I. OVERVIEW OF THE WINNING INVESTOR SYSTEM The Winning Investor (tm) rates how well stocks are expected to perform over the next 2, 6, and 12 months. Ratings are produced and organized on Interactive Data Corporation's mainframe computers using their extensive databases. IBM PC's and most MS- DOS computers are used to retreive the ratings from the mainframe, present them in an organized way to the client, and provide a method of extracting the data for other uses on the PC. The information is presented in the following formats: 1. Overall Ranking of the stocks. 2. Diversified Overall Ranking of stocks. Only the best stock in each Value Line(tm) industry group is listed. 3. Industry Ranking. 4. Rank Within Industry. Stock rankings within an industry group. 5. Multiple Stock Evaluation. The ratings and rankings of requested stocks. 6. Company Tear Sheet. More detailed information on a specific company. Most of the information is presented both as the rating and the percentile ranking (where it places with regard to the other stocks). II. HOW THE WINNING INVESTOR RATES STOCKS BASIC ASSUMPTIONS _____ ___________ The Winning Investor System and all other investment analysis systems make two crucial assumptions about companies and their stock prices: 1. Current information about a company and its fiscal environment can be used to predict future returns on the stock of a company. 2. Historical data can be used to determine which pieces of information will best predict future returns. ALL investment strategies, analyses, and programs make these ALL assumptions, whether they are stated or not. INVESTMENT STRATEGIES __________ __________ Any review of investment literature will show that most investment analysts or advisors tend to base their analysis primarily on one single piece of information such as price earnings ratios or book to price ratios. The Winning Investor System makes a quantum jump in investment analysis by synthesizing different methods of investment analysis and developing a composite index that combines the best of several investment strategies. The resulting system is better than each of its component strategies. THE WINNING INVESTOR APPROACH ___ _______ ________ ________ The Winning Investor's approach to investment analysis has been to thoroughly investigate promising investment strategies and then integrate them into a single opportunity index. 1. We analyzed individual investment strategies. Well known __ ________ __________ __________ ___________ investment strategies were expressed as a mathematical formula and tested over eight years of financial history to determine which strategies would be successful. Strategies that successfully predicted stock performance were included in the composite system. 2. We then synthesized a single rating. All of the successful __ ____ ___________ _ ______ _______ individual strategies were combined into a single rating using statistical analysis techniques. Essentially, our analysis assumed the future price of a stock is dependent on some combination of various proven investment strategies: future price changes = a * (price earning ratio) + b * (book to price ratio) + c * (earnings history) + . . . z * (other financial data) where the value in parentheses is a mathematical statement of an investment strategy, and 'a' thru 'z' are constants that DeskTop Broker has derived using statistical techniques. The Winning Investor uses this analysis to produce ratings, or opportunity indices, that indicate how well the stocks are expected to perform during the next 2, 6, and 12 months. WINNING INVESTOR OPPORTUNITY INDICES _______ ________ ___________ _______ The primary outputs of the system are opportunity indices indicating how well each issue is expected to perform over the next several months: Trading Index The trading index indicates how well the _______ _____ system expects a stock to perform over the next 2 months. Growth Index The growth index indicates how well the ______ _____ system expects a stock to perform over the next 6 months. Strategic Index The strategic index indicates how well _________ _____ the system expects a stock to perform over the next year. RATINGS COMPONENTS _______ __________ The indices are derived from several types of information about the stocks. The current version of the model uses the following information in rating a stock: total assets/total liabilities, book to price, price earnings, capital expenditures, market value, dividend yield, earnings, stock prices, and market performance indicators, beta - how the stock reacts to general market moves, alpha - how the average stock price moves after market based changes are removed, and standard error - a measure of the price volatility after the market effects and average price movements are removed. SUBRATINGS __________ The index components are grouped into subratings called Balance Sheet, Income Statement, Market Performance and Market Timing. The groupings are based on the type of information used to develop the components of the subrating. Balance Sheet Criteria This subrating is based on _______ _____ ________ components that are derived from information found on the company balance sheet such as the Asset/Liability ratio. Income Statement Criteria This subrating is based on ______ _________ ________ components that are derived from information found on the company income statement such as the price/earnings ratio. Market Performance Criteria This subrating is based on how ______ ___________ ________ the stock has historically performed versus the Standard and Poor's 500 index. Market Timing Criteria This subrating is based on the price ______ ______ ________ and earnings history over the last three years. THE USE OF STATISTICS ___ ___ __ __________ Statistical methods were used extensively in developing the Winning Investor. First, each investment approach was tested statistically to determine if it really predicted price performance. Multiple regression techniques were used to combine the separate components into a single opportunity index. FUNDAMENTAL OR TECHNICAL ANALYSIS? ___________ __ _________ _________ The Winning Investor System began as a pure fundamental analysis system. But as the system has matured, some elements of price movement analysis have been incorporated. The system is neither pure fundamental nor pure technical analysis, but a synthesis of both. III. THE WINNING INVESTOR - HIGHEST LEVEL MENUS :=================================================================Offline====: : 06/06/86 DeskTop Broker, Inc. : :=================Winning Investor Portfolio Building System=================: : : : : MAIN MENU : : 1. Online Stock and Industry Reports : : 2. Offline Report Review : : 3. Software Maintenance : : 4. Other Services from DeskTop Broker : : : : : : : : :============================================================================: :Use to move, <-- to select, or type letter of command below to execute : :COMMANDS: Help Return Quit : :=============================================================================: MENU FOR ORDERING REPORTS :================================================================Offline=====: : 06/06/86 DeskTop Broker, Inc. Menu + 0 Pgs : :==========================The Winning Investor==============================: : ONLINE STOCK AND INDUSTRY REPORT MENU : :============Reports============================Selected Parameters==========: : : : 1. Industry Ranking : : 2. Stock Ranking Within Industry : : 3. Overall Stock Ranking : : 4. Single/Multiple Stock Evaluation : : 5. Company Tear Sheet : : : :=============================Reports Requested==============================: : : : : : : : : :============================================================================: :Type the Letter of the command you want to execute, F1 to resume. : :COMMANDS: Help Quit Signoff Batch : :============================================================================: MENU FOR BUILDING AN INDEX OF ALL THE REPORTS YOU PREVIOUSLY ORDERED ONLINE :=============================================================================: : 06/06/86 DeskTop Broker, Inc./Winning Investor : :===========================OFFLINE REPORT REVIEW=============================: : REPORT REVIEW PARAMETER SELECTION : : : : 1. DATE ORDER - organize reports in chronological order : : 2. REPORT ID ORDER - organize reports by report ID type : : : : : : : : : : : :=============================================================================: : Enter starting date and press <--: MM/DD/YY : : (or press <-- for all reports on file, to cancel) : :=============================================================================: INDEX DISPLAY SCREEN (SELECT REPORTS TO VIEW, PRINT OR EXPORT TO SPREADSHEET) :=============================================================================: : 06/06/86 DeskTop Broker, Inc./Winning Investor : :===========================OFFLINE REPORT REVIEW=============================: : Date Type T/G/S B Ranks Diversified/ Date Type T/G/S B Ranks Diversified/ : : Ticker W Industry Ticker W Industry : 051686 IR G B 1-10 051686 OR G W 41-50 N : 051686 IR G W 1-10 051686 OR G B 10-19 N : 051686 IR G B 41-50 051686 OR G W 45-50 N : 051686 IR G B 45-50 051686 TS AEL.A ANGLO ENERGY : 051686 IR G B 46-50 051686 ME IBM AEL. TYSN : 051686 IR G B 21-30 051686 OR T W 45-50 N : 051686 IR G W 21-25 051686 ME AZP PSR : 051686 IR G W 22-25 051686 RI S W 1- 5 Apparel : 051686 RI G B 1-10 Air Transp 051686 RI T W 4- 5 Banking (Mi : 051686 RI G B 5-10 Air Transp 051686 RI S W 5- 5 Aerospace/D : 051686 RI G B 6-10 Air Transp 051686 OR S W 45-50 N : 051686 OR G B 1-10 N 051686 OR T B 88-97 N : 051686 OR G B 1-10 Y 051986 ME T BAC BLS CPL CHV : 051686 OR G W 1-10 N 051986 ME PSR SFX SJM SBC TA : 051686 OR G W 1-10 Y 051986 ME GFSA IPC IFF KELY PCG : :=============================================================================: : B(egin) = Mark the start of a block, E(nd) = Mark the last to Move : : COMMANDS: Help Return Quit Begin End View EXport Print Clear PgUp PgDn Abrv : :=============================================================================: IV. TYPICAL ONLINE REPORT SCREENS :=================================================================Offline====: : 06/04/86 DeskTop Broker, Inc./The Winning Investor Pg 1 of 1 : :============================INDUSTRY RANKING================================: : Best by Growth Approach : : : :============================================================================: : Company Op Rank in Universe : Rank Industry Count Index Trade Growth Strat : 1. Gas (Natural) 28 11.7 95% 98% 98% : 2. Electric Utility-West 18 11.1 60% 97% 97% : 3. Electric Utility-Central 48 10.9 80% 96% 96% : 4. Advertising 7 9.3 98% 95% 94% : 5. Electric Utility-East 34 9.1 62% 94% 95% : 6. Food Processing 52 7.7 69% 93% 90% : 7. Banking (Mid West) 12 7.4 82% 92% 73% : 8. Insurance-Life 11 7.2 94% 91% 74% : 9. Banking 40 6.9 86% 90% 56% : 10. Textile 14 6.8 90% 89% 84% : : : :============================================================================: :Type the Letter of the command you want to execute. : :COMMANDS: Help Return Quit PgUp PgDn Page : :============================================================================: :================================================================Offline=====: : 06/03/86 DeskTop Broker, Inc./The Winning Investor Pg 1 of 1 : :==========================RANK WITHIN INDUSTRY==============================: : Gas (Natural) (28 Companies) : : Best by Growth Approach : :============================================================================: : Op Rank in Universe :Rank Ticker Company Index Trade Growth Strat : 1. IEI INDIANA ENERGY INC 20.7 44% 99% 99% : 2. CTG CONNECTICUT NAT GAS CORP 20.7 88% 99% 99% : 3. BGC BAY ST GAS CO 20.4 97% 99% 98% : 4. LG LACLEDE GAS CO 17.9 91% 99% 96% : 5. AGLT ATLANTA GAS LT CO 17.6 91% 98% 95% : 6. PNY PIEDMONT NAT GAS INC 17.4 96% 98% 97% : 7. SJI SOUTH JERSEY INDS INC 16.1 87% 98% 98% : 8. WIC WICOR INC 16.1 92% 98% 94% : 9. MCG MICHIGAN ENERGY RESOURCES C 15.3 99% 97% 89% : 10. NFG NATIONAL FUEL GAS CO N J 15.1 92% 97% 92% : : : :============================================================================: :Type the Letter of the command you want to execute. :COMMANDS: Help Return Quit PgUp PgDn Page :============================================================================: :=================================================================Offline====: : 06/03/86 DeskTop Broker, Inc./The Winning Investor Pg 1 of 1 : :============================OVERALL RANKING=================================: : Best Stocks (Non-Diversified) by Growth Approach : : :============================================================================ : Op Rank in Universe :Rank Ticker Company Index Trade Growth Strat : 1. SVAN SAVANNAH FOODS & INDS INC 22.7 87% 99% 99% : 2. TYSN.A TYSON FOODS INC 22.5 96% 99% 92% : 3. IEI INDIANA ENERGY INC 20.7 44% 99% 99% : 4. CTG CONNECTICUT NAT GAS CORP 20.7 88% 99% 99% : 5. BGC BAY ST GAS CO 20.4 97% 99% 98% : 6. CPN CP NATL CORP 20.2 94% 99% 99% : 7. EUA EASTERN UTILS ASSOC 20.0 90% 99% 98% : 8. MME MCNEIL CORP 18.6 85% 99% 99% : 9. IUTL IOWA SOUTHN INC 18.6 93% 99% 97% : 10. VNO VORNADO INC 18.4 88% 99% 97% : : : :============================================================================ :Type the Letter of the command you want to execute. : :COMMANDS: Help Return Quit PgUp PgDn Page : :============================================================================: V. PRINTED VERSIONS OF THE LATEST ONLINE SCREEN REPORTS - FROM OFFLINE REPORT REVIEW Today's Date DeskTop Broker, Inc. Pg. 1 06-18-1986 Winning Investor Stock and Industry Reports Rpt Date INDUSTRY RANKING 06/18/86 BEST by Growth Approach ---------RANK IN UNIVERSE--------- COMP OP TRADING GROWTH STRATEGIC RANK AND INDUSTRY COUNT INDEX SCORE/RANK SCORE/RANK SCORE/RANK 1. Electric Utility-West 18 10.6 3.3 72% 10.6 98% 8.0 97% 2. Gas (Natural) 28 10.2 6.7 95% 10.2 97% 8.9 98% 3. Electric Utility-Central 48 9.9 3.9 79% 9.9 96% 7.7 96% 4. Electric Utility-East 34 8.5 1.7 56% 8.5 95% 6.4 95% 5. Advertising 7 7.7 6.9 96% 7.7 94% 6.1 93% 6. Food Processing 52 7.5 2.7 65% 7.5 93% 4.6 90% 7. Textile 14 7.1 3.3 69% 7.1 92% 3.8 84% 8. Insurance-Life 11 6.6 0.1 44% 6.6 91% 2.3 75% 9. Banking (Mid West) 12 6.5 -4.4 20% 6.5 90% 2.3 74% 10. Containers 17 6.5 4.2 81% 6.5 89% 2.3 76% ------------------------------------------------------------------------------ Rpt Date RANK WITHIN INDUSTRY 06/18/86 Electric Utility-West Industry Group BEST By Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 1. HE HAWAIIAN ELEC INDUST 15.5 9.0 88% 15.5 98% 12.5 97% 2. SRP SIERRA PAC RES 14.9 9.6 90% 14.9 98% 11.1 96% 3. IDA IDAHO POWER CO 14.7 6.0 74% 14.7 97% 11.0 95% 4. TEP TUCSON ELEC PWR CO 13.5 6.8 78% 13.5 96% 11.4 96% 5. NVP NEVADA POWER CO 12.3 5.2 70% 12.3 93% 9.3 93% 6. WWP WASHINGTON WTR PWR C 11.3 5.1 69% 11.3 91% 8.8 92% 7. PGN PORTLAND GEN CORP 11.3 0.8 47% 11.3 91% 8.1 91% 8. SDO SAN DIEGO GAS & ELEC 11.1 2.3 56% 11.1 90% 7.1 88% 9. PSD PUGET SOUND PWR & LT 10.7 3.4 61% 10.7 89% 7.7 90% 10. MTP MONTANA POWER CO 10.3 -0.3 42% 10.3 89% 8.6 91% ------------------------------------------------------------------------------ Rpt Date RANK WITHIN INDUSTRY 06/18/86 Food Processing Industry Group BEST By Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 1. SVAN SAVANNAH FOODS & IND 21.5 10.8 95% 21.5 99% 18.6 99% 2. TYSN.A TYSON FOODS INC 20.6 0.6 46% 20.6 99% 8.6 91% 3. ALEX ALEXANDER & BALDWIN 16.0 6.0 74% 16.0 98% 9.6 93% 4. MNFT MONFORT COLO INC 13.0 0.9 47% 13.0 95% 4.1 67% 5. WWY WRIGLEY WM JR CO 12.9 11.0 95% 12.9 95% 8.5 91% 6. ITC INGREDIENT TECHNOLOG 12.9 12.0 98% 12.9 95% 11.0 96% 7. FFF FEDERAL CO 12.0 4.8 68% 12.0 93% 6.9 87% 8. IMC INTERNATIONAL MULTIF 11.8 5.3 70% 11.8 92% 11.3 96% 9. ABA AMERICAN BAKERIES CO 11.3 10.7 94% 11.3 91% 10.9 95% 10. FLO FLOWERS INDS INC 11.1 1.4 51% 11.1 90% 5.1 74% ----------------------------------------------------------------------------- Today's Date DeskTop Broker, Inc. Pg. 2 06-18-1986 Winning Investor Stock and Industry Reports Rpt Date OVERALL RANKING 06/18/86 BEST Stocks (Non-Diversified) by Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 1. SVAN SAVANNAH FOODS & IND 21.5 10.8 95% 21.5 99% 18.6 99% 2. TYSN.A TYSON FOODS INC 20.6 0.6 46% 20.6 99% 8.6 91% 3. BIC BIC CORP 18.8 3.4 62% 18.8 99% 10.9 95% 4. EUA EASTERN UTILS ASSOC 18.7 8.9 87% 18.7 99% 13.6 98% 5. BGC BAY ST GAS CO 18.7 10.4 93% 18.7 99% 15.0 98% 6. CTG CONNECTICUT NAT GAS 18.7 10.5 94% 18.7 99% 17.4 99% 7. IEI INDIANA ENERGY INC 18.5 9.1 88% 18.5 99% 21.0 99% 8. CPN CP NATL CORP 18.5 9.5 89% 18.5 99% 15.7 99% 9. VNO VORNADO INC 18.3 7.4 81% 18.3 99% 12.4 97% 10. IUTL IOWA SOUTHN INC 18.0 11.0 96% 18.0 99% 12.5 97% ------------------------------------------------------------------------------ Rpt Date OVERALL RANKING 06/18/86 BEST Stocks (Non-Diversified) by Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 11. ACV ALBERTO CULVER CO 17.4 3.7 63% 17.4 99% 11.0 95% 12. LG LACLEDE GAS CO 17.0 9.2 88% 17.0 99% 11.5 97% 13. EDE EMPIRE DIST ELEC CO 16.9 10.7 94% 16.9 99% 13.3 98% 14. MME MCNEIL CORP 16.8 7.1 80% 16.8 99% 20.8 99% 15. CSN CINCINNATI BELL INC 16.6 9.4 89% 16.6 98% 13.4 98% 16. ALN ALLEN GROUP INC 16.5 9.9 91% 16.5 98% 9.1 92% 17. AGLT ATLANTA GAS LT CO 16.4 10.0 92% 16.4 98% 10.9 95% 18. CES COMMONWEALTH ENERGY 16.3 11.0 96% 16.3 98% 12.1 97% 19. SAJ ST JOSEPH LT & PWR C 16.2 11.0 96% 16.2 98% 14.5 98% 20. ALEX ALEXANDER & BALDWIN 16.0 6.0 74% 16.0 98% 9.6 93% ------------------------------------------------------------------------------ Rpt Date OVERALL RANKING 06/18/86 BEST Stocks (Diversified Selection) by Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 1. SVAN SAVANNAH FOODS & IND 21.5 10.8 95% 21.5 99% 18.6 99% 2. BIC BIC CORP 18.8 3.4 62% 18.8 99% 10.9 95% 3. EUA EASTERN UTILS ASSOC 18.7 8.9 87% 18.7 99% 13.6 98% 4. BGC BAY ST GAS CO 18.7 10.4 93% 18.7 99% 15.0 98% 5. CPN CP NATL CORP 18.5 9.5 89% 18.5 99% 15.7 99% 6. VNO VORNADO INC 18.3 7.4 81% 18.3 99% 12.4 97% 7. IUTL IOWA SOUTHN INC 18.0 11.0 96% 18.0 99% 12.5 97% 8. MME MCNEIL CORP 16.8 7.1 80% 16.8 99% 20.8 99% 9. ALN ALLEN GROUP INC 16.5 9.9 91% 16.5 98% 9.1 92% 10. HE HAWAIIAN ELEC INDUST 15.5 9.0 88% 15.5 98% 12.5 97% ------------------------------------------------------------------------------ Rpt Date OVERALL RANKING 06/18/86 BEST Stocks (Diversified Selection) by Growth Approach ---------RANK IN UNIVERSE--------- OP TRADING GROWTH STRATEGIC RANK TICKER COMPANY INDEX SCORE/RANK SCORE/RANK SCORE/RANK 11. CRCH CHURCH & DWIGHT INC 15.3 11.3 97% 15.3 98% 9.0 92% 12. GLE GLEASON CORP 15.1 11.0 96% 15.1 98% 15.0 98% 13. GNI GREAT NORTHN IRON OR 14.8 19.6 99% 14.8 98% 10.0 94% 14. GILB.A GILBERT ASSOC INC 14.6 10.0 92% 14.6 97% 18.3 99% 15. SWS SARGENT WELCH SCIENT 14.5 5.8 73% 14.5 97% 19.9 99% 16. TKA TONKA CORP 14.2 -0.3 41% 14.2 97% 2.4 56% 17. BRD RAGAN BRAD INC 14.1 10.7 95% 14.1 97% 16.0 99% 18. NOR NORSTAR BANCORP INC 14.0 1.3 50% 14.0 97% 6.2 81% 19. CUC CULBRO CORP 13.9 9.3 89% 13.9 97% 6.4 84% 20. CCN CHRIS CRAFT INDS INC 13.9 0.0 43% 13.9 96% 9.7 94% Today's Date DeskTop Broker, Inc. Pg. 5 06-18-1986 Winning Investor Stock and Industry Reports Rpt Date MULTIPLE STOCK EVALUATION 06/18/86 By Investment Approach & Model Criteria Opportunity Index & Percentile Within Universe Trading Growth Strategic Inc Stmt Bal Sheet Perform Timing 1.SAVANNAH FOODS & INDS INC (SVAN) 10.8 95% 21.5 99% 18.6 99% 0.5 37% 0.4 76% 7.3 91% 1.6 69% 2.TYSON FOODS INC (TYSN.A) 0.6 46% 20.6 99% 8.6 91% 0.7 65% 0.5 81% -3.6 25% 1.5 66% 3.BIC CORP (BIC) 3.4 62% 18.8 99% 10.9 95% 0.6 46% -0.7 13% 2.5 68% -3.2 15% 4.EASTERN UTILS ASSOC (EUA) 8.9 87% 18.7 99% 13.6 98% 0.3 25% 0.2 69% 6.9 89% 0.8 59% 5.ALEXANDER & BALDWIN INC (ALEX) 6.0 74% 16.0 98% 9.6 93% 0.7 60% -0.4 24% 1.0 57% 1.9 73% 6.MONFORT COLO INC (MNFT) 0.9 47% 13.0 95% 4.1 67% 0.8 75% 0.1 59% 4.5 79% -6.4 4% 7.WRIGLEY WM JR CO (WWY) 11.0 95% 12.9 95% 8.5 91% 0.4 32% -0.9 5% 3.0 71% 3.6 88% ----------------------------------------------------------------------------- Rpt date TEAR SHEET 06/18/86 TICKER SYMBOL: IBM COMPANY NAME: INTERNATIONAL BUSINESS MACHS PER SHARE DATA Latest price 12 Month EPS Curr. Ann. Div. 146.875 10.71 4.40 VOLUME DATA (x1000) 06/17 Volume (05/86) Short Interest Shrs Outstanding 971 104.86 615600 HIGHS AND LOWS S & P 06/17 High 06/17 Low 52 Week High 52 Week Low RATING 148.750 146.500 161.875 117.375 Highest RATINGS (OP INDEX AND PERCENTILE WITHIN UNIVERSE) Trading Growth Strategic Inc Stmt Bal Sheet Perform Timing -9.2 7% -2.7 29% -13.8 3% 1.0 87% -0.5 21% -14.9 0% 1.1 63% ------------------------------------------------------------------------------ VI. PERFORMANCE REPORTS The next two reports show our 6 month (Growth) top 10 selections as made in October and November 1985. Included in the reports is a month by month return for each selection and an indication of the performance during the same period of the S & P 500. DESKTOP BROKER 06/18/86 GROWTH STOCKS SELECTED BY WINNING INVESTOR - October, 1985 TOP 10 STOCKS ----------- RETURNS (%) ------------------- SYMBOL NAME OCT NOV DEC JAN FEB MAR 85 85 85 86 86 86 1. TYSN TYSON FOODS INC 9.30 14.96 1.85 21.82 15.72 5.16 2. TKA TONKA CORP 2.75 22.46 -3.84 5.91 -5.15 24.07 3. KUH KUHLMAN CORP -3.33 -1.38 12.45 -6.25 -8.00 5.65 4. CGC CASCADE NAT GAS 9.42 -7.69 20.83 -7.89 6.11 7.91 5. UCU UTILICORP UTD I -4.49 19.22 -6.25 2.78 9.08 28.64 6. TR TOOTSIE ROLL IN 12.74 8.17 5.32 -2.75 4.78 5.13 7. CTG CONNECTICUT NAT 3.45 6.25 14.98 4.17 -5.33 7.11 8. EAL EASTERN AIR LIN -24.64 -1.92 -5.88 4.17 40.00 -2.86 9. BGC BAY ST GAS CO 1.19 4.31 9.19 0.00 9.12 8.50 10. EQK EQUIMARK CORP 6.90 3.23 31.25 -4.76 37.50 -9.09 AVG % INCR/DECR FOR THE MONTH: 1.32 6.76 7.99 1.72 10.38 8.02 S&P RETURN FOR THE MONTH: 4.25 6.51 5.50 0.24 7.15 6.18 -- MONTH END BALANCES ON $1,000 PER STOCK INVESTMENT --- -- (ROUNDED TO NEAREST DOLLAR) --- SYMBOL INVESTMENT OCT NOV DEC JAN FEB MAR 85 85 85 86 86 86 1. TYSN 1,000 1,093 1,257 1,280 1,559 1,804 1,897 2. TKA 1,000 1,028 1,258 1,210 1,281 1,215 1,508 3. KUH 1,000 967 953 1,072 1,005 925 977 4. CGC 1,000 1,094 1,010 1,220 1,124 1,193 1,287 5. UCU 1,000 955 1,139 1,068 1,097 1,197 1,540 6. TR 1,000 1,127 1,220 1,284 1,249 1,309 1,376 7. CTG 1,000 1,035 1,099 1,264 1,317 1,246 1,335 8. EAL 1,000 754 739 696 725 1,015 986 9. BGC 1,000 1,012 1,056 1,153 1,153 1,258 1,365 10. EQK 1,000 1,069 1,104 1,448 1,379 1,897 1,724 TOTAL: 10,000 10,134 10,835 11,695 11,889 13,059 13,995 TOTAL 6 MONTH RETURN ******************** 13,995 - 10,000 ----------------- = 39.95% RETURN (S&P RETURN FOR SAME PERIOD WAS 33.59%) 10,000 1. Return = (ending balance + dividends - beginning balance)/beginning balance 2. Zero return means no price change and no dividends for the month ------------------------------------------------------------------------------ DESKTOP BROKER 06/18/86 GROWTH STOCKS SELECTED BY WINNING INVESTOR - November, 1985 TOP 10 STOCKS ----------- RETURNS (%) ------------------- SYMBOL NAME NOV DEC JAN FEB MAR APR 85 85 86 86 86 86 1. MEQ MISSION INS GRO 28.57 -18.52 9.09 50.00 -5.56 -2.94 2. STK STORAGE TECHNOL 0.00 0.00 85.71 15.38 10.00 -3.03 3. NP NEWPARK RES INC 33.33 -30.00 42.86 -40.00 -8.33 -9.09 4. CLC CLC AMER INC 25.00 -13.33 0.00 15.38 40.00 23.81 5. WSN WESTERN CO NORT 46.67 -18.18 -38.89 -18.18 0.00 0.00 6. BKI BEKER INDS CORP 37.50 -9.09 0.00 20.00 8.33 0.00 7. WHX WHEELING PITTS 3.03 -2.94 -4.55 -1.59 51.61 -4.26 8. AEE AILEEN INC 0.00 22.73 25.93 11.76 -10.53 -11.76 9. GFB G F CORP 39.39 0.00 -26.09 5.88 30.56 -17.02 10. EAL EASTERN AIR LIN -1.92 -5.88 4.17 40.00 -2.86 2.94 AVG % INCR/DECR FOR THE MONTH: 21.15 -7.52 9.82 9.86 11.32 -2.13 S&P RETURN FOR THE MONTH: 6.51 5.50 0.24 7.15 6.18 -1.41 -- MONTH END BALANCES ON $1,000 PER STOCK INVESTMENT --- -- (ROUNDED TO NEAREST DOLLAR) --- SYMBOL INVESTMENT NOV DEC JAN FEB MAR APR 85 85 86 86 86 86 1. MEQ 1,000 1,286 1,048 1,143 1,714 1,619 1,571 2. STK 1,000 1,000 1,000 1,857 2,143 2,357 2,286 3. NP 1,000 1,333 933 1,333 800 733 667 4. CLC 1,000 1,250 1,083 1,083 1,250 1,750 2,167 5. WSN 1,000 1,467 1,200 733 600 600 600 6. BKI 1,000 1,375 1,250 1,250 1,500 1,625 1,625 7. WHX 1,000 1,030 1,000 955 939 1,424 1,363 8. AEE 1,000 1,000 1,227 1,546 1,727 1,545 1,364 9. GFB 1,000 1,394 1,394 1,030 1,091 1,424 1,182 10. EAL 1,000 981 923 962 1,346 1,308 1,346 TOTAL: 10,000 12,116 11,058 11,892 13,110 14,385 14,171 TOTAL 6 MONTH RETURN ******************** 14,171 - 10,000 ----------------- = 41.71% RETURN (S&P RETURN FOR SAME PERIOD WAS 26.34%) 10,000 1. Return = (ending balance + dividends - beginning balance)/beginning balance 2. Zero return means no price change and no dividends for the month.