Standpoint Research provides independent equity research based on a 155-variable model combined with a subjective fundamental overlay. The firm was founded in 2003 and is led by Ronnie Moas. Standpoint Research has outperformed the S&P 500 over multiple time periods, including a 166 basis point gain for the 52 weeks ending March 1, 2009. The firm publishes regular sector reports and individual stock analyses.

1. Stand p oint
Re s e ar ch
Balancing Quantitative Research with a Subjective and
Fundamental Overlay

2. Outline
About Standpoint Research
Research Performance
Research Methodology
Our Services
Equity and Portfolio Diagnostics
Schedule of Reports
Current Sector Allocation
Ronnie Moas Bio
Recent Developments
March 1, 2009 www.standpointresearch.com 2

3. About Standpoint Research
Founded by Ronnie Moas in 2003
Standpoint Research provides independent equity
research that is based on a 155-variable valuation and
diagnostics model with a fundamental and subjective
overlay that has been proven to add value
For the 52 weeks ending 03/01/09, “Investars” has
Standpoint Research +166bp versus the S&P. This
ranks the firm 8th out of 46 small and mid-sized firms.
Standpoint Research ranks 3rd or better for the 5-, 4-,
3- and 2-year periods ending 03/01/09 ahead of the
S&P by more than 1800bp since 07/01/03
March 1, 2009 www.standpointresearch.com 3

4. Standpoint Research
versus the S&P-500
Time Frame Standpoint vs. the S&P (in basis points)
For the four years
+ 1,151
ending February 1, 2009
For the three years
+ 356
ending February 1, 2009
For the two years
+ 293
ending February 1, 2009
For the 52 weeks ending March 1, 2009, “Investars” has Standpoint Research ahead of the S&P by 166bp.
“Investars” has time-stamped all of our recommendations since September 19, 2006. We beat the S&P via
stock-picking and industry bets; we do not take big sector bets. We are diversified and currently have 105
stocks on our open list of recommendations spread out across all ten sectors. At the time this document was
prepared, the two-, three- and four-year tables at “Investars” were not updated to reflect February performance.
“Investars” has been referred to by major media organizations, including the U.S. Congress, the Consumer
Federation of America, and the New York Attorney General’s Office.
March 1, 2009 www.standpointresearch.com 4

5. Standpoint Research
Track Record
231
RECOMMENDED AND CLOSED TO DATE (LONG)
160
PROFITABLE (69.3%)
71
NOT PROFITABLE (30.7%)
36.30%
AVERAGE GAIN (231)
63.44%
STANDARD DEVIATION (231)
63.54%
AVERAGE GAIN ON PROFITABLE (160)
28.73%
AVERAGE LOSS ON NOT PROFITABLE (71)
+ 1,724 bp
FIVE YEARS THRU FEBRUARY 1, 2009 VS. S&P
AVERAGE HOLDING PERIOD PER
23.86 Months
RECOMMENDATION
This section is updated once per year. The detailed track record document for the six years ending
December 31, 2009 will be updated and posted on our website in Q1, 2010.
March 1, 2009 www.standpointresearch.com 5

6. Standpoint Research Rank
Rank Research Firm On File
1 Trading Central 440
Returns according to quot;Investarsquot;
2 Standpoint Research 327 for the two years ended
February 1, 2009
3 Independent II Research 440
(out of 46 firms)
4 Boenning & Scattergood 119
5 First Analysis 134 Number of recommendations on
file is listed in the right
6 Leering Swann 202
hand column
7 Ameriprise Financial 198
8 Janney Montgomery Scott 456 Only the top 15 are shown
9 Keefe Bruyette & Woods 458
At the time this document was
10 Riley & Co. 198
prepared, the two-year table at
11 Pacific Crest 301 “Investars” was not updated to
reflect February performance.
12 Hilliard Lyons 154
13 BMO Capital Markets 321
14 Davidson & Co. 301
15 Merriman Curhan & Ford 421
March 1, 2009 www.standpointresearch.com 6

7. A Hybrid Methodology
Proprietary 155- Balanced with a
variable valuation subjective and
and diagnostic model fundamental overlay
Developed over several This subjective overlay
years (1998-2003) allowed us to avoid the
widely-publicized
Combines fundamental,
troubles that plagued
technical, valuation,
other quant models and
accounting and
hedge funds in 2008
proprietary variables
The human element
Running weekly since
has improved our
June 2003
performance
March 1, 2009 www.standpointresearch.com 7

8. Beyond a Quantitative Model
Pure quantitative models are widely used and have lost their edge. They
need to be overhauled. We saw this problem coming years ago, and that
is why we use a hybrid methodology
In an internal review of our performance, it was found that the
subjective/fundamental overlay we apply has led to improved returns
We currently cover more than 2,000 stocks (including > 200 ADRs)
$5.00 minimum stock price and at least $200M market cap
Stocks divided into ten sectors: Consumer Discretionary,
Consumer Staples, Energy, Financials, Healthcare, Industrials,
Materials, Technology, Telecom and Utilities
We monitor more than 100 Exchange Traded Funds (ETF)
Model also generates rankings on an industry and sector level
March 1, 2009 www.standpointresearch.com 8

9. Standpoint Research
Services and Products
INDIVIDUAL SECTOR CUSTOM
WRITE-UPS REPORTS REPORTS
• 4-6 individual stock • Published weekly • Thorough, absolute,
reports per month relative, and
• Reports cover all
comparative analysis
• Stocks are selected major sectors
on client holdings
after applying a • Mid-quarter updates
and focus lists
fundamental and available for each
subjective overlay to • Buy, Increase, Hold,
report upon request
the computer driven Reduce and Sell
• We also prepare
recommendations ratings are given
reports on the
• On-demand service • On “ Sell ”
Russell, ADRs and
for individual write- recommendations,
S&P.
ups is available we provide alternate
See Page 11 for Q2 ideas for where to
reporting schedule
invest the proceeds
March 1, 2009 www.standpointresearch.com 9

10. Equity & Portfolio Diagnostics
The 155-variable model scoring is summarized in the 32 categories
below -- from ‘roe’ through ‘peg’. The number in each of the cells is the
rank in the respective category – in this case it was out of 500 stocks.
The seven cells to the right of the peg cell are coded and for internal use.
Before recommending a stock we investigate all orange and red areas
regardless of how high the computer ranking is.
rank ticker roe roa roc ebitda npm acct epsm revgr epsgr beta debt stabgr div I
169 / 500 BNI 279 265 290 159 219 69 215 173 133 250 322 80 283
pbk base relma inside safe pcf I fcf relstr prmo ps relps pred
pcf II div II off hi lo
351 310 464 47 98 98 395 45 228 81 137 306 413 407 221
pertix perhis blend peg deducts val fund prop misc tech tot score
409 404 279 148 16482 6141 5665 3130 864 682 55.45%
Note: Clients receive a key/legend detailing all 155-variables in our model along with the color code. Our model
is not a black box; it is transparent and we try to be as open as possible. Only the weight given to each variable
is not disclosed. The variables are not equally weighted and a few are negatively weighted.
March 1, 2009 www.standpointresearch.com 10

11. Schedule of Reports
Our quarterly reporting schedule covers each of the major sectors
in great detail including analysis on the industry (sub-sector) level
MARCH 2009 APRIL 2009 MAY 2009
March 10: April 06: May 04:
Materials 100 Energy 200 Healthcare 200
March 17: April 13: May 11:
Industrials 300 S&P 500 ADR 200
March 24: April 20: May 18:
Staples 100 Dividends 200 Financials 200
Utilities and Telecom each carry less than 5.00% weight in the S&P and are not included in our regular quarterly reporting
schedule. Those sectors are included in our S&P, ADR and Russell reports. Consumer Discretionary, Technology and Short
Interest reports (not listed above) are included in our regular quarterly reporting rotation.
March 1, 2009 www.standpointresearch.com 11

12. Current Sector Allocation
Standpoint Research sector allocation as
of March 1, 2009
Industrials are one of the high-beta sectors we would
Net Standpoint S&P Over /
over-weight. If you do not over-weight one or two (of
the four) high beta sectors, you will be in trouble if the
Sector Open Weight Weight Under
market grinds higher from here. We have gradually
shifted from defense to offense in recent months and
Industrials 17 16.19% 9.79% 6.40%
are now left with slight under-weights in all three low-
beta sectors (Utilities, HC and Staples). We were
Consumer Disc 14 13.33% 8.40% 4.93%
‘playing defense’ for the last 18 months but always
keep some high-beta in the portfolio because we don't
Materials 5 4.76% 3.13% 1.63%
believe in taking big sector and directional bets. It is
Financials 10 9.52% 9.82% -0.30% more important to focus on which industries within the
sector we are in, what the average beta is and what
Technology 18 17.14% 17.44% -0.30% stocks we choose (than to focus merely on the sector
bet itself). If and when oil prices re-test their lows, we
Telecom 3 2.86% 4.06% -1.20% may go over-weight Energy. Yes, we are now equal-
weight Financials for the first time in 12 months, but
Health Care 14 13.33% 15.61% -2.28% we have little exposure to banks and have had no
exposure there since Q1, 2008. Our current open
Energy 12 11.43% 13.84% -2.41% positions in Financials are: XLF, HCC, WRB, MMC,
ZNT, CIB, WTNY, STT, MET and LM.
Utilities 2 1.90% 4.51% -2.61%
Cons Staples 10 9.52% 13.40% -3.88%
Totals 105 100.0% 100.0% 0.00%
One of our areas of focus is ADR / International stocks.
We currently have 23 out of 105 positions (21.9%) in the International space.
March 1, 2009 www.standpointresearch.com 12

13. Ronnie Moas
Standpoint Research President & Director of Research
Former analyst and market strategist at Herzog Heine Geduld
Created the Standpoint 155-variable equity valuation and diagnostics model
Authored and distributed more than 400 research reports since 1998
In 2003, was one of the first analysts to forecast bull markets in commodities,
Brazil, Russia, India, China and other emerging markets. Mr. Moas also exited
in a timely manner in mid-2007 (and re-entered in Q4 2008)
Wrote a 284-page research report back-testing more than one-dozen different
trading strategies on 20 years of data in 2002
Recently received a performance award at The Cornell Club (in NY) from the
Investorside Research Association for beating the S&P (five consecutive years)
B.S. Economics and Business from the State University of NY at Stony Brook
Masters Degree (MBA) in Finance and Investments from Baruch College (CUNY)
March 1, 2009 www.standpointresearch.com 13

14. Conflict-free Research
Standpoint Research, Inc. is a member of
the Investorside Research Association;
a Washington D.C. based non-profit
organization.
Investorside certifies that its members have
no investment banking or other conflicts.
Note: The Standpoint Research 155-variable model is complex. It took many years to develop and back-test. It
runs off hundreds of variables and calculations. This presentation is merely a brief summary and only scratches
the surface regarding the methodology and product description, while protecting the proprietary nature of what
we do. We would welcome the opportunity to discuss our service with you in person in greater depth.
March 1, 2009 www.standpointresearch.com 14

15. Recent Developments
First quarter, 2009 - Ronnie Moas quoted in several publications and invited to appear on CNBC
October 2008 – Ronnie Moas received a performance award at The Cornell Club (in NY) from the
Investorside Research Association for beating the S&P (five consecutive years)
February 2008 - Standpoint Research to support Action for Brazil’s Children. We will be actively
involved with that charity and have devoted an entire page to the ABC Trust at our website
http://www.standpointresearch.com/philanthropy.htm
November 2007 - Accepted to the Yahoo! Finance and Briefing.com platforms
September 2007 - Founder of Standpoint Research (Ronnie Moas) was chosen and participated in
the “Investars” pilot at S&P studios in New York. The technology sector roundtable discussion was
moderated by Tom Conigliaro from Goldman Sachs and hosted by analyst tracking service
“Investars”. Mr. Moas participated in the discussion alongside Scott Kessler from Standard & Poor’s
March 1, 2009 www.standpointresearch.com 15

16. Standpoint
Research
Parker Towers, 104-60 Queens Blvd., Suite 8K
Forest Hills, NY 11375
Tel: 212.752.0330
E-mail: admin@standpointresearch.com