Presentation on Convertible Bonds, The Yale Club, New York City, March 2, 2006

1. Convertibles: History, Half-Truths and Opportunities Bill Feingold March 2, 2006

2. “ That's why the convertibles are so intriguing: It's a security that straddles the divide between the risk-return pricing model and the what-the-hell pricing model.” -H.W. Jenkins, Jr. “ And so we'll argue and we'll compromise And realize that nothing's ever changed For all our mutual experience Our separate conclusions are the same Now we are forced to recognize our inhumanity Our reason co-exists with our insanity So we choose between reality and madness It's either sadness or euphoria” -Billy Joel

13. 2005: AN “in your face” ODYSSEY