DUNCAN-WILLIAMS, INC.

“A firm understanding”

CORPORATE PROFILE

Founded in 1969 by Mr. A. Duncan Williams, Duncan-Williams, Inc. is privately owned

and headquartered in Memphis, TN. After the death of Mr. Williams in 1989, Mrs.
Carolyn Williams became owner of the parent company. She and her son, Duncan F.
Williams, President of Duncan-Williams, Inc. have actively pursued the expansion and
growth of the company. In 2007 the firm officially launched its 500@50 initiative. The
goal is to reach $500mm in revenues by the firms 50th anniversary in 2019. Under the
leadership of Duncan F. Williams, the firm has grown from 49 to over 100 employees;
has opened offices in New York, Houston, Charlotte, Jackson, MS, Jersey City, and
Chicago.

Duncan F. Williams has proven to be a leader in the securities community, serving on

the FINRA District Business Conduct Committee from 1999-2002; Chairman of the
District 5 FINRA Nominating Committe; and was elected to the FINRA Board of
Governors in 2007.

With a capitalization of $21 million and $26 billion (par amount) of bonds sold in the
past five years, Duncan-Williams, Inc. is one of the largest “female-owned” investment
banking firms in the nation.
 
The company operates primarily as a principal in the purchase and sale of various types
of debt securities, including U.S. Treasury and agency issues, mortgage-backed securities,
CMOs, certain corporate bonds, and taxable or tax-free municipal bonds, in addition to
acting as agent in certificates of deposit, mutual funds, and the private placement of
mortgage loans. Duncan-Williams, Inc. excels in working with all levels of purchasers,
including banks, credit unions, municipalities and private corporations to satisfy all of
our clients fixed income needs with the absolute best value for their investments that
provide dependable portfolio liquidity.

Duncan-Williams, Inc. is recognized in the marketplace for:

Commitment to Excellence
Experienced Traders, Brokers and Bankers
National Underwriter Municipal Bonds

Duncan-Williams, Inc.s’ growth has allowed the company to expand its investment
services outside of the Southeastern region of the country, while still offering each client
dedicated account coverage in tune to the unique needs of their respective region,
including research, portfolio analysis, accounting and fixed income products.

As a long-standing member of the Financial Industry Regulatory Authority, Duncan-

Williams, Inc. adheres to rigid standards of quality in the products offered and in the
professional conduct of our registered representatives.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

LOCATIONS
CORPORATE HEADQUARTERS

* MEMPHIS
6750 Poplar Avenue
Suite 300
Memphis, TN 38138
(901) 260-6800

OFFICES

* NEW YORK
15 Maiden Lane
New York, NY 10038
(212) 513-5140

* CHICAGO
203 North LaSalle
Suite 2100
Chicago, IL 60601
(312) 827-7968

* HOUSTON
11458 West Travelers Way Circle
Houston, TX 77065
(866) 394-0236

* JACKSON
1025 Northpark Drive
Rigeland, MS 39157
(662) 956-3825

* CHARLOTTE
6100 Fairview
Suite 225
Charlotte, NC 28210
(866) 732-9321

* JERSEY CITY
Harborside Financial Center
Plaza 5
25th Floor, Suite 2504
Jersey City, NJ 07311
(201) 633-4768
6750 Poplar Avenue, Suite 300 · Memphis, TN · 38138
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DUNCAN-WILLIAMS, INC.
“A firm understanding”

MANAGEMENT TEAM

# Duncan F. Williams
President

# Don Malmo
Chairman of the Board

# Frank Reid
Chief Financial Officer

# Jim Pauline
EVP - Operations and Clearing

# Demetri Patikas
EVP & Special Assistant to the President

# Don Clanton
EVP - Institutional Sales

# T rey Fyfe
EVP - Retail Sales

# Rob Agnelli
MD - Trading

# Buddy Crihfield
SVP - Public Finance

# Wayne Breunig
SVP - Public Finance

# Brad Ziemba
VP - Compliance

# Gary Lendermon
VP - Marketing & Communications

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

LEADERSHIP
DUNCAN F. WILLIAMS - PRESIDENT/CEO
Mr. Williams has served in the capacity of President and CEO of
Duncan-Williams, Inc. since May 2000 and has presided over the growth
of the company into a full-service fixed income broker/dealer ready to
meet all of your fixed income needs. After graduating with a degree in
Business Marketing from the University of Alabama in 1990, he spent
two years at a brokerage firm in Birmingham, Alabama, before joining
Duncan-Williams, Inc. Duncan has proven to be a leader in the securi-
ties community, serving on the FINRA District Business Conduct
Committee from January 1999 until December 2002 (and served as
Chairman of the Committee in 2002). He currently serves on the
FINRA National Small Firms Committee, is a member of the Top 40
under 40, and is on the Board of the Leadership Academy of Memphis.
Mr. Williams was elected to the FINRA Board of Governors October 26,
2007. Under Duncan’s leadership, the company continues to enjoy a
reputation for integrity and growth in the bond community.

DONALD B. CLANTON - EVP INSTITUTIONAL SALES

Mr. Clanton has over 35 years of experience in the securities industry.
After his graduation from Mississippi State University in 1964, he began
a career in sales where he achieved the position of top sales producer in
less than four years. Within ten years, Don had moved on to open and
manage profitable branch offices, as well as supervising sales manage-
ment teams. From 1981 to 1984, Mr. Clanton established Union Plant-
ers Investment Bankers Group as one of the leading mortgage bankers in
the Southeast. After Union Planters, Don was President of Commerce
Investment Corporation, a subsidiary of National Bank of Commerce.
Mr. Clanton served as President of the Memphis Investment Bankers
Association and as a member on the FINRA’s Business Conduct Board.
He is a member of the Securities Industry Association and the Public
Securities Association.

TREY H. FYFE, III - EVP RETAIL SALES

Mr. Fyfe joined Duncan Williams, Inc. in 1996 at the vanguard of a
merger with his family-owned firm, Municipal Securities, Inc. With his
experience as Compliance Officer, Head of Trading, VP of Sales and
ultimately President of MSI, Mr. Fyfe has proven to be invaluable to the
Duncan-Williams, Inc. organization. Trey graduated from the University
of Mississippi in 1987 with a BA in Banking and Finance. Never one to
rest on his laurels, Trey is currently studying for his Certified Financial
Planner exam. With a wealth of hands on experience and a thirst for new
knowledge, Trey is an executive who leads by example.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

CAPITAL POSITION

The firm maintains excess capital in order to support its trading invento-
ries and its underwriting commitments. As of December 31, 2006, the
firm maintained uncommitted excess net capital of $8.12 million, at that
time. This level of capital will provide support for approximately $150
million in underwriting of long-term municipal bonds.

In order to support its operations the company maintains capital in

excess of regulatory requirements. The capital position of the Company
over the past three years is as follows (in millions):

2006 2005 2004 2003

Stockholder's Equity 22.2 21.7 21.9 21.7
Net Capital 8.4 5.8 13.6 15.8
Excess Net Capital 8.1 5.5 13.4 15.5

The securities inventory consists entirely of fixed income bonds. It

includes US government and agency securities, state and local municipal
bonds, corporate bonds, mortgage backed bonds and collateralized
obligations. The municipal position comprised forty percent of total
inventory at year end. This provides our customers with a ready source
of investment opportunities.

In furtherance of its bond underwriting capabilities Duncan-Williams

maintains credit line capacity with its banking relationships of $250
million. This additionally enhances the ability to effectively trade in the
secondary markets. A robust trading climate not only provides invest-
ments for customers but also helps foster an ongoing market for issuers.
This results from the continued buying and selling of an issue after its
original underwriting.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

CONDENSED BALANCE SHEET

December 31, 2007
Assets

Cash $ 455,670

Receivables 32,247,633

Securities owned, at market value 52,801,718

Furniture and Equipment 650,046

Other Assets 3,866,728

$ 90,021,795

Liabilities and Stockholders’ Equity

Liabilities:

Payables $ 37,916,095

Securities sold, but not yet purchased, at market value 29,471,714

Other Liabilities 2,009,445

69,397,254

Stockholders’ Equity:

Common Stock 8,001,307

Retained Earnings 12,623,307

20,624,541

$ 90,021,795

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

TRADING DESK

Duncan-Williams, Inc.’s Fixed Income Trading Desk actively makes

markets in all fixed income products. The Municipal Trading Depart-
ment specializes in providing primary and secondary markets in taxable
and tax-free securities. Primarily underwriting competitive and negoti-
ated deals which focus on both bank-qualified and general market issues
throughout the United States.

We provide inventory for both retail and institutional clients from coast
to coast. Our Money Market & Corporate Trading Operation is exten-
sively involved in new issue and secondary reverse convertible offerings,
corporate notes, as well as a wide variety of Mutual Funds and Federally
Insured Certificates of Deposit.

Duncan-Williams, Inc.’s Secondary Agency Trading Operation is actively

involved in providing markets in callable and non-callable structures
across the agency yield curve, as well as new issue and secondary range
accrual notes. The Multi-Family Housing Trading Department, ranked
as one of the top five in the country in DUS trading volume, supports
both the origination and distribution of the FNMA DUS product, as
well as GNMA Project/Construction Loans and CRA eligible securities.

Duncan-Williams, Inc.’s Taxable Trading also consists of an extensive

and experienced Mortgage-Backed Trading Desk, which provides
secondary markets in all types of Pass-Through Securities, including
generic and seasoned product lines ranging from Balloons to 30-year
Mortgages. The Secondary CMO Desk, with over 15-years of trading
experience in all product types, including IOs, POs, PACs, SEQs, and
Whole Loan securities, provides active secondary markets for both retail
and institutional customers.

Our expertise and trading experience in the CMO market allows

Duncan-Williams, Inc. to consistently provide excellent execution and
market directional trade ideas in all mortgage products. Broad-based
knowledge in Structured Products gives Duncan-Williams, Inc.’s custom-
ers the ability to analyze, understand, and value all collateral types,
ranging from AAA-rated Asset-Backed Securities to below investment
grade structures.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

SALES AND TRADING

The Sales Department is comprised of seventy-one institutional and

retail salespersons. On the retail side of the floor representatives are
involved with over 5,000 active individual investors. Many of these
investors are specifically interested in municipal bonds from Mississippi
issuers. The institutional salespersons work directly with approximately
3,000 investors which includes almost every financial institution in the
State of Mississippi. These include banks, insurance companies, mutual
funds, credit unions, trust departments and corporations.

The Trading Desk is organized by product. Duncan-Williams partici-

pates in fixed income debt securities and certain derivative products.
The focus of the traders is to serve its investors by finding value for
purchasers and providing liquidity to sellers. The trading desk is an
essential resource for underwritings. The desk is responsible for estab-
lishing market interest rates that facilitate delivery of a successful bond
issuance. From the combination of secondary market trading and
underwritings Duncan-Williams cleared $25 billion in securities volume
during 2007.

Critical to the successful operation of an investment banking firm is the

accuracy and efficiency of its back office. The firm provides safekeeping,
money market accounts and self-directed IRAs as well as other financial
services. Operations personnel at Duncan-Williams average over twenty
years experience. In most cases this career has been spent entirely with
Duncan-Williams. In fact a general lack of turnover is a hallmark of the
family owned firm that looks on its employees as part of that family.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

PUBLIC FINANCE

The Public Finance Department at Duncan-Williams, Inc. serves a wide

range of clients including municipalities, housing authorities, health care
authorities, utility boards, industrial development authorities, school
districts, and universities in the structuring and marketing of taxable and
tax-exempt bonds. Our goal is to provide our clients with a complete
package of services whether the transaction is for general market distri-
bution or unique issuances for specialty investors.

Duncan-Williams, Inc. is recognized in the municipal marketplace for its

firm-wide commitment to public finance. The firm undertakes negoti-
ated transactions, whereby its bankers and traders work directly with
issuers to design a financing structure tailored to the issuer’s financial
objectives. Likewise the firm serves clients on competitive bid transac-
tions employing 100 institutional and retail salespersons serving over
5,000 active individual investors and over 3,000 institutional investors.
With this distribution network, the Public Finance Department at
Duncan-Williams, Inc. has the resources to deliver aggressive market
rates.

Over the past five years, our firm has functioned as underwriter in 126
negotiated issues totaling $4.67 billion (par amount). In 2007, negoti-
ated and competitive underwritings totaled $3.23 billion (par amount)
for 184 transactions. During 2008, the Public Finance Department
extended its geographic footprint through the acquisition of investment
bankers directly responsible for their former employer’s participation in
over $17 billion (par amount) in bond issuance in the Northeast and
Midwest regions. The firm further expanded in 2008 with the addition
of two new bankers responsible for negotiated issues in Alabama and
Louisiana. We plan to expand our firm-wide participation in municipal
financings in the future through continued delivery of the highest
quality services to our clients.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

INVESTMENT BANKERS

BRITTNEY L. ROGERS - BANKER ALABAMA

Ms. Rogers joined the Public Finance Department at Duncan-Williams,
Inc. in 2007 after graduating from The University of Alabama with an
International Finance major and Spanish minor. While at The Univer-
sity of Alabama, she served as Senator to the Student Government
Association, President of the American Marketing Association, and
Steering Committee member to the Women in Business Pilot Program.
She also received the Senior Faculty Excellence Award in World Busi-
ness, Outstanding Undergraduate in Finance Award, and Outstanding
Undergraduate in Marketing Award. She recently passed her Series 7
and Series 63 exams and is currently responsible for Negotiated Munici-
pal transactions for the State of Alabama.

BRAD DYE - VP MISSISSIPPI

Brad Dye joined Duncan-Williams, Inc. in January 2006, as a registered
representative, after a long and successful career in public service. Mr.
Dye graduated from the University of Mississippi with a Bachelor of
Business Administration degree in 1957 and a law degree in 1959. He
practiced law with his father at Dye & Dye in Grenada until 1961. He
then spent three years in Washington on the staff of the U.S. Senate
Judiciary Committee. He was appointed by Governor Paul Johnson as
the Commissioner of the Workmen’s Compensation Commission. In
1968, he was named Executive Director of the Mississippi Agricultural
and Industrial board (now the Mississippi Development Authority). His
first elected post came in 1971 winning the race for State Treasurer,
where he served until 1976. In January 1980, Dye was sworn in as the
35th Lieutenant Governor of the State of Mississippi. He held that post
until 1992, becoming the only person in the history of Mississippi to
occupy that office for twelve consecutive years. Dye returned to the
practice of law in 1992, with the firm of Pyle, Dye, and Mills & Pittman.
He was a director of the Federal Home Loan Bank of Dallas from 1993
to 2004.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

INVESTMENT BANKERS

E. J. GREGORY, III
Mr. Gregory joined Duncan Williams in August of 2002, after owning
and operating Gregory Real Estate, Inc., a brokerage firm in North
Mississippi. In addition to holding a real estate brokers license in the
state of Mississippi, he also holds two designations from the Mississippi
State Tax Commission as a certified county ad valorem tax Appraiser.
As an Appraiser, he worked directly with Mississippi counties in the
preparation of their tax roles. Gregory’s primary responsibility is to
assist Mississippi Government units in all areas of the their public
finance needs. Drawing on an extensive background in governmental
relations and having served on the staff of the Mississippi State Senate,
he brings an understanding of Local government issues to the firm.
Gregory is a graduate of the University of Mississippi holding a degree in
Public Administration.

BRANDY A. JOHNSON - VP TENNESSEE

Brandy Johnson has been a part of the Duncan-Williams, Inc. family
since July 2002, working in the Public Finance Group as an Investment
Banker for the State of Tennessee. In that capacity, she is responsible for
managing and assisting the company’s government and public agency
clients through providing successful financial management strategies, as
well as providing structure and oversight to the various financial matters
handled in the State of Tennessee. Ms. Johnson graduated from the
University of Memphis, Summa Cum Laude with a BA degree in Politi-
cal Science and a minor in English. She holds her Series 7, 63, State of
Tennessee Insurance Producers licenses and is a recent graduate of the
Leadership Memphis Class of 2006.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

INVESTMENT BANKERS

DAVID CLARKSON SHOAF

Prior to joining the Public Finance Department of Duncan-Williams,
Inc., David was an Institutional Fixed Income Sales representative at the
firm. Before joining Duncan-Williams, Inc., he worked with a Regional
Commercial Real Estate and Investment firm. He was actively involved
in the acquisition and development of commercial and industrial
properties representing REIT’s, Insurance Companies and Pension
Funds. He worked with local Industrial Development Boards as well as
state and local governments on incentive packages for the recruitment of
Industry in their geographic areas. He is a graduate of the University of
Tennessee at Knoxville holding a B.A. in the College of Liberal Arts and
the College of Agriculture, with an emphasis on economics. His profes-
sional licenses include an NASD Series 7, 63 & 3. Furthermore, David is
consistently involved in Duncan Williams, Inc. continuing internal and
external education programs in the areas of regulatory changes and
products to his investment banking. He understands and offers a diverse
range of financing for both Public and Private Finance.
In his personal life, David is married to Amy Cleveland Shoaf and has
two young children, Clarkson and Hudson.

DWIGHT W. CLARK, III

Mr. Clark graduated Summa Cum Laude with an MBA from the Univer-
sity of Tennessee with a concentration in finance. Before attending
graduate school, Dwight worked in information technology for several
years. He holds a BA in mathematics from Williams College. Dwight
joined Duncan-Williams in September 2003 as a municipal finance
analyst.

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DUNCAN-WILLIAMS, INC.
“A firm understanding”

ISSUANCE COORDINATORS

WAYNE T. BREUNIG - SR. VP

Breunig is a CPA and spent the first ten years of his career in Public
Accounting as an auditor. Since that time he has worked in mortgage
banking and investment banking. As an investment banker his back-
ground included the structured finance department of a large regional
broker-dealer. He also held positions in portfolio strategies and trading.
He worked with such municipal issues as multi-family affordable hous-
ing bonds, in addition to working with revenue and general obligation
bonds. Mr. Breunig is a graduate of the University of Evansville and has
an MBA in finance from the University of Michigan.

ADIS O. “BUDDY” CRIHFIRLD - SR. VP

Mr. Crihfield has been involved in the mortgage banking and financing
services industry for over 25 years. During his career, he was Executive
Vice President of Capital Markets in a large regional investment banking
firm. Prior to that, Buddy was Vice President of the Municipal Finance
Department of UMIC. Buddy provides specific expertise in working
with municipalities on finance housing and healthcare issues.

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Local securities firm becoming a national financial force - Duncan-Williams a family legacy
By David Flaum (Contact), Memphis Commercial Appeal - Tuesday, September 9, 2008

Duncan F. Williams was barely a year old when his father, the late A. Duncan Williams, started the Memphis securities firm
that bears their names.
Over nearly four decades -- Duncan-Williams Inc. turns 40 on April 1, 2009 -- the firm has remained and grown as a family
owned, regional firm dealing mostly in fixed income investments such as bonds.
"We reached a point where (from) the great legacy he created, it was time to take the next step," the younger Williams said.
More like steps -- the big ones being opening a stock division, selling shares in the company to employees and spreading out
geographically.
One objective -- amass $500 million in revenues during the 10 years leading up to the 50th anniversary, Williams said.
"We have to be more than just a regional to do that," he said.
Williams, 40, started the move to stretch by hiring Demitri Patikas as special assistant to the president in December to lead
expansion efforts. A one time FTN Financial executive, Patikas had been president of Barrier Investments, an investment
manager for credit based hedge funds.
The firm has six offices outside Memphis, including three -- New York, Chicago, Jersey City, N. J. -- outside the region. The latter
two were acquired in January as part of Popular Securities. Duncan-Williams opened a Seattle office this summer.
More acquisitions -- there are 1,200 firms with $5 million to $20 million in annual revenues out there -- are on the company's
radar screen, Williams said. He is negotiating with a firm on the East Coast and, last month, met with about 20 securities
salesmen in Los Angeles about starting an operation there.
"Our goal is to get two or three a year in the next 10 years," he said. "Because of the credit crunch, the opportunities have come
much quicker than we thought they would."
The firm, which has operated mostly in the fixed-income (bond) arena, started a stock division in June.
"They're seeing an opportunity now like at no other time," said Gary Wunderlich, CEO of Wunderlich Securities of Memphis.
His firm also just rolled out an equity division.
With large securities firms beset with problems ranging from capital to subprime mortgages to other forms of declining
securities, Duncan-Williams' substantial capital base "would open some doors for them that would not be open to some other
firms," Wunderlich said.
With that foundation, Duncan-Williams should be able to grow in the equity business as well, said Mark Medford, CEO of
Vining-Sparks IBG.
"He's a great competitor and they've got a good operation," Medford said.
Williams, his mother Carolyn Williams, who ran the company after her husband and Duncan's father died, and other family
members decided on another change -- sell part of the company to the workers.
"I felt for the company to grow, the employees had to have ownership, they had to benefit from that growth," Williams said.
So the family sold $4 million worth of stock to employees in March, putting 8 percent of the company in their hands.
"With that ownership, we've seen a new price that they have a chance to have a piece of the growth," Williams said.
The family's goal is to have a stock sale twice a year and, at some point, create additional new shares to sell to employees, he
said. By 2019, the family wants workers to own 75 to 85 percent, he said. Williams hopes the moves will get the firm greater
notice. In most cities, he said, a firm like Duncan-Williams would be considered the major player in town.
"It's time for us to come out of our shell and be there with everybody else," he said.

Duncan-Williams, Inc. – 6750 Poplar Avenue, Suite 300 – Memphis, TN 38138 – (800) 827-0827 – www.duncanw.com
Friday, February 29, 2008
Addition of Popular Securities team starts $500M goal for Duncan-Williams
Memphis Business Journal - by Christopher Sheffield Staff writer

Investment banking firm Duncan-Williams, Inc., has expanded its public finance group with the addition of a
management team from the recently closed North American offices of Puerto Rico-based Popular Securities, Inc.
Based in New York, the group includes three executives in New York and one in Chicago.
Popular Securities, a unit of Banco Popular, opened its North American public finance business four years ago. It
had largely handled general obligation and revenue bonds for issuing bodies for the City of New York, Chicago,
Atlanta, Cook County, Ill., the state of Connecticut and state of New Jersey, says Alan Murphy, the former managing
director of Popular Securities' New York institutional municipal department.
Banco Popular opted to close or sell many of its non-core businesses or business lines late last year after taking a
$400 million write-off due to its subprime mortgage business. Popular Securities also closed offices in Houston and
Los Angeles, among others.
The group is currently hunting for space in either Manhattan or Jersey City, N.J., while working from temporary
space, Murphy says.
The Popular Securities office was at 14 and growing when it was closed. Murphy says he believes that under the
Duncan-Williams banner the office could grow to 15-20 people within a year, which would include an institutional
sales force of eight to 10 analysts and investment bankers.
Murphy is a 32-year veteran in the fixed income business, including 28 at Prudential before it was acquired by
Wachovia Securities. His group interviewed several firms before opting for Duncan-Williams.
The culture at Duncan-Williams and the fact that Duncan-Williams has a middle markets presence and retail sales
force -- both of which the Popular Securities team did not -- were important, Murphy says.
But the deciding factor was how enthusiastic Duncan-Williams "courted" Murphy's team, he says.
"We felt we were more important to Duncan-Williams," he says.
How important can't be understated, says Duncan Williams, president of the firm, as it undertakes an 11-year plan
to grow the firm's annual revenues to $500 million.
"This tells everyone we're serious about this," Williams says. "It tells everyone we're going after this full steam."
Dubbed "500 by 50," the ambitious revenue growth plan means the investment banking firm will have to acquire
dozens of smaller operations around the country like Popular in New York. But the firm has a game plan and a
quarterback.
The plan includes targeting the 752 firms -- out of about 5,000 that are members of the National Association of
Securities Dealers, Inc. -- with revenues of $3 million-$10 million, Williams says.
If Duncan-Williams can convince 10% of those firms to sell, "you'd be doing over $500 million and have over 1,200
brokers," Williams says.
"It seems incredible. It is incredible," he says.
It surely seems that way to Demetri Patikas, who was identified by Williams late last year as the perfect person to
head up the new growth strategy.
Patikas, executive vice president and special assistant to the president, comes to Duncan-Williams after two years
as president of Barrier Investments, an investment manager of credit-based hedge funds he started in 2005, and 10
years at FTN Financial.
Patikas admits his timing couldn't have been worse to start a hedge fund built around subprime mortgages, but the
opportunity to lead Duncan-Williams' growth plan couldn't have come at a better time.
Right now, the financial industry is struggling with the fallout from the subprime mortgage industry and all of its
repercussions. For firms that are well capitalized and/or have a strong growth proposition, like Duncan-Williams,
the timing couldn't be better to make deals, Patikas says, who is headed to Birmingham to recruit talent for a new
Birmingham office.
"To me, I see that as a phenomenal step on Duncan's part that is very value orientated," Patikas says. "He's taking
advantage of the market when the credit market is scared and he's saying, no, we're expanding."
The key to the success will be finding the right people; it always is, Patikas says. That's going to take time, which is
why Patikas is staring at a 10-year horizon of working through an average of 75 deals a year seeking the right
chemistry.
"The greatest asset we know we can team up with is a competitive person who is passionate about what they are
doing," he says. "If they fit into the Duncan-Williams culture, it's a no-brainer ... it's going to work every time."
Duncan-Williams, Inc.
Investment banking
President: Duncan Williams
Address: 6750 Poplar, Suite 300
Phone: (901) 260-6800
Web site: www.duncanw.com

csheffield@bizjournals.com | 259-1726

All contents of this site © American City Business Journals Inc. All rights reserved.
news release
Contact: Gary W. Lendermon
VP-Marketing and Communications
Duncan-Williams, Inc.
6750 Poplar Avenue-Suite 300
Memphis, TN 38138
(901) 260-6847

For Immediate Release

Duncan F. Williams Elected to FINRA Board of Governors

Washington, D.C., October 29, 2007 –

Securities Firms Elect Seven Industry Governors to FINRA Board of Governors

The Financial Industry Regulatory Authority (FINRA) today announced the results of
elections to fill seven industry seats on its 23-member Board of Governors. The elections
were conducted at FINRA's first-ever Annual Meeting on October 26. The newly elected
Governors will serve three-year terms.

FINRA is the non-governmental self-regulatory agency formed in July by the

consolidation of NASD and the member regulation, enforcement and arbitration
functions of New York Stock Exchange (NYSE) Regulation. FINRA has jurisdiction
over all securities firms doing business in the United States.

Large Firms (those with 500 or more registered representatives) elected three Governors:
Richard F. Brueckner, CEO of Pershing LLC; Robert J. McCann, President of Merrill
Lynch Global Private Client Group; and Thomas A. Russo, Vice Chairman and Chief
Legal Officer of Lehman Brothers Inc.

Mid-Size Firms (those with 151 to 499 registered representatives) elected one Governor:
W. Dennis Ferguson, Executive Vice President and Director of Clearing, Sterne, Agee &
Leach, Inc.

Small Firms (those with 150 or fewer registered representatives) elected three Governors:
Richard L. Goble, Founder and Principal Shareholder of North American Clearing, Inc.;
G. Donald Steel, President of Planned Investment Company, Inc.; and Duncan F.
Williams, President of Duncan-Williams, Inc.
NYSE Regulation Chief Executive Officer Richard G. Ketchum will serve as Chairman
of the FINRA Board. FINRA Chief Executive Officer Mary L. Schapiro also will serve
on the Board. The Board includes the seven elected industry Governors, along with three
additional industry Governors and 11 public Governors appointed by the former NASD
Board of Governors, the NYSE Group's Board of Directors, or both. The three appointed
industry Governors represent NYSE Floor Brokers, Independent Dealers/Insurance
Affiliates and Investment Company Affiliates.

"FINRA has a great deal of important work ahead as it deals with a rapidly changing
financial services landscape, consolidating markets and the increasing pressures of
globalization," Ketchum said. "This Board will provide critical leadership as we face
those challenges and modernize the ways we meet our commitment to investor protection
and market integrity."

"I applaud our new Board and know they will share my commitment to investor
protection and market integrity," Schapiro said. "The collective professional
experience—and insight—of the seven Governors about to join us will be invaluable as
we continue to shape effective regulation as FINRA."

The appointed members are:

Charles A. Bowsher, former Comptroller General of the United States, appointed as a
Public Governor.

John J. Brennan, Chairman and CEO of The Vanguard Group, appointed as the
Investment Company Affiliate Governor.

Ellyn L. Brown, President of Brown & Associates, appointed as a Public Governor.

James E. Burton, CEO of the World Gold Council, appointed as a Public Governor.

Sir Brian Corby, former Chairman of Prudential Corporation plc, appointed as a Public
Governor.

John F.X. Dolan, CEO of the Kellogg Specialist Group, appointed as the Floor Member
Governor.

Harvey J. Goldschmid, Dwight Professor of Law at Columbia University Law School and
former SEC Commissioner, appointed as a Public Governor.

William H. Heyman, Vice Chairman and Chief Investment Officer of the Travelers
Companies, Inc., appointed as a Public Governor.

Dr. Shirley Ann Jackson, President of Rensselaer Polytechnic Institute and Chair of
NYSE Regulation's Board of Directors, appointed as a Public Governor.
Richard S. Pechter, former Chairman of DLJ Financial Services Group and DLJ Direct,
appointed as a Public Governor.

Mark A. Sargent, Dean and Professor of Law at Villanova University School of Law,
appointed as a Public Governor.

Joel Seligman, President of the University of Rochester, appointed as a Public Governor.

John S. Simmers, CEO of ING Advisors Network, appointed as the Independent

Dealer/Insurance Affiliate Governor.

Kurt P. Stocker, Visiting Lecturer at Northwestern University's Medill School of

Journalism, appointed as a Public Governor.
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental
regulator for all securities firms doing business in the United States. Created in 2007
through the consolidation of NASD and NYSE Member Regulation, FINRA is dedicated
to investor protection and market integrity through effective and efficient regulation and
complementary compliance and technology-based services. FINRA touches virtually
every aspect of the securities business-from registering and educating all industry
participants to examining securities firms; writing rules; enforcing those rules and the
federal securities laws; informing and educating the investing public; providing trade
reporting and other industry utilities, and administering the largest dispute resolution
forum for investors and registered firms.

About Duncan-Williams, Inc.

Duncan-Williams, Inc. is a Top 100 Brokerage Firm headquartered in Memphis, TN. The
firm is a full-service brokerage and investment banking firm providing financial solutions
to retail and institutional organizations in fifty states and eleven foreign countries.
Duncan-Williams, Inc. is a Member of the FINRA and SIPC. Duncan-Williams, Inc. has
offices in New York, NY, Houston, TX, Charlotte, NC, Jersey City, NJ, Chicago, IL, and
Jackson, MS. Additional information is available at duncanw.com.
Friday, July 11, 2008

Duncan-Williams Adding Equities

Ben Labry tapped to lead new capital markets group
Memphis Business Journal - by Christopher Sheffield Staff writer

Duncan-Williams, Inc., a long-time fixture in the fixed income business, is branching into uncharted territory with the
addition of a new equity capital markets group. "It's a start-up bolted on to a 40-year-old company," says Ben Labry, the
new executive managing director of equity capital markets for Duncan-Williams.

Labry is a former senior vice president for institutional equity at Morgan Keegan & Co. and most recently executive vice
president and COO for Neurorecovery, Inc., a Memphis-based neurological drug delivery company purchased in
February by Acorda Therapeutics.

It was after the sale that Labry and Duncan-Williams began talking with the understanding that an equity operation
would be key to the firm's future growth. The firm is in the early stages of a plan to grow annual revenues to $500
million -- it's currently about $30 million -- by its 50th anniversary in 2019. Duncan and I both agreed that for us to
become the full-service firm we are seeking to become, creating an equity group was something that was a certain part
of our future," says Demetri Patikas, executive vice president and special assistant to company president Duncan
Williams. The group will provide sales, research, trading and investment banking.

The goal is to build niche-focused research products by concentrating primarily on small market cap companies -- those
which have under $1 billion in market capitalization -- with some micro cap and mid cap names thrown in, says Labry.
"A lot of small to middle market companies are not serviced that well," Labry says. "They have great business models
and fundamentals" but are overlooked by larger regional and Wall Street firms.

The value to investors and profit for a firm lies in solid research and a stronger, broader understanding of the industry,
Labry says. Initially, the equity group will concentrate its research on health care and maybe later financial services.
Beyond that, Labry doesn't want to divulge too much.

Labry's plan is to cover 40-60 companies in each defined sector, which could break down to include 15-20 companies
each in medical devices, health care services and pharmaceuticals. "We want to be deep, vertical and niche focused in
our research approach which we think is the best way to add value to our clients," he says.

Carty & Co., Inc., CEO Bill Carty suspects Duncan-Williams will be successful in the new venture. "It's a natural
progression," he says. The institutional customers Duncan-Williams currently sells bonds to would likely be interested in
stocks, Carty says, and throw some of that business to Duncan-Williams. "A lot of those folks cross invest," he says.
Patikas believes that eventually the equity group could account for as much as 30%-35% of Duncan-Williams' revenues.

About Duncan-Williams, Inc.

Duncan-Williams, Inc. is a Top 100 Brokerage Firm headquartered in Memphis, TN. The firm is a regional full-service
brokerage and investment banking firm providing financial solutions to retail and institutional organizations in fifty states and
eleven foreign countries. Duncan-Williams, Inc. is a Member of FINRA and the SIPC. Duncan-Williams, Inc. has offices in New
York, NY, Houston, TX, Charlotte, NC, and Jackson, MS. Additional information is available at duncanw.com.

Duncan-Williams, Inc. – 6750 Poplar Avenue, Suite 300 – Memphis, TN 38138 USA – www.duncanw.com
+00 1 (901) 260-6800 Intl. / (901) 260-6800 US / (800) 827-0827 Toll Free
Member SIPC Member, FINRA Member
RELEASE – Duncan-Williams, Inc. Expands to Include M&A Growth Team

MEMPHIS, TN, January 31, 2008

Duncan-Williams, Inc., a Top 100 Brokerage Firm, has hired Demetri Patikas as Executive Vice President and
Special Assistant to the President. According to Duncan-Williams, Inc.’s President, Duncan F. Williams, “Mr. Patikas
brings extensive Capital Markets and Asset Management experience to our Executive Team and will spearhead our
company’s M&A strategy.”
Most recently, Mr. Patikas was the President of Barrier Investments, an investment manager to credit-based hedge
funds. At Barrier, his responsibilities included the sales and marketing of the Barrier Funds, and the management
of the firm’s operations. Prior to co-founding Barrier, he was a Senior Vice President of FTN Financial, where he
worked as an Institutional Sales Representative for more than ten years.
A Nashville, TN native, he is a graduate of Rhodes College in Memphis, TN, receiving a BA in Religious Studies. Mr.
Patikas is actively involved in the Memphis community, serving on the Board of Directors of the Memphis
Leadership Foundation and RedZone Ministries. He also serves on the Development Board of the Church Health
Center, where he has helped transition the Church Health Center from her first 20 years into her second. He and his
wife, Lane, a longtime Memphian, have twin 6-year-old daughters, Carter and Sophie.

About Duncan-Williams, Inc.

Duncan-Williams, Inc. is a Top 100 Brokerage Firm headquartered in Memphis, TN. The firm is a regional full-
service brokerage and investment banking firm providing financial solutions to retail and institutional
organizations in fifty states and eleven foreign countries. Duncan-Williams, Inc. is a Member of FINRA and the SIPC.
Duncan-Williams, Inc. has offices in New York, NY, Houston, TX, Charlotte, NC, and Jackson, MS. Additional
information is available at duncanw.com.

Duncan-Williams, Inc. – 6750 Poplar Avenue, Suite 300 – Memphis, TN 38138 USA – www.duncanw.com
+00 1 (901) 260-6800 Intl. / (901) 260-6800 US / (800) 827-0827 Toll Free
Member SIPC Member, FINRA Member
Memphis, TN, July 1, 2008

Duncan-Williams, Inc. welcomes, Geetika Bansal, as its Senior Strategist. Ms. Bansal arrives from Calabasas,
California, where she was Lead Quantitative Analyst for Countrywide Securities Corporation. In that position, she
worked with National Markets Group and Capital Markets. Her area of expertise lies within International Finance,
Financial Accounting, Strategic Marketing, and Portfolio Management.
The Summa Cum Laude graduate of the University of Memphis finds that the ever changing course of the
investment industry feeds her passion and escalates her incentive. “No day is ever the same,” Ms. Bansal declares.
“Not every day is exciting, but it is certainly not the same. Having begun my career in 2002, I have seen great gains
and losses, inverted curves, and credit crisis. It makes for a very colorful history and dynamic production.”
Working with companies such as FTN Financial (where she was Vice-President of Agency Strategies) and VP
Buildings, Inc. (intern to International Department), Ms. Bansal has tracked the financial footprint of Duncan-
Williams, Inc. Over time, she became intrigued with the direction of the Company and its 500@50 Initiative. “It’s
growing and creating room to implement new ways of doing things – finding out what works and what doesn’t. It is
very exciting to be apart of that evolution,” she explains.
Manager of Financial Services Group, Howard Lasley, of Duncan-Williams, Inc. agrees with his new co-worker and
sees Ms. Bansal’s presence as a great asset to the future of the Company. “I think she is an excellent addition for
Duncan-Williams, Inc. – great for the department. In fact, we probably should have brought her in sooner.”
Ms. Bansal, originally from India, hopes to not only generate great revenue for Duncan- Williams, Inc., but also
focus on each phase of the transaction process. She plans to tackle this objective by helping sales personnel
enhance relationships among clientele through strategic planning and other value-added services with Financial
Services Group.

About Duncan-Williams, Inc.

Duncan-Williams, Inc. is a Top 100 Brokerage Firm headquartered in Memphis, TN. The firm is a regional full-service
brokerage and investment banking firm providing financial solutions to retail and institutional organizations in fifty states and
eleven foreign countries. Duncan-Williams, Inc. is a Member of FINRA and the SIPC.
Duncan-Williams, Inc. has offices in New York, NY, Houston, TX, Charlotte, NC, and Jackson, MS. Additional information is
available at duncanw.com.

Duncan-Williams, Inc. – 6750 Poplar Avenue, Suite 300 – Memphis, TN 38138 – (800) 827-0827 – www.duncanw.com
 PERSHING
DELIVERY INSTRUCTIONS FOR SECURITIES TRANSACTIONS

Municipal / Corporate Bonds, Unit Trusts,

Equities, Mutual Funds, Options

o DTC Eligible
Participant # 443
o Foreign Deliveries
Euroclear (201) 413-3199
Local Markets (201) 413-2057
o NSCC FundServ
Participant # 443
o Options Clearing Corp.
Participant # 443

Government / GNMA / Zero Coupon

o Fed Wireable Deliveries

ABA 021 000018
BK OF NYC / PERSHING
o PTC – Book Entry GNMA
PERSH

Physical Deliveries

o NSCC/Envelope Service
Participant # 443

o Over the Window

Pershing
One Pershing Plaza (Lobby)
Grove Street PATH Station
Jersey City, NJ 07399
All Instructions Must Include:
Account Name
Account Number

Wire Fund Instructions

Bank of New York

New York, NY
ABA # 021-000018
A/C Pershing LLC
A/C # 8900512385
Client’s Brokerage Account Name
Client’s Brokerage Account Number

Rev. 5/27/03

8/20/2003