Dear Investor,

I'd like to personally thank you for your interest in Kenneth J. Gerbino & Company. Our firm is in its 34th year managing portfolios for individuals, pensions, trusts and corporations. We focus on two primary investment strategies: Conservative Special Equity Accounts and Gold Mining Stock Accounts.

In our view, responsibility for managing your wealth requires that we respond prudently to ever-changing political, economic and market environments. Portfolios cannot be managed in a "business as usual" manner. The world has changed dramatically in the last 20 years. Our goal is to identify probable outcomes for the future based on these changes.

Although we make the investment decisions as your investment advisor, all of your funds are held by a leading outside custodian, Union Bank of California Trust. Your account is a separate account in your name only.

With our commitment to superior client service and communication, we will regularly keep you informed of our investment strategy and promptly respond to your questions and any needs you may have.

I look forward to hearing from you and look forward to a prosperous, long-term and enjoyable relationship... and once again thank you for your interest.

Best wishes,

Kenneth J. Gerbino