1. - 1 - LIfeCycle Returns, Inc. © 2004 All Rights Reserved LARGE CAP PREDICTIVE CAPABILITY OF LCRT INTRINSIC VALUE MODEL By Rawley Thomas President LifeCycle Returns, Inc. March 15, 2004 Rawley@LCRT.com

2. - 2 - LIfeCycle Returns, Inc. © 2004 All Rights Reserved Large CAP Decile Predictive Capability March 15, 2004 Rt UPPER PERCENTILES WIN AND LOWER PERCENTILES LOSE Sources: Financial Statements and Price Data – Simplystocks Calculations - LCRT’s Platform Market CAP > $1 Billion, Price > $5 Panel Data from 1994-2002, 8,015 Company-Years

3. - 3 - LIfeCycle Returns, Inc. © 2004 All Rights Reserved Large CAP Decile Predictive Capability March 15, 2004 Rt THE MEAN OF “WINNERS” OUTPERFORM “LOSERS” BY 14.2% Sources: Financial Statements and Price Data – Simplystocks Calculations - LCRT’s Platform Market CAP > $1 Billion, Price > $5 Panel Data from 1994-2002, 8,015 Company-Years

4. - 4 - LIfeCycle Returns, Inc. © 2004 All Rights Reserved Large CAP Decile Predictive Capability March 15, 2004 Rt THE LCRT INTRINSIC VALUE SCREEN SUCCESSFULLY SEPARATES “WINNERS” FROM “LOSERS” FOR ALL YEARS EXCEPT FISCAL YEARS 1997-1998 Recall that Fiscal Years 1997-1998 cover the “Bubble” time period from March of 1998 to March of 2000. The market peaked in August of 2000. Sources: Financial Statements and Price Data – Simplystocks Calculations - LCRT’s Platform Market CAP > $1 Billion, Price > $5 Panel Data from 1994-2002, 8,015 Company-Years