Past performance is no guarantee of future results. These results are unaudited. All results as of as of December 31, 2019. These results are not audited and this performance stream tracks companies analyzed by Boyar’s Intrinsic Value Research and published in Boyar’s Micro Cap Focus commencing in 2010. Performance presented is the average price only returns from the date of publication. Since 2010 through December 2018, the number of companies profiled in Boyar’s Micro Cap Focus has been 26. 26 companies are included in the 1-year calculation, 21 companies are included in the 3-year calculation, 18 companies are included in the 5-year calculation and 12 companies were included in the 7-year calculation. For a list of all the companies utilized for these calculations, please contact us. Special dividends are included in the return calculation for the companies profiled. The performance reflects the result of any spun-out companies on a going forward basis in proportion to the spin off weighting. FactSet was utilized to calculate the performance of companies profiled and the respective benchmark return. These results are hypothetical and do not represent any actual trading results which could cause the results to differ materially. These results do not take into account any market factors such as liquidity that may have had a significant impact on overall returns. These results are gross of any investment management, custody or brokerage commissions. The benchmark is an index consisting of micro-cap stocks with “value” characteristics. However, many of the companies profiled in Boyar’s Micro Cap Focus may be significantly smaller or larger than the average company in the chosen index. These results do not necessarily represent the results of any of the accounts managed by Boyar Asset Management Inc., and the results of Boyar Asset Management Inc. accounts could and do differ materially from the results presented. While the results presented show profits, there was the real possibility of a permanent loss of capital. This information is for illustration and discussion purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Boyar Asset Management Inc. is an investment adviser registered with the Securities and Exchange Commission. Registration of an Investment Advisor does not imply any level of skill or training. A copy of current Form ADV Part 2A is available upon request or at www.advisorinfo.sec.gov. Please contact Boyar Asset Management Inc. at (212) 995-8300 with any questions.