HPSC, Inc.
Research Notes

Symbol: HDR
Exchange: AMEX

November 10, 2002. HPSC Announces Better Than Expected Results For Third Quarter; EPS Up 23%

October 22, 2002. HPSC Announces Completion Of Financing Providing Total Of $ 85 Million In New Financing Capacity Strong Buy Recommendation Reiterated

August 22, 2002. HPSC Announces 36% Increase In Originations For July; Strong Buy Reiterated

August 19, 2002. SEC Initiates Suit Against Former HPSC Officer and Customer

August 15, 2002. HPSC Reports Q2 Net of $1 Million, A 292% Increase With EPS Up 300%; Strong Buy Rating

August 7, 2002. HPSC Announces Preliminary 2nd Qtr. Results; Diluted EUP Up 100%; Strong Buy Reiterated

June 24, 2002. HPSC Raised To 65th Largest Leasing Company In New Rankings

June 19, 2002. HPSC Discovers $5M Defalcation Occurring Over Past 5 Years

May 10, 2002. Strong Buy Recommendation Reiterated: 8.0% Reduction In Operating Expenses Contributes To An 18% Increase In Net Income

March 28, 2002. Fourth Quarter & Year-End Revenue & Earnings Growth; Strong Buy Recommendation Reiterated

March 13, 2002. Fundamentals Cry Out For Market Recognition - Strong Buy Recommendation Reiterated

January 29, 2002. Stock Price Presents Major Buying Opportunity. Strong Buy Recommendation Reiterated with Price Target of $15

November 2, 2001. Strong Buy Recommended With Recent Price Decline and Underlying Earnings Growth Rate and Strong Balance Sheet.