10x45 Bargain Hunter

Dear Fellow Idea Seekers, ll d k
We are pleased to bring you this week's 10x45 Bargain Hunter , based on stock prices as of June 12, 2009. –Your Manual of Ideas Team
This Week's Top p Bargain Hunter Screen Results Price Market Value Enterprise p Value Contrarian: Shunned by the market, but not by insiders 1 Unico American / UNAM $7.62 $42mn 2 Cogdell Spencer / CSA 3 * Ideation Acquisition / IDI $4.19 $7.72 $82mn $97mn n/m $524mn n/m

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10 Essential Stock Screens for Value Investors x 45 Stocks per Screen = up to 450 Investment Candidates

Insider Buys $15mn $4mn $3mn ' Price YTD

Contrarian: Biggest Losers (deleveraged & profitable) 1 ViroPharma / VPHM $5.96 $461mn 2 Questcor Pharma / QCOR 3 Medicines Company / MDCO $4.75 $7.52 $306mn $397mn

$350mn $245mn $232mn

-54% -49% -49% ' Shares Q-Q

On the Hunt for Value?
Get the 10x45 Bargain Hunter now FREE with your subscription to Downside Protection Report Value with Catalyst: Cheap Repurchasers of Stock 1 Societe Generale / SCGLY 2 QLT / QLTI 3 EXFO El t O ti l / EXFO Electro-Optical www.manualofideas.com Profitable Dividend Payors with Decent Balance Sheets 1 Am. Capital Agency / AGNC $19.16 $288mn 2 Anworth Mortgage / ANH 3 TICC Capital / TICC $6.80 $4.27 $691mn $114mn $258mn $717mn n/m Div. Yield 18% 18% 14% EV/Revenue .06x .06x .07x EV/GP .09x .13x .15x NCAV / MV 153% 131% 128% LTM EBIT / EV infinite 52% 26% EPS Yield FY0 15% 15% 12% EPS Yield FY1 14% 16% 15% $12.11 $2.46 $3.32 $3 32 $33,750mn $134mn $198mn $198 n/m $4mn $140mn $140 -22% -18% -10% 10%

Deep Value: Lots of Revenue, Low Enterprise Value 1 Tech Data / TECD $31.23 $1,569mn 2 World Fuel Services / INT 3 Ingram Micro / IM $41.79 $17.38 $1,232mn $2,814mn

$1,312mn $917mn $2,135mn

Standalone price of 10x45 Bargain Hunter: $99/year

Deep Value: Neglected Gross Profiteers 1 * RealNetworks / RNWK $2.95 2 Kindred Healthcare / KND 3 Humana / HUM $11.26 $29.41

$397mn $439mn $4,989mn

$32mn $505mn $831mn

* New addition to top 45 screen results.

Activist Targets: Potential Sales, Liquidations or Recaps 1 QLT / QLTI $2.46 $134mn 2 Trident Microsystems / TRID 3 Silicon Graphics / SGI $1.95 $5.21 $123mn $156mn

$4mn -$80mn -$18mn

10x45 BARGAIN HUNTER is published 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 2008 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 newsletter. this newsletter John Mihaljevic, Chairman of Mihaljevic 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 on behalf of the investment partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html. Pictured in the top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.

"Magic Formula," based on Trailing Financials Formula " 1 KHD Humboldt Wedag / KHD $9.22 $281mn 2 i2 Technologies / ITWO 3 ePlus / PLUS $12.00 $15.44 $264mn $124mn

-$77mn $213mn $123mn

"Magic Formula," based on This Year's EPS Estimates 1 Endo Pharma / ENDP $17.71 $2,075mn 2 Pre-Paid Legal / PPD g 3 EarthLink / ELNK $42.88 $ $7.77 $471mn $ $824mn

$2,115mn $481mn $ $535mn

"Magic Formula," based on Next Year's EPS Estimates 1 GigaMedia / GIGM $5.39 $291mn 2 Endo Pharma / ENDP 3 Pre-Paid Legal / PPD $17.71 $42.88 $2,075mn $471mn

$208mn $2,115mn $481mn

Activist Targets: Potential Sales, Liquidations or Recaps
Companies that may unlock value through a corporate event Move To Price Company / Ticker 1 QLT / QLTI 2 Trident Microsystems / TRID 3 Silicon Graphics / SGI 4 TomoTherapy / TOMO 5 Adaptec / ADPT 6 Imation / IMN 7 Facet Biotech / FACT 8 SMART Modular / SMOD 9 * Xyratex / XRTX 10 Tech Data / TECD 11 Opnext / OPXT 12 Ascent Media / ASCMA 13 Silicon Image / SIMG 14 Benchmark Electron. / BHE 15 Syneron Medical / ELOS 16 Microtune / TUNE 17 Electro Scientific / ESIO 18 Bel Fuse / BELFB 19 CDI / CDI 20 Ingram Micro / IM 21 Cutera / CUTR 22 Exar / EXAR 23 Lattice Semi / LSCC 24 Nabi Biopharma / NABI 25 White Electronic / WEDC 26 Rudolph Technologies / RTEC 27 Vital Images / VTAL 28 InfoSpace / INSP 29 * Universal Stainless / USAP 30 SuperGen / SUPG 31 Aceto / ACET 32 ModusLink Global / MLNK 33 Oplink Comms / OPLK 34 LSI Industries / LYTS 35 * iPass / IPAS 36 Infinity Pharma / INFI 37 * Progenics Pharma / PGNX 38 DivX / DIVX 39 Silicon Storage / SSTI 40 * Skyline / SKY 41 SonoSite / SONO 42 Gilat Satellite / GILT 43 * Cardiac Science / CSCX 44 * ActivIdentity / ACTI 45 Alvarion / ALVR Criteria: Tang. book > 50% of MV ($) 2.46 1.95 5.21 2.67 2.63 9.04 9.98 2.70 4.37 31.23 2.34 27.17 2.55 14.50 8.42 2.35 10.72 16.49 11.97 17.38 8.87 7.22 2.06 2.87 4.88 5.78 11.24 7.21 15.27 1.98 6.38 6.57 12.00 4.75 1.71 5.96 5.05 5.40 1.99 19.69 19.89 3.77 4.39 2.30 3.17 52-Week Low -43% -37% -34% -32% -16% -23% -41% -72% -65% -55% -45% -37% -20% -41% -46% -44% -56% -47% -46% -50% -38% -32% -50% -20% -39% -66% -24% -30% -48% -44% -24% -75% -58% -42% -48% -37% -2% -28% -35% -26% -23% -42% -44% -53% -26% High 66% 125% 178% 275% 61% 193% 401% 94% 426% 16% 200% 25% 201% 32% 114% 80% 53% 91% 138% 15% 41% 23% 92% 115% 8% 91% 51% 66% 173% 29% 83% 94% 19% 130% 46% 49% 255% 71% 78% 55% 95% 197% 151% 27% 162% MV ($mn) 134 123 156 139 317 343 245 167 129 1,569 213 382 191 947 231 122 292 190 227 2,814 118 311 237 148 112 178 162 252 103 117 158 300 246 103 105 156 157 175 191 165 344 151 102 105 200 EV ($mn) 4 (80) (18) (19) (59) 240 (73) 123 95 1,312 97 45 22 552 47 35 136 84 162 2,135 24 70 144 40 55 105 29 56 91 27 118 132 99 94 37 2 38 55 101 66 181 58 64 25 65 Net cash Price to Tangible Book .5x .6x .7x .7x .8x .6x .6x .8x .7x .9x .8x .6x .9x .9x 1.0x 1.2x .9x .9x 1.0x 1.1x 1.1x 1.1x .9x 1.3x 1.1x 1.1x 1.0x 1.2x .7x 1.2x 1.2x 1.0x 1.1x .9x 1.2x 1.2x 1.3x 1.2x .8x 1.1x 1.5x .7x 1.0x 1.3x 1.3x Net Cash (% of MV) 97% 165% 112% 114% 118% 30% 130% 26% 26% 16% 54% 88% 89% 42% 80% 72% 53% 56% 29% 24% 80% 77% 40% 73% 51% 41% 82% 78% 11% 77% 25% 56% 60% 8% 65% 99% 76% 68% 47% 60% 48% 61% 37% 76% 68% Net Net ST Assets (% of MV) 153% 131% 128% 121% 117% 115% 105% 104% 103% 99% 98% 98% 95% 83% 82% 82% 81% 80% 79% 79% 79% 77% 76% 76% 76% 75% 74% 73% 73% 73% 72% 71% 70% 69% 69% 68% 66% 66% 65% 65% 64% 64% 64% 64% 63% EV/ Sales .0x n/m n/m n/m n/m .1x n/m .2x .1x .1x .3x .1x .1x .2x .5x .3x .9x .3x .2x .1x .3x .6x .7x n/m .9x 1.0x .4x .4x .4x .6x .3x .1x .7x .4x .2x .0x .5x .6x .4x .3x .7x .2x .3x .4x .2x Next FY P/E n/m n/m n/m 24x n/m 15x 13x 12x n/m n/m 17x n/m n/m n/m >99x 46x 13x >99x 52x n/m 16x n/m n/m 38x 13x n/m 9x 27x 43x 10x n/m n/m 26x n/m 21x 29x 46x 16x

ST assets - liabilities > 50% of MV

Insiders < 20%

MV > $100 million

MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period. * New additions are highlighted. © 10x45 Bargain Hunter ™ June 14, 2009 www.manualofideas.com Page 8 of 11

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