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  November 1, 2009

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 KHD Humboldt Wedag KHD $9.16 $277mn -$72mn infinite
We are pleased to bring you this 2 GT Solar SOLR $5.25 $753mn $592mn 26%
latest issue of 10x45 Bargain Hunter,
our bi-weekly stock screening report. 3 ePlus PLUS $15.04 $124mn $96mn 26%
This report is based on market prices "Magic Formula," based on This Year's EPS Estimates EPS Yield FY0
as of October 30th.
1 EarthLink ELNK $8.10 $860mn $485mn 13%
Sincerely, 2 Pre-Paid Legal PPD $39.54 $434mn $442mn 14%
Your Manual of Ideas Team
3 PRG-Schultz PRGX $5.18 $120mn $109mn 11%
"Magic Formula," based on Next Year's EPS Estimates EPS Yield FY1
Special Offer 1 GigaMedia GIGM $4.10 $224mn $141mn 16%
2 Net1 UEPS UEPS $17.49 $792mn $575mn 12%
3 Centene CNC $17.83 $810mn $652mn 12%
Get 10x45 Bargain Hunter FREE
Contrarian: Shunned by the market, but not by insiders Insider Buys
with your subscription to the
1 * Genomic Health GHDX $18.57 $530mn $475mn $4,550mn
acclaimed monthly newsletter,
2 * Western Refining WNR $5.61 $498mn $1,502mn $2,491mn
Downside Protection Report.
3 * Preferred Bank PFBC $2.53 $25mn n/m $2,338mn

Contrarian: Biggest Losers (deleveraged & profitable) ∆ Price YTD
1 Cardionet BEAT $5.91 $141mn $96mn -76%
2 Questcor Pharma QCOR $4.54 $291mn $221mn -51%
3 Emergent BioSolution EBS $14.42 $439mn $392mn -45%
of Downside Protection Report!
Value with Catalyst: Cheap Repurchasers of Stock ∆ Shares Q-Q
 1 LaBranche LAB $2.76 $148mn n/m -7%
www.manualofideas.com 2 Banco Macro BMA $29.23 $1,778mn n/m -7%
3 * Hawk HWK $13.92 $112mn $120mn -6%
Profitable Dividend Payors with Decent Balance Sheets Div. Yield
About This Publication 1 * Calumet Specialty CLMT $15.92 $513mn $954mn 11%
2 Integrys Energy TEG $34.60 $2,644mn $2,337mn 8%
10x45 Bargain Hunter is a bi-weekly
screening service for investors 3 * Plains All American PAA $47.83 $6,167mn $10,581mn 8%
looking to uncover hidden value in
Deep Value: Lots of Revenue, Low Enterprise Value EV/Revenue
the stock market. Bargain Hunter is
brought to you by the acclaimed 1 Tech Data TECD $38.43 $1,932mn $1,242mn .06x
Manual of Ideas research team. 2 Winn-Dixie Stores WINN $11.09 $608mn $484mn .07x
Inspired by the Zeiss 10x45 Victory 3 Ingram Micro IM $17.65 $2,878mn $2,084mn .07x
Rangefinding Binocular ("essential
Deep Value: Neglected Gross Profiteers EV/GP
equipment for long range hunting and
a reliable shot"), the 10x45 Bargain 1 Molina Healthcare MOH $18.72 $478mn $16mn .03x
Hunter is designed as an essential 2 WellCare Health WCG $26.13 $1,103mn $162mn .16x
tool for every value investor’s 3 Kindred Healthcare KND $14.70 $574mn $652mn .17x
arsenal. Whether you run your own
screens or not, we hope you'll find Activist Targets: Potential Sales, Liquidations or Recaps NCAV / MV
10x45 Bargain Hunter a valuable ally 1 QLT QLTI $3.49 $191mn -$3mn 138%
as you seek out undervalued
companies trading in U.S. markets. 2 Myriad Pharma MYRX $5.52 $133mn -$36mn 124%
3 Imation IMN $8.82 $336mn $225mn 119%

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 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
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"Magic Formula," based on Trailing Financials
Click on company
name, ticker or
stock price for
Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield more information!

▼ ▼
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 KHD Humboldt Wedag KHD 9.16 -29% 101% 277 (72) n/m infinite infinite n/m 1.1x 22% -/-
2 GT Solar SOLR 5.25 -83% 72% 753 592 1.1x 26% infinite 38% >9.9x 78% - / 12
3 ePlus PLUS 15.04 -48% 13% 124 96 .1x 26% infinite 42% .8x 44% - / 16
4 GigaMedia GIGM 4.10 -36% 89% 224 141 .8x 22% infinite 3% 1.9x 21% -/3
5 PRG-Schultz PRGX 5.18 -52% 35% 120 109 .6x 22% 6971% 17% >9.9x 20% 3/-
6 EarthLink ELNK 8.10 -32% 10% 860 485 .6x 29% 396% n/m 2.1x 9% - / 12
7 PDL BioPharma PDLI 8.41 -38% 11% 1,005 1,268 3.9x 23% 768% 22% n/m 1% 1/-
8 Centene CNC 17.83 -16% 26% 810 652 .2x 21% infinite 36% 2.4x 2% -/-
9 Cass Information CASS 29.73 -22% 22% 274 196 4.5x 19% infinite 27% 2.5x 7% -/6
10 Chicago Bridge CBI 18.81 -75% 14% 1,871 1,822 .4x 18% infinite 39% n/m 2% -/-
11 Foster Wheeler FWLT 27.99 -55% 28% 3,541 2,903 .5x 17% infinite 12% 7.0x 0% -/1
12 USA Mobility USMO 10.90 -22% 29% 247 151 .5x 42% 178% n/m 1.5x 1% -/6
13 Maxygen MAXY 5.58 -31% 70% 214 11 .1x 546% 162% n/m 1.1x 21% -/1
14 Argan AGX 12.35 -32% 30% 168 118 .5x 16% infinite 39% 2.6x 29% 2 / 33
15 Virgin Mobile USA VM 4.00 -85% 33% 269 499 .4x 16% infinite 4% n/m 4% -/7
16 Cornerstone CRTX 5.60 -69% 119% 139 126 1.3x 16% infinite 26% >9.9x 88% - / 19
17 Net1 UEPS UEPS 17.49 -53% 28% 792 575 2.3x 16% 8895% 33% 4.4x 16% - / 10
18 Pre-Paid Legal PPD 39.54 -33% 34% 434 442 1.0x 21% 214% 38% 8.4x 33% -/-
19 EMCOR Group EME 23.62 -53% 12% 1,556 1,232 .2x 26% 158% 39% 6.0x 2% 1/3
20 KBR KBR 20.47 -52% 21% 3,284 2,207 .2x 26% 158% 38% 2.3x 1% -/3
21 Gentiva Health GTIV 24.00 -46% 25% 699 832 .7x 26% 156% 17% n/m 10% - / 11
22 Primoris Services PRIM 7.33 -56% 11% 238 196 .4x 20% 195% 29% 3.7x 66% 3/-
23 Questcor Pharma QCOR 4.54 -32% 116% 291 221 2.2x 27% 151% 30% 4.0x 7% -/4
24 Hawaiian Holdings HA 7.09 -69% 29% 365 322 .3x 40% 140% 21% n/m 4% 1/2
25 * Amedisys AMED 39.79 -37% 49% 1,113 1,291 .9x 17% 238% 39% n/m 2% - / 13
26 Lihua International LIWA 6.99 -34% 53% 166 156 1.3x 17% 205% 15% 3.8x 90% 2/-
27 AmSurg AMSG 21.07 -42% 22% 646 854 1.3x 26% 135% 19% n/m 2% -/6
28 * China-Biotics CHBT 11.60 -53% 64% 198 140 2.4x 17% 203% 20% 2.8x 49% -/1
29 ICO Global Comms ICOG 0.78 -74% 379% 162 169 n/m 132% 113% 2% n/m 45% -/-
30 Lockheed Martin LMT 68.79 -17% 27% 26,194 27,290 .6x 17% 189% 29% n/m 0% -/-
31 UGI Corp. UGI 23.88 -11% 15% 2,589 4,657 .8x 15% 331% 30% n/m 1% 1 / 13
32 China Sky One CSKI 11.87 -35% 61% 198 150 1.3x 28% 114% 21% 2.0x 36% -/-
33 Wright Express WXS 27.91 -71% 15% 1,064 1,224 3.9x 21% 132% 38% >9.9x 1% - / 14
34 Energen EGN 43.88 -48% 11% 3,147 3,778 2.5x 13% infinite 37% 1.6x 1% 1/7
35 H&R Block HRB 18.34 -25% 27% 6,150 6,282 1.5x 13% infinite 39% n/m 4% 1/-
36 Dell DELL 14.45 -46% 19% 28,259 19,704 .4x 13% infinite 27% >9.9x 12% -/3
37 Lorillard LO 77.72 -32% 5% 12,513 11,750 2.4x 13% infinite 38% >9.9x 1% -/2
38 i2 Technologies ITWO 15.74 -65% 12% 353 286 1.2x 13% infinite 16% >9.9x 26% -/2
39 Digital River DRIV 22.83 -26% 80% 881 539 1.4x 13% infinite 25% 2.5x 2% -/4
40 * Sohu.com SOHU 55.60 -39% 30% 2,131 1,535 3.1x 13% 2768% 8% 3.9x 22% -/4
41 * Mirant MIR 13.98 -35% 45% 2,029 2,751 .6x 105% 93% n/m .5x 0% -/-
42 * China Education CEU 5.16 -84% 26% 119 91 2.8x 15% 216% 7% 3.3x 58% -/-
43 * j2 Global Comms JCOM 20.45 -36% 23% 922 729 3.0x 13% 1673% 31% 5.4x 4% - / 15
44 McGraw-Hill MHP 28.78 -40% 18% 9,063 9,303 1.6x 13% 1326% 37% n/m 2% -/-
45 * Raytheon RTN 45.28 -27% 17% 17,632 17,483 .7x 17% 137% 32% n/m 0% - / 11

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded
New additions are highlighted. 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 November 1, 2009 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 EarthLink ELNK 8.10 -32% 10% 860 485 .6x 13% 396% n/m 2.1x 9% - / 12
2 Pre-Paid Legal PPD 39.54 -33% 34% 434 442 1.0x 14% 214% 38% 8.4x 33% -/-
3 PRG-Schultz PRGX 5.18 -52% 35% 120 109 .6x 11% 6971% 17% >9.9x 20% 3/-
4 GigaMedia GIGM 4.10 -36% 89% 224 141 .8x 11% infinite 3% 1.9x 21% -/3
5 Endo Pharma ENDP 22.40 -30% 17% 2,625 2,539 1.8x 12% 247% 39% >9.9x 2% 1/-
6 Centene CNC 17.83 -16% 26% 810 652 .2x 11% infinite 36% 2.4x 2% -/-
7 China Sky One CSKI 11.87 -35% 61% 198 150 1.3x 19% 114% 21% 2.0x 36% -/-
8 Net1 UEPS UEPS 17.49 -53% 28% 792 575 2.3x 10% 8895% 33% 4.4x 16% - / 10
9 Foster Wheeler FWLT 27.99 -55% 28% 3,541 2,903 .5x 10% infinite 12% 7.0x 0% -/1
10 Cornerstone CRTX 5.60 -69% 119% 139 126 1.3x 10% infinite 26% >9.9x 88% - / 19
11 Mirant MIR 13.98 -35% 45% 2,029 2,751 .6x 22% 93% n/m .5x 0% -/-
12 GT Solar SOLR 5.25 -83% 72% 753 592 1.1x 10% infinite 38% >9.9x 78% - / 12
13 Questcor Pharma QCOR 4.54 -32% 116% 291 221 2.2x 11% 151% 30% 4.0x 7% -/4
14 * China-Biotics CHBT 11.60 -53% 64% 198 140 2.4x 10% 203% 20% 2.8x 49% -/1
15 * Apollo Group APOL 57.10 -3% 58% 8,841 8,462 2.1x 9% 461% 43% >9.9x 17% - / 19
16 j2 Global Comms JCOM 20.45 -36% 23% 922 729 3.0x 9% 1673% 31% 5.4x 4% - / 15
17 America's Car-Mart CRMT 20.73 -67% 24% 243 274 .9x 10% 181% 36% 1.5x 13% - / 19
18 Innophos IPHS 19.35 -61% 42% 412 564 .7x 15% 74% 23% 2.2x 17% -/8
19 Continucare CNU 2.62 -42% 26% 156 142 .5x 10% 121% 39% 4.8x 46% -/-
20 EMCOR Group EME 23.62 -53% 12% 1,556 1,232 .2x 9% 158% 39% 6.0x 2% 1/3
21 Cytokinetics CYTK 3.19 -56% 74% 194 72 .9x 13% 74% n/m 1.7x 24% 1 / 24
22 CF Industries CF 83.25 -53% 14% 8,307 7,390 2.3x 10% 117% 36% 5.1x 52% -/-
23 GameStop GME 24.29 -30% 35% 4,000 4,298 .5x 10% 97% 37% >9.9x 5% 2/4
24 * ITT Educational ESI 90.35 -22% 48% 3,338 3,213 2.6x 9% 258% 39% >9.9x 0% -/1
25 American Oriental AOB 3.96 -17% 93% 310 335 1.2x 16% 57% 21% 1.8x 21% -/-
26 Energen EGN 43.88 -48% 11% 3,147 3,778 2.5x 8% infinite 37% 1.6x 1% 1/7
27 DPL DPL 25.34 -27% 5% 3,035 4,487 2.8x 8% 218% 29% 2.9x 1% 1/-
28 * Sturm, Ruger & Co. RGR 10.62 -59% 43% 203 150 .6x 14% 58% 38% 2.3x 1% 1/1
29 APAC Customer APAC 6.45 -85% 9% 334 324 1.2x 10% 89% 1% 8.2x 39% - / 74
30 SinoHub SIHI 4.95 -65% 15% 122 124 1.2x 11% 71% 22% 4.2x 30% -/-
31 Digital River DRIV 22.83 -26% 80% 881 539 1.4x 8% infinite 25% 2.5x 2% -/4
32 CSG Systems CSGS 16.34 -25% 9% 574 594 1.2x 10% 77% 34% >9.9x 2% -/5
33 * Dresser-Rand Group DRC 29.47 -60% 12% 2,432 2,604 1.1x 9% 126% 33% >9.9x 1% -/-
34 * KBR KBR 20.47 -52% 21% 3,284 2,207 .2x 8% 158% 38% 2.3x 1% -/3
35 Bristol Myers Squibb BMY 21.80 -21% 10% 43,185 43,109 2.0x 9% 93% 26% 6.8x 0% 2/2
36 Synopsys SNPS 22.02 -37% 7% 3,209 2,127 1.5x 8% 335% 24% 4.4x 1% - / 12
37 Buckle BKE 30.01 -55% 30% 1,389 1,226 1.4x 9% 100% 37% 3.7x 43% -/8
38 Suburban Propane SPH 43.02 -42% 8% 1,411 1,679 1.3x 12% 55% 1% >9.9x 6% -/1
39 Pioneer Southwest PSE 21.20 -53% 7% 636 573 4.0x 11% 57% 1% 2.6x 69% -/1
40 Allegiant Travel ALGT 37.71 -15% 53% 753 586 1.1x 10% 65% 36% 2.8x 23% - / 15
41 VSE VSEC 43.79 -55% 12% 225 227 .2x 10% 69% 39% 3.9x 22% 3/2
42 * Aeropostale ARO 37.53 -67% 20% 2,521 2,276 1.1x 8% 105% 40% 5.9x 1% -/6
43 * Fluor FLR 44.42 -36% 32% 7,990 6,020 .3x 9% 88% 33% 2.7x 0% - / 12
44 Hewlett-Packard HPQ 47.46 -47% 4% 112,531 116,124 1.0x 8% 139% 19% >9.9x 1% 1 / 26
45 Lorillard LO 77.72 -32% 5% 12,513 11,750 2.4x 7% infinite 38% >9.9x 1% -/2

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5
New additions are highlighted. 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 November 1, 2009 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 GigaMedia GIGM 4.10 -36% 89% 224 141 .8x 16% infinite 3% 1.9x 21% -/3
2 Net1 UEPS UEPS 17.49 -53% 28% 792 575 2.3x 12% 8895% 33% 4.4x 16% - / 10
3 Centene CNC 17.83 -16% 26% 810 652 .2x 12% infinite 36% 2.4x 2% -/-
4 Endo Pharma ENDP 22.40 -30% 17% 2,625 2,539 1.8x 13% 247% 39% >9.9x 2% 1/-
5 China-Biotics CHBT 11.60 -53% 64% 198 140 2.4x 13% 203% 20% 2.8x 49% -/1
6 GT Solar SOLR 5.25 -83% 72% 753 592 1.1x 12% infinite 38% >9.9x 78% - / 12
7 Pre-Paid Legal PPD 39.54 -33% 34% 434 442 1.0x 13% 214% 38% 8.4x 33% -/-
8 Questcor Pharma QCOR 4.54 -32% 116% 291 221 2.2x 14% 151% 30% 4.0x 7% -/4
9 China Sky One CSKI 11.87 -35% 61% 198 150 1.3x 22% 114% 21% 2.0x 36% -/-
10 MIPS Technologies MIPS 3.95 -75% 8% 178 145 2.2x 11% infinite 59% 6.4x 1% -/1
11 * Apollo Group APOL 57.10 -3% 58% 8,841 8,462 2.1x 11% 461% 43% >9.9x 17% - / 19
12 PRG-Schultz PRGX 5.18 -52% 35% 120 109 .6x 10% 6971% 17% >9.9x 20% 3/-
13 America's Car-Mart CRMT 20.73 -67% 24% 243 274 .9x 11% 181% 36% 1.5x 13% - / 19
14 ITT Educational ESI 90.35 -22% 48% 3,338 3,213 2.6x 10% 258% 39% >9.9x 0% -/1
15 Continucare CNU 2.62 -42% 26% 156 142 .5x 11% 121% 39% 4.8x 46% -/-
16 Bridgepoint Edu. BPI 14.18 -33% 54% 756 635 3.3x 10% infinite 43% 9.5x 69% -/-
17 GameStop GME 24.29 -30% 35% 4,000 4,298 .5x 12% 97% 37% >9.9x 5% 2/4
18 * InterDigital IDCC 20.56 -10% 64% 887 471 1.7x 14% 73% 35% 7.1x 2% -/8
19 A-Power Energy APWR 10.80 -72% 36% 364 267 1.0x 12% 87% 1% 2.7x 35% -/-
20 Energen EGN 43.88 -48% 11% 3,147 3,778 2.5x 10% infinite 37% 1.6x 1% 1/7
21 EarthLink ELNK 8.10 -32% 10% 860 485 .6x 10% 396% n/m 2.1x 9% - / 12
22 DPL DPL 25.34 -27% 5% 3,035 4,487 2.8x 10% 218% 29% 2.9x 1% 1/-
23 SinoHub SIHI 4.95 -65% 15% 122 124 1.2x 13% 71% 22% 4.2x 30% -/-
24 VAALCO Energy EGY 4.26 -17% 100% 248 164 1.3x 15% 64% 86% 1.6x 3% 1/-
25 American Oriental AOB 3.96 -17% 93% 310 335 1.2x 19% 57% 21% 1.8x 21% -/-
26 Walter Industries WLT 58.50 -81% 16% 3,094 3,242 2.4x 11% 92% n/m >9.9x 1% -/2
27 j2 Global Comms JCOM 20.45 -36% 23% 922 729 3.0x 9% 1673% 31% 5.4x 4% - / 15
28 * Foster Wheeler FWLT 27.99 -55% 28% 3,541 2,903 .5x 9% infinite 12% 7.0x 0% -/1
29 Mirant MIR 13.98 -35% 45% 2,029 2,751 .6x 11% 93% n/m .5x 0% -/-
30 Merge Healthcare MRGE 3.58 -93% 34% 215 210 3.5x 9% infinite 7% >9.9x 52% -/-
31 Pioneer Southwest PSE 21.20 -53% 7% 636 573 4.0x 13% 57% 1% 2.6x 69% -/1
32 Dell DELL 14.45 -46% 19% 28,259 19,704 .4x 9% infinite 27% >9.9x 12% -/3
33 Bristol Myers Squibb BMY 21.80 -21% 10% 43,185 43,109 2.0x 10% 93% 26% 6.8x 0% 2/2
34 Progress Software PRGS 23.10 -36% 8% 928 743 1.5x 9% 229% 38% 4.4x 1% -/8
35 * China Green Agri. CGA 11.02 -81% 36% 250 235 6.7x 12% 55% 14% 7.9x 1% 2/5
36 APAC Customer APAC 6.45 -85% 9% 334 324 1.2x 10% 89% 1% 8.2x 39% - / 74
37 Allegiant Travel ALGT 37.71 -15% 53% 753 586 1.1x 11% 65% 36% 2.8x 23% - / 15
38 CSG Systems CSGS 16.34 -25% 9% 574 594 1.2x 10% 77% 34% >9.9x 2% -/5
39 Hewlett-Packard HPQ 47.46 -47% 4% 112,531 116,124 1.0x 9% 139% 19% >9.9x 1% 1 / 26
40 Saba Software SABA 4.29 -79% 4% 120 98 1.0x 8% infinite 68% >9.9x 6% - / 23
41 Allied Healthcare AHCI 2.65 -65% 28% 119 86 .3x 9% 94% 27% 2.5x 0% -/-
42 * Aeropostale ARO 37.53 -67% 20% 2,521 2,276 1.1x 9% 105% 40% 5.9x 1% -/6
43 * EZCORP EZPW 12.97 -27% 40% 631 622 1.1x 13% 47% 32% 2.2x 22% - / 10
44 * Matrix Service MTRX 8.87 -44% 50% 232 200 .3x 13% 46% 36% 1.7x 1% -/-
45 * China Integrated CBEH 5.76 -52% 48% 159 118 .5x 17% 42% n/m 1.6x 83% -/-

* New additions are highlighted.

Screening criteria: ► Market value > $100 million ► ADRs and banks excluded ► Enterprise value to market value < 1.5
New additions are highlighted. 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 November 1, 2009 Page 4

Contrarian: Shunned by the market, but 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 * Genomic Health GHDX 18.57 -15% 47% 530 475 3.7x 133x 8.4x 43% 4,550 <1%
2 * Western Refining WNR 5.61 -8% 191% 498 1,502 .2x 11x .7x 82% 2,491 <1%
3 * Preferred Bank PFBC 2.53 -9% 215% 25 n/m n/m n/m .2x 1% 2,338 9%
4 * Valence Technology VLNC 1.29 -16% 125% 164 225 11.3x n/m n/m 54% 1,672 1%
5 * Seacoast Banking SBCF 1.49 -13% 558% 79 n/m n/m n/m .8x 10% 1,600 2%
6 TranS1 TSON 3.97 -2% 120% 82 21 .7x n/m 1.2x 36% 1,433 2%
7 Ideation Acquisition IDI 8.30 -15% 11% 104 n/m n/m 8x 2.0x 20% 1,428 1%
8 AT&T T 25.67 -16% 19% 151,479 217,976 1.8x 11x n/m 1% 1,181 <1%
9 * CoBiz Financial COBZ 4.77 -16% 155% 172 n/m n/m - 1.0x 18% 1,088 <1%
10 * Commonwealth Bank CWBS 4.40 -16% 126% 30 n/m n/m 3x .3x 14% 959 3%
11 Invesco Mortgage IVR 19.94 -6% 11% 177 177 n/m 6x 1.0x 1% 917 <1%
12 Pinnacle Financial PNFP 12.70 -13% 136% 419 n/m n/m 23x 1.2x 7% 762 <1%
13 Verizon VZ 29.59 -12% 18% 84,055 145,182 1.4x 12x n/m 0% 681 <1%
14 Metro Bancorp METR 11.83 -7% 154% 77 n/m n/m 74x .7x 17% 532 <1%
15 * Breeze-Eastern BZC 5.95 -16% 44% 56 77 1.0x - 1.6x 6% 482 <1%
16 * West. Alliance Banc WAL 4.35 -14% 244% 315 n/m n/m n/m .7x 34% 439 <1%
17 * Point.360 PTSX 1.20 -15% 72% 13 20 .4x - .7x 41% 418 3%
18 Enterprise Acq. EST 9.59 -8% 4% 300 n/m n/m - 1.2x 20% 374 <1%
19 Ultralife ULBI 3.66 -7% 294% 62 92 .5x 7x 1.7x 28% 359 <1%
20 Flowers Foods FLO 23.36 -13% 30% 2,149 2,395 .9x 15x 5.9x 16% 350 <1%
21 ClearOne Comms CLRO 2.65 -15% 58% 24 12 .3x - .8x 24% 321 1%
22 * Smithtown Bancorp SMTB 10.35 -12% 105% 154 n/m n/m 8x 1.0x 5% 300 <1%
23 Select Medical SEM 9.70 -7% 9% 1,514 3,200 1.5x 17x n/m 81% 291 <1%
24 * Heritage Commerce HTBK 2.64 -2% 464% 31 n/m n/m n/m .4x 11% 240 <1%
25 * Community Capital CPBK 2.61 -4% 286% 12 n/m n/m 13x .2x 18% 217 2%
26 * Xcel Energy XEL 18.86 -15% 8% 8,595 17,487 1.7x 12x 1.2x 0% 207 <1%
27 TowneBank TOWN 11.54 -3% 117% 292 n/m n/m - .9x 14% 185 <1%
28 Old National Bancorp ONB 10.37 -14% 91% 904 n/m n/m 31x 1.4x 3% 156 <1%
29 Mid Penn Bancorp MPB 14.04 -1% 71% 49 n/m n/m 13x 1.3x 5% 154 <1%
30 * 1st Source SRCE 14.82 -15% 61% 358 n/m n/m - .9x 16% 148 <1%
31 * Senesco Technologies SNT 0.36 -8% 219% 8 7 22.0x - 4.5x 48% 146 2%
32 Bancorp of NJ BKJ 9.24 -8% 24% 47 n/m n/m - 1.0x 21% 139 <1%
33 Inter-Atlantic IAN 7.97 -10% 0% 84 n/m n/m - 1.8x 15% 135 <1%
34 * Cardionet BEAT 5.91 -5% 399% 141 96 .7x 148x 1.3x 4% 130 <1%
35 PremierWest Bancorp PRWT 1.91 -3% 306% 47 n/m n/m n/m .6x 12% 103 <1%
36 Yadkin Valley Fin. YAVY 3.68 -12% 332% 59 n/m n/m 11x .6x 5% 103 <1%
37 Burger King BKC 17.16 -9% 43% 2,320 3,087 1.2x 11x n/m 11% 103 <1%
38 * FNB United Corp. FNBN 1.65 -3% 304% 19 n/m n/m n/m .3x 7% 97 <1%
39 * TF Financial THRD 18.60 -14% 24% 50 n/m n/m 10x .8x 21% 93 <1%
40 Laclede Group LG 30.71 -5% 82% 681 1,114 .5x 12x 1.3x 7% 92 <1%
41 American Vanguard AVD 8.30 -11% 91% 225 321 1.4x 14x 3.3x 23% 91 <1%
42 * Marten Transport MRTN 17.54 -16% 28% 384 374 .7x 20x 1.4x 23% 88 <1%
43 Enterprise Financial EFSC 8.53 -13% 126% 110 n/m n/m 14x .7x 11% 85 <1%
44 First Advantage Banc FABK 10.20 -12% 3% 53 n/m n/m - .8x 13% 61 <1%
45 Old Point Financial OPOF 15.03 -3% 39% 74 n/m n/m 14x .9x 23% 60 <1%

* New additions are highlighted.

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

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com November 1, 2009 Page 5

Contrarian: Biggest 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) 2002 2007 2008 Book P/E Own. Sells
1 Cardionet BEAT 5.91 141 96 n/m n/m -76% 1.3x 148x 4% 10 / -
2 Questcor Pharma QCOR 4.54 291 221 368% -21% -51% 4.0x 7x 7% -/4
3 Emergent BioSolution EBS 14.42 439 392 n/m 185% -45% 1.9x 18x 45% - / 19
4 Aceto ACET 5.54 137 79 17% -31% -45% 1.1x 9x 1% 1/1
5 Celera CRA 6.19 507 186 -35% -61% -44% 1.4x 206x 2% 1/-
6 VAALCO Energy EGY 4.26 248 164 190% -8% -43% 1.6x 7x 3% 1/-
7 ViroPharma VPHM 7.54 584 432 416% -5% -42% 5.3x 84x 1% 28 / -
8 VASCO Data Security VDSI 6.08 228 157 527% -78% -41% 2.6x 16x 25% -/1
9 Martek Biosciences MATK 17.96 597 461 -28% -39% -41% 1.1x 13x 2% -/-
10 CryoLife CRY 6.00 171 144 -12% -25% -38% 1.7x 15x 7% - / 11
11 ICx Technologies ICXT 5.05 174 150 n/m -48% -36% 2.0x 42x 5% - / 11
12 Synovis Life Tech SYNO 12.06 140 90 34% -38% -36% 1.9x 24x 3% 1/5
13 Imation IMN 8.82 336 225 -75% -58% -35% .6x 20x 1% 2/-
14 Granite Construction GVA 28.56 1,104 949 84% -21% -35% 1.4x 15x 2% -/1
15 Rochester Medical ROCM 10.11 122 91 132% -9% -34% 2.2x 78x 15% -/9
16 Orbital Sciences ORB 12.88 728 482 205% -47% -34% 1.7x 17x 1% -/3
17 BigBand Networks BBND 3.70 245 72 n/m -28% -33% 1.6x 18x 41% - / 19
18 Immucor BLUD 17.88 1,254 1,102 347% -47% -33% 5.1x 14x 1% -/-
19 EMS Technologies ELMG 17.43 266 262 12% -42% -33% 2.3x 10x 1% -/-
20 * Winn-Dixie Stores WINN 11.09 608 484 n/m -34% -31% .9x 31x 1% - / 15
21 Luminex LMNX 14.72 611 518 258% -9% -31% 4.3x 31x 7% -/6
22 JAKKS Pacific JAKK 14.23 397 341 6% -40% -31% 1.2x 10x 4% -/5
23 Met-Pro MPR 9.20 134 110 51% -23% -31% 2.3x 17x 1% 1/4
24 Comtech Telecomm. CMTL 32.12 907 621 569% -41% -30% 2.1x 14x 2% -/-
25 Cubist Pharma CBST 16.94 982 726 106% -17% -30% 2.3x 11x 0% 1/2
26 Rostelecom ROS 39.05 4,743 4,117 449% -44% -30% 2.4x 22x 52% -/-
27 Landauer LDR 51.79 484 452 49% 0% -29% 8.7x 18x 1% -/-
28 * Viad VVI 17.50 360 264 n/m -45% -29% 1.5x 32x 3% -/-
29 Cephalon CEPH 54.58 4,075 3,657 12% -24% -29% 8.3x 9x 1% -/1
30 National HealthCare NHC 35.97 492 601 106% -30% -29% 1.5x 15x 23% -/8
31 Cogent COGT 9.65 865 571 n/m -13% -29% 1.6x 18x 48% -/3
32 * NCR Corp. NCR 10.15 1,616 1,208 80% -60% -28% 4.5x 15x 1% -/-
33 * DSP Group DSPG 5.78 132 62 -63% -53% -28% 1.0x 15x 0% -/3
34 AeroVironment AVAV 26.66 573 433 n/m 10% -28% 2.8x 19x 21% - / 20
35 IRIS International IRIS 10.14 183 151 n/m -48% -27% 2.6x 18x 4% 1/6
36 * GigaMedia GIGM 4.10 224 141 503% -78% -27% 1.9x 6x 21% -/3
37 * Astec Industries ASTE 23.00 518 482 132% -38% -27% 1.1x 21x 20% -/5
38 * Force Protection FRPT 4.40 308 186 n/m -6% -26% 1.1x 9x 1% 1/1
39 Energy Recovery ERII 5.58 280 201 n/m n/m -26% 2.6x 28x 12% 1 / 17
40 * Callaway Golf ELY 6.84 441 336 -48% -61% -26% .8x 21x 0% 1/-
41 * China Sky One CSKI 11.87 198 150 2020% -15% -26% 2.0x 4x 36% -/-
42 Omega Flex OFLX 15.55 157 149 n/m -5% -26% 5.8x 40x 69% -/-
43 Pharma Product PPDI 21.55 2,546 1,973 47% -47% -26% 2.4x 15x 10% -/-
44 * Gushan Environmental GU 1.37 115 15 n/m -85% -26% .4x 137x 39% -/-
45 * Apollo Group APOL 57.10 8,841 8,462 30% -19% -25% 20.5x 9x 17% - / 19

* New additions are highlighted.

Screening criteria: ► Positive net cash ► Positive next FY EPS estimate ► Market value > $100 million
New additions are highlighted. 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 November 1, 2009 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 LaBranche LAB 2.76 148 n/m -7.4% 14x .5x -22% 10% -/-
2 Banco Macro BMA 29.23 1,778 n/m -6.8% 10x 3.3x 51% 37% -/-
3 * Hawk HWK 13.92 112 120 -6.3% 16x 1.8x -7% 31% -/-
4 * RRSat Global Comms RRST 10.75 186 155 -6.1% 12x 2.5x 17% 75% -/-
5 National West. Life NWLI 176.16 639 n/m -5.5% - .6x 9% 37% -/-
6 Tongjitang Chinese TCM 3.90 132 77 -5.1% 49x .9x 42% 38% -/-
7 Cincinnati Bell CBB 3.08 653 2,579 -4.7% 7x n/m -295% 1% -/-
8 Employers Holdings EIG 14.82 672 n/m -4.3% 10x 1.6x 5% 1% 38 / -
9 Simcere Pharma SCR 7.90 482 399 -3.7% 13x 1.9x 17% 46% -/-
10 Gaiam GAIA 6.53 151 108 -3.7% 36x 1.4x 28% 45% -/-
11 Safety Insurance SAFT 33.47 513 n/m -3.3% 10x .9x 11% 9% -/-
12 Triple-S Management GTS 16.70 491 n/m -2.9% 7x 1.0x -26% 31% -/-
13 * Career Education CECO 20.84 1,775 1,386 -2.9% 12x 4.1x 22% 1% 4/-
14 Home Federal Bancorp HOME 11.55 191 n/m -2.4% 96x 1.0x 15% 62% 1/-
15 Co. Energetica Minas CIG 15.79 9,796 11,123 -2.2% 9x 2.2x -14% 38% -/-
16 * BGC Partners BGCP 4.83 385 n/m -2.0% 11x 1.8x 59% 54% 1/-
17 KONAMI KNM 18.54 2,474 2,494 -2.0% 16x 1.9x -1% 28% -/-
18 99 Cents Only Stores NDN 11.37 779 647 -1.9% 16x 1.4x 17% 33% -/-
19 * GP Strategies GPX 7.04 110 109 -1.7% 11x 3.6x 1% 7% -/-
20 AirMedia Group AMCN 8.27 542 446 -1.7% 41x 1.9x 18% 50% -/-
21 * Sinclair Broadcast SBGI 3.94 314 1,619 -1.5% 11x n/m -415% 68% 3/-
22 Himax Technologies HIMX 2.64 244 105 -1.5% 9x .6x 57% 27% -/-

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
New additions are highlighted. MV = market value. EV = enterprise value. BV = book value. # of insider trades relates to latest six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com November 1, 2009 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 * Calumet Specialty CLMT 15.92 -64% 16% 513 954 11% 11% 8x 7x 1.5x 42% 5/1
2 Integrys Energy TEG 34.60 -44% 45% 2,644 2,337 8% 8% 15x 12x 1.2x 1% -/-
3 * Plains All American PAA 47.83 -49% 7% 6,167 10,581 8% 8% 15x 16x 2.6x 11% 1/1
4 Barnes & Noble BKS 16.61 -35% 73% 929 771 6% 6% 18x 12x 1.6x 30% -/1
5 Foot Locker FL 10.48 -65% 41% 1,639 1,362 6% 6% 17x 14x 1.0x 1% 2/1
6 * Repsol REP 26.60 -47% 8% 29,815 45,288 11% 5% 14x 11x 1.3x 21% -/-
7 * SUPERVALU SVU 15.87 -46% 28% 3,365 11,240 4% 4% 8x 8x n/m 1% -/-
8 * Sunoco SUN 30.80 -30% 54% 3,601 5,894 4% 4% 81x 11x 1.3x 1% 1/-
9 * SYSCO SYY 26.45 -27% 5% 15,640 17,030 4% 4% 15x 14x 8.6x 1% -/5
10 * Worthington WOR 11.05 -37% 49% 874 987 5% 4% 23x 13x 1.5x 26% 2/3
11 * Cato Corp. CATO 19.71 -42% 18% 583 408 3% 3% 14x 13x 2.0x 7% -/7
12 * Valero Energy VLO 18.10 -23% 45% 10,186 15,931 2% 3% n/m 12x .6x 1% -/3
13 * Weis Markets WMK 35.40 -36% 7% 952 840 3% 3% 15x 14x 1.5x 48% -/-
14 * Commercial Metals CMC 14.84 -58% 43% 1,670 2,439 3% 3% >99x 13x 1.2x 4% -/6
15 * Delhaize DEG 67.80 -21% 11% 6,766 10,515 3% 3% 10x 10x 4.7x 1% -/-
16 * Marathon Oil Corp. MRO 31.97 -40% 12% 22,626 29,751 3% 3% 17x 8x 1.1x 1% -/-
17 * Applied Industrial AIT 20.23 -30% 18% 856 865 3% 3% 18x 14x 2.4x 13% -/4
18 * Tesoro TSO 14.14 -53% 36% 1,973 3,531 3% 3% n/m 16x .7x 1% -/8
19 * Steelcase SCS 5.77 -47% 65% 767 927 6% 3% >99x 30x 1.5x 18% -/-
20 * ABM Industries ABM 18.78 -38% 24% 969 1,141 3% 3% 14x 13x >9.9x 10% 1/8
21 * Cooper Tire & Rubber CTB 15.26 -81% 24% 900 1,203 3% 3% 11x 9x 3.8x 2% -/7
22 * Kaman KAMN 20.66 -55% 30% 530 609 3% 3% 18x 13x 3.0x 1% 3/-
23 * PriceSmart PSMT 19.30 -46% 11% 572 572 3% 3% 14x 13x 2.3x 46% - / 16
24 * Grupo Casa Saba SAB 19.50 -43% 24% 518 667 0% 3% - - 1.0x 90% -/-
25 * Cardinal Health CAH 28.34 -30% 5% 10,220 12,020 2% 2% 15x 13x 3.9x 1% -/3
26 * J.C. Penney JCP 33.13 -59% 12% 7,814 8,894 2% 2% 32x 22x 1.7x 8% -/-
27 * Whirlpool WHR 71.59 -73% 12% 5,318 7,512 2% 2% 17x 12x >9.9x 1% -/-
28 * Arkansas Best ABFS 25.82 -39% 34% 647 472 2% 2% n/m 31x 1.2x 9% -/3
29 * Owens & Minor OMI 40.89 -26% 18% 1,708 1,873 2% 2% 16x 14x 3.6x 2% - / 11
30 * Administaff ASF 24.82 -46% 23% 634 452 2% 2% 26x 20x 3.0x 13% - / 52
31 * Jabil Circuit JBL 13.38 -77% 15% 2,866 3,224 2% 2% 13x 10x 2.2x 11% -/1
32 * Holly Corp. HOC 29.01 -63% 16% 1,458 1,926 2% 2% 20x 9x 3.3x 4% -/2
33 * Archer Daniels ADM 30.12 -34% 7% 19,345 23,564 2% 2% 12x 11x 1.5x 2% -/7
34 * Granite Construction GVA 28.56 -5% 75% 1,104 949 2% 2% 16x 15x 1.4x 2% -/1
35 * Ruddick Corp. RDK 26.72 -29% 13% 1,297 1,632 2% 2% 13x 13x 1.6x 5% -/2
36 * Safeway SWY 22.33 -23% 9% 9,075 14,063 2% 2% 13x 12x 2.0x 1% 3/5
37 * Frontier Oil FTO 13.86 -46% 33% 1,451 1,313 2% 2% 82x 12x 1.2x 1% -/2
38 * Mueller Industries MLI 23.66 -34% 17% 891 707 2% 2% 26x 18x 1.5x 1% 2/-
39 * Brink's Company BCO 23.73 -23% 104% 1,082 1,096 2% 2% 13x 11x >9.9x 2% -/5
40 * Stepan Company SCL 57.24 -60% 14% 555 634 2% 2% 12x 15x 2.5x 28% - / 47
41 * Kroger KR 23.13 -16% 26% 15,054 22,224 2% 2% 12x 11x 4.4x 6% 1 / 13
42 * Sanderson Farms SAFM 36.59 -45% 35% 744 844 2% 2% 9x 8x 1.8x 15% -/1
43 * Manpower MAN 47.41 -52% 33% 3,716 3,425 2% 2% 68x 43x 3.1x 1% -/4
44 * RadioShack RSH 16.89 -62% 9% 2,115 1,946 1% 1% 11x 11x 2.1x 0% -/-
45 * Bunge BG 57.06 -46% 28% 6,965 9,942 1% 1% 16x 10x .8x 1% -/-

* New additions are highlighted.

Screening criteria: ► Positive net cash ► Positive EPS estimates for this FY and next FY ► MV > $100 million
New additions are highlighted. 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 November 1, 2009 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 Tech Data TECD 38.43 -63% 16% 1,932 1,242 .06x 14x 12x 1.0x 3% - / 31
2 Winn-Dixie Stores WINN 11.09 -28% 46% 608 484 .07x 44x 31x .9x 1% - / 15
3 Ingram Micro IM 17.65 -51% 6% 2,878 2,084 .07x 16x 13x 1.0x 6% -/2
4 World Fuel Services INT 50.85 -63% 12% 1,507 1,204 .09x 15x 13x 3.4x 6% 2 / 23
5 AmerisourceBergen ABC 22.15 -40% 8% 6,584 6,862 .10x 13x 12x n/m 2% -/3
6 Tutor Perini TPC 17.65 -42% 51% 857 614 .10x 6x 7x 1.8x 47% -/4
7 Cardinal Health CAH 28.34 -30% 5% 10,220 12,020 .12x 15x 13x 3.9x 1% -/3
8 McKesson MCK 58.73 -52% 6% 15,739 15,035 .14x 13x 12x 6.8x 0% - / 20
-/
9 SYNNEX SNX 25.73 -66% 28% 870 1,153 .15x 10x 9x 1.4x 40%
177
10 Barnes & Noble BKS 16.61 -35% 73% 929 771 .15x 18x 12x 1.6x 30% -/1
11 Kindred Healthcare KND 14.70 -45% 26% 574 652 .16x 10x 11x .7x 3% - / 19
12 Sunoco SUN 30.80 -30% 54% 3,601 5,894 .16x 81x 11x 1.3x 1% 1/-
13 Office Depot ODP 6.05 -90% 30% 1,662 2,037 .16x n/m n/m 2.1x 3% -/-
14 Centene CNC 17.83 -16% 26% 810 652 .17x 9x 8x 2.4x 2% -/-
15 Brightpoint CELL 7.37 -61% 26% 604 623 .17x 17x 12x 5.8x 2% - / 11
16 Great A & P Tea GAP 9.91 -70% 15% 578 1,594 .17x n/m n/m n/m 42% - / 11
17 KBR KBR 20.47 -52% 21% 3,284 2,207 .17x 12x 13x 2.3x 1% -/3
18 Interactive Brokers IBKR 16.01 -21% 44% 660 248 .17x 14x 11x 1.2x 1% 21 / -
19 Tesoro TSO 14.14 -53% 36% 1,973 3,531 .17x n/m 16x .7x 1% -/8
20 Celestica CLS 8.30 -69% 22% 1,902 1,222 .19x - - 1.3x 14% -/-
21 Magna International MGA 39.63 -50% 31% 4,463 3,398 .19x - - .7x 2% -/-
22 BJ's Wholesale Club BJ 35.03 -22% 16% 1,945 1,920 .19x 14x 13x 1.9x 1% -/6
23 Sanmina-SCI SANM 6.42 -83% 43% 505 1,078 .20x n/m 40x .9x 1% -/-
24 EMCOR Group EME 23.62 -53% 12% 1,556 1,232 .20x 11x 13x 6.0x 2% 1/3
25 Shaw Group SHAW 25.66 -55% 37% 2,145 1,437 .20x - - 2.5x 1% -/1
26 Integrys Energy TEG 34.60 -44% 45% 2,644 2,337 .21x 15x 12x 1.2x 1% -/-
27 * Willbros Group WG 13.14 -59% 29% 521 372 .21x 16x 14x 1.4x 3% -/-
28 Manpower MAN 47.41 -52% 33% 3,716 3,425 .21x 68x 43x 3.1x 1% -/4
29 Eastman Kodak EK 3.75 -46% 169% 1,006 1,607 .22x n/m n/m n/m 1% -/-
30 Charming Shoppes CHRS 4.53 -90% 29% 524 509 .23x n/m 19x 1.6x 1% 3/-
31 Arrow Electronics ARW 25.34 -54% 18% 3,035 3,304 .23x 16x 12x 1.6x 3% - / 13
32 Sears Holdings SHLD 67.86 -61% 17% 8,063 10,113 .23x 80x 48x 1.7x 59% 1/-
33 Valero Energy VLO 18.10 -23% 45% 10,186 15,931 .23x n/m 12x .6x 1% -/3
34 Avnet AVT 24.78 -52% 11% 3,748 3,774 .23x 14x 11x 1.7x 1% - / 13
35 Flextronics FLEX 6.48 -81% 23% 5,256 5,911 .23x 13x 10x 3.4x 0% -/6
36 Live Nation LYV 6.66 -63% 79% 557 919 .23x n/m n/m n/m 6% 6/-
37 * Bunge BG 57.06 -46% 28% 6,965 9,942 .23x 16x 10x .8x 1% -/-
38 * Owens & Minor OMI 40.89 -26% 18% 1,708 1,873 .24x 16x 14x 3.6x 2% - / 11
39 Andersons ANDE 31.03 -66% 21% 568 761 .24x 14x 10x 1.5x 9% 1 / 25
40 Frontier Oil FTO 13.86 -46% 33% 1,451 1,313 .24x 82x 12x 1.2x 1% -/2
41 * NCR Corp. NCR 10.15 -35% 85% 1,616 1,208 .26x 20x 15x 4.5x 1% -/-
42 SUPERVALU SVU 15.87 -46% 28% 3,365 11,240 .26x 8x 8x n/m 1% -/-
43 Repsol REP 26.60 -47% 8% 29,815 45,288 .26x 14x 11x 1.3x 21% -/-
44 * Fluor FLR 44.42 -36% 32% 7,990 6,020 .26x 12x 12x 2.7x 0% - / 12
45 * Administaff ASF 24.82 -46% 23% 634 452 .26x 26x 20x 3.0x 13% - / 52

* New additions are highlighted.

Screening criteria: ► EV to trailing revenue less than 0.5x ► Market value does not exceed revenue ► Market value > $500 million
New additions are highlighted. 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 November 1, 2009 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 Molina Healthcare MOH 18.72 -14% 38% 478 16 .0x .0x .2x 10x 8x 1.4x 49% - / 15
2 WellCare Health WCG 26.13 -77% 7% 1,103 162 .0x .2x n/m 9x 11x 1.6x 4% -/-
3 Kindred Healthcare KND 14.70 -45% 26% 574 652 .2x .2x 5.8x 10x 11x .7x 3% - / 19
4 Winn-Dixie Stores WINN 11.09 -28% 46% 608 484 .1x .2x 6.5x 44x 31x .9x 1% - / 15
5 Interactive Brokers IBKR 16.01 -21% 44% 660 248 .2x .2x .3x 14x 11x 1.2x 1% 21 / -
6 RealNetworks RNWK 3.57 -45% 30% 481 108 .2x .3x n/m n/m n/m 1.3x 37% -/-
7 Humana HUM 37.58 -51% 22% 6,376 2,044 .1x .4x 1.5x 6x 7x 2.3x 1% -/-
8 Retail Ventures RVI 6.41 -86% 16% 314 244 .2x .4x n/m - - 1.8x 41% -/-
9 Kelly Services KELYA 11.08 -45% 35% 387 350 .1x .4x n/m n/m n/m .7x 23% 1/-
10 Barnes & Noble BKS 16.61 -35% 73% 929 771 .2x .5x 5.8x 18x 12x 1.6x 30% -/1
11 Great A & P Tea GAP 9.91 -70% 15% 578 1,594 .2x .6x n/m n/m n/m n/m 42% - / 11
12 Blyth BTH 35.43 -62% 39% 316 312 .3x .6x n/m 15x 14x 1.4x 34% -/2
13 E.W. Scripps SSP 6.36 -89% 42% 344 375 .4x .6x n/m n/m 37x .9x 47% -/7
14 Office Depot ODP 6.05 -90% 30% 1,662 2,037 .2x .6x n/m n/m n/m 2.1x 3% -/-
15 Star Gas Partners SGU 3.90 -55% 1% 297 209 .2x .6x 2.6x - - 3.5x 18% -/-
16 First American FAF 30.39 -53% 12% 2,837 2,748 .5x .7x 18.8x 14x 12x n/m 5% 1/8
17 Hutchison Telecom HTX 2.96 -17% 647% 950 1,431 .6x .7x 10.5x - - >9.9x 62% -/-
18 AnnTaylor Stores ANN 12.97 -81% 35% 762 627 .3x .7x n/m n/m 39x 1.9x 3% -/1
19 Core-Mark CORE 27.37 -46% 11% 285 276 .0x .7x 4.5x 7x 9x 1.0x 2% - / 12
20 Brown Shoe BWS 10.37 -80% 19% 445 605 .3x .7x n/m 69x 27x 1.5x 4% -/-
21 * Himax Tech HIMX 2.64 -62% 50% 244 105 .2x .7x 7.9x 11x 9x .6x 27% -/-
22 * USA Mobility USMO 10.90 -22% 29% 247 151 .5x .7x 2.4x - - 1.5x 1% -/6
23 Vonage VG 1.58 -80% 66% 248 435 .5x .7x n/m n/m n/m n/m 61% -/4
24 * Medicines MDCO 7.19 -14% 154% 379 207 .5x .7x n/m - - 1.4x 1% 1/-
25 Spherion SFN 4.95 -78% 40% 247 259 .1x .7x n/m n/m n/m .9x 3% -/1
26 CDI CDI 12.18 -47% 37% 231 157 .2x .8x 44.8x 94x 49x 1.0x 10% -/-
27 Liz Claiborne LIZ 5.74 -75% 47% 546 1,211 .4x .8x n/m n/m >99x 6.2x 1% -/-
28 * Alaska Air Group ALK 25.72 -47% 20% 907 1,335 .4x .8x 12.4x 9x 7x 1.2x 0% -/-
29 Repsol REP 26.60 -47% 8% 29,815 45,288 .3x .8x 2.8x 14x 11x 1.3x 21% -/-
30 Haverty Furniture HVT 12.11 -37% 10% 259 244 .4x .8x n/m n/m 19x 1.1x 38% -/9
31 Christopher & Banks CBK 6.09 -60% 48% 219 119 .3x .8x n/m n/m n/m 1.1x 2% -/1
32 * Cabela's CAB 12.57 -67% 41% 845 813 .3x .8x 5.5x 10x 10x .9x 40% 14 / 8
33 Genesco GCO 26.07 -60% 14% 591 628 .4x .8x 12.3x 15x 13x 1.7x 4% -/2
34 * Insight Enterprises NSIT 10.52 -81% 34% 483 482 .1x .8x n/m 13x 11x 1.4x 2% -/2
35 Health Net HNT 14.91 -51% 21% 1,549 1,599 .1x .8x 9.5x 7x 8x 1.6x 3% -/2
36 * Pier 1 Imports PIR 3.52 -97% 53% 320 296 .2x .8x n/m n/m 44x 1.9x 2% 46 / -
37 Sears Holdings SHLD 67.86 -61% 17% 8,063 10,113 .2x .8x 52.4x 80x 48x 1.7x 59% 1/-
38 * Imation IMN 8.82 -21% 65% 336 225 .1x .8x n/m >99x 20x .6x 1% 2/-
39 * Atlas Air Worldwide AAWW 26.29 -66% 44% 555 705 .7x .8x 3.3x 9x 10x .8x 1% - / 24
40 Amerigroup AGP 22.05 -21% 47% 1,158 726 .2x .8x 3.0x 11x 11x 1.7x 3% -/6
41 * Jo-Ann Stores JAS 26.62 -61% 18% 707 773 .4x .8x 12.6x 18x 15x 1.5x 6% - / 13
42 Fred's FRED 11.84 -31% 25% 474 428 .2x .9x 12.4x 15x 14x 1.2x 7% -/2
43 KT Corp. KTC 16.05 -38% 10% 6,454 12,280 .7x .9x 10.2x 11x 10x 1.0x 7% -/-
44 CBRL Group CBRL 33.15 -68% 11% 755 1,389 .6x .9x 9.8x 11x 10x 5.6x 2% -/8
45 * Universal Health UHS 55.65 -45% 20% 2,732 3,574 .7x .9x 7.3x 12x 11x 2.7x 17% - / 14

* 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
New additions are highlighted. 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 November 1, 2009 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 QLT QLTI 3.49 -60% 29% 191 (3) .7x 102% 138% n/m - 1% 4/2
2 Myriad Pharma MYRX 5.52 -34% 36% 133 (36) .7x 127% 124% n/m - 0% -/-
3 Imation IMN 8.82 -21% 65% 336 225 .6x 33% 119% .1x 20x 1% 2/-
4 Silicon Image SIMG 2.11 -4% 143% 159 6 .8x 96% 105% .0x n/m 0% -/-
5 Ascent Media ASCMA 23.19 -24% 29% 327 18 .5x 95% 104% .0x - 6% -/-
6 Trident Microsystems TRID 1.88 -35% 65% 133 (28) .8x 121% 96% n/m n/m 1% -/-
7 Adaptec ADPT 3.19 -31% 16% 384 (1) 1.0x 100% 94% n/m - 1% 11 / -
8 Hurco HURC 15.90 -48% 55% 102 79 .9x 23% 92% .7x >99x 15% 1/2
9 Integr. Electrical IESC 6.58 -40% 107% 101 71 .7x 30% 90% .1x 15x 3% -/1
10 Tech Data TECD 38.43 -63% 16% 1,932 1,242 1.0x 36% 89% .1x 12x 3% - / 31
11 TomoTherapy TOMO 3.32 -45% 41% 173 26 .9x 85% 87% .1x n/m 16% -/-
12 White Electronic WEDC 4.39 -32% 15% 101 42 1.0x 58% 86% .7x 16x 7% 1/5
13 Lattice Semi LSCC 1.91 -46% 42% 220 105 .9x 52% 86% .6x 19x 0% -/1
14 Ingram Micro IM 17.65 -51% 6% 2,878 2,084 1.0x 28% 85% .1x 13x 6% -/2
15 DivX DIVX 4.81 -20% 53% 157 21 1.0x 86% 83% .3x 40x 3% -/2
16 Zoran ZRAN 8.87 -43% 38% 458 60 1.0x 87% 83% .2x 52x 0% 2/-
17 Radvision RVSN 6.17 -30% 56% 121 15 1.0x 88% 82% .2x 23x 15% -/-
18 SupportSoft SPRT 2.40 -35% 13% 112 18 1.2x 84% 82% .7x n/m 6% -/-
19 Advanced Analogic AATI 3.15 -42% 77% 135 32 1.1x 76% 81% .4x n/m 5% -/1
20 CDI CDI 12.18 -47% 37% 231 157 1.0x 32% 80% .2x 49x 10% -/-
21 Cutera CUTR 9.01 -39% 11% 121 23 1.1x 81% 80% .4x n/m 5% -/-
22 Callaway Golf ELY 6.84 -32% 56% 441 336 .8x 24% 80% .4x 21x 0% 1/-
23 Aceto ACET 5.54 -12% 111% 137 79 1.1x 42% 78% .2x 9x 1% 1/1
24 PCTEL PCTI 5.86 -40% 23% 109 41 .9x 63% 78% .7x 34x 5% - / 10
25 Electro Scientific ESIO 10.94 -57% 33% 300 148 .9x 51% 77% 1.6x 55x 0% -/4
26 Progenics Pharma PGNX 4.19 -1% 171% 132 18 1.2x 86% 76% .4x n/m 11% 1/3
27 Bel Fuse BELFB 18.10 -51% 33% 208 208 1.1x 0% 75% 1.1x 26x 10% -/-
28 Benchmark Electron. BHE 16.80 -49% 12% 1,091 665 1.0x 39% 75% .3x 17x 1% 1/-
29 * JAKKS Pacific JAKK 14.23 -29% 59% 397 341 1.2x 14% 74% .4x 10x 4% -/5
30 SMART Modular SMOD 4.06 -81% 38% 251 185 1.1x 26% 74% .4x 10x 2% -/5
31 * Force Protection FRPT 4.40 -48% 128% 308 186 1.1x 40% 73% .2x 9x 1% 1/1
32 * Mattson Technology MTSN 2.12 -86% 48% 106 40 1.0x 62% 72% 1.1x n/m 1% -/-
33 Miller Industries MLR 10.05 -51% 16% 117 90 .9x 23% 71% .4x 24x 5% -/-
34 Universal Stainless USAP 15.09 -47% 41% 102 74 .7x 28% 71% .5x 16x 1% -/-
35 Sigma Designs SIGM 12.01 -42% 47% 322 129 1.1x 60% 69% .7x 11x 2% -/4
36 Vital Images VTAL 11.41 -25% 25% 163 38 1.2x 76% 69% .6x n/m 2% 4/4
37 * Spartan Motors SPAR 4.99 -74% 135% 164 155 .9x 6% 68% .3x 17x 9% -/8
38 A.C. Moore Arts ACMR 4.78 -85% 18% 118 81 .7x 31% 68% .2x >99x 2% 2/-
39 Exar EXAR 6.90 -28% 16% 301 95 1.2x 69% 68% .8x 58x 0% 7/1
40 * Silicon Graphics SGI 5.96 -43% 32% 180 51 .9x 72% 67% .2x n/m 1% 1/-
41 ActivIdentity ACTI 2.27 -53% 34% 104 25 1.2x 76% 66% .4x 38x 4% -/-
42 Infinity Pharma INFI 5.58 -22% 61% 146 (4) 1.2x 103% 65% n/m n/m 17% -/-
43 * Rudolph Tech RTEC 6.34 -69% 33% 196 124 1.3x 37% 65% 1.5x n/m 8% -/3
44 InfoSpace INSP 8.57 -41% 5% 303 97 1.4x 68% 65% .6x 37x 0% -/-
45 Celera CRA 6.19 -19% 110% 507 186 1.4x 63% 65% 1.1x >99x 2% 1/-

* New additions are highlighted.

Screening criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million
New additions are highlighted. 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 November 1, 2009 Page 11

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