Refer to the following excerpts from Fiddler Capital Management Incorporated’s 1999 financial statements. You have been provided with the independent auditor’s report, financial statements, and Notes 1 and 2.

Independent Auditors’ Report Board of Directors Fiddler Capital Management Inc.

Edina, Minnesota We have audited the accompanying statement of financial condition of Fiddler Capital Management Inc. (the Company), wholly owned by HHS Companies, Inc., as of September 30, 1999. This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on this financial statement based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial condition is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit of the statement of financial condition provides a reasonable basis for our opinion.

In our opinion, such financial statement presents fairly, in all material respects, the financial position of Fiddler Capital Management Inc. as of September 30 1999, in conformity with generally accepted accounting principles.

Touch, Rose, & Thorne March 1, 2000