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MSR SP100 Top 10 & Top 20 Performance vs. SP100 (OEX)Cumulative Returns - December 31, 2003 to December 31, 2013

MSR SP100 Top 20 Stocks

+ 184.86 %

SP100 Benchmark

+ 49.57%

MSR SP100 Report Top 10 Stocks MSR SP100 Report Top 20 Stocks SP 100 (OEX) Benchmark

Total percent gain for the period = 119.68% Total percent gain for the period = 184.86% Total percent gain for the period = 49.57%

Compounded annual rate of return = 8.19% Compounded annual rate of return = 11.04% Compounded annual rate of return = 4.11%

MSR SP100 Top 10 Stocks + 119.68 %MSR Selection Rating System

MSR and Benchmark results are capital appreciation.

Interest income and transaction costs are not included.

2004 I 2005 I 2006 I 2007 I 2008 I 2009 I 2010 I 2011 I 2012 I 2013 I

1 Year 3 Years 5 Years 7 Years 10 Years0

5

10

15

20

25

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45

MSR SP100 Top 10 MSR SP100 Top 20 SP100 Benchmark

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MSR SP 100 Top 10 & Top 20 Performance vs. SP100 (OEX)Annualized Returns - December 31, 2003 to December 31, 2013

MSR Selection Rating System

Cumulative Appreciation

3 Years 5 Years 7 Years 10 Years MSR SP 100 Top 10 78.07 % 108.95 % 38.79 % 119.68 % MSR SP 100 Top 20 72.24 % 112.61 % 59.17 % 184.86 % SP 100 Benchmark 45.58 % 90.90 % 24.74 % 49.57 %

39.6%

42.2%

27.4%

MSR and Benchmark results are capital appreciation.

Interest income and transaction costs are not included.

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21.2%

19.9%

13.3%

15.9%16.3%

13.8%

4.8%

6.9%

3.2%

8.2%

11.0%

4.1%

MSR SP 100 Top 10 & Top 20 PerformanceMSR Selection Rating System

MSR and Benchmark results are capital appreciation.

Interest income and transaction costs are not included.

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SIX MONTH UPGRADING

CAPITAL APPRECIATION

123103 - 123113

MSR TOP 10 MSR TOP 20 BENCHMARK

10 Years SP 100 %Gain Cumulative SP 100 %Gain Cumulative SP 100 %Gain Cumulative

2004 12/31/03 - 06/30/04 5.90 5.90 11.43 11.43 0.56 0.56

06/30/04 - 12/31/04 18.85 25.87 21.84 35.77 3.87 4.45

2005 12/31/04 - 06/30/05 15.90 45.88 6.17 44.14 -2.99 1.32

06/30/05 - 12/31/05 4.94 53.09 10.40 59.13 2.14 3.49

2006 12/31/05 - 06/30/06 -1.28 51.13 5.74 68.27 1.68 5.23

06/30/06 - 12/31/06 4.73 58.28 6.36 78.97 13.95 19.90

2007 12/31/06 - 06/30/07 3.31 63.52 6.68 90.93 4.90 25.78

06/30/07 - 12/31/07 16.43 90.39 14.74 119.07 -1.03 24.49

2008 12/31/07 - 06/30/08 -13.36 64.95 -7.09 103.53 -15.25 5.50

06/30/08 - 12/31/08 -36.26 5.14 -34.17 33.98 -25.74 -21.65

2009 12/31/08 - 06/30/09 -6.11 -1.29 -4.83 27.52 -0.44 -21.99

06/30/09 - 12/31/09 17.24 15.73 21.58 55.03 19.65 -6.66

2010 12/31/09 - 06/30/10 -11.28 2.68 -11.07 37.86 -9.03 -15.09

06/30/10 - 12/31/10 20.15 23.37 19.96 65.39 21.01 2.74

2011 12/31/10 - 06/30/11 15.02 41.89 10.54 82.81 3.78 6.63

06/30/11 - 12/31/11 -1.62 39.59 -4.10 75.31 -2.81 3.63

2012 12/31/11 - 06/30/12 5.19 46.84 12.30 96.88 9.29 13.26

06/30/12 - 12/31/12 5.24 54.53 3.65 104.07 3.65 17.40

2013 12/31/12 - 06/30/13 16.14 79.48 14.74 134.15 11.45 30.83

06/30/13 - 12/31/13 22.40 119.68 21.65 184.86 14.32 49.57

Annualized 8.19 11.04 4.11

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Frank A. Peluso: brief fact sheet

Market Systems Research, Inc., New York 1970-Present; Founder, CEO and Research Director

• Developed MSR original Quantitative Selection Model,• Provided Ranking Results to varied institutional client base,• Strong Performance Relative to SP500 in 27 of 29 3-Yr Periods,• Author of successful MSR Bond Timing Letter 1983-1997,• Co-Founder, President of MSR Advisors, 1984 to 2000,

• Co-Managed the MSR Market Oriented Equity portfolios for the Lexington Management Company and its subsequent owner, ING, from 1984 to 2000, and

• Advisor to Market Oriented Domestic Equity portfolios for Strategy Asset Managers from 2000 to present.

• Developed the MSR Quantitative Primary Wave System 2007• Author of Global Wave Analysis Report 2007 - Present

Princeton University: Princeton, NJ; AB Magna Cum Laude in Physics; Princeton University: Putnam Graduate Fellowship in Mathematical Physics.

Additional Information

The statistical and other information contained in this report has been obtained from official reports, electronic data and other sources which we believe reliable. While we cannot guarantee its entire accuracy or completeness, we believe it may be accepted as substantially correct. Past research performance is not an indication of future results. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Back-tested data has inherent limitations because it does not reflect actual transactions. Interest income and transaction costs are not included. There is no representation that actual future results will be similar. The examples of specific research are included merely to illustrate the process and strategies which may be utilized. The officers of and/or Market Systems Research, Inc. may at times have a position on any security herein.

Individual, back-test MSR SP 100 Research Reports were generated on a six-month basis, from December 2003 through June 2013, from a historical data pool available as of the market close on 09/17/13. Stocks without sufficient data to generate a MSR Selection Rating, those designated as utility sector stocks and stocks trading under seven dollars have been removed from the back-test study. All research reports are available upon request.

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