Inside The Buy-side® 3Q13 by Corbin Advisors

INSIDE THE BUY-SIDE®

THIRD QUARTER| ISSUE DATE: JULY 16, 2013

Equity

markets continued their march higher during the second quarter and while Fed Chairman Ben Bernanke’s allusion to potentially tapering QE during the second half of 2013 temporarily slowed market momentum, all major indices realized gains. Specifically, the S&P 500 finished up 2.4%, the Dow closed 2.3% higher and the NASDAQ added 4.2%. Meanwhile, the Russell 2000 index, a barometer for small-caps, advanced 2.7%. In our continual effort to be on the forefront of quarterly market sentiment and expectations, we conducted interviews with 30 investment professionals globally and across multiple industry segments and investment styles. In total, participating institutions manage $860 billion in equity assets. Given the strong start to 2013, it is not surprising that the prior quarter’s surge in investor bullishness has waned. In looking at the broader themes, investor sentiment has retrenched to first quarter 2013 levels, with 57% of contributors again describing their current sentiment as cautiously optimistic. While many point to improving housing trends and lower unemployment in the U.S., the largest overhangs remain U.S. fiscal policy uncertainty and tepid growth both domestically and internationally. While investors seem to be enjoying the bullish equity market environment, there is an underlying current of concern as to its sustainability and the view that there really are no suitable investment alternatives to equities at this point.

Geography

North America | 63% Europe| 27% Asia | 10%

Regarding views on the upcoming quarter, sentiment has shifted modestly from 1Q13 trends with surveyed investors now forecasting 2Q13 to be below forecasts. As one investor opines, “I am optimistic about the second half of the year but the second quarter will be a bit of an air pocket”. www.corbinperception.com

Key Trends 

78% of surveyed investors report that 1Q13 earnings results were in line with expectations as positive surprises outweighed negative ones



46% are forecasting 2Q13 earnings to come in below expectations



–

Anticipate a sequential reduction in 2Q13 free cash flow, EPS and, to a lesser extent, organic growth

–

Reveal they will be acutely focused on business trends, top-line growth, balance sheet strength and management outlook and guidance

Similar to last quarter’s findings, the vast majority, or 71%, identifies the Fed monetary policy as the primary driver of the market’s significant rally –



Contributor opinions regarding monetary policy vary; 33% expect a shift within the next six months, in line with Bernanke’s comments provided in mid-June –



43% also point to the lack of alternative investment opportunities (e.g., fixed income) as a contributor

Investor sentiment is fairly mixed as to what the market's reaction will be

For the second consecutive quarter, management tone is viewed as “less negative” –

Investors typically agree that “managements are trying to keep a lid on expectations” and, as a result, are “giving quite conservative guidance”



Top investor concerns include the ripple effect driven by a slowing Chinese economy and, to a lesser extent, prolonged European issues



Despite tempered growth, investors remain bullish on Latin America with 88% agreeing Mexico is in a period of resurgence



For the sixth consecutive quarter, dividends remain surveyed investors’ top preference for uses of excess free cash –

While share repurchases have historically been a close second to dividends, interviewed contributors ranked reinvestment as a higher priority



Sustainable competitive advantages, followed by demonstrated shareholder-friendly capital allocation and a strong management team are viewed as top investment differentiators



Regarding shareholder activism, while it depends on the type of campaign and motives, surveyed investors report they are generally in favor of such measures

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Fed Bobbing-and-Weaving Cannot Stop the Momentum Equity markets continued to rally as second quarter performance was again spotlighted by record highs. For the S&P 500 and NASDAQ the all-time high closings took place on May 21, while the Dow hit its best close a week later on May 28. In total, the major indices were not able to outpace first quarter double-digit gains, however, all three finished in positive territory. 2Q13 Market Performance 108 106 104 102 100 98 96 6/28/13

6/21/13

6/14/13

6/7/13

5/31/13

DJIA + 2.3%

5/24/13

5/17/13

5/10/13

5/3/13

4/26/13

4/19/13

4/12/13

4/5/13

3/29/13

S&P 500 + 2.4%

NASDAQ + 4.2%

When polled regarding rally drivers, Rally Drivers investor opinion remained unchanged from the prior quarter, with 71% pointing directly to the Fed. Given Bernanke’s Fed Policy 71% mid-June comments regarding potential tapering of the QE program and the Risk/Reward 43% subsequent decline in the markets, investors are nervous as to what is truly Improving Fundamentals 14% driving market performance. As one contributor comments, “It illustrates a major risk in the market that the recent move we had may not be due to fundamentals; rather, it may just be due to the perception the Fed is going to provide liquidity and support”. Furthermore, investors identify a lack of investment alternatives as a contributor to the 2013 runup. With interest rates at historically depressed levels, investors have turned their eye to the equity markets in an effort to secure higher returns. “It is financial repression. It is ultra-low bond yields. Bond investors are finally waking up to the fact that just getting paid a yield of something nominal like 1% to 2% on fixed income products is not going to be a sufficient rate of return for the next 5 or 10 years.” – Growth, Generalist “Certainly in the U.K. there has been a dearth of new issues, whereas the actual money going into the unit trusts and pension funds has continued to increase and www.corbinperception.com

therefore there is a slight demand/supply imbalance at the moment. The other thing is that the yield on the market compared to what you can get on cash and vested bonds is still very attractive. There is a slight view that people are feeling a little more positive towards the economy, as well as towards their spending and savings and they are trying to find an outlet for that. That outlet is probably going to the stock market rather than the bond market where the yields are very poor.” – Core Growth, Oil and Gas/Services

“For the moment, it is driven by Bernanke’s comments and central banks rather than the underlying fundamentals.” – Core Value, Consumer Discretionary “I think part of it is real in the sense that low interest rates have been driving money into the equity market.” – GARP, Generalist

2Q13 Results Anticipated to Fall Short of Expectations The majority of contributors, or 78%, revealed that 1Q13 results came in largely in line with expectations. The only industry-specific participants identifying last quarter’s performance as subpar were technology-focused, citing “topline misses”. Expectations for the second quarter vary though contributors largely agree that there will be topline pressure. The point of contention, however, is to what extent pricing power and improved margins can offset weaker revenue. Drilling down, of the group expecting generally weaker results, 50% are generalists while 33% are technology-dedicated.

1Q13 Earnings Results - Take Away

In-line | 78% Below Expectations | 22%

2Q13 Earnings Results - Forecast

For the quarter, investors report an acute focus on: In-line | 38%



Business trends



Top-line growth



Balance sheet strength/liquidity



Management guidance



Expense control

Below Expectations | 46% Above Expectations | 15%

“Revenues are increasing albeit slowly and margins are coming back slowly.” – Hedge Fund, Generalist

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“I will be focused on weakening currencies versus the U.S. dollar and, as a result, a lot more foreign exchange rate volatility. I expect volume trends to continue to be weak, unable to be offset by pricing and, as a result, top-line weakness.” – Core Value, Generalist II

“I believe you will see companies meet expectations again probably driven by slightly weaker revenue but better margins. You will see a lot of the top-end guidance cut or the range changed because most companies had banked on a pretty strong ramp in the second half. It is the middle of June and they have not seen much evidence that it is going to happen.” – Core Value, Industrials

Management Tone Continues To Soften Nearly half of the study group, comprising mostly sector-specific investors, maintain management teams are increasingly resonating more confidence in their conversations with investors and are “less negative” albeit cautiously optimistic. Those who maintain executive tone was unchanged, mainly generalists, assert they continue to be “cautious”.

Management Tone -- Prior Quarter

Unchanged (Cautious) | 33% Less Negative | 33% More Negative | 28% Depends | 6%

This marks the second consecutive quarter where executive sentiment is observed as improving. An interesting note, prior to previous quarter findings, the last time investors identified management tone as improving was 1Q12. “The executives I speak with see a mixed outlook. U.S. is doing okay, Europe continues to be poor but perhaps is slightly better and China and emerging markets are a big question mark.” – Hedge Fund, Generalist II

Management Tone -- Current Quarter

Unchanged (Cautious) | 35% Less Negative | 47% More Negative | 12% Depends | 6%

“Recovery does seem to be coming through in most of the industries that I follow. It is a muted recovery but it is coming through and hence management is slightly more positive.” – Growth, Consumer/Media “There was a period of optimism but they are becoming concerned as they get closer to the second quarter that things are not really picking up the way they had led people to believe. They are cautious.” – Growth, Generalist

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Call on Performance Metrics: Sequential Decline In our quarterly channel check on performance metrics, investor expectations for a weaker quarter has resulted in views that FCF and EPS growth are likely to worsen. To a lesser extent, organic growth is predicted to decline as well. FCF Growth

EPS Growth

Organic Growth 60%

50%

40%

30%

20%

10%

30% 20% 10%

0% 4Q12

1Q13

2Q13

4Q12

Improving

1Q13

Staying the Same

4Q12

2Q13

1Q13

2Q13

Worsening

To Bail or Not to Bail…Taper Tantrum Scares Markets After a fast-paced start to 2013 it was neither fundamental nor geopolitical uncertainty which halted market momentum. After the June 18 - 19 FOMC meeting, it was disclosed that the Fed intends to taper its bond purchasing program during the second half of 2013, reducing the dollar amount of bonds purchased monthly to $65 billion from $85 billion. This threat of tapering drove the S&P 4% lower in the two subsequent trading days.

While investor views vary on when it will actually occur, 34% are taking the Fed’s words to heart and predicting the easing will occur during the back half of 2013. Still, they are quick to note that U.S. economic data will play a significant role in that decision. “In terms of actually increasing the federal funds rate, it is two to three years away.

In terms of tapering QE, we agree with the current consensus that it could be the third or fourth quarter of this year. That is very much dependent on the state of the economy. If there are any signs that the U.S. economy is sliding backwards then we would expect the Fed to push that tapering back into next year or whenever the recovery looks more solid.” – Growth, Consumer/Media

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“In terms of raising interest rates, I do not think any of that is likely for at least one

to two years. In terms of tightening, I could certainly imagine that happens by the fall.” – GARP, Technology “They have already stated they are hoping to do it by year-end but what will drive it

is how strong the economy is. If you believe the economy is going to stay strong then probably by the end of the year they will start to slow down bond purchasing.” – Growth, Healthcare

Meanwhile, investors report the economic indicators on which they are most focused include: 

77% | Employment



46% | Housing data, including starts, sales and mortgage rates



31% | Industrial production, including ISM and PMI



23% | GDP



18% | Growth prospects

Contributor views on the market’s subsequent reaction to monetary tightening are just as varied. While 33% state it will be neutral “because it is somewhat expected”, 50% are at either extreme, with half of this group predicting a rally and the other half forecasting a slight pullback. “I am very concerned about whether the

Fed can do this without a hiccup and I suspect that they cannot and that there will be problems ahead.” – Growth, Generalist

Subsequent Market Reaction

Unsure | 17% Neutral | 33% Positive | 25% Slight Pullback | 25%

“Assuming the economy continues to improve, which would be the reason for pulling

back on the stimulus, I think it will be a positive reaction. In my opinion, they are floating trial air balloons and allowing people to get used to the idea so 6 to 12 months out when they actually pull the trigger there is not going to be this big shock. People will have vetted the idea, talked about it and worked through it.” – Core Value, Materials II “I do not expect much impact at all. The Fed will indicate very clearly when it is

going to begin tapering so when it arrives it will be fully discounted in the market.” – Growth, Consumer/Media

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Concerns Regarding Europe Take Backseat to Asia Investor concerns are largely focused on the China's Impact on Global Growth Over the international landscape, specifically Asia. Indeed, Next 12 Months participants highlight the slowdown in the Chinese growth rate and the ripple effect it could have on the global economy. As an investor Positive | 64% avers, China has been “the locomotive for the world economy for the last several years”, adding Negative|18% “to the extent that its growth slows, and it is Neutral | 18% slowing, that could be quite negative for the world economy”. Despite these concerns, 64% of surveyed investors report that China should have a positive influence on global growth over the next 12 months. On the theme of Asia, 21% express concerns over Japan potentially entering into a recessionary economy despite the stimulative policies of Abenomics. While there was no major headline news coming out of Europe during 2Q13, the persistent “babbling in the background” continues to weigh on sentiment albeit at a much less extent than previous findings. The majority, or 72%, report they are mindful of the issues but note “Europe will continue to struggle for a couple of years…so it is not a headline risk at this point”. In that vein, 42% suggest the subdued economic activity will last three to five years while 33% predict it will recover in one to two years’ time. In general, top concerns center on negative growth and uncertainty of the EU. While the U.S. remains a relatively bright spot when compared to the rest of the world, continued concerns about tepid growth and medium-term changes to Fed policy leave some surveyed investors apprehensive. Top Investor Concerns

3Q12

4Q12

China Slowdown European Crisis Fiscal Cliff U.S. Equity Valuations Violent Unrest

Fiscal Cliff (Partially Resolved) Washington Policy, Brinkmanship European Crisis Challenging Macro/Muted Growth Global Political Unrest

1Q13

Current

Washington Policy; QE European Crisis U.S. Equity Valuations Revenue Growth, Margin Expansion Global Political Unrest

Chinese Slowdown Japan Monetary Policy, Growth European Crisis U.S. Economy Changes in Fed Policy and Reaction

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“We have issues in Europe and Japan and now China and Australia that need to go through the business cycle. Japan has been a perennial issue; for them, growth is just anemic. I would say international GDP growth is really the primary concern outside the U.S.” – Hedge Fund, Generalist “I am hearing more about the Chinese banking system. If that blows up in a noisemaking way, it will not have much direct impact on the U.S. economy but, at the same time, sentiment will roll over. Economic growth is somewhat being driven by improving confidence so if that gets hurts it could have a negative ripple effect in housing and other places.” – Core Growth, Generalist II “I am concerned about the U.S. unemployment and inflation numbers. Another concern is the strength of the Chinese economy. They have been revising down their GDP growth estimates. They have been allowing overnight interbank interest rates to creep up, suggesting the credit expansion will be limited and that keeping inflation under control is now becoming more important than flat-out economic growth. This has huge implications for GDP. What that could mean for exports and funds available in China to continue buying U.S. treasuries has very vast implications.” – Core Value, Generalist II

Despite Fits and Starts, Investors Remain Bullish on Latin America Surveyed investors closely monitoring Latin America markets report that while Brazil “is starting to struggle” and growth is slowing, they remain bullish on the region overall. Indeed, 46% suggest that “medium- to longer-term economic growth prospects remain very good: despite “structural concerns” and “hot money flying into the region”. As an investor points out, “emerging market growth is never quite as fast as it has the potential to be”. In addition to Brazil, investors are focused on Argentina, Chile, Venezuela and Mexico. Digging deeper, 88% agree that Mexico is entering a period of resurgence and highlight “the change in government”, “stronger U.S. economy” and along these lines, “manufacturing advantage over China” in that it is now the lower cost country of the two. “Two worries for Brazil are the weakness in both the currency and commodity prices. Brazil is trying to regain a more balanced economy. There are big sources of stimulus and you also have the idea that it might try to go self-sufficient in energy. This year still looks a bit subdued for the Brazilian economy but 2014 will be positive. I see close to 2% for Brazilian growth this year but double it next year, 4% and maybe even 5%.” – Core Growth, Oil and Gas/Services “I am positive about Latin America because the economies there are growing pretty robustly. In addition, the World Cup is there next year and the Olympics in 2016. That area of the world will probably continue to grow.” – Growth, Healthcare “We are very interested in the Latin American consumer. You are still seeing a very quickly growing middle class. Taking into consideration all of the consumer data we www.corbinperception.com

follow, Latin American sales continue to remain healthy. This is driven by Brazil, Chile and so forth. It is looking like strong long-term growth out of there.” – Core Value, Consumer Discretionary

Market Sentiment: Raging Bulls Retreat With U.S. indices seemingly outperforming the pace of the economic recovery, investor bullishness has been tempered. After heightened optimism during 1Q13, in which 42% of interviewed investors identified themselves as “bullish”, the level has now declined to roughly 10%. Despite the relative change in sentiment, the global investor remains positive with the nearly half of this group citing cautious optimism. In terms of investment themes, adept capital deployment remains a leading thesis with 50% of surveyed investors asserting they are “looking for companies that re-deploy capital and can earn a good return on that”. Other one-off themes cited include cyclicals, operational efficiency and “long-term trends driven by demographics from emerging consumers”.

Investor Sentiment -- Prior Quarter

Bullish | 42% Neutral | 29% Cautiously Optimistic | 25% Bearish | 4%

Investor Sentiment -- Current Quarter

Bullish | 10% Neutral | 29% Cautiously Optimistic | 47%

“We expect more volatility. Equity Bearish | 14% valuations have moved up but the equity risk premium is still a little too high compared to interest rates. We are still looking for a higher market by year-end but not that much higher.” – GARP, Generalist

“I am frightened, bearish even. The liquidity injections have been critical to driving the market higher. If you get a sense that will be moderated or taken away, it will make for a more difficult market environment.” – Hedge Fund, Generalist II “I am cautiously optimistic. We are at the bottom looking up, certainly in terms of the U.K. economy. We are not going to race ahead and get 3% growth anytime soon. It is going to be very much a stop-start type of situation because the banks are still not lending very much. The lending in the U.S. has improved somewhat but we have to be careful; the comps are going to get difficult because the second half of last year was very strong for the U.S. economy. Fed meetings are very important and Mr. Bernanke has to play his cards properly. If he thinks the economy is strong, he may actually make a mistake. Overall, the global economy is still in a recovery mode. Things will tick along nicely but not actually race ahead and that is probably quite good in terms of inflation.” – Core Growth, Oil and Gas/Services www.corbinperception.com

Sector Snapshot

Bearish

Neutral

Utilities Paper and Pulp

Bullish

Technology Telecom Financials Industrials Materials

Declining Appetite Reinvestment

for

Buybacks

Cons. Disc. Media

Continues;

Healthcare Aerospace Energy

Strong

Resurgence

For the sixth consecutive quarter, dividends top the list when polling investors on their preference for uses of excess cash. The gap between dividends and buybacks widened drastically during the quarter, likely driven by the run-up in equities. Consequently, a large spike in favor of reinvestment was recorded, increasing to 67% from 32% in the prior quarter. The general view on share buybacks is that it is “nearly impossible to time them right”, with surveyed investors suggesting that companies should have a plan in place and maintain steady activity regardless of the stock price. Continuing, this group reveals that they typically do not give management much credit when it comes to “calling” the market and given that many companies are trading at or near recent highs the penchant “by far, is reinvesting in the business”.

Free Cash Flow Preference - Quarterly Trends 73%

71%

67%

57% 50% 47%

53%

43%

40%

29%

24%

32%

29% 29% 26% 7%

Dividends

Buybacks 3Q12

4Q12

Reinvestment 1Q13

Current

M&A

0% 0% 0%

Debt Reduction

Rolling 12 Month Avg.

“I would rather they look at long-term projects. If that does not look like a viable option, share buybacks or dividends are fine. I certainly do not like seeing cash pile up on balance sheets.” – Core Value, Materials II

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“That depends what opportunities they have. If you can invest at a higher return, then keep it all. If you cannot then have a dividend with a reasonable payout that lets you continue to fund what you need and then grow it consistently over time. Then use buybacks as your swing capacity.” – Core Value, Industrials “If there are investment opportunities available that are attractive and will deliver decent returns then clearly that is the best use of excess cash flow. In the absence of those opportunities, we tend to feel returning cash to shareholders is the best option. I do not have a particularly strong view on dividends or share buybacks. The only thing I will say about share buybacks is they tend to be most beneficial if a company has a consistent program rather than one that goes for short, sporadic periods. Inevitably, the times when companies have sufficient cash available to buy back shares tends to coincide with the times when the share prices are near cyclical highs. More often than not, you find that companies buy back shares at the worst moments. Therefore, we feel if a company cannot buy back shares regularly they are best returning excess cash in the form of dividends.” – Growth, Consumer/Media “In almost all cases I would rather see a business invest in high return projects within their core competencies. That is always our first preference. The problem has been that many businesses have not had ample opportunities to deploy capital in that manner. Once you have invested in the business, then start to think about share repurchases and dividends. I hate to see companies lever up to pay a dividend or repurchase shares. Managements rarely have shown the ability to buy back stock at attractive prices.” – Growth, Generalist

Outside Fundamentals, Investment Factor

Sustainable

Competitive

Advantages

Leading

Respondents assert that when researching investment opportunities, the following elements weigh heavily in their decisions and can serve to differentiate a company from the masses: 

71% | Sustainable competitive advantages (e.g., franchise strength, high barriers to entry, low government regulation, consistent innovation, leading market position, etc.)



47% | Management quality



29% | Capital allocation track record, ROIC



24% | Cash flow generation



18% | Growth prospects “I always focus on a company’s competitive advantages. I want to know what the source of that competitive advantage is and why it is going to be sustainable in the future. I try to avoid businesses that have commodity exposure or very high industry

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rivalry issues because it makes returns less stable and less predictable in the future. I try to buy businesses for our portfolios and recommend them more broadly within the firm when not only I can identify what the sustainable competitive advantage is but also when the firm is trading at a significant discount to such that my investment has a margin of safety built into the price I am paying.” – Growth, Generalist “FCF is clearly a factor we look at, as is cash conversion. Keeping the cost of capital down, keeping CapEx in line with expectations and not spending too much is important. Having a mentality of evolution rather than just standing still is critical, too. Controlled diversification is also important.” – Core Growth, Oil and Gas/Services

“I look for industry leaders with strong ROIC and FCF generation.” – Core Growth, Consumer Discretionary

IR Best Practice: Be Aware of Shareholder Activism and Put a Plan in Place As shareholders increasingly continue to hold boards of directors and managements more accountable for company performance and corporate governance practices, the rise of activism continues to gain momentum. Recently, there has been a significant increase in activist funds, including Corvex and Marcato, and activism has emerged as a legitimate asset class. To a greater extent, conventional investors are teaming up with activists surreptitiously and supporting their campaigns to unlock value. The most common activist campaigns include: 

Portfolio (e.g., break-up, spin-off)



Governance



Reorganizations/management



Balance sheet/capital structure

In general, surveyed investors are universally in favor of shareholder activism though 36% add the caveat that “it depends on the situation”. Indeed, while some activists have broader shareholder interests in mind and can serve as the catalyst for much-needed change, others are self-motivated and are looking “to create a short-term gain”, contributors assert. Several note that while it is warranted in certain situations, activism can serve as a distraction to both management and the mainstream investor community and often results in a trading mentality “more focused on headlines than the underlying business and fundamentals”. Headline Activists of Late (in alphabetical order) 1. Atlantic Investment Management (Alex Roepers) 2. CalSTERS www.corbinperception.com

3. Corvex Management (Keith Meister) 4. Elliott Management 5. GAMCO Asset Management (Mario Gabelli) 6. Greenlight Capital (David Einhorn) 7. Icahn Associates (Carl and Brett Icahn) 8. Jana Partners (Barry Rosenstein) 9. Marcato Capital Management (Mick McGuire) 10. P. Schoenfeld Asset Management (Peter Schoenfeld) 11. Pershing Square Capital Management (Bill Ackman) 12. Relational Investors (Ralph Whitworth) 13. Sandell Asset Management 14. Southeastern Asset Management 15. Starboard Value (Jeff Smith) 16. Stilwell Value (Joseph Stilwell) 17. The Blackstone Group (Stephen Schwarzman) 18. Third Point Management Company (Daniel Loeb) 19. Trian Partners (Nelson Peltz) 20. ValueAct Capital Management (Jeff Ubben) IROs should adopt a proactive approach to addressing increased shareholder activism in the event they are met with opposition. Selected best practices include: 

Ensure that your senior management has in place both a prevention and reaction strategy



Know your shareholder base and which mainstream investors have activist tendencies (e.g., Glenhill Capital, Perry Capital, QVT Financial, Seneca Capital, etc.)



Consistently check in with significant shareholders and listen to their concerns/issues



Monitor peer performance and how your company stacks up on key metrics



If a known activist reaches out, take it seriously and be on the offensive –



A lack of subsequent contact does not mean the activist has moved on; rather, they are often preparing their campaign and priming other shareholders

Communicate the key priorities of management, realistic benchmarks and milestones that shareholders can use to evaluate progress

When asked what advice they would give managements who have been approached by an activist, surveyed investors universally recommended, “Listen and consider what they are saying”. www.corbinperception.com

Proven Methodology, Proven Results Corbin Perception is an IR research and advisory firm assisting public companies with driving long-term shareholder value. Our Advisory Services Include: 

Perception Studies



Investor Targeting



Investor Presentation Development



Investor Days



IR Diagnostic Reviews



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We leverage our broad company and industry experience, ongoing research on the buy side and knowledge of IR best practices to achieve results. We are passionate about what we do and develop relationships that are collaborative and long lasting. Our client proposition is based on: 1) insightful, research-driven counsel; 2) a talented and experienced team; 3) an in-depth understanding of best practices and the ability to apply that knowledge to unlock value; and 4) an unparalleled commitment to client service and satisfaction.

Visit our website or contact us to learn more www.corbinperception.com info@corbinperception.com (860) 321-7309