1. BIO-REFERENCE LAB BRLI Andrew Tiffany

2. Company Overview 3 rd largest full service lab in the U.S. Largest independent regional lab in the northeastern market. National Oncology Lab Primarily a clinical testing lab Esoteric testing Molecular Diagnostics Anatomical Pathology

3. Current Holding Purchase Price: $13.73 Current Price: $21.70 Shares Purchased: 100 Current Shares: 150 Sold 25 shares (10/27/09): $34.11 Gain: 58.05% Investment Gain: $1882 Fair Value Estimate: $25.30

4. Key Stats P/E: 24.4 Rev Growth (3yr Avg): 23.4 EPS Growth (3yr Avg): 22.7 Net Profit Margin: 5.8 ROE: 19.2 Debt/Equity:.1

5. Compared to Industry BRLI P/E: 24.4 P/B: 4.2 Rev Growth: 23.4 Operating Margin: 10.7% Net Profit Margin: 5.8% ROE: 19.2 Debt/Equity:.1 Industry P/E: 31.5 P/B: 3.0 Rev Growth: 11.1 Operating Margin: 12.5% Net Profit Margin:.1% ROE:.1 Debt/Equity: 1.8

6. Performance 1 Year

7. Performance 3 Month

8. Current Events 3Q profits rose 24% 3Q revenue rose 25% 3Q EPS: $0.29 (Expectations: $0.28) Number of patients rose 17% Revenue per patient rose 7% Listed as one of 14 Stocks which are heavily shorted.

9. Analysts Estimates/Recommendations EPS: Current Year:.95 Next Year: 1.14 Revenue: Current Year: 454.85 Mil Next Year: 524.65 Mil Number of Analysts: 12 Strong Buy: 1 Buy: 7 Hold: 4

10. Recommendation Since this stock has a lot of stocks being shorted and although this company has strong financials and has shown growth and will continue to grow. My recommendation is to sell this stock. Since they have reached their max high and since we have seen tremendous return on this stock I believe it is time to sell.