10X45 BARGAIN HUNTER

Presented by the

Presented by the Research Team of

“Confronted with the challenge to distill the secret of sound investment into three words, we venture the motto: Margin of Safety.” —Ben Graham

September 19, 2009

Top Three Screen Results, by Category
Company Ticker Price Market Value $368mn $125mn $840mn $923mn $554mn $2,635mn $124mn $293mn $168mn $486mn $98mn $163mn $179mn $3,547mn $506mn $235mn $4,571mn $1,396mn $427mn $137mn $601mn $2,799mn $2,129mn $793mn $1,123mn $657mn $539mn Enterprise Value $18mn $97mn $679mn $548mn $563mn $2,550mn $112mn $211mn $136mn n/m n/m n/m $134mn $3,058mn $186mn $100mn $3,856mn n/m $368mn n/m $537mn $1,818mn $1,439mn $645mn $183mn $736mn $97mn -$11mn $264mn $50mn Trailing EBIT / EV 101% 25% 22% EPS Yield FY0 12% 13% 12% EPS Yield FY1 13% 12% 12% Insider Buys $5,255mn $2,513mn $1,085mn ∆ Price YTD -69% -47% -44% ∆ Shares Q-Q -11% -7% -7% Div. Yield 21% 12% 10% EV/Revenue .06x .07x .09x EV/GP .18x .19x .19x NCAV / MV 107% 104% 94%

Manual of Ideas
Research Team Dear Fellow Idea Seekers,
We are pleased to bring you this latest issue of 10x45 Bargain Hunter, our bi-weekly stock screening report. This report is based on market prices as of September 18th. Sincerely, Your Manual of Ideas Team

"Magic Formula," based on Trailing Financials 1 KHD Humboldt Wedag KHD $12.15 2 3 ePlus GT Solar PLUS SOLR $15.23 $5.86

"Magic Formula," based on This Year's EPS Estimates 1 EarthLink ELNK $8.69 2 3 Pre-Paid Legal Endo Pharma PPD ENDP $50.53 $22.49

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"Magic Formula," based on Next Year's EPS Estimates 1 PRG-Schultz PRGX $5.35 2 3 GigaMedia MIPS Technologies GIGM MIPS $5.38 $3.72

Contrarian: Shunned by the market, but not by insiders 1 GHL Acquisition GHQ $10.01 2 3 Ideation Acquisition CoBiz Financial IDI COBZ $7.83 $4.50

Contrarian: Biggest Losers (deleveraged & profitable) 1 Cardionet BEAT $7.52 2 3 Rostelecom Celera ROS CRA $29.20 $6.18

Value with Catalyst: Cheap Repurchasers of Stock 1 QLT QLTI $4.30 2 3 Makita Banco Macro MKTAY BMA $33.18 $22.94

About This Publication
10x45 Bargain Hunter is a bi-weekly screening service for investors looking to uncover hidden value in the stock market. Bargain Hunter is brought to you by the acclaimed Manual of Ideas research team. Inspired by the Zeiss 10x45 Victory Rangefinding Binocular ("essential equipment for long range hunting and a reliable shot"), the 10x45 Bargain Hunter is designed as an essential tool for every value investor’s arsenal. Whether you run your own screens or not, we hope you'll find 10x45 Bargain Hunter a valuable ally as you seek out undervalued companies trading in U.S. markets.

Profitable Dividend Payors with Decent Balance Sheets 1 Am. Capital Agency AGNC $28.46 2 3 TICC Capital Pioneer Southwest TICC PSE $5.12 $20.01

Deep Value: Lots of Revenue, Low Enterprise Value 1 Ingram Micro IM $17.17 2 3 Tech Data Winn-Dixie Stores TECD WINN $42.34 $14.49 $26.61 $16.84 $21.10

Deep Value: Neglected Gross Profiteers 1 WellCare Health WCG 2 3 Kindred Healthcare Molina Healthcare KND MOH

Activist Targets: Potential Sales, Liquidations or Recaps 1 Insmed INSM $0.86 $111mn 2 3 Imation Ascent Media IMN ASCMA $9.27 $25.50 $353mn $359mn

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 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
Companies with high returns on capital employed, trading at high trailing EBIT-to-enterprise value yield ▼ Trailing MV ($mn) 368 125 840 124 1,006 283 923 867 1,755 174 256 293 168 276 230 554 344 5,895 773 25,582 1,716 2,037 165 3,701 232 2,795 435 105 8,440 687 156 3,216 362 4,332 12,423 4,370 1,170 234 30,779 2,635 430 2,399 1,993 1,003 596 EV ($mn) 18 97 679 112 1,269 204 548 712 1,799 125 54 211 136 196 188 563 574 6,027 906 21,571 1,391 1,958 154 2,624 8,564 4,863 418 76 9,171 919 163 3,848 295 3,693 11,615 3,453 1,348 186 31,912 2,550 361 3,121 3,524 787 591 EV/ Sales .0x .1x 1.2x .6x 3.9x 4.7x .7x .2x .3x .6x .5x 1.1x 1.9x .6x .3x 1.2x .4x 1.5x .7x .9x .2x 2.5x 1.3x .2x 1.1x .8x .3x .2x 1.5x 1.4x n/m 2.6x 1.2x .6x 2.5x .9x 4.0x 1.6x .7x 1.9x 3.6x .7x 2.4x 3.2x 8.4x EBIT/ EV 101% 25% 22% 22% 23% 19% 27% 18% 17% 16% 116% 15% 15% 32% 20% 18% 14% 14% 24% 14% 23% 16% 18% 22% 18% 15% 32% 30% 14% 24% 137% 13% 13% 13% 13% 28% 21% 23% 15% 14% 16% 92% 12% 12% 12% ▼ EBIT/ Capital Employed infinite infinite infinite 6971% 768% infinite 417% infinite infinite infinite 162% infinite infinite 151% 195% 227% infinite infinite 156% infinite 158% 283% 205% 158% 198% 331% 134% 134% 555% 130% 113% infinite infinite infinite 5072% 118% 133% 114% 200% 247% 151% 93% infinite 8895% infinite Tax Rate n/m 42% 38% 17% 22% 27% n/m 38% 45% 39% n/m 3% 41% n/m 29% 38% 4% 39% 17% 29% 39% n/m 15% 38% 35% 30% 47% 39% 37% 23% 2% 37% 16% 12% 38% 38% 36% 21% 31% 39% 30% n/m 39% 33% n/m Move To Price Company 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 KHD Humboldt Wedag ePlus GT Solar PRG-Schultz PDL BioPharma Cass Information EarthLink Centene Chicago Bridge Argan Maxygen GigaMedia MIPS Technologies USA Mobility Primoris Services Pre-Paid Legal Virgin Mobile USA H&R Block Gentiva Health * Accenture EMCOR Group Terra Nitrogen * Lihua International KBR Georgia Power UGI Corp. Hawaiian Holdings Metropolitan Health * McGraw-Hill AmSurg ICO Global Comms Energen i2 Technologies Foster Wheeler Lorillard CF Industries Wright Express China Sky One Lockheed Martin * Endo Pharma Questcor Pharma Mirant * Weight Watchers Net1 UEPS * Sabine Royalty Trust Ticker KHD PLUS SOLR PRGX PDLI CASS ELNK CNC CBI AGX MAXY GIGM MIPS USMO PRIM PPD VM HRB GTIV ACN EME TNH LIWA KBR GPW UGI HA MDF MHP AMSG ICOG EGN ITWO FWLT LO CF WXS CSKI LMT ENDP QCOR MIR WTW UEPS SBR ($) 12.15 15.23 5.86 5.35 8.42 30.66 8.69 19.11 17.98 12.80 6.68 5.38 3.72 12.20 7.08 50.53 5.11 17.58 26.54 35.84 26.04 109.00 6.92 23.07 25.06 25.78 8.43 2.31 26.81 22.42 0.75 44.85 16.13 34.26 75.22 90.19 30.67 14.04 80.08 22.49 6.71 16.53 25.88 22.15 40.85 52-Week Low -47% -48% -85% -54% -38% -24% -36% -22% -74% -35% -56% -51% -73% -35% -55% -48% -88% -22% -51% -31% -57% -40% -34% -58% -28% -28% -74% -57% -36% -45% -84% -49% -66% -63% -30% -58% -73% -55% -28% -38% -54% -45% -37% -63% -34% High 93% 11% 177% 113% 11% 28% 1% 29% 44% 25% 42% 67% 10% 16% 14% 4% 4% 59% 13% 20% 15% 34% 8% 7% 2% 6% 23% 8% 60% 29% 399% 16% 5% 40% 4% 40% 6% 36% 47% 16% 46% 63% 60% 24% 53% Price/ Book 1.4x .8x >9.9x >9.9x n/m 2.6x 2.2x 2.8x n/m 2.7x 1.3x 2.5x 6.5x 1.8x 3.5x >9.9x n/m n/m n/m >9.9x 6.6x >9.9x 3.8x 2.6x .0x n/m n/m 2.5x n/m n/m n/m 1.6x >9.9x 8.6x >9.9x 2.7x >9.9x 2.4x n/m >9.9x 6.0x .6x n/m 5.5x >9.9x

Click on company name, ticker or stock price for more information!

Insiders % Own. 22% 44% 78% 20% 1% 7% 9% 2% 2% 29% 21% 21% 1% 1% 66% 33% 4% 4% 10% 2% 2% 73% 90% 1% 2% 1% 5% 13% 2% 2% 45% 1% 26% 0% 1% 1% 1% 37% 0% 2% 7% 0% 57% 16% 1% Buys/ Sells -/- / 25 - / 12 3/2/-/6 - / 12 -/-/2 / 42 -/1 -/4 -/1 - / 12 9/-/-/3 1/- / 11 -/1/3 -/-/-/3 -/1 / 12 3/1 - / 25 -/-/5 -/-/8 -/2 1/1 -/2 -/- / 14 -/-/1/-/4 -/-/1 - / 10 -/-

Tangible

* 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.

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10x45 Bargain Hunter™

www.manualofideas.com

September 19, 2009

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