Unit Economics currently offers select clients subscriptions to the Domestic Long/Short
Service. Our research efforts for this product are focused on initiating and continuing
research coverage of 4-6 U.S.-listed stock ideas (either long or short ideas) per year.
For each idea, we publish a comprehensive 20+ page initiation report. Our reports
include financial models and earnings forecasts (see sample report ), as well as industry
analysis and other relevant material. In addition, we continue to publish periodic updates
as significant events occur.

We also publish 3-4 20+ page, macro/thematic reports each year. These reports cover
topics that impact investment returns, such as the grain markets, natural gas and
global cooling. Generally (but not always), our macro/thematic reports are married with
our individual stock ideas to enhance both our informational advantage and client returns.

In addition, our analysts are always available to subscribers and we frequently travel to
meet our clients to discuss ideas and the markets in general.

Recipients of this research should be aware that the publisher may invest in many of the
same ideas it provides to its research clients, either for its own account or in connection
with managing assets for third parties. The publisher is not obligated to invest in the
companies addressed in research reports and it may buy, sell, or hold such companies at
any time in its sole discretion and without any obligation to inform research clients of such
actions. In many cases, the publisher may buy or sell positions for its own account or in
connection with managing assets for third parties in advance of delivery of research
reports. Your subscription to this service constitutes your acceptance of this policy.