1	COHEN INDEPENDENT RESEARCH GROUP Wall Street’s Number #1 Independent Research Firm We are the recognized Gold Standard of Fundamental Research We believe that Wall Street has not seen, past or present, the prolific in depth quality and length of our fundamental research reports. During the past 12 months, our initiate coverage reports have averaged 147 pages.
2	PRINCIPAL D. Paul Cohen Founder: Bear Stearns West Coast Regional Offices Founder: CBWL Hayden Stone American Express West Coast Institutional Regional Offices Mr. Cohen was named as one of the original Dirty Dozen analysts, considered by many to be the Top 12 Analysts in the USA Founder: Cohen Independent Research Group 1997
3	Corporate Purpose 1. Fundamental Research: We are Wall Street’s Number #1 fundamental Independent Research Firm. 2. Raise Capital: We forecast and value private and public companies, helping them to raise capital. 3. Distribution: Our fundamental research reaches 98% of all institutions and 5+million retail investors Our affiliate target campaigns, blast, double opted in to: 4+ million retail investors, 11,500+ stock brokers, 10,000+ small cap institutional money managers. Campaigns are tailor made. 4. Consulting: Available upon request
4	WHY USE COHEN INDEPENDENT RESEARCH GROUP? We have raised the quality of fundamental securities research to a standard that has not been seen in Wall Street. PIPE and Reverse Merger Modules, Private/Public Company analysis 3 Statement 5-10 year forecasting and valuations: Base, Optimistic Pessimistic case Average report: LTM 147 pages. We are unaware of any fundamental research firm in Wall Street, past or present, whose research is as comprehensive as is ours. Brain Trust: 9 PhDs, 2 MDs, 6 CFAs, 3 with CPAs, plus industry specialists, 21 analysts who work with our firm Average Report: 147 pages long. In depth, comprehensive Most reports written by teams of 2 analysts or more, CFA level, MBAs, CPAs Biotech reports: PhD/MD level + CFA or industry specialist Outstanding client company share price performance Web Site: More financial content than any Wall Street fundamental research firm. Attracts retail and institutional investors Unique powerful distribution to institutional and retail investors.
5	PERFORMANCE November 2002 – July 2008 +216.7% from date of initiate coverage to high price of stock +78.6% report date to high price during period of coverage +36.2% within first 30 days after initiate coverage report Strong performance is due to selecting outstanding companies We do not accept all companies as clients We select companies with solid management, access to cash, strong cash position, a differentiating product line, competitive position, strong industry and strong company fundamentals Often times other analysts pick up coverage after our report release Sometimes investors buy our initiate coverage releases because of our performance record Powerful distribution helps our performance
6	Research Report Format 3 Reports in One – Short, Medium, Full All investors: retail, institutional and traders can choose sections in the report to satisfy their investment interest. We deliver 3 separate initiate coverage reports: Short, Medium, Full Quick View section: 4-5 pages, summarizes the story in a nutshell. Table of Contents: 3-5 pages, provides investors a guide to pick and choose what they wish to read. Text Boxes, left column, prose right column. Reader can pick and choose The Report: a 25-30 page, Wall Street research report that refers to the Appendix for in-depth analysis: Financial Exhibits: 10-40 pages, forecasts, tables, charts and valuations The Appendices: 30-130 pages
7	STRATEGY Provide research coverage for companies that do not have research coverage, or whose coverage is minimal Approximately 5,000 public companies do not have coverage, or have inadequate coverage Distribute our reports and updates to 98% of all institutional investors and 5+ million retail investors. Blast from our affiliate to 4+million retail investors, 11,500+ stockbrokers, 10,000+ institutions. Use our website to attract retail and institutional investors Create a fundamental research culture and standard of excellence unequalled by any fundamental Wall Street independent research firm Our purpose: to expand the shareholder base with long term committed, educated investors
8	WALL STREET’S NUMBER #1 FUNDAMENTAL INDEPENDENT RESEARCH FIRM’S WEBSITE www.cohenresearch.com our powerful unique website, has more financial content than any Wall Street fundamental independent research firm Our website is designed to be a ‘mini-Bloomberg’ type site to attract retail and institutional traffic and investors to use it on a daily basis. Our website is a roadmap and learning tool for an investor to analyze a given stock. It includes: Company overview: Charts: Pricing: Fundamentals (roadmap teaching investor to analyze a stock): Earnings Estimates: Stock Screening: Trading Data: Stock Ownership: World Markets Overview: Market Movers: Latest News: Investor’s Toolkit Our website is sophisticated for the savvy investor, and simple to use for the retail investor. It has it all plus more, and is free of charge. We invite you to spend time on: www.cohenresearch.com
9	RESEARCH REPORT’S STRATEGY Supplement our thorough bottoms-up fundamental industry and company specific research with Wall Street’s most in depth financial analysis. We analyze pre Reverse Merger companies, Private companies, PIPE transactions, pre and post deal, write short sale reports for hedge funds, provide international research (e.g. China) Customized research for sophisticated institutions The Cohen Financial and Valuation Model powers our analytical research engine: modeling, valuations, cash flow alternatives, and investment banking module Our Goal: To be the best and continually raise the bar
10	ISSUER PAID RESEARCH The SEC has encouraged research coverage for 5,000+ companies that have no coverage, or whose coverage is inadequate Wall Street has and will continue to go through a major restructuring Many fine analysts are now out of work Fewer research analysts have created a significant drop in coverage of many public companies There is a vacuum of information for many important companies that do not have research coverage Independent research is a fact of life. It is here to stay.
11	DISTRIBUTION Institutional Investors: We reach 98% of all Buy and Sell side analysts, portfolio managers, directors of research and traders Retail Investors: 5 million + retail investors via Reuters, Multex, Yahoo Send to worldwide collection of research: Thomson, First Call, First Call Research Direct, Reuters, Multex, Yahoo, Bloomberg, Ibes, Investext, Zacks, Knobias, JCF Group, Capital IQ – we hit them all Reaches 80+ data vendors and 300+ websites on the internet 4 million opted in retail blast email – our affiliate Blast to 11,500+ stockbrokers and 10,000+ institutions - our affiliate D. Paul Cohen speaks at seminars, public events and luncheons One on one meetings at public events Working with company’s IR, PR programs Company blast emails to its shareholder base
12	THE COHEN FINANCIAL AND VALUATION MODEL The Model is the largest and most comprehensive fundamental research model built in Wall Street The Model powers our analytical research engine We have put much of the CFA credential into Excel 300,000+ cells in excel 213,000+ different formulas 100+ charts, graphs and tables 28 Different Valuation Methods 5 Different Cash Flow Methods PIPE and Reverse Merger Modules Section
13	MODEL: COHEN GROWTH DRIVERS What makes a company grow and how should we analyze and view a typical company? Our concept is Growth Drivers Growth Drivers % changes – Annual – Quarterly
14	MODEL: VALUATION METHODS
15	MODEL EXAMPLE: DISCOUNTED CASH FLOW VALUATION Forecasts Revenue Growth, Operating Margins, Tax Rate, Dividend Growth, Cap Ex/Sales and Working Capital/Sales We calculate Free Cash Flow for the 5 year period and equate a terminal value in year 5. We add the net present value of the Terminal Value with the present value of Free Cash Flow over the 5 year forecast Key variables are the six forecasted values and the Discount Rate “What If” analysis can be used for the six forecasted variables and the Discount Rate
16	DISCOUNTED CASH FLOW VALUATION Forecasts EBITDA and Revenues: We use this model for a young company without earnings
17	RESEARCH DETAILS Fee Structure: $29,500 for analyst research coverage and distribution of research material for a one year period for initiate coverage reports 50 pages or less; $39,500 for initiate coverage reports 50 pages or more; and $49,500 for 100 pages or more Quarterly Updates – frequent company contacts Other updates if and when appropriate Maintain Wall Street’s highest research quality Continually raise the bar of research excellence
18	CONCLUSION Cohen Independent Research Group is Wall Street’s Number #1 Independent research firm We invite your inquiry References will be furnished upon request
19	DISCLAIMER