Every year since Midwest Investment Management was founded in January 2000, an independent audit of the procedures we use to help ensure accuracy of portfolio transactions, composite investment performance, and records for clients with managed accounts is conducted. The audit for calendar year 2002 was completed in March.

The verification process is conducted by an independent certified public accounting firm using the Performance Presentation Standards of the Association for Investment Management and Research (AIMR), an internationally recognized body established to maintain the highest standards of professional excellence and integrity within the financial community.

Midwest Investment Management claims compliance with the AIMR Performance Presentation Standards (AIMR-PPS™), the U.S. and Canadian version of GIPS®. AIMR has not been involved with or reviewed Midwest Investment Management’s claim of compliance.

A copy of the verification report for 2002 or a complete list and description of Midwest Investment Management’s composites and/or a presentation that adheres to the AIMR-PPS™ standards can be obtained by sending a written request to: Norman F. Klopp, Jr., CFA, Midwest Investment Management, 1301 East 9th St., Suite 1110, Cleveland, Ohio 44114.