What is the NYSSA Investment Research Challenge?

1. What is the NYSSA Investment Research Challenge? Supervised by the New York Society of Security Analysts It is an inter-university competition Involves a team of 3-5 students from each participating university The team performs original fundamental research on a designated company The team writes an ‘initiating coverage’ investment research report. Each team is coached by a faculty advisor and a seasoned investment professional.

2. New York Area Participating Schools • Zicklin School of Business, Baruch College of CUNY • Columbia Business School, Columbia University • Charles F. Dolan School of Business, Fairfield University • Graduate School of Business Administration, Fordham University • Frank G. Zarb School of Business, Hofstra University • The Hagan School of Business, Iona College • Stern School of Business, New York University • Lubin School of Business, Pace University • Rutgers Business School, Rutgers University • Stillman School of Business, Seton Hall University • The Peter J. Tobin College of Business, St. John’s University • College of Business, Stony Brook University • Yale University • Christos M. Cotsakos College of Business, William Patterson University

3. 2007-2008 Winning Team Rutgers Business School, Rutgers University

4. CFA InstituteGlobal Investment Research Challenge • The winner of the New York Area Competition has the opportunity to compete in the Global Investment Research Challenge sponsored by the CFA Institute. • The schools participating in the 2007-2008 Global Competition are displayed at the following URL: http://www.cfainstitute.org/society/challenge/participants.html

5. Participant Eligibility Rules • Students may not have been or currently be employed in a role whose primary duty involves fundamental company analysis; with the exception of students who have been interning in that function for six months or less. • Students must be enrolled in the current term at the school they represent. • CFA charter holders are not eligible to participate. • Teams may consist of 3-5 members, and may include graduate and/or undergraduate students.

6. How well has Fordham done? • Pace 2002-2003 Galaxy Foods • NYU 2003-2004 Emisphere Technologies • Fordham 2004-2005 Syms* • Seton Hall 2005-2006 Aqua America* • Seton Hall 2006-2007 Tasty Baking • Rutgers 2007-2008 W. P. Carey* * Fordham finished in the top four.

7. 2004-2005 Winning Team Fordham University

8. Faculty advisor rules • Total faculty advisor involvement must not exceed 10 hours prior to the panel presentation. This includes no more than 2 hours total in assisting students with primary research. • Faculty advisors will be allowed to review students’ written work and provide comments only. Advisors will not be allowed to perform any research or write any portion of the report. • Faculty advisors may not contact the subject company, or any of its affiliates, distributors, suppliers or competitors within the context of the Challenge.

9. What is the role of the team mentor? • Source of industry specific perspective. • Provides guidance for the team’s company specific, original research. • Critiques the team’s findings and analysis

10. Team mentor rules • Student contact will be limited to a maximum of 3 face-to-face meetings with their mentors, not to exceed 6 hours total, prior to submitting the written report. Any additional contact (i.e. e-mail or phone) will be at the mentor’s discretion. • Mentors will be allowed to review students’ written work and provide comments only. Mentors will not be allowed to perform any research or write any portion of the report. • Mentors may not contact the subject company, or any of its affiliates, distributors, suppliers or competitors within the context of the Challenge.