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Your Future is Our Future

Your Future is Our Future. About CUSH Better Research Golden-Rule Investing: fully invested along-side our clients Conservative: The First Rule of Investing BRI / Certified Catholic Practitioner We do business with like-minded investors:. Food Stamp Participation.

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Your Future is Our Future

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  1. Your Future is Our Future

  2. About CUSH • Better Research • Golden-Rule Investing: fully invested along-side our clients • Conservative: The First Rule of Investing • BRI / Certified Catholic Practitioner • We do business with like-minded investors:

  3. Food Stamp Participation

  4. “A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools.” - Douglas Adams, The Hitchhiker’s Guide to the Galaxy

  5. The 3 “M’s”: Management team has to be solid and have demonstrated a high degree of honesty and integrity. This can and does include the Board of Directors as well. Moat; there has to be a significant barrier to entry. Mispricing; there has to be a reason or many reasons why a certain company is mispriced in the marketplace. Must have all three!!

  6. PC segmentMarket Share

  7. Intel: INTC • Well positioned for the future • Leader in processors for PC’s and Servers • Reinventing the PC with the Ultrabook • Capitalize on Data Center & Internet Growth • Bringing the best of Intel technologies to phones & tablets • Delivering leading hardware plus software security solutions • Emerging markets will continue to be a significant growth driver • Widening process technology and manufacturing lead is giving them a sustainable, differentiated advantage

  8. Intel: INTC • Management Team: Outstanding • CEO Paul Otellini • Long term, stable • Top execs vested in Intel • Very shareholder friendly • Increased dividends every year over last decade • Dividend and stock buybacks returned $112B to investors • 3rd dividend increase in the last 18 months

  9. Intel: INTC • Moat: Wide • • Low threat of new entrants • • Huge Capex & R&D barrier • Competitors don’t manufacture their own chips • • Fast Technology Advancement • Moore’s Law • • Ecosystem of Software Vendors • • Market Share/Volume • • Personnel • • Liquidity • • Business Relationships • • Brand Name Equity

  10. Intel: INTC • Mispricing • • Tied to the negative headlines of the declining US PC market • • Questions about whether they can make transition into mobile • Valuation • Less than 10x EPS. • Strong Dividend Yield of 3.3%. • Revenue growth of 7% while maintaining margins indicates a price target of $35 per share.

  11. Intel: INTC • Risks • Must continue to innovate • US PC market is in a decline • AMD and ARM Holdings have become formidable competitors • Competitive and Commodities pricing pressure • Parts shortages • Legal, patent challenges • New products won’t be readily adopted

  12. Intel: INTC • World Class Blue Chip • World’s Largest Semiconductor Company • Cheap @ 9.7x EPS • 3.3% Dividend Yield • $13.8 Billion in net Cash; low debt load • R&D setting them up for the future; a compelling plan to capture • market share in the tablet and smartphone markets • Clearly passes our 3 “M’s”

  13. Call to Action • Make an appointment with us if you’d like to find out more about Cush • Please help us spread the word. • SAVE THE DATE: Wed., July 11th at 7:30am • Monthly Investors Club

  14. Important Disclosures The information presented in this presentation is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing in our research constitutes legal, accounting or tax advice or individually tailored investment advice. Our research is prepared for general circulation and has been prepared without regard to the individual financial circumstances and objectives of persons who receive or obtain access to it. Our research is based on sources that we believe to be reliable. However, we do not make any representation or warranty, expressed or implied, as to the accuracy of our research, the completeness, or correctness or make any guarantee or other promise as to any results that may be obtained from using our research. To the maximum extent permitted by law, neither we, any of our affiliates, nor any other person, shall have any liability whatsoever to any person for any loss or expense, whether direct, indirect, consequential, incidental or otherwise, arising from or relating in any way to any use of or reliance on our research or the information contained therein. Some discussions contain forward looking statements which are based on current expectations and differences can be expected. All of our research, including the estimates, opinions and information contained therein, reflects our judgment as of the publication or other dissemination date of the research and is subject to change without notice. Further, we expressly disclaim any responsibility to update such research. Risk Considerations Investing involves substantial risk. Past performance is not a guarantee of future results, and a loss of original capital may occur. No one receiving or accessing our research should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing any applicable prospectuses, press releases, reports and other public filings of the issuer of any securities being considered. None of the information presented should be construed as an offer to sell or buy any particular security. As always, use your best judgment when investing. Additional Points for Consideration As mentioned, this material is provided for information only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. This material is not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation, and therefore is not a sufficient basis alone on which to base an investment decision. Cush Capital Management LLC and/or Cush Capital Partners may have positions (long or short), effect transactions or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. Moreover, investment strategies and client portfolios of Cush Capital Management LLC may have acted on the basis of this material. The information contained herein is as of the date and time referenced above and Cush Capital Management LLC does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Transactions involving financial instruments mentioned herein may not be suitable for all investors.

  15. Your Future is Our Future

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