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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

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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