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 & Marlene Demayo
Mike & Janet Finlayson
Jim & Colleen Fisher
Matt Kane & Chrissie Fitzpatrick-Kane
Greg & Colleen Robinson

PARTNERSHIP AGREEMENT & BY-LAWS

CURRENT VALUATION & PORTFOLIO
Total Club Valuation = $35,232.73
Value per share = $ 10.82
$25.00 investment = 2.310 shares