THE CONTRARIAN RESEARCH REPORT -
Domestic Investment Recommendations with a Contrarian Approach

COMPREHENSIVE ANALYSIS RECOMMENDATIONS

The Contrarian Research Report, authored by Murray Stahl and The Horizon Research Group, employs a
value-oriented, event-driven investment strategy that seeks to capitalize on the most inefficient and
attractive investment areas. Murray uses a time-intensive, investigative style of research to uncover behind
the scenes, proprietary information about the company. Investment recommendations will focus on
companies with significant barriers to entry that have the ability to generate a high and sustainable return
on invested capital. While the vast majority of such companies trade at or near fair value, opportunities
present themselves when transitory events temporarily depress share prices. These situations are the
primary focus of the research process.

While The Contrarian Research Report avoids companies that significantly enhance returns through the
use of leverage, highly leveraged companies with the ability to pay down debt and buyback stock will be
recommended if a clear path to balance sheet repair can be envisioned. These are often companies with
significant cash flow that have used leverage for acquisitions, expansion, or recapitalization purposes.

The service provides detailed analysis on 18 to 22 companies annually drawn from the universe of
companies under $10 billion in market capitalization. Updates on featured companies are provided when
important events affect the recommendation.

THE CONTRARIAN RESEARCH REPORT COMPENDIUM

The Contrarian Research Report Compendium, published on a monthly basis, provides an effective forum
for Murray Stahl to discuss additional recommendations and inefficiencies in the space not ordinarily
addressed by Wall Street research. Murray also discusses specific industries and concepts he believes are
central to the investment environment. These situations will be routinely explored in the Compendium, with
the most compelling situations expounded upon in full length research reports.