---

Industrial and Automotive Conference Concludes On Positive Note

21 May 2000

Midwest Research Industrial and Automotive Conference Concludes On Positive Note

    CLEVELAND--Midwest Research concluded its Third Annual Industrial and Automotive Conference this past Friday.

    The conference was attended by nearly 50 investors from around the country, who came to Cleveland to hear speeches by senior executives of industrial companies, in order to gain a better understanding of current business conditions and the outlook for America's industrial heartland.

    The speakers represented eight publicly-traded corporations: Cummins Engine, Delphi Automotive, Eaton Corporation, FreeMarkets, Johnson Controls, Lear Corporation, Parker Hannifin and TRW. For the most part, those companies produce components and systems for the automotive and transportation industries. FreeMarkets is a new internet-based company which provides auction services for buyers and sellers of industrial components and other products.

    Two major points were made repeatedly by many of the speakers:

    -- Industrial businesses today are exceptionally high-tech. For
    example, Kiran Patel, chief financial officer of Cummins
    Engine (a leading producer of diesel truck engines), said his
    company now has more software programmers than manufacturing
    engineers, because increasing computer power is needed to
    fine-tune basic engine design. James Masters, president of
    Lear Corporation's technology division, also demonstrated how
    car buyers will soon be able to custom-design their own
    automotive interiors from a home computer.

    -- The business outlook is still upbeat, despite financial market
    fears that a recession may be around the corner. Many
    companies have growth opportunities based on new products and
    technologies, that might allow them to keep growing even in a
    recession. Adrian Dillon, chief financial officer of Eaton
    Corporation, suggested continued interest rate tightening
    might drive down the value of the U.S. dollar, which could
    actually have a positive net impact on many American
    industrial companies.

    Evan Morgan, chief executive officer of Midwest Research, said, "Our conferences perform a valuable service for both investors and senior corporate executives, by getting so many of them together in the same room, so everyone comes away with a better understanding of how other people view the complicated business world. Our firm was founded in February of 1996, and we have sponsored a large conference in Cleveland every year. In the future, we will increase the number of conferences we organize. We are also eager to sponsor focused conferences in other regions of the country."

    Midwest Research is one of America's leading providers of investment research for financial institutions. Midwest Research is focused on research and trading in the shares of large and mid-size companies in the manufacturing, consumer, health care and business service industries. Midwest Research is headquartered in Cleveland, Ohio.