Greenwich Asset Management Group, LLC

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2 Sound View Dr., Suite 100, Greenwich, CT 06830 USA

An Investment Study July 27, 2009

I was reviewing financial email sites and came across http://www.dataroma.com. It listed 44 top value investors and firms
(next page), including your distinguished firm, and 860 stocks owned by the group. I thought to myself, “I’ll bet I can
outperform all 44 managers, long-only over 3 years, with my stock grading and portfolio construction process and do it
with their universe if stocks”. The 50 stocks I chose are on page three.

I have had my own RIA firm in Greenwich, CT since 2001. I had 5 years of portfolio training from Bill Hay of Dundee
Partners, who ran $30 billion at the NYS Common Retirement Fund in the 80’s. He brought that fund from virtual savings
accounts into the modern equities to which other states modeled their retirement plans including Calpers. Bill introduced
me to some interesting folks including Arthur Laffer and Larry Kudlow amongst others.

After being on Wall Street for 20 years I decided I wanted to be independent, and as fate would have it, my experience
with Bill Hay kicked in. I started designing equity portfolios as I had done with Bill for 5 years and added my screening
and grading process I helped perfect, which I learned from a 48-year veteran at Merrill. Bill’s portfolio averaged about 25
large cap stocks evenly weighted and rebalanced every quarter. I tend to have around 30, more for larger accounts. I
remember asking Bill if he could run $1 billion with 25 stocks. He said he could run $100 billion with 25 large cap stocks.

After combining the two programs I was surprised and found the results remarkable. In order to test my theorems, I
needed to go back several years and test the data. I ran my screening process starting with 2004 year-end stock prices.
As of July 24, 2009, the 100 stock study portfolio was 53.27% ahead of the S&P 500 over 4.7 years while 11 stocks were
liquidated due to M&A activity over that same period as show on page four.

The initial data gave me enough information to move towards implementation which occurred in January 2008 with live
accounts. I did 17% better than the S&P 500 in 2008 which I attribute to the fundamental and technical grading process
and my “run, dodge and jump” training I learned in advanced infantry and airborne combat training at Ft. Benning, GA
while in the U.S. Army in the 70’s. Regardless, I veered from the program at times in 2008 picking up a few highly
oversold issues such as Ford and BAC for a short-term trade.

I use informa.com, which Schwab uses, and BarclayHedge to rank my performance amongst my peer group which is
Global Equity managers. I made Informa.com's Top Gun list twice in 2008, first and fourth quarters. As of July 15, 2009,
out of 181 global equity managers reporting to Informa.com, I rank in the top 1% for Quarter 2, 2009, top 2% for one year,
and top 1% for three years. Performance data before December 2007 was simulated using the same process.

My program and combination of experiences are unique. No one else is doing it. I would like you to consider giving me
$10 million, split into 30 equal segments, which I can easily manage using my system on the Schwab Institutional platform
as a private sub-advisor. This way you can see for yourself how the program performs.

If you are interested, I would like to hear from you and I will tell you in 3 minutes how I do it.

Best regards,

Peter Lundstedt
CEO, Equity Portfolio Engineer and Equity Portfolio Sub-Advisor
Greenwich Asset Management Group, LLC
2 Sound View Dr. Suite 100
Greenwich, CT 06830

(203) 622-1305
Fax (203) 622-1306

Web site: www.gamgllc.com Email: gamgllc@earthlink.net

Informa.com: http://www.informais.com/research_psn_manager.htm and http://www.barclayhedge.com
Source: http://www.dataroma.com/m/managers.php 07/25/2009
Simulated buy and hold portfolio Source: Yahoo data 07/25/2009
Simulated buy and hold portfolio Source: Tickerspy 07/25/2009
Simulated buy and hold portfolio Source: Tickerspy 07/25/2009
Simulated buy and hold portfolio Source: Tickerspy 07/25/2009
Simulated buy and hold portfolio Source: Tickerspy 07/25/2009
Thank you

Peter Lundstedt
CEO, Equity Portfolio Strategist and Equity Portfolio Advisors
Greenwich Asset Management Group, LLC
2 Sound View Dr. Suite 100
Greenwich, CT 06830

(203) 622-1305
Fax (203) 622-1306

“Committed to Excellence”

Web site: www.gamgllc.com

Email: peter.lundstedt@gamgllc.com

Disclaimer…I can only pick good stocks, I cannot make them go up or down. Peter Lundstedt is president of Greenwich Asset
Management Group, LLC, (GAMGLLC), a registered investment advisor. All material presented herein is believed to be reliable but we
cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment
counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice. Peter
Lundstedt and/or the staff at GAMGLLC may or may not have investments in any funds cited above.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR
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MANAGER.

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