Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80

Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70

NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12

FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24

SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93

S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29

S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39

HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12

MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03

ACTIVISION BLIZZARD INC USD 16104 1000 1112 0 0 0 4 11.73 4856 4856 4277 4682 1779 1779 189 189 1.01 1.00 0.85 1.03 14.46 14.46 17.03 14.04 2.12 - -0.50 51.86 36.64 NR 11.07.2008 - -

ADOBE SYSTEMS INC USD 21436 552 494 2 0 0 4 19.31 4404 4366 4118 4539 1477 1296 288 288 1.64 1.41 1.42 1.79 30.31 30.31 30.10 23.84 4.45 3.06 0.67 4.71 29.68 BBB+ 25.01.2010 Baa1 25.01.2010

AKAMAI TECHNOLOGIES INC USD 6240 623 178 0 0 0 1 5.14 1374 1374 1510 1715 519 519 151 151 1.15 1.15 1.96 2.21 30.50 30.50 17.91 15.85 18.59 15.60 12.01 19.00 37.78 NR 12.11.2002 - -

ALEXION PHARMACEUTICALS INC USD 17832 346 195 0 0 0 1 16.99 1134 1134 1509 1894 424 424 135 135 1.38 1.33 2.89 3.33 68.68 68.68 31.57 27.43 44.76 59.85 61.86 - 37.38 - - - -

ALTERA CORP USD 11236 529 320 1 0 0 3 8.72 1783 1783 1823 2075 628 628 120 120 1.72 1.71 1.54 1.87 20.55 20.55 22.86 18.83 -13.63 8.79 -28.72 14.97 35.23 A- 04.11.2011 A2 01.05.2012

AMAZON.COM INC USD 118040 266 454 6 0 0 11 112.10 61093 61093 75720 92943 2835 2834 958 958 0.05 0.36 3.36 5.69 721.39 721.39 77.30 45.64 27.07 30.56 45.76 25.77 4.64 AA- 26.11.2012 Baa1 26.11.2012

AMGEN INC USD 73226 417 756 27 0 0 24 75.71 17265 17265 18045 18399 6665 6665 1782 1782 6.00 5.96 7.19 8.23 16.43 16.43 13.61 11.90 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011

ANALOG DEVICES INC USD 13999 647 298 1 0 0 4 10.77 2701 2675 2697 2988 942 923 225 225 2.13 2.11 2.18 2.70 21.68 21.68 21.03 16.94 -9.76 1.99 -20.98 4.28 34.52 A- 29.09.2010 A3 25.06.2009

APPLE INC USD 434671 1105 939 0 0 0 121 297.56 156508 164687 181211 204263 58518 59255 13978 13978 44.15 44.10 44.13 49.77 10.48 10.48 10.48 9.29 44.58 41.47 64.36 65.35 35.98 NR 16.04.2004 WR 31.03.2004

APPLIED MATERIALS INC USD 16093 2523 1197 2 0 0 2 16.29 8719 8103 7822 9351 1422 1285 317 317 0.75 0.62 0.61 1.07 21.63 21.63 22.13 12.50 -17.10 0.23 -45.03 -11.81 15.86 A- 21.12.1999 A3 20.08.1997

AUTODESK INC USD 9123 417 224 1 0 0 2 7.50 2312 2312 2447 2649 478 478 161 161 1.09 1.14 2.12 2.46 35.61 35.61 19.17 16.52 4.36 1.06 1.66 -1.18 20.66 BBB 05.12.2012 Baa2 10.12.2012

AUTOMATIC DATA PROCESSING USD 31429 725 484 0 0 0 2 29.94 10665 10945 11314 12148 2342 2375 779 779 2.74 2.79 2.91 3.17 23.23 23.23 22.28 20.42 7.95 5.09 6.64 4.99 21.70 AAA 29.10.1998 - -

AVAGO TECHNOLOGIES LTD USD 8805 232 245 0 0 0 1 7.66 2 K 2 K 2 K 3 K 744 740 173 173 2.27 2.29 2.62 2.98 15.62 15.62 13.64 11.99 1.20 8.15 -0.13 39.47 31.13 - - - -

BAIDU INC - SPON ADR USD 30095 478 350 12 0 1 32 167.63 22306 22306 30384 39327 12133 12133 2805 2805 29.83 29.82 33.59 41.93 17.94 17.94 15.92 12.75 53.83 63.25 43.39 75.53 54.39 - - A3 06.11.2012

BED BATH & BEYOND INC USD 14622 459 236 0 0 0 2 13.84 9500 10245 10909 11614 1752 1782 655 655 4.06 4.38 4.58 5.06 14.76 14.76 14.13 12.78 8.46 8.66 19.02 11.38 17.40 BBB+ 30.06.2011 - -

BIOGEN IDEC INC USD 41849 438 237 1 0 0 4 39.25 5516 5516 6412 7509 2204 2204 532 532 5.73 5.73 7.79 9.63 30.91 30.91 22.74 18.39 9.27 9.86 3.06 11.87 39.96 BBB+ 04.12.2008 Baa2 19.03.2012

BMC SOFTWARE INC USD 6541 371 162 1 0 0 2 6.69 2172 2198 2224 2320 769 702 222 222 2.36 2.16 3.42 3.84 21.19 21.19 13.39 11.92 5.17 4.81 6.32 13.24 31.93 BBB+ 22.07.2010 Baa2 23.07.2010

BROADCOM CORP-CL A USD 19605 1097 569 2 0 0 4 17.58 8006 8006 8443 9303 1297 1297 284 284 1.45 1.44 2.76 3.04 23.93 23.93 12.48 11.33 8.35 16.32 2.94 48.35 16.20 A- 11.08.2011 A2 27.10.2010

CA INC USD 11389 636 466 1 0 0 3 10.14 4814 4680 4637 4677 1805 1836 403 403 1.90 1.99 2.42 2.54 12.55 12.55 10.34 9.84 8.69 1.88 11.15 14.58 39.23 BBB+ 11.04.2011 Baa2 13.08.2010

CATAMARAN CORP USD 10848 347 205 1 0 0 0 11.65 9940 9940 14511 16281 367 367 146 146 0.87 0.87 1.87 2.36 60.69 60.69 28.25 22.42 99.78 303.30 120.71 82.08 3.70 BB 22.05.2012 - -

CELGENE CORP USD 47109 682 420 3 0 0 4 46.29 5507 5507 6112 7016 2199 2199 724 724 4.01 3.90 5.68 6.85 28.85 28.85 19.80 16.42 13.73 29.21 32.20 36.40 39.93 BBB+ 04.10.2010 Baa2 04.10.2010

CERNER CORP USD 16057 211 172 0 0 0 1 15.22 2665 2665 3005 3383 794 794 219 219 2.26 2.26 2.80 3.29 41.26 41.26 33.30 28.32 20.98 12.78 18.13 17.35 29.80 - - - -

C.H. ROBINSON WORLDWIDE INC USD 9396 371 161 0 0 0 0 9.51 11359 11359 12978 14119 713 713 192 192 2.76 2.74 3.07 3.48 21.54 21.54 19.22 16.94 9.89 8.96 -1.63 5.84 6.28 - - - -

CHECK POINT SOFTWARE TECH USD 9574 814 199 0 0 0 3 6.28 1343 1343 1423 1517 761 761 192 192 2.94 2.96 3.43 3.76 15.71 15.71 13.57 12.38 7.68 12.54 9.76 17.15 56.71 - - - -

CISCO SYSTEMS INC USD 110638 2102 5298 16 0 0 49 80.56 46061 47252 48708 51403 12971 13372 3802 3802 1.55 1.62 2.00 2.11 12.79 12.79 10.39 9.83 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006

CITRIX SYSTEMS INC USD 13233 823 186 0 0 0 1 12.30 2586 2586 2971 3355 606 606 188 188 1.86 1.75 3.14 3.60 40.57 40.57 22.59 19.72 17.21 13.28 5.10 15.29 23.42 NR 04.02.2005 - -

COGNIZANT TECH SOLUTIONS-A USD 22519 368 302 0 0 0 3 19.66 7346 7346 8620 10011 1518 1518 405 405 3.44 3.44 4.30 4.98 21.69 21.69 17.35 15.00 20.02 26.92 20.42 28.37 20.66 - - - -

COMCAST CORP-CLASS A USD 108404 1457 2639 40 0 17 12 153.89 62570 62570 64235 68029 19977 19977 5022 5022 1.92 1.93 2.39 2.74 21.49 21.49 17.34 15.16 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013

COSTCO WHOLESALE CORP USD 46133 164 432 1 #VALUE! 0 5 45.52 99137 103128 106075 115242 3667 3874 930 930 3.89 4.32 4.55 5.03 24.46 24.46 23.22 21.01 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012

DELL INC USD 25335 3115 1738 9 0 0 13 21.66 56940 56940 55902 56163 4156 4156 974 974 1.48 1.49 1.57 1.72 9.73 9.73 9.25 8.44 -8.27 -1.66 -22.56 0.13 7.30 A- *- 05.02.2013 Baa1 *- 05.02.2013

DENTSPLY INTERNATIONAL INC USD 5985 161 142 2 0 0 0 7.47 2928 2928 3051 3187 537 537 153 153 1.98 1.95 2.42 2.69 21.49 21.49 17.29 15.59 15.40 7.52 27.33 5.25 18.33 BBB+ 02.09.2011 Baa2 16.08.2011

DIRECTV USD 32576 1649 587 18 0 0 2 49.04 29740 29740 31930 34148 7447 7447 1891 1891 4.52 4.54 4.90 5.77 12.52 12.52 11.61 9.86 9.23 10.57 7.32 12.83 25.04 BBB 25.02.2011 - -

DISCOVERY COMMUNICATIONS-A USD 28342 344 304 5 0 0 1 32.39 4487 4521 5545 6087 1978 1975 522 522 2.52 2.51 3.40 4.21 31.69 31.69 23.43 18.88 7.65 - 8.50 - 43.69 BBB 09.03.2011 - -

DOLLAR TREE INC USD 10985 892 225 0 0 0 0 10.86 7395 7395 7935 8637 1095 1095 254 254 2.68 2.53 2.78 3.21 19.11 19.11 17.39 15.09 11.52 11.62 15.79 17.48 14.81 - - - -

EBAY INC USD 67133 1333 1294 5 0 0 9 62.24 14072 14071 16351 18761 4088 4090 1237 1237 1.95 1.94 2.76 3.23 26.67 26.67 18.78 16.03 20.77 13.73 23.39 9.42 29.07 A 02.03.2010 A2 21.10.2010

EQUINIX INC USD 10342 119 49 3 0 0 0 13.02 1896 1914 2216 2544 818 819 236 236 2.99 2.99 3.76 5.26 70.88 70.88 56.38 40.30 20.76 29.85 23.95 49.56 42.81 BB 28.02.2013 Ba3 28.02.2013

EXPEDIA INC USD 8406 690 135 1 0 0 2 7.83 4030 4030 4678 5253 809 809 103 103 2.70 2.71 3.46 4.13 22.91 22.91 17.94 15.02 16.86 8.40 12.52 2.11 20.08 BBB- 22.12.2011 Ba1 30.10.2009

EXPEDITORS INTL WASH INC USD 7393 828 206 0 0 0 1 6.14 5981 5981 6380 6951 571 571 143 143 1.57 1.57 1.80 2.05 22.80 22.80 19.84 17.44 -2.76 1.93 -13.03 4.22 9.54 - - - -

EXPRESS SCRIPTS HOLDING CO USD 47825 910 818 16 0 0 3 60.96 93858 94235 100902 102195 4657 4672 1544 1544 2.46 2.43 4.27 4.91 24.05 24.05 13.70 11.89 103.47 43.89 81.37 32.09 4.96 BBB+ 31.05.2012 Baa3 04.06.2009

F5 NETWORKS INC USD 6882 192 79 0 0 0 1 6.36 1377 1420 1562 1808 461 475 142 142 3.46 3.51 5.02 5.81 24.98 24.98 17.43 15.07 19.57 19.35 24.19 28.96 33.43 - - - -

FACEBOOK INC-A USD 60042 4811 2372 2 0 0 10 52.77 5089 5089 6672 8427 1187 1187 739 739 0.01 0.02 0.57 0.77 1260.00 1260.00 44.29 32.56 37.13 - -42.91 - 23.32 - - - -

FASTENAL CO USD 14971 244 297 0 0 0 0 14.89 3134 3134 3471 3910 727 727 191 191 1.42 1.42 1.63 1.91 35.55 35.55 30.91 26.43 13.25 8.59 17.41 11.95 23.21 - - - -

FISERV INC USD 11551 100 133 3 0 0 0 14.42 4482 4482 4887 5102 1410 1410 373 373 4.38 4.48 5.97 6.65 19.31 19.31 14.50 13.00 3.34 1.00 4.83 8.80 31.46 BBB- 02.03.2010 Baa2 08.11.2007

FOSSIL INC USD 5665 210 53 0 0 0 0 5.57 2858 2858 3166 3453 554 554 105 105 5.37 5.41 6.06 6.88 17.64 17.64 15.76 13.88 11.30 15.87 5.81 20.38 19.40 - - - -

GARMIN LTD USD 6511 273 196 0 0 0 3 3.64 2716 2716 2555 2508 695 695 112 112 2.76 2.85 2.41 2.46 11.68 11.68 13.80 13.54 -1.55 -8.13 7.15 -6.49 25.58 - - - -

GILEAD SCIENCES INC USD 69238 762 1519 8 0 0 3 75.12 9703 9703 10748 12727 4288 4288 1116 1116 1.70 1.70 2.07 2.90 26.74 26.74 21.91 15.68 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011

GOOGLE INC-CL A USD 268688 116 330 6 0 0 50 224.67 50175 51379 47959 56130 15722 15684 5178 5178 34.02 33.74 45.83 53.82 24.02 24.02 17.68 15.06 32.37 24.66 15.66 21.04 30.53 AA 19.11.2012 Aa2 16.05.2011

HENRY SCHEIN INC USD 7981 89 88 1 0 0 0 8.83 8940 8940 9516 10039 759 759 185 185 4.44 4.43 4.87 5.39 20.57 20.57 18.71 16.92 4.80 7.43 8.80 10.46 8.50 - - - -

INTEL CORP USD 106141 3444 4944 13 0 0 23 97.00 53341 53341 53942 56527 22160 22160 4602 4602 2.13 2.13 2.02 2.18 10.06 10.06 10.59 9.82 -1.22 6.39 -5.87 10.34 41.54 A+ 17.02.1993 A1 14.09.2011

INTUIT INC USD 19482 544 295 0 0 0 1 19.32 4151 4211 4594 5017 1419 1307 1427 1427 2.50 2.36 3.44 3.78 27.85 27.85 19.10 17.40 10.05 3.29 8.49 11.70 31.04 BBB 29.05.2008 Baa1 04.06.2010

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80

Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70

NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12

FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24

SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93

S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29

S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39

HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12

MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03

INTUITIVE SURGICAL INC USD 20081 164 40 0 0 0 1 18.76 2179 2179 2563 2957 936 936 230 230 15.98 15.96 17.59 20.65 31.16 31.16 28.27 24.08 23.99 26.50 26.25 29.59 42.95 - - - -

KLA-TENCOR CORPORATION USD 8648 424 167 1 0 0 3 6.82 3172 3127 2885 3313 1108 1034 213 213 4.64 4.25 3.26 4.52 12.25 12.25 15.95 11.52 -0.10 7.21 -11.07 9.66 33.07 BBB 28.04.2008 Baa1 29.04.2008

KRAFT FOODS GROUP INC USD 30476 659 #VALUE! 0 0 0 0 39.81 18339 #VALUE! 18808 19311 3285 - 817 817 2.91 - 2.81 3.12 - - 18.30 16.45 -1.69 - - - - BBB 19.07.2012 Baa2 16.07.2012

LIBERTY GLOBAL INC-A USD 17843 685 259 28 0 0 2 43.20 10311 10311 13284 14933 4757 4757 1306 1306 -1.71 -1.79 1.90 2.95 - - 37.62 24.31 8.41 2.82 9.34 7.11 46.14 B+ *+ 06.02.2013 - -

LIBERTY INTERACTIVE CORP-A USD 11739 835 545 8 0 4 4 19.63 10054 10054 10402 10929 1809 1809 436 436 -0.34 -0.29 1.16 1.38 - - 18.74 15.69 4.55 5.26 1.97 1.87 17.99 BB 29.09.2011 - -

LIFE TECHNOLOGIES CORP USD 10912 270 171 2 0 0 0 13.07 3799 3799 3928 4071 1167 1167 299 299 2.72 2.70 4.37 4.77 23.72 23.72 14.65 13.43 0.60 27.22 0.54 29.53 30.72 BBB+ 29.11.2012 Baa3 06.03.2012

LINEAR TECHNOLOGY CORP USD 8814 516 230 1 0 0 1 8.33 1267 1283 1287 1431 638 636 151 151 1.71 1.69 1.79 2.07 22.43 22.43 21.20 18.34 -14.65 3.85 -21.96 2.10 49.59 - - - -

MATTEL INC USD 15007 546 342 2 0 0 1 15.18 6421 6421 6834 7142 1195 1195 89 89 2.47 2.50 2.80 3.07 17.42 17.42 15.56 14.21 2.47 0.84 -0.59 5.79 18.62 BBB+ 04.04.2011 Baa1 29.04.2011

MAXIM INTEGRATED PRODUCTS USD 9409 569 293 0 0 0 1 8.69 2404 2405 2465 2685 783 801 201 201 1.27 1.56 1.79 2.11 20.62 20.62 18.01 15.27 -2.78 3.93 -10.98 11.36 33.31 BBB+ 09.05.2012 Baa1 10.06.2010

MICROCHIP TECHNOLOGY INC USD 7172 361 193 0 0 0 1 6.52 1383 1490 1600 1845 497 405 110 110 1.66 1.53 1.84 2.15 23.99 23.99 19.96 17.11 -6.99 13.84 -14.74 1.38 27.20 - - - -

MICRON TECHNOLOGY INC USD 10136 5505 1018 3 0 1 3 11.74 8234 8047 8633 10369 1523 1467 599 599 -1.06 -1.06 -0.38 0.75 - - #VALUE! 13.16 -6.30 15.62 -46.75 0.62 18.23 BB- 30.06.2011 Ba3 20.08.2012

MICROSOFT CORP USD 236587 2197 8381 12 0 0 63 182.46 73723 72930 79390 85801 30923 29120 8110 8110 2.73 2.56 2.84 3.14 11.00 11.00 9.93 8.97 5.40 5.66 3.33 9.15 39.93 AAA 22.09.2008 Aaa 11.05.2009

MONDELEZ INTERNATIONAL INC-A USD 53491 1074 1778 19 0 0 4 68.58 35 K 49 K 37 K 39 K 5028 7727 1384 1384 1.39 2.24 1.57 1.76 13.44 13.44 19.22 17.08 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010

MONSTER BEVERAGE CORP USD 8084 387 166 0 0 0 0 7.76 2061 2061 2323 2612 571 571 137 137 1.86 1.86 2.24 2.66 26.25 26.25 21.84 18.33 20.99 14.14 20.63 19.62 27.72 - - - -

MYLAN INC USD 11479 1254 395 6 0 0 0 16.88 6796 6817 7181 7728 1719 1831 465 465 1.89 1.93 2.86 3.20 15.04 15.04 10.14 9.07 10.87 8.37 9.83 31.53 26.87 BBB- 20.11.2012 Baa3 20.11.2012

NETAPP INC USD 12005 984 365 1 0 0 5 7.52 6233 6318 6372 6923 1049 967 369 369 1.61 1.37 2.28 2.53 24.31 24.31 14.63 13.17 21.68 14.59 5.21 22.10 15.30 BBB+ 04.12.2012 Baa1 05.12.2012

NEWS CORP-CL A USD 70531 831 2383 15 #VALUE! 1 10 80.68 33706 34333 35613 38024 6646 6754 1688 1688 1.41 1.57 1.68 1.98 19.26 19.26 18.02 15.30 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -

NUANCE COMMUNICATIONS INC USD 6322 934 312 2 0 0 1 7.70 1652 1753 2167 2446 380 380 193 193 0.96 0.89 1.81 2.03 22.46 22.46 11.07 9.86 25.23 18.98 41.82 33.78 21.66 BB- 11.02.2011 Ba3 06.08.2012

NVIDIA CORP USD 7700 1551 617 0 0 0 4 3.99 4280 4280 4256 4635 874 874 128 128 0.94 0.91 0.85 0.97 13.74 13.74 14.72 12.89 7.06 11.62 2.58 -2.04 20.43 NR 07.05.2009 - -

O'REILLY AUTOMOTIVE INC USD 11530 192 113 1 0 0 0 12.38 6182 6182 6660 7075 1154 1154 300 300 4.75 4.75 5.72 6.48 21.81 21.81 18.11 15.98 6.80 22.91 12.10 24.62 18.67 BBB 18.01.2012 Baa3 11.01.2011

ORACLE CORP USD 148244 3115 4905 16 0 0 31 135.03 37121 37149 37444 39560 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.61 14.61 11.73 10.76 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011

PACCAR INC USD 17726 400 353 0 0 0 2 15.48 17051 17051 16096 17675 2296 2296 426 426 3.12 3.12 3.18 3.57 16.07 16.07 15.79 14.04 4.25 6.40 6.65 1.08 13.47 A+ 29.04.2010 A1 25.02.2009

PAYCHEX INC USD 12672 640 363 0 0 0 0 12.37 2230 2269 2325 2465 952 972 243 243 1.51 1.54 1.59 1.70 22.62 22.62 21.86 20.47 6.98 2.40 8.75 4.19 42.85 - - - -

PERRIGO CO USD 10996 150 93 1 0 0 1 11.91 3173 3263 3587 4027 713 774 238 238 4.51 5.00 5.68 6.64 23.51 23.51 20.69 17.71 15.18 15.43 20.05 33.72 23.73 - - - -

PRICELINE.COM INC USD 34640 93 50 1 0 0 5 31.02 5261 5261 6530 7724 1895 1895 340 340 27.86 27.91 38.76 46.07 24.89 24.89 17.92 15.08 20.79 29.06 30.44 60.37 36.02 BBB 07.03.2012 - -

QUALCOMM INC USD 113998 1090 1706 0 0 0 27 85.68 19121 20458 24134 26887 6579 7149 2345 2345 2.79 3.84 4.51 4.91 17.28 17.28 14.72 13.52 27.84 20.60 8.08 15.03 34.94 NR 19.12.2001 - -

RANDGOLD RESOURCES LTD-ADR USD 7794 81 92 0 0 0 0 7.59 1318 1318 1607 2150 699 699 - - 4.70 4.70 5.86 8.20 18.01 18.01 14.43 10.31 16.92 45.49 22.71 53.34 53.06 - - - -

REGENERON PHARMACEUTICALS USD 16545 74 97 0 0 0 1 16.42 1378 1378 1881 2292 495 495 168 168 6.75 6.61 5.09 6.79 25.69 25.69 33.39 25.00 209.20 65.37 - - 35.88 - - - -

ROSS STORES INC USD 13216 582 227 0 0 0 1 12.72 9721 9721 10266 10979 1457 1457 424 424 3.53 3.53 3.85 4.33 16.84 16.84 15.44 13.73 12.93 10.88 19.12 21.88 14.99 BBB+ 08.06.2011 - -

SANDISK CORP USD 13367 507 241 2 0 0 6 9.35 5053 5053 5608 6170 1113 1113 317 317 1.70 1.69 3.78 4.22 32.70 32.70 14.61 13.10 -10.77 7.31 -38.39 15.61 22.03 BB 20.12.2011 - -

SBA COMMUNICATIONS CORP-CL A USD 9118 226 127 5 0 0 0 14.25 954 954 1222 1310 602 602 185 185 -1.00 -0.98 -0.79 -0.17 - - #VALUE! #VALUE! 36.65 23.27 39.32 23.72 63.14 B+ 10.04.2012 WR 01.08.2006

SEAGATE TECHNOLOGY USD 12876 2574 396 3 0 0 2 13.84 14939 16332 14137 13697 3926 4319 704 704 6.51 7.57 5.19 5.40 4.74 4.74 6.91 6.64 36.17 4.37 148.80 21.32 26.45 BB+ 07.03.2011 - -

SEARS HOLDINGS CORP USD 5414 128 106 3 0 0 1 8.34 39854 39854 36896 36739 -146 -146 - - -2.03 -2.61 -2.66 -2.17 - - #VALUE! #VALUE! -4.12 -4.12 -131.75 - -0.37 CCC+ 05.01.2012 - -

SIGMA-ALDRICH USD 9224 259 120 1 0 0 1 9.18 2623 2623 2712 2840 809 809 199 199 3.85 3.87 4.14 4.42 19.79 19.79 18.51 17.31 4.71 4.39 6.31 7.73 30.84 A+ 28.09.2011 A2 25.10.2010

SIRIUS XM RADIO INC USD 20234 4587 5262 2 0 0 1 22.15 3402 3402 3811 4177 1136 1136 257 257 0.09 0.54 0.10 0.13 5.71 5.71 31.16 23.73 12.85 37.39 20.65 - 33.38 BB 26.10.2011 B1 08.08.2012

STAPLES INC USD 8896 1166 669 2 0 0 1 9.56 24381 24524 23895 23939 2015 2000 418 418 0.85 0.87 1.33 1.42 15.30 15.30 10.03 9.35 -1.15 4.45 -4.75 0.80 8.15 BBB 02.07.2008 Baa2 08.07.2008

STARBUCKS CORP USD 42688 380 749 1 0 0 2 40.78 13300 13663 14921 16722 2367 2446 689 689 1.79 1.86 2.16 2.63 30.57 30.57 26.28 21.65 13.67 6.80 14.11 10.50 17.90 A- 24.02.2012 Baa3 13.05.2009

STERICYCLE INC USD 9008 97 86 1 0 0 0 10.35 1913 1913 2140 2327 545 556 156 156 3.30 3.31 3.70 4.18 31.61 31.61 28.31 25.04 14.15 15.02 11.17 16.22 29.08 NR 18.07.2007 - -

SYMANTEC CORP USD 16933 2022 724 2 0 0 3 15.76 6730 6839 6886 7005 1795 1834 497 497 1.20 1.24 1.71 1.93 19.81 19.81 14.35 12.76 8.72 3.43 8.92 5.06 26.82 BBB 13.09.2010 Baa2 13.09.2010

TEXAS INSTRUMENTS INC USD 38402 863 1108 6 0 0 4 40.12 12825 12825 12173 12983 3986 3988 719 719 1.91 1.79 1.71 2.16 19.40 19.40 20.27 16.11 -6.63 -1.58 -10.10 -2.68 31.10 A+ 23.09.2010 A1 25.05.2011

VERISK ANALYTICS INC-CLASS A USD 11227 156 168 1 0 0 0 12.59 1534 1534 1725 1884 696 696 181 181 1.92 1.92 2.35 2.64 31.97 31.97 26.12 23.23 15.20 - 18.20 15.57 45.35 BBB- 29.03.2011 Ba1 29.03.2011

VERTEX PHARMACEUTICALS INC USD 11856 394 217 0 0 0 1 11.20 1527 1527 1160 1047 42 42 -15 -15 0.67 0.31 -0.56 -0.88 175.29 175.29 #VALUE! #VALUE! 8.25 155.92 -83.50 - 2.77 - - - -

VIACOM INC-CLASS B USD 30442 523 507 8 0 0 1 38.33 13887 13249 13796 14412 4137 3913 905 905 4.21 4.20 4.71 5.38 14.60 14.60 13.03 11.40 -6.89 2.72 0.29 - 29.53 BBB+ 29.07.2010 Baa1 05.08.2010

VIRGIN MEDIA INC USD 12958 769 269 6 0 0 0 14.29 4101 4101 4255 4389 1654 1654 425 425 1.09 1.04 1.54 2.03 30.58 30.58 20.67 15.68 2.72 -0.06 3.98 5.67 40.32 BB *- 06.02.2013 - -

VODAFONE GROUP PLC-SP ADR USD 140115 1846 #VALUE! 35 0 1 8 #VALUE! 46417 44677 45079 45316 18214 13907 - - - - 1.63 1.70 - - 11.62 11.15 1.16 5.40 24.18 7.88 31.13 A- 30.05.2006 A3 03.08.2011

WESTERN DIGITAL CORP USD 11711 1120 246 2 #VALUE! #VALUE! 3 10.02 12478 15648 15048 14751 2890 3716 757 757 7.78 9.19 7.97 7.83 5.29 5.29 6.11 6.21 30.99 18.63 108.97 35.83 23.75 NR 29.04.1999 - -

WHOLE FOODS MARKET INC USD 16100 287 185 0 0 0 1 15.20 11699 12164 13059 14931 1112 1171 299 299 2.71 2.85 2.87 3.40 30.48 30.48 30.23 25.54 15.74 9.56 25.78 18.10 9.62 BBB- 07.08.2012 - -

WYNN RESORTS LTD USD 12568 372 101 6 0 0 2 17.02 5154 5154 5389 5665 1442 1442 410 410 5.22 5.27 6.08 6.73 23.63 23.63 20.47 18.52 -2.19 15.11 -6.15 15.28 27.99 BB+ 10.06.2011 - -

XILINX INC USD 9992 455 264 1 0 0 2 9.22 2241 2195 2170 2305 719 671 161 161 1.99 1.80 1.77 2.00 21.22 21.22 21.58 19.13 -5.43 1.77 -16.86 11.13 30.55 BBB+u 04.04.2012 - -

YAHOO! INC USD 25969 3571 1115 0 0 0 6 20.03 4987 4987 4601 4767 1457 1457 361 361 1.13 1.17 1.16 1.28 20.15 20.15 20.38 18.38 0.05 -5.80 -1.08 1.47 29.22 NR 18.04.2008 - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%

NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%

SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%

S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%

HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%

MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%

ACTIVISION BLIZZARD INC 1.43 1.35 1.27 1.18 3.33 3.77 3.44 3.28 3.30 12.08 15.02 13.23 11.12 6.77 8.20 7.00 6.39 6.53 12.90 17.03 14.04 12.35 11.76 1.21 1.29 1.31 0.85 15.99 10.6%

ADOBE SYSTEMS INC 3.20 3.02 2.78 2.48 4.93 5.21 4.72 4.10 3.41 14.63 18.72 16.19 13.44 10.86 16.13 13.55 11.28 18.49 30.10 23.84 18.04 12.72 0.00 0.00 0.00 0.00 43.69 2.2%

AKAMAI TECHNOLOGIES INC 2.77 2.45 2.19 2.01 4.53 4.13 3.64 3.19 2.75 13.74 12.35 10.95 10.14 8.37 8.05 6.96 5.97 4.93 19.83 17.91 15.85 14.08 11.46 0.00 0.00 0.00 0.00 41.59 18.6%

ALEXION PHARMACEUTICALS INC 11.23 8.75 6.44 4.96 15.79 11.81 9.42 7.70 6.47 48.26 33.38 25.99 21.19 36.54 26.02 19.05 14.35 44.54 31.57 27.43 22.03 17.78 0.00 0.00 0.00 0.00 113.89 24.7%

ALTERA CORP 3.40 3.09 2.79 2.70 6.26 6.16 5.41 4.87 17.84 17.90 14.07 15.92 13.71 14.59 11.79 10.70 20.39 22.86 18.83 16.19 1.02 1.16 1.22 1.25 35.91 2.2%

AMAZON.COM INC 15.45 12.12 9.86 7.53 6.25 1.90 1.56 1.27 1.05 0.86 40.11 26.94 18.00 13.21 7.67 34.79 24.02 17.53 13.01 9.12 135.20 77.29 45.63 26.70 17.28 0.00 0.00 0.00 0.00 318.97 22.8%

AMGEN INC 3.83 3.19 2.79 2.29 4.26 4.06 3.98 3.96 3.94 11.88 13.12 12.09 13.38 21.66 10.21 10.11 9.17 9.26 15.07 13.60 11.90 11.39 11.06 1.46 1.90 2.30 2.55 2.42 97.95 0.1%

ANALOG DEVICES INC 3.36 3.00 2.67 2.46 5.18 5.19 4.68 4.28 17.19 17.36 14.42 12.39 11.38 11.59 9.51 8.64 21.41 21.03 16.94 14.74 2.52 2.88 3.06 3.04 48.09 5.1%

APPLE INC 3.71 3.01 2.42 1.94 1.53 2.78 2.40 2.13 1.88 1.78 8.43 8.37 7.85 7.55 5.09 4.95 4.42 4.00 3.51 10.44 10.49 9.30 8.50 10.00 0.57 2.34 2.46 2.56 2.29 600.48 29.7%

APPLIED MATERIALS INC 2.11 2.25 2.11 1.71 1.86 2.06 1.72 1.70 8.43 20.95 11.06 9.38 9.93 12.41 8.17 8.07 18.57 22.13 12.50 13.08 2.50 2.60 2.61 2.46 14.48 8.0%

AUTODESK INC 4.47 3.99 3.47 2.86 3.98 3.73 3.44 3.10 2.75 15.86 13.88 12.91 11.73 11.54 10.39 9.30 8.49 21.27 19.17 16.52 14.41 0.00 0.00 0.00 0.00 42.31 4.2%

AUTOMATIC DATA PROCESSING 5.17 4.71 4.27 4.01 2.94 2.78 2.59 2.39 2.26 18.16 16.92 15.99 14.95 13.35 12.77 11.70 10.76 10.56 23.68 22.28 20.42 18.46 17.08 2.39 2.58 2.71 2.90 64.63 -0.3%

AVAGO TECHNOLOGIES LTD 3.67 3.13 2.68 2.17 3.73 3.68 3.31 2.90 2.69 12.14 11.90 9.86 8.28 9.56 9.88 8.55 7.13 13.10 13.64 11.99 10.21 1.52 1.99 2.21 2.52 3.52 41.31 15.4%

BAIDU INC - SPON ADR 7.17 4.90 3.50 2.58 1.93 8.49 6.15 4.76 3.80 3.02 14.71 12.56 9.97 8.09 6.61 13.33 11.57 9.01 7.21 5.72 17.79 15.92 12.75 10.32 8.18 0.00 0.00 0.00 0.00 0.00 124.82 45.0%

BED BATH & BEYOND INC 3.92 3.48 3.07 2.66 2.55 1.55 1.34 1.26 1.19 1.12 14.36 12.10 11.15 9.30 8.10 7.49 7.06 6.66 6.07 16.53 14.13 12.78 11.53 10.07 0.00 0.00 0.00 0.00 68.53 6.0%

BIOGEN IDEC INC 5.60 5.11 4.25 3.48 7.63 6.53 5.57 4.98 4.48 23.74 21.54 16.64 12.08 16.61 14.24 11.04 9.44 26.93 22.74 18.39 15.53 13.42 0.00 0.00 0.00 0.00 179.76 1.5%

BMC SOFTWARE INC 5.32 10.65 8.76 6.85 3.01 2.94 2.82 2.70 9.71 9.10 7.93 7.59 7.58 8.05 7.62 7.25 13.81 13.39 11.92 11.19 0.00 0.00 0.00 0.00 46.88 2.4%

BROADCOM CORP-CL A 2.57 2.21 1.93 1.68 2.45 2.32 2.11 1.95 11.61 13.24 11.71 10.93 11.18 11.21 9.73 9.61 11.87 12.48 11.33 11.31 1.15 1.28 1.32 1.40 40.45 17.4%

CA INC 2.29 2.11 1.98 1.86 2.37 2.46 2.44 2.42 8.16 8.03 7.38 7.28 5.85 5.85 5.71 5.59 11.14 10.34 9.84 9.39 1.60 4.02 4.02 4.00 25.00 0.1%

CATAMARAN CORP 2.07 2.26 2.11 1.92 1.09 0.75 0.67 0.59 0.60 22.93 25.76 23.30 16.76 32.81 17.37 14.21 12.43 11.56 46.98 28.25 22.42 18.51 16.15 0.00 0.00 0.00 0.00 62.80 18.9%

CELGENE CORP 7.86 6.07 4.72 3.60 8.53 7.71 6.71 5.64 4.77 23.61 17.74 14.86 10.53 16.76 14.78 12.92 10.65 10.29 22.95 19.80 16.42 12.87 10.19 0.00 0.00 0.00 0.00 114.92 2.1%

CERNER CORP 5.89 5.06 4.38 3.75 6.06 5.34 4.75 4.23 3.78 25.32 22.98 20.40 17.95 18.58 15.72 13.66 12.03 39.53 33.30 28.32 24.24 19.92 0.00 0.00 0.00 0.00 95.00 1.9%

C.H. ROBINSON WORLDWIDE INC 7.51 5.98 5.51 4.72 0.83 0.72 0.67 0.60 18.60 17.56 15.37 13.72 12.39 11.25 10.10 9.33 21.00 19.22 16.94 14.97 2.26 2.42 2.64 2.95 69.39 17.6%

CHECK POINT SOFTWARE TECH 2.86 2.56 2.27 2.01 7.10 6.73 6.31 6.00 5.61 12.81 11.96 10.99 10.76 7.82 7.52 7.02 6.81 14.66 13.57 12.38 11.42 0.00 0.00 0.00 0.00 55.00 18.3%

CISCO SYSTEMS INC 2.11 1.90 1.76 1.67 2.40 2.27 2.15 2.02 9.93 9.22 8.93 8.30 5.55 5.28 5.12 4.93 11.29 10.40 9.84 9.10 1.25 2.72 2.80 2.97 23.83 14.9%

CITRIX SYSTEMS INC 4.29 4.00 3.66 3.13 5.19 4.45 3.94 3.56 3.13 17.25 14.67 13.14 13.11 15.19 13.17 11.71 10.03 25.21 22.59 19.72 17.69 0.00 0.00 0.00 0.00 84.37 18.8%

COGNIZANT TECH SOLUTIONS-A 4.71 3.70 2.99 2.49 3.07 2.61 2.25 1.96 22.23 20.33 16.57 17.77 12.94 11.26 9.66 8.33 20.23 17.35 15.00 13.18 0.00 0.00 0.00 0.00 84.50 13.2%

COMCAST CORP-CLASS A 2.20 2.19 2.12 1.90 1.77 1.73 1.69 1.59 1.53 1.46 7.93 7.35 6.75 6.20 7.77 7.36 6.91 6.51 6.21 21.05 17.38 15.20 13.05 11.27 1.53 1.86 2.10 2.41 2.47 46.62 12.2%

COSTCO WHOLESALE CORP 3.51 4.13 3.73 3.13 3.15 0.47 0.43 0.40 0.38 0.35 13.66 14.11 12.94 12.40 11.14 10.09 9.55 8.60 27.30 23.24 21.01 19.28 17.33 0.94 7.82 1.19 1.31 1.24 108.00 2.2%

DELL INC 2.40 2.02 1.74 1.37 0.45 0.45 0.45 0.45 7.71 6.73 6.46 5.56 4.33 5.02 4.58 3.91 8.51 9.25 8.44 6.25 1.10 2.23 2.28 2.83 14.24 -1.8%

DENTSPLY INTERNATIONAL INC 2.76 2.42 2.12 1.91 2.06 1.96 1.88 1.81 14.90 13.08 12.16 10.74 12.76 12.01 11.21 10.50 18.96 17.29 15.59 14.36 0.51 0.58 0.63 0.66 43.56 4.0%

DIRECTV 1.10 1.02 0.95 0.90 0.85 6.97 5.67 4.67 3.99 6.60 6.22 5.77 5.48 5.12 13.54 11.61 9.86 8.76 6.72 0.00 0.00 0.00 0.00 57.99 2.0%

DISCOVERY COMMUNICATIONS-A 4.92 4.75 4.58 4.15 3.77 6.28 5.11 4.66 4.32 3.88 25.74 20.63 16.90 14.30 12.70 15.51 13.23 11.84 10.80 9.63 29.85 23.43 18.88 16.09 13.31 0.00 0.00 0.00 71.70 -9.9%

DOLLAR TREE INC 7.05 5.60 5.10 4.29 3.20 1.49 1.38 1.27 1.17 1.05 16.56 13.87 12.47 10.05 8.87 9.93 9.22 8.23 7.52 6.76 19.32 17.39 15.09 13.03 11.17 0.00 0.00 0.00 49.84 3.1%

EBAY INC 3.36 2.85 2.42 2.13 1.75 4.77 4.10 3.58 3.14 2.83 17.27 15.65 12.77 11.05 10.65 13.49 11.57 10.01 8.53 7.60 21.99 18.79 16.04 13.85 12.35 0.00 0.00 0.00 0.00 60.97 17.8%

EQUINIX INC 4.38 4.25 3.81 3.37 2.87 5.44 4.67 4.07 3.60 3.26 18.44 18.00 14.89 13.11 10.56 14.73 12.71 10.92 9.74 8.83 79.85 56.38 40.30 25.49 21.41 0.00 0.00 1.13 3.01 2.72 249.29 17.6%

EXPEDIA INC 4.66 4.11 3.32 2.77 2.11 1.80 1.60 1.47 1.37 10.32 11.00 9.02 10.61 10.00 8.74 7.59 6.74 5.79 19.92 17.94 15.02 13.72 12.27 0.68 0.71 0.73 0.67 73.53 18.4%

EXPEDITORS INTL WASH INC 3.64 3.47 3.19 2.83 1.24 1.16 1.06 0.97 19.51 17.48 15.38 13.98 10.42 9.61 8.57 7.84 22.28 19.84 17.44 15.48 1.56 1.71 1.91 2.07 44.71 24.9%

EXPRESS SCRIPTS HOLDING CO 1.96 1.96 1.87 1.73 0.51 0.47 0.47 0.46 0.46 11.78 9.95 8.74 6.54 11.30 9.21 8.36 7.81 7.04 15.69 13.70 11.89 10.32 8.48 0.00 0.00 0.00 0.00 63.97 9.5%

F5 NETWORKS INC 5.17 4.19 3.34 2.77 4.98 4.41 3.81 3.27 18.02 17.58 16.87 16.70 11.24 10.26 8.59 7.36 19.72 17.43 15.07 12.35 0.00 0.00 0.00 0.00 113.91 30.1%

FACEBOOK INC-A 4.09 4.64 4.08 3.46 3.09 11.94 9.00 7.12 5.66 4.57 33.38 25.12 19.87 15.90 12.12 18.82 15.67 11.87 9.23 7.09 49.03 44.29 32.56 23.73 17.21 0.00 0.00 0.00 0.00 33.48 32.9%

FASTENAL CO 8.74 8.02 6.68 5.62 4.59 4.78 4.31 3.83 3.34 3.21 34.58 29.10 25.18 21.53 20.35 20.50 17.54 15.02 12.86 35.65 30.91 26.43 22.24 19.57 1.66 0.97 1.37 1.46 1.53 50.50 0.0%

FISERV INC 3.47 3.00 2.61 2.57 2.36 2.26 2.19 2.09 16.91 14.69 13.06 11.61 10.04 9.01 8.50 8.19 7.67 16.82 14.50 13.00 11.89 0.00 0.00 0.00 0.00 88.47 2.2%

FOSSIL INC 5.17 4.21 3.37 2.87 2.36 1.99 1.79 1.64 1.48 1.33 16.96 14.57 12.41 11.32 10.18 9.19 8.38 7.44 6.60 17.67 15.76 13.88 12.16 10.18 0.00 0.00 0.00 115.64 21.1%

GARMIN LTD 2.34 2.55 2.60 2.80 9.94 11.21 10.47 5.14 6.09 6.03 5.87 11.30 13.80 13.54 14.05 5.26 5.37 5.52 5.41 42.60 28.0%

GILEAD SCIENCES INC 6.78 5.38 4.22 3.37 7.24 6.44 5.44 4.53 3.90 21.51 20.26 12.44 7.52 16.10 15.90 11.61 8.07 22.75 21.93 15.69 11.20 9.05 0.00 0.00 0.00 0.00 49.35 8.5%

GOOGLE INC-CL A 3.76 3.17 2.69 2.22 1.90 6.44 5.60 4.78 4.34 3.86 16.77 14.15 11.99 11.00 10.08 12.22 10.17 8.68 7.48 6.46 20.40 17.71 15.08 13.04 11.73 0.00 0.00 0.00 0.00 866.85 6.8%

HENRY SCHEIN INC 3.14 2.81 2.46 2.17 0.89 0.84 0.80 0.75 17.01 13.73 12.79 11.90 11.80 10.96 10.23 9.84 20.84 18.71 16.92 15.13 0.00 0.00 90.55 -0.7%

INTEL CORP 2.18 1.93 1.76 1.74 1.98 1.96 1.88 1.83 1.85 6.07 5.94 5.53 5.39 4.46 4.64 4.26 4.23 4.07 9.65 10.61 9.83 10.38 4.06 4.26 4.38 4.68 23.39 9.0%

INTUIT INC 7.34 5.41 4.52 4.86 4.63 4.24 3.88 3.52 3.22 17.79 15.93 14.53 13.20 12.16 11.01 9.92 9.34 9.05 22.13 19.10 17.40 15.71 0.57 1.03 1.03 1.03 68.07 3.6%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%

NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%

SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%

S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%

HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%

MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%

INTUITIVE SURGICAL INC 5.48 4.39 3.57 2.95 9.31 7.84 6.79 6.00 5.32 25.53 22.17 18.79 20.64 17.96 15.33 13.25 11.33 32.53 28.27 24.08 20.91 18.69 608.92 22.5%

KLA-TENCOR CORPORATION 2.62 2.49 2.19 1.89 2.74 3.00 2.61 2.54 10.23 14.21 10.80 9.41 6.01 8.35 6.38 5.80 11.61 15.95 11.52 10.61 2.68 3.04 3.12 3.02 59.60 14.5%

KRAFT FOODS GROUP INC 5.54 5.72 5.30 5.14 1.65 1.62 1.58 1.54 1.47 12.32 19.57 13.83 12.94 12.39 11.32 10.47 9.90 17.83 18.30 16.45 14.92 13.77 3.24 3.93 4.09 4.39 50.32 -2.0%

LIBERTY GLOBAL INC-A 11.16 16.44 14.52 1.74 1.34 1.19 1.11 0.96 6.20 6.03 4.57 4.49 8.97 7.54 6.67 6.42 6.89 28.76 37.62 24.31 17.39 12.45 0.00 0.00 0.00 0.00 78.78 10.0%

LIBERTY INTERACTIVE CORP-A 1.72 1.69 1.48 1.30 1.18 1.17 1.13 1.07 1.02 0.98 8.75 14.66 18.87 10.61 9.93 9.42 8.80 8.32 22.65 18.74 15.69 13.06 11.68 0.00 0.00 0.00 0.00 24.20 11.5%

LIFE TECHNOLOGIES CORP 2.01 2.11 1.92 1.75 2.88 2.78 2.68 2.59 2.55 13.84 11.48 10.72 9.53 9.57 9.42 8.96 8.65 8.89 16.11 14.65 13.43 12.34 11.52 0.00 0.00 0.00 0.00 63.31 -1.1%

LINEAR TECHNOLOGY CORP 12.17 9.50 8.10 5.87 6.92 6.85 6.16 5.60 18.51 17.50 15.42 13.85 12.87 13.21 11.51 10.32 19.90 21.20 18.34 16.13 2.59 2.69 2.78 2.89 37.34 -1.5%

MATTEL INC 5.04 4.61 4.69 2.32 2.20 2.10 2.04 14.02 16.44 11.91 10.89 11.11 10.25 9.63 9.37 17.28 15.56 14.21 13.35 2.84 3.16 3.56 3.59 43.27 -0.7%

MAXIM INTEGRATED PRODUCTS 3.76 3.57 3.24 2.89 3.90 3.82 3.50 3.19 14.34 12.79 11.19 9.73 11.08 10.18 8.93 8.02 21.05 18.01 15.27 13.73 2.74 2.99 3.09 3.16 34.59 7.5%

MICROCHIP TECHNOLOGY INC 3.64 3.81 3.69 3.91 5.18 4.48 3.89 3.57 16.24 14.12 12.70 10.89 13.09 14.20 11.79 10.63 19.53 19.96 17.11 14.63 3.79 3.84 3.89 3.96 39.27 7.0%

MICRON TECHNOLOGY INC 1.32 1.37 1.25 1.08 1.21 1.17 0.98 0.91 5.98 6.25 3.54 3.01 7.15 5.52 3.74 3.22 13.16 9.41 0.00 0.00 0.00 0.00 11.72 18.1%

MICROSOFT CORP 3.37 2.87 2.32 1.89 3.20 2.97 2.75 2.59 2.66 8.40 7.60 6.84 6.41 5.92 5.67 5.16 4.78 4.97 10.49 9.96 9.00 8.22 2.74 3.21 3.42 3.75 32.90 16.5%

MONDELEZ INTERNATIONAL INC-A 1.61 1.59 1.49 1.47 1.52 1.46 1.38 1.30 1.23 114.45 15.38 12.40 11.62 12.24 11.62 10.79 10.18 9.22 21.03 19.21 17.07 15.29 13.20 1.71 1.77 1.95 2.33 2.29 30.13 0.1%

MONSTER BEVERAGE CORP 9.84 8.67 8.53 7.63 3.90 3.48 3.10 2.75 2.58 28.14 21.80 18.32 15.38 13.31 11.87 10.28 8.75 7.30 25.89 21.84 18.33 15.12 11.49 0.00 0.00 0.00 0.00 58.67 20.1%

MYLAN INC 2.77 3.33 2.59 2.00 1.69 1.60 1.49 1.43 1.40 5.75 7.89 6.48 5.57 8.38 8.42 8.01 7.07 7.13 11.24 10.14 9.07 8.43 8.15 0.00 0.00 0.00 32.93 13.5%

NETAPP INC 2.95 2.56 2.28 1.95 1.93 1.88 1.73 1.62 1.61 5.92 9.11 8.83 7.87 5.87 6.25 5.55 5.33 14.00 14.63 13.17 11.95 0.00 0.00 0.00 0.00 39.17 17.6%

NEWS CORP-CL A 2.72 2.62 2.40 2.16 1.86 2.07 1.98 1.86 1.78 1.70 16.93 12.24 12.58 11.01 10.36 11.96 11.11 9.97 9.11 8.42 21.54 18.03 15.31 12.93 11.23 0.56 0.57 0.57 0.57 32.35 6.9%

NUANCE COMMUNICATIONS INC 2.38 2.16 2.00 1.90 3.62 2.92 2.58 2.43 11.83 11.42 10.00 7.43 11.69 8.86 7.96 7.47 11.75 11.07 9.86 9.21 0.00 0.00 26.46 32.4%

NVIDIA CORP 1.61 1.50 1.41 1.36 1.80 1.81 1.66 1.54 11.49 9.10 8.59 8.74 4.41 5.02 4.40 3.73 11.61 14.72 12.89 10.98 0.61 2.42 2.52 2.56 14.31 14.5%

O'REILLY AUTOMOTIVE INC 5.13 5.55 5.15 4.18 1.87 1.73 1.63 1.54 1.44 12.84 13.15 10.86 9.67 10.79 9.81 9.14 8.53 7.93 22.08 18.11 15.98 14.13 12.57 0.00 0.00 0.00 0.00 109.26 5.5%

ORACLE CORP 3.57 3.26 2.66 2.25 4.00 3.97 3.76 3.56 3.30 11.87 10.46 9.91 9.10 7.30 7.40 6.76 6.27 13.03 11.70 10.73 9.82 0.76 0.93 0.82 0.93 37.88 20.4%

PACCAR INC 3.02 2.79 2.45 1.99 1.10 1.10 1.00 0.99 10.84 10.40 9.35 7.53 8.04 7.13 7.54 16.24 15.79 14.04 13.02 2.81 2.54 2.78 2.25 48.80 -2.7%

PAYCHEX INC 7.68 7.41 6.82 6.35 5.67 5.45 5.14 4.81 4.56 17.96 17.70 16.36 15.45 12.90 12.39 11.68 10.79 10.41 23.00 21.86 20.47 18.89 17.33 3.63 3.73 3.83 3.91 32.63 -6.4%

PERRIGO CO 5.72 4.83 3.87 3.10 3.44 3.07 2.73 2.59 2.46 21.66 19.60 16.43 12.78 15.24 13.26 11.51 10.80 10.26 23.76 20.69 17.71 16.40 14.74 0.22 0.25 0.26 0.40 123.92 5.4%

PRICELINE.COM INC 8.91 6.22 4.67 3.42 6.59 5.30 4.48 3.94 3.61 20.85 17.38 15.00 13.33 15.90 12.52 10.36 8.93 7.81 22.42 17.92 15.08 13.03 11.68 0.00 0.00 0.00 824.32 18.7%

QUALCOMM INC 3.46 3.00 2.63 2.34 6.03 4.72 4.24 4.05 3.96 16.64 13.60 12.83 12.51 11.65 9.38 8.57 7.89 18.24 14.72 13.52 12.76 11.09 1.35 1.51 1.70 2.03 75.85 14.3%

RANDGOLD RESOURCES LTD-ADR 2.99 2.52 2.03 5.69 4.85 3.63 4.95 13.32 10.05 7.14 6.47 10.43 9.03 5.81 17.93 14.43 10.31 10.83 0.56 0.63 1.43 120.19 42.1%

REGENERON PHARMACEUTICALS 12.37 9.40 6.95 11.57 12.20 8.80 7.22 6.08 5.29 31.60 22.52 12.97 34.73 21.66 14.21 13.08 17.20 37.60 33.39 25.00 22.92 18.75 0.00 0.00 0.00 0.00 188.00 10.7%

ROSS STORES INC 7.45 6.50 5.60 4.64 4.03 1.36 1.29 1.20 1.12 1.01 12.54 11.35 9.91 9.16 8.62 8.06 7.40 6.80 6.34 16.85 15.44 13.73 12.23 10.56 0.94 1.10 1.21 1.41 2.24 65.95 11.0%

SANDISK CORP 1.84 1.69 1.52 1.34 2.65 2.38 2.17 1.91 1.85 23.19 11.22 10.79 10.75 9.31 5.80 5.09 5.26 5.33 26.73 14.61 13.10 11.98 12.28 0.00 0.00 58.88 6.5%

SBA COMMUNICATIONS CORP-CL A 15.55 28.28 9.61 7.46 6.96 6.49 6.15 26.67 18.65 16.00 14.51 24.24 18.71 17.01 15.56 14.60 83.51 56.91 0.00 0.00 0.00 0.00 81.76 13.8%

SEAGATE TECHNOLOGY 4.33 3.81 3.87 2.88 0.86 0.91 0.94 0.94 4.71 4.26 4.28 4.46 3.42 4.46 4.71 5.47 5.30 6.91 6.64 6.03 2.35 4.01 4.33 4.38 35.51 -1.0%

SEARS HOLDINGS CORP 1.11 1.64 1.79 1.98 0.14 0.15 0.15 0.15 17.24 13.79 12.30 12.07 0.00 0.00 0.00 28.82 -43.4%

SIGMA-ALDRICH 3.60 3.07 2.73 2.61 3.51 3.40 3.25 3.10 2.99 17.08 16.42 15.16 13.06 11.46 11.02 10.37 9.61 19.91 18.51 17.31 15.87 15.39 1.04 1.14 1.20 1.31 1.28 77.20 0.8%

SIRIUS XM RADIO INC 4.17 6.39 15.43 205.67 5.93 5.31 4.84 4.41 4.03 24.68 22.04 19.28 17.14 23.96 19.08 15.61 13.50 12.02 49.76 31.16 23.73 19.04 11.64 1.07 0.00 0.00 0.00 3.60 16.7%

STAPLES INC 1.42 1.32 1.24 1.17 1.06 0.36 0.37 0.37 0.37 0.36 6.09 5.87 5.77 5.84 4.74 4.99 4.93 4.78 3.98 9.64 10.03 9.35 8.77 7.39 3.31 3.62 3.82 4.00 4.81 14.06 5.7%

STARBUCKS CORP 8.01 7.44 6.60 5.41 3.74 3.20 2.86 2.55 2.26 2.00 22.55 18.31 15.90 13.54 15.93 13.45 11.37 9.73 8.89 32.00 26.33 21.69 18.09 15.79 1.22 1.50 1.78 2.16 63.88 12.1%

STERICYCLE INC 5.91 4.82 4.03 3.64 4.74 4.21 3.87 3.45 23.83 21.64 18.85 18.26 16.05 14.41 13.26 31.91 28.31 25.04 21.98 106.90 2.2%

SYMANTEC CORP 3.58 3.26 3.01 2.47 2.52 2.46 2.42 2.34 9.56 9.77 9.72 7.74 6.61 6.90 6.41 6.04 15.33 14.35 12.76 11.22 0.00 0.00 1.03 1.43 24.92 1.4%

TEXAS INSTRUMENTS INC 3.56 3.56 3.47 3.42 3.00 3.15 2.95 2.83 2.60 13.44 12.28 10.78 10.49 11.42 11.19 9.55 9.12 8.16 21.06 20.29 16.13 14.67 15.43 2.05 2.87 3.07 3.21 34.19 -1.6%

VERISK ANALYTICS INC-CLASS A 42.33 18.05 11.28 7.87 7.35 6.51 5.96 5.49 5.07 23.16 20.88 18.86 17.56 18.15 16.07 14.59 13.35 12.40 30.51 26.12 23.23 20.49 61.70 0.5%

VERTEX PHARMACEUTICALS INC 11.86 11.09 16.17 17.53 7.85 10.22 11.32 9.17 5.79 47.96 59.51 44.69 1235.00 22.30 0.00 0.00 0.00 0.00 61.88 13.9%

VIACOM INC-CLASS B 4.25 4.34 4.05 3.98 4.27 2.19 2.21 2.11 2.03 1.93 13.64 11.74 10.35 9.17 7.39 9.19 9.08 8.57 8.11 7.75 14.70 13.03 11.40 9.99 8.84 1.70 1.86 1.93 2.06 64.75 5.6%

VIRGIN MEDIA INC 18.70 2.50 2.14 2.39 2.08 2.01 1.95 1.89 1.83 7.00 6.07 5.64 4.82 3.58 8.64 8.19 7.90 7.55 7.62 33.06 20.67 15.68 12.11 9.27 0.35 0.34 0.33 0.35 0.44 43.96 -8.6%

VODAFONE GROUP PLC-SP ADR 1.89 2.05 2.04 2.01 14.71 8.55 8.61 12.33 11.62 11.15 10.93 5.64 5.50 5.38 5.36 29.65 3.5%

WESTERN DIGITAL CORP 1.54 1.34 1.15 1.08 0.98 0.78 0.79 0.82 4.25 3.93 3.80 4.80 3.57 3.01 3.20 3.60 6.39 6.11 6.21 6.57 0.00 1.91 2.20 2.59 50.77 4.3%

WHOLE FOODS MARKET INC 4.33 4.23 3.77 3.28 2.45 1.38 1.23 1.08 0.94 0.84 20.08 18.63 15.39 12.22 14.26 12.51 10.76 9.11 7.96 34.57 30.23 25.54 21.38 18.39 0.64 2.30 1.02 1.36 100.16 15.3%

WYNN RESORTS LTD 158.25 25.63 17.78 11.23 2.45 2.33 2.22 2.04 3.68 11.89 11.25 10.26 9.83 10.93 10.23 9.95 9.07 22.94 20.47 18.52 16.08 7.63 3.21 3.24 3.26 4.01 138.92 11.5%

XILINX INC 3.90 3.59 3.28 3.01 4.51 4.61 4.33 3.92 15.12 17.24 16.39 14.44 13.22 13.99 12.14 10.73 20.04 21.58 19.13 16.74 1.98 2.30 2.49 2.54 38.84 1.7%

YAHOO! INC 1.80 1.73 1.55 1.39 1.25 5.83 5.64 5.45 5.28 5.13 9.26 21.67 22.04 19.44 17.09 13.09 12.10 11.53 11.40 10.77 19.31 20.38 18.38 16.75 16.12 0.00 0.00 0.00 0.00 22.96 -2.6%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


27.03.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.03.2013) 15.07

52-Week Low (15.11.2012) 10.46

Daily Volume

14.46

52-Week High % Change -4.05% Dividend Yield 1.24

52-Week Low % Change 38.31% Beta 0.80

% 52 Week Price Range High/Low 86.78% Equity Float 425.85

Shares Out 15.02.2013 1'113.7 Short Int 15.45

16'104.06 1 Yr Total Return 13.93%

Total Debt 0.00 YTD Return 37.96%

Preferred Stock 0.0 Adjusted BETA 0.797

Minority Interest 0.0 Analyst Recs 26

Cash and Equivalents 4'375.00 Consensus Rating 4.846

Enterprise Value 11'729.06

Average Volume 5 Day 1'299'422

ATVI UW EQUITY YTD Change - Average Volume 30 Day 2'192'225

ATVI UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'133'043

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'026.0 4'279.0 4'447.0 4'755.0 4'856.0 4'756 4'856 4'277 4'682 706 609

2.75x 2.49x 2.52x 2.20x 1.53x 8.58x 7.73x 2.50x 2.05x 16.59x 19.66x

421.0 1'034.0 1'312.0 1'788.0 1'779.0 1'789.0 1'779.0 1'430.4 1'675.4 188.7 96.3

19.80x 10.30x 8.55x 5.84x 4.18x 5.83x 4.18x 8.20x 7.00x 8.09x 8.23x

(107.0) 113.0 418.0 1'085.0 1'149.0 1'085.0 1'149.0 964.8 1'170.1 125.0 52.6

32.00x 26.45x 25.39x 13.25x 10.51x 13.25x 10.62x 17.03x 14.04x 16.99x 17.40x

EBITDA 1'779.00 Long-Term Rating Date 11.07.2008

EBIT 1'451.00 Long-Term Rating NR

Operating Margin 29.88% Long-Term Outlook -

Pretax Margin 30.02% Short-Term Rating Date -

Return on Assets 8.36% Short-Term Rating -

Return on Common Equity 10.47%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -2.46

Gross Margin 65.8% Total Debt/EBITDA 0.00

EBITDA Margin 36.6%

EBIT Margin 29.9% Total Debt/Equity 0.0%

Net Income Margin 23.7% Total Debt/Capital 0.0%

Asset Turnover 0.35

Current Ratio 2.37 Net Fixed Asset Turnover 31.95

Quick Ratio 1.92 Accounts receivable turnover-days 51.10

Debt to Assets 0.00% Inventory Days 39.46

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 78.81

Accounts Receivable Turnover 7.16 Cash Conversion Cycle 12.30

Inventory Turnover 9.27

Fiscal Year Ended

Activision Blizzard IncPrice/Volume

Valuation Analysis

999'988.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

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27.03.2013

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

VIVENDI UNIVERSAL SA n/a 13D 683'643'890 61.39 (35'000'000) 15.11.2011 Corporation

BLACKROCK n/a ULT-AGG 55'463'866 4.98 (1'740'335) 25.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 31'765'437 2.85 26'306'631 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 23'174'317 2.08 8'647'721 31.12.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 19'976'589 1.79 (1'188'820) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 19'404'727 1.74 (1'294'285) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'176'188 1.18 (214'795) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'250'425 1.01 (1'395) 31.12.2012 Investment Advisor

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 10'994'976 0.99 378'217 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 10'895'776 0.98 245'147 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 9'637'705 0.87 440'853 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'221'191 0.83 767'452 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'549'964 0.68 (28'824'951) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'454'601 0.58 (2'115'251) 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'044'400 0.54 308'200 31.12.2012 Investment Advisor

DNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 5'618'546 0.5 662'822 31.12.2012 Investment Advisor

SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 5'605'412 0.5 (18'574) 31.12.2012 Investment Advisor

BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 5'424'077 0.49 1'713'049 31.12.2012 Investment Advisor

LEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 5'332'947 0.48 5'332'947 31.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'074'509 0.46 102'063 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Wedbush MICHAEL PACHTER outperform 5 M 21 12 month 25.03.2013

Stifel DREW E CRUM buy 5 M 17 12 month 25.03.2013

MKM Partners ERIC O HANDLER buy 5 M 17 12 month 25.03.2013

Longbow Research JAMES L HARDIMAN neutral 3 M #N/A N/A Not Provided 21.03.2013

BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 17 Not Provided 15.03.2013

Brean Murray Carret & Co TODD MITCHELL buy 5 M 15 12 month 15.03.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 15.03.2013

Piper Jaffray MICHAEL J OLSON overweight 5 M 17 12 month 15.03.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 18 Not Provided 25.02.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 15 12 month 21.02.2013

Sterne, Agee & Leach ARVIND BHATIA buy 5 M 17 12 month 19.02.2013

National Alliance Capital Markets MICHAEL HICKEY buy 5 M 16 12 month 14.02.2013

Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 14 12 month 11.02.2013

Credit Suisse STEPHEN JU outperform 5 M 16 Not Provided 08.02.2013

Hilliard Lyons JEFFREY S THOMISON buy 5 M 15 12 month 08.02.2013

Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 14 12 month 08.02.2013

Jefferies BRIAN J PITZ buy 5 M 16 12 month 08.02.2013

William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 08.02.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 U 15 12 month 08.02.2013

S&P Capital IQ JIM YIN buy 5 M 15 Not Provided 08.02.2013

Ascendiant Capital Markets EDWARD WOO buy 5 M 16 12 month 08.02.2013

Pacific Crest Securities EVAN S WILSON outperform 5 M 15 12 month 07.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012

Goldman Sachs BRIAN KARIMZAD Buy/Neutral 5 M 16 12 month 09.11.2011

Hudson Square Research DANIEL ERNST buy 5 M 16 Not Provided 23.04.2009

Holdings By:

Activision Blizzard Inc ee


27.03.2013

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.


LTM as of: 03/yy

52-Week High (25.03.2013) 43.42

52-Week Low (12.07.2012) 29.52

Daily Volume

42.74




Shares Out 01.03.2013 501.5 Short Int 10.96

21'436.16 1 Yr Total Return 23.42%

Total Debt 1'508.16 YTD Return 13.43%






ADBE UW EQUITY YTD Change - Average Volume 30 Day 1'095'489

ADBE UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'021'079


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 03/yy 03/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3

3'579.9 2'945.9 3'800.0 4'216.3 4'403.7 4'233.8 4'366.3 4'117.6 4'539.1 1'011.9 1'018.5

2.94x 5.97x 3.60x 2.83x 3.42x 12.62x 13.72x 4.59x 4.16x 19.63x 19.46x

1'330.6 1'014.2 1'309.1 1'467.3 1'477.0 1'454.6 1'296.0 1'197.4 1'425.5 288.4 300.1

7.90x 17.34x 10.45x 8.13x 10.20x 10.64x 13.77x 16.13x 13.55x 14.86x 13.84x

871.8 386.5 774.7 832.8 832.8 783.5 712.7 738.5 914.2 171.5 183.6

12.80x 44.23x 20.38x 15.32x 21.10x 19.84x 28.25x 30.10x 23.84x 29.44x 28.21x


EBIT 1'177.27 Long-Term Rating BBB+

Operating Margin 26.73% Long-Term Outlook STABLE




Return on Capital 9.65% EBITDA/Interest Exp. 21.89

Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 17.87



EBITDA Margin 29.7%



Asset Turnover 0.45



Debt to Assets 15.12% Inventory Days -


Accounts Receivable Turnover 8.75 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Adobe Systems IncPrice/Volume

Valuation Analysis

552'443.00


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1'000.0

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3'500.0

4'000.0

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5'000.0

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

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27.03.2013


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 41'990'090 8.37 (921'300) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 32'056'800 6.39 8'670'057 31.12.2012 Investment Advisor

VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager

VALUEACT HOLDINGS LP n/a Research 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'969'101 5.78 452'801 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 24'243'681 4.83 (254'043) 25.03.2013 Investment Advisor

DODGE & COX DODGE & COX 13F 23'408'246 4.67 2'214'496 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'068'491 4.4 507'549 31.12.2012 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 16'028'894 3.2 609'606 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 14'441'727 2.88 2'526'910 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 9'585'287 1.91 (301'806) 31.12.2012 Unclassified


INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'570'714 1.71 8'570'714 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'333'959 1.66 432'333 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 8'316'859 1.66 (470'074) 31.01.2013 Unclassified

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'606'256 1.32 (148'465) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'262'292 1.25 13'690 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'230'316 1.24 307'156 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'094'062 1.22 343'947 31.12.2012 Investment Advisor


Lazard Capital Markets BRETT FODERO neutral 3 M #N/A N/A Not Provided 25.03.2013

Deutsche Bank THOMAS ERNST JR buy 5 M 50 12 month 20.03.2013

Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013

Goldman Sachs HEATHER BELLINI Sell/Neutral 1 M 34 12 month 20.03.2013

RBC Capital Markets ROBERT P BREZA outperform 5 M 52 12 month 20.03.2013

Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.03.2013

Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 20.03.2013

Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 38 12 month 20.03.2013

Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 20.03.2013

Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 43 12 month 20.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 52 12 month 20.03.2013

FBR Capital Markets DAVID M HILAL underperform 1 M 30 12 month 20.03.2013

Macquarie BRAD A ZELNICK outperform 5 M 46 12 month 20.03.2013

Stifel BLAIR ABERNETHY hold 3 D #N/A N/A Not Provided 20.03.2013

Griffin Securities JAY VLEESCHHOUWER buy 5 M 48 12 month 20.03.2013

Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 20.03.2013

JMP Securities PATRICK WALRAVENS market outperform 4 M 46 12 month 20.03.2013

Piper Jaffray MICHAEL J OLSON neutral 3 M 43 12 month 20.03.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013

Jefferies ROSS MACMILLAN hold 3 M 43 12 month 19.03.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 19.03.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 36 12 month 14.12.2012

Holdings By:

Adobe Systems Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.01.2013) 42.52

52-Week Low (05.06.2012) 25.90

Daily Volume

35.08





6'240.11 1 Yr Total Return -6.90%

Total Debt 0.00 YTD Return -14.25%





Average Volume 5 Day 762'414

AKAM UW EQUITY YTD Change - Average Volume 30 Day 1'103'705

AKAM UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'059'625


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

790.9 859.8 1'023.6 1'158.5 1'373.9 1'158.5 1'373.9 1'510.2 1'715.0 357.3 363.5

2.51x 4.04x 7.36x 3.88x 4.50x 14.93x 16.10x 3.49x 2.93x 14.28x 13.87x

313.7 347.3 398.0 463.4 519.1 463.4 519.1 639.5 739.7 151.4 153.3

6.32x 10.01x 18.93x 9.71x 11.90x 9.71x 11.90x 8.05x 6.96x 8.01x 7.75x

145.1 145.9 171.2 200.9 204.0 200.9 204.0 348.8 396.5 84.9 81.9

11.61x 19.34x 52.28x 30.45x 35.57x 30.45x 35.57x 17.91x 15.85x 18.10x 17.88x

EBITDA 519.06 Long-Term Rating Date 12.11.2002

EBIT 314.89 Long-Term Rating NR





Return on Capital 9.06% EBITDA/Interest Exp. -




EBITDA Margin 37.8%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Akamai Technologies IncPrice/Volume

Valuation Analysis

623'142.00


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1 ! 9

2 ! 9

3 ! 9

4 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

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27.03.2013


T ROWE PRICE ASSOCIA n/a 13G 20'446'047 11.49 5'548'410 28.02.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 9'381'857 5.27 - 25.03.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'167'160 3.47 3'835'050 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 5'657'984 3.18 (2'835'333) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'997'389 2.81 (686'077) 31.12.2012 Investment Advisor


LEIGHTON F THOMSON n/a Form 4 3'803'876 2.14 30'000 13.03.2013 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'782'211 2.13 (527'044) 31.01.2013 Investment Advisor

INVESCO LTD INVESCO LTD 13F 3'406'403 1.91 377'785 31.12.2012 Investment Advisor

COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 3'301'129 1.86 (1'528'393) 31.12.2012 Hedge Fund Manager

BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 3'182'552 1.79 624'104 31.12.2012 Hedge Fund Manager

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'060'013 1.72 (271'044) 31.12.2012 Investment Advisor

FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 2'650'409 1.49 (538'495) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'471'613 1.39 2'632 31.12.2012 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1'823'137 1.02 (48'222) 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 1'444'989 0.81 95'439 31.12.2012 Government

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'407'918 0.79 87'951 31.12.2012 Investment Advisor

COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 1'398'929 0.79 843'390 31.12.2012 Hedge Fund Manager


D.A. Davidson & Co DONNA M JAEGERS buy 5 M 45 18 month 26.03.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 43 12 month 25.03.2013

Craig-Hallum Capital Group LLC JEFF VAN RHEE buy 5 M 44 12 month 22.03.2013

FBN Securities SHEBLY SEYRAFI outperform 5 N 45 12 month 20.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013

Jefferies AARON SCHWARTZ hold 3 M 40 12 month 19.03.2013

S&P Capital IQ SCOTT H KESSLER strong buy 5 U 45 12 month 18.03.2013

Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 15.03.2013

Maxim Group LLC GREG MESNIAEFF buy 5 N 44 12 month 14.03.2013

FBR Capital Markets DAVID M HILAL market perform 3 M 36 12 month 13.03.2013

Macquarie KEVIN SMITHEN outperform 5 M 42 12 month 13.03.2013

Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 40 12 month 12.03.2013

Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 12.03.2013

William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 12.03.2013

Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 12.03.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 41 Not Provided 12.03.2013

Stifel BEN LOWE hold 3 M #N/A N/A Not Provided 12.03.2013

Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 12.03.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 45 Not Provided 12.03.2013

JPMorgan STERLING AUTY neutral 3 M 42 9 month 11.03.2013

Dougherty & Company LLC MARK KELLEHER buy 5 M 50 12 month 11.03.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 M 45 12 month 11.03.2013


Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013

Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 40 12 month 07.02.2013

Credit Suisse PHILIP WINSLOW underperform 1 M 30 Not Provided 07.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2012

Holdings By:

Akamai Technologies Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (05.10.2012) 119.53

52-Week Low (07.05.2012) 81.39

Daily Volume

91.35





17'832.37 1 Yr Total Return -2.07%




Cash and Equivalents 989.50 Consensus Rating 4.600



ALXN UW EQUITY YTD Change - Average Volume 30 Day 599'186

ALXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 510'584


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

259.1 386.8 541.0 783.4 1'134.1 783.4 1'134.1 1'509.4 1'893.6 335.9 364.2

11.40x 10.81x 12.96x 16.24x 15.35x 52.66x 65.98x 11.06x 8.55x 50.79x 46.62x

42.2 99.5 166.4 261.9 424.0 261.9 424.0 653.1 892.3 135.0 147.0

69.99x 41.99x 42.14x 48.58x 41.06x 48.58x 41.06x 26.02x 19.05x 26.84x -

33.1 295.2 97.0 175.3 254.8 175.3 254.8 590.9 697.9 121.5 138.5

92.79x 53.07x 76.71x 74.48x 67.93x 82.66x 70.48x 31.57x 27.43x 31.65x -

EBITDA 423.96 Long-Term Rating Date -

EBIT 400.07 Long-Term Rating -









EBITDA Margin 37.4%



Asset Turnover 0.57







Fiscal Year Ended

Alexion Pharmaceuticals IncPrice/Volume

Valuation Analysis

345'720.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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5 ! 9

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-. ! 9

-1 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

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27.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 30'257'061 15.5 215 28.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'500'374 9.48 495'500 31.12.2012 Investment Advisor



JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'056'686 5.15 737'216 31.12.2012 Investment Advisor


SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'078'606 4.14 227'389 31.12.2012 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 4'713'716 2.41 961'192 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'014'242 2.06 4'014'242 31.12.2012 Hedge Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'693'290 1.89 517'382 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'135'927 1.61 111'414 31.12.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 2'722'627 1.39 (494'724) 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'669'856 1.37 406'152 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 2'667'173 1.37 (1'204'145) 31.12.2012 Unclassified

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'567'502 1.32 (45'482) 31.12.2012 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'268'866 1.16 (76'000) 31.12.2012 Mutual Fund Manager

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'575'200 0.81 133'000 31.12.2012 Investment Advisor


Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 125 12 month 20.03.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 92 12 month 11.03.2013

Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 132 12 month 04.03.2013

Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 04.03.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 26.02.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 U 102 12 month 20.02.2013

Janney Montgomery Scott LLC KIMBERLY LEE neutral 3 M 107 12 month 19.02.2013

Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 15.02.2013

Morgan Stanley DAVID FRIEDMAN Overwt/In-Line 5 M 108 12 month 14.02.2013

Goldman Sachs TERENCE FLYNN buy/attractive 5 M 122 12 month 14.02.2013

Brean Murray Carret & Co JONATHAN M ASCHOFF buy 5 M 120 12 month 14.02.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 120 9 month 14.02.2013

Jefferies EUN K YANG hold 3 M 88 12 month 14.02.2013

William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 14.02.2013

Stifel STEPHEN D WILLEY buy 5 M 118 12 month 14.02.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 115 12 month 14.02.2013

Guggenheim Securities LLC BRET HOLLEY buy 5 M 121 12 month 14.02.2013

Piper Jaffray M IAN SOMAIYA overweight 5 M 122 12 month 14.02.2013

Barclays YING HUANG overweight 5 M 118 Not Provided 14.02.2013

S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 25.01.2013


Deutsche Bank ROBYN KARNAUSKAS buy 5 M 117 12 month 25.10.2012

Holdings By:

Alexion Pharmaceuticals Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.03.2012) 40.14

52-Week Low (24.10.2012) 29.59

Daily Volume

35.14





11'236.10 1 Yr Total Return -9.66%







ALTR UW EQUITY YTD Change - Average Volume 30 Day 1'015'133

ALTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 978'217


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'367.2 1'195.4 1'954.4 2'064.5 1'783.0 2'064.5 1'783.0 1'823.5 2'075.1 413.7 449.6

3.06x 4.74x 4.66x 4.36x 4.75x 19.46x 19.71x 4.62x 3.89x 20.99x 19.17x

434.3 333.6 895.9 881.1 628.1 881.1 628.1 597.4 739.4 120.0 141.7

9.62x 17.00x 10.16x 10.23x 13.49x 10.23x 13.49x 14.59x 11.79x 14.70x 13.39x

359.7 251.1 782.9 770.7 556.8 770.7 556.8 493.4 610.9 105.2 116.0

14.16x 26.94x 14.29x 15.79x 19.99x 15.79x 20.11x 22.86x 18.83x 22.86x 21.17x


EBIT 591.24 Long-Term Rating A-









EBITDA Margin 35.2%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Altera CorpPrice/Volume

Valuation Analysis

528'618.00


!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 92 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013




SUN LIFE FINANCIAL I n/a ULT-AGG 15'117'297 4.73 3'940'534 31.01.2013 Investment Advisor






WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'597'620 3 (412'673) 31.12.2012 Investment Advisor

EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'206'161 2.88 333'798 31.12.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 8'500'000 2.66 (600'000) 31.12.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 8'407'529 2.63 666'690 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'347'713 2.61 1'286'209 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'994'701 1.87 (962'960) 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'610'400 1.44 (5'000) 31.12.2012 Investment Advisor


CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 3'444'400 1.08 1'490'000 31.12.2012 Hedge Fund Manager

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 3'436'351 1.07 379'626 31.12.2012 Investment Advisor


BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013

Robert W. Baird & Co TRISTAN GERRA neutral 3 M 33 12 month 25.03.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013

Nomura ROMIT SHAH reduce 2 M 27 12 month 22.03.2013

MKM Partners DANIEL A BERENBAUM neutral 3 M 32 12 month 22.03.2013

Raymond James HANS C MOSESMANN strong buy 5 M 42 12 month 21.03.2013

Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 34 12 month 21.03.2013

Jefferies MARK J LIPACIS hold 3 M 35 12 month 18.03.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 14.03.2013

Mizuho Securities USA Inc RUBEN ROY buy 5 M 41 12 month 14.03.2013

GARP Research STEPHEN SAUNDERS buy 5 M #N/A N/A Not Provided 14.03.2013

Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 13.03.2013

Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 07.03.2013

ISI Group SUMIT DHANDA neutral 3 M 29 12 month 04.03.2013

Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 28.02.2013

Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 27.02.2013

Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 26.02.2013

Piper Jaffray AUGUSTE P RICHARD overweight 5 M 36 12 month 25.02.2013

Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 41 12 month 20.02.2013

Barclays BLAYNE CURTIS equalweight 3 M 35 Not Provided 11.02.2013

Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.01.2013

Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 36 12 month 24.01.2013

Credit Suisse JOHN W PITZER neutral 3 M 30 Not Provided 24.01.2013

JPMorgan CHRISTOPHER DANELY neutral 3 M 29 9 month 24.01.2013

William Blair & Co ANIL K DORADLA market perform 3 D #N/A N/A Not Provided 24.01.2013

Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 40 Not Provided 24.01.2013

SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 32 12 month 23.01.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 34 Not Provided 23.01.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013


Holdings By:

Altera Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.01.2013) 284.68

52-Week Low (16.04.2012) 183.66

Daily Volume

259.685





118'040.09 1 Yr Total Return 28.01%







AMZN UW EQUITY YTD Change - Average Volume 30 Day 822'788

AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 893'988


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 48'077.0 61'093.0 75'719.6 92'943.2 16'180.5 15'981.5

0.98x 2.19x 2.15x 1.49x 1.77x 6.86x 6.68x 1.48x 1.16x 7.07x 7.11x

1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'673.5 6'406.4 957.6 1'068.9

16.55x 35.69x 37.21x 36.75x 38.08x 36.75x 38.09x 24.02x 17.53x 23.58x 22.38x

645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'478.2 2'507.9 263.1 325.1

36.89x 63.45x 71.15x 126.35x 5017.40x 126.35x 696.86x 77.29x 45.63x 78.72x 70.28x


EBIT 676.00 Long-Term Rating AA-


Pretax Margin 0.64% Short-Term Rating Date 13.06.2007

Return on Assets -0.14% Short-Term Rating NR

Return on Common Equity -0.50%

Return on Capital -0.42% EBITDA/Interest Exp. 30.82

Asset Turnover 2.11% (EBITDA-Capex)/Interest Exp. -10.33



EBITDA Margin 4.6%


Net Income Margin -0.1% Total Debt/Capital 40.2%

Asset Turnover 2.11





Accounts Receivable Turnover 20.59 Cash Conversion Cycle -33.57


Fiscal Year Ended

Amazon.com IncPrice/Volume

Valuation Analysis

265'757.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

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.!!

.2!

0!!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

2 !!

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-2 !!

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02 !!

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27.03.2013


BEZOS JEFFREY P n/a Form 4 86'970'020 19.13 (195'151) 15.02.2013 n/a


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'211'207 4.45 1'315'756 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 18'170'531 4 (211'684) 25.03.2013 Investment Advisor


FMR LLC n/a ULT-AGG 15'535'787 3.42 (672'592) 31.12.2012 Investment Advisor




JP MORGAN n/a ULT-AGG 6'405'541 1.41 374'494 31.12.2012 Unclassified






UBS n/a ULT-AGG 4'522'854 1 (623'769) 31.01.2013 Unclassified

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'405'355 0.97 (179'692) 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'200 0.94 (100) 31.12.2012 Investment Advisor


WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'002'027 0.66 257'610 31.12.2012 Investment Advisor




ISI Group GREGORY MELICH buy 5 M 320 12 month 24.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 22.03.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 21.03.2013

Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 20.03.2013

JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013

Evercore Partners KEN SENA overweight 5 M 330 12 month 18.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013

BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 15.03.2013

JPMorgan DOUGLAS ANMUTH neutral 3 D 300 9 month 14.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 14.03.2013

Stifel JORDAN ROHAN buy 5 M 335 12 month 12.03.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 12.03.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 360 12 month 12.03.2013

Nomura BRIAN NOWAK buy 5 M 300 12 month 06.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 20.02.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 325 12 month 13.02.2013

Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013


Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 30.01.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 30.01.2013



Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 30.01.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013

B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 30.01.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 30.01.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013

Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013


McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012

BGC Partners COLIN W GILLIS hold 3 M 220 12 month 26.10.2012

S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012

Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012

First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011

Holdings By:

Amazon.com Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 98.03

52-Week Low (16.04.2012) 65.38

Daily Volume

97.84





73'226.39 1 Yr Total Return 47.70%







AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'826'069

AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'689'150


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'582.0 17'265.0 18'044.7 18'398.7 4'368.8 4'514.1

4.02x 3.65x 3.13x 3.33x 3.92x 12.25x 14.29x 3.81x 3.54x - -

6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'372.0 6'665.0 7'499.5 8'265.9 1'782.0 1'782.0

9.59x 7.94x 7.05x 9.66x 10.15x 9.66x 10.15x 10.11x 9.17x 10.47x -

4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'683.0 4'345.0 5'527.7 6'219.2 1'427.9 1'356.4

12.89x 11.71x 11.68x 12.87x 14.37x 13.02x 14.46x 13.60x 11.90x 13.61x -


EBIT 5'577.00 Long-Term Rating A+



Return on Assets 8.42% Short-Term Rating A-1+




Net Debt/EBITDA 0.37


EBITDA Margin 38.6%



Asset Turnover 0.33







Fiscal Year Ended

Amgen IncPrice/Volume

Valuation Analysis

417'252.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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27.03.2013




BLACKROCK n/a ULT-AGG 44'895'140 6 - 25.03.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.62 (2'963'375) 31.12.2012 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 11'669'900 1.56 (4'012'727) 31.12.2012 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 11'107'530 1.48 3'592'934 31.12.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'561'832 1.14 1'929'023 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'520'399 1.14 (189'300) 31.12.2012 Investment Advisor



NORGES BANK NORGES BANK 13F 6'263'455 0.84 5'419'529 31.12.2012 Government

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'365'370 0.72 (677'420) 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5'306'546 0.71 1'981'232 31.12.2012 Investment Advisor

LEGG MASON INC Multiple Portfolios MF-AGG 5'225'051 0.7 (176'156) 31.12.2012 Investment Advisor


Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013

Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 22.03.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 20.03.2013

Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013

Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 86 12 month 20.03.2013


William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 20.03.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013

Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 20.03.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 95 12 month 20.03.2013



RBC Capital Markets MICHAEL J YEE outperform 5 M 95 12 month 19.03.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 100 Not Provided 19.03.2013


Argus Research Corp JOHN M EADE buy 5 M 96 Not Provided 15.03.2013

Jefferies EUN K YANG buy 5 M 100 12 month 12.03.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 106 12 month 04.03.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013

Oppenheimer & Co BORIS PEAKER market perform 3 M 89 12 month 25.02.2013

Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 115 12 month 25.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 103 12 month 15.02.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 85 9 month 07.02.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 90 Not Provided 07.02.2013


Goldman Sachs TERENCE FLYNN neutral/attractive 3 N 91 12 month 13.12.2012

Deutsche Bank ROBYN KARNAUSKAS buy 5 U 108 12 month 22.10.2012

First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012

Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012

Holdings By:

Amgen Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (20.02.2013) 47.16

52-Week Low (23.05.2012) 34.25

Daily Volume

45.75


52-Week Low % Change 33.58% Beta -



13'998.79 1 Yr Total Return -


Preferred Stock 0.0 Adjusted BETA -





ADI UW EQUITY YTD Change - Average Volume 30 Day 826'644

ADI UW EQUITY YTD % CHANGE - Average Volume 3 Month 797'643


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 02/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

2'582.9 2'014.9 2'761.5 2'993.3 2'701.1 2'912.9 2'675.2 2'696.8 2'988.0 660.9 687.0

1.90x 3.00x 2.81x 2.85x 3.25x 11.98x 13.57x 4.01x 3.43x 17.22x 16.33x

781.6 478.3 1'037.5 1'192.5 942.3 1'117.4 923.5 929.3 1'133.1 225.4 247.3

6.28x 12.64x 7.49x 7.15x 9.32x 8.18x 11.08x 11.59x 9.51x 10.78x 10.18x

786.3 247.8 712.1 867.4 651.2 784.7 643.1 670.9 843.0 162.7 178.6

12.00x 26.42x 14.21x 13.91x 18.69x 15.90x 21.17x 21.03x 16.94x 19.70x 18.60x





Return on Assets 11.70% Short-Term Rating A-2






EBITDA Margin 34.5%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Analog Devices IncPrice/Volume

Valuation Analysis

647'283.00


!2

-!-2.!.20!021!122!

M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 e--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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27.03.2013



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'590'220 5.75 221'721 31.12.2012 Investment Advisor









CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 6'176'564 2.02 (88'400) 31.12.2012 Hedge Fund Manager



PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'771'606 1.56 67'978 31.12.2012 Investment Advisor

SILVER BRIDGE CAPITA SILVER BRIDGE CAPITA 13F 3'907'800 1.28 (6'552) 31.12.2012 Investment Advisor

FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 3'674'800 1.2 57'700 31.12.2012 Investment Advisor

JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 3'515'380 1.15 (170'259) 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 3'460'117 1.13 (2'000) 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'284'000 1.07 (435'000) 31.12.2012 Hedge Fund Manager

ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'074'952 1 240'000 31.12.2012 Hedge Fund Manager


Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 45 Not Provided 25.03.2013

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 52 12 month 25.03.2013


Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 41 12 month 24.03.2013


Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.03.2013

B Riley & Company, Inc CRAIG ELLIS buy 5 M 57 Not Provided 15.03.2013


Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 41 12 month 13.03.2013

SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 45 12 month 12.03.2013

ISI Group SUMIT DHANDA strong buy 5 M 52 12 month 11.03.2013

Canaccord Genuity Corp ROBERT BURLESON buy 5 M 50 12 month 06.03.2013

Raymond James J STEVEN SMIGIE strong buy 5 M 57 12 month 22.02.2013


Argus Research Corp JAMES KELLEHER buy 5 M 52 Not Provided 20.02.2013

Credit Suisse JOHN W PITZER outperform 5 M 50 Not Provided 20.02.2013

JPMorgan CHRISTOPHER DANELY overweight 5 M 51 9 month 20.02.2013

Stephens Inc HARSH KUMAR equalweight 3 M 41 12 month 20.02.2013

Macquarie SHAWN WEBSTER outperform 5 M 49 12 month 20.02.2013



Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 44 12 month 19.02.2013


Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 55 12 month 19.02.2013

Nomura ROMIT SHAH neutral 3 M 40 12 month 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

First Global Stockbroking ISHANSH VIJ moderate outperform 4 U #N/A N/A Not Provided 23.05.2011

GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 21.05.2009

Holdings By:

Analog Devices Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.09.2012) 705.07

52-Week Low (04.03.2013) 419.00

Daily Volume

462.88





434'671.16 1 Yr Total Return -22.62%







AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'609'170

AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'984'129


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 127'841.0 164'687.0 181'210.6 204'263.1 42'751.1 39'983.9

2.39x 3.03x 3.32x 2.72x 3.23x 8.29x 10.49x 1.72x 1.41x 6.86x 7.20x

8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 45'482.0 59'255.0 60'120.6 67'410.2 13'977.7 12'754.9

10.14x 10.43x 11.17x 8.26x 8.63x 6.16x 5.76x 4.95x 4.42x 4.81x 4.69x

6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 32'982.0 41'747.0 41'526.6 47'056.9 9'599.0 8'992.3

18.91x 20.08x 19.30x 14.61x 15.11x 11.54x 11.56x 10.49x 9.30x 10.27x 9.90x











EBITDA Margin 36.0%



Asset Turnover 0.98








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Apple IncPrice/Volume

Valuation Analysis

1'105'317.00


!

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27.03.2013


BLACKROCK n/a ULT-AGG 49'566'789 5.28 136'948 25.03.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'083'340 4.48 1'096'729 31.12.2012 Investment Advisor




SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16'882'717 1.8 804'173 31.12.2012 Investment Advisor






MORGAN STANLEY n/a ULT-AGG 8'062'807 0.86 932'696 31.01.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 7'650'330 0.81 (7'786'595) 31.12.2012 Investment Advisor


CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'999'016 0.75 6'601'182 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'361'655 0.68 (1'211'280) 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'358'050 0.68 (559'069) 31.12.2012 Investment Advisor



Sterne, Agee & Leach SHAW WU buy 5 M 630 12 month 27.03.2013


Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 725 12 month 25.03.2013

Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 528 12 month 25.03.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 550 12 month 25.03.2013

Evercore Partners ROBERT CIHRA overweight 5 M 675 12 month 24.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 23.03.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 600 12 month 22.03.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 22.03.2013

Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 21.03.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 600 Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 670 Not Provided 20.03.2013

ABG Sundal Collier PER LINDBERG sell 1 M 400 6 month 19.03.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 600 12 month 19.03.2013

Barclays BENJAMIN A REITZES overweight 5 M 530 Not Provided 19.03.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 580 Not Provided 18.03.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 700 Not Provided 18.03.2013


Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 610 12 month 15.03.2013

Jefferies PETER J MISEK hold 3 M 420 12 month 15.03.2013

Stifel AARON C RAKERS buy 5 M 650 12 month 15.03.2013

Nomura STUART JEFFREY neutral 3 M 490 12 month 15.03.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 15.03.2013

Credit Agricole Securities (USA) AVI SILVER outperform 5 M 505 Not Provided 15.03.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 575 12 month 14.03.2013

ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 14.03.2013

BTIG LLC WALTER P PIECYK JR buy 5 U 540 12 month 14.03.2013



Robert W. Baird & Co WILLIAM V POWER neutral 3 M 465 12 month 11.03.2013

Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 07.03.2013

Societe Generale ANDY PERKINS buy 5 M 560 12 month 06.03.2013

Cross Research SHANNON S CROSS buy 5 M 580 12 month 06.03.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 D 360 Not Provided 05.03.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 04.03.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 01.03.2013

Needham & Co CHARLES WOLF buy 5 M 710 12 month 26.02.2013

S&P Capital IQ SCOTT H KESSLER strong buy 5 M 600 12 month 25.02.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 630 12 month 22.02.2013


JPMorgan MARK A MOSKOWITZ overweight 5 M 725 9 month 12.02.2013

Holdings By:

Apple Inc ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (14.02.2013) 13.99

52-Week Low (16.11.2012) 9.96

Daily Volume

13.41



% 52 Week Price Range High/Low 85.73% Equity Float 1'189.49


16'092.59 1 Yr Total Return 7.93%







AMAT UW EQUITY YTD Change - Average Volume 30 Day 3'268'027

AMAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'293'184


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

8'129.2 5'013.6 9'548.7 10'517.0 8'719.0 10'020.0 8'103.0 7'822.2 9'351.3 1'907.4 2'122.4

1.63x 3.06x 1.47x 1.16x 1.46x 5.78x 7.01x 2.05x 1.63x 8.64x 7.75x

1'693.6 53.4 1'934.1 2'587.0 1'422.0 2'170.0 1'285.0 1'311.6 1'992.0 317.3 448.3

7.84x 287.63x 7.25x 4.71x 8.97x 7.25x 12.13x 12.41x 8.17x 9.56x 8.50x

960.7 (305.3) 937.9 1'926.0 109.0 1'538.0 26.0 734.5 1'239.2 163.3 245.8

14.62x - 14.03x 9.71x 14.20x 10.92x 20.69x 22.13x 12.50x 16.62x 13.73x


EBIT 1'000.00 Long-Term Rating A-









EBITDA Margin 15.9%



Asset Turnover 0.64







Fiscal Year Ended

Applied Materials IncPrice/Volume

Valuation Analysis

2'522'965.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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27.03.2013


HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 72'270'054 6.02 43'721 31.12.2012 Investment Advisor



STATE STREET n/a ULT-AGG 49'142'947 4.1 (3'279'475) 26.03.2013 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 33'460'335 2.79 2'547'592 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 31'940'038 2.66 4'532'400 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 30'904'569 2.58 (2'425'271) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 22'526'396 1.88 (3'696'753) 31.12.2012 Investment Advisor

PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 21'102'107 1.76 3'964'607 31.12.2012 Investment Advisor


EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 16'333'533 1.36 978'253 31.12.2012 Investment Advisor


INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 15'222'919 1.27 2'466'230 31.12.2012 Investment Advisor

PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 12'707'676 1.06 (2'123'881) 31.12.2012 Investment Advisor

ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 12'359'710 1.03 12'359'710 31.12.2012 Investment Advisor


FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 9'950'494 0.83 (4'615'059) 31.12.2012 Investment Advisor

THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9'850'907 0.82 544'496 31.12.2012 Hedge Fund Manager


Exane BNP Paribas JEROME RAMEL underperform 1 M 12 Not Provided 26.03.2013

Credit Suisse SATYA KUMAR neutral 3 M 13 Not Provided 19.03.2013

Stifel PATRICK J HO buy 5 M 17 12 month 18.03.2013

RBC Capital Markets MAHESH SANGANERIA outperform 5 M 17 12 month 15.03.2013

Piper Jaffray JAGADISH IYER overweight 5 M 16 12 month 15.03.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 13.03.2013


D.A. Davidson & Co THOMAS DIFFELY buy 5 M 17 18 month 26.02.2013

Needham & Co EDWIN MOK hold 3 M #N/A N/A Not Provided 26.02.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 26.02.2013

S&P Capital IQ ANGELO ZINO strong buy 5 M 17 12 month 19.02.2013


Deutsche Bank VISHAL SHAH hold 3 M 13 12 month 14.02.2013

B Riley & Company, Inc BEN PANG neutral 3 M 13 Not Provided 14.02.2013

Credit Agricole Securities (USA) MARK HELLER underperform 1 M 14 Not Provided 14.02.2013

Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 9 12 month 13.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 18.01.2013

Goldman Sachs JAMES V COVELLO Buy/Neutral 5 M 17 12 month 10.01.2013

First Global Stockbroking ISHANSH VIJ Moderate Underperformer 2 M #N/A N/A Not Provided 27.05.2011

Holdings By:

Applied Materials Inc ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (03.04.2012) 42.69

52-Week Low (24.08.2012) 27.97

Daily Volume

40.6





9'122.82 1 Yr Total Return -3.77%







ADSK UW EQUITY YTD Change - Average Volume 30 Day 862'134

ADSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 778'539


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

2'315.2 1'713.7 1'951.8 2'215.6 2'312.2 2'215.6 2'312.2 2'447.2 2'649.2 583.5 598.3

1.21x 2.52x 3.98x 2.95x 3.06x 12.65x 11.17x 2.86x 2.48x 12.81x 12.44x

505.4 246.3 387.6 469.8 477.6 469.8 477.6 722.3 807.1 160.7 175.7

5.57x 17.54x 20.04x 13.90x 14.81x 13.90x 14.81x 10.39x 9.30x 10.27x 9.93x

183.6 58.0 212.0 285.3 247.4 285.3 247.4 480.0 553.9 102.5 116.2

10.10x 44.06x 43.74x 29.51x 35.67x 30.00x 34.11x 19.17x 16.52x 19.20x 18.26x


EBIT 349.80 Long-Term Rating BBB









EBITDA Margin 20.7%



Asset Turnover 0.61







Fiscal Year Ended

Autodesk IncPrice/Volume

Valuation Analysis

416'901.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

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27.03.2013



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'298'153 6.36 (1'254'431) 31.12.2012 Investment Advisor



VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 10'316'335 4.59 4'334'211 31.12.2012 Hedge Fund Manager

STATE STREET n/a ULT-AGG 9'085'582 4.04 (701'524) 26.03.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 8'445'671 3.76 (2'543'056) 31.01.2013 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'525'880 2.9 (2'826'611) 31.12.2012 Investment Advisor


WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 4'189'258 1.86 (282'183) 31.12.2012 Investment Advisor


SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 3'355'300 1.49 353'500 31.12.2012 Hedge Fund Manager


TPG-AXON MANAGEMENT TPG-AXON MANAGEMENT 13F 3'172'757 1.41 3'172'757 31.12.2012 Hedge Fund Manager


CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'696'684 1.2 2'696'684 31.12.2012 Hedge Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 2'693'544 1.2 370'325 31.12.2012 Investment Advisor

CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 2'534'340 1.13 50'000 31.12.2012 Hedge Fund Manager



Wedbush STEVEN R KOENIG outperform 5 M 45 12 month 26.03.2013



Jefferies ROSS MACMILLAN buy 5 M 47 12 month 20.03.2013


Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 26.02.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 50 12 month 26.02.2013

JPMorgan STERLING AUTY neutral 3 M 38 9 month 26.02.2013

Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 43 12 month 26.02.2013

Stifel BLAIR ABERNETHY hold 3 M #N/A N/A Not Provided 26.02.2013

Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 26.02.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 41 12 month 26.02.2013

Barclays RAIMO LENSCHOW equalweight 3 M 42 Not Provided 26.02.2013


Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 45 12 month 25.02.2013

Canaccord Genuity Corp RICHARD DAVIS JR hold 3 M 38 12 month 25.02.2013

Goldman Sachs HEATHER BELLINI Buy/Neutral 5 U 45 12 month 25.01.2013


GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 22.05.2009

Holdings By:

Autodesk Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 65.05

52-Week Low (01.06.2012) 50.90

Daily Volume

64.8





31'429.12 1 Yr Total Return 19.65%







ADP UW EQUITY YTD Change - Average Volume 30 Day 758'717

ADP UW EQUITY YTD % CHANGE - Average Volume 3 Month 737'152


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

8'776.5 8'838.4 8'927.7 9'879.5 10'665.2 10'326.0 10'945.0 11'314.5 12'147.6 3'105.8 2'817.9

2.25x 1.83x 2.02x 2.47x 2.37x 9.20x 9.49x 2.58x 2.37x 9.35x 10.26x

2'087.8 2'191.8 2'137.1 2'196.5 2'342.3 2'245.0 2'375.4 2'344.2 2'557.6 778.9 481.0

9.47x 7.38x 8.46x 11.09x 10.81x 11.14x 10.99x 12.77x 11.70x 12.33x 12.00x

1'235.7 1'332.6 1'211.4 1'254.2 1'388.5 1'343.3 1'407.0 1'411.6 1'533.8 474.2 282.2

19.40x 14.89x 16.78x 20.82x 20.31x 20.61x 20.41x 22.28x 20.42x 21.47x 20.88x


EBIT 1'959.00 Long-Term Rating AAA









EBITDA Margin 21.7%



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Automatic Data Processing IncPrice/Volume

Valuation Analysis

725'089.00


!

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1!

2!

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. ! 9

. 2 9

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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27.03.2013



STATE STREET n/a ULT-AGG 24'859'646 5.13 2'903'272 26.03.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 24'184'018 4.99 811'385 31.12.2012 Investment Advisor



BANK OF AMERICA CORP BANK OF AMERICA 13F 13'066'138 2.69 688'945 31.12.2012 Investment Advisor



DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7'558'234 1.56 3'601'447 31.12.2012 Investment Advisor

CEDAR ROCK CAPITAL L CEDAR ROCK CAPITAL L 13F 6'495'027 1.34 (126'433) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 6'117'004 1.26 3'013'821 31.12.2012 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 6'078'556 1.25 334'687 31.12.2012 Investment Advisor

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 6'042'415 1.25 30'902 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 4'977'288 1.03 165'701 31.12.2012 Unclassified


CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'209'825 0.87 45'612 31.12.2012 Investment Advisor



JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 3'640'609 0.75 176'733 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 62 12 month 27.03.2013

RBC Capital Markets DANIEL R PERLIN outperform 5 M 61 12 month 26.03.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013

BMO Capital Markets JEFFREY M SILBER outperform 5 M 68 Not Provided 18.03.2013

Goldman Sachs PAUL THOMAS Buy/Neutral 5 M 71 12 month 18.03.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 61 12 month 15.03.2013

Jefferies JASON KUPFERBERG underperform 1 M 55 12 month 12.03.2013

Robert W. Baird & Co MARK S MARCON outperform 5 M 66 12 month 08.03.2013

William Blair & Co TIMOTHY J MCHUGH market perform 3 M #N/A N/A Not Provided 08.03.2013

Stifel DAVID M GROSSMAN buy 5 M 65 12 month 07.03.2013



S&P Capital IQ DYLAN CATHERS buy 5 M 67 12 month 14.02.2013

Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 06.02.2013

Barclays GARY E BISBEE equalweight 3 M 60 Not Provided 06.02.2013

Credit Suisse GEORGE MIHALOS outperform 5 M 67 Not Provided 05.02.2013

First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M #N/A N/A Not Provided 05.02.2013

JPMorgan TIEN-TSIN HUANG neutral 3 M 63 9 month 05.02.2013

Raymond James MICHAEL J BAKER outperform 5 M 66 12 month 05.02.2013

Evercore Partners DAVID M TOGUT overweight 5 M 71 12 month 05.02.2013

Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 05.02.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 67 12 month 05.02.2013

Credit Agricole Securities (USA) CRAIG J MAURER underperform 1 M 62 Not Provided 05.02.2013


Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 14.12.2012

Deutsche Bank BRYAN KEANE hold 3 M 58 12 month 25.01.2012

Holdings By:

Automatic Data Processing Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (30.03.2012) 39.21

52-Week Low (18.05.2012) 29.71

Daily Volume

35.78





8'805.09 1 Yr Total Return -5.93%







AVGO UW EQUITY YTD Change - Average Volume 30 Day 725'209

AVGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 720'103


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3

1'699.0 1'484.0 2'093.0 2'336.0 2'364.0 2'349.0 2'377.0 2'391.8 2'661.8 556.6 605.2

- 2.46x 2.67x 3.18x 3.06x 12.82x 12.79x 3.11x 2.59x 13.74x 12.52x

331.0 300.0 629.0 745.0 744.0 732.0 740.0 775.5 895.9 173.1 195.4

- 12.19x 8.90x 9.99x 9.71x 10.20x 10.51x 9.88x 8.55x 9.35x 8.74x

83.0 (44.0) 415.0 552.0 563.0 558.0 563.0 672.9 782.6 148.3 174.8

- 57.69x 13.71x 14.93x 14.90x 15.17x 15.83x 13.64x 11.99x 13.16x 12.52x











EBITDA Margin 31.1%



Asset Turnover 0.89







Fiscal Year Ended

Avago Technologies LtdPrice/Volume

Valuation Analysis

232'485.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

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27.03.2013









MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 5'692'111 2.31 (2'842'341) 31.12.2012 Hedge Fund Manager


UBS n/a ULT-AGG 4'960'860 2.02 1'165'019 31.01.2013 Unclassified

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 4'551'860 1.85 3'680'860 31.12.2012 Hedge Fund Manager


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'124'830 1.68 (22'575) 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'123'058 1.68 107'734 31.12.2012 Hedge Fund Manager




RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 3'346'280 1.36 22'910 31.12.2012 Investment Advisor

WESTPAC BANKING CORP WESTPAC BANKING CORP 13F 3'167'358 1.29 3'155'858 31.12.2012 Bank



Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013

Jefferies MARK J LIPACIS buy 5 M 42 12 month 21.03.2013

Longbow Research JOANNE FEENEY buy 5 M 40 12 month 20.03.2013


Lazard Capital Markets IAN ING buy 5 M 44 12 month 15.03.2013

RBC Capital Markets DOUG FREEDMAN outperform 5 M 42 12 month 14.03.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 37 18 month 07.03.2013

Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 06.03.2013

Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 44 12 month 05.03.2013



Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 41 12 month 27.02.2013

Nomura ROMIT SHAH buy 5 M 40 12 month 27.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.02.2013

BNP Paribas Equity Research NITIN KUMAR hold 3 M 36 12 month 21.02.2013

Brean Murray Carret & Co MIKE BURTON buy 5 M 41 12 month 14.02.2013

Goldman Sachs JAMES SCHNEIDER buy/attractive 5 U 44 12 month 12.12.2012

Deutsche Bank ROSS C SEYMORE buy 5 M 40 12 month 30.11.2012

Williams Financial Group CODY G ACREE not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012

Holdings By:

Avago Technologies Ltd ee


27.03.2013

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic

search, enterprise search, pay for performance and news, MP3, and image

searches.


LTM as of: 12/yy

52-Week High (27.03.2012) 154.15

52-Week Low (18.03.2013) 83.32

Daily Volume

86.07



% 52 Week Price Range High/Low 3.88% Equity Float -


30'094.99 1 Yr Total Return -42.63%

Total Debt 11'941.23 YTD Return -14.18%


Minority Interest 1'159.9 Analyst Recs 30




BIDU UW EQUITY YTD Change - Average Volume 30 Day 849'616

BIDU UW EQUITY YTD % CHANGE - Average Volume 3 Month 878'141


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'198.3 4'447.8 7'915.1 14'500.8 22'306.0 14'500.8 22'306.0 30'383.9 39'327.5 6'017.6 7'491.7

8.68x 20.91x 26.99x 16.93x 8.93x 74.71x 44.23x 5.46x 3.86x 30.80x 24.60x

1'377.4 1'921.9 4'400.1 8'461.6 12'133.2 0.0 12'133.2 14'488.3 18'610.6 2'804.6 3'649.1

20.15x 48.38x 48.55x 29.02x 16.42x 0.00x 16.42x 11.57x 9.01x 11.38x 10.71x

1'048.1 1'485.1 3'525.2 6'638.6 10'456.0 6'638.6 10'456.0 11'836.3 14'911.6 2'267.9 2'955.9

29.52x 65.75x 62.98x 38.64x 20.96x 38.66x 20.97x 15.92x 12.75x 15.99x 15.17x

EBITDA 12'133.21 Long-Term Rating Date -

EBIT 11'051.32 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. 112.49




EBITDA Margin 54.4%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Baidu IncPrice/Volume

Valuation Analysis

477'986.00


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27.03.2013


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'247'850 10.38 2'611'797 31.12.2012 Investment Advisor



OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'512'523 4.23 3'352'541 31.12.2012 Investment Advisor



LAZARD ASSET MANAGEM n/a ULT-AGG 7'601'344 2.79 5'567'325 28.02.2013 Unclassified


THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'558'634 2.78 2'202'823 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 7'064'519 2.6 - 31.12.2012 Investment Advisor


ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5'682'934 2.09 2'439'910 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'499'558 2.02 305'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'742'187 1.74 95'502 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'379'366 1.61 (2'602'940) 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'209'633 1.55 (916'771) 31.12.2012 Investment Advisor

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 3'549'170 1.3 (771'577) 31.12.2012 Corporation


SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 2'416'560 0.89 (1'858'488) 31.12.2012 Investment Advisor

TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 2'242'423 0.82 698'529 31.12.2012 Hedge Fund Manager


Oppenheimer & Co ANDY YEUNG market perform 3 M #N/A N/A Not Provided 26.03.2013

Morgan Stanley RICHARD W JI Equalwt/Attractive 3 M 105 12 month 25.03.2013

Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 22.03.2013

Nomura JIN YOON buy 5 M 128 Not Provided 20.03.2013

Brean Murray Carret & Co FAWNE JIANG buy 5 M 120 12 month 19.03.2013

Stifel GEORGE I ASKEW hold 3 M #N/A N/A Not Provided 18.03.2013

BOCOM International Holdings MA YUAN buy 5 M 132 Not Provided 06.03.2013

Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 89 12 month 19.02.2013

Deutsche Bank ALAN HELLAWELL hold 3 M 119 12 month 06.02.2013

Macquarie JIONG SHAO outperform 5 M 132 12 month 06.02.2013

China International Capital Corp JIN YU buy 5 M 120 12 month 06.02.2013

Credit Suisse WALLACE CHEUNG underperform 1 M 80 Not Provided 05.02.2013

JPMorgan DICK WEI overweight 5 M 140 9 month 05.02.2013

Jefferies CYNTHIA JINHONG MENG hold 3 M 112 12 month 05.02.2013

Raymond James AARON M KESSLER market perform 3 D #N/A N/A Not Provided 05.02.2013

HSBC CHI TSANG overweight 5 M 131 Not Provided 05.02.2013

Bank of China International THOMAS CHONG buy 5 M 122 Not Provided 05.02.2013

CIMB WENDY HUANG outperform 5 M 133 12 month 05.02.2013

S&P Capital IQ SCOTT H KESSLER strong buy 5 M 120 12 month 05.02.2013

Maxim Group LLC ECHO HE sell 1 M 80 12 month 05.02.2013


Barclays ALICIA YAP equalweight 3 M 108 Not Provided 05.02.2013



First Shanghai Securities Ltd TSOI HO buy 5 M 126 12 month 08.11.2012

Standard Chartered DON SEE outperform 5 M 180 12 month 31.10.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012

Guotai Junan DUNDAS DENG buy 5 N 200 Not Provided 27.03.2012

Holdings By:

Baidu Inc ee


27.03.2013

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.


LTM as of: 11/yy

52-Week High (19.06.2012) 75.83

52-Week Low (20.12.2012) 54.33

Daily Volume

64.66





14'621.93 1 Yr Total Return -4.02%







BBBY UW EQUITY YTD Change - Average Volume 30 Day 731'883

BBBY UW EQUITY YTD % CHANGE - Average Volume 3 Month 721'148


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1

7'048.9 7'208.3 7'828.8 8'758.5 9'499.9 9'272.5 10'245.4 10'908.9 11'613.8 3'396.2 2'565.6

1.01x 0.67x 1.20x 1.17x 1.31x 4.95x 5.34x 1.24x 1.14x 3.99x 5.34x

995.8 849.5 1'164.9 1'472.3 1'752.2 1'659.2 1'782.2 1'846.4 1'959.9 655.0 388.1

7.14x 5.72x 8.08x 6.96x 7.11x 7.50x 7.19x 7.49x 7.06x 7.11x 7.03x

562.8 425.1 600.0 791.3 989.5 921.9 1'015.0 1'041.1 1'092.8 375.9 211.3

14.03x 12.99x 18.09x 15.59x 14.86x 15.56x 13.74x 14.13x 12.78x 13.16x 12.83x











EBITDA Margin 17.4%



Asset Turnover 1.67


Quick Ratio 1.31 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bed Bath & Beyond IncPrice/Volume

Valuation Analysis

459'214.00


!

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

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27.03.2013



DAVIS SELECTED ADVIS n/a 13G 22'803'561 10.08 572'841 31.01.2013 Investment Advisor







BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 4'021'741 1.78 4'012'176 31.12.2012 Investment Advisor


EISENBERG WARREN n/a Form 4 3'470'639 1.53 - 31.12.2012 n/a

MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'206'710 1.42 (1'007'536) 31.12.2012 Investment Advisor




WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 2'156'877 0.95 36'927 31.12.2012 Investment Advisor

FEINSTEIN LEONARD n/a Form 4 2'150'887 0.95 - 31.12.2012 n/a


GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'000'000 0.88 2'000'000 31.12.2012 Investment Advisor

PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 1'955'301 0.86 175'993 31.12.2012 Investment Advisor


Morgan Stanley DAVID GOBER Underwt/In-Line 1 M 57 12 month 24.03.2013

ISI Group GREGORY MELICH neutral 3 M 62 12 month 24.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 80 12 month 22.03.2013

S&P Capital IQ MICHAEL SOUERS buy 5 M 77 Not Provided 21.03.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 71 12 month 19.03.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 14.03.2013

Robert W. Baird & Co PETER S BENEDICT neutral 3 M 64 12 month 13.03.2013

BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 75 12 month 13.03.2013

Jefferies JOHN MARRIN buy 5 M 72 12 month 01.03.2013

Nomura ARAM RUBINSON neutral 3 M 65 12 month 01.03.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 70 Not Provided 10.02.2013

Credit Suisse GARY BALTER outperform 5 M 70 Not Provided 04.02.2013

Goldman Sachs MATTHEW J FASSLER Sell/Neutral 1 D 56 12 month 28.01.2013

Williams Capital Group MARC RIDDICK outperform 5 M 80 12 month 24.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Deutsche Bank MICHAEL BAKER buy 5 M 63 12 month 09.01.2013

Canaccord Genuity Corp LAURA A CHAMPINE buy 5 M 74 12 month 07.01.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 80 Not Provided 20.12.2012

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 75 12 month 20.12.2012

Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 20.12.2012

Wedbush JOAN L STORMS outperform 5 M 77 12 month 20.12.2012

William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 20.12.2012

JPMorgan CHRISTOPHER HORVERS neutral 3 M 65 9 month 19.12.2012

KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 19.12.2012

Raymond James BUDD BUGATCH strong buy 5 M 85 12 month 19.12.2012

Barclays ALAN M RIFKIN overweight 5 M 70 Not Provided 19.12.2012

GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 16.12.2010

Holdings By:

Bed Bath & Beyond Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (22.03.2013) 178.87

52-Week Low (16.04.2012) 124.23

Daily Volume

177.09





41'848.52 1 Yr Total Return 40.29%







BIIB UW EQUITY YTD Change - Average Volume 30 Day 416'743

BIIB UW EQUITY YTD % CHANGE - Average Volume 3 Month 462'976


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'097.5 4'377.3 4'716.4 5'048.6 5'516.5 5'048.6 5'516.5 6'412.0 7'509.5 1'413.1 1'537.7

3.19x 3.06x 3.27x 4.87x 5.81x 17.24x 22.83x 6.46x 5.19x - -

2'160.2 1'723.4 1'923.1 2'138.7 2'204.1 2'138.7 2'204.1 2'756.4 3'554.5 531.7 573.7

6.05x 7.77x 8.03x 11.50x 14.53x 11.50x 14.53x 14.24x 11.04x 15.11x -

783.2 970.1 1'005.3 1'234.4 1'380.0 1'234.4 1'380.0 1'842.8 2'290.3 376.9 430.8

13.34x 13.11x 13.82x 21.12x 25.54x 21.20x 25.54x 22.74x 18.39x 22.74x 20.53x











EBITDA Margin 40.0%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Biogen Idec IncPrice/Volume

Valuation Analysis

438'340.00


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5 9

- ! 9

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- 1 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

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27.03.2013


FMR LLC n/a ULT-AGG 23'263'262 9.84 362'835 31.12.2012 Investment Advisor









JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'726'910 2.42 1'901'232 31.12.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'113'956 2.16 (1'159'058) 31.12.2012 Investment Advisor

LEGG MASON INC Multiple Portfolios MF-AGG 4'462'281 1.89 (94'247) 31.12.2012 Investment Advisor







VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 2'725'961 1.15 725'938 31.12.2012 Hedge Fund Manager



Jefferies THOMAS WEI buy 5 M 201 12 month 26.03.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 186 Not Provided 25.03.2013

Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 188 12 month 25.03.2013


Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 25.03.2013

Canaccord Genuity Corp RITU BARAL buy 5 M 187 12 month 24.03.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 158 12 month 22.03.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 200 Not Provided 21.03.2013

Oppenheimer & Co DAVID FERREIRO market perform 3 M 152 12 month 21.03.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 180 Not Provided 21.03.2013


Leerink Swann & Co MARKO KOZUL outperform 5 M #N/A N/A Not Provided 20.03.2013



Stifel JOEL D SENDEK buy 5 M 184 12 month 01.03.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 160 12 month 28.02.2013







Lazard Capital Markets WILLIAM TANNER neutral 3 M #N/A N/A Not Provided 06.02.2013

Piper Jaffray M IAN SOMAIYA neutral 3 M 179 12 month 06.02.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 29.01.2013


S&P Capital IQ STEVEN SILVER hold 3 M 154 Not Provided 18.10.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 27.02.2012

Pareto Securities YILMAZ MAHSHID hold 3 M #N/A N/A Not Provided 10.01.2012

BWS Financial HAMED KHORSAND buy 5 M #N/A N/A Not Provided 11.12.2009

Holdings By:

Biogen Idec Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.03.2013) 47.89

52-Week Low (01.08.2012) 35.50

Daily Volume

45.78





6'541.46 1 Yr Total Return 14.59%







BMC UW EQUITY YTD Change - Average Volume 30 Day 563'230

BMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 533'879


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'731.6 1'871.9 1'911.2 2'065.3 2'172.0 2'169.5 2'197.5 2'224.0 2'319.7 591.4 531.4

2.80x 2.84x 3.06x 3.61x 2.64x 11.81x 10.67x 2.86x 2.53x 10.74x 11.60x

524.3 584.1 684.9 722.8 768.5 796.1 701.7 831.0 878.7 222.0 203.5

9.25x 9.11x 8.54x 10.32x 7.46x 5.53x 8.27x 8.05x 7.62x 7.36x 7.29x

313.6 238.1 406.1 456.2 401.0 452.8 328.9 534.3 560.3 136.9 120.4

18.37x 17.19x 18.81x 21.72x 17.02x 13.38x 18.34x 13.39x 11.92x 12.06x 11.75x


EBIT 543.90 Long-Term Rating BBB+









EBITDA Margin 31.9%



Asset Turnover 0.52







Fiscal Year Ended

BMC Software IncPrice/Volume

Valuation Analysis

370'595.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

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27.03.2013


MACQUARIE GROUP n/a ULT-AGG 14'177'031 9.92 - 11.02.2013 Investment Advisor

ELLIOTT MANAGEMENT C n/a 13D 13'692'000 9.58 302'000 30.01.2013 Hedge Fund Manager

DODGE & COX DODGE & COX 13F 12'687'878 8.88 (556'400) 31.12.2012 Investment Advisor




CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 5'600'796 3.92 (504'144) 31.12.2012 Investment Advisor

GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 5'210'579 3.65 (102'900) 31.12.2012 Hedge Fund Manager


LAZARD ASSET MANAGEM n/a ULT-AGG 3'861'878 2.7 (866'326) 28.02.2013 Unclassified


RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'382'300 2.37 129'500 31.12.2012 Hedge Fund Manager

BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 2'703'247 1.89 (5'163) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'114'478 1.48 1'467'673 31.12.2012 Investment Advisor


D E SHAW & COMPANY I D E SHAW & CO 13F 1'707'305 1.19 310'049 31.12.2012 Hedge Fund Manager




HUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1'250'000 0.87 500'000 31.12.2012 Investment Advisor



Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 25.03.2013


Jefferies AARON SCHWARTZ buy 5 M 48 12 month 21.03.2013


Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 46 12 month 21.03.2013

Longbow Research KEVIN M BUTTIGIEG buy 5 M 48 12 month 21.03.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 44 Not Provided 19.03.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 18.03.2013

Oppenheimer & Co SHAUL EYAL outperform 5 M 44 18 month 06.03.2013


JPMorgan JOHN DIFUCCI neutral 3 M 34 9 month 29.01.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 52 12 month 29.01.2013

Susquehanna Financial Group J DERRICK WOOD Positive 4 M 50 12 month 29.01.2013

Holdings By:

BMC Software Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 39.66

52-Week Low (17.07.2012) 28.60

Daily Volume

34.46





19'604.90 1 Yr Total Return -10.43%







BRCM UW EQUITY YTD Change - Average Volume 30 Day 2'194'952

BRCM UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'032'107


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'658.1 4'490.3 6'818.3 7'389.0 8'006.0 7'389.0 8'006.0 8'442.9 9'303.0 1'914.1 2'052.9

1.37x 2.85x 2.95x 1.62x 2.11x 7.92x 8.93x 2.10x 1.75x 9.93x 9.16x

498.4 356.1 1'291.0 1'260.0 1'297.0 1'235.0 1'297.0 1'568.5 1'806.7 283.8 350.3

12.84x 35.95x 15.57x 9.52x 13.01x 9.71x 13.01x 11.21x 9.73x 11.94x 11.36x

214.8 65.3 1'081.8 927.0 719.0 927.0 719.0 1'666.4 1'876.1 334.2 398.8

20.45x 76.76x 20.94x 16.49x 22.90x 16.68x 23.06x 12.48x 11.33x 12.54x 12.13x











EBITDA Margin 16.2%



Asset Turnover 0.79







Fiscal Year Ended

Broadcom CorpPrice/Volume

Valuation Analysis

1'097'361.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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6'000.0

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

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27.03.2013






JP MORGAN n/a ULT-AGG 21'611'182 4.17 4'111'018 31.12.2012 Unclassified







TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'935'621 1.53 2'374'769 31.12.2012 Investment Advisor


LEGG MASON INC Multiple Portfolios MF-AGG 6'634'244 1.28 69'246 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'251'821 1.21 97'009 31.12.2012 Investment Advisor







BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 12 month 26.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 42 12 month 26.03.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 45 12 month 26.03.2013



Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013

Evercore Partners PATRICK WANG overweight 5 M 40 12 month 24.03.2013

MKM Partners DANIEL A BERENBAUM buy 5 M 43 12 month 22.03.2013


Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 39 12 month 21.03.2013

Stifel KEVIN E CASSIDY buy 5 M 43 12 month 18.03.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 18.03.2013



D.A. Davidson & Co AALOK K SHAH buy 5 M 44 18 month 13.03.2013

Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 37 12 month 13.03.2013




Wedbush BETSY VAN HEES outperform 5 M 41 12 month 04.03.2013

ISI Group SUMIT DHANDA buy 5 M 39 12 month 04.03.2013


Benchmark Company LLC GARY W MOBLEY buy 5 M 40 12 month 01.03.2013

Mizuho Securities USA Inc RUBEN ROY buy 5 M 40 12 month 27.02.2013

Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 25.02.2013

JMP Securities ALEX GAUNA market outperform 4 M 42 12 month 25.02.2013



Oppenheimer & Co RICHARD SCHAFER outperform 5 M 45 12 month 14.02.2013




JPMorgan HARLAN SUR overweight 5 M 45 9 month 31.01.2013

Societe Generale PETER KNOX hold 3 M 37 12 month 30.01.2013





Needham & Co N QUINN BOLTON buy 5 M 39 12 month 30.01.2013


Williams Financial Group CODY G ACREE buy 5 M 40 12 month 30.01.2013

Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 38 Not Provided 30.01.2013


Holdings By:

Broadcom Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 28.00

52-Week Low (16.11.2012) 21.49

Daily Volume

24.98





11'388.97 1 Yr Total Return -6.65%







CA UW EQUITY YTD Change - Average Volume 30 Day 908'262

CA UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'069'077


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

4'277.0 4'271.0 4'227.0 4'429.0 4'814.0 4'754.0 4'680.0 4'637.0 4'676.8 1'145.0 1'144.2

2.63x 1.93x 2.58x 2.36x 2.38x 7.81x 9.01x 2.10x 1.94x 8.78x 8.67x

1'248.0 1'503.0 1'572.0 1'624.0 1'805.0 1'796.0 1'836.0 1'733.7 1'777.3 402.5 443.0

9.02x 5.49x 6.95x 6.45x 6.35x 4.72x 4.72x 5.85x 5.71x 5.65x 5.46x

500.0 671.0 771.0 827.0 951.0 928.0 924.0 1'109.7 1'130.9 252.9 279.9

18.29x 11.44x 16.19x 15.21x 14.51x 11.17x 11.05x 10.34x 9.84x 10.10x 9.82x











EBITDA Margin 39.2%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CA IncPrice/Volume

Valuation Analysis

635'557.00


!

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

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27.03.2013


CAREAL HOLDING AG n/a 13D 125'813'380 27.6 - 04.07.2012 Corporation

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 22'342'814 4.9 (5'173'367) 31.12.2012 Investment Advisor






JANUS CAPITAL MANAGE n/a ULT-AGG 7'990'175 1.75 3'604'277 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6'430'928 1.41 342'966 31.12.2012 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 5'699'040 1.25 32'440 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 4'609'383 1.01 4'363'449 31.12.2012 Government



ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 4'295'400 0.94 (493'237) 31.12.2012 Investment Advisor


CREDIT SUISSE AG CREDIT SUISSE AG 13F 3'704'282 0.81 862'627 31.12.2012 Investment Advisor

AJO, LP AJO, LP 13F 3'683'900 0.81 (329'700) 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'564'380 0.78 (813'813) 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3'535'206 0.78 185'925 31.12.2012 Investment Advisor


Longbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013


JPMorgan JOHN DIFUCCI overweight 5 M 34 9 month 28.02.2013


RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 27 12 month 23.01.2013

Jefferies AARON SCHWARTZ hold 3 M 26 12 month 23.01.2013





Sanford C. Bernstein & Co MARK L MOERDLER underperform 1 M 19 12 month 18.01.2013



Holdings By:

CA Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (06.03.2013) 57.40

52-Week Low (28.03.2012) 35.89

Daily Volume

52.8

52-Week High % Change -8.01% Dividend Yield -




10'848.46 1 Yr Total Return 46.02%







CTRX UW EQUITY YTD Change - Average Volume 30 Day 454'640

CTRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 408'810


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

862.9 1'438.6 1'948.4 4'975.5 9'940.1 4'975.5 9'940.1 14'511.3 16'280.9 3'524.3 3'583.1

0.50x 0.92x 1.19x 0.64x 1.05x 2.55x 3.23x 0.79x 0.68x 3.28x 3.22x

38.4 91.1 114.8 166.4 367.4 166.5 367.4 671.0 820.2 145.9 156.3

11.20x 14.52x 20.19x 19.06x 28.48x 19.06x 28.48x 17.37x 14.21x 17.68x 16.49x

15.1 46.1 64.7 91.8 116.7 91.8 116.7 391.7 499.5 85.9 92.9

20.76x 28.41x 41.60x 38.59x 54.05x 38.85x 54.05x 28.25x 22.42x 28.27x 26.27x


EBIT 217.02 Long-Term Rating BB









EBITDA Margin 3.7%



Asset Turnover 2.36







Fiscal Year Ended

Catamaran CorpPrice/Volume

Valuation Analysis

347'084.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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27.03.2013



FMR LLC n/a ULT-AGG 18'118'825 8.82 - 28.02.2013 Investment Advisor




AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'722'589 2.3 (472'937) 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'664'716 1.78 274'344 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 3'584'630 1.74 10'232 31.12.2012 Investment Advisor


GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'956'696 1.44 135'274 31.12.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'474'818 1.2 (343'480) 28.02.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 2'470'131 1.2 (205'724) 31.01.2013 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 2'154'069 1.05 866'943 31.12.2012 Bank

SUN LIFE FINANCIAL I n/a ULT-AGG 2'094'791 1.02 349'578 31.01.2013 Investment Advisor

TIGER CONSUMER MANAG TIGER CONSUMER MANAG 13F 2'082'583 1.01 333'985 31.12.2012 Hedge Fund Manager



CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'970'410 0.96 1'153'410 31.12.2012 Investment Advisor


Credit Suisse GLEN SANTANGELO outperform 5 M 61 Not Provided 26.03.2013

Jefferies BRIAN TANQUILUT buy 5 M 65 12 month 22.03.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 62 12 month 15.03.2013

ISI Group MICHAEL CHERNY strong buy 5 M 60 12 month 14.03.2013

Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 08.03.2013

Dougherty & Company LLC BROOKS O NEIL buy 5 M 75 12 month 01.03.2013

William Blair & Co AMANDA MURPHY outperform 5 M #N/A N/A Not Provided 01.03.2013

Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 01.03.2013

Paradigm Capital Inc GABRIEL LEUNG buy 5 M 64 12 month 01.03.2013

Oppenheimer & Co BRET D JONES market perform 3 M #N/A N/A Not Provided 01.03.2013

TD Securities LENNOX GIBBS buy 5 M 61 12 month 01.03.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.03.2013

Stonecap Securities Inc SCOTT RATTEE outperform 5 M 63 12 month 01.03.2013

BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 28.02.2013

SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 62 12 month 28.02.2013

JPMorgan LISA C GILL overweight 5 M 62 9 month 28.02.2013

CIBC World Markets STEPHANIE PRICE sector perform 3 M 60 Not Provided 28.02.2013

Cantor Fitzgerald TOM LISTON buy 5 M 65 12 month 28.02.2013

Scotia Capital PAUL STEEP sector perform 3 M 58 12 month 28.02.2013

Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 28.02.2013

JMP Securities TIM MCDONOUGH market outperform 4 M 65 12 month 28.02.2013

Maxim Group LLC ANTHONY V VENDETTI buy 5 M 66 12 month 28.02.2013

Goldman Sachs ROBERT P JONES buy/attractive 5 M 62 12 month 22.01.2013

Holdings By:

Catamaran Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 115.41

52-Week Low (21.06.2012) 58.53

Daily Volume

112.5





47'108.75 1 Yr Total Return 44.16%







CELG UW EQUITY YTD Change - Average Volume 30 Day 932'472

CELG UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'014'648


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'254.8 2'689.9 3'625.7 4'842.1 5'506.7 4'842.1 5'506.7 6'111.7 7'015.8 1'465.9 1'525.0

10.27x 8.39x 7.30x 5.93x 5.83x 22.09x 22.51x 7.26x 6.05x - -

528.7 1'010.1 1'296.0 1'663.3 2'198.8 1'663.3 2'198.8 3'131.7 3'580.3 723.5 749.5

43.81x 22.35x 20.43x 17.27x 14.61x 17.27x 14.61x 14.78x 12.92x 15.52x -

(1'533.7) 776.7 880.5 1'318.2 1'456.2 1'318.2 1'456.2 2'432.2 2'852.0 580.3 605.8

35.21x 33.54x 25.83x 22.61x 19.57x 22.02x 20.12x 19.80x 16.42x 19.79x 18.90x











EBITDA Margin 39.9%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Celgene CorpPrice/Volume

Valuation Analysis

681'830.00


!

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2 ! 9

3 ! 9

4 ! 9

5 ! 9

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

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27.03.2013




JANUS CAPITAL MANAGE n/a ULT-AGG 18'865'806 4.51 (5'121'865) 31.12.2012 Investment Advisor







WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'951'282 1.66 (98'854) 31.12.2012 Investment Advisor






CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'689'500 1.12 - 31.12.2012 Investment Advisor

EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 4'472'808 1.07 (1'123'361) 31.12.2012 Investment Advisor


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'056'619 0.97 (151'870) 31.01.2013 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'736'273 0.89 336'096 31.12.2012 Investment Advisor


Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 26.03.2013



Cantor Fitzgerald MARA GOLDSTEIN buy 5 M 121 12 month 20.03.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 137 12 month 15.03.2013

JMP Securities MICHAEL G KING JR market outperform 4 M 130 12 month 07.03.2013



BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 113 Not Provided 04.03.2013







Oppenheimer & Co BORIS PEAKER market perform 3 M #N/A N/A Not Provided 04.03.2013






S&P Capital IQ STEVEN SILVER strong buy 5 M 125 12 month 20.02.2013

Jefferies THOMAS WEI buy 5 M 114 12 month 11.02.2013

Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 89 12 month 28.01.2013

Argus Research Corp JOHN M EADE hold 3 D #N/A N/A Not Provided 28.01.2013

Deutsche Bank ROBYN KARNAUSKAS hold 3 M 105 12 month 25.01.2013

Summer Street Research Partners CAROL A WERTHER buy 5 M 122 12 month 25.01.2013


Wallachbeth Capital LLC DIFEI YANG buy 5 M 99 12 month 08.01.2013

Holdings By:

Celgene Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 93.88

52-Week Low (25.10.2012) 67.66

Daily Volume

93.24





16'056.65 1 Yr Total Return 22.43%







CERN UW EQUITY YTD Change - Average Volume 30 Day 264'083

CERN UW EQUITY YTD % CHANGE - Average Volume 3 Month 269'010


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'676.0 1'671.9 1'850.2 2'203.2 2'665.4 2'203.2 2'665.4 3'005.0 3'383.1 709.2 730.3

1.80x 3.81x 4.04x 4.42x 4.60x 18.02x 18.80x 4.81x 4.10x - -

449.4 481.6 552.7 672.4 794.2 672.4 794.2 967.7 1'113.6 219.2 237.2

6.70x 13.22x 13.54x 14.48x 15.43x 14.48x 15.43x 15.72x 13.66x 15.71x -

188.7 193.5 237.3 306.6 397.2 306.6 397.2 494.3 583.5 110.8 119.2

18.93x 35.69x 34.08x 34.80x 33.66x 34.70x 33.66x 33.30x 28.32x 33.32x 32.05x











EBITDA Margin 29.8%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cerner CorpPrice/Volume

Valuation Analysis

210'837.00


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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

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27.03.2013



PATTERSON NEAL L n/a Form 4 12'056'024 7 (1'500) 01.03.2013 n/a

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9'374'174 5.44 1'320'072 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'609'866 5 212'583 31.12.2012 Investment Advisor

ILLIG CLIFFORD W n/a Form 4 7'544'562 4.38 - 01.03.2013 n/a






MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'202'633 2.44 (185'150) 31.12.2012 Investment Advisor




TCW GROUP INC TCW GROUP INCORPORAT 13F 2'460'507 1.43 162'795 31.12.2012 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'130'994 1.24 51'735 31.12.2012 Mutual Fund Manager




FRANKLIN RESOURCES n/a ULT-AGG 1'897'931 1.1 (127'039) 31.12.2012 Investment Advisor


Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 21.03.2013

Lazard Capital Markets STEVEN P HALPER buy 5 M 101 12 month 20.03.2013

Wells Fargo Securities, LLC JAMIE STOCKTON market perform 3 M #N/A N/A Not Provided 18.03.2013

Raymond James ALEXANDER Y DRAPER outperform 5 M 100 18 month 13.03.2013

Avondale Partners LLC RICHARD CLOSE market outperform 4 M 97 18 month 12.03.2013

B Riley & Company, Inc EUGENE MANNHEIMER neutral 3 M 91 Not Provided 08.03.2013

Piper Jaffray SEAN W WIELAND overweight 5 M 100 12 month 08.03.2013

Jefferies DAVID H WINDLEY buy 5 M 97 12 month 07.03.2013

Robert W. Baird & Co ERIC W COLDWELL outperform 5 M 94 12 month 07.03.2013

William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 07.03.2013

Oppenheimer & Co BRET D JONES underperform 1 M 54 18 month 06.03.2013

Argus Research Corp DAVID H TOUNG buy 5 M 95 Not Provided 27.02.2013

First Analysis Corp FRANK SPARACINO overweight 5 M 97 12 month 25.02.2013


Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013

Cowen and Company CHARLES RHYEE neutral 3 M #N/A N/A Not Provided 06.02.2013

Maxim Group LLC ANTHONY V VENDETTI hold 3 M #N/A N/A Not Provided 06.02.2013

Credit Suisse GLEN SANTANGELO neutral 3 M 88 Not Provided 05.02.2013


Sterne, Agee & Leach GREG T BOLAN buy 5 M 100 12 month 05.02.2013

ISI Group MICHAEL CHERNY neutral 3 M 95 12 month 05.02.2013

S&P Capital IQ JEFFREY LOO strong buy 5 M 92 12 month 23.01.2013

Holdings By:

Cerner Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (29.01.2013) 67.93

52-Week Low (25.07.2012) 50.82

Daily Volume

59.01





9'395.82 1 Yr Total Return -7.59%







CHRW UW EQUITY YTD Change - Average Volume 30 Day 532'824

CHRW UW EQUITY YTD % CHANGE - Average Volume 3 Month 559'868


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'578.6 7'577.2 9'274.3 10'336.3 11'359.1 10'336.3 11'359.1 12'978.5 14'118.8 2'967.9 3'368.6

1.05x 1.25x 1.40x 1.07x 0.91x 4.51x 3.44x 0.71x 0.65x 3.19x 2.81x

602.8 615.3 652.2 725.2 713.4 725.2 713.4 845.3 941.1 191.5 214.9

14.87x 15.45x 19.88x 15.30x 14.45x 15.30x 14.45x 11.25x 10.10x 11.29x 10.95x

359.2 360.8 387.0 431.6 593.8 431.6 593.8 490.0 547.5 110.4 124.8

26.46x 27.57x 34.42x 26.63x 22.91x 26.53x 23.07x 19.22x 16.94x 19.20x 18.56x











EBITDA Margin 6.3%



Asset Turnover 4.60







Fiscal Year Ended

CH Robinson Worldwide IncPrice/Volume

Valuation Analysis

370'730.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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0!

1!

2!

3!

4!

5!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013





JANUS CAPITAL MANAGE n/a ULT-AGG 7'414'398 4.66 (64'505) 31.12.2012 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 5'120'000 3.22 - 31.12.2012 Investment Advisor




MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 2'791'765 1.75 (57'335) 31.12.2012 Hedge Fund Manager

PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 2'683'000 1.69 2'515 31.12.2012 Investment Advisor



MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2'029'264 1.27 475'964 31.12.2012 Investment Advisor


JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 1'962'668 1.23 (662'340) 31.12.2012 Investment Advisor

POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 1'918'183 1.2 31'929 31.12.2012 Investment Advisor


CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'480'315 0.93 (33'562) 31.12.2012 Hedge Fund Manager


Longbow Research MATTHEW S BROOKLIER neutral 3 M #N/A N/A Not Provided 27.03.2013

Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 74 12 month 22.03.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.03.2013

Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 78 12 month 15.03.2013

Macquarie KELLY A DOUGHERTY neutral 3 M 58 12 month 12.03.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 08.03.2013

RBC Capital Markets JOHN L BARNES III sector perform 3 M 63 12 month 07.03.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 94 12 month 05.03.2013

Jefferies H PETER NESVOLD hold 3 M 61 12 month 01.03.2013

Susquehanna Financial Group MATT TROY neutral 3 M 65 12 month 13.02.2013

Avondale Partners LLC RYAN BOUCHARD market perform 3 M 67 Not Provided 11.02.2013

Goldman Sachs TOM KIM neutral/attractive 3 M 66 12 month 06.02.2013

Credit Suisse CHRISTOPHER J CERASO neutral 3 M 65 Not Provided 06.02.2013

JPMorgan THOMAS R WADEWITZ neutral 3 M 62 9 month 06.02.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 73 12 month 06.02.2013

Stephens Inc JACK ATKINS equalweight 3 M 66 12 month 06.02.2013

Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 06.02.2013

FBR Capital Markets JOHN R MIMS outperform 5 M 80 12 month 06.02.2013

Stifel JOHN G LARKIN sell 1 M #N/A N/A Not Provided 06.02.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 78 12 month 06.02.2013

Wunderlich Securities CHAZ G JONES hold 3 M 64 12 month 06.02.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER market perform 3 M #N/A N/A Not Provided 06.02.2013

BB&T Capital Markets THOMAS S ALBRECHT hold 3 M #N/A N/A Not Provided 06.02.2013

Cowen Securities LLC JASON H SEIDL hold 3 M #N/A N/A Not Provided 06.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 06.02.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 05.02.2013

Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 05.02.2013

Deutsche Bank JUSTIN B YAGERMAN buy 5 M 72 12 month 10.11.2012

S&P Capital IQ JAMES CORRIDORE buy 5 M 76 12 month 25.09.2012

Holdings By:

CH Robinson Worldwide Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (19.04.2012) 64.99

52-Week Low (18.10.2012) 40.60

Daily Volume

46.5





9'574.02 1 Yr Total Return -26.74%







CHKP UW EQUITY YTD Change - Average Volume 30 Day 487'155

CHKP UW EQUITY YTD % CHANGE - Average Volume 3 Month 515'189


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

808.5 924.4 1'097.9 1'247.0 1'342.7 1'247.0 1'342.7 1'422.8 1'516.8 328.3 346.9

3.18x 5.67x 6.58x 6.37x 4.61x 26.65x 22.26x 5.48x 4.73x 22.97x 21.54x

402.3 483.7 594.4 693.7 761.4 693.7 761.4 834.4 893.9 191.8 201.6

6.39x 10.83x 12.16x 11.44x 8.12x 11.44x 8.12x 7.52x 7.02x 7.52x 7.36x

324.0 357.5 452.8 544.0 620.0 544.0 620.0 688.1 737.2 158.5 166.8

11.37x 18.12x 21.72x 20.77x 16.20x 20.60x 16.09x 13.57x 12.38x 13.58x 13.25x











EBITDA Margin 56.7%



Asset Turnover 0.31







Fiscal Year Ended

Check Point Software Technologies LtdPrice/Volume

Valuation Analysis

813'573.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


SHWED GIL n/a 20F 24'963'760 12.12 - 31.01.2013 n/a

NACHT MARIUS n/a 20F 21'214'986 10.3 - 31.01.2013 n/a


THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12'621'374 6.13 235'870 31.12.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 8'768'144 4.26 4'046'942 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 7'995'556 3.88 572'741 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 6'439'019 3.13 - 31.12.2012 Investment Advisor




PRUDENTIAL FINANCIAL n/a ULT-AGG 4'220'341 2.05 424'233 31.01.2013 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 4'047'800 1.97 4'047'800 31.12.2012 Investment Advisor

FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 2'672'000 1.3 1'181'000 31.12.2012 Hedge Fund Manager


WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 2'183'420 1.06 (524'608) 31.12.2012 Investment Advisor


PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 1'850'161 0.9 1'850'161 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'846'238 0.9 (36'863) 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 1'748'270 0.85 543'420 31.12.2012 Investment Advisor


Stifel TODD C WELLER buy 5 M 55 12 month 26.03.2013

Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 D #N/A N/A Not Provided 25.03.2013

BMO Capital Markets KARL KEIRSTEAD market perform 3 M 48 Not Provided 24.03.2013


Topeka Capital Markets Inc FREDERICK D ZIEGEL buy 5 M 68 12 month 11.03.2013

Nomura RICHARD G SHERLUND buy 5 M 55 12 month 10.03.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 55 12 month 06.03.2013

Needham & Co SCOTT ZELLER hold 3 M #N/A N/A Not Provided 04.03.2013

Raymond James MICHAEL TURITS outperform 5 M 52 12 month 04.03.2013




MKM Partners ISRAEL HERNANDEZ buy 5 M 48 12 month 12.02.2013

First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 29.01.2013


Wunderlich Securities BRIAN S FREED buy 5 M 60 18 month 24.01.2013


RBC Capital Markets ROBERT P BREZA sector perform 3 M 47 12 month 23.01.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 55 Not Provided 23.01.2013

JPMorgan STERLING AUTY overweight 5 M 53 9 month 23.01.2013

Pacific Crest Securities ROB D OWENS outperform 5 M 55 12 month 23.01.2013

Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 55 12 month 23.01.2013

William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 23.01.2013


FBN Securities SHEBLY SEYRAFI outperform 5 M 60 12 month 23.01.2013

B Riley & Company, Inc DANIEL CUMMINS neutral 3 M 50 12 month 22.01.2013


Deutsche Bank THOMAS ERNST JR hold 3 M 50 12 month 18.10.2012

Goldman Sachs GREG DUNHAM neutral/neutral 3 M 49 12 month 17.10.2012

Holdings By:

Check Point Software Technologies Ltd ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (11.03.2013) 21.98

52-Week Low (25.07.2012) 14.97

Daily Volume

20.75





110'638.46 1 Yr Total Return 1.91%







CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'486'852

CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'196'968


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4

39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 44'844.0 47'252.0 48'708.3 51'403.4 12'204.0 12'524.3

2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.09x 1.74x 6.31x 6.00x

11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'215.0 15'696.1 3'802.0 4'002.0

10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.28x 5.12x 5.12x 5.02x

8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'665.0 11'156.2 2'630.9 2'720.4

16.14x 17.79x 16.96x 12.57x 10.12x 13.77x 13.06x 10.40x 9.84x 10.24x 10.07x











EBITDA Margin 28.3%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

2'102'008.00


!

2

-!

-2

.!

.2

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 e--0 ! 92 ! 9-! ! 9-2 ! 9.! ! 9.2 ! 90! ! 902 ! 91! ! 912 ! 92! ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0- !4 .!!6 0- !- .!-! 0- !4 .!-! 0- !- .!-- 0- !4 .!-- 0- !- .!-. 0- !4 .!-. 0- !- .!-0



27.03.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 232'564'275 4.36 (1'696'027) 31.12.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 144'509'645 2.71 - 31.12.2012 Investment Advisor






NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 77'496'020 1.45 2'085'888 31.12.2012 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70'428'507 1.32 6'196'339 31.12.2012 Investment Advisor


YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'443'161 0.98 (52'225) 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 47'768'835 0.9 (1'195'030) 28.02.2013 Unclassified

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager






Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013

Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 25.03.2013

FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013

Stifel SANJIV R WADHWANI buy 5 M 25 12 month 21.03.2013



Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 15.03.2013

RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013

Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013

Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 13.03.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 08.03.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 04.03.2013


ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 01.03.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 27.02.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 25.02.2013


Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013

JPMorgan ROD HALL underweight 1 M 18 9 month 14.02.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 14.02.2013

Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 14.02.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 14.02.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 14.02.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 14.02.2013

JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013

Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013

Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 14.02.2013

MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013

Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013



Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 13.02.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 04.02.2013



Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012

Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 03.12.2012

BGC Partners COLIN W GILLIS buy 5 M 21 12 month 16.08.2012

Holdings By:

Cisco Systems Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.04.2012) 87.98

52-Week Low (15.11.2012) 56.57

Daily Volume

70.99





13'232.81 1 Yr Total Return -10.55%







CTXS UW EQUITY YTD Change - Average Volume 30 Day 533'508

CTXS UW EQUITY YTD % CHANGE - Average Volume 3 Month 648'544


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'583.4 1'614.1 1'874.7 2'206.4 2'586.1 2'206.4 2'586.1 2'971.4 3'355.3 677.0 711.0

2.32x 4.34x 6.37x 4.78x 4.37x 21.29x 20.53x 4.07x 3.44x 18.08x 16.95x

294.8 364.7 459.8 576.2 605.7 576.2 605.7 934.2 1'050.9 188.2 214.8

12.44x 19.19x 25.97x 18.30x 18.66x 18.30x 18.66x 13.17x 11.71x 13.25x 12.65x

178.3 191.0 277.1 356.3 352.5 356.3 352.5 594.2 684.5 118.9 132.8

19.81x 30.37x 46.86x 32.47x 35.28x 32.30x 37.50x 22.59x 19.72x 22.62x 21.83x











EBITDA Margin 23.4%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Citrix Systems IncPrice/Volume

Valuation Analysis

823'223.00


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

-!!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013









CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'257'890 2.82 1'062'062 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'082'862 2.19 1'053'573 31.12.2012 Investment Advisor



MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 3'768'917 2.02 2'291'404 31.12.2012 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'732'787 2 417'815 31.12.2012 Investment Advisor


BROWN ADVISORY INC n/a ULT-AGG 3'431'077 1.84 75'282 31.12.2012 Investment Advisor



HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'436'445 1.31 170'063 31.12.2012 Investment Advisor


KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 2'054'417 1.1 1'086'635 31.12.2012 Investment Advisor



Stifel BRAD REBACK buy 5 M 83 12 month 25.03.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 95 12 month 25.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013



Evercore Partners STEWART KIRK MATERNE III overweight 5 M 85 Not Provided 19.03.2013


Nomura RICHARD G SHERLUND neutral 3 M 85 12 month 10.03.2013

Oppenheimer & Co SHAUL EYAL market perform 3 M #N/A N/A Not Provided 07.03.2013

Berenberg Bank DAUD KHAN hold 3 M 76 Not Provided 06.03.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 05.03.2013

Needham & Co SCOTT ZELLER buy 5 M 85 12 month 04.03.2013


Drexel Hamilton LLC JAMES N GILMAN hold 3 M 72 12 month 04.03.2013


Jefferies ROSS MACMILLAN buy 5 M 85 12 month 25.02.2013

Pacific Crest Securities ROB D OWENS outperform 5 M 90 12 month 21.02.2013


JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 05.02.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 04.02.2013




JPMorgan JOHN DIFUCCI underweight 1 M 56 9 month 31.01.2013

Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 80 12 month 31.01.2013

Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 86 12 month 31.01.2013


Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 31.01.2013


Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 82 Not Provided 31.01.2013




Noble Financial Group SUSAN BAUR buy 5 M 101 12 month 26.04.2012

Holdings By:

Citrix Systems Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (08.03.2013) 81.05

52-Week Low (12.07.2012) 53.93

Daily Volume

74.62





22'518.97 1 Yr Total Return -3.60%







CTSH UW EQUITY YTD Change - Average Volume 30 Day 519'967

CTSH UW EQUITY YTD % CHANGE - Average Volume 3 Month 568'322


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'816.3 3'278.7 4'592.4 6'121.2 7'346.5 6'121.2 7'346.5 8'619.6 10'011.3 2'007.3 2'110.5

1.60x 3.68x 4.37x 2.79x 2.64x 12.47x 10.11x 2.27x 1.85x 9.72x 9.13x

591.5 707.9 972.0 1'260.6 1'518.1 1'260.6 1'518.1 1'745.3 2'033.8 405.4 423.8

7.62x 17.06x 20.63x 13.53x 12.80x 13.53x 12.80x 11.26x 9.66x 11.28x 10.84x

430.8 535.0 733.5 883.6 1'051.3 883.6 1'051.3 1'311.2 1'523.6 306.8 321.5

12.54x 25.47x 30.92x 22.56x 21.48x 22.56x 21.48x 17.35x 15.00x 17.32x 16.66x


EBIT 1'361.50 Long-Term Rating -









EBITDA Margin 20.7%



Asset Turnover 1.22







Fiscal Year Ended

Cognizant Technology Solutions CorpPrice/Volume

Valuation Analysis

367'892.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

2 !!

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0! !!

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27.03.2013





STATE STREET n/a ULT-AGG 12'081'543 4 400'238 26.03.2013 Investment Advisor


LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 10'912'591 3.62 320'797 31.12.2012 Hedge Fund Manager





EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 6'100'206 2.02 (167'623) 31.12.2012 Investment Advisor







GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 3'404'286 1.13 3'404'286 31.12.2012 Investment Advisor


CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 2'925'763 0.97 341'215 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 85 12 month 27.03.2013

RBC Capital Markets DANIEL R PERLIN outperform 5 M 85 12 month 26.03.2013

JPMorgan TIEN-TSIN HUANG overweight 5 M 86 9 month 25.03.2013

Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 90 12 month 25.03.2013

Nomura ASHWIN MEHTA buy 5 M 89 Not Provided 24.03.2013

Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 19.03.2013


Pacific Crest Securities JESSE HULSING sector perform 3 D #N/A N/A Not Provided 11.03.2013

Credit Suisse GEORGE MIHALOS outperform 5 M 85 Not Provided 07.03.2013

Berenberg Bank DAUD KHAN hold 3 M 61 Not Provided 06.03.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 85 Not Provided 01.03.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M 72 12 month 08.02.2013

Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 75 12 month 08.02.2013

BNP Paribas Equity Research ARVIND RAMNANI buy 5 M 83 12 month 08.02.2013

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 08.02.2013

Barclays DARRIN D PELLER overweight 5 M 86 Not Provided 08.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 08.02.2013

Jefferies JASON KUPFERBERG buy 5 M 80 12 month 07.02.2013

Needham & Co MAYANK TANDON buy 5 M 90 12 month 07.02.2013

Robert W. Baird & Co DAVID J KONING outperform 5 M 92 12 month 07.02.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 07.02.2013

Oppenheimer & Co GLENN GREENE outperform 5 M 88 18 month 07.02.2013

BB&T Capital Markets GEORGE A PRICE buy 5 M 86 12 month 07.02.2013


Deutsche Bank BRYAN KEANE buy 5 M 92 12 month 28.01.2013

Piper Jaffray MARK J ZGUTOWICZ overweight 5 M 73 12 month 23.11.2012

BOE Securities BINDAL PARIKH TOTLANI buy 5 M 77 12 month 22.08.2012

Centrum Broking Pvt Ltd GIRISH PAI hold 3 M 78 Not Provided 08.07.2011

Holdings By:

Cognizant Technology Solutions Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (13.02.2013) 42.00

52-Week Low (21.05.2012) 28.10

Daily Volume

41.56





108'404.07 1 Yr Total Return 39.63%







CMCSA UW EQUITY YTD Change - Average Volume 30 Day 4'155'336

CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'837'537


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 55'842.0 62'570.0 64'234.9 68'029.0 15'441.5 15'990.0

2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.62x 2.44x 11.23x 10.78x

13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 20'933.0 22'280.9 5'021.5 5'330.9

6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.36x 6.91x 7.33x 7.16x

2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'388.8 7'180.1 1'370.2 1'629.2

18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.20x 17.57x 16.79x



Operating Margin 19.46% Long-Term Outlook POS








EBITDA Margin 31.9%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Comcast CorpPrice/Volume

Valuation Analysis

1'457'297.00


!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013







DODGE & COX DODGE & COX 13F 72'420'757 3.41 (11'233'339) 31.12.2012 Investment Advisor





BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'125'878 1.42 (1'342'104) 31.12.2012 Investment Advisor








GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 17'865'247 0.84 (1'760'635) 31.12.2012 Investment Advisor

GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 16'042'220 0.76 (436'600) 31.12.2012 Investment Advisor


JPMorgan PHILIP CUSICK overweight 5 M 49 Not Provided 25.03.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.03.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013

Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 19.02.2013


Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 19.02.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 19.02.2013

Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013

Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013


Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 14.02.2013

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013

Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 14.02.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013

Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 13.02.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013

Jefferies THOMAS O SEITZ buy 5 M 45 12 month 13.02.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 D #N/A N/A Not Provided 13.02.2013

Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013

Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 13.02.2013

S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013

Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013

New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013

ISI Group VIJAY JAYANT buy 5 M 47 12 month 12.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011

Holdings By:

Comcast Corp ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (26.03.2013) 105.96

52-Week Low (08.05.2012) 76.56

Daily Volume

105.72





46'133.18 1 Yr Total Return 25.19%


Preferred Stock - Adjusted BETA 0.745





COST UW EQUITY YTD Change - Average Volume 30 Day 739'957

COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 696'108


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 93'396.0 103'128.0 106'074.6 115'242.1 24'295.1 33'139.4

0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.43x 0.39x 1.92x 1.40x

2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.6 4'518.5 930.4 1'298.1

10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.14x 10.09x 10.78x 10.53x

1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'003.7 2'198.1 450.2 638.4

22.66x 20.46x 19.18x 23.33x 25.16x 24.48x 23.65x 23.24x 21.01x 22.46x 21.94x











EBITDA Margin 3.8%



Asset Turnover 3.64







Fiscal Year Ended

Costco Wholesale CorpPrice/Volume

Valuation Analysis

164'241.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013











GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'846'843 1.34 (762'123) 31.12.2012 Investment Advisor




JP MORGAN n/a ULT-AGG 4'378'833 1 1'416'393 31.12.2012 Unclassified

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'345'534 1 403'832 31.12.2012 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 31.12.2012 Investment Advisor


MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'799'389 0.87 (109'758) 31.12.2012 Investment Advisor




Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013

ISI Group GREGORY MELICH strong buy 5 M 116 12 month 24.03.2013


Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 20.03.2013

Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013

Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013

BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 13.03.2013


Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 13.03.2013

Stifel DAVID A SCHICK buy 5 M 107 12 month 13.03.2013

Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 13.03.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 12.03.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 9 month 12.03.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 12.03.2013

Jefferies DANIEL T BINDER hold 3 M 92 12 month 12.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 102 12 month 12.03.2013

Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 12.03.2013

Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013

Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 04.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 15.02.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 102 12 month 11.10.2012

Holdings By:

Costco Wholesale Corp ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (02.04.2012) 16.84

52-Week Low (16.11.2012) 8.70

Daily Volume

14.5





25'334.70 1 Yr Total Return -11.08%







DELL UW EQUITY YTD Change - Average Volume 30 Day 4'447'010

DELL UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'157'540


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

61'101.0 52'902.0 61'494.0 62'071.0 56'940.0 62'071.0 56'940.0 55'902.0 56'163.4 13'547.7 13'977.5

0.19x 0.35x 0.27x 0.41x 0.35x 1.52x 1.29x 0.36x 0.33x 1.63x 1.42x

3'961.0 3'024.0 4'403.0 5'367.0 4'156.0 5'367.0 4'156.0 4'312.7 4'727.9 973.6 1'154.7

2.87x 6.06x 3.83x 4.76x 4.82x 4.76x 4.82x 5.02x 4.58x 4.78x 4.53x

2'478.0 1'433.0 2'635.0 3'492.0 2'372.0 3'492.0 2'372.0 2'753.1 2'916.4 626.7 685.6

6.93x 13.58x 9.20x 8.87x 9.21x 8.83x 9.15x 9.25x 8.44x 9.29x 9.02x


EBIT 3'012.00 Long-Term Rating A- *-



Return on Assets 5.15% Short-Term Rating A-1 *-






EBITDA Margin 7.3%



Asset Turnover 1.24







Fiscal Year Ended

Dell IncPrice/Volume

Valuation Analysis

3'115'058.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 92 ! 9-! ! 9-2 ! 9.! ! 9.2 ! 90! ! 902 ! 91! ! 912 ! 92! ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

.6 !- .!-! .6 !4 .!-! .6 !- .!-- .6 !4 .!-- .6 !- .!-. .6 !4 .!-. .6 !- .!-0



27.03.2013


DELL MICHAEL S n/a 13G 273'332'371 15.64 - 31.12.2012 n/a

SOUTHEASTERN ASSET M n/a 13D 121'514'858 6.95 (1'810'700) 14.03.2013 Investment Advisor






CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 31'497'454 1.8 370'700 31.12.2012 Investment Advisor





BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 20'513'052 1.17 (248'673) 31.12.2012 Investment Advisor



YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 14'912'159 0.85 14'912'159 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 14'374'325 0.82 (2'616'894) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 14'050'626 0.8 9'838'823 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 12'735'099 0.73 (477'474) 31.12.2012 Government

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 12'677'923 0.73 (1'738'375) 31.12.2012 Hedge Fund Manager


Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 15 12 month 26.03.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 15 12 month 26.03.2013

Morgan Stanley KATHRYN HUBERTY restricted #N/A N/A M #N/A N/A Not Provided 25.03.2013

Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 25.03.2013

Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 25.03.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 25.03.2013

S&P Capital IQ ANGELO ZINO hold 3 M 15 12 month 25.03.2013


Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013

BMO Capital Markets KEITH F BACHMAN market perform 3 M 14 Not Provided 14.03.2013



Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 06.03.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.02.2013

Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 14 12 month 26.02.2013

Argus Research Corp JAMES KELLEHER sell 1 M #N/A N/A Not Provided 21.02.2013


Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 20.02.2013

Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 20.02.2013

Cowen and Company MATTHEW HOFFMAN neutral 3 M #N/A N/A Not Provided 20.02.2013

Maxim Group LLC ASHOK KUMAR hold 3 M #N/A N/A Not Provided 20.02.2013

Cross Research SHANNON S CROSS hold 3 M #N/A N/A Not Provided 20.02.2013

Credit Agricole Securities (USA) AVI SILVER underperform 1 M 14 Not Provided 20.02.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 M 14 12 month 20.02.2013

ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 19.02.2013

Deutsche Bank CHRISTOPHER WHITMORE hold 3 D 14 12 month 06.02.2013

Crowell, Weedon & Co JAMES D RAGAN neutral 3 D 14 12 month 06.02.2013

Goldman Sachs WILLIAM C SHOPE JR not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013

Credit Suisse KULBINDER GARCHA restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan MARK A MOSKOWITZ restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

Evercore Partners ROBERT CIHRA suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013

Barclays BENJAMIN A REITZES suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013


RBC Capital Markets AMIT DARYANANI sector perform 3 M 12 12 month 09.01.2013

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 17 Not Provided 24.05.2012

Holdings By:

Dell Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (19.02.2013) 43.50

52-Week Low (02.08.2012) 35.04

Daily Volume

41.9





5'985.41 1 Yr Total Return 5.27%







XRAY UW EQUITY YTD Change - Average Volume 30 Day 226'952

XRAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 227'401


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'193.7 2'159.4 2'221.0 2'537.7 2'928.4 2'537.7 2'928.4 3'051.4 3'186.6 735.0 797.4

2.06x 2.44x 2.25x 2.63x 2.43x 9.29x 9.79x 2.35x 2.19x 10.28x 9.41x

469.7 453.3 457.2 421.6 536.9 421.6 536.9 621.6 666.1 153.3 169.5

9.61x 11.61x 10.91x 15.85x 13.26x 15.85x 13.26x 12.01x 11.21x 11.75x -

283.9 274.3 265.7 244.5 314.2 244.5 314.2 347.3 382.3 79.9 95.4

15.02x 19.11x 18.08x 17.58x 20.01x 17.76x 20.31x 17.29x 15.59x 17.48x 17.16x











EBITDA Margin 18.3%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DENTSPLY International IncPrice/Volume

Valuation Analysis

160'617.00


!2

-!-2.!.20!021!122!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 - 9 . 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9- ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013








SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 4'708'489 3.3 443'308 31.12.2012 Hedge Fund Manager

ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 3'696'111 2.59 43'840 31.12.2012 Investment Advisor

WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'008'167 2.11 106'680 31.12.2012 Investment Advisor



MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'268'847 1.59 (9'049) 31.12.2012 Investment Advisor


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'090'500 1.46 441'000 31.12.2012 Investment Advisor



PRINCIPAL FINANCIAL n/a ULT-AGG 1'681'810 1.18 69'982 31.12.2012 Investment Advisor


LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 1'501'637 1.05 225'220 31.12.2012 Investment Advisor

ASTER INVESTMENT MGM ASTER INVESTMENT MAN 13F 1'288'000 0.9 (163'890) 31.12.2012 Investment Advisor


Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 46 12 month 26.03.2013

Northcoast Research EDWIN SNYDER buy 5 M 48 12 month 19.03.2013

William Blair & Co JOHN C KREGER market perform 3 M #N/A N/A Not Provided 17.03.2013

Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M #N/A N/A Not Provided 01.03.2013

Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 26.02.2013

Jefferies BRANDON COUILLARD buy 5 M 44 12 month 25.02.2013

Barrington Research CHARLES R JONES outperform 5 M 45 12 month 25.02.2013

Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013

Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 20.02.2013

Goldman Sachs ROBERT P JONES neutral/neutral 3 M 44 12 month 20.02.2013


CL King & Associates ROSS TAYLOR buy 5 M 48 12 month 20.02.2013


S&P Capital IQ PHILLIP SELIGMAN buy 5 M 41 Not Provided 25.10.2012

Holdings By:

DENTSPLY International Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 57.00

52-Week Low (13.06.2012) 42.87

Daily Volume

56.84





32'576.07 1 Yr Total Return 17.93%







DTV UW EQUITY YTD Change - Average Volume 30 Day 1'943'783

DTV UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'474'898


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

19'693.0 21'565.0 24'102.0 27'226.0 29'740.0 27'226.0 29'740.0 31'929.7 34'147.5 7'529.2 7'770.8

1.40x 1.68x 1.72x 1.56x 1.54x 6.64x 6.19x 1.58x 1.51x 6.53x 6.38x

4'911.0 5'265.0 6'342.0 6'939.0 7'447.0 6'939.0 7'447.0 7'887.2 8'495.6 1'890.6 2'125.9

5.62x 6.88x 6.55x 6.11x 6.16x 6.11x 6.16x 6.22x 5.77x 6.22x 6.06x

1'521.0 942.0 2'198.0 2'609.0 2'949.0 2'609.0 2'949.0 2'725.5 2'916.2 645.0 784.0

16.85x 23.16x 16.10x 12.32x 11.10x 12.36x 11.05x 11.61x 9.86x 11.60x 10.92x


EBIT 5'085.00 Long-Term Rating BBB




Return on Common Equity -





EBITDA Margin 25.0%

EBIT Margin 17.1% Total Debt/Equity -


Asset Turnover 1.53




Tot Debt to Common Equity - Accounts Payable Turnover Day 27.99



Fiscal Year Ended

DIRECTVPrice/Volume

Valuation Analysis

1'649'497.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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1!

2!

3!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

4 ! 9

5 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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27.03.2013




BERKSHIRE HATHAWAY I n/a ULT-AGG 34'037'500 5.94 4'481'900 31.12.2012 Investment Advisor


MALONE JOHN C n/a Form 4 27'717'717 4.84 26'100'639 16.06.2010 n/a


SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 25'794'847 4.5 (1'255'886) 31.12.2012 Investment Advisor




UBS n/a ULT-AGG 8'896'992 1.55 (1'016'243) 31.01.2013 Unclassified


HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 7'579'945 1.32 (2'973'987) 31.12.2012 Hedge Fund Manager

GAMCO n/a ULT-AGG 7'166'238 1.25 (400'468) 31.12.2012 Unclassified






ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 5'486'422 0.96 728'393 31.12.2012 Hedge Fund Manager



Guggenheim Securities LLC SHING YIN buy 5 U 64 12 month 25.03.2013


Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 15.03.2013

Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 64 12 month 15.03.2013

Wells Fargo Securities, LLC MARCI RYVICKER market perform 3 M #N/A N/A Not Provided 06.03.2013

S&P Capital IQ TUNA AMOBI hold 3 M 52 Not Provided 06.03.2013


Nomura MICHAEL L MCCORMACK reduce 2 M 40 12 month 25.02.2013

JPMorgan PHILIP CUSICK neutral 3 M 55 9 month 19.02.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 53 12 month 17.02.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 56 12 month 15.02.2013

Goldman Sachs JASON ARMSTRONG neutral/attractive 3 M 56 12 month 15.02.2013


Macquarie AMY YONG neutral 3 M 52 12 month 15.02.2013




Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 14.02.2013

ISI Group VIJAY JAYANT neutral 3 D 55 12 month 14.02.2013

New Street Research ANDREW ENTWISTLE buy 5 M 61 Not Provided 14.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013


Holdings By:

DIRECTV ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 80.25

52-Week Low (05.06.2012) 48.03

Daily Volume

79.53





28'342.03 1 Yr Total Return 60.67%







DISCA UW EQUITY YTD Change - Average Volume 30 Day 492'667

DISCA UW EQUITY YTD % CHANGE - Average Volume 3 Month 434'755


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'443.0 3'516.0 3'773.0 4'168.0 4'487.0 4'204.0 4'521.0 5'545.3 6'087.4 1'186.0 1'437.6

2.21x 3.13x 5.42x 4.59x 5.20x 16.92x 17.78x 6.11x 5.63x 28.21x 23.36x

1'350.0 1'204.0 1'517.0 1'823.0 1'978.0 1'822.0 1'975.0 2'448.7 2'735.3 522.3 658.1

5.63x 9.14x 13.49x 10.50x 11.80x 10.50x 11.82x 13.23x 11.84x 13.21x 12.77x

317.0 560.0 653.0 1'132.0 943.0 1'132.0 943.0 1'229.9 1'456.0 249.5 332.3

14.60x 30.37x 24.10x 15.64x 25.19x 15.40x 25.29x 23.43x 18.88x 23.42x 21.93x











EBITDA Margin 43.7%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Discovery Communications IncPrice/Volume

Valuation Analysis

344'355.00


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

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013








WADDELL & REED FINAN WADDELL & REED FINAN 13F 2'890'950 1.99 (66'715) 31.12.2012 Investment Advisor



ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 2'664'481 1.84 424'082 31.12.2012 Investment Advisor





FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 2'018'003 1.39 (246'723) 31.12.2012 Investment Advisor


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'960'332 1.35 (214'110) 31.12.2012 Investment Advisor

BAMCO INC BAMCO INC 13F 1'791'677 1.23 (107'385) 31.12.2012 Investment Advisor




MKM Partners ERIC O HANDLER neutral 3 M 72 12 month 25.03.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 87 12 month 22.03.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 15.03.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 73 12 month 15.03.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 90 Not Provided 06.03.2013

Lazard Capital Markets BARTON CROCKETT buy 5 M 90 12 month 25.02.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 80 12 month 19.02.2013

Goldman Sachs DREW BORST sell/attractive 1 M 62 12 month 15.02.2013

RBC Capital Markets DAVID BANK outperform 5 M 74 12 month 15.02.2013

Credit Suisse MICHAEL SENNO underperform 1 M 68 Not Provided 15.02.2013

Macquarie AMY YONG neutral 3 M 65 12 month 15.02.2013

Nomura MICHAEL NATHANSON neutral 3 M 65 12 month 15.02.2013


S&P Capital IQ TUNA AMOBI buy 5 M 78 Not Provided 15.02.2013


Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 73 12 month 14.02.2013

JPMorgan ALEXIA S QUADRANI neutral 3 M 74 9 month 14.02.2013

Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 14.02.2013

Evercore Partners ALAN GOULD equalweight 3 M 69 12 month 14.02.2013

Susquehanna Financial Group VASILY KARASYOV neutral 3 M 68 12 month 14.02.2013

Atlantic Equities LLP HAMILTON FABER neutral 3 M 51 12 month 14.02.2013


Piper Jaffray JAMES M MARSH JR neutral 3 M 40 12 month 11.02.2013



Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 10.10.2012

Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.08.2012

BTIG LLC RICHARD GREENFIELD neutral 3 D 44 12 month 11.10.2010

Hudson Square Research MARLA S BACKER buy 5 M 36 Not Provided 15.09.2009

Holdings By:

Discovery Communications Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (20.06.2012) 56.82

52-Week Low (09.11.2012) 37.13

Daily Volume

48.35





10'985.43 1 Yr Total Return 1.10%







DLTR UW EQUITY YTD Change - Average Volume 30 Day 931'551

DLTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 848'206


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

4'644.9 5'231.2 5'882.4 6'630.5 7'394.5 6'630.5 7'394.5 7'935.3 8'637.5 1'867.9 1'859.0

0.81x 0.77x 1.03x 1.47x 1.20x 5.09x 5.62x 1.36x 1.26x 5.80x 5.82x

527.5 670.6 816.0 946.0 1'095.4 946.0 1'095.4 1'177.7 1'319.4 254.3 252.2

7.17x 5.97x 7.44x 10.32x 8.11x 10.32x 8.11x 9.22x 8.23x 9.16x 8.93x

229.5 320.5 397.3 488.3 619.3 488.3 619.3 618.8 685.1 128.2 127.4

16.88x 13.91x 15.79x 21.00x 14.97x 20.85x 15.86x 17.39x 15.09x 17.36x 16.88x











EBITDA Margin 14.8%



Asset Turnover 2.91





Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Dollar Tree IncPrice/Volume

Valuation Analysis

892'166.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013




LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 11'804'692 5.2 7'912'671 31.12.2012 Hedge Fund Manager





BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 6'500'000 2.86 1'870'000 31.12.2012 Hedge Fund Manager


ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 4'500'000 1.98 4'500'000 31.12.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'949'867 1.74 2'395'188 31.01.2013 Investment Advisor



BROCK JR MACON F n/a Form 4 3'267'686 1.44 6'108 01.04.2012 n/a

LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 3'203'362 1.41 3'203'362 31.12.2012 Hedge Fund Manager





HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 2'391'153 1.05 2'391'153 31.12.2012 Hedge Fund Manager


Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 25.03.2013

Raymond James DANIEL R WEWER JR strong buy 5 M 53 12 month 14.03.2013


JPMorgan MATTHEW BOSS overweight 5 M 45 9 month 04.03.2013


Deutsche Bank PAUL TRUSSELL hold 3 M 43 12 month 28.02.2013

Johnson Rice & Co DAVID M MANN equalweight 3 M #N/A N/A Not Provided 28.02.2013

FBR Capital Markets DUTCH FOX market perform 3 M 43 12 month 28.02.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 28.02.2013

Feltl & Company BRENT R RYSTROM strong buy 5 M 53 12 month 28.02.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 50 12 month 28.02.2013

Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 28.02.2013


Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 28.02.2013

BMO Capital Markets WAYNE HOOD outperform 5 M 60 Not Provided 27.02.2013

Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 53 12 month 27.02.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 50 12 month 27.02.2013

Credit Suisse EDWARD J KELLY outperform 5 M 55 Not Provided 27.02.2013


Wedbush JOAN L STORMS outperform 5 M 54 12 month 27.02.2013

Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 46 12 month 27.02.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 46 12 month 27.02.2013

Piper Jaffray PETER J KEITH neutral 3 M 47 12 month 27.02.2013


Morgan Stanley JOSEPH PARKHILL Equalwt/In-Line 3 M 40 12 month 07.01.2013

S&P Capital IQ JOSEPH AGNESE hold 3 M 48 12 month 16.08.2012

Holdings By:

Dollar Tree Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (01.02.2013) 57.26

52-Week Low (10.04.2012) 35.32

Daily Volume

51.78





67'133.41 1 Yr Total Return 35.98%







EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'002'050

EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'969'003


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 11'651.7 14'071.0 16'351.1 18'761.3 3'765.3 3'946.7

1.82x 2.93x 3.42x 3.02x 4.34x 12.60x 15.16x 3.76x 3.11x 16.34x 15.38x

2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'313.0 4'090.0 5'392.5 6'235.5 1'237.2 1'298.8

5.46x 11.10x 11.03x 10.62x 14.95x 10.62x 14.94x 11.57x 10.01x 11.57x 11.11x

1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'229.4 2'610.0 3'637.3 4'253.1 823.4 872.0

9.01x 15.90x 20.17x 17.23x 26.15x 17.33x 26.29x 18.79x 16.04x 18.82x 18.14x


EBIT 2'888.00 Long-Term Rating A









EBITDA Margin 29.1%



Asset Turnover 0.44







Fiscal Year Ended

eBay IncPrice/Volume

Valuation Analysis

1'332'741.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

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. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

-3 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


OMIDYAR PIERRE M n/a Form 4 121'858'408 9.4 (30'000) 21.12.2012 n/a







VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'968'767 2.54 - 31.12.2012 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 30'626'146 2.36 (1'802'736) 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'441'029 1.58 (1'345'350) 31.12.2012 Investment Advisor






UBS n/a ULT-AGG 11'689'306 0.9 522'751 31.01.2013 Unclassified

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor




JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 26.03.2013

Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 50 12 month 26.03.2013

Topeka Capital Markets Inc VICTOR ANTHONY hold 3 M 54 12 month 26.03.2013


Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 62 12 month 25.03.2013



JPMorgan DOUGLAS ANMUTH overweight 5 M 56 9 month 22.03.2013


Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 22.03.2013

Wedbush GIL B LURIA outperform 5 M 64 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013







Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.03.2013


Argus Research Corp DAVID RITTER buy 5 M 65 12 month 18.03.2013


Credit Agricole Securities (USA) JAMES LEE buy 5 M 64 Not Provided 18.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 56 12 month 14.03.2013

Evercore Partners KEN SENA overweight 5 U 64 12 month 14.03.2013

BMO Capital Markets EDWARD S WILLIAMS outperform 5 N 64 Not Provided 28.02.2013


Raymond James AARON M KESSLER outperform 5 M 61 12 month 22.01.2013

Credit Suisse STEPHEN JU neutral 3 M 50 Not Provided 17.01.2013

Needham & Co KERRY RICE buy 5 M 60 12 month 17.01.2013




S&P Capital IQ SCOTT H KESSLER hold 3 M 60 12 month 17.01.2013






Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.12.2012

Deutsche Bank ROSS SANDLER hold 3 N 55 12 month 20.09.2012

Holdings By:

eBay Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.02.2013) 231.21

52-Week Low (21.05.2012) 146.52

Daily Volume

211.92





10'342.47 1 Yr Total Return 39.55%







EQIX UW EQUITY YTD Change - Average Volume 30 Day 240'961

EQIX UW EQUITY YTD % CHANGE - Average Volume 3 Month 201'845


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

704.7 882.5 1'220.3 1'569.8 1'895.7 1'588.3 1'913.7 2'215.6 2'543.7 522.1 543.7

4.18x 5.74x 4.27x 4.45x 6.72x 16.29x 23.94x 6.05x 5.17x 25.24x 24.19x

235.5 353.7 474.0 659.7 817.7 659.8 819.3 1'024.3 1'192.7 235.7 247.2

12.53x 14.32x 10.99x 10.59x 15.57x 10.59x 15.54x 12.71x 10.92x 12.86x 12.33x

107.9 69.4 36.9 94.0 144.7 94.0 144.7 200.0 283.4 42.3 47.7

18.60x 59.63x 65.53x 56.33x 68.96x 56.33x 68.96x 56.38x 40.30x 56.26x 50.48x











EBITDA Margin 42.8%



Asset Turnover 0.32







Fiscal Year Ended

Equinix IncPrice/Volume

Valuation Analysis

119'378.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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3 9

5 9

- ! 9

- . 9

- 1 9

- 3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 4'163'477 8.53 - 31.12.2012 Hedge Fund Manager





PAULSON & CO PAULSON & CO 13F 2'100'000 4.3 - 31.12.2012 Hedge Fund Manager

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'984'857 4.07 112'178 31.12.2012 Investment Advisor

OZ MANAGEMENT LP OZ MANAGEMENT 13F 1'713'479 3.51 (124'775) 31.12.2012 Investment Advisor

FIR TREE INCORPORATE FIR TREE INCORPORATE 13F 1'484'582 3.04 79'954 31.12.2012 Hedge Fund Manager




BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 1'170'000 2.4 547'748 31.12.2012 Hedge Fund Manager

JAT CAPITAL MANAGEME JAT CAPITAL MANAGEME 13F 1'090'449 2.23 431'551 31.12.2012 Hedge Fund Manager

NORGES BANK NORGES BANK 13F 998'974 2.05 651'445 31.12.2012 Government

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 955'463 1.96 177'197 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 937'081 1.92 431'500 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 889'814 1.82 235'618 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 847'955 1.74 (1'421'727) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 778'738 1.6 15'191 31.01.2013 Investment Advisor




Stifel TODD C WELLER buy 5 M 265 12 month 15.03.2013

Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 265 12 month 12.03.2013

Oppenheimer & Co TIMOTHY K HORAN market perform 3 M #N/A N/A Not Provided 12.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 245 12 month 12.03.2013


Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 22.02.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 M 250 12 month 14.02.2013

JPMorgan STERLING AUTY not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013


Stephens Inc BARRY MCCARVER equalweight 3 M 215 12 month 14.02.2013

Raymond James FRANK G LOUTHAN strong buy 5 M 245 12 month 14.02.2013


Pacific Crest Securities MICHAEL BOWEN outperform 5 M 240 12 month 13.02.2013

William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 13.02.2013


Deutsche Bank BRETT FELDMAN buy 5 M 270 12 month 15.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 205 12 month 02.11.2012

Goldman Sachs SCOTT GOLDMAN neutral/neutral 3 M 216 12 month 14.09.2012

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 14.09.2012

Holdings By:

Equinix Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (05.02.2013) 68.09

52-Week Low (16.04.2012) 30.71

Daily Volume

62.08





8'406.25 1 Yr Total Return 85.16%







EXPE UW EQUITY YTD Change - Average Volume 30 Day 633'597

EXPE UW EQUITY YTD % CHANGE - Average Volume 3 Month 641'175


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'937.0 2'955.4 3'033.6 3'449.0 4'030.3 3'449.0 4'030.3 4'677.5 5'252.9 966.5 1'221.4

0.67x 1.28x 2.33x 1.13x 1.92x 6.99x 5.90x 1.57x 1.29x 7.81x 5.90x

774.6 875.4 704.0 719.2 809.3 693.9 809.3 895.5 1'031.3 102.8 238.9

2.53x 4.31x 10.04x 5.41x 9.56x 5.61x 9.56x 8.74x 7.59x 8.67x 8.51x

(2'517.8) 299.5 421.5 472.3 280.2 472.3 280.2 487.7 579.1 32.0 131.6

- 19.06x 21.54x 11.89x 22.76x 6.58x 22.67x 17.94x 15.02x 18.02x 17.44x


EBIT 548.75 Long-Term Rating BBB-









EBITDA Margin 20.1%



Asset Turnover 0.59




Tot Debt to Common Equity 54.79% Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Expedia IncPrice/Volume

Valuation Analysis

689'640.00


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1'000.0

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2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

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27.03.2013


LIBERTY MEDIA CORP - n/a Form 4 10'277'576 8.38 467'672 28.02.2013 Corporation






DILLER BARRY n/a Form 4 4'408'396 3.6 6'069 28.02.2013 n/a


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'746'816 3.06 2'770'516 31.12.2012 Investment Advisor







SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'784'128 1.46 569'939 31.12.2012 Hedge Fund Manager

JANA PARTNERS LLC JANA PARTNERS LLC 13F 1'645'994 1.34 601'068 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'360'489 1.11 369'956 31.12.2012 Investment Advisor

BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 1'300'692 1.06 6'266 31.12.2012 Investment Advisor

PAR CAPITAL MANAGEME PAR CAPITAL MANAGEME 13F 1'221'000 1 - 31.12.2012 Hedge Fund Manager


Lazard Capital Markets JAKE FULLER buy 5 M 78 12 month 25.03.2013

Cantor Fitzgerald NAVED KHAN buy 5 M 77 12 month 22.03.2013

Evercore Partners KEN SENA equalweight 3 M 70 12 month 21.03.2013

Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 20.03.2013


Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.03.2013

Piper Jaffray MICHAEL J OLSON neutral 3 M 73 12 month 18.03.2013




Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M #N/A N/A Not Provided 06.02.2013

Goldman Sachs HEATH P TERRY neutral/attractive 3 M 70 12 month 06.02.2013

RBC Capital Markets MARK S MAHANEY sector perform 3 D 73 12 month 06.02.2013


JPMorgan DOUGLAS ANMUTH neutral 3 M 67 9 month 06.02.2013

Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 70 12 month 06.02.2013

Jefferies BRIAN P FITZGERALD hold 3 M 70 12 month 06.02.2013


Macquarie THOMAS WHITE neutral 3 M 70 12 month 06.02.2013

Stifel MICHAEL B PURCELL hold 3 M #N/A N/A Not Provided 06.02.2013

Nomura BRIAN NOWAK neutral 3 M 62 12 month 06.02.2013

Millman Research Associates MICHAEL MILLMAN buy 5 M 70 12 month 06.02.2013



Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 05.02.2013


Knight TEAM COVERAGE buy 5 N 47 12 month 28.03.2012

Holdings By:

Expedia Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (12.04.2012) 47.48

52-Week Low (10.10.2012) 34.20

Daily Volume

35.8





7'392.61 1 Yr Total Return -22.00%







EXPD UW EQUITY YTD Change - Average Volume 30 Day 775'821

EXPD UW EQUITY YTD % CHANGE - Average Volume 3 Month 619'559


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'633.9 4'092.3 5'967.6 6'150.5 5'980.9 6'150.5 5'980.9 6'380.3 6'951.2 1'470.8 1'592.5

1.12x 1.58x 1.76x 1.20x 1.15x 5.49x 4.75x 0.95x 0.86x 4.14x 3.83x

514.8 426.6 585.5 656.3 570.7 656.3 570.7 638.9 716.1 143.0 154.1

12.29x 15.13x 17.93x 11.27x 12.10x 11.27x 12.10x 9.61x 8.57x 9.77x 9.47x

301.0 240.2 344.2 385.7 333.4 385.7 333.4 371.1 417.4 82.8 90.3

24.28x 31.32x 34.34x 22.88x 25.19x 22.88x 25.19x 19.84x 17.44x 19.92x 19.31x











EBITDA Margin 9.5%



Asset Turnover 2.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Expeditors International of Washington IncPrice/Volume

Valuation Analysis

828'056.00


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2 9

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. 2 9

0 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

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27.03.2013




FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 9'548'061 4.62 37'627 31.12.2012 Investment Advisor



MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 5'932'567 2.87 (277'133) 31.12.2012 Hedge Fund Manager


INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 4'872'939 2.36 (224'020) 31.12.2012 Investment Advisor


LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 4'108'880 1.99 (118'507) 31.12.2012 Investment Advisor



MACQUARIE GROUP n/a ULT-AGG 3'196'323 1.55 (19'047) 31.12.2012 Investment Advisor



DF DENT & COMPANY D F DENT & COMPANY 13F 2'808'886 1.36 (85'903) 31.12.2012 Investment Advisor



COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'688'000 1.3 (606'000) 31.12.2012 Investment Advisor



Stifel DAVID G ROSS buy 5 M 43 12 month 21.03.2013

Morgan Stanley WILLIAM J GREENE Underwt/Attractive 1 M #N/A N/A Not Provided 20.03.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 40 12 month 13.03.2013

Macquarie KELLY A DOUGHERTY neutral 3 M 38 12 month 12.03.2013

RBC Capital Markets JOHN L BARNES III sector perform 3 M 39 12 month 07.03.2013

Edward Jones LOGAN PURK buy 5 N #N/A N/A Not Provided 07.03.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 67 12 month 05.03.2013

Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 05.03.2013

Jefferies H PETER NESVOLD buy 5 M 44 12 month 01.03.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 28.02.2013

Credit Suisse CHRISTOPHER J CERASO outperform 5 M 44 Not Provided 27.02.2013

Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 27.02.2013

FBR Capital Markets JOHN R MIMS market perform 3 M 34 12 month 27.02.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 53 12 month 27.02.2013

Avondale Partners LLC RYAN BOUCHARD market outperform 4 U 46 12 month 27.02.2013

JPMorgan THOMAS R WADEWITZ neutral 3 M 36 9 month 26.02.2013

Stephens Inc JACK ATKINS equalweight 3 M 40 12 month 26.02.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 26.02.2013

Susquehanna Financial Group MATT TROY neutral 3 M 42 12 month 26.02.2013


Goldman Sachs TOM KIM buy/attractive 5 M 51 12 month 10.01.2013

McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M #N/A N/A Not Provided 11.05.2012

Holdings By:

Expeditors International of Washington Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (05.10.2012) 66.00

52-Week Low (14.11.2012) 49.80

Daily Volume

58.43





47'824.90 1 Yr Total Return 9.81%







ESRX UW EQUITY YTD Change - Average Volume 30 Day 1'809'915

ESRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'633'507


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

21'978.0 24'722.3 44'973.2 46'128.3 93'858.1 46'128.3 94'235.2 100'902.4 102'194.7 25'493.0 25'344.9

0.68x 0.59x 0.68x 0.52x 0.61x 2.31x 2.27x 0.57x 0.54x 2.34x 2.32x

1'378.2 1'604.2 2'315.6 2'567.8 4'657.1 2'566.7 4'672.2 6'617.4 7'290.3 1'543.8 1'637.6

10.77x 9.13x 13.18x 9.39x 12.31x 9.39x 12.27x 9.21x 8.36x 9.17x 8.93x

776.1 827.6 1'181.2 1'275.8 1'312.9 1'275.8 1'334.2 3'402.1 3'832.8 762.2 866.7

17.57x 26.27x 23.30x 16.31x 21.95x 16.80x 22.22x 13.70x 11.89x 13.66x 13.20x



Operating Margin 2.97% Long-Term Outlook NEG








EBITDA Margin 5.0%



Asset Turnover 2.56







Fiscal Year Ended

Express Scripts Holding CoPrice/Volume

Valuation Analysis

909'724.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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-1 ! 9

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

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27.03.2013








GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 17'645'363 2.16 2'233'833 31.12.2012 Investment Advisor







BROWN ADVISORY INC n/a ULT-AGG 10'735'527 1.31 1'831'211 31.12.2012 Investment Advisor


GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 9'050'000 1.11 9'050'000 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'820'756 1.08 (5'088'700) 31.12.2012 Investment Advisor


MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 6'922'492 0.85 703'698 31.12.2012 Investment Advisor

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'565'630 0.8 (2'173'623) 31.12.2012 Corporation


Lazard Capital Markets THOMAS GALLUCCI buy 5 M 68 12 month 25.03.2013

Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 22.03.2013

Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 19.03.2013

Raymond James MICHAEL J BAKER outperform 5 M 65 12 month 18.03.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 64 12 month 15.03.2013


ISI Group ROSS MUKEN neutral 3 M 59 12 month 14.03.2013

SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 68 12 month 08.03.2013

Credit Suisse GLEN SANTANGELO outperform 5 M 65 Not Provided 07.03.2013

Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 28.02.2013

BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 20.02.2013

RBC Capital Markets FRANK G MORGAN outperform 5 M 62 12 month 20.02.2013

William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 20.02.2013

Macquarie DANE LEONE neutral 3 D 60 12 month 20.02.2013

Oppenheimer & Co BRET D JONES outperform 5 M 62 18 month 20.02.2013

Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 20.02.2013

Maxim Group LLC ANTHONY V VENDETTI buy 5 M 70 12 month 20.02.2013

Jefferies BRIAN TANQUILUT hold 3 M 56 12 month 19.02.2013

Mizuho Securities USA Inc ANN HYNES buy 5 M 63 12 month 19.02.2013

JMP Securities TIM MCDONOUGH market outperform 4 M 67 12 month 19.02.2013

S&P Capital IQ HERMAN SAFTLAS buy 5 M 65 Not Provided 19.02.2013


Goldman Sachs ROBERT P JONES buy/attractive 5 M 64 12 month 06.11.2012

Holdings By:

Express Scripts Holding Co ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (03.04.2012) 139.46

52-Week Low (25.10.2012) 81.07

Daily Volume

87.57





6'882.21 1 Yr Total Return -34.70%







FFIV UW EQUITY YTD Change - Average Volume 30 Day 423'057

FFIV UW EQUITY YTD % CHANGE - Average Volume 3 Month 417'853


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

650.2 653.1 882.0 1'151.8 1'377.2 1'205.3 1'420.3 1'561.6 1'808.1 375.9 396.8

2.55x 4.27x 8.97x 4.41x 5.59x 24.10x 17.60x 3.62x 2.67x 15.34x 14.28x

128.2 152.7 253.8 371.5 461.4 392.1 474.8 620.1 741.3 141.8 153.8

12.94x 18.26x 31.17x 13.67x 16.70x 20.01x 14.99x 10.26x 8.59x 9.92x 9.32x

74.3 91.5 151.2 241.4 275.2 252.2 278.2 400.6 466.6 97.6 101.4

25.14x 33.72x 55.46x 24.00x 30.28x 34.01x 27.71x 17.43x 15.07x 16.75x 16.20x











EBITDA Margin 33.4%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

F5 Networks IncPrice/Volume

Valuation Analysis

191'959.00


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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

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27.03.2013









ALLIANCE BERNSTEIN n/a ULT-AGG 1'900'382 2.42 (181'767) 31.12.2012 Investment Advisor

TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'702'180 2.17 36'040 31.12.2012 Mutual Fund Manager


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'621'830 2.06 (1'464'392) 31.12.2012 Investment Advisor




BNP PARIBAS INV PART n/a ULT-AGG 1'337'177 1.7 41'773 31.12.2012 Investment Advisor


RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'281'144 1.63 94'505 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 959'270 1.22 400'186 31.12.2012 Investment Advisor

ZEVENBERGEN CAPITAL ZEVENBERGEN CAPITAL 13F 872'736 1.11 (14'050) 31.12.2012 Investment Advisor


Jefferies GEORGE C NOTTER hold 3 M 92 12 month 26.03.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 118 12 month 25.03.2013


JPMorgan ROD HALL neutral 3 M 90 9 month 22.03.2013


Daiwa Securities Co. Ltd. NACHI HOSHINO outperform 5 U 100 Not Provided 13.03.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013

ISI Group BRIAN MARSHALL buy 5 M 125 12 month 01.03.2013


MKM Partners MICHAEL GENOVESE buy 5 M 120 12 month 27.02.2013

Stifel SANJIV R WADHWANI hold 3 M #N/A N/A Not Provided 26.02.2013

Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 26.02.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 26.02.2013

Lazard Capital Markets RYAN HUTCHINSON buy 5 M 115 12 month 22.02.2013

Raymond James SIMON M LEOPOLD market perform 3 M #N/A N/A Not Provided 14.02.2013


Northland Securities Inc CATHARINE TREBNICK market perform 3 M 95 12 month 11.02.2013

Barclays BENJAMIN A REITZES equalweight 3 M 90 Not Provided 11.02.2013



Goldman Sachs KENT SCHOFIELD Buy/Neutral 5 M 111 12 month 24.01.2013


Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 24.01.2013


FBR Capital Markets SCOTT S THOMPSON outperform 5 M 120 12 month 24.01.2013

Wunderlich Securities MATTHEW S ROBISON hold 3 M 105 18 month 24.01.2013

McAdams Wright Ragen Inc SID PARAKH hold 3 M 110 12 month 24.01.2013

Nomura STUART JEFFREY neutral 3 M 104 12 month 24.01.2013

JMP Securities ERIK SUPPIGER market outperform 4 M 130 12 month 24.01.2013

Piper Jaffray TROY D JENSEN overweight 5 M 107 12 month 24.01.2013

Wedbush ROHIT CHOPRA outperform 5 M 112 12 month 23.01.2013





Noble Financial Group SUSAN BAUR hold 3 M 126 Not Provided 19.04.2012

Holdings By:

F5 Networks Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.05.2012) 43.00

52-Week Low (04.09.2012) 17.55

Daily Volume

25.2












FB UW EQUITY YTD Change - Average Volume 30 Day 7'963'358

FB UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'907'331


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

272.0 777.0 1'974.0 3'711.0 5'089.0 3'711.0 5'089.0 6'672.4 8'426.9 1'446.3 1'601.9

- - - - 10.98x 0.00x 29.55x 7.58x 5.81x 40.81x 36.77x

- 340.0 1'171.0 2'079.0 1'187.0 2'080.0 1'187.0 3'368.2 4'446.3 739.4 795.2

- - - - 47.07x 0.00x 47.07x 15.67x 11.87x 15.80x 15.32x

(56.0) 122.0 372.0 668.0 32.0 764.0 (15.0) 1'425.5 2'025.4 308.9 340.4

- - - - 2661.97x 0.00x 1330.98x 44.29x 32.56x 44.13x 41.86x





Return on Assets -0.14% Short-Term Rating -






EBITDA Margin 23.3%



Asset Turnover 0.47







Fiscal Year Ended

Facebook IncPrice/Volume

Valuation Analysis

4'811'090.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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2! ! 9

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.2! ! 9

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0.0

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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

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27.03.2013








BLACKROCK n/a ULT-AGG 22'992'371 1.37 6'546'408 25.03.2013 Investment Advisor









SANDBERG SHERYL KARA n/a Form 4 17'788'268 1.06 (176'452) 20.03.2013 n/a

ELEVATION MANAGEMENT ELEVATION MANAGEMENT 13F 16'989'027 1.01 16'989'027 31.12.2012 Investment Advisor

MERITECH CAPITAL ASS n/a ULT-AGG 16'268'858 0.97 16'268'858 31.12.2012 Venture Capital


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 14'165'900 0.84 308'300 31.01.2013 Investment Advisor


Jefferies BRIAN J PITZ hold 3 M 30 12 month 26.03.2013


Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 27 12 month 22.03.2013



Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 21.03.2013




Needham & Co LAURA A MARTIN buy 5 M 33 12 month 15.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 N 30 Not Provided 15.03.2013

Pivotal Research Group LLC BRIAN WIESER buy 5 M 36 12 month 15.03.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 32 Not Provided 11.03.2013



Wedbush MICHAEL PACHTER outperform 5 M 35 12 month 08.03.2013




Sterne, Agee & Leach ARVIND BHATIA buy 5 M 37 12 month 07.03.2013


Credit Agricole Securities (USA) JAMES LEE buy 5 M 40 Not Provided 07.03.2013



BTIG LLC RICHARD GREENFIELD sell 1 M 22 Not Provided 14.02.2013




Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 40 12 month 31.01.2013





Stifel JORDAN ROHAN hold 3 D #N/A N/A Not Provided 31.01.2013


Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 33 12 month 31.01.2013


Lazard Capital Markets WILLIAM BIRD neutral 3 M #N/A N/A Not Provided 30.01.2013


Battle Road Research TEAM COVERAGE hold 3 U 29 12 month 19.06.2012

Atlantic Equities LLP HAMILTON FABER not rated #N/A N/A M 45 12 month 14.05.2012

Holdings By:

Facebook Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 54.40

52-Week Low (28.06.2012) 37.17

Daily Volume

50.48





14'970.57 1 Yr Total Return -5.01%







FAST UW EQUITY YTD Change - Average Volume 30 Day 449'375

FAST UW EQUITY YTD % CHANGE - Average Volume 3 Month 536'213


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'340.4 1'930.3 2'269.5 2'766.9 3'133.6 2'766.9 3'133.6 3'471.0 3'909.5 814.0 885.2

2.17x 3.08x 3.81x 4.60x 4.39x 15.30x 17.16x 4.26x 3.73x 18.34x 16.90x

489.7 336.7 470.5 619.5 727.3 619.5 727.3 848.7 991.3 191.2 223.0

10.39x 17.65x 18.40x 20.55x 18.91x 20.55x 18.91x 17.54x 15.02x 17.39x 16.75x

279.7 184.4 265.4 357.9 420.5 357.9 420.5 485.8 570.9 109.1 127.8

18.25x 33.58x 33.28x 36.04x 32.85x 35.75x 32.85x 30.91x 26.43x 30.91x 29.73x











EBITDA Margin 23.2%



Asset Turnover 1.79







Fiscal Year Ended

Fastenal CoPrice/Volume

Valuation Analysis

244'273.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

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0! !!

1! !!

2! !!

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27.03.2013



RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 20'695'409 6.98 12'406 31.12.2012 Investment Advisor





KIERLIN ROBERT A n/a Form 4 12'503'300 4.22 (207'500) 07.12.2012 n/a


SLAGGIE STEPHEN M n/a Form 5 10'251'188 3.46 (269'140) 31.12.2012 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'645'531 2.58 1'268'350 31.12.2012 Investment Advisor

DF DENT & COMPANY D F DENT & COMPANY 13F 5'010'231 1.69 (116'399) 31.12.2012 Investment Advisor




TCW GROUP INC TCW GROUP INCORPORAT 13F 4'204'133 1.42 (22'590) 31.12.2012 Investment Advisor







Credit Suisse HAMZAH MAZARI neutral 3 M 54 Not Provided 25.03.2013

Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 25.03.2013

Longbow Research DEREK JOSE neutral 3 M #N/A N/A Not Provided 25.03.2013


Robert W. Baird & Co DAVID J MANTHEY outperform 5 M 54 12 month 06.03.2013

Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 43 12 month 05.03.2013

William Blair & Co RYAN MERKEL outperform 5 M #N/A N/A Not Provided 05.03.2013

Wunderlich Securities BRENT D RAKERS buy 5 M 59 18 month 05.03.2013

BB&T Capital Markets HOLDEN LEWIS hold 3 M #N/A N/A Not Provided 05.03.2013

Wells Fargo Securities, LLC ALLISON POLINIAK-CUSIC market perform 3 M #N/A N/A Not Provided 05.03.2013

Barclays SCOTT R DAVIS underweight 1 M 44 Not Provided 18.01.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.01.2013

S&P Capital IQ MICHAEL JAFFE strong buy 5 M 60 Not Provided 17.01.2013

Holdings By:

Fastenal Co ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 86.78

52-Week Low (21.05.2012) 64.48

Daily Volume

86.52





11'550.72 1 Yr Total Return 24.13%







FISV UW EQUITY YTD Change - Average Volume 30 Day 232'197

FISV UW EQUITY YTD % CHANGE - Average Volume 3 Month 242'049


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'587.0 4'077.0 4'133.0 4'337.0 4'482.0 4'337.0 4'482.0 4'887.3 5'102.0 1'189.3 1'196.1

2.08x 2.63x 2.76x 2.60x 2.99x 10.46x 11.60x 2.98x 2.74x 12.86x 12.76x

1'258.0 1'279.0 1'346.0 1'345.0 1'410.0 1'345.0 1'410.0 1'600.4 1'696.0 373.4 393.3

7.59x 8.37x 8.47x 8.39x 9.51x 8.39x 9.51x 9.01x 8.50x 9.04x 8.93x

569.0 476.0 496.0 472.0 611.0 472.0 611.0 759.4 835.5 172.1 187.7

10.92x 13.32x 16.97x 14.95x 18.04x 14.87x 17.64x 14.50x 13.00x 14.49x 14.02x


EBIT 1'056.00 Long-Term Rating BBB-









EBITDA Margin 31.5%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fiserv IncPrice/Volume

Valuation Analysis

100'496.00


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

-!!

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. 9

1 9

3 9

5 9

- ! 9

- . 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

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1 !!

3 !!

5 !!

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-. !!

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27.03.2013







LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 5'449'211 4.08 202'131 31.12.2012 Investment Advisor



MERITAGE GROUP LP MERITAGE GROUP LP 13F 2'072'806 1.55 (407) 31.12.2012 Investment Advisor


PITTENGER & ANDERSON PITTENGER & ANDERSON 13F 1'898'286 1.42 - 31.12.2012 Investment Advisor

DILLON DONALD F n/a Form 4 1'891'654 1.42 - 07.09.2012 n/a

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'755'042 1.31 1'042 31.12.2012 Investment Advisor


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 1'705'366 1.28 1'011'066 31.12.2012 Hedge Fund Manager

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'422'001 1.07 (2'321) 31.12.2012 Investment Advisor

BRAVE WARRIOR ADVISO BRAVE WARRIOR ADVISO 13F 1'411'128 1.06 (299'954) 31.12.2012 Hedge Fund Manager

EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 1'265'796 0.95 (3'090) 31.12.2012 Hedge Fund Manager

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 1'204'996 0.9 47'434 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 1'193'655 0.89 (172'514) 31.12.2012 Investment Advisor


RBC Capital Markets DANIEL R PERLIN sector perform 3 M 85 12 month 26.03.2013


Stephens Inc BRETT HUFF equalweight 3 M 90 Not Provided 25.03.2013

Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 88 12 month 18.03.2013

Evercore Partners DAVID M TOGUT overweight 5 M 107 12 month 18.03.2013



Sterne, Agee & Leach GREGORY SMITH buy 5 M 93 12 month 28.02.2013

First Analysis Corp LARRY BERLIN equalweight 3 M 85 12 month 11.02.2013

SunTrust Robinson Humphrey ANDREW W JEFFREY neutral 3 M #N/A N/A Not Provided 06.02.2013

JPMorgan TIEN-TSIN HUANG neutral 3 M 85 9 month 06.02.2013

Robert W. Baird & Co DAVID J KONING neutral 3 M 86 12 month 06.02.2013

William Blair & Co CHRISTOPHER SHUTLER outperform 5 M #N/A N/A Not Provided 06.02.2013

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 06.02.2013

Barclays DARRIN D PELLER equalweight 3 M 87 Not Provided 06.02.2013

Credit Suisse GEORGE MIHALOS underperform 1 M 79 Not Provided 05.02.2013

Jefferies RAMSEY EL-ASSAL buy 5 M 94 12 month 05.02.2013

Avondale Partners LLC PETER J HECKMANN market perform 3 M 78 12 month 05.02.2013

Oppenheimer & Co GLENN GREENE outperform 5 M 89 12 month 05.02.2013

Argus Research Corp DAVID RITTER buy 5 M 95 12 month 07.01.2013

JMP Securities DAVID M SCHARF market perform 3 M #N/A N/A Not Provided 24.10.2012


BOE Securities UNNATI BHAVEKAR buy 5 M 56 12 month 10.08.2010

Holdings By:

Fiserv Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (05.04.2012) 139.20

52-Week Low (12.07.2012) 62.79

Daily Volume

95.46





5'664.96 1 Yr Total Return -28.75%







FOSL UW EQUITY YTD Change - Average Volume 30 Day 270'760

FOSL UW EQUITY YTD % CHANGE - Average Volume 3 Month 251'480


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'583.2 1'548.1 2'030.7 2'567.3 2'857.5 2'567.3 2'857.5 3'165.6 3'452.8 652.4 700.3

0.63x 1.19x 2.06x 1.82x 1.64x 8.80x 7.86x 1.75x 1.57x 8.64x 8.06x

243.4 253.0 417.0 523.9 554.4 523.9 554.4 606.5 664.6 105.0 111.1

4.07x 7.30x 10.01x 8.92x 8.44x 8.92x 8.44x 9.19x 8.38x 9.20x 9.04x

138.1 139.2 255.2 294.7 343.4 294.7 343.4 363.8 406.3 58.5 63.1

8.60x 16.11x 18.71x 17.27x 16.62x 17.18x 16.51x 15.76x 13.88x 15.62x 15.24x











EBITDA Margin 19.4%



Asset Turnover 1.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fossil IncPrice/Volume

Valuation Analysis

209'618.00


!

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3!

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2 ! 9

3 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

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27.03.2013


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'680'023 18 2'185'950 31.12.2012 Investment Advisor


KARTSOTIS KOSTA N n/a Form 4 6'413'039 10.81 - 19.01.2013 n/a

BROWN ADVISORY INC n/a ULT-AGG 3'266'860 5.5 (70'760) 31.12.2012 Investment Advisor


KARTSOTIS TOM n/a 13D 2'873'079 4.84 - 20.04.2011 n/a




SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'582'530 2.67 186'452 31.12.2012 Hedge Fund Manager

BAMCO INC BAMCO INC 13F 969'577 1.63 (171'996) 31.12.2012 Investment Advisor

EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 953'770 1.61 68'723 31.12.2012 Hedge Fund Manager

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 872'645 1.47 300'800 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 864'288 1.46 304'093 31.12.2012 Investment Advisor

MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 726'639 1.22 (4'105) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 679'832 1.15 5'477 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 662'928 1.12 (73'635) 31.12.2012 Investment Advisor

SHROFF JAL S n/a Form 4 548'723 0.92 - 13.03.2013 n/a

SIGMA CAPITAL MANAGE SIGMA CAPITAL MANAGE 13F 530'000 0.89 180'000 31.12.2012 Hedge Fund Manager



ISI Group OMAR SAAD neutral 3 M 110 12 month 24.03.2013

Brean Murray Carret & Co ERIC M BEDER sell 1 M 85 12 month 20.03.2013

FBR Capital Markets ANNA ANDREEVA suspended coverage #N/A N/A M #N/A N/A Not Provided 12.03.2013

Cowen and Company JOHN KERNAN outperform 5 M #N/A N/A Not Provided 06.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.02.2013

JPMorgan SIMEON A SIEGEL neutral 3 M 95 9 month 13.02.2013

KeyBanc Capital Markets JANE THORN LEESON hold 3 M #N/A N/A Not Provided 13.02.2013

Macquarie LIZABETH DUNN neutral 3 D 115 12 month 13.02.2013

Benchmark Company LLC RONALD BOOKBINDER hold 3 M 110 12 month 13.02.2013

Telsey Advisory Group DAVID WU no rating system #N/A N/A M 116 12 month 13.02.2013

Jefferies RANDAL J KONIK buy 5 M 125 12 month 12.02.2013

BB&T Capital Markets SCOTT D KRASIK buy 5 M 128 12 month 12.02.2013

Piper Jaffray NEELY J N TAMMINGA neutral 3 M 110 12 month 12.02.2013

Credit Agricole Securities (USA) BARBARA WYCKOFF outperform 5 D 130 Not Provided 12.02.2013

Holdings By:

Fossil Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.05.2012) 50.64

52-Week Low (22.03.2013) 32.82

Daily Volume

33.29





6'511.25 1 Yr Total Return -27.05%







GRMN UW EQUITY YTD Change - Average Volume 30 Day 495'422

GRMN UW EQUITY YTD % CHANGE - Average Volume 3 Month 468'374


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'494.1 2'946.4 2'689.9 2'758.6 2'715.7 2'758.6 2'715.7 2'554.9 2'507.7 517.1 669.3

0.83x 1.48x 1.43x 1.90x 1.82x 6.20x 8.08x - - - -

940.4 882.5 731.3 648.3 694.6 648.3 694.6 597.4 603.4 112.2 173.6

3.10x 4.93x 5.25x 8.10x 7.13x 8.10x 7.34x 6.09x 6.03x 5.85x 5.70x

732.8 704.0 584.6 520.9 542.4 520.9 542.4 469.1 475.8 81.4 132.6

6.04x 8.78x 10.73x 14.69x 14.49x 14.74x 14.30x 13.80x 13.54x 13.85x 13.70x











EBITDA Margin 25.6%



Asset Turnover 0.58







Fiscal Year Ended

Garmin LtdPrice/Volume

Valuation Analysis

272'783.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9-! ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


KAO MIN H n/a Form 4 38'942'580 19.91 (45'000) 14.12.2012 n/a

BURRELL GARY L n/a Form 4 29'338'570 15 (225'000) 15.05.2012 n/a


RUEY-JENG KAO n/a 13G 10'377'962 5.31 - 31.12.2012 n/a






PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 2'728'330 1.39 421'770 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'665'523 1.36 22'091 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'955'792 1 593'095 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'953'297 1 (2'464'202) 31.12.2012 Investment Advisor





WESTWOOD MANAGEMENT WESTWOOD MANAGEMENT 13F 1'142'569 0.58 397'019 31.12.2012 Investment Advisor

DISCIPLINED GROWTH I DISCIPLINED GROWTH I 13F 1'126'958 0.58 32'380 31.12.2012 Investment Advisor



Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 45 12 month 01.03.2013

Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 22.02.2013

RBC Capital Markets MARK SUE sector perform 3 M 47 12 month 21.02.2013

D.A. Davidson & Co JB GROH neutral 3 M 40 18 month 21.02.2013

Dougherty & Company LLC CHARLIE ANDERSON neutral 3 M #N/A N/A Not Provided 21.02.2013

Wells Fargo Securities, LLC ANDREW SPINOLA outperform 5 M #N/A N/A Not Provided 21.02.2013

Goldman Sachs SIMONA JANKOWSKI Sell/Neutral 1 M 30 12 month 20.02.2013

JPMorgan PAUL T COSTER underweight 1 M 30 9 month 20.02.2013

Needham & Co RICHARD F VALERA hold 3 M #N/A N/A Not Provided 20.02.2013

Pacific Crest Securities JAMES FAUCETTE outperform 5 M 50 12 month 20.02.2013


Holdings By:

Garmin Ltd ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (12.03.2013) 46.37

52-Week Low (11.04.2012) 22.67

Daily Volume

45.48





69'238.41 1 Yr Total Return 92.63%







GILD UW EQUITY YTD Change - Average Volume 30 Day 2'509'634

GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'522'554


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'385.4 9'702.5 10'748.3 12'727.1 2'570.1 2'646.0

8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 6.42x 5.44x - -

2'845.0 3'857.3 4'227.7 4'092.1 4'288.4 4'094.7 4'288.4 4'741.4 6'491.6 1'115.5 1'129.0

15.67x 9.42x 6.35x 6.99x 14.38x 6.98x 14.38x 15.90x 11.61x 16.57x -

1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'226.3 4'427.6 782.8 791.0

24.71x 14.87x 10.50x 11.18x 21.60x 11.34x 21.60x 21.93x 15.69x 22.45x 19.79x











EBITDA Margin 44.2%



Asset Turnover 0.50







Fiscal Year Ended

Gilead Sciences IncPrice/Volume

Valuation Analysis

761'759.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

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27.03.2013











BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'926'206 1.44 (2'486'034) 31.12.2012 Investment Advisor


MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor
















Maxim Group LLC JASON KOLBERT buy 5 M 48 12 month 25.03.2013





Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013



Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 45 12 month 07.03.2013



Credit Suisse RAVI MEHROTRA outperform 5 M 55 Not Provided 26.02.2013

Cowen and Company PHILIP NADEAU outperform 5 M #N/A N/A Not Provided 20.02.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 20.02.2013


Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 06.02.2013

Needham & Co ALAN CARR buy 5 R 45 12 month 05.02.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 42 Not Provided 05.02.2013


Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 43 12 month 01.02.2013


First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012

BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011

Holdings By:

Gilead Sciences Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (06.03.2013) 844.00

52-Week Low (14.06.2012) 556.55

Daily Volume

811.4





268'688.22 1 Yr Total Return 24.96%







GOOG UW EQUITY YTD Change - Average Volume 30 Day 594'329

GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 622'068


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 37'905.0 51'379.0 47'959.4 56'129.7 11'262.5 11'591.7

3.72x 7.29x 5.42x 4.45x 3.77x 15.26x 13.87x 4.44x 3.51x 19.60x 18.70x

8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 13'593.0 15'684.0 22'088.2 25'902.6 5'178.4 5'293.7

9.96x 17.53x 13.48x 12.41x 12.05x 12.41x 12.08x 10.17x 8.68x 10.14x 9.76x

4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 9'737.0 10'737.0 15'493.8 18'396.8 3'573.1 3'650.7

18.44x 30.38x 22.58x 21.70x 20.79x 21.72x 20.97x 17.71x 15.08x 17.74x 17.07x


EBIT 12'760.00 Long-Term Rating AA









EBITDA Margin 30.5%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Google IncPrice/Volume

Valuation Analysis

115'590.00


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

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2 9

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0 2 9

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

2 !!

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27.03.2013














DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.02 (130'698) 31.12.2012 Investment Advisor







GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 2'046'828 0.77 76'916 31.12.2012 Investment Advisor



Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.03.2013

Wedbush JAMES G DIX neutral 3 M 770 12 month 26.03.2013



Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 22.03.2013


Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 850 Not Provided 22.03.2013


Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 20.03.2013


JMP Securities RONALD V JOSEY III market outperform 4 N 955 12 month 19.03.2013

Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 18.03.2013


Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 15.03.2013

Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 14.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 830 Not Provided 14.03.2013





Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 765 12 month 11.03.2013



Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 07.03.2013







Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 Not Provided 10.02.2013


Hilliard Lyons STEPHEN TURNER neutral 3 D #N/A N/A Not Provided 06.02.2013


Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013



Needham & Co KERRY RICE buy 5 M 850 12 month 23.01.2013


B Riley & Company, Inc SAMEET SINHA buy 5 M 846 Not Provided 23.01.2013

BGC Partners COLIN W GILLIS hold 3 M 760 12 month 23.01.2013

Holdings By:

Google Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 91.45

52-Week Low (01.06.2012) 71.97

Daily Volume

91.14





7'981.43 1 Yr Total Return 19.29%







HSIC UW EQUITY YTD Change - Average Volume 30 Day 168'908

HSIC UW EQUITY YTD % CHANGE - Average Volume 3 Month 147'219


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'380.4 6'538.3 7'526.8 8'530.2 8'940.0 8'530.2 8'940.0 9'516.3 10'038.8 2'249.9 2'378.6

0.54x 0.73x 0.84x 0.76x 0.88x 3.18x 3.48x 0.90x 0.83x 3.95x 3.72x

520.7 548.6 634.6 698.0 759.5 698.0 759.5 805.9 862.9 185.3 202.7

6.61x 8.71x 9.95x 9.30x 10.37x 9.30x 10.37x 10.96x 10.23x 10.95x 10.76x

239.5 311.2 325.8 367.7 388.1 367.7 388.1 432.3 472.6 95.0 108.6

12.12x 16.57x 17.36x 16.23x 18.01x 16.23x 18.05x 18.71x 16.92x 18.69x 18.10x











EBITDA Margin 8.5%



Asset Turnover 1.77







Fiscal Year Ended

Henry Schein IncPrice/Volume

Valuation Analysis

89'280.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

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- 9

. 9

0 9

1 9

2 9

3 9

4 9

5 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

2 !!

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27.03.2013





GENERATION INVESTMEN GENERATION INVESTMEN 13F 4'217'926 4.82 (33'416) 31.12.2012 Investment Advisor







MEDICAL MUTUAL INSUR MEDICAL MUTUAL INSUR Sch-D 1'900'000 2.17 1'900'000 30.09.2012 Insurance Company

ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 1'682'101 1.92 77'278 31.12.2012 Investment Advisor

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'677'966 1.92 923 31.12.2012 Investment Advisor

TIVERTON ASSET MANAG TIVERTON ASSET MANAG 13F 1'580'369 1.8 1'580'369 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'567'500 1.79 (5'200) 31.12.2012 Investment Advisor


SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'371'758 1.57 (240'276) 31.12.2012 Hedge Fund Manager



ENTRUST CAPITAL INC ENTRUST CAPITAL INC 13F 1'300'000 1.48 - 31.12.2012 Hedge Fund Manager


Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 98 12 month 26.03.2013

Piper Jaffray KEVIN ELLICH neutral 3 M 92 12 month 26.03.2013


Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 18.03.2013

William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 17.03.2013

Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 26.02.2013

Jefferies BRANDON COUILLARD hold 3 M 80 12 month 25.02.2013

Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013


JPMorgan LISA C GILL neutral 3 M 89 9 month 14.02.2013

Barrington Research CHARLES R JONES market perform 3 M #N/A N/A Not Provided 14.02.2013

CL King & Associates ROSS TAYLOR buy 5 M 100 12 month 14.02.2013

Wallachbeth Capital LLC GLEN M LOSEV hold 3 M 85 12 month 14.02.2013

Goldman Sachs ROBERT P JONES neutral/neutral 3 M 92 12 month 13.02.2013

ISI Group MICHAEL CHERNY neutral 3 M 88 12 month 13.02.2013


Holdings By:

Henry Schein Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.05.2012) 29.27

52-Week Low (21.11.2012) 19.23

Daily Volume

21.46





106'141.16 1 Yr Total Return -21.03%







INTC UW EQUITY YTD Change - Average Volume 30 Day 9'448'922

INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'479'995


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 53'999.0 53'341.0 53'942.2 56'526.9 12'663.6 12'920.5

1.81x 2.84x 2.16x 2.10x 1.70x 7.72x 8.56x 1.90x 1.81x 8.11x 7.98x

14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'541.0 22'160.0 20'993.2 22'865.8 4'601.8 4'574.9

4.76x 9.08x 4.65x 4.81x 4.10x 4.81x 4.10x 4.64x 4.26x 4.69x 4.54x

5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'942.0 11'005.0 10'397.5 11'205.2 2'241.9 2'265.2

12.66x 16.80x 10.37x 9.59x 9.50x 9.78x 9.50x 10.61x 9.83x 10.40x 10.04x











EBITDA Margin 41.5%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intel CorpPrice/Volume

Valuation Analysis

3'444'290.00


!

2

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2 ! 9

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-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

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27.03.2013





MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a











STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 (11'739'300) 31.12.2012 Insurance Company


LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 36'009'427 0.73 4'046'035 31.12.2012 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'886'904 0.71 9'192 30.09.2012 Insurance Company



Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 26.03.2013




Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 25.03.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 22 12 month 25.03.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 18 12 month 24.03.2013

Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 24.03.2013




B Riley & Company, Inc CRAIG ELLIS neutral 3 M 24 Not Provided 21.03.2013


Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 21.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 20.03.2013

Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013



Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 15.03.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 11.03.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 11.03.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 06.03.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 06.03.2013





Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 26.02.2013


Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 25.02.2013

Nomura ROMIT SHAH reduce 2 M 19 12 month 25.02.2013


Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 12.02.2013

Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 31.01.2013

Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 29.01.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 22.01.2013


Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 18.01.2013



Independent Research GmbH MARKUS FRIEBEL buy 5 M 27 12 month 18.01.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 18.01.2013

S&P Capital IQ ANGELO ZINO hold 3 M #N/A N/A Not Provided 18.01.2013

Holdings By:

Intel Corp ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (06.03.2013) 68.41

52-Week Low (21.05.2012) 53.49

Daily Volume

65.73





19'481.64 1 Yr Total Return 11.69%







INTU UW EQUITY YTD Change - Average Volume 30 Day 655'323

INTU UW EQUITY YTD % CHANGE - Average Volume 3 Month 583'213


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4

3'071.0 3'109.0 3'455.0 3'772.0 4'151.0 3'995.0 4'211.0 4'594.0 5'016.9 2'245.9 732.5

2.93x 2.98x 3.44x 3.61x 4.07x 15.60x 16.35x 4.06x 3.59x 8.11x 25.43x

902.7 957.7 1'119.0 1'308.0 1'419.0 1'401.0 1'307.0 1'755.7 1'948.2 1'426.8 108.7

9.96x 9.67x 10.61x 10.41x 11.90x 11.90x 14.04x 11.01x 9.92x 10.41x 9.90x

476.8 447.0 574.0 634.0 792.0 685.0 790.0 1'041.4 1'146.0 913.9 37.8

19.80x 18.68x 23.80x 22.03x 23.21x 24.86x 26.43x 19.10x 17.40x 18.06x 17.37x











EBITDA Margin 31.0%



Asset Turnover 0.84








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intuit IncPrice/Volume

Valuation Analysis

544'081.00


!

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

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27.03.2013





COOK SCOTT D n/a Form 4 13'201'868 4.45 - 31.12.2012 n/a




WADDELL & REED FINAN WADDELL & REED FINAN 13F 10'418'562 3.52 1'183'080 31.12.2012 Investment Advisor




OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'639'811 2.24 (354'330) 31.12.2012 Investment Advisor










First Analysis Corp LARRY BERLIN equalweight 3 M #N/A N/A Not Provided 27.03.2013

Raymond James WAYNE JOHNSON outperform 5 M 68 12 month 26.03.2013


Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 26.03.2013

Morgan Stanley ADAM H HOLT Equalwt/In-Line 3 M #N/A N/A Not Provided 25.03.2013


Millman Research Associates MICHAEL MILLMAN hold 3 M 59 12 month 25.03.2013


Goldman Sachs GREG DUNHAM neutral/attractive 3 M 67 12 month 22.02.2013

JPMorgan STERLING AUTY overweight 5 M 65 9 month 22.02.2013


Macquarie BRAD A ZELNICK neutral 3 M 62 12 month 22.02.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 65 12 month 22.02.2013


Wedbush GIL B LURIA outperform 5 M 76 12 month 21.02.2013

Evercore Partners DAVID M TOGUT equalweight 3 M 64 12 month 21.02.2013




Holdings By:

Intuit Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.04.2012) 594.62

52-Week Low (15.03.2013) 455.18

Daily Volume

497.25





20'081.32 1 Yr Total Return -8.98%







ISRG UW EQUITY YTD Change - Average Volume 30 Day 144'332

ISRG UW EQUITY YTD % CHANGE - Average Volume 3 Month 125'361


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

874.9 1'052.2 1'413.0 1'757.3 2'178.8 1'757.3 2'178.8 2'562.9 2'957.1 583.1 632.1

5.17x 10.57x 6.45x 9.77x 8.44x 31.89x 35.98x 6.47x 5.43x 29.27x 26.76x

335.9 412.0 595.6 741.3 935.9 741.3 935.9 1'044.4 1'223.2 229.7 261.0

13.47x 27.01x 15.31x 23.16x 19.65x 23.16x 19.65x 17.96x 15.33x 17.96x 17.32x

204.3 232.6 381.8 495.1 656.6 495.1 656.6 726.6 849.1 165.2 180.1

24.80x 51.17x 27.22x 37.58x 30.69x 37.64x 30.72x 28.27x 24.08x 28.26x 27.18x











EBITDA Margin 43.0%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intuitive Surgical IncPrice/Volume

Valuation Analysis

163'540.00


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3 9

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1'000.0

1'500.0

2'000.0

2'500.0

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

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27.03.2013



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'300'257 5.7 (77'540) 31.12.2012 Investment Advisor






MORGAN STANLEY n/a ULT-AGG 985'936 2.44 (300'639) 31.12.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 969'364 2.4 653'710 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 936'203 2.32 295'136 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 818'598 2.03 731'598 31.12.2012 Hedge Fund Manager

BROWN ADVISORY INC n/a ULT-AGG 748'303 1.85 74'215 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 727'270 1.8 441'507 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 646'802 1.6 (382'372) 31.12.2012 Investment Advisor

EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 575'597 1.43 66'396 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 572'264 1.42 (78'814) 31.12.2012 Unclassified

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 567'682 1.41 (12'311) 31.12.2012 Investment Advisor


UBS n/a ULT-AGG 522'564 1.29 7'272 31.01.2013 Unclassified

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 521'852 1.29 (494) 31.01.2013 Investment Advisor


Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 21.03.2013

Janney Montgomery Scott LLC SPENCER NAM buy 5 M 670 12 month 21.03.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 21.03.2013

Cantor Fitzgerald JEREMY FEFFER buy 5 M 575 12 month 21.03.2013

Leerink Swann & Co RICHARD NEWITTER market perform 3 M #N/A N/A Not Provided 21.03.2013

Raymond James LAWRENCE S KEUSCH outperform 5 M 620 12 month 20.03.2013

Canaccord Genuity Corp JASON R MILLS buy 5 M 527 12 month 20.03.2013

Northland Securities Inc SURAJ KALIA underperform 1 M 400 12 month 20.03.2013

Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 636 12 month 18.03.2013

SunTrust Robinson Humphrey AMIT HAZAN buy 5 M 649 12 month 14.03.2013

JPMorgan TYCHO W PETERSON overweight 5 M 625 9 month 14.03.2013

Lazard Capital Markets SEAN D LAVIN buy 5 M 625 12 month 14.03.2013

JMP Securities J T HARESCO III market outperform 4 M 620 12 month 01.03.2013

Goldman Sachs DAVID H ROMAN Buy/Neutral 5 U 715 12 month 22.02.2013


Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 23.01.2013


Holdings By:

Intuitive Surgical Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.01.2013) 57.95

52-Week Low (16.11.2012) 43.22

Daily Volume

52.05





8'647.83 1 Yr Total Return -1.41%







KLAC UW EQUITY YTD Change - Average Volume 30 Day 573'765

KLAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 636'107


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

2'521.7 1'520.2 1'820.8 3'175.2 3'171.9 3'165.5 3'126.7 2'884.6 3'312.9 725.9 764.2

2.50x 2.45x 2.14x 1.72x 2.02x 7.57x 8.34x 2.46x 1.91x 8.90x 8.40x

638.4 4.7 401.5 1'246.4 1'108.5 1'159.7 1'034.0 815.9 1'069.3 213.3 248.7

9.86x 800.84x 9.71x 4.39x 5.79x 5.70x 5.90x 8.35x 6.38x 6.54x 6.36x

359.1 (523.4) 212.3 794.5 756.0 757.6 695.2 549.1 765.6 147.2 160.3

14.64x - 17.99x 8.24x 10.61x 10.40x 11.24x 15.95x 11.52x 12.84x 11.93x











EBITDA Margin 33.1%



Asset Turnover 0.64







Fiscal Year Ended

KLA-Tencor CorpPrice/Volume

Valuation Analysis

424'337.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

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27.03.2013
















FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'796'300 1.08 - 31.12.2012 Hedge Fund Manager


CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 1'665'757 1 793'685 31.12.2012 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'545'691 0.93 100'773 31.12.2012 Hedge Fund Manager


STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 1'478'800 0.89 105'700 31.12.2012 Insurance Company


Needham & Co EDWIN MOK buy 5 N 61 12 month 26.03.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 65 Not Provided 26.03.2013

B Riley & Company, Inc BEN PANG buy 5 M 66 Not Provided 21.03.2013

RBC Capital Markets MAHESH SANGANERIA outperform 5 M 60 12 month 15.03.2013


Stifel PATRICK J HO buy 5 M 58 12 month 26.02.2013

Pacific Crest Securities WESTON TWIGG outperform 5 M 61 12 month 25.02.2013

Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 50 12 month 13.02.2013

Goldman Sachs JAMES V COVELLO Sell/Neutral 1 M 50 12 month 07.02.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 N #N/A N/A Not Provided 04.02.2013

Deutsche Bank VISHAL SHAH hold 3 U 56 12 month 25.01.2013

Credit Suisse SATYA KUMAR outperform 5 M 63 Not Provided 25.01.2013

Credit Agricole Securities (USA) MARK HELLER buy 5 M 62 Not Provided 25.01.2013


S&P Capital IQ ANGELO ZINO buy 5 R 57 12 month 26.10.2012

First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 05.02.2011

Holdings By:

KLA-Tencor Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (22.03.2013) 52.28

52-Week Low (01.10.2012) 42.29

Daily Volume

51.36









Cash and Equivalents - Consensus Rating 4.000



KRFT UW EQUITY YTD Change - Average Volume 30 Day 1'218'622

KRFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 949'694


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

17'708.0 17'278.0 17'797.0 18'655.0 18'339.0 0.0 9'100.0 18'808.0 19'311.1 4'500.4 4'863.3

- - - - - #DIV/0! 3.93x 2.13x 2.03x 8.84x 8.22x

- 3'314.0 3'307.0 3'285.0 - 0.0 898.0 3'516.9 3'801.6 816.7 929.6

- - - - - 0.00x 0.00x 11.32x 10.47x 11.42x 11.18x

2'662.0 2'170.0 3'531.0 1'839.0 1'642.0 0.0 560.0 1'683.3 1'868.4 393.5 467.8

- - - - 15.26x 0.00x 0.00x 18.30x 16.45x 18.28x 17.78x



Operating Margin 15.33% Long-Term Outlook NEG


Return on Assets - Short-Term Rating A-2



Asset Turnover - (EBITDA-Capex)/Interest Exp. 721.00

Net Debt/EBITDA -

Gross Margin 31.8% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.2%


Asset Turnover -

Current Ratio 1.27 Net Fixed Asset Turnover -




Accounts Receivable Turnover - Cash Conversion Cycle 35.12


Fiscal Year Ended

Kraft Foods Group IncPrice/Volume

Valuation Analysis

659'166.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

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27.03.2013












FEDERATED INVESTORS FEDERATED INVESTORS 13F 7'504'882 1.26 7'504'882 31.12.2012 Investment Advisor




MACQUARIE GROUP n/a ULT-AGG 5'036'151 0.85 5'036'151 31.12.2012 Investment Advisor



STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 4'391'342 0.74 4'391'342 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'144'582 0.7 4'144'582 31.12.2012 Investment Advisor


Canaccord Genuity Corp ALICIA FORRY buy 5 M 56 12 month 27.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 54 Not Provided 20.03.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 M 51 12 month 17.03.2013

Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 47 12 month 14.03.2013

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 53 Not Provided 13.03.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013

RBC Capital Markets EDWARD AARON outperform 5 M 50 12 month 11.03.2013

Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013

Stifel CHRISTOPHER R GROWE buy 5 M 49 Not Provided 07.03.2013

Jefferies THILO WREDE buy 5 M 52 12 month 01.03.2013

Davenport & Co ANN H GURKIN buy 5 M 53 12 month 27.02.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 46 12 month 21.02.2013

CL King & Associates ERIC J LARSON buy 5 M 50 12 month 19.02.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M 47 12 month 18.02.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 46 12 month 16.02.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 50 Not Provided 15.02.2013

JPMorgan KENNETH GOLDMAN neutral 3 M 49 9 month 15.02.2013

Barclays ANDREW LAZAR overweight 5 M 51 Not Provided 15.02.2013

S&P Capital IQ THOMAS GRAVES hold 3 M 46 12 month 16.10.2012

Holdings By:

Kraft Foods Group Inc ee


27.03.2013

Liberty Global, Inc. owns interests in broadband, distribution, and content

companies operating outside the continental United States, principally in

Europe, Asia, and Latin America.


LTM as of: 12/yy

52-Week High (11.03.2013) 71.83

52-Week Low (01.06.2012) 44.89

Daily Volume

71.6





17'842.89 1 Yr Total Return 41.84%



Minority Interest (124.9) Analyst Recs 12




LBTYA UW EQUITY YTD Change - Average Volume 30 Day 720'674

LBTYA UW EQUITY YTD % CHANGE - Average Volume 3 Month 702'148


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'497.7 7'497.4 8'364.2 9'510.8 10'310.8 9'510.8 10'310.8 13'284.4 14'933.4 2'732.2 2'771.4

2.54x 4.24x 3.30x 3.63x 4.04x 13.73x 14.84x 3.19x 2.80x - -

4'361.8 3'203.0 3'770.7 4'351.0 4'757.2 4'262.9 4'757.2 5'731.6 6'476.4 1'306.0 1'328.0

6.12x 9.93x 7.32x 7.93x 8.76x 8.10x 8.76x 7.54x 6.67x 8.11x -

(788.9) (412.1) 388.2 (772.7) 322.8 (772.7) 322.8 596.6 935.2 76.7 63.2

- - - - - 0.00x 0.00x 37.62x 24.31x 35.69x -


EBIT 2'066.10 Long-Term Rating B+ *+


Pretax Margin -4.69% Short-Term Rating Date -







EBITDA Margin 46.1%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Liberty Global IncPrice/Volume

Valuation Analysis

684'623.00


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3!

4!

5!

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2 ! 9

3 ! 9

4 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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27.03.2013



COATUE MANAGEMENT LL n/a 13G 8'584'691 6.07 1'720'594 05.02.2013 Hedge Fund Manager


COMCAST CORP n/a 13G/PRXY 7'681'369 5.43 - 31.03.2012 Corporation

CASCADE INVESTMENT L n/a 13G 7'381'014 5.22 - 16.06.2011 Investment Advisor

BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 3'900'000 2.76 - 31.12.2012 Hedge Fund Manager






MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'655'038 1.88 (1'516'764) 31.12.2012 Investment Advisor


ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 2'471'200 1.75 - 31.12.2012 Hedge Fund Manager

MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'385'018 1.69 897'807 31.12.2012 Hedge Fund Manager

TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 2'300'000 1.63 (3'950'000) 31.12.2012 Hedge Fund Manager

SLEEP, ZAKARIA & CO SLEEP, ZAKARIA & CO 13F 2'210'000 1.56 - 31.12.2012 Hedge Fund Manager

GATES FOUNDATION BILL & MELINDA FOUND 13F 2'119'515 1.5 - 31.12.2012 Endowment





ISI Group VIJAY JAYANT strong buy 5 M 85 12 month 25.03.2013



Barclays MICHAEL BISHOP overweight 5 M 76 Not Provided 26.02.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 80 Not Provided 15.02.2013

Morgan Stanley BENJAMIN SWINBURNE not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013

Stifel CHRISTOPHER C KING buy 5 M 80 12 month 14.02.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan DANIEL X MORRIS restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

Credit Suisse JUSTIN FUNNELL outperform 5 M 65 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Nomura HENRIK NYBLOM buy 5 M 67 12 month 14.12.2012

Holdings By:

Liberty Global Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.02.2013) 22.04

52-Week Low (04.06.2012) 14.06

Daily Volume

21.7





11'739.45 1 Yr Total Return 25.22%







LINTA UW EQUITY YTD Change - Average Volume 30 Day 960'771

LINTA UW EQUITY YTD % CHANGE - Average Volume 3 Month 853'674


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'079.0 8'305.0 8'932.0 9'616.0 10'054.0 9'616.0 10'054.0 10'401.9 10'929.0 2'383.2 2'443.8

0.91x 1.24x 1.53x 1.41x 1.85x 5.78x 6.15x 1.93x 1.89x - -

1'523.0 1'607.0 1'679.0 1'774.0 1'809.0 1'774.0 1'809.0 1'977.7 2'085.0 435.5 482.0

4.82x 6.40x 8.14x 7.63x 10.29x 7.63x 10.29x 9.93x 9.42x 9.91x 9.69x

(781.0) 258.0 1'892.0 912.0 1'530.0 1'332.0 1'530.0 591.1 659.1 114.0 139.5

- 28.53x 19.47x 20.79x - 27.48x 0.00x 18.74x 15.69x 18.77x 18.14x


EBIT 1'200.00 Long-Term Rating BB









EBITDA Margin 18.0%



Asset Turnover 0.46







Fiscal Year Ended

Liberty Interactive CorpPrice/Volume

Valuation Analysis

834'529.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2

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2 ! 9

3 ! 9

4 ! 9

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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27.03.2013




MACQUARIE GROUP n/a ULT-AGG 24'537'419 4.79 4'061'744 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 19'739'481 3.85 306'458 31.12.2012 Investment Advisor






MERITAGE GROUP LP MERITAGE GROUP LP 13F 10'164'241 1.98 2'540'365 31.12.2012 Investment Advisor



UNITED STATES STEEL UNITED STATES STEEL 13F 6'752'704 1.32 - 31.12.2012 Pension Fund (ERISA)



HORIZON KINETICS n/a ULT-AGG 6'114'848 1.19 1'036'740 31.12.2012 Investment Advisor

FPR PARTNERS LLC FPR PARTNERS LLC 13F 5'979'990 1.17 320'700 31.12.2012 Investment Advisor



EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 25.03.2013


Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 05.03.2013

Stifel BENJAMIN MOGIL buy 5 M 23 12 month 05.03.2013






Holdings By:

Liberty Interactive Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 65.84

52-Week Low (04.06.2012) 39.73

Daily Volume

64.04





10'911.58 1 Yr Total Return 31.36%







LIFE UW EQUITY YTD Change - Average Volume 30 Day 554'846

LIFE UW EQUITY YTD % CHANGE - Average Volume 3 Month 624'773


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'620.3 3'280.3 3'588.1 3'775.7 3'798.5 3'775.7 3'798.5 3'928.5 4'071.3 959.9 980.9

4.67x 3.89x 3.44x 2.34x 2.78x 10.90x 11.06x 3.28x 3.08x 13.60x 13.28x

431.5 912.2 1'130.1 1'160.6 1'166.9 1'216.4 1'166.9 1'387.3 1'458.3 298.7 302.3

17.52x 13.97x 10.94x 7.61x 9.04x 7.26x 9.04x 9.42x 8.96x 10.62x 10.32x

5.7 144.6 378.3 378.5 430.9 412.8 430.9 762.1 817.9 184.6 188.3

8.18x 17.18x 45.49x 16.84x 18.03x 15.50x 18.16x 14.65x 13.43x 14.65x 14.34x











EBITDA Margin 30.7%



Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Life Technologies CorpPrice/Volume

Valuation Analysis

270'422.00


!

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2!

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

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27.03.2013



PAULSON & CO PAULSON & CO 13F 14'000'000 8.22 486'200 31.12.2012 Hedge Fund Manager

GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 11'195'648 6.57 (248'867) 31.12.2012 Hedge Fund Manager





TCW GROUP INC TCW GROUP INCORPORAT 13F 3'834'794 2.25 (474'879) 31.12.2012 Investment Advisor

GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'630'809 2.13 66'865 31.12.2012 Investment Advisor


SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 2'590'100 1.52 (102'116) 31.12.2012 Investment Advisor





DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'131'565 1.25 (135'972) 31.12.2012 Investment Advisor


SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 1'956'408 1.15 (50'585) 31.12.2012 Hedge Fund Manager

ORBIMED ADVISORS LLC ORBIMED ADVISORS LLC 13F 1'904'500 1.12 (25'800) 31.12.2012 Hedge Fund Manager

ARIEL INVESTMENTS LL ARIEL INVESTMENTS LL 13F 1'878'931 1.1 390'771 31.12.2012 Investment Advisor


Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 25.03.2013

Edward Jones MATTHEW D COLLINS hold 3 M #N/A N/A Not Provided 22.03.2013


Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 60 12 month 07.03.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 05.03.2013

William Blair & Co AMANDA MURPHY market perform 3 M #N/A N/A Not Provided 25.02.2013

Cantor Fitzgerald SUNG JI NAM hold 3 M 58 12 month 25.02.2013


Piper Jaffray WILLIAM R QUIRK neutral 3 M 63 12 month 22.02.2013

Macquarie JONATHAN P GROBERG outperform 5 M 66 12 month 06.02.2013

Wallachbeth Capital LLC DIFEI YANG buy 5 M 74 12 month 06.02.2013

Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 M #N/A N/A Not Provided 05.02.2013

Goldman Sachs ISAAC RO Sell/Neutral 1 M 48 12 month 05.02.2013

Credit Suisse VAMIL DIVAN outperform 5 M 69 Not Provided 05.02.2013

First Analysis Corp GREG CHODACZEK equalweight 3 M 45 12 month 05.02.2013

JPMorgan TYCHO W PETERSON neutral 3 M 64 9 month 05.02.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 66 12 month 05.02.2013

Maxim Group LLC BRYAN BROKMEIER buy 5 M 75 12 month 05.02.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 D 74 Not Provided 05.02.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 60 Not Provided 05.02.2013

ISI Group ROSS MUKEN neutral 3 U 65 12 month 04.02.2013

Jefferies JON WOOD buy 5 M 58 12 month 18.01.2013

S&P Capital IQ JEFFREY LOO buy 5 M #N/A N/A Not Provided 02.10.2012

Holdings By:

Life Technologies Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (07.03.2013) 38.80

52-Week Low (01.06.2012) 28.28

Daily Volume

37.9





8'814.23 1 Yr Total Return 16.78%







LLTC UW EQUITY YTD Change - Average Volume 30 Day 885'074

LLTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 957'049


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

1'175.2 968.5 1'170.0 1'484.0 1'266.6 1'336.0 1'282.8 1'287.0 1'430.5 313.5 329.9

6.73x 5.82x 5.72x 5.04x 5.38x 20.77x 22.14x 6.36x 5.56x 26.23x 24.81x

616.8 464.0 608.9 817.4 638.0 706.1 636.2 630.7 723.8 151.0 162.9

12.83x 12.15x 10.98x 9.14x 10.67x 9.36x 11.54x 13.21x 11.51x 12.56x 11.92x

387.6 289.2 361.3 580.8 398.1 496.1 395.8 428.6 503.5 109.1 111.7

18.96x 18.96x 17.96x 13.32x 18.32x 13.90x 20.00x 21.20x 18.34x 19.46x 18.73x











EBITDA Margin 49.6%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Linear Technology CorpPrice/Volume

Valuation Analysis

516'325.00


!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013



STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 17'490'900 7.52 - 31.12.2012 Insurance Company


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 14'457'182 6.22 (1'018'036) 31.12.2012 Hedge Fund Manager

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'355'946 5.74 1'493 30.09.2012 Insurance Company























Stifel TORE E SVANBERG buy 5 M 42 12 month 20.02.2013




JPMorgan CHRISTOPHER DANELY underweight 1 M 25 9 month 17.01.2013

Raymond James J STEVEN SMIGIE underperform 1 M #N/A N/A Not Provided 17.01.2013






Pacific Crest Securities MICHAEL MCCONNELL underperform 1 M #N/A N/A Not Provided 16.01.2013






Holdings By:

Linear Technology Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 43.99

52-Week Low (04.06.2012) 30.15

Daily Volume

43.56





15'006.96 1 Yr Total Return 31.32%







MAT UW EQUITY YTD Change - Average Volume 30 Day 725'401

MAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 846'019


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'918.0 5'430.8 5'856.2 6'266.0 6'420.9 6'266.1 6'420.9 6'833.8 7'142.3 983.4 1'223.1

1.02x 1.26x 1.50x 1.52x 1.98x 6.08x 7.90x 2.23x 2.13x - -

713.9 901.0 1'067.7 1'202.4 1'195.3 1'202.4 1'195.3 1'481.8 1'577.3 89.4 189.7

8.43x 7.62x 8.24x 7.94x 10.63x 7.94x 10.63x 10.25x 9.63x 10.33x -

379.6 528.7 684.9 768.5 776.5 768.5 776.5 967.3 1'042.7 30.5 109.1

15.24x 14.58x 14.05x 12.73x 14.83x 12.56x 14.65x 15.56x 14.21x 15.53x 15.39x











EBITDA Margin 18.6%



Asset Turnover 1.05







Fiscal Year Ended

Mattel IncPrice/Volume

Valuation Analysis

546'242.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 2 9- ! 9- 2 9. ! 9. 2 90 ! 90 2 91 ! 91 2 92 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013














CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 5'289'229 1.54 545'032 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 4'744'712 1.38 (600) 31.12.2012 Investment Advisor



EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 3'194'203 0.93 (50'725) 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'103'095 0.9 (75'421) 31.12.2012 Investment Advisor




MKM Partners ERIC O HANDLER buy 5 M 45 12 month 25.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 47 Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JIM CHARTIER neutral 3 M 36 Not Provided 20.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 11.03.2013

Stifel DREW E CRUM hold 3 M #N/A N/A Not Provided 05.03.2013

BMO Capital Markets GERRICK L JOHNSON outperform 5 M 50 Not Provided 19.02.2013

SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 5 M 45 12 month 19.02.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER outperform 5 M #N/A N/A Not Provided 19.02.2013

Goldman Sachs MICHAEL KELTER neutral/cautious 3 M 40 12 month 14.02.2013

Longbow Research JAMES L HARDIMAN buy 5 M 45 12 month 11.02.2013

Needham & Co SEAN P MCGOWAN buy 5 M 42 12 month 04.02.2013

KeyBanc Capital Markets SCOTT W HAMANN buy 5 M 42 12 month 03.02.2013

Barclays FELICIA R KANTOR HENDRIX equalweight 3 M 39 Not Provided 01.02.2013

Holdings By:

Mattel Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 33.66

52-Week Low (17.07.2012) 23.55

Daily Volume

32.17





9'409.02 1 Yr Total Return 15.14%







MXIM UW EQUITY YTD Change - Average Volume 30 Day 835'056

MXIM UW EQUITY YTD % CHANGE - Average Volume 3 Month 905'496


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

2'052.8 1'646.0 1'997.6 2'472.3 2'403.5 2'460.6 2'404.5 2'464.7 2'685.5 595.9 630.8

2.69x 2.44x 2.36x 2.59x 2.85x 10.96x 12.26x 3.47x 3.07x 14.44x 13.54x

601.6 302.0 467.2 879.3 782.8 839.7 800.9 853.3 972.5 201.1 223.6

9.16x 13.31x 10.08x 7.30x 8.76x 8.44x 9.66x 10.18x 8.93x 9.68x 9.30x

317.7 10.5 125.1 489.0 386.7 483.4 369.7 528.4 629.6 123.6 141.8

20.79x 80.60x 32.24x 14.97x 20.19x 16.48x 18.54x 18.01x 15.27x 16.65x 15.97x











EBITDA Margin 33.3%



Asset Turnover 0.66







Fiscal Year Ended

Maxim Integrated Products IncPrice/Volume

Valuation Analysis

569'160.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013















ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 2'598'638 0.89 1'358'506 31.12.2012 Hedge Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 2'514'342 0.86 (501'228) 31.01.2013 Investment Advisor

CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'426'235 0.83 (566'875) 31.12.2012 Investment Advisor



EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'042'935 0.7 (3'169) 31.12.2012 Investment Advisor

FRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 2'019'368 0.69 529'010 31.12.2012 Hedge Fund Manager
















Needham & Co VERNON P ESSI JR buy 5 M 37 12 month 25.01.2013

Raymond James J STEVEN SMIGIE outperform 5 M 35 12 month 25.01.2013





SunTrust Robinson Humphrey WILLIAM STEIN buy 5 M 36 12 month 24.01.2013





Holdings By:

Maxim Integrated Products Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.02.2013) 37.63

52-Week Low (16.11.2012) 28.93

Daily Volume

36.71












MCHP UW EQUITY YTD Change - Average Volume 30 Day 591'991

MCHP UW EQUITY YTD % CHANGE - Average Volume 3 Month 577'364


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'035.7 903.3 947.7 1'487.2 1'383.2 1'424.3 1'490.4 1'600.1 1'845.4 427.3 446.2

5.66x 3.12x 4.58x 4.24x 4.40x 16.38x 15.21x 4.06x 3.38x 15.11x 14.29x

428.7 335.8 336.3 582.7 496.8 528.1 405.4 459.3 553.0 109.5 125.1

13.66x 8.39x 12.92x 10.83x 12.24x 11.52x 14.10x 14.20x 11.79x 12.89x 12.14x

297.7 245.6 217.0 419.0 336.7 381.6 148.3 377.7 449.3 98.2 103.8

22.89x 19.44x 25.14x 17.44x 22.41x 19.80x 21.30x 19.96x 17.11x 17.96x 17.23x











EBITDA Margin 27.2%



Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Microchip Technology IncPrice/Volume

Valuation Analysis

361'417.00


!

2

-!

-2

.!

.2

0!

02

1!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9. ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013






WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'958'920 4.07 (2'753'385) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 7'183'656 3.68 (1'131'696) 31.01.2013 Investment Advisor




SANGHI STEVE n/a Form 4 5'203'186 2.66 - 01.03.2013 n/a







CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'237'470 1.15 2'237'470 31.12.2012 Investment Advisor

EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'230'888 1.14 7'909 31.12.2012 Investment Advisor


SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 2'130'894 1.09 250'691 31.12.2012 Investment Advisor










Needham & Co RAJVINDRA S. GILL buy 5 M 40 12 month 08.02.2013

Stephens Inc HARSH KUMAR overweight 5 M 43 12 month 08.02.2013



Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 33 12 month 07.02.2013



Mizuho Securities USA Inc RUBEN ROY neutral 3 M 40 12 month 07.02.2013


Nomura ROMIT SHAH not rated #N/A N/A M #N/A N/A Not Provided 21.02.2012

Holdings By:

Microchip Technology Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (22.03.2013) 10.27

52-Week Low (24.10.2012) 5.16

Daily Volume

9.92





10'136.06 1 Yr Total Return 15.69%







MU UW EQUITY YTD Change - Average Volume 30 Day 6'844'282

MU UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'904'880


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 03/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4

5'841.0 4'803.0 8'482.0 8'788.0 8'234.0 8'378.0 8'047.0 8'633.0 10'369.0 2'211.9 2'493.1

1.28x 1.95x 0.95x 0.79x 0.94x 4.13x 4.11x 1.39x 1.05x 5.60x 4.85x

1'243.0 1'241.0 3'584.0 2'860.0 1'523.0 2'134.0 1'467.0 2'125.8 3'140.6 599.1 740.6

6.03x 7.57x 2.24x 2.42x 5.06x 4.76x 6.93x 5.52x 3.74x 4.10x 3.89x

(1'619.0) (1'882.0) 1'850.0 167.0 (1'032.0) (529.0) (1'124.0) (441.7) 728.5 3.7 86.9

- - 4.35x 52.18x - 0.00x 0.00x - 13.16x 24.99x 17.59x


EBIT -618.00 Long-Term Rating BB-

Operating Margin -7.51% Long-Term Outlook NEG








EBITDA Margin 18.2%

EBIT Margin -6.4% Total Debt/Equity 42.4%


Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Micron Technology IncPrice/Volume

Valuation Analysis

5'504'563.00


!

.

1

3

5

-!

-.

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

!1 !6 .!!6 !1 !0 .!-! !1 !6 .!-! !1 !0 .!-- !1 !6 .!-- !1 !0 .!-. !1 !6 .!-. !1 !0 .!-0



27.03.2013










DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 24'163'605 2.36 994'097 31.12.2012 Investment Advisor





BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'214'814 1 (85'548) 31.12.2012 Investment Advisor

APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 9'763'392 0.96 (1'357'681) 31.12.2012 Investment Advisor

CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 9'115'178 0.89 (1'163'914) 31.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'524'323 0.83 (31'653) 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'349'036 0.82 7'171'600 31.12.2012 Hedge Fund Manager





Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 7 12 month 26.03.2013




Deutsche Bank BOB GUJAVARTY hold 3 M 9 12 month 22.03.2013

Roth Capital Partners KRISHNA SHANKAR buy 5 M 12 12 month 22.03.2013


JPMorgan HARLAN SUR neutral 3 M 11 9 month 22.03.2013

Jefferies SUNDEEP BAJIKAR buy 5 M 15 12 month 22.03.2013

Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 22.03.2013

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 11 12 month 22.03.2013



Macquarie DEEPON NAG neutral 3 M 10 12 month 22.03.2013


Nomura SIDNEY HO neutral 3 M 9 12 month 22.03.2013


Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 22.03.2013

Cross Research STEVEN B FOX buy 5 M 12 12 month 22.03.2013



Credit Agricole Securities (USA) RYAN GOODMAN outperform 5 M 11 Not Provided 22.03.2013



Goldman Sachs JAMES SCHNEIDER not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012

Holdings By:

Micron Technology Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.04.2012) 32.89

52-Week Low (05.12.2012) 26.26

Daily Volume

28.245





236'587.05 1 Yr Total Return -10.71%







MSFT UW EQUITY YTD Change - Average Volume 30 Day 10'647'497

MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 11'226'720


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 72'052.0 72'930.0 79'389.8 85'800.8 20'595.4 21'270.2

3.77x 3.18x 2.70x 2.53x 2.78x 9.64x 10.89x 2.08x 1.68x 8.48x 8.00x

24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 29'890.0 29'120.0 32'245.0 35'418.9 8'109.5 8'584.3

9.29x 8.00x 6.28x 5.91x 6.64x 5.95x 5.82x 5.67x 5.16x 5.33x 5.29x

17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'468.0 15'459.0 23'860.5 26'104.8 6'444.0 6'550.7

14.48x 13.66x 10.96x 9.85x 11.21x 9.58x 10.43x 9.96x 9.00x 9.11x 9.16x


EBIT 27'956.00 Long-Term Rating AAA



Return on Assets 12.83% Short-Term Rating NR






EBITDA Margin 39.9%



Asset Turnover 0.61







Fiscal Year Ended

Microsoft CorpPrice/Volume

Valuation Analysis

2'197'460.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 92 ! 9-! ! 9-2 ! 9.! ! 9.2 ! 90! ! 902 ! 91! ! 912 ! 92! ! 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013



GATES III WILLIAM HE n/a Form 4 421'411'775 5.03 (7'000'000) 06.02.2013 n/a


BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.98 - 14.09.2012 n/a









MORGAN STANLEY n/a ULT-AGG 84'045'210 1 1'827'246 31.12.2012 Investment Advisor





PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor




BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 25.03.2013




JPMorgan JOHN DIFUCCI neutral 3 M 30 9 month 21.03.2013







Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 12.03.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 11.03.2013

Jyske Bank ROBERT JAKOBSEN buy 5 M 32 Not Provided 07.03.2013





Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 05.02.2013


Hilliard Lyons STEPHEN TURNER buy 5 M 35 12 month 28.01.2013







FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 25.01.2013


S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013


Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 36 Not Provided 25.01.2013





Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.11.2012

McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012

Crowell, Weedon & Co JAMES D RAGAN buy 5 M 36 12 month 20.07.2012

Holdings By:

Microsoft Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 30.30

52-Week Low (28.06.2012) 24.27

Daily Volume

30.08












MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'802'666

MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'242'087


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 49'356.0 48'783.0 36'610.4 38'762.8 8'710.5 8'900.5

1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.90x 1.76x 7.73x 7.46x

5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'902.9 6'352.7 1'384.4 1'467.6

9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 11.62x 10.79x 11.58x 11.30x

2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'801.1 3'152.3 607.2 679.8

22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 19.21x 17.07x 19.21x 18.55x











EBITDA Margin 15.8%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mondelez International IncPrice/Volume

Valuation Analysis

1'073'854.00


!

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2 ! 9

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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27.03.2013









SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 34'530'900 1.94 34'530'900 31.12.2012 Investment Advisor



SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 27'575'000 1.55 19'075'000 31.12.2012 Hedge Fund Manager




EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 17'280'074 0.97 6'654'613 31.12.2012 Investment Advisor

MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'605'595 0.93 1'537'174 31.12.2012 Investment Advisor



BERKSHIRE HATHAWAY I n/a ULT-AGG 12'840'450 0.72 (17'623'900) 31.12.2012 Investment Advisor



Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 25.03.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 31 Not Provided 25.03.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 25.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013

Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 33 12 month 22.03.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013

Stifel CHRISTOPHER R GROWE buy 5 M 31 12 month 15.03.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 13.03.2013


Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013

Jefferies THILO WREDE hold 3 M 29 12 month 01.03.2013

Davenport & Co ANN H GURKIN buy 5 M 32 12 month 27.02.2013

JPMorgan KENNETH GOLDMAN overweight 5 M 32 9 month 25.02.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 21.02.2013

CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013

S&P Capital IQ THOMAS GRAVES buy 5 M 31 12 month 15.02.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 26 12 month 14.02.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013

Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 14.02.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013

Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 32 12 month 11.01.2013

Holdings By:

Mondelez International Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.04.2012) 83.96

52-Week Low (08.11.2012) 40.00

Daily Volume

48.83





8'083.60 1 Yr Total Return -21.10%







MNST UW EQUITY YTD Change - Average Volume 30 Day 696'744

MNST UW EQUITY YTD % CHANGE - Average Volume 3 Month 583'046


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'033.8 1'143.3 1'303.9 1'703.2 2'060.7 1'703.2 2'060.7 2'323.4 2'611.6 502.1 659.4

2.65x 2.66x 6.68x 4.26x 4.10x 14.91x 18.89x 3.21x 2.79x 15.29x 11.56x

167.1 343.2 359.6 473.5 571.2 473.5 571.2 654.1 755.4 137.0 199.2

16.42x 8.85x 24.21x 15.33x 14.78x 15.33x 14.78x 11.87x 10.28x 11.82x 11.50x

108.0 208.7 212.0 286.2 340.0 286.2 340.0 388.4 452.3 80.1 119.7

30.21x 17.14x 22.88x 30.01x 28.41x 29.92x 28.41x 21.84x 18.33x 21.86x 21.10x











EBITDA Margin 27.7%



Asset Turnover 1.71







Fiscal Year Ended

Monster Beverage CorpPrice/Volume

Valuation Analysis

387'474.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

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-2 !!

.! !!

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27.03.2013



BRANDON LIMITED PART n/a 13D 9'815'648 5.93 - 18.03.2013 Corporation




MORGAN STANLEY n/a ULT-AGG 6'623'132 4 4'742'430 31.01.2013 Investment Advisor


HILROD HOLDINGS LP n/a 13D 6'305'140 3.81 - 18.03.2013 Holding Company







BRANDON LIMITED PART n/a 13D 1'931'856 1.17 - 18.03.2013 Corporation


RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'901'900 1.15 (1'443'000) 31.12.2012 Hedge Fund Manager



BROADWOOD PARTNERS BROADWOOD CAPITAL IN 13F 1'639'136 0.99 - 31.12.2012 Hedge Fund Manager


SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 70 12 month 26.03.2013

Stifel MARK S ASTRACHAN buy 5 M 65 12 month 21.03.2013

Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 19.03.2013

Credit Agricole Securities (USA) CAROLINE S LEVY underperform 1 M 49 Not Provided 07.03.2013

JPMorgan JOHN A FAUCHER neutral 3 M 52 9 month 28.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 28.02.2013

S&P Capital IQ ESTHER KWON sell 1 M 45 Not Provided 15.02.2013

Goldman Sachs JUDY E HONG Buy/Neutral 5 M 61 12 month 12.12.2012

Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 08.11.2012

Canaccord Genuity Corp SCOTT VAN WINKLE suspended coverage #N/A N/A M #N/A N/A Not Provided 13.07.2012

Holdings By:

Monster Beverage Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (13.03.2013) 31.21

52-Week Low (09.05.2012) 20.22

Daily Volume

29.02





11'478.89 1 Yr Total Return 24.28%







MYL UW EQUITY YTD Change - Average Volume 30 Day 1'578'666

MYL UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'487'834


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'137.6 5'092.8 5'450.5 6'129.8 6'796.1 6'129.8 6'816.6 7'181.0 7'728.1 1'700.4 1'765.0

1.49x 2.05x 2.56x 2.29x 2.39x 9.25x 8.86x 2.22x 1.96x - -

1'124.8 1'150.2 1'271.4 1'564.7 1'718.5 1'564.7 1'831.4 2'004.9 2'107.8 465.1 490.7

6.83x 9.07x 10.99x 8.99x 9.45x 8.99x 8.87x 8.42x 8.01x 8.30x -

(181.2) 232.6 345.1 536.8 640.9 536.8 640.9 1'119.1 1'235.5 249.0 270.8

12.36x 17.89x 18.06x 14.90x 14.52x 15.11x 14.22x 10.14x 9.07x 10.13x 9.84x


EBIT 1'171.92 Long-Term Rating BBB-









EBITDA Margin 26.9%



Asset Turnover 0.58







Fiscal Year Ended

Mylan Inc/PAPrice/Volume

Valuation Analysis

1'253'909.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

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27.03.2013




PAULSON & CO PAULSON & CO 13F 24'503'400 6.19 - 31.12.2012 Hedge Fund Manager


BANK OF AMERICA CORP BANK OF AMERICA 13F 15'312'083 3.87 (1'137'294) 31.12.2012 Investment Advisor






NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 6'653'628 1.68 592'892 31.12.2012 Investment Advisor




D E SHAW & COMPANY I D E SHAW & CO 13F 5'216'268 1.32 (9'050'961) 31.12.2012 Hedge Fund Manager



BNP PARIBAS INV PART n/a ULT-AGG 4'683'078 1.18 3'592'653 31.12.2012 Investment Advisor


INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'754'328 0.95 211 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co AARON GAL market perform 3 M 33 12 month 27.03.2013

Susquehanna Financial Group GARY NACHMAN Positive 4 M 33 12 month 25.03.2013

Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 22.03.2013

Guggenheim Securities LLC LOUISE CHEN neutral 3 M 30 12 month 22.03.2013

Leerink Swann & Co JASON M GERBERRY outperform 5 M #N/A N/A Not Provided 21.03.2013

RBC Capital Markets SHIBANI MALHOTRA outperform 5 M 31 12 month 12.03.2013

Canaccord Genuity Corp RANDALL STANICKY hold 3 D 33 12 month 11.03.2013

Needham & Co ELLIOT WILBUR strong buy 5 M 33 12 month 08.03.2013


Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M #N/A N/A Not Provided 01.03.2013

Buckingham Research Group DAVID G BUCK neutral 3 M 33 12 month 01.03.2013

Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC underperform 1 M 32 Not Provided 01.03.2013

Goldman Sachs JAMI E RUBIN buy/attractive 5 M 33 12 month 28.02.2013

CRT Capital Group TIMOTHY CHIANG buy 5 M 34 Not Provided 28.02.2013

Cowen and Company KEN CACCIATORE neutral 3 M #N/A N/A Not Provided 28.02.2013

S&P Capital IQ HERMAN SAFTLAS buy 5 M 34 Not Provided 28.02.2013

Barclays DOUGLAS D TSAO overweight 5 M 33 Not Provided 28.02.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 9 month 27.02.2013


BOE Securities SAMEER TENDULKAR buy 5 N 24 12 month 16.08.2010

Holdings By:

Mylan Inc/PA ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (03.04.2012) 46.80

52-Week Low (13.11.2012) 26.26

Daily Volume

33.31





12'005.16 1 Yr Total Return -27.68%







NTAP UW EQUITY YTD Change - Average Volume 30 Day 1'642'329

NTAP UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'504'303


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1

3'303.2 3'406.4 3'931.4 5'122.6 6'233.2 5'959.0 6'318.4 6'371.8 6'922.8 1'754.9 1'605.3

2.74x 1.36x 2.40x 2.97x 1.62x 8.48x 5.07x 1.57x 1.29x 4.55x 4.93x

458.2 272.1 617.0 997.4 1'049.4 1'005.4 967.0 1'203.6 1'354.2 369.1 305.3

19.78x 17.06x 15.26x 15.24x 9.62x 9.77x 8.82x 6.25x 5.55x 5.41x 5.23x

309.7 64.6 400.4 673.1 605.4 585.3 512.2 840.4 946.8 253.3 200.3

24.67x 26.61x 35.02x 30.47x 24.24x 24.37x 26.39x 14.63x 13.17x 13.50x 13.15x











EBITDA Margin 15.3%



Asset Turnover 0.64







Fiscal Year Ended

NetApp IncPrice/Volume

Valuation Analysis

983'927.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

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. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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27.03.2013











MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 7'864'559 2.18 (1'108'135) 31.12.2012 Hedge Fund Manager



AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'208'661 2 3'924'854 31.12.2012 Investment Advisor


CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 6'252'194 1.73 1'169'984 31.12.2012 Hedge Fund Manager


SCOPIA MANAGEMENT IN SCOPIA MANAGEMENT IN 13F 4'848'113 1.35 1'602'938 31.12.2012 Hedge Fund Manager





EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 26.03.2013

William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013


Piper Jaffray ANDREW J NOWINSKI overweight 5 M 39 12 month 18.03.2013




Longbow Research JOE WITTINE neutral 3 N #N/A N/A Not Provided 11.03.2013



Raymond James BRIAN G ALEXANDER outperform 5 M 40 12 month 21.02.2013

Credit Suisse KULBINDER GARCHA neutral 3 M 35 Not Provided 20.02.2013

Lake Street Capital Markets LLC ERIC MARTINUZZI buy 5 M 43 12 month 20.02.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013


Brean Murray Carret & Co ANANDA BARUAH buy 5 M 45 12 month 14.02.2013

JPMorgan MARK A MOSKOWITZ overweight 5 M 41 9 month 14.02.2013


Needham & Co GLENN HANUS buy 5 M 41 12 month 14.02.2013


Wedbush ROHIT CHOPRA neutral 3 M 35 12 month 14.02.2013


Wunderlich Securities BRIAN S FREED buy 5 M 45 18 month 14.02.2013

Evercore Partners ROBERT CIHRA equalweight 3 M 38 12 month 14.02.2013

Lazard Capital Markets EDWARD PARKER neutral 3 M #N/A N/A Not Provided 14.02.2013

Craig-Hallum Capital Group LLC RAJESH GHAI hold 3 M 32 12 month 14.02.2013

Credit Agricole Securities (USA) LOUIS R MISCIOSCIA underperform 1 M 35 Not Provided 14.02.2013




Sterne, Agee & Leach ALEX KURTZ neutral 3 M 37 12 month 13.02.2013

Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 13.02.2013

ISI Group BRIAN MARSHALL buy 5 M 40 12 month 13.02.2013

Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 32 12 month 15.11.2012

S&P Capital IQ JIM YIN hold 3 U 29 Not Provided 16.10.2012

Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 40 12 month 25.05.2012


Holdings By:

NetApp Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (08.03.2013) 30.76

52-Week Low (04.06.2012) 18.32

Daily Volume

30.25





70'530.86 1 Yr Total Return 50.77%


Preferred Stock - Adjusted BETA 1.112





NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'602'944

NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'879'994


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'612.9 38'023.8 8'988.8 9'132.4

1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.21x 2.05x 8.89x 8.72x

6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'270.1 8'098.6 1'687.7 1'896.9

7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.11x 9.97x 10.50x 10.15x

5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'915.2 4'371.9 826.3 1'030.1

12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.03x 15.31x 17.14x 16.13x










Gross Margin - Total Debt/EBITDA 2.44

EBITDA Margin 19.7%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

News CorpPrice/Volume

Valuation Analysis

830'503.00


!

2

-!

-2

.!

.2

0!

02

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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-3 !!

-5 !!

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!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013









CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager




ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager


EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'180'447 1.45 1'184'087 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager

WADDELL & REED FINAN WADDELL & REED FINAN 13F 14'275'510 0.94 1'726'350 31.12.2012 Investment Advisor


Nomura MICHAEL NATHANSON buy 5 M 31 12 month 25.03.2013


Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 22.03.2013


Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013



Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013


Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013

Macquarie TIMOTHY W NOLLEN outperform 5 M 33 12 month 06.03.2013







EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.02.2013


Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013


Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013


Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012

BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012

Holdings By:

News Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.04.2012) 26.85

52-Week Low (01.03.2013) 18.00

Daily Volume

19.99





6'322.33 1 Yr Total Return -21.94%







NUAN UW EQUITY YTD Change - Average Volume 30 Day 1'126'793

NUAN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'035'261


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

868.5 950.4 1'118.9 1'318.7 1'651.5 1'375.6 1'753.1 2'166.9 2'446.1 516.6 554.0

3.96x 4.71x 4.44x 5.05x 5.30x 20.25x 19.19x 3.41x 2.89x 14.79x 13.58x

141.4 212.9 238.6 268.2 380.4 287.0 379.8 869.2 967.6 193.4 223.0

24.32x 21.03x 20.85x 24.85x 23.02x 28.46x 22.20x 8.86x 7.96x 8.66x 8.21x

(30.1) (19.4) (19.1) 38.2 207.1 47.6 175.7 588.6 675.9 130.5 159.9

14.01x 39.37x 41.16x 38.38x 25.93x 46.59x 25.08x 11.07x 9.86x 10.62x 10.19x


EBIT 193.20 Long-Term Rating BB-









EBITDA Margin 21.7%



Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nuance Communications IncPrice/Volume

Valuation Analysis

934'261.00


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200.0

400.0

600.0

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1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

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27.03.2013


WARBURG PINCUS LLC WARBURG PINCUS LLC 13F 53'004'254 16.76 - 31.12.2012 Private Equity

WARBURG PINCUS LLC n/a 13D 43'058'531 13.61 (9'945'723) 14.03.2013 Private Equity












RICCI PAUL A n/a Form 4 4'014'898 1.27 - 01.02.2013 n/a

WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'948'645 1.25 338'110 31.12.2012 Investment Advisor

FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 3'843'339 1.22 104'968 31.12.2012 Investment Advisor


LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 2'994'953 0.95 (6'741) 31.12.2012 Investment Advisor


ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 2'652'333 0.84 406'379 31.12.2012 Investment Advisor


Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013

Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 35 12 month 12.03.2013

Raymond James SHYAM PATIL strong buy 5 M 28 12 month 06.03.2013


B Riley & Company, Inc DANIEL CUMMINS neutral 3 N 21 Not Provided 20.02.2013

Morgan Stanley JENNIFER LOWE Overwt/In-Line 5 M 28 12 month 08.02.2013

Goldman Sachs GREG DUNHAM neutral/neutral 3 M 22 12 month 08.02.2013

Needham & Co SCOTT ZELLER hold 3 D #N/A N/A Not Provided 08.02.2013


Stifel TOM RODERICK hold 3 D #N/A N/A Not Provided 08.02.2013


Craig-Hallum Capital Group LLC JEFF VAN RHEE hold 3 D 24 12 month 08.02.2013

Northland Securities Inc MICHAEL JAMES LATIMORE outperform 5 M 26 12 month 08.02.2013

Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 26 12 month 07.02.2013

Piper Jaffray MARK R MURPHY neutral 3 M 22 12 month 07.02.2013


Deutsche Bank NANDAN AMLADI buy 5 M 30 12 month 15.11.2012

Wedbush SCOTT P SUTHERLAND underperform 1 M 19 12 month 07.08.2012


Holdings By:

Nuance Communications Inc ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (30.03.2012) 15.49

52-Week Low (16.11.2012) 11.16

Daily Volume

12.5





7'699.75 1 Yr Total Return -14.59%







NVDA UW EQUITY YTD Change - Average Volume 30 Day 2'714'679

NVDA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'551'218


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

3'424.9 3'326.4 3'543.3 3'997.9 4'280.2 3'997.9 4'280.2 4'255.9 4'634.6 942.6 1'017.3

0.85x 2.09x 3.25x 1.51x 0.92x 7.01x 4.22x 0.85x 0.72x 4.17x 3.83x

141.2 97.7 385.7 852.5 874.5 852.5 874.5 795.8 907.4 128.1 167.4

20.69x 71.00x 29.86x 7.06x 4.51x 7.06x 4.51x 5.02x 4.40x 5.18x 4.81x

(30.0) (68.0) 253.1 581.1 562.5 581.1 562.5 539.5 611.8 82.2 116.6

25.70x - 64.22x 15.69x 13.20x 15.21x 13.64x 14.72x 12.89x 14.29x 13.44x











EBITDA Margin 20.4%



Asset Turnover 0.72







Fiscal Year Ended

NVIDIA CorpPrice/Volume

Valuation Analysis

1'550'673.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-3

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

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27.03.2013






HUANG JEN-HSUN n/a Form 4 22'168'135 3.6 - 20.03.2013 n/a






ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 8'041'269 1.31 6'139'523 31.12.2012 Investment Advisor




FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 5'915'747 0.96 786'088 31.12.2012 Investment Advisor

CONTRARIUS INVESTMEN CONTRARIUS INVESTMEN 13F 5'785'902 0.94 942'748 31.12.2012 Investment Advisor




CHARLES SCHWAB INVES CHARLES SCHWAB INVES 13F 3'757'015 0.61 2'239'918 31.12.2012 Investment Advisor





Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M #N/A N/A Not Provided 24.03.2013

Evercore Partners PATRICK WANG underweight 1 M 11 12 month 24.03.2013








Susquehanna Financial Group CHRISTOPHER CASO negative 2 M 11 12 month 20.03.2013






FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 14 12 month 04.03.2013





Brean Murray Carret & Co MIKE BURTON hold 3 M #N/A N/A Not Provided 14.02.2013

Roth Capital Partners KRISHNA SHANKAR buy 5 M 17 12 month 14.02.2013


Needham & Co RAJVINDRA S. GILL hold 3 D #N/A N/A Not Provided 14.02.2013


Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 14.02.2013





Hudson Square Research DANIEL ERNST buy 5 U 18 Not Provided 10.05.2010

Holdings By:

NVIDIA Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.05.2012) 107.13

52-Week Low (27.06.2012) 75.64

Daily Volume

103.59





11'530.07 1 Yr Total Return 13.50%







ORLY UW EQUITY YTD Change - Average Volume 30 Day 312'719

ORLY UW EQUITY YTD % CHANGE - Average Volume 3 Month 363'412


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'576.6 4'847.1 5'397.5 5'788.8 6'182.2 5'788.8 6'182.2 6'659.6 7'074.7 1'611.6 1'696.7

1.35x 1.24x 1.64x 1.83x 1.77x 6.40x 7.07x 1.89x 1.82x 7.82x 7.43x

448.6 685.8 895.1 1'029.8 1'154.5 1'029.8 1'154.5 1'262.3 1'354.6 299.6 317.0

10.80x 8.75x 9.89x 10.30x 9.48x 10.30x 9.48x 9.81x 9.14x 10.00x 9.85x

186.2 307.5 419.4 507.7 585.7 507.7 585.7 636.8 682.5 154.6 163.4

18.86x 16.87x 19.81x 20.98x 18.83x 20.93x 18.83x 18.11x 15.98x 18.12x 17.79x


EBIT 977.39 Long-Term Rating BBB









EBITDA Margin 18.7%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

O'Reilly Automotive IncPrice/Volume

Valuation Analysis

192'380.00


!

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-!!

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2'000.0

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4'000.0

5'000.0

6'000.0

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

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27.03.2013






RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 3'658'781 3.29 (3'711) 31.12.2012 Investment Advisor









GAMCO n/a ULT-AGG 1'762'790 1.58 61'805 31.12.2012 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'667'578 1.5 107'970 31.12.2012 Investment Advisor



O'REILLY DAVID E n/a Form 4 1'480'017 1.33 (502) 08.02.2013 n/a




Stifel DAVID A SCHICK buy 5 M 102 12 month 26.03.2013

Piper Jaffray PETER J KEITH neutral 3 M 97 12 month 25.03.2013

ISI Group GREGORY MELICH neutral 3 M 106 12 month 24.03.2013

Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 13.03.2013



Raymond James DANIEL R WEWER JR strong buy 5 M 112 12 month 05.03.2013


EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.02.2013

Deutsche Bank MICHAEL BAKER hold 3 M 102 12 month 08.02.2013

Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 108 12 month 08.02.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 110 12 month 08.02.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 106 9 month 08.02.2013

Stephens Inc JOHN R LAWRENCE overweight 5 M 115 12 month 08.02.2013

BB&T Capital Markets BRET D JORDAN buy 5 M 112 12 month 08.02.2013

Gabelli & Co BRIAN SPONHEIMER buy 5 M #N/A N/A Not Provided 08.02.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 113 12 month 07.02.2013


Robert W. Baird & Co CRAIG R KENNISON neutral 3 M 110 12 month 07.02.2013


S&P Capital IQ MICHAEL SOUERS buy 5 M 112 Not Provided 07.02.2013

Barclays ALAN M RIFKIN overweight 5 M 120 Not Provided 07.02.2013


Holdings By:

O'Reilly Automotive Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (15.03.2013) 36.43

52-Week Low (18.05.2012) 25.33

Daily Volume

31.47





148'244.41 1 Yr Total Return 9.19%







ORCL UW EQUITY YTD Change - Average Volume 30 Day 6'804'784

ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'093'292


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1

22'430.0 23'252.0 26'820.0 35'622.0 37'121.0 36'980.0 37'149.0 37'444.0 39'559.5 11'143.6 8'561.6

5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.64x 3.25x 12.22x 15.45x

9'489.0 10'531.0 12'138.0 15'524.0 16'973.0 16'698.0 17'286.0 18'255.9 20'006.1 5'888.5 3'972.6

12.42x 9.08x 9.06x 10.37x 6.84x 7.85x 8.58x 7.40x 6.76x 7.02x 6.86x

5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'054.0 13'948.9 4'203.5 2'773.0

18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 11.70x 10.73x 11.04x 10.73x











EBITDA Margin 46.5%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oracle CorpPrice/Volume

Valuation Analysis

3'115'104.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

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27.03.2013


ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 23.62 7'200'000 28.12.2012 n/a











GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'190'816 1.04 (1'571'164) 31.12.2012 Investment Advisor







ABERDEEN n/a ULT-AGG 27'001'141 0.57 (120'100) 31.12.2012 Unclassified



Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013


Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 26.03.2013

BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 25.03.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 25.03.2013

Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 25.03.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013


Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013



Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 25.03.2013


Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013


FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 22.03.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013



Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 21.03.2013




Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 21.03.2013


Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013

Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013


Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 21.03.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 21.03.2013


Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 21.03.2013

Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013


Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 D 35 Not Provided 21.03.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 12 month 20.03.2013



Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013


Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.12.2012

Holdings By:

Oracle Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 51.38

52-Week Low (12.07.2012) 34.60

Daily Volume

50.15





17'726.44 1 Yr Total Return 9.87%







PCAR UW EQUITY YTD Change - Average Volume 30 Day 624'679

PCAR UW EQUITY YTD % CHANGE - Average Volume 3 Month 638'992


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'972.5 8'086.5 10'292.9 16'355.2 17'050.5 16'355.2 17'050.5 16'095.7 17'674.6 3'761.0 3'920.6

0.56x 1.40x 1.82x 0.65x 0.81x 3.23x 2.99x 1.16x 1.22x 6.27x 6.11x

2'027.0 1'016.6 1'271.7 2'153.2 2'296.4 2'153.2 2'296.4 1'925.6 2'170.0 425.9 459.4

4.10x 11.13x 14.69x 4.93x 5.98x 4.93x 5.98x 8.04x 7.13x 7.98x 7.62x

1'017.9 111.9 457.6 1'042.3 1'111.6 1'042.3 1'111.6 1'120.5 1'259.6 242.4 272.0

10.29x 157.70x 46.62x 13.10x 14.49x 13.10x 14.49x 15.79x 14.04x 15.92x 15.08x











EBITDA Margin 13.5%



Asset Turnover 0.95







Fiscal Year Ended

PACCAR IncPrice/Volume

Valuation Analysis

400'022.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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. 2 9

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013









FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 5'994'403 1.7 5'994'403 31.12.2012 Investment Advisor


HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 4'668'942 1.32 (2'196'600) 31.12.2012 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'228'702 1.2 (651'306) 31.12.2012 Investment Advisor



PIGOTT MARK CHARLES n/a Form 4 3'314'022 0.94 295 05.03.2013 n/a




US BANCORP US BANCORP 13F 2'470'981 0.7 3'453 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'286'146 0.65 29'627 31.12.2012 Investment Advisor


Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 44 12 month 26.03.2013

Robert W. Baird & Co DAVID LEIKER neutral 3 M 41 12 month 25.03.2013

Wolfe Trahan & Co TIMOTHY J DENOYER underperform 1 M 36 12 month 25.03.2013

BMO Capital Markets JOEL G TISS outperform 5 M 57 Not Provided 22.03.2013

Jefferies STEPHEN VOLKMANN buy 5 M 55 12 month 22.03.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN neutral 3 M #N/A N/A Not Provided 22.03.2013

Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 22.03.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 55 12 month 20.03.2013

Northcoast Research BRIAN M RAYLE buy 5 M 55 12 month 19.03.2013

D.A. Davidson & Co JB GROH buy 5 M 65 18 month 18.03.2013


RBC Capital Markets SETH R WEBER sector perform 3 M 50 12 month 04.03.2013

BB&T Capital Markets A RHEM WOOD JR hold 3 M #N/A N/A Not Provided 04.02.2013

Deutsche Bank PATRICK NOLAN hold 3 M 50 12 month 01.02.2013

Barclays ANDY KAPLOWITZ equalweight 3 M 44 Not Provided 01.02.2013

Credit Suisse JAMIE L COOK neutral 3 M 47 Not Provided 31.01.2013

JPMorgan ANN DUIGNAN neutral 3 M 47 9 month 31.01.2013


Goldman Sachs JERRY REVICH neutral/neutral 3 M 48 12 month 04.01.2013

McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M 60 12 month 26.10.2012

Holdings By:

PACCAR Inc ee


27.03.2013

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.


LTM as of: 11/yy

52-Week High (26.03.2013) 34.90

52-Week Low (21.05.2012) 29.13

Daily Volume

34.84





12'671.88 1 Yr Total Return 14.12%







PAYX UW EQUITY YTD Change - Average Volume 30 Day 769'279

PAYX UW EQUITY YTD % CHANGE - Average Volume 3 Month 807'219


31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

2'066.3 2'082.8 2'000.8 2'084.3 2'229.8 2'162.8 2'268.6 2'324.9 2'465.1 592.6 585.2

5.84x 4.50x 4.97x 5.39x 4.73x 19.59x 19.67x 5.35x 4.96x 21.35x 21.61x

908.9 891.0 811.2 875.1 951.7 924.8 972.1 998.3 1'059.3 243.2 233.0

13.27x 10.52x 12.26x 12.83x 11.09x 10.96x 11.86x 12.39x 11.68x 12.19x 11.98x

576.1 533.5 477.0 515.3 548.0 538.8 559.7 579.1 619.4 142.4 136.0

22.15x 18.47x 21.08x 22.75x 19.85x 19.56x 21.13x 21.86x 20.47x 21.27x 20.87x











EBITDA Margin 42.9%



Asset Turnover 0.43







Fiscal Year Ended

Paychex IncPrice/Volume

Valuation Analysis

640'078.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

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0.0

500.0

1'000.0

1'500.0

2'000.0

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

! !!

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27.03.2013


GOLISANO BLASE THOMA n/a Form 4 37'657'753 10.35 (21'975) 27.12.2012 n/a








WELLS FARGO n/a ULT-AGG 7'788'270 2.14 9'133 31.12.2012 Unclassified

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'532'589 1.8 (302'963) 31.12.2012 Corporation



PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 3'780'000 1.04 10'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'680'600 1.01 1'244'500 31.12.2012 Investment Advisor




MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'915'069 0.8 179'459 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 29 12 month 27.03.2013

RBC Capital Markets DANIEL R PERLIN sector perform 3 M 34 12 month 26.03.2013

Credit Agricole Securities (USA) CRAIG J MAURER sell 1 M 30 Not Provided 26.03.2013

Stifel DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 21.03.2013


Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 19.03.2013

BMO Capital Markets JEFFREY M SILBER market perform 3 M 34 Not Provided 18.03.2013

Goldman Sachs PAUL THOMAS neutral/neutral 3 M 36 12 month 18.03.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 33 12 month 15.03.2013


Jefferies JASON KUPFERBERG underperform 1 M 31 12 month 12.03.2013

Robert W. Baird & Co MARK S MARCON neutral 3 M 34 12 month 08.03.2013

William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 08.03.2013


JPMorgan TIEN-TSIN HUANG underweight 1 M 34 9 month 11.01.2013

Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 21.12.2012

Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 21.12.2012

Barclays GARY E BISBEE underweight 1 M 30 Not Provided 21.12.2012

Credit Suisse GEORGE MIHALOS neutral 3 M 35 Not Provided 20.12.2012

First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M 37 12 month 20.12.2012



S&P Capital IQ DYLAN CATHERS hold 3 M 35 12 month 20.09.2012


Holdings By:

Paychex Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (05.10.2012) 120.72

52-Week Low (08.05.2012) 96.53

Daily Volume

117.54





10'995.51 1 Yr Total Return 14.74%







PRGO UW EQUITY YTD Change - Average Volume 30 Day 178'548

PRGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 216'881


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

1'729.9 2'006.9 2'268.2 2'755.0 3'173.2 2'959.7 3'262.6 3'586.7 4'026.8 940.6 990.9

2.10x 1.56x 2.94x 3.10x 3.72x 12.24x 13.66x 3.28x 2.68x 12.19x 11.46x

269.2 332.4 438.5 594.2 713.3 629.1 774.3 898.5 1'035.1 237.8 250.6

13.50x 9.44x 15.19x 14.39x 16.53x 15.96x 13.59x 13.26x 11.51x 12.21x 11.83x

135.8 144.0 223.8 339.2 401.6 344.9 443.0 535.0 626.3 137.6 148.9

20.60x 14.86x 22.34x 23.52x 26.15x 24.02x 20.46x 20.69x 17.71x 19.07x 18.41x











EBITDA Margin 23.7%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Perrigo CoPrice/Volume

Valuation Analysis

149'557.00


!

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

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27.03.2013




ARKIN MOSHE n/a 13D 4'531'281 4.84 (463'579) 01.03.2012 n/a







RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 1'728'076 1.85 (13'319) 31.12.2012 Investment Advisor


MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'283'048 1.37 (107'000) 31.12.2012 Investment Advisor








AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 778'624 0.83 194'065 31.12.2012 Investment Advisor


Guggenheim Securities LLC LOUISE CHEN buy 5 M 130 12 month 22.03.2013

Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 125 12 month 21.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 133 Not Provided 20.03.2013

Buckingham Research Group DAVID G BUCK buy 5 M 145 12 month 18.03.2013

Canaccord Genuity Corp RANDALL STANICKY buy 5 M 128 12 month 18.03.2013

William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 08.03.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 108 9 month 19.02.2013

Deutsche Bank DAVID M STEINBERG hold 3 M 115 12 month 12.02.2013

CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 106 Not Provided 12.02.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 M 112 12 month 11.02.2013

Needham & Co ELLIOT WILBUR hold 3 M #N/A N/A Not Provided 11.02.2013

Stifel ANNABEL SAMIMY buy 5 M 125 12 month 11.02.2013


RBC Capital Markets SHIBANI MALHOTRA sector perform 3 M 111 12 month 01.02.2013


I.B.I. NATALI GOTLIEB reduce 2 M 89 Not Provided 09.05.2012

Holdings By:

Perrigo Co ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (10.04.2012) 774.29

52-Week Low (09.08.2012) 553.54

Daily Volume

694.59





34'639.82 1 Yr Total Return -4.70%







PCLN UW EQUITY YTD Change - Average Volume 30 Day 157'885

PCLN UW EQUITY YTD % CHANGE - Average Volume 3 Month 153'346


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'884.8 2'338.2 3'084.9 4'355.6 5'261.0 4'355.6 5'261.0 6'530.3 7'724.4 1'277.6 1'644.9

1.56x 4.00x 6.00x 4.90x 5.19x 20.66x 22.69x 4.78x 3.49x 24.92x 19.12x

332.5 510.0 837.3 1'452.7 1'894.9 1'452.7 1'894.9 2'477.4 2'995.5 339.7 616.1

8.86x 18.33x 22.09x 14.69x 14.42x 14.69x 14.42x 12.52x 10.36x 12.47x 12.08x

182.2 489.5 527.5 1'056.4 1'419.6 1'056.4 1'419.6 2'019.2 2'417.9 272.9 499.7

16.70x 30.68x 38.09x 22.94x 22.27x 22.92x 22.23x 17.92x 15.08x 17.95x 17.44x











EBITDA Margin 36.0%



Asset Turnover 1.00








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

priceline.com IncPrice/Volume

Valuation Analysis

92'577.00


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2 9

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- 2 9

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. 2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

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-2 !!

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27.03.2013









JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'174'200 2.35 (142) 31.12.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 988'269 1.98 286'848 31.12.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 976'991 1.96 (74'602) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 924'834 1.85 8'264 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 872'997 1.75 (117'033) 31.01.2013 Unclassified

MACQUARIE GROUP n/a ULT-AGG 862'631 1.73 31'140 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 839'300 1.68 - 31.12.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 773'065 1.55 (8'975) 31.01.2013 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 572'001 1.15 160'500 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 567'850 1.14 (10'002) 31.12.2012 Investment Advisor


Cantor Fitzgerald NAVED KHAN buy 5 M 800 12 month 22.03.2013

Evercore Partners KEN SENA overweight 5 M 850 12 month 21.03.2013

Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 20.03.2013


JMP Securities RONALD V JOSEY III market outperform 4 N 850 12 month 19.03.2013

Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.03.2013


Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 745 Not Provided 05.03.2013

Lazard Capital Markets JAKE FULLER buy 5 U 859 12 month 01.03.2013


Deutsche Bank ROSS SANDLER hold 3 M 745 12 month 27.02.2013

Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M 750 12 month 27.02.2013




Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 740 12 month 27.02.2013

Jefferies BRIAN P FITZGERALD buy 5 M 820 12 month 27.02.2013

Macquarie THOMAS WHITE outperform 5 M 820 12 month 27.02.2013

Stifel MICHAEL B PURCELL buy 5 M 860 12 month 27.02.2013









Millman Research Associates MICHAEL MILLMAN hold 3 M 785 12 month 26.02.2013


Holdings By:

priceline.com Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 68.87

52-Week Low (17.07.2012) 53.09

Daily Volume

66.35





113'997.91 1 Yr Total Return -1.69%







QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'008'237

QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'116'196


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 16'291.0 20'458.0 24'133.8 26'886.5 6'063.1 5'862.4

5.80x 5.46x 4.96x 4.32x 4.17x 16.85x 15.34x 3.70x 3.03x 14.82x 15.17x

4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'487.0 7'149.0 9'143.4 10'007.7 2'345.0 2'067.0

15.44x 15.60x 12.41x 10.62x 12.12x 10.96x 10.59x 9.38x 8.57x 9.38x 9.20x

3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 4'491.0 6'614.0 7'894.7 8'768.4 2'050.0 1'825.8

21.73x 43.40x 18.96x 16.71x 22.39x 18.65x 15.79x 14.72x 13.52x 14.78x 14.57x











EBITDA Margin 34.9%



Asset Turnover 0.50







Fiscal Year Ended

QUALCOMM IncPrice/Volume

Valuation Analysis

1'089'535.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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10'000.0

15'000.0

20'000.0

25'000.0

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

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27.03.2013













JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a





SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor




Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 26.03.2013







Evercore Partners MARK A MCKECHNIE overweight 5 M 85 12 month 18.03.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013


Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.03.2013



Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 13.03.2013



Societe Generale PETER KNOX hold 3 M 64 12 month 07.03.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.03.2013


Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 05.03.2013

Raymond James TAVIS C MCCOURT outperform 5 M 80 12 month 05.03.2013

Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013

S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 04.03.2013






JPMorgan ROD HALL neutral 3 D 70 9 month 12.02.2013


Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 71 Not Provided 04.02.2013


Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013






Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 Not Provided 31.01.2013


Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 30.01.2013

Holdings By:

QUALCOMM Inc ee


27.03.2013

Randgold Resources Ltd. provides mining services. The Company offers

acquisition, development, and exploration of gold and other precious metal in

Africa.


LTM as of: 12/yy

52-Week High (05.10.2012) 127.27

52-Week Low (15.05.2012) 72.93

Daily Volume

84.61





7'793.93 1 Yr Total Return -4.72%







GOLD UW EQUITY YTD Change - Average Volume 30 Day 172'289

GOLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 154'290


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'607.3 2'149.8 - -

9.01x 15.50x 14.79x 7.97x 6.59x 28.36x 26.72x 4.47x 3.05x - -

97.3 142.3 164.3 569.8 699.2 569.8 699.2 839.5 1'305.6 - -

31.34x 47.15x 43.62x 15.77x 12.43x 15.77x 12.43x 9.03x 5.81x - -

41.6 69.4 103.5 377.1 431.8 377.1 431.8 549.5 736.0 - -

78.87x 94.26x 72.03x 24.74x 20.57x 24.75x 20.57x 14.43x 10.31x 16.33x -











EBITDA Margin 53.1%



Asset Turnover 0.47





Accounts Receivable Turnover - Cash Conversion Cycle 138.94


Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

81'189.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

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5!

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. 9

1 9

3 9

5 9

- ! 9

- . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

.! !!

1! !!

3! !!

5! !!

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-.! !!

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27.03.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 26.03.2013 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'917'000 4.25 (633'099) 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 (47'000) 31.12.2012 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'196'861 1.3 (132'195) 31.12.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Unclassified

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 952'220 1.03 (175'960) 31.12.2012 Hedge Fund Manager

PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 850'000 0.92 - 31.01.2013 Unclassified


GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 533'200 0.58 164'900 31.12.2012 Investment Advisor

ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 (15'400) 31.12.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 321'000 0.35 (11'600) 31.12.2012 Unclassified


Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 109 12 month 14.03.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 110 Not Provided 25.02.2013

HSBC PATRICK CHIDLEY overweight 5 M 125 Not Provided 31.01.2013

Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 29.01.2013

Canaccord Genuity Corp TIM DUDLEY buy 5 M 145 12 month 17.12.2012

S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012

GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012

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

Holdings By:

Randgold Resources Ltd ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (29.11.2012) 188.93

52-Week Low (28.06.2012) 107.33

Daily Volume

169.83





16'545.40 1 Yr Total Return 46.17%







REGN UW EQUITY YTD Change - Average Volume 30 Day 193'540

REGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 217'256


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

238.5 379.3 459.1 445.8 1'378.5 445.8 1'378.5 1'881.2 2'291.6 423.4 457.1

4.39x 4.56x - 10.71x 11.98x 42.33x 38.30x 8.14x 6.23x - -

(75.0) (59.9) (77.8) (174.1) 494.7 (174.1) 494.7 758.0 1'156.0 168.0 189.7

- - - - 33.40x 0.00x 33.40x 21.66x 14.21x 20.59x -

(79.1) (67.8) (104.5) (221.8) 750.3 (221.8) 750.3 618.6 875.7 145.1 158.3

- - - - 25.34x 0.00x 25.88x 33.39x 25.00x 29.39x -











EBITDA Margin 35.9%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Regeneron Pharmaceuticals IncPrice/Volume

Valuation Analysis

74'282.00


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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

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27.03.2013


SANOFI AVENTIS n/a Form 4 15'816'953 16.58 1'017'401 13.10.2010 Corporation






SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 3'223'869 3.38 (610'504) 31.12.2012 Investment Advisor





YANCOPOULOS GEORGE D n/a Form 4 1'122'864 1.18 50'846 19.12.2012 n/a


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 828'000 0.87 22'000 31.12.2012 Mutual Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 803'814 0.84 (153'262) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 795'113 0.83 (5'936) 31.12.2012 Investment Advisor

PINNACLE ASSOCIATES PINNACLE ASSOCIATES 13F 766'916 0.8 (154'017) 31.12.2012 Investment Advisor



GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 599'800 0.63 9'100 31.12.2012 Investment Advisor


Credit Suisse JASON KANTOR outperform 5 M 187 Not Provided 19.03.2013

Jefferies BIREN AMIN hold 3 M 179 12 month 19.03.2013

Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 03.03.2013

RBC Capital Markets ADNAN BUTT outperform 5 M 190 12 month 28.02.2013

Barclays YING HUANG overweight 5 N 194 Not Provided 28.02.2013

Roth Capital Partners JOSEPH PANTGINIS buy 5 M 200 12 month 19.02.2013

Leerink Swann & Co JOSEPH P SCHWARTZ outperform 5 M #N/A N/A Not Provided 19.02.2013





Brean Murray Carret & Co JONATHAN M ASCHOFF hold 3 M #N/A N/A Not Provided 14.02.2013


Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 14.02.2013

Piper Jaffray EDWARD A TENTHOFF neutral 3 M 140 12 month 14.02.2013


Holdings By:

Regeneron Pharmaceuticals Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (20.08.2012) 70.82

52-Week Low (27.12.2012) 52.02

Daily Volume

59.43





13'216.08 1 Yr Total Return 1.70%







ROST UW EQUITY YTD Change - Average Volume 30 Day 780'176

ROST UW EQUITY YTD % CHANGE - Average Volume 3 Month 762'241


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

6'486.1 7'184.2 7'866.1 8'608.3 9'721.1 8'608.3 9'721.1 10'266.2 10'979.2 2'513.9 2'505.0

0.55x 0.70x 0.90x 1.29x - 4.32x 4.22x 1.24x 1.17x 5.08x 5.09x

637.0 885.2 1'067.3 1'223.4 1'457.2 1'223.4 1'457.2 1'578.2 1'718.9 423.9 381.6

5.61x 5.68x 6.60x 9.07x - 9.07x 0.00x 8.06x 7.40x 8.01x 7.75x

305.4 442.8 554.8 657.2 786.8 657.2 786.8 834.3 909.0 227.1 199.7

12.63x 12.97x 14.14x 17.86x 16.84x 17.86x 16.84x 15.44x 13.73x 15.45x 14.92x



Operating Margin 13.08% Long-Term Outlook POS








EBITDA Margin 15.0%



Asset Turnover 2.79







Fiscal Year Ended

Ross Stores IncPrice/Volume

Valuation Analysis

581'610.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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27.03.2013















ORBAN GEORGE P n/a Form 4 2'756'802 1.24 16'000 28.12.2012 n/a





AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 1'937'709 0.87 (10'813) 31.12.2012 Hedge Fund Manager



ISI Group OMAR SAAD buy 5 M 70 12 month 24.03.2013

Morgan Stanley KIMBERLY GREENBERGER Equalwt/Cautious 3 M #N/A N/A Not Provided 22.03.2013

RBC Capital Markets HOWARD TUBIN sector perform 3 M 67 12 month 22.03.2013


Johnson Rice & Co DAVID M MANN overweight 5 M #N/A N/A Not Provided 22.03.2013

FBR Capital Markets DUTCH FOX outperform 5 M 69 12 month 22.03.2013

Buckingham Research Group DAVID J GLICK neutral 3 M 60 12 month 22.03.2013

Sterne, Agee & Leach IKE BORUCHOW neutral 3 M 60 12 month 22.03.2013

Avondale Partners LLC MARK K MONTAGNA market outperform 4 M 66 12 month 22.03.2013

Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN market perform 3 M #N/A N/A Not Provided 22.03.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 68 12 month 22.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 64 12 month 22.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 68 Not Provided 21.03.2013

Jefferies RANDAL J KONIK hold 3 M 55 12 month 21.03.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 65 12 month 21.03.2013

Piper Jaffray ALEX J FUHRMAN overweight 5 M 71 12 month 21.03.2013

Northcoast Research JEFFERY STEIN buy 5 M 65 12 month 21.03.2013

CL King & Associates MORRY BROWN buy 5 M 70 12 month 20.03.2013

S&P Capital IQ JASON ASAEDA buy 5 M 64 Not Provided 15.03.2013

BMO Capital Markets JOHN D MORRIS market perform 3 M 58 Not Provided 14.03.2013

Deutsche Bank MICHAEL BAKER buy 5 U 66 12 month 09.01.2013

JPMorgan BRIAN J TUNICK neutral 3 M 60 9 month 03.12.2012

Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 70 18 month 16.11.2012

Holdings By:

Ross Stores Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (22.03.2013) 56.48

52-Week Low (01.06.2012) 31.00

Daily Volume

55.27





13'366.90 1 Yr Total Return 10.28%



Minority Interest (4.3) Analyst Recs 36




SNDK UW EQUITY YTD Change - Average Volume 30 Day 964'750

SNDK UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'413


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'351.4 3'566.8 4'826.8 5'662.1 5'052.5 5'662.1 5'052.5 5'607.5 6'170.0 1'292.9 1'333.2

0.15x 1.30x 1.69x 1.40x 1.24x 4.90x 5.24x 2.10x 1.81x 8.98x 8.66x

(610.0) 750.1 1'688.4 1'807.0 1'113.3 1'807.0 1'113.3 1'610.6 1'834.9 317.2 348.2

- 6.16x 4.83x 4.38x 5.65x 4.38x 5.65x 5.80x 5.09x 5.92x 5.71x

(1'986.6) 415.3 1'300.1 987.0 417.4 987.0 417.4 903.9 1'031.2 182.4 197.8

- 16.19x 9.17x 12.36x 25.11x 12.18x 25.25x 14.61x 13.10x 14.62x 14.15x











EBITDA Margin 22.0%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SanDisk CorpPrice/Volume

Valuation Analysis

506'902.00


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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

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27.03.2013





CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'649'095 4.4 173'278 31.12.2012 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 5'720'676 2.37 - 31.12.2012 Investment Advisor



EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 4'511'060 1.87 (177'894) 31.12.2012 Investment Advisor



KENSICO CAPITAL MANA KENSICO CAPITAL MANA 13F 4'244'000 1.75 1'084'200 31.12.2012 Hedge Fund Manager

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 3'585'900 1.48 2'131'900 31.12.2012 Hedge Fund Manager



HARARI ELI n/a Form 5 3'283'017 1.36 - 02.01.2011 n/a

NORGES BANK NORGES BANK 13F 2'897'220 1.2 (3'685'038) 31.12.2012 Government



Credit Agricole Securities (USA) RYAN GOODMAN underperform 1 M 58 Not Provided 27.03.2013



Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 70 12 month 24.03.2013

Pacific Crest Securities MONIKA GARG outperform 5 M 56 12 month 22.03.2013



Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 65 12 month 21.03.2013


Raymond James HANS C MOSESMANN outperform 5 M 62 12 month 18.03.2013




Macquarie DEEPON NAG outperform 5 N 65 12 month 14.03.2013


Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 58 6 month 13.03.2013


Cross Research STEVEN B FOX buy 5 M 60 12 month 27.02.2013



Needham & Co RAJVINDRA S. GILL buy 5 M 60 12 month 04.02.2013


Nomura SIDNEY HO buy 5 M 55 12 month 31.01.2013

Deutsche Bank BOB GUJAVARTY hold 3 M 45 12 month 24.01.2013


Jefferies SUNDEEP BAJIKAR buy 5 M 59 12 month 24.01.2013

S&P Capital IQ ANGELO ZINO buy 5 D 58 12 month 24.01.2013

Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 24.01.2013




BOE Securities BINDAL PARIKH TOTLANI buy 5 M 46 12 month 01.08.2012

Holdings By:

SanDisk Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (06.03.2013) 74.00

52-Week Low (18.05.2012) 49.37

Daily Volume

71.82





9'117.87 1 Yr Total Return 41.66%







SBAC UW EQUITY YTD Change - Average Volume 30 Day 593'632

SBAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 529'956


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

475.0 555.5 626.6 698.2 954.1 698.2 954.1 1'221.8 1'310.2 301.8 301.8

8.91x 11.38x 11.93x 11.49x 14.82x 42.53x 47.67x 11.72x 11.11x 47.64x 47.97x

258.1 322.2 369.0 432.4 602.4 432.4 602.4 761.6 837.5 184.9 188.5

16.40x 19.62x 20.25x 18.56x 23.47x 18.56x 23.47x 18.71x 17.01x 18.70x 18.33x

(67.2) (140.9) (194.7) (126.5) (181.0) (126.5) (181.0) (125.6) (53.6) (32.2) (34.4)

- - - - - 0.00x 0.00x - - - -


EBIT 193.96 Long-Term Rating B+









EBITDA Margin 63.1%



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SBA Communications CorpPrice/Volume

Valuation Analysis

225'922.00


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200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

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27.03.2013







TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 5'682'550 4.48 (617'000) 31.12.2012 Investment Advisor



COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'427'000 3.49 (30'000) 31.12.2012 Investment Advisor









POINTSTATE CAPITAL POINTSTATE CAPITAL L 13F 2'522'500 1.99 1'373'100 31.12.2012 Hedge Fund Manager




Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 15.03.2013

Macquarie KEVIN SMITHEN neutral 3 M 77 12 month 13.03.2013

Stifel BEN LOWE buy 5 M 83 12 month 13.03.2013

Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 83 12 month 12.03.2013

Pacific Crest Securities MICHAEL BOWEN outperform 5 M 98 12 month 07.03.2013


RBC Capital Markets JONATHAN ATKIN top pick 5 M 85 12 month 01.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 83 12 month 26.02.2013

Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 77 12 month 24.02.2013


JPMorgan PHILIP CUSICK overweight 5 M 80 9 month 22.02.2013

Raymond James RICHARD H PRENTISS JR strong buy 5 M 81 12 month 22.02.2013


Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 73 12 month 22.02.2013

New Street Research JONATHAN CHAPLIN buy 5 M 75 Not Provided 21.02.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 78 12 month 22.01.2013

Deutsche Bank BRETT FELDMAN buy 5 M 85 12 month 15.01.2013


S&P Capital IQ JAMES G MOORMAN buy 5 M 84 12 month 02.01.2013

Holdings By:

SBA Communications Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (23.01.2013) 37.94

52-Week Low (01.06.2012) 21.62

Daily Volume

35.88





12'875.94 1 Yr Total Return 36.81%







STX UW EQUITY YTD Change - Average Volume 30 Day 1'427'760

STX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'921'287


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

12'708.0 9'805.0 11'395.0 10'971.0 14'939.0 11'560.0 16'332.0 14'137.3 13'697.0 3'386.7 3'357.1

0.81x 0.63x 0.54x 0.67x 0.71x 2.36x 2.89x 0.97x 0.95x 3.76x 3.74x

2'308.0 796.0 2'643.0 1'578.0 3'926.0 1'968.0 4'319.0 3'100.1 2'935.5 704.3 696.3

4.48x 7.82x 2.34x 4.63x 2.68x 4.23x 2.70x 4.46x 4.71x 4.59x 4.48x

1'262.0 (3'125.0) 1'609.0 511.0 2'862.0 915.0 3'233.0 1'976.6 1'821.5 425.9 429.7

7.46x - 4.12x 14.10x 3.80x 7.42x 3.96x 6.91x 6.64x 7.06x 6.79x


EBIT 3'112.00 Long-Term Rating BB+









EBITDA Margin 26.4%



Asset Turnover 1.82







Fiscal Year Ended

Seagate Technology PLCPrice/Volume

Valuation Analysis

2'574'079.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

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27.03.2013


SAMSUNG ELECTRONICS n/a Form 3 45'239'490 12.61 - 27.01.2012 Corporation


LEGG MASON INC n/a RNS-MAJ 23'472'945 6.54 - 22.11.2010 Investment Advisor





ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 10'436'769 2.91 (11'717) 31.12.2012 Investment Advisor



GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 8'370'896 2.33 (8'217'244) 31.12.2012 Hedge Fund Manager


FIRST TRUST n/a ULT-AGG 6'463'432 1.8 (1'143) 31.12.2012 Investment Advisor


ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'381'133 1.5 (866'533) 31.12.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'189'394 1.17 3'049'571 31.12.2012 Investment Advisor



BARCLAYS PLC n/a ULT-AGG 3'325'324 0.93 2'707'096 31.12.2012 Investment Advisor




Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013




Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 36 Not Provided 13.03.2013


Lazard Capital Markets EDWARD PARKER buy 5 M 42 12 month 11.02.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 06.02.2013

Barclays BENJAMIN A REITZES underweight 1 D 29 Not Provided 31.01.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013

Deutsche Bank SHERRI SCRIBNER hold 3 M 40 12 month 29.01.2013




JPMorgan MARK A MOSKOWITZ underweight 1 M 20 9 month 29.01.2013

Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 29.01.2013


Evercore Partners ROBERT CIHRA equalweight 3 D 36 12 month 29.01.2013

Noble Financial Group MARK S MILLER hold 3 M 25 Not Provided 29.01.2013

S&P Capital IQ ANGELO ZINO sell 1 M 31 Not Provided 29.01.2013

Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 40 12 month 29.01.2013

Cross Research STEVEN B FOX hold 3 M 39 12 month 29.01.2013


FBN Securities SHEBLY SEYRAFI sector perform 3 D 40 12 month 29.01.2013



Holdings By:

Seagate Technology PLC ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (06.11.2012) 68.74

52-Week Low (28.12.2012) 38.40

Daily Volume

50.89





5'413.99 1 Yr Total Return -22.97%







SHLD UW EQUITY YTD Change - Average Volume 30 Day 228'157

SHLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 277'303


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

46'770.0 44'043.0 42'664.0 41'567.0 39'854.0 41'567.0 39'854.0 36'896.3 36'739.0 8'156.0 8'477.0

0.21x 0.27x 0.24x 0.18x 0.20x 1.01x 0.88x 0.22x 0.22x - -

1'592.0 1'664.0 1'239.0 (63.0) (146.0) (63.0) (146.0) 605.0 678.0 - -

6.28x 7.14x 8.26x - - 0.00x 0.00x 13.79x 12.30x - -

53.0 235.0 133.0 (3'140.0) (930.0) (3'140.0) (930.0) (285.5) (235.5) - -

24.21x 83.42x 68.54x - - 0.00x 0.00x - - - -

EBITDA -146.00 Long-Term Rating Date 05.01.2012

EBIT -976.00 Long-Term Rating CCC+

Operating Margin -2.45% Long-Term Outlook STABLE




Return on Capital - EBITDA/Interest Exp. -0.55


Net Debt/EBITDA -

Gross Margin 26.4% Total Debt/EBITDA -21.37

EBITDA Margin -0.4%

EBIT Margin -2.4% Total Debt/Equity 113.2%


Asset Turnover 1.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sears Holdings CorpPrice/Volume

Valuation Analysis

128'265.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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27.03.2013


RBS PARTNERS L P RBS PARTNERS L P 13F 36'334'181 34.15 (5'939'961) 31.12.2012 Hedge Fund Manager

RBS PARTNERS L P n/a 13D 33'856'069 31.82 (2'478'112) 20.03.2013 Hedge Fund Manager

LAMPERT EDWARD S n/a 13D 25'041'046 23.54 - 20.03.2013 n/a

FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 18'146'573 17.06 1'212'493 31.12.2012 Investment Advisor

TISCH THOMAS J n/a PROXY 3'869'816 3.64 (58'140) 10.02.2012 n/a

HORIZON KINETICS n/a ULT-AGG 3'047'600 2.86 (84'798) 31.12.2012 Investment Advisor





FINE CAPITAL PARTNER FINE CAPITAL PARTNER 13F 1'106'100 1.04 406'900 31.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 948'073 0.89 (10'500) 31.12.2012 Investment Advisor

OLD WEST INVESTMENT OLD WEST INVESTMENT 13F 905'445 0.85 905'445 31.12.2012 Investment Advisor

CHOU ASSOCIATES MANA CHOU ASSOCIATES MANA 13F 683'700 0.64 - 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 344'220 0.32 (54'262) 31.12.2012 Government

SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 325'000 0.31 125'000 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 323'511 0.3 (241'439) 31.12.2012 Investment Advisor

UOB GLOBAL STRATEGIE Multiple Portfolios MF-AGG 306'600 0.29 3'400 28.02.2013 Mutual Fund Manager

BARCLAYS PLC n/a ULT-AGG 300'019 0.28 16'219 31.12.2012 Investment Advisor

AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 300'000 0.28 - 31.12.2012 Hedge Fund Manager


ISI Group GREGORY MELICH sell 1 M 22 12 month 24.03.2013

Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 05.03.2013

Credit Suisse GARY BALTER underperform 1 M 20 Not Provided 04.03.2013


Longbow Research DAVID S MACGREGOR not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013

S&P Capital IQ JASON ASAEDA hold 3 M 44 Not Provided 08.01.2013

Imperial Capital LLC MARY ROSS-GILBERT underperform 1 M #N/A N/A Not Provided 02.05.2012

Holdings By:

Sears Holdings Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.03.2013) 79.32

52-Week Low (25.07.2012) 66.52

Daily Volume

76.58












SIAL UW EQUITY YTD Change - Average Volume 30 Day 216'868

SIAL UW EQUITY YTD % CHANGE - Average Volume 3 Month 201'204


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'200.7 2'147.6 2'271.0 2'505.0 2'623.0 2'505.0 2'623.0 2'712.2 2'839.9 673.2 683.7

2.56x 2.96x 3.56x 2.96x 3.35x 12.45x 13.58x 3.30x 3.00x 13.54x 13.27x

602.4 601.2 675.0 761.0 809.0 761.0 809.0 833.2 885.3 199.2 206.1

9.35x 10.57x 11.99x 9.74x 10.86x 9.74x 10.86x 11.02x 10.37x 11.16x 10.95x

341.5 346.7 384.0 457.0 460.0 457.0 460.0 499.2 533.4 121.8 125.8

15.94x 17.74x 21.33x 16.61x 19.11x 16.61x 19.01x 18.51x 17.31x 18.52x 18.23x


EBIT 673.00 Long-Term Rating A+









EBITDA Margin 30.8%



Asset Turnover 0.74







Fiscal Year Ended

Sigma-Aldrich CorpPrice/Volume

Valuation Analysis

258'702.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

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27.03.2013





STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'628'173 5.5 - 30.09.2012 Insurance Company





STATE FARM INSURANCE Multiple Portfolios MF-AGG 3'251'389 2.7 - 31.12.2012 Investment Advisor



WELLS FARGO n/a ULT-AGG 2'675'280 2.22 (10'687) 31.12.2012 Unclassified





MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'173'300 0.97 38'300 31.12.2012 Investment Advisor


FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 1'138'832 0.95 (26'160) 31.12.2012 Investment Advisor

CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'136'232 0.94 9'630 31.12.2012 Hedge Fund Manager


First Analysis Corp TRACY MARSHBANKS equalweight 3 M #N/A N/A Not Provided 26.03.2013

Longbow Research DMITRY SILVERSTEYN neutral 3 M #N/A N/A Not Provided 26.03.2013

KeyBanc Capital Markets MICHAEL J SISON buy 5 M 86 12 month 25.03.2013

Wells Fargo Securities, LLC TIM EVANS market perform 3 M #N/A N/A Not Provided 25.03.2013

Jefferies JON WOOD hold 3 M 67 12 month 22.03.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 85 12 month 22.03.2013

Macquarie JONATHAN P GROBERG neutral 3 M 76 12 month 22.03.2013

JPMorgan TYCHO W PETERSON neutral 3 M 74 9 month 21.03.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 21.03.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 70 12 month 21.03.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 14.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 01.03.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 M 89 Not Provided 07.02.2013

Goldman Sachs ISAAC RO neutral/neutral 3 M 72 12 month 16.01.2013

Holdings By:

Sigma-Aldrich Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (01.02.2013) 3.25

52-Week Low (17.05.2012) 1.75

Daily Volume

3.085





20'234.47 1 Yr Total Return 39.48%







SIRI UW EQUITY YTD Change - Average Volume 30 Day 8'801'510

SIRI UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'508'776


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'664.0 2'472.6 2'817.0 3'014.5 3'402.0 3'014.5 3'402.0 3'811.3 4'176.9 910.0 940.0

1.97x 2.03x 3.21x 3.01x 5.03x 12.53x 15.43x 6.06x 5.80x 24.47x 23.65x

(57.5) 567.8 800.1 941.2 1'135.5 941.2 1'135.5 1'160.8 1'418.9 256.6 273.7

- 8.85x 11.30x 9.64x 15.08x 9.64x 15.08x 19.08x 15.61x 19.56x 18.18x

(5'313.3) (342.8) 43.1 427.0 3'472.7 427.0 3'472.7 606.3 746.1 151.7 166.5

- - 54.34x 26.00x 32.11x 26.00x 5.35x 31.16x 23.73x 30.54x 31.80x











EBITDA Margin 33.4%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sirius XM Radio IncPrice/Volume

Valuation Analysis

4'587'365.00


!

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

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27.03.2013


LIBERTY RADIO LLC #N/A N/A Form 4 3'292'800'312 50.2 1'293'509'076 18.01.2013 Corporation






OMEGA ADVISORS OMEGA ADVISORS INC 13F 71'479'203 1.09 7'546'900 31.12.2012 Hedge Fund Manager

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 69'783'900 1.06 (61'592'700) 31.12.2012 Hedge Fund Manager

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 68'693'100 1.05 - 31.01.2013 Investment Advisor



COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 45'794'813 0.7 (4'437'368) 31.12.2012 Hedge Fund Manager

ALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 45'224'130 0.69 17'004'984 31.12.2012 Investment Advisor

BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 43'300'000 0.66 (35'500'000) 31.12.2012 Hedge Fund Manager

SLATE PATH CAPITAL L SLATE PATH CAPITAL L 13F 36'750'000 0.56 36'750'000 31.12.2012 Hedge Fund Manager

COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 32'879'946 0.5 30'945'906 31.12.2012 Hedge Fund Manager

SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 30'000'000 0.46 10'000'000 31.12.2012 Hedge Fund Manager



HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 25'068'700 0.38 (6'405'600) 31.12.2012 Investment Advisor




Piper Jaffray JAMES M MARSH JR overweight 5 M 3 12 month 27.02.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 3 18 month 26.02.2013

ISI Group VIJAY JAYANT buy 5 M 4 12 month 20.02.2013


Barrington Research JAMES C GOSS outperform 5 M 4 12 month 11.02.2013

Macquarie AMY YONG neutral 3 D 3 12 month 06.02.2013


Gabelli & Co BRETT HARRISS sell 1 M #N/A N/A Not Provided 06.02.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 3 12 month 05.02.2013

RBC Capital Markets DAVID BANK sector perform 3 M 3 12 month 05.02.2013



Goldman Sachs MATTHEW NIKNAM buy/attractive 5 N 4 12 month 17.12.2012


Holdings By:

Sirius XM Radio Inc ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (27.03.2012) 16.89

52-Week Low (28.08.2012) 10.57

Daily Volume

13.31





8'895.76 1 Yr Total Return -16.95%







SPLS UW EQUITY YTD Change - Average Volume 30 Day 3'398'408

SPLS UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'923'563


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

23'083.8 24'275.5 24'545.1 24'664.8 24'380.5 24'847.9 24'524.4 23'895.1 23'939.4 5'935.7 5'425.6

0.62x 0.76x 0.70x 0.48x 0.40x 2.11x 1.61x 0.37x 0.36x 1.63x 1.80x

2'094.4 2'019.0 2'130.1 2'115.8 2'015.4 2'106.6 2'000.0 1'917.0 1'936.9 418.3 322.4

6.82x 9.08x 8.09x 5.63x 4.81x 5.66x 4.85x 4.99x 4.93x 5.12x 5.00x

805.3 738.7 881.9 984.7 (210.7) 984.7 (210.7) 871.9 890.2 181.5 119.2

12.36x 20.76x 17.71x 11.44x 15.89x 11.69x 15.53x 10.03x 9.35x 9.94x 9.93x





Return on Assets -1.64% Short-Term Rating A-2






EBITDA Margin 8.2%



Asset Turnover 1.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Staples IncPrice/Volume

Valuation Analysis

1'165'910.00


!.135

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2 ! 9

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.! ! 9

.2 ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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27.03.2013




PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 39'176'664 5.86 (2'969'235) 31.12.2012 Hedge Fund Manager









HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 15'647'400 2.34 (5'699'100) 31.12.2012 Investment Advisor


INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 12'570'879 1.88 (539'530) 31.12.2012 Investment Advisor



FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 9'822'560 1.47 3'125'563 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 9'014'859 1.35 8'648'346 31.12.2012 Government

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 6'428'000 0.96 (128'903) 31.12.2012 Hedge Fund Manager

HAWKINS CAPITAL LP HAWKINS CAPITAL LP 13F 6'222'400 0.93 - 31.12.2012 Hedge Fund Manager


ISI Group GREGORY MELICH sell 1 M 12 12 month 24.03.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 17 12 month 18.03.2013




JPMorgan CHRISTOPHER HORVERS overweight 5 M 14 9 month 07.03.2013



Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 13 12 month 06.03.2013



KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 06.03.2013




S&P Capital IQ IAN GORDON buy 5 M 15 Not Provided 06.03.2013

Barclays ALAN M RIFKIN equalweight 3 M 13 Not Provided 06.03.2013


Deutsche Bank MICHAEL BAKER hold 3 D 11 12 month 15.08.2012

Holdings By:

Staples Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (16.04.2012) 62.00

52-Week Low (02.08.2012) 43.05

Daily Volume

56.97





42'687.62 1 Yr Total Return 3.42%







SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'521'363

SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'613'108


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'185.7 13'663.3 14'920.7 16'722.3 3'582.4 3'719.2

1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.81x 2.49x 11.60x 11.15x

1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'034.9 3'589.7 688.9 752.4

9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 13.45x 11.37x 12.81x 12.32x

315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'644.3 1'983.0 366.6 408.0

21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 26.33x 21.69x 24.73x 23.66x











EBITDA Margin 17.9%



Asset Turnover 1.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Starbucks CorpPrice/Volume

Valuation Analysis

379'981.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

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27.03.2013








SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a









BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 Investment Advisor






Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 25.03.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 25.03.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.03.2013

Jefferies ANDREW M BARISH buy 5 M 60 12 month 21.03.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013

Longbow Research ALTON K STUMP buy 5 M 65 12 month 19.03.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 17.03.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 15.03.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 11.03.2013

JPMorgan JOHN W IVANKOE overweight 5 M 62 9 month 08.03.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 61 12 month 04.03.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.02.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.02.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 Not Provided 10.02.2013

Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 29.01.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 65 12 month 25.01.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 62 12 month 25.01.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013

Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013

Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 56 Not Provided 25.01.2013

RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013

Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 24.01.2013

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013

Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 12.12.2012

S&P Capital IQ JIM YIN buy 5 M 58 Not Provided 14.11.2012

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 62 12 month 08.10.2012

Holdings By:

Starbucks Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 104.85

52-Week Low (18.05.2012) 81.18

Daily Volume

104.63





9'007.55 1 Yr Total Return 22.42%







SRCL UW EQUITY YTD Change - Average Volume 30 Day 182'820

SRCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 163'405


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'083.7 1'177.7 1'439.4 1'676.0 1'913.1 1'676.0 1'913.1 2'139.5 2'326.9 520.3 530.3

4.82x 4.80x 5.52x 4.77x 4.89x 20.13x 18.84x 4.70x 4.22x 19.74x 19.28x

308.9 365.2 424.6 490.4 545.1 510.2 556.3 644.6 718.1 155.7 158.9

16.91x 15.49x 18.70x 16.29x 17.17x 15.66x 16.83x 16.05x 14.41x 16.03x 15.63x

148.7 175.7 207.9 234.8 268.0 234.8 268.0 322.1 364.4 76.8 79.0

30.10x 25.90x 31.98x 27.53x 28.27x 27.44x 28.18x 28.31x 25.04x 28.32x 27.44x











EBITDA Margin 29.1%



Asset Turnover 0.57







Fiscal Year Ended

Stericycle IncPrice/Volume

Valuation Analysis

97'061.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1 9

2 9

3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

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27.03.2013





BLACKROCK n/a ULT-AGG 4'301'701 5 77'721 25.03.2013 Investment Advisor


BROWN ADVISORY INC n/a ULT-AGG 3'807'649 4.42 (563'164) 31.12.2012 Investment Advisor





SCHULER JACK W n/a Form 5 1'284'891 1.49 (419'965) 31.12.2012 n/a

BNP PARIBAS INV PART n/a ULT-AGG 1'188'539 1.38 (265'898) 31.12.2012 Investment Advisor



RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 964'000 1.12 (54'400) 31.12.2012 Investment Advisor

MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 935'357 1.09 (8'350) 31.12.2012 Investment Advisor

IRONBRIDGE CAPITAL M IRONBRIDGE CAPITAL M 13F 920'001 1.07 (227'790) 31.12.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 847'832 0.98 93'050 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 825'400 0.96 50'821 31.12.2012 Unclassified


Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 115 12 month 25.03.2013

Robert W. Baird & Co DAVID J MANTHEY neutral 3 M 110 12 month 18.03.2013

Wedbush AL KASCHALK outperform 5 M 110 12 month 18.03.2013


Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M 79 12 month 18.03.2013

William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 15.03.2013

Goldman Sachs ISAAC RO Buy/Neutral 5 M 115 6 month 13.03.2013

Avondale Partners LLC RICHARD CLOSE market perform 3 M 92 18 month 12.03.2013

Barrington Research KEVIN M STEINKE outperform 5 M 110 12 month 08.02.2013

Barclays GARY E BISBEE equalweight 3 M 103 Not Provided 08.02.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013

Raymond James WILLIAM H FISHER outperform 5 M 103 12 month 07.02.2013

Stifel SHLOMO H ROSENBAUM buy 5 M 117 12 month 07.02.2013

Wunderlich Securities MICHAEL E HOFFMAN hold 3 M 85 18 month 04.02.2013


S&P Capital IQ STEWART SCHARF buy 5 M 105 Not Provided 08.11.2012

Holdings By:

Stericycle Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (08.03.2013) 24.90

52-Week Low (24.07.2012) 13.06

Daily Volume

24.57





16'933.37 1 Yr Total Return 32.24%







SYMC UW EQUITY YTD Change - Average Volume 30 Day 2'368'836

SYMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'244'524


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'874.4 6'150.0 5'985.0 6'190.0 6'730.0 6'722.0 6'839.0 6'885.5 7'004.8 1'727.1 1'698.6

2.38x 2.12x 2.04x 2.21x 1.85x 7.64x 6.52x 2.12x 1.91x 8.55x 8.79x

1'594.9 1'927.0 1'790.0 1'648.0 1'795.0 1'831.0 1'834.0 2'283.5 2'457.2 497.1 562.3

8.77x 6.76x 6.82x 8.31x 6.93x 6.09x 6.18x 6.90x 6.41x 6.88x 6.54x

463.9 (6'786.0) 714.0 597.0 1'172.0 781.0 1'136.0 1'210.2 1'332.9 266.9 306.4

22.13x - 19.96x 21.22x 15.58x 14.23x 14.65x 14.35x 12.76x 13.59x 12.82x











EBITDA Margin 26.8%



Asset Turnover 0.52







Fiscal Year Ended

Symantec CorpPrice/Volume

Valuation Analysis

2'021'781.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

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3 !!

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27.03.2013










AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 19'069'170 2.77 (1'292'719) 31.12.2012 Investment Advisor



DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'723'533 1.56 (2'297'195) 31.12.2012 Investment Advisor



AJO, LP AJO, LP 13F 8'659'900 1.26 (876'600) 31.12.2012 Investment Advisor



CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 7'995'572 1.16 (2'355'921) 31.12.2012 Investment Advisor

THIRD POINT LLC THIRD POINT LLC 13F 6'700'000 0.97 700'000 31.12.2012 Hedge Fund Manager

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'523'851 0.95 179'760 31.12.2012 Investment Advisor



Oppenheimer & Co SHAUL EYAL market perform 3 D #N/A N/A Not Provided 20.03.2013

RBC Capital Markets ROBERT P BREZA outperform 5 M 30 12 month 18.03.2013


Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 28 12 month 12.03.2013


Cross Research RICHARD T WILLIAMS buy 5 M 23 12 month 12.03.2013

B Riley & Company, Inc DANIEL CUMMINS buy 5 M 27 Not Provided 04.03.2013







JMP Securities PATRICK WALRAVENS market outperform 4 M 26 12 month 01.02.2013


Goldman Sachs GREG DUNHAM Sell/Neutral 1 M 17 12 month 24.01.2013

First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.01.2013

Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 23 12 month 24.01.2013

Stephens Inc JONATHAN B RUYKHAVER equalweight 3 M 19 12 month 24.01.2013

FBR Capital Markets DANIEL H IVES market perform 3 M 22 12 month 24.01.2013


Stifel TODD C WELLER hold 3 D #N/A N/A Not Provided 24.01.2013

Wunderlich Securities BRIAN S FREED hold 3 D 22 18 month 24.01.2013

Barclays RAIMO LENSCHOW overweight 5 M 25 Not Provided 24.01.2013

Topeka Capital Markets Inc FREDERICK D ZIEGEL hold 3 M 23 12 month 24.01.2013

Pacific Crest Securities ROB D OWENS sector perform 3 M #N/A N/A Not Provided 23.01.2013



GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 30.01.2009

Holdings By:

Symantec Corp ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (12.03.2013) 35.72

52-Week Low (17.07.2012) 26.06

Daily Volume

34.76





38'402.41 1 Yr Total Return 4.87%







TXN UW EQUITY YTD Change - Average Volume 30 Day 2'593'972

TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'963


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'736.0 12'825.0 12'172.7 12'982.7 2'855.4 3'040.6

1.38x 2.82x 2.50x 2.61x 2.80x 10.32x 11.26x 3.20x 3.00x 13.69x 12.84x

3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'434.0 3'988.0 3'586.7 4'202.7 719.1 888.4

4.61x 9.40x 6.56x 8.08x 9.02x 8.08x 9.02x 11.19x 9.55x 11.10x 10.42x

1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 2'237.0 1'759.0 1'907.8 2'381.2 344.9 456.7

9.82x 20.68x 12.70x 13.73x 16.17x 13.41x 17.26x 20.29x 16.13x 20.00x 18.40x











EBITDA Margin 31.1%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Texas Instruments IncPrice/Volume

Valuation Analysis

863'060.00


!

2

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-2

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.2

0!

02

1!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

2 ! 9

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-2 ! 9

.! ! 9

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

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1 !!

3 !!

5 !!

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27.03.2013








INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.41 122'698 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'078'508 2.36 (608'552) 31.12.2012 Investment Advisor






FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'143'612 1.1 2'472'433 31.12.2012 Hedge Fund Manager

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1.01 36'568 31.12.2012 Investment Advisor











Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 22.03.2013


Longbow Research JOANNE FEENEY underperform 1 M 27 12 month 20.03.2013


Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 18.03.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013



Sanford C. Bernstein & Co STACY A RASGON market perform 3 D 38 12 month 13.03.2013






FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 28 12 month 08.03.2013



Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 08.03.2013


Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 08.03.2013


Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 08.03.2013




SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 07.03.2013



Raymond James J STEVEN SMIGIE outperform 5 M 39 12 month 07.03.2013

Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 07.03.2013



Edward Jones WILLIAM C KREHER hold 3 D #N/A N/A Not Provided 06.03.2013



Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013

Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013


Holdings By:

Texas Instruments Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 61.62

52-Week Low (25.10.2012) 45.18

Daily Volume

61.38





11'227.20 1 Yr Total Return 30.90%







VRSK UW EQUITY YTD Change - Average Volume 30 Day 235'158

VRSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 241'396


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

893.6 1'027.1 1'138.3 1'331.8 1'534.3 1'331.8 1'534.3 1'725.4 1'883.7 404.1 419.6

- 5.81x 5.78x 5.63x 6.46x 20.85x 24.44x 7.14x 6.37x 30.94x 29.73x

375.4 373.2 508.5 588.6 695.8 588.6 695.8 783.5 863.1 181.4 184.5

- 15.99x 12.93x 12.74x 14.25x 12.74x 14.25x 16.07x 14.59x 16.10x 15.72x

158.2 126.6 242.6 282.8 329.1 282.8 329.1 389.3 438.3 88.5 90.3

- 25.02x 26.02x 24.77x 26.55x 24.77x 26.55x 26.12x 23.23x 26.14x 25.31x











EBITDA Margin 45.3%



Asset Turnover 0.79







Fiscal Year Ended

Verisk Analytics IncPrice/Volume

Valuation Analysis

155'575.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2!

3!

4!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

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2 !!

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27.03.2013


GREATBANC TRUST CO GREATBANC TRUST CO 13F 17'040'371 10.13 (516'368) 31.12.2012 Investment Advisor

GREATBANC TRUST CO n/a Research 17'040'371 10.13 - 31.12.2012 Investment Advisor









BAMCO INC BAMCO INC 13F 4'642'699 2.76 14'880 31.12.2012 Investment Advisor



INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 3'308'130 1.97 (106'343) 31.12.2012 Investment Advisor


GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 2'994'350 1.78 - 31.12.2012 Insurance Company


TCW GROUP INC TCW GROUP INCORPORAT 13F 2'382'710 1.42 198'967 31.12.2012 Investment Advisor


ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 2'294'945 1.36 (44'490) 31.12.2012 Hedge Fund Manager


Raymond James WAYNE JOHNSON outperform 5 M 62 12 month 26.03.2013

William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 21.03.2013

Barclays MANAV PATNAIK overweight 5 M 62 Not Provided 11.03.2013


Keefe, Bruyette & Woods WILLIAM CLARK outperform 5 M 63 12 month 07.03.2013


Wells Fargo Securities, LLC ERIC J BOYER outperform 5 M #N/A N/A Not Provided 07.03.2013

Macquarie KEVIN MCVEIGH neutral 3 M 64 12 month 01.03.2013

Morgan Stanley SUZANNE E STEIN Equalwt/In-Line 3 M 55 12 month 28.02.2013

Credit Suisse KELLY A FLYNN outperform 5 M 63 Not Provided 27.02.2013

SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 68 12 month 27.02.2013

JPMorgan ANDREW C STEINERMAN overweight 5 M 65 9 month 27.02.2013


Holdings By:

Verisk Analytics Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.05.2012) 66.10

52-Week Low (16.04.2012) 35.26

Daily Volume

54.34





11'856.37 1 Yr Total Return 32.70%







VRTX UW EQUITY YTD Change - Average Volume 30 Day 498'143

VRTX UW EQUITY YTD % CHANGE - Average Volume 3 Month 507'491


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

175.5 101.9 143.4 1'410.6 1'527.0 1'410.6 1'527.0 1'160.0 1'047.1 308.5 296.9

23.08x 72.99x 46.28x 4.65x 5.53x 25.64x 25.90x 10.30x 11.46x 36.48x 37.97x

(426.2) (562.7) (664.1) 256.7 42.4 256.7 42.4 (117.5) (230.7) (14.6) (20.8)

- - - 25.55x 199.38x 25.55x 199.38x - - - -

(459.9) (642.2) (754.6) 29.6 (107.0) 29.6 (107.0) (101.1) (203.3) (10.0) (17.3)

- - - 37.31x 62.54x 50.32x 135.16x - - - -











EBITDA Margin 2.8%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vertex Pharmaceuticals IncPrice/Volume

Valuation Analysis

394'139.00


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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

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27.03.2013
















LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 3'632'636 1.66 (281'322) 31.12.2012 Investment Advisor



WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'097'022 1.42 (57'718) 31.12.2012 Investment Advisor






JMP Securities LIISA A BAYKO market outperform 4 M 100 12 month 20.03.2013






Morgan Stanley DAVID FRIEDMAN Equalwt/In-Line 3 M 45 12 month 04.03.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 53 12 month 04.03.2013

William Blair & Co Y KATHERINE XU outperform 5 M 69 12 month 04.03.2013

Maxim Group LLC JASON KOLBERT buy 5 M 60 12 month 04.03.2013


Janney Montgomery Scott LLC KIMBERLY LEE buy 5 M 54 12 month 27.02.2013

Needham & Co ALAN CARR buy 5 M 65 12 month 27.02.2013


Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 27.02.2013

Piper Jaffray EDWARD A TENTHOFF neutral 3 M 57 12 month 27.02.2013

Summer Street Research Partners CAROL A WERTHER buy 5 M 56 12 month 27.02.2013


Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 26.02.2013

Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 14.02.2013

Goldman Sachs TERENCE FLYNN sell/attractive 1 M 38 12 month 13.12.2012


Holdings By:

Vertex Pharmaceuticals Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 63.99

52-Week Low (03.08.2012) 44.85

Daily Volume

61.34





30'441.84 1 Yr Total Return 31.44%







VIAB UW EQUITY YTD Change - Average Volume 30 Day 869'900

VIAB UW EQUITY YTD % CHANGE - Average Volume 3 Month 946'932


31.12.2008 31.12.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

14'625.0 13'619.0 - 14'914.0 13'887.0 15'038.0 13'249.0 13'796.3 14'411.7 3'200.6 3'590.6

1.30x 1.82x - 1.90x 2.49x 8.55x 10.00x 2.80x 2.73x 12.03x 10.78x

2'928.0 3'295.0 - 4'125.0 4'137.0 4'092.0 3'913.0 4'222.3 4'474.1 904.9 1'167.5

6.50x 7.52x - 6.88x 8.37x 7.78x 8.70x 9.08x 8.57x 8.74x 8.62x

1'251.0 1'611.0 - 2'136.0 1'981.0 1'738.0 2'239.0 2'315.1 2'460.9 476.0 651.5

8.01x 11.57x - 10.25x 12.73x 11.83x 12.56x 13.03x 11.40x 12.30x 11.93x











EBITDA Margin 29.5%



Asset Turnover 0.59







Fiscal Year Ended

Viacom IncPrice/Volume

Valuation Analysis

523'284.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1 ! 9

2 ! 9

3 ! 9

4 ! 9

5 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

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1 !!

3 !!

5 !!

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-. !!

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27.03.2013








INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'227'118 2.76 (394'750) 31.12.2012 Investment Advisor





BERKSHIRE HATHAWAY I n/a ULT-AGG 7'607'200 1.71 - 31.12.2012 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 7'477'711 1.68 7'477'711 31.12.2012 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 6'688'470 1.51 (1'049'307) 31.12.2012 Investment Advisor







Sanford C. Bernstein & Co TODD JUENGER underperform 1 M 58 12 month 25.03.2013

Nomura MICHAEL NATHANSON buy 5 M 66 12 month 25.03.2013





Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 64 12 month 07.03.2013

Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 04.03.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 68 Not Provided 04.03.2013




Wedbush JAMES G DIX neutral 3 D 63 12 month 07.02.2013

Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 05.02.2013

Evercore Partners ALAN GOULD equalweight 3 M 62 12 month 05.02.2013


Stifel DREW E CRUM buy 5 M 65 12 month 04.02.2013



Macquarie TIMOTHY W NOLLEN neutral 3 M 62 12 month 01.02.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 56 12 month 01.02.2013


Piper Jaffray JAMES M MARSH JR neutral 3 D 58 12 month 01.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 01.02.2013


Janney Montgomery Scott LLC TONY WIBLE buy 5 M 65 12 month 31.01.2013




Susquehanna Financial Group VASILY KARASYOV Positive 4 M 65 12 month 31.01.2013


JPMorgan ALEXIA S QUADRANI overweight 5 M 66 9 month 29.01.2013

Goldman Sachs DREW BORST buy/attractive 5 U 68 12 month 22.01.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 14.01.2011

Holdings By:

Viacom Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 48.18

52-Week Low (18.05.2012) 21.25

Daily Volume

48.11





12'958.01 1 Yr Total Return 97.85%







VMED UW EQUITY YTD Change - Average Volume 30 Day 1'254'359

VMED UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'523'579


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'776.8 3'663.9 3'875.8 3'991.8 4'100.5 3'991.8 4'100.5 4'255.4 4'389.1 1'053.0 1'068.0

1.88x 2.45x 2.88x 2.38x 2.88x 10.52x 10.33x 3.31x 3.19x - -

1'301.7 1'348.9 1'510.2 1'590.2 1'653.5 1'590.2 1'653.5 1'743.8 1'809.0 425.0 444.0

5.46x 6.67x 7.39x 5.98x 7.15x 5.98x 7.15x 8.19x 7.90x 8.02x -

(920.0) (357.8) (141.4) 75.9 2'852.6 75.9 2'852.6 408.3 498.3 38.5 118.0

- - - 29.33x 20.76x 29.97x 21.76x 20.67x 15.68x 22.21x -


EBIT 701.80 Long-Term Rating BB *-









EBITDA Margin 40.3%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Virgin Media IncPrice/Volume

Valuation Analysis

768'591.00


!

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1!

2!

3!

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

- !!

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1 !!

2 !!

3 !!

4 !!

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27.03.2013



ROYAL BANK OF CANADA n/a ULT-AGG 21'521'125 7.99 (8'373) 31.12.2012 Bank


COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 16'109'508 5.98 - 31.12.2012 Hedge Fund Manager

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 10'948'447 4.06 1'467'296 31.12.2012 Investment Advisor






TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 6'959'260 2.58 (2'051'750) 31.12.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 5'616'796 2.09 (649'743) 31.01.2013 Investment Advisor


GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 4'920'000 1.83 - 31.12.2012 Hedge Fund Manager


BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 4'600'000 1.71 4'600'000 31.12.2012 Hedge Fund Manager

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 4'093'694 1.52 3'629'865 31.12.2012 Hedge Fund Manager





Peel Hunt PATRICK YAU hold 3 M 46 Not Provided 25.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 45 12 month 13.03.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 49 Not Provided 08.03.2013

Berenberg Bank STUART GORDON hold 3 M 47 Not Provided 06.03.2013

Evercore Partners BRYAN KRAFT equalweight 3 D 47 12 month 12.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 D 50 12 month 07.02.2013

Macquarie GUY R PEDDY neutral 3 D 46 12 month 07.02.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 46 Not Provided 07.02.2013

New Street Research FRANK KNOWLES Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2013

Barclays MICHAEL BISHOP overweight 5 M 48 Not Provided 07.02.2013


Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 31 12 month 06.02.2013

Jefferies JEREMY A DELLIS hold 3 M 33 12 month 06.02.2013

Nomura HENRIK NYBLOM buy 5 M 40 12 month 06.02.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

Credit Suisse PAUL SIDNEY restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

HSBC ADAM M RUMLEY overweight 5 M 43 Not Provided 12.11.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 04.09.2012

Holdings By:

Virgin Media Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (08.08.2012) 30.07

52-Week Low (21.02.2013) 24.42

Daily Volume

28.64





140'115.19 1 Yr Total Return 8.99%





Enterprise Value -


VOD UW EQUITY YTD Change - Average Volume 30 Day 3'209'056

VOD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'548'405


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 46'525.0 44'447.0 45'079.4 45'316.5 - -

2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x - - - -

13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 0.0 0.0 13'309.2 13'290.1 - -

7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x - - - -

6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 0.0 0.0 8'142.2 8'548.0 - -

- - - - - 0.00x 0.00x 11.62x 11.15x - -





Return on Assets -1.22% Short-Term Rating A-2






EBITDA Margin 31.1%



Asset Turnover 0.32







Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

1'846'399.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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-2

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02

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

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-. ! 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! .!

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27.03.2013




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 29'093'934 0.59 (1'007'886) 31.12.2012 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'026'860 0.45 (229'054) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 18'034'949 0.37 (46'157) 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 16'309'108 0.33 678'457 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 15'077'867 0.31 999'300 31.12.2012 Investment Advisor




MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 9'732'151 0.2 345'250 31.01.2013 Investment Advisor


LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 9'441'183 0.19 (360'362) 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 9'168'053 0.19 66'747 31.12.2012 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 7'608'755 0.16 - 30.09.2012 Insurance Company

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 7'016'978 0.14 (1'620'266) 31.12.2012 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 7'012'239 0.14 (2'793'264) 31.12.2012 Investment Advisor


Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 33 12 month 26.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 21 12 month 14.03.2013


Robert W. Baird & Co WILLIAM V POWER outperform 5 M 30 12 month 13.03.2013

Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 07.02.2013

EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013

Holdings By:

Vodafone Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 50.89

52-Week Low (28.06.2012) 28.32

Daily Volume

48.66







Preferred Stock - Adjusted BETA -

Minority Interest - Analyst Recs 28




WDC UW EQUITY YTD Change - Average Volume 30 Day 716'869

WDC UW EQUITY YTD % CHANGE - Average Volume 3 Month 896'111


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

8'074.0 7'453.0 9'850.0 9'526.0 12'478.0 9'344.0 15'648.0 15'048.3 14'751.0 3'614.5 3'570.2

0.90x 0.62x 0.47x 0.56x 0.52x 1.87x 2.11x 0.62x 0.53x 2.65x 2.58x

1'419.0 1'106.0 2'035.0 1'383.0 2'890.0 1'549.0 3'716.0 3'326.3 3'131.2 757.0 764.0

5.11x 4.15x 2.28x 3.86x 2.24x 2.31x 2.23x 3.01x 3.20x 3.09x 3.01x

867.0 470.0 1'382.0 726.0 1'612.0 688.0 2'082.0 1'929.1 1'817.2 431.9 424.9

8.07x 11.06x 5.03x 11.17x 3.92x 7.64x 4.51x 6.11x 6.21x 6.37x 6.22x











EBITDA Margin 23.7%



Asset Turnover 1.44







Fiscal Year Ended

Western Digital CorpPrice/Volume

Valuation Analysis

1'120'354.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

2!

3!

d--. d--. M--. n--. j--. f--. N--. d--0 a--0 e--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013


HITACHI LTD n/a ULT-AGG 25'000'000 10.39 - 17.09.2012 Corporation




ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 8'852'610 3.68 1'070'249 31.12.2012 Investment Advisor

FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 6'662'900 2.77 (1'393'600) 31.12.2012 Investment Advisor

CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 6'319'955 2.63 1'584'764 31.12.2012 Investment Advisor



BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'620'895 1.92 (499'946) 31.12.2012 Investment Advisor


APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'448'194 1.43 101'212 31.12.2012 Investment Advisor

HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'125'852 1.3 188'163 31.12.2012 Investment Advisor


COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 3'063'188 1.27 3'003'257 31.12.2012 Bank


BRANDYWINE GLOBAL IN BRANDYWINE GLOBAL IN 13F 2'968'439 1.23 1'265'072 31.12.2012 Investment Advisor



AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 2'526'308 1.05 641'724 31.12.2012 Hedge Fund Manager


RBC Capital Markets AMIT DARYANANI outperform 5 N 55 12 month 26.03.2013


Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013




Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 51 Not Provided 13.03.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 54 12 month 12.03.2013

Cross Research STEVEN B FOX hold 3 M 49 12 month 12.03.2013




Deutsche Bank SHERRI SCRIBNER buy 5 M 60 12 month 24.01.2013



JPMorgan MARK A MOSKOWITZ neutral 3 M 40 9 month 24.01.2013

Needham & Co RICHARD J KUGELE strong buy 5 M 52 12 month 24.01.2013



Noble Financial Group MARK S MILLER buy 5 M 52 12 month 24.01.2013

Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 54 12 month 24.01.2013

Barclays BENJAMIN A REITZES equalweight 3 M 45 Not Provided 24.01.2013


Evercore Partners ROBERT CIHRA overweight 5 M 55 12 month 23.01.2013



S&P Capital IQ JIM YIN sell 1 M 27 Not Provided 30.11.2012

Holdings By:

Western Digital Corp ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (05.10.2012) 99.67

52-Week Low (05.04.2012) 79.38

Daily Volume

86.87





16'099.79 1 Yr Total Return 6.23%







WFM UW EQUITY YTD Change - Average Volume 30 Day 727'010

WFM UW EQUITY YTD % CHANGE - Average Volume 3 Month 604'046


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

7'953.9 8'031.6 9'005.8 10'107.8 11'698.8 10'495.1 12'163.9 13'059.2 14'930.6 3'028.7 3'101.3

0.48x 0.59x 0.71x 1.14x 1.44x 4.35x 5.23x 1.16x 1.00x 4.97x 4.85x

485.5 551.0 762.8 883.9 1'111.8 934.2 1'170.5 1'214.5 1'413.1 298.5 304.8

7.82x 8.65x 8.42x 13.08x 15.17x 13.34x 13.57x 12.51x 10.76x 11.93x 11.43x

114.5 146.8 245.8 342.6 465.6 372.2 493.2 540.5 647.8 137.4 138.2

21.96x 29.06x 23.02x 32.32x 35.94x 32.46x 31.77x 30.23x 25.54x 28.86x 27.60x











EBITDA Margin 9.6%



Asset Turnover 2.53







Fiscal Year Ended

Whole Foods Market IncPrice/Volume

Valuation Analysis

286'737.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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!. -! .!!6 !. !1 .!-! !. -! .!-! !. !1 .!-- !. -! .!-- !. !1 .!-. !. -! .!-.



27.03.2013


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'110'126 5.99 (59'264) 31.12.2012 Investment Advisor


















WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'540'444 0.83 (153'770) 31.12.2012 Investment Advisor



Piper Jaffray SEAN NAUGHTON neutral 3 D 89 12 month 25.03.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 112 12 month 25.03.2013

Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 110 12 month 20.03.2013

Raymond James BENJAMIN BROWNLOW market perform 3 N #N/A N/A Not Provided 19.03.2013

Longbow Research PHILIP TERPOLILLI neutral 3 M #N/A N/A Not Provided 19.03.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 105 12 month 18.03.2013

Edward Jones BRIAN YARBROUGH buy 5 U #N/A N/A Not Provided 12.03.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 110 12 month 06.03.2013


BMO Capital Markets KAREN SHORT outperform 5 M 105 Not Provided 19.02.2013

Cantor Fitzgerald AJAY JAIN buy 5 M 104 12 month 19.02.2013

CL King & Associates ERIC J LARSON neutral 3 M 88 12 month 19.02.2013

Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 103 12 month 18.02.2013

Deutsche Bank SHANE HIGGINS buy 5 M 100 12 month 15.02.2013

Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 15.02.2013


JPMorgan KENNETH GOLDMAN overweight 5 M 103 9 month 14.02.2013


Canaccord Genuity Corp SCOTT VAN WINKLE buy 5 M 112 12 month 14.02.2013

BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 14.02.2013

Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 105 12 month 14.02.2013

Cowen and Company PAUL L WESTRA outperform 5 M #N/A N/A Not Provided 14.02.2013

Barclays MEREDITH ADLER equalweight 3 M 88 Not Provided 14.02.2013


Credit Suisse EDWARD J KELLY neutral 3 M 90 Not Provided 13.02.2013

Williams Capital Group MARC RIDDICK market perform 3 M 99 12 month 13.02.2013

Wells Fargo Securities, LLC KATE WENDT outperform 5 M #N/A N/A Not Provided 13.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013

S&P Capital IQ JOSEPH AGNESE hold 3 D 99 12 month 08.11.2012

Gabelli & Co JUSTYN PUTNAM buy 5 N #N/A N/A Not Provided 28.11.2008

Holdings By:

Whole Foods Market Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.05.2012) 129.66

52-Week Low (26.07.2012) 84.49

Daily Volume

124.54





12'567.55 1 Yr Total Return 5.53%







WYNN UW EQUITY YTD Change - Average Volume 30 Day 353'823

WYNN UW EQUITY YTD % CHANGE - Average Volume 3 Month 398'978


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'987.3 3'045.6 4'184.7 5'269.8 5'154.3 5'269.8 5'154.3 5'388.8 5'665.5 1'364.5 1'349.0

2.64x 2.92x 3.61x 3.02x 3.06x 13.17x 12.59x 3.11x 3.01x 12.26x 12.37x

607.9 674.0 1'056.0 1'536.9 1'442.5 1'536.9 1'442.5 1'662.9 1'710.7 409.5 431.6

12.99x 13.18x 14.29x 10.36x 10.95x 10.36x 10.95x 10.23x 9.95x 10.17x 10.00x

210.5 20.7 160.1 613.4 502.0 613.4 502.0 611.4 675.6 153.5 158.8

16.84x 215.67x 48.75x 19.02x 21.55x 19.02x 21.35x 20.47x 18.52x 20.45x 20.10x


EBIT 1'069.25 Long-Term Rating BB+









EBITDA Margin 28.0%

EBIT Margin 20.7% Total Debt/Equity -


Asset Turnover 0.73




Tot Debt to Common Equity - Accounts Payable Turnover Day 18.98




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wynn Resorts LtdPrice/Volume

Valuation Analysis

371'666.00


!

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1!

3!

5!

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-1!

e--. M--. e--. d--. d--. M--. n--. j--. f--. N--. d--0 a--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013



WYNN STEPHEN A n/a PROXY 10'026'708 9.94 - 13.12.2012 n/a

WYNN ELAINE P n/a Form 4 9'659'355 9.57 (82'795) 04.02.2013 n/a







LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 2'552'192 2.53 63'898 31.12.2012 Investment Advisor


COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'469'017 1.46 - 31.01.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'374'520 1.36 179'320 31.12.2012 Investment Advisor

PACIFIC HEIGHTS ASSE PACIFIC HEIGHTS ASSE 13F 1'208'000 1.2 - 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'007'868 1 678'903 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 994'084 0.99 (12'807) 31.12.2012 Investment Advisor

SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 990'000 0.98 990'000 31.12.2012 Hedge Fund Manager

BAMCO INC BAMCO INC 13F 921'613 0.91 (87'840) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 798'333 0.79 17'786 31.12.2012 Investment Advisor



RBC Capital Markets JOHN KEMPF outperform 5 M 133 12 month 26.03.2013

Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 146 12 month 26.03.2013

Cantor Fitzgerald ROBERT A LAFLEUR buy 5 M 151 12 month 25.03.2013

Lazard Capital Markets JAKE FULLER buy 5 M 145 12 month 25.03.2013

ISI Group IAN WEISSMAN buy 5 M 144 12 month 24.03.2013

Wells Fargo Securities, LLC CAMERON MCKNIGHT outperform 5 M #N/A N/A Not Provided 21.03.2013

Stifel STEVEN M WIECZYNSKI hold 3 M #N/A N/A Not Provided 12.03.2013

Compass Point Research & Trading LLC MICHAEL TURNER neutral 3 M 119 12 month 04.03.2013

JPMorgan JOSEPH R GREFF overweight 5 M 148 9 month 01.03.2013

Janney Montgomery Scott LLC BRIAN MCGILL buy 5 M 175 12 month 19.02.2013

Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 131 Not Provided 10.02.2013

Morgan Stanley THOMAS ALLEN Equalwt/In-Line 3 M 127 12 month 04.02.2013

Deutsche Bank CARLO SANTARELLI buy 5 M 146 12 month 01.02.2013

Macquarie CHAD BEYNON neutral 3 M 119 12 month 01.02.2013

Sterne, Agee & Leach DAVID BAIN neutral 3 M 120 12 month 01.02.2013

Nomura HARRY C CURTIS buy 5 M 141 12 month 01.02.2013

S&P Capital IQ ESTHER KWON buy 5 M 140 Not Provided 01.02.2013

Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 01.02.2013

Craig-Hallum Capital Group LLC BRYAN MAHER buy 5 M 150 12 month 01.02.2013

Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 130 12 month 01.02.2013

Credit Agricole Securities (USA) JON OH outperform 5 M 132 Not Provided 01.02.2013

Barclays FELICIA R KANTOR HENDRIX overweight 5 M 139 Not Provided 01.02.2013

Credit Suisse JOEL H SIMKINS outperform 5 M 144 Not Provided 31.01.2013

Union Gaming Research BILL LERNER buy 5 U 150 12 month 31.01.2013

Goldman Sachs STEVEN KENT Buy/Neutral 5 M 159 12 month 17.01.2013


Imperial Capital LLC GREGG M KLEIN outperform 5 M 145 12 month 07.01.2013

Phillip Securities MAGDALENE CHOONG neutral 3 N #N/A N/A Not Provided 18.07.2012

Holdings By:

Wynn Resorts Ltd ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (19.02.2013) 39.43

52-Week Low (24.07.2012) 30.25

Daily Volume

38.2












XLNX UW EQUITY YTD Change - Average Volume 30 Day 992'947

XLNX UW EQUITY YTD % CHANGE - Average Volume 3 Month 915'216


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

1'841.4 1'825.2 1'833.6 2'369.4 2'240.7 2'269.6 2'195.5 2'169.5 2'305.0 529.6 556.0

3.38x 2.45x 3.30x 3.17x 3.84x 13.27x 15.02x 4.27x 3.87x 17.39x 16.48x

496.1 522.9 527.4 864.6 718.9 740.1 670.8 659.5 759.5 160.9 174.7

12.54x 8.56x 11.47x 8.69x 11.97x 10.22x 12.62x 13.99x 12.14x 12.94x 12.16x

374.0 361.7 357.5 641.9 530.1 567.7 479.3 484.4 550.5 123.8 127.5

17.90x 14.65x 19.91x 13.23x 18.33x 14.64x 19.62x 21.58x 19.13x 19.94x 19.02x


EBIT 646.54 Long-Term Rating BBB+u









EBITDA Margin 30.6%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Xilinx IncPrice/Volume

Valuation Analysis

454'757.00


!2

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. 2 9

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

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!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013











BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 5'991'619 2.29 1'087'094 31.12.2012 Investment Advisor




PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'488'960 1.72 (105'305) 31.12.2012 Investment Advisor





ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'289'997 1.26 (1'220'960) 31.12.2012 Hedge Fund Manager









Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 08.03.2013



SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 38 12 month 06.03.2013


Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 06.03.2013


Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 06.03.2013


Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 44 Not Provided 06.03.2013




Raymond James HANS C MOSESMANN outperform 5 M 42 12 month 05.03.2013

Mizuho Securities USA Inc RUBEN ROY neutral 3 M 39 12 month 05.03.2013








GARP Research SETH DADDS neutral 3 M #N/A N/A Not Provided 26.07.2012

Holdings By:

Xilinx Inc ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 23.88

52-Week Low (31.08.2012) 14.59

Daily Volume

23.58





25'968.54 1 Yr Total Return 52.82%







YHOO UW EQUITY YTD Change - Average Volume 30 Day 4'656'257

YHOO UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'735'922


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'208.5 6'460.3 6'324.7 4'984.2 4'986.6 4'984.2 4'986.6 4'601.0 4'766.6 1'098.6 1'116.2

1.77x 2.96x 2.88x 3.36x 3.26x 12.98x 11.61x 4.58x 4.18x 19.46x 19.30x

1'397.4 1'252.4 1'513.0 1'473.0 1'457.1 1'473.0 1'457.1 1'656.2 1'738.6 360.8 394.1

9.14x 15.29x 12.04x 11.37x 11.15x 11.37x 11.15x 12.10x 11.53x 11.90x 11.75x

418.9 598.0 1'231.7 1'048.8 3'945.5 1'048.8 3'945.5 1'281.0 1'391.5 282.3 307.1

20.00x 39.02x 21.05x 19.43x 17.61x 19.43x 17.01x 20.38x 18.38x 20.52x 19.92x











EBITDA Margin 29.2%



Asset Turnover 0.31







Fiscal Year Ended

Yahoo! IncPrice/Volume

Valuation Analysis

3'570'877.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2

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.2

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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27.03.2013


THIRD POINT LLC THIRD POINT LLC 13F 73'000'400 6.63 - 31.12.2012 Hedge Fund Manager

FILO DAVID n/a Form 4 71'361'390 6.48 (500'000) 27.08.2012 n/a

THIRD POINT LLC n/a Form 4 62'000'000 5.63 (11'000'400) 01.02.2013 Hedge Fund Manager




YANG JERRY n/a Form 4 46'610'564 4.23 800'000 25.11.2011 n/a







TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 14'000'000 1.27 (11'000'000) 31.12.2012 Hedge Fund Manager

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'830'883 1.26 (446) 31.12.2012 Investment Advisor


CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 10'725'954 0.97 2'010'559 31.12.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 9'997'715 0.91 2'847'197 31.12.2012 Hedge Fund Manager




Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 26.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 23 12 month 22.03.2013




Oppenheimer & Co JASON S HELFSTEIN outperform 5 U 27 12 month 20.03.2013

BGC Partners COLIN W GILLIS hold 3 D 21 12 month 20.03.2013


Raymond James AARON M KESSLER outperform 5 N 26 12 month 18.03.2013


Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 23 Not Provided 15.03.2013



Morgan Stanley JORDAN MONAHAN Equalwt/Attractive 3 M 23 12 month 05.03.2013

Piper Jaffray EUGENE E MUNSTER neutral 3 M 21 12 month 05.03.2013

Barclays ANTHONY J DICLEMENTE overweight 5 U 26 Not Provided 04.03.2013






Macquarie BENJAMIN A SCHACHTER neutral 3 M 23 12 month 30.01.2013


JPMorgan DOUGLAS ANMUTH neutral 3 M 22 9 month 29.01.2013

Jefferies BRIAN J PITZ hold 3 M 20 12 month 29.01.2013

William Blair & Co RALPH SCHACKART market perform 3 M #N/A N/A Not Provided 29.01.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 26 12 month 29.01.2013

Nomura BRIAN NOWAK neutral 3 M 18 12 month 29.01.2013


Credit Agricole Securities (USA) JAMES LEE underperform 1 M 21 Not Provided 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 29.01.2013

Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 28.01.2013


Deutsche Bank LLOYD WALMSLEY hold 3 M 15 12 month 27.11.2012

Holdings By:

Yahoo! Inc ee


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