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

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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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

ACTIVISION BLIZZARD INC USD 16627 1520 1112 0 0 0 4 12.25 4856 4856 4275 4667 1779 1779 189 189 1.02 1.01 0.85 1.04 14.83 14.83 17.59 14.41 2.12 - -0.50 51.86 36.64 NR 11.07.2008 - -

ADOBE SYSTEMS INC USD 22617 956 494 2 0 0 4 20.50 4404 4366 4118 4512 1477 1296 288 288 1.62 1.41 1.45 1.80 31.96 31.96 31.10 25.09 4.45 3.06 0.67 4.71 29.68 BBB+ 25.01.2010 Baa1 25.01.2010

AKAMAI TECHNOLOGIES INC USD 7679 1046 178 0 0 0 1 6.60 1374 1423 1540 1753 519 546 159 159 1.15 1.29 1.94 2.19 33.36 33.36 22.13 19.68 18.59 14.51 12.01 19.00 38.37 NR 12.11.2002 - -

ALEXION PHARMACEUTICALS INC USD 19259 506 195 0 0 0 1 18.39 1134 1228 1518 1895 424 424 149 149 1.34 1.50 2.95 3.27 65.97 65.97 33.47 30.17 44.76 49.97 61.86 - 37.38 - - - -

ALTERA CORP USD 10129 797 320 1 0 0 3 7.50 1783 1810 1754 2015 628 632 126 126 1.72 1.73 1.46 1.76 18.29 18.29 21.66 17.94 -13.63 8.51 -28.72 14.97 34.94 A- 04.11.2011 A2 01.05.2012

AMAZON.COM INC USD 113692 1808 454 4 0 0 11 109.49 61093 63978 74865 91384 2835 3066 993 993 -0.23 -0.56 3.13 5.30 - - 79.71 47.10 27.07 31.59 45.76 25.77 4.79 AA- 26.11.2012 Baa1 26.11.2012

AMGEN INC USD 80003 1375 756 27 0 0 24 82.62 17265 17455 17925 18375 6665 6665 1638 1638 6.00 6.36 7.28 8.28 16.76 16.76 14.66 12.89 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011

ANALOG DEVICES INC USD 13359 411 298 1 0 0 4 10.13 2701 2675 2690 2980 942 923 225 225 2.15 2.11 2.16 2.69 20.68 20.68 20.20 16.22 -9.76 1.99 -20.98 4.28 34.52 A- 29.09.2010 A3 25.06.2009

APPLE INC USD 403732 5478 939 0 0 0 121 259.04 156508 169104 171696 188398 58518 57381 10622 10622 44.15 41.89 40.01 44.07 10.27 10.27 10.75 9.76 44.58 43.06 64.36 65.35 33.93 AA+ 23.04.2013 Aa1 23.04.2013

APPLIED MATERIALS INC USD 17281 3929 1197 2 0 0 2 17.47 8719 8103 7828 9351 1422 1285 317 317 0.75 0.62 0.61 1.07 23.23 23.23 23.72 13.42 -17.10 0.23 -45.03 -11.81 15.86 A- 21.12.1999 A3 20.08.1997

AUTODESK INC USD 8551 501 224 1 0 0 2 6.93 2312 2312 2448 2648 478 478 161 161 1.09 1.14 2.12 2.46 33.52 33.52 18.06 15.56 4.36 1.06 1.66 -1.18 20.66 BBB 05.12.2012 Baa2 10.12.2012

AUTOMATIC DATA PROCESSING USD 32564 375 484 0 0 0 2 31.08 10665 10945 11314 12148 2342 2375 779 779 2.74 2.79 2.90 3.19 24.06 24.06 23.13 21.07 7.95 5.09 6.64 4.99 21.70 AAA 29.10.1998 - -

AVAGO TECHNOLOGIES LTD USD 8005 517 245 0 0 0 1 6.86 2364 2377 2387 2651 744 740 173 173 2.28 2.29 2.60 2.96 14.22 14.22 12.50 10.99 1.20 8.15 -0.13 39.47 31.13 - - - -

BAIDU INC - SPON ADR USD 29892 1410 350 12 0 1 32 163.60 22306 24011 30034 38834 12567 12551 3485 3485 29.83 30.32 31.45 38.14 17.38 17.38 16.76 13.82 53.83 60.80 48.51 76.77 52.27 - - A3 06.11.2012

BED BATH & BEYOND INC USD 15465 825 226 0 0 0 1 14.45 10915 10915 11635 12274 1833 1833 386 386 4.56 4.58 5.01 5.62 14.93 14.93 13.65 12.18 14.89 12.27 4.61 12.98 16.79 BBB+ 30.06.2011 - -

BIOGEN IDEC INC USD 53079 513 237 1 0 0 4 53.33 5516 5640 6501 7622 2204 2354 597 597 5.71 6.24 7.95 9.89 35.85 35.85 28.12 22.61 9.27 8.48 3.06 11.87 41.75 A- 17.04.2013 Baa2 19.03.2012

BMC SOFTWARE INC USD 6491 644 162 1 0 0 2 6.62 2172 2198 2227 2325 769 702 222 222 2.36 2.18 3.47 3.86 20.86 20.86 13.08 11.78 5.17 4.81 6.32 13.24 31.93 BBB+ 22.07.2010 Baa2 23.07.2010

BROADCOM CORP-CL A USD 20222 2534 569 2 0 0 4 17.99 8006 8184 8629 9457 1297 1353 375 375 1.45 1.50 2.89 3.08 23.61 23.61 12.24 11.49 8.35 17.71 2.94 48.35 16.53 A- 11.08.2011 A2 27.10.2010

CA INC USD 12141 871 466 1 0 0 3 10.89 4814 4680 4640 4667 1805 1836 403 403 2.04 2.16 2.41 2.53 12.35 12.35 11.04 10.54 8.69 1.88 11.15 14.58 39.23 BBB+ 11.04.2011 Baa2 13.08.2010

CATAMARAN CORP USD 11631 249 205 1 0 0 0 12.44 9940 9940 14511 16281 367 367 150 150 0.87 0.87 1.87 2.36 65.07 65.07 30.29 24.04 99.78 303.30 120.71 82.08 3.70 BB 22.05.2012 - -

CELGENE CORP USD 49609 905 420 3 0 0 4 48.85 5507 5698 6148 7036 2199 2230 749 749 4.01 4.15 5.74 6.90 28.54 28.54 20.64 17.17 13.73 26.39 32.20 36.40 39.13 BBB+ 04.10.2010 Baa2 04.10.2010

CERNER CORP USD 16292 225 172 0 0 0 1 15.47 2665 2704 2985 3375 794 830 238 238 2.26 2.37 2.82 3.28 40.00 40.00 33.66 28.86 20.98 12.47 18.13 17.35 30.69 - - - -

C.H. ROBINSON WORLDWIDE INC USD 9369 218 161 0 0 0 0 9.48 11359 11359 12979 14106 713 713 191 191 3.08 3.06 3.06 3.47 19.20 19.20 19.24 16.98 9.89 8.96 -1.63 5.84 6.28 - - - -

CHECK POINT SOFTWARE TECH USD 9391 661 199 0 0 0 3 5.87 1343 1352 1399 1490 761 763 198 198 2.94 3.01 3.41 3.72 15.15 15.15 13.40 12.26 7.68 11.32 9.76 17.15 56.39 - - - -

CISCO SYSTEMS INC USD 111865 6777 5298 16 0 0 49 81.79 46061 47252 48678 51367 12971 13372 3802 3802 1.60 1.48 2.00 2.11 14.22 14.22 10.52 9.95 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006

CITRIX SYSTEMS INC USD 11598 537 186 0 0 0 1 10.94 2586 2670 2963 3347 606 596 200 200 1.70 1.65 3.09 3.53 37.58 37.58 20.11 17.62 17.21 12.57 5.10 15.29 22.34 NR 04.02.2005 - -

COGNIZANT TECH SOLUTIONS-A USD 18991 1217 302 0 0 0 3 16.13 7346 7346 8626 10010 1518 1518 411 411 3.44 3.44 4.31 4.94 18.29 18.29 14.59 12.73 20.02 26.92 20.42 28.37 20.66 - - - -

COMCAST CORP-CLASS A USD 108281 2210 2639 40 0 17 12 153.76 62570 62570 64180 67996 19977 19977 4982 4982 1.92 1.93 2.39 2.75 21.50 21.50 17.38 15.11 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013

COSTCO WHOLESALE CORP USD 47403 660 432 1 0 0 5 46.79 99137 103128 106074 115137 3667 3874 932 932 3.96 4.35 4.55 5.03 24.95 24.95 23.86 21.60 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012

DELL INC USD 23308 1232 1738 9 0 0 13 19.64 56940 56940 55730 55642 4156 4156 947 947 1.48 1.49 1.53 1.64 8.95 8.95 8.75 8.14 -8.27 -1.66 -22.56 0.13 7.30 A- *- 05.02.2013 Baa1 *- 05.02.2013

DENTSPLY INTERNATIONAL INC USD 6028 144 142 2 0 0 0 7.51 2928 2928 3051 3186 537 537 155 155 2.37 2.37 2.41 2.67 17.78 17.78 17.51 15.82 15.40 7.52 27.33 5.25 18.33 BBB+ 02.09.2011 Baa2 16.08.2011

DIRECTV USD 32629 956 587 18 0 0 2 49.09 29740 29740 31892 34136 7447 7447 1878 1878 4.52 4.54 4.84 5.81 12.59 12.59 11.81 9.83 9.23 10.57 7.32 12.83 25.04 BBB 25.02.2011 - -

DISCOVERY COMMUNICATIONS-A USD 28381 307 304 5 0 0 1 32.43 4487 4521 5552 6143 1978 1975 512 512 2.52 2.52 3.37 4.25 31.28 31.28 23.37 18.53 7.65 - 8.50 - 43.69 BBB 09.03.2011 - -

DOLLAR TREE INC USD 10858 337 225 0 0 0 0 10.73 7395 7395 7939 8612 1095 1095 254 254 2.34 2.53 2.78 3.20 18.90 18.90 17.21 14.92 11.52 11.62 15.79 17.48 14.81 - - - -

EBAY INC USD 68575 2127 1294 5 0 0 9 63.70 14072 14542 16325 19014 4088 4285 1247 1247 1.95 2.01 2.74 3.23 26.29 26.29 19.27 16.36 20.77 11.98 23.39 9.42 29.47 A 02.03.2010 A2 21.10.2010

EQUINIX INC USD 10296 286 49 3 0 0 0 14.00 1896 1981 2207 2547 818 844 243 243 2.99 3.00 2.87 4.53 70.34 70.34 73.43 46.62 20.76 27.20 23.95 49.56 42.59 BB 28.02.2013 Ba3 28.02.2013

EXPEDIA INC USD 7576 1997 135 1 0 0 2 7.20 4030 4226 4818 5453 809 865 222 222 2.70 2.12 3.33 3.97 26.41 26.41 16.82 14.11 16.86 8.58 12.52 2.11 20.47 BBB- 22.12.2011 Ba1 30.10.2009

EXPEDITORS INTL WASH INC USD 7364 266 206 0 0 0 1 6.11 5981 5981 6367 6927 571 571 141 141 1.57 1.57 1.78 2.03 22.71 22.71 20.03 17.60 -2.76 1.93 -13.03 4.22 9.54 - - - -

EXPRESS SCRIPTS HOLDING CO USD 47776 1970 818 16 0 0 3 60.24 93858 108166 100773 102127 4657 5485 1649 1649 2.46 2.45 4.27 4.90 23.85 23.85 13.70 11.92 103.47 45.59 81.37 32.09 5.07 BBB+ 31.05.2012 Baa3 04.06.2009

F5 NETWORKS INC USD 5954 649 79 0 0 0 1 5.43 1377 1431 1458 1628 461 464 130 130 3.46 3.44 4.46 5.06 22.08 22.08 17.02 15.02 19.57 18.14 24.19 28.96 32.39 - - - -

FACEBOOK INC-A USD 65178 6526 2372 2 0 0 10 57.91 5089 5089 6673 8466 1187 1187 761 761 0.01 0.02 0.57 0.78 1349.00 1349.00 47.67 34.81 37.13 - -42.91 - 23.32 - - - -

FASTENAL CO USD 14811 423 297 0 0 0 0 14.65 3134 3171 3443 3887 727 743 219 219 1.42 1.45 1.62 1.89 34.50 34.50 30.87 26.44 13.25 8.15 17.41 11.95 23.44 - - - -

FISERV INC USD 12086 192 133 3 0 0 0 14.96 4482 4482 4934 5145 1410 1410 374 374 4.38 4.38 5.98 6.66 20.76 20.76 15.20 13.64 3.34 1.00 4.83 8.80 31.46 BBB- 02.03.2010 Baa2 08.11.2007

FOSSIL INC USD 5655 152 53 0 0 0 0 5.56 2858 2858 3166 3453 554 554 105 105 5.37 5.41 6.06 6.89 17.61 17.61 15.73 13.84 11.30 15.87 5.81 20.38 19.40 - - - -

GARMIN LTD USD 6914 216 196 0 0 0 3 4.04 2716 2716 2555 2507 695 695 112 112 2.76 2.77 2.41 2.45 12.72 12.72 14.65 14.40 -1.55 -8.13 7.15 -6.49 25.58 - - - -

GILEAD SCIENCES INC USD 77779 2876 1519 8 0 0 3 83.66 9703 9703 10713 13009 4288 4288 1132 1132 1.69 1.68 2.06 2.97 30.46 30.46 24.76 17.21 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011

GOOGLE INC-CL A USD 271115 536 330 6 0 0 50 224.69 50175 54703 47546 55173 15722 16160 5164 5164 34.02 34.99 46.17 53.26 23.41 23.41 17.74 15.38 32.37 22.23 15.66 21.04 29.54 AA 19.11.2012 Aa2 16.05.2011

HENRY SCHEIN INC USD 7878 114 88 1 0 0 0 8.73 8940 8940 9515 10038 759 759 185 185 4.44 4.42 4.87 5.38 20.33 20.33 18.47 16.71 4.80 7.43 8.80 10.46 8.50 - - - -

INTEL CORP USD 117517 8151 4944 13 0 0 23 108.98 53341 53015 53565 55902 22160 21148 4604 4604 2.13 2.00 1.90 2.03 11.88 11.88 12.49 11.70 -1.22 8.14 -5.87 10.34 39.89 A+ 17.02.1993 A1 14.09.2011

INTUIT INC USD 18062 1162 295 0 0 0 1 17.90 4151 4211 4519 4922 1419 1307 1388 1388 2.50 2.36 3.35 3.68 25.82 25.82 18.18 16.57 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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

INTUITIVE SURGICAL INC USD 19645 80 40 0 0 0 1 18.29 2179 2295 2583 2968 936 997 256 256 15.98 17.02 17.85 20.75 28.74 28.74 27.41 23.58 23.99 28.74 26.25 29.59 43.42 - - - -

KLA-TENCOR CORPORATION USD 8810 904 167 1 0 0 3 6.68 3172 3015 2827 3164 1108 951 205 205 4.64 3.97 3.24 4.10 13.39 13.39 16.40 12.96 -0.10 13.56 -11.07 9.66 31.53 BBB 28.04.2008 Baa1 29.04.2008

KRAFT FOODS GROUP INC USD 30600 931 593 10 0 0 1 39.32 18339 18770 19237 3239 - 814 814 3.50 - 2.78 3.12 - - 18.53 16.56 -1.69 - 1.54 - - BBB 19.07.2012 Baa2 16.07.2012

LIBERTY GLOBAL INC-A USD 18297 476 259 28 0 0 2 43.66 10311 10311 13792 15803 4757 4757 1306 1306 -1.71 -1.79 2.14 3.31 - - 34.30 22.13 8.41 2.82 9.34 7.11 46.14 B+ *+ 06.02.2013 - -

LIBERTY INTERACTIVE CORP-A USD 11350 826 545 8 0 4 4 19.24 10054 10054 10393 10920 1809 1809 438 438 -0.76 1.80 1.15 1.38 11.65 11.65 18.20 15.21 4.55 5.26 1.97 1.87 17.99 BB 29.09.2011 - -

LIFE TECHNOLOGIES CORP USD 12554 231 171 2 0 0 0 14.71 3799 3799 3923 4062 1167 1167 316 316 2.72 2.70 4.36 4.75 27.29 27.29 16.89 15.51 0.60 27.22 0.54 29.53 30.72 BBB *- 15.04.2013 Baa3 06.03.2012

LINEAR TECHNOLOGY CORP USD 8324 534 230 1 0 0 1 7.69 1267 1285 1280 1398 638 636 157 157 1.71 1.72 1.82 2.01 20.76 20.76 19.62 17.79 -14.65 5.00 -21.96 2.10 49.59 - - - -

MATTEL INC USD 15477 452 342 2 0 0 1 15.87 6421 6488 6850 7145 1195 1238 200 200 2.47 2.55 2.83 3.10 17.57 17.57 15.86 14.44 2.47 2.08 -0.59 5.79 19.08 BBB+ 04.04.2011 Baa1 29.04.2011

MAXIM INTEGRATED PRODUCTS USD 8982 844 293 0 0 0 1 8.22 2404 2438 2464 2665 783 832 225 225 1.27 1.68 1.81 2.07 18.28 18.28 16.96 14.82 -2.78 7.76 -10.98 11.36 34.14 BBB+ 09.05.2012 Baa1 10.06.2010

MICROCHIP TECHNOLOGY INC USD 7025 395 193 0 0 0 1 6.37 1383 1490 1602 1849 497 405 121 121 1.66 1.53 1.84 2.14 23.50 23.50 19.55 16.80 -6.99 13.84 -14.74 1.38 27.20 - - - -

MICRON TECHNOLOGY INC USD 9631 3517 1018 3 0 1 3 11.24 8234 8047 8615 10419 1523 1409 610 610 -1.06 -1.06 -0.39 0.79 - - 11.84 -6.30 15.62 -46.75 0.62 17.51 BB- 30.06.2011 Ba3 20.08.2012

MICROSOFT CORP USD 272330 15331 8381 12 0 0 63 212.04 73723 76012 78900 84768 30923 30645 8701 8701 2.73 2.68 2.77 3.08 12.17 12.17 11.76 10.58 5.40 7.53 3.33 9.15 40.32 AAA 22.09.2008 Aaa 11.05.2009

MONDELEZ INTERNATIONAL INC-A USD 56229 1882 1778 19 0 0 4 71.32 35015 48783 36454 38478 5028 7727 1366 1366 1.39 2.24 1.56 1.76 14.12 14.12 20.24 18.00 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010

MONSTER BEVERAGE CORP USD 9353 361 166 0 0 0 0 9.03 2061 2061 2323 2612 571 571 137 137 1.86 1.86 2.24 2.66 30.41 30.41 25.27 21.21 20.99 14.14 20.63 19.62 27.72 - - - -

MYLAN INC USD 11102 1273 395 6 0 0 0 16.50 6796 6817 7186 7728 1719 1831 461 461 1.89 1.93 2.86 3.19 15.03 15.03 10.14 9.09 10.87 8.37 9.83 31.53 26.87 BBB- 20.11.2012 Baa3 20.11.2012

NETAPP INC USD 12445 1219 365 1 0 0 5 7.96 6233 6318 6372 6924 1049 967 369 369 1.61 1.32 2.28 2.53 26.18 26.18 15.16 13.63 21.68 14.59 5.21 22.10 15.30 BBB+ 04.12.2012 Baa1 05.12.2012

NEWS CORP-CL A USD 72124 1736 2383 15 1 10 82.28 33706 34333 35722 38031 6646 6754 1688 1688 1.41 1.57 1.68 1.95 19.74 19.74 18.46 15.92 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -

NUANCE COMMUNICATIONS INC USD 7369 766 312 2 0 0 1 8.70 1652 1814 2160 2444 380 380 223 223 0.95 0.80 1.81 2.03 28.96 28.96 12.90 11.49 25.23 17.32 41.82 33.78 21.66 BB- 11.02.2011 Ba3 06.08.2012

NVIDIA CORP USD 8359 1664 617 0 0 0 4 4.65 4280 4280 4226 4596 874 874 129 129 0.94 0.91 0.85 0.96 14.91 14.91 16.02 14.15 7.06 11.62 2.58 -2.04 20.43 NR 07.05.2009 - -

O'REILLY AUTOMOTIVE INC USD 11958 242 113 1 0 0 0 12.85 6182 6238 6636 7058 1154 1158 319 319 4.75 4.97 5.78 6.56 21.67 21.67 18.62 16.42 6.80 22.47 12.10 24.62 18.57 BBB 18.01.2012 Baa3 11.01.2011

ORACLE CORP USD 151872 7296 4905 16 0 0 31 138.66 37121 37149 37423 39512 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.93 14.93 11.99 11.00 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011

PACCAR INC USD 17625 400 353 0 0 0 2 15.40 17051 16199 16525 18021 2296 2175 464 464 3.12 2.88 3.14 3.56 17.32 17.32 15.89 13.99 4.25 7.51 6.65 1.08 13.43 A+ 29.04.2010 A1 25.02.2009

PAYCHEX INC USD 13148 527 363 0 0 0 0 12.58 2230 2292 2326 2463 952 987 235 235 1.51 1.57 1.60 1.71 23.01 23.01 22.57 21.10 6.98 2.28 8.75 4.19 43.06 - - - -

PERRIGO CO USD 11233 122 93 1 0 0 1 12.15 3173 3263 3590 4041 713 774 235 235 4.51 5.00 5.65 6.68 24.02 24.02 21.27 17.98 15.18 15.43 20.05 33.72 23.73 - - - -

PRICELINE.COM INC USD 35014 214 50 1 0 0 5 31.39 5261 5261 6511 7728 1895 1895 340 340 27.86 27.91 38.66 46.06 25.06 25.06 18.09 15.19 20.79 29.06 30.44 60.37 36.02 BBB 07.03.2012 - -

QUALCOMM INC USD 106452 5748 1706 0 0 0 27 75.93 19121 21639 24498 27257 6579 7549 2089 2089 2.79 3.66 4.54 4.89 16.83 16.83 13.58 12.61 27.84 19.92 8.08 15.03 34.89 NR 19.12.2001 - -

RANDGOLD RESOURCES LTD-ADR USD 7502 178 92 0 0 0 0 7.30 1318 1318 1499 1938 699 699 - - 4.65 4.70 4.67 7.35 17.33 17.33 17.44 11.07 16.92 45.49 20.16 53.34 53.06 - - - -

REGENERON PHARMACEUTICALS USD 21007 183 97 0 0 0 1 20.88 1378 1378 1886 2362 495 495 160 160 6.75 6.61 5.24 6.83 32.60 32.60 41.09 31.57 209.20 65.37 - - 35.88 - - - -

ROSS STORES INC USD 14460 668 221 0 0 0 1 13.96 9721 9721 10278 10995 1457 1457 429 429 3.53 3.53 3.86 4.34 18.62 18.62 17.03 15.13 12.93 10.88 19.12 21.88 14.99 BBB+ 08.06.2011 - -

SANDISK CORP USD 13101 812 241 2 0 0 6 8.63 5053 5188 5770 6331 1113 1215 380 380 1.70 1.91 4.03 4.66 28.36 28.36 13.45 11.63 -10.77 13.17 -38.39 15.61 23.42 BB 20.12.2011 - -

SBA COMMUNICATIONS CORP-CL A USD 9912 534 127 5 0 0 0 15.15 954 1075 1226 1312 602 671 188 188 -1.28 -0.91 -0.72 -0.08 - - 36.65 24.64 39.32 23.72 62.47 B+ 10.04.2012 WR 01.08.2006

SEAGATE TECHNOLOGY USD 12998 1121 396 3 0 0 2 13.96 14939 16332 14126 13695 3926 4319 698 698 6.51 7.57 5.18 5.41 4.78 4.78 6.99 6.69 36.17 4.37 148.80 21.32 26.45 BB+ 07.03.2011 - -

SEARS HOLDINGS CORP USD 5311 170 106 3 0 0 1 8.24 39854 39854 36947 36889 -146 -146 - - -2.03 -2.61 -2.73 -2.20 - - -4.12 -4.12 -131.75 - -0.37 CCC+ 05.01.2012 - -

SIGMA-ALDRICH USD 9421 147 120 1 0 0 1 9.34 2623 2633 2700 2827 809 801 205 205 3.85 3.89 4.13 4.40 20.13 20.13 18.97 17.78 4.71 3.71 6.31 7.73 30.42 A+ 28.09.2011 A2 25.10.2010

SIRIUS XM RADIO INC USD 20136 9506 5262 2 0 0 1 22.05 3402 3495 3808 4174 1136 1136 272 272 -0.14 0.08 0.10 0.13 38.04 38.04 31.01 23.80 12.85 32.39 20.65 - 33.38 BB 26.10.2011 B1 08.08.2012

STAPLES INC USD 8637 1208 669 2 0 0 1 9.30 24381 24524 23884 23904 2015 2000 397 397 0.89 0.88 1.33 1.40 14.68 14.68 9.73 9.22 -1.15 4.45 -4.75 0.80 8.15 BBB 02.07.2008 Baa2 08.07.2008

STARBUCKS CORP USD 45393 912 749 1 0 0 2 43.49 13300 14023 14918 16675 2367 2568 745 745 1.79 1.94 2.17 2.62 31.23 31.23 27.87 23.12 13.67 7.38 14.11 10.50 18.31 A- 24.02.2012 Baa2 29.04.2013

STERICYCLE INC USD 9347 108 86 1 0 0 0 10.62 1913 1967 2131 2311 545 578 160 160 3.30 3.42 3.68 4.15 31.70 31.70 29.43 26.14 14.15 15.15 11.17 16.22 29.40 NR 18.07.2007 - -

SYMANTEC CORP USD 16947 1529 724 2 0 0 3 15.77 6730 6839 6885 6998 1795 1834 497 497 1.20 1.22 1.71 1.93 20.18 20.18 14.36 12.75 8.72 3.43 8.92 5.06 26.82 BBB 13.09.2010 Baa2 13.09.2010

TEXAS INSTRUMENTS INC USD 39896 1611 1108 6 0 0 4 41.72 12825 12589 12220 12885 3986 3908 909 909 1.91 1.80 1.81 2.22 19.98 19.98 19.88 16.18 -6.63 1.54 -10.10 -2.68 31.04 A+ 23.09.2010 A1 25.05.2011

VERISK ANALYTICS INC-CLASS A USD 11064 224 168 1 0 0 0 12.43 1534 1534 1724 1882 696 696 181 181 1.92 1.92 2.34 2.64 31.48 31.48 25.87 22.93 15.20 - 18.20 15.57 45.35 BBB- 29.03.2011 Ba1 29.03.2011

VERTEX PHARMACEUTICALS INC USD 17091 603 217 0 0 0 1 16.43 1527 1527 1170 1063 42 42 -15 -15 0.67 0.30 -0.50 -0.84 259.49 259.49 8.25 156.00 -83.50 - 2.77 - - - -

VIACOM INC-CLASS B USD 31544 1011 507 8 0 0 1 39.43 13887 13249 13771 14405 4137 3913 899 899 4.21 4.20 4.70 5.41 15.15 15.15 13.55 11.77 -6.89 2.72 0.29 - 29.53 BBB+ 29.07.2010 Baa1 05.08.2010

VIRGIN MEDIA INC USD 13290 744 269 6 0 0 0 14.37 4101 4137 4249 4388 1654 1676 436 436 0.89 0.87 1.59 1.94 36.57 36.57 19.95 16.32 2.72 1.97 3.98 5.67 40.50 BB *- 06.02.2013 - -

VODAFONE GROUP PLC-SP ADR USD 149542 1792 35 0 1 8 46417 44677 44827 45063 18214 13907 - - - - 1.62 1.68 - - 12.21 11.76 1.16 5.40 24.18 7.88 31.13 A- 30.05.2006 A3 03.08.2011

WESTERN DIGITAL CORP USD 13025 1245 246 2 0 0 3 10.98 12478 16377 15226 14866 2890 3775 774 774 7.84 8.44 8.31 7.90 6.42 6.42 6.52 6.85 30.99 17.07 108.97 35.83 23.05 NR 29.04.1999 - -

WHOLE FOODS MARKET INC USD 16333 579 185 0 0 0 1 15.43 11699 12164 13058 14926 1112 1171 299 299 2.71 2.85 2.87 3.40 30.92 30.92 30.68 25.94 15.74 9.56 25.78 18.10 9.62 BBB- 07.08.2012 - -

WYNN RESORTS LTD USD 13704 335 101 6 0 0 2 18.15 5154 5219 5428 5655 1442 1511 429 429 5.22 6.04 6.64 7.00 22.48 22.48 20.45 19.40 -2.19 13.14 -6.15 15.28 28.95 BB+ 10.06.2011 - -

XILINX INC USD 9858 598 262 1 0 0 2 9.07 2169 2169 2292 2544 654 654 177 177 1.79 1.78 2.01 2.27 21.17 21.17 18.75 16.58 -3.22 3.67 -8.99 5.69 30.17 BBB+u 04.04.2012 - -

YAHOO! INC USD 26905 2973 1115 0 0 0 6 21.56 4987 4906 4531 4658 1457 1469 368 368 1.27 0.97 1.34 1.48 25.10 25.10 18.20 16.52 0.05 -8.40 -1.08 1.47 29.95 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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

ACTIVISION BLIZZARD INC 1.48 1.41 1.31 1.22 3.44 3.89 3.56 3.39 3.40 12.47 15.42 13.35 11.51 7.07 8.56 7.29 6.60 6.83 13.32 17.59 14.41 12.61 12.14 1.17 1.27 1.34 0.00 16.08 7.7%

ADOBE SYSTEMS INC 3.38 3.19 2.93 2.62 5.20 5.49 5.01 4.32 3.67 15.42 19.97 17.09 14.17 11.53 17.03 14.25 11.68 8.32 19.50 31.10 25.09 18.93 13.99 0.00 0.00 0.00 0.00 45.50 1.0%

AKAMAI TECHNOLOGIES INC 3.39 3.00 2.67 2.41 5.57 4.99 4.38 3.86 3.36 16.85 15.80 13.42 12.67 10.73 9.96 8.67 7.61 6.27 24.32 22.13 19.68 17.65 14.76 0.00 0.00 0.00 0.00 45.37 5.4%

ALEXION PHARMACEUTICALS INC 12.12 9.07 6.77 5.35 17.06 12.69 10.16 8.34 6.97 52.12 35.15 27.44 22.63 39.53 27.65 20.68 15.76 48.10 33.47 30.17 24.10 19.17 0.00 0.00 0.00 0.00 116.17 17.7%

ALTERA CORP 3.06 2.77 2.53 2.53 5.65 5.77 5.03 4.50 16.06 17.38 13.59 15.23 11.80 13.38 10.72 9.48 18.36 21.66 17.94 15.15 1.14 1.27 1.36 1.39 35.36 11.8%

AMAZON.COM INC 14.86 12.28 10.00 7.63 5.70 1.83 1.52 1.25 1.04 0.84 38.56 29.12 20.32 12.82 7.63 33.92 23.53 17.50 12.89 8.64 130.01 79.71 47.10 27.03 16.62 0.00 0.00 0.00 0.00 314.25 25.8%

AMGEN INC 4.17 3.50 3.07 2.68 4.65 4.46 4.35 4.32 4.30 12.95 12.55 11.04 14.72 28.15 11.12 11.23 9.92 9.76 16.42 14.66 12.89 12.32 11.98 1.34 1.76 2.15 2.36 2.22 111.27 4.3%

ANALOG DEVICES INC 3.20 2.86 2.54 2.34 4.94 4.97 4.48 4.09 16.40 16.57 13.76 11.82 10.70 10.89 8.92 8.13 20.43 20.20 16.22 14.07 2.64 3.02 3.20 3.18 48.15 10.3%

APPLE INC 3.45 2.89 2.53 2.09 2.08 2.58 2.35 2.14 1.93 1.76 7.84 7.90 7.45 6.87 4.44 4.84 4.39 4.02 2.25 9.71 10.75 9.76 8.81 9.85 0.62 2.63 2.85 3.05 2.46 533.58 24.1%

APPLIED MATERIALS INC 2.26 2.41 2.26 1.84 2.00 2.21 1.85 1.82 9.06 22.50 11.87 10.07 10.67 13.28 8.77 8.66 19.94 23.72 13.42 14.05 2.33 2.42 2.43 2.29 14.20 -1.4%

AUTODESK INC 4.20 3.76 3.27 2.69 3.73 3.49 3.23 2.90 2.58 14.93 13.35 12.37 11.04 10.66 9.60 8.59 7.85 20.02 18.06 15.56 13.56 0.00 0.00 0.00 0.00 41.92 9.7%

AUTOMATIC DATA PROCESSING 5.36 4.88 4.43 4.15 3.05 2.88 2.68 2.48 2.34 18.82 17.53 16.57 15.49 13.86 13.26 12.15 11.17 10.96 24.53 23.13 21.07 19.13 17.69 2.31 2.49 2.62 2.80 64.68 -3.7%

AVAGO TECHNOLOGIES LTD 3.34 2.85 2.41 1.98 3.39 3.35 3.02 2.63 2.44 11.04 10.85 8.95 7.53 8.56 8.90 7.69 6.38 11.91 12.50 10.99 9.29 1.67 2.20 2.55 2.61 41.50 27.6%

BAIDU INC - SPON ADR 7.06 4.92 3.58 2.65 1.97 8.37 6.14 4.75 3.77 3.03 14.49 13.11 10.93 8.42 7.09 13.01 11.63 9.24 7.35 5.84 17.53 16.76 13.82 11.13 8.42 0.00 0.00 0.00 0.00 0.00 116.18 35.9%

BED BATH & BEYOND INC 3.68 3.34 2.92 2.48 2.35 1.42 1.33 1.26 1.20 1.12 12.78 11.37 10.23 9.01 7.83 7.42 6.98 6.61 6.13 14.99 13.65 12.18 10.95 9.65 0.00 0.00 0.00 0.00 73.48 7.4%

BIOGEN IDEC INC 7.07 6.37 5.33 4.39 9.68 8.16 6.96 6.23 5.58 29.98 23.72 18.99 15.46 22.58 19.68 15.31 12.75 11.74 34.00 28.12 22.61 19.05 16.64 0.00 0.00 0.00 0.00 218.27 -2.4%

BMC SOFTWARE INC 5.28 10.57 8.69 6.80 2.99 2.91 2.79 2.67 9.63 9.03 7.87 7.53 7.50 7.96 7.53 7.29 13.71 13.08 11.78 11.13 0.00 0.00 0.00 0.00 47.40 4.3%

BROADCOM CORP-CL A 2.64 2.29 1.98 1.75 2.53 2.34 2.14 1.99 11.93 12.74 11.08 11.15 11.44 11.40 10.18 9.71 12.20 12.24 11.49 10.42 1.12 1.24 1.30 1.40 40.26 13.7%

CA INC 2.44 2.24 2.11 1.98 2.53 2.62 2.60 2.58 8.70 8.56 7.87 7.76 6.28 6.28 6.13 6.00 11.88 11.04 10.54 10.03 1.50 3.77 3.77 3.76 24.75 -7.1%

CATAMARAN CORP 2.22 2.43 2.27 2.07 1.17 0.80 0.71 0.64 0.64 24.58 27.64 26.50 18.00 35.01 18.49 14.98 13.02 12.34 50.36 30.29 24.04 20.02 17.31 0.00 0.00 0.00 0.00 62.83 11.0%

CELGENE CORP 8.28 6.14 4.69 3.52 8.98 8.07 7.05 5.90 4.98 24.86 18.40 15.27 11.39 17.69 15.94 13.76 11.27 10.89 24.17 20.64 17.17 13.42 10.64 0.00 0.00 0.00 0.00 132.63 11.9%

CERNER CORP 5.99 5.14 4.46 3.84 6.14 5.46 4.83 4.30 3.77 25.74 23.01 20.36 18.12 18.90 15.98 13.81 12.10 40.18 33.66 28.86 24.58 20.56 0.00 0.00 0.00 0.00 96.77 2.1%

C.H. ROBINSON WORLDWIDE INC 7.49 5.96 5.50 4.73 0.83 0.72 0.66 0.60 18.54 17.55 15.35 13.73 12.35 11.26 10.14 9.33 20.94 19.24 16.98 15.17 2.26 2.41 2.62 2.96 68.83 17.0%

CHECK POINT SOFTWARE TECH 2.81 2.51 2.26 1.99 6.97 6.71 6.30 6.00 5.50 12.56 11.56 11.05 10.80 7.31 7.13 6.70 6.46 14.38 13.40 12.26 11.27 0.00 0.00 0.00 0.00 53.89 18.2%

CISCO SYSTEMS INC 2.13 1.93 1.78 1.71 2.43 2.30 2.18 2.04 10.06 9.33 9.04 8.41 5.63 5.38 5.21 5.01 11.43 10.52 9.95 9.23 1.24 2.76 2.97 3.32 23.97 14.3%

CITRIX SYSTEMS INC 3.76 3.36 3.04 2.56 4.54 3.91 3.47 3.12 2.75 15.10 12.99 11.55 11.36 13.51 11.70 10.31 8.83 22.07 20.11 17.62 15.68 0.00 0.00 0.00 0.00 77.82 25.2%

COGNIZANT TECH SOLUTIONS-A 3.97 3.15 2.55 2.16 2.59 2.20 1.90 1.65 1.40 18.75 16.05 13.20 11.98 10.62 9.14 7.84 6.74 5.68 17.06 14.59 12.73 11.22 0.00 0.00 0.00 0.00 84.00 33.5%

COMCAST CORP-CLASS A 2.20 2.17 2.06 1.89 1.94 1.73 1.69 1.59 1.53 1.46 7.93 7.36 6.71 6.19 7.77 7.32 6.88 6.52 6.21 21.06 17.38 15.11 13.08 11.35 1.53 1.87 2.13 2.38 2.44 46.53 12.1%

COSTCO WHOLESALE CORP 3.60 4.29 3.86 3.29 3.24 0.48 0.45 0.41 0.39 0.36 14.05 14.97 13.65 13.20 12.75 11.44 10.41 9.54 8.85 28.06 23.86 21.60 19.77 17.82 0.92 6.66 1.17 1.32 1.21 108.91 0.3%

DELL INC 2.20 1.89 1.66 1.56 0.41 0.42 0.42 0.44 0.45 7.10 6.43 6.78 7.58 3.93 4.81 4.56 4.92 4.56 7.83 8.75 8.14 7.02 1.20 2.43 2.47 3.07 14.48 8.5%

DENTSPLY INTERNATIONAL INC 2.78 2.44 2.14 1.93 2.08 1.98 1.89 1.82 15.00 13.18 12.25 10.82 12.84 12.06 11.32 10.56 19.10 17.51 15.82 14.31 0.50 0.57 0.61 0.67 44.40 5.2%

DIRECTV 1.10 1.02 0.96 0.90 0.85 7.00 5.56 4.70 3.93 6.60 6.23 5.74 5.42 5.09 13.62 11.81 9.83 8.54 6.63 0.00 0.00 0.00 0.00 59.41 4.0%

DISCOVERY COMMUNICATIONS-A 4.87 4.72 4.56 4.15 3.76 6.29 5.11 4.62 4.27 3.90 25.51 20.65 16.77 14.18 12.59 15.53 13.29 11.77 10.69 9.61 29.59 23.37 18.53 15.63 12.89 0.00 0.00 0.00 75.22 -4.6%

DOLLAR TREE INC 6.97 5.52 5.00 4.14 3.16 1.47 1.37 1.26 1.15 1.06 16.37 13.91 12.70 9.81 9.10 8.12 7.39 6.87 19.09 17.21 14.92 12.97 11.87 0.00 0.00 0.00 50.25 5.1%

EBAY INC 3.43 2.96 2.52 2.19 1.84 4.88 4.20 3.61 3.06 2.70 17.64 14.45 12.67 10.58 9.39 13.81 11.89 10.25 8.53 7.39 22.46 19.27 16.36 13.97 12.20 0.00 0.00 0.00 0.00 63.81 20.8%

EQUINIX INC 4.36 4.31 3.87 3.42 2.91 5.42 4.67 4.04 3.59 3.24 18.36 20.16 14.98 12.97 10.50 15.83 13.92 12.00 10.42 9.22 79.49 73.43 46.62 27.38 22.29 0.00 0.00 1.22 2.91 3.50 253.93 20.4%

EXPEDIA INC 4.21 2.96 2.57 2.73 1.90 1.57 1.39 1.27 1.18 9.32 9.04 7.99 8.10 9.20 8.08 6.95 6.14 5.05 17.99 16.82 14.11 12.08 10.52 0.76 0.86 0.88 0.87 72.10 28.6%

EXPEDITORS INTL WASH INC 3.62 3.46 3.18 2.83 1.24 1.16 1.06 0.99 19.43 17.57 15.42 14.04 10.37 9.65 8.59 7.96 22.19 20.03 17.60 15.88 1.57 1.71 1.92 2.08 44.00 23.4%

EXPRESS SCRIPTS HOLDING CO 1.96 1.97 1.88 1.75 0.51 0.47 0.47 0.45 0.46 11.79 9.98 8.81 6.65 11.17 9.05 8.29 7.82 7.00 15.70 13.70 11.92 10.44 8.47 0.00 0.00 0.00 0.00 64.08 9.7%

F5 NETWORKS INC 4.48 3.73 2.98 2.65 4.31 4.08 3.66 3.34 4.10 15.63 16.55 14.86 16.57 9.59 9.71 8.42 7.52 17.11 17.02 15.02 13.80 17.58 0.00 0.00 0.00 0.00 88.86 17.0%

FACEBOOK INC-A 4.38 4.92 4.30 3.64 3.30 12.96 9.77 7.70 6.12 4.89 35.74 26.93 21.52 17.44 12.97 20.65 16.75 12.74 10.09 7.58 52.49 47.67 34.81 25.36 17.61 0.00 0.00 0.00 0.00 33.60 24.5%

FASTENAL CO 8.64 8.03 6.67 5.98 4.54 4.72 4.30 3.81 3.39 3.24 34.19 29.89 25.40 21.85 20.29 20.17 17.53 14.96 12.90 35.25 30.87 26.44 22.62 19.89 1.68 1.19 1.46 1.74 1.80 48.00 -3.8%

FISERV INC 3.65 3.15 2.74 2.69 2.45 2.35 2.25 2.19 17.76 15.42 13.71 12.19 10.41 9.34 8.82 8.50 7.96 17.66 15.20 13.64 12.47 0.00 0.00 0.00 0.00 89.92 -1.0%

FOSSIL INC 5.16 4.20 3.36 2.87 2.36 1.99 1.79 1.64 1.48 1.33 16.93 14.55 12.39 11.30 10.16 9.17 8.37 7.43 6.59 17.64 15.73 13.84 12.14 10.16 0.00 0.00 0.00 115.58 21.3%

GARMIN LTD 2.49 2.71 2.76 2.97 10.52 11.87 11.08 5.71 6.76 6.70 6.52 11.96 14.65 14.40 14.87 4.97 5.07 5.22 5.11 40.60 15.2%

GILEAD SCIENCES INC 7.62 6.15 4.88 3.68 8.14 7.26 5.98 4.80 4.01 24.18 23.15 14.13 8.60 17.94 17.37 12.36 8.84 25.57 24.76 17.21 11.89 9.16 0.00 0.00 0.00 0.00 60.91 19.2%

GOOGLE INC-CL A 3.80 3.20 2.70 2.22 1.93 6.51 5.70 4.91 4.30 3.84 16.95 14.88 12.55 10.67 9.59 12.23 10.51 8.90 7.64 6.68 20.62 17.74 15.38 12.98 11.29 0.00 0.00 0.00 0.00 895.29 9.3%

HENRY SCHEIN INC 3.10 2.78 2.42 2.14 0.88 0.83 0.78 0.74 16.79 13.53 12.60 11.70 11.66 10.83 10.11 9.69 20.56 18.47 16.71 14.94 0.00 0.00 91.82 2.1%

INTEL CORP 2.42 2.16 1.96 1.89 2.20 2.19 2.10 2.04 2.12 6.73 6.82 6.20 6.11 5.02 5.23 4.85 4.86 5.29 10.70 12.49 11.70 12.17 12.18 3.66 3.83 3.90 4.07 23.28 -2.0%

INTUIT INC 6.81 5.03 4.24 3.96 4.29 4.00 3.67 3.33 2.98 16.49 14.76 13.53 12.47 11.27 10.60 9.55 8.49 8.38 20.52 18.18 16.57 14.76 0.61 1.11 1.12 1.12 64.92 6.5%

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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

INTUITIVE SURGICAL INC 5.39 4.52 3.81 3.20 9.11 7.61 6.62 5.85 5.16 25.11 20.85 17.92 20.12 17.16 14.88 12.87 10.96 32.00 27.41 23.58 20.43 17.92 606.46 24.0%

KLA-TENCOR CORPORATION 2.67 2.55 2.28 2.04 2.79 3.12 2.78 2.68 10.44 11.40 11.94 9.88 5.89 8.24 6.69 5.88 11.85 16.40 12.96 11.44 2.62 2.99 3.06 2.96 58.93 11.0%

KRAFT FOODS GROUP INC 5.57 8.20 7.24 6.81 1.66 1.63 1.59 1.55 1.51 12.37 19.59 13.95 12.78 12.23 11.12 10.36 9.82 9.70 17.91 18.53 16.56 15.19 14.50 3.22 3.92 4.08 4.29 51.51 -0.1%

LIBERTY GLOBAL INC-A 11.42 4.81 4.96 5.39 1.79 1.33 1.16 1.14 1.05 6.35 6.17 4.67 4.59 9.06 7.41 6.43 6.49 6.97 29.43 34.30 22.13 16.07 12.17 0.00 0.00 0.00 0.00 82.33 12.3%

LIBERTY INTERACTIVE CORP-A 1.66 1.63 1.58 1.26 1.14 1.13 1.09 1.04 0.99 0.94 8.46 14.18 18.24 10.40 9.75 9.26 8.71 8.25 21.90 18.20 15.21 12.75 11.43 0.00 0.00 0.00 0.00 24.20 15.3%

LIFE TECHNOLOGIES CORP 2.31 2.35 2.15 1.95 3.31 3.20 3.09 3.00 2.92 15.92 13.54 12.44 10.93 10.77 10.49 10.13 9.67 10.23 18.53 16.89 15.51 14.13 13.25 0.00 0.00 0.00 0.00 71.77 -2.6%

LINEAR TECHNOLOGY CORP 11.50 8.40 6.99 5.53 6.54 6.50 5.95 5.32 17.48 16.68 14.86 13.19 11.88 12.30 10.86 9.58 18.79 19.62 17.79 15.00 2.74 2.85 2.96 3.05 36.78 2.8%

MATTEL INC 5.18 4.63 4.24 2.40 2.26 2.17 2.09 14.42 16.14 12.10 10.77 11.61 10.55 9.87 9.56 17.77 15.86 14.44 13.52 2.76 3.21 3.51 3.49 46.70 4.2%

MAXIM INTEGRATED PRODUCTS 3.59 3.43 3.17 2.93 3.72 3.65 3.37 3.05 13.69 11.88 10.79 9.36 10.48 9.45 8.39 7.48 20.10 16.96 14.82 13.01 2.87 3.13 3.25 3.31 35.53 15.7%

MICROCHIP TECHNOLOGY INC 3.57 3.74 3.61 3.83 5.07 4.39 3.80 3.49 15.91 13.83 12.44 10.67 12.80 13.17 11.00 8.78 19.13 19.55 16.80 14.55 3.87 3.92 3.98 4.06 38.93 8.3%

MICRON TECHNOLOGY INC 1.25 1.29 1.18 1.02 1.15 1.12 0.92 0.86 5.63 5.90 3.33 2.84 6.84 5.28 3.51 3.00 11.84 8.69 0.00 0.00 0.00 0.00 11.80 26.2%

MICROSOFT CORP 3.91 3.42 2.80 2.44 3.69 3.45 3.21 3.03 3.07 9.73 8.99 8.03 7.52 6.90 6.58 5.99 5.61 5.78 12.15 11.76 10.58 9.76 2.37 2.77 2.97 3.21 32.50 -0.3%

MONDELEZ INTERNATIONAL INC-A 1.69 1.67 1.56 1.52 1.60 1.54 1.46 1.37 1.31 120.23 16.30 13.21 11.29 12.72 12.08 11.24 10.35 9.66 22.10 20.24 18.00 15.92 13.90 1.63 1.68 1.87 2.19 2.18 30.96 -2.1%

MONSTER BEVERAGE CORP 11.39 10.59 9.87 8.83 4.51 4.03 3.58 3.20 2.99 32.56 25.22 21.20 17.80 15.48 13.81 11.96 10.26 8.49 29.96 25.27 21.21 17.75 13.29 0.00 0.00 0.00 0.00 58.67 3.8%

MYLAN INC 2.77 3.33 2.59 2.00 1.63 1.54 1.44 1.38 1.35 5.74 7.93 6.42 5.57 8.20 8.19 7.82 6.90 7.22 11.24 10.14 9.09 8.43 8.13 0.00 0.00 0.00 32.64 12.5%

NETAPP INC 3.06 2.66 2.36 2.02 2.00 1.95 1.80 1.68 1.67 6.14 9.45 9.20 8.16 6.22 6.61 5.88 5.65 14.51 15.16 13.63 12.39 0.00 0.00 0.00 0.00 38.76 12.2%

NEWS CORP-CL A 2.78 2.67 2.47 2.38 1.91 2.12 2.02 1.90 1.81 1.73 17.35 11.87 12.76 11.04 10.61 12.19 11.33 10.20 9.25 8.47 22.07 18.46 15.92 13.41 11.37 0.55 0.58 0.59 0.63 34.01 9.8%

NUANCE COMMUNICATIONS INC 2.78 2.52 2.33 2.21 4.22 3.41 3.02 2.83 13.79 13.31 11.65 8.66 13.21 10.01 8.99 8.43 13.69 12.90 11.49 10.74 0.00 0.00 26.33 13.0%

NVIDIA CORP 1.75 1.69 1.56 1.57 1.96 1.98 1.82 1.67 12.47 9.98 9.08 8.75 5.14 5.82 5.03 4.42 12.60 16.02 14.15 11.58 0.56 2.24 2.32 2.36 14.31 5.5%

O'REILLY AUTOMOTIVE INC 5.33 5.59 5.18 4.12 1.94 1.80 1.69 1.60 1.50 13.35 13.51 11.26 10.14 11.20 10.23 9.48 8.80 8.32 22.96 18.62 16.42 14.46 13.00 0.00 0.00 0.00 0.00 114.74 6.5%

ORACLE CORP 3.65 3.34 2.72 2.30 4.09 4.06 3.84 3.65 3.37 12.12 10.69 10.12 9.30 7.48 7.60 6.93 6.43 13.32 11.99 11.00 10.04 0.74 0.92 0.81 0.91 37.65 16.8%

PACCAR INC 3.00 2.80 2.46 2.26 1.09 1.07 0.98 0.97 10.77 10.25 9.42 8.59 7.48 7.89 6.87 7.13 16.14 15.89 13.99 12.62 2.83 2.44 2.67 2.73 50.00 0.3%

PAYCHEX INC 7.97 7.74 7.54 6.55 5.88 5.65 5.34 5.00 4.74 18.62 17.86 16.90 15.99 13.12 12.54 11.85 10.97 10.59 23.85 22.57 21.10 19.63 17.98 3.50 3.77 3.93 3.77 33.79 -6.5%

PERRIGO CO 5.85 4.81 3.91 3.17 3.52 3.13 2.78 2.63 2.49 22.13 20.24 15.75 13.05 15.55 13.47 11.71 10.91 10.46 24.27 21.27 17.98 16.65 14.83 0.22 0.25 0.27 0.40 124.31 3.5%

PRICELINE.COM INC 8.97 6.21 4.62 3.34 6.66 5.38 4.53 3.95 3.58 21.00 17.52 14.67 12.67 16.09 12.70 10.48 9.04 7.88 22.57 18.09 15.19 13.08 11.77 0.00 0.00 0.00 822.56 17.6%

QUALCOMM INC 3.21 2.75 2.41 2.18 5.63 4.35 3.91 3.67 15.46 13.16 11.81 11.62 10.32 8.25 7.38 6.84 16.94 13.58 12.61 11.97 1.45 1.70 1.91 2.32 75.09 21.9%

RANDGOLD RESOURCES LTD-ADR 2.88 2.50 2.15 1.85 5.48 5.00 3.87 3.79 3.64 12.82 11.50 8.22 7.44 10.04 10.16 6.62 6.19 6.41 17.25 17.44 11.07 11.86 13.26 0.58 0.62 1.31 0.55 111.36 36.8%

REGENERON PHARMACEUTICALS 15.70 11.93 8.82 14.68 15.49 11.14 8.90 7.56 6.74 40.09 22.60 17.87 44.17 27.90 18.73 16.08 16.20 47.70 41.09 31.57 28.73 23.97 0.00 0.00 0.00 0.00 206.00 -4.4%

ROSS STORES INC 8.24 7.19 6.20 5.23 4.79 1.49 1.41 1.32 1.22 1.12 13.86 12.52 10.94 10.13 9.47 8.80 8.05 7.38 6.82 18.63 17.03 15.13 13.52 11.86 0.85 1.00 1.11 1.32 1.91 66.32 0.9%

SANDISK CORP 1.80 1.69 1.52 1.30 2.60 2.27 2.07 1.87 1.72 22.73 9.23 9.21 9.78 8.59 4.98 4.47 4.43 4.15 26.19 13.45 11.63 11.15 10.03 0.00 0.00 65.30 20.5%

SBA COMMUNICATIONS CORP-CL A 16.85 31.11 69.53 10.45 8.07 7.54 7.06 6.63 28.92 20.24 17.30 15.80 25.78 19.86 18.12 16.52 15.33 82.05 61.22 0.00 0.00 0.00 0.00 84.40 8.4%

SEAGATE TECHNOLOGY 4.38 3.85 3.90 2.90 0.87 0.92 0.95 0.95 4.75 4.30 4.32 4.50 3.45 4.50 4.72 5.51 5.35 6.99 6.69 6.08 2.33 3.97 4.29 4.34 36.73 1.4%

SEARS HOLDINGS CORP 1.09 1.73 1.94 2.18 0.13 0.14 0.14 0.15 17.02 12.83 11.51 10.76 0.00 0.00 0.00 21.24 -57.5%

SIGMA-ALDRICH 3.68 3.22 2.85 2.75 3.58 3.49 3.33 3.18 3.05 17.46 15.61 14.49 13.38 11.66 11.21 10.60 9.88 20.36 18.97 17.78 16.28 15.50 1.02 1.10 1.17 1.27 1.25 77.40 -1.1%

SIRIUS XM RADIO INC 4.15 6.36 15.35 87.71 5.90 5.29 4.82 4.40 3.94 24.56 21.93 19.19 18.06 23.85 19.06 15.61 13.51 11.97 49.52 31.01 23.80 19.43 9.30 1.07 0.00 0.00 0.00 3.56 16.0%

STAPLES INC 1.37 1.29 1.21 1.14 0.35 0.36 0.36 0.36 0.36 5.91 5.70 5.60 5.67 4.61 4.86 4.86 4.81 9.36 9.73 9.22 8.74 7.58 3.41 3.73 3.92 4.02 13.88 7.4%

STARBUCKS CORP 8.53 7.89 7.13 5.89 3.99 3.41 3.04 2.72 2.43 2.14 24.02 18.47 16.76 14.37 17.02 14.38 12.18 10.31 9.70 34.09 27.87 23.12 18.84 16.63 1.14 1.42 1.80 2.03 67.59 11.6%

STERICYCLE INC 6.12 5.01 4.29 3.62 4.92 4.39 4.05 3.64 24.69 22.42 19.57 18.74 16.37 14.83 13.46 33.06 29.43 26.14 22.85 114.00 5.2%

SYMANTEC CORP 3.58 3.26 3.01 2.48 2.52 2.46 2.42 2.35 9.57 9.62 9.41 7.76 6.61 6.91 6.41 6.05 15.34 14.36 12.75 11.17 0.00 0.00 1.03 1.43 26.39 7.3%

TEXAS INSTRUMENTS INC 3.69 3.56 3.41 3.24 3.12 3.26 3.10 2.98 2.79 13.92 12.49 10.81 10.52 11.89 11.29 9.79 9.13 9.22 21.81 19.88 16.18 14.62 15.64 1.98 2.81 3.01 3.12 35.07 -2.5%

VERISK ANALYTICS INC-CLASS A 41.72 18.65 12.30 8.75 7.24 6.42 5.88 5.42 5.00 22.83 20.57 18.58 17.31 17.92 15.89 14.42 13.21 12.24 30.06 25.87 22.93 20.23 61.78 2.1%

VERTEX PHARMACEUTICALS INC 17.10 15.25 21.42 15.95 11.32 14.61 16.07 10.85 6.03 69.14 87.32 79.83 64.42 103.89 16.59 0.00 0.00 0.00 0.00 90.71 15.8%

VIACOM INC-CLASS B 4.41 4.37 4.21 4.24 4.43 2.27 2.29 2.19 2.12 2.02 14.15 12.19 10.65 9.53 7.67 9.45 9.36 8.79 8.35 7.97 15.25 13.55 11.77 10.37 9.17 1.64 1.79 1.86 1.99 68.08 7.0%

VIRGIN MEDIA INC 18.64 2.41 2.16 2.06 1.57 2.09 2.02 1.95 1.90 1.84 6.97 5.95 5.72 4.99 3.67 8.69 8.29 7.95 7.64 7.67 32.95 19.95 16.32 12.61 9.35 0.35 0.38 0.37 0.40 0.44 47.09 -4.2%

VODAFONE GROUP PLC-SP ADR 1.96 2.15 2.14 2.10 15.34 8.92 8.94 12.85 12.21 11.76 11.40 5.41 5.24 5.13 5.14 29.65 -3.1%

WESTERN DIGITAL CORP 1.72 1.50 1.30 1.13 1.09 0.86 0.88 0.90 4.72 4.28 4.25 4.60 3.91 3.18 3.51 3.69 7.10 6.52 6.85 7.14 0.00 1.65 1.98 2.21 57.96 7.1%

WHOLE FOODS MARKET INC 4.39 4.29 3.83 3.32 2.49 1.40 1.25 1.09 0.96 0.85 20.37 18.90 15.62 12.40 14.48 12.71 10.87 9.26 8.09 35.07 30.68 25.94 21.71 18.66 0.63 2.26 1.02 1.34 100.16 13.7%

WYNN RESORTS LTD 172.55 35.27 17.82 11.66 2.67 2.52 2.42 2.27 4.01 12.97 10.67 10.92 10.21 11.65 10.66 10.24 9.63 25.01 20.45 19.40 16.77 7.00 2.94 2.97 2.98 3.65 147.04 8.3%

XILINX INC 3.55 3.12 2.71 2.77 4.55 4.30 3.88 3.58 17.01 15.91 14.07 13.71 13.91 12.14 10.64 9.95 21.41 18.75 16.58 14.94 2.33 2.59 2.67 2.70 39.61 5.1%

YAHOO! INC 1.87 1.82 1.63 1.46 1.28 6.04 5.94 5.78 5.66 5.57 9.60 19.01 19.51 16.42 18.10 14.08 12.97 12.47 12.26 11.88 20.01 18.20 16.52 15.13 14.39 0.00 0.00 0.00 0.00 25.40 4.0%

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


30.04.2013

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

14.93

52-Week High % Change -0.93% Dividend Yield 1.21

52-Week Low % Change 42.80% Beta 0.81

% 52 Week Price Range High/Low 96.97% Equity Float 425.61

Shares Out 15.02.2013 1'113.7 Short Int 7.39

16'627.49 1 Yr Total Return 17.54%

Total Debt 0.00 YTD Return 42.44%

Preferred Stock 0.0 Adjusted BETA 0.812

Minority Interest 0.0 Analyst Recs 26

Cash and Equivalents 4'375.00 Consensus Rating 4.846

Enterprise Value 12'252.49

Average Volume 5 Day 1'538'168

ATVI UW EQUITY YTD Change - Average Volume 30 Day 1'233'634

ATVI UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'040'669

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 4'275 4'667 705 603

2.75x 2.49x 2.52x 2.20x 1.53x 8.58x 7.73x 2.66x 2.20x 17.05x 20.43x

421.0 1'034.0 1'312.0 1'788.0 1'779.0 1'789.0 1'779.0 1'431.8 1'680.9 189.3 93.2

19.80x 10.30x 8.55x 5.84x 4.18x 5.83x 4.18x 8.56x 7.29x 8.44x 8.60x

(107.0) 113.0 418.0 1'085.0 1'149.0 1'085.0 1'149.0 963.4 1'176.5 126.2 51.7

32.00x 22.43x 37.60x 13.39x 10.44x 13.27x 10.55x 17.59x 14.41x 17.63x 18.03x

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. 1779.00

Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 1706.00

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

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Activision Blizzard IncPrice/Volume

Valuation Analysis

1'519'846.00

Current Price (4/dd/yy) Market Data

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30.04.2013

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) 23.04.2013 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 28.02.2013 Investment Advisor

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

INVESCO LTD n/a ULT-AGG 19'404'727 1.74 (1'294'285) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'749'330 1.23 573'142 31.03.2013 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 9'787'516 0.88 431'606 24.04.2013 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) 31.03.2013 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

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013

Stifel DREW E CRUM buy 5 M 17 12 month 22.04.2013

MKM Partners ERIC O HANDLER buy 5 M 17 12 month 22.04.2013

BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 17 Not Provided 19.04.2013

Brean Murray Carret & Co TODD MITCHELL buy 5 M 15 12 month 19.04.2013

Longbow Research JAMES L HARDIMAN neutral 3 M #N/A N/A Not Provided 19.04.2013

Piper Jaffray MICHAEL J OLSON overweight 5 M 17 12 month 19.04.2013

Sterne, Agee & Leach ARVIND BHATIA buy 5 M 17 12 month 10.04.2013

Wedbush MICHAEL PACHTER outperform 5 M 21 12 month 25.03.2013

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

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

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

Holdings By:

Activision Blizzard Inc ee


30.04.2013

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 (29.04.2013) 45.59

52-Week Low (12.07.2012) 29.52

Daily Volume

45.06




Shares Out 22.03.2013 501.9 Short Int 8.13

22'617.24 1 Yr Total Return 34.27%

Total Debt 1'509.78 YTD Return 19.59%





Average Volume 5 Day 874'300

ADBE UW EQUITY YTD Change - Average Volume 30 Day 1'168'976

ADBE UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'052'397


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 4'118.5 4'512.0 1'011.7 1'016.3

2.94x 5.97x 3.60x 2.83x 3.42x 12.62x 13.72x 4.87x 4.45x 20.80x 20.66x

1'330.6 1'014.2 1'309.1 1'467.3 1'477.0 1'454.6 1'296.0 1'204.0 1'438.3 288.4 300.1

7.90x 17.34x 10.45x 8.13x 10.21x 10.64x 13.77x 17.03x 14.25x 15.77x 14.69x

871.8 386.5 774.7 832.8 832.8 783.5 712.7 736.6 909.1 171.1 181.9

12.80x 44.23x 20.38x 14.35x 21.31x 18.63x 28.25x 31.10x 25.09x 30.24x 28.77x


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




EBITDA Margin 29.7%



Asset Turnover 0.45



Debt to Assets 15.14% Inventory Days -


Accounts Receivable Turnover 8.75 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Adobe Systems IncPrice/Volume

Valuation Analysis

955'662.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. 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

4'000.0

4'500.0

5'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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-5 !!

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.4 -- .!!6 .4 !2 .!-! .4 -- .!-! .4 !2 .!-- .4 -- .!-- .4 !2 .!-. .4 -- .!-.



30.04.2013


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

CAPITAL GROUP COMPAN n/a ULT-AGG 32'902'426 6.56 1'342'883 31.03.2013 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 30'526'884 6.08 1'557'783 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 26'218'762 5.22 1'974'436 23.04.2013 Investment Advisor


DODGE & COX DODGE & COX 13F 23'408'246 4.66 2'214'496 31.12.2012 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 16'028'894 3.19 609'606 31.12.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 14'441'727 2.88 2'526'910 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 9'569'623 1.91 (312'696) 28.02.2013 Investment Advisor


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

UBS n/a ULT-AGG 8'455'776 1.68 (929'024) 31.03.2013 Unclassified

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

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 1.21 343'947 31.03.2013 Investment Advisor


B Riley & Company, Inc DANIEL CUMMINS buy 5 N 55 12 month 19.04.2013

Piper Jaffray MICHAEL J OLSON neutral 3 M 43 12 month 18.04.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 16.04.2013

Griffin Securities JAY VLEESCHHOUWER buy 5 M 48 36 month 15.04.2013

Goldman Sachs HEATHER BELLINI neutral/neutral 3 U 48 12 month 11.04.2013

Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 10.04.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 52 12 month 10.04.2013

Evercore Partners STEWART KIRK MATERNE III overweight 5 N 52 12 month 10.04.2013

Lazard Capital Markets BRETT FODERO neutral 3 M #N/A N/A Not Provided 08.04.2013

Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 43 12 month 03.04.2013

Jefferies ROSS MACMILLAN hold 3 M 43 12 month 01.04.2013

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

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

Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 38 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

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

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

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


30.04.2013

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: 03/yy

52-Week High (25.04.2013) 43.67

52-Week Low (05.06.2012) 25.90

Daily Volume

43.03





7'678.81 1 Yr Total Return 31.99%







AKAM UW EQUITY YTD Change - Average Volume 30 Day 1'006'324

AKAM UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'173'613


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

790.9 859.8 1'023.6 1'158.5 1'373.9 1'202.0 1'422.5 1'540.4 1'752.7 372.6 383.0

2.51x 4.04x 7.36x 3.88x 4.50x 14.17x 11.62x 4.40x 3.73x 17.56x 16.92x

313.7 347.3 398.0 463.4 519.1 466.8 401.8 662.6 761.2 159.5 163.7

6.32x 10.01x 18.93x 9.71x 11.90x 11.98x 0.00x 9.96x 8.67x 9.60x 9.26x

145.1 145.9 171.2 200.9 204.0 193.5 232.2 353.1 396.7 81.5 83.3

11.61x 19.34x 52.28x 30.45x 35.57x 34.95x 27.38x 22.13x 19.68x 22.11x 21.39x

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. -

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 38.4%



Asset Turnover 0.56







Fiscal Year Ended

Akamai Technologies IncPrice/Volume

Valuation Analysis

1'046'298.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

- ! 9

. ! 9

0 ! 9

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



30.04.2013


T ROWE PRICE ASSOCIA n/a 13G 20'446'047 11.46 5'548'410 28.02.2013 Investment Advisor



BLACKROCK n/a ULT-AGG 9'381'857 5.26 - 23.04.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'167'160 3.46 3'835'050 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 5'657'984 3.17 (2'798'293) 28.02.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'997'389 2.8 (686'077) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'247'195 2.38 92'118 31.03.2013 Investment Advisor

LEIGHTON F THOMSON n/a Form 4 3'803'876 2.13 30'000 13.03.2013 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'786'311 2.12 (522'944) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'496'914 1.96 451'317 31.03.2013 Investment Advisor

COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 3'301'129 1.85 (1'528'393) 31.12.2012 Hedge Fund Manager

BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 3'182'552 1.78 624'104 31.12.2012 Hedge Fund Manager

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'060'013 1.71 (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

ALLIANCE BERNSTEIN n/a ULT-AGG 1'869'235 1.05 1'002'972 31.03.2013 Investment Advisor

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

STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1'522'720 0.85 1'450'867 31.03.2013 Investment Advisor

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



D.A. Davidson & Co DONNA M JAEGERS buy 5 M 50 12 month 25.04.2013

Jefferies AARON SCHWARTZ hold 3 M 40 12 month 25.04.2013

Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 25.04.2013


William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 24.04.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 41 Not Provided 24.04.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 43 12 month 24.04.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 47 Not Provided 24.04.2013

Credit Suisse PHILIP WINSLOW underperform 1 M 30 Not Provided 23.04.2013

Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 22.04.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 M 45 12 month 21.04.2013

FBN Securities SHEBLY SEYRAFI outperform 5 M 45 12 month 19.04.2013

Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 17.04.2013

Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 16.04.2013

Stifel BEN LOWE hold 3 M #N/A N/A Not Provided 08.04.2013

Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 40 12 month 01.04.2013

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

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

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

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

JPMorgan STERLING AUTY neutral 3 M 42 6 month 11.03.2013

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

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


30.04.2013

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

98.66





19'259.35 1 Yr Total Return 9.23%




Cash and Equivalents 989.50 Consensus Rating 4.600



ALXN UW EQUITY YTD Change - Average Volume 30 Day 493'008

ALXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 551'067


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 06/13 Q2 09/13 Q3

259.1 386.8 541.0 783.4 1'134.1 783.4 1'134.1 1'517.7 1'895.2 364.5 392.8

11.40x 10.81x 12.96x 16.24x 15.35x 52.66x 65.98x 11.88x 9.24x 50.49x 46.61x

42.2 99.5 166.4 261.9 424.0 261.9 424.0 665.0 889.2 149.0 172.3

69.99x 41.99x 42.14x 48.58x 41.06x 48.58x 41.06x 27.65x 20.68x - -

33.1 295.2 97.0 175.3 254.8 175.3 254.8 598.9 684.1 138.2 157.1

92.79x 28.09x 77.08x 74.81x 70.09x 79.81x 70.48x 33.47x 30.17x - -

EBITDA 423.96 Long-Term Rating Date -

EBIT 400.07 Long-Term Rating -









EBITDA Margin 37.4%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alexion Pharmaceuticals IncPrice/Volume

Valuation Analysis

506'236.00


!

.!

1!

3!

5!

-!!

-.!

-1!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

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



30.04.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 30'769'061 15.76 512'215 31.03.2013 Investment Advisor

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


BLACKROCK n/a ULT-AGG 12'923'783 6.62 (414'236) 23.04.2013 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

WELLS FARGO n/a ULT-AGG 7'966'888 4.08 (95'683) 28.02.2013 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 3'287'777 1.68 151'850 31.03.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 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 Investment Advisor

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 2'185'000 1.12 (83'866) 28.03.2013 Investment Advisor


Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 132 12 month 24.04.2013

Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 23.04.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 117 12 month 22.04.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 125 12 month 22.04.2013

Janney Montgomery Scott LLC KIMBERLY LEE neutral 3 M 107 12 month 19.04.2013

Piper Jaffray M IAN SOMAIYA overweight 5 M 122 12 month 17.04.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 115 18 month 16.04.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 92 12 month 15.04.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 10.04.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 120 6 month 09.04.2013

Stifel STEPHEN D WILLEY buy 5 M 118 12 month 08.04.2013

Morgan Stanley DAVID FRIEDMAN Overwt/In-Line 5 M 108 12 month 28.03.2013

Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 28.03.2013

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

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

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

Guggenheim Securities LLC BRET HOLLEY buy 5 M 121 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


Holdings By:

Alexion Pharmaceuticals Inc ee


30.04.2013

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 (14.09.2012) 38.79

52-Week Low (24.10.2012) 29.59

Daily Volume

31.64





10'129.23 1 Yr Total Return -10.04%

Total Debt 500.00 YTD Return -7.86%






ALTR UW EQUITY YTD Change - Average Volume 30 Day 996'556

ALTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'077


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 06/13 Q2 09/13 Q3

1'367.2 1'195.4 1'954.4 2'064.5 1'783.0 2'064.5 1'783.0 1'754.4 2'014.8 421.3 449.8

3.06x 4.74x 4.66x 4.36x 4.75x 19.46x 19.71x 4.10x 3.40x 17.72x 16.43x

434.3 333.6 895.9 881.1 628.1 881.1 628.1 560.7 700.0 125.7 143.6

9.62x 17.00x 10.16x 10.23x 13.49x 10.23x 13.49x 13.38x 10.72x 12.65x 11.60x

359.7 251.1 782.9 770.7 556.8 770.7 556.8 466.4 570.2 103.4 116.5

14.16x 26.26x 14.29x 15.79x 19.99x 15.79x 20.11x 21.66x 17.94x 21.01x 19.35x


EBIT 591.24 Long-Term Rating A-









EBITDA Margin 34.9%



Asset Turnover 0.39







Fiscal Year Ended

Altera CorpPrice/Volume

Valuation Analysis

796'862.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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

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30.04.2013





SUN LIFE FINANCIAL I n/a ULT-AGG 15'114'327 4.72 3'937'174 28.02.2013 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 (50'000) 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

CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 4'498'250 1.41 2'106'000 31.03.2013 Hedge Fund Manager

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 3'764'280 1.18 327'929 31.03.2013 Investment Advisor



Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.04.2013

Raymond James HANS C MOSESMANN strong buy 5 M 42 12 month 23.04.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 22.04.2013

Robert W. Baird & Co TRISTAN GERRA neutral 3 M 33 12 month 22.04.2013

ISI Group SUMIT DHANDA neutral 3 M 29 12 month 22.04.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013

MKM Partners DANIEL A BERENBAUM neutral 3 M 32 12 month 19.04.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 15.04.2013

Mizuho Securities USA Inc RUBEN ROY buy 5 M 41 12 month 15.04.2013

Nomura ROMIT SHAH reduce 2 M 27 12 month 15.04.2013

Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 15.04.2013

Barclays BLAYNE CURTIS equalweight 3 M 35 Not Provided 11.04.2013

S&P Capital IQ CHRISTIN ARMACOST buy 5 M 37 12 month 06.04.2013

Piper Jaffray AUGUSTE P RICHARD overweight 5 M 36 12 month 27.03.2013

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

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

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

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

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 6 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


30.04.2013

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 (04.06.2012) 206.50

Daily Volume

249.74





113'692.31 1 Yr Total Return 7.69%

Total Debt 4'385.00 YTD Return -0.56%






AMZN UW EQUITY YTD Change - Average Volume 30 Day 889'759

AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 940'718


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 06/13 Q2 09/13 Q3

19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 48'077.0 61'093.0 74'865.4 91'383.9 15'745.1 17'001.2

0.98x 2.19x 2.15x 1.49x 1.75x 6.86x 6.55x 1.43x 1.13x 6.98x 6.39x

1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'653.8 6'257.3 993.2 994.6

16.55x 35.69x 37.21x 36.75x 37.68x 36.75x 37.70x 23.53x 17.50x 22.32x 21.33x

645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'396.3 2'385.3 243.5 247.6

36.89x 63.60x 71.15x 126.35x - 126.46x 0.00x 79.71x 47.10x 72.33x 64.15x


EBIT 676.00 Long-Term Rating AA-


Pretax Margin 0.64% Short-Term Rating Date 13.06.2007

Return on Assets -0.36% Short-Term Rating NR

Return on Common Equity -1.12%

Return on Capital -1.24% EBITDA/Interest Exp. 30.82

Asset Turnover 2.63% (EBITDA-Capex)/Interest Exp. -10.33



EBITDA Margin 4.8%


Net Income Margin -0.1% Total Debt/Capital 34.9%

Asset Turnover 2.63





Accounts Receivable Turnover 29.56 Cash Conversion Cycle -33.57



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amazon.com IncPrice/Volume

Valuation Analysis

1'807'717.00


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60'000.0

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30.04.2013


BEZOS JEFFREY P n/a Form 4 86'970'020 19.11 (195'151) 15.02.2013 n/a


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'211'207 4.44 1'315'756 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 18'884'410 4.15 713'291 23.04.2013 Investment Advisor



FMR LLC n/a ULT-AGG 15'535'787 3.41 (672'592) 28.02.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 6'404'636 1.41 376'682 28.02.2013 Investment Advisor





BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'666'295 1.03 (112'217) 31.03.2013 Investment Advisor


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

WELLS FARGO n/a ULT-AGG 3'087'754 0.68 16'229 28.02.2013 Investment Advisor



Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 24.04.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 24.04.2013

Nomura ARAM RUBINSON buy 5 M 315 12 month 24.04.2013

JPMorgan DOUGLAS ANMUTH neutral 3 M 300 6 month 23.04.2013

BGC Partners COLIN W GILLIS hold 3 M 245 12 month 23.04.2013

JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 23.04.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 23.04.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 320 12 month 22.04.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.04.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 22.04.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 21.04.2013

Evercore Partners KEN SENA overweight 5 M 330 12 month 21.04.2013

BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 19.04.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 19.04.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 17.04.2013



Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 15.04.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 12.04.2013

ISI Group GREGORY MELICH buy 5 M 320 Not Provided 12.04.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 12.04.2013

Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 12.04.2013

Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 11.04.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 09.04.2013

Stifel JORDAN ROHAN buy 5 M 335 12 month 08.04.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 02.04.2013

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

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

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


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



Needham & Co KERRY RICE hold 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

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

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


30.04.2013

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: 03/yy

52-Week High (23.04.2013) 114.95

52-Week Low (01.06.2012) 67.61

Daily Volume

106.67





80'002.50 1 Yr Total Return 52.90%







AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'588'980

AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'745'700


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'924.0 17'455.0 17'924.8 18'375.2 4'483.7 4'543.8

4.02x 3.65x 3.13x 3.33x 3.92x 12.60x 15.53x 4.29x 3.96x - -

6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'542.0 4'929.0 7'358.0 8'331.3 1'637.5 1'713.5

9.59x 7.94x 7.05x 9.66x 10.15x 9.95x 0.00x 11.23x 9.92x - -

4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'742.0 4'595.0 5'543.4 6'193.9 1'330.1 1'371.9

12.89x 11.71x 11.68x 12.87x 14.37x 12.97x 16.11x 14.66x 12.89x 14.43x 13.71x


EBIT 5'577.00 Long-Term Rating A+



Return on Assets 9.11% Short-Term Rating A-1+




Net Debt/EBITDA 0.37


EBITDA Margin 38.6%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amgen IncPrice/Volume

Valuation Analysis

1'374'889.00


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3 ! 9

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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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18'000.0

20'000.0

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

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30.04.2013





PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.6 (2'963'375) 31.12.2012 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 11'669'680 1.56 (4'012'947) 31.01.2013 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



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

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

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'262'570 0.7 (102'800) 31.03.2013 Investment Advisor

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


BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 24.04.2013


Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 120 12 month 24.04.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 101 12 month 24.04.2013


Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 24.04.2013

Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 24.04.2013

Oppenheimer & Co BORIS PEAKER market perform 3 M 100 12 month 24.04.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 105 12 month 24.04.2013



Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 130 12 month 24.04.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 115 Not Provided 23.04.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 115 6 month 23.04.2013

Jefferies EUN K YANG buy 5 M 123 12 month 23.04.2013

William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 23.04.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 23.04.2013

Piper Jaffray M IAN SOMAIYA neutral 3 D 107 12 month 23.04.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 105 Not Provided 23.04.2013

Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 100 12 month 17.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 D 115 12 month 03.04.2013

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

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

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

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

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


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


30.04.2013

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

43.66


52-Week Low % Change 27.47% Beta -



13'359.29 1 Yr Total Return 15.49%


Preferred Stock 0.0 Adjusted BETA -





ADI UW EQUITY YTD Change - Average Volume 30 Day 834'253

ADI UW EQUITY YTD % CHANGE - Average Volume 3 Month 836'323


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 2'689.6 2'979.8 660.9 688.4

1.90x 3.00x 2.81x 2.85x 3.25x 11.98x 13.57x 3.78x 3.22x 16.26x 15.37x

781.6 478.3 1'037.5 1'192.5 942.3 1'117.4 923.5 930.1 1'135.9 225.4 248.0

6.28x 12.64x 7.49x 7.15x 9.32x 8.18x 11.08x 10.89x 8.92x 10.12x 9.54x

786.3 247.8 712.1 867.4 651.2 784.7 643.1 670.9 841.4 162.7 178.7

12.00x 26.42x 14.21x 13.91x 18.69x 15.93x 21.16x 20.20x 16.22x 18.79x 17.73x





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






EBITDA Margin 34.5%



Asset Turnover 0.49







Fiscal Year Ended

Analog Devices IncPrice/Volume

Valuation Analysis

411'242.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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- ! 9

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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

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

! !!

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30.04.2013



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








CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 6'685'077 2.18 508'513 31.03.2013 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

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

JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 3'346'377 1.09 (169'003) 31.03.2013 Investment Advisor

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


BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 45 Not Provided 22.04.2013

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 52 12 month 22.04.2013



ISI Group SUMIT DHANDA strong buy 5 M 52 12 month 11.04.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 41 12 month 09.04.2013

B Riley & Company, Inc CRAIG ELLIS buy 5 M 57 Not Provided 03.04.2013

Argus Research Corp JAMES KELLEHER buy 5 M 52 12 month 02.04.2013


Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 01.04.2013

Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 41 12 month 01.04.2013

Raymond James J STEVEN SMIGIE strong buy 5 M 57 12 month 01.04.2013

Nomura ROMIT SHAH neutral 3 M 40 12 month 01.04.2013

S&P Capital IQ CHRISTIN ARMACOST hold 3 U 47 Not Provided 01.04.2013

Macquarie SHAWN WEBSTER outperform 5 M 52 12 month 27.03.2013

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

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

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


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

JPMorgan CHRISTOPHER DANELY overweight 5 M 51 6 month 20.02.2013

Stephens Inc HARSH KUMAR equalweight 3 M 41 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

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


30.04.2013

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: 03/yy

52-Week High (21.09.2012) 705.07

52-Week Low (19.04.2013) 385.10

Daily Volume

430.12





403'731.72 1 Yr Total Return -25.29%







AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'971'731

AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'892'843


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 142'360.0 169'104.0 171'696.0 188'397.5 35'152.4 38'247.2

2.39x 3.03x 3.32x 2.72x 3.23x 8.79x 9.16x 1.54x 1.27x 7.41x 6.67x

8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 53'298.0 57'381.0 53'554.7 59'048.8 10'622.2 11'351.7

10.14x 10.43x 11.17x 8.26x 8.63x 8.45x 4.73x 4.84x 4.39x 4.53x 4.41x

6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 38'617.0 39'672.0 37'410.3 40'389.9 6'964.8 7'829.5

18.91x 20.08x 19.30x 14.61x 15.11x 14.62x 10.57x 10.75x 9.76x 10.77x 10.31x


EBIT 55'241.00 Long-Term Rating AA+









EBITDA Margin 33.9%



Asset Turnover 0.98







Fiscal Year Ended

Apple IncPrice/Volume

Valuation Analysis

5'477'820.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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. ! 9

1 ! 9

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-1 ! 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

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30.04.2013




VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'247'824 4.61 1'164'484 31.03.2013 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 8'086'335 0.86 813'609 28.02.2013 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 7'650'330 0.82 (7'786'595) 31.03.2013 Investment Advisor



CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'897'211 0.73 6'499'377 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


BMO Capital Markets KEITH F BACHMAN market perform 3 D 435 Not Provided 24.04.2013

Societe Generale ANDY PERKINS buy 5 M 500 12 month 24.04.2013

Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 480 12 month 24.04.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 24.04.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 500 12 month 24.04.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 475 12 month 24.04.2013


Credit Suisse KULBINDER GARCHA outperform 5 M 525 Not Provided 24.04.2013

Hilliard Lyons STEPHEN TURNER buy 5 M 540 12 month 24.04.2013

JPMorgan MARK A MOSKOWITZ overweight 5 M 545 6 month 24.04.2013

Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 24.04.2013

Jefferies PETER J MISEK hold 3 M 420 12 month 24.04.2013

Needham & Co CHARLES WOLF buy 5 M 710 12 month 24.04.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.04.2013

Robert W. Baird & Co WILLIAM V POWER neutral 3 M 438 12 month 24.04.2013

Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 24.04.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.04.2013

FBR Capital Markets SCOTT S THOMPSON outperform 5 M 500 12 month 24.04.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 610 12 month 24.04.2013

Stifel AARON C RAKERS buy 5 M 600 12 month 24.04.2013

Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 24.04.2013

Evercore Partners ROBERT CIHRA overweight 5 M 550 12 month 24.04.2013

BGC Partners COLIN W GILLIS buy 5 M 500 12 month 24.04.2013

Nomura STUART JEFFREY neutral 3 M 420 12 month 24.04.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.04.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 24.04.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.04.2013

S&P Capital IQ SCOTT H KESSLER strong buy 5 M 550 12 month 24.04.2013

Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 24.04.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 500 12 month 24.04.2013


Cross Research SHANNON S CROSS buy 5 M 530 12 month 24.04.2013

Credit Agricole Securities (USA) AVI SILVER outperform 5 M 475 Not Provided 24.04.2013

BTIG LLC WALTER P PIECYK JR buy 5 M 540 12 month 24.04.2013

Barclays BENJAMIN A REITZES overweight 5 M 465 Not Provided 24.04.2013



Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 24.04.2013

Creative Global Investments CARLO R BESENIUS sell 1 M #N/A N/A Not Provided 24.04.2013

Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 23.04.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 Not Provided 23.04.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 480 12 month 23.04.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 550 12 month 23.04.2013

Holdings By:

Apple Inc ee


30.04.2013

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 (29.04.2013) 14.44

52-Week Low (16.11.2012) 9.96

Daily Volume

14.4



% 52 Week Price Range High/Low 99.22% Equity Float 1'189.63


17'280.64 1 Yr Total Return 23.92%







AMAT UW EQUITY YTD Change - Average Volume 30 Day 3'216'696

AMAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'313'814


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 7'828.4 9'351.3 1'909.1 2'124.1

1.63x 3.06x 1.47x 1.16x 1.46x 5.78x 7.01x 2.20x 1.76x 9.26x 8.31x

1'693.6 53.4 1'934.1 2'587.0 1'422.0 2'170.0 1'285.0 1'316.2 1'992.0 317.3 448.3

7.84x 287.63x 7.25x 4.71x 8.97x 7.25x 12.13x 13.28x 8.77x 10.26x 9.12x

960.7 (305.3) 937.9 1'926.0 109.0 1'538.0 26.0 737.2 1'239.2 163.9 246.5

14.62x - 14.03x 9.71x 14.20x 10.92x 20.69x 23.72x 13.42x 17.78x 14.71x


EBIT 1'000.00 Long-Term Rating A-









EBITDA Margin 15.9%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Applied Materials IncPrice/Volume

Valuation Analysis

3'928'542.00


!

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1

3

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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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30.04.2013


HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 72'080'070 6.01 (189'984) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 65'225'438 5.44 (3'231'983) 24.04.2013 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 28'020'086 2.33 (2'884'483) 31.03.2013 Investment Advisor

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

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 20'248'619 1.69 (2'277'777) 31.03.2013 Investment Advisor



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

EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 15'008'404 1.25 (1'325'129) 31.03.2013 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


Stifel PATRICK J HO buy 5 M 17 12 month 24.04.2013

Exane BNP Paribas JEROME RAMEL underperform 1 M 12 Not Provided 19.04.2013

S&P Capital IQ ANGELO ZINO buy 5 D 15 Not Provided 18.04.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 16.04.2013

Needham & Co EDWIN MOK hold 3 M #N/A N/A Not Provided 12.04.2013


Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 02.04.2013

B Riley & Company, Inc BEN PANG neutral 3 M 14 Not Provided 27.03.2013

Credit Suisse SATYA KUMAR neutral 3 M 13 Not Provided 19.03.2013

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

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

Argus Research Corp JAMES KELLEHER buy 5 M 16 Not Provided 15.02.2013

Deutsche Bank VISHAL SHAH hold 3 M 13 12 month 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


30.04.2013

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 (20.03.2013) 41.42

52-Week Low (24.08.2012) 27.97

Daily Volume

38.21





8'551.40 1 Yr Total Return -2.95%







ADSK UW EQUITY YTD Change - Average Volume 30 Day 672'109

ADSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 777'077


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 2'447.8 2'648.3 583.5 597.4

1.21x 2.52x 3.98x 2.95x 3.06x 12.65x 11.17x 2.74x 2.42x 11.83x 11.50x

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 9.60x 8.59x 9.49x 9.10x

183.6 58.0 212.0 285.3 247.4 285.3 247.4 479.8 552.7 102.4 116.2

11.75x 44.06x 43.74x 29.51x 35.67x 30.00x 34.11x 18.06x 15.56x 18.07x 17.17x


EBIT 349.80 Long-Term Rating BBB





Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 20.7%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Autodesk IncPrice/Volume

Valuation Analysis

501'487.00


!2

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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

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

! !!

2 !!

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30.04.2013




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'298'153 6.39 (1'254'431) 31.12.2012 Investment Advisor


STATE STREET n/a ULT-AGG 12'028'159 5.37 (691'932) 24.04.2013 Investment Advisor

VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 10'316'335 4.61 4'334'211 31.12.2012 Hedge Fund Manager


SUN LIFE FINANCIAL I n/a ULT-AGG 8'438'321 3.77 (2'547'746) 28.02.2013 Investment Advisor


WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 4'189'258 1.87 (282'183) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'186'866 1.87 (2'339'014) 31.03.2013 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'654'500 1.63 98'400 31.12.2012 Investment Advisor

SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 3'355'300 1.5 353'500 31.12.2012 Hedge Fund Manager


TPG-AXON MANAGEMENT TPG-AXON MANAGEMENT 13F 3'172'757 1.42 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


Jefferies ROSS MACMILLAN buy 5 M 47 12 month 25.04.2013


Wedbush STEVEN R KOENIG outperform 5 M 45 12 month 24.04.2013

Evercore Partners MATTHEW L WILLIAMS equalweight 3 N 40 12 month 21.04.2013



Canaccord Genuity Corp RICHARD DAVIS JR hold 3 M 38 12 month 12.04.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 50 12 month 05.04.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 45 12 month 04.04.2013

Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 43 12 month 01.04.2013


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

JPMorgan STERLING AUTY neutral 3 M 38 6 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

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


30.04.2013

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 (29.04.2013) 67.24

52-Week Low (01.06.2012) 50.90

Daily Volume

67.14





32'564.05 1 Yr Total Return 24.24%







ADP UW EQUITY YTD Change - Average Volume 30 Day 672'094

ADP UW EQUITY YTD % CHANGE - Average Volume 3 Month 737'482


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 3'106.1 2'817.9

2.25x 1.83x 2.02x 2.47x 2.37x 9.20x 9.45x 2.68x 2.46x 9.72x 10.67x

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 13.26x 12.15x 12.80x 12.46x

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 23.13x 21.07x 22.28x 21.67x


EBIT 1'959.00 Long-Term Rating AAA









EBITDA Margin 21.7%



Asset Turnover 0.33







Fiscal Year Ended

Automatic Data Processing IncPrice/Volume

Valuation Analysis

375'107.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 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 !!

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30.04.2013


STATE STREET n/a ULT-AGG 33'802'414 6.97 2'939'840 24.04.2013 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 6'112'032 1.26 (4'972) 31.03.2013 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



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


RBC Capital Markets DANIEL R PERLIN outperform 5 M 61 12 month 24.04.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 61 12 month 19.04.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 62 12 month 19.04.2013

Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 19.04.2013

BMO Capital Markets JEFFREY M SILBER outperform 5 M 68 Not Provided 18.04.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 67 12 month 17.04.2013

Barclays GARY E BISBEE equalweight 3 M 61 Not Provided 16.04.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 12.04.2013

Jefferies JASON KUPFERBERG underperform 1 M 55 12 month 09.04.2013

William Blair & Co TIMOTHY J MCHUGH market perform 3 M #N/A N/A Not Provided 05.04.2013

Evercore Partners DAVID M TOGUT overweight 5 M 71 12 month 02.04.2013


Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 27.03.2013

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

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

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 6 month 05.02.2013

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

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

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


Deutsche Bank BRYAN KEANE hold 3 M 58 12 month 25.01.2012

Holdings By:

Automatic Data Processing Inc ee


30.04.2013

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 (17.08.2012) 37.88

52-Week Low (18.05.2012) 29.71

Daily Volume

32.53





8'005.30 1 Yr Total Return -3.81%







AVGO UW EQUITY YTD Change - Average Volume 30 Day 655'564

AVGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 744'161


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 2'386.9 2'650.7 556.5 602.7

- 2.46x 2.67x 3.18x 3.06x 12.82x 12.79x 2.78x 2.30x 12.30x 11.25x

331.0 300.0 629.0 745.0 744.0 732.0 740.0 770.9 891.6 172.6 193.3

- 12.19x 8.90x 9.99x 9.71x 10.20x 10.51x 8.90x 7.69x 8.38x 7.80x

83.0 (44.0) 415.0 552.0 563.0 558.0 563.0 673.0 772.0 149.3 172.8

- 264.92x 12.90x 14.70x 14.85x 15.14x 15.85x 12.50x 10.99x 11.99x 11.46x











EBITDA Margin 31.1%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Avago Technologies LtdPrice/Volume

Valuation Analysis

516'831.00


!

2

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-2

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02

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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

! !!

2 !!

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30.04.2013









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 4'923'875 2 1'066'227 31.03.2013 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



RBC Capital Markets DOUG FREEDMAN outperform 5 M 42 12 month 23.04.2013

Brean Murray Carret & Co MIKE BURTON buy 5 M 41 12 month 23.04.2013

Craig-Hallum Capital Group LLC ANTHONY J STOSS buy 5 N 44 12 month 18.04.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 37 18 month 16.04.2013

Lazard Capital Markets IAN ING buy 5 M 44 12 month 15.04.2013


BNP Paribas Equity Research NITIN KUMAR hold 3 M 36 12 month 12.04.2013

Deutsche Bank ROSS C SEYMORE buy 5 M 40 12 month 11.04.2013


Jefferies MARK J LIPACIS buy 5 M 42 12 month 11.04.2013

Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 44 12 month 11.04.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 43 12 month 11.04.2013

Nomura ROMIT SHAH buy 5 M 40 12 month 11.04.2013

Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 05.04.2013

Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 06.03.2013

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

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

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

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


30.04.2013

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 (01.05.2012) 135.69

52-Week Low (05.04.2013) 82.99

Daily Volume

85.47



% 52 Week Price Range High/Low 4.71% Equity Float -


29'892.18 1 Yr Total Return -35.59%



Minority Interest 1'159.9 Analyst Recs 30




BIDU UW EQUITY YTD Change - Average Volume 30 Day 928'091

BIDU UW EQUITY YTD % CHANGE - Average Volume 3 Month 965'928


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 06/13 Q2 09/13 Q3

3'198.3 4'447.8 7'915.1 14'500.8 22'306.0 14'500.8 22'306.0 30'033.7 38'834.3 7'379.3 8'313.8

8.68x 20.91x 26.99x 16.93x 8.93x 74.71x 44.23x 5.38x 3.88x 24.64x 21.74x

1'377.4 1'921.9 4'400.1 8'461.6 12'566.7 2'512.1 12'332.7 14'061.3 17'697.5 3'485.1 3'958.8

20.15x 48.38x 48.55x 29.02x 15.86x 0.00x 16.16x 11.63x 9.24x 10.94x 10.28x

1'048.1 1'485.1 3'525.2 6'638.6 10'456.0 6'638.6 10'456.0 11'152.1 13'965.6 2'804.9 3'185.5

29.52x 65.75x 62.98x 38.64x 20.96x 38.66x 20.97x 16.76x 13.82x 15.96x 15.16x

EBITDA 12'566.66 Long-Term Rating Date -

EBIT 11'051.32 Long-Term Rating -









EBITDA Margin 52.3%



Asset Turnover 0.66







Fiscal Year Ended

Baidu IncPrice/Volume

Valuation Analysis

1'409'520.00


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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0.0

5'000.0

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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30.04.2013





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 7'971'126 2.93 5'054'777 31.03.2013 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 CARMIGNAC GESTION 13F 5'641'407 2.07 5'641'407 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


Deutsche Bank ALAN HELLAWELL hold 3 M 115 12 month 24.04.2013

JPMorgan DICK WEI overweight 5 M 140 6 month 24.04.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 24.04.2013

Brean Murray Carret & Co FAWNE JIANG buy 5 M 120 12 month 23.04.2013

HSBC CHI TSANG overweight 5 M 131 Not Provided 23.04.2013

Macquarie JIONG SHAO outperform 5 M 120 12 month 23.04.2013

Stifel GEORGE I ASKEW hold 3 M #N/A N/A Not Provided 22.04.2013

Barclays ALICIA YAP equalweight 3 M 108 Not Provided 17.04.2013

Maxim Group LLC ECHO HE sell 1 M 75 12 month 16.04.2013

Nomura JIN YOON buy 5 M 110 12 month 11.04.2013

Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013

Bank of China International THOMAS CHONG buy 5 M 110 Not Provided 02.04.2013

Morgan Stanley PHILIP WAN Equalwt/Attractive 3 M 105 12 month 27.03.2013

Oppenheimer & Co ANDY YEUNG market perform 3 M #N/A N/A Not Provided 26.03.2013

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

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

Jefferies CYNTHIA JINHONG MENG hold 3 M 112 12 month 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




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


30.04.2013

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: 03/yy

52-Week High (19.06.2012) 75.83

52-Week Low (20.12.2012) 54.33

Daily Volume

68.39





15'465.41 1 Yr Total Return -2.84%







BBBY UW EQUITY YTD Change - Average Volume 30 Day 797'160

BBBY UW EQUITY YTD % CHANGE - Average Volume 3 Month 764'870


28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 02/yy 03/yy 02/14 Y 02/15 Y 05/13 Q1 08/13 Q2

7'208.3 7'828.8 8'758.5 9'499.9 10'914.6 9'499.9 10'914.6 11'635.1 12'274.2 2'593.2 2'799.7

0.67x 1.20x 1.17x 1.31x 1.09x 5.06x 4.96x 1.27x 1.21x 5.64x 5.34x

849.5 1'164.9 1'472.3 1'752.2 1'832.9 1'752.2 1'832.9 1'948.5 2'069.5 385.9 442.3

5.72x 8.08x 6.96x 7.11x 6.47x 7.11x 6.47x 7.42x 6.98x 7.46x 7.32x

425.1 600.0 791.3 989.5 1'037.8 989.5 1'037.8 1'076.3 1'145.4 204.8 244.8

12.99x 18.09x 15.59x 14.86x 12.48x 14.79x 12.43x 13.65x 12.18x 13.63x 13.28x











EBITDA Margin 16.8%



Asset Turnover 1.82


Quick Ratio 0.62 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Bed Bath & Beyond IncPrice/Volume

Valuation Analysis

824'539.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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3 !!

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30.04.2013



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


MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'206'710 1.42 (1'007'536) 31.12.2012 Investment Advisor


EISENBERG WARREN n/a Form 5 3'035'165 1.34 (435'474) 02.03.2013 n/a



ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'329'500 1.03 449'200 31.03.2013 Investment Advisor

WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 2'156'877 0.95 36'927 31.12.2012 Investment Advisor

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



Williams Capital Group MARC RIDDICK outperform 5 M 80 12 month 23.04.2013

Jefferies JOHN MARRIN buy 5 M 76 12 month 17.04.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 81 12 month 17.04.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 68 6 month 15.04.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 15.04.2013

Deutsche Bank MICHAEL BAKER buy 5 M 74 12 month 12.04.2013

Robert W. Baird & Co PETER S BENEDICT neutral 3 M 68 12 month 12.04.2013

Nomura ARAM RUBINSON neutral 3 M 72 12 month 12.04.2013

Morgan Stanley DAVID GOBER Underwt/In-Line 1 M 59 12 month 11.04.2013

Goldman Sachs MATTHEW J FASSLER Sell/Neutral 1 M 62 12 month 11.04.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 80 Not Provided 11.04.2013

Credit Suisse GARY BALTER outperform 5 M 75 Not Provided 11.04.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 75 12 month 11.04.2013

William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 11.04.2013

Raymond James BUDD BUGATCH strong buy 5 M 85 12 month 11.04.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 71 12 month 11.04.2013

BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 75 12 month 11.04.2013

S&P Capital IQ MICHAEL SOUERS buy 5 M 80 Not Provided 11.04.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 70 12 month 11.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 11.04.2013

Wedbush JOAN L STORMS outperform 5 M 77 12 month 10.04.2013

KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 10.04.2013

Canaccord Genuity Corp LAURA A CHAMPINE buy 5 M 78 Not Provided 10.04.2013

ISI Group GREGORY MELICH neutral 3 M 69 12 month 10.04.2013

Barclays ALAN M RIFKIN overweight 5 M 70 Not Provided 10.04.2013

Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 20.12.2012

GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 16.12.2010

Holdings By:

Bed Bath & Beyond Inc ee


30.04.2013

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 (29.04.2013) 225.00

52-Week Low (04.06.2012) 126.43

Daily Volume

223.61

52-Week High % Change -0.62% Dividend Yield -




53'079.38 1 Yr Total Return 66.86%







BIIB UW EQUITY YTD Change - Average Volume 30 Day 469'511

BIIB UW EQUITY YTD % CHANGE - Average Volume 3 Month 459'903


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 06/13 Q2 09/13 Q3

4'097.5 4'377.3 4'716.4 5'048.6 5'516.5 5'048.6 5'516.5 6'500.9 7'621.9 1'570.0 1'710.5

3.19x 3.06x 3.27x 4.87x 5.81x 17.24x 22.83x 8.11x 6.62x - -

2'160.2 1'723.4 1'923.1 2'138.7 2'204.1 2'138.7 2'204.1 2'710.1 3'482.4 596.6 701.4

6.05x 7.77x 8.03x 11.50x 14.53x 11.50x 14.53x 19.68x 15.31x - -

783.2 970.1 1'005.3 1'234.4 1'380.0 1'234.4 1'380.0 1'884.7 2'320.0 436.8 490.9

13.34x 16.08x 14.09x 21.22x 25.62x 21.26x 25.77x 28.12x 22.61x 26.24x 24.59x











EBITDA Margin 41.7%



Asset Turnover 0.59







Fiscal Year Ended

Biogen Idec IncPrice/Volume

Valuation Analysis

513'282.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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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

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

! !!

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-2 !!

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30.04.2013


FMR LLC n/a ULT-AGG 23'263'262 9.84 362'835 28.02.2013 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



WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'800'651 1.61 384'184 31.12.2012 Investment Advisor



ALLIANCE BERNSTEIN n/a ULT-AGG 2'898'755 1.23 550'054 31.03.2013 Investment Advisor


VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 2'725'961 1.15 725'938 31.12.2012 Hedge Fund Manager


JMP Securities JOHN L NEWMAN market outperform 4 M 240 12 month 25.04.2013


Leerink Swann & Co MARKO KOZUL outperform 5 M #N/A N/A Not Provided 24.04.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 227 Not Provided 23.04.2013


Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 190 12 month 22.04.2013


Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 188 12 month 19.04.2013


Stifel JOEL D SENDEK buy 5 M 202 12 month 19.04.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 19.04.2013


Piper Jaffray M IAN SOMAIYA neutral 3 M 179 12 month 17.04.2013

Oppenheimer & Co DAVID FERREIRO market perform 3 M 160 18 month 16.04.2013


Barclays CHARLES ANTHONY BUTLER overweight 5 M 210 Not Provided 15.04.2013


Credit Suisse RAVI MEHROTRA outperform 5 M 225 Not Provided 04.04.2013

Canaccord Genuity Corp RITU BARAL buy 5 M 206 Not Provided 01.04.2013

Jefferies THOMAS WEI buy 5 M 215 12 month 28.03.2013


Guggenheim Securities LLC BRET HOLLEY neutral 3 M 158 12 month 22.03.2013



Lazard Capital Markets WILLIAM TANNER neutral 3 M #N/A N/A Not Provided 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


30.04.2013

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

45.43





6'491.45 1 Yr Total Return 10.11%







BMC UW EQUITY YTD Change - Average Volume 30 Day 574'702

BMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 590'254


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 2'227.1 2'324.8 594.2 532.5

2.80x 2.84x 3.06x 3.61x 2.64x 11.79x 10.64x 2.84x 2.50x 10.60x 11.48x

524.3 634.4 684.9 722.8 768.5 796.1 701.7 831.0 878.7 222.0 203.5

9.25x 8.39x 8.54x 10.32x 7.46x 5.50x 8.24x 7.96x 7.53x 7.28x 7.21x

313.6 238.1 406.1 456.2 401.0 452.8 328.9 535.1 562.3 137.8 120.4

18.37x 17.84x 17.45x 21.72x 17.02x 12.48x 18.20x 13.08x 11.78x 11.92x 11.63x


EBIT 543.90 Long-Term Rating BBB+









EBITDA Margin 31.9%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BMC Software IncPrice/Volume

Valuation Analysis

643'749.00


!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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

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

! !!

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3 !!

5 !!

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30.04.2013


MACQUARIE GROUP n/a ULT-AGG 14'177'031 9.92 - 11.02.2013 Investment Advisor

ELLIOTT MANAGEMENT C n/a 13D 13'697'300 9.59 307'300 08.04.2013 Hedge Fund Manager

DODGE & COX DODGE & COX 13F 12'687'878 8.88 (556'400) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'082'343 6.36 (160'314) 31.03.2013 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 3'848'078 2.69 (874'326) 31.03.2013 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


FEDERATED INVESTORS FEDERATED INVESTORS 13F 1'470'773 1.03 1'444'264 31.03.2013 Investment Advisor




Janney Montgomery Scott LLC YUN KIM buy 5 M 52 12 month 09.04.2013



Jefferies AARON SCHWARTZ buy 5 M 48 12 month 08.04.2013

Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 08.04.2013


Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 44 12 month 03.04.2013

Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 46 12 month 21.03.2013

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 6 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


30.04.2013

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: 03/yy

52-Week High (03.05.2012) 37.25

52-Week Low (17.07.2012) 28.60

Daily Volume

35.415





20'221.96 1 Yr Total Return -2.03%







BRCM UW EQUITY YTD Change - Average Volume 30 Day 1'969'145

BRCM UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'220'868


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

4'658.1 4'490.3 6'818.3 7'389.0 8'006.0 7'400.0 8'184.0 8'629.0 9'457.0 2'100.3 2'243.9

1.37x 2.85x 2.95x 1.62x 2.11x 8.02x 8.59x 2.14x 1.80x 9.15x 8.45x

498.4 356.1 1'291.0 1'260.0 1'297.0 1'201.0 1'353.0 1'577.6 1'767.2 375.4 420.4

12.84x 35.95x 15.57x 9.52x 13.01x 15.57x 12.96x 11.40x 10.18x 11.09x 10.81x

214.8 65.3 1'081.8 927.0 719.0 787.0 822.0 1'779.5 1'967.9 425.3 470.9

20.45x 76.76x 20.94x 16.49x 22.90x 23.96x 23.27x 12.24x 11.49x 12.20x 12.00x











EBITDA Margin 16.5%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Broadcom CorpPrice/Volume

Valuation Analysis

2'533'911.00


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30.04.2013







JP MORGAN n/a ULT-AGG 21'655'616 4.16 4'153'157 28.02.2013 Investment Advisor







TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'935'621 1.52 2'374'769 31.12.2012 Investment Advisor


LEGG MASON INC Multiple Portfolios MF-AGG 6'634'244 1.27 69'246 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'251'821 1.2 97'009 31.12.2012 Investment Advisor







Societe Generale PETER KNOX hold 3 M 37 12 month 24.04.2013




D.A. Davidson & Co AALOK K SHAH buy 5 M 44 18 month 24.04.2013

JPMorgan HARLAN SUR overweight 5 M 45 6 month 24.04.2013


Needham & Co N QUINN BOLTON buy 5 M 39 12 month 24.04.2013



Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 41 12 month 24.04.2013

Wedbush BETSY VAN HEES outperform 5 M 38 12 month 24.04.2013


Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 24.04.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 42 12 month 24.04.2013



Stifel KEVIN E CASSIDY buy 5 M 45 12 month 24.04.2013

Oppenheimer & Co RICHARD SCHAFER outperform 5 M 45 12 month 24.04.2013

Mizuho Securities USA Inc RUBEN ROY buy 5 M 40 12 month 24.04.2013

Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 24.04.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 24.04.2013

JMP Securities ALEX GAUNA market outperform 4 M 38 12 month 24.04.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 45 12 month 24.04.2013

Williams Financial Group CODY G ACREE buy 5 M 40 12 month 24.04.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 39 12 month 24.04.2013


Benchmark Company LLC GARY W MOBLEY buy 5 M 40 12 month 24.04.2013


Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 40 Not Provided 24.04.2013

Barclays BLAYNE CURTIS underweight 1 M 28 Not Provided 24.04.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 24.04.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 D 38 12 month 24.04.2013





Evercore Partners PATRICK WANG overweight 5 M 40 12 month 23.04.2013

ISI Group SUMIT DHANDA buy 5 M 41 12 month 23.04.2013


MKM Partners DANIEL A BERENBAUM buy 5 M 43 12 month 23.04.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 17.04.2013

Holdings By:

Broadcom Corp ee


30.04.2013

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 (14.09.2012) 27.58

52-Week Low (16.11.2012) 21.49

Daily Volume

26.63





12'141.25 1 Yr Total Return 5.02%







CA UW EQUITY YTD Change - Average Volume 30 Day 900'310

CA UW EQUITY YTD % CHANGE - Average Volume 3 Month 944'725


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 4'639.5 4'666.5 1'141.6 1'140.8

2.63x 1.93x 2.58x 2.36x 2.38x 7.81x 9.01x 2.20x 2.16x - -

1'254.0 1'502.0 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

8.98x 5.49x 6.95x 6.45x 6.35x 4.72x 4.72x 6.28x 6.13x 6.07x 5.86x

500.0 671.0 771.0 827.0 951.0 928.0 924.0 1'109.0 1'125.4 252.4 278.8

18.29x 11.91x 15.52x 14.18x 13.52x 10.26x 10.19x 11.04x 10.54x 10.79x 10.50x











EBITDA Margin 39.2%



Asset Turnover 0.40







Fiscal Year Ended

CA IncPrice/Volume

Valuation Analysis

870'856.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

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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30.04.2013


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 3'514'011 0.77 (21'195) 31.03.2013 Investment Advisor



Sanford C. Bernstein & Co MARK L MOERDLER underperform 1 M 20 12 month 12.04.2013


Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 D 25 12 month 07.04.2013

RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 27 12 month 04.04.2013


JPMorgan JOHN DIFUCCI overweight 5 M 34 6 month 28.02.2013

Jefferies AARON SCHWARTZ hold 3 M 26 12 month 23.01.2013






Holdings By:

CA Inc ee


30.04.2013

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 (25.07.2012) 41.68

Daily Volume

56.61





11'631.37 1 Yr Total Return 24.99%







CTRX UW EQUITY YTD Change - Average Volume 30 Day 344'491

CTRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 393'255


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 0.84x 0.73x 3.50x 3.44x

38.4 91.1 114.8 166.4 367.4 166.5 367.4 672.5 830.5 149.7 160.0

11.20x 14.52x 20.19x 19.06x 28.48x 19.06x 28.48x 18.49x 14.98x 18.57x 17.43x

15.1 46.1 64.7 91.8 116.7 91.8 116.7 391.4 498.7 85.6 92.9

20.76x 28.41x 41.60x 38.59x 54.05x 38.85x 54.05x 30.29x 24.04x 30.31x 28.15x


EBIT 217.02 Long-Term Rating BB









EBITDA Margin 3.7%



Asset Turnover 2.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Catamaran CorpPrice/Volume

Valuation Analysis

249'106.00


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30.04.2013



FMR LLC n/a ULT-AGG 18'118'825 8.82 - 28.02.2013 Investment Advisor




WELLS FARGO n/a ULT-AGG 5'641'093 2.75 1'064'159 28.02.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'677'762 2.28 (44'827) 31.03.2013 Investment Advisor


BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'707'268 1.8 2'102'769 31.03.2013 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'664'716 1.78 274'344 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 2'431'566 1.18 (36'399) 28.02.2013 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 2'095'422 1.02 349'437 28.02.2013 Investment Advisor


TD Securities LENNOX GIBBS buy 5 M 61 12 month 24.04.2013

JPMorgan LISA C GILL overweight 5 M 62 6 month 23.04.2013

ISI Group MICHAEL CHERNY strong buy 5 M 60 12 month 18.04.2013

Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 17.04.2013

Maxim Group LLC ANTHONY V VENDETTI buy 5 M 66 12 month 16.04.2013

Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 11.04.2013

Jefferies BRIAN TANQUILUT buy 5 M 65 12 month 02.04.2013

Oppenheimer & Co BRET D JONES market perform 3 M #N/A N/A Not Provided 01.04.2013

Credit Suisse GLEN SANTANGELO outperform 5 M 61 Not Provided 26.03.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 62 12 month 15.03.2013

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

Paradigm Capital Inc GABRIEL LEUNG buy 5 M 64 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

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

Goldman Sachs ROBERT P JONES buy/attractive 5 M 62 12 month 22.01.2013

Holdings By:

Catamaran Corp ee


30.04.2013

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 (23.04.2013) 128.52

52-Week Low (21.06.2012) 58.53

Daily Volume

118.47





49'608.66 1 Yr Total Return 62.47%







CELG UW EQUITY YTD Change - Average Volume 30 Day 895'583

CELG UW EQUITY YTD % CHANGE - Average Volume 3 Month 943'446


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 06/13 Q2 09/13 Q3

2'254.8 2'689.9 3'625.7 4'842.1 5'506.7 4'842.1 5'506.7 6'148.0 7'036.2 1'536.4 1'552.6

10.27x 8.39x 7.30x 5.93x 5.83x 22.09x 22.51x 7.63x 6.35x - -

528.7 967.6 1'296.0 1'663.3 2'198.8 1'663.3 2'198.8 3'065.0 3'551.6 748.8 747.2

43.81x 23.33x 20.43x 17.27x 14.61x 17.27x 14.61x 15.94x 13.76x - -

(1'533.7) 776.7 880.5 1'318.2 1'456.2 1'318.2 1'456.2 2'460.0 2'876.9 610.7 612.8

35.21x 32.72x 25.83x 22.61x 19.57x 22.02x 20.12x 20.64x 17.17x 20.07x 19.57x











EBITDA Margin 39.1%



Asset Turnover 0.51







Fiscal Year Ended

Celgene CorpPrice/Volume

Valuation Analysis

904'829.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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3'000.0

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30.04.2013





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








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 4'022'097 0.96 (36'750) 28.02.2013 Investment Advisor



BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 143 Not Provided 23.04.2013

JMP Securities MICHAEL G KING JR market outperform 4 M 130 12 month 23.04.2013

Cantor Fitzgerald MARA GOLDSTEIN buy 5 M 142 12 month 22.04.2013




Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 141 12 month 15.04.2013

Jefferies THOMAS WEI buy 5 M 140 12 month 11.04.2013






Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 08.04.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 U 143 12 month 05.04.2013


Oppenheimer & Co BORIS PEAKER market perform 3 M #N/A N/A Not Provided 02.04.2013

Wallachbeth Capital LLC DIFEI YANG hold 3 D 99 12 month 25.03.2013







S&P Capital IQ STEVEN SILVER strong buy 5 M 125 12 month 20.02.2013

Argus Research Corp JOHN M EADE hold 3 D #N/A N/A Not Provided 28.01.2013

Summer Street Research Partners CAROL A WERTHER buy 5 M 122 12 month 25.01.2013


Holdings By:

Celgene Corp ee


30.04.2013

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 (26.04.2013) 97.52

52-Week Low (25.10.2012) 67.66

Daily Volume

94.79





16'292.45 1 Yr Total Return 16.89%







CERN UW EQUITY YTD Change - Average Volume 30 Day 247'500

CERN UW EQUITY YTD % CHANGE - Average Volume 3 Month 271'145


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 06/13 Q2 09/13 Q3

1'676.0 1'671.9 1'850.2 2'203.2 2'665.4 2'203.2 2'665.4 2'984.5 3'375.4 725.7 767.6

1.80x 3.81x 4.04x 4.42x 4.60x 18.02x 18.80x 5.10x 4.39x 22.22x 20.90x

449.4 481.6 552.7 672.4 794.2 672.4 794.2 967.8 1'119.9 238.0 247.1

6.70x 13.22x 13.54x 14.48x 15.43x 14.48x 15.43x 15.98x 13.81x 15.14x 14.35x

188.7 193.5 237.3 306.6 397.2 306.6 397.2 496.4 583.6 119.2 125.8

18.93x 35.69x 34.08x 34.80x 33.66x 34.70x 33.66x 33.66x 28.86x 32.54x 31.13x











EBITDA Margin 30.7%



Asset Turnover 0.78







Fiscal Year Ended

Cerner CorpPrice/Volume

Valuation Analysis

225'373.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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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30.04.2013



PATTERSON NEAL L n/a Form 4 12'056'024 7.02 (1'500) 01.03.2013 n/a

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9'374'174 5.45 1'320'072 31.12.2012 Investment Advisor




ILLIG CLIFFORD W n/a Form 4 7'544'562 4.39 - 01.03.2013 n/a





MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'093'598 2.38 (109'035) 31.03.2013 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 2'256'994 1.31 126'000 28.03.2013 Investment Advisor





Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 24.04.2013


Oppenheimer & Co BRET D JONES underperform 1 M 54 18 month 22.04.2013

Maxim Group LLC ANTHONY V VENDETTI hold 3 M #N/A N/A Not Provided 18.04.2013

B Riley & Company, Inc EUGENE MANNHEIMER neutral 3 M 91 Not Provided 17.04.2013

Cowen and Company CHARLES RHYEE neutral 3 M #N/A N/A Not Provided 17.04.2013

Lazard Capital Markets STEVEN P HALPER buy 5 M 101 12 month 17.04.2013

First Analysis Corp FRANK SPARACINO overweight 5 M 97 12 month 16.04.2013

ISI Group MICHAEL CHERNY neutral 3 M 95 12 month 15.04.2013

Jefferies DAVID H WINDLEY buy 5 M 110 12 month 12.04.2013

Robert W. Baird & Co ERIC W COLDWELL outperform 5 M 103 12 month 12.04.2013

Piper Jaffray SEAN W WIELAND overweight 5 M 100 12 month 01.04.2013

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

William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 07.03.2013

Argus Research Corp DAVID H TOUNG buy 5 M 95 Not Provided 27.02.2013


Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013

Credit Suisse GLEN SANTANGELO neutral 3 M 88 Not Provided 05.02.2013

S&P Capital IQ JEFFREY LOO strong buy 5 M 92 12 month 23.01.2013

Holdings By:

Cerner Corp ee


30.04.2013

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

58.84





9'368.75 1 Yr Total Return 0.80%







CHRW UW EQUITY YTD Change - Average Volume 30 Day 425'468

CHRW UW EQUITY YTD % CHANGE - Average Volume 3 Month 532'295


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 12'979.0 14'106.3 2'969.5 3'360.5

1.05x 1.25x 1.40x 1.07x 0.91x 4.51x 3.44x 0.71x 0.65x 3.18x 2.81x

602.8 615.3 652.2 725.2 713.4 725.2 713.4 842.0 935.2 190.9 213.1

14.87x 15.45x 19.88x 15.30x 14.45x 15.30x 14.45x 11.26x 10.14x 11.32x 10.98x

359.2 360.8 387.0 431.6 593.8 431.6 593.8 488.3 544.6 109.7 124.0

26.46x 25.87x 34.42x 26.54x 20.52x 26.01x 20.63x 19.24x 16.98x 19.22x 18.57x











EBITDA Margin 6.3%



Asset Turnover 4.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CH Robinson Worldwide IncPrice/Volume

Valuation Analysis

217'782.00


!

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- 2 9

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. 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

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30.04.2013





VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'388'709 5.27 (197) 31.03.2013 Investment Advisor

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 - 31.03.2013 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'197'671 2.01 (1'881'334) 31.03.2013 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 2'322'864 1.46 293'600 31.03.2013 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


Deutsche Bank JUSTIN B YAGERMAN buy 5 M 78 12 month 23.04.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013

Longbow Research MATTHEW S BROOKLIER neutral 3 M #N/A N/A Not Provided 23.04.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 22.04.2013

JPMorgan THOMAS R WADEWITZ underweight 1 D 50 6 month 16.04.2013

Goldman Sachs TOM KIM neutral/attractive 3 M 65 12 month 15.04.2013

Credit Suisse CHRISTOPHER J CERASO neutral 3 M 67 Not Provided 12.04.2013

FBR Capital Markets JOHN R MIMS underperform 1 D 55 12 month 12.04.2013

Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 78 12 month 12.04.2013

Wunderlich Securities CHAZ G JONES hold 3 M 64 18 month 11.04.2013

Jefferies H PETER NESVOLD hold 3 M 61 12 month 10.04.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 78 12 month 10.04.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 09.04.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 94 12 month 08.04.2013

BB&T Capital Markets THOMAS S ALBRECHT hold 3 M #N/A N/A Not Provided 28.03.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 73 12 month 27.03.2013

Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 74 12 month 22.03.2013

Macquarie KELLY A DOUGHERTY neutral 3 M 58 12 month 12.03.2013

RBC Capital Markets JOHN L BARNES III sector perform 3 M 63 12 month 07.03.2013

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

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

Stifel JOHN G LARKIN sell 1 M #N/A N/A Not Provided 06.02.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER market perform 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

Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 05.02.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 76 12 month 25.09.2012

Holdings By:

CH Robinson Worldwide Inc ee


30.04.2013

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: 03/yy

52-Week High (30.04.2012) 59.17

52-Week Low (18.10.2012) 40.60

Daily Volume

45.61





9'390.77 1 Yr Total Return -21.54%







CHKP UW EQUITY YTD Change - Average Volume 30 Day 643'439

CHKP UW EQUITY YTD % CHANGE - Average Volume 3 Month 546'358


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

808.5 924.4 1'097.9 1'247.0 1'342.7 1'278.8 1'352.3 1'399.5 1'490.1 337.1 348.0

3.18x 5.67x 6.58x 6.37x 4.61x 27.55x 19.24x 3.97x 3.38x 17.25x 16.44x

402.3 483.7 594.4 693.7 761.4 718.5 762.5 822.4 875.1 197.5 203.8

6.39x 10.83x 12.16x 11.44x 8.12x 13.95x 8.07x 7.13x 6.70x 7.00x 6.86x

324.0 357.5 452.8 544.0 620.0 565.5 624.3 681.7 724.7 163.0 169.0

11.37x 18.12x 21.72x 20.77x 16.20x 24.00x 15.61x 13.40x 12.26x 13.15x 12.86x











EBITDA Margin 56.4%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Check Point Software Technologies LtdPrice/Volume

Valuation Analysis

660'607.00


!

-!

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0!

1!

2!

3!

4!

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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

! !!

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30.04.2013


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

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 7'690'400 3.74 3'642'600 31.03.2013 Investment Advisor





PRUDENTIAL FINANCIAL n/a ULT-AGG 3'827'554 1.86 (420'950) 28.02.2013 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


First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.04.2013

Pacific Crest Securities ROB D OWENS sector perform 3 D #N/A N/A Not Provided 23.04.2013

Raymond James MICHAEL TURITS outperform 5 M 52 12 month 23.04.2013


Nomura RICHARD G SHERLUND buy 5 M 55 12 month 23.04.2013

BMO Capital Markets KARL KEIRSTEAD market perform 3 M 48 Not Provided 22.04.2013

Deutsche Bank THOMAS ERNST JR hold 3 M 50 12 month 22.04.2013


Goldman Sachs GREG DUNHAM neutral/neutral 3 M 48 12 month 22.04.2013

RBC Capital Markets ROBERT P BREZA sector perform 3 M 47 12 month 22.04.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 55 Not Provided 22.04.2013

JPMorgan STERLING AUTY overweight 5 M 53 6 month 22.04.2013


Needham & Co SCOTT ZELLER hold 3 M #N/A N/A Not Provided 22.04.2013

Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 55 12 month 22.04.2013

William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 22.04.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 55 12 month 22.04.2013

B Riley & Company, Inc DANIEL CUMMINS neutral 3 M 50 12 month 22.04.2013

Stifel TODD C WELLER buy 5 M 55 12 month 22.04.2013





MKM Partners ISRAEL HERNANDEZ buy 5 M 52 12 month 22.04.2013


Topeka Capital Markets Inc FREDERICK D ZIEGEL buy 5 M 68 12 month 22.04.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 03.04.2013


Holdings By:

Check Point Software Technologies Ltd ee


30.04.2013

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

20.98





111'864.81 1 Yr Total Return 7.02%







CSCO UW EQUITY YTD Change - Average Volume 30 Day 8'826'492

CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'077'326


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 48'677.8 51'367.1 12'199.8 12'527.3

2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.12x 1.77x 6.42x 6.11x

11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'211.6 15'691.9 3'802.0 4'002.0

10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.38x 5.21x 5.20x 5.11x

8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'660.9 11'130.5 2'630.9 2'720.4

16.14x 20.17x 17.07x 13.03x 9.80x 14.10x 14.33x 10.52x 9.95x 10.35x 10.17x











EBITDA Margin 28.3%



Asset Turnover 0.51







Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

6'776'619.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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-2

.!

.2

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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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30.04.2013










FRANKLIN RESOURCES n/a ULT-AGG 82'170'147 1.54 (272'238) 28.02.2013 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 47'813'820 0.9 (1'104'045) 31.03.2013 Unclassified

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager





ALLIANZ ASSET MANAGE n/a ULT-AGG 37'109'838 0.7 3'351'241 31.03.2013 Investment Advisor


BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 23.04.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 22.04.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 21.04.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 17.04.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013

Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 15.04.2013

ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 15.04.2013

Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 14.04.2013

Baden Hill LLP ROY CAMPBELL buy 5 N #N/A N/A Not Provided 12.04.2013

Stifel SANJIV R WADHWANI buy 5 M 25 12 month 11.04.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 10.04.2013

Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 10.04.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 08.04.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 05.04.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 05.04.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 03.04.2013

Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 03.04.2013

Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 02.04.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 02.04.2013



Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 27.03.2013


Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013

FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013

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

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013



Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013

JPMorgan ROD HALL underweight 1 M 18 6 month 14.02.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 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

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




Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012

Holdings By:

Cisco Systems Inc ee


30.04.2013

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: 03/yy

52-Week High (02.05.2012) 87.73

52-Week Low (15.11.2012) 56.57

Daily Volume

62.15





11'597.56 1 Yr Total Return -27.40%







CTXS UW EQUITY YTD Change - Average Volume 30 Day 691'515

CTXS UW EQUITY YTD % CHANGE - Average Volume 3 Month 662'191


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'583.4 1'614.1 1'874.7 2'206.4 2'586.1 2'305.0 2'669.5 2'962.8 3'346.6 710.3 742.2

2.32x 4.34x 6.37x 4.78x 4.37x 20.78x 19.52x 3.60x 3.01x 15.37x 14.53x

294.8 364.7 459.8 576.2 605.7 589.8 596.5 935.2 1'061.4 199.7 237.6

12.44x 19.19x 25.97x 18.30x 18.66x 23.40x 21.47x 11.70x 10.31x 11.21x 10.56x

178.3 191.0 277.1 356.3 352.5 351.1 344.0 584.1 669.3 119.7 147.3

19.81x 40.39x 46.75x 32.47x 38.57x 42.42x 46.74x 20.11x 17.62x 19.56x 18.63x











EBITDA Margin 22.3%



Asset Turnover 0.59







Fiscal Year Ended

Citrix Systems IncPrice/Volume

Valuation Analysis

537'078.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

-!!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013








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 2'529'948 1.36 93'503 31.03.2013 Investment Advisor


WELLS FARGO n/a ULT-AGG 2'118'749 1.14 (2'978'080) 28.02.2013 Investment Advisor





Jefferies ROSS MACMILLAN buy 5 M 78 12 month 25.04.2013

Nomura RICHARD G SHERLUND neutral 3 M 75 12 month 25.04.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 25.04.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 78 Not Provided 25.04.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 24.04.2013

Evercore Partners STEWART KIRK MATERNE III overweight 5 M 77 12 month 24.04.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 80 12 month 24.04.2013


Stifel BRAD REBACK buy 5 M 83 12 month 22.04.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 95 12 month 22.04.2013


Needham & Co SCOTT ZELLER buy 5 M 85 12 month 19.04.2013

S&P Capital IQ SCOTT H KESSLER sell 1 M 64 12 month 18.04.2013



Drexel Hamilton LLC JAMES N GILMAN hold 3 M 72 12 month 17.04.2013

Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 80 12 month 01.04.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013

FBN Securities SHEBLY SEYRAFI outperform 5 N 85 12 month 20.03.2013

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


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


JPMorgan JOHN DIFUCCI underweight 1 M 56 6 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



Noble Financial Group SUSAN BAUR buy 5 M 101 12 month 26.04.2012

Holdings By:

Citrix Systems Inc ee


30.04.2013

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

62.93





18'991.13 1 Yr Total Return -14.17%







CTSH UW EQUITY YTD Change - Average Volume 30 Day 969'831

CTSH UW EQUITY YTD % CHANGE - Average Volume 3 Month 746'984


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 8'625.5 10'010.0 2'008.5 2'112.0

1.60x 3.68x 4.37x 2.79x 2.64x 12.47x 10.11x 1.84x 1.48x 7.96x 7.46x

591.5 707.9 972.0 1'260.6 1'518.1 1'260.6 1'518.1 1'764.4 2'056.6 411.0 431.3

7.62x 17.06x 20.63x 13.53x 12.80x 13.53x 12.80x 9.14x 7.84x 9.11x 8.74x

430.8 535.0 733.5 883.6 1'051.3 883.6 1'051.3 1'311.8 1'519.7 306.2 322.6

12.54x 25.47x 30.92x 22.56x 21.48x 22.56x 21.48x 14.59x 12.73x 14.59x 14.03x


EBIT 1'361.50 Long-Term Rating -









EBITDA Margin 20.7%



Asset Turnover 1.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cognizant Technology Solutions CorpPrice/Volume

Valuation Analysis

1'217'049.00


!-!.!0!1!2!3!4!5!6!

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. ! 9

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-. ! 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

! !!

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0! !!

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30.04.2013







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 3'433'886 1.14 29'600 31.03.2013 Investment Advisor



RBC Capital Markets DANIEL R PERLIN outperform 5 M 85 12 month 24.04.2013

Barclays DARRIN D PELLER overweight 5 M 86 Not Provided 24.04.2013

Nomura ASHWIN MEHTA buy 5 M 89 Not Provided 23.04.2013

Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 23.04.2013

Robert W. Baird & Co DAVID J KONING outperform 5 M 92 12 month 22.04.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 85 Not Provided 19.04.2013

Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 90 12 month 19.04.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 85 12 month 19.04.2013

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013

Deutsche Bank BRYAN KEANE buy 5 M 92 12 month 18.04.2013

BNP Paribas Equity Research ARVIND RAMNANI buy 5 N 83 12 month 17.04.2013

Oppenheimer & Co GLENN GREENE outperform 5 M 88 18 month 17.04.2013

Evercore Partners DAVID M TOGUT overweight 5 N 96 12 month 15.04.2013

Jefferies JASON KUPFERBERG buy 5 M 80 12 month 12.04.2013


Credit Suisse GEORGE MIHALOS outperform 5 M 85 Not Provided 11.04.2013


JPMorgan TIEN-TSIN HUANG overweight 5 M 86 6 month 08.04.2013

Pacific Crest Securities JESSE HULSING sector perform 3 D #N/A N/A Not Provided 11.03.2013

Berenberg Bank DAUD KHAN hold 3 M 61 Not Provided 06.03.2013

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

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 08.02.2013

Needham & Co MAYANK TANDON buy 5 M 90 12 month 07.02.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 07.02.2013

BB&T Capital Markets GEORGE A PRICE buy 5 M 86 12 month 07.02.2013

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


30.04.2013

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 (03.04.2013) 42.61

52-Week Low (21.05.2012) 28.10

Daily Volume

41.49





108'281.04 1 Yr Total Return 39.39%







CMCSA UW EQUITY YTD Change - Average Volume 30 Day 3'926'235

CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'095'267


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 64'180.0 67'996.2 15'401.6 16'009.4

2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.63x 2.45x 11.30x 10.81x

13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 21'019.9 22'345.6 4'981.9 5'338.4

6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.32x 6.88x 7.33x 7.14x

2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'336.1 7'137.5 1'334.4 1'629.5

18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.11x 17.51x 16.74x



Operating Margin 19.46% Long-Term Outlook POS








EBITDA Margin 31.9%



Asset Turnover 0.39







Fiscal Year Ended

Comcast CorpPrice/Volume

Valuation Analysis

2'209'609.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

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. ! 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 !!

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30.04.2013







DODGE & COX DODGE & COX 13F 72'420'757 3.41 (11'233'339) 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


Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 24.04.2013


Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 23.04.2013

Jefferies THOMAS O SEITZ buy 5 M 45 12 month 23.04.2013

ISI Group VIJAY JAYANT buy 5 M 47 12 month 21.04.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 16.04.2013

Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 16.04.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 15.04.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.04.2013


Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 09.04.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 05.04.2013

Robert W. Baird & Co WILLIAM V POWER neutral 3 N 44 12 month 04.04.2013

JPMorgan PHILIP CUSICK overweight 5 M 49 6 month 25.03.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013

Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013


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

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 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

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


30.04.2013

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 (26.04.2013) 109.75

52-Week Low (08.05.2012) 76.56

Daily Volume

108.63





47'403.02 1 Yr Total Return 33.53%







COST UW EQUITY YTD Change - Average Volume 30 Day 672'970

COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 697'773


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 93'396.0 103'128.0 106'073.9 115'136.6 24'249.9 33'108.9

0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.45x 0.41x 1.99x 1.46x

2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.5 4'496.1 932.1 1'302.8

10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.44x 10.41x 11.03x 10.76x

1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'001.7 2'197.0 450.2 638.1

22.66x 20.41x 19.09x 22.49x 24.69x 23.23x 23.46x 23.86x 21.60x 22.99x 22.35x











EBITDA Margin 3.8%



Asset Turnover 3.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Costco Wholesale CorpPrice/Volume

Valuation Analysis

659'527.00


!

.!

1!

3!

5!

-!!

-.!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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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30.04.2013











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 Investment Advisor

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




BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 23.04.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 6 month 22.04.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 17.04.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 15.04.2013

Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 12.04.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 12.04.2013

ISI Group GREGORY MELICH strong buy 5 M 116 Not Provided 12.04.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 11.04.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 11.04.2013

Jefferies DANIEL T BINDER hold 3 M 97 12 month 11.04.2013


Stifel DAVID A SCHICK buy 5 M 107 12 month 11.04.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 105 12 month 11.04.2013

Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 11.04.2013

Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 11.04.2013

Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 11.04.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 11.04.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013

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



EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013

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

S&P Capital IQ IAN GORDON hold 3 M 110 12 month 12.03.2013

Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013

Holdings By:

Costco Wholesale Corp ee


30.04.2013

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 (01.05.2012) 16.59

52-Week Low (16.11.2012) 8.70

Daily Volume

13.34





23'307.92 1 Yr Total Return -16.74%







DELL UW EQUITY YTD Change - Average Volume 30 Day 4'093'568

DELL UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'698'749


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 55'729.9 55'641.7 13'523.7 13'934.3

0.19x 0.35x 0.27x 0.41x 0.35x 1.52x 1.29x 0.33x 0.31x 1.48x 1.29x

3'961.0 3'024.0 4'403.0 5'367.0 4'156.0 5'367.0 4'156.0 4'084.9 4'302.6 946.7 1'093.2

2.87x 6.06x 3.83x 4.76x 4.82x 4.76x 4.82x 4.81x 4.56x 4.54x 4.39x

2'478.0 1'433.0 2'635.0 3'492.0 2'372.0 3'492.0 2'372.0 2'666.3 2'697.5 607.8 662.3

6.93x 13.58x 9.20x 8.87x 9.21x 8.83x 9.15x 8.75x 8.14x 8.78x 8.58x


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








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dell IncPrice/Volume

Valuation Analysis

1'231'977.00


!.135

-!-.-1-3-5

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013


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 31'299'087 1.79 172'333 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 27'729'975 1.59 (1'009'692) 31.03.2013 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


BMO Capital Markets KEITH F BACHMAN market perform 3 M 14 Not Provided 24.04.2013

Morgan Stanley KATHRYN HUBERTY not rated #N/A N/A M #N/A N/A Not Provided 19.04.2013



Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 19.04.2013


Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 15 12 month 18.04.2013

Deutsche Bank CHRISTOPHER WHITMORE hold 3 M 14 12 month 16.04.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 15 12 month 12.04.2013


Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 01.04.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 01.04.2013

Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 28.03.2013

Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 15 12 month 26.03.2013

Brean Murray Carret & Co ANANDA BARUAH hold 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

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.02.2013

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

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

CRT Capital Group LANCE W VITANZA not rated #N/A N/A N #N/A N/A Not Provided 11.02.2013

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


30.04.2013

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

42.2












XRAY UW EQUITY YTD Change - Average Volume 30 Day 213'179

XRAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 219'938


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 3'050.9 3'185.8 731.9 798.7

2.06x 2.44x 2.25x 2.63x 2.43x 9.29x 9.79x 2.36x 2.20x 10.38x 9.45x

469.7 453.3 457.2 421.6 536.9 421.6 536.9 622.9 663.5 154.7 173.3

9.61x 11.61x 10.91x 15.85x 13.26x 15.85x 13.26x 12.06x 11.32x 11.66x -

283.9 274.3 265.7 244.5 314.2 244.5 314.2 345.4 379.9 78.8 95.5

15.02x 18.81x 18.04x 15.79x 16.69x 15.78x 16.69x 17.51x 15.82x 17.52x 17.13x











EBITDA Margin 18.3%



Asset Turnover 0.60







Fiscal Year Ended

DENTSPLY International IncPrice/Volume

Valuation Analysis

144'435.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013








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

PRINCIPAL FINANCIAL n/a ULT-AGG 2'142'310 1.5 530'482 31.12.2012 Investment Advisor


COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'090'500 1.46 441'000 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


Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013


William Blair & Co JOHN C KREGER market perform 3 M #N/A N/A Not Provided 18.04.2013

CL King & Associates ROSS TAYLOR buy 5 M 48 12 month 18.04.2013

Northcoast Research EDWIN SNYDER buy 5 M 48 12 month 18.04.2013

Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 46 12 month 15.04.2013

Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 08.04.2013

Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M #N/A N/A Not Provided 01.03.2013

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

Goldman Sachs ROBERT P JONES neutral/neutral 3 M 44 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


30.04.2013

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 (02.04.2013) 57.77

52-Week Low (13.06.2012) 42.87

Daily Volume

57.15





32'629.28 1 Yr Total Return 15.99%







DTV UW EQUITY YTD Change - Average Volume 30 Day 1'417'518

DTV UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'596'451


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 31'892.1 34'136.2 7'522.9 7'759.4

1.40x 1.68x 1.72x 1.56x 1.54x 6.64x 6.19x 1.59x 1.53x 6.54x 6.41x

4'911.0 5'265.0 6'342.0 6'939.0 7'447.0 6'939.0 7'447.0 7'882.0 8'553.7 1'878.3 2'106.7

5.62x 6.88x 6.55x 6.11x 6.16x 6.11x 6.16x 6.23x 5.74x 6.26x 6.10x

1'521.0 942.0 2'198.0 2'609.0 2'949.0 2'609.0 2'949.0 2'694.9 2'918.0 637.5 774.4

16.85x 22.06x 17.31x 12.43x 11.10x 12.35x 11.05x 11.81x 9.83x 11.77x 11.03x


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




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DIRECTVPrice/Volume

Valuation Analysis

956'339.00


!

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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30.04.2013





BERKSHIRE HATHAWAY I n/a ULT-AGG 34'037'500 5.96 4'481'900 31.12.2012 Investment Advisor

MALONE JOHN C n/a Form 4 27'717'717 4.85 26'100'639 16.06.2010 n/a

VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'382'691 4.62 (1'285'417) 31.03.2013 Investment Advisor

SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 25'794'847 4.52 (1'255'886) 31.12.2012 Investment Advisor




UBS n/a ULT-AGG 8'814'492 1.54 (1'019'143) 28.02.2013 Unclassified


MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 7'745'527 1.36 1'090'420 31.03.2013 Investment Advisor

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 7'579'945 1.33 (2'973'987) 31.12.2012 Hedge Fund Manager


GAMCO n/a ULT-AGG 7'166'238 1.26 (400'468) 31.12.2012 Unclassified



LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'654'678 0.99 1'467'272 31.03.2013 Investment Advisor





RBC Capital Markets JONATHAN ATKIN sector perform 3 M 60 12 month 23.04.2013

Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 23.04.2013

JPMorgan PHILIP CUSICK neutral 3 M 58 6 month 23.04.2013

ISI Group VIJAY JAYANT neutral 3 M 55 12 month 21.04.2013


Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 60 12 month 18.04.2013


Stifel CHRISTOPHER C KING buy 5 N 65 Not Provided 16.04.2013


Guggenheim Securities LLC SHING YIN buy 5 M 64 12 month 09.04.2013

Macquarie AMY YONG neutral 3 M 53 12 month 06.04.2013

Nomura MICHAEL L MCCORMACK reduce 2 M 40 12 month 05.04.2013

Wells Fargo Securities, LLC MARCI RYVICKER market perform 3 M #N/A N/A Not Provided 05.04.2013


Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 64 12 month 15.03.2013

S&P Capital IQ TUNA AMOBI hold 3 M 52 Not Provided 06.03.2013


Goldman Sachs JASON ARMSTRONG neutral/attractive 3 M 56 12 month 15.02.2013



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


30.04.2013

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 (11.04.2013) 81.42

52-Week Low (05.06.2012) 48.03

Daily Volume

78.83





28'380.88 1 Yr Total Return 44.85%







DISCA UW EQUITY YTD Change - Average Volume 30 Day 413'121

DISCA UW EQUITY YTD % CHANGE - Average Volume 3 Month 453'302


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 5'552.0 6'143.5 1'156.8 1'445.4

2.21x 3.13x 5.42x 4.59x 5.20x 16.85x 17.78x 6.07x 5.58x 28.96x 23.27x

1'350.0 1'204.0 1'517.0 1'823.0 1'978.0 1'822.0 1'975.0 2'439.7 2'755.3 512.3 659.7

5.63x 9.14x 13.49x 10.50x 11.80x 10.50x 11.82x 13.29x 11.77x 13.25x 12.79x

317.0 560.0 653.0 1'132.0 943.0 1'132.0 943.0 1'220.5 1'470.2 240.0 330.8

14.60x 30.20x 24.33x 15.51x 25.19x 15.37x 25.19x 23.37x 18.53x 23.35x 21.75x











EBITDA Margin 43.7%



Asset Turnover 0.36







Fiscal Year Ended

Discovery Communications IncPrice/Volume

Valuation Analysis

306'621.00


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 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

! !!

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0! !!

1! !!

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30.04.2013









WADDELL & REED FINAN WADDELL & REED FINAN 13F 2'890'950 1.98 (66'715) 31.12.2012 Investment Advisor



ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 2'664'481 1.83 424'082 31.12.2012 Investment Advisor




FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 2'018'003 1.38 (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

DSM CAPITAL PARTNERS DSM CAPITAL PARTNERS 13F 1'737'867 1.19 62'206 31.03.2013 Investment Advisor



Susquehanna Financial Group VASILY KARASYOV neutral 3 M 84 12 month 24.04.2013

Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 23.04.2013


MKM Partners ERIC O HANDLER neutral 3 M 72 12 month 22.04.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 87 12 month 19.04.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 90 Not Provided 19.04.2013

Credit Suisse MICHAEL SENNO underperform 1 M 77 Not Provided 17.04.2013

Nomura MICHAEL NATHANSON neutral 3 M 67 12 month 17.04.2013

JPMorgan ALEXIA S QUADRANI neutral 3 M 85 6 month 16.04.2013


Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 12.04.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 72 12 month 11.04.2013


Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 83 12 month 10.04.2013

RBC Capital Markets DAVID BANK outperform 5 M 84 12 month 10.04.2013

Lazard Capital Markets BARTON CROCKETT buy 5 M 90 12 month 10.04.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 85 Not Provided 05.04.2013

Goldman Sachs DREW BORST sell/attractive 1 M 62 12 month 15.02.2013

Macquarie AMY YONG neutral 3 M 65 12 month 15.02.2013

S&P Capital IQ TUNA AMOBI buy 5 M 78 Not Provided 15.02.2013


Evercore Partners ALAN GOULD equalweight 3 M 69 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

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

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


30.04.2013

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

47.79





10'858.19 1 Yr Total Return -5.98%







DLTR UW EQUITY YTD Change - Average Volume 30 Day 636'228

DLTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 775'146


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 7'938.6 8'612.1 1'867.0 1'858.3

0.81x 0.77x 1.03x 1.47x 1.20x 5.09x 5.62x 1.34x 1.25x 5.73x 5.75x

527.5 670.6 816.0 946.0 1'095.4 946.0 1'095.4 1'179.4 1'322.1 254.1 251.8

7.17x 5.97x 7.44x 10.32x 8.11x 10.32x 8.11x 9.10x 8.12x 9.07x 8.84x

229.5 320.5 397.3 488.3 619.3 488.3 619.3 619.3 686.2 128.1 127.2

16.82x 13.91x 15.50x 21.00x 17.15x 20.85x 15.87x 17.21x 14.92x 17.15x 16.68x











EBITDA Margin 14.8%



Asset Turnover 2.91





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

Dollar Tree IncPrice/Volume

Valuation Analysis

337'333.00


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. 2 9

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0 2 9

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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 2013

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30.04.2013






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




BROCK JR MACON F n/a Form 4 3'207'040 1.41 - 30.03.2013 n/a

LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 3'203'362 1.41 3'203'362 31.12.2012 Hedge Fund Manager

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'097'519 1.36 3'097'519 31.03.2013 Investment Advisor








Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 54 12 month 03.04.2013

Raymond James DANIEL R WEWER JR strong buy 5 M 53 12 month 14.03.2013


JPMorgan MATTHEW BOSS overweight 5 M 45 6 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

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


30.04.2013

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: 03/yy

52-Week High (11.04.2013) 58.04

52-Week Low (01.06.2012) 38.00

Daily Volume

52.84





68'575.20 1 Yr Total Return 28.72%







EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'470'848

EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'069'363


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 12'383.0 14'542.0 16'324.6 19'014.4 3'892.8 3'971.1

1.82x 2.93x 3.42x 3.02x 4.34x 12.55x 16.15x 3.86x 3.18x 16.18x 15.65x

2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'489.4 4'285.0 5'358.2 6'217.1 1'247.1 1'287.2

5.46x 11.10x 11.03x 10.62x 14.95x 12.57x 15.25x 11.89x 10.25x 11.44x 10.96x

1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'323.5 2'717.0 3'625.3 4'271.1 837.7 860.6

9.01x 15.90x 20.17x 17.23x 26.15x 20.16x 26.98x 19.27x 16.36x 18.56x 17.80x


EBIT 2'888.00 Long-Term Rating A









EBITDA Margin 29.5%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

eBay IncPrice/Volume

Valuation Analysis

2'127'212.00


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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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30.04.2013


OMIDYAR PIERRE M n/a Form 4 121'858'408 9.39 (30'000) 21.12.2012 n/a









BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'429'119 2.19 (2'197'027) 31.03.2013 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 11'810'206 0.91 719'651 28.02.2013 Unclassified

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor



Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 U #N/A N/A Not Provided 24.04.2013

JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 23.04.2013

Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 22.04.2013


Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 19.04.2013

Raymond James AARON M KESSLER outperform 5 M 61 12 month 19.04.2013

BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 18.04.2013



Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.04.2013

Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.04.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 63 6 month 18.04.2013



Needham & Co KERRY RICE buy 5 M 60 12 month 18.04.2013



Macquarie BENJAMIN A SCHACHTER neutral 3 D 58 12 month 18.04.2013



Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 67 12 month 18.04.2013


BGC Partners COLIN W GILLIS buy 5 M 65 12 month 18.04.2013

Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 18.04.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 65 12 month 18.04.2013





Credit Agricole Securities (USA) JAMES LEE buy 5 M 70 Not Provided 18.04.2013



Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 63 12 month 18.04.2013


Deutsche Bank ROSS SANDLER hold 3 M 55 12 month 17.04.2013

Wedbush GIL B LURIA outperform 5 M 64 12 month 17.04.2013

Argus Research Corp DAVID RITTER buy 5 M 65 Not Provided 11.04.2013




Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.12.2012

Holdings By:

eBay Inc ee


30.04.2013

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: 03/yy

52-Week High (14.02.2013) 231.21

52-Week Low (21.05.2012) 146.52

Daily Volume

210.97





10'296.11 1 Yr Total Return 28.48%







EQIX UW EQUITY YTD Change - Average Volume 30 Day 213'169

EQIX UW EQUITY YTD % CHANGE - Average Volume 3 Month 230'622


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

704.7 882.5 1'220.3 1'569.8 1'895.7 1'677.4 1'981.0 2'206.7 2'547.0 533.9 561.8

4.18x 5.74x 4.27x 4.45x 6.72x 17.67x 18.23x 6.25x 5.32x 25.36x 24.06x

235.5 353.7 474.0 659.7 817.7 704.7 624.4 1'005.5 1'166.6 242.7 254.9

12.53x 14.32x 10.99x 10.59x 15.57x 13.76x 0.00x 13.92x 12.00x 13.30x 12.76x

107.9 69.4 36.9 94.0 144.7 103.4 146.0 145.4 242.8 12.1 42.5

18.60x 59.63x 65.53x 56.33x 68.96x 79.52x 71.63x 73.43x 46.62x 64.40x 52.57x











EBITDA Margin 42.6%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Equinix IncPrice/Volume

Valuation Analysis

285'591.00


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400.0

600.0

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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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3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



30.04.2013


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

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 847'955 1.74 (1'421'727) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 753'336 1.54 278'553 31.03.2013 Investment Advisor


Deutsche Bank BRETT FELDMAN buy 5 M 270 12 month 25.04.2013

Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013

JPMorgan STERLING AUTY not rated #N/A N/A M #N/A N/A Not Provided 25.04.2013


Raymond James FRANK G LOUTHAN strong buy 5 M 245 12 month 25.04.2013

Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 265 12 month 25.04.2013



Stephens Inc BARRY MCCARVER overweight 5 U 305 12 month 22.04.2013



Stifel TODD C WELLER buy 5 M 265 12 month 18.04.2013


RBC Capital Markets JONATHAN ATKIN outperform 5 M 250 12 month 09.04.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 245 12 month 27.03.2013

Oppenheimer & Co TIMOTHY K HORAN market perform 3 M #N/A N/A Not Provided 12.03.2013

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

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


30.04.2013

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 (30.04.2012) 39.57

Daily Volume

56.06





7'575.74 1 Yr Total Return 33.83%







EXPE UW EQUITY YTD Change - Average Volume 30 Day 743'020

EXPE UW EQUITY YTD % CHANGE - Average Volume 3 Month 744'944


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 06/13 Q2 09/13 Q3

2'937.0 2'955.4 3'033.6 3'449.0 4'030.3 3'449.0 4'030.3 4'817.7 5'452.6 1'252.8 1'406.8

0.67x 1.28x 2.33x 1.13x 1.92x 6.99x 5.90x 1.42x 1.10x 5.59x 4.95x

774.6 875.4 704.0 719.2 809.3 693.9 809.3 890.8 1'036.6 222.0 347.6

2.53x 4.31x 10.04x 5.41x 9.56x 5.61x 9.56x 8.08x 6.95x 7.82x 7.45x

(2'517.8) 299.5 421.5 472.3 280.2 472.3 280.2 477.1 567.5 117.7 209.6

- 20.48x 22.76x 11.84x 22.72x 11.93x 22.75x 16.82x 14.11x 16.47x 15.35x


EBIT 548.75 Long-Term Rating BBB-









EBITDA Margin 20.5%



Asset Turnover 0.55







Fiscal Year Ended

Expedia IncPrice/Volume

Valuation Analysis

1'996'777.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

- ! 9

. ! 9

0 ! 9

1 ! 9

2 ! 9

3 ! 9

4 ! 9

5 ! 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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



30.04.2013


LIBERTY MEDIA CORP - n/a Form 4 10'277'576 8.38 467'672 28.02.2013 Corporation






AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'092'259 4.15 1'345'443 31.03.2013 Investment Advisor


DILLER BARRY n/a Form 4 4'408'396 3.6 6'069 28.02.2013 n/a







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




Stifel MICHAEL B PURCELL hold 3 M #N/A N/A Not Provided 23.04.2013


Cantor Fitzgerald NAVED KHAN buy 5 M 77 12 month 22.04.2013

RBC Capital Markets MARK S MAHANEY sector perform 3 M 73 12 month 21.04.2013


Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.04.2013

Piper Jaffray MICHAEL J OLSON neutral 3 M 73 12 month 18.04.2013


Lazard Capital Markets JAKE FULLER buy 5 M 78 12 month 17.04.2013


Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 01.04.2013

Evercore Partners KEN SENA equalweight 3 M 70 12 month 21.03.2013


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


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

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


30.04.2013

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 (28.01.2013) 43.77

52-Week Low (10.10.2012) 34.20

Daily Volume

35.66





7'363.70 1 Yr Total Return -9.52%







EXPD UW EQUITY YTD Change - Average Volume 30 Day 729'128

EXPD UW EQUITY YTD % CHANGE - Average Volume 3 Month 717'627


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 6'367.2 6'926.9 1'453.8 1'589.4

1.12x 1.58x 1.76x 1.20x 1.15x 5.49x 4.75x 0.95x 0.86x 4.17x 3.82x

514.8 426.6 585.5 656.3 570.7 656.3 570.7 633.2 710.7 140.5 152.9

12.29x 15.13x 17.93x 11.27x 12.10x 11.27x 12.10x 9.65x 8.59x 9.82x 9.50x

301.0 240.2 344.2 385.7 333.4 385.7 333.4 367.7 414.6 81.5 89.8

24.28x 31.32x 34.34x 22.88x 25.19x 22.88x 25.19x 20.03x 17.60x 20.02x 19.37x











EBITDA Margin 9.5%



Asset Turnover 2.05







Fiscal Year Ended

Expeditors International of Washington IncPrice/Volume

Valuation Analysis

266'470.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



30.04.2013





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




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



FEDERATED INVESTORS FEDERATED INVESTORS 13F 2'087'108 1.01 268'300 31.03.2013 Investment Advisor


Morgan Stanley WILLIAM J GREENE Underwt/Attractive 1 M #N/A N/A Not Provided 23.04.2013

Avondale Partners LLC RYAN BOUCHARD market outperform 4 M 46 12 month 22.04.2013

RBC Capital Markets JOHN L BARNES III underperform 1 D 33 12 month 18.04.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 40 12 month 16.04.2013

JPMorgan THOMAS R WADEWITZ neutral 3 M 36 6 month 15.04.2013

Credit Suisse CHRISTOPHER J CERASO outperform 5 M 47 Not Provided 12.04.2013

Goldman Sachs TOM KIM buy/attractive 5 M 47 12 month 10.04.2013

Jefferies H PETER NESVOLD buy 5 M 44 12 month 10.04.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 53 12 month 10.04.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 09.04.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 67 12 month 08.04.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 04.04.2013

Stifel DAVID G ROSS buy 5 M 43 12 month 21.03.2013

Macquarie KELLY A DOUGHERTY neutral 3 M 38 12 month 12.03.2013

Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 05.03.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 28.02.2013

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

Stephens Inc JACK ATKINS equalweight 3 M 40 12 month 26.02.2013

Susquehanna Financial Group MATT TROY neutral 3 M 42 12 month 26.02.2013


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


30.04.2013

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

58.44





47'776.39 1 Yr Total Return 4.75%







ESRX UW EQUITY YTD Change - Average Volume 30 Day 1'358'717

ESRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'607'432


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 06/13 Q2 09/13 Q3

21'978.0 24'722.3 44'973.2 46'128.3 93'858.1 46'128.3 94'235.2 100'773.0 102'127.4 25'357.8 24'859.6

0.68x 0.59x 0.68x 0.52x 0.61x 2.31x 2.27x 0.57x 0.54x 2.32x 2.35x

1'378.2 1'604.2 2'315.6 2'567.8 4'657.1 2'566.7 4'672.2 6'658.3 7'271.2 1'649.5 1'698.8

10.77x 9.13x 13.18x 9.39x 12.31x 9.39x 12.27x 9.05x 8.29x 8.86x 8.70x

776.1 827.6 1'181.2 1'275.8 1'312.9 1'275.8 1'334.2 3'530.9 3'931.7 872.5 909.9

17.57x 26.27x 23.30x 16.31x 21.95x 16.80x 22.22x 13.70x 11.92x 13.43x 12.97x



Operating Margin 2.97% Long-Term Outlook NEG








EBITDA Margin 5.1%



Asset Turnover 2.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Express Scripts Holding CoPrice/Volume

Valuation Analysis

1'970'225.00


!

-!

.!

0!

1!

2!

3!

4!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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

80'000.0

90'000.0

100'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



30.04.2013








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

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'291'195 1.01 (5'091'773) 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 24.04.2013


ISI Group ROSS MUKEN neutral 3 M 58 12 month 18.04.2013

Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 17.04.2013

Credit Suisse GLEN SANTANGELO outperform 5 M 65 Not Provided 16.04.2013

Maxim Group LLC ANTHONY V VENDETTI buy 5 M 70 12 month 16.04.2013

Oppenheimer & Co BRET D JONES outperform 5 M 62 18 month 01.04.2013

Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 22.03.2013

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

SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 68 12 month 08.03.2013

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

Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 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


30.04.2013

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: 03/yy

52-Week High (03.05.2012) 138.65

52-Week Low (22.04.2013) 70.62

Daily Volume

75.96





5'953.74 1 Yr Total Return -43.28%







FFIV UW EQUITY YTD Change - Average Volume 30 Day 594'311

FFIV UW EQUITY YTD % CHANGE - Average Volume 3 Month 508'971


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

650.2 653.1 882.0 1'151.8 1'377.2 1'267.4 1'430.9 1'458.1 1'627.9 361.6 381.1

2.55x 4.27x 8.97x 4.41x 5.59x 24.79x 14.87x 3.39x 2.79x 13.64x 12.72x

128.2 152.7 253.8 371.5 461.4 417.3 463.5 559.1 645.3 130.4 142.2

12.94x 18.26x 31.17x 13.67x 16.70x 24.38x 13.94x 9.71x 8.42x 9.51x 9.09x

74.3 91.5 151.2 241.4 275.2 265.3 273.0 353.8 402.3 85.5 92.9

25.14x 33.72x 55.46x 24.00x 30.28x 40.82x 25.90x 17.02x 15.02x 16.23x 15.57x











EBITDA Margin 32.4%



Asset Turnover 0.75







Fiscal Year Ended

F5 Networks IncPrice/Volume

Valuation Analysis

648'881.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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-.!

-1!

-3!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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02 !!

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30.04.2013









TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'763'530 2.24 61'350 28.03.2013 Investment Advisor


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 964'070 1.23 404'986 28.02.2013 Investment Advisor

ZEVENBERGEN CAPITAL ZEVENBERGEN CAPITAL 13F 872'736 1.11 (14'050) 31.12.2012 Investment Advisor



Goldman Sachs KENT SCHOFIELD Buy/Neutral 5 M 93 12 month 25.04.2013


JMP Securities ERIK SUPPIGER market outperform 4 M 96 12 month 25.04.2013

Barclays BENJAMIN A REITZES equalweight 3 M 83 Not Provided 25.04.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 90 12 month 24.04.2013

JPMorgan ROD HALL neutral 3 M 73 6 month 24.04.2013

Wedbush ROHIT CHOPRA outperform 5 M 90 12 month 24.04.2013

Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 24.04.2013

ISI Group BRIAN MARSHALL buy 5 M 95 12 month 24.04.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 24.04.2013


Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 19.04.2013

William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 17.04.2013

Lazard Capital Markets RYAN HUTCHINSON buy 5 M 100 12 month 17.04.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 95 12 month 15.04.2013

Wunderlich Securities MATTHEW S ROBISON hold 3 M 85 18 month 10.04.2013



Jefferies GEORGE C NOTTER hold 3 M 82 12 month 05.04.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 110 12 month 05.04.2013

Stifel SANJIV R WADHWANI hold 3 M #N/A N/A Not Provided 05.04.2013

Nomura STUART JEFFREY neutral 3 M 85 12 month 05.04.2013

Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 M 97 12 month 05.04.2013

Piper Jaffray TROY D JENSEN neutral 3 D 82 12 month 05.04.2013

MKM Partners MICHAEL GENOVESE buy 5 M 100 12 month 05.04.2013

Northland Securities Inc CATHARINE TREBNICK market perform 3 M 83 12 month 05.04.2013


Topeka Capital Markets Inc BRIAN J WHITE hold 3 D 70 12 month 05.04.2013

Raymond James SIMON M LEOPOLD market perform 3 M #N/A N/A Not Provided 04.04.2013

Daiwa Securities Co. Ltd. NACHI HOSHINO outperform 5 U 100 Not Provided 13.03.2013

FBR Capital Markets SCOTT S THOMPSON outperform 5 M 120 12 month 24.01.2013

McAdams Wright Ragen Inc SID PARAKH hold 3 M 110 12 month 24.01.2013




Noble Financial Group SUSAN BAUR hold 3 M 126 Not Provided 19.04.2012

Holdings By:

F5 Networks Inc ee


30.04.2013

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

26.98





65'178.22 1 Yr Total Return -







FB UW EQUITY YTD Change - Average Volume 30 Day 6'628'422

FB UW EQUITY YTD % CHANGE - Average Volume 3 Month 8'616'885


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 6'672.6 8'466.3 1'439.9 1'591.8

- - - - 10.98x 0.00x 29.55x 8.45x 6.46x 42.73x 38.52x

- 340.0 1'171.0 2'079.0 1'187.0 2'080.0 1'187.0 3'456.5 4'545.6 761.2 818.0

- - - - 47.07x 0.00x 47.07x 16.75x 12.74x 16.80x 16.21x

(56.0) 122.0 372.0 668.0 32.0 764.0 (15.0) 1'441.1 2'028.1 308.1 340.7

- - - - 2661.97x 0.00x 1330.98x 47.67x 34.81x 47.17x 44.89x





Return on Assets -0.14% Short-Term Rating -






EBITDA Margin 23.3%



Asset Turnover 0.47




Tot Debt to Common Equity 20.04% Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Facebook IncPrice/Volume

Valuation Analysis

6'526'383.00


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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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30.04.2013









BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 23'402'295 1.39 2'823'905 31.03.2013 Investment Advisor


UBS n/a ULT-AGG 21'869'898 1.3 4'416'054 31.03.2013 Unclassified






SANDBERG SHERYL KARA n/a Form 4 17'769'580 1.06 (176'452) 18.04.2013 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 14'142'300 0.84 294'900 28.02.2013 Investment Advisor




Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 27 12 month 19.04.2013


Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 16.04.2013

Credit Agricole Securities (USA) JAMES LEE buy 5 M 40 Not Provided 16.04.2013

Pivotal Research Group LLC BRIAN WIESER buy 5 M 36 12 month 16.04.2013


Needham & Co LAURA A MARTIN buy 5 M 33 12 month 12.04.2013



Argus Research Corp JOSEPH F BONNER buy 5 M 36 12 month 10.04.2013

Sterne, Agee & Leach ARVIND BHATIA buy 5 M 37 12 month 10.04.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 32 Not Provided 09.04.2013















Jefferies BRIAN J PITZ hold 3 M 30 12 month 26.03.2013


Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 N 30 Not Provided 15.03.2013

Wedbush MICHAEL PACHTER outperform 5 M 35 12 month 08.03.2013

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

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


30.04.2013

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: 03/yy

52-Week High (15.02.2013) 53.35

52-Week Low (28.06.2012) 37.17

Daily Volume

49.92





14'810.61 1 Yr Total Return 9.57%







FAST UW EQUITY YTD Change - Average Volume 30 Day 505'226

FAST UW EQUITY YTD % CHANGE - Average Volume 3 Month 502'841


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'340.4 1'930.3 2'269.5 2'766.9 3'133.6 2'895.2 3'171.0 3'442.7 3'886.7 872.9 902.7

2.17x 3.08x 3.81x 4.60x 4.39x 16.83x 16.73x 4.25x 3.73x 16.87x 16.37x

489.7 336.7 470.5 619.5 727.3 654.0 743.3 836.0 979.2 219.2 225.4

10.39x 17.65x 18.40x 20.55x 18.91x 24.15x 20.27x 17.53x 14.96x 16.91x 16.38x

279.7 184.4 265.4 357.9 420.5 378.6 429.4 481.8 567.3 125.8 129.7

18.25x 33.48x 33.28x 36.03x 32.87x 42.16x 35.47x 30.87x 26.44x 29.75x 28.72x











EBITDA Margin 23.4%



Asset Turnover 1.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fastenal CoPrice/Volume

Valuation Analysis

422'768.00


!

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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

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

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30.04.2013



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 4.21 (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







Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 12.04.2013

Longbow Research DEREK JOSE neutral 3 M #N/A N/A Not Provided 12.04.2013

Wunderlich Securities BRENT D RAKERS buy 5 M 59 18 month 11.04.2013

BB&T Capital Markets HOLDEN LEWIS hold 3 M #N/A N/A Not Provided 11.04.2013

Credit Suisse HAMZAH MAZARI neutral 3 M 54 Not Provided 10.04.2013


Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 43 12 month 10.04.2013

Robert W. Baird & Co DAVID J MANTHEY outperform 5 M 54 12 month 10.04.2013

William Blair & Co RYAN MERKEL outperform 5 M #N/A N/A Not Provided 10.04.2013

Wells Fargo Securities, LLC ALLISON POLINIAK-CUSIC market perform 3 M #N/A N/A Not Provided 10.04.2013

Barclays SCOTT R DAVIS underweight 1 M 41 Not Provided 10.04.2013


S&P Capital IQ MICHAEL JAFFE strong buy 5 M 60 Not Provided 17.01.2013

Holdings By:

Fastenal Co ee


30.04.2013

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 (29.04.2013) 90.92

52-Week Low (21.05.2012) 64.48

Daily Volume

90.84





12'086.15 1 Yr Total Return 29.24%







FISV UW EQUITY YTD Change - Average Volume 30 Day 166'641

FISV UW EQUITY YTD % CHANGE - Average Volume 3 Month 215'556


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 4'934.4 5'145.4 1'203.8 1'210.2

2.08x 2.63x 2.76x 2.60x 2.99x 10.46x 11.60x 3.06x 2.82x 13.15x 13.05x

1'258.0 1'279.0 1'346.0 1'345.0 1'410.0 1'345.0 1'410.0 1'601.8 1'695.5 374.4 394.1

7.59x 8.37x 8.47x 8.39x 9.51x 8.39x 9.51x 9.34x 8.82x 9.36x 9.26x

569.0 476.0 496.0 472.0 611.0 472.0 611.0 781.7 846.8 178.4 194.7

10.92x 15.77x 16.97x 14.95x 18.05x 15.10x 18.06x 15.20x 13.64x 15.20x 14.69x


EBIT 1'056.00 Long-Term Rating BBB-









EBITDA Margin 31.5%



Asset Turnover 0.53







Fiscal Year Ended

Fiserv IncPrice/Volume

Valuation Analysis

191'862.00


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

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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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30.04.2013







LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 5'449'211 4.1 202'131 31.12.2012 Investment Advisor



MERITAGE GROUP LP MERITAGE GROUP LP 13F 2'072'806 1.56 (407) 31.12.2012 Investment Advisor


PITTENGER & ANDERSON PITTENGER & ANDERSON 13F 1'898'286 1.43 - 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 1.32 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 0.91 47'434 31.12.2012 Investment Advisor


RBC Capital Markets DANIEL R PERLIN sector perform 3 M 85 12 month 24.04.2013

Stephens Inc BRETT HUFF equalweight 3 M 90 Not Provided 22.04.2013

Evercore Partners DAVID M TOGUT overweight 5 M 107 12 month 21.04.2013

Jefferies RAMSEY EL-ASSAL buy 5 M 94 12 month 19.04.2013

Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013

Avondale Partners LLC PETER J HECKMANN market perform 3 M 78 12 month 17.04.2013

First Analysis Corp LARRY BERLIN equalweight 3 M 85 12 month 15.04.2013

Sterne, Agee & Leach GREGORY SMITH neutral 3 D #N/A N/A Not Provided 12.04.2013

Argus Research Corp DAVID RITTER buy 5 M 105 Not Provided 11.04.2013

Robert W. Baird & Co DAVID J KONING neutral 3 M 92 12 month 04.04.2013



Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 88 12 month 18.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013

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 6 month 06.02.2013

William Blair & Co CHRISTOPHER SHUTLER 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

Oppenheimer & Co GLENN GREENE outperform 5 M 89 12 month 05.02.2013

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


30.04.2013

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 (03.05.2012) 138.38

52-Week Low (12.07.2012) 62.79

Daily Volume

95.29





5'654.87 1 Yr Total Return -27.08%







FOSL UW EQUITY YTD Change - Average Volume 30 Day 239'953

FOSL UW EQUITY YTD % CHANGE - Average Volume 3 Month 263'301


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 1.56x 8.62x 8.05x

243.4 253.0 417.0 523.9 554.4 523.9 554.4 606.4 664.6 105.0 111.1

4.07x 7.30x 10.01x 8.92x 8.44x 8.92x 8.44x 9.17x 8.37x 9.18x 9.02x

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 15.73x 13.84x 15.57x 15.22x











EBITDA Margin 19.4%



Asset Turnover 1.64







Fiscal Year Ended

Fossil IncPrice/Volume

Valuation Analysis

152'002.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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30.04.2013


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

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 n/a ULT-AGG 663'327 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



Brean Murray Carret & Co ERIC M BEDER sell 1 M 85 12 month 17.04.2013

Barclays MATTHEW MCCLINTOCK equalweight 3 N 115 Not Provided 01.04.2013

ISI Group OMAR SAAD neutral 3 M 110 12 month 24.03.2013

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 6 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


30.04.2013

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 (22.04.2013) 32.52

Daily Volume

35.24





6'913.92 1 Yr Total Return -21.68%







GRMN UW EQUITY YTD Change - Average Volume 30 Day 369'435

GRMN UW EQUITY YTD % CHANGE - Average Volume 3 Month 447'453


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 2'555.0 2'506.9 516.8 667.5

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 6.76x 6.70x 6.50x 6.33x

732.8 704.0 584.6 520.9 542.4 520.9 542.4 466.7 471.9 81.1 132.6

6.04x 8.83x 10.26x 14.91x 14.49x 14.91x 14.71x 14.65x 14.40x 14.67x 14.50x











EBITDA Margin 25.6%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Garmin LtdPrice/Volume

Valuation Analysis

216'223.00


!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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30.04.2013


KAO MIN H n/a Form 4 38'942'580 19.85 (45'000) 14.12.2012 n/a

BURRELL GARY L n/a Form 4 29'338'570 14.95 (225'000) 15.05.2012 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 11'420'372 5.82 - 28.02.2013 Investment Advisor

RUEY-JENG KAO n/a 13G 10'377'962 5.29 - 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


FMR LLC n/a ULT-AGG 1'953'297 1 (2'464'202) 28.02.2013 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 0.57 32'380 31.12.2012 Investment Advisor


JPMorgan PAUL T COSTER underweight 1 M 30 6 month 24.04.2013

Wells Fargo Securities, LLC ANDREW SPINOLA outperform 5 M #N/A N/A Not Provided 23.04.2013


Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 02.04.2013


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

Goldman Sachs SIMONA JANKOWSKI Sell/Neutral 1 M 30 12 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


30.04.2013

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 (23.04.2013) 55.16

52-Week Low (05.06.2012) 24.13

Daily Volume

51.09





77'779.03 1 Yr Total Return 96.46%







GILD UW EQUITY YTD Change - Average Volume 30 Day 3'227'112

GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'831'895


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 10'713.0 13'008.8 2'587.7 2'670.2

8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 7.63x 6.10x - -

2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 4'092.1 4'288.4 4'815.3 6'769.4 1'131.7 1'147.7

15.67x 9.71x 6.35x 6.99x 14.38x 6.99x 14.38x 17.37x 12.36x 18.03x -

1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'270.9 4'651.5 805.9 817.4

24.83x 15.12x 10.53x 11.34x 21.79x 11.33x 21.90x 24.76x 17.21x 25.44x 22.09x











EBITDA Margin 44.2%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gilead Sciences IncPrice/Volume

Valuation Analysis

2'876'474.00


!

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6'000.0

8'000.0

10'000.0

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30.04.2013













MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor


















Oppenheimer & Co DAVID FERREIRO outperform 5 M 59 18 month 22.04.2013

Maxim Group LLC JASON KOLBERT buy 5 M 97 12 month 22.04.2013






Barclays CHARLES ANTHONY BUTLER overweight 5 M 65 Not Provided 15.04.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 10.04.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 55 12 month 09.04.2013



Needham & Co ALAN CARR buy 5 M 45 12 month 05.04.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 60 Not Provided 04.04.2013


Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013

Cowen and Company PHILIP NADEAU outperform 5 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

Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013


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


30.04.2013

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: 03/yy

52-Week High (06.03.2013) 844.00

52-Week Low (14.06.2012) 556.55

Daily Volume

819.06





271'115.41 1 Yr Total Return 35.33%







GOOG UW EQUITY YTD Change - Average Volume 30 Day 611'970

GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 624'636


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 39'975.0 54'703.0 47'546.3 55'173.4 11'356.0 11'893.4

3.72x 7.29x 5.42x 4.45x 3.77x 14.71x 13.98x 4.47x 3.54x 19.50x 18.28x

8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 14'796.0 16'160.0 21'383.4 25'240.6 5'163.6 5'384.6

9.96x 17.53x 13.48x 12.41x 12.05x 11.10x 13.39x 10.51x 8.90x 9.96x 9.52x

4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 10'829.0 11'193.0 15'640.1 18'150.5 3'632.5 3'781.3

18.44x 30.38x 22.58x 21.70x 20.79x 19.44x 22.70x 17.74x 15.38x 17.36x 16.66x


EBIT 12'760.00 Long-Term Rating AA









EBITDA Margin 29.5%



Asset Turnover 0.63







Fiscal Year Ended

Google IncPrice/Volume

Valuation Analysis

536'430.00


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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2 9

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0 ! 9

0 2 9

1 ! 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

! !!

2 !!

-! !!

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30.04.2013














DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.01 (130'698) 31.12.2012 Investment Advisor










JMP Securities RONALD V JOSEY III market outperform 4 M 955 12 month 23.04.2013


Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 22.04.2013



Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013








Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 19.04.2013

Needham & Co KERRY RICE buy 5 M 900 12 month 19.04.2013



Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 19.04.2013

Wedbush JAMES G DIX neutral 3 M 800 12 month 19.04.2013



B Riley & Company, Inc SAMEET SINHA buy 5 M 846 12 month 19.04.2013

Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 19.04.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 890 Not Provided 19.04.2013


Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 820 12 month 19.04.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 19.04.2013

S&P Capital IQ SCOTT H KESSLER buy 5 U 925 12 month 19.04.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.04.2013

Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 19.04.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 875 Not Provided 19.04.2013












Holdings By:

Google Inc ee


30.04.2013

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 (02.04.2013) 92.86

52-Week Low (01.06.2012) 71.97

Daily Volume

89.94





7'878.40 1 Yr Total Return 17.20%







HSIC UW EQUITY YTD Change - Average Volume 30 Day 131'057

HSIC UW EQUITY YTD % CHANGE - Average Volume 3 Month 154'271


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 9'515.1 10'038.1 2'248.1 2'378.4

0.54x 0.73x 0.84x 0.76x 0.88x 3.18x 3.48x 0.89x 0.82x 3.90x 3.68x

520.7 548.6 634.6 698.0 759.5 698.0 759.5 805.8 863.6 185.3 202.8

6.61x 8.71x 9.95x 9.30x 10.37x 9.30x 10.37x 10.83x 10.11x 10.82x 10.63x

239.5 311.2 325.8 367.7 388.1 367.7 388.1 432.0 472.5 94.9 108.6

12.12x 16.53x 17.38x 16.23x 18.02x 16.23x 18.07x 18.47x 16.71x 18.45x 17.90x











EBITDA Margin 8.5%



Asset Turnover 1.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henry Schein IncPrice/Volume

Valuation Analysis

113'716.00


!-!.!0!1!2!3!4!5!6!

-!!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

- 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 !!

-! !!

-2 !!

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30.04.2013






GENERATION INVESTMEN GENERATION INVESTMEN 13F 4'217'926 4.82 (33'416) 31.12.2012 Investment Advisor




PRUDENTIAL FINANCIAL n/a ULT-AGG 2'141'394 2.44 49'074 28.02.2013 Investment Advisor


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


SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'371'758 1.57 (240'276) 31.12.2012 Hedge Fund Manager

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'355'800 1.55 (211'700) 31.03.2013 Investment Advisor



ENTRUST CAPITAL INC ENTRUST CAPITAL INC 13F 1'300'000 1.48 - 31.12.2012 Hedge Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'279'544 1.46 73'910 31.12.2012 Investment Advisor


JPMorgan LISA C GILL neutral 3 M 89 6 month 23.04.2013

CL King & Associates ROSS TAYLOR buy 5 M 100 12 month 22.04.2013

Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 18.04.2013

William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 18.04.2013


Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 98 12 month 15.04.2013

ISI Group MICHAEL CHERNY neutral 3 M 94 12 month 15.04.2013

Piper Jaffray KEVIN ELLICH neutral 3 M 92 12 month 26.03.2013

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


Barrington Research CHARLES R JONES market perform 3 M #N/A N/A Not Provided 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


Holdings By:

Henry Schein Inc ee


30.04.2013

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: 03/yy

52-Week High (02.05.2012) 29.27

52-Week Low (21.11.2012) 19.23

Daily Volume

23.76





117'516.96 1 Yr Total Return -13.21%







INTC UW EQUITY YTD Change - Average Volume 30 Day 11'322'006

INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 10'282'058


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'058.0 53'015.0 53'565.0 55'901.7 12'893.7 13'745.6

1.81x 2.84x 2.16x 2.10x 1.70x 8.44x 7.97x 2.11x 2.00x 8.72x 8.15x

14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'536.0 21'148.0 20'828.2 22'480.2 4'604.1 5'422.4

4.76x 9.08x 4.65x 4.81x 4.10x 5.68x 4.70x 5.23x 4.85x 5.12x 4.97x

5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'520.0 10'312.0 9'875.2 10'684.0 2'095.3 2'662.7

12.66x 16.80x 10.37x 9.59x 9.50x 11.62x 10.92x 12.49x 11.70x 12.01x 11.55x











EBITDA Margin 39.9%



Asset Turnover 0.68







Fiscal Year Ended

Intel CorpPrice/Volume

Valuation Analysis

8'151'209.00


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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-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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30.04.2013





MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a







CAPITAL GROUP COMPAN n/a ULT-AGG 49'437'200 1 (1'073'550) 31.12.2012 Investment Advisor




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


GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 33'702'161 0.68 (3'328'989) 31.12.2012 Investment Advisor



Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 24.04.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 23.04.2013






Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 21.04.2013

Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 19.04.2013


Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 17.04.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 17.04.2013

Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 17.04.2013




Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 17.04.2013

Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 17.04.2013

Wedbush BETSY VAN HEES neutral 3 M 23 12 month 17.04.2013


Independent Research GmbH MARKUS FRIEBEL buy 5 M 26 12 month 17.04.2013

B Riley & Company, Inc CRAIG ELLIS neutral 3 M 23 Not Provided 17.04.2013


Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 17.04.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 17.04.2013

Nomura ROMIT SHAH reduce 2 M 18 12 month 17.04.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 17.04.2013




Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.04.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 17.04.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 17.04.2013

Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 17.04.2013

Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 22 Not Provided 17.04.2013





Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 16.04.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 16.04.2013


S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 06.04.2013

Holdings By:

Intel Corp ee


30.04.2013

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

60.94





18'061.94 1 Yr Total Return 6.26%







INTU UW EQUITY YTD Change - Average Volume 30 Day 709'234

INTU UW EQUITY YTD % CHANGE - Average Volume 3 Month 691'880


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 4'518.5 4'921.7 2'188.3 727.0

2.93x 2.98x 3.44x 3.61x 4.07x 15.60x 16.35x 3.82x 3.39x 7.68x 23.70x

902.7 957.7 1'119.0 1'308.0 1'419.0 1'401.0 1'307.0 1'688.2 1'873.7 1'387.9 92.1

9.96x 9.67x 10.61x 10.41x 11.90x 11.90x 14.04x 10.60x 9.55x 10.04x 9.61x

476.8 447.0 574.0 634.0 792.0 685.0 790.0 1'015.0 1'117.8 892.6 32.2

19.80x 18.68x 23.80x 22.03x 23.21x 24.86x 26.43x 18.18x 16.57x 17.25x 16.67x











EBITDA Margin 31.0%



Asset Turnover 0.84







Fiscal Year Ended

Intuit IncPrice/Volume

Valuation Analysis

1'161'671.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

2!

3!

4!

5!

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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

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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0- !4 .!!6 0- !- .!-! 0- !4 .!-! 0- !- .!-- 0- !4 .!-- 0- !- .!-. 0- !4 .!-. 0- !- .!-0



30.04.2013





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














Wedbush GIL B LURIA outperform 5 M 67 12 month 24.04.2013

Evercore Partners DAVID M TOGUT equalweight 3 M 58 12 month 24.04.2013


Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 18.04.2013

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

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 6 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



Holdings By:

Intuit Inc ee


30.04.2013

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: 03/yy

52-Week High (02.05.2012) 591.41

52-Week Low (15.03.2013) 455.18

Daily Volume

489.16





19'645.17 1 Yr Total Return -15.40%







ISRG UW EQUITY YTD Change - Average Volume 30 Day 124'570

ISRG UW EQUITY YTD % CHANGE - Average Volume 3 Month 121'603


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

874.9 1'052.2 1'413.0 1'757.3 2'178.8 1'864.4 2'295.0 2'583.1 2'967.5 631.8 629.9

5.17x 10.57x 6.45x 9.77x 8.44x 34.63x 33.22x 6.25x 5.27x 26.08x 25.93x

335.9 412.0 595.6 741.3 935.9 788.3 996.5 1'065.6 1'229.2 255.6 253.4

13.47x 27.01x 15.31x 23.16x 19.65x 26.05x 18.45x 17.16x 14.88x 17.23x 16.65x

204.3 232.6 381.8 495.1 656.6 534.5 702.0 738.3 852.8 177.2 175.2

24.80x 51.17x 27.22x 37.58x 30.69x 41.01x 28.86x 27.41x 23.58x 26.93x 25.75x











EBITDA Margin 43.4%



Asset Turnover 0.61







Fiscal Year Ended

Intuitive Surgical IncPrice/Volume

Valuation Analysis

80'360.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0 9

1 9

2 9

3 9

4 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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-2 !!

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0! !!

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30.04.2013



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'294'248 5.71 (6'009) 31.03.2013 Investment Advisor







MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 969'364 2.41 653'710 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 956'986 2.38 5'420 28.02.2013 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 936'203 2.33 295'136 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 818'598 2.04 731'598 31.12.2012 Hedge Fund Manager

ALLIANCE BERNSTEIN n/a ULT-AGG 786'222 1.96 58'952 31.03.2013 Investment Advisor

BROWN ADVISORY INC n/a ULT-AGG 748'303 1.86 74'215 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 646'802 1.61 (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 572'274 1.42 (78'794) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 567'682 1.41 (12'311) 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 521'573 1.3 2'739 31.03.2013 Investment Advisor


JPMorgan TYCHO W PETERSON overweight 5 M 625 6 month 22.04.2013

Janney Montgomery Scott LLC SPENCER NAM buy 5 M 670 Not Provided 22.04.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 22.04.2013

Leerink Swann & Co RICHARD NEWITTER market perform 3 M #N/A N/A Not Provided 22.04.2013

Lazard Capital Markets SEAN D LAVIN buy 5 M 625 12 month 22.04.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013

SunTrust Robinson Humphrey AMIT HAZAN buy 5 M 647 12 month 19.04.2013


Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 19.04.2013

Canaccord Genuity Corp JASON R MILLS buy 5 M 527 12 month 19.04.2013

JMP Securities J T HARESCO III market outperform 4 M 620 12 month 19.04.2013

Northland Securities Inc SURAJ KALIA underperform 1 M 400 12 month 19.04.2013

Wallachbeth Capital LLC Kathleen McGrath buy 5 M 610 12 month 19.04.2013

Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 684 12 month 18.04.2013

Raymond James LAWRENCE S KEUSCH outperform 5 M 620 12 month 18.04.2013

Cantor Fitzgerald JEREMY FEFFER buy 5 M 575 12 month 18.04.2013

Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 636 12 month 18.04.2013


Holdings By:

Intuitive Surgical Inc ee


30.04.2013

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

53.11












KLAC UW EQUITY YTD Change - Average Volume 30 Day 599'537

KLAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 618'665


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 06/13 Q4 09/13 Q1

2'521.7 1'520.2 1'820.8 3'175.2 3'171.9 3'165.5 3'126.7 2'826.9 3'163.7 712.0 760.1

2.50x 2.45x 2.14x 1.72x 2.02x 7.57x 8.34x 2.55x 2.05x 9.10x 8.39x

638.4 4.7 401.5 1'246.4 1'108.5 1'159.7 1'034.0 810.7 998.6 205.3 225.7

9.86x 800.84x 9.71x 4.39x 5.79x 5.70x 5.90x 8.24x 6.69x 6.81x 6.13x

359.1 (523.4) 212.3 794.5 756.0 757.6 695.2 548.1 700.4 136.2 162.9

20.88x - 17.82x 8.27x 10.63x 10.37x 11.30x 16.40x 12.96x 13.78x 12.16x











EBITDA Margin 31.5%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

KLA-Tencor CorpPrice/Volume

Valuation Analysis

904'466.00


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30.04.2013

















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



Pacific Crest Securities WESTON TWIGG outperform 5 M 61 12 month 24.04.2013


B Riley & Company, Inc BEN PANG buy 5 M 66 12 month 23.04.2013

Stifel PATRICK J HO buy 5 M 58 12 month 23.04.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 65 Not Provided 19.04.2013

Needham & Co EDWIN MOK buy 5 M 61 12 month 17.04.2013

Credit Suisse SATYA KUMAR outperform 5 M 63 Not Provided 12.04.2013

RBC Capital Markets MAHESH SANGANERIA outperform 5 M 60 12 month 15.03.2013


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

Deutsche Bank VISHAL SHAH hold 3 U 56 12 month 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


30.04.2013

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 (02.04.2013) 52.50

52-Week Low (01.10.2012) 42.29

Daily Volume

51.57












KRFT UW EQUITY YTD Change - Average Volume 30 Day 953'710

KRFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'037'542


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/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 14'135.0 18'770.5 19'237.3 4'476.1 4'847.3

- - - - 1.91x #DIV/0! 5.01x 2.12x 2.06x 8.98x 8.32x

- 3'314.0 3'307.0 3'190.0 3'239.0 0.0 2'237.0 3'536.4 3'794.1 813.8 947.9

- - - - 10.82x 0.00x 0.00x 11.12x 10.36x 11.23x 10.93x

2'662.0 2'170.0 3'531.0 1'775.0 1'642.0 0.0 878.0 1'689.3 1'865.1 388.6 467.1

- - - - 12.69x 0.00x 0.00x 18.53x 16.56x 18.48x 17.85x



Operating Margin 15.33% Long-Term Outlook NEG


Return on Assets - Short-Term Rating A-2



Asset Turnover - (EBITDA-Capex)/Interest Exp. 11.76

Net Debt/EBITDA -

Gross Margin 31.8% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 279.1%


Asset Turnover -

Current Ratio 1.34 Net Fixed Asset Turnover -




Accounts Receivable Turnover - Cash Conversion Cycle 32.36



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kraft Foods Group IncPrice/Volume

Valuation Analysis

931'336.00


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30.04.2013











FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'453'158 1.42 948'276 31.03.2013 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 4'170'705 0.7 (220'637) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'144'582 0.7 4'144'582 31.12.2012 Investment Advisor



BMO Capital Markets KENNETH B ZASLOW outperform 5 M 53 Not Provided 23.04.2013

Stifel CHRISTOPHER R GROWE buy 5 M 55 12 month 23.04.2013

JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 22.04.2013

Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 51 12 month 17.04.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 46 12 month 16.04.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 15.04.2013

Davenport & Co ANN H GURKIN neutral 3 D #N/A N/A Not Provided 15.04.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 48 12 month 12.04.2013

Barclays ANDREW LAZAR overweight 5 M 51 Not Provided 12.04.2013

Wells Fargo Securities, LLC JOHN J BAUMGARTNER market perform 3 N #N/A N/A Not Provided 10.04.2013

Canaccord Genuity Corp ALICIA FORRY buy 5 M 56 12 month 04.04.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M #N/A N/A Not Provided 02.04.2013

Jefferies THILO WREDE buy 5 M 52 12 month 28.03.2013


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

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

CL King & Associates ERIC J LARSON buy 5 M 50 12 month 19.02.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 50 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


30.04.2013

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 (11.04.2013) 75.86

52-Week Low (01.06.2012) 44.89

Daily Volume

73.29





18'297.11 1 Yr Total Return 47.14%



Minority Interest (124.9) Analyst Recs 13




LBTYA UW EQUITY YTD Change - Average Volume 30 Day 662'998

LBTYA UW EQUITY YTD % CHANGE - Average Volume 3 Month 817'964


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 13'791.8 15'802.9 2'743.3 2'766.0

2.54x 4.24x 3.30x 3.63x 4.04x 13.73x 14.84x 3.11x 2.68x - -

4'361.8 3'203.0 3'770.7 4'351.0 4'757.2 4'262.9 4'757.2 5'890.4 6'789.0 1'306.0 1'328.0

6.12x 9.93x 7.32x 7.93x 8.76x 8.10x 8.76x 7.41x 6.43x 8.19x -

(788.9) (412.1) 388.2 (772.7) 322.8 (772.7) 322.8 671.7 1'132.7 78.0 39.9

- - - - - 0.00x 0.00x 34.30x 22.13x 35.02x -


EBIT 2'066.10 Long-Term Rating B+ *+


Pretax Margin -4.69% Short-Term Rating Date -







EBITDA Margin 46.1%



Asset Turnover 0.28







Fiscal Year Ended

Liberty Global IncPrice/Volume

Valuation Analysis

476'228.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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4'000.0

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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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30.04.2013



CASCADE INVESTMENT L n/a 13G 8'736'009 6.18 - 31.12.2012 Investment Advisor

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


BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 3'900'000 2.76 - 31.12.2012 Hedge Fund Manager






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 - 31.03.2013 Hedge Fund Manager

GATES FOUNDATION BILL & MELINDA FOUND 13F 2'119'515 1.5 - 31.12.2012 Endowment





Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 80 12 month 24.04.2013

ISI Group VIJAY JAYANT strong buy 5 M 85 12 month 21.04.2013

Barclays MICHAEL BISHOP overweight 5 M 82 Not Provided 17.04.2013

JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 15.04.2013

Stifel CHRISTOPHER C KING buy 5 M 80 12 month 12.04.2013




HSBC NICOLAS COTE-COLISSON overweight 5 M 80 Not Provided 15.02.2013

Goldman Sachs TIMOTHY BODDY not rated #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


30.04.2013

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

20.98





11'350.03 1 Yr Total Return 26.14%







LINTA UW EQUITY YTD Change - Average Volume 30 Day 894'302

LINTA UW EQUITY YTD % CHANGE - Average Volume 3 Month 930'432


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 10'392.6 10'919.7 2'384.8 2'440.7

0.91x 1.24x 1.53x 1.41x 1.85x 5.65x 6.15x 1.91x 1.88x - -

1'523.0 1'607.0 1'679.0 1'774.0 1'809.0 1'774.0 1'809.0 1'973.4 2'077.6 437.7 481.2

4.82x 6.40x 8.14x 7.63x 10.29x 7.63x 10.29x 9.75x 9.26x 9.71x 9.51x

(781.0) 258.0 1'892.0 912.0 1'530.0 1'332.0 1'530.0 588.0 657.1 110.5 138.8

- 20.51x 19.42x 20.81x - 94.34x 10.93x 18.20x 15.21x 18.32x 17.63x


EBIT 1'200.00 Long-Term Rating BB









EBITDA Margin 18.0%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Liberty Interactive CorpPrice/Volume

Valuation Analysis

825'891.00


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30.04.2013




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 20'674'770 4.03 935'289 31.03.2013 Investment Advisor






MERITAGE GROUP LP MERITAGE GROUP LP 13F 10'164'241 1.98 2'540'365 31.12.2012 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 7'729'748 1.51 1'786'271 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 hold 3 U #N/A N/A Not Provided 01.04.2013

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

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 28.02.2013




Holdings By:

Liberty Interactive Corp ee


30.04.2013

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 (24.04.2013) 73.85

52-Week Low (04.06.2012) 39.73

Daily Volume

73.68





12'554.11 1 Yr Total Return 58.93%







LIFE UW EQUITY YTD Change - Average Volume 30 Day 1'034'105

LIFE UW EQUITY YTD % CHANGE - Average Volume 3 Month 788'427


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 3'923.2 4'062.5 958.8 979.6

4.67x 3.89x 3.44x 2.34x 2.78x 10.90x 11.06x 3.71x 3.48x 15.25x 14.89x

431.5 912.2 1'130.1 1'160.6 1'166.9 1'216.4 1'166.9 1'402.3 1'452.5 316.0 320.4

17.52x 13.97x 10.94x 7.61x 9.04x 7.26x 9.04x 10.49x 10.13x 11.35x 11.19x

5.7 144.6 378.3 378.5 430.9 412.8 430.9 760.4 819.8 184.7 187.9

8.18x 17.18x 45.49x 16.84x 18.03x 15.50x 18.16x 16.89x 15.51x 16.89x 16.56x


EBIT 737.97 Long-Term Rating BBB *-









EBITDA Margin 30.7%



Asset Turnover 0.43







Fiscal Year Ended

Life Technologies CorpPrice/Volume

Valuation Analysis

231'018.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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30.04.2013



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

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'028'205 1.19 562'723 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


Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 23.04.2013

Maxim Group LLC BRYAN BROKMEIER hold 3 M #N/A N/A Not Provided 19.04.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 76 12 month 18.04.2013

Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 M #N/A N/A Not Provided 17.04.2013

Edward Jones MATTHEW D COLLINS hold 3 M #N/A N/A Not Provided 16.04.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 76 12 month 16.04.2013

William Blair & Co AMANDA MURPHY market perform 3 M #N/A N/A Not Provided 16.04.2013

Macquarie JONATHAN P GROBERG neutral 3 D 76 12 month 16.04.2013

Cantor Fitzgerald SUNG JI NAM hold 3 M 76 12 month 16.04.2013

Goldman Sachs ISAAC RO neutral/neutral 3 U 74 12 month 15.04.2013

Credit Suisse VAMIL DIVAN neutral 3 D 76 Not Provided 15.04.2013

JPMorgan TYCHO W PETERSON restricted #N/A N/A M #N/A N/A Not Provided 15.04.2013

Oppenheimer & Co DAVID FERREIRO not rated #N/A N/A M #N/A N/A Not Provided 15.04.2013

S&P Capital IQ JEFFREY LOO hold 3 M 76 Not Provided 15.04.2013

Piper Jaffray WILLIAM R QUIRK neutral 3 M 76 12 month 15.04.2013

Barclays CHARLES ANTHONY BUTLER suspended coverage #N/A N/A M #N/A N/A Not Provided 15.04.2013

Wallachbeth Capital LLC DIFEI YANG hold 3 D 76 12 month 15.04.2013

Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 12.04.2013

ISI Group ROSS MUKEN neutral 3 M 65 12 month 09.04.2013


First Analysis Corp GREG CHODACZEK equalweight 3 M 45 12 month 05.02.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 D 74 Not Provided 05.02.2013

Jefferies JON WOOD buy 5 M 58 12 month 18.01.2013

Holdings By:

Life Technologies Corp ee


30.04.2013

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: 03/yy

52-Week High (07.03.2013) 38.80

52-Week Low (01.06.2012) 28.28

Daily Volume

35.79





8'323.51 1 Yr Total Return 12.91%







LLTC UW EQUITY YTD Change - Average Volume 30 Day 1'003'240

LLTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 952'006


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 04/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

1'175.2 968.5 1'170.0 1'484.0 1'266.6 1'295.2 1'285.0 1'279.6 1'397.7 323.0 334.2

6.73x 5.82x 5.72x 5.04x 5.38x 21.32x 22.78x 5.97x 5.31x 23.79x 22.88x

616.8 464.0 608.9 817.4 638.0 668.2 482.1 625.3 707.9 157.4 166.8

12.83x 12.15x 10.98x 9.14x 10.67x 11.11x 0.00x 12.30x 10.86x 11.36x 10.75x

387.6 289.2 361.3 580.8 398.1 453.0 408.3 436.9 490.8 108.8 113.6

18.96x 18.95x 17.97x 13.31x 18.33x 17.18x 22.25x 19.62x 17.79x 18.21x 17.22x











EBITDA Margin 49.6%



Asset Turnover 0.66







Fiscal Year Ended

Linear Technology CorpPrice/Volume

Valuation Analysis

533'994.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013




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 12'265'876 5.27 (2'191'306) 31.03.2013 Hedge Fund Manager













MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'107'525 0.91 2'107'525 31.03.2013 Investment Advisor






JPMorgan CHRISTOPHER DANELY underweight 1 M 25 6 month 18.04.2013









Pacific Crest Securities MICHAEL MCCONNELL underperform 1 M #N/A N/A Not Provided 17.04.2013

Raymond James J STEVEN SMIGIE underperform 1 M #N/A N/A Not Provided 17.04.2013


Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 17.04.2013





S&P Capital IQ CHRISTIN ARMACOST sell 1 M 33 12 month 27.02.2013



Holdings By:

Linear Technology Corp ee


30.04.2013

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: 03/yy

52-Week High (17.04.2013) 45.37

52-Week Low (04.06.2012) 30.15

Daily Volume

44.81





15'477.28 1 Yr Total Return 38.23%







MAT UW EQUITY YTD Change - Average Volume 30 Day 755'394

MAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 816'993


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

5'918.0 5'430.8 5'856.2 6'266.0 6'420.9 6'242.7 6'488.0 6'850.1 7'144.5 1'217.0 2'210.1

1.02x 1.26x 1.50x 1.52x 1.98x 6.65x 8.33x 2.28x 2.17x - -

713.9 901.0 1'067.7 1'202.4 1'195.3 1'195.3 1'238.2 1'505.0 1'607.7 199.7 585.0

8.43x 7.62x 8.24x 7.94x 10.63x 10.23x 12.52x 10.55x 9.87x - -

379.6 528.7 684.9 768.5 776.5 759.8 807.2 979.0 1'060.2 110.2 404.6

15.24x 14.58x 14.05x 12.73x 14.83x 15.16x 17.16x 15.86x 14.44x 15.73x 15.37x











EBITDA Margin 19.1%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mattel IncPrice/Volume

Valuation Analysis

451'621.00


!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013













CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 5'864'994 1.7 575'765 31.03.2013 Investment Advisor


M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 4'744'712 1.37 (600) 31.12.2012 Investment Advisor



EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 3'194'203 0.92 (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




B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 53 Not Provided 23.04.2013

MKM Partners ERIC O HANDLER buy 5 M 50 12 month 22.04.2013

BMO Capital Markets GERRICK L JOHNSON outperform 5 M 50 Not Provided 18.04.2013

Needham & Co SEAN P MCGOWAN buy 5 M 48 12 month 18.04.2013

Stifel DREW E CRUM hold 3 M #N/A N/A Not Provided 18.04.2013

Barclays FELICIA R KANTOR HENDRIX equalweight 3 M 41 Not Provided 18.04.2013

SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 5 M 48 12 month 17.04.2013

KeyBanc Capital Markets SCOTT W HAMANN hold 3 M #N/A N/A Not Provided 17.04.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER outperform 5 M #N/A N/A Not Provided 17.04.2013

Longbow Research JAMES L HARDIMAN buy 5 M 48 12 month 17.04.2013

Goldman Sachs MICHAEL KELTER neutral/cautious 3 M 42 12 month 10.04.2013

Monness, Crespi, Hardt & Co JIM CHARTIER neutral 3 M 36 Not Provided 01.04.2013


Holdings By:

Mattel Inc ee


30.04.2013

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

30.71












MXIM UW EQUITY YTD Change - Average Volume 30 Day 832'147

MXIM UW EQUITY YTD % CHANGE - Average Volume 3 Month 906'968


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 06/13 Q4 09/13 Q1

2'052.8 1'646.0 1'997.6 2'472.3 2'403.5 2'460.6 2'404.5 2'463.8 2'664.5 627.5 660.3

2.69x 2.44x 2.36x 2.59x 2.85x 10.96x 12.26x 3.28x 2.93x 12.76x 12.05x

601.6 302.0 467.2 879.3 782.8 839.7 800.9 869.1 979.6 225.4 235.0

9.16x 13.31x 10.08x 7.30x 8.76x 8.44x 9.66x 9.45x 8.39x 8.73x 8.39x

317.7 10.5 125.1 489.0 386.7 483.4 369.7 537.7 627.8 142.6 158.9

20.79x 80.60x 32.24x 14.97x 20.19x 16.48x 18.54x 16.96x 14.82x 15.36x 14.79x











EBITDA Margin 34.1%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Maxim Integrated Products IncPrice/Volume

Valuation Analysis

843'879.00


!

2

-!

-2

.!

.2

0!

02

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013

















ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 2'598'638 0.89 1'358'506 31.12.2012 Hedge Fund Manager

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



Raymond James J STEVEN SMIGIE outperform 5 M 38 12 month 24.04.2013



Needham & Co VERNON P ESSI JR buy 5 M 37 12 month 19.04.2013




Stifel TORE E SVANBERG buy 5 M 37 12 month 16.04.2013


SunTrust Robinson Humphrey WILLIAM STEIN buy 5 M 36 12 month 12.04.2013










S&P Capital IQ CHRISTIN ARMACOST hold 3 M #N/A N/A Not Provided 25.01.2013





Holdings By:

Maxim Integrated Products Inc ee


30.04.2013

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

35.96












MCHP UW EQUITY YTD Change - Average Volume 30 Day 548'737

MCHP UW EQUITY YTD % CHANGE - Average Volume 3 Month 593'409


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 1'601.6 1'848.6 427.1 447.2

5.66x 3.12x 4.58x 4.24x 4.40x 16.38x 15.21x 3.97x 3.29x 14.77x 13.93x

428.7 335.8 336.3 582.7 496.8 528.1 405.4 483.9 579.4 120.5 140.3

13.66x 8.39x 12.92x 10.83x 12.24x 11.52x 14.10x 13.17x 11.00x 11.37x 10.74x

297.7 245.6 217.0 418.9 336.7 381.6 148.3 377.7 451.4 98.2 104.4

22.89x 19.44x 25.14x 18.56x 22.41x 19.86x 21.30x 19.55x 16.80x 17.59x 16.91x











EBITDA Margin 27.2%



Asset Turnover 0.43







Fiscal Year Ended

Microchip Technology IncPrice/Volume

Valuation Analysis

395'160.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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 -! .!-. !0 !1 .!-0



30.04.2013







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 7'183'976 3.68 (1'115'300) 31.03.2013 Investment Advisor




SANGHI STEVE n/a Form 4 5'203'186 2.66 - 01.04.2013 n/a

PRINCIPAL FINANCIAL n/a ULT-AGG 3'918'688 2.01 1'213'773 31.12.2012 Investment Advisor






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



Mizuho Securities USA Inc RUBEN ROY neutral 3 M 40 12 month 15.04.2013



Stephens Inc HARSH KUMAR overweight 5 M 43 12 month 04.04.2013




SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 38 12 month 12.03.2013



Needham & Co RAJVINDRA S. GILL buy 5 M 40 12 month 08.02.2013


S&P Capital IQ CHRISTIN ARMACOST hold 3 M 36 Not Provided 08.02.2013


Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 33 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


30.04.2013

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

9.35





9'631.48 1 Yr Total Return 41.88%







MU UW EQUITY YTD Change - Average Volume 30 Day 7'422'701

MU UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'749'665


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 8'615.4 10'419.1 2'211.3 2'484.9

1.28x 1.95x 0.95x 0.79x 0.94x 4.13x 4.11x 1.33x 1.00x 5.37x 4.67x

1'243.0 1'241.0 3'584.0 2'860.0 1'523.0 2'135.0 1'409.0 2'128.5 3'204.5 610.3 740.6

6.03x 7.57x 2.24x 2.42x 5.06x 4.76x 7.19x 5.28x 3.51x 3.85x 3.67x

(1'619.0) (1'882.0) 1'850.0 167.0 (1'032.0) (529.0) (1'124.0) (438.8) 787.5 9.5 94.1

- - 4.35x 52.18x - 0.00x 0.00x - 11.84x 21.30x 15.33x


EBIT -618.00 Long-Term Rating BB-

Operating Margin -7.51% Long-Term Outlook NEG








EBITDA Margin 17.5%

EBIT Margin -6.4% Total Debt/Equity 42.4%


Asset Turnover 0.57







Fiscal Year Ended

Micron Technology IncPrice/Volume

Valuation Analysis

3'516'723.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013










DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 24'163'605 2.35 994'097 31.12.2012 Investment Advisor


STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 14'761'433 1.43 (3'097'582) 31.03.2013 Investment Advisor




APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 9'826'192 0.95 62'800 31.03.2013 Investment Advisor

CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 9'115'178 0.88 (1'163'914) 31.12.2012 Hedge Fund Manager

JOHO CAPITAL LLC JOHO CAPITAL LLC 13F 8'536'697 0.83 8'536'697 31.03.2013 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 0.81 7'171'600 31.12.2012 Hedge Fund Manager





Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 7 12 month 22.04.2013

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 13 12 month 19.04.2013




Roth Capital Partners KRISHNA SHANKAR buy 5 M 12 12 month 17.04.2013




Cross Research STEVEN B FOX buy 5 M 12 12 month 03.04.2013


Deutsche Bank BOB GUJAVARTY hold 3 M 9 12 month 22.03.2013


JPMorgan HARLAN SUR neutral 3 M 11 6 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


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


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


30.04.2013

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: 03/yy

52-Week High (25.04.2013) 32.84

52-Week Low (05.12.2012) 26.26

Daily Volume

32.61





272'329.59 1 Yr Total Return 4.93%







MSFT UW EQUITY YTD Change - Average Volume 30 Day 15'078'544

MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 12'949'491


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 73'031.0 76'012.0 78'899.8 84'767.9 20'718.3 18'948.3

3.77x 3.18x 2.70x 2.53x 2.78x 10.16x 9.86x 2.57x 2.19x 10.07x 10.73x

24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 30'601.0 30'645.0 32'214.4 35'428.6 8'700.8 8'027.3

9.29x 8.00x 6.28x 5.91x 6.64x 7.30x 5.83x 6.58x 5.99x 6.08x 5.97x

17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'344.0 16'406.0 23'299.5 25'631.3 6'259.3 5'674.4

14.48x 13.66x 10.96x 9.85x 11.21x 11.73x 10.67x 11.76x 10.58x 10.76x 10.53x


EBIT 27'956.00 Long-Term Rating AAA



Return on Assets 13.01% Short-Term Rating NR






EBITDA Margin 40.3%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Microsoft CorpPrice/Volume

Valuation Analysis

15'330'857.00


!

2

-!

-2

.!

.2

0!

02

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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



30.04.2013




GATES III WILLIAM HE n/a Form 4 421'411'775 5.05 (7'000'000) 06.02.2013 n/a


BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.99 - 14.09.2012 n/a













PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor






Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 23.04.2013




BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 21.04.2013


Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 19.04.2013




Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 19.04.2013

JPMorgan JOHN DIFUCCI neutral 3 M 30 6 month 19.04.2013




FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 19.04.2013



Nomura RICHARD G SHERLUND neutral 3 M 32 12 month 19.04.2013


Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 19.04.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 19.04.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 34 Not Provided 19.04.2013




Jyske Bank ROBERT JAKOBSEN reduce 2 D 29 Not Provided 16.04.2013


Goldman Sachs HEATHER BELLINI Sell/Neutral 1 D 27 12 month 11.04.2013

BGC Partners COLIN W GILLIS hold 3 D 31 12 month 10.04.2013


S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 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


30.04.2013

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 (24.04.2013) 32.09

52-Week Low (28.06.2012) 24.27

Daily Volume

31.62












MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'235'180

MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'342'140


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 36'454.2 38'477.9 8'660.5 8'795.1

1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.98x 1.84x 8.09x 7.86x

5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'902.1 6'344.9 1'366.2 1'462.9

9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 12.08x 11.24x 12.14x 11.84x

2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'788.3 3'144.3 598.6 684.7

22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 20.24x 18.00x 20.24x 19.55x











EBITDA Margin 15.8%



Asset Turnover 0.58







Fiscal Year Ended

Mondelez International IncPrice/Volume

Valuation Analysis

1'882'032.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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0!

02

d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

2 ! 9

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-2 ! 9

.! ! 9

.2 ! 9

0! ! 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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30.04.2013








BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'590'525 2 (1'071'293) 31.03.2013 Investment Advisor

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



TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 19'415'193 1.09 11'283'406 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

INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'014'507 0.9 5'115'058 31.03.2013 Investment Advisor




BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 23.04.2013

Stifel CHRISTOPHER R GROWE buy 5 M 31 12 month 23.04.2013

Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 22.04.2013

JPMorgan KENNETH GOLDMAN overweight 5 M 38 6 month 22.04.2013

Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 36 12 month 22.04.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 29 12 month 19.04.2013

S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 33 Not Provided 17.04.2013

Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 17.04.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 16.04.2013

Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 34 12 month 10.04.2013

Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 N #N/A N/A Not Provided 10.04.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 04.04.2013

Jefferies THILO WREDE hold 3 M 29 12 month 28.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013


Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013

Davenport & Co ANN H GURKIN buy 5 M 32 12 month 27.02.2013

CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013

Holdings By:

Mondelez International Inc ee


30.04.2013

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

56.5





9'353.34 1 Yr Total Return -13.02%







MNST UW EQUITY YTD Change - Average Volume 30 Day 578'971

MNST UW EQUITY YTD % CHANGE - Average Volume 3 Month 614'408


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 2'323.1 2'611.5 501.7 658.9

2.65x 2.66x 6.68x 4.26x 4.10x 14.91x 13.22x 3.76x 3.28x 17.83x 13.50x

167.1 343.2 359.6 473.5 571.2 473.5 571.2 654.4 755.5 137.0 199.2

16.42x 8.85x 24.21x 15.33x 14.78x 15.33x 14.78x 13.81x 11.96x 13.76x 13.38x

108.0 208.7 212.0 286.2 340.0 286.2 340.0 388.4 452.3 80.1 119.7

30.21x 17.17x 22.88x 30.01x 28.41x 29.96x 28.44x 25.27x 21.21x 25.31x 24.40x











EBITDA Margin 27.7%



Asset Turnover 1.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Monster Beverage CorpPrice/Volume

Valuation Analysis

361'061.00


!-!.!0!1!2!3!4!5!6!

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9. ! 91 ! 93 ! 95 ! 9-! ! 9-. ! 9-1 ! 9-3 ! 9-5 ! 9.! ! 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 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



30.04.2013



BRANDON LIMITED PART n/a Form 4 9'815'648 5.93 - 15.04.2013 Corporation





MORGAN STANLEY n/a ULT-AGG 6'623'132 4 4'742'430 28.02.2013 Investment Advisor

HILROD HOLDINGS LP n/a Form 4 6'305'140 3.81 - 15.04.2013 Holding Company








BRANDON LIMITED PART n/a Form 4 1'931'856 1.17 - 15.04.2013 Corporation


STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 1'903'166 1.15 190'364 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'901'900 1.15 (1'443'000) 31.12.2012 Hedge Fund Manager




Stifel MARK S ASTRACHAN buy 5 M 65 12 month 11.04.2013

Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.04.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 70 12 month 09.04.2013

Credit Agricole Securities (USA) CAROLINE S LEVY underperform 1 M 49 Not Provided 07.03.2013

JPMorgan JOHN A FAUCHER neutral 3 M 52 6 month 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


30.04.2013

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

29.01





11'102.42 1 Yr Total Return 33.63%







MYL UW EQUITY YTD Change - Average Volume 30 Day 1'647'645

MYL UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'564'163


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 7'186.4 7'728.3 1'691.0 1'768.2

1.49x 2.05x 2.56x 2.29x 2.39x 9.25x 8.86x 2.17x 1.89x - -

1'124.8 1'150.2 1'271.4 1'564.7 1'718.5 1'564.7 1'831.4 2'015.5 2'111.5 461.0 494.5

6.83x 9.07x 10.99x 8.99x 9.45x 8.99x 8.87x 8.19x 7.82x 8.07x -

(181.2) 232.6 345.1 536.8 640.9 536.8 640.9 1'120.2 1'234.2 245.2 270.6

12.36x 17.89x 18.06x 14.90x 14.52x 15.11x 14.22x 10.14x 9.09x 10.12x 9.81x


EBIT 1'171.92 Long-Term Rating BBB-









EBITDA Margin 26.9%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mylan Inc/PAPrice/Volume

Valuation Analysis

1'273'105.00


!

2

-!

-2

.!

.2

0!

02

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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

! !!

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3 !!

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30.04.2013




PAULSON & CO PAULSON & CO 13F 24'503'400 6.4 - 31.12.2012 Hedge Fund Manager


BANK OF AMERICA CORP BANK OF AMERICA 13F 15'312'083 4 (1'137'294) 31.12.2012 Investment Advisor






NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 6'312'665 1.65 (340'963) 31.03.2013 Investment Advisor




D E SHAW & COMPANY I D E SHAW & CO 13F 5'216'268 1.36 (9'050'961) 31.12.2012 Hedge Fund Manager



BNP PARIBAS INV PART n/a ULT-AGG 4'683'078 1.22 3'592'653 31.12.2012 Investment Advisor




Guggenheim Securities LLC LOUISE CHEN neutral 3 M 30 12 month 24.04.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 6 month 23.04.2013

Canaccord Genuity Corp RANDALL STANICKY hold 3 M 32 12 month 23.04.2013

Sanford C. Bernstein & Co AARON GAL market perform 3 M 33 12 month 22.04.2013

Susquehanna Financial Group ANDREW FINKELSTEIN Positive 4 M 33 12 month 22.04.2013

Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 19.04.2013

Leerink Swann & Co JASON M GERBERRY outperform 5 M #N/A N/A Not Provided 16.04.2013

RBC Capital Markets SHIBANI MALHOTRA outperform 5 M 31 12 month 10.04.2013

Buckingham Research Group DAVID G BUCK neutral 3 M 30 12 month 04.04.2013

CRT Capital Group TIMOTHY CHIANG buy 5 M 34 Not Provided 04.04.2013


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

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

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

BOE Securities SAMEER TENDULKAR buy 5 N 24 12 month 16.08.2010

Holdings By:

Mylan Inc/PA ee


30.04.2013

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 (01.05.2012) 41.05

52-Week Low (13.11.2012) 26.26

Daily Volume

34.53





12'444.86 1 Yr Total Return -11.07%







NTAP UW EQUITY YTD Change - Average Volume 30 Day 1'996'029

NTAP UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'783'535


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 6'371.9 6'923.7 1'755.0 1'605.4

2.74x 1.36x 2.40x 2.97x 1.62x 8.48x 5.07x 1.63x 1.36x 4.80x 5.21x

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 6.61x 5.88x 5.73x 5.53x

309.7 64.6 400.4 673.1 605.4 585.3 512.2 840.6 950.2 253.6 201.0

24.67x 26.61x 35.02x 14.83x 24.27x 9.52x 27.41x 15.16x 13.63x 13.98x 13.62x











EBITDA Margin 15.3%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NetApp IncPrice/Volume

Valuation Analysis

1'218'574.00


!2

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

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9

. ! 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 !!

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-. !!

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-5 !!

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.1 !1 .!!6 .1 -! .!!6 .1 !1 .!-! .1 -! .!-! .1 !1 .!-- .1 -! .!-- .1 !1 .!-. .1 -! .!-.



30.04.2013








AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 10'906'684 3.03 3'698'023 31.03.2013 Investment Advisor




MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 7'864'559 2.18 (1'108'135) 31.12.2012 Hedge Fund Manager




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







Piper Jaffray ANDREW J NOWINSKI overweight 5 M 39 12 month 22.04.2013


Brean Murray Carret & Co ANANDA BARUAH buy 5 M 42 12 month 18.04.2013


William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 17.04.2013

Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 40 12 month 16.04.2013


Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 11.04.2013


Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 32 12 month 02.04.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 01.04.2013



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


JPMorgan MARK A MOSKOWITZ overweight 5 M 41 6 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


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

S&P Capital IQ JIM YIN hold 3 U 29 Not Provided 16.10.2012


Holdings By:

NetApp Inc ee


30.04.2013

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 (23.04.2013) 31.91

52-Week Low (04.06.2012) 18.32

Daily Volume

30.99





72'123.63 1 Yr Total Return 59.11%


Preferred Stock - Adjusted BETA 1.104





NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'118'201

NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'624'377


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 35'722.3 38'030.6 9'072.9 9'184.3

1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.25x 2.10x 8.93x 8.83x

6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'264.5 8'068.7 1'687.9 1'906.5

7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.33x 10.20x 10.69x 10.34x

5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'900.9 4'296.8 812.2 1'024.5

12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.46x 15.92x 17.65x 16.58x










Gross Margin - Total Debt/EBITDA 2.44

EBITDA Margin 19.7%



Asset Turnover 0.56







Fiscal Year Ended

News CorpPrice/Volume

Valuation Analysis

1'735'953.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--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 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



30.04.2013









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




Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 19.04.2013

Credit Suisse MICHAEL SENNO outperform 5 M 36 Not Provided 17.04.2013

Nomura MICHAEL NATHANSON buy 5 M 33 12 month 17.04.2013



Macquarie TIMOTHY W NOLLEN outperform 5 M 35 12 month 16.04.2013




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

Davenport & Co MICHAEL C MORRIS buy 5 M 35 12 month 06.03.2013







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


30.04.2013

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 (13.09.2012) 25.89

52-Week Low (01.03.2013) 18.00

Daily Volume

23.3





7'369.20 1 Yr Total Return -4.66%







NUAN UW EQUITY YTD Change - Average Volume 30 Day 1'303'597

NUAN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'288'271


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 06/13 Q3 09/13 Q4

868.5 950.4 1'118.9 1'318.7 1'651.5 1'375.6 1'753.1 2'160.5 2'443.6 552.3 603.1

3.96x 4.71x 4.44x 5.05x 5.30x 20.24x 19.19x 3.91x 3.32x 15.52x 13.99x

141.4 212.9 238.6 268.2 380.4 287.0 379.8 869.2 967.6 223.0 253.6

24.32x 21.03x 20.85x 24.85x 23.02x 28.46x 22.20x 10.01x 8.99x 9.27x 8.95x

(30.1) (19.4) (19.1) 38.2 207.1 47.6 175.7 588.6 675.9 159.9 185.0

14.01x - 70.75x 52.72x 26.29x 70.19x 26.33x 12.90x 11.49x 11.88x 11.61x


EBIT 193.20 Long-Term Rating BB-









EBITDA Margin 21.7%



Asset Turnover 0.33







Fiscal Year Ended

Nuance Communications IncPrice/Volume

Valuation Analysis

766'017.00


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

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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30.04.2013


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


ICAHN ASSOCIATES COR n/a 13G 29'329'291 9.27 - 20.03.2013 Hedge Fund Manager








ALLIANZ ASSET MANAGE n/a ULT-AGG 6'632'234 2.1 227'647 31.03.2013 Investment Advisor



RICCI PAUL A n/a Form 4 4'015'944 1.27 - 11.04.2013 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


Raymond James TAVIS C MCCOURT Under Review #N/A N/A M #N/A N/A Not Provided 22.04.2013

Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 12.04.2013

Morgan Stanley JENNIFER LOWE Overwt/In-Line 5 M 28 12 month 03.04.2013


Stifel TOM RODERICK hold 3 M #N/A N/A Not Provided 02.04.2013



B Riley & Company, Inc DANIEL CUMMINS neutral 3 N 21 Not Provided 20.02.2013

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


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


30.04.2013

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 (10.08.2012) 15.22

52-Week Low (16.11.2012) 11.16

Daily Volume

13.57












NVDA UW EQUITY YTD Change - Average Volume 30 Day 2'459'672

NVDA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'625'206


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 4'226.0 4'595.7 940.6 1'009.1

0.85x 2.09x 3.25x 1.51x 0.92x 7.01x 4.22x 1.13x 0.98x 4.97x 4.80x

141.2 97.7 385.7 852.5 874.5 852.5 874.5 798.8 924.4 129.2 169.4

20.69x 71.00x 29.86x 7.06x 4.51x 7.06x 4.51x 5.82x 5.03x 5.95x 5.52x

(30.0) (68.0) 253.1 581.1 562.5 581.1 562.5 526.0 608.9 79.1 110.9

22.33x 325.78x 40.89x 15.39x 13.20x 15.35x 13.64x 16.02x 14.15x 15.76x 14.69x











EBITDA Margin 20.4%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NVIDIA CorpPrice/Volume

Valuation Analysis

1'664'352.00


!

.

1

3

5

-!

-.

-1

-3

I--. e--. d--. d--. I--. o--. j--. f--. M--. d--0 a--0 e--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9-! ! 9

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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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30.04.2013






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


Brean Murray Carret & Co MIKE BURTON hold 3 M #N/A N/A Not Provided 23.04.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 14 12 month 23.04.2013




Roth Capital Partners KRISHNA SHANKAR buy 5 M 15 12 month 17.04.2013

Evercore Partners PATRICK WANG underweight 1 M 11 12 month 15.04.2013




Needham & Co RAJVINDRA S. GILL hold 3 M #N/A N/A Not Provided 12.04.2013




Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M #N/A N/A Not Provided 12.04.2013

Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 12.04.2013

Susquehanna Financial Group CHRISTOPHER CASO negative 2 M 11 12 month 12.04.2013










Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 18.03.2013





S&P Capital IQ CHRISTIN ARMACOST buy 5 M 15 Not Provided 05.02.2013


Hudson Square Research DANIEL ERNST buy 5 U 18 Not Provided 10.05.2010

Holdings By:

NVIDIA Corp ee


30.04.2013

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: 03/yy

52-Week High (25.04.2013) 108.95

52-Week Low (27.06.2012) 75.64

Daily Volume

107.69





11'958.08 1 Yr Total Return 2.11%







ORLY UW EQUITY YTD Change - Average Volume 30 Day 292'857

ORLY UW EQUITY YTD % CHANGE - Average Volume 3 Month 340'158


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'576.6 4'847.1 5'397.5 5'788.8 6'182.2 5'935.5 6'237.8 6'636.3 7'058.5 1'702.5 1'749.5

1.35x 1.24x 1.64x 1.83x 1.77x 6.83x 5.13x 1.95x 1.84x 7.56x 7.36x

448.6 685.8 895.1 1'029.8 1'154.5 1'086.0 863.2 1'256.4 1'355.2 319.0 335.1

10.80x 8.75x 9.89x 10.30x 9.48x 10.80x 0.00x 10.23x 9.48x 10.22x 10.05x

186.2 307.5 419.4 507.7 585.7 552.7 592.6 642.8 686.9 166.6 177.5

18.86x 17.09x 19.21x 20.82x 18.83x 22.14x 20.61x 18.62x 16.42x 18.21x 17.72x


EBIT 977.39 Long-Term Rating BBB









EBITDA Margin 18.6%



Asset Turnover 1.08







Fiscal Year Ended

O'Reilly Automotive IncPrice/Volume

Valuation Analysis

241'686.00


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

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

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

! !!

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30.04.2013






RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 3'658'781 3.29 (3'711) 31.12.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 2'764'208 2.48 650'059 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




BB&T Capital Markets BRET D JORDAN buy 5 M 112 12 month 25.04.2013

Barclays ALAN M RIFKIN overweight 5 M 120 Not Provided 25.04.2013

Deutsche Bank MICHAEL BAKER hold 3 M 102 12 month 24.04.2013

Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 108 12 month 24.04.2013



RBC Capital Markets R SCOT CICCARELLI outperform 5 M 113 12 month 22.04.2013

Robert W. Baird & Co CRAIG R KENNISON neutral 3 M 110 12 month 22.04.2013

Raymond James DANIEL R WEWER JR strong buy 5 M #N/A N/A Not Provided 18.04.2013

Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 18.04.2013

Stifel DAVID A SCHICK buy 5 M 102 12 month 17.04.2013


ISI Group GREGORY MELICH neutral 3 M 106 12 month 08.04.2013


Piper Jaffray PETER J KEITH neutral 3 M 97 12 month 25.03.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.02.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 110 12 month 08.02.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 106 6 month 08.02.2013

Stephens Inc JOHN R LAWRENCE overweight 5 M 115 12 month 08.02.2013

Gabelli & Co BRIAN SPONHEIMER buy 5 M #N/A N/A Not Provided 08.02.2013



S&P Capital IQ MICHAEL SOUERS buy 5 M 112 Not Provided 07.02.2013

Holdings By:

O'Reilly Automotive Inc ee


30.04.2013

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

32.24





151'871.63 1 Yr Total Return 10.76%







ORCL UW EQUITY YTD Change - Average Volume 30 Day 7'264'685

ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'387'491


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 37'423.1 39'512.1 11'138.7 8'563.0

5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.74x 3.34x 12.54x 15.85x

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 7.60x 6.93x 7.20x 7.04x

5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'049.3 13'945.2 4'199.8 2'776.0

18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 11.99x 11.00x 11.31x 10.99x











EBITDA Margin 46.5%



Asset Turnover 0.48







Fiscal Year Ended

Oracle CorpPrice/Volume

Valuation Analysis

7'295'516.00


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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0!

02

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2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 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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!2 !3 .!!6 !2 -. .!!6 !2 !3 .!-! !2 -. .!-! !2 !3 .!-- !2 -. .!-- !2 !3 .!-. !2 -. .!-.



30.04.2013


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 26'789'941 0.57 (211'200) 31.03.2013 Unclassified


FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 23.04.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 23.04.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 22.04.2013

BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 21.04.2013


Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 19.04.2013


Nomura RICHARD G SHERLUND buy 5 M 39 12 month 15.04.2013

Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 11.04.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 10.04.2013

Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 10.04.2013


Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 08.04.2013


Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 04.04.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 18 month 04.04.2013


Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 M 35 Not Provided 03.04.2013

Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013


Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.03.2013

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


Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013






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


Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013


Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013



Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013

Holdings By:

Oracle Corp ee


30.04.2013

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: 03/yy

52-Week High (15.03.2013) 51.38

52-Week Low (12.07.2012) 34.60

Daily Volume

49.83





17'624.87 1 Yr Total Return 20.33%







PCAR UW EQUITY YTD Change - Average Volume 30 Day 664'383

PCAR UW EQUITY YTD % CHANGE - Average Volume 3 Month 653'624


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'972.5 8'086.5 10'292.9 16'355.2 17'050.5 17'847.7 16'198.7 16'524.8 18'021.5 4'070.5 4'204.9

0.56x 1.40x 1.82x 0.65x 0.81x 2.81x 3.25x 1.16x 1.05x 5.76x 5.54x

2'027.0 1'016.6 1'271.7 2'153.2 2'296.4 2'347.1 2'174.7 1'950.7 2'240.0 464.2 502.4

4.10x 11.13x 14.69x 4.93x 5.98x 5.96x 7.20x 7.89x 6.87x 7.59x 7.28x

1'017.9 111.9 457.6 1'042.3 1'111.6 1'176.3 1'020.4 1'111.6 1'258.1 262.6 288.4

10.29x 142.81x 46.64x 13.10x 14.49x 14.45x 17.57x 15.89x 13.99x 15.16x 14.66x











EBITDA Margin 13.4%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PACCAR IncPrice/Volume

Valuation Analysis

399'732.00


!

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.!

0!

1!

2!

3!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 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

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

! !!

. !!

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3 !!

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30.04.2013









FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 5'994'403 1.69 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 2'468'640 0.7 (2'341) 31.03.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'286'146 0.65 29'627 31.12.2012 Investment Advisor


RBC Capital Markets SETH R WEBER sector perform 3 M 51 12 month 25.04.2013

Deutsche Bank PATRICK NOLAN hold 3 M 50 12 month 24.04.2013

D.A. Davidson & Co JB GROH buy 5 M 60 18 month 24.04.2013

Robert W. Baird & Co DAVID LEIKER neutral 3 M 50 12 month 24.04.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN neutral 3 M 47 12 month 24.04.2013

BB&T Capital Markets A RHEM WOOD JR hold 3 M #N/A N/A Not Provided 24.04.2013

Barclays ANDY KAPLOWITZ equalweight 3 M 47 Not Provided 24.04.2013


BMO Capital Markets JOEL G TISS outperform 5 M 57 Not Provided 23.04.2013

Goldman Sachs JERRY REVICH neutral/neutral 3 M 53 12 month 23.04.2013

Credit Suisse JAMIE L COOK neutral 3 M 47 Not Provided 23.04.2013

JPMorgan ANN DUIGNAN neutral 3 M 47 6 month 23.04.2013

Jefferies STEPHEN VOLKMANN buy 5 M 56 12 month 23.04.2013

Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 46 12 month 23.04.2013

Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 23.04.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 54 12 month 23.04.2013

Wolfe Trahan & Co TIMOTHY J DENOYER underperform 1 M 37 12 month 23.04.2013


Northcoast Research BRIAN M RAYLE buy 5 M 55 12 month 03.04.2013

McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M 60 12 month 26.10.2012

Holdings By:

PACCAR Inc ee


30.04.2013

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: 02/yy

52-Week High (25.04.2013) 36.32

52-Week Low (21.05.2012) 29.13

Daily Volume

36.13





13'147.63 1 Yr Total Return 22.62%







PAYX UW EQUITY YTD Change - Average Volume 30 Day 813'131

PAYX UW EQUITY YTD % CHANGE - Average Volume 3 Month 840'281


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

2'066.3 2'082.8 2'000.8 2'084.3 2'229.8 2'201.0 2'292.4 2'325.7 2'462.8 586.2 610.4

5.84x 4.50x 4.97x 5.39x 4.73x 18.86x 19.74x 5.48x 5.13x 22.21x 20.68x

908.9 891.0 811.2 875.1 951.7 938.1 987.1 1'003.2 1'061.6 234.9 274.1

13.27x 10.52x 12.26x 12.83x 11.09x 11.56x 11.63x 12.54x 11.85x 12.12x 11.94x

576.1 533.5 477.0 515.3 548.0 543.6 568.8 581.8 621.0 136.6 162.1

22.15x 18.47x 21.08x 22.75x 19.85x 20.89x 21.09x 22.57x 21.10x 21.60x 21.23x











EBITDA Margin 43.1%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Paychex IncPrice/Volume

Valuation Analysis

527'155.00


!

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1'000.0

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

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30.04.2013


GOLISANO BLASE THOMA n/a Form 4 37'657'753 10.35 (21'975) 27.12.2012 n/a









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





MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'915'069 0.8 179'459 31.12.2012 Investment Advisor




RBC Capital Markets DANIEL R PERLIN sector perform 3 M 35 12 month 24.04.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 35 12 month 19.04.2013

Jefferies JASON KUPFERBERG underperform 1 M 31 12 month 19.04.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 29 12 month 19.04.2013

Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 19.04.2013

BMO Capital Markets JEFFREY M SILBER market perform 3 M 36 Not Provided 18.04.2013



William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 05.04.2013


Robert W. Baird & Co MARK S MARCON neutral 3 M 36 12 month 01.04.2013

Stifel DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 01.04.2013

Credit Suisse GEORGE MIHALOS neutral 3 M 35 Not Provided 28.03.2013

First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M 37 12 month 28.03.2013

JPMorgan TIEN-TSIN HUANG underweight 1 M 34 6 month 28.03.2013

Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 28.03.2013

Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 28.03.2013

Credit Agricole Securities (USA) CRAIG J MAURER sell 1 M 30 Not Provided 28.03.2013

Barclays GARY E BISBEE underweight 1 M 32 Not Provided 28.03.2013


Goldman Sachs PAUL THOMAS neutral/neutral 3 M 36 12 month 18.03.2013


S&P Capital IQ DYLAN CATHERS hold 3 M 35 12 month 20.09.2012


Holdings By:

Paychex Inc ee


30.04.2013

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 (23.04.2013) 121.10

52-Week Low (08.05.2012) 96.53

Daily Volume

120.08





11'233.12 1 Yr Total Return 14.83%







PRGO UW EQUITY YTD Change - Average Volume 30 Day 148'354

PRGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 197'353


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 3'589.8 4'040.7 935.2 996.6

2.10x 1.56x 2.94x 3.10x 3.72x 12.24x 13.66x 3.34x 2.72x 12.51x 11.63x

269.2 332.4 438.5 594.2 713.3 629.1 774.3 901.9 1'037.4 234.5 250.6

13.50x 9.44x 15.19x 14.39x 16.53x 15.96x 13.59x 13.47x 11.71x 12.50x 12.07x

135.8 144.0 223.8 339.2 401.6 344.9 443.0 534.3 634.8 135.9 149.1

20.60x 14.86x 22.34x 23.52x 26.15x 24.02x 20.46x 21.27x 17.98x 19.43x 18.60x











EBITDA Margin 23.7%



Asset Turnover 0.79







Fiscal Year Ended

Perrigo CoPrice/Volume

Valuation Analysis

122'425.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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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

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

! !!

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30.04.2013





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






AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 782'699 0.84 (242'464) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 778'624 0.83 194'065 31.12.2012 Investment Advisor


Leerink Swann & Co JASON M GERBERRY market perform 3 N #N/A N/A Not Provided 24.04.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 133 Not Provided 24.04.2013

Canaccord Genuity Corp RANDALL STANICKY buy 5 M 128 12 month 23.04.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 U 132 6 month 22.04.2013

Guggenheim Securities LLC LOUISE CHEN buy 5 M 135 12 month 18.04.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 M 114 12 month 17.04.2013

William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 11.04.2013

Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 125 12 month 09.04.2013

CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 104 Not Provided 02.04.2013

Buckingham Research Group DAVID G BUCK buy 5 M 145 12 month 18.03.2013

Deutsche Bank DAVID M STEINBERG hold 3 M 115 12 month 12.02.2013

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


30.04.2013

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 (30.04.2012) 772.29

52-Week Low (09.08.2012) 553.54

Daily Volume

699.43





35'013.60 1 Yr Total Return -8.07%







PCLN UW EQUITY YTD Change - Average Volume 30 Day 145'386

PCLN UW EQUITY YTD % CHANGE - Average Volume 3 Month 153'128


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 6'511.4 7'728.2 1'275.9 1'636.4

1.56x 4.00x 6.00x 4.88x 5.19x 20.62x 22.69x 4.70x 3.42x 25.07x 19.30x

332.5 510.0 837.3 1'452.7 1'894.9 1'452.7 1'894.9 2'471.2 2'995.2 339.7 613.1

8.86x 18.33x 22.09x 14.63x 14.42x 14.63x 14.42x 12.70x 10.48x 12.66x 12.25x

182.2 489.5 527.5 1'056.4 1'419.6 1'056.4 1'419.6 2'012.0 2'415.5 272.6 496.8

16.70x 30.68x 38.09x 22.94x 22.27x 22.92x 22.23x 18.09x 15.19x 18.10x 17.55x











EBITDA Margin 36.0%



Asset Turnover 1.00







Fiscal Year Ended

priceline.com IncPrice/Volume

Valuation Analysis

213'942.00


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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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

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

! !!

2 !!

-! !!

-2 !!

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02 !!

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30.04.2013





FMR LLC n/a ULT-AGG 2'501'932 5 142'032 28.02.2013 Investment Advisor




JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'174'200 2.35 (142) 31.12.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 987'692 1.97 285'488 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 976'991 1.95 (74'602) 31.12.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 924'834 1.85 8'264 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 862'631 1.72 31'140 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 858'941 1.72 (130'013) 31.03.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 839'300 1.68 - 31.12.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 763'286 1.52 (9'778) 28.02.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 724'221 1.45 (117'762) 28.02.2013 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 572'001 1.14 160'500 31.12.2012 Investment Advisor


Cantor Fitzgerald NAVED KHAN buy 5 M 800 12 month 22.04.2013

Deutsche Bank ROSS SANDLER hold 3 M 745 12 month 18.04.2013

Stifel MICHAEL B PURCELL buy 5 M 860 12 month 18.04.2013

Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.04.2013


Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M 740 12 month 15.04.2013






Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 01.04.2013



JMP Securities RONALD V JOSEY III market outperform 4 N 850 12 month 19.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 745 Not Provided 05.03.2013




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





Millman Research Associates MICHAEL MILLMAN hold 3 M 785 12 month 26.02.2013


Holdings By:

priceline.com Inc ee


30.04.2013

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: 03/yy

52-Week High (05.03.2013) 68.49

52-Week Low (17.07.2012) 53.09

Daily Volume

61.61





106'451.95 1 Yr Total Return -1.92%







QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'645'562

QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'457'366


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 17'364.0 21'639.0 24'498.1 27'256.7 6'045.6 6'320.7

5.80x 5.46x 4.96x 4.32x 4.17x 17.05x 10.41x 3.42x 2.86x 13.45x 12.69x

4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'348.0 7'549.0 9'204.4 10'295.1 2'088.9 2'181.9

15.44x 15.60x 12.41x 10.62x 12.12x 13.95x 0.00x 8.25x 7.38x 7.96x 7.70x

3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 5'722.0 6'250.0 7'964.2 8'779.2 1'827.6 1'919.9

21.73x 43.40x 18.96x 16.71x 22.39x 19.79x 18.29x 13.58x 12.61x 13.39x 13.03x











EBITDA Margin 34.9%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QUALCOMM IncPrice/Volume

Valuation Analysis

5'747'554.00


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3 ! 9

5 ! 9

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5'000.0

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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30.04.2013







BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'221'715 2.17 (2'037'442) 31.03.2013 Investment Advisor







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




D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 12 month 25.04.2013




Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 25.04.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 12 month 24.04.2013


Raymond James TAVIS C MCCOURT strong buy 5 M 83 12 month 24.04.2013


Evercore Partners MARK A MCKECHNIE overweight 5 M 75 12 month 24.04.2013




FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 23.04.2013


Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 22.04.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 85 12 month 22.04.2013

Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 12 month 22.04.2013



Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 19.04.2013


Societe Generale PETER KNOX hold 3 M 64 12 month 16.04.2013


Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.04.2013

Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 11.04.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 09.04.2013


Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.04.2013


Northland Securities Inc THOMAS SEPENZIS outperform 5 N 80 12 month 02.04.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 01.04.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013

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


JPMorgan ROD HALL neutral 3 D 70 6 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



Holdings By:

QUALCOMM Inc ee


30.04.2013

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 (17.04.2013) 66.55

Daily Volume

81.43





7'502.30 1 Yr Total Return -8.19%







GOLD UW EQUITY YTD Change - Average Volume 30 Day 251'036

GOLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 210'536


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 1'499.3 1'937.9 321.0 339.0

9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.92x 3.56x - -

97.3 142.3 164.3 581.9 699.2 581.9 699.2 717.8 1'102.2 - -

31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 10.16x 6.62x - -

41.6 69.4 103.5 383.9 431.8 383.9 431.8 426.5 683.4 75.3 85.0

78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 17.44x 11.07x 20.50x 17.36x











EBITDA Margin 53.1%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

178'428.00


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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

! !!

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30.04.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 23.04.2013 Investment Advisor





AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'639'811 1.78 442'950 31.03.2013 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 - 31.03.2013 Hedge Fund Manager


JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Investment Advisor

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


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

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

NIKKO ASSET MANAGEME n/a ULT-AGG 386'300 0.42 65'300 31.03.2013 Unclassified

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 - 31.03.2013 Investment Advisor


Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013

BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013

Dundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 12.04.2013

Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013

HSBC PATRICK CHIDLEY overweight 5 M 120 Not Provided 03.04.2013

Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013

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

Holdings By:

Randgold Resources Ltd ee


30.04.2013

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 (26.04.2013) 220.90

52-Week Low (28.06.2012) 107.33

Daily Volume

215.48





21'007.36 1 Yr Total Return 59.31%







REGN UW EQUITY YTD Change - Average Volume 30 Day 220'958

REGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 227'874


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 1'885.9 2'361.7 424.3 457.3

4.17x 4.43x 5.39x 10.71x 11.98x 40.93x 38.30x 10.48x 7.94x - -

(75.0) (59.9) (77.8) (174.1) 494.7 (174.1) 494.7 748.5 1'114.8 160.0 179.8

- - - - 33.40x 0.00x 33.40x 27.90x 18.73x 27.32x -

(79.1) (67.8) (104.5) (221.8) 750.3 (221.8) 750.3 646.3 909.9 150.9 163.7

- - - - 25.34x 0.00x 25.88x 41.09x 31.57x 36.45x -











EBITDA Margin 35.9%



Asset Turnover 0.81







Fiscal Year Ended

Regeneron Pharmaceuticals IncPrice/Volume

Valuation Analysis

183'191.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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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30.04.2013


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 870'000 0.91 42'000 31.01.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 860'833 0.9 458'199 31.03.2013 Investment Advisor

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







RBC Capital Markets ADNAN BUTT outperform 5 M 230 12 month 17.04.2013

Jefferies BIREN AMIN hold 3 M 179 12 month 17.04.2013

Credit Suisse JASON KANTOR outperform 5 M 187 Not Provided 03.04.2013

Leerink Swann & Co JOSEPH P SCHWARTZ outperform 5 M #N/A N/A Not Provided 03.04.2013


JMP Securities JOHN L NEWMAN market perform 3 N #N/A N/A Not Provided 28.03.2013

Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 03.03.2013

Roth Capital Partners JOSEPH PANTGINIS buy 5 M 200 12 month 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


30.04.2013

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

65.72





14'459.64 1 Yr Total Return 7.74%







ROST UW EQUITY YTD Change - Average Volume 30 Day 706'590

ROST UW EQUITY YTD % CHANGE - Average Volume 3 Month 745'199


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 10'278.2 10'995.4 2'523.1 2'505.0

0.55x 0.70x 0.90x 1.29x 1.30x 4.32x 5.52x 1.36x 1.28x 5.54x 5.59x

637.0 885.2 1'067.3 1'223.4 1'457.2 1'223.4 1'457.2 1'586.9 1'733.4 428.6 383.1

5.61x 5.68x 6.60x 9.07x 8.66x 9.07x 8.66x 8.80x 8.05x 8.73x 8.43x

305.4 442.8 554.8 657.2 786.8 657.2 786.8 836.0 911.9 228.4 199.6

12.63x 12.97x 14.14x 17.86x 16.84x 17.86x 16.84x 17.03x 15.13x 17.01x 16.43x



Operating Margin 13.08% Long-Term Outlook POS








EBITDA Margin 15.0%



Asset Turnover 2.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ross Stores IncPrice/Volume

Valuation Analysis

668'015.00


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30.04.2013















ORBAN GEORGE P n/a Form 4 2'740'802 1.25 (16'000) 28.03.2013 n/a






AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 1'937'709 0.88 (10'813) 31.12.2012 Hedge Fund Manager


Cowen and Company JOHN KERNAN outperform 5 N #N/A N/A Not Provided 22.04.2013

Deutsche Bank MICHAEL BAKER buy 5 M 66 12 month 19.04.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 17.04.2013

Johnson Rice & Co DAVID M MANN overweight 5 M #N/A N/A Not Provided 16.04.2013

Northcoast Research JEFFERY STEIN neutral 3 D #N/A N/A Not Provided 15.04.2013

JPMorgan BRIAN J TUNICK neutral 3 M 67 6 month 12.04.2013


FBR Capital Markets DUTCH FOX outperform 5 M 69 12 month 12.04.2013

Sterne, Agee & Leach IKE BORUCHOW neutral 3 M 60 12 month 12.04.2013

BMO Capital Markets JOHN D MORRIS market perform 3 M 58 Not Provided 11.04.2013

RBC Capital Markets HOWARD TUBIN sector perform 3 M 67 12 month 11.04.2013

Jefferies RANDAL J KONIK hold 3 M 55 12 month 11.04.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 11.04.2013

Avondale Partners LLC MARK K MONTAGNA market outperform 4 M 76 12 month 11.04.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 66 Not Provided 11.04.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 68 12 month 11.04.2013

Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 70 12 month 25.03.2013

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

Buckingham Research Group DAVID J GLICK neutral 3 M 60 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

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 64 12 month 22.03.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 68 Not Provided 21.03.2013

Piper Jaffray ALEX J FUHRMAN overweight 5 M 71 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

Holdings By:

Ross Stores Inc ee


30.04.2013

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: 03/yy

52-Week High (12.04.2013) 58.90

52-Week Low (01.06.2012) 31.00

Daily Volume

54.17





13'100.87 1 Yr Total Return 46.37%



Minority Interest (4.3) Analyst Recs 37




SNDK UW EQUITY YTD Change - Average Volume 30 Day 1'234'485

SNDK UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'105'220


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'351.4 3'566.8 4'826.8 5'662.1 5'052.5 5'573.5 5'187.7 5'770.4 6'330.5 1'385.6 1'475.2

0.15x 1.30x 1.69x 1.40x 1.24x 5.18x 5.21x 1.85x 1.59x 7.72x 7.19x

(610.0) 750.1 1'688.4 1'807.0 1'113.3 1'665.3 1'215.0 1'731.9 1'931.8 380.0 435.2

- 6.16x 4.83x 4.38x 5.65x 4.94x 7.26x 4.98x 4.47x 4.98x 4.85x

(1'986.6) 415.3 1'300.1 987.0 417.4 877.3 469.2 976.8 1'137.4 220.9 264.7

- 16.19x 9.17x 12.36x 25.11x 13.85x 28.77x 13.45x 11.63x 12.93x 12.50x











EBITDA Margin 23.4%



Asset Turnover 0.51







Fiscal Year Ended

SanDisk CorpPrice/Volume

Valuation Analysis

811'689.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

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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30.04.2013






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




KENSICO CAPITAL MANA KENSICO CAPITAL MANA 13F 4'244'000 1.75 1'084'200 31.12.2012 Hedge Fund Manager

EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 4'052'309 1.68 (458'751) 31.03.2013 Investment Advisor

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







Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 77 12 month 22.04.2013

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 75 12 month 19.04.2013







Needham & Co RAJVINDRA S. GILL buy 5 M 70 12 month 18.04.2013

Pacific Crest Securities MONIKA GARG outperform 5 M 66 12 month 18.04.2013


Macquarie DEEPON NAG outperform 5 M 65 12 month 18.04.2013



Nomura SIDNEY HO buy 5 M 60 12 month 18.04.2013

S&P Capital IQ ANGELO ZINO buy 5 M 70 Not Provided 18.04.2013



Cross Research STEVEN B FOX buy 5 M 65 12 month 18.04.2013


Credit Agricole Securities (USA) RYAN GOODMAN underperform 1 M 58 Not Provided 18.04.2013

Deutsche Bank BOB GUJAVARTY hold 3 M 50 12 month 17.04.2013


Jefferies SUNDEEP BAJIKAR buy 5 M 70 12 month 17.04.2013

Raymond James HANS C MOSESMANN outperform 5 M 64 12 month 17.04.2013





BOE Securities BINDAL PARIKH TOTLANI buy 5 M 46 12 month 01.08.2012

Holdings By:

SanDisk Corp ee


30.04.2013

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 (25.04.2013) 78.86

52-Week Low (18.05.2012) 49.37

Daily Volume

77.87





9'911.58 1 Yr Total Return 44.90%







SBAC UW EQUITY YTD Change - Average Volume 30 Day 454'798

SBAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 527'567


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 06/13 Q2 09/13 Q3

475.0 555.5 626.6 698.2 954.1 698.2 954.1 1'226.3 1'311.5 304.5 305.9

8.91x 11.38x 11.93x 11.49x 14.82x 42.53x 47.67x 12.35x 11.74x 50.19x 49.80x

258.1 322.2 369.0 432.4 602.4 432.4 479.3 762.8 835.9 188.1 191.5

16.40x 19.62x 20.25x 18.56x 23.47x 18.56x 0.00x 19.86x 18.12x 19.48x 18.99x

(67.2) (140.9) (194.7) (126.5) (181.0) (126.5) (181.0) (112.3) (28.1) (28.0) (24.9)

- - - - - 0.00x 0.00x - - - -


EBIT 193.96 Long-Term Rating B+









EBITDA Margin 62.5%



Asset Turnover 0.20







Fiscal Year Ended

SBA Communications CorpPrice/Volume

Valuation Analysis

534'408.00


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

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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30.04.2013







TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 5'682'550 4.46 (617'000) 31.12.2012 Investment Advisor



COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'427'000 3.48 (30'000) 31.12.2012 Investment Advisor










POINTSTATE CAPITAL POINTSTATE CAPITAL L 13F 2'522'500 1.98 1'373'100 31.12.2012 Hedge Fund Manager



Stifel BEN LOWE buy 5 M 83 12 month 24.04.2013

Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 23.04.2013

Deutsche Bank BRETT FELDMAN buy 5 M 85 12 month 16.04.2013

Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 83 12 month 16.04.2013



Pacific Crest Securities MICHAEL BOWEN outperform 5 M 98 12 month 08.04.2013

Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 77 12 month 05.04.2013

Raymond James RICHARD H PRENTISS JR strong buy 5 M 81 12 month 04.04.2013


RBC Capital Markets JONATHAN ATKIN top pick 5 M 85 12 month 03.04.2013

Macquarie KEVIN SMITHEN neutral 3 M 77 12 month 13.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 83 12 month 26.02.2013

JPMorgan PHILIP CUSICK overweight 5 M 80 6 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


S&P Capital IQ JAMES G MOORMAN buy 5 M 84 12 month 02.01.2013

Holdings By:

SBA Communications Corp ee


30.04.2013

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

36.22





12'997.96 1 Yr Total Return 21.81%







STX UW EQUITY YTD Change - Average Volume 30 Day 1'435'396

STX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'612'663


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 14'125.9 13'694.8 3'384.8 3'349.3

0.81x 0.63x 0.54x 0.67x 0.71x 2.36x 2.89x 0.98x 0.96x 3.80x 3.78x

2'308.0 796.0 2'643.0 1'578.0 3'926.0 1'968.0 4'319.0 3'100.5 2'955.5 698.0 696.7

4.48x 7.82x 2.34x 4.63x 2.68x 4.23x 2.70x 4.50x 4.72x 4.64x 4.52x

1'262.0 (3'125.0) 1'609.0 511.0 2'862.0 915.0 3'233.0 1'972.4 1'824.7 422.9 426.9

7.46x - 4.12x 14.10x 3.80x 7.42x 3.96x 6.99x 6.69x 7.13x 6.85x


EBIT 3'112.00 Long-Term Rating BB+









EBITDA Margin 26.4%



Asset Turnover 1.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Seagate Technology PLCPrice/Volume

Valuation Analysis

1'120'731.00


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4'000.0

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16'000.0

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30.04.2013


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 10'475'583 2.92 38'814 31.03.2013 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





Deutsche Bank SHERRI SCRIBNER hold 3 M 40 12 month 19.04.2013



Evercore Partners ROBERT CIHRA equalweight 3 M 36 12 month 15.04.2013



Cross Research STEVEN B FOX hold 3 M 39 12 month 03.04.2013




Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 36 Not Provided 13.03.2013

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



JPMorgan MARK A MOSKOWITZ underweight 1 M 20 6 month 29.01.2013

Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 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


FBN Securities SHEBLY SEYRAFI sector perform 3 D 40 12 month 29.01.2013



Holdings By:

Seagate Technology PLC ee


30.04.2013

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

49.92












SHLD UW EQUITY YTD Change - Average Volume 30 Day 160'521

SHLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 203'419


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 36'946.5 36'888.5 8'156.0 8'477.0

0.21x 0.27x 0.24x 0.18x 0.20x 1.01x 0.88x 0.21x 0.22x - -

1'592.0 1'664.0 1'239.0 (63.0) (146.0) (63.0) (146.0) 642.0 716.0 - -

6.28x 7.14x 8.26x - - 0.00x 0.00x 12.83x 11.51x - -

53.0 235.0 133.0 (3'140.0) (930.0) (3'140.0) (930.0) (258.0) (207.0) - -

35.29x 83.37x 72.46x - - 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. -0.54


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







Fiscal Year Ended

Sears Holdings CorpPrice/Volume

Valuation Analysis

169'663.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

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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30.04.2013


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 Form 4 35'095'125 32.99 (1'239'056) 29.03.2013 Hedge Fund Manager

LAMPERT EDWARD S n/a Form 4 25'055'441 23.55 14'395 29.03.2013 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 3'819'816 3.59 (50'000) 14.02.2013 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 Investment Advisor

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 Not Provided 12.04.2013

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


30.04.2013

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

78.29





9'420.99 1 Yr Total Return 11.67%







SIAL UW EQUITY YTD Change - Average Volume 30 Day 254'570

SIAL UW EQUITY YTD % CHANGE - Average Volume 3 Month 235'609


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 06/13 Q2 09/13 Q3

2'200.7 2'147.6 2'271.0 2'505.0 2'623.0 2'505.0 2'623.0 2'700.4 2'826.6 680.2 666.7

2.56x 2.96x 3.56x 2.96x 3.35x 12.45x 13.58x 3.41x 3.10x 13.63x 13.83x

602.4 601.2 675.0 761.0 809.0 761.0 809.0 832.8 881.3 205.1 204.1

9.35x 10.57x 11.99x 9.74x 10.86x 9.74x 10.86x 11.21x 10.60x 11.24x 11.05x

341.5 346.7 384.0 457.0 460.0 457.0 460.0 498.6 531.1 125.0 124.2

15.94x 17.75x 21.33x 16.61x 19.11x 16.61x 19.01x 18.97x 17.78x 18.73x 18.40x


EBIT 673.00 Long-Term Rating A+









EBITDA Margin 30.4%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sigma-Aldrich CorpPrice/Volume

Valuation Analysis

147'205.00


!-!.!0!1!2!3!4!5!6!

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5 9

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- 1 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

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30.04.2013









STATE FARM INSURANCE Multiple Portfolios MF-AGG 3'251'389 2.7 - 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

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 921'670 0.77 (66'050) 31.03.2013 Investment Advisor


Wells Fargo Securities, LLC TIM EVANS market perform 3 M #N/A N/A Not Provided 18.04.2013

First Analysis Corp TRACY MARSHBANKS equalweight 3 M #N/A N/A Not Provided 16.04.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 15.04.2013

Longbow Research DMITRY SILVERSTEYN neutral 3 M #N/A N/A Not Provided 15.04.2013

KeyBanc Capital Markets MICHAEL J SISON buy 5 M 86 12 month 12.04.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 12.04.2013

Goldman Sachs ISAAC RO Sell/Neutral 1 D 66 12 month 11.04.2013


Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 70 12 month 04.04.2013

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 6 month 21.03.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 M 89 Not Provided 07.02.2013

Holdings By:

Sigma-Aldrich Corp ee


30.04.2013

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

3.07





20'136.09 1 Yr Total Return 38.19%







SIRI UW EQUITY YTD Change - Average Volume 30 Day 6'688'733

SIRI UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'892'951


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 06/13 Q2 09/13 Q3

1'664.0 2'472.6 2'817.0 3'014.5 3'402.0 3'014.5 3'402.0 3'807.8 4'174.0 939.2 970.4

1.97x 2.03x 3.21x 3.01x 5.03x 12.53x 15.43x 6.04x 5.83x 23.56x 22.80x

(57.5) 567.8 800.1 941.2 1'135.5 941.2 1'135.5 1'156.8 1'412.8 272.3 288.7

- 8.85x 11.30x 9.64x 15.08x 9.64x 15.08x 19.06x 15.61x 18.17x 16.93x

(5'313.3) (342.8) 43.1 427.0 3'472.7 427.0 3'472.7 590.7 736.9 159.1 165.4

- - 55.73x 28.74x - 28.58x 35.15x 31.01x 23.80x 32.66x 33.74x











EBITDA Margin 33.4%



Asset Turnover 0.41







Fiscal Year Ended

Sirius XM Radio IncPrice/Volume

Valuation Analysis

9'506'391.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0

0

1

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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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30.04.2013


LIBERTY RADIO LLC 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 - 28.02.2013 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






Barrington Research JAMES C GOSS outperform 5 M 4 12 month 23.04.2013


ISI Group VIJAY JAYANT buy 5 M 4 12 month 21.04.2013


Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 3 12 month 11.04.2013

Piper Jaffray JAMES M MARSH JR overweight 5 M 3 12 month 09.04.2013


Wunderlich Securities MATTHEW HARRIGAN hold 3 M 3 18 month 26.02.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.02.2013

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

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


30.04.2013

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 (30.04.2012) 15.73

52-Week Low (28.08.2012) 10.57

Daily Volume

12.92





8'637.02 1 Yr Total Return -13.00%







SPLS UW EQUITY YTD Change - Average Volume 30 Day 1'851'971

SPLS UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'762'618


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 23'884.0 23'904.5 5'928.2 5'438.8

0.62x 0.76x 0.70x 0.48x 0.40x 2.11x 1.61x 0.36x 0.34x 1.58x 1.75x

2'094.4 2'019.0 2'130.1 2'115.8 2'015.4 2'106.6 2'000.0 1'914.1 1'914.5 397.4 332.3

6.82x 9.08x 8.09x 5.63x 4.81x 5.66x 4.85x 4.86x 4.86x 5.05x 4.88x

805.3 738.7 881.9 984.7 (210.7) 984.7 (210.7) 865.3 877.4 175.3 115.4

12.36x 20.76x 17.71x 11.44x 15.18x 11.69x 15.35x 9.73x 9.22x 9.77x 9.70x





Return on Assets -1.64% Short-Term Rating A-2






EBITDA Margin 8.2%



Asset Turnover 1.91







Fiscal Year Ended

Staples IncPrice/Volume

Valuation Analysis

1'208'074.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

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-.

-1

-3

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2 ! 9

-! ! 9

-2 ! 9

.! ! 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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30.04.2013





PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 39'176'664 5.86 (2'969'235) 31.12.2012 Hedge Fund Manager










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 - 31.03.2013 Hedge Fund Manager



Deutsche Bank MICHAEL BAKER hold 3 M 11 12 month 12.04.2013


ISI Group GREGORY MELICH sell 1 M 12 Not Provided 12.04.2013


Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 17 12 month 08.04.2013



JPMorgan CHRISTOPHER HORVERS overweight 5 M 14 6 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


Holdings By:

Staples Inc ee


30.04.2013

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 (29.04.2013) 60.92

52-Week Low (02.08.2012) 43.05

Daily Volume

60.58





45'392.59 1 Yr Total Return 7.16%







SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'458'089

SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'506'198


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 06/13 Q3 09/13 Q4

10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'185.7 13'663.3 14'918.4 16'675.1 3'724.0 3'811.4

1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.99x 2.67x 11.75x 11.45x

1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'023.8 3'571.7 744.6 791.7

9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 14.38x 12.18x 13.20x 12.67x

315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'654.9 1'988.1 405.1 435.0

21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 27.87x 23.12x 25.41x 24.23x











EBITDA Margin 18.3%



Asset Turnover 1.67







Fiscal Year Ended

Starbucks CorpPrice/Volume

Valuation Analysis

911'589.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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4!

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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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30.04.2013








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

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'061'975 0.94 (1'307'247) 31.03.2013 Investment Advisor





Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 23.04.2013

Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 23.04.2013

Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 22.04.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.04.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 22.04.2013

Longbow Research ALTON K STUMP buy 5 M 65 12 month 22.04.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 22.04.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 68 12 month 18.04.2013

JPMorgan JOHN W IVANKOE overweight 5 M 65 6 month 18.04.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 12 month 18.04.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 68 12 month 16.04.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 65 Not Provided 16.04.2013

Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 12.04.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 12.04.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 11.04.2013

S&P Capital IQ JIM YIN buy 5 M 66 Not Provided 09.04.2013

Jefferies ANDREW M BARISH buy 5 M 66 12 month 08.04.2013

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 70 12 month 04.04.2013

Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 02.04.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.03.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.03.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013

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

RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013


Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013

Holdings By:

Starbucks Corp ee


30.04.2013

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: 03/yy

52-Week High (24.04.2013) 110.18

52-Week Low (18.05.2012) 81.18

Daily Volume

108.41





9'346.89 1 Yr Total Return 25.18%







SRCL UW EQUITY YTD Change - Average Volume 30 Day 147'303

SRCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 169'939


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'083.7 1'177.7 1'439.4 1'676.0 1'913.1 1'738.0 1'966.9 2'130.7 2'310.5 529.6 536.4

4.82x 4.80x 5.52x 4.77x 4.89x 19.33x 19.33x 4.88x 4.39x 19.93x 19.54x

308.9 365.2 424.6 490.4 545.1 521.8 578.2 648.8 716.4 160.4 164.4

16.91x 15.49x 18.70x 16.29x 17.17x 16.19x 18.04x 16.37x 14.83x 15.91x 15.54x

148.7 175.7 207.9 234.8 268.0 243.9 277.8 321.3 364.1 79.0 81.4

30.10x 25.90x 31.98x 27.53x 28.27x 28.55x 31.05x 29.43x 26.14x 28.48x 27.64x











EBITDA Margin 29.4%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Stericycle IncPrice/Volume

Valuation Analysis

108'495.00


!

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1!

3!

5!

-!!

-.!

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0 9

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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30.04.2013








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 4 1'283'011 1.49 (1'880) 25.03.2013 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


Barclays GARY E BISBEE equalweight 3 M 107 Not Provided 25.04.2013

Goldman Sachs ISAAC RO buy/attractive 5 M 122 6 month 24.04.2013

Jefferies SEAN DODGE buy 5 M 127 12 month 24.04.2013

William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 24.04.2013

Barrington Research KEVIN M STEINKE outperform 5 M 110 12 month 24.04.2013

Stifel SHLOMO H ROSENBAUM buy 5 M 117 12 month 24.04.2013

Avondale Partners LLC RICHARD CLOSE market perform 3 M 110 12 month 24.04.2013


Wedbush AL KASCHALK outperform 5 M 110 12 month 22.04.2013

Raymond James WILLIAM H FISHER outperform 5 M 103 12 month 15.04.2013

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

Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M 79 12 month 18.03.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 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


30.04.2013

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

24.59





16'947.15 1 Yr Total Return 48.85%







SYMC UW EQUITY YTD Change - Average Volume 30 Day 1'820'930

SYMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'123'095


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 6'885.0 6'998.0 1'726.6 1'696.3

2.38x 2.12x 2.04x 2.21x 1.85x 7.64x 6.52x 2.13x 1.91x 8.33x 8.81x

1'594.9 1'927.0 1'790.0 1'648.0 1'795.0 1'831.0 1'834.0 2'283.2 2'458.5 496.8 555.6

8.77x 6.76x 6.82x 8.31x 6.93x 6.09x 6.18x 6.91x 6.41x 6.92x 6.60x

463.9 (6'786.0) 714.0 597.0 1'172.0 781.0 1'136.0 1'210.4 1'334.3 267.1 305.8

22.13x - 18.01x 20.71x 15.61x 14.22x 14.90x 14.36x 12.75x 13.58x 12.81x











EBITDA Margin 26.8%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Symantec CorpPrice/Volume

Valuation Analysis

1'528'889.00


!

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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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30.04.2013










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

BANK OF AMERICA CORP BANK OF AMERICA 13F 10'434'459 1.51 (1'237'789) 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




Cross Research RICHARD T WILLIAMS buy 5 M 27 12 month 18.04.2013





RBC Capital Markets ROBERT P BREZA outperform 5 M 30 12 month 15.04.2013

Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.04.2013

Barclays RAIMO LENSCHOW overweight 5 M 27 Not Provided 15.04.2013


Stifel TODD C WELLER hold 3 M #N/A N/A Not Provided 10.04.2013


Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 23 12 month 01.04.2013

Oppenheimer & Co SHAUL EYAL market perform 3 D #N/A N/A Not Provided 20.03.2013



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

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

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


30.04.2013

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: 03/yy

52-Week High (25.04.2013) 36.26

52-Week Low (17.07.2012) 26.06

Daily Volume

35.97





39'896.29 1 Yr Total Return 15.77%







TXN UW EQUITY YTD Change - Average Volume 30 Day 2'665'010

TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'647'956


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'465.0 12'589.0 12'220.4 12'885.4 3'057.9 3'202.3

1.38x 2.82x 2.50x 2.61x 2.80x 10.80x 11.48x 3.32x 3.08x 13.22x 12.57x

3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'182.0 3'908.0 3'696.2 4'262.2 909.1 1'033.1

4.61x 9.40x 6.56x 8.08x 9.02x 9.80x 10.54x 11.29x 9.79x 10.86x 10.46x

1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'836.0 1'856.0 2'008.1 2'452.9 494.0 596.1

9.82x 20.68x 12.70x 13.73x 16.17x 17.60x 19.70x 19.88x 16.18x 18.28x 17.28x











EBITDA Margin 31.0%



Asset Turnover 0.63







Fiscal Year Ended

Texas Instruments IncPrice/Volume

Valuation Analysis

1'611'108.00


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

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

! !!

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30.04.2013








INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.4 122'698 31.12.2012 Investment Advisor







BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1 36'568 31.12.2012 Investment Advisor












SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 23.04.2013



Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 23.04.2013



Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 23.04.2013


Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 23.04.2013

FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 30 12 month 23.04.2013


B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 12 month 23.04.2013

Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 23.04.2013


Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 23.04.2013





Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 23.04.2013



Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 23.04.2013





Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 22.04.2013


Williams Financial Group CODY G ACREE buy 5 M 41 12 month 22.04.2013



S&P Capital IQ CHRISTIN ARMACOST buy 5 U 42 Not Provided 02.04.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013


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


30.04.2013

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 (01.04.2013) 61.88

52-Week Low (25.10.2012) 45.18

Daily Volume

60.49





11'064.41 1 Yr Total Return 23.58%







VRSK UW EQUITY YTD Change - Average Volume 30 Day 216'511

VRSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 229'067


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 1'724.3 1'882.5 403.6 419.5

- 5.81x 5.78x 5.63x 6.46x 20.85x 24.44x 7.07x 6.35x 30.58x 29.35x

375.4 373.2 508.5 588.6 695.8 588.6 695.8 782.5 861.8 181.4 184.5

- 15.99x 12.93x 12.74x 14.25x 12.74x 14.25x 15.89x 14.42x 15.90x 15.52x

158.2 126.6 242.6 282.8 329.1 282.8 329.1 403.3 455.4 91.7 93.5

- 25.02x 26.02x 24.77x 26.55x 24.77x 26.55x 25.87x 22.93x 25.91x 25.06x











EBITDA Margin 45.3%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Verisk Analytics IncPrice/Volume

Valuation Analysis

223'958.00


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2!

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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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30.04.2013


GREATBANC TRUST CO n/a Research 17'040'371 10.12 - 31.12.2012 Investment Advisor

GREATBANC TRUST CO GREATBANC TRUST CO 13F 16'783'940 9.97 (256'431) 31.03.2013 Investment Advisor









BAMCO INC BAMCO INC 13F 4'642'699 2.76 14'880 31.12.2012 Investment Advisor



INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 3'343'588 1.99 35'458 31.03.2013 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



Wells Fargo Securities, LLC ERIC J BOYER outperform 5 M #N/A N/A Not Provided 24.04.2013

Barclays MANAV PATNAIK overweight 5 M 62 Not Provided 18.04.2013



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

Keefe, Bruyette & Woods WILLIAM CLARK outperform 5 M 63 12 month 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 6 month 27.02.2013


Holdings By:

Verisk Analytics Inc ee


30.04.2013

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 (22.04.2013) 87.46

52-Week Low (04.05.2012) 37.29

Daily Volume

78.33





17'090.71 1 Yr Total Return 103.56%







VRTX UW EQUITY YTD Change - Average Volume 30 Day 833'499

VRTX UW EQUITY YTD % CHANGE - Average Volume 3 Month 669'264


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 1'169.8 1'063.5 309.0 298.7

23.08x 72.99x 46.28x 4.65x 5.53x 25.64x 25.90x 14.69x 16.21x 53.38x 55.26x

(426.2) (562.7) (664.1) 256.7 42.4 256.7 42.4 (99.5) (234.6) (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) (94.1) (167.7) (10.6) (18.2)

- - - 37.43x 62.66x 49.25x 138.80x - - - -











EBITDA Margin 2.8%



Asset Turnover 0.62







Fiscal Year Ended

Vertex Pharmaceuticals IncPrice/Volume

Valuation Analysis

602'568.00


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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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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30.04.2013

















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




Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 96 12 month 24.04.2013



Morgan Stanley DAVID FRIEDMAN Equalwt/In-Line 3 M 91 12 month 22.04.2013

William Blair & Co Y KATHERINE XU outperform 5 M 83 12 month 22.04.2013

Summer Street Research Partners CAROL A WERTHER buy 5 M 95 12 month 22.04.2013


Goldman Sachs TERENCE FLYNN neutral/attractive 3 U 86 12 month 19.04.2013


Janney Montgomery Scott LLC KIMBERLY LEE buy 5 M 88 12 month 19.04.2013

Needham & Co ALAN CARR buy 5 M 95 12 month 19.04.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 88 12 month 19.04.2013


ISI Group MARK J SCHOENEBAUM neutral 3 M 93 12 month 19.04.2013

Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 19.04.2013


Maxim Group LLC JASON KOLBERT buy 5 M 88 12 month 19.04.2013

Chardan Capital Markets ANDREW FEIN buy 5 M 105 12 month 19.04.2013




JMP Securities LIISA A BAYKO market outperform 4 M 100 12 month 18.04.2013

Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 18.04.2013

Piper Jaffray EDWARD A TENTHOFF neutral 3 M 57 12 month 18.04.2013


Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 14.02.2013

Holdings By:

Vertex Pharmaceuticals Inc ee


30.04.2013

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 (22.04.2013) 66.89

52-Week Low (03.08.2012) 44.85

Daily Volume

63.65





31'544.02 1 Yr Total Return 40.09%







VIAB UW EQUITY YTD Change - Average Volume 30 Day 919'321

VIAB UW EQUITY YTD % CHANGE - Average Volume 3 Month 936'385


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 13'770.5 14'404.8 3'182.4 3'583.2

1.30x 1.82x - 1.90x 2.49x 8.55x 10.00x 2.89x 2.81x 12.57x 11.22x

2'928.0 3'295.0 - 4'125.0 4'137.0 4'092.0 3'913.0 4'212.3 4'483.1 899.1 1'168.5

6.50x 7.52x - 6.88x 8.37x 7.78x 8.70x 9.36x 8.79x 8.97x 8.83x

1'251.0 1'611.0 - 2'136.0 1'981.0 1'738.0 2'239.0 2'313.9 2'465.4 474.9 650.8

8.01x 11.57x - 10.25x 12.73x 11.83x 12.56x 13.55x 11.77x 12.80x 12.39x











EBITDA Margin 29.5%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Viacom IncPrice/Volume

Valuation Analysis

1'011'223.00


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1 ! 9

2 ! 9

3 ! 9

4 ! 9

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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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

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1 !!

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30.04.2013








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




MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'932'872 1.34 2'825'622 31.03.2013 Investment Advisor



Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 23.04.2013

Nomura MICHAEL NATHANSON buy 5 M 68 12 month 23.04.2013



B Riley & Company, Inc DAVID W MILLER buy 5 M 71 Not Provided 22.04.2013


Sanford C. Bernstein & Co TODD JUENGER underperform 1 M 58 12 month 19.04.2013

Credit Suisse MICHAEL SENNO neutral 3 M 68 Not Provided 17.04.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 72 12 month 17.04.2013




Pivotal Research Group LLC BRIAN WIESER buy 5 M 77 12 month 11.04.2013



Stifel DREW E CRUM buy 5 M 73 12 month 09.04.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 68 12 month 08.04.2013


Davenport & Co MICHAEL C MORRIS buy 5 M 72 Not Provided 05.04.2013

Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 04.04.2013

Susquehanna Financial Group VASILY KARASYOV Positive 4 M 71 12 month 03.04.2013


Wedbush JAMES G DIX neutral 3 D 63 12 month 07.02.2013

Evercore Partners ALAN GOULD equalweight 3 M 62 12 month 05.02.2013


Macquarie TIMOTHY W NOLLEN neutral 3 M 62 12 month 01.02.2013


Piper Jaffray JAMES M MARSH JR neutral 3 D 58 12 month 01.02.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 65 12 month 31.01.2013



JPMorgan ALEXIA S QUADRANI overweight 5 M 66 6 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


30.04.2013

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: 03/yy

52-Week High (11.04.2013) 50.29

52-Week Low (18.05.2012) 21.25

Daily Volume

49.13





13'289.85 1 Yr Total Return 101.06%







VMED UW EQUITY YTD Change - Average Volume 30 Day 809'228

VMED UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'540'881


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'776.8 3'663.9 3'875.8 3'991.8 4'100.5 4'015.7 4'136.8 4'248.8 4'388.4 1'052.5 1'070.0

1.88x 2.45x 2.88x 2.38x 2.88x 10.19x 11.34x 3.26x 3.10x 11.99x 11.58x

1'301.7 1'348.9 1'510.2 1'590.2 1'653.5 1'590.6 1'675.5 1'734.0 1'807.8 436.0 457.0

5.46x 6.67x 7.39x 5.98x 7.15x 6.27x 8.66x 8.29x 7.95x - -

(920.0) (357.8) (141.4) 75.9 2'852.6 79.6 2'984.5 429.6 484.4 109.5 127.0

- - - 29.33x 20.76x 30.04x 26.43x 19.95x 16.32x - -


EBIT 701.80 Long-Term Rating BB *-









EBITDA Margin 40.5%



Asset Turnover 0.45







Fiscal Year Ended

Virgin Media IncPrice/Volume

Valuation Analysis

744'268.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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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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2 !!

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5 !!

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30.04.2013



ROYAL BANK OF CANADA n/a ULT-AGG 21'657'465 8.01 125'106 31.12.2012 Bank

COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 16'109'508 5.96 - 31.12.2012 Hedge Fund Manager

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 10'948'447 4.05 1'467'296 31.12.2012 Investment Advisor







TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 6'959'260 2.57 (2'051'750) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'617'529 2.08 336'694 28.02.2013 Investment Advisor


GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 4'920'000 1.82 - 31.12.2012 Hedge Fund Manager


BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 4'600'000 1.7 4'600'000 31.12.2012 Hedge Fund Manager

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 4'093'694 1.51 3'629'865 31.12.2012 Hedge Fund Manager





Barclays MICHAEL BISHOP overweight 5 M 50 Not Provided 25.04.2013

Jefferies JEREMY A DELLIS hold 3 M 33 12 month 24.04.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 45 12 month 24.04.2013

Evercore Partners BRYAN KRAFT equalweight 3 M 49 12 month 24.04.2013

Nomura HENRIK NYBLOM buy 5 M 40 12 month 24.04.2013

Credit Suisse PAUL SIDNEY restricted #N/A N/A M #N/A N/A Not Provided 22.04.2013


Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 50 Not Provided 19.04.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 48 12 month 17.04.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 28.03.2013

Peel Hunt PATRICK YAU hold 3 M 46 Not Provided 25.03.2013

Berenberg Bank STUART GORDON hold 3 M 47 Not Provided 06.03.2013

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

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

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


30.04.2013

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 (29.04.2013) 30.80

52-Week Low (21.02.2013) 24.42

Daily Volume

30.59





149'541.55 1 Yr Total Return 16.49%





Enterprise Value -


VOD UW EQUITY YTD Change - Average Volume 30 Day 2'232'206

VOD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'650'918


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 44'826.8 45'062.5 - -

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 13'234.8 13'215.8 - -

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 8'063.9 8'416.2 - -

- - - - - 0.00x 0.00x 12.21x 11.76x - -





Return on Assets -1.22% Short-Term Rating A-2






EBITDA Margin 31.1%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

1'791'548.00


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10'000.0

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45'000.0

50'000.0

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30.04.2013




INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 29'093'934 0.6 (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








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 9'196'739 0.19 28'686 31.03.2013 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'340'373 0.17 1'328'134 31.03.2013 Investment Advisor


SCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 7'675'322 0.16 1'079'518 31.03.2013 Investment Advisor


Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 21 12 month 17.04.2013



Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 33 12 month 26.03.2013

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

Holdings By:

Vodafone Group PLC ee


30.04.2013

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: 03/yy

52-Week High (25.04.2013) 57.95

52-Week Low (28.06.2012) 28.32

Daily Volume

54.12












WDC UW EQUITY YTD Change - Average Volume 30 Day 877'820

WDC UW EQUITY YTD % CHANGE - Average Volume 3 Month 873'356


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

8'074.0 7'453.0 9'850.0 9'526.0 12'478.0 10'127.0 16'377.0 15'226.4 14'866.5 3'614.9 3'757.5

0.90x 0.62x 0.47x 0.56x 0.52x 2.14x 1.39x 0.70x 0.62x 2.92x 2.73x

1'419.0 1'106.0 2'035.0 1'383.0 2'890.0 1'970.0 2'986.0 3'449.6 3'124.0 774.3 846.0

5.11x 4.15x 2.28x 3.86x 2.24x 5.16x 0.00x 3.18x 3.51x 3.30x 3.27x

867.0 470.0 1'382.0 726.0 1'612.0 1'025.0 1'990.0 2'013.8 1'848.1 433.2 489.6

8.07x 10.97x 5.03x 11.58x 3.89x 7.68x 5.96x 6.52x 6.85x 6.91x 6.80x











EBITDA Margin 23.1%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Western Digital CorpPrice/Volume

Valuation Analysis

1'244'964.00


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14'000.0

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

! !!

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30.04.2013


HITACHI LTD n/a ULT-AGG 25'000'000 10.39 - 17.09.2012 Corporation


STATE STREET n/a ULT-AGG 12'022'830 5 (752'855) 24.04.2013 Investment Advisor


ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 8'878'439 3.69 25'829 31.03.2013 Investment Advisor

FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 6'662'900 2.77 (1'393'600) 31.12.2012 Investment Advisor



BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'620'895 1.92 (499'946) 31.12.2012 Investment Advisor

CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 4'520'071 1.88 (1'799'884) 31.03.2013 Investment Advisor



APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'274'010 1.36 (174'184) 31.03.2013 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 M 60 12 month 25.04.2013

JPMorgan MARK A MOSKOWITZ neutral 3 M 47 6 month 25.04.2013

Barclays BENJAMIN A REITZES equalweight 3 M 45 Not Provided 25.04.2013


Deutsche Bank SHERRI SCRIBNER buy 5 M 62 12 month 24.04.2013

Evercore Partners ROBERT CIHRA overweight 5 M 70 12 month 24.04.2013



Cross Research STEVEN B FOX hold 3 M 49 12 month 24.04.2013





Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 51 Not Provided 13.03.2013



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




S&P Capital IQ JIM YIN sell 1 M 27 Not Provided 30.11.2012

Holdings By:

Western Digital Corp ee


30.04.2013

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 (23.07.2012) 79.79

Daily Volume

88.13





16'333.31 1 Yr Total Return 9.23%







WFM UW EQUITY YTD Change - Average Volume 30 Day 582'475

WFM UW EQUITY YTD % CHANGE - Average Volume 3 Month 642'573


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 13'058.3 14'925.7 3'028.4 3'101.3

0.48x 0.59x 0.71x 1.14x 1.44x 4.35x 5.23x 1.18x 1.01x 5.05x 4.92x

485.5 551.0 762.8 883.9 1'111.8 934.2 1'170.5 1'214.5 1'419.1 298.7 305.6

7.82x 8.65x 8.42x 13.08x 15.17x 13.34x 13.57x 12.71x 10.87x 12.07x 11.58x

114.5 146.8 245.8 342.6 465.6 372.2 493.2 540.6 646.6 137.4 138.3

21.96x 29.06x 23.02x 32.32x 35.94x 32.46x 31.77x 30.68x 25.94x 29.26x 28.01x











EBITDA Margin 9.6%



Asset Turnover 2.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Whole Foods Market IncPrice/Volume

Valuation Analysis

578'822.00


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

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30.04.2013


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'091'999 5.98 (18'127) 31.03.2013 Investment Advisor



















WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'540'444 0.83 (153'770) 31.12.2012 Investment Advisor


BMO Capital Markets KAREN SHORT outperform 5 M 105 Not Provided 23.04.2013

Williams Capital Group MARC RIDDICK market perform 3 M 99 12 month 23.04.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 112 12 month 18.04.2013

Wells Fargo Securities, LLC KATE WENDT outperform 5 M #N/A N/A Not Provided 15.04.2013

Longbow Research PHILIP TERPOLILLI neutral 3 M #N/A N/A Not Provided 11.04.2013

Piper Jaffray SEAN NAUGHTON neutral 3 M 89 12 month 04.04.2013



Raymond James BENJAMIN BROWNLOW market perform 3 N #N/A N/A Not Provided 19.03.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 105 12 month 18.03.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 110 12 month 06.03.2013


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 6 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

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


30.04.2013

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 (29.04.2013) 136.50

52-Week Low (26.07.2012) 84.49

Daily Volume

135.8





13'703.81 1 Yr Total Return 11.12%







WYNN UW EQUITY YTD Change - Average Volume 30 Day 387'607

WYNN UW EQUITY YTD % CHANGE - Average Volume 3 Month 400'310


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 06/13 Q2 09/13 Q3

2'987.3 3'045.6 4'184.7 5'269.8 5'154.3 5'269.8 5'154.3 5'428.1 5'654.9 1'349.9 1'345.1

2.64x 2.92x 3.61x 3.02x 3.06x 13.17x 12.59x 3.29x 3.20x 13.18x 13.24x

607.9 674.0 1'056.0 1'536.9 1'442.5 1'536.9 1'442.5 1'702.8 1'771.8 428.5 418.4

12.99x 13.18x 14.29x 10.36x 10.95x 10.36x 10.95x 10.66x 10.24x 10.64x 10.45x

210.5 20.7 160.1 613.4 502.0 613.4 502.0 692.2 727.1 169.1 163.1

22.01x 215.67x 48.75x 22.50x 21.55x 19.28x 21.02x 20.45x 19.40x 21.36x 20.68x


EBIT 1'069.25 Long-Term Rating BB+









EBITDA Margin 29.0%

EBIT Margin 21.8% Total Debt/Equity -


Asset Turnover 0.73




Tot Debt to Common Equity - Accounts Payable Turnover Day 18.98



Fiscal Year Ended

Wynn Resorts LtdPrice/Volume

Valuation Analysis

334'960.00


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

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

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30.04.2013



WYNN STEPHEN A n/a PROXY 10'026'708 9.94 - 01.03.2013 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 2'666'549 2.64 114'357 31.03.2013 Investment Advisor


COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'393'750 1.38 (74'527) 28.02.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'374'520 1.36 179'320 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

PACIFIC HEIGHTS ASSE PACIFIC HEIGHTS ASSE 13F 908'000 0.9 (300'000) 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 797'762 0.79 (571) 31.03.2013 Investment Advisor



Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 131 Not Provided 24.04.2013

Stifel STEVEN M WIECZYNSKI hold 3 M #N/A N/A Not Provided 23.04.2013

Cantor Fitzgerald ROBERT A LAFLEUR buy 5 M 151 12 month 22.04.2013

Wells Fargo Securities, LLC CAMERON MCKNIGHT outperform 5 M #N/A N/A Not Provided 22.04.2013


ISI Group IAN WEISSMAN buy 5 M 144 12 month 21.04.2013

Deutsche Bank CARLO SANTARELLI buy 5 M 146 12 month 17.04.2013

Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 146 12 month 17.04.2013

Barclays FELICIA R KANTOR HENDRIX overweight 5 M 139 Not Provided 17.04.2013

RBC Capital Markets JOHN KEMPF outperform 5 M 133 12 month 16.04.2013

Sterne, Agee & Leach DAVID BAIN neutral 3 M 120 12 month 15.04.2013

JPMorgan JOSEPH R GREFF overweight 5 M 149 9 month 10.04.2013

Nomura HARRY C CURTIS buy 5 M 141 12 month 09.04.2013

Janney Montgomery Scott LLC BRIAN MCGILL buy 5 M 175 12 month 02.04.2013

Compass Point Research & Trading LLC MICHAEL TURNER neutral 3 M 119 12 month 04.03.2013

Morgan Stanley THOMAS ALLEN Equalwt/In-Line 3 M 127 12 month 04.02.2013

Macquarie CHAD BEYNON neutral 3 M 119 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

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


30.04.2013

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: 03/yy

52-Week High (19.02.2013) 39.43

52-Week Low (24.07.2012) 30.25

Daily Volume

37.69












XLNX UW EQUITY YTD Change - Average Volume 30 Day 809'048

XLNX UW EQUITY YTD % CHANGE - Average Volume 3 Month 909'309


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

1'825.2 1'833.6 2'369.4 2'240.7 2'168.7 2'240.7 2'168.7 2'291.7 2'543.8 550.9 562.8

2.45x 3.30x 3.17x 3.84x - 13.93x 11.23x 3.87x 3.28x 16.90x 16.39x

522.9 527.4 864.6 718.9 - 718.9 488.8 746.9 851.9 176.9 179.7

8.56x 11.47x 8.69x 11.97x - 11.97x 0.00x 12.14x 10.64x 12.19x 11.66x

361.7 357.5 641.9 530.1 487.5 530.1 487.5 555.6 645.0 131.9 134.7

14.65x 19.91x 13.23x 18.33x 21.32x 17.71x 21.44x 18.75x 16.58x 18.86x 18.06x


EBIT 580.73 Long-Term Rating BBB+u









EBITDA Margin 30.2%



Asset Turnover 0.47







Fiscal Year Ended

Xilinx IncPrice/Volume

Valuation Analysis

597'571.00


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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30.04.2013






JP MORGAN n/a ULT-AGG 13'091'070 5 659'264 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









Raymond James HANS C MOSESMANN outperform 5 M 42 12 month 24.04.2013







Mizuho Securities USA Inc RUBEN ROY neutral 3 M 39 12 month 15.04.2013


Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 15.04.2013



Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 08.03.2013


Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 06.03.2013


S&P Capital IQ CHRISTIN ARMACOST buy 5 M 41 12 month 06.03.2013

Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 44 Not Provided 06.03.2013






GARP Research SETH DADDS neutral 3 M #N/A N/A Not Provided 26.07.2012

Holdings By:

Xilinx Inc ee


30.04.2013

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: 03/yy

52-Week High (26.04.2013) 25.37

52-Week Low (31.08.2012) 14.59

Daily Volume

24.43





26'904.65 1 Yr Total Return 57.21%







YHOO UW EQUITY YTD Change - Average Volume 30 Day 4'749'683

YHOO UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'020'637


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'208.5 6'460.3 6'324.7 4'984.2 4'986.6 4'991.1 4'905.7 4'531.0 4'658.1 1'081.6 1'118.7

1.77x 2.96x 2.88x 3.36x 3.26x 12.40x 12.84x 5.01x 4.70x 21.57x 20.75x

1'397.4 1'252.4 1'513.0 1'473.0 1'457.1 1'433.2 1'469.1 1'662.0 1'728.6 368.1 405.9

9.14x 15.29x 12.04x 11.37x 11.15x 10.80x 14.00x 12.97x 12.47x 13.04x 12.88x

418.9 598.0 1'231.7 1'048.8 3'945.5 1'112.2 4'049.4 1'444.0 1'560.9 314.5 345.9

42.07x 38.79x 20.60x 19.43x 15.72x 17.24x 24.18x 18.20x 16.52x 18.34x 17.75x











EBITDA Margin 29.9%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yahoo! IncPrice/Volume

Valuation Analysis

2'972'924.00


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30.04.2013


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





Morgan Stanley JORDAN MONAHAN Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013




Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 23 12 month 19.04.2013






Jefferies BRIAN J PITZ hold 3 M 24 12 month 17.04.2013


William Blair & Co RALPH SCHACKART market perform 3 M #N/A N/A Not Provided 17.04.2013

Macquarie BENJAMIN A SCHACHTER neutral 3 M 27 12 month 17.04.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 26 Not Provided 17.04.2013



Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 17.04.2013






Credit Agricole Securities (USA) JAMES LEE underperform 1 M 23 Not Provided 17.04.2013





Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 16.04.2013

Piper Jaffray EUGENE E MUNSTER neutral 3 M 21 12 month 16.04.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 23 Not Provided 15.03.2013


Deutsche Bank LLOYD WALMSLEY hold 3 M 15 12 month 27.11.2012

Holdings By:

Yahoo! Inc ee


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