Advisory Board PresentationAIM XLIV | May 1, 2017

AIM XLIVAnalyst Introductions

Conor LarkinBuffalo, New YorkAlign Technology, Calavo Growers

AruhanInner Mongolia, ChinaVersik Analytics, Infinera

Sylvia BandaCarmel, IndianaActivision Blizzard, Royal Caribbean

Andy BurrowNorth Lawrence, OhioWabtec Corporation, Kroger

Samuel ChitritSan Antonio, TexasAlphabet, Facebook

Jason DavisKennewick, WashingtonExxon Mobil, M&T Bank

Graham GardnerRochester, New YorkIntel, Exelon

Meng LiHebei, ChinaNvidia, Analog Devices

Elizabeth SadlerBoston, MassachusettsMosaic, Palo Alto Networks

Bhavuk GhaiPatiala, IndiaMarket Axxess, LAM Research

Silei LiGuangdong, ChinaGilead Sciences, Walgreens Boots Alliance

Karissa SchuchardtSheboygan, WisconsinHerman Miller, CVS Health

Sean HanleyChicago, IllinoisAmerican Tower, IBM

Garrett LoganBoston, MassachusettsDigital Realty Trust, Francesca’s

Jessie SunJiangsu, ChinaEquifax, Vulcan Materials

Dylan KoehlerLakeville, Connecticut Hanesbrands, Mas Tec

Elizabeth LynchGrosse Pointe Farms, MichiganKinder Morgan, Target Corp.

Fernando TurrentMexico City, MexicoUnder Armour, AECOM

Andrew RoehlGreenville, South CarolinaVeriSign, Thermo Fisher Scientific

Patrick VeltmanRichmond, VirginiaTotal System Services, Synchrony Financial

Nancy XiaFujian, ChinaMicrosoft, Priceline

Ross ZimmermanUtica, MichiganRockwell Collins, Intercontinental Exchange

2

AgendaCourse OverviewEconomic OutlookPortfolio PerformanceSelection MethodologySecurity AnalysisAIM XLIV Review

Course OverviewFundamentalsAnalyst ResponsibilitiesInvestment Philosophy

Applied Investment Management Winter 2017

• Hands-on immersion in portfolio management

• Bridges course work with practical experience• Weekly presentations, final board presentation to the advisory

panel composed of key industry executives• Analysts selected on application basis considering:

• Academic performance• Relevant work experience • Personal goals

• 1st Half:• Inherit stock from the previous portfolio• Thorough analysis; reports findings to investment team

• 2nd Half:• Select a stock to research and pitch• Class builds and executes a portfolio of existing and

pitched stocks

Course OverviewFundamentals

Course Outline

Course Objectives

AIM

5

• Execute a series of reports on individual stocks culminating in a valuation of that firm

• Analysts maintain coverage of their stocks and sectors, updating the class on pertinent developments

• Beyond individual assignments, analysts must participate through questions and comments to hold each other accountable

• Monthly Economic and Portfolio Performance Updates

• Industry and Sector Outlook Reports

• AIM Alumni communication through Newsletter and Webpage

Course OverviewAnalyst Responsibilities

Individual Responsibility Team Projects

• Each day, an analyst acts as “CIO” and leads the course like a meeting –working down agenda items

• Discussions flow from analyst questions, and contributions are moderated by peers not professors

• During portfolio selection each analyst has an equal voice

Student Driven Classroom

6

• Outperform the S&P since inception

• Bottom-up approach, accompanied by top down consideration

• Well-researched trade decisions that contribute to the growth of the portfolio’s value for the use of future classes

• Common equities traded on major US exchanges

• Target allocation (±10%): • 35% Small & Mid Cap• 65% Large Cap

• No stock > 10% of portfolio

• Portfolio Sector weights ≅ S&P 500 weights

Investment Constraints

Investment Philosophy Allocations

Course OverviewInvestment Philosophy & Policies

Sector Proposed Portfolio S&P 500

Technology 27% 22%

Financials 12% 14%

Healthcare 8% 14%

Consumer Discretionary 15% 12%

Industrials 12% 10%

Consumer Staples 12% 9%

Energy 4% 7%

Utilities 4% 3%

Real Estate 8% 3%

Materials 0% 3%

Telecomm 0% 2%

7

Economic OutlookUnited States EconomyCurrent Political EnvironmentMarket Reactions to Political EventsGlobal EconomyInvestment Considerations Economic Takeaways

United States EconomyEconomic Overview

University of Michigan Consumer Sentiment U.S. GDP 2014-2016

USD Index Non-Farm Payrolls Additions

$14

$15

$16

$17

$18

$19

$20

$ tr

illio

nsReal Nominal

8486889092949698

100

Consumer Sentiment Moving Avg

0

50

100

150

200

250

300

May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

Thou

sand

s of J

obs A

dded

Payroll Number Moving Average

90

92

94

96

98

100

102

104

BrexitTrump Election

Fed Hike

Source: S&P Capital IQ, Bloomberg, FRED, Bureau of Labor Statistics, University of Michigan 9

• Expected to raise rates 2-3 more times in 2017 (50-75bps)

• Target 2% inflation rate

• Real GDP growing at moderate pace

• Unemployment rate of 4.7% is positive indicator

• Real personal consumption and investment spending both increased in Q4-16

United States EconomyFederal Reserve Policy

U.S. 10-Year Treasury Note Existing Home Purchases

Federal Reserve Minutes Personal Consumption

$11.4$11.5$11.5$11.6$11.6$11.7$11.7$11.8

$ bi

llion

s

1.3

1.5

1.7

1.9

2.1

2.3

2.5

2.7

Yiel

d

5.1

5.2

5.3

5.4

5.5

5.6

5.7

5.8

Mill

ions

of h

omes

pur

chas

ed

Source: S&P Capital IQ, Bureau of Economic Analysis 10

• Election called for $1.0T - $1.5T stimulus package focused on infrastructure

• Tabled the issue until 2018

• Not included in Trump FY-17 Budget submitted to Congress

• Push for ACA repeal

• Negotiations directly with pharmaceutical companies

• Ability to buy insurance over state lines

• Ryan pulls AHCA after CBO estimated 24 million would lose coverage

• Strategy of letting Obamacare collapse on itself

• Trump Tax Plan:• 35% to 15% corporate taxes• 7 to 3 Income Brackets with top at 35%

• CBO: Trump Tax Plan +$10T to the Federal Deficit• Dismantle CFPB in the Federal Courts• Major cuts EPA

Current Political ClimateUnpredictable Trump Agenda

Infrastructure Healthcare

Trade Taxes & Regulation

63.7%

36.3%

S&P 500 % of FY-16 Revenue

United States

Rest of the World

Source: NPR, The Wall Street Journal, The New York Times, CNBC, Congressional Budget Office, The Hill 11

Source: S&P Capital IQ

Benchmark Returns

Index Election to March 1Since

March 1

S&P 500 12.4% -2.2%

Russell 2000 18.6% -3.7%

MSCI World 10.1% -1.0%

MSCI China 5.3% 2.0%

Industry Sector Industry Group

% S&P 500

Election to Mar. 1

Since Mar. 1

Consumer Discretionary

Automobiles and Components 0.6% 15.1% -8.6%Consumer Durables and Apparel 1.3% 4.3% -1.2%Consumer Services 1.7% 18.2% 3.0%Media 3.6% 18.1% 0.4%Retailing 5.5% 11.1% 0.7%

Consumer Staples

Food and Staples Retailing 2.4% 4.6% -0.7%Food, Beverage and Tobacco 5.8% 6.0% 1.3%Household and Personal Products 1.9% 5.3% -0.3%

Energy Energy 6.0% 7.8% -4.0%

FinancialsBanks 5.8% 36.9% -10.6%

Diversified Financials 5.5% 24.8% -7.3%Insurance 2.5% 16.7% -4.2%

HealthcareHealthcare Equipment and Services 5.0% 14.4% -1.6%Pharmaceuticals, Biotechnology and Life Sciences 7.8% 11.5% -3.8%

IndustrialsCapital Goods 6.9% 17.4% -2.3%Commercial and Professional Services 0.6% 12.6% -1.2%Transportation 2.1% 19.6% -5.6%

Information Technology

Semiconductors and Semiconductor Equipment 3.1% 15.2% 0.9%

Software and Services 16.0% 11.5% 0.9%Technology Hardware and Equipment 5.2% 22.1% -1.1%

Materials Materials 2.7% 16.4% -3.1%Real Estate Real Estate 2.9% 8.5% 2.6%Telecomm Telecomm 2.2% 10.7% -2.4%

Utilities Utilities 3.0% 6.9% 2.0%

-10%

-5%

0%

5%

10%

15%

20%

25%

Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

% R

etur

n

S&P 500 Russell 2000 Index MSCI World Index MSCI China

Market ReactionsSignificant Political Events Driving Industry Performance

12

Source: S&P Capital IQ, The New York Times, The International Monetary Fund, The British Broadcasting Company, Euromonitor International

• Breakup?• Rise of the Alt Right• French Election R1: Macron: 24.0% | Le Pen: 21.3%• Brexit – Target 2019

• Surprise Election: June 2017• Polling: Conservatives 48% | Labor: 22%• Economy stabilized since exit vote

• Germany & France: consumer confidence & markets climb• Japan: Slow but consistent (1-2%) economic growth• China:

• 6.9% Q1-17 GDP Growth – strong growth in retail• Est. $1.1T in implied capital outflows (08/15 – 12/16)

• India: highs in GDP growth, consumer confidence

Future of the European Union Economic Overview

IMF Growth Projections Global Currency Performance vs. USD

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

$ bi

llion

s

U.S.

E.U.

S. America

China

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

Euro

Pound

Yen (100x)

Swiss Franc

Global EconomyConsistent Growth Throughout

13

• Increases in employment & disposable income will continue to drive investments & spending

• The Fed is pushing inflation at a conservative pace and continuously adjusting to the political landscape

• Foreign Direct Investment in the United States is at historical highs

• NYT (03/31): “Caution Signals Are Blinking for the Trump Bull Market” - Shiller

Source: The Bureau of Economic Analysis, Yale University, The New York Times, The Federal Reserve Bank of Atlanta

Upside Downside

$0$50$100$150$200$250$300$350$400$450

$0

$500

$1,000

$1,500

$2,000

$2,500

1980 1985 1990 1995 2000 2005 2010 2015

Real S&P Com

posite Earnings

Real

S&

P Co

mpo

site

Sto

ck

Pric

e In

dex

Index Price

Earnings$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$ bi

llion

s

Foreign Direct Investment

0.0%

1.0%

2.0%

3.0%

Atlanta FED Q1-17 Annual GDP Growth Forecast

Max: 3.5% Projections:

• S&L: -2.0%

• PCE: -0.9%

• Gov.: -0.6%

Min: 0.5%

Investment ConsiderationsBull & Bear Indications

14

Diversification

Tariff Risk

Trump Bounce

• Increased our position in Financials & Consumer Discretionary to capture market upside; decreased in Technology, Industrials, and Energy

• Accounted for market upside with projected future returns and the risks presented by potential political events

• Considered segmented geographic revenue in earnings analysis to account for threats of trade wars

Economic TakeawaysAIM Portfolio Strategies

15

Portfolio PerformanceAIM Portfolio ReturnsRisk-Adjusted PerformanceAttribution AnalysisTop & Bottom PerformersPortfolio Additions & DeletionsFinalized Portfolio

Portfolio PerformanceKey Themes

AIM Portfolio Returns

Risk-Adjusted Performance

Attribution Analysis

Top and Bottom Performers

Finalized Portfolio

• Long-term outperformance muted by near-term underperformance

Portfolio Additions and Deletions

• Beta to S&P 500 dropped below 1.0 during last 12 months; Sharpe Ratio below benchmark indices indicates disappointing results for riskiness of portfolio

17

Portfolio PerformanceHistorical Returns Against Benchmarks

Cumulative Return of $1 Investment Since Inception (as of March 31, 2017)

Source: BNY Mellon Statement 18

$9.04

$5.94

$5.82

$5.73

$-

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AIM HBI Russell 2000 S&P 500

Portfolio PerformanceHistorical Returns Against Benchmarks

Returns Against Benchmark Indices (as of March 31, 2017)

11.6%

6.0%

11.8%10.9%

17.2%

10.4%

13.3%

8.6%

26.2%

7.2%

12.4%

8.6%

20.4%

9.4%

13.1%

8.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

1 Year 3 Years 5 Years Since Inception

AIM S&P 500 Russell 2000 HBI

Source: BNY Mellon Statement 19

Source: BNY Mellon Statement

Portfolio PerformanceRisk Profile

Beta to Benchmark Indices (as of March 31, 2017)

0.88

1.06 1.04

0.28

0.570.63

0.59

0.92 0.93

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1 Year 3 Year 5 Year

AIM vs. S&P 500 AIM vs. Russell 2000 AIM vs. HBI

20

Source: BNY Mellon Statement

Portfolio PerformanceRisk-Adjusted Performance

Jensen’s Alpha (as of March 31, 2017)

21

-2.76

-4.57

-1.75

4.15

1.82

3.81

0.01

-2.38

-0.23

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

1 Year 3 Year 5 Year

AIM vs. S&P 500 AIM vs. Russell 2000 AIM vs. HBI

Source: BNY Mellon Statement

Portfolio PerformanceRisk-Adjusted Performance

Sharpe Ratio (as of March 31, 2017)

22

1.61

0.53

1.01

2.63

1.00

1.28

1.90

0.52

0.88

2.38

0.83

1.16

0.0

0.5

1.0

1.5

2.0

2.5

3.0

1 Year 3 Year 5 Year

AIM S&P 500 Russel 2000 HBI

AIM Portfolio Returns

Risk-Adjusted Performance

Attribution Analysis

Top and Bottom Performers

Finalized Portfolio

Portfolio PerformanceKey Themes

• Allocation effect + Selection effect = Net management effect

Portfolio Additions and Deletions

• Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance

23

Portfolio Performance Attribution Analysis: 5-Year Annualized

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

Financials Health Care Utilities ConsumerDiscretionary

ConsumerStaples

Energy InformationTechnology

Materials TelecommServices

Industrials Real Estate

Allocation Effect Selection Effect Total Net Management Effect

Source: BNY Mellon Statement 24

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

Financials Health Care Utilities ConsumerDiscretionary

ConsumerStaples

Energy InformationTechnology

Materials TelecommServices

Industrials Real Estate

Allocation Effect Selection Effect Total Net Management Effect

Portfolio Performance Attribution Analysis: 1-Year Annualized

Source: BNY Mellon Statement 25

Source: S&P Global, BNY Mellon Statements Note: Green indicates current compliance and red indicates incompliant

Portfolio PerformanceTarget Weighting

Target Portfolio Weights Current Configuration

19.6%Information Technology,

41.7%

Financials, 4.2%Health Care,

8.3%

Consumer Discretionary,

8.3%

Industrials, 16.7%

Consumer Staples, 0.0%

Energy, 8.3%

Utilities, 0.0%Real Estate,

8.3%

Materials, 4.2% Telecomm, 0.0%

10.2%

Information Technology,

22.1%

Financials, 14.4%

Health Care, 13.9%

Consumer Discretionary,

12.3%

Industrials, 10.1%

Consumer Staples,

9.3%

Energy, 6.6%

Utilities, 3.2%

Real Estate, 2.9%

Materials, 2.8%

Telecomm, 2.4%

26

Portfolio Performance Top and Bottom Performers: Holding Period Return

-38.4%

-10.4% -8.3% -8.2% -8.2%-7.1% -4.6%

-3.1% -0.2%

0.2% 2.2%5.5% 6.2% 7.2% 7.4% 7.8% 8.1% 8.3%

11.0%16.7% 17.1% 18.5% 18.9%

22.0%

34.5%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

UA

MOS

GILD

XOM

MLH

R

HBI

WAB

VRSK KM

I

INTC CO

L

INFN

NVD

A

MSF

T

GOOG

L

GOOG TS

S

VRSN

MKT

X

EFX

ALGN F

B

DLR

AMT

ATVI

PERFORMANCE SINCE DECEMBER 7, 2016

Stocks added by AIM XLIII on December 7, 2016

Company Industry ReturnActivision Blizzard Technology 34.51%American Tower Real Estate 21.95%Digital Realty Trust Real Estate 18.88%Facebook Technology 18.54%Align Technology Healthcare 17.14%

Top 5 PerformersCompany Industry ReturnUnder Armour Consumer Goods -38.38%Mosaic Basic Materials -10.40%Gilead Sciences Healthcare -8.28%ExxonMobil Energy -8.23%Herman Miller Consumer Goods -8.22%

Bottom 5 Performers

Source: BNY Mellon Statement, Yahoo! Finance 27

Portfolio PerformanceKey Themes

Finalized Portfolio

• 13 additions and 11 deletionsPortfolio Additions and Deletions

• Allocation shift toward Consumer Staples, Consumer Discretionary, and Financials, away from IT and Industrials

AIM Portfolio Returns

Risk-Adjusted Performance

Attribution Analysis

Top and Bottom Performers • Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance

28

Portfolio PerformanceAllocation: Inherited Portfolio

Consumer Discretionary, 5.4%

Energy, 6.6%

Financials, 4.5%

Healthcare, 7.3%

Industrials, 17.9%

Information Technology,

39.2%

Materials, 3.7%

Real Estate, 8.8%

Source: BNY Mellon Statement 29

Source: BNY Mellon Statement

Portfolio PerformanceAdditions and Deletions

Portfolio Additions

Company IndustryRoyal Caribbean Consumer DiscretionaryPriceline Consumer DiscretionaryFrancesca's Consumer DiscretionaryCVS Consumer StaplesKroger Consumer StaplesCalavo Growers Consumer StaplesICE FinancialsSynchrony Financial FinancialsThermo Fisher Scientific HealthcareAECOM IndustrialsAnalog Devices TechnologyPalo Alto Networks TechnologyExelon Utilities

Portfolio Deletions

Company IndustryHanesbrands Consumer DiscretionaryExxon Mobil EnergyAlign Technology HealthcareVerisk Analytics IndustrialsEquifax IndustrialsWestinghouse Airbrake IndustrialsMosaic Company MaterialsNvidia TechnologyIntel TechnologyInfinera TechnologyVerisign Technology

30

Portfolio PerformanceAllocation: AIM XLIV Portfolio

Information Technology,

27%

Financials, 12%Health Care,

8%

Consumer Discretionary,

15%

Industrials, 12%

Consumer Staples,12%

Energy, 4%

Utilities,4% Real Estate,

8%

Source: BNY Mellon Statement 31

Source: BNY Mellon Statement, AIM / Xia 2017

Portfolio PerformanceSector Allocation

AIM XLIV Final Portfolio vs. S&P 500 (As of April 18, 2017 )

As of October 31, 2016 27%

12%

8%

15%

12% 12%

4% 4%

8%

0% 0%

22%

14% 14%12%

10% 9%

7%

3% 3% 3% 2%

0%

5%

10%

15%

20%

25%

30%

AIM XLIV S&P 500

32

Portfolio PerformanceKey Takeaways

AIM Portfolio Returns

Risk-Adjusted Performance

Attribution Analysis

Top and Bottom Performers

Finalized Portfolio

• Long-term outperformance muted by near-term underperformance

• Allocation effect + Selection effect = Net management effect

• Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance

• 13 additions and 11 deletionsPortfolio Additions and Deletions

• Allocation shift toward Consumer Staples, Consumer Discretionary, and Financials, away from IT and Industrials

• Beta to S&P 500 dropped below 1.0 during last 12 months; Sharpe Ratio below benchmark indices indicates disappointing results for riskiness of portfolio

33

Security AnalysisCompany & Industry OverviewFundamental AnalysisDiscoveryEarnings AnalysisBeta AnalysisRelative ValuationDiscounted Cash Flow ValuationAlternative Valuation

• Investment committee-based process• Multiple portfolios considered• 22 equal votes

• 2-minute “quick pitch”

• Initial round voting – 80% threshold

• Actively updated:• Portfolio allocations vs. S&P 500• Small/Mid/Large cap mix

• Second round voting – filled last third of open slots

Course OverviewPortfolio Selection Process

Methodology Process

Stock Ticker Analyst SectorMarket

CapCurrent

Portfolio? RecTargetPrice

Round 1Yes

Round 1No %

Round 2Yes

Round 2No

Exxon Mobil XOM Jason Davis Energy Large Yes Sell 83.17$ 8 14 36% 22

Facebook FB Sam Chitrit Technology Large Yes Buy 166.87$ 21 1 95%

Francesca's FRAN Garrett Logan Consumer Discretionary Small No Buy 21.34$ 14 8 64% 13 9

Gilead Sciences GILD Silei Li Healthcare Large Yes Buy 91.79$ 16 6 73%

Hanesbrands HBI Dylan Koehler Consumer Discretionary Mid Yes Buy 29.90$ 14 8 64% 11 11

Herman Miller MLHR Karissa Schuchardt Industrials Small Yes Hold 34.60$ 11 11 50% 15 7

IBM IBM Sean Hanley Technology Large No Sell 179.71$ 0 22 0% 22

ICE ICE Ross Zimmerman Financials Large No Buy 76.92$ 19 3 86%35

Stocks

StockTickerAnalystSectorMarket CapCurrent Portfolio?RecTargetPrice% Upside (as of 4/18/17)DetailDECISIONRound 1YesRound 1No%Round 2YesRound 2NoR2 %R3 YesR3 NoR3 %R4 YesR4 NoR4 %

Exxon MobilXOMJason DavisEnergyLargeYesSell$ 83.172.6%1.) Earnings highly dependent on market price of oil2.) Saudi Aramco IPO will likely redistribute portions of the energy market 3.) Very little intrinsic upsideNO81436%220%

FacebookFBSam ChitritTechnologyLargeYesBuy$ 166.87Revenue growth >30% each year since 2010.Earnings growth > 20% each year since 2010.User-base expected to reach 2 billion in 2017.Little debt -> Keep 100% of cash flows.Concern: Shareholder litigation regarding proposed new class of publicly-traded stock.YES21195%

Francesca'sFRANGarrett LoganConsumer DiscretionarySmallNoBuy$ 21.34Francesca's high cash yield combined with the potential to invest in new stores at a high return (22% ROA, 35%ROE) gives Francesca’s both an attractive valuation and a bright futureYES14864%13959%91243%13862%

Gilead SciencesGILDSilei LiHealthcareLargeYesBuy$ 91.7939.0%The market is not positive toward Gilead Sciences due to its underperformance in the HCV segment and potential competitors in the HIV segmet. The market price is around the worst case in the DCF valuation and way lower than multiples valuation. The sharp decrease in the HCV sales is expected. However, with 78% of patients on a Gilad HIV product, they are dominating the HIV market in the US. Steady growth in the HIV segment will partially compensate for its declining sales in HCV segment. Besides, with well-balanced product pipeline and strong cash flow, Gilead Sciences still has growth potential in new product launch and grow through acquisiton. In conclusion, the investment thesis is hold. YES16673%

HanesbrandsHBIDylan KoehlerConsumer DiscretionaryMidYesBuy$ 29.90NO14864%111150%41719%

Herman MillerMLHRKarissa SchuchardtIndustrialsSmallYesHold$ 34.6010.4%Progress on strategic agenda as a global, multi-channel modern lifestyle brand Organic revenue growth supported by expanded retail studio footprint and diversified distribution Continued operational excellence of low fixed costs and lean manufacturingYES111150%15768%13862%

IBMIBMSean HanleyTechnologyLargeNoSell$ 179.715.4%NO0220%220%

ICEICERoss ZimmermanFinancialsLargeNoBuy$ 76.92YES19386%

InfineraINFNAruhanTechnologySmallYesBuy$ 10.819.0%1) Technological advantage with Photonic Integrated Circuits2) Entered two fast growing segments: metro and datacenter interconnect-expected to gain market share in these two segments in the next few yearsNO91341%220%

IntelINTCGraham GardnerTechnologyLargeYesSell$ 36.08-1.2%-Mature company going through aggressive transformation-PC will suppress revenue for 3-5 years-Little growth potential in the next few years -Revenue growth is based on large bets in new segments where the demand and industry is unknown (driverless cars)-Reliance on high growth of small business unitsNO2209%220%

Kinder MorganKMIElizabeth LynchEnergyLargeYesBuy$ 26.0022.0%Top performer in the Energy sector through the last 18 Months of low oil prices.Upside potential driven through guarenteed cashflows from service fees associated with LNG and petroleum product transfer services. Contracts are long term and revenues are hedged so KMI is much less risky than multidisiplenary energy firms like BP or Royal Shell. Nearly 100% of profits are in the US, so the firm is also protected through possible Trump trade shake-ups. Outlook very consistent upside until the next AIM trading cycle.YES18482%

KrogerKRAndy BurrowConsumer StaplesLargeNoBuy$ 34.521.) Top tier if not best loyalty and data gathering program 2.) Lack of true comps keeps spotlight off of it in markets 3) Most integrated of any traditional grocery chain, opportunity to spin assets if times get tough (Real Estate, Jewelry, Convenience, Pharmacy, Manufacturing)) YES16673%

Lam ResearchLRCXBhavuk GhaiTechnologyLargeNoBuy$ 138.909.0%It is one of the leading semi-conductor equipment manufacturers and is expected to maintain is leading position in the future.China to Invest $160 bln in Semiconductor manufacturing by 2025. LRCX, has long standing relationships and partnerships in China and is expected to gain much business from the growing demand in China.NO111150%101245%91243%81338%

M&T BankMTBJason DavisFinancialsLargeNoBuy$ 162.786.0%1.) Stock performs with industry and outperforms peers during positive economic times2.) Outperforms industry during negative economic times 3.) Protection against downcycle with low non-performing portfolio and low BetaNO14864%81436%61529%

MarketAxessMKTXBhavuk GhaiFinancialsMidYesBuy$ 229.0025.0%Catalyst 1: Continued market share expansionHigh-grade bond trading segment: Market share from 14.1 percent to 16 percent. While, within the . Eurobond segment: Market share from 4 percent to 7.1 percent Catalyst 2: Diversification – Strong International growthMKTX’s US corporate bond trading volume: Grew at 26 percent MKTX's Eurobond and Emerging Markets volumes: Grew by 79 percent and 54 percentYES220100%15768%

MastecMTZDylan KoehlerIndustrialsMidNoSell$ 39.50NO0220%220%

MicrosoftMSFTQing XiaTechnologyLargeYesBuy$ 84.1228.6%1) Pushing forward a successful cloud strategy2) MS Enterprise: strong market share across OS, Office, cloud, and database3) Overall strategy and EPS benefited by LinkedIn acquisitionYES20291%

Mosaic CoMOSElizabeth SadlerMaterialsMidYesBuy$ 31.6216.9%Stock price has depreciated since final valuation. It seems to be hovering around $27/$28. Would change investment thesis if there are other stocks with greater upside to addNO71532%220%

NvidiaNVDAMeng LiTechnologyLargeYesSell$ 86.11-13.2%1)Trading price is higher than NVIDIA’s intrinsic stock price2)Competition from AMD in the gaming market 3)Many qualified semiconductor company well positioned for IOTNO31914%220%

Palo Alto NetworksPANWElizabeth SadlerTechnologyLargeNoBuy$ 120.4010.4%Trading at/below its 52 week low, so if believe in the company and industry it could be a long-term value play as the stock appreciates. Has see significant depreciation over the past month due to earnings miss that hit stock ~20-30%.YES16673%

PricelinePCLNQing XiaConsumer DiscretionaryLargeNoBuy$ 20.3715.6%1) No. 1 player in online travel booking market (forward 7-year revenue CAGR 10%), benefit from large scale and network effect2) Previous 10-year revenue and net income CAGR 20%+; well-managed: net profit margin 20%; ROE: 23%3) Growth potential from superior position in Asia, especially China, continued leadership in Europe, and expanding presence in vacation rentals and restaurant bookingsYES16673%

Rockwell CollinsCOLRoss ZimmermanIndustrialsLargeYesHold$ 101.13NO13959%91341%15671%

Royal CaribbeanRCLSylvia BandaConsumer DiscretionaryLargeNoBuy$ 106.1911.4%Significant upside potential in capturing growing Chinese market, A part of an oligopoly (#2 player) in the space, Significant strides in credit health and decreased costsYES18482%

Synchrony FinancialSYFPatrick VeltmanFinancialsLargeNoBuy$ 36.30YES16673%

Target CorporationTGTElizabeth LynchConsumer DiscretionaryLargeNoHold$ 61.1914.0%trading at a 52 week low and has been for the past 6 weeks since a missed Q4 2016 earnings report. Valuation shows that in the next few months they are due for a price correction up to fair valueLong term growth is very slow and will not pick up for at least 2 years.NO0220%220%

Thermo Fisher ScientificTMOAndrew RoehlHealthcareLargeNoBuy$ 160.805.3%TMO is a well diversified, low risk stock that presents consistent growth propects over the next five years. Their M&A activity and income growth are why analysts present this stock as a strong buy with a mean projection around $172.YES20291%

Total Systems ServerTSSPatrick VeltmanTechnologyMidYesBuy$ 59.00YES15768%15768%13862%

Under ArmorUAFernando TurrentConsumer DiscretionaryMidYesSell$ 23.0920.9%Brand is loosing its luster, they are loosing there edgy designs and young people dont like their gear. Its a very risky stockYES111150%111150%15671%

VerisignVRSNAndrew RoehlTechnologyMidYesSell$ 82.03-7.2%While VRSN's revenue and income growth has been "utility" consistent the firm appears to be correctly/slightly over valued at this point in time and does not present significant upside moving forward.NO0220%220%

Verisk AnalyticsVRSKAruhanIndustrialsLargeYesBuy$ 91.1213.0%1) Near monopoly in insurance 2) Great customer relationship3) Great organic and inorganic growthyes121055%101245%81338%

VulcanVMCJessie SunMaterialsLargeNoSell$ 68.001) Intrinsic value is far below the current price: $118 on April 17. 2) The PE ratio in this industry is 50% higher than S&P even after omiting outlier company.NO2209%220%

Walgreens Boots AllianceWBASilei LiConsumer StaplesLargeNoSell$ 77.89-5.0%Walgreens Boots Alliances Inc. (WBA) is a well-run drug retailer with strong operations capability and a prospect to achieve long-term steady growth. However, both FCFF model and the multiples valuation model indicates that it is slightly over-valued. The investment thesis is hold/sell. NO0220%220%

Westinghouse Airbrake Technologies CorporationWABAndy BurrowIndustrialsMidYesSell$ 77.931.) Continued weakness in high margin freight segment 2.) Integration risk of Faiveley Transport Group acquisition 3.) Highly susceptible to trade policy & FX (Over 2/3 of est. 2017 sales will be from Non-USA, a headwind of approx. $65M in 2017 ) NO1215%220%

AIM Compliance

NameTickerMarket CapSectorStock

Royal CaribbeanRCLLargeConsumer Discretionary1Market Cap# stocksProposed PortfolioIPS ParametersAbs DifferenceAcceptable?

PricelinePCLNLargeConsumer Discretionary2Large1246%65%19%NO

Under ArmorUAMidConsumer Discretionary3Small & Mid519%35%16%NO

Francesca'sFRANSmallConsumer Discretionary417

CVSERROR:#N/AERROR:#N/AERROR:#N/A5

KrogerKRLargeConsumer Staples6Sector Weights# stocksProposed PortfolioS&P 500 (MC)Abs DifferenceAcceptable?

Calavo GrowersERROR:#N/AERROR:#N/AERROR:#N/A7Technology415%22%7%NO

Kinder MorganKMILargeEnergy8Financials312%14%3%YES

ICEICELargeFinancials9Health Care28%14%6%NO

Synchrony FinancialSYFLargeFinancials10Consumer Discretionary415%12%3%YES

MarketAxessMKTXMidFinancials11Industrials28%10%2%YES

Thermo Fisher ScientificTMOLargeHealthcare12Consumer Staples14%9%5%NO

Gilead SciencesGILDLargeHealthcare13Energy14%7%3%YES

Align TechERROR:#N/AERROR:#N/AERROR:#N/A14Utilities00%3%3%YES

Verisk AnalyticsVRSKLargeIndustrials15Real Estate00%3%3%YES

AECOMERROR:#N/AERROR:#N/AERROR:#N/A16Materials00%3%3%YES

Herman MillerMLHRSmallIndustrials17Telecommunication Services00%2%2%YES

American TowerERROR:#N/AERROR:#N/AERROR:#N/A1817

Digial Realty REITERROR:#N/AERROR:#N/AERROR:#N/A19

Activision BlizzardERROR:#N/AERROR:#N/AERROR:#N/A20

AlphabetERROR:#N/AERROR:#N/AERROR:#N/A21

MicrosoftMSFTLargeTechnology22

FacebookFBLargeTechnology23

Analog DevicesERROR:#N/AERROR:#N/AERROR:#N/A24

Palo Alto NetworksPANWLargeTechnology25

Total Systems ServerTSSMidTechnology26

AIM Preferred

NameTickerMarket CapSectorStock

Royal CaribbeanRCLLargeConsumer Discretionary1Market Cap# stocksProposed PortfolioIPS ParametersAbs DifferenceAcceptable?

PricelinePCLNLargeConsumer Discretionary2Large1246%65%19%NO

Under ArmorUAMidConsumer Discretionary3Small & Mid519%35%16%NO

Francesca'sFRANSmallConsumer Discretionary417

CVSERROR:#N/AERROR:#N/AERROR:#N/A5

KrogerKRLargeConsumer Staples6Sector Weights# stocksProposed PortfolioS&P 500 (MC)Abs DifferenceAcceptable?

Calavo GrowersERROR:#N/AERROR:#N/AERROR:#N/A7Technology415%22%7%NO

Kinder MorganKMILargeEnergy8Financials312%14%3%YES

ICEICELargeFinancials9Health Care28%14%6%NO

Synchrony FinancialSYFLargeFinancials10Consumer Discretionary415%12%3%YES

MarketAxessMKTXMidFinancials11Industrials28%10%2%YES

Thermo Fisher ScientificTMOLargeHealthcare12Consumer Staples14%9%5%NO

Gilead SciencesGILDLargeHealthcare13Energy14%7%3%YES

Rockwell CollinsCOLLargeIndustrials14Utilities00%3%3%YES

AECOMERROR:#N/AERROR:#N/AERROR:#N/A15Real Estate00%3%3%YES

Herman MillerMLHRSmallIndustrials16Materials00%3%3%YES

American TowerERROR:#N/AERROR:#N/AERROR:#N/A17Telecommunication Services00%2%2%YES

Digial Realty REITERROR:#N/AERROR:#N/AERROR:#N/A1817

Activision BlizzardERROR:#N/AERROR:#N/AERROR:#N/A19

AlphabetERROR:#N/AERROR:#N/AERROR:#N/A20

FacebookFBLargeTechnology21

MicrosoftMSFTLargeTechnology22

Analog DevicesERROR:#N/AERROR:#N/AERROR:#N/A23

Palo Alto NetworksPANWLargeTechnology24

Total Systems ServerTSSMidTechnology25

ExelonERROR:#N/AERROR:#N/AERROR:#N/A26

Security AnalysisEquities & Focus of Analysis

Current Holdings

Discounted Cash Flow Earnings Discounted Cash FlowCompany & Industry

Discounted Cash Flow Company & Industry

Company & Industry Discovery BetaEarnings

Company & Industry Relative Analysis Technical AnalysisDiscounted Cash Flow

36

Price (as of 4/18/17): $183.06TTM Price-to-Earnings: 56.6xMarket Capitalization: $6.9 bnDividend Yield: 0.57%TTM Earnings Per Share: $3.35

MarketAxess HoldingsNYSE: MKTX

One-Year Price Chart

Focus

Company & Industry Overview

$120

$130

$140

$150

$160

$170

$180

$190

$200

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

Source: Bloomberg 37

• Traditionally, big banks provided liquidity by holding bonds on their balance sheets. However, post the 2008 financial crisis the Basel III accord and the Volcker Rule have forced banks to clean up their balance sheets.1,2

• Also, since 80 % of bond trading is carried out on phone investors are looking for alternative platforms in search of liquidity and better price discovery.2

• The firm holds 80 percent market share in the electronic corporate bond trading in US, leading Bloomberg and Tradeweb.3

• The firm has implemented the RFQ platform which allows for online bond trading which reduces the average transaction cost by 3 basis points in yield, or $1,800 per million traded.1

MarketAxess HoldingsCompany & Industry Overview

Company Background Historical Margins

Industry Background High Grade Trading Volume

0

100

200

300

400

500

600

700

800

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Billi

ons (

shar

es)

0%

10%

20%

30%

40%

50%

60%

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16

Operating Margin Net Profit Margin

Source: 1. Company Filings, 2. Bloomberg, 3. TRACE data, FINRA 38

MarketAxess HoldingsCompany & Industry Overview

Revenue Segments Market Share Expansion

56%

39%

5%

High GradeHigh Yield/Eurobonds/Emerging MarketsOther Liquid Products

0%

2%

4%

6%

8%

10%

12%

14%

16%

High Grade BondMarket

High Yield BondMarket

Eurobonds Market Emerging Markets

FY 14 FY 15 FY 16

Source: Company Filings 39

MarketAxess HoldingsValuation, Investment Thesis & Portfolio Decision

Valuation Method Weight Valuation ContributionDiscounted Cash Flow 100% $229.00 $229.00Forward P/E 0% $146.00 $0.00Forward EV/EBITDA 0% $91.00 $0.00LTM EV/Sales 0% $74.00 $0.00Intrinsic Value $229.00Price (as of April 18, 2017) $183.06Estimated Upside / (Downside) 25.1%

Recommendation: Buy Portfolio Decision: Retain

Investment Thesis

1. Company is well-positioned for growth with market share growing across each of its product offerings in FY15 and FY162. International revenue streams with the Eurobond and Emerging Markets trading volumes growing at 79% and 54%, respectively3. Current low interest rate environment and the increased volatility in the debt markets, augurs well for corporate bond trading

40

Price (as of 4/18/17): $66.06TTM Price-to-Earnings: 6.8xMarket Capitalization: $86.6 bnDividend Yield: 18.20%TTM Earnings Per Share: $10.08

Gilead Sciences, Inc. NYSE: GILD

One-Year Price Chart

Focus

Fundamental Analysis

$65

$70

$75

$80

$85

$90

$95

$100

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

Source: Yahoo! Finance 41

Gilead Sciences, Inc. Fundamental Analysis

DuPont Analysis

Sales & Profitability Growth Analysis

$0

$5

$10

$15

$20

$25

$30

$35

0%

20%

40%

60%

80%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$ bi

llion

s

Net Sales Gross Margin EBIT Margin Net Profit

28%

40%

0%

10%

20%

30%

40%

50%

60%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Return on Capital % Cash reinvestment ratio

ROE

Financial Leverage ROA

Profit Margin

Asset Turnover

ROE

Financial Leverage ROA

Profit Margin

Asset Turnover

MRKGILD 0.87 0.12

0.48 0.140.56 0.40

3.26 1.570.27 0.056

Source: S&P Capital IQ, 10-K 42

Gilead Sciences, Inc. Valuation, Investment Thesis & Portfolio Decision

Valuation Method Weight Valuation ContributionDiscounted Cash Flow 85% $86.08 $73.17Forward P/E 5% $121.28 $6.06EV/EBITDA 5% $135.30 $6.76EV/Revenue 5% $115.87 $5.79Intrinsic Value $91.79Price (as of April 18, 2017) $66.06Estimated Upside / (Downside) 38.9%

Recommendation: Buy Portfolio Decision: Retain

Investment Thesis

1. The competitive advantages of Gilead Sciences lie in strong R&D capability and healthy product pipeline.2. The strong cash flow and healthy financial position supports continuous R&D activities and potential acquisitions. 3. Gilead Sciences is currently undervalued according to both methods.

43

Price (as of 4/18/17): $31.25TTM Price-to-Earnings: 15.1xMarket Capitalization: $1.96 bnDividend Yield: 2.17%TTM Earnings Per Share: $2.17

Herman MillerNYSE: MLHR

One-Year Price Chart

Focus

Earnings Analysis

$26

$27

$28

$29

$30

$31

$32

$33

$34

$35

$36

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

Source: Yahoo Finance, AIM / Schuchardt 2017 44

• Developed EPS forecasts for next two quarters and next two fiscal years using projected financial statements

• Suggests strong seasonality of earnings

• Estimates track with management guidance and street consensus

• Seasonal sales drive estimates

• Historical trends as a percentage of sales used for other income statement items

• Consistent turnover ratios based on 10-year annual data

• Balance Sheet values held constant as a percentage of sales

Herman MillerEarnings Per Share Forecast

Pro Forma Assumptions EPS Surprise

Overview Seasonal Revenue

14.6%

21.0%

6.9%

17.1%

7.7%

-3.2% 0.0%

20.7%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

$0

$100

$200

$300

$400

$500

$600

2013 2014 2015 2016 2017

$ m

illio

ns

Q1 Revenue Q2 Revenue Q3 Revenue Q4 Revenue

Source: Bloomberg, AIM / Schuchardt 2017 45

Herman MillerEarnings Per Share Forecast

$0.38$0.52 $0.53

$2.04$2.14

$0.31

$0.55 $0.56

$2.05$2.17

$0.33

$0.55 $0.57

$2.07$2.20

$0.33

$0.55 $0.58

$2.08$2.20

$0.39

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

3Q 2017 4Q 2017 Q1 2018 FY 2017 FY 2018

AIM / Schuchardt 2017 Analyst Low Analyst Median Analyst High Actual

Source: Bloomberg, AIM / Schuchardt 2017 46

Herman MillerValuation, Investment Thesis & Portfolio Decision

Valuation Method Weight Valuation ContributionDiscounted Cash Flow 80% $34.63 $27.70Forward P/E 6.67% $33.27 $3.33Forward EV/EBITDA 6.67% $37.68 $3.77Forward P/BV 6.67% $32.93 $2.20Intrinsic Value $34.60Price (as of April 18, 2017) $31.25Estimated Upside / (Downside) 10.7%

Recommendation: Neutral Portfolio Decision: Retain

Investment Thesis

1. Progress on strategic agenda as a global, multi-channel modern lifestyle brand2. Organic revenue growth supported by expanded retail studio footprint and diversified distribution3. Continued operational excellence of low fixed costs and lean manufacturing

47

Price (as of 4/18/17): $49.17Market Capitalization: $38.6 bnDividend Yield: 0.58%TTM Earnings Per Share: $1.28

One-Year Price Chart

Focus

Beta

Activision Blizzard, Inc.NASDAQ: ATVI

$32

$34

$36

$38

$40

$42

$44

$46

$48

$50

$52

Apr-16 Jun-16 Jul-16 Sep-16 Nov-16 Dec-16 Feb-17 Apr-17

Source: Yahoo! Finance, S&P Capital IQ, Bloomberg, AIM / Banda 2017 48

Beta Calculation (5-Year)

Public Estimates Beta

Bloomberg 1.04

Thomson Reuters 1.09

Google 1.03

Activision Blizzard, Inc.Beta Analysis

Regression Daily Weekly Monthly

Calculated 1.04 1.08 1.10

Adjusted for Mean Reversion 1.02 1.05 1.07

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

ATVI

Mon

thly

Ret

urns

S&P 500 Monthly Returns

Source: Yahoo! Finance, S&P Capital IQ, Bloomberg, Reuters, Google, AIM / Banda 2017 49

Activision Blizzard, Inc.Valuation, Investment Thesis & Portfolio Decision

Valuation Method Weight Valuation ContributionDiscounted Cash Flow 85% $54.90 $46.67Forward P/E 5% $57.98 $2.90EV/EBITDA 5% $39.04 $1.95P/BV 5% $53.74 $2.69Intrinsic Value $54.20Price (as of April 18, 2017) $49.17Estimated Upside / (Downside) 10.2%

Recommendation: Buy Portfolio Decision: Retain

Investment Thesis

1. The firm has posted strong early results as a result of its KING acquisition2. Significant growth rates in international markets (Asia Pacific) have proven promising3. Company is well-positioned to capture the move to digital-gaming through streamlined content and acquisition activity

50

Price (as of 4/18/17): $116.32TTM Price-to-Earnings: 49.9xMarket Capitalization: $9.5 bnDividend Yield: n/aTTM Earnings Per Share: $2.33

Align TechnologyNASDAQ: ALGN

One-Year Price Chart

$65

$70

$75

$80

$85

$90

$95

$100

$105

$110

$115

$120

$125

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

Source: Capital IQ, Yahoo! Finance

Focus

Discounted Cash Flow

51

• Competitive advantage mainly reliant on over 400 domestic and 300 foreign patents

• Key patents will begin to expire in 2017• 40 “key early” patents expire in October

• Management claims competitive advantage will be maintained via “tooth movement” algorithms

• Maintains significant operations in Mexico and Costa Rica

Source: Company filings, Credit Suisse, William Blair, Piper Jaffray, Tindera “Out of Silicon Valley, A Billion-Dollar Orthodontics Business Built With Plastic And Patents”, AIM/ Larkin 2017

Best Base Downside

Share Price $143.27 $101.11 $69.26

Probability 30% 60% 10%

Weighted Average Share Price $110.57

Current Share Price (4/18/17) $116.32

% Implied Premium (4.9%)

• Best Case Scenario – Management target for operating margin hit. Revenue growth remains high on ability to sustain competitive advantage. No border tax.

• Base Case Scenario - Margins improve, but miss management guidance or hit at low end of range. Growth is slowed as new players enter market. Border tax equivalent to 5%.

• Worst Case Scenario - New treatment facilities see no gains in margin improvement. Revenue growth slows as new players enter market. Border tax forces production into the US and ALGN is now taxed at 35%.

Share Price Scenario Analysis FY 2016 Revenue Breakdown

Company Facts Scenario Overview

53%

30%

6%

11%

North America Aligners International Aligners Other Scanners

Align TechnologyDiscounted Cash Flow

52

2017 2018 2019 2020 2021 2022 2023

Revenue 1,252.7 1,434.3 1,620.7 1,807.1 1,987.8 2,156.8 2,307.8

% Growth 16.0% 14.5% 13.0% 11.5% 10.0% 8.5% 7.0%

Upside 18.5% 17.0% 15.5% 14.0% 12.5% 11.0% 9.5%

Base 16.0% 14.5% 13.0% 11.5% 10.0% 8.5% 7.0%

Downside 13.5% 12.0% 10.5% 9.0% 7.5% 6.0% 4.5%

Align TechnologyDiscounted Cash Flow

Sensitivity Analysis

Revenue Build WACC

Source: Company filings, Capital IQ, AIM/ Larkin 2017 53

### 8.9% 9.4% 9.9% 10.4% 10.9%1.5% $103.49 $98.70 $94.87 $90.70 $87.342.0% $108.86 $103.38 $99.05 $94.37 $90.612.5% $115.07 $108.75 $103.80 $98.50 $94.283.0% $122.33 $114.96 $109.24 $103.19 $98.413.5% $130.94 $122.23 $115.55 $108.56 $103.104.0% $141.30 $130.83 $122.93 $114.77 $108.474.5% $154.03 $141.20 $131.69 $122.03 $114.68Te

rmin

al G

row

th R

ates

Weighted Average Cost of Capital

Master

Ticker:ALGNCase Trigger2

Period:IQ_FY

Reporting Type:LBest Case2016-20202021-2025

Period/Filing Mode:PRevenue Growth20.0%7.0%

Currency:USDGross Margin75.0%75.0%

Conversion Mode: CSG&A Expense (as a % of sales)47.5%47.5%

R&D (as a % of sales) 7.0%7.0%

Color Scheme

BLUEInputs (historical,assumptions, drivers)Base Case

BLACKcalculations & references on same worksheetRevenue Growth17.5%7.0%

GREENreferences from another worksheetGross Margin75.0%75.0%

REDwarnings to another user or links to another modelSG&A Expense (as a % of sales)47.5%47.5%

DARK REDformula linking to CapIQR&D (as a % of sales) 7.0%7.0%

Worst Case

Revenue Growth15.0%7.0%

Gross Margin75.0%75.0%

SG&A Expense (as a % of sales)47.5%47.5%

R&D (as a % of sales) 7.0%7.0%

Scenario Assumption Notes: Best Case Scenario - Mgmt target for operating margin is hit. Revenue growth remains high on ability to sustain competitive advantage. NO border tax.Base Case Scenario - Margins improve, but miss management guidence or hit at low end of range. Growth is slowed as new players enter market. Border equivalent to 5%.Worst Case Scenairo - New treatment facilities see no gains in margin improvement. Revenue growth slows as new players enter market. Border tax forces production into the US and ALGN is now taxed at 35%.

Synethic Credit Rating

Issue: ALGN has no debt but has operating leases. Assumptions need to be made in order to assume a cost of debt needed to capitalize long-term debt.

Facts

ALGN has a ROC beetween 14.5-19.5% over the past five year, which is consistent with companies rated BBB-A according to the Credit Ratings Reference Guide.

ALGN has an unused credit facility with Wells Fargo that provides a revoloving line of credit of up to $50 million charged at 1.75% + LIBOR

Comparabe companies COO & XRAY have current ratings of BBB+ & BB+ respectively

COO has current long term term loans with a cupon of 5.000% (Although the have not raised long term debt since 2013)

XRAY has a current weight average cupon rate of 2.2% for its long term debt

Given the high ROC of ALGN and the current cupon rates for comparable companies, a 2.50% cost of debt will be used to capitalize ALGN operating leases.

Assumptions: Leases after a 5 year period are due in the 6th year.

_CIQHiddenCacheSheet

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