Fundamental Equity Analysis & Recommandations - NDX 100 Index - Nasdaq 100 Index Components 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 Nasdaq 100 Index Components May 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

14664995

1960.721

1107

204

218

101.88

110.18

15.64

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

751

783

212.38

307.58

21.91

18.23

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

5.03

6.89

0.29

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

1468

1668

548.60

826.37

28.19

23.76

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

879

844

422.09

560.69

21.41

18.40

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

1862

2073

795.38

870.10

15.16

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

630

701

250.06

336.12

22.19

17.81

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

364

405

274.80

269.60

1.37

1.50

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

196

195

85.16

95.99

12.07

13.13

10.70

19.56

ACTIVISION BLIZZARD INC

USD

16627

1520

1112

12.25

4856

4275

4667

1779

189

1.02

1.01

0.85

1.04

14.83

17.59

14.41

51.86

36.64

11.07.2008

ADOBE SYSTEMS INC

USD

22617

956

494

20.50

4404

4366

4118

4512

1477

1296

288

1.62

1.41

1.45

1.80

31.96

31.10

25.09

4.45

3.06

0.67

4.71

29.68

BBB+

25.01.2010

Baa1

25.01.2010

AKAMAI TECHNOLOGIES INC

USD

7679

1046

178

6.60

1374

1423

1540

1753

519

546

159

1.15

1.29

1.94

2.19

33.36

22.13

19.68

18.59

14.51

12.01

19.00

38.37

12.11.2002

ALEXION PHARMACEUTICALS INC

USD

19259

506

195

18.39

1134

1228

1518

1895

424

149

1.34

1.50

2.95

3.27

65.97

33.47

30.17

44.76

49.97

61.86

37.38

ALTERA CORP

USD

10129

797

320

7.50

1783

1810

1754

2015

628

632

126

1.72

1.73

1.46

1.76

18.29

21.66

17.94

-13.63

8.51

-28.72

14.97

34.94

A-

04.11.2011

01.05.2012

AMAZON.COM INC

USD

113692

1808

454

109.49

61093

63978

74865

91384

2835

3066

993

-0.23

-0.56

3.13

5.30

79.71

47.10

27.07

31.59

45.76

25.77

4.79

AA-

26.11.2012

Baa1

26.11.2012

AMGEN INC

USD

80003

1375

756

82.62

17265

17455

17925

18375

6665

1638

6.00

6.36

7.28

8.28

16.76

14.66

12.89

10.80

3.45

24.07

2.92

38.60

A+

07.09.2007

Baa1

07.11.2011

ANALOG DEVICES INC

USD

13359

411

298

10.13

2701

2675

2690

2980

942

923

225

2.15

2.11

2.16

2.69

20.68

20.20

16.22

-9.76

1.99

-20.98

4.28

34.52

A-

29.09.2010

25.06.2009

APPLE INC

USD

403732

5478

939

121

259.04

156508

169104

171696

188398

58518

57381

10622

44.15

41.89

40.01

44.07

10.27

10.75

9.76

44.58

43.06

64.36

65.35

33.93

AA+

23.04.2013

Aa1

23.04.2013

APPLIED MATERIALS INC

USD

17281

3929

1197

17.47

8719

8103

7828

9351

1422

1285

317

0.75

0.62

0.61

1.07

23.23

23.72

13.42

-17.10

0.23

-45.03

-11.81

15.86

A-

21.12.1999

20.08.1997

AUTODESK INC

USD

8551

501

224

6.93

2312

2448

2648

478

161

1.09

1.14

2.12

2.46

33.52

18.06

15.56

4.36

1.06

1.66

-1.18

20.66

BBB

05.12.2012

Baa2

10.12.2012

AUTOMATIC DATA PROCESSING

USD

32564

375

484

31.08

10665

10945

11314

12148

2342

2375

779

2.74

2.79

2.90

3.19

24.06

23.13

21.07

7.95

5.09

6.64

4.99

21.70

AAA

29.10.1998

AVAGO TECHNOLOGIES LTD

USD

8005

517

245

6.86

2364

2377

2387

2651

744

740

173

2.28

2.29

2.60

2.96

14.22

12.50

10.99

1.20

8.15

-0.13

39.47

31.13

BAIDU INC - SPON ADR

USD

29892

1410

350

163.60

22306

24011

30034

38834

12567

12551

3485

29.83

30.32

31.45

38.14

17.38

16.76

13.82

53.83

60.80

48.51

76.77

52.27

06.11.2012

BED BATH & BEYOND INC

USD

15465

825

226

14.45

10915

11635

12274

1833

386

4.56

4.58

5.01

5.62

14.93

13.65

12.18

14.89

12.27

4.61

12.98

16.79

BBB+

30.06.2011

BIOGEN IDEC INC

USD

53079

513

237

53.33

5516

5640

6501

7622

2204

2354

597

5.71

6.24

7.95

9.89

35.85

28.12

22.61

9.27

8.48

3.06

11.87

41.75

A-

17.04.2013

Baa2

19.03.2012

BMC SOFTWARE INC

USD

6491

644

162

6.62

2172

2198

2227

2325

769

702

222

2.36

2.18

3.47

3.86

20.86

13.08

11.78

5.17

4.81

6.32

13.24

31.93

BBB+

22.07.2010

Baa2

23.07.2010

BROADCOM CORP-CL A

USD

20222

2534

569

17.99

8006

8184

8629

9457

1297

1353

375

1.45

1.50

2.89

3.08

23.61

12.24

11.49

8.35

17.71

2.94

48.35

16.53

A-

11.08.2011

27.10.2010

CA INC

USD

12141

871

466

10.89

4814

4680

4640

4667

1805

1836

403

2.04

2.16

2.41

2.53

12.35

11.04

10.54

8.69

1.88

11.15

14.58

39.23

BBB+

11.04.2011

Baa2

13.08.2010

CATAMARAN CORP

USD

11631

249

205

12.44

9940

14511

16281

367

150

0.87

1.87

2.36

65.07

30.29

24.04

99.78

303.30

120.71

82.08

3.70

22.05.2012

CELGENE CORP

USD

49609

905

420

48.85

5507

5698

6148

7036

2199

2230

749

4.01

4.15

5.74

6.90

28.54

20.64

17.17

13.73

26.39

32.20

36.40

39.13

BBB+

04.10.2010

Baa2

04.10.2010

CERNER CORP

USD

16292

225

172

15.47

2665

2704

2985

3375

794

830

238

2.26

2.37

2.82

3.28

40.00

33.66

28.86

20.98

12.47

18.13

17.35

30.69

C.H. ROBINSON WORLDWIDE INC

USD

9369

218

161

9.48

11359

12979

14106

713

191

3.08

3.06

3.47

19.20

19.24

16.98

9.89

8.96

-1.63

5.84

6.28

CHECK POINT SOFTWARE TECH

USD

9391

661

199

5.87

1343

1352

1399

1490

761

763

198

2.94

3.01

3.41

3.72

15.15

13.40

12.26

7.68

11.32

9.76

17.15

56.39

CISCO SYSTEMS INC

USD

111865

6777

5298

81.79

46061

47252

48678

51367

12971

13372

3802

1.60

1.48

2.00

2.11

14.22

10.52

9.95

6.58

4.44

18.36

5.10

28.30

A+

10.02.2006

CITRIX SYSTEMS INC

USD

11598

537

186

10.94

2586

2670

2963

3347

606

596

200

1.70

1.65

3.09

3.53

37.58

20.11

17.62

17.21

12.57

5.10

15.29

22.34

04.02.2005

COGNIZANT TECH SOLUTIONS-A

USD

18991

1217

302

16.13

7346

8626

10010

1518

411

3.44

4.31

4.94

18.29

14.59

12.73

20.02

26.92

20.42

28.37

20.66

COMCAST CORP-CLASS A

USD

108281

2210

2639

153.76

62570

64180

67996

19977

4982

1.92

1.93

2.39

2.75

21.50

17.38

15.11

12.05

16.15

8.82

11.13

31.93

A-

14.02.2013

13.02.2013

COSTCO WHOLESALE CORP

USD

47403

660

432

46.79

99137

103128

106074

115137

3667

3874

932

3.96

4.35

4.55

5.03

24.95

23.86

21.60

11.50

8.06

11.02

10.87

3.76

DELL INC

USD

23308

1232

1738

19.64

56940

55730

55642

4156

947

1.48

1.49

1.53

1.64

8.95

8.75

8.14

-8.27

-1.66

-22.56

0.13

7.30

DENTSPLY INTERNATIONAL INC

USD

6028

144

142

7.51

2928

3051

3186

537

155

2.37

2.41

2.67

17.78

17.51

15.82

15.40

7.52

27.33

5.25

DIRECTV

USD

32629

956

587

49.09

29740

31892

34136

7447

1878

4.52

4.54

4.84

5.81

12.59

11.81

9.83

9.23

10.57

7.32

DISCOVERY COMMUNICATIONS-A

USD

28381

307

304

32.43

4487

4521

5552

6143

1978

1975

512

2.52

3.37

4.25

31.28

23.37

18.53

7.65

DOLLAR TREE INC

USD

10858

337

225

10.73

7395

7939

8612

1095

254

2.34

2.53

2.78

3.20

18.90

17.21

14.92

11.52

EBAY INC

USD

68575

2127

1294

63.70

14072

14542

16325

19014

4088

4285

1247

1.95

2.01

2.74

3.23

26.29

19.27

16.36

EQUINIX INC

USD

10296

286

14.00

1896

1981

2207

2547

818

844

243

2.99

3.00

2.87

4.53

70.34

73.43

EXPEDIA INC

USD

7576

1997

135

7.20

4030

4226

4818

5453

809

865

222

2.70

2.12

3.33

3.97

26.41

16.82

EXPEDITORS INTL WASH INC

USD

7364

266

206

6.11

5981

6367

6927

571

141

1.57

1.78

2.03

22.71

EXPRESS SCRIPTS HOLDING CO

USD

47776

1970

818

60.24

93858

108166

100773

102127

4657

5485

1649

2.46

2.45

4.27

4.90

23.85

F5 NETWORKS INC

USD

5954

649

5.43

1377

1431

1458

1628

461

464

130

3.46

3.44

4.46

5.06

FACEBOOK INC-A

USD

65178

6526

2372

57.91

5089

6673

8466

1187

761

0.01

0.02

0.57

0.78

FASTENAL CO

USD

14811

423

297

14.65

3134

3171

3443

3887

727

743

219

1.42

1.45

1.62

1.89

FISERV INC

USD

12086

192

133

14.96

4482

4934

5145

1410

374

4.38

5.98

6.66

FOSSIL INC

USD

5655

152

5.56

2858

3166

3453

554

105

5.37

5.41

6.06

GARMIN LTD

USD

6914

216

196

4.04

2716

2555

2507

695

112

2.76

2.77

GILEAD SCIENCES INC

USD

77779

2876

1519

83.66

9703

10713

13009

4288

1132

1.69

GOOGLE INC-CL A

USD

271115

536

330

224.69

50175

54703

47546

55173

15722

16160

5164

HENRY SCHEIN INC

USD

7878

114

8.73

8940

9515

10038

759

185

INTEL CORP

USD

117517

8151

4944

108.98

53341

53015

53565

55902

22160

21148

4604

INTUIT INC

USD

18062

1162

295

17.90

4151

4211

4519

4922

1419

1307

1388

2.12

-0.50

28.11.2012

26.03.2012

05.02.2013

Baa1 *-

05.02.2013

18.33

BBB+

02.09.2011

Baa2

16.08.2011

12.83

25.04

BBB

25.02.2011

8.50

43.69

BBB

09.03.2011

11.62

15.79

17.48

14.81

20.77

11.98

23.39

9.42

29.47

02.03.2010

21.10.2010

46.62

20.76

27.20

23.95

49.56

42.59

28.02.2013

Ba3

28.02.2013

14.11

16.86

8.58

12.52

2.11

20.47

BBB-

22.12.2011

Ba1

30.10.2009

20.03

17.60

-2.76

1.93

-13.03

4.22

9.54

23.85

13.70

11.92

103.47

45.59

81.37

32.09

5.07

BBB+

31.05.2012

Baa3

04.06.2009

22.08

17.02

15.02

19.57

18.14

24.19

28.96

32.39

1349.00

47.67

34.81

37.13

-42.91

23.32

34.50

30.87

26.44

13.25

8.15

17.41

11.95

23.44

20.76

15.20

13.64

3.34

1.00

4.83

8.80

31.46

BBB-

02.03.2010

Baa2

08.11.2007

6.89

17.61

15.73

13.84

11.30

15.87

5.81

20.38

19.40

2.41

2.45

12.72

14.65

14.40

-1.55

-8.13

7.15

-6.49

25.58

1.68

2.06

2.97

30.46

24.76

17.21

15.71

19.77

4.80

14.12

44.20

A-

23.03.2011

Baa1

23.03.2011

34.02

34.99

46.17

53.26

23.41

17.74

15.38

32.37

22.23

15.66

21.04

29.54

19.11.2012

Aa2

16.05.2011

4.44

4.42

4.87

5.38

20.33

18.47

16.71

4.80

7.43

8.80

10.46

8.50

4604

2.13

2.00

1.90

2.03

11.88

12.49

11.70

-1.22

8.14

-5.87

10.34

39.89

A+

17.02.1993

14.09.2011

1388

2.50

2.36

3.35

3.68

25.82

18.18

16.57

10.05

3.29

8.49

11.70

31.04

BBB

29.05.2008

Baa1

04.06.2010

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

A+ A-

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

Minority Interest (USD)

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

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

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

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

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

S&P 500 INDEX

USD

14664995

1960.721

1107

204

218

101.88

110.18

15.64

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

751

783

212.38

307.58

21.91

18.23

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

5.03

6.89

0.29

0.28

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

1468

1668

548.60

826.37

28.19

23.76

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

879

844

422.09

560.69

21.41

18.40

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

1862

2073

795.38

870.10

15.16

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

630

701

250.06

336.12

22.19

17.81

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

364

405

274.80

269.60

1.37

1.50

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

196

195

85.16

95.99

12.07

13.13

10.70

19.56

INTUITIVE SURGICAL INC

USD

19645

2179

2295

KLA-TENCOR CORPORATION

USD

8810

904

167

6.68

3172

3015

KRAFT FOODS GROUP INC

USD

30600

931

593

39.32

18339

LIBERTY GLOBAL INC-A

USD

18297

476

259

43.66

10311

LIBERTY INTERACTIVE CORP-A

USD

11350

826

545

19.24

10054

LIFE TECHNOLOGIES CORP

USD

12554

231

171

14.71

LINEAR TECHNOLOGY CORP

USD

8324

534

230

MATTEL INC

USD

15477

452

342

MAXIM INTEGRATED PRODUCTS

USD

8982

844

293

MICROCHIP TECHNOLOGY INC

USD

7025

395

193

MICRON TECHNOLOGY INC

USD

9631

3517

1018

MICROSOFT CORP

USD

272330

15331

8381

MONDELEZ INTERNATIONAL INC-A

USD

56229

1882

1778

MONSTER BEVERAGE CORP

USD

9353

361

166

MYLAN INC

USD

11102

1273

395

NETAPP INC

USD

12445

1219

NEWS CORP-CL A

USD

72124

1736

NUANCE COMMUNICATIONS INC

USD

7369

766

312

NVIDIA CORP

USD

8359

1664

617

O'REILLY AUTOMOTIVE INC

USD

11958

242

113

ORACLE CORP

USD

151872

7296

PACCAR INC

USD

17625

400

PAYCHEX INC

USD

13148

527

PERRIGO CO

USD

11233

PRICELINE.COM INC

USD

QUALCOMM INC

18.29

2583

S&P LT Credit Rating -

S&P LT Credit Rating Date

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

2968

936

997

256

15.98

17.02

17.85

20.75

28.74

27.41

23.58

23.99

28.74

26.25

29.59

43.42

2827

3164

1108

951

205

4.64

3.97

3.24

4.10

13.39

16.40

12.96

-0.10

13.56

-11.07

9.66

31.53

BBB

28.04.2008

Baa1

29.04.2008

18770

19237

3239

814

3.50

2.78

3.12

18.53

16.56

-1.69

1.54

BBB

19.07.2012

Baa2

16.07.2012

10311

13792

15803

4757

1306

-1.71

-1.79

2.14

3.31

34.30

22.13

8.41

2.82

9.34

7.11

46.14

06.02.2013

10054

10393

10920

1809

438

-0.76

1.80

1.15

1.38

11.65

18.20

15.21

4.55

5.26

1.97

1.87

17.99

29.09.2011

3799

3923

4062

1167

316

2.72

2.70

4.36

4.75

27.29

16.89

15.51

0.60

27.22

0.54

29.53

30.72

BBB *-

15.04.2013

Baa3

06.03.2012

7.69

1267

1285

1280

1398

638

636

157

1.71

1.72

1.82

2.01

20.76

19.62

17.79

-14.65

5.00

-21.96

2.10

49.59

15.87

6421

6488

6850

7145

1195

1238

200

2.47

2.55

2.83

3.10

17.57

15.86

14.44

2.47

2.08

-0.59

5.79

19.08

BBB+

04.04.2011

Baa1

29.04.2011

8.22

2404

2438

2464

2665

783

832

225

1.27

1.68

1.81

2.07

18.28

16.96

14.82

-2.78

7.76

-10.98

11.36

34.14

BBB+

09.05.2012

Baa1

10.06.2010

6.37

1383

1490

1602

1849

497

405

121

1.66

1.53

1.84

2.14

23.50

19.55

16.80

-6.99

13.84

-14.74

1.38

27.20

11.24

8234

8047

8615

10419

1523

1409

610

-1.06

-0.39

0.79

11.84

-6.30

15.62

-46.75

0.62

17.51

BB-

30.06.2011

Ba3

20.08.2012

212.04

73723

76012

78900

84768

30923

30645

8701

2.73

2.68

2.77

3.08

12.17

11.76

10.58

5.40

7.53

3.33

9.15

40.32

AAA

22.09.2008

Aaa

11.05.2009

71.32

35015

48783

36454

38478

5028

7727

1366

1.39

2.24

1.56

1.76

14.12

20.24

18.00

-2.22

0.57

1.00

-0.96

15.84

BBB

02.02.2010

Baa2

02.02.2010

9.03

2061

2323

2612

571

137

1.86

2.24

2.66

30.41

25.27

21.21

20.99

14.14

20.63

19.62

27.72

16.50

6796

6817

7186

7728

1719

1831

461

1.89

1.93

2.86

3.19

15.03

10.14

9.09

10.87

8.37

9.83

31.53

26.87

BBB-

20.11.2012

Baa3

20.11.2012

365

7.96

6233

6318

6372

6924

1049

967

369

1.61

1.32

2.28

2.53

26.18

15.16

13.63

21.68

14.59

5.21

22.10

15.30

BBB+

04.12.2012

Baa1

05.12.2012

2383

82.28

33706

34333

35722

38031

6646

6754

1688

1.41

1.57

1.68

1.95

19.74

18.46

15.92

0.90

2.06

8.36

4.21

19.67

BBB+

30.11.2012

8.70

1652

1814

2160

2444

380

223

0.95

0.80

1.81

2.03

28.96

12.90

11.49

25.23

17.32

41.82

33.78

21.66

BB-

11.02.2011

Ba3

06.08.2012

4.65

4280

4226

4596

874

129

0.94

0.91

0.85

0.96

14.91

16.02

14.15

7.06

11.62

2.58

-2.04

20.43

07.05.2009

12.85

6182

6238

6636

7058

1154

1158

319

4.75

4.97

5.78

6.56

21.67

18.62

16.42

6.80

22.47

12.10

24.62

18.57

BBB

18.01.2012

Baa3

11.01.2011

4905

138.66

37121

37149

37423

39512

16973

17286

5889

2.00

2.16

2.69

2.93

14.93

11.99

11.00

4.21

11.70

9.33

18.51

46.53

A+

24.04.2012

24.06.2011

353

15.40

17051

16199

16525

18021

2296

2175

464

3.12

2.88

3.14

3.56

17.32

15.89

13.99

4.25

7.51

6.65

1.08

13.43

A+

29.04.2010

25.02.2009

363

12.58

2230

2292

2326

2463

952

987

235

1.51

1.57

1.60

1.71

23.01

22.57

21.10

6.98

2.28

8.75

4.19

43.06

122

12.15

3173

3263

3590

4041

713

774

235

4.51

5.00

5.65

6.68

24.02

21.27

17.98

15.18

15.43

20.05

33.72

23.73

35014

214

31.39

5261

6511

7728

1895

340

27.86

27.91

38.66

46.06

25.06

18.09

15.19

20.79

29.06

30.44

60.37

36.02

BBB

07.03.2012

USD

106452

5748

1706

75.93

19121

21639

24498

27257

6579

7549

2089

2.79

3.66

4.54

4.89

16.83

13.58

12.61

27.84

19.92

8.08

15.03

34.89

19.12.2001

RANDGOLD RESOURCES LTD-ADR

USD

7502

178

7.30

1318

1499

1938

699

4.65

4.70

4.67

7.35

17.33

17.44

11.07

16.92

45.49

20.16

53.34

53.06

REGENERON PHARMACEUTICALS

USD

21007

183

20.88

1378

1886

2362

495

160

6.75

6.61

5.24

6.83

32.60

41.09

31.57

209.20

65.37

35.88

ROSS STORES INC

USD

14460

668

221

13.96

9721

10278

10995

1457

429

3.53

3.86

4.34

18.62

17.03

15.13

12.93

10.88

19.12

21.88

14.99

BBB+

08.06.2011

SANDISK CORP

USD

13101

812

241

8.63

5053

5188

5770

6331

1113

1215

380

1.70

1.91

4.03

4.66

28.36

13.45

11.63

-10.77

13.17

-38.39

15.61

23.42

20.12.2011

SBA COMMUNICATIONS CORP-CL A

USD

9912

534

127

15.15

954

1075

1226

1312

602

671

188

-1.28

-0.91

-0.72

-0.08

36.65

24.64

39.32

23.72

62.47

B+

10.04.2012

01.08.2006

SEAGATE TECHNOLOGY

USD

12998

1121

396

13.96

14939

16332

14126

13695

3926

4319

698

6.51

7.57

5.18

5.41

4.78

SEARS HOLDINGS CORP

USD

5311

170

106

8.24

39854

36947

36889

-146

-2.03

-2.61

-2.73

-2.20

SIGMA-ALDRICH

USD

9421

147

120

9.34

2623

2633

2700

2827

809

801

205

3.85

3.89

4.13

4.40

20.13

18.97

SIRIUS XM RADIO INC

USD

20136

9506

5262

22.05

3402

3495

3808

4174

1136

272

-0.14

0.08

0.10

0.13

38.04

STAPLES INC

USD

8637

1208

669

9.30

24381

24524

23884

23904

2015

2000

397

0.89

0.88

1.33

1.40

14.68

STARBUCKS CORP

USD

45393

912

749

43.49

13300

14023

14918

16675

2367

2568

745

1.79

1.94

2.17

2.62

31.23

STERICYCLE INC

USD

9347

108

10.62

1913

1967

2131

2311

545

578

160

3.30

3.42

3.68

4.15

SYMANTEC CORP

USD

16947

1529

724

15.77

6730

6839

6885

6998

1795

1834

497

1.20

1.22

1.71

TEXAS INSTRUMENTS INC

USD

39896

1611

1108

41.72

12825

12589

12220

12885

3986

3908

909

1.91

1.80

VERISK ANALYTICS INC-CLASS A

USD

11064

224

168

12.43

1534

1724

1882

696

181

1.92

VERTEX PHARMACEUTICALS INC

USD

17091

603

217

16.43

1527

1170

1063

-15

0.67

VIACOM INC-CLASS B

USD

31544

1011

507

39.43

13887

13249

13771

14405

4137

3913

899

4.21

VIRGIN MEDIA INC

USD

13290

744

269

14.37

4101

4137

4249

4388

1654

1676

436

VODAFONE GROUP PLC-SP ADR

USD

149542

1792

46417

44677

44827

45063

18214

13907

WESTERN DIGITAL CORP

USD

13025

1245

246

10.98

12478

16377

15226

14866

2890

3775

WHOLE FOODS MARKET INC

USD

16333

579

185

15.43

11699

12164

13058

14926

1112

1171

WYNN RESORTS LTD

USD

13704

335

101

18.15

5154

5219

5428

5655

1442

XILINX INC

USD

9858

598

262

9.07

2169

2292

2544

YAHOO! INC

USD

26905

2973

1115

21.56

4987

4906

4531

4658

6.69

36.17

4.37

148.80

21.32

26.45

BB+

07.03.2011

-4.12

-131.75

-0.37

CCC+

05.01.2012

17.78

4.71

3.71

6.31

7.73

30.42

A+

28.09.2011

25.10.2010

31.01

23.80

12.85

32.39

20.65

33.38

26.10.2011

08.08.2012

9.73

9.22

-1.15

4.45

-4.75

0.80

8.15

BBB

02.07.2008

Baa2

08.07.2008

31.23

27.87

23.12

13.67

7.38

14.11

10.50

18.31

A-

24.02.2012

Baa2

29.04.2013

31.70

29.43

26.14

14.15

15.15

11.17

16.22

29.40

18.07.2007

1.93

20.18

14.36

12.75

8.72

3.43

8.92

5.06

26.82

BBB

13.09.2010

Baa2

13.09.2010

1.81

2.22

19.98

19.88

16.18

-6.63

1.54

-10.10

-2.68

31.04

A+

23.09.2010

25.05.2011

2.34

2.64

31.48

25.87

22.93

15.20

18.20

15.57

45.35

BBB-

29.03.2011

Ba1

29.03.2011

0.30

-0.50

-0.84

259.49

8.25

156.00

-83.50

2.77

4.20

4.70

5.41

15.15

13.55

11.77

-6.89

2.72

0.29

29.53

BBB+

29.07.2010

Baa1

05.08.2010

0.89

0.87

1.59

1.94

36.57

19.95

16.32

2.72

1.97

3.98

5.67

40.50

06.02.2013

1.62

1.68

12.21

11.76

1.16

5.40

24.18

7.88

31.13

A-

30.05.2006

03.08.2011

774

7.84

8.44

8.31

7.90

6.42

6.52

6.85

30.99

17.07

108.97

35.83

23.05

29.04.1999

299

2.71

2.85

2.87

3.40

30.92

30.68

25.94

15.74

9.56

25.78

18.10

9.62

BBB-

07.08.2012

1511

429

5.22

6.04

6.64

7.00

22.48

20.45

19.40

-2.19

13.14

-6.15

15.28

28.95

BB+

10.06.2011

654

177

1.79

1.78

2.01

2.27

21.17

18.75

16.58

-3.22

3.67

-8.99

5.69

30.17

BBB+u

04.04.2012

1457

1469

368

1.27

0.97

1.34

1.48

25.10

18.20

16.52

0.05

-8.40

-1.08

1.47

29.95

18.04.2008

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

6.99

B+

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.23

2.05

1.87

2.23

1.44

1.38

1.33

1.44

10.03

9.39

9.69

10.03

9.01

8.34

7.81

9.01

14.46

13.01

11.80

14.46

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.12

1.05

1.18

0.76

0.74

0.72

0.76

5.89

5.46

4.90

5.89

7.21

6.82

6.47

7.21

11.57

10.33

9.43

11.57

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.47

1.41

1.57

0.74

0.72

0.71

0.74

9.11

8.48

8.25

9.11

8.93

8.32

7.94

8.93

20.64

16.38

14.55

20.64

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.59

1.38

1.71

1.07

1.04

1.01

1.07

8.45

7.68

6.11

8.45

7.22

6.78

6.38

7.22

12.08

10.98

10.07

12.08

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.26

2.06

2.41

2.04

1.94

1.85

2.04

12.46

11.35

10.03

12.46

13.40

12.40

11.60

13.40

15.09

13.54

12.32

15.09

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.53

1.43

1.65

1.54

1.46

1.37

1.54

8.22

7.42

6.84

8.22

7.30

6.86

8.22

14.00

12.39

11.38

14.00

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.87

1.77

1.97

1.89

1.78

1.69

1.89

11.76

10.47

9.56

11.76

9.77

8.63

7.97

9.77

15.97

14.26

13.07

15.97

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.24

1.14

1.35

1.72

1.59

1.47

1.72

8.08

7.58

7.25

8.08

8.39

7.65

7.05

8.39

10.87

9.98

9.03

10.87

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.31

1.21

1.44

0.00

6.95

6.42

6.05

6.95

7.28

6.64

6.27

7.28

10.70

9.62

8.97

10.70

3.11

3.56

3.46

3.11

1190.5

15.9%

ACTIVISION BLIZZARD INC

1.48

1.41

1.31

1.22

3.44

3.89

3.56

3.39

3.40

12.47

15.42

13.35

11.51

7.07

8.56

7.29

6.60

6.83

13.32

17.59

14.41

12.61

12.14

1.17

1.27

1.34

0.00

16.08

7.7%

ADOBE SYSTEMS INC

3.38

3.19

2.93

2.62

5.20

5.49

5.01

4.32

3.67

15.42

19.97

17.09

14.17

11.53

17.03

14.25

11.68

8.32

19.50

31.10

25.09

18.93

13.99

0.00

45.50

1.0%

AKAMAI TECHNOLOGIES INC

3.39

3.00

2.67

2.41

5.57

4.99

4.38

3.86

3.36

16.85

15.80

13.42

12.67

10.73

9.96

8.67

7.61

6.27

24.32

22.13

19.68

17.65

14.76

0.00

45.37

5.4%

ALEXION PHARMACEUTICALS INC

12.12

9.07

6.77

5.35

17.06

12.69

10.16

8.34

6.97

52.12

35.15

27.44

22.63

39.53

27.65

20.68

15.76

48.10

33.47

30.17

24.10

19.17

0.00

116.17

17.7%

5.65

5.77

5.03

4.50

16.06

17.38

13.59

15.23

11.80

13.38

10.72

9.48

1.83

1.52

1.25

1.04

0.84

38.56

29.12

20.32

12.82

7.63

33.92

23.53

17.50

12.89

4.30

12.95

12.55

11.04

14.72

28.15

11.12

11.23

9.92

16.40

16.57

13.76

11.82

10.70

10.89

ALTERA CORP

3.06

2.77

2.53

AMAZON.COM INC

14.86

12.28

10.00

7.63

AMGEN INC

4.17

3.50

3.07

2.68

4.65

4.46

4.35

4.32

ANALOG DEVICES INC

3.20

2.86

2.54

2.34

4.94

4.97

4.48

4.09

APPLE INC

3.45

2.89

2.53

2.09

2.58

2.35

2.14

1.93

APPLIED MATERIALS INC

2.26

2.41

2.26

1.84

2.00

2.21

1.85

1.82

AUTODESK INC

4.20

3.76

3.27

2.69

3.73

3.49

3.23

2.90

AUTOMATIC DATA PROCESSING

5.36

4.88

4.43

4.15

3.05

2.88

2.68

AVAGO TECHNOLOGIES LTD

3.34

2.85

2.41

1.98

3.39

3.35

BAIDU INC - SPON ADR

7.06

4.92

3.58

2.65

1.97

8.37

6.14

BED BATH & BEYOND INC

3.68

3.34

2.92

2.48

2.35

1.42

BIOGEN IDEC INC

7.07

6.37

5.33

4.39

BMC SOFTWARE INC

5.28

10.57

8.69

BROADCOM CORP-CL A

2.64

2.29

1.98

CA INC

2.44

2.24

CATAMARAN CORP

2.22

2.43

CELGENE CORP

8.28

CERNER CORP

5.99

C.H. ROBINSON WORLDWIDE INC

5.70

2.08

21.66

17.94

15.15

1.14

1.27

1.36

1.39

35.36

11.8%

79.71

47.10

27.03

16.62

0.00

314.25

25.8%

9.76

16.42

14.66

12.89

12.32

11.98

1.34

1.76

2.15

2.36

8.92

8.13

20.43

20.20

16.22

14.07

2.64

3.02

3.20

3.18

2.25

4.3%

48.15

10.3%

7.90

7.45

6.87

4.44

4.84

4.39

4.02

9.71

10.75

9.76

8.81

0.62

2.63

2.85

3.05

533.58

24.1%

22.50

11.87

10.07

10.67

13.28

8.77

8.66

19.94

23.72

13.42

14.05

2.33

2.42

2.43

2.29

14.20

-1.4%

2.58

14.93

13.35

12.37

11.04

10.66

9.60

8.59

7.85

20.02

18.06

15.56

13.56

0.00

41.92

9.7%

2.48

2.34

18.82

17.53

16.57

15.49

13.86

13.26

12.15

11.17

24.53

23.13

21.07

19.13

2.31

2.49

2.62

2.80

64.68

-3.7%

3.02

2.63

2.44

11.04

10.85

8.95

7.53

41.50

27.6%

4.75

3.77

3.03

14.49

13.11

10.93

8.42

116.18

35.9%

1.33

1.26

1.20

1.12

12.78

11.37

10.23

9.68

8.16

6.96

6.23

5.58

29.98

23.72

18.99

6.80

2.99

2.91

2.79

2.67

9.63

9.03

7.87

7.53

7.50

1.75

2.53

2.34

2.14

1.99

11.93

12.74

11.08

11.15

11.44

2.11

1.98

2.53

2.62

2.60

2.58

8.70

8.56

7.87

7.76

6.28

6.13

6.00

2.27

2.07

1.17

0.80

0.71

0.64

24.58

27.64

26.50

18.00

35.01

18.49

14.98

13.02

12.34

6.14

4.69

3.52

8.98

8.07

7.05

5.90

4.98

24.86

18.40

15.27

11.39

17.69

15.94

13.76

11.27

10.89

5.14

4.46

3.84

6.14

5.46

4.83

4.30

3.77

25.74

23.01

20.36

18.12

18.90

15.98

13.81

12.10

7.49

5.96

5.50

4.73

0.83

0.72

0.66

0.60

18.54

17.55

15.35

13.73

12.35

11.26

10.14

CHECK POINT SOFTWARE TECH

2.81

2.51

2.26

1.99

6.97

6.71

6.30

6.00

12.56

11.56

11.05

10.80

7.31

7.13

CISCO SYSTEMS INC

2.13

1.93

1.78

1.71

2.43

2.30

2.18

2.04

10.06

9.33

9.04

8.41

5.63

5.38

CITRIX SYSTEMS INC

3.76

3.36

3.04

2.56

4.54

3.91

3.47

3.12

2.75

15.10

12.99

11.55

11.36

13.51

COGNIZANT TECH SOLUTIONS-A

3.97

3.15

2.55

2.16

2.59

2.20

1.90

1.65

1.40

18.75

16.05

13.20

11.98

COMCAST CORP-CLASS A

2.20

2.17

2.06

1.89

1.94

1.73

1.69

1.59

1.53

1.46

7.93

7.36

6.71

COSTCO WHOLESALE CORP

3.60

4.29

3.86

3.29

3.24

0.48

0.45

0.41

0.39

0.36

14.05

14.97

DELL INC

2.20

1.89

1.66

1.56

0.41

0.42

0.44

0.45

7.10

DENTSPLY INTERNATIONAL INC

2.78

2.44

2.14

1.93

2.08

1.98

1.89

1.82

1.10

1.02

0.96

0.90

17.69

8.56

8.90

7.69

6.38

11.91

12.50

10.99

9.29

1.67

2.20

2.55

2.61

13.01

11.63

9.24

7.35

5.84

17.53

16.76

13.82

11.13

8.42

0.00

9.01

7.83

7.42

6.98

6.61

6.13

14.99

13.65

12.18

10.95

9.65

0.00

73.48

7.4%

15.46

22.58

19.68

15.31

12.75

11.74

34.00

28.12

22.61

19.05

16.64

0.00

218.27

-2.4%

7.96

7.53

7.29

13.71

13.08

11.78

11.13

0.00

47.40

4.3%

11.40

10.18

9.71

12.20

12.24

11.49

10.42

1.12

1.24

1.30

1.40

40.26

13.7%

11.88

11.04

10.54

10.03

1.50

3.77

3.76

24.75

-7.1%

50.36

30.29

24.04

20.02

17.31

0.00

62.83

11.0%

24.17

20.64

17.17

13.42

10.64

0.00

132.63

11.9%

40.18

33.66

28.86

24.58

20.56

0.00

96.77

2.1%

9.33

20.94

19.24

16.98

15.17

2.26

2.41

2.62

2.96

68.83

17.0%

6.70

6.46

14.38

13.40

12.26

11.27

0.00

53.89

18.2%

5.21

5.01

11.43

10.52

9.95

9.23

1.24

2.76

2.97

3.32

23.97

14.3%

11.70

10.31

8.83

22.07

20.11

17.62

15.68

0.00

77.82

25.2%

10.62

9.14

7.84

6.74

5.68

17.06

14.59

12.73

11.22

0.00

84.00

33.5%

6.19

7.77

7.32

6.88

6.52

6.21

21.06

17.38

15.11

13.08

11.35

1.53

1.87

2.13

2.38

2.44

46.53

12.1%

13.65

13.20

12.75

11.44

10.41

9.54

8.85

28.06

23.86

21.60

19.77

17.82

0.92

6.66

1.17

1.32

1.21

108.91

0.3%

6.43

6.78

7.58

3.93

4.81

4.56

4.92

4.56

7.83

8.75

8.14

7.02

1.20

2.43

2.47

3.07

14.48

8.5%

15.00

13.18

12.25

10.82

12.84

12.06

11.32

10.56

19.10

17.51

15.82

14.31

0.50

0.57

0.61

0.67

44.40

5.2%

0.85

7.00

5.56

4.70

3.93

6.60

6.23

5.74

5.42

5.09

13.62

11.81

9.83

8.54

6.63

0.00

59.41

4.0%

14.18

12.59

15.53

13.29

11.77

10.69

9.61

29.59

23.37

18.53

15.63

12.89

0.00

75.22

-4.6%

5.50

7.09

DISCOVERY COMMUNICATIONS-A

4.87

4.72

4.56

4.15

3.76

6.29

5.11

4.62

4.27

3.90

25.51

20.65

16.77

DOLLAR TREE INC

6.97

5.52

5.00

4.14

3.16

1.47

1.37

1.26

1.15

1.06

16.37

13.91

12.70

9.81

9.10

8.12

7.39

6.87

19.09

17.21

14.92

12.97

11.87

0.00

EBAY INC

3.43

2.96

2.52

2.19

1.84

4.88

4.20

3.61

3.06

2.70

17.64

14.45

12.67

10.58

9.39

13.81

11.89

10.25

8.53

7.39

22.46

19.27

16.36

13.97

12.20

0.00

EQUINIX INC

4.36

4.31

3.87

3.42

2.91

5.42

4.67

4.04

3.59

3.24

18.36

20.16

14.98

12.97

10.50

15.83

13.92

12.00

10.42

9.22

79.49

73.43

46.62

27.38

22.29

0.00

1.22

2.91

EXPEDIA INC

4.21

2.96

2.57

2.73

1.90

1.57

1.39

1.27

1.18

9.32

9.04

7.99

8.10

9.20

8.08

6.95

6.14

5.05

17.99

16.82

14.11

12.08

10.52

0.76

0.86

0.88

0.87

EXPEDITORS INTL WASH INC

3.62

3.46

3.18

2.83

1.24

1.16

1.06

0.99

19.43

17.57

15.42

14.04

10.37

9.65

8.59

7.96

22.19

20.03

17.60

15.88

1.57

1.71

1.92

EXPRESS SCRIPTS HOLDING CO

1.96

1.97

1.88

1.75

0.51

0.47

0.45

0.46

11.79

9.98

8.81

6.65

11.17

9.05

8.29

7.82

15.70

13.70

11.92

10.44

8.47

0.00

F5 NETWORKS INC

4.48

3.73

2.98

2.65

4.31

4.08

3.66

3.34

4.10

15.63

16.55

14.86

16.57

9.59

9.71

8.42

7.52

17.11

17.02

15.02

13.80

17.58

0.00

FACEBOOK INC-A

4.38

4.92

4.30

3.64

3.30

12.96

9.77

7.70

6.12

4.89

35.74

26.93

21.52

17.44

12.97

20.65

16.75

12.74

10.09

52.49

47.67

34.81

25.36

17.61

FASTENAL CO

8.64

8.03

6.67

5.98

4.54

4.72

4.30

3.81

3.39

3.24

34.19

29.89

25.40

21.85

20.29

20.17

17.53

14.96

12.90

35.25

30.87

26.44

22.62

19.89

FISERV INC

3.65

3.15

2.74

2.69

2.45

2.35

2.25

2.19

17.76

15.42

13.71

12.19

10.41

9.34

8.82

8.50

7.96

17.66

15.20

13.64

12.47

FOSSIL INC

5.16

4.20

3.36

2.87

1.99

1.79

1.64

1.48

1.33

16.93

14.55

12.39

11.30

10.16

9.17

8.37

7.43

6.59

17.64

15.73

13.84

12.14

2.49

2.71

2.76

2.97

10.52

11.87

11.08

5.71

6.76

6.70

6.52

11.96

14.65

14.40

14.87

GILEAD SCIENCES INC

7.62

6.15

4.88

3.68

8.14

7.26

5.98

4.80

4.01

24.18

23.15

14.13

8.60

17.94

17.37

12.36

8.84

25.57

24.76

17.21

11.89

9.16

GOOGLE INC-CL A

3.80

3.20

2.70

2.22

6.51

5.70

4.91

4.30

3.84

16.95

14.88

12.55

10.67

12.23

10.51

8.90

7.64

20.62

17.74

15.38

12.98

11.29

HENRY SCHEIN INC

3.10

2.78

2.42

2.14

0.88

0.83

0.78

0.74

16.79

13.53

12.60

11.70

11.66

10.83

10.11

9.69

20.56

18.47

16.71

14.94

INTEL CORP

2.42

2.16

1.96

1.89

2.20

2.19

2.10

2.04

2.12

6.73

6.82

6.20

6.11

5.02

5.23

4.85

4.86

5.29

10.70

12.49

11.70

12.17

INTUIT INC

6.81

5.03

4.24

3.96

4.29

4.00

3.67

3.33

2.98

16.49

14.76

13.53

12.47

11.27

10.60

9.55

8.49

8.38

20.52

18.18

16.57

14.76

2.36

GARMIN LTD

1.93

2.46

111.27

9.06

10.96

9.85

2.22

7.84

DIRECTV

1.76

18.36 130.01

8.64

9.59

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

7.00

7.58

6.68

10.16

12.18

0.00

50.25

5.1%

63.81

20.8%

253.93

20.4%

72.10

28.6%

2.08

44.00

23.4%

0.00

64.08

9.7%

0.00

88.86

17.0%

0.00

33.60

24.5%

1.68

1.19

1.46

1.74

48.00

-3.8%

0.00

4.97

5.07

5.22

0.00

3.66

3.83

3.90

0.61

1.11

1.12

3.50

1.80

89.92

-1.0%

115.58

21.3%

5.11

40.60

15.2%

0.00

60.91

19.2%

0.00

895.29

9.3%

91.82

2.1%

4.07

23.28

-2.0%

1.12

64.92

6.5%

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.23

2.05

1.87

2.23

1.44

1.38

1.33

1.44

10.03

9.39

9.69

10.03

9.01

8.34

7.81

9.01

14.46

13.01

11.80

14.46

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.12

1.05

1.18

0.76

0.74

0.72

0.76

5.89

5.46

4.90

5.89

7.21

6.82

6.47

7.21

11.57

10.33

9.43

11.57

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.47

1.41

1.57

0.74

0.72

0.71

0.74

9.11

8.48

8.25

9.11

8.93

8.32

7.94

8.93

20.64

16.38

14.55

20.64

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.59

1.38

1.71

1.07

1.04

1.01

1.07

8.45

7.68

6.11

8.45

7.22

6.78

6.38

7.22

12.08

10.98

10.07

12.08

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.26

2.06

2.41

2.04

1.94

1.85

2.04

12.46

11.35

10.03

12.46

13.40

12.40

11.60

13.40

15.09

13.54

12.32

15.09

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.53

1.43

1.65

1.54

1.46

1.37

1.54

8.22

7.42

6.84

8.22

7.30

6.86

8.22

14.00

12.39

11.38

14.00

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.87

1.77

1.97

1.89

1.78

1.69

1.89

11.76

10.47

9.56

11.76

9.77

8.63

7.97

9.77

15.97

14.26

13.07

15.97

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.24

1.14

1.35

1.72

1.59

1.47

1.72

8.08

7.58

7.25

8.08

8.39

7.65

7.05

8.39

10.87

9.98

9.03

10.87

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.31

1.21

1.44

0.00

6.95

6.42

6.05

6.95

7.28

6.64

6.27

7.28

10.70

9.62

8.97

10.70

3.11

3.56

3.46

3.11

1190.5

15.9%

INTUITIVE SURGICAL INC

5.39

4.52

3.81

3.20

9.11

7.61

6.62

5.85

5.16

25.11

20.85

17.92

20.12

17.16

14.88

12.87

10.96

32.00

27.41

23.58

20.43

17.92

606.46

24.0%

KLA-TENCOR CORPORATION

2.67

2.55

2.28

2.04

2.79

3.12

2.78

2.68

10.44

11.40

11.94

9.88

5.89

8.24

6.69

5.88

11.85

16.40

12.96

11.44

2.62

2.99

3.06

2.96

58.93

11.0%

KRAFT FOODS GROUP INC

5.57

8.20

7.24

6.81

1.66

1.63

1.59

1.55

1.51

12.37

19.59

13.95

12.78

12.23

11.12

10.36

9.82

9.70

17.91

18.53

16.56

15.19

14.50

3.22

3.92

4.08

4.29

51.51

-0.1%

LIBERTY GLOBAL INC-A

11.42

4.81

4.96

5.39

1.79

1.33

1.16

1.14

1.05

6.35

6.17

4.67

4.59

9.06

7.41

6.43

6.49

6.97

29.43

34.30

22.13

16.07

12.17

0.00

82.33

12.3%

LIBERTY INTERACTIVE CORP-A

1.66

1.63

1.58

1.26

1.13

1.09

1.04

0.99

0.94

8.46

14.18

18.24

10.40

9.75

9.26

8.71

8.25

21.90

18.20

15.21

12.75

11.43

0.00

24.20

15.3%

LIFE TECHNOLOGIES CORP

2.31

2.35

2.15

1.95

3.31

3.20

3.09

3.00

2.92

15.92

13.54

12.44

10.93

10.77

10.49

10.13

9.67

10.23

18.53

16.89

15.51

14.13

13.25

0.00

71.77

-2.6%

LINEAR TECHNOLOGY CORP

11.50

8.40

6.99

5.53

6.54

6.50

5.95

5.32

17.48

16.68

14.86

13.19

11.88

12.30

10.86

9.58

18.79

19.62

17.79

15.00

2.74

2.85

2.96

3.05

36.78

2.8%

MATTEL INC

5.18

4.63

4.24

2.40

2.26

2.17

2.09

14.42

16.14

12.10

10.77

11.61

10.55

9.87

9.56

17.77

15.86

14.44

13.52

2.76

3.21

3.51

3.49

46.70

4.2%

MAXIM INTEGRATED PRODUCTS

3.59

3.43

3.17

2.93

3.72

3.65

3.37

3.05

13.69

11.88

10.79

9.36

10.48

9.45

8.39

7.48

20.10

16.96

14.82

13.01

2.87

3.13

3.25

3.31

35.53

15.7%

MICROCHIP TECHNOLOGY INC

3.57

3.74

3.61

3.83

5.07

4.39

3.80

3.49

15.91

13.83

12.44

10.67

12.80

13.17

11.00

8.78

19.13

19.55

16.80

14.55

3.87

3.92

3.98

4.06

38.93

8.3%

MICRON TECHNOLOGY INC

1.25

1.29

1.18

1.02

1.15

1.12

0.92

0.86

5.63

5.90

3.33

2.84

6.84

5.28

3.51

3.00

11.84

8.69

0.00

11.80

26.2%

MICROSOFT CORP

3.91

3.42

2.80

2.44

3.69

3.45

3.21

3.03

3.07

9.73

8.99

8.03

7.52

6.90

6.58

5.99

5.61

5.78

12.15

11.76

10.58

9.76

2.37

2.77

2.97

3.21

32.50

-0.3%

MONDELEZ INTERNATIONAL INC-A

1.69

1.67

1.56

1.52

1.60

1.54

1.46

1.37

1.31

120.23

16.30

13.21

11.29

12.72

12.08

11.24

10.35

9.66

22.10

20.24

18.00

15.92

13.90

1.63

1.68

1.87

2.19

30.96

-2.1%

MONSTER BEVERAGE CORP

11.39

10.59

9.87

8.83

4.51

4.03

3.58

3.20

2.99

32.56

25.22

21.20

17.80

15.48

13.81

11.96

10.26

8.49

29.96

25.27

21.21

17.75

13.29

0.00

MYLAN INC

2.77

3.33

2.59

2.00

1.63

1.54

1.44

1.38

1.35

5.74

7.93

6.42

5.57

8.20

8.19

7.82

6.90

7.22

11.24

10.14

9.09

8.43

8.13

0.00

NETAPP INC

3.06

2.66

2.36

2.02

2.00

1.95

1.80

1.68

1.67

6.14

9.45

9.20

8.16

14.51

15.16

13.63

12.39

0.00

NEWS CORP-CL A

2.78

2.67

2.47

2.38

2.12

2.02

1.90

1.81

1.73

17.35

11.87

12.76

11.04

22.07

18.46

15.92

13.41

0.55

0.58

0.59

NUANCE COMMUNICATIONS INC

2.78

2.52

2.33

2.21

4.22

3.41

3.02

2.83

13.79

13.31

11.65

8.66

13.69

12.90

11.49

10.74

NVIDIA CORP

1.75

1.69

1.56

1.57

1.96

1.98

1.82

1.67

12.47

9.98

9.08

8.75

12.60

16.02

14.15

11.58

O'REILLY AUTOMOTIVE INC

5.33

5.59

5.18

4.12

1.94

1.80

1.69

1.60

1.50

13.35

13.51

11.26

10.14

22.96

18.62

16.42

14.46

ORACLE CORP

3.65

3.34

2.72

2.30

4.09

4.06

3.84

3.65

3.37

12.12

10.69

10.12

9.30

7.48

13.32

11.99

11.00

10.04

PACCAR INC

3.00

2.80

2.46

2.26

1.09

1.07

0.98

0.97

10.77

10.25

9.42

8.59

7.48

7.89

6.87

7.13

16.14

15.89

13.99

12.62

PAYCHEX INC

7.97

7.74

7.54

6.55

5.88

5.65

5.34

5.00

4.74

18.62

17.86

16.90

15.99

13.12

12.54

11.85

10.97

10.59

23.85

22.57

21.10

19.63

17.98

PERRIGO CO

5.85

4.81

3.91

3.17

3.52

3.13

2.78

2.63

2.49

22.13

20.24

15.75

13.05

15.55

13.47

11.71

10.91

10.46

24.27

21.27

17.98

16.65

PRICELINE.COM INC

8.97

6.21

4.62

3.34

6.66

5.38

4.53

3.95

3.58

21.00

17.52

14.67

12.67

16.09

12.70

10.48

9.04

7.88

22.57

18.09

15.19

13.08

QUALCOMM INC

3.21

2.75

2.41

2.18

5.63

4.35

3.91

3.67

15.46

13.16

11.81

11.62

10.32

8.25

7.38

6.84

16.94

13.58

12.61

11.97

RANDGOLD RESOURCES LTD-ADR

2.88

2.50

2.15

1.85

5.48

5.00

3.87

3.79

3.64

12.82

11.50

8.22

7.44

10.04

10.16

6.62

6.19

6.41

17.25

17.44

11.07

11.86

13.26

REGENERON PHARMACEUTICALS

15.70

11.93

8.82

14.68

15.49

11.14

8.90

7.56

6.74

40.09

22.60

17.87

44.17

27.90

18.73

16.08

16.20

47.70

41.09

31.57

28.73

ROSS STORES INC

8.24

7.19

6.20

5.23

1.49

1.41

1.32

1.22

1.12

13.86

12.52

10.94

10.13

9.47

8.80

8.05

7.38

6.82

18.63

17.03

15.13

SANDISK CORP

1.80

1.69

1.52

1.30

2.60

2.27

2.07

1.87

1.72

22.73

9.23

9.21

9.78

8.59

4.98

4.47

4.43

4.15

26.19

13.45

11.63

SBA COMMUNICATIONS CORP-CL A

16.85

31.11

69.53

10.45

8.07

7.54

7.06

6.63

28.92

20.24

17.30

15.80

25.78

19.86

18.12

16.52

15.33

SEAGATE TECHNOLOGY

4.38

3.85

3.90

2.90

0.87

0.92

0.95

4.75

4.30

4.32

4.50

3.45

4.50

4.72

5.51

5.35

6.99

6.69

SEARS HOLDINGS CORP

1.09

1.73

1.94

2.18

0.13

0.14

0.15

17.02

12.83

11.51

10.76

SIGMA-ALDRICH

3.68

3.22

2.85

2.75

3.58

3.49

3.33

3.18

3.05

17.46

15.61

14.49

13.38

11.66

11.21

10.60

9.88

SIRIUS XM RADIO INC

4.15

6.36

15.35

87.71

5.90

5.29

4.82

4.40

3.94

24.56

21.93

19.19

18.06

23.85

19.06

15.61

13.51

STAPLES INC

1.37

1.29

1.21

1.14

0.35

0.36

5.91

5.70

5.60

5.67

4.61

4.86

4.81

STARBUCKS CORP

8.53

7.89

7.13

5.89

3.41

3.04

2.72

2.43

2.14

24.02

18.47

16.76

14.37

17.02

14.38

12.18

10.31

STERICYCLE INC

6.12

5.01

4.29

3.62

4.92

4.39

4.05

3.64

24.69

22.42

19.57

18.74

16.37

14.83

SYMANTEC CORP

3.58

3.26

3.01

2.48

2.52

2.46

2.42

2.35

9.57

9.62

9.41

7.76

6.61

6.91

6.41

TEXAS INSTRUMENTS INC

3.69

3.56

3.41

3.24

3.12

3.26

3.10

2.98

2.79

13.92

12.49

10.81

10.52

11.89

11.29

9.79

9.13

VERISK ANALYTICS INC-CLASS A

41.72

18.65

12.30

8.75

7.24

6.42

5.88

5.42

5.00

22.83

20.57

18.58

17.31

17.92

15.89

14.42

13.21

VERTEX PHARMACEUTICALS INC

17.10

15.25

21.42

15.95

11.32

14.61

16.07

10.85

6.03

69.14

VIACOM INC-CLASS B

4.41

4.37

4.21

4.24

4.43

2.27

2.29

2.19

2.12

2.02

14.15

12.19

10.65

9.53

7.67

9.45

9.36

8.79

8.35

7.97

15.25

13.55

VIRGIN MEDIA INC

18.64

2.41

2.16

2.06

1.57

2.09

2.02

1.95

1.90

1.84

6.97

5.95

5.72

4.99

3.67

8.69

8.29

7.95

7.64

7.67

32.95

19.95

1.96

2.15

2.14

2.10

15.34

8.92

8.94

12.85

WESTERN DIGITAL CORP

1.72

1.50

1.30

1.13

1.09

0.86

0.88

0.90

4.72

4.28

4.25

4.60

3.91

3.18

3.51

3.69

7.10

WHOLE FOODS MARKET INC

4.39

4.29

3.83

3.32

1.40

1.25

1.09

0.96

0.85

20.37

18.90

15.62

12.40

14.48

12.71

10.87

9.26

4.01

12.97

10.67

10.92

10.21

11.65

10.66

10.24

17.01

15.91

14.07

13.71

13.91

12.14

10.64

9.60

19.01

19.51

16.42

14.08

12.97

12.47

12.26

1.14

1.91

4.79

3.99

VODAFONE GROUP PLC-SP ADR

WYNN RESORTS LTD

2.49

172.55

35.27

17.82

11.66

2.67

2.52

2.42

2.27

XILINX INC

3.55

3.12

2.71

2.77

4.55

4.30

3.88

3.58

YAHOO! INC

1.87

1.82

1.63

1.46

6.04

5.94

5.78

5.66

1.28

5.57

10.61

6.22

6.61

5.88

5.65

12.19

11.33

10.20

9.25

13.21

10.01

8.99

8.43

5.14

5.82

5.03

4.42

11.20

10.23

9.48

8.80

7.60

6.93

6.43

87.32

18.10

8.47

8.32

0.00

58.67

3.8%

32.64

12.5%

0.00

38.76

12.2%

0.63

34.01

9.8%

0.00

26.33

13.0% 5.5%

0.56

2.24

2.32

2.36

14.31

0.00

114.74

6.5%

0.74

0.92

0.81

0.91

37.65

16.8%

2.83

2.44

2.67

2.73

50.00

0.3%

3.50

3.77

3.93

3.77

33.79

-6.5%

14.83

0.22

0.25

0.27

0.40

124.31

3.5%

11.77

0.00

822.56

17.6%

1.45

1.70

1.91

2.32

75.09

21.9%

0.58

0.62

1.31

0.55

111.36

36.8%

23.97

0.00

206.00

-4.4%

13.52

11.86

0.85

1.00

1.11

1.32

11.15

10.03

0.00

82.05

61.22

0.00

2.33

3.97

4.29

0.00

13.00

6.08

1.91

66.32

0.9%

65.30

20.5%

0.00

84.40

8.4%

4.34

36.73

1.4%

21.24

-57.5%

20.36

18.97

17.78

16.28

15.50

1.02

1.10

1.17

1.27

77.40

-1.1%

11.97

49.52

31.01

23.80

19.43

9.30

1.07

0.00

3.56

16.0%

9.36

9.73

9.22

8.74

7.58

3.41

3.73

3.92

4.02

13.88

7.4%

9.70

34.09

27.87

23.12

18.84

16.63

1.14

1.42

1.80

2.03

67.59

11.6%

13.46

33.06

29.43

26.14

22.85

114.00

5.2%

6.05

15.34

14.36

12.75

11.17

0.00

1.03

1.43

26.39

7.3%

9.22

21.81

19.88

16.18

14.62

15.64

1.98

2.81

3.01

3.12

35.07

-2.5%

12.24

30.06

25.87

22.93

103.89

16.59

0.00

11.77

10.37

9.17

1.64

1.79

1.86

1.99

16.32

12.61

9.35

0.35

0.38

0.37

0.40

12.21

11.76

11.40

5.41

5.24

5.13

6.52

6.85

7.14

0.00

1.65

1.98

35.07

30.68

25.94

21.71

0.63

2.26

9.63

25.01

20.45

19.40

16.77

7.00

9.95

21.41

18.75

16.58

14.94

2.33

20.01

18.20

16.52

15.13

0.00

79.83

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

11.37

2.18

64.42

8.09

11.88

1.25

20.23

18.66

14.39

61.78

2.1%

90.71

15.8%

68.08

7.0%

47.09

-4.2%

5.14

29.65

-3.1%

2.21

57.96

7.1%

1.02

1.34

100.16

13.7%

2.94

2.97

2.98

147.04

8.3%

2.59

2.67

2.70

39.61

5.1%

0.00

25.40

4.0%

0.44

3.65

30.04.2013

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

Price/Volume 16

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATVI UW EQUITY YTD Change ATVI UW EQUITY YTD % CHANGE

12/2012 12/yy 15.07 10.46 1'519'846.00 14.93 -0.93% 42.80% 96.97% 1'113.7 16'627.49 0.00 0.0 0.0 4'375.00 12'252.49

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

6.0 M

4.0 M

2.0 M

2 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

8.0 M

Valuation Analysis

31.12.2009 31.12.2010 4'279.0 4'447.0 2.49x 2.52x 1'034.0 1'312.0 10.30x 8.55x 113.0 418.0 22.43x 37.60x Profitability

LTM-4Q 31.12.2011 4'755.0 2.20x 1'788.0 5.84x 1'085.0 13.39x

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

31.12.2012 4'856.0 1.53x 1'779.0 4.18x 1'149.0 10.44x 1'779.00 1'451.00 29.88% 30.02% 8.36% 10.47% 0.35% 65.8% 36.6% 29.9% 23.7% 2.37 1.92 0.00% 0.00% 7.16 9.27

Price/ Cash Flow

12/yy 4'756 8.58x 1'789.0 5.83x 1'085.0 13.27x

LTM 12/yy 4'856 7.73x 1'779.0 4.18x 1'149.0 10.55x

FY+1

1.21 0.81 425.61 7.39 17.54% 42.44% 0.812 26 4.846 1'538'168 1'233'634 2'040'669 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'275 4'667 705 603 2.66x 2.20x 17.05x 20.43x 1'431.8 1'680.9 189.3 93.2 8.56x 7.29x 8.44x 8.60x 963.4 1'176.5 126.2 51.7 17.59x 14.41x 17.63x 18.03x S&P Issuer Ratings

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

11.07.2008 NR 1779.00 1706.00 -2.46 0.00 0.0% 0.0% 0.35 31.95 51.10 39.46 78.81 12.30

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Activision Blizzard Inc Holdings By:

All

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

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

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

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

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

Recommendation outperform buy buy outperform buy neutral overweight buy outperform buy outperform buy overweight outperform buy buy buy outperform outperform buy buy outperform buy no rating system buy

Amt Held 683'643'890 55'463'866 31'765'437 23'174'317 19'976'589 19'404'727 13'749'330 11'250'425 10'994'976 10'895'776 9'787'516 9'221'191 7'549'964 6'454'601 6'044'400 5'618'546 5'605'412 5'424'077 5'332'947 5'074'509

% Out 61.39 4.98 2.85 2.08 1.79 1.74 1.23 1.01 0.99 0.98 0.88 0.83 0.68 0.58 0.54 0.5 0.5 0.49 0.48 0.46

Weighting

Change

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

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

Latest Chg (35'000'000) (1'740'335) 26'306'631 8'647'721 (1'188'820) (1'294'285) 573'142 (1'395) 378'217 245'147 431'606 767'452 (28'824'951) (2'115'251) 308'200 662'822 (18'574) 1'713'049 5'332'947 102'063

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

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

File Dt Inst Type 15.11.2011 Corporation 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 23.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 10.04.2013 25.03.2013 25.02.2013 21.02.2013 14.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 15.01.2013 26.11.2012 23.04.2009

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADBE UW EQUITY YTD Change ADBE UW EQUITY YTD % CHANGE

11/2012 03/yy 45.59 29.52 955'662.00 45.06 -1.16% 52.64% 96.70% 501.9 22'617.24 1'509.78 0.0 0.0 3'538.35 20'501.48

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

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

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

LTM-4Q 30.11.2011 4'216.3 2.83x 1'467.3 8.13x 832.8 14.35x

30.11.2012 4'403.7 3.42x 1'477.0 10.21x 832.8 21.31x

1'477.04 1'177.27 26.73% 25.41% 7.39% 11.15% 9.65% 0.45% 89.0% 29.7% 22.7% 18.9% 3.41 3.27 15.14% 22.66% 8.75 -

Price/ Cash Flow

03/yy 4'233.8 12.62x 1'454.6 10.64x 783.5 18.63x

j-12

a-12

s-12

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

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 0.99 468.65 8.13 34.27% 19.59% 0.991 28 3.679 874'300 1'168'976 1'052'397 FY+2

FQ+1

FQ+2

11/13 Y 11/14 Y 05/13 Q2 08/13 Q3 4'118.5 4'512.0 1'011.7 1'016.3 4.87x 4.45x 20.80x 20.66x 1'204.0 1'438.3 288.4 300.1 17.03x 14.25x 15.77x 14.69x 736.6 909.1 171.1 181.9 31.10x 25.09x 30.24x 28.77x S&P Issuer Ratings

25.01.2010 BBB+ STABLE 21.89 17.87 -1.63 1.19 22.7% 18.5% 0.45 6.82 41.60 48.84 -

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00 8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 27.11.2009

6.0 M

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

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

0.0 27.05.2010

27.11.2010

27.05.2011

27.11.2011

27.05.2012

27.11.2012

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

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

30.04.2013

Adobe Systems Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 41'990'090 32'902'426 31'303'362 31'303'362 30'526'884 26'218'762 26'132'878 23'408'246 22'758'167 16'028'894 14'441'727 9'569'623 9'284'149 8'570'714 8'455'776 8'333'959 6'606'256 6'262'292 6'230'316 6'094'062

% Out 8.37 6.56 6.24 6.24 6.08 5.22 5.21 4.66 4.53 3.19 2.88 1.91 1.85 1.71 1.68 1.66 1.32 1.25 1.24 1.21

Weighting

Change

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

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

Latest Chg (921'300) 1'342'883 1'557'783 1'974'436 176'958 2'214'496 689'676 609'606 2'526'910 (312'696) 1'778'118 8'570'714 (929'024) 432'333 (148'465) 13'690 307'156 343'947

Target Price 55 43 #N/A N/A 48 48 #N/A N/A 52 52 #N/A N/A 43 43 50 #N/A N/A 52 #N/A N/A 35 38 30 46 #N/A N/A #N/A N/A 46 #N/A N/A #N/A N/A #N/A N/A 36

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month Not Provided 36 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month

Date 19.04.2013 18.04.2013 16.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 08.04.2013 03.04.2013 01.04.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 20.03.2013 19.03.2013 15.01.2013 14.12.2012

30.04.2013

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

Price/Volume

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/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 AKAM UW EQUITY YTD Change AKAM UW EQUITY YTD % CHANGE

12/2012 03/yy 43.67 25.90 1'046'298.00 43.03 -1.47% 66.14% 96.40% 178.5 7'678.81 0.00 0.0 0.0 1'095.24 6'596.37

4.0 M

3.0 M

2.0 M

1.0 M

5 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

7.0 M

40 35

Valuation Analysis

31.12.2008 790.9 2.51x 313.7 6.32x 145.1 11.61x

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

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

31.12.2012 1'373.9 4.50x 519.1 11.90x 204.0 35.57x 519.06 314.89 22.92% 23.41% 9.18% 10.13% 9.06% 0.56% 68.6% 38.4% 24.2% 14.8% 3.59 3.23 0.00% 0.00% 6.35 -

Price/ Cash Flow

03/yy 1'202.0 14.17x 466.8 11.98x 193.5 34.95x

LTM 03/yy 1'422.5 11.62x 401.8 0.00x 232.2 27.38x

FY+1

0.00 1.40 172.54 18.51 31.99% 5.18% 1.400 27 4.111 1'923'041 1'006'324 1'173'613 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'540.4 1'752.7 372.6 383.0 4.40x 3.73x 17.56x 16.92x 662.6 761.2 159.5 163.7 9.96x 8.67x 9.60x 9.26x 353.1 396.7 81.5 83.3 22.13x 19.68x 22.11x 21.39x S&P Issuer Ratings

12.11.2002 NR -1.98 0.00 0.0% 0.0% 0.56 4.23 57.50 85.52 -

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 |

30.04.2013

Akamai Technologies Inc Holdings By:

All

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

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

Portfolio Name n/a VANGUARD GROUP INC n/a n/a WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL n/a n/a n/a COATUE MANAGEMENT LL BROOKSIDE CAPITAL MA CLEARBRIDGE INVESTME FAIRPOINTE CAPITAL L NORTHERN TRUST CORPO n/a EARNEST PARTNERS LLC STERLING CAPITAL MAN NORGES BANK

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

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

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

Amt Held 20'446'047 10'918'692 10'292'087 9'381'857 6'167'160 5'657'984 4'997'389 4'247'195 3'803'876 3'786'311 3'496'914 3'301'129 3'182'552 3'060'013 2'650'409 2'471'613 1'869'235 1'823'137 1'522'720 1'444'989

% Out 11.46 6.12 5.77 5.26 3.46 3.17 2.8 2.38 2.13 2.12 1.96 1.85 1.78 1.71 1.49 1.39 1.05 1.02 0.85 0.81

Weighting

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

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

Latest Chg 5'548'410 365'861 362'445 3'835'050 (2'798'293) (686'077) 92'118 30'000 (522'944) 451'317 (1'528'393) 624'104 (271'044) (538'495) 2'632 1'002'972 (48'222) 1'450'867 95'439

Target Price #N/A N/A 50 40 #N/A N/A 45 #N/A N/A 41 43 47 30 #N/A N/A 45 45 #N/A N/A #N/A N/A #N/A N/A 40 44 #N/A N/A 45 44 36 42 42 50 40 #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 13.03.2013 n/a 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 17.04.2013 16.04.2013 08.04.2013 01.04.2013 22.03.2013 20.03.2013 18.03.2013 14.03.2013 13.03.2013 13.03.2013 11.03.2013 11.03.2013 07.02.2013 15.01.2013 07.06.2012

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (07.05.2012) Daily Volume Current Price (4/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 ALXN UW EQUITY YTD Change ALXN UW EQUITY YTD % CHANGE

12/2012 12/yy 119.53 81.39 506'236.00 98.66 -17.46% 21.22% 45.28% 195.2 19'259.35 149.00 0.0 0.0 989.50 18'385.39

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

14.0 M

120

12.0 M

100

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

140

31.12.2009 31.12.2010 386.8 541.0 10.81x 12.96x 99.5 166.4 41.99x 42.14x 295.2 97.0 28.09x 77.08x Profitability

LTM-4Q 31.12.2011 783.4 16.24x 261.9 48.58x 175.3 74.81x

31.12.2012 1'134.1 15.35x 424.0 41.06x 254.8 70.09x 423.96 400.07 35.28% 35.06% 12.40% 17.66% 0.52% 88.9% 37.4% 35.5% 22.5% 4.15 3.57 5.70% 7.56% 4.15 1.37

Price/ Cash Flow

12/yy 783.4 52.66x 261.9 48.58x 175.3 79.81x

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

FY+1

0.00 0.85 192.64 4.58 9.23% 5.17% 0.855 25 4.600 694'489 493'008 551'067 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'517.7 1'895.2 364.5 392.8 11.88x 9.24x 50.49x 46.61x 665.0 889.2 149.0 172.3 27.65x 20.68x 598.9 684.1 138.2 157.1 33.47x 30.17x S&P Issuer Ratings

57.28 54.33 -1.98 0.35 7.6% 7.0% 0.52 7.43 87.85 266.82 293.42 292.90

Sales/Revenue/Turnover

70.00

1'200.0

60.00

1'000.0

50.00

800.0

40.00

600.0 30.00

400.0 20.00

200.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Alexion Pharmaceuticals Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 30'769'061 18'500'374 14'952'509 12'923'783 10'706'380 10'056'686 8'827'198 8'078'606 7'966'888 4'713'716 4'014'242 3'693'290 3'287'777 2'960'817 2'722'627 2'696'867 2'669'856 2'667'173 2'567'502 2'185'000

% Out 15.76 9.48 7.66 6.62 5.48 5.15 4.52 4.14 4.08 2.41 2.06 1.89 1.68 1.52 1.39 1.38 1.37 1.37 1.32 1.12

Weighting

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

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

Latest Chg 512'215 495'500 (2'556'631) (414'236) 337'660 737'216 308'137 227'389 (95'683) 961'192 4'014'242 517'382 151'850 130'317 (494'724) 20'210 406'152 (1'204'145) (45'482) (83'866)

Target Price 132 #N/A N/A 117 125 107 122 115 92 #N/A N/A 120 118 108 #N/A N/A 102 122 120 88 #N/A N/A 121 118 116 #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 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 18 month 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 10.04.2013 09.04.2013 08.04.2013 28.03.2013 28.03.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 25.01.2013 15.01.2013

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (24.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALTR UW EQUITY YTD Change ALTR UW EQUITY YTD % CHANGE

12/2012 12/yy 38.79 29.59 796'862.00 31.64 -18.43% 6.93% 22.28% 320.1 10'129.23 500.00 0.0 0.0 3'017.59 7'504.30

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 a-12

31.12.2009 31.12.2010 1'195.4 1'954.4 4.74x 4.66x 333.6 895.9 17.00x 10.16x 251.1 782.9 26.26x 14.29x Profitability

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

31.12.2012 1'783.0 4.75x 628.1 13.49x 556.8 19.99x 628.10 591.24 33.16% 33.20% 12.22% 17.09% 15.07% 0.39% 69.6% 34.9% 32.7% 31.2% 6.78 6.15 10.73% 15.00% 5.67 4.44

Price/ Cash Flow

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

j-12

a-12

s-12

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

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.20 1.27 319.08 4.68 -10.04% -7.86% 1.271 33 3.758 1'155'497 996'556 1'022'077 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'754.4 2'014.8 421.3 449.8 4.10x 3.40x 17.72x 16.43x 560.7 700.0 125.7 143.6 13.38x 10.72x 12.65x 11.60x 466.4 570.2 103.4 116.5 21.66x 17.94x 21.01x 19.35x S&P Issuer Ratings

04.11.2011 ASTABLE 78.75 71.11 -4.15 0.79 15.0% 13.0% 0.39 9.32 64.14 81.90 29.47 117.30

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

.0 M m-12

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

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 |

30.04.2013

Altera Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 24'871'009 16'675'809 16'506'011 15'114'327 14'715'844 14'051'363 13'119'135 11'361'455 9'597'620 9'206'161 8'573'092 8'500'000 8'407'529 8'347'713 5'994'701 4'782'958 4'610'400 4'498'250 3'764'280 3'609'232

% Out 7.77 5.21 5.16 4.72 4.6 4.39 4.1 3.55 3 2.88 2.68 2.66 2.63 2.61 1.87 1.49 1.44 1.41 1.18 1.13

Weighting

Change

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

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

Latest Chg 8'679'679 152'262 (1'000'972) 3'937'174 397'950 4'649'182 (776'600) (7'011'389) (412'673) 333'798 22'060 (50'000) 666'690 1'286'209 (962'960) (117'329) (5'000) 2'106'000 327'929 (348'696)

Target Price 32 42 40 33 29 #N/A N/A 32 36 41 27 #N/A N/A 35 37 36 34 35 #N/A N/A 38 #N/A N/A #N/A N/A 45 41 36 30 29 #N/A N/A 40 32 34 #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 11.04.2013 06.04.2013 27.03.2013 21.03.2013 18.03.2013 14.03.2013 13.03.2013 07.03.2013 28.02.2013 27.02.2013 20.02.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 23.01.2013 18.01.2013 15.01.2013

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMZN UW EQUITY YTD Change AMZN UW EQUITY YTD % CHANGE

12/2012 12/yy 284.68 206.50 1'807'717.00 249.74 -12.27% 20.94% 55.31% 455.2 113'692.31 4'385.00 0.0 0.0 11'448.00 109'489.31

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

1.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

300

31.12.2009 31.12.2010 24'509.0 34'204.0 2.19x 2.15x 1'507.0 1'974.0 35.69x 37.21x 902.0 1'152.0 63.60x 71.15x Profitability

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

31.12.2012 61'093.0 1.75x 2'835.0 37.68x (39.0) 2'835.00 676.00 1.11% 0.64% -0.36% -1.12% -1.24% 2.63% 24.8% 4.8% 1.0% -0.1% 1.12 0.78 13.47% 53.53% 29.56 9.90

Price/ Cash Flow

LTM

12/yy 48'077.0 6.86x 1'945.0 36.75x 632.0 126.46x

12/yy 61'093.0 6.55x 2'834.0 37.70x (40.0) 0.00x

FY+1

0.00 1.19 367.61 6.53 7.69% -0.56% 1.189 42 4.238 1'609'058 889'759 940'718 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 74'865.4 91'383.9 15'745.1 17'001.2 1.43x 1.13x 6.98x 6.39x 4'653.8 6'257.3 993.2 994.6 23.53x 17.50x 22.32x 21.33x 1'396.3 2'385.3 243.5 247.6 79.71x 47.10x 72.33x 64.15x S&P Issuer Ratings

26.11.2012 AASTABLE 13.06.2007 NR 30.82 -10.33 -1.37 1.20 53.5% 34.9% 2.63 10.38 12.35 36.89 58.99 -33.57

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Amazon.com Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 86'970'020 43'940'459 20'211'207 18'884'410 18'345'000 16'433'434 15'535'787 11'895'369 7'730'515 6'404'636 6'217'693 5'767'335 5'407'626 5'046'581 4'666'295 4'449'254 4'405'355 4'260'200 3'087'754 3'037'780

% Out 19.11 9.65 4.44 4.15 4.03 3.61 3.41 2.61 1.7 1.41 1.37 1.27 1.19 1.11 1.03 0.98 0.97 0.94 0.68 0.67

Weighting

Change

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

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

Latest Chg (195'151) 4'330'950 1'315'756 713'291 155'418 465'988 (672'592) 30'532 238'226 376'682 (801'059) (219'454) (822'311) (13'747) (112'217) (666'569) (179'692) (100) 16'229 (14'891)

Target Price 320 #N/A N/A 315 300 245 #N/A N/A 350 320 300 329 330 330 260 370 300 310 325 #N/A N/A 346 320 #N/A N/A 260 335 325 335 #N/A N/A #N/A N/A 295 325 #N/A N/A 330 334 330 #N/A N/A 305 341 330 290 #N/A N/A #N/A N/A 250 #N/A N/A #N/A N/A

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

File Dt 15.02.2013 31.03.2013 31.12.2012 23.04.2013 24.04.2013 31.03.2013 28.02.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012

Date 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 18 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 Not Provided

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

Date 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 02.04.2013 16.03.2013 22.02.2013 11.02.2013 31.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 30.01.2013 26.11.2012 26.10.2012 26.10.2012 27.04.2012 27.07.2011

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/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 AMGN UW EQUITY YTD Change AMGN UW EQUITY YTD % CHANGE

12/2012 03/yy 114.95 67.61 1'374'889.00 106.67 -7.20% 57.77% 82.51% 750.0 80'002.50 26'541.00 0.0 0.0 24'061.00 82'623.50

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

6.0 M

100

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

120

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

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

31.12.2012 17'265.0 3.92x 6'665.0 10.15x 4'345.0 14.37x 6'665.00 5'577.00 32.30% 29.01% 9.11% 23.95% 12.22% 0.35% 83.1% 38.6% 31.8% 25.2% 3.81 3.24 48.88% 139.25% 6.33 1.14

Price/ Cash Flow

LTM

03/yy 15'924.0 12.60x 5'542.0 9.95x 3'742.0 12.97x

03/yy 17'455.0 15.53x 4'929.0 0.00x 4'595.0 16.11x

FY+1

1.35 0.72 749.11 10.62 52.90% 24.26% 0.722 32 3.813 2'055'211 1'588'980 1'745'700 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 17'924.8 18'375.2 4'483.7 4'543.8 4.29x 3.96x 7'358.0 8'331.3 1'637.5 1'713.5 11.23x 9.92x 5'543.4 6'193.9 1'330.1 1'371.9 14.66x 12.89x 14.43x 13.71x S&P Issuer Ratings

07.09.2007 A+ STABLE 31.05.2012 A-1+ 6.18 5.54 0.37 3.98 139.2% 58.2% 0.35 3.27 57.67 320.34 341.43 296.17

Sales/Revenue/Turnover

14.00

20'000.0 18'000.0

12.00

16'000.0

10.00

14'000.0 12'000.0

8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Amgen Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 75'682'106 58'002'657 44'895'140 42'036'924 41'803'196 34'837'876 21'832'328 15'651'522 11'669'680 11'487'213 11'107'530 10'496'023 9'297'824 8'561'832 7'581'069 7'120'455 6'263'455 5'306'546 5'262'570 5'225'051

% Out 10.09 7.73 5.99 5.6 5.57 4.65 2.91 2.09 1.56 1.53 1.48 1.4 1.24 1.14 1.01 0.95 0.84 0.71 0.7 0.7

Weighting

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

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

Latest Chg 2'001'700 3'329'190 (2'963'375) 344'362 446'107 (1'069'549) 706'375 (4'012'947) (484'470) 3'592'934 (660'498) 777'425 1'929'023 734'423 (145'272) 5'419'529 1'981'232 (102'800) (176'156)

Target Price 83 115 #N/A N/A 120 101 115 #N/A N/A #N/A N/A 100 105 #N/A N/A 116 130 115 115 123 #N/A N/A 125 107 105 100 115 #N/A N/A 98 #N/A N/A 96 92 #N/A N/A #N/A N/A 78

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

File Dt 31.03.2013 28.02.2013 23.04.2013 31.12.2012 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 17.04.2013 03.04.2013 22.03.2013 20.03.2013 20.03.2013 15.03.2013 01.03.2013 15.01.2013 17.05.2012 05.04.2012

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (23.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADI UW EQUITY YTD Change ADI UW EQUITY YTD % CHANGE

10/2012 02/yy 47.16 34.25 411'242.00 43.66 -7.42% 27.47% 72.89% 306.0 13'359.29 821.60 0.0 0.0 3'900.38 10'131.98

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

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

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

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

LTM-4Q 31.10.2011 2'993.3 2.85x 1'192.5 7.15x 867.4 13.91x

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

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

Price/ Cash Flow

02/yy 2'912.9 11.98x 1'117.4 8.18x 784.7 15.93x

LTM 02/yy 2'675.2 13.57x 923.5 11.08x 643.1 21.16x

FY+1

2.75 302.88 3.88 15.49% 4.58% 31 3.903 768'115 834'253 836'323 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 2'689.6 2'979.8 660.9 688.4 3.78x 3.22x 16.26x 15.37x 930.1 1'135.9 225.4 248.0 10.89x 8.92x 10.12x 9.54x 670.9 841.4 162.7 178.7 20.20x 16.22x 18.79x 17.73x S&P Issuer Ratings

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

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 06.11.2009

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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

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

30.04.2013

Analog Devices Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 29'081'445 17'590'220 16'401'420 15'828'824 14'234'666 14'178'802 12'711'713 7'920'850 6'993'850 6'685'077 6'662'468 5'867'416 5'318'743 5'046'951 4'771'606 3'907'800 3'674'800 3'460'117 3'346'377 3'284'000

% Out 9.5 5.75 5.36 5.17 4.65 4.63 4.15 2.59 2.29 2.18 2.18 1.92 1.74 1.65 1.56 1.28 1.2 1.13 1.09 1.07

Weighting

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

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

Latest Chg 1'450'000 221'721 293'303 607'972 (1'046'664) 934'091 (67'101) (153'600) 508'513 4'505'408 (77'313) 266'016 202'723 67'978 (6'552) 57'700 (2'000) (169'003) (435'000)

Target Price 45 52 #N/A N/A 41 52 41 57 52 46 #N/A N/A 41 57 40 47 52 #N/A N/A 45 50 45 50 51 41 45 55 44 51 55 #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 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 22.04.2013 22.04.2013 22.04.2013 19.04.2013 11.04.2013 09.04.2013 03.04.2013 02.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 01.04.2013 27.03.2013 26.03.2013 12.03.2013 06.03.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 15.01.2013 23.05.2011 21.05.2009

30.04.2013

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

Price/Volume

12.0 M

600

10.0 M 8.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAPL UW EQUITY YTD Change AAPL UW EQUITY YTD % CHANGE

09/2012 03/yy 705.07 385.10 5'477'820.00 430.12 -39.00% 11.69% 14.07% 938.6 403'731.72 0.00 0.0 0.0 121'251.00 259'044.70

6.0 M

300 200

4.0 M

100

2.0 M

0 a-12 m-12

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

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

30.09.2012 156'508.0 3.23x 58'518.0 8.63x 41'733.0 15.11x 58'518.00 55'241.00 35.30% 35.63% 22.95% 33.34% 33.34% 0.98% 43.9% 33.9% 30.9% 26.7% 1.50 1.04 0.00% 0.00% 23.94 87.18

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

LTM

FY+1

1.85 0.98 938.32 20.07 -25.29% -18.85% 0.982 67 4.448 6'061'684 3'971'731 3'892'843 FY+2

FQ+1

FQ+2

03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 142'360.0 169'104.0 171'696.0 188'397.5 35'152.4 38'247.2 8.79x 9.16x 1.54x 1.27x 7.41x 6.67x 53'298.0 57'381.0 53'554.7 59'048.8 10'622.2 11'351.7 8.45x 4.73x 4.84x 4.39x 4.53x 4.41x 38'617.0 39'672.0 37'410.3 40'389.9 6'964.8 7'829.5 14.62x 10.57x 10.75x 9.76x 10.77x 10.31x S&P Issuer Ratings Long-Term Rating Date 23.04.2013 Long-Term Rating AA+ Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA -2.52 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 0.98 Net Fixed Asset Turnover 14.17 Accounts receivable turnover-days 15.20 Inventory Days 4.18 Accounts Payable Turnover Day 56.71 Cash Conversion Cycle -52.97 Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00 0.00 02.10.2009

.0 M j-12

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

14.0 M

700 500

Valuation Analysis

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

800

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

30.04.2013

Apple Inc Holdings By:

All

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

Firm Name BMO Capital Markets Societe Generale Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Argus Research Corp Credit Suisse Hilliard Lyons JPMorgan Janney Montgomery Scott LLC Jefferies Needham & Co Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co William Blair & Co FBR Capital Markets Independent Research GmbH Stifel Avondale Partners LLC Evercore Partners BGC Partners Nomura Wells Fargo Securities, LLC Cowen and Company JMP Securities S&P Capital IQ Gabelli & Co Lazard Capital Markets Atlantic Equities LLP Cross Research Credit Agricole Securities (USA) BTIG LLC Barclays Telsey Advisory Group FBN Securities Topeka Capital Markets Inc Creative Global Investments Raymond James Canaccord Genuity Corp Oppenheimer & Co Mizuho Securities USA Inc

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

Analyst KEITH F BACHMAN ANDY PERKINS CHRISTOPHER WHITMORE KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI JAMES KELLEHER KULBINDER GARCHA STEPHEN TURNER MARK A MOSKOWITZ WILLIAM CHOI PETER J MISEK CHARLES WOLF ANDY HARGREAVES WILLIAM V POWER TONI SACCONAGHI ANIL K DORADLA SCOTT S THOMPSON MARKUS FRIEBEL AARON C RAKERS JOHN F BRIGHT ROBERT CIHRA COLIN W GILLIS STUART JEFFREY MAYNARD UM MATTHEW HOFFMAN ALEX GAUNA SCOTT H KESSLER HENDI SUSANTO EDWARD PARKER JAMES CORDWELL SHANNON S CROSS AVI SILVER WALTER P PIECYK JR BENJAMIN A REITZES THOMAS FORTE SHEBLY SEYRAFI BRIAN J WHITE CARLO R BESENIUS TAVIS C MCCOURT T MICHAEL WALKLEY ITTAI KIDRON ABHEY R LAMBA

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

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

Amt Held 49'250'980 48'850'575 43'247'824 41'472'347 23'598'905 16'882'717 15'540'026 13'550'305 12'868'847 12'562'591 10'155'052 8'086'335 7'822'896 7'768'584 7'650'330 7'531'087 7'523'460 6'897'211 6'361'655 6'358'050

% Out 5.25 5.2 4.61 4.42 2.51 1.8 1.66 1.44 1.37 1.34 1.08 0.86 0.83 0.83 0.82 0.8 0.8 0.73 0.68 0.68

Weighting

Change

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

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

Latest Chg (317'024) 90'615 1'164'484 (4'409'314) 118'759 804'173 (903'792) 90'528 (1'805'968) (410'792) 974'700 813'609 (829'107) (249'589) (7'786'595) 677'078 (400'118) 6'499'377 (1'211'280) (559'069)

Target Price 435 500 480 540 500 475 600 525 540 545 500 420 710 #N/A N/A 438 600 #N/A N/A 500 610 600 600 550 500 420 #N/A N/A #N/A N/A #N/A N/A 550 #N/A N/A 500 500 530 475 540 465 540 575 888 #N/A N/A 600 560 480 550

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

File Dt 23.04.2013 24.04.2013 31.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013

30.04.2013

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

Price/Volume

12.0 M

10.0 M 8.0 M

Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMAT UW EQUITY YTD Change AMAT UW EQUITY YTD % CHANGE

10/2012 01/yy 14.44 9.96 3'928'542.00 14.4 -0.24% 44.65% 99.22% 1'200.0 17'280.64 1'946.00 0.0 0.0 1'937.00 17'473.64

6.0 M

6 4

4.0 M

2.0 M

0 a-12 m-12

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

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

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

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

Price/ Cash Flow

j-12

LTM-4Q

LTM

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

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

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

2.50 1.29 1'189.63 18.95 23.92% 26.70% 1.287 21 3.524 3'843'916 3'216'696 3'313'814 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 7'828.4 9'351.3 1'909.1 2'124.1 2.20x 1.76x 9.26x 8.31x 1'316.2 1'992.0 317.3 448.3 13.28x 8.77x 10.26x 9.12x 737.2 1'239.2 163.9 246.5 23.72x 13.42x 17.78x 14.71x S&P Issuer Ratings

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

Sales/Revenue/Turnover

60.00

12'000.0

50.00

10'000.0

40.00

8'000.0

30.00

6'000.0

20.00

4'000.0

10.00

2'000.0

0.00 30.10.2009

.0 M j-12

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

14.0 M

14 10

Valuation Analysis

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

0.0 30.04.2010

30.10.2010

30.04.2011

30.10.2011

30.04.2012

30.10.2012

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

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

30.04.2013

Applied Materials Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 72'080'070 65'225'438 62'869'169 56'926'107 46'613'936 39'341'476 37'601'593 31'940'038 28'020'086 21'102'107 20'248'619 16'814'617 15'709'205 15'222'919 15'008'404 12'707'676 12'359'710 10'182'490 9'950'494 9'850'907

% Out 6.01 5.44 5.24 4.74 3.88 3.28 3.13 2.66 2.33 1.76 1.69 1.4 1.31 1.27 1.25 1.06 1.03 0.85 0.83 0.82

Weighting

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

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

Latest Chg (189'984) (3'231'983) (5'063'053) 3'148'932 3'685'210 7'695'341 4'141'258 4'532'400 (2'884'483) 3'964'607 (2'277'777) (416'248) (145'500) 2'466'230 (1'325'129) (2'123'881) 12'359'710 2'242'176 (4'615'059) 544'496

Target Price 17 12 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 14 13 17 16 17 16 13 14 9 #N/A N/A 17 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 24.04.2013 19.04.2013 18.04.2013 16.04.2013 12.04.2013 05.04.2013 02.04.2013 27.03.2013 19.03.2013 15.03.2013 15.03.2013 26.02.2013 15.02.2013 14.02.2013 14.02.2013 13.02.2013 18.01.2013 10.01.2013 27.05.2011

30.04.2013

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

Price/Volume 45

12.0 M

10.0 M

35 30

8.0 M

01/2013 01/yy 41.42 27.97 501'487.00 38.21 -7.75% 36.61% 76.13% 223.8 8'551.40 745.60 0.0 0.0 2'365.40 6'931.60

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

4.0 M

2.0 M

5 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 2'315.2 1.21x 505.4 5.57x 183.6 11.75x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (24.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADSK UW EQUITY YTD Change ADSK UW EQUITY YTD % CHANGE

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

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

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

Price/ Cash Flow

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

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

FY+1

0.00 1.60 222.59 3.16 -2.95% 8.09% 1.597 21 3.762 553'167 672'109 777'077 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 2'447.8 2'648.3 583.5 597.4 2.74x 2.42x 11.83x 11.50x 722.3 807.1 160.7 175.7 9.60x 8.59x 9.49x 9.10x 479.8 552.7 102.4 116.2 18.06x 15.56x 18.07x 17.17x S&P Issuer Ratings

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

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

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

30.04.2013

Autodesk Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 21'130'000 14'745'776 14'298'153 14'191'847 12'028'159 10'316'335 9'017'360 8'438'321 5'034'943 4'189'258 4'186'866 4'149'084 3'654'500 3'355'300 3'209'208 3'172'757 3'145'074 2'696'684 2'693'544 2'534'340

% Out 9.44 6.59 6.39 6.34 5.37 4.61 4.03 3.77 2.25 1.87 1.87 1.85 1.63 1.5 1.43 1.42 1.41 1.2 1.2 1.13

Weighting

Change

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

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

Latest Chg 5'275'000 2'874'162 (1'254'431) 600'214 (691'932) 4'334'211 (611'503) (2'547'746) (835'441) (282'183) (2'339'014) 1'846'070 98'400 353'500 (157'631) 3'172'757 (263'126) 2'696'684 370'325 50'000

Target Price 47 35 45 40 #N/A N/A 42 38 50 45 43 #N/A N/A #N/A N/A 38 #N/A N/A #N/A N/A 41 42 45 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 23.04.2013 31.12.2012 31.03.2013 24.04.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month Not Provided 36 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 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 Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager

Date 25.04.2013 24.04.2013 24.04.2013 21.04.2013 16.04.2013 15.04.2013 12.04.2013 05.04.2013 04.04.2013 01.04.2013 01.03.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 26.02.2013 25.01.2013 15.01.2013 22.05.2009

30.04.2013

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

Price/Volume 80

2.0 M

50 40

06/2012 12/yy 67.24 50.90 375'107.00 67.14 -0.15% 31.91% 99.39% 485.0 32'564.05 34.30 0.0 0.0 1'665.40 31'076.15

1.5 M

1.0 M

20 .5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADP UW EQUITY YTD Change ADP UW EQUITY YTD % CHANGE

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

3.0 M

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

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

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

Price/ Cash Flow

LTM

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

12/yy 10'945.0 9.45x 2'375.4 10.99x 1'407.0 20.41x

FY+1

2.41 0.96 483.63 6.55 24.24% 18.59% 0.955 28 3.750 495'752 672'094 737'482 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 11'314.5 12'147.6 3'106.1 2'817.9 2.68x 2.46x 9.72x 10.67x 2'344.2 2'557.6 778.9 481.0 13.26x 12.15x 12.80x 12.46x 1'411.6 1'533.8 474.2 282.2 23.13x 21.07x 22.28x 21.67x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

30.04.2013

Automatic Data Processing Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 33'802'414 25'950'240 25'764'279 24'184'018 20'150'291 18'983'029 13'066'138 10'617'982 8'045'478 7'558'234 6'495'027 6'112'032 6'078'556 6'042'415 4'977'288 4'659'019 4'209'825 3'901'533 3'787'494 3'640'609

% Out 6.97 5.35 5.31 4.99 4.15 3.91 2.69 2.19 1.66 1.56 1.34 1.26 1.25 1.25 1.03 0.96 0.87 0.8 0.78 0.75

Weighting

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

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

Latest Chg 2'939'840 1'648'029 467'840 811'385 (799'916) (301'732) 688'945 (479'675) (40'973) 3'601'447 (126'433) (4'972) 334'687 30'902 165'701 (165'514) 45'612 302'378 325'044 176'733

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

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

File Dt 24.04.2013 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 17.04.2013 16.04.2013 12.04.2013 09.04.2013 05.04.2013 02.04.2013 27.03.2013 27.03.2013 18.03.2013 08.03.2013 07.03.2013 15.02.2013 14.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 15.01.2013 25.01.2012

30.04.2013

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

Price/Volume

3.0 M

2.5 M

10/2012 02/yy 37.88 29.71 516'831.00 32.53 -14.12% 9.49% 34.52% 246.1 8'005.30 3.00 0.0 0.0 1'084.00 6'857.30

1.5 M

15 10

1.0 M

.5 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.10.2009 31.10.2010 1'484.0 2'093.0 2.46x 2.67x 300.0 629.0 12.19x 8.90x (44.0) 415.0 264.92x 12.90x Profitability

LTM-4Q 31.10.2011 2'336.0 3.18x 745.0 9.99x 552.0 14.70x

31.10.2012 2'364.0 3.06x 744.0 9.71x 563.0 14.85x

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

Price/ Cash Flow

01/yy 2'349.0 12.82x 732.0 10.20x 558.0 15.14x

LTM 02/yy 2'377.0 12.79x 740.0 10.51x 563.0 15.85x

FY+1

1.88 1.30 243.96 2.52 -3.81% 3.30% 1.299 20 4.700 731'531 655'564 744'161 FY+2

FQ+1

FQ+2

10/13 Y 10/14 Y 04/13 Q2 07/13 Q3 2'386.9 2'650.7 556.5 602.7 2.78x 2.30x 12.30x 11.25x 770.9 891.6 172.6 193.3 8.90x 7.69x 8.38x 7.80x 673.0 772.0 149.3 172.8 12.50x 10.99x 11.99x 11.46x S&P Issuer Ratings

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

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 06.11.2009

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVGO UW EQUITY YTD Change AVGO UW EQUITY YTD % CHANGE

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

3.5 M

35 25

Valuation Analysis

31.10.2008 1'699.0 331.0 83.0 -

0.0 06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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

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

30.04.2013

Avago Technologies Ltd Holdings By:

All

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

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

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

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

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

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

Amt Held 60'286'892 12'247'507 12'169'187 12'160'304 12'010'120 9'684'318 7'305'417 5'692'111 5'264'402 4'923'875 4'551'860 4'338'882 4'124'830 4'123'058 4'067'400 3'896'410 3'425'362 3'346'280 3'167'358 3'128'480

% Out 24.5 4.98 4.95 4.94 4.88 3.94 2.97 2.31 2.14 2 1.85 1.76 1.68 1.68 1.65 1.58 1.39 1.36 1.29 1.27

Weighting

Change

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

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

Latest Chg 8'570'672 (460'816) (5'028'894) 674'056 5'361'238 257'060 (2'842'341) (60'004) 1'066'227 3'680'860 226'625 (22'575) 107'734 876'000 832'140 1'586'987 22'910 3'155'858 (517'499)

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

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Hedge Fund Manager 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor

Date 12 month 12 month 12 month 18 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided

Date 23.04.2013 23.04.2013 18.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 05.04.2013 06.03.2013 27.02.2013 27.02.2013 12.12.2012 17.08.2012

30.04.2013

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

Price/Volume 160

4.5 M

140

4.0 M

120

3.5 M 3.0 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (05.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIDU UW EQUITY YTD Change BIDU UW EQUITY YTD % CHANGE

12/2012 12/yy 135.69 82.99 1'409'520.00 85.47 -37.01% 2.99% 4.71% 272.0 29'892.18 11'941.23 0.0 1'159.9 32'484.86 163'601.57

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

2.0 M

1.5 M

1.0 M

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.5 M

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

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

31.12.2012 22'306.0 8.93x 12'566.7 15.86x 10'456.0 20.96x 12'566.66 11'051.32 49.54% 53.64% 29.15% 46.62% 0.66% 71.1% 52.3% 46.5% 46.9% 4.21 4.10 26.15% 45.83% 23.49 -

Price/ Cash Flow

LTM

12/yy 14'500.8 74.71x 2'512.1 0.00x 6'638.6 38.66x

12/yy 22'306.0 44.23x 12'332.7 16.16x 10'456.0 20.97x

FY+1

0.00 1.37 12.04 -35.59% -14.78% 1.371 30 3.800 1'555'551 928'091 965'928 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 30'033.7 38'834.3 7'379.3 8'313.8 5.38x 3.88x 24.64x 21.74x 14'061.3 17'697.5 3'485.1 3'958.8 11.63x 9.24x 10.94x 10.28x 11'152.1 13'965.6 2'804.9 3'185.5 16.76x 13.82x 15.96x 15.16x S&P Issuer Ratings

116.51 95.09 -1.75 0.95 45.8% 30.5% 0.66 7.32 15.54 149.74 -

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Baidu Inc Holdings By:

All

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

Firm Name

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

Analyst

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

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

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

Amt Held 29'058'050 26'989'238 18'925'723 11'512'523 8'904'429 7'971'126 7'955'010 7'595'841 7'558'634 7'064'519 6'746'927 5'682'934 5'641'407 4'742'187 4'379'366 4'209'633 3'549'170 2'704'386 2'416'560 2'242'423

% Out 10.68 9.92 6.96 4.23 3.27 2.93 2.92 2.79 2.78 2.6 2.48 2.09 2.07 1.74 1.61 1.55 1.3 0.99 0.89 0.82

Weighting

Change

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

M M M M M M M M M M M M M M M M M M M M M M M M M M M N

Latest Chg 810'200 3'033'400 (2'370'395) 3'352'541 1'221'812 5'054'777 440'190 (3'398'993) 2'202'823 1'581'606 2'439'910 5'641'407 95'502 (2'602'940) (916'771) (771'577) (377'367) (1'858'488) 698'529

Target Price 115 140 #N/A N/A 120 131 120 #N/A N/A 108 75 110 #N/A N/A 110 105 #N/A N/A 132 89 120 80 112 133 120 140 140 #N/A N/A 126 180 #N/A N/A 200

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

File Dt Inst Type 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

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

Date 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 17.04.2013 16.04.2013 11.04.2013 11.04.2013 02.04.2013 27.03.2013 26.03.2013 06.03.2013 19.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 04.02.2013 17.01.2013 08.11.2012 31.10.2012 25.07.2012 27.03.2012

30.04.2013

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

Price/Volume 80 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.06.2012) 52-Week Low (20.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBBY UW EQUITY YTD Change BBBY UW EQUITY YTD % CHANGE

02/2013 03/yy 75.83 54.33 824'539.00 68.39 -9.81% 25.88% 65.40% 226.1 15'465.41 0.00 0.0 0.0 1'014.90 14'450.51

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

30 20 10 0 a-12

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

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

Fiscal Year Ended 28.02.2009 7'208.3 0.67x 849.5 5.72x 425.1 12.99x

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

28.02.2010 28.02.2011 7'828.8 8'758.5 1.20x 1.17x 1'164.9 1'472.3 8.08x 6.96x 600.0 791.3 18.09x 15.59x Profitability

LTM-4Q 29.02.2012 9'499.9 1.31x 1'752.2 7.11x 989.5 14.86x

28.02.2013 10'914.6 1.09x 1'832.9 6.47x 1'037.8 12.48x 1'832.95 1'638.22 15.01% 14.97% 17.29% 25.94% 1.82% 40.2% 16.8% 15.0% 9.5% 2.37 0.62 0.00% 0.00% 2.88

Price/ Cash Flow

LTM

02/yy 9'499.9 5.06x 1'752.2 7.11x 989.5 14.79x

03/yy 10'914.6 4.96x 1'832.9 6.47x 1'037.8 12.43x

FY+1

0.00 0.91 220.18 11.29 -2.84% 22.32% 0.912 28 4.143 592'663 797'160 764'870 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 05/13 Q1 08/13 Q2 11'635.1 12'274.2 2'593.2 2'799.7 1.27x 1.21x 5.64x 5.34x 1'948.5 2'069.5 385.9 442.3 7.42x 6.98x 7.46x 7.32x 1'076.3 1'145.4 204.8 244.8 13.65x 12.18x 13.63x 13.28x S&P Issuer Ratings

30.06.2011 BBB+ STABLE -0.55 0.00 0.0% 0.0% 1.82 8.19 129.00 44.64 -

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00 8.00

6'000.0

6.00

4'000.0

4.00

2'000.0 2.00 0.00 05.03.2010

0.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

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 |

30.04.2013

Bed Bath & Beyond Inc Holdings By:

All

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

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

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a GOLDMAN SACHS GROUP BROWN BROTHERS HARRI BANK OF NEW YORK MEL MONTAG & CALDWELL IN NORTHERN TRUST CORPO n/a ARTISAN PARTNERS LP n/a ROYCE & ASSOCIATES L WESTEND ADVISORS LLC GREEN VALLEY INVESTO PUTNAM INVESTMENT MA TIAA-CREF INVESTMENT

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

Source ULT-AGG 13G ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F Form 5 13F ULT-AGG 13F 13F 13F 13F 13F

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

Amt Held 23'381'935 22'803'561 14'665'233 11'522'812 10'321'320 6'309'436 4'773'018 4'211'263 4'021'741 3'522'856 3'206'710 3'084'372 3'035'165 3'005'500 2'697'686 2'329'500 2'156'877 2'000'000 1'955'301 1'954'478

% Out 10.34 10.08 6.49 5.1 4.56 2.79 2.11 1.86 1.78 1.56 1.42 1.36 1.34 1.33 1.19 1.03 0.95 0.88 0.86 0.86

Weighting

Change

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

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

Latest Chg (1'905'265) 572'841 485'767 128'724 130'603 (156'200) 189'426 2'061'609 4'012'176 (63'797) (1'007'536) (51'870) (435'474) 3'005'500 (584'935) 449'200 36'927 2'000'000 175'993 (809'152)

Target Price 80 76 81 68 #N/A N/A 74 68 72 59 62 80 75 75 #N/A N/A 85 71 75 80 70 #N/A N/A 77 #N/A N/A 78 69 70 #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 28.02.2013 31.01.2013 24.04.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 02.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 17.04.2013 17.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 20.12.2012 16.12.2010

30.04.2013

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

Price/Volume 250

1.4 M 1.2 M

200

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIIB UW EQUITY YTD Change BIIB UW EQUITY YTD % CHANGE

12/2012 12/yy 225.00 126.43 513'282.00 223.61 -0.62% 76.86% 98.59% 237.4 53'079.38 1'140.78 0.0 2.3 3'742.37 53'331.82

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

.8 M

100

.6 M .4 M

31.12.2009 31.12.2010 4'377.3 4'716.4 3.06x 3.27x 1'723.4 1'923.1 7.77x 8.03x 970.1 1'005.3 16.08x 14.09x Profitability

LTM-4Q 31.12.2011 5'048.6 4.87x 2'138.7 11.50x 1'234.4 21.22x

31.12.2012 5'516.5 5.81x 2'204.1 14.53x 1'380.0 25.62x 2'204.13 1'838.48 33.33% 33.55% 15.60% 22.05% 0.59% 90.1% 41.7% 35.0% 25.0% 1.96 1.44 11.26% 16.39% 7.84 1.29

Price/ Cash Flow

12/yy 5'048.6 17.24x 2'138.7 11.50x 1'234.4 21.26x

.0 M j-12

j-12

a-12

s-12

LTM 12/yy 5'516.5 22.83x 2'204.1 14.53x 1'380.0 25.77x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.96 237.05 2.67 66.86% 52.46% 0.961 31 4.194 521'267 469'511 459'903 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'500.9 7'621.9 1'570.0 1'710.5 8.11x 6.62x 2'710.1 3'482.4 596.6 701.4 19.68x 15.31x 1'884.7 2'320.0 436.8 490.9 28.12x 22.61x 26.24x 24.59x S&P Issuer Ratings

17.04.2013 ASTABLE 35.61 31.50 0.11 0.39 16.4% 14.1% 0.59 3.36 46.53 282.14 86.41 194.63

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

.2 M

0 a-12 m-12

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

150

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 |

30.04.2013

Biogen Idec Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 23'263'262 20'849'653 15'648'294 13'534'995 12'591'562 11'607'216 10'619'992 9'638'356 8'899'722 5'726'910 5'113'956 4'462'281 4'442'767 4'288'109 3'800'651 3'351'094 3'224'018 2'898'755 2'823'765 2'725'961

% Out 9.84 8.82 6.62 5.73 5.33 4.91 4.49 4.08 3.77 2.42 2.16 1.89 1.88 1.81 1.61 1.42 1.36 1.23 1.19 1.15

Weighting

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

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

Latest Chg 362'835 (285'460) (1'644'806) 234'509 (215'726) 883'364 283'554 (609'681) 206'053 1'901'232 (1'159'058) (94'247) (712'695) (983'499) 384'184 (361'833) 5'432 550'054 (81'304) 725'938

Target Price 240 215 #N/A N/A 227 240 190 #N/A N/A 188 210 202 #N/A N/A #N/A N/A 179 160 203 210 219 225 206 215 211 158 195 159 #N/A N/A #N/A N/A #N/A N/A 154 #N/A N/A #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 18 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Date 25.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 04.04.2013 04.04.2013 01.04.2013 28.03.2013 27.03.2013 22.03.2013 20.03.2013 12.02.2013 06.02.2013 29.01.2013 15.01.2013 18.10.2012 27.02.2012 10.01.2012 11.12.2009

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (01.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BMC UW EQUITY YTD Change BMC UW EQUITY YTD % CHANGE

03/2012 12/yy 47.89 35.50 643'749.00 45.43 -5.14% 27.97% 80.15% 142.9 6'491.45 821.60 0.0 0.0 1'583.00 6'618.55

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 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

LTM-4Q

31.03.2009 31.03.2010 1'871.9 1'911.2 2.84x 3.06x 634.4 684.9 8.39x 8.54x 238.1 406.1 17.84x 17.45x Profitability

31.03.2011 2'065.3 3.61x 722.8 10.32x 456.2 21.72x

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

768.50 543.90 25.04% 24.40% 7.82% 30.66% 19.06% 0.52% 73.8% 31.9% 21.2% 18.5% 1.54 1.41 16.89% 56.83% 6.77 -

Price/ Cash Flow

12/yy 2'169.5 11.79x 796.1 5.50x 452.8 12.48x

LTM 12/yy 2'197.5 10.64x 701.7 8.24x 328.9 18.20x

FY+1

0.00 1.01 141.16 10.04 10.11% 14.55% 1.012 13 3.538 797'529 574'702 590'254 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 2'227.1 2'324.8 594.2 532.5 2.84x 2.50x 10.60x 11.48x 831.0 878.7 222.0 203.5 7.96x 7.53x 7.28x 7.21x 535.1 562.3 137.8 120.4 13.08x 11.78x 11.92x 11.63x S&P Issuer Ratings

22.07.2010 BBB+ STABLE 27.25 26.31 0.18 1.86 56.8% 36.2% 0.52 25.26 54.04 25.07 -

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

30.04.2013

BMC Software Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 14'177'031 13'697'300 12'687'878 9'082'343 8'027'024 7'494'046 5'600'796 5'210'579 3'963'393 3'848'078 3'419'033 3'382'300 2'703'247 2'114'478 1'908'484 1'707'305 1'527'077 1'470'773 1'342'552 1'336'072

% Out 9.92 9.59 8.88 6.36 5.62 5.24 3.92 3.65 2.77 2.69 2.39 2.37 1.89 1.48 1.34 1.19 1.07 1.03 0.94 0.94

Weighting

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

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

Latest Chg 307'300 (556'400) (160'314) 22'608 (429'057) (504'144) (102'900) (102'651) (874'326) (125'847) 129'500 (5'163) 1'467'673 (36'314) 310'049 (82'722) 1'444'264 39'488 81'326

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

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

File Dt 11.02.2013 08.04.2013 31.12.2012 31.03.2013 24.04.2013 23.04.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 18 month Not Provided 6 month 12 month

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

Date 09.04.2013 09.04.2013 09.04.2013 08.04.2013 08.04.2013 04.04.2013 03.04.2013 21.03.2013 18.03.2013 06.03.2013 29.01.2013 29.01.2013 29.01.2013

30.04.2013

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

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (17.07.2012) Daily Volume Current Price (4/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 BRCM UW EQUITY YTD Change BRCM UW EQUITY YTD % CHANGE

12/2012 03/yy 37.25 28.60 2'533'911.00 35.415 -4.93% 23.83% 78.79% 521.0 20'221.96 1'693.00 0.0 0.0 3'722.00 17'989.97

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

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

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

31.12.2012 8'006.0 2.11x 1'297.0 13.01x 719.0 22.90x 1'297.00 852.00 10.64% 8.19% 7.84% 11.02% 0.78% 49.7% 16.5% 10.9% 9.0% 2.25 1.85 15.11% 21.60% 10.81 8.21

Price/ Cash Flow

03/yy 7'400.0 8.02x 1'201.0 15.57x 787.0 23.96x

j-12

a-12

s-12

LTM 03/yy 8'184.0 8.59x 1'353.0 12.96x 822.0 23.27x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.16 1.13 519.68 7.35 -2.03% 6.99% 1.131 50 4.440 2'955'501 1'969'145 2'220'868 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 8'629.0 9'457.0 2'100.3 2'243.9 2.14x 1.80x 9.15x 8.45x 1'577.6 1'767.2 375.4 420.4 11.40x 10.18x 11.09x 10.81x 1'779.5 1'967.9 425.3 470.9 12.24x 11.49x 12.20x 12.00x S&P Issuer Ratings

11.08.2011 ASTABLE 43.23 35.10 -1.65 1.25 21.6% 17.8% 0.78 17.97 33.76 44.46 51.91 31.61

Sales/Revenue/Turnover

20.00

9'000.0

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

.0 M m-12

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

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 |

30.04.2013

Broadcom Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 34'885'074 33'275'931 32'676'043 28'348'920 23'812'841 21'655'616 17'545'581 15'680'788 13'125'552 12'334'225 9'534'005 8'024'799 7'935'621 6'958'491 6'634'244 6'251'821 5'482'859 4'949'433 4'704'744 4'551'715

% Out 6.7 6.39 6.27 5.44 4.57 4.16 3.37 3.01 2.52 2.37 1.83 1.54 1.52 1.34 1.27 1.2 1.05 0.95 0.9 0.87

Weighting

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

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

Latest Chg (1'518'740) 2'364'108 1'015'457 875'036 4'153'157 1'660'764 (152'306) (862'301) 322'664 (1'754'943) (2'636) 2'374'769 176'864 69'246 97'009 665'488 795'681 (10'611) 46'990

Target Price 40 37 40 40 45 44 45 40 39 44 40 41 38 #N/A N/A #N/A N/A 42 36 45 45 45 40 #N/A N/A #N/A N/A 38 45 40 39 51 40 32 40 28 #N/A N/A 38 41 40 45 40 40 41 38 43 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 18 month 6 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided

Date 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 17.04.2013

30.04.2013

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

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.09.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CA UW EQUITY YTD Change CA UW EQUITY YTD % CHANGE

03/2012 12/yy 27.58 21.49 870'856.00 26.63 -3.44% 23.95% 84.41% 455.9 12'141.25 1'301.00 0.0 0.0 2'679.00 10'894.25

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

10 5 0 a-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q

31.03.2009 31.03.2010 4'271.0 4'227.0 1.93x 2.58x 1'502.0 1'572.0 5.49x 6.95x 671.0 771.0 11.91x 15.52x Profitability

31.03.2011 4'429.0 2.36x 1'624.0 6.45x 827.0 14.18x

31.03.2012 4'814.0 2.38x 1'805.0 6.35x 951.0 13.52x

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

Price/ Cash Flow

12/yy 4'754.0 7.81x 1'796.0 4.72x 928.0 10.26x

LTM 12/yy 4'680.0 9.01x 1'836.0 4.72x 924.0 10.19x

FY+1

3.76 1.07 327.85 7.68 5.02% 22.37% 1.068 13 3.308 918'216 900'310 944'725 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 4'639.5 4'666.5 1'141.6 1'140.8 2.20x 2.16x 1'733.7 1'777.3 402.5 443.0 6.28x 6.13x 6.07x 5.86x 1'109.0 1'125.4 252.4 278.8 11.04x 10.54x 10.79x 10.50x S&P Issuer Ratings

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

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00 03.04.2009

m-12

Fiscal Year Ended 31.03.2008 4'277.0 2.63x 1'254.0 8.98x 500.0 18.29x

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

30.04.2013

CA Inc Holdings By:

All

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

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

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

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

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

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

Amt Held 125'813'380 22'342'814 20'199'388 19'880'570 15'094'662 13'647'566 9'143'821 7'990'175 6'430'928 6'086'388 5'699'040 4'609'383 4'526'919 4'417'122 4'295'400 3'704'282 3'683'900 3'564'380 3'514'011 3'465'251

% Out 27.6 4.9 4.43 4.36 3.31 2.99 2.01 1.75 1.41 1.33 1.25 1.01 0.99 0.97 0.94 0.81 0.81 0.78 0.77 0.76

Weighting

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

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

Latest Chg (5'173'367) 285'348 683'951 (922'596) 310'165 3'604'277 342'966 (1'075'420) 32'440 4'363'449 (64'061) 3'890'100 (493'237) 862'627 (329'700) (813'813) (21'195) (250'300)

Target Price 20 #N/A N/A 25 27 27 34 26 #N/A N/A 26 22 #N/A N/A #N/A N/A

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

File Dt 04.07.2012 31.12.2012 24.04.2013 23.04.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013

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

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

Date 12.04.2013 08.04.2013 07.04.2013 04.04.2013 03.04.2013 28.02.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 15.01.2013 14.12.2012

30.04.2013

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

Price/Volume

6.0 M 5.0 M 4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTRX UW EQUITY YTD Change CTRX UW EQUITY YTD % CHANGE

12/2012 12/yy 57.40 41.68 249'106.00 56.61 -1.38% 35.84% 94.98% 205.5 11'631.37 1'173.40 0.0 2.8 370.78 12'436.75

3.0 M

2.0 M

1.0 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

7.0 M

50 40

Valuation Analysis

31.12.2008 862.9 0.50x 38.4 11.20x 15.1 20.76x

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

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

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

Price/ Cash Flow

LTM

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

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

FY+1

0.94 204.57 2.40 24.99% 20.17% 0.938 26 4.346 314'678 344'491 393'255 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'511.3 16'280.9 3'524.3 3'583.1 0.84x 0.73x 3.50x 3.44x 672.5 830.5 149.7 160.0 18.49x 14.98x 18.57x 17.43x 391.4 498.7 85.6 92.9 30.29x 24.04x 30.31x 28.15x S&P Issuer Ratings

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

Sales/Revenue/Turnover

80.00

12'000.0

70.00

10'000.0

60.00

8'000.0

50.00 40.00

6'000.0

30.00

4'000.0

20.00

2'000.0 10.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Catamaran Corp Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC BLACKROCK WELLINGTON MANAGEMEN TIAA CREF INVESTMENT WELLS FARGO AMERICAN CENTURY COM VANGUARD GROUP INC BMO FINANCIAL CORP TORONTO DOMINION BAN INVESCO LTD GREYSTONE MANAGED IN JP MORGAN ALLIANCE BERNSTEIN HARTFORD INVESTMENT PRUDENTIAL FINANCIAL JENNISON ASSOCIATES ROYAL BANK OF CANADA STATE STREET SUN LIFE FINANCIAL I

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

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN TIAA-CREF INVESTMENT n/a AMERICAN CENTURY COM VANGUARD GROUP INC BMO FINANCIAL CORP TORONTO DOMINION BAN n/a GREYSTONE MANAGED IN n/a n/a Multiple Portfolios n/a JENNISON ASSOCIATES n/a n/a n/a

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

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

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

Amt Held 30'629'845 18'118'825 13'419'480 7'901'802 7'640'808 5'641'093 4'677'762 3'853'787 3'707'268 3'664'716 3'101'723 2'956'696 2'722'566 2'476'533 2'474'818 2'431'566 2'187'503 2'154'069 2'105'292 2'095'422

% Out 14.91 8.82 6.53 3.85 3.72 2.75 2.28 1.88 1.8 1.78 1.51 1.44 1.33 1.21 1.2 1.18 1.06 1.05 1.02 1.02

Weighting

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

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

Latest Chg 343'251 (2'132'436) 4'044'482 1'064'159 (44'827) 3'610'116 2'102'769 274'344 2'929'645 135'274 1'565'958 (1'108'097) (343'480) (36'399) 246'729 866'943 79'571 349'437

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

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

File Dt 31.12.2012 28.02.2013 23.04.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 24.04.2013 28.02.2013

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

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 18.04.2013 17.04.2013 16.04.2013 11.04.2013 02.04.2013 01.04.2013 26.03.2013 15.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 22.01.2013

30.04.2013

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

Price/Volume 140

8.0 M

120

7.0 M

100

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (21.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CELG UW EQUITY YTD Change CELG UW EQUITY YTD % CHANGE

12/2012 12/yy 128.52 58.53 904'829.00 118.47 -7.82% 102.41% 85.64% 418.7 49'608.66 3'079.79 0.0 0.0 3'900.27 48'852.26

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

3.0 M

2.0 M

1.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

4.0 M

31.12.2009 31.12.2010 2'689.9 3'625.7 8.39x 7.30x 967.6 1'296.0 23.33x 20.43x 776.7 880.5 32.72x 25.83x Profitability

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

31.12.2012 5'506.7 5.83x 2'198.8 14.61x 1'456.2 19.57x 2'198.84 1'915.39 34.78% 30.54% 13.40% 25.99% 18.78% 0.51% 94.6% 39.1% 34.1% 26.4% 3.27 2.88 26.25% 54.08% 5.78 1.33

Price/ Cash Flow

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

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

FY+1

0.00 0.76 417.31 5.80 62.47% 50.50% 0.757 33 4.606 1'188'950 895'583 943'446 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'148.0 7'036.2 1'536.4 1'552.6 7.63x 6.35x 3'065.0 3'551.6 748.8 747.2 15.94x 13.76x 2'460.0 2'876.9 610.7 612.8 20.64x 17.17x 20.07x 19.57x S&P Issuer Ratings

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

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Celgene Corp Holdings By:

All

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

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

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

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

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

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

Amt Held 24'465'445 23'863'651 19'257'251 18'865'806 12'321'174 11'021'127 8'546'044 7'446'148 7'170'974 6'951'282 6'680'823 6'185'724 5'932'771 5'654'758 5'006'788 4'803'055 4'689'500 4'472'808 4'391'058 4'022'097

% Out 5.84 5.7 4.6 4.51 2.94 2.63 2.04 1.78 1.71 1.66 1.6 1.48 1.42 1.35 1.2 1.15 1.12 1.07 1.05 0.96

Weighting

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

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

Latest Chg 142'297 296'196 (5'121'865) (1'838'326) 343'769 518'773 (263'255) 2'189'655 (98'854) 2'464'738 525'986 (127'088) (213'700) (284'437) (953'970) 4'689'500 (1'123'361) (808'227) (36'750)

Target Price 130 143 130 142 150 110 140 141 140 115 #N/A N/A 115 #N/A N/A 127 #N/A N/A 143 125 #N/A N/A 99 128 #N/A N/A 115 122 113 95 125 #N/A N/A 122 #N/A N/A

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

File Dt 23.04.2013 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013

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

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

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 08.04.2013 08.04.2013 08.04.2013 08.04.2013 05.04.2013 04.04.2013 02.04.2013 25.03.2013 07.03.2013 05.03.2013 04.03.2013 04.03.2013 04.03.2013 28.02.2013 20.02.2013 28.01.2013 25.01.2013 15.01.2013

30.04.2013

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

Price/Volume 120

12/2012 12/yy 97.52 67.66 225'373.00 94.79 -2.80% 40.10% 90.86% 171.9 16'292.45 196.14 0.0 0.0 1'036.79 15'469.68

1.2 M 1.0 M .8 M

.6 M .4 M

.2 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

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

31.12.2012 2'665.4 4.60x 794.2 15.43x 397.2 33.66x 794.24 571.66 21.45% 22.05% 12.12% 15.67% 14.85% 0.78% 77.2% 30.7% 22.2% 14.9% 3.09 2.78 5.29% 6.92% 5.16 31.86

Price/ Cash Flow

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

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

FY+1

0.00 0.97 151.81 9.41 16.89% 22.09% 0.967 23 3.826 344'257 247'500 271'145 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'984.5 3'375.4 725.7 767.6 5.10x 4.39x 22.22x 20.90x 967.8 1'119.9 238.0 247.1 15.98x 13.81x 15.14x 14.35x 496.4 583.6 119.2 125.8 33.66x 28.86x 32.54x 31.13x S&P Issuer Ratings

156.72 120.52 -0.99 0.22 6.9% 6.5% 0.78 4.91 70.50 11.42 81.60 24.16

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 08.01.2010

1.4 M

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CERN UW EQUITY YTD Change CERN UW EQUITY YTD % CHANGE

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

1.6 M

Valuation Analysis

31.12.2008 1'676.0 1.80x 449.4 6.70x 188.7 18.93x

1.8 M

100

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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

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

30.04.2013

Cerner Corp Holdings By:

All

Holder Name FMR LLC PATTERSON NEAL L SANDS CAPITAL MANAGE VANGUARD GROUP INC STATE STREET BLACKROCK ILLIG CLIFFORD W WELLS FARGO WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN ARTISAN PARTNERS HOL MANNING & NAPIER ADV JP MORGAN MACKAY SHIELDS LLC INVESCO LTD TCW GROUP INC TOUCHSTONE ADVISORS AMERICAN CENTURY COM CAPITAL GROUP COMPAN NORTHERN TRUST CORPO

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

Portfolio Name n/a n/a SANDS CAPITAL MANAGE VANGUARD GROUP INC n/a n/a n/a n/a WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN ARTISAN PARTNERS LP MANNING & NAPIER ADV n/a Multiple Portfolios n/a TCW GROUP INCORPORAT Multiple Portfolios AMERICAN CENTURY COM n/a NORTHERN TRUST CORPO

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

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

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

Amt Held 12'700'072 12'056'024 9'374'174 9'237'146 8'015'813 7'923'537 7'544'562 6'144'257 5'621'196 5'600'000 4'266'715 4'093'598 3'691'793 2'977'947 2'539'177 2'460'507 2'256'994 2'202'547 2'083'462 2'047'600

% Out 7.39 7.02 5.45 5.38 4.66 4.61 4.39 3.58 3.27 3.26 2.48 2.38 2.15 1.73 1.48 1.43 1.31 1.28 1.21 1.19

Weighting

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

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

Latest Chg 2'767'147 (1'500) 1'320'072 627'280 231'405 399'128 69'812 (84'988) (100'000) 34'300 (109'035) 728'801 (184'992) (156'818) 162'795 126'000 579'437 (165'178) (7'446)

Target Price #N/A N/A 93 54 #N/A N/A 91 #N/A N/A 101 97 95 110 103 100 #N/A N/A 100 97 #N/A N/A 95 #N/A N/A #N/A N/A 88 92

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

File Dt 28.02.2013 01.03.2013 31.12.2012 31.03.2013 24.04.2013 23.04.2013 01.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 28.03.2013 31.03.2013 31.12.2012 31.12.2012

Date Not Provided 6 month 18 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 18 month 18 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

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

Date 24.04.2013 23.04.2013 22.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 01.04.2013 18.03.2013 13.03.2013 12.03.2013 07.03.2013 27.02.2013 12.02.2013 06.02.2013 05.02.2013 23.01.2013

30.04.2013

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

Price/Volume 80

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (29.01.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CHRW UW EQUITY YTD Change CHRW UW EQUITY YTD % CHANGE

12/2012 12/yy 67.93 50.82 217'782.00 58.84 -13.38% 15.78% 46.87% 159.2 9'368.75 321.66 0.0 0.0 210.02 9'480.40

1.0 M

30 20

.5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.0 M

Valuation Analysis

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

2.5 M

31.12.2009 31.12.2010 7'577.2 9'274.3 1.25x 1.40x 615.3 652.2 15.45x 19.88x 360.8 387.0 25.87x 34.42x Profitability

LTM-4Q 31.12.2011 10'336.3 1.07x 725.2 15.30x 431.6 26.54x

31.12.2012 11'359.1 0.91x 713.4 14.45x 593.8 20.52x 713.41 675.32 5.95% 8.44% 24.03% 43.14% 4.60% 8.4% 6.3% 5.9% 5.2% 1.36 1.32 11.47% 21.38% 8.73 -

Price/ Cash Flow

LTM

12/yy 10'336.3 4.51x 725.2 15.30x 431.6 26.01x

12/yy 11'359.1 3.44x 713.4 14.45x 593.8 20.63x

FY+1

2.28 0.86 157.74 5.46 0.80% -6.36% 0.858 32 3.313 336'967 425'468 532'295 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 12'979.0 14'106.3 2'969.5 3'360.5 0.71x 0.65x 3.18x 2.81x 842.0 935.2 190.9 213.1 11.26x 10.14x 11.32x 10.98x 488.3 544.6 109.7 124.0 19.24x 16.98x 19.22x 18.57x S&P Issuer Ratings

0.16 0.45 21.4% 17.6% 4.60 82.11 41.92 22.54 -

Sales/Revenue/Turnover

50.00

12'000.0

45.00

10'000.0

40.00 35.00

8'000.0

30.00

6'000.0

25.00 20.00

4'000.0

15.00 10.00

2'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

CH Robinson Worldwide Inc Holdings By:

All

Holder Name PRIMECAP MANAGEMENT BLACKROCK STATE STREET VANGUARD GROUP INC JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN CAPITAL GROUP COMPAN BANK OF AMERICA CORP FMR LLC BANK OF NEW YORK MEL MERCHANTS' GATE CAPI PARNASSUS INVESTMENT T ROWE PRICE ASSOCIA MACKENZIE FINANCIAL NORTHERN TRUST CORPO ORBIS HOLDINGS LIMIT JENSEN INVESTMENT MA POLEN CAPITAL MANAGE INVESCO LTD CAPITAL COUNSEL LLC

Firm Name Deutsche Bank Morgan Stanley Longbow Research William Blair & Co JPMorgan Goldman Sachs Credit Suisse FBR Capital Markets Wolfe Trahan & Co Wunderlich Securities Jefferies Sterne, Agee & Leach Edward Jones Thompson, Davis & Company BB&T Capital Markets Robert W. Baird & Co Sanford C. Bernstein & Co Macquarie RBC Capital Markets Susquehanna Financial Group Avondale Partners LLC Stephens Inc Raymond James Stifel Oppenheimer & Co Cowen Securities LLC EVA Dimensions Wells Fargo Securities, LLC S&P Capital IQ

Portfolio Name PRIMECAP MANAGEMENT n/a n/a VANGUARD GROUP INC n/a WELLINGTON MANAGEMEN n/a BANK OF AMERICA n/a BANK OF NEW YORK MEL MERCHANTS' GATE CAPI PARNASSUS INVESTMENT T ROWE PRICE ASSOCIA MACKENZIE FINANCIAL NORTHERN TRUST CORPO ORBIS HOLDINGS LIMIT JENSEN INVESTMENT MA POLEN CAPITAL MANAGE n/a CAPITAL COUNSEL LLC

Analyst JUSTIN B YAGERMAN WILLIAM J GREENE MATTHEW S BROOKLIER NATHAN J BROCHMANN THOMAS R WADEWITZ TOM KIM CHRISTOPHER J CERASO JOHN R MIMS SCOTT H GROUP CHAZ G JONES H PETER NESVOLD JEFFREY A KAUFFMAN LOGAN PURK DAVID P CAMPBELL THOMAS S ALBRECHT BENJAMIN J HARTFORD DAVID VERNON KELLY A DOUGHERTY JOHN L BARNES III MATT TROY RYAN BOUCHARD JACK ATKINS PATRICK TYLER BROWN JOHN G LARKIN SCOTT A SCHNEEBERGER JASON H SEIDL CRAIG STERLING ANTHONY P GALLO JAMES CORRIDORE

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

Recommendation buy Equalwt/Attractive neutral outperform underweight neutral/attractive neutral underperform outperform hold hold buy hold buy hold neutral outperform neutral sector perform neutral market perform equalweight market perform sell market perform hold hold market perform buy

Amt Held 9'609'274 8'920'704 8'509'338 8'388'709 7'414'398 6'861'475 5'120'000 4'408'198 3'746'268 3'197'671 2'791'765 2'683'000 2'436'066 2'322'864 2'117'531 1'975'439 1'962'668 1'918'183 1'794'464 1'480'315

% Out 6.04 5.6 5.34 5.27 4.66 4.31 3.22 2.77 2.35 2.01 1.75 1.69 1.53 1.46 1.33 1.24 1.23 1.2 1.13 0.93

Weighting

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

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

Latest Chg 139'500 270'017 (197) (64'505) 375'802 1'438'324 834'268 (1'881'334) (57'335) 2'515 (26'610) 293'600 30'963 1'975'439 (662'340) 31'929 (185'129) (33'562)

Target Price 78 #N/A N/A #N/A N/A #N/A N/A 50 65 67 55 78 64 61 78 #N/A N/A 94 #N/A N/A 73 74 58 63 65 67 66 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 76

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

File Dt Inst Type 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 12 month 12 month 18 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month

Date 23.04.2013 23.04.2013 23.04.2013 22.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 10.04.2013 10.04.2013 09.04.2013 08.04.2013 28.03.2013 27.03.2013 22.03.2013 12.03.2013 07.03.2013 13.02.2013 11.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 25.09.2012

30.04.2013

Check Point Software Technologies Ltd Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

Price/Volume 70

4.0 M

3.5 M

3.0 M 2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 52-Week Low (18.10.2012) Daily Volume Current Price (4/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 CHKP UW EQUITY YTD Change CHKP UW EQUITY YTD % CHANGE

12/2012 03/yy 59.17 40.60 660'607.00 45.61 -22.92% 12.34% 26.98% 205.9 9'390.77 0.00 0.0 0.0 3'295.36 5'867.38

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

31.12.2009 31.12.2010 924.4 1'097.9 5.67x 6.58x 483.7 594.4 10.83x 12.16x 357.5 452.8 18.12x 21.72x Profitability

1.0 M

.5 M

0 a-12

.0 M m-12

LTM-4Q 31.12.2011 1'247.0 6.37x 693.7 11.44x 544.0 20.77x

31.12.2012 1'342.7 4.61x 761.4 8.12x 620.0 16.20x 761.42 746.54 55.60% 58.60% 13.97% 18.94% 0.30% 88.4% 56.4% 55.5% 46.2% 2.21 2.15 0.00% 0.00% 5.21 -

Price/ Cash Flow

03/yy 1'278.8 27.55x 718.5 13.95x 565.5 24.00x

j-12

a-12

s-12

LTM 03/yy 1'352.3 19.24x 762.5 8.07x 624.3 15.61x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 0.88 159.71 5.21 -21.54% -4.26% 0.881 31 4.226 670'653 643'439 546'358 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'399.5 1'490.1 337.1 348.0 3.97x 3.38x 17.25x 16.44x 822.4 875.1 197.5 203.8 7.13x 6.70x 7.00x 6.86x 681.7 724.7 163.0 169.0 13.40x 12.26x 13.15x 12.86x S&P Issuer Ratings

21.34 21.11 -4.62 0.00 0.0% 0.0% 0.30 36.23 70.31 795.35 -

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 01.01.2010

1.5 M

Fiscal Year Ended 31.12.2008 808.5 3.18x 402.3 6.39x 324.0 11.37x

2.0 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 |

30.04.2013

Check Point Software Technologies Ltd Holdings By:

All

Holder Name SHWED GIL NACHT MARIUS SUN LIFE FINANCIAL I THORNBURG INVESTMENT FMR LLC FRANKLIN RESOURCES SCHRODER INVESTMENT HARRIS ASSOCIATES LP CARMIGNAC GESTION WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL INVESCO LTD PRUDENTIAL FINANCIAL FARALLON CAPITAL MAN JENNISON ASSOCIATES WESTFIELD CAPITAL MG T ROWE PRICE ASSOCIA STERLING CAPITAL MAN PERKINS INVESTMENT M WILLIAM BLAIR & COMP

Firm Name First Analysis Corp Pacific Crest Securities Raymond James Macquarie Nomura BMO Capital Markets Deutsche Bank Morgan Stanley Goldman Sachs RBC Capital Markets Credit Suisse JPMorgan Jefferies Needham & Co Stephens Inc William Blair & Co FBR Capital Markets B Riley & Company, Inc Stifel Oppenheimer & Co Wells Fargo Securities, LLC Cowen and Company Lazard Capital Markets MKM Partners FBN Securities Topeka Capital Markets Inc EVA Dimensions Argus Research Corp

Portfolio Name n/a n/a n/a THORNBURG INVESTMENT n/a n/a SCHRODER INVESTMENT HARRIS ASSOC LP CARMIGNAC GESTION WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL n/a n/a FARALLON CAPITAL MAN JENNISON ASSOCIATES WESTFIELD CAPITAL MA T ROWE PRICE ASSOCIA STERLING CAPITAL MAN PERKINS INVESTMENT M WILLIAM BLAIR & COMP

Analyst CRAIG NANKERVIS ROB D OWENS MICHAEL TURITS BRAD A ZELNICK RICHARD G SHERLUND KARL KEIRSTEAD THOMAS ERNST JR KEITH WEISS GREG DUNHAM ROBERT P BREZA PHILIP WINSLOW STERLING AUTY AARON SCHWARTZ SCOTT ZELLER JONATHAN B RUYKHAVER JONATHAN HO DANIEL H IVES DANIEL CUMMINS TODD C WELLER SHAUL EYAL GRAY W POWELL GREGG MOSKOWITZ JOEL P FISHBEIN JR ISRAEL HERNANDEZ SHEBLY SEYRAFI FREDERICK D ZIEGEL ANDREW S ZAMFOTIS JOSEPH F BONNER

Source 20F 20F ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F

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

Amt Held 24'963'760 21'214'986 15'278'850 12'621'374 9'955'180 8'768'144 7'995'556 7'690'400 6'777'046 6'399'218 5'390'445 5'040'047 3'827'554 2'672'000 2'392'593 2'183'420 2'089'800 1'926'119 1'850'161 1'846'238

% Out 12.12 10.3 7.42 6.13 4.84 4.26 3.88 3.74 3.29 3.11 2.62 2.45 1.86 1.3 1.16 1.06 1.01 0.94 0.9 0.9

Weighting

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

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

Latest Chg 1'007'947 235'870 (8'911'572) 4'046'942 572'741 3'642'600 6'777'046 2'901'491 1'253'232 (29'658) (420'950) 1'181'000 794'584 (524'608) (1'196'313) 1'472'748 1'850'161 (36'863)

Target Price #N/A N/A #N/A N/A 52 55 55 48 50 #N/A N/A 48 47 55 53 56 #N/A N/A 55 #N/A N/A 55 50 55 56 #N/A N/A #N/A N/A #N/A N/A 52 55 68 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.01.2013 n/a 31.01.2013 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 24.04.2013 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 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 03.04.2013 12.02.2013

30.04.2013

Cisco Systems Inc Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

Price/Volume 25 20 15

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CSCO UW EQUITY YTD Change CSCO UW EQUITY YTD % CHANGE

07/2012 01/yy 21.98 14.97 6'776'619.00 20.98 -4.55% 40.19% 85.74% 5'332.0 111'864.81 16'328.00 0.0 15.0 48'716.00 81'789.81

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

0 a-12 m-12

31.07.2009 31.07.2010 36'117.0 40'040.0 2.82x 2.64x 9'153.0 11'194.0 11.13x 9.46x 6'134.0 7'767.0 20.17x 17.07x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.07.2011 43'218.0 1.37x 10'959.0 5.39x 6'490.0 13.03x

31.07.2012 46'061.0 1.10x 12'971.0 3.91x 8'041.0 9.80x 12'971.00 10'369.00 22.51% 22.06% 10.04% 17.79% 14.26% 0.51% 61.2% 28.3% 22.7% 17.5% 3.49 3.20 17.79% 31.84% 5.99 11.64

Price/ Cash Flow

LTM

01/yy 44'844.0 6.16x 12'018.0 6.27x 6'998.0 14.10x

01/yy 47'252.0 5.76x 13'372.0 6.17x 9'317.0 14.33x

FY+1

2.10 1.00 5'322.11 58.00 7.02% 7.63% 1.003 50 4.260 9'314'090 8'826'492 9'077'326 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 48'677.8 51'367.1 12'199.8 12'527.3 2.12x 1.77x 6.42x 6.11x 15'211.6 15'691.9 3'802.0 4'002.0 5.38x 5.21x 5.20x 5.11x 10'660.9 11'130.5 2'630.9 2'720.4 10.52x 9.95x 10.35x 10.17x S&P Issuer Ratings

10.02.2006 A+ STABLE 31.01.2011 A-1+ 21.76 19.87 -2.25 1.22 31.8% 24.1% 0.51 13.28 60.78 31.27 16.63 77.17

Sales/Revenue/Turnover

20.00

50'000.0

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00 8.00

25'000.0 20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 31.07.2009

j-12

Fiscal Year Ended 31.07.2008 39'540.0 2.86x 11'189.0 10.09x 8'052.0 16.14x

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M a-13

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

30.04.2013

Cisco Systems Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL INVESCO LTD JP MORGAN FMR LLC FRANKLIN RESOURCES NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG LAZARD ASSET MANAGEM FIRST EAGLE INVESTME NORGES BANK TIAA CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AG ALLIANZ ASSET MANAGE

Firm Name BMO Capital Markets Sterne, Agee & Leach Deutsche Bank William Blair & Co Tigress Financial Partners Raymond James ISI Group Evercore Partners Baden Hill LLP Stifel Wunderlich Securities Mizuho Securities USA Inc Wells Fargo Securities, LLC Independent Research GmbH S&P Capital IQ Janney Montgomery Scott LLC Wedbush Pacific Crest Securities Robert W. Baird & Co Edward Jones Barclays Piper Jaffray Topeka Capital Markets Inc Jefferies FBR Capital Markets RBC Capital Markets Nomura Daiwa Securities Co. Ltd. Berenberg Bank Argus Research Corp Oppenheimer & Co Morgan Stanley JPMorgan Needham & Co Davenport & Co JMP Securities Lazard Capital Markets MKM Partners Northland Securities Inc FBN Securities Wedge Partners EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a n/a n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT T ROWE PRICE ASSOCIA YACKTMAN ASSET MANAG n/a FIRST EAGLE INVESTME NORGES BANK TIAA-CREF INVESTMENT AMERIPRISE FINANCIAL DEUTSCHE BANK AKTIEN n/a

Analyst TIMOTHY P LONG ALEX KURTZ BRIAN T MODOFF JASON NOAH ADER IVAN FEINSETH SIMON M LEOPOLD BRIAN MARSHALL MARK A MCKECHNIE ROY CAMPBELL SANJIV R WADHWANI MATTHEW S ROBISON JOANNA MAKRIS JESS L LUBERT MARKUS FRIEBEL JAMES G MOORMAN WILLIAM CHOI ROHIT CHOPRA BRENT A BRACELIN JAYSON NOLAND SR WILLIAM C KREHER BENJAMIN A REITZES TROY D JENSEN BRIAN J WHITE GEORGE C NOTTER SCOTT S THOMPSON MARK SUE STUART JEFFREY YOKO YAMADA ADNAAN AHMAD JAMES KELLEHER ITTAI KIDRON EHUD A GELBLUM ROD HALL ALEXANDER HENDERSON F DRAKE JOHNSTONE ERIK SUPPIGER RYAN HUTCHINSON MICHAEL GENOVESE CATHARINE TREBNICK SHEBLY SEYRAFI CHRISTOPHER J CRESPI ANDREW S ZAMFOTIS SIMONA JANKOWSKI

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

Recommendation outperform buy buy outperform neutral outperform cautious equalweight buy buy buy buy outperform hold buy neutral outperform outperform outperform hold overweight overweight buy hold underperform outperform buy outperform sell buy outperform Overwt/Attractive underweight hold buy market perform neutral buy outperform outperform no rating system buy Buy/Neutral

Amt Held 299'578'360 285'629'010 248'500'974 183'794'312 120'991'753 103'605'229 98'236'097 86'751'700 82'170'147 77'496'020 70'428'507 69'820'447 52'443'161 47'813'820 46'147'106 43'095'418 42'368'958 40'386'595 37'520'775 37'109'838

% Out 5.62 5.36 4.66 3.45 2.27 1.94 1.84 1.63 1.54 1.45 1.32 1.31 0.98 0.9 0.87 0.81 0.79 0.76 0.7 0.7

Weighting

Change

5 5 5 5 3 5 2 3 5 5 5 5 5 3 5 3 5 5 5 3 5 5 5 3 1 5 5 5 1 5 5 5 1 3 5 3 3 5 5 5 #N/A N/A 5 5

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

Latest Chg (7'418'814) 8'853'231 15'936'699 65'261'717 8'008'876 (10'779'595) 12'933'673 19'583'032 (272'238) 2'085'888 6'196'339 (4'001'080) (52'225) (1'104'045) (540'834) 4'202'738 3'103'045 7'990'890 6'191'620 3'351'241

Target Price 25 26 24 #N/A N/A #N/A N/A 25 #N/A N/A 23 #N/A N/A 25 24 25 #N/A N/A 24 26 20 24 25 25 #N/A N/A 27 25 26 22 17 24 25 24 14 26 24 24 18 #N/A N/A 24 #N/A N/A #N/A N/A 25 26 25 #N/A N/A #N/A N/A 25

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

File Dt Inst Type 23.04.2013 Investment Advisor 22.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 18 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month

Date 23.04.2013 22.04.2013 21.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 14.04.2013 12.04.2013 11.04.2013 10.04.2013 10.04.2013 08.04.2013 05.04.2013 05.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 01.04.2013 01.04.2013 27.03.2013 27.03.2013 26.03.2013 21.03.2013 14.03.2013 14.03.2013 06.03.2013 05.03.2013 01.03.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 18.01.2013 15.01.2013 09.12.2012

30.04.2013

Citrix Systems Inc Citrix Systems, Inc. designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand. The Company develops and markets comprehensive solutions across all dimensions of application, server and desktop virtualization as well as application and network optimization.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (15.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTXS UW EQUITY YTD Change CTXS UW EQUITY YTD % CHANGE

12/2012 03/yy 87.73 56.57 537'078.00 62.15 -29.16% 9.86% 17.91% 186.6 11'597.56 0.00 0.0 0.0 928.63 10'939.62

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

31.12.2009 31.12.2010 1'614.1 1'874.7 4.34x 6.37x 364.7 459.8 19.19x 25.97x 191.0 277.1 40.39x 46.75x Profitability

LTM-4Q 31.12.2011 2'206.4 4.78x 576.2 18.30x 356.3 32.47x

31.12.2012 2'586.1 4.37x 605.7 18.66x 352.5 38.57x 605.65 390.78 15.11% 15.86% 7.64% 11.52% 12.05% 0.59% 84.4% 22.3% 13.7% 13.6% 1.28 1.16 0.00% 0.00% 6.35 41.89

Price/ Cash Flow

03/yy 2'305.0 20.78x 589.8 23.40x 351.1 42.42x

2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M j-12

j-12

a-12

s-12

LTM 03/yy 2'669.5 19.52x 596.5 21.47x 344.0 46.74x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.43 185.00 2.37 -27.40% -5.48% 1.427 37 4.000 1'072'727 691'515 662'191 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'962.8 3'346.6 710.3 742.2 3.60x 3.01x 15.37x 14.53x 935.2 1'061.4 199.7 237.6 11.70x 10.31x 11.21x 10.56x 584.1 669.3 119.7 147.3 20.11x 17.62x 19.56x 18.63x S&P Issuer Ratings

04.02.2005 NR -1.10 0.00 0.0% 0.0% 0.59 9.19 57.48 8.71 48.53 29.47

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 01.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 1'583.4 2.32x 294.8 12.44x 178.3 19.81x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Citrix Systems Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC JP MORGAN INVESCO LTD CLEARBRIDGE INVESTME ALLIANCE BERNSTEIN WILLIAM BLAIR & COMP NORTHERN TRUST CORPO MORGAN STANLEY MAVERICK CAPITAL LTD WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL BROWN ADVISORY INC BANK OF NEW YORK MEL SUN LIFE FINANCIAL I HARDING LOEVNER LP LEGG MASON INC WELLS FARGO

Firm Name Morgan Stanley Goldman Sachs RBC Capital Markets Jefferies Nomura Wells Fargo Securities, LLC Credit Agricole Securities (USA) William Blair & Co Evercore Partners Mizuho Securities USA Inc MKM Partners Stifel Lazard Capital Markets Susquehanna Financial Group Needham & Co S&P Capital IQ Deutsche Bank Raymond James Drexel Hamilton LLC Robert W. Baird & Co Tigress Financial Partners FBN Securities Oppenheimer & Co Berenberg Bank Sanford C. Bernstein & Co Pacific Crest Securities JMP Securities Credit Suisse JPMorgan Stephens Inc FBR Capital Markets Cowen and Company Barclays EVA Dimensions Noble Financial Group

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a CLEARBRIDGE INVESTME n/a WILLIAM BLAIR & COMP NORTHERN TRUST CORPO n/a MAVERICK CAPITAL LTD WELLINGTON MANAGEMEN AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL n/a HARDING LOEVNER LP Multiple Portfolios n/a

Analyst KEITH WEISS HEATHER BELLINI MATTHEW HEDBERG ROSS MACMILLAN RICHARD G SHERLUND JASON MAYNARD EDWARD MAGUIRE BHAVAN SURI STEWART KIRK MATERNE III ABHEY R LAMBA ISRAEL HERNANDEZ BRAD REBACK JOEL P FISHBEIN JR J DERRICK WOOD SCOTT ZELLER SCOTT H KESSLER THOMAS ERNST JR MICHAEL TURITS JAMES N GILMAN STEVEN M ASHLEY IVAN FEINSETH SHEBLY SEYRAFI SHAUL EYAL DAUD KHAN MARK L MOERDLER ROB D OWENS PATRICK WALRAVENS PHILIP WINSLOW JOHN DIFUCCI JONATHAN B RUYKHAVER DANIEL H IVES GREGG MOSKOWITZ RAIMO LENSCHOW ANDREW S ZAMFOTIS SUSAN BAUR

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

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

Amt Held 15'136'139 11'851'019 10'201'017 8'574'049 6'506'664 5'862'613 5'257'890 4'921'206 4'082'862 3'929'338 3'874'190 3'768'917 3'732'787 3'581'960 3'431'077 2'873'078 2'671'378 2'529'948 2'367'537 2'118'749

% Out 8.11 6.35 5.47 4.59 3.49 3.14 2.82 2.64 2.19 2.11 2.08 2.02 2 1.92 1.84 1.54 1.43 1.36 1.27 1.14

Weighting

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

M M M M M M M M M M M M M M M M M M M M R N M M M M M M M M M M M M M

Latest Chg (6'151'934) (143'375) 219'026 1'038'214 887'659 1'062'062 (818'171) 1'053'573 (83'316) (313'208) 2'291'404 417'815 668'154 75'282 107'502 184'296 93'503 82'767 (2'978'080)

Target Price #N/A N/A 70 73 78 75 #N/A N/A 78 #N/A N/A 77 80 88 83 95 95 85 64 95 78 72 80 #N/A N/A 85 #N/A N/A 76 102 90 #N/A N/A 73 56 86 100 #N/A N/A 76 #N/A N/A 101

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

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 01.04.2013 25.03.2013 20.03.2013 07.03.2013 06.03.2013 26.02.2013 21.02.2013 05.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 15.01.2013 26.04.2012

30.04.2013

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

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

12/2012 12/yy 81.05 53.93 1'217'049.00 62.93 -22.36% 16.69% 33.19% 301.8 18'991.13 0.00 0.0 0.0 2'863.76 16'127.38

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

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

2.0 M

10 0 a-12 m-12

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% 17.48% 23.87% 23.87% 1.22% 41.8% 20.7% 18.5% 14.3% 3.50 3.06 0.00% 0.00% 5.82 61.28

Price/ Cash Flow

12/yy 6'121.2 12.47x 1'260.6 13.53x 883.6 22.56x

.0 M j-12

j-12

a-12

s-12

LTM 12/yy 7'346.5 10.11x 1'518.1 12.80x 1'051.3 21.48x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.17 300.31 2.53 -14.17% -15.02% 1.173 30 4.633 2'039'350 969'831 746'984 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 8'625.5 10'010.0 2'008.5 2'112.0 1.84x 1.48x 7.96x 7.46x 1'764.4 2'056.6 411.0 431.3 9.14x 7.84x 9.11x 8.74x 1'311.8 1'519.7 306.2 322.6 14.59x 12.73x 14.59x 14.03x S&P Issuer Ratings

-1.89 0.00 0.0% 0.0% 1.22 8.50 62.89 5.97 8.00 60.86

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 01.01.2010

4.0 M

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

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CTSH UW EQUITY YTD Change CTSH UW EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Cognizant Technology Solutions Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC WADDELL & REED FINAN LONE PINE CAPITAL LL WELLS FARGO T ROWE PRICE ASSOCIA JP MORGAN 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 ORBIS HOLDINGS LIMIT

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

Portfolio Name n/a n/a n/a VANGUARD GROUP INC WADDELL & REED FINAN LONE PINE CAPITAL LL n/a T ROWE PRICE ASSOCIA n/a 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 ORBIS HOLDINGS LIMIT

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

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

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

Amt Held 17'371'723 16'558'747 16'053'258 13'866'705 11'426'637 10'912'591 10'867'779 10'151'194 7'237'619 7'133'124 6'100'206 5'985'759 5'912'037 5'868'850 5'319'826 4'294'290 4'188'728 3'994'216 3'433'886 3'243'161

% Out 5.76 5.49 5.32 4.59 3.79 3.62 3.6 3.36 2.4 2.36 2.02 1.98 1.96 1.94 1.76 1.42 1.39 1.32 1.14 1.07

Weighting

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

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

Latest Chg 1'260'736 415'448 474'812 196'560 320'797 258'104 5'889'084 (630'856) (395'037) (167'623) 417'725 1'900'027 (391'886) 116'916 58'892 (35'135) (205'411) 29'600 1'885'322

Target Price 85 86 89 #N/A N/A 92 85 90 85 #N/A N/A 92 83 88 96 80 86 85 88 86 #N/A N/A 61 72 75 #N/A N/A 90 #N/A N/A 86 77 78

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

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 18 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 17.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 11.03.2013 06.03.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 22.08.2012 08.07.2011

30.04.2013

Comcast Corp Comcast Corporation is a global media and technology company with two primary businesses. The Company provides video, high-speed Internet and phone services to residential and business customers. Comcast also operates news and entertainment cable networks, a national and a Spanish broadcast network, TV production operations, TV station groups, film studios, theme parks and resorts.

Price/Volume

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CMCSA UW EQUITY YTD Change CMCSA UW EQUITY YTD % CHANGE

12/2012 12/yy 42.61 28.10 2'209'609.00 41.49 -2.63% 47.65% 92.28% 2'122.3 108'281.04 40'458.00 0.0 17'438.0 12'415.00 153'762.04

8.0 M

6.0 M

4.0 M

2.0 M

5 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

14.0 M

40 35

Valuation Analysis

31.12.2008 34'423.0 2.33x 13'132.0 6.10x 2'547.0 18.55x

31.12.2009 31.12.2010 35'756.0 37'937.0 2.14x 2.28x 13'714.0 14'596.0 5.58x 5.93x 3'638.0 3'635.0 15.19x 16.77x Profitability

LTM-4Q 31.12.2011 55'842.0 2.12x 18'357.0 6.44x 4'160.0 15.01x

31.12.2012 62'570.0 2.30x 19'977.0 7.21x 6'203.0 19.46x 19'977.00 12'179.00 19.46% 18.55% 3.84% 12.84% 9.11% 0.39% 68.1% 31.9% 19.5% 9.9% 1.20 1.07 24.52% 81.97% 12.68 -

Price/ Cash Flow

LTM

12/yy 55'842.0 8.52x 18'357.0 6.44x 4'160.0 15.01x

12/yy 62'570.0 8.83x 19'977.0 7.21x 6'203.0 19.36x

FY+1

1.57 1.06 2'119.81 32.63 39.39% 11.52% 1.063 33 4.515 3'103'094 3'926'235 4'095'267 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 64'180.0 67'996.2 15'401.6 16'009.4 2.63x 2.45x 11.30x 10.81x 21'019.9 22'345.6 4'981.9 5'338.4 7.32x 6.88x 7.33x 7.14x 6'336.1 7'137.5 1'334.4 1'629.5 17.38x 15.11x 17.51x 16.74x S&P Issuer Ratings

14.02.2013 APOS 25.05.2004 A-2 7.92 5.66 1.40 2.03 82.0% 37.7% 0.39 2.28 28.87 59.15 -

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 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 |

30.04.2013

Comcast Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET FMR LLC VANGUARD GROUP INC DODGE & COX WELLINGTON MANAGEMEN INVESCO LTD JP MORGAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA CREF INVESTMENT T ROWE PRICE ASSOCIA BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV ALLIANCE BERNSTEIN GEODE CAPITAL MANAGE GCIC LTD/CANADA

Firm Name Deutsche Bank Pacific Crest Securities Credit Suisse Jefferies ISI Group Morgan Stanley Raymond James Oppenheimer & Co Edward Jones Brean Murray Carret & Co Guggenheim Securities LLC Wells Fargo Securities, LLC Robert W. Baird & Co JPMorgan Goldman Sachs Pivotal Research Group LLC Macquarie Argus Research Corp Atlantic Equities LLP Evercore Partners RBC Capital Markets Wunderlich Securities Telsey Advisory Group Janney Montgomery Scott LLC Stifel Scotia Capital Nomura S&P Capital IQ Maxim Group LLC New Street Research EVA Dimensions BTIG LLC

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC DODGE & COX WELLINGTON MANAGEMEN n/a n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT T ROWE PRICE ASSOCIA BROWN BROTHERS HARRI NORGES BANK AMERIPRISE FINANCIAL DIMENSIONAL FUND ADV n/a GEODE CAPITAL MANAGE GOODMAN & COMPANY IN

Analyst DOUGLAS D MITCHELSON ANDY HARGREAVES MICHAEL SENNO THOMAS O SEITZ VIJAY JAYANT BENJAMIN SWINBURNE FRANK G LOUTHAN TIMOTHY K HORAN DAVID HEGER TODD MITCHELL SHING YIN MARCI RYVICKER WILLIAM V POWER PHILIP CUSICK JASON ARMSTRONG JEFFREY WLODARCZAK AMY YONG JOSEPH F BONNER CHRISTOPHER WATTS BRYAN KRAFT JONATHAN ATKIN MATTHEW HARRIGAN JAISON BLAIR TONY WIBLE CHRISTOPHER C KING JEFFREY FAN MICHAEL L MCCORMACK TUNA AMOBI JOHN TINKER CHARLES GAYNOR CRAIG STERLING RICHARD GREENFIELD

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

Recommendation buy sector perform outperform buy buy Equalwt/In-Line outperform outperform buy buy neutral outperform neutral overweight buy/attractive buy neutral hold overweight overweight outperform buy no rating system buy buy sector outperform buy buy buy neutral hold neutral

Amt Held 170'286'499 151'939'177 130'735'490 122'446'969 110'119'110 72'420'757 63'251'006 52'985'837 39'408'571 35'046'497 33'384'322 26'200'994 24'679'889 23'978'448 22'993'590 22'281'474 19'975'360 18'764'948 17'865'247 16'042'220

% Out 8.02 7.16 6.16 5.77 5.19 3.41 2.98 2.5 1.86 1.65 1.57 1.23 1.16 1.13 1.08 1.05 0.94 0.88 0.84 0.76

Weighting

Change

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

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

Latest Chg (15'203'842) (296'363) 2'105'553 4'965'013 1'769'948 (11'233'339) (2'617'597) (6'273'501) 6'566'470 4'920'619 6'326 1'422'866 (1'113'877) 710'946 1'226'195 3'494'798 36'016 79'579 (1'760'635) (436'600)

Target Price 48 #N/A N/A 48 45 47 42 44 45 #N/A N/A 48 40 #N/A N/A 44 49 47 48 45 #N/A N/A 48 46 46 47 47 48 45 46 48 46 48 40 #N/A N/A #N/A N/A

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

File Dt 31.03.2013 23.04.2013 24.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012

Date 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 18 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

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

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 21.04.2013 16.04.2013 16.04.2013 15.04.2013 12.04.2013 09.04.2013 09.04.2013 05.04.2013 04.04.2013 25.03.2013 24.03.2013 06.03.2013 22.02.2013 19.02.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 15.01.2013 26.01.2011

30.04.2013

Costco Wholesale Corp Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries. The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (08.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance COST UW EQUITY YTD Change COST UW EQUITY YTD % CHANGE

08/2012 02/yy 109.75 76.56 659'527.00 108.63 -1.02% 41.88% 96.63% 436.4 47'403.02 1'382.00 0.0 157.0 4'854.00 46'793.02

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

3.0 M

100

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.08.2008 72'483.0 0.39x 2'622.1 10.74x 1'282.7 22.66x

120

31.08.2009 31.08.2010 71'422.0 77'946.0 0.30x 0.28x 2'522.0 2'880.0 8.39x 7.60x 1'086.0 1'303.0 20.41x 19.09x Profitability

LTM-4Q 31.08.2011 88'915.0 0.34x 3'303.0 9.28x 1'462.0 22.49x

31.08.2012 99'137.0 0.39x 3'667.0 10.64x 1'709.0 24.69x 3'667.00 2'759.00 2.78% 2.79% 6.92% 17.53% 13.59% 3.64% 12.4% 3.8% 2.9% 1.7% 1.10 0.48 5.09% 11.18% 86.23 12.43

Price/ Cash Flow

LTM

FY+1

7.68 0.75 432.19 5.48 33.53% 10.28% 0.747 30 4.033 681'431 672'970 697'773 FY+2

FQ+1

FQ+2

02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 93'396.0 103'128.0 106'073.9 115'136.6 24'249.9 33'108.9 1.38x 1.49x 0.45x 0.41x 1.99x 1.46x 3'392.0 3'874.0 4'090.5 4'496.1 932.1 1'302.8 9.91x 11.35x 11.44x 10.41x 11.03x 10.76x 1'516.0 1'958.0 2'001.7 2'197.0 450.2 638.1 23.23x 23.46x 23.86x 21.60x 22.99x 22.35x S&P Issuer Ratings Long-Term Rating Date 28.11.2012 Long-Term Rating A+ Long-Term Outlook STABLE Short-Term Rating Date 28.11.2012 Short-Term Rating A-1 Credit Ratios EBITDA/Interest Exp. 34.92 (EBITDA-Capex)/Interest Exp. 20.83 Net Debt/EBITDA -0.20 Total Debt/EBITDA 1.26 Reference Total Debt/Equity 11.2% Total Debt/Capital 9.9% Asset Turnover 3.64 Net Fixed Asset Turnover 7.96 Accounts receivable turnover-days 4.30 Inventory Days 29.84 Accounts Payable Turnover Day 28.11 Cash Conversion Cycle 3.64 Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00 8.00

60'000.0

6.00

40'000.0

4.00

20'000.0 2.00 0.00 04.09.2009

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

30.04.2013

Costco Wholesale Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC DAVIS SELECTED ADVIS FMR LLC JENNISON ASSOCIATES NORTHERN TRUST CORPO AMERICAN CENTURY COM GOLDMAN SACHS GROUP BANK OF NEW YORK MEL INVESCO LTD NORGES BANK JP MORGAN T ROWE PRICE ASSOCIA BERKSHIRE HATHAWAY I BANK OF AMERICA CORP MONTAG & CALDWELL IN WINSLOW CAPITAL MANA HARBOR CAPITAL ADVIS

Firm Name BMO Capital Markets JPMorgan Credit Suisse Edward Jones Robert W. Baird & Co Sanford C. Bernstein & Co ISI Group Deutsche Bank Janney Montgomery Scott LLC Jefferies William Blair & Co Stifel McAdams Wright Ragen Inc Guggenheim Securities LLC Cowen and Company Susquehanna Financial Group Piper Jaffray Northcoast Research Morgan Stanley Daiwa Securities Co. Ltd. Argus Research Corp Telsey Advisory Group EVA Dimensions Raymond James Oppenheimer & Co S&P Capital IQ Barclays Tigress Financial Partners

Portfolio Name n/a n/a n/a VANGUARD GROUP INC DAVIS SELECTED ADVIS n/a JENNISON ASSOCIATES NORTHERN TRUST CORPO AMERICAN CENTURY COM GOLDMAN SACHS GROUP BANK OF NEW YORK MEL n/a NORGES BANK n/a T ROWE PRICE ASSOCIA n/a BANK OF AMERICA MONTAG & CALDWELL IN WINSLOW CAPITAL MANA Multiple Portfolios

Analyst KAREN SHORT CHRISTOPHER HORVERS MICHAEL B EXSTEIN BRIAN YARBROUGH PETER S BENEDICT COLIN MCGRANAHAN GREGORY MELICH PAUL TRUSSELL DAVID S STRASSER DANIEL T BINDER MARK R MILLER DAVID A SCHICK DAN GEIMAN JOHN HEINBOCKEL FAYE LANDES ROBERT SUMMERS SEAN NAUGHTON CHARLES E CERANKOSKY MARK WILTAMUTH KAHORI TAMADA CHRISTOPHER GRAJA JOSEPH I FELDMAN AUSTIN BURKETT BUDD BUGATCH BRIAN NAGEL IAN GORDON ROBERT S DRBUL IVAN FEINSETH

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

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

Amt Held 47'591'655 23'849'067 21'671'006 20'160'182 15'318'718 13'559'317 8'972'856 7'834'546 5'864'911 5'846'843 5'510'453 5'135'180 4'427'681 4'378'833 4'345'534 4'333'363 4'196'949 3'799'389 3'546'132 3'279'692

% Out 10.91 5.47 4.97 4.62 3.51 3.11 2.06 1.8 1.34 1.34 1.26 1.18 1.01 1 1 0.99 0.96 0.87 0.81 0.75

Weighting

Change

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

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

Latest Chg 724'042 193'283 (3'954'786) 690'828 (2'770'670) 914'367 187'224 (52'440) (163'845) (762'123) (139'469) (571'875) 1'674'312 1'416'393 403'832 1'112'363 (109'758) (52'878) 77'350

Target Price 115 113 115 #N/A N/A 117 106 116 110 116 97 #N/A N/A 107 105 98 #N/A N/A 65 113 115 113 108 115 110 #N/A N/A #N/A N/A 105 110 105 #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 24.04.2013 23.04.2013 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 18 month 12 month Not Provided Not Provided

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

Date 23.04.2013 22.04.2013 17.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 25.03.2013 19.03.2013 15.03.2013 13.03.2013 13.03.2013 13.03.2013 12.03.2013 12.03.2013 12.03.2013 12.03.2013 27.02.2013

30.04.2013

Dell Inc Dell Inc. offers a wide range of computers and related products. The Company sells personal computers, servers and networking products, storage systems, mobility products, software and peripherals, and services. Dell serves consumers and businesses in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region.

Price/Volume 18

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DELL UW EQUITY YTD Change DELL UW EQUITY YTD % CHANGE

01/2013 02/yy 16.59 8.70 1'231'977.00 13.34 -19.59% 53.42% 58.83% 1'747.2 23'307.92 9'085.00 0.0 21.0 12'777.00 19'636.92

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

4 2 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.01.2009 61'101.0 0.19x 3'961.0 2.87x 2'478.0 6.93x

31.01.2010 31.01.2011 52'902.0 61'494.0 0.35x 0.27x 3'024.0 4'403.0 6.06x 3.83x 1'433.0 2'635.0 13.58x 9.20x Profitability

LTM-4Q 31.01.2012 62'071.0 0.41x 5'367.0 4.76x 3'492.0 8.87x

31.01.2013 56'940.0 0.35x 4'156.0 4.82x 2'372.0 9.21x 4'156.00 3'012.00 5.29% 4.99% 5.15% 24.21% 13.57% 1.24% 21.4% 7.3% 5.3% 4.2% 1.19 0.97 19.11% 85.07% 5.80 32.13

Price/ Cash Flow

LTM

02/yy 62'071.0 1.52x 5'367.0 4.76x 3'492.0 8.83x

02/yy 56'940.0 1.29x 4'156.0 4.82x 2'372.0 9.15x

FY+1

0.60 1.11 1'470.14 24.09 -16.74% 32.42% 1.113 29 3.138 4'317'914 4'093'568 5'698'749 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 55'729.9 55'641.7 13'523.7 13'934.3 0.33x 0.31x 1.48x 1.29x 4'084.9 4'302.6 946.7 1'093.2 4.81x 4.56x 4.54x 4.39x 2'666.3 2'697.5 607.8 662.3 8.75x 8.14x 8.78x 8.58x S&P Issuer Ratings

05.02.2013 A- *05.02.2013 A-1 *15.39 13.49 -0.89 2.19 85.1% 45.9% 1.24 26.80 62.79 11.33 94.54 -20.41

Sales/Revenue/Turnover

10.00

70'000.0

9.00

60'000.0

8.00 7.00

50'000.0

6.00

40'000.0

5.00

30'000.0

4.00

20'000.0

3.00 2.00

10'000.0

1.00 0.00 29.01.2010

0.0 29.07.2010

29.01.2011

29.07.2011

29.01.2012

29.07.2012

29.01.2013

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

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

30.04.2013

Dell Inc Holdings By:

All

Holder Name DELL MICHAEL S SOUTHEASTERN ASSET M T ROWE PRICE ASSOCIA STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC CITIGROUP INCORPORAT HARRIS ASSOCIATES LP FRANKLIN RESOURCES DODGE & COX INVESCO LTD BROWN BROTHERS HARRI NORTHERN TRUST CORPO BANK OF NEW YORK MEL YACKTMAN ASSET MANAG MORGAN STANLEY SCHRODER INVESTMENT NORGES BANK PZENA INVESTMENT MAN

Firm Name BMO Capital Markets Morgan Stanley Edward Jones Jefferies Wells Fargo Securities, LLC Topeka Capital Markets Inc Mizuho Securities USA Inc Deutsche Bank Sanford C. Bernstein & Co Wedge Partners Raymond James Monness, Crespi, Hardt & Co Pacific Crest Securities Robert W. Baird & Co Brean Murray Carret & Co S&P Capital IQ Stifel Argus Research Corp Needham & Co Cowen and Company Maxim Group LLC Cross Research Credit Agricole Securities (USA) FBN Securities ISI Group CRT Capital Group Crowell, Weedon & Co Goldman Sachs Credit Suisse JPMorgan Evercore Partners Barclays EVA Dimensions RBC Capital Markets Jyske Bank

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC n/a CITIGROUP INCORPORAT HARRIS ASSOC LP n/a DODGE & COX n/a BROWN BROTHERS HARRI NORTHERN TRUST CORPO BANK OF NEW YORK MEL YACKTMAN ASSET MANAG n/a SCHRODER INVESTMENT NORGES BANK PZENA INVESTMENT MAN

Analyst KEITH F BACHMAN KATHRYN HUBERTY WILLIAM C KREHER PETER J MISEK MAYNARD UM BRIAN J WHITE ABHEY R LAMBA CHRISTOPHER WHITMORE TONI SACCONAGHI JUN ZHANG BRIAN G ALEXANDER JEFFREY FIDACARO BRENT A BRACELIN JAYSON NOLAND SR ANANDA BARUAH ANGELO ZINO AARON C RAKERS JAMES KELLEHER RICHARD J KUGELE MATTHEW HOFFMAN ASHOK KUMAR SHANNON S CROSS AVI SILVER SHEBLY SEYRAFI BRIAN MARSHALL LANCE W VITANZA JAMES D RAGAN WILLIAM C SHOPE JR KULBINDER GARCHA MARK A MOSKOWITZ ROBERT CIHRA BENJAMIN A REITZES ANDREW S ZAMFOTIS AMIT DARYANANI ROBERT JAKOBSEN

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

Recommendation market perform not rated hold hold market perform buy neutral hold market perform no rating system market perform neutral sector perform neutral hold hold hold sell hold neutral hold hold underperform sector perform neutral not rated neutral not rated restricted restricted suspended coverage suspended coverage overweight sector perform strong buy

Amt Held 273'332'371 121'514'858 82'129'627 81'668'303 76'581'657 64'965'821 32'607'204 31'299'087 27'729'975 25'888'618 23'983'550 23'331'742 20'513'052 19'112'269 18'235'123 14'912'159 14'374'325 14'050'626 12'735'099 12'677'923

% Out 15.64 6.95 4.7 4.67 4.38 3.72 1.87 1.79 1.59 1.48 1.37 1.34 1.17 1.09 1.04 0.85 0.82 0.8 0.73 0.73

Weighting

Change

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

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

Latest Chg (1'810'700) 5'586'760 63'258 8'761'743 1'867'156 22'548'224 172'333 (1'009'692) 4'511'017 (85'300) (9'214'269) (248'673) 369'712 (525'030) 14'912'159 (2'616'894) 9'838'823 (477'474) (1'738'375)

Target Price 14 #N/A N/A #N/A N/A 14 #N/A N/A 18 15 14 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 15 #N/A N/A 15 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 14 14 #N/A N/A #N/A N/A 14 #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 12 17

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

File Dt Inst Type 31.12.2012 n/a 14.03.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager

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

Date 24.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 16.04.2013 12.04.2013 11.04.2013 01.04.2013 01.04.2013 28.03.2013 26.03.2013 25.03.2013 25.03.2013 28.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 11.02.2013 06.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 05.02.2013 16.01.2013 09.01.2013 24.05.2012

30.04.2013

DENTSPLY International Inc DENTSPLY International Inc. manufactures and distributes dental supplies on a worldwide basis. The Company's products include dental prosthetics, endodontic instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and intraoral cameras. DENTSPLY also provides impression materials, orthodontic appliances, and dental operatory software systems, and other dental products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XRAY UW EQUITY YTD Change XRAY UW EQUITY YTD % CHANGE

12/2012 12/yy 43.50 35.04 144'435.00 42.2 -2.99% 20.43% 84.63% 142.8 6'028.27 1'521.00 0.0 40.7 80.13 7'509.88

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

31.12.2009 31.12.2010 2'159.4 2'221.0 2.44x 2.25x 453.3 457.2 11.61x 10.91x 274.3 265.7 18.81x 18.04x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.12.2011 2'537.7 2.63x 421.6 15.85x 244.5 15.79x

31.12.2012 2'928.4 2.43x 536.9 13.26x 314.2 16.69x 536.86 407.66 13.92% 11.18% 6.46% 15.49% 10.05% 0.60% 53.1% 18.3% 13.9% 10.7% 1.20 0.56 30.59% 68.86% 6.73 3.59

Price/ Cash Flow

12/yy 2'537.7 9.29x 421.6 15.85x 244.5 15.78x

LTM 12/yy 2'928.4 9.79x 536.9 13.26x 314.2 16.69x

FY+1

0.52 1.13 142.51 7.00 3.38% 6.70% 1.129 17 3.588 151'084 213'179 219'938 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'050.9 3'185.8 731.9 798.7 2.36x 2.20x 10.38x 9.45x 622.9 663.5 154.7 173.3 12.06x 11.32x 11.66x 345.4 379.9 78.8 95.5 17.51x 15.82x 17.52x 17.13x S&P Issuer Ratings

02.09.2011 BBB+ STABLE 25.08.2011 A-2 9.44 7.82 2.68 2.83 68.9% 40.3% 0.60 4.86 54.37 101.99 40.71 115.66

Sales/Revenue/Turnover

18.00

3'500.0

16.00

3'000.0

14.00

2'500.0

12.00 10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

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

Fiscal Year Ended 31.12.2008 2'193.7 2.06x 469.7 9.61x 283.9 15.02x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

DENTSPLY International Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA SUN LIFE FINANCIAL I BROWN BROTHERS HARRI VANGUARD GROUP INC BLACKROCK STATE STREET SELECT EQUITY GROUP ATLANTA CAPITAL MANA WESTFIELD CAPITAL MG FMR LLC WELLINGTON MANAGEMEN MUNDER CAPITAL MANAG PRINCIPAL FINANCIAL NEUBERGER BERMAN LLC COLUMBIA WANGER ASSE NORTHERN TRUST CORPO BANK OF NEW YORK MEL INVESCO LTD LUTHER KING CAPITAL ASTER INVESTMENT MGM

Firm Name Morgan Stanley Credit Suisse William Blair & Co CL King & Associates Northcoast Research Robert W. Baird & Co Edward Jones Wellington Shields & Co. LLC Jefferies Barrington Research Stifel Goldman Sachs EVA Dimensions S&P Capital IQ

Portfolio Name T ROWE PRICE ASSOCIA n/a BROWN BROTHERS HARRI VANGUARD GROUP INC n/a n/a SELECT EQUITY GROUP ATLANTA CAPITAL MANA WESTFIELD CAPITAL MA n/a WELLINGTON MANAGEMEN MUNDER CAPITAL MANAG n/a NEUBERGER BERMAN GRO COLUMBIA WANGER ASSE NORTHERN TRUST CORPO BANK OF NEW YORK MEL n/a LUTHER KING CAPITAL ASTER INVESTMENT MAN

Analyst STEVE BEUCHAW GLEN SANTANGELO JOHN C KREGER ROSS TAYLOR EDWIN SNYDER JEFFREY D JOHNSON MATTHEW D COLLINS ELLIOTT LEO SCHLANG BRANDON COUILLARD CHARLES R JONES JONATHAN D BLOCK ROBERT P JONES ANDREW S ZAMFOTIS PHILLIP SELIGMAN

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

Recommendation Equalwt/In-Line neutral market perform buy buy outperform buy hold buy outperform hold neutral/neutral underweight buy

Amt Held 21'763'768 12'381'666 9'477'744 8'935'425 7'674'325 7'643'898 4'708'489 3'696'111 3'008'167 2'847'602 2'285'400 2'268'847 2'142'310 2'100'664 2'090'500 1'984'283 1'817'456 1'576'984 1'501'637 1'288'000

% Out 15.24 8.67 6.63 6.26 5.37 5.35 3.3 2.59 2.11 1.99 1.6 1.59 1.5 1.47 1.46 1.39 1.27 1.1 1.05 0.9

Weighting

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

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

Latest Chg 2'267'669 328'184 146'210 450'821 209'099 443'308 43'840 106'680 (403'831) (200'000) (9'049) 530'482 2'218 441'000 (66'306) 84'296 (153'629) 225'220 (163'890)

Target Price #N/A N/A 43 #N/A N/A 48 48 46 #N/A N/A #N/A N/A 44 45 #N/A N/A 44 #N/A N/A 41

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 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 12 month Not Provided Not Provided

Date 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 15.04.2013 08.04.2013 01.03.2013 25.02.2013 25.02.2013 25.02.2013 20.02.2013 15.01.2013 25.10.2012

30.04.2013

DIRECTV DIRECTV provides digital television entertainment in the United States and Latin America. The Company acquires, promotes, sells and distributes digital entertainment programming via satellite to residential and commercial subscribers.

Price/Volume 70

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (13.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTV UW EQUITY YTD Change DTV UW EQUITY YTD % CHANGE

12/2012 12/yy 57.77 42.87 956'339.00 57.15 -1.07% 33.31% 95.84% 570.9 32'629.28 17'966.00 0.0 400.0 1'902.00 49'093.28

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

3.0 M

2.0 M

1.0 M

0 a-12

31.12.2009 31.12.2010 21'565.0 24'102.0 1.68x 1.72x 5'265.0 6'342.0 6.88x 6.55x 942.0 2'198.0 22.06x 17.31x Profitability

LTM-4Q 31.12.2011 27'226.0 1.56x 6'939.0 6.11x 2'609.0 12.43x

31.12.2012 29'740.0 1.54x 7'447.0 6.16x 2'949.0 11.10x 7'447.00 5'085.00 17.10% 14.94% 15.13% 30.07% 1.53% 47.6% 25.0% 17.1% 9.9% 1.00 0.83 87.40% 11.50 45.03

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

12/yy 27'226.0 6.64x 6'939.0 6.11x 2'609.0 12.35x

LTM 12/yy 29'740.0 6.19x 7'447.0 6.16x 2'949.0 11.05x

FY+1

0.00 0.89 542.31 16.01 15.99% 13.94% 0.895 26 4.038 999'180 1'417'518 1'596'451 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 31'892.1 34'136.2 7'522.9 7'759.4 1.59x 1.53x 6.54x 6.41x 7'882.0 8'553.7 1'878.3 2'106.7 6.23x 5.74x 6.26x 6.10x 2'694.9 2'918.0 637.5 774.4 11.81x 9.83x 11.77x 11.03x S&P Issuer Ratings

25.02.2011 BBB STABLE 19.11.2012 A-2 8.60 4.73 2.16 2.41 138.9% 1.53 3.76 31.81 8.13 27.99 11.95

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00 5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00 0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 19'693.0 1.40x 4'911.0 5.62x 1'521.0 16.85x

4.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

30.04.2013

DIRECTV Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET BERKSHIRE HATHAWAY I MALONE JOHN C VANGUARD GROUP INC SOUTHEASTERN ASSET M PRIMECAP MANAGEMENT INVESCO LTD FMR LLC UBS NORTHERN TRUST CORPO MANNING & NAPIER ADV HIGHFIELDS CAPITAL M HARRIS ASSOCIATES LP GAMCO BANK OF NEW YORK MEL CLEARBRIDGE INVESTME LSV ASSET MANAGEMENT GOLDMAN SACHS GROUP

Firm Name Deutsche Bank Pacific Crest Securities RBC Capital Markets Credit Suisse JPMorgan ISI Group Edward Jones Morgan Stanley Jefferies Stifel Wunderlich Securities Guggenheim Securities LLC Macquarie Nomura Wells Fargo Securities, LLC Brean Murray Carret & Co Atlantic Equities LLP S&P Capital IQ Pivotal Research Group LLC Goldman Sachs Evercore Partners Telsey Advisory Group New Street Research EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC SOUTHEASTERN ASSET M PRIMECAP MANAGEMENT n/a n/a n/a NORTHERN TRUST CORPO MANNING & NAPIER ADV HIGHFIELDS CAPITAL M HARRIS ASSOC LP n/a BANK OF NEW YORK MEL CLEARBRIDGE INVESTME LSV ASSET MANAGEMENT GOLDMAN SACHS GROUP

Analyst DOUGLAS D MITCHELSON ANDY HARGREAVES JONATHAN ATKIN MICHAEL SENNO PHILIP CUSICK VIJAY JAYANT DAVID HEGER BENJAMIN SWINBURNE THOMAS O SEITZ CHRISTOPHER C KING MATTHEW HARRIGAN SHING YIN AMY YONG MICHAEL L MCCORMACK MARCI RYVICKER TODD MITCHELL CHRISTOPHER WATTS TUNA AMOBI JEFFREY WLODARCZAK JASON ARMSTRONG BRYAN KRAFT JAISON BLAIR ANDREW ENTWISTLE CRAIG STERLING

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

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

Amt Held 53'171'004 38'143'004 36'419'239 34'037'500 27'717'717 26'382'691 25'794'847 21'475'390 11'804'878 9'372'647 8'814'492 8'059'587 7'745'527 7'579'945 7'370'883 7'166'238 6'489'214 6'407'491 5'654'678 5'634'474

% Out 9.31 6.68 6.38 5.96 4.85 4.62 4.52 3.76 2.07 1.64 1.54 1.41 1.36 1.33 1.29 1.26 1.14 1.12 0.99 0.99

Weighting

Change

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

M M M M M M M M M N M M M M M M M M M M M M M M

Latest Chg (10'640'111) (366'387) 4'481'900 26'100'639 (1'285'417) (1'255'886) (1'593'165) (1'148'717) (2'371'987) (1'019'143) (368'428) 1'090'420 (2'973'987) 1'986'000 (400'468) 226'943 (370'220) 1'467'272 (22'895)

Target Price 61 #N/A N/A 60 58 58 55 #N/A N/A 60 60 65 70 64 53 40 #N/A N/A 66 64 52 64 56 60 62 61 #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 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 16.06.2010 n/a 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Unclassified 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

Date 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month Not Provided 18 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 21.04.2013 19.04.2013 18.04.2013 17.04.2013 16.04.2013 15.04.2013 09.04.2013 06.04.2013 05.04.2013 05.04.2013 25.03.2013 15.03.2013 06.03.2013 06.03.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 15.01.2013

30.04.2013

Discovery Communications Inc Discovery Communications, Inc. provides non-fiction entertainment. The Company operates a wide range of educational television channels as well as offers consumer and educational products and services, and a diversified portfolio of digital media services.

Price/Volume 90

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DISCA UW EQUITY YTD Change DISCA UW EQUITY YTD % CHANGE

12/2012 12/yy 81.42 48.03 306'621.00 78.83 -3.18% 64.13% 92.24% 145.7 28'380.88 5'243.00 2.0 2.0 1'201.00 32'426.88

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

2.0 M

1.5 M

1.0 M

.5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 3'443.0 2.21x 1'350.0 5.63x 317.0 14.60x

31.12.2009 31.12.2010 3'516.0 3'773.0 3.13x 5.42x 1'204.0 1'517.0 9.14x 13.49x 560.0 653.0 30.20x 24.33x Profitability

LTM-4Q 31.12.2011 4'168.0 4.59x 1'823.0 10.50x 1'132.0 15.51x

31.12.2012 4'487.0 5.20x 1'978.0 11.80x 943.0 25.19x 1'978.00 1'861.00 41.48% 33.83% 7.59% 14.73% 9.88% 0.36% 72.9% 43.7% 41.1% 21.0% 2.89 2.46 40.55% 83.37% 4.16 -

Price/ Cash Flow

12/yy 4'204.0 16.85x 1'822.0 10.50x 1'132.0 15.37x

LTM 12/yy 4'521.0 17.78x 1'975.0 11.82x 943.0 25.19x

FY+1

0.00 1.00 143.30 12.55 44.85% 24.18% 0.996 28 3.571 318'737 413'121 453'302 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 5'552.0 6'143.5 1'156.8 1'445.4 6.07x 5.58x 28.96x 23.27x 2'439.7 2'755.3 512.3 659.7 13.29x 11.77x 13.25x 12.79x 1'220.5 1'470.2 240.0 330.8 23.37x 18.53x 23.35x 21.75x S&P Issuer Ratings

09.03.2011 BBB STABLE 7.98 7.67 2.05 2.65 83.4% 45.4% 0.36 11.79 87.92 18.17 -

Sales/Revenue/Turnover

60.00

5'000.0 4'500.0

50.00

4'000.0 3'500.0

40.00

3'000.0

30.00

2'500.0 2'000.0

20.00

1'500.0 1'000.0

10.00 0.00 01.01.2010

500.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Discovery Communications Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC AMERIPRISE FINANCIAL JANUS CAPITAL MANAGE BANK OF NEW YORK MEL WADDELL & REED FINAN SUN LIFE FINANCIAL I NORTHERN TRUST CORPO ING INVESTMENT MANAG INVESCO LTD WILLIAM BLAIR & COMP GOLDMAN SACHS GROUP FIRST MANHATTAN CO A MUNDER CAPITAL MANAG NEUBERGER BERMAN LLC BAMCO INC DSM CAPITAL PARTNERS CAPITAL GROUP COMPAN

Firm Name Susquehanna Financial Group Barrington Research Cowen and Company MKM Partners Sanford C. Bernstein & Co B Riley & Company, Inc Credit Suisse Nomura JPMorgan Barclays Needham & Co Pivotal Research Group LLC Deutsche Bank Morgan Stanley RBC Capital Markets Lazard Capital Markets Davenport & Co Goldman Sachs Macquarie S&P Capital IQ Telsey Advisory Group Evercore Partners Atlantic Equities LLP Piper Jaffray EVA Dimensions Wedge Partners Gabelli & Co BTIG LLC Hudson Square Research

Portfolio Name n/a n/a n/a VANGUARD GROUP INC AMERIPRISE FINANCIAL n/a BANK OF NEW YORK MEL WADDELL & REED FINAN n/a NORTHERN TRUST CORPO ING INVESTMENT MANAG n/a WILLIAM BLAIR & COMP GOLDMAN SACHS GROUP FIRST MANHATTAN COMP MUNDER CAPITAL MANAG NEUBERGER BERMAN GRO BAMCO INC DSM CAPITAL PARTNERS n/a

Analyst VASILY KARASYOV JAMES C GOSS DOUGLAS CREUTZ ERIC O HANDLER TODD JUENGER DAVID W MILLER MICHAEL SENNO MICHAEL NATHANSON ALEXIA S QUADRANI ANTHONY J DICLEMENTE LAURA A MARTIN BRIAN WIESER DOUGLAS D MITCHELSON BENJAMIN SWINBURNE DAVID BANK BARTON CROCKETT MICHAEL C MORRIS DREW BORST AMY YONG TUNA AMOBI JAISON BLAIR ALAN GOULD HAMILTON FABER JAMES M MARSH JR CRAIG STERLING MARTIN PYYKKONEN BRETT HARRISS RICHARD GREENFIELD MARLA S BACKER

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

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

Amt Held 27'072'344 14'370'610 11'876'615 10'872'715 4'118'371 3'171'565 2'933'329 2'890'950 2'806'156 2'802'220 2'664'481 2'640'394 2'322'118 2'309'576 2'018'003 1'965'867 1'960'332 1'791'677 1'737'867 1'691'786

% Out 18.58 9.86 8.15 7.46 2.83 2.18 2.01 1.98 1.93 1.92 1.83 1.81 1.59 1.58 1.38 1.35 1.35 1.23 1.19 1.16

Weighting

Change

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

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

Latest Chg 913'978 251'406 57'544 2'500'360 621'142 1'508'900 479'325 (66'715) 1'305'667 (13'148) 424'082 1'143'456 (50'824) 498'261 (246'723) (8'638) (214'110) (107'385) 62'206 (2'591'432)

Target Price 84 #N/A N/A #N/A N/A 72 87 90 77 67 85 70 #N/A N/A 72 91 83 84 90 85 62 65 78 82 69 51 40 #N/A N/A #N/A N/A #N/A N/A 44 36

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

File Dt 28.02.2013 23.04.2013 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

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

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

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 12.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 05.04.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 11.02.2013 15.01.2013 10.10.2012 01.08.2012 11.10.2010 15.09.2009

30.04.2013

Dollar Tree Inc Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Price/Volume 60

4.0 M 3.5 M

3.0 M 40

Latest Fiscal Year: LTM as of: 52-Week High (20.06.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLTR UW EQUITY YTD Change DLTR UW EQUITY YTD % CHANGE

01/2013 02/yy 56.82 37.13 337'333.00 47.79 -15.88% 28.73% 54.16% 227.2 10'858.19 271.30 0.0 0.0 399.90 10'729.59

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

2.0 M 1.5 M

1.0 M 10 0 a-12

.5 M .0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 4'644.9 0.81x 527.5 7.17x 229.5 16.82x

2.5 M

Valuation Analysis

31.01.2010 31.01.2011 5'231.2 5'882.4 0.77x 1.03x 670.6 816.0 5.97x 7.44x 320.5 397.3 13.91x 15.50x Profitability

LTM-4Q 31.01.2012 6'630.5 1.47x 946.0 10.32x 488.3 21.00x

31.01.2013 7'394.5 1.20x 1'095.4 8.11x 619.3 17.15x 1'095.40 920.10 12.44% 13.24% 24.38% 41.12% 35.00% 2.91% 35.9% 14.8% 12.4% 8.4% 2.18 0.59 9.86% 16.27% 5.16

Price/ Cash Flow

01/yy 6'630.5 5.09x 946.0 10.32x 488.3 20.85x

LTM 02/yy 7'394.5 5.62x 1'095.4 8.11x 619.3 15.87x

FY+1

0.00 0.78 219.15 3.55 -5.98% 17.83% 0.783 25 4.120 413'678 636'228 775'146 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 7'938.6 8'612.1 1'867.0 1'858.3 1.34x 1.25x 5.73x 5.75x 1'179.4 1'322.1 254.1 251.8 9.10x 8.12x 9.07x 8.84x 619.3 686.2 128.1 127.2 17.21x 14.92x 17.15x 16.68x S&P Issuer Ratings

391.21 279.71 -0.12 0.25 16.3% 14.0% 2.91 8.28 71.95 24.24 -

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 05.02.2010

1'000.0 0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

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

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

30.04.2013

Dollar Tree Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET WELLS FARGO LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA MORGAN STANLEY FMR LLC BLUE RIDGE CAPITAL L JANUS CAPITAL MANAGE ETON PARK CAPITAL MA ALLIANZ ASSET MANAGE JENNISON ASSOCIATES WELLINGTON MANAGEMEN BROCK JR MACON F LUXOR CAPITAL GROUP DB PLATINUM ADVISORS BANK OF NEW YORK MEL NORTHERN TRUST CORPO RENAISSANCE TECHNOLO

Firm Name Jefferies Nomura Morgan Stanley Goldman Sachs Raymond James BB&T Capital Markets JPMorgan Deutsche Bank Johnson Rice & Co FBR Capital Markets Wells Fargo Securities, LLC Feltl & Company MKM Partners Barclays Telsey Advisory Group Northcoast Research BMO Capital Markets RBC Capital Markets Credit Suisse Wedbush Buckingham Research Group Canaccord Genuity Corp Piper Jaffray EVA Dimensions Morgan Stanley S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a LONE PINE CAPITAL LL T ROWE PRICE ASSOCIA n/a n/a BLUE RIDGE CAPITAL L n/a ETON PARK CAPITAL MA n/a JENNISON ASSOCIATES WELLINGTON MANAGEMEN n/a LUXOR CAPITAL GROUP Multiple Portfolios BANK OF NEW YORK MEL NORTHERN TRUST CORPO RENAISSANCE TECHNOLO

Analyst DANIEL T BINDER ARAM RUBINSON MARK WILTAMUTH STEPHEN GRAMBLING DANIEL R WEWER JR ANTHONY CHUKUMBA MATTHEW BOSS PAUL TRUSSELL DAVID M MANN DUTCH FOX MATTHEW NEMER BRENT R RYSTROM PATRICK G MCKEEVER JR MEREDITH ADLER JOSEPH I FELDMAN NICHOLAS MITCHELL WAYNE HOOD R SCOT CICCARELLI EDWARD J KELLY JOAN L STORMS JOHN M ZOLIDIS LAURA A CHAMPINE PETER J KEITH CRAIG STERLING JOSEPH PARKHILL JOSEPH AGNESE

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

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

Amt Held 14'931'182 13'972'930 13'744'699 12'451'294 11'804'692 11'394'576 8'433'857 8'359'549 6'500'000 5'285'877 4'500'000 3'960'482 3'621'416 3'480'399 3'207'040 3'203'362 3'097'519 3'087'456 3'043'869 2'746'830

% Out 6.57 6.15 6.05 5.48 5.2 5.02 3.71 3.68 2.86 2.33 1.98 1.74 1.59 1.53 1.41 1.41 1.36 1.36 1.34 1.21

Weighting

Change

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

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

Latest Chg 315'798 (772'919) 2'326'293 7'912'671 7'119'050 3'779'205 (13'711'833) 1'870'000 (827'100) 4'500'000 2'403'303 1'017'576 1'772'662 3'203'362 3'097'519 (36'042) (104'819) (488'100)

Target Price 41 48 57 54 53 60 45 43 #N/A N/A 43 #N/A N/A 53 50 42 48 #N/A N/A 60 50 55 54 46 46 47 #N/A N/A 40 48

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

File Dt 23.04.2013 31.03.2013 24.04.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 30.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012

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

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

Date 18.04.2013 12.04.2013 10.04.2013 03.04.2013 14.03.2013 13.03.2013 04.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 15.01.2013 07.01.2013 16.08.2012

30.04.2013

eBay Inc eBay Inc. operates an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets. eBay also offers, through a subsidiary, secure online payment services.

Price/Volume 70 60 50 40

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBAY UW EQUITY YTD Change EBAY UW EQUITY YTD % CHANGE

12/2012 03/yy 58.04 38.00 2'127'212.00 52.84 -8.96% 39.05% 74.05% 1'297.8 68'575.20 4'519.00 0.0 0.0 9'408.00 63'698.20

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

10 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 8'541.3 1.82x 2'844.6 5.46x 1'779.5 9.01x

31.12.2009 31.12.2010 8'727.4 9'156.3 2.93x 3.42x 2'305.9 2'837.5 11.10x 11.03x 2'389.1 1'801.0 15.90x 20.17x Profitability

LTM-4Q 31.12.2011 11'651.7 3.02x 3'313.0 10.62x 3'229.4 17.23x

31.12.2012 14'072.0 4.34x 4'088.0 14.95x 2'609.0 26.15x 4'088.00 2'888.00 20.52% 21.92% 8.21% 13.65% 0.44% 70.0% 29.5% 20.9% 18.5% 1.96 0.94 12.19% 21.66% 21.14 -

Price/ Cash Flow

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M a-13

LTM

03/yy 12'383.0 12.55x 3'489.4 12.57x 3'323.5 20.16x

03/yy 14'542.0 16.15x 4'285.0 15.25x 2'717.0 26.98x

FY+1

0.00 1.24 1'173.38 15.35 28.72% 3.57% 1.236 43 4.628 2'836'915 3'470'848 3'069'363 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'324.6 19'014.4 3'892.8 3'971.1 3.86x 3.18x 16.18x 15.65x 5'358.2 6'217.1 1'247.1 1'287.2 11.89x 10.25x 11.44x 10.96x 3'625.3 4'271.1 837.7 860.6 19.27x 16.36x 18.56x 17.80x S&P Issuer Ratings

02.03.2010 A STABLE 05.11.2010 A-1 64.89 44.94 -1.14 1.06 21.7% 17.8% 0.44 6.21 17.27 26.35 -

Sales/Revenue/Turnover

25.00

16'000.0 14'000.0

20.00

12'000.0 10'000.0

15.00

8'000.0 10.00

6'000.0 4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

eBay Inc Holdings By:

All

Holder Name OMIDYAR PIERRE M FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA JANUS CAPITAL MANAGE INVESCO LTD WELLINGTON MANAGEMEN BAILLIE GIFFORD AND WELLS FARGO OPPENHEIMERFUNDS INC DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA CREF INVESTMENT JP MORGAN UBS WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Firm Name

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO n/a OPPENHEIMER FUNDS IN DODGE & COX BANK OF NEW YORK MEL NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a n/a WINSLOW CAPITAL MANA CITIGROUP INCORPORAT

Analyst

Wells Fargo Securities, LLC MATTHEW NEMER JMP Securities RONALD V JOSEY III Keefe, Bruyette & Woods SANJAY SAKHRANI Cantor Fitzgerald YOUSSEF H SQUALI Sanford C. Bernstein & Co CARLOS KIRJNER Raymond James AARON M KESSLER BMO Capital Markets EDWARD S WILLIAMS Morgan Stanley SCOTT W DEVITT RBC Capital Markets MARK S MAHANEY Credit Suisse STEPHEN JU Edward Jones JOSH OLSON JPMorgan DOUGLAS ANMUTH Janney Montgomery Scott LLC SHAWN C MILNE Jefferies BRIAN J PITZ Needham & Co KERRY RICE Pacific Crest Securities CHAD BARTLEY Robert W. Baird & Co COLIN SEBASTIAN Macquarie BENJAMIN A SCHACHTER B Riley & Company, Inc SCOTT TILGHMAN Stifel JORDAN ROHAN Canaccord Genuity Corp MICHAEL GRAHAM Evercore Partners KEN SENA BGC Partners COLIN W GILLIS Cowen and Company JOHN BLACKLEDGE S&P Capital IQ SCOTT H KESSLER Susquehanna Financial Group JAMES E FRIEDMAN Atlantic Equities LLP JAMES CORDWELL Piper Jaffray EUGENE E MUNSTER Benchmark Company LLC DANIEL L KURNOS Credit Agricole Securities (USA) JAMES LEE Barclays ANTHONY J DICLEMENTE Telsey Advisory Group THOMAS FORTE Compass Point Research & Trading LLC DOUGLAS GREINER Topeka Capital Markets Inc VICTOR ANTHONY Deutsche Bank ROSS SANDLER Wedbush GIL B LURIA Argus Research Corp DAVID RITTER Daiwa Securities Co. Ltd. KAZUYA NISHIMURA EVA Dimensions ANDREW S ZAMFOTIS Goldman Sachs HEATH P TERRY Tigress Financial Partners IVAN FEINSETH

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

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

Amt Held 121'858'408 68'453'183 63'293'953 62'542'024 53'402'102 45'140'231 40'275'490 31'965'970 28'907'848 28'429'119 26'035'739 20'441'029 19'219'016 17'219'103 15'628'609 13'224'417 12'553'044 11'810'206 11'256'041 10'714'867

% Out 9.39 5.27 4.88 4.82 4.11 3.48 3.1 2.46 2.23 2.19 2.01 1.58 1.48 1.33 1.2 1.02 0.97 0.91 0.87 0.83

Weighting

Change

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

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

Latest Chg (30'000) 477'861 5'198'513 (961'276) 1'439'219 4'482'329 (5'193'294) (4'169'104) (10'212'918) (2'197'027) (1'216'710) (1'345'350) (2'197'523) (765'182) 49'071 492'872 2'943'378 719'651 2'454'742 10'676'215

Target Price #N/A N/A 67 65 64 66 61 64 62 64 55 #N/A N/A 63 65 66 60 65 65 58 65 65 67 64 65 #N/A N/A 65 66 62 63 63 70 60 75 63 65 55 64 65 62 #N/A N/A 63 #N/A N/A

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

File Dt 21.12.2012 28.02.2013 22.04.2013 23.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 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 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 11.04.2013 02.04.2013 15.01.2013 11.01.2013 03.12.2012

30.04.2013

Equinix Inc Equinix, Inc. provides core Internet exchange services to networks, Internet infrastructure companies, enterprises, and content providers. The Company operates Internet Business Exchange centers in several countries, where customers can interconnect with the providers that serve Internet networks and users for their peering, transit, and traffic exchange requirements.

Price/Volume 250

1.0 M .8 M

100

12/2012 03/yy 231.21 146.52 285'591.00 210.97 -8.75% 43.99% 76.10% 48.8 10'296.11 3'010.75 0.0 84.2 418.71 13'998.45

.6 M .4 M

.2 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2009 31.12.2010 882.5 1'220.3 5.74x 4.27x 353.7 474.0 14.32x 10.99x 69.4 36.9 59.63x 65.53x Profitability

LTM-4Q 31.12.2011 1'569.8 4.45x 659.7 10.59x 94.0 56.33x

31.12.2012 1'895.7 6.72x 817.7 15.57x 144.7 68.96x 817.73 419.44 22.13% 10.36% 2.16% 6.63% 4.82% 0.29% 50.2% 42.6% 21.8% 7.6% 1.19 1.08 49.09% 128.92% 11.53 -

Price/ Cash Flow

03/yy 1'677.4 17.67x 704.7 13.76x 103.4 79.52x

LTM 03/yy 1'981.0 18.23x 624.4 0.00x 146.0 71.63x

FY+1

0.00 1.14 48.33 8.79 28.48% 2.31% 1.138 23 4.391 448'863 213'169 230'622 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'206.7 2'547.0 533.9 561.8 6.25x 5.32x 25.36x 24.06x 1'005.5 1'166.6 242.7 254.9 13.92x 12.00x 13.30x 12.76x 145.4 242.8 12.1 42.5 73.43x 46.62x 64.40x 52.57x S&P Issuer Ratings

28.02.2013 BB STABLE 3.54 0.23 4.27 5.36 128.9% 55.4% 0.29 0.54 31.67 10.14 -

Sales/Revenue/Turnover

18.00

2'000.0

16.00

1'800.0

14.00

1'600.0 1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 01.01.2010

1.2 M

150

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/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 EQIX UW EQUITY YTD Change EQIX UW EQUITY YTD % CHANGE

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

1.4 M

200

Valuation Analysis

31.12.2008 704.7 4.18x 235.5 12.53x 107.9 18.60x

1.6 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Equinix Inc Holdings By:

All

Holder Name COATUE MANAGEMENT LL LONE PINE CAPITAL LL BLACKROCK VANGUARD GROUP INC GOLDMAN SACHS GROUP PAULSON & CO STATE STREET MARSICO CAPITAL MANA OZ MANAGEMENT LP FIR TREE INCORPORATE FMR LLC BAMCO INC BLUE RIDGE CAPITAL L AMERICAN CENTURY COM JAT CAPITAL MANAGEME NORGES BANK AMERIPRISE FINANCIAL VIKING GLOBAL INVEST WELLINGTON MANAGEMEN BANK OF NEW YORK MEL

Firm Name Deutsche Bank Morgan Stanley JPMorgan Jefferies Raymond James Evercore Partners Nomura Wells Fargo Securities, LLC Stephens Inc Canaccord Genuity Corp FBN Securities Stifel Cowen and Company RBC Capital Markets Piper Jaffray Oppenheimer & Co Pacific Crest Securities William Blair & Co EVA Dimensions Atlantic Equities LLP Goldman Sachs Gabelli & Co

Portfolio Name COATUE MANAGEMENT LL LONE PINE CAPITAL LL n/a VANGUARD GROUP INC GOLDMAN SACHS GROUP PAULSON & CO n/a MARSICO CAPITAL MANA OZ MANAGEMENT FIR TREE INCORPORATE n/a BAMCO INC BLUE RIDGE CAPITAL L AMERICAN CENTURY COM JAT CAPITAL MANAGEME NORGES BANK AMERIPRISE FINANCIAL VIKING GLOBAL INVEST WELLINGTON MANAGEMEN BANK OF NEW YORK MEL

Analyst BRETT FELDMAN SIMON FLANNERY STERLING AUTY THOMAS O SEITZ FRANK G LOUTHAN JONATHAN SCHILDKRAUT MICHAEL L MCCORMACK GRAY W POWELL BARRY MCCARVER GREGORY MILLER SHEBLY SEYRAFI TODD C WELLER COLBY SYNESAEL JONATHAN ATKIN CHRISTOPHER M LARSEN TIMOTHY K HORAN MICHAEL BOWEN JAMES D BREEN JR ANDREW S ZAMFOTIS CHRISTOPHER WATTS SCOTT GOLDMAN SERGEY DLUZHEVSKIY

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

Recommendation buy Equalwt/In-Line not rated buy strong buy overweight buy outperform overweight buy outperform buy outperform outperform overweight market perform outperform outperform sell neutral neutral/neutral buy

Amt Held 4'163'477 2'794'535 2'791'546 2'413'743 2'395'429 2'100'000 1'984'964 1'984'857 1'713'479 1'484'582 1'317'763 1'201'665 1'170'000 1'159'298 1'090'449 998'974 955'463 937'081 847'955 753'336

% Out 8.53 5.73 5.72 4.95 4.91 4.3 4.07 4.07 3.51 3.04 2.7 2.46 2.4 2.38 2.23 2.05 1.96 1.92 1.74 1.54

Weighting

Change

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

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

Latest Chg 709'516 158'127 549'226 25'037 112'178 (124'775) 79'954 267'873 (818'672) 547'748 269'484 431'551 651'445 177'197 431'500 (1'421'727) 278'553

Target Price 270 #N/A N/A #N/A N/A 250 245 265 235 #N/A N/A 305 250 270 265 #N/A N/A 250 245 #N/A N/A 240 #N/A N/A #N/A N/A 205 216 #N/A N/A

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

File Dt 31.12.2012 31.12.2012 23.04.2013 31.03.2013 31.12.2012 31.12.2012 24.04.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013

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

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 22.04.2013 21.04.2013 19.04.2013 18.04.2013 16.04.2013 09.04.2013 27.03.2013 12.03.2013 13.02.2013 13.02.2013 15.01.2013 02.11.2012 14.09.2012 14.09.2012

30.04.2013

Expedia Inc Expedia, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (30.04.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPE UW EQUITY YTD Change EXPE UW EQUITY YTD % CHANGE

12/2012 12/yy 68.09 39.57 1'996'777.00 56.06 -17.67% 41.68% 57.82% 122.3 7'575.74 1'249.35 0.0 109.1 1'938.14 7'202.13

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

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

31.12.2009 31.12.2010 2'955.4 3'033.6 1.28x 2.33x 875.4 704.0 4.31x 10.04x 299.5 421.5 20.48x 22.76x Profitability

LTM-4Q 31.12.2011 3'449.0 1.13x 719.2 5.41x 472.3 11.84x

31.12.2012 4'030.3 1.92x 809.3 9.56x 280.2 22.72x 809.30 548.75 13.62% 8.69% 2.35% 8.52% 6.88% 0.55% 77.7% 20.5% 12.4% 7.0% 0.88 0.80 17.63% 54.79% 8.11 -

Price/ Cash Flow

12/yy 3'449.0 6.99x 693.9 5.61x 472.3 11.93x

j-12

a-12

s-12

LTM 12/yy 4'030.3 5.90x 809.3 9.56x 280.2 22.75x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.78 1.02 106.93 9.89 33.83% -8.59% 1.020 29 3.828 1'275'616 743'020 744'944 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'817.7 5'452.6 1'252.8 1'406.8 1.42x 1.10x 5.59x 4.95x 890.8 1'036.6 222.0 347.6 8.08x 6.95x 7.82x 7.45x 477.1 567.5 117.7 209.6 16.82x 14.11x 16.47x 15.35x S&P Issuer Ratings

22.12.2011 BBBSTABLE 9.22 6.53 -0.97 1.44 54.8% 34.3% 0.55 11.08 45.01 378.36 -

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 2'937.0 0.67x 774.6 2.53x (2'517.8) -

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 |

30.04.2013

Expedia Inc Holdings By:

All

Holder Name LIBERTY MEDIA CORP JP MORGAN BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC STATE STREET AMERICAN CENTURY COM FMR LLC DILLER BARRY INVESCO LTD CITADEL ADVISORS LLC TIAA CREF INVESTMENT RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP JANUS CAPITAL MANAGE SAC CAPITAL ADVISORS WELLS FARGO JANA PARTNERS LLC DEUTSCHE BANK AG BURGUNDY ASSET MANAG

Firm Name Raymond James JPMorgan Stifel JMP Securities Cantor Fitzgerald RBC Capital Markets Deutsche Bank Cowen and Company Piper Jaffray Ascendiant Capital Markets Lazard Capital Markets Barclays Monness, Crespi, Hardt & Co Evercore Partners Atlantic Equities LLP Morgan Stanley Goldman Sachs Credit Suisse Janney Montgomery Scott LLC Jefferies Macquarie Millman Research Associates Benchmark Company LLC Pacific Crest Securities EVA Dimensions Knight

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC n/a AMERICAN CENTURY COM n/a n/a n/a CITADEL ADVISORS LLC TIAA-CREF INVESTMENT RENAISSANCE TECHNOLO GOLDMAN SACHS GROUP n/a SAC CAPITAL ADVISORS n/a JANA PARTNERS LLC DEUTSCHE BANK AKTIEN BURGUNDY ASSET MANAG

Analyst AARON M KESSLER DOUGLAS ANMUTH MICHAEL B PURCELL RONALD V JOSEY III NAVED KHAN MARK S MAHANEY ROSS SANDLER KEVIN KOPELMAN MICHAEL J OLSON EDWARD WOO JAKE FULLER ANTHONY J DICLEMENTE WILLIAM LENNAN KEN SENA JAMES CORDWELL SCOTT W DEVITT HEATH P TERRY STEPHEN JU BRIAN MULLAN BRIAN P FITZGERALD THOMAS WHITE MICHAEL MILLMAN DANIEL L KURNOS CHAD BARTLEY CRAIG STERLING TEAM COVERAGE

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

Recommendation outperform neutral hold market perform buy sector perform buy outperform neutral buy buy equalweight neutral equalweight overweight Equalwt/Attractive neutral/attractive neutral neutral hold neutral buy buy sector perform buy buy

Amt Held 10'277'576 9'274'960 9'143'648 8'301'519 6'651'900 5'141'504 5'092'259 4'860'232 4'408'396 3'117'727 2'458'402 2'347'269 2'311'184 2'310'848 2'121'920 1'784'128 1'703'624 1'645'994 1'360'489 1'300'692

% Out 8.38 7.57 7.46 6.77 5.43 4.19 4.15 3.96 3.6 2.54 2.01 1.91 1.89 1.89 1.73 1.46 1.39 1.34 1.11 1.06

Weighting

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

M M M M M M M M M M M M M M M M M M M M M M M M M N

Latest Chg 467'672 2'897'074 3'449'587 (2'305'627) 508'486 (672'354) 1'345'443 (3'570'502) 6'069 (155'445) 2'438'791 312'750 546'800 979'605 160'188 569'939 551'497 601'068 369'956 6'266

Target Price 77 67 #N/A N/A #N/A N/A 77 73 80 #N/A N/A 73 81 78 72 #N/A N/A 70 77 #N/A N/A 70 72 70 70 70 70 80 #N/A N/A #N/A N/A 47

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

File Dt 28.02.2013 31.12.2012 23.04.2013 31.03.2013 31.03.2013 24.04.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 21.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 12.04.2013 01.04.2013 21.03.2013 22.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 15.01.2013 28.03.2012

30.04.2013

Expeditors International of Washington Inc Expeditors International of Washington, Inc. is a global logistics company. The Company provides air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution, and other international logistics services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EXPD UW EQUITY YTD Change EXPD UW EQUITY YTD % CHANGE

12/2012 12/yy 43.77 34.20 266'470.00 35.66 -18.53% 4.27% 15.26% 206.5 7'363.70 0.00 0.0 4.9 1'260.84 6'107.73

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

31.12.2009 31.12.2010 4'092.3 5'967.6 1.58x 1.76x 426.6 585.5 15.13x 17.93x 240.2 344.2 31.32x 34.34x Profitability

2.0 M 1.5 M 1.0 M .5 M .0 M m-12

LTM-4Q 31.12.2011 6'150.5 1.20x 656.3 11.27x 385.7 22.88x

31.12.2012 5'980.9 1.15x 570.7 12.10x 333.4 25.19x 570.74 530.80 8.87% 9.20% 11.45% 16.54% 16.51% 2.05% 13.2% 9.5% 8.9% 5.6% 2.80 2.72 0.00% 0.00% 6.08 -

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

12/yy 6'150.5 5.49x 656.3 11.27x 385.7 22.88x

LTM 12/yy 5'980.9 4.75x 570.7 12.10x 333.4 25.19x

FY+1

1.57 1.10 202.61 4.11 -9.52% -9.84% 1.102 23 3.739 556'160 729'128 717'627 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'367.2 6'926.9 1'453.8 1'589.4 0.95x 0.86x 4.17x 3.82x 633.2 710.7 140.5 152.9 9.65x 8.59x 9.82x 9.50x 367.7 414.6 81.5 89.8 20.03x 17.60x 20.02x 19.37x S&P Issuer Ratings

456.23 418.16 -2.21 0.00 0.0% 0.0% 2.05 10.92 60.16 44.00 -

Sales/Revenue/Turnover

45.00

7'000.0

40.00

6'000.0

35.00

5'000.0

30.00 25.00

4'000.0

20.00

3'000.0

15.00

2'000.0

10.00

1'000.0

5.00 0.00 01.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 5'633.9 1.12x 514.8 12.29x 301.0 24.28x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Expeditors International of Washington Inc Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET FIDUCIARY MANAGEMENT SUN LIFE FINANCIAL I MERCHANTS' GATE CAPI INVESCO LTD INTERNATIONAL VALUE ASHMORE WELATH MANAG JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT MACQUARIE GROUP NORTHERN TRUST CORPO DF DENT & COMPANY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN COLUMBIA WANGER ASSE BANK OF NEW YORK MEL GOLDMAN SACHS GROUP FEDERATED INVESTORS

Firm Name Morgan Stanley Avondale Partners LLC RBC Capital Markets Robert W. Baird & Co JPMorgan Credit Suisse Goldman Sachs Jefferies Sterne, Agee & Leach Edward Jones Thompson, Davis & Company BB&T Capital Markets Stifel Macquarie Wolfe Trahan & Co William Blair & Co Raymond James FBR Capital Markets Stephens Inc Susquehanna Financial Group EVA Dimensions McAdams Wright Ragen Inc

Portfolio Name n/a VANGUARD GROUP INC n/a FIDUCIARY MANAGEMENT n/a MERCHANTS' GATE CAPI n/a INTERNATIONAL VALUE ASHMORE WEALTH MANAG n/a PRIMECAP MANAGEMENT n/a NORTHERN TRUST CORPO D F DENT & COMPANY T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN COLUMBIA WANGER ASSE BANK OF NEW YORK MEL GOLDMAN SACHS GROUP FEDERATED INVESTORS

Analyst WILLIAM J GREENE RYAN BOUCHARD JOHN L BARNES III BENJAMIN J HARTFORD THOMAS R WADEWITZ CHRISTOPHER J CERASO TOM KIM H PETER NESVOLD JEFFREY A KAUFFMAN LOGAN PURK DAVID P CAMPBELL KEVIN W STERLING DAVID G ROSS KELLY A DOUGHERTY SCOTT H GROUP NATHAN J BROCHMANN PATRICK TYLER BROWN JOHN R MIMS JACK ATKINS MATT TROY CRAIG STERLING MICHAEL ROARKE

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

Recommendation Underwt/Attractive market outperform underperform neutral neutral outperform buy/attractive buy buy buy buy hold buy neutral peerperform outperform market perform market perform equalweight neutral overweight hold

Amt Held 16'713'579 13'843'979 11'099'059 9'548'061 7'410'682 5'932'567 5'198'445 4'872'939 4'200'000 3'512'183 3'205'897 3'196'323 2'854'140 2'808'886 2'744'167 2'734'305 2'688'000 2'609'704 2'253'930 2'087'108

% Out 8.09 6.7 5.37 4.62 3.59 2.87 2.52 2.36 2.03 1.7 1.55 1.55 1.38 1.36 1.33 1.32 1.3 1.26 1.09 1.01

Weighting

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

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

Latest Chg 3'098'884 346'555 37'627 683'178 (277'133) 619'357 (224'020) 4'200'000 329'426 (94'350) (19'047) (99'296) (85'903) 551'707 (3'193'290) (606'000) (320'700) 1'557'129 268'300

Target Price #N/A N/A 46 33 40 36 47 47 44 53 #N/A N/A 67 #N/A N/A 43 38 #N/A N/A #N/A N/A #N/A N/A 34 40 42 #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 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 23.04.2013 22.04.2013 18.04.2013 16.04.2013 15.04.2013 12.04.2013 10.04.2013 10.04.2013 10.04.2013 09.04.2013 08.04.2013 04.04.2013 21.03.2013 12.03.2013 05.03.2013 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 15.01.2013 11.05.2012

30.04.2013

Express Scripts Holding Co Express Scripts Holding Company. is a full service pharmacy benefit management and specialty managed care company serving clients throughout North America. The Company's customers include managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (14.11.2012) Daily Volume Current Price (4/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 ESRX UW EQUITY YTD Change ESRX UW EQUITY YTD % CHANGE

12/2012 12/yy 66.00 49.80 1'970'225.00 58.44 -11.45% 17.35% 53.33% 817.5 47'776.39 15'915.00 0.0 10.7 2'793.90 60'242.79

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

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 21'978.0 0.68x 1'378.2 10.77x 776.1 17.57x

31.12.2009 31.12.2010 24'722.3 44'973.2 0.59x 0.68x 1'604.2 2'315.6 9.13x 13.18x 827.6 1'181.2 26.27x 23.30x Profitability

LTM-4Q 31.12.2011 46'128.3 0.52x 2'567.8 9.39x 1'275.8 16.31x

31.12.2012 93'858.1 0.61x 4'657.1 12.31x 1'312.9 21.95x 4'657.10 2'784.50 2.97% 2.33% 3.83% 10.91% 7.18% 2.88% 7.8% 5.1% 2.8% 1.4% 0.82 0.63 27.39% 68.06% 34.32 97.56

Price/ Cash Flow

LTM

FY+1

0.00 1.09 815.08 10.34 4.75% 8.22% 1.088 27 4.444 1'424'555 1'358'717 1'607'432 FY+2

FQ+1

FQ+2

12/yy 46'128.3 2.31x 2'566.7 9.39x 1'275.8 16.80x

12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 94'235.2 100'773.0 102'127.4 25'357.8 24'859.6 2.27x 0.57x 0.54x 2.32x 2.35x 4'672.2 6'658.3 7'271.2 1'649.5 1'698.8 12.27x 9.05x 8.29x 8.86x 8.70x 1'334.2 3'530.9 3'931.7 872.5 909.9 22.22x 13.70x 11.92x 13.43x 12.97x S&P Issuer Ratings Long-Term Rating Date 31.05.2012 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 7.52 (EBITDA-Capex)/Interest Exp. 7.26 Net Debt/EBITDA 2.27 Total Debt/EBITDA 2.63 Reference Total Debt/Equity 68.1% Total Debt/Capital 40.5% Asset Turnover 2.88 Net Fixed Asset Turnover 103.75 Accounts receivable turnover-days 10.63 Inventory Days 3.74 Accounts Payable Turnover Day 6.68 Cash Conversion Cycle 10.73 Sales/Revenue/Turnover

25.00

100'000.0 90'000.0 80'000.0

20.00

70'000.0 15.00

60'000.0

10.00

50'000.0 40'000.0 30'000.0 20'000.0

5.00

10'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Express Scripts Holding Co Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT FMR LLC DAVIS SELECTED ADVIS JENNISON ASSOCIATES BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO BROWN ADVISORY INC AMERICAN CENTURY COM GREEN VALLEY INVESTO WINSLOW CAPITAL MANA MARSICO CAPITAL MANA MONTAG & CALDWELL IN GENERAL ELECTRIC COM

Firm Name Lazard Capital Markets JPMorgan ISI Group Leerink Swann & Co Credit Suisse Maxim Group LLC Oppenheimer & Co Edward Jones Raymond James Morgan Stanley SunTrust Robinson Humphrey Argus Research Corp BMO Capital Markets RBC Capital Markets William Blair & Co Macquarie Cowen and Company Jefferies Mizuho Securities USA Inc JMP Securities S&P Capital IQ EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA GRANTHAM MAYO VAN OT n/a DAVIS SELECTED ADVIS JENNISON ASSOCIATES BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO n/a AMERICAN CENTURY COM GREEN VALLEY INVESTO WINSLOW CAPITAL MANA MARSICO CAPITAL MANA MONTAG & CALDWELL IN GENERAL ELECTRIC COM

Analyst THOMAS GALLUCCI LISA C GILL ROSS MUKEN DAVID LARSEN GLEN SANTANGELO ANTHONY V VENDETTI BRET D JONES JUDSON CLARK MICHAEL J BAKER RICKY GOLDWASSER DAVID S MACDONALD DAVID H TOUNG JENNIFER LYNCH FRANK G MORGAN JOHN C KREGER DANE LEONE CHARLES RHYEE BRIAN TANQUILUT ANN HYNES TIM MCDONOUGH HERMAN SAFTLAS ANDREW S ZAMFOTIS ROBERT P JONES

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

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

Amt Held 45'723'876 43'981'470 37'315'961 34'950'626 29'035'082 20'497'371 17'645'363 17'628'445 17'578'199 16'454'404 14'626'620 14'192'525 14'065'675 10'735'527 9'634'471 9'050'000 8'820'756 8'291'195 6'922'492 6'565'630

% Out 5.59 5.37 4.56 4.27 3.55 2.5 2.16 2.15 2.15 2.01 1.79 1.73 1.72 1.31 1.18 1.11 1.08 1.01 0.85 0.8

Weighting

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

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

Latest Chg (6'076'608) 1'142'103 1'226'005 21'078'481 2'274'019 (9'888'972) 2'233'833 (7'879'281) (3'465'126) 871'282 2'711'644 (1'336'070) 357'583 1'831'211 163'206 9'050'000 (5'088'700) (5'091'773) 703'698 (2'173'623)

Target Price 68 68 58 #N/A N/A 65 70 62 #N/A N/A 65 64 68 #N/A N/A 59 62 #N/A N/A 60 #N/A N/A 56 63 67 65 #N/A N/A 64

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

File Dt 23.04.2013 24.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month 6 month 12 month Not Provided Not Provided 12 month 18 month Not Provided 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 Not Provided 12 month

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

Date 24.04.2013 23.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 01.04.2013 22.03.2013 18.03.2013 15.03.2013 08.03.2013 28.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 15.01.2013 06.11.2012

30.04.2013

F5 Networks Inc F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications. The Company's software-based solutions manage, control and optimize Internet traffic and content. F5's solutions automatically deliver Internet content for service providers and e-businesses.

Price/Volume

3.0 M

120

2.5 M

09/2012 03/yy 138.65 70.62 648'881.00 75.96 -45.21% 7.56% 7.85% 78.4 5'953.74 0.00 0.0 0.0 532.15 5'430.90

1.5 M

60 40

1.0 M

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.09.2009 30.09.2010 653.1 882.0 4.27x 8.97x 152.7 253.8 18.26x 31.17x 91.5 151.2 33.72x 55.46x Profitability

LTM-4Q 30.09.2011 1'151.8 4.41x 371.5 13.67x 241.4 24.00x

30.09.2012 1'377.2 5.59x 461.4 16.70x 275.2 30.28x 461.44 426.30 30.95% 31.38% 14.28% 20.64% 21.76% 0.75% 82.9% 32.4% 29.6% 20.0% 1.67 1.54 0.00% 0.00% 7.59 13.96

Price/ Cash Flow

03/yy 1'267.4 24.79x 417.3 24.38x 265.3 40.82x

LTM 03/yy 1'430.9 14.87x 463.5 13.94x 273.0 25.90x

FY+1

0.00 1.55 78.08 4.56 -43.28% -21.81% 1.547 39 4.000 666'078 594'311 508'971 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 1'458.1 1'627.9 361.6 381.1 3.39x 2.79x 13.64x 12.72x 559.1 645.3 130.4 142.2 9.71x 8.42x 9.51x 9.09x 353.8 402.3 85.5 92.9 17.02x 15.02x 16.23x 15.57x S&P Issuer Ratings

-1.13 0.00 0.0% 0.0% 0.75 24.79 48.06 26.15 51.38 26.53

Sales/Revenue/Turnover

40.00

1'600.0

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.10.2009

2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (4/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 FFIV UW EQUITY YTD Change FFIV UW EQUITY YTD % CHANGE

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

3.5 M

140 100

Valuation Analysis

30.09.2008 650.2 2.55x 128.2 12.94x 74.3 25.14x

160

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 |

30.04.2013

F5 Networks Inc Holdings By:

All

Holder Name SANDS CAPITAL MANAGE BLACKROCK VANGUARD GROUP INC STATE STREET ALLIANZ ASSET MANAGE INVESCO LTD JP MORGAN TOUCHSTONE ADVISORS FRANKLIN RESOURCES AMERIPRISE FINANCIAL ALLIANCE BERNSTEIN TIAA CREF INVESTMENT HARDING LOEVNER LP BANK OF NEW YORK MEL BNP PARIBAS INV PART ING INVESTMENT MANAG RAINIER INVESTMENT M NORTHERN TRUST CORPO FMR LLC ZEVENBERGEN CAPITAL

Firm Name Deutsche Bank Goldman Sachs RBC Capital Markets JMP Securities Barclays BMO Capital Markets JPMorgan Wedbush Oppenheimer & Co ISI Group Wells Fargo Securities, LLC Pacific Crest Securities Needham & Co William Blair & Co Lazard Capital Markets Sterne, Agee & Leach Wunderlich Securities Morgan Stanley Janney Montgomery Scott LLC Jefferies Robert W. Baird & Co Stifel Nomura Craig-Hallum Capital Group LLC Piper Jaffray MKM Partners Northland Securities Inc FBN Securities Topeka Capital Markets Inc Raymond James Daiwa Securities Co. Ltd. FBR Capital Markets McAdams Wright Ragen Inc Mizuho Securities USA Inc EVA Dimensions Wedge Partners Noble Financial Group

Portfolio Name SANDS CAPITAL MANAGE n/a VANGUARD GROUP INC n/a n/a n/a n/a Multiple Portfolios n/a AMERIPRISE FINANCIAL n/a TIAA-CREF INVESTMENT HARDING LOEVNER LP BANK OF NEW YORK MEL n/a ING INVESTMENT MANAG RAINIER INVESTMENT M NORTHERN TRUST CORPO n/a ZEVENBERGEN CAPITAL

Analyst BRIAN T MODOFF KENT SCHOFIELD MARK SUE ERIK SUPPIGER BENJAMIN A REITZES TIMOTHY P LONG ROD HALL ROHIT CHOPRA ITTAI KIDRON BRIAN MARSHALL JESS L LUBERT BRENT A BRACELIN ALEXANDER HENDERSON JASON NOAH ADER RYAN HUTCHINSON ALEX KURTZ MATTHEW S ROBISON EHUD A GELBLUM WILLIAM CHOI GEORGE C NOTTER JAYSON NOLAND SR SANJIV R WADHWANI STUART JEFFREY RAJESH GHAI TROY D JENSEN MICHAEL GENOVESE CATHARINE TREBNICK SHEBLY SEYRAFI BRIAN J WHITE SIMON M LEOPOLD NACHI HOSHINO SCOTT S THOMPSON SID PARAKH JOANNA MAKRIS ANDREW S ZAMFOTIS CHRISTOPHER J CRESPI SUSAN BAUR

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

Recommendation buy Buy/Neutral outperform market outperform equalweight outperform neutral outperform market perform buy outperform outperform hold market perform buy buy hold Overwt/Attractive neutral hold outperform hold neutral buy neutral buy market perform sector perform hold market perform outperform outperform hold buy hold no rating system hold

Amt Held 6'500'573 5'480'713 4'911'164 4'440'039 2'653'278 2'642'182 2'055'929 1'763'530 1'642'115 1'621'830 1'608'688 1'525'508 1'465'546 1'380'021 1'337'177 1'281'547 1'281'144 1'251'721 964'070 872'736

% Out 8.27 6.97 6.25 5.65 3.38 3.36 2.62 2.24 2.09 2.06 2.05 1.94 1.86 1.76 1.7 1.63 1.63 1.59 1.23 1.11

Weighting

Change

5 5 5 4 3 5 3 5 3 5 5 5 3 3 5 5 3 5 3 3 5 3 3 5 3 5 3 3 3 3 5 5 3 5 3 #N/A N/A 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 D M M M D M U M M M M M M

Latest Chg 1'695'348 204'382 (5'972) 1'147'289 1'036'287 (225'686) 61'350 453'394 (1'464'392) (291'694) 510'952 56'228 18'845 41'773 459'877 94'505 35'154 404'986 (14'050)

Target Price 93 93 95 96 83 90 73 90 #N/A N/A 95 #N/A N/A 110 #N/A N/A #N/A N/A 100 95 85 90 80 82 110 #N/A N/A 85 97 82 100 83 90 70 #N/A N/A 100 120 110 145 #N/A N/A #N/A N/A 126

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

File Dt 31.12.2012 23.04.2013 31.03.2013 24.04.2013 28.02.2013 31.12.2012 31.12.2012 28.03.2013 31.01.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 15.04.2013 10.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 05.04.2013 04.04.2013 13.03.2013 24.01.2013 24.01.2013 17.01.2013 15.01.2013 15.06.2012 19.04.2012

30.04.2013

Facebook Inc Facebook Inc. operates a social networking website. The Company's website allows people to communicate with their family, friends, and coworkers. Facebook develops technologies that facilitate the sharing of information, photographs, website links, and videos. Facebook users have the ability to share and restrict information based on their own specific criteria.

Price/Volume 45

300.0 M

250.0 M

35 30

200.0 M

12/2012 12/yy 43.00 17.55 6'526'383.00 26.98 -37.26% 53.73% 37.05% 1'747.4 65'178.22 2'356.00 0.0 0.0 9'626.00 57'908.22

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

31.12.2009 31.12.2010 777.0 1'974.0 340.0 1'171.0 122.0 372.0 Profitability

50.0 M

5 0 m-12

.0 M j-12

LTM-4Q 31.12.2011 3'711.0 2'079.0 668.0 -

31.12.2012 5'089.0 10.98x 1'187.0 47.07x 32.0 2661.97x 1'187.00 538.00 10.57% 9.71% -0.14% -0.19% 0.59% 0.47% 73.2% 23.3% 10.6% 0.6% 10.71 9.83 15.60% 20.04% 8.04 -

Price/ Cash Flow

12/yy 3'711.0 0.00x 2'080.0 0.00x 764.0 0.00x

j-12

a-12

s-12

LTM 12/yy 5'089.0 29.55x 1'187.0 47.07x (15.0) 1330.98x

o-12

n-12

d-12

j-13

f-13

m-13

a-13

FY+1

0.00 1'694.24 35.34 1.31% 42 4.048 5'869'167 6'628'422 8'616'885 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'672.6 8'466.3 1'439.9 1'591.8 8.45x 6.46x 42.73x 38.52x 3'456.5 4'545.6 761.2 818.0 16.75x 12.74x 16.80x 16.21x 1'441.1 2'028.1 308.1 340.7 47.67x 34.81x 47.17x 44.89x S&P Issuer Ratings

23.27 -0.94 -6.12 1.98 20.0% 16.7% 0.47 2.63 45.53 -

Sales/Revenue/Turnover

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 01.01.2010

100.0 M

Fiscal Year Ended 31.12.2008 272.0 (56.0) -

150.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.05.2012) 52-Week Low (04.09.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FB UW EQUITY YTD Change FB UW EQUITY YTD % CHANGE

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Facebook Inc Holdings By:

All

Holder Name FMR LLC CAPITAL GROUP COMPAN VANGUARD GROUP INC MORGAN STANLEY T ROWE PRICE ASSOCIA BLACKROCK SANDS CAPITAL MANAGE BAILLIE GIFFORD AND JENNISON ASSOCIATES UBS WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP INVESCO LTD AMERIPRISE FINANCIAL SANDBERG SHERYL KARA ELEVATION MANAGEMENT MERITECH CAPITAL ASS ALLIANZ ASSET MANAGE MACKAY SHIELDS LLC

Firm Name Telsey Advisory Group Cantor Fitzgerald Sanford C. Bernstein & Co Raymond James Pacific Crest Securities Credit Agricole Securities (USA) Pivotal Research Group LLC Robert W. Baird & Co Needham & Co Cowen and Company Barclays Argus Research Corp Sterne, Agee & Leach BMO Capital Markets Piper Jaffray Oppenheimer & Co JMP Securities Topeka Capital Markets Inc Morgan Stanley RBC Capital Markets Credit Suisse Edward Jones Evercore Partners Wells Fargo Securities, LLC S&P Capital IQ JPMorgan Tigress Financial Partners William Blair & Co Jefferies Wedge Partners Daiwa Securities Co. Ltd. Wedbush BTIG LLC Deutsche Bank Goldman Sachs Macquarie Stifel Lazard Capital Markets EVA Dimensions Battle Road Research Atlantic Equities LLP

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a SANDS CAPITAL MANAGE BAILLIE GIFFORD & CO JENNISON ASSOCIATES n/a WINSLOW CAPITAL MANA WELLINGTON MANAGEMEN GOLDMAN SACHS GROUP n/a AMERIPRISE FINANCIAL n/a ELEVATION MANAGEMENT n/a n/a Multiple Portfolios

Analyst THOMAS FORTE YOUSSEF H SQUALI CARLOS KIRJNER AARON M KESSLER EVAN S WILSON JAMES LEE BRIAN WIESER COLIN SEBASTIAN LAURA A MARTIN JOHN BLACKLEDGE ANTHONY J DICLEMENTE JOSEPH F BONNER ARVIND BHATIA DANIEL SALMON EUGENE E MUNSTER JASON S HELFSTEIN RONALD V JOSEY III VICTOR ANTHONY SCOTT W DEVITT MARK S MAHANEY STEPHEN JU JOSH OLSON KEN SENA JASON MAYNARD SCOTT H KESSLER DOUGLAS ANMUTH IVAN FEINSETH RALPH SCHACKART BRIAN J PITZ MARTIN PYYKKONEN KAZUYA NISHIMURA MICHAEL PACHTER RICHARD GREENFIELD ROSS SANDLER HEATHER BELLINI BENJAMIN A SCHACHTER JORDAN ROHAN WILLIAM BIRD ANDREW S ZAMFOTIS TEAM COVERAGE HAMILTON FABER

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

Recommendation no rating system buy market perform outperform sector perform buy buy outperform buy neutral equalweight buy buy market perform overweight outperform market perform buy Overwt/Attractive outperform neutral buy equalweight outperform hold overweight buy outperform hold no rating system outperform outperform sell buy Buy/Neutral outperform hold neutral underweight hold not rated

Amt Held 77'554'973 41'939'920 41'628'225 37'620'174 33'193'967 31'071'693 26'797'536 23'402'295 22'376'854 21'869'898 21'263'110 20'370'317 18'422'852 18'204'867 18'122'565 17'769'580 16'989'027 16'268'858 14'591'644 14'142'300

% Out 4.6 2.49 2.47 2.23 1.97 1.84 1.59 1.39 1.33 1.3 1.26 1.21 1.09 1.08 1.08 1.06 1.01 0.97 0.87 0.84

Weighting

Change

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

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

Latest Chg 37'302'924 18'566'720 15'316'321 8'971'802 13'789'661 8'077'141 9'685'751 2'823'905 9'675'216 4'416'054 21'263'110 20'370'317 (20'142'720) 17'235'166 17'425'168 (176'452) 16'989'027 16'268'858 4'270'475 294'900

Target Price 38 35 27 37 #N/A N/A 40 36 34 33 #N/A N/A 30 36 37 32 38 32 #N/A N/A 40 34 32 31 #N/A N/A 32 #N/A N/A 31 35 #N/A N/A #N/A N/A 30 #N/A N/A 30 35 22 37 40 30 #N/A N/A #N/A N/A #N/A N/A 29 45

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

File Dt 28.02.2013 31.03.2013 31.03.2013 28.02.2013 31.12.2012 23.04.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 18.04.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013

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

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

Date 24.04.2013 22.04.2013 19.04.2013 19.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 10.04.2013 10.04.2013 09.04.2013 09.04.2013 08.04.2013 05.04.2013 05.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 04.04.2013 03.04.2013 03.04.2013 02.04.2013 26.03.2013 20.03.2013 15.03.2013 08.03.2013 14.02.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 15.01.2013 19.06.2012 14.05.2012

30.04.2013

Fastenal Co Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion. The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

Price/Volume 60

4.5 M 4.0 M

3.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FAST UW EQUITY YTD Change FAST UW EQUITY YTD % CHANGE

12/2012 03/yy 53.35 37.17 422'768.00 49.92 -6.43% 34.29% 78.80% 296.7 14'810.61 0.00 0.0 0.0 79.97 14'650.95

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

31.12.2009 31.12.2010 1'930.3 2'269.5 3.08x 3.81x 336.7 470.5 17.65x 18.40x 184.4 265.4 33.48x 33.28x Profitability

2.0 M 1.5 M 1.0 M

10 0 a-12

.5 M .0 M m-12

LTM-4Q 31.12.2011 2'766.9 4.60x 619.5 20.55x 357.9 36.03x

31.12.2012 3'133.6 4.39x 727.3 18.91x 420.5 32.87x 727.34 673.29 21.49% 21.51% 22.85% 27.01% 27.01% 1.69% 51.5% 23.4% 21.7% 13.4% 6.30 2.21 0.00% 0.00% 7.87 2.27

Price/ Cash Flow

03/yy 2'895.2 16.83x 654.0 24.15x 378.6 42.16x

j-12

a-12

s-12

LTM 03/yy 3'171.0 16.73x 743.3 20.27x 429.4 35.47x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.34 0.98 271.95 17.52 9.57% 7.56% 0.982 14 3.571 396'103 505'226 502'841 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'442.7 3'886.7 872.9 902.7 4.25x 3.73x 16.87x 16.37x 836.0 979.2 219.2 225.4 17.53x 14.96x 16.91x 16.38x 481.8 567.3 125.8 129.7 30.87x 26.44x 29.75x 28.72x S&P Issuer Ratings

-0.21 0.00 0.0% 0.0% 1.69 6.30 46.37 160.96 17.48 188.04

Sales/Revenue/Turnover

70.00

3'500.0

60.00

3'000.0

50.00

2'500.0

40.00

2'000.0

30.00

1'500.0

20.00

1'000.0

10.00

500.0

0.00 01.01.2010

2.5 M

Fiscal Year Ended 31.12.2008 2'340.4 2.17x 489.7 10.39x 279.7 18.25x

3.0 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 |

30.04.2013

Fastenal Co Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA RUANE CUNNIFF & GOLD VANGUARD GROUP INC STATE STREET BLACKROCK BANK OF NEW YORK MEL KIERLIN ROBERT A CAPITAL GROUP COMPAN SLAGGIE STEPHEN M WILLIAM BLAIR & COMP DF DENT & COMPANY BAMCO INC INVESCO LTD AMERIPRISE FINANCIAL TCW GROUP INC ASHMORE WELATH MANAG NORTHERN TRUST CORPO JANUS CAPITAL MANAGE FRANKLIN RESOURCES NORGES BANK

Firm Name Raymond James Longbow Research Wunderlich Securities BB&T Capital Markets Credit Suisse Edward Jones Janney Montgomery Scott LLC Robert W. Baird & Co William Blair & Co Wells Fargo Securities, LLC Barclays EVA Dimensions S&P Capital IQ

Portfolio Name T ROWE PRICE ASSOCIA RUANE CUNNIFF & GOLD VANGUARD GROUP INC n/a n/a BANK OF NEW YORK MEL n/a n/a n/a WILLIAM BLAIR & COMP D F DENT & COMPANY BAMCO INC n/a AMERIPRISE FINANCIAL TCW GROUP INCORPORAT ASHMORE WEALTH MANAG NORTHERN TRUST CORPO n/a n/a NORGES BANK

Analyst SAMUEL J DARKATSH DEREK JOSE BRENT D RAKERS HOLDEN LEWIS HAMZAH MAZARI LOGAN PURK JOHN A BALIOTTI II DAVID J MANTHEY RYAN MERKEL ALLISON POLINIAK-CUSIC SCOTT R DAVIS CRAIG STERLING MICHAEL JAFFE

Source 13F 13F 13F ULT-AGG ULT-AGG 13F Form 4 ULT-AGG Form 5 13F 13F 13F ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG 13F

Recommendation market perform neutral buy hold neutral hold neutral outperform outperform market perform underweight overweight strong buy

Amt Held 40'926'610 20'695'409 18'413'132 14'134'583 13'744'415 13'737'591 12'503'300 12'403'300 10'251'188 7'645'531 5'010'231 4'449'803 4'396'422 4'322'152 4'204'133 4'000'000 3'750'192 3'613'771 2'838'238 2'414'245

% Out 13.79 6.98 6.21 4.76 4.63 4.63 4.21 4.18 3.46 2.58 1.69 1.5 1.48 1.46 1.42 1.35 1.26 1.22 0.96 0.81

Weighting

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

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

Latest Chg 5'306'940 12'406 4'141'250 281'147 121'020 (665'538) (207'500) 245'000 (269'140) 1'268'350 (116'399) (10'310) 862'477 3'705'974 (22'590) 4'000'000 82'817 (5'256'552) 338'904 234'738

Target Price #N/A N/A #N/A N/A 59 #N/A N/A 54 #N/A N/A 43 54 #N/A N/A #N/A N/A 41 #N/A N/A 60

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

File Dt 31.12.2012 31.12.2012 31.03.2013 24.04.2013 23.04.2013 31.03.2013 07.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012

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

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

Date 12.04.2013 12.04.2013 11.04.2013 11.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 10.04.2013 18.01.2013 17.01.2013

30.04.2013

Fiserv Inc Fiserv, Inc. provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FISV UW EQUITY YTD Change FISV UW EQUITY YTD % CHANGE

12/2012 12/yy 90.92 64.48 191'862.00 90.84 -0.09% 40.88% 99.70% 133.0 12'086.15 3'230.00 0.0 0.0 358.00 14'958.15

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

31.12.2009 31.12.2010 4'077.0 4'133.0 2.63x 2.76x 1'279.0 1'346.0 8.37x 8.47x 476.0 496.0 15.77x 16.97x Profitability

LTM-4Q 31.12.2011 4'337.0 2.60x 1'345.0 8.39x 472.0 14.95x

31.12.2012 4'482.0 2.99x 1'410.0 9.51x 611.0 18.05x 1'410.00 1'056.00 23.56% 20.08% 7.17% 18.31% 10.91% 0.53% 42.1% 31.5% 23.6% 13.6% 1.28 0.92 38.01% 94.53% 6.74 -

Price/ Cash Flow

12/yy 4'337.0 10.46x 1'345.0 8.39x 472.0 15.10x

1.0 M .8 M .6 M .4 M .2 M .0 M j-12

j-12

a-12

s-12

LTM 12/yy 4'482.0 11.60x 1'410.0 9.51x 611.0 18.06x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.00 130.34 2.36 29.24% 14.94% 1.003 24 3.583 163'918 166'641 215'556 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'934.4 5'145.4 1'203.8 1'210.2 3.06x 2.82x 13.15x 13.05x 1'601.8 1'695.5 374.4 394.1 9.34x 8.82x 9.36x 9.26x 781.7 846.8 178.4 194.7 15.20x 13.64x 15.20x 14.69x S&P Issuer Ratings

02.03.2010 BBBSTABLE 26.09.2007 A-3 8.10 6.98 2.04 2.29 94.5% 48.6% 0.53 17.68 54.26 109.93 -

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0 4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0 2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

1.2 M

Fiscal Year Ended 31.12.2008 4'587.0 2.08x 1'258.0 7.59x 569.0 10.92x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Fiserv Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC VANGUARD GROUP INC STATE STREET BLACKROCK LONGVIEW PARTNERS (G SUN LIFE FINANCIAL I INVESCO LTD MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON DILLON DONALD F FINDLAY PARK PARTNER EGERTON CAPITAL LIMI BANK OF NEW YORK MEL INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO ALLIANCE BERNSTEIN EMINENCE CAPITAL LLC JARISLOWSKY FRASER L

Firm Name RBC Capital Markets Stephens Inc Evercore Partners Jefferies Cowen and Company Avondale Partners LLC First Analysis Corp Sterne, Agee & Leach Argus Research Corp Robert W. Baird & Co Edward Jones Northcoast Research Goldman Sachs EVA Dimensions SunTrust Robinson Humphrey JPMorgan William Blair & Co Barclays Credit Suisse Oppenheimer & Co JMP Securities Deutsche Bank BOE Securities

Portfolio Name T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a LONGVIEW PARTNERS (G n/a n/a MERITAGE GROUP LP NORTHERN TRUST CORPO PITTENGER & ANDERSON n/a FINDLAY PARK PARTNER EGERTON CAPITAL LIMI BANK OF NEW YORK MEL INVESTEC ASSET MANAG BRAVE WARRIOR ADVISO n/a EMINENCE CAPITAL LLC JARISLOWSKY FRASER L

Analyst DANIEL R PERLIN BRETT HUFF DAVID M TOGUT RAMSEY EL-ASSAL MOSHE KATRI PETER J HECKMANN LARRY BERLIN GREGORY SMITH DAVID RITTER DAVID J KONING JOSH OLSON KARTIK MEHTA JULIO C QUINTEROS JR ANDREW S ZAMFOTIS ANDREW W JEFFREY TIEN-TSIN HUANG CHRISTOPHER SHUTLER DARRIN D PELLER GEORGE MIHALOS GLENN GREENE DAVID M SCHARF BRYAN KEANE UNNATI BHAVEKAR

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

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

Amt Held 14'479'666 9'774'796 8'850'880 7'666'020 6'971'332 5'449'211 2'847'585 2'619'234 2'072'806 1'900'334 1'898'286 1'891'654 1'755'042 1'705'366 1'657'030 1'422'001 1'411'128 1'359'800 1'265'796 1'204'996

% Out 10.88 7.35 6.65 5.76 5.24 4.1 2.14 1.97 1.56 1.43 1.43 1.42 1.32 1.28 1.25 1.07 1.06 1.02 0.95 0.91

Weighting

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

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

Latest Chg 3'754'321 949'400 321'555 50'486 202'131 61'970 (99'329) (407) (7'517) 1'042 1'011'066 (59'236) (2'321) (299'954) 607'481 (3'090) 47'434

Target Price 85 90 107 94 #N/A N/A 78 85 #N/A N/A 105 92 #N/A N/A #N/A N/A 88 #N/A N/A #N/A N/A 85 #N/A N/A 87 79 89 #N/A N/A 71 56

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 07.09.2012 n/a 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 24.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 15.04.2013 12.04.2013 11.04.2013 04.04.2013 27.03.2013 26.03.2013 18.03.2013 05.03.2013 06.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 05.02.2013 24.10.2012 10.10.2012 10.08.2010

30.04.2013

Fossil Inc Fossil, Inc. designs, develops, markets, and distributes consumer fashion accessories. The Company's products include an extensive line of men's and women's fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, and apparel.

Price/Volume 160

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

140 120 100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (12.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FOSL UW EQUITY YTD Change FOSL UW EQUITY YTD % CHANGE

12/2012 12/yy 138.38 62.79 152'002.00 95.29 -31.14% 51.76% 43.00% 59.3 5'654.87 77.93 0.0 6.9 177.36 5'562.37

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

40 20 0 a-12 m-12

31.12.2009 31.12.2010 1'548.1 2'030.7 1.19x 2.06x 253.0 417.0 7.30x 10.01x 139.2 255.2 16.11x 18.71x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.12.2011 2'567.3 1.82x 523.9 8.92x 294.7 17.27x

31.12.2012 2'857.5 1.64x 554.4 8.44x 343.4 16.62x 554.38 488.84 17.11% 17.23% 19.71% 29.35% 29.22% 1.64% 56.2% 19.4% 17.1% 12.0% 2.81 1.33 4.23% 6.32% 8.58 2.51

Price/ Cash Flow

12/yy 2'567.3 8.80x 523.9 8.92x 294.7 17.18x

LTM 12/yy 2'857.5 7.86x 554.4 8.44x 343.4 16.51x

FY+1

0.00 1.82 49.38 2.89 -27.08% 2.35% 1.818 15 3.400 245'583 239'953 263'301 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'165.6 3'452.8 652.4 700.3 1.75x 1.56x 8.62x 8.05x 606.4 664.6 105.0 111.1 9.17x 8.37x 9.18x 9.02x 363.8 406.3 58.5 63.1 15.73x 13.84x 15.57x 15.22x S&P Issuer Ratings

107.44 85.66 -0.18 0.14 6.3% 5.9% 1.64 9.26 42.41 144.81 44.12 143.10

Sales/Revenue/Turnover

45.00

3'500.0

40.00

3'000.0

35.00

2'500.0

30.00 25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 08.01.2010

j-12

Fiscal Year Ended 31.12.2008 1'583.2 0.63x 243.4 4.07x 138.1 8.60x

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

30.04.2013

Fossil Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA FMR LLC KARTSOTIS KOSTA N BROWN ADVISORY INC VANGUARD GROUP INC KARTSOTIS TOM STATE STREET BLACKROCK ARTISAN PARTNERS HOL SAC CAPITAL ADVISORS BANK OF NEW YORK MEL BAMCO INC EMINENCE CAPITAL LLC COLUMBIA WANGER ASSE MUNDER CAPITAL MANAG NORTHERN TRUST CORPO INVESCO LTD SHROFF JAL S SIGMA CAPITAL MANAGE NORGES BANK

Firm Name Brean Murray Carret & Co Barclays ISI Group FBR Capital Markets Cowen and Company EVA Dimensions JPMorgan KeyBanc Capital Markets Macquarie Benchmark Company LLC Telsey Advisory Group Jefferies BB&T Capital Markets Piper Jaffray Credit Agricole Securities (USA)

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a ARTISAN PARTNERS LP SAC CAPITAL ADVISORS BANK OF NEW YORK MEL BAMCO INC EMINENCE CAPITAL LLC COLUMBIA WANGER ASSE MUNDER CAPITAL MANAG NORTHERN TRUST CORPO n/a n/a SIGMA CAPITAL MANAGE NORGES BANK

Analyst ERIC M BEDER MATTHEW MCCLINTOCK OMAR SAAD ANNA ANDREEVA JOHN KERNAN CRAIG STERLING SIMEON A SIEGEL JANE THORN LEESON LIZABETH DUNN RONALD BOOKBINDER DAVID WU RANDAL J KONIK SCOTT D KRASIK NEELY J N TAMMINGA BARBARA WYCKOFF

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

Recommendation sell equalweight neutral suspended coverage outperform underweight neutral hold neutral hold no rating system buy buy neutral outperform

Amt Held 10'680'023 9'000'530 6'413'039 3'266'860 3'196'386 2'873'079 2'843'603 2'747'359 2'477'200 1'582'530 1'141'780 969'577 953'770 872'645 726'639 679'832 663'327 548'723 530'000 490'448

% Out 18 15.17 10.81 5.5 5.39 4.84 4.79 4.63 4.17 2.67 1.92 1.63 1.61 1.47 1.22 1.15 1.12 0.92 0.89 0.83

Weighting

Change

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

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

Latest Chg 2'185'950 (4'229) (70'760) 98'268 84'192 78'740 (7'400) 186'452 277'492 (171'996) 68'723 300'800 (4'105) 5'477 (73'635) 180'000 31'190

Target Price 85 115 110 #N/A N/A #N/A N/A #N/A N/A 95 #N/A N/A 115 110 116 125 128 110 130

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

File Dt Inst Type 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 19.01.2013 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 20.04.2011 n/a 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 13.03.2013 n/a 31.12.2012 Hedge Fund Manager 31.12.2012 Government

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

Date 17.04.2013 01.04.2013 24.03.2013 12.03.2013 06.03.2013 15.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 13.02.2013 12.02.2013 12.02.2013 12.02.2013 12.02.2013

30.04.2013

Garmin Ltd Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (22.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GRMN UW EQUITY YTD Change GRMN UW EQUITY YTD % CHANGE

12/2012 12/yy 50.64 32.52 216'223.00 35.24 -30.41% 8.36% 15.01% 196.2 6'913.92 0.00 0.0 0.0 2'872.58 4'041.34

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

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 3'494.1 0.83x 940.4 3.10x 732.8 6.04x

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

31.12.2009 31.12.2010 2'946.4 2'689.9 1.48x 1.43x 882.5 731.3 4.93x 5.25x 704.0 584.6 8.83x 10.26x Profitability

LTM-4Q 31.12.2011 2'758.6 1.90x 648.3 8.10x 520.9 14.91x

31.12.2012 2'715.7 1.82x 694.6 7.13x 542.4 14.49x 694.63 604.16 22.25% 23.00% 11.68% 15.98% 0.58% 53.0% 25.6% 22.2% 20.0% 2.79 2.19 0.00% 0.00% 4.48 3.24

Price/ Cash Flow

12/yy 2'758.6 6.20x 648.3 8.10x 520.9 14.91x

LTM 12/yy 2'715.7 8.08x 694.6 7.34x 542.4 14.71x

FY+1

5.11 0.82 116.75 11.79 -21.68% -12.55% 0.823 13 3.385 320'393 369'435 447'453 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'555.0 2'506.9 516.8 667.5 597.4 603.4 112.2 173.6 6.76x 6.70x 6.50x 6.33x 466.7 471.9 81.1 132.6 14.65x 14.40x 14.67x 14.50x S&P Issuer Ratings

-4.14 0.00 0.0% 0.0% 0.58 6.57 81.61 112.86 42.57 151.08

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0 3'000.0

10.00

2'500.0 8.00

2'000.0 6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Garmin Ltd Holdings By:

All

Holder Name KAO MIN H BURRELL GARY L CAPITAL GROUP COMPAN RUEY-JENG KAO BLACKROCK VANGUARD GROUP INC STATE STREET SELECT EQUITY GROUP INVESCO LTD PERKINS INVESTMENT M SWEDBANK ROBUR FONDE JANUS CAPITAL MANAGE FMR LLC NEUBERGER BERMAN LLC BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERICAN CENTURY COM NORGES BANK WESTWOOD MANAGEMENT DISCIPLINED GROWTH I

Firm Name JPMorgan Wells Fargo Securities, LLC EVA Dimensions Oppenheimer & Co Avondale Partners LLC RBC Capital Markets D.A. Davidson & Co Dougherty & Company LLC Goldman Sachs Needham & Co Pacific Crest Securities William Blair & Co

Portfolio Name n/a n/a n/a n/a n/a VANGUARD GROUP INC n/a SELECT EQUITY GROUP n/a PERKINS INVESTMENT M Multiple Portfolios n/a n/a NEUBERGER BERMAN GRO BANK OF NEW YORK MEL NORTHERN TRUST CORPO AMERICAN CENTURY COM NORGES BANK WESTWOOD MANAGEMENT DISCIPLINED GROWTH I

Analyst PAUL T COSTER ANDREW SPINOLA CRAIG STERLING YAIR REINER JOHN F BRIGHT MARK SUE JB GROH CHARLIE ANDERSON SIMONA JANKOWSKI RICHARD F VALERA JAMES FAUCETTE JONATHAN HO

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

Recommendation underweight outperform overweight market perform market outperform sector perform neutral neutral Sell/Neutral hold outperform outperform

Amt Held 38'942'580 29'338'570 11'420'372 10'377'962 9'124'582 7'055'720 5'796'303 4'510'019 2'982'081 2'728'330 2'665'523 2'290'419 1'953'297 1'905'166 1'883'926 1'417'566 1'299'723 1'197'871 1'142'569 1'126'958

% Out 19.85 14.95 5.82 5.29 4.65 3.6 2.95 2.3 1.52 1.39 1.36 1.17 1 0.97 0.96 0.72 0.66 0.61 0.58 0.57

Weighting

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

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

Latest Chg (45'000) (225'000) (278'126) 361'974 2'412'665 194'596 (209'401) 421'770 22'091 1'414'677 (2'464'202) 498'766 (71'866) 671'795 67'829 30'574 397'019 32'380

Target Price 30 #N/A N/A #N/A N/A #N/A N/A 45 47 40 #N/A N/A 30 #N/A N/A 50 #N/A N/A

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

File Dt Inst Type 14.12.2012 n/a 15.05.2012 n/a 28.02.2013 Investment Advisor 31.12.2012 n/a 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date 6 month Not Provided Not Provided Not Provided 12 month 12 month 18 month Not Provided 12 month Not Provided 12 month Not Provided

Date 24.04.2013 23.04.2013 10.04.2013 02.04.2013 01.03.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013

30.04.2013

Gilead Sciences Inc Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

Price/Volume 60

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (05.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILD UW EQUITY YTD Change GILD UW EQUITY YTD % CHANGE

12/2012 12/yy 55.16 24.13 2'876'474.00 51.09 -7.38% 111.77% 86.89% 1'522.4 77'779.03 8'224.05 0.0 241.1 2'582.09 83'662.12

8.0 M 6.0 M

4.0 M 10

2.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

14.0 M

Valuation Analysis

31.12.2008 5'335.8 8.35x 2'845.0 15.67x 1'978.9 24.83x

16.0 M

31.12.2009 31.12.2010 7'011.4 7'949.4 5.18x 3.38x 3'742.2 4'227.7 9.71x 6.35x 2'635.8 2'901.3 15.12x 10.53x Profitability

LTM-4Q 31.12.2011 8'385.4 3.41x 4'092.1 6.99x 2'803.6 11.34x

31.12.2012 9'702.5 6.36x 4'288.4 14.38x 2'591.6 21.79x 4'288.38 4'010.18 41.33% 37.23% 13.45% 32.30% 17.56% 0.50% 74.5% 44.2% 41.3% 26.7% 1.44 0.85 38.72% 88.34% 5.24 1.58

Price/ Cash Flow

LTM

12/yy 8'385.4 14.21x 4'092.1 6.99x 2'803.6 11.33x

12/yy 9'702.5 21.53x 4'288.4 14.38x 2'591.6 21.90x

FY+1

0.90 1'509.36 60.08 96.46% 39.12% 0.901 31 4.677 3'420'540 3'227'112 2'831'895 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'713.0 13'008.8 2'587.7 2'670.2 7.63x 6.10x 4'815.3 6'769.4 1'131.7 1'147.7 17.37x 12.36x 18.03x 3'270.9 4'651.5 805.9 817.4 24.76x 17.21x 25.44x 22.09x S&P Issuer Ratings

23.03.2011 ASTABLE 11.88 10.78 1.32 1.92 88.3% 46.3% 0.50 10.35 69.83 232.14 164.03 137.94

Sales/Revenue/Turnover

25.00

12'000.0 10'000.0

20.00

8'000.0 15.00

6'000.0 10.00

4'000.0

5.00

0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Gilead Sciences Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL UBS MARSICO CAPITAL MANA JP MORGAN JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA CREF INVESTMENT JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP WELLS FARGO FRANKLIN RESOURCES

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

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC T ROWE PRICE ASSOCIA WELLINGTON MANAGEMEN NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL n/a MARSICO CAPITAL MANA n/a JENNISON ASSOCIATES AMERIPRISE FINANCIAL TIAA-CREF INVESTMENT n/a GOLDMAN SACHS GROUP n/a n/a

Analyst BRIAN C ABRAHAMS JIM BIRCHENOUGH MICHAEL J YEE GEOFFREY C PORGES JOHN S SONNIER STEVEN SILVER M IAN SOMAIYA MARSHALL URIST DAVID FERREIRO JASON KOLBERT GEOFFREY MEACHAM HOWARD LIANG JOSHUA SCHIMMER TERENCE FLYNN ROBYN KARNAUSKAS CHARLES ANTHONY BUTLER CAROL A WERTHER BRIAN P SKORNEY JOEL D SENDEK MARK J SCHOENEBAUM ALAN CARR RAVI MEHROTRA BRET HOLLEY THOMAS WEI PHILIP NADEAU JOHN M EADE RICHARD J PURKISS ANDREW S ZAMFOTIS KAVITA THOMAS HAMED KHORSAND

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

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

Amt Held 298'675'044 111'854'914 87'595'427 81'560'916 69'391'713 62'827'858 45'508'106 29'696'606 25'991'274 21'435'057 21'351'034 20'915'172 20'694'520 19'501'542 18'205'634 16'314'578 15'814'906 14'721'904 13'389'278 12'682'844

% Out 19.62 7.35 5.75 5.36 4.56 4.13 2.99 1.95 1.71 1.41 1.4 1.37 1.36 1.28 1.2 1.07 1.04 0.97 0.88 0.83

Weighting

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

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

Latest Chg 16'340'092 15'313'566 2'889'961 1'685'143 2'188'569 2'762'936 (6'740'462) 9'207'940 (2'060'540) (491'149) (5'748'154) 6'930'110 5'852'626 9'988'298 3'621'978 (761'396) (1'905'270) (2'927'484) 137'974 (893'128)

Target Price #N/A N/A 71 55 63 #N/A N/A 66 63 65 59 97 75 #N/A N/A 63 54 69 65 #N/A N/A 55 57 59 45 60 50 40 #N/A N/A #N/A N/A 41 #N/A N/A #N/A N/A 24

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

File Dt 31.03.2013 28.02.2013 23.04.2013 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.01.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 18 month 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month

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

Date 24.04.2013 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 19.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 15.04.2013 10.04.2013 09.04.2013 08.04.2013 08.04.2013 05.04.2013 04.04.2013 22.03.2013 14.03.2013 20.02.2013 06.02.2013 05.02.2013 04.02.2013 09.02.2012 21.04.2011

30.04.2013

Google Inc Google Inc. is a global technology company that provides a web based search engine through its website. The Company offers a wide range of search options, including web, image, groups, directory, and news searches.

Price/Volume 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (4/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 GOOG UW EQUITY YTD Change GOOG UW EQUITY YTD % CHANGE

12/2012 03/yy 844.00 556.55 536'430.00 819.06 -2.95% 47.17% 91.32% 270.2 271'115.41 5'537.00 0.0 0.0 49'557.00 224'686.42

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

1.5 M

300 200

1.0 M

100

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 21'795.6 3.72x 8'131.9 9.96x 4'226.9 18.44x

2.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 23'650.6 29'321.0 7.29x 5.42x 9'836.5 11'777.0 17.53x 13.48x 6'520.4 8'505.0 30.38x 22.58x Profitability

LTM-4Q 31.12.2011 37'905.0 4.45x 13'593.0 12.41x 9'737.0 21.70x

31.12.2012 50'175.0 3.77x 15'722.0 12.05x 10'737.0 20.79x 15'722.00 12'760.00 25.43% 26.68% 12.88% 16.32% 15.24% 0.63% 58.9% 29.5% 23.4% 21.4% 4.22 3.90 5.90% 7.72% 8.56 73.22

Price/ Cash Flow

LTM

03/yy 39'975.0 14.71x 14'796.0 11.10x 10'829.0 19.44x

03/yy 54'703.0 13.98x 16'160.0 13.39x 11'193.0 22.70x

FY+1

0.00 0.96 269.17 3.56 35.33% 15.46% 0.955 45 4.311 559'687 611'970 624'636 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 47'546.3 55'173.4 11'356.0 11'893.4 4.47x 3.54x 19.50x 18.28x 21'383.4 25'240.6 5'163.6 5'384.6 10.51x 8.90x 9.96x 9.52x 15'640.1 18'150.5 3'632.5 3'781.3 17.74x 15.38x 17.36x 16.66x S&P Issuer Ratings

19.11.2012 AA STABLE 15.07.2010 A-1+ 187.17 148.20 -2.87 0.32 7.7% 7.2% 0.63 4.93 42.62 4.98 21.37 30.52

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 01.01.2010

10'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Google Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA JP MORGAN BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE UBS WELLS FARGO TIAA CREF INVESTMENT WELLINGTON MANAGEMEN MORGAN STANLEY

Firm Name Independent Research GmbH JMP Securities Argus Research Corp Hilliard Lyons William Blair & Co Cantor Fitzgerald Sterne, Agee & Leach Wells Fargo Securities, LLC BMO Capital Markets Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse JPMorgan Jefferies Needham & Co Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co Wedbush Raymond James Macquarie B Riley & Company, Inc Stifel Canaccord Genuity Corp Evercore Partners Oppenheimer & Co Cowen and Company S&P Capital IQ Atlantic Equities LLP Credit Agricole Securities (USA) Barclays Telsey Advisory Group Wedge Partners Topeka Capital Markets Inc Pivotal Research Group LLC Edward Jones Piper Jaffray BGC Partners Goldman Sachs Tigress Financial Partners Daiwa Securities Co. Ltd. EVA Dimensions

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA n/a BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO PRIMECAP MANAGEMENT JENNISON ASSOCIATES DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE n/a n/a TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN n/a

Analyst MARKUS FRIEBEL RONALD V JOSEY III JOSEPH F BONNER STEPHEN TURNER RALPH SCHACKART YOUSSEF H SQUALI SHAW WU JASON MAYNARD DANIEL SALMON ROSS SANDLER SCOTT W DEVITT MARK S MAHANEY STEPHEN JU DOUGLAS ANMUTH BRIAN J PITZ KERRY RICE EVAN S WILSON COLIN SEBASTIAN CARLOS KIRJNER JAMES G DIX AARON M KESSLER BENJAMIN A SCHACHTER SAMEET SINHA JORDAN ROHAN MICHAEL GRAHAM KEN SENA JASON S HELFSTEIN JOHN BLACKLEDGE SCOTT H KESSLER HAMILTON FABER JAMES LEE ANTHONY J DICLEMENTE THOMAS FORTE MARTIN PYYKKONEN VICTOR ANTHONY BRIAN WIESER JOSH OLSON EUGENE E MUNSTER COLIN W GILLIS HEATHER BELLINI IVAN FEINSETH KAZUYA NISHIMURA ANDREW S ZAMFOTIS

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

Recommendation hold market outperform buy neutral outperform buy suspended coverage market perform market perform buy Overwt/Attractive outperform outperform overweight buy buy outperform outperform outperform neutral outperform outperform buy hold buy overweight market perform outperform buy overweight buy overweight no rating system no rating system buy hold buy overweight hold neutral/neutral strong buy outperform hold

Amt Held 18'215'530 15'347'658 14'026'275 12'251'664 11'006'397 9'457'496 6'422'462 4'684'381 4'291'875 3'824'800 3'207'437 2'756'412 2'715'974 2'501'395 2'490'314 2'324'675 2'229'474 2'222'539 2'173'908 2'120'450

% Out 6.74 5.68 5.19 4.53 4.07 3.5 2.38 1.73 1.59 1.42 1.19 1.02 1.01 0.93 0.92 0.86 0.83 0.82 0.8 0.78

Weighting

Change

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

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

Latest Chg (5'443) 534'588 (374'578) 418'606 1'637'525 151'141 625'640 97'407 (228'560) (23'714) (39'630) 597'897 (130'698) (90'008) 6'165 (118'285) 155'738 (122'117) 320'943 (207'449)

Target Price 890 955 875 #N/A N/A #N/A N/A 900 #N/A N/A #N/A N/A 790 930 932 950 982 860 1'000 900 980 830 1'000 800 875 925 846 #N/A N/A 890 925 820 #N/A N/A 925 1'000 1'000 875 870 #N/A N/A 950 820 #N/A N/A 935 760 760 #N/A N/A 925 #N/A N/A

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

File Dt 28.02.2013 23.04.2013 24.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 28.02.2013

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

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 26.03.2013 20.03.2013 15.03.2013 22.02.2013

30.04.2013

Henry Schein Inc Henry Schein, Inc. distributes healthcare products and services, including practice management software, to office-based healthcare practitioners. The Company has operations in North America and other countries. Henry Schein's operations include direct marketing, telesales, and field sales.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HSIC UW EQUITY YTD Change HSIC UW EQUITY YTD % CHANGE

12/2012 12/yy 92.86 71.97 113'716.00 89.94 -3.14% 24.97% 86.02% 87.6 7'878.40 533.28 0.0 437.5 122.08 8'727.06

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

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 6'380.4 0.54x 520.7 6.61x 239.5 12.12x

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

31.12.2009 31.12.2010 6'538.3 7'526.8 0.73x 0.84x 548.6 634.6 8.71x 9.95x 311.2 325.8 16.53x 17.38x Profitability

LTM-4Q 31.12.2011 8'530.2 0.76x 698.0 9.30x 367.7 16.23x

31.12.2012 8'940.0 0.88x 759.5 10.37x 388.1 18.02x 759.48 634.15 7.09% 6.84% 7.70% 15.38% 12.97% 1.77% 28.0% 8.5% 7.1% 4.3% 1.84 0.77 10.00% 20.40% 9.39 5.98

Price/ Cash Flow

LTM

12/yy 8'530.2 3.18x 698.0 9.30x 367.7 16.23x

12/yy 8'940.0 3.48x 759.5 10.37x 388.1 18.07x

FY+1

0.00 0.96 85.89 2.59 17.20% 11.78% 0.961 18 3.444 160'828 131'057 154'271 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 9'515.1 10'038.1 2'248.1 2'378.4 0.89x 0.82x 3.90x 3.68x 805.8 863.6 185.3 202.8 10.83x 10.11x 10.82x 10.63x 432.0 472.5 94.9 108.6 18.47x 16.71x 18.45x 17.90x S&P Issuer Ratings

24.58 22.92 0.54 0.70 20.4% 14.9% 1.77 33.39 38.75 60.87 38.35 61.28

Sales/Revenue/Turnover

25.00

10'000.0 9'000.0 8'000.0

20.00

7'000.0 15.00

6'000.0

10.00

5'000.0 4'000.0 3'000.0 2'000.0

5.00

1'000.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Henry Schein Inc Holdings By:

All

Holder Name FMR LLC T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC GENERATION INVESTMEN STATE STREET BROWN BROTHERS HARRI NEUBERGER BERMAN LLC PRUDENTIAL FINANCIAL JENNISON ASSOCIATES ATLANTA CAPITAL MANA FINDLAY PARK PARTNER TIVERTON ASSET MANAG GOLDMAN SACHS GROUP SELECT EQUITY GROUP MACKENZIE FINANCIAL WADDELL & REED FINAN JP MORGAN ENTRUST CAPITAL INC SWEDBANK ROBUR FONDE

Firm Name JPMorgan CL King & Associates Edward Jones William Blair & Co Northcoast Research Robert W. Baird & Co ISI Group Piper Jaffray Leerink Swann & Co Jefferies Stifel Credit Suisse Barrington Research Wallachbeth Capital LLC Goldman Sachs EVA Dimensions

Portfolio Name n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC GENERATION INVESTMEN n/a BROWN BROTHERS HARRI NEUBERGER BERMAN GRO n/a JENNISON ASSOCIATES ATLANTA CAPITAL MANA FINDLAY PARK PARTNER TIVERTON ASSET MANAG GOLDMAN SACHS GROUP SELECT EQUITY GROUP MACKENZIE FINANCIAL WADDELL & REED FINAN n/a ENTRUST CAPITAL INC Multiple Portfolios

Analyst LISA C GILL ROSS TAYLOR MATTHEW D COLLINS JOHN C KREGER EDWIN SNYDER JEFFREY D JOHNSON MICHAEL CHERNY KEVIN ELLICH DAVID LARSEN BRANDON COUILLARD JONATHAN D BLOCK GLEN SANTANGELO CHARLES R JONES GLEN M LOSEV ROBERT P JONES ANDREW S ZAMFOTIS

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

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

Amt Held 6'480'243 6'403'492 5'191'730 4'387'742 4'217'926 3'900'001 3'434'959 3'325'469 2'141'394 1'991'253 1'682'101 1'677'966 1'580'369 1'423'289 1'371'758 1'355'800 1'351'150 1'302'255 1'300'000 1'279'544

% Out 7.4 7.31 5.93 5.01 4.82 4.45 3.92 3.8 2.44 2.27 1.92 1.92 1.8 1.62 1.57 1.55 1.54 1.49 1.48 1.46

Weighting

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

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

Latest Chg 196'448 115'400 218'120 (33'416) 91'869 230'374 43'407 49'074 366'839 77'278 923 1'580'369 (431'584) (240'276) (211'700) 57'000 234'038 73'910

Target Price 89 100 #N/A N/A #N/A N/A 110 98 94 92 #N/A N/A 80 #N/A N/A 92 #N/A N/A 85 92 #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 23.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 15.04.2013 15.04.2013 26.03.2013 26.02.2013 25.02.2013 25.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 04.02.2013

30.04.2013

Intel Corp Intel Corporation designs, manufactures, and sells computer components and related products. The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price/Volume

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (21.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTC UW EQUITY YTD Change INTC UW EQUITY YTD % CHANGE

12/2012 03/yy 29.27 19.23 8'151'209.00 23.76 -18.82% 23.56% 45.12% 4'946.0 117'516.96 13'448.00 0.0 0.0 22'586.00 108'976.96

15.0 M

10.0 M

5.0 M

0 a-12 m-12

31.12.2009 31.12.2010 35'127.0 43'623.0 2.84x 2.16x 10'994.0 20'226.0 9.08x 4.65x 4'369.0 11'464.0 16.80x 10.37x Profitability

LTM-4Q 31.12.2011 53'999.0 2.10x 23'541.0 4.81x 12'942.0 9.59x

31.12.2012 53'341.0 1.70x 22'160.0 4.10x 11'005.0 9.50x 22'160.00 14'638.00 27.44% 27.88% 13.31% 21.05% 0.68% 62.1% 39.9% 25.2% 20.6% 2.43 1.71 15.94% 26.26% 14.00 4.76

Price/ Cash Flow

j-12

a-12

LTM

03/yy 54'058.0 8.44x 23'536.0 5.68x 12'520.0 11.62x

s-12

03/yy 53'015.0 7.97x 21'148.0 4.70x 10'312.0 10.92x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

4.67 1.00 4'768.94 235.47 -13.21% 16.40% 0.996 52 3.481 11'144'207 11'322'006 10'282'058 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 53'565.0 55'901.7 12'893.7 13'745.6 2.11x 2.00x 8.72x 8.15x 20'828.2 22'480.2 4'604.1 5'422.4 5.23x 4.85x 5.12x 4.97x 9'875.2 10'684.0 2'095.3 2'662.7 12.49x 11.70x 12.01x 11.55x S&P Issuer Ratings

17.02.1993 A+ STABLE 17.02.1993 A-1+ 67.15 33.74 -0.40 0.63 26.3% 20.8% 0.68 1.98 26.00 76.44 49.10 52.88

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 01.01.2010

.0 M j-12

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

35.0 M

25 20

Valuation Analysis

31.12.2008 37'586.0 1.81x 14'280.0 4.76x 5'292.0 12.66x

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 |

30.04.2013

Intel Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC MOORE GORDON EARLE BANK OF NEW YORK MEL NORTHERN TRUST CORPO INVESCO LTD WELLINGTON MANAGEMEN HARRIS ASSOCIATES LP ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN BANK OF AMERICA CORP FRANKLIN RESOURCES NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AG LOOMIS SAYLES & COMP GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE UBS

Firm Name Pacific Crest Securities FBR Capital Markets BMO Capital Markets Robert W. Baird & Co ISI Group Wells Fargo Securities, LLC Drexel Hamilton LLC Evercore Partners Crowell, Weedon & Co MKM Partners Morgan Stanley Argus Research Corp Roth Capital Partners Credit Suisse JPMorgan Jefferies Needham & Co Sanford C. Bernstein & Co Wedbush Macquarie Independent Research GmbH B Riley & Company, Inc Stifel Sterne, Agee & Leach Oppenheimer & Co Nomura Cowen and Company JMP Securities Gabelli & Co Lazard Capital Markets Williams Financial Group Maxim Group LLC Susquehanna Financial Group Piper Jaffray Credit Agricole Securities (USA) Barclays Deutsche Bank RBC Capital Markets Edward Jones Raymond James Canaccord Genuity Corp Tigress Financial Partners S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN HARRIS ASSOC LP n/a n/a BANK OF AMERICA n/a NORGES BANK STATE FARM MUTUAL AU DEUTSCHE BANK AKTIEN LOOMIS SAYLES & CO L GOLDMAN SACHS GROUP GEODE CAPITAL MANAGE n/a

Analyst MICHAEL MCCONNELL CHRISTOPHER ROLLAND AMBRISH SRIVASTAVA TRISTAN GERRA SUMIT DHANDA DAVID M WONG RICHARD WHITTINGTON PATRICK WANG JAMES D RAGAN DANIEL A BERENBAUM JOSEPH MOORE JAMES KELLEHER KRISHNA SHANKAR JOHN W PITZER CHRISTOPHER DANELY MARK J LIPACIS N QUINN BOLTON STACY A RASGON BETSY VAN HEES SHAWN WEBSTER MARKUS FRIEBEL CRAIG ELLIS KEVIN E CASSIDY VIJAY R RAKESH RICHARD SCHAFER ROMIT SHAH TIMOTHY M ARCURI ALEX GAUNA HENDI SUSANTO DANIEL L AMIR CODY G ACREE ASHOK KUMAR CHRISTOPHER CASO AUGUSTE P RICHARD SRINI PAJJURI BLAYNE CURTIS ROSS C SEYMORE DOUG FREEDMAN WILLIAM C KREHER HANS C MOSESMANN ROBERT BURLESON IVAN FEINSETH CHRISTIN ARMACOST

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

Recommendation sector perform market perform market perform outperform buy outperform buy equalweight buy buy Underwt/In-Line hold neutral outperform neutral hold hold underperform neutral outperform buy neutral buy neutral market perform reduce neutral market perform buy buy hold buy neutral neutral underperform equalweight buy sector perform hold underperform hold neutral hold

Amt Held 280'446'544 276'369'330 228'240'221 172'992'357 107'138'879 76'183'909 73'349'858 71'696'575 67'755'999 62'474'851 49'437'200 42'262'952 40'574'173 40'236'837 39'078'900 38'661'945 36'009'427 35'339'649 33'702'161 33'546'281

% Out 5.67 5.59 4.61 3.5 2.17 1.54 1.48 1.45 1.37 1.26 1 0.85 0.82 0.81 0.79 0.78 0.73 0.71 0.68 0.68

Weighting

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

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

Latest Chg 5'515'611 1'063'793 3'877'756 (1'255'200) (509'130) 231'840 (7'774'199) 2'772'732 3'656'359 1'886'682 (1'073'550) 2'352'168 14'347'374 3'652'891 (11'739'300) 9'367'763 4'046'035 (2'267'980) (3'328'989) (736'637)

Target Price #N/A N/A 23 21 26 25 #N/A N/A 24 22 26 24 20 #N/A N/A 20 28 19 24 #N/A N/A 18 23 25 26 23 28 20 #N/A N/A 18 #N/A N/A #N/A N/A #N/A N/A 26 #N/A N/A 29 21 21 22 20 26 24 #N/A N/A #N/A N/A 20 #N/A N/A 23

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

File Dt 24.04.2013 23.04.2013 31.03.2013 02.03.2005 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013

Date Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 18 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

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

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 06.04.2013

30.04.2013

Intuit Inc Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

Price/Volume 80

07/2012 01/yy 68.41 53.49 1'161'671.00 60.94 -10.92% 13.93% 49.93% 296.4 18'061.94 499.00 0.0 0.0 744.00 17'901.94

1.5 M

1.0 M

20 .5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

31.07.2009 31.07.2010 3'109.0 3'455.0 2.98x 3.44x 957.7 1'119.0 9.67x 10.61x 447.0 574.0 18.68x 23.80x Profitability

LTM-4Q 31.07.2011 3'772.0 3.61x 1'308.0 10.41x 634.0 22.03x

31.07.2012 4'151.0 4.07x 1'419.0 11.90x 792.0 23.21x 1'419.00 1'177.00 28.35% 27.73% 15.72% 31.51% 24.92% 0.84% 81.7% 31.0% 25.8% 19.1% 1.20 0.73 10.65% 18.19% 7.43 -

Price/ Cash Flow

01/yy 3'995.0 15.60x 1'401.0 11.90x 685.0 24.86x

LTM 01/yy 4'211.0 16.35x 1'307.0 14.04x 790.0 26.43x

FY+1

1.05 0.91 282.43 10.05 6.26% 2.98% 0.909 21 3.667 1'515'258 709'234 691'880 FY+2

FQ+1

FQ+2

07/13 Y 07/14 Y 04/13 Q3 07/13 Q4 4'518.5 4'921.7 2'188.3 727.0 3.82x 3.39x 7.68x 23.70x 1'688.2 1'873.7 1'387.9 92.1 10.60x 9.55x 10.04x 9.61x 1'015.0 1'117.8 892.6 32.2 18.18x 16.57x 17.25x 16.67x S&P Issuer Ratings

29.05.2008 BBB STABLE 28.38 25.68 -0.12 0.40 18.2% 15.4% 0.84 7.24 49.24 99.84 -

Sales/Revenue/Turnover

20.00

4'500.0

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 31.07.2009

2.0 M

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

2.5 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTU UW EQUITY YTD Change INTU UW EQUITY YTD % CHANGE

31.07.2008 3'071.0 2.93x 902.7 9.96x 476.8 19.80x

3.0 M

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

30.04.2013

Intuit Inc Holdings By:

All

Holder Name PRIMECAP MANAGEMENT BLACKROCK STATE STREET COOK SCOTT D VANGUARD GROUP INC CAPITAL GROUP COMPAN FMR LLC WADDELL & REED FINAN JENNISON ASSOCIATES MACQUARIE GROUP BANK OF NEW YORK MEL OPPENHEIMERFUNDS INC JANUS CAPITAL MANAGE ALLIANCE BERNSTEIN WINSLOW CAPITAL MANA TIAA CREF INVESTMENT WELLS FARGO NORTHERN TRUST CORPO POLEN CAPITAL MANAGE JP MORGAN

Firm Name Morgan Stanley Jefferies Wells Fargo Securities, LLC Barclays Wedbush Evercore Partners Northcoast Research Cowen and Company First Analysis Corp Raymond James Millman Research Associates Deutsche Bank Goldman Sachs JPMorgan Janney Montgomery Scott LLC Macquarie Oppenheimer & Co EVA Dimensions Pacific Crest Securities

Portfolio Name PRIMECAP MANAGEMENT n/a n/a n/a VANGUARD GROUP INC n/a n/a WADDELL & REED FINAN JENNISON ASSOCIATES n/a BANK OF NEW YORK MEL OPPENHEIMER FUNDS IN n/a n/a WINSLOW CAPITAL MANA TIAA-CREF INVESTMENT n/a NORTHERN TRUST CORPO POLEN CAPITAL MANAGE n/a

Analyst JENNIFER LOWE ROSS MACMILLAN TIMOTHY W WILLI RAIMO LENSCHOW GIL B LURIA DAVID M TOGUT KARTIK MEHTA PETER GOLDMACHER LARRY BERLIN WAYNE JOHNSON MICHAEL MILLMAN THOMAS ERNST JR GREG DUNHAM STERLING AUTY YUN KIM BRAD A ZELNICK SCOTT A SCHNEEBERGER ANDREW S ZAMFOTIS BRENDAN BARNICLE

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

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

Amt Held 17'554'978 16'418'092 14'971'171 13'201'868 13'012'480 12'570'100 12'387'302 10'418'562 10'137'644 9'716'592 7'214'208 6'639'811 5'859'348 5'570'324 5'283'586 5'239'299 4'895'654 3'987'428 3'863'314 3'562'017

% Out 5.92 5.54 5.05 4.45 4.39 4.24 4.18 3.52 3.42 3.28 2.43 2.24 1.98 1.88 1.78 1.77 1.65 1.35 1.3 1.2

Weighting

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

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

Latest Chg (89'700) (415'749) 490'282 8'678'400 151'423 1'183'080 1'052'512 347'950 (107'852) (354'330) 553'376 1'035'189 (480'314) (43'300) 153'639 (7'574) 81'337 (543'447)

Target Price #N/A N/A 61 #N/A N/A 67 67 58 #N/A N/A #N/A N/A #N/A N/A 68 59 69 67 65 80 62 65 #N/A N/A #N/A N/A

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

File Dt 31.12.2012 23.04.2013 24.04.2013 31.12.2012 31.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012

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

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 18.04.2013 27.03.2013 26.03.2013 25.03.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 15.01.2013 29.04.2011

30.04.2013

Intuitive Surgical Inc Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The Company's surgical system controls Intuitive Surgical endoscopic instruments, including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, scalpels, forceps/pickups, needle holders, endoscopic retractors, electrocautery, ultrasonic cutters, and accessories during surgical procedures.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.05.2012) 52-Week Low (15.03.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISRG UW EQUITY YTD Change ISRG UW EQUITY YTD % CHANGE

12/2012 03/yy 591.41 455.18 80'360.00 489.16 -17.29% 7.47% 24.94% 40.2 19'645.17 0.00 0.0 0.0 1'324.40 18'286.97

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

.7 M

600

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 874.9 5.17x 335.9 13.47x 204.3 24.80x

700

31.12.2009 31.12.2010 1'052.2 1'413.0 10.57x 6.45x 412.0 595.6 27.01x 15.31x 232.6 381.8 51.17x 27.22x Profitability

LTM-4Q 31.12.2011 1'757.3 9.77x 741.3 23.16x 495.1 37.58x

31.12.2012 2'178.8 8.44x 935.9 19.65x 656.6 30.69x

935.90 878.10 40.30% 41.03% 18.55% 20.96% 20.96% 0.61% 72.1% 43.4% 40.8% 30.1% 4.71 4.22 0.00% 0.00% 7.12 5.08

Price/ Cash Flow

03/yy 1'864.4 34.63x 788.3 26.05x 534.5 41.01x

LTM 03/yy 2'295.0 33.22x 996.5 18.45x 702.0 28.86x

FY+1

0.00 1.04 39.75 2.19 -15.40% -0.25% 1.036 20 4.350 94'761 124'570 121'603 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'583.1 2'967.5 631.8 629.9 6.25x 5.27x 26.08x 25.93x 1'065.6 1'229.2 255.6 253.4 17.16x 14.88x 17.23x 16.65x 738.3 852.8 177.2 175.2 27.41x 23.58x 26.93x 25.75x S&P Issuer Ratings

-1.36 0.00 0.0% 0.0% 0.61 9.98 51.27 71.81 32.40 95.75

Sales/Revenue/Turnover

40.00

2'500.0

35.00

2'000.0

30.00 25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Intuitive Surgical Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BAILLIE GIFFORD AND STATE STREET BLACKROCK VANGUARD GROUP INC FMR LLC SANDS CAPITAL MANAGE MORGAN STANLEY MARSICO CAPITAL MANA WELLS FARGO WINSLOW CAPITAL MANA VIKING GLOBAL INVEST ALLIANCE BERNSTEIN BROWN ADVISORY INC JANUS CAPITAL MANAGE EDGEWOOD MANAGEMENT JP MORGAN NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL

Firm Name JPMorgan Janney Montgomery Scott LLC William Blair & Co Leerink Swann & Co Lazard Capital Markets Morgan Stanley SunTrust Robinson Humphrey Barrington Research Stifel Canaccord Genuity Corp JMP Securities Northland Securities Inc Wallachbeth Capital LLC Goldman Sachs Raymond James Cantor Fitzgerald Mizuho Securities USA Inc EVA Dimensions

Portfolio Name n/a BAILLIE GIFFORD & CO n/a n/a VANGUARD GROUP INC n/a SANDS CAPITAL MANAGE n/a MARSICO CAPITAL MANA n/a WINSLOW CAPITAL MANA VIKING GLOBAL INVEST n/a n/a n/a EDGEWOOD MANAGEMENT n/a NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL

Analyst TYCHO W PETERSON SPENCER NAM BENJAMIN C ANDREW RICHARD NEWITTER SEAN D LAVIN DAVID R LEWIS AMIT HAZAN CHARLES R JONES FREDERICK A WISE JASON R MILLS J T HARESCO III SURAJ KALIA Kathleen McGrath DAVID H ROMAN LAWRENCE S KEUSCH JEREMY FEFFER MICHAEL S MATSON ANDREW S ZAMFOTIS

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

Recommendation overweight buy outperform market perform buy Equalwt/In-Line buy outperform hold buy market outperform underperform buy Buy/Neutral outperform buy buy hold

Amt Held 5'472'694 2'294'248 2'129'851 1'860'003 1'811'809 1'252'626 1'131'468 1'038'314 969'364 956'986 936'203 818'598 786'222 748'303 646'802 575'597 572'274 567'682 547'562 521'573

% Out 13.63 5.71 5.3 4.63 4.51 3.12 2.82 2.59 2.41 2.38 2.33 2.04 1.96 1.86 1.61 1.43 1.42 1.41 1.36 1.3

Weighting

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

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

Latest Chg 263'000 (6'009) 36'579 54'929 34'047 43'778 (306'791) 653'710 5'420 295'136 731'598 58'952 74'215 (382'372) 66'396 (78'794) (12'311) (8'043) 2'739

Target Price 625 670 #N/A N/A #N/A N/A 625 #N/A N/A 647 650 #N/A N/A 527 620 400 610 684 620 575 636 #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 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 23.01.2013

30.04.2013

KLA-Tencor Corp KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry. The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Price/Volume

2.0 M

06/2012 12/yy 57.95 43.22 904'466.00 53.11 -8.35% 22.88% 67.14% 165.9 8'810.19 746.83 0.0 0.0 2'534.44 6'677.93

1.0 M

.5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2009 30.06.2010 1'520.2 1'820.8 2.45x 2.14x 4.7 401.5 800.84x 9.71x (523.4) 212.3 17.82x Profitability

LTM-4Q 30.06.2011 3'175.2 1.72x 1'246.4 4.39x 794.5 8.27x

30.06.2012 3'171.9 2.02x 1'108.5 5.79x 756.0 10.63x 1'108.46 1'016.33 32.04% 30.71% 12.96% 19.87% 0.60% 58.1% 31.5% 28.5% 23.8% 4.83 3.75 14.64% 22.52% 5.52 1.99

Price/ Cash Flow

12/yy 3'165.5 7.57x 1'159.7 5.70x 757.6 10.37x

LTM 12/yy 3'126.7 8.34x 1'034.0 5.90x 695.2 11.30x

FY+1

2.92 1.24 165.65 4.08 5.01% 11.99% 1.235 18 4.444 972'095 599'537 618'665 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'826.9 3'163.7 712.0 760.1 2.55x 2.05x 9.10x 8.39x 810.7 998.6 205.3 225.7 8.24x 6.69x 6.81x 6.13x 548.1 700.4 136.2 162.9 16.40x 12.96x 13.78x 12.16x S&P Issuer Ratings

28.04.2008 BBB STABLE 20.45 19.39 -2.24 0.79 22.5% 18.4% 0.60 10.60 66.13 183.63 34.92 206.13

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

1.5 M

Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KLAC UW EQUITY YTD Change KLAC UW EQUITY YTD % CHANGE

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

2.5 M

50 40

Valuation Analysis

30.06.2008 2'521.7 2.50x 638.4 9.86x 359.1 20.88x

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 |

30.04.2013

KLA-Tencor Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK VANGUARD GROUP INC STATE STREET JP MORGAN AMERIPRISE FINANCIAL PRIMECAP MANAGEMENT FMR LLC T ROWE PRICE ASSOCIA INVESCO LTD JANUS CAPITAL MANAGE BANK OF NEW YORK MEL RENAISSANCE TECHNOLO NORTHERN TRUST CORPO CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU NORGES BANK

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

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a AMERIPRISE FINANCIAL PRIMECAP MANAGEMENT n/a T ROWE PRICE ASSOCIA n/a n/a BANK OF NEW YORK MEL RENAISSANCE TECHNOLO NORTHERN TRUST CORPO CITADEL ADVISORS LLC CLEARBRIDGE INVESTME EPOCH INVESTMENT PAR GOLDMAN SACHS GROUP STATE FARM MUTUAL AU NORGES BANK

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

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

Recommendation outperform neutral buy buy outperform buy outperform outperform overweight neutral Sell/Neutral hold buy buy buy market perform

Amt Held 22'627'316 15'847'397 10'493'292 9'130'979 7'134'973 6'915'022 5'050'800 4'192'094 3'012'005 2'699'420 2'636'341 2'601'384 2'300'784 2'272'086 1'708'804 1'665'757 1'545'691 1'537'676 1'478'800 1'398'685

% Out 13.62 9.54 6.32 5.5 4.29 4.16 3.04 2.52 1.81 1.62 1.59 1.57 1.38 1.37 1.03 1 0.93 0.93 0.89 0.84

Weighting

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

M M M M M M M M M M M U M M R M

Latest Chg (370'332) 285'878 134'480 2'050'188 337'635 (79'000) (1'402'932) (321'290) (514'895) (2'104'992) (24'440) 376'200 29'564 1'702'853 793'685 100'773 157'204 105'700 168'897

Target Price 61 #N/A N/A 66 58 65 61 63 60 62 50 50 56 62 #N/A N/A 57 #N/A N/A

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

File Dt Inst Type 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 31.12.2012 Government

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

Date 24.04.2013 24.04.2013 23.04.2013 23.04.2013 19.04.2013 17.04.2013 12.04.2013 15.03.2013 15.03.2013 13.02.2013 07.02.2013 25.01.2013 25.01.2013 15.01.2013 26.10.2012 05.02.2011

30.04.2013

Kraft Foods Group Inc Kraft Foods Group, Inc. is a food company. The Company is focused on consumer packaged food and beverages for North American Grocery stores. Kraft Foods offers a wide range of branded beverages, cheese, grocery products and convenient meals.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.04.2013) 52-Week Low (01.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRFT UW EQUITY YTD Change KRFT UW EQUITY YTD % CHANGE

Price/Volume

12/2012 12/yy 52.50 42.29 931'336.00 51.57 -1.77% 21.94% 90.89% 593.4 30'600.22 9'971.00 0.0 0.0 1'255.00 39'316.22

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

1.20

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

.0 M o-12

n-12

d-12

j-13

f-13

m-13

a-13

Fiscal Year Ended 31.12.2008 17'708.0 2'662.0 -

31.12.2009 31.12.2010 17'278.0 17'797.0 3'314.0 3'307.0 2'170.0 3'531.0 Profitability

LTM-4Q 31.12.2011 18'655.0 3'190.0 1'775.0 -

31.12.2012 18'339.0 1.91x 3'239.0 10.82x 1'642.0 12.69x 3'239.00 2'811.00 15.33% 13.38% 31.8% 9.0% 1.34 0.65 42.74% 279.14% -

LTM

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

12/yy 14'135.0 5.01x 2'237.0 0.00x 878.0 0.00x

FY+1

592.55 6.34 14.52% 24 3.833 840'301 953'710 1'037'542 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 18'770.5 19'237.3 4'476.1 4'847.3 2.12x 2.06x 8.98x 8.32x 3'536.4 3'794.1 813.8 947.9 11.12x 10.36x 11.23x 10.93x 1'689.3 1'865.1 388.6 467.1 18.53x 16.56x 18.48x 17.85x S&P Issuer Ratings

19.07.2012 BBB NEG 19.07.2012 A-2 13.61 11.76 279.1% 73.6% 32.36

Sales/Revenue/Turnover

20'000.0 18'000.0

1.00

16'000.0 14'000.0

0.80 0.60 0.40

12'000.0 10'000.0 8'000.0 6'000.0 4'000.0

0.20

2'000.0 0.0

0.00

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

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

30.04.2013

Kraft Foods Group Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL MORGAN STANLEY JP MORGAN NORTHERN TRUST CORPO STATE STREET FEDERATED INVESTORS INVESCO LTD FMR LLC BANK OF AMERICA CORP MACQUARIE GROUP ALLIANCE BERNSTEIN NORGES BANK NEUBERGER BERMAN LLC STANDARD LIFE INVEST OPPENHEIMERFUNDS INC FRANKLIN RESOURCES

Firm Name BMO Capital Markets Stifel JPMorgan Sanford C. Bernstein & Co Janney Montgomery Scott LLC Edward Jones Davenport & Co Deutsche Bank Barclays Wells Fargo Securities, LLC Canaccord Genuity Corp Morgan Stanley Jefferies EVA Dimensions Credit Agricole Securities (USA) Goldman Sachs RBC Capital Markets Argus Research Corp CL King & Associates Credit Suisse S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC WELLINGTON MANAGEMEN BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO n/a FEDERATED INVESTORS n/a n/a BANK OF AMERICA n/a n/a NORGES BANK NEUBERGER BERMAN GRO STANDARD LIFE INVEST OPPENHEIMER FUNDS IN n/a

Analyst KENNETH B ZASLOW CHRISTOPHER R GROWE KENNETH GOLDMAN ALEXIA HOWARD JONATHAN P FEENEY BRIAN YARBROUGH ANN H GURKIN ERIC R KATZMAN ANDREW LAZAR JOHN J BAUMGARTNER ALICIA FORRY MATTHEW GRAINGER THILO WREDE AUSTIN BURKETT DIANE GEISSLER JASON ENGLISH EDWARD AARON JOHN D STASZAK ERIC J LARSON ROBERT MOSKOW THOMAS GRAVES

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

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

Amt Held 41'134'579 29'803'464 28'036'058 14'309'447 10'900'216 10'420'868 9'329'532 8'573'100 8'565'438 8'453'158 7'588'295 6'286'967 6'269'784 5'036'151 4'756'427 4'735'130 4'173'053 4'170'705 4'144'582 4'138'693

% Out 6.93 5.02 4.72 2.41 1.84 1.76 1.57 1.44 1.44 1.42 1.28 1.06 1.06 0.85 0.8 0.8 0.7 0.7 0.7 0.7

Weighting

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

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

Latest Chg 29'803'464 1'059'896 14'309'447 (461'880) 10'370'973 9'255'731 8'573'100 259'651 948'276 7'588'295 6'286'967 6'269'784 5'036'151 1'417'875 4'735'130 4'173'053 (220'637) 4'144'582 4'061'921

Target Price 53 55 53 51 46 #N/A N/A #N/A N/A 48 51 #N/A N/A 56 #N/A N/A 52 #N/A N/A 54 51 50 #N/A N/A 50 50 46

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

File Dt 23.04.2013 31.03.2013 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 28.02.2013

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

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

Date 23.04.2013 23.04.2013 22.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 10.04.2013 04.04.2013 02.04.2013 28.03.2013 22.03.2013 20.03.2013 17.03.2013 11.03.2013 07.03.2013 19.02.2013 15.02.2013 16.10.2012

30.04.2013

Liberty Global Inc Liberty Global, Inc. owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Price/Volume 80

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LBTYA UW EQUITY YTD Change LBTYA UW EQUITY YTD % CHANGE

12/2012 12/yy 75.86 44.89 476'228.00 73.29 -3.39% 63.27% 91.70% 141.3 18'297.11 27'524.50 0.0 (124.9) 2'038.90 43'657.81

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

3.0 M

30 20

2.0 M

1.0 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 10'497.7 2.54x 4'361.8 6.12x (788.9) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 7'497.4 8'364.2 4.24x 3.30x 3'203.0 3'770.7 9.93x 7.32x (412.1) 388.2 Profitability

LTM-4Q 31.12.2011 9'510.8 3.63x 4'351.0 7.93x (772.7) -

31.12.2012 10'310.8 4.04x 4'757.2 8.76x 322.8 4'757.20 2'066.10 20.04% -4.69% 0.86% 12.87% 0.28% 64.9% 46.1% 20.0% 3.1% 0.81 0.66 71.85% 1245.45% 10.62 -

Price/ Cash Flow

LTM

12/yy 9'510.8 13.73x 4'262.9 8.10x (772.7) 0.00x

12/yy 10'310.8 14.84x 4'757.2 8.76x 322.8 0.00x

FY+1

0.00 0.99 130.12 31.23 47.14% 16.35% 0.993 13 4.692 528'956 662'998 817'964 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 13'791.8 15'802.9 2'743.3 2'766.0 3.11x 2.68x 5'890.4 6'789.0 1'306.0 1'328.0 7.41x 6.43x 8.19x 671.7 1'132.7 78.0 39.9 34.30x 22.13x 35.02x S&P Issuer Ratings

06.02.2013 B+ *+ 2.84 1.71 5.36 5.79 1245.5% 93.0% 0.28 0.78 34.46 71.82 -

Sales/Revenue/Turnover

8.00

12'000.0

7.00

10'000.0

6.00

8'000.0

5.00 4.00

6'000.0

3.00

4'000.0

2.00

2'000.0 1.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Liberty Global Inc Holdings By:

All

Holder Name BLACKROCK CASCADE INVESTMENT L COATUE MANAGEMENT LL T ROWE PRICE ASSOCIA COMCAST CORP VANGUARD GROUP INC BLUE RIDGE CAPITAL L DODGE & COX STATE STREET FMR LLC AMERICAN CENTURY COM MARSICO CAPITAL MANA ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO GATES FOUNDATION NORGES BANK TIAA CREF INVESTMENT ARTISAN PARTNERS HOL

Firm Name Morgan Stanley ISI Group Barclays JPMorgan Stifel Wunderlich Securities Evercore Partners Pivotal Research Group LLC HSBC Goldman Sachs Credit Suisse EVA Dimensions Nomura

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC BLUE RIDGE CAPITAL L DODGE & COX n/a n/a AMERICAN CENTURY COM MARSICO CAPITAL MANA ETON PARK CAPITAL MA MAVERICK CAPITAL LTD TIGER GLOBAL MANAGEM SLEEP, ZAKARIA & CO BILL & MELINDA FOUND NORGES BANK TIAA-CREF INVESTMENT ARTISAN PARTNERS LP

Analyst BENJAMIN SWINBURNE VIJAY JAYANT MICHAEL BISHOP CARL MURDOCK-SMITH CHRISTOPHER C KING MATTHEW HARRIGAN BRYAN KRAFT JEFFREY WLODARCZAK NICOLAS COTE-COLISSON TIMOTHY BODDY JUSTIN FUNNELL CRAIG STERLING HENRIK NYBLOM

Source ULT-AGG 13G 13G 13F 13G/PRXY 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation Overwt/In-Line strong buy overweight restricted buy buy overweight buy overweight not rated outperform sell buy

Amt Held 10'240'573 8'736'009 8'584'691 8'102'429 7'681'369 5'662'715 3'900'000 3'758'684 3'654'949 3'626'082 3'267'478 2'958'710 2'471'200 2'385'018 2'300'000 2'210'000 2'119'515 2'056'197 1'872'138 1'826'367

% Out 7.25 6.18 6.07 5.73 5.43 4.01 2.76 2.66 2.59 2.57 2.31 2.09 1.75 1.69 1.63 1.56 1.5 1.45 1.32 1.29

Weighting

Change

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

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

Latest Chg 1'720'594 3'593'100 1'989'871 (43'700) (1'230'818) 1'474'161 632'444 191'797 897'807 (3'950'000) (209'351) 187'404 2'554

Target Price 80 85 82 #N/A N/A 80 84 83 88 80 #N/A N/A 65 #N/A N/A 67

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

File Dt 23.04.2013 31.12.2012 05.02.2013 31.12.2012 31.03.2012 31.03.2013 31.12.2012 31.12.2012 24.04.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

Inst Type Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Corporation Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Endowment Government Investment Advisor Investment Advisor

Date 24.04.2013 21.04.2013 17.04.2013 15.04.2013 12.04.2013 26.03.2013 07.03.2013 06.03.2013 15.02.2013 05.02.2013 21.01.2013 15.01.2013 14.12.2012

30.04.2013

Liberty Interactive Corp Liberty Interactive Corporation owns interests in video and Internet commerce businesses. The Company owns interests in home shopping television networks and lifestyle and travel services Internet websites.

Price/Volume 25

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LINTA UW EQUITY YTD Change LINTA UW EQUITY YTD % CHANGE

12/2012 12/yy 22.04 14.06 825'891.00 20.98 -4.81% 49.18% 86.71% 512.7 11'350.03 7'884.00 0.0 4'489.0 4'479.00 19'244.03

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

4.0 M

3.0 M 2.0 M

1.0 M

0 a-12

31.12.2009 31.12.2010 8'305.0 8'932.0 1.24x 1.53x 1'607.0 1'679.0 6.40x 8.14x 258.0 1'892.0 20.51x 19.42x Profitability

LTM-4Q 31.12.2011 9'616.0 1.41x 1'774.0 7.63x 912.0 20.81x

31.12.2012 10'054.0 1.85x 1'809.0 10.29x 1'530.0 1'809.00 1'200.00 11.94% 19.74% 7.02% 21.77% 11.88% 0.46% 36.4% 18.0% 11.9% 15.2% 1.17 0.86 30.03% 104.26% 8.92 5.88

Price/ Cash Flow

j-12

a-12

LTM

12/yy 9'616.0 5.65x 1'774.0 7.63x 1'332.0 94.34x

s-12

12/yy 10'054.0 6.15x 1'809.0 10.29x 1'530.0 10.93x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.09 503.05 1.77 26.14% 6.61% 1.086 10 4.000 779'249 894'302 930'432 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 10'392.6 10'919.7 2'384.8 2'440.7 1.91x 1.88x 1'973.4 2'077.6 437.7 481.2 9.75x 9.26x 9.71x 9.51x 588.0 657.1 110.5 138.8 18.20x 15.21x 18.32x 17.63x S&P Issuer Ratings

29.09.2011 BB STABLE 4.19 3.40 1.88 4.36 104.3% 39.5% 0.46 8.49 41.04 62.29 37.50 65.83

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

.0 M m-12

Fiscal Year Ended 31.12.2008 8'079.0 0.91x 1'523.0 4.82x (781.0) -

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 |

30.04.2013

Liberty Interactive Corp Holdings By:

All

Holder Name DODGE & COX BROWN BROTHERS HARRI MACQUARIE GROUP FMR LLC BLACKROCK HARRIS ASSOCIATES LP CLEARBRIDGE INVESTME VANGUARD GROUP INC T ROWE PRICE ASSOCIA STATE STREET DAVIS SELECTED ADVIS MERITAGE GROUP LP GOLDMAN SACHS GROUP PRINCIPAL FINANCIAL WELLINGTON MANAGEMEN UNITED STATES STEEL SAC CAPITAL ADVISORS HORIZON KINETICS FPR PARTNERS LLC INVESCO LTD

Firm Name Lazard Capital Markets Wunderlich Securities EVA Dimensions Morgan Stanley Stifel Wells Fargo Securities, LLC Telsey Advisory Group Topeka Capital Markets Inc Wedge Partners

Portfolio Name DODGE & COX BROWN BROTHERS HARRI n/a n/a n/a HARRIS ASSOC LP CLEARBRIDGE INVESTME VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a DAVIS SELECTED ADVIS MERITAGE GROUP LP GOLDMAN SACHS GROUP n/a WELLINGTON MANAGEMEN UNITED STATES STEEL SAC CAPITAL ADVISORS n/a FPR PARTNERS LLC n/a

Analyst BARTON CROCKETT MATTHEW HARRIGAN CRAIG STERLING DAVID GOBER BENJAMIN MOGIL MATTHEW NEMER THOMAS FORTE VICTOR ANTHONY MARTIN PYYKKONEN

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

Recommendation buy buy hold Equalwt/In-Line buy market perform no rating system buy no rating system

Amt Held 27'022'608 24'681'853 24'537'419 23'246'941 20'876'418 20'674'770 14'068'260 13'308'654 12'733'184 10'859'272 10'769'953 10'164'241 9'677'945 7'729'748 7'624'453 6'752'704 6'286'911 6'114'848 5'979'990 5'766'417

% Out 5.27 4.81 4.79 4.53 4.07 4.03 2.74 2.6 2.48 2.12 2.1 1.98 1.89 1.51 1.49 1.32 1.23 1.19 1.17 1.12

Weighting

Change

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

M M U M M M M M M

Latest Chg (2'943'360) 386'568 4'061'744 17'945'695 883'917 935'289 (655'318) (6'421'809) (365'600) 128'217 (626'635) 2'540'365 1'433'223 1'786'271 2'889'408 4'950'027 1'036'740 320'700 (586'668)

Target Price 24 28 #N/A N/A #N/A N/A 23 #N/A N/A 25 27 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Pension Fund (ERISA) 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 10.04.2013 09.04.2013 01.04.2013 05.03.2013 05.03.2013 28.02.2013 28.02.2013 28.02.2013 07.11.2012

30.04.2013

Life Technologies Corp Life Technologies Corporation develops biotechnology tools used by researchers. The Company offers a broad range of products and services, including systems, instruments, reagents, and custom services. Life's portfolio of products includes technologies for capillary electrophoresis based sequencing, sequencing, mass spectrometry sample preparation, and cell culture.

Price/Volume 8.0 M

7.0 M

12/2012 12/yy 73.85 39.73 231'018.00 73.68 -0.23% 85.45% 99.50% 170.4 12'554.11 2'414.07 0.0 0.8 261.27 14'707.69

5.0 M 4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2009 31.12.2010 3'280.3 3'588.1 3.89x 3.44x 912.2 1'130.1 13.97x 10.94x 144.6 378.3 17.18x 45.49x Profitability

LTM-4Q 31.12.2011 3'775.7 2.34x 1'160.6 7.61x 378.5 16.84x

31.12.2012 3'798.5 2.78x 1'166.9 9.04x 430.9 18.03x 1'166.86 737.97 19.43% 14.00% 4.83% 9.31% 7.36% 0.43% 56.2% 30.7% 19.4% 11.3% 1.36 0.80 27.95% 51.89% 5.69 4.26

Price/ Cash Flow

12/yy 3'775.7 10.90x 1'216.4 7.26x 412.8 15.50x

LTM 12/yy 3'798.5 11.06x 1'166.9 9.04x 430.9 18.16x

FY+1

0.00 1.11 169.25 2.61 58.93% 50.12% 1.111 22 3.273 650'040 1'034'105 788'427 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 3'923.2 4'062.5 958.8 979.6 3.71x 3.48x 15.25x 14.89x 1'402.3 1'452.5 316.0 320.4 10.49x 10.13x 11.35x 11.19x 760.4 819.8 184.7 187.9 16.89x 15.51x 16.89x 16.56x S&P Issuer Ratings

15.04.2013 BBB *9.42 8.47 1.84 2.07 51.9% 34.2% 0.43 4.53 64.28 85.93 39.53 110.68

Sales/Revenue/Turnover

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 01.01.2010

6.0 M

Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LIFE UW EQUITY YTD Change LIFE UW EQUITY YTD % CHANGE

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

9.0 M

70 50

Valuation Analysis

31.12.2008 1'620.3 4.67x 431.5 17.52x 5.7 8.18x

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 |

30.04.2013

Life Technologies Corp Holdings By:

All

Holder Name PRIMECAP MANAGEMENT PAULSON & CO GLENVIEW CAPITAL MAN BLACKROCK VANGUARD GROUP INC STATE STREET BAILLIE GIFFORD AND TCW GROUP INC GLOBAL THEMATIC PART INVESCO LTD SOUND SHORE MANAGEME BANK OF NEW YORK MEL GOLDMAN SACHS GROUP NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA DEUTSCHE BANK AG LORD ABBETT & CO LLC SECTORAL ASSET MANAG ORBIMED ADVISORS LLC ARIEL INVESTMENTS LL

Firm Name Leerink Swann & Co Maxim Group LLC Mizuho Securities USA Inc Morgan Stanley Edward Jones Robert W. Baird & Co William Blair & Co Macquarie Cantor Fitzgerald Goldman Sachs Credit Suisse JPMorgan Oppenheimer & Co S&P Capital IQ Piper Jaffray Barclays Wallachbeth Capital LLC Cowen and Company ISI Group EVA Dimensions First Analysis Corp Credit Agricole Securities (USA) Jefferies

Portfolio Name PRIMECAP MANAGEMENT PAULSON & CO GLENVIEW CAPITAL MAN n/a VANGUARD GROUP INC n/a BAILLIE GIFFORD & CO TCW GROUP INCORPORAT GLOBAL THEMATIC PART n/a SOUND SHORE MANAGEME BANK OF NEW YORK MEL GOLDMAN SACHS GROUP NORTHERN TRUST CORPO T ROWE PRICE ASSOCIA DEUTSCHE BANK AKTIEN LORD ABBETT & CO LLC SECTORAL ASSET MANAG ORBIMED ADVISORS LLC ARIEL INVESTMENTS LL

Analyst DANIEL L LEONARD BRYAN BROKMEIER PETER R LAWSON DANIEL BRENNAN MATTHEW D COLLINS JEFF T ELLIOTT AMANDA MURPHY JONATHAN P GROBERG SUNG JI NAM ISAAC RO VAMIL DIVAN TYCHO W PETERSON DAVID FERREIRO JEFFREY LOO WILLIAM R QUIRK CHARLES ANTHONY BUTLER DIFEI YANG DOUG SCHENKEL ROSS MUKEN ANDREW S ZAMFOTIS GREG CHODACZEK PAUL R KNIGHT JON WOOD

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

Recommendation market perform hold neutral Equalwt/In-Line hold outperform market perform neutral hold neutral/neutral neutral restricted not rated hold neutral suspended coverage hold neutral neutral hold equalweight outperform buy

Amt Held 14'793'545 14'000'000 11'195'648 10'978'751 10'685'089 9'994'993 4'404'100 3'834'794 3'630'809 2'909'700 2'590'100 2'461'153 2'380'152 2'285'527 2'178'356 2'131'565 2'028'205 1'956'408 1'904'500 1'878'931

% Out 8.68 8.22 6.57 6.44 6.27 5.87 2.58 2.25 2.13 1.71 1.52 1.44 1.4 1.34 1.28 1.25 1.19 1.15 1.12 1.1

Weighting

Change

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

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

Latest Chg (35'709) 486'200 (248'867) 528'549 245'474 372'631 (474'879) 66'865 (537'311) (102'116) 177'223 (790'013) 7'934 (109'790) (135'972) 562'723 (50'585) (25'800) 390'771

Target Price #N/A N/A #N/A N/A 76 #N/A N/A #N/A N/A 76 #N/A N/A 76 76 74 76 #N/A N/A #N/A N/A 76 76 #N/A N/A 76 #N/A N/A 65 #N/A N/A 45 74 58

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 23.04.2013 31.03.2013 24.04.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 19.04.2013 18.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 09.04.2013 11.03.2013 05.02.2013 05.02.2013 18.01.2013

30.04.2013

Linear Technology Corp Linear Technology Corporation designs, manufactures, and markets a line of linear integrated circuits. The Company's products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, and RF signal conditioning circuits.

Price/Volume 45

6.0 M

5.0 M

35 30

4.0 M

06/2012 03/yy 38.80 28.28 533'994.00 35.79 -7.76% 26.56% 71.39% 232.6 8'323.51 805.60 0.0 0.0 1'203.06 7'690.27

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

30.06.2009 30.06.2010 968.5 1'170.0 5.82x 5.72x 464.0 608.9 12.15x 10.98x 289.2 361.3 18.95x 17.97x Profitability

1.0 M

5 0 a-12

.0 M m-12

LTM-4Q 30.06.2011 1'484.0 5.04x 817.4 9.14x 580.8 13.31x

30.06.2012 1'266.6 5.38x 638.0 10.67x 398.1 18.33x 637.97 582.04 45.95% 42.31% 21.08% 50.08% 26.88% 0.66% 75.3% 49.6% 44.9% 31.4% 8.83 7.95 43.52% 109.38% 8.92 3.88

Price/ Cash Flow

04/yy 1'295.2 21.32x 668.2 11.11x 453.0 17.18x

j-12

a-12

s-12

LTM 03/yy 1'285.0 22.78x 482.1 0.00x 408.3 22.25x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

2.82 1.14 229.87 5.51 12.91% 4.34% 1.143 26 3.385 740'395 1'003'240 952'006 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 1'279.6 1'397.7 323.0 334.2 5.97x 5.31x 23.79x 22.88x 625.3 707.9 157.4 166.8 12.30x 10.86x 11.36x 10.75x 436.9 490.8 108.8 113.6 19.62x 17.79x 18.21x 17.22x S&P Issuer Ratings

13.43 12.67 -0.76 1.28 109.4% 52.2% 0.66 4.12 40.81 93.93 12.40 121.69

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.07.2009

2.0 M

Fiscal Year Ended 30.06.2008 1'175.2 6.73x 616.8 12.83x 387.6 18.96x

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.03.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/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 LLTC UW EQUITY YTD Change LLTC UW EQUITY YTD % CHANGE

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

30.04.2013

Linear Technology Corp Holdings By:

All

Holder Name CAPITAL GROUP COMPAN STATE STREET STATE FARM MUTUAL AU VANGUARD GROUP INC BLACKROCK FIRST EAGLE INVESTME RENAISSANCE TECHNOLO BANK OF AMERICA CORP AMERICAN CENTURY COM INVESCO LTD WELLINGTON MANAGEMEN JP MORGAN NEUBERGER BERMAN LLC NORTHERN TRUST CORPO GOLDMAN SACHS GROUP BANK OF NEW YORK MEL FMR LLC SUN LIFE FINANCIAL I MARATHON ASSET MANAG NORGES BANK

Firm Name BMO Capital Markets Wells Fargo Securities, LLC MKM Partners JPMorgan Jefferies Macquarie Nomura Drexel Hamilton LLC Deutsche Bank Morgan Stanley Credit Suisse SunTrust Robinson Humphrey Pacific Crest Securities Raymond James B Riley & Company, Inc Stifel Oppenheimer & Co ISI Group Susquehanna Financial Group Piper Jaffray S&P Capital IQ Goldman Sachs EVA Dimensions

Portfolio Name n/a n/a STATE FARM MUTUAL AU VANGUARD GROUP INC n/a FIRST EAGLE INVESTME RENAISSANCE TECHNOLO BANK OF AMERICA AMERICAN CENTURY COM n/a WELLINGTON MANAGEMEN n/a NEUBERGER BERMAN GRO NORTHERN TRUST CORPO GOLDMAN SACHS GROUP BANK OF NEW YORK MEL n/a n/a MARATHON ASSET MANAG NORGES BANK

Analyst AMBRISH SRIVASTAVA DAVID M WONG DANIEL A BERENBAUM CHRISTOPHER DANELY MARK J LIPACIS SHAWN WEBSTER ROMIT SHAH RICHARD WHITTINGTON ROSS C SEYMORE JOSEPH MOORE JOHN W PITZER WILLIAM STEIN MICHAEL MCCONNELL J STEVEN SMIGIE CRAIG ELLIS TORE E SVANBERG RICHARD SCHAFER SUMIT DHANDA CHRISTOPHER CASO AUGUSTE P RICHARD CHRISTIN ARMACOST JAMES V COVELLO ANDREW S ZAMFOTIS

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

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

Amt Held 28'051'250 17'515'577 17'490'900 16'144'996 12'987'327 12'265'876 8'233'100 6'644'258 6'068'200 5'525'424 3'969'889 3'942'217 3'376'310 3'328'502 2'826'455 2'763'712 2'714'529 2'524'385 2'107'525 1'861'718

% Out 12.06 7.53 7.52 6.94 5.58 5.27 3.54 2.86 2.61 2.38 1.71 1.7 1.45 1.43 1.22 1.19 1.17 1.09 0.91 0.8

Weighting

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

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

Latest Chg (2'505'250) 142'031 865'256 (162'303) (2'191'306) 652'100 6'017'757 (722'453) 373'526 (3'419'188) 468'426 (62'075) 83'206 (97'291) (69'346) 1'073'440 411'660 2'107'525 251'633

Target Price 35 #N/A N/A 33 25 38 39 30 45 32 #N/A N/A 40 33 #N/A N/A #N/A N/A 34 #N/A N/A 43 41 35 39 33 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 24.04.2013 Investment Advisor 31.12.2012 Insurance Company 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government

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

Date 22.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 27.02.2013 16.01.2013 15.01.2013

30.04.2013

Mattel Inc Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis. The Company sells its products to retailers and directly to consumers. Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAT UW EQUITY YTD Change MAT UW EQUITY YTD % CHANGE

12/2012 03/yy 45.37 30.15 451'621.00 44.81 -1.23% 48.62% 96.32% 345.4 15'477.28 1'509.84 0.0 0.0 1'335.71 15'872.77

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

31.12.2009 31.12.2010 5'430.8 5'856.2 1.26x 1.50x 901.0 1'067.7 7.62x 8.24x 528.7 684.9 14.58x 14.05x Profitability

m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.12.2011 6'266.0 1.52x 1'202.4 7.94x 768.5 12.73x

31.12.2012 6'420.9 1.98x 1'195.3 10.63x 776.5 14.83x 1'195.30 1'021.02 15.90% 14.72% 13.75% 28.25% 19.78% 1.10% 53.1% 19.1% 16.3% 12.1% 2.07 1.49 23.13% 49.23% 8.69 5.01

Price/ Cash Flow

03/yy 6'242.7 6.65x 1'195.3 10.23x 759.8 15.16x

LTM 03/yy 6'488.0 8.33x 1'238.2 12.52x 807.2 17.16x

FY+1

2.88 0.83 344.12 4.65 38.23% 23.45% 0.830 14 4.143 640'542 755'394 816'993 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'850.1 7'144.5 1'217.0 2'210.1 2.28x 2.17x 1'505.0 1'607.7 199.7 585.0 10.55x 9.87x 979.0 1'060.2 110.2 404.6 15.86x 14.44x 15.73x 15.37x S&P Issuer Ratings

04.04.2011 BBB+ STABLE 23.04.2010 A-2 13.46 10.99 0.32 1.34 49.2% 33.0% 1.10 11.38 42.00 72.92 32.05 84.25

Sales/Revenue/Turnover

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

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

Fiscal Year Ended 31.12.2008 5'918.0 1.02x 713.9 8.43x 379.6 15.24x

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

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Mattel Inc Holdings By:

All

Holder Name BLACKROCK CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT ALLIANZ ASSET MANAGE ARTISAN PARTNERS HOL BANK OF NEW YORK MEL CORNERSTONE INVESTME NORTHERN TRUST CORPO M&G INVESTMENT MANAG INVESCO LTD AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Firm Name B Riley & Company, Inc MKM Partners BMO Capital Markets Needham & Co Stifel Barclays SunTrust Robinson Humphrey KeyBanc Capital Markets Wells Fargo Securities, LLC Longbow Research Goldman Sachs Monness, Crespi, Hardt & Co EVA Dimensions

Portfolio Name n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA PRIMECAP MANAGEMENT n/a ARTISAN PARTNERS LP BANK OF NEW YORK MEL CORNERSTONE INVESTME NORTHERN TRUST CORPO M&G INVESTMENT MANAG n/a AMERIPRISE FINANCIAL EDGE ASSET MANAGEMEN MANAGED ACCOUNT ADVI EPOCH INVESTMENT PAR NORGES BANK

Analyst LINDA BOLTON WEISER ERIC O HANDLER GERRICK L JOHNSON SEAN P MCGOWAN DREW E CRUM FELICIA R KANTOR HENDRIX MICHAEL A SWARTZ SCOTT W HAMANN TIMOTHY A CONDER JAMES L HARDIMAN MICHAEL KELTER JIM CHARTIER CRAIG STERLING

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

Recommendation buy buy outperform buy hold equalweight buy hold outperform buy neutral/cautious neutral hold

Amt Held 27'854'667 25'530'900 21'552'139 21'237'504 18'017'954 16'419'806 15'622'302 9'035'305 7'769'726 6'818'003 5'973'999 5'864'994 5'845'037 4'744'712 3'802'167 3'728'848 3'194'203 3'103'095 2'953'635 2'838'342

% Out 8.06 7.39 6.24 6.15 5.22 4.75 4.52 2.62 2.25 1.97 1.73 1.7 1.69 1.37 1.1 1.08 0.92 0.9 0.86 0.82

Weighting

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

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

Latest Chg 722'400 (2'842'000) (1'227'792) 1'304'579 502'987 (1'588'071) 209'910 (28'000) (412'588) (153'300) (449'433) 575'765 52'526 (600) (352'951) 29'712 (50'725) (75'421) 182'402 342'408

Target Price 53 50 50 48 #N/A N/A 41 48 #N/A N/A #N/A N/A 48 42 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 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government

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

Date 23.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 10.04.2013 01.04.2013 11.03.2013

30.04.2013

Maxim Integrated Products Inc Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a broad range of linear and mixed-signal integrated circuits. The Company also provides a range of high-frequency design processes and capabilities that can be used in custom design.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (4/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 MXIM UW EQUITY YTD Change MXIM UW EQUITY YTD % CHANGE

06/2012 12/yy 33.66 23.55 843'879.00 30.71 -8.76% 30.40% 70.82% 292.5 8'982.00 309.09 0.0 0.0 956.39 8'216.82

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

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008 2'052.8 2.69x 601.6 9.16x 317.7 20.79x

30.06.2009 30.06.2010 1'646.0 1'997.6 2.44x 2.36x 302.0 467.2 13.31x 10.08x 10.5 125.1 80.60x 32.24x Profitability

LTM-4Q 30.06.2011 2'472.3 2.59x 879.3 7.30x 489.0 14.97x

30.06.2012 2'403.5 2.85x 782.8 8.76x 386.7 20.19x 782.77 571.68 23.78% 22.16% 11.16% 17.46% 14.62% 0.61% 60.4% 34.1% 25.6% 16.1% 2.25 1.69 8.27% 12.18% 8.18 3.86

Price/ Cash Flow

12/yy 2'460.6 10.96x 839.7 8.44x 483.4 16.48x

LTM 12/yy 2'404.5 12.26x 800.9 9.66x 369.7 18.54x

FY+1

3.06 1.13 288.87 5.44 7.31% 5.23% 1.130 28 4.179 1'158'638 832'147 906'968 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 2'463.8 2'664.5 627.5 660.3 3.28x 2.93x 12.76x 12.05x 869.1 979.6 225.4 235.0 9.45x 8.39x 8.73x 8.39x 537.7 627.8 142.6 158.9 16.96x 14.82x 15.36x 14.79x S&P Issuer Ratings

09.05.2012 BBB+ STABLE 379.25 251.17 -0.92 0.97 12.2% 10.9% 0.61 1.79 44.51 94.41 45.56 91.09

Sales/Revenue/Turnover

16.00

3'000.0

14.00

2'500.0

12.00

2'000.0

10.00 8.00

1'500.0

6.00

1'000.0

4.00

500.0 2.00 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

30.04.2013

Maxim Integrated Products Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN VANGUARD GROUP INC DODGE & COX BLACKROCK OPPENHEIMERFUNDS INC JENNISON ASSOCIATES INVESCO LTD STATE STREET TIAA CREF INVESTMENT WELLS FARGO FMR LLC AMERIPRISE FINANCIAL PRUDENTIAL FINANCIAL RENAISSANCE TECHNOLO ARROWSTREET CAP LIMI CRAMER ROSENTHAL MCG NORGES BANK CITADEL ADVISORS LLC EDGE ASSET MANAGEMEN

Firm Name Deutsche Bank Raymond James BMO Capital Markets Wells Fargo Securities, LLC Needham & Co B Riley & Company, Inc ISI Group MKM Partners Stifel Nomura SunTrust Robinson Humphrey RBC Capital Markets Barclays Susquehanna Financial Group Pacific Crest Securities Macquarie Miller Tabak + Co., LLC Jefferies Morgan Stanley Credit Suisse S&P Capital IQ EVA Dimensions Goldman Sachs JPMorgan Oppenheimer & Co

Portfolio Name n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC DODGE & COX n/a OPPENHEIMER FUNDS IN JENNISON ASSOCIATES n/a n/a TIAA-CREF INVESTMENT n/a n/a AMERIPRISE FINANCIAL n/a RENAISSANCE TECHNOLO ARROWSTREET CAPITAL CRAMER ROSENTHAL MCG NORGES BANK CITADEL ADVISORS LLC EDGE ASSET MANAGEMEN

Analyst ROSS C SEYMORE J STEVEN SMIGIE AMBRISH SRIVASTAVA DAVID M WONG VERNON P ESSI JR CRAIG ELLIS SUMIT DHANDA DANIEL A BERENBAUM TORE E SVANBERG ROMIT SHAH WILLIAM STEIN DOUG FREEDMAN BLAYNE CURTIS CHRISTOPHER CASO MICHAEL MCCONNELL SHAWN WEBSTER BRENDAN FURLONG MARK J LIPACIS JOSEPH MOORE JOHN W PITZER CHRISTIN ARMACOST ANDREW S ZAMFOTIS JAMES V COVELLO CHRISTOPHER DANELY RICHARD SCHAFER

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

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

Amt Held 81'612'920 23'693'247 17'892'529 17'278'700 16'562'243 9'109'810 7'632'685 6'738'689 5'981'030 5'830'315 5'015'892 4'222'341 3'734'853 2'840'542 2'666'100 2'598'638 2'426'235 2'414'380 2'156'890 2'042'935

% Out 27.9 8.1 6.12 5.91 5.66 3.11 2.61 2.3 2.04 1.99 1.71 1.44 1.28 0.97 0.91 0.89 0.83 0.83 0.74 0.7

Weighting

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

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

Latest Chg (10'800) (62'238) 3'999'512 (1'395'900) 3'874'416 23'440 (1'417'942) (919'402) 90'494 3'523'668 157'620 (4'365'577) 776'016 326'500 (484'200) 1'358'506 (566'875) 269'489 215'797 (3'169)

Target Price 32 38 30 #N/A N/A 37 36 37 35 37 34 36 35 30 37 38 35 36 38 35 31 #N/A N/A #N/A N/A 30 35 38

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 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 24.04.2013 24.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 16.04.2013 15.04.2013 12.04.2013 11.04.2013 11.04.2013 05.04.2013 01.04.2013 27.03.2013 21.03.2013 18.03.2013 25.01.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 24.01.2013

30.04.2013

Microchip Technology Inc Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Price/Volume 40 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MCHP UW EQUITY YTD Change MCHP UW EQUITY YTD % CHANGE

03/2012 12/yy 37.63 28.93 395'160.00 35.96 -4.43% 24.30% 80.85% 195.4 7'025.24 355.05 0.0 0.0 1'459.01 6'374.35

31.03.2008 1'035.7 5.66x 428.7 13.66x 297.7 22.89x

15 10 5 0 a-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q

31.03.2009 31.03.2010 903.3 947.7 3.12x 4.58x 335.8 336.3 8.39x 12.92x 245.6 217.0 19.44x 25.14x Profitability

31.03.2011 1'487.2 4.24x 582.7 10.83x 418.9 18.56x

31.03.2012 1'383.2 4.40x 496.8 12.24x 336.7 22.41x

496.78 397.35 28.73% 27.45% 4.32% 7.67% 6.87% 0.43% 57.3% 27.2% 16.2% 24.3% 8.13 6.57 11.51% 17.84% 9.12 2.92

Price/ Cash Flow

12/yy 1'424.3 16.38x 528.1 11.52x 381.6 19.86x

LTM 12/yy 1'490.4 15.21x 405.4 14.10x 148.3 21.30x

FY+1

3.90 1.07 189.47 17.91 6.14% 11.39% 1.069 19 3.684 470'285 548'737 593'409 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 1'601.6 1'848.6 427.1 447.2 3.97x 3.29x 14.77x 13.93x 483.9 579.4 120.5 140.3 13.17x 11.00x 11.37x 10.74x 377.7 451.4 98.2 104.4 19.55x 16.80x 17.59x 16.91x S&P Issuer Ratings

14.50 12.68 -1.61 2.40 17.8% 15.1% 0.43 2.82 40.12 125.55 23.19 135.16

Sales/Revenue/Turnover

20.00

1'600.0

18.00

1'400.0

16.00

1'200.0

14.00

1'000.0

12.00 10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00 0.00 03.04.2009

m-12

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

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

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

30.04.2013

Microchip Technology Inc Holdings By:

All

Holder Name SUN LIFE FINANCIAL I VANGUARD GROUP INC STATE STREET WELLS FARGO BLACKROCK WADDELL & REED FINAN ALLIANZ ASSET MANAGE CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL SANGHI STEVE PRINCIPAL FINANCIAL BANK OF NEW YORK MEL EPOCH INVESTMENT PAR NORTHERN TRUST CORPO INVESCO LTD NEUBERGER BERMAN LLC CRAMER ROSENTHAL MCG EDGE ASSET MANAGEMEN MUNDER CAPITAL MANAG

Firm Name Mizuho Securities USA Inc ISI Group Susquehanna Financial Group Stephens Inc B Riley & Company, Inc Pacific Crest Securities Miller Tabak + Co., LLC SunTrust Robinson Humphrey JPMorgan Jefferies Needham & Co Stifel S&P Capital IQ Williams Financial Group Goldman Sachs Credit Suisse EVA Dimensions Nomura

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a WADDELL & REED FINAN n/a CITADEL ADVISORS LLC T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL n/a n/a BANK OF NEW YORK MEL EPOCH INVESTMENT PAR NORTHERN TRUST CORPO n/a NEUBERGER BERMAN GRO CRAMER ROSENTHAL MCG EDGE ASSET MANAGEMEN MUNDER CAPITAL MANAG

Analyst RUBEN ROY SUMIT DHANDA CHRISTOPHER CASO HARSH KUMAR CRAIG ELLIS MICHAEL MCCONNELL BRENDAN FURLONG WILLIAM STEIN CHRISTOPHER DANELY MARK J LIPACIS RAJVINDRA S. GILL KEVIN E CASSIDY CHRISTIN ARMACOST CODY G ACREE JAMES SCHNEIDER JOHN W PITZER ANDREW S ZAMFOTIS ROMIT SHAH

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

Recommendation neutral strong buy Positive overweight neutral sector perform hold neutral neutral buy buy buy hold hold neutral/attractive outperform underweight not rated

Amt Held 20'646'699 12'014'605 10'673'186 10'459'540 10'215'984 7'958'920 7'183'976 6'603'405 6'486'159 5'719'227 5'203'186 3'918'688 3'467'805 3'440'055 3'410'255 3'241'640 2'375'073 2'237'470 2'230'888 2'216'560

% Out 10.57 6.15 5.46 5.35 5.23 4.07 3.68 3.38 3.32 2.93 2.66 2.01 1.78 1.76 1.75 1.66 1.22 1.15 1.14 1.13

Weighting

Change

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

M M M M M M M N M M M M M M M M M M

Latest Chg 1'366'634 564'942 240'322 2'551'464 (2'753'385) (1'115'300) 3'191'490 338'710 (551'987) 1'213'773 (68'277) 213'301 94'169 (55'818) (503'649) 2'237'470 7'909 (122'889)

Target Price 40 42 40 43 38 #N/A N/A 36 38 34 41 40 40 36 #N/A N/A 33 40 #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.04.2013 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 15.04.2013 11.04.2013 05.04.2013 04.04.2013 03.04.2013 01.04.2013 21.03.2013 12.03.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 16.01.2013 21.02.2012

30.04.2013

Micron Technology Inc Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

Price/Volume 12

25.0 M

20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.03.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MU UW EQUITY YTD Change MU UW EQUITY YTD % CHANGE

08/2012 02/yy 10.27 5.16 3'516'723.00 9.35 -8.91% 81.20% 82.08% 1'030.1 9'631.48 3'262.00 0.0 717.0 2'559.00 11'237.48

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

10.0 M

5.0 M

2 0 a-12 m-12

31.08.2009 31.08.2010 4'803.0 8'482.0 1.95x 0.95x 1'241.0 3'584.0 7.57x 2.24x (1'882.0) 1'850.0 4.35x Profitability

LTM-4Q 31.08.2011 8'788.0 0.79x 2'860.0 2.42x 167.0 52.18x

31.08.2012 8'234.0 0.94x 1'523.0 5.06x (1'032.0) 1'523.00 -618.00 -7.51% -12.73% -8.01% -14.77% 0.57% 11.8% 17.5% -6.4% -12.5% 2.57 1.72 22.77% 42.36% 6.52 3.69

Price/ Cash Flow

j-12

a-12

LTM

03/yy 8'378.0 4.13x 2'135.0 4.76x (529.0) 0.00x

s-12

02/yy 8'047.0 4.11x 1'409.0 7.19x (1'124.0) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.54 1'018.39 85.42 41.88% 47.24% 1.535 29 4.241 4'951'163 7'422'701 6'749'665 FY+2

FQ+1

FQ+2

08/13 Y 08/14 Y 05/13 Q3 08/13 Q4 8'615.4 10'419.1 2'211.3 2'484.9 1.33x 1.00x 5.37x 4.67x 2'128.5 3'204.5 610.3 740.6 5.28x 3.51x 3.85x 3.67x (438.8) 787.5 9.5 94.1 11.84x 21.30x 15.33x S&P Issuer Ratings

30.06.2011 BBNEG 8.51 -0.98 0.62 2.59 42.4% 27.9% 0.57 1.12 55.80 98.70 40.50 85.52

Sales/Revenue/Turnover

9.00

10'000.0

8.00

9'000.0

7.00

8'000.0 7'000.0

6.00

6'000.0

5.00 4.00

5'000.0 4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 04.09.2009

.0 M j-12

Fiscal Year Ended 31.08.2008 5'841.0 1.28x 1'243.0 6.03x (1'619.0) -

15.0 M

Valuation Analysis

0.0 04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

30.04.2013

Micron Technology Inc Holdings By:

All

Holder Name ORBIS HOLDINGS LIMIT VANGUARD GROUP INC STATE STREET BLACKROCK FMR LLC ALLIANCE BERNSTEIN PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA DONALD SMITH & CO IN DEUTSCHE BANK AG STANDARD LIFE INVEST NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL APG ALL PENSIONS GRO CHILTON INVESTMENT C JOHO CAPITAL LLC DIMENSIONAL FUND ADV RENAISSANCE TECHNOLO JP MORGAN

Firm Name Robert W. Baird & Co Wells Fargo Securities, LLC Susquehanna Financial Group Sanford C. Bernstein & Co MKM Partners Drexel Hamilton LLC RBC Capital Markets Roth Capital Partners Wedge Partners Morgan Stanley Sterne, Agee & Leach Cross Research Raymond James Deutsche Bank Credit Suisse JPMorgan Jefferies Pacific Crest Securities Wedbush Macquarie Stifel Nomura JMP Securities Lazard Capital Markets Piper Jaffray Credit Agricole Securities (USA) EVA Dimensions Goldman Sachs

Portfolio Name ORBIS HOLDINGS LIMIT VANGUARD GROUP INC n/a n/a n/a n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA DONALD SMITH & CO IN DEUTSCHE BANK AKTIEN STANDARD LIFE INVEST NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL APG ALL PENSIONS GRO CHILTON INVESTMENT C JOHO CAPITAL LLC DIMENSIONAL FUND ADV RENAISSANCE TECHNOLO n/a

Analyst TRISTAN GERRA DAVID M WONG MEHDI HOSSEINI MARK C NEWMAN DANIEL A BERENBAUM RICHARD WHITTINGTON DOUG FREEDMAN KRISHNA SHANKAR JUN ZHANG JOSEPH MOORE VIJAY R RAKESH STEVEN B FOX HANS C MOSESMANN BOB GUJAVARTY JOHN W PITZER HARLAN SUR SUNDEEP BAJIKAR MONIKA GARG BETSY VAN HEES DEEPON NAG KEVIN E CASSIDY SIDNEY HO ALEX GAUNA DANIEL L AMIR JAGADISH IYER RYAN GOODMAN ANDREW S ZAMFOTIS JAMES SCHNEIDER

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

Recommendation outperform outperform negative outperform buy buy outperform buy no rating system Equalwt/In-Line buy buy strong buy hold outperform neutral buy sector perform outperform neutral buy neutral market outperform neutral overweight outperform sell not rated

Amt Held 125'476'301 63'579'655 53'234'279 51'781'796 33'498'492 32'142'029 31'718'427 28'790'003 24'163'605 17'129'392 14'761'433 12'962'251 12'268'665 10'837'724 9'826'192 9'115'178 8'536'697 8'524'323 8'349'036 8'278'733

% Out 12.18 6.17 5.17 5.03 3.25 3.12 3.08 2.79 2.35 1.66 1.43 1.26 1.19 1.05 0.95 0.88 0.83 0.83 0.81 0.8

Weighting

Change

5 5 2 5 5 5 5 5 #N/A N/A 3 5 5 5 3 5 3 5 3 5 3 5 3 4 3 5 5 1 #N/A N/A

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

Latest Chg 4'582'077 3'029'066 949'756 1'281'057 (11'146'706) (10'076'674) (15'600) 8'389'121 994'097 3'279'608 (3'097'582) 151'756 (1'134'154) 622'910 62'800 (1'163'914) 8'536'697 (31'653) 7'171'600 4'191'821

Target Price 12 #N/A N/A 7 13 11 15 12 12 #N/A N/A #N/A N/A 12 12 12 9 14 11 15 #N/A N/A 11 10 14 9 10 #N/A N/A 12 11 #N/A N/A #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 18.04.2013 17.04.2013 17.04.2013 15.04.2013 10.04.2013 08.04.2013 03.04.2013 01.04.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 15.01.2013 10.05.2012

30.04.2013

Microsoft Corp Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Price/Volume 35

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

30 25 20

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MSFT UW EQUITY YTD Change MSFT UW EQUITY YTD % CHANGE

06/2012 03/yy 32.84 26.26 15'330'857.00 32.61 -0.69% 24.18% 96.58% 8'351.1 272'329.59 11'944.00 0.0 0.0 63'040.00 212'041.59

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

5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 30.06.2008 60'420.0 3.77x 24'548.0 9.29x 17'681.0 14.48x

30.06.2009 30.06.2010 58'437.0 62'484.0 3.18x 2.70x 23'255.0 26'830.0 8.00x 6.28x 14'569.0 18'760.0 13.66x 10.96x Profitability

LTM-4Q 30.06.2011 69'943.0 2.53x 29'927.0 5.91x 23'150.0 9.85x

30.06.2012 73'723.0 2.78x 30'923.0 6.64x 16'978.0 11.21x 30'923.00 27'956.00 37.92% 30.20% 13.01% 22.57% 19.50% 0.60% 76.2% 40.3% 35.6% 23.0% 2.60 2.41 9.85% 18.00% 6.62 10.61

Price/ Cash Flow

LTM

03/yy 73'031.0 10.16x 30'601.0 7.30x 23'344.0 11.73x

03/yy 76'012.0 9.86x 30'645.0 5.83x 16'406.0 10.67x

FY+1

2.73 0.91 7'609.29 118.71 4.93% 23.00% 0.908 43 4.000 19'337'486 15'078'544 12'949'491 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 78'899.8 84'767.9 20'718.3 18'948.3 2.57x 2.19x 10.07x 10.73x 32'214.4 35'428.6 8'700.8 8'027.3 6.58x 5.99x 6.08x 5.97x 23'299.5 25'631.3 6'259.3 5'674.4 11.76x 10.58x 10.76x 10.53x S&P Issuer Ratings

22.09.2008 AAA STABLE 09.03.2011 NR 81.38 75.31 -1.97 0.46 18.0% 15.3% 0.60 8.72 55.11 34.39 77.76 13.98

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0 60'000.0

10.00

50'000.0 8.00

40'000.0 6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

30.04.2013

Microsoft Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET GATES III WILLIAM HE VANGUARD GROUP INC BALLMER STEVEN ANTHO CAPITAL GROUP COMPAN INVESCO LTD BANK OF NEW YORK MEL FMR LLC JP MORGAN NORTHERN TRUST CORPO WELLINGTON MANAGEMEN MORGAN STANLEY FRANKLIN RESOURCES T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA CORP DEUTSCHE BANK AG

Firm Name Stifel Argus Research Corp Janney Montgomery Scott LLC Independent Research GmbH Wells Fargo Securities, LLC Atlantic Equities LLP BMO Capital Markets Deutsche Bank Morgan Stanley RBC Capital Markets Credit Suisse Edward Jones Hilliard Lyons JPMorgan Pacific Crest Securities Sanford C. Bernstein & Co Raymond James FBR Capital Markets Oppenheimer & Co Griffin Securities Nomura Cowen and Company Cross Research MKM Partners Credit Agricole Securities (USA) Barclays Jefferies Evercore Partners Jyske Bank Tigress Financial Partners Goldman Sachs BGC Partners Daiwa Securities Co. Ltd. S&P Capital IQ EVA Dimensions Hamburger Sparkasse McAdams Wright Ragen Inc Crowell, Weedon & Co

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO WELLINGTON MANAGEMEN n/a n/a T ROWE PRICE ASSOCIA DODGE & COX NORGES BANK PRIMECAP MANAGEMENT BANK OF AMERICA DEUTSCHE BANK AKTIEN

Analyst BRAD REBACK JOSEPH F BONNER YUN KIM MARKUS FRIEBEL JASON MAYNARD CHRISTOPHER HICKEY KARL KEIRSTEAD THOMAS ERNST JR KEITH WEISS MATTHEW HEDBERG PHILIP WINSLOW JOSH OLSON STEPHEN TURNER JOHN DIFUCCI BRENDAN BARNICLE MARK L MOERDLER MICHAEL TURITS DAVID M HILAL SHAUL EYAL JAY VLEESCHHOUWER RICHARD G SHERLUND GREGG MOSKOWITZ RICHARD T WILLIAMS ISRAEL HERNANDEZ EDWARD MAGUIRE RAIMO LENSCHOW ROSS MACMILLAN STEWART KIRK MATERNE III ROBERT JAKOBSEN IVAN FEINSETH HEATHER BELLINI COLIN W GILLIS KAZUYA NISHIMURA ANGELO ZINO ANDREW S ZAMFOTIS MARCO GUENTHER SID PARAKH JAMES D RAGAN

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

Recommendation buy hold neutral hold market perform overweight market perform buy Overwt/In-Line sector perform outperform buy neutral neutral sector perform outperform outperform market perform outperform buy neutral outperform buy neutral outperform equalweight hold equalweight reduce neutral Sell/Neutral hold outperform strong buy buy buy buy buy

Amt Held 442'950'292 428'831'015 421'411'775 354'084'051 333'252'990 331'613'585 153'766'498 149'932'600 120'328'290 113'173'129 105'829'897 102'690'425 84'045'210 75'890'522 73'457'901 68'095'523 66'902'672 63'588'305 62'016'508 58'477'141

% Out 5.3 5.14 5.05 4.24 3.99 3.97 1.84 1.8 1.44 1.36 1.27 1.23 1.01 0.91 0.88 0.82 0.8 0.76 0.74 0.7

Weighting

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

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

Latest Chg (2'504'131) 8'193'113 (7'000'000) 10'832'225 15'606'940 (12'771'101) 15'559'051 (44'811'714) (95'552) 330'681 (36'166'932) 1'827'246 3'691'438 (5'832'161) 7'165'720 5'081'777 3'768'764 400'990 6'032'465

Target Price 36 #N/A N/A 28 31 #N/A N/A 35 30 31 36 32 38 #N/A N/A #N/A N/A 30 #N/A N/A 39 34 30 34 38 32 #N/A N/A 37 27 34 29 31 32 29 #N/A N/A 27 31 31 35 #N/A N/A #N/A N/A 36 36

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

File Dt 23.04.2013 24.04.2013 06.02.2013 31.03.2013 14.09.2012 31.03.2013 31.03.2013 31.03.2013 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 16.04.2013 16.04.2013 11.04.2013 10.04.2013 01.03.2013 25.01.2013 15.01.2013 27.11.2012 23.07.2012 20.07.2012

30.04.2013

Mondelez International Inc Mondelez International Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Mondelez International sells its products throughout the world.

Price/Volume 35

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MDLZ UW EQUITY YTD Change MDLZ UW EQUITY YTD % CHANGE

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

10.0 M

5.0 M

5 0 j-12

.0 M j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Fiscal Year Ended 31.12.2008 41'932.0 1.40x 5'945.0 9.84x 2'884.0 22.95x

15.0 M

12/2012 12/yy 32.09 24.27 1'882'032.00 31.62 -1.46% 30.26% 93.99% 1'778.3 56'229.45 19'425.00 0.0 140.0 4'475.00 71'319.45

31.12.2009 31.12.2010 38'754.0 49'207.0 1.47x 1.65x 6'056.0 7'130.0 9.44x 11.42x 3'021.0 4'114.0 14.61x 15.60x Profitability

LTM-4Q 31.12.2011 35'810.0 2.54x 4'978.0 18.30x 3'527.0 38.92x

31.12.2012 35'015.0 1.72x 5'028.0 12.00x 3'028.0 18.31x 5'028.00 3'683.00 10.52% 5.07% 3.58% 8.98% 7.71% 0.58% 37.3% 15.8% 13.1% 8.6% 1.05 0.71 25.74% 60.30% 7.81 6.56

Price/ Cash Flow

LTM

12/yy 49'356.0 7.42x 7'451.0 12.23x 3'527.0 18.68x

12/yy 48'783.0 7.67x 7'727.0 7.81x 3'028.0 11.36x

FY+1

3.16 1'772.66 11.67 24.68% 25 4.120 2'784'732 3'235'180 3'342'140 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 36'454.2 38'477.9 8'660.5 8'795.1 1.98x 1.84x 8.09x 7.86x 5'902.1 6'344.9 1'366.2 1'462.9 12.08x 11.24x 12.14x 11.84x 2'788.3 3'144.3 598.6 684.7 20.24x 18.00x 20.24x 19.55x S&P Issuer Ratings

02.02.2010 BBB STABLE 09.11.2007 A-2 4.00 2.72 1.93 2.51 60.3% 37.5% 0.58 4.10 46.85 55.81 64.13 50.93

Sales/Revenue/Turnover

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 01.01.2010

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 |

30.04.2013

Mondelez International Inc Holdings By:

All

Holder Name STATE STREET BLACKROCK VANGUARD GROUP INC CAPITAL GROUP COMPAN INVESCO LTD JP MORGAN BANK OF NEW YORK MEL SOUTHEASTERN ASSET M FMR LLC MORGAN STANLEY SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO TRIAN FUND MANAGEMEN FRANKLIN RESOURCES EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS NORGES BANK DIMENSIONAL FUND ADV

Firm Name BMO Capital Markets Stifel Morgan Stanley JPMorgan Sanford C. Bernstein & Co Deutsche Bank S&P Capital IQ Credit Suisse Barclays Janney Montgomery Scott LLC Goldman Sachs Wells Fargo Securities, LLC Canaccord Genuity Corp Jefferies EVA Dimensions Edward Jones RBC Capital Markets Argus Research Corp Davenport & Co CL King & Associates Gabelli & Co Credit Agricole Securities (USA)

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a n/a BANK OF NEW YORK MEL SOUTHEASTERN ASSET M n/a n/a SCOUT CAPITAL MANAGE JENNISON ASSOCIATES NORTHERN TRUST CORPO TRIAN FUND MANAGEMEN n/a EAGLE CAPITAL MANAGE MONTAG & CALDWELL IN INDEPENDENT FRANCHIS NORGES BANK DIMENSIONAL FUND ADV

Analyst KENNETH B ZASLOW CHRISTOPHER R GROWE MATTHEW GRAINGER KENNETH GOLDMAN ALEXIA HOWARD ERIC R KATZMAN THOMAS GRAVES ROBERT MOSKOW ANDREW LAZAR JONATHAN P FEENEY JASON ENGLISH JOHN J BAUMGARTNER ALICIA FORRY THILO WREDE AUSTIN BURKETT BRIAN YARBROUGH EDWARD AARON JOHN D STASZAK ANN H GURKIN ERIC J LARSON SARAH DONNELLY DIANE GEISSLER

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

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

Amt Held 111'045'099 102'147'087 77'082'355 58'752'824 38'664'443 36'535'564 35'590'525 34'530'900 34'145'937 30'059'495 27'575'000 26'271'862 23'690'658 19'415'193 19'018'669 17'280'074 16'605'595 16'014'507 14'385'236 14'141'353

% Out 6.24 5.74 4.33 3.3 2.17 2.05 2 1.94 1.92 1.69 1.55 1.48 1.33 1.09 1.07 0.97 0.93 0.9 0.81 0.8

Weighting

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

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

Latest Chg (2'005'032) 769'143 (32'266'184) 1'351'496 7'699'176 (1'071'293) 34'530'900 (4'781'275) 5'232'244 19'075'000 15'142'594 7'047'320 11'283'406 (3'638'274) 6'654'613 1'537'174 5'115'058 1'397'568 253'282

Target Price 29 31 32 38 36 29 31 33 31 26 34 #N/A N/A 26 29 #N/A N/A #N/A N/A 31 #N/A N/A 32 31 #N/A N/A 30

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

File Dt Inst Type 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government 31.12.2012 Investment Advisor

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 10.04.2013 10.04.2013 04.04.2013 28.03.2013 23.03.2013 21.03.2013 11.03.2013 07.03.2013 27.02.2013 19.02.2013 14.02.2013 13.02.2013

30.04.2013

Monster Beverage Corp Monster Beverage Corporation markets and distributes energy drinks, fruit juices, fruit juice smoothies, juice cocktails, iced teas, lemonades, and still water. The Company distributes its beverages in the United States and overseas.

Price/Volume 90

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

80 70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 52-Week Low (08.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MNST UW EQUITY YTD Change MNST UW EQUITY YTD % CHANGE

12/2012 12/yy 83.96 40.00 361'061.00 56.5 -32.71% 41.25% 37.53% 165.5 9'353.34 0.00 0.0 0.0 319.56 9'033.79

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

20 10 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 1'033.8 2.65x 167.1 16.42x 108.0 30.21x

31.12.2009 31.12.2010 1'143.3 1'303.9 2.66x 6.68x 343.2 359.6 8.85x 24.21x 208.7 212.0 17.17x 22.88x Profitability

LTM-4Q 31.12.2011 1'703.2 4.26x 473.5 15.33x 286.2 30.01x

31.12.2012 2'060.7 4.10x 571.2 14.78x 340.0 28.41x 571.19 550.62 26.72% 26.65% 28.27% 41.89% 1.71% 51.7% 27.7% 26.7% 16.5% 2.89 1.93 0.00% 0.00% 9.08 5.55

Price/ Cash Flow

12/yy 1'703.2 14.91x 473.5 15.33x 286.2 29.96x

LTM 12/yy 2'060.7 13.22x 571.2 14.78x 340.0 28.44x

FY+1

0.00 0.73 141.59 6.16 -13.02% 6.85% 0.727 12 3.667 528'317 578'971 614'408 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 2'323.1 2'611.5 501.7 658.9 3.76x 3.28x 17.83x 13.50x 654.4 755.5 137.0 199.2 13.81x 11.96x 13.76x 13.38x 388.4 452.3 80.1 119.7 25.27x 21.21x 25.31x 24.40x S&P Issuer Ratings

-0.56 0.00 0.0% 0.0% 1.71 36.06 40.33 65.97 42.26 64.04

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

Monster Beverage Corp Holdings By:

All

Holder Name FMR LLC BRANDON LIMITED PART T ROWE PRICE ASSOCIA BLACKROCK VANGUARD GROUP INC STATE STREET MORGAN STANLEY HILROD HOLDINGS LP UBS JANUS CAPITAL MANAGE GOLDMAN SACHS GROUP JP MORGAN WELLS FARGO TIAA CREF INVESTMENT INVESCO LTD BRANDON LIMITED PART NORTHERN TRUST CORPO STANDARD LIFE INVEST RENAISSANCE TECHNOLO FRANKLIN RESOURCES

Firm Name EVA Dimensions Stifel Longbow Research SunTrust Robinson Humphrey Credit Agricole Securities (USA) JPMorgan S&P Capital IQ Goldman Sachs Gabelli & Co Canaccord Genuity Corp

Portfolio Name n/a n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a n/a n/a n/a n/a GOLDMAN SACHS GROUP n/a n/a TIAA-CREF INVESTMENT n/a n/a NORTHERN TRUST CORPO STANDARD LIFE INVEST RENAISSANCE TECHNOLO n/a

Analyst AUSTIN BURKETT MARK S ASTRACHAN ALTON K STUMP WILLIAM CHAPPELL CAROLINE S LEVY JOHN A FAUCHER ESTHER KWON JUDY E HONG DAMIAN WITKOWSKI SCOTT VAN WINKLE

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

Recommendation hold buy neutral buy underperform neutral sell Buy/Neutral buy suspended coverage

Amt Held 12'441'554 9'815'648 9'244'888 9'115'763 9'093'904 8'783'623 6'623'132 6'305'140 5'208'842 3'670'736 2'796'061 2'513'470 2'285'311 2'281'420 2'104'940 1'931'856 1'908'187 1'903'166 1'901'900 1'875'918

% Out 7.52 5.93 5.58 5.51 5.49 5.31 4 3.81 3.15 2.22 1.69 1.52 1.38 1.38 1.27 1.17 1.15 1.15 1.15 1.13

Weighting

Change

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

D M M M M M M M M M

Latest Chg 770'514 2'641'030 (546'249) 125'256 (1'378'292) 4'742'430 18'999 (1'583'768) 2'170'108 (2'019'558) (3'023'864) 112'481 (1'169'502) 38'291 190'364 (1'443'000) (2'250'646)

Target Price #N/A N/A 65 #N/A N/A 70 49 52 45 61 #N/A N/A #N/A N/A

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

File Dt Inst Type 28.02.2013 Investment Advisor 15.04.2013 Corporation 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 28.02.2013 Investment Advisor 15.04.2013 Holding Company 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 15.04.2013 Corporation 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor

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

Date 15.04.2013 11.04.2013 11.04.2013 09.04.2013 07.03.2013 28.02.2013 15.02.2013 12.12.2012 08.11.2012 13.07.2012

30.04.2013

Mylan Inc/PA Mylan Inc. is a global generic and specialty pharmaceuticals company. The Company operates an active pharmaceutical ingredient manufacturer and runs a specialty business focused on respiratory, allergy, and psychiatric therapies.

Price/Volume 35

4.0 M

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (09.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MYL UW EQUITY YTD Change MYL UW EQUITY YTD % CHANGE

12/2012 12/yy 31.21 20.22 1'273'105.00 29.01 -7.05% 43.47% 79.98% 382.7 11'102.42 5'734.23 0.0 15.1 349.97 16'501.79

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

31.12.2009 31.12.2010 5'092.8 5'450.5 2.05x 2.56x 1'150.2 1'271.4 9.07x 10.99x 232.6 345.1 17.89x 18.06x Profitability

1.0 M

.5 M

0 a-12

.0 M m-12

LTM-4Q 31.12.2011 6'129.8 2.29x 1'564.7 8.99x 536.8 14.90x

31.12.2012 6'796.1 2.39x 1'718.5 9.45x 640.9 14.52x 1'718.52 1'171.92 17.24% 11.83% 5.45% 18.76% 9.94% 0.58% 43.8% 26.9% 18.8% 9.4% 1.78 0.87 48.06% 171.65% 4.57 2.57

Price/ Cash Flow

12/yy 6'129.8 9.25x 1'564.7 8.99x 536.8 15.11x

j-12

a-12

s-12

LTM 12/yy 6'816.6 8.86x 1'831.4 8.87x 640.9 14.22x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.17 380.45 31.12 33.63% 5.57% 1.166 22 4.136 1'727'217 1'647'645 1'564'163 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 7'186.4 7'728.3 1'691.0 1'768.2 2.17x 1.89x 2'015.5 2'111.5 461.0 494.5 8.19x 7.82x 8.07x 1'120.2 1'234.2 245.2 270.6 10.14x 9.09x 10.12x 9.81x S&P Issuer Ratings

20.11.2012 BBBSTABLE 5.57 4.58 2.94 3.13 171.6% 63.1% 0.58 5.06 80.02 142.51 69.85 151.56

Sales/Revenue/Turnover

18.00

8'000.0

16.00

7'000.0

14.00

6'000.0

12.00

5'000.0

10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 01.01.2010

1.5 M

Fiscal Year Ended 31.12.2008 5'137.6 1.49x 1'124.8 6.83x (181.2) 12.36x

2.0 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 |

30.04.2013

Mylan Inc/PA Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC PAULSON & CO STATE STREET BANK OF AMERICA CORP GOLDMAN SACHS GROUP FMR LLC WELLINGTON MANAGEMEN JENNISON ASSOCIATES BANK OF NEW YORK MEL NORDEA INV MANAGEMEN JP MORGAN SECTORAL ASSET MANAG NORTHERN TRUST CORPO D E SHAW & COMPANY I JANUS CAPITAL MANAGE INVESCO LTD BNP PARIBAS INV PART TIAA CREF INVESTMENT BMO FINANCIAL CORP

Firm Name Guggenheim Securities LLC JPMorgan Canaccord Genuity Corp Sanford C. Bernstein & Co Susquehanna Financial Group Wells Fargo Securities, LLC Leerink Swann & Co RBC Capital Markets Buckingham Research Group CRT Capital Group EVA Dimensions Needham & Co Argus Research Corp Morgan Stanley Credit Agricole Securities (USA) Goldman Sachs Cowen and Company S&P Capital IQ Barclays BOE Securities

Portfolio Name n/a VANGUARD GROUP INC PAULSON & CO n/a BANK OF AMERICA GOLDMAN SACHS GROUP n/a WELLINGTON MANAGEMEN JENNISON ASSOCIATES BANK OF NEW YORK MEL NORDEA INVESTMENT MA n/a SECTORAL ASSET MANAG NORTHERN TRUST CORPO D E SHAW & CO n/a n/a n/a TIAA-CREF INVESTMENT BMO FINANCIAL CORP

Analyst LOUISE CHEN CHRISTOPHER T SCHOTT RANDALL STANICKY AARON GAL ANDREW FINKELSTEIN MICHAEL K TONG JASON M GERBERRY SHIBANI MALHOTRA DAVID G BUCK TIMOTHY CHIANG ANDREW S ZAMFOTIS ELLIOT WILBUR JOHN M EADE DAVID R RISINGER KIM-LINH LINH VUKHAC JAMI E RUBIN KEN CACCIATORE HERMAN SAFTLAS DOUGLAS D TSAO SAMEER TENDULKAR

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

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

Amt Held 32'913'067 26'976'618 24'503'400 23'126'084 15'312'083 13'800'890 8'586'290 7'796'903 7'713'324 6'890'447 6'312'665 5'420'324 5'373'559 5'252'682 5'216'268 4'914'411 4'800'604 4'683'078 4'184'968 4'008'561

% Out 8.6 7.05 6.4 6.04 4 3.61 2.24 2.04 2.02 1.8 1.65 1.42 1.4 1.37 1.36 1.28 1.25 1.22 1.09 1.05

Weighting

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

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

Latest Chg 906'452 251'044 (1'137'294) (5'726'851) 5'803'486 (2'095'891) (178'670) 80'728 (340'963) (5'943'705) (754'301) (190'941) (9'050'961) (1'800'993) (456'156) 3'592'653 648'669 3'511'989

Target Price 30 33 32 33 33 #N/A N/A #N/A N/A 31 30 34 #N/A N/A 33 32 #N/A N/A 32 33 #N/A N/A 34 33 24

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

File Dt Inst Type 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

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

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 16.04.2013 10.04.2013 04.04.2013 04.04.2013 02.04.2013 08.03.2013 04.03.2013 01.03.2013 01.03.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 16.08.2010

30.04.2013

NetApp Inc NetApp, Inc. provides storage and data management solutions. The Company's storage solutions include specialized hardware, software, and services that provide storage management for open network environments. NetApp serves enterprises, government agencies, and universities worldwide.

Price/Volume 45

14.0 M

12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2012) 52-Week Low (13.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 19.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTAP UW EQUITY YTD Change NTAP UW EQUITY YTD % CHANGE

04/2012 01/yy 41.05 26.26 1'218'574.00 34.53 -15.88% 31.49% 55.92% 360.4 12'444.86 1'264.90 0.0 0.0 5'398.50 7'958.56

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

8.0 M

6.0 M

4.0 M

2.0 M

5 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.04.2008 3'303.2 2.74x 458.2 19.78x 309.7 24.67x

30.04.2009 30.04.2010 3'406.4 3'931.4 1.36x 2.40x 272.1 617.0 17.06x 15.26x 64.6 400.4 26.61x 35.02x Profitability

LTM-4Q 30.04.2011 5'122.6 2.97x 997.4 15.24x 673.1 14.83x

30.04.2012 6'233.2 1.62x 1'049.4 9.62x 605.4 24.27x

1'049.40 756.30 12.13% 13.72% 5.20% 11.82% 9.70% 0.64% 59.6% 15.3% 10.0% 9.7% 1.94 1.77 13.27% 29.46% 9.58 15.88

Price/ Cash Flow

01/yy 5'959.0 8.48x 1'005.4 9.77x 585.3 9.52x

LTM 01/yy 6'318.4 5.07x 967.0 8.82x 512.2 27.41x

FY+1

0.00 1.26 357.32 20.63 -11.07% 2.92% 1.258 39 3.718 1'686'523 1'996'029 1'783'535 FY+2

FQ+1

FQ+2

04/13 Y 04/14 Y 04/13 Q4 07/13 Q1 6'371.9 6'923.7 1'755.0 1'605.4 1.63x 1.36x 4.80x 5.21x 1'203.6 1'354.2 369.1 305.3 6.61x 5.88x 5.73x 5.53x 840.6 950.2 253.6 201.0 15.16x 13.63x 13.98x 13.62x S&P Issuer Ratings

04.12.2012 BBB+ STABLE 13.17 8.06 -4.64 2.31 29.5% 22.8% 0.64 5.56 38.00 22.92 30.74 32.49

Sales/Revenue/Turnover

20.00

7'000.0

18.00

6'000.0

16.00 14.00

5'000.0

12.00

4'000.0

10.00

3'000.0

8.00

2'000.0

6.00 4.00

1'000.0

2.00 0.00 24.04.2009

0.0 24.10.2009

24.04.2010

24.10.2010

24.04.2011

24.10.2011

24.04.2012

24.10.2012

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

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

30.04.2013

NetApp Inc Holdings By:

All

Holder Name DODGE & COX STATE STREET BLACKROCK VANGUARD GROUP INC UBS GOLDMAN SACHS GROUP AMERICAN CENTURY COM WELLINGTON MANAGEMEN BROWN ADVISORY INC AMERIPRISE FINANCIAL MAVERICK CAPITAL LTD JP MORGAN ING INVESTMENT MANAG CITADEL ADVISORS LLC CADIAN CAPITAL MANAG INVESCO LTD SCOPIA MANAGEMENT IN NORTHERN TRUST CORPO PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA

Firm Name BMO Capital Markets RBC Capital Markets Piper Jaffray Robert W. Baird & Co Brean Murray Carret & Co Janney Montgomery Scott LLC William Blair & Co Deutsche Bank Edward Jones Longbow Research Wells Fargo Securities, LLC Goldman Sachs Monness, Crespi, Hardt & Co EVA Dimensions Pacific Crest Securities Raymond James Credit Suisse Lake Street Capital Markets LLC Morgan Stanley Argus Research Corp JPMorgan Jefferies Needham & Co Wedbush Stifel Evercore Partners Lazard Capital Markets Craig-Hallum Capital Group LLC Credit Agricole Securities (USA) Barclays FBN Securities Topeka Capital Markets Inc Sterne, Agee & Leach Oppenheimer & Co ISI Group S&P Capital IQ Wedge Partners

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC n/a GOLDMAN SACHS GROUP AMERICAN CENTURY COM WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL MAVERICK CAPITAL LTD n/a ING INVESTMENT MANAG CITADEL ADVISORS LLC CADIAN CAPITAL MANAG n/a SCOPIA MANAGEMENT IN NORTHERN TRUST CORPO PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA

Analyst KEITH F BACHMAN AMIT DARYANANI ANDREW J NOWINSKI JAYSON NOLAND SR ANANDA BARUAH WILLIAM CHOI JASON NOAH ADER CHRISTOPHER WHITMORE WILLIAM C KREHER JOE WITTINE MAYNARD UM WILLIAM C SHOPE JR JEFFREY FIDACARO ANDREW S ZAMFOTIS BRENT A BRACELIN BRIAN G ALEXANDER KULBINDER GARCHA ERIC MARTINUZZI KATHRYN HUBERTY JAMES KELLEHER MARK A MOSKOWITZ PETER J MISEK GLENN HANUS ROHIT CHOPRA AARON C RAKERS ROBERT CIHRA EDWARD PARKER RAJESH GHAI LOUIS R MISCIOSCIA BENJAMIN A REITZES SHEBLY SEYRAFI BRIAN J WHITE ALEX KURTZ ITTAI KIDRON BRIAN MARSHALL JIM YIN JUN ZHANG

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

Recommendation market perform sector perform overweight neutral buy neutral market perform buy hold neutral market perform neutral/cautious neutral overweight outperform outperform neutral buy Equalwt/In-Line buy overweight hold buy neutral buy equalweight neutral hold underperform overweight outperform buy neutral market perform buy hold no rating system

Amt Held 25'316'785 19'545'556 18'799'247 16'618'082 15'861'276 12'668'343 10'906'684 10'536'649 10'297'917 8'380'176 7'864'559 7'856'156 7'619'214 6'535'127 6'252'194 5'616'427 4'848'113 4'701'217 4'368'261 4'308'936

% Out 7.02 5.42 5.22 4.61 4.4 3.52 3.03 2.92 2.86 2.33 2.18 2.18 2.11 1.81 1.73 1.56 1.35 1.3 1.21 1.2

Weighting

Change

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

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

Latest Chg 4'166'750 87'980 729'874 512'141 (969'621) (1'293'688) 3'698'023 4'143'189 196'764 449'955 (1'108'135) (1'608'945) 297'742 5'771'479 1'169'984 (422'938) 1'602'938 (4'218) 165'300 (76'030)

Target Price 41 40 39 34 42 38 #N/A N/A 40 #N/A N/A #N/A N/A #N/A N/A 32 #N/A N/A #N/A N/A 38 40 35 43 #N/A N/A 42 41 35 41 35 42 38 #N/A N/A 32 35 45 40 48 37 #N/A N/A 40 29 #N/A N/A

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

File Dt 31.12.2012 24.04.2013 23.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 24.04.2013 23.04.2013 22.04.2013 19.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 15.04.2013 11.04.2013 05.04.2013 02.04.2013 01.04.2013 29.03.2013 18.03.2013 21.02.2013 20.02.2013 20.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 13.02.2013 13.02.2013 16.10.2012 03.05.2012

30.04.2013

News Corp News Corporation is a diversified global media company. The Company's operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 04.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NWSA UW EQUITY YTD Change NWSA UW EQUITY YTD % CHANGE

06/2012 12/yy 31.91 18.32 1'735'953.00 30.99 -2.88% 69.16% 93.23% 1'526.7 72'123.63 15'455.00 1'142.0 9'626.00 82'276.63

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 a-12 m-12

30.06.2009 30.06.2010 30'423.0 32'778.0 1.06x 1.12x 4'472.0 5'228.0 7.23x 7.02x (3'378.0) 2'539.0 11.11x 10.31x Profitability

LTM-4Q 30.06.2011 33'405.0 1.50x 6'133.0 8.17x 2'739.0 14.16x

30.06.2012 33'706.0 1.78x 6'646.0 9.04x 1'179.0 15.81x 6'646.00 5'379.00 15.96% 6.56% 6.52% 14.38% 11.39% 0.56% 19.7% 15.9% 3.5% 2.02 1.69 27.28% 62.61% 4.61 -

Price/ Cash Flow

j-12

a-12

LTM

12/yy 34'152.0 5.75x 6'648.0 7.73x 3'117.0 13.52x

s-12

12/yy 34'333.0 7.24x 6'754.0 10.53x 3'998.0 16.25x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.55 1.10 1'525.49 40.49 59.11% 21.68% 1.104 27 4.741 2'434'270 3'118'201 3'624'377 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 35'722.3 38'030.6 9'072.9 9'184.3 2.25x 2.10x 8.93x 8.83x 7'264.5 8'068.7 1'687.9 1'906.5 11.33x 10.20x 10.69x 10.34x 3'900.9 4'296.8 812.2 1'024.5 18.46x 15.92x 17.65x 16.58x S&P Issuer Ratings

30.11.2012 BBB+ STABLE 6.18 5.30 1.28 2.44 62.6% 37.4% 0.56 5.82 79.48 -

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 03.07.2009

.0 M j-12

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

18.0 M

30 25

Valuation Analysis

30.06.2008 32'996.0 1.49x 6'668.0 7.36x 5'387.0 12.23x

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 |

30.04.2013

News Corp Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC CAPITAL GROUP COMPAN YACKTMAN ASSET MANAG DODGE & COX JANUS CAPITAL MANAGE CHILDRENS INV FUND M VIKING GLOBAL INVEST FMR LLC BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK INVESCO LTD EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Firm Name Cowen and Company Lazard Capital Markets Sanford C. Bernstein & Co Credit Suisse Nomura Deutsche Bank Needham & Co Macquarie Barclays Wells Fargo Securities, LLC RBC Capital Markets Morgan Stanley Susquehanna Financial Group Wedbush Davenport & Co Wunderlich Securities S&P Capital IQ Telsey Advisory Group Argus Research Corp EVA Dimensions Gabelli & Co Evercore Partners Atlantic Equities LLP Goldman Sachs BTIG LLC

Portfolio Name n/a n/a VANGUARD GROUP INC n/a YACKTMAN ASSET MANAG DODGE & COX n/a CHILDRENS INVESTMENT VIKING GLOBAL INVEST n/a BANK OF NEW YORK MEL ETON PARK CAPITAL MA HIGHFIELDS CAPITAL M NORTHERN TRUST CORPO EAGLE CAPITAL MANAGE NORGES BANK n/a EGERTON CAPITAL LIMI LONE PINE CAPITAL LL WADDELL & REED FINAN

Analyst DOUGLAS CREUTZ BARTON CROCKETT TODD JUENGER MICHAEL SENNO MICHAEL NATHANSON DOUGLAS D MITCHELSON LAURA A MARTIN TIMOTHY W NOLLEN ANTHONY J DICLEMENTE MARCI RYVICKER DAVID BANK BENJAMIN SWINBURNE VASILY KARASYOV JAMES G DIX MICHAEL C MORRIS MATTHEW HARRIGAN TUNA AMOBI JAISON BLAIR JOSEPH F BONNER CRAIG STERLING BRETT HARRISS ALAN GOULD HAMILTON FABER DREW BORST RICHARD GREENFIELD

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

Recommendation outperform buy outperform outperform buy buy buy outperform overweight outperform outperform Overwt/Attractive Positive outperform buy buy buy no rating system hold hold buy overweight overweight not rated buy

Amt Held 106'117'879 102'879'885 87'698'670 81'642'663 80'106'935 73'990'044 50'745'635 34'348'479 34'295'229 31'661'527 28'811'418 28'100'000 27'945'300 24'797'737 22'180'447 19'150'391 17'590'189 17'571'378 16'929'453 14'275'510

% Out 6.95 6.74 5.74 5.35 5.25 4.85 3.32 2.25 2.25 2.07 1.89 1.84 1.83 1.62 1.45 1.25 1.15 1.15 1.11 0.94

Weighting

Change

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

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

Latest Chg 566'560 4'124'842 1'759'231 (49'269'500) (449'404) (9'828'325) 1'242'647 (12'657'102) 3'537'977 1'655'264 (854'432) 9'100'000 (3'592'000) (375'426) 1'184'087 (668) (3'322'085) 2'373'660 2'887'188 1'726'350

Target Price #N/A N/A 35 36 36 33 37 34 35 35 #N/A N/A 34 32 34 26 35 36 31 34 #N/A N/A #N/A N/A #N/A N/A 30 33 #N/A N/A 30

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

File Dt 23.04.2013 24.04.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 21.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 16.04.2013 16.04.2013 12.04.2013 10.04.2013 08.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 20.02.2013 11.02.2013 08.02.2013 07.02.2013 07.02.2013 28.06.2012 27.06.2012

30.04.2013

Nuance Communications Inc Nuance Communications, Inc. provides speech and imaging solutions for businesses and consumers around the world. The Company's products include a speech recognizer, call steering, and a product that converts text into speech.

Price/Volume 30

8.0 M 7.0 M

6.0 M 20

Latest Fiscal Year: LTM as of: 52-Week High (13.09.2012) 52-Week Low (01.03.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NUAN UW EQUITY YTD Change NUAN UW EQUITY YTD % CHANGE

09/2012 12/yy 25.89 18.00 766'017.00 23.3 -10.00% 29.44% 67.17% 316.3 7'369.20 2'115.91 4.6 0.0 1'129.76 8'700.65

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

4.0 M 3.0 M

2.0 M 5 0 a-12

1.0 M .0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.09.2008 868.5 3.96x 141.4 24.32x (30.1) 14.01x

5.0 M

Valuation Analysis

30.09.2009 30.09.2010 950.4 1'118.9 4.71x 4.44x 212.9 238.6 21.03x 20.85x (19.4) (19.1) 70.75x Profitability

LTM-4Q 30.09.2011 1'318.7 5.05x 268.2 24.85x 38.2 52.72x

30.09.2012 1'651.5 5.30x 380.4 23.02x 207.1 26.29x 380.38 193.20 11.70% 3.95% 3.28% 6.71% 0.33% 63.4% 21.7% 10.7% 12.5% 1.76 1.57 36.49% 77.16% 5.10 -

Price/ Cash Flow

12/yy 1'375.6 20.24x 287.0 28.46x 47.6 70.19x

LTM 12/yy 1'753.1 19.19x 379.8 22.20x 175.7 26.33x

FY+1

1.33 265.42 24.59 -4.66% 4.39% 1.333 18 3.722 1'258'070 1'303'597 1'288'271 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 2'160.5 2'443.6 552.3 603.1 3.91x 3.32x 15.52x 13.99x 869.2 967.6 223.0 253.6 10.01x 8.99x 9.27x 8.95x 588.6 675.9 159.9 185.0 12.90x 11.49x 11.88x 11.61x S&P Issuer Ratings

11.02.2011 BBSTABLE 4.46 3.72 3.62 6.15 77.2% 43.5% 0.33 15.48 71.76 112.46 20.93

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

30.04.2013

Nuance Communications Inc Holdings By:

All

Holder Name WARBURG PINCUS LLC WARBURG PINCUS LLC T ROWE PRICE ASSOCIA ICAHN ASSOCIATES COR FMR LLC VANGUARD GROUP INC AMERIPRISE FINANCIAL BLACKROCK PRIMECAP MANAGEMENT FRANKLIN RESOURCES JP MORGAN ALLIANZ ASSET MANAGE INVESCO LTD STATE STREET RICCI PAUL A WESTFIELD CAPITAL MG FAIRPOINTE CAPITAL L STERLING CAPITAL MAN PIONEER INVESTMENT M LUTHER KING CAPITAL

Firm Name Raymond James Wells Fargo Securities, LLC Morgan Stanley Mizuho Securities USA Inc Stifel Oppenheimer & Co Avondale Partners LLC B Riley & Company, Inc Goldman Sachs Needham & Co FBR Capital Markets Craig-Hallum Capital Group LLC Northland Securities Inc Canaccord Genuity Corp Piper Jaffray EVA Dimensions Deutsche Bank Wedbush Wedge Partners

Portfolio Name WARBURG PINCUS LLC n/a T ROWE PRICE ASSOCIA n/a n/a VANGUARD GROUP INC AMERIPRISE FINANCIAL n/a PRIMECAP MANAGEMENT n/a n/a n/a n/a n/a n/a WESTFIELD CAPITAL MA FAIRPOINTE CAPITAL L STERLING CAPITAL MAN PIONEER INVESTMENT M LUTHER KING CAPITAL

Analyst TAVIS C MCCOURT GRAY W POWELL JENNIFER LOWE JOANNA MAKRIS TOM RODERICK SHAUL EYAL JOHN F BRIGHT DANIEL CUMMINS GREG DUNHAM SCOTT ZELLER DANIEL H IVES JEFF VAN RHEE MICHAEL JAMES LATIMORE RICHARD DAVIS JR MARK R MURPHY ANDREW S ZAMFOTIS NANDAN AMLADI SCOTT P SUTHERLAND BRIAN BLAIR

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

Recommendation Under Review market perform Overwt/In-Line buy hold outperform market outperform neutral neutral/neutral hold outperform hold outperform buy neutral sell buy underperform no rating system

Amt Held 53'004'254 43'058'531 29'398'004 29'329'291 17'851'319 12'376'660 11'852'538 11'388'936 10'227'210 8'696'276 7'787'480 6'632'234 5'228'721 4'407'086 4'015'944 3'948'645 3'843'339 3'549'830 3'545'481 2'994'953

% Out 16.76 13.61 9.3 9.27 5.64 3.91 3.75 3.6 3.23 2.75 2.46 2.1 1.65 1.39 1.27 1.25 1.22 1.12 1.12 0.95

Weighting

Change

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

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

Latest Chg (9'945'723) (6'904'115) 2'757'603 914'836 (214'677) 730'092 (715'000) (116'834) (258'843) 227'647 (21'414) 121'600 338'110 104'968 3'251'234 593'927 (6'741)

Target Price #N/A N/A #N/A N/A 28 26 #N/A N/A 30 35 21 22 #N/A N/A 28 24 26 26 22 #N/A N/A 30 19 #N/A N/A

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

File Dt Inst Type 31.12.2012 Private Equity 14.03.2013 Private Equity 31.12.2012 Investment Advisor 20.03.2013 Hedge Fund Manager 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 11.04.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.04.2013 12.04.2013 03.04.2013 03.04.2013 02.04.2013 02.04.2013 01.04.2013 20.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 15.01.2013 15.11.2012 07.08.2012 15.03.2012

30.04.2013

NVIDIA Corp NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price/Volume 16

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.08.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVDA UW EQUITY YTD Change NVDA UW EQUITY YTD % CHANGE

01/2013 01/yy 15.22 11.16 1'664'352.00 13.57 -10.84% 21.65% 59.41% 616.0 8'358.85 21.41 0.0 0.0 3'727.88 4'652.37

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

4 2 0 a-12 m-12

31.01.2010 31.01.2011 3'326.4 3'543.3 2.09x 3.25x 97.7 385.7 71.00x 29.86x (68.0) 253.1 325.78x 40.89x Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.01.2012 3'997.9 1.51x 852.5 7.06x 581.1 15.39x

31.01.2013 4'280.2 0.92x 874.5 4.51x 562.5 13.20x 874.47 648.24 15.15% 15.47% 9.40% 12.54% 0.72% 52.0% 20.4% 15.1% 13.1% 4.89 4.28 0.33% 0.44% 10.83 5.40

Price/ Cash Flow

01/yy 3'997.9 7.01x 852.5 7.06x 581.1 15.35x

LTM 01/yy 4'280.2 4.22x 874.5 4.51x 562.5 13.64x

FY+1

0.55 1.33 586.94 26.52 5.70% 11.08% 1.329 36 3.583 2'144'920 2'459'672 2'625'206 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 4'226.0 4'595.7 940.6 1'009.1 1.13x 0.98x 4.97x 4.80x 798.8 924.4 129.2 169.4 5.82x 5.03x 5.95x 5.52x 526.0 608.9 79.1 110.9 16.02x 14.15x 15.76x 14.69x S&P Issuer Ratings

07.05.2009 NR 265.47 209.83 -4.24 0.02 0.4% 0.4% 0.72 7.53 33.61 67.35 59.00 41.96

Sales/Revenue/Turnover

50.00

4'500.0

45.00

4'000.0

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00 0.00 05.02.2010

j-12

Fiscal Year Ended 31.01.2009 3'424.9 0.85x 141.2 20.69x (30.0) 22.33x

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 |

30.04.2013

NVIDIA Corp Holdings By:

All

Holder Name FMR LLC VANGUARD GROUP INC STATE STREET BLACKROCK HUANG JEN-HSUN PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL MORGAN STANLEY ALLIANCE BERNSTEIN ROBECO INVESTMENT MG NORTHERN TRUST CORPO INVESCO LTD BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Firm Name Brean Murray Carret & Co FBR Capital Markets BMO Capital Markets Wells Fargo Securities, LLC MKM Partners Roth Capital Partners Evercore Partners Barclays Morgan Stanley JPMorgan Needham & Co Wedbush Macquarie B Riley & Company, Inc Sterne, Agee & Leach Lazard Capital Markets Susquehanna Financial Group Deutsche Bank RBC Capital Markets Raymond James Canaccord Genuity Corp Oppenheimer & Co Stifel Pacific Crest Securities Nomura JMP Securities Tigress Financial Partners Miller Tabak + Co., LLC Wedge Partners Jefferies Goldman Sachs S&P Capital IQ EVA Dimensions Hudson Square Research

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA AMERIPRISE FINANCIAL n/a n/a ROBECO INVESTMENT MA NORTHERN TRUST CORPO n/a BANK OF NEW YORK MEL FAIRPOINTE CAPITAL L CONTRARIUS INVESTMEN NORGES BANK JENNISON ASSOCIATES GEODE CAPITAL MANAGE CHARLES SCHWAB INVES

Analyst MIKE BURTON CHRISTOPHER ROLLAND AMBRISH SRIVASTAVA DAVID M WONG DANIEL A BERENBAUM KRISHNA SHANKAR PATRICK WANG BLAYNE CURTIS JOSEPH MOORE HARLAN SUR RAJVINDRA S. GILL BETSY VAN HEES SHAWN WEBSTER CRAIG ELLIS VIJAY R RAKESH DANIEL L AMIR CHRISTOPHER CASO ROSS C SEYMORE DOUG FREEDMAN HANS C MOSESMANN ROBERT BURLESON RICHARD SCHAFER KEVIN E CASSIDY MICHAEL MCCONNELL ROMIT SHAH ALEX GAUNA IVAN FEINSETH BRENDAN FURLONG BRIAN BLAIR MARK J LIPACIS JAMES SCHNEIDER CHRISTIN ARMACOST ANDREW S ZAMFOTIS DANIEL ERNST

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

Recommendation hold market perform market perform outperform neutral buy underweight equalweight Equalwt/In-Line neutral hold outperform neutral neutral neutral neutral negative hold sector perform strong buy buy market perform buy sector perform buy market perform neutral buy no rating system hold neutral/attractive buy buy buy

Amt Held 79'493'214 39'441'892 34'345'597 32'149'359 22'168'135 17'973'300 14'176'500 11'701'670 11'551'047 10'408'208 8'041'269 7'938'442 7'745'598 6'685'345 5'915'747 5'785'902 5'155'045 4'243'814 4'076'221 3'757'015

% Out 12.91 6.4 5.58 5.22 3.6 2.92 2.3 1.9 1.88 1.69 1.31 1.29 1.26 1.09 0.96 0.94 0.84 0.69 0.66 0.61

Weighting

Change

3 3 3 5 3 5 1 3 3 3 3 5 3 3 3 3 2 3 3 5 5 3 5 3 5 3 3 5 #N/A N/A 3 3 5 5 5

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

Latest Chg (9'978'177) 1'773'720 668'980 (979'500) (12'739'300) 3'158'033 7'413'768 1'463'043 6'139'523 108'110 (498'513) 193'720 786'088 942'748 713'619 (1'293'529) (36'419) 2'239'918

Target Price #N/A N/A 14 12 #N/A N/A 14 15 11 13 #N/A N/A 14 #N/A N/A 17 14 13 #N/A N/A #N/A N/A 11 13 13 17 16 #N/A N/A 18 #N/A N/A 15 #N/A N/A #N/A N/A 17 #N/A N/A 14 14 15 #N/A N/A 18

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

File Dt 28.02.2013 31.03.2013 24.04.2013 23.04.2013 20.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 19.04.2013 17.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 04.04.2013 01.04.2013 20.03.2013 20.03.2013 18.03.2013 20.02.2013 20.02.2013 14.02.2013 13.02.2013 05.02.2013 15.01.2013 10.05.2010

30.04.2013

O'Reilly Automotive Inc O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts, tools, supplies, equipment, and accessories. The Company sells its products to do-it-yourself customers and professional mechanics or service technicians. O'Reilly operates stores throughout the United States.

Price/Volume 120

4.0 M 3.5 M

100

3.0 M 80

Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (27.06.2012) Daily Volume Current Price (4/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 ORLY UW EQUITY YTD Change ORLY UW EQUITY YTD % CHANGE

12/2012 03/yy 108.95 75.64 241'686.00 107.69 -1.16% 42.37% 96.22% 111.0 11'958.08 1'095.96 0.0 0.0 248.13 12'848.60

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

2.0 M 1.5 M

1.0 M 20

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 3'576.6 1.35x 448.6 10.80x 186.2 18.86x

2.5 M

Valuation Analysis

31.12.2009 31.12.2010 4'847.1 5'397.5 1.24x 1.64x 685.8 895.1 8.75x 9.89x 307.5 419.4 17.09x 19.21x Profitability

LTM-4Q 31.12.2011 5'788.8 1.83x 1'029.8 10.30x 507.7 20.82x

31.12.2012 6'182.2 1.77x 1'154.5 9.48x 585.7 18.83x 1'154.50 977.39 15.81% 15.23% 10.27% 23.97% 18.11% 1.08% 50.1% 18.6% 15.7% 9.5% 1.20 0.16 19.06% 51.98% 41.86 1.44

Price/ Cash Flow

03/yy 5'935.5 6.83x 1'086.0 10.80x 552.7 22.14x

LTM 03/yy 6'237.8 5.13x 863.2 0.00x 592.6 20.61x

FY+1

0.00 0.69 107.70 5.46 2.11% 20.43% 0.695 26 4.154 306'643 292'857 340'158 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 6'636.3 7'058.5 1'702.5 1'749.5 1.95x 1.84x 7.56x 7.36x 1'256.4 1'355.2 319.0 335.1 10.23x 9.48x 10.22x 10.05x 642.8 686.9 166.6 177.5 18.62x 16.42x 18.21x 17.72x S&P Issuer Ratings

18.01.2012 BBB STABLE 24.95 18.45 0.77 0.95 52.0% 34.2% 1.08 2.85 8.72 252.91 184.76 86.53

Sales/Revenue/Turnover

25.00

7'000.0 6'000.0

20.00

5'000.0 15.00

4'000.0 3'000.0

10.00

2'000.0 5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

O'Reilly Automotive Inc Holdings By:

All

Holder Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK STATE STREET RUANE CUNNIFF & GOLD PRINCIPAL FINANCIAL NEUBERGER BERMAN LLC JANUS CAPITAL MANAGE LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL INVESCO LTD GAMCO WILLIAM BLAIR & COMP OPPENHEIMERFUNDS INC NORTHERN TRUST CORPO O'REILLY DAVID E WELLINGTON MANAGEMEN BAILLIE GIFFORD AND

Firm Name BB&T Capital Markets Barclays Deutsche Bank Morgan Stanley Sanford C. Bernstein & Co Nomura RBC Capital Markets Robert W. Baird & Co Raymond James Northcoast Research Stifel William Blair & Co ISI Group Edward Jones Piper Jaffray EVA Dimensions Goldman Sachs JPMorgan Stephens Inc Gabelli & Co Credit Suisse Oppenheimer & Co S&P Capital IQ

Portfolio Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a RUANE CUNNIFF & GOLD n/a NEUBERGER BERMAN GRO n/a LONE PINE CAPITAL LL CITADEL ADVISORS LLC SELECT EQUITY GROUP BANK OF NEW YORK MEL n/a n/a WILLIAM BLAIR & COMP OPPENHEIMER FUNDS IN NORTHERN TRUST CORPO n/a WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO

Analyst BRET D JORDAN ALAN M RIFKIN MICHAEL BAKER DAVID GOBER COLIN MCGRANAHAN ARAM RUBINSON R SCOT CICCARELLI CRAIG R KENNISON DANIEL R WEWER JR NICHOLAS MITCHELL DAVID A SCHICK DANIEL H HOFKIN GREGORY MELICH BRIAN YARBROUGH PETER J KEITH CRAIG STERLING MATTHEW J FASSLER CHRISTOPHER HORVERS JOHN R LAWRENCE BRIAN SPONHEIMER GARY BALTER BRIAN NAGEL MICHAEL SOUERS

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

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

Amt Held 7'412'420 7'108'025 6'437'684 6'329'291 3'658'781 2'764'208 2'624'914 2'623'402 2'164'498 2'121'541 2'106'437 2'102'133 1'769'464 1'762'790 1'667'578 1'666'774 1'538'303 1'480'017 1'414'240 1'235'983

% Out 6.66 6.39 5.78 5.69 3.29 2.48 2.36 2.36 1.94 1.91 1.89 1.89 1.59 1.58 1.5 1.5 1.38 1.33 1.27 1.11

Weighting

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

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

Latest Chg (56'061) 206'740 327'780 (39'445) (3'711) 650'059 175'909 (1'360'800) 639'137 2'112'349 (846'503) 22'041 323'143 61'805 107'970 393'150 (30'510) (502) 459'235 99'874

Target Price 112 120 102 108 106 98 113 110 #N/A N/A #N/A N/A 102 #N/A N/A 106 #N/A N/A 97 #N/A N/A 110 106 115 #N/A N/A 115 92 112

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 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 08.02.2013 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided Not Provided 18 month Not Provided

Date 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 22.04.2013 22.04.2013 18.04.2013 18.04.2013 17.04.2013 16.04.2013 08.04.2013 05.04.2013 25.03.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013

30.04.2013

Oracle Corp Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price/Volume 35.0 M

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORCL UW EQUITY YTD Change ORCL UW EQUITY YTD % CHANGE

05/2012 02/yy 36.43 25.33 7'295'516.00 32.24 -11.50% 27.28% 62.25% 4'710.7 151'871.63 16'474.00 0.0 399.0 30'676.00 138'658.62

31.05.2008 22'430.0 5.25x 9'489.0 12.42x 5'521.0 18.27x

15.0 M

15 10

10.0 M

5.0 M

0 a-12 m-12

31.05.2009 31.05.2010 23'252.0 26'820.0 4.11x 4.10x 10'531.0 12'138.0 9.08x 9.06x 5'593.0 6'135.0 14.40x 16.60x Profitability

LTM-4Q 31.05.2011 35'622.0 4.52x 15'524.0 10.37x 8'547.0 19.33x

31.05.2012 37'121.0 3.13x 16'973.0 6.84x 9'981.0 13.24x 16'973.00 14'057.00 37.87% 34.92% 13.74% 24.52% 18.40% 0.48% 78.8% 46.5% 38.6% 26.9% 2.60 2.41 21.03% 37.71% 8.42 38.07

Price/ Cash Flow

j-12

a-12

LTM

02/yy 36'980.0 15.12x 16'698.0 7.85x 9'739.0 14.93x

s-12

02/yy 37'149.0 14.54x 17'286.0 8.58x 10'570.0 15.85x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.12 1.12 3'596.05 42.37 10.76% -3.24% 1.119 44 4.341 6'358'411 7'264'685 6'387'491 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 37'423.1 39'512.1 11'138.7 8'563.0 3.74x 3.34x 12.54x 15.85x 18'255.9 20'006.1 5'888.5 3'972.6 7.60x 6.93x 7.20x 7.04x 13'049.3 13'945.2 4'199.8 2'776.0 11.99x 11.00x 11.31x 10.99x S&P Issuer Ratings

24.04.2012 A+ STABLE 24.04.2012 A-1+ 22.16 21.31 -0.79 1.14 37.7% 27.2% 0.48 12.45 43.35 9.59 19.99 47.82

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00 10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00 0.00 05.06.2009

.0 M j-12

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

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

30.04.2013

Oracle Corp Holdings By:

All

Holder Name ELLISON LAWRENCE JOS CAPITAL GROUP COMPAN BLACKROCK STATE STREET VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I FMR LLC INVESCO LTD NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT JP MORGAN HARRIS ASSOCIATES LP TIAA CREF INVESTMENT NORGES BANK JANUS CAPITAL MANAGE PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA ABERDEEN

Firm Name FBR Capital Markets JMP Securities Lazard Capital Markets BMO Capital Markets Edward Jones Sanford C. Bernstein & Co Stifel Nomura Wedbush Pacific Crest Securities Cowen and Company Morgan Stanley Cross Research RBC Capital Markets Argus Research Corp Oppenheimer & Co Wells Fargo Securities, LLC Credit Agricole Securities (USA) Societe Generale Jefferies Hamburger Sparkasse William Blair & Co Raymond James Macquarie Daiwa Securities Co. Ltd. Barclays Atlantic Equities LLP Deutsche Bank Credit Suisse JPMorgan Janney Montgomery Scott LLC Davenport & Co Canaccord Genuity Corp Berenberg Bank Susquehanna Financial Group Piper Jaffray MKM Partners Evercore Partners EVA Dimensions Tigress Financial Partners Goldman Sachs

Portfolio Name n/a n/a n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a n/a n/a NORTHERN TRUST CORPO GRANTHAM MAYO VAN OT n/a HARRIS ASSOC LP TIAA-CREF INVESTMENT NORGES BANK n/a PRIMECAP MANAGEMENT T ROWE PRICE ASSOCIA n/a

Analyst DAVID M HILAL PATRICK WALRAVENS JOEL P FISHBEIN JR KARL KEIRSTEAD JOSH OLSON MARK L MOERDLER BRAD REBACK RICHARD G SHERLUND STEVEN R KOENIG BRENDAN BARNICLE PETER GOLDMACHER KEITH WEISS RICHARD T WILLIAMS MATTHEW HEDBERG JOSEPH F BONNER BRIAN SCHWARTZ JASON MAYNARD EDWARD MAGUIRE RICHARD NGUYEN ROSS MACMILLAN MARCO GUENTHER LAURA J LEDERMAN MICHAEL TURITS BRAD A ZELNICK KAZUYA NISHIMURA RAIMO LENSCHOW CHRISTOPHER HICKEY THOMAS ERNST JR PHILIP WINSLOW JOHN DIFUCCI YUN KIM F DRAKE JOHNSTONE RICHARD DAVIS JR DAUD KHAN J DERRICK WOOD MARK R MURPHY ISRAEL HERNANDEZ STEWART KIRK MATERNE III ANDREW S ZAMFOTIS IVAN FEINSETH HEATHER BELLINI

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

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

Amt Held 1'112'434'580 249'496'992 218'198'158 206'866'801 173'943'841 79'305'376 77'278'005 76'926'341 75'285'789 69'216'283 56'379'053 49'190'816 43'915'151 40'458'447 39'724'493 38'397'212 32'702'179 32'112'868 28'440'138 26'789'941

% Out 23.62 5.3 4.63 4.39 3.69 1.68 1.64 1.63 1.6 1.47 1.2 1.04 0.93 0.86 0.84 0.82 0.69 0.68 0.6 0.57

Weighting

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

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

Latest Chg 7'200'000 (12'392'864) (4'294'558) 6'192'099 2'006'738 988'951 (4'612'811) (1'880'715) 15'270'822 (2'631'607) (610'493) (1'571'164) (11'515'608) 16'398'956 4'197'117 1'152'929 (4'513'686) (1'663'800) (2'801'171) (211'200)

Target Price 39 #N/A N/A 41 43 #N/A N/A 34 37 39 36 44 #N/A N/A 39 35 37 39 40 #N/A N/A 35 37 36 #N/A N/A #N/A N/A 36 36 36 38 33 29 40 40 43 40 42 35 40 37 38 36 #N/A N/A #N/A N/A 39

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

File Dt 28.12.2012 31.03.2013 23.04.2013 24.04.2013 31.03.2013 31.03.2013 31.12.2012 28.02.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013

Date 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 18 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month

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

Date 23.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 19.04.2013 15.04.2013 15.04.2013 11.04.2013 10.04.2013 10.04.2013 09.04.2013 08.04.2013 04.04.2013 04.04.2013 04.04.2013 03.04.2013 03.04.2013 26.03.2013 26.03.2013 26.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 25.03.2013 22.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 21.03.2013 20.03.2013 21.02.2013 20.02.2013 24.01.2013

30.04.2013

PACCAR Inc PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and heavy-duty trucks, and related aftermarket distribution of parts. The Company also offers finance and leasing services to its customers and dealers.

Price/Volume 60

3.5 M

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (12.07.2012) Daily Volume Current Price (4/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 PCAR UW EQUITY YTD Change PCAR UW EQUITY YTD % CHANGE

12/2012 03/yy 51.38 34.60 399'732.00 49.83 -3.02% 44.03% 90.76% 353.7 17'624.87 150.00 0.0 0.0 2'395.90 15'395.07

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

1.5 M

1.0 M

.5 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 14'972.5 0.56x 2'027.0 4.10x 1'017.9 10.29x

2.0 M

Valuation Analysis

31.12.2009 31.12.2010 8'086.5 10'292.9 1.40x 1.82x 1'016.6 1'271.7 11.13x 14.69x 111.9 457.6 142.81x 46.64x Profitability

LTM-4Q 31.12.2011 16'355.2 0.65x 2'153.2 4.93x 1'042.3 13.10x

31.12.2012 17'050.5 0.81x 2'296.4 5.98x 1'111.6 14.49x 2'296.40 1'595.50 9.36% 9.55% 5.52% 17.49% 0.88% 17.5% 13.4% 9.0% 6.5% 0.74 0.56 42.30% 134.77% 14.14 16.65

Price/ Cash Flow

LTM

03/yy 17'847.7 2.81x 2'347.1 5.96x 1'176.3 14.45x

03/yy 16'198.7 3.25x 2'174.7 7.20x 1'020.4 17.57x

FY+1

3.21 1.39 346.31 8.36 20.33% 10.68% 1.390 23 3.522 633'651 664'383 653'624 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 16'524.8 18'021.5 4'070.5 4'204.9 1.16x 1.05x 5.76x 5.54x 1'950.7 2'240.0 464.2 502.4 7.89x 6.87x 7.59x 7.28x 1'111.6 1'258.1 262.6 288.4 15.89x 13.99x 15.16x 14.66x S&P Issuer Ratings

29.04.2010 A+ STABLE 29.04.2010 A-1 13.21 2.83 -1.03 0.07 134.8% 57.4% 0.88 7.37 25.82 21.92 24.81 14.53

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0 14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0 6'000.0

4.00

4'000.0

2.00 0.00 01.01.2010

2'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

PACCAR Inc Holdings By:

All

Holder Name JP MORGAN BLACKROCK STATE STREET BANK OF AMERICA CORP VANGUARD GROUP INC CAPITAL GROUP COMPAN DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS & WILEY CAP NORTHERN TRUST CORPO NWQ INVESTMENT MANAG INVESCO LTD BANK OF NEW YORK MEL PIGOTT MARK CHARLES NORGES BANK PRIMECAP MANAGEMENT FMR LLC US BANCORP GEODE CAPITAL MANAGE

Firm Name RBC Capital Markets Deutsche Bank D.A. Davidson & Co Robert W. Baird & Co Sterne, Agee & Leach BB&T Capital Markets Barclays EVA Dimensions BMO Capital Markets Goldman Sachs Credit Suisse JPMorgan Jefferies Avondale Partners LLC Wells Fargo Securities, LLC Piper Jaffray Wolfe Trahan & Co Edward Jones Northcoast Research McAdams Wright Ragen Inc

Portfolio Name n/a n/a n/a BANK OF AMERICA VANGUARD GROUP INC n/a DAVIS SELECTED ADVIS FIDUCIARY MANAGEMENT WELLINGTON MANAGEMEN HOTCHKIS AND WILEY NORTHERN TRUST CORPO NWQ INVESTMENT MANAG n/a BANK OF NEW YORK MEL n/a NORGES BANK PRIMECAP MANAGEMENT n/a US BANCORP GEODE CAPITAL MANAGE

Analyst SETH R WEBER PATRICK NOLAN JB GROH DAVID LEIKER JEFFREY A KAUFFMAN A RHEM WOOD JR ANDY KAPLOWITZ CRAIG STERLING JOEL G TISS JERRY REVICH JAMIE L COOK ANN DUIGNAN STEPHEN VOLKMANN KRISTINE KUBACKI ANDREW M CASEY ALEXANDER E POTTER TIMOTHY J DENOYER LOGAN PURK BRIAN M RAYLE MICHAEL ROARKE

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

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

Amt Held 23'274'153 19'065'256 18'243'463 16'314'903 15'657'915 11'947'300 8'943'143 5'994'403 4'801'832 4'668'942 4'504'875 4'228'702 3'766'406 3'687'775 3'314'022 3'001'169 2'892'300 2'792'880 2'468'640 2'286'146

% Out 6.58 5.39 5.16 4.61 4.43 3.38 2.53 1.69 1.36 1.32 1.27 1.2 1.06 1.04 0.94 0.85 0.82 0.79 0.7 0.65

Weighting

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

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

Latest Chg 1'817'030 603'509 517'526 1'220'425 444'212 (1'332'371) (506'101) 5'994'403 (26'056) (2'196'600) 45'025 (651'306) (407'964) 107'697 295 489'739 726'600 1'838'017 (2'341) 29'627

Target Price 51 50 60 50 47 #N/A N/A 47 #N/A N/A 57 53 47 47 56 46 #N/A N/A 54 37 #N/A N/A 55 60

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

File Dt 28.02.2013 23.04.2013 24.04.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 05.03.2013 31.12.2012 31.12.2012 28.02.2013 31.03.2013 31.12.2012

Date 12 month 12 month 18 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

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

Date 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 12.04.2013 03.04.2013 26.10.2012

30.04.2013

Paychex Inc Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Price/Volume 40

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (21.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PAYX UW EQUITY YTD Change PAYX UW EQUITY YTD % CHANGE

05/2012 02/yy 36.32 29.13 527'155.00 36.13 -0.52% 24.03% 97.36% 363.9 13'147.63 0.00 0.0 0.0 316.30 12'577.03

31.05.2008 2'066.3 5.84x 908.9 13.27x 576.1 22.15x

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

2.5 M

31.05.2009 31.05.2010 2'082.8 2'000.8 4.50x 4.97x 891.0 811.2 10.52x 12.26x 533.5 477.0 18.47x 21.08x Profitability

LTM-4Q 31.05.2011 2'084.3 5.39x 875.1 12.83x 515.3 22.75x

31.05.2012 2'229.8 4.73x 951.7 11.09x 548.0 19.85x

951.70 853.90 38.29% 38.58% 8.36% 35.54% 35.54% 0.34% 69.5% 43.1% 38.8% 24.6% 1.07 0.10 0.00% 0.00% 17.57 -

Price/ Cash Flow

02/yy 2'201.0 18.86x 938.1 11.56x 543.6 20.89x

LTM 02/yy 2'292.4 19.74x 987.1 11.63x 568.8 21.09x

FY+1

4.51 0.85 325.64 22.10 22.62% 16.02% 0.852 27 2.778 630'121 813'131 840'281 FY+2

FQ+1

FQ+2

05/13 Y 05/14 Y 05/13 Q4 08/13 Q1 2'325.7 2'462.8 586.2 610.4 5.48x 5.13x 22.21x 20.68x 1'003.2 1'061.6 234.9 274.1 12.54x 11.85x 12.12x 11.94x 581.8 621.0 136.6 162.1 22.57x 21.10x 21.60x 21.23x S&P Issuer Ratings

-0.58 0.00 0.0% 0.0% 0.34 6.96 20.77 25.42 -

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00 12.00

1'500.0

10.00 8.00

1'000.0

6.00

500.0

4.00 2.00 0.00 05.06.2009

0.0 05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

30.04.2013

Paychex Inc Holdings By:

All

Holder Name GOLISANO BLASE THOMA CAPITAL GROUP COMPAN FMR LLC BLACKROCK BANK OF NEW YORK MEL STATE STREET VANGUARD GROUP INC BANK OF AMERICA CORP WELLS FARGO GENERAL ELECTRIC COM INVESCO LTD NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI JP MORGAN UBS

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

Portfolio Name n/a n/a n/a n/a BANK OF NEW YORK MEL n/a VANGUARD GROUP INC BANK OF AMERICA n/a GENERAL ELECTRIC COM n/a NORTHERN TRUST CORPO PARNASSUS INVESTMENT MACKENZIE FINANCIAL GOLDMAN SACHS GROUP SELECT EQUITY GROUP NORGES BANK MANAGED ACCOUNT ADVI n/a n/a

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

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

Recommendation sector perform neutral underperform market perform neutral market perform hold market perform outperform equalweight neutral hold neutral equalweight underweight market perform market perform sell underweight neutral neutral/neutral overweight hold hold

Amt Held 37'657'753 22'407'182 21'056'674 18'938'308 17'930'447 17'132'623 14'884'715 8'970'426 7'788'270 6'532'589 5'640'812 4'605'086 3'780'000 3'711'100 3'283'336 3'166'795 2'970'094 2'915'069 2'819'076 2'649'962

% Out 10.35 6.16 5.79 5.2 4.93 4.71 4.09 2.47 2.14 1.8 1.55 1.27 1.04 1.02 0.9 0.87 0.82 0.8 0.77 0.73

Weighting

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

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

Latest Chg (21'975) 2'800'000 3'918'327 1'809'408 586'108 275'591 476'018 957'885 9'133 (302'963) (170'531) (27'271) 10'000 30'500 (812'816) (511'503) 320'357 179'459 114'620 163'134

Target Price 35 35 31 29 #N/A N/A 36 #N/A N/A #N/A N/A #N/A N/A 34 36 #N/A N/A 35 37 34 #N/A N/A #N/A N/A 30 32 #N/A N/A 36 #N/A N/A 35 33

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

File Dt Inst Type 27.12.2012 n/a 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Unclassified

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

Date 24.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 15.04.2013 12.04.2013 05.04.2013 02.04.2013 01.04.2013 01.04.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 28.03.2013 27.03.2013 18.03.2013 15.01.2013 20.09.2012 20.07.2012

30.04.2013

Perrigo Co Perrigo Company is a global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Price/Volume 140

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

120 100 80

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (08.05.2012) Daily Volume Current Price (4/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 PRGO UW EQUITY YTD Change PRGO UW EQUITY YTD % CHANGE

06/2012 12/yy 121.10 96.53 122'425.00 120.08 -0.84% 24.40% 95.85% 93.5 11'233.12 1'369.33 0.0 1.6 602.49 12'147.46

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

20 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 30.06.2008 1'729.9 2.10x 269.2 13.50x 135.8 20.60x

30.06.2009 30.06.2010 2'006.9 2'268.2 1.56x 2.94x 332.4 438.5 9.44x 15.19x 144.0 223.8 14.86x 22.34x Profitability

LTM-4Q 30.06.2011 2'755.0 3.10x 594.2 14.39x 339.2 23.52x

30.06.2012 3'173.2 3.72x 713.3 16.53x 401.6 26.15x 713.30 577.98 18.21% 16.13% 10.76% 23.72% 14.95% 0.79% 34.5% 23.7% 19.5% 12.7% 2.75 1.80 34.03% 73.98% 5.86 3.44

Price/ Cash Flow

12/yy 2'959.7 12.24x 629.1 15.96x 344.9 24.02x

LTM 12/yy 3'262.6 13.66x 774.3 13.59x 443.0 20.46x

FY+1

0.27 0.79 87.99 2.74 14.83% 15.52% 0.785 19 3.789 136'409 148'354 197'353 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 3'589.8 4'040.7 935.2 996.6 3.34x 2.72x 12.51x 11.63x 901.9 1'037.4 234.5 250.6 13.47x 11.71x 12.50x 12.07x 534.3 634.8 135.9 149.1 21.27x 17.98x 19.43x 18.60x S&P Issuer Ratings

11.02 9.16 1.18 1.77 74.0% 42.5% 0.79 5.58 62.15 105.84 54.52 97.61

Sales/Revenue/Turnover

30.00

3'500.0

25.00

3'000.0 2'500.0

20.00

2'000.0 15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

30.04.2013

Perrigo Co Holdings By:

All

Holder Name BLACKROCK VANGUARD GROUP INC STATE STREET ARKIN MOSHE FMR LLC JENNISON ASSOCIATES MACQUARIE GROUP JANUS CAPITAL MANAGE WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD BANK OF NEW YORK MEL WILLIAM BLAIR & COMP MARSICO CAPITAL MANA HARBOR CAPITAL ADVIS NORTHERN TRUST CORPO TIAA CREF INVESTMENT INVESCO LTD SELECT EQUITY GROUP AMERICAN CENTURY COM AMERIPRISE FINANCIAL

Firm Name Leerink Swann & Co B Riley & Company, Inc Canaccord Genuity Corp JPMorgan Guggenheim Securities LLC Goldman Sachs William Blair & Co Morgan Stanley CLAL Finance Betucha Buckingham Research Group Deutsche Bank Needham & Co Stifel Barrington Research RBC Capital Markets EVA Dimensions I.B.I.

Portfolio Name n/a VANGUARD GROUP INC n/a n/a n/a JENNISON ASSOCIATES n/a n/a WELLINGTON MANAGEMEN RUANE CUNNIFF & GOLD BANK OF NEW YORK MEL WILLIAM BLAIR & COMP MARSICO CAPITAL MANA Multiple Portfolios NORTHERN TRUST CORPO TIAA-CREF INVESTMENT n/a SELECT EQUITY GROUP AMERICAN CENTURY COM AMERIPRISE FINANCIAL

Analyst JASON M GERBERRY LINDA BOLTON WEISER RANDALL STANICKY CHRISTOPHER T SCHOTT LOUISE CHEN JAMI E RUBIN JON R ANDERSEN DAVID R RISINGER JONATHAN KREIZMAN DAVID G BUCK DAVID M STEINBERG ELLIOT WILBUR ANNABEL SAMIMY CHARLES R JONES SHIBANI MALHOTRA ANDREW S ZAMFOTIS NATALI GOTLIEB

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

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

Amt Held 6'461'001 5'572'156 5'127'931 4'531'281 3'880'595 3'834'248 3'328'393 3'161'232 1'861'196 1'728'076 1'643'404 1'290'980 1'283'048 1'278'770 1'239'862 1'192'720 1'140'823 1'041'325 782'699 778'624

% Out 6.91 5.96 5.48 4.84 4.15 4.1 3.56 3.38 1.99 1.85 1.76 1.38 1.37 1.37 1.33 1.27 1.22 1.11 0.84 0.83

Weighting

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

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

Latest Chg 123'913 93'198 (463'579) (834'279) (562'479) (241'297) 456'270 (100'236) (13'319) 625'560 (150'075) (107'000) (161'001) (18'934) 407'787 (86'938) 18'786 (242'464) 194'065

Target Price #N/A N/A 133 128 132 135 114 #N/A N/A 125 104 145 115 #N/A N/A 125 142 111 #N/A N/A 89

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

File Dt Inst Type 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 01.03.2012 n/a 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor

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

Date 24.04.2013 24.04.2013 23.04.2013 22.04.2013 18.04.2013 17.04.2013 11.04.2013 09.04.2013 02.04.2013 18.03.2013 12.02.2013 11.02.2013 11.02.2013 04.02.2013 01.02.2013 15.01.2013 09.05.2012

30.04.2013

priceline.com Inc Priceline.com Incorporated enables consumers to use the Internet to save money on a variety of products and services. The Company's product allows customers to name their own price on products or services and communicates that demand directly to participating sellers or to their private databases. Participants include domestic and international airlines, and hotel chains.

Price/Volume 900

2.5 M

800 2.0 M

700 600

1.5 M

500 400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 52-Week Low (09.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 11.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PCLN UW EQUITY YTD Change PCLN UW EQUITY YTD % CHANGE

12/2012 12/yy 772.29 553.54 213'942.00 699.43 -9.43% 26.36% 66.69% 50.1 35'013.60 1'402.34 0.0 160.3 5'183.19 31'393.03

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

200

.5 M

100 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 1'884.8 1.56x 332.5 8.86x 182.2 16.70x

1.0 M

300

31.12.2009 31.12.2010 2'338.2 3'084.9 4.00x 6.00x 510.0 837.3 18.33x 22.09x 489.5 527.5 30.68x 38.09x Profitability

LTM-4Q 31.12.2011 4'355.6 4.88x 1'452.7 14.63x 1'056.4 22.94x

31.12.2012 5'261.0 5.19x 1'894.9 14.42x 1'419.6 22.27x 1'894.93 1'829.79 34.78% 33.49% 26.94% 43.00% 33.54% 1.00% 77.6% 36.0% 34.8% 27.0% 3.89 3.80 21.35% 35.49% 16.65 -

Price/ Cash Flow

12/yy 4'355.6 20.62x 1'452.7 14.63x 1'056.4 22.92x

LTM 12/yy 5'261.0 22.69x 1'894.9 14.42x 1'419.6 22.23x

FY+1

1.12 49.67 2.76 -8.07% 12.59% 1.121 30 4.500 147'314 145'386 153'128 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 6'511.4 7'728.2 1'275.9 1'636.4 4.70x 3.42x 25.07x 19.30x 2'471.2 2'995.2 339.7 613.1 12.70x 10.48x 12.66x 12.25x 2'012.0 2'415.5 272.6 496.8 18.09x 15.19x 18.10x 17.55x S&P Issuer Ratings

07.03.2012 BBB STABLE 30.53 29.64 -2.00 0.74 35.5% 25.4% 1.00 68.51 21.98 51.53 -

Sales/Revenue/Turnover

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

20.00

3'000.0 15.00

2'000.0 10.00

1'000.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

30.04.2013

priceline.com Inc Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA BLACKROCK STATE STREET FMR LLC VANGUARD GROUP INC LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN JP MORGAN AMERIPRISE FINANCIAL INVESCO LTD MACQUARIE GROUP UBS CAPITAL GROUP COMPAN MACKAY SHIELDS LLC WELLS FARGO NORTHERN TRUST CORPO JANUS CAPITAL MANAGE

Firm Name Cantor Fitzgerald Deutsche Bank Stifel Cowen and Company Piper Jaffray Morgan Stanley Raymond James Lazard Capital Markets Atlantic Equities LLP RBC Capital Markets Barclays Monness, Crespi, Hardt & Co Evercore Partners Tigress Financial Partners JMP Securities Daiwa Securities Co. Ltd. Goldman Sachs Credit Suisse JPMorgan Janney Montgomery Scott LLC Jefferies Macquarie S&P Capital IQ Benchmark Company LLC Ascendiant Capital Markets Pacific Crest Securities Millman Research Associates EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a n/a VANGUARD GROUP INC LONE PINE CAPITAL LL WINSLOW CAPITAL MANA JENNISON ASSOCIATES SANDS CAPITAL MANAGE WELLINGTON MANAGEMEN n/a AMERIPRISE FINANCIAL n/a n/a n/a n/a Multiple Portfolios n/a NORTHERN TRUST CORPO n/a

Analyst NAVED KHAN ROSS SANDLER MICHAEL B PURCELL KEVIN KOPELMAN MICHAEL J OLSON SCOTT W DEVITT AARON M KESSLER JAKE FULLER JAMES CORDWELL MARK S MAHANEY ANTHONY J DICLEMENTE WILLIAM LENNAN KEN SENA IVAN FEINSETH RONALD V JOSEY III KAZUYA NISHIMURA HEATH P TERRY STEPHEN JU DOUGLAS ANMUTH BRIAN MULLAN BRIAN P FITZGERALD THOMAS WHITE SCOTT H KESSLER DANIEL L KURNOS EDWARD WOO CHAD BARTLEY MICHAEL MILLMAN CRAIG STERLING

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

Recommendation buy hold buy outperform overweight Equalwt/Attractive outperform buy overweight outperform overweight neutral overweight strong buy market outperform neutral buy/attractive outperform overweight neutral buy outperform hold buy buy outperform hold overweight

Amt Held 4'627'871 3'812'408 2'738'745 2'501'932 2'248'778 1'770'983 1'361'625 1'174'200 1'169'858 1'115'144 987'692 976'991 924'834 862'631 858'941 839'300 763'286 724'221 664'529 572'001

% Out 9.24 7.62 5.47 5 4.49 3.54 2.72 2.35 2.34 2.23 1.97 1.95 1.85 1.72 1.72 1.68 1.52 1.45 1.33 1.14

Weighting

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

M M M M M M M M M M M M M M N M M M M M M M M M M M M M

Latest Chg (287'074) 99'002 142'032 62'842 354'525 49'346 (142) 28'824 561'028 285'488 (74'602) 8'264 31'140 (130'013) (9'778) (117'762) 9'458 160'500

Target Price 800 745 860 #N/A N/A 800 740 840 859 840 900 775 #N/A N/A 850 #N/A N/A 850 745 825 895 835 740 820 820 875 800 875 879 785 #N/A N/A

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

File Dt Inst Type 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

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

Date 22.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 15.04.2013 15.04.2013 15.04.2013 15.04.2013 14.04.2013 12.04.2013 01.04.2013 21.03.2013 20.03.2013 19.03.2013 05.03.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 15.01.2013

30.04.2013

QUALCOMM Inc QUALCOMM, Inc . manufactures digital wireless communications equipment. The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits, and produces equipment and software used to track workers and assets, and software for wireless content enablement.

Price/Volume 80

8.0 M

09/2012 03/yy 68.49 53.09 5'747'554.00 61.61 -10.05% 16.05% 55.32% 1'727.8 106'451.95 0.00 0.0 22.0 26'837.00 75'929.94

6.0 M

4.0 M

20 2.0 M

10 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

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

10.0 M

60 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.03.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance QCOM UW EQUITY YTD Change QCOM UW EQUITY YTD % CHANGE

30.09.2008 11'142.0 5.80x 4'186.0 15.44x 3'160.0 21.73x

12.0 M

30.09.2009 30.09.2010 10'416.0 10'982.0 5.46x 4.96x 3'644.0 4'393.0 15.60x 12.41x 1'592.0 3'247.0 43.40x 18.96x Profitability

LTM-4Q 30.09.2011 14'957.0 4.32x 6'087.0 10.62x 4'260.0 16.71x

30.09.2012 19'121.0 4.17x 6'579.0 12.12x 6'109.0 22.39x 6'579.00 5'682.00 29.72% 34.32% 14.02% 17.99% 17.78% 0.49% 62.9% 34.9% 30.4% 31.9% 2.95 2.61 0.00% 0.00% 14.06 7.21

Price/ Cash Flow

LTM

03/yy 17'364.0 17.05x 6'348.0 13.95x 5'722.0 19.79x

03/yy 21'639.0 10.41x 7'549.0 0.00x 6'250.0 18.29x

FY+1

1.62 1.05 1'706.43 13.82 -1.92% -0.29% 1.046 49 4.633 6'493'586 3'645'562 3'457'366 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 24'498.1 27'256.7 6'045.6 6'320.7 3.42x 2.86x 13.45x 12.69x 9'204.4 10'295.1 2'088.9 2'181.9 8.25x 7.38x 7.96x 7.70x 7'964.2 8'779.2 1'827.6 1'919.9 13.58x 12.61x 13.39x 13.03x S&P Issuer Ratings

19.12.2001 NR 73.10 58.83 -4.05 0.00 0.0% 0.0% 0.49 7.55 26.39 51.43 60.17 13.58

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00 15.00

10'000.0

10.00

5'000.0 5.00 0.00 02.10.2009

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

30.04.2013

QUALCOMM Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET VANGUARD GROUP INC FMR LLC T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL INVESCO LTD JP MORGAN NORTHERN TRUST CORPO WELLS FARGO AMERIPRISE FINANCIAL UBS JACOBS IRWIN MARK GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AG

Firm Name Deutsche Bank D.A. Davidson & Co Oppenheimer & Co JMP Securities Piper Jaffray Barclays BMO Capital Markets William Blair & Co Raymond James Sterne, Agee & Leach Evercore Partners Wells Fargo Securities, LLC Williams Financial Group Brean Murray Carret & Co FBR Capital Markets RBC Capital Markets Sanford C. Bernstein & Co Canaccord Genuity Corp Credit Agricole Securities (USA) Morgan Stanley MKM Partners Exane BNP Paribas Wedge Partners Societe Generale Nomura Lazard Capital Markets Pacific Crest Securities Credit Suisse Argus Research Corp Edward Jones Susquehanna Financial Group Northland Securities Inc Cowen and Company Tigress Financial Partners Scotia Capital Berenberg Bank S&P Capital IQ Drexel Hamilton LLC JPMorgan Daiwa Securities Co. Ltd. Goldman Sachs Macquarie Davenport & Co

Portfolio Name n/a n/a VANGUARD GROUP INC n/a T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL n/a n/a NORTHERN TRUST CORPO n/a AMERIPRISE FINANCIAL n/a n/a GOLDMAN SACHS GROUP PRIMECAP MANAGEMENT TIAA-CREF INVESTMENT WELLINGTON MANAGEMEN SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA DEUTSCHE BANK AKTIEN

Analyst BRIAN T MODOFF AALOK K SHAH ITTAI KIDRON ALEX GAUNA AUGUSTE P RICHARD BLAYNE CURTIS TIMOTHY P LONG ANIL K DORADLA TAVIS C MCCOURT VIJAY R RAKESH MARK A MCKECHNIE DAVID M WONG CODY G ACREE MIKE BURTON CHRISTOPHER ROLLAND MARK SUE STACY A RASGON T MICHAEL WALKLEY SRINI PAJJURI EHUD A GELBLUM DANIEL A BERENBAUM JEROME RAMEL BRIAN BLAIR PETER KNOX ROMIT SHAH IAN ING JAMES FAUCETTE KULBINDER GARCHA JAMES KELLEHER WILLIAM C KREHER CHRISTOPHER CASO THOMAS SEPENZIS MATTHEW HOFFMAN IVAN FEINSETH GUS PAPAGEORGIOU ADNAAN AHMAD JAMES G MOORMAN RICHARD WHITTINGTON ROD HALL YOKO YAMADA SIMONA JANKOWSKI SHAWN WEBSTER F DRAKE JOHNSTONE

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

Recommendation buy neutral outperform market outperform overweight overweight outperform outperform strong buy buy overweight outperform hold buy outperform outperform outperform buy outperform Overwt/Attractive buy outperform no rating system hold buy buy outperform outperform buy buy Positive outperform outperform strong buy focus stock sell strong buy buy neutral outperform Buy/Neutral outperform buy

Amt Held 98'505'360 92'199'654 78'646'090 65'989'412 48'565'229 37'221'715 28'207'275 28'102'183 26'620'183 20'860'976 20'000'786 18'607'336 18'545'579 18'055'113 17'971'145 16'861'913 16'431'203 15'415'875 15'097'814 15'092'976

% Out 5.73 5.37 4.58 3.84 2.83 2.17 1.64 1.64 1.55 1.21 1.16 1.08 1.08 1.05 1.05 0.98 0.96 0.9 0.88 0.88

Weighting

Change

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

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

Latest Chg 1'057'384 2'835'660 2'470'673 (13'864'751) (1'402'853) (2'037'442) (3'531'699) 3'842'992 (44'394) (267'148) (101'415) (1'006'975) (66'379) (97'239) (245'290) 1'737'652 (5'446'906) (4'025'353) (2'711'518) 3'254'562

Target Price 78 65 70 75 74 77 80 #N/A N/A 83 75 75 #N/A N/A #N/A N/A 80 76 77 80 85 74 78 74 75 #N/A N/A 64 75 79 70 85 80 #N/A N/A 85 80 #N/A N/A #N/A N/A 81 50 84 80 70 71 80 75 72

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

File Dt 23.04.2013 24.04.2013 31.03.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.03.2013 05.03.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

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

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

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 15.04.2013 11.04.2013 09.04.2013 08.04.2013 08.04.2013 05.04.2013 02.04.2013 01.04.2013 18.03.2013 05.03.2013 05.03.2013 05.03.2013 13.02.2013 12.02.2013 04.02.2013 31.01.2013 31.01.2013 31.01.2013

30.04.2013

Randgold Resources Ltd Randgold Resources Ltd. provides mining services. The Company offers acquisition, development, and exploration of gold and other precious metal in Africa.

Price/Volume 140

1.2 M

120

1.0 M

100

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (17.04.2013) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLD UW EQUITY YTD Change GOLD UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

.2 M

20 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 338.6 9.01x 97.3 31.34x 41.6 78.87x

.6 M

12/2011 12/yy 127.27 66.55 178'428.00 81.43 -36.02% 22.36% 24.51% 92.1 7'502.30 18.02 0.0 166.1 390.76 7'295.66

31.12.2009 31.12.2010 432.8 484.6 15.50x 14.79x 142.3 164.3 47.15x 43.62x 69.4 103.5 94.26x 72.03x Profitability

LTM-4Q 31.12.2011 1'127.1 7.97x 581.9 15.44x 383.9 24.30x

31.12.2012 1'317.8 6.59x 699.2 12.43x 431.8 20.57x 699.18 567.44 43.06% 43.12% 15.23% 17.95% 20.07% 0.46% 51.1% 53.1% 43.1% 32.8% 4.07 1.92 0.58% 0.69% 23.85 -

Price/ Cash Flow

12/yy 1'127.1 28.37x 581.9 15.44x 383.9 24.30x

LTM 12/yy 1'317.8 26.72x 699.2 12.43x 431.8 20.57x

FY+1

0.61 0.65 0.81 -8.19% -17.95% 0.650 10 4.400 309'794 251'036 210'536 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'499.3 1'937.9 321.0 339.0 4.92x 3.56x 717.8 1'102.2 10.16x 6.62x 426.5 683.4 75.3 85.0 17.44x 11.07x 20.50x 17.36x S&P Issuer Ratings

582.65 114.09 -0.53 0.03 0.7% 0.6% 0.46 0.87 15.35 136.09

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Randgold Resources Ltd Holdings By:

All

Holder Name BLACKROCK VAN ECK ASSOCIATES C WELLS FARGO FMR LLC CARMIGNAC GESTION FRANKLIN RESOURCES AGF INVESTMENTS INC MACKENZIE FINANCIAL FIRST EAGLE INVESTME JENNISON ASSOCIATES JP MORGAN TOCQUEVILLE ASSET MA PAULSON & CO INVESCO LTD GAMCO OPPENHEIMERFUNDS INC ASA BERMUDA LIMITED RENAISSANCE TECHNOLO NIKKO ASSET MANAGEME AMERICAN CENTURY COM

Firm Name Scotia Capital BMO Capital Markets Dundee Securities Corp Canaccord Genuity Corp HSBC Clarus Securities EVA Dimensions S&P Capital IQ GARP Research

Portfolio Name n/a n/a n/a n/a CARMIGNAC GESTION n/a AGF INVESTMENTS INC MACKENZIE FINANCIAL FIRST EAGLE INVESTME JENNISON ASSOCIATES n/a TOCQUEVILLE ASSET MA PAULSON & CO n/a n/a OPPENHEIMER FUNDS IN ASA BERMUDA LIMITED RENAISSANCE TECHNOLO n/a AMERICAN CENTURY COM

Analyst TANYA M JAKUSCONEK ANDREW BREICHMANAS JOSH WOLFSON TIM DUDLEY PATRICK CHIDLEY NANA SANGMUAH CRAIG STERLING LEO LARKIN SETH DADDS

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F

Recommendation sector perform outperform buy buy overweight buy underweight buy buy

Amt Held 8'507'723 6'627'558 6'013'791 4'049'382 3'917'000 1'651'613 1'639'811 1'487'200 1'264'736 1'013'740 968'495 952'220 930'502 821'510 818'535 656'494 444'700 399'700 386'300 385'000

% Out 9.23 7.19 6.53 4.4 4.25 1.79 1.78 1.61 1.37 1.1 1.05 1.03 1.01 0.89 0.89 0.71 0.48 0.43 0.42 0.42

Weighting

Change 3 5 5 5 5 5 1 5 5

M U M M M M M M M

Latest Chg (58'564) 365'169 394'983 (992'666) 3'917'000 (232'819) 442'950 954'000 (96'778) (224'221) (175'960) (72'716) 1'320 30'000 171'000 65'300 -

Target Price 94 100 105 133 120 120 #N/A N/A 125 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.04.2013 23.04.2013 28.02.2013 28.02.2013 31.12.2012 31.01.2013 31.03.2013 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.03.2013

Date 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Unclassified Investment Advisor Investment Advisor Hedge Fund Manager Unclassified Investment Advisor

Date 23.04.2013 14.04.2013 12.04.2013 11.04.2013 03.04.2013 01.04.2013 28.03.2013 16.11.2012 10.08.2012

30.04.2013

Regeneron Pharmaceuticals Inc Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders.

Price/Volume 250 200 150

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance REGN UW EQUITY YTD Change REGN UW EQUITY YTD % CHANGE

12/2012 12/yy 220.90 107.33 183'191.00 215.48 -2.45% 100.76% 95.23% 95.4 21'007.36 455.95 0.0 0.0 579.33 20'883.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

50 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.12.2008 238.5 4.17x (75.0) (79.1) -

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

31.12.2009 31.12.2010 379.3 459.1 4.43x 5.39x (59.9) (77.8) (67.8) (104.5) Profitability

LTM-4Q 31.12.2011 445.8 10.71x (174.1) (221.8) -

31.12.2012 1'378.5 11.98x 494.7 33.40x 750.3 25.34x 494.65 457.71 33.20% 30.06% 44.08% 86.68% 0.81% 93.9% 35.9% 33.2% 54.4% 7.37 6.12 21.92% 36.61% 3.46 -

Price/ Cash Flow

12/yy 445.8 40.93x (174.1) 0.00x (221.8) 0.00x

LTM 12/yy 1'378.5 38.30x 494.7 33.40x 750.3 25.88x

FY+1

0.00 0.81 77.37 4.18 59.31% 25.96% 0.809 19 4.053 219'039 220'958 227'874 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'885.9 2'361.7 424.3 457.3 10.48x 7.94x 748.5 1'114.8 160.0 179.8 27.90x 18.73x 27.32x 646.3 909.9 150.9 163.7 41.09x 31.57x 36.45x S&P Issuer Ratings

10.92 9.83 -0.25 0.92 36.6% 26.8% 0.81 3.69 105.69 144.46 -

Sales/Revenue/Turnover

70.00

1'600.0

60.00

1'400.0 1'200.0

50.00

1'000.0 40.00

800.0 30.00

600.0

20.00

400.0

10.00

200.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Regeneron Pharmaceuticals Inc Holdings By:

All

Holder Name SANOFI AVENTIS FMR LLC CAPITAL GROUP COMPAN T ROWE PRICE ASSOCIA BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC STATE STREET SANDS CAPITAL MANAGE ARTISAN PARTNERS HOL JP MORGAN YANCOPOULOS GEORGE D BANK OF NEW YORK MEL INVESCO LTD TOUCHSTONE ADVISORS AMERICAN CENTURY COM JANUS CAPITAL MANAGE DEUTSCHE BANK AG PINNACLE ASSOCIATES NORTHERN TRUST CORPO

Firm Name BMO Capital Markets Robert W. Baird & Co JPMorgan Goldman Sachs RBC Capital Markets Jefferies Credit Suisse Leerink Swann & Co Barclays JMP Securities Lazard Capital Markets Roth Capital Partners EVA Dimensions Brean Murray Carret & Co Cowen and Company Piper Jaffray Deutsche Bank

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a SANDS CAPITAL MANAGE ARTISAN PARTNERS LP n/a n/a BANK OF NEW YORK MEL n/a Multiple Portfolios AMERICAN CENTURY COM n/a DEUTSCHE BANK AKTIEN PINNACLE ASSOCIATES NORTHERN TRUST CORPO

Analyst JIM BIRCHENOUGH CHRISTOPHER J RAYMOND GEOFFREY MEACHAM TERENCE FLYNN ADNAN BUTT BIREN AMIN JASON KANTOR JOSEPH P SCHWARTZ YING HUANG JOHN L NEWMAN JOSHUA SCHIMMER JOSEPH PANTGINIS ANDREW S ZAMFOTIS JONATHAN M ASCHOFF PHILIP NADEAU EDWARD A TENTHOFF ROBYN KARNAUSKAS

Source Form 4 ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG Form 4 13F ULT-AGG MF-AGG 13F ULT-AGG 13F 13F 13F

Recommendation outperform outperform neutral buy/attractive outperform hold outperform outperform overweight market perform neutral buy hold hold neutral neutral buy

Amt Held 15'816'953 14'104'017 13'171'840 6'746'671 5'977'244 3'857'640 3'750'109 3'368'977 3'223'869 3'119'564 2'525'132 1'122'864 1'096'039 1'029'377 870'000 860'833 803'814 795'113 766'916 765'640

% Out 16.58 14.79 13.81 7.07 6.27 4.04 3.93 3.53 3.38 3.27 2.65 1.18 1.15 1.08 0.91 0.9 0.84 0.83 0.8 0.8

Weighting

Change 5 5 3 5 5 3 5 5 5 3 3 5 3 3 3 3 5

M M M M M M M M M N M M U M M M M

Latest Chg 1'017'401 3'344'742 (1'764'400) (618'760) (228'913) 1'232'468 20'621 (610'504) 36'747 460'591 50'846 348'085 964'817 42'000 458'199 (153'262) (5'936) (154'017) 70'587

Target Price 192 220 200 230 230 179 187 #N/A N/A 194 #N/A N/A #N/A N/A 200 #N/A N/A #N/A N/A #N/A N/A 140 190

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.10.2010 28.02.2013 31.03.2013 31.12.2012 23.04.2013 31.12.2012 31.03.2013 24.04.2013 31.12.2012 31.12.2012 31.12.2012 19.12.2012 31.03.2013 31.12.2012 31.01.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 23.04.2013 22.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 03.04.2013 03.04.2013 03.04.2013 28.03.2013 03.03.2013 19.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 25.10.2012

30.04.2013

Ross Stores Inc Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.08.2012) 52-Week Low (27.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROST UW EQUITY YTD Change ROST UW EQUITY YTD % CHANGE

01/2013 02/yy 70.82 52.02 668'015.00 65.72 -7.20% 26.34% 72.87% 220.0 14'459.64 150.00 0.0 0.0 647.85 13'961.79

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 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 6'486.1 0.55x 637.0 5.61x 305.4 12.63x

31.01.2010 31.01.2011 7'184.2 7'866.1 0.70x 0.90x 885.2 1'067.3 5.68x 6.60x 442.8 554.8 12.97x 14.14x Profitability

LTM-4Q 31.01.2012 8'608.3 1.29x 1'223.4 9.07x 657.2 17.86x

31.01.2013 9'721.1 1.30x 1'457.2 8.66x 786.8 16.84x 1'457.24 1'271.75 13.08% 13.01% 22.57% 48.27% 44.44% 2.79% 27.9% 15.0% 13.1% 8.1% 1.43 0.50 4.09% 8.49% 176.00 5.99

Price/ Cash Flow

LTM

01/yy 8'608.3 4.32x 1'223.4 9.07x 657.2 17.86x

02/yy 9'721.1 5.52x 1'457.2 8.66x 786.8 16.84x

FY+1

0.64 0.85 213.77 2.40 7.74% 21.72% 0.849 28 4.107 552'504 706'590 745'199 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 10'278.2 10'995.4 2'523.1 2'505.0 1.36x 1.28x 5.54x 5.59x 1'586.9 1'733.4 428.6 383.1 8.80x 8.05x 8.73x 8.43x 836.0 911.9 228.4 199.6 17.03x 15.13x 17.01x 16.43x S&P Issuer Ratings

08.06.2011 BBB+ POS 127.83 90.60 -0.34 0.10 8.5% 7.8% 2.79 7.11 2.11 61.89 41.05 22.94

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Ross Stores Inc Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC STATE STREET JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA INVESCO LTD JP MORGAN AMERIPRISE FINANCIAL BANK OF NEW YORK MEL MACKAY SHIELDS LLC NORTHERN TRUST CORPO ORBAN GEORGE P JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M WELLS FARGO SUN LIFE FINANCIAL I AKRE CAPITAL MANAGEM

Firm Name Cowen and Company Deutsche Bank EVA Dimensions Johnson Rice & Co Northcoast Research JPMorgan William Blair & Co FBR Capital Markets Sterne, Agee & Leach BMO Capital Markets RBC Capital Markets Jefferies Stifel Avondale Partners LLC Canaccord Genuity Corp MKM Partners Crowell, Weedon & Co ISI Group Morgan Stanley Buckingham Research Group Wells Fargo Securities, LLC Telsey Advisory Group Credit Suisse Piper Jaffray CL King & Associates S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA WINSLOW CAPITAL MANA n/a n/a AMERIPRISE FINANCIAL BANK OF NEW YORK MEL Multiple Portfolios NORTHERN TRUST CORPO n/a JENNISON ASSOCIATES RENAISSANCE TECHNOLO PIONEER INVESTMENT M n/a n/a AKRE CAPITAL MANAGEM

Analyst JOHN KERNAN MICHAEL BAKER CRAIG STERLING DAVID M MANN JEFFERY STEIN BRIAN J TUNICK DANIEL H HOFKIN DUTCH FOX IKE BORUCHOW JOHN D MORRIS HOWARD TUBIN RANDAL J KONIK RICHARD E JAFFE MARK K MONTAGNA LAURA A CHAMPINE PATRICK G MCKEEVER JR SCOTT M SWANSON OMAR SAAD KIMBERLY GREENBERGER DAVID J GLICK EVREN DOGAN KOPELMAN DANA TELSEY MICHAEL B EXSTEIN ALEX J FUHRMAN MORRY BROWN JASON ASAEDA

Source ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F 13F MF-AGG 13F Form 4 13F 13F 13F ULT-AGG ULT-AGG 13F

Recommendation outperform buy overweight overweight neutral neutral outperform outperform neutral market perform sector perform hold hold market outperform hold buy buy buy Equalwt/Cautious neutral market perform no rating system outperform overweight buy buy

Amt Held 28'175'226 18'958'928 14'602'666 11'829'543 7'836'463 7'065'366 5'910'719 5'480'551 3'774'122 3'661'156 3'403'052 3'241'246 2'977'172 2'740'802 2'716'295 2'597'864 2'509'699 1'967'863 1'961'993 1'937'709

% Out 12.81 8.62 6.64 5.38 3.56 3.21 2.69 2.49 1.72 1.66 1.55 1.47 1.35 1.25 1.23 1.18 1.14 0.89 0.89 0.88

Weighting

Change

5 5 5 5 3 3 5 5 3 3 3 3 3 4 3 5 5 5 3 3 3 #N/A N/A 5 5 5 5

N M D M D M M M M M M M M M M M M M M M M M M M M M

Latest Chg (501'655) 2'286'635 3'124'486 (19'757) 410'306 243'294 3'854'546 (770'001) 2'969'271 (361'361) (446'572) (743'522) 13'659 (16'000) 333'564 612'200 957'912 (317'638) 13'874 (10'813)

Target Price #N/A N/A 66 #N/A N/A #N/A N/A #N/A N/A 67 #N/A N/A 69 60 58 67 55 #N/A N/A 76 66 68 70 70 #N/A N/A 60 #N/A N/A 64 68 71 70 64

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.03.2013 n/a 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 22.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 11.04.2013 25.03.2013 24.03.2013 22.03.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 21.03.2013 20.03.2013 15.03.2013

30.04.2013

SanDisk Corp SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price/Volume 70

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.04.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/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 SNDK UW EQUITY YTD Change SNDK UW EQUITY YTD % CHANGE

12/2012 03/yy 58.90 31.00 811'689.00 54.17 -8.03% 74.74% 83.05% 241.8 13'100.87 1'696.62 0.0 (4.3) 5'711.44 8'625.94

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 3'566.8 4'826.8 1.30x 1.69x 750.1 1'688.4 6.16x 4.83x 415.3 1'300.1 16.19x 9.17x Profitability

2.0 M

1.0 M

0 a-12

.0 M m-12

LTM-4Q 31.12.2011 5'662.1 1.40x 1'807.0 4.38x 987.0 12.36x

31.12.2012 5'052.5 1.24x 1'113.3 5.65x 417.4 25.11x 1'113.26 696.10 13.78% 12.41% 4.60% 6.54% 5.64% 0.51% 33.3% 23.4% 14.6% 8.3% 2.45 1.84 16.41% 23.36% 12.94 4.53

Price/ Cash Flow

04/yy 5'573.5 5.18x 1'665.3 4.94x 877.3 13.85x

j-12

a-12

s-12

LTM 03/yy 5'187.7 5.21x 1'215.0 7.26x 469.2 28.77x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 1.45 237.91 9.36 46.37% 24.36% 1.455 37 4.270 1'033'834 1'234'485 1'105'220 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'770.4 6'330.5 1'385.6 1'475.2 1.85x 1.59x 7.72x 7.19x 1'731.9 1'931.8 380.0 435.2 4.98x 4.47x 4.98x 4.85x 976.8 1'137.4 220.9 264.7 13.45x 11.63x 12.93x 12.50x S&P Issuer Ratings

20.12.2011 BB STABLE 9.30 5.22 -3.68 1.42 23.4% 18.9% 0.51 9.33 28.14 80.43 26.09 90.02

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 08.01.2010

3.0 M

Fiscal Year Ended 31.12.2008 3'351.4 0.15x (610.0) (1'986.6) -

4.0 M

0.0 08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

SanDisk Corp Holdings By:

All

Holder Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA BLACKROCK STATE STREET CLEARBRIDGE INVESTME FMR LLC PRIMECAP MANAGEMENT BANK OF NEW YORK MEL MORGAN STANLEY WELLINGTON MANAGEMEN VIKING GLOBAL INVEST LEGG MASON INC KENSICO CAPITAL MANA EDINBURGH PARTNERS L DISCOVERY CAPITAL MA NEUBERGER BERMAN LLC NORTHERN TRUST CORPO HARARI ELI NORGES BANK INVESCO LTD

Firm Name Cowen and Company Sterne, Agee & Leach BMO Capital Markets Robert W. Baird & Co Susquehanna Financial Group Sanford C. Bernstein & Co MKM Partners Morgan Stanley RBC Capital Markets Argus Research Corp Credit Suisse JPMorgan Needham & Co Pacific Crest Securities Wedbush Macquarie B Riley & Company, Inc Stifel Nomura S&P Capital IQ Gabelli & Co Lazard Capital Markets Cross Research Piper Jaffray Credit Agricole Securities (USA) Deutsche Bank Goldman Sachs Jefferies Raymond James Wedge Partners Tigress Financial Partners EVA Dimensions JMP Securities BOE Securities

Portfolio Name VANGUARD GROUP INC T ROWE PRICE ASSOCIA n/a n/a CLEARBRIDGE INVESTME n/a PRIMECAP MANAGEMENT BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN VIKING GLOBAL INVEST Multiple Portfolios KENSICO CAPITAL MANA EDINBURGH PARTNERS L DISCOVERY CAPITAL MA NEUBERGER BERMAN GRO NORTHERN TRUST CORPO n/a NORGES BANK n/a

Analyst TIMOTHY M ARCURI VIJAY R RAKESH AMBRISH SRIVASTAVA TRISTAN GERRA MEHDI HOSSEINI MARK C NEWMAN DANIEL A BERENBAUM JOSEPH MOORE DOUG FREEDMAN JAMES KELLEHER JOHN W PITZER HARLAN SUR RAJVINDRA S. GILL MONIKA GARG BETSY VAN HEES DEEPON NAG CRAIG ELLIS KEVIN E CASSIDY SIDNEY HO ANGELO ZINO HENDI SUSANTO DANIEL L AMIR STEVEN B FOX JAGADISH IYER RYAN GOODMAN BOB GUJAVARTY JAMES SCHNEIDER SUNDEEP BAJIKAR HANS C MOSESMANN JUN ZHANG IVAN FEINSETH ANDREW S ZAMFOTIS ALEX GAUNA BINDAL PARIKH TOTLANI

Source 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F MF-AGG 13F 13F 13F 13F 13F Form 5 13F ULT-AGG

Recommendation neutral buy market perform neutral Positive outperform neutral Overwt/In-Line outperform buy outperform neutral buy outperform outperform outperform buy buy buy buy buy buy buy overweight underperform hold buy/attractive buy outperform no rating system strong buy sell market perform buy

Amt Held 14'891'117 13'772'396 12'829'262 12'710'910 10'649'095 9'770'368 7'073'816 6'317'320 5'720'676 4'819'428 4'482'305 4'451'294 4'244'000 4'052'309 3'585'900 3'510'069 3'388'893 3'283'017 2'897'220 2'626'387

% Out 6.16 5.69 5.3 5.26 4.4 4.04 2.92 2.61 2.37 1.99 1.85 1.84 1.75 1.68 1.48 1.45 1.4 1.36 1.2 1.09

Weighting

Change

3 5 3 3 4 5 3 5 5 5 5 3 5 5 5 5 5 5 5 5 5 5 5 5 1 3 5 5 5 #N/A N/A 5 1 3 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M D M M

Latest Chg 746'367 (4'813'870) (4'530'556) 123'490 173'278 (2'966'151) 147'100 823'506 389'070 3'542'305 41'763 1'084'200 (458'751) 2'131'900 (259'067) (38'398) (3'685'038) (245'762)

Target Price #N/A N/A 70 59 55 77 75 47 60 65 65 75 56 70 66 66 65 67 65 60 70 #N/A N/A 67 65 72 58 50 60 70 64 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 02.01.2011 n/a 31.12.2012 Government 31.12.2012 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 25.04.2013 24.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 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 18.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 15.04.2013 09.04.2013 01.02.2013 17.10.2012 01.08.2012

30.04.2013

SBA Communications Corp SBA Communications Corporation owns and operates wireless communications infrastructure in the United States. The Company offers both site leasing and site development services. SBA leases antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. The Company also offers site development consulting and construction.

Price/Volume 90

2.5 M

80 2.0 M

70 60

1.5 M

50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBAC UW EQUITY YTD Change SBAC UW EQUITY YTD % CHANGE

12/2012 12/yy 78.86 49.37 534'408.00 77.87 -1.26% 57.73% 96.64% 127.3 9'911.58 5'356.10 0.0 11.7 238.57 15'148.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 555.5 626.6 11.38x 11.93x 322.2 369.0 19.62x 20.25x (140.9) (194.7) Profitability

0 a-12

.0 M m-12

LTM-4Q 31.12.2011 698.2 11.49x 432.4 18.56x (126.5) -

31.12.2012 954.1 14.82x 602.4 23.47x (181.0) 602.43 193.96 20.33% -18.56% -3.43% -37.81% 0.20% 70.7% 62.5% 20.4% -19.0% 0.43 0.32 81.21% 820.24% 29.29 13.54

Price/ Cash Flow

12/yy 698.2 42.53x 432.4 18.56x (126.5) 0.00x

j-12

a-12

s-12

LTM 12/yy 954.1 47.67x 479.3 0.00x (181.0) 0.00x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

0.00 0.81 125.97 17.08 44.90% 9.65% 0.810 21 4.619 592'447 454'798 527'567 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 1'226.3 1'311.5 304.5 305.9 12.35x 11.74x 50.19x 49.80x 762.8 835.9 188.1 191.5 19.86x 18.12x 19.48x 18.99x (112.3) (28.1) (28.0) (24.9) S&P Issuer Ratings

10.04.2012 B+ STABLE 3.07 2.49 7.80 7.99 820.2% 89.0% 0.20 0.51 12.46 27.04 25.93 12.85

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 01.01.2010

.5 M

Fiscal Year Ended 31.12.2008 475.0 8.91x 258.1 16.40x (67.2) -

1.0 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 |

30.04.2013

SBA Communications Corp Holdings By:

All

Holder Name FMR LLC BLACKROCK VANGUARD GROUP INC WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE WELLS FARGO MACKAY SHIELDS LLC AMERICAN CENTURY COM CITADEL ADVISORS LLC INVESCO LTD WILLIAM BLAIR & COMP TIAA CREF INVESTMENT PRUDENTIAL FINANCIAL FRANKLIN RESOURCES POINTSTATE CAPITAL STATE STREET

Firm Name Stifel Wells Fargo Securities, LLC Deutsche Bank Evercore Partners Cowen and Company Canaccord Genuity Corp Pacific Crest Securities Morgan Stanley Raymond James Nomura RBC Capital Markets Macquarie Piper Jaffray JPMorgan Atlantic Equities LLP New Street Research Goldman Sachs EVA Dimensions S&P Capital IQ

Portfolio Name n/a n/a VANGUARD GROUP INC WINSLOW CAPITAL MANA GOLDMAN SACHS GROUP TIMESSQUARE CAPITAL BAMCO INC JENNISON ASSOCIATES COLUMBIA WANGER ASSE n/a Multiple Portfolios AMERICAN CENTURY COM CITADEL ADVISORS LLC n/a WILLIAM BLAIR & COMP TIAA-CREF INVESTMENT n/a n/a POINTSTATE CAPITAL L n/a

Analyst BEN LOWE JENNIFER M FRITZSCHE BRETT FELDMAN JONATHAN SCHILDKRAUT COLBY SYNESAEL GREGORY MILLER MICHAEL BOWEN SIMON FLANNERY RICHARD H PRENTISS JR MICHAEL L MCCORMACK JONATHAN ATKIN KEVIN SMITHEN CHRISTOPHER M LARSEN PHILIP CUSICK CHRISTOPHER WATTS JONATHAN CHAPLIN JASON ARMSTRONG ANDREW S ZAMFOTIS JAMES G MOORMAN

Source ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG MF-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG

Recommendation buy outperform buy overweight outperform buy outperform Overwt/In-Line strong buy buy top pick neutral overweight overweight neutral buy buy/attractive sell buy

Amt Held 12'208'555 6'537'284 6'423'483 6'338'878 6'263'342 5'682'550 5'501'746 5'253'590 4'427'000 3'568'725 3'512'052 3'393'359 3'289'965 3'083'619 2'946'325 2'928'535 2'758'383 2'745'060 2'522'500 2'434'963

% Out 9.59 5.14 5.05 4.98 4.92 4.46 4.32 4.13 3.48 2.8 2.76 2.67 2.58 2.42 2.31 2.3 2.17 2.16 1.98 1.91

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 3 5 5 3 5 5 1 5

M M M M M M M M M M M M M M M M M M M

Latest Chg 140'821 681'245 535'358 81'285 (53'029) (617'000) (178'257) 1'508'618 (30'000) (84'327) (4'470) (810'844) 1'631'825 1'352'937 (875'071) 404'165 112'092 (153'405) 1'373'100 134'740

Target Price 83 #N/A N/A 85 83 #N/A N/A 85 98 77 81 85 85 77 83 80 73 75 78 #N/A N/A 84

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 24.04.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided 12 month

Date 24.04.2013 23.04.2013 16.04.2013 16.04.2013 16.04.2013 14.04.2013 08.04.2013 05.04.2013 04.04.2013 04.04.2013 03.04.2013 13.03.2013 26.02.2013 22.02.2013 22.02.2013 21.02.2013 22.01.2013 15.01.2013 02.01.2013

30.04.2013

Seagate Technology PLC Seagate Technology PLC designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems. The Company also provides data storage services for businesses, including online backup, data protection and recovery solutions.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 24.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STX UW EQUITY YTD Change STX UW EQUITY YTD % CHANGE

06/2012 12/yy 37.94 21.62 1'120'731.00 36.22 -4.53% 67.53% 89.46% 358.9 12'997.96 2'863.00 0.0 0.0 2'118.00 13'957.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 30.06.2008 12'708.0 0.81x 2'308.0 4.48x 1'262.0 7.46x

30.06.2009 30.06.2010 9'805.0 11'395.0 0.63x 0.54x 796.0 2'643.0 7.82x 2.34x (3'125.0) 1'609.0 4.12x Profitability

LTM-4Q 30.06.2011 10'971.0 0.67x 1'578.0 4.63x 511.0 14.10x

30.06.2012 14'939.0 0.71x 3'926.0 2.68x 2'862.0 3.80x 3'926.00 3'112.00 20.83% 19.29% 36.10% 101.41% 56.94% 1.82% 31.4% 26.4% 21.1% 19.2% 1.86 1.31 28.33% 81.87% 9.97 13.71

Price/ Cash Flow

LTM

12/yy 11'560.0 2.36x 1'968.0 4.23x 915.0 7.42x

12/yy 16'332.0 2.89x 4'319.0 2.70x 3'233.0 3.96x

FY+1

4.20 1.36 310.27 28.88 21.81% 18.83% 1.359 28 3.000 1'557'411 1'435'396 1'612'663 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 03/13 Q3 06/13 Q4 14'125.9 13'694.8 3'384.8 3'349.3 0.98x 0.96x 3.80x 3.78x 3'100.5 2'955.5 698.0 696.7 4.50x 4.72x 4.64x 4.52x 1'972.4 1'824.7 422.9 426.9 6.99x 6.69x 7.13x 6.85x S&P Issuer Ratings

07.03.2011 BB+ STABLE 16.29 13.65 0.22 0.65 81.9% 45.0% 1.82 7.36 36.50 26.55 51.46 1.17

Sales/Revenue/Turnover

12.00

16'000.0 14'000.0

10.00

12'000.0 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0 2.00 0.00 03.07.2009

2'000.0 0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Seagate Technology PLC Holdings By:

All

Holder Name SAMSUNG ELECTRONICS FMR LLC LEGG MASON INC VANGUARD GROUP INC CLEARBRIDGE INVESTME STATE STREET BLACKROCK BANK OF NEW YORK MEL ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT GREENLIGHT CAPITAL I NORGES BANK FIRST TRUST INVESCO LTD ROBECO INVESTMENT MG BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO BARCLAYS PLC JANUS CAPITAL MANAGE

Firm Name BMO Capital Markets Brean Murray Carret & Co Deutsche Bank Lazard Capital Markets Wells Fargo Securities, LLC Evercore Partners RBC Capital Markets Pacific Crest Securities Cross Research Goldman Sachs Longbow Research Tigress Financial Partners Daiwa Securities Co. Ltd. Stifel Barclays Argus Research Corp Morgan Stanley JPMorgan Needham & Co Robert W. Baird & Co Noble Financial Group S&P Capital IQ Craig-Hallum Capital Group LLC Credit Agricole Securities (USA) FBN Securities EVA Dimensions Wedge Partners

Portfolio Name n/a n/a n/a VANGUARD GROUP INC CLEARBRIDGE INVESTME n/a n/a BANK OF NEW YORK MEL ALKEN ASSET MANAGEME LSV ASSET MANAGEMENT GREENLIGHT CAPITAL I NORGES BANK n/a n/a ROBECO INVESTMENT MA BRANDES INVESTMENT P GOLDMAN SACHS GROUP NORTHERN TRUST CORPO n/a n/a

Analyst KEITH F BACHMAN ANANDA BARUAH SHERRI SCRIBNER EDWARD PARKER MAYNARD UM ROBERT CIHRA AMIT DARYANANI MONIKA GARG STEVEN B FOX WILLIAM C SHOPE JR JOE WITTINE IVAN FEINSETH YOKO YAMADA AARON C RAKERS BENJAMIN A REITZES JAMES KELLEHER KATHRYN HUBERTY MARK A MOSKOWITZ RICHARD J KUGELE JAYSON NOLAND SR MARK S MILLER ANGELO ZINO CHRISTIAN SCHWAB AVI SILVER SHEBLY SEYRAFI ANDREW S ZAMFOTIS KIRK ADAMS

Source Form 3 ULT-AGG RNS-MAJ 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG ULT-AGG

Recommendation market perform buy hold buy market perform equalweight sector perform sector perform hold neutral/cautious neutral buy neutral hold underweight hold Equalwt/In-Line underweight hold neutral hold sell buy underperform sector perform buy no rating system

Amt Held 45'239'490 31'929'428 23'472'945 22'207'018 19'056'988 16'935'803 16'336'113 10'561'142 10'475'583 9'401'857 8'370'896 7'870'096 6'463'432 6'463'429 5'381'133 4'189'394 4'022'832 3'744'195 3'325'324 3'306'052

% Out 12.61 8.9 6.54 6.19 5.31 4.72 4.55 2.94 2.92 2.62 2.33 2.19 1.8 1.8 1.5 1.17 1.12 1.04 0.93 0.92

Weighting

Change

3 5 3 5 3 3 3 3 3 3 3 5 3 3 1 3 3 1 3 3 3 1 5 1 3 5 #N/A N/A

M M M M M M M M M M M N U M D M M M M M M M M M D M M

Latest Chg (771'386) (648'827) (357'691) (1'057'086) 500'926 1'670'291 38'814 (546'100) (8'217'244) 4'757'641 (1'143) (907'092) (866'533) 3'049'571 2'460'369 (142'206) 2'707'096 (298'500)

Target Price 35 39 40 42 #N/A N/A 36 35 #N/A N/A 39 29 #N/A N/A #N/A N/A 36 #N/A N/A 29 #N/A N/A #N/A N/A 20 #N/A N/A 35 25 31 40 35 40 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 27.01.2012 Corporation 28.02.2013 Investment Advisor 22.11.2010 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 24.04.2013 22.04.2013 19.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 05.04.2013 03.04.2013 02.04.2013 01.04.2013 15.03.2013 13.03.2013 06.02.2013 31.01.2013 30.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 29.01.2013 15.01.2013 14.01.2013

30.04.2013

Sears Holdings Corp Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance.

Price/Volume 80

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (28.12.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SHLD UW EQUITY YTD Change SHLD UW EQUITY YTD % CHANGE

01/2013 02/yy 68.74 38.40 169'663.00 49.92 -27.38% 30.00% 37.97% 106.4 5'310.80 3'120.00 0.0 417.0 609.00 8'238.80

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.5 M

1.0 M

.5 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.01.2009 46'770.0 0.21x 1'592.0 6.28x 53.0 35.29x

2.5 M

31.01.2010 31.01.2011 44'043.0 42'664.0 0.27x 0.24x 1'664.0 1'239.0 7.14x 8.26x 235.0 133.0 83.37x 72.46x Profitability

LTM-4Q 31.01.2012 41'567.0 0.18x (63.0) (3'140.0) -

31.01.2013 39'854.0 0.20x (146.0) (930.0) -146.00 -976.00 -2.45% -2.53% -4.57% -26.44% 1.96% 26.4% -0.4% -2.4% -2.3% 1.10 0.15 16.13% 113.25% 59.93 3.68

Price/ Cash Flow

LTM

01/yy 41'567.0 1.01x (63.0) 0.00x (3'140.0) 0.00x

02/yy 39'854.0 0.88x (146.0) 0.00x (930.0) 0.00x

FY+1

0.00 1.61 41.84 7.97 3.27% 20.70% 1.607 7 2.143 169'998 160'521 203'419 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 36'946.5 36'888.5 8'156.0 8'477.0 0.21x 0.22x 642.0 716.0 12.83x 11.51x (258.0) (207.0) S&P Issuer Ratings

05.01.2012 CCC+ STABLE -0.54 -1.96 -21.37 113.2% 49.6% 1.96 6.31 6.19 100.94 36.94 70.19

Sales/Revenue/Turnover

80.00

60'000.0

70.00

50'000.0

60.00

40'000.0

50.00 40.00

30'000.0

30.00

20'000.0

20.00

10'000.0 10.00 0.00 05.02.2010

0.0 05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Sears Holdings Corp Holdings By:

All

Holder Name RBS PARTNERS L P RBS PARTNERS L P LAMPERT EDWARD S FAIRHOLME CAPITAL MA TISCH THOMAS J HORIZON KINETICS STATE STREET VANGUARD GROUP INC BLACKROCK INVESCO LTD FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AG UOB GLOBAL STRATEGIE BARCLAYS PLC AKRE CAPITAL MANAGEM

Firm Name ISI Group Argus Research Corp Credit Suisse EVA Dimensions Longbow Research S&P Capital IQ Imperial Capital LLC

Portfolio Name RBS PARTNERS L P n/a n/a FAIRHOLME CAPITAL MA n/a n/a n/a VANGUARD GROUP INC n/a n/a FINE CAPITAL PARTNER DIMENSIONAL FUND ADV OLD WEST INVESTMENT CHOU ASSOCIATES MANA NORGES BANK SOUTHPOINT CAPITAL A DEUTSCHE BANK AKTIEN Multiple Portfolios n/a AKRE CAPITAL MANAGEM

Analyst GREGORY MELICH CHRISTOPHER GRAJA GARY BALTER CRAIG STERLING DAVID S MACGREGOR JASON ASAEDA MARY ROSS-GILBERT

Source 13F Form 4 Form 4 13F PROXY ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F MF-AGG ULT-AGG 13F

Recommendation sell hold underperform overweight not rated hold underperform

Amt Held 36'334'181 35'095'125 25'055'441 18'146'573 3'819'816 3'047'600 2'679'371 1'952'590 1'491'707 1'114'743 1'106'100 948'073 905'445 683'700 344'220 325'000 323'511 306'600 300'019 300'000

% Out 34.15 32.99 23.55 17.06 3.59 2.86 2.52 1.84 1.4 1.05 1.04 0.89 0.85 0.64 0.32 0.31 0.3 0.29 0.28 0.28

Weighting

Change

1 3 1 5 #N/A N/A 3 1

M M M U M M M

Latest Chg (5'939'961) (1'239'056) 14'395 1'212'493 (50'000) (84'798) 100'638 229'992 45'161 (109'420) 406'900 (10'500) 905'445 (54'262) 125'000 (241'439) 3'400 16'219 -

Target Price 22 #N/A N/A 20 #N/A N/A #N/A N/A 44 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 29.03.2013 29.03.2013 31.12.2012 14.02.2013 31.12.2012 24.04.2013 31.03.2013 23.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Hedge Fund Manager Hedge Fund Manager n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager

Date 12.04.2013 05.03.2013 04.03.2013 01.03.2013 14.01.2013 08.01.2013 02.05.2012

30.04.2013

Sigma-Aldrich Corp Sigma-Aldrich Corporation develops, manufactures, purchases and distributes a broad range of chemicals, biochemicals and equipment. The Company's chemical products and kits are used in scientific research, including genomic and proteomic, biotechnology, pharmaceutical development and as key components in pharmaceutical, diagnostic and other high technology manufacturing.

Price/Volume

1.2 M 1.0 M

Latest Fiscal Year: LTM as of: 52-Week High (20.03.2013) 52-Week Low (25.07.2012) Daily Volume Current Price (4/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 SIAL UW EQUITY YTD Change SIAL UW EQUITY YTD % CHANGE

12/2012 12/yy 79.32 66.52 147'205.00 78.29 -1.30% 17.69% 91.95% 120.3 9'420.99 683.00 0.0 0.0 724.00 9'338.99

.8 M

.6 M

.4 M

.2 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

80 70

Valuation Analysis

31.12.2008 2'200.7 2.56x 602.4 9.35x 341.5 15.94x

31.12.2009 31.12.2010 2'147.6 2'271.0 2.96x 3.56x 601.2 675.0 10.57x 11.99x 346.7 384.0 17.75x 21.33x Profitability

LTM-4Q 31.12.2011 2'505.0 2.96x 761.0 9.74x 457.0 16.61x

31.12.2012 2'623.0 3.35x 809.0 10.86x 460.0 19.11x 809.00 673.00 25.66% 24.97% 12.82% 18.93% 15.55% 0.73% 51.4% 30.4% 25.1% 17.5% 2.75 1.54 17.88% 26.83% 6.67 1.84

Price/ Cash Flow

12/yy 2'505.0 12.45x 761.0 9.74x 457.0 16.61x

LTM 12/yy 2'623.0 13.58x 809.0 10.86x 460.0 19.01x

FY+1

1.05 1.05 119.94 6.14 11.67% 6.70% 1.051 17 3.118 197'148 254'570 235'609 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'700.4 2'826.6 680.2 666.7 3.41x 3.10x 13.63x 13.83x 832.8 881.3 205.1 204.1 11.21x 10.60x 11.24x 11.05x 498.6 531.1 125.0 124.2 18.97x 17.78x 18.73x 18.40x S&P Issuer Ratings

28.09.2011 A+ STABLE 04.02.2004 A-1 202.25 173.75 -0.10 0.49 26.8% 21.2% 0.73 3.22 54.76 198.12 43.15 204.75

Sales/Revenue/Turnover

20.00

3'000.0

18.00

2'500.0

16.00 14.00

2'000.0

12.00

1'500.0

10.00 8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Sigma-Aldrich Corp Holdings By:

All

Holder Name STATE FARM MUTUAL AU CAPITAL GROUP COMPAN STATE STREET VANGUARD GROUP INC BANK OF NEW YORK MEL BLACKROCK WELLINGTON MANAGEMEN STATE FARM INSURANCE FMR LLC HARDING LOEVNER LP WELLS FARGO INVESCO LTD JP MORGAN SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL FRANKLIN RESOURCES FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC MANNING & NAPIER ADV

Firm Name Wells Fargo Securities, LLC First Analysis Corp Edward Jones Longbow Research KeyBanc Capital Markets Leerink Swann & Co Goldman Sachs EVA Dimensions Mizuho Securities USA Inc Jefferies Robert W. Baird & Co Macquarie JPMorgan Credit Agricole Securities (USA)

Portfolio Name STATE FARM MUTUAL AU n/a n/a VANGUARD GROUP INC BANK OF NEW YORK MEL n/a WELLINGTON MANAGEMEN Multiple Portfolios n/a HARDING LOEVNER LP n/a n/a n/a SELECT EQUITY GROUP NORTHERN TRUST CORPO MACKENZIE FINANCIAL n/a FAIRPOINTE CAPITAL L CAPITAL COUNSEL LLC MANNING & NAPIER ADV

Analyst TIM EVANS TRACY MARSHBANKS MATT ARNOLD DMITRY SILVERSTEYN MICHAEL J SISON DANIEL L LEONARD ISAAC RO CRAIG STERLING PETER R LAWSON JON WOOD JEFF T ELLIOTT JONATHAN P GROBERG TYCHO W PETERSON PAUL R KNIGHT

Source 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F MF-AGG ULT-AGG 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F

Recommendation market perform equalweight buy neutral buy market perform Sell/Neutral hold neutral hold outperform neutral neutral outperform

Amt Held 14'033'160 9'389'000 8'857'517 8'411'594 6'946'063 6'362'714 3'280'000 3'251'389 2'841'514 2'809'687 2'675'280 2'317'018 2'267'527 2'083'764 1'817'182 1'186'100 1'150'995 1'138'832 1'136'232 921'670

% Out 11.65 7.8 7.35 6.98 5.77 5.28 2.72 2.7 2.36 2.33 2.22 1.92 1.88 1.73 1.51 0.98 0.96 0.95 0.94 0.77

Weighting

Change 3 3 5 3 5 3 1 3 3 3 5 3 3 5

M M M M M M D U M M M M M M

Latest Chg 2'115'000 251'046 329'263 783'608 (100'000) 93'101 95'617 (10'687) (174'811) 111'294 (591'966) (13'366) 12'800 (2'553) (26'160) 9'630 (66'050)

Target Price #N/A N/A #N/A N/A #N/A N/A #N/A N/A 86 #N/A N/A 66 #N/A N/A 70 67 85 76 74 89

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Insurance Company 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.03.2013 Investment Advisor

Date Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 6 month Not Provided

Date 18.04.2013 16.04.2013 15.04.2013 15.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 04.04.2013 22.03.2013 22.03.2013 22.03.2013 21.03.2013 07.02.2013

30.04.2013

Sirius XM Radio Inc Sirius XM Radio Inc. broadcasts various channels of audio from its satellites. The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of news, sports, weather, talk, comedy, and public radio.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (17.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SIRI UW EQUITY YTD Change SIRI UW EQUITY YTD % CHANGE

12/2012 12/yy 3.25 1.75 9'506'391.00 3.07 -5.54% 75.15% 87.98% 6'559.0 20'136.09 2'435.22 0.0 0.0 520.95 22'050.37

40.0 M 35.0 M 30.0 M

25.0 M

20.0 M 15.0 M

10.0 M

5.0 M

0 a-12

31.12.2009 31.12.2010 2'472.6 2'817.0 2.03x 3.21x 567.8 800.1 8.85x 11.30x (342.8) 43.1 55.73x Profitability

LTM-4Q 31.12.2011 3'014.5 3.01x 941.2 9.64x 427.0 28.74x

31.12.2012 3'402.0 5.03x 1'135.5 15.08x 3'472.7 1'135.54 872.03 25.63% 13.95% 41.96% 146.41% 0.41% 63.9% 33.4% 25.6% 102.1% 0.79 0.27 26.89% 60.28% 32.74 39.63

Price/ Cash Flow

12/yy 3'014.5 12.53x 941.2 9.64x 427.0 28.58x

j-12

a-12

s-12

LTM 12/yy 3'402.0 15.43x 1'135.5 15.08x 3'472.7 35.15x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.05 3'258.72 378.53 38.19% 6.23% 1.052 17 4.059 6'560'385 6'688'733 7'892'951 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 3'807.8 4'174.0 939.2 970.4 6.04x 5.83x 23.56x 22.80x 1'156.8 1'412.8 272.3 288.7 19.06x 15.61x 18.17x 16.93x 590.7 736.9 159.1 165.4 31.01x 23.80x 32.66x 33.74x S&P Issuer Ratings

26.10.2011 BB STABLE 3.82 3.49 1.69 2.14 60.3% 37.6% 0.41 2.10 11.18 9.24 169.91 -149.49

Sales/Revenue/Turnover

18.00

4'000.0

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00 0.00 01.01.2010

.0 M m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

45.0 M

3 3

Valuation Analysis

31.12.2008 1'664.0 1.97x (57.5) (5'313.3) -

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 |

30.04.2013

Sirius XM Radio Inc Holdings By:

All

Holder Name LIBERTY RADIO LLC BLACKROCK WELLINGTON MANAGEMEN VANGUARD GROUP INC FMR LLC WINSLOW CAPITAL MANA OMEGA ADVISORS SAC CAPITAL ADVISORS MACKAY SHIELDS LLC STATE STREET INVESCO LTD COATUE MANAGEMENT LL ALGER MANAGEMENT INC BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE BANK OF NEW YORK MEL CAPITAL GROUP COMPAN NORTHERN TRUST CORPO

Firm Name Maxim Group LLC Barrington Research Evercore Partners ISI Group Pivotal Research Group LLC Morgan Stanley Piper Jaffray Lazard Capital Markets Wunderlich Securities EVA Dimensions Macquarie S&P Capital IQ Gabelli & Co RBC Capital Markets Goldman Sachs Wedge Partners

Portfolio Name n/a n/a WELLINGTON MANAGEMEN VANGUARD GROUP INC n/a WINSLOW CAPITAL MANA OMEGA ADVISORS INC SAC CAPITAL ADVISORS Multiple Portfolios n/a n/a COATUE MANAGEMENT LL FRED ALGER MANAGEMEN BLUE RIDGE CAPITAL L SLATE PATH CAPITAL L COLUMBUS CIRCLE INVE SCOUT CAPITAL MANAGE BANK OF NEW YORK MEL n/a NORTHERN TRUST CORPO

Analyst JOHN TINKER JAMES C GOSS BRYAN KRAFT VIJAY JAYANT JEFFREY WLODARCZAK BENJAMIN SWINBURNE JAMES M MARSH JR BARTON CROCKETT MATTHEW HARRIGAN CRAIG STERLING AMY YONG TUNA AMOBI BRETT HARRISS DAVID BANK MATTHEW NIKNAM MARTIN PYYKKONEN

Source Form 4 ULT-AGG 13F 13F ULT-AGG 13F 13F 13F MF-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation buy outperform overweight buy buy Equalwt/In-Line overweight buy hold underweight neutral buy sell sector perform buy/attractive no rating system

Amt Held 3'292'800'312 212'551'730 140'713'322 139'760'814 127'023'677 124'012'478 71'479'203 69'783'900 68'693'100 61'184'712 56'266'945 45'794'813 45'224'130 43'300'000 36'750'000 32'879'946 30'000'000 28'188'174 27'983'700 26'076'542

% Out 50.2 3.24 2.15 2.13 1.94 1.89 1.09 1.06 1.05 0.93 0.86 0.7 0.69 0.66 0.56 0.5 0.46 0.43 0.43 0.4

Latest Chg 1'293'509'076 76'651'263 12'403'250 (33'104'509) 42'264'166 124'012'478 7'546'900 (61'592'700) 1'038'954 7'889'974 (4'437'368) 17'004'984 (35'500'000) 36'750'000 30'945'906 10'000'000 8'982'727 11'026'600 2'195'735

Weighting

Change

Target Price

5 5 5 5 5 3 5 5 3 1 3 5 1 3 5 #N/A N/A

M M M M M M M M M U D M M M N M

4 4 4 4 4 3 3 4 3 #N/A N/A 3 4 #N/A N/A 3 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.01.2013 23.04.2013 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 28.02.2013 24.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 18 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 21.04.2013 21.04.2013 19.04.2013 11.04.2013 09.04.2013 02.04.2013 26.02.2013 18.02.2013 06.02.2013 06.02.2013 06.02.2013 05.02.2013 17.12.2012 02.11.2012

30.04.2013

Staples Inc Staples, Inc. retails office supplies, furniture, and technology. The Company's customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Price/Volume 16

25.0 M

20.0 M

12 10

Latest Fiscal Year: LTM as of: 52-Week High (30.04.2012) 52-Week Low (28.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPLS UW EQUITY YTD Change SPLS UW EQUITY YTD % CHANGE

01/2013 02/yy 15.73 10.57 1'208'074.00 12.92 -17.86% 22.23% 45.54% 668.5 8'637.02 1'989.10 0.0 7.9 1'334.30 9'299.76

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

6 4

5.0 M

2 0 a-12 m-12

31.01.2010 31.01.2011 24'275.5 24'545.1 0.76x 0.70x 2'019.0 2'130.1 9.08x 8.09x 738.7 881.9 20.76x 17.71x Profitability

LTM-4Q 31.01.2012 24'664.8 0.48x 2'115.8 5.63x 984.7 11.44x

31.01.2013 24'380.5 0.40x 2'015.4 4.81x (210.7) 15.18x 2'015.39 1'528.08 6.27% 1.09% -1.64% -3.21% -3.75% 1.91% 26.6% 8.2% 6.2% -0.9% 1.40 0.71 16.20% 32.46% 12.74 7.59

Price/ Cash Flow

j-12

a-12

LTM

01/yy 24'847.9 2.11x 2'106.6 5.66x 984.7 11.69x

s-12

02/yy 24'524.4 1.61x 2'000.0 4.85x (210.7) 15.35x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

3.41 1.09 662.38 74.52 -13.00% 14.36% 1.093 22 3.636 2'477'765 1'851'971 2'762'618 FY+2

FQ+1

FQ+2

01/14 Y 01/15 Y 04/13 Q1 07/13 Q2 23'884.0 23'904.5 5'928.2 5'438.8 0.36x 0.34x 1.58x 1.75x 1'914.1 1'914.5 397.4 332.3 4.86x 4.86x 5.05x 4.88x 865.3 877.4 175.3 115.4 9.73x 9.22x 9.77x 9.70x S&P Issuer Ratings

02.07.2008 BBB STABLE 09.06.2008 A-2 12.40 10.25 0.33 0.99 32.5% 24.5% 1.91 12.13 29.12 48.87 42.66 35.53

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00 05.02.2010

.0 M j-12

Fiscal Year Ended 31.01.2009 23'083.8 0.62x 2'094.4 6.82x 805.3 12.36x

15.0 M

Valuation Analysis

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 |

30.04.2013

Staples Inc Holdings By:

All

Holder Name BLACKROCK FMR LLC VANGUARD GROUP INC PZENA INVESTMENT MAN STATE STREET ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA INVESCO LTD MACQUARIE GROUP BANK OF NEW YORK MEL WELLINGTON MANAGEMEN SUN LIFE FINANCIAL I HARRIS ASSOCIATES LP INTERNATIONAL VALUE JP MORGAN NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L AMERICAN INTERNATION EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Firm Name Jefferies Deutsche Bank Sanford C. Bernstein & Co ISI Group Nomura Janney Montgomery Scott LLC Edward Jones Argus Research Corp JPMorgan B Riley & Company, Inc Telsey Advisory Group Morgan Stanley Goldman Sachs Credit Suisse KeyBanc Capital Markets Oppenheimer & Co BB&T Capital Markets S&P Capital IQ Barclays EVA Dimensions

Portfolio Name n/a n/a VANGUARD GROUP INC PZENA INVESTMENT MAN n/a n/a T ROWE PRICE ASSOCIA n/a n/a BANK OF NEW YORK MEL WELLINGTON MANAGEMEN n/a HARRIS ASSOC LP INTERNATIONAL VALUE n/a NORTHERN TRUST CORPO FAIRPOINTE CAPITAL L n/a EPOCH INVESTMENT PAR HAWKINS CAPITAL LP

Analyst DANIEL T BINDER MICHAEL BAKER COLIN MCGRANAHAN GREGORY MELICH ARAM RUBINSON DAVID S STRASSER BRIAN YARBROUGH CHRISTOPHER GRAJA CHRISTOPHER HORVERS SCOTT TILGHMAN JOSEPH I FELDMAN DAVID GOBER MATTHEW J FASSLER GARY BALTER BRADLEY B THOMAS BRIAN NAGEL ANTHONY CHUKUMBA IAN GORDON ALAN M RIFKIN CRAIG STERLING

Source ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F

Recommendation hold hold market perform sell neutral buy buy buy overweight buy no rating system Equalwt/In-Line neutral/neutral outperform hold market perform buy buy equalweight buy

Amt Held 56'637'268 43'906'031 40'217'611 39'176'664 37'929'627 31'126'039 21'366'148 20'406'686 19'929'275 18'790'100 17'292'484 13'837'939 12'967'400 12'570'879 12'213'457 10'927'474 9'822'560 9'014'859 6'428'000 6'222'400

% Out 8.47 6.57 6.02 5.86 5.67 4.66 3.2 3.05 2.98 2.81 2.59 2.07 1.94 1.88 1.83 1.63 1.47 1.35 0.96 0.93

Weighting

Change

3 3 3 1 3 5 5 5 5 5 #N/A N/A 3 3 5 3 3 5 5 3 5

M M M M M M M M M M M M M M M M M M M M

Latest Chg 6'485'929 10'923'478 (2'969'235) (2'810'259) (724'250) 63'620 (797'005) 815'780 (217'602) 7'918'900 230'466 (2'680'000) (539'530) 10'034'655 1'485'386 3'125'563 8'648'346 (128'903) -

Target Price 14 11 13 12 15 17 #N/A N/A 15 14 18 14 #N/A N/A 13 15 #N/A N/A 12 16 15 13 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Government 31.12.2012 Hedge Fund Manager 31.03.2013 Hedge Fund Manager

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 18 month 12 month Not Provided Not Provided Not Provided

Date 18.04.2013 12.04.2013 12.04.2013 12.04.2013 12.04.2013 08.04.2013 05.04.2013 07.03.2013 07.03.2013 07.03.2013 07.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 15.01.2013

30.04.2013

Starbucks Corp Starbucks Corporation retails, roasts, and provides its own brand of specialty coffee. The Company operates retail locations worldwide and sells whole bean coffees through its sales group, direct response business, supermarkets, and on the World Wide Web. Starbucks also produces and sells bottled coffee drinks and a line of ice creams.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (02.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SBUX UW EQUITY YTD Change SBUX UW EQUITY YTD % CHANGE

09/2012 12/yy 60.92 43.05 911'589.00 60.58 -0.56% 40.72% 98.10% 749.3 45'392.59 549.60 0.0 5.5 2'037.00 43'488.20

8.0 M 7.0 M 6.0 M

5.0 M

4.0 M 3.0 M

2.0 M

1.0 M

0 a-12

30.09.2009 30.09.2010 9'774.6 10'707.4 1.50x 1.72x 1'335.8 1'865.1 10.94x 9.85x 390.8 945.6 23.89x 20.11x Profitability

LTM-4Q 30.09.2011 11'700.4 2.25x 2'074.6 12.67x 1'245.7 23.45x

30.09.2012 13'299.5 2.75x 2'367.3 15.42x 1'383.8 28.33x 2'367.30 1'786.70 13.43% 15.48% 17.57% 28.85% 26.35% 1.67% 56.3% 18.3% 14.0% 10.4% 1.90 1.14 6.69% 10.76% 30.36 5.36

Price/ Cash Flow

j-12

a-12

LTM

01/yy 12'185.7 9.39x 2'126.5 15.47x 1'281.3 28.05x

s-12

12/yy 13'663.3 11.22x 2'445.7 15.34x 1'434.2 28.30x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

1.32 0.88 728.61 9.88 7.16% 13.40% 0.883 32 4.438 1'643'182 1'458'089 1'506'198 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 06/13 Q3 09/13 Q4 14'918.4 16'675.1 3'724.0 3'811.4 2.99x 2.67x 11.75x 11.45x 3'023.8 3'571.7 744.6 791.7 14.38x 12.18x 13.20x 12.67x 1'654.9 1'988.1 405.1 435.0 27.87x 23.12x 25.41x 24.23x S&P Issuer Ratings

24.02.2012 ASTABLE 28.08.2009 A-2 65.94 42.09 -0.78 0.22 10.8% 9.7% 1.67 5.40 11.99 67.96 23.01 53.00

Sales/Revenue/Turnover

35.00

14'000.0

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.10.2009

.0 M m-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

9.0 M

60 50

Valuation Analysis

30.09.2008 10'383.0 1.15x 1'261.7 9.47x 315.5 21.07x

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 |

30.04.2013

Starbucks Corp Holdings By:

All

Holder Name STATE STREET BLACKROCK FMR LLC T ROWE PRICE ASSOCIA VANGUARD GROUP INC CAPITAL GROUP COMPAN SCHULTZ HOWARD D NORTHERN TRUST CORPO MORGAN STANLEY SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL WELLS FARGO INVESCO LTD JP MORGAN BROWN ADVISORY INC AMERICAN CENTURY COM TIAA CREF INVESTMENT ALLIANCE BERNSTEIN NORGES BANK

Firm Name Robert W. Baird & Co Williams Capital Group Stephens Inc William Blair & Co Buckingham Research Group Longbow Research Piper Jaffray Morgan Stanley JPMorgan Telsey Advisory Group Janney Montgomery Scott LLC Barclays Argus Research Corp Sanford C. Bernstein & Co Lazard Capital Markets S&P Capital IQ Jefferies Goldman Sachs Credit Suisse Wells Fargo Securities, LLC Edward Jones BMO Capital Markets Oppenheimer & Co McAdams Wright Ragen Inc Cowen and Company Atlantic Equities LLP RBC Capital Markets Credit Agricole Securities (USA) EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a n/a T ROWE PRICE ASSOCIA VANGUARD GROUP INC n/a n/a NORTHERN TRUST CORPO n/a SANDS CAPITAL MANAGE WINSLOW CAPITAL MANA BANK OF NEW YORK MEL n/a n/a n/a n/a AMERICAN CENTURY COM TIAA-CREF INVESTMENT n/a NORGES BANK

Analyst DAVID E TARANTINO MARC RIDDICK WILL SLABAUGH SHARON M ZACKFIA MITCHELL J SPEISER ALTON K STUMP NICOLE MILLER REGAN JOHN S GLASS JOHN W IVANKOE PETER SALEH MARK D KALINOWSKI JEFFREY A BERNSTEIN JOHN D STASZAK SARA H SENATORE MATTHEW J DIFRISCO JIM YIN ANDREW M BARISH MICHAEL KELTER KEITH SIEGNER BONNIE HERZOG JACK P RUSSO PHILLIP JUHAN BRIAN J BITTNER DAN GEIMAN PAUL L WESTRA ALISTAIR M SCOBIE LARRY A MILLER DIANE GEISSLER CRAIG STERLING JASON WEST

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG Form 4 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F

Recommendation outperform market perform overweight outperform buy buy overweight Overwt/In-Line overweight no rating system buy equalweight buy outperform buy buy buy Buy/Neutral outperform market perform hold outperform outperform hold neutral overweight sector perform buy underweight buy

Amt Held 37'819'670 36'552'911 35'633'395 34'345'408 33'898'695 29'386'396 18'875'169 12'738'762 11'995'937 10'787'280 10'729'471 10'449'141 9'561'829 9'401'174 8'540'739 7'623'782 7'061'975 6'680'224 6'103'143 5'994'504

% Out 5.05 4.88 4.76 4.58 4.52 3.92 2.52 1.7 1.6 1.44 1.43 1.39 1.28 1.25 1.14 1.02 0.94 0.89 0.81 0.8

Weighting

Change

5 3 5 5 5 5 5 5 5 #N/A N/A 5 3 5 5 5 5 5 5 5 3 3 5 5 3 3 5 3 5 1 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Latest Chg 575'105 (2'111'027) (13'662'548) 871'315 1'474'627 (1'050'000) (106'141) 5'105'468 303'498 1'274'414 809'552 632'235 (2'276'793) (1'398'536) 7'567'551 (1'307'247) (311'680) (518'406) 528'915

Target Price 65 55 66 #N/A N/A 75 65 65 68 65 64 68 65 64 65 74 66 66 70 66 #N/A N/A #N/A N/A 64 62 58 #N/A N/A 65 63 69 #N/A N/A 60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.04.2013 23.04.2013 28.02.2013 31.12.2012 31.03.2013 31.03.2013 06.03.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 22.04.2013 18.04.2013 18.04.2013 18.04.2013 16.04.2013 16.04.2013 12.04.2013 12.04.2013 11.04.2013 09.04.2013 08.04.2013 04.04.2013 02.04.2013 28.03.2013 25.03.2013 19.03.2013 07.03.2013 25.01.2013 25.01.2013 25.01.2013 24.01.2013 24.01.2013 15.01.2013 04.01.2013

30.04.2013

Stericycle Inc Stericycle, Inc. provides regulated medical waste management services. The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/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 SRCL UW EQUITY YTD Change SRCL UW EQUITY YTD % CHANGE

12/2012 03/yy 110.18 81.18 108'495.00 108.41 -1.61% 33.54% 93.90% 86.2 9'346.89 1'356.08 0.0 15.5 31.83 10'622.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

100

.5 M

.4 M

.3 M

.2 M

.1 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 1'083.7 4.82x 308.9 16.91x 148.7 30.10x

120

31.12.2009 31.12.2010 1'177.7 1'439.4 4.80x 5.52x 365.2 424.6 15.49x 18.70x 175.7 207.9 25.90x 31.98x Profitability

LTM-4Q 31.12.2011 1'676.0 4.77x 490.4 16.29x 234.8 27.53x

31.12.2012 1'913.1 4.89x 545.1 17.17x 268.0 28.27x 545.12 468.84 24.51% 21.81% 8.15% 19.10% 11.27% 0.58% 44.8% 29.4% 25.3% 14.0% 1.33 1.07 38.23% 87.95% 5.98 -

Price/ Cash Flow

03/yy 1'738.0 19.33x 521.8 16.19x 243.9 28.55x

LTM 03/yy 1'966.9 19.33x 578.2 18.04x 277.8 31.05x

FY+1

0.00 0.82 84.22 2.36 25.18% 16.23% 0.819 18 4.111 157'046 147'303 169'939 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 2'130.7 2'310.5 529.6 536.4 4.88x 4.39x 19.93x 19.54x 648.8 716.4 160.4 164.4 16.37x 14.83x 15.91x 15.54x 321.3 364.1 79.0 81.4 29.43x 26.14x 28.48x 27.64x S&P Issuer Ratings

18.07.2007 NR 10.55 9.29 2.18 2.20 88.0% 46.5% 0.58 6.17 61.01 24.90 -

Sales/Revenue/Turnover

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0 10.00

500.0

5.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Stericycle Inc Holdings By:

All

Holder Name VANGUARD GROUP INC FMR LLC CAPITAL GROUP COMPAN STATE STREET BLACKROCK WILLIAM BLAIR & COMP BROWN ADVISORY INC MORGAN STANLEY T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO ALLIANCE BERNSTEIN SCHULER JACK W BNP PARIBAS INV PART JENNISON ASSOCIATES BANK OF NEW YORK MEL INVESCO LTD RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M TIAA CREF INVESTMENT

Firm Name Barclays Goldman Sachs Jefferies William Blair & Co Barrington Research Stifel Avondale Partners LLC Northcoast Research Wedbush Raymond James Oppenheimer & Co Robert W. Baird & Co Wellington Shields & Co. LLC Morgan Stanley Wunderlich Securities EVA Dimensions S&P Capital IQ

Portfolio Name VANGUARD GROUP INC n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a T ROWE PRICE ASSOCIA NORTHERN TRUST CORPO n/a n/a n/a JENNISON ASSOCIATES BANK OF NEW YORK MEL n/a RAINIER INVESTMENT M MUNDER CAPITAL MANAG IRONBRIDGE CAPITAL M TIAA-CREF INVESTMENT

Analyst GARY E BISBEE ISAAC RO SEAN DODGE RYAN S DANIELS KEVIN M STEINKE SHLOMO H ROSENBAUM RICHARD CLOSE EDWIN SNYDER AL KASCHALK WILLIAM H FISHER SCOTT A SCHNEEBERGER DAVID J MANTHEY ELLIOTT LEO SCHLANG DAVID R LEWIS MICHAEL E HOFFMAN CRAIG STERLING STEWART SCHARF

Source 13F ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG Form 4 ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F

Recommendation equalweight buy/attractive buy outperform outperform buy market perform buy outperform outperform outperform neutral hold Equalwt/In-Line hold underweight buy

Amt Held 5'351'640 5'056'747 5'000'000 4'599'451 4'585'271 3'860'777 3'807'649 2'223'645 2'010'215 1'340'632 1'305'970 1'283'011 1'188'539 1'088'554 1'019'572 978'232 964'000 935'357 920'001 847'832

% Out 6.22 5.87 5.81 5.34 5.33 4.48 4.42 2.58 2.34 1.56 1.52 1.49 1.38 1.26 1.18 1.14 1.12 1.09 1.07 0.98

Weighting

Change 3 5 5 5 5 5 3 5 5 5 5 3 3 3 3 1 5

M M M M M M M M M M M M M M M M M

Latest Chg 257'222 199'768 (3'910'000) 141'352 283'459 (106'937) (563'164) (1'021'855) 579'900 (7'119) 1'138'168 (1'880) (265'898) 513'193 127'215 (94'366) (54'400) (8'350) (227'790) 93'050

Target Price 107 122 127 #N/A N/A 110 117 110 120 110 103 115 110 79 #N/A N/A 85 #N/A N/A 105

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 28.02.2013 31.03.2013 24.04.2013 23.04.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 25.03.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 15.04.2013 25.03.2013 18.03.2013 18.03.2013 07.02.2013 04.02.2013 15.01.2013 08.11.2012

30.04.2013

Symantec Corp Symantec Corporation provides security, storage and systems management solutions to help businesses and consumers secure and manage their information. The Company offers software and services that protect, manage and control information risks related to security, data protection, storage, compliance and management.

Price/Volume 30

20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.03.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SYMC UW EQUITY YTD Change SYMC UW EQUITY YTD % CHANGE

03/2012 12/yy 24.90 13.06 1'528'889.00 24.59 -1.24% 88.28% 97.38% 689.2 16'947.15 2'039.00 0.0 78.0 3'211.00 15'771.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 5 0 a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

Fiscal Year Ended 31.03.2008 5'874.4 2.38x 1'594.9 8.77x 463.9 22.13x

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

LTM-4Q

31.03.2009 31.03.2010 6'150.0 5'985.0 2.12x 2.04x 1'927.0 1'790.0 6.76x 6.82x (6'786.0) 714.0 18.01x Profitability

31.03.2011 6'190.0 2.21x 1'648.0 8.31x 597.0 20.71x

31.03.2012 6'730.0 1.85x 1'795.0 6.93x 1'172.0 15.61x

1'795.00 1'139.00 16.92% 21.84% 8.69% 23.17% 16.48% 0.52% 83.9% 26.8% 17.3% 17.4% 1.03 0.92 15.66% 40.03% 6.54 44.38

Price/ Cash Flow

12/yy 6'722.0 7.64x 1'831.0 6.09x 781.0 14.22x

LTM 12/yy 6'839.0 6.52x 1'834.0 6.18x 1'136.0 14.90x

FY+1

0.00 1.08 685.02 14.71 48.85% 30.73% 1.083 32 4.031 1'674'471 1'820'930 2'123'095 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 6'885.0 6'998.0 1'726.6 1'696.3 2.13x 1.91x 8.33x 8.81x 2'283.2 2'458.5 496.8 555.6 6.91x 6.41x 6.92x 6.60x 1'210.4 1'334.3 267.1 305.8 14.36x 12.75x 13.58x 12.81x S&P Issuer Ratings

13.09.2010 BBB STABLE 15.61 13.12 -0.64 1.68 40.0% 28.3% 0.52 6.27 55.62 8.20 93.23 -35.84

Sales/Revenue/Turnover

12.00

8'000.0 7'000.0

10.00

6'000.0 8.00

5'000.0 4'000.0

6.00

3'000.0

4.00

2'000.0 2.00 0.00 03.04.2009

1'000.0 0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

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 |

30.04.2013

Symantec Corp Holdings By:

All

Holder Name DODGE & COX STATE STREET BLACKROCK VANGUARD GROUP INC PRIMECAP MANAGEMENT FRANKLIN RESOURCES FMR LLC INVESCO LTD AMERIPRISE FINANCIAL CITADEL ADVISORS LLC UBS DEUTSCHE BANK AG BANK OF AMERICA CORP BANK OF NEW YORK MEL NORTHERN TRUST CORPO AJO, LP SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL BMO FINANCIAL CORP THIRD POINT LLC

Firm Name JPMorgan William Blair & Co Cross Research MKM Partners Jefferies Macquarie Cowen and Company RBC Capital Markets Wells Fargo Securities, LLC Barclays Deutsche Bank Stifel Lazard Capital Markets Robert W. Baird & Co Oppenheimer & Co Credit Suisse Morgan Stanley B Riley & Company, Inc Raymond James JMP Securities Argus Research Corp Goldman Sachs First Analysis Corp Stephens Inc FBR Capital Markets Topeka Capital Markets Inc Pacific Crest Securities EVA Dimensions GARP Research

Portfolio Name DODGE & COX n/a n/a VANGUARD GROUP INC PRIMECAP MANAGEMENT n/a n/a n/a AMERIPRISE FINANCIAL CITADEL ADVISORS LLC n/a DEUTSCHE BANK AKTIEN BANK OF AMERICA BANK OF NEW YORK MEL NORTHERN TRUST CORPO AJO, LP SAC CAPITAL ADVISORS CAMBIAR INVESTORS LL BMO FINANCIAL CORP THIRD POINT LLC

Analyst JOHN DIFUCCI JONATHAN HO RICHARD T WILLIAMS ISRAEL HERNANDEZ AARON SCHWARTZ BRAD A ZELNICK GREGG MOSKOWITZ ROBERT P BREZA GRAY W POWELL RAIMO LENSCHOW THOMAS ERNST JR TODD C WELLER JOEL P FISHBEIN JR STEVEN M ASHLEY SHAUL EYAL PHILIP WINSLOW KEITH WEISS DANIEL CUMMINS MICHAEL TURITS PATRICK WALRAVENS JOSEPH F BONNER GREG DUNHAM CRAIG NANKERVIS JONATHAN B RUYKHAVER DANIEL H IVES FREDERICK D ZIEGEL ROB D OWENS ANDREW S ZAMFOTIS BRETT CARSON

Source 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation overweight outperform buy buy buy outperform outperform outperform market perform overweight hold hold neutral neutral market perform outperform Overwt/In-Line buy market perform market outperform buy Sell/Neutral equalweight equalweight market perform hold sector perform buy neutral

Amt Held 58'417'616 44'286'582 39'227'842 33'108'738 31'667'369 26'186'565 25'051'948 20'962'410 19'069'170 12'558'686 12'145'287 10'723'533 10'434'459 8'974'034 8'851'837 8'659'900 8'206'507 7'995'572 7'376'024 6'700'000

% Out 8.48 6.43 5.69 4.8 4.59 3.8 3.63 3.04 2.77 1.82 1.76 1.56 1.51 1.3 1.28 1.26 1.19 1.16 1.07 0.97

Weighting

Change 5 5 5 5 5 5 5 5 3 5 3 3 3 3 3 5 5 5 3 4 5 1 3 3 3 3 3 5 3

M M M M M M M M M M M M M M D M M M M M M M M M M M M M M

Latest Chg (1'011'900) 3'269'026 1'950'744 572'251 (968'400) (1'447'720) 2'109'501 (499'026) (1'292'719) 5'868'240 33'808 (2'297'195) (1'237'789) 327'196 18'506 (876'600) 3'515'139 (2'355'921) 1'672'422 700'000

Target Price 30 #N/A N/A 27 27 28 28 #N/A N/A 30 #N/A N/A 27 17 #N/A N/A #N/A N/A 23 #N/A N/A 28 28 27 #N/A N/A 26 27 17 #N/A N/A 19 22 23 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 28.02.2013 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

Date 6 month 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 Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 19.04.2013 18.04.2013 18.04.2013 18.04.2013 17.04.2013 17.04.2013 17.04.2013 15.04.2013 15.04.2013 15.04.2013 12.04.2013 10.04.2013 08.04.2013 01.04.2013 20.03.2013 18.03.2013 12.03.2013 04.03.2013 13.02.2013 01.02.2013 28.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 23.01.2013 15.01.2013 30.01.2009

30.04.2013

Texas Instruments Inc Texas Instruments Incorporated is a global semiconductor company that designs and supplies analog technologies, digital signal processing (DSP) and microcontroller (MCU) semiconductors. The Company also operates materials and controls, and educational and productivity solutions businesses. Texas Instruments has manufacturing or sales operations in countries around the world.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (17.07.2012) Daily Volume Current Price (4/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 TXN UW EQUITY YTD Change TXN UW EQUITY YTD % CHANGE

12/2012 03/yy 36.26 26.06 1'611'108.00 35.97 -0.80% 38.03% 97.16% 1'109.2 39'896.29 5'686.00 0.0 0.0 3'965.00 41'717.28

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 12'501.0 1.38x 3'750.0 4.61x 1'920.0 9.82x

31.12.2009 31.12.2010 10'427.0 13'966.0 2.82x 2.50x 3'128.0 5'316.0 9.40x 6.56x 1'470.0 3'228.0 20.68x 12.70x Profitability

LTM-4Q 31.12.2011 13'735.0 2.61x 4'434.0 8.08x 2'236.0 13.73x

31.12.2012 12'825.0 2.80x 3'986.0 9.02x 1'759.0 16.17x 3'986.00 2'687.00 20.95% 15.09% 9.35% 16.86% 11.75% 0.63% 49.7% 31.0% 20.9% 13.7% 2.40 1.51 28.40% 51.87% 8.96 3.59

Price/ Cash Flow

LTM

03/yy 13'465.0 10.80x 4'182.0 9.80x 1'836.0 17.60x

03/yy 12'589.0 11.48x 3'908.0 10.54x 1'856.0 19.70x

FY+1

2.11 1'104.34 28.17 15.77% 17.92% 46 3.174 2'815'196 2'665'010 2'647'956 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 12'220.4 12'885.4 3'057.9 3'202.3 3.32x 3.08x 13.22x 12.57x 3'696.2 4'262.2 909.1 1'033.1 11.29x 9.79x 10.86x 10.46x 2'008.1 2'452.9 494.0 596.1 19.88x 16.18x 18.28x 17.28x S&P Issuer Ratings

23.09.2010 A+ STABLE 01.02.1986 A-1 46.89 41.07 0.47 1.45 51.9% 34.2% 0.63 3.14 40.75 101.65 30.16 109.62

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0 12'000.0

10.00

10'000.0 8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Texas Instruments Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN BLACKROCK STATE STREET PRIMECAP MANAGEMENT VANGUARD GROUP INC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA BANK OF NEW YORK MEL HARRIS ASSOCIATES LP WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS INVESCO LTD NORTHERN TRUST CORPO BARROW HANLEY MEWHIN MACKAY SHIELDS LLC WELLS FARGO NEUBERGER BERMAN LLC CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Firm Name Morgan Stanley Goldman Sachs Argus Research Corp Credit Suisse SunTrust Robinson Humphrey JPMorgan Jefferies Needham & Co Pacific Crest Securities Robert W. Baird & Co Sanford C. Bernstein & Co Wedbush Raymond James FBR Capital Markets Macquarie B Riley & Company, Inc Stifel Canaccord Genuity Corp Evercore Partners Oppenheimer & Co Nomura Wells Fargo Securities, LLC Cowen and Company Gabelli & Co Susquehanna Financial Group MKM Partners Credit Agricole Securities (USA) Barclays BMO Capital Markets Deutsche Bank RBC Capital Markets Sterne, Agee & Leach ISI Group Williams Financial Group Exane BNP Paribas Edward Jones S&P Capital IQ Tigress Financial Partners EVA Dimensions Drexel Hamilton LLC Daiwa Securities Co. Ltd. Davenport & Co JMP Securities

Portfolio Name n/a n/a n/a PRIMECAP MANAGEMENT VANGUARD GROUP INC T ROWE PRICE ASSOCIA INSTITUTIONAL CAPITA BANK OF NEW YORK MEL HARRIS ASSOC LP WELLINGTON MANAGEMEN DAVIS SELECTED ADVIS n/a NORTHERN TRUST CORPO BARROW HANLEY MEWHIN Multiple Portfolios n/a NEUBERGER BERMAN GRO CLEARBRIDGE INVESTME NORGES BANK GEODE CAPITAL MANAGE

Analyst JOSEPH MOORE JAMES V COVELLO JAMES KELLEHER JOHN W PITZER WILLIAM STEIN CHRISTOPHER DANELY MARK J LIPACIS VERNON P ESSI JR MICHAEL MCCONNELL TRISTAN GERRA STACY A RASGON BETSY VAN HEES J STEVEN SMIGIE CHRISTOPHER ROLLAND SHAWN WEBSTER CRAIG ELLIS TORE E SVANBERG ROBERT BURLESON PATRICK WANG RICHARD SCHAFER ROMIT SHAH DAVID M WONG TIMOTHY M ARCURI HENDI SUSANTO CHRISTOPHER CASO DANIEL A BERENBAUM SRINI PAJJURI BLAYNE CURTIS AMBRISH SRIVASTAVA ROSS C SEYMORE DOUG FREEDMAN VIJAY R RAKESH SUMIT DHANDA CODY G ACREE JEROME RAMEL WILLIAM C KREHER CHRISTIN ARMACOST IVAN FEINSETH ANDREW S ZAMFOTIS RICHARD WHITTINGTON YOKO YAMADA F DRAKE JOHNSTONE ALEX GAUNA

Source ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F MF-AGG ULT-AGG 13F 13F 13F 13F

Recommendation Equalwt/In-Line neutral/attractive hold neutral reduce overweight buy hold sector perform neutral market perform outperform market perform underperform neutral buy hold hold equalweight market perform neutral market perform neutral hold neutral neutral underperform equalweight outperform hold sector perform underperform buy buy underperform hold buy underperform sell hold neutral neutral market outperform

Amt Held 193'119'021 61'637'232 58'667'163 57'763'753 51'292'102 33'495'251 26'632'178 23'430'134 22'414'916 21'542'986 15'877'608 14'896'737 14'882'074 11'142'097 10'104'317 9'548'425 9'524'297 8'945'581 7'922'648 7'538'362

% Out 17.41 5.56 5.29 5.21 4.62 3.02 2.4 2.11 2.02 1.94 1.43 1.34 1.34 1 0.91 0.86 0.86 0.81 0.71 0.68

Weighting

Change 3 3 3 3 2 5 5 3 3 3 3 5 3 1 3 5 3 3 3 3 3 3 3 3 3 3 1 3 5 3 3 1 5 5 1 3 5 1 1 3 3 3 4

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U N D M U M M

Latest Chg 14'033'650 167'478 (538'050) 1'060'083 2'896'053 122'698 1'968'204 (3'663'592) 352'635 (1'447'465) (1'266'900) (150'090) 36'568 194'285 1'713'499 1'013'978 (350'053) 740'405 (817'051)

Target Price #N/A N/A 36 #N/A N/A 35 30 37 42 #N/A N/A #N/A N/A 35 38 37 #N/A N/A 30 38 39 #N/A N/A 35 35 #N/A N/A 30 #N/A N/A #N/A N/A #N/A N/A 32 29 34 31 40 32 35 30 40 41 26 #N/A N/A 42 #N/A N/A #N/A N/A 32 34 #N/A N/A 33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 23.04.2013 24.04.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date Not Provided 12 month Not Provided Not Provided 12 month 6 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 23.04.2013 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 19.04.2013 05.04.2013 02.04.2013 18.03.2013 14.02.2013 13.02.2013 28.01.2013 28.01.2013 17.10.2012

30.04.2013

Verisk Analytics Inc Verisk Analytics, Inc. conducts risk assessment services and decision analytics. The Company offers data, statistical, and actuarial services, as well as standardized insurance policy programs, underwriting information, and rating-integrity tools. Verisk Analytics provides data and software information services to the property, casualty, and mortgage fields in the United States.

Price/Volume 70

3.0 M

2.5 M

2.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.04.2013) 52-Week Low (25.10.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VRSK UW EQUITY YTD Change VRSK UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

10 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 893.6 375.4 158.2 -

1.5 M

12/2012 12/yy 61.88 45.18 223'958.00 60.49 -2.25% 33.89% 91.68% 168.4 11'064.41 1'461.43 0.0 0.0 94.70 12'431.13

31.12.2009 31.12.2010 1'027.1 1'138.3 5.81x 5.78x 373.2 508.5 15.99x 12.93x 126.6 242.6 25.02x 26.02x Profitability

LTM-4Q 31.12.2011 1'331.8 5.63x 588.6 12.74x 282.8 24.77x

31.12.2012 1'534.3 6.46x 695.8 14.25x 329.1 26.55x 695.79 591.59 38.56% 33.84% 16.87% 27.54% 0.79% 60.4% 45.3% 38.6% 21.5% 0.67 0.47 61.92% 571.78% 9.25 -

Price/ Cash Flow

12/yy 1'331.8 20.85x 588.6 12.74x 282.8 24.77x

LTM 12/yy 1'534.3 24.44x 695.8 14.25x 329.1 26.55x

FY+1

0.00 0.65 149.41 0.47 23.58% 18.61% 0.646 13 4.000 175'684 216'511 229'067 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'724.3 1'882.5 403.6 419.5 7.07x 6.35x 30.58x 29.35x 782.5 861.8 181.4 184.5 15.89x 14.42x 15.90x 15.52x 403.3 455.4 91.7 93.5 25.87x 22.93x 25.91x 25.06x S&P Issuer Ratings

29.03.2011 BBBSTABLE 9.60 8.57 1.96 2.10 571.8% 85.1% 0.79 11.22 39.57 105.68 -

Sales/Revenue/Turnover

25.00

1'800.0 1'600.0

20.00

1'400.0 1'200.0

15.00

1'000.0 800.0

10.00

600.0 400.0

5.00

200.0 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Verisk Analytics Inc Holdings By:

All

Holder Name GREATBANC TRUST CO GREATBANC TRUST CO MORGAN STANLEY BLACKROCK VANGUARD GROUP INC ARTISAN PARTNERS HOL FMR LLC CAPITAL GROUP COMPAN JANUS CAPITAL MANAGE T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN LLC SUN LIFE FINANCIAL I INDEPENDENT FRANCHIS TIAA CREF INVESTMENT GENERAL RE NEW ENGLA STATE STREET WELLS FARGO TCW GROUP INC RENAISSANCE TECHNOLO

Firm Name Wells Fargo Securities, LLC Barclays Susquehanna Financial Group Evercore Partners Raymond James William Blair & Co Keefe, Bruyette & Woods Macquarie Morgan Stanley Credit Suisse SunTrust Robinson Humphrey JPMorgan EVA Dimensions

Portfolio Name n/a GREATBANC TRUST CO n/a n/a VANGUARD GROUP INC ARTISAN PARTNERS LP n/a n/a n/a T ROWE PRICE ASSOCIA BAMCO INC NEUBERGER BERMAN GRO n/a INDEPENDENT FRANCHIS TIAA-CREF INVESTMENT GENERAL RE NEW ENGLA n/a n/a TCW GROUP INCORPORAT RENAISSANCE TECHNOLO

Analyst ERIC J BOYER MANAV PATNAIK JAMES E FRIEDMAN DAVID M TOGUT WAYNE JOHNSON TIMOTHY J MCHUGH WILLIAM CLARK KEVIN MCVEIGH SUZANNE E STEIN KELLY A FLYNN ANDREW W JEFFREY ANDREW C STEINERMAN CRAIG STERLING

Source Research 13F ULT-AGG ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F

Recommendation outperform overweight Positive equalweight outperform outperform outperform neutral Equalwt/In-Line outperform buy overweight underweight

Amt Held 17'040'371 16'783'940 14'356'915 8'338'197 7'169'348 5'893'700 5'842'300 5'494'000 5'069'940 4'866'200 4'642'699 4'239'140 3'653'126 3'343'588 3'205'152 2'994'350 2'629'163 2'399'813 2'382'710 2'369'700

% Out 10.12 9.97 8.53 4.95 4.26 3.5 3.47 3.26 3.01 2.89 2.76 2.52 2.17 1.99 1.9 1.78 1.56 1.43 1.42 1.41

Weighting

Change 5 5 4 3 5 5 5 3 3 5 5 5 1

M M M M M M M M M M M M M

Latest Chg (256'431) (3'153'025) 2'455'745 589'091 740'600 3'819'375 (491'000) 10'898 110'100 14'880 (321'904) 402'862 35'458 711'010 127'893 1'104'886 198'967 12'000

Target Price #N/A N/A 62 63 59 62 #N/A N/A 63 64 55 63 68 65 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Insurance Company 24.04.2013 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided

Date 24.04.2013 18.04.2013 12.04.2013 02.04.2013 26.03.2013 21.03.2013 07.03.2013 01.03.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 15.01.2013

30.04.2013

Vertex Pharmaceuticals Inc Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments. The Company is developing drugs for the treatment of viral diseases, multidrug resistance in cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.

Price/Volume 90

12.0 M

10.0 M

70 60

8.0 M

12/2012 12/yy 87.46 37.29 602'568.00 78.33 -10.44% 110.06% 81.80% 218.2 17'090.71 428.88 0.0 235.2 1'321.22 16'433.58

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

10 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 175.5 23.08x (426.2) (459.9) -

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.04.2013) 52-Week Low (04.05.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VRTX UW EQUITY YTD Change VRTX UW EQUITY YTD % CHANGE

31.12.2009 31.12.2010 101.9 143.4 72.99x 46.28x (562.7) (664.1) (642.2) (754.6) Profitability

LTM-4Q 31.12.2011 1'410.6 4.65x 256.7 25.55x 29.6 37.43x

31.12.2012 1'527.0 5.53x 42.4 199.38x (107.0) 62.66x 42.37 4.18 0.27% -0.81% -4.31% -11.99% 0.62% 81.7% 2.8% 0.3% -7.0% 3.67 3.39 15.54% 42.92% 9.36 3.92

Price/ Cash Flow

12/yy 1'410.6 25.64x 256.7 25.55x 29.6 49.25x

LTM 12/yy 1'527.0 25.90x 42.4 199.38x (107.0) 138.80x

FY+1

0.00 0.67 216.11 4.70 103.56% 86.77% 0.674 29 4.414 879'843 833'499 669'264 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'169.8 1'063.5 309.0 298.7 14.69x 16.21x 53.38x 55.26x (99.5) (234.6) (14.6) (20.8) (94.1) (167.7) (10.6) (18.2) S&P Issuer Ratings

2.54 -1.73 -21.06 10.12 42.9% 25.8% 0.62 5.39 39.11 93.43 162.67 -30.13

Sales/Revenue/Turnover

70.00

1'800.0

60.00

1'600.0 1'400.0

50.00

1'200.0

40.00

1'000.0

30.00

800.0 600.0

20.00

400.0

10.00 0.00 01.01.2010

200.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Vertex Pharmaceuticals Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN JENNISON ASSOCIATES BLACKROCK VANGUARD GROUP INC GOLDMAN SACHS GROUP STATE STREET JANUS CAPITAL MANAGE JP MORGAN WELLINGTON MANAGEMEN FMR LLC CLEARBRIDGE INVESTME LAZARD ASSET MANAGEM HARBOR CAPITAL ADVIS PRUDENTIAL FINANCIAL NEUBERGER BERMAN LLC LOOMIS SAYLES & COMP SECTORAL ASSET MANAG WESTFIELD CAPITAL MG ALLIANCE BERNSTEIN BANK OF NEW YORK MEL

Firm Name Canaccord Genuity Corp Sanford C. Bernstein & Co Wells Fargo Securities, LLC Morgan Stanley William Blair & Co Summer Street Research Partners Deutsche Bank Goldman Sachs RBC Capital Markets Janney Montgomery Scott LLC Needham & Co Robert W. Baird & Co Leerink Swann & Co ISI Group Cowen and Company S&P Capital IQ Maxim Group LLC Chardan Capital Markets Barclays Credit Suisse JPMorgan JMP Securities Lazard Capital Markets Piper Jaffray EVA Dimensions Argus Research Corp

Portfolio Name n/a JENNISON ASSOCIATES n/a VANGUARD GROUP INC GOLDMAN SACHS GROUP n/a n/a n/a WELLINGTON MANAGEMEN n/a CLEARBRIDGE INVESTME n/a Multiple Portfolios n/a NEUBERGER BERMAN GRO LOOMIS SAYLES & CO L SECTORAL ASSET MANAG WESTFIELD CAPITAL MA n/a BANK OF NEW YORK MEL

Analyst SALVEEN J RICHTER GEOFFREY C PORGES BRIAN C ABRAHAMS DAVID FRIEDMAN Y KATHERINE XU CAROL A WERTHER ROBYN KARNAUSKAS TERENCE FLYNN MICHAEL J YEE KIMBERLY LEE ALAN CARR BRIAN P SKORNEY HOWARD LIANG MARK J SCHOENEBAUM PHILIP NADEAU STEVEN SILVER JASON KOLBERT ANDREW FEIN YING HUANG RAVI MEHROTRA GEOFFREY MEACHAM LIISA A BAYKO JOSHUA SCHIMMER EDWARD A TENTHOFF ANDREW S ZAMFOTIS JOHN M EADE

Source ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation buy outperform outperform Equalwt/In-Line outperform buy buy neutral/attractive outperform buy buy outperform outperform neutral neutral buy buy buy overweight neutral overweight market outperform neutral neutral overweight hold

Amt Held 18'712'754 17'766'754 17'027'587 10'866'696 9'925'186 9'780'001 7'855'731 7'054'636 6'450'390 6'126'485 5'312'819 5'012'668 4'857'111 3'905'164 3'738'088 3'632'636 3'397'168 3'097'022 2'962'467 2'852'720

% Out 8.58 8.14 7.8 4.98 4.55 4.48 3.6 3.23 2.96 2.81 2.43 2.3 2.23 1.79 1.71 1.66 1.56 1.42 1.36 1.31

Weighting

Change 5 5 5 3 5 5 5 3 5 5 5 5 5 3 3 5 5 5 5 3 5 4 3 3 5 3

M M M M M M M U M M M M M M M M M M M M M M M M U M

Latest Chg 4'772'675 2'436'793 754'426 4'089'468 204'513 282'156 (2'039'081) 673'868 (7'217'696) (41'873) 3'454'119 891'004 458'892 1'110'564 (281'322) (267'942) (57'718) (130'883) 152'256

Target Price 96 76 #N/A N/A 91 83 95 100 86 95 88 95 88 #N/A N/A 93 #N/A N/A 100 88 105 95 80 100 100 #N/A N/A 57 #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 31.12.2012 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Unclassified 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided 12 month Not Provided Not Provided

Date 24.04.2013 23.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 19.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 18.04.2013 25.03.2013 14.02.2013

30.04.2013

Viacom Inc Viacom Inc. produces media entertainment content. The Company creates and acquires programming for television, the Internet, mobile devices, video games, and other consumer electronics products. Viacom also produces, finances, and distributes motion pictures to movie theaters and on DVDs, television, digital and other platforms internationally.

Price/Volume 70

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.04.2013) 52-Week Low (03.08.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VIAB UW EQUITY YTD Change VIAB UW EQUITY YTD % CHANGE

09/2012 12/yy 66.89 44.85 1'011'223.00 63.65 -4.84% 41.92% 85.30% 443.8 31'544.02 8'149.00 0.0 170.0 848.00 39'428.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 14'625.0 1.30x 2'928.0 6.50x 1'251.0 8.01x

4.0 M

31.12.2009 30.09.2010 13'619.0 1.82x 3'295.0 7.52x 1'611.0 11.57x Profitability

LTM-4Q 30.09.2011 14'914.0 1.90x 4'125.0 6.88x 2'136.0 10.25x

30.09.2012 13'887.0 2.49x 4'137.0 8.37x 1'981.0 12.73x 4'137.00 3'901.00 28.09% 24.99% 10.00% 29.50% 16.24% 0.59% 49.6% 29.5% 27.8% 14.3% 1.27 0.88 36.62% 109.41% 4.65 7.94

Price/ Cash Flow

12/yy 15'038.0 8.55x 4'092.0 7.78x 1'738.0 11.83x

LTM 12/yy 13'249.0 10.00x 3'913.0 8.70x 2'239.0 12.56x

FY+1

1.69 441.47 7.91 40.09% 21.22% 35 4.057 1'136'485 919'321 936'385 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 13'770.5 14'404.8 3'182.4 3'583.2 2.89x 2.81x 12.57x 11.22x 4'212.3 4'483.1 899.1 1'168.5 9.36x 8.79x 8.97x 8.83x 2'313.9 2'465.4 474.9 650.8 13.55x 11.77x 12.80x 12.39x S&P Issuer Ratings

29.07.2010 BBB+ STABLE 01.07.2009 A-2 9.73 9.37 1.97 2.14 109.4% 51.7% 0.59 12.65 78.76 46.09 14.31 94.98

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Viacom Inc Holdings By:

All

Holder Name BLACKROCK STATE STREET INVESCO LTD VANGUARD GROUP INC SUN LIFE FINANCIAL I LAZARD ASSET MANAGEM INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG BANK OF NEW YORK MEL FMR LLC ALLIANCE BERNSTEIN BERKSHIRE HATHAWAY I LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN LLC NORTHERN TRUST CORPO NORGES BANK MANNING & NAPIER ADV TIAA CREF INVESTMENT

Firm Name Barrington Research Nomura Cowen and Company Telsey Advisory Group B Riley & Company, Inc Lazard Capital Markets Sanford C. Bernstein & Co Credit Suisse Wunderlich Securities Barclays EVA Dimensions Wells Fargo Securities, LLC Pivotal Research Group LLC Deutsche Bank Needham & Co Stifel Morgan Stanley RBC Capital Markets Davenport & Co Edward Jones Susquehanna Financial Group Argus Research Corp Wedbush Evercore Partners Atlantic Equities LLP Macquarie Gabelli & Co Piper Jaffray Janney Montgomery Scott LLC S&P Capital IQ Maxim Group LLC JPMorgan Goldman Sachs BTIG LLC

Portfolio Name n/a n/a n/a VANGUARD GROUP INC n/a n/a INSTITUTIONAL CAPITA YACKTMAN ASSET MANAG BANK OF NEW YORK MEL n/a n/a n/a LONGVIEW PARTNERS (G GOLDMAN SACHS GROUP NWQ INVESTMENT MANAG NEUBERGER BERMAN GRO NORTHERN TRUST CORPO NORGES BANK MANNING & NAPIER ADV TIAA-CREF INVESTMENT

Analyst JAMES C GOSS MICHAEL NATHANSON DOUGLAS CREUTZ JAISON BLAIR DAVID W MILLER BARTON CROCKETT TODD JUENGER MICHAEL SENNO MATTHEW HARRIGAN ANTHONY J DICLEMENTE CRAIG STERLING MARCI RYVICKER BRIAN WIESER DOUGLAS D MITCHELSON LAURA A MARTIN DREW E CRUM BENJAMIN SWINBURNE DAVID BANK MICHAEL C MORRIS ROBIN DIEDRICH VASILY KARASYOV JOSEPH F BONNER JAMES G DIX ALAN GOULD HAMILTON FABER TIMOTHY W NOLLEN BRETT HARRISS JAMES M MARSH JR TONY WIBLE TUNA AMOBI JOHN TINKER ALEXIA S QUADRANI DREW BORST RICHARD GREENFIELD

Source ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation market perform buy outperform no rating system buy buy underperform neutral hold overweight hold outperform buy buy buy buy Equalwt/Attractive outperform buy hold Positive hold neutral equalweight neutral neutral buy neutral buy buy buy overweight buy/attractive buy

Amt Held 31'414'282 25'219'636 21'332'067 20'627'546 17'653'439 14'683'832 12'227'118 11'125'914 8'652'750 8'451'839 8'330'036 7'607'200 7'477'711 7'150'598 6'688'470 6'645'993 6'259'248 6'201'501 5'932'872 5'429'025

% Out 7.08 5.68 4.81 4.65 3.98 3.31 2.76 2.51 1.95 1.9 1.88 1.71 1.68 1.61 1.51 1.5 1.41 1.4 1.34 1.22

Weighting

Change

3 5 5 #N/A N/A 5 5 1 3 3 5 3 5 5 5 5 5 3 5 5 3 4 3 3 3 3 3 5 3 5 5 5 5 5 5

M M M M M M M M M M D M M M M M M M M M M M D M M M M D M M M M U M

Latest Chg 3'501'466 504'949 (1'023'522) 171'155 (4'250'834) 1'316'432 (394'750) (919'049) 283'024 2'109'419 (366'769) 7'477'711 (505'843) (1'049'307) 246'859 (103'712) (58'140) 2'825'622 (555'990)

Target Price #N/A N/A 68 #N/A N/A 76 71 71 58 68 72 68 #N/A N/A #N/A N/A 77 70 63 73 68 66 72 #N/A N/A 71 #N/A N/A 63 62 66 62 #N/A N/A 58 65 66 68 66 68 50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.04.2013 24.04.2013 31.12.2012 31.03.2013 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.03.2013 28.02.2013 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month 12 month 12 month

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor

Date 23.04.2013 23.04.2013 23.04.2013 23.04.2013 22.04.2013 21.04.2013 19.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 12.04.2013 11.04.2013 10.04.2013 09.04.2013 09.04.2013 08.04.2013 08.04.2013 05.04.2013 04.04.2013 03.04.2013 11.03.2013 07.02.2013 05.02.2013 05.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 29.01.2013 22.01.2013 14.01.2011

30.04.2013

Virgin Media Inc Virgin Media Inc. is a provider of broadband internet, television, mobile telephony and fixed line telephony services that offer a variety of entertainment and communications services to residential and commercial customers throughout the U.K.

Price/Volume 60

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

50 40 30

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.04.2013) 52-Week Low (18.05.2012) Daily Volume Current Price (4/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 VMED UW EQUITY YTD Change VMED UW EQUITY YTD % CHANGE

12/2012 03/yy 50.29 21.25 744'268.00 49.13 -2.30% 131.20% 96.02% 270.5 13'289.85 5'929.10 0.0 0.0 206.30 14'373.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10 0 a-12 m-12

31.12.2009 31.12.2010 3'663.9 3'875.8 2.45x 2.88x 1'348.9 1'510.2 6.67x 7.39x (357.8) (141.4) Profitability

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q 31.12.2011 3'991.8 2.38x 1'590.2 5.98x 75.9 29.33x

31.12.2012 4'100.5 2.88x 1'653.5 7.15x 2'852.6 20.76x 1'653.50 701.80 17.11% 6.37% 32.22% 155.53% 0.45% 60.3% 40.5% 17.3% 69.6% 0.67 0.53 56.44% 187.77% 9.70 248.73

Price/ Cash Flow

03/yy 4'015.7 10.19x 1'590.6 6.27x 79.6 30.04x

LTM 03/yy 4'136.8 11.34x 1'675.5 8.66x 2'984.5 26.43x

FY+1

0.50 0.88 269.54 27.44 101.06% 33.80% 0.881 17 3.471 635'047 809'228 1'540'881 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'248.8 4'388.4 1'052.5 1'070.0 3.26x 3.10x 11.99x 11.58x 1'734.0 1'807.8 436.0 457.0 8.29x 7.95x 429.6 484.4 109.5 127.0 19.95x 16.32x S&P Issuer Ratings

06.02.2013 BB *4.15 2.18 3.46 3.65 187.8% 65.3% 0.45 0.91 37.64 1.47 66.06 -33.31

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00 01.01.2010

j-12

Fiscal Year Ended 31.12.2008 3'776.8 1.88x 1'301.7 5.46x (920.0) -

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 |

30.04.2013

Virgin Media Inc Holdings By:

All

Holder Name CAPITAL GROUP COMPAN ROYAL BANK OF CANADA COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK SUN LIFE FINANCIAL I FMR LLC BLACKROCK TIMESSQUARE CAPITAL BNP PARIBAS INV PART BANK OF AMERICA CORP GREENLIGHT CAPITAL I STATE STREET BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L WELLS FARGO WELLINGTON MANAGEMEN OPPENHEIMERFUNDS INC

Firm Name

Portfolio Name n/a n/a COATUE MANAGEMENT LL SCHRODER INVESTMENT GOLDMAN SACHS GROUP VANGUARD GROUP INC NORGES BANK n/a n/a n/a TIMESSQUARE CAPITAL n/a BANK OF AMERICA GREENLIGHT CAPITAL I n/a BLUE RIDGE CAPITAL L LANSDOWNE PARTNERS L n/a WELLINGTON MANAGEMEN OPPENHEIMER FUNDS IN

Analyst

Barclays MICHAEL BISHOP Jefferies JEREMY A DELLIS Sanford C. Bernstein & Co ROBIN BIENENSTOCK Evercore Partners BRYAN KRAFT Nomura HENRIK NYBLOM Credit Suisse PAUL SIDNEY Wunderlich Securities MATTHEW HARRIGAN Exane BNP Paribas MICHAEL WILLIAMS Deutsche Bank DAVID A WRIGHT EVA Dimensions CRAIG STERLING Peel Hunt PATRICK YAU Berenberg Bank STUART GORDON Macquarie GUY R PEDDY Espirito Santo Investment Bank Research ANDREW HOGLEY New Street Research FRANK KNOWLES Goldman Sachs TIMOTHY BODDY JPMorgan CARL MURDOCK-SMITH HSBC ADAM M RUMLEY Raymond James STEPHANE BEYAZIAN

Source ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F 13F ULT-AGG 13F 13F ULT-AGG 13F 13F

Recommendation overweight hold market perform equalweight buy restricted buy outperform hold sell hold hold neutral neutral Under Review not rated restricted overweight market perform

Amt Held 44'458'515 21'657'465 16'109'508 10'948'447 10'865'101 10'531'931 9'548'492 9'532'507 7'864'855 7'180'248 6'959'260 5'617'529 5'550'366 4'920'000 4'771'316 4'600'000 4'093'694 3'987'460 3'924'506 3'870'260

% Out 16.44 8.01 5.96 4.05 4.02 3.89 3.53 3.52 2.91 2.65 2.57 2.08 2.05 1.82 1.76 1.7 1.51 1.47 1.45 1.43

Weighting

Change

5 3 3 3 5 #N/A N/A 5 5 3 1 3 3 3 3 #N/A N/A #N/A N/A #N/A N/A 5 3

M M M M M M M M M D M M D D M M M M M

Latest Chg (20'055'800) 125'106 1'467'296 (1'410'417) (91'935) (1'495'052) (2'911'928) (423'785) 746'923 (2'051'750) 336'694 (2'507'819) 54'658 4'600'000 3'629'865 3'636'674 (1'269'016) 574'260

Target Price 50 33 45 49 40 #N/A N/A 55 50 48 #N/A N/A 46 47 46 46 #N/A N/A #N/A N/A #N/A N/A 43 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 28.02.2013 23.04.2013 31.12.2012 28.02.2013 31.12.2012 31.12.2012 24.04.2013 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Investment Advisor Bank Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor

Date 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 22.04.2013 19.04.2013 17.04.2013 28.03.2013 25.03.2013 06.03.2013 07.02.2013 07.02.2013 07.02.2013 05.02.2013 05.02.2013 12.11.2012 04.09.2012

30.04.2013

Vodafone Group PLC Vodafone Group Plc provides a range of mobile telecommunications services, including voice and data communications. Vodafone has equity interests in 28 countries and Partner Networks in a further 7 countries with almost all the Group's mobile subsidiaries operating principally under the brand name Vodafone. In the United States their associated undertaking operates as Verizon Wireless.

Price/Volume 35

12.0 M

10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (21.02.2013) Daily Volume Current Price (4/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 VOD UW EQUITY YTD Change VOD UW EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

4.0 M

2.0 M

5 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.03.2008 35'478.0 2.93x 13'123.0 7.93x 6'660.0 -

6.0 M

03/2012 12/yy 30.80 24.42 1'791'548.00 30.59 -0.68% 25.27% 96.71% 4'888.6 149'541.55 34'706.00 0.0 1'267.0 8'461.00 -

31.03.2009 31.03.2010 41'017.0 44'472.0 2.36x 2.54x 14'520.0 14'820.0 6.67x 7.62x 3'078.0 8'645.0 Profitability

LTM-4Q 31.03.2011 45'884.0 2.67x 14'668.0 8.35x 7'968.0 -

31.03.2012 46'417.0 2.43x 18'214.0 6.20x 6'957.0 18'214.00 10'355.00 22.31% 20.57% -1.22% -2.22% -3.81% 0.32% 32.0% 31.1% 14.3% 15.0% 0.83 0.51 24.87% 45.11% 3.76 53.11

LTM

12/yy 46'525.0 0.00x 0.0 0.00x 0.0 0.00x

12/yy 44'447.0 0.00x 0.0 0.00x 0.0 0.00x

FY+1

0.75 12.64 16.49% 21.44% 0.754 7 4.143 1'929'793 2'232'206 2'650'918 FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 44'826.8 45'062.5 13'234.8 13'215.8 8'063.9 8'416.2 12.21x 11.76x S&P Issuer Ratings

30.05.2006 ASTABLE 30.05.2006 A-2 9.43 6.96 1.51 2.06 45.1% 30.7% 0.32 2.41 97.36 6.89 -14.42

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Vodafone Group PLC Holdings By:

All

Holder Name FMR LLC INVESCO LTD INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS & WILEY CAP MORGAN STANLEY T ROWE PRICE ASSOCIA WELLS FARGO WELLINGTON MANAGEMEN BANK OF AMERICA CORP MACKAY SHIELDS LLC BLACKROCK STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP FISHER INVESTMENTS I UBS SCHAFER CULLEN CAPIT

Firm Name Sanford C. Bernstein & Co Edward Jones EVA Dimensions Goldman Sachs Robert W. Baird & Co Davenport & Co

Portfolio Name n/a n/a INSTITUTIONAL CAPITA DODGE & COX BARROW HANLEY MEWHIN DIMENSIONAL FUND ADV HOTCHKIS AND WILEY n/a T ROWE PRICE ASSOCIA n/a WELLINGTON MANAGEMEN BANK OF AMERICA Multiple Portfolios n/a STATE FARM MUTUAL AU LETKO BROSSEAU & ASS BMO FINANCIAL CORP FISHER INVESTMENTS n/a SCHAFER CULLEN CAPIT

Analyst ROBIN BIENENSTOCK DAVID HEGER ANDREW S ZAMFOTIS TIMOTHY BODDY WILLIAM V POWER F DRAKE JOHNSTONE

Source ULT-AGG ULT-AGG 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F MF-AGG ULT-AGG 13F 13F 13F 13F ULT-AGG 13F

Recommendation underperform buy buy Buy/Neutral outperform neutral

Amt Held 45'364'547 30'692'969 29'093'934 24'142'133 22'026'860 18'034'949 16'309'108 15'077'867 12'781'495 11'818'760 11'472'680 10'689'113 9'983'851 9'617'709 9'574'678 9'441'183 9'196'739 8'340'373 8'083'610 7'675'322

% Out 0.93 0.63 0.6 0.49 0.45 0.37 0.33 0.31 0.26 0.24 0.23 0.22 0.2 0.2 0.2 0.19 0.19 0.17 0.17 0.16

Weighting

Change 1 5 5 5 5 3

M M M M M M

Latest Chg 1'801'302 (893'927) (1'007'886) (816'942) (229'054) (46'157) 678'457 999'300 (652'843) (4'282'307) (705'862) (2'337'983) 251'700 (5'934'996) (360'362) 28'686 1'328'134 328'670 1'079'518

Target Price 21 #N/A N/A #N/A N/A 33 30 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.02.2013 31.12.2012 31.12.2012 28.02.2013 23.04.2013 31.12.2012 31.12.2012 31.03.2013 31.03.2013 31.12.2012 31.03.2013

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 17.04.2013 03.04.2013 28.03.2013 26.03.2013 13.03.2013 07.02.2013

30.04.2013

Western Digital Corp Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.04.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WDC UW EQUITY YTD Change WDC UW EQUITY YTD % CHANGE

06/2012 03/yy 57.95 28.32 1'244'964.00 54.12 -6.61% 91.10% 87.07% 240.7 13'024.81 2'185.00 0.0 0.0 3'208.00 10'977.81

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 j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

Fiscal Year Ended 30.06.2008 8'074.0 0.90x 1'419.0 5.11x 867.0 8.07x

30.06.2009 30.06.2010 7'453.0 9'850.0 0.62x 0.47x 1'106.0 2'035.0 4.15x 2.28x 470.0 1'382.0 10.97x 5.03x Profitability

LTM-4Q 30.06.2011 9'526.0 0.56x 1'383.0 3.86x 726.0 11.58x

30.06.2012 12'478.0 0.52x 2'890.0 2.24x 1'612.0 3.89x 2'890.00 2'065.00 16.55% 14.08% 14.00% 25.13% 19.73% 1.15% 29.2% 23.1% 15.3% 12.9% 1.77 1.38 15.38% 28.49% 8.03 9.35

Price/ Cash Flow

LTM

03/yy 10'127.0 2.14x 1'970.0 5.16x 1'025.0 7.68x

03/yy 16'377.0 1.39x 2'986.0 0.00x 1'990.0 5.96x

FY+1

0.92 213.85 6.18 28.03% 28 3.500 1'381'340 877'820 873'356 FY+2

FQ+1

FQ+2

06/13 Y 06/14 Y 06/13 Q4 09/13 Q1 15'226.4 14'866.5 3'614.9 3'757.5 0.70x 0.62x 2.92x 2.73x 3'449.6 3'124.0 774.3 846.0 3.18x 3.51x 3.30x 3.27x 2'013.8 1'848.1 433.2 489.6 6.52x 6.85x 6.91x 6.80x S&P Issuer Ratings

29.04.1999 NR 111.15 83.58 -0.54 0.53 28.5% 22.2% 1.15 4.11 45.31 38.92 76.09 5.90

Sales/Revenue/Turnover

4.00

14'000.0

3.50

12'000.0

3.00

10'000.0

2.50

8'000.0

2.00

6'000.0

1.50

4'000.0

1.00

2'000.0

0.50 0.00 03.07.2009

0.0 03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Western Digital Corp Holdings By:

All

Holder Name HITACHI LTD VANGUARD GROUP INC STATE STREET BLACKROCK ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO OPPENHEIMERFUNDS INC LSV ASSET MANAGEMENT BRANDES INVESTMENT P CORNERSTONE INVESTME INVESCO LTD BANK OF NEW YORK MEL APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BRANDYWINE GLOBAL IN NORGES BANK FMR LLC AQR CAPITAL MANAGEME

Firm Name Morgan Stanley Goldman Sachs RBC Capital Markets JPMorgan Barclays BMO Capital Markets Deutsche Bank Evercore Partners Wells Fargo Securities, LLC Lazard Capital Markets Cross Research Brean Murray Carret & Co Pacific Crest Securities Longbow Research Tigress Financial Partners Daiwa Securities Co. Ltd. Argus Research Corp Credit Agricole Securities (USA) Needham & Co Robert W. Baird & Co Stifel Noble Financial Group Craig-Hallum Capital Group LLC FBN Securities EVA Dimensions Wedge Partners S&P Capital IQ

Portfolio Name n/a VANGUARD GROUP INC n/a n/a ALKEN ASSET MANAGEME FIRST PACIFIC ADVISO OPPENHEIMER FUNDS IN LSV ASSET MANAGEMENT BRANDES INVESTMENT P CORNERSTONE INVESTME n/a BANK OF NEW YORK MEL APG ALL PENSIONS GRO HERNDON CAPITAL MANA NORTHERN TRUST CORPO COMMONWEALTH BANK OF BRANDYWINE GLOBAL IN NORGES BANK n/a AQR CAPITAL MANAGEME

Analyst KATHRYN HUBERTY WILLIAM C SHOPE JR AMIT DARYANANI MARK A MOSKOWITZ BENJAMIN A REITZES KEITH F BACHMAN SHERRI SCRIBNER ROBERT CIHRA MAYNARD UM EDWARD PARKER STEVEN B FOX ANANDA BARUAH MONIKA GARG JOE WITTINE IVAN FEINSETH YOKO YAMADA JAMES KELLEHER AVI SILVER RICHARD J KUGELE JAYSON NOLAND SR AARON C RAKERS MARK S MILLER CHRISTIAN SCHWAB SHEBLY SEYRAFI ANDREW S ZAMFOTIS KIRK ADAMS JIM YIN

Source ULT-AGG 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F

Recommendation Equalwt/In-Line neutral/cautious outperform neutral equalweight market perform buy overweight market perform buy hold buy sector perform neutral buy neutral hold underperform strong buy neutral buy buy buy sector perform buy no rating system sell

Amt Held 25'000'000 14'830'208 12'022'830 11'722'308 8'878'439 6'662'900 5'407'491 5'374'730 4'620'895 4'520'071 3'772'247 3'344'100 3'274'010 3'125'852 3'090'511 3'063'188 2'968'439 2'865'152 2'743'512 2'526'308

% Out 10.39 6.16 5 4.87 3.69 2.77 2.25 2.23 1.92 1.88 1.57 1.39 1.36 1.3 1.28 1.27 1.23 1.19 1.14 1.05

Weighting

Change

3 3 5 3 3 3 5 5 3 5 3 5 3 3 5 3 3 1 5 3 5 5 5 3 5 #N/A N/A 1

M M M M M M M M M M M M M M N M M M M M M M M M M M M

Latest Chg 467'096 (752'855) (3'211'794) 25'829 (1'393'600) 848'713 (315'100) (499'946) (1'799'884) 2'334'512 324'826 (174'184) 188'163 (56'703) 3'003'257 1'265'072 1'173'309 1'071'930 641'724

Target Price #N/A N/A 50 60 47 45 45 62 70 #N/A N/A 58 49 60 #N/A N/A #N/A N/A #N/A N/A 51 #N/A N/A 47 52 50 55 52 54 50 #N/A N/A #N/A N/A 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 17.09.2012 Corporation 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Bank 31.12.2012 Investment Advisor 31.12.2012 Government 28.02.2013 Investment Advisor 31.12.2012 Hedge Fund Manager

Date Not Provided 6 month 12 month 6 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 25.04.2013 25.04.2013 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 05.04.2013 01.04.2013 15.03.2013 13.03.2013 30.01.2013 29.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 24.01.2013 15.01.2013 14.01.2013 30.11.2012

30.04.2013

Whole Foods Market Inc Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets in the United States. The Company's stores provides full range of merchandise, featuring products that are free of artificial flavors, sweeteners, colors, preservatives, and added chemicals. Whole Foods also develops, produces, and markets nutriceuticals and nutritional supplements.

Price/Volume 120

3.0 M 2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (05.10.2012) 52-Week Low (23.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WFM UW EQUITY YTD Change WFM UW EQUITY YTD % CHANGE

09/2012 01/yy 99.67 79.79 578'822.00 88.13 -11.57% 10.45% 41.95% 185.3 16'333.31 24.12 0.0 0.0 1'220.23 15'432.31

2.0 M 1.5 M

1.0 M 20

.5 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

Valuation Analysis

30.09.2008 7'953.9 0.48x 485.5 7.82x 114.5 21.96x

4.0 M

100

30.09.2009 30.09.2010 8'031.6 9'005.8 0.59x 0.71x 551.0 762.8 8.65x 8.42x 146.8 245.8 29.06x 23.02x Profitability

LTM-4Q 30.09.2011 10'107.8 1.14x 883.9 13.08x 342.6 32.32x

30.09.2012 11'698.8 1.44x 1'111.8 15.17x 465.6 35.94x 1'111.84 800.29 6.84% 6.43% 10.27% 14.67% 2.53% 35.5% 9.6% 7.0% 4.0% 2.15 1.45 0.46% 0.63% 68.57 20.16

Price/ Cash Flow

LTM

01/yy 10'495.1 4.35x 934.2 13.34x 372.2 32.46x

01/yy 12'163.9 5.23x 1'170.5 13.57x 493.2 31.77x

FY+1

2.97 0.99 183.51 3.55 9.23% -3.06% 0.991 31 3.935 567'679 582'475 642'573 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 13'058.3 14'925.7 3'028.4 3'101.3 1.18x 1.01x 5.05x 4.92x 1'214.5 1'419.1 298.7 305.6 12.71x 10.87x 12.07x 11.58x 540.6 646.6 137.4 138.3 30.68x 25.94x 29.26x 28.01x S&P Issuer Ratings

07.08.2012 BBBSTABLE 1314.23 774.93 -0.77 0.02 0.6% 0.6% 2.53 5.75 5.41 18.41 11.06 11.54

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.10.2009

2'000.0 0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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 |

30.04.2013

Whole Foods Market Inc Holdings By:

All

Holder Name BAILLIE GIFFORD AND BLACKROCK JENNISON ASSOCIATES STATE STREET T ROWE PRICE ASSOCIA WELLS FARGO VANGUARD GROUP INC FMR LLC AMERICAN CENTURY COM JP MORGAN BANK OF NEW YORK MEL NORTHERN TRUST CORPO HARBOR CAPITAL ADVIS CAPITAL GROUP COMPAN INVESCO LTD RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG FRANKLIN RESOURCES WADDELL & REED FINAN

Firm Name BMO Capital Markets Williams Capital Group Northcoast Research Wells Fargo Securities, LLC Longbow Research Piper Jaffray Edward Jones Morgan Stanley Raymond James SunTrust Robinson Humphrey Susquehanna Financial Group Tigress Financial Partners Cantor Fitzgerald CL King & Associates Goldman Sachs Deutsche Bank Argus Research Corp RBC Capital Markets JPMorgan William Blair & Co Canaccord Genuity Corp BB&T Capital Markets Guggenheim Securities LLC Cowen and Company Barclays Telsey Advisory Group Credit Suisse EVA Dimensions S&P Capital IQ Gabelli & Co

Portfolio Name BAILLIE GIFFORD & CO n/a JENNISON ASSOCIATES n/a T ROWE PRICE ASSOCIA n/a VANGUARD GROUP INC n/a AMERICAN CENTURY COM n/a BANK OF NEW YORK MEL NORTHERN TRUST CORPO Multiple Portfolios n/a n/a RENAISSANCE TECHNOLO NORGES BANK ING INVESTMENT MANAG n/a WADDELL & REED FINAN

Analyst KAREN SHORT MARC RIDDICK CHARLES E CERANKOSKY KATE WENDT PHILIP TERPOLILLI SEAN NAUGHTON BRIAN YARBROUGH MARK WILTAMUTH BENJAMIN BROWNLOW DAVID G MAGEE ROBERT SUMMERS IVAN FEINSETH AJAY JAIN ERIC J LARSON STEPHEN GRAMBLING SHANE HIGGINS CHRISTOPHER GRAJA EDWARD AARON KENNETH GOLDMAN MARK R MILLER SCOTT VAN WINKLE ANDREW P WOLF JOHN HEINBOCKEL PAUL L WESTRA MEREDITH ADLER JOSEPH I FELDMAN EDWARD J KELLY AUSTIN BURKETT JOSEPH AGNESE JUSTYN PUTNAM

Source 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F MF-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG 13F

Recommendation outperform market perform buy outperform neutral neutral buy Overwt/In-Line market perform buy Positive buy buy neutral Buy/Neutral buy hold outperform overweight outperform buy hold neutral outperform equalweight no rating system neutral underweight hold buy

Amt Held 11'091'999 10'538'739 9'822'593 9'703'018 9'695'592 8'993'254 7'988'240 6'551'626 3'836'954 3'689'977 3'685'768 3'094'554 2'868'018 2'822'000 2'699'598 2'100'974 2'040'189 1'941'788 1'559'082 1'540'444

% Out 5.98 5.69 5.3 5.24 5.23 4.85 4.31 3.54 2.07 1.99 1.99 1.67 1.55 1.52 1.46 1.13 1.1 1.05 0.84 0.83

Weighting

Change

5 3 5 5 3 3 5 5 3 5 4 5 5 3 5 5 3 5 5 5 5 3 3 5 3 #N/A N/A 3 1 3 5

M M M M M M M M N M M N M M M M M M M M M M M M M M M M D N

Latest Chg (18'127) 719'263 86'880 68'316 2'547'726 1'074'828 270'757 (961'753) (321'679) 439'586 (732'015) (858'303) (289'568) (406'600) (144'121) 35'900 1'287'030 582'564 13'681 (153'770)

Target Price 105 99 112 #N/A N/A #N/A N/A 89 #N/A N/A 110 #N/A N/A 105 110 #N/A N/A 104 88 103 100 #N/A N/A 100 103 #N/A N/A 112 #N/A N/A 105 #N/A N/A 88 105 90 #N/A N/A 99 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.03.2013 Investment Advisor 23.04.2013 Investment Advisor 31.12.2012 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 28.02.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Government 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 23.04.2013 23.04.2013 18.04.2013 15.04.2013 11.04.2013 04.04.2013 02.04.2013 20.03.2013 19.03.2013 18.03.2013 06.03.2013 20.02.2013 19.02.2013 19.02.2013 18.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 13.02.2013 15.01.2013 08.11.2012 28.11.2008

30.04.2013

Wynn Resorts Ltd Wynn Resorts Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest rooms and suites, restaurants, a golf course, and an on-site luxury automotive dealership.

Price/Volume 140

1.8 M

120

1.6 M 1.4 M

100

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.04.2013) 52-Week Low (26.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WYNN UW EQUITY YTD Change WYNN UW EQUITY YTD % CHANGE

12/2012 12/yy 136.50 84.49 334'960.00 135.8 -0.51% 60.73% 98.65% 100.9 13'703.81 5'810.76 0.0 363.0 1'725.22 18'152.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.8 M .6 M

.4 M

.2 M

0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.12.2008 2'987.3 2.64x 607.9 12.99x 210.5 22.01x

1.2 M

31.12.2009 31.12.2010 3'045.6 4'184.7 2.92x 3.61x 674.0 1'056.0 13.18x 14.29x 20.7 160.1 215.67x 48.75x Profitability

LTM-4Q 31.12.2011 5'269.8 3.02x 1'536.9 10.36x 613.4 22.50x

31.12.2012 5'154.3 3.06x 1'442.5 10.95x 502.0 21.55x 1'442.45 1'069.25 20.74% 14.22% 7.08% 17.87% 0.73% 36.9% 29.0% 21.8% 9.7% 1.95 1.74 79.86% 21.61 47.87

Price/ Cash Flow

12/yy 5'269.8 13.17x 1'536.9 10.36x 613.4 19.28x

LTM 12/yy 5'154.3 12.59x 1'442.5 10.95x 502.0 21.02x

FY+1

7.36 1.31 80.33 4.55 11.12% 21.71% 1.311 30 4.233 480'948 387'607 400'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 5'428.1 5'654.9 1'349.9 1'345.1 3.29x 3.20x 13.18x 13.24x 1'702.8 1'771.8 428.5 418.4 10.66x 10.24x 10.64x 10.45x 692.2 727.1 169.1 163.1 20.45x 19.40x 21.36x 20.68x S&P Issuer Ratings

10.06.2011 BB+ STABLE 4.96 4.13 2.83 4.03 98.2% 0.73 1.07 16.94 7.65 18.98 5.60

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00 8.00

3'000.0

6.00

2'000.0

4.00

1'000.0 2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Wynn Resorts Ltd Holdings By:

All

Holder Name WADDELL & REED FINAN WYNN STEPHEN A WYNN ELAINE P MARSICO CAPITAL MANA CAPITAL GROUP COMPAN STATE STREET BLACKROCK VANGUARD GROUP INC AMERIPRISE FINANCIAL LATEEF INVESTMENT MA INVESCO LTD COLUMBIA MANAGEMENT THORNBURG INVESTMENT GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC PACIFIC HEIGHTS ASSE BANK OF NEW YORK MEL NORGES BANK

Firm Name

Portfolio Name WADDELL & REED FINAN n/a n/a MARSICO CAPITAL MANA n/a n/a n/a VANGUARD GROUP INC AMERIPRISE FINANCIAL LATEEF INVESTMENT MA n/a Multiple Portfolios THORNBURG INVESTMENT GOLDMAN SACHS GROUP NORTHERN TRUST CORPO SOROBAN CAPITAL PART BAMCO INC PACIFIC HEIGHTS ASSE BANK OF NEW YORK MEL NORGES BANK

Analyst

Telsey Advisory Group CHRISTOPHER E JONES Stifel STEVEN M WIECZYNSKI Cantor Fitzgerald ROBERT A LAFLEUR Wells Fargo Securities, LLC CAMERON MCKNIGHT Lazard Capital Markets JAKE FULLER ISI Group IAN WEISSMAN Deutsche Bank CARLO SANTARELLI Susquehanna Financial Group RACHAEL ROTHMAN Barclays FELICIA R KANTOR HENDRIX RBC Capital Markets JOHN KEMPF Sterne, Agee & Leach DAVID BAIN JPMorgan JOSEPH R GREFF Nomura HARRY C CURTIS Janney Montgomery Scott LLC BRIAN MCGILL Compass Point Research & Trading LLC MICHAEL TURNER Morgan Stanley THOMAS ALLEN Macquarie CHAD BEYNON S&P Capital IQ ESTHER KWON Gabelli & Co AMIT KAPOOR Craig-Hallum Capital Group LLC BRYAN MAHER Atlantic Equities LLP ALISTAIR M SCOBIE Credit Agricole Securities (USA) JON OH Credit Suisse JOEL H SIMKINS Union Gaming Research BILL LERNER Goldman Sachs STEVEN KENT EVA Dimensions CRAIG STERLING Imperial Capital LLC GREGG M KLEIN Phillip Securities MAGDALENE CHOONG

Source 13F PROXY Form 4 13F ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG MF-AGG 13F 13F 13F 13F 13F 13F 13F 13F

Recommendation no rating system hold buy outperform buy buy buy Positive overweight outperform neutral overweight buy buy neutral Equalwt/In-Line neutral buy buy buy neutral outperform outperform buy Buy/Neutral underweight outperform neutral

Amt Held 15'039'402 10'026'708 9'659'355 5'410'939 4'603'200 4'112'414 4'053'832 3'754'501 3'044'202 2'666'549 1'781'682 1'393'750 1'374'520 1'007'868 994'084 990'000 921'613 908'000 797'762 794'161

% Out 14.9 9.94 9.57 5.36 4.56 4.08 4.02 3.72 3.02 2.64 1.77 1.38 1.36 1 0.99 0.98 0.91 0.9 0.79 0.79

Weighting

Change

#N/A N/A 3 5 5 5 5 5 4 5 5 3 5 5 5 3 3 3 5 5 5 3 5 5 5 5 1 5 3

M M M M M M M M M M M M M M M M M M M M M M M U M M M N

Latest Chg 434'885 (82'795) 515'471 2'386'800 145'874 (127'336) 193'403 582'867 114'357 55'727 (74'527) 179'320 678'903 (12'807) 990'000 (87'840) (300'000) (571) 107'904

Target Price 131 #N/A N/A 151 #N/A N/A 145 144 146 146 139 133 120 149 141 175 119 127 119 140 #N/A N/A 150 130 132 144 150 159 #N/A N/A 145 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.12.2012 Investment Advisor 01.03.2013 n/a 04.02.2013 n/a 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 Investment Advisor 23.04.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 28.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Government

Date Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 21.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 15.04.2013 10.04.2013 09.04.2013 02.04.2013 04.03.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 31.01.2013 17.01.2013 15.01.2013 07.01.2013 18.07.2012

30.04.2013

Xilinx Inc Xilinx, Inc. designs, develops, and markets complete programmable logic solutions. The Company's solutions include advanced integrated circuits, software design tools, predefined system functions delivered as cores of logic, and field engineering support. Xilinx sells its products through several channels of distribution to customers in the United States and overseas.

Price/Volume 45

3.0 M

2.5 M

35 30

2.0 M

03/2013 03/yy 39.43 30.25 597'571.00 37.69 -4.41% 24.60% 81.05% 261.6 9'858.26 922.67 0.0 0.0 1'714.75 9'066.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M

.5 M

5 0 a-12

.0 M m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended 31.03.2009 1'825.2 2.45x 522.9 8.56x 361.7 14.65x

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (4/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XLNX UW EQUITY YTD Change XLNX UW EQUITY YTD % CHANGE

31.03.2010 31.03.2011 1'833.6 2'369.4 3.30x 3.17x 527.4 864.6 11.47x 8.69x 357.5 641.9 19.91x 13.23x Profitability

LTM-4Q 31.03.2012 2'240.7 3.84x 718.9 11.97x 530.1 18.33x

31.03.2013 2'168.7 487.5 21.32x 654.29 580.73 26.78% 25.22% 10.61% 17.19% 14.56% 0.47% 66.0% 30.2% 26.8% 22.5% 5.94 5.03 19.51% 31.14% 9.77 3.63

Price/ Cash Flow

03/yy 2'240.7 13.93x 718.9 11.97x 530.1 17.71x

LTM 03/yy 2'168.7 11.23x 488.8 0.00x 487.5 21.44x

FY+1

2.33 1.18 261.13 7.86 6.31% 5.62% 1.181 32 3.813 937'386 809'048 909'309 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 06/13 Q1 09/13 Q2 2'291.7 2'543.8 550.9 562.8 3.87x 3.28x 16.90x 16.39x 746.9 851.9 176.9 179.7 12.14x 10.64x 12.19x 11.66x 555.6 645.0 131.9 134.7 18.75x 16.58x 18.86x 18.06x S&P Issuer Ratings

04.04.2012 BBB+u STABLE 13.17 11.89 -1.21 1.41 31.1% 23.7% 0.47 5.70 37.27 100.26 102.23 35.31

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00 14.00

1'500.0

12.00 10.00

1'000.0

8.00 6.00

500.0

4.00 2.00 0.00 09.04.2010

0.0 09.10.2010

09.04.2011

09.10.2011

09.04.2012

09.10.2012

09.04.2013

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 |

30.04.2013

Xilinx Inc Holdings By:

All

Holder Name VANGUARD GROUP INC BLACKROCK STATE STREET T ROWE PRICE ASSOCIA JP MORGAN GOLDMAN SACHS GROUP CAPITAL GROUP COMPAN WELLINGTON MANAGEMEN BAILLIE GIFFORD AND ASHMORE WELATH MANAG BANK OF NEW YORK MEL JENNISON ASSOCIATES PIONEER INVESTMENT M INVESCO LTD AMERICAN CENTURY COM JANUS CAPITAL MANAGE CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG FRANKLIN RESOURCES

Firm Name Morgan Stanley Piper Jaffray Barclays Deutsche Bank SunTrust Robinson Humphrey Jefferies Raymond James Wells Fargo Securities, LLC BMO Capital Markets Robert W. Baird & Co ISI Group MKM Partners Wedge Partners Mizuho Securities USA Inc Nomura Lazard Capital Markets Miller Tabak + Co., LLC Macquarie Argus Research Corp JPMorgan Pacific Crest Securities William Blair & Co S&P Capital IQ Credit Agricole Securities (USA) Credit Suisse Goldman Sachs Drexel Hamilton LLC Canaccord Genuity Corp EVA Dimensions GARP Research

Portfolio Name VANGUARD GROUP INC n/a n/a T ROWE PRICE ASSOCIA n/a GOLDMAN SACHS GROUP n/a WELLINGTON MANAGEMEN BAILLIE GIFFORD & CO ASHMORE WEALTH MANAG BANK OF NEW YORK MEL JENNISON ASSOCIATES PIONEER INVESTMENT M n/a AMERICAN CENTURY COM n/a CITADEL ADVISORS LLC NORTHERN TRUST CORPO ALKEON CAPITAL MANAG n/a

Analyst JOSEPH MOORE AUGUSTE P RICHARD BLAYNE CURTIS ROSS C SEYMORE WILLIAM STEIN MARK J LIPACIS HANS C MOSESMANN DAVID M WONG AMBRISH SRIVASTAVA TRISTAN GERRA SUMIT DHANDA DANIEL A BERENBAUM JUN ZHANG RUBEN ROY ROMIT SHAH IAN ING BRENDAN FURLONG SHAWN WEBSTER JAMES KELLEHER CHRISTOPHER DANELY JOHN VINH ANIL K DORADLA CHRISTIN ARMACOST SRINI PAJJURI JOHN W PITZER JAMES SCHNEIDER RICHARD WHITTINGTON ROBERT BURLESON ANDREW S ZAMFOTIS SETH DADDS

Source 13F ULT-AGG ULT-AGG 13F ULT-AGG 13F ULT-AGG 13F 13F 13F 13F 13F 13F ULT-AGG 13F ULT-AGG 13F 13F 13F ULT-AGG

Recommendation Equalwt/In-Line overweight equalweight hold neutral hold outperform outperform outperform neutral buy neutral no rating system neutral neutral neutral hold neutral hold overweight sector perform outperform buy buy outperform neutral/attractive buy hold buy neutral

Amt Held 16'370'771 14'943'097 14'291'164 14'275'610 13'091'070 12'815'197 12'748'300 8'567'292 6'396'177 6'376'000 5'926'888 5'633'885 4'488'960 4'488'952 4'216'110 4'142'451 4'031'844 3'586'099 3'289'997 3'101'906

% Out 6.26 5.71 5.46 5.46 5 4.9 4.87 3.28 2.45 2.44 2.27 2.15 1.72 1.72 1.61 1.58 1.54 1.37 1.26 1.19

Weighting

Change

3 5 3 3 3 3 5 5 5 3 5 3 #N/A N/A 3 3 3 3 3 3 5 3 5 5 5 5 3 5 3 5 3

M M M M M M M M M M M M M M M M M M N M M M M M M M M M M M

Latest Chg 482'350 (6'715'556) 51'390 (1'972'440) 659'264 562'584 (1'375'000) (1'748'957) 404'558 6'376'000 804'134 589'194 (105'305) 160'666 (799'859) (9'980) 3'879'923 (285'572) (1'220'960) (94'511)

Target Price #N/A N/A 43 41 37 38 37 42 #N/A N/A 41 35 39 34 #N/A N/A 39 30 #N/A N/A 36 40 #N/A N/A 41 #N/A N/A #N/A N/A 41 44 42 41 44 36 #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 23.04.2013 Investment Advisor 24.04.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Hedge Fund Manager 31.01.2013 Investment Advisor

Date Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Date 25.04.2013 25.04.2013 25.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 24.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 17.04.2013 15.04.2013 15.04.2013 15.04.2013 21.03.2013 13.03.2013 08.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 06.03.2013 05.03.2013 20.02.2013 13.02.2013 18.01.2013 15.01.2013 26.07.2012

30.04.2013

Yahoo! Inc Yahoo! Inc., is a global Internet media company that offers communications, content, and a community platform that delivers consumer experiences and advertising solutions across digitial screens. The Company's site includes a hierarchical, subject-based directory of Web sites, which enables users to locate and access information.

Price/Volume

20.0 M 15.0 M

Latest Fiscal Year: LTM as of: 52-Week High (26.04.2013) 52-Week Low (31.08.2012) Daily Volume Current Price (4/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 YHOO UW EQUITY YTD Change YHOO UW EQUITY YTD % CHANGE

12/2012 03/yy 25.37 14.59 2'972'924.00 24.43 -3.69% 67.44% 91.32% 1'101.3 26'904.65 37.00 0.0 45.4 6'022.38 21'555.47

10.0 M

5.0 M

5 0 a-12 m-12

.0 M j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

25.0 M

25 20

Valuation Analysis

31.12.2008 7'208.5 1.77x 1'397.4 9.14x 418.9 42.07x

31.12.2009 31.12.2010 6'460.3 6'324.7 2.96x 2.88x 1'252.4 1'513.0 15.29x 12.04x 598.0 1'231.7 38.79x 20.60x Profitability

LTM-4Q 31.12.2011 4'984.2 3.36x 1'473.0 11.37x 1'048.8 19.43x

31.12.2012 4'986.6 3.26x 1'457.1 11.15x 3'945.5 15.72x 1'457.14 802.54 16.09% 118.13% 25.75% 30.04% 0.31% 67.5% 29.9% 16.4% 79.1% 4.38 4.02 0.22% 0.25% 5.20 -

Price/ Cash Flow

03/yy 4'991.1 12.40x 1'433.2 10.80x 1'112.2 17.24x

LTM 03/yy 4'905.7 12.84x 1'469.1 14.00x 4'049.4 24.18x

FY+1

0.00 0.83 910.42 26.10 57.21% 22.76% 0.828 36 3.722 4'447'750 4'749'683 5'020'637 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 4'531.0 4'658.1 1'081.6 1'118.7 5.01x 4.70x 21.57x 20.75x 1'662.0 1'728.6 368.1 405.9 12.97x 12.47x 13.04x 12.88x 1'444.0 1'560.9 314.5 345.9 18.20x 16.52x 18.34x 17.75x S&P Issuer Ratings

18.04.2008 NR -3.67 0.00 0.3% 0.3% 0.31 2.94 70.13 27.87 -

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 01.01.2010

1'000.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Yahoo! Inc Holdings By:

All

Holder Name THIRD POINT LLC FILO DAVID THIRD POINT LLC STATE STREET BLACKROCK VANGUARD GROUP INC YANG JERRY CAPITAL GROUP COMPAN FMR LLC INVESCO LTD WELLINGTON MANAGEMEN BANK OF NEW YORK MEL CITIGROUP INCORPORAT TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & COMPANY I DEUTSCHE BANK AG MACQUARIE GROUP

Firm Name RBC Capital Markets Morgan Stanley Cantor Fitzgerald Stifel Oppenheimer & Co Sanford C. Bernstein & Co Raymond James BMO Capital Markets Goldman Sachs Credit Suisse JPMorgan Jefferies Needham & Co William Blair & Co Macquarie B Riley & Company, Inc Evercore Partners BGC Partners Wells Fargo Securities, LLC Cowen and Company JMP Securities S&P Capital IQ Gabelli & Co Atlantic Equities LLP Credit Agricole Securities (USA) Barclays Wedge Partners Topeka Capital Markets Inc Pivotal Research Group LLC Pacific Crest Securities Piper Jaffray Daiwa Securities Co. Ltd. EVA Dimensions Deutsche Bank

Portfolio Name THIRD POINT LLC n/a n/a n/a n/a VANGUARD GROUP INC n/a n/a n/a n/a WELLINGTON MANAGEMEN BANK OF NEW YORK MEL CITIGROUP INCORPORAT TIGER GLOBAL MANAGEM NORTHERN TRUST CORPO NORGES BANK CRAMER ROSENTHAL MCG D E SHAW & CO DEUTSCHE BANK AKTIEN n/a

Analyst MARK S MAHANEY JORDAN MONAHAN YOUSSEF H SQUALI JORDAN ROHAN JASON S HELFSTEIN CARLOS KIRJNER AARON M KESSLER DANIEL SALMON HEATH P TERRY STEPHEN JU DOUGLAS ANMUTH BRIAN J PITZ LAURA A MARTIN RALPH SCHACKART BENJAMIN A SCHACHTER SAMEET SINHA KEN SENA COLIN W GILLIS PETER STABLER JOHN BLACKLEDGE RONALD V JOSEY III SCOTT H KESSLER BRETT HARRISS HAMILTON FABER JAMES LEE ANTHONY J DICLEMENTE MARTIN PYYKKONEN VICTOR ANTHONY BRIAN WIESER EVAN S WILSON EUGENE E MUNSTER KAZUYA NISHIMURA ANDREW S ZAMFOTIS LLOYD WALMSLEY

Source 13F Form 4 Form 4 ULT-AGG ULT-AGG 13F Form 4 ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG

Recommendation outperform Equalwt/Attractive buy buy outperform market perform outperform market perform buy/attractive neutral neutral hold buy market perform neutral buy equalweight hold market perform neutral market perform hold buy neutral underperform overweight no rating system buy hold sector perform neutral neutral buy hold

Amt Held 73'000'400 71'361'390 62'000'000 59'520'455 51'042'348 47'884'604 46'610'564 35'693'952 35'419'632 28'229'816 27'807'651 17'456'945 15'897'077 14'000'000 13'830'883 13'158'797 10'725'954 9'997'715 9'766'006 9'740'706

% Out 6.63 6.48 5.63 5.4 4.63 4.35 4.23 3.24 3.22 2.56 2.52 1.59 1.44 1.27 1.26 1.19 0.97 0.91 0.89 0.88

Weighting

Change

5 3 5 5 5 3 5 3 5 3 3 3 5 3 3 5 3 3 3 3 3 3 5 3 1 5 #N/A N/A 5 3 3 3 3 5 3

M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M

Latest Chg (500'000) (11'000'400) 462'401 (1'906'657) (1'033'190) 800'000 (40'053'983) 24'881'661 (3'381'146) 27'786'182 3'451'432 14'392'794 (11'000'000) (446) (8'208'344) 2'010'559 2'847'197 2'053'676 (153'900)

Target Price 24 #N/A N/A 26 27 27 23 27 23 27 23 26 24 26 #N/A N/A 27 26 27 24 #N/A N/A #N/A N/A #N/A N/A 25 #N/A N/A 26 23 26 #N/A N/A 29 26 #N/A N/A 21 23 #N/A N/A 15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.12.2012 27.08.2012 01.02.2013 24.04.2013 23.04.2013 31.03.2013 25.11.2011 31.03.2013 28.02.2013 31.12.2012 31.12.2012 31.03.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month

Inst Type Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Government Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor

Date 24.04.2013 23.04.2013 22.04.2013 22.04.2013 22.04.2013 19.04.2013 19.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 17.04.2013 16.04.2013 16.04.2013 15.03.2013 29.01.2013 27.11.2012