InsiderInsights by Jonathan Moreland

Transcription

1 TheStreet.com InsiderInsights by Jonathan Moreland December 5, 2008 IN THIS ISSUE New Recommendations Bruker Corporation (BRKR: Nasdaq) Short: Ultratech (UTEK: Nasdaq) Recommended List Updates EnergySolutions (ES: NYSE) New Finds Potential New Long Investments Avoid or Short Inside the Market Insider Summaries Aggregate ases by Aggregate Sales by Largest Individual Trades ases, by $ Sales, by $ ases, by % Sh. Out. Sales, by % Sh. Out. ases, by % Increase Sales, by % Decrease New Positions, by $ Closed Positions, by $ Special Screens Buying & Low /Cash Ratio Buying & High Indicated Yield Buying & Low /Sales Buying in Microcap Stocks Option-Related Accumulation Buying & Stock Has Momentum Selling & Negative FCF Selling, Short Int High & Increasing NEW RECOMMENDATIONS Stocks added to our Recommended List. I decided to be more active playing the latest round of wild market swings in the past week. I added a new long after Monday s sharp decline, and shorted into Tuesday s surge. The headspinning volatility continued over the past two sessions, of course, but both bets have started out well. Bruker (BRKR:Nasdaq) -- the new long -- was able to donate a nearly 10% gain in its first few sessions on my Recommended List. That was impressive, considering Thursday s weakness. Meanwhile, my new short of Ultratech (UTEK:Nasdaq) behaved by shedding more than the indices during Thursday s selloff. Traders could be forgiven for taking the (very) short-term gains of 9.7% and 5.0% on this new long/short duo. I admit that I expect both Bruker and Ultratech to end up being trades instead of long-term holdings. But I m not yet prepared to turn my newsletter into such a short-term service by selling the pair myself. That said, I reserve the right to harvest any profit of 20% or more in this cruddy market -- no matter the time frame. Bruker Corporation (BRKR:Nasdaq) Bruker makes analytical equipment and life sciences products for commercial, medical, biotech and research markets. More than half of its revenue is generated from universities, medical schools, non-profit research institutions and government labs. Bruker's share price has fallen a stunning 78% from highs hit just three months ago. Like just about every business on this planet, the global financial crisis has and will continue to harm the firm's earnings prospects. Over the past three months, average earnings per share (EPS) estimates have been reduced by 24% this year (41 cents) and 34% for 2009 (to 48 cents). While further downward revisions cannot be discounted, my bet with shares of Bruker is simply that they have sold off more than they should given the nadir in results I expect. Important to my investment thesis, however, is that I still expect flat revenue in 2009, and not more than a 10% decline in EPS. That may seem like a low bar, but it s much better than many firms can hope for in this awful operating environment. Already 48% insider-owned, three executives -- most notably CEO Frank Laukien -- picked up their buying activity in November. While insiders have been buying Bruker all the way down, fundamentals and technicals are signaling that they just may have finally bottom-ticked their shares. Based on my expectations for Bruker to earn at least 37 cents per share next year, its shares trade for 12 times that low-end expectation and 0.7 times expected revenue. Those are historically low valuations that should not linger when the market finally sees the other side of this recession. In the shorter term, Bruker looks so technically oversold that even a minor bear-market rally could allow the stock to refill part of its sizable technical gap, and supply a quick and solid double-digit gain. Risks to both operations and sentiment clearly exist for Bruker. There s obviously a reason why its shares have been hit so hard. The fact that the company s instruments are considered capital expenditures (not merely R&D expenses) is a consideration for both risk types. The uncertainty about how severely the recession will affect capex budgets is weighing on sentiment across Bruker s whole sector. More fundamentally, the usual yearend surge in business caused by customer s making sure they use all of their yearly capex budgets may not pan out like usual. The recession could force some companies into survival mode, making them claw back any yearly cash allocation that hasn t already been spent. A more specific knock on Bruker is that management has been slower than many expected in executing cost-containment measures after acquiring several small firms. Its operating margins lag industry peers as a result. Also, the recent strengthening of the U.S. dollar does not benefit Bruker, which generates about three-quarters of its revenue outside of North America. Analyst Isaac Ro at Leerink Swann & acknowledges that there are many reasons why Bruker s outlook could worsen, but he still likes the company s shares at this price. He does not expect a disastrous fourth quarter, and still expects Bruker to post bottom-line growth next year with the help of aggressive cost containment. He points out that a good chunk of Bruker s sales are part of multiyear initiatives at the mainly health care-related entities buying its instruments. These sales shouldn t be cancelled on a dime. Bruker has also never had a year where revenue has contracted by double digits, says Mr. Ro, even during past recessions. For its stock to trade below one times revenue when its balance sheet is relatively clean and there is not financing risk seems too big a discount. Both traders and buy-and-hold types can find something attractive with Bruker s shares. Time will tell which path I take with the stock. Short: Ultratech (UTEK: Nasdaq) Shares of Ultratech (UTEK:Nasdaq) have traded down along with the entire semiconductor equipment sector over the past months, though not as much as most of its peers. I don t expect that relative outperformance to continue. Ultratech makes photolithography, laser thermal processing equipment, and steppers used to manufacture semiconductors. Despite nearunanimous concern about the state of business for its group, Ultratech has still hung on to EPS esti- (Continued on page 3) InsiderInsights PAGE 1 DECEMBER 5, 2008

2 RECOMMENDED LIST Independent research opinions on stocks I have invested in, after using insider data as a first screen to determine where to focus our fundamental research. The weekly performance of my Recommended List is calculated by averaging the weekly performances of all the positions on the List. Buy and Short-rated stocks are counted as full positions. Hold-rated stocks are counted as half positions. The weekly performance of our List is then further adjusted for the percentage of Cash we are recommending. Rec. Rec. Rec. 12/4/08 % Gain (Loss) Wks Held Period Change Previous Update Rating MVC ital MVC 7/3/06 $ % $ % % 7/18/08 Buy Discovery Labs DSCO 3/20/07 $ 2.07 $ % % 11/14/08 Buy Kinder Morgan Mgt LLC KMR 6/18/07 $ % $ % % 8/15/08 Buy Enterprise Products LP EPD 8/27/07 $ % $ % % 8/15/08 Buy NorthStar Realty Finance NRF 9/18/07 $ % $ % % 11/28/08 Buy China Security & Surveillance CSR 12/3/07 $ $ % % 10/31/08 Buy PolyOne Corporation POL 12/10/07 $ 6.58 $ % % 6/27/08 Buy Copart CPRT 3/24/08 $ $ % % 8/15/08 Buy 3Com COMS 4/7/08 $ 2.38 $ % % 10/24/08 Buy Chesapeake Energy CHK 7/25/08 $ % $ % % 11/7/08 Buy Great Atlantic & Pacific Tea GAP 8/15/08 $ % $ % % 8/15/08 Buy SandRidge Energy SD 8/21/08 $ $ % % 11/7/08 Buy Hercules Offshore HERO 8/21/08 $ $ % % 10/31/08 Buy EnergySolutions ES 9/16/08 $ % * $ % % 12/3/08 Sold Natural Resource Part LP NRP 10/10/08 $ % $ % % 10/17/08 Buy BE Aerospace BEAV 11/13/08 $ 8.32 $ % % 11/14/08 Buy Herbalife HLF 11/13/08 $ $ % % 11/14/08 Buy Short: Flir Systems FLIR 11/24/08 $ $ % % 11/28/08 Short Bruker BRKR 12/2/08 $ 3.90 $ % % 11/14/08 Buy Short: Ultratech UTEK 12/2/08 $ $ % % 11/28/08 Short * Sold. Weekly Recommended List Performance: -8.19% Weekly Recommended List Performance Adjusted for 30% Cash Holdings: -5.74% 11/21/08 to 30% Recommended List Performance As Of: 12/4/08 * Inception was 9/24/01. Week 4-Wks 12-Wks Year to Since Inception* InsiderInsights -5.7% -15.5% -32.6% -44.4% 129.7% Russell % -11.4% -38.9% -43.0% 16.0% S&P % -6.6% -32.3% -42.8% -12.5% InsiderInsights Recommended List Russell 2000 S&P /1/01 12/1/01 2/1/02 4/1/02 6/1/02 8/1/02 10/1/02 12/1/02 2/1/03 4/1/03 6/1/03 8/1/03 10/1/03 12/1/03 2/1/04 4/1/04 6/1/04 8/1/04 10/1/04 12/1/04 2/1/05 4/1/05 6/1/05 8/1/05 10/1/05 12/1/05 2/1/06 4/1/06 6/1/06 8/1/06 10/1/06 12/1/06 2/1/07 4/1/07 6/1/07 8/1/07 10/1/07 12/1/07 2/1/08 4/1/08 6/1/08 8/1/08 10/1/08 12/1/08 180% 140% 100% 60% 20% -20% InsiderInsights PAGE 2 DECEMBER 5, 2008

3 NEW RECOMMENDATIONS (Continued) Stocks added to our Recommended List. mates calling for nearly 30% growth next year (to 61 cents), and a multiple of 20 times those expected earnings. It's almost as if some analysts expect Ultratech to somehow avoid being affected by the global recession. But I think the economic crisis makes both of those numerical values vulnerable, and view the recent insider selling into Ultratech's price weakness as a sign of little confidence by the sellers that their stock s price will rebound anytime soon. After falling nearly 30% from its high of $17.20 hit just last summer, CFO Bruce Write chose to make his largest sale of Ultratech in more than four years. He cashed in $717,996 worth of the shares at an average price of $12.02 in mid-november. The sales reduced Mr. Wright s direct holdings by a whopping 83%. Also less than bullish are trades by Temujin Holdings, from last August and September. After building up a nearly fourmillion-share stake in Ultratech over the past several years at prices ranging from $11.16 to $13.24, this fund began selling shares this June. While many of the sales were at recent highs, and represented a reasonable profit for the present market conditions, Temujin also chose to sell at prices as low as $ just a few pennies more than its highest purchase price a year earlier. In all, Temujin s recent sales cut its stake by 41%, and relays rather less optimism regarding Ultratech s near-term prospects. Ultratech s stock chart has also become noticeably weaker in recent weeks, indicating that insiders are not the only ones concerned about the ability of this stock to continue outperforming its peers. I don t see how they avoid the business downturn in the sector, offers Matthew Petkun, who follows the semiconductor capital equipment sector at D.A. Davidson. Mr. Davidson thinks the recession could hit Ultratech s financial results in the first half of next year, and expects only break even results for the firm in the first quarter of If that opinion gains acceptance or becomes reality, it would certainly be a fundamental catalyst for my short bet paying off. The average of present earnings per share estimates for the first quarter is 11 cents. In the meantime, there is plenty of ugly top-down market sentiment to help push this short lower without the benefit of a company-specific catalyst. COMPANY UPDATES Updated research on past recommendations. EnergySolutions (ES:NYSE) Position Sold. Recommended: $15.49 Last Updated: 10/17/08 12/3/08 Sale : $4.94 Performance: -68.1% Weeks Held: 11.1 (Sold via alert on Dec 3.) As I lamented in my update of Energy- Solutions (ES:NYSE) in the Oct. 17 issue of the newsletter, the "growth at a reasonable price" investment thesis I had for entering this stock is definitely broken. I bought into this processor of nuclear waste after concluding that the need for its services, and the backlog in its business, would make its shares relatively better protected from the recession. But an unfavorable ruling by the U.S. Nuclear Regulatory Commission (NRC) two months ago, limiting how nuclear plants in the states could use their decommissioning funds, put an end to that notion. The subsequent reduction in earnings expectations and related collapse in the share price of EnergySolutions made the stock just one more insider-bought, deepvalue play among a market full of them. Instead of arguing that this stock was an even better bargain after falling in price much more than its forecasted earnings were reduced, I merely kept EnergySolutions on my Recommended List with the belief that I'd get a better price at which to sell. Well, the company has managed to add a few dimes to its share price since mid October, which -- considering the market havoc in November -- is something of a feat. It's a sign of the times that I actually feel fortunate to exit this loser less than 70% in the red. Revolting as that hit is, it could get worse. So I'm bailing now and looking for more entry points to beef up the short exposure that I unfortunately exited too soon in October. InsiderInsights PAGE 3 DECEMBER 5, 2008

4 NEW FINDS Companies with Significant Form 4 ases and Sales During the Past Week. POTENTIAL NEW LONG INVESTMENTS Below are companies with insider buying filed at the SEC in the past week that also met minimum requirements to be considered as having a positive insider profile. We are researching these stocks further for possible inclusion on our Recommended List. Type(s)* Shares Bought Insiders Title(s)*. Vol A utonatio n A N B $ 19,928,590 2,500,000 2 O 12/2/08 $ 7.97 $ ,636 3,760 CNX Gas CXG B $ 9,443, ,100 1 B O 12/3/08 $ $ , Zale ZLC B $ 6,684,120 1,067,500 8 B O,CAO,CEO,CFO,DIR,VP 11/26/08 $ 6.26 $ ,790 Delta P etro leum DPTR B $ 5,728,580 1,100,000 1 B O 12/4/08 $ 5.21 $ ,270 Landrys Restaurants LNY B $ 3,190, ,486 1 B O,CEO,DIR,P R 12/5/08 $ $ Weatherford Intl WFT B $ 2,144, ,000 2 DIR 12/1/08 $ $ ,913 15,600 Johnson & Jo hnson JNJ OE* $ 1,959,808 48,800 2 GC,O,VP 12/1/08 $ $ ,038 21,130 So nic So lutio ns SNIC B $ 1,440,451 1,393,426 4 CEO,CFO,DIR,GC,P R,VP 12/3/08 $ 1.03 $ Rackspace Hosting RAX B $ 1,427, ,000 2 B O,DIR 11/26/08 $ 6.29 $ WR Grace GRA B $ 1,095, ,100 7 CB,CEO,CFO,GC,SEC,VP 12/3/08 $ 4.10 $ ,770 A lign Tech A LGN B $ 1,056, ,000 1 O 11/26/08 $ 7.00 $ A gilysys A GYS JB*,B $ 862, ,874 4 B O,DIR 12/3/08 $ 2.60 $ Bronco Drilling BRNC B $800, ,000 1 BO 11/28/08 $5.56 $ Calpine CPN B $ 767, ,000 2 B O 12/1/08 $ 7.67 $ ,617 3,140 Och-Ziff ital M gt OZM A B $ 686, ,200 1 B O,CEO,DIR 12/4/08 $ 4.73 $ , Covenant po rtatio n CVTI B $ 650, ,310 1 B O,CB,CEO,DIR,P R 12/2/08 $ 1.51 $ Tho mas P ro perties TPGI JB*,B $ 461, ,100 1 CB,CEO,DIR,P R 12/1/08 $ 2.03 $ Travelzo o TZOO B $ 361,020 62,031 4 B O,CEO,DIR 11/25/08 $ 5.82 $ Valhi VHI B $ 293,242 22,600 1 B O,CB,DIR 12/2/08 $ $ , Lo ral SpaceM M S LORL B $ 273,171 30,131 1 B O,DIR 12/4/08 $ 9.07 $ Oriental Finl OFG B $ 247,156 36,600 2 DIR,SEC 11/25/08 $ 6.75 $ NBTY NTY B $ 246,251 17,075 2 DIR 11/28/08 $ $ ,120 Rosetta Resources ROSE B $ 229,512 32,100 2 VP 11/26/08 $ 7.15 $ Lantro nix LTRX B $ 212, ,702 2 B O,DIR 12/1/08 $ 0.55 $ A nalo g Devices A DI OE*,B $ 199,424 12,500 3 DIR 12/4/08 $ $ ,038 6,890 itol B anc CBC B $ 175,118 39,800 4 CB,CEO,CFO,DIR,P R 12/3/08 $ 4.40 $ STOCKS TO AVOID OR SHORT It is not common at all for insiders to sell shares as their stock is trending downward, or well off its yearly highs. When you do see this selling pattern, it s a big red flag for that stock s future prospects. A table of stocks waving this red flag from last week s insider filings is given below. In our experience, these stocks tend to under perform the market, and should probably be avoided. Further research may even uncover a short-selling opportunity. This is particularly so of stocks that have trended steadily downward, and yet still have insiders selling. Other stocks on this table, however, may have recently bounced strongly from lows but still are well off their yearly highs. In these cases, the selling begs the question of whether the rebound is deserved.. % Sale Shares Sale Below Vol Type(s)* Sold Insiders Title(s)* Yr Highs Level 3 Comms LVLT S $ 1,458,002 1,810,300 1 DIR 12/4/08 $ 0.81 $ % 1,337 13,410 Riverbed Tech RVB D S,A S $ 416,095 43,901 2 B D,CFO,SO,VP 12/3/08 $ 9.48 $ % 707 1,580 A lexandria RE Equities A RE S $ 2,001,935 48,000 2 CEO,CFO,DIR 12/2/08 $ $ % 1,237 1,390 SuccessFactors SFSF A S,S $ 290,453 52,000 2 CEO,DIR,P R 12/3/08 $ 5.59 $ % Go o gle GOOG OS,A S $ 311,833 1,105 3 DIR,VP 12/2/08 $ $ % 87,952 7,510 KB W KB W S $ 1,133,950 51,326 5 GC,VCB 11/26/08 $ $ % B o ston Scientific B SX A S,S $ 31,256,491 5,143,418 2 DIR 12/2/08 $ 6.08 $ % 10,376 18,170 Sys Svs TSS S $ 1,064,104 77,226 1 DIR 12/2/08 $ $ % 2,651 1,300 A merican Tower A M T OS $ 1,036,920 40,000 1 CB,CEO,DIR,P R 12/1/08 $ $ % 11,040 5,860 Varian M edical Sys VA R A S $ 1,155,066 30,000 1 DIR 12/1/08 $ $ % 4,761 2,040 M asimo M ASI S $2,547, ,000 1 DIR 12/3/08 $25.48 $ % 1, Neutral Tandem TNDM OS $ 163,100 11,200 2 CEO,COO,DIR,P R 12/2/08 $ $ % Texas ital B anc TCBI S $ 1,162,672 77,142 2 DIR 12/3/08 $ $ % Genesee & Wyo ming GWR A S $ 3,081, ,000 1 CB,DIR 12/2/08 $ $ % 1, FLIR Sys FLIR AS $451,200 15,000 1 PR 12/3/08 $30.08 $ % 3,955 3,220 Campbell Soup CPB S $4,097, ,685 2 BO 12/2/08 $30.20 $ % 10,955 4,230 * See last page for the Key to Title and action Type codes. InsiderInsights PAGE 4 DECEMBER 5, 2008

5 INSIDE THE MARKET My Interpretation of Insiders Top-Down Sentiment. My past-stated fear of a more bearish spike north in my Insider- Based Market Indicators has certainly been playing out (see the yellow oval on the chart below). The question now is: How high will my indicators spike before finally inflecting bullishly downward, thereby marking a near-term bottom for the indices? (See the Oct. 3 issue for a more in-depth discussion of the currently bearish inflection.) Prior to 2003, substantial market bottoms tended to correspond with the Rolling Four-Week rage of my Buy/Sell Ratios inflecting downward after rising to at least +40% (see the longer-term chart at bottom). We are at +104% now (see the table below). But this fact does not allow me to pound the table that the bottom is definitely in. It could be, but as the longer-term chart below shows, the Rolling Four-Week rage of my Buy/Sell Ratios rose far above +40% on several occasions. During those past surges, the market Time Period # Firms With Open-Market ases continued to be weak. The highest Rolling Four-Week metric ever generated in my series was +216% -- double the present level. That high occurred in the fall of 1998 during the Russian bond default crisis and the implosion of Long-Term ital Management. The present crisis is degrees worse, making a further rise in my metric downright logical. While stocks are irrefutably dirt cheap by historical measures, assuming the bottom is in is more dangerous than those comparisons relay. It is not alarmist to suggest that the present crisis is unprecedented. The ultimate shock to all our capital markets of which stocks are not even the largest part may also be. Being net long, I certainly hope for the best. But the risk I still see to stocks is keeping me 30% in cash, and prepared to fade any rally of substance. # Firms With Open-Market Sales Buy/Sell Ratio Rolling 4-Week rage Wk Ending 12/ % 104% Month Ending 10/31 1, % Russell 2000 S&P % 80% 40% 0% -40% -80% -120% -160% -200% -240% -280% 1/03 3/03 5/03 7/03 9/03 11/03 1/04 3/04 5/04 7/04 9/04 11/04 1/05 3/05 5/05 7/05 9/05 11/05 1/06 3/06 5/06 7/06 9/06 11/06 1/07 3/07 5/07 7/07 9/07 11/07 1/08 3/08 5/08 7/08 9/08 11/08 Insider Market Indicators: Rolling 4-Wk. & Calendar Month. = Buy Signal. = Sell Signal % 160% 120% 80% 40% 0% -40% -80% -120% -160% -200% -240% -280% Russell 2000 S&P 500 LONGER-TERM CHART Insider Market Indicators: Rolling 4-Wk. & Calendar Month Jan-97 Mar-97 May-97 Jul-97 Sep-97 Nov-97 Jan-98 Mar-98 May-98 Jul-98 Sep-98 Nov-98 Jan-99 Mar-99 May-99 Jul-99 Sep-99 Nov-99 Jan-00 Mar-00 May-00 Jul-00 Sep-00 Nov-00 Jan-01 Mar-01 May-01 Jul-01 Sep-01 Nov-01 Jan-02 Mar-02 May-02 Jul-02 Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 InsiderInsights PAGE 5 DECEMBER 5, 2008

6 INSIDER SUMMARIES Companies with largest dollar values of aggregate insider activity based on Forms filed at the SEC last week. Top 50 only. * See last page for the Key for Titles codes. COMPANIES WITH LARGEST AGGREGATE FORM 4 PURCHASES (Including open-market and 10b5-1 transactions) Shares Bought Insiders Title(s)* (s) Vol Southern Copper PCU $136,096,197 10,780,466 1 BO 10/ 22/ 08 12/ 3/ 08 $ $ ,905 7,540 AutoNation AN $19,928,590 2,500,000 2 O 11/25/08 12/2/08 $7.97 $9.25 1,636 3,760 Marchex MCHX $17,250,000 3,750,000 1 BO /25/08 $4.60 $ CNX Gas CXG $9,443, ,100 1 BO 11/26/08 12/3/08 $29.32 $ , Unit UNT $8,903, ,991 2 BO,DIR 12/1/08 12/3/08 $26.19 $ ,261 1,350 Zale ZLC $6,684,120 1,067,500 8 BO,CAO,CEO,CFO,DIR,PR,VP /26/08 $ 6.26 $ ,790 Delta Petroleum DPTR $5,728,580 1,100,000 1 BO 12/2/08 12/4/08 $5.21 $ ,270 Alternative Asset M gt AMV $3,827, ,950 1 BO /10/08 $8.70 $ Ligand Pharm LGND $3,713,937 1,915,300 1 BO 11/ 26/ 08 12/ 2/ 08 $1.94 $ Landrys Restaurants LNY $3,190, ,486 1 BO,CEO,DIR,PR 11/ 28/ 08 12/ 5/ 08 $11.06 $ Weatherford Intl WFT $2,144, ,000 2 DIR /1/08 $10.72 $ ,913 15,600 Bruker BRKR $1,661, ,000 1 BO,CEO,DIR,PR 11/28/08 12/3/08 $4.15 $ ,080 Equinix EQIX $1,580,301 40,100 1 DIR /25/08 $39.41 $ ,724 1,810 Sonic Solutions SNIC $1,440,451 1,393,426 4 CEO,CFO,DIR,GC,PR,VP 11/ 21/ 08 12/ 3/ 08 $ 1.03 $ Rackspace Hosting RAX $1,427, ,000 2 BO,DIR 11/25/08 11/26/08 $6.29 $ M cm oran Exploration Co MMR $1,425, ,500 1 CB,DIR /3/08 $9.41 $ ,730 Developers Diversified Realty DDR $1,402, ,500 1 DIR 11/20/08 12/1/08 $3.52 $ ,530 meta TM TA $1,203,037 68,520 1 DIR 11/25/08 12/2/08 $17.56 $ Akamai Tech AKAM $1,140, ,000 1 DIR 12/2/08 12/3/08 $11.41 $ ,016 4,410 WR Grace GRA $1,095, ,100 7 CB,CEO,CFO,DIR,GC,PR,SEC,VP 12/1/08 12/3/08 $4.10 $ ,770 Align Tech ALGN $1,056, ,000 1 O /26/08 $7.00 $ Catalyst Health Solutions CHSI $1,000,000 50,000 1 DIR /1/08 $20.00 $ CME CM E $999,223 5,890 1 DIR /21/08 $ $ ,211 1,710 Kayne Anderson Energy KYE $877,737 87,337 1 CEO,FO /28/08 $10.05 $ Bronco Drilling BRNC $800, ,000 1 BO 11/25/08 11/28/08 $5.56 $ Agilysys AGYS $791, ,874 3 BO,DIR 11/24/08 12/3/08 $2.57 $ Calpine CPN $767, ,000 2 BO /1/08 $7.67 $8.43 3,617 3,140 RHI Entertainment RHIE $725, ,400 1 BO /26/08 $4.00 $ Scientific Learning SCIL $702, ,000 2 BO,DIR 12/2/08 12/3/08 $1.82 $ Enbridge Energy M gt EEQ $700,033 21,500 1 DIR 8/5/03 12/1/08 $32.56 $ Och-Ziff ital Mgt OZM $686, ,200 1 BO,CEO,DIR 11/26/08 12/4/08 $4.73 $5.00 1, Covenant portation CVTI $650, ,310 1 BO,CB,CEO,DIR,PR 11/26/08 12/2/08 $1.51 $ Equity Residential EQR $592,996 20,000 1 CB,DIR /1/08 $29.65 $ ,346 10,100 International Speedway ISCA $568,508 22, BO,CB,CEO,DIR,PR,VCB /1/08 $25.04 $ , Infinera INFN $515,011 60,200 1 DIR /26/08 $8.56 $ Forest Oil FST $492,818 30,000 3 BD,CEO,DIR,PR,VP 12/3/08 12/4/08 $16.43 $ ,634 2,910 Network Equipment Tech NWK $473, ,000 1 BO 11/ 26/ 08 12/ 1/ 08 $3.16 $ PROS Hold PRO $466, ,800 2 BO,DIR,VP 12/1/08 12/2/08 $4.53 $ Flowers Foods FLO $ 410,201 17,100 3 CB,CEO,DIR,IO,PR,VP /2/08 $23.99 $ ,246 1,750 M erge Healthcare MRGE $392, ,800 2 BO,CEO,DIR,PR 11/25/08 12/3/08 $0.82 $ Inland Real Estate IRC $391,360 40,000 1 BO,DIR 12/1/08 12/2/08 $9.78 $ Travelzoo TZOO $361,020 62,031 4 BO,CEO,DIR /25/08 $5.82 $ Hormel Foods HRL $360,691 14,385 3 CB,CEO,DIR,PR,VP 12/1/08 12/2/08 $25.07 $ , GTx GTXI $340,840 25,144 1 BO,DIR 12/1/08 12/2/08 $13.56 $ BankAtlantic Banc BBX $321, ,498 1 BO 12/2/08 12/4/08 $2.96 $ Service Intl SCI $318,341 61,129 1 DIR /2/08 $5.21 $5.37 1,373 2,380 Emageon EM AG $313, ,200 1 BO 11/26/08 12/2/08 $2.51 $ Epicor Software EPIC $313,242 79,600 2 BO 11/26/08 12/4/08 $3.94 $ SBA Comms SBAC $311,956 26,127 1 DIR /24/08 $11.94 $ ,674 3,450 Valhi VHI $293,242 22,600 1 BO,CB,DIR 11/26/08 12/2/08 $12.98 $ , InsiderInsights PAGE 6 DECEMBER 5, 2008

7 INSIDER SUMMARIES (Continued) Companies with largest dollar values of aggregate insider activity based on Forms filed at the SEC last week. Top 50 only. COMPANIES WITH LARGEST AGGREGATE FORM 4 SALES (Including open-market and 10b5-1 transactions) Sale Shares Sold Insiders Title(s)* (s) Sale Vol Ecolab ECL $827,715,119 28,954,516 1 BO /18/06 $28.59 $ ,004 3,550 Boston Scientific BSX $31,256,491 5,143,418 2 DIR 11/ 26/ 08 12/ 2/ 08 $6.08 $ ,376 18,170 Strayer Education STRA $30,029, ,478 1 CB,CEO /1/08 $ $ , Marchex MCHX $17,250,000 3,750,000 1 BO /25/08 $4.60 $ Campbell Soup CPB $16,831, ,724 2 BO 11/26/08 12/2/08 $31.01 $ ,955 4,230 Intuit INTU $11,341, ,126 1 CB,DIR 12/3/08 12/4/08 $23.00 $ ,418 5,230 HMS Hold HM SY $9,257, ,710 2 DIR 11/26/08 12/2/08 $28.42 $ Perrigo PRGO $8,112, ,900 1 DIR 11/25/08 11/28/08 $34.24 $ ,074 1,850 SEI Investments SEIC $7,547, ,614 4 BO,DIR,VP 11/25/08 12/2/08 $14.69 $ ,825 1,170 XTL Biopharmaceuticals XTLB $5,806,488 40,050,370 1 BO 11/18/08 11/19/08 $0.14 $ ,450 Prosperity Banc PRSP $ 5,164, ,187 1 DIR /26/08 $32.04 $ , M cm oran Exploration Co MMR $5,082, ,870 1 DIR 11/28/08 12/2/08 $10.52 $ ,730 Linn Energy LLC LINE $5,031, ,722 1 CB,CEO,DIR 11/24/08 11/26/08 $12.62 $ ,414 1,300 Southwestern Energy SWN $3,543, ,000 1 VP /26/08 $35.43 $ ,691 9,390 Genesee & Wyoming GWR $3,081, ,000 1 CB,DIR 11/26/08 12/2/08 $29.07 $ , Hansen Natural HANS $3,010, ,000 1 PR /1/08 $27.88 $ ,572 1,930 TrustCo Bank NY TRST $2,897, ,700 1 CB,DIR 11/24/08 12/3/08 $10.51 $ Cogent COGT $2,822, ,604 3 BO,CEO,CFO,DIR,VP 11/ 28/ 08 12/ 1/ 08 $ $ ,149 1,580 Masimo MASI $2,547, ,000 1 DIR /3/08 $25.48 $ , Lumber Liquidators LL $2,532, ,675 1 BO,CB,DIR 11/26/08 11/28/08 $8.99 $ NetApp NTAP $2,417, ,008 1 CEO /28/08 $13.51 $ ,352 9,470 Equity Residential EQR $2,290,215 75,000 1 DIR,VCB /26/08 $30.54 $ ,346 10,100 Stanley SXE $2,011,106 62,857 3 DIR,VP 11/26/08 12/1/08 $31.99 $ Alexandria Real Estate ARE $2,001,935 48,000 2 CEO,CFO,DIR 11/25/08 12/2/08 $41.71 $ ,237 1,390 Lions Gate Entertainment LGF $1,927, ,000 1 DIR 11/28/08 12/2/08 $6.43 $ Level 3 Comms LVLT $1,878,202 2,310,300 1 DIR 11/26/08 12/4/08 $0.81 $0.83 1,337 13,410 M orningstar MORN $1,818,243 60,000 1 CB,CEO 11/26/08 12/3/08 $30.30 $ , Par Pharm PRX $ 1,811, ,500 1 BO /25/08 $10.44 $ Fossil FOSL $1,787, ,000 1 BO,CEO,DIR,PR 11/26/08 12/4/08 $14.30 $ Beasley Broadcast BBGI $1,726,090 1,726,090 1 BO /2/08 $1.00 $ Silgan Hold SLGN $1,527,374 34,240 1 BO,DIR /26/08 $44.61 $ , QUALCOM M QCOM $1,424,061 45,000 1 DIR 11/28/08 12/2/08 $31.65 $ ,161 23,340 Cullen/Frost Bankers CFR $1,420,427 26,954 1 PR /26/08 $52.70 $ , American Campus Comms ACC $1,237,630 59,929 1 CEO,DIR,PR /2/08 $20.65 $ Equifax EFX $1,202,546 48,884 1 CB,CEO,DIR /28/08 $24.60 $ ,953 1,420 Hollywood M edia HOLL $1,200,000 1,000,000 1 BO /25/08 $1.20 $ Hittite M icrowave HITT $1,195,132 41,517 1 BO 11/26/08 12/3/08 $28.79 $ Royal Gold RGLD $1,169,720 32,965 1 DIR /2/08 $35.48 $ , Texas ital Banc TCBI $1,162,672 77,142 2 DIR 11/25/08 12/3/08 $15.07 $ Varian M edical Sys VAR $1,155,066 30,000 1 DIR /1/08 $38.50 $ ,761 2,040 KBW KBW $1,133,950 51,326 5 CB,CEO,CFO,COO,DIR,GC,VCB 11/25/08 11/26/08 $22.09 $ Cephalon CEPH $1,114,200 15,000 1 CFO,VP /3/08 $74.28 $ ,131 1,910 Sys Svs TSS $1,064,104 77,226 1 DIR 12/1/08 12/2/08 $13.78 $ ,651 1,300 Catalyst Health Solutions CHSI $1,000,000 50,000 1 DIR /1/08 $20.00 $ M&T Bank MTB $950,144 15,000 1 DIR /28/08 $63.34 $ ,865 1,630 MEMSIC MEMS $936, ,000 1 BO 11/24/08 11/26/08 $1.50 $ Inventure SNAK $927, ,000 1 BO /1/08 $1.85 $ Sterling Construction STRL $897,162 57,400 2 CEO,DIR 11/26/08 12/3/08 $15.63 $ Kayne Anderson M LP KYN $855,981 64,505 1 CEO,FO /28/08 $13.27 $ Tompkins Finl TM P $783,045 14,540 3 CTO,DIR,VP /28/08 $53.85 $ * See last page for the Key for Titles codes. InsiderInsights PAGE 7 DECEMBER 5, 2008

8 LARGEST INDIVIDUAL TRADES Largest individual trades filed at the SEC in the past week as defined by various measures. LARGEST OPEN-MARKET PURCHASES, BY DOLLAR VALUE Filer Name Title(s)* # Shrs Traded * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. Subsequent Holdings* Vol Grupo M exico Sa De Cv Fi BO Southern Copper PCU 12/3/08 10,780,466 $ 136,096, ,120,000 $ $ ,905 7,540 Cascade Investment Llc O Autonation Fl AN 12/2/08 1,250,000 $ 9,964,295 11,315,688 $ 8.92 $ ,636 3,760 Bill & M elinda Gates Foundation Trust O Autonation Fl AN 12/2/08 1,250,000 $ 9,964,295 10,242,100 $ 8.92 $ ,636 3,760 Consol Energy Inc BO Cnx Gas CXG 12/3/08 322,100 $ 9,443, ,800,067 $ $ , George Kaiser Family Foundation BO Unit UNT 12/3/08 336,991 $ 8,823,226 6,195,423 $ $ ,261 1,350 Breeden Richard C DIR,BO Zale ZLC 11/26/08 1,000,000 $ 6,292,900 9,070,839 $ 6.29 $ ,790 Tracinda Corp BO Delta Petroleumco DPTR 12/4/08 1,100,000 $ 5,728,580 39,608,000 $ 5.70 $ ,270 Bvf Partners L Pil BO Ligand Pharm LGND 12/2/08 1,915,300 $ 3,713,937 13,384,953 $ 1.90 $ Laukien Frank H CEO,DIR,BO Bruker BRKR 12/3/08 400,000 $ 1,661,352 37,399,445 $ 4.47 $ ,080 Fertitta Tilman J CEO,DIR,BO Landrys Restaurants LNY 12/5/08 144,243 $ 1,595,270 8,758,855 $ $ Crosslink ital Inc DIR Equinix EQIX 11/25/08 40,100 $ 1,580, ,000 $ $ ,724 1,810 Moffett James R CB,DIR M cmoran ExplorationDe MMR 12/3/08 151,500 $ 1,425,206 3,064,116 $ 9.41 $ ,730 Riley B ryant R DIR meta TM TA 11/26/08 68,520 $ 1,203,037 1,152,171 $ $ Leighton F Thomson DIR Akamai Tech AKAM 12/3/08 100,000 $ 1,140,978 4,226,636 $ $ ,016 4,410 M acaulay William E DIR Weatherford Intl WFT 12/1/08 100,000 $ 1,078, ,756 $ $ ,913 15,600 Brady Nicholas F DIR Weatherford Intl WFT 12/1/08 100,000 $ 1,066, ,720 $ $ ,913 15,600 Gund Gordon O Align Tech ALGN 11/26/08 151,000 $ 1,056,502 1,350,572 $ 7.00 $ Civera Edward S DIR Catalyst Health Solutions CHSI 12/1/08 50,000 $ 1,000, ,000 $ $ Kayne Richard A CEO,FO Kayne Anderson Energy T KYE 11/28/08 87,337 $ 877, ,991 $ $ Inmobiliaria Carso S A De C V BO Bronco Drilling BRNC 11/28/08 144,000 $ 800,840 2,875,000 $ 6.20 $ Baupost Group Llcma BO Rhi Entertainment RHIE 11/26/08 181,400 $ 725,600 3,661,699 $ 4.00 $ Haque Promod BO Rackspace Hosting RAX 11/26/08 113,500 $ 713,515 18,652,408 $ 6.50 $ Still George J Jr DIR,BO Rackspace Hosting RAX 11/26/08 113,500 $ 713,515 18,652,408 $ 6.50 $ Cueva R Andrew DIR A gilysys AGYS 11/26/08 279,743 $ 712,718 2,406,801 $ 2.71 $ Lsp Cal Holdings II Llc BO Calpine CPN 12/1/08 90,000 $ 690,300 17,033,628 $ 7.67 $ ,616 3,140 Parker David Ray CB,CEO,BO Covenant portation CVTI 12/2/08 432,310 $ 650,837 3,229,277 $ 1.70 $ Trigran Investments Inc BO Scientific Learning SCIL 12/2/08 360,000 $ 648,000 3,315,238 $ 1.80 $ Zell Samuel CB,DIR Equity Residential EQR 12/1/08 20,000 $ 592, ,838 $ $ ,346 10,100 Kanders Warren B CB,DIR,BO Clarus CLRS 11/26/08 125,000 $ 525,000 2,913,977 $ 4.20 $ Balkanski Alexandre DIR Infinera INFN 11/26/08 60,200 $ 515,011 2,189,407 $ 8.56 $ Kopp Leroy C BO Network Equipment Tech NWK 12/1/08 150,000 $ 473,900 1,637,000 $ 3.43 $ Festa Alfred E CB,CEO,PR W R Grace GRA 12/1/08 100,000 $ 426, ,000 $ 4.27 $ ,770 Hesse M artha O DIR Enbridge Energy M anagemeeq 12/1/08 15,000 $ 403,425 18,772 $ $ Merrick Ris Llc DIR,BO M erge Healthcare MRGE 12/3/08 475,700 $ 391,918 27,561,337 $ 1.00 $ Goodwin Daniel L DIR,BO Inland Real Estate IRC 12/2/08 40,000 $ 391,360 9,538,065 $ 9.88 $ Hyde Joseph R III DIR,BO Gtx De GTXI 12/2/08 25,144 $ 340,840 7,760,189 $ $ Lightner James D DIR Forest Oil FST 12/3/08 20,000 $ 331,568 47,579 $ $ ,634 2,910 Bfc Financial Corp BO Bankatlantic Banc BBX 12/4/08 108,498 $ 321,465 2,174,347 $ 3.14 $ Lund Victor L DIR Service Intl SCI 12/ 2/ 08 61,129 $ 318, ,704 $ 5.21 $ ,373 2,380 Accipiter ital M anagement Llc BO Emageon EM AG 12/2/08 125,200 $ 313,925 1,120,653 $ 2.50 $ Carr Brian C DIR Sba Comms SBAC 11/24/08 26,127 $ 311,956 30,127 $ $ ,674 3,450 Simmons Harold C CB,DIR,BO Valhi De VHI 12/2/08 22,600 $ 293,242 97,683 $ $ , Rachesky Mark H Md DIR,BO Loral SpaceM M S LORL 12/4/08 30,131 $ 273,171 1,105,322 $ 9.45 $ Sherman John J CEO,PR,DIR Inergy L P NRGY 12/3/08 17,000 $ 257, ,870 $ $ Ettinger Jeffrey M CB,CEO,PR Hormel Foods De HRL 12/2/08 10,000 $ 250,800 85,834 $ $ , Griswold Benjamin H Iv DIR Flowers Foods FLO 12/2/08 10,000 $ 241,619 60,061 $ $ ,246 1,750 Clements Jordan W DIR Energysolutions ES 11/26/08 52,800 $ 233,640 52,800 $ 4.43 $ Bvf Partners L Pil BO Neurocrine Biosciences NBIX 12/1/08 99,400 $ 233,173 5,812,447 $ 2.35 $ La Force Andrew Hudson III CFO,VP W R Grace GRA 12/3/08 50,000 $ 221,500 50,000 $ 4.43 $ ,770 Vicis ital Llc BO Deer Valley DVLY 12/1/08 179,300 $ 216,748 4,680,815 $ 1.23 $ InsiderInsights PAGE 8 DECEMBER 5, 2008

9 LARGEST INDIVIDUAL TRADES (Continued) Largest individual trades filed at the SEC in the past week as defined by various measures. Filer Name Title(s)* LARGEST OPEN-MARKET SALES, BY DOLLAR VALUE # Shrs Traded * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. Subsequent Holdings* Vol Silberman Robert S CB,CEO Strayer Education STRA 12/ 1/ ,478 $ 30,029,575 6,303 $ $ , Nicholas Peter M DIR Boston Scientific BSX 11/28/08 2,489,000 $ 15,184,473 12,764,846 $ 6.14 $ ,376 18,170 Van Beuren Hope H BO Campbell Soup CPB 12/2/08 296,700 $ 9,201,336 3,057,731 $ $ ,955 4,230 Abele John E DIR Boston Scientific BSX 11/28/08 1,274,000 $ 7,774,986 34,330,954 $ 6.18 $ ,376 18,170 Van Beuren John A BO Campbell Soup CPB 12/2/08 246,024 $ 7,629, ,930 $ $ ,955 4,230 M orian S Reed DIR Prosperity Banc PRSP 11/ 26/ ,187 $ 5,164, ,975 $ $ , Day Robert DIR M cmoran Exploration MMR 12/2/08 482,870 $ 5,082,072 66,990 $ $ ,730 West Alfred P Jr DIR,BO Sei Investments SEIC 11/26/08 299,210 $ 4,389,342 16,576,376 $ $ ,825 1,170 Kerley Gregory D VP Southwestern Energy SWN 11/26/08 100,000 $ 3,543,000 1,114,906 $ $ ,691 9,390 Hall Mark J PR Hansen Natural HA NS 12/1/08 108,000 $ 3,010, ,728 $ $ ,571 1,930 Hsieh Ming CEO,DIR,BO Cogent COGT 12/1/08 200,000 $ 2,580,390 1,860,436 $ $ ,149 1,580 Cahill Edward L DIR Masimo MASI 12/3/08 100,000 $ 2,547, ,570 $ $ , Sullivan Thomas D CB,DIR,BO Lumber Liquidators LL 11/28/08 281,675 $ 2,532,075 9,796,296 $ 9.67 $ Warmenhoven Daniel J CEO Netapp NTAP 11/28/08 179,008 $ 2,417,628 2,498,977 $ $ ,352 9,470 Spector Gerald A VCB,DIR Equity Residential EQR 11/26/08 75,000 $ 2,290, ,002 $ $ ,346 10,100 Seaver Peter O Barr Pharm BRL 12/2/08 33,750 $ 2,161,127 - $ $ ,112 2,940 Amin Mark DIR Lions Gate Entertainment CLGF 12/2/08 300,000 $ 1,927,946 1,297,754 $ 6.59 $ Eby Douglas C DIR Level 3 Comms LVLT 12/4/08 2,310,300 $ 1,878,202 - $ 0.81 $ ,337 13,410 M arcus Joel S CEO,DIR Alexandria Real Estate ARE 12/2/08 45,000 $ 1,875, ,779 $ $ ,237 1,390 Flynn James E BO,BO Par Pharmaceutical PRX 11/25/08 173,500 $ 1,811,510 1,355,787 $ $ Deephaven ital M anagement Llc BO Beasley Broadcast BBGI 12/2/08 1,726,090 $ 1,726,090 - $ 1.00 $ Shields Joseph P VP,COO New Jersey Resources NJR 11/26/08 42,062 $ 1,626,147 38,567 $ $ , Gallagher Lawrence A DIR Stanley SXE 11/28/08 50,000 $ 1,603, ,840 $ $ Campbell Barry G DIR M antech Intl MANT 12/1/08 27,833 $ 1,529,702 - $ $ , Silver R Philip DIR,BO Silgan Hold SLGN 11/26/08 34,240 $ 1,527,374 53,586 $ $ , Beam James D VP Silgan Hold SLGN 11/26/08 33,000 $ 1,435, ,546 $ $ , Stern M arc I DIR Qualcommde QCOM 12/2/08 45,000 $ 1,424, ,900 $ $ ,161 23,340 Beck David W Jr PR Cullen Frost Bankers CFR 11/26/08 26,954 $ 1,420,427 - $ $ , Harmer Peter CEO Aon AOC 11/28/08 31,052 $ 1,405,778 1,837 $ $ ,816 5,030 Bayless William C Jr CEO,PR,DIR American Campus Comm ACC 12/2/08 59,929 $ 1,237,630 43,068 $ $ Moskowitz Steven J PR,OO American Tower AMT 11/26/08 43,900 $ 1,218, ,716 $ $ ,040 5,860 Smith Richard F CB,CEO,DIR Equifax EFX 11/28/08 48,884 $ 1,202, ,000 $ $ ,953 1,420 Stuckert James W DIR Royal Gold RGLD 12/2/08 32,965 $ 1,169, ,035 $ $ , Buchi J Kevin CFO,VP Cephalon CEPH 12/3/08 15,000 $ 1,114,200 65,967 $ $ ,131 1,910 Gilmore James III O Barr Pharm BRL 11/25/08 16,875 $ 1,101,094 - $ $ ,112 2,940 Blanchard James H DIR Sys Svs TSS 12/2/08 77,226 $ 1,064, ,062 $ $ ,651 1,300 Blair Thomas L DIR Catalyst Health Solutions CHSI 12/1/08 50,000 $ 1,000,000 - $ $ Papa Joseph C CB,CEO,PR Perrigo PRGO 12/2/08 30,000 $ 991,193 70,397 $ $ ,074 1,850 Lopez George A CB,CB,DIR Icu M edicalde ICUI 11/26/08 32,300 $ 961, ,313 $ $ Baird Brent D DIR M &t Bank MTB 11/28/08 15,000 $ 950,144 19,836 $ $ ,865 1,630 Celtic House Venture Partners Fund II BO Memsic MEMS 11/26/08 623,000 $ 936,510 2,315,455 $ 1.65 $ Becker Steven R BO Inventure SNAK 12/1/08 500,000 $ 927,000 2,016,597 $ 1.85 $ Mccormick Robert A CB,DIR Trustco Bank N Y TRST 12/3/08 85,700 $ 919,377 1,304,214 $ $ Woodring A Greig CEO,PR,DIR Reinsurance Of America RGA 11/26/08 25,049 $ 918, ,841 $ $ ,318 1,110 Kayne Richard A CEO,FO Kayne Anderson M lp KYN 11/28/08 64,505 $ 855,981 90,646 $ $ Hendrickson John T VP,OO Perrigo PRGO 12/2/08 25,796 $ 851,044 5,441 $ $ ,074 1,850 Zeigler William Jr VP Wgl Hold WGL 11/26/08 22,692 $ 796,489 2,528 $ $ , Lampton M ason H DIR Synovus Finl SNV 12/1/08 97,586 $ 766,833 - $ 7.86 $ ,656 5,290 Kartsotis Kosta N CEO,DIR,BO Fossil FOSL 11/26/08 50,000 $ 750,315 8,375,539 $ $ Stallings Robert W DIR Texas ital Banctx TCBI 12/ 1/ 08 47,142 $ 713,952 21,200 $ $ InsiderInsights PAGE 9 DECEMBER 5, 2008

10 LARGEST INDIVIDUAL TRADES (Continued) Largest individual trades filed at the SEC in the past week as defined by various measures. LARGEST OPEN-MARKET PURCHASES, BY % OF SHARES OUTSTANDING Filer Name Title(s)* # Shrs Traded Subsequent Holdings* Breeden Richard C DIR,BO Zale ZLC 11/26/08 1,000,000 $ 6,292,900 9,070,839 $ 6.29 $ % Parker David Ray CB,CEO,BO Covenant portation CVTI 12/2/08 432,310 $ 650,837 3,229,277 $ 1.70 $ % Trigran Investments Inc BO Scientific Learning SCIL 12/2/08 360,000 $ 648,000 3,315,238 $ 1.80 $ % Bvf Partners L Pil BO Ligand Pharm LGND 12/2/08 1,915,300 $ 3,713,937 13,384,953 $ 1.90 $ % Lipscomb Steven CEO,DIR,BO Wpt Enterprises WPTE 12/3/08 373,000 $ 126,154 1,967,385 $ 0.39 $ % M ccullogh Robert F Jr CEO,CFO,DIRCytocore CYOE 12/1/08 652,900 $ 160, ,650 $ 0.31 $ % Vicis ital Llc BO Deer Valley DVLY 12/1/08 179,300 $ 216,748 4,680,815 $ 1.23 $ % Baupost Group Llcma BO Rhi Entertainment RHIE 11/26/08 181,400 $ 725,600 3,661,699 $ 4.00 $ % Grupo Mexico Sa De Cv Fi BO Southern Copper PCU 12/3/08 10,780,466 $ 136,096, ,120,000 $ $ , % Cueva R Andrew DIR Agilysys AGYS 11/26/08 279,743 $ 712,718 2,406,801 $ 2.71 $ % Berman Brad DIR Wpt Enterprises WPTE 12/3/08 225,000 $ 82,760 2,096,891 $ 0.37 $ % Tracinda Corp BO Delta Petroleumco DPTR 12/4/08 1,100,000 $ 5,728,580 39,608,000 $ 5.70 $ % Bfc Financial Corp BO Bankatlantic Banc BBX 12/4/08 108,498 $ 321,465 2,174,347 $ 3.14 $ % Fertitta Tilman J CEO,DIR,BO Landrys Restaurants LNY 12/5/08 144,243 $ 1,595,270 8,758,855 $ $ % Merrick Ris Llc DIR,BO M erge Healthcare MRGE 12/3/08 475,700 $ 391,918 27,561,337 $ 1.00 $ % Kanders Warren B CB,DIR,BO Clarus CLRS 11/26/08 125,000 $ 525,000 2,913,977 $ 4.20 $ % George Kaiser Family Foundation BO Unit UNT 12/3/08 336,991 $ 8,823,226 6,195,423 $ $ , % Cascade Investment Llc O Autonation Fl AN 12/2/08 1,250,000 $ 9,964,295 11,315,688 $ 8.92 $ , % Bill & M elinda Gates Foundation Trust O Autonation Fl AN 12/2/08 1,250,000 $ 9,964,295 10,242,100 $ 8.92 $ , % M iller Kevin D CFO Rcm Tech RCM T 11/26/08 76,403 $ 74, ,913 $ 0.98 $ % Trades As % of Sh Out LARGEST OPEN-MARKET SALES, BY % OF SHARES OUTSTANDING Filer Name Title(s)* # Shrs Traded * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. Subsequent Holdings* Deephaven ital M anagement Llc BO Beasley Broadcast BBGI 12/2/08 1,726,090 $ 1,726,090 - $ 1.00 $ % Harbinger ital Partners M aster Fu BO Point Blank Solutions PBSO 11/26/08 3,624,472 $ 446,487 3,912,753 $ 0.45 $ % Celtic House Venture Partners Fund II BO Memsic MEMS 11/26/08 623,000 $ 936,510 2,315,455 $ 1.65 $ % Becker Steven R BO Inventure SNAK 12/1/08 500,000 $ 927,000 2,016,597 $ 1.85 $ % Lynch G Patrick CEO,DIR,BO Northern Tech Intl NTIC 11/28/08 59,600 $ 600, ,068 $ $ % Ccm M aster Qualified Fund Ltd BO Hollywood M edia HOLL 11/25/08 500,000 $ 600,000 2,868,992 $ 1.20 $ % Sullivan Thomas D CB,DIR,BO Lumber Liquidators LL 11/28/08 281,675 $ 2,532,075 9,796,296 $ 9.67 $ % Harbinger ital Partners M aster Fu BO M edia General MEG 12/2/08 212,129 $ 352, ,686 $ 1.68 $ % Silberman Robert S CB,CEO Strayer Education STRA 12/1/08 131,478 $ 30,029,575 6,303 $ $ , % Trinad ital M aster Fund Ltd BO Forward Ind FORD 12/1/08 70,032 $ 202, ,791 $ 3.04 $ % M arxe Austin W & Greenhouse David BO World Heart WHRT 11/ 26/ ,268 $ 237,980 3,008,022 $ 2.35 $ % Day Robert DIR M cmoran Exploration MMR 12/2/08 482,870 $ 5,082,072 66,990 $ $ % Pomeroy David B CB,DIR,BO P o mero y It So lutio ns PM RY 12/3/08 65,000 $ 188,855 1,608,095 $ 2.93 $ % Delis Dean BO Statmon Tech STCA 11/5/08 123,990 $ 63,843 3,723,661 $ 0.40 $ % Flynn James E BO,BO Par Pharmaceutical PRX 11/25/08 173,500 $ 1,811,510 1,355,787 $ $ % Nance William John DIR Intergro up INTG 12/1/08 10,900 $ 106,636 37,124 $ $ % Kirby J Scott DIR Lodgenet Interactive LNET 12/4/08 87,101 $ 48,659 - $ 0.60 $ % M orian S Reed DIR Prosperity Banc PRSP 11/ 26/ ,187 $ 5,164, ,975 $ $ , % Silver Point ital Lp BO Dana Hold DAN 11/26/08 300,000 $ 239,250 4,825,598 $ 0.80 $ % Smolyansky Edward CFO,TR Lifeway Foods LWAY 11/25/08 48,309 $ 289, ,946 $ 6.00 $ % Trades As % of Sh Out InsiderInsights PAGE 10 DECEMBER 5, 2008

11 LARGEST INDIVIDUAL TRADES (Continued) Largest individual trades filed at the SEC in the past week as defined by various measures. LARGEST OPEN-MARKET PURCHASES, BY % INCREASE IN HOLDINGS Filer Name Title(s)* * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. # Shrs Traded Subsequent Holdings* M artin Douglas H DIR,BO Conns CONN 12/1/08 20,000 $ 105,000 20,315 $ 5.25 $ % Rossi Josen DIR Oriental Finl OFG 11/24/08 28,300 $ 197,316 29,800 $ 5.41 $ % Shelnitz M ark A VP,GC,SEC W R Grace GRA 12/2/08 50,000 $ 191,500 53,500 $ 3.83 $ % Foutch Randy A DIR Bill Barrett BBG 12/3/08 5,200 $ 99,268 5,604 $ $ % Mccormick Louise L DIR Heska HSKA 11/25/08 55,000 $ 13,365 60,000 $ 0.24 $ % Henson Geoffrey W VP Inhibitex INHX 12/3/08 140,000 $ 35, ,666 $ 0.25 $ % White Nick DIR Dillards DDS 11/28/08 27,000 $ 97,856 30,000 $ 3.62 $ % Carr Brian C DIR Sba Comms SBAC 11/24/08 26,127 $ 311,956 30,127 $ $ , % M oran Anne P O First Finl SVC FFKY 12/3/08 1,000 $ 11,250 1,190 $ $ % Oneill Thomas Patrick Jr VP,SO Jones Soda JSDA 12/1/08 20,000 $ 8,000 24,000 $ 0.40 $ % Amos Lynn CFO,TR,SEC Polypore Intl PPO 12/1/08 10,000 $ 42,500 12,000 $ 4.25 $ % Kempner James L DIR Intersections INTX 11/28/08 15,000 $ 39,523 18,333 $ 3.59 $ % Fox M ichael W VP,GC Jamba JM BA 11/28/08 35,000 $ 22,750 42,900 $ 0.65 $ % Eccher James DIR Old Second Banc OSBC 12/3/08 2,000 $ 26,000 2,488 $ $ % Hesse Martha O DIR Enbridge Energy M gt EEQ 12/1/08 15,000 $ 403,425 18,772 $ $ % Palmer Gerald DIR Old Second Banc OSBC 12/1/08 10,000 $ 118,700 12,666 $ $ % White P eter DIR Nbty NTY 11/28/08 7,500 $ 107,145 9,500 $ $ % Belanger Bethany Ann DIR Citizens First Banc CTZN 12/3/08 16,414 $ 32,303 21,000 $ 2.00 $ % Toth Robert B CEO,PR,DIR Polypore Intl PPO 12/2/08 35,000 $ 147,325 45,100 $ 4.25 $ % Hawkins Larry J O First Finl SVC FFKY 12/3/08 1,000 $ 11,250 1,311 $ $ % Braverman Yuval DIR Zale ZLC 11/26/08 2,000 $ 12,620 2,650 $ 6.31 $ % English Cristin Reid PR,DIR itol Banc CBC 12/1/08 10,800 $ 49,011 14,365 $ 4.55 $ % Drapeau Louis DIR Bionovo BNVI 12/1/08 30,000 $ 11,010 40,000 $ 0.38 $ % M artin Cecil E Jr DIR Crosstex Energy Lp XTEX 12/1/08 15,000 $ 86,400 20,119 $ 5.76 $ % Schafnitz M atthew F DIR Pacific M ercantile Banc PM BC 11/26/08 9,500 $ 34,105 12,875 $ 3.59 $ % M itchell Daniel J DIR Replidyne RDYN 12/3/08 42,695 $ 27,242 59,366 $ 0.66 $ % Senior Paul CTO Airspan Networks AIRN 11/24/08 10,000 $ 1,490 13,925 $ 0.15 $ % Taylor James Andrew VP M id America Apartment MAA 11/24/08 1,000 $ 29,046 1,400 $ $ , % M eagher William F Jr DIR Skillsoft Public Limited SKIL 12/1/08 2,500 $ 15,025 3,500 $ 6.01 $ % Hennessy Sean P DIR digm TDG 12/3/08 5,000 $ 163,950 7,311 $ $ , % Levine Stuart R DIR Broadridge Finl Solutions BR 12/2/08 2,368 $ 25,097 3,526 $ $ , % M cgowan W Brian VP W R Grace GRA 12/1/08 20,000 $ 76,442 30,000 $ 3.82 $ % King Robert J Jr DIR Andersons ANDE 12/3/08 2,000 $ 24,140 3,000 $ $ % Norris Paul F CFO,VP,GC Sonic Solutionsca SNIC 12/1/08 25,000 $ 29,890 37,996 $ 1.20 $ % M ccullogh Robert F Jr CEO,CFO,DIR Cytocore CYOE 12/1/08 652,900 $ 160, ,650 $ 0.31 $ % Kelly Peter DIR Plexus PLXS 12/1/08 4,000 $ 58,800 6,100 $ $ % Evans Grant CEO,DIR Actividentity ACTI 11/ 26/ 08 19,616 $ 33,550 30,572 $ 1.79 $ % Garchinsky Hugh J CFO,VP First Keystone Finl FKFS 12/3/08 1,500 $ 13,050 2,500 $ 8.70 $ % M eagher William F Jr DIR M ac-gray TUC 12/1/08 2,500 $ 18,155 4,176 $ 7.30 $ % M eduri Vijay VP Plx Tech PLXT 12/1/08 8,000 $ 17,920 13,600 $ 2.24 $ % Gillis Edwin J DIR Teradyne TER 12/1/08 25,000 $ 84,161 42,973 $ 3.37 $ % Sonsteby Charles M DIR Zale ZLC 11/26/08 5,000 $ 27,150 9,000 $ 5.43 $ % Huff James Ballard CFO Universal Security InstrumeUUU 12/4/08 9,500 $ 24,205 17,243 $ 2.55 $ % Van Leeuwen Thomas M elton DIR Kaiser Aluminum KALU 12/2/08 4,000 $ 79,345 7,284 $ $ % Hirsberg Josh CFO,VP,TR Boyd Gaming BYD 11/26/08 10,000 $ 42,456 18,480 $ 4.25 $ % Sparano Katrina Leonore A,TR Espey M fg & Electronics ESP 11/ 28/ $ 3, $ $ % Crawley Stanley Lee DIR Xeta Tech XETA 12/3/08 10,985 $ 19,673 20,985 $ 1.95 $ % Bushman James E DIR Air port Svs ATSG 12/3/08 45,000 $ 14,942 86,500 $ 0.35 $ % Rose Roger W VP Rti Biologics RTIX 12/1/08 18,000 $ 37,800 35,000 $ 2.10 $ % Quis Francis R Jr DIR Crescent Finl CRFN 12/2/ $ 2,930 1,842 $ 3.10 $ % % Chg in Holds InsiderInsights PAGE 11 DECEMBER 5, 2008

12 LARGEST INDIVIDUAL TRADES (Continued) Largest individual trades filed at the SEC in the past week as defined by various measures. LARGEST OPEN-MARKET SALES, BY % DECREASE IN HOLDINGS Filer Name Title(s)* # Shrs Traded * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. Subsequent Holdings* Sims Randall PR,DIR Home Banc HOM B 11/26/08 9,753 $ 264,591 2 $ $ % Schwerdtman M ichael H VP,CT Iacinteractivecorp IACI 12/1/08 14,000 $ 201, $ $ ,098-99% M aroney Sean P O digm TDG 12/1/08 4,500 $ 144, $ $ ,565-96% Silberman Robert S CB,CEO Strayer Education STRA 12/ 1/ ,478 $ 30,029,575 6,303 $ $ ,171-95% Harmer Peter CEO Aon AOC 11/28/08 31,052 $ 1,405,778 1,837 $ $ ,816-94% Gaudreau Daniel A CFO,VP,OO Actuate ACTU 12/2/08 70,512 $ 173,021 4,468 $ 2.37 $ % Burke James J Jr DIR Anntaylor Stores ANN 12/2/08 79,883 $ 323,366 5,587 $ 4.05 $ % Zeigler William Jr VP Wgl Hold WGL 11/26/08 22,692 $ 796,489 2,528 $ $ ,677-90% Nydick Jay S PR Istar Finl SFI 11/25/08 86,504 $ 98,545 10,000 $ 1.14 $ % Stuver Craig O CFO,VP Baker M ichael BKR 11/26/08 5,000 $ 154, $ $ % Foster Donald L VP Foster L B FSTR 12/3/08 10,000 $ 320,160 1,312 $ $ % Day Robert DIR M cmoran Exploration MMR 12/2/08 482,870 $ 5,082,072 66,990 $ $ % M ackenzie Earle A VP Shenandoah TELECOM SHEN 11/26/08 4,400 $ 105, $ $ % M uckleroy Jon M ichael DIR Txco Resources TXCO 12/2/08 19,500 $ 48,993 3,219 $ 2.73 $ % Hendrickson John T VP,OO Perrigo PRGO 12/2/08 25,796 $ 851,044 5,441 $ $ ,074-83% Smith Arthur L DIR Pioneer Southwest Energy PSE 12/2/08 10,000 $ 144,803 4,210 $ $ % Roberg Kevin L DIR Thomas & Betts TNB 12/ 1/ 08 3,215 $ 55,999 1,431 $ $ ,053-69% Stallings Robert W DIR Texas ital Banctx TCBI 12/ 1/ 08 47,142 $ 713,952 21,200 $ $ % Staszak Jeffrey CEO,PR,DIR Volterra Semiconductor VLTR 11/26/08 12,500 $ 100,000 6,597 $ 8.00 $ % Brown Judy L CFO,VP Perrigo PRGO 12/3/08 16,122 $ 527,065 10,454 $ $ ,074-61% M ills Karen G DIR Scotts M iracle-gro SM G 12/2/08 14,275 $ 418,372 10,000 $ $ ,991-59% Duffy John G CB,CEO,DIR Kbw KBW 11/26/08 24,102 $ 532,814 17,000 $ $ % Feigin Barbara S DIR V F VFC 11/26/08 4,800 $ 246,687 3,400 $ $ ,768-59% Bayless William C Jr CEO,PR,DIR American Campus Comm ACC 12/2/08 59,929 $ 1,237,630 43,068 $ $ % Selner Joseph B VP Associated Banc-corp ASBC 11/28/08 24,869 $ 531,684 19,798 $ $ ,471-56% Brown Shona L VP Google GOOG 12/1/ $ 167, $ $ ,952-53% Quis Francis R Jr DIR Crescent Finl CRFN 11/26/08 1,000 $ 3, $ 3.50 $ % Shields Joseph P VP,COO New Jersey Resources NJR 11/26/08 42,062 $ 1,626,147 38,567 $ $ ,681-52% Yamarone Charles DIR El Paso ElectricTx EE 12/1/08 3,794 $ 66,395 3,500 $ $ % Scaramelli Henry M CFO,VP,FO Datascope DSCP 12/2/08 9,700 $ 505,300 9,177 $ $ % Fielding Ronald W VP Hormel Foods De HRL 12/3/08 14,000 $ 353,122 13,448 $ $ ,503-51% Byrnes James J DIR Tompkins Finl TM P 11/28/08 12,500 $ 672,601 12,837 $ $ % M orian S Reed DIR Prosperity Banc PRSP 11/ 26/ ,187 $ 5,164, ,975 $ $ ,424-49% Hollowich M ichael VP Cogent COGT 12/1/08 10,509 $ 135,512 11,250 $ $ ,149-48% Harbinger ital Partners M aster FunBO Point Blank Solutions PBSO 11/26/08 3,624,472 $ 446,487 3,912,753 $ 0.45 $ % Napier James V DIR Mckesson MCK 11/26/ $ 27,192 1,040 $ $ ,079-43% Williams Richard H DIR Iris Intl IRIS 12/2/08 9,980 $ 113,302 13,100 $ $ % Baird Brent D DIR M &t Bank MTB 11/28/08 15,000 $ 950,144 19,836 $ $ ,865-43% Kayne Richard A CEO,FO Kayne Anderson M lp KYN 11/28/08 64,505 $ 855,981 90,646 $ $ % Denzer Carol Jeanne VP,CIO Rli RLI 11/ 26/ 08 1,100 $ 64,272 1,564 $ $ ,259-41% Rentfrow Diane D VP American States Water AWR 12/2/ $ 27,693 1,218 $ $ % Souquet Jacques DIR Sonosite SONO 12/1/08 14,927 $ 259,785 21,794 $ $ % Hall Mark J PR Hansen Natural HA NS 12/1/08 108,000 $ 3,010, ,728 $ $ ,571-39% Silver R Philip DIR,BO Silgan Hold SLGN 11/26/08 34,240 $ 1,527,374 53,586 $ $ ,724-39% M eurer William J DIR Sykes Enterprises SYKE 11/26/08 10,865 $ 191,985 17,185 $ $ % Wilcox Charles Kenneth DIR Yadkin Valley Finl YAVY 11/28/08 1,700 $ 25,500 2,735 $ $ % Lupo John S DIR Citi Trends CTRN 12/1/08 2,600 $ 31,742 4,223 $ $ % Konigsberg Paul J DIR Gramercy ital GKK 12/1/08 4,000 $ 4,280 6,500 $ 1.07 $ % Pabrai M ohnish BO Pinnacle Airlines PNCL 11/28/08 9,485 $ 31,671 18,115 $ 3.35 $ % Steber Richard C VP Gardner Denver GDI 12/1/08 10,000 $ 231,900 19,286 $ $ ,250-34% % Chg in Holds InsiderInsights PAGE 12 DECEMBER 5, 2008

13 LARGEST INDIVIDUAL TRADES (Continued) Largest individual trades filed at the SEC in the past week as defined by various measures. Filer Name Title(s)* LARGEST NEW POSITIONS, BY DOLLAR VALUE # Shrs Traded Subsequent Holdings* Festa Alfred E CB,CEO,PR W R Grace GRA 12/1/08 100,000 $ 426, ,000 $ 4.27 $ New Clements Jordan W DIR Energysolutions ES 11/26/08 52,800 $ 233,640 52,800 $ 4.43 $ New La Force Andrew Hudson III CFO,VP W R Grace GRA 12/3/08 50,000 $ 221,500 50,000 $ 4.43 $ New Novich Neil S DIR Analog Devices ADI 12/1/08 8,000 $ 131,776 8,000 $ $ ,038 New Peet Greg DIR Vital Images VTAL 11/20/08 10,000 $ 117,500 10,000 $ $ New Vaters Robert S CFO,VP Ortho fix Intl N V OFIX 12/1/08 9,100 $ 99,582 9,100 $ $ New Goachet Pascal VP,HR Federal M ogul FDM L 12/2/08 19,800 $ 99,208 19,800 $ 5.03 $ New Bohan Paul J DIR Haynes Intl HA Y N 11/ 28/ 08 5,000 $ 92,300 5,000 $ $ New Poling Gregory E VP W R Grace GRA 12/1/08 18,000 $ 72,526 18,000 $ 4.03 $ New Geisel Thomas X CEO,PR,DIR Sun Banc Nj SNBC 12/1/08 10,000 $ 69,900 10,000 $ 6.99 $ New Burrill Steven DIR Depomed DEPO 11/26/08 40,000 $ 61,444 40,000 $ 1.60 $ New Baldwin H Furlong DIR W R Grace GRA 12/1/08 15,000 $ 57,519 15,000 $ 3.83 $ New M inerich Phillip L VP Hormel Foods De HRL 12/1/08 1,885 $ 47,144 1,885 $ $ ,503 New M igausky George V CFO,VP Dyax DYAX 11/26/08 16,000 $ 39,645 16,000 $ 2.58 $ New Clayton Joseph P DIR Echostar SATS 11/ 26/ 08 2,000 $ 30,660 2,000 $ $ ,342 New Comerford Mark CEO,PR,DIR Haynes Intl HA Y N 12/1/08 1,741 $ 29,462 1,741 $ $ New Erb John L DIR Senorx SENO 11/26/08 10,000 $ 28,452 10,000 $ 3.00 $ New Loiacono John A VP Enbridge Energy Partners EEP 12/3/08 1,000 $ 26,448 1,000 $ $ ,544 New Puckett Kerry Connell VP,OO Enbridge Energy Partners EEP 12/3/08 1,000 $ 26,399 1,000 $ $ ,544 New Higgins Walter M DIR South Jersey Ind SJI 12/2/ $ 25, $ $ ,118 New % Chg in Holds Filer Name Title(s)* LARGEST CLOSED POSITIONS, BY DOLLAR VALUE # Shrs Traded * Numerous accounts of Indirect Holdings, and errors on Form 4s may result in inaccurate totals of insiders Subsequent Holdings. See last page for the Key to Title codes. Subsequent Holdings* Seaver Peter O Barr Pharm BRL 12/2/08 33,750 $ 2,161,127 - $ $ ,112 Clo sed Eby Douglas C DIR Level 3 Comms LVLT 12/ 4/ 08 2,310,300 $ 1,878,202 - $ 0.81 $ ,337 Clo sed Deephaven ital M anagement Llc BO Beasley Broadcast BBGI 12/2/08 1,726,090 $ 1,726,090 - $ 1.00 $ Clo sed Campbell Barry G DIR M antech Intl MANT 12/1/08 27,833 $ 1,529,702 - $ $ ,848 Clo sed Beck David W Jr PR Cullen Frost Bankers CFR 11/26/08 26,954 $ 1,420,427 - $ $ ,091 Clo sed Gilmore James III O Barr Pharm BRL 11/ 25/ 08 16,875 $ 1,101,094 - $ $ ,112 Clo sed Blair Thomas L DIR Catalyst Health Solutions CHSI 12/1/08 50,000 $ 1,000,000 - $ $ Clo sed Lampton M ason H DIR Synovus Finl SNV 12/1/08 97,586 $ 766,833 - $ 7.86 $ ,656 Clo sed Varsell Lynn VP Bankrate RATE 12/ 3/ 08 11,459 $ 343,770 - $ $ Clo sed Lockhart Stephen VP Emergent Biosolutions EBS 11/26/08 8,334 $ 172,428 - $ $ Clo sed Lesser Richard G DIR Dollar Tree DLTR 12/ 4/ 08 2,656 $ 108,896 - $ $ ,661 Clo sed Lazopoulos Emanuel VP,SO Fresh Del M onte Produce FDP 11/26/08 4,000 $ 94,562 - $ $ ,453 Clo sed Copeland Scott VP Bancfirst Ok BANF 11/26/08 2,000 $ 88,968 - $ $ Clo sed Keefer Joseph G VP B ryn M awr B ank BMTC 12/ 3/ 09 3,200 $ 64,064 - $ $ Clo sed Armitage Richard L DIR M antech Intl MANT 11/ 26/ 08 1,000 $ 53,500 - $ $ ,848 Clo sed Kirby J Scott DIR Lodgenet Interactive LNET 12/4/08 87,101 $ 48,659 - $ 0.60 $ Clo sed Gallagher Charlotte VP Pacific Continental PCBK 11/26/08 2,500 $ 35,625 - $ $ Clo sed Hanuka David VP Vision Sciences De VSCI 12/ 3/ 08 15,100 $ 30,220 - $ 2.01 $ Clo sed Bachmann Richard H DIR,SEC,LO Enterprise Gp Hold Lp EPE 11/ 26/ 08 1,500 $ 27,060 - $ $ ,514 Clo sed Volanakis Peter F PR,DIR,COO Corning Ny GLW 12/ 1/ 08 1,000 $ 8,640 - $ 8.64 $ ,476 Clo sed % Chg in Holds InsiderInsights PAGE 13 DECEMBER 5, 2008

14 SPECIAL SCREENS Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider sales filed at the SEC during the same month. purchase value >= $250,000. Market >= $10 mm. Trading Volume >= 10K. NON-FINANCIAL COMPANIES WITH INSIDERS ACUMULATING SHARES AND A LOW PRICE/CASH RATIO movements and earnings releases may have altered ratios. Always confirm data and undertake fundamental research before making a purchasing decision. Cash calculation is NOT net of debt or other relevant liabilities. Companies with high debt levels are highlighted in red. Shares Bought Type(s) * Insiders Title(s)* Vol / Cash-Debt Lear LEA $613, ,450 B 3 CB,CEO,CFO,DIR,VP 11/12/08 $ 1.64 $ , Vanda Pharm VNDA $464, ,000 B 1 BO 11/7/08 $0.83 $ Avigen AVGN $512, ,000 B 1 BO 11/19/08 $ 0.74 $ Trico Marine Svs TRM A $1,641, ,900 B 2 BO,DIR 11/25/08 $ 7.05 $ Adaptec ADPT $1,426, ,026 AB,B 1 BO 11/18/08 $ 2.92 $ BioCryst Pharm BCRX $501, ,803 B 5 BO,CEO,DIR,PR 11/24/08 $ 1.03 $ Cypress Semiconductor CY $3,407,885 1,102,000 B 1 CEO,DIR,PR 11/20/08 $3.09 $ , SiRF Tech Hold SIRF $4,494,860 3,274,061 B 3 BO 11/18/08 $ 1.37 $ meta TM TA $6,162, ,591 B 1 DIR 11/26/08 $ $ BlueLinx Hold BXC $463, ,000 B 3 CB,CFO,DIR,O,TR 11/3/08 $ 2.81 $ General M oly GM O $398, ,000 B 5 BD,CEO,CFO,DIR,VP 11/20/08 $ 1.13 $ Integrated Silicon ISSI $262, ,308 B 3 CB,CFO,DIR,VCB,VP 11/25/08 $1.73 $ RTI Intl M etals RTI $514,407 46,200 B 6 CEO,COO,DIR,GC,VCB 11/26/08 $ $ AltiGen Comms ATGN $275, ,072 B 2 COO,DIR,PR 11/19/08 $1.01 $ Sonic Solutions SNIC $1,102,786 1,097,540 B 3 DIR 11/25/08 $ 1.00 $ Agilysys AGYS $739, ,112 B 4 BO,CFO,DIR,TR,VP 11/26/08 $ 2.52 $ BTU Intl BTUI $399,867 92,400 B 2 BO,CB,CEO,DIR,PR 11/17/08 $ 4.33 $ Chelsea Therapeutics Intl CHTP $499, ,800 B 1 BO 11/20/08 $ 1.77 $ Enzon Pharm ENZN $334, ,000 B 4 CB,CEO,DIR,PR 11/14/08 $ 3.34 $ Loral SpaceM M S LORL $5,905, ,950 B 1 BO,DIR 11/21/08 $7.75 $ FutureFuel FTFL $691, ,050 B 1 BO 11/26/08 $ 5.76 $ ipcs IPCS $333,736 31,000 B 4 CEO,CFO,DIR,GC,VP 11/12/08 $ $ Interstate Hotels IHR $481, ,731 B 3 BO,CEO,CIO,DIR 11/25/08 $ 0.95 $ US Auto Parts Network PRTS $401, ,968 B 4 BO,CEO,DIR,IO 11/24/08 $ 1.54 $ ArQule ARQL $1,063, ,444 B 6 BO,COO,DIR,PR 11/21/08 $ 2.68 $ Health M anagement HM A $766, ,300 B 3 CAO,CB,CEO,DIR,VP 11/6/08 $ 2.23 $ , Morgans Hotel Co MHGC $2,278, ,823 B 4 CEO,CFO,DIR,FO,PR 11/21/08 $ 4.08 $ Aer Hold NV AER $408,650 99,000 B 8 CAO,CEO,CFO,DIR,LO 11/18/08 $ 4.13 $ Great Atlantic & Pacific GAP $1,052, ,000 B 3 BO,DIR 11/14/08 $6.75 $ Cano Petroleum CFW $274, ,000 B 3 BO,CEO,DIR 11/25/08 $ 0.61 $ Diodes DIOD $1,084, ,000 B 3 CEO,DIR,FO,PR,VP 11/21/08 $ 4.25 $ General Cable BGC $579,734 60,374 B 2 CEO,TO,VP 11/25/08 $ 9.60 $ , DexCom DXCM $314, ,450 B 6 CEO,CFO,DIR,LO,SO 11/21/08 $ 1.76 $ Electronic Arts ERTS $1,095,696 44,845 B,OB 4 CEO,DIR 11/4/08 $ $ ,116 7, Epicor Software EPIC $1,177, ,000 B 3 BO,CB,DIR 11/25/08 $3.37 $ Intevac IVAC $351,936 64,100 B 5 CB,CEO,DIR,FO,PR,VP 11/25/08 $ 5.49 $ Rural/Metro RURL $740, ,000 B 2 BO,CEO,DIR,PR 11/18/08 $ 1.95 $ Bitstream BITS $714, ,600 B 1 BO 11/25/08 $ 3.85 $ Ligand Pharm LGND $2,003,792 1,290,761 B 1 BO 11/25/08 $1.55 $ Rosetta Resources ROSE $830,741 93,300 B 6 CFO,DIR,GC,OO,VP 11/20/08 $ 8.90 $ Emageon EM AG $1,408, ,837 B 1 BO 11/25/08 $ 2.48 $ im ERGENT IIG $1,387, ,000 B 2 BO,DIR 11/17/08 $7.05 $ RightNow Tech RNOW $470,277 71,000 B 4 BO,CB,CEO,DIR,PR,TT 11/25/08 $ 6.62 $ Chiquita Brands Intl CQB $594,175 66,300 B 2 CB,CEO,DIR,PR 11/21/08 $ 8.96 $ KapStone Paper KPPC $3,799, ,238 B 3 BO,CB,CEO,DIR 11/24/08 $4.60 $ Lions Gate Entertainment LGF $3,676, ,654 B 1 BO 11/17/08 $ 6.51 $ / Cash * See last page for the Key to Title and action Type codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 14 DECEMBER 5, 2008

15 SPECIAL SCREENS (Continued) Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider sales filed at the SEC during the same month. purchase value >= $300,000. Market >= $10 mm. Trading Volume >= 10K. COMPANIES WITH INSIDERS ACUMULATING SHARES AND HIGH INDICATED YIELD movements and new earnings releases may have altered yields. Always confirm data and undertake fundamental research before making a purchasing decision. Abnormally high indicated yields can precede payout reductions. Shares Bought Type(s) * Insiders Title(s)* Vol DuPont Fabros Tech DFT $928, ,085 B 6 CB,CFO,DIR,GC 11/25/08 $1.76 $ % Ares ital ARCC $367,338 91,240 B 3 CFO,DIR,PR 11/20/08 $ 4.03 $ , % Hiland Hold GP LP HPGP $592,960 34,204 B 3 BO,DIR 11/20/08 $ $ % Advanta ADVNB $313, ,000 B 3 BO,CB,DIR 11/21/08 $ 2.41 $ % Targa Resources LP NGLS $ 1,012, ,810 B 6 CAO,CEO,DIR,FO,GC,PR,VP 11/20/08 $ 9.66 $ % Redwood Tr RWT $1,421, ,950 B,OE* 3 CB,CEO,CFO,COO,DIR 11/21/08 $ $ % Kayne Anderson Energy Fund KYE $ 1,113, ,000 B 1 CEO,FO 11/26/08 $ 9.77 $ % Hersha Hospitality Tr HT $369, ,871 B 5 DIR 11/21/08 $ 3.14 $ % MoneyGram Intl MGI $1,316,458 1,353,885 B 1 BO 11/26/08 $ 0.97 $ % Encore Energy Partners LP ENP $776,851 66,500 B 3 CB,DIR,VP 11/26/08 $ $ % Asbury Automotive ABG $1,150, ,000 B 4 CEO,CFO,DIR,PR,VP 11/11/08 $ 3.65 $ % Blackrock Kelso ital BKCC $561,975 70,712 B 1 FO 11/25/08 $ 7.95 $ % SL Green Realty SLG $362,400 20,000 B 1 DIR 11/20/08 $ $ ,082 5, % NGP ital Resources NGPC $ 1,044, ,015 B,A B 6 CEO,CFO,DIR 11/24/08 $ 9.33 $ % Weingarten Realty Investors WRI $ 849,014 64,514 B,OB 5 CB,CEO,DIR,PR 11/24/08 $ $ ,242 3, % Regal Entertainment RGC $3,151, ,000 B 7 CAO,DIR,VP 11/25/08 $ 9.94 $ ,408 1, % Temple-Inland TIN $641, ,868 B 4 CB,CEO,CT,DIR,OO,VP 11/20/08 $ 4.28 $ , % AMB Property AMB $1,248,954 75,000 B 2 DIR,PR 11/19/08 $ $ ,696 4, % Chemtura CEM $613, ,500 B 2 CFO,GC,SEC,TR 11/11/08 $ 1.69 $ , % Thomas Properties TPGI $ 1,635, ,100 B 3 CB,CEO,DIR,PR 11/25/08 $ 3.34 $ % Energy fer Partners LP ETP $301,158 10,200 B 1 DIR 11/20/08 $29.53 $ , % NuStar GP Hold LLC NSH $6,948, ,243 B 1 BO,DIR 11/17/08 $ $ % Host Hotels & Resorts HST $504, ,900 B 2 AO,CB,CT,DIR,VP 11/21/08 $ 5.00 $ ,930 19, % Cousins Properties CUZ $2,220, ,334 B 6 BO,CB,CEO,DIR,VCB,VP 11/24/08 $9.85 $ , % Dow Chemical DOW $ 735,015 34,000 B 3 CEO,CFO,DIR,PR,VP 11/21/08 $ $ ,136 16, % HCP HCP $374,600 20,000 OB 1 DIR 11/7/08 $ $ ,222 7, % Citigroup C $15,558,885 1,685,000 B 6 CEO,DIR,O 11/18/08 $ 9.23 $ , , % Potlatch PCH $652,198 25,500 B 5 DIR,GC,VP 11/21/08 $ $ ,054 1, % Simon Property SPG $2,393, ,000 OB 1 CB,CEO,DIR 11/19/08 $23.94 $ ,726 9, % Douglas Emmett DEI $ 448,515 50,000 B 1 DIR 11/21/08 $ 8.97 $ ,242 4, % Equity One EQY $16,883,756 1,258,817 B,AB 3 BO,CB,DIR 11/24/08 $ $ , % General Electric GE $2,033, ,000 B 3 CB,CEO,DIR,VCB 11/19/08 $15.64 $ , , % im ERGENT IIG $1,387, ,000 B 2 BO,DIR 11/17/08 $7.05 $ % Highwoods Properties HIW $494,695 25,000 B 2 DIR,VP 11/19/08 $ $ ,518 1, % NorthWestern NWE $403,900 21,300 B 2 CEO,DIR,PR 11/25/08 $ $ % Equity Residential EQR $6,261, ,000 OB 1 CB,DIR 11/3/08 $20.20 $ ,278 8, % Lincoln National LNC $1,306, ,430 B 3 DIR,GC,VP 11/21/08 $5.82 $ ,513 10, % M aiden Hold MHLD $837, ,800 B 3 COO,DIR 11/25/08 $3.22 $ % Nordstrom JWN $568,375 60,083 B 4 DIR,VP 11/25/08 $ 9.46 $ ,449 10, % JMP JM P $594, ,002 B 2 BO,CB,CEO,DIR,PR 11/26/08 $ 3.76 $ % Cincinnati Finl CINF $1,292,000 50,000 B 1 CB,DIR 10/31/08 $ $ ,748 1, % GFI GFIG $982, ,000 B 2 BO,CB,CEO,DIR 11/20/08 $ 3.17 $ , % Wo rldwide HOT $949,176 65,000 B 4 DIR,VP 11/20/08 $ $ ,086 4, % JPM organ Chase JPM $1,498,000 50,000 OE* 1 VP 11/3/08 $ $ ,166 94, % Erie Indemnity ERIE $1,615,006 49,610 B 2 BO,CEO,DIR,PR 11/26/08 $32.55 $ , % Herbalife HLF $2,094, ,785 B 7 CAO,CFO,DIR,GC,OO,SO,VP 11/20/08 $ $ ,135 1, % Ind Yield * See last page for the Key to Title and action Type codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 15 DECEMBER 5, 2008

16 SPECIAL SCREENS (Continued) Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider sales filed at the SEC during the same month. purchase value >= $100,000. Market >= $10 mm. Trading Volume >= 10K. STOCKS WITH INSIDERS ACCUMULATING, HIGH INSIDER OWNERSHIP, LOW PRICE/SALES, IMPROVING OPERATING MARGIN AND POSITIVE TRAILING P/E Confirm data and research fundamentally before making purchasing decisions. Shares Bought Type(s) * Insiders Title(s) of Insider(s)* Vol Rural/Metro RURL $ 740, ,000 B 2 BO,CEO,DIR,PR 11/18/08 $ 1.95 $ % 0.1 Cenveo CVO $ 630, ,500 B 4 CB,CEO,CFO,DIR 11/21/08 $ 2.61 $ % 0.1 Carrols Restaurant TAST $ 386, ,000 B 3 CB,CEO,DIR,GC,VP 11/25/08 $ 1.71 $ % 0.1 CECO Environmental CECE $ 191, ,698 B 3 BO,CEO,DIR 11/26/08 $ 1.88 $ % 0.1 Calumet Specialty LP CLM T $ 100,852 12,980 B 4 CFO,SO,VP 11/20/08 $ 7.77 $ % 0.1 Boyd Gaming BYD $ 667, ,305 B 4 BO,CB,DIR,VP 11/21/08 $ 3.42 $ ,650 35% 0.2 Hiland Hold GP LP HPGP $ 592,960 34,204 B 3 BO,DIR 11/20/08 $ $ % 0.2 EnerSys ENS $ 347,472 48,000 B 3 CB,CEO,CT,DIR,VP 11/14/08 $ 7.24 $ % 0.2 M & F Worldwide MFW $ 285,286 20,000 B 3 CEO,DIR,PR,VP 11/18/08 $ $ % 0.2 DXP Enterprises DXPE $ 276,729 25,300 B 2 BO,CB,CEO,CFO,DIR 11/7/08 $ $ % 0.2 Reliance Steel & Alum RS $ 154,220 9,000 B 3 DIR 11/21/08 $ $ ,511 1,600 14% 0.2 Olympic Steel ZEUS $ 116,700 6,885 B 2 DIR,TR 11/17/08 $ $ % 0.2 Atlas America ATLS $ 6,658, ,213 B 1 BO 11/24/08 $ $ % 0.3 Enbridge Energy LP EEP $ 224,610 9,000 B 2 DIR,M D,PR 11/21/08 $ $ , % 0.3 Royal Caribbean Cruises RCL $ 158,722 25,000 B 1 CEO,PR 11/21/08 $ 6.35 $ ,012 5,570 20% 0.3 Express-1 Expedited XPO $ 144, ,310 B 2 BO,CEO,DIR 11/20/08 $ 1.02 $ % 0.3 ION Geophysical IO $ 539, ,000 B 5 CEO,CFO,DIR,PR,VP 11/21/08 $ 3.17 $ ,660 11% 0.4 M ueller Water Products MWA $ 223,985 47,275 B 4 CCO,DIR,GC,PR,VP 11/21/08 $ 4.74 $ % 0.4 Regal Entertainment RGC $ 3,151, ,000 B 7 CAO,DIR,VP 11/25/08 $ 9.94 $ ,408 1,500 57% 0.5 BTU Intl BTUI $ 399,867 92,400 B 2 BO,CB,CEO,DIR,PR 11/17/08 $ 4.33 $ % 0.5 Evolving Sys EVOL $ 107, ,900 B 2 BO,CEO,DIR,PR 11/21/08 $ 0.99 $ % 0.5 Hawk HWK $ 103,000 8,000 B 2 BO,CB,CEO,CFO,DIR 11/25/08 $ $ % 0.5 Werner Enterprises WERN $ 5,375, ,000 OB 1 BO,CB,DIR 11/19/08 $ 9.77 $ ,234 1,350 38% 0.6 RAM Energy Resources RAM E $ 1,087,823 1,152,918 B 4 BO,CB,CEO,DIR,PR 11/25/08 $ 0.94 $ % 0.6 Dover M otorsports DVD $ 361, ,000 B 1 BO 11/5/08 $ 1.90 $ % 0.6 Colfax CFX $ 389,011 53,500 B 7 CEO,CFO,DIR,GC,HR 11/13/08 $ 7.27 $ % 0.7 FutureFuel FTFL $ 691, ,050 B 1 BO 11/26/08 $ 5.76 $ % 0.8 M arkwest Energy LP MWE $ 158,144 13,600 B 2 DIR 11/20/08 $ $ % 0.8 RPC RES $ 439,190 56,250 B 1 DIR 11/19/08 $ 7.81 $ % 1.0 MTS Sys MTSC $ 178,203 8,110 B 1 CB,CEO,DIR,PR 11/25/08 $ $ % 1.0 Virtual Radiologic VRAD $ 110,431 15,295 B 1 BO,CB,CEO,DIR 11/21/08 $ 7.22 $ % 1.1 The Gorman-Rupp GRC $ 204,300 10,000 B 1 BO,CB,DIR 11/21/08 $ $ % 1.4 Rackspace Hosting RAX $19,143,824 3,078,304 B 2 BO,DIR 11/26/08 $ 6.22 $ % 1.6 Under Armour UA $ 216,800 10,000 B 1 DIR 11/12/08 $ $ , % 1.6 M onotype Imaging TYPE $ 168,888 35,000 B 3 A,BD,CFO,DIR,VP 11/26/08 $ 4.83 $ % 1.7 Micrel M CRL $ 880, ,731 B 5 BO,CEO,DIR,F,PR 11/25/08 $ 6.58 $ % 1.9 Encore Energy LP ENP $ 776,851 66,500 B 3 CB,DIR,VP 11/26/08 $ $ % 2.4 % Insider Owned / Sales * See last page for the Key to Relation To codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 16 DECEMBER 5, 2008

17 SPECIAL SCREENS (Continued) Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider sales filed at the SEC during the same month. purchase value >= $200,000. Market <= $1250mm.. MICROCAP STOCKS WITH INSIDERS ACUMULATING SHARES Sorted primarily by Insiders, and secondarily by total purchase value. Always Confirm data and research fundamentally before making purchasing decisions. Shares Bought Type(s) * Insiders Title(s)* Vol Casual M ale Retail CM RG $ 296, ,100 B 7 BO,CEO,DIR,GC,HR,IO,PR,VP 11/25/08 $ 0.57 $ M easurement Specialties MEAS $ 729,253 90,364 B 6 CEO,CFO,DIR,VP 11/24/08 $ 8.07 $ M ortons Restaurant MRT $ 635, ,600 B 6 BO,DIR,GC,O,SEC,VP 11/25/08 $ 2.13 $ Chyron CHYR $ 350, ,607 B 6 BO,CEO,DIR,PR 11/14/08 $ 1.75 $ DexCom DXCM $ 314, ,450 B 6 CEO,CFO,DIR,LO,OO,SO,VP 11/21/08 $ 1.76 $ BioCryst Pharm BCRX $ 501, ,803 B 5 BO,CEO,DIR,PR 11/24/08 $ 1.03 $ General M oly GM O $ 398, ,000 B 5 BD,CEO,CFO,CT,DIR,TR,VP 11/20/08 $ 1.13 $ Intevac IVAC $ 351,936 64,100 B 5 CB,CEO,DIR,FO,PR,VP 11/25/08 $ 5.49 $ Travelzoo TZOO $ 5,037,018 1,046,583 B 4 BO,CEO,DIR 11/25/08 $ 4.81 $ Morgans Hotel Co MHGC $ 2,278, ,823 B 4 CEO,CFO,DIR,FO,PR,SEC 11/21/08 $ 4.08 $ RAM Energy Resources RAM E $ 1,087,823 1,152,918 B 4 BO,CB,CEO,DIR,PR 11/25/08 $ 0.94 $ Agilysys AGYS $ 739, ,112 B 4 BO,CFO,DIR,TR,VP 11/26/08 $ 2.52 $ US Auto Parts Network PRTS $ 401, ,968 B 4 BO,CEO,DIR,IO 11/24/08 $ 1.54 $ Perficient PRFT $ 388, ,500 B 4 CEO,CFO,COO,CT,DIR,PR 11/21/08 $ 2.55 $ EDAC Tech EDAC $ 334, ,000 B 4 CEO,COO,DIR 11/24/08 $ 2.26 $ COM SYS IT Partners CITP $ 242, ,725 B 4 CEO,COO,DIR,VP 11/25/08 $ 2.04 $ Endeavour Intl END $ 220, ,548 B 4 CB,CEO,CFO,DIR,PR,VP 11/24/08 $ 0.52 $ SiRF Tech Hold SIRF $4,494,860 3,274,061 B 3 BO 11/18/08 $ 1.37 $ Sonic Solutions SNIC $ 1,102,786 1,097,540 B 3 DIR 11/25/08 $ 1.00 $ Lantronix LTRX $ 1,044,997 1,832,808 B 3 BO,DIR 11/25/08 $ 0.57 $ Hiland Hold GP LP HPGP $ 592,960 34,204 B 3 BO,DIR 11/20/08 $ $ Interstate Hotels & Resorts IHR $ 481, ,731 B 3 BO,CEO,CIO,DIR 11/25/08 $ 0.95 $ BlueLinx Hold BXC $ 463, ,000 B 3 CB,CFO,DIR,O,TR 11/3/08 $ 2.81 $ Carrols Restaurant TAST $ 386, ,000 B 3 CB,CEO,DIR,GC,SEC,VP 11/25/08 $ 1.71 $ Cost Plus CPWM $ 327, ,126 B 3 BO,CEO,DIR,PR 11/26/08 $ 0.99 $ Cano Petroleum CFW $ 274, ,000 B 3 BO,CEO,DIR 11/25/08 $ 0.61 $ Integrated Silicon Solution ISSI $ 262, ,308 B 3 CB,CFO,DIR,VCB,VP 11/25/08 $ 1.73 $ Pacific Sunwear PSUN $ 259, ,000 B 3 CEO,DIR 11/25/08 $ 1.13 $ , Spectranetics SPNC $ 235,456 92,830 OB,B 3 CEO,DIR,PR,SO,VP 11/26/08 $ 2.54 $ Trico Marine Svs TRM A $ 1,641, ,900 B 2 BO,DIR 11/25/08 $ 7.05 $ im ERGENT IIG $ 1,387, ,000 B 2 BO,DIR 11/17/08 $ 7.05 $ Rural/Metro RURL $ 740, ,000 B 2 BO,CEO,DIR,PR 11/18/08 $ 1.95 $ Entrust ENTU $ 536, ,221 B 2 BO,DIR 11/6/08 $ 1.47 $ WPT Enterprises WPTE $ 478,245 1,619,800 B 2 DIR,PR 11/26/08 $ 0.30 $ View Sys VSYM $ 400,000 10,000,000 B 2 BO,DIR,SEC 10/15/08 $ 0.04 $ BTU Intl BTUI $ 399,867 92,400 B 2 BO,CB,CEO,DIR,PR 11/17/08 $ 4.33 $ World Entertainment TWM C $ 353, ,294 B 2 BO 11/4/08 $ 2.19 $ AltiGen Comms ATGN $ 275, ,072 B 2 COO,DIR,PR 11/19/08 $ 1.01 $ Cumulus M edia CM LS $ 243, ,307 B 2 BO,DIR,TT 11/25/08 $ 0.68 $ Nautilus NLS $ 3,029,183 1,414,238 B 1 BO,CEO 11/25/08 $ 2.14 $ Emageon EM AG $ 1,408, ,837 B 1 BO 11/25/08 $ 2.48 $ MoneyGram Intl MGI $ 1,316,458 1,353,885 B 1 BO 11/26/08 $ 0.97 $ Bitstream BITS $ 714, ,600 B 1 BO 11/25/08 $ 3.85 $ Avigen AVGN $ 512, ,000 B 1 BO 11/19/08 $ 0.74 $ Chelsea Therapeutics CHTP $ 499, ,800 B 1 BO 11/20/08 $ 1.77 $ Vanda Pharm VNDA $ 464, ,000 B 1 BO 11/7/08 $ 0.83 $ * See last page for the Key to Title and action Type codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 17 DECEMBER 5, 2008

18 SPECIAL SCREENS (Continued) Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider sales filed at the SEC during the same month. purchase value >= $170,000. Market <= $10mm. Trading Volume >= 10K.. COMPANIES WITH THE LARGEST OPTIONS-RELATED ACCUMULATION Always confirm data and undertake fundamental research before making a purchasing decision. Shares Bought Type(s) * Insiders Title(s)* Vol Unit UNT $7,750, ,000 OB 1 BO 11/24/08 $ $ ,355 1,250 Equity Residential EQR $6,261, ,000 OB 1 CB,DIR 11/3/08 $ $ ,278 8,700 Werner Enterprises WERN $5,375, ,000 OB 1 BO,CB,DIR 11/19/08 $ 9.77 $ ,234 1,350 St Jude Medical STJ $3,942, ,000 OB 1 CB,CEO,DIR,PR 11/20/08 $ $ ,647 4,720 Questcor Pharm QCOR $3,121, ,322 OB 1 CEO,PR 11/7/08 $ 4.57 $ ,170 Pactiv PTV $ 2,829, ,374 OB 1 CFO,VP,X 11/3/08 $ $ ,284 2,730 Simon Property SPG $2,393, ,000 OB 1 CB,CEO,DIR 11/19/08 $ $ ,726 9,560 Pool POOL $1,770, ,313 OE*,OB 2 CB,DIR,VP 11/25/08 $ 6.60 $ JPM organ Chase JPM $1,498,000 50,000 OE* 1 VP 11/3/08 $ $ ,166 94,800 T Rowe TROW $1,436,025 93,400 OE* 1 VP 11/24/08 $ $ ,840 4,840 Redwood Tr RWT $ 1,318,091 99,950 OE* 2 CB,CEO,COO,DIR 11/14/08 $ $ Johnson & Johnson JNJ $1,204,800 30,000 OE* 1 CB,CEO,DIR 11/11/08 $ $ ,534 21,740 Commercial Metals CM C $1,053, ,400 OE* 2 CFO,PR,VP 11/25/08 $ 5.16 $ ,363 3,200 eresearch Tech ERES $832, ,250 OB 2 CB,DIR,VP 11/14/08 $ 1.05 $ Eaton ETN $718,609 23,377 OB 3 CB,CEO,CT,DIR,PR,VP 11/24/08 $ $ ,642 2,700 First Banc FBNC $535,248 32,460 OB 1 VP 11/11/08 $ $ Penn Commerce Banc COBH $460,102 42,880 OE* 3 CB,CEO,CFO,DIR,O,PR 11/20/08 $ $ Intuit INTU $438,750 45,000 OE* 1 DIR 11/20/08 $ 9.75 $ ,147 4,940 Prudential Finl PRU $ 397,470 13,249 OB 2 DIR 11/3/08 $ $ ,201 12,510 Hain Celestial HA IN $396,563 22,500 OB 3 DIR 11/13/08 $ $ HCP HCP $374,600 20,000 OB 1 DIR 11/7/08 $ $ ,222 7,620 The Chubb CB $324,560 8,810 OE* 1 VP 11/3/08 $ $ ,269 5,260 Bemis BMS $ 312,773 12,123 OB 4 CB,DIR,VP 11/24/08 $ $ ,693 1,180 Life Sciences Research LSR $300, ,000 OB 1 BO,CB,CEO,DIR 11/14/08 $ 1.50 $ M&T Bank MTB $296,010 5,980 OB 1 VP 11/14/08 $ $ ,086 1,620 TETRA Tech TTI $295,002 90,000 OB 1 DIR 11/10/08 $ 3.28 $ ,090 General Dynamics GD $248,902 5,450 OB 1 DIR,VCB 11/13/08 $ $ ,144 4,030 Questar STR $ 227,516 28,896 OE* 1 O 11/10/08 $ 7.87 $ ,583 2,370 Sigma-Aldrich SIAL $ 198,875 14,800 OE* 1 CEO,PR 11/25/08 $ $ ,404 2,120 Western Alliance Banc WAL $198,000 40,000 OB 1 VP 11/13/08 $ 4.95 $ Steel Dynamics STLD $ 165,210 33,924 OB 4 CFO,DIR,VP 11/20/08 $ 4.87 $ ,501 7,200 El Paso Electric EE $162,500 20,000 OE* 1 VP 11/13/08 $ 8.13 $ Drew Ind DW $157,500 20,000 OB 2 DIR 11/17/08 $ 7.88 $ Sonic SONC $157,044 41,219 OB 1 PR 11/11/08 $ 3.81 $ Polaris Ind PII $142,032 9,000 OB 2 HR,VP 11/13/08 $ $ Frontier Oil FTO $139,875 30,000 OB 2 DIR 11/7/08 $ 4.66 $ ,241 3,330 Sohucom SOHU $135,475 6,875 OB 1 CFO 11/13/08 $ $ ,870 1,500 Spectranetics SPNC $130,000 50,000 OB 1 CEO,DIR,PR 11/26/08 $ 2.60 $ Sally Beauty Hold SBH $122,258 61,129 OB 1 DIR 11/24/08 $ 2.00 $ ,260 FX Energy FXEN $122,000 50,000 OE* 1 VP 11/7/08 $ 2.44 $ IXYS IXYS $112,625 53,000 OB 1 OO,PR 11/6/08 $ 2.13 $ Navistar Intl NAV $103,500 4,000 OE* 1 GC,VP 10/30/08 $ $ ,555 1,260 KLA-Tencor KLAC $102,585 5,832 OB 1 CB,DIR 11/12/08 $ $ ,176 5,200 * See last page for the Key to Title and action Type codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 18 DECEMBER 5, 2008

19 SPECIAL SCREENS (Continued) Based On Form 4s Filed With the SEC During the Month Ended November 30, Screens are edited to remove companies that also had insider purchases filed at the SEC during the same month. sale value >= $50,000. Market >= $10 mm. Trading Volume >= 10K. STOCKS WITH INSIDERS ACCUMULATING AND PRICE MOMENTUM Confirm data and research fundamentally before making purchasing decisions. Shares Bought Type(s) * Insiders Title(s) of Insider(s)* Positive Returns for 26, 13, and 4-Week Periods meta Corp TM TA $6,162, ,591 B 1 DIR 11/26/08 $ $ % 20% 10% Questcor Pharm QCOR $3,121, ,322 OB 1 CEO,PR 11/7/08 $ 4.57 $ % 57% 11% Emageon EM AG $1,408, ,837 B 1 BO 11/25/08 $ 2.48 $ % 5% 4% First BanCorp FBP $398,374 40,150 B 1 DIR 11/5/08 $ 9.92 $ ,012 9% 16% 7% Berkshire Hills Banc BHLB $247,451 10,005 B 3 DIR 11/20/08 $ $ % 9% 11% Valeant Pharm VRX $74,800 4,100 B 1 CFO,VP 11/14/08 $ $ ,588 19% 6% 4% Piedmont Nat Gas PNY $74,471 2,325 B 1 DIR 11/6/08 $ $ ,462 24% 17% 2% 26 Wk Return 13 Wk Return 4 Wk Return COMPANIES WITH INSIDERS SELLING, NEGATIVE FREE CASH FLOW (FCF), A CONTRACTING OPERATING MARGIN, AND STOCK AT LEAST 20% OFF HIGHS Earnings releases may alter ratios. Confirm data and research fundamentally before purchasing. Margin contraction based on company s latest quarterly margin being less than the trailing 12-month average. Seasonal businesses may produce skewed results. Op Op Sale Shares Sale Vol Margin Margin / Sold Types * Insiders Title(s)* TTM Last Q FCF NuVasive NUVA $ 861,519 22,500 OS 2 CFO,COO,PR,VP 11/20/08 $ $ ,245 1,160-15% -34% Illumina ILM N $755,889 30,000 AS,OS 2 CEO,DIR,PR 11/13/08 $25.20 $ ,724 3,000 2% 1% Alaska Comms ALSK $ 376,844 40,000 OS 1 VP 11/3/08 $ 9.42 $ % 12% -5.8 Beacon Power BCON $ 296, ,778 S 1 BO,TT 11/25/08 $ 0.62 $ % % -2.3 COMPANIES WITH INSIDERS DISPOSING SHARES, SHORT INTEREST HIGH AS A % OF FLOAT, INCREASED SHORT INTEREST OVER 1 & 3 MTHS, AND STOCK AT LEAST 20% OFF HIGHS Always confirm data and undertake fundamental research before making a purchasing decision. # Shares Traded Types * Insiders Title(s)* To Current 10 Day Vol SI 1 Mth % Chge Green M ountain Coffee GM CR $ 9,386, ,000 S 1 B O,CB,DIR 11/19/08 $ $ % 52% Concur Tech CNQR $742,573 30,550 S 1 COO,DIR,PR 11/24/08 $24.31 $ ,340 1,210 27% 20% NuVasive NUVA $ 861,519 22,500 OS 2 CFO,COO,P R,VP 11/20/08 $ $ ,245 1,160 8% 17 % ICU M edical ICUI $631,358 22,414 S,OS 1 CB,DIR 11/25/08 $28.17 $ % 15 % Fastenal FAST $ 3,719, ,000 S 1 DIR 11/24/08 $ $ ,720 2,350 25% 14 % Intrepid Potash IPI $5,585, ,000 S 1 DIR 11/26/08 $18.02 $ ,437 1,310 26% 14 % Alliance Data Sys ADS $1,795,980 37,000 S 1 COO,PR 11/11/08 $48.54 $ ,795 2,320 13% 12 % Alexandria RE Equities ARE $2,606,445 63,000 S 2 CEO,CFO,DIR 11/25/08 $41.37 $ ,427 1,240 3% 11% Robert Half Intl RHI $ 2,451, ,000 S 1 DIR 11/7/08 $ $ ,240 2,380 24% 11% Amazoncom AMZN $ 1,650,809 41,116 A S 5 VP 11/17/08 $ $ ,311 12,840 20% 11% FTI Consulting FCN $306,540 6,550 S 1 DIR 11/25/08 $46.80 $ ,787 1,630 11% 10 % Neutral Tandem TNDM $ 1,053,799 74,800 S,OS 2 COO,DIR 11/26/08 $ $ % 10 % Hittite M icrowave HITT $ 10,781, ,884 A S,S 2 B O 11/28/08 $ $ % 8% K12 LRN $ 275,000 15,000 OS 1 O 11/24/08 $ $ % 6% SI As % Float * See last page for the Key to Title and action Type codes. These Data tables were generated using our Specials Screens tool, available to Data Subscribers at: InsiderInsights PAGE 19 DECEMBER 5, 2008

20 KEY FOR TITLE CODES: A=Assistant, AI=Affiliated Investor, AO=Accounting Officer, BD=Business Development, BO=Beneficial Owner, CAO=Chief Accounting Officer, CB=Chairman, CCO=Chief Compliance Officer, CEO=Chief Executive Officer, CFO=Chief Financial Officer, CIO=Chief Information Officer, CO=Compliance Officer, COO=Chief Operating Officer, CT=Controller, CTO=Chief Technology Officer, DIR=Director, F=Founder, FO=Financial Officer, GC=General Counsel, HR=Human Resources, IO=Information Officer, IR=Investor Relations, LO=Legal Officer, MD=Managing Director, O=Officer, OO=Operating Officer, PR=President, PT=Partner, REL=Relative of insider, SEC=Secretary, SH=Shareholder, SO=Sales Officer, TO=Technology Officer, TR=Treasurer, TT=Trustee, VCB=Vice Chairman, VP=Vice President, X=Ex Officer or other title displayed. KEY FOR TRANSACTION TYPE CODES: B = Open-Market Insider Buy. S = Open-Market Insider Sale. OE = Option Exercise that was completely sold. OS = Complete Sale of Exercised Options. OB = Option Exercise that was not sold at all. OE* = Option Exercise that was only partially sold. OS* = Partial Sale of Exercised Options. JB = Non Open-Market Acquisition (action is often unrelated to market price on the day). JS = Non Open-Market Disposition (action often unrelated to market price on the day). JB* = Non Open-Market Acquisition done at a action no less than 10% below the lowest transaction price on the day. JS* = Non Open-Market Disposition done at a action no less than 10% below the lowest transaction price on the day. AB = Automatic Buy through the insider's 10b5-1 program. AS = Automatic Sale through the insider's 10b5-1 program DISCLAIMER: At the time of publication, Mr. Moreland and his firm, Insider Asset Management, LLC may hold a position in a security that he discusses in TheStreet.com InsiderInsights (the Product ). HOWEVER, MR. MORELAND MAY NOT ENTER ORDERS TO PURCHASE OR SELL SECURITIES DISCUSSED IN THE PRODUCT UNTIL TWENTY FOUR (24) HOURS FOLLOWING THE PUBLICATION OF THE PRODUCT. IF YOU ENTER ORDERS TO BUY OR SELL SECURITIES TWENTY FOUR (24) HOURS FOLLOWING THE PUBLICATION OF THE PRODUCT, IT IS POSSIBLE THAT MR. MORELAND OR INSIDER ASSET MANAGEMENT, LLC MAY HAVE PURCHASED OR SOLD THE SECURITY AT A PRICE MORE ADVANTAGEOUS THAN THE PRICE YOU WILL OBTAIN. Mr. Moreland is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, however his firm, Insider Asset Management, LLC is registered with the state securities regulatory authority in the State of New York. The Product contains Mr. Moreland s own opinions and is provided for informational purposes only. You should not rely solely upon the Product for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained herein constitutes, or is intended to constitute a recommendation by Jonathan Moreland or TheStreet.com, Inc. of any particular security or trading strategy or a determination by Jonathan Moreland or TheStreet.com, Inc. that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. The Product includes a list of stocks chosen by Mr. Moreland in accordance with his stated investment strategy. Your actual results may differ from results reported for the list for many reasons, including, without limitation: (i) performance results for the list do not reflect actual trading commissions that you may incur; (ii) performance results for the list do not account for the impact, if any, of certain market factors, such as lack of liquidity, that may affect your results; (iii) the price of stocks chosen for the list may change in a short period of time, and although the purchase or sale of a stock on the list will not be affected on the list until confirmation that the alert has been sent to all subscribers, delivery delays and other factors may cause the price you obtain to differ substantially from the price at the time the alert was sent; and (iv) the prices of stocks on the list at the point in time you begin subscribing to the Product may be higher than such prices at the time such stocks were chosen for inclusion on the list. Past results are not necessarily indicative of future performance. InsiderInsights PAGE 20 DECEMBER 5, 2008