10X45 BARGAIN HUNTER

Presented by the Research Team of

“The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.” —Warren Buffett  June 14, 2010

Presented by the Top Three Screen Results, by Category

Manual of Ideas
Market Enterprise
Research Team Company Ticker Price
Value Value

Dear Fellow Idea Seekers, "Magic Formula," based on Trailing Financials Trailing EBIT / EV
1 Terra Nova Royalty TTT $9.73 $294mn -$138mn infinite
We are pleased to bring you this 2 Synta Pharma SNTA $3.30 $134mn $77mn 121%
latest issue of 10x45 Bargain Hunter,
our bi-weekly stock screening report. 3 Santarus SNTS $2.62 $153mn $72mn 51%
This report is based on market prices "Magic Formula," based on This Year's EPS Estimates EPS Yield FY0
as of June 11th.
1 * Jiangbo Pharma JGBO $8.45 $102mn $30mn 24%
Sincerely, 2 China Biologic CBPO $11.34 $267mn $227mn 15%
Your Manual of Ideas Team
3 Endo Pharma ENDP $21.61 $2,513mn $1,991mn 15%
"Magic Formula," based on Next Year's EPS Estimates EPS Yield FY1
Special Offer 1 * Jiangbo Pharma JGBO $8.45 $102mn $30mn 35%
2 China Biologic CBPO $11.34 $267mn $227mn 19%
3 China Education CEU $4.08 $129mn $61mn 20%
Get 10x45 Bargain Hunter FREE
Contrarian: Shunned by the market, but not by insiders Insider Buys
with your subscription to the
1 * Lexicon Pharma LXRX $1.29 $435mn $186mn $121,608mn
acclaimed monthly newsletter,
2 Ormat Technologies ORA $28.19 $1,281mn $1,891mn $31,122mn
Downside Protection Report.
3 NuStar Energy L.P. NS $56.74 $3,416mn $5,346mn $29,675mn
Contrarian: Biggest YTD Losers (deleveraged & profitable) ∆ Price YTD
1 Broadwind Energy BWEN $2.34 $250mn $243mn -71%
2 SmartHeat HEAT $6.19 $203mn $167mn -57%
3 RINO International RINO $12.40 $355mn $273mn -55%
About This Publication
Value with Catalyst: Cheap Repurchasers of Stock ∆ Shares Q-Q
10x45 Bargain Hunter is a bi-weekly 1 United Overseas Bank UOVEY $27.55 $20,745mn n/m -20%
screening service for investors 2 * China Integrated CBEH $8.65 $290mn $254mn -17%
looking to uncover hidden value in
the stock market. Bargain Hunter is 3 Tongjitang Chinese TCM $3.92 $133mn $112mn -16%
brought to you by the acclaimed Profitable Dividend Payors with Decent Balance Sheets Div. Yield
Manual of Ideas research team.
1 Am. Capital Agency AGNC $27.67 $907mn $830mn 20%
Inspired by the Zeiss 10x45 Victory 2 Banco Santander STD $10.55 $86,814mn n/m 11%
Rangefinding Binocular ("essential
equipment for long range hunting and 3 * BBVA Banco Frances BFR $6.20 $1,109mn n/m 11%
a reliable shot"), the 10x45 Bargain Deep Value: Lots of Revenue, Low Enterprise Value EV/Revenue
Hunter is designed as an essential 1 Winn-Dixie Stores WINN $10.72 $591mn $439mn .06x
tool for every value investor’s
arsenal. Whether you run your own 2 Tech Data TECD $40.02 $2,030mn $1,531mn .07x
screens or not, we hope you'll find 3 Ingram Micro IM $17.21 $2,846mn $2,306mn .07x
10x45 Bargain Hunter a valuable ally
as you seek out undervalued Deep Value: Neglected Gross Profiteers EV/GP
companies trading in U.S. markets. 1 WellCare WCG $28.06 $1,190mn $162mn .17x
2 Winn-Dixie Stores WINN $10.72 $591mn $439mn .21x
3 Humana HUM $47.95 $8,161mn $1,494mn .23x
Activist Targets: Potential Sales, Liquidations or Recaps NCAV / MV
1 Insmed INSM $0.78 $101mn -$21mn 121%
2 PennyMac Mortgage PMT $16.25 $272mn -$52mn 115%
3 Colony Financial CLNY $17.82 $261mn -$27mn 105%

10X45 BARGAIN HUNTER is published bi-weekly by BeyondProxy LLC, P.O. Box 1375, New York, NY 10150. Website: www.manualofideas.com. Email: support@manualofideas.com. Please
email or call if you have any subscription questions. Managing Editor: John Mihaljevic. Subscription $99 per year. © Copyright 2009-2010 by BeyondProxy LLC. All rights reserved.
Photocopying, reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques
and sources believed to be reliable in the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as investment
recommendations. BeyondProxy’s officers, directors, employees and/or principals (collectively “Related Persons”) may have positions in and may, from time to time, make purchases or sales
of the securities or other investments listed or discussed in this newsletter. John Mihaljevic, Chairman of BeyondProxy, is also a principal of Mihaljevic Capital Management LLC (“MCM”),
which serves as the general partner of a private investment partnership. MCM may purchase or sell securities and financial instruments discussed in this newsletter at any time on behalf of
the investment partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html.
Pictured in the top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.
“Magic Formula,” based on Trailing Financials Click on data in
table for more
information!
Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield

▼ ▼
Move To Trailing EBIT/ Price/ Insiders
Price 52-Week MV EV EV/ EBIT/ Capital Tax Tangible % Buys/
Company Ticker ($) Low High ($mn) ($mn) Sales EV Employed Rate Book Own. Sells
1 Terra Nova Royalty TTT 9.73 -28% 65% 294 (138) n/m infinite infinite 38% .9x 81% -/-
2 Synta Pharma SNTA 3.30 -36% 111% 134 77 .5x 121% 8905% n/m 3.1x 43% 4/-
3 Santarus SNTS 2.62 -13% 122% 153 72 .4x 51% infinite 5% 3.6x 11% -/6
4 Unisys UIS 21.21 -42% 91% 903 1,284 .3x 30% 2270% 16% n/m 1% -/5
5 GT Solar SOLR 5.45 -19% 32% 785 534 1.0x 27% infinite 38% 5.9x 1% -/8
6 * China MediaExpress CCME 11.91 -38% 24% 397 304 2.5x 23% 1562% 26% 4.0x 40% 2/1
7 Valassis Comms VCI 36.67 -86% 1% 1,827 2,204 1.0x 31% 385% 39% n/m 3% - / 25
8 * Jiangbo Pharma JGBO 8.45 -14% 72% 102 30 .3x 174% 244% 28% 1.1x 50% -/-
9 Spectrum Brands SPC 27.70 -55% 14% 848 2,420 1.1x 55% 235% 7% n/m 4% 18 / 2
10 China Biologic CBPO 11.34 -69% 27% 267 227 1.8x 28% 282% 32% 7.9x 63% -/2
11 EarthLink ELNK 8.32 -13% 12% 898 423 .6x 41% 238% n/m 1.4x 1% -/6
12 GigaMedia GIGM 2.31 -13% 161% 126 52 .3x 19% infinite 6% 1.1x 1% -/-
13 Charter Comms CCMM 34.50 -16% 16% 3,958 16,499 2.4x 66% 215% n/m n/m 12% -/-
14 Sohu.com SOHU 43.82 -6% 65% 1,657 1,058 2.0x 19% 1239% 17% 2.9x 22% -/1
15 ePlus PLUS 17.90 -25% 6% 148 124 .2x 18% infinite 44% .9x 40% - / 12
16 United Online UNTD 6.52 -13% 45% 568 752 .8x 18% infinite 40% n/m 4% - / 13
17 China Education CEU 4.08 -35% 83% 129 61 1.6x 28% 217% 9% 1.6x 61% -/-
18 Foster Wheeler FWLT 24.74 -26% 45% 3,155 2,401 .5x 19% 659% 21% 4.4x 0% - / 18
19 Endo Pharma ENDP 21.61 -23% 15% 2,513 1,991 1.3x 21% 273% 26% 3.9x 0% -/1
20 Pre-Paid Legal PPD 48.50 -37% 9% 486 467 1.0x 20% 332% 40% 8.8x 10% -/2
21 Cass Information CASS 32.25 -15% 12% 303 192 4.3x 19% 428% 25% 2.4x 17% -/5
22 USA Mobility USMO 13.09 -25% 17% 290 174 .6x 31% 166% n/m 1.8x 0% 1/8
23 Oshkosh OSK 34.66 -63% 29% 3,111 3,883 .5x 25% 204% 35% n/m 1% -/8
24 Immunomedics IMMU 3.32 -38% 116% 250 225 3.6x 16% infinite n/m 6.3x 8% -/-
25 Lorillard LO 73.71 -11% 12% 11,267 10,343 1.8x 16% infinite 38% n/m 0% -/-
26 Chicago Bridge CBI 18.41 -51% 41% 1,860 1,644 .4x 16% infinite 39% n/m 1% -/9
27 Lear LEA 66.43 -41% 28% 3,102 2,760 .3x 49% 132% 0% 2.4x 0% 1/1
28 ITT Educational ESI 97.72 -13% 25% 3,375 3,203 2.3x 17% 420% 39% >9.9x 0% 2/7
29 Wright Express WXS 31.11 -29% 16% 1,207 1,307 3.9x 21% 181% 38% 9.8x 1% - / 23
30 Amerigroup AGP 36.06 -42% 4% 1,864 1,465 .3x 15% infinite 27% 2.4x 1% -/5
31 McGraw-Hill MHP 28.87 -18% 28% 9,109 9,072 1.5x 15% infinite 36% n/m 2% -/-
32 Bridgepoint Edu. BPI 19.70 -31% 40% 1,075 853 1.6x 15% infinite 42% 6.5x 1% -/-
33 China Sky One CSKI 11.49 -4% 121% 193 128 1.0x 37% 123% 22% 1.8x 37% -/-
34 Universal Travel UTA 7.38 -3% 133% 125 77 .7x 33% 123% 34% 2.0x 24% -/-
35 Amedisys AMED 46.33 -38% 39% 1,323 1,445 .9x 17% 279% 39% n/m 1% - / 12
36 AmSurg AMSG 19.21 -4% 23% 594 867 1.3x 26% 132% 17% n/m 3% - / 10
37 AOL AOL 21.00 -7% 40% 2,241 2,049 .7x 19% 173% 47% 3.0x 0% 7/-
38 ViroPharma VPHM 11.65 -54% 24% 907 675 2.0x 19% 169% 42% 5.7x 1% 10 / 7
39 Sinovac Biotech SVA 4.10 -14% 205% 222 157 1.9x 26% 121% 27% 3.2x 14% -/-
40 CA CA 19.66 -18% 23% 10,103 9,065 2.1x 14% infinite 34% n/m 25% -/2
41 * GTx GTXI 2.87 -34% 374% 105 66 1.0x 14% infinite n/m 3.1x 67% 15 / 1
42 Reynolds American RAI 52.05 -30% 8% 15,170 16,325 1.9x 14% infinite 38% n/m 42% -/-
43 * Apollo Group APOL 51.10 -3% 50% 7,747 7,262 1.6x 15% 372% 42% >9.9x 15% -/5
44 Vonage VG 2.00 -85% 32% 422 594 .7x 14% 2569% n/m n/m 25% - / 29
45 InterDigital IDCC 25.29 -27% 26% 1,112 630 1.8x 32% 103% 28% >9.9x 2% - / 20
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 2
“Magic Formula,” based on This Year’s EPS Estimates
Companies with high returns on capital employed, trading at high earnings yields (based on this FY EPS estimates)

▼ ▼
Move To This FY EBIT/ Price to Insiders
Price 52-Week MV EV EV/ EPS Capital Tax Tangible % Buys/
Company Ticker ($) Low High ($mn) ($mn) Sales Yield Employed Rate Book Own. Sells
1 * Jiangbo Pharma JGBO 8.45 -14% 72% 102 30 .3x 24% 244% 28% 1.1x 50% -/-
2 China Biologic CBPO 11.34 -69% 27% 267 227 1.8x 15% 282% 32% 7.9x 63% -/2
3 Endo Pharma ENDP 21.61 -23% 15% 2,513 1,991 1.3x 15% 273% 26% 3.9x 0% -/1
4 China Education CEU 4.08 -35% 83% 129 61 1.6x 15% 217% 9% 1.6x 61% -/-
5 Pre-Paid Legal PPD 48.50 -37% 9% 486 467 1.0x 13% 332% 40% 8.8x 10% -/2
6 GT Solar SOLR 5.45 -19% 32% 785 534 1.0x 12% infinite 38% 5.9x 1% -/8
7 China Sky One CSKI 11.49 -4% 121% 193 128 1.0x 20% 123% 22% 1.8x 37% -/-
8 Universal Travel UTA 7.38 -3% 133% 125 77 .7x 19% 123% 34% 2.0x 24% -/-
9 USA Mobility USMO 13.09 -25% 17% 290 174 .6x 13% 166% n/m 1.8x 0% 1/8
10 Corinthian Colleges COCO 11.93 -4% 70% 1,051 1,123 .7x 14% 125% 39% >9.9x 1% -/2
11 ITT Educational ESI 97.72 -13% 25% 3,375 3,203 2.3x 11% 420% 39% >9.9x 0% 2/7
12 Immunomedics IMMU 3.32 -38% 116% 250 225 3.6x 11% infinite n/m 6.3x 8% -/-
13 Lihua International LIWA 8.81 -48% 44% 257 213 1.0x 14% 117% 26% 2.8x 48% -/-
14 Impax Labs IPXL 20.81 -67% 6% 1,303 1,173 1.9x 16% 105% 36% 3.9x 5% -/5
15 * GTx GTXI 2.87 -34% 374% 105 66 1.0x 10% infinite n/m 3.1x 67% 15 / 1
16 Imperial Sugar IPSU 10.87 -13% 70% 132 148 .2x 109% 88% 35% .6x 4% -/1
17 America's Car-Mart CRMT 23.71 -29% 15% 269 304 .9x 11% 231% 36% 1.5x 14% 1 / 13
18 Local.com LOCM 7.25 -64% 22% 116 108 1.7x 10% infinite n/m >9.9x 13% - / 31
19 Bridgepoint Edu. BPI 19.70 -31% 40% 1,075 853 1.6x 10% infinite 42% 6.5x 1% -/-
20 Dell DELL 13.15 -10% 33% 25,751 19,530 .4x 10% infinite 28% >9.9x 12% 3/9
21 Western Digital WDC 34.35 -31% 38% 7,872 5,471 .6x 18% 84% 9% 1.9x 0% -/5
22 Apollo Group APOL 51.10 -3% 50% 7,747 7,262 1.6x 10% 372% 42% >9.9x 15% -/5
23 * China Electric Motor CELM 5.55 -20% 78% 115 82 .9x 15% 85% 24% 2.1x 51% -/-
24 EarthLink ELNK 8.32 -13% 12% 898 423 .6x 10% 238% n/m 1.4x 1% -/6
25 GameStop GME 21.66 -21% 32% 3,282 3,298 .4x 12% 103% 36% 6.7x 6% - / 11
26 InterDigital IDCC 25.29 -27% 26% 1,112 630 1.8x 12% 103% 28% >9.9x 2% - / 20
27 Gilead Sciences GILD 34.53 -5% 45% 30,729 30,254 4.0x 10% 144% 25% 5.3x 1% 1 / 18
28 Primoris Services PRIM 5.95 -2% 50% 197 176 .4x 11% 100% 38% 3.8x 82% 1/-
29 Metropolitan Health MDF 3.95 -53% 14% 158 129 .4x 12% 85% 38% 3.8x 25% - / 28
30 Lincoln Educational LINC 22.55 -28% 25% 587 591 1.0x 12% 91% 41% 4.7x 3% - / 24
31 Foster Wheeler FWLT 24.74 -26% 45% 3,155 2,401 .5x 9% 659% 21% 4.4x 0% - / 18
32 CF Industries CF 65.35 -12% 68% 4,643 3,612 1.5x 12% 84% 35% 2.7x 0% 5/-
33 Allied Healthcare AHCI 2.54 -30% 34% 115 73 .3x 10% 113% 27% 2.1x 1% -/-
34 * Penwest Pharma PPCO 3.50 -63% 11% 112 103 3.8x 23% 57% n/m 6.1x 2% -/-
35 Gulf Resources GFRE 9.65 -80% 55% 334 278 2.4x 13% 62% 27% 2.3x 50% -/-
36 Seagate Technology STX 14.75 -39% 46% 7,190 6,889 .6x 24% 56% 2% 2.7x 2% -/-
37 Almost Family AFAM 36.20 -40% 22% 332 304 1.0x 9% 219% 40% 7.7x 11% -/8
38 Aeropostale ARO 30.45 -37% 6% 2,848 2,535 1.1x 9% 159% 40% 6.3x 1% - / 35
39 PMC-Sierra PMCS 7.77 -8% 30% 1,782 1,627 3.0x 10% 122% 5% 4.2x 1% - / 10
40 LHC Group LHCG 30.26 -32% 24% 569 556 1.0x 9% 159% 32% >9.9x 17% - / 11
41 Nephros NEP 5.50 -38% 111% 142 116 2.4x 23% 54% 31% 1.9x 31% -/2
42 Yongye International YONG 7.71 -63% 56% 343 294 2.7x 13% 62% 60% 2.8x 24% -/9
43 China Valves CVVT 8.70 -60% 71% 319 314 3.0x 13% 60% 26% 3.0x 63% -/6
44 Hewlett-Packard HPQ 47.19 -22% 16% 110,165 113,657 .9x 10% 114% 20% >9.9x 0% - / 41
45 * China Integrated CBEH 8.65 -54% 42% 290 254 .7x 13% 60% n/m 1.9x 65% -/-
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 3
“Magic Formula,” based on Next Year’s EPS Estimates
Companies with high returns on capital employed, trading at high earnings yields (based on next FY EPS estimates)

▼ ▼
Move To Next FY EBIT/ Price to Insiders
Price 52-Week MV EV EV/ EPS Capital Tax Tangible % Buys/
Company Ticker ($) Low High ($mn) ($mn) Sales Yield Employed Rate Book Own. Sells
1 * Jiangbo Pharma JGBO 8.45 -14% 72% 102 30 .3x 35% 244% 28% 1.1x 50% -/-
2 China Biologic CBPO 11.34 -69% 27% 267 227 1.8x 19% 282% 32% 7.9x 63% -/2
3 China Education CEU 4.08 -35% 83% 129 61 1.6x 20% 217% 9% 1.6x 61% -/-
4 Endo Pharma ENDP 21.61 -23% 15% 2,513 1,991 1.3x 15% 273% 26% 3.9x 0% -/1
5 China Sky One CSKI 11.49 -4% 121% 193 128 1.0x 26% 123% 22% 1.8x 37% -/-
6 Universal Travel UTA 7.38 -3% 133% 125 77 .7x 23% 123% 34% 2.0x 24% -/-
7 GT Solar SOLR 5.45 -19% 32% 785 534 1.0x 13% infinite 38% 5.9x 1% -/8
8 Lihua International LIWA 8.81 -48% 44% 257 213 1.0x 23% 117% 26% 2.8x 48% -/-
9 Pre-Paid Legal PPD 48.50 -37% 9% 486 467 1.0x 13% 332% 40% 8.8x 10% -/2
10 Corinthian Colleges COCO 11.93 -4% 70% 1,051 1,123 .7x 17% 125% 39% >9.9x 1% -/2
11 Bridgepoint Edu. BPI 19.70 -31% 40% 1,075 853 1.6x 12% infinite 42% 6.5x 1% -/-
12 ITT Educational ESI 97.72 -13% 25% 3,375 3,203 2.3x 13% 420% 39% >9.9x 0% 2/7
13 * GigaMedia GIGM 2.31 -13% 161% 126 52 .3x 12% infinite 6% 1.1x 1% -/-
14 America's Car-Mart CRMT 23.71 -29% 15% 269 304 .9x 13% 231% 36% 1.5x 14% 1 / 13
15 * China Electric Motor CELM 5.55 -20% 78% 115 82 .9x 19% 85% 24% 2.1x 51% -/-
16 Local.com LOCM 7.25 -64% 22% 116 108 1.7x 12% infinite n/m >9.9x 13% - / 31
17 Western Digital WDC 34.35 -31% 38% 7,872 5,471 .6x 18% 84% 9% 1.9x 0% -/5
18 Terra Nova Royalty TTT 9.73 -28% 65% 294 (138) n/m 11% infinite 38% .9x 81% -/-
19 Primoris Services PRIM 5.95 -2% 50% 197 176 .4x 14% 100% 38% 3.8x 82% 1/-
20 Dell DELL 13.15 -10% 33% 25,751 19,530 .4x 11% infinite 28% >9.9x 12% 3/9
21 Allied Healthcare AHCI 2.54 -30% 34% 115 73 .3x 13% 113% 27% 2.1x 1% -/-
22 Cumberland Pharma CPIX 6.98 -12% 154% 143 84 1.9x 14% 99% 39% 2.2x 35% 4/2
23 Apollo Group APOL 51.10 -3% 50% 7,747 7,262 1.6x 12% 372% 42% >9.9x 15% -/5
24 GameStop GME 21.66 -21% 32% 3,282 3,298 .4x 13% 103% 36% 6.7x 6% - / 11
25 Shengkai Innovations VALV 8.50 -68% 24% 196 176 3.5x 14% 86% 24% 3.2x 87% -/-
26 Yongye International YONG 7.71 -63% 56% 343 294 2.7x 19% 62% 60% 2.8x 24% -/9
27 * Penwest Pharma PPCO 3.50 -63% 11% 112 103 3.8x 28% 57% n/m 6.1x 2% -/-
28 Cornerstone CRTX 5.70 -16% 116% 146 120 1.0x 11% 223% 34% 4.3x 71% -/1
29 Foster Wheeler FWLT 24.74 -26% 45% 3,155 2,401 .5x 10% 659% 21% 4.4x 0% - / 18
30 Lincoln Educational LINC 22.55 -28% 25% 587 591 1.0x 13% 91% 41% 4.7x 3% - / 24
31 Gulf Resources GFRE 9.65 -80% 55% 334 278 2.4x 16% 62% 27% 2.3x 50% -/-
32 Seagate Technology STX 14.75 -39% 46% 7,190 6,889 .6x 24% 56% 2% 2.7x 2% -/-
33 Metropolitan Health MDF 3.95 -53% 14% 158 129 .4x 13% 85% 38% 3.8x 25% - / 28
34 Gilead Sciences GILD 34.53 -5% 45% 30,729 30,254 4.0x 11% 144% 25% 5.3x 1% 1 / 18
35 China-Biotics CHBT 14.08 -34% 40% 315 185 2.3x 11% 139% 33% 2.1x 51% -/-
36 China Valves CVVT 8.70 -60% 71% 319 314 3.0x 17% 60% 26% 3.0x 63% -/6
37 Nephros NEP 5.50 -38% 111% 142 116 2.4x 27% 54% 31% 1.9x 31% -/2
38 Sohu.com SOHU 43.82 -6% 65% 1,657 1,058 2.0x 10% 1239% 17% 2.9x 22% -/1
39 CF Industries CF 65.35 -12% 68% 4,643 3,612 1.5x 13% 84% 35% 2.7x 0% 5/-
40 * China Integrated CBEH 8.65 -54% 42% 290 254 .7x 14% 60% n/m 1.9x 65% -/-
41 RINO International RINO 12.40 -40% 183% 355 273 1.3x 18% 51% 2% 1.4x 52% -/-
42 Fuqi International FUQI 8.78 -13% 272% 243 118 .3x 18% 50% 22% .9x 43% -/1
43 * PMC-Sierra PMCS 7.77 -8% 30% 1,782 1,627 3.0x 11% 122% 5% 4.2x 1% - / 10
44 Yuhe International YUII 7.99 -60% 56% 126 121 2.5x 20% 48% n/m 2.3x 48% -/-
45 * Career Education CECO 26.98 -33% 33% 2,208 1,788 .9x 13% 63% 36% 6.7x 0% 2/2
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 4
Contrarian: Shunned By The Market, Not By Insiders
Companies close to 52-week lows, with consistent insider buying and no selling

▼
Move To Next Price/ Insiders
Price 52-Week MV EV EV/ FY Tang. % Net Sh. Bought **
Company Ticker ($) Low High ($mn) ($mn) Sales P/E Book Own. $'000 % of sh.
1 * Lexicon Pharma LXRX 1.29 -14% 193% 435 186 22.7x n/m 1.5x 1% 121,608 22%
2 Ormat Technologies ORA 28.19 -7% 57% 1,281 1,891 4.7x 23x 1.5x 57% 31,122 2%
3 NuStar Energy L.P. NS 56.74 -12% 14% 3,416 5,346 1.3x 17x 2.2x 2% 29,675 <1%
4 * KAR Auction Services KAR 13.00 -15% 22% 1,750 3,541 2.0x 11x n/m 56% 29,432 2%
5 * Barnes & Noble BKS 17.98 -10% 60% 1,035 1,095 .2x 22x n/m 37% 18,322 2%
6 AOL AOL 21.00 -7% 40% 2,241 2,049 .7x 13x 3.0x 0% 11,844 <1%
7 * Crimson Exploration CXPO 2.70 -16% 206% 104 295 2.8x n/m .6x 6% 10,800 9%
8 * PremierWest Bancorp PRWT 0.48 -8% 773% 48 n/m n/m n/m .9x 20% 7,845 14%
9 FBR Capital Markets FBCM 3.65 -2% 99% 229 n/m n/m 9x .8x 3% 7,165 3%
10 IntegraMed America INMD 8.14 -15% 31% 95 93 .4x 13x n/m 33% 4,534 5%
11 * First Community Bank FCFL 1.99 -12% 151% 11 n/m n/m - .4x 53% 3,166 23%
12 * Bryn Mawr Bank BMTC 16.88 -16% 18% 152 n/m n/m 11x 1.7x 1% 2,768 2%
13 Pebblebrook Hotel PEB 19.32 -8% 16% 393 5 n/m n/m 1.0x 1% 2,415 <1%
14 * Auxilium Pharma AUXL 26.24 -7% 47% 1,245 1,069 6.1x 41x 10.6x 0% 2,414 <1%
15 * Adolor ADLR 1.42 -6% 58% 66 (7) n/m n/m 1.9x 3% 2,134 3%
16 Hansen Medical HNSN 2.10 -5% 156% 113 98 5.6x n/m 3.9x 4% 2,121 2%
17 * Herald National Bank HNB 3.00 -15% 192% 19 n/m n/m - .6x 1% 1,929 9%
18 * Dynex Capital DX 9.28 -16% 2% 140 955 23.4x 7x 1.0x 13% 1,875 1%
19 * Capital Bank CBKN 3.20 -6% 117% 41 n/m n/m 46x .4x 25% 1,677 4%
20 Center Bancorp CNBC 7.40 -6% 38% 108 n/m n/m - 1.4x 15% 1,547 1%
21 * Wonder Auto Tech WATG 7.72 -15% 104% 261 274 1.2x 8x 1.7x 29% 1,467 <1%
22 California Water CWT 34.91 -3% 16% 726 1,128 2.5x 15x 1.8x 6% 1,187 <1%
23 MDU Resources MDU 18.68 -8% 30% 3,514 4,929 1.3x 11x 1.8x 7% 1,139 <1%
24 SWS Group SWS 9.82 -7% 59% 320 n/m n/m 13x .8x 9% 992 <1%
25 Bank of Commerce BOCH 4.62 -7% 36% 40 n/m n/m 9x .9x 23% 933 2%
26 Alnylam Pharma ALNY 15.99 -7% 55% 671 409 4.1x n/m 3.9x 14% 879 <1%
27 MEMSIC MEMS 2.31 -4% 106% 55 7 .2x 116x .7x 22% 834 1%
28 * Cardiovascular Sys. CSII 4.37 -14% 155% 66 55 .9x n/m 4.0x 10% 817 1%
29 City Holding CHCO 31.74 -11% 18% 501 n/m n/m 11x 2.0x 3% 794 <1%
30 * Cymer CYMI 31.32 -13% 28% 942 773 2.1x 9x 1.7x 0% 783 <1%
31 Verizon VZ 28.56 -7% 20% 80,732 138,728 1.3x 12x n/m 0% 743 <1%
32 * Bank of SC BKSC 10.05 -10% 47% 40 n/m n/m - 1.5x 28% 734 2%
33 * Black Box BBOX 28.73 -16% 31% 504 694 .7x 9x n/m 0% 718 <1%
34 Dean Foods DF 10.69 -12% 107% 1,940 6,093 .5x 9x n/m 2% 684 <1%
35 Dole Food Company DOLE 9.92 -11% 30% 875 2,359 .3x 6x n/m 59% 665 <1%
36 * Arbinet-thexchange ARBX 1.91 -15% 61% 42 28 .1x - 1.1x 36% 577 1%
37 FalconStor Software FALC 2.99 -11% 90% 136 97 1.1x n/m 2.3x 29% 562 <1%
38 * Energy Transfer ETP 44.68 -16% 12% 8,545 14,397 2.5x 17x 2.2x 33% 536 <1%
39 * SJW Corp. SJW 23.37 -12% 21% 433 693 3.2x 19x 1.7x 30% 514 <1%
40 CF Industries CF 65.35 -12% 68% 4,643 3,612 1.5x 8x 2.7x 0% 457 <1%
41 * Access National ANCX 6.05 -16% 14% 64 n/m n/m 10x .9x 40% 454 <1%
42 eDiets.com DIET 0.78 -10% 292% 23 38 2.1x - n/m 12% 453 2%
43 QuinStreet QNST 12.45 -5% 47% 561 491 1.6x 15x 6.3x 46% 423 <1%
44 GMX Resources GMXR 7.02 -15% 171% 216 399 4.3x 12x .8x 10% 351 <1%
45 Berkshire Hills Banc BHLB 17.47 -7% 42% 245 n/m n/m 17x 1.2x 3% 349 <1%
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Major insider buying in past six months ► Price within 20% of 52-week low ► MV > $1 million
MV = market value. EV = enterprise value. ** during past six months (value estimate based on recent price).

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 5
Contrarian: Biggest YTD Losers (deleveraged & profitable)
Non-financial companies with no net debt, positive analyst estimates for next year's EPS, and large YTD price drop

▼
Price Change Since Price to Next Insiders
Price MV EV December 31, Tangible FY % Buys/
Company Ticker ($) ($mn) ($mn) 2003 2008 2009 Book P/E Own. Sells
1 Broadwind Energy BWEN 2.34 250 243 n/m -48% -71% 1.7x 8x 13% 2/2
2 SmartHeat HEAT 6.19 203 167 n/m 3% -57% 2.1x 7x 42% -/-
3 RINO International RINO 12.40 355 273 -82% 254% -55% 1.4x 6x 52% -/-
4 China Nepstar NPD 3.27 345 178 n/m -35% -55% 1.5x 16x 76% -/-
5 Energy Recovery ERII 3.25 170 121 n/m -57% -53% 1.7x 19x 35% - / 18
6 Fuqi International FUQI 8.78 243 118 n/m 40% -51% .9x 6x 43% -/1
7 KongZhong KONG 6.14 220 93 n/m 83% -50% 2.6x 13x 0% -/-
8 A-Power Energy APWR 9.09 412 324 n/m 111% -50% 1.6x 6x 29% -/-
9 China Sky One CSKI 11.49 193 128 858% -28% -49% 1.8x 4x 37% -/-
10 Cumberland Pharma CPIX 6.98 143 84 n/m n/m -49% 2.2x 7x 35% 4/2
11 Shanda Games GAME 5.27 1,518 1,102 n/m n/m -48% 5.9x 7x 71% -/-
12 AirMedia AMCN 3.91 257 180 n/m -19% -48% 1.2x 12x 10% -/-
13 athenahealth ATHN 23.67 783 716 n/m -37% -48% 8.0x 27x 6% 1 / 44
14 UQM Technologies UQM 3.64 131 101 20% 191% -47% 3.4x 23x 7% - / 11
15 Neutral Tandem TNDM 12.10 400 229 n/m -25% -47% 1.7x 10x 3% -/6
16 Compellent Tech CML 12.44 395 322 n/m 29% -45% 3.3x 46x 10% 2/-
17 Duoyuan Global Water DGW 19.97 436 304 n/m n/m -44% 2.4x 12x 1% -/-
18 Aviat Networks AVNW 3.91 233 111 -9% -24% -43% .9x 36x 2% -/-
19 Santarus SNTS 2.62 153 72 n/m 67% -43% 3.6x 29x 11% -/6
20 Alvarion ALVR 2.13 132 31 -82% -41% -43% .8x 16x 6% -/-
21 Transcend Services TRCR 12.30 129 103 196% 23% -42% 4.0x 11x 12% -/7
22 * New York & Co. NWY 2.54 152 141 n/m 9% -41% .8x 254x 2% 2/8
23 Nephros NEP 5.50 142 116 424% 227% -41% 1.9x 4x 31% -/2
24 Tiens Biotech TBV 1.83 131 129 -85% -7% -39% .8x 8x 95% -/-
25 * Ceragon Networks CRNT 7.25 249 173 3% 44% -38% 1.3x 11x 12% -/-
26 * AgFeed Industries FEED 3.09 139 116 n/m 92% -38% 1.3x 8x 31% -/-
27 * Genoptix GXDX 22.06 386 254 n/m -35% -38% 2.1x 10x 1% - / 22
28 NVIDIA NVDA 11.61 6,643 4,902 50% 44% -38% 2.8x 11x 5% - / 28
29 Albany Molecular AMRI 5.70 181 110 -62% -41% -37% .6x 143x 33% -/1
30 Sykes Enterprises SYKE 16.42 778 611 91% -14% -36% 1.9x 9x 12% -/7
31 Charming Shoppes CHRS 4.20 487 474 -23% 72% -35% 1.9x 22x 2% 1/-
32 Perfect World PWRD 25.63 1,277 1,043 n/m 49% -35% 4.1x 6x 27% -/-
33 King Pharmaceuticals KG 7.98 1,992 1,832 -48% -25% -35% 1.7x 11x 0% 1/3
34 China Distance Edu. DL 4.18 145 99 n/m 5% -35% 2.3x 16x 0% -/-
35 DemandTec DMAN 5.77 173 116 n/m -29% -34% 4.8x 58x 13% - / 14
36 * China Pharma CPHI 2.54 110 109 -15% 123% -34% 1.4x 5x 53% -/-
37 TeleTech TTEC 13.24 814 680 17% 59% -34% 2.0x 11x 51% -/6
38 China Education CEU 4.08 129 61 n/m 240% -33% 1.6x 5x 61% -/-
39 AsiaInfo Holdings ASIA 20.31 961 673 204% 72% -33% 3.8x 13x 26% -/3
40 * Horsehead ZINC 8.57 371 278 n/m 82% -33% 1.1x 9x 0% -/-
41 * Preformed Line PLPC 29.52 155 143 -4% -36% -33% 1.0x 16x 54% -/-
42 Myriad Genetics MYGN 17.59 1,720 1,321 187% -44% -33% 3.0x 15x 2% -/7
43 Maxwell Technologies MXWL 12.07 319 304 70% 138% -32% 5.9x 29x 9% -/1
44 Fuel Systems FSYS 28.00 493 436 61% -15% -32% 2.7x 14x 24% -/1
45 * Concord Medical CCM 5.90 290 162 n/m n/m -32% 1.2x 10x 0% -/-
 Company website SEC Y! Stock Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Positive net cash ► Positive next FY EPS estimate ► Market value > $100 million
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 6
Value with Catalyst: Cheap Repurchasers of Stock
Companies that may be creating value by reducing their shares outstanding at relatively cheap prices

▼
Q-Q Next Price to Net Cash Insiders
Price MV EV Change FY Tangible as % of % Buys/
Company Ticker ($) ($mn) ($mn) in Shares P/E Book MV Own. Sells
1 United Overseas Bank UOVEY 27.55 20,745 n/m -19.9% 11x 1.9x n/m 35% -/-
2 * China Integrated CBEH 8.65 290 254 -16.7% 7x 1.9x 13% 65% -/-
3 Tongjitang Chinese TCM 3.92 133 112 -16.3% 78x 1.0x 15% 6% -/-
4 Electr. For Imaging EFII 9.87 447 242 -8.3% 12x 1.3x 46% 1% -/-
5 Aspen Insurance AHL 24.69 1,909 n/m -7.0% 7x .6x n/m 0% -/-
6 * Agilysys AGYS 7.23 166 101 -4.3% 14x 1.4x 39% 3% -/-
7 EDENOR EDN 7.21 323 474 -3.1% 9x .6x -47% 52% -/-
8 * O2Micro OIIM 6.29 220 120 -2.8% 10x 1.3x 45% 6% -/-
9 * Cameco CCJ 23.06 9,062 8,647 -2.3% - 2.0x 5% 0% -/-
10 Employers Holdings EIG 15.33 655 n/m -2.3% 13x 1.4x n/m 1% 14 / -
11 E-House China EJ 14.33 1,150 659 -2.2% 11x 5.2x 43% 1% -/-
12 Co. Energetica Minas CIG 14.06 9,595 10,829 -2.2% 9x 2.3x -13% 38% -/-
13 Dillard's DDS 26.24 1,799 2,466 -2.1% 14x .8x -37% 34% -/-
14 Anaren ANEN 14.04 206 200 -2.0% 11x 1.8x 3% 8% -/-
15 Navigators Group NAVG 40.26 659 n/m -1.8% 11x .8x n/m 22% -/-
16 * ESSA Bancorp ESSA 12.58 179 n/m -1.5% 27x 1.0x n/m 23% 3/2

No additional companies met the screening criteria outlined below.

* New additions are highlighted.

Screening criteria: ► MV < 2 * BV ► Price <= 12 * next FY EPS ► Debt/equity < 0.4 ► No net insider selling ► MV > $100 million
► Q-Q change in shares < 0 MV = market value. EV = enterprise value. BV = book value. # of insider trades relates to latest six-month period.

Benefit from daily updates on our blog,

THE IDEAS REPORT FOR SERIOUS INVESTORS

www.manualofideas.com/blog

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 7
Profitable Dividend Payors with Decent Balance Sheets
Dividend-paying companies with no net debt and EPS estimates in excess of 75% of the indicated annual dividend

▼
Move To Dividend Yield Est. P/E Price to Insiders
Price 52-Week MV EV Last 12 Annual This Next Tangible % Buys/
Company Ticker ($) Low High ($mn) ($mn) Months Indicated FY FY Book Own. Sells
1 Am. Capital Agency AGNC 27.67 -31% 14% 907 830 21% 20% 5x 6x 1.5x 0% 1/-
2 Banco Santander STD 10.55 -18% 70% 86,814 n/m 4% 11% 8x 7x 2.1x 21% -/-
3 * BBVA Banco Frances BFR 6.20 -50% 31% 1,109 n/m 2% 11% 7x 7x 1.7x 67% -/-
4 Fifth Street Finance FSC 11.81 -24% 15% 535 n/m 9% 11% 11x 9x 1.1x 6% 7/-
5 * Telecom Argentina TEO 17.57 -43% 25% 3,459 3,240 12% 10% 7x 7x 2.7x 79% -/-
6 TICC Capital TICC 7.85 -49% 7% 211 n/m 8% 10% 10x 10x .9x 3% 5/-
7 BGC Partners BGCP 5.56 -44% 25% 461 n/m 6% 10% 10x 8x 2.4x 33% 2/-
8 NGP Capital NGPC 7.29 -27% 29% 158 n/m 8% 9% 15x 9x .7x 4% 6/-
9 Himax Tech HIMX 3.01 -28% 32% 539 417 40% 8% 12x 10x 1.4x 12% -/-
10 EarthLink ELNK 8.32 -13% 12% 898 423 5% 8% 10x 12x 1.4x 1% -/6
11 USA Mobility USMO 13.09 -25% 17% 290 174 8% 8% 8x 11x 1.8x 0% 1/8
12 Lenovo LNVGY 10.26 -36% 56% 5,021 2,942 1% 6% 17x - n/m 63% -/-
13 American Software AMSWA 5.67 -16% 23% 143 104 6% 6% 21x 17x 2.6x 13% -/9
14 Nat'l Australia Bank NABZY 20.76 -19% 42% 43,173 n/m 6% 6% 11x 8x 1.7x 1% -/-
15 * Grupo Aero. Pacifico PAC 33.82 -34% 12% 1,897 1,727 1% 6% 17x 16x 3.7x 15% -/-
16 Porter Bancorp PBIB 13.49 -22% 28% 119 n/m 6% 6% 12x 9x 1.0x 66% -/-
17 Chunghwa Telecom CHT 19.57 -15% 5% 18,978 16,331 6% 6% 14x 13x 1.6x 39% -/-
18 Westpac Banking WBK 99.56 -27% 34% 59,269 n/m 5% 6% 11x 10x 2.8x 0% -/-
19 Cal-Maine Foods CALM 33.70 -32% 15% 802 743 2% 6% 12x 10x 2.4x 45% -/1
20 NASB Financial NASB 16.02 -3% 102% 126 n/m 6% 6% 13x 7x .8x 63% -/-
21 First Bancorp FNLC 14.21 -8% 53% 139 n/m 5% 5% 15x 11x 1.4x 15% -/3
22 Lorillard LO 73.71 -11% 12% 11,267 10,343 5% 5% 11x 10x n/m 0% -/-
23 Hot Topic HOTT 5.25 -8% 90% 234 165 1% 5% 24x 17x 1.0x 2% -/-
24 Nokia NOK 9.54 -5% 68% 35,727 29,559 5% 5% 11x 9x 5.1x 1% -/-
25 American Ecology ECOL 14.03 -4% 46% 257 223 5% 5% 24x 18x 2.8x 7% 1/-
26 Bristol Myers Squibb BMY 25.08 -23% 8% 43,129 42,642 5% 5% 12x 11x 6.0x 0% -/3
27 Tower Bancorp TOBC 22.02 -13% 70% 157 n/m 5% 5% 12x 8x 1.1x 21% -/-
28 Australia and NZ ANZBY 19.41 -37% 26% 48,951 n/m 5% 5% 14x 11x 2.3x 1% -/-
29 Life Partners LPHI 20.42 -33% 20% 303 n/m 5% 5% 9x 8x 5.1x 51% 1/-
30 Microchip Technology MCHP 28.26 -25% 10% 5,243 4,370 5% 5% 13x 13x 3.6x 3% -/9
31 K-Fed Bancorp KFED 9.30 -22% 12% 124 n/m 2% 5% 40x 16x 1.4x 69% 2/-
32 Baldwin & Lyons BWINB 21.22 -10% 26% 314 n/m 6% 5% 21x 14x .8x 45% - / 14
33 Credit Suisse CS 39.45 -8% 52% 45,561 n/m 4% 5% 7x 7x 2.0x 0% -/-
34 United Bankshares UBSI 25.63 -36% 25% 1,115 n/m 5% 5% 16x 14x 2.5x 3% - / 14
35 Electro Rent ELRC 13.04 -33% 19% 312 253 6% 5% 26x 18x 1.4x 31% - / 11
36 Washington Trust WASH 18.28 -24% 14% 295 n/m 5% 5% 13x 12x 1.5x 15% 1/4
37 Maxim Integrated MXIM 17.52 -15% 22% 5,297 4,438 5% 5% 18x 13x 2.3x 1% -/2
38 * Value Line VALU 17.84 -33% 105% 178 n/m 5% 4% 12x 12x 3.7x 87% -/-
39 Turkcell TKC 13.75 -12% 45% 12,100 10,700 5% 4% 10x 10x 2.9x 67% -/-
40 Healthcare Services HCSG 19.88 -14% 17% 870 798 4% 4% 24x 20x 4.7x 7% -/5
41 * Superior Industries SUP 14.54 -12% 24% 388 251 4% 4% 26x 14x 1.0x 18% -/-
42 Meridian Bioscience VIVO 17.35 -8% 51% 705 644 4% 4% 23x 19x 5.8x 2% -/5
43 Garmin GRMN 34.30 -39% 18% 6,832 5,521 7% 4% 12x 13x 2.9x 44% -/5
44 People's United PBCT 14.18 -3% 23% 5,314 n/m 4% 4% 37x 27x 1.4x 1% 1/3
45 Paychex PAYX 28.36 -16% 16% 10,250 9,855 4% 4% 21x 20x >9.9x 11% -/-
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Positive net cash ► Positive EPS estimates for this FY and next FY ► MV > $100 million
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 8
Deep Value: Lots of Revenue, Low Enterprise Value
Companies that trade at low multiples of net revenue

▼
Move To Est. P/E Price to Insiders
Price 52-Week MV EV EV/ This Next Tangible % Buys/
Company Ticker ($) Low High ($mn) ($mn) Sales FY FY Book Own. Sells
1 Winn-Dixie Stores WINN 10.72 -17% 49% 591 439 .06x 29x 30x .9x 1% - / 14
2 Tech Data TECD 40.02 -25% 22% 2,030 1,531 .07x 10x 10x 1.0x 3% - / 11
3 Ingram Micro IM 17.21 -8% 10% 2,846 2,306 .07x 10x 8x .9x 4% - / 25
4 World Fuel Services INT 25.02 -28% 22% 1,486 1,192 .09x 12x 11x 2.8x 4% -/8
5 AmerisourceBergen ABC 31.92 -46% 2% 9,018 9,177 .12x 15x 14x n/m 1% - / 11
6 Cardinal Health CAH 35.07 -41% 5% 12,698 12,167 .12x 16x 14x 4.1x 0% -/-
7 Kelly Services KELYA 14.46 -31% 31% 506 575 .13x 31x 16x 1.0x 22% -/-
8 Eastman Kodak EK 5.11 -50% 78% 1,373 1,163 .14x 9x n/m n/m 0% -/1
9 SYNNEX SNX 25.93 -13% 27% 899 1,151 .14x 9x 8x 1.2x 35% - / 148
10 Insight Enterprises NSIT 14.19 -42% 19% 656 654 .15x 13x 10x 1.7x 1% - / 12
11 Tutor Perini TPC 17.20 -20% 48% 844 704 .16x 8x 7x 1.5x 45% -/2
12 Office Depot ODP 5.40 -36% 70% 1,488 1,901 .16x n/m 26x 2.0x 4% -/3
13 McKesson MCK 69.67 -41% 3% 18,908 17,473 .16x 14x 13x 5.9x 0% -/8
14 Sunoco SUN 30.71 -30% 12% 3,702 5,337 .16x 30x 13x 1.4x 0% 1/-
15 Kindred Healthcare KND 14.90 -28% 34% 588 706 .16x 11x 10x .7x 2% -/-
16 OfficeMax OMX 16.53 -71% 20% 1,402 1,193 .17x 20x 14x 3.5x 0% -/3
17 Tesoro TSO 11.37 -7% 49% 1,606 3,158 .17x n/m 9x .6x 1% - / 12
18 BJ's Wholesale Club BJ 38.49 -23% 6% 2,072 2,019 .19x 14x 13x 1.9x 1% -/8
19 Brightpoint CELL 7.66 -33% 21% 540 640 .19x 11x 9x 7.1x 2% - / 13
20 Barnes & Noble BKS 17.98 -10% 60% 1,035 1,095 .20x 47x 22x n/m 37% 6/4
21 Systemax SYX 18.76 -40% 30% 688 668 .20x 11x 10x 2.1x 64% - / 20
22 Manpower MAN 43.91 -13% 43% 3,595 3,369 .20x 36x 17x 3.1x 1% - / 16
23 Celestica CLS 8.76 -32% 29% 2,014 1,299 .21x - - 1.4x 9% -/-
24 Valero Energy VLO 17.25 -11% 26% 9,755 16,221 .22x 18x 8x .7x 0% -/7
25 EMCOR Group EME 24.48 -27% 22% 1,623 1,173 .22x 14x 12x 4.3x 2% - / 10
26 Administaff ASF 23.79 -31% 18% 622 383 .23x 33x 22x 2.9x 12% - / 22
27 Arrow Electronics ARW 25.44 -23% 28% 3,064 3,646 .24x 8x 7x 1.5x 3% -/3
28 Flextronics FLEX 6.67 -42% 26% 5,434 5,763 .24x 8x 7x 3.1x 0% -/-
29 Sears Holdings SHLD 78.55 -30% 60% 9,023 10,528 .24x 30x 27x 2.1x 4% 2/3
30 KBR KBR 22.29 -27% 11% 3,580 2,777 .24x 14x 12x 2.3x 0% -/-
31 Centene CNC 22.91 -26% 13% 1,180 1,022 .24x 13x 12x 2.4x 2% -/6
32 Owens & Minor OMI 30.01 -17% 9% 1,894 1,955 .24x 15x 14x 3.7x 2% - / 15
33 Avnet AVT 26.99 -26% 26% 4,098 4,336 .24x 10x 8x 1.7x 0% - / 11
34 SUPERVALU SVU 12.24 -3% 46% 2,598 10,022 .25x 7x 6x n/m 1% 1/-
35 Lear LEA 66.43 -41% 28% 3,102 2,760 .26x 18x 10x 2.4x 0% 1/1
36 Kroger KR 19.99 -5% 24% 12,918 20,550 .27x 11x 10x 3.5x 6% 1/5
37 Andersons ANDE 31.50 -24% 21% 580 823 .27x 11x 10x 1.4x 7% - / 32
38 Amerigroup AGP 36.06 -42% 4% 1,864 1,465 .27x 13x 12x 2.4x 1% -/5
39 Repsol REP 20.80 -10% 38% 23,314 42,304 .28x 8x 7x 1.4x 47% -/-
40 Jabil Circuit JBL 13.09 -51% 41% 2,850 3,252 .28x 10x 8x 2.1x 10% - / 24
41 * Unisys UIS 21.21 -42% 91% 903 1,284 .29x 14x 8x n/m 1% -/5
42 Shaw Group SHAW 34.68 -33% 17% 2,924 2,059 .29x 16x 14x 3.1x 1% -/2
43 * Sony SNE 28.60 -17% 41% 28,698 22,519 .29x 30x 12x 1.2x 0% -/-
44 Rite Aid RAD 1.14 -9% 106% 1,012 7,432 .29x n/m n/m n/m 29% -/-
45 * Frontier Oil FTO 13.72 -20% 21% 1,452 1,356 .29x 60x 13x 1.6x 2% -/1
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► EV to trailing revenue less than 0.5x ► Market value does not exceed revenue ► Market value > $500 million
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 9
Deep Value: Neglected Gross Profiteers
Companies that trade at low multiples of gross profit

▼
Move To Enterprise Value / Est. P/E Price/ Insiders
Price 52-Week MV EV Gross This Next Tang. % Buys/
Company Ticker ($) Low High ($mn) ($mn) Sales Profit EBIT FY FY Book Own. Sells
1 WellCare WCG 28.06 -41% 39% 1,190 162 .0x .2x 1.1x 13x 11x 1.6x 4% -/3
2 Winn-Dixie Stores WINN 10.72 -17% 49% 591 439 .1x .2x 12.9x 29x 30x .9x 1% - / 14
3 Humana HUM 47.95 -43% 10% 8,161 1,494 .0x .2x .8x 9x 9x 2.1x 1% -/4
4 IDT Corp. IDT 10.26 -85% 7% 232 101 .1x .3x n/m - - 1.6x 24% -/3
5 American Equity AEL 9.27 -49% 24% 542 424 .3x .3x 5.7x 5x 5x .7x 5% 1/-
6 Retail Ventures RVI 8.89 -76% 35% 436 255 .2x .3x 2.1x 52x - 2.5x 53% -/-
7 RealNetworks RNWK 3.31 -24% 63% 447 125 .2x .4x n/m n/m n/m 1.2x 38% 1/7
8 Imation IMN 8.94 -18% 41% 341 117 .1x .5x n/m 32x 29x .6x 21% 4/-
9 Molina Healthcare MOH 26.96 -37% 12% 694 240 .1x .5x 4.5x 17x 14x 2.0x 50% 1 / 20
10 Charming Shoppes CHRS 4.20 -19% 65% 487 474 .2x .5x n/m n/m 22x 1.9x 2% 1/-
11 Blyth BTH 36.76 -30% 63% 324 251 .3x .5x 8.0x 11x 11x 1.4x 34% -/5
12 Eastman Kodak EK 5.11 -50% 78% 1,373 1,163 .1x .5x 2.0x 9x n/m n/m 0% -/1
13 Great A & P Tea GAP 4.07 -13% 219% 227 1,328 .2x .5x n/m n/m n/m n/m 50% 6/7
14 Core-Mark CORE 27.79 -14% 24% 297 207 .0x .6x 6.4x 11x 9x .9x 2% - / 18
15 Office Depot ODP 5.40 -36% 70% 1,488 1,901 .2x .6x n/m n/m 26x 2.0x 4% -/3
16 Sierra Wireless SWIR 7.25 -30% 80% 225 107 .2x .6x n/m - - 1.7x 7% -/-
17 Tuesday Morning TUES 4.84 -57% 82% 208 181 .2x .6x 12.1x 20x 12x .8x 0% 2 / 13
18 Hot Topic HOTT 5.25 -8% 90% 234 165 .2x .7x 11.5x 24x 17x 1.0x 2% -/-
19 Barnes & Noble BKS 17.98 -10% 60% 1,035 1,095 .2x .7x 8.3x 47x 22x n/m 37% 6/4
20 Interactive Brokers IBKR 17.34 -18% 21% 715 489 .5x .7x 1.1x 25x 14x 1.2x 0% -/-
21 Universal American UAM 14.75 -48% 12% 1,113 590 .1x .7x 2.5x 8x 9x 1.2x 7% - / 18
22 OfficeMax OMX 16.53 -71% 20% 1,402 1,193 .2x .7x 66.7x 20x 14x 3.5x 0% -/3
23 Pacific Sunwear PSUN 3.37 -15% 115% 223 167 .2x .7x n/m n/m n/m .8x 2% -/-
24 THQ THQI 5.55 -26% 59% 376 195 .2x .7x n/m 18x 12x 1.8x 1% 12 / -
25 Stein Mart SMRT 7.34 -11% 87% 318 237 .2x .7x 6.9x 11x 9x 1.5x 38% -/4
26 * Aviat Networks AVNW 3.91 -8% 111% 233 111 .2x .8x n/m n/m 36x .9x 2% -/-
27 Extreme Networks EXTR 2.64 -38% 44% 238 134 .4x .8x n/m 22x 13x 1.6x 5% 4/-
28 * Evercore Partners EVR 26.30 -33% 45% 451 271 .7x .8x 9.3x 19x 13x 2.2x 7% -/9
29 Genesco GCO 30.76 -43% 14% 740 640 .4x .8x 8.9x 14x 12x 1.8x 3% 1/5
30 Medicines MDCO 7.87 -13% 54% 419 235 .6x .8x n/m 12x n/m 1.9x 1% -/7
31 Kelly Services KELYA 14.46 -31% 31% 506 575 .1x .8x n/m 31x 16x 1.0x 22% -/-
32 Liz Claiborne LIZ 5.36 -55% 81% 507 1,084 .4x .8x n/m n/m 21x n/m 0% -/-
33 Bob Evans Farms BOBE 27.53 -10% 24% 836 1,009 .6x .8x 9.5x 12x 10x 1.4x 2% -/6
34 Kenneth Cole KCP 12.11 -47% 23% 219 153 .4x .8x n/m 28x 19x 1.6x 47% -/1
35 Saia SAIA 14.93 -25% 34% 237 321 .4x .8x 200.3x 79x 12x 1.2x 3% -/2
36 Investment Tech ITG 16.89 -8% 71% 736 449 .7x .8x 6.4x 13x 10x 2.1x 1% -/4
37 Repsol REP 20.80 -10% 38% 23,314 42,304 .3x .9x 3.4x 8x 7x 1.4x 47% -/-
38 * Haverty Furniture HVT 14.50 -39% 25% 314 268 .4x .9x 55.9x 19x 15x 1.3x 22% - / 16
39 * Fred's FRED 12.15 -26% 18% 479 435 .2x .9x 11.4x 16x 14x 1.2x 7% -/-
40 Sears Holdings SHLD 78.55 -30% 60% 9,023 10,528 .2x .9x 15.4x 30x 27x 2.1x 4% 2/3
41 Celadon Group CGI 13.91 -45% 15% 310 338 .7x .9x 36.7x 77x 24x 2.4x 7% -/2
42 Brown Shoe BWS 16.87 -62% 18% 732 851 .4x .9x 14.2x 16x 13x 2.3x 2% -/1
43 Spartan Stores SPTN 14.63 -19% 18% 329 506 .2x .9x 8.6x 11x 10x >9.9x 2% -/1
44 * E.W. Scripps SSP 7.98 -78% 47% 454 437 .5x .9x 25.5x 18x 24x 1.1x 45% - / 23
45 * USA Mobility USMO 13.09 -25% 17% 290 174 .6x .9x 3.2x 8x 11x 1.8x 0% 1/8
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► EV not more than trailing gross profit ► Market value not more than 2x gross profit ► Market value > $200 million
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com June 14, 2010 Page 10
Activist Targets: Potential Sales, Liquidations or Recaps
Companies that may unlock value through a corporate event

▼
Move To Price to Net Net Next Insiders
Price 52-Week MV EV Tangible Net Cash ST Assets EV/ FY % Buys/
Company Ticker ($) Low High ($mn) ($mn) Book (% of MV) (% of MV) Sales P/E Own. Sells
1 Insmed INSM 0.78 -10% 229% 101 (21) .8x 121% 121% n/m - 4% -/-
2 PennyMac Mortgage PMT 16.25 -3% 23% 272 (52) .9x 119% 115% n/m 7x 1% 1/-
3 Colony Financial CLNY 17.82 -3% 18% 261 (27) 1.0x 110% 105% n/m 10x 1% -/-
4 MDS MDZ 8.45 -44% 10% 568 (60) .7x 111% 102% n/m - 0% -/-
5 TomoTherapy TOMO 2.78 -15% 68% 150 2 .8x 99% 100% .0x n/m 9% -/8
6 Adaptec ADPT 3.06 -26% 16% 368 (7) 1.0x 102% 100% n/m n/m 0% 7/-
7 Alvarion ALVR 2.13 -8% 125% 132 31 .8x 77% 95% .1x 16x 6% -/-
8 Ingram Micro IM 17.21 -8% 10% 2,846 2,306 .9x 19% 91% .1x 8x 4% - / 25
9 Exceed Company EDS 6.96 -5% 97% 137 107 .8x 22% 91% .4x - 18% -/-
10 Tech Data TECD 40.02 -25% 22% 2,030 1,531 1.0x 25% 89% .1x 10x 3% - / 11
11 Force Protection FRPT 4.15 -6% 133% 292 158 .9x 46% 87% .2x 9x 1% -/6
12 Ascent Media ASCMA 27.27 -19% 12% 387 71 .7x 82% 86% .2x - 6% 1/-
13 Aviat Networks AVNW 3.91 -8% 111% 233 111 .9x 52% 86% .2x 36x 2% -/-
14 Axcelis Technologies ACLS 1.72 -81% 50% 179 144 .9x 19% 85% .9x n/m 1% -/-
15 Hardinge HDNG 9.10 -58% 11% 106 83 .7x 21% 83% .4x 18x 3% -/-
16 Retail Opportunity ROIC 9.58 -3% 15% 401 71 1.0x 82% 81% 50.4x - 2% - / 24
17 Hurco HURC 17.44 -21% 17% 112 76 1.0x 32% 81% .9x 20x 5% 2/-
18 Tuesday Morning TUES 4.84 -57% 82% 208 181 .8x 13% 81% .2x 12x 0% 2 / 13
19 InfoSpace INSP 7.95 -18% 53% 285 54 1.2x 81% 79% .2x 31x 1% 1 / 15
20 FormFactor FORM 11.10 -1% 135% 555 122 1.0x 78% 79% .8x n/m 3% -/3
21 QLT QLTI 6.20 -68% 8% 332 142 .8x 57% 78% 3.2x - 15% 9/-
22 Maxygen MAXY 5.79 -15% 43% 180 21 1.3x 88% 78% .5x - 10% -/6
23 CSS Industries CSS 17.12 -6% 59% 166 139 .9x 16% 76% .3x - 19% -/9
24 Microtune TUNE 2.20 -25% 39% 119 41 1.2x 66% 76% .5x 44x 3% -/-
25 Cutera CUTR 9.01 -15% 34% 121 25 1.2x 79% 75% .5x n/m 6% -/1
26 Benchmark Electron. BHE 17.49 -23% 30% 1,103 714 1.1x 35% 75% .3x 12x 1% -/1
27 Zoran ZRAN 10.00 -15% 23% 513 113 1.1x 78% 74% .3x 26x 1% 1/-
28 Callaway Golf ELY 7.88 -41% 29% 507 497 .9x 2% 72% .5x 14x 1% -/1
29 SuperGen SUPG 2.20 -14% 73% 133 30 1.3x 77% 72% .7x n/m 16% -/6
30 Novatel Wireless NVTL 5.94 -6% 131% 186 46 .9x 75% 70% .1x >99x 2% -/-
31 Core-Mark CORE 27.79 -14% 24% 297 207 .9x 30% 70% .0x 9x 2% - / 18
32 * ModusLink MLNK 6.53 -16% 70% 288 128 1.0x 56% 70% .1x 34x 2% -/1
33 Richardson Electron. RELL 8.61 -67% 43% 152 144 1.2x 5% 70% .3x 9x 18% 2/3
34 Electro Scientific ESIO 12.85 -27% 17% 356 200 1.1x 44% 69% 1.3x 14x 1% -/1
35 Advanced Analogic AATI 3.55 -16% 57% 153 54 1.4x 65% 69% .6x n/m 7% 1/2
36 L.B. Foster FSTR 26.65 -6% 32% 271 166 1.2x 39% 69% .5x 14x 2% -/-
37 Cypress Bioscience CYPB 4.36 -12% 128% 167 30 1.4x 82% 68% 1.1x n/m 1% -/-
38 PCTEL PCTI 5.83 -16% 22% 111 51 1.0x 54% 67% .9x 21x 6% - / 13
39 * ActivIdentity ACTI 2.17 -7% 53% 104 26 1.4x 75% 66% .4x 16x 4% -/-
40 * Gilat Satellite GILT 4.35 -16% 44% 176 52 .8x 71% 64% .2x - 6% -/-
41 Oplink Comms OPLK 14.26 -24% 40% 299 130 1.3x 57% 63% 1.0x 14x 3% -/-
42 Rimage RIMG 16.75 -17% 16% 159 58 1.3x 64% 63% .7x 15x 1% -/5
43 Bel Fuse BELFB 17.53 -17% 43% 204 124 1.1x 39% 63% .6x 13x 14% -/7
44 * Hooker Furniture HOFT 12.07 -10% 49% 130 91 1.0x 30% 63% .5x 11x 4% -/1
45 JAKKS Pacific JAKK 14.19 -26% 18% 396 225 1.2x 43% 63% .3x 11x 1% -/-
 Company website SEC Y! Price Charts Proxy Y!

* New additions are highlighted.

Screening criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million
MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

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 GTx (GTXI) – New Addition to “Magic Formula,”
based on Trailing and This Year’s Financials Memphis, TN, 901-523-9700
Health Care: Biotechnology & Drugs www.gtxinc.com

Trading Data Consensus EPS Estimates Valuation

Price: $2.87 (as of 6/11/10) Month # of P/E FYE 12/31/09 n/m
52-week range: $1.90 - $13.59 Latest Ago Ests P/E FYE 12/31/10 10x
Market value: $105 million This quarter -$0.25 -$0.26 6 P/E FYE 12/31/11 n/m
Enterprise value: $66 million Next quarter -0.23 -0.23 5 P/E FYE 12/30/12 n/m
Shares out: 36.4 million FYE 12/31/10 0.30 0.29 7 EV/ LTM revenue 1.0x
Ownership Data FYE 12/31/11 -0.90 -0.90 7 EV/ LTM EBIT 7x
Insider ownership: 67% FYE 12/30/12 -0.86 -0.64 5 P / tangible book 3.1x
Insider buys (last six months): 15 LT growth 0.0% 0.0% 1 Greenblatt Criteria
Insider sales (last six months): 1 EPS Surprise Actual Estimate LTM EBIT yield 14%
Institutional ownership: 25% 5/4/10 $1.22 $1.17 LTM pre-tax ROC n/m
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 3/31/10 3/31/09 3/31/10
Revenue 0 2 4 8 7 14 15 68 4 57
Gross profit 0 0 2 7 7 13 13 67 3 56
Operating income (14) (23) (39) (39) (46) (55) (47) 9 (12) 44
Net income (96) (6) (37) (36) (40) (52) (46) 9 (11) 44
Diluted EPS (12.34) (0.25) (1.42) (1.14) (1.16) (1.43) (1.27) 0.26 (0.31) 1.22
Shares out (avg) 8 23 26 31 35 36 36 36 36 36
Cash from operations (13) (16) (35) (12) (38) (3) (46) (41) (15) (10)
Capex 0 6 1 1 2 3 1 1 0 0
Free cash flow (13) (22) (36) (12) (39) (6) (47) (42) (15) (10)
Cash & investments 15 65 74 120 110 98 49 39 82 39
Total current assets 15 66 76 122 152 100 51 46 85 46
Intangible assets 0 5 5 4 4 4 4 4 4 4
Total assets 17 73 83 129 160 108 58 53 93 53
Short-term debt 0 0 0 0 0 0 0 0 0 0
Total current liabilities 2 5 6 10 19 21 16 10 19 10
Long-term debt 0 0 0 0 0 0 0 0 0 0
Total liabilities 2 9 9 32 81 76 67 16 71 16
Preferred stock 165 0 0 0 0 0 0 0 0 0
Common equity (150) 64 74 97 79 32 (9) 37 22 37
EBIT/capital employed n/m n/m n/m n/m n/m n/m n/m n/m n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Penwest Pharma (PPCO) – New Addition to
“Magic Formula,” based on This & Next Year’s EPS
Danbury, CT,
877-736-
9378
Health Care: Biotechnology & Drugs www.penwest.com

Trading Data Consensus EPS Estimates Valuation

Price: $3.50 (as of 6/11/10) Month # of P/E FYE 12/31/09 n/m
52-week range: $1.31 - $3.88 Latest Ago Ests P/E FYE 12/31/10 4x
Market value: $112 million This quarter $0.22 $0.22 1 P/E FYE 12/31/11 4x
Enterprise value: $103 million Next quarter 0.23 0.23 1 P/E FYE 12/30/12 3x
Shares out: 31.9 million FYE 12/31/10 0.80 0.86 1 EV/ LTM revenue 3.8x
Ownership Data FYE 12/31/11 0.99 1.11 1 EV/ LTM EBIT 26x
Insider ownership: 2% FYE 12/30/12 1.37 1.37 1 P / tangible book 6.1x
Insider buys (last six months): 0 LT growth n/a n/a n/a Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield 4%
Institutional ownership: 57% 5/3/10 $0.12 $0.09 LTM pre-tax ROC 61%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 3/31/10 3/31/09 3/31/10
Revenue 5 5 6 4 3 9 24 27 5 9
Gross profit 5 5 6 3 3 7 21 24 5 8
Operating income (26) (25) (25) (34) (35) (26) (1) 4 (1) 4
Net income (16) (24) (23) (31) (35) (27) (2) 3 (1) 4
Diluted EPS (1.56) (1.28) (1.05) (1.38) (1.48) (0.89) (0.05) 0.10 (0.03) 0.12
Shares out (avg) 17 19 22 23 23 30 32 32 32 32
Cash from operations (22) (23) (20) (24) (30) (26) 0 2 (0) 1
Capex 3 2 1 2 1 1 0 0 0 0
Free cash flow (25) (25) (21) (26) (31) (27) 0 2 (0) 1
Cash & investments 64 74 55 41 23 17 11 12 15 12
Total current assets 68 77 58 43 26 23 19 21 22 21
Intangible assets 4 4 3 3 3 2 1 1 2 1
Total assets 79 88 67 53 37 32 26 28 29 28
Short-term debt 0 0 0 0 2 6 4 3 6 3
Total current liabilities 8 5 4 5 8 9 8 6 9 6
Long-term debt 0 0 0 0 10 4 0 0 3 0
Total liabilities 11 9 7 8 21 16 11 9 15 9
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 68 79 60 45 16 16 15 19 15 19
EBIT/capital employed n/m n/m n/m n/m n/m n/m -12% 61% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Career Education (CECO) – New Addition to “Magic Hoffman

Formula,” based on Next Year’s EPS Estimates

Estates, IL,
847-781-
3600
Services: Schools, Member of S&P MidCap 400 www.careered.com

Trading Data Consensus EPS Estimates Valuation

Price: $26.98 (as of 6/11/10) Month # of P/E FYE 12/31/09 16x
52-week range: $18.21 - $35.88 Latest Ago Ests P/E FYE 12/31/10 10x
Market value: $2.2 billion This quarter $0.62 $0.60 14 P/E FYE 12/31/11 8x
Enterprise value: $1.8 billion Next quarter 0.62 0.60 14 P/E FYE 12/30/12 7x
Shares out: 81.8 million FYE 12/31/10 2.84 2.75 15 EV/ LTM revenue 0.9x
Ownership Data FYE 12/31/11 3.48 3.37 14 EV/ LTM EBIT 7x
Insider ownership: 0% FYE 12/30/12 3.70 3.70 3 P / tangible book 6.7x
Insider buys (last six months): 2 LT growth 12.4% 14.6% 4 Greenblatt Criteria
Insider sales (last six months): 2 EPS Surprise Actual Estimate LTM EBIT yield 15%
Institutional ownership: 95% 5/5/10 $0.66 $0.64 LTM pre-tax ROC >100%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 3/31/10 3/31/09 3/31/10
Revenue 1,178 1,729 1,855 1,888 1,668 1,661 1,837 1,934 433 530
Gross profit 765 1,171 1,311 1,268 1,082 1,055 1,225 1,308 286 369
Operating income 185 292 381 108 134 109 223 260 51 88
Net income 113 180 234 47 60 60 81 143 23 55
Diluted EPS 1.12 1.71 2.39 0.57 1.13 1.00 1.68 1.98 0.38 0.67
Shares out (avg) 96 102 101 96 94 90 86 85 90 82
Cash from operations 233 376 409 210 222 187 288 293 49 54
Capex 107 143 126 70 58 54 100 79 15 20
Free cash flow 126 233 283 141 165 133 188 214 34 34
Cash & investments 161 350 401 448 389 494 485 422 500 422
Total current assets 329 513 653 654 585 643 629 568 655 568
Intangible assets 478 485 463 384 424 416 556 553 413 553
Total assets 1,126 1,387 1,495 1,420 1,378 1,418 1,564 1,495 1,397 1,495
Short-term debt 80 2 1 12 12 0 1 1 0 1
Total current liabilities 332 321 327 312 376 352 442 429 346 429
Long-term debt 26 22 16 3 2 2 2 2 2 2
Total liabilities 397 402 459 437 492 471 642 612 469 612
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 729 985 1,036 982 886 948 922 883 928 883
EBIT/capital employed >100% >100% >100% 41% 63% 81% >100% >100% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Barnes & Noble (BKS) – New Addition to
Shunned By The Market, Not By Insiders New York, NY, 212-633-3300
Services: Retail (Specialty Non-Apparel), Member of S&P MidCap 400 www.barnesandnoble.com

Trading Data Consensus EPS Estimates Valuation

Price: $17.98 (as of 6/11/10) Month # of P/E FYE 1/31/09 12x
52-week range: $16.11 - $28.78 Latest Ago Ests P/E FYE 4/30/10 47x
Market value: $1.0 billion This quarter -$0.81 -$0.81 5 P/E FYE 4/30/11 22x
Enterprise value: $1.1 billion Next quarter -0.44 -0.44 2 P/E FYE 4/29/12 24x
Shares out: 57.6 million FYE 4/30/10 0.38 0.36 4 EV/ LTM revenue 0.2x
Ownership Data FYE 4/30/11 0.80 0.94 3 EV/ LTM EBIT 8x
Insider ownership: 37% FYE 4/29/12 0.75 0.95 2 P / tangible book n/m
Insider buys (last six months): 6 LT growth 4.0% 8.1% 2 Greenblatt Criteria
Insider sales (last six months): 4 EPS Surprise Actual Estimate LTM EBIT yield 12%
Institutional ownership: 50% 2/23/10 $1.38 $1.34 LTM pre-tax ROC 19%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 2/1/03 1/31/04 1/29/05 1/28/06 2/3/07 2/2/08 1/31/09 1/30/10 1/31/09 1/30/10
Revenue 3,917 4,372 4,770 4,994 5,140 5,287 5,122 5,596 1,632 2,175
Gross profit 1,185 1,312 1,457 1,538 1,606 1,607 1,581 1,645 523 616
Operating income 176 226 226 246 248 202 143 132 141 147
Net income 100 152 143 147 151 136 76 76 81 78
Diluted EPS 0.98 1.57 1.62 2.01 2.16 2.01 1.49 1.14 1.53 1.38
Shares out (avg) 66 66 69 68 65 64 55 55 55 55
Cash from operations 543 539 558 500 263 434 384 291 470 310
Capex 185 130 185 187 176 194 192 77 34 30
Free cash flow 358 409 373 313 87 240 191 214 436 280
Cash & investments 268 282 536 373 349 335 282 40 282 40
Total current assets 1,887 2,186 1,987 1,851 1,922 1,966 1,723 1,896 1,717 1,896
Intangible assets 439 270 366 358 351 331 324 1,107 324 1,107
Total assets 2,995 3,812 3,318 3,156 3,197 3,250 2,994 3,886 2,878 3,886
Short-term debt 0 0 0 0 0 0 0 100 0 100
Total current liabilities 1,231 1,432 1,326 1,505 1,490 1,590 1,476 2,144 1,470 2,144
Long-term debt 300 300 245 0 0 0 0 0 0 0
Total liabilities 1,968 2,571 2,153 2,041 2,032 2,175 2,072 2,937 1,956 2,937
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 1,028 1,241 1,166 1,116 1,165 1,075 922 949 922 949
EBIT/capital employed 17% 20% 20% 29% 30% 23% 17% 19% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 New York & Company (NWY) – New Addition
to Contrarian: Biggest YTD Losers New York, NY, 212-884-2000
Services: Retail (Apparel) www.nyandcompany.com

Trading Data Consensus EPS Estimates Valuation

Price: $2.54 (as of 6/11/10) Month # of P/E FYE 1/30/10 n/m
52-week range: $2.05 - $6.53 Latest Ago Ests P/E FYE 1/31/11 n/m
Market value: $152 million This quarter -$0.40 -$0.05 5 P/E FYE 1/31/12 254x
Enterprise value: $141 million Next quarter -0.11 -0.01 5 P/E FYE 1/30/13 n/a
Shares out: 60.0 million FYE 1/31/11 -0.54 -0.02 5 EV/ LTM revenue 0.1x
Ownership Data FYE 1/31/12 0.01 0.24 5 EV/ LTM EBIT n/m
Insider ownership: 2% FYE 1/30/13 n/a n/a n/a P / tangible book 0.8x
Insider buys (last six months): 2 LT growth 15.0% 15.0% 2 Greenblatt Criteria
Insider sales (last six months): 8 EPS Surprise Actual Estimate LTM EBIT yield -17%
Institutional ownership: 40% 5/20/10 -$0.08 -$0.08 LTM pre-tax ROC -10%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 1/31/04 1/29/05 1/28/06 2/3/07 2/2/08 1/31/09 1/30/10 5/1/10 5/2/09 5/1/10
Revenue 962 1,040 1,113 1,153 1,195 1,140 1,007 1,011 233 237
Gross profit 288 357 361 367 343 296 253 252 59 59
Operating income 54 93 102 82 45 (34) (24) (24) (9) (9)
Net income 17 17 59 46 (5) (20) (14) (18) (5) (5)
Diluted EPS 0.31 0.33 1.01 0.81 0.44 (0.34) (0.23) (0.23) (0.08) (0.08)
Shares out (avg) 44 47 54 56 59 60 59 59 60 59
Cash from operations 109 54 108 84 84 28 55 15 (19) (59)
Capex 30 54 80 78 76 45 13 15 3 4
Free cash flow 79 0 28 7 8 (16) 42 0 (21) (63)
Cash & investments 99 85 57 68 74 54 87 23 31 23
Total current assets 205 211 203 215 233 208 211 207 210 207
Intangible assets 15 15 42 15 15 15 15 15 15 15
Total assets 292 330 406 470 489 457 437 426 450 426
Short-term debt 0 0 6 6 6 6 6 6 6 6
Total current liabilities 111 128 155 145 148 138 143 139 138 139
Long-term debt 83 75 32 26 20 14 8 6 12 6
Total liabilities 210 227 227 229 249 234 228 222 233 222
Preferred stock 70 0 0 0 0 0 0 0 0 0
Common equity 13 103 179 241 240 223 208 204 218 204
EBIT/capital employed 88% >100% 80% 45% 19% -14% -12% -10% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Agilysys (AGYS) – New Addition to Value with
Catalyst: Cheap Repurchasers of Stock Solon, OH, 440-519-8700
Technology: Computer Hardware, Member of S&P SmallCap 600 www.agilysys.com

Trading Data Consensus EPS Estimates Valuation

Price: $7.23 (as of 6/11/10) Month # of P/E FYE 3/31/10 48x
52-week range: $3.95 - $12.50 Latest Ago Ests P/E FYE 3/31/11 24x
Market value: $166 million This quarter -$0.14 $0.09 1 P/E FYE 3/30/12 14x
Enterprise value: $101 million Next quarter 0.04 0.17 1 P/E FYE 3/30/13 n/a
Shares out: 22.9 million FYE 3/31/11 0.30 0.72 1 EV/ LTM revenue 0.2x
Ownership Data FYE 3/30/12 0.52 0.83 1 EV/ LTM EBIT n/m
Insider ownership: 3% FYE 3/30/13 n/a n/a n/a P / tangible book 1.4x
Insider buys (last six months): 0 LT growth n/a n/a n/a Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield -7%
Institutional ownership: 85% 6/3/10 -$0.02 -$0.11 LTM pre-tax ROC -12%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 3/31/04 3/31/05 3/31/06 3/31/07 3/31/08 3/31/09 3/31/10 3/31/10 3/31/09 3/31/10
Revenue 1,403 377 469 454 760 731 640 640 156 136
Gross profit 181 88 107 119 176 196 162 162 40 36
Operating income 28 (24) (26) (8) (17) (276) (7) (7) (97) (7)
Net income 9 20 28 233 4 (284) 4 4 (114) (1)
Diluted EPS 0.41 (0.89) (0.69) (0.32) 0.06 (12.49) 0.15 0.13 (5.07) (0.02)
Shares out (avg) 28 28 30 31 28 23 23 23 23 23
Cash from operations (17) 93 49 39 (157) (80) 104 104 41 45
Capex 2 1 3 6 9 7 13 13 3 4
Free cash flow (18) 92 46 32 (166) (87) 91 91 39 41
Cash & investments 150 242 148 605 70 36 66 66 36 66
Total current assets 514 565 484 733 279 232 200 200 232 200
Intangible assets 180 180 94 102 353 87 83 83 87 83
Total assets 760 815 764 894 696 374 330 330 374 330
Short-term debt 0 126 60 0 0 0 0 0 0 0
Total current liabilities 251 394 340 246 189 160 112 112 160 112
Long-term debt 60 60 0 0 0 0 0 0 0 0
Total liabilities 325 483 378 267 216 182 132 132 182 132
Preferred stock 125 0 0 0 0 0 0 0 0 0
Common equity 309 333 385 627 480 193 199 199 193 199
EBIT/capital employed 19% -21% -33% n/m n/m -502% -12% -12% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Telecom Argentina (TEO) – New Addition to Profitable Buenos
Aires,

Dividend Payors with Decent Balance Sheets

Argentina,
800-997-
8970
Services: Communications Services www.telecom.com.ar

Trading Data Consensus EPS Estimates Valuation

Price: $17.57 (as of 6/11/10) Month # of P/E FYE 12/31/09 11x
52-week range: $10.03 - $21.96 Latest Ago Ests P/E FYE 12/31/10 7x
Market value: $3.5 billion This quarter $0.62 $0.64 1 P/E FYE 12/31/11 7x
Enterprise value: $3.2 billion Next quarter 0.66 0.62 1 P/E FYE 12/30/12 7x
Shares out: 196.9 million FYE 12/31/10 2.37 2.39 5 EV/ LTM revenue 1.0x
Ownership Data FYE 12/31/11 2.53 2.56 4 EV/ LTM EBIT 4x
Insider ownership: 79% FYE 12/30/12 2.62 2.48 2 P / tangible book 2.7x
Insider buys (last six months): 0 LT growth 10.1% 10.1% 2 Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield 22%
Institutional ownership: 9% 5/6/10 $0.54 $0.60 LTM pre-tax ROC 56%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 3/31/10 3/31/09 3/31/10
Revenue 958 1,148 1,447 1,882 2,317 2,709 3,122 3,225 722 830
Gross profit 284 394 509 735 1,035 1,250 1,564 1,626 360 417
Operating income 123 156 127 183 375 471 690 722 167 193
Net income 124 (200) 291 146 298 286 317 380 90 105
Diluted EPS 0.63 (1.01) 1.47 0.72 1.38 1.45 1.61 1.93 0.46 0.53
Shares out (avg) 197 197 197 197 197 197 197 197 197 197
Cash from operations 518 562 332 603 752 847 840 871 218 250
Capex 43 121 140 221 317 399 381 417 97 133
Free cash flow 475 441 192 382 435 449 459 454 121 117
Cash & investments 630 935 164 169 253 287 329 442 396 442
Total current assets 813 1,132 394 451 609 664 751 829 771 829
Intangible assets 216 197 195 199 194 197 197 196 196 196
Total assets 3,133 3,149 2,185 2,227 2,342 2,466 2,715 2,807 2,560 2,807
Short-term debt 2,552 2,409 231 356 376 346 195 211 368 211
Total current liabilities 2,728 2,611 563 861 930 1,039 1,065 1,055 1,047 1,055
Long-term debt 22 311 1,020 690 440 176 15 11 181 11
Total liabilities 2,835 3,021 1,716 1,695 1,568 1,439 1,327 1,315 1,448 1,315
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 298 128 469 531 774 1,026 1,388 1,491 1,112 1,491
EBIT/capital employed 6% 8% 8% 14% 30% 37% 54% 56% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Sony (SNE) – New Addition to Deep Value:
Lots of Revenue, Low Enterprise Value Minato-ku, TK, Japan, 81-3-674-2111
Consumer Cyclical: Audio & Video Equipment www.sony.net

Trading Data Consensus EPS Estimates Valuation

Price: $28.60 (as of 6/11/10) Month # of P/E FYE 3/31/10 n/m
52-week range: $23.60 - $40.45 Latest Ago Ests P/E FYE 3/31/11 30x
Market value: $28.7 billion This quarter -$0.08 -$0.26 2 P/E FYE 3/30/12 12x
Enterprise value: $22.5 billion Next quarter 0.13 0.26 2 P/E FYE 3/30/13 n/a
Shares out: 1,003.4 million FYE 3/31/11 0.95 1.50 4 EV/ LTM revenue 0.3x
Ownership Data FYE 3/30/12 2.34 2.52 2 EV/ LTM EBIT 35x
Insider ownership: 0% FYE 3/30/13 n/a n/a n/a P / tangible book 1.2x
Insider buys (last six months): 0 LT growth n/a n/a n/a Greenblatt Criteria
Insider sales (last six months): 0 EPS Surprise Actual Estimate LTM EBIT yield 3%
Institutional ownership: 9% 5/13/10 -$0.61 -$0.75 LTM pre-tax ROC n/m
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 3/31/04 3/31/05 3/31/06 3/31/07 3/31/08 3/31/09 3/31/10 3/31/10 3/31/09 3/31/10
Revenue 82,378 78,677 82,534 91,162 97,488 84,945 79,275 78,695 16,748 18,847
Gross profit 21,238 18,428 20,081 20,506 22,539 16,722 18,131 18,131 1,808 4,014
Operating income 906 1,211 2,445 774 5,079 (2,552) 317 644 (3,252) (636)
Net income 974 1,800 1,344 1,388 4,060 (1,087) (448) (449) (1,815) (622)
Diluted EPS 1.02 1.79 1.28 1.32 3.86 (1.08) (0.45) (0.44) (1.81) (0.62)
Shares out (avg) 924 931 998 1,001 1,003 1,004 1,004 1,004 1,004 1,004
Cash from operations 6,952 7,110 4,394 6,165 8,326 4,474 10,032 10,032 4,859 4,072
Capex 4,696 4,983 5,082 5,797 5,215 5,452 3,715 3,715 1,492 650
Free cash flow 2,256 2,127 (688) 368 3,111 (978) 6,317 6,317 3,366 3,422
Cash & investments 12,402 13,635 13,627 14,211 16,639 12,392 19,463 19,463 12,392 19,463
Total current assets 36,960 39,079 41,423 49,964 55,051 39,787 45,416 45,416 39,787 45,416
Intangible assets 5,779 5,175 5,561 5,911 6,241 9,234 8,987 8,987 9,234 8,987
Total assets 99,897 104,386 116,569 128,751 137,942 132,017 141,386 141,386 132,017 141,386
Short-term debt 5,220 2,530 3,696 1,049 3,902 4,958 3,128 3,128 4,958 3,128
Total current liabilities 32,772 30,872 35,167 39,031 44,213 41,878 44,615 44,615 41,878 44,615
Long-term debt 8,546 7,462 8,406 11,000 8,012 7,254 10,156 10,156 7,254 10,156
Total liabilities 73,766 72,844 81,362 91,711 99,864 99,438 108,794 108,794 99,438 108,794
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 26,132 31,542 35,207 37,041 38,078 32,579 32,592 32,592 32,579 32,592
EBIT/capital employed 8% 10% 21% 6% 40% -34% n/m n/m n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 Evercore Partners (EVR) – New Addition to
Deep Value: Neglected Gross Profiteers New York, NY, 212-857-3100
Financial: Investment Services www.evercore.com

Trading Data Consensus EPS Estimates Valuation

Price: $26.30 (as of 6/11/10) Month # of P/E FYE 12/31/09 n/m
52-week range: $17.63 - $38.23 Latest Ago Ests P/E FYE 12/31/10 19x
Market value: $451 million This quarter $0.32 $0.33 6 P/E FYE 12/31/11 13x
Enterprise value: $271 million Next quarter 0.32 0.36 6 P/E FYE 12/30/12 11x
Shares out: 17.1 million FYE 12/31/10 1.37 1.43 7 EV/ LTM revenue 0.7x
Ownership Data FYE 12/31/11 2.00 2.05 7 EV/ LTM EBIT 9x
Insider ownership: 7% FYE 12/30/12 2.50 2.40 2 P / tangible book 2.2x
Insider buys (last six months): 0 LT growth 15.0% 15.0% 1 Greenblatt Criteria
Insider sales (last six months): 9 EPS Surprise Actual Estimate LTM EBIT yield 11%
Institutional ownership: 94% 4/20/10 $0.28 $0.29 LTM pre-tax ROC >100%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 3/31/10 3/31/09 3/31/10
Revenue 60 86 126 217 340 225 337 373 58 93
Gross profit 0 0 0 210 322 195 313 351 50 88
Operating income 35 52 67 94 (55) (9) 20 29 1 11
Net income 34 50 63 70 (35) (5) (2) 0 0 2
Diluted EPS 8.17 11.85 15.03 14.07 (3.38) (0.36) (0.10) (0.13) 0.01 0.09
Shares out (avg) 4 4 4 5 10 13 16 16 14 19
Cash from operations 18 47 67 60 146 18 88 91 (52) (49)
Capex 1 1 1 2 7 1 2 2 0 1
Free cash flow 17 46 66 58 139 17 86 89 (52) (50)
Cash & investments 37 38 160 487 564 655 582 550 582
Total current assets 53 55 222 555 606 697 636 602 636
Intangible assets 0 0 61 51 38 57 62 36 62
Total assets 72 82 302 689 739 891 851 742 851
Short-term debt 0 0 87 289 285 307 305 332 305
Total current liabilities 20 29 151 420 365 416 353 369 353
Long-term debt 0 0 0 0 95 97 97 96 97
Total liabilities 20 30 189 516 523 625 586 524 586
Preferred stock 0 0 0 0 0 0 0 0 0
Common equity 51 52 113 173 216 266 266 218 266
EBIT/capital employed n/m n/m n/m n/m n/m n/m >100% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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 ModusLink (MLNK) – New Addition to Activist
Targets: Potential Sales, Liquidations or Recaps Waltham, MA, 781-
663-5001
Technology: Computer Services www.moduslink.com

Trading Data Consensus EPS Estimates Valuation

Price: $6.53 (as of 6/11/10) Month # of P/E FYE 7/31/09 n/m
52-week range: $5.51 - $11.10 Latest Ago Ests P/E FYE 7/31/10 27x
Market value: $288 million This quarter -$0.01 -$0.01 1 P/E FYE 7/31/11 34x
Enterprise value: $128 million Next quarter 0.10 0.10 1 P/E FYE 7/30/12 n/a
Shares out: 44.1 million FYE 7/31/10 0.24 0.24 1 EV/ LTM revenue 0.1x
Ownership Data FYE 7/31/11 0.19 0.19 1 EV/ LTM EBIT 6x
Insider ownership: 2% FYE 7/30/12 n/a n/a n/a P / tangible book 1.0x
Insider buys (last six months): 0 LT growth n/a n/a n/a Greenblatt Criteria
Insider sales (last six months): 1 EPS Surprise Actual Estimate LTM EBIT yield 15%
Institutional ownership: 49% 6/8/10 -$0.03 $0.00 LTM pre-tax ROC 16%
Operating Performance and Financial Position
($ millions, except Fiscal Years Ended LTME FQE FQE
per share data) 7/31/03 7/31/04 7/31/05 7/31/06 7/31/07 7/31/08 7/31/09 4/30/10 4/30/09 4/30/10
Revenue 437 381 1,054 1,149 1,143 1,068 1,009 921 232 214
Gross profit 33 21 120 118 131 138 123 122 33 25
Operating income (92) (25) 8 1 15 0 (169) 20 3 1
Net income (216) 87 27 15 49 9 (194) 12 (2) (3)
Diluted EPS (3.42) 2.15 0.63 0.59 1.01 0.28 (4.27) 0.13 (0.04) (0.02)
Shares out (avg) 39 40 48 48 48 48 45 45 45 44
Cash from operations (97) (20) (13) 14 53 (8) 34 47 17 3
Capex 4 5 12 17 24 26 11 9 2 3
Free cash flow (101) (25) (26) (2) 29 (34) 23 38 15 0
Cash & investments 276 272 193 229 282 162 179 160 168 160
Total current assets 399 372 449 496 541 474 426 385 411 385
Intangible assets 22 22 199 198 190 219 49 68 50 68
Total assets 455 423 722 763 819 811 556 531 546 531
Short-term debt 7 16 27 0 1 0 0 0 0 0
Total current liabilities 182 111 224 213 220 235 189 163 174 163
Long-term debt 2 2 1 25 25 0 0 0 0 0
Total liabilities 208 130 251 265 264 265 210 184 198 184
Preferred stock 0 0 0 0 0 0 0 0 0 0
Common equity 247 293 471 498 555 546 346 347 348 347
EBIT/capital employed n/m n/m 14% 1% 15% 0% -124% 16% n/m n/m
Ten-Year Stock Price Performance and Trading Volume Dynamics

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