Fundamental Research Corp.

Since 2003, Fundamental Research Corp has provided the highest institutional quality equity research coverage on over 500 small and micro-cap public companies. Since 2009, we have also issued over 135 reports on private companies. *FRC receives a fee from issuers to provide coverage. Our research is being used by some of the largest institutional investors in the world who access it through channels such as Reuters, Capital IQ, Bloomberg, the Globe and Mail, and by subscription. We believe that by focusing on under-followed companies, we can gain an analytical edge. We do not want to be the 20th+ analyst covering Walmart. Our goal from the beginning was to provide high-quality research to a broad audience while adhering to high ethical standards and a strong foundation of integrity. These principles are evident in everything we do. Our firm was created when we noticed that all equity research is paid for in one way or another, traditionally through corporate finance relationships. In 2003, it came to light that many investors were not aware that the research they were reading had potential conflicts between research and corporate finance. This led to large fines being levied on some large U.S. investment banks. However, on the debt side, research relied upon by investors, and produced by firms such as Moodys is paid for, directly by the issuer to the research provider. The model is also used by auditors who are paid to provide an independent opinion to investors. That brings us to today. To ensure high quality, continuous, and thorough research coverage, we employ full time in house analysts and industry specialists. Because our analysts are in house, they are readily available to respond to investor inquiries, calls from institutions, and speak to management. To ensure ethical behavior throughout our firm, we have, and continue to adopt CFA Institute Standards. We hope you will profit from our ideas.