Churchill Research Inc. is an independent equity research firm generating investment ideas (domestic and international) for institutional money managers. The intellectual foundation for the equity analysis is the classical/supply-side economic model. Equity calls are generated via a three-step process that begins with top-down macro analysis, moves on to sector analysis and culminates in bottom-up analysis of individual equities.;

Ideas are conveyed to clients in a variety of ways:

* Morning Bullets, published roughly three times per week, include initiations of coverage, updates on equities under coverage and macroeconomic discussions;

* The Monthly U.S. Portfolio & Themes piece updates current macro themes and displays the current make-up of the Churchill Research portfolio, as well as EPS estimates and target prices for names under coverage;

* The Monthly Emerging Markets Portfolio & Themes piece serves the same function for emerging markets;

* PowerPoint chart packages are published periodically outlining all top themes.

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