Gridstone Research is a powerful and flexible analysis and modeling platform that helps investment professionals make better investment decisions, faster. Gridstone's web-based platform for analysis and modeling helps analysts go deeper, faster into the companies they research. Gridstone assembles and analyzes financial data, guidance, operational data and unstructured information from sources such as conference call transcripts, SEC filings and press releases. This information is then pulled into an intuitive interface that allows an analyst to focus on developing insight and making investment decisions.

Gridstone Research provides investment professionals with unique and valuable company analyses that were never available before. Operational Numbers: Operational numbers are data like 'Number of deals over $1 million' for a licensed software company or 'Utilization' for an IT Services company. Every industry has a different set of Operational numbers that are important to that industry and are regularly disclosed by companies in the industry. For the first time, these numbers will be available as data, not embedded within large text documents like SEC filings or conference call transcripts. Guidance: Gridstone provides data on Guidance on standard financial parameters like Revenue and EPS as well as on non-standard parameters like Operating Margin or other operational parameters. For example, guidance on 'Gross Hiring Plans' is critical for an analyst modeling an IT Services company. The Guidance is versioned as it changes over time. Financial Numbers: To complete the picture, Gridstone also gives you financial numbers from financial statements, including numbers from the footnotes that provide additional detail on the primary financial numbers. Color: Analysts are interested in not just the numbers but also the Color behind all numbers. 'What did management say about the revenue growth two quarters ago?' 'What reasons were given for the lower gross margins in the last quarter?' Thus far, the answers to these kinds of questions were buried deep in earnings call transcripts or SEC filings. With Gridstone they are just two clicks away. Taxonomy: To structure and organize the analyses, Gridstone analysts build templates of parameters for each industry and each company in the industry. These templates comprise the patent-pending taxonomy that provide structure to the analyses, and continuously evolve to keep pace with the company's business dynamics. Sources: Gridstone currently covers publicly available sources of information such as SEC Filings (10K/Qs), earnings press releases and earnings call transcripts. New data sources will be added after building coverage in a sector.

The Gridstone platform is a zero-footprint web application, and can be accessed from a computer with a web browser and a broadband internet connection.

Subscription to the Gridstone platform will cost approximately $10,000 per user ID per year. Commercial subscriptions will be available from the fall of 2006.

Contact your CAPIS salesperson at 800.247.6729 or 214.720.0055, or Dan.Cox@gridstoneresearch.com