About Battle Road Independent Equity Research

“Our clients can rely on research free from the influence of investment banking and company management.” – Ben Z. Rose, President, Battle Road Research

Battle Road Research is an equity research firm that provides fund managers and analysts with an independent voice on technology and consumer stocks. Our name commemorates the 18 mile stretch between Boston and Concord, where the American Revolution began, and is meant to be a metaphor of research independence from investment banking.

Our research process combines rigorous financial analysis with insights gleaned from publicly-available industry data. The firm was started by Ben Z. Rose in October of 2001. Prior to Battle Road, Rose had been a senior analyst and principal at Boston-based Adams, Harkness & Hill for five years, where he covered software and internet stocks. Before that he was a senior analyst at Tucker Anthony & R.L. Day (now a part of RBC) for five years, where he began the firm’s software sector coverage.

Since our inception Battle Road Research has adhered to three principles:

• no investment banking
• no company commissioned reports
• no personal investment in the stocks we research.

We believe that our independence is critical to our success, and makes us different from our competition. We are not an investment bank. Therefore, our clients know that our research conclusions and recommendations cannot be manipulated in order to curry favor with an existing or future investment banking client. Since we do not operate a trading desk, our clients can rely on us not to upgrade or downgrade a stock simply to cross a block trade. Despite the trend toward company-sponsored research, our clients can rely on the fact that we do not receive compensation from any company that we research. Our sole mission from our inception in 2001 has been and remains the same: help our clients seek out stocks to buy and stocks to avoid.

Our research service is The Battle Road Advisory, which features company-specific reports on technology and consumer stocks. We currently publish over 100 reports each year on stocks across our Software, Internet & Consumer, Manufacturing & Solar Technology, and Electric Vehicle sector coverage. All of our reports are Buy, Outperform, Hold, or Sell rated, since our clients like to know which stocks we like, and which stocks we would avoid. We cover an eclectic mix of Mid and SMID-cap stocks, along with a number of large cap sector leaders. Overall, we see ourselves as an independent input into our clients’ investment process.

We also publish The Battle Road Alert (www.battleroadalert.com), a monthly report in which we screen for new Buy and Sell ideas from among a unique universe of more than 250 technology, consumer, EV and manufacturing, and business services stocks. Our clients use The Battle Road Alert as a way to keep apprised of our favorite Buy and Sell ideas, identify orphaned stocks, home in on overvalued stocks, keep abreast of the best and worst performing sectors and stocks in each sector, screen for meetings with company management, and keep current on recent IPOs and spin-offs.

Ben Z. Rose founded Battle Road Research in October of 2001, following 10 years as a software and internet securities analyst. Mr. Rose started the Software research effort at Boston-based Tucker Anthony (now a division of Royal Bank of Canada) in July of 1991, which included early coverage of software icons Microsoft, Adobe Systems, Symantec, and Parametric Technology. As a senior analyst at Adams, Harkness & Hill, from 1995 through 2001, he followed small and mid-cap software and internet companies, helping to propel the firm’s widely-respected technology stock coverage, and rose from the position of Vice President to Principal of the firm. Prior to entering the securities industry, Rose spent four years as a technical marketing and business planning analyst for two of the Computer Aided Design and Manufacturing industry’s pioneering companies: Applicon and Computervision.

Rose has been quoted in The Wall Street Journal, The New York Times, Barrons, and The Boston Globe. He has appeared as a guest on CNBC, Bloomberg Television, and has provided on-air stock market commentary for NECN. He has also participated in the Bloomberg Technology Roundtable. At Battle Road, Rose oversees the company’s research coverage, leads its sales and marketing efforts, while researching technology and consumer stocks. He holds a B.A. in international affairs from George Washington University, and an M.B.A. from the University of Michigan.