The Company

Freeman Associates provides investment management services on behalf of individual and institutional investors. The company specializes in the development of proprietary analytical systems for long term equity investment. Its expertise in the engineering and implementation of structured investment products is based on the rigor, depth of training, and discipline associated with broad financial market experience. It is this level of expertise that provides competitive advantage over other equity managers.

Freeman Associates has developed several types of structured investment products designed to address specified investment objectives common to a variety of individual and institutional equity investors. In addition, the company provides customized investment products tailored to the specific investment objectives of particular institutional clients.

The company believes that it has competitive advantages over other domestic equity managers due to the significant emphasis it places on research and methodology in the development of the proprietary- analytical systems. The company's proprietary analytical capabilities coupled with its employees' substantial experience in structured financial products enhance the company's ability to successfully manage assets and to compete effectively in the asset management business.

The company plans to continue to offer its existing range of investment products and to develop additional investment products that management believes will be attractive to a substantial group of investors.

The company serves as investment advisor to U.S. institutional investors including public and private pension plans, corporations, municipalities and insurance companies. For institutional investors, the company offers a variety of actively managed equity investment products on a separate account basis.