EXCLUSIVE RESEARCH PROVIDER

The Leuthold Group

The Leuthold Group, LLC, exclusive research provider for Weeden & Co., LP, is based in Minneapolis and led by Steve Leuthold the nationally recognized market strategist and researcher who has been actively involved in various phases of investment and economic research for over 30 years. The Leuthold Group's team of analysts produce a number of insightful, in-depth reports on the equity and fixed income markets.

Summary of Leuthold Group Products and Services

Perception For The Professional, the primary monthly publication of The Leuthold Group, takes a broad approach analyzing the stock, bond and international markets. Known as "the Green Book" for the hue of its cover, it discusses overall asset mix, examines the current economic environment, and includes timely commentary on a variety of investment issues.

Perception Express is a supplement to their monthly publication, arriving by fax or e-mail a day or two before Perception For The Professional to provide a summary of the upcoming book in a fast few minutes. Timeliness and brevity make this piece quite valuable to clients.

In the Monthly Tape Recap, Steve Leuthold summarizes his current outlook on the stock and bond markets, asset allocation and other economic considerations. Like Perception Express, the monthly tape is a quick, easy way for clients to digest the information presented in the Green Book.

Interim Memos are sent to all clients when warranted by market action or signals from The Leuthold's Group's proprietary indicators.

Leuthold's Groups is a separate publication focusing on the stocks in the 123 sub-industries broken out as groups by Standard & Poor's and Morgan Stanley Capital International. Leuthold's proprietary twist on the groups expands the number of stocks covered and employs a weighting system designed to more realistically reflect the portfolio management issues faced by institutional investors. Also included are Leuthold's proprietary thematic and quantitative groups. The GS Scores are presented here as well as Leuthold's own equity portfolio strategies and individual stock selections.

Published quarterly, BenchMarks presents and examines all of The Leuthold Group's "histograms", which are graphic representations of the stock market's historical intrinsic value relationships dating back to the 1920's. Items examined include P/E ratios, book value, yields and cash flow, as well as the historical relationship between stocks and bonds.

InflationWatch provides a monthly assessment of the current level of inflation and makes projections about future inflation. A variety of tools are employed, including traditional measures, commodity gauges, labor costs, and proprietary indicators, as well as anecdotal evidence.

Quantitative Stock Screens are presented to provide clients with additional help in the stock selection process. Different reports are distributed each month:

1. Earnings Disappointments appears quarterly, using a series of screening criteria to help identify stocks which may be poised to report disappointing earnings results. Clients who are long these qualifying stocks may wish to take a good hard look at their positions.

2. Undervalued & Unloved is another quarterly report. It employs computer screens to identify stocks with cheap valuations and ones that have been overlooked by Wall Street. Criteria includes: P/E, Yields, Book Value, Price/Cash Flow, Debt Ratios, Cash Ratios.

3. The third set of screens in this quantitative series focuses on Growth. These include Emerging Growth, Mid Cap Growth, and Consistent High Growth among others.

REIT Beat is a separate monthly publication focusing on Real Estate Investment Trusts. It segments the industry into subsets and provides a ranking system for over 170 individual issues. Overviews of the REIT sector and supply/demand factors are also provided.

Flash Reports are sent out via fax or e-mail and provide clients timely, one-page summaries of our research. Flash reports include: Stock Market Supply/Demand (weekly) and Equity Strategies (monthly).

In Focus Special Research Studies. These reports are sent to all clients about once a month, focusing on timely issues, dissecting the investment implications of current trends, or examining specific areas of investment.

Invitations/Special Meetings/Telephone Consultation. The Leuthold Group hosts numerous meetings throughout the U.S. and abroad each year. Additionally, Steve Leuthold and any of their analysts can make themselves available for private meetings or telephone consultations with individual clients.