Services

Cardinal: of foremost importance, valuable, paramount, esteemed, salient, distinctive,
fundamental, material, primary, notable, imperative, outstanding, critical, capital, chief and
foremost. We believe these definitions best describe the character of our firm.

Clients of Cardinal Research typically engage in bi-monthly conference calls
discussing the latest trends in Telecommunications. Cardinal Research also
works closely with John Celentano, President of Skyline Marketing, which
specializes in telecom market analysis and strategic consulting.

The following data points highlight the focus of Cardinal’s service offering:

Carrier capital spending (capex) – Capex analysis is largely focused on
U.S. carriers and includes forecasts for the coming year.

Carrier Technology trends – Cardinal will extrapolate and interpret
capex numbers to determine where carriers are expanding and
upgrading their networks. Technology trend analysis also includes
trends at major international carriers.

Carrier-supplier contracts – Cardinal tracks vendor contracts with
carriers to help determine OEM revenue and changes in market share.

OEM analysis – Cardinal analyzes key developments, such as earnings
releases for the most recent quarter. The following is a sample list of
Telecom equipment vendors Cardinal pays closest attention to: ADCT,
ADTN, ALVR, CIEN, CRNT, CTV, INFN, PCTI, RSYS, SONS, STAR, TKLC,
and TLAB.