How we do it We combine proprietary search algorithms, a lot of reading, and sound judgment to find hidden opportunities and early signs of potential problems ➤ Bottom-up approach identifies companies that may not cross an investor s radar otherwise ➤ Algorithms can flag several hundred alerts a week at peak season, or more than 100 filings a day ➤ By zeroing in on the most promising material, we typically flag between 40 and 150 filings a week ➤ Seasonal patterns Ñ spring is busiest, June-July is slower ➤ Search parameters refined over several years 10