Semiconductors - Zacks Investment Research

1 America Equity Research15 December 2014 SemiconductorsAgenda for Morgan's 13th Annual CES Technology Forum on January 6, 2015 Semiconductors ,Semiconductor Cap Equipment & Tech HardwareHarlan Sur AC(1-415) SUR <GO>Bill Peterson(1-415) Morgan Securities LLCSee page 3 for analyst certification and important Morgan does and seeks to do business with companies covered in its Research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their Investment Tuesday, January 6, the Morgan Technology team will be hosting its 13th annual Technology Forum in conjunction with the 2015 International Consumer Electronics Show (CES) in Las Vegas. Invited companies include Intel, Broadcom, GoPro, Avago, Marvell, Seagate, Hewlett Packard, NVIDIA, AMD, Cypress Semi, Freescale, Maxim Integrated,On Semi, and Synaptics (see detailed agenda on page 2).

2 Our Tech Forum begins at 7:50 AM with company presentations at the Bellagio Hotel and continues until approximately 5:00 PM. January 6th(Tues) is the date of the Technology Forum. Our event on Tuesday, January 6 at the Bellagio will be from 7:50 AM until 5:00 PM. The conference is in the fireside chat format and will feature presentations from 12-15 companies in 30-minute Q&A-focused sessions. Invited companies include leading technology companies such as Intel, Broadcom, GoPro, Avago, Marvell, Seagate, Hewlett Packard, NVIDIA, AMD, Cypress Semi, Freescale, Maxim Integrated,ON Semi, and Synaptics, to name a few. CES is currently the biggest technology trade show on the planet and offers sneak peeks into upcoming technology trends. CES is the premier technology trade show, as it features TVs, wearables, handsets, PCs, tablets, home audio, automotive infotainment, and many other upcoming consumer electronics device that collectively represent roughly 70% of total semiconductor sales.

3 We expect a multitude of new ultra high-definition TVs, smartphones, wearables, tablets, 2-in-1s, and home automation technology on display at the 2015 CES. Please contact the Morgan semiconductor team or your sales rep for further information on hotel rooms,registration and America Equity Research15 December 2014 Harlan Sur(1-415) to change, as of )7:00 8:25 amConference Check-In: Renaissance FoyerBreakfast: Raphael 3 Forum Format: Fireside Chat and Q&A Raphael 1 & 2 TickerCompanySpeaker7:50 8:20 amSTXS eagate TechnologyDave Mosley, President,Operations & Technology8:25 8:55 amNVDANVIDIA CorporationColette Kress, Chief Financial Officer 9:00 9:30 amSYNAS ynaptics IncorporatedRick Bergman, President & Chief Executive Officer9:30 9:40 amBREAK9:40 10:10 amFSLF reescale Semiconductor, Haws, Vice President,Global Communications & Investor Relations10:15 10:45 amINTCI ntel10:50 11:20amMXIMM axim IntegratedBruce Kiddoo, Chief Financial Officer 11:20 12.

4 00pmLUNCH12:00 12:30pmONNNON Semiconductor CorpKeith Jackson, Chief Executive OfficerBernard Gutmann, Chief Financial Officer12:35 1:05 pmGPROGoProJack Lazar, Chief Financial Officer1:10 1:40 pmCYCypress SemiconductorThad Trent, Chief Financial Officer & EVP of Finance and Administration1:45 2:15 pmMRVLM arvell Technology Group :15 2:25 pmBREAK2:25 2:55 pmAMDA dvanced Micro Devices, Su, President & Chief Executive Officer3:00 3:30pmAVGOA vago Technologies Limited3:35 4:05 pmBRCMB roadcom Corporation4:10 4:40pmHPQH ewlett-PackardDion Weisler -EVP Printing and Personal Systems4:45 pmCONCLUDES3 North America Equity Research15 December 2014 Harlan Sur(1-415) Certification: The Research analyst(s) denoted by an AC on the cover of this report certifies (or, where multiple Research analysts are primarily responsible for this report, the Research analyst denoted by an AC on the cover or within the document individually certifies, with respect to each security or issuer that the Research analyst covers in this Research ) that: (1) all of the views expressed in this report accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the Research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendationsor views expressed by the Research analyst(s) in this report.

5 For all Korea-based Research analysts listed on the front cover, they also certify, as per KOFIA requirements, that their analysis was made in good faith and that the views reflect their own opinion, without undue influence or Disclosures: Important disclosures, including price charts, are available for compendium reports and all Morgan covered companies by , calling 1-800-477-0406, or e-mailing your request. Morgan s Strategy, Technical, and Quantitative Research teams may screen companies not covered by Morgan. For important disclosures for these companies, please call 1-800-477-0406 or e-mail of Equity Research Ratings, Designations and Analyst(s) Coverage Universe: Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.]

6 ] Neutral [Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst s (or the analyst s team s) coverage universe.] Not Rated (NR): Morgan has removed the rating and, if applicable, the price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation ora rating. In our Asia (ex-Australia) and small- and mid-cap equity Research , each stock s expected total return is compared to the expected total return of a benchmark country market index, not to those analysts coverage universe.

7 If it does not appear in the Important Disclosures section of this report, the certifying analyst s coverage universe can be found on Morgan sresearch website, Coverage Universe: Sur, Harlan: Advanced Micro Devices (AMD), Altera (ALTR), Analog Devices (ADI), Applied Materials (AMAT), Audience (ADNC), Avago Technologies (AVGO), Broadcom Corporation (BRCM), Cavium Inc (CAVM), Cypress Semiconductor (CY), Fairchild Semiconductor (FCS), Freescale Semiconductor (FSL), Intel (INTC), Intermolecular (IMI), KLA-Tencor (KLAC), Lam Research (LRCX), Linear Technology (LLTC), M/A-COM (MTSI), Marvell Technology Group (MRVL), Maxim Integrated Products (MXIM), Mellanox Technologies (MLNX), Microchip Technology (MCHP), Micron Technology (MU), NVIDIA Corporation(NVDA), NXP Semiconductors (NXPI), ON Semiconductor Corporation (ONNN), Peregrine Semiconductor (PSMI), SanDisk Corp (SNDK), Seagate Technology (STX), Texas Instruments (TXN), Vishay Intertechnology (VSH), Western Digital (WDC), Xilinx (XLNX)

8 MorganEquity Research Ratings Distribution, as of September 30, 2014 Overweight(buy)Neutral(hold)Underweight( sell) Morgan Global Equity Research Coverage46%42%12%IB clients*57%49%34%JPMS Equity Research Coverage46%48%7%IB clients*76%67%51%*Percentage of Investment banking clients in each rating purposes only of FINRA/NYSE ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls into a hold rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation are not included in the table Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies, please see the most recent company-specific Research report at , contact the primary analyst or your Morgan representative, or email Analysts' Compensation:The equity Research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of Research , client feedback, competitive factors, and overall firm revenues.

9 Other Disclosures 4 North America Equity Research15 December 2014 Harlan Sur(1-415) Morgan ("JPM") is the global brand name for Morgan Securities LLC ("JPMS") and its affiliates worldwide. Morgan Cazenove is a marketing name for the Investment banking businesses and EMEA cash equities and equity Research businesses of JPMorgan Chase & its subsidiaries. All Research reports made available to clients are simultaneously available on our client website, Morgan Markets. Not all Research content is redistributed, e-mailed or made available to third-party aggregators. For all Research reports available on a particular stock, please contact your sales related Research :If the information contained herein regards options related Research , such information is available only to persons who have received the proper option risk disclosure documents.

10 For a copy of the Option Clearing Corporation's Characteristics and Risks of Standardized options , please contact your Morgan Representative or visit the OCC's website at Legal Entities Disclosures : JPMS is a member of NYSE, FINRA, SIPC and the NFA. JPMorgan Chase Bank, is a member of FDIC. : JPMorgan Chase , London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from Morgan on request. Morgan Securities plc (JPMS plc) is a member of the London Stock Exchange and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.