The financial conditions we are concerned with include income sources and lifestyle requirements, retirement expectations and provisions, likely inheritances, and special obligations such as the education of children or grandchildren. A clear perspective on financial conditions leads to the design of an investment program tailored to each client's needs and goals. Within such a program, management of a securities portfolio is a central part.

         We monitor our clients' investments continuously and report to them formally on a quarterly basis and informally as events warrant. The quarterly reports include a priced inventory of securities, a summary of our view of current events and expectations for the future, and a letter describing pertinent developments and actions taken on behalf of the client. We also provide a statement of capital gains and losses for use in the preparation of tax returns.

         While management of the securities portfolio is the most active and obvious part of achieving a client’s goals, other areas of our clients' financial lives must be central to the process. To that end, we advise them as appropriate on such matters as gifts to family members and charities, mortgages, and the continually changing tax codes, coordinating our efforts with those of their accountants and attorneys. Unique circumstances frequently have a bearing on the investment program – the pending sale of a family business

or a client's wish to start a new career. Almost every matter in one’s life experience is relevant, whether it concerns birth or death, marriage or divorce, age or aspiration. A client's needs, preferences, and sense of comfort influence the level of appropriate risk, independent of his or her financial status.

         Because we make it a practice to consider the unique circumstances of each client, our investment counsel services are particularly appropriate for individuals and families. Many endowment funds have distinct financial needs and characteristics which make our approach well-suited for them. In similar fashion, retirement funds that are identified with a relatively small group of professionals also may benefit from our personalized approach.

         We feel that there are subtle but significant differences between the services of our medium-sized, personal service firm and those offered by larger entities focused on institutional portfolios. We are stable, experienced professionals who follow a flexible investment strategy with each one of our clients. Each professional works with a limited number of clients to ensure that every one receives the attention they need and deserve. A system of backup support provides that a second portfolio manager be familiar with the client's portfolio and objectives. In addition, the client's holdings and objectives are reviewed by the portfolio managers as a group on a regular basis in order to benefit from the insights of the entire professional staff.

         The services of de Garmo & Kelleher are not appropriate for every investor. Our firm would not be well-suited to clients seeking active trading strategies, including those that employ commodities and the frequent use of options. Investors interested in occasional advice might well consider a stock broker. Financial planners address a client base similar to ours but generally do not provide continuous counseling and management and often receive fees based on product sales. de Garmo & Kelleher holds no client securities or funds and does not act as a custodian. Client portfolios are not segmented by size, as is the frequent practice of trust departments and bank custodians.

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