z Siddhh Rjv, B.Tch, MBA Anly Rndll Hu, BBA Rch Aci Invmn Anlyi f Inllign Inv Mch 3, 2010 Tin Tding Anlyic Inc. (TSXV: TTA) Iniiing Cvg; Tniining fm ch nd dvlpmn cmmcilizin Induy: Applicin Sfw (Cpil Mk) www.inding.cm Mk D ( f Mch 1, 2010) Cun Pic C$0.17 Fi Vlu N/A Ring* N/A Rik* 5 (Highly Spc) 52 Wk Rng C$0.15 - C$0.39 Sh O/S 58.32 mm Mk Cp C$9.91 mm Cun Yild N/A P/E (fwd) N/A P/B N/A YY Run -45.2% YY TSXV 77.7% * bck f p f ing nd ik dfiniin 800,000 600,000 400,000 200,000 0 27-Fb-09 28-Jun-09 27-Oc-09 25-Fb-10 $0.80 $0.60 $0.40 $0.20 $0.00 Invmn Highligh Tin' flghip pduc, TickAnly, h h cpbiliy um h ni pc f ding, fm iniil mdling nd ing, xcuin nd p-d nlyic. TickAnly h h biliy xcu 1,000+ d cnd, nd d c mulipl mk nd cl fm cumizbl plfm. Tin h dvlpd v dzn ppiy mdl, d v h p 20 y. Accding Tin, i ppiy mdl hv bn xmly ffciv in h p, wih high pbbiliy f ucc f ch d. Th cmpny ld h fi vin f TickAnly in 2008. 2009 w h b y f h cmpny chivd vl miln - ) ld h cnd vin f TickAnly (TAX2), b) ignd i fi cmmcil clin in Nvmb 2009, nd c) hid py plcd US$5 millin in n ccun b mngd by Tin pduc. W bliv h nx 12 mnh impn h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. Alhugh w hv clculd ng f pnil fi vlu n pg 21-22 f hi p, w bliv i i ly ign fi vlu nd ing hi im. Rik Th Aumd Tding Sym (ATS) mk i highly cmpiiv. Th cmpny h y gning vnu. Th cmpny will b dvly ffcd if i i n bl cp wih chng in chnlgy. I i likly h cmpny will hv puu quiy finncing ging fwd unil i un ch flw piiv. Finncil Summy (YE Oc 31) (C$) 2008 2009 (9 m) Rvnu - - N Incm (3,075,985) (2,619,650) EPS (bic) (0.07) (0.05) Ch, Ch Equiv. nd ST Inv. 424,954 138,097 A 1,528,919 761,670 LT Db Cpil - - Tin Tding Anlyic Inc. h dvlpd n lcnic ding plfm llwing u d in diffn mk nd mulipl cl. Th flghip pduc, TickAnly, h h biliy um h ni pc f ding, fm iniil mdling nd ing, high-pfmnc xcuin nd p-d nlyic. Th cmpny ignd i fi cmmcil clin in Nvmb 2009. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 2 Cmpny Ovviw Tin Tding Anlyic Inc., hdqud in Edmnn (Alb, Cnd), dvlp invmn nlyi, invmn mngmn, nd umd ding luin. Tin' flghip pduc, TickAnly, h h cpbiliy um h ni pc f ding, fm iniil mdling nd ing, xcuin nd p-d nlyic. Aumd Tding Sym (ATS) hv ignificn bnfi v humn d, cmpu c m pidly mpy mipicing hn humn. Aumd ding ym cn n nly d 10,000-100,000 im f hn humn d, bu l k min u f ding ( cmmn mik md by humn d), nd ignificnly lw h pbbiliy f. A ul, cpil mk hv n ug in h gwh f umd ding, pcilly v h p dcd. Alhugh h ATS mk i highly cmpiiv, Tin diffni ilf fm i cmpi hugh i ppiy mdl, nd i biliy ff n nd--nd luin um h ni ding pc. Th cmpny bliv h i ppiy mdl, cmbind wih h biliy f i Cmplx Evn Pcing (CEP) chnlgy nlyz d (l-im nd hiic d) igh dwn h ick lvl, llw i pduc idnify nd xpli mk nd lng bf hy iv n h cn f h m. Th cmpny bgn dvlping i umd ding ym in 2003. In 2008, h cmpny ld h fi vin f TickAnly. Th y 2009 w h b y f h cmpny chivd vl miln ) ld h cnd vin f TickAnly (TAX2), b) ignd i fi cmmcil clin, G-2 Tding LLC f Nw Yk (G-2 Tding, fmly Ryl Bnk f Cnd Pfinl Td Gup; h 130 ppiy d), nd c) hid py plcd US$5 milin in n ccun b mngd by Tin pduc. Th l w vn, w bliv, hug v f cnfidnc f h ffcivn f Tin' pduc. W bliv h nx 12 mnh pmi impn h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. W bliv h cmpny will b gd cquiiin g if i i bl pv h cmmcil vibiliy f i ppiy mdl, nd h TickAnly plfm. Aumd Tding Aumd ding (l knwn lgihmic ding blck-bx ding) f h u f cmpu pgm f xcuing ding d ypiclly wihu humn invnin. In umd ding, cmpu pgm dcid n h viu pc f n d uch h iming, pic, quniy. Aumd ding i pimily ud by iniuinl d f pliing up d, in d xcu hi d b pic. Thy l ud f pculin, cmpu c m pidly mpy mipicing hn humn, nd hv h cpbiliy mni h pic f hund f ck/cmmdii/cunci ding n mulipl mk. Th ky dvng f umd ding illud by h fllwing ch. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 3 Suc: Tin Tding Anlyic A hwn in h ch, fully umd cmpu cn d 10,000-100,000 im f, nd mni 100-1,000 im m ymbl hn humn d. Th pw f umd ding ignificnly duc h nd f humn d. Aumd ding i pimily bd n chnicl nlyi - n invmn philphy, widly ud by dy d nd mk mk, bd lly n pn/nd n in hiic pic/vlum, whil igning h fundmnl f cmpny. Th fllwing bl highligh h min dvng nd didvng f umd ding: Advng Didvng Cn d 10,000-100,000 im f hn humn d Idnify nd c ppunii quick H h cpbiliy ck hund f ck/cmmdii/cunci ding n mulipl mk Tk min u f ding Lw pbbiliy f Inc ding diciplin Significnly duc h nd f humn d Lg l cn ccu vy quickly if h ym i n pply pgmmd d I i n pibl incp ll h ul (idnifid pn nd) in cd ll h im A umd ding i pimily bd n chnicl nlyi, uddn chng fm hiic pn/nd culd ul in hug l Lik h ding chniqu, un n gund Rpid gwh in umd ding: Th induy h xpincd pid gwh in h 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 4 u f umd ding by finncil iniuin. Accding h TABB gup ( ch nd gic dviy fim), umd ding ccun f v 25% f ll h dd h by buy id fim. In ddiin, high-fquncy ding (buy/ll h bd n nd idnifid in millicnd) ccund f m hn 70% f h U.S. quiy ding vlum in 2009. Uing DJIA (Dw Jn Induil Avg) mnhly vlum d n illuin ( blw), h fllwing ch hw mj nfmin in mk civiy lvl, pcilly v h p dcd. W bliv h chnlgicl dvncmn in lgihm ding w f h ky cnibu hi mndu gwh. DJIA Indx nd Vlum 20,000 10.00 Indx Vlu 16,000 12,000 8,000 4,000 8.00 6.00 4.00 2.00 Numb f Sh (bilin) - 1990 1993 1996 1999 2002 2005 2008 - DJIA Indx Vlum Suc: Yh Finnc Aumd Tding Sym (ATS) An incing numb f finncil iniuin ih ing dp, ying impv hi cun umd ding ym bcu f - ) h ignificn dvng ffd by umd ding, nd b) fim h d n cunly u umd ding n quippd cmp wih h h dply umd ding. Hwv, implmning umd ding qui cc cuing dg chnlgy, incd I.T. ff, infucu, nd cpil invmn. Innlly funding nd building n ATS fm cch culd c fim US$15 - US$50 millin. F xmpl, h Lndn Sck Exchng pn bu 40 millin (US$65 millin) dvlp ding plfm. Such high cpil invmn i phibiiv m fim, nd y, m hdg fund, nd mngmn fim, d n wn cmpmi n hi gwh by n dping umd ding. Thi ppuniy ld h mgnc f ATS vnd wh licn hi umd ding luin finncil iniuin. A h vnd hndl ll h ch nd dvlpmn, 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 5 nd IT infucu, finncil iniuin d n hv build hi ATS fm cch, minin lg IT dpmn, nd, m impnly, cn f up hi uc fcu n hi c buin gl. Highly cmpiiv ATS mk nd cnlidin in h induy: A ul f h ignificn inc in dmnd f umd ding ym, h ATS induy xpincd pid gwh in h p dcd. Th mk, which i highly cmpiiv, i filld wih cmpni ffing viu yp f luin ld umd ding. M f h cmpni in hi pc livly mll, pivly hld cmpni. Exmpl f m public cmpni includ, Invmn Tchnlgy Gup (NYSE: ITG), Nn (STO: NEO), nd Oc Sfw (STO: ORC). Th induy h n numb f cquiiin by mj finncil iniuin v h p dcd. Th fllwing bl hw li f m f h mj cquiiin inc 2000. Th cquiiin ngd bwn US$25 millin nd US$680 millin. Y Fim Acquid Acqui Pic (US$, mm) 2000 CybCp Schwb $488 2001 PTd Inin $150 2004 Lv Tding Ciigup $350 2005 Inin Silv Lk Pn $207 2005 McGg ITG $230 2005 Apm Pg Sfw $25 2006 QuTd/CnTch Amid $90 2007 Aumd Tding Dk Ciigup $680 2008 Typ GFI $167 2009 MillniumIT Lndn Sck Exchng $30 Suc: Tin Tding nd FRC Bid uing cquiiin gy f finncil iniuin gin cc umd ding plfm, puching ff-h-hlf luin h bn nd in h induy, bcu, w mnind li, dvlping ppiy ding plfm fm cch cn b phibiiv f mll mid iz fim. Cmpni uch Oc Sfw nd Nn, h pvid dy u plfm, hv n dubl-digi nnul vnu gwh in h p 10 y. Th vnu f Oc Sfw (mk cpilizin - US$342 millin) gw cmpundd nnul gwh (CAGR) f 24% in h p 10 y, whil vnu f Nn (mk cpilizin - US$165 millin) gw CAGR f 18%. In Jnuy 2010, Oc nnuncd i pln cqui Nn f US$166 millin - which i nh ign f cnlidin in h induy. In ummy, finncil iniuin, in d min cmpiiv, mu lwy hv cc h l umd ding chnlgy y cmpiiv in h mk. Th nging dvlpmn f ATS umiclly ld n incing dmnd f high pd hdw, fw, umd funcin, nd lgihm implmn cmplx ding gi, nd pc,, nd nlyz billin f ick f mk d. Bf w pn Tin' pduc, i i nil hv n undnding n h c f Tin' chnlgy, 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 6 which incp Cmplx Evn Pcing (CEP). Cmplx Evn Pcing CEP i mhd f pcing mulipl vn in l-im, nd nlyzing h pnil impc f uch vn ccuing imulnuly. I i pimily ud build ym h cn nlyz nd c n l-im ming d. CEP biclly incp cmpu ihmicl pw dc indic, uch cmplx pn, vn clin, nd vn culiy, f innnu dciin-mking. A l-im ming d i ud in vl diffn pplicin, n incing numb f gnizin dping CEP ngin pc nd nlyz miv d m, nd mng ym h cn b ily buil nd mdifid. A fw mj cmmcil pplicin f CEP includ umd ding, cdi cd fud dcin, cuiy mniing, buin invny mngmn, nd l-im ncin mniing f -Buin. CEP h bcm n impn l f lgihmic ding nd i bing dpd in h finncil induy. Th fllwing ch hw h CEP i in n infncy g, nd gining mmnum; mj induy ply lik IBM (NYSE: IBM), Ocl Cpin (NASDAQ: ORCL), nd Micf Cpin (NASDAQ: MSFT) hv cnly md ignificn invmn in hi pc. Suc: TIBCO Sfw IBM cquid Apf in 2008 Ali cquid Cl8 in 2008 Cl8 w lcd jin h Micf Sup Accl Pgm in 2008 Accding h Ai Gup, lhugh CEP vnd vnu w ju US$50 millin in 2006, h pnil mk ppuniy i cl US$1 billin by 2010, pimily du xpnding d, nd incing linc n l-im nd vn-divn 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 7 luin c h cpil mk pc. Tin Tchnlgy Tin w iginlly fcuing n h pplicin f ificil inllignc (uing nul nwk) ding. A nul nwk i fw/hdw ud cgniz pn. Onc nul nwk h bn ind n mpl f d, i cn mk pdicin by idnifying imil pn in fuu d. Th cmpny h inc hn vlvd in cmpny wih h cpbiliy ff n nd-nd lcnic ding nd finncil nlyi fw plfm h cn biclly um h ni pc f ding, ing fm gy dvlpmn, ching, quniiv ch, gning ding ignl, nd xcuing d, p nd p d nlyic. Tin' chnlgy mply high pd CEP ngin (which cn nlyz v 200,000 ick p cnd p v) which nbl i pduc pc miv mun f ming d, nd idnify pn gn ding ignl. Th cmpny h f pn v US$12 millin in dvlping i infucu, which pimily cni f: A db hing 15 by f d fm h NYSE nd h NASDAQ inc 2004. Tin mng nd h h chnlgicl infucu 5,000 qu f d cn lcd i hdqu in Edmnn, AB. Di ik i miigd by 100kw dil pwd lcicl gn bckup fciliy, n i cndiining ym, nd n in g fi uppin ym minin h pimum nvinmn. Cmpiiv Advng - Tin' Ppiy Mdl In ddiin h chnlgicl cpbilii f plfm, ffciv ding gi (lgihm) ply ky l in umd ding. Typiclly, umd ding plfm pc nd nlyz l-im d, nd if h igh cmbinin f vn ccu ( pcifid by n lgihm/mdl), ding ignl i gnd, nd n d i n b xcud. M cmmcilly vilbl pduc ld umd ding, uch Elcnic Tding Plfm, Evn Pcing Engin, nd Blck Bx ffing, invi nd-u c hi wn mdl f ding. Thi i bcu m nd u pf u hi wn mdl nd gi, h hn u mdl buil by hid pi. Tin' pduc, hwv, cm wih ppiy mdl, in ddiin llwing u c hi wn mdl. Tin cnid hi b n f hi ky ngh, nd diffniing fc, i bliv h i ppiy mdl hv bn xmly ffciv in h p, wih high pbbiliy f ucc f ch d. Tin' ppiy mdl bd n clic chnicl nlyi. Tchnicl nlyi invlv h pdicin f fuu pic bd n hiicl mk d, pimily pic nd vlum. Tchnicl nly u vl yp f indic (dvlpd bd n pic, vlum nd im) pdic h likly dicin f fuu pic. Th fllwing i impl xmpl f hw indic, uch MACD (Mving Avg Cnvgnc / Divgnc) 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 8 nd MA (Mving Avg), ud in chnicl nlyi: In h fllwing ch, h cicl n h lf indic BUY ignl, whil h cicl n h igh indic SELL ignl. Signl bd n MACD: I i gnlly inpd BUY ignl whn h MACD (which i h diffnc bwn h mving vg f w im hizn) c up hugh h ignl lin, nd SELL ignl whn MACD c dwn hugh h ignl lin. Th w cicl in h bm hlf f h ch indic ignl bd n MACD. Signl bd n MA: A BUY ignl i gnd whn h MA c up hugh lng MA, nd SELL ignl i gnd whn h MA c dwn hugh lng MA. Th w cicl in h p hlf f h img indic ignl bd n MA. Tin h dvlpd v dzn nn-cld nd divifid mdl (incping mulipl indic). Th cmpny bliv h i ppiy mdl, cmbind wih h biliy f i CEP chnlgy nlyz d (l-im nd hiic d) igh dwn h ick lvl, llw i pduc idnify nd xpli mk nd lng bf hy iv n h cn f h m. On f h h min fu f Tin' fw i h i llw f lm infini cumizin nd clbiliy, which llw i mdl (nd ugnd md) b wkd nd d vn fuh. Th nly wy vlu h ffcivn f Tin' mdl i by vifying hiic un chivd hugh h mdl. A Tin h y dicl ny pfmnc figu, w hv wi f Tin dicl i lng-m un bf w cn pply vlu h ffcivn f hi mdl. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 9 TickAnly - Pduc Fu Tin' TickAnly ui i n nd nd fw pplicin cmpiing blck-bx, umd d ny nd mngmn, ching, nd p nd p-d nlyic (which includ hiicl nlyi nd bck-ing funcinliy). I ky cmpnn includ: 1. Signu, l knwn blck-bx - ud gn ding ignl 2. Tin Od Mngmn Sfw (TOMS) - ud xcu nd mng d 3. QuickTick Ching - ud f ching d 4. TdViw - ud diply ul 5. TpViw nd TpViwClin - ud diibu l-im nd hiicl ding ignl Tin pln cmbin h ky cmpnn nd licn hm l luin, licn ch cmpnn ply pvid cumizd ppch. Tin h pviinl pn in plc f cin cmpnn. Th cmpny innd minin h h f i chnlgy d c. Th fllwing ch illu h pc invlvd wihin h TickAnly: Suc: Tin Tding Anlyic Th ym mni d iving fm l-im d fd nd lk f p-dfind pn f mvmn in pic, vlum, im. If nd whn picul pn i idnifid, ding ignl i gnd. Th umic d xcuin fw pc h ding ignl, nd cnv hm in nlin ding d, which n v h inn d xcuin ngin. Tin cunly u RdiPlu (wnd by Gldmn Sch; NYSE: GS) Dic Mk Acc (DMA) xcuin fw. Alhugh vl h d xcuin ngin (uch RlTick, FIX, ODL, nd ChicFX) cn b uppd, hy 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 10 n cunly ud by Tin. Accding Tin, TickAnly h ul high-pd nlyicl cpbilii dignd xcu hund f d p cnd n ingl plfm wih high pbbiliy f ucc f ch d. Th cmpny h ldy dtickanly funcinliy, biliy, nd clbiliy wih bh l im nd hiicl mk d. Th fllwing cin dicu h ky cmpnn in dil. Th Blck-Bx biclly gn ding ignl bd n Tin ppiy mdl u-gnd mdl. Cum cn uiliz Tin' mdl c,, nd dply cum mdl quickly nd fficinly. I i md blck-bx bcu u cn viw h inpu nd upu wihu ny knwldg f i innl wking. Suc: Tin Tding Anlyic Clin cn u viin f Tin mdl in fully-umd blck-bx md, miumd gy-bx md (in hi c, h mdl ud ing pin in dciinmking), nd piv md (bcking/ch). QuickTick Ching i n pplicin h h ub-cnd ch lding pd. Ch updd n l-im, ick by ick bi, nd cn b viwd n viu im fm, nging fm n minu n wk. Ppiy udi vlid n h ch v viul cu (n h d, gn nd whi p in h fllwing img) f nd-u. Unlik vl h plfm, QuickTick Ching h n limi n h numb f ymbl llwbl in windw. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 11 Suc: Tin Tding Anlyic TpViw i fw l h diply gnd ignl in chnlgicl d hy ccu duing h dy. Thi llw h u mni h ignl in l-im hy ccu. Suc: Tin Tding Anlyic If mulipl cmpu unning numu mdl imulnuly, Tin' TpViw Clin civ ignl fm ch cmpu, cmbin hm, nd diply hm in windw vy imil TpViw. Tin Od Mngmn Sym (TOMS) TOMS k h ding ignl gnd by h ignl gn, nd un hm in nlin ding d, which n v h inn d xcuin ngin. Ech ymbl cn b dd n mulipl imfm imulnuly. Lik h d mngmn ym, TOMS hndl ny nd xi d, hm in db, nd kp ck f ll h piin in bkg ccun. TOMS 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 12 l nu h mulipl d n xcud, nd h d n plcd gin nu piin. Suc: Tin Tding Anlyic TdViw (P Td Anlyic) gn n-dmnd, in-dph iic (uch quiy cuv, l n pfi, winning pcng, c.) n Tin mdl ( u gnd mdl), which cn b ud by u nlyz hi ding pfmnc. TdViw cn l b ud imul hw pfmnc wuld hv diffd bd n vying mun f cpil nd piin izing. Suc: Tin Tding Anlyic 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 13 Cmpiiv dvng A mnind li, h ATS mk i highly cmpiiv mk filld wih vl mll mdium iz (mly piv) cmpni. In d uccd in hi pc, cmpny h diffni ilf fm h. M umd ding ym hv idnicl fu, uch h biliy xcu d quick, mni nd d hund f ck n mulipl xchng, h wih which mdl cn b incpd in plfm, bck ing, ching, p nd p-d nlyic, nd l-im d mngmn ym. Tin' ky cmpiiv dvng li in h ffcivn f i ppiy mdl, nd i biliy ff n nd--nd luin um h ni ding pc. M cmpi d n ff h gnl funcinliy in Dic Mk Acc (DMA) chnlgy, whil l ffing h biliy quickly nd fficinly build, nd dply fully-umd cum mdl in full pducin nvinmn. W bliv h fu, cmbind wih h fllwing fu, giv Tin cmpiiv dvng in h induy: 1. N Symbl limiin in GUI n 3 m imfm imulnuly. 3. Th Cmplx Evn Pcing (CEP) ngin cn pc mdl fil up 200,000 ick p cnd. 2. Mdl Edg - ly f 3 m imfm. 4. Aumd d xcuin i pibl - 1000+ d p cnd. 5. Ov dzn p-buil mdl, wih mulipl viin nd flxibl cnfiguin. Suc: Tin Tding Anlyic 6. Hiicl ing 1000x l-im. Fin un mdl in fcin f h im. Th fllwing bl highligh h ky diffnc bwn Tin nd cmping pduc fu. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 14 Cmpin Ch Mdl Plfm Vnu Tin Pvid Tin' ppiy mdl nd llw nd u build ddiinl mdl Pvid plfm h cn pfm cmplx clculin wih ddd hdw dju d iz nd dmin xcuin pd Pvid cc hund f cuii n mulipl glbl xchng nd c cl Cmpi Invi nd u / hid pi build mdl M cmpi clim hv hi fu. Accding Tin, cmping chnlgi hv limiin n h numb nd dph f clculin nd ymbl. Thi i cmmn fu in h induy. F xmpl, Nn nd Oc ff c-bd d c viu cl Lncy Ching Numb f d Tin Fcu n lph ding (lng hlding pid); ul-lw lncy i n quid Off ching l (ub cnd ld pd) ingd wih i ding plfm Ov 1,000 d p cnd Cmpi Sm cmpi hv ul-lw lncy ding ging high fquncy ding M cmpi ypiclly d n ff ching l wih hi luin, bu hi plfm cn b ingd wih ching l fw uch Signl Cmpni uch Millnnium IT (cquid by LSE in 2009) h cl fm 1,000 d p cnd, 500,000+ d p cnd Cumizd Od Slicing nd Pvnin f Tding Mdl Fgmnin Infmin Lkg Tin Off u h pin cumiz xiing Tin mdl dp chnging mk cndiin Rduc pic impc hugh xcuin f lg d in mll clip v pcific pid f im Dc ding infmin lkg, nd hlp u y cmpiiv Cmpi Cmpi (uch SmB nd Invmn Tchnlgy Gup) ff flxibl nd cumizd infc wll. M cmpi (g: TdingScn) l hv hi funcin f m d xcuin M cmpi (g: EdgTd) l hv hi fu pc hi clin Fcu n lph ding - I i impn n h Tin i n fcuing n High Fquncy Tding (HFT) h i imd cpu big ppunii in milli-cnd. Lw lncy i ky f HFT fim cpu mk big ppunii bf h. F xmpl, i will k ppximly 39 millicnd f d ignl vl in fib 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 15 pic cbl fm Sn Fncic, Nw Yk, nd immdily bck Sn Fncic. Hwv, HFT qui 1 millicnd ccucy b. A ul, HFT fim mu b lcd n n Exchng d v, nd hv fw h i cpbl f xcuing d vy high pd. In cmpin, lph ding nd lw fquncy ding qui ppximly 100 millicnd ccucy. Tin pduc will cmp pimily in h lph ding pc wh ul-lw lncy i n quimn. Hiy nd Pduc Dvlpmn Tin Tding w incpd in 1993 finncil fw dvlp nd inn wb i publih (pviding indpndn ck cning ch vic, dily ck mk indic, nd dily mk cmmni). Tin' h cmmncd ding n h TSX Vnu Exchng (pviuly knwn Cndin Vnu Exchng) in 1996. Subidii: Tin Tding h fu whlly wnd ubidii, Tin Tding USA, LLC, Tin Hlding USA LLC, Tin Tding GP Inc., nd Tin Tding Cp. Tin Tding GP Inc nd Tin Tding Cp pnly inciv. Tin Tding USA LLC v ppiy ding m nd cpil mngmn diviin f Tin Tding Anlyic Inc. I w nly in 2003 h h cmpny d dvlping n ATS, ubqun h cquiiin f igh cin umd ding nd nlyic fw fm Cignl Tchnlgi, LLC, which w wnd M. Philip Czz, Tin' cun Pidn nd Dic. Highligh f h cmpny' pduc dvlpmn hiy fllw: 2003 Acquid igh cin umd ding nd nlyic fw fm Cignl Tchnlgi, LLC. 2004 Tin bgn b ing nd ding in hid py ccun. In ddiin, M. Philip Czz (puun pnl ngmn) bgn ding in n ccun f h m hid py. Tding ul w n dicld. 2005 Rld h fi vin f i umd ding plfm knwn TOMS. Tin Tding Limid Pnhip 1 (TTLP1) w cd d fund uing Tin' fw. Tin GP w h gnl pn, nd h limid pn w ccdid inv. Tin GP civd 50% f h pfi (h limid pn civd h mining 50%), nd n nnul dminiiv f qul 2% f h n vlu f TTLP1. Th pnhip w dilvd f i w y m in Fbuy 2007, nd h pincipl plu in w und inv. Tding ul w n dicld. Rind h vic f Clwd Tchnlgi f Edmnn, Alb, Cnd, i in dvlping ppiy d nlyi plfm. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 16 2006 Th min fcu in 2006/07 w dvlp TickAnly. Tin Tding Limid Pnhip 2 (TTLP2) w cd in Jnuy 2006. Hwv, hi pnhip h y b civd. End in fw nf gmn wih M. Phillip Czz, Cignl, nd M. Michl Glnd (Fund, Dic nd CTO f Tin) wih pc h nf f cin ding mdl f ck/fuu nd fw-bd fmul. Accding h gmn, Tin w uppd gn 4.50 millin h, nd 2 millin pfmnc wn (iud in 2006; xcibl $0.50 p h upn Tin chiving l $1.2 millin f g vnu f h n-y pid ndd My 31, 2010). Th 4.50 millin h will b iud in nch f 1.50 millin upn Tin chiving cumuliv g vnu fm TOMS f ch f $0.40 millin, $0.80 millin, nd $1.20 millin in y n h cmmncing Jun 2006. Th gmn w ubqunly mndd xnd h miln cmplinc d My 31, 2009. 2007 Cmpld dvlpmn f h blck-bx fw. 2008 Cmpld dvlpmn f TickAnly. Rcivd ix-figu cpil invmn fm n ccdid hid-py inv d in cunci. Rul y b dicld. Cmpld i ing ph in cunci. In h l qu f 2008, Tin w fcud n ing h TickAnly ui f pduc. 2009 In Fbuy 2009, Tin ld vin 2.0 f i TickAnly fw plfm (TAX2). In Apil 20009, h cmpny nnuncd h Cmp Invmn Pn LP f Nw Yk plcd US$5 millin in n iniuinl FOREX Tding ccun b mngd by Tin' whlly wnd ubidiy, Tin Hlding USA LLC (THU). Cmp Invmn i n incub fund. Cmp i un by M. Rn Sh, Wll S vn nd fund f Clin Finncil Gup. THU nd Cmp will qully h h pfi. Tding ul y b dicld. On Jun 5, 2009, Tin nnuncd i h cmpld dvlpmn nd ing f TAX2. In Nvmb 2009, h cmpny nnuncd i h cmmncd inllin f i TickAnly fw plfm wih G-2 Tding LLC f Nw Yk. G-2, fmly RBC Pfinl Td Gup, wih 130 ppiy d i h fi cmmcil clin f Tin ppiy ding plfm. Tin will civ mnhly licn f, nd cin incniv bd n G-2' ug f h TAX2 plfm. Ou dicuin wih mngmn indicd h h mnhly licn f will b pcng f ding 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 17 vnu gnd by h plfm. Th cmpny i xpcing civ f ing Mch 2010. 2010 In Jnuy 2010, h cmpny nnuncd h i TAX2 h bn licnd by vn Cndin quii d - h fi il nd-u n in licning gmn wih Tin. Th u will py mnhly licn f Tin. In Fbuy 2010, h cmpny nnuncd i h pnd n iniuinl ppiy ding dk, cmpiing fu d, in Nw Yk. In ummy, lhugh Tin h bn und inc 1993, i w nly in 2003 h h cmpny d dvlping i umd ding ym. Alhugh i i cncn h h cmpny h n bn bl licn i pduc n, w d n bliv i huld b mj cncn h fi vin f TickAnly w nly cmpld in 2008. W bliv dvlpmn in h nx 12 mnh will pv whh n h cmpny h vibl buin mdl h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. Cun Su: Th cmpny i cunly dvlping TAX3 (h hid vin f h TickAnly) wih h inn f dding ddiinl mk nlyi, indic, finncil mdl nd xcuin im h xiing vin. TAX3 i chduld f ing nd pducin in ly 2010. Th cmpny xpc pnd ppximly $0.25 millin n h dvlpmn, nd bu $0.35 millin - $0.45 millin n h dminiin nd ing f TAX3. Buin Mdl Th cmpny' g cum b ng fm mll ppiy ding dk lg hdg fund nd finncil iniuin. A Tin' fw i clbl, h cmpny bliv i cn ignificnly xpnd i pduc cpbilii wih livly lw cpil invmn. Th cmpny pln gn vnu fm w uc: 1. Licn i pduc iniuin, ding fim nd/ high n-wh individul uiliz i fw f ding - Tin cn gn vnu fm hing h pfi wih hi clin, nd/ hugh fixd nnul licning f. Th cnly ignd licning gmn wih G2 Tding i n xmpl f hi mdl. 2. In-hu ppiy ding nd mngmn - Tin xpc cnduc ding pin n i wn bhlf nd/ jinly wih hid pi. Th $5 millin plcd by Cmp Invmn Pn i n xmpl f hi mdl. Mngmn Dic & Offic cllcivly wn ppximly 35% f h iud nd unding h f Tin Tding Anlyic Inc. Bif bigphi f h mngmn m, pvidd by h cmpny, fllw. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 18 D. Knnh Pwll, DDS - Fund, Chimn, CEO/CFO. Duing hi nu h CEO f Tin Tding, D. Knnh Pwll h vn h cmpny' piiv nfmin fm ly g dvlpmn mk dy innvin. Und hi guidnc, Tin i fging gic buin pnhip wih vl ding gup, wh ind in h ning pnil f Tin' ding ym. Duing h l wny y, D. Pwll h bn invlvd in vnu cpil pjc nd publicly dd cmpni, bh n inv nd dic, cmplimning h in wih cmmcil l dvlpmn nd hughbd c h. Philip Czz, Rg. Bk, Any - Fund nd Pidn Philip Czz i h Dic f US Tding Opin nd h 16 y f xpinc d. H i h igin bhind Tin' cnly licnd ding nd umic d xcuin plfm. M. Czz i pnibl f mnging ccun nd cnducing Tin' US ck nd fuu ding pin. Wih hi xniv cnc in h Nw Yk nd Flid ding cmmuniy, h i bl pvid Tin wih nw buin ppunii nd gic pnhip. M. Czz cquid hi pfinl bk' licn in 1987, nd h wkd wih vl mj ding fim in Nw Yk nd h Bhm. H i l n ny nd mmb f h Mchu B. Michl Glnd, MSc, P.Eng - Fund, Dic, Scy nd CTO. Michl Glnd i h Dic f Sfw Dvlpmn nd n f h iginl fund f h cmpny. H h v 17 y f xpinc in cmpu chnlgy, pnding h l 12 y fcuing n finncil d nlyi, fw ding l, nd l-im ding ym. H i n xp in viy f cmpu lngug nd pgmming chniqu, nd i gid EyLngug Spcili wih TdSin Scuii. M. Glnd gdud fm h Univiy f Skchwn wih M f Scinc dg in Phyic in 1978 nd i gid Pfinl Engin in h Pvinc f Biih Clumbi. Dvid Tk, BSc, CPA - Dic nd Hd f Glbl Symic Tding. Dvid Tk hld Cifid Public Accunn licn in h S f Nw Yk, nd Bchl f Scinc in Accuning fm Th Univiy f Mylnd. Af h y in h fild f public ccuning, M. Tk dcidd n h quiy ding induy. In 1997 M. Tk fmd h piv quiy ding fim Vlkyi Mngmn Cpin, wh h civly dd quii unil 2002. In 1998 M. Tk w p f Livd.cm / Alx M Inc. Livd.cm bcm n f h fi cmpni bing dic cc Lvl 2 ding h Inn. I w h M. Tk nd hi i 27 licn nd vd h cmpni Finncil Opin Pincipl unil 2002. In Jnuy 2006 M. Tk w hid by Tin Tding USA v CFO, nd Dic f h cuncy nd cmmdiy ding diviin. M. Tk bing lvn y f ding xpinc, nd fun y f ccuning & finncil pin xpinc Tin. Rb Rddick, QC - Dic nd Hd f Audi Cmmi Rb Rddick i pn f h fim Rddick Sc nd Jhnn. M Rddick i hd f h Tin Audi Cmmi. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 19 D. Hld Elk, DDS - Dic nd mmb f h Audi Cmmi D. Hld Elk h bn n indpndn buinmn f v wny-fiv y nd h xniv buin xpinc in bh Eup nd Ai, nd in cmmcil l in Cnd. H i nn-xcuiv Dic nd mmb f h Audi Cmmi. Jph Fnc - Dic nd mmb f h Audi Cmmi M. Fnc i Chif Invmn Offic (CIO) f PROFORMA Cpil Inc. nd lng wih hi pn, mng w ppiy high incm fund f Iniuinl nd High N Wh inv. A CIO, J chi h invmn cmmi nd i pnibl f nlyzing nd mniing xiing nd ppciv invmn, wll dvlping invmn gi. Pi hi l CIO, J cm wih 15 y f xpinc wking wih high n wh inv cnuling n v $100 millin f inv duing hi dviy c. M. Fnc v nd dvi vl lcl chibl gup nd i Chd Finncil Anly (CFA) Chhld. Finncil Anlyi Tin h bn in h ch nd dvlpmn ph inc 2002, nd h y gning vnu. Fm Ocb 2001 (incpin f dvlpmn g), July 2009, h cmpny cdd l l f $12.63 millin. N ch pn n ping nd inving civii w $9.78 millin, nd $1.04 millin, pcivly. All h xpn w fundd hugh xnl finncing (pimily quiy finncing). Ch flw fm finncing civii duing h pid w $10.99 millin. Th fllwing bl hw h cmpny' ch nd liquidiy piin h nd f Q3-2009 (nd f July 2009). in C$ 2008 2009 (9 m) Ch, Ch Equiv. nd ST Inv. 424,954 138,097 Wking Cpil (199,946) (469,928) A 1,528,919 761,670 LT Db Cpil - - Mnhly Bun R (incl. inving) (284,369) (206,940) Ch flw fm finncing civii 3,751,118 1,220,343 A h nd f July 2009, h cmpny hd ch, ch quivln nd h-m invmn f $0.14 millin. Wking cpil dfici w $0.47 millin. Subqunly, h cmpny id $0.75 millin fm piv plcmn. A p f $1.39 millin finncing (f which $0.64 millin w id pi h nd f July 31, 2009), h cmpny iud 5.56 millin uni uni pic f $0.25. Ech uni cnid f n cmmn h nd n hlf f n h puch wn (xci pic - $0.375 in h fi y, nd $0.50 p h in h cnd y). W im h bun (ch pn n ping nd inving civii) w $0.21 millin p mnh in h fi nin mnh f FY2009, vu $0.28 millin p mnh in FY2008 (12 mnh pid). Sck pin nd wn: A h nd f July 2009, h cmpny hd 9.18 millin ck pin unding wih wighd vg xci pic f $0.34 p h. W im 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 20 h cmpny cunly h bu 9.91 millin wn unding wih wighd vg xci pic f $0.44. All wn cunly u-f-h-mny. Accding mngmn, h cmpny cunly h w mnh f ch n hnd. Th cmpny wuld nd i bu $1.5 millin hi y huld h b n ch flw fm pin. Vluin Alhugh h cmpny h md ignificn pg, nd w bl c n iniuinl clin in h p 12 mnh, h cmpny i ill in i ly g, nd i y dmn h ffcivn f i ppiy mdl in h public dmin. Thf, w bliv, i i ly hi im im h cmpny' fi vlu bd n dicund ch flw (DCF) mdl. Hwv, w imd ng f pibl vluin bd n cmpbl nlyi. Th fllwing bl hw li f cmpbl lng wih hi vluin mic. Th f h fu cmpni in h li w cquid in h p w y. Cmpbl Oc Sfw Nn Gnlin Finncil Tchnlgi GL TRADE S.A. Y Fundd 1987 1996 2000 1987 Y Acquid 2010 2008 2008 (in US$, mm) FY2009 FY2009 FY2008 FY2008 Implid EV $289.10 $186.95 $42.00 $566.22 Rvnu $98.69 $63.07 $5.85 $293.22 10-y nnul vnu gwh (CAGR) 23.73% 18.05% N/A 20.30% EBITDA $33.87 $2.34 $1.86 $65.84 EBITDA Mgin % 34.32% 3.71% 31.79% 22.45% EBIT $30.80 ($3.36) $1.64 $51.06 EBIT Mgin % 31.21% -5.33% 28.03% 17.41% N Incm $21.06 ($2.48) $1.03 $32.40 N Mgin % 21.34% -3.93% 17.61% 11.05% Avg Applicin Sfw Induy Avg Implid EV/Rvnu 2.93 2.96 7.18 1.93 3.75 2.70 Implid EV/EBITDA 8.54 N/A 22.58 8.60 13.24 13.70 Implid EV/EBIT 9.39 N/A 25.61 11.09 15.36 19.50 Implid EV/NI 13.73 N/A 40.78 17.48 23.99 46.55 Suc: Cpil IQ nd FRC Th vg i f npi vlu (EV) vnu, nd EV/n incm, f h cmpbl 3.75x, nd 23.99x, pcivly. Th pplicin fw induy vg i 2.70x, nd 46.55x, pcivly. Bd n h bv figu, w imd ng f pibl vluin f Tin, uming h cmpny will b bl in pcng f Oc Sfw' (n f h blihd ply in h pc) cun vnu (f $103.62 millin) in h nx fiv y. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 21 Ou nlyi hwd h Tin' vluin culd ng bwn $0.24, nd $0.33 p h, nd bwn $0.48, nd $0.67 p h, if i mng in 5%, nd 10%, pcivly, f Oc' vnu in h nx fiv y, h bl blw hw. Aumpin (% f Oc' Rvnu) Rvnu (in h nx fiv y) Vlu p h EV/S - 2.70x EV/S - 3.75x 1% $1,036,200 $0.05 $0.07 5% $5,181,000 $0.24 $0.33 10% $10,362,000 $0.48 $0.67 25% $25,905,000 $1.20 $1.67 50% $51,810,000 $2.40 $3.33 100% $103,620,000 $4.80 $6.66 Ring Rik Du h ly g nu f i pduc, w iniiing cvg n TTA wih n Ring Fi Vlu. W innd ign vlu nd ing n w hv ufficin infmin h ffcivn f i pduc. Tin xpc civing licning f fm G-2 Tding in Mch 2010. A h licning f in hi c i clculd pcng f ding vnu, w bliv, i will b gd indic f h ffcivn f Tin' TickAnly fw plfm, fm which w cn mk fc which w wuld hv m cmf in. Th fllwing ik, hugh n xhuiv, my cu u im diff fm cul ul: Th Aumd Tding Sym (ATS) mk i highly cmpiiv. Th cmpny h y gning vnu. Th cmpny will b dvly ffcd if i i n bl cp wih chng in chnlgy. I i likly h cmpny will hv puu quiy finncing ging fwd unil i un ch flw piiv. W hv d h h ik 5 (Highly Spculiv). 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA
Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 22 Fundmnl Rch Cp. Equiy Ring Scl: Buy Annul xpcd f un xcd 12% h xpcd un i cmmnu wih ik Hld Annul xpcd f un i bwn 5% nd 12% Sll Annul xpcd f un i blw 5% h xpcd un i n cmmnu wih ik Supndd Ring N/A Cvg nd ing upndd unil m infmin cn b bind fm h cmpny gding cn vn. Fundmnl Rch Cp. Rik Ring Scl: 1 (Lw Rik) - Th cmpny p in n induy wh i h ng piin (f xmpl mnply, high mk h c.) p in guld induy. Th fuu ulk i bl piiv f h induy. Th cmpny gn piiv f ch flw nd h hiy f pfibiliy. Th cpil ucu i cnviv wih lil n db. 2 (Blw Avg Rik) - Th cmpny p in n induy wh h fundmnl nd ulk piiv. Th induy nd cmpny livly l niiv ymic ik hn cmpni wih Rik Ring f 3. Th cmpny h hiy f pfibiliy nd h dmnd i biliy gn piiv f ch flw (hugh cun f ch flw my b ngi v du c pi li nv m n ).Thc mp ny c pi l uc u i c n v i v wi hl i l m d u fd b. 3 (Avg Rik) - Th cmpny p in n induy h h vg niiviy ymic ik. Th induy my b cyclicl. Pfi nd ch flw niiv cnmic fc lhugh h cmpny h dmnd i biliy gn piiv ning nd ch flw. Db u i in lin wih induy vg, nd cvg i ufficin. 4 (Spculiv) - Th cmpny h lil n hiy f gning ning ch flw. Db u i high. Th cmpni my b in -up md in unund iuin. Th cmpni huld b cnidd pculiv. 5 (Highly Spculiv) - Th cmpny h n hiy f gning ning ch flw. Thy my p in nw induy wih nw, nd unpvn pduc. Pduc my b h dvlpmn g, ing, king guly ppvl. Th cmpni my un in liquidiy iu, nd my ly n xnl funding. Th ck cnidd highly pculiv. Diclim nd Diclu Th pi ni n x p di n hi p h u pi ni n f h n l y b u hi c mp ny ndi ndu y. Any f w dl ki ng m n ub im nd pinin bd upn infmin h i publicly vilbl nd h w bliv b cc, bu w hv n indpndnly vifid wih pc uh ccn. Th i n gun h u fc will miliz. Acul ul wi l ll i k l yv y. Th n l y ndfund m n lr c hc p. FRC d n wn ny h f h ubjc cmpny, d n mk mk ff h f l f h ubjc cmpny, nd d n hv ny invmn bnking buin wih h ubjc cmpny. F f l hn $30,000 hv bn pid by TTA FRC. Th pup f h f i ubidiz h high c f ch nd mniing. FRC k p nu indpndnc including ing f in dvnc nd uilizing nly wh mu bid by CFA Iniu Cd f Ehic nd Sndd f Pfinl Cnduc. Addiinlly, nly my n d in ny cuiy und cvg. Ou full diil cnl f ll ch, iming f l f h p, nd l f libiliy f ngiv p pcd cncully. T fuh nu indpndnc, TTA h gd minimum cvg m including n iniil p nd h upd. Cvg cn n b unillly mind. Diibuin pcdu: u p diibud fi u wb-bd ub c i b n hd h wn n hi p h nm d v i l bl d l y d c c u h ug hv i u h c h nn l f l i mi d i m.thp f m nc ffrc ch i nkd by Inv. Full nking nd vilbl www.inv.cm. Thdi i bu i n ffrc ing fllw: BUY (70%), HOLD (9%), SELL (4%), SUSPEND (17%). T ubcib f l-im cc ch, vii hp://www.chfc.cm/ubcipin.hm f ubcipin pin. Thi p cnin "fwd lking" mn. Fwd-l ki ng m n g di ng hc mp ny nd/ c k p f m nc i nh nly invlv ik nd uncini h culd cu cul ul diff fm uch fwd-lking mn. Fc h wuld cu cnibu uch diffnc includ, bu n limid, cninud ccpnc f h Cmpny' pduc/vic in h mkplc; ccpnc in h mkplc f h Cmpny' nw pduc lin/vic; cmpiiv fc; nw pduc/vic inducin by h; chnlgicl chng; dpndnc n uppli; ymic mk ik nd h ik dicud in h Cmpny' pidic p filing, including inim p, nnul p, nd nnul infmin fm fild wih h viu cuii gul. By mking h fwd lking mn, Fundmnl Rch Cp. nd h nly/uh f hi p undk n bligin upd h mn f viin chng f h d f hi p. A p iniiing cvg will m fn b updd quly whil p iuing ing my hv n fuh l fqun upd bcu h ubjc cmpny i likly b in li g wh nhing mil my ccu qu qu. Fundmnl Rch Cp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE SRI SK TOLERANCE,OBJ ECTI VES,SI TUATI ON,RETURN ON OTHERASSETS,ETC. ONLYYOURI NVESTMENTADVI SORWHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. Thi REPORT i lly f infmiv pup nd i n liciin n ff buy ll ny cuiy. I i n inndd bing cmpl dcipin f h cmpny, induy, cuii dvlpmn fd in h mil. Any fc cnind in hi p w indpndnly ppd unl hwi d, nd HAVE NOT BEEN ndd by h Mngmn f h cmpny which i h ubjc f hi p. Addiinl infmin i vilbl upn qu. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Pl giv pp cdi, including ciing Fundmnl Rch Cp nd/ h nly, whn quing infmin fm hi p. Th infmin cnind in hi p i inndd b viwd nly in juidicin wh i my b lglly viwd nd i n inndd f u by ny pn niy in ny juidicin wh uch u wuld b cny lcl gulin which wuld qui ny giin quimn wihin uch juidicin. 2010 Fundmnl Rch Cp. www.chfc.cm Siddhh Rjv, B.Tch, MBA