For investment professional use only. Not to be shown to retail investors.

Q:	What are the features of Pershing Investment Research Online?
A:	The web site offers daily reports on companies and industries, economic comments, market comments, mutual fund and equity recommended lists, a mutual fund database, portfolio ideas, financial trends, a listing of important economic dates to watch for, free delayed quotes, and much more.
Q:	How many stocks and mutual funds are covered?
A:	Pershing covers approximately 380 companies. To supplement this coverage, Pershing provides access to Wall Street on Demand®, which includes a universe of approximately 10,000 companies. Reports from Wall Street on Demand® are available for a nominal cost, based on the type and amount of material ordered. With Pershing Investment Research Online, you also have access to the Lipper Mutual Fund Database, which has information on over 7,000 mutual funds.
Q:	What browsers do you support?
A:	The browsers we support include Netscape Navigator® version 3.01 or higher and Microsoft® Internet Explorer version 3.0 or higher (both browsers may be downloaded directly from the web site).
Q:	What other software is required to use this site?
A:	You need Adobe® Acrobat® Reader version 3.0 or higher (which may be downloaded directly from the web site) to view the reports. If you are having a problem launching documents in the reader, please go to the "About pirs.com" tab on the home page, and refer to the section entitled "How to use this site" which offers some solutions.
Q:	Describe your professional staff.
A:	Our professional staff includes eight analysts, plus six other associates that contribute to our investment research reports. Our analysts have an average of 25 years of experience, making them experts in the decision-making process with the ability to provide informative reports on the financial industry.
Q:	Provide a brief summary of your opinion/rating system and include a percentage breakdown on the number of stocks in each rating tier.
A:	Opinions Meaning Percentage over the last 12 months Buy Buy now 50% - 60% Hold/Buy Buy for long term 25% - 40% Hold/Sell Look to sell 5% - 10% Sell Sell now 0% - 5%
Q:	Do you have buy-rated stocks that are not on your Recommended List?
A:	Yes, we have buy-rated stocks that are not on our Recommended List. Our Recommended List is reserved for our most attractive ideas and is published at least twice a month.
Q:	How quickly can I expect an updated analyst comment after "significant" company news and events have occurred?
A:	Our analysts make every attempt to comment the day the news is released.
Q:	Do you provide international coverage?
A:	Yes, a limited number of non-U.S. domiciled companies are covered.
Q:	Do you have a recommended list for higher-yielding stocks that would be of interest to income buyers?
A:	We do not maintain a high-yield recommended list, but subjects like high-yield equities are periodically covered in our monthly Portfolio Comments publication.
Q:	Can I nominate fundamentally sound stocks to be written up and covered?
A:	Yes, however, we cannot assure coverage and our opinions are totally independent.
Q:	How many firms use Pershing Investment Research? Can you provide a contact list?
A:	We currently have over 250 firms that subscribe to Pershing Investment Research, and we would be happy to supply you with a reference list.
Q:	How can I print and save the reports for future use?
A:	Reports can be printed from the Adobe® Acrobat® Reader (not your browser toolbar). You can save the reports by clicking on "File," "Save As," and naming the file. These reports are produced for investment professional use only and may not be reproduced by the user for distribution. Please remember that each user ID is for a single license only.
Q:	Can we re-write your stock reports using the reports as source material?
A:	No, all our reports are copyrighted and may only be reproduced with our prior written permission.
Q:	How is web site access granted?
A:	User IDs and passwords are provided through a firm's home office. All users must have a license. Each user ID is for a single license only.
Q:	Is Pershing Investment Research Online Year 2000 compliant?
A:	Yes, we are Year 2000-compliant.
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