Center for Financial Research & Analysis Appoints Bruce Fador as Managing Director; Significant Addition to CFRA's Executive Team.

Business Editors

ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 10, 2003

The Center for Financial Research & Analysis, LLC (CFRA), a highly regarded independent financial research organization serving the investment community, today announced the appointment of Bruce Fador as Managing Director. In this newly created post, Fador will have responsibility for all facets of sales, marketing and customer service at CFRA.

Founded in 1994 by Dr. Howard Schilit, CFRA has pioneered quality-of-earnings research, using a unique methodology to analyze public company financial data, news and other information to aid clients in their investment and business decision-making. The company provides research on more than 2,500 companies in North America, Europe, Japan and Continental Asia. CFRA's clients include hundreds of the nation's leading money management, brokerage, banking, accounting and insurance firms.

"Bruce Fador brings a wealth of experience in independent research and the financial services market, and we are pleased to welcome him to CFRA," said Schilit. "We've had tremendous success at CFRA, and are looking to further grow the company into a truly global firm, with expanded products and services and a broader customer base. With Bruce's track record of success in building a business like First Call, he will be critical to that effort."

"CFRA has a well-earned reputation as a premier provider of independent research, and I welcome the opportunity to work closely with Howard and the CFRA team," said Fador. "The increasing demand for quality research and analysis of public company financial data presents a variety of new business opportunities for the company."

TA Associates, a leading private equity and buyout firm, recently completed a $60 million investment in CFRA, with an immediate goal of expanding the company's management team and sales and customer service infrastructure. The appointment of Fador is the first in a series of planned hires to fill key executive positions, enabling Dr. Schilit to focus on his primary role as director of CFRA's research activities.

Fador joins CFRA from Thomson Financial, where he was Managing Director responsible for spearheading Thomson Financial's independent research activities globally. Fador also led Thomson's discussions with the 10 brokerage firms and their Independent Consultants that were party to the Global Research Settlement between the firm and the SEC signed on October 31.

Fador was formerly Senior Partner at Gustin Partners, an international executive search firm, where he headed the firm's financial services practice. Prior to joining Gustin Partners, Fador was the President and CEO of WorldStreet, a software solutions provider serving the securities industry. He drove the business strategy that redirected product focus to develop and launch WorldStreet Net, a groundbreaking system solving complex communications problems on Wall Street. Thomson Financial acquired WorldStreet Net in January 2002.

Previously, Fador spent almost 15 years with Thomson Financial, serving as President and CEO of First Call, Thomson's global, on-line distribution network for financial research, from 1992 until 1998. Fador was responsible for the launch of numerous new products and its growth in becoming a leading provider of research and services to the financial community.

Center for Financial Research & Analysis

Since 1994, CFRA has been a leading independent financial research organization serving the investment community. Its quality-of-earnings analysis on more than 2,500 companies is delivered daily over the Internet to more than 4,000 professionals in North America, Europe and Asia. CFRA rates quality-of-earnings at public companies, warning investors, creditors and other stakeholders about companies displaying deteriorating operational indicators or employing unusual or aggressive accounting practices, and reporting favorably on public companies with strong operational health and appropriate accounting policies. CFRA was founded by Dr. Howard Schilit, author of Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Reports (McGraw Hill, 2002). More information about CFRA can be found at www.cfraonline.com.