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          <TD class=3Dtopleft width=3D"21%" height=3D75><A=20
            href=3D"http://www.business.ku.edu/apm"><IMG class=3Dtopleft =
height=3D65=20
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            width=3D150 border=3D0 =
longDesc=3Dhttp://www.business.ku.edu/apm></A></TD>
          <TD class=3Dtopright vAlign=3Dtop align=3Dleft =
width=3D"79%"><!-- InstanceBeginEditable name=3D"Title" -->
            <P class=3Dtoppane><SPAN class=3Dtitle1>APM Quarterly<BR>4th =
Quarter=20
            2007</SPAN><BR><SPAN class=3Dheadingsub>a publication of =
Applied=20
            Portfolio Management, KU School of Business</SPAN></P><!-- =
InstanceEndEditable --></TD></TR></TBODY></TABLE></TD>
    <TD><IMG alt=3D""=20
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    <TD vAlign=3Dtop colSpan=3D3 height=3D19><SPAN class=3Dtoppane><IMG=20
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templates/ku_line.gif"=20
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    <TD class=3Dleftpane vAlign=3Dtop align=3Dleft bgColor=3D#ffffff>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD class=3Dleftnewsheading>Inside This Issue:</TD></TR>
        <TR>
          <TD class=3Dleftsubheading>
            <UL><!-- InstanceBeginEditable name=3D"Inside This Issue" =
-->
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#portfolio">Portfolio=20
              Performance</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#cerner">Cerner</A>=20

              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#mark">Mark=20
              Whitaker</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#bob">Bob=20
              McAdoo</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#jeremy">Jeremy=20
              Glauner</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#kent">Kent=20
              McCarthy</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#holdings">Portfolio=20
              Holdings </A>
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#recommendation">Stock=20
              Recommendations</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#alumni">Alumni=20
              News</A>=20
              <LI><A=20
              =
href=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newsle=
tter/2007-Q4/Q4-2007.html#donors">Recent=20
              Donors</A> <!-- InstanceEndEditable =
--></LI></UL></TD></TR>
        <TR>
          <TD class=3Dleftnewsheading>Links:</TD></TR>
        <TR>
          <TD class=3Dleftsubheading>
            <UL><!-- InstanceBeginEditable name=3D"Links" -->
              <LI><A=20
              =
href=3D"http://www.business.ku.edu/FacultyResearchCenter-APM">APM=20
              Website</A>=20
              <LI><A=20
              =
href=3D"http://www.business.ku.edu/headers/apmheader_portfoliotable.asp">=
APM=20
              Portfolio</A>=20
              <LI><A href=3D"http://www.business.ku.edu/">KU =
Business</A>=20
              <LI><A href=3D"http://www.ku.edu/">KU Home </A>
              <LI><A href=3D"http://cshenoy.business.ku.edu/">Prof. =
Shenoy's=20
              Homepage</A>=20
      <!-- InstanceEndEditable =
--></LI></UL></TD></TR></TBODY></TABLE><SPAN=20
      class=3DmainHeading><A name=3Dportfolio></A></SPAN>
    <TD vAlign=3Dtop align=3Dleft bgColor=3D#ffffff>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD vAlign=3Dtop align=3Dleft>
            <P class=3DmainHeading>Portfolio Performance Report</P>
            <TABLE class=3Dperformancefulltable cellSpacing=3D0 =
width=3D"100%"=20
            bgColor=3D#cccccc border=3D0><!--DWLayoutTable--><!-- =
InstanceBeginEditable name=3D"performance" -->
              <TBODY>
              <TR>
                <TD class=3Dperformancetotal width=3D107>&nbsp;</TD>
                <TD class=3Dperformancetotal width=3D108>
                  <DIV align=3Dcenter><STRONG>Total Return 2007 =
</STRONG></DIV></TD>
                <TD class=3Dperformancetotal width=3D106>
                  <DIV align=3Dcenter><STRONG>4th Q =
Return</STRONG></DIV></TD>
                <TD class=3Dperformancetotal width=3D111>
                  <DIV align=3Dcenter><STRONG>Last 2 Years =
</STRONG></DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>SP500</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>3.5%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-3.8%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>17.6%</DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>SP600</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-1.2%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-6.7%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>12.7%</DIV></TD></TR>
              <TR>
                <TD =
class=3Dperformancetotal><STRONG>NASDAQ</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>9.8%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>-1.8%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>20.3%</DIV></TD></TR>
              <TR>
                <TD class=3Dperformancetotal><STRONG>APM</STRONG></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>13.3%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>0.2%</DIV></TD>
                <TD class=3Dperformancetotal>
                  <DIV align=3Dcenter>50.2%</DIV></TD></TR><!-- =
InstanceEndEditable -->
              <TR>
                <TD height=3D3><IMG height=3D1 alt=3D""=20
                  =
src=3D"file:///K|/Home/APMStaff/APM%20Website/old_apm_website/newsletter/=
templates/spacer.gif"=20
                  width=3D107></TD>
                <TD>
                  <DIV align=3Dcenter><IMG height=3D1 alt=3D""=20
                  =
src=3D"file:///K|/Home/APMStaff/APM%20Website/old_apm_website/newsletter/=
templates/spacer.gif"=20
                  width=3D108></DIV></TD>
                <TD>
                  <DIV align=3Dcenter><IMG height=3D1 alt=3D""=20
                  =
src=3D"file:///K|/Home/APMStaff/APM%20Website/old_apm_website/newsletter/=
templates/spacer.gif"=20
                  width=3D106></DIV></TD>
                <TD>
                  <DIV align=3Dcenter><IMG height=3D1 alt=3D""=20
                  =
src=3D"file:///K|/Home/APMStaff/APM%20Website/old_apm_website/newsletter/=
templates/spacer.gif"=20
                  width=3D111></DIV></TD></TR></TBODY></TABLE><!-- =
InstanceBeginEditable name=3D"MainText" -->
            <P class=3DmainHeading>&nbsp;</P>
            <P class=3DmainHeading><A name=3Dcerner></A>APM Class Visits =
Cerner HQ=20
            </P>
            <P class=3Dauthor>By Group 1: Rekha Patnaik, Ryan Peschka, =
Matt=20
            Majerle, and Marcella Vasconcellos</P>
            <P class=3DmainParagraph>On Friday, November 2, the APM =
class visited=20
            Cerner Corporation in Kansas City,<IMG height=3D209=20
            =
src=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newslet=
ter/Pictures/Cerner/Cerner%204-resized.jpg"=20
            width=3D185 align=3Dright> MO.<STRONG> Rachel =
Fouts</STRONG>, Campus=20
            recruiter, welcomed us and presented the agenda for the day. =

            <STRONG>Allan Kells</STRONG>, the Vice President of Investor =

            Relations, gave us an overview of the company revenue =
structure and=20
            talked about future growth opportunities. Kells is a KU alum =
and=20
            former speaker in the APM class. He highlighted the growth=20
            opportunities and benchmarks for the company. </P>
            <P class=3DmainParagraph><STRONG>Francie =
Mc-Nair-Stoner</STRONG>, VP=20
            of Executive Marketing, led us through a tour of the Vision =
Center=20
            where we were able to experience the impact Cerner=92s high =
technology=20
            products and solutions have in the healthcare industry. =
Following=20
            the tour,<STRONG> Darin Rezac</STRONG>, Controller, gave us =
an=20
            overview of the Finance Department and what career tracks =
could be=20
            pursued at Cerner. Finally, we concluded our visit with=20
            <STRONG>Brian Streich</STRONG>, Vice President of =
PowerWorks, who=20
            gave us an overview of their flagship product.</P>
            <P class=3DmainHeading><A name=3Dmark></A>Alum Mark =
Whitaker, Wellington=20
            Management, provides Guidance </P>
            <P class=3Dauthor>By Group 2: Renee Augustine, Jennifer =
Bearden, and=20
            Ryan Von Bevern</P>
            <P class=3DmainParagraph>On November 5th, <STRONG>Mark=20
            Whitaker</STRONG>, VP and equity analyst for Wellington =
Management=20
            flew in from Boston to speak to the APM class. He spoke to =
us <IMG=20
            height=3D206=20
            =
src=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newslet=
ter/Pictures/Mark%20Whitaker.jpg"=20
            width=3D150 align=3Dright> about his career path and =
experiences in the=20
            financial field, specifically his current position analyzing =
mid-cap=20
            equities. He examined the class analysis of IHOP and their =
potential=20
            merger with Applebees.</P>
            <P class=3DmainParagraph>Mark was drawn to IHOP=92s =
expertise with the=20
            franchisee business model and wanted the students to analyze =
how=20
            this might impact the financials of the new company after =
the=20
            merger. The consensus among the class was that this =
acquisition=20
            could be quite lucrative for shareholders but that recent =
credit=20
            problems put the deal in jeopardy. The case gave everyone a =
chance=20
            to become more familiar with each of the companies, the =
mergers and=20
            acquisitions process as well as the affect credit markets =
can have=20
            on deal making. Overall, Mark's presentation was a great =
educational=20
            experience. The class would like to express their thanks for =
his=20
            effort.</P>
            <P class=3DmainHeading><A name=3Dbob></A>All Things Airline =
with Bob=20
            McAdoo, Avondale Securities </P>
            <P class=3Dauthor>By Group 3: Allie Atwood, Peter Curzon, =
Ryan Ingle,=20
            and Kirk Smith </P>
            <P class=3DmainParagraph>On November 12th, <STRONG>Bob =
McAdoo</STRONG>=20
            of Avondale Securities visited the APM class to discuss the =
airline=20
            industry. Having served as CEO for an airline start-up, Mr. =
McAdoo=20
            <IMG height=3D203=20
            =
src=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newslet=
ter/Pictures/Bob%20McAdoo/Bob%20McAdoo%205-resized.jpg"=20
            width=3D185 align=3Dright> is most knowledgeable in this =
field. Now, as=20
            an equity analyst, Mr. McAdoo is applying his knowledge on =
behalf of=20
            investors. He told us that his job is to help other people =
make=20
            money. To do that he looks for misunderstood stories. </P>
            <P class=3DmainParagraph>He discussed airlines such as =
Southwest,=20
            Frontier, Ryanair, and GOL Linhas Areas Inteligentes. He =
equated GOL=20
            to Southwest Airlines 30 years ago, citing its low-fare =
low-cost=20
            strategy to be its comparative advantage over competitors. =
However,=20
            the stock has not performed well recently, as investors have =

            generally regarded the Varig acquisition to be harmful to =
GOL=92s=20
            business model. Mr. McAdoo also spent some time discussing =
Frontier.=20
            He said the airline was unjustly hammered these past few =
months, and=20
            that he thanks the firm=92s new CEO=97whom he knows =
personally=97will do a=20
            great job.</P>
            <P class=3DmainParagraph>After class, Mr. McAdoo joined us =
for dinner=20
            at Free State Brewery, where he relayed stories of =
international=20
            travels and gave us the =93down and dirty=94 of being an =
equity=20
            researcher. It was great having Mr. McAdoo in class, and we =
hope he=20
            will honor us with future visits.</P>
            <P class=3DmainHeading><A name=3Djeremy></A>Wheat Fields and =
Markets=20
            with Jeremy Glauner </P>
            <P class=3Dauthor>By Group 4: Sarah Byrne, Greg Green, Ryan =
Rabe, and=20
            Anish Singh</P>
            <P class=3DmainParagraph>On Monday, October 22, =
<STRONG>Jeremy=20
            Glauner</STRONG>, a wheat and corn analyst/trader for Noble =
America,=20
            spoke to the APM class about his work experience and =
commodity=20
            trading. <IMG height=3D208=20
            =
src=3D"file:///K:/Home/APMStaff/APM%20Website/current-APM-website/Newslet=
ter/Pictures/IMG_0111-resized.jpg"=20
            width=3D185 align=3Dright> Glauner graduated from the =
University of=20
            Kansas in 2000 and spent some time working for the Peace =
Corps, but=20
            quickly realized it wasn=92t for him. He then returned to =
the U.S. and=20
            began working at Louis Dreyfus in Kansas City. During his =
time at=20
            Dreyfus, he traded in KC, China, and Boston. He now works =
for Noble=20
            America in Connecticut. Glauner noted that today, commodity =
trading=20
            is becoming so popular that commodities are nearly =
considered an=20
            asset class on their own.</P>
            <P class=3DmainParagraph>Mr. Glauner prepared a thorough =
commodities=20
            overview and an assignment for the students to complete =
before his=20
            visit. As his specialty lies in the wheat and corn markets, =
the=20
            majority of his examples revolved around these two =
commodities. Mr.=20
            Glaunder led students through the entire assignment covering =
topics=20
            such as cost of carry, the importance of futures prices and =
the=20
            effects of supply and demand. Mr. Glauner=92s discussion was =
far=20
            reaching, and involved not only commodity trading but =
economics and=20
            risk management as well. His visit was definitely =
challenging,=20
            unique and informative.</P>
            <P class=3DmainHeading><A name=3Dkent></A>Kent McCarthy =
Visits Class=20
</P>
            <P class=3Dauthor>By Group 5: Jack Hannah, Rob Ralston, Mark =
Robinson,=20
            Kit Swain, and Michael Weber</P>
            <P class=3DmainParagraph><STRONG>Kent McCarthy</STRONG> has =
continued=20
            to be very involved in APM this semester. Early in the =
semester Kent=20
            came to class to discuss three stocks that are in the =
portfolio:=20
            Brooke Corp, LSB Industries, and Golden Meditech. LSB and =
Golden=20
            Meditech are two of the largest holdings in the portfolio at =
18.7%=20
            and 6.7% respectively. The class has been closely following =
these=20
            stocks with the students preparing multiple reports. Kent =
made an=20
            assignment on his visit asking the students to do additional =

            research on Brooke Corp, in order to find out how specific=20
            franchisees were performing. Several students called =
franchisees=20
            around the country in order to obtain insight on their =
overall=20
            opinion of Brooke Corp. One student even visited the local =
Brooke=20
            Franchise in Lawrence, KS. Generally most franchises seemed=20
            satisfied with Brooke. </P>
            <P class=3DmainParagraph>Kent=92s second visit included a =
conference=20
            call with his employees to give us an opportunity to see the =
inner=20
            workings of Jayhawk Capital. Included in the call were =
updates from=20
            different employees on several of the positions that Jayhawk =

            currently holds. It was a great opportunity for the class to =
see the=20
            coordination needed in running a successful hedge fund.</P>
            <P class=3DmainParagraph>On Monday, November 5th the second =
half of=20
            the APM class was a visit to Kent McCarthy=92s house. Kent =
entertained=20
            the class with dinner, preceded by updates on LSB Industries =
and=20
            Golden Meditech. Kent reiterated that Golden Meditech was a =
5x stock=20
            and commented on his continued frustration with LSB=92s =
management=20
            team. Specifically, we discussed how Golden Meditech is well =

            positioned for future success in the Chinese market, which =
itself=20
            has seen extraordinary growth over the last year. In =
addition, Kent=20
            commented on factors that usually pave the way for a =
recession=20
            specifically touched were rising oil prices and dollar =
depreciation.=20
            As a class, we were pleased to have a few minutes outside =
the=20
            classroom where we were able gain some valuable insight on =
our=20
            largest holdings while in a more comfortable environment. =
</P>
            <P class=3DmainParagraph>Kent also visited the class on =
Monday,=20
            November 19th and was accompanied by one his newest =
analysts,=20
            <STRONG>Joe Onofrio</STRONG> (APM sp. =9207). Again Kent =
touched on=20
            LSB and Golden Meditech. He was also able to catch =
<STRONG>Anita=20
            Larson</STRONG>, CEO of Brooke Credit, on her vacation in =
Mexico.=20
            During the call, Kent and Anita discussed some of recent =
news items=20
            at Brooke, and Anita confirmed that Brooke=92s operations =
went sound=20
            despite taking a recent hit in the market. </P>
            <P class=3DmainParagraph><SPAN class=3DmainParagraph>It has =
been a=20
            wonderful and educational opportunity to have such an =
enthusiastic,=20
            passionate and successful investor serve as a mentor for =
Applied=20
            Portfolio Management as Kent McCarthy.</SPAN></P>
            <P class=3DmainHeading><A name=3Dholdings></A>Portfolio =
Holdings </P>
            <P class=3Dauthor>By Group 1: Matt Majerle, Rekha Patnaik, =
Ryan=20
            Peschka, and Marcella Vasconcellos</P>
            <P class=3DmainParagraph><STRONG class=3Dsubtitle>Golden =
Meditech=20
            </STRONG><BR>Golden Meditech (HK: 8180, PINK: GMDTF) is the =
largest=20
            holding in the APM Portfolio at 18.67 percent as of =
12/06/2007. The=20
            =93Medical Devices Segment=94 produces the ABRS Machine and =
Disposable=20
            Chambers and has over 80 percent Chinese market share, with=20
            operating margins close to 70 percent. The Cord Blood Bank =
segment=20
            stores and processes stem cells from newborn babies and is =
the=20
            largest operator in China. The Chinese government has =
granted 4=20
            exclusive regional licenses so far (3 cities + 1 province), =
of which=20
            Golden Meditech has obtained 2 =96 Beijing (Sep 03) and =
Guangdong=20
            Province (May 07). Two months of operating results at =
Guangdong=20
            Province have matched Beijing=92s bank=92s six month =
results; this=20
            supports our bullish outlook towards this company. The =
Chinese=20
            Herbal Medicine segment produces TangHerb=AE - the only =
China FDA=20
            approved herbal medicine for AIDS treatment. In the latest =
investor=20
            presentation Golden Meditech management mentioned potential=20
            expansion of TangHerb=AE into European markets. This could =
lead to=20
            significant upside. We increased our holding of Golden =
Meditech from=20
            960,000 shares in the beginning of 4Q to 1,019,533 shares at =
the end=20
            of 4Q. </P>
            <P class=3DmainParagraph><STRONG=20
            class=3Dsubtitle>Garmin</STRONG><BR>Garmin (GRMN), one =
APM=92s larger=20
            holdings at 3.2%, experienced a volatile quarter as a result =
of=20
            uncertainty tied to the acquisitions of navigation software=20
            providers Navteq (NVT) and Tele Atlas (AMS: TA). In October =
Nokia=20
            Corp (NOK) agreed to purchase Navteq, one of hte main =
providers of=20
            Garmin=92s maps. Garmin then became involved in a bidding =
war with=20
            rival TomTom (TOM2) over the acquisition of Tele Atlas, the=20
            remaining map provider. As a result, Garmin=92s shares =
dropped from a=20
            quarter high of $123.80 to a low of $82.32. The APM class =
viewed the=20
            volatility as a buying opportunity, and purchased an =
additional 200=20
            shares at one of the low points in the quarter. Garmin =
withdrew its=20
            bid for Tele Atlas upon the agreement to extend contracts =
with=20
            Navteq out to 2015. Many viewed this as a strategic move to =
force=20
            rival TomTom into overpaying for Tele Atlas. Garmin=92 =
shares have=20
            since rebounded to a price of $109.35 as of December 6th. =
</P>
            <P class=3DmainParagraph><STRONG class=3Dsubtitle>Brooke =
Corp.=20
            </STRONG><BR>Brooke Corp. has been an underperformer for the =
APM=20
            portfolio. Shares of the insurance franchisor have fallen =
over 30=20
            percent quarter to date. On November 6, Brooke reported a=20
            consolidated loss of $0.7 million on consolidated revenues =
of $54.1=20
            million. This is compared to a profit of $2.6 million on =
revenues of=20
            $48.7 million in the third quarter of 2006. Brooke =
executives=20
            mentioned on their conference call that the company should =
return to=20
            profitability in the fourth quarter of this year. The APM =
class=20
            voted to sell 800 shares of the company on November 1. As of =

            December 7, the portfolio held 5,500 shares.</P>
            <P class=3DmainHeading><A name=3Drecommendation></A>Stock=20
            Recommendations </P>
            <P class=3Dauthor>By Group 6: Mark Becker, Alex Lindsey, =
Alex Johnson,=20
            James Sumaya, and Dale Snell</P>
            <P class=3DmainParagraph>All semester the APM class has been =
working=20
            hard to write the best cases and analyze the companies in =
the=20
            portfolio or potential additions. We were thrown some =
curveballs=20
            with the commodities assignment and we always had to be =
ready for a=20
            pop quiz on LSB and Golden Meditech. However at the end of =
the=20
            semester we could focus all of our attention on finding an=20
            investment opportunity that would fit well with the APM =
portfolio.=20
            The following table breaks down the recommended companies =
presented=20
            by each group. </P>
            <TABLE width=3D473 border=3D1>
              <TBODY>
              <TR class=3Dcaption>
                <TH scope=3Dcol width=3D43>Group</TH>
                <TH scope=3Dcol width=3D174>Members</TH>
                <TH scope=3Dcol width=3D75>Company</TH>
                <TH scope=3Dcol width=3D145>Recommendation</TH></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>1</TH>
                <TD>
                  <P>Peschka, Vasconcellos, Majerle, and Patnaik =
</P></TD>
                <TD>Joy Global, Inc. (JOYG) </TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>2</TH>
                <TD>Von Bevern, Bearden, and Augustine </TD>
                <TD>Sepctra Energy Corp. (SEP)</TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>3</TH>
                <TD>Smith, Atwood, Curzon, and Ingle </TD>
                <TD>Sonic Corp. (SONC) </TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>4</TH>
                <TD>Singh, Byrne, Green, and Rabe</TD>
                <TD>Pentair Inc. (PNR) </TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>5</TH>
                <TD>Hannah, Swain, Ralston, Robinson, Weber </TD>
                <TD>Bristol-Meyers Squibb Co. (BMY) </TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>6</TH>
                <TD>Sumaya, Becker, Snell, Johnson, and Lindsey </TD>
                <TD>Manpower Inc. (MAN) </TD>
                <TD>
                  <DIV align=3Dcenter>Buy</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>7</TH>
                <TD>Mixon, Oligschlaeger, Lichwa, and Alexander </TD>
                <TD>Chesapeake Energy Corp. (CHK) </TD>
                <TD>
                  <DIV =
align=3Dcenter>Buy</DIV></TD></TR></TBODY></TABLE>
            <P class=3DmainParagraph align=3Dleft>Three out of the seven =
companies=20
            recommended were energy related, JOYG, SE, and CHK. SONC =
operates in=20
            the fast food industry, PNR focuses on water pumping and =
filtration,=20
            BMY is a pharmaceutical company, and Manpower is an =
international=20
            employment services company. </P>
            <TABLE width=3D200 align=3Dcenter border=3D1>
              <TBODY>
              <TR class=3Dcaption>
                <TH scope=3Dcol>Stock</TH>
                <TH scope=3Dcol>Buy Votes</TH></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>JoyG</TH>
                <TD>
                  <DIV align=3Dcenter>8</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>SEP</TH>
                <TD>
                  <DIV align=3Dcenter>11</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>SONC</TH>
                <TD>
                  <DIV align=3Dcenter>0</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>PNR</TH>
                <TD>
                  <DIV align=3Dcenter>6</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>BMY</TH>
                <TD>
                  <DIV align=3Dcenter>4</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>MAN</TH>
                <TD>
                  <DIV align=3Dcenter>9</DIV></TD></TR>
              <TR class=3Dsmalltext>
                <TH scope=3Drow>CHK</TH>
                <TD>
                  <DIV align=3Dcenter>3</DIV></TD></TR></TBODY></TABLE>
            <P class=3DmainParagraph align=3Dleft><SPAN =
class=3DmainParagraph>It was=20
            clear that each group put a lot of effort and thought into =
its=20
            recommendations. As the semester progressed, valuation =
techniques=20
            improved along with the analysis, each of which was =
reflected in the=20
            quality of the reports. We think we speak for the entire =
class that=20
            even though this class was very beneficial and influential, =
it=92s=20
            going to be nice to have our Sundays back!</SPAN><BR></P>
            <P class=3DmainHeadingBlue align=3Dleft><A =
name=3Dalumni></A>Alumni News=20
            </P>
            <P class=3DmainParagraph><STRONG>Jim Bridges </STRONG>(APM =
S06) has=20
            accepted a position as an Investment Banking Analyst at =
Growth=20
            Capital Partners in Dallas, Texas.</P>
            <P class=3DmainParagraph><STRONG>Matt Terrill </STRONG>(APM =
F06)=20
            married Lynnae Edwards (KU '07) on June 16, 2007. Matt has =
accepted=20
            a position at CBIZ Mayer Hoffman McCann in Kansas City.</P>
            <P class=3DmainParagraph><STRONG>Jeremy Kleiwer</STRONG> =
(APM S07)=20
            works at Interactive Brokers in Greenwich, Connecticut in =
the=20
            Institutional Clearing department.</P>
            <P class=3DmainParagraph><STRONG>Rekha Patnaik </STRONG>(APM =
F07) has=20
            accepted a position with UMB in their Management Rotation =
Program.=20
            Her first rotation is with the Corporate Strategy Group.</P>
            <P class=3DmainParagraph><STRONG>Jeff Morrison </STRONG>(APM =
F98, S05)=20
            recently started a fashion forward dotcom company called=20
            campuscloth.com. They sell KU and other logo t-shirts with =
new=20
            designs and materials along with designer jeans His store is =
located=20
            at 914 Mass. <BR></P>
            <P class=3DmainParagraph><STRONG>Alums send us your =
news!</STRONG></P>
            <P class=3DmainParagraph><SPAN class=3DmainHeading><A=20
            name=3Ddonors></A>Thanks to all our Recent =
Donors!</SPAN></P>
            <TABLE cellSpacing=3D0 cellPadding=3D0 align=3Dcenter>
              <TBODY>
              <TR class=3Ddonor>
                <TD width=3D184>Gary Abernathy</TD>
                <TD width=3D180>John Kornitzer</TD></TR>
              <TR class=3Ddonor>
                <TD>Chris and Shari Anderson</TD>
                <TD>Stephen Lane</TD></TR>
              <TR class=3Ddonor>
                <TD>Michael Atkins</TD>
                <TD>Jim and Nancy MacMurray</TD></TR>
              <TR class=3Ddonor>
                <TD>Bart Baldwin</TD>
                <TD>Charles and Marie McCarthy</TD></TR>
              <TR class=3Ddonor>
                <TD>Greg Baugh</TD>
                <TD>Jamie Melzer</TD></TR>
              <TR class=3Ddonor>
                <TD>Jonathan Berkley</TD>
                <TD>Simon Michael</TD></TR>
              <TR class=3Ddonor>
                <TD>Jon Blumb</TD>
                <TD>Simon J. Michael</TD></TR>
              <TR class=3Ddonor>
                <TD>Thad Bolline</TD>
                <TD>Mike Michaelis</TD></TR>
              <TR class=3Ddonor>
                <TD>Tim Burger</TD>
                <TD>Jason Mitchell</TD></TR>
              <TR class=3Ddonor>
                <TD>Jim and Julie Colahan</TD>
                <TD>Jeff Morrison</TD></TR>
              <TR class=3Ddonor>
                <TD>Fred Coulson</TD>
                <TD>Joseph Onofrio</TD></TR>
              <TR class=3Ddonor>
                <TD>Teal Dakan</TD>
                <TD>Shane Parr</TD></TR>
              <TR class=3Ddonor>
                <TD>Kimberly and Gene Diederich</TD>
                <TD>Sydney Pohl</TD></TR>
              <TR class=3Ddonor>
                <TD>Jennifer Short Drago</TD>
                <TD>Todd and Colleen Preheim</TD></TR>
              <TR class=3Ddonor>
                <TD>Harry Falk</TD>
                <TD>Jason Purinton</TD></TR>
              <TR class=3Ddonor>
                <TD>Allen Ford</TD>
                <TD>Michael Raupp</TD></TR>
              <TR class=3Ddonor>
                <TD>William Fuerst</TD>
                <TD>David Reynoldson</TD></TR>
              <TR class=3Ddonor>
                <TD>Hugh Gill</TD>
                <TD>Tom Ruff</TD></TR>
              <TR class=3Ddonor>
                <TD>Greg Greenberg</TD>
                <TD>Joseph Searle</TD></TR>
              <TR class=3Ddonor>
                <TD>William Hannen</TD>
                <TD>Josh Selzer</TD></TR>
              <TR class=3Ddonor>
                <TD>Charles Heath</TD>
                <TD>Cathy and Prakash Shenoy</TD></TR>
              <TR class=3Ddonor>
                <TD>Carol Hiesberger</TD>
                <TD>Mako Shimoda</TD></TR>
              <TR class=3Ddonor>
                <TD>Joan Huber</TD>
                <TD>Jade Shopp</TD></TR>
              <TR class=3Ddonor>
                <TD>Francis Jones</TD>
                <TD>Al Simmons</TD></TR>
              <TR class=3Ddonor>
                <TD>Scott Jones</TD>
                <TD>Amos Smith</TD></TR>
              <TR class=3Ddonor>
                <TD>John Katzer</TD>
                <TD>Andrew Steinbach</TD></TR>
              <TR class=3Ddonor>
                <TD>Brianna Kelly</TD>
                <TD>Bob Taylor</TD></TR>
              <TR class=3Ddonor>
                <TD>Paul Koch</TD>
                <TD>Matt Taylor</TD></TR>
              <TR class=3Ddonor>
                <TD></TD>
                <TD>Megan Wood</TD></TR></TBODY></TABLE>
            <P class=3DmainParagraph>Thank you for your continued =
support! </P>
            <P class=3DmainParagraph><A name=3Dcontribute></A>If you =
would like to=20
            donate, send your contributions to <BR><BR><SPAN=20
            class=3Dsmalltext>School of Business Endowment<BR>Applied =
Portfolio=20
            Management<BR>c/o Gregory J. Lamb <BR>KU School of =
Business<BR>1300=20
            Sunnyside Avenue<BR>Lawrence, Kansas =
66045-7585</SPAN></P><!-- InstanceEndEditable =
--></TD></TR></TBODY></TABLE>
      <TABLE width=3D"100%" border=3D0>
        <TBODY>
        <TR>
          <TD class=3Dcopyright vAlign=3Dcenter align=3Dmiddle>Copyright =
2004,=20
            Applied Portfolio Management Program<BR>University of Kansas =
School=20
            of Business</TD></TR></TBODY></TABLE></TD>
    <TD class=3Drightpane vAlign=3Dtop align=3Dleft>
      <P>&nbsp;</P></TD>
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