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      Dave Talbot
      212-792-4321
      dtalbot@proactivecrg.com

      Mike Sweeney
      212-792-4136
      msweeney@proactivecrg.com


      !                           !




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contract basis, which usually includes an extensive basic report and several updates issued over
the course of the year. The following is a generic outline of a basic report.
!
    •   Investment overview/executive summary         •   R&D pipeline and milestones
    •   Company review                                •   Principal markets and main competitors
    •   Corporate history and key acquisitions        •   Company growth strategy and 3-5 year goals
    •   Recent operating performance                  •   Financial statements and financial comment
    •   Regulatory and legal issues                   •   Stock history, ownership and relative valuation
    •   Manufacturing and distribution                •   Management



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Our research is distributed on an ongoing basis through The ProActive Network to a global audience of
small cap investors. Our distribution system includes affiliations with certain local and regional brokerage
firms, as well as a network of over 20,000+ retail brokers. We have distribution agreements with the
following organizations.




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  • 1. ""! ! !"##$%& Dave Talbot 212-792-4321 dtalbot@proactivecrg.com Mike Sweeney 212-792-4136 msweeney@proactivecrg.com ! ! 23+4,5%6718%4%9'*$12-%'-,%!1 !"#$%&'(&)"*+,-.&!$/01-,/&,2&3040"/15& !!!!!! !!!"#$%&'()*+,-%.%+!('/"*(01
  • 2. ! *+,%-."/,0-+& 1",20.$3*+& 4$2$(%/5& 667& D/E4BF2-F! )-F-()A2! A5CC-.1F! 5.! -C-)GB.G! 2-(412A()-! 1)-.HF! IJK-(412A()-! L.H/F1)M!N-G(1)-.HFOP!(F!7-44!(F!A5CD(.M!)-F-()A2!)-D5)1F!C(B.4M!5.!CBA)5!(.H!FC(44<A(D!F15A*F!B.!12-! C-HBA(4! QB-4H! (.H! 512-)! G)5712! F-A15)F! 5Q! 12-! -A5.5CM?! ! RB.A-! S/1FBH-L.! BF! D()1! 5! 12-! ')5+A1B,-! 6-175)*0! 5/)! )-F-()A2! BF! HBF1)BE/1-H! 12)5/G2! (! D)5D)B-1()M! HBGB1(4TF5AB(4! C-HB(! FMF1-C! 12(1! )-(A2-F! 2/.H)-HF! 5Q! 125/F(.HF! 5Q! FC(44! A(D! B.,-F15)F0! C(.M! 5Q! 725C! F-4Q<C(.(G-! 12-B)! 57.! (FF-1F! (.H! ()-! *--.4M! B.1-)-F1-H! B.! .-7! BH-(F?! S/)! 1-(C! 5Q! F-.B5)! (.(4MF1F! 2(F! -U1-.FB,-! V(44! R1)--1! (.H! E/M<FBH-! )-F-()A2!-UD-)B-.A-?! '(/,38(2$.9&*+2,0,",0-+()&:%(.$&4$2$(%/5&4$;-%,2&& V-!D)5,BH-!B.<H-D12!(.(4MFBF!5Q!A5CD(.M!Q/.H(C-.1(4F0!B.H/F1)M!A5.HB1B5.F!(.H!512-)!*-M!Q(A15)F!12(1! 7B44! F2(D-! (! A5CD(.MWF! CBH! 15! 45.G<1-)C! G)5712! (.H! F15A*! (DD)-AB(1B5.! D51-.1B(4?! ! V-! (.(4MX-0! HBF1B44! (.H! D)-F-.1! 12-! -FF-.1B(4! Q(A1F! 5Q! 12-! A5,-)-H! A5CD(.M?! @2BF! 1MD-! 5Q! )-F-()A2! (4457F! B.,-F1C-.1! D)5Q-FFB5.(4F!15!C(*-!B.Q5)C-H!B.,-F1C-.1!H-ABFB5.F!(.H!JC5H-4O!12-B)!57.!D)5Y-A1B5.F0!E(F-H!5.!12-! C5F1! BCD5)1(.1! )-A5CC-.H(1B5.! <<! 12-B)! 57.?! ! ! Our research services are available on an annual contract basis, which usually includes an extensive basic report and several updates issued over the course of the year. The following is a generic outline of a basic report. ! • Investment overview/executive summary • R&D pipeline and milestones • Company review • Principal markets and main competitors • Corporate history and key acquisitions • Company growth strategy and 3-5 year goals • Recent operating performance • Financial statements and financial comment • Regulatory and legal issues • Stock history, ownership and relative valuation • Manufacturing and distribution • Management <02,%0=",0-+&3&>%-?/,0@$&A$,B-%C&4$(/5$2&!#())&7(;&*+@$2,-%2& ! Our research is distributed on an ongoing basis through The ProActive Network to a global audience of small cap investors. Our distribution system includes affiliations with certain local and regional brokerage firms, as well as a network of over 20,000+ retail brokers. We have distribution agreements with the following organizations. 12 $%&!'()*!+,-./-0!$% !3455)!6-7!85)*0!68!!9"9:;!!$9$<;=$<%>$9! 777?@2-')5+A1B,-6-175)*?A5C! !
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