Fundamental Equity Analysis - IT Services Index - Top 40 Companies by Q.M.S Advisors

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 IT Services Index Top 40 Companies by Market Cap. July 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

15234088

2028.155

1113

202

220

103.12

110.54

16.03

14.95

18.63

Euro Stoxx 50 Pr

EUR

2604841

5421.882

4608

742

773

205.72

299.77

22.19

17.56

15.23

20.46

NIKKEI 225

JPY

2812191

197.7602

193

5.42

7.96

0.27

0.28

0.18

0.11

FTSE 100 INDEX

GBP

2702789

11779.82

10027

1409

1667

586.72

814.72

25.47

22.36

18.34

21.22

SWISS MARKET INDEX

CHF

1061322

11068.91

4153

864

838

418.14

563.10

21.21

17.57

15.75

22.23

S&P/TSX COMPOSITE INDEX

CAD

1605527

16793.81

8449

1805

1979

746.53

826.56

15.29

13.81

23.49

S&P/ASX 200 INDEX

AUD

1242064

5893.139

2692

554

687

225.97

324.32

18.64

15.11

12.99

20.36

HANG SENG INDEX

HKD

1607050

2998.16

1672

355

399

278.80

271.44

1.28

1.45

1.31

2.92

MSCI EM

USD

6934767

1280.215

971

188

179

82.50

90.08

11.10

11.30

10.16

19.18

ACCENTURE PLC-CL A

USD

51083

3547

677

45.63

28721

30022

4467

4642

1167

3.84

4.53

4.32

4.51

16.42

17.21

16.48

8.55

15.39

A+

22.01.2002

ALTRAN TECHNOLOGIES SA

EUR

1185

137

144

1.41

1899

2150

2253

178

0.72

0.60

0.63

0.76

14.75

12.26

13.99

11.72

3.34

-1.93

7.46

7.84

12.26

ATOS

EUR

6482

6.22

11537

11567

11858

1196

3.24

3.48

5.86

6.64

28.20

31.36

16.77

14.79

38.91

15.52

42.97

17.68

13.52

CACI INTERNATIONAL INC -CL A

USD

1452

138

2.08

3774

3718

3694

3564

356

334

5.96

6.39

6.40

5.89

9.85

9.84

10.68

5.50

7.67

15.72

13.98

8.98

20.03.2007

CAP GEMINI

EUR

8137

197

159

7.15

13389

13448

13856

1229

1324

3.84

3.09

3.81

4.20

21.58

17.83

17.50

15.89

7.68

4.89

5.94

3.22

12.90

BBB-

21.01.2008

COMPUTACENTER PLC

GBp

1063

139

0.87

4399

4527

4679

155

0.59

0.55

0.62

0.71

21.01

19.76

18.72

16.37

3.28

6.37

-7.96

10.07

5.32

COMPUTER SCIENCES CORP

USD

7119

1073

150

7.82

14993

15289

14329

14400

2005

2066

481

3.67

4.82

3.54

4.00

9.83

13.39

11.85

-2.41

-3.70

56.40

-4.01

13.51

BBB

22.05.2012

Baa2

17.05.2012

CSG SYSTEMS INTL INC

USD

798

199

0.90

757

752

746

773

166

153

1.48

1.53

2.08

2.27

15.39

11.30

10.37

3.01

10.69

-3.64

7.30

20.38

01.12.2010

CONTAX PARTICIPACOES SA

BRL

586

322

0.91

1598

1590

1726

1874

162

194

0.06

0.12

15.12

15.16

7.68

7.54

9.90

8.26

17.65

7.74

5.39

COGNIZANT TECH SOLUTIONS-A

USD

21020

4937

302

18.28

7346

7656

8642

10012

1518

1573

436

3.44

3.62

4.20

4.84

19.26

16.60

14.40

20.02

26.08

20.42

28.37

20.55

CONVERGYS CORP

USD

1971

308

106

1.43

2005

2001

2056

2132

228

235

0.89

0.99

1.08

1.17

18.95

17.45

16.03

3.71

-6.81

16.67

-9.66

11.74

BB+

24.07.2012

Ba1

14.05.2009

AMDOCS LTD

USD

6142

700

162

5.16

3247

3290

3356

3491

602

612

172

2.27

2.44

2.93

3.11

15.50

12.92

12.15

2.18

1.60

2.77

2.61

18.61

BBB

31.03.2008

Baa2

26.02.2010

EXLSERVICE HOLDINGS INC

USD

989

130

0.88

443

454

494

562

1.26

1.27

1.77

2.04

23.87

17.13

14.84

22.85

22.67

28.83

33.40

18.57

GENPACT LTD

USD

4649

637

225

4.96

1902

1970

2186

2487

344

357

0.93

0.99

1.02

1.17

20.55

19.99

17.44

18.84

16.77

16.63

14.47

18.11

BB+

07.08.2012

CGI GROUP INC - CLASS A

USD

9190

113

12.48

4772

7734

10102

10358

777

1068

375

2.19

2.66

13.93

11.46

12.99

30.58

2.73

5.18

13.81

HCL TECHNOLOGIES LTD

INR

9802

915

693

9.35

3480

4128

4241

4839

677

920

260

0.58

0.90

0.92

1.01

0.26

0.23

0.54

0.46

0.82

0.41

0.37

HEXAWARE TECHNOLOGIES LTD

INR

473

1588

297

0.38

325

355

393

0.18

0.19

0.18

0.20

0.14

0.15

0.14

0.13

0.57

0.25

0.91

0.57

0.35

INTL BUSINESS MACHINES CORP

USD

213166

3892

1117

234.69

104507

103241

103357

106305

25119

24941

6240

15.24

15.46

16.69

18.32

12.44

11.52

10.49

-2.25

-0.66

0.07

6.06

24.16

AA-

30.05.2012

Aa3

23.11.2010

INDRA SISTEMAS SA

EUR

2247

164

3.10

3836

3854

3912

4034

335

333

1.10

1.02

1.12

1.28

17.51

16.88

15.97

13.94

12.25

6.02

-27.27

-0.09

11.27

IGATE CORP

USD

965

248

1.90

1074

1086

1133

1220

253

251

1.38

1.19

1.70

1.97

14.01

9.81

8.47

37.75

58.48

74.67

62.00

23.13

B+

04.04.2011

07.04.2011

INFOSYS LTD-SP ADR

USD

24451

2352

574

205

1258.84

403520

482587

516347

115440

30827

165.02

173.55

185.18

15.44

14.69

13.76

19.62

19.60

7.40

17.03

28.61

BBB+

07.05.2010

MANTECH INTERNATIONAL CORP-A

USD

985

1.01

2582

2552

2539

2405

224

200

2.57

2.42

2.22

2.11

10.97

11.95

12.59

-10.02

9.55

-20.82

11.82

7.85

BB+

06.04.2010

Ba2

01.04.2010

MAXIMUS INC

USD

2440

1067

2.25

1050

1180

1296

1594

157

188

1.18

1.45

1.59

1.84

24.63

22.51

19.39

12.96

12.23

8.70

19.64

15.97

MPHASIS LTD

INR

1383

210

1.12

895

948

1055

175

0.63

0.60

0.65

0.17

0.18

0.17

0.08

0.46

0.11

0.47

0.33

MINDTREE LTD

INR

612

0.60

393

435

495

1.30

1.32

1.48

1.61

0.19

0.17

0.15

0.39

1.12

0.51

0.34

GROUPE STERIA SCA

EUR

452

0.65

2384

2364

2424

194

1.95

2.47

3.03

9.51

7.49

6.11

9.31

4.46

-6.95

2.72

10.64

SAIC INC

USD

4853

1391

342

5.59

11173

11136

10376

10131

847

787

165

1.54

1.42

1.15

1.24

9.98

12.29

11.43

6.44

2.83

105.08

2.46

7.07

SAPIENT CORPORATION

USD

1910

778

138

1.69

1162

1195

1252

1385

143

145

0.48

0.72

0.86

28.50

19.13

15.87

9.33

15.53

3.44

32.10

12.15

SOPRA GROUP

EUR

861

1.13

1587

1723

1826

155

154

6.47

6.09

7.40

8.21

15.50

14.59

12.76

11.50

20.68

5.89

18.28

3.19

12.76

SERCO GROUP PLC

GBp

5139

277

498

6.02

7416

7797

8232

567

599

0.63

0.75

0.66

0.72

20.61

24.84

23.72

21.45

8.66

18.28

6.63

22.60

11.54

SYKES ENTERPRISES INC

USD

733

101

0.67

1128

1151

1234

1277

1.04

1.08

1.24

1.48

15.34

13.36

11.17

-3.56

8.89

-15.10

4.97

8.32

SYNTEL INC

USD

2808

2.42

724

742

804

890

226

233

4.44

4.57

4.47

4.82

14.66

14.99

13.90

12.69

14.34

45.95

25.03

31.38

TATA CONSULTANCY SVCS LTD

INR

51065

1120

1957

49.95

10524

12212

13842

3014

3022

824

1.19

1.35

1.52

0.37

0.32

0.29

0.48

0.37

0.41

0.43

0.48

BBB+

07.05.2010

TECH MAHINDRA LTD

INR

2295

857

128

2.38

1148

1318

1416

238

107

1.62

1.68

1.70

1.83

0.18

0.16

0.42

0.22

0.74

0.18

0.35

TIETO OYJ

SEK

1475

0.16

274

270

261

259

0.22

0.25

1.56

1.42

-0.02

-0.13

0.02

0.70

1.40

TELETECH HOLDINGS INC

USD

1265

158

1.22

1163

1159

1225

1303

147

148

1.37

1.42

1.52

1.77

17.08

15.95

13.72

-1.39

-4.36

1.85

-2.13

12.80

UNISYS CORP

USD

1087

929

0.93

3706

3588

3486

3505

494

429

5.50

2.74

2.85

4.09

8.99

8.65

6.03

-3.82

-8.82

-4.93

1.15

11.97

BB-

28.04.2011

16.08.2012

WIPRO LTD-ADR

USD

18579

902

2761

154

1023.05

374256

416847

445795

482063

76351

81921

18240

22.30

23.55

28.38

31.04

19.16

19.19

15.90

14.54

17.41

11.26

18.78

13.18

19.65

BBB+

02.04.2012

WNS HOLDINGS LTD-ADR

USD

861

314

0.88

460

475

527

0.41

0.42

1.17

1.26

41.05

14.68

13.65

-2.92

2.19

7.32

11.17

16.64

XEROX CORP

USD

11788

6333

1224

19.83

22390

22243

22294

22518

3058

3002

817

0.96

0.97

1.11

1.17

9.87

8.67

8.20

-1.04

5.72

-0.20

7.93

13.50

BBB-

08.02.2010

Baa2

15.11.2007

29778

30158

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

8.87

3.88

12.08

A-

31.08.2012

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

S&P 500 INDEX

2.31

2.12

1.93

2.31

1.48

1.42

1.37

1.48

10.44

9.75

10.13

10.44

9.21

8.49

7.93

9.21

14.95

13.40

12.23

14.95

2.12

2.29

2.39

2.12

1781.3

7.8%

Euro Stoxx 50 Pr

1.17

1.11

1.04

1.17

0.76

0.74

0.72

0.76

5.80

5.32

4.84

5.80

7.01

6.62

6.27

7.01

11.68

10.42

9.38

11.68

4.29

4.55

4.90

4.29

2966.8

10.6%

NIKKEI 225

1.57

1.47

1.37

1.57

0.75

0.73

0.71

0.75

9.28

8.56

7.85

9.28

9.06

8.38

7.89

9.06

18.29

16.23

14.66

18.29

1.59

1.74

1.88

1.59

14923.2

3.1%

FTSE 100 INDEX

1.71

1.60

1.49

1.71

0.99

0.95

0.96

0.99

8.38

7.72

7.04

8.38

7.06

6.52

6.13

7.06

12.15

11.06

10.23

12.15

3.85

4.15

4.50

3.85

6994.5

6.6%

SWISS MARKET INDEX

2.39

2.21

2.06

2.39

2.03

1.93

1.85

2.03

12.22

11.15

9.95

12.22

13.20

12.16

11.38

13.20

14.96

14.97

13.47

12.29

14.96

3.25

3.62

4.15

3.25

8618.8

7.6%

S&P/TSX COMPOSITE INDEX

1.64

1.53

1.43

1.64

1.40

1.44

1.46

1.40

8.31

7.50

6.22

8.31

8.48

7.48

6.90

8.48

14.34

12.69

11.56

14.34

3.27

3.42

3.57

3.27

14132.9

14.8%

S&P/ASX 200 INDEX

1.82

1.72

1.62

1.82

1.70

1.61

1.54

1.70

10.27

9.28

8.86

10.27

8.57

7.80

7.26

8.57

14.10

12.80

11.83

14.10

4.74

5.07

5.41

4.74

5208.0

4.9%

HANG SENG INDEX

1.27

1.17

1.11

1.27

1.65

1.52

1.41

1.65

7.64

7.28

6.75

7.64

7.51

6.88

6.24

7.51

10.18

9.37

8.59

10.18

3.78

4.08

4.48

3.78

24756.5

15.5%

MSCI EM

1.33

1.22

1.10

1.33

0.94

0.88

0.82

0.94

6.57

6.03

5.55

6.57

7.15

6.50

5.96

7.15

10.16

9.14

8.38

10.16

3.05

3.37

3.66

3.05

1120.2

22.3%

ACCENTURE PLC-CL A

10.62

9.42

8.09

6.44

1.84

1.78

1.70

1.60

1.44

14.51

12.98

13.60

12.14

10.44

9.52

9.35

8.75

7.87

19.33

17.21

16.48

14.88

1.78

2.18

2.39

2.50

80.65

8.5%

ALTRAN TECHNOLOGIES SA

1.60

1.46

1.28

1.09

0.62

0.55

0.53

0.51

9.68

9.58

7.54

7.07

7.65

6.62

5.76

5.22

11.40

10.72

8.98

7.99

0.00

0.62

1.00

1.04

6.62

27.4%

ATOS

1.95

1.84

1.65

1.52

0.56

0.55

0.53

9.67

8.04

7.36

7.69

5.16

4.75

4.48

4.24

14.20

12.86

11.34

10.73

1.08

1.23

1.41

1.53

60.88

5.4%

CACI INTERNATIONAL INC -CL A

1.38

1.26

1.14

1.02

0.38

0.39

0.41

8.03

7.64

6.65

6.80

5.87

6.37

6.62

7.91

10.73

9.84

10.68

10.74

0.00

58.89

-6.4%

CAP GEMINI

1.42

1.33

1.26

1.19

0.61

0.59

0.57

12.29

11.80

10.26

9.49

5.49

5.32

4.99

4.69

14.09

13.42

12.18

11.18

2.54

2.68

2.84

2.99

42.39

8.1%

COMPUTACENTER PLC

1.58

1.36

1.25

1.16

0.24

0.23

0.22

10.01

10.71

8.83

5.74

5.54

5.47

4.99

4.78

12.74

12.40

10.84

9.78

3.48

3.60

3.89

4.29

527.09

3.7%

COMPUTER SCIENCES CORP

1.84

1.48

1.22

0.47

0.50

0.49

5.27

4.91

4.69

4.15

3.88

3.74

3.88

16.72

13.39

11.85

10.87

1.69

48.05

1.4%

1.07

1.03

5.24

5.84

5.43

6.41

11.00

11.30

10.37

10.15

0.00

22.00

-6.6%

CSG SYSTEMS INTL INC CONTAX PARTICIPACOES SA

2.88

14.41

13.97

0.36

0.34

0.31

0.28

COGNIZANT TECH SOLUTIONS-A

4.40

3.50

2.86

2.42

2.86

2.43

2.10

1.83

CONVERGYS CORP

1.45

1.40

1.27

1.10

0.98

0.96

0.92

AMDOCS LTD

2.08

1.97

1.80

1.89

1.83

2.24

EXLSERVICE HOLDINGS INC

0.52

4.01

12.98

%D to Spot

5.37

4.42

3.91

3.98

3.99

25.61

17.40

17.07

18.44

5.42

20.76

17.76

14.72

13.07

12.03

10.36

8.93

7.81

6.83

18.89

16.60

14.40

12.41

0.00

80.25

15.2%

0.89

11.37

9.98

9.24

8.81

6.10

5.87

5.36

5.22

20.62

17.45

16.03

14.58

0.27

0.43

0.50

0.57

18.75

-0.1%

1.76

1.68

11.93

10.99

10.42

7.92

7.65

7.30

7.53

13.95

12.92

12.15

11.22

0.52

1.26

1.39

1.43

38.25

1.2%

2.00

1.76

1.53

10.66

9.30

8.01

6.86

19.62

17.13

14.84

12.71

0.00

33.81

11.5%

14.95

12.90

11.18

9.44

21.36

19.99

17.44

15.29

4.32

0.00

20.07

-1.3%

14.99

8.79

7.69

7.23

19.44

13.92

11.46

10.29

8.27

0.00

35.53

21.3%

14.58

1.05

1.42

1.57

1.65

856.38

1.7%

5.60

5.41

5.84

5.79

105.12

10.8% 14.8%

1.62

GENPACT LTD

3.91

3.28

2.74

2.38

2.45

2.13

1.87

1.62

19.13

17.94

14.45

CGI GROUP INC - CLASS A

2.16

2.39

1.99

1.67

1.98

0.95

0.92

0.91

0.86

14.90

13.46

9.15

7.52

HCL TECHNOLOGIES LTD

5.65

4.41

3.56

2.90

2.79

2.31

2.03

1.79

1.71

19.33

13.14

11.98

11.01

14.74

9.98

9.03

8.23

25.07

15.33

13.91

12.53

HEXAWARE TECHNOLOGIES LTD

2.34

2.09

1.85

1.54

1.45

1.33

1.20

1.11

7.84

7.78

7.09

5.52

5.58

5.37

4.90

4.55

8.60

8.63

7.90

7.42

INTL BUSINESS MACHINES CORP

8.59

8.24

6.55

5.30

2.04

2.06

2.01

1.96

1.88

10.60

9.42

8.50

7.74

8.91

8.45

7.98

7.47

7.09

12.71

11.52

10.49

9.53

1.70

1.81

1.96

2.07

2.55

220.67

INDRA SISTEMAS SA

1.61

1.50

1.38

1.29

0.59

0.57

0.56

0.54

0.52

8.55

9.23

8.33

7.93

8.12

8.19

7.51

7.07

6.47

11.30

12.25

10.69

9.89

4.72

3.24

4.00

4.66

8.48

9.62

-8.3%

IGATE CORP

11.04

7.94

4.86

0.90

0.85

0.79

0.76

7.31

7.23

6.35

5.65

11.05

9.81

8.47

7.65

0.00

20.14

20.8%

INFOSYS LTD-SP ADR

3.84

3.62

3.03

2.83

2.69

13.73

14.05

12.42

10.91

10.04

9.39

9.68

15.73

14.69

13.76

12.68

2.52

2.09

2.29

MANTECH INTERNATIONAL CORP-A

0.84

0.81

0.78

0.75

0.37

0.39

0.41

0.44

5.97

6.70

6.81

7.33

4.35

5.62

5.84

6.23

9.82

11.95

12.59

13.05

3.16

2.34

1.88

1.53

1.31

24.30

15.06

10.80

9.66

30.98

22.51

19.39

16.54

0.50

0.76

0.75

MPHASIS LTD

1.83

1.73

1.58

1.44

1.53

1.46

1.31

1.23

8.60

8.93

8.24

7.95

6.30

6.65

6.00

5.64

10.52

11.02

10.10

9.54

1.80

4.05

4.31

MINDTREE LTD

2.83

2.29

1.86

1.50

1.56

1.41

1.24

1.06

8.75

8.61

7.79

7.42

7.08

6.40

5.37

10.71

9.95

9.19

7.89

0.60

1.21

GROUPE STERIA SCA

0.48

0.60

0.63

0.55

0.19

0.18

0.17

5.13

4.56

3.68

3.61

3.18

2.91

2.76

5.78

5.74

4.69

4.26

3.37

SAIC INC

1.82

1.85

1.62

1.24

0.43

0.47

0.48

0.49

0.47

22.85

10.90

7.05

6.50

7.05

6.46

7.23

9.35

12.29

11.43

11.31

SAPIENT CORPORATION

3.52

3.39

2.94

1.69

1.53

1.38

1.27

11.11

10.14

9.22

8.41

21.48

19.13

15.87

16.09

SOPRA GROUP

2.22

1.89

1.65

1.44

0.55

0.50

0.47

0.45

SERCO GROUP PLC

2.93

2.63

2.32

2.08

0.69

0.66

0.62

0.59

SYKES ENTERPRISES INC

1.19

1.08

0.97

0.81

0.65

0.59

0.57

0.58

3.90

3.49

3.16

TATA CONSULTANCY SVCS LTD

7.66

6.09

5.00

4.14

4.85

4.18

3.70

3.20

TECH MAHINDRA LTD

2.68

2.12

1.79

1.45

2.02

1.74

1.62

1.51

TIETO OYJ

1.93

1.96

1.84

1.72

0.62

0.65

0.64

TELETECH HOLDINGS INC

2.34

2.01

1.61

1.08

1.09

1.03

0.97

0.94

0.30

0.31

0.32 1.61

10.95

MAXIMUS INC

SYNTEL INC

UNISYS CORP WIPRO LTD-ADR

1.87

2.57

2.49

2.31

2.07

WNS HOLDINGS LTD-ADR

2.87

2.59

2.46

1.97

1.81

1.63

1.40

XEROX CORP

1.07

0.98

0.89

0.53

0.52

0.51

0.56

2.47

0.62

0.49

6.22

6.73

3.22

10.70

8.44

7.47

6.75

16.72

15.57

12.70

10.13

7.38

7.32

6.35

5.75

10.41

10.04

9.36

8.82

7.02

6.58

6.37

6.14

6.38

5.72

5.03

5.29

21.08

18.03

16.19

14.87

10.90

10.43

9.18

16.44

14.22

12.69

11.16

10.57

9.49

8.75

8.86

10.44

9.46

9.18

8.99

7.38

6.60

5.98

6.09

4.99

4.92

4.60

4.44

11.18

10.15

9.22

8.72

9.00

7.68

6.85

1.99

2.40

9.00

6.10

8.84

2.78

44.03

3.4%

26.00

-2.1%

0.48

44.70

25.1%

4.33

392.44

-0.4%

1.29

1.48

917.54

4.0%

2.74

3.00

3.28

15.06

38.4%

3.41

8.12

5.74

6.92

14.93

5.4%

0.00

13.67

-0.1%

3.36

3.37

3.74

4.16

61.03

10.0%

1.30

1.76

2.18

2.73

10.50

9.78

8.82

7.78

16.80

15.71

14.21

12.87

14.02

13.36

11.17

11.84

15.63

14.99

13.90

3.72

21.95

19.27

17.14

14.99

1.45

1.71

1.89

2.20

11.98

10.49

9.73

8.20

0.47

0.65

0.75

1.14

1165.28

9.2%

11.52

10.38

9.44

8.93

5.13

5.77

6.25

6.77

143.82

6.9%

6.65

18.15

15.95

13.72

13.22

0.00

26.00

7.2%

2.01

1.73

6.65

8.65

6.03

5.21

23.67

-4.0% -1.9%

8.43

4.38

11.02

659.89

-3.2%

19.25

16.2%

73.50

9.7%

1573.77

0.8%

14.26

14.93

13.84

12.35

11.99

11.32

13.16

17.89

15.90

14.54

14.68

1.86

1.90

2.15

7.40

13.06

11.23

10.14

11.87

9.88

8.93

7.55

17.07

14.68

13.65

10.98

0.00

17.36

0.7%

5.55

4.85

4.03

6.36

6.13

6.00

5.66

9.40

8.67

8.20

7.40

1.77

2.21

2.23

2.68

9.55

-0.5%

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

5.28

11.10

3.31

11.07.2013

Accenture PLC Accenture PLC provides management and technology consulting services and solutions. The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis. Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

Price/Volume 90

08/2012 05/yy 84.23 56.23 3'546'980.00 74.35 -11.72% 32.22% 64.73% 644.8 51'082.65 0.03 0.0 478.6 6'642.79 45'627.27

20.0 M

50 40

15.0 M

10.0 M

5.0 M

10 0 j-12

31.08.2009 31.08.2010 23'171.0 23'094.1 0.85x 0.90x 3'391.7 3'399.1 5.79x 6.14x 1'590.0 1'780.7 12.48x 13.72x Profitability

LTM-4Q 31.08.2011 27'352.9 1.19x 3'985.2 8.16x 2'277.7 15.75x

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

31.08.2012 29'778.0 1.19x 4'466.8 7.95x 2'553.5 16.03x 4'466.78 3'873.24 13.01% 13.11% 19.90% 67.63% 66.81% 1.88% 30.2% 15.4% 13.3% 8.6% 1.55 1.20 0.00% 0.00% 9.14 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

05/yy 29'664 4.63x 4'411.4 7.69x 2'587.2 14.75x

LTM 05/yy 30'158 5.71x 4'641.7 10.80x 3'189.2 18.13x

FY+1

2.18 1.11 642.36 8.34 33.04% 12.98% 1.114 29 3.931 3'701'261 3'813'984 3'399'231 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 08/13 Q4 11/13 Q1 28'721 30'022 7'029 7'486 1.57x 1.47x 6.57x 6.27x 4'791.1 4'877.6 1'166.6 1'231.7 9.52x 9.35x 9.33x 9.21x 3'143.6 3'130.0 709.6 784.2 17.21x 16.48x 16.76x 16.34x S&P Issuer Ratings

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

22.01.2002 A+ STABLE 296.58 271.88 -1.28 0.00 0.0% 0.0% 1.88 38.88 39.92 -

Sales/Revenue/Turnover

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 04.09.2009

.0 M a-12

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

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

25.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACN US EQUITY YTD Change ACN US EQUITY YTD % CHANGE

31.08.2008 25'313.8 1.08x 3'525.9 7.76x 1'691.8 15.55x

30.0 M

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

11.07.2013

Accenture PLC Holdings By:

All

Holder Name SUN LIFE FINANCIAL I CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC FMR LLC STATE STREET MORGAN STANLEY T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN THORNBURG INVESTMENT NORTHERN TRUST CORPO LANSDOWNE PARTNERS L FIDUCIARY MANAGEMENT WELLS FARGO AMERIPRISE FINANCIAL BROWN ADVISORY INC LONGVIEW PARTNERS (G TIAA CREF INVESTMENT CALAMOS ADVISORS LLC

Firm Name Atlantic Equities LLP JPMorgan Cowen and Company Societe Generale Barclays Janney Montgomery Scott LLC Argus Research Corp Morgan Stanley EVA Dimensions BMO Capital Markets Deutsche Bank Goldman Sachs Credit Suisse Edward Jones Robert W. Baird & Co Sanford C. Bernstein & Co Raymond James Stifel BNP Paribas Equity Research Berenberg Bank Wells Fargo Securities, LLC Susquehanna Financial Group Jefferies Evercore Partners S&P Capital IQ

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL WELLINGTON MANAGEMEN THORNBURG INVESTMENT NORTHERN TRUST CORPO LANSDOWNE PARTNERS L FIDUCIARY MANAGEMENT n/a AMERIPRISE FINANCIAL n/a LONGVIEW PARTNERS (G TIAA-CREF INVESTMENT CALAMOS ADVISORS LLC

Analyst CHRISTOPHER HICKEY TIEN-TSIN HUANG MOSHE KATRI RICHARD NGUYEN DARRIN D PELLER JOSEPH D FORESI JAMES KELLEHER KATHRYN HUBERTY ANDREW S ZAMFOTIS KEITH F BACHMAN BRYAN KEANE JULIO C QUINTEROS JR GEORGE MIHALOS JOSH OLSON DAVID J KONING RODERICK BOURGEOIS BRIAN GESUALE DAVID M GROSSMAN ARVIND RAMNANI DAUD KHAN EDWARD S CASO JR JAMES E FRIEDMAN JASON KUPFERBERG DAVID M TOGUT DYLAN CATHERS

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

Recommendation overweight overweight outperform sell equalweight buy hold Overwt/In-Line buy market perform buy Buy/Neutral neutral hold neutral outperform market perform buy hold hold outperform Positive hold overweight hold

Amt Held 42'376'622 33'832'726 31'192'429 30'074'388 29'038'367 25'002'213 19'691'827 17'114'652 16'402'622 13'961'114 11'467'160 11'058'770 9'108'726 8'564'997 7'781'183 7'420'390 6'680'245 6'243'776 5'925'297 5'728'875

% Out 6.57 5.25 4.84 4.66 4.5 3.88 3.05 2.65 2.54 2.17 1.78 1.71 1.41 1.33 1.21 1.15 1.04 0.97 0.92 0.89

Weighting

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

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

Latest Chg 918'683 4'904'005 766'395 129'091 1'612'604 34'802 69'715 129'306 443'115 (2'427'956) (275'215) 570'792 1'783'496 733'878 1'866'838 (33'710) 423'206 29'802 (440'338) (727'838)

Target Price 85 76 92 70 80 82 #N/A N/A 85 #N/A N/A 72 82 85 75 #N/A N/A 78 88 #N/A N/A 86 75 69 #N/A N/A 88 71 80 85

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

File Dt Inst Type 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 3 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month

Date 11.07.2013 10.07.2013 09.07.2013 08.07.2013 08.07.2013 05.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 27.06.2013 30.05.2013

11.07.2013

Altran Technologies SA Altran Technologies SA is an engineering and technology consulting company. The Company consults on problems relating to the aerospace, telecommunications, automotive, banking, space, and energy industries. Altran offers services throughout Europe.

Price/Volume 7

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.06.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALT FP EQUITY YTD Change ALT FP EQUITY YTD % CHANGE

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

1.0 M

.5 M

1 0 j-12

31.12.2009 31.12.2010 1'403.7 1'324.4 0.44x 0.51x 47.6 87.5 13.05x 7.69x (74.8) (26.0) Profitability

LTM-4Q 31.12.2011 1'419.5 0.42x 129.4 4.64x (45.5) 70.00x

31.12.2012 1'455.9 0.69x 136.8 7.30x 64.6 12.50x

136.80 124.57 8.56% 6.21% 5.34% 14.67% 9.81% 1.20% 9.4% 8.6% 4.4% 1.17 1.05 28.05% 72.93% 3.38 -

Price/ Cash Flow

09/yy 1'519.5 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

LTM 09/yy 1'447.4 0.00x 0.0 0.00x 0.0 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M j-13

1.38 124.89 40.69% -8.00% 1.380 13 4.308 282'415 518'866 536'262 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 1'648.4 1'726.8 373.0 397.5 0.64x 0.56x 162.4 186.8 6.62x 5.76x 79.0 102.2 10.72x 8.98x S&P Issuer Ratings

7.06 5.79 1.23 2.53 72.9% 42.2% 1.20 43.42 108.15 -

Sales/Revenue/Turnover

100.00

1'800.0

90.00

1'600.0

80.00

1'400.0

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

a-12

Fiscal Year Ended 31.12.2008 1'650.1 0.36x 143.1 4.18x 11.4 30.22x

1.5 M

12/2012 09/yy 6.21 3.29 136'672.00 5.2 -16.26% 58.05% 65.75% 174.7 908.36 346.61 0.0 0.3 178.06 1'077.23

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 |

11.07.2013

Altran Technologies SA Holdings By:

All

Holder Name ALTRAFIN PARTICIPATI FINANCIERE DE L'ECHI HARRIS ASSOCIATES LP KNIAZEFF ALEXIS MARTIGNY HUBERT NORGES BANK CLASSIC FUND MGMT AG SOCIETE GENERALE JO HAMBRO CAPITAL MA JP MORGAN LBPAM HSBC ASSET MGMT EURO LOMBARD ODIER DARIER AGICAM HIGHBRIDGE CAPITAL M AMUNDI EXANE SA GENERALI INVESTMENTS VANGUARD GROUP INC MIRABAUD GESTION SA

Firm Name Aurel - BGC Societe Generale Gilbert Dupont Oddo & Cie Bryan Garnier & Cie Natixis Exane BNP Paribas Kepler Cheuvreux EVA Dimensions HSBC CM - CIC Securities(ESN) IDMidcaps NFinance Portzamparc Societe de Bourse

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NICOLAS DAVID DERRIC MARCON EMMANUEL PAROT ALEXANDRE IATRIDES GREGORY RAMIREZ GWENAEL GIARD BRICE PRUNAS LAURENT DAURE ANDREW S ZAMFOTIS ANTONIN BAUDRY DOV LEVY TEAM COVERAGE PIERRE SCHANG JEAN-BAPTISTE BARENTON

Source Research Research Research Research Research MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG Short MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy buy buy buy neutral hold hold overweight buy add buy Under Review

Amt Held % Out 27'501'079 15.74 7'910'700 4.53 7'664'300 4.39 6'981'242 4 6'978'989 4 4'662'802 2.67 3'660'051 2.1 1'720'031 0.98 1'485'953 0.85 927'171 0.53 907'570 0.52 820'000 0.47 800'000 0.46 785'260 0.45 (709'229) -0.41 646'146 0.37 (622'855) -0.36 600'000 0.34 571'378 0.33 556'212 0.32

Weighting 3 5 5 5 5 5 3 3 3 5 5 4 5 #N/A N/A

Change M M M M M U M M D M M M M M

Latest Chg 319'325 4'885 334'751 591'149 (15'556) 209'615 86'844 154'484 2'346'568 36'983 379'881

Target Price 6 8 6 6 7 6 6 7 #N/A N/A 7 8 6 8 #N/A N/A

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

File Dt Inst Type 07.06.2013 Corporation 11.06.2013 Investment Advisor 10.06.2013 Investment Advisor 07.06.2013 n/a 07.06.2013 n/a 31.12.2012 Government 31.03.2013 Investment Advisor 28.02.2013 Bank 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 29.03.2013 Investment Advisor 31.12.2012 Investment Advisor 30.04.2012 Investment Advisor 19.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 22.04.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 10.07.2013 08.07.2013 05.07.2013 01.07.2013 19.06.2013 19.06.2013 19.06.2013 18.06.2013 12.06.2013 11.06.2013 17.05.2013 20.03.2013 18.03.2013 19.06.2012

11.07.2013

AtoS AtoS offers management consulting and outsourcing services, enterprise solutions, and e-commerce solutions. The Company offers supply chain management, data warehousing, enterprise application integration, document management, geomarketing, data mining, e-marketing, and pre-customized computer applications, and manages customers' hardware, software, and networks.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (27.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATO FP EQUITY YTD Change ATO FP EQUITY YTD % CHANGE

12/2012 03/yy 59.22 45.15 72'882.00 57.74 -2.48% 27.88% 88.49% 86.1 4'968.74 927.70 0.0 30.8 1'159.70 4'767.54

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 j-12

31.12.2009 31.12.2010 5'127.0 5'020.6 0.46x 0.58x 241.5 390.3 9.80x 7.48x 3.9 116.1 534.75x 23.86x Profitability

LTM-4Q 31.12.2011 6'812.5 0.44x 689.8 4.31x 181.6 14.19x

31.12.2012 8'844.3 0.49x 917.0 4.71x 223.8 19.87x

917.00 580.00 6.56% 3.74% 3.02% 9.58% 7.63% 1.19% 10.4% 6.6% 2.5% 1.13 0.98 12.46% 39.50% 4.55 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

12/yy 6'812.0 0.00x 0.0 0.00x 0.0 0.00x

d-12

03/yy 8'664.0 0.00x 0.0 0.00x 0.0 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

0.89 55.34 25.77% 10.40% 0.889 20 4.350 238'987 267'390 290'635 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'867.5 9'090.3 0.51x 0.45x 1'003.4 1'065.2 4.75x 4.48x 422.8 466.0 12.86x 11.34x S&P Issuer Ratings

29.20 18.85 -0.25 1.01 39.5% 28.1% 1.19 12.96 80.38 -

Sales/Revenue/Turnover

10.00

10'000.0

9.00

9'000.0

8.00

8'000.0

7.00

7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 5'623.5 0.27x 452.7 3.41x 22.6 55.98x

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 |

11.07.2013

AtoS Holdings By:

All

Holder Name FINANCIERE DAUNOU SIEMENS AG FMR LLC NORGES BANK CQS UK LLP GENERALI ASSET MANAG DEUTSCHE BANK AG VANGUARD GROUP INC BNP PARIBAS INV PART PALATINE ASSET MANAG BLACKROCK NATIXIS ASSET MANAGE COATUE MANAGEMENT LL CARMIGNAC GESTION DWS INVESTMENT S A GROUPAMA ASSET MGMT HSBC ASSET MGMT EURO NEW JERSEY DIVISION AMUNDI JP MORGAN

Firm Name Societe Generale Natixis AlphaValue Exane BNP Paribas Barclays Bryan Garnier & Cie Berenberg Bank Oddo & Cie Morgan Stanley Kepler Cheuvreux CM - CIC Securities(ESN) Credit Suisse EVA Dimensions Jefferies Redburn Partners Goldman Sachs Main First Bank AG HSBC

Portfolio Name n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DERRIC MARCON GWENAEL GIARD HELENE COUMES BRICE PRUNAS GERARDUS VOS GREGORY RAMIREZ DAUD KHAN ALEXANDRE IATRIDES ADAM WOOD LAURENT DAURE DOV LEVY CHARLES BRENNAN ANDREW S ZAMFOTIS MILAN RADIA NEIL STEER SIVA KRISHNA PRASAD BORRA CAROLE ROZEN ANTONIN BAUDRY

Source Co File Co File ULT-AGG MF-AGG Short MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy add outperform overweight neutral hold neutral Equalwt/In-Line buy buy outperform overweight hold buy Buy/Neutral outperform neutral

Amt Held % Out 18'077'790 21.01 12'483'153 14.51 1'581'036 1.84 1'424'889 1.66 (774'483) -0.9 654'025 0.76 639'703 0.74 610'261 0.71 548'359 0.64 489'500 0.57 440'029 0.51 404'912 0.47 (378'636) -0.44 368'549 0.43 290'921 0.34 282'027 0.33 262'826 0.31 250'000 0.29 222'177 0.26 220'705 0.26

Weighting

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

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

Latest Chg (89'861) (60'238) 11'856 (20'000) 30'053 (3'135) (52'039) 18'896 94'659 106'705 (13'703) (11'993) (5'000) (750'000) (11'973) (11'524)

Target Price 78 67 65 62 70 60 51 44 56 59 66 67 #N/A N/A 56 #N/A N/A 70 72 55

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

File Dt Inst Type 31.12.2012 Unclassified 31.12.2012 Corporation 31.05.2013 Investment Advisor 31.12.2012 Government 08.07.2013 Investment Advisor 28.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.06.2013 Investment Advisor 09.07.2013 Investment Advisor 28.03.2013 Investment Advisor 27.06.2013 Hedge Fund Manager 29.03.2013 Investment Advisor 30.04.2013 Investment Advisor 28.03.2013 Investment Advisor 29.03.2013 Investment Advisor 30.06.2012 Pension Fund (ERISA) 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 11.07.2013 11.07.2013 11.07.2013 10.07.2013 10.07.2013 05.07.2013 05.06.2013 26.04.2013 25.04.2013 25.04.2013 21.03.2013 20.03.2013 04.03.2013 19.02.2013 01.02.2013 11.01.2013 04.01.2013 03.11.2012

11.07.2013

CACI International Inc CACI International Inc. provides information technology products and services. The Company delivers client solutions for systems integration, information assurance and security, reengineering, logistics and engineering support, electronic commerce, and other solutions. CACI serves government and commercial markets primarily in North America and Western Europe.

Price/Volume 70

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (12.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CACI US EQUITY YTD Change CACI US EQUITY YTD % CHANGE

06/2012 03/yy 65.52 48.56 138'268.00 62.94 -3.94% 29.61% 84.79% 23.1 1'451.89 539.46 0.0 2.5 15.74 2'082.55

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

10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

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

Fiscal Year Ended 30.06.2008 2'420.5 0.79x 210.3 9.06x 83.3 16.83x

30.06.2009 30.06.2010 2'730.2 3'149.1 0.61x 0.50x 230.7 247.8 7.17x 6.31x 89.7 106.5 14.48x 12.24x Profitability

LTM-4Q 30.06.2011 3'577.8 0.60x 307.5 7.00x 144.2 13.68x

30.06.2012 3'774.5 0.50x 355.8 5.29x 167.5 9.23x

355.81 299.85 7.94% 7.31% 6.30% 13.12% 9.50% 1.49% 31.1% 9.0% 7.5% 4.4% 1.41 1.33 22.54% 46.43% 5.73 -

Price/ Cash Flow

03/yy 3'788.8 2.17x 357.3 6.11x 170.0 10.72x

LTM 03/yy 3'717.9 2.04x 334.0 5.88x 157.1 9.06x

FY+1

0.00 1.19 22.76 4.50 11.85% 14.37% 1.186 16 2.875 198'950 315'468 358'746 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 3'694.4 3'563.8 927.8 878.3 0.54x 0.51x 2.17x 2.18x 326.7 314.6 84.1 71.4 6.37x 6.62x 6.58x 6.58x 152.8 144.3 39.0 31.5 9.84x 10.68x 10.69x 10.81x S&P Issuer Ratings

20.03.2007 NR 14.76 14.00 1.88 2.05 46.4% 31.7% 1.49 55.38 63.69 18.11 -

Sales/Revenue/Turnover

12.00

4'000.0 3'500.0

10.00

3'000.0 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0 2.00 0.00 03.07.2009

500.0 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 |

11.07.2013

CACI International Inc Holdings By:

All

Holder Name FMR LLC BLUE HARBOUR GROUP L DIMENSIONAL FUND ADV BLACKROCK VANGUARD GROUP INC LOMBARDIA CAPITAL PA ARTISAN PARTNERS HOL MORGAN STANLEY JP MORGAN ACADIAN ASSET MANAGE NORTHERN TRUST CORPO STATE STREET LSV ASSET MANAGEMENT BANK OF NEW YORK MEL BANK OF AMERICA CORP PRINCIPAL FINANCIAL FRANK RUSSELL TRUST KESTREL INVESTMENT M WENTWORTH HAUSER AND WEITZ WALLACE R & CO

Firm Name RBC Capital Markets Cowen and Company FBR Capital Markets Stifel Noble Financial Group SunTrust Robinson Humphrey JPMorgan Raymond James Sidoti & Company LLC BB&T Capital Markets Wells Fargo Securities, LLC S&P Capital IQ Credit Suisse Jefferies EVA Dimensions EarlyBirdCapital Inc Pacific Crest Securities

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC LOMBARDIA CAPITAL PA ARTISAN PARTNERS LP n/a n/a ACADIAN ASSET MANAGE NORTHERN TRUST CORPO n/a LSV ASSET MANAGEMENT BANK OF NEW YORK MEL BANK OF AMERICA n/a FRANK RUSSELL COMPAN KESTREL INVESTMENT M WENTWORTH HAUSER AND WALLACE R WEITZ & CO

Analyst ROBERT STALLARD CAI VON RUMOHR PATRICK J MCCARTHY WILLIAM R LOOMIS MARK C JORDAN TOBEY SOMMER JOSEPH B NADOL III BRIAN GESUALE BRIAN KINSTLINGER GEORGE A PRICE EDWARD S CASO JR DYLAN CATHERS ROBERT M SPINGARN JASON KUPFERBERG ANDREW S ZAMFOTIS ALEX P HAMILTON ERIK R OLBETER

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

Recommendation underperform market perform market perform hold buy neutral neutral underperform neutral hold underperform sell neutral hold buy buy sector perform

Amt Held 3'120'926 2'257'491 1'912'417 1'878'263 1'739'035 1'164'115 1'060'150 882'957 841'375 808'393 608'038 563'701 556'609 463'713 462'768 445'168 363'342 336'750 328'020 315'520

% Out 13.53 9.79 8.29 8.14 7.54 5.05 4.6 3.83 3.65 3.5 2.64 2.44 2.41 2.01 2.01 1.93 1.58 1.46 1.42 1.37

Weighting

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

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

Latest Chg 336'000 11'601 122'594 26'331 300'963 (30'900) 72'153 74'344 (66'074) 17'951 74'584 3'736 142'011 46'037 181'548 168'477 10'300 (23'277) 245'520

Target Price 58 67 57 #N/A N/A 66 60 55 #N/A N/A 55 #N/A N/A #N/A N/A 57 53 57 #N/A N/A 69 #N/A N/A

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

File Dt Inst Type 30.04.2013 Investment Advisor 07.05.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month 12 month Not Provided 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 02.07.2013 02.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 27.06.2013 26.06.2013 26.06.2013 15.01.2013 27.08.2012 29.04.2011

11.07.2013

Cap Gemini SA Cap Gemini offers computer and management consulting services. The Company develops software and offers information systems management, project management, and education and training services. Cap Gemini serves customers in the petroleum, financial services, automotive, aerospace, and telecommunications industries in Europe, the United States, Asia, and South Africa.

Price/Volume 45

3.0 M

2.5 M

35 30

2.0 M

12/2012 03/yy 40.10 25.63 197'132.00 39.2 -2.24% 52.95% 92.40% 159.1 6'237.88 1'230.00 0.0 36.0 2'023.00 5'480.88

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

1.0 M

.5 M

5 0 j-12

31.12.2009 31.12.2010 8'371.0 8'697.0 0.43x 0.50x 778.0 763.0 4.62x 5.73x 178.0 280.0 25.99x 19.09x Profitability

LTM-4Q 31.12.2011 9'693.0 0.35x 901.0 3.72x 404.0 9.18x

31.12.2012 10'264.0 0.44x 942.0 4.75x 370.0 13.87x

942.00 787.00 7.67% 4.87% 3.42% 8.46% 7.13% 0.95% 23.2% 9.9% 7.7% 3.6% 1.48 1.34 11.55% 27.38% 3.93 -

Price/ Cash Flow

s-12

o-12

n-12

LTM

03/yy 9'908.0 0.00x 0.0 0.00x 0.0 0.00x

d-12

03/yy 10'199.0 0.00x 0.0 0.00x 0.0 0.00x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

.0 M j-13

1.09 133.52 49.15% 22.53% 1.093 24 4.417 593'038 841'223 835'626 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 10'309.1 10'622.2 2'577.0 2'509.0 0.51x 0.47x 1'031.3 1'098.1 5.32x 4.99x 493.2 545.3 13.42x 12.18x S&P Issuer Ratings

21.01.2008 BBBSTABLE 10.70 8.63 -0.78 1.21 27.4% 21.4% 0.95 18.85 93.12 108.51 -

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 8'710.0 0.36x 981.0 3.24x 451.0 8.76x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (23.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CAP FP EQUITY YTD Change CAP FP EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

Cap Gemini SA Holdings By:

All

Holder Name SOCIETE GENERALE BLACKROCK AMUNDI SA CREDIT INDUSTRIEL ET KAMPF SERGE NORGES BANK MANNING & NAPIER ADV VANGUARD GROUP INC CAP GEMINI SA ALLIANZ ASSET MANAGE NATIXIS ASSET MANAGE AVIVA PLC ROTHSCHILD & COMPAGN FMR LLC T ROWE PRICE ASSOCIA SEB LBPAM AMUNDI HSBC ASSET MGMT EURO INTERNATIONAL VALUE

Firm Name AlphaValue Barclays Societe Generale S&P Capital IQ HSBC Jefferies Exane BNP Paribas Morgan Stanley Oddo & Cie Kepler Cheuvreux Bryan Garnier & Cie Berenberg Bank Credit Suisse JPMorgan Landesbank Baden-Wuerttemberg EVA Dimensions Day by Day Natixis Redburn Partners Baden Hill LLP CM - CIC Securities(ESN) Goldman Sachs National Bank AG

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst HELENE COUMES GERARDUS VOS RICHARD NGUYEN JAMES CRAWSHAW ANTONIN BAUDRY MILAN RADIA BRICE PRUNAS ADAM WOOD ALEXANDRE IATRIDES LAURENT DAURE GREGORY RAMIREZ DAUD KHAN CHARLES BRENNAN STACY E POLLARD THOMAS HOFMANN ANDREW S ZAMFOTIS VALERIE GASTALDY GWENAEL GIARD NEIL STEER NICHOLAS WOODIFIELD DOV LEVY SIVA KRISHNA PRASAD BORRA SVEN PAULSEN

Source Research ULT-AGG Research Research Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy overweight buy sell overweight buy outperform Equalwt/In-Line buy buy buy buy neutral neutral buy buy hold neutral buy buy buy Buy/Neutral buy

Amt Held 11'462'735 9'364'558 9'114'958 7'725'000 4'897'492 3'714'150 3'271'830 2'587'600 2'571'783 2'076'981 1'910'009 1'848'003 1'030'263 965'091 938'131 829'347 814'315 786'218 731'867 618'637

% Out 7.2 5.88 5.73 4.85 3.08 2.33 2.06 1.63 1.62 1.31 1.2 1.16 0.65 0.61 0.59 0.52 0.51 0.49 0.46 0.39

Weighting

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

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

Latest Chg 10'639'977 (169'651) 2'817'161 (600'000) 301'090 131'348 610'023 12'792 (10'500) 21'311 435'016 (101'257) (162'629) (4'353) -

Target Price 49 50 46 30 45 42 42 36 40 47 49 42 42 41 42 #N/A N/A #N/A N/A 34 #N/A N/A #N/A N/A 45 50 46

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

File Dt 28.09.2012 09.07.2013 26.09.2012 24.05.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.05.2013 28.03.2013 30.04.2013 31.01.2013 31.05.2013 31.03.2013 28.03.2013 28.03.2013 28.02.2013 29.03.2013 31.03.2013

Date 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Bank Investment Advisor Other Bank n/a Government Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.07.2013 10.07.2013 08.07.2013 04.07.2013 24.06.2013 21.06.2013 21.06.2013 20.06.2013 20.06.2013 20.06.2013 20.06.2013 05.06.2013 02.05.2013 02.05.2013 02.05.2013 29.04.2013 04.04.2013 02.04.2013 27.03.2013 01.03.2013 28.01.2013 11.01.2013 28.07.2011

11.07.2013

Computacenter PLC Computacenter plc provides distributed information technology and related services to corporate and public sector organizations. The Group's services are divided into three sectors: logistical operations, consolidation and integration, and operational management. Computacenter has operations in the UK, France, Luxembourg and Belgium.

Price/Volume

2.0 M 1.5 M

300

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (11.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CCC LN EQUITY YTD Change CCC LN EQUITY YTD % CHANGE

12/2012 03/yy 564.10 299.96 31'264.00 508.5 -9.33% 69.52% 81.03% 138.5 704.47 19.52 0.0 0.0 148.15 575.86

1.0 M

200

.5 M

100 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

2.5 M

500 400

Valuation Analysis

31.12.2008 2'560.1 0.09x 88.4 2.52x 37.3 3.65x

600

31.12.2009 31.12.2010 2'503.2 2'676.5 0.14x 0.18x 94.6 104.9 3.66x 4.63x 37.7 50.3 9.75x 11.39x Profitability

LTM-4Q 31.12.2011 2'852.3 0.14x 108.4 3.70x 61.0 8.16x

31.12.2012 2'914.2 0.18x 102.6 5.07x 49.1 12.83x

102.64 68.73 2.36% 2.22% 4.45% 11.89% 11.60% 2.64% 12.8% 3.5% 2.4% 1.7% 1.33 1.06 1.75% 4.62% 5.23 30.75

Price/ Cash Flow

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 03/yy 2'151.4 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M j-13

3.39 0.89 81.26 71.77% 22.58% 0.891 8 4.250 66'965 69'966 144'781 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'999.3 3'099.8 0.20x 0.18x 105.4 115.5 5.47x 4.99x 56.3 63.8 12.40x 10.84x S&P Issuer Ratings

57.73 44.84 -1.25 0.19 4.6% 4.4% 2.64 29.29 69.92 11.90 47.53 34.30

Sales/Revenue/Turnover

10.00

3'500.0

9.00

3'000.0

8.00 7.00

2'500.0

6.00

2'000.0

5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

Computacenter PLC Holdings By:

All

Holder Name OGDEN PETER JAMES HULME PHILIP WILLIAM SCHRODERS PLC STANDARD LIFE INVEST INVESTEC ASSET MANAG DIMENSIONAL FUND ADV HADLEY TRUST DARTMOUTH TRUST COMPTAENTER PLC EMPL LSV ASSET MANAGEMENT LEGAL & GENERAL ARTEMIS INVESTMENT M JP MORGAN COMPUTERCENT EBT ABERFORTH PARTNERS BNP PARIBAS INV PART BLACKROCK ARTEMIS INVESTMENT M CONOPHY FRANCIS A NORGES BANK

Firm Name Panmure Gordon & Co Limited EVA Dimensions Goldman Sachs Credit Suisse Jefferies Investec JPMorgan

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst GEORGE O'CONNOR ANDREW S ZAMFOTIS MAYAN UTHAYAKUMAR CHARLES BRENNAN MILAN RADIA JULIAN YATES STACY E POLLARD

Source Co File RNS-DIR RNS-MAJ REG Co File ULT-AGG REG REG REG REG ULT-AGG REG ULT-AGG RNS-DIR MF-AGG ULT-AGG ULT-AGG MF-AGG Co File MF-AGG

Recommendation buy buy neutral/neutral outperform hold buy neutral

Amt Held 31'802'072 14'446'593 10'395'211 10'194'856 8'019'123 5'085'629 4'995'337 3'999'999 3'972'849 3'736'765 3'594'897 3'587'886 3'569'761 3'368'448 2'566'780 2'536'820 2'342'544 2'288'282 1'958'314 1'752'041

% Out 22.96 10.43 7.5 7.36 5.79 3.67 3.61 2.89 2.87 2.7 2.59 2.59 2.58 2.43 1.85 1.83 1.69 1.65 1.41 1.26

Weighting

Change 5 5 3 5 3 5 3

M U M N D M D

Latest Chg (900'000) 65'153 267'721 1'399'534 400'000 397'285 345'959 176'841 601'594 115'288 (289'134) (181'354) (41'463) 192'123 2'288'282 -

Target Price 474 #N/A N/A 544 517 522 533 556

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

File Dt 12.03.2012 14.03.2013 02.07.2013 01.05.2013 29.02.2012 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 03.05.2013 30.06.2013 01.05.2013 09.07.2013 31.12.2012 12.03.2012 31.12.2012

Date Not Provided Not Provided 6 month Not Provided 12 month 12 month 15 month

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

Date 26.06.2013 17.06.2013 12.06.2013 12.06.2013 29.04.2013 24.04.2013 24.04.2013

11.07.2013

Computer Sciences Corp Computer Sciences Corporation provides consulting and information technology (IT) services to industry and government. The Company provides consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting. Computer Sciences operates locations around the world.

Price/Volume 60

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSC US EQUITY YTD Change CSC US EQUITY YTD % CHANGE

03/2013 03/yy 50.59 22.19 1'073'054.00 47.39 -6.33% 113.61% 88.73% 150.2 7'119.33 2'732.00 0.0 25.0 2'054.00 7'822.33

4.0 M 3.0 M

2.0 M 10

1.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

7.0 M

Valuation Analysis

31.03.2009 16'740.0 0.48x 2'473.0 3.24x 1'115.0 42.41x

8.0 M

31.03.2010 31.03.2011 15'921.0 16'042.0 0.59x 0.53x 2'383.0 2'219.0 3.93x 3.80x 817.0 740.0 10.29x 10.95x Profitability

LTM-4Q 31.03.2012 15'364.0 0.41x 1'282.0 4.95x (4'242.0) -

31.03.2013 14'993.0 0.54x 2'005.0 4.04x 961.0 13.42x 2'005.00 871.00 5.81% 3.20% 8.57% 32.50% 1.36% 21.0% 13.5% 6.1% 6.4% 1.69 1.57 24.28% 87.15% 4.74 -

Price/ Cash Flow

LTM

03/yy 15'672.0 1.63x 1'341.0 4.73x (4'242.0) 1.84x

03/yy 15'289.0 1.75x 2'066.0 3.92x 961.0 10.21x

FY+1

1.69 1.18 149.42 5.43 108.53% 19.34% 1.182 16 3.250 1'352'354 1'640'258 1'621'218 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 14'329.0 14'399.6 3'571.1 3'517.4 0.46x 0.39x 2.07x 2.04x 2'016.9 2'092.0 480.8 510.0 3.88x 3.74x 3.75x 3.71x 535.6 619.4 106.6 128.1 13.39x 11.85x 13.40x 12.98x S&P Issuer Ratings

22.05.2012 BBB STABLE 05.03.2007 A-2 10.96 8.80 0.33 1.32 87.1% 46.4% 1.36 6.61 76.85 12.82 -

Sales/Revenue/Turnover

7.00

18'000.0

6.00

16'000.0 14'000.0

5.00

12'000.0

4.00

10'000.0

3.00

8'000.0 6'000.0

2.00

4'000.0

1.00 0.00 02.04.2010

2'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

Computer Sciences Corp Holdings By:

All

Holder Name DODGE & COX VANGUARD GROUP INC BLACKROCK T ROWE PRICE ASSOCIA STATE STREET FMR LLC GREENLIGHT CAPITAL I ACADIAN ASSET MANAGE GUGGENHEIM GLENVIEW CAPITAL MAN WEDGE CAPITAL MANAGE MORGAN STANLEY NORTHERN TRUST CORPO AJO, LP DIMENSIONAL FUND ADV INVESCO LTD CAPITAL GROUP COMPAN BANK OF NEW YORK MEL CHARLES SCHWAB INVES JP MORGAN

Firm Name JPMorgan Cowen and Company Barclays Janney Montgomery Scott LLC Sanford C. Bernstein & Co Wells Fargo Securities, LLC Jefferies BNP Paribas Equity Research BMO Capital Markets Stifel Raymond James Goldman Sachs EVA Dimensions Deutsche Bank S&P Capital IQ

Portfolio Name DODGE & COX VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a n/a GREENLIGHT CAPITAL I ACADIAN ASSET MANAGE n/a GLENVIEW CAPITAL MAN WEDGE CAPITAL MANAGE n/a NORTHERN TRUST CORPO AJO, LP n/a n/a n/a BANK OF NEW YORK MEL CHARLES SCHWAB INVES n/a

Analyst TIEN-TSIN HUANG MOSHE KATRI DARRIN D PELLER JOSEPH D FORESI RODERICK BOURGEOIS EDWARD S CASO JR JASON KUPFERBERG ARVIND RAMNANI KEITH F BACHMAN DAVID M GROSSMAN BRIAN GESUALE JULIO C QUINTEROS JR ANDREW S ZAMFOTIS BRYAN KEANE DYLAN CATHERS

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

Recommendation underweight outperform equalweight neutral market perform market perform hold buy market perform buy market perform neutral/neutral buy hold sell

Amt Held 14'427'567 10'361'227 8'655'610 6'469'643 6'360'764 6'302'279 5'916'261 5'246'917 4'434'499 2'839'459 2'279'668 2'228'148 2'209'188 2'083'200 1'753'374 1'746'634 1'695'000 1'671'719 1'595'300 1'489'113

% Out 9.6 6.9 5.76 4.31 4.23 4.2 3.94 3.49 2.95 1.89 1.52 1.48 1.47 1.39 1.17 1.16 1.13 1.11 1.06 0.99

Weighting

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

M M M M M M M U M M M M U D R

Latest Chg (619'389) 228'724 226'170 (2'070'200) (38'465) (325'023) (1'799'989) 3'632'427 (265'313) (1'394'531) (291'355) 1'633'127 115'097 (68'200) (1'484) 672'931 (3'895'000) (982'263) 46'881 1'089'091

Target Price 47 51 50 48 41 #N/A N/A 48 50 49 50 #N/A N/A 47 #N/A N/A 47 34

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Unclassified 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor

Date 3 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month

Date 10.07.2013 09.07.2013 08.07.2013 05.07.2013 28.06.2013 28.06.2013 21.06.2013 14.06.2013 03.06.2013 31.05.2013 29.05.2013 16.05.2013 16.05.2013 15.05.2013 19.11.2012

11.07.2013

CSG Systems International Inc CSG Systems International, Inc. provides customer care and billing solutions for cable television providers, direct broadcast satellite providers, on-line services markets, and telephony providers. The Company offers a suite of processing and related services, as well as software and professional services which automate customer care and billing functions.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSGS US EQUITY YTD Change CSGS US EQUITY YTD % CHANGE

12/2012 03/yy 24.29 16.99 198'730.00 23.55 -3.05% 38.61% 89.86% 33.9 797.98 274.70 0.0 0.0 169.32 897.53

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

10 5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 472.1 1.36x 122.1 5.25x 53.6 10.59x

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

31.12.2009 31.12.2010 500.7 549.4 1.26x 1.47x 109.7 118.4 5.74x 6.80x 43.3 22.4 11.57x 9.97x Profitability

LTM-4Q 31.12.2011 734.7 0.88x 171.8 3.78x 42.3 10.43x

31.12.2012 756.9 0.95x 165.5 4.34x 48.9 12.28x

165.51 99.04 13.09% 10.20% 6.31% 16.99% 10.67% 0.91% 49.3% 20.4% 11.7% 6.5% 2.08 1.71 32.43% 84.10% 4.30 12.38

Price/ Cash Flow

03/yy 736.6 3.67x 177.1 3.57x 42.6 10.37x

LTM 03/yy 752.5 4.10x 153.4 5.34x 52.0 13.85x

FY+1

0.00 1.05 32.61 1.92 35.12% 30.36% 1.046 6 3.000 236'381 186'406 188'220 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 746.4 772.6 183.2 187.8 153.6 165.4 38.4 40.1 5.84x 5.43x 5.56x 5.46x 68.0 74.9 16.0 17.2 11.30x 10.37x 10.97x 10.66x S&P Issuer Ratings

01.12.2010 BB STABLE 10.36 8.28 0.65 1.77 84.1% 45.7% 0.91 20.20 84.89 29.49 28.37 93.51

Sales/Revenue/Turnover

12.00

800.0 700.0

10.00

600.0 8.00

500.0 400.0

6.00

300.0

4.00

200.0 2.00 0.00 01.01.2010

100.0 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 |

11.07.2013

CSG Systems International Inc Holdings By:

All

Holder Name BLACKROCK RIVER ROAD ASSET MAN BANK OF NEW YORK MEL VANGUARD GROUP INC LSV ASSET MANAGEMENT RENAISSANCE TECHNOLO ACADIAN ASSET MANAGE ASTON ASSET MANAGEME DIMENSIONAL FUND ADV INTREPID CAPITAL MAN BRANDYWINE GLOBAL IN DIAMOND HILL CAPITAL JP MORGAN STATE STREET FRANK RUSSELL TRUST AQR CAPITAL MANAGEME NORTHERN TRUST CORPO LAKEWOOD CAPITAL MAN KALAN PETER E IRONWOOD INVESTMENT

Firm Name Goldman Sachs RBC Capital Markets Stifel First Analysis Corp JPMorgan EVA Dimensions

Portfolio Name n/a RIVER ROAD ASSET MAN BANK OF NEW YORK MEL VANGUARD GROUP INC LSV ASSET MANAGEMENT RENAISSANCE TECHNOLO ACADIAN ASSET MANAGE Multiple Portfolios n/a INTREPID CAPITAL MAN BRANDYWINE GLOBAL IN DIAMOND HILL CAPITAL n/a n/a FRANK RUSSELL COMPAN AQR CAPITAL MANAGEME NORTHERN TRUST CORPO LAKEWOOD CAPITAL MAN n/a IRONWOOD INVESTMENT

Analyst PAUL THOMAS MARK SUE TOM RODERICK HOWARD SMITH STERLING AUTY ANDREW S ZAMFOTIS

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

Recommendation Sell/Neutral sector perform hold equalweight neutral buy

Amt Held 2'785'797 2'507'577 2'089'916 1'969'377 1'657'207 1'619'222 1'356'934 1'268'054 964'003 913'980 852'271 845'250 822'701 744'471 566'633 523'429 522'171 491'048 418'661 410'526

% Out 8.22 7.4 6.17 5.81 4.89 4.78 4 3.74 2.84 2.7 2.52 2.49 2.43 2.2 1.67 1.54 1.54 1.45 1.24 1.21

Weighting

Change 1 3 3 3 3 5

M M M M M M

Latest Chg 131'109 520'708 283'638 (37'323) (50'200) (167'600) 9'038 78'084 38'705 (840) (188) 123'670 127'458 (44'130) 36'304 67'400 (3'742) (33'000) 79'961

Target Price 21 23 #N/A N/A #N/A N/A 22 #N/A N/A

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

File Dt 09.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 03.04.2013 31.03.2013

Date 12 month 12 month Not Provided Not Provided 3 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager n/a Hedge Fund Manager

Date 08.07.2013 05.06.2013 01.05.2013 30.04.2013 30.04.2013 15.01.2013

11.07.2013

Contax Participacoes SA Contax Participacoes S.A. is a Business Process Outsourcing (BPO) company broadly specializing in Customer Relationship Management (CRM). The Company's operations are currently concentrated in Customer Service, Debt Collection, Telemarketing, Retention, Back Office, Technology Services and Trade Marketing.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.02.2013) 52-Week Low (28.09.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTAX3 BZ EQUITY YTD Change CTAX3 BZ EQUITY YTD % CHANGE

12/2012 03/yy 5.80 3.80 4'900.00 4.61 -20.52% 21.19% 40.38% 120.0 1'327.53 1'105.00 0.0 10.1 449.97 2'055.06

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

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 j-12

31.12.2009 31.12.2010 2'161.0 2'397.3 0.67x 0.77x 337.5 300.1 4.30x 6.14x 131.7 108.5 24.11x 17.05x Profitability

LTM-4Q 31.12.2011 2'956.2 0.68x 262.5 7.61x 20.9 31.42x

31.12.2012 3'619.0 0.63x 367.5 6.19x 44.5 36.30x

367.47 161.45 4.46% 2.18% 1.86% 8.91% 8.12% 1.53% 15.2% 12.2% 5.0% 1.2% 1.05 0.91 44.56% 223.56% 9.65 -

Price/ Cash Flow

03/yy 3'240.0 2.29x 280.9 7.63x 9.7 55.89x

s-12

o-12

n-12

d-12

LTM 03/yy 3'600.0 2.44x 439.3 5.52x 43.8 39.20x

j-13

f-13

m-13

a-13

m-13

j-13

FY+1

0.39 46.65 5.56% -5.00% 0.385 1 4.000 1'980 5'993 9'586 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'909.3 4'242.8 980.0 1'006.0 0.52x 0.47x 465.3 525.3 4.42x 3.91x 99.3 130.8 17.40x 17.07x S&P Issuer Ratings

3.26 1.96 1.63 2.45 223.6% 68.7% 1.53 7.06 37.82 14.00 -

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 1'774.7 0.27x 246.8 1.91x 82.8 7.45x

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 |

11.07.2013

Contax Participacoes SA Holdings By:

All

Holder Name CTX PARTICIPACOES SA CONTAX PARTICIPACOES CSHG ASSET MGMT SA PORTUGAL TELECOM BRA ETON PARK CAPITAL MA SKOPOS ADM DE RECURS CAPITAL GROUP COMPAN ARGUCIA CAPITAL GEST LEGG MASON ASSET MAN FIDES ASSET MANAGEME BROOKFIELD GESTAO DE OCEANA INV ADMIN CAR DEC INVESTIMENTOS LT RIO PERFORMANCE GEST WESTERN ASSET MANAGE DIMENSIONAL FUND ADV JOHN HANCOCK ADVISER CRPC ADMIN RECURSOS PRINCIPIA CAP MGMT A CAIXA ECONOMICA FEDE

Firm Name GBM Bradesco Corretora

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDRES MEDINA-MORA LUIS FERNANDO F AZEVEDO

Source Research Co File EXCH Research Research EXCH ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation market outperform outperform

Amt Held 73'310'076 44'226'925 17'439'843 7'311'908 6'571'000 2'672'436 762'000 670'000 632'720 607'500 473'500 265'500 259'345 54'100 14'175 12'500 7'000 6'000 5'000 2'000

% Out 61.11 36.87 14.54 6.1 5.48 2.23 0.64 0.56 0.53 0.51 0.39 0.22 0.22 0.05 0.01 0.01 0.01 0.01 0 0

Weighting

Change 4 5

Latest Chg (16'039'924) 3'046'047 4'785 16'000 3'000 (8'500) (499'889) (16'600) -

Target Price

M M

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

File Dt Inst Type 25.04.2013 Holding Company 31.12.2012 Corporation 18.12.2012 Investment Advisor 07.06.2013 Corporation 08.06.2012 Hedge Fund Manager 18.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 23.07.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.07.2012 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 6 7

Not Provided Not Provided

Date 25.10.2012 13.05.2011

11.07.2013

Cognizant Technology Solutions Corp Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTSH US EQUITY YTD Change CTSH US EQUITY YTD % CHANGE

12/2012 03/yy 81.08 53.92 4'936'657.00 69.69 -14.05% 29.25% 58.06% 301.6 21'019.59 0.00 0.0 0.0 2'863.76 18'275.15

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

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

31.12.2009 31.12.2010 3'278.7 4'592.4 3.68x 4.37x 707.9 972.0 17.06x 20.63x 535.0 733.5 25.47x 30.92x Profitability

LTM-4Q 31.12.2011 6'121.2 2.79x 1'260.6 13.53x 883.6 22.56x

31.12.2012 7'346.5 2.64x 1'518.1 12.80x 1'051.3 21.48x

1'518.08 1'361.50 18.53% 18.89% 17.64% 22.79% 22.79% 1.24% 41.8% 20.5% 18.4% 14.3% 3.50 3.06 0.00% 0.00% 5.61 -

Price/ Cash Flow

03/yy 6'461.3 11.55x 1'320.8 15.85x 918.9 25.91x

s-12

o-12

n-12

d-12

LTM 03/yy 7'655.9 9.64x 1'573.1 12.99x 1'091.8 21.18x

j-13

f-13 m-13

a-13 m-13

j-13

FY+1

0.00 1.20 300.06 4.35 23.30% -5.67% 1.200 31 4.581 2'207'120 2'923'816 4'298'217 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'642.3 10'012.0 2'132.9 2'219.3 2.10x 1.72x 8.38x 7.95x 1'763.9 2'046.0 436.4 455.3 10.36x 8.93x 9.92x 9.57x 1'287.8 1'480.3 323.2 336.5 16.60x 14.40x 15.77x 15.23x S&P Issuer Ratings

-1.74 0.00 0.0% 0.0% 1.24 8.54 65.08 69.03

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

.0 M a-12

Fiscal Year Ended 31.12.2008 2'816.3 1.60x 591.5 7.62x 430.8 12.54x

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 |

11.07.2013

Cognizant Technology Solutions Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLS FARGO LONE PINE CAPITAL LL JP MORGAN IVY MANAGEMENT INCOR INVESCO LTD EDGEWOOD MANAGEMENT BANK OF NEW YORK MEL SUN LIFE FINANCIAL I ALLIANCE BERNSTEIN BROWN ADVISORY INC POLEN CAPITAL MANAGE NORTHERN TRUST CORPO AMERIPRISE FINANCIAL GENESIS ASSET MANAGE WADDELL & REED FINAN

Firm Name Jefferies Nomura RBC Capital Markets JPMorgan Barclays Societe Generale Cowen and Company Janney Montgomery Scott LLC Wells Fargo Securities, LLC Goldman Sachs Robert W. Baird & Co Sanford C. Bernstein & Co Atlantic Equities LLP Morgan Stanley Evercore Partners Susquehanna Financial Group Oppenheimer & Co William Blair & Co Berenberg Bank BMO Capital Markets Deutsche Bank Credit Suisse Needham & Co Pacific Crest Securities BNP Paribas Equity Research S&P Capital IQ EVA Dimensions BOE Securities Centrum Broking Pvt Ltd

Portfolio Name n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a LONE PINE CAPITAL LL n/a IVY INVESTMENT MANAG n/a EDGEWOOD MANAGEMENT BANK OF NEW YORK MEL n/a n/a n/a POLEN CAPITAL MANAGE NORTHERN TRUST CORPO AMERIPRISE FINANCIAL GENESIS ASSET MANAGE WADDELL & REED FINAN

Analyst JASON KUPFERBERG ASHWIN MEHTA DANIEL R PERLIN TIEN-TSIN HUANG DARRIN D PELLER MUKUL GARG MOSHE KATRI JOSEPH D FORESI EDWARD S CASO JR JULIO C QUINTEROS JR DAVID J KONING RODERICK BOURGEOIS CHRISTOPHER HICKEY KATHRYN HUBERTY DAVID M TOGUT JAMES E FRIEDMAN GLENN GREENE RAHUL BHANGARE DAUD KHAN KEITH F BACHMAN BRYAN KEANE GEORGE MIHALOS MAYANK TANDON JESSE HULSING ARVIND RAMNANI DYLAN CATHERS ANDREW S ZAMFOTIS BINDAL PARIKH TOTLANI GIRISH PAI

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

Recommendation buy buy outperform overweight equalweight buy outperform buy outperform neutral/neutral outperform outperform overweight Equalwt/In-Line overweight Positive outperform outperform hold outperform buy outperform buy sector perform buy buy overweight buy hold

Amt Held 16'891'409 16'562'529 14'134'938 13'866'705 11'520'405 9'101'327 8'663'768 7'129'359 6'809'245 6'401'162 6'096'331 5'985'759 5'967'317 5'868'850 5'013'532 4'512'840 4'310'637 3'741'744 3'433'886 3'109'611

% Out 5.6 5.49 4.69 4.6 3.82 3.02 2.87 2.36 2.26 2.12 2.02 1.98 1.98 1.95 1.66 1.5 1.43 1.24 1.14 1.03

Weighting

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

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

Latest Chg (411'252) (11'762) 1'901'308 474'812 1'369'211 (579'142) (2'248'823) (114'105) (1'153'505) (727'316) (3'875) 417'725 38'760 (391'886) (306'294) 218'550 121'909 (252'472) 29'600 (354'276)

Target Price 80 78 85 75 70 74 75 90 #N/A N/A 68 92 83 76 65 94 88 88 #N/A N/A 61 76 92 85 90 #N/A N/A 83 82 #N/A N/A 77 78

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

File Dt Inst Type 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 3 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 11.07.2013 11.07.2013 10.07.2013 10.07.2013 10.07.2013 09.07.2013 09.07.2013 05.07.2013 01.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 27.06.2013 20.06.2013 20.06.2013 12.06.2013 07.06.2013 05.06.2013 23.05.2013 22.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 08.05.2013 26.04.2013 22.08.2012 08.07.2011

11.07.2013

Convergys Corp Convergys Corporation is a global company specializing in relationship management. The Company's encompass customer management which provides agent assisted services, automated self-service and technology solutions and information management, which provides business support system and operational support systems.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CVG US EQUITY YTD Change CVG US EQUITY YTD % CHANGE

12/2012 03/yy 18.92 14.33 308'105.00 18.76 -0.84% 30.91% 96.54% 105.1 1'970.99 60.60 0.0 0.0 638.50 1'428.59

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

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 2'785.8 0.57x 244.2 6.54x (92.9) 4.71x

20 18 16 14 12 10 8 6 4 2 0 j-12

31.12.2009 31.12.2010 2'421.0 2'203.4 0.60x 0.74x 268.8 230.6 5.44x 7.08x (77.3) (53.2) 11.68x 19.95x Profitability

LTM-4Q 31.12.2011 1'933.2 0.60x 195.0 5.93x 334.8 14.03x

31.12.2012 2'005.0 0.58x 227.5 5.10x 100.6 18.44x

227.50 138.80 6.92% 1.46% 4.62% 7.09% 7.49% 0.93% 35.7% 11.7% 7.3% 5.0% 3.84 3.34 2.97% 4.42% 6.37 -

Price/ Cash Flow

03/yy 1'965.9 2.46x 200.7 6.31x 326.0 5.86x

LTM 03/yy 2'001.0 2.21x 234.9 5.31x 99.6 17.20x

FY+1

1.12 1.10 95.00 5.71 27.38% 15.10% 1.104 9 3.889 336'638 496'449 459'916 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'056.3 2'131.9 501.1 524.7 0.65x 0.55x 2.80x 2.61x 243.5 266.5 57.2 62.3 5.87x 5.36x 5.76x 5.57x 113.6 124.4 25.5 28.8 17.45x 16.03x 17.66x 16.98x S&P Issuer Ratings

24.07.2012 BB+ STABLE 27.08.2008 NR 16.73 9.49 -2.31 0.26 4.4% 4.2% 0.93 6.59 57.30 10.95 -

Sales/Revenue/Turnover

18.00

3'000.0

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 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 |

11.07.2013

Convergys Corp Holdings By:

All

Holder Name DIMENSIONAL FUND ADV BLACKROCK WESTERN & SOUTHERN F FORT WASHINGTON INVE WEST SOUTHERN GROUP ROYCE AND ASSOCIATES VANGUARD GROUP INC WELLINGTON MANAGEMEN STATE STREET WEDGE CAPITAL MANAGE LSV ASSET MANAGEMENT ALLIANCE BERNSTEIN NORTHERN TRUST CORPO CARDINAL CAPITAL MAN GOLDMAN SACHS GROUP AQR CAPITAL MANAGEME RIVER ROAD ASSET MAN WASATCH ADVISORS INC BANK OF NEW YORK MEL MONUMENTAL LIFE INSU

Firm Name Goldman Sachs Robert W. Baird & Co First Analysis Corp Stifel Wells Fargo Securities, LLC Macquarie Oppenheimer & Co EVA Dimensions Credit Suisse

Portfolio Name n/a n/a n/a FORT WASHINGTON INVE n/a ROYCE & ASSOCIATES L VANGUARD GROUP INC WELLINGTON MANAGEMEN n/a WEDGE CAPITAL MANAGE LSV ASSET MANAGEMENT n/a NORTHERN TRUST CORPO CARDINAL CAPITAL MAN n/a AQR CAPITAL MANAGEME RIVER ROAD ASSET MAN WASATCH ADVISORS INC BANK OF NEW YORK MEL MONUMENTAL LIFE INSU

Analyst PAUL THOMAS DAVID J KONING HOWARD SMITH SHLOMO H ROSENBAUM ERIC J BOYER KEVIN MCVEIGH MANISH HEMRAJANI ANDREW S ZAMFOTIS KELLY A FLYNN

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

Recommendation neutral/neutral neutral overweight hold outperform neutral market perform buy not rated

Amt Held % Out 9'196'782 8.75 8'298'078 7.9 7'359'540 7 7'331'803 6.98 7'125'978 6.78 6'415'617 6.11 5'560'776 5.29 4'237'722 4.03 3'966'138 3.78 3'823'510 3.64 3'719'125 3.54 3'124'546 2.97 2'870'259 2.73 2'820'815 2.68 2'166'376 2.06 1'912'399 1.82 1'868'586 1.78 1'782'392 1.7 1'445'879 1.38 (1'364'571) -1.3

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

Change U M M M M M M M M

Latest Chg (56'626) 282'684 (27'737) 1'234'195 (430'105) (10'033) (91'437) 32'725 (339'530) (164) 22'602 (48'500) (39'337) (95'134) 278'640 (431'151) (1'552) (1'364'571)

Target Price 18 18 21 #N/A N/A #N/A N/A 18 #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 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 06.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company

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

Date 08.07.2013 28.06.2013 05.06.2013 23.05.2013 03.05.2013 01.05.2013 01.05.2013 15.01.2013 22.10.2012

11.07.2013

Amdocs Ltd Amdocs Limited provides product-driven information system solutions to major telecommunications companies in the United States and internationally. The Company provides integrated customer care and billing systems for wireless and wireline network operators and service providers, as well as for companies that offer multiple service packages.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DOX US EQUITY YTD Change DOX US EQUITY YTD % CHANGE

09/2012 03/yy 37.88 28.41 699'859.00 37.81 -0.18% 33.09% 99.26% 162.5 6'142.39 200.00 0.0 0.0 1'118.18 5'164.23

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

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

30.09.2009 30.09.2010 2'862.6 2'984.2 1.52x 1.44x 586.2 606.4 7.40x 7.09x 326.2 343.9 16.34x 17.13x Profitability

LTM-4Q 30.09.2011 3'177.7 1.20x 585.8 6.51x 346.7 14.58x

30.09.2012 3'246.9 1.37x 602.1 7.38x 391.4 14.51x 602.09 442.47 13.63% 13.60% 9.01% 12.95% 0.74% 35.8% 18.6% 14.0% 12.1% 1.92 1.69 4.31% 6.59% 5.13 -

Price/ Cash Flow

03/yy 3'229.6 5.30x 596.4 7.56x 373.8 15.07x

s-12

o-12

n-12

d-12

LTM 03/yy 3'290.3 5.53x 612.4 8.02x 400.7 14.86x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

1.03 0.83 162.45 1.26 28.50% 12.04% 0.834 14 3.857 693'418 903'012 801'578 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 3'356.2 3'490.7 842.3 856.4 2.15x 2.20x 7.31x 7.14x 675.0 707.3 172.4 175.2 7.65x 7.30x 7.25x 474.1 489.7 117.7 119.3 12.92x 12.15x 12.73x 12.50x S&P Issuer Ratings

31.03.2008 BBB STABLE 189.63 151.19 -1.60 0.00 6.6% 6.2% 0.74 12.75 71.10 101.88 -

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 02.10.2009

.0 M a-12

Fiscal Year Ended 30.09.2008 3'162.1 1.52x 612.4 7.82x 378.9 13.10x

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

Amdocs Ltd Holdings By:

All

Holder Name DODGE & COX MANNING & NAPIER ADV FMR LLC T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE INVESCO LTD LSV ASSET MANAGEMENT TIMESSQUARE CAPITAL ALLIANCE BERNSTEIN BLACKROCK AJO, LP ROBECO INVESTMENT MG GENERATION INVESTMEN CADIAN CAPITAL MANAG STATE STREET OPPENHEIMERFUNDS INC INTERNATIONAL VALUE NORGES BANK NEUBERGER BERMAN LLC SCHRODER INVESTMENT

Firm Name Goldman Sachs Wells Fargo Securities, LLC Barclays Jefferies Stifel B Riley & Co RBC Capital Markets JPMorgan Robert W. Baird & Co Oppenheimer & Co First Analysis Corp EVA Dimensions

Portfolio Name n/a MANNING & NAPIER ADV n/a T ROWE PRICE ASSOCIA n/a n/a LSV ASSET MANAGEMENT TIMESSQUARE CAPITAL n/a n/a AJO, LP ROBECO INVESTMENT MA GENERATION INVESTMEN CADIAN CAPITAL MANAG n/a OPPENHEIMER FUNDS IN INTERNATIONAL VALUE NORGES BANK NEUBERGER BERMAN GRO SCHRODER INVESTMENT

Analyst PAUL THOMAS GRAY W POWELL DAVID KAPLAN JASON KUPFERBERG TOM RODERICK DANIEL CUMMINS MARK SUE STERLING AUTY WILLIAM V POWER SHAUL EYAL HOWARD SMITH ANDREW S ZAMFOTIS

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

Recommendation neutral/neutral outperform overweight hold buy neutral outperform neutral neutral market perform equalweight buy

Amt Held 16'453'119 15'184'478 12'878'287 11'833'800 9'540'821 7'167'338 5'411'810 5'352'900 4'257'276 3'906'610 3'333'950 3'011'487 2'524'661 2'265'983 2'183'103 1'936'401 1'895'461 1'459'610 1'451'788 1'331'345

% Out 10.13 9.35 7.93 7.28 5.87 4.41 3.33 3.3 2.62 2.4 2.05 1.85 1.55 1.39 1.34 1.19 1.17 0.9 0.89 0.82

Weighting

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

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

Latest Chg 263'200 1'056'305 8'328 114'300 (365'551) 588'051 (171'001) (155'700) 1'546'493 (3'105'917) 230'600 316'460 (2'618'967) 285'000 127'725 121'551 (137'483) (39'743) (16'000)

Target Price 37 #N/A N/A 40 35 40 40 40 39 36 #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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided

Date 08.07.2013 05.07.2013 03.07.2013 21.06.2013 03.05.2013 02.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 15.01.2013

11.07.2013

ExlService Holdings Inc Exlservice Holdings Inc. provides offshore business process outsourcing solutions, primarily serving the needs of Global 1000 companies in the banking, financial services and insurance area. The service offerings include collections, cash management, loan servicing, research and reconciliation finance and accounting processes, customer support and technical support.

Price/Volume 35

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXLS US EQUITY YTD Change EXLS US EQUITY YTD % CHANGE

12/2012 03/yy 32.97 22.67 130'116.00 30.32 -8.04% 33.75% 74.27% 32.6 989.30 4.36 0.0 0.0 109.17 884.77

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

5 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 181.7 0.75x 32.1 4.27x 14.4 21.43x

31.12.2009 31.12.2010 191.0 252.8 2.05x 2.05x 42.9 50.8 9.11x 10.20x 15.7 26.6 42.21x 24.41x Profitability

LTM-4Q 31.12.2011 360.5 1.70x 64.3 9.53x 34.8 20.34x

31.12.2012 442.9 1.69x 82.9 9.04x 41.8 21.03x

82.86 57.23 12.92% 12.81% 10.39% 12.76% 1.11% 38.6% 18.6% 12.9% 9.4% 2.80 2.46 1.00% 1.27% 6.71 -

Price/ Cash Flow

03/yy 392.2 6.76x 68.7 11.38x 35.3 24.95x

LTM 03/yy 454.3 7.12x 84.4 11.48x 42.7 25.89x

FY+1

0.00 0.57 30.65 0.42 31.48% 14.42% 0.568 14 4.000 139'065 177'062 166'615 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 493.5 561.6 116.1 126.8 1.72x 1.40x 7.51x 6.79x 95.1 110.5 20.7 26.0 9.30x 8.01x 8.70x 8.23x 58.0 64.7 12.0 15.5 17.13x 14.84x 16.46x 15.49x S&P Issuer Ratings

-1.24 0.05 1.3% 1.3% 1.11 10.84 54.41 4.59 -

Sales/Revenue/Turnover

25.00

500.0 450.0 400.0

20.00

350.0 15.00

300.0

10.00

250.0 200.0 150.0 100.0

5.00

50.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

ExlService Holdings Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK COLUMBIA WANGER ASSE WASATCH ADVISORS INC LORD ABBETT & CO LLC WELLINGTON MANAGEMEN TIMESSQUARE CAPITAL KAPOOR ROHIT VANGUARD GROUP INC NEXT CENTURY GROWTH DIMENSIONAL FUND ADV CAPITAL GROUP COMPAN EMINENCE CAPITAL LLC FRANK RUSSELL TRUST PRUDENTIAL OF AMERIC STATE STREET NORTHERN TRUST CORPO RENAISSANCE TECHNOLO SUMMIT CREEK ADVISOR THE MANAGERS FUNDS L

Firm Name JPMorgan Janney Montgomery Scott LLC Oppenheimer & Co Wells Fargo Securities, LLC Robert W. Baird & Co Jefferies Noble Financial Group William Blair & Co Goldman Sachs Needham & Co Stifel EVA Dimensions

Portfolio Name n/a n/a COLUMBIA WANGER ASSE WASATCH ADVISORS INC LORD ABBETT & CO LLC WELLINGTON MANAGEMEN TIMESSQUARE CAPITAL n/a VANGUARD GROUP INC NEXT CENTURY GROWTH n/a n/a EMINENCE CAPITAL LLC FRANK RUSSELL COMPAN n/a n/a NORTHERN TRUST CORPO RENAISSANCE TECHNOLO SUMMIT CREEK ADVISOR Multiple Portfolios

Analyst TIEN-TSIN HUANG JOSEPH D FORESI MANISH HEMRAJANI EDWARD S CASO JR DAVID J KONING JASON KUPFERBERG VINCENT A COLICCHIO RAHUL BHANGARE PAUL THOMAS MAYANK TANDON DAVID M GROSSMAN ANDREW S ZAMFOTIS

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

Recommendation neutral buy outperform outperform neutral hold buy outperform neutral/neutral hold buy hold

Amt Held 4'629'782 3'902'915 3'011'360 1'853'444 1'731'248 1'630'847 1'582'193 1'559'595 1'524'139 773'773 689'622 635'000 527'318 518'217 449'969 429'005 395'405 380'000 377'888 362'519

% Out 14.19 11.96 9.23 5.68 5.31 5 4.85 4.78 4.67 2.37 2.11 1.95 1.62 1.59 1.38 1.31 1.21 1.16 1.16 1.11

Weighting

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

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

Latest Chg 318'120 147'761 (217'800) 82'660 (28'900) 15'340 (28'100) (23'674) 71'060 7'844 32'367 95'000 17'738 (4'727) 437'120 (5'665) 16'765 69'000 222'932 (6'900)

Target Price 32 36 33 #N/A N/A 33 31 38 #N/A N/A 31 #N/A N/A 36 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Unclassified

Date 3 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 10.07.2013 05.07.2013 02.07.2013 01.07.2013 28.06.2013 21.06.2013 17.06.2013 12.06.2013 03.05.2013 02.05.2013 02.05.2013 02.05.2013

11.07.2013

Genpact Ltd Genpact Limited manages business processes for companies around the world. The Company works with companies to help them streamline their business processes.

Price/Volume 25

4.5 M 4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance G US EQUITY YTD Change G US EQUITY YTD % CHANGE

12/2012 03/yy 20.49 14.18 636'707.00 20.33 -0.78% 43.34% 97.46% 228.7 4'649.43 745.70 0.0 3.4 477.52 4'956.77

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

2.0 M 1.5 M 1.0 M

.5 M 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 1'040.8 1.51x 225.8 6.96x 125.1 11.74x

2.5 M

31.12.2009 31.12.2010 1'120.1 1'259.0 2.58x 2.31x 241.8 252.0 11.94x 11.54x 127.3 142.2 19.33x 18.70x Profitability

LTM-4Q 31.12.2011 1'600.4 2.05x 294.7 11.12x 184.3 14.86x

31.12.2012 1'902.0 1.98x 343.7 10.96x 178.2 16.61x

343.74 264.35 13.90% 13.83% 7.23% 13.20% 10.94% 0.76% 39.1% 18.1% 14.1% 9.4% 2.18 1.80 28.62% 63.82% 4.35 -

Price/ Cash Flow

03/yy 1'705.4 8.06x 311.0 11.53x 186.7 17.33x

LTM 03/yy 1'970.3 6.16x 356.9 12.48x 186.4 18.39x

FY+1

11.02 0.88 154.19 0.78 40.14% 31.16% 0.877 13 3.615 524'128 934'368 781'670 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'186.4 2'487.0 533.3 564.0 2.17x 1.79x 9.11x 8.53x 384.3 443.5 98.7 103.2 12.90x 11.18x 11.90x 11.50x 237.6 276.9 56.5 61.1 19.99x 17.44x 19.36x 18.88x S&P Issuer Ratings

07.08.2012 BB+ STABLE 12.22 9.26 0.86 2.19 63.8% 38.9% 0.76 10.20 84.00 5.35 -

Sales/Revenue/Turnover

35.00

2'000.0 1'800.0

30.00

1'600.0

25.00

1'400.0 1'200.0

20.00

1'000.0 800.0

15.00

600.0

10.00

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 |

11.07.2013

Genpact Ltd Holdings By:

All

Holder Name BAIN CAPITAL INVESTO BAIN CAPITAL INVESTO WELLINGTON MANAGEMEN BROWN ADVISORY INC CAPITAL GROUP COMPAN HARTFORD INVESTMENT WILLIAM BLAIR & COMP GOVT OF SINGAPORE IN EMINENCE CAPITAL LLC FMR LLC OAK HILL CAPITAL MAN GENERAL ELECTRIC COM JP MORGAN BLACKROCK VANGUARD GROUP INC GOLDMAN SACHS GROUP COLUMBIA WANGER ASSE SRS INVESTMENT MANAG PRUDENTIAL PLC EMERGING SOVEREIGN G

Firm Name JPMorgan Janney Montgomery Scott LLC EVA Dimensions Wells Fargo Securities, LLC Robert W. Baird & Co William Blair & Co Oppenheimer & Co Goldman Sachs Deutsche Bank Morgan Stanley BNP Paribas Equity Research

Portfolio Name BAIN CAPITAL INVESTO n/a WELLINGTON MANAGEMEN n/a n/a Multiple Portfolios WILLIAM BLAIR & COMP n/a EMINENCE CAPITAL LLC n/a n/a GENERAL ELECTRIC COM n/a n/a VANGUARD GROUP INC n/a COLUMBIA WANGER ASSE SRS INVESTMENT MANAG n/a EMERGING SOVEREIGN G

Analyst TIEN-TSIN HUANG JOSEPH D FORESI ANDREW S ZAMFOTIS EDWARD S CASO JR DAVID J KONING BHAVAN SURI MANISH HEMRAJANI PAUL THOMAS BRYAN KEANE VIPIN KHARE ARVIND RAMNANI

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

Recommendation overweight buy underweight outperform outperform outperform outperform neutral/neutral hold Equalwt/In-Line hold

Amt Held 57'537'264 57'537'264 27'413'197 17'145'105 15'206'502 14'723'340 13'091'496 10'393'577 8'421'318 7'255'855 5'455'506 5'423'682 5'093'460 4'511'848 3'899'315 3'763'123 3'669'000 3'088'400 3'035'600 2'044'180

% Out 25.16 25.16 11.99 7.5 6.65 6.44 5.72 4.54 3.68 3.17 2.39 2.37 2.23 1.97 1.71 1.65 1.6 1.35 1.33 0.89

Weighting

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

M M D M M M M M M M M

Latest Chg 57'537'264 (535'160) 3'996'581 (400'817) (439'880) 1'343'042 2'051'221 1'510'600 (5'423'682) 1'955'606 (111'818) 3'480'237 (433'385) 1'846'000 152'600 2'044'180

Target Price 21 23 #N/A N/A #N/A N/A 21 #N/A N/A 21 18 20 19 18

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

File Dt Inst Type 31.03.2013 Investment Advisor 08.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 25.10.2012 Government 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Corporation 31.05.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Unclassified 31.03.2013 Hedge Fund Manager

Date 3 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month

Date 10.07.2013 05.07.2013 02.07.2013 01.07.2013 28.06.2013 12.06.2013 08.05.2013 03.05.2013 02.05.2013 02.05.2013 11.02.2013

11.07.2013

CGI Group Inc CGI Group Inc. provides information technology services. The Company's services include management of information technology and business functions, systems integration, consulting, and business solutions. CGI operates in the financial services, telecommunications. manufacturing to retail value chain, government, healthcare and public utilities sectors.

Price/Volume 35

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIB US EQUITY YTD Change GIB US EQUITY YTD % CHANGE

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

.2 M

5 0 j-12

30.09.2009 30.09.2010 3'825.2 3'732.1 0.97x 1.40x 677.1 730.7 5.49x 7.15x 316.5 362.4 Profitability

.0 M a-12

LTM-4Q 30.09.2011 4'223.9 1.44x 756.3 8.03x 438.1 -

30.09.2012 4'772.5 2.35x 777.0 14.46x 131.5 776.99 545.60 11.43% 5.51% 0.73% 1.83% 1.74% 1.01% 13.8% 9.4% 2.8% 1.02 0.58 31.08% 94.92% 7.92 -

03/yy 4'116.4 6.24x 740.1 8.86x 405.0 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 7'733.7 5.14x 1'068.0 10.74x 55.9 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

0.95 272.10 4.05 27.13% 26.63% 0.951 20 4.500 112'997 153'670 180'662 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 10'101.7 10'358.4 2'527.1 2'516.2 1.21x 1.11x 4.87x 4.82x 1'419.8 1'622.6 375.2 381.2 8.79x 7.69x 8.06x 7.85x 612.4 812.6 173.6 179.0 13.92x 11.46x 12.36x 11.84x S&P Issuer Ratings

18.46 16.92 2.74 2.90 94.9% 48.7% 1.01 20.96 46.10 -

Sales/Revenue/Turnover

1.20

6'000.0

1.00

5'000.0

0.80

4'000.0

0.60

.4 M

Fiscal Year Ended 30.09.2008 3'705.9 0.87x 618.1 5.21x 293.1 -

.6 M

09/2012 03/yy 32.59 22.25 112'694.00 29.29 -10.13% 31.64% 68.09% 276.6 9'189.63 3'248.41 0.0 0.0 127.56 12'480.45

3'000.0 2'000.0

0.40

1'000.0 0.20

0.0 0.00

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

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

11.07.2013

CGI Group Inc Holdings By:

All

Holder Name CAISSE DE DEPOT ET P FMR LLC BANK OF NOVA SCOTIA INVESCO LTD GREYSTONE MANAGED IN POWER CORP OF CANADA CI INVESTMENTS INC ROYAL BANK OF CANADA BMO FINANCIAL CORP FIERA CAPITAL CORPOR GREAT WEST LIFE ASSU IG INVESTMENT MANAGE AGF INVESTMENTS INC LETKO BROSSEAU & ASS TD ASSET MANAGEMENT GUARDIAN CAPITAL LP CONNOR CLARK & LUNN BMO INVESTMENTS INC CANADA PENSION PLAN IA CLARINGTON INVEST

Firm Name Societe Generale RBC Capital Markets Wells Fargo Securities, LLC Scotia Capital National Bank Financial Clarus Securities Global Maxfin Capital Inc CIBC World Markets Raymond James Cantor Fitzgerald Salman Partners Desjardins Securities Paradigm Capital Inc Cormark Securities Inc. BMO Capital Markets Deutsche Bank Goldman Sachs GMP TD Securities EVA Dimensions

Portfolio Name CAISSE DE DEPOT ET P n/a n/a n/a GREYSTONE MANAGED IN n/a Multiple Portfolios n/a BMO FINANCIAL CORP FIERA CAPITAL CORPOR GREAT WEST LIFE ASSU IG INVESTMENT MANAGE AGF INVESTMENTS INC LETKO BROSSEAU & ASS TD ASSET MANAGEMENT GUARDIAN CAPITAL LP CONNOR CLARK & LUNN Multiple Portfolios CANADA PENSION PLAN Multiple Portfolios

Analyst DERRIC MARCON PAUL TREIBER EDWARD S CASO JR PAUL STEEP KRIS THOMPSON EYAL OFIR RALPH GARCEA STEPHANIE PRICE STEVEN LI TOM LISTON NASER IQBAL MAHER YAGHI GABRIEL LEUNG RICHARD TSE THANOS MOSCHOPOULOS BRYAN KEANE JULIO C QUINTEROS JR MICHAEL URLOCKER SCOTT PENNER ANDREW S ZAMFOTIS

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

Recommendation hold outperform market perform sector outperform outperform buy strong buy sector outperform outperform buy buy buy buy buy outperform hold Buy/Neutral buy buy sell

Amt Held 68'136'698 27'992'057 13'066'825 10'112'324 7'977'808 7'585'391 7'361'575 6'049'677 5'988'832 5'411'970 5'046'643 4'030'131 4'014'809 3'994'101 3'890'113 3'441'471 3'305'190 2'889'436 2'828'946 2'649'750

% Out 24.64 10.12 4.72 3.66 2.88 2.74 2.66 2.19 2.17 1.96 1.82 1.46 1.45 1.44 1.41 1.24 1.2 1.04 1.02 0.96

Weighting

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

M M M U M N M M M M M M M M M M M M D M

Latest Chg (361'170) 2'102'274 347'775 619'284 2'058'159 719'943 (331'507) 922'774 1'065'990 141'363 (268'525) (64'625) 291'829 105'834 (30'275) (235) (349'392) 50'700

Target Price 30 36 #N/A N/A 38 39 37 42 36 35 38 35 37 35 35 36 28 34 36 35 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Bank 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Holding Company 31.12.2012 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.12.2012 Investment Advisor

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

Date 08.07.2013 03.07.2013 28.06.2013 17.06.2013 17.06.2013 28.05.2013 23.05.2013 22.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 01.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 17.01.2013

11.07.2013

HCL Technologies Ltd HCL Technologies Limited provides software development and related engineering services. The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

Price/Volume 900

12.0 M

800

10.0 M

700 600

8.0 M

500

06/2012 03/yy 857.90 471.45 914'622.00 841.9 -2.03% 78.58% 95.26% 696.9 586'694.75 21'854.20 0.0 10.7 23'898.20 559'433.76

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

300

4.0 M

200

2.0 M

100 0 j-12

30.06.2009 30.06.2010 102'294.1 121'362.9 1.33x 2.07x 21'250.5 19'924.2 6.39x 12.59x 13'196.3 12'591.9 9.43x 19.48x Profitability

LTM-4Q 30.06.2011 157'304.3 2.18x 27'151.5 12.61x 16'465.1 20.54x

30.06.2012 208'305.5 1.58x 40'507.5 8.10x 24'227.0 13.59x 40'507.50 35'015.10 16.81% 15.39% 19.94% 32.45% 1.32% 22.3% 19.6% 11.6% 1.41 0.98 11.95% 22.21% 6.91 -

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

LTM

FY+1

.0 M j-13

0.94 212.17 73.49% 36.83% 0.944 69 4.420 1'171'367 1'090'309 1'523'133 FY+2

FQ+1

FQ+2

34.74 26.94 -0.49 0.25 22.2% 18.2% 1.32 9.90 52.80 -

Sales/Revenue/Turnover

250'000.0

1.00

200'000.0

0.60

s-12

03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 194'116.0 247'085.0 253'849.8 289'626.3 67'524.7 65'864.4 6.52x 6.83x 2.19x 1.83x 8.68x 8.89x 35'181.0 55'078.0 56'118.2 61'866.8 15'589.9 15'491.8 9.80x 9.54x 9.98x 9.03x 9.03x 8.90x 21'824.0 37'435.0 38'430.2 42'580.6 10'553.9 9'779.4 15.27x 14.74x 15.33x 13.91x 14.85x 14.58x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

1.20

0.80

a-12

Fiscal Year Ended 30.06.2008 75'627.8 2.08x 17'027.0 9.24x 10'514.1 15.96x

6.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (18.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HCLT IN EQUITY YTD Change HCLT IN EQUITY YTD % CHANGE

150'000.0 100'000.0

0.40

50'000.0 0.20

0.0 0.00

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

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

11.07.2013

HCL Technologies Ltd Holdings By:

All

Holder Name VAMA SUNDARI INVESTM HCL HOLDINGS PVT LTD LIFE INSURANCE CORP WARHOL LTD DALI LTD WILLIAM BLAIR & COMP VANGUARD GROUP INC COMMONWEALTH BANK OF RELIANCE CAPITAL TRU ROBECO INVESTOR SERV BLACKROCK SBI FUNDS MANAGEMENT HSBC INVESTMENTS HON UTI ASSET MANAGEMENT MORGAN STANLEY BIRLA SUN LIFE ASSET CAPITAL GROUP COMPAN ROYAL BANK OF CANADA TATA ASSET MANAGEMEN PRINCIPAL FINANCIAL

Firm Name Nomura Ambit Capital Pvt Ltd BNP Paribas Equity Research Nirmal Bang Institutional Equities Deutsche Bank India Nivesh Ltd Maybank Kim Eng JM Financial Institutional Securities P Motilal Oswal Securities Ltd Axis Capital Limited HDFC Securities Standard Chartered Edelweiss Capital Sharekhan Ltd Jefferies IDFC Securities Ltd EVA Dimensions Credit Suisse HSBC Emkay Share & Stock Brokers Equirus Securities Pvt Ltd Tata Securities Limited IIFL Prabhudas Lilladher Pvt Ltd Spark Capital Advisors MSFL - Institutional Business Group JPMorgan Macquarie CIMB Anand Rathi Securities Pvt. Ltd. Phillip Securities Sunidhi Consultancy Services Brics Securities India Infoline Antique Stock Broking Limited SPA Securities Ltd ICICIdirect.com Barclays Fortune Equity Brokers (India) Ltd Ventura Securities Ltd Morgan Stanley Goldman Sachs Kotak Securities

Portfolio Name n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst ASHWIN MEHTA ANKUR RUDRA ABHIRAM ELESWARAPU HARIT SHAH ANIRUDDHA BHOSALE AMAR MOURYA URMIL SHAH GOVIND AGARWAL ASHISH CHOPRA PRIYA ROHIRA MADHU BABU PANKAJ KAPOOR SANDIP KUMAR AGARWAL TEAM COVERAGE VISHAL AGARWAL HITESH SHAH ANDREW S ZAMFOTIS ANANTHA NARAYAN YOGESH AGGARWAL MANIK TANEJA BHAVIN SHAH ASHISH AGGARWAL SANDEEP MUTHANGI SHASHI BHUSAN SRIVATHSAN RAMACHANDRAN SHWETA MALIK VIJU K GEORGE NITIN MOHTA SANDEEP R SHAH ATUL THAKKAR DEEPAK JAIN NAUSHIL SHAH SUSHIL SHARMA ANIRUDDHA MEHTA PRATISH KRISHNAN AMIT AGGARWAL ABHISHEK SHINDADKAR BHUVNESH SINGH NIRAL DALAL TEAM COVERAGE VIPIN KHARE RISHI JHUNJHUNWALA KAWALJEET SALUJA

Source Co File Co File Co File Co File Co File 13F MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy buy buy buy hold hold buy buy buy buy buy outperform buy buy buy underperform overweight outperform neutral accumulate buy buy buy accumulate add buy overweight outperform outperform buy buy outperform add buy hold hold hold overweight buy hold Overwt/In-Line Buy/Neutral reduce

Amt Held 311'964'982 119'548'908 25'613'278 17'631'599 8'815'800 6'915'864 5'979'282 4'372'791 4'340'898 3'505'479 3'319'158 3'186'648 2'367'042 2'016'188 1'878'179 1'642'424 1'603'327 1'486'716 1'406'038 1'319'837

% Out 44.77 17.16 3.68 2.53 1.27 0.99 0.86 0.63 0.62 0.5 0.48 0.46 0.34 0.29 0.27 0.24 0.23 0.21 0.2 0.19

Weighting

Change 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 1 5 5 3 4 5 5 5 4 4 5 5 5 5 5 5 5 4 5 3 3 3 5 5 3 5 5 2

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

Latest Chg 6'915'864 443'676 (4'225'930) (38'625) 1'040'029 (24'015) 161'805 (2'082'898) (13'000) 1'857'202 (143'009) (153'700) 354'101 220'000 (641'803)

Target Price 875 909 930 960 845 825 884 950 900 961 881 980 903 900 920 730 #N/A N/A 950 875 870 881 869 922 790 765 854 820 870 890 825 840 830 845 891 785 800 810 865 861 #N/A N/A 790 910 675

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 28.02.2013 31.05.2013 30.04.2013 09.07.2013 30.06.2013 11.03.2013 30.06.2013 31.05.2013 30.06.2013 31.03.2013 31.01.2013 30.06.2013 31.05.2013

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 15 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Inst Type Private Equity Corporation Government Holding Company Other Investment Advisor Investment Advisor Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 11.07.2013 10.07.2013 09.07.2013 09.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 02.07.2013 01.07.2013 28.06.2013 27.06.2013 24.06.2013 18.06.2013 03.06.2013 08.05.2013 29.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013

11.07.2013

Hexaware Technologies Ltd Hexaware Technologies Limited specializes in providing its clients with management and technology solutions in the enterprise applications software area. The Company also operates as an offshore-based vendor for the ERP and CRM software products of PeopleSoft, Inc. of U.S.A.

Price/Volume 140

18.0 M

120

16.0 M 14.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEXW IN EQUITY YTD Change HEXW IN EQUITY YTD % CHANGE

12/2012 03/yy 142.00 72.30 1'588'498.00 94.9 -33.03% 31.26% 32.28% 298.6 28'339.80 0.00 0.0 0.0 3'251.69 22'675.80

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

10.0 M

8.0 M 6.0 M

4.0 M

2.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 11'519.1 0.03x 1'211.5 0.31x 589.8 5.14x

12.0 M

31.12.2009 31.12.2010 10'385.6 10'545.6 0.91x 1.16x 1'985.0 911.9 4.77x 13.45x 1'341.8 1'075.9 10.11x 15.65x Profitability

LTM-4Q 31.12.2011 14'505.1 1.44x 2'614.0 7.98x 2'670.3 8.22x

31.12.2012 19'481.8 1.13x 4'041.4 5.44x 3'276.5 7.68x

4'041.42 3'717.28 19.08% 20.74% 21.62% 29.52% 29.53% 1.29% 20.7% 19.1% 16.8% 2.63 2.11 0.00% 0.00% 5.87 -

Price/ Cash Flow

LTM

03/yy 15'702.6 2.39x 3'139.8 0.00x 3'015.6 11.38x

03/yy 20'175.7 3.73x 4'045.5 4.83x 3'185.6 7.87x

FY+1

.0 M j-13

5.69 0.84 176.17 -17.13% 14.75% 0.837 35 4.229 2'986'624 2'335'082 2'195'696 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 21'261.2 23'550.6 5'350.4 5'563.8 1.07x 0.91x 4'221.5 4'626.5 1'147.8 1'375.0 5.37x 4.90x 4.33x 4.10x 3'275.2 3'604.3 885.8 997.3 8.63x 7.90x 7.35x 6.84x S&P Issuer Ratings

2510.20 2048.29 -0.80 0.00 0.0% 0.0% 1.29 5.54 62.39 -

Sales/Revenue/Turnover

70.00

25'000.0

60.00

20'000.0

50.00

15'000.0

40.00 30.00

10'000.0

20.00

5'000.0 10.00 0.00 03.01.2010

0.0 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 |

11.07.2013

Hexaware Technologies Ltd Holdings By:

All

Holder Name ELDER INFOSYSTEMS PV ELDER VENTURE LLP DALI LTD GA GLOBAL INVSTS LTD PRUDENTIAL ICICI ASS FID FUNDS MAURITIUS GRANTHAM MAYO VAN OT DIMENSIONAL FUND ADV UTI ASSET MANAGEMENT SUNDARAM ASSET MANAG LIFE INSURANCE CORP EMERGING GLOBAL SHAR LSV EMERGING MKTS EQ HDFC LIFE INSURANCE IVY MANAGEMENT INCOR AMERIPRISE FINANCIAL BLACKROCK BIRLA SUN LIFE ASSET CHANDRASEKAR P R VAN ECK ASSOCIATES C

Firm Name

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst

Antique Stock Broking Limited PRATISH KRISHNAN Nirmal Bang Institutional Equities HARIT SHAH Maybank Kim Eng URMIL SHAH JM Financial Institutional Securities P GOVIND AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Nomura ASHWIN MEHTA Edelweiss Capital SANDIP KUMAR AGARWAL Credit Suisse ANANTHA NARAYAN Emkay Share & Stock Brokers MANIK TANEJA CIMB SANDEEP R SHAH SBI Capital Markets DIPESH N MEHTA IDFC Securities Ltd HITESH SHAH Equirus Securities Pvt Ltd RAVI MENON Tata Securities Limited ASHISH AGGARWAL Jefferies VISHAL AGARWAL Macquarie NITIN MOHTA Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Sunidhi Consultancy Services NAUSHIL SHAH HDFC Securities MADHU BABU Brics Securities SUSHIL SHARMA Angel Broking Limited ANKITA SOMANI Cholamandalam Securities Limited SATHYANARAYANAN M Kotak Securities KAWALJEET SALUJA ICICI Securities KULDEEP KOUL Religare Capital Markets RUMIT DUGAR Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE Fortune Equity Brokers (India) Ltd NIRAL DALAL Morgan Stanley VIPIN KHARE Right Horizons Financial Services JAGDISH BHANUSHALI Spark Capital Advisors SRIVATHSAN RAMACHANDRAN EVA Dimensions ANDREW S ZAMFOTIS Espirito Santo Investment Bank Research SOUMITRA CHATTERJEE Asit C Mehta Investments Interrmediates VIMAL GOHIL Nirmal Bang Securities Private Ltd KAVITA VEMPALLI Anand Rathi Securities Pvt. Ltd. ATUL THAKKAR

Source Co File Co File Co File Co File MF-AGG Co File Co File ULT-AGG MF-AGG MF-AGG Co File MF-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG

Recommendation hold buy buy hold buy buy buy outperform buy outperform buy outperform buy buy hold outperform reduce buy outperform add buy underperform reduce buy buy hold buy Equalwt/In-Line buy buy buy sell hold buy buy

Amt Held 52'154'456 30'568'000 28'627'294 21'139'580 8'584'400 8'408'720 6'385'626 4'824'725 4'451'239 4'186'361 4'062'414 3'907'493 3'456'800 3'381'265 3'324'542 3'159'488 2'665'595 1'993'585 1'986'212 1'575'114

% Out 17.46 10.24 9.59 7.08 2.87 2.82 2.14 1.62 1.49 1.4 1.36 1.31 1.16 1.13 1.11 1.06 0.89 0.67 0.67 0.53

Weighting

Change 3 5 5 3 5 5 5 5 5 5 5 5 5 5 3 5 2 5 5 4 5 1 2 5 5 3 5 3 5 5 5 1 3 5 5

M M M M M M M M M U M U M M M M M M M M M D M M M M N M M M M M D M M

Latest Chg 1'203'467 242'986 (47'775) 1'560'875 52'899 133'411 (101'344) -

Target Price 100 123 103 95 127 110 128 120 105 105 105 120 103 100 94 110 80 120 107 100 102 81 90 101 110 90 101 100 119 115 #N/A N/A 85 107 141 85

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 29.03.2013 30.06.2013 31.05.2013 31.03.2013 10.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 09.07.2013 30.06.2013 01.03.2013 10.07.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 15 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Other Other Private Equity Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 10.07.2013 09.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 01.07.2013 27.06.2013 26.06.2013 25.06.2013 25.06.2013 24.06.2013 18.06.2013 07.06.2013 30.05.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 30.04.2013 29.04.2013 29.04.2013 29.04.2013 29.04.2013 01.04.2013 11.03.2013 19.02.2013 11.02.2013 17.01.2013 11.12.2012 07.12.2012 02.11.2012 01.06.2011

11.07.2013

International Business Machines Corp International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IBM US EQUITY YTD Change IBM US EQUITY YTD % CHANGE

12/2012 03/yy 215.90 181.85 3'891'960.00 192.25 -10.95% 5.72% 30.54% 1'108.8 213'165.72 33'269.00 0.0 124.0 11'129.00 234'692.72

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

50 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.12.2008 103'630.0 1.29x 21'388.0 6.25x 12'334.0 9.42x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

31.12.2009 31.12.2010 95'759.0 99'871.0 1.91x 1.98x 22'009.0 22'982.0 8.32x 8.59x 13'425.0 14'833.0 13.08x 12.97x Profitability

LTM-4Q 31.12.2011 106'916.0 2.18x 25'101.0 9.30x 15'855.0 14.06x

31.12.2012 104'507.0 2.26x 25'119.0 9.41x 16'604.0 12.57x

25'119.00 20'443.00 19.56% 20.96% 14.25% 83.28% 32.07% 0.89% 48.1% 24.2% 19.6% 15.9% 1.13 0.91 27.91% 176.40% 4.02 20.63

Price/ Cash Flow

LTM

FY+1

1.77 0.94 1'107.39 17.82 5.62% 1.26% 0.939 31 3.871 3'266'278 3'915'142 4'419'879 FY+2

FQ+1

FQ+2

03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 106'983.0 103'241.0 103'356.9 106'305.3 25'348.4 25'093.2 8.80x 9.64x 2.29x 2.21x 9.42x 9.53x 25'218.0 24'941.0 27'778.7 29'428.1 6'240.4 6'695.0 10.33x 10.35x 8.45x 7.98x 8.29x 8.02x 16'059.0 16'570.0 18'348.1 19'255.1 3'970.3 4'447.4 15.58x 13.80x 11.52x 10.49x 11.27x 11.01x S&P Issuer Ratings Long-Term Rating Date 30.05.2012 Long-Term Rating AALong-Term Outlook STABLE Short-Term Rating Date 30.05.2012 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. 52.66 (EBITDA-Capex)/Interest Exp. 44.10 Net Debt/EBITDA 0.86 Total Debt/EBITDA 1.34 Reference Total Debt/Equity 176.4% Total Debt/Capital 63.7% Asset Turnover 0.89 Net Fixed Asset Turnover 7.50 Accounts receivable turnover-days 90.85 Inventory Days 17.69 Accounts Payable Turnover Day 50.29 Cash Conversion Cycle 60.00 Sales/Revenue/Turnover

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 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 |

11.07.2013

International Business Machines Corp Holdings By:

All

Holder Name BERKSHIRE HATHAWAY I STATE STREET BLACKROCK VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU FMR LLC NORGES BANK JP MORGAN BANK OF AMERICA CORP TIAA CREF INVESTMENT WELLS FARGO GEODE CAPITAL MANAGE NEUBERGER BERMAN LLC CAPITAL GROUP COMPAN SUN LIFE FINANCIAL I UBS

Firm Name Societe Generale Sanford C. Bernstein & Co Independent Research GmbH ISI Group Goldman Sachs Cowen and Company BMO Capital Markets Janney Montgomery Scott LLC Wells Fargo Securities, LLC S&P Capital IQ Edward Jones Barclays RBC Capital Markets Topeka Capital Markets Inc Evercore Partners Stifel Argus Research Corp Credit Suisse Jefferies Daiwa Securities Co. Ltd. EVA Dimensions Deutsche Bank Morgan Stanley JPMorgan Macquarie Tigress Financial Partners Hamburger Sparkasse Oracle Investment Research

Portfolio Name n/a n/a n/a VANGUARD GROUP INC STATE FARM MUTUAL AU NORTHERN TRUST CORPO BANK OF NEW YORK MEL WELLINGTON MANAGEMEN STATE FARM MUTUAL AU n/a NORGES BANK n/a BANK OF AMERICA TIAA-CREF INVESTMENT n/a GEODE CAPITAL MANAGE NEUBERGER BERMAN GRO n/a n/a n/a

Analyst RICHARD NGUYEN TONI SACCONAGHI MARKUS FRIEBEL BRIAN MARSHALL WILLIAM C SHOPE JR MOSHE KATRI KEITH F BACHMAN JOSEPH D FORESI MAYNARD UM JIM YIN JOSH OLSON BENJAMIN A REITZES AMIT DARYANANI BRIAN J WHITE ROBERT CIHRA DAVID M GROSSMAN JAMES KELLEHER KULBINDER GARCHA PETER J MISEK KAZUYA NISHIMURA ANDREW S ZAMFOTIS CHRISTOPHER WHITMORE KATHRYN HUBERTY MARK A MOSKOWITZ BRAD A ZELNICK IVAN FEINSETH MARCO GUENTHER LAURENCE BALTER

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

Recommendation hold market perform hold cautious neutral/cautious outperform market perform neutral market perform buy buy overweight sector perform buy overweight buy buy neutral hold outperform overweight buy Equalwt/In-Line neutral neutral neutral hold hold

Amt Held 68'121'984 59'917'294 56'669'125 52'371'093 16'651'892 16'339'775 16'001'921 11'129'885 9'696'270 9'316'326 9'100'412 9'008'443 8'855'951 7'882'262 7'738'514 7'122'681 6'991'881 6'929'901 6'009'216 5'692'516

% Out 6.14 5.4 5.11 4.72 1.5 1.47 1.44 1 0.87 0.84 0.82 0.81 0.8 0.71 0.7 0.64 0.63 0.62 0.54 0.51

Weighting

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

M M M M D M M M M M M M M M M M M M M M U M M M M N M D

Latest Chg 6'500 (2'929'322) 1'685'715 1'213'785 47'818 631'840 (220'536) (2'752) (619'852) (241'738) (372'701) (482'034) 154'502 85'398 (59'044) (93'272) 567'419 193'043

Target Price 199 225 215 #N/A N/A 200 234 220 208 #N/A N/A 227 #N/A N/A 215 210 246 235 240 235 200 225 225 #N/A N/A 225 #N/A N/A 196 215 #N/A N/A #N/A N/A 195

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

File Dt 31.03.2013 10.07.2013 09.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 11.07.2013 10.07.2013 10.07.2013 10.07.2013 09.07.2013 09.07.2013 07.07.2013 05.07.2013 05.07.2013 04.07.2013 01.07.2013 01.07.2013 28.06.2013 24.06.2013 09.06.2013 07.06.2013 05.06.2013 04.06.2013 29.05.2013 16.05.2013 06.05.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 20.02.2013 29.01.2013 07.06.2012

11.07.2013

Indra Sistemas SA Indra Sistemas, S.A. offers information technology products and services. The Company offers systems integration and outsourcing services, installs railway management and ticketing systems, installs road traffic toll and signaling systems, constructs satellite communications systems, manufactures radar air defense systems, and installs insurance management systems.

Price/Volume 12

12/2012 03/yy 11.02 6.08 78'952.00 10.495 -4.68% 72.62% 89.56% 164.1 1'722.57 803.37 0.0 20.7 167.49 2'377.57

3.0 M 2.5 M 2.0 M

1.5 M 1.0 M

2 0 j-12

.5 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'513.2 2'557.0 1.13x 0.91x 337.7 307.9 8.40x 7.53x 195.6 188.5 13.55x 11.02x Profitability

LTM-4Q 31.12.2011 2'688.5 0.77x 324.4 6.36x 181.0 8.84x

31.12.2012 2'941.0 0.78x 256.6 8.97x 132.7 12.28x

256.59 221.93 7.55% 5.55% 3.57% 11.60% 0.83% 8.6% 7.4% 4.5% 1.25 1.00 21.39% 73.78% 1.46 -

Price/ Cash Flow

03/yy 2'745.3 3.35x 316.2 6.53x 163.3 9.15x

LTM 03/yy 2'954.4 2.78x 255.2 8.54x 127.5 11.89x

FY+1

.0 M j-13

0.89 128.05 69.76% 8.18% 0.886 26 2.423 1'262'637 1'047'256 759'434 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'999.1 3'092.3 760.3 657.0 0.79x 0.76x 290.3 316.8 71.2 63.3 8.19x 7.51x 141.3 160.6 29.4 31.9 12.25x 10.69x S&P Issuer Ratings

2.48 2.78 73.8% 42.0% 0.83 18.03 249.81 -

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

3.5 M

Latest Fiscal Year: LTM as of: 52-Week High (05.06.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IDR SM EQUITY YTD Change IDR SM EQUITY YTD % CHANGE

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

4.0 M

Valuation Analysis

31.12.2008 2'379.6 1.18x 309.1 9.07x 182.4 14.21x

4.5 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

Indra Sistemas SA Holdings By:

All

Holder Name BANCO FINANCIERO Y D CORP FINANCIERA ALBA FMR LLC CASA GRANDE CARTAGEN CANTABRICA DE INVERS INVESCO LTD NORGES BANK HOPLITE CAPITAL MANA MEDITOR CAPITAL MANA MORTON HOLDINGS INC BLACKROCK FRANK RUSSELL TRUST LANSDOWNE PARTNERS HENDERSON GLOBAL INV ADELPHI CAPITAL LLP ACTIVEST MUNICH ING INTERNATIONAL AD ANTIPODEAN ADVISORS STATE STREET AGF INVESTMENTS INC

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a EUROPEAN INVESTMENT Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

AlphaValue HELENE COUMES Barclays GERARDUS VOS Bankia Bolsa (ESN) VICTOR PEIRO PEREZ Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS Societe Generale RICHARD NGUYEN BPI PEDRO OLIVEIRA NMAS 1 Agencia de Valores RODRIGO VAZQUEZ BCP Investimento ALEXANDRA DELGADO Mirabaud Finanzas Sociedad de ValoresJAVIER S MIELGO Berenberg Bank SEBASTIAN GRABERT Exane BNP Paribas BRICE PRUNAS EVA Dimensions ANDREW S ZAMFOTIS Kepler Cheuvreux ADRIAN ZUNZUNEGUI RUANO Grupo Santander VICENTE MARTIN BROGERAS Morgan Stanley ADAM WOOD Goldman Sachs SIVA KRISHNA PRASAD BORRA JPMorgan STACY E POLLARD Bryan Garnier & Cie GREGORY RAMIREZ Credit Suisse CHARLES BRENNAN Banco Sabadell ANDRES BOLUMBURU Banesto Bolsa SA Sociedad MARTA GOMEZ La Caixa ICIAR GOMEZ BOTAS Espirito Santo Investment Bank Research JUAN CARLOS CALVO Intermoney Valores ESTHER MARTIN Jefferies MILAN RADIA Renta 4 SA SVB IVAN SAN FELIX

Source Co File Co File ULT-AGG EXCH Co File ULT-AGG MF-AGG Short Short Short ULT-AGG MF-AGG Short MF-AGG Short MF-PART MF-AGG Short ULT-AGG MF-AGG

Recommendation buy underweight buy sell hold sell sell buy underweight buy underperform hold reduce hold Underwt/In-Line Sell/Neutral underweight sell underperform sell buy overweight neutral hold underperform hold

Amt Held % Out 32'813'822 19.99 18'587'155 11.32 17'200'795 10.48 8'221'413 5.01 8'212'805 5 5'139'241 3.13 4'786'034 2.92 (2'888'732) -1.76 (2'658'947) -1.62 (2'593'294) -1.58 2'126'770 1.3 1'593'473 0.97 (1'477'193) -0.9 1'473'857 0.9 (1'247'407) -0.76 984'114 0.6 914'157 0.56 (853'489) -0.52 764'680 0.47 711'767 0.43

Weighting

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

M M M M M M M M M N M U M M M M M M M M M D M D M M

Latest Chg 784 (229'785) (49'240) 1'641 (65'850) (114'893) 888'975 131'306 984'114 312'911 131'306 -

Target Price 14 7 11 10 10 9 9 12 8 13 9 #N/A N/A 9 11 8 10 8 9 8 10 13 11 9 9 9 13

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

File Dt Inst Type 31.12.2012 Bank 31.12.2012 Holding Company 31.03.2013 Investment Advisor 10.05.2013 Other 31.12.2012 Corporation 27.03.2013 Investment Advisor 31.12.2012 Government 15.04.2013 Hedge Fund Manager 30.05.2013 Investment Advisor 01.11.2012 Corporation 09.07.2013 Investment Advisor 31.05.2012 Investment Advisor 11.06.2013 Investment Advisor 31.03.2013 Investment Advisor 11.06.2013 Investment Advisor 31.05.2013 Investment Advisor 28.02.2013 Investment Advisor 02.01.2013 Hedge Fund Manager 10.07.2013 Investment Advisor 28.03.2013 Investment Advisor

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

Date 11.07.2013 10.07.2013 09.07.2013 09.07.2013 08.07.2013 02.07.2013 02.07.2013 01.07.2013 26.06.2013 17.06.2013 04.06.2013 03.06.2013 14.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 10.05.2013 09.05.2013 09.05.2013 03.04.2013 21.03.2013 01.03.2013 22.02.2013 20.11.2012 19.06.2012

11.07.2013

iGATE Corp iGATE Corporation offers a range of information technology solutions to to large and medium-sized organizations using an offshore/onsite model. The Company's services include client/server design and development, conversion/migration services, offshore outsourcing, enterprise resource planning ("ERP") package implementation and integration services, and software development.

Price/Volume

2.5 M 2.0 M 1.5 M

12/2012 03/yy 19.89 13.98 248'015.00 16.67 -16.19% 19.24% 45.52% 57.9 964.59 1'145.50 378.5 32.4 605.97 1'898.19

1.0 M

5 0 j-12

.5 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (23.05.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IGTE US EQUITY YTD Change IGTE US EQUITY YTD % CHANGE

31.12.2008 218.8 1.31x 37.0 7.75x 30.9 13.02x

31.12.2009 31.12.2010 193.1 280.6 2.35x 3.45x 40.0 62.0 11.37x 15.61x 28.6 51.8 19.61x 20.53x Profitability

LTM-4Q 31.12.2011 779.6 2.33x 144.6 12.55x 51.5 40.33x

31.12.2012 1'073.9 1.73x 252.6 7.35x 95.8 11.43x

252.65 206.27 19.21% 12.19% 5.74% 46.08% 10.82% 0.58% 39.5% 23.1% 19.4% 8.9% 3.12 2.67 61.06% 1696.96% 7.45 6.97

Price/ Cash Flow

03/yy 967.1 7.37x 198.8 9.35x 57.6 33.52x

LTM 03/yy 1'085.6 7.30x 251.1 8.06x 106.5 15.83x

FY+1

0.00 1.14 32.58 0.63 0.06% 5.71% 1.142 11 3.909 187'912 237'145 314'602 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'132.8 1'219.9 279.1 286.3 1.85x 1.62x 262.7 298.9 60.2 66.6 7.23x 6.35x 7.04x 6.82x 135.3 161.2 27.2 33.5 9.81x 8.47x 10.02x 9.47x S&P Issuer Ratings

04.04.2011 B+ STABLE 3.02 2.64 2.07 4.44 1697.0% 70.5% 0.58 6.26 49.01 52.33 5.99 86.13

Sales/Revenue/Turnover

35.00

1'200.0

30.00

1'000.0

25.00

800.0

20.00

600.0 15.00

400.0 10.00

200.0

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 |

11.07.2013

iGATE Corp Holdings By:

All

Holder Name TRIVEDI ASHOK WADHWANI SUNIL T COLUMBIA WANGER ASSE WADDELL & REED FINAN BLUE HARBOUR GROUP L FMR LLC WELLINGTON MANAGEMEN BLACKROCK IVY MANAGEMENT INCOR INVESCO LTD VISCARIA LIMITED VANGUARD GROUP INC DIMENSIONAL FUND ADV HARTFORD INVESTMENT CAC CORP MURTHY PHANEESH STATE STREET WELLS FARGO NORTHERN TRUST CORPO UNITED SERVICES AUTO

Firm Name EVA Dimensions Janney Montgomery Scott LLC Nomura Wells Fargo Securities, LLC Jefferies Oppenheimer & Co Sidoti & Company LLC Needham & Co Noble Financial Group Roth Capital Partners RBC Capital Markets

Portfolio Name n/a n/a COLUMBIA WANGER ASSE n/a BLUE HARBOUR GROUP L n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a VANGUARD GROUP INC n/a Multiple Portfolios n/a n/a n/a n/a NORTHERN TRUST CORPO UNITED SERVICES AUTO

Analyst ANDREW S ZAMFOTIS JOSEPH D FORESI ASHWIN MEHTA EDWARD S CASO JR JASON KUPFERBERG GLENN GREENE BRIAN KINSTLINGER MAYANK TANDON VINCENT A COLICCHIO JEFF MARTIN DANIEL R PERLIN

Source Form 4 Form 4 13F 13G 13F ULT-AGG 13F ULT-AGG 13G ULT-AGG 13D 13F ULT-AGG MF-AGG Co File Form 4 ULT-AGG ULT-AGG 13F 13F

Recommendation buy neutral buy market perform hold market perform neutral buy hold buy outperform

Amt Held 10'889'175 10'374'175 3'883'900 3'430'000 3'184'391 3'120'370 2'964'436 2'560'165 2'453'600 1'841'971 1'653'805 1'625'985 1'365'243 941'563 677'317 655'292 601'316 526'318 492'290 322'847

% Out 18.82 17.93 6.71 5.93 5.5 5.39 5.12 4.42 4.24 3.18 2.86 2.81 2.36 1.63 1.17 1.13 1.04 0.91 0.85 0.56

Weighting

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

U M M M M M M M M M M

Latest Chg 24'400 1'461'600 (2'299'411) (801'477) 41'511 183'700 1'095'700 562'527 (246'951) (2'706) (22'900) (40'000) (9'077) 12'101 (5'147) 46'277

Target Price #N/A N/A 16 22 #N/A N/A 18 #N/A N/A 16 23 #N/A N/A 23 23

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

File Dt Inst Type 08.05.2012 n/a 08.05.2012 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.05.2013 Investment Advisor 10.07.2013 Investment Advisor 03.04.2013 Other 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Corporation 19.04.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 09.07.2013 05.07.2013 04.07.2013 01.07.2013 21.06.2013 04.06.2013 23.05.2013 21.05.2013 21.05.2013 17.04.2013 12.04.2013

11.07.2013

Infosys Ltd Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Price/Volume 60

40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INFY US EQUITY YTD Change INFY US EQUITY YTD % CHANGE

03/2012 03/yy 55.71 37.93 2'352'459.00 42.58 -23.56% 12.26% 26.16% 574.2 24'450.98 0.00 0.0 0.0 204'670.00 1'258'843.27

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

20 10 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.03.2009 216'930.0 3.05x 72'190.0 9.16x 59'880.0 12.66x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

31.03.2010 31.03.2011 227'420.0 275'010.0 5.97x 6.16x 79'110.0 89'750.0 17.17x 18.87x 62'660.0 68'350.0 23.82x 27.09x Profitability

LTM-4Q 31.03.2012 337'340.0 4.26x 107'490.0 13.37x 83'320.0 19.66x

31.03.2013 403'520.0 3.60x 115'440.0 12.60x 94'290.0 17.51x 115'440.00 104'450.00 25.88% 31.72% 22.20% 27.20% 27.20% 0.95% 40.1% 28.6% 25.9% 23.4% 3.98 3.40 0.00% 0.00% 6.22 -

Price/ Cash Flow

LTM

FY+1

1.65 1.10 20.54 -0.68% 1.79% 1.098 16 3.125 1'618'285 1'644'152 2'175'063 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 337'340.0 403'520.0 482'587.4 516'347.4 117'777.8 119'497.8 16.55x 12.31x 2.34x 2.02x 10.20x 9.90x 114'100.0 123'900.0 125'410.4 134'107.7 30'826.5 30'752.3 12.60x 11.42x 10.04x 9.39x 9.93x 9.81x 83'160.0 94'210.0 100'051.2 105'985.4 24'110.9 24'828.3 19.69x 17.52x 14.69x 13.76x 14.57x 14.35x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -1.77 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.95 Net Fixed Asset Turnover 7.40 Accounts receivable turnover-days 58.64 Inventory Days Accounts Payable Turnover Day 1.60 Cash Conversion Cycle Sales/Revenue/Turnover

35.00

450'000.0

30.00

400'000.0 350'000.0

25.00

300'000.0

20.00

250'000.0

15.00

200'000.0 150'000.0

10.00

100'000.0

5.00 0.00 02.04.2010

50'000.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

Infosys Ltd Holdings By:

All

Holder Name JP MORGAN GENESIS ASSET MANAGE UBS BLACKROCK COMMONWEALTH BANK OF ACADIAN ASSET MANAGE TRILOGY GLOBAL ADVIS WELLS FARGO ABERDEEN INVESCO LTD HSBC HOLDINGS PLC GRANTHAM MAYO VAN OT DUPONT CAPITAL MANAG SPRUCEGROVE INVESTME POLARIS CAPITAL MANA FRANKLIN RESOURCES STATE STREET PRINCIPAL FINANCIAL NORGES BANK PARAMETRIC PORTFOLIO

Firm Name Robert W. Baird & Co William Blair & Co Stifel Cowen and Company Oppenheimer & Co Janney Montgomery Scott LLC Jefferies Wells Fargo Securities, LLC Sanford C. Bernstein & Co Susquehanna Financial Group BMO Capital Markets EVA Dimensions Goldman Sachs Pacific Crest Securities Needham & Co

Portfolio Name n/a GENESIS ASSET MANAGE n/a n/a COMMONWEALTH BANK OF ACADIAN ASSET MANAGE TRILOGY GLOBAL ADVIS n/a n/a n/a HSBC HOLDINGS PLC GRANTHAM MAYO VAN OT DUPONT CAPITAL MANAG SPRUCEGROVE INVESTME POLARIS CAPITAL MANA n/a n/a n/a NORGES BANK PARAMETRIC PORTFOLIO

Analyst DAVID J KONING RAHUL BHANGARE DAVID M GROSSMAN MOSHE KATRI GLENN GREENE JOSEPH D FORESI VISHAL AGARWAL EDWARD S CASO JR RODERICK BOURGEOIS JAMES E FRIEDMAN KEITH F BACHMAN ANDREW S ZAMFOTIS RISHI JHUNJHUNWALA JESSE HULSING MAYANK TANDON

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

Recommendation neutral market perform hold market perform market perform neutral buy market perform underperform neutral market perform hold neutral/neutral sector perform hold

Amt Held 11'637'144 8'209'184 5'740'332 4'409'672 3'771'936 3'404'317 2'690'192 2'472'436 2'287'041 1'982'544 1'945'687 1'937'280 1'924'583 1'918'975 1'762'750 1'641'192 1'628'181 1'521'705 1'346'043 1'266'997

% Out 2.03 1.43 1 0.77 0.66 0.59 0.47 0.43 0.4 0.35 0.34 0.34 0.34 0.33 0.31 0.29 0.28 0.26 0.23 0.22

Weighting

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

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

Latest Chg 706'787 63'435 (516'359) (313'066) 345'762 3'365'153 (357'288) (439'700) (36'523) (13'541) (691'532) 374'100 1'924'583 484'400 140'900 320'400 (19'570) 1'333'556 32'062

Target Price 42 #N/A N/A #N/A N/A 48 #N/A N/A 44 51 #N/A N/A 35 40 45 #N/A N/A 43 #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 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Unclassified 09.07.2013 Investment Advisor 31.03.2013 Bank 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor

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

Date 10.07.2013 09.07.2013 09.07.2013 09.07.2013 08.07.2013 05.07.2013 02.07.2013 02.07.2013 28.06.2013 20.06.2013 23.05.2013 07.05.2013 15.04.2013 15.04.2013 12.04.2013

11.07.2013

ManTech International Corp/VA ManTech International Corporation delivers a variety of information technology and technical services to United States federal government customers. The Company focuses on critical national defense programs for the intelligence community and Department of Defense. ManTech designs, develops, and operates enterprise information technology and communication systems and infrastructures.

Price/Volume 30

12/2012 03/yy 28.25 19.74 73'078.00 26.55 -6.02% 34.50% 80.02% 23.9 985.43 200.00 0.0 0.0 134.90 1'013.13

.6 M .5 M .4 M

.3 M .2 M

5 0 j-12

.1 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2009 31.12.2010 2'020.3 2'604.0 0.82x 0.62x 196.8 244.0 8.39x 6.64x 111.8 125.1 15.54x 12.05x Profitability

LTM-4Q 31.12.2011 2'870.0 0.43x 282.5 4.38x 133.3 8.61x

31.12.2012 2'582.3 0.40x 223.7 4.59x 95.0 10.09x

223.73 170.99 6.62% 6.00% 4.92% 7.82% 7.40% 1.40% 14.3% 7.9% 6.3% 3.7% 1.92 1.76 10.86% 17.16% 4.59 1048.18

Price/ Cash Flow

03/yy 2'845.6 1.89x 286.9 4.71x 127.0 9.99x

LTM 03/yy 2'551.8 1.52x 200.4 5.11x 89.6 11.10x

FY+1

3.16 1.26 23.84 3.61 18.01% 4.04% 1.262 13 2.385 141'074 172'966 171'971 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'538.5 2'404.8 633.7 632.2 0.43x 0.43x 1.58x 1.56x 180.3 173.4 45.7 45.4 5.62x 5.84x 5.61x 5.68x 82.6 79.9 20.9 20.8 11.95x 12.59x 12.02x 12.22x S&P Issuer Ratings

06.04.2010 BB+ STABLE 13.72 13.00 0.14 1.00 17.2% 14.6% 1.40 79.69 79.50 0.35 47.95 31.54

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

.7 M

Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MANT US EQUITY YTD Change MANT US EQUITY YTD % CHANGE

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

.8 M

Valuation Analysis

31.12.2008 1'870.9 1.05x 170.7 11.50x 90.3 21.25x

.9 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

ManTech International Corp/VA Holdings By:

All

Holder Name ROYCE AND ASSOCIATES THIRD AVENUE MANAGEM BLACKROCK ABRAMS CAPITAL MANAG NEW SOUTH CAPITAL MA HEARTLAND ADVISORS I VANGUARD GROUP INC FMR LLC NATIONAL RURAL ELECT DIMENSIONAL FUND ADV INTREPID CAPITAL MAN ING INTERNATIONAL AD STATE STREET RE ADVISERS CORPORAT RIVER ROAD ASSET MAN DREMAN VALUE MANAGEM PUTNAM INVESTMENT MA NORTHERN TRUST CORPO DEUTSCHE BANK AG ASTON ASSET MANAGEME

Firm Name Cowen and Company Stifel Wells Fargo Securities, LLC RBC Capital Markets SunTrust Robinson Humphrey Sidoti & Company LLC BB&T Capital Markets Raymond James FBR Capital Markets Noble Financial Group Credit Suisse EVA Dimensions EarlyBirdCapital Inc Pacific Crest Securities

Portfolio Name ROYCE & ASSOCIATES L THIRD AVENUE MANAGEM n/a ABRAMS CAPITAL MANAG NEW SOUTH CAPITAL MA HEARTLAND ADVISORS I VANGUARD GROUP INC n/a NATIONAL RURAL ELECT n/a INTREPID CAPITAL MAN Multiple Portfolios n/a Multiple Portfolios RIVER ROAD ASSET MAN DREMAN VALUE MANAGEM PUTNAM INVESTMENT MA NORTHERN TRUST CORPO n/a Multiple Portfolios

Analyst GAUTAM KHANNA WILLIAM R LOOMIS EDWARD S CASO JR ROBERT STALLARD TOBEY SOMMER BRIAN KINSTLINGER GEORGE A PRICE BRIAN GESUALE PATRICK J MCCARTHY MARK C JORDAN ROBERT M SPINGARN ANDREW S ZAMFOTIS ALEX P HAMILTON ERIK R OLBETER

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

Recommendation market perform hold underperform underperform neutral neutral underweight underperform market perform hold underperform buy hold sector perform

Amt Held 3'604'248 1'917'195 1'791'343 1'669'669 1'643'319 1'335'537 1'268'931 1'258'400 988'562 858'215 849'119 845'000 832'664 606'762 602'638 556'778 471'129 452'671 415'684 397'747

% Out 15.07 8.01 7.49 6.98 6.87 5.58 5.3 5.26 4.13 3.59 3.55 3.53 3.48 2.54 2.52 2.33 1.97 1.89 1.74 1.66

Weighting

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

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

Latest Chg 34'980 321'639 67'510 902'339 (71'095) 306'353 19'043 307'500 141'562 119'607 (272'652) (3'794) 141'562 (55'051) 466'103 (23'271) 7'467 304'814 (46'371)

Target Price #N/A N/A #N/A N/A #N/A N/A 21 25 20 #N/A N/A #N/A N/A 30 42 18 #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 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 09.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.09.2012 Investment Advisor 31.03.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor

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

Date 02.07.2013 01.07.2013 26.06.2013 21.06.2013 21.06.2013 11.06.2013 21.05.2013 02.05.2013 02.05.2013 02.05.2013 01.05.2013 28.01.2013 02.08.2012 29.04.2011

11.07.2013

MAXIMUS Inc MAXIMUS, Inc. provides program management and consulting services to state and local governments throughout the United States. The Company's services are designed to make government operations more efficient and cost effective while improving the quality of the services provided to program beneficiaries.

Price/Volume 45

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMS US EQUITY YTD Change MMS US EQUITY YTD % CHANGE

09/2012 03/yy 40.69 24.24 1'066'795.00 35.72 -12.20% 47.36% 69.81% 68.3 2'440.05 1.74 0.0 0.0 189.31 2'254.30

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

1.5 M

15 10

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 30.09.2008 693.7 0.80x 93.3 5.95x 6.7 13.64x

2.0 M

Valuation Analysis

30.09.2009 30.09.2010 720.1 831.7 1.02x 1.09x 96.6 120.4 7.58x 7.51x 46.5 70.4 16.29x 16.78x Profitability

LTM-4Q 30.09.2011 929.6 1.08x 144.4 6.98x 81.2 15.17x

30.09.2012 1'050.1 1.75x 157.0 11.73x 76.1 25.31x 157.00 130.54 12.43% 12.55% 14.29% 21.50% 1.73% 27.4% 16.0% 13.7% 7.2% 2.25 1.87 0.25% 0.38% 6.34 -

Price/ Cash Flow

03/yy 971.5 4.73x 142.3 8.10x 77.4 17.88x

LTM 03/yy 1'179.7 6.75x 188.4 13.49x 97.2 27.58x

FY+1

0.50 0.84 65.79 1.58 41.77% 13.28% 0.839 7 3.857 842'517 614'828 566'197 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 1'296.4 1'593.6 325.3 367.5 6.80x 5.99x 208.7 233.3 53.3 64.8 10.80x 9.66x 9.95x 9.69x 113.5 134.0 28.7 34.8 22.51x 19.39x 20.48x 19.89x S&P Issuer Ratings

-0.99 0.01 0.4% 0.4% 1.73 21.53 57.55 32.03 -

Sales/Revenue/Turnover

35.00

1'200.0

30.00

1'000.0

25.00

800.0

20.00

600.0 15.00

400.0 10.00

200.0

5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

MAXIMUS Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC BAMCO INC BANK OF NEW YORK MEL RIVERBRIDGE PARTNERS RENAISSANCE TECHNOLO LORD ABBETT & CO LLC DARUMA ASSET MANAGEM STATE STREET NORTHERN TRUST CORPO ALLIANCE BERNSTEIN FIRST TRUST PRUDENTIAL FINANCIAL TURNER INVESTMENT PA BROWN ADVISORY INC WELLINGTON MANAGEMEN DENVER INVESTMENT AD OPPENHEIMERFUNDS INC T ROWE PRICE ASSOCIA

Firm Name Avondale Partners LLC First Analysis Corp EVA Dimensions Raymond James CJS Securities Sidoti & Company LLC

Portfolio Name n/a n/a VANGUARD GROUP INC BAMCO INC BANK OF NEW YORK MEL RIVERBRIDGE PARTNERS RENAISSANCE TECHNOLO LORD ABBETT & CO LLC DARUMA ASSET MANAGEM n/a NORTHERN TRUST CORPO n/a n/a n/a TURNER INVESTMENT PA n/a WELLINGTON MANAGEMEN DENVER INVESTMENT AD OPPENHEIMER FUNDS IN T ROWE PRICE ASSOCIA

Analyst RICHARD CLOSE FRANK SPARACINO ANDREW S ZAMFOTIS BRIAN GESUALE CHARLES STRAUZER BRIAN KINSTLINGER

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

Recommendation market outperform equalweight underweight outperform market outperform buy

Amt Held 6'060'348 4'815'540 4'478'290 3'866'070 3'014'078 2'519'948 2'118'800 1'810'600 1'788'718 1'539'116 1'500'820 1'489'258 1'469'560 1'390'438 1'308'860 1'213'088 1'165'204 1'165'062 1'164'818 1'154'200

% Out 8.87 7.05 6.56 5.66 4.41 3.69 3.1 2.65 2.62 2.25 2.2 2.18 2.15 2.04 1.92 1.78 1.71 1.71 1.71 1.69

Weighting

Change 4 3 1 5 4 5

M M D M M M

Latest Chg 147'922 (1'093'882) (88'650) (84'918) (75'410) (78'400) (708'192) (333'628) (1'708) 16'452 1'310'754 1'424'842 (1'062'134) (18'720) 25'822 (706'668) (138'850) 726'820 24'200

Target Price 46 #N/A N/A #N/A N/A 44 45 46

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

File Dt Inst Type 09.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 10.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 09.07.2013 08.07.2013 08.07.2013 02.07.2013 02.07.2013 02.07.2013

11.07.2013

Mphasis Ltd Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

Price/Volume 600 500 400 300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.05.2013) 52-Week Low (13.02.2013) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MPHL IN EQUITY YTD Change MPHL IN EQUITY YTD % CHANGE

10/2012 04/yy 514.05 335.00 44'737.00 394 -23.31% 17.61% 33.54% 210.1 82'790.08 3'228.30 0.0 0.0 29'287.66 67'015.08

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

100 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Market Data

Fiscal Year Ended 31.10.2008 24'230.7 1.70x 4'211.5 9.79x 2'552.9 16.47x

200

31.10.2009 31.10.2010 42'638.8 50'365.2 3.10x 2.23x 11'282.6 12'655.7 11.73x 8.87x 9'086.8 10'907.5 15.55x 11.74x Profitability

LTM-4Q 31.10.2011 50'979.6 1.07x 9'862.4 5.54x 8'218.2 8.78x

31.10.2012 53'573.3 1.03x 10'489.3 5.27x 7'923.2 10.26x 10'489.30 8'745.58 16.32% 19.19% 13.72% 19.08% 17.89% 0.93% 19.6% 16.3% 14.8% 2.60 2.09 5.26% 7.33% 8.94 -

Price/ Cash Flow

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M j-13

LTM

04/yy 52'034.5 2.81x 10'016.2 0.00x 7'521.0 10.31x

04/yy 53'237.8 2.22x 10'127.6 6.21x 7'789.9 10.09x

FY+1

4.31 0.75 79.21 7.46% 7.04% 0.749 37 2.162 77'620 191'969 166'405 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 07/13 Q3 10/13 Q4 56'725.1 63'138.1 14'771.3 14'742.1 1.27x 1.09x 10'078.0 11'174.4 2'585.0 2'866.5 6.65x 6.00x 5.81x 5.67x 7'525.5 8'288.1 1'843.5 1'966.7 11.02x 10.10x 10.12x 9.96x S&P Issuer Ratings

145.04 126.94 -2.48 0.31 7.3% 6.8% 0.93 24.39 40.92 -

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00 8.00

30'000.0

6.00

20'000.0

4.00

10'000.0 2.00 0.00 01.11.2009

0.0 01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

01.05.2013

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 |

11.07.2013

Mphasis Ltd Holdings By:

All

Holder Name EDS ASIA PACIFIC HOL EDS WORLD CORP ABERDEEN BARING INDIA INVESTM BAJAJ ALLIANZ LIFE I LIFE INSURANCE CORP BLACKSTONE ASIA ADVI ICICI PRUDENTIAL LIF GRANTHAM MAYO VAN OT EASTSPRING INVESTMEN DANSKE INVEST MANAGE VANGUARD GROUP INC EASTSPRING INVESTMEN DANSKE INVEST A/S BANK OF NEW YORK MEL DIMENSIONAL FUND ADV MPHASIS EMPLOYEES TS PPFAS ASSET MANAGEME TATA ASSET MANAGEMEN STATE STREET

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a

Analyst

BNP Paribas Equity Research ABHIRAM ELESWARAPU JM Financial Institutional Securities P GOVIND AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Axis Capital Limited PRIYA ROHIRA Nomura ASHWIN MEHTA Macquarie NITIN MOHTA ICICI Securities KULDEEP KOUL Emkay Share & Stock Brokers MANIK TANEJA Batlivala & Karani Securities DEEPAN S KAPADIA SBI Capital Markets DIPESH N MEHTA Maybank Kim Eng URMIL SHAH CIMB SANDEEP R SHAH Morgan Stanley GAURAV RATERIA HSBC YOGESH AGGARWAL Espirito Santo Investment Bank Research SOUMITRA CHATTERJEE HDFC Securities MADHU BABU Antique Stock Broking Limited PRATISH KRISHNAN Spark Capital Advisors SRIVATHSAN RAMACHANDRAN Kotak Securities KAWALJEET SALUJA Sunidhi Consultancy Services NAUSHIL SHAH IDFC Securities Ltd HITESH SHAH Religare Capital Markets RUMIT DUGAR Brics Securities SUSHIL SHARMA Dolat Capital Market Ltd. RAHUL JAIN Angel Broking Limited ANKITA SOMANI KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Goldman Sachs RISHI JHUNJHUNWALA Edelweiss Capital SANDIP KUMAR AGARWAL Aditya Birla Money Limited DINESH KUMAR K Barclays BHUVNESH SINGH Elara Securities India Pvt Ltd PRALAY KUMAR DAS EVA Dimensions ANDREW S ZAMFOTIS Asit C Mehta Investments Interrmediates VIMAL GOHIL VCK Share & Stock Broking Services DEEPAK TEWARY Phillip Securities DEEPAK JAIN Techno Shares & Stocks DEBASHISH MAZUMDAR Centrum Broking Pvt Ltd GIRISH PAI

Source Co File Co File ULT-AGG Co File Co File Co File Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG ULT-AGG

Recommendation hold hold sell buy reduce outperform add sell underperform sell sell underperform Underwt/In-Line underweight neutral sell sell sell sell sell neutral sell add sell neutral sell accumulate neutral/neutral hold neutral underweight accumulate buy reduce reduce neutral underperform buy

Amt Held 83'002'201 44'104'065 34'416'210 9'599'185 3'616'635 3'437'518 2'600'000 2'122'007 1'354'744 1'294'755 1'221'583 1'208'032 682'366 554'603 421'670 410'880 346'914 192'000 138'753 122'372

% Out 39.5 20.99 16.38 4.57 1.72 1.64 1.24 1.01 0.64 0.62 0.58 0.57 0.32 0.26 0.2 0.2 0.17 0.09 0.07 0.06

Weighting

Change 3 3 1 5 2 5 4 1 1 1 1 1 1 1 3 1 1 1 1 1 3 1 4 1 3 1 4 3 3 3 1 4 5 2 2 3 1 5

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

Latest Chg 210'000 991'949 (129'680) 2'739 11'000 -

Target Price 410 391 360 445 350 430 388 375 361 350 304 380 354 440 450 397 390 410 360 360 450 330 470 405 #N/A N/A 391 460 370 400 411 345 436 #N/A N/A 350 396 360 330 514

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

File Dt 31.03.2013 31.03.2013 18.01.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2012 31.12.2010 28.03.2013 31.03.2013 31.12.2012 31.05.2013 10.07.2013 29.03.2013 17.03.2011 30.06.2013 31.08.2012 10.07.2013

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

Inst Type Holding Company Corporation Investment Advisor Other Insurance Company Government Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor Investment Advisor

Date 09.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 27.06.2013 27.06.2013 10.06.2013 04.06.2013 03.06.2013 01.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 30.05.2013 29.05.2013 27.03.2013 05.03.2013 05.03.2013 03.03.2013 01.03.2013 15.01.2013 11.12.2012 03.12.2012 04.06.2012 05.12.2011 26.09.2011

11.07.2013

MindTree Ltd MindTree Limited is an international IT company. The Company delivers business and technology solutions through global software development. MindTree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (06.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTCL IN EQUITY YTD Change MTCL IN EQUITY YTD % CHANGE

Price/Volume

03/2013 03/yy 929.50 600.00 41'346.00 882 -4.92% 47.00% 77.94% 41.6 36'654.34 523.00 0.0 0.0 1'252.00 35'925.34

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

1.2 M 1.0 M .8 M .6 M .4 M .2 M

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.03.2009 12'374.7 0.68x 3'343.5 2.52x 523.0 15.25x

1000 900 800 700 600 500 400 300 200 100 0 j-12

31.03.2010 31.03.2011 12'959.8 15'090.0 1.69x 0.98x 2'500.4 1'787.0 8.77x 8.29x 2'148.6 1'016.0 10.87x 15.70x Profitability

LTM-4Q 31.03.2012 19'099.0 1.04x 2'890.0 6.90x 2'180.0 9.04x

31.03.2013 23'532.0 1.58x 4'823.0 7.72x 3'217.0 11.65x 4'823.00 4'036.00 17.15% 17.27% 21.15% 27.53% 26.40% 1.55% 36.2% 20.5% 17.2% 13.7% 3.84 1.77 3.08% 3.84% 5.48 -

Price/ Cash Flow

03/yy 19'152.0 3.36x 2'930.0 6.80x 2'185.0 9.04x

LTM 03/yy 23'532.0 4.43x 4'823.0 6.93x 3'217.0 11.62x

FY+1

.0 M j-13

0.71 20.85 35.99% 29.77% 0.708 47 3.745 17'542 27'993 42'153 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 26'035.2 29'609.4 6'402.8 6'941.0 1.24x 1.01x 5'084.2 5'627.3 1'160.9 7.08x 6.40x 3'630.4 3'995.2 983.4 1'019.0 9.95x 9.19x 9.50x S&P Issuer Ratings

401.92 313.08 -0.95 0.08 3.8% 3.7% 1.55 8.91 66.58 19.43 -

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

11.07.2013

MindTree Ltd Holdings By:

All

Holder Name COFFEE DAY RESORTS P NALANDA INDIA FUND L GLOBAL TECHNOLOGY VE BAGCHI SUBROTO NATARAJAN KRISHNAKUM SIDDHARTHA V G FRANKLIN RESOURCES HDFC ASSET MANAGEMEN SURDARSHANA SECURITI PRUDENTIAL ICICI ASS AMANSA CAPITAL PVT L JANAKIRAMAN S OZAIR KAMRAN STAPLES SCOTT LSO INVESTMENTS PVT COPTHALL MAURITIUS I NALANDA INDIA EQUITY MATTHEWS INTERNATION ONTARIO TEACHERS PEN PARTHASARAT NAMAKAL

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a

Analyst

BNP Paribas Equity Research ABHIRAM ELESWARAPU Nirmal Bang Institutional Equities HARIT SHAH JM Financial Institutional Securities P GOVIND AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Standard Chartered PANKAJ KAPOOR Credit Suisse ANANTHA NARAYAN KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH IIFL SANDEEP MUTHANGI Espirito Santo Investment Bank Research NITIN PADMANABHAN Jefferies VISHAL AGARWAL Emkay Share & Stock Brokers MANIK TANEJA Tata Securities Limited ASHISH AGGARWAL Kotak Securities KAWALJEET SALUJA Aditya Birla Money Limited DINESH KUMAR K Systematix Shares & Stocks Ltd ANURAG PUROHIT EVA Dimensions ANDREW S ZAMFOTIS Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Religare Capital Markets RUMIT DUGAR Dalal & Broacha APURVA SHAH India Infoline ANIRUDDHA MEHTA SPA Securities Ltd AMIT AGGARWAL Spark Capital Advisors SRIVATHSAN RAMACHANDRAN Quant Broking Pvt Ltd BASUDEB BANERJEE Cholamandalam Securities Limited SATHYANARAYANAN M Morgan Stanley VIPIN KHARE Macquarie NITIN MOHTA SBI Capital Markets DIPESH N MEHTA ICICI Securities KULDEEP KOUL Batlivala & Karani Securities DEEPAN S KAPADIA Sunidhi Consultancy Services NAUSHIL SHAH IDFC Securities Ltd HITESH SHAH HDFC Securities MADHU BABU Dolat Capital Market Ltd. RAHUL JAIN Angel Broking Limited ANKITA SOMANI Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE ICICIdirect.com ABHISHEK SHINDADKAR Fortune Equity Brokers (India) Ltd NIRAL DALAL Barclays BHUVNESH SINGH HSBC YOGESH AGGARWAL FinQuest Securities (P) Ltd. MAHANTESH MARILINGA Asit C Mehta Investments Interrmediates RAJNI GHILDIYAL Violet Arch Securities VISHAL DESAI Deutsche Bank ANIRUDDHA BHOSALE

Source Co File Co File Co File EXCH EXCH Co File ULT-AGG MF-AGG Co File MF-AGG Co File Co File EXCH EXCH Co File Co File Co File MF-AGG Co File Co File

Recommendation buy hold hold buy outperform neutral accumulate buy neutral buy accumulate hold add accumulate accumulate sell accumulate hold accumulate buy buy add accumulate market perform Overwt/In-Line underperform hold buy outperform buy underperform outperform reduce accumulate buy hold hold overweight neutral buy hold buy sell

Amt Held 4'565'442 3'949'089 2'498'561 2'081'523 1'990'703 1'657'000 1'537'135 1'469'305 1'425'000 1'150'452 1'067'102 949'837 860'452 825'521 825'521 759'361 714'880 701'309 628'256 611'921

% Out 10.99 9.5 6.01 5.01 4.79 3.99 3.7 3.54 3.43 2.77 2.57 2.29 2.07 1.99 1.99 1.83 1.72 1.69 1.51 1.47

Weighting

Change 5 3 3 5 5 3 4 5 3 5 4 3 4 4 4 1 4 3 4 5 5 4 4 3 5 1 3 5 5 5 1 5 2 4 5 3 3 5 3 5 3 5 1

U M M M M M M M M M M M M M M D M M M M U M D D M M M M M M M M M U M M N M M M M N M

Latest Chg 2'625 299'305 20'907 (7'721) (5'440) 381'309 -

Target Price 1'000 940 800 1'040 960 900 883 751 875 1'005 960 893 935 875 885 #N/A N/A 940 870 925 950 1'200 930 917 811 985 810 900 930 935 940 800 962 800 920 935 775 930 860 860 737 680 880 525

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

File Dt Inst Type 31.03.2013 Corporation 31.03.2013 Private Equity 31.03.2013 Other 24.05.2013 n/a 28.05.2013 n/a 31.03.2013 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Other 31.05.2013 Investment Advisor 31.03.2013 Other 31.03.2013 n/a 30.01.2013 n/a 19.02.2013 n/a 31.03.2013 Other 31.03.2013 Investment Advisor 31.03.2013 n/a 28.03.2013 Investment Advisor 31.03.2013 Pension Fund (ERISA) 31.03.2013 n/a

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

Date 09.07.2013 09.07.2013 05.07.2013 05.07.2013 04.07.2013 03.07.2013 01.07.2013 01.07.2013 28.06.2013 27.06.2013 27.06.2013 18.06.2013 07.05.2013 06.05.2013 02.05.2013 02.05.2013 30.04.2013 30.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 01.04.2013 26.02.2013 28.01.2013 22.10.2012 17.10.2012 22.09.2012 23.07.2012

11.07.2013

Groupe Steria SCA Groupe Steria SCA offers computer systems integration services. The Company's customers include Assurances Axa, Banque Sabadell, Cegetel and France Telecom.

Price/Volume 18

.7 M

.6 M

.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.01.2013) 52-Week Low (14.08.2012) Daily Volume Current Price (7/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 RIA FP EQUITY YTD Change RIA FP EQUITY YTD % CHANGE

12/2012 03/yy 15.86 10.08 20'868.00 10.88 -31.40% 7.94% 11.76% 31.9 346.85 288.60 0.0 7.5 145.58 497.41

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

.4 M

.3 M

31.12.2009 31.12.2010 1'630.0 1'692.7 0.48x 0.41x 150.0 147.5 5.25x 4.65x 48.2 42.9 13.79x 13.30x Profitability

.1 M

2 0 j-12

a-12

LTM-4Q 31.12.2011 1'705.4 0.31x 157.4 3.39x 55.0 6.86x

31.12.2012 1'827.2 0.33x 149.0 4.04x 35.6 9.51x

149.00 110.87 6.07% 3.55% 2.01% 4.53% 4.29% 1.03% 80.3% 8.2% 6.1% 1.9% 1.17 0.65 16.06% 35.74% 6.45 39.41

Price/ Cash Flow

12/yy 1'747.7 0.00x 0.0 0.00x 0.0 0.00x

s-12

o-12

n-12

d-12

LTM 03/yy 1'811.3 0.00x 0.0 0.00x 0.0 0.00x

j-13

f-13 m-13

a-13

m-13

j-13

FY+1

.0 M j-13

1.23 30.60 -7.39% -22.03% 1.235 13 4.308 71'531 81'569 110'928 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'812.5 1'858.3 448.0 433.0 0.34x 0.32x 156.3 170.8 3.18x 2.91x 57.7 70.0 5.74x 4.69x S&P Issuer Ratings

13.97 12.22 0.96 1.94 35.7% 26.1% 1.03 30.75 56.71 9.29 153.38 -87.39

Sales/Revenue/Turnover

10.00

2'000.0

9.00

1'800.0

8.00

1'600.0

7.00

1'400.0

6.00

1'200.0

5.00 4.00

1'000.0 800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00 01.01.2010

.2 M

Fiscal Year Ended 31.12.2008 1'765.7 0.26x 174.1 2.66x 51.6 4.77x

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 |

11.07.2013

Groupe Steria SCA Holdings By:

All

Holder Name AMUNDI FINANCIERE DE L'ECHI FMR LLC NORGES BANK NOBEL NATIXIS ASSET MANAGE DIMENSIONAL FUND ADV DNCA FINANCE HSBC ASSET MGMT EURO AVIVA GESTION D'ACTI ACOFI GESTION JP MORGAN AMERIPRISE FINANCIAL SKANDIA GLOBAL FUNDS RAIFFEISEN KAPITALAN VANGUARD GROUP INC HIGHBRIDGE CAPITAL M FEDERAL GESTION HAYAT ERIC AMUNDI

Firm Name Exane BNP Paribas Societe Generale Berenberg Bank HSBC Bryan Garnier & Cie Natixis Morgan Stanley Gilbert Dupont Oddo & Cie Kepler Cheuvreux CM - CIC Securities(ESN) Arkeon Finance EVA Dimensions

Portfolio Name #N/A N/A n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios AVIVA FRANCE OPPORTU Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst BRICE PRUNAS DERRIC MARCON SEBASTIAN GRABERT ANTONIN BAUDRY GREGORY RAMIREZ GWENAEL GIARD ADAM WOOD EMMANUEL PAROT ALEXANDRE IATRIDES LAURENT DAURE DOV LEVY JEAN-PIERRE TABART ANDREW S ZAMFOTIS

Source Research Research ULT-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-PART MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG Co File MF-AGG

Recommendation outperform hold buy overweight buy buy Overwt/In-Line buy buy hold accumulate sell overweight

Amt Held % Out 4'829'138 15.15 1'553'804 4.87 1'323'121 4.15 1'104'340 3.46 1'025'343 3.22 668'264 2.1 610'523 1.92 470'000 1.47 275'000 0.86 200'758 0.63 188'896 0.59 185'515 0.58 171'600 0.54 155'000 0.49 154'078 0.48 139'099 0.44 (137'083) -0.43 137'013 0.43 135'038 0.42 127'349 0.4

Weighting

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

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

Latest Chg 50'361 (237'034) (452'083) (1'261) (15'200) 61'444 (3'800) 45'094 171'600 (18'000) 17'960 47'819 31'013 (33'373)

Target Price 16 14 13 16 16 14 19 14 19 13 13 14 #N/A N/A

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

File Dt Inst Type 01.07.2013 Investment Advisor 03.05.2013 Investment Advisor 30.08.2012 Investment Advisor 31.12.2012 Government 31.12.2011 Unclassified 28.03.2013 Investment Advisor 29.03.2013 Investment Advisor 28.09.2012 Investment Advisor 29.03.2013 Investment Advisor 30.04.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 28.02.2013 Investment Advisor 28.03.2013 Investment Advisor 31.03.2013 Investment Advisor 16.04.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2011 n/a 28.02.2013 Investment Advisor

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

Date 11.07.2013 08.07.2013 17.06.2013 29.04.2013 29.04.2013 29.04.2013 26.04.2013 26.04.2013 26.04.2013 26.04.2013 16.04.2013 28.02.2013 17.01.2013

11.07.2013

SAIC Inc SAIC, Inc. provides scientific, engineering, systems integration and technical services and solutions in such areas as national security, intelligence and homeland defense. The Company serves all branches of the U.S. military, agencies of the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security and other U.S. Government civil agencies.

Price/Volume 16.0 M

14.0 M 12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 20.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAI US EQUITY YTD Change SAI US EQUITY YTD % CHANGE

01/2013 05/yy 14.55 9.97 1'390'753.00 14.17 -2.62% 42.11% 91.68% 342.5 4'853.49 1'298.00 0.0 0.0 736.00 5'588.49

8.0 M

6.0 M

4.0 M

2.0 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

18.0 M

14 10

Valuation Analysis

31.01.2009 10'070.0 0.81x 865.0 9.47x 452.0 17.07x

31.01.2010 31.01.2011 10'846.0 10'921.0 0.68x 0.59x 960.0 1'057.0 7.66x 6.13x 497.0 619.0 14.82x 11.20x Profitability

LTM-4Q 31.01.2012 10'497.0 0.44x 413.0 11.25x 59.0 9.37x

31.01.2013 11'173.0 0.42x 847.0 5.55x 525.0 7.86x

847.00 734.00 6.57% 5.89% 8.14% 21.05% 14.43% 1.85% 12.2% 7.1% 6.0% 4.7% 1.72 1.46 22.09% 49.58% 5.26 23.10

Price/ Cash Flow

LTM

04/yy 10'621.0 1.89x 396.0 12.23x 45.0 9.03x

05/yy 11'136.0 1.76x 787.0 7.41x 489.0 10.50x

FY+1

3.39 1.01 339.87 31.51 37.50% 38.05% 1.010 14 3.000 2'056'620 3'998'098 3'469'052 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 07/13 Q2 10/13 Q3 10'375.9 10'131.2 2'548.3 2'594.3 0.52x 0.50x 2.20x 2.12x 792.3 864.5 164.8 221.0 7.05x 6.46x 6.66x 6.26x 394.9 421.8 78.2 117.6 12.29x 11.43x 11.67x 11.24x S&P Issuer Ratings

31.08.2012 A- *9.11 8.59 0.93 1.65 49.6% 33.1% 1.85 34.06 69.96 15.93 49.66 23.25

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

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

11.07.2013

SAIC Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC ARTISAN PARTNERS HOL STATE STREET LSV ASSET MANAGEMENT AJO, LP ADDISON CLARK MANAGE IRIDIAN ASSET MANAGE ANCHOR CAPITAL ADVIS SUNTRUST BANKS INC MAYO INVESTMENT ADVI SCHRODER INVESTMENT NORTHERN TRUST CORPO FMR LLC TRADEWINDS GLOBAL IN BANK OF NEW YORK MEL WELLS FARGO ING INV MANAGEMENT E PGGM VERMOGENSBEHEER SHAPIRO CAPITAL MANA

Firm Name Raymond James Wells Fargo Securities, LLC Cowen and Company Stifel RBC Capital Markets Jefferies JPMorgan BB&T Capital Markets Susquehanna Financial Group Credit Suisse EVA Dimensions Spin-Off Research EarlyBirdCapital Inc S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC ARTISAN PARTNERS LP n/a LSV ASSET MANAGEMENT AJO, LP ADDISON CLARK MANAGE IRIDIAN ASSET MANAGE ANCHOR CAPITAL ADVIS n/a MAYO INVESTMENT ADVI SCHRODER INVESTMENT NORTHERN TRUST CORPO n/a TRADEWINDS GLOBAL IN BANK OF NEW YORK MEL n/a ING INVESTMENT MANAG PGGM VERMOGENSBEHEER SHAPIRO CAPITAL MANA

Analyst BRIAN GESUALE EDWARD S CASO JR CAI VON RUMOHR WILLIAM R LOOMIS ROBERT STALLARD JASON KUPFERBERG JOSEPH B NADOL III GEORGE A PRICE JAMES E FRIEDMAN ROBERT M SPINGARN ANDREW S ZAMFOTIS TEAM COVERAGE ALEX P HAMILTON DYLAN CATHERS

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

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

Amt Held 19'074'264 18'479'212 14'510'820 11'702'657 7'802'858 7'334'000 6'995'367 5'879'674 4'398'091 3'989'129 3'932'950 3'697'817 3'671'412 3'591'868 3'395'644 3'354'831 3'129'632 3'085'000 2'972'121 2'838'233

% Out 5.57 5.4 4.24 3.42 2.28 2.14 2.04 1.72 1.28 1.16 1.15 1.08 1.07 1.05 0.99 0.98 0.91 0.9 0.87 0.83

Weighting

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

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

Latest Chg 4'271'133 2'390'265 (157'600) 22'836 (72'456) (1'633'500) 57'952 5'879'674 4'398'091 454'222 (405'981) 3'697'817 87'263 159'801 955'654 194'666 1'115'082 1'845'000 (731'826) 2'838'233

Target Price #N/A N/A #N/A N/A 18 #N/A N/A 13 19 13 #N/A N/A 14 11 #N/A N/A 13 #N/A N/A 13

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

File Dt Inst Type 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.05.2013 Bank 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 15 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 03.07.2013 03.07.2013 03.07.2013 01.07.2013 21.06.2013 21.06.2013 11.06.2013 04.06.2013 04.06.2013 03.06.2013 06.04.2013 27.03.2013 05.09.2012 31.08.2012

11.07.2013

Sapient Corp Sapient Corporation provides integrated management consulting services, Internet commerce solutions, and systems implementation services. The Company's services include design and development of Internet commerce solutions, implementation and integration of packaged software solutions, design and development of custom software solutions, and production support.

Price/Volume 4.0 M

3.5 M 3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (08.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAPE US EQUITY YTD Change SAPE US EQUITY YTD % CHANGE

12/2012 03/yy 13.87 9.13 777'614.00 13.68 -1.33% 49.84% 96.09% 139.7 1'910.45 0.00 0.0 0.0 241.56 1'689.90

2.0 M

1.5 M

1.0 M

.5 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

4.5 M

14 10

Valuation Analysis

31.12.2008 662.4 0.59x 84.7 4.59x 62.5 9.06x

31.12.2009 31.12.2010 638.9 863.5 1.39x 1.65x 69.1 86.1 12.84x 16.58x 88.1 43.8 29.54x 37.81x Profitability

LTM-4Q 31.12.2011 1'062.4 1.45x 138.6 11.14x 72.7 22.91x

31.12.2012 1'161.5 1.05x 143.4 8.48x 65.2 22.00x

143.40 108.86 9.37% 9.36% 8.29% 12.26% 1.59% 30.7% 12.2% 9.0% 5.6% 2.87 2.18 0.00% 0.00% 8.08 9.26

Price/ Cash Flow

03/yy 1'081.7 5.72x 134.9 11.44x 70.8 23.94x

LTM 03/yy 1'195.4 4.32x 145.3 10.10x 62.3 25.40x

FY+1

0.00 1.19 113.57 4.85 38.46% 29.55% 1.194 9 3.889 911'670 924'630 761'103 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'252.3 1'385.1 310.1 319.5 1.29x 1.09x 5.40x 5.15x 166.6 183.3 39.4 46.6 10.14x 9.22x 9.92x 9.85x 104.0 128.0 23.6 30.4 19.13x 15.87x 17.93x 17.21x S&P Issuer Ratings

-1.53 0.00 0.0% 0.0% 1.59 15.67 45.19 39.40 10.66 69.86

Sales/Revenue/Turnover

40.00

1'400.0

35.00

1'200.0

30.00

1'000.0

25.00

800.0

20.00

600.0

15.00

400.0

10.00

200.0

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 |

11.07.2013

Sapient Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC MOORE J STUART GREENBERG JERRY A NEUBERGER BERMAN LLC BLACKROCK VANGUARD GROUP INC KALMAR INVESTMENTS I WELLINGTON MANAGEMEN ROYCE AND ASSOCIATES LORD ABBETT & CO LLC BOSTON TRUST & INVES STATE STREET CENTURY CAPITAL MANA SCHRODER INVESTMENT NORTHERN TRUST CORPO BLUE HARBOUR GROUP L MARATHON ASSET MANAG DIMENSIONAL FUND ADV BROWN ADVISORY INC

Firm Name Sanford C. Bernstein & Co Wells Fargo Securities, LLC BMO Capital Markets William Blair & Co First Analysis Corp Stifel Goldman Sachs Raymond James EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a n/a NEUBERGER BERMAN GRO n/a VANGUARD GROUP INC KALMAR INVESTMENTS I WELLINGTON MANAGEMEN ROYCE & ASSOCIATES L LORD ABBETT & CO LLC BOSTON TRUST & INVES n/a CENTURY CAPITAL MANA SCHRODER INVESTMENT NORTHERN TRUST CORPO BLUE HARBOUR GROUP L MARATHON ASSET MANAG n/a n/a

Analyst RODERICK BOURGEOIS EDWARD S CASO JR DANIEL SALMON RAHUL BHANGARE TODD VAN FLEET DAVID M GROSSMAN JULIO C QUINTEROS JR BRIAN GESUALE ANDREW S ZAMFOTIS

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

Recommendation outperform market perform outperform market perform equalweight buy neutral/neutral outperform hold

Amt Held 14'817'001 14'309'370 13'781'835 9'881'259 6'707'813 6'482'219 6'098'677 4'653'781 3'923'338 3'528'802 3'466'945 3'458'251 2'211'680 2'144'092 2'046'600 1'960'352 1'958'541 1'754'624 1'717'798 1'343'406

% Out 10.61 10.25 9.87 7.08 4.8 4.64 4.37 3.33 2.81 2.53 2.48 2.48 1.58 1.54 1.47 1.4 1.4 1.26 1.23 0.96

Weighting

Change 5 3 5 3 3 5 3 5 3

M M M M M M M M U

Latest Chg 8'100 (169'070) 2'660'452 290'238 (46'394) (4'385) (1'413'150) 331'603 586'529 16'875 (34'607) 306'000 (19'704) 427'931 (346'286) 130'642 (10'910)

Target Price 15 #N/A N/A 15 #N/A N/A 13 15 11 14 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 06.06.2013 n/a 06.06.2013 n/a 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 28.06.2013 28.06.2013 25.06.2013 07.06.2013 20.05.2013 20.05.2013 16.05.2013 16.05.2013 10.05.2013

11.07.2013

Sopra Group SA Sopra Group offers consulting and computer services. The Company offers strategic marketing, organization, human resources, and information systems consulting services, integrates and configures software packages, offers computer training services, designs and develops custom information technology systems, and offers outsourced applications maintenance services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (16.07.2012) Daily Volume Current Price (7/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 SOP FP EQUITY YTD Change SOP FP EQUITY YTD % CHANGE

12/2012 03/yy 64.93 34.00 222.00 55.5 -14.52% 63.24% 68.57% 11.9 660.09 251.42 0.0 0.0 47.36 864.15

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

.1 M

.0 M

0 j-12

31.12.2009 31.12.2010 1'094.3 964.4 0.66x 0.77x 94.9 99.6 7.58x 7.45x 27.2 74.8 18.45x 14.12x Profitability

LTM-4Q 31.12.2011 1'050.3 0.45x 104.4 4.50x 62.9 6.60x

31.12.2012 1'216.7 0.65x 119.0 6.60x 55.6 10.46x

118.99 103.17 8.48% 7.33% 6.17% 19.20% 12.93% 1.35% 9.8% 8.5% 4.6% 1.00 0.93 24.38% 82.36% 3.34 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

03/yy 1'096.9 0.00x 0.0 0.00x 0.0 0.00x

LTM 03/yy 1'250.2 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M j-13

0.66 4.88 59.31% 17.02% 0.657 13 3.154 2'171 3'954 3'266 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'320.9 1'399.5 0.62x 0.55x 118.1 136.0 7.32x 6.35x 65.5 74.2 9.78x 8.82x S&P Issuer Ratings

22.90 21.59 1.71 2.11 82.4% 45.2% 1.35 30.89 109.68 -

Sales/Revenue/Turnover

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

a-12

Fiscal Year Ended 31.12.2008 1'129.5 0.43x 114.1 4.29x 58.2 5.01x

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 |

11.07.2013

Sopra Group SA Holdings By:

All

Holder Name SOPRA GMT CARAVELLE GENINFO FMR LLC LAZARD FRERES GESTIO FIL LIMITED PASQUIER PIERRE LUXEMBOURGER KAPITAL AMPLEGEST NORGES BANK ODIN FRANCOIS JP MORGAN OTUS CAPITAL MGMT MMA FINANCE VANGUARD GROUP INC HSBC ASSET MGMT EURO PALATINE ASSET MANAG LA FRANCAISE AM INTE INVESCO LTD TRANSAMERICA INVESTM

Firm Name Exane BNP Paribas Societe Generale Gilbert Dupont Berenberg Bank Bryan Garnier & Cie CM - CIC Securities(ESN) Oddo & Cie Arkeon Finance HSBC Kepler Cheuvreux IDMidcaps EVA Dimensions Natixis Aurel - BGC Jefferies

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst BRICE PRUNAS DERRIC MARCON EMMANUEL PAROT SEBASTIAN GRABERT GREGORY RAMIREZ DOV LEVY ALEXANDRE IATRIDES JEAN-PIERRE TABART ANTONIN BAUDRY LAURENT DAURE TEAM COVERAGE ANDREW S ZAMFOTIS RICHARD MAXIME BEAUDOUX NICOLAS DAVID DAMINDU JAYAWEERA

Source Co File Co File Co File ULT-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG Co File ULT-AGG Short MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation neutral buy reduce buy buy reduce neutral sell neutral hold buy sell neutral not rated buy

Amt Held % Out 3'334'409 28.04 2'057'967 17.3 1'434'700 12.06 474'300 3.99 360'128 3.03 148'859 1.25 108'113 0.91 86'250 0.73 81'948 0.69 68'917 0.58 52'742 0.44 49'412 0.42 (38'059) -0.32 35'624 0.3 27'379 0.23 26'974 0.23 21'500 0.18 20'000 0.17 14'081 0.12 13'500 0.11

Weighting 3 5 2 5 5 2 3 1 3 3 5 1 3 #N/A N/A 5

Change M M M N M D M M D M M D M M M

Latest Chg 5'727 96'628 (7'693) (9'750) (8'000) 1'410 29'734 35'624 2'965 (1'300) -

Target Price 58 70 57 87 70 50 45 60 63 55 64 #N/A N/A 55 #N/A N/A 85

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 30.04.2013 30.06.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 14.06.2013 29.06.2012 31.03.2013 29.03.2013 28.06.2013 28.06.2012 10.07.2013 31.03.2013

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

Inst Type Holding Company Corporation Other Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Government n/a Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.07.2013 08.07.2013 05.07.2013 17.06.2013 14.06.2013 13.06.2013 13.06.2013 23.04.2013 10.04.2013 22.03.2013 19.03.2013 26.02.2013 20.02.2013 07.11.2012 13.01.2012

11.07.2013

Serco Group PLC Serco Group plc provides outsourcing services to governments, international agencies, and corporations located throughout the world. The Company manages facilities, projects, and information technology systems. Serco runs scientific establishments, provides critical information to manage traffic, maintains buildings, and operates railways.

Price/Volume 4.0 M

600

3.5 M 3.0 M 2.5 M

400

Latest Fiscal Year: LTM as of: 52-Week High (09.07.2013) 52-Week Low (18.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SRP LN EQUITY YTD Change SRP LN EQUITY YTD % CHANGE

12/2012 01/yy 689.00 530.50 277'349.00 682 -1.02% 28.56% 94.64% 499.2 3'404.55 780.50 0.0 1.3 198.60 3'987.75

2.0 M

300

1.5 M

200

1.0 M

100

.5 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

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

4.5 M

700 500

Valuation Analysis

31.12.2008 3'123.5 0.87x 207.7 13.03x 99.5 21.99x

800

31.12.2009 31.12.2010 3'970.0 4'326.7 0.75x 0.69x 285.6 326.9 10.37x 9.14x 130.2 156.7 19.81x 17.42x Profitability

31.12.2011 4'646.4 0.64x 359.9 8.31x 175.1 13.28x

31.12.2012 4'913.0 0.66x 375.7 8.65x 245.3 10.71x

375.70 278.60 5.67% 6.15% 7.63% 23.02% 15.04% 1.53% 15.1% 7.6% 5.7% 5.0% 1.15 0.90 24.04% 69.22% 7.17 67.69

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.48 0.87 497.39 25.74% 29.01% 0.867 25 3.640 1'140'153 1'533'088 1'238'634 FY+2

12/13 Y 12/14 Y 5'165.4 5'453.9 0.77x 0.70x 397.2 426.1 10.04x 9.36x 209.9 233.1 15.71x 14.21x S&P Issuer Ratings

.0 M j-13

FQ+1

FQ+2

7.65 6.58 1.55 2.08 69.2% 40.9% 1.53 25.50 51.02 5.41 18.04 38.39

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 |

11.07.2013

Serco Group PLC Holdings By:

All

Holder Name INVESCO LTD FIL LIMITED LANSDOWNE PARTNERS L UBS INVESTMENT BANK AXA LLOYDS BANKING GROUP BLACKROCK HBOS PLC FMR LLC LEGAL & GENERAL LONGVIEW PARTNERS (G CAPITAL GROUP COMPAN STANDARD LIFE INVEST PERPETUAL INVESTMENT SELFTRADE BAILLIE GIFFORD AND RCM SCOTTISH WIDOWS ALLIANZ ASSET MANAGE IGNIS ASSET MANAGEME

Firm Name

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst

Canaccord Genuity Corp GRAHAM BROWN Jefferies KEAN MARDEN Deutsche Bank ANDY CHU Espirito Santo Investment Bank Research DAVID BROCKTON Westhouse Securities MICHAEL DONNELLY Goldman Sachs CHARLES WILSON HSBC ALEX MAGNI Investec GIDEON ADLER JPMorgan ROBERT PLANT Cantor Fitzgerald CAROLINE DE LA SOUJEOLE S&P Capital IQ CLIVE ROBERTS Oriel Securities Ltd HECTOR FORSYTHE Panmure Gordon & Co Limited MIKE ALLEN Credit Suisse DAVID RIGBY EVA Dimensions TIMOTHY STANISH Peel Hunt CHRISTOPHER BAMBERRY Liberum Capital Ltd JOE BRENT Numis Securities Ltd MIKE MURPHY RBC Capital Markets DAVID GREENALL Berenberg Bank SIMON MEZZANOTTE Shore Capital Stockbrokers ROBIN SPEAKMAN Barclays PAUL D A SULLIVAN

Source ULT-AGG ULT-AGG REG Co File ULT-AGG ULT-AGG ULT-AGG Co File ULT-AGG ULT-AGG REG ULT-AGG REG MF-AGG REG REG REG ULT-AGG ULT-AGG REG

Recommendation buy buy hold buy neutral neutral/neutral neutral sell overweight buy strong buy hold buy neutral hold hold buy hold underperform hold buy equalweight

Amt Held 63'227'799 61'290'931 45'447'363 29'359'875 25'361'484 24'682'200 24'090'013 20'999'775 19'129'523 18'705'046 16'131'730 14'630'700 11'364'044 11'305'000 10'481'868 9'720'942 8'731'109 8'466'985 8'260'977 8'033'045

% Out 12.67 12.28 9.1 5.88 5.08 4.94 4.83 4.21 3.83 3.75 3.23 2.93 2.28 2.26 2.1 1.95 1.75 1.7 1.65 1.61

Weighting

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

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

Latest Chg (122'337) 5'033'550 (239'530) 1'110'297 (100'680) 2'249'821 (4'706'843) 5'078'746 (446'157) (202'769) 82'621 1'278'898 (259'510) (2'837'518)

Target Price 700 750 600 710 630 695 670 550 646 715 864 500 700 660 #N/A N/A 590 700 644 560 600 #N/A N/A 600

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

File Dt Inst Type 01.05.2013 Investment Advisor 04.07.2013 Investment Advisor 01.05.2013 Hedge Fund Manager 27.02.2012 Bank 01.05.2013 Investment Advisor 27.02.2012 Investment Advisor 09.07.2013 Investment Advisor 27.02.2012 Investment Advisor 31.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Unclassified 13.06.2013 Investment Advisor 01.05.2013 Investment Advisor 31.03.2012 Investment Advisor 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor 01.05.2013 Unclassified 01.05.2013 Investment Advisor 01.05.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 08.07.2013 04.07.2013 03.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 28.06.2013 14.06.2013 10.06.2013 28.05.2013 20.05.2013 15.05.2013 13.05.2013 29.04.2013 06.03.2013 30.08.2012

11.07.2013

Sykes Enterprises Inc Sykes Enterprises, Incorporated provides customer management solutions and services in North America, Europe, Latin America, Asia, and Africa. The Company serves customers of companies in the financial services, communications, and technology/consumer markets. Sykes provides technical support and customer service, as well as customer relationship management consulting.

Price/Volume 18

1.2 M

1.0 M

14 12

.8 M

12/2012 03/yy 16.63 12.81 100'621.00 16.57 -0.36% 29.35% 98.43% 44.3 733.49 91.00 0.0 0.0 187.32 666.69

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

.4 M

.2 M

2 0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 819.2 0.70x 94.0 6.06x 60.6 12.86x

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (07.08.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYKE US EQUITY YTD Change SYKE US EQUITY YTD % CHANGE

31.12.2009 31.12.2010 813.6 1'121.9 1.05x 0.68x 103.2 95.7 8.25x 7.96x 43.2 (10.3) 20.38x 33.21x Profitability

LTM-4Q 31.12.2011 1'169.3 0.41x 116.7 4.09x 48.3 13.62x

31.12.2012 1'127.7 0.50x 99.1 5.74x 28.4 14.63x

99.11 48.39 4.29% 4.00% 4.23% 6.02% 5.74% 1.36% 34.6% 8.3% 3.8% 2.5% 2.84 2.64 10.01% 15.01% 4.47 -

Price/ Cash Flow

03/yy 1'147.9 1.95x 113.5 4.38x 34.4 13.86x

LTM 03/yy 1'150.8 1.92x 95.8 6.66x 35.7 14.78x

FY+1

0.00 1.18 40.39 1.08 8.02% 8.87% 1.181 8 3.750 147'994 163'783 160'061 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'234.0 1'277.0 303.0 307.5 0.50x 0.44x 2.10x 2.04x 116.5 132.7 20.4 30.7 5.72x 5.03x 5.53x 5.18x 53.5 61.1 8.7 13.7 13.36x 11.17x 12.68x 11.65x S&P Issuer Ratings

64.06 39.08 -0.70 1.16 15.0% 13.1% 1.36 12.11 81.67 9.79 -

Sales/Revenue/Turnover

25.00

1'400.0 1'200.0

20.00

1'000.0 15.00

800.0 600.0

10.00

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 |

11.07.2013

Sykes Enterprises Inc Holdings By:

All

Holder Name ARTISAN PARTNERS HOL BLACKROCK SYKES JOHN H VANGUARD GROUP INC RIVER ROAD ASSET MAN DIMENSIONAL FUND ADV ASTON ASSET MANAGEME ROBECO INVESTMENT MG WENTWORTH HAUSER AND ROYCE AND ASSOCIATES FMR LLC WELLS FARGO THOMPSON SIEGEL & WA STATE STREET PRINCIPAL FINANCIAL STERLING CAPITAL MAN WEDGE CAPITAL MANAGE KENNEDY CAPITAL MANA DALTON GREINER HARTM ALLIANCE BERNSTEIN

Firm Name Robert W. Baird & Co Sidoti & Company LLC Macquarie Craig-Hallum Capital Group LLC First Analysis Corp Stifel Wells Fargo Securities, LLC EVA Dimensions Credit Suisse

Portfolio Name ARTISAN PARTNERS LP n/a n/a VANGUARD GROUP INC RIVER ROAD ASSET MAN n/a Multiple Portfolios ROBECO INVESTMENT MA WENTWORTH HAUSER AND ROYCE & ASSOCIATES L n/a n/a THOMPSON SIEGEL & WA n/a n/a STERLING CAPITAL MAN WEDGE CAPITAL MANAGE KENNEDY CAPITAL MANA DALTON GREINER HARTM n/a

Analyst DAVID J KONING JOSH VOGEL KEVIN MCVEIGH MIKE MALOUF HOWARD SMITH SHLOMO H ROSENBAUM ERIC J BOYER ANDREW S ZAMFOTIS KELLY A FLYNN

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

Recommendation outperform buy neutral buy equalweight hold outperform underweight not rated

Amt Held 3'732'196 3'414'005 3'346'955 2'338'649 2'051'322 1'641'314 1'461'454 1'226'296 1'215'752 1'053'499 985'948 951'674 905'340 901'470 901'119 861'990 798'646 751'208 740'790 739'695

% Out 8.43 7.71 7.56 5.28 4.63 3.71 3.3 2.77 2.75 2.38 2.23 2.15 2.05 2.04 2.04 1.95 1.8 1.7 1.67 1.67

Weighting

Change

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

M M M M M M M D M

Latest Chg (121'600) 255'713 (18'492) (16'311) 79'290 (18'620) 103'695 (42'135) 298'700 (198'226) 59'895 587'304 (20'444) 389'832 44'090 (16'189) 82'320 87'274 186'073

Target Price 19 20 16 22 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A

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

File Dt 31.03.2013 09.07.2013 31.12.2012 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

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

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

Date 28.06.2013 18.06.2013 08.05.2013 08.05.2013 07.05.2013 07.05.2013 07.05.2013 28.03.2013 22.10.2012

11.07.2013

Syntel Inc Syntel, Inc. provides strategic Information Technology/Business Process Outsourcing solutions to Global 2000 companies. The Company's services support entire systems and process lifecycles for clients in the Financial Services, Retail, Healthcare and Manufacturing/Automotive industries, among others. Syntel is SEI CMMi Level 5, ISO 27001 and ISO 9001:2008 certified.

Price/Volume .4 M

.4 M .3 M .3 M

Latest Fiscal Year: LTM as of: 52-Week High (10.04.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYNT US EQUITY YTD Change SYNT US EQUITY YTD % CHANGE

12/2012 03/yy 68.91 51.74 86'041.00 66.99 -2.79% 29.48% 88.82% 41.9 2'807.94 50.03 0.0 0.0 421.28 2'419.94

.2 M

.1 M

0 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

.5 M

70 50

Valuation Analysis

31.12.2008 410.4 2.02x 111.8 7.40x 86.7 11.01x

31.12.2009 31.12.2010 419.0 532.1 3.29x 3.21x 140.4 134.9 9.83x 12.66x 118.5 113.6 13.30x 17.51x Profitability

LTM-4Q 31.12.2011 642.4 2.55x 155.1 10.54x 122.9 15.91x

31.12.2012 723.9 2.59x 226.4 8.29x 185.5 12.08x

226.39 211.94 29.28% 33.14% 27.12% 32.88% 1.05% 43.5% 31.4% 29.5% 25.6% 3.85 3.42 6.89% 8.84% 8.20 20.51

Price/ Cash Flow

03/yy 667.8 10.93x 173.7 11.48x 138.6 16.87x

LTM 03/yy 742.3 11.72x 232.9 10.48x 191.2 14.77x

FY+1

3.63 1.04 15.56 0.73 18.58% 24.92% 1.035 13 4.077 61'445 105'123 120'289 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 803.6 889.8 197.9 206.7 2.88x 2.39x 12.08x 11.39x 232.0 263.5 53.4 59.2 10.43x 9.18x 10.25x 9.92x 186.6 201.9 43.8 47.4 14.99x 13.90x 14.83x 14.52x S&P Issuer Ratings

-1.67 0.21 8.8% 8.1% 1.05 6.42 44.50 17.80 12.34 41.35

Sales/Revenue/Turnover

25.00

800.0 700.0

20.00

600.0 500.0

15.00

400.0 10.00

300.0 200.0

5.00

0.00 01.01.2010

100.0 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 |

11.07.2013

Syntel Inc Holdings By:

All

Holder Name SETHI NEERJA DESAI BHARAT DS FOUNDATION BLACKROCK WASATCH ADVISORS INC NEUBERGER BERMAN LLC VANGUARD GROUP INC KAYNE ANDERSON RUDNI TIVERTON ASSET MANAG RENAISSANCE TECHNOLO COLUMBIA WANGER ASSE NEW AMSTERDAM PARTNE KALMAR INVESTMENTS I IRONBRIDGE CAPITAL M FMR LLC ROYCE AND ASSOCIATES WELLS FARGO BOSTON TRUST & INVES DIMENSIONAL FUND ADV STATE STREET

Firm Name JPMorgan Janney Montgomery Scott LLC Wells Fargo Securities, LLC Needham & Co Jefferies Susquehanna Financial Group Wellington Shields & Co. LLC Noble Financial Group William Blair & Co Sidoti & Company LLC Oppenheimer & Co Robert W. Baird & Co EVA Dimensions

Portfolio Name n/a n/a n/a n/a WASATCH ADVISORS INC NEUBERGER BERMAN GRO VANGUARD GROUP INC KAYNE ANDERSON RUDNI TIVERTON ASSET MANAG RENAISSANCE TECHNOLO COLUMBIA WANGER ASSE NEW AMSTERDAM PARTNE KALMAR INVESTMENTS I IRONBRIDGE CAPITAL M n/a ROYCE & ASSOCIATES L n/a BOSTON TRUST & INVES n/a n/a

Analyst PUNEET JAIN JOSEPH D FORESI EDWARD S CASO JR MAYANK TANDON JASON KUPFERBERG JAMES E FRIEDMAN ELLIOTT LEO SCHLANG VINCENT A COLICCHIO RAHUL BHANGARE BRIAN KINSTLINGER MANISH HEMRAJANI DAVID J KONING ANDREW S ZAMFOTIS

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

Recommendation neutral neutral outperform buy hold neutral buy buy outperform buy market perform neutral buy

Amt Held 19'516'500 4'319'866 2'230'995 1'233'565 1'230'681 1'064'732 921'173 833'215 650'000 460'795 451'000 450'022 424'495 413'526 411'811 378'700 358'364 341'454 339'312 279'334

% Out 46.56 10.31 5.32 2.94 2.94 2.54 2.2 1.99 1.55 1.1 1.08 1.07 1.01 0.99 0.98 0.9 0.85 0.81 0.81 0.67

Weighting

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

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

Latest Chg (150'000) 383'417 135'378 (10'300) (7'316) (42'638) 65'800 (413'300) 10'916 (13'943) (922) 109'854 23'700 303'439 54'467 (169) (968)

Target Price 70 66 #N/A N/A 68 66 60 104 76 #N/A N/A 80 #N/A N/A 68 #N/A N/A

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

File Dt Inst Type 31.05.2013 n/a 31.05.2013 n/a 31.05.2013 Other 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 3 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 10.07.2013 05.07.2013 01.07.2013 27.06.2013 21.06.2013 20.06.2013 14.06.2013 11.06.2013 07.06.2013 07.06.2013 21.05.2013 19.04.2013 15.01.2013

11.07.2013

Tata Consultancy Services Ltd Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

Price/Volume 1800

6.0 M

1600

5.0 M

1400 1200

4.0 M

1000

03/2013 03/yy 1'598.00 1'055.00 1'120'284.00 1561.65 -2.23% 48.09% 84.15% 1'957.2 3'056'494.00 2'322.70 1'000.0 6'953.1 76'806.60 2'989'963.26

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

600

2.0 M

400

1.0 M

200 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.03.2009 278'128.8 1.77x 71'698.0 6.88x 52'564.2 10.04x

3.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (05.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCS IN EQUITY YTD Change TCS IN EQUITY YTD % CHANGE

31.03.2010 31.03.2011 300'289.2 373'245.1 4.87x 6.08x 86'945.5 111'790.7 16.81x 20.31x 70'006.4 90'570.4 21.88x 25.58x Profitability

LTM-4Q 31.03.2012 488'938.3 4.56x 144'564.9 15.42x 104'134.9 22.01x

31.03.2013 629'894.8 4.79x 180'399.1 16.73x 139'173.1 22.19x 180'399.10 169'599.90 26.93% 28.72% 29.89% 37.95% 37.66% 1.35% 28.7% 27.0% 22.1% 2.67 1.84 0.44% 0.60% 4.93 -

Price/ Cash Flow

LTM

FY+1

.0 M j-13

0.83 460.47 26.14% 25.79% 0.832 73 3.658 831'176 1'323'536 1'523'671 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 488'938.3 629'894.8 730'927.3 828'501.6 176'375.8 185'831.2 17.62x 16.14x 4.02x 3.45x 17.46x 16.50x 0.0 180'871.7 210'298.0 235'699.9 49'321.9 53'399.2 0.00x 16.40x 14.22x 12.69x 14.10x 13.54x 106'382.3 139'413.9 158'058.3 177'808.3 37'462.3 40'462.6 21.50x 22.12x 19.27x 17.14x 18.98x 18.37x S&P Issuer Ratings Long-Term Rating Date 07.05.2010 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 372.03 (EBITDA-Capex)/Interest Exp. 317.63 Net Debt/EBITDA -0.68 Total Debt/EBITDA 0.02 Reference Total Debt/Equity 0.6% Total Debt/Capital 0.6% Asset Turnover 1.35 Net Fixed Asset Turnover 8.60 Accounts receivable turnover-days 74.10 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

40.00

700'000.0

35.00

600'000.0

30.00

500'000.0

25.00

400'000.0

20.00

300'000.0

15.00

200'000.0

10.00

100'000.0

5.00 0.00 04.04.2010

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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 |

11.07.2013

Tata Consultancy Services Ltd Holdings By:

All

Holder Name TATA SONS LTD LIFE INSURANCE CORP FRANKLIN RESOURCES ABERDEEN VANGUARD GROUP INC OPPENHEIMERFUNDS INC JP MORGAN LAZARD ASSET MANAGEM BLACKROCK WILLIAM BLAIR & COMP COMMONWEALTH BANK OF HDFC ASSET MANAGEMEN UTI ASSET MANAGEMENT NORGES BANK HARRIS TRUST & SAVIN SCHRODER INVESTMENT BLACKSTONE ASIA ADVI VONTOBEL ASSET MANAG MORGAN STANLEY SBI FUNDS MANAGEMENT

Firm Name Nomura Motilal Oswal Securities Ltd Ambit Capital Pvt Ltd Societe Generale BNP Paribas Equity Research Microsec Capital Nirmal Bang Institutional Equities Deutsche Bank Credit Suisse India Nivesh Ltd Maybank Kim Eng JM Financial Institutional Securities P Axis Capital Limited Standard Chartered Ashika Stock Broking Limited IIFL Edelweiss Capital Sharekhan Ltd Jefferies IDFC Securities Ltd Emkay Share & Stock Brokers Equirus Securities Pvt Ltd SBI Capital Markets ICICIdirect.com Barclays Prabhudas Lilladher Pvt Ltd IDBI Capital Market Services Ltd Morgan Stanley CIMB Kotak Securities Religare Capital Markets JPMorgan EVA Dimensions ITI Securities Ltd MSFL - Institutional Business Group Macquarie Anand Rathi Securities Pvt. Ltd. Phillip Securities Sunidhi Consultancy Services HDFC Securities Dalal & Broacha Brics Securities India Infoline

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ASHWIN MEHTA ASHISH CHOPRA ANKUR RUDRA MUKUL GARG ABHIRAM ELESWARAPU NITIN PRAKASH DAGA HARIT SHAH ANIRUDDHA BHOSALE ANANTHA NARAYAN AMAR MOURYA URMIL SHAH GOVIND AGARWAL PRIYA ROHIRA PANKAJ KAPOOR TEAM COVERAGE SANDEEP MUTHANGI SANDIP KUMAR AGARWAL TEAM COVERAGE VISHAL AGARWAL HITESH SHAH MANIK TANEJA BHAVIN SHAH DIPESH N MEHTA ABHISHEK SHINDADKAR BHUVNESH SINGH SHASHI BHUSAN PRATIK GANDHI VIPIN KHARE SANDEEP R SHAH KAWALJEET SALUJA RUMIT DUGAR VIJU K GEORGE ANDREW S ZAMFOTIS APURVA PRASAD SHWETA MALIK NITIN MOHTA ATUL THAKKAR DEEPAK JAIN NAUSHIL SHAH MADHU BABU APURVA SHAH SUSHIL SHARMA ANIRUDDHA MEHTA

Source EXCH Co File ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation reduce neutral buy sell hold hold hold buy outperform hold buy buy buy outperform buy reduce buy buy buy neutral hold neutral hold hold equalweight accumulate hold Overwt/In-Line neutral reduce buy neutral overweight accumulate accumulate underperform hold neutral neutral underperform accumulate add market perform

Amt Held 1'443'451'698 50'528'386 31'499'741 15'770'326 13'428'328 11'139'798 10'586'205 10'320'101 7'418'234 7'187'763 6'116'941 5'507'183 5'440'420 3'625'866 3'546'650 3'015'829 2'870'000 2'387'378 2'369'914 2'329'810

% Out 73.75 2.58 1.61 0.81 0.69 0.57 0.54 0.53 0.38 0.37 0.31 0.28 0.28 0.19 0.18 0.15 0.15 0.12 0.12 0.12

Weighting

Change 2 3 5 1 3 3 3 5 5 3 5 5 5 5 5 2 5 5 5 3 3 3 3 3 3 4 3 5 3 2 5 3 5 4 4 1 3 3 3 1 4 4 3

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

Latest Chg (199'928) 1'237'925 706'470 50'045 (151'202) 4'805'821 2'894'391 656'879 242'765 463'700 (563'357) (730'000) (37'918) 332'565 (13'319)

Target Price 1'360 1'660 1'619 1'325 1'600 1'582 1'685 1'750 1'760 1'566 1'810 1'710 1'748 1'730 1'640 1'371 1'588 1'650 1'780 1'580 1'450 1'510 1'490 1'560 1'475 1'550 1'500 1'670 1'525 1'410 1'550 1'575 #N/A N/A 1'543 1'519 1'200 1'450 1'500 1'500 1'452 1'573 1'600 1'450

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

File Dt 12.04.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 30.05.2013 31.05.2013 31.05.2013 09.07.2013 31.03.2013 28.02.2013 31.05.2013 30.06.2013 31.12.2012 28.03.2013 31.03.2013 28.03.2013 31.01.2013 31.05.2013 30.06.2013

Date 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 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 15 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Holding Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 11.07.2013 10.07.2013 10.07.2013 09.07.2013 09.07.2013 09.07.2013 09.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 02.07.2013 02.07.2013 27.06.2013 24.06.2013 13.06.2013 13.06.2013 13.06.2013 12.06.2013 12.06.2013 11.06.2013 11.06.2013 11.06.2013 11.06.2013 30.05.2013 02.05.2013 23.04.2013 23.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013

11.07.2013

Tech Mahindra Ltd Tech Mahindra Ltd. develops and markets computer software. The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

Price/Volume 1200

25.0 M

1000

20.0 M

800

Latest Fiscal Year: LTM as of: 52-Week High (04.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TECHM IN EQUITY YTD Change TECHM IN EQUITY YTD % CHANGE

03/2013 03/yy 1'123.80 690.20 856'784.00 1066.9 -5.09% 54.58% 89.73% 128.8 137'385.20 10'804.00 0.0 1'089.4 7'102.40 142'176.21

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

10.0 M

400

5.0 M

200 0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

Fiscal Year Ended 31.03.2009 44'647.0 0.51x 13'110.0 1.73x 10'145.0 3.18x

15.0 M

600

Valuation Analysis

31.03.2010 31.03.2011 46'254.0 51'402.0 2.50x 1.83x 11'639.0 10'384.0 9.93x 9.06x 7'005.0 6'442.0 14.86x 13.10x Profitability

LTM-4Q 31.03.2012 54'897.0 1.81x 9'878.0 10.04x 11'634.0 7.87x

31.03.2013 68'730.8 2.04x 14'242.4 9.87x 12'878.1 10.51x 14'242.40 12'242.80 17.81% 22.45% 16.20% 27.18% 23.43% 0.86% 20.7% 17.8% 18.7% 1.14 0.89 12.03% 19.91% 4.55 -

Price/ Cash Flow

LTM

03/yy 54'897.2 3.35x 9'195.6 10.78x 11'633.6 8.35x

03/yy 68'730.9 3.94x 14'242.9 9.87x 12'877.7 10.50x

FY+1

.0 M j-13

0.47 0.80 53.70 49.42% 14.44% 0.797 47 4.277 745'597 754'083 600'189 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 78'883.5 84'775.4 30'439.0 18'783.6 1.79x 1.55x 15'026.7 15'484.1 6'420.6 3'393.0 9.46x 9.18x 8.36x 9.80x 13'696.3 14'785.4 4'764.1 3'006.0 10.49x 9.73x 9.85x 9.94x S&P Issuer Ratings

16.31 6.74 0.26 0.76 19.9% 16.3% 0.86 7.73 80.21 -

Sales/Revenue/Turnover

30.00

80'000.0 70'000.0

25.00

60'000.0 20.00

50'000.0 40'000.0

15.00

30'000.0

10.00

20'000.0 5.00 0.00 04.04.2010

10'000.0 0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

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 |

11.07.2013

Tech Mahindra Ltd Holdings By:

All

Holder Name MAHINDRA & MAHINDRA LIFE INSURANCE CORP HSBC GLOBAL INV MAUR PRUDENTIAL ICICI ASS INVESTEC ASSET MANAG COPTHALL MAURITIUS I COMMONWEALTH BANK OF INDUS CAPITAL ADVISO HSBC INVESTMENTS HON MASTER TRUST BANK OF DSP BLACKROCK INVEST PRINCIPAL FINANCIAL SUNDARAM ASSET MANAG NAYYAR VINEET GURNANI CHANDER PRAK UTI ASSET MANAGEMENT BLACKROCK JUPITER ASSET MANAGE RAIFFEISEN KAPITALAN BARING INTERNATIONAL

Firm Name

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

BNP Paribas Equity Research ABHIRAM ELESWARAPU Deutsche Bank ANIRUDDHA BHOSALE Antique Stock Broking Limited PRATISH KRISHNAN India Nivesh Ltd AMAR MOURYA Maybank Kim Eng URMIL SHAH JM Financial Institutional Securities P GOVIND AGARWAL Motilal Oswal Securities Ltd ASHISH CHOPRA Axis Capital Limited PRIYA ROHIRA Standard Chartered PANKAJ KAPOOR Nomura ASHWIN MEHTA Spark Capital Advisors SRIVATHSAN RAMACHANDRAN IIFL SANDEEP MUTHANGI Dolat Capital Market Ltd. RAHUL JAIN Edelweiss Capital SANDIP KUMAR AGARWAL HSBC YOGESH AGGARWAL Emkay Share & Stock Brokers MANIK TANEJA EVA Dimensions ANDREW S ZAMFOTIS Jefferies VISHAL AGARWAL Kotak Securities KAWALJEET SALUJA Tata Securities Limited ASHISH AGGARWAL Religare Capital Markets RUMIT DUGAR ICICIdirect.com ABHISHEK SHINDADKAR Morgan Stanley VIPIN KHARE Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN Espirito Santo Investment Bank Research SOUMITRA CHATTERJEE Sushil Finance Consultants Ltd DHANANJAY MISHRA CIMB SANDEEP R SHAH Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE ICICI Securities KULDEEP KOUL Sunidhi Consultancy Services NAUSHIL SHAH HDFC Securities MADHU BABU Dalal & Broacha APURVA SHAH Quant Broking Pvt Ltd BASUDEB BANERJEE Credit Suisse ANANTHA NARAYAN Batlivala & Karani Securities DEEPAN S KAPADIA IDFC Securities Ltd HITESH SHAH Angel Broking Limited ANKITA SOMANI Brics Securities SUSHIL SHARMA Goldman Sachs RISHI JHUNJHUNWALA India Infoline TEAM COVERAGE Elara Securities India Pvt Ltd PRALAY KUMAR DAS Asit C Mehta Investments Interrmediates RAJNI GHILDIYAL BP Equities Private Limited AMIT CHANDRA

Source Co File Co File Co File MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG Co File MF-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy hold buy buy buy outperform neutral buy buy buy buy underweight accumulate overweight hold add buy buy buy not rated accumulate buy buy outperform buy add outperform buy buy buy neutral outperform outperform buy add Buy/Neutral buy sell accumulate hold

Amt Held 60'676'252 13'276'058 5'745'627 4'324'364 2'059'529 1'840'292 1'709'818 1'501'300 1'451'288 1'451'288 1'056'472 923'252 662'700 547'208 458'245 441'181 437'598 420'000 350'181 340'669

% Out 47.12 10.31 4.46 3.36 1.6 1.43 1.33 1.17 1.13 1.13 0.82 0.72 0.51 0.42 0.36 0.34 0.34 0.33 0.27 0.26

Weighting

Change

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

U M M M M M M M M M M M M M M M D M M M M M M M M U M M M M U M M M M M M M N M M M M

Latest Chg 110'950 (126'379) 520'899 1'073'443 (39'456) 63'893 (775) 260'641 245'127 51'333 (60'000) 74'544 216'474

Target Price 1'200 1'420 1'270 1'200 1'090 1'400 1'285 1'203 1'090 1'040 1'170 1'122 1'300 1'194 1'120 1'100 #N/A N/A 1'030 1'100 1'088 1'200 1'200 #N/A N/A 1'100 1'100 1'282 1'150 1'067 1'095 1'110 1'138 1'265 1'241 1'040 1'020 1'200 1'170 1'000 1'300 1'156 850 1'063 1'043

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

File Dt 31.03.2013 31.03.2013 31.03.2013 31.05.2013 30.04.2013 31.03.2013 31.01.2013 31.03.2013 11.03.2013 31.03.2013 30.06.2013 31.05.2013 31.05.2013 23.08.2012 26.06.2013 30.06.2013 30.04.2013 31.03.2013 28.03.2013 31.03.2013

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

Inst Type Corporation Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 08.07.2013 08.07.2013 08.07.2013 05.07.2013 05.07.2013 05.07.2013 05.07.2013 04.07.2013 04.07.2013 04.07.2013 04.07.2013 03.07.2013 03.07.2013 28.06.2013 27.06.2013 27.06.2013 25.06.2013 25.06.2013 18.06.2013 18.06.2013 13.06.2013 12.06.2013 12.06.2013 06.06.2013 05.06.2013 30.05.2013 23.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 22.05.2013 21.05.2013 21.05.2013 21.05.2013 21.05.2013 10.04.2013 27.03.2013 07.02.2013 06.02.2013 06.11.2012 10.10.2012

11.07.2013

Tieto OYJ Tieto Oyj offers information technology services, research and development services, outsourcing, consulting, cloud services and industry specific solution. The Company serves Northern Europe, Germany, Russia and Central and Eastern Europe. Tieto serves the telecommunications, financial, manufacturing, energy, oil and gas, healthcare, forest, logisics and retail sectors.

Price/Volume

Price/ Cash Flow

1.20

.3 M

100

12/2012 03/yy 155.00 107.00 360.00 134.5 -13.23% 25.70% 55.83% 73.1 9'833.72 120.80 0.0 0.2 86.60 1'093.90

.2 M .2 M

60 40

.1 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended

.3 M

Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TIEN SS EQUITY YTD Change TIEN SS EQUITY YTD % CHANGE

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

.4 M

140 120

Valuation Analysis

31.12.2008 1'865.7 0.36x 177.5 3.77x 59.9 -

160

31.12.2009 31.12.2010 1'706.3 1'713.7 0.65x 0.63x 139.8 158.0 7.95x 6.82x 54.8 49.5 Profitability

LTM-4Q 31.12.2011 1'828.1 0.46x 198.8 4.19x 59.9 -

31.12.2012 1'825.3 0.60x 199.0 5.55x 29.4 199.00 79.90 4.38% 3.11% 1.48% 3.62% 1.42% 84.1% 9.4% 2.8% 1.6% 1.04 0.74 10.19% 21.72% -

03/yy 1'833.6 1.97x 216.8 4.64x 80.0 0.00x

LTM 03/yy 1'803.0 2.35x 168.8 6.81x 18.8 0.00x

FY+1

.0 M j-13

0.75 28.50% 10.07% 0.747 18 3.000 3'211 4'495 4'220 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'738.5 1'729.1 441.8 397.7 0.64x 0.61x 2.75x 222.3 237.7 51.8 56.3 4.92x 4.60x 4.65x 4.53x 106.3 117.9 22.9 26.6 10.38x 9.44x 9.95x 9.79x S&P Issuer Ratings

13.54 9.50 -0.22 0.70 21.7% 17.8% 1.42 17.80 -

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 0.0

0.00

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

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

11.07.2013

Tieto OYJ Holdings By:

All

Holder Name CEVIAN CAPITAL AB SOLIDIUM OY OP POHJOLA GROUP ILMARINEN MUTUAL PEN VARMA MUTUAL PENSION SWEDBANK ROBUR FONDE ETERA MUTUAL PENSION SVENSKA LITTERATURSA NORGES BANK FINLAND STATE PENSIO JP MORGAN TAPIOLA MUTUAL PENSI VILJAKAINEN PEKKA AN EVLI FUND MANAGEMENT TIETO OYJ SEB GYLLENBERG RAHASTOYH PRUDENTIAL FINANCIAL VANGUARD GROUP INC SAASTOPANKKI FUND MA

Firm Name Exane BNP Paribas ABG Sundal Collier SEB Enskilda EVA Dimensions Evli Bank Plc Berenberg Bank Inderes Pohjola Bank Plc (ESN) Carnegie Nordea Equity Research Morgan Stanley Handelsbanken FIM Danske Markets Credit Suisse Goldman Sachs Kepler Cheuvreux

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst BRICE PRUNAS ANDERS HILLERBORG JOHANNA AHLQVIST ANDREW S ZAMFOTIS MIKKO ERVASTI SEBASTIAN GRABERT MIKAEL RAUTANEN HANNU RAUHALA MATTI RIIKONEN MARTTI LARJO ADAM WOOD FREDRIK LITHELL MICHAEL SCHROEDER PANU LAITINMAKI CHARLES BRENNAN SIVA KRISHNA PRASAD BORRA LAURENT DAURE

Source Co File Co File Co File Co File Co File MF-AGG Co File Co File MF-AGG Co File ULT-AGG Co File Co File MF-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underperform hold hold overweight accumulate hold accumulate reduce buy buy Underwt/In-Line reduce accumulate sell neutral Sell/Neutral reduce

Amt Held 11'073'614 7'415'418 3'260'000 3'209'460 2'859'749 2'070'705 1'939'767 1'764'300 1'745'665 873'000 818'468 700'000 625'976 605'000 545'900 516'534 506'733 449'729 422'567 390'301

% Out 15.15 10.14 4.46 4.39 3.91 2.83 2.65 2.41 2.39 1.19 1.12 0.96 0.86 0.83 0.75 0.71 0.69 0.62 0.58 0.53

Weighting

Change 1 3 3 5 4 3 4 2 5 5 1 2 4 1 3 1 2

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

Latest Chg (551'547) 44'789 75'000 350'436 (161'815) (826) 28'541 (118'049)

Target Price 139 137 142 #N/A N/A 153 163 162 128 #N/A N/A 163 129 120 163 129 140 129 129

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

File Dt 30.04.2012 30.04.2012 30.04.2012 30.04.2012 30.04.2012 31.03.2013 30.04.2012 30.04.2012 31.12.2012 30.04.2012 31.03.2013 30.04.2012 30.04.2012 28.03.2013 30.04.2012 28.03.2013 28.02.2013 31.05.2013 31.03.2013 31.05.2013

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

Inst Type Venture Capital Holding Company Other Insurance Company Insurance Company Investment Advisor Insurance Company Other Government Government Investment Advisor Insurance Company n/a Investment Advisor Other Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 10.07.2013 01.07.2013 24.06.2013 24.06.2013 18.06.2013 17.06.2013 22.05.2013 26.04.2013 26.04.2013 26.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 15.02.2013 07.02.2013 06.02.2013

11.07.2013

TeleTech Holdings Inc TeleTech Holdings, Inc. is a global provider of customer experience strategy, technology and business process outsourcing solutions. The Company provides technology-enabled customer-centric services that span strategic professional services, revenue generation, front and back office processes, cloud-based fully hosted BPO delivery center environments and services.

Price/Volume 30

1.4 M 1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.06.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TTEC US EQUITY YTD Change TTEC US EQUITY YTD % CHANGE

12/2012 03/yy 24.84 15.30 158'384.00 24.25 -2.37% 58.50% 93.82% 52.2 1'265.39 108.00 0.0 14.0 164.49 1'223.34

.8 M

.6 M .4 M

5 0 j-12

.2 M .0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

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

1.6 M

Valuation Analysis

31.12.2008 1'400.1 0.38x 178.6 2.98x 73.7 6.90x

1.8 M

31.12.2009 31.12.2010 1'167.9 1'094.9 0.98x 0.99x 170.8 144.7 6.71x 7.49x 71.8 49.9 16.42x 21.23x Profitability

LTM-4Q 31.12.2011 1'179.4 0.71x 143.9 5.81x 74.2 12.86x

31.12.2012 1'163.0 0.76x 146.6 6.06x 70.0 12.99x

146.56 104.38 8.98% 6.35% 8.91% 14.90% 13.93% 1.43% 28.2% 12.8% 9.1% 6.0% 2.94 2.43 12.75% 22.21% 4.73 -

Price/ Cash Flow

03/yy 1'191.1 3.04x 142.1 5.78x 79.6 11.84x

LTM 03/yy 1'158.7 3.10x 148.3 7.18x 72.1 14.94x

FY+1

0.00 1.07 19.87 0.92 49.69% 36.24% 1.073 8 4.000 94'801 155'453 133'938 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'225.4 1'303.1 298.3 312.5 0.92x 0.78x 3.91x 3.70x 159.2 178.6 38.6 41.4 7.68x 6.85x 7.43x 7.24x 80.0 92.2 18.4 20.8 15.95x 13.72x 15.40x 14.71x S&P Issuer Ratings

21.89 15.82 -0.37 0.78 22.2% 17.8% 1.43 11.20 77.18 9.01 -

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 |

11.07.2013

TeleTech Holdings Inc Holdings By:

All

Holder Name TUCHMAN KENNETH D FMR LLC ADVISORY RESEARCH IN BLACKROCK VANGUARD GROUP INC ROYCE AND ASSOCIATES DIMENSIONAL FUND ADV AMERIPRISE FINANCIAL BARLETT JAMES E WILLIAM BLAIR & COMP STATE STREET IRONWOOD INVESTMENT NORTHERN TRUST CORPO ROBECO INVESTMENT MG BUCKHEAD CAPITAL MAN LSV ASSET MANAGEMENT NORGES BANK BANK OF NEW YORK MEL STERLING CAPITAL MAN TIETON CAPITAL MANAG

Firm Name SunTrust Robinson Humphrey Sidoti & Company LLC EVA Dimensions Wells Fargo Securities, LLC Macquarie Stifel Craig-Hallum Capital Group LLC First Analysis Corp Credit Suisse

Portfolio Name n/a n/a ADVISORY RESEARCH IN n/a VANGUARD GROUP INC ROYCE & ASSOCIATES L n/a AMERIPRISE FINANCIAL n/a WILLIAM BLAIR & COMP n/a IRONWOOD INVESTMENT NORTHERN TRUST CORPO ROBECO INVESTMENT MA BUCKHEAD CAPITAL MAN LSV ASSET MANAGEMENT NORGES BANK BANK OF NEW YORK MEL STERLING CAPITAL MAN TIETON CAPITAL MANAG

Analyst TOBEY SOMMER JOSH VOGEL ANDREW S ZAMFOTIS ERIC J BOYER KEVIN MCVEIGH SHLOMO H ROSENBAUM MIKE MALOUF HOWARD SMITH KELLY A FLYNN

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

Recommendation buy buy underweight outperform neutral hold buy overweight not rated

Amt Held 31'172'968 2'538'502 1'897'682 1'865'845 1'381'635 1'153'273 848'139 622'313 541'172 538'031 505'444 425'134 398'966 374'656 364'486 355'486 320'215 313'989 301'633 260'382

% Out 59.74 4.86 3.64 3.58 2.65 2.21 1.63 1.19 1.04 1.03 0.97 0.81 0.76 0.72 0.7 0.68 0.61 0.6 0.58 0.5

Weighting

Change

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

M M D M M M M M M

Latest Chg (4'600) 776'420 (97'902) 32'883 (100'683) (518'900) 20'611 8'261 80'190 34'988 (19'188) 90'152 4'633 70'855 (670) (22'138) 1'700 4'932

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

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

File Dt Inst Type 30.05.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 05.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

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

Date 21.06.2013 12.06.2013 12.06.2013 07.06.2013 03.05.2013 03.05.2013 03.05.2013 02.05.2013 22.10.2012

11.07.2013

Unisys Corp Unisys Corporation is a worldwide information technology services and solutions company. The Company's services include systems integration, outsourcing, infrastructure, server technology and consulting. The Company primarily serves the financial services, public sector, communications, transportation, commercial and media markets.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.07.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UIS US EQUITY YTD Change UIS US EQUITY YTD % CHANGE

12/2012 03/yy 24.85 15.04 928'785.00 24.64 -0.85% 63.83% 97.86% 44.1 1'087.49 210.30 249.7 11.5 655.60 933.09

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 j-12

.0 M a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Fiscal Year Ended 31.12.2008 5'233.2 0.16x 458.7 1.86x (130.1) -

31.12.2009 31.12.2010 4'385.7 4'019.6 0.43x 0.27x 682.5 626.3 2.77x 1.76x 189.3 236.1 8.93x 7.05x Profitability

LTM-4Q 31.12.2011 3'853.8 0.20x 519.4 1.46x 134.0 5.07x

31.12.2012 3'706.4 0.16x 493.8 1.17x 145.6 3.15x

493.80 319.20 8.61% 6.86% 4.11% 1.50% 26.3% 12.0% 7.1% 3.9% 1.47 1.29 8.69% 6.09 47.76

Price/ Cash Flow

03/yy 3'871.0 0.87x 530.5 1.43x 186.8 4.14x

LTM 03/yy 3'587.9 0.84x 429.4 1.98x 98.3 8.30x

FY+1

0.00 1.82 43.57 5.71 41.45% 42.43% 1.821 4 3.250 585'690 582'785 699'206 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'485.5 3'504.8 838.0 890.7 388.5 465.0 86.5 116.0 2.40x 2.01x 2.31x 2.26x 165.5 236.5 54.5 55.9 8.65x 6.03x S&P Issuer Ratings

28.04.2011 BBSTABLE 15.05 12.73 -0.97 0.49 1.50 20.37 59.96 7.64 30.69 42.35

Sales/Revenue/Turnover

6.00

7'000.0

5.00

6'000.0 5'000.0

4.00

4'000.0 3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

Unisys Corp Holdings By:

All

Holder Name FAIRPOINTE CAPITAL L BLACKROCK VANGUARD GROUP INC FMR LLC ACADIAN ASSET MANAGE PUTNAM INVESTMENT MA SAC CAPITAL ADVISORS STATE STREET JHL CAPITAL GROUP LL DIMENSIONAL FUND ADV ROYCE AND ASSOCIATES TOWLE & CO RENAISSANCE TECHNOLO JP MORGAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO AJO, LP AQR CAPITAL MANAGEME KENNEDY CAPITAL MANA MORGAN STANLEY

Firm Name Wells Fargo Securities, LLC Susquehanna Financial Group Raymond James Wm Smith & Co EVA Dimensions

Portfolio Name FAIRPOINTE CAPITAL L n/a VANGUARD GROUP INC n/a ACADIAN ASSET MANAGE PUTNAM INVESTMENT MA SAC CAPITAL ADVISORS n/a JHL CAPITAL GROUP LL n/a ROYCE & ASSOCIATES L TOWLE & CO RENAISSANCE TECHNOLO n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO AJO, LP AQR CAPITAL MANAGEME KENNEDY CAPITAL MANA n/a

Analyst ERIC J BOYER JAMES E FRIEDMAN BRIAN GESUALE NED DAVIS ANDREW S ZAMFOTIS

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

Recommendation market perform Positive outperform no rating system underweight

Amt Held 4'867'170 3'136'531 2'891'176 2'399'743 1'775'911 1'470'653 1'129'117 1'022'673 926'400 838'660 784'273 732'775 716'790 715'356 709'687 633'729 633'600 607'053 586'118 575'171

% Out 11.03 7.11 6.55 5.44 4.02 3.33 2.56 2.32 2.1 1.9 1.78 1.66 1.62 1.62 1.61 1.44 1.44 1.38 1.33 1.3

Weighting

Change

3 4 5 #N/A N/A 1

M M M M D

Latest Chg 116'427 (133'956) 14'536 (933'632) 210'337 (887'610) 92'393 42'216 41'400 95'070 (11'627) 90'340 716'790 157'189 101'755 (10'747) (194'000) (10'700) (156'406) 250'412

Target Price #N/A N/A 21 23 27 #N/A N/A

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

File Dt 31.03.2013 09.07.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided 12 month 12 month 12 month Not Provided

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

Date 21.06.2013 29.05.2013 24.04.2013 24.04.2013 24.04.2013

11.07.2013

Wipro Ltd Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (31.10.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WIT US EQUITY YTD Change WIT US EQUITY YTD % CHANGE

03/2013 03/yy 9.23 6.74 902'056.00 7.54 -18.32% 11.82% 32.04% 2'464.1 18'579.43 63'816.00 0.0 1'171.0 154'009.00 1'023'049.71

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

31.03.2010 31.03.2011 272'129.0 310'542.0 3.69x 3.61x 60'811.0 65'434.0 16.50x 17.14x 46'310.0 52'977.0 22.25x 22.08x Profitability

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

LTM-4Q 31.03.2012 318'747.0 3.21x 64'279.0 15.90x 55'730.0 20.61x

31.03.2013 374'256.0 2.64x 76'351.0 12.94x 66'359.0 17.48x 76'351.00 65'516.00 17.51% 21.00% 15.16% 23.32% 19.50% 0.95% 30.4% 19.7% 17.1% 17.7% 2.12 1.59 14.51% 22.49% 5.31 -

Price/ Cash Flow

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

LTM

FY+1

1.15 4.83 0.93% -1.84% 1.152 10 2.800 966'432 649'133 639'034 FY+2

FQ+1

FQ+2

03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 371'971.0 416'847.0 445'794.8 482'062.9 108'823.8 111'171.1 10.06x 8.76x 70'864.0 81'921.0 85'342.2 90'351.9 18'240.0 19'053.1 14.43x 12.06x 11.99x 11.32x 13.38x 12.98x 55'731.0 66'359.0 70'834.1 78'534.2 16'791.0 17'483.0 19.31x 16.55x 15.90x 14.54x 15.82x 15.49x S&P Issuer Ratings Long-Term Rating Date 02.04.2012 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 88.47 (EBITDA-Capex)/Interest Exp. 76.17 Net Debt/EBITDA -1.10 Total Debt/EBITDA 0.78 Reference Total Debt/Equity 22.5% Total Debt/Capital 18.3% Asset Turnover 0.95 Net Fixed Asset Turnover 7.61 Accounts receivable turnover-days 68.72 Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle 17.60 Sales/Revenue/Turnover

45.00

400'000.0

40.00

350'000.0

35.00

300'000.0

30.00

250'000.0

25.00

200'000.0

20.00

150'000.0

15.00

100'000.0

10.00

50'000.0

5.00 0.00 02.04.2010

2.5 M

Fiscal Year Ended 31.03.2009 256'995.0 1.37x 53'606.0 6.56x 38'999.0 9.17x

10 9 8 7 6 5 4 3 2 1 0 j-12

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

Wipro Ltd Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC WESTWOOD GLOBAL INVE CREDIT SUISSE AG CREDIT SUISSE ASSET STATE STREET ACADIAN ASSET MANAGE PRUDENTIAL FINANCIAL CANADA PENSION PLAN GRANTHAM MAYO VAN OT PRINCIPAL FINANCIAL OXFORD ASSET MANAGEM NEWGATE CAPITAL MANA BNP PARIBAS INV PART FIRST TRUST AQR CAPITAL MANAGEME ARROWSTREET CAP LIMI FMR LLC JP MORGAN BNP PARIBAS ARBITRAG

Firm Name Cowen and Company Janney Montgomery Scott LLC Wells Fargo Securities, LLC Susquehanna Financial Group EVA Dimensions Goldman Sachs Pacific Crest Securities Oppenheimer & Co BOE Securities Ventura Securities Ltd

Portfolio Name n/a VANGUARD GROUP INC WESTWOOD GLOBAL INVE n/a Multiple Portfolios n/a ACADIAN ASSET MANAGE n/a CANADA PENSION PLAN GRANTHAM MAYO VAN OT n/a OXFORD ASSET MANAGEM NEWGATE CAPITAL MANA n/a n/a AQR CAPITAL MANAGEME ARROWSTREET CAPITAL n/a n/a BNP PARIBAS ARBITRAG

Analyst MOSHE KATRI JOSEPH D FORESI EDWARD S CASO JR JAMES E FRIEDMAN ANDREW S ZAMFOTIS RISHI JHUNJHUNWALA JESSE HULSING MANISH HEMRAJANI BINDAL PARIKH TOTLANI TEAM COVERAGE

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

Recommendation underperform neutral market perform neutral overweight Sell/Neutral sector perform market perform hold sell

Amt Held 9'445'181 7'958'272 7'718'885 2'728'779 1'819'423 1'768'054 1'538'125 1'234'946 1'207'554 964'633 964'205 727'423 702'013 513'032 473'539 467'480 454'926 427'254 405'311 341'735

% Out 0.38 0.32 0.31 0.11 0.07 0.07 0.06 0.05 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 1 3 3 3 5 1 3 3 3 1

M M M M U M M M M D

Latest Chg (5'248'169) (234'070) (1'068'720) 33'899 (36'420) 1'519'446 (647) 202'716 964'205 401'732 702'013 (6'951) (62'581) 250'003 454'926 26'384 50'820 (46'538)

Target Price 7 8 #N/A N/A 9 #N/A N/A 6 #N/A N/A #N/A N/A 7 #N/A N/A

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

File Dt 09.07.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 10.07.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.03.2013 31.03.2013 10.07.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Pension Fund (ERISA) Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 09.07.2013 05.07.2013 01.07.2013 20.06.2013 03.06.2013 22.04.2013 19.04.2013 19.04.2013 08.08.2012 20.01.2012

11.07.2013

WNS Holdings Ltd WNS Holdings Ltd. provides a range of business process outsourcing services including finance, accounting, customer relationship management, and business administration services. The Company markets its services to commercial customers throughout India.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.07.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WNS US EQUITY YTD Change WNS US EQUITY YTD % CHANGE

Price/Volume

03/2013 03/yy 17.32 9.07 313'668.00 17.24 -0.46% 90.08% 99.03% 49.9 861.10 96.36 0.0 0.0 74.35 883.11

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 a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

Market Data

Fiscal Year Ended 31.03.2009 520.9 0.73x 100.3 3.77x 8.2 27.37x

20 18 16 14 12 10 8 6 4 2 0 j-12

31.03.2010 31.03.2011 582.5 616.3 0.98x 0.89x 110.6 64.0 5.18x 8.57x 3.7 17.9 97.55x 26.38x Profitability

LTM-4Q 31.03.2012 474.1 1.30x 71.5 8.64x 12.5 44.63x

31.03.2013 460.3 1.67x 76.7 10.01x 21.4 35.95x 76.68 35.63 7.74% 6.79% 4.04% 7.33% 6.24% 0.87% 32.4% 16.6% 7.7% 4.6% 1.12 0.76 18.02% 32.06% 7.03 10.13

Price/ Cash Flow

03/yy 474.1 4.60x 71.3 8.65x 12.5 44.63x

LTM 03/yy 460.3 5.07x 76.6 10.02x 21.4 35.10x

FY+1

0.00 0.61 0.06 73.44% 65.29% 0.609 12 4.333 142'282 103'761 105'055 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 474.8 526.7 113.0 116.6 1.75x 1.47x 7.28x 6.99x 89.4 98.9 19.6 21.9 9.88x 8.93x 9.93x 9.90x 61.2 69.9 13.4 14.8 14.68x 13.65x 14.67x 14.19x S&P Issuer Ratings

21.11 15.29 0.29 1.26 32.1% 24.3% 0.87 9.81 51.89 36.04 46.86 41.06

Sales/Revenue/Turnover

20.00

700.0

18.00

600.0

16.00 14.00

500.0

12.00

400.0

10.00

300.0

8.00

200.0

6.00 4.00

100.0

2.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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 |

11.07.2013

WNS Holdings Ltd Holdings By:

All

Holder Name FMR LLC COLUMBIA WANGER ASSE NALANDA INDIA FUND L WILLIAM BLAIR & COMP TIMESSQUARE CAPITAL WADDELL & REED FINAN WELLINGTON MANAGEMEN VANGUARD GROUP INC IVY MANAGEMENT INCOR WESTFIELD CAPITAL MG CHARTWELL INVESTMENT CRAMER ROSENTHAL MCG BLACKROCK AMERIPRISE FINANCIAL GRANAHAN INVESTMENT HARTFORD INVESTMENT KALMAR INVESTMENTS I CAISSE DE DEPOT ET P HARBOR CAPITAL ADVIS COLUMBUS CIRCLE INVE

Firm Name JPMorgan Janney Montgomery Scott LLC Wells Fargo Securities, LLC Robert W. Baird & Co William Blair & Co Goldman Sachs Morgan Stanley Deutsche Bank Oppenheimer & Co EVA Dimensions

Portfolio Name n/a COLUMBIA WANGER ASSE n/a WILLIAM BLAIR & COMP TIMESSQUARE CAPITAL WADDELL & REED FINAN WELLINGTON MANAGEMEN Multiple Portfolios IVY INVESTMENT MANAG WESTFIELD CAPITAL MA CHARTWELL INVESTMENT CRAMER ROSENTHAL MCG n/a AMERIPRISE FINANCIAL GRANAHAN INVESTMENT Multiple Portfolios KALMAR INVESTMENTS I CAISSE DE DEPOT ET P Multiple Portfolios COLUMBUS CIRCLE INVE

Analyst TIEN-TSIN HUANG JOSEPH D FORESI EDWARD S CASO JR DAVID J KONING BHAVAN SURI PAUL THOMAS VIPIN KHARE BRYAN KEANE MANISH HEMRAJANI ANDREW S ZAMFOTIS

Source ULT-AGG 13F 20F 13F 13F 13F 13F MF-AGG 13F 13F 13F 13F ULT-AGG 13F 13F MF-AGG 13F 13F MF-AGG 13F

Recommendation neutral buy outperform outperform outperform Buy/Neutral Equalwt/In-Line buy outperform underweight

Amt Held 6'907'314 6'353'500 5'211'410 4'272'860 3'903'685 3'569'454 3'229'061 2'137'214 2'113'567 1'922'251 1'921'919 1'014'725 1'001'650 921'029 896'752 888'464 765'058 570'000 481'677 344'110

% Out 13.83 12.72 10.43 8.55 7.82 7.15 6.46 4.28 4.23 3.85 3.85 2.03 2.01 1.84 1.8 1.78 1.53 1.14 0.96 0.69

Weighting

Change 3 5 5 5 5 5 3 5 5 1

M M M M M U M M M D

Latest Chg 3'142'994 22'047 2'738'225 781'300 980'580 3'229'061 1'208'068 645'067 388'614 498'148 1'014'725 (698'283) (109'981) 896'752 41'589 49'620 139'270 134'427 344'110

Target Price 18 19 #N/A N/A 18 #N/A N/A 19 14 19 16 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2012 Private Equity 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 09.07.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager

Date 3 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided

Date 10.07.2013 05.07.2013 01.07.2013 28.06.2013 27.06.2013 20.05.2013 22.04.2013 17.04.2013 17.04.2013 25.03.2013

11.07.2013

Xerox Corp Xerox Corporation offers business process and IT outsourcing support, document technology and solutions. The Company offers global services from claims reimbursement and electronic toll transactions to the management of HR benefits and customer care centers to the operation of a company's technology infrastructure.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (7/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XRX US EQUITY YTD Change XRX US EQUITY YTD % CHANGE

12/2012 03/yy 9.62 6.10 6'332'625.00 9.6 -0.21% 57.38% 99.43% 1'227.9 11'787.87 8'489.00 349.0 143.0 1'246.00 19'827.87

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

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

Fiscal Year Ended 31.12.2008 17'608.0 0.80x 2'106.0 6.67x 230.0 7.23x

31.12.2009 31.12.2010 15'179.0 21'633.0 0.85x 1.11x 1'734.0 2'861.0 7.47x 8.39x 485.0 606.0 12.14x 17.23x Profitability

LTM-4Q 31.12.2011 22'626.0 0.83x 3'064.0 6.16x 1'295.0 8.93x

31.12.2012 22'390.0 0.72x 3'058.0 5.26x 1'195.0 7.08x

3'058.00 1'757.00 7.85% 6.70% 4.03% 10.13% 0.73% 31.4% 13.5% 7.6% 5.3% 1.40 1.03 28.28% 73.68% 4.38 14.17

Price/ Cash Flow

LTM

03/yy 22'664.0 3.54x 3'058.0 6.37x 1'283.0 9.16x

03/yy 22'243.0 3.24x 3'002.0 6.20x 1'222.0 8.84x

FY+1

.0 M j-13

1.93 1.24 1'159.02 15.62 29.20% 42.62% 1.244 14 3.571 5'880'842 7'975'641 8'976'709 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 22'293.5 22'518.1 5'505.4 5'462.1 0.85x 0.81x 3.55x 3.65x 3'237.2 3'302.2 816.5 828.5 6.13x 6.00x 5.87x 5.96x 1'403.4 1'425.6 313.7 321.8 8.67x 8.20x 8.79x 8.55x S&P Issuer Ratings

08.02.2010 BBBSTABLE 09.11.2010 A-3 6.93 6.05 2.51 2.84 73.7% 41.4% 0.73 10.64 83.35 25.75 40.60 57.35

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.07.2013

Xerox Corp Holdings By:

All

Holder Name DODGE & COX STATE STREET ALLIANZ ASSET MANAGE FRANKLIN RESOURCES VANGUARD GROUP INC DEASON DARWIN BLACKROCK GLENVIEW CAPITAL MAN MACQUARIE GROUP FMR LLC BANK OF NEW YORK MEL LSV ASSET MANAGEMENT NORTHERN TRUST CORPO NEUBERGER BERMAN LLC WELLS FARGO CLEARBRIDGE INVESTME DIMENSIONAL FUND ADV SCOPIA MANAGEMENT IN NORGES BANK FIRST PACIFIC ADVISO

Firm Name BMO Capital Markets Goldman Sachs Credit Suisse Brean Capital LLC Piper Jaffray Cross Research Argus Research Corp Deutsche Bank JPMorgan S&P Capital IQ Barclays Tigress Financial Partners EVA Dimensions

Portfolio Name DODGE & COX n/a n/a n/a VANGUARD GROUP INC n/a n/a GLENVIEW CAPITAL MAN n/a n/a BANK OF NEW YORK MEL LSV ASSET MANAGEMENT NORTHERN TRUST CORPO NEUBERGER BERMAN GRO n/a CLEARBRIDGE INVESTME n/a SCOPIA MANAGEMENT IN NORGES BANK FIRST PACIFIC ADVISO

Analyst KEITH F BACHMAN WILLIAM C SHOPE JR KULBINDER GARCHA ANANDA BARUAH GEORGE K TONG SHANNON S CROSS JAMES KELLEHER CHRISTOPHER WHITMORE MARK A MOSKOWITZ DYLAN CATHERS BENJAMIN A REITZES IVAN FEINSETH ANDREW S ZAMFOTIS

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

Recommendation outperform neutral/cautious neutral buy overweight buy buy hold underweight sell equalweight neutral overweight

Amt Held 114'981'793 77'118'605 72'786'865 71'385'854 65'927'471 64'490'614 64'229'418 32'675'868 31'991'718 31'205'425 22'094'787 18'811'371 17'927'236 15'794'968 14'440'921 14'056'465 13'117'185 11'604'402 10'941'421 9'658'600

% Out 9.36 6.28 5.93 5.81 5.37 5.25 5.23 2.66 2.61 2.54 1.8 1.53 1.46 1.29 1.18 1.14 1.07 0.95 0.89 0.79

Weighting

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

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

Latest Chg (455'639) (2'709'251) 23'827'636 (2'409'876) 10'172'159 (601'883) (1'378'100) 1'719'087 4'439'567 967'555 1'508'011 240'152 (1'535'079) 1'221'190 (2'071'503) (23'288) (2'975'682) (2'235'000)

Target Price 10 8 9 11 12 11 13 7 8 7 8 #N/A N/A #N/A N/A

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File Dt Inst Type 31.03.2013 Investment Advisor 10.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 n/a 09.07.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Government 31.03.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 3 month 12 month Not Provided Not Provided Not Provided

Date 10.07.2013 09.07.2013 09.07.2013 19.06.2013 17.06.2013 07.06.2013 25.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 09.04.2013 08.02.2013