KAMPFEN INVESTMENT SERVICES

Asset Managers

Updated: 11/19/02	CH	SR	DSC	LT	JB	JB	JB	S&P	NASDAQ	MSCI
Updated: 11/19/02	Management Company	Investment Counsel	Private Inv. Counsel	Management Associates	New York	New York	New York	500	Comp.	EAFE
Founded Staff Assets Minimums Fee Minimum	1971 12 600 mio 500k 1–1/2% 5,000	1932 180/25 9,000/ 1,000 mio 1000k 1–0.50% 10,000	1919 400/11 17 Bio 2000k 1–0.40% 20,000	1974 9 500 mio 500k 1–5/8%	1940 230 2000k 1–1/2% 15,000	1940 230 2000k 1–1/2% 15,000	1940 230 2000k 1–1/2% 15,000
Style	Large Cap Value Oriented	Large/Mid Cap Gro/Val 65/35	Large Cap Gro/Val 60/40	All Cap Growth Oriented	US Equity	Global	International
Strategy	Conservative Protection princ. Top down Turnover low	Preservation Cap. Long Term Inv. 75–90% LC 10–25% Opport. Turnover 25%	Growth Value Momentum	Bottom Up Buy & Hold Turnover low 10–20 positions Buy at right price	LT Cap Growth	LT Cap Growth	LT Cap Growth
Performance 2002 2001 2000 1 year 3 years 5 years 10 years	Jan 30/02 -4.10% -5.19% -2.10% 8.40% 13.90%	Sep 30/02 -25.00% -11.60% -7.46% -16.90% -7.60% 4.00%	Sep 30/02 -27.18% -15.79% -1.91% -18.76% -10.50% 0.11% 9.29%	Sep 30/02 -8.30% 4.71% 15.58% -8.30% 9.77% 10.65% 14.24%	Sep 30/02 -26.79% -5.07% 4.29% -26.79% -6.39% 1.97%	Sep 30/02 -18.35% -16.34% -6.31% -18.35% -2.94% 4.10%	Sep 30/02 -9.84% -20.14% -12.23% -9.84% -1.25% 4.10%	Sep 30/02 -28.16% -11.88% -9.07% -19.36% -16.56% -1.75% 0.11%	-21.05% -39.30%	Sep 30/02 -21.03% -21.44% -14.17% -15.53% -14.60% -5.65% 2.95%

Kampfen Investment Services
415-383-1744
pius@kampfen.com