Clients have different needs and objectives. From the beginning, we work closely with every client to help determine and execute an appropriate investment strategy. We ask that they define their investment objectives, which may be:

• Conservation of Capital
• Income - taxable and tax-exempt
• Income and Capital Appreciation
• Capital Appreciation
• Maximum Capital Appreciation

The majority of our accounts are managed on a discretionary basis where the portfolio manager makes individual investment decisions in the portfolio. We believe that this approach leads to improved results.

The client receives confirmation of all transactions and a monthly statement from the custodian broker or bank.

On a quarterly basis, we send out a newsletter along with a detailed statement providing the following information, if requested:

• Current value of the portfolio
• Cost basis of the securities
• Realized gains and/or losses
• Estimated annual income
• Industry sectors for common stocks
• Transaction Summary
• Asset mix of the portfolio
• Summary of dividend and interest income

We communicate with our clients on a regular basis by telephone and in writing. We also encourage periodic personal meetings in order to review the portfolio, our current investment strategy and any changes in the client's financial circumstances or objectives.