CLUB HISTORY:  The PBIC was formed on March 7th, 1998 and is based in Buffalo, New York.  Our club was founded by a group of college friends and their spouses.  The Club consists of both novice and experienced investors.  Our goal is to further our own education as investors and build a portfolio that will average 10% per year growth.  Our club holds to the philosophy that a successful portfolio is comprised of growth oriented securities held as long positions. We have consistently taken a dollar-cost-average approach to increase our investment in a number of positions over the years.

CLUB ROSTER:
Jon Boal & Colleen Donovan
Scott Demayo
Mike & Janet Finlayson
Jim & Colleen Fisher
Joel & Jennifer Rockensuess
Greg & Colleen Robinson

PARTNERSHIP AGREEMENT & BY-LAWS

CURRENT VALUATION & PORTFOLIO
Total Club Valuation  =    $15,887.88
Value per share =            $    6.75
$25.00 investment =              3.700 shares