Client Letters

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0 height="100%"><tr> <td valign="top" width=170 BGCOLOR="#000066" TEXT="#F7F7FF"> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <div> <A HREF="index.htm" TARGET="_top" TITLE="Home"><U><U>Home</U></U></A></div> <bR> <div> <A HREF="id23.htm" TARGET="_top" TITLE="History"><U><U>History of the Firm</U></U></A></div> <bR> <div> <A HREF="id25.htm" TARGET="_top" TITLE="Investment Procedures Disciplines"><U><U>Investment</U></U></A></div> <div>    <A HREF="id25.htm" TARGET="_top" TITLE="Investment Procedures Disciplines"><U><U>Procedures &</U></U></A></div> <div>          <A HREF="id25.htm" TARGET="_top" TITLE="Investment Procedures Disciplines"><U><U>Disciplines</U></U></A></div> <bR> <div> <A HREF="id27.htm" TARGET="_top" TITLE="Client Letters"><U><U>Client Letters</U></U></A></div> <bR> <div> <A HREF="id22.htm" TARGET="_top" TITLE="Contact Information"><U><U>Contact Information</U></U></A></div> <bR> <div> <A HREF="http://www.dunvegan.com" TARGET="_top" TITLE="http://www.dunvegan.com"><U><U>Client Log-in</U></U></A></div> <bR> <bR> <bR> <bR> </td> <td valign="top" BGCOLOR="#000066" TEXT="#F7F7FF"> <bR> <bR> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="723" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="BOX" RULES="ALL" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP COLSPAN=2 HEIGHT= 132 ><NOBR><div> <B><U>D U N V E G A N   A S S O C I A T E S,   I N C.</U></B></div> <bR> <bR> <bR> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 20 WIDTH="596"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="596" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="116"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="20" ALIGN="bottom" WIDTH="116" HSPACE="0" VSPACE="0"></tD> </tR> </TABLE></div> <bR> <bR> <bR> <bR> <div> <A HREF="id26.htm" TARGET="_top" TITLE="January 24, 2002 PERSPECTIVE"><U>January 24, 20002</U></A></div> <bR> <bR> <div> <A HREF="id24.htm" TARGET="_top" TITLE="July 24, 2002 NATURE OF MARKETS"><U>July 24, 2002</U></A></div> <bR> <bR> <div> <A HREF="id28.htm" TARGET="_top" TITLE="November 5, 2002 A STEADY COURSE"><U>November 5</U></A><A HREF="id28.htm" TARGET="_top" TITLE="November 5, 2002 A STEADY COURSE"><U>, 2002</U></A></div> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <bR> <div>  <IMG SRC="http://members.tripod.com/bin/counter/id27.htm?FFFFFF" ALT="[Tripod Counter]">  </div> <bR> <bR> </td> </tr></table></body>