Important Financial Market Update

September 15, 2008

Dear iCapital Client,

Few things prepare us for the kind of extraordinary developments that took place last night. The collapse of Lehman Brothers. The federal intervention. The sudden rescue of Merrill Lynch by Bank of America. This latest damage on Wall Street is the most recent consequence of a storm that began last year with the sharp decline in U.S. housing prices and losses on loans and other assets tied to home values. Massive capital infusions have failed to stem write-offs and losses, and financial firms are running out of options to escape the damage.

But the reality is that the banking sector is not America. Wall Street is not America. Things may turn down for a while and times may get tougher. But life, work and the economy will go on - even without Lehman Brothers.

In thinking about these recent developments and the potential fallout, there are a few things we should all keep in mind. First, the people who stay at the table and don't make impulsive moves here are going to be the ones who make the money in the years ahead. Second, no one knows how much worse things will get, how much further the market will fall, or when things will turn. And don’t trust anyone who says they do. Thirdly, trying to get rich quickly is one of the surest ways to lose it all, and the only way to win this game is to keep your assets diversified and broadly deployed. And fourth, at some point this will end, and when the market turns it could soar. There will be no easy chance to get back in: Invest broadly; don't panic.

In these extremely turbulent times, you may be wondering about Fidelity Investments, the custodian of your iCapital account(s). Fidelity, unlike Lehman Brothers and Merrill Lynch (and Bear Stearns for that matter), is not an investment bank. Other than their family of mutual funds, Fidelity does not manufacture securities, such as the much talked about collateralized debt obligations (CDOs), and does not take possession of these types of securities. Fidelity simply functions as your custodian and record keeper. It does not underwrite risk in the market like Bear Stearns, Lehman Brothers, and Merrill Lynch. As such, we are extremely confident in the stability and integrity of the custody of your account at Fidelity Investments.

Given the fact that Fidelity does not participate in the same lines of business as Bear Stearns, Lehman Brothers, and Merrill Lynch, and therefore is not exposed to the risks that caused these firms to fail, it is nevertheless important to note that Fidelity is a privately-held firm that maintains an unlimited amount of insurance on your account(s). Through the Securities Investor Protection Corporation (“SIPC”), your assets are protected up to $500,000, and above that an additional unlimited amount of insurance is provided through Customer Asset Protection Company (CAPCO). CAPCO is a licensed New York insurance company that has received an A+ credit and financial strength rating from Standard & Poor’s®. These insurance coverages step in when a brokerage firm fails owing customers cash and securities that are missing from their accounts.

Have more questions? Join iCapital and Investment Committee members at Wednesday, September 17th at 3:00 p.m. EST for a Question & Answer session and market overview.

Conference call access # 877-215-6997
To ask questions enter code # 9151
or to just listen enter code #9152

Sincerely,

The Investment Committee, &
Katie Umile, CEO