Wealth management has always been a discipline requiring prudent thought, careful analysis and a constantly watchful eye toward the opportunities and uncertainties of the future, as well as a thorough understanding of a client's objectives and risk tolerance. Today, it requires expertise in world currency and securities markets, effective utilization of sophisticated investment tools and the ability to digest the implications of global economic and political trends on invested assets. The quality that marks a firm as truly distinctive in its field is the intensely personalized way it applies these capabilities to each client's special needs.

Howland Advisory Corporation was established with these objectives and concerns in mind. G. Dulany Howland, President, is responsible for its policies and management. A client's relationship with the firm is personal and completely confidential. We are selective in the accounts we take on and are particularly selective in the character and appropriateness of the investments for each portfolio. We provide investment management and counsel for individual portfolios, trusts and estates, IRAs, corporations and corporate pension and profit sharing plans.

Our commitment is to protect and enhance our client's capital. This policy revolves around our ability to act as an asset manager in the broadest sense. Volatility in the global economy has made it necessary to adhere to a discipline of actively managing assets in order to obtain the maximum return at any given point in the economic cycle, in concert with the client's portfolio objectives.

Every investment decision begins with an analysis of the particular objectives of each client. A review of total assets and income streams is made and the client's age, occupation, family and other pertinent data is assessed. Additionally, the client's tax requirements and attitude toward relative risk are determined in order to ascertain the appropriate portfolio objectives and optimum mix of securities.

The management of each account is based on its own unique set of investment guidelines and objectives. Fundamental decisions are made about the working list of investment vehicles followed by the Firm, and then each account is reviewed for the purchase or sale or transfer on an individual basis.

Considerations of relative risk vary for each client, thereby narrowing the universe of potential investments for those who are risk-averse. Those with more aggressive objectives may invest in a broader universe, which by definition carries a higher degree of risk. However, in all cases, careful analysis is done beforehand to carry out our fiduciary responsibility of prudent investment management.

Our primary commitment is to utilize the expertise, diversification, performance, and efficiency of well managed no-load mutual funds and/or institutional investment managers. We believe that the selection of individual securities is an extremely specialized profession. These professionals can perform the research on industry groups and companies and do the essential trading functions on a very cost efficient basis. Our focus will be to select funds and investment managers based on their investment objectives, portfolio managers and performance. Our selections are made based on the appropriateness of the objectives of the investment for the individual investment management client.

In sum, Howland Advisory Corporation, while recognizing that there are no guaranties of future performance, takes the attitude that nothing is more important than an individual client's financial base. The firm makes every effort to do a detailed and thorough job in selecting the investments for inclusion in the portfolios entrusted to it.