• Designed to improve information flow with institutional investors by enhancing and expanding investor materials

• Balanced initiation report (6-15 pages excluding disclaimers) including:
      – Strategy

     – Comps to peers with valuation metrics

     – Outlook: financial model with income statement, balance sheet and cash flow

     –Detailed estimates by quarter for the current year and next

     – Risk factors

     – Outperform/Market Perform rating

     – Price Target

• Four quarterly reports (3-5 pages excluding disclaimers) with updated estimates

• Research reports submitted to First Call, IBES, Thomson Reuters, FactSet, S&P/Capital IQ, Bloomberg and in the EU through Research Exchange

• Active engagement with management during quarterly conference calls