THE DISTRESSED SECURITIES REPORT -
Valuations of Bankrupt Companies & High Yield Securities

THE DISTRESSED SECURITIES CALENDAR

Published at the beginning of each month, this periodical monitors the progress of all Chapter 7 liquidations and Chapter 11 reorganizations. The following information is provided:

Additionally, throughout the bankruptcy process, emails will be sent between Distressed Securities Calendar
publication dates to update clients with time-sensitive and material information regarding the details of the
bankruptcy.

COMPREHENSIVE ANALYSIS ON HIGH YIELD SITUATION

Comprehensive analysis provides in-depth analysis and recommendations on approximately 25-30 investment
opportunities per year, drawn from the universe of companies in bankruptcy. The service focuses both on equity
and fixed-income investments, as appropriate.

CHAPTER 11 EMERGING REPORT

During the bankruptcy process, interested parties are required to provide detailed financial information, projections,
and valuations to the Bankruptcy Court. Therefore, even during the workout phase of reorganization, investors can
develop a reliable idea of what various classes of securities will eventually be worth. Ultimately, the Court will
determine the final settlement, and the values of the various securities will become a matter of law. This is an
entirely different paradigm than conventional investing, for which the investment value of a security is open to
interpretation. The bankruptcy process replaces an economic and credit based backing for asset value with a legal,
juridically based backing. The Chapter 11 Emerging Report will focus on these types of companies and provide
detailed analysis on the liquidations and re-emergence of the company.

DISTRESSED SECURITIES COMPENDIUM

The Distressed Securities Report Compendium, published on a monthly basis, provides an effective forum for
Murray Stahl to discuss restructurings and high-yield situations outside the traditional realm of bankruptcies and reemergence of publicly traded companies. These situations will be revisited in the Compendium, with the most
compelling situations expounded upon in full length research reports.