X0304 4 2012-01-24 0 0001037760 CEPHEID CPHD 0001187325 GUTSHALL THOMAS L C/O CEPHEID 904 CARIBBEAN DRIVE SUNNYVALE CA 94089 1 0 0 0 Common Stock 2012-01-24 4 S 0 3000 32.1374 D 761300 I By Trust Common Stock 88075 D This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 24, 2011. Represents the aggregate of sales effected on the same day at different prices. Represents the weighted average sales price per share. The shares sold at prices ranging from $32.03 to $32.29 per share. Full information regarding the number of shares sold at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer All shares are held by the Gutshall Family Trust DTD 3-7-1990, of which the Reporting Person is a co-trustee. /s/ Thomas L. Gutshall by Joseph H. Smith, Attorney-in-Fact 2012-01-26