Member Benefit Webinar

Moderator:Audrey MickahailSenior Manager, Research

National Investor Relations Institute, Vienna, VA

Best Practices in

Non-Deal Roadshows

August 4, 2009 4-5 p.m. ET

Highlights of NIRI Survey

Introduction of Panelists

Company Overview & Philosophy

Roundtable Discussion

Q & A

Agenda

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How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?

4

How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?:

2008

5

How many non-deal road shows did you complete in 2008/do you expect to complete in 2009?:

2009

6

Who arranged these non-deal road shows? (Select all that apply.)

7

Who arranged these non-deal road shows? (Select all that apply.)

8

In which regions do you generally conduct non-deal road shows? (Select all that apply.)

9

NIRI Annual Conference "Nearly Real Time" Survey: Non-Deal Road Shows: In which regions do you generally conduct non-deal road shows? (Select all that apply.)

10

In which regions do you generally conduct non-deal road shows? (Select all that apply.)

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Please rate the extent of your agreement with the statement, "The sell-side has been an effective partner for conducting non-deal road shows.”

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Today’s Panelists

Dave DragicsSenior Vice President, Investor Relations

CACI International, Arlington, VA

Katharine W. KennyVice President, Investor Relations

CarMax, Inc., Richmond, VA

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Today’s Panelists

John HyreDirector, Investor Relations & Corporate Communications

The Commercial Vehicle Group, New Albany, Ohio

Muriel S. LangeInvestor Relations Manager

American Water, Voorhees, NJ

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• A $2.7 billion provider of professional services and IT solutions to the US government with a market cap of approximately $1.4 billion

• Currently covered by 16 sellside analysts; have approximately 240 institutional holders (as of March 2009)

• Active outreach program to institutional holders.

– Use the sellside for only 25%-30% of one-on-one (non-deal) trips

– Have ten members of senior management “trained” and able to meet with members of the financial community

– Annual goal (outside of conferences) of visiting NYC at least quarterly; Boston at least three times; Chicago at least twice; West Coast at least once. Annually select three additional cities with highest investment profile match

– Active use of teleconference one-on-ones with the buy-side

• In our FY09, conducted 13 trips (22 days) of one-on-one meetings

CarMax CarMax, a FORTUNE 500 company, and one of the FORTUNE 2009 “100 Best

Companies to Work For,” is the nation’s largest retailer of used cars. Headquartered

in Richmond, Va., CarMax currently operates 100 used car superstores in 46 markets.

The unique CarMax consumer offer provides our customers the opportunity to shop

for vehicles the way they shop for items at other national retailers, and it is structured

around four customer benefits: low, no-haggle prices; a broad selection; high quality

vehicles; and a customer-friendly sales process. During the fiscal year ended

February 28, 2009, the company retailed 345,465 used vehicles and sold 194,081

wholesale vehicles at its in-store auctions.

Fiscal Year 2009 Revenues: $6.97 billion

Shares Outstanding: 220 million

Average Trading Volume: 2.9 million

Current Market Cap: $3.5 billion

Analyst Coverage: 14

Largest Shareholders: Davis Selected; Dodge & Cox; PRIMECAP

Mng.; Capital World; Berkshire Hathaway

(GEICO)

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Quick View

Largest supplier of heavy-duty truck seats and related products in North America

Largest supplier of seating and related products to heavy- and medium-duty construction equipment manufacturers globally

2008 Revenues $763.5 million

Market Capitalization $17.4 million ($504.5 million in ‘06)

Operates 30 manufacturing facilities in 8 countries

Two sell-side and two fixed-income analysts

Perform two to four road shows a year -- with sell-side help

IR – Corporate Communications Team: the Director

NYSE: AWK

Market Cap: $~3.4 Billion

IPO: April 2008

• The largest investor-owned U.S. water and wastewater utility company • Headquarters in in Voorhees, N.J.• More than 7,000 employees• ~ 15 million customers• 32 states and Ontario, Canada

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Planning Checklist – Recent AWK Non-deal

Roadshow Hosted Third PartyTimeline Process Non-deal Roadshow, AWK, Muriel Lange, Voyager

Host to OH, PA

Completed

date

Notes

Beginning of IR Calandar year (or

by invitation) 1 Month minimum 1 Strategic planning

New Market +

one holder

Voyager to host

Ohio and PA

Beginning of IR Calandar year (or

by invitation) 1 Month minimum 2 Select the date 2-Feb-09 2-Apr-09

Beginning of IR Calandar year (or

by invitation) 1 Month minimum 3 Confirm availability of management 2-Feb-09 CFO and IRO

Beginning of IR Calandar year (or

by invitation) 1 Month minimum 4 Add to IR Calendar 2-Feb-09

Invitation officially

added to CFO

calendars and

legal

1 Month* 5 Handle registration, hotel, transportation logistics 2-Mar-09

Confirmations

transmitted to

V'ger

1 Month* 6 Contact 1:1 administrator; send final 1:1 list to surveillance 2-Mar-09 Ownership noted

3 weeks prior to event 7 Selling Group conference call technology plan (if appropriate) n/a no sales group

1 week prior to event 8 Prepare presentation; Disclosure Cte. Review 19-Mar-09 Authorized

1 week prior to event 9 Prepare Briefing Book** 23-Mar-09

Reviewed V'ger

book, added

company history

3 days prior to event 11 Ship handouts/kits to hotel or host; keep enough for first meeting 30-Mar-09 Tracking #

1 day prior to event 12 Distribute Briefieng book and final itinerary 31-Mar-09 Email, hard copy

Event 13 Roadshow date(s) 2-Apr-09

Personal prep by

V'ger

Event 14 Post presentation in archives 2-Apr-09 2-Apr-09

1 Day following event 15 Follow up with host for feedback 3-Apr-09

Call, follow-up

questions noted

1 Week Following Event 16 Get report from surveillance on post-tour activity 13-Apr-09 DTC report

1 Week Following Event 17 Send Thank you notes (company sponsored) 10-Apr-09 Signed, mailed

* minimum - many of these are reschedule half a dozen times before execution

** completed by company, sellside or Third Party

For example only

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Sellside

(Almost) all of the targeting, logistics done by bank teams

Unless the company screens, may fill with hedge fund clients

Many institutions will not allow sellside into the meeting

Easier international investor access

Management Driven Shows

Time consuming

Combine with non-IR Management trips for best use of time; *allow

enough time for both purposes

More personal, effective communication

Third party regional providers

No cost for planning / logistics

Great preparation and feedback

Widening number of regions

Not all providers equal – reputation / trust important to company and to

investor

Planning the non-deal roadshow - Hosts

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Determine the purpose of the non-deal

roadshow

No matter who is the host, every meeting

should achieve your company-selected

objective

New investors only “Welcome to AWK” (company)

Peer owned, but not company (sellside)

Reinforce the story and the model (sellside)

Under visited markets Introduction (Third party)

Combination of above

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Best Practices

Disclosure Committee reviews materials

Review handouts

Post handouts on IR website presentation/event archives

Inform counsel in advance of IR non-deal

roadshows

Furnish Reg FD 8-K, in the event of selective disclosure of

material non-public information

Time non-deal shows close after earnings to

prevent inadvertent financial slips

Circulate questions / comments to official

spokespersons

Follow up with institution attendees directly on

open questions

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For speaker bios, please go to the event page for today’s webinar.

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Ask a QuestionDuring the live event only

August 4, 2009 – 5:00 p.m ET

On the Telephone – follow the operator’s

instructions

On your computer – click on the “Questions”

link on the right side of your screen

Telephone access provided by In Comm

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