Boyar what is aaf

• Seven in-depth research reports on three companies we believe may be undervalued. Most issues contain a profile on a
large, medium, and small capitalization stock. Featured stocks come from a wide variety of industries.

• The summer issue, which profiles an industry or area of the economy that is out of favor on Wall Street. Our selection has at
times been highly controversial, but in most instances, over the long term, has proven to be prophetic.

• The Forgotten Forty. Every December we publish the Forgotten Forty, which provides our clients with snapshots of 40
companies that have been extensively researched in past issues of AAF. The companies contained in this publication are the
businesses within our universe that we believe could outperform the leading indices in the year ahead. During the past ten
years, the Forgotten Forty has significantly outperformed the S&P 500.*

Mark Boyar began publishing Asset Analysis Focus (AAF) in 1975. AAF looks at a corporation and its asset base in the same manner an acquisition minded
business executive would. Mark and his team take the balance sheet, tear it apart and reconstruct it in accordance with economic reality as opposed to
generally accepted accounting principles. Asset Analysis Focus seeks possible investment opportunities across the market capitalization spectrum and within a
wide variety of industries. A large number of the companies featured in AAF are not widely followed by Wall Street.