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Few important contents have been removed in this sample report for privacy purpose Analytics Private Limited Avise 03 Market Comment - Did the market enter a losing game? 03 Technical Outlook – 7 Major Tech Indices | 10 S&P500 Sectors TRANSFORMING Sample by 12 Technical Call - BUY: Facebook, Inc (FB) WORLD 13 Transforming Tech - Daily Research on 240 Tech Stocks DAILY STOCKS REPORT 14 Tech Discussion - Why tesla home storage battery is a big deal? 22 Transforming World Companies - Lululemon Athletica (LULU)

Nov 9, 2015

Securities offered through XXXX, Inc., member FINRA, SIPC. XXXX and F&XXXX are separate companies1 Dow Jones NASDAQ NYSE Russell 2000 S&P 500 17,910.33 +0.26% 5,147.12 +0.38% 10,513.36(-0.33%) 1,199.75 +0.76% 2,099.20 (-0.03%) 11/6/2015 11/6/2015 11/6/2015 11/6/2015 11/6/2015 Jul Jul Jul Jul Jul Jan Jan Jun Jan Jun Jan Jun Jan Jun Jun Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Fe b Se p Fe b Se p Fe b Se p Fe b Se p Fe b Se p Dec Dec Dec Dec Dec Aug Aug Aug Aug Aug Nov Nov Nov Nov Nov Ma r Ma r Ma r Ma r Ma r Ma y Ma y Ma y Ma y Ma y Source: Yahoo Finance Volume Adj Close*

Crude Oil $44.29 (-2.05%) Natural Gas $2.37 +0.30% Gold $1,087.60 (-1.54%) Silver $14.70 (-1.99%) Copper $2.24 (-0.54%)

Daily Transforming Tech Market Comment

Global Indices Latest Change % Did the market enter a losing game? Europe The greatest game in town these days has two objectives: You either run after better FTSE 100 6,353.83 -0.17% than expected economic data and the perception of an economic recovery (you have to DAX 10,988.03 +0.91% calculate the risk that the Fed might really raise rates in September), or you play weaker than expected data, trying to exhaust the “low-rates-for-longer” investment formula. CAC 40 4,984.15 +0.08% The risk with the latter is that the continued weakness in the economy (as well as Asia revenues, earnings and margins) will reach a point at which the gap between hope and Asia Dow 2,807.76 -0.78% reality cannot get ignored anymore. Nikkei 225 19,642.74 +1.96% Hang Seng 22,726.77 -0.61% Yesterday, investors got a little disturbed as a 0.9% jump in personal spending in May Shanghai 3,646.88 +1.58% led to the perception that the Fed may quickly run out of arguments not to raise rates. Sensex 26,190.22 -0.28% Since every expert and non-expert talked about a strong rebound in economic Singapore 2,997.72 -0.42% activity, market participants literally knew that it would happen, and nobody seemed surprised about some extraordinarily strong numbers. Did anybody question that personal spending showed the highest monthly growth rate since August 2009? Well, Tech Indices Latest Change % strong automobile sales and almost 5% higher prices for energy goods and services QTEC 44.08 +1.05% certainly explain some of the growth. By the way, one also wonders--did anybody NBI 3,454.59 -0.37% question the powerful rebound in housing data for May and part of April, where the entire “recovery” in the housing market came from 70-90% growth rates in the NQUSS9537T 2,055.38 +1.82% Northeast thatAnalytics reported numbers never Private seen since summer Limited 2008? NQUSS9530 1,839.79 +1.97% SOXX 91.51 +2.65% AviseMore negative developments in the Greek debt saga also contributed to another QNET 478.46 +0.32% intraday reversal to the downside in equities that pushed the Dow Jones Transportation NYXBT 382.36 -2.78% Index to the lowest close since October 20, 2014. Most other indices remain in this tight Sample by 4-month trading range, where indices can easily test the top or bottom trend-lines within two or three trading days and only less important technical support levels get Sectors Last % Δ 1yr % Δ broken. Consumer Discretionary -0.02% +20.61% Consumer Staples -1.07% +3.22% The end of the month and the quarter, as well as the annual rebalancing of the Russell Energy -0.43% -18.22% indices, will probably ensure that today’s session may offer a few unexpected Financials +1.05% +2.50% developments and/ or higher volatility. No major economic number on the calendar Health Care -0.34% +6.53% may temporarily change the rules of the greatest game in town. However, the Industrials +0.10% -0.03% professional version of this game includes the option that a seasonal and statistical rebound in economic data gets highly overestimated, that underlying economic Information Technology +0.41% +10.67% strength remains weak, and that the Fed will eagerly start raising rates in this Materials +0.23% -5.67% environment, which could destroy whatever is left in terms of economic strength, and Telecom Services -0.69% -8.79% may set the count-down for the end of most ZIRP and QE-triggered speculative Utilities -3.63% -9.45% behavior (in addition, it would go down in history as one of the major mistakes made by the U.S. central bank).

Trade well.

2 Headlines On F&MSI Transforming Technologies

Mellanox: A High-Growth Company With Good Value Symbol Latest Change % Lilly's ixekizumab shows positive effects in patients with psoriatic arthritis in late-stage study % Gainers Cytokinetics and Amgen's omecamtiv mecarbil shows promising results in mid-stage heart failure QRVO 55.55 23.23% study FARO 28.26 14.00% Why It's Not Too Late To Go Long Amazon NVDA 31.55 13.86% Acer: A Shrinking PC Business And A Shrinking Share Value CSOD 35.46 9.51% Patients Show Significant Improvement in Signs and Symptoms of Psoriatic Arthritis, Less SPLK 60.17 8.71% Progression of Structural Joint Damage When Treated with Ixekizumab for 24 Weeks % Losers Should Amazon Worry About Its Debt? NLNK 33.92 -24.47% Notable earnings after Monday’s close INCY 100.21 -14.17% Facebook: Runway Clear, Ready For Takeoff ADAP 11.67 -11.05% Notable earnings before Monday’s open MDVN 39.53 -9.23% Applied Optoelectronics' (AAOI) CEO Thompson Lin on Q3 2015 Results - Earnings Call Transcript CREE 24.76 -8.36% Alimera Sciences' (ALIM) CEO Dan Myers on Q3 2015 Results - Earnings Call Transcript

Western Digital Worth $90 Following Recent Catalysts Advance Decline Income Investors - 2 Ways You Can Create A Juicy Income Stream From Facebook Medivation's (MDVN) CEO David Hung on Q3 2015 Results - Earnings Call Transcript 159 81 Ignyta licenses oral cancer drug candidate from Eli Lilly for up to ~$53M Week In Review: Korea's Hanmi Signs $4.2 Billion Deal With Sanofi Disclosure: The above matrices are Alibaba: Global Shopping Day - Think BIG calculated based on the performance of Amgen And Cytokinetics Announce Late-Breaking Presentation Of COSMIC-HF Trial At AHA Scientific Sessions 2015 Transforming World Stock Universe, starting from Page:8 bluebird bio's (BLUE) CEO Nick Leschly on Q3 2015 Results - Earnings Call Transcript Troubles Ahead For Enphase In An Increasingly Competitive Industry BIND Presents Data Demonstrating Ability of Accurins to Improve Efficacy and Tolerability of Multiple Anti-Cancer Agents FireEye: Growing Competition In Sector Dims Flame TerraForm Global Offers A 14% Dividend Yield Along With Significant Capital Appreciation Potential Isis Pharmaceuticals Reports Positive Clinical Data From Lp(a) Lowering Drugs Cabela's: Buyout Bound? Agios Announces Data from Dose-Escalation Phase 1 Study of AGAnalytics-120 in Patients with IDH1 Private Limited Mutant Positive Advanced Solid Tumors Avise Boeing: Even With A Strong Q3, Growth Could Remain In Limbo For A While Regeneron and Sanofi Present Results from Pivotal Phase 3 Study of Sarilumab at American College of Rheumatology Annual Meeting Tesla Motors: WhySample It Is Still A 'Barbell' byStock CyberArk Software's (CYBR) CEO Udi Mokady on Q3 2015 Results - Earnings Call Transcript GE: Why I Am Planning To Add To My Position With Shares Close To The 52-Week High Alibaba Can Break Out.. If All Goes Well Qualcomm Is Risky, But There Is Some Hope Cornerstone OnDemand (CSOD) Adam Miller on Q3 2015 Results - Earnings Call Transcript GE To Deliver A Modest Christmas Gift To Its Investors This Year Alder Biopharmaceuticals, Inc's (ALDR) CEO Randall Schatzman on Q3 2015 Results - Earnings Call Transcript Is Now The Right Time To Consider First Solar? JANA Partners Feature: Activist Investing Daily Elon Musk: We want to produce millions of cars a year ► FARO to present at the Baird 2015 Industrial Conference Align Technology to Present at Upcoming Conferences Sales Growth Generates Alpha

3 Headlines On F&MSI Transforming Technologies Orbital ATK: A Stock Ready To Explode Into Space Whole Foods: The Worst Is Over Gilead - Good Newsflow Accelerates; All-Time Highs Now Achievable Intel IoT: Third Wave Of Computing 20 Quality Stocks Found Using The New Quality Scoring System Lilly and Merck subject to inquiry into drug pricing Samsung's Results Have Major Implications For Tech And Media Labor Market Is Heating Up, So Is Pressure On Fed To Respond Behind Disney's mixed results ► 'Pull' Video, Boomerang, And Notify Make Facebook A Strong Buy IBM Goes Soft: Few Realize That's A Good Thing LyondellBasell hires Aebischer as new CFO Qualcomm Crashes 15%: Why Investors Should Definitely Not Sell Lexicon Pharmaceuticals Produces Another Positive Surprise Q4 2015 Investment Style Ratings For ETFs And Mutual Funds Premarket Biotech Digest: Gene Editing, Gilead's Genvoya Approved, Celgene Misses Real value in sports content: Pro ► Endo opts in for two new indications for XIAFLEX LyondellBasell Names Thomas Aebischer Executive Vice President and Chief Financial Officer REITs under pressure as rates soar Cree -9.8%; Goldman downgrades, cites Chinese rivals and slower lighting growth Surveying The Aerospace Arena Should Apple Investors Time The Market? SolarCity: Smart Emphasis On Cost Structure Retirement Frontline: No Social Security COLA, No Interest, Now No File And Suspend CyberArk tops $50 after Q3 beat, above-consensus Q4 guidance NextEra Energy and NextEra Energy Partners to participate in EEI Financial Conference Cramer: Disney's narrative has shifted ► Humana Q3 top line up 9%; EPS up 13%; CF Ops up 8%; GAAP earnings guidance lowered Do You Seriously Own Groupon? Analytics Private Limited Sirona to Report Fourth Quarter and Full Year Fiscal 2015 Results on November 20th Amazon Orders Three Original Kids Series—DinoAvise Dana, The Kicks and Lost in Oz—and Orders Half-Hour Special Shaun the Sheep: The Farmer’s Llamas Atlas Air Worldwide CFO to Speak at Stephens Inc. Fall Investment Conference Qorvo Announces Proposed $1 Billion Senior Notes Offering Liberty Global (LBTYA)Sample Q3 2015 Results by - Earnings Call Webcast Boeing protests bomber award WellCare Gives $7,500 in Micro-Grants to Community-Based Organizations that Support Social Service Agencies in Iowa Second QuickBooks Connect Engages a Sold-out Audience Esperion Therapeutics to Present at November Healthcare Conferences Humana beats by $0.03, misses on revenue EMPA-REG OUTCOME®: Top-line renal data to be presented during American Society of Nephrology (ASN) Kidney Week 2015 Should Investors Buy Qualcomm After The Drop? Non-Alcoholic Fatty Liver Disease: An Update On Recent Clinical Trials – Intercept FANG Is Unstoppable - Cramer's Mad Money (11/5/15) Capacity increases continue at Allegiant Travel Alibaba acquires Youku Tudou SunEdison Completes Construction of New Hampshire's Largest Solar Power Plant

4 Headlines On F&MSI Transforming Technologies

Isis Pharmaceuticals to Present at Upcoming Investor Conferences UnitedHealth Group Board Authorizes Payment of Quarterly Dividend to Shareholders Wall Street Breakfast: All Eyes On Jobs Disney posts 'balanced' quarter: Analyst ► Trina Solar to Announce Third Quarter 2015 Results on November 23, 2015 5 Beat And Raise Stocks To Buy Now Valeant Succumbs, Kinder Morgan Slides, Nat Gas Perky - Bezek's Daily Briefing Pfizer-Allergan deal could see company split Biosensors Falls To Chinese Private Equity And Hints At A Trend Qorvo (QRVO) Robert A. Bruggeworth on Q2 2016 Results - Earnings Call Transcript Shkreli Is Catalyst As Jana Dumps Valeant Ahead Of Big Drop General Electric: The Worm Has Definitively Turned TripAdvisor (TRIP) Stephen Kaufer on Q3 2015 Results - Earnings Call Transcript NVIDIA (NVDA) Jen-Hsun Huang on Q3 2016 Results - Earnings Call Transcript

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5 Technical Outlook: QTEC | NBI | NQUSS9537T| NQUSS9530

First Trust NASDAQ-100-Tech Sector ETF (QTEC) Short-Term MOVING AVERAGES (EMA) BULLISH 10d 20d 30d 50d Volume Da ily Closing Value 200-days EMA 50-days EMA 43.5 42.9 42.4 41.9 50.0 0.3

0.3 SHORT TERM (14 DAYS) PIVOT TABLE 0.2 Classic Fibonacci 40.0 0.2 S2 41.1 41.9 0.1 S1 42.6 42.5 0.1

Volume in Million Pivot Point 43.3 43.3 30.0 0.0 R1 44.8 44.2 R2 45.6 44.7 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

NASDAQ Biotechnology (NBI) Short-Term MOVING AVERAGES (EMA) BULLISH 10d 20d 30d 50d Volume Da ily Closing Value 200-days EMA 50-days EMA 4,500.0 3,445.2 3,398.5 3,397.2 3,443.1

4,000.0 SHORT TERM (14 DAYS) PIVOT TABLE

3,500.0 Classic Fibonacci 3,000.0 S2 2,894.8 3,077.1 2,500.0 S1 3,174.7 3,189.8 2,000.0 Pivot Point 3,372.1 3,372.1 1,500.0 R1 3,651.9 3,554.4 R2 3,849.3 3,667.0 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

NQ US Sm Cap Software TR Index (NQUSS9537T) Short-Term MOVING AVERAGES (EMA) Volume Da ily Closing Value 200-days EMA 50-days EMA BULLISH 10d 20d 30d 50d 2,400.0 1,994.9 1,967.5 1,955.0 1,948.4 2,100.0 Analytics Private LimitedSHORT TERM (14 DAYS) PIVOT TABLE 1,800.0 Classic Fibonacci 1,500.0 Avise S2 1,847.7 1,907.2 1,200.0 S1 1,951.5 1,944.0 Pivot Point 2,003.5 2,003.5 900.0 Sample by R1 2,107.4 2,063.1 R2 2,159.4 2,099.8 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

NQ US Sm Cap Software & Comp Svcs Index (NQUSS9530)

MOVING AVERAGES (EMA) Da ily Closing Price 200-days EMA 50-days EMA Short-Term 2,000.0 BULLISH 10d 20d 30d 50d 1,761.20 1,749.71 1,745.51 1,740.70 1,800.0 SHORT TERM (14 DAYS) PIVOT TABLE 1,600.0 Classic Fibonacci 1,400.0 S2 1,656.98 1,709.38 S1 1,748.39 1,741.75 1,200.0 Pivot Point 1,794.14 1,794.14 R1 1,885.55 1,846.54 2-Jan-15 9-Oct-15 5-Dec-14

17-Jul-15 R2 1,931.30 1,878.91 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

6 Technical Outlook: SOXX | QNET | NYXBT

iShares S&P NA Tec. Semi. Idx. Fd.(ETF)(SOXX) Short-Term MOVING AVERAGES (EMA) BULLISH 10d 20d 30d 50d Volume Da ily Closing Value 200-days EMA 50-days EMA 90.2 89.0 88.0 87.1 120.0 2.0 100.0 SHORT TERM (14 DAYS) PIVOT TABLE 1.5 80.0 Classic Fibonacci 60.0 1.0 S2 85.5 87.5 40.0 S1 88.5 88.7

0.5 Million in Volume 20.0 Pivot Point 90.6 90.6 0.0 0.0 R1 93.6 92.5 R2 95.6 93.7 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

NASDAQ Internet (QNET) Short-Term MOVING AVERAGES (EMA) BULLISH 10d 20d 30d 50d Da ily Closing Price 200-days EMA 50-days EMA 500.0 455.5 448.5 441.3 425.9 SHORT TERM (14 DAYS) PIVOT TABLE 450.0 Classic Fibonacci 400.0 S2 414.9 433.7 350.0 S1 446.7 445.2 Pivot Point 464.0 464.0 300.0 R1 495.7 482.7 R2 513.0 494.3 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

The NYSE Bitcoin Index (NYXBT) Short-Term MOVING AVERAGES (EMA) Da ily Closing Price 20-D EMA 50-days EMA BULLISH 10d 20d 30d 50d 400.00 329.58 301.14 286.42 272.11 350.00 300.00 Analytics Private LimitedSHORT TERM (14 DAYS) PIVOT TABLE 250.00 Classic Fibonacci 200.00 Avise S2 215.15 265.15 150.00 S1 298.76 296.03 100.00 Pivot Point 346.02 346.02 R1 429.63 396.02 Sample by R2 476.89 426.90 3-Oct-15 1-Sep-15 15-Jul-15 31-Jul-15 4-Nov-15 29-Jun-15 19-Oct-15 17-Sep-15 16-Aug-15

Source: Yahoo Finance, Google Finance, F&MSI Research

7 Technical Outlook: S&P 500 SECTORS OUTLOOK

S&P 500 Consumer Discretionary (Sector) (TR)(INDEXSP:SP500-25TR) MARKET WEIGHT 13.01%

Da ily Closing Value 20-days EMA 50-days EMA TOP PERFORMING STOCK Ticker Company 850.0 CABO Cable ONE, Inc. CNV Cnova N.V. CONN Conns Inc. 750.0 HHS Harte-Hanks Inc. LITB LightInTheBox Holding Co., Ltd. TPUB Tribune Publishing Company OVERWEIGHT 650.0 MPAA Motorcar Parts of America, Inc. TWOU 2U, Inc. W Wayfair Inc. WTW Weight Watchers International, Inc. 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

S&P 500 Consumer Staples (Sector) (TR)(INDEXSP:SP500-30TR) MARKET WEIGHT 09.46%

Da ily Closing Value 20-days EMA 50-days EMA TOP PERFORMING STOCK 850.0 Ticker Company BETR Amplify Snack Brands, Inc. DF Dean Foods Company WWAV The WhiteWave Foods Company

UNDERWEIGHT 750.0 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

S&P 500 Energy (Sector) (TR)(INDEXSP:SP500-10TR) MARKET WEIGHT 07.21%

Da ily Closing Value 20-days EMA 50-days EMA TOP PERFORMING STOCK 1,100.0 Ticker Company 1,000.0 Analytics Private APALimitedApache Corp. 900.0 ASPN Aspen Aerogels, Inc. Avise BTE Baytex Energy Corp. 800.0 CPE Callon Petroleum Company CRC California Resources Corporation 700.0 OVERWEIGHT ECR Eclipse Resources Corporation 600.0 EVA Enviva Partners, LP Sample by GPRK GeoPark Limited LPI Laredo Petroleum, Inc. PWE Penn West Petroleum Ltd. 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

S&P 500 Financials (Sector) (TR)(INDEXSP:SP500-40TR) MARKET WEIGHT 16.46%

Da ily Closing Price 20-days EMA 50-days EMA TOP PERFORMING STOCK 550.0 Ticker Company ABR Arbor Realty Trust Inc. 525.0 ARR ARMOUR Residential REIT, Inc. 500.0 CHMG Chemung Financial Corporation CMFN CM Finance Inc. 475.0 CUNB CU Bancorp OVERWEIGHT EMCI EMC Insurance Group Inc. 450.0 MNRK Monarch Financial Holdings, Inc. PCL Plum Creek Timber Co. Inc. SF Stifel Financial Corp. 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15

7-Nov-14 6-Nov-15 WAC Walter Invest Management Corp. 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15 Source: Yahoo Finance, Google Finance, F&MSI Research 8 Technical Outlook: S&P 500 SECTORS OUTLOOK Continued..

S&P 500 Health Care (Sector) (TR)(INDEXSP:SP500-35TR) MARKET WEIGHT 14.50%

Da ily Closing Value 20-days EMA 50-days EMA TOP PERFORMING STOCK 1,300.0 Ticker Company BCRX BioCryst Pharmaceuticals, Inc. 1,200.0 CATB Catabasis Pharmaceuticals, Inc. CLDX Celldex Therapeutics, Inc. CRIS Curis, Inc. 1,100.0 CYTK Cytokinetics, Incorporated OVERWEIGHT DSCI Derma Sciences Inc. 1,000.0 ISIS Isis Pharmaceuticals, Inc. LJPC La Jolla Pharmaceutical Co. LOXO Loxo Oncology, Inc. XOMA XOMA Corporation 2-Jan-15 9-Oct-15 5-Dec-14 17-Jul-15 7-Nov-14 6-Nov-15 30-Jan-15 19-Jun-15 24-Apr-15 27-Feb-15 11-Sep-15 14-Aug-15 27-Mar-15 22-May-15

S&P 500 Industrials (Sector) (TR)(INDEXSP:SP500-20TR) MARKET WEIGHT 10.21%

Da ily Closing Price 20-days EMA 50-days EMA TOP PERFORMING STOCK 800.0 Ticker Company ABGB Abengoa SA ATTO Atento S.A. 700.0 BLT Blount International Inc. CELP Cypress Energy Partners, L.P. CP Canadian Pacific Railway Limited OVERWEIGHT 600.0 CSX CSX Corp. KTOS Kratos Defense & Security Sol. Inc. NSC Norfolk Southern Corporation

5-Jul-15 ORN Orion Marine Group, Inc 6-Jan-15 5-Jun-15 3-Oct-15 6-Apr-15 5-Feb-15 3-Sep-15 7-Dec-14 4-Aug-15 7-Nov-14 2-Nov-15 7-Mar-15 6-May-15 WATT Energous Corporation

S&P 500 Information Technology (Sector) (TR)(INDEXSP:SP500-45TR) MARKET WEIGHT 21.03%

Da ily Closing Price 20-days EMA 50-days EMA TOP PERFORMING STOCK 900.0 Ticker Company APA Apache Corp. 800.0 Analytics Private ASPNLimitedAspen Aerogels, Inc. BTE Baytex Energy Corp. 700.0 Avise CPE Callon Petroleum Company CRC California Resources Corporation OVERWEIGHT ECR Eclipse Resources Corporation 600.0 EVA Enviva Partners, LP Sample by GPRK GeoPark Limited LPI Laredo Petroleum, Inc. 5-Jul-15 6-Jan-15 5-Jun-15 3-Oct-15 6-Apr-15 5-Feb-15 3-Sep-15 7-Dec-14 4-Aug-15 7-Nov-14 2-Nov-15

7-Mar-15 PWE Penn West Petroleum Ltd. 6-May-15

S&P 500 Materials (Industry Group) (TR)(INDEXSP:SP500-1510TR) MARKET WEIGHT 02.92%

Da ily Closing Price 20-days EMA 50-days EMA TOP PERFORMING STOCK 600.0 Ticker Company ABX Barrick Gold Corporation 500.0 BTG B2Gold Corp. CDE Coeur Mining, Inc. 400.0 CPAC Cementos Pacasmayo SAA EGO Eldorado Gold Corporation OVERWEIGHT EXK Endeavour Silver Corp. 300.0 NG NovaGold Resources Inc. RGLD Royal Gold, Inc. SA Seabridge Gold, Inc. 5-Jul-15 6-Jan-15 5-Jun-15 6-Apr-15 3-Oct-15 5-Feb-15 3-Sep-15 7-Dec-14 4-Aug-15 7-Nov-14 2-Nov-15

7-Mar-15 ZEUS Olympic Steel Inc. 6-May-15

Source: Yahoo Finance, Google Finance, F&MSI Research 9 Technical Outlook: S&P 500 SECTORS OUTLOOK Continued..

S&P 500 Telecommunication Services (Sector) (TR)(INDEXSP:SP500-50TR) MARKET WEIGHT 02.31%

TOP PERFORMING STOCK Da ily Closing Price 20-days EMA 50-days EMA 400.0 Ticker Company CNSL Consolidated Comm. Holdings Inc. FTR Frontier Communications Corp. HCOM Hawaiian Telcom Holdco, Inc. 300.0 STRP Straight Path Communications Inc. WIN Windstream Holdings, Inc. NEUTRAL 200.0 5-Jul-15 6-Jan-15 5-Jun-15 3-Oct-15 6-Apr-15 5-Feb-15 3-Sep-15 7-Dec-14 4-Aug-15 7-Nov-14 2-Nov-15 7-Mar-15 6-May-15

S&P 500 Utilities (Sector) (TR)(INDEXSP:SP500-55TR MARKET WEIGHT 02.80%

TOP PERFORMING STOCK Da ily Closing Price 20-days EMA 50-days EMA 600.0 Ticker Company CPK Chesapeake Utilities Corporation EXC Exelon Corporation ITC ITC Holdings Corp. 500.0

UNDERWEIGHT 400.0 5-Jul-15 6-Jan-15 5-Jun-15 3-Oct-15 6-Apr-15 5-Feb-15 3-Sep-15 7-Dec-14 4-Aug-15 7-Nov-14 2-Nov-15 7-Mar-15 6-May-15

Analytics Private Limited Avise Sample by

Source: Yahoo Finance, Google Finance, F&MSI Research 10 Technical Call

As per our Technical Analysis, we BUY: Facebook, Inc. recommend a BUY call with a target price of LTP: $107.1/sh $115.78/sh and a stop loss of $102.69/sh FB US

Volume Closing Price Upper Band Middle Ban d Lower Band EMA(50) Linear (Closing Price) 120.00 200.0 110.00 180.0 100.00 160.0 90.00 140.0 80.00 120.0

Price in $ in Price 70.00 100.0 60.00 80.0

50.00 60.0 Million in Volume 40.00 40.0 30.00 20.0 20.00 0.0 1-Jun-15 6-Apr -15 27-Jul-15 9-Mar-15 4-May-15 29-Jun-15 19-Oct-15 21-Sep-15 24-Au g-15

4.00 MACD Histogram (12,26,9) MACD (12,26) Signal Line = 9 days EMA 3.00 2.00 1.00 0.00 -1.00 -2.00

Source: Yahoo Finance, F&MSI Research

MOVING AVERAGES EMA(5) EMA(10) EMA(20) EMA(50) Summary 105.75 104.10 101.39 97.00 BUY BUY BUY BUY AnalyticsBUY Private Limited MOMENTUM OSCILLATORS & INDICATORS RSI (7) %K Stoch AviseWilliam %R (7) MACD (12,26,9) Summary 60.74 62.51 -37.49 3.33 NEUTRAL NEUTRAL NEUTRAL NEUTRAL NEUTRAL VOLATILITY VOLUME ANALYSIS ATR (14) Summary Current 3,48,98,000 Sample by 7-days Average 3,06,11,586 0.02 Less Volatile 14-days Average 3,35,67,429 SHORT TERM (7 DAYS) PIVOT TABLE S2 S1 Pivot Point R1 R2 Classic 96.84 101.97 106.31 111.44 115.78 Fibonacci Levels 100.46 102.69 106.31 109.93 112.16

Disclosure: The above technical analysis has been conducted based on historical daily price data and the chart was generated using " Aviware 2014" software, proprietarily developed by Avi Surana, Avise Analytics (P) Ltd.

Definations: The relative strength index (RSI) is a technical indicator used to identify general price trend. RSI value ranges from 0 to 100. RSI value above 70 indicates 'overbought zone' and below 30 as 'oversold zone'. Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. MACD Line oscillates above and below the zero line, which is also known as the centerline. Signal line is the nine-day EMA of the MACD. Positive MACD indicates that the 12- day EMA is above the 26-day EMA. The Positive values increase as the shorter EMA diverges further from the longer EMA. This means upside momentum is increasing. Negative MACD values indicates that the 12-day EMA is below the 26-day EMA. Negative values increase as the shorter EMA diverges further below the longer EMA. This means downside momentum is increasing. Pivots Points are significant levels chartists can use to determine directional movement, support and resistance. Pivot Points use the prior period's high, low and close to formulate future support and resistance. In this regard, Pivot Points are predictive or leading indicators. Our methodology takes into account Classic version and Fibonacci version of calculating pivot points. Our Target Prices and Stop Loss suggestions are based on levels derived from Pivot Points calculations. 11 Transforming World Stock Universe

Perf Perf Target Ticker Company Industry Market Cap P/E P/S Oper M Recom Price Change Year YTD Price AAOI Applied Optoelectronics, Inc. Semiconductor - Integrated Circuits 266.57M 36.7 1.7 5.0% 10.5% 57.1% 1.8 17.6 -0.6% 24.8 AAPL Apple Inc. Electronic Equipment 674.95B 13.2 2.9 30.5% 13.3% 11.5% 1.9 121.1 0.1% 148.9 AAWW Atlas Air Worldwide Holdings, Inc. Air Services, Other 1.02B 12.0 0.6 8.7% 1.0% -16.2% 2.4 41.3 4.9% 55.4 ABB ABB Ltd. Diversified Machinery 44.61B 18.1 1.2 10.3% -10.5% -6.1% 3.2 19.2 0.3% 19.3 ABBV AbbVie Inc. Drug Manufacturers - Major 106.15B 37.5 4.8 22.9% 5.6% 1.2% 2.1 64.1 2.2% 75.4 ACLS Axcelis Technologies Inc. Semiconductor Equipment & Materials 283.49M 20.4 1.0 1.9% 14.5% -4.3% 1.8 2.5 2.9% 4.2 ACW Accuride Corp. Auto Parts 124.19M 64.8 0.2 5.3% -47.8% -40.3% 2.5 2.6 -0.4% 4.0 ADAP Adaptimmune Therapeutics plc Biotechnology 817.48M - 79.4 - - -27.1% 1.8 11.7 -11.1% 22.0 ADBE Adobe Systems Incorporated Application Software 45.24B 92.5 9.9 16.2% 25.8% 24.8% 1.9 90.7 0.2% 92.5 ADI Analog Devices, Inc. Semiconductor - Integrated Circuits 19.35B 27.5 5.9 26.7% 26.3% 13.5% 2.2 61.7 2.2% 67.6 ADSK Autodesk, Inc. Technical & System Software 14.45B - 5.7 2.1% 7.9% 6.4% 2.1 63.9 0.6% 63.3 AGIO Agios Pharmaceuticals, Inc. Biotechnology 2.84B - 42.1 -90.4% -8.7% -32.3% 2.5 75.8 0.8% 97.7 AGN Allergan plc Drugs - Generic 118.71B - 6.7 -12.3% 20.4% 17.2% 1.6 301.6 -2.5% 362.4 AJRD Aerojet Rocketdyne Holdings, Inc. Aerospace/Defense - Major Diversified 1.11B - 0.7 2.5% 2.9% -5.6% 1.7 17.3 0.5% 26.0 AKAM Akamai Technologies, Inc. Internet Information Providers 11.14B 33.9 5.3 23.0% 4.6% -0.9% 2.4 62.4 1.1% 70.6 ALDR Alder Biopharmaceuticals Inc. Biotechnology 1.58B - 246.4 - 115.0% 24.3% 1.3 36.2 -3.1% 56.7 ALGN Align Technology Inc. Medical Appliances & Equipment 5.34B 40.7 6.6 22.2% 27.6% 20.1% 1.4 67.2 1.2% 74.1 ALGT Allegiant Travel Company Regional Airlines 3.42B 20.5 2.8 32.6% 52.6% 35.5% 2.3 202.9 2.0% 231.0 ALIM Alimera Sciences, Inc. Drug Manufacturers - Major 143.89M - 10.4 - -36.5% -41.5% 2 3.2 6.6% 11.0 ALNY Alnylam Pharmaceuticals, Inc. Biotechnology 8.59B - 138.1 - 9.3% 4.7% 1.9 101.5 2.8% 142.5 ALTR Altera Corp. Semiconductor - Specialized 15.92B 47.4 9.2 22.4% 51.5% 44.2% 3.1 52.6 -0.3% 50.9 ALXN Alexion Pharmaceuticals, Inc. Biotechnology 38.79B 140.0 15.5 25.7% -10.9% -7.0% 1.8 172.2 -0.7% 218.1 AMAT Applied Materials, Inc. Semiconductor Equipment & Materials 20.47B 16.2 2.1 17.6% -23.0% -30.6% 2.1 17.1 1.4% 20.9 AMBA Ambarella, Inc. Semiconductor Equipment & Materials 1.72B 23.2 6.0 28.4% 18.0% 7.1% 2.2 54.3 -0.9% 96.8 AMCX AMC Networks Inc. Entertainment - Diversified 5.52B 15.8 2.2 28.2% 24.7% 19.7% 2.2 76.3 3.3% 84.2 AMGN Amgen Inc. Biotechnology 121.04B 19.2 5.6 36.8% 2.0% 2.2% 2.4 160.5 -0.5% 185.6 AMOT Allied Motion Technologies Inc. Industrial Electrical Equipment 190.63M 12.4 0.8 10.4% 30.0% -13.4% 3 20.5 4.7% 2.9 AMSWA American Software, Inc. Application Software 298.90M 32.6 2.8 10.3% 12.0% 18.4% 1.5 10.4 0.6% 11.9 AMZN Amazon.com, Inc. Catalog & Mail Order Houses 309.09B 955.6 3.1 1.7% 122.3% 112.5% 1.8 659.4 0.6% 721.5 ANIP ANI Pharmaceuticals, Inc. Biotechnology 490.28M 14.8 6.2 46.9% -4.7% -24.3% 1.3 42.7 4.1% 61.7 ARAY Accuray Incorporated Medical Appliances & Equipment 564.68M - 1.5 -2.8% 2.5% -6.4% 1.9 7.1 1.3% 10.3 ARMH ARM Holdings plc Semiconductor - Specialized Analytics22.73B 47.3 Private16.3 42.4% 14.7% Limited5.0% 1.8 48.3 0.8% 56.7 ASML ASML Holding NV Semiconductor Equipment & Materials 41.95B 27.8 6.2 25.5% -4.7% -10.0% 2.6 96.3 1.2% 100.3 ATHN athenahealth, Inc. Healthcare InformationAvise Services 6.36B 430.8 7.2 0.5% 30.2% 12.4% 2.4 163.7 1.7% 164.2 ATRO Astronics Corporation Aerospace/Defense Products & Services 1.07B 17.3 1.6 14.2% -9.9% -12.1% 1.6 42.3 2.9% 65.2 AVAV AeroVironment, Inc. Aerospace/Defense Products & Services 558.37M - 2.2 -0.2% -22.1% -13.0% 2.6 23.7 0.9% 29.0 AVGO Avago Technologies Limited Semiconductor - Broad Line 35.71B 34.5 5.4 21.6% 49.8% 30.1% 1.7 129.7 7.1% 162.8 BA The BoeingSample Company Aerospace/Defense by Products & Services 99.12B 18.6 1.0 8.6% 21.8% 16.7% 2.1 147.9 0.0% 162.8 BABA Alibaba Group Holding Limited Specialty Retail, Other 210.06B 32.0 16.5 26.1% -25.1% -19.6% 1.8 83.6 -2.1% 94.6 BAX Baxter International Inc. Medical Instruments & Supplies 20.71B 28.3 1.8 12.7% 0.2% -2.8% 2.9 38.0 1.1% 39.7 BIDU Baidu, Inc. Internet Information Providers 69.23B 36.9 7.1 18.0% -15.5% -12.1% 2.1 200.3 0.7% 210.7 BIIB Biogen Inc. Biotechnology 65.83B 19.3 6.2 46.2% -8.7% -13.0% 2.1 295.4 0.8% 368.8 BIND BIND Therapeutics, Inc. Biotechnology 100.62M - 8.4 - -44.6% -10.4% 1.5 4.8 5.2% 17.3 BKD Brookdale Senior Living Inc. Long-Term Care Facilities 4.28B - 0.9 -4.8% -29.5% -36.7% 1.9 23.2 1.0% 33.9 BLUE bluebird bio, Inc. Biotechnology 2.70B - 112.6 - 76.6% -19.7% 1.6 73.6 4.7% 160.0 BMY Bristol-Myers Squibb Company Drug Manufacturers - Major 109.19B 61.8 6.6 12.4% 14.7% 12.9% 2.2 65.5 -0.2% 71.3 BRCM Broadcom Corp. Semiconductor - Integrated Circuits 32.76B 23.4 3.9 17.2% 31.2% 25.3% 2.6 53.8 3.1% 54.6 BSX Boston Scientific Corporation Medical Appliances & Equipment 25.26B - 3.4 -7.4% 40.6% 41.7% 1.9 18.8 -0.8% 20.8 CAMP CalAmp Corp. Wireless Communications 701.59M 39.2 2.6 11.3% -1.2% 4.9% 1.5 19.2 -0.3% 25.8 CAVM Cavium, Inc. Semiconductor - Broad Line 4.11B - 9.9 -6.0% 40.4% 18.7% 1.9 73.4 5.6% 72.8 Concurrent Computer CCUR Computer Based Systems 46.08M - 0.7 1.4% -27.6% -28.8% 3 4.8 -5.9% 8.0 Corporation CELG Celgene Corporation Biotechnology 91.72B 58.7 10.5 23.9% 9.0% 4.4% 1.8 116.7 -3.1% 145.0 CGEN Compugen Ltd. Biotechnology 343.76M - 38.2 - -4.1% -18.1% 1.4 6.8 2.3% 12.7

12 Perf Perf Target Ticker Company Industry Market Cap P/E P/S Oper M Recom Price Change Year YTD Price Check Point Software CHKP Security Software & Services 15.13B 23.0 9.5 52.1% 12.3% 6.5% 2.1 83.7 2.3% 92.7 Technologies Ltd. CHTR Charter Communications, Inc. CATV Systems 21.36B - 2.2 9.8% 20.0% 14.2% - 190.3 0.5% - China Information Technology, CNIT Application Software 30.90M - 0.6 - -75.9% -76.4% 3 0.9 2.2% 9.0 Inc. COST Costco Wholesale Corporation Discount, Variety Stores 68.91B 29.3 0.6 3.1% 20.0% 15.7% 2.1 157.6 0.8% 161.7 CPL CPFL Energia S.A. Foreign Utilities 4.18B 17.4 0.8 12.5% -38.8% -36.4% 1 8.4 -0.4% 19.4 CREE Cree, Inc. Semiconductor Equipment & Materials 2.55B - 1.6 -5.7% -23.8% -23.2% 2.7 24.8 -8.4% 28.3 CRM salesforce.com, inc. Application Software 52.89B - 8.9 -0.1% 25.9% 33.9% 1.9 79.4 0.9% 81.4 CRUS Cirrus Logic Inc. Semiconductor - Specialized 2.05B 18.9 1.8 14.8% 62.4% 36.5% 2 32.2 1.1% 44.0 CRY CryoLife Inc. Medical Appliances & Equipment 312.67M 99.9 2.2 0.6% 8.0% -2.2% 1.3 11.0 2.1% 14.5 CSCO Cisco Systems, Inc. Networking & Communication Devices 144.73B 16.3 2.9 21.9% 16.1% 5.4% 2.3 28.5 0.1% 31.1 CSII Cardiovascular Systems Inc. Medical Appliances & Equipment 495.03M - 2.7 -20.4% -48.9% -49.3% 2.1 15.3 1.5% 19.5 CSLT Castlight Health, Inc. Application Software 365.31M - 5.3 - -67.7% -67.0% 2.4 3.9 6.6% 5.9 CSOD Cornerstone OnDemand, Inc. Application Software 1.92B - 6.4 -20.2% 28.7% 0.7% 1.9 35.5 9.5% 44.6 CSU Capital Senior Living Corp. Long-Term Care Facilities 709.66M - 1.8 5.5% 1.8% -3.5% 1.4 24.0 1.5% 29.2 CTRP Ctrip.com International Ltd. Lodging 14.69B - 10.5 -4.9% 90.4% 127.2% 1.7 103.4 4.6% 98.2 Cognizant Technology Solutions CTSH Business Software & Services 41.99B 27.1 3.5 17.3% 31.2% 31.1% 1.7 69.1 2.8% 75.8 Corporation CTXS Citrix Systems, Inc. Business Software & Services 12.62B 46.9 3.9 11.0% 24.3% 28.6% 2.4 82.0 -0.1% 79.5 CUDA Barracuda Networks, Inc. Communication Equipment 1.13B - 3.8 -1.3% -33.8% -40.9% 1.9 21.2 7.0% 28.1 CYBR CyberArk Software, Ltd. Business Software & Services 1.50B 84.3 11.2 23.4% 43.0% 19.1% 2.1 47.2 -4.1% 64.2 DIS The Walt Disney Company Entertainment - Diversified 195.23B 23.6 3.7 25.1% 28.1% 23.5% 2.2 115.7 2.4% 118.6 DVA DaVita HealthCare Partners Inc. Specialized Health Services 16.30B 34.8 1.2 10.1% -1.0% 2.0% 2.3 77.3 -0.6% 84.3 DWRE Demandware, Inc. Application Software 1.95B - 9.1 -22.9% -6.5% -9.9% 1.5 51.8 4.4% 67.9 EA Electronic Arts Inc. Multimedia & Graphics Software 22.56B 24.5 5.0 24.4% 77.4% 53.9% 2.1 72.4 -2.3% 82.3 EBAY eBay Inc. Specialty Retail, Other 35.30B 14.9 3.2 29.7% 31.2% 24.5% 2.5 29.4 0.3% 30.0 ECL Ecolab Inc. Cleaning Products 34.67B 31.5 2.5 12.7% 6.1% 13.3% 2.1 117.4 -0.2% 125.3 ELNK EarthLink Holdings Corp. Telecom Services - Domestic 991.77M - 0.9 0.2% 133.4% 122.7% 2 9.6 1.8% 9.6 EMC EMC Corporation Data Storage Devices 49.95B 22.0 2.0 13.4% -9.9% -11.5% 2.3 26.0 -0.4% 29.8 ENDP Endo International plc Drug Manufacturers - Other 12.52B - 4.2 -12.5% -21.2% -23.3% 2 55.3 7.0% 87.6 EQIX Equinix, Inc. Internet Software & Services 17.05B - 6.5 17.2% 43.4% 35.9% 2.1 290.4 -1.8% 316.9 ESLT Elbit Systems Ltd. Aerospace/Defense Products & Services 3.49B 20.4 1.2 8.2% 38.0% 34.8% 3 80.7 -0.2% 47.0 ESPR Esperion Therapeutics, Inc. Biotechnology 625.38M - - - 0.8% -31.3% 2 27.8 1.0% 74.6 ESRX Express Scripts Holding Company Health Care Plans 60.28B 27.5 0.6 4.0% 14.4% 5.3% 2.3 89.1 0.6% 97.8 ETN Eaton Corporation plc Diversified Machinery 26.48B 13.3 1.2 11.4% -13.6% -12.8% 2.5 57.2 0.2% 60.0 EVGN Evogene Ltd. Biotechnology Analytics185.09M - Private15.5 - -30.6% Limited-20.9% 2.3 7.3 -1.2% 17.0 EW Edwards Lifesciences Corp. Medical Appliances & Equipment 16.95B 37.3 7.0 24.1% 27.2% 23.4% 1.9 157.2 -0.9% 174.7 EXPE Expedia Inc. Lodging Avise 17.31B 21.0 2.7 15.6% 59.9% 57.1% 2.3 133.3 -2.9% 148.8 FARO FARO Technologies Inc. Scientific & Technical Instruments 491.72M 32.9 1.5 8.8% -49.7% -54.9% 2.9 28.3 14.0% 38.7 FB Facebook, Inc. Internet Information Providers 302.86B 107.1 19.0 30.1% 42.3% 37.3% 1.7 107.1 -1.5% 123.4 FEYE FireEye, Inc. Application Software 3.83B - 6.6 -87.0% -20.7% -24.5% 2.6 23.8 6.1% 33.9 FFIV F5 Networks,Sample Inc. Business by Software & Services 7.69B 22.2 4.1 29.3% -12.4% -15.9% 2.5 109.7 0.1% 125.6 FLIR FLIR Systems, Inc. Scientific & Technical Instruments 3.87B 16.0 2.5 19.3% -18.5% -13.7% 2.2 27.6 0.9% 34.4 FMI Foundation Medicine, Inc. Medical Laboratories & Research 607.70M - 7.1 -99.1% -28.8% -20.6% 2.8 17.6 -2.7% 24.4 FSLR First Solar, Inc. Semiconductor - Specialized 6.02B 19.4 1.9 8.3% 5.8% 33.8% 2.3 59.7 2.3% 64.3 FTNT Fortinet Inc. Application Software 5.83B 340.5 6.2 2.3% 28.2% 11.1% 2.1 34.1 2.2% 48.1 GE General Electric Company Diversified Machinery 302.47B 96.5 2.2 9.5% 17.7% 21.6% 2.1 29.9 0.9% 30.6 GILD Gilead Sciences Inc. Biotechnology 156.14B 9.9 5.0 66.5% 2.1% 15.8% 2.1 108.3 0.5% 124.7 GOOG Alphabet Inc. Internet Information Providers 499.63B 30.9 7.0 - 35.4% 39.4% 1.6 733.8 0.3% 853.7 GPRO GoPro, Inc. Photographic Equipment & Supplies 3.46B 20.9 1.9 14.8% -68.1% -60.3% 2.3 25.1 1.3% 38.5 GRMN Garmin Ltd. Scientific & Technical Instruments 7.13B 13.5 2.5 20.4% -29.5% -27.3% 2.7 37.4 0.7% 38.2 GRPN Groupon, Inc. Internet Information Providers 1.68B - 0.5 -1.8% -63.7% -67.0% 2.9 2.7 -6.2% 3.8 GWPH GW Pharmaceuticals plc Drug Manufacturers - Major 1.77B - 38.7 - 10.1% 21.0% 1.6 81.9 1.5% 143.4 HCA HCA Holdings, Inc. Hospitals 28.52B 14.6 0.7 14.1% 1.5% -4.7% 1.8 70.0 2.0% 88.8 HOLX Hologic Inc. Medical Appliances & Equipment 11.35B 85.7 4.3 18.5% 51.5% 50.6% 2.1 40.3 0.8% 41.9 HON Honeywell International Inc. Diversified Machinery 80.15B 18.2 2.1 16.0% 9.7% 5.6% 2 104.0 0.4% 112.5

13 Perf Perf Target Ticker Company Industry Market Cap P/E P/S Oper M Recom Price Change Year YTD Price HUM Humana Inc. Health Care Plans 26.27B 20.4 0.5 5.1% 27.6% 24.0% 2.5 177.2 -1.0% 205.1 HXL Hexcel Corp. Aerospace/Defense Products & Services 4.46B 19.5 2.4 17.6% 11.4% 14.6% 2.3 47.2 -0.4% 51.6 IACI IAC/InterActiveCorp Internet Information Providers 5.51B 19.2 1.7 9.8% 2.9% 10.9% 2.4 66.4 2.3% 81.2 International Business Machines IBM Information Technology Services 134.12B 9.5 1.6 21.4% -12.4% -11.8% 3 138.3 -1.2% 149.2 Corporation ICPT Intercept Pharmaceuticals, Inc. Biotechnology 4.30B - 1535.4 - -28.5% 13.3% 2.1 176.7 -2.1% 366.8 ILMN Illumina Inc. Biotechnology 22.81B 45.4 10.7 31.4% -17.9% -15.6% 2.1 155.8 0.7% 185.0 INCY Incyte Corporation Biotechnology 18.64B - 29.4 -6.3% 46.5% 37.1% 1.5 100.2 -14.2% 131.4 INTC Intel Corporation Semiconductor - Broad Line 159.69B 14.5 2.9 25.4% 3.1% -4.0% 2.4 33.8 -0.5% 35.0 INTU Intuit Inc. Application Software 27.25B 66.0 6.5 17.6% 11.5% 7.8% 2.5 98.3 0.5% 99.6 INVN InvenSense, Inc. Semiconductor - Integrated Circuits 1.15B 113.9 2.7 3.7% -20.0% -22.9% 2.5 12.5 1.3% 14.0 IPGP IPG Photonics Corporation Semiconductor Equipment & Materials 4.66B 19.7 5.3 38.3% 19.9% 17.7% 1.7 88.2 1.7% 100.7 IRBT iRobot Corporation Appliances 914.25M 27.8 1.6 8.8% -9.7% -9.4% 2.4 31.5 0.1% 37.9 ISIS Isis Pharmaceuticals, Inc. Drug Manufacturers - Other 6.70B 310.4 21.5 5.0% 23.5% -9.5% 2.8 55.9 3.6% 64.8 ISRG Intuitive Surgical, Inc. Medical Appliances & Equipment 18.72B 34.6 8.1 29.4% -1.5% -5.3% 1.9 501.0 0.3% 589.9 JD JD.com, Inc. Internet Information Providers 41.08B - 1.8 -1.9% 21.1% 28.4% 2 29.7 3.1% 37.7 Jumei International Holding JMEI Specialty Retail, Other 1.48B 21.3 1.7 5.6% -58.5% -25.1% 2 10.2 2.3% 18.4 Limited JUNO Juno Therapeutics Inc. Biotechnology 5.00B - 399.8 - - -4.8% 2.1 49.7 -4.1% 62.0 KITE Kite Pharma, Inc. Biotechnology 3.23B - 441.9 - 69.0% 27.9% 1.6 73.8 3.0% 83.6 KLAC KLA-Tencor Corporation Semiconductor Equipment & Materials 10.43B 27.4 3.7 20.7% 6.3% -2.4% 2.8 66.9 -0.2% 65.7 KNDI Kandi Technologies Group, Inc. Auto Manufacturers - Major 506.59M 18.3 2.7 5.0% -37.1% -23.0% - 10.8 0.9% 4.6 LBTYA Liberty Global plc CATV Systems 40.81B - 2.2 9.3% 0.6% -8.1% 1.8 46.1 1.0% 59.1 LLTC Linear Technology Corporation Semiconductor - Specialized 10.76B 21.9 7.4 45.5% 6.3% 0.6% 2.9 45.0 1.5% 42.4 LLY Eli Lilly and Company Drug Manufacturers - Major 89.16B 36.2 4.5 12.7% 23.5% 19.0% 2 80.5 -0.2% 95.8 LNC Lincoln National Corporation Life Insurance 14.09B 12.1 1.0 12.7% 3.3% 0.2% 2.2 57.0 3.3% 61.6 LNKD LinkedIn Corporation Internet Information Providers 32.86B - 11.9 -4.4% 11.6% 9.1% 1.9 250.6 0.4% 275.9 LOCK LifeLock, Inc. Application Software 1.38B - 2.5 -17.0% -14.9% -22.0% 2.1 14.4 -0.1% 18.3 LRCX Lam Research Corporation Semiconductor Equipment & Materials 12.18B 16.9 2.1 16.7% -2.2% -2.1% 1.9 76.9 -0.2% 92.2 LULU Lululemon Athletica Inc. Textile - Apparel Clothing 7.18B 27.3 3.8 19.6% 19.4% -8.5% 2.3 51.1 -2.0% 65.0 LUX Luxottica Group SpA Apparel Stores 33.46B 40.4 3.7 16.4% 39.1% 28.5% 2.5 68.3 -0.8% 69.5 LYB LyondellBasell Industries N.V. Specialty Chemicals 43.23B 10.2 1.2 16.9% 14.3% 23.3% 2.3 96.2 1.3% 104.9 MANH Manhattan Associates, Inc. Application Software 5.58B 58.3 10.2 27.7% 88.4% 87.6% 1.8 76.4 4.0% 78.3 MCHP Microchip Technology Inc. Semiconductor - Specialized 10.10B 27.5 4.7 18.8% 13.4% 8.5% 2.2 47.9 -0.1% 52.2 MCK McKesson Corporation Drugs Wholesale 42.28B 20.7 0.2 1.8% -8.9% -11.2% 1.8 183.8 -1.2% 231.2 MDT Medtronic plc Medical Appliances & EquipmentAnalytics107.52B 31.8 Private4.6 17.4% 12.7% Limited6.9% 2 76.1 -0.1% 86.0 MDVN Medivation, Inc. Biotechnology 6.46B 25.2 8.3 36.1% -24.7% -20.6% 2.1 39.5 -9.2% 62.9 MDXG MiMedx Group, Inc. Medical AppliancesAvise & Equipment 854.87M 52.3 5.4 11.5% -22.5% -32.0% 1.6 7.8 4.5% 12.0 MELI Mercadolibre, Inc. Catalog & Mail Order Houses 5.24B 59.1 8.6 24.9% -11.5% -6.8% 3.1 118.7 1.9% 114.9 MRK Merck & Co. Inc. Drug Manufacturers - Major 152.56B 14.6 3.8 16.0% -4.9% -1.5% 2.4 54.6 -0.8% 62.4 MRVL Marvell Technology Group Ltd. Semiconductor - Integrated Circuits 4.61B - 1.4 -6.0% -32.2% -37.7% 3.1 8.9 2.3% 9.7 MSFT Microsoft CorporationSampleBusiness by Software & Services 438.70B 36.9 4.8 19.7% 15.8% 20.6% 2.4 54.9 1.0% 54.5 MTLS Materialise NV Application Software 403.88M - 4.1 -4.7% -13.2% -8.8% 2.3 8.7 0.9% 9.4 MU Micron Technology, Inc. Semiconductor- Memory Chips 17.86B 6.7 1.1 18.2% -50.7% -53.0% 2.4 16.5 -0.4% 21.3 MYL Mylan N.V. Drugs - Generic 22.11B 25.6 2.5 15.7% -16.0% -20.2% 2.1 45.0 0.4% 63.9 MZOR Mazor Robotics Ltd. Medical Instruments & Supplies 224.18M - 9.3 -59.3% -3.8% -15.3% 2.1 10.5 0.8% 18.1 NEE NextEra Energy, Inc. Electric Utilities 45.52B 14.2 2.5 29.2% -2.1% -4.9% 1.8 98.8 -3.2% 117.8 NFLX Netflix, Inc. CATV Systems 48.75B 300.2 7.6 4.8% 108.3% 133.7% 2.4 114.1 0.5% 123.1 NLNK NewLink Genetics Corporation Biotechnology 975.88M 14.0 4.2 57.8% -2.2% -14.7% 2 33.9 -24.5% 58.0 NRG NRG Energy, Inc. Diversified Utilities 4.24B - 0.3 7.1% -57.4% -48.4% 2 13.5 -0.5% 23.4 NTAP NetApp, Inc. Data Storage Devices 10.14B 24.8 1.7 8.9% -18.7% -15.3% 3.1 34.4 0.6% 33.7 NTES NetEase, Inc. Internet Software & Services 19.32B 24.0 8.3 35.2% 60.4% 49.6% 1.8 146.8 1.4% 158.0 NVDA NVIDIA Corporation Semiconductor - Specialized 17.01B 33.6 3.6 14.6% 58.7% 59.4% 2.6 31.6 13.9% 30.0 NVO Novo Nordisk A/S Drug Manufacturers - Other 114.40B 31.8 8.0 45.0% 27.4% 31.8% 1 54.9 -0.7% 71.1 NXPI NXP Semiconductors NV Semiconductor - Broad Line 20.36B 43.0 3.4 20.6% 10.1% 5.9% 1.7 80.9 1.8% 103.7 OA Orbital ATK, Inc. Aerospace/Defense Products & Services 4.97B 119.0 1.6 24.8% 66.0% 55.7% 1.9 84.5 -1.2% 101.2

14 Perf Perf Target Ticker Company Industry Market Cap P/E P/S Oper M Recom Price Change Year YTD Price ONVO Organovo Holdings, Inc. Medical Laboratories & Research 304.09M - 380.1 - -51.9% -54.6% 2.3 3.3 2.8% 4.2 OPHT Ophthotech Corporation Biotechnology 1.91B - 39.5 - 34.0% 22.8% 1.9 55.1 2.5% 85.9 ORCL Oracle Corporation Application Software 173.23B 19.1 4.6 43.4% 3.5% -8.4% 2.4 40.6 0.7% 44.1 OSTK Overstock.com Inc. Catalog & Mail Order Houses 429.67M 58.9 0.3 0.6% -25.6% -27.2% 2 17.7 3.0% 30.0 PBYI Puma Biotechnology, Inc. Biotechnology 2.88B - - - -62.8% -52.8% 2.3 89.3 -0.7% 192.8 PCLN The Priceline Group Inc. Business Services 73.51B 32.3 8.4 34.3% 32.1% 27.2% 2 1449.9 -0.9% 1489.4 PCRX Pacira Pharmaceuticals, Inc. Drugs - Generic 2.09B 210.7 8.7 7.5% -36.9% -35.8% 1.8 56.9 1.7% 79.4 PDCO Patterson Companies, Inc. Medical Equipment Wholesale 4.98B 24.8 1.1 7.9% 11.4% 2.0% 2.7 48.2 0.2% 51.4 PFE Pfizer Inc. Drug Manufacturers - Major 209.26B 25.5 4.4 24.3% 16.7% 12.6% 2.2 33.9 -0.6% 40.3 PFG Principal Financial Group Inc. Life Insurance 15.21B 12.6 1.3 11.9% 2.0% 2.3% 2.8 52.0 2.0% 54.4 PHG Koninklijke Philips N.V Electronic Equipment 26.20B 48.6 1.1 3.8% 0.4% -3.1% 1 27.2 0.4% 31.5 PAREXEL International PRXL Medical Laboratories & Research 3.59B 27.8 1.5 7.8% 26.1% 21.5% 2.2 67.5 1.1% 71.9 Corporation QCOM QUALCOMM Incorporated Communication Equipment 80.30B 16.6 3.2 22.2% -22.3% -26.6% 2.2 53.4 4.6% 67.2 QIHU Qihoo 360 Technology Co. Ltd. Information Technology Services 7.93B 30.7 4.9 20.4% -13.5% 7.4% 1.8 61.5 2.8% 73.8 QLIK Qlik Technologies, Inc. Business Software & Services 3.06B - 5.2 -2.0% 13.5% 6.6% 1.9 32.9 8.1% 42.9 QLYS Qualys, Inc. Application Software 1.28B 39.0 8.2 13.6% 7.6% -0.7% 2.3 37.5 3.0% 42.8 QRVO Qorvo, Inc. Semiconductor - Broad Line 8.31B 26.6 4.0 3.6% - -21.1% 1.9 55.6 23.2% 71.3 QVCA Liberty Interactive Corporation Catalog & Mail Order Houses 19.26B 20.0 2.2 14.1% -4.0% -9.1% 1.6 26.8 0.4% 35.8 RAX Rackspace Hosting, Inc. Information Technology Services 4.03B 34.1 2.1 9.4% -24.1% -39.6% 2.2 28.3 3.6% 39.5 REGN Regeneron Pharmaceuticals, Inc. Biotechnology 58.49B 109.6 15.4 32.3% 49.1% 37.0% 2 562.0 -0.4% 625.8 RHT Red Hat, Inc. Application Software 14.81B 77.9 7.8 14.8% 33.4% 17.2% 2 81.0 -0.7% 84.2 RMD ResMed Inc. Medical Appliances & Equipment 8.15B 23.8 4.8 29.7% 15.5% 5.7% 2.6 58.4 -0.2% 59.4 ROSG Rosetta Genomics, Ltd. Medical Laboratories & Research 40.20M - 30.9 - -18.2% -2.2% 1.5 2.2 -0.5% 5.0 SAP SAP SE Application Software 97.77B 28.4 4.6 22.0% 18.6% 14.9% 2.1 78.8 -1.5% 76.1 SBAC SBA Communications Corp. Diversified Communication Services 13.85B - 8.6 22.1% -2.9% -2.1% 1.9 108.5 -1.2% 130.7 SCI Service Corporation International Personal Services 5.32B 22.6 1.8 20.2% 26.4% 20.6% 1.5 27.1 0.6% 34.3 SCTY SolarCity Corporation Semiconductor - Specialized 2.83B - 8.0 - -43.6% -45.7% 2 29.1 -2.3% 60.0 SEDG SolarEdge Technologies, Inc. Semiconductor - Specialized 806.44M 25.3 2.2 10.9% - -0.9% 1.9 20.5 -6.8% 31.5 SGMO Sangamo Biosciences Inc. Biotechnology 556.90M - 12.3 -78.2% -31.7% -47.7% 1.7 8.0 3.1% 19.3 SIMO Silicon Motion Technology Corp. Diversified Electronics 1.10B 18.3 3.3 22.3% 35.2% 38.6% 2 32.1 2.0% 35.4 SINA SINA Corporation Internet Software & Services 3.01B 18.8 3.7 -7.3% 26.9% 37.9% 2 51.6 0.7% 53.2 SIRO Sirona Dental Systems Inc. Medical Appliances & Equipment 6.10B 33.5 5.3 21.9% 33.7% 25.0% 2.4 109.2 0.3% 101.3 SMTC Semtech Corporation Semiconductor - Integrated Circuits 1.25B 956.0 2.3 3.2% -26.0% -30.7% 2.4 19.1 5.4% 20.3 SNDK SanDisk Corp. Data Storage Devices 15.47B 37.4 2.7 12.6% -16.5% -20.3% 2.7 77.1 0.4% 81.5 SOHU Sohu.com Inc. Internet Information Providers Analytics2.03B - Private1.0 1.5% 6.9% Limited-1.2% 2.5 52.6 -0.1% 62.0 SPLK Splunk, Inc. Application Software 7.73B - 14.4 -45.0% -7.2% 2.1% 1.8 60.2 8.7% 79.4 SPWR SunPower Corporation SemiconductorAvise - Specialized 3.93B 79.8 1.7 2.6% -5.2% 11.3% 2 28.7 4.7% 35.5 SRCL Stericycle, Inc. Waste Management 10.69B 36.1 3.9 18.9% -1.3% -4.0% 2.1 125.9 1.4% 145.8 41715. SRPT Sarepta Therapeutics, Inc. Biotechnology 1.13B - - 53.0% 71.9% 1.9 24.9 2.5% 45.2 5 SSNI Silver SpringSample Networks, Inc. Computer by Based Systems 732.95M 40.4 2.0 5.1% 90.6% 72.7% 2.2 14.6 0.6% 14.2 SSYS Stratasys Ltd. Computer Peripherals 1.44B - 1.9 -51.3% -74.1% -66.8% 2.7 27.6 1.0% 28.9 STJ St. Jude Medical Inc. Medical Appliances & Equipment 18.26B 18.4 3.3 21.9% -0.2% 1.0% 2.2 64.8 0.3% 75.6 Seagate Technology Public STX Data Storage Devices 11.61B 9.3 0.9 13.1% -35.1% -39.0% 2.7 38.8 -0.2% 43.9 Limited Company SUNE SunEdison, Inc. Semiconductor - Integrated Circuits 2.39B - 1.2 -39.3% -58.7% -61.2% 1.9 7.6 1.3% 20.5 SWKS Skyworks Solutions Inc. Semiconductor - Integrated Circuits 16.40B 22.5 5.3 29.8% 39.5% 18.9% 1.8 86.0 7.1% 113.0 SYK Stryker Corporation Medical Appliances & Equipment 36.65B 31.7 3.7 17.1% 11.8% 4.6% 2 97.6 0.0% 108.7 SYMC Symantec Corporation Security Software & Services 13.97B 21.2 2.3 16.7% -15.9% -18.3% 2.9 20.6 -1.5% 23.6 SYNA Synaptics Inc. Application Software 3.41B 33.8 1.8 10.4% 48.2% 36.8% 1.9 94.2 6.1% 98.8 Teva Pharmaceutical Industries TEVA Drug Manufacturers - Other 58.04B 29.2 2.9 16.9% 4.8% 6.4% 2 60.2 -1.2% 77.4 Limited TNDM Tandem Diabetes Care, Inc. Medical Instruments & Supplies 320.35M - 5.2 - -27.9% -16.1% 1.6 10.7 4.4% 16.8 TRIP TripAdvisor Inc. Internet Information Providers 11.16B 49.0 7.6 21.6% 4.6% 3.7% 2.9 77.4 -6.9% 80.3 TSL Trina Solar Limited Semiconductor - Specialized 969.63M 13.7 0.4 6.0% 1.6% 13.6% 2.3 10.5 0.5% 15.5

15 Perf Perf Target Ticker Company Industry Market Cap P/E P/S Oper M Recom Price Change Year YTD Price TSLA Tesla Motors, Inc. Auto Manufacturers - Major 30.16B - 8.0 -14.0% -3.7% 4.5% 2.7 232.4 0.3% 286.5 Taiwan Semiconductor TSM Semiconductor - Integrated Circuits 118.35B 12.3 4.5 39.6% 8.0% 5.2% 3.3 22.8 -0.7% 23.1 Manufacturing Company Limited Take-Two Interactive Software TTWO Multimedia & Graphics Software 2.92B - 2.0 -11.9% 30.9% 22.0% 2.1 34.2 3.5% 37.6 Inc. TWTR Twitter, Inc. Internet Information Providers 19.13B - 9.6 -24.2% -30.8% -21.2% 2.5 28.3 -1.3% 34.6 TXN Texas Instruments Inc. Semiconductor - Broad Line 58.46B 20.7 4.5 32.4% 16.2% 10.6% 2.5 57.6 0.4% 58.2 The Ultimate Software Group, ULTI Internet Software & Services 6.05B 245.3 10.4 7.9% 38.2% 43.7% 2.1 210.9 3.4% 210.1 Inc. UNFI United Natural Foods, Inc. Food Wholesale 2.46B 17.8 0.3 3.0% -30.6% -36.6% 2.5 49.0 2.2% 55.0 UNH UnitedHealth Group Incorporated Health Care Plans 109.43B 18.4 0.7 7.7% 21.2% 14.9% 1.7 114.8 -1.2% 146.5 UTHR United Therapeutics Corporation Drug Manufacturers - Other 7.01B 11.9 5.0 51.4% 22.6% 18.6% 2.2 153.6 1.0% 174.3 VBTX Veritex Holdings, Inc. Regional - Southwest Banks 185.82M 22.2 5.7 88.3% 24.8% 22.4% 1.5 17.4 0.5% 19.0 VASCO Data Security VDSI Security Software & Services 808.95M 16.3 3.2 22.9% -23.3% -28.0% 1.4 20.3 0.8% 34.0 International Inc. VEEV Veeva Systems Inc. Healthcare Information Services 3.59B 75.3 10.0 23.3% -2.2% 2.7% 2.1 27.1 3.3% 36.3 VIPS Vipshop Holdings Limited Catalog & Mail Order Houses 12.35B 60.8 2.4 4.6% -8.9% 9.0% 1.7 21.3 0.7% 26.6 VMW VMware, Inc. Technical & System Software 25.09B 26.8 3.9 20.5% -28.8% -27.9% 2.6 59.5 0.7% 77.0 Vertex Pharmaceuticals VRTX Biotechnology 28.99B - 38.2 -74.7% 5.7% -0.7% 2.1 118.0 -3.2% 145.7 Incorporated VSLR Vivint Solar, Inc. Semiconductor - Specialized 1.17B - 28.7 - -22.4% 19.4% 2.5 11.0 -1.0% 17.4 VTR Ventas, Inc. REIT - Healthcare Facilities 16.92B 44.2 5.2 29.0% -21.5% -26.5% 2.6 50.8 -6.2% 60.6 VZ Verizon Communications Inc. Telecom Services - Domestic 186.27B 18.2 1.4 16.2% -4.5% 2.6% 2.3 45.8 -0.9% 50.4 WCG WellCare Health Plans, Inc. Health Care Plans 3.68B 32.6 0.3 2.6% 17.4% 1.6% 2.6 83.3 0.4% 92.7 WDC Western Digital Corporation Data Storage Devices 15.70B 12.1 1.1 10.5% -29.1% -37.5% 1.8 67.9 0.1% 97.6 WETF WisdomTree Investments, Inc. Asset Management 2.88B 51.0 12.1 41.5% 33.0% 33.3% 2.5 20.9 3.3% 21.1 WFM Whole Foods Market, Inc. Grocery Stores 11.13B 18.5 0.7 8.2% -29.8% -37.5% 3 31.1 3.3% 30.7 XLNX Xilinx Inc. Semiconductor - Integrated Circuits 12.24B 22.3 5.5 30.4% 11.4% 13.2% 2.5 47.6 0.9% 46.8 XONE The ExOne Company Diversified Machinery 166.69M - 4.1 -64.6% -46.3% -31.7% 2.7 11.5 6.2% 11.8 XRAY DENTSPLY International Inc. Medical Instruments & Supplies 8.62B 31.8 3.2 14.2% 18.9% 16.2% 2 61.7 0.2% 63.8 YHOO Yahoo! Inc. Internet Information Providers 32.30B 136.8 6.5 -3.8% -28.7% -32.3% 2.2 34.2 -2.6% 42.1 Z Zillow Group, Inc. Property Management 3.01B - 5.3 - - -8.2% 1 25.5 -1.2% 38.0

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16 F&MSI Model Equity Portfolio (MSquared proprietory Efficient frontier model)

No. of Company Name Ticker Weights Price Investment Price Now Value Now Return % Shares EarthLink Holdings Corp ELNK 10.00% $7.42 13,477 $100,000 $7.89 $106,334 6.33%

SolarEdge Technologies Inc SEDG 10.00% $36.09 2,771 $100,000 $31.60 $87,559 (12.44%) lululemon athletica Inc LULU 10.00% $65.18 1,534 $100,000 $62.82 $96,387 (3.61%)

Edwards Lifesciences Corp EW 10.00% $142.45 702 $100,000 $154.13 $108,199 8.20%

Elbit Systems Ltd ESLT 10.00% $79.37 1,260 $100,000 $79.86 $100,617 0.62%

Amazon.com Inc AMZN 9.90% $437.71 226 $98,959 $465.58 $105,260 6.37%

Advent Software Inc ADVS 8.04% $44.23 1,818 $80,391 $44.24 $80,409 0.02%

Kite Pharma Inc KITE 6.46% $65.07 993 $64,618 $74.50 $73,982 14.49%

MiMedx Group Inc MDXG 6.17% $10.87 5,673 $61,670 $12.47 $70,747 14.72%

Skyworks Solutions Inc SWKS 6.03% $104.85 576 $60,345 $101.71 $58,538 (2.99%)

Receptos Inc RCPT 4.66% $194.91 239 $46,598 $230.58 $55,126 18.30%

Ambarella Inc AMBA 4.62% $101.21 456 $46,161 $109.15 $49,782 7.85%

Vertex Pharmaceuticals Inc VRTX 3.64% $131.26 277 $36,404 $133.96 $37,153 2.06%

Total Investments 100.00% $1,000,000 $1,030,093 3.01%

** Price Now is on July 16 2015

Please Note: Analytics Private Limited Model Portfolio will be redistributed atAvisethe beginning of every week. Basis Of Selection

F&MSI ModelSampleEquity Portfolio bycreated at the beginning of 2015 with the goal of beating the Market consistently. That can be achieved through the Efficient Frontier (Markowitz Model), which selects a portfolio of securities with a given expected return and a lower than their average standard deviation (volatility or risk).

In addition the Msquared Model uses the Complexity Theory to determine a securities expected return, improving considerably the portfolio performance of the portfolio

17 Technology Discussion: WHY TESLA HOME STORAGE BATTERY IS A BIG DEAL?

Since it introduction, Tesla’s flagship Model S, has been expensive (it ranges from $70,000 to over $100,000), but its range is 265 miles, more than tripled that of Nissan’s Leaf (75 miles). In the next future, Tesla hopes to produce much more affordable vehicles—including one that costs $30,000 to $35,000—with a range similar to that of the Model S.

Since the beginning of the company, the biggest technological issues were high costs and less-than-optimal batteries. That’s where Tesla hopes to make a difference. The company’s innovative battery and charging technology has given it a substantial lead in making batteries cheaper and recharging quicker, and it’s also helping Tesla lower costs faster.

Tesla’s choice of these small lithium-ion batteries is, arguably, one of its most important strategic gambles. By choosing smaller, cylindrical cells, Tesla saved on manufacturing costs—their costs have been driven down by economies of scale for the laptop industry, for which the cells were developed. Tesla could also use the most energy-dense battery materials available, in part because smaller cells are inherently less dangerous. And better energy density reduces materials costs. This approach meant Tesla had to develop a way to wire together many thousands of separate cells, compared to several hundred of the larger cells.

Battery packing: The battery pack in the Model S is flat and part of the frame that supports the car—the metal case provides structural support.

Just two years ago the battery for the Model S has been costing between $ 42,500 and $55,250, or half the cost of the car. The improvement since has been dramatic, the cost of the battery is now just a fraction of the total cost of the car. And the autonomy (the range) has been improving a lot.

Tesla batteries technological advances and cost reductionsAnalytics led Tesla to expand application Private beyond automotive. Limited In mid May, the company announced the introduction of two new home storage batteries for business and homes:The Powerpack and the Powerwall . Avise

The Tesla Powerpack is the company’s utility-scale rechargeable battery, designed to store energy for off-grid and supplemental power systems,Sample including large facilities by and the electric grid. The Powerpack, is bought by utilities or large industrial companies for heavy industrial work. So, typically it’s like at least 10 Powerpacks per installation. Tesla reported 2,500 reservations, which is actually 25,000 Powerpacks. Like Powerwall, Tesla’s battery for home and small business use, Powerpack is based on lithion ion technology. The batteries’ modular design is adapted from the technology used in those for Tesla's electric cars. Powerwall average reservation it is probably 1.5 to 2 per installation. So, 38,000 reservations is more, like 50,000 or 60,000 actual Powerwalls. Not surprisingly, the Tesla Powerwall is already sold out through mid-2016 and the anticipated revenues for the two batteries is estimated to be $800,000.

TESLA POWERWALL (left)

TESLA POWERPACK(Right)

18 WHY TESLA HOME STORAGE BATTERY IS A BIG DEAL?

Which were the market components that led Tesla to developing storage batteries for home and business?

The big grid – always on, highly reliable power which is expensive during peak demand hours, i.e. when a family actually wants to use the power. But usually the electricity is cheap at night when no one wants to use it and those big baseload plants that are hard (or very hard in the case of nuclear) to slow down are still pumping out power. And sometimes that power is provided by strong night winds. Home solar – Tesla owns SolarCity which provides zero down leasing. Home solar is often poorly aligned to peak usage, with installers looking for maximum generation with south-facing solar panels rather than maximum generation during peak with southwest facing panels. Then there are the homes with roofs that are poorly aligned to the sun regardless, so imperfect generation is all that is possible. And that peak generation isn’t necessarily perfectly aligned with peak cost of grid electricity either, but merely overlaps with it. Home storage – Maximum generation alignment of home solar matters less when you can carry forward the unconsumed electricity from solar panels to your evening of cooking, washing dishes, washing clothes, and streaming Netflix on your 40ʺ tv. And cheap electricity you can store at night and consume when electricity is really expensive is valuable as well. These components exist, and they existed before Tesla got into the home storage business. And Tesla’s offering costs about twice as much as more typical lead-acid batteries commonly used for the purpose.

So why is these particular home storage batteries getting had a crazy “off the blocks” start?

1. Net metering – Right now, there is a lot of conflict between utilities and home solar users and installation companies. Net metering is the requirement that home solar generators get paid for electricity that they produce and pump into the grid, and only pay for the electricity that they draw from the grid. Output vs input is the net. Home solar used to be an advantage to utilities — reduced peak demand — but has become a liability — reduced or even negative revenue from users of the grid. Basically, utilities still have to pay for the grid which home solar generators use, then they lose revenue or outright pay the home solar generator who is getting use of the grid for free. Since utilities pay for the grid out of electricity revenue, they are starting to demand that people with home solar who aren’t paying much for electricity start paying for grid usage to make up for it. This is getting mixed reviews, as you can understand, but in the USA especially is leading to a desire by many to be completely grid free, a dubious value proposition. Tesla’s hype fell into an emerging market opportunity of people who had solar on their roof, didn’t have batteries but are worried that they’ll be forced to pay more. 2. Time-of-use billing – Combined with smart meters, time-of-use billing is becoming much more common in utilities in the developed world. This model is simple: reduce demand during peak periods by increasing the price, typically combined with incenting shift of demand to off-peak times by lowering the price. Flattening demand curves, especially peaks, is very advantageous for grid managers because they have to have capacity for the peak. This enables storage to time-shift consumption and save at least some money. 3. Design – Previous storage units are collections of leadAnalytics acid batteries, basically Private the same thing you Limited have in your car, but scaled vertically and horizontally. They aren’t pretty, they are heavy, they take up floor space, they require maintenance, and they are pretty much a toxic addition to homesAvise if breached or even if the tops are removed. Tesla’s model is sleek, hangs on a wall and is much more chemically inert with no liquids. It’s a benign home appliance as opposed to an industrial object (much as some people like the industrial aesthetic at home, it’s less common). 4. The GigafactorySample– What Tesla by has going for it is that it is building the world’s largest battery factory, and likely expanding it now that the storage line has taken off so brilliantly. Pretty much everyone paying attention knows that Tesla is already producing batteries much more cheaply on a per KWH capacity at greater volume, and the Gigafactory is going to ramp that up. Battery storage has been dropping in price per KWH of capacity for a long time, but it’s closing in on a cusp point where it’s going to be worth it for average consumers to store at least some electricity. Picture of Tesla Gigafactory (Right)

19 What all of this adds up to is that home battery storage is marginally economical at the best today, but it’s viable for a subset of the high-consuming market, it’s desirable for its green credentials, it’s desirable due to the hype factor and it will defray its costs. And that the home storage market tomorrow will be viable for a much larger percentage of the market with increasing systemic pressures and pricing that will make it substantially more profitable. Tesla’s home storage battery is getting attention (and reservations) because they are staking a major claim to a market which is expected to increase dramatically.

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20 Weekly Updated

Transforming World Companies 10-Nov-2015 Lululemon Athletica BBERG Rating: 3.85* Overview: Lululemon Athletica, Inc. (LULU), founded in 1998, is engaged in the design, distribution, and retail of healthy lifestyle inspired athletic apparel. The *The above rating is an average rating, derived as Company conducts its business through a chain of company-operated stores, total rating divided by the number of analysts covering the stock. Rating of 1 is Strong Sell and 5 direct to consumer through e-commerce, showrooms, a network of wholesale is Strong Buy. accounts, outlets and warehouse sales. The Company markets its fit attire underneath the lululemon athletica and ivivva athletica brand names. As of August 2, 2015, the organization ‘s retail footprint contained 238 stores in United CORPORATE SUMMARY States, 60 stores in Canada, 26 stores in Australia, five in New Zealand, four in Price (in USD) (closing 10/11/15) 50.17 the United Kingdom, two in Singapore and one in Hong Kong. Diluted shares (in M) 130.711 Market cap (USD in M) 7051 Catalysts: Nike rival Lululemon is constantly introducing new products which Net Adjusted Debt (USD in M) incorporate technological advanced fabrics, some of which are protected by -664.5 patents and innovative functional features that differentiate it in the market. EV (USD in M) 6386.5 Collaborating with leading fabric manufacturers, it has jointly developed and Exchange NASDAQ trademarked names for innovative fabrics such as Luon and Silverescent. The Industry Retail Company describes the “Silverescent” technology as “anti-stink” which it claims ISIN US5500211090 that materials in the thread kill odor-causing bacteria in the garment itself. Its Bloomberg LULU:US patented fabric, “Invista”, is a chlorine-resistant additive aimed at making Reuters LULU.OQ swimsuits last longer. Among their ongoing efforts, the company is developing fabrics to provide advanced performance features such as UV protection and MANAGEMENT inherent reflectivity. In addition, the company plans to continue to develop CEO Laurent Potdevin differentiated manufacturing techniques that provide greater support, CFO Stuart Haselden protection, and comfort. Recently, the Company also announced the strategic changes to its organizational structure that further elevate and reinforce the Company's design CONSENSUS ESTIMATES

DETAILED REPORT CAN BE PRODUCED ON REQUEST and innovation-driven brand focus. USD in M FY15 FY16e FY17e FY18e Interestingly, Lululemon’s stores are credited for the online traffic they generate, meaning in the end the customers win, the business wins and each channel is SALES 1,797 2,069 2,345 2,676 integral to that success and experience. %growth 12.94% 15.14% 13.34% 14.12% Adj. EBIT 376 382 458 537 Hurdles: Although, the Company progressing very well Analyticswith its high-tech fabri cPrivate%margin Limited20.9% 18.5% 19.5% 20.1% products but its key rivals such as Nike (NYSE:NKE) and Under Armour (NYSE:UA) Adj. PAT 239 271 329 404 keeps an eagle eye on the company andAvisemay not loose any chance to bring a %margin 13.3% 13.1% 14.0% 15.1% better product in its segment in case Lululemon fails to attract its customer base. SHAREHOLDINGS Analyst Note: We agree with Anne-Charlotte Windal, Senior Analyst at Sanford C. Bernstein Sampleon her investment byoutlook for LULU, expecting the stock to Top 10 Institutions (%) Outperform with a target price of $76/share. She believes that the Company is a Advent International Corp. 15.40% small player with a strong brand in the fast growing global sportswear market Fidelity Management & Research Co. 15.10% and possess significant room to grow brand awareness and trial. She also Dennis J. Wilson 7.90% believes LULU is a fixable growth story, with positive top-line and bottom-line Manning & Napier Advisors LLC 6.49% catalysts on the horizon. Capital Research & Management Co. 6.43% In my view, although the company is growing well in its target market, but is not The Vanguard Group, Inc. 4.99% changing the world for making outfits for the rich U.S. fat women. Hence, we BlackRock Fund Advisors 2.89% give it a rating of 3.1 out of 5. Artisan Partners LP 2.15% Morgan Stanley InvtManagement, Inc. 1.94% Voya Investment Management Co. LLC 1.89%

21 Technical Analysis Lululemon Athletica Inc. LTP: $47.57/sh LULU US

Volume Closing Price Upper Band Middle Ban d Lower Band EMA(50) Linear (Closing Price) 80.00 50.0

70.00 40.0 60.00

50.00 30.0

Price in $ in Price 40.00

30.00 20.0 Volume in Million in Volume 20.00 10.0 10.00

0.00 0.0 8-Oct-15 8-Sep-15 10-Jul-15 9-Aug-15 7-Nov-15 10-Jun-15 11-Ap r-15 12-Mar-15 11-May-15 RSI (7) 100

0 15 15 15 15 15 15 15 12- 11- 8-Oct- 8-Sep- 10-Jul- 9-Aug- 7-Nov- Mar-15 10-Jun- 11-Ap r- May-15

Source: Yahoo Finance, F&MSI Research

MOVING AVERAGES EMA(5) EMA(10) EMA(20) EMA(50) Summary 49.60 50.13 50.74 Analytics53.26 Private Limited SELL SELL SELL SELL SELL MOMENTUM OSCILLATORS & INDICATORS Avise RSI (7) %K Stoch William %R (7) MACD (12,26,9) Summary 22.27 1.93 -98.07 -0.94 OVERSOLD OVERSOLD OVERSOLD OVERSOLD SELL VOLATILITY VOLUME ANALYSIS ATR (14) Sample by Summary Current 3,627,200 7-days Average 2,929,593 0.04 Slightly More Volatile 14-days Average 2,195,129 SHORT TERM (7 DAYS) PIVOT TABLE S2 S1 Pivot Point R1 R2 Classic 43.70 45.64 49.39 51.33 55.08 Fibonacci Levels 45.88 47.22 49.39 51.57 52.91 Disclosure: The above technical analysis has been conducted based on historical daily price data and the chart was generated using " Aviware 2014" software, proprietarily developed by Avi Surana, Avise Analytics (P) Ltd.