September 16, 2001

Dear Friends and Clients,

We pray that we all get through this painful event. We join together in helping the world become a better place again. We are all so sorry for all the pain and losses we are all experiencing.

We just wanted to give you all a quick update on how we will be maintaining your investments and portfolios. Such a harsh and tragic event. How in the world can one plan for this. Nevertheless, here is what we are doing in regards to your portfolios.

Most of us have diversified and anchored portfolios. Most of our portfolios contain a heavy weighting of high quality bonds, which are diversified through the world. I would like to emphasize the inherent trait of high credit quality in those bond portfolios. We have recently taken large positions in the Prudent Safe Harbor Fund. Well, based on the recent events, it turns out to be a quality holding. God do I wish it didn’t look like such an appropriate holding right now. Our fixed income portfolios continue to be monetarily diversified. What that means is we have our fixed income portfolios balanced with non- US dollar currencies and governments. As you probably realize we are also invested in energy situations, precious metals, consumer necessaries and consumer staples. Many of us are also invested in technology. Our technology holdings are so crucial to the future of the world and so crucial to the rebuild of our New York telecom hub. We will be proud owning companies like Lucent, ATT and Global Crossing as they will be vital to the worlds and financial industries infrastructure rebuild.

Many of you that know me understand that part of my makeup is contingency planning. How could one plan for this horrible event? Each day since the event I have been searching, endless searching. I have been stranded in Vancouver BC since the 11th. I was here visiting a client on business for a few days; yet, I leave after nine days with him. His generosity and support was so much appreciated (He is from NY and working in BC). I have been alone for a while, and I am so sad for all of us. So many of you who are reading this have experienced such pain this past week.

I apologize for my unbusinesslike ramblings, but I am writing what I feel, as I sit on this flight back to Newark.

Lastly, we just want to let you know that we are diligently looking at your financial assets, monitoring the world economic events, and will continue to keep your portfolios well structured. We will continue with our never-ending research and your portfolios will continue to reflect that research.

Patience is so necessary right now. If anyone wants to speak with me, please just call. I have been checking voice mails and emails around the clock and will try to get back to you promptly. If any of you have my home number feel free to call during non-working hours.

Again to all of you, we wish you all peace and eventual healing through this history-changing ordeal.

Very truly yours,