Pump and Dump activities of the market operators in Bursa

Saturday, 25 March 2017
What’s cooking in penny stocks
BY TEE LIN SAY

Bursa Malaysia saw overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014.

BURSA Malaysia has underperformed for the past three years, largely due to the outflow of foreign funds.

The foreign funds started coming back five weeks ago and subsequently trading volumes on the exchange picked up. Bursa saw its overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

Unfortunately though, the good always attracts the depraved. Sure, foreign funds are here, but so are the much dreaded “pump and dump” operators.

The presence of the operators who churned out the volume was so immense that it prompted Bursa to come out with a warning to brokerages to not facilitate such activities. The exchange particularly mentioned about social websites that promote these stocks.

So just what are these “pump and dump” operators all about?

Well, they are perhaps a group of people who operate on creating hype and building up fevered excitement around a (usually) small company, where insiders can subsequently unload overvalued or worthless shares to unsuspecting investors.

So let’s say these pump and dumpers identify a cheap stock. Typically it has no earnings but rides on offering big “potential” for upside.

What they do is to cheaply acquire a large position in a company. 

• Then they begin informing the public about this company via e-mail and Internet stock sites. 
• They also start trading shares of these companies,
• Combined together, these activities create the perception that something big is brewing in that fledgling little company.

So the share price skyrockets, doubles, triples or quadruples even. Along the way, the operators dump their stock and make a fat profit for themselves.

That is more or less the modus operandi.

In the last few weeks, stocks that have hogged the volumes and gainers list are those in the sectors of construction, property, technology, logistics and e-commerce. The themes play out every few days before rotating to the next sector.

Brokers say it is more likely that the pump and dumpers are in some of the fintech stocks.

“The majority of the construction stocks, all said and done, have fundamentals and orderbooks to back their earnings. Furthermore, there are real construction contracts to be dished out this year and next.

“The same cannot be said for the tech stocks, where a lot of it is going up purely on potential and speculation,” said one broker.

Caution by the authorities

The authorities are vigilant of the current situation, and over the week, cautioned that “pump and dump” activities are circulating through the social media.

In a circular to the heads of dealing and compliance of stockbroking companies, the stock exchange said it discovered certain groups of market participants using the social media and Internet trading to carry out manipulative activities, which included “pump and dump” schemes.

The circular said that the operators of the “pump and dump” schemes, which are transacted through the social media, would typically begin by spreading false or misleading statements, news or rumours in investor blogs, chat groups – such as Telegram, WhatsApp, WeChat, electronic bulletin board postings or online newsletters – to entice or recommend unsuspecting investors to buy stocks which are touted as “hot” picks.

This, it said, was to facilitate the disposal of the stocks that they had accumulated earlier at higher prices.

Bursa said operators would often post their own researches and make unsubstantiated statements, promotional news or hearsay to gain the confidence of their followers and lure them into following their stock tips.

Bursa said the operators were persuasive in the chatrooms to entice people into buying the stock with the end goal of running up the prices.

When the stock price is pumped up due to an increase in trading volume, the operators behind the schemes will sell their stocks before the hype stops.

“The exit of the operators will cause the price to plummet while innocent investors who bought high and sold low will lose their money,” it added.

Bursa said it wanted to share the observations with brokers so that they become aware of such activities and alert their representatives and clients to exercise caution and diligence.

So what’s cooking?

Now, the latest batch of stocks being “peddled” by financial blogs and social media are those perceived to be beneficiaries of the Digital Free Trade Zone (DTFZ) where Jack Ma’s Alibaba will have a presence.

Prime Minister Datuk Seri Najib Tun Razak and Ma launched the DFTZ on Wednesday, which is expected to generate trade worth US$65bil (RM286bil) by 2025. It is expected to double the export growth of small and medium businesses by 2025 and create 60,000 jobs. It will also create a new Kuala Lumpur Internet City to house 10,000 Internet firms and 25,000 tech professionals in Bandar Malaysia.

Using these big numbers and the China factor, blogs have started talking up the likes of Dataprep Holdings Bhd, GHL Systems Bhd, Rev Asia Bhd, Cuscapi Bhd, Malaysia Airport Holdings Bhd, AirAsia Bhd, DKSH Bhd and Tropicana Bhd, among others.

The share price of Malaysia Airports Holdings Bhd (MAHB) going up isn’t all surprising.

MAHB will be teaming up with Cainiao Network, the logistics arm of e-commerce giant Alibaba Group where both companies will develop a regional e-commerce and logistics hub in the KL International Airport (KLIA) Aeropolis, as part of the DFTZ initiative.

This is not to say that all the thematic stocks that have moved up sharply are absent of fundamentals, but certainly the element of speculation is huge.

One of the sharpest rise was seen in business process outsourcing solutions provider Efficient-E Solutions. Its share price went up 72.41% or 21 sen in one day to 50 sen on Thursday. It was also the most actively traded counter of the day with 208.04 million shares being traded.

While it is true that Singapore Post Ltd is the largest shareholder in Efficient E-Solutions with a 20.8% stake, and in turn, Alibaba Investment Ltd has a 14.41% stake in Singapore Post, nonetheless fundamentally wise, nothing appears to be happening within the company.

It remains a loss-making company, posting RM10mil loss for its financial year ended Dec 31, 2016 from a previous net profit of RM44mil.

Meanwhile, companies like Cuscapi Bhd and Rev Asia Bhd are riding on the DFTZ wave by virtue of connections.

For Rev Asia, the link is through its parent company Catcha Group, which has been chosen to be the master developer for the Kuala Lumpur Internet City, a component of DFTZ.

It is also uncertain how software solutions provider Cuscapi, which is primarily involved in business management solutions software for the food and beverage industry, will benefit from DTFZ.

The company, however, posted a widening loss of RM36mil for financial year 2016, from a loss of RM24mil the year before.

Perhaps the most drastic of all moves are that of little Dataprep, which has seen its share price run from 25.5 sen on March 15 to reach its high of 65 sen on March 23. It has also been on a phenomenal run. At its last price of 62 sen, the stock still only has a market capitalisation of RM259.2mil.

The main reason being touted for Dataprep’s rise is because its owner, Tan Sri Lim Chee Wah, the son of Genting founder Lim Goh Tong, is a major shareholder of the 20 billion yuan (RM13bil) Genting Secret Garden Resorts project in China.

Genting Secret Garden Resort is an all-season holiday and skiing resort, which will be an important venue for the Beijing Winter Olympics 2022. It is located at the outskirts of Zhangjiakou city in Hebei Province.

The price is rising because Dataprep is Lim’s only Malaysian-listed company. His other private vehicle, VXL Group, is also a major investor in Secret Garden. There are now rumblings in the blogs that there could be a potential transfer of assets and Dataprep could be a beneficiary.

Read more at http://www.thestar.com.my/business/business-news/2017/03/25/whats-cooking-in-penny-stocks/#ISQLBq8rX8xBO8Xe.99

The impact of spam that touts stocks upon the trading activity of those stocks . Spam Works!

Spam Works: Evidence from Stock Touts and Corresponding Market Activity

Laura Frieder 

Purdue University - Krannert School of Management

Jonathan Zittrain 

Harvard Law School and Kennedy School; Harvard School of Engineering and Applied Sciences; Berkman Center for Internet & Society
March 14, 2007

Berkman Center Research Publication No. 2006-11
Harvard Public Law Working Paper No. 135
Oxford Legal Studies Research Paper No. 43/2006 
Abstract:      
We assess the impact of spam that touts stocks upon the trading activity of those stocks and sketch how profitable such spamming might be for spammers and how harmful it is to those who heed advice in stock-touting e-mails. We find convincing evidence that stock prices are being manipulated through spam. We suggest that the effectiveness of spammed stock touting calls into question prevailing models of securities regulation that rely principally on the proper labeling of information and disclosure of conflicts of interest as means of protecting consumers, and we propose several regulatory and industry interventions.

-  Based on a large sample of touted stocks listed on the Pink Sheets quotation system and a large sample of spam emails touting stocks, we find that stocks experience a significantly positive return on days prior to heavy touting via spam. 

-  Volume of trading responds positively and significantly to heavy touting.  For a stock that is touted at some point during our sample period, the probability of it being the most actively traded stock in our sample jumps from 4% on a day when there is no touting activity to 70% on a day when there is touting activity. 

-  Returns in the days following touting are significantly negative. The evidence accords with a hypothesis that spammers "buy low and spam high," purchasing penny stocks with comparatively low liquidity, then touting them - perhaps immediately after an independently occurring upward tick in price, or after having caused the uptick themselves by engaging in preparatory purchasing - in order to increase or maintain trading activity and price enough to unload their positions at a profit. 

-  We find that prolific spamming greatly affects the trading volume of a targeted stock, drumming up buyers to prevent the spammer's initial selling from depressing the stock's price. 

-  Subsequent selling by the spammer (or others) while this buying pressure subsides results in negative returns following touting. Before brokerage fees, the average investor who buys a stock on the day it is most heavily touted and sells it 2 days after the touting ends will lose close to 5.5%. 

-  For those touted stocks with above-average levels of touting, a spammer who buys on the day before unleashing touts and sells on the day his or her touting is the heaviest, on average, will earn 4.29% before transaction costs. The underlying data and interactive charts showing price and volume changes are also made available.

Number of Pages in PDF File: 44

Keywords: spam, stock, tout, markets, e-mail, Internet, cyberlaw, SEC, unsolicited, commercial, manipulation, timing, consumer protection, pink sheets, efficiency

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=920553

Stock Market Scams

As an investor, you must be aware of the stock market scams. The following are two of the most common stock scams.

1. The Pump and Dump
The pump and dump is one of the easiest and most common ways of taking money away from unsuspecting investors. Although it is illegal, the use of the pump and dump has actually increased because the Internet has made it possible to reach millions more people.

Here’s how the pump and dump works:
First, company insiders try to convince outsiders to buy a stock, usually the stock of a small over-the-counter company (Penny stocks). Investors are led to believe that this is a “once-in-a-lifetime” opportunity to make a small fortune. The fraudsters will pump up interest in the stock by sending messages through Internet chat rooms, or posting overly optimistic press releases.

Before the Internet, pump and dumpers used to call people on the telephone (often called Boiler Rooms). The idea is to artificially pump up the price of a stock by spreading false news. The stock price rises because of increased buying and speculation, not because of anything positive happening in the company.

As the stock goes higher, those with inside knowledge are prepared for the “dump.” As more people buy shares of the stock, the insiders sell all their shares for a huge profit. Eventually, the truth comes out, and the stock price falls as more people sell. Guess who is left holding the shares of the now nearly worthless stock? You guessed it – the unsuspecting investors who bought into the hype. They probably thought the price could go higher, so they never sold their shares.




The pump and dump is one of the oldest and most effective scams. Usually, pump and dumps are used on small stocks selling below $1.00 a share because it is easier for pump-and-dumpers to manipulate the stock price with smaller stocks.



2. Insider Trading
There are actually two types of insider trading: legal and illegal.

Legal insider trading is that done by company employees (insiders) who file proper paperwork with the SEC before buying and selling shares in their company. These documents are available for viewing on the SEC Web site.

On the other hand, illegal insider trading occurs when company employees buy and sell stocks based on information that is not known to the public. For example, it’s illegal for the managers of XYZ Company to buy additional shares of stock in the company if they know that a revolutionary new product is about to be released. It’s even illegal for you to buy shares of stock in that situation if company insiders (perhaps your neighbor) tell you about it.

Do you think insider trading is common?
It certainly is. It occurs a lot more often than many people think. Every once in a while the SEC catches a celebrity just to make a point that it’s watching. Nevertheless, it’s my estimate that thousands of insiders are using information gleaned from the companies they work for to make profitable transactions. It’s an open secret that those in the know are trading stocks on inside information.

Recent Stock Scams

What are stock scams?

Over the past few years there have been many stock scams taking place that cheated investors out of millions of dollars. Some companies have put millions of dollars on the books as revenue that was really fictitious. Other companies like Enron used misleading accounting tactics to trick their investors into thinking that their company was worth much more than it really was. As a result, it turned a stock worth more than $100 per share to one worth mere pennies. These large-scale scams fooled even the most seasoned investors and policing agencies, so there's not too much you can do to personally investigate the companies. However, there are other smaller-scale scams that you can catch and be way of.

Penny stocks

Generally, a penny stock is a stock that is trading for less than $1 per share and is trading over the counter, as opposed to one of the major exchanges like the NASDAQ. The price does not matter as much as the facts that the companies are generally very small and highly volatile. Within a space of a few hours, a stock costing $1 can easily turn in a one cent stock or a ten dollar one. Because the volume of trades for the stocks are so low, even a few people selling all their shares or buying a large number shares can dramatically affect the stock price. The following picture depicts a penny stock certificate, and a description of a common scam is below it.

Picture from Wikipedia, May 2006

Pump and Dump

In a pump and dump scam, somebody will release either great news for the company or terrible news. As investors rush to buy or sell stock, the person is strategically placed to reap great financial benefit. For example, a person who owns 10,000 shares of a stock worth $1 could mass email a fake news story about the company's earnings and get the price to $10, at which point he or she could sell. The best way to avoid this scam is to avoid penny stocks altogether. Although you could possibly make money, most of the time investors lose out.

Penny Stocks: Pump and Dump (SELL TO SUCKERS)

Penny stocks are those that trade at < RM 1.00.

Some investors confuse these low prices for value.

These stocks are often and easily promoted or manipulated.

Beware of the promoters or manipulators who hype these stocks in the internet forums.

They have often taken a position well before.

The unwary "investors" enter and soon find themselves buying these stocks higher than they can sell.

Here is an example of a stock that was from a forum.

Study the chart of the stock and the table of its prices and volumes.

I believe this chart depicts this penny stocks when it was being "Pumped and Dumped" by its promoters or manipulators. (Period of interest:  September 2010 to December 2010)

There are good lessons one can draw from this event.

Check the observations made below.

LCTH :  Daily Prices and Volumes

Prices (Daily)

Date Open High Low Close Volume Adj Close* Jan 19, 2011 0.28 0.28 0.28 0.28 437,800 0.28 Jan 18, 2011 0.29 0.29 0.28 0.28 435,000 0.28 Jan 17, 2011 0.28 0.29 0.28 0.28 469,400 0.28 Jan 14, 2011 0.29 0.29 0.28 0.29 479,000 0.29 Jan 13, 2011 0.29 0.29 0.28 0.29 993,400 0.29 Jan 12, 2011 0.29 0.29 0.28 0.29 744,000 0.29 Jan 11, 2011 0.29 0.29 0.28 0.29 409,000 0.29 Jan 10, 2011 0.29 0.30 0.28 0.30 833,600 0.30 Jan 7, 2011 0.30 0.30 0.28 0.29 678,300 0.29 Jan 6, 2011 0.28 0.30 0.28 0.30 1,728,800 0.30 Jan 5, 2011 0.27 0.28 0.27 0.28 583,600 0.28 Jan 4, 2011 0.26 0.28 0.26 0.28 487,300 0.28 Jan 3, 2011 0.26 0.26 0.25 0.26 492,100 0.26 Dec 30, 2010 0.26 0.26 0.25 0.26 217,000 0.26 Dec 29, 2010 0.26 0.26 0.25 0.26 93,000 0.26 Dec 28, 2010 0.27 0.27 0.26 0.26 86,000 0.26 Dec 27, 2010 0.25 0.28 0.25 0.27 1,468,000 0.27 Dec 24, 2010 0.25 0.25 0.25 0.25 166,200 0.25 Dec 23, 2010 0.25 0.26 0.25 0.26 203,800 0.26 Dec 22, 2010 0.25 0.26 0.25 0.26 648,700 0.26 Dec 21, 2010 0.25 0.26 0.25 0.25 822,000 0.25 Dec 20, 2010 0.26 0.26 0.25 0.25 598,400 0.25 Dec 17, 2010 0.26 0.26 0.26 0.26 400,600 0.26 Dec 16, 2010 0.26 0.26 0.26 0.26 57,400 0.26 Dec 15, 2010 0.26 0.27 0.26 0.27 169,600 0.27 Dec 14, 2010 0.26 0.26 0.26 0.26 456,400 0.26 Dec 13, 2010 0.26 0.26 0.25 0.26 649,500 0.26 Dec 10, 2010 0.26 0.26 0.25 0.25 732,200 0.25 Dec 9, 2010 0.26 0.26 0.25 0.26 303,900 0.26 Dec 8, 2010 0.26 0.26 0.25 0.26 304,600 0.26 Dec 6, 2010 0.26 0.27 0.25 0.26 625,500 0.26 Dec 3, 2010 0.27 0.27 0.26 0.26 628,600 0.26 Dec 2, 2010 0.27 0.28 0.27 0.27 283,400 0.27 Dec 1, 2010 0.26 0.27 0.26 0.26 93,500 0.26 Nov 30, 2010 0.28 0.28 0.26 0.27 875,200 0.27 Nov 29, 2010 0.28 0.28 0.27 0.28 579,100 0.28 Nov 26, 2010 0.28 0.28 0.28 0.28 378,800 0.28 Nov 25, 2010 0.28 0.28 0.28 0.28 720,800 0.28 Nov 24, 2010 0.28 0.28 0.28 0.28 305,900 0.28 Nov 23, 2010 0.29 0.29 0.27 0.28 928,300 0.28 Nov 22, 2010 0.29 0.29 0.28 0.28 1,057,800 0.28 Nov 19, 2010 0.29 0.29 0.29 0.29 504,200 0.29 Nov 18, 2010 0.29 0.30 0.29 0.29 552,100 0.29 Nov 16, 2010 0.31 0.31 0.30 0.31 811,000 0.31 Nov 15, 2010 0.34 0.34 0.29 0.31 3,137,500 0.31 Nov 12, 2010 0.38 0.40 0.37 0.37 2,716,800 0.37 Nov 11, 2010 0.37 0.38 0.35 0.38 3,223,300 0.38 Nov 10, 2010 0.38 0.38 0.36 0.37 789,500 0.37 Nov 9, 2010 0.40 0.40 0.36 0.38 1,299,100 0.38 Nov 8, 2010 0.39 0.40 0.38 0.38 4,302,600 0.38 Nov 4, 2010 0.32 0.41 0.32 0.38 11,517,500 0.38 Nov 3, 2010 0.31 0.32 0.31 0.32 466,000 0.32 Nov 2, 2010 0.32 0.32 0.31 0.31 419,000 0.31 Nov 1, 2010 0.32 0.33 0.32 0.33 1,067,600 0.33 Oct 29, 2010 0.30 0.32 0.30 0.31 1,036,800 0.31 Oct 28, 2010 0.30 0.31 0.29 0.31 127,000 0.31 Oct 27, 2010 0.29 0.31 0.29 0.31 572,600 0.31 Oct 26, 2010 0.28 0.29 0.28 0.29 309,000 0.29 Oct 25, 2010 0.28 0.28 0.28 0.28 204,300 0.28 Oct 22, 2010 0.28 0.28 0.28 0.28 130,000 0.28 Oct 21, 2010 0.28 0.28 0.27 0.28 156,100 0.28 Oct 20, 2010 0.27 0.28 0.27 0.28 254,000 0.28 Oct 19, 2010 0.28 0.28 0.28 0.28 40,000 0.28 Oct 18, 2010 0.28 0.28 0.28 0.28 12,000 0.28 Oct 15, 2010 0.27 0.28 0.27 0.27 0 0.27 Oct 14, 2010 0.28 0.28 0.28 0.28 70,000 0.28

Observations:

After a long period of promotion, many investors were made aware of the stock in the internet forum.  

Subconsciously, the stock entered their attention and was in their radar screen.  

Many hesitated and did not enter in the early stages of the promotion due to doubts and cautiousness.

Then, when the volume started to climb and the prices started to move upwards, these previously primed "investors" took notice.  

The more adventurous entered first and early at this stage.

As the price rose, more entered.  This was the confirmation that many of these "primed investors" were waiting and looking for.  "It must be true, the game is now on, I am getting in too."  

But note, they were buying at higher prices.  Some even bought more at higher prices (averaging up).   Did you notice that they were already paying a higher price than the "usual"?

Then more of the "dumb money" flowed in.  Look at the huge volume of stocks transacted on 4.11.2010.  This counter was the talk of the market now.  Ever wondered WHO SOLD on that day?  Of course, the manipulators and the smart money.

The party was as good as over by now.  However, more SUCKERS came in over the next few trading days.  With ALL SUCKERS in the stock now, and the smart money having moved out, there were no more SUCKERS to support the price.  

ALL the SUCKERS now holding the stocks were hoping to sell to ANOTHER SUCKER who was willing to buy from them at higher prices.  

Alas, NO new SUCKERS appeared.  This led to the precipitous fall in the price from the 6th trading day after the peak of the volumes and the price of the stock.

It was then a matter of awakening for those left holding the stock at high prices.  Over the subsequent weeks and months, they too realised they were SUCKED, holding or departing from the shares with their losses.

Prices (Daily)

Date Open High Low Close Volume Adj Close* Oct 13, 2010 0.28 0.28 0.28 0.28 80,600 0.28 Oct 12, 2010 0.28 0.28 0.28 0.28 135,000 0.28 Oct 11, 2010 0.28 0.28 0.28 0.28 120,000 0.28 Oct 8, 2010 0.28 0.28 0.28 0.28 0 0.28 Oct 7, 2010 0.28 0.28 0.28 0.28 20,600 0.28 Oct 6, 2010 0.28 0.28 0.28 0.28 42,000 0.28 Oct 5, 2010 0.28 0.28 0.28 0.28 13,000 0.28 Oct 4, 2010 0.28 0.28 0.27 0.27 220,000 0.27 Oct 1, 2010 0.27 0.28 0.27 0.28 91,900 0.28 Sep 30, 2010 0.27 0.27 0.27 0.27 72,600 0.27 Sep 29, 2010 0.28 0.28 0.27 0.27 28,400 0.27 Sep 28, 2010 0.28 0.28 0.28 0.28 190,000 0.28 Sep 27, 2010 0.28 0.28 0.28 0.28 3,000 0.28 Sep 24, 2010 0.27 0.27 0.27 0.27 1,800 0.27 Sep 23, 2010 0.28 0.28 0.28 0.28 60,000 0.28 Sep 22, 2010 0.28 0.28 0.28 0.28 172,000 0.28 Sep 21, 2010 0.28 0.28 0.28 0.28 5,000 0.28 Sep 20, 2010 0.28 0.28 0.28 0.28 0 0.28 Sep 17, 2010 0.28 0.28 0.28 0.28 6,000 0.28 Sep 15, 2010 0.28 0.28 0.28 0.28 10,000 0.28 Sep 14, 2010 0.28 0.28 0.26 0.26 71,600 0.26 Sep 13, 2010 0.27 0.28 0.27 0.27 0 0.27 Sep 9, 2010 0.28 0.28 0.28 0.28 10,000 0.28 Sep 8, 2010 0.27 0.27 0.27 0.27 10,600 0.27 Sep 7, 2010 0.28 0.28 0.27 0.27 36,000 0.27 Sep 6, 2010 0.27 0.29 0.27 0.27 0 0.27 Sep 3, 2010 0.28 0.28 0.28 0.28 25,600 0.28 Sep 2, 2010 0.27 0.28 0.26 0.28 76,200 0.28 Sep 1, 2010 0.28 0.28 0.28 0.28 0 0.28 Aug 30, 2010 0.28 0.28 0.28 0.28 43,000 0.28 Aug 27, 2010 0.28 0.28 0.28 0.28 20,000 0.28 Aug 26, 2010 0.28 0.28 0.28 0.28 70,000 0.28 Aug 25, 2010 0.28 0.28 0.28 0.28 186,000 0.28 Aug 24, 2010 0.29 0.29 0.28 0.28 40,000 0.28 Aug 23, 2010 0.28 0.28 0.28 0.28 20,600 0.28 Aug 20, 2010 0.28 0.28 0.28 0.28 200,000 0.28 Aug 19, 2010 0.29 0.29 0.29 0.29 0 0.29 Aug 18, 2010 0.29 0.29 0.28 0.29 163,700 0.29 Aug 17, 2010 0.28 0.29 0.28 0.29 241,500 0.29 Aug 16, 2010 0.28 0.29 0.28 0.28 341,800 0.28 Aug 13, 2010 0.28 0.29 0.28 0.29 214,000 0.29 Aug 12, 2010 0.29 0.29 0.29 0.29 0 0.29 Aug 11, 2010 0.29 0.29 0.29 0.29 0 0.29 Aug 10, 2010 0.29 0.29 0.29 0.29 37,500 0.29 Aug 9, 2010 0.31 0.31 0.29 0.29 19,000 0.29 Aug 6, 2010 0.29 0.31 0.29 0.29 0 0.29

Prices (Daily)

Date Open High Low Close Volume Adj Close* Aug 3, 2010 0.30 0.30 0.30 0.30 30,000 0.30 Aug 2, 2010 0.28 0.30 0.28 0.30 18,600 0.30 Jul 30, 2010 0.30 0.30 0.29 0.30 202,000 0.30 Jul 29, 2010 0.31 0.31 0.30 0.30 238,800 0.30 Jul 28, 2010 0.29 0.30 0.29 0.29 53,000 0.29 Jul 27, 2010 0.29 0.29 0.29 0.29 95,000 0.29 Jul 26, 2010 0.29 0.29 0.29 0.29 94,900 0.29 Jul 23, 2010 0.30 0.31 0.29 0.29 306,000 0.29 Jul 22, 2010 0.30 0.31 0.29 0.29 40,500 0.29 Jul 21, 2010 0.29 0.31 0.29 0.30 273,600 0.30 Jul 20, 2010 0.29 0.31 0.29 0.29 185,200 0.29 Jul 19, 2010 0.30 0.30 0.29 0.30 18,000 0.30 Jul 16, 2010 0.29 0.31 0.29 0.29 0 0.29 Jul 15, 2010 0.31 0.31 0.29 0.31 159,600 0.31 Jul 14, 2010 0.29 0.31 0.29 0.31 15,000 0.31 Jul 13, 2010 0.28 0.29 0.28 0.29 1,800 0.29 Jul 12, 2010 0.29 0.29 0.28 0.28 28,900 0.28 Jul 9, 2010 0.29 0.30 0.29 0.30 50,000 0.30 Jul 8, 2010 0.29 0.29 0.29 0.29 25,000 0.29 Jul 7, 2010 0.29 0.30 0.29 0.29 37,000 0.29 Jul 6, 2010 0.28 0.28 0.28 0.28 10,000 0.28 Jul 5, 2010 0.28 0.30 0.28 0.28 0 0.28 Jul 2, 2010 0.29 0.29 0.29 0.29 20,000 0.29 Jul 1, 2010 0.29 0.29 0.29 0.29 10,000 0.29 Jun 30, 2010 0.29 0.29 0.29 0.29 26,000 0.29 Jun 29, 2010 0.29 0.29 0.28 0.28 100,500 0.28 Jun 28, 2010 0.31 0.31 0.29 0.30 75,000 0.30 Jun 25, 2010 0.29 0.31 0.29 0.29 0 0.29 Jun 24, 2010 0.30 0.30 0.30 0.30 10,000 0.30 Jun 23, 2010 0.30 0.32 0.30 0.31 680,700 0.31 Jun 22, 2010 0.29 0.30 0.29 0.29 0 0.29 Jun 21, 2010 0.29 0.30 0.29 0.29 121,200 0.29 Jun 18, 2010 0.29 0.29 0.29 0.29 20,000 0.29 Jun 17, 2010 0.30 0.30 0.30 0.30 1,000 0.30 Jun 16, 2010 0.29 0.29 0.29 0.29 85,000 0.29 Jun 15, 2010 0.28 0.29 0.28 0.29 20,000 0.29 Jun 14, 2010 0.28 0.30 0.28 0.28 0 0.28 Jun 11, 2010 0.28 0.30 0.28 0.28 0 0.28 Jun 10, 2010 0.29 0.29 0.29 0.29 40,000 0.29 Jun 9, 2010 0.29 0.30 0.29 0.30 46,000 0.30 Jun 8, 2010 0.28 0.28 0.28 0.28 22,700 0.28 Jun 7, 2010 0.28 0.28 0.28 0.28 7,000 0.28 Jun 4, 2010 0.28 0.28 0.28 0.28 600 0.28 Jun 3, 2010 0.28 0.31 0.28 0.29 89,800 0.29 Jun 2, 2010 0.28 0.29 0.28 0.28 0 0.28 Jun 1, 2010 0.29 0.29 0.28 0.29 282,600 0.29 May 31, 2010 0.29 0.29 0.29 0.29 12,000 0.29 May 27, 2010 0.28 0.29 0.28 0.29 216,200 0.29 May 26, 2010 0.28 0.28 0.28 0.28 168,000 0.28 May 25, 2010 0.29 0.29 0.27 0.28 378,800 0.28 May 24, 2010 0.29 0.29 0.28 0.29 85,000 0.29 May 21, 2010 0.28 0.29 0.27 0.29 162,500 0.29 May 20, 2010 0.29 0.29 0.28 0.29 121,800 0.29 May 19, 2010 0.30 0.30 0.30 0.30 305,000 0.30 May 18, 2010 0.31 0.31 0.30 0.30 173,000 0.30 May 17, 2010 0.31 0.31 0.31 0.31 44,600 0.31 May 14, 2010 0.31 0.31 0.31 0.31 77,000 0.31 May 13, 2010 0.32 0.34 0.30 0.31 730,100 0.31 May 12, 2010 0.31 0.32 0.31 0.31 866,700 0.31 May 11, 2010 0.33 0.33 0.33 0.33 30,000 0.33 May 10, 2010 0.33 0.33 0.32 0.33 144,700 0.33 May 7, 2010 0.32 0.34 0.32 0.32 253,600 0.32 May 6, 2010 0.34 0.34 0.33 0.34 272,300 0.34 May 5, 2010 0.34 0.34 0.34 0.34 15,000 0.34 May 5, 2010 0.0178 Dividend May 4, 2010 0.36 0.36 0.35 0.36 206,100 0.34 May 3, 2010 0.36 0.36 0.36 0.36 30,000 0.34

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