he analysts of SISM Research provide continuing research coverage of our enrolled companies in both English and German. The one-year coverage commences with an "institutional-quality” initial report, followed by up to three quarterly updates that are issued by the analyst following the release of subsequent quarterly earnings. Additionally, research notes are periodically issued by our analysts and track changes in earning estimates, ratings or analyses. As with all quality research programs, the analyst spends time with management and thoroughly reviews each company's industry and competitive position; the investment rating is obtained after approximately 6-8 weeks of company and industry peer research. The analyst maintains close contact with the management of the company during the course of the coverage cycle.

Initial Report: The initial, institutional type report contains our own earnings model that is constructed from our own research. This model, together with a share valuation model, which the analyst constructs, provides the basis for our 6 - 12 month price target and investment recommendation.

Quarterly Updates: The corporate business and relevant industry events, along with both the earnings and valuation models, are updated in the quarterly reports. This includes our price targets and recommendations. These updated reports are prepared and issued after quarterly earnings releases (10-Q or 10K).

Research Notes: Given that markets are continually receiving new corporate information, SISM Research analysts issue research notes to immediately comment on corporate developments, as well as to change price targets and recommendations. These research notes are issued whenever the analyst desires to immediately communicate or comment on the impact of a corporate announcement or a change in the competitive position or economic condition underlying the investment thesis for that company.