products throughout the world.

Price/Volume 35

30.0 M

30

25.0 M

25

20.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDLZ UW EQUITY YTD Change MDLZ UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

10

5.0 M

5 0 j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 41'932.0 1.40x 5'945.0 9.84x 2'884.0 22.95x

15.0 M

15

12/2012 12/yy 30.30 24.27 1'073'854.00 30.08 -0.68% 23.92% 93.11% 1'778.3 53'490.89 19'425.00 0.0 140.0 4'475.00 68'580.89

31.12.2009 31.12.2010 38'754.0 49'207.0 1.47x 1.65x 6'056.0 7'130.0 9.44x 11.42x 3'021.0 4'114.0 14.61x 15.60x Profitability

LTM-4Q 31.12.2011 35'810.0 2.54x 4'978.0 18.30x 3'527.0 38.92x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 35'015.0 1.72x 5'028.0 12.00x 3'028.0 18.31x 5'028.00 3'683.00 10.52% 5.07% 3.58% 8.98% 7.71% 0.58% 37.3% 15.8% 13.1% 8.6% 1.05 0.71 25.74% 60.30% 7.81 6.56

Price/ Cash Flow

LTM

12/yy 49'356.0 7.42x 7'451.0 12.23x 3'527.0 18.68x

12/yy 48'783.0 7.67x 7'727.0 7.81x 3'028.0 11.36x

FY+1

.0 M m-13

3.32 1'772.66 13.70 18.10% 25 4.200 4'058'049 3'802'666 3'242'087 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'610.4 38'762.8 8'710.5 8'900.5 1.90x 1.76x 7.73x 7.46x 5'902.9 6'352.7 1'384.4 1'467.6 11.62x 10.79x 11.58x 11.30x 2'801.1 3'152.3 607.2 679.8 19.21x 17.07x 19.21x 18.55x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.02.2010 BBB STABLE 09.11.2007 A-2 4.00 2.72 1.93 2.51 60.3% 37.5% 0.58 4.10 46.85 55.81 64.13 50.93

Sales/Revenue/Turnover

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0 6.00

20'000.0 4.00

10'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Mondelez International Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN INVESCO LTD BANK OF NEW YORK MEL JP MORGAN SOUTHEASTERN ASSET M FMR LLC MORGAN STANLEY SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO FRANKLIN RESOURCES EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN NORGES BANK DIMENSIONAL FUND ADV BERKSHIRE HATHAWAY I GEODE CAPITAL MANAGE

Firm Name Morgan Stanley Credit Suisse Canaccord Genuity Corp EVA Dimensions Sanford C. Bernstein & Co Edward Jones Stifel BMO Capital Markets RBC Capital Markets Argus Research Corp Jefferies Davenport & Co JPMorgan Janney Montgomery Scott LLC CL King & Associates S&P Capital IQ Deutsche Bank Gabelli & Co Barclays Credit Agricole Securities (USA) Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a INVESCO LTD BANK OF NEW YORK MEL n/a SOUTHEASTERN ASSET M n/a n/a SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO n/a EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN NORGES BANK DIMENSIONAL FUND ADV n/a GEODE CAPITAL MANAGE

Analyst MATTHEW GRAINGER ROBERT MOSKOW ALICIA FORRY AUSTIN BURKETT ALEXIA HOWARD BRIAN YARBROUGH CHRISTOPHER R GROWE KENNETH B ZASLOW EDWARD AARON JOHN D STASZAK THILO WREDE ANN H GURKIN KENNETH GOLDMAN JONATHAN P FEENEY ERIC J LARSON THOMAS GRAVES ERIC R KATZMAN SARAH DONNELLY ANDREW LAZAR DIANE GEISSLER JASON ENGLISH

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation Overwt/In-Line outperform sell underweight outperform buy buy market perform outperform hold hold buy overweight neutral buy buy hold buy overweight outperform Buy/Neutral

Amt Held 102'147'087 86'286'877 76'313'212 58'752'824 38'345'305 36'661'818 36'424'967 34'530'900 34'145'937 30'059'495 27'575'000 26'271'862 23'690'658 19'018'669 17'280'074 16'605'595 14'385'236 14'141'353 12'840'450 11'999'894

% Out 5.74 4.85 4.29 3.3 2.16 2.06 2.05 1.94 1.92 1.69 1.55 1.48 1.33 1.07 0.97 0.93 0.81 0.8 0.72 0.67

Weighting

Change 5 5 1 1 5 5 5 3 5 3 3 5 5 3 5 5 3 5 5 5 5

M M M D M M M M M M M M M M M M M M M M M

Latest Chg (2'130'458) 673'079 (32'266'184) 1'032'358 1'645'258 7'630'205 34'530'900 (4'781'275) 5'232'244 19'075'000 15'142'594 7'047'320 (3'638'274) 6'654'613 1'537'174 1'397'568 253'282 (17'623'900) (1'027'779)

Target Price 32 31 26 #N/A N/A 33 #N/A N/A 31 29 31 #N/A N/A 29 32 32 26 31 31 26 #N/A N/A 31 30 32

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 25.03.2013 25.03.2013 25.03.2013 23.03.2013 22.03.2013 21.03.2013 15.03.2013 13.03.2013 11.03.2013 07.03.2013 01.03.2013 27.02.2013 25.02.2013 21.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 11.01.2013


27.03.2013

Monster Beverage Corp Monster Beverage Corporation markets and distributes energy drinks, fruit juices, fruit juice smoothies, juice cocktails, iced teas, lemonades, and still water. The Company distributes its beverages in the United States and overseas.

Price/Volume 90

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 52-Week Low (08.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MNST UW EQUITY YTD Change MNST UW EQUITY YTD % CHANGE

12/2012 12/yy 83.96 40.00 387'474.00 48.83 -41.84% 22.08% 20.09% 165.5 8'083.60 0.00 0.0 0.0 319.56 7'764.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 10 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'033.8 2.65x 167.1 16.42x 108.0 30.21x

30

31.12.2009 31.12.2010 1'143.3 1'303.9 2.66x 6.68x 343.2 359.6 8.85x 24.21x 208.7 212.0 17.14x 22.88x Profitability

LTM-4Q 31.12.2011 1'703.2 4.26x 473.5 15.33x 286.2 30.01x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'060.7 4.10x 571.2 14.78x 340.0 28.41x 571.19 550.62 26.72% 26.65% 28.27% 41.89% 1.71% 51.7% 27.7% 26.7% 16.5% 2.89 1.93 0.00% 0.00% 9.08 5.55

Price/ Cash Flow

12/yy 1'703.2 14.91x 473.5 15.33x 286.2 29.92x

LTM 12/yy 2'060.7 18.89x 571.2 14.78x 340.0 28.41x

FY+1

0.00 0.70 141.35 5.10 -21.10% -7.66% 0.705 12 3.833 516'077 696'744 583'046 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'323.4 2'611.6 502.1 659.4 3.21x 2.79x 15.29x 11.56x 654.1 755.4 137.0 199.2 11.87x 10.28x 11.82x 11.50x 388.4 452.3 80.1 119.7 21.84x 18.33x 21.86x 21.10x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.56 0.00 0.0% 0.0% 1.71 36.06 40.33 65.97 42.26 64.04

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Monster Beverage Corp Holdings By:

All

Holder Name FMR LLC BRANDON LIMITED PART BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC MORGAN STANLEY STATE STREET HILROD HOLDINGS LP UBS JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP JP MORGAN TIAA CREF INVESTMENT INVESCO LTD BRANDON LIMITED PART NORTHERN TRUST CORPO RENAISSANCE TECHNOLO FRANKLIN RESOURCES STANDARD LIFE INVEST BROADWOOD PARTNERS

Firm Name SunTrust Robinson Humphrey Stifel Longbow Research Credit Agricole Securities (USA) JPMorgan EVA Dimensions S&P Capital IQ Goldman Sachs Gabelli & Co Canaccord Genuity Corp

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a n/a n/a n/a GOLDMAN SACHS GROUP n/a TIAA-CREF INVESTMENT INVESCO LTD n/a NORTHERN TRUST CORPO RENAISSANCE TECHNOLO n/a STANDARD LIFE INVEST BROADWOOD CAPITAL IN

Analyst WILLIAM CHAPPELL MARK S ASTRACHAN ALTON K STUMP CAROLINE S LEVY JOHN A FAUCHER AUSTIN BURKETT ESTHER KWON JUDY E HONG DAMIAN WITKOWSKI SCOTT VAN WINKLE

Source ULT-AGG 13D ULT-AGG 13F 13F ULT-AGG ULT-AGG 13D ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13D 13F 13F ULT-AGG 13F 13F

Recommendation buy buy neutral underperform neutral overweight sell Buy/Neutral buy suspended coverage

Amt Held 12'441'554 9'815'648 9'661'796 9'244'888 8'968'648 6'623'132 6'559'644 6'305'140 5'266'142 3'670'736 2'796'061 2'513'470 2'281'420 2'104'940 1'931'856 1'908'187 1'901'900 1'875'918 1'712'802 1'639'136

% Out 7.52 5.93 5.84 5.58 5.42 4 3.96 3.81 3.18 2.22 1.69 1.52 1.38 1.27 1.17 1.15 1.15 1.13 1.03 0.99

Weighting

Change

5 5 3 1 3 5 1 5 5 #N/A N/A

M M M M M U M M M M

Latest Chg 770'514 (666'338) 2'641'030 (233'095) 4'742'430 (1'389'887) 89'818 (1'583'768) 2'170'108 (2'019'558) 112'481 (1'169'502) 38'291 (1'443'000) (2'250'646) 1'706'545 -

Target Price 70 65 #N/A N/A 49 52 #N/A N/A 45 61 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 18.03.2013 Corporation 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 26.03.2013 Investment Advisor 18.03.2013 Holding Company 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.03.2013 Corporation 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 26.03.2013 21.03.2013 19.03.2013 07.03.2013 28.02.2013 28.02.2013 15.02.2013 12.12.2012 08.11.2012 13.07.2012


27.03.2013

Mylan Inc/PA Mylan Inc. is a global generic and specialty pharmaceuticals company. The Company operates an active pharmaceutical ingredient manufacturer and runs a specialty business focused on respiratory, allergy, and psychiatric therapies.

Price/Volume 35

4.5 M

30

4.0 M 3.5 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MYL UW EQUITY YTD Change MYL UW EQUITY YTD % CHANGE

12/2012 12/yy 31.21 20.22 1'253'909.00 29.02 -7.02% 43.52% 80.07% 395.6 11'478.89 5'734.23 0.0 15.1 349.97 16'878.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

15

2.0 M

31.12.2009 31.12.2010 5'092.8 5'450.5 2.05x 2.56x 1'150.2 1'271.4 9.07x 10.99x 232.6 345.1 17.89x 18.06x Profitability

1.0 M

5 0 m-12

.5 M .0 M a-12

LTM-4Q 31.12.2011 6'129.8 2.29x 1'564.7 8.99x 536.8 14.90x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 6'796.1 2.39x 1'718.5 9.45x 640.9 14.52x 1'718.52 1'171.92 17.24% 11.83% 5.45% 18.76% 9.94% 0.58% 43.8% 26.9% 18.8% 9.4% 1.78 0.87 48.06% 171.65% 4.57 2.57

Price/ Cash Flow

12/yy 6'129.8 9.25x 1'564.7 8.99x 536.8 15.11x

m-12

j-12

j-12

a-12

LTM 12/yy 6'816.6 8.86x 1'831.4 8.87x 640.9 14.22x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.18 393.30 39.04 24.28% 5.60% 1.177 22 4.136 1'347'624 1'578'666 1'487'834 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'181.0 7'728.1 1'700.4 1'765.0 2.22x 1.96x 2'004.9 2'107.8 465.1 490.7 8.42x 8.01x 8.30x 1'119.1 1'235.5 249.0 270.8 10.14x 9.07x 10.13x 9.84x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

20.11.2012 BBBSTABLE 5.57 4.58 2.94 3.13 171.6% 63.1% 0.58 5.06 80.02 142.51 69.85 151.56

Sales/Revenue/Turnover

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

1.5 M

10

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 5'137.6 1.49x 1'124.8 6.83x (181.2) 12.36x

3.0 M

20

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Mylan Inc/PA Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC PAULSON & CO STATE STREET BANK OF AMERICA CORP GOLDMAN SACHS GROUP FMR LLC WELLINGTON MANAGEMEN JENNISON ASSOCIATES BANK OF NEW YORK MEL NORDEA INV MANAGEMEN JP MORGAN SECTORAL ASSET MANAG NORTHERN TRUST CORPO D E SHAW & COMPANY I JANUS CAPITAL MANAGE INVESCO LTD BNP PARIBAS INV PART TIAA CREF INVESTMENT INVESTEC ASSET MANAG

Firm Name Sanford C. Bernstein & Co Susquehanna Financial Group Wells Fargo Securities, LLC Guggenheim Securities LLC Leerink Swann & Co RBC Capital Markets Canaccord Genuity Corp Needham & Co Argus Research Corp Morgan Stanley Buckingham Research Group Credit Agricole Securities (USA) Goldman Sachs CRT Capital Group Cowen and Company S&P Capital IQ Barclays JPMorgan EVA Dimensions BOE Securities

Portfolio Name n/a VANGUARD GROUP INC PAULSON & CO n/a BANK OF AMERICA GOLDMAN SACHS GROUP n/a WELLINGTON MANAGEMEN JENNISON ASSOCIATES BANK OF NEW YORK MEL NORDEA INVESTMENT MA n/a SECTORAL ASSET MANAG NORTHERN TRUST CORPO D E SHAW & CO n/a INVESCO LTD n/a TIAA-CREF INVESTMENT INVESTEC ASSET MANAG

Analyst AARON GAL GARY NACHMAN MICHAEL K TONG LOUISE CHEN JASON M GERBERRY SHIBANI MALHOTRA RANDALL STANICKY ELLIOT WILBUR JOHN M EADE DAVID R RISINGER DAVID G BUCK KIM-LINH LINH VUKHAC JAMI E RUBIN TIMOTHY CHIANG KEN CACCIATORE HERMAN SAFTLAS DOUGLAS D TSAO CHRISTOPHER T SCHOTT ANDREW S ZAMFOTIS SAMEER TENDULKAR

Source ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F

Recommendation market perform Positive market perform neutral outperform outperform hold strong buy buy Equalwt/In-Line neutral underperform buy/attractive buy neutral buy overweight overweight overweight buy

Amt Held 32'913'067 26'070'166 24'503'400 16'837'106 15'312'083 13'800'890 8'586'290 7'796'903 7'713'324 6'809'719 6'653'628 5'489'507 5'373'559 5'252'682 5'216'268 4'914'411 4'800'604 4'683'078 4'184'968 3'754'328

% Out 8.32 6.59 6.19 4.26 3.87 3.49 2.17 1.97 1.95 1.72 1.68 1.39 1.36 1.33 1.32 1.24 1.21 1.18 1.06 0.95

Weighting

Change 3 4 3 3 5 5 3 5 5 3 3 1 5 5 3 5 5 5 5 5

M M M M M M D M M M M M M M M M M M M N

Latest Chg (199'523) 231'904 (1'137'294) (5'726'851) 5'803'486 (2'095'891) (178'670) 1'001'786 592'892 (5'929'258) (754'301) (190'941) (9'050'961) (1'800'993) (456'156) 3'592'653 648'669 211

Target Price 33 33 #N/A N/A 30 #N/A N/A 31 33 33 32 #N/A N/A 33 32 33 34 #N/A N/A 34 33 33 #N/A N/A 24

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month

Date 27.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 12.03.2013 11.03.2013 08.03.2013 04.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 15.01.2013 16.08.2010


27.03.2013

NetApp Inc NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp serves enterprises, government agencies, and universities worldwide.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTAP UW EQUITY YTD Change NTAP UW EQUITY YTD % CHANGE

04/2012 01/yy 46.80 26.26 983'927.00 33.31 -28.82% 26.85% 34.32% 360.4 12'005.16 1'264.90 0.0 0.0 5'398.50 7'518.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.04.2008 3'303.2 2.74x 458.2 19.78x 309.7 24.67x

50 45 40 35 30 25 20 15 10 5 0 m-12

30.04.2009 30.04.2010 3'406.4 3'931.4 1.36x 2.40x 272.1 617.0 17.06x 15.26x 64.6 400.4 26.61x 35.02x Profitability

LTM-4Q 30.04.2011 5'122.6 2.97x 997.4 15.24x 673.1 30.47x

30.04.2012 6'233.2 1.62x 1'049.4 9.62x 605.4 24.24x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'049.40 756.30 12.13% 11.43% 5.20% 11.82% 9.67% 0.64% 59.6% 15.3% 10.0% 9.7% 1.94 1.77 13.27% 29.46% 9.58 15.88

Price/ Cash Flow

01/yy 5'959.0 8.48x 1'005.4 9.77x 585.3 24.37x

LTM 01/yy 6'318.4 5.07x 967.0 8.82x 512.2 26.39x

FY+1

0.00 1.23 357.32 17.68 -27.68% -0.72% 1.229 40 3.800 1'438'242 1'642'329 1'504'303 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 6'371.8 6'922.8 1'754.9 1'605.3 1.57x 1.29x 4.55x 4.93x 1'203.6 1'354.2 369.1 305.3 6.25x 5.55x 5.41x 5.23x 840.4 946.8 253.3 200.3 14.63x 13.17x 13.50x 13.15x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.12.2012 BBB+ STABLE 13.17 8.06 -4.64 2.31 29.5% 22.8% 0.64 5.56 38.00 22.92 30.74 32.49

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 24.04.2009

0.0 24.10.2009

24.04.2010

24.10.2010

24.04.2011

24.10.2011

24.04.2012

24.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

NetApp Inc Holdings By:

All

Holder Name DODGE & COX BLACKROCK VANGUARD GROUP INC UBS STATE STREET GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN BROWN ADVISORY INC AMERIPRISE FINANCIAL MAVERICK CAPITAL LTD JP MORGAN ING INVESTMENT MANAG AMERICAN CENTURY COM CITADEL ADVISORS LLC CADIAN CAPITAL MANAG INVESCO LTD SCOPIA MANAGEMENT IN NORTHERN TRUST CORPO PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA

Firm Name EVA Dimensions William Blair & Co Monness, Crespi, Hardt & Co Pacific Crest Securities Piper Jaffray Edward Jones Wells Fargo Securities, LLC BMO Capital Markets Longbow Research RBC Capital Markets Janney Montgomery Scott LLC Raymond James Credit Suisse Lake Street Capital Markets LLC Morgan Stanley Argus Research Corp Brean Murray Carret & Co JPMorgan Jefferies Needham & Co Robert W. Baird & Co Wedbush Stifel Wunderlich Securities Evercore Partners Lazard Capital Markets Craig-Hallum Capital Group LLC Credit Agricole Securities (USA) Barclays FBN Securities Topeka Capital Markets Inc Sterne, Agee & Leach Oppenheimer & Co ISI Group Goldman Sachs S&P Capital IQ Deutsche Bank Wedge Partners

Portfolio Name DODGE & COX n/a VANGUARD GROUP INC n/a n/a GOLDMAN SACHS GROUP WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL MAVERICK CAPITAL LTD n/a ING INVESTMENT MANAG AMERICAN CENTURY COM CITADEL ADVISORS LLC CADIAN CAPITAL MANAG INVESCO LTD SCOPIA MANAGEMENT IN NORTHERN TRUST CORPO PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA

Analyst ANDREW S ZAMFOTIS JASON NOAH ADER JEFFREY FIDACARO BRENT A BRACELIN ANDREW J NOWINSKI WILLIAM C KREHER MAYNARD UM KEITH F BACHMAN JOE WITTINE AMIT DARYANANI WILLIAM CHOI BRIAN G ALEXANDER KULBINDER GARCHA ERIC MARTINUZZI KATHRYN HUBERTY JAMES KELLEHER ANANDA BARUAH MARK A MOSKOWITZ PETER J MISEK GLENN HANUS JAYSON NOLAND SR ROHIT CHOPRA AARON C RAKERS BRIAN S FREED ROBERT CIHRA EDWARD PARKER RAJESH GHAI LOUIS R MISCIOSCIA BENJAMIN A REITZES SHEBLY SEYRAFI BRIAN J WHITE ALEX KURTZ ITTAI KIDRON BRIAN MARSHALL WILLIAM C SHOPE JR JIM YIN CHRISTOPHER WHITMORE JUN ZHANG

Source 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy market perform neutral outperform overweight hold market perform market perform neutral sector perform neutral outperform neutral buy Equalwt/In-Line buy buy overweight hold buy neutral neutral buy buy equalweight neutral hold underperform overweight outperform buy neutral market perform buy neutral/neutral hold buy no rating system

Amt Held 25'316'785 18'068'905 16'105'941 15'906'576 14'739'931 12'668'343 10'536'649 10'297'917 8'380'176 7'864'559 7'858'526 7'619'214 7'208'661 6'535'127 6'252'194 5'616'427 4'848'113 4'701'217 4'368'261 4'308'936

% Out 7.02 5.01 4.47 4.41 4.09 3.52 2.92 2.86 2.33 2.18 2.18 2.11 2 1.81 1.73 1.56 1.35 1.3 1.21 1.2

Weighting

Change

5 3 3 5 5 3 3 3 3 3 3 5 3 5 3 5 5 5 3 5 3 3 5 5 3 3 3 1 5 5 5 3 3 5 3 3 5 #N/A N/A

U M M M M M M M N M M M M M M M M M M M M M M M M M M M M M M M M M M U M M

Latest Chg 4'166'750 (6'433'610) 288'602 (1'099'921) 61'481 (1'293'688) 4'143'189 196'764 449'955 (1'108'135) (1'606'615) 297'742 3'924'854 5'771'479 1'169'984 (422'938) 1'602'938 (4'218) 165'300 (76'030)

Target Price #N/A N/A #N/A N/A #N/A N/A 38 39 #N/A N/A #N/A N/A 41 #N/A N/A 40 38 40 35 43 #N/A N/A 42 45 41 35 41 34 35 42 45 38 #N/A N/A 32 35 45 40 48 37 #N/A N/A 40 32 29 40 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.01.2013 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 9 month 12 month 12 month 12 month 12 month 12 month 18 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 20.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 15.03.2013 14.03.2013 11.03.2013 08.03.2013 04.03.2013 21.02.2013 20.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.11.2012 16.10.2012 25.05.2012 03.05.2012


27.03.2013

News Corp News Corporation is a diversified global media company. The Company's operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NWSA UW EQUITY YTD Change NWSA UW EQUITY YTD % CHANGE

06/2012 12/yy 30.76 18.32 830'503.00 30.25 -1.66% 65.12% 95.74% 1'526.7 70'530.86 15'455.00 1'142.0 9'626.00 80'683.86

16.0 M 14.0 M 12.0 M

20

10.0 M

15

8.0 M 6.0 M

10

4.0 M

5

2.0 M

0 m-12

30.06.2009 30.06.2010 30'423.0 32'778.0 1.06x 1.12x 4'472.0 5'228.0 7.23x 7.02x (3'378.0) 2'539.0 11.11x 10.31x Profitability

LTM-4Q 30.06.2011 33'405.0 1.50x 6'133.0 8.17x 2'739.0 14.16x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 33'706.0 1.78x 6'646.0 9.04x 1'179.0 15.81x 6'646.00 5'379.00 15.96% 6.56% 6.52% 14.38% 11.39% 0.56% 19.7% 15.9% 3.5% 2.02 1.69 27.28% 62.61% 4.61 -

Price/ Cash Flow

j-12

j-12

LTM

12/yy 34'152.0 5.75x 6'648.0 7.73x 3'117.0 13.52x

a-12

12/yy 34'333.0 7.24x 6'754.0 10.53x 3'998.0 16.25x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.56 1.11 1'525.49 34.92 50.77% 18.77% 1.112 27 4.667 3'341'785 3'602'944 3'879'994 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 35'612.9 38'023.8 8'988.8 9'132.4 2.21x 2.05x 8.89x 8.72x 7'270.1 8'098.6 1'687.7 1'896.9 11.11x 9.97x 10.50x 10.15x 3'915.2 4'371.9 826.3 1'030.1 18.03x 15.31x 17.14x 16.13x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.11.2012 BBB+ STABLE 6.18 5.30 1.28 2.44 62.6% 37.4% 0.56 5.82 79.48 -

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.07.2009

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

30 25

Valuation Analysis

30.06.2008 32'996.0 1.49x 6'668.0 7.36x 5'387.0 12.23x

35

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

News Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG STATE STREET DODGE & COX JANUS CAPITAL MANAGE CHILDRENS INV FUND M VIKING GLOBAL INVEST FMR LLC BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Firm Name Nomura Lazard Capital Markets Sanford C. Bernstein & Co Needham & Co Morgan Stanley Wells Fargo Securities, LLC Barclays Susquehanna Financial Group Credit Suisse Wedbush Macquarie Davenport & Co Wunderlich Securities S&P Capital IQ Telsey Advisory Group RBC Capital Markets Argus Research Corp EVA Dimensions Gabelli & Co Evercore Partners Cowen and Company Atlantic Equities LLP Deutsche Bank Goldman Sachs BTIG LLC

Portfolio Name n/a VANGUARD GROUP INC n/a YACKTMAN ASSET MANAG n/a DODGE & COX n/a CHILDRENS INVESTMENT VIKING GLOBAL INVEST n/a BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Analyst MICHAEL NATHANSON BARTON CROCKETT TODD JUENGER LAURA A MARTIN BENJAMIN SWINBURNE MARCI RYVICKER ANTHONY J DICLEMENTE VASILY KARASYOV MICHAEL SENNO JAMES G DIX TIMOTHY W NOLLEN MICHAEL C MORRIS MATTHEW HARRIGAN TUNA AMOBI JAISON BLAIR DAVID BANK JOSEPH F BONNER CRAIG STERLING BRETT HARRISS ALAN GOULD DOUGLAS CREUTZ HAMILTON FABER DOUGLAS D MITCHELSON DREW BORST RICHARD GREENFIELD

Source ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation buy buy outperform buy Overwt/Attractive outperform overweight Positive neutral outperform outperform buy buy buy no rating system outperform hold hold buy overweight outperform overweight buy not rated buy

Amt Held 106'117'879 85'939'439 81'642'663 80'106'935 78'438'973 73'990'044 50'745'635 34'348'479 34'295'229 31'740'887 29'665'850 28'100'000 27'945'300 24'797'737 22'180'447 19'150'391 17'590'189 17'571'378 16'929'453 14'275'510

% Out 6.95 5.63 5.35 5.25 5.14 4.85 3.32 2.25 2.25 2.08 1.94 1.84 1.83 1.62 1.45 1.25 1.15 1.15 1.11 0.94

Weighting

Change

5 5 5 5 5 5 5 4 3 5 5 5 5 5 #N/A N/A 5 3 3 5 5 5 5 5 #N/A N/A 5

M M M M M M M M M M M M M M M M M U M M M M M M M

Latest Chg 566'560 531'944 (49'269'500) (449'404) 4'133'923 (9'828'325) 1'242'647 (12'657'102) 3'537'977 1'713'651 25'400 9'100'000 (3'592'000) (375'426) 1'184'087 (668) (3'322'085) 2'373'660 2'887'188 1'726'350

Target Price 31 35 36 34 32 #N/A N/A 33 34 28 26 33 34 36 31 34 32 #N/A N/A #N/A N/A #N/A N/A 30 #N/A N/A 33 32 #N/A N/A 30

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Government Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor

Date 25.03.2013 24.03.2013 22.03.2013 15.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 28.01.2013 28.06.2012 27.06.2012


27.03.2013

Nuance Communications Inc Nuance Communications, Inc. provides speech and imaging solutions for businesses and consumers around the world. The Company's products include a speech recognizer, call steering, and a product that converts text into speech.

Price/Volume 30

8.0 M 7.0 M

25

6.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NUAN UW EQUITY YTD Change NUAN UW EQUITY YTD % CHANGE

09/2012 12/yy 26.85 18.00 934'261.00 19.99 -25.55% 11.06% 22.49% 316.3 6'322.33 2'115.91 4.6 0.0 1'129.76 7'700.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.0 M

10

2.0 M 5 0 m-12

1.0 M .0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.09.2008 868.5 3.96x 141.4 24.32x (30.1) 14.01x

5.0 M

15

Valuation Analysis

30.09.2009 30.09.2010 950.4 1'118.9 4.71x 4.44x 212.9 238.6 21.03x 20.85x (19.4) (19.1) 39.37x 41.16x Profitability

LTM-4Q 30.09.2011 1'318.7 5.05x 268.2 24.85x 38.2 38.38x

30.09.2012 1'651.5 5.30x 380.4 23.02x 207.1 25.93x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

380.38 193.20 11.70% 3.95% 3.28% 6.71% 0.33% 63.4% 21.7% 10.7% 12.5% 1.76 1.57 36.49% 77.16% 5.10 -

Price/ Cash Flow

12/yy 1'375.6 20.25x 287.0 28.46x 47.6 46.59x

LTM 12/yy 1'753.1 19.19x 379.8 22.20x 175.7 25.08x

FY+1

0.00 1.31 265.50 24.26 -21.94% -10.44% 1.314 19 3.789 1'367'884 1'126'793 1'035'261 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 2'166.9 2'446.1 516.6 554.0 3.41x 2.89x 14.79x 13.58x 869.2 967.6 193.4 223.0 8.86x 7.96x 8.66x 8.21x 588.6 675.9 130.5 159.9 11.07x 9.86x 10.62x 10.19x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.02.2011 BBSTABLE 4.46 3.72 3.62 6.15 77.2% 43.5% 0.33 15.48 71.76 112.46 20.93

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Nuance Communications Inc Holdings By:

All

Holder Name WARBURG PINCUS LLC WARBURG PINCUS LLC T ROWE PRICE ASSOCIA FMR LLC AMERIPRISE FINANCIAL VANGUARD GROUP INC BLACKROCK PRIMECAP MANAGEMENT FRANKLIN RESOURCES JP MORGAN ALLIANZ ASSET MANAGE INVESCO LTD STATE STREET RICCI PAUL A WESTFIELD CAPITAL MG FAIRPOINTE CAPITAL L PIONEER INVESTMENT M LUTHER KING CAPITAL LORD ABBETT & CO LLC ING INV MANAGEMENT E

Firm Name Wells Fargo Securities, LLC Avondale Partners LLC Raymond James Mizuho Securities USA Inc B Riley & Company, Inc Morgan Stanley Goldman Sachs Needham & Co FBR Capital Markets Stifel Oppenheimer & Co Craig-Hallum Capital Group LLC Northland Securities Inc Canaccord Genuity Corp Piper Jaffray EVA Dimensions Deutsche Bank Wedbush Wedge Partners

Portfolio Name WARBURG PINCUS LLC n/a T ROWE PRICE ASSOCIA n/a AMERIPRISE FINANCIAL VANGUARD GROUP INC n/a PRIMECAP MANAGEMENT n/a n/a n/a INVESCO LTD n/a n/a WESTFIELD CAPITAL MA FAIRPOINTE CAPITAL L PIONEER INVESTMENT M LUTHER KING CAPITAL LORD ABBETT & CO LLC ING INVESTMENT MANAG

Analyst GRAY W POWELL JOHN F BRIGHT SHYAM PATIL JOANNA MAKRIS DANIEL CUMMINS JENNIFER LOWE GREG DUNHAM SCOTT ZELLER DANIEL H IVES TOM RODERICK SHAUL EYAL JEFF VAN RHEE MICHAEL JAMES LATIMORE RICHARD DAVIS JR MARK R MURPHY ANDREW S ZAMFOTIS NANDAN AMLADI SCOTT P SUTHERLAND BRIAN BLAIR

Source 13F 13D 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG Form 4 13F 13F 13F 13F 13F 13F

Recommendation market perform market outperform strong buy buy neutral Overwt/In-Line neutral/neutral hold outperform hold outperform hold outperform buy neutral sell buy underperform no rating system

Amt Held 53'004'254 43'058'531 29'398'004 17'827'119 11'852'538 11'461'824 10'658'433 10'227'210 8'690'776 7'787'480 6'720'544 5'183'885 4'322'359 4'014'898 3'948'645 3'843'339 3'545'481 2'994'953 2'812'375 2'652'333

% Out 16.76 13.61 9.3 5.64 3.75 3.62 3.37 3.23 2.75 2.46 2.12 1.64 1.37 1.27 1.25 1.22 1.12 0.95 0.89 0.84

Weighting

Change

3 4 5 5 3 5 3 3 5 3 5 3 5 5 3 1 5 1 #N/A N/A

M M M M N M M D M D M D M M M M M M M

Latest Chg (9'945'723) (6'904'115) 2'746'103 (214'677) 332'670 41'737 (715'000) (120'464) (258'843) 315'957 (66'250) 122'473 338'110 104'968 593'927 (6'741) 58'903 406'379

Target Price #N/A N/A 35 28 26 21 28 22 #N/A N/A 28 #N/A N/A 30 24 26 26 22 #N/A N/A 30 19 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 14.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 01.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Private Equity Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.03.2013 12.03.2013 06.03.2013 04.03.2013 20.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 15.01.2013 15.11.2012 07.08.2012 15.03.2012


27.03.2013

NVIDIA Corp NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price/Volume 16

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.03.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVDA UW EQUITY YTD Change NVDA UW EQUITY YTD % CHANGE

01/2013 01/yy 15.49 11.16 1'550'673.00 12.5 -19.30% 12.06% 31.03% 616.0 7'699.75 21.41 0.0 0.0 3'727.88 3'993.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 0 m-12

31.01.2010 31.01.2011 3'326.4 3'543.3 2.09x 3.25x 97.7 385.7 71.00x 29.86x (68.0) 253.1 64.22x Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.01.2012 3'997.9 1.51x 852.5 7.06x 581.1 15.69x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 4'280.2 0.92x 874.5 4.51x 562.5 13.20x 874.47 648.24 15.15% 15.47% 9.40% 12.54% 0.72% 52.0% 20.4% 15.1% 13.1% 4.89 4.28 0.33% 0.44% 10.83 5.40

Price/ Cash Flow

01/yy 3'997.9 7.01x 852.5 7.06x 581.1 15.21x

LTM 01/yy 4'280.2 4.22x 874.5 4.51x 562.5 13.64x

FY+1

0.60 1.31 586.94 21.61 -14.59% 2.33% 1.315 36 3.528 1'972'336 2'714'679 2'551'218 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 4'255.9 4'634.6 942.6 1'017.3 0.85x 0.72x 4.17x 3.83x 795.8 907.4 128.1 167.4 5.02x 4.40x 5.18x 4.81x 539.5 611.8 82.2 116.6 14.72x 12.89x 14.29x 13.44x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.05.2009 NR 265.47 209.83 -4.24 0.02 0.4% 0.4% 0.72 7.53 33.61 67.35 59.00 41.96

Sales/Revenue/Turnover

50.00

4'500.0

45.00

4'000.0

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 05.02.2010

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 3'424.9 0.85x 141.2 20.69x (30.0) 25.70x

6

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

NVIDIA Corp Holdings By:

All

Holder Name FMR LLC VANGUARD GROUP INC BLACKROCK STATE STREET HUANG JEN-HSUN PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL MORGAN STANLEY ALLIANCE BERNSTEIN ROBECO INVESTMENT MG NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Firm Name BMO Capital Markets Raymond James Wells Fargo Securities, LLC Sterne, Agee & Leach Evercore Partners MKM Partners Wedbush B Riley & Company, Inc Stifel Nomura JMP Securities Longbow Research Susquehanna Financial Group RBC Capital Markets JPMorgan Oppenheimer & Co Barclays Tigress Financial Partners FBR Capital Markets Miller Tabak + Co., LLC Wedge Partners Deutsche Bank Morgan Stanley Brean Murray Carret & Co Roth Capital Partners Jefferies Needham & Co Macquarie Lazard Capital Markets Goldman Sachs Pacific Crest Securities Canaccord Genuity Corp EVA Dimensions Hudson Square Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL n/a n/a ROBECO INVESTMENT MA NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Analyst AMBRISH SRIVASTAVA HANS C MOSESMANN DAVID M WONG VIJAY R RAKESH PATRICK WANG DANIEL A BERENBAUM BETSY VAN HEES CRAIG ELLIS KEVIN E CASSIDY ROMIT SHAH ALEX GAUNA JOANNE FEENEY CHRISTOPHER CASO DOUG FREEDMAN HARLAN SUR RICHARD SCHAFER BLAYNE CURTIS IVAN FEINSETH CHRISTOPHER ROLLAND BRENDAN FURLONG BRIAN BLAIR ROSS C SEYMORE JOSEPH MOORE MIKE BURTON KRISHNA SHANKAR MARK J LIPACIS RAJVINDRA S. GILL SHAWN WEBSTER DANIEL L AMIR JAMES SCHNEIDER MICHAEL MCCONNELL ROBERT BURLESON ANDREW S ZAMFOTIS DANIEL ERNST

Source ULT-AGG 13F ULT-AGG ULT-AGG Form 4 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation market perform strong buy outperform neutral underweight neutral outperform neutral buy buy market perform neutral negative sector perform neutral market perform equalweight neutral market perform buy no rating system hold Equalwt/In-Line hold buy hold hold neutral neutral neutral/attractive sector perform buy buy buy

Amt Held 79'493'214 37'668'172 32'149'359 25'512'316 22'168'135 17'973'300 14'176'500 11'701'670 11'551'047 8'945'165 8'041'269 7'938'442 7'745'598 6'491'625 5'915'747 5'785'902 5'155'045 4'243'814 4'076'221 3'757'015

% Out 12.91 6.12 5.22 4.14 3.6 2.92 2.3 1.9 1.88 1.45 1.31 1.29 1.26 1.05 0.96 0.94 0.84 0.69 0.66 0.61

Weighting

Change

3 5 5 3 1 3 5 3 5 5 3 3 2 3 3 3 3 3 3 5 #N/A N/A 3 3 3 5 3 3 3 3 3 3 5 5 5

M M M M M M M M M M M M M M M M M N M M M M M M M M D M M M M M M U

Latest Chg (9'978'177) 1'164'492 609'454 (979'500) (12'739'300) 3'158'033 7'413'768 645'257 6'139'523 108'110 (498'513) 245'590 786'088 942'748 713'619 (1'293'529) (36'419) 2'239'918

Target Price 12 17 #N/A N/A #N/A N/A 11 14 17 13 18 15 #N/A N/A #N/A N/A 11 12 14 #N/A N/A 13 #N/A N/A 14 17 #N/A N/A 13 #N/A N/A #N/A N/A 17 14 #N/A N/A 14 #N/A N/A 14 #N/A N/A 16 #N/A N/A 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 25.03.2013 25.03.2013 20.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 25.03.2013 25.03.2013 25.03.2013 24.03.2013 24.03.2013 22.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 19.03.2013 19.03.2013 18.03.2013 18.03.2013 04.03.2013 20.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 10.05.2010


27.03.2013

O'Reilly Automotive Inc O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts, tools, supplies, equipment, and accessories. The Company sells its products to do-it-yourself customers and professional mechanics or service technicians. O'Reilly operates stores throughout the United States.

Price/Volume 120

4.0 M 3.5 M

100

3.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORLY UW EQUITY YTD Change ORLY UW EQUITY YTD % CHANGE

12/2012 12/yy 107.13 75.64 192'380.00 103.59 -3.30% 36.95% 88.76% 111.3 11'530.07 1'095.96 0.0 0.0 248.13 12'377.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.5 M

40

1.0 M 20

.5 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'576.6 1.35x 448.6 10.80x 186.2 18.86x

2.5 M

60

Valuation Analysis

31.12.2009 31.12.2010 4'847.1 5'397.5 1.24x 1.64x 685.8 895.1 8.75x 9.89x 307.5 419.4 16.87x 19.81x Profitability

LTM-4Q 31.12.2011 5'788.8 1.83x 1'029.8 10.30x 507.7 20.98x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 6'182.2 1.77x 1'154.5 9.48x 585.7 18.83x 1'154.50 977.39 15.81% 15.23% 10.41% 23.65% 17.84% 1.10% 50.1% 18.7% 15.8% 9.5% 1.20 0.16 19.06% 51.98% 47.90 1.45

Price/ Cash Flow

12/yy 5'788.8 6.40x 1'029.8 10.30x 507.7 20.93x

LTM 12/yy 6'182.2 7.07x 1'154.5 9.48x 585.7 18.83x

FY+1

0.00 0.68 107.96 6.00 13.50% 15.85% 0.684 26 4.154 241'559 312'719 363'412 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'659.6 7'074.7 1'611.6 1'696.7 1.89x 1.82x 7.82x 7.43x 1'262.3 1'354.6 299.6 317.0 9.81x 9.14x 10.00x 9.85x 636.8 682.5 154.6 163.4 18.11x 15.98x 18.12x 17.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.01.2012 BBB STABLE 24.95 18.45 0.73 0.95 52.0% 34.2% 1.10 2.87 7.64 252.84 173.95 86.53

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

O'Reilly Automotive Inc Holdings By:

All

Holder Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK STATE STREET RUANE CUNNIFF & GOLD NEUBERGER BERMAN LLC JANUS CAPITAL MANAGE PRINCIPAL FINANCIAL LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL INVESCO LTD GAMCO WILLIAM BLAIR & COMP OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO O'REILLY DAVID E WELLINGTON MANAGEMEN AMERICAN CENTURY COM

Firm Name Stifel Piper Jaffray ISI Group Northcoast Research Sanford C. Bernstein & Co Edward Jones Raymond James Nomura EVA Dimensions Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Stephens Inc BB&T Capital Markets Gabelli & Co RBC Capital Markets Credit Suisse Robert W. Baird & Co Oppenheimer & Co S&P Capital IQ Barclays William Blair & Co

Portfolio Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a RUANE CUNNIFF & GOLD NEUBERGER BERMAN GRO n/a n/a LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL INVESCO LTD n/a WILLIAM BLAIR & COMP OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN AMERICAN CENTURY COM

Analyst DAVID A SCHICK PETER J KEITH GREGORY MELICH NICHOLAS MITCHELL COLIN MCGRANAHAN BRIAN YARBROUGH DANIEL R WEWER JR ARAM RUBINSON CRAIG STERLING MICHAEL BAKER DAVID GOBER MATTHEW J FASSLER CHRISTOPHER HORVERS JOHN R LAWRENCE BRET D JORDAN BRIAN SPONHEIMER R SCOT CICCARELLI GARY BALTER CRAIG R KENNISON BRIAN NAGEL MICHAEL SOUERS ALAN M RIFKIN DANIEL H HOFKIN

Source 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F Form 4 13F 13F

Recommendation buy neutral neutral neutral market perform buy strong buy neutral overweight hold Overwt/In-Line neutral/neutral neutral overweight buy buy outperform outperform neutral market perform buy overweight outperform

Amt Held 7'468'481 7'108'025 6'109'760 4'888'553 3'658'781 2'624'914 2'623'402 2'201'413 2'164'498 2'121'541 2'106'437 2'080'092 1'769'464 1'762'790 1'667'578 1'666'774 1'538'303 1'480'017 1'414'240 1'350'050

% Out 6.71 6.39 5.49 4.39 3.29 2.36 2.36 1.98 1.94 1.91 1.89 1.87 1.59 1.58 1.5 1.5 1.38 1.33 1.27 1.21

Weighting

Change 5 3 3 3 3 5 5 3 5 3 5 3 3 5 5 5 5 5 3 3 5 5 5

M M M M M M M M D M M M M M M M M M M M M M M

Latest Chg (303'624) 206'740 (234'802) (40'817) (3'711) 175'909 (1'360'800) 87'264 639'137 2'112'349 (846'503) (43'557) 323'143 61'805 107'970 393'150 (30'510) (502) 459'235 (1'155'963)

Target Price 102 97 106 #N/A N/A 106 #N/A N/A 112 98 #N/A N/A 102 108 110 106 115 112 #N/A N/A 113 115 110 92 112 120 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 12 month Not Provided 12 month 18 month Not Provided Not Provided Not Provided

Date 26.03.2013 25.03.2013 24.03.2013 13.03.2013 12.03.2013 05.03.2013 05.03.2013 01.03.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013


27.03.2013

Oracle Corp Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price/Volume

30.0 M

30

25.0 M 20.0 M

20

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL UW EQUITY YTD Change ORCL UW EQUITY YTD % CHANGE

05/2012 02/yy 36.43 25.33 3'115'104.00 31.47 -13.62% 24.24% 53.33% 4'710.7 148'244.41 16'474.00 0.0 399.0 30'676.00 135'031.40

15.0 M

15 10

10.0 M

5

5.0 M

0 m-12

31.05.2009 31.05.2010 23'252.0 26'820.0 4.11x 4.10x 10'531.0 12'138.0 9.08x 9.06x 5'593.0 6'135.0 14.40x 16.60x Profitability

LTM-4Q 31.05.2011 35'622.0 4.52x 15'524.0 10.37x 8'547.0 19.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.24x 16'973.00 14'057.00 37.87% 34.92% 13.74% 24.52% 18.40% 0.48% 78.8% 46.5% 38.6% 26.9% 2.60 2.41 21.03% 37.71% 8.42 38.07

Price/ Cash Flow

j-12

j-12

LTM

02/yy 36'980.0 15.12x 16'698.0 7.85x 9'739.0 14.93x

a-12

02/yy 37'149.0 14.54x 17'286.0 8.58x 10'570.0 15.85x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.14 1.12 3'596.05 38.20 9.19% -5.55% 1.120 45 4.356 12'766'517 6'804'784 6'093'292 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 37'444.0 39'559.5 11'143.6 8'561.6 3.64x 3.25x 12.22x 15.45x 18'255.9 20'006.1 5'888.5 3'972.6 7.40x 6.76x 7.02x 6.86x 13'054.0 13'948.9 4'203.5 2'773.0 11.70x 10.73x 11.04x 10.73x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.04.2012 A+ STABLE 24.04.2012 A-1+ 22.16 21.31 -0.79 1.14 37.7% 27.2% 0.48 12.45 43.35 9.59 19.99 47.82

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 05.06.2009

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

35 25

Valuation Analysis

31.05.2008 22'430.0 5.25x 9'489.0 12.42x 5'521.0 18.27x

40

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF NEW YORK MEL WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I FMR LLC INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JP MORGAN TIAA CREF INVESTMENT NORGES BANK JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA ABERDEEN GOLDMAN SACHS GROUP

Firm Name Societe Generale Jefferies Sanford C. Bernstein & Co BMO Capital Markets Morgan Stanley Wedbush William Blair & Co Raymond James Macquarie Stifel Wells Fargo Securities, LLC Lazard Capital Markets Longbow Research Barclays Edward Jones FBR Capital Markets Atlantic Equities LLP Deutsche Bank RBC Capital Markets Argus Research Corp Credit Suisse JPMorgan Janney Montgomery Scott LLC Pacific Crest Securities Davenport & Co Canaccord Genuity Corp Berenberg Bank Nomura Cowen and Company JMP Securities Susquehanna Financial Group Cross Research Piper Jaffray MKM Partners Credit Agricole Securities (USA) Evercore Partners Oppenheimer & Co EVA Dimensions Tigress Financial Partners Goldman Sachs Daiwa Securities Co. Ltd. Hamburger Sparkasse

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a n/a INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a TIAA-CREF INVESTMENT NORGES BANK n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP

Analyst RICHARD NGUYEN ROSS MACMILLAN MARK L MOERDLER KARL KEIRSTEAD KEITH WEISS STEVEN R KOENIG LAURA J LEDERMAN MICHAEL TURITS BRAD A ZELNICK BRAD REBACK JASON MAYNARD JOEL P FISHBEIN JR KEVIN M BUTTIGIEG RAIMO LENSCHOW JOSH OLSON DAVID M HILAL CHRISTOPHER HICKEY THOMAS ERNST JR MATTHEW HEDBERG JOSEPH F BONNER PHILIP WINSLOW JOHN DIFUCCI YUN KIM BRENDAN BARNICLE F DRAKE JOHNSTONE RICHARD DAVIS JR DAUD KHAN RICHARD G SHERLUND PETER GOLDMACHER PATRICK WALRAVENS J DERRICK WOOD RICHARD T WILLIAMS MARK R MURPHY ISRAEL HERNANDEZ EDWARD MAGUIRE STEWART KIRK MATERNE III BRIAN SCHWARTZ ANDREW S ZAMFOTIS IVAN FEINSETH HEATHER BELLINI KAZUYA NISHIMURA MARCO GUENTHER

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F

Recommendation hold hold market perform outperform Overwt/In-Line neutral outperform outperform neutral buy outperform buy buy overweight buy outperform neutral hold outperform buy outperform overweight buy outperform buy buy buy buy neutral market perform Positive hold overweight buy underperform equalweight outperform overweight buy Buy/Neutral outperform hold

Amt Held 1'112'434'580 249'496'992 222'486'587 171'937'103 159'352'080 78'316'425 77'278'005 76'931'851 75'285'789 65'680'186 56'379'053 49'190'816 43'932'887 39'724'493 38'397'212 32'702'179 32'112'868 28'440'138 27'001'141 26'051'615

% Out 23.62 5.3 4.72 3.65 3.38 1.66 1.64 1.63 1.6 1.39 1.2 1.04 0.93 0.84 0.82 0.69 0.68 0.6 0.57 0.55

Weighting

Change 3 3 3 5 5 3 5 5 3 5 5 5 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 3 3 4 3 5 5 1 3 5 5 5 5 5 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D D M D N M M M

Latest Chg 7'200'000 (12'392'864) (374'398) 1'391'323 6'018'875 1'366'222 (4'612'811) (1'872'445) 15'270'822 (2'439'523) (610'493) (1'571'164) (11'533'565) 4'197'117 1'152'929 (4'513'686) (1'663'800) (2'801'171) (120'100) (6'302'603)

Target Price 37 36 34 43 39 36 #N/A N/A 36 36 37 #N/A N/A 41 38 38 #N/A N/A 39 33 29 37 39 40 40 43 44 40 42 35 39 #N/A N/A #N/A N/A 40 35 37 38 35 36 40 #N/A N/A #N/A N/A 39 38 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.12.2012 31.12.2012 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 20.03.2013 21.02.2013 20.02.2013 24.01.2013 24.12.2012 19.12.2012


27.03.2013

PACCAR Inc PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and heavy-duty trucks, and related aftermarket distribution of parts. The Company also offers finance and leasing services to its customers and dealers.

Price/Volume 60

3.5 M

50

3.0 M 2.5 M

40

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PCAR UW EQUITY YTD Change PCAR UW EQUITY YTD % CHANGE

12/2012 12/yy 51.38 34.60 400'022.00 50.15 -2.39% 44.95% 92.67% 353.5 17'726.44 150.00 0.0 0.0 2'395.90 15'480.54

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

20

1.0 M

10

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 14'972.5 0.56x 2'027.0 4.10x 1'017.9 10.29x

2.0 M

30

Valuation Analysis

31.12.2009 31.12.2010 8'086.5 10'292.9 1.40x 1.82x 1'016.6 1'271.7 11.13x 14.69x 111.9 457.6 157.70x 46.62x Profitability

LTM-4Q 31.12.2011 16'355.2 0.65x 2'153.2 4.93x 1'042.3 13.10x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 17'050.5 0.81x 2'296.4 5.98x 1'111.6 14.49x 2'296.40 1'595.50 9.36% 9.55% 6.21% 19.83% 9.50% 0.95% 17.5% 13.5% 9.4% 6.5% 0.74 0.56 42.30% 134.77% 18.14 18.85

Price/ Cash Flow

LTM

12/yy 16'355.2 3.23x 2'153.2 4.93x 1'042.3 13.10x

12/yy 17'050.5 2.99x 2'296.4 5.98x 1'111.6 14.49x

FY+1

3.15 1.37 346.08 10.33 9.87% 11.39% 1.373 23 3.609 640'740 624'679 638'992 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'095.7 17'674.6 3'761.0 3'920.6 1.16x 1.22x 6.27x 6.11x 1'925.6 2'170.0 425.9 459.4 8.04x 7.13x 7.98x 7.62x 1'120.5 1'259.6 242.4 272.0 15.79x 14.04x 15.92x 15.08x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.04.2010 A+ STABLE 29.04.2010 A-1 13.21 2.83 -0.98 0.07 134.8% 57.4% 0.95 7.96 20.18 19.42 25.07 14.53

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

PACCAR Inc Holdings By:

All

Holder Name JP MORGAN BLACKROCK BANK OF AMERICA CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN STATE STREET DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO NWQ INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL PIGOTT MARK CHARLES NORGES BANK PRIMECAP MANAGEMENT FMR LLC US BANCORP GEODE CAPITAL MANAGE

Firm Name Avondale Partners LLC Robert W. Baird & Co Wolfe Trahan & Co BMO Capital Markets Jefferies Sterne, Agee & Leach Wells Fargo Securities, LLC Piper Jaffray Northcoast Research D.A. Davidson & Co Edward Jones RBC Capital Markets BB&T Capital Markets Deutsche Bank Barclays Credit Suisse JPMorgan EVA Dimensions Goldman Sachs McAdams Wright Ragen Inc

Portfolio Name n/a n/a BANK OF AMERICA VANGUARD GROUP INC n/a n/a DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS AND WILEY NORTHERN TRUST CORPO NWQ INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL n/a NORGES BANK PRIMECAP MANAGEMENT n/a US BANCORP GEODE CAPITAL MANAGE

Analyst KRISTINE KUBACKI DAVID LEIKER TIMOTHY J DENOYER JOEL G TISS STEPHEN VOLKMANN JEFFREY A KAUFFMAN ANDREW M CASEY ALEXANDER E POTTER BRIAN M RAYLE JB GROH LOGAN PURK SETH R WEBER A RHEM WOOD JR PATRICK NOLAN ANDY KAPLOWITZ JAMIE L COOK ANN DUIGNAN CRAIG STERLING JERRY REVICH MICHAEL ROARKE

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F Form 4 13F 13F ULT-AGG 13F 13F

Recommendation market perform neutral underperform outperform buy neutral outperform overweight buy buy hold sector perform hold hold equalweight neutral neutral buy neutral/neutral hold

Amt Held 23'256'303 18'461'288 16'314'903 15'213'703 15'159'900 13'607'825 8'943'143 5'994'403 4'801'832 4'668'942 4'504'875 4'228'702 3'766'406 3'580'078 3'314'022 3'001'169 2'892'300 2'792'880 2'470'981 2'286'146

% Out 6.58 5.22 4.62 4.3 4.29 3.85 2.53 1.7 1.36 1.32 1.27 1.2 1.07 1.01 0.94 0.85 0.82 0.79 0.7 0.65

Weighting

Change 3 3 1 5 5 3 5 5 5 5 3 3 3 3 3 3 3 5 3 3

M M M M M M M M M M M M M M M M M M M M

Latest Chg 1'822'240 849'346 1'220'425 289'007 (2'646'713) 499'538 (506'101) 5'994'403 (26'056) (2'196'600) 45'025 (651'306) (407'964) (118'991) 295 489'739 726'600 1'838'017 3'453 29'627

Target Price 44 41 36 57 55 #N/A N/A #N/A N/A 55 55 65 #N/A N/A 50 #N/A N/A 50 44 47 47 #N/A N/A 48 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 05.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 18 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 9 month Not Provided 12 month 12 month

Inst Type Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 12.03.2013 04.03.2013 04.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 15.01.2013 04.01.2013 26.10.2012


27.03.2013

Paychex Inc Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Price/Volume 40

4.5 M

35

4.0 M

30

3.5 M 3.0 M

25

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PAYX UW EQUITY YTD Change PAYX UW EQUITY YTD % CHANGE

05/2012 11/yy 34.90 29.13 640'078.00 34.84 -0.17% 19.60% 98.96% 363.7 12'671.88 0.00 0.0 0.0 316.30 12'370.68

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

15

1.5 M

10

1.0 M

5

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.05.2008 2'066.3 5.84x 908.9 13.27x 576.1 22.15x

2.5 M

20

31.05.2009 31.05.2010 2'082.8 2'000.8 4.50x 4.97x 891.0 811.2 10.52x 12.26x 533.5 477.0 18.47x 21.08x Profitability

LTM-4Q 31.05.2011 2'084.3 5.39x 875.1 12.83x 515.3 22.75x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.05.2012 2'229.8 4.73x 951.7 11.09x 548.0 19.85x 951.70 853.90 38.29% 38.58% 10.50% 34.37% 34.37% 0.43% 69.5% 42.9% 38.5% 24.6% 1.07 0.10 0.00% 0.00% 11.61 -

Price/ Cash Flow

11/yy 2'162.8 19.59x 924.8 10.96x 538.8 19.56x

LTM 11/yy 2'268.6 19.67x 972.1 11.86x 559.7 21.13x

FY+1

3.70 0.84 325.46 19.70 14.12% 11.88% 0.843 27 2.778 742'796 769'279 807'219 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 02/13 Q3 05/13 Q4 2'324.9 2'465.1 592.6 585.2 5.35x 4.96x 21.35x 21.61x 998.3 1'059.3 243.2 233.0 12.39x 11.68x 12.19x 11.98x 579.1 619.4 142.4 136.0 21.86x 20.47x 21.27x 20.87x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.31 0.00 0.0% 0.0% 0.43 6.79 31.52 26.62 -

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Paychex Inc Holdings By:

All

Holder Name GOLISANO BLASE THOMA CAPITAL GROUP COMPAN FMR LLC BANK OF NEW YORK MEL BLACKROCK VANGUARD GROUP INC STATE STREET BANK OF AMERICA CORP WELLS FARGO GENERAL ELECTRIC COM INVESCO LTD NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI JP MORGAN UBS

Firm Name Sanford C. Bernstein & Co RBC Capital Markets Credit Agricole Securities (USA) Stifel Wells Fargo Securities, LLC Oppenheimer & Co BMO Capital Markets Goldman Sachs Janney Montgomery Scott LLC Edward Jones Jefferies Robert W. Baird & Co William Blair & Co EVA Dimensions JPMorgan Raymond James Cowen and Company Barclays Credit Suisse First Analysis Corp Evercore Partners Northcoast Research S&P Capital IQ Deutsche Bank

Portfolio Name n/a n/a n/a BANK OF NEW YORK MEL n/a VANGUARD GROUP INC n/a BANK OF AMERICA n/a GENERAL ELECTRIC COM INVESCO LTD NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI n/a n/a

Analyst RODERICK BOURGEOIS DANIEL R PERLIN CRAIG J MAURER DAVID M GROSSMAN TIMOTHY W WILLI GLENN GREENE JEFFREY M SILBER PAUL THOMAS JOSEPH D FORESI JOSH OLSON JASON KUPFERBERG MARK S MARCON TIMOTHY J MCHUGH ANDREW S ZAMFOTIS TIEN-TSIN HUANG MICHAEL J BAKER MOSHE KATRI GARY E BISBEE GEORGE MIHALOS JAMES ROBERT MACDONALD DAVID M TOGUT KARTIK MEHTA DYLAN CATHERS BRYAN KEANE

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG

Recommendation market perform sector perform sell hold market perform market perform market perform neutral/neutral neutral hold underperform neutral outperform overweight underweight market perform neutral underweight neutral equalweight equalweight neutral hold hold

Amt Held 37'657'753 31'260'364 21'056'674 17'344'339 17'128'429 14'408'697 12'948'892 8'970'426 7'788'270 6'532'589 5'640'812 4'605'086 3'780'000 3'680'600 3'283'336 3'166'795 2'970'094 2'915'069 2'819'076 2'649'962

% Out 10.35 8.59 5.79 4.77 4.71 3.96 3.56 2.47 2.14 1.8 1.55 1.27 1.04 1.01 0.9 0.87 0.82 0.8 0.78 0.73

Weighting

Change 3 3 1 3 3 3 3 3 3 3 1 3 5 5 1 3 3 1 3 3 3 3 3 3

M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (21'975) 3'918'327 5'873'342 403'746 560'492 263'449 957'885 9'133 (302'963) (170'531) (27'271) 10'000 1'244'500 (812'816) (511'503) 320'357 179'459 114'620 190'034

Target Price 29 34 30 #N/A N/A #N/A N/A #N/A N/A 34 36 33 #N/A N/A 31 34 #N/A N/A #N/A N/A 34 #N/A N/A #N/A N/A 30 35 37 34 #N/A N/A 35 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 27.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Unclassified

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month

Date 27.03.2013 26.03.2013 26.03.2013 21.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 08.03.2013 08.03.2013 15.01.2013 11.01.2013 21.12.2012 21.12.2012 21.12.2012 20.12.2012 20.12.2012 20.12.2012 14.12.2012 20.09.2012 20.07.2012


27.03.2013

Perrigo Co Perrigo Company is a global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Price/Volume 140

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

120 100 80

Valuation Analysis

60

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (08.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRGO UW EQUITY YTD Change PRGO UW EQUITY YTD % CHANGE

06/2012 12/yy 120.72 96.53 149'557.00 117.54 -2.63% 21.77% 86.85% 93.5 10'995.51 1'369.33 0.0 1.6 602.49 11'909.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 1'729.9 2.10x 269.2 13.50x 135.8 20.60x

40

30.06.2009 30.06.2010 2'006.9 2'268.2 1.56x 2.94x 332.4 438.5 9.44x 15.19x 144.0 223.8 14.86x 22.34x Profitability

LTM-4Q 30.06.2011 2'755.0 3.10x 594.2 14.39x 339.2 23.52x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 3'173.2 3.72x 713.3 16.53x 401.6 26.15x 713.30 577.98 18.21% 16.13% 10.76% 23.72% 14.95% 0.79% 34.5% 23.7% 19.5% 12.7% 2.75 1.80 34.03% 73.98% 5.86 3.44

Price/ Cash Flow

12/yy 2'959.7 12.24x 629.1 15.96x 344.9 24.02x

LTM 12/yy 3'262.6 13.66x 774.3 13.59x 443.0 20.46x

FY+1

0.28 0.79 87.99 2.74 14.74% 13.08% 0.788 18 3.722 140'145 178'548 216'881 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 3'586.7 4'026.8 940.6 990.9 3.28x 2.68x 12.19x 11.46x 898.5 1'035.1 237.8 250.6 13.26x 11.51x 12.21x 11.83x 535.0 626.3 137.6 148.9 20.69x 17.71x 19.07x 18.41x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.02 9.16 1.18 1.77 74.0% 42.5% 0.79 5.58 62.15 105.84 54.52 97.61

Sales/Revenue/Turnover

30.00

3'500.0

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Perrigo Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC ARKIN MOSHE FMR LLC JENNISON ASSOCIATES STATE STREET MACQUARIE GROUP JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD WILLIAM BLAIR & COMP MARSICO CAPITAL MANA HARBOR CAPITAL ADVIS NORTHERN TRUST CORPO TIAA CREF INVESTMENT INVESCO LTD SELECT EQUITY GROUP AMERICAN CENTURY COM BANK OF NEW YORK MEL AMERIPRISE FINANCIAL

Firm Name Guggenheim Securities LLC Morgan Stanley B Riley & Company, Inc Buckingham Research Group Canaccord Genuity Corp William Blair & Co JPMorgan Deutsche Bank CLAL Finance Betucha Goldman Sachs Needham & Co Stifel Barrington Research RBC Capital Markets EVA Dimensions I.B.I.

Portfolio Name n/a VANGUARD GROUP INC n/a n/a JENNISON ASSOCIATES n/a n/a n/a WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD WILLIAM BLAIR & COMP MARSICO CAPITAL MANA Multiple Portfolios NORTHERN TRUST CORPO TIAA-CREF INVESTMENT INVESCO LTD SELECT EQUITY GROUP AMERICAN CENTURY COM BANK OF NEW YORK MEL AMERIPRISE FINANCIAL

Analyst LOUISE CHEN DAVID R RISINGER LINDA BOLTON WEISER DAVID G BUCK RANDALL STANICKY JON R ANDERSEN CHRISTOPHER T SCHOTT DAVID M STEINBERG JONATHAN KREIZMAN JAMI E RUBIN ELLIOT WILBUR ANNABEL SAMIMY CHARLES R JONES SHIBANI MALHOTRA ANDREW S ZAMFOTIS NATALI GOTLIEB

Source ULT-AGG 13F 13D ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F

Recommendation buy Overwt/In-Line buy buy buy outperform neutral hold market perform sell/attractive hold buy outperform sector perform hold reduce

Amt Held 6'461'001 5'448'243 4'531'281 3'880'595 3'834'248 3'752'470 3'328'393 3'161'232 1'861'196 1'728'076 1'290'980 1'283'048 1'278'770 1'239'862 1'192'720 1'140'823 1'041'325 1'025'163 1'017'844 778'624

% Out 6.91 5.82 4.84 4.15 4.1 4.01 3.56 3.38 1.99 1.85 1.38 1.37 1.37 1.33 1.27 1.22 1.11 1.1 1.09 0.83

Weighting

Change 5 5 5 5 5 5 3 3 3 1 3 5 5 3 3 2

M M M M M M M M M M M M M M M M

Latest Chg 120'566 (463'579) (834'279) (562'479) 89'036 (241'297) 456'270 (100'236) (13'319) (150'075) (107'000) (161'001) (18'934) 407'787 (86'938) 18'786 (35'542) 55'105 194'065

Target Price 130 125 133 145 128 #N/A N/A 108 115 106 112 #N/A N/A 125 142 111 #N/A N/A 89

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 01.03.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 22.03.2013 21.03.2013 20.03.2013 18.03.2013 18.03.2013 08.03.2013 19.02.2013 12.02.2013 12.02.2013 11.02.2013 11.02.2013 11.02.2013 04.02.2013 01.02.2013 15.01.2013 09.05.2012


27.03.2013

priceline.com Inc Priceline.com Incorporated enables consumers to use the Internet to save money on a variety of products and services. The Company's product allows customers to name their own price on products or services and communicates that demand directly to participating sellers or to their private databases. Participants include domestic and international airlines, and hotel chains.

Price/Volume 900

2.5 M

800 2.0 M

700 600

1.5 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.04.2012) 52-Week Low (09.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PCLN UW EQUITY YTD Change PCLN UW EQUITY YTD % CHANGE

12/2012 12/yy 774.29 553.54 92'577.00 694.59 -10.29% 25.48% 63.90% 49.9 34'639.82 1'402.34 0.0 160.3 5'183.19 31'019.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200

.5 M

100 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'884.8 1.56x 332.5 8.86x 182.2 16.70x

1.0 M

300

31.12.2009 31.12.2010 2'338.2 3'084.9 4.00x 6.00x 510.0 837.3 18.33x 22.09x 489.5 527.5 30.68x 38.09x Profitability

LTM-4Q 31.12.2011 4'355.6 4.90x 1'452.7 14.69x 1'056.4 22.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'261.0 5.19x 1'894.9 14.42x 1'419.6 22.27x 1'894.93 1'829.79 34.78% 33.49% 26.94% 43.51% 33.54% 1.00% 77.6% 36.0% 34.8% 27.0% 3.89 3.80 21.35% 35.49% 16.65 -

Price/ Cash Flow

12/yy 4'355.6 20.66x 1'452.7 14.69x 1'056.4 22.92x

LTM 12/yy 5'261.0 22.69x 1'894.9 14.42x 1'419.6 22.23x

FY+1

1.10 49.47 2.48 -4.70% 11.81% 1.104 30 4.500 114'480 157'885 153'346 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'530.3 7'724.4 1'277.6 1'644.9 4.78x 3.49x 24.92x 19.12x 2'477.4 2'995.5 339.7 616.1 12.52x 10.36x 12.47x 12.08x 2'019.2 2'417.9 272.9 499.7 17.92x 15.08x 17.95x 17.44x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.03.2012 BBB STABLE 30.53 29.64 -2.00 0.74 35.5% 25.4% 1.00 68.51 21.98 51.53 -

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

priceline.com Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK FMR LLC VANGUARD GROUP INC STATE STREET LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN JP MORGAN AMERIPRISE FINANCIAL INVESCO LTD UBS MACQUARIE GROUP CAPITAL GROUP COMPAN MACKAY SHIELDS LLC NORTHERN TRUST CORPO JANUS CAPITAL MANAGE BANK OF NEW YORK MEL

Firm Name Cantor Fitzgerald Evercore Partners Monness, Crespi, Hardt & Co Tigress Financial Partners JMP Securities Cowen and Company Piper Jaffray Daiwa Securities Co. Ltd. Lazard Capital Markets RBC Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse JPMorgan Janney Montgomery Scott LLC Jefferies Macquarie Stifel Nomura S&P Capital IQ Atlantic Equities LLP Benchmark Company LLC Barclays Ascendiant Capital Markets Pacific Crest Securities Raymond James Millman Research Associates EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL INVESCO LTD n/a n/a n/a Multiple Portfolios NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL

Analyst NAVED KHAN KEN SENA WILLIAM LENNAN IVAN FEINSETH RONALD V JOSEY III KEVIN KOPELMAN MICHAEL J OLSON KAZUYA NISHIMURA JAKE FULLER MARK S MAHANEY ROSS SANDLER SCOTT W DEVITT HEATH P TERRY STEPHEN JU DOUGLAS ANMUTH BRIAN MULLAN BRIAN P FITZGERALD THOMAS WHITE MICHAEL B PURCELL BRIAN NOWAK SCOTT H KESSLER JAMES CORDWELL DANIEL L KURNOS ANTHONY J DICLEMENTE EDWARD WOO CHAD BARTLEY AARON M KESSLER MICHAEL MILLMAN CRAIG STERLING

Source 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG MF-AGG 13F ULT-AGG 13F

Recommendation buy overweight neutral strong buy market outperform outperform overweight neutral buy outperform hold Equalwt/Attractive buy/attractive outperform overweight neutral buy outperform buy buy hold overweight buy overweight buy outperform outperform hold overweight

Amt Held 4'627'871 3'812'408 2'501'932 2'185'936 2'106'662 1'770'983 1'361'625 1'174'200 1'169'858 1'115'144 988'269 976'991 924'834 872'997 862'631 839'300 773'065 664'529 572'001 567'850

% Out 9.28 7.64 5.02 4.38 4.22 3.55 2.73 2.35 2.35 2.24 1.98 1.96 1.85 1.75 1.73 1.68 1.55 1.33 1.15 1.14

Weighting

Change 5 5 3 5 4 5 5 3 5 5 3 3 5 5 5 3 5 5 5 5 3 5 5 5 5 5 5 3 5

M M M M N M M M U M M M M M M M M M M M M M M M M M M M M

Latest Chg (287'074) 130'868 52'433 97'425 354'525 49'346 (142) 28'824 561'028 286'848 (74'602) 8'264 (117'033) 31'140 (8'975) 9'458 160'500 (10'002)

Target Price 800 850 #N/A N/A #N/A N/A 850 #N/A N/A 800 745 859 900 745 750 825 895 835 740 820 820 860 850 875 840 800 775 875 879 840 785 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 9 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 05.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 15.01.2013


27.03.2013

QUALCOMM Inc QUALCOMM, Inc . manufactures digital wireless communications equipment. The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits, and produces equipment and software used to track workers and assets, and software for wireless content enablement.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (17.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QCOM UW EQUITY YTD Change QCOM UW EQUITY YTD % CHANGE

09/2012 12/yy 68.87 53.09 1'089'535.00 66.35 -3.66% 24.98% 79.72% 1'718.1 113'997.91 0.00 0.0 22.0 26'837.00 85'678.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

70

14.0 M

60

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

80

30.09.2009 30.09.2010 10'416.0 10'982.0 5.46x 4.96x 3'644.0 4'393.0 15.60x 12.41x 1'592.0 3'247.0 43.40x 18.96x Profitability

LTM-4Q 30.09.2011 14'957.0 4.32x 6'087.0 10.62x 4'260.0 16.71x

30.09.2012 19'121.0 4.17x 6'579.0 12.12x 6'109.0 22.39x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

6'579.00 5'682.00 29.72% 34.32% 16.04% 20.73% 20.44% 0.50% 62.9% 34.9% 30.4% 31.9% 2.95 2.61 0.00% 0.00% 15.26 7.61

Price/ Cash Flow

LTM

12/yy 16'291.0 16.85x 6'487.0 10.96x 4'491.0 18.65x

12/yy 20'458.0 15.34x 7'149.0 10.59x 6'614.0 15.79x

FY+1

1.45 1.05 1'696.72 14.00 -1.69% 7.38% 1.050 48 4.625 2'740'837 3'008'237 3'116'196 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 24'133.8 26'886.5 6'063.1 5'862.4 3.70x 3.03x 14.82x 15.17x 9'143.4 10'007.7 2'345.0 2'067.0 9.38x 8.57x 9.38x 9.20x 7'894.7 8'768.4 2'050.0 1'825.8 14.72x 13.52x 14.78x 14.57x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

19.12.2001 NR 73.10 58.83 -3.96 0.00 0.0% 0.0% 0.50 7.47 24.32 48.72 59.93 13.58

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN NORTHERN TRUST CORPO AMERIPRISE FINANCIAL UBS JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AG NORGES BANK

Firm Name Exane BNP Paribas Wells Fargo Securities, LLC Piper Jaffray Morgan Stanley MKM Partners Susquehanna Financial Group Nomura Evercore Partners Cowen and Company Tigress Financial Partners Lazard Capital Markets RBC Capital Markets William Blair & Co Sanford C. Bernstein & Co BMO Capital Markets Edward Jones Societe Generale D.A. Davidson & Co Argus Research Corp Credit Suisse Raymond James Scotia Capital Berenberg Bank S&P Capital IQ FBR Capital Markets Canaccord Genuity Corp Oppenheimer & Co JMP Securities Wedge Partners Drexel Hamilton LLC JPMorgan Barclays Daiwa Securities Co. Ltd. Deutsche Bank Goldman Sachs Brean Murray Carret & Co Macquarie Davenport & Co Williams Financial Group Atlantic Equities LLP Credit Agricole Securities (USA) EVA Dimensions Pacific Crest Securities

Portfolio Name n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD n/a NORTHERN TRUST CORPO AMERIPRISE FINANCIAL n/a n/a GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AKTIEN NORGES BANK

Analyst JEROME RAMEL DAVID M WONG AUGUSTE P RICHARD EHUD A GELBLUM DANIEL A BERENBAUM CHRISTOPHER CASO ROMIT SHAH MARK A MCKECHNIE MATTHEW HOFFMAN IVAN FEINSETH IAN ING MARK SUE ANIL K DORADLA STACY A RASGON TIMOTHY P LONG WILLIAM C KREHER PETER KNOX AALOK K SHAH JAMES KELLEHER KULBINDER GARCHA TAVIS C MCCOURT GUS PAPAGEORGIOU ADNAAN AHMAD JAMES G MOORMAN CHRISTOPHER ROLLAND T MICHAEL WALKLEY ITTAI KIDRON ALEX GAUNA BRIAN BLAIR RICHARD WHITTINGTON ROD HALL BLAYNE CURTIS YOKO YAMADA BRIAN T MODOFF SIMONA JANKOWSKI MIKE BURTON SHAWN WEBSTER F DRAKE JOHNSTONE CODY G ACREE JAMES CORDWELL SRINI PAJJURI ANDREW S ZAMFOTIS JAMES FAUCETTE

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F ULT-AGG Form 4 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform outperform overweight Overwt/Attractive buy Positive buy overweight outperform strong buy buy outperform outperform outperform outperform buy hold neutral buy outperform outperform focus stock sell strong buy outperform buy outperform market outperform no rating system buy neutral overweight outperform buy Buy/Neutral buy outperform buy hold overweight outperform overweight outperform

Amt Held 97'445'750 76'175'417 70'105'195 65'989'412 48'565'229 39'259'157 28'145'539 28'068'364 26'620'183 20'000'786 18'812'964 18'545'579 18'055'113 17'971'145 16'861'913 16'431'203 15'415'875 15'097'814 15'092'976 13'118'618

% Out 5.67 4.43 4.08 3.84 2.83 2.28 1.64 1.63 1.55 1.16 1.09 1.08 1.05 1.05 0.98 0.96 0.9 0.88 0.88 0.76

Weighting

Change

5 5 5 5 5 4 5 5 5 5 5 5 5 5 5 5 3 3 5 5 5 5 1 5 5 5 5 4 #N/A N/A 5 3 5 5 5 5 5 5 5 3 5 5 5 5

M M M M M M M M M N M M M M M M M M M M M M M M M M M M M M D M M M M M M M M M M U M

Latest Chg (1'097'545) 1'586'995 2'748'797 (13'864'751) (1'402'853) 1'723'682 (3'535'861) 3'817'042 (44'394) (101'415) (894'092) (66'379) (97'239) (245'290) 1'737'652 (5'446'906) (4'025'353) (2'711'518) 3'254'562 1'609'301

Target Price 75 #N/A N/A 83 73 74 85 75 85 #N/A N/A #N/A N/A 79 77 #N/A N/A 80 80 #N/A N/A 64 65 80 85 80 81 50 84 76 83 72 75 #N/A N/A 80 70 77 71 78 80 80 75 72 #N/A N/A 80 74 #N/A N/A 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 05.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 18 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 18 month 12 month Not Provided 12 month 9 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 21.03.2013 19.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 10.03.2013 08.03.2013 07.03.2013 07.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 04.03.2013 03.03.2013 25.02.2013 25.02.2013 22.02.2013 13.02.2013 12.02.2013 11.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013


27.03.2013

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 140

1.2 M

120

1.0 M

100

.8 M

80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (15.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLD UW EQUITY YTD Change GOLD UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

40

.2 M

20 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 338.6 9.01x 97.3 31.34x 41.6 78.87x

.6 M

60

12/2011 12/yy 127.27 72.93 81'189.00 84.61 -33.52% 16.02% 21.49% 92.1 7'793.93 18.02 0.0 166.1 390.76 7'587.30

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 569.8 15.77x 377.1 24.74x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 15.26% 17.98% 20.11% 0.47% 52.8% 53.1% 43.1% 32.8% 4.10 1.66 0.58% 0.69% -

Price/ Cash Flow

12/yy 1'127.1 28.36x 569.8 15.77x 377.1 24.75x

LTM 12/yy 1'317.8 26.72x 699.2 12.43x 431.8 20.57x

FY+1

0.00 0.64 0.87 -4.72% -14.75% 0.644 8 4.500 132'326 172'289 154'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'607.3 2'149.8 4.47x 3.05x 839.5 1'305.6 9.03x 5.81x 549.5 736.0 14.43x 10.31x 16.33x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

582.65 114.09 -0.53 0.03 0.7% 0.6% 0.47 0.87 138.94

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C FMR LLC CARMIGNAC GESTION FRANKLIN RESOURCES FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES JP MORGAN TOCQUEVILLE ASSET MA PAULSON & CO WELLS FARGO INVESCO LTD GAMCO OPPENHEIMERFUNDS INC MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO AMERICAN CENTURY COM NIKKO ASSET MANAGEME

Firm Name Scotia Capital BMO Capital Markets HSBC Clarus Securities Canaccord Genuity Corp S&P Capital IQ GARP Research EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a FIRST EAGLE INVESTME AGF INVESTMENTS INC JENNISON ASSOCIATES n/a TOCQUEVILLE ASSET MA PAULSON & CO n/a INVESCO LTD n/a OPPENHEIMER FUNDS IN MACKENZIE FINANCIAL ASA BERMUDA LIMITED RENAISSANCE TECHNOLO AMERICAN CENTURY COM n/a

Analyst TANYA M JAKUSCONEK ANDREW BREICHMANAS PATRICK CHIDLEY NANA SANGMUAH TIM DUDLEY LEO LARKIN SETH DADDS TEAM COVERAGE

Source ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG

Recommendation sector perform market perform overweight buy buy buy buy buy

Amt Held 8'568'474 6'627'558 4'049'382 3'917'000 1'652'413 1'264'736 1'196'861 1'013'740 968'495 952'220 930'502 850'000 821'510 818'535 656'494 533'200 444'700 399'700 385'000 321'000

% Out 9.3 7.19 4.4 4.25 1.79 1.37 1.3 1.1 1.05 1.03 1.01 0.92 0.89 0.89 0.71 0.58 0.48 0.43 0.42 0.35

Weighting

Change 3 3 5 5 5 5 5 5

M M M M M M M M

Latest Chg (1'044'783) 365'169 (992'666) (633'099) (232'219) (47'000) (132'195) (96'778) (224'221) (175'960) (72'716) 1'320 30'000 164'900 171'000 (15'400) (11'600)

Target Price 109 110 125 120 145 125 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 26.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 18 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Unclassified Hedge Fund Manager Hedge Fund Manager Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Unclassified

Date 14.03.2013 25.02.2013 31.01.2013 29.01.2013 17.12.2012 16.11.2012 10.08.2012 18.11.2011


27.03.2013

Regeneron Pharmaceuticals Inc Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REGN UW EQUITY YTD Change REGN UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 188.93 107.33 74'282.00 169.83 -10.11% 58.23% 76.59% 95.4 16'545.40 455.95 0.0 0.0 579.33 16'422.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 238.5 4.39x (75.0) (79.1) -

200 180 160 140 120 100 80 60 40 20 0 m-12

31.12.2009 31.12.2010 379.3 459.1 4.56x (59.9) (77.8) (67.8) (104.5) Profitability

LTM-4Q 31.12.2011 445.8 10.71x (174.1) (221.8) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'378.5 11.98x 494.7 33.40x 750.3 25.34x 494.65 457.71 33.20% 30.06% 44.08% 86.68% 0.81% 93.9% 35.9% 33.2% 54.4% 7.37 6.12 21.92% 36.61% 3.46 -

Price/ Cash Flow

12/yy 445.8 42.33x (174.1) 0.00x (221.8) 0.00x

LTM 12/yy 1'378.5 38.30x 494.7 33.40x 750.3 25.88x

FY+1

0.00 0.79 77.37 3.84 46.17% -0.72% 0.791 18 4.111 99'267 193'540 217'256 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'881.2 2'291.6 423.4 457.1 8.14x 6.23x 758.0 1'156.0 168.0 189.7 21.66x 14.21x 20.59x 618.6 875.7 145.1 158.3 33.39x 25.00x 29.39x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.92 9.83 -0.25 0.92 36.6% 26.8% 0.81 3.69 105.69 144.46 -

Sales/Revenue/Turnover

70.00

1'600.0

60.00

1'400.0 1'200.0

50.00

1'000.0 40.00

800.0 30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Regeneron Pharmaceuticals Inc Holdings By:

All

Holder Name SANOFI AVENTIS CAPITAL GROUP COMPAN FMR LLC T ROWE PRICE ASSOCIA BLACKROCK WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE ARTISAN PARTNERS HOL JP MORGAN VANGUARD GROUP INC STATE STREET YANCOPOULOS GEORGE D INVESCO LTD TOUCHSTONE ADVISORS JANUS CAPITAL MANAGE DEUTSCHE BANK AG PINNACLE ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL GCIC LTD/CANADA

Firm Name Credit Suisse Jefferies Lazard Capital Markets RBC Capital Markets Barclays Roth Capital Partners Leerink Swann & Co Robert W. Baird & Co EVA Dimensions BMO Capital Markets Goldman Sachs Brean Murray Carret & Co JPMorgan Cowen and Company Piper Jaffray Deutsche Bank

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE ARTISAN PARTNERS LP n/a VANGUARD GROUP INC n/a n/a INVESCO LTD Multiple Portfolios n/a DEUTSCHE BANK AKTIEN PINNACLE ASSOCIATES NORTHERN TRUST CORPO BANK OF NEW YORK MEL GOODMAN & COMPANY IN

Analyst JASON KANTOR BIREN AMIN JOSHUA SCHIMMER ADNAN BUTT YING HUANG JOSEPH PANTGINIS JOSEPH P SCHWARTZ CHRISTOPHER J RAYMOND ANDREW S ZAMFOTIS JIM BIRCHENOUGH TERENCE FLYNN JONATHAN M ASCHOFF GEOFFREY MEACHAM PHILIP NADEAU EDWARD A TENTHOFF ROBYN KARNAUSKAS

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG Form 4 13F MF-AGG ULT-AGG 13F 13F 13F 13F 13F

Recommendation outperform hold neutral outperform overweight buy outperform outperform hold outperform buy/attractive hold neutral neutral neutral buy

Amt Held 15'816'953 14'536'840 14'104'017 6'746'671 5'977'244 3'857'640 3'223'869 3'119'564 2'525'132 2'517'641 2'477'586 1'122'864 1'029'377 828'000 803'814 795'113 766'916 765'640 747'954 599'800

% Out 16.58 15.24 14.79 7.07 6.27 4.04 3.38 3.27 2.65 2.64 2.6 1.18 1.08 0.87 0.84 0.83 0.8 0.8 0.78 0.63

Weighting

Change 5 3 3 5 5 5 5 5 3 5 5 3 3 3 3 5

M M M M N M M M U M M M M M M M

Latest Chg 1'017'401 (2'346'800) 3'344'742 (618'760) (228'913) (610'504) 36'747 460'591 (1'010'842) (8'774) 50'846 964'817 22'000 (153'262) (5'936) (154'017) 70'587 (9'490) 9'100

Target Price 187 179 #N/A N/A 190 194 200 #N/A N/A 205 #N/A N/A 192 196 #N/A N/A 150 #N/A N/A 140 190

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 13.10.2010 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 19.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 9 month Not Provided 12 month 12 month

Date 19.03.2013 19.03.2013 03.03.2013 28.02.2013 28.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 25.10.2012


27.03.2013

Ross Stores Inc Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2012) 52-Week Low (27.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROST UW EQUITY YTD Change ROST UW EQUITY YTD % CHANGE

01/2013 02/yy 70.82 52.02 581'610.00 59.43 -16.08% 14.24% 39.41% 222.4 13'216.08 150.00 0.0 0.0 647.85 12'718.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

70

3.5 M

60

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 6'486.1 0.55x 637.0 5.61x 305.4 12.63x

80

31.01.2010 31.01.2011 7'184.2 7'866.1 0.70x 0.90x 885.2 1'067.3 5.68x 6.60x 442.8 554.8 12.97x 14.14x Profitability

LTM-4Q 31.01.2012 8'608.3 1.29x 1'223.4 9.07x 657.2 17.86x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 9'721.1 1'457.2 786.8 16.84x 1'457.24 1'271.75 13.08% 13.01% 22.57% 48.27% 44.44% 2.79% 27.9% 15.0% 13.1% 8.1% 1.43 0.50 4.09% 8.49% 176.00 5.99

Price/ Cash Flow

LTM

01/yy 8'608.3 4.32x 1'223.4 9.07x 657.2 17.86x

02/yy 9'721.1 4.22x 1'457.2 0.00x 786.8 16.84x

FY+1

0.71 0.81 215.88 2.49 1.70% 10.07% 0.808 27 4.148 841'292 780'176 762'241 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 10'266.2 10'979.2 2'513.9 2'505.0 1.24x 1.17x 5.08x 5.09x 1'578.2 1'718.9 423.9 381.6 8.06x 7.40x 8.01x 7.75x 834.3 909.0 227.1 199.7 15.44x 13.73x 15.45x 14.92x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

08.06.2011 BBB+ POS 210.98 149.53 -0.34 0.10 8.5% 7.8% 2.79 7.11 2.11 61.89 41.05 22.94

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Ross Stores Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA INVESCO LTD BANK OF NEW YORK MEL JP MORGAN AMERIPRISE FINANCIAL MACKAY SHIELDS LLC NORTHERN TRUST CORPO ORBAN GEORGE P JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M SUN LIFE FINANCIAL I AKRE CAPITAL MANAGEM TIAA CREF INVESTMENT

Firm Name ISI Group Morgan Stanley RBC Capital Markets William Blair & Co Johnson Rice & Co FBR Capital Markets Buckingham Research Group Sterne, Agee & Leach Avondale Partners LLC Wells Fargo Securities, LLC MKM Partners Telsey Advisory Group EVA Dimensions Credit Suisse Jefferies Stifel Canaccord Genuity Corp Piper Jaffray Northcoast Research CL King & Associates S&P Capital IQ BMO Capital Markets Deutsche Bank JPMorgan Crowell, Weedon & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA INVESCO LTD BANK OF NEW YORK MEL n/a AMERIPRISE FINANCIAL Multiple Portfolios NORTHERN TRUST CORPO n/a JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M n/a AKRE CAPITAL MANAGEM TIAA-CREF INVESTMENT

Analyst OMAR SAAD KIMBERLY GREENBERGER HOWARD TUBIN DANIEL H HOFKIN DAVID M MANN DUTCH FOX DAVID J GLICK IKE BORUCHOW MARK K MONTAGNA EVREN DOGAN KOPELMAN PATRICK G MCKEEVER JR DANA TELSEY CRAIG STERLING MICHAEL B EXSTEIN RANDAL J KONIK RICHARD E JAFFE LAURA A CHAMPINE ALEX J FUHRMAN JEFFERY STEIN MORRY BROWN JASON ASAEDA JOHN D MORRIS MICHAEL BAKER BRIAN J TUNICK SCOTT M SWANSON

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F MF-AGG 13F Form 4 13F 13F 13F ULT-AGG 13F 13F

Recommendation buy Equalwt/Cautious sector perform outperform overweight outperform neutral neutral market outperform market perform buy no rating system buy outperform hold hold hold overweight buy buy buy market perform buy neutral buy

Amt Held 28'175'226 16'672'005 11'478'180 8'870'387 7'836'463 7'065'366 5'910'719 4'282'701 3'849'624 3'771'842 3'661'156 3'258'732 2'977'172 2'756'802 2'716'295 2'597'864 2'509'699 1'962'013 1'937'709 1'711'027

% Out 12.67 7.5 5.16 3.99 3.52 3.18 2.66 1.93 1.73 1.7 1.65 1.47 1.34 1.24 1.22 1.17 1.13 0.88 0.87 0.77

Weighting

Change

5 3 3 5 5 5 3 3 4 3 5 #N/A N/A 5 5 3 3 3 5 5 5 5 3 5 3 5

M M M M M M M M M M M M U M M M M M M M M M U M M

Latest Chg (501'655) 1'851'549 (3'335'778) (28'658) 410'306 243'294 3'854'546 (765'265) (448'489) 2'972'491 (361'361) (782'991) 13'659 16'000 333'564 612'200 957'912 14'114 (10'813) (811'119)

Target Price 70 #N/A N/A 67 #N/A N/A #N/A N/A 69 60 60 66 #N/A N/A 68 64 #N/A N/A 68 55 #N/A N/A 65 71 65 70 64 58 66 60 70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month 18 month

Date 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013 14.03.2013 09.01.2013 03.12.2012 16.11.2012


27.03.2013

SanDisk Corp SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price/Volume 60

12/2012 12/yy 56.48 31.00 506'902.00 55.27 -2.14% 78.29% 95.25% 241.8 13'366.90 1'696.62 0.0 (4.3) 5'711.44 9'347.79

6.0 M 5.0 M 4.0 M

20

3.0 M 2.0 M

10 0 m-12

1.0 M .0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2009 31.12.2010 3'566.8 4'826.8 1.30x 1.69x 750.1 1'688.4 6.16x 4.83x 415.3 1'300.1 16.19x 9.17x Profitability

LTM-4Q 31.12.2011 5'662.1 1.40x 1'807.0 4.38x 987.0 12.36x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'052.5 1.24x 1'113.3 5.65x 417.4 25.11x 1'113.26 696.10 13.78% 12.41% 4.07% 5.83% 5.64% 0.49% 33.3% 22.0% 13.8% 8.3% 2.45 1.84 16.41% 23.36% 9.10 4.72

Price/ Cash Flow

01/yy 5'662.1 4.90x 1'807.0 4.38x 987.0 12.18x

LTM 12/yy 5'052.5 5.24x 1'113.3 5.65x 417.4 25.25x

FY+1

0.00 1.44 237.91 7.88 10.28% 26.88% 1.435 36 4.306 691'148 964'750 1'022'413 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'607.5 6'170.0 1'292.9 1'333.2 2.10x 1.81x 8.98x 8.66x 1'610.6 1'834.9 317.2 348.2 5.80x 5.09x 5.92x 5.71x 903.9 1'031.2 182.4 197.8 14.61x 13.10x 14.62x 14.15x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

20.12.2011 BB STABLE 9.30 5.22 -3.61 1.52 23.4% 18.9% 0.49 10.00 39.99 77.16 27.14 90.02

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 08.01.2010

7.0 M

30

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SNDK UW EQUITY YTD Change SNDK UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

40

Valuation Analysis

31.12.2008 3'351.4 0.15x (610.0) (1'986.6) -

9.0 M

50

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

SanDisk Corp Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME FMR LLC STATE STREET PRIMECAP MANAGEMENT MORGAN STANLEY BANK OF NEW YORK MEL WELLINGTON MANAGEMEN EDINBURGH PARTNERS L VIKING GLOBAL INVEST LEGG MASON INC KENSICO CAPITAL MANA DISCOVERY CAPITAL MA NEUBERGER BERMAN LLC NORTHERN TRUST CORPO HARARI ELI NORGES BANK INVESCO LTD

Firm Name Credit Agricole Securities (USA) Sterne, Agee & Leach Robert W. Baird & Co Susquehanna Financial Group Pacific Crest Securities Cowen and Company MKM Partners Sanford C. Bernstein & Co Argus Research Corp Raymond James B Riley & Company, Inc Piper Jaffray RBC Capital Markets Macquarie Morgan Stanley Goldman Sachs Wedbush Cross Research Lazard Capital Markets Stifel Needham & Co EVA Dimensions Nomura Deutsche Bank JPMorgan Jefferies S&P Capital IQ Gabelli & Co Credit Suisse Tigress Financial Partners JMP Securities BOE Securities

Portfolio Name n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA CLEARBRIDGE INVESTME n/a n/a PRIMECAP MANAGEMENT n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN EDINBURGH PARTNERS L VIKING GLOBAL INVEST Multiple Portfolios KENSICO CAPITAL MANA DISCOVERY CAPITAL MA NEUBERGER BERMAN GRO NORTHERN TRUST CORPO n/a NORGES BANK INVESCO LTD

Analyst RYAN GOODMAN VIJAY R RAKESH TRISTAN GERRA MEHDI HOSSEINI MONIKA GARG TIMOTHY M ARCURI DANIEL A BERENBAUM MARK C NEWMAN JAMES KELLEHER HANS C MOSESMANN CRAIG ELLIS JAGADISH IYER DOUG FREEDMAN DEEPON NAG JOSEPH MOORE JAMES SCHNEIDER BETSY VAN HEES STEVEN B FOX DANIEL L AMIR KEVIN E CASSIDY RAJVINDRA S. GILL ANDREW S ZAMFOTIS SIDNEY HO BOB GUJAVARTY HARLAN SUR SUNDEEP BAJIKAR ANGELO ZINO HENDI SUSANTO JOHN W PITZER IVAN FEINSETH ALEX GAUNA BINDAL PARIKH TOTLANI

Source ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F Form 5 13F 13F

Recommendation underperform buy neutral Positive outperform neutral neutral outperform buy outperform buy overweight outperform outperform Overwt/In-Line buy/attractive outperform buy buy buy buy sell buy hold neutral buy buy buy outperform strong buy market perform buy

Amt Held 17'359'506 14'144'750 13'772'396 10'649'095 9'770'368 9'546'595 7'073'816 5'720'676 5'493'814 4'819'428 4'511'060 4'482'305 4'451'294 4'244'000 3'585'900 3'510'069 3'388'893 3'283'017 2'897'220 2'626'387

% Out 7.18 5.85 5.69 4.4 4.04 3.95 2.92 2.37 2.27 1.99 1.87 1.85 1.84 1.75 1.48 1.45 1.4 1.36 1.2 1.09

Weighting

Change 1 5 3 4 5 3 3 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 5 3 3 5 5 5 5 5 3 5

M M M M M M M M M M M M M N M M M M M M M D M M M M D M M N M M

Latest Chg 519'757 273'650 (4'813'870) 173'278 (2'981'651) 113'023 147'100 (297'990) 389'070 (177'894) 3'542'305 41'763 1'084'200 2'131'900 (259'067) (38'398) (3'685'038) (245'762)

Target Price 58 60 47 70 56 #N/A N/A 43 65 65 62 67 60 65 65 60 58 55 60 58 54 60 #N/A N/A 55 45 56 59 58 #N/A N/A 55 #N/A N/A #N/A N/A 46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 02.01.2011 n/a 31.12.2012 Government 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 27.03.2013 26.03.2013 25.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 14.03.2013 13.03.2013 13.03.2013 04.03.2013 27.02.2013 14.02.2013 08.02.2013 04.02.2013 01.02.2013 31.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 02.11.2012 17.10.2012 01.08.2012


27.03.2013

SBA Communications Corp SBA Communications Corporation owns and operates wireless communications infrastructure in the United States. The Company offers both site leasing and site development services. SBA leases antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. The Company also offers site development consulting and construction.

Price/Volume 80

50

12/2012 12/yy 74.00 49.37 225'922.00 71.82 -2.95% 45.47% 91.15% 127.0 9'117.87 5'356.10 0.0 11.7 238.57 14'247.12

1.0 M

30 20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2009 31.12.2010 555.5 626.6 11.38x 11.93x 322.2 369.0 19.62x 20.25x (140.9) (194.7) Profitability

LTM-4Q 31.12.2011 698.2 11.49x 432.4 18.56x (126.5) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 954.1 14.82x 602.4 23.47x (181.0) 602.43 193.96 20.33% -18.56% -3.55% 0.19% 70.7% 63.1% 20.3% -19.0% 0.43 0.32 81.21% 820.24% 31.18 13.54

Price/ Cash Flow

12/yy 698.2 42.53x 432.4 18.56x (126.5) 0.00x

LTM 12/yy 954.1 47.67x 602.4 23.47x (181.0) 0.00x

FY+1

0.00 0.80 125.64 18.65 41.66% 1.13% 0.803 21 4.619 415'883 593'632 529'956 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'221.8 1'310.2 301.8 301.8 11.72x 11.11x 47.64x 47.97x 761.6 837.5 184.9 188.5 18.71x 17.01x 18.70x 18.33x (125.6) (53.6) (32.2) (34.4) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.04.2012 B+ STABLE 3.07 2.49 8.49 8.89 820.2% 89.0% 0.19 0.45 11.74 27.04 25.93 12.85

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

1.5 M

40

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBAC UW EQUITY YTD Change SBAC UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

60

Valuation Analysis

31.12.2008 475.0 8.91x 258.1 16.40x (67.2) -

2.5 M

70

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

SBA Communications Corp Holdings By:

All

Holder Name FMR LLC WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP VANGUARD GROUP INC BLACKROCK TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE AMERICAN CENTURY COM MACKAY SHIELDS LLC CITADEL ADVISORS LLC INVESCO LTD WILLIAM BLAIR & COMP TIAA CREF INVESTMENT FRANKLIN RESOURCES PRUDENTIAL FINANCIAL POINTSTATE CAPITAL JANUS CAPITAL MANAGE STATE STREET

Firm Name Wells Fargo Securities, LLC Macquarie Stifel Evercore Partners Pacific Crest Securities Cowen and Company RBC Capital Markets Piper Jaffray Morgan Stanley Canaccord Genuity Corp JPMorgan Raymond James Nomura Atlantic Equities LLP New Street Research Goldman Sachs Deutsche Bank EVA Dimensions S&P Capital IQ

Portfolio Name n/a WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP VANGUARD GROUP INC n/a TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE AMERICAN CENTURY COM Multiple Portfolios CITADEL ADVISORS LLC INVESCO LTD WILLIAM BLAIR & COMP TIAA-CREF INVESTMENT n/a n/a POINTSTATE CAPITAL L n/a n/a

Analyst JENNIFER M FRITZSCHE KEVIN SMITHEN BEN LOWE JONATHAN SCHILDKRAUT MICHAEL BOWEN COLBY SYNESAEL JONATHAN ATKIN CHRISTOPHER M LARSEN SIMON FLANNERY GREGORY MILLER PHILIP CUSICK RICHARD H PRENTISS JR MICHAEL L MCCORMACK CHRISTOPHER WATTS JONATHAN CHAPLIN JASON ARMSTRONG BRETT FELDMAN ANDREW S ZAMFOTIS JAMES G MOORMAN

Source ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG

Recommendation outperform neutral buy overweight outperform outperform top pick overweight Overwt/In-Line buy overweight strong buy buy neutral buy buy/attractive buy sell buy

Amt Held 12'208'555 6'338'878 6'263'342 5'888'125 5'855'874 5'682'550 5'501'746 5'253'590 4'427'000 4'204'203 3'516'522 3'289'965 3'083'619 2'946'325 2'928'535 2'740'060 2'646'346 2'522'500 2'434'513 2'375'509

% Out 9.62 4.99 4.93 4.64 4.61 4.48 4.33 4.14 3.49 3.31 2.77 2.59 2.43 2.32 2.31 2.16 2.08 1.99 1.92 1.87

Weighting

Change 5 3 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 1 5

M M M M M M M M M M M M M M M M M M M

Latest Chg 140'821 81'285 (53'029) 145'095 (4'426) (617'000) (178'257) 1'508'618 (30'000) 1'134'458 (29'000) 1'631'825 1'352'937 (875'071) 404'165 (158'405) 117'525 1'373'100 (461'740) 136'640

Target Price #N/A N/A 77 83 83 98 #N/A N/A 85 83 77 85 80 81 85 73 75 78 85 #N/A N/A 84

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month

Date 15.03.2013 13.03.2013 13.03.2013 12.03.2013 07.03.2013 06.03.2013 01.03.2013 26.02.2013 24.02.2013 24.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 22.01.2013 15.01.2013 15.01.2013 02.01.2013


27.03.2013

Seagate Technology PLC Seagate Technology PLC designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems. The Company also provides data storage services for businesses, including online backup, data protection and recovery solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STX UW EQUITY YTD Change STX UW EQUITY YTD % CHANGE

06/2012 12/yy 37.94 21.62 2'574'079.00 35.88 -5.43% 65.96% 87.38% 358.9 12'875.94 2'863.00 0.0 0.0 2'118.00 13'835.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

35

35.0 M

30

30.0 M

25

25.0 M

20

20.0 M

15

15.0 M

10

10.0 M

5

5.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 12'708.0 0.81x 2'308.0 4.48x 1'262.0 7.46x

40

30.06.2009 30.06.2010 9'805.0 11'395.0 0.63x 0.54x 796.0 2'643.0 7.82x 2.34x (3'125.0) 1'609.0 4.12x Profitability

LTM-4Q 30.06.2011 10'971.0 0.67x 1'578.0 4.63x 511.0 14.10x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 14'939.0 0.71x 3'926.0 2.68x 2'862.0 3.80x 3'926.00 3'112.00 20.83% 19.29% 36.10% 101.41% 56.94% 1.82% 31.4% 26.4% 21.1% 19.2% 1.86 1.31 28.33% 81.87% 9.97 13.71

Price/ Cash Flow

LTM

12/yy 11'560.0 2.36x 1'968.0 4.23x 915.0 7.42x

12/yy 16'332.0 2.89x 4'319.0 2.70x 3'233.0 3.96x

FY+1

4.24 1.32 310.27 31.65 36.81% 17.72% 1.324 28 3.000 1'242'354 1'427'760 1'921'287 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 14'137.3 13'697.0 3'386.7 3'357.1 0.97x 0.95x 3.76x 3.74x 3'100.1 2'935.5 704.3 696.3 4.46x 4.71x 4.59x 4.48x 1'976.6 1'821.5 425.9 429.7 6.91x 6.64x 7.06x 6.79x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.03.2011 BB+ STABLE 16.29 13.65 0.22 0.65 81.9% 45.0% 1.82 7.36 36.50 26.55 51.46 1.17

Sales/Revenue/Turnover

12.00

16'000.0 14'000.0

10.00

12'000.0 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Seagate Technology PLC Holdings By:

All

Holder Name SAMSUNG ELECTRONICS FMR LLC LEGG MASON INC VANGUARD GROUP INC CLEARBRIDGE INVESTME BLACKROCK STATE STREET ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT BANK OF NEW YORK MEL GREENLIGHT CAPITAL I NORGES BANK FIRST TRUST INVESCO LTD ROBECO INVESTMENT MG BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BARCLAYS PLC JANUS CAPITAL MANAGE

Firm Name Brean Murray Carret & Co Longbow Research Wells Fargo Securities, LLC Tigress Financial Partners BMO Capital Markets Daiwa Securities Co. Ltd. Pacific Crest Securities Lazard Capital Markets Stifel Barclays Argus Research Corp Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets JPMorgan Needham & Co Robert W. Baird & Co Evercore Partners Noble Financial Group S&P Capital IQ Craig-Hallum Capital Group LLC Cross Research Credit Agricole Securities (USA) FBN Securities EVA Dimensions Wedge Partners

Portfolio Name n/a n/a n/a VANGUARD GROUP INC CLEARBRIDGE INVESTME n/a n/a ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT BANK OF NEW YORK MEL GREENLIGHT CAPITAL I NORGES BANK n/a INVESCO LTD ROBECO INVESTMENT MA BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO n/a n/a

Analyst ANANDA BARUAH JOE WITTINE MAYNARD UM IVAN FEINSETH KEITH F BACHMAN YOKO YAMADA MONIKA GARG EDWARD PARKER AARON C RAKERS BENJAMIN A REITZES JAMES KELLEHER SHERRI SCRIBNER KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI MARK A MOSKOWITZ RICHARD J KUGELE JAYSON NOLAND SR ROBERT CIHRA MARK S MILLER ANGELO ZINO CHRISTIAN SCHWAB STEVEN B FOX AVI SILVER SHEBLY SEYRAFI ANDREW S ZAMFOTIS KIRK ADAMS

Source Form 3 ULT-AGG RNS-MAJ 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG

Recommendation buy neutral market perform buy market perform neutral sector perform buy hold underweight hold hold Equalwt/In-Line neutral/neutral sector perform underweight hold neutral equalweight hold sell buy hold underperform sector perform buy no rating system

Amt Held 45'239'490 31'929'428 23'472'945 22'855'845 19'056'988 15'824'233 12'445'351 10'436'769 9'947'957 8'890'851 8'370'896 7'870'096 6'463'432 6'463'429 5'381'133 4'189'394 4'022'832 3'744'195 3'325'324 3'306'052

% Out 12.61 8.9 6.54 6.37 5.31 4.41 3.47 2.91 2.77 2.48 2.33 2.19 1.8 1.8 1.5 1.17 1.12 1.04 0.93 0.92

Weighting

Change

5 3 3 5 3 3 3 5 3 1 3 3 3 3 3 1 3 3 3 3 1 5 3 1 3 5 #N/A N/A

M M M N M U M M M D M M M M M M M M D M M M M M D M M

Latest Chg (771'386) (493'828) (357'691) 3'016'421 (1'069'926) (11'717) (575'260) 1'200'912 (8'217'244) 4'757'641 (1'143) (907'092) (866'533) 3'049'571 2'460'369 (142'206) 2'707'096 (298'500)

Target Price 39 #N/A N/A #N/A N/A #N/A N/A 35 36 #N/A N/A 42 #N/A N/A 29 #N/A N/A 40 #N/A N/A 29 35 20 #N/A N/A 35 36 25 31 40 39 35 40 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 27.01.2012 Corporation 31.12.2012 Investment Advisor 22.11.2010 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 9 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 26.03.2013 20.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 06.03.2013 11.02.2013 06.02.2013 31.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 15.01.2013 14.01.2013


27.03.2013

Sears Holdings Corp Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance.

Price/Volume 80

4.5 M

70

4.0 M

60

3.5 M 3.0 M

50

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (28.12.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHLD UW EQUITY YTD Change SHLD UW EQUITY YTD % CHANGE

01/2013 02/yy 68.74 38.40 128'265.00 50.89 -25.97% 32.53% 41.17% 106.4 5'413.99 3'120.00 0.0 417.0 609.00 8'341.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 46'770.0 0.21x 1'592.0 6.28x 53.0 24.21x

2.5 M

40

31.01.2010 31.01.2011 44'043.0 42'664.0 0.27x 0.24x 1'664.0 1'239.0 7.14x 8.26x 235.0 133.0 83.42x 68.54x Profitability

LTM-4Q 31.01.2012 41'567.0 0.18x (63.0) (3'140.0) -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 39'854.0 0.20x (146.0) (930.0) -146.00 -976.00 -2.45% -2.53% -4.57% -26.44% 1.96% 26.4% -0.4% -2.4% -2.3% 1.10 0.15 16.13% 113.25% 59.93 3.68

Price/ Cash Flow

LTM

01/yy 41'567.0 1.01x (63.0) 0.00x (3'140.0) 0.00x

02/yy 39'854.0 0.88x (146.0) 0.00x (930.0) 0.00x

FY+1

0.00 1.59 42.97 8.66 -22.97% 23.04% 1.593 7 2.143 100'719 228'157 277'303 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 36'896.3 36'739.0 8'156.0 8'477.0 0.22x 0.22x 605.0 678.0 13.79x 12.30x (285.5) (235.5) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

05.01.2012 CCC+ STABLE -0.55 -1.96 -21.37 113.2% 49.6% 1.96 6.31 6.19 100.94 36.94 70.19

Sales/Revenue/Turnover

70.00

60'000.0

60.00

50'000.0

50.00

40'000.0

40.00

30'000.0 30.00

20'000.0 20.00

10'000.0

10.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Sears Holdings Corp Holdings By:

All

Holder Name RBS PARTNERS L P RBS PARTNERS L P LAMPERT EDWARD S FAIRHOLME CAPITAL MA TISCH THOMAS J HORIZON KINETICS STATE STREET VANGUARD GROUP INC BLACKROCK INVESCO LTD FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AG UOB GLOBAL STRATEGIE BARCLAYS PLC AKRE CAPITAL MANAGEM

Firm Name ISI Group Argus Research Corp Credit Suisse EVA Dimensions Longbow Research S&P Capital IQ Imperial Capital LLC

Portfolio Name RBS PARTNERS L P n/a n/a FAIRHOLME CAPITAL MA n/a n/a n/a VANGUARD GROUP INC n/a INVESCO LTD FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AKTIEN Multiple Portfolios n/a AKRE CAPITAL MANAGEM

Analyst GREGORY MELICH CHRISTOPHER GRAJA GARY BALTER CRAIG STERLING DAVID S MACGREGOR JASON ASAEDA MARY ROSS-GILBERT

Source 13F 13D 13D 13F PROXY ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG ULT-AGG 13F

Recommendation sell hold underperform overweight not rated hold underperform

Amt Held 36'334'181 33'856'069 25'041'046 18'146'573 3'869'816 3'047'600 2'515'679 1'722'598 1'446'408 1'114'743 1'106'100 948'073 905'445 683'700 344'220 325'000 323'511 306'600 300'019 300'000

% Out 34.15 31.82 23.54 17.06 3.64 2.86 2.36 1.62 1.36 1.05 1.04 0.89 0.85 0.64 0.32 0.31 0.3 0.29 0.28 0.28

Weighting

Change

1 3 1 5 #N/A N/A 3 1

M M M U M M M

Latest Chg (5'939'961) (2'478'112) 1'212'493 (58'140) (84'798) 106'510 52'457 (1'864) (109'420) 406'900 (10'500) 905'445 (54'262) 125'000 (241'439) 3'400 16'219 -

Target Price 22 #N/A N/A 20 #N/A N/A #N/A N/A 44 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 20.03.2013 20.03.2013 31.12.2012 10.02.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Hedge Fund Manager Hedge Fund Manager n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Hedge Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Hedge Fund Manager

Date 24.03.2013 05.03.2013 04.03.2013 01.03.2013 14.01.2013 08.01.2013 02.05.2012


27.03.2013

Sigma-Aldrich Corp Sigma-Aldrich Corporation develops, manufactures, purchases and distributes a broad range of chemicals, biochemicals and equipment. The Company's chemical products and kits are used in scientific research, including genomic and proteomic, biotechnology, pharmaceutical development and as key components in pharmaceutical, diagnostic and other high technology manufacturing.

Price/Volume

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.2 M 1.0 M

60

12/2012 12/yy 79.32 66.52 258'702.00 76.58 -3.45% 15.12% 78.59% 120.4 9'223.67 683.00 0.0 0.0 724.00 9'182.67

50

.8 M

40

.6 M

30

.4 M

20

.2 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'200.7 2.56x 602.4 9.35x 341.5 15.94x

1.4 M

80 70

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIAL UW EQUITY YTD Change SIAL UW EQUITY YTD % CHANGE

90

31.12.2009 31.12.2010 2'147.6 2'271.0 2.96x 3.56x 601.2 675.0 10.57x 11.99x 346.7 384.0 17.74x 21.33x Profitability

LTM-4Q 31.12.2011 2'505.0 2.96x 761.0 9.74x 457.0 16.61x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 2'623.0 3.35x 809.0 10.86x 460.0 19.11x 809.00 673.00 25.66% 24.97% 12.96% 19.39% 15.56% 0.74% 51.4% 30.8% 25.7% 17.5% 2.75 1.54 17.88% 26.83% 7.77 1.84

Price/ Cash Flow

12/yy 2'505.0 12.45x 761.0 9.74x 457.0 16.61x

LTM 12/yy 2'623.0 13.58x 809.0 10.86x 460.0 19.01x

FY+1

1.04 1.07 120.05 7.08 4.54% 4.37% 1.071 17 3.118 292'191 216'868 201'204 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'712.2 2'839.9 673.2 683.7 3.30x 3.00x 13.54x 13.27x 833.2 885.3 199.2 206.1 11.02x 10.37x 11.16x 10.95x 499.2 533.4 121.8 125.8 18.51x 17.31x 18.52x 18.23x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

28.09.2011 A+ STABLE 04.02.2004 A-1 202.25 173.75 -0.05 0.84 26.8% 21.2% 0.74 3.30 47.09 199.35 41.69 204.75

Sales/Revenue/Turnover

20.00

3'000.0

18.00

2'500.0

16.00 14.00

2'000.0

12.00

1'500.0

10.00 8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Sigma-Aldrich Corp Holdings By:

All

Holder Name STATE FARM MUTUAL AU CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE FARM MUTUAL AU BLACKROCK BANK OF NEW YORK MEL STATE STREET WELLINGTON MANAGEMEN STATE FARM INSURANCE FMR LLC HARDING LOEVNER LP WELLS FARGO INVESCO LTD JP MORGAN SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL FRANKLIN RESOURCES FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC

Firm Name First Analysis Corp Longbow Research KeyBanc Capital Markets Wells Fargo Securities, LLC Jefferies Robert W. Baird & Co Macquarie JPMorgan Leerink Swann & Co Mizuho Securities USA Inc Edward Jones EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs

Portfolio Name STATE FARM MUTUAL AU n/a VANGUARD GROUP INC STATE FARM MUTUAL AU n/a BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN Multiple Portfolios n/a HARDING LOEVNER LP n/a INVESCO LTD n/a SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL n/a FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC

Analyst TRACY MARSHBANKS DMITRY SILVERSTEYN MICHAEL J SISON TIM EVANS JON WOOD JEFF T ELLIOTT JONATHAN P GROBERG TYCHO W PETERSON DANIEL L LEONARD PETER R LAWSON MATT ARNOLD CRAIG STERLING PAUL R KNIGHT ISAAC RO

Source 13F ULT-AGG 13F Sch-D ULT-AGG 13F ULT-AGG 13F MF-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F

Recommendation equalweight neutral buy market perform hold outperform neutral neutral market perform neutral buy underweight outperform neutral/neutral

Amt Held 14'033'160 9'664'000 8'082'331 6'628'173 6'362'714 6'162'455 6'110'994 3'280'000 3'251'389 2'841'014 2'714'070 2'675'280 2'317'018 2'267'527 2'083'764 1'817'182 1'173'300 1'150'995 1'138'832 1'136'232

% Out 11.65 8.02 6.71 5.5 5.28 5.12 5.07 2.72 2.7 2.36 2.25 2.22 1.92 1.88 1.73 1.51 0.97 0.96 0.95 0.94

Weighting

Change 3 3 5 3 3 5 3 3 3 3 5 1 5 3

M M M M M M M M M M M D M M

Latest Chg 1'410'000 94'282 102'546 249'486 (100'000) 93'101 198'666 (10'687) (174'811) 111'294 (591'966) (13'366) 38'300 (2'553) (26'160) 9'630

Target Price #N/A N/A #N/A N/A 86 #N/A N/A 67 85 76 74 #N/A N/A 70 #N/A N/A #N/A N/A 89 72

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 9 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 14.03.2013 01.03.2013 07.02.2013 16.01.2013


27.03.2013

Sirius XM Radio Inc Sirius XM Radio Inc. broadcasts various channels of audio from its satellites. The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of news, sports, weather, talk, comedy, and public radio.

Price/Volume

12/2012 12/yy 3.25 1.75 4'587'365.00 3.085 -5.08% 76.01% 88.98% 6'559.0 20'234.47 2'435.22 0.0 0.0 520.95 22'148.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M 35.0 M 30.0 M

2

25.0 M

2

20.0 M 15.0 M

1

10.0 M

1

5.0 M

0 m-12

31.12.2009 31.12.2010 2'472.6 2'817.0 2.03x 3.21x 567.8 800.1 8.85x 11.30x (342.8) 43.1 54.34x Profitability

LTM-4Q 31.12.2011 3'014.5 3.01x 941.2 9.64x 427.0 26.00x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 3'402.0 5.03x 1'135.5 15.08x 3'472.7 32.11x 1'135.54 872.03 25.63% 13.95% 41.96% 146.41% 0.41% 63.9% 33.4% 25.6% 102.1% 0.79 0.27 26.89% 60.28% 32.74 39.63

Price/ Cash Flow

12/yy 3'014.5 12.53x 941.2 9.64x 427.0 26.00x

m-12

j-12

j-12

a-12

LTM 12/yy 3'402.0 15.43x 1'135.5 15.08x 3'472.7 5.35x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.00 1.02 3'258.62 399.79 39.48% 6.75% 1.016 17 4.059 4'832'309 8'801'510 7'508'776 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'811.3 4'176.9 910.0 940.0 6.06x 5.80x 24.47x 23.65x 1'160.8 1'418.9 256.6 273.7 19.08x 15.61x 19.56x 18.18x 606.3 746.1 151.7 166.5 31.16x 23.73x 30.54x 31.80x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

26.10.2011 BB STABLE 3.82 3.49 1.69 2.14 60.3% 37.6% 0.41 2.10 11.18 9.24 169.91 -149.49

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'664.0 1.97x (57.5) (5'313.3) -

45.0 M

3 3

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIRI UW EQUITY YTD Change SIRI UW EQUITY YTD % CHANGE

4

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Sirius XM Radio Inc Holdings By:

All

Holder Name LIBERTY RADIO LLC VANGUARD GROUP INC WELLINGTON MANAGEMEN BLACKROCK FMR LLC WINSLOW CAPITAL MANA OMEGA ADVISORS SAC CAPITAL ADVISORS MACKAY SHIELDS LLC STATE STREET INVESCO LTD COATUE MANAGEMENT LL ALGER MANAGEMENT INC BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE CAPITAL GROUP COMPAN NORTHERN TRUST CORPO HHR ASSET MANAGEMENT

Firm Name Evercore Partners Lazard Capital Markets Piper Jaffray Wunderlich Securities ISI Group EVA Dimensions Barrington Research Macquarie S&P Capital IQ Gabelli & Co Morgan Stanley RBC Capital Markets Maxim Group LLC Pivotal Research Group LLC Goldman Sachs Wedge Partners

Portfolio Name #N/A N/A VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a n/a WINSLOW CAPITAL MANA OMEGA ADVISORS INC SAC CAPITAL ADVISORS Multiple Portfolios n/a INVESCO LTD COATUE MANAGEMENT LL FRED ALGER MANAGEMEN BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE n/a NORTHERN TRUST CORPO HHR ASSET MANAGEMENT

Analyst BRYAN KRAFT BARTON CROCKETT JAMES M MARSH JR MATTHEW HARRIGAN VIJAY JAYANT CRAIG STERLING JAMES C GOSS AMY YONG TUNA AMOBI BRETT HARRISS BENJAMIN SWINBURNE DAVID BANK JOHN TINKER JEFFREY WLODARCZAK MATTHEW NIKNAM MARTIN PYYKKONEN

Source Form 4 13F 13F ULT-AGG ULT-AGG 13F 13F 13F MF-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation overweight buy overweight hold buy underweight outperform neutral buy sell Equalwt/In-Line sector perform buy buy buy/attractive no rating system

Amt Held 3'292'800'312 172'865'323 140'713'322 135'891'974 127'023'677 124'012'478 71'479'203 69'783'900 68'693'100 60'022'765 56'266'945 45'794'813 45'224'130 43'300'000 36'750'000 32'879'946 30'000'000 27'983'700 26'076'542 25'068'700

% Out 50.2 2.64 2.15 2.07 1.94 1.89 1.09 1.06 1.05 0.92 0.86 0.7 0.69 0.66 0.56 0.5 0.46 0.43 0.4 0.38

Latest Chg 1'293'509'076 27'210 12'403'250 (8'464'407) 42'264'166 124'012'478 7'546'900 (61'592'700) 1'049'754 7'889'974 (4'437'368) 17'004'984 (35'500'000) 36'750'000 30'945'906 10'000'000 11'026'600 2'195'735 (6'405'600)

Weighting

Change

Target Price

5 5 5 3 5 1 5 3 5 1 3 3 5 5 5 #N/A N/A

M M M M M U M D M M M M M M N M

4 4 3 3 4 #N/A N/A 4 3 4 #N/A N/A 3 3 4 4 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.01.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 18 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 18.03.2013 12.03.2013 27.02.2013 26.02.2013 20.02.2013 18.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 17.12.2012 02.11.2012


27.03.2013

Staples Inc Staples, Inc. retails office supplies, furniture, and technology. The Company's customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Price/Volume 18

25.0 M

16 20.0 M

14 12

15.0 M

10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2012) 52-Week Low (28.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPLS UW EQUITY YTD Change SPLS UW EQUITY YTD % CHANGE

01/2013 02/yy 16.89 10.57 1'165'910.00 13.31 -21.20% 25.92% 43.35% 668.4 8'895.76 1'989.10 0.0 7.9 1'334.30 9'558.50

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4

5.0 M

2 0 m-12

31.01.2010 31.01.2011 24'275.5 24'545.1 0.76x 0.70x 2'019.0 2'130.1 9.08x 8.09x 738.7 881.9 20.76x 17.71x Profitability

LTM-4Q 31.01.2012 24'664.8 0.48x 2'115.8 5.63x 984.7 11.44x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.01.2013 24'380.5 0.40x 2'015.4 4.81x (210.7) 15.89x 2'015.39 1'528.08 6.27% 1.09% -1.64% -3.21% -3.75% 1.91% 26.6% 8.2% 6.2% -0.9% 1.40 0.71 16.20% 32.46% 12.74 7.59

Price/ Cash Flow

j-12

j-12

LTM

01/yy 24'847.9 2.11x 2'106.6 5.66x 984.7 11.69x

a-12

02/yy 24'524.4 1.61x 2'000.0 4.85x (210.7) 15.53x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

3.31 1.08 662.27 76.96 -16.95% 17.81% 1.085 22 3.636 1'519'834 3'398'408 2'923'563 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 23'895.1 23'939.4 5'935.7 5'425.6 0.37x 0.36x 1.63x 1.80x 1'917.0 1'936.9 418.3 322.4 4.99x 4.93x 5.12x 5.00x 871.9 890.2 181.5 119.2 10.03x 9.35x 9.94x 9.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

02.07.2008 BBB STABLE 09.06.2008 A-2 12.40 10.25 0.33 0.99 32.5% 24.5% 1.91 12.13 29.12 48.87 42.66 35.53

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 05.02.2010

.0 M a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.01.2009 23'083.8 0.62x 2'094.4 6.82x 805.3 12.36x

10.0 M

6

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Staples Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC PZENA INVESTMENT MAN ALLIANZ ASSET MANAGE VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA INVESCO LTD MACQUARIE GROUP BANK OF NEW YORK MEL WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP SUN LIFE FINANCIAL I INTERNATIONAL VALUE JP MORGAN NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L AMERICAN INTERNATION EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Firm Name ISI Group Janney Montgomery Scott LLC Sanford C. Bernstein & Co Jefferies Argus Research Corp JPMorgan B Riley & Company, Inc Telsey Advisory Group Morgan Stanley Goldman Sachs Credit Suisse Edward Jones KeyBanc Capital Markets Oppenheimer & Co BB&T Capital Markets Nomura S&P Capital IQ Barclays EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a PZENA INVESTMENT MAN n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA INVESCO LTD n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN HARRIS ASSOC LP n/a INTERNATIONAL VALUE n/a NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L n/a EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Analyst GREGORY MELICH DAVID S STRASSER COLIN MCGRANAHAN DANIEL T BINDER CHRISTOPHER GRAJA CHRISTOPHER HORVERS SCOTT TILGHMAN JOSEPH I FELDMAN DAVID GOBER MATTHEW J FASSLER GARY BALTER BRIAN YARBROUGH BRADLEY B THOMAS BRIAN NAGEL ANTHONY CHUKUMBA ARAM RUBINSON IAN GORDON ALAN M RIFKIN CRAIG STERLING MICHAEL BAKER

Source ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F

Recommendation sell buy market perform hold buy overweight buy no rating system Equalwt/In-Line neutral/neutral outperform buy hold market perform buy neutral buy equalweight buy hold

Amt Held 56'637'268 43'906'031 39'176'664 31'134'639 29'294'133 28'893'250 21'366'148 20'406'686 19'929'275 19'007'702 17'292'484 15'647'400 13'838'509 12'570'879 12'213'457 10'927'474 9'822'560 9'014'859 6'428'000 6'222'400

% Out 8.47 6.57 5.86 4.66 4.38 4.32 3.2 3.05 2.98 2.84 2.59 2.34 2.07 1.88 1.83 1.63 1.47 1.35 0.96 0.93

Weighting

Change

1 5 3 3 5 5 5 #N/A N/A 3 3 5 5 3 3 5 3 5 3 5 3

M M M M M M M M M M M M M M M M M M M D

Latest Chg 6'485'929 (2'969'235) (715'650) 339'748 (2'812'132) 63'620 (797'005) 815'780 2'079'444 7'918'900 (5'699'100) 231'016 (539'530) 10'034'655 1'485'386 3'125'563 8'648'346 (128'903) -

Target Price 12 17 13 14 15 14 18 14 #N/A N/A 13 15 #N/A N/A #N/A N/A 12 16 15 15 13 #N/A N/A 11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

Date 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 18 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Date 24.03.2013 18.03.2013 12.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 15.01.2013 15.08.2012


27.03.2013

Starbucks Corp Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (16.04.2012) 52-Week Low (02.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBUX UW EQUITY YTD Change SBUX UW EQUITY YTD % CHANGE

09/2012 12/yy 62.00 43.05 379'981.00 56.97 -8.11% 32.33% 71.98% 749.3 42'687.62 549.60 0.0 5.5 2'037.00 40'783.22

8.0 M 7.0 M 6.0 M

40

5.0 M

30

4.0 M 3.0 M

20

2.0 M

10

1.0 M

0 m-12

30.09.2009 30.09.2010 9'774.6 10'707.4 1.50x 1.72x 1'335.8 1'865.1 10.94x 9.85x 390.8 945.6 23.89x 20.11x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 23.45x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

2'367.30 1'786.70 13.43% 15.48% 17.57% 28.85% 26.35% 1.67% 56.3% 17.9% 13.6% 10.4% 1.90 1.14 6.69% 10.76% 30.36 5.36

Price/ Cash Flow

m-12

j-12

j-12

LTM

01/yy 12'185.7 9.39x 2'126.5 15.47x 1'281.3 28.05x

a-12

12/yy 13'663.3 11.22x 2'445.7 15.34x 1'434.2 28.30x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

1.33 0.87 728.61 10.66 3.42% 6.65% 0.874 32 4.438 1'293'089 1'521'363 1'613'108 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 14'920.7 16'722.3 3'582.4 3'719.2 2.81x 2.49x 11.60x 11.15x 3'034.9 3'589.7 688.9 752.4 13.45x 11.37x 12.81x 12.32x 1'644.3 1'983.0 366.6 408.0 26.33x 21.69x 24.73x 23.66x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.78 0.22 10.8% 9.7% 1.67 5.40 11.99 67.96 23.01 53.00

Sales/Revenue/Turnover

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.10.2009

.0 M a-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

60 50

Valuation Analysis

30.09.2008 10'383.0 1.15x 1'261.7 9.47x 315.5 21.07x

70

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Starbucks Corp Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN AMERICAN CENTURY COM BROWN ADVISORY INC TIAA CREF INVESTMENT ALLIANCE BERNSTEIN NORGES BANK MARSICO CAPITAL MANA

Firm Name Stephens Inc Piper Jaffray William Blair & Co Jefferies BMO Capital Markets Longbow Research Lazard Capital Markets Robert W. Baird & Co Sanford C. Bernstein & Co JPMorgan Oppenheimer & Co Morgan Stanley Wells Fargo Securities, LLC Edward Jones Telsey Advisory Group Argus Research Corp Janney Montgomery Scott LLC Buckingham Research Group McAdams Wright Ragen Inc Cowen and Company Atlantic Equities LLP Barclays RBC Capital Markets Credit Suisse Credit Agricole Securities (USA) EVA Dimensions Deutsche Bank Williams Capital Group S&P Capital IQ Goldman Sachs

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL INVESCO LTD n/a AMERICAN CENTURY COM n/a TIAA-CREF INVESTMENT n/a NORGES BANK MARSICO CAPITAL MANA

Analyst WILL SLABAUGH NICOLE MILLER REGAN SHARON M ZACKFIA ANDREW M BARISH PHILLIP JUHAN ALTON K STUMP MATTHEW J DIFRISCO DAVID E TARANTINO SARA H SENATORE JOHN W IVANKOE BRIAN J BITTNER JOHN S GLASS BONNIE HERZOG JACK P RUSSO PETER SALEH JOHN D STASZAK MARK D KALINOWSKI MITCHELL J SPEISER DAN GEIMAN PAUL L WESTRA ALISTAIR M SCOBIE JEFFREY A BERNSTEIN LARRY A MILLER KEITH SIEGNER DIANE GEISSLER CRAIG STERLING JASON WEST MARC RIDDICK JIM YIN MICHAEL KELTER

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG Form 4 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F

Recommendation overweight overweight outperform buy outperform buy buy outperform outperform overweight outperform Overwt/In-Line market perform hold no rating system buy buy buy hold neutral overweight equalweight sector perform outperform buy underweight buy market perform buy Buy/Neutral

Amt Held 36'552'911 36'386'396 35'633'395 34'345'408 33'027'380 28'587'974 18'875'169 12'738'762 11'555'223 10'787'280 10'729'471 9'639'589 9'401'174 8'540'739 8'369'222 7'623'782 6'680'224 6'621'549 5'994'504 5'938'815

% Out 4.88 4.86 4.76 4.58 4.41 3.82 2.52 1.7 1.54 1.44 1.43 1.29 1.25 1.14 1.12 1.02 0.89 0.88 0.8 0.79

Weighting

Change

5 5 5 5 5 5 5 5 5 5 5 5 3 3 #N/A N/A 5 5 5 3 3 5 3 3 5 5 1 5 3 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 1'474'627 (2'111'027) (13'662'548) 427'047 542'156 (1'050'000) (106'141) 4'664'754 303'498 1'274'414 (104'731) (2'276'793) (1'398'536) 2'216'565 7'567'551 (311'680) 1'675'484 528'915 (5'544'671)

Target Price 66 65 #N/A N/A 60 64 65 74 65 65 62 62 61 #N/A N/A #N/A N/A 64 64 65 62 58 #N/A N/A 65 56 63 66 69 #N/A N/A 60 55 58 62

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 26.03.2013 06.03.2013 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 25.03.2013 25.03.2013 22.03.2013 21.03.2013 19.03.2013 19.03.2013 17.03.2013 15.03.2013 11.03.2013 08.03.2013 07.03.2013 04.03.2013 28.02.2013 25.02.2013 10.02.2013 29.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013 15.01.2013 04.01.2013 12.12.2012 14.11.2012 08.10.2012


27.03.2013

Stericycle Inc Stericycle, Inc. provides regulated medical waste management services. The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SRCL UW EQUITY YTD Change SRCL UW EQUITY YTD % CHANGE

12/2012 12/yy 104.85 81.18 97'061.00 104.63 -0.21% 28.89% 99.07% 86.1 9'007.55 1'356.08 0.0 15.5 31.83 10'347.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

100

.5 M

80

.4 M

60

.3 M

40

.2 M

20

.1 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 1'083.7 4.82x 308.9 16.91x 148.7 30.10x

120

31.12.2009 31.12.2010 1'177.7 1'439.4 4.80x 5.52x 365.2 424.6 15.49x 18.70x 175.7 207.9 25.90x 31.98x Profitability

LTM-4Q 31.12.2011 1'676.0 4.77x 490.4 16.29x 234.8 27.53x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'913.1 4.89x 545.1 17.17x 268.0 28.27x 545.12 468.84 24.51% 21.81% 7.97% 19.56% 10.98% 0.57% 44.8% 29.1% 25.1% 14.0% 1.33 1.07 38.23% 87.95% 6.24 -

Price/ Cash Flow

12/yy 1'676.0 20.13x 510.2 15.66x 234.8 27.44x

LTM 12/yy 1'913.1 18.84x 556.3 16.83x 268.0 28.18x

FY+1

0.00 0.80 84.09 2.31 22.42% 12.18% 0.801 17 4.059 143'876 182'820 163'405 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'139.5 2'326.9 520.3 530.3 4.70x 4.22x 19.74x 19.28x 644.6 718.1 155.7 158.9 16.05x 14.41x 16.03x 15.63x 322.1 364.4 76.8 79.0 28.31x 25.04x 28.32x 27.44x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.07.2007 NR 10.55 9.29 2.38 2.44 88.0% 46.5% 0.57 6.08 58.65 24.42 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Stericycle Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN VANGUARD GROUP INC FMR LLC BLACKROCK WILLIAM BLAIR & COMP BROWN ADVISORY INC STATE STREET MORGAN STANLEY T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO SCHULER JACK W BNP PARIBAS INV PART JENNISON ASSOCIATES INVESCO LTD RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M BANK OF NEW YORK MEL TIAA CREF INVESTMENT JP MORGAN

Firm Name Oppenheimer & Co Robert W. Baird & Co Wedbush Northcoast Research Wellington Shields & Co. LLC William Blair & Co Goldman Sachs Avondale Partners LLC Barrington Research Barclays Morgan Stanley Raymond James Stifel Wunderlich Securities EVA Dimensions S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a n/a JENNISON ASSOCIATES INVESCO LTD RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M BANK OF NEW YORK MEL TIAA-CREF INVESTMENT n/a

Analyst SCOTT A SCHNEEBERGER DAVID J MANTHEY AL KASCHALK EDWIN SNYDER ELLIOTT LEO SCHLANG RYAN S DANIELS ISAAC RO RICHARD CLOSE KEVIN M STEINKE GARY E BISBEE DAVID R LEWIS WILLIAM H FISHER SHLOMO H ROSENBAUM MICHAEL E HOFFMAN CRAIG STERLING STEWART SCHARF

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F Form 5 ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation outperform neutral outperform buy hold outperform Buy/Neutral market perform outperform equalweight Equalwt/In-Line outperform buy hold underweight buy

Amt Held 8'000'000 5'094'418 5'056'747 4'301'701 3'860'777 3'807'649 3'510'378 2'223'645 2'010'215 1'340'632 1'284'891 1'188'539 1'088'554 978'232 964'000 935'357 920'001 892'357 847'832 825'400

% Out 9.29 5.92 5.87 5 4.48 4.42 4.08 2.58 2.34 1.56 1.49 1.38 1.26 1.14 1.12 1.09 1.07 1.04 0.98 0.96

Weighting

Change 5 3 5 5 3 5 5 3 5 3 3 5 5 3 1 5

M M M M M M M M M M M M M M M M

Latest Chg (2'910'000) 133'100 199'768 77'721 (106'937) (563'164) 137'464 (1'021'855) 579'900 (7'119) (419'965) (265'898) 513'193 (94'366) (54'400) (8'350) (227'790) (13'642) 93'050 50'821

Target Price 115 110 110 110 79 #N/A N/A 115 92 110 103 #N/A N/A 103 117 85 #N/A N/A 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided 6 month 18 month 12 month Not Provided Not Provided 12 month 12 month 18 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 25.03.2013 18.03.2013 18.03.2013 18.03.2013 18.03.2013 15.03.2013 13.03.2013 12.03.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 04.02.2013 15.01.2013 08.11.2012


27.03.2013

Symantec Corp Symantec Corporation provides security, storage and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage and control information risks related to security, data protection, storage, compliance and management.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYMC UW EQUITY YTD Change SYMC UW EQUITY YTD % CHANGE

03/2012 12/yy 24.90 13.06 2'021'781.00 24.57 -1.33% 88.13% 97.21% 689.2 16'933.37 2'039.00 0.0 78.0 3'211.00 15'757.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 5'874.4 2.38x 1'594.9 8.77x 463.9 22.13x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

25

31.03.2009 31.03.2010 6'150.0 5'985.0 2.12x 2.04x 1'927.0 1'790.0 6.76x 6.82x (6'786.0) 714.0 19.96x Profitability

LTM-4Q 31.03.2011 6'190.0 2.21x 1'648.0 8.31x 597.0 21.22x

31.03.2012 6'730.0 1.85x 1'795.0 6.93x 1'172.0 15.58x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'795.00 1'139.00 16.92% 21.84% 8.69% 23.17% 16.48% 0.52% 83.9% 26.8% 17.3% 17.4% 1.03 0.92 15.66% 40.03% 6.54 44.38

Price/ Cash Flow

12/yy 6'722.0 7.64x 1'831.0 6.09x 781.0 14.23x

LTM 12/yy 6'839.0 6.52x 1'834.0 6.18x 1'136.0 14.65x

FY+1

0.00 1.09 685.02 14.58 32.24% 30.62% 1.086 34 3.971 1'829'267 2'368'836 2'244'524 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 6'885.5 7'004.8 1'727.1 1'698.6 2.12x 1.91x 8.55x 8.79x 2'283.5 2'457.2 497.1 562.3 6.90x 6.41x 6.88x 6.54x 1'210.2 1'332.9 266.9 306.4 14.35x 12.76x 13.59x 12.82x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

13.09.2010 BBB STABLE 15.61 13.12 -0.64 1.68 40.0% 28.3% 0.52 6.27 55.62 8.20 93.23 -35.84

Sales/Revenue/Turnover

12.00

8'000.0 7'000.0

10.00

6'000.0 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0 2.00 0.00 03.04.2009

1'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Symantec Corp Holdings By:

All

Holder Name DODGE & COX BLACKROCK STATE STREET VANGUARD GROUP INC PRIMECAP MANAGEMENT FRANKLIN RESOURCES FMR LLC INVESCO LTD AMERIPRISE FINANCIAL CITADEL ADVISORS LLC UBS DEUTSCHE BANK AG BANK OF AMERICA CORP NORTHERN TRUST CORPO AJO, LP BANK OF NEW YORK MEL SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL THIRD POINT LLC RS INVESTMENT MANAGE

Firm Name Longbow Research Oppenheimer & Co RBC Capital Markets Credit Suisse Wells Fargo Securities, LLC Morgan Stanley Cowen and Company Cross Research B Riley & Company, Inc Lazard Capital Markets Jefferies JPMorgan Raymond James MKM Partners William Blair & Co JMP Securities Argus Research Corp Goldman Sachs First Analysis Corp Robert W. Baird & Co Stephens Inc FBR Capital Markets Macquarie Stifel Wunderlich Securities Barclays Topeka Capital Markets Inc Pacific Crest Securities EVA Dimensions Deutsche Bank GARP Research

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a n/a INVESCO LTD AMERIPRISE FINANCIAL CITADEL ADVISORS LLC n/a DEUTSCHE BANK AKTIEN BANK OF AMERICA NORTHERN TRUST CORPO AJO, LP BANK OF NEW YORK MEL SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL THIRD POINT LLC RS INVESTMENT MANAGE

Analyst KEVIN M BUTTIGIEG SHAUL EYAL ROBERT P BREZA PHILIP WINSLOW GRAY W POWELL KEITH WEISS GREGG MOSKOWITZ RICHARD T WILLIAMS DANIEL CUMMINS JOEL P FISHBEIN JR AARON SCHWARTZ JOHN DIFUCCI MICHAEL TURITS ISRAEL HERNANDEZ JONATHAN HO PATRICK WALRAVENS JOSEPH F BONNER GREG DUNHAM CRAIG NANKERVIS STEVEN M ASHLEY JONATHAN B RUYKHAVER DANIEL H IVES BRAD A ZELNICK TODD C WELLER BRIAN S FREED RAIMO LENSCHOW FREDERICK D ZIEGEL ROB D OWENS ANDREW S ZAMFOTIS THOMAS ERNST JR BRETT CARSON

Source 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation neutral market perform outperform outperform market perform Overwt/In-Line outperform buy buy neutral buy overweight market perform buy outperform market outperform buy Sell/Neutral equalweight neutral equalweight market perform outperform hold hold overweight hold sector perform buy hold neutral

Amt Held 58'417'616 37'276'207 35'181'951 32'536'487 31'667'369 26'186'565 25'051'948 20'962'410 19'069'170 12'558'686 11'901'387 10'723'533 10'434'459 8'851'837 8'659'900 8'646'838 8'206'507 7'995'572 6'700'000 6'523'851

% Out 8.48 5.41 5.1 4.72 4.59 3.8 3.63 3.04 2.77 1.82 1.73 1.56 1.51 1.28 1.26 1.25 1.19 1.16 0.97 0.95

Weighting

Change 3 3 5 5 3 5 5 5 5 3 5 5 3 5 5 4 5 1 3 3 3 3 5 3 3 5 3 3 5 3 3

M D M M M M M M M M M M M M M M M M M M M M M D D M M M M M M

Latest Chg (1'011'900) (4'449'595) 3'230'389 581'145 (968'400) (1'447'720) 2'109'501 (499'026) (1'292'719) 5'868'240 (150'292) (2'297'195) (1'237'789) 18'506 (876'600) (274'113) 3'515'139 (2'355'921) 700'000 179'760

Target Price #N/A N/A #N/A N/A 30 28 #N/A N/A 28 #N/A N/A 23 27 #N/A N/A 25 27 #N/A N/A 27 #N/A N/A 26 27 17 #N/A N/A 23 19 22 24 #N/A N/A 22 25 23 #N/A N/A #N/A N/A 17 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 22.03.2013 20.03.2013 18.03.2013 18.03.2013 15.03.2013 12.03.2013 12.03.2013 12.03.2013 04.03.2013 01.03.2013 28.02.2013 22.02.2013 13.02.2013 12.02.2013 01.02.2013 01.02.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 14.06.2012 30.01.2009


27.03.2013

Texas Instruments Inc Texas Instruments Incorporated is a global semiconductor company that designs and supplies analog technologies, digital signal processing (DSP) and microcontroller (MCU) semiconductors. The Company also operates materials and controls, and educational and productivity solutions businesses. Texas Instruments has manufacturing or sales operations in countries around the world.

Price/Volume 40

25

15.0 M

20

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TXN UW EQUITY YTD Change TXN UW EQUITY YTD % CHANGE

12/2012 12/yy 35.72 26.06 863'060.00 34.76 -2.69% 33.38% 87.16% 1'104.8 38'402.41 5'686.00 0.0 0.0 3'965.00 40'123.41

10.0 M

15 10

5.0 M

5 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

30

Valuation Analysis

31.12.2008 12'501.0 1.38x 3'750.0 4.61x 1'920.0 9.82x

25.0 M

35

31.12.2009 31.12.2010 10'427.0 13'966.0 2.82x 2.50x 3'128.0 5'316.0 9.40x 6.56x 1'470.0 3'228.0 20.68x 12.70x Profitability

LTM-4Q 31.12.2011 13'735.0 2.61x 4'434.0 8.08x 2'236.0 13.73x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 12'825.0 2.80x 3'986.0 9.02x 1'759.0 16.17x 3'986.00 2'687.00 20.95% 15.09% 8.68% 16.05% 11.06% 0.63% 49.7% 31.1% 21.0% 13.7% 2.40 1.51 28.40% 51.87% 9.24 3.64

Price/ Cash Flow

LTM

12/yy 13'736.0 10.32x 4'434.0 8.08x 2'237.0 13.41x

12/yy 12'825.0 11.26x 3'988.0 9.02x 1'759.0 17.26x

FY+1

2.07 1'099.97 26.36 4.87% 13.07% 46 3.174 2'286'008 2'593'972 2'347'963 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'172.7 12'982.7 2'855.4 3'040.6 3.20x 3.00x 13.69x 12.84x 3'586.7 4'202.7 719.1 888.4 11.19x 9.55x 11.10x 10.42x 1'907.8 2'381.2 344.9 456.7 20.29x 16.13x 20.00x 18.40x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

23.09.2010 A+ STABLE 01.02.1986 A-1 46.89 41.07 0.43 1.43 51.9% 34.2% 0.63 3.08 39.60 100.45 30.44 109.62

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Texas Instruments Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK PRIMECAP MANAGEMENT VANGUARD GROUP INC STATE STREET T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN MACKAY SHIELDS LLC NEUBERGER BERMAN LLC CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Firm Name Exane BNP Paribas BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC Needham & Co MKM Partners Longbow Research JPMorgan Williams Financial Group Tigress Financial Partners B Riley & Company, Inc RBC Capital Markets Sanford C. Bernstein & Co Oppenheimer & Co Deutsche Bank ISI Group Morgan Stanley Wedbush FBR Capital Markets Macquarie Stifel Evercore Partners Cowen and Company Gabelli & Co Susquehanna Financial Group Credit Agricole Securities (USA) Barclays Goldman Sachs Credit Suisse SunTrust Robinson Humphrey Jefferies Pacific Crest Securities Raymond James Sterne, Agee & Leach Canaccord Genuity Corp Nomura Edward Jones Argus Research Corp EVA Dimensions Drexel Hamilton LLC Daiwa Securities Co. Ltd. Davenport & Co JMP Securities

Portfolio Name n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA HARRIS ASSOC LP WELLINGTON MANAGEMEN BANK OF NEW YORK MEL DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO FIRST EAGLE INVESTME BARROW HANLEY MEWHIN Multiple Portfolios NEUBERGER BERMAN GRO CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Analyst JEROME RAMEL AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG VERNON P ESSI JR DANIEL A BERENBAUM JOANNE FEENEY CHRISTOPHER DANELY CODY G ACREE IVAN FEINSETH CRAIG ELLIS DOUG FREEDMAN STACY A RASGON RICHARD SCHAFER ROSS C SEYMORE SUMIT DHANDA JOSEPH MOORE BETSY VAN HEES CHRISTOPHER ROLLAND SHAWN WEBSTER TORE E SVANBERG PATRICK WANG TIMOTHY M ARCURI HENDI SUSANTO CHRISTOPHER CASO SRINI PAJJURI BLAYNE CURTIS JAMES V COVELLO JOHN W PITZER WILLIAM STEIN MARK J LIPACIS MICHAEL MCCONNELL J STEVEN SMIGIE VIJAY R RAKESH ROBERT BURLESON ROMIT SHAH WILLIAM C KREHER JAMES KELLEHER ANDREW S ZAMFOTIS RICHARD WHITTINGTON YOKO YAMADA F DRAKE JOHNSTONE ALEX GAUNA

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F

Recommendation underperform outperform neutral market perform hold neutral underperform overweight buy underperform buy sector perform market perform market perform hold buy Equalwt/In-Line outperform underperform neutral buy equalweight neutral hold neutral underperform equalweight neutral/attractive neutral reduce buy sector perform outperform underperform hold neutral hold hold sell hold neutral neutral market outperform

Amt Held 193'119'021 61'637'232 57'763'753 50'232'019 44'358'198 33'495'251 26'632'178 26'078'508 21'542'986 21'461'930 15'877'608 14'896'737 14'882'074 12'143'612 11'142'097 9'910'097 9'524'297 8'945'581 7'922'648 7'538'362

% Out 17.48 5.58 5.23 4.55 4.02 3.03 2.41 2.36 1.95 1.94 1.44 1.35 1.35 1.1 1.01 0.9 0.86 0.81 0.72 0.68

Weighting

Change 1 5 3 3 3 3 1 5 5 1 5 3 3 3 3 5 3 5 1 3 5 3 3 3 3 1 3 3 3 2 5 3 5 1 3 3 3 3 1 3 3 3 4

M M M M M M M M M N M M D M M M M M M M M M M M M M M M M M M M M M M M D M D M U M M

Latest Chg 14'033'650 (538'050) 1'296'171 111'975 2'896'053 122'698 (608'552) 352'635 2'656'532 (1'447'465) (1'266'900) (150'090) 2'472'433 36'568 (160'993) 1'013'978 (350'053) 740'405 (817'051)

Target Price 26 40 31 #N/A N/A #N/A N/A 29 27 37 41 #N/A N/A 39 30 38 #N/A N/A 31 39 #N/A N/A 39 28 37 40 35 #N/A N/A #N/A N/A 30 34 30 35 35 30 41 #N/A N/A 39 30 35 28 #N/A N/A #N/A N/A #N/A N/A 32 34 #N/A N/A 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 9 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Date 26.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 22.03.2013 20.03.2013 19.03.2013 18.03.2013 18.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 11.03.2013 11.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 25.02.2013 14.02.2013 13.02.2013 28.01.2013 28.01.2013 17.10.2012


27.03.2013

Verisk Analytics Inc Verisk Analytics, Inc. conducts risk assessment services and decision analytics. The Company offers data, statistical, and actuarial services, as well as standardized insurance policy programs, underwriting information, and rating-integrity tools. Verisk Analytics provides data and software information services to the property, casualty, and mortgage fields in the United States.

Price/Volume 70

3.0 M

60

2.5 M

50

2.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VRSK UW EQUITY YTD Change VRSK UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

20

.5 M

10 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 893.6 375.4 158.2 -

1.5 M

30

12/2012 12/yy 61.62 45.18 155'575.00 61.38 -0.39% 35.86% 98.54% 168.1 11'227.20 1'461.43 0.0 0.0 94.70 12'593.92

31.12.2009 31.12.2010 1'027.1 1'138.3 5.81x 5.78x 373.2 508.5 15.99x 12.93x 126.6 242.6 25.02x 26.02x Profitability

LTM-4Q 31.12.2011 1'331.8 5.63x 588.6 12.74x 282.8 24.77x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'534.3 6.46x 695.8 14.25x 329.1 26.55x 695.79 591.59 38.56% 33.84% 16.87% 27.54% 0.79% 60.4% 45.3% 38.6% 21.5% 0.67 0.47 61.92% 571.78% 9.25 -

Price/ Cash Flow

12/yy 1'331.8 20.85x 588.6 12.74x 282.8 24.77x

LTM 12/yy 1'534.3 24.44x 695.8 14.25x 329.1 26.55x

FY+1

0.00 0.61 149.24 0.44 30.90% 20.35% 0.614 14 4.071 195'613 235'158 241'396 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'725.4 1'883.7 404.1 419.6 7.14x 6.37x 30.94x 29.73x 783.5 863.1 181.4 184.5 16.07x 14.59x 16.10x 15.72x 389.3 438.3 88.5 90.3 26.12x 23.23x 26.14x 25.31x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.03.2011 BBBSTABLE 9.60 8.57 1.96 2.10 571.8% 85.1% 0.79 11.22 39.57 105.68 -

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Verisk Analytics Inc Holdings By:

All

Holder Name GREATBANC TRUST CO GREATBANC TRUST CO MORGAN STANLEY VANGUARD GROUP INC ARTISAN PARTNERS HOL BLACKROCK FMR LLC CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN LLC SUN LIFE FINANCIAL I INDEPENDENT FRANCHIS TIAA CREF INVESTMENT GENERAL RE NEW ENGLA STATE STREET TCW GROUP INC RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Firm Name Raymond James William Blair & Co Barclays Susquehanna Financial Group Keefe, Bruyette & Woods Evercore Partners Wells Fargo Securities, LLC Macquarie Morgan Stanley Credit Suisse SunTrust Robinson Humphrey JPMorgan EVA Dimensions

Portfolio Name GREATBANC TRUST CO n/a n/a VANGUARD GROUP INC ARTISAN PARTNERS LP n/a n/a n/a n/a T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN GRO n/a INDEPENDENT FRANCHIS TIAA-CREF INVESTMENT GENERAL RE NEW ENGLA n/a TCW GROUP INCORPORAT RENAISSANCE TECHNOLO ALKEON CAPITAL MANAG

Analyst WAYNE JOHNSON TIMOTHY J MCHUGH MANAV PATNAIK JAMES E FRIEDMAN WILLIAM CLARK DAVID M TOGUT ERIC J BOYER KEVIN MCVEIGH SUZANNE E STEIN KELLY A FLYNN ANDREW W JEFFREY ANDREW C STEINERMAN CRAIG STERLING

Source 13F Research ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F

Recommendation outperform outperform overweight Positive outperform equalweight outperform neutral Equalwt/In-Line outperform buy overweight underweight

Amt Held 17'040'371 17'040'371 14'092'883 6'580'257 5'893'700 5'882'233 5'842'300 5'494'000 5'069'940 4'866'200 4'642'699 4'239'140 3'653'546 3'308'130 3'205'152 2'994'350 2'589'266 2'382'710 2'369'700 2'294'945

% Out 10.13 10.13 8.38 3.91 3.51 3.5 3.47 3.27 3.02 2.89 2.76 2.52 2.17 1.97 1.91 1.78 1.54 1.42 1.41 1.36

Weighting

Change 5 5 5 4 5 3 5 3 3 5 5 5 1

M M M M M M M M M M M M M

Latest Chg (516'368) (3'122'010) 180'700 740'600 187'418 3'819'375 (491'000) 10'898 110'100 14'880 (321'904) 403'142 (106'343) 711'010 129'393 198'967 12'000 (44'490)

Target Price 62 #N/A N/A 62 63 63 59 #N/A N/A 64 55 63 68 65 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 9 month Not Provided

Date 26.03.2013 21.03.2013 11.03.2013 08.03.2013 07.03.2013 07.03.2013 07.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 15.01.2013


27.03.2013

Vertex Pharmaceuticals Inc Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments. The Company is developing drugs for the treatment of viral diseases, multidrug resistance in cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.

Price/Volume 70

12.0 M

60

10.0 M

50

8.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2012) 52-Week Low (16.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VRTX UW EQUITY YTD Change VRTX UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

20

2.0 M

10 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 175.5 23.08x (426.2) (459.9) -

6.0 M

30

12/2012 12/yy 66.10 35.26 394'139.00 54.34 -17.79% 54.11% 61.87% 218.2 11'856.37 428.88 0.0 235.2 1'321.22 11'199.23

31.12.2009 31.12.2010 101.9 143.4 72.99x 46.28x (562.7) (664.1) (642.2) (754.6) Profitability

LTM-4Q 31.12.2011 1'410.6 4.65x 256.7 25.55x 29.6 37.31x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 1'527.0 5.53x 42.4 199.38x (107.0) 62.54x 42.37 4.18 0.27% -0.81% -4.31% -11.99% 0.62% 81.7% 2.8% 0.3% -7.0% 3.67 3.39 15.54% 42.92% 9.36 3.92

Price/ Cash Flow

12/yy 1'410.6 25.64x 256.7 25.55x 29.6 50.32x

LTM 12/yy 1'527.0 25.90x 42.4 199.38x (107.0) 135.16x

FY+1

0.00 0.84 216.10 5.47 32.70% 29.57% 0.840 27 4.370 429'241 498'143 507'491 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'160.0 1'047.1 308.5 296.9 10.30x 11.46x 36.48x 37.97x (117.5) (230.7) (14.6) (20.8) (101.1) (203.3) (10.0) (17.3) S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

2.54 -1.73 -21.06 10.12 42.9% 25.8% 0.62 5.39 39.11 93.43 162.67 -30.13

Sales/Revenue/Turnover

70.00

1'800.0

60.00

1'600.0 1'400.0

50.00

1'200.0

40.00

1'000.0

30.00

800.0 600.0

20.00

400.0

10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Vertex Pharmaceuticals Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JENNISON ASSOCIATES BLACKROCK VANGUARD GROUP INC GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE STATE STREET JP MORGAN WELLINGTON MANAGEMEN FMR LLC CLEARBRIDGE INVESTME LAZARD ASSET MANAGEM HARBOR CAPITAL ADVIS NEUBERGER BERMAN LLC LOOMIS SAYLES & COMP PRUDENTIAL FINANCIAL SECTORAL ASSET MANAG WESTFIELD CAPITAL MG ALLIANCE BERNSTEIN BANK OF NEW YORK MEL

Firm Name EVA Dimensions JPMorgan JMP Securities ISI Group Sanford C. Bernstein & Co Wells Fargo Securities, LLC RBC Capital Markets S&P Capital IQ Morgan Stanley Robert W. Baird & Co William Blair & Co Maxim Group LLC Credit Suisse Janney Montgomery Scott LLC Needham & Co Leerink Swann & Co Cowen and Company Piper Jaffray Summer Street Research Partners Barclays Lazard Capital Markets Argus Research Corp Goldman Sachs Deutsche Bank

Portfolio Name n/a JENNISON ASSOCIATES n/a VANGUARD GROUP INC GOLDMAN SACHS GROUP n/a n/a n/a WELLINGTON MANAGEMEN n/a CLEARBRIDGE INVESTME n/a Multiple Portfolios NEUBERGER BERMAN GRO LOOMIS SAYLES & CO L n/a SECTORAL ASSET MANAG WESTFIELD CAPITAL MA n/a BANK OF NEW YORK MEL

Analyst ANDREW S ZAMFOTIS GEOFFREY MEACHAM LIISA A BAYKO MARK J SCHOENEBAUM GEOFFREY C PORGES BRIAN C ABRAHAMS MICHAEL J YEE STEVEN SILVER DAVID FRIEDMAN BRIAN P SKORNEY Y KATHERINE XU JASON KOLBERT RAVI MEHROTRA KIMBERLY LEE ALAN CARR HOWARD LIANG PHILIP NADEAU EDWARD A TENTHOFF CAROL A WERTHER YING HUANG JOSHUA SCHIMMER JOHN M EADE TERENCE FLYNN ROBYN KARNAUSKAS

Source ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG MF-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F

Recommendation overweight overweight market outperform buy outperform outperform outperform buy Equalwt/In-Line outperform outperform buy neutral buy buy outperform neutral neutral buy overweight neutral hold sell/attractive buy

Amt Held 21'497'754 17'766'754 17'027'587 10'112'270 9'925'186 7'855'731 7'156'935 7'054'536 6'450'390 6'128'285 5'312'819 5'015'968 4'857'111 3'738'088 3'632'636 3'478'934 3'397'168 3'097'022 3'093'350 2'700'464

% Out 9.85 8.14 7.8 4.63 4.55 3.6 3.28 3.23 2.96 2.81 2.43 2.3 2.23 1.71 1.66 1.59 1.56 1.42 1.42 1.24

Weighting

Change 5 5 4 5 5 5 5 5 3 5 5 5 3 5 5 5 3 3 5 5 3 3 1 5

U M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 6'434'175 2'436'793 445'927 4'089'468 282'156 134'750 (2'039'261) 673'868 (7'215'596) (41'873) 3'457'379 891'004 1'110'564 (281'322) 619'648 (267'942) (57'718) 1'332'387 (48'444)

Target Price #N/A N/A 86 100 58 66 #N/A N/A 70 60 45 53 69 60 48 54 65 #N/A N/A #N/A N/A 57 56 68 #N/A N/A #N/A N/A 38 75

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 9 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Date 25.03.2013 21.03.2013 20.03.2013 18.03.2013 11.03.2013 11.03.2013 06.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 04.03.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 14.02.2013 13.12.2012 06.12.2012


27.03.2013

Viacom Inc Viacom Inc. produces media entertainment content. The Company creates and acquires programming for television, the Internet, mobile devices, video games, and other consumer electronics products. Viacom also produces, finances, and distributes motion pictures to movie theaters and on DVDs, television, digital and other platforms internationally.

Price/Volume 70

8.0 M

60

7.0 M 6.0 M

50

5.0 M

40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIAB UW EQUITY YTD Change VIAB UW EQUITY YTD % CHANGE

09/2012 12/yy 63.99 44.85 523'284.00 61.34 -4.13% 36.77% 86.18% 443.8 30'441.84 8'149.00 0.0 170.0 848.00 38'325.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

20

2.0 M

10

1.0 M

0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 14'625.0 1.30x 2'928.0 6.50x 1'251.0 8.01x

4.0 M

30

31.12.2009 30.09.2010 13'619.0 1.82x 3'295.0 7.52x 1'611.0 11.57x Profitability

LTM-4Q 30.09.2011 14'914.0 1.90x 4'125.0 6.88x 2'136.0 10.25x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.09.2012 13'887.0 2.49x 4'137.0 8.37x 1'981.0 12.73x 4'137.00 3'901.00 28.09% 24.99% 10.00% 29.50% 16.24% 0.59% 49.6% 29.5% 27.8% 14.3% 1.27 0.88 36.62% 109.41% 4.65 7.94

Price/ Cash Flow

12/yy 15'038.0 8.55x 4'092.0 7.78x 1'738.0 11.83x

LTM 12/yy 13'249.0 10.00x 3'913.0 8.70x 2'239.0 12.56x

FY+1

1.75 441.47 7.34 31.44% 16.82% 35 4.114 665'123 869'900 946'932 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 13'796.3 14'411.7 3'200.6 3'590.6 2.80x 2.73x 12.03x 10.78x 4'222.3 4'474.1 904.9 1'167.5 9.08x 8.57x 8.74x 8.62x 2'315.1 2'460.9 476.0 651.5 13.03x 11.40x 12.30x 11.93x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.07.2010 BBB+ STABLE 01.07.2009 A-2 9.73 9.37 1.97 2.14 109.4% 51.7% 0.59 12.65 78.76 46.09 14.31 94.98

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009 02.07.2009

0.0 02.01.2010 02.07.2010

02.01.2011 02.07.2011

02.01.2012

02.07.2012

02.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Viacom Inc Holdings By:

All

Holder Name BLACKROCK INVESCO LTD VANGUARD GROUP INC STATE STREET SUN LIFE FINANCIAL I LAZARD ASSET MANAGEM INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG ALLIANCE BERNSTEIN FMR LLC BANK OF NEW YORK MEL BERKSHIRE HATHAWAY I LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN LLC NORTHERN TRUST CORPO NORGES BANK TIAA CREF INVESTMENT UBS

Firm Name Sanford C. Bernstein & Co Nomura Lazard Capital Markets Needham & Co Argus Research Corp Pivotal Research Group LLC Morgan Stanley Edward Jones B Riley & Company, Inc Wells Fargo Securities, LLC Cowen and Company Telsey Advisory Group Wedbush Barrington Research Evercore Partners Atlantic Equities LLP Stifel Deutsche Bank Credit Suisse Macquarie Wunderlich Securities Gabelli & Co Piper Jaffray EVA Dimensions RBC Capital Markets Janney Montgomery Scott LLC Davenport & Co S&P Capital IQ Maxim Group LLC Susquehanna Financial Group Barclays JPMorgan Goldman Sachs BTIG LLC

Portfolio Name n/a INVESCO LTD VANGUARD GROUP INC n/a n/a n/a INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG n/a n/a BANK OF NEW YORK MEL n/a LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN GRO NORTHERN TRUST CORPO NORGES BANK TIAA-CREF INVESTMENT n/a

Analyst TODD JUENGER MICHAEL NATHANSON BARTON CROCKETT LAURA A MARTIN JOSEPH F BONNER BRIAN WIESER BENJAMIN SWINBURNE ROBIN DIEDRICH DAVID W MILLER MARCI RYVICKER DOUGLAS CREUTZ JAISON BLAIR JAMES G DIX JAMES C GOSS ALAN GOULD HAMILTON FABER DREW E CRUM DOUGLAS D MITCHELSON MICHAEL SENNO TIMOTHY W NOLLEN MATTHEW HARRIGAN BRETT HARRISS JAMES M MARSH JR CRAIG STERLING DAVID BANK TONY WIBLE MICHAEL C MORRIS TUNA AMOBI JOHN TINKER VASILY KARASYOV ANTHONY J DICLEMENTE ALEXIA S QUADRANI DREW BORST RICHARD GREENFIELD

Source ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation underperform buy buy buy hold buy Equalwt/Attractive hold buy outperform outperform no rating system neutral market perform equalweight neutral buy buy neutral neutral hold buy neutral overweight outperform buy buy buy buy Positive overweight overweight buy/attractive buy

Amt Held 27'912'240 21'332'067 20'456'391 19'654'657 17'653'439 14'671'342 12'227'118 11'125'914 8'696'805 8'451'839 8'369'726 7'607'200 7'477'711 7'150'598 6'688'470 6'645'993 6'259'248 6'201'501 5'429'025 5'227'927

% Out 6.29 4.81 4.61 4.43 3.98 3.31 2.76 2.51 1.96 1.9 1.89 1.71 1.68 1.61 1.51 1.5 1.41 1.4 1.22 1.18

Weighting

Change

1 5 5 5 3 5 3 3 5 5 5 #N/A N/A 3 3 3 3 5 5 3 3 3 5 3 5 5 5 5 5 5 4 5 5 5 5

M M M M M M M M M M M M D M M M M M M M M M D D M M M M M M M M U M

Latest Chg 2'216'492 (1'023'522) (114'878) 488'860 (4'250'834) 1'311'187 (394'750) (919'049) (1'038'400) 2'109'419 (410'113) 7'477'711 (505'843) (1'049'307) 246'859 (103'712) (58'140) (555'990) 125'147

Target Price 58 66 71 63 #N/A N/A 77 64 #N/A N/A 68 #N/A N/A #N/A N/A 72 63 #N/A N/A 62 66 65 65 58 62 56 #N/A N/A 58 #N/A N/A 64 65 67 66 68 65 68 66 68 50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 25.03.2013 31.12.2012 31.12.2012 26.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013

Date 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 9 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified

Date 25.03.2013 25.03.2013 24.03.2013 15.03.2013 11.03.2013 08.03.2013 07.03.2013 04.03.2013 04.03.2013 04.03.2013 21.02.2013 10.02.2013 07.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 22.01.2013 14.01.2011


27.03.2013

Virgin Media Inc Virgin Media Inc. is a provider of broadband internet, television, mobile telephony and fixed line telephony services that offer a variety of entertainment and communications services to residential and commercial customers throughout the U.K.

Price/Volume 60

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VMED UW EQUITY YTD Change VMED UW EQUITY YTD % CHANGE

12/2012 12/yy 48.18 21.25 768'591.00 48.11 -0.15% 126.40% 99.74% 269.3 12'958.01 5'929.10 0.0 0.0 206.30 14'288.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 m-12

31.12.2009 31.12.2010 3'663.9 3'875.8 2.45x 2.88x 1'348.9 1'510.2 6.67x 7.39x (357.8) (141.4) Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q 31.12.2011 3'991.8 2.38x 1'590.2 5.98x 75.9 29.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'100.5 2.88x 1'653.5 7.15x 2'852.6 20.76x 1'653.50 701.80 17.11% 6.37% 30.93% 150.28% 0.44% 60.3% 40.3% 17.1% 69.6% 0.67 0.53 56.44% 187.77% 9.33 248.73

Price/ Cash Flow

12/yy 3'991.8 10.52x 1'590.2 5.98x 75.9 29.97x

LTM 12/yy 4'100.5 10.33x 1'653.5 7.15x 2'852.6 21.76x

FY+1

0.50 0.87 268.38 28.26 97.85% 31.02% 0.874 18 3.333 904'666 1'254'359 1'523'579 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'255.4 4'389.1 1'053.0 1'068.0 3.31x 3.19x 1'743.8 1'809.0 425.0 444.0 8.19x 7.90x 8.02x 408.3 498.3 38.5 118.0 20.67x 15.68x 22.21x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

06.02.2013 BB *4.15 2.18 3.46 3.59 187.8% 65.3% 0.44 0.90 39.24 1.47 74.02 -33.31

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

a-12 m-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 3'776.8 1.88x 1'301.7 5.46x (920.0) -

20

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Virgin Media Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN ROYAL BANK OF CANADA MANNING & NAPIER ADV COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK SUN LIFE FINANCIAL I FMR LLC TIMESSQUARE CAPITAL BLACKROCK BNP PARIBAS INV PART BANK OF AMERICA CORP GREENLIGHT CAPITAL I STATE STREET BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC

Firm Name

Portfolio Name n/a n/a MANNING & NAPIER ADV COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK n/a n/a TIMESSQUARE CAPITAL n/a n/a BANK OF AMERICA GREENLIGHT CAPITAL I n/a BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L WELLINGTON MANAGEMEN OPPENHEIMER FUNDS IN

Analyst

Wunderlich Securities MATTHEW HARRIGAN Peel Hunt PATRICK YAU Sanford C. Bernstein & Co ROBIN BIENENSTOCK Exane BNP Paribas MICHAEL WILLIAMS Berenberg Bank STUART GORDON Evercore Partners BRYAN KRAFT Deutsche Bank DAVID A WRIGHT Macquarie GUY R PEDDY Espirito Santo Investment Bank Research ANDREW HOGLEY New Street Research FRANK KNOWLES Barclays MICHAEL BISHOP EVA Dimensions CRAIG STERLING Morgan Stanley NICK DELFAS Jefferies JEREMY A DELLIS Nomura HENRIK NYBLOM Goldman Sachs TIMOTHY BODDY JPMorgan CARL MURDOCK-SMITH Credit Suisse PAUL SIDNEY HSBC ADAM M RUMLEY Raymond James STEPHANE BEYAZIAN

Source ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F

Recommendation buy hold market perform outperform hold equalweight hold neutral neutral Under Review overweight underweight Underwt/In-Line hold buy not rated restricted restricted overweight market perform

Amt Held 67'738'315 21'521'125 17'425'463 16'109'508 10'948'447 10'865'101 10'623'866 9'548'492 9'532'507 7'864'855 6'959'260 6'425'839 5'616'796 5'550'366 4'920'000 4'692'969 4'600'000 4'093'694 3'924'506 3'870'260

% Out 25.15 7.99 6.47 5.98 4.06 4.03 3.94 3.55 3.54 2.92 2.58 2.39 2.09 2.06 1.83 1.74 1.71 1.52 1.46 1.44

Weighting

Change

5 3 3 5 3 3 3 3 3 #N/A N/A 5 1 1 3 5 #N/A N/A #N/A N/A #N/A N/A 5 3

M M M M M D D D D M M U M M M M M M M M

Latest Chg (10'701'700) (8'373) (73'760) 1'467'296 (1'410'417) (77'084) (1'495'052) (2'911'928) (423'785) (2'051'750) (412'968) (649'743) (2'507'819) 53'958 4'600'000 3'629'865 (1'269'016) 574'260

Target Price 55 46 45 49 47 47 50 46 46 #N/A N/A 48 #N/A N/A 31 33 40 #N/A N/A #N/A N/A #N/A N/A 43 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 18 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Bank Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 25.03.2013 13.03.2013 08.03.2013 06.03.2013 12.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 24.01.2013 12.11.2012 04.09.2012


27.03.2013

Vodafone Group PLC Vodafone Group Plc provides a range of mobile telecommunications services, including voice and data communications. Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group's mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

Price/Volume 35

12.0 M

30

10.0 M

25

8.0 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.08.2012) 52-Week Low (21.02.2013) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VOD UW EQUITY YTD Change VOD UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20

4.0 M

10

2.0 M

5 0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 35'478.0 2.93x 13'123.0 7.93x 6'660.0 -

6.0 M

15

03/2012 12/yy 30.07 24.42 1'846'399.00 28.64 -4.76% 17.28% 74.69% 4'892.3 140'115.19 34'706.00 0.0 1'267.0 8'461.00 -

31.03.2009 31.03.2010 41'017.0 44'472.0 2.36x 2.54x 14'520.0 14'820.0 6.67x 7.62x 3'078.0 8'645.0 Profitability

LTM-4Q 31.03.2011 45'884.0 2.67x 14'668.0 8.35x 7'968.0 -

31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 18'214.00 10'355.00 22.31% 20.57% -1.22% -2.22% -3.81% 0.32% 32.0% 31.1% 14.3% 15.0% 0.83 0.51 24.87% 45.11% 3.76 53.11

LTM

12/yy 46'525.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 44'447.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.75 9.36 8.99% 13.70% 0.752 6 4.000 1'849'126 3'209'056 2'548'405 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 45'079.4 45'316.5 13'309.2 13'290.1 8'142.2 8'548.0 11.62x 11.15x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

30.05.2006 ASTABLE 30.05.2006 A-2 9.43 6.96 1.51 2.06 45.1% 30.7% 0.32 2.41 97.36 6.89 -14.42

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Vodafone Group PLC Holdings By:

All

Holder Name FMR LLC INVESCO LTD INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS & WILEY CAP BLACKROCK MORGAN STANLEY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF AMERICA CORP MACKAY SHIELDS LLC STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP UBS STATE FARM MUTUAL AU MANAGED ACCOUNT ADVI FISHER INVESTMENTS I

Firm Name Goldman Sachs Sanford C. Bernstein & Co Edward Jones Robert W. Baird & Co Davenport & Co EVA Dimensions

Portfolio Name n/a INVESCO LTD INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS AND WILEY n/a n/a T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN BANK OF AMERICA Multiple Portfolios STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP n/a STATE FARM MUTUAL AU MANAGED ACCOUNT ADVI FISHER INVESTMENTS

Analyst TIMOTHY BODDY ROBIN BIENENSTOCK DAVID HEGER WILLIAM V POWER F DRAKE JOHNSTONE TEAM COVERAGE

Source ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F MF-AGG 13F 13F 13F ULT-AGG Sch-D 13F 13F

Recommendation Buy/Neutral underperform buy outperform neutral dropped coverage

Amt Held 45'364'547 30'692'969 29'093'934 24'142'133 22'026'860 18'034'949 16'309'108 15'551'430 15'077'867 12'781'495 11'472'680 10'689'113 9'732'151 9'574'678 9'441'183 9'168'053 8'083'610 7'608'755 7'016'978 7'012'239

% Out 0.93 0.63 0.59 0.49 0.45 0.37 0.33 0.32 0.31 0.26 0.23 0.22 0.2 0.2 0.19 0.19 0.17 0.16 0.14 0.14

Weighting

Change

5 1 5 5 3 #N/A N/A

M M M M M M

Latest Chg 1'801'302 (893'927) (1'007'886) (816'942) (229'054) (46'157) 678'457 3'409'811 999'300 (652'843) (705'862) (2'337'983) 345'250 (360'362) 66'747 328'670 (1'620'266) (2'793'264)

Target Price 33 21 #N/A N/A 30 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 25.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 30.09.2012 31.12.2012 31.12.2012

Date 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor

Date 26.03.2013 14.03.2013 13.03.2013 13.03.2013 07.02.2013 18.01.2013


27.03.2013

Western Digital Corp Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WDC UW EQUITY YTD Change WDC UW EQUITY YTD % CHANGE

06/2012 12/yy 50.89 28.32 1'120'354.00 48.66 -4.38% 71.82% 90.12% 240.7 11'710.78 2'185.00 3'208.00 10'022.78

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0 j-12

.0 M j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2008 8'074.0 0.90x 1'419.0 5.11x 867.0 8.07x

60

30.06.2009 30.06.2010 7'453.0 9'850.0 0.62x 0.47x 1'106.0 2'035.0 4.15x 2.28x 470.0 1'382.0 11.06x 5.03x Profitability

LTM-4Q 30.06.2011 9'526.0 0.56x 1'383.0 3.86x 726.0 11.17x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2012 12'478.0 0.52x 2'890.0 2.24x 1'612.0 3.92x 2'890.00 2'065.00 16.55% 14.08% 19.16% 29.39% 25.65% 1.44% 29.2% 23.7% 16.4% 12.9% 1.77 1.38 15.38% 28.49% 12.62 13.11

Price/ Cash Flow

LTM

12/yy 9'344.0 1.87x 1'549.0 2.31x 688.0 7.64x

12/yy 15'648.0 2.11x 3'716.0 2.23x 2'082.0 4.51x

FY+1

0.51 213.85 7.02 15.11% 28 3.571 677'511 716'869 896'111 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 15'048.3 14'751.0 3'614.5 3'570.2 0.62x 0.53x 2.65x 2.58x 3'326.3 3'131.2 757.0 764.0 3.01x 3.20x 3.09x 3.01x 1'929.1 1'817.2 431.9 424.9 6.11x 6.21x 6.37x 6.22x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

29.04.1999 NR 111.15 83.58 -0.45 0.57 28.5% 22.2% 1.44 5.19 28.83 27.76 47.79 5.90

Sales/Revenue/Turnover

4.00

14'000.0

3.50

12'000.0

3.00

10'000.0

2.50

8'000.0

2.00

6'000.0

1.50

4'000.0

1.00

2'000.0

0.50 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Western Digital Corp Holdings By:

All

Holder Name HITACHI LTD VANGUARD GROUP INC BLACKROCK STATE STREET ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO CORNERSTONE INVESTME LSV ASSET MANAGEMENT OPPENHEIMERFUNDS INC BRANDES INVESTMENT P INVESCO LTD APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BANK OF NEW YORK MEL BRANDYWINE GLOBAL IN NORGES BANK FMR LLC AQR CAPITAL MANAGEME

Firm Name RBC Capital Markets Brean Murray Carret & Co Longbow Research Wells Fargo Securities, LLC Tigress Financial Partners BMO Capital Markets Daiwa Securities Co. Ltd. Lazard Capital Markets Cross Research Pacific Crest Securities Argus Research Corp Credit Agricole Securities (USA) Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Needham & Co Robert W. Baird & Co Stifel Noble Financial Group Craig-Hallum Capital Group LLC Barclays FBN Securities Evercore Partners EVA Dimensions Wedge Partners S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO CORNERSTONE INVESTME LSV ASSET MANAGEMENT OPPENHEIMER FUNDS IN BRANDES INVESTMENT P INVESCO LTD APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BANK OF NEW YORK MEL BRANDYWINE GLOBAL IN NORGES BANK n/a AQR CAPITAL MANAGEME

Analyst AMIT DARYANANI ANANDA BARUAH JOE WITTINE MAYNARD UM IVAN FEINSETH KEITH F BACHMAN YOKO YAMADA EDWARD PARKER STEVEN B FOX MONIKA GARG JAMES KELLEHER AVI SILVER SHERRI SCRIBNER KATHRYN HUBERTY WILLIAM C SHOPE JR MARK A MOSKOWITZ RICHARD J KUGELE JAYSON NOLAND SR AARON C RAKERS MARK S MILLER CHRISTIAN SCHWAB BENJAMIN A REITZES SHEBLY SEYRAFI ROBERT CIHRA ANDREW S ZAMFOTIS KIRK ADAMS JIM YIN

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation outperform buy neutral market perform buy market perform neutral buy hold sector perform hold underperform buy Equalwt/In-Line neutral/neutral neutral strong buy neutral buy buy buy equalweight sector perform overweight buy no rating system sell

Amt Held 25'000'000 14'363'112 11'722'308 9'062'161 8'852'610 6'662'900 6'319'955 5'689'830 5'407'491 4'620'895 3'772'247 3'448'194 3'125'852 3'090'511 3'063'188 3'019'274 2'968'439 2'865'152 2'743'512 2'526'308

% Out 10.39 5.97 4.87 3.77 3.68 2.77 2.63 2.36 2.25 1.92 1.57 1.43 1.3 1.28 1.27 1.25 1.23 1.19 1.14 1.05

Weighting

Change

5 5 3 3 5 3 3 5 3 3 3 1 5 3 3 3 5 3 5 5 5 3 3 5 5 #N/A N/A 1

N M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg (303'477) (3'211'794) (764'673) 1'070'249 (1'393'600) 1'584'764 (278'610) 848'713 (499'946) 2'334'512 101'212 188'163 (56'703) 3'003'257 525'076 1'265'072 1'173'309 1'071'930 641'724

Target Price 55 54 #N/A N/A #N/A N/A #N/A N/A 45 51 54 49 #N/A N/A #N/A N/A 47 60 #N/A N/A 40 40 52 50 55 52 54 45 50 55 #N/A N/A #N/A N/A 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 17.09.2012 Corporation 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month 9 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 26.03.2013 26.03.2013 20.03.2013 15.03.2013 15.03.2013 14.03.2013 13.03.2013 12.03.2013 12.03.2013 06.03.2013 30.01.2013 29.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 14.01.2013 30.11.2012


27.03.2013

Whole Foods Market Inc Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets in the United States. The Company's stores provides full range of merchandise, featuring products that are free of artificial flavors, sweeteners, colors, preservatives, and added chemicals. Whole Foods also develops, produces, and markets nutriceuticals and nutritional supplements.

Price/Volume 120

3.0 M 2.5 M

60

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (05.04.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFM UW EQUITY YTD Change WFM UW EQUITY YTD % CHANGE

09/2012 01/yy 99.67 79.38 286'737.00 86.87 -12.84% 9.43% 36.91% 185.3 16'099.79 24.12 0.0 0.0 1'220.23 15'198.79

2.0 M 1.5 M

40

1.0 M 20

.5 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

80

Valuation Analysis

30.09.2008 7'953.9 0.48x 485.5 7.82x 114.5 21.96x

4.0 M

100

30.09.2009 30.09.2010 8'031.6 9'005.8 0.59x 0.71x 551.0 762.8 8.65x 8.42x 146.8 245.8 29.06x 23.02x Profitability

LTM-4Q 30.09.2011 10'107.8 1.14x 883.9 13.08x 342.6 32.32x

30.09.2012 11'698.8 1.44x 1'111.8 15.17x 465.6 35.94x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1'111.84 800.29 6.84% 6.43% 10.27% 14.67% 14.57% 2.53% 35.5% 9.6% 7.0% 4.0% 2.15 1.45 0.46% 0.63% 68.57 20.16

Price/ Cash Flow

LTM

01/yy 10'495.1 4.35x 934.2 13.34x 372.2 32.46x

01/yy 12'163.9 5.23x 1'170.5 13.57x 493.2 31.77x

FY+1

3.02 0.96 183.51 4.13 6.23% -4.67% 0.964 32 3.969 511'662 727'010 604'046 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 13'059.2 14'930.6 3'028.7 3'101.3 1.16x 1.00x 4.97x 4.85x 1'214.5 1'413.1 298.5 304.8 12.51x 10.76x 11.93x 11.43x 540.5 647.8 137.4 138.2 30.23x 25.54x 28.86x 27.60x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

07.08.2012 BBBSTABLE 1314.23 774.93 -0.77 0.02 0.6% 0.6% 2.53 5.75 5.41 18.41 11.06 11.54

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Whole Foods Market Inc Holdings By:

All

Holder Name BAILLIE GIFFORD AND JENNISON ASSOCIATES BLACKROCK T ROWE PRICE ASSOCIA VANGUARD GROUP INC STATE STREET FMR LLC BANK OF NEW YORK MEL AMERICAN CENTURY COM JP MORGAN NORTHERN TRUST CORPO HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN INVESCO LTD RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG FRANKLIN RESOURCES WADDELL & REED FINAN TIAA CREF INVESTMENT

Firm Name Piper Jaffray Northcoast Research Morgan Stanley Raymond James Longbow Research SunTrust Robinson Humphrey Edward Jones Susquehanna Financial Group Tigress Financial Partners BMO Capital Markets Cantor Fitzgerald CL King & Associates Goldman Sachs Deutsche Bank Argus Research Corp RBC Capital Markets JPMorgan William Blair & Co Canaccord Genuity Corp BB&T Capital Markets Guggenheim Securities LLC Cowen and Company Barclays Telsey Advisory Group Credit Suisse Williams Capital Group Wells Fargo Securities, LLC EVA Dimensions S&P Capital IQ Gabelli & Co

Portfolio Name BAILLIE GIFFORD & CO JENNISON ASSOCIATES n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL AMERICAN CENTURY COM n/a NORTHERN TRUST CORPO Multiple Portfolios n/a INVESCO LTD RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG n/a WADDELL & REED FINAN TIAA-CREF INVESTMENT

Analyst SEAN NAUGHTON CHARLES E CERANKOSKY MARK WILTAMUTH BENJAMIN BROWNLOW PHILIP TERPOLILLI DAVID G MAGEE BRIAN YARBROUGH ROBERT SUMMERS IVAN FEINSETH KAREN SHORT AJAY JAIN ERIC J LARSON STEPHEN GRAMBLING SHANE HIGGINS CHRISTOPHER GRAJA EDWARD AARON KENNETH GOLDMAN MARK R MILLER SCOTT VAN WINKLE ANDREW P WOLF JOHN HEINBOCKEL PAUL L WESTRA MEREDITH ADLER JOSEPH I FELDMAN EDWARD J KELLY MARC RIDDICK KATE WENDT AUSTIN BURKETT JOSEPH AGNESE JUSTYN PUTNAM

Source 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F MF-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F

Recommendation neutral buy Overwt/In-Line market perform neutral buy buy Positive buy outperform buy neutral Buy/Neutral buy hold outperform overweight outperform buy hold neutral outperform equalweight no rating system neutral market perform outperform underweight hold buy

Amt Held 11'110'126 9'822'593 9'819'236 9'695'592 7'717'483 7'096'216 6'551'626 4'417'783 4'158'633 3'689'977 3'094'554 2'868'018 2'822'000 2'699'598 2'100'974 2'040'189 1'941'788 1'557'922 1'540'444 1'526'265

% Out 5.99 5.3 5.3 5.23 4.16 3.83 3.54 2.38 2.24 1.99 1.67 1.55 1.52 1.46 1.13 1.1 1.05 0.84 0.83 0.82

Weighting

Change

3 5 5 3 3 5 5 4 5 5 5 3 5 5 3 5 5 5 5 3 3 5 3 #N/A N/A 3 3 5 1 3 5

D M M N M M U M N M M M M M M M M M M M M M M M M M M M D N

Latest Chg (59'264) 86'880 (64'386) 2'547'726 225'139 56'020 (961'753) 285'109 381'633 439'586 (858'303) (289'568) (406'600) (144'121) 35'900 1'287'030 582'564 14'611 (153'770) 96'533

Target Price 89 112 110 #N/A N/A #N/A N/A 105 #N/A N/A 110 #N/A N/A 105 104 88 103 100 #N/A N/A 100 103 #N/A N/A 112 #N/A N/A 105 #N/A N/A 88 105 90 99 #N/A N/A #N/A N/A 99 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 9 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 25.03.2013 25.03.2013 20.03.2013 19.03.2013 19.03.2013 18.03.2013 12.03.2013 06.03.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 08.11.2012 28.11.2008


27.03.2013

Wynn Resorts Ltd Wynn Resorts Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest rooms and suites, restaurants, a golf course, and an on-site luxury automotive dealership.

Price/Volume 140

1.8 M

120

1.6 M 1.4 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (26.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WYNN UW EQUITY YTD Change WYNN UW EQUITY YTD % CHANGE

12/2012 12/yy 129.66 84.49 371'666.00 124.54 -3.95% 47.40% 88.67% 100.9 12'567.55 5'810.76 0.0 363.0 1'725.22 17'016.05

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

60

.8 M .6 M

40

.4 M

20

.2 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 2'987.3 2.64x 607.9 12.99x 210.5 16.84x

1.2 M

80

31.12.2009 31.12.2010 3'045.6 4'184.7 2.92x 3.61x 674.0 1'056.0 13.18x 14.29x 20.7 160.1 215.67x 48.75x Profitability

LTM-4Q 31.12.2011 5'269.8 3.02x 1'536.9 10.36x 613.4 19.02x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 5'154.3 3.06x 1'442.5 10.95x 502.0 21.55x 1'442.45 1'069.25 20.74% 14.22% 7.08% 17.87% 0.73% 36.9% 28.0% 20.7% 9.7% 1.95 1.74 79.86% 21.61 47.87

Price/ Cash Flow

12/yy 5'269.8 13.17x 1'536.9 10.36x 613.4 19.02x

LTM 12/yy 5'154.3 12.59x 1'442.5 10.95x 502.0 21.35x

FY+1

7.63 1.28 80.32 4.53 5.53% 11.61% 1.284 30 4.233 306'871 353'823 398'978 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'388.8 5'665.5 1'364.5 1'349.0 3.11x 3.01x 12.26x 12.37x 1'662.9 1'710.7 409.5 431.6 10.23x 9.95x 10.17x 10.00x 611.4 675.6 153.5 158.8 20.47x 18.52x 20.45x 20.10x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

10.06.2011 BB+ STABLE 4.96 4.13 2.83 4.03 98.2% 0.73 1.07 16.94 7.65 18.98 5.60

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Wynn Resorts Ltd Holdings By:

All

Holder Name WADDELL & REED FINAN WYNN STEPHEN A WYNN ELAINE P MARSICO CAPITAL MANA CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET AMERIPRISE FINANCIAL LATEEF INVESTMENT MA INVESCO LTD COLUMBIA MANAGEMENT THORNBURG INVESTMENT PACIFIC HEIGHTS ASSE GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC BANK OF NEW YORK MEL NORGES BANK

Firm Name

Portfolio Name WADDELL & REED FINAN n/a n/a MARSICO CAPITAL MANA n/a n/a VANGUARD GROUP INC n/a AMERIPRISE FINANCIAL LATEEF INVESTMENT MA INVESCO LTD Multiple Portfolios THORNBURG INVESTMENT PACIFIC HEIGHTS ASSE GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC BANK OF NEW YORK MEL NORGES BANK

Analyst

RBC Capital Markets JOHN KEMPF Susquehanna Financial Group RACHAEL ROTHMAN Cantor Fitzgerald ROBERT A LAFLEUR Lazard Capital Markets JAKE FULLER ISI Group IAN WEISSMAN Wells Fargo Securities, LLC CAMERON MCKNIGHT Stifel STEVEN M WIECZYNSKI Compass Point Research & Trading LLC MICHAEL TURNER JPMorgan JOSEPH R GREFF Janney Montgomery Scott LLC BRIAN MCGILL Telsey Advisory Group CHRISTOPHER E JONES Morgan Stanley THOMAS ALLEN Deutsche Bank CARLO SANTARELLI Macquarie CHAD BEYNON Sterne, Agee & Leach DAVID BAIN Nomura HARRY C CURTIS S&P Capital IQ ESTHER KWON Gabelli & Co AMIT KAPOOR Craig-Hallum Capital Group LLC BRYAN MAHER Atlantic Equities LLP ALISTAIR M SCOBIE Credit Agricole Securities (USA) JON OH Barclays FELICIA R KANTOR HENDRIX Credit Suisse JOEL H SIMKINS Union Gaming Research BILL LERNER Goldman Sachs STEVEN KENT EVA Dimensions CRAIG STERLING Imperial Capital LLC GREGG M KLEIN Phillip Securities MAGDALENE CHOONG

Source 13F PROXY Form 4 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation outperform Positive buy buy buy outperform hold neutral overweight buy no rating system Equalwt/In-Line buy neutral neutral buy buy buy buy neutral outperform overweight outperform buy Buy/Neutral underweight outperform neutral

Amt Held 15'039'402 10'026'708 9'659'355 5'410'939 4'603'200 4'181'036 3'561'098 3'115'910 3'044'202 2'552'192 1'781'415 1'469'017 1'374'520 1'208'000 1'007'868 994'084 990'000 921'613 798'333 794'161

% Out 14.9 9.94 9.57 5.36 4.56 4.14 3.53 3.09 3.02 2.53 1.77 1.46 1.36 1.2 1 0.99 0.98 0.91 0.79 0.79

Weighting

Change

5 4 5 5 5 5 3 3 5 5 #N/A N/A 3 5 3 3 5 5 5 5 3 5 5 5 5 5 1 5 3

M M M M M M M M M M M M M M M M M M M M M M M U M M M N

Latest Chg 434'885 (82'795) 515'471 2'386'800 155'885 128'934 141'999 582'867 63'898 55'727 179'320 678'903 (12'807) 990'000 (87'840) 17'786 107'904

Target Price 133 146 151 145 144 #N/A N/A #N/A N/A 119 148 175 131 127 146 119 120 141 140 #N/A N/A 150 130 132 139 144 150 159 #N/A N/A 145 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 13.12.2012 n/a 04.02.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 26.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 9 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 26.03.2013 26.03.2013 25.03.2013 25.03.2013 24.03.2013 21.03.2013 12.03.2013 04.03.2013 01.03.2013 19.02.2013 10.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 17.01.2013 15.01.2013 07.01.2013 18.07.2012


27.03.2013

Xilinx Inc Xilinx, Inc. designs, develops, and markets complete programmable logic solutions. The Company's solutions include advanced integrated circuits, software design tools, predefined system functions delivered as cores of logic, and field engineering support. Xilinx sells its products through several channels of distribution to customers in the United States and overseas.

Price/Volume 45

3.0 M

40

2.5 M

35 30

2.0 M

25

03/2012 12/yy 39.43 30.25 454'757.00 38.2 -3.12% 26.28% 86.60% 261.6 9'991.66 906.57 0.0 0.0 1'917.63 9'223.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15

1.0 M

10

.5 M

5 0 m-12

.0 M a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.03.2008 1'841.4 3.38x 496.1 12.54x 374.0 17.90x

1.5 M

20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XLNX UW EQUITY YTD Change XLNX UW EQUITY YTD % CHANGE

31.03.2009 31.03.2010 1'825.2 1'833.6 2.45x 3.30x 522.9 527.4 8.56x 11.47x 361.7 357.5 14.65x 19.91x Profitability

LTM-4Q 31.03.2011 2'369.4 3.17x 864.6 8.69x 641.9 13.23x

31.03.2012 2'240.7 3.84x 718.9 11.97x 530.1 18.33x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

718.89 646.54 28.85% 26.65% 10.70% 17.83% 14.56% 0.49% 64.9% 30.6% 27.2% 23.7% 7.15 6.22 20.31% 33.48% 9.90 3.16

Price/ Cash Flow

12/yy 2'269.6 13.27x 740.1 10.22x 567.7 14.64x

LTM 12/yy 2'195.5 15.02x 670.8 12.62x 479.3 19.62x

FY+1

2.23 1.17 261.13 7.63 7.63% 7.05% 1.173 31 3.774 516'817 992'947 915'216 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'169.5 2'305.0 529.6 556.0 4.27x 3.87x 17.39x 16.48x 659.5 759.5 160.9 174.7 13.99x 12.14x 12.94x 12.16x 484.4 550.5 123.8 127.5 21.58x 19.13x 19.94x 19.02x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

04.04.2012 BBB+u STABLE 13.17 11.89 -1.14 1.37 33.5% 25.1% 0.49 5.75 36.76 115.30 49.58 104.88

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Xilinx Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC T ROWE PRICE ASSOCIA JP MORGAN GOLDMAN SACHS GROUP CAPITAL GROUP COMPAN STATE STREET WELLINGTON MANAGEMEN ASHMORE WELATH MANAG BAILLIE GIFFORD AND JENNISON ASSOCIATES BANK OF NEW YORK MEL AMERICAN CENTURY COM PIONEER INVESTMENT M INVESCO LTD JANUS CAPITAL MANAGE CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG FRANKLIN RESOURCES

Firm Name BMO Capital Markets Robert W. Baird & Co Wells Fargo Securities, LLC MKM Partners Miller Tabak + Co., LLC Macquarie Argus Research Corp Deutsche Bank Morgan Stanley SunTrust Robinson Humphrey JPMorgan Pacific Crest Securities William Blair & Co Lazard Capital Markets Piper Jaffray Credit Agricole Securities (USA) Barclays Credit Suisse Jefferies Raymond James Mizuho Securities USA Inc ISI Group Goldman Sachs Drexel Hamilton LLC Canaccord Genuity Corp Wedge Partners Nomura EVA Dimensions GARP Research

Portfolio Name n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP n/a n/a WELLINGTON MANAGEMEN ASHMORE WEALTH MANAG BAILLIE GIFFORD & CO JENNISON ASSOCIATES BANK OF NEW YORK MEL AMERICAN CENTURY COM PIONEER INVESTMENT M INVESCO LTD n/a CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG n/a

Analyst AMBRISH SRIVASTAVA TRISTAN GERRA DAVID M WONG DANIEL A BERENBAUM BRENDAN FURLONG SHAWN WEBSTER JAMES KELLEHER ROSS C SEYMORE JOSEPH MOORE WILLIAM STEIN CHRISTOPHER DANELY JOHN VINH ANIL K DORADLA IAN ING AUGUSTE P RICHARD SRINI PAJJURI BLAYNE CURTIS JOHN W PITZER MARK J LIPACIS HANS C MOSESMANN RUBEN ROY SUMIT DHANDA JAMES SCHNEIDER RICHARD WHITTINGTON ROBERT BURLESON JUN ZHANG ROMIT SHAH ANDREW S ZAMFOTIS SETH DADDS

Source ULT-AGG 13F 13F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation outperform neutral outperform neutral hold neutral hold hold Equalwt/In-Line neutral overweight sector perform outperform neutral overweight buy equalweight outperform hold outperform neutral buy neutral/attractive buy hold no rating system neutral buy neutral

Amt Held 21'658'314 15'888'421 14'275'610 13'174'040 12'815'197 12'748'300 10'757'907 8'567'292 6'376'000 5'991'619 5'633'885 5'122'754 5'015'969 4'488'960 4'488'952 4'142'451 4'031'844 3'586'099 3'289'997 3'097'986

% Out 8.28 6.07 5.46 5.04 4.9 4.87 4.11 3.28 2.44 2.29 2.15 1.96 1.92 1.72 1.72 1.58 1.54 1.37 1.26 1.18

Weighting

Change

5 3 5 3 3 3 3 3 3 3 5 3 5 3 5 5 3 5 3 5 3 5 3 5 3 #N/A N/A 3 5 3

M M M M M M N M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 897'763 700'472 (1'972'440) 773'804 562'584 (1'375'000) 30'999 (1'748'957) 6'376'000 1'087'094 589'194 137'121 (1'708'902) (105'305) 160'666 (9'980) 3'879'923 (285'572) (1'220'960) (96'421)

Target Price 41 35 #N/A N/A 34 36 40 #N/A N/A 37 #N/A N/A 38 41 #N/A N/A #N/A N/A #N/A N/A 43 44 36 42 37 42 39 39 41 44 36 #N/A N/A 30 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 25.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 9 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 05.03.2013 20.02.2013 13.02.2013 18.01.2013 18.01.2013 17.01.2013 15.01.2013 26.07.2012


27.03.2013

Yahoo! Inc Yahoo! Inc., is a global Internet media company that offers communications, content, and a community platform that delivers consumer experiences and advertising solutions across digitial screens. The Company's site includes a hierarchical, subject-based directory of Web sites, which enables users to locate and access information.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.03.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (3/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance YHOO UW EQUITY YTD Change YHOO UW EQUITY YTD % CHANGE

12/2012 12/yy 23.88 14.59 3'570'877.00 23.58 -1.26% 61.62% 96.77% 1'101.3 25'968.54 37.00 0.0 45.4 6'022.38 20'028.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

20

20.0 M

15

15.0 M

10

10.0 M

5

5.0 M

0 m-12

.0 M a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 7'208.5 1.77x 1'397.4 9.14x 418.9 20.00x

25

31.12.2009 31.12.2010 6'460.3 6'324.7 2.96x 2.88x 1'252.4 1'513.0 15.29x 12.04x 598.0 1'231.7 39.02x 21.05x Profitability

LTM-4Q 31.12.2011 4'984.2 3.36x 1'473.0 11.37x 1'048.8 19.43x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

31.12.2012 4'986.6 3.26x 1'457.1 11.15x 3'945.5 17.61x 1'457.14 802.54 16.09% 118.13% 24.75% 29.12% 0.31% 67.5% 29.2% 16.1% 79.1% 4.38 4.02 0.22% 0.25% 4.87 -

Price/ Cash Flow

12/yy 4'984.2 12.98x 1'473.0 11.37x 1'048.8 19.43x

LTM 12/yy 4'986.6 11.61x 1'457.1 11.15x 3'945.5 17.01x

FY+1

0.00 0.80 910.37 25.59 52.82% 18.49% 0.797 36 3.611 4'667'817 4'656'257 4'735'922 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'601.0 4'766.6 1'098.6 1'116.2 4.58x 4.18x 19.46x 19.30x 1'656.2 1'738.6 360.8 394.1 12.10x 11.53x 11.90x 11.75x 1'281.0 1'391.5 282.3 307.1 20.38x 18.38x 20.52x 19.92x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

18.04.2008 NR -4.11 0.03 0.3% 0.3% 0.31 2.92 75.08 39.68 -

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |


27.03.2013

Yahoo! Inc Holdings By:

All

Holder Name THIRD POINT LLC FILO DAVID THIRD POINT LLC BLACKROCK VANGUARD GROUP INC STATE STREET YANG JERRY CAPITAL GROUP COMPAN FMR LLC INVESCO LTD WELLINGTON MANAGEMEN CITIGROUP INCORPORAT BANK OF NEW YORK MEL TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & COMPANY I DEUTSCHE BANK AG MACQUARIE GROUP

Firm Name Wells Fargo Securities, LLC Sanford C. Bernstein & Co Cantor Fitzgerald Cowen and Company Pivotal Research Group LLC Oppenheimer & Co BGC Partners JMP Securities Raymond James Needham & Co Daiwa Securities Co. Ltd. BMO Capital Markets RBC Capital Markets Morgan Stanley Piper Jaffray Barclays Goldman Sachs Stifel Wedge Partners S&P Capital IQ Gabelli & Co Macquarie Credit Suisse JPMorgan Jefferies William Blair & Co B Riley & Company, Inc Nomura Atlantic Equities LLP Credit Agricole Securities (USA) EVA Dimensions Pacific Crest Securities Evercore Partners Deutsche Bank

Portfolio Name THIRD POINT LLC n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a INVESCO LTD WELLINGTON MANAGEMEN CITIGROUP INCORPORAT BANK OF NEW YORK MEL TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & CO DEUTSCHE BANK AKTIEN n/a

Analyst PETER STABLER CARLOS KIRJNER YOUSSEF H SQUALI JOHN BLACKLEDGE BRIAN WIESER JASON S HELFSTEIN COLIN W GILLIS RONALD V JOSEY III AARON M KESSLER LAURA A MARTIN KAZUYA NISHIMURA DANIEL SALMON MARK S MAHANEY JORDAN MONAHAN EUGENE E MUNSTER ANTHONY J DICLEMENTE HEATH P TERRY JORDAN ROHAN MARTIN PYYKKONEN SCOTT H KESSLER BRETT HARRISS BENJAMIN A SCHACHTER STEPHEN JU DOUGLAS ANMUTH BRIAN J PITZ RALPH SCHACKART SAMEET SINHA BRIAN NOWAK HAMILTON FABER JAMES LEE ANDREW S ZAMFOTIS EVAN S WILSON KEN SENA LLOYD WALMSLEY

Source 13F Form 4 Form 4 ULT-AGG 13F ULT-AGG Form 4 ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation market perform market perform buy neutral buy outperform hold market perform outperform buy neutral market perform outperform Equalwt/Attractive neutral overweight buy/attractive buy no rating system hold buy neutral neutral neutral hold market perform buy neutral neutral underperform buy sector perform equalweight hold

Amt Held 73'000'400 71'361'390 62'000'000 52'947'475 48'917'794 46'610'995 46'610'564 35'693'952 35'419'632 28'229'816 27'807'651 15'898'615 14'005'513 14'000'000 13'830'883 13'158'797 10'725'954 9'997'715 9'766'006 9'740'706

% Out 6.63 6.48 5.63 4.81 4.44 4.23 4.23 3.24 3.22 2.56 2.52 1.44 1.27 1.27 1.26 1.19 0.97 0.91 0.89 0.88

Weighting

Change

3 3 5 3 5 5 3 3 5 5 3 3 5 3 3 5 5 5 #N/A N/A 3 5 3 3 3 3 3 5 3 3 1 5 3 3 3

M M M M M U D N N M M M M M M U M M M M M M M M M M M M M M U M M M

Latest Chg (500'000) (11'000'400) 2'834'452 1'641'768 421'157 800'000 (40'053'983) 24'881'661 (3'381'146) 27'786'182 14'394'332 2'372'881 (11'000'000) (446) (8'208'344) 2'010'559 2'847'197 2'053'676 (153'900)

Target Price #N/A N/A 23 26 #N/A N/A 23 27 21 #N/A N/A 26 26 23 20 24 23 21 26 26 25 #N/A N/A 22 #N/A N/A 23 21 22 20 #N/A N/A 26 18 21 21 #N/A N/A #N/A N/A 22 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 27.08.2012 01.02.2013 25.03.2013 31.12.2012 26.03.2013 25.11.2011 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 9 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor

Date 26.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 20.03.2013 20.03.2013 19.03.2013 18.03.2013 15.03.2013 15.03.2013 11.03.2013 10.03.2013 05.03.2013 05.03.2013 04.03.2013 01.03.2013 01.03.2013 12.02.2013 07.02.2013 01.02.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 28.01.2013 28.01.2013 27.11.2012

Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)  

Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

Read more
Read more
Similar to
Popular now
Just for you