IBKC vs. S&P 500 40% 60% 80% 120% 140% 160% 100% % Change F rom December 31, 2001 IBKC S&P 500 1 2/31/01 1/ 28/ 02 2/ 25/ 02 3/ 25/ 02 4/ 22/ 02 5/ 20/ 02 7/ 29/ 02 8/2 6 $_{/}$02 9/2 3 $_{/}$02 $_{1}$0/ 2 1 /02 $_{1}$1/ 1 8 /02 $_{1}$2/ 1 6 /02 $_{1}$2/ 3 0 /02 1/2 7 $_{/}$03 2/2 4 $_{/}$03 6/ 17/ 02 STRENGTH Our capital position was enhanced during the year as a result of the issuance of $10 million in trust preferred securities on November 15, 2002. These instruments qualify for regulatory purposes as Tier 1 capital, but are considered a form of debt, with tax-deductible interest, for tax purposes. The instruments have 30-year maturities, callable after five years, and have a fixed cost of 6.67% for the first five years and float thereafter at a rate of 325 basis points over 3-month LIBOR. A supplemental  share  repurchase  program  was announced in association with the trust preferred offering. Under this supplemental program, the Company is authorized to purchase between 60,000 and 130,000 shares of IBERIABANK Corporation common stock. At December 31, 2002, the Company’s Tier 1 leverage ratio was 7.62%, up 67 basis points from one year ago. Characteristics shared by IBERIABANK Corporation and the oak tree include strength and endurance. As an example, foresters estimate the “Seven Sisters Oak” in Mandeville, Louisiana is 1,200 years old. Similarly, our company has roots dating back to 1887, and is one of the oldest banking entities in the state. Our organization was built on a foundation of strength and continues to this day with that same philosophy. Our capital position remains formidable. The year 2002 exhibited an improved capital position. Shareholders’ equity increased approximately 4% between December 31, 2001 and December 31, 2002. Equity as a percentage of total assets was a very strong 8.89% at December 31, 2002. On December 3, 2002, we announced the completion of the share repurchase program within the anticipated one-year time frame that was announced on December 18, 2001. Under that program,  we  repurchased  300,000  shares  of IBERIABANK Corporation common stock at a weighted average cost of $37.77 per share. Despite the enhanced capital position, we increased our quarterly dividend by 11% during the year to $0.20 per share, beginning in the third quarter of 2002. A company’s ability to sustain or grow its quarterly dividend stream is many times measured by the 81 8