Dutton Research is attracting the national press focusing on our research performance, leadership in the independent research field, as well as leading the acceptance of issuer paid research coverage. The articles also address that issuer paid research firms are leading all firms, including brokerage firms, in research performance for institutional and individual investors. The following is a chronological list of these articles.

2008 Outlook For The Research Industry
January 2008. Integrity Associates, LLC, a well-regarded premier ratings, analysis, and consulting firm for the equity research industry, summarized its 2008 outlook for the research industry. In particular, it addressed the growing economic pressures due to declining revenues for brokerage sponsored research. In particular, this would affect the firms that provide coverage for small and micro cap companies. These pressures they note result from the growth of CCAs (discussed in the article) and the continuing declining commission rates. The growth of the alternative providers, such as Dutton Associates, is highlighted.
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California CEO Magazine: CEOs and CFOs Now Have Choice For Availability and Timing of Top Research Coverage
December 2006. California CEO Magazine's CEO Advisor in Q4 was titled Small Cap Strategy A Sea of Change. In the article by Dutton Associates CEO John Dutton, points out "A sea change may be on the horizon for CEOs looking for quality research coverage of their companies. CEOs have new opportunities, thanks to the many adjustments occurring in the capital markets. This includes small-cap research coverage which has been on the decline for many years, but is now becoming readily available through "issuer-paid" research firms."
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The Street.com: Patience With Medivation
November 10, 2006. Dutton analyst Wayne Lottinville is extensively interviewed by The Street.com in an article on Medivation. The article notes that drug-discovery company Medivation (MDV) could be sitting on a revolutionary drug for Alzheimer's.
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Globes In Israel Recognizes Quality Analysts Key To Stock Recognition
October 12, 2006. Globes columnist Sholomo Greenberg discusses how a quality analyst, referring to two Dutton analysts, makes a difference in the performance of a stock. The column for the Globes, Israel's Financial Times equivalent, notes: "One thing that readers should understand is that in the medium and long-term, a [Dutton covered] company like Top Image will get much more attention than a company of its size and with its business capabilities would without Dutton." Analyst quality is a deciding factor.
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Global Markets Magazine: Independent Research And Market Leader, Dutton Associates
July/August 2006. Financial Times magazine "Global Markets" reviews status and outlook of independent research in the US, and discusses Dutton Researh, the leading firm, in depth.
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International Herald Tribune: 'Orphans' that soar on Wall Street
May 18, 2006. The Bloomberg article in the International Heraald Tribune discusses, among several others, Dutton's coverage of Pacific Ethanol as an example of an orphan stock that soared with one analyst's coverage - Dutton's Paul Resnik.
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CNN Money.com: Even bullish investors wary of ethanol
May 17, 2006 CNN Money.com discusses coverage of ethanol stocks including Dutton's coverage of Pacific Ethanol.
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Top Ranking For Dutton Research's Performance in 2005
January 19, 2006. Based on audited statistics prepared by Investars for 2005, Dutton's research performance for its buys and sells was ranked #3. The following article and tables by Integrity Associates rank the performance stats for 2005. Of interest in the report is the weak performance of the investment banks' research for "sells", a major issue that the 2002 Settlement attempted to address. For Dutton, which is on the issuer paid model, its ranking for "sells" of #3 is evidence of the effective way it operates its model. Dutton's 2, and 3 year performance record (#1) was also calculated by Integrity as compared to the 30 major independent, non investment bank providers of Wall Street research."
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Integrity Associates Forecast Both Growth and Consolidation In the Independent Research Space
January 13, 2006. Integrity Associates forecast that revenues of the independent research space generated by 425 firms today, will double by 2009 to $3.11 billion from $1.47 billion in 2004, but the growth will be shared by 65% fewer firms remaining in 2009. In 2009, independent research will hold a 26.2% share of all research expenditures. Integrity Associates notes in its report that for future success "in the new more transparent regime, the objectivity, quality, and cost of research will be the most important criterion used to select a research provider." John M. Dutton, Dutton Associates President, noted that "objectivity and quality" are what we strive for. We offer top performance as measured by third party monitoring and by continually ensuring our research serves our audience and research clients. Dutton continued "our conferences servicing institutional investors and individuals with the perspective of "Recognizing Opportunity." Our firm has added institutional sales, conferences, international company research, Roadshows, sector pieces, analyst access, and channel checks to build on our product delivery to enhance greater transparency and interaction between investors and management of our covered companies."
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Dutton 2005 Focus List Performance Averages 14.25% Versus 6.7% For Russell 2000
January 6, 2006. Dutton Vice President and Director of Research Paul J. Resnik, CFA announced that the average gain for 27 recommendations on the Dutton Focus List was 14.25% since introduction of the list in April versus 6.7% for the Russell 2000 for comparable periods. "Shortly", Mr. Resnik noted, "Dutton will introduce a new Focus List. The basis for selection to the list will be that the idea is timely, either because of price fluctuations (weakness or building momentum) or pending news. In putting a stock on the list, our analysts will be saying that it is not only a good investment value, but that it is a particularly timely commitment."
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Summaries Continue on next page...