Global Investment Research Challenge in Southern California Academic Year

About the CFA Institute CFA Institute (CFAI) is the global, not-for-profit association of investment professionals that awards the CFA and CIPM designations. Serving over 100,000 members worldwide, CFAI promotes the highest ethical standards and offers a range of educational opportunities online and around the world. With its member societies, CFAI offers a range of educational programs and services for its members, program candidates, investors, employers, institutions, and the press.

CFALA, CFAOC and the GIRC Partnership CFA Society of Los Angeles (CFALA)- Established in 1931, the CFA Society of Los Angeles is a network of investment management professionals in the greater Los Angeles area serving nearly 2,000 members. The mission of the Society is to provide access to information, expertise and personal interaction to further members' professional development and to promote the value of the profession and the CFA designation. CFA Society of Orange County (CFAOC)- Established in 1983, the CFA Society of Orange County is the premier association for financial analysts and investment professionals in Orange County serving over 400 members. The mission of the society is to provide a forum for investment professionals to build strong and valuable networks, expand industry knowledge, and promote the highest standards of ethical and professional conduct. GIRC Partnership- CFA Institute member societies of Los Angeles and Orange County have partnered to present the Global Investment Research Challenge in Southern California, offering the winning team the opportunity to represent Southern California in the Americas regional Global Investment Research Challenge scheduled for April 7, 2011 in Omaha, NE.

Global Investment Research Challenge Purpose: Teach best and ethical practices in equity research through a real-world experience to the next generation of investment professionals. Analysis of a Public Company o Teams research a publicly traded company. Company management presents to the teams and participates in a Q&A session. Mentoring by a Professional Research Analyst o Each team works with a CFA charterholder who mentors the team during the research process and reviews and critiques its report. Writing a Research Report o Each team produces an Initiation of Coverage report on its chosen company. The report is reviewed and scored by a group of judges. Presentation of Research to a High-Profile Panel of Experts o Teams present their research to a panel of experts from top financial institutions. The team with the highest combined report and presentation score is the winner Advancement to the CFA Institute Global Challenge o The winners of local competitions advance to compete against teams within their geographic region, culminating in a global finale competition. Challenge Components: The Global Investment Research Challenge is composed of university teams of three to five students who are mentored by industry professionals in writing an equity research report on a publicly traded company.

Global IRC Network 2010 Americas + New York: 30 Challenges 200 Universities Asia Pacific: 16 Challenges 140 Universities EMEA: 14 Challenges 90 Universities 2011 (projected) Americas + New York: 45 Challenges 250 Universities Asia Pacific: 16 Challenges 140 Universities EMEA: 20 Challenges 100 Universities

Global IRC in Southern California- Participants 1.Meixi Chen 2.Ada Del Rosso 3.Amir Ganaba 4.Richard Graham 5.Alyson Laux 1.Emma Ji 2.Jared Oren 3.Robert Arvizu 4. Kaustubh Kulkarni 5.Kshitij Agrawal 1.Tiffany Ketterer 2.Giang Tran 3.Mirjam Weber 4.Peter Gunther 5.Jacky Lee 1.Austin Hall 2.James Stamatelos 3.Jesse Sotelo 4.Neil Mandalia 5.Michael Hill 1.Jeff Grampp 2.Al Lopez 3.Sherilyn Bogatz 4.Mason Waite 5.Dan Chudleigh

2011 Tournament Diagram Global IRC in Southern California Winner 16 Teams Asia Pacific Regional 14 Teams EMEA Regional 29 Teams Americas Regional 16 Teams New York Regional Global IRC Finals

2011 Timeline Southern California Final 25 February 2011, Orange County, CA Americas Regional Final 7 April 2011, Omaha, NE 5th Annual Global Challenge Finals 8 April 2011, Omaha, NE

2011 Research Target Western Digital Corporation (NYSE: WDC) Lake Forest Drive Lake Forest, CA

Questions GIRC Committee Members Deirdre Perez, CFA Todd Richey, CFA Dave Hutchison, CFA Jeff Shekell Scott Thomson Contact: