For your safety and convenience, our clearing firm is Pershing, a part of BNY Securities Group and a subsidiary of The Bank of New York which is a member of the New York Stock Exchange. In addition, securities and cash awaiting reinvestment held in custody by Pershing receive the highest level of account coverage in the marketplace today.

Building and Sustaining Long-term Relationships

We would like to take this opportunity to introduce our strategic investment planning services at Spencer Clarke. Although today's dynamic markets are subject to volatility and risk, a comprehensive strategy of asset allocation and diversification can give investors a competitive advantage.

The process of charting financial success starts with an identification of investment objectives and sound financial planning. Spencer Clarke seeks to identify suitable investment opportunities, while applying the principles of discipline to manage investment risk.

The Foundation of Our Success

Spencer Clarke LLC is a full service brokerage firm dedicated to serving the investment needs of all of its investors, including both retail and institutional clients. In keeping with our full service approach to investing, our research department employs a combination of macro-economic, fundamental and technical analysis. In addition, we provide tactical asset allocation and investment diversification services to better help investors meet their long-term investment goals. The valuation methods that we use are traditional and are based on such commonly utilized metrics as earnings, sales, EBITDA and free cash flow both on an absolute and relative basis.

Our research opinions seek to be objective and do not encompass many of the research conflicts that have been found at larger Wall Street brokerage firms. As a result, we have the ability to evaluate many different industry groups and sectors of the market in order to uncover attractive investment opportunities that other firms may have missed. For example, our analysis of the water industry has led us to uncover several attractive companies that are likely to benefit over time from a growing global scarcity of available drinking water.

Historically, above average investment performance can be traced to a number of factors including the introduction of new technologies, proprietary products, earnings surprises or upward earnings revisions, a change in management, the announcement of new orders or an attractive market valuation. These are just a few of the many factors that we take into consideration when evaluating specific investment ideas for our brokerage clients. In summary, Spencer Clarke LLC stands out from the crowd in its ability to provide timely, insightful investment advice for all of its brokerage clients.