SINGULAR RESEARCH22287 MULHOLLAND HWY #417

CALABASAS, CA 91302 http://www.singular-research.com/index.htm

Performance-Based Research

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IMPORTANT DISCLOSURES

IMPORTANT DISCLOSURES The following disclosures relate to relationships between Singular Research and Millennium Asset Management, LLC (“Millennium”) and companies covered by Singular Research and referred to in research reports. This report has been prepared by Singular Research, a wholly owned subsidiary of Millennium which is an investment advisor registered in the State of California. Singular Research receives fees from Millennium for the right to use and distribute research reports prepared by Singular Research. Millennium does and seeks to do business with companies covered in Singular Research’s research reports. Millennium may receive fees from issuers that are the subject of research reports prepared by Singular Research for investor and public relations and other marketing-related services provided to such issuers by Millennium. As a result, investors should be aware that Singular Research and Millennium may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

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Why Singular Research?• Focus On Uncovered Small Caps & Overvalued Mid/Large

Caps• Traditional Fundamental Analysis• Independent Equity Research

No Paid-for Research Analysts Maintain Corporate Mgmt Contact Institutional Manager Only

• Superior Track Record• Experienced Staff Of Analysts• Analysts Paid On Equity Performance • Attractive Value Proposition/Superior ROI

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Focus On Uncovered and Under Covered Equities Analyst Coverage Makes a Big Difference

• Firms without research coverage can be expected to trade 32% lower than if they had even one analyst following them & the bid/offer spread can be 50% wider. (According to a study conducted by Equity Development research firm)

• This is the universe we select our names from• No Paid-for Research

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Alpha Added To Investment Process

• 45-65 Names On Dynamic Coverage List • 63 Names Covered In 2012• 20-25 New Initiations Yearly• 20-25 Dropped From Coverage Yearly• Buyouts Enhance Alpha

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Research Performance2012 PerformanceS&P 500 13.4%Russell 2000 14.6%Singular Research 17.5%

Total Cumulative Performance Aug 2004 - Dec 2012S&P 500 29.7% Russell 2000 53.8%Singular Research 198.0%

Total Compounded Returns Aug 2004 - Dec 2012S&P 500 3.1% Russell 2000 5.2% Singular Research 13.9%

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S&P 500 Russell 2000 Singular Research

3.1%

5.2%

13.9%

Cumulative Performance Since 2004

Compounded Returns Since 2004

S&P 500 Russell 2000 Singular Research

29.7%53.8%

198.0%

Superior Track RecordCumulative Track RecordSince inception in August 2004,Singular Research is up 198.0% through December 2012, compared to the S&P 500 at 29.7%.

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Performance-Based Research

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Singular Research Best Calls 2012Company Name Ticker Performance

• LEDR Market Leader, Inc. 138.2%• FARM Farmer Brothers Co. 88.9%• USHS US Home Systems

87.5%• INMD IntegraMed America, Inc. 73.8%• UFI Unify, Inc. 73.4%• DORM Dorman Products

63.6%• DXPE DXP Enterprises

52.4%• ACET Aceto Corporation

45.7%• NTWK NetSol Technologies 39.3%• HSNI HSN, INC. 34.8%• TPCS TechPrecision Corp 34.4%• BLX Banco Latinoamericano 34.3%• IEC IEC Electronics Corp. 30.0%• CTGX Computer Task Group, Inc. 29.5%

• BOLT Bolt Technology24.7%

• TRCR Transcend Services Inc. 23.0%• FTK Flotek Industries, Inc. 22.5%• UFPT UFP Technologies, Inc. 21.3%• ANEN Anaren Inc. 17.0%• ACU Acme United Corp. 16.2%• HDSN Hudson Technologies 15.2%• GEOS Geospace Technologies 14.9%• MEAS Measurement Specialties, Inc.

13.7%• DFZ IR.G. Barry Corporation 13.4%• PHMD PhotoMedex, Inc.

12.6%• SA Seabridge Gold Inc. 11.5%• TIS Orchids Paper Products Co. 11.1%• SMP Standard Motor Products 10.8%• PSMT PriceSmart, Inc.

10.6%The Top Selections by Singular Research analysts performed very well in 2012. In January, Singular Research released a Top Selection List of 11 names, and updated this with the Top Ten List in September 2012. Performance of these Top Selections from the Singular Research analysts provided 1,700 basis points of alpha relative to the Russell 2000 in 2012.

A breaking out of the components of the top selections is available upon request.

Singular Research Best Calls List for 2004 thru 2011 are available upon request.

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Singular Research 2012 Top Picks List

Singular R2000 S&P500

31.7%

14.6% 13.4%

Singular Research BuyoutsSingular Research Buyout List1. USHS US Home Systems 8/7/20122. INMD Integramed America Inc. 6/11/20123. TRCR Transcend Services Inc. 3/7/20124. SYNO Synovis 12/16/20115. AMN Ameron 7/6/20116. XJT ExpressJet Holdings 8/5/20107. ITIG Intelligroup 6/15/20108. VRAD Virtual Radiologic 5/27/20109. BNE Bowne & Co. Inc. 2/25/201010. AMPH American Physicians Serv Group 8/23/200711. OUTL Outlook Group 7/24/200612. DRTK Duratek 2/7/200613. LEIX Lowrance Electronics 2/1/2006

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Stock Selection Process

• Uncovered & Under Covered Names

• Quantitative Proprietary Screening

• Market Intelligence

• Analyst Experience and Relationships

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Experienced Staff of Analysts

Eight Analysts And Growing• Portfolio Management, Buy-side

& Sell-side experience• Eight CFA’s• Three MBA’S• Over 150 Years Total Finance &

Investment Experience

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Media Validation

Featured in:• Institutional Investors• Barron’s• Forbes• Bloomberg• Fox News• Investor Business Daily• CNBC• Wall Street Journal

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Singular Research Clients Recognized For Over-Performance!

Award Winning Research

Singular Research Analysts Win 24-star Starmine Awards In 2012!

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Institutional Investor Magazine awarded Singular Research their

top stock pick for 2004 for coverage on Small-cap beverage

maker Hansen Natural Corp., (Monster Energy Drink), and had a

compound annual return of 332.90 percent.

Singular Research Named to Top Performers List by First Coverage

Singular Platinum Service

• Web Site Access• Email Alerts

All Initiations All Updates

• Direct Analyst Contact Drill Down Value Call

• Analyst Call Periodically Driven Compelling Reasons

• Corporate Access 1-1• Conference Invitation

Sample Analyst Call

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Attractive Value PropositionHiring In-House Research Analyst• $120,000 - $150,000 Salary• Cost of Benefits• One Analyst• Limited Coverage

Hiring Singular Research 8 CFA Analysts Over 150 years of Experience Dynamic Coverage List

20-25 new initiations yearly 40-65 companies under coverage Superior Track Record Industry Awards for Accuracy

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SINGULAR RESEARCH22287 MULHOLLAND HWY #417

CALABASAS, CA 91302http://www.singular-research.com/index.htm

Performance-Based Research

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