DeMarche Associates

Use of Cash Study: Buy Backs or Dividends?

Dividend Increases Outperform
Share Repurchases in Bear Markets by
600 Basis Points


	Markets

	Bear	Bull

Dividend Increases	1.7%	13.5%

Share Repurchases	-4.5%	13.5%

	6.2%	0.0%


* Average 1-year Median Returns 1990-2007

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We're bridging the gap between business and academia.

Put our research to work for you.

DeMarche Workshops

Throughout the year DeMarche stages several conferences, workshops, and teleconferences on various topics.

Workshops &

Teleconference:

November 18, 2008

Stock Market Outlook Workshop Luncheon

The Marquette Hotel

Minneapolis, Minnesota

December 9, 2008

St. Louis Stock Market Outlook Workshop Luncheon

Ritz Carlton

Clayton, Missouri

Conference:

January 22, 2009

DeMarche Winter Client Conference 2009

Sofitel Chicago O'Hare Hotel

Chicago, Illinois

The DeMarche Speakers Bureau was established to make available our industry experts to speak on a variety of cutting edge topics relevant to institutional investors.

January 14, 2009

AFP - Kansas City

Kansas City, MO

DeMarche Speaker:

Bob Duwa

"The Five Key Sources of Stock Prices"

February 18, 2009

CFA - Omaha

Omaha, NE

DeMarche Speaker:

Bob Duwa

April 8, 2009

AFP - Kansas City

Kansas City, MO

DeMarche Speaker:

Mark Meierhoffer

"Uses of Cash 2009"

For more information contact Cole Price at cole.price@demarche.com or click below to learn more about Speakers Bureau.

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DeMarche Associates announces its 5th Annual Awards for the 100 Best Companies and Honorable Mention Companies.

We will be also highlighting the Most Improved Companies and Best CEOs.

To understand more about the factors that determine our awards and to view a complete list of winners please click below.

>>	BEST 100
>>	BEST CEOs
>>	MOST UNDERPAID CEOs

DeMarche unveils its unique 15-year study analyzing corporate uses of cash by style.

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>>	Free 'Uses of Cash' White Paper
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Subscribe to our Peer/Clone Reporting Service to gain access to the most indepth Peer ratings.

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Subscribe to our Premium Common Stock Rating Service to gain access to DeMarche's in-depth stock research and our Buy/Sell ratings.

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>>	See Our Track Record

Use our stock screen rating service to find Growth/Value, Quality and Expected Return ratings for your selected stocks.

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DeMarche is a leading investment research and financial consulting firm specializing in defined benefit and defined contribution consulting and industry-leading practices in corporate finance and investor relations.

Founded in 1974, we offer an array of consulting services designed to help progressive organizations stay on top of key factors affecting Stock Price, P/E, COEC. Applications-oriented research and development into finance and investments drives all of our products and services. The benefit for you is better information and improved bottom-line performance.

At DeMarche, our business is objectivity. We know the capital markets and the institutional money managers who run stock portfolios. We deliver the industry's most robust multi-factor model to determine what's driving your stock price. And we can meld the views of your existing information providers.

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Rate of change

Oct 30, 2008 5-Day 22-Day
DeMarche 3000
5.92
-19.52
DeMarche Growth
6.87
-19.78
DeMarche Value
4.45
-19.11
DeMarche Aggressive
7.25
-26.75
DeMarche Defensive
5.82
-18.91

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*Indexes are updated weekly