Challenges continue to confront the global equity markets – from a plethora of economic woes to corporate earnings uncertainty. However, history has demonstrated time and again that periods of extreme market uncertainty often yield significant investment opportunities. Our investment philosophy and discipline – focused on owning high quality companies with strong balance sheets at discounted prices – is designed to allow us to persevere during these difficult times, and to ultimately benefit from the recovery in the economy and financial markets.

Attracting and retaining dedicated and well-qualified investment professionals has been, and will continue to be, a key to our long-term success. To this end, we are delighted to announce the addition of Christopher A. Ryker, CFA to our team as a Senior Vice President and Portfolio Manager. Chris, a Chartered Financial Analyst (CFA) since 1992 and a Certified Trust & Financial Advisor (CTFA), is a well-seasoned professional with nearly 30 years of investment and asset management experience. His expertise in equity and fixed-income analysis and management will complement our investment team as a member of our firm’s Investment Policy Committee.

Before joining Goelzer, Chris was a vice president and portfolio manager with National City Bank’s Private Client Group from 2001 to 2007, where he directed client equity and fixed-income investments. On a personal note, Chris and his wife Tarra are the parents of two daughters, Hannah 14, and Lauren 10 years old. To familiarize you with Chris’s outstanding investment career credentials, we are enclosing his biographical profile for review.

Should you have any questions about the enclosed report or require additional information, please do not hesitate to give Sherri or me a call. You can reach Sherri directly at (317) 264-2618, sgrabhorn@goelzerinc.com or, if outside the Indianapolis calling area, (800) 428-1618.

Sincerely,

GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA