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investorSCOREcard
Standard                                                                                                                               Stock Report as of Sep 27, 2010

          Grand Power Logistics Group (GPW-V)
          Calgary, AB, Canada (403) 237-8211 www.Grandpowerexpress.com


          Share Price                                                                $0.14                   Market Cap (Mil)                                             $7.39
          52 Week High                                                               $0.50                   Cash (Mil)                                                   $6.79
          52 Week Low                                                                $0.09                   Total Debt (Mil)                                           $11.00
          Avg Vol Last 3 mos. (000's)                                                52.52                   Enterprise Value (Mil)                                     $18.39
          Basic Shares Outstanding (Mil)                                             52.79                   Dividend Yield                                               0.0%
          Diluted Shares Outstanding (Mil)                                           52.79                   P/E (TTM)                                                        NA


          Stock Price and Volume                                                                             Business Description                              Source: Morningstar


                                                                                                             Grand Power Logistics Group Inc. is a Canada-based
           1,400,000                                                                  $0.50
                                                                                                             company. The Company operates through its wholly owned
                                                                                      $0.45                  Hong Kong-based subsidiary, Grand Power Express
           1,200,000                                                                                         International Ltd. (GP Express), and provides air-freight
                                                                                      $0.40
                                                                                                             forwarding and sea-freight services, customs brokerage,
           1,000,000                                                                  $0.35                  logistics, warehousing and distribution, as well as other
                                                                                               Stock Price   value added services. GP Express has established
                                                                                      $0.30                  operations in various regions, particularly in the Greater
             800,000
 Volume




                                                                                      $0.25                  Pearl River Delta (GPRD), China’s economic region. GP
             600,000
                                                                                                             Express’ subsidiaries or branch offices are located in Macau,
                                                                                      $0.20                  Shenzhen, Guangzhou, Shanghai, Xiamen, Tianjin and
                                                                                      $0.15
                                                                                                             Beijing in China and in Los Angeles, California in the United
             400,000
                                                                                                             States. On January 1, 2009, the Company acquired the
                                                                                      $0.10                  remaining 40% interest of its subsidiary, Redcap Logistics
             200,000                                                                                         Ltd.
                                                                                      $0.05

                 -                                                                    $-
                       S O N D J F M A M J J A S O N D J F M A M J J A S
                          2008                2009                   2010

                                                                                                                                                        Comparables
          Scorecard Highlights                                                                                                                               CJT.UN-T
          Ratings Out of Possible 5 Stars                                                                                                                      TFI-T
                                                                                                                                                              MTL-T
                                                                            Quarter Ending Jun 10                Quarter Ending Mar 10


          Stock Market Performance
                                                                                     0.9                                  2.2                                   2.0


          Insider Ownership
                                                                                     4.1                            Not Provided                         Not Provided


          Revenue, EBITDA and EPS
                                                                                     0.9                                  1.2                                   1.5


          Balance Sheet Analysis
                                                                                     4.3                                  3.8                                   3.3


          Return on Capital
                                                                                     1.5                                  1.3                                   2.5


          Valuation
                                                                                     4.2                                  3.7                                   3.9
© 2010 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecard
For a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspx
Please see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.
investorSCOREcard
Grand Power Logistics (GPW-V)

Company Overview and Market Opportunity
Headquartered in Hong Kong, Grand Power is a leading logistic services provider of airfreight and ocean freight
services, rail and land transportation, customs brokerage, warehouse and distribution, and global freight
management services.
Grand Power has established operations in various regions throughout Asia and North America, particularly in the
Greater Pearl River Delta, China’s largest economic zone. Grand Power maintains offices in Macau, Shenzhen,
Guangzhou, Shanghai, Xianen, Tianjin, Beijing and Los Angeles.
The Company’s growth is due a number of factors, driven primarily by the expansion of China’s economy. In
particular, China’s burgeoning economy is driving the need for logistics services necessary to handle the export of
manufactured goods as well as the import of luxury goods for the country’s growing middle class.




Recent Operational and Financial Highlights
   •   Signed a memorandum of understanding to develop Yangshan International Container Transit Logistics
       Park. The MOU was signed with the Shengsi County People's Government in Zhejiang Province, China.
   •   Entered into agreements with two major airline carriers to handle the Company’s dangerous cargo
       shipments in Northern China.
   •   Signed an agency agreement with a leading, international ocean carrier to act as a broker for the carrier,
       selling directly to China-based exporters of manufactured goods.
   •   Formed a special Project Team that will oversee the development of Yangshan International Container
       Transit Logistics Park.
   •   Increased revenue for Q2 FY2010 by 4.7% to $21.3 million and generated a net profit of $308,000,
       representing a positive turnaround of $855,000.
   •   Adopted the US dollar as the Company’s reporting currency since the majority of the Company’s
       transactions are conducted in Hong Kong currency, which is pegged to the US dollar. The change will
       reduce the effect of Canadian/US exchange rate fluctuations on financial results going forward.
   •   Increased gross profit per ton shipped by 195% to $208 per ton, up from $70 as a result of direct sales
       strategy and increased concentration of higher margin sales opportunities.




Growth Strategy
Grand Power’s strategy for growth is focused on:
   •   capitalizing on the increasing demand for logistics services due to China’s burgeoning economy
   •   driving higher margins through increased direct sales activities with customers and negotiating volume
       discounts on the cost of cargo space with carriers
   •   expanding into higher margin services, such as dangerous cargo handling
   •   leveraging its joint ventures with Air China and ECS for increased sales
   •   developing a logistics handling park affiliated with Shanghai’s new deep-sea port.
investorSCOREcard
Grand Power Logistics (GPW-V)

Competitive Advantages
Grand Power has a number of competitive advantages. The Company
   •    is a full service provider of logistics services
   •    has partners in Europe, China and North America that strengthen its service offerings to exporters and
        importers alike.
   •    has local knowledge and presence in China, unlike major international competitors
   •    Maintains long-standing relations with logistics service providers and agents around the world.




Directors and Management
Mr. Ricky Chiu
President, Chief Executive Officer and Director
As a key founder and visionary for GPW, Mr. Chiu brings a Western business perspective to the Company. He
received his education in England , Oxford College and Beijing University and began his career in Australia and
Canada . He has a diversified background in a wide range of industries with roles in finance, audit, property/real
estate, merchandise trading and travel, as well as logistics. Mr. Chiu founded Grand Power Express International
Ltd in Hong Kong in 2002.


Mr. Alan Chan
Chief Financial Officer, Secretary-Treasurer, and Director
Mr. Chan holds an Engineering Degree from the University of Saskatchewan. He has many years of experience in
Chinese projects, including taking a number of companies public in Western Markets and assisting in financing.
This experience is extremely important to understand the business cultures of North America and the Asia Pacific
Region.


Mr. Jones Chu
Independent Director
Mr. Chu is an Equity Derivatives Director with a leading Hong Kong-based securities firm and a Director and
shareholder of Grand Power Logistics Development Limited (“GPLD”) – the business unit of Yangshan Logistics Park
. Mr. Chu has more than 15 years of capital markets experience. Mr. Chu is responsible debt and equity raises of
GPLD .


Mr. Mike Lam
Director
Mr. Lam has over 10 years of experience in air cargo and logistics services. With his extensive knowledge on sales
and pricing, he has developed solid relationships with local and overseas clients. Since May 2002, Mr. Lam served
as General Manager of Grand Power Express; since May 1997, General Manager of Grand Power Express
Forwarders Co. Ltd., & Grand Power Express Tourism Co. Ltd. (Macau).
investorSCOREcard
Grand Power Logistics (GPW-V)

Mr. Kim Oishi
Director
Mr. Oishi has 15 years experience in financing and advising growth companies, and has served in senior
management and board positions on a number of public and private companies. His experience in Asia dates back
to the early 1990s and he has a keen interest in the growth potential of China based companies as they develop
links with the North American capital markets. He has an MBA from the University of British Columbia.


Mr. Gerry Peacock
Independent Director
Mr. Peacock is a Calgary-based lawyer with many years of experience and operates as a sole practitioner providing
legal/advisory services to clients in a wide range of sectors. Mr. Peacock also serves as a Member of the
Corporation's Audit Committee.


Ms Candace Wong
Director
Ms. Wong has over 10 years of experience as a Credit Controller in Human Resources, Advertising, and Real Estate
Firms. Currently she is the regional credit head of Underwriters Laboratories (UL) in Asia Pacific, Middle East and
Africa. Before that she was the Group Credit Controller/Compliance, Asia with Hudson Global Resources (HK) Ltd.,
a recruitment agency listed on nasdaq; from August 1999 to June 2000, Credit Controller with JC Decaux Pearl &
Dean Limited; from March 1997 to August 1999, Credit Controller with Colliers Jardine (Hong Kong) Limited.




Comparables
Cargojet Income Fund – CJT.UN-T
TransForce Inc. – TFI-T
Mullen Group Ltd. – MTL-T
investorSCOREcard
Grand Power Logistics Group (GPW-V)

Stock Market Performance Rating                                                                                                                                                                                                                                                0.9


Stock Market Returns                                                                                                200,000                                                                                                                          $1.00

                                                                                                                    180,000                                                                                                                          $0.90
                                         Return       Percentile        Rating
                 Three Months             22%           72%              3.6                                        160,000                                                                                                                          $0.80
                   Six Months           (31.7%)         11%              0.6
                                                                                                                    140,000                                                                                                                          $0.70




                                                                                                                                                                                                                                                                 Stock Price
                        1 Year          (30.0%)          2%              0.1




                                                                                                           Volume
               3 Years (CAGR)           (36.6%)          1%              0.0                                        120,000                                                                                                                          $0.60
               5 Years (CAGR)           (23.7%)          3%              0.1                                        100,000                                                                                                                          $0.50

                                                                                                                         80,000                                                                                                                      $0.40
Market Data                                                                                                              60,000                                                                                                                      $0.30
                                      Price           $0.14
                              Mkt Cap (Mil)           $7.39                                                              40,000                                                                                                                      $0.20
                     Shs Outstanding (Mil)            52.79                                                              20,000                                                                                                                      $0.10
                          Dividend Yield %            0.0%
                Avg Vol Last 3mos. (000's)            52.52                                                                 -                                                                                                                        $-



                                                                                                                                   2004




                                                                                                                                                       2005




                                                                                                                                                                             2006




                                                                                                                                                                                         2007




                                                                                                                                                                                                         2008




                                                                                                                                                                                                                         2009




                                                                                                                                                                                                                                     2010
                                 P/E (TTM)             NA




Insider Ownership Rating                                                                                                                                                                                                                                                       4.1

Value of Shares and Options                                                                                                                                                                                             Percent of Ownership

                                               Shares                                   Options                          Total Value Rating                   Percent Rating                                                                              37.8% Insiders
                                                                                                       * Adjusted                                                                                                                                          0.0% > 10% Holders
                                         # of                            # of           $ Value if                Adjusted $
                                                       $ Value                                         $ Value if                               Rating        Percent of             Rating                                                               62.2% Other
                                        Shares                          Options         Exercised                   Value
                                                                                                       Exercised                               (Add all)      Mkt. Value            (Add all)
             Tong (Ricky) Chiu
                                         15,247,922      $2,134,709      1,500,000          $210,000       $105,000         $2,239,709             0.9          30.3%                  5.0
                   President and CEO
                       Alan Chan
                                           305,000            $42,700     235,000            $32,900        $16,450              $59,150           0.0            0.8%                 0.2           Jan-10
                                 CFO
                  Other Officers                                                                                                                                                                     Dec-09
                                           200,000            $28,000     200,000            $28,000        $14,000              $42,000           0.0            0.6%                 0.1

  Board of Dir. (excl. CEO &                                                                                                                                                                         Nov-09
                        CFO)
                                          2,582,837       $361,597       1,270,000          $177,800        $88,900             $450,497           0.2            6.1%                 1.2
                                                                                                                                                                                                     Oct-09
             > 10% Holders                      -                 $0           -                  $0                $0                    $0                      0.0%                               Sep-09
                For info only
Total (excl. >10% Holders)                               $2,567,006                         $448,700       $224,350         $2,791,356             1.1          37.8%                  4.0                 0%           20%        40%         60%           80%                100%
                                                                                                                                               (Max of 4)                           (Max of 4)                    CEO                       CFO
                                                                                                                                                                                                                  Other Officers            Directors
                                                                                                                                                                                                                  > 10% Holders             Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.


Add: Compensation Type
                                                                 Category                                                                             Rating Addition                                                  Percent of Compensation
                                                                  Share and                                                 Total              Perform- Share and
                                                                                                                                                                                                                        16.8%
                                        Salary         Perform-     Unit                 Option        All Other           Comp.                 ance      Unit       Option
                                                      ance Bonus   Awards                Awards         Comp.                                   Bonus     Awards     Awards
             Tong (Ricky) Chiu                                                                                                                                                                                                                                   Salary
                                           $223,207                                                                             $223,207
                   President and CEO                                                                                                                                                                            0.0%                                             Bonus
                       Alan Chan                                                                                                                                                                                                                                 Shares & Units
                                                                                                            $45,000              $45,000
                                 CFO                                                                                                                                                                                                                             Options
                                                                                                                                                                                                                                                                 All Other



                                                                                                                                                                                                                                             83.2%




                              Total        $223,207               $0               $0             $0        $45,000             $268,207          0.00             0.00                0.00
                                                                                                                                                (Max Score)
Bonus: Net Buying/Selling Last Six Months
                                                                                                                                                                                    Insider Holdings Beginning and Ending Value
                                                      Transactions
                                                                                                                                                               Adjusted Share and




                                                                                                                                                                                     $3,000,000
                                                                                         Rating                                                                                      $2,500,000
                                                                                                                                                                  Option Value




                                        Buying          Selling          Net             Bonus
                                                                                                                                                                                     $2,000,000
                                                                                                                                                                                     $1,500,000
 Tong (Ricky) Chiu, President and CEO         $0              $0              $0          0.00
                      Alan Chan, CFO          $0              $0              $0          0.00                                                                                       $1,000,000
                       Other Officers   $312,189         -$9,189        $321,378          0.12                                                                                         $500,000
      Board of Dir. (excl. CEO & CFO)         $0              $0              $0          0.00
                                                                                                                                                                                                $-
           > 10% Holders (info only)          $0              $0              $0
Total (excl. >10% Holders)              $312,189         -$9,189        $321,378          0.12         (Total Score)                                                                                                    Beg     Trans-       Ending
                                                                                                                                                                                                                        Value   actions       Value
investorSCOREcard

Grand Power Logistics Group (GPW-V)

Balance Sheet Analysis Rating                                                                                                                                                                                 4.3

Short-Term Liquidity                                                                                                               Quadrant 3:                                                     Quadrant 1:
                                                                                                                                   "RECOVERING"                                                    "OPTIMAL"
                                                                                                                               $ 2.0




                                                                                               + VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last
quarter's cash flow multiplied by 4 as a proxy for annual cash flow.                                                                                                                     Jun-10
                                                                                                                               $ 1.0
                                                                                                                                                                                                     Sep-09

Quadrant Rating                     Jun-09    Sep-09       Dec-09      Mar-10       Jun-10                                     $-
Working Capital                      $ 9.3     $ 11.4       $ 10.4      $ 10.6       $ 8.6
Cash Flow Ops (Q in mil)             ($0.3)     $ 0.2       ($0.6)      ($0.4)       $ 0.3                                     ($1.0)




                                                                                               Cash Flow
Cash Flow Ops (Ann Q's in mil)       ($1.4)     $ 0.7       ($2.6)      ($1.7)       $ 1.3                                                                                                 Jun-09
                                                                                                                                                                                                Mar-10
Quadrant Rating                      3.0        4.0         3.0          3.0         4.0                                       ($2.0)
                                                                                                                                                                                                  Dec-09
Addition to Quadrant Rating                                                                                                    ($3.0)
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The                                           ($4.0)


                                                                                               - VE
Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the
                                                                                                                                     ($7)           ($2)              $3             $8            $ 13
Company's working capital will double in 77 month(s).                                                                                                                                           Quadrant 2:
                                                                                                                                    Quadrant 4:
                                                                                                                                    "URGENT"                                               "DRAWING DOWN"
                                                                             Add:    0.0                                        - VE                          Working Capital                      + VE


Short-Term Liquidity Rating                                                         4.0

Debt to Equity
                                    Jun-09    Sep-09       Dec-09      Mar-10       Jun-10                                                                                                  Utilities
                                                                                                                                                                                            Telecom
Equity
                                                                                                         Number of Companies




                                                                                                                                                                                            Materials
Common Stock Equity                 $ 10.6     $ 11.4       $ 9.9       $ 10.3      $ 11.3                                                                                                  Info Tech
                                                                                                                                                                                            Industrials
Total Equity                        $ 10.6     $ 11.4       $ 9.9       $ 10.3      $ 11.3
                                                                                                                                                                                            Health Care
                                                                                                                                                                                            Energy
                                                                                                                                                                                            Cons Staples
Debt and Equivalents                                                                                                                                                                        Cons Disc
Pref. Securities of Sub Trust        -           -           -           -           -
Pref. Equity Outside Stock Equity    -           -           -           -           -
Preferred Stock Equity               -           -           -           -           -
Minority Interest (Bal. Sheet)       $ 0.2      $ 0.3       $ 0.6        $ 0.2       $ 0.3
Short-Term Debt                      $ 9.6     $ 10.6       $ 10.2       $ 5.6       $ 8.2
Long-Term Debt                       $ 0.8      $ 1.9       $ 3.3        $ 3.0       $ 2.3
Capital Lease Obligations            -           -           -           -           -
Total Debt and Equivalents          $ 10.6     $ 12.9       $ 14.0       $ 8.8      $ 10.8
                                                                                                                                 0.00             1.00              2.00             3.00                     4.00

Debt to Equity                       1.01       1.13        1.42        0.85         0.95
Debt to Equity Rating                                                                4.6                                        Low Risk                      Debt to Equity                               High Risk


Debt to Equity Rating                                                               4.6


Interest Coverage
                                    Jun-09    Sep-09       Dec-09      Mar-10       Jun-10                                     3.5 x

EBIT                                                                                                                           3.0 x
                                                                                                   Interest Coverage




Quarterly                            ($0.5)     $ 0.4       ($0.9)      ($0.6)       $ 0.6
TTM                                  ($3.9)     ($2.8)      ($0.9)      ($1.6)       ($0.5)                                    2.5 x




                                                                                                                                                              N/A
                                                                                                                               2.0 x
Interest Expense
Quarterly                            $ 0.2      $ 0.2       $ 0.2        $ 0.2       $ 0.2
                                                                                                                               1.5 x
TTM                                  $ 0.7      $ 0.7       $ 0.8        $ 0.8       $ 0.9
                                                                                                                               1.0 x
Interest Coverage
                                                                                                                               0.5 x
Quarterly                            #N/A       1.7 x       #N/A        #N/A         2.9 x
TTM                                  #N/A       #N/A        #N/A        #N/A         #N/A
                                                                                                                               0.0 x

                                                                                                                                             Jun-09        Sep-09    Dec-09     Mar-10     Jun-10
Interest Coverage Rating
Qtrly Interest Coverage Rating                  0.5                                                                                                                 Quarterly
TTM Interest Coverage Rating                                                                                                                                        TTM


Interest Coverage Rating                                                            N/A
investorSCOREcard
Grand Power Logistics Group (GPW-V)

Revenue, EBITDA and EPS Rating                                                                                                                                                                                             0.9


Revenue (in millions)




                                                                                                               Revenue (in milions) on Rolling TTM
                                                                                                                                                     $160.00

                                                                                                                                                     $140.00
Annual (Fiscal Year)                        Dec-05        Dec-06        Dec-07        Dec-08         Dec-09
                                                                                                                                                     $120.00
Revenue                                      $ 40.2        $ 59.2        $ 99.6        $ 142.0       $ 112.6

                                                                                                                                                     $100.00
Quarterly                                   Jun-09        Sep-09        Dec-09        Mar-10         Jun-10




                                                                                                                              Basis
Quarter Ending                               $ 22.2        $ 17.0        $ 47.9         $ 15.5        $ 22.7
                                                                                                                                                      $80.00
TTM                                          $ 130.9       $ 107.9       $ 112.6       $ 102.6       $ 103.1
                                                                                                                                                      $60.00

Growth                        Percent       Rating     Stability                         R²         Rating                                            $40.00
Rev. Growth % TTM              -21.3%         0.0
                                                                                                                                                      $20.00
Rev. Growth % LFY              -20.7%         0.0      Revenue Stability Last 2 Yrs    23.3%           0.6
Rev. Growth % 3 Year CAGR       11.1%         2.7      Revenue Stability Last 3 Yrs    24.8%           1.2                                              $-
Rev. Growth % 5 Year CAGR                              Revenue Stability Last 5 Yrs                                                                             Jun    Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun   Jun
Revenue Growth Rating                         0.9      Overall Revenue Stability Rating                0.9                                                       01     02     03     04     05     06    07    08    09    10


Revenue Growth and Stability Rating                                                                   0.9


EBITDA (in millions)
                                                                                                               EBITDA (in milions) on Rolling TTM




                                                                                                                                                       $ 2.00

                                                                                                                                                       $ 1.00
Annual (Fiscal Year)                        Dec-05        Dec-06        Dec-07        Dec-08         Dec-09
EBITDA                                        $ 1.1         $ 1.4         $ 0.6         ($4.7)        ($0.6)
                                                                                                                                                         $-

Quarterly                                   Jun-09        Sep-09        Dec-09        Mar-10         Jun-10                                            ($1.00)
                                                                                                                              Basis




Quarter Ending                                ($0.4)        $ 0.5         ($0.8)        ($0.5)        $ 0.7
TTM                                           ($3.5)        ($2.4)        ($0.6)        ($1.3)        ($0.2)                                           ($2.00)

                                                                                                                                                       ($3.00)
Growth                        Percent       Rating     Stability                         R²         Rating
EBITDA Growth % TTM             94.7%         2.5
                                                                                                                                                       ($4.00)
EBITDA Growth % LFY             87.9%         2.5      EBITDA Stability Last 2 Yrs      5.0%           0.2
EBITDA Grwth % 3 Yr CAGR       -149.4%        0.0      EBITDA Stability Last 3 Yrs     26.0%           0.6                                             ($5.00)
EBITDA Grwth % 5 Yr CAGR                               EBITDA Stability Last 5 Yrs                                                                               Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun   Jun    Jun
EBITDA Growth Rating                          1.7      Overall EBITDA Stablitity Rating                0.4                                                        01     02     03     04     05    06    07    08    09     10


EBITDA Growth and Stability Rating                                                                    1.1


Basic Earnings Per Share (EPS*)                                                                                                                        $0.15
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
                                                                                                                                                       $0.10
Annual (Fiscal Year)                        Dec-05        Dec-06        Dec-07        Dec-08         Dec-09
                                                                                                               EPS on Rolling TTM




                                                                                                                                                       $0.05
EPS                                         $ 0.05         $ 0.03        ($0.01)       ($0.19)       ($0.03)
                                                                                                                                                        $-
Quarterly (TTM)
                                                                                                                      Basis




                                            Jun-09        Sep-09        Dec-09        Mar-10         Jun-10
Quarter Ending                              ($0.02)          NC          ($0.01)       ($0.02)       $ 0.01                                            ($0.05)
TTM                                         ($0.16)       ($0.14)        ($0.03)       ($0.05)       ($0.02)
                                                                                                                                                       ($0.10)

Growth                        Percent       Rating     Stability                         R²         Rating                                             ($0.15)
EPS Growth % TTM                87.5%         2.5
                                                                                                                                                       ($0.20)
EPS Growth % LFY                84.2%         2.5      EPS Stability Last 2 Yrs         0.6%           0.0
EPS Grwth % 3 Year CAGR        -158.5%        0.0      EPS Stability Last 3 Yrs        32.6%           0.8                                             ($0.25)
EPS Grwth % 5 Year CAGR        -200.0%        0.0      EPS Stability Last 5 Yrs                                                                                  Jun   Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun    Jun
EPS Growth Rating                             1.2      Overall EPS Stablitity Rating                   0.4                                                        01    02     03     04     05     06    07    08    09     10


EPS Growth and Stability Rating                                                                       0.8
investorSCOREcard

Grand Power Logistics Group (GPW-V)

Return On Capital Rating                                                                                                                                                                                            1.5


Return On Invested Capital (ROIC)
                                                                                                                                                       20%

Annual (Fiscal Year)                           Dec-05           Dec-06           Dec-07           Dec-08           Dec-09                              15%
Invested Capital Period Ending                  $ 7.6           $ 16.5           $ 25.0           $ 23.6           $ 23.7
Average Invested Capital                        $ 6.6           $ 12.0           $ 20.8           $ 24.3           $ 23.6                              10%




                                                                                                                                ROIC on Rolling TTM
* Net Income                                    $ 0.7            $ 0.7            ($0.1)           ($7.2)           ($1.2)
                                                                                                                                                        5%
Add Back: After Tax Interest Expense            $ 0.1            $ 0.4            $ 0.4            $ 0.4            $ 0.5
Annual ROIC                                    12.2%            8.8%             1.1%             -28.0%           -2.9%                                0%




                                                                                                                                       Basis
Level Rating                                    3.3              2.9              2.0              0.1              1.6
Consistency Rating                                                                                                  2.0                               (5%)

                                                                                                                                                      (10%)
Quarterly (TTM)                                Jun-09           Sep-09           Dec-09           Mar-10           Jun-10
Invested Capital Period Ending                 $ 20.9           $ 23.9           $ 23.7           $ 19.2           $ 22.0                             (15%)
Average Invested Capital                       $ 24.2           $ 23.9           $ 23.0           $ 22.1           $ 22.0
                                                                                                                                                      (20%)
* Net Income                                    ($6.1)           ($5.2)           ($1.2)           ($1.9)           ($0.9)
Add Back: After Tax Interest Expense            $ 0.4            $ 0.5            $ 0.5            $ 0.5            $ 0.6                             (25%)
Quarterly ROIC                                 -23.3%           -19.8%           -3.0%            -6.0%            -1.5%
Level Rating                                    0.2              0.4              1.6              1.3              1.8                               (30%)
Consistency Rating                                                                                                  1.0                                       Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun    Jun
                                                                                                                                                               01    02    03    04    05    06    07    08    09     10


Return on Invested Capital (ROIC) Rating                                                                            1.6


Return On Assets (ROA)
                                                                                                                                                       10%

Annual (Fiscal Year)                           Dec-05           Dec-06           Dec-07           Dec-08           Dec-09
Total Assets Period Ending                     $ 14.1           $ 24.0           $ 35.4           $ 38.2           $ 38.9
                                                                                                                                                        5%
Average Total Assets                           $ 12.6           $ 19.0           $ 29.7           $ 36.8           $ 38.6
                                                                                                                                ROA on Rolling TTM




* Net Income                                    $ 0.7            $ 0.7            ($0.1)           ($7.2)           ($1.2)
Add Back: After Tax Interest Expense            $ 0.1            $ 0.4            $ 0.4            $ 0.4            $ 0.5                               0%
Annual ROA                                     6.3%             5.6%             0.7%             -18.5%           -1.8%
                                                                                                                                      Basis




Level Rating                                    2.7              2.7              2.2              0.6              1.9
Consistency Rating                                                                                                  2.0                               (5%)


Quarterly (TTM)                                Jun-09           Sep-09           Dec-09           Mar-10           Jun-10                             (10%)
Total Assets Period Ending                     $ 29.5           $ 34.0           $ 38.9           $ 26.9           $ 31.3
Average Total Assets                           $ 38.6           $ 36.8           $ 34.8           $ 32.5           $ 32.1
* Net Income                                    ($6.1)           ($5.2)           ($1.2)           ($1.9)           ($0.9)                            (15%)
Add Back: After Tax Interest Expense            $ 0.4            $ 0.5            $ 0.5            $ 0.5            $ 0.6
Quarterly ROA                                  -23.3%           -19.8%           -3.0%            -6.0%            -1.5%
Level Rating                                    0.4              0.5              1.8              1.5              1.9                               (20%)
Consistency Rating                                                                                                  1.2                                       Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun    Jun
                                                                                                                                                               01    02    03    04    05    06    07    08    09     10


Return on Assets (ROA) Rating                                                                                       1.8


Return On Common Equity (ROE)
                                                                                                                                                       30%

Annual (Fiscal Year)                           Dec-05           Dec-06           Dec-07           Dec-08           Dec-09
                                                                                                                                                       20%
Total Equity Period Ending                      $ 4.6            $ 8.4           $ 12.9           $ 11.2            $ 9.9
Average Common Equity                           $ 3.3            $ 6.5           $ 10.7           $ 12.1           $ 10.6                              10%
                                                                                                                                ROE on Rolling TTM




* Net Income                                    $ 0.7            $ 0.7            ($0.1)           ($7.2)           ($1.2)
Add Back: NA                               $            -   $            -   $            -   $            -   $            -                           0%
Annual ROE                                     21.2%            10.3%            -1.3%            -59.8%           -11.3%
                                                                                                                                      Basis




Level Rating                                    3.6              2.7              1.8              0.0              1.1                               (10%)
Consistency Rating                                                                                                  1.8
                                                                                                                                                      (20%)

Quarterly (TTM)                                Jun-09           Sep-09           Dec-09           Mar-10           Jun-10                             (30%)
Total Equity Period Ending                     $ 10.6           $ 11.4            $ 9.9           $ 10.3           $ 11.3
Average Common Equity                          $ 12.3           $ 11.8           $ 11.0           $ 10.8           $ 10.7                             (40%)
* Net Income                                    ($6.1)           ($5.2)           ($1.2)           ($1.9)           ($0.9)
Add Back: NA                               $            -   $            -   $            -   $            -   $            -                         (50%)
Quarterly ROE                                  -49.3%           -44.1%           -10.8%           -17.2%           -8.3%
Level Rating                                    0.0              0.1              1.1              0.7              1.3                               (60%)
Consistency Rating                                                                                                  0.6                                       Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun   Jun    Jun
                                                                                                                                                               01    02    03    04    05    06    07    08    09     10


Return on Common Equity (ROE) Rating                                                                                1.2
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
investorSCOREcard

Grand Power Logistics Group (GPW-V)

Valuation Rating                                                                                                                                                                                                               4.2


Price to Earnings (P/E)
                                                                                                                                                           90.0 x
(Lower numbers receive higher rankings)
                                                                                                                                                           80.0 x
Annual (Fiscal Year)                            Dec-05         Dec-06         Dec-07          Dec-08         Dec-09
* Price                                          $ 0.60         $ 0.80         $ 0.82         $ 0.12         $ 0.30                                        70.0 x




                                                                                                                                P/E on Rolling TTM
Earnings Per Share (EPS)                         $ 0.05         $ 0.03         ($0.01)        ($0.19)        ($0.03)
                                                                                                                                                           60.0 x

Annual P/E                                       12.0 x         26.7 x




                                                                                                                                       Basis
                                                                                                                                                           50.0 x
Annual P/E Rating                                 3.5            1.6
                                                                                                                                                           40.0 x

Quarterly (TTM)                                 Jun-09         Sep-09         Dec-09          Mar-10         Jun-10                                        30.0 x
* Price                                          $ 0.22         $ 0.22         $ 0.30         $ 0.17         $ 0.14
Earnings Per Share (EPS)                        ($0.16)         ($0.14)        ($0.03)        ($0.05)        ($0.02)                                       20.0 x

                                                                                                                                                           10.0 x
Quarterly (TTM) P/E
Quarterly (TTM) P/E Rating                                                                                                                                  0.0 x
                                                                                                                                                                    Jun    Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun    Jun
                                                                                                                                                                     01     02     03     04     05     06    07    08    09     10


Price to Earnings (P/E)                                                                                      N/A


Price to Book (P/Book)
                                                                                                                                                           3.0 x
(Lower numbers receive higher rankings)


Annual (Fiscal Year)                            Dec-05         Dec-06         Dec-07          Dec-08         Dec-09                                        2.5 x
                                                                                                                                P/Book on Quarterly




* Price                                          $ 0.60         $ 0.80         $ 0.82         $ 0.12         $ 0.30
Book Equity Per Share                            $ 0.26         $ 0.35         $ 0.37         $ 0.25         $ 0.21
                                                                                                                                                           2.0 x

Annual P/Book                                    2.3 x           2.3 x          2.2 x          0.5 x          1.4 x
                                                                                                                                       Basis




Annual P/Book Rating                              3.1            3.2             3.2            4.6            4.0                                         1.5 x


Quarterly                                       Jun-09         Sep-09         Dec-09          Mar-10         Jun-10                                        1.0 x
* Price                                          $ 0.22         $ 0.22         $ 0.30         $ 0.17         $ 0.14
Book Equity Per Share                            $ 0.23         $ 0.25         $ 0.21         $ 0.19         $ 0.21
                                                                                                                                                           0.5 x
Quarterly P/Book                                 1.0 x           0.9 x          1.4 x          0.9 x          0.6 x
Quarterly P/Book Rating                           4.3            4.4             4.0            4.4            4.5                                         0.0 x
                                                                                                                                                                   Jun     Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun    Jun
                                                                                                                                                                    01      02     03     04     05     06    07    08    09     10


Price to Book (P/Book)                                                                                        4.2


Enterprise Value to EBITDA (EV/EBITDA)
                                                                                                                                                           160.0 x
(Lower numbers receive higher rankings)

                                                                                                                                                           140.0 x
                                                                                                                                EV/EBITDA on Rolling TTM




Annual (Fiscal Year)                            Dec-05         Dec-06         Dec-07          Dec-08         Dec-09
* Enterprise Value                               $ 13.5         $ 27.1          $ 40.7         $ 17.9         $ 27.8                                       120.0 x
EBITDA                                           $ 1.13         $ 1.40          $ 0.64         ($4.67)        ($0.57)

                                                                                                                                                           100.0 x
Annual EV/EBITDA                                 11.9 x         19.4 x         63.4 x
                                                                                                                                         Basis




Annual EV/EBITDA Rating                           2.5            0.4                                                                                        80.0 x


Quarterly (TTM)                                 Jun-09         Sep-09         Dec-09          Mar-10         Jun-10                                         60.0 x
* Enterprise Value                               $ 20.4         $ 22.7          $ 27.8         $ 18.0         $ 18.1
                                                                                                                                                            40.0 x
EBITDA                                           ($3.47)        ($2.39)         ($0.57)        ($1.28)        ($0.18)

                                                                                                                                                            20.0 x
Quarterly (TTM) EV/EBITDA
Quarterly (TTM) EV/EBITDA Rating                                                                                                                             0.0 x
                                                                                                                                                                     Jun    Jun    Jun    Jun    Jun   Jun   Jun   Jun   Jun    Jun
                                                                                                                                                                      01     02     03     04     05    06    07    08    09     10


Enterprise Value to EBITDA (EV/EBITDA)                                                                       N/A
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
investorSCOREcard
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The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the
production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor
Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as
payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective
employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the
Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such
forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from
sources believed to be reliable, which may include but not limited to, public information, research reports and discussions with
management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer
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No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided
information or data for this Investor Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy,
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Grand Power Logistics

  • 1. investorSCOREcard Standard Stock Report as of Sep 27, 2010 Grand Power Logistics Group (GPW-V) Calgary, AB, Canada (403) 237-8211 www.Grandpowerexpress.com Share Price $0.14 Market Cap (Mil) $7.39 52 Week High $0.50 Cash (Mil) $6.79 52 Week Low $0.09 Total Debt (Mil) $11.00 Avg Vol Last 3 mos. (000's) 52.52 Enterprise Value (Mil) $18.39 Basic Shares Outstanding (Mil) 52.79 Dividend Yield 0.0% Diluted Shares Outstanding (Mil) 52.79 P/E (TTM) NA Stock Price and Volume Business Description Source: Morningstar Grand Power Logistics Group Inc. is a Canada-based 1,400,000 $0.50 company. The Company operates through its wholly owned $0.45 Hong Kong-based subsidiary, Grand Power Express 1,200,000 International Ltd. (GP Express), and provides air-freight $0.40 forwarding and sea-freight services, customs brokerage, 1,000,000 $0.35 logistics, warehousing and distribution, as well as other Stock Price value added services. GP Express has established $0.30 operations in various regions, particularly in the Greater 800,000 Volume $0.25 Pearl River Delta (GPRD), China’s economic region. GP 600,000 Express’ subsidiaries or branch offices are located in Macau, $0.20 Shenzhen, Guangzhou, Shanghai, Xiamen, Tianjin and $0.15 Beijing in China and in Los Angeles, California in the United 400,000 States. On January 1, 2009, the Company acquired the $0.10 remaining 40% interest of its subsidiary, Redcap Logistics 200,000 Ltd. $0.05 - $- S O N D J F M A M J J A S O N D J F M A M J J A S 2008 2009 2010 Comparables Scorecard Highlights CJT.UN-T Ratings Out of Possible 5 Stars TFI-T MTL-T Quarter Ending Jun 10 Quarter Ending Mar 10 Stock Market Performance 0.9 2.2 2.0 Insider Ownership 4.1 Not Provided Not Provided Revenue, EBITDA and EPS 0.9 1.2 1.5 Balance Sheet Analysis 4.3 3.8 3.3 Return on Capital 1.5 1.3 2.5 Valuation 4.2 3.7 3.9 © 2010 The Equicom Group Inc.  All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecard For a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspx Please see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.
  • 2. investorSCOREcard Grand Power Logistics (GPW-V) Company Overview and Market Opportunity Headquartered in Hong Kong, Grand Power is a leading logistic services provider of airfreight and ocean freight services, rail and land transportation, customs brokerage, warehouse and distribution, and global freight management services. Grand Power has established operations in various regions throughout Asia and North America, particularly in the Greater Pearl River Delta, China’s largest economic zone. Grand Power maintains offices in Macau, Shenzhen, Guangzhou, Shanghai, Xianen, Tianjin, Beijing and Los Angeles. The Company’s growth is due a number of factors, driven primarily by the expansion of China’s economy. In particular, China’s burgeoning economy is driving the need for logistics services necessary to handle the export of manufactured goods as well as the import of luxury goods for the country’s growing middle class. Recent Operational and Financial Highlights • Signed a memorandum of understanding to develop Yangshan International Container Transit Logistics Park. The MOU was signed with the Shengsi County People's Government in Zhejiang Province, China. • Entered into agreements with two major airline carriers to handle the Company’s dangerous cargo shipments in Northern China. • Signed an agency agreement with a leading, international ocean carrier to act as a broker for the carrier, selling directly to China-based exporters of manufactured goods. • Formed a special Project Team that will oversee the development of Yangshan International Container Transit Logistics Park. • Increased revenue for Q2 FY2010 by 4.7% to $21.3 million and generated a net profit of $308,000, representing a positive turnaround of $855,000. • Adopted the US dollar as the Company’s reporting currency since the majority of the Company’s transactions are conducted in Hong Kong currency, which is pegged to the US dollar. The change will reduce the effect of Canadian/US exchange rate fluctuations on financial results going forward. • Increased gross profit per ton shipped by 195% to $208 per ton, up from $70 as a result of direct sales strategy and increased concentration of higher margin sales opportunities. Growth Strategy Grand Power’s strategy for growth is focused on: • capitalizing on the increasing demand for logistics services due to China’s burgeoning economy • driving higher margins through increased direct sales activities with customers and negotiating volume discounts on the cost of cargo space with carriers • expanding into higher margin services, such as dangerous cargo handling • leveraging its joint ventures with Air China and ECS for increased sales • developing a logistics handling park affiliated with Shanghai’s new deep-sea port.
  • 3. investorSCOREcard Grand Power Logistics (GPW-V) Competitive Advantages Grand Power has a number of competitive advantages. The Company • is a full service provider of logistics services • has partners in Europe, China and North America that strengthen its service offerings to exporters and importers alike. • has local knowledge and presence in China, unlike major international competitors • Maintains long-standing relations with logistics service providers and agents around the world. Directors and Management Mr. Ricky Chiu President, Chief Executive Officer and Director As a key founder and visionary for GPW, Mr. Chiu brings a Western business perspective to the Company. He received his education in England , Oxford College and Beijing University and began his career in Australia and Canada . He has a diversified background in a wide range of industries with roles in finance, audit, property/real estate, merchandise trading and travel, as well as logistics. Mr. Chiu founded Grand Power Express International Ltd in Hong Kong in 2002. Mr. Alan Chan Chief Financial Officer, Secretary-Treasurer, and Director Mr. Chan holds an Engineering Degree from the University of Saskatchewan. He has many years of experience in Chinese projects, including taking a number of companies public in Western Markets and assisting in financing. This experience is extremely important to understand the business cultures of North America and the Asia Pacific Region. Mr. Jones Chu Independent Director Mr. Chu is an Equity Derivatives Director with a leading Hong Kong-based securities firm and a Director and shareholder of Grand Power Logistics Development Limited (“GPLD”) – the business unit of Yangshan Logistics Park . Mr. Chu has more than 15 years of capital markets experience. Mr. Chu is responsible debt and equity raises of GPLD . Mr. Mike Lam Director Mr. Lam has over 10 years of experience in air cargo and logistics services. With his extensive knowledge on sales and pricing, he has developed solid relationships with local and overseas clients. Since May 2002, Mr. Lam served as General Manager of Grand Power Express; since May 1997, General Manager of Grand Power Express Forwarders Co. Ltd., & Grand Power Express Tourism Co. Ltd. (Macau).
  • 4. investorSCOREcard Grand Power Logistics (GPW-V) Mr. Kim Oishi Director Mr. Oishi has 15 years experience in financing and advising growth companies, and has served in senior management and board positions on a number of public and private companies. His experience in Asia dates back to the early 1990s and he has a keen interest in the growth potential of China based companies as they develop links with the North American capital markets. He has an MBA from the University of British Columbia. Mr. Gerry Peacock Independent Director Mr. Peacock is a Calgary-based lawyer with many years of experience and operates as a sole practitioner providing legal/advisory services to clients in a wide range of sectors. Mr. Peacock also serves as a Member of the Corporation's Audit Committee. Ms Candace Wong Director Ms. Wong has over 10 years of experience as a Credit Controller in Human Resources, Advertising, and Real Estate Firms. Currently she is the regional credit head of Underwriters Laboratories (UL) in Asia Pacific, Middle East and Africa. Before that she was the Group Credit Controller/Compliance, Asia with Hudson Global Resources (HK) Ltd., a recruitment agency listed on nasdaq; from August 1999 to June 2000, Credit Controller with JC Decaux Pearl & Dean Limited; from March 1997 to August 1999, Credit Controller with Colliers Jardine (Hong Kong) Limited. Comparables Cargojet Income Fund – CJT.UN-T TransForce Inc. – TFI-T Mullen Group Ltd. – MTL-T
  • 5. investorSCOREcard Grand Power Logistics Group (GPW-V) Stock Market Performance Rating 0.9 Stock Market Returns 200,000 $1.00 180,000 $0.90 Return Percentile Rating Three Months 22% 72% 3.6 160,000 $0.80 Six Months (31.7%) 11% 0.6 140,000 $0.70 Stock Price 1 Year (30.0%) 2% 0.1 Volume 3 Years (CAGR) (36.6%) 1% 0.0 120,000 $0.60 5 Years (CAGR) (23.7%) 3% 0.1 100,000 $0.50 80,000 $0.40 Market Data 60,000 $0.30 Price $0.14 Mkt Cap (Mil) $7.39 40,000 $0.20 Shs Outstanding (Mil) 52.79 20,000 $0.10 Dividend Yield % 0.0% Avg Vol Last 3mos. (000's) 52.52 - $- 2004 2005 2006 2007 2008 2009 2010 P/E (TTM) NA Insider Ownership Rating 4.1 Value of Shares and Options Percent of Ownership Shares Options Total Value Rating Percent Rating 37.8% Insiders * Adjusted 0.0% > 10% Holders # of # of $ Value if Adjusted $ $ Value $ Value if Rating Percent of Rating 62.2% Other Shares Options Exercised Value Exercised (Add all) Mkt. Value (Add all) Tong (Ricky) Chiu 15,247,922 $2,134,709 1,500,000 $210,000 $105,000 $2,239,709 0.9 30.3% 5.0 President and CEO Alan Chan 305,000 $42,700 235,000 $32,900 $16,450 $59,150 0.0 0.8% 0.2 Jan-10 CFO Other Officers Dec-09 200,000 $28,000 200,000 $28,000 $14,000 $42,000 0.0 0.6% 0.1 Board of Dir. (excl. CEO & Nov-09 CFO) 2,582,837 $361,597 1,270,000 $177,800 $88,900 $450,497 0.2 6.1% 1.2 Oct-09 > 10% Holders - $0 - $0 $0 $0 0.0% Sep-09 For info only Total (excl. >10% Holders) $2,567,006 $448,700 $224,350 $2,791,356 1.1 37.8% 4.0 0% 20% 40% 60% 80% 100% (Max of 4) (Max of 4) CEO CFO Other Officers Directors > 10% Holders Public Float * Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options. Add: Compensation Type Category Rating Addition Percent of Compensation Share and Total Perform- Share and 16.8% Salary Perform- Unit Option All Other Comp. ance Unit Option ance Bonus Awards Awards Comp. Bonus Awards Awards Tong (Ricky) Chiu Salary $223,207 $223,207 President and CEO 0.0% Bonus Alan Chan Shares & Units $45,000 $45,000 CFO Options All Other 83.2% Total $223,207 $0 $0 $0 $45,000 $268,207 0.00 0.00 0.00 (Max Score) Bonus: Net Buying/Selling Last Six Months Insider Holdings Beginning and Ending Value Transactions Adjusted Share and $3,000,000 Rating $2,500,000 Option Value Buying Selling Net Bonus $2,000,000 $1,500,000 Tong (Ricky) Chiu, President and CEO $0 $0 $0 0.00 Alan Chan, CFO $0 $0 $0 0.00 $1,000,000 Other Officers $312,189 -$9,189 $321,378 0.12 $500,000 Board of Dir. (excl. CEO & CFO) $0 $0 $0 0.00 $- > 10% Holders (info only) $0 $0 $0 Total (excl. >10% Holders) $312,189 -$9,189 $321,378 0.12 (Total Score) Beg Trans- Ending Value actions Value
  • 6. investorSCOREcard Grand Power Logistics Group (GPW-V) Balance Sheet Analysis Rating 4.3 Short-Term Liquidity Quadrant 3: Quadrant 1: "RECOVERING" "OPTIMAL" $ 2.0 + VE This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last quarter's cash flow multiplied by 4 as a proxy for annual cash flow. Jun-10 $ 1.0 Sep-09 Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $- Working Capital $ 9.3 $ 11.4 $ 10.4 $ 10.6 $ 8.6 Cash Flow Ops (Q in mil) ($0.3) $ 0.2 ($0.6) ($0.4) $ 0.3 ($1.0) Cash Flow Cash Flow Ops (Ann Q's in mil) ($1.4) $ 0.7 ($2.6) ($1.7) $ 1.3 Jun-09 Mar-10 Quadrant Rating 3.0 4.0 3.0 3.0 4.0 ($2.0) Dec-09 Addition to Quadrant Rating ($3.0) Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant ranking based on current cash generation/burn rate and working capital position. The ($4.0) - VE Company's short term liquidity situation is OPTIMAL. At the current cash generation rate the ($7) ($2) $3 $8 $ 13 Company's working capital will double in 77 month(s). Quadrant 2: Quadrant 4: "URGENT" "DRAWING DOWN" Add: 0.0 - VE Working Capital + VE Short-Term Liquidity Rating 4.0 Debt to Equity Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities Telecom Equity Number of Companies Materials Common Stock Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Info Tech Industrials Total Equity $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Health Care Energy Cons Staples Debt and Equivalents Cons Disc Pref. Securities of Sub Trust - - - - - Pref. Equity Outside Stock Equity - - - - - Preferred Stock Equity - - - - - Minority Interest (Bal. Sheet) $ 0.2 $ 0.3 $ 0.6 $ 0.2 $ 0.3 Short-Term Debt $ 9.6 $ 10.6 $ 10.2 $ 5.6 $ 8.2 Long-Term Debt $ 0.8 $ 1.9 $ 3.3 $ 3.0 $ 2.3 Capital Lease Obligations - - - - - Total Debt and Equivalents $ 10.6 $ 12.9 $ 14.0 $ 8.8 $ 10.8 0.00 1.00 2.00 3.00 4.00 Debt to Equity 1.01 1.13 1.42 0.85 0.95 Debt to Equity Rating 4.6 Low Risk Debt to Equity High Risk Debt to Equity Rating 4.6 Interest Coverage Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 3.5 x EBIT 3.0 x Interest Coverage Quarterly ($0.5) $ 0.4 ($0.9) ($0.6) $ 0.6 TTM ($3.9) ($2.8) ($0.9) ($1.6) ($0.5) 2.5 x N/A 2.0 x Interest Expense Quarterly $ 0.2 $ 0.2 $ 0.2 $ 0.2 $ 0.2 1.5 x TTM $ 0.7 $ 0.7 $ 0.8 $ 0.8 $ 0.9 1.0 x Interest Coverage 0.5 x Quarterly #N/A 1.7 x #N/A #N/A 2.9 x TTM #N/A #N/A #N/A #N/A #N/A 0.0 x Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Interest Coverage Rating Qtrly Interest Coverage Rating 0.5 Quarterly TTM Interest Coverage Rating TTM Interest Coverage Rating N/A
  • 7. investorSCOREcard Grand Power Logistics Group (GPW-V) Revenue, EBITDA and EPS Rating 0.9 Revenue (in millions) Revenue (in milions) on Rolling TTM $160.00 $140.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 $120.00 Revenue $ 40.2 $ 59.2 $ 99.6 $ 142.0 $ 112.6 $100.00 Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Basis Quarter Ending $ 22.2 $ 17.0 $ 47.9 $ 15.5 $ 22.7 $80.00 TTM $ 130.9 $ 107.9 $ 112.6 $ 102.6 $ 103.1 $60.00 Growth Percent Rating Stability R² Rating $40.00 Rev. Growth % TTM -21.3% 0.0 $20.00 Rev. Growth % LFY -20.7% 0.0 Revenue Stability Last 2 Yrs 23.3% 0.6 Rev. Growth % 3 Year CAGR 11.1% 2.7 Revenue Stability Last 3 Yrs 24.8% 1.2 $- Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Revenue Growth Rating 0.9 Overall Revenue Stability Rating 0.9 01 02 03 04 05 06 07 08 09 10 Revenue Growth and Stability Rating 0.9 EBITDA (in millions) EBITDA (in milions) on Rolling TTM $ 2.00 $ 1.00 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EBITDA $ 1.1 $ 1.4 $ 0.6 ($4.7) ($0.6) $- Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 ($1.00) Basis Quarter Ending ($0.4) $ 0.5 ($0.8) ($0.5) $ 0.7 TTM ($3.5) ($2.4) ($0.6) ($1.3) ($0.2) ($2.00) ($3.00) Growth Percent Rating Stability R² Rating EBITDA Growth % TTM 94.7% 2.5 ($4.00) EBITDA Growth % LFY 87.9% 2.5 EBITDA Stability Last 2 Yrs 5.0% 0.2 EBITDA Grwth % 3 Yr CAGR -149.4% 0.0 EBITDA Stability Last 3 Yrs 26.0% 0.6 ($5.00) EBITDA Grwth % 5 Yr CAGR EBITDA Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EBITDA Growth Rating 1.7 Overall EBITDA Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EBITDA Growth and Stability Rating 1.1 Basic Earnings Per Share (EPS*) $0.15 * (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops) $0.10 Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 EPS on Rolling TTM $0.05 EPS $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) $- Quarterly (TTM) Basis Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Quarter Ending ($0.02) NC ($0.01) ($0.02) $ 0.01 ($0.05) TTM ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) ($0.10) Growth Percent Rating Stability R² Rating ($0.15) EPS Growth % TTM 87.5% 2.5 ($0.20) EPS Growth % LFY 84.2% 2.5 EPS Stability Last 2 Yrs 0.6% 0.0 EPS Grwth % 3 Year CAGR -158.5% 0.0 EPS Stability Last 3 Yrs 32.6% 0.8 ($0.25) EPS Grwth % 5 Year CAGR -200.0% 0.0 EPS Stability Last 5 Yrs Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun EPS Growth Rating 1.2 Overall EPS Stablitity Rating 0.4 01 02 03 04 05 06 07 08 09 10 EPS Growth and Stability Rating 0.8
  • 8. investorSCOREcard Grand Power Logistics Group (GPW-V) Return On Capital Rating 1.5 Return On Invested Capital (ROIC) 20% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 15% Invested Capital Period Ending $ 7.6 $ 16.5 $ 25.0 $ 23.6 $ 23.7 Average Invested Capital $ 6.6 $ 12.0 $ 20.8 $ 24.3 $ 23.6 10% ROIC on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) 5% Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 Annual ROIC 12.2% 8.8% 1.1% -28.0% -2.9% 0% Basis Level Rating 3.3 2.9 2.0 0.1 1.6 Consistency Rating 2.0 (5%) (10%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Invested Capital Period Ending $ 20.9 $ 23.9 $ 23.7 $ 19.2 $ 22.0 (15%) Average Invested Capital $ 24.2 $ 23.9 $ 23.0 $ 22.1 $ 22.0 (20%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 (25%) Quarterly ROIC -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.2 0.4 1.6 1.3 1.8 (30%) Consistency Rating 1.0 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Invested Capital (ROIC) Rating 1.6 Return On Assets (ROA) 10% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Total Assets Period Ending $ 14.1 $ 24.0 $ 35.4 $ 38.2 $ 38.9 5% Average Total Assets $ 12.6 $ 19.0 $ 29.7 $ 36.8 $ 38.6 ROA on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: After Tax Interest Expense $ 0.1 $ 0.4 $ 0.4 $ 0.4 $ 0.5 0% Annual ROA 6.3% 5.6% 0.7% -18.5% -1.8% Basis Level Rating 2.7 2.7 2.2 0.6 1.9 Consistency Rating 2.0 (5%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (10%) Total Assets Period Ending $ 29.5 $ 34.0 $ 38.9 $ 26.9 $ 31.3 Average Total Assets $ 38.6 $ 36.8 $ 34.8 $ 32.5 $ 32.1 * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) (15%) Add Back: After Tax Interest Expense $ 0.4 $ 0.5 $ 0.5 $ 0.5 $ 0.6 Quarterly ROA -23.3% -19.8% -3.0% -6.0% -1.5% Level Rating 0.4 0.5 1.8 1.5 1.9 (20%) Consistency Rating 1.2 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Assets (ROA) Rating 1.8 Return On Common Equity (ROE) 30% Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 20% Total Equity Period Ending $ 4.6 $ 8.4 $ 12.9 $ 11.2 $ 9.9 Average Common Equity $ 3.3 $ 6.5 $ 10.7 $ 12.1 $ 10.6 10% ROE on Rolling TTM * Net Income $ 0.7 $ 0.7 ($0.1) ($7.2) ($1.2) Add Back: NA $ - $ - $ - $ - $ - 0% Annual ROE 21.2% 10.3% -1.3% -59.8% -11.3% Basis Level Rating 3.6 2.7 1.8 0.0 1.1 (10%) Consistency Rating 1.8 (20%) Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 (30%) Total Equity Period Ending $ 10.6 $ 11.4 $ 9.9 $ 10.3 $ 11.3 Average Common Equity $ 12.3 $ 11.8 $ 11.0 $ 10.8 $ 10.7 (40%) * Net Income ($6.1) ($5.2) ($1.2) ($1.9) ($0.9) Add Back: NA $ - $ - $ - $ - $ - (50%) Quarterly ROE -49.3% -44.1% -10.8% -17.2% -8.3% Level Rating 0.0 0.1 1.1 0.7 1.3 (60%) Consistency Rating 0.6 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Return on Common Equity (ROE) Rating 1.2 * Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
  • 9. investorSCOREcard Grand Power Logistics Group (GPW-V) Valuation Rating 4.2 Price to Earnings (P/E) 90.0 x (Lower numbers receive higher rankings) 80.0 x Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 70.0 x P/E on Rolling TTM Earnings Per Share (EPS) $ 0.05 $ 0.03 ($0.01) ($0.19) ($0.03) 60.0 x Annual P/E 12.0 x 26.7 x Basis 50.0 x Annual P/E Rating 3.5 1.6 40.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 30.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Earnings Per Share (EPS) ($0.16) ($0.14) ($0.03) ($0.05) ($0.02) 20.0 x 10.0 x Quarterly (TTM) P/E Quarterly (TTM) P/E Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Earnings (P/E) N/A Price to Book (P/Book) 3.0 x (Lower numbers receive higher rankings) Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 2.5 x P/Book on Quarterly * Price $ 0.60 $ 0.80 $ 0.82 $ 0.12 $ 0.30 Book Equity Per Share $ 0.26 $ 0.35 $ 0.37 $ 0.25 $ 0.21 2.0 x Annual P/Book 2.3 x 2.3 x 2.2 x 0.5 x 1.4 x Basis Annual P/Book Rating 3.1 3.2 3.2 4.6 4.0 1.5 x Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1.0 x * Price $ 0.22 $ 0.22 $ 0.30 $ 0.17 $ 0.14 Book Equity Per Share $ 0.23 $ 0.25 $ 0.21 $ 0.19 $ 0.21 0.5 x Quarterly P/Book 1.0 x 0.9 x 1.4 x 0.9 x 0.6 x Quarterly P/Book Rating 4.3 4.4 4.0 4.4 4.5 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Price to Book (P/Book) 4.2 Enterprise Value to EBITDA (EV/EBITDA) 160.0 x (Lower numbers receive higher rankings) 140.0 x EV/EBITDA on Rolling TTM Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 * Enterprise Value $ 13.5 $ 27.1 $ 40.7 $ 17.9 $ 27.8 120.0 x EBITDA $ 1.13 $ 1.40 $ 0.64 ($4.67) ($0.57) 100.0 x Annual EV/EBITDA 11.9 x 19.4 x 63.4 x Basis Annual EV/EBITDA Rating 2.5 0.4 80.0 x Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 60.0 x * Enterprise Value $ 20.4 $ 22.7 $ 27.8 $ 18.0 $ 18.1 40.0 x EBITDA ($3.47) ($2.39) ($0.57) ($1.28) ($0.18) 20.0 x Quarterly (TTM) EV/EBITDA Quarterly (TTM) EV/EBITDA Rating 0.0 x Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun 01 02 03 04 05 06 07 08 09 10 Enterprise Value to EBITDA (EV/EBITDA) N/A * Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
  • 10. investorSCOREcard Disclosure and Disclaimer The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information provided herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer. Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. Other information contained in this Investor Scorecard has been compiled by FSA or Equicom from sources believed to be reliable, which may include but not limited to, public information, research reports and discussions with management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the Issuer for review for factual accuracy. No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided information or data for this Investor Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy, accuracy, completeness or timeliness of any information, estimates or opinions provided in this Investor Scorecard. All estimates, opinions and other information in this Investor Scorecard are provided by FSA, Equicom or another party as of the date of this Investor Scorecard. Such estimates, opinions and other information are subject to change without notice, and are provided in good faith but without any legal responsibility. Past performance is no guarantee of future results. This Investor Scorecard is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction. The securities discussed in this Investor Scorecard may not be eligible for sale in some jurisdictions. This Investor Scorecard is not, and under no circumstances should be construed as, a solicitation to act as a securities broker, dealer or advisor in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker, dealer or advisor in that jurisdiction. Neither FSA nor Equicom is a registered investment dealer, broker or advisor, has investment banking operations or makes markets in any securities. This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard does not consider the investment objectives, financial situation or particular needs of any particular person, and is not tailored to the needs of any person receiving this Investor Scorecard. Readers of this Investor Scorecard should obtain professional advice based on their own individual circumstances before making an investment decision. Nothing in this Investor Scorecard constitutes individual investment, legal or tax advice. 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