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<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>UNIQUE
QUALITIES OF INVESTMENT COUNSELING</b></font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4"><b><font color="#996600">Professional</font></b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
An investment counselor has the resources, education and experience to help
the investor achieve his or her objectives, and is always in compliance with
all regulations and the highest professional standards.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="2" color="#996600"><b><font size="4">Unbiased</font></b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
The client's best interest, not the sale of a product, is the counselor's only
motivation. Advice rendered and assets managed are the basis of compensation.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="2" color="#996600"><b><font size="4">Personalized</font></b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
An investment counselor designs a personalized financial plan based on a full
understanding of the client's financial position, objectives, tax status, risk
tolerance and other circumstances. The client relationship is person-to-person,
like that of an account or an attorney.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Continuous</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
The counselor provides ongoing portfolio supervision, and is continuously available
to help the client adapt to changes in personal circumstances and the financial
environment.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
<b><font size="4" color="#996600">COMPREHENSIVE INVESTMENT COUNSELING SERVICES
INCLUDE:</font></b></font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Portfolio
Structure & Asset Allocation</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
Our client relationship begins with a customized asset allocation recommendation
based on the client's particular financial situation. The policy is highly disciplined
and remains consistent throughout short-term market fluctuations.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Continuous
Portfolio Supervision</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
Personal circumstances, investment objectives and economic conditions change.
We frequently review client portfolios and initiate changes to ensure that investments
continue to meet client needs.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Brokerage
& Custody Fee Negotiation</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
Though we do not provide custody services for our clients, we often solicit
custody proposals on their behalf. Clients appreciate our experience in negotiating
reduced commissions and obtaining the best execution. Clients are always free
to direct us to the use of a specific broker or custodian.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Custody
Record Reconciliation</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
To ensure accuracy, we review custodian statements of holdings, income, settlements,
and disbursements. Clients, especially those who are served by multiple custodians,
enjoy the organization we bring to their finances.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Customized
Reporting</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
Frequent communication is essential to the advisor-client relationship. At Clifford
Associates, we keep in touch with person-to-person meetings, by telephone and
through written correspondence. Complete, concise portfolio valuations and provided
quarterly, or more often, as requested.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="4" color="#996600"><b>Record
Collection for Tax Preparation</b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
We also provide consolidated year-end reports of income and capital gains for
your tax preparer.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="2"><b><font size="4" color="#996600">Financial
Consulting</font></b><br>
Clifford Associates investment counselors can provide expert advice on a wide
range of financial matters, including:</font></p>
<blockquote>
<p><font face="Georgia, Times New Roman, Times, serif" size="2" color="#996600"><b>Retirement
Planning</b></font><font face="Georgia, Times New Roman, Times, serif" size="2">
- Considering many issues including: distribution options, tax consequences,
achievable income, investment alternatives, and coordination with other investments.<br>
<font color="#996600"><b>Budgeting</b></font> -- Planning for major purchases,
gifts, income projections and liquidity needs.<br>
<b><font color="#996600">Estate Preservation</font></b> - Implementing strategies
for preserving an estate for future generations.<br>
<b><font color="#996600">Tax planning</font></b> - Minimizing tax liability
through careful portfolio management and other financial decisions.</font></p>
</blockquote>
<p><font face="Georgia, Times New Roman, Times, serif" size="2" color="#996600"><b><font size="4">Coordination
with other professional advisors</font></b></font><font face="Georgia, Times New Roman, Times, serif" size="2"><br>
Clifford Associates does not prepare tax returns or offer legal advice. We do,
however, serve as a valuable resource for clients' other advisors during times
of divorce, estate settlement, benefit plan distributions or other significant
events.</font></p>
<p><font face="Georgia, Times New Roman, Times, serif" size="2"><b><font color="#996600" size="4">Determining
Fees</font></b><br>
In keeping with industry standards, professional fees are based on: the value
of the assets supervised; the amount of time spent; the degree of responsibilities
assumed; and other special circumstances.</font></p>
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