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Conservative Investor</b>&nbsp; <br> &nbsp; </font> <p><font face="Arial, Helvetica, sans-serif">Since our founding in 1974 by veteran value investor Martin J. Whitman, MJ Whitman has consistently sought to develop risk-averse&nbsp;strategies for the aggressive conservative investor. Each area of the company sales and trading in our full-service brokerage firm, as well as research and portfolio management in our investment advisory affiliate adheres to the premise that a disciplined value approach to&nbsp;investing should deliver superior returns, on average and over time.&nbsp; </font> <p><font face="Arial, Helvetica, sans-serif"><b>A SINGULAR VALUE INVESTMENT PHILOSOPHY&nbsp;</b> </font> <p><font face="Arial, Helvetica, sans-serif">MJ Whitman applies a singular value investment philosophy to identifying opportunities in the undervalued equity securities of&nbsp;well-capitalized companies, across the full spectrum of fixed income instruments, and in the debt obligations of distressed issuers. The combination of MJ Whitman s value investing premise and methodology forms a unique approach that has been&nbsp;remarkably successful in creating value for clients.&nbsp; </font> <p><font face="Arial, Helvetica, sans-serif"><b>CHALLENGING CONVENTIONAL THINKING&nbsp; </b></font> <p><font face="Arial, Helvetica, sans-serif">MJ Whitman views the risk-reward relationship quite differently from conventional investors. The common belief is that there is an elementary trade-off: An investor must take risks in order to obtain rewards, and the degree of risk assumed in a particular situation is&nbsp;directly related to the anticipated reward.&nbsp; </font> <p><font face="Arial, Helvetica, sans-serif">In MJ Whitman s view, there is no such trade-off. It is our belief that the lower the price an investor pays for a particular security, the less&nbsp;the risk and the greater the potential reward. This value investing posture is commensurate with our belief that investment risk should be based on the underlying performance of a business and its resources, and not determined by the market price at which a company s&nbsp;securities might trade.&nbsp; </font> <p><font face="Arial, Helvetica, sans-serif"><b>J.P. MORGAN CLEARING CORP. &#151; A STRONG CLEARING AGENT</b></font> <p><font face="Arial, Helvetica, sans-serif"> MJ Whitman is a clearing correspondent of J.P. Morgan Clearing Corp., one of the largest clearing agents in the country. MJ Whitman clients benefit from the extensive resources that J.P. Morgan offers its correspondents, ranging from a broad array of products and services, to financial strength and a worldwide presence. Each MJ Whitman client account is protected by the Securities Investor Protection Corporation (SIPC) up to a total of $500,000, including up to $100,000 in cash. </font></p> <p><font face="Arial, Helvetica, sans-serif"> <b>A COMMITMENT TO EACH CLIENT&#146;S SATISFACTION AND SUCCESS</b> </font></p> <p><font face="Arial, Helvetica, sans-serif"> MJ Whitman is committed to providing excellence in all aspects of our client relationships, from service to investment performance. MJ Whitman's professionals and staff work as a team, dedicated to providing the highest quality investment management. Principals and senior management are actively involved in each relationship, to ensure our clients' unique investment objectives, time horizon and risk tolerance are factored into each investment decision. Since our client relationships are of primary importance, we are very responsive to our clients' concerns. </font></p> <p><font face="Arial, Helvetica, sans-serif"> Given that MJ Whitman pursues a long-term investment strategy, we seek clients who are interested in entering into an ongoing relationship with us, and work closely with them to achieve growth through a disciplined value approach. MJ Whitman welcomes the<br> opportunity to demonstrate how we can add value to your unique situation and assist you in achieving your investment objectives. </font></p> <p>&nbsp; </td> </tr> </table> <p>&nbsp; <p>&nbsp; </td> <td><img SRC="spacer.gif" BORDER=0 height=414 width=1></td> </tr> </table> </body> </html>