


| The Merriam Report |
| Welcome to the Merriam Report© Website |
| The Merriam Report provides innovative financial research and investment analysis on most public traded companies. The MR model utilizes an unconventional cash-flow analysis methodology to evaluate the "true" earnings quality of a company's reported numbers. Fact: Stock prices of companies with rising operating cash flow generally outperform stocks of companies exhibiting declines in operating cash-flow. Unlike traditional cash-flow analysis, the Merriam Report digs deeper and compares the changes in key numbers reported on the income statement, balance sheet and cash-flow statement. The difference (or spread) between these figures provide vital clues to how a company states its earnings and whether earnings are supported by actual operating cash flow, or "fluffed" via financial engineering. More importantly, the MR reveals how well a company is managing its cash. The Merriam Report “dual cash-flow” model provides consistent, often predictive and remarkably accurate analysis. Equally effective in identifying undervalued opportunities and in revealing stocks with potential problems. Our unique algorithm analyzes specific historical data from a company’s reported financial statements over a period of time (quarterly or annually). Results are displayed with clearly defined signals/indicators and includes commentary specific to the data presented. The MR's user friendly design provides investors comprehensive and graphic analysis of the research. Recent enhancements to the MR include in depth accrual (non-cash) analysis and revenue / capital productivity metrics. The Merriam Report provides vital investment research that any investor can use. Experienced investors will enjoy the depth of content and consolidated presentation. Novice investors will find the MR's user friendly design and color- coded signals to be an excellent introduction to fundamental investment analysis. |

| Investment and financial research for a changing world |
| The MR model may spot problems months before they show up in earnings or conventional analysis. |
| MIS |
| Merriam Investor Services Portfolio Analysis & Financial Research since 1990 |
| "The Merriam Report is a prerequisite in our portfolio analysis. No gimmicks, just the facts." JDF Boston, MA "We believe the MR is as close to a crystal ball you will ever get!" CC San Diego, CA "As a technical analyst, the Merriam Report helps the charts speak to me". CK San Francisco, CA |
| © Jason S. Merriam, MIS, merriamreport.com 2008, 2009. All rights reserved |
| Powerful fundamental analysis to succeed and profit in today's volatile market. Equities Preferred Stocks Bonds Closed-end Funds ETF's The MR identifies undervalued stocks and reveals companies in trouble months before Wall St. does. |
| The Merriam Report reveals how well a company is managing its cash. |
| Opportunity Knocks Recent market lows have presented a rare opportunity to acquire great companies at prices not seen in years. Learn how the Merriam Report can help investors identify the best potential ideas. |