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October 13, 2008

Dear Client:

Your third quarter portfolio statement has been posted to Your Online Access. Since there have been so many economic developments since September 30th, we have forgone our usual letter and have instead produced a video to communicate our current thoughts on the crisis. Click below to view the video.

Thumbnail of Webcast

Please do not hesitate to contact us with questions.

Regards,


Audrey Grubman
Portfolio Manager and President
GRUBMAN FINANCIAL



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