Profiting From This Trillion- Dollar Trend...... Page 7

EXECUTIVE COMMITTEE JAMES BOXLEY COOKE Honorary Chairman Baltimore, JULIA GUTH Executive Director GREAT PROFITS IN THE COMPANY OF GOOD FRIENDS ALEXANDER GREEN Club News Edition JULY 15, 2005, VOLUME 18, NO. 13 Investment Director MICHAEL WARD Editorial Director RUTH LYONS Member Recruitment Director The “World’s Local Bank” KRISTIN KEENEY & STEVEN KING Co-Directors, World Financial Meetings & Seminars Is the Best China Play KATE MURPHY Member Services Manager by Louis Bass, Investment Advisory Panelist STEVE MCDONALD Director, VIP Services It’s not news that many respected analysts predict that China (and shortly thereafter, India) will be the world’s main economic INVESTMENT ADVISORY PANELISTS superpowers within a relatively few short years. The MSCI China MARY ANNE ADEN Index soared 87.6% in 2003, and China’s been churning out stunning PAMELA ADEN DEAN ALBRECHT annual growth rates above 9% since 1979. LOUIS BASS LYNN CARPENTER Oxford Club members have already made 11.5% on PetroChina HORACIO MÁRQUEZ ROBERT MEIER (NYSE: PTR) since it was recommended May 27. But we shouldn’t let Louis Bass KARIM RAHEMTULLA this kind of success lull us into complacency. INVESTMENT U Investing in China presents some challenges (and requires a deft touch). ADVISORY PANEL DR. STEVE SJUGGERUD Chairman and Editor For instance, the banking sector in China is particularly attractive. For years, D.R. BARTON hundreds of millions of middle-class Chinese had the desire for modern goods and Co-Chairman and Editor, services. Now they finally have the means. And demand for checking and savings Trader’s U, The Single Best Idea accounts, credit cards, commercial and home loans, financial planning and investment DR. VAN K. THARP Investment Advisor banking services is soaring. BRIAN YORK Director of E-Commerce Behind this roaring demand for financial services though, lies a banking sector in considerable disrepair. In fact according to Goldman Sachs, non-performing loans now WEALTH PROTECTION account for an unthinkable 50% of China’s output. And with financial transparency ADVISORY PANEL ROBERT BAUMAN practically non-existent in China, it’s especially hard to sort out the good banks from MICHAEL CHECKAN WAYNE LELAND the bad.

CANADIAN INVESTMENT Luckily, there’s a way to invest and capture the soaring demand for China’s ADVISORY PANEL banking services without taking on the high risk associated with the Shanghai Stock BRENT AMEY DAVID MELNIK Market. As Investment Director Alexander Green points out, our best “China Play” just ERIC ROSEMAN may be a British bank. Let me explain… ALSO IN THIS ISSUE... • A Better Alternative to A Safe and Mature Choice Paper Trading ...... 5 • Oxford Club Portfolios .... 8 One of the basics of emerging markets investing is to know the local dynamics that • Oxfordian Property drive these exotic economies. Exchange ...... 10 • Members’ Exchange ...... 11 Just ask Chicago-based Motorola. The company squandered roughly $1.8 billion in

Over, please... P ROFIT P ICKS

Turkey because it failed to find out exactly how still growing. But why is HSBC a relatively safe this emerging economy worked before making an way to invest in China? investment. For two simple reasons: There’s no other When it comes to China, though, a little company that can lay claim to courting and gumption and in-country homework wouldn’t be keeping Chinese customers for more than 100 enough to save us from the same fate as Motorola. years. And no other company holds a stronger The reason being: China’s capital markets are just foothold in China. too darned young. On top of its own operations and branches that In fact, the Chinese stock market is only 15 span the country, HSBC also owns strategic stakes years old. And that’s hardly enough time to: One, in four extremely promising Chinese companies: understand the dynamics of an economy with 1.2 Bank of Communications (19.9%), Ping An billion consumers; or two, extract any meaningful patterns from the data to determine undervalued (19.9%), Industrial Bank of China (15.98%) and and overlooked stocks. Bank of Shanghai (8%).

So instead of letting our money ride in China And if it wasn’t for government regulations on a whim and a prayer, it’s best to go with a restricting foreign firms from holding more than a company with a bit more experience. And a 19.9% stake in a Chinese company, I’m certain proven track record. HSBC would have probably acquired a few of the companies outright. With over 100 years of experience investing in China, one company also has a 10-year track Basic dues for membership in The Oxford Club are $149 a year. Membership record that includes: includes the Communiqué (USPS 008-575), which is published twice monthly on the first and third weeks of each month by The Oxford Club, LLC, 105 W. Monument Street, Baltimore, MD 21201. Non-U.S. dues are higher and vary • Total operating income growth of 15.8% from country to country. Periodicals’ Postage Paid at Baltimore, MD and additional mailing offices. POSTMASTER: Send address changes to The Oxford Club Communiqué, 105 W. Monument Street, Baltimore, MD 21201. For • Operating profit increases of 18.1% questions regarding the status of your membership call Member Account Services at 410.223.2643 or fax to 410.223.2650. Our website is: • Earnings per share growth of 11.8% www.oxfordclub.com. Please send any investment questions or suggestions in writing to The Oxford Club Research Department, 105 W. Monument Street, • And a hefty dividend per share growth of Baltimore, MD 21201, USA.

16.8% Publisher Julia Guth Investment Director Alexander Green Editorial Director Michael Ward We’d be hard pressed to find a better China Managing Editor James Livingston Copyeditor Jennifer Shayne play, even if the company is headquartered in Member Services Mgr. Kate Murphy Research Associate Chris Matthai London. Graphic Designer Kathy Osborne Advertising Director Wayne Ellis Director of E-Commerce Brian York The World’s Local Bank PRIVACY NOTICE The company I’m referring to is HSBC (NYSE: The Oxford Club, LLC, provides its members with unique opportunities to build and protect wealth, globally, under all market conditions. The executive staff, research HBC), a stock we originally recommended in department and editors who contribute to the Club’s recommendations are proud of the reputation The Oxford Club has built since its inception in 1984. We believe the advice November 2002. Since that time our shares presented to its members in our published resources and at our meetings and seminars is the best and most useful available to global investors today. The recommendations (including dividends) are up 71.5%. Nearly and analysis presented to members is for the exclusive use of members. Copying or disseminating any of the information published by The Oxford Club, electronic or doubling the returns of the S&P 500. otherwise, is strictly prohibited. Members should be aware that investment markets have inherent risks and there can be no guarantee of future profits. Likewise, past performance does not secure future results. Recommendations are subject to change at Headquartered in London, HSBC – originally any time, and so members are encouraged to check our website www.oxfordclub.com regularly and pay special attention to the “Oxford Portfolio Review” section of the known as the Hongkong and Shanghai Banking Communiqué to get the most value from our investment analysis.

Corporation – is the world’s third-largest bank. © 2005, The Oxford Club, LLC And its self-branded tag line as the “World’s Local 105 W. Monument Street, Baltimore, MD 21201 Bank” speaks volumes. The Oxford Club expressly forbids its writers from having a financial interest in any security recommended to its readers. And all Agora employees and agents must wait 24 hours after an Internet publication prior to following an initial recommendation, and 72 Since its meager beginnings in Hong Kong in hours after publication is mailed and is only in writing. The Oxford Club does not act as a personalized investment advisor. Investments recommended in this newsletter should be 1865, the company now operates over 9,800 made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. offices in 77 countries across the globe. And it’s

2 PROFIT PICKS

Much More Than Just a China Play throughout the twists and turns of every business cycle. Through its partnerships and its own business experience that spans over 100 years, you’d be And perhaps most impressive is management’s hard pressed to find another company better frugality. Unlike other traditional banks that offer equipped to understand and profit from China’s countless perks to executives and spend torrid growth. mindlessly, executives at HSBC operate much But HSBC is much more than just a China differently: They try to maximize shareholder play. value in every single action.

The company’s also expanding into emerging economies, offering similar profit potential. Even the Chairman Flies Coach!

It’s estimated that 50% of the increase in At HSBC you won’t find exorbitant salaries – world demand will come from the developing options are conservatively granted. And the countries of China, India, Mexico and Brazil. We chairman even refuses to fly anything but coach know HSBC has China covered. But it turns out class. it’s on top of the other opportunities, as well. This conservatism also enters management’s In Mexico, the company boasts a 33% market decision-making process. Known for its countless share in ATMs, and most recently doubled its acquisitions, HSBC refuses to buy a firm unless the market share of remittances (money sent from one deal is accretive to earnings in the first year. place or person to another).

In Brazil, the company boasts a database of In sum, the company’s frugal habits ensure over 15 million customers, and pre-tax profits we get much more value than we could have soared over 200% last year. And in India, HSBC bargained for with other stocks. Especially since is quickly expanding with four new branches in shares trade at a trailing 12-month price/earnings 2004 and plans for at least three more in 2005. Not ratio of 14.05 (for comparison, the ratio for HSBC’s to mention, pre-tax profits more than doubled last peer group and the S&P 500 are roughly 19.5). year in the rest of Asia Pacific. HSBC represents such an impressive alternative An “Uncommonly Safe Investment” to investing inside China itself. And with its global growth opportunities, diversity of revenue streams, HSBC’s appeal goes well beyond its strategic frugal management, hefty profit margins and rela- and unparalleled growth opportunities. Above all, tionships with over 70% of the Fortune 500, it’s an HSBC is an uncommonly safe investment. opportunity that will last much longer than the Here’s why… Earnings are well balanced geo- China craze. And it even pays a nice 4% dividend graphically and by customer group. Such diversity yield. makes it near impossible for a single event to shatter this company’s strong foundation. Action to Take: Buy HSBC (NYSE: HBC) or, if you already own it, add to your position. And use In fact, despite the company’s exposure to the our regular 25% trailing stop to protect profits and Argentina crisis in 2001, revenues that year barely principal. I flinched. And given the company’s breadth of operations and expansion, expect revenues to grow at a steady double-digit pace well into the Investment Advisory Panelist Louis Bass is the editor of future. the TakeOver Trader. He’s spent years with one of the country’s leading investment and brokerage firms as a On top of that, HSBC’s various business top analyst and trading expert, specializing in corporate segments provide a diversity of revenue streams, takeovers that lead to large profit opportunities for proven to rake in consistent revenues and profits investors.

3 Talk of the CLUB ... Secrets From Boston... And How You Can Play One of Them Now

When Karim Rahemtulla reveals a new options trading idea, we listen… because it often has the potential to turn into a substantial opportunity. In this case, Karim told hundreds about spread trading at June’s Agora Financial Options/Traders Seminar in Boston.

Spread trades let you limit risk while maintaining receive for selling a call reduces your cost on the high potential returns, which Karim says is extremely purchased call – that offers an attractive “pre- important in today’s challenging markets. (Yet, he determined” return. So when’s the best time to use a estimates that less than 1% of traders even know spread trade? “They’re perfect for when I’m already how to use spreads!) profitable in a trade, or when an option is very expensive,” Karim says. In a nutshell, spread trades let you buy a call option, and then sell another call option with the For more on spread trades, and other options same strike date but at a higher strike price. The strategies, check out Karim’s new Mt. Vernon result? A low cost-basis trade – the premium you Options Club at www.mtvernonoptionsclub.com. I

WEALTH SYMPOSIUM Following the Trends Oxford Club Investment Director Alexander Green and to Great Trades Advisory Panelist Horacio Márquez will be sharing their latest research on the global financial markets – and the best What’s on Investment Advisory ways to play the biggest shift in capital markets in more than Panelist Eric Roseman’s nightstand? six decades. Trend Following: How Great Traders You can learn their findings by joining Alex and Horacio at Make Millions in Up Or Down Markets, the 2005 Agora Wealth Symposium, August 10-14, in by Michael W. Covel (published by Vancouver, . You’ll also get to hear some of Financial Times Prentice Hall, 2004). the world’s top investing and trading minds, including Investment U Chairman Steve Sjuggerud; IU Co-Chairman and Says Eric: “It looks at the world’s editor of Trader’s U, D.R. Barton; Mt. Vernon Options Club best futures traders and offers some Chairman Karim Rahemtulla; and Bill Bonner, Oxford Club great insights on what makes great founder and editor of The Daily Reckoning, among others. traders ‘trend followers.’ It also Oxford Club members are invited to attend by calling examines different themes in the Barbara Perriello at 800.926.6575 to register or to get more futures business, including defini- information. Chairman’s Circle members are privy to a special VIP reception and a special registration discount. tions, and performance history of top traders.”

4 I NVESTORS’ TOOLBOX Paper Trading Goes Up In Smoke… These Five Steps Will Give You Better, Realistic Results

by D.R. Barton, Jr., Co-Chairman, Trader’s U

“Practice does not make perfect. after their magical run-up in the paper Only perfect practice makes perfect.” world. Let me show you two significant ways in which paper ~Vince Lombardi trading can do more harm than good… My son Josh and one of his school friends were enjoying a heated game of video football Trading Too Big, Too Soon recently. And Josh, though not a bad video gamer, The #1 problem with paper trading D.R. Barton was a bit under-matched against his school friend, is that it gives investors a false sense of security. who is a self-declared video addict. His friend They see huge profits racked up on paper and then spends most of his non-school time parked in front jump right in with huge positions, looking to grow of a PlayStation 2 game console. And he’s really their account as quickly as possible. It’s led many good at most of the games, including video accounts to a quick demise, especially when football. unexpected problems pop up while these huge positions are on. A funny thing occurred when we went out into the yard with a real football. Josh’s video-addict It’s also easy to see that paper trading does friend couldn’t catch a ball even if it hit him right little to help you learn the execution side of the in the hands. For all of his skill on the video business. Learning a trading platform and how to console, he had no practical experience playing the enter orders is not rocket science. But almost real game. And it showed in his results. everyone I know (including myself) has hit the “buy” button when we meant “sell,” or vice versa. In Paper Trading, Or entered 5,000 shares instead of 500. Everyone’s a Genius These kinds of mistakes cost real money. Yet Many beginning traders and investors find the real execution costs that are not captured in themselves in the same position as Josh’s friend. paper trading are slippage – the difference They’ve practiced and practiced using a technique between the price you wanted and the price you called paper trading, but when they start trading actually got… and the cost of not getting executed for real they find that the vast imaginary wealth at all. they amassed while paper trading has very little While these costs can be estimated in paper to do with trading in the real world. trading, most people don’t have a good feel for the Let’s take at look at why paper trading is a effect these have on the bottom line. And until you poor way to practice. And then I’ll suggest some get caught trying to get out in a fast market that’s simple but effective ways to make big improve- moving against you, it’s hard to appreciate the ments in the way we play the trading and frustration of watching your money slip away. investing game. The Importance of I’ve heard countless stories of people who racked up fantasy fortunes while paper trading. Controlling Emotions There’s nothing wrong with that. But problems You just can’t learn to control your emotions – arise when investors put real money in the market an essential part of any successful trading or

5 I NVESTORS’ TOOLBOX investing decision – if you never have any. Put what should you do? Try this five-step approach: another way, it’s impossible to know how it feels to trade until you have some money on the line. 1. Develop and back test your system or strategy. This can be done with computer software or by Seeing your paper trade move against you, as hand, looking back at charts. opposed to watching your hard-earned dollars wither 2. Do real-time testing on live data. Keep track of away, is a huge difference. Many pros I know believe points won or lost and not dollars and cents! the most important aspect of investing is maintaining 3. Instead of paper trading, use real trading, and discipline through the emotions that are generated very small position sizes, to practice. Stock while trading. You just don’t get even 1% of those traders can trade 10-share lots. Commodity feelings when you are paper trading. traders can trade e-mini contracts and Forex And let’s face it… it’s far too easy to fudge the traders can trade mini contracts. data when you’re paper trading, giving yourself 4. Once you have been consistently profitable, only favorable fills, playing the “I meant to do that” then can you ramp up your trading size. game, and taking advantage of other hindsight biases 5. Ramp up slowly! that make your trading results much better than real life. Paper trading is not evil. It just isn’t the best way In paper trading, we yearn to succeed. We want to practice trading or try a new investing system. to prove how smart we are, and that we can conquer Just like my son’s video-playing friend, you can only this difficult task. And this leads to conscious and learn the real game if you step onto the field. I subconscious bending of the rules. And all of the problems that come up in real trading can easily be D.R. Barton, Jr. is the Co-Chairman of Investment U and overlooked by skipping an entry or by a quick flick Editor of Trader’s U, a weekly e-letter for in-depth trading of the eraser. and investing strategies. (To subscribe for free, log onto: www.investmentu.com. D.R. is also co-author of Safe Strategies for Financial Freedom, a Times A Much Better Alternative bestseller, and a contributing author of Financial So if paper trading isn’t the best way to practice, Freedom Through Electronic Day Trading.

Make 150-326% On China’s “Steel Secret” Plus Get 19 More Top Global Picks In This New Club Report!

Right now, China is sitting on a “Steel Secret” of historic proportions. The country’s consuming more steel than it ever has – yet it’s importing LESS! What’s going on? And how can you turn the situation into a fast, triple-digit gain? You’ll find out in The Oxford Club’s Top 20 Picks for Getting Rich Outside the Dollar: How to earn 200%, 400%, even 3,100% in the coming months from momentous JUST shifts in the global markets. RELEASED But that’s just one of 20 hot new global investments you’ll get in this brand-new report, all poised to soar, not just inch up, as the dollar tanks and the U.S. markets continue to run in place. A few more examples: • George Soros’ Patagonian Secret… turn $100,000 into $1.9 million over the next 10 years. • Taming the “Commodity Monster”: Discover the ultimate “commodity insider” play, and how it could pay off handsomely starting in September! • America’s Secret Ally in the War Against Terrorism... a play that protects our borders and provides tremendous upside potential. And if you act now, you can learn the secrets of building a huge offshore fortune, absolutely FREE! To learn more details, call Member Services at 800.992.0205 or 410.223.2643. ASK FOR CODE P3GLF701.

6 G LOBAL I NVESTING Q&A Follow This Trillion-Dollar Trend to Profits...

by The Oxford Club Research Team

Our Oxford Club Advisory Panelist Horacio flowing into the U.S. at the end of Márquez has been analyzing global financial World War II, creating the American markets for more than 25 years. Industrial Complex.

He’s directed the investment of more than $20 In fact, that money migration was billion throughout Europe, Asia and Latin America, so huge that the U.S. captured 50% of studying the major investing trends, identifying the world’s economy, making it the

sizeable bull markets, and tracking some richest country on the face of the Horacio Márquez remarkable profits. He’s even met with 36 different earth… And that put a lot of American heads of state and financial ministers to unearth investors on Easy Street. Yet this money migration rare and profitable investments. is set to exceed that one. Needless to say, our conversations with Today, the U.S. accounts NOT for 50% of the Horacio about worldwide investing trends yielded world’s economy, as it once did… but for just some remarkable facts – and opportunities. Here’s under 22% of the world economy… That’s down what Horacio had to say during a recent visit. by more than half of what it was just a few short years ago. The Oxford Club: Let’s get right to it… Where can investors make significant gains in the coming OC: But don’t these kinds of shifts in capital months? happen every few years? Horacio Márquez: Well, recently, in one Horacio: Not on this scale... If you have any month alone, more than $7.9 billion “migrated” doubts that this money migration is a rare and into blue chip companies based outside of the U.S. unique investing opportunity, look at what The That’s more than all U.S. stock funds combined. McKinsey Global Institute recently reported: As more and more money migrates into these growing markets, prices are rising quickly. And McKinsey, one of the world’s premiere financial that’s where the opportunity lies for investors. analysis companies, concluded a year-long research initiative – a comprehensive study of the top 100 OC: How does this stack up to previous mega- countries, going all the way back to 1980. trend opportunities you’ve seen? The report states that investments in the top Horacio: In all my years of research and producing countries in the world are about to investing, I’ve never seen an opportunity this climb from $119 trillion in 2004 to more than historically enormous… the flow of cash into $209 trillion in the next few years. Yes, rising to companies with huge, global markets. the tune of over $91 trillion dollars. That’s trillion And this flow of money is just getting with a “t.” It’s the biggest crush of money into the stronger… According to the Wall Street Journal, world’s economy in our lifetimes… three out every four dollars invested at the OC: So how can investors profit from the beginning of 2005 flowed into funds invested situation? outside of the U.S… The world hasn’t seen this kind of migration of money into one investment Horacio: I’m currently doing a tremendous class since 1942, as more than $12 trillion began amount of research. I

7 THE OXFORD INVESTMENT PORTFOLIO OXFORD TRADING PORTFOLIO Company Symbol Rec. Date Rec. Price Curr. Price Rating Trailing Stop ABB Ltd. NYSE: ABB Jul-04 $5.41 $6.93 Buy $5.22 Alexander & Baldwin NASDAQ: ALEX Dec-02 $23.54 $45.98 Buy $35.21 AngloGold NYSE: AU Jan-05 $36.50 $34.73 Buy $24.86 Applebee’s International NASDAQ: APPB Mar-03 $17.10 $27.47 Buy $21.68 BHP Billiton NYSE: BHP Oct-02 $10.15 $28.30 Buy $23.07 Boston Properties NYSE: BXP Dec-00 $41.44 $69.12 Buy $52.43 Celgene Corp. NASDAQ: CELG Dec-03 $22.79 $41.15 Buy $31.76 Chesapeake Energy NYSE: CHK Nov-03 $11.53 $22.89 Buy $17.46 Cummins, Inc. NYSE: CMI Oct-04 $72.45 $75.01 Buy $62.34 DaVita NYSE: DVA May-04 $33.74 $46.17 Buy $34.96 Dentsply NASDAQ: XRAY Jan-02 $33.53 $54.09 Buy $43.40 Florida Rock NYSE: FRK Nov-04 $50.50 $68.80 Buy $50.70 HSBC Holdings NYSE: HBC Dec-02 $56.40 $80.28 Buy $65.87 Huaneng Power NYSE: HNP Jul-04 $35.10 $28.29 Buy $26.85 Integra Lifesciences NASDAQ: IART Oct-03 $28.36 $31.59 Buy $29.57 Int’l Securities Exchange NYSE: ISE May-05 $22.00 $24.81 Buy $21.08 Intuitive Surgical NASDAQ: ISRG Sep-04 $24.57 $49.16 Buy $39.03 Kinder Morgan Energy Part. NYSE: KMP Apr-02 $33.10 $50.41 Buy $38.14 Lockheed Martin NYSE: LMT Jul-04 $51.97 $64.86 Buy $49.05 MSCI Japan Index Fund AMEX: EWJ July-03 $7.25 $10.35 Buy $8.36 Newmont Mining NYSE: NEM Sept-02 $27.08 $39.52 Buy $32.33** Novartis NYSE: NVS Mar-04 $44.15 $48.60 Buy $37.85 PetroChina NYSE: PTR Jun-05 $64.11 $71.47 Buy $53.80 Psychiatric Solutions NASDAQ: PSYS Mar-05 $39.82 $44.60 Buy $34.57 Quiksilver NYSE: ZQK Dec-04 $14.85 $15.78 Buy $12.84 Rayonier NYSE: RYN May-04 $40.30 $53.24 Buy $41.15 Raytheon NYSE: RTN Jun-04 $33.36 $39.06 Buy $30.89 Royal Bank of Canada NYSE: RY Aug-04 $45.23 $60.53 Buy $46.58 Tektronix NYSE: TEK Jul-05 $24.49 $24.51 Buy $18.38 3Com Corp. NASDAQ: COMS Jul-05 $3.68 $3.75 Buy $2.81 Tidewater NYSE: TDW Sep-04 $28.43 $37.31 Buy $32.01 Wal-Mart de Mexico OTC: WMMVF Oct-01 $1.80 $4.13 Buy $2.68** YUM! Brands NYSE: YUM Sep-04 $40.29 $53.25 Buy $39.99

OXFORD INCOME PORTFOLIO Company Symbol Rec. Date Rec. Price Curr. Price Rating Trailing Stop Aberdeen Asia Pacific AMEX: FAX Sep-00 $4.12 $6.30 Buy No TS. CY+ 6.68% Debt Strategies Fund NYSE: DSU Jan-01 $6.32 $6.45 Buy No TS. CY 10.02% Inflation-Indexed Treas. abbreviated TIPS Apr-00 $100.00 $138.85 Buy No TS. CY 1.85% ING Clarion Global AMEX: IGR May-05 $14.67 $15.09 Buy No TS. CY 8.24% Real Estate Income Fund Vanguard High-Yield NASDAQ: VWEHX Jan-03 $5.96 $6.25 Buy No TS. CY 7.26%

+ = Current Yield | * = 15% TS | ** = 35% TS | Prices as of 6/21/05 | Note: For the absolute latest updates on all of the Club's portfolios – including the Trading, Income, All-Star, Anti-Terror, Gone Fishin’ and Fortress portfolios – visit our website at www.oxfordclub.com. THE OXFORDNEED INVESTMENT HEADING PORTFOLIO

OXFORD ALL-STAR PORTFOLIO Company Symbol Rec. Date Rec. Price Curr. Price Rating Trailing Stop Berkshire Hathaway B Shares NYSE: BRKB Jan-01 $2295.00 $2,787.00 Buy No TS*

Equity Office Properties NYSE: EOP Jun-01 $31.35 $33.90 Buy No TS. CY** 5.85% Equity Residential Properties NYSE: EQR Jun-01 $28.05 $36.79 Buy No TS. CY 5.82% Managers Fremont Bond Fund MBDFX Jun-02 $10.22 $10.52 Buy. No TS. CY 2.43% Legg Mason Value Trust LMVTX Feb-05 $62.19 $64.74 Buy No TS. Templeton Emerg. Mkts. Fd. NYSE: EMF Jan-02 $8.80 $17.46 Buy No TS. CY 1.41% Templeton Dragon Fund NYSE: TDF May-02 $9.20 $17.90 Buy. No TS. CY 3.68%

OXFORD ANTI-TERROR PORTFOLIO Company Symbol Rec. Date Rec. Price Curr. Price Rating Trailing Stop BHP Billiton NYSE: BHP Feb-03 $10.74 $28.21 Buy $23.07 Equity Residential Properties NYSE: EQR Feb-03 $23.38 $36.79 Buy $27.68 Inflation-Protected Treas. TIPS Feb-03 $129.75 $138.85 Buy $105.00 ING Global Real Estate Inc. Fd. AMEX: IGR May-05 $14.67 $15.09 Buy No TS L-3 Communications NYSE: LLL Feb-03 $38.85 $75.55 Buy $57.65 Nestle OTC: NSRGY.PK Feb-03 $50.00 $64.50 Buy $52.65 Newmont Mining NYSE: NEM Feb-03 $27.73 $39.52 Buy $32.34 Utilities Select SPDR Fund AMEX: XLU Feb-03 $17.45 $30.97 Buy $23.23

GONE FISHIN’ PORTFOLIO Company Symbol Rec. Date Rec. Price Curr. Price Rating Trailing Stop Amer. Century Glob. Gold BGEIX Apr-03 $7.59 $11.13 Buy No TS Vanguard Total Stock Mkt.Index VTSMX Apr-03 $19.69 $29.07 Buy No TS Vanguard Small Cap Index NAESX Apr-03 $15.12 $27.18 Buy No TS Vanguard Europ. Stock Index VEURX Apr-03 $15.01 $25.99 Buy No TS Vanguard Pacific Stock Index VPACX Apr-03 $5.66 $9.17 Buy No TS Vanguard Emerg. Mkt. Index VEIEX Apr-03 $7.34 $15.60 Buy No TS Vaguard Short Term Corp. VFSTX Apr-03 $10.80 $10.58 Buy No TS Vanguard High Yield Corp. Fund VWEHX Apr-03 $6.01 $6.25 Buy No TS Vanguard Inflation-Protected VIPSX Apr-03 $12.02 $12.73 Buy No TS Securities Fund Vanguard REIT Index VGSIX Apr-03 $11.92 $19.86 Buy No TS

+ = Current Yield | * = 15% TS | ** = 35% TS | Prices as of 6/21/05 | Note: For the absolute latest updates on all of the Club's portfolios – including the Trading, Income, All-Star, Anti-Terror, Gone Fishin’ and Fortress portfolios – visit our website at www.oxfordclub.com.

9 Go to www.oxfordclub.com for additional pictures and information. THE LITTLE WHITE HOUSE, DELRAY BEACH, FL Set across the street from Travel Holiday’s #1 rated beach The Oxfordian Property in the South East, The Little White House is perfect for a Exchange is a place romantic getaway for two or the perfect family vacation. Built in 1929 and renovated in 1996, The Little White House boasts luxurious where fellow members bedroom suites, a gourmet kitchen, Jacuzzi, available maid and concierge. can place their upscale For information, call Ann at 561.243.4880, or fax 561.243.8694. Short-term resort properties for rent rentals are available year-round. Owned by longtime member Mark F. of around the world. And, Delray Beach, FL. when you stay at these RANCHO SANTANA, private homes and villas, PACIFIC COAST, NICARAGUA you are afforded special Just off the Pacific coast of Nicaragua, 1,700-acre discounts and amenities Rancho Santana is a tropical paradise just 50 miles befitting your status as a from the Costa Rican border. With its three distinct, soft fellow Oxfordian. sand beaches, Rancho Santana is home to the Oxford Clubhouse, with four bedrooms, a stocked kitchen and dining room, library, a pool with a If you have a luxury glorious Pacific view and a large patio and bar area. Rancho Santana also property you’d like to has horse stables, tennis courts, wireless Internet and a cell phone tower. include in our program, To make a rental reservation or learn more about owning your own home or questions, contact here, call 877.6164 ~ country code 505. Several Chairman’s Circle our Property Exchange Members have built houses in this area. Manager Melissa VILLA DAFFODIL, ST. MAARTEN, Ordanza at 800.992.0205 DUTCH VIRGIN (fax 410.223.2650), or Considered by many to be St. Maarten’s finest villa, 3-5 [email protected]. bedroom Villa Daffodil is just 10 minutes from the airport and available year-round. Private and secure, but elegantly appointed, the villa’s amenities include a pool, Jacuzzi, gourmet kitchen, outdoor stocked honor bar, big screen TV, Internet and cable amid dramatic sunsets and warm tropical breezes. Separate quarters house a maid and caretaker. For more information, visit www.Best- CaribbeanVilla.com. For guest testimonials or a virtual tour, e-mail: [email protected]. Owned by member Philip B. of Naples, FL. PRESIDENTIAL SUITE, LOS CABOS, MEXICO Enjoy sunshine, spectacular sunsets, romantic seclusion and an outstanding nightlife at the Pueblo Bonito Sunset Beach, a new 50-acre luxury resort in Los Cabos, overlooking the Pacific. Stay in the elegant 1730 sq.-foot Presidential Suite, which accommodates four adults and two children under 12. Enjoy tennis and champion-ship golf on courses designed by Jack Nicklaus, along with full resort amenities including a freeform pool, massage services and more. For information, contact member Mike DeWitt, of West Linn, OR, at [email protected], or call 503.657.6599, or fax 503.650.0325. PRIVATE VILLA, FRENCH RIVIERA Located on the Mediterranean coast, west of Cannes, our villa is not a rental property, but our summer home, available only during the month of August 2005 to interested Club members. The three-level villa overlooks the Bay of Agay, the Cap Dramont over St. Tropez, and Cap Camarat, and the garden borders Esterel National Park. The two separate two- bedroom houses are ideal for up to 8 people. The pool level features an outdoor kitchen, masonry barbeque dining area and a sauna. The villa is part of a protected private estate, with a guard and restricted access. For more information, e-mail [email protected]. Owned by member Denes I. of Agay, .

10 PRIVACY, PROSPERITY & TRADITION Members’E xchange REAL ESTATE for a fast moving opportunity Circle Member John that will provide “market Peckinpaugh at 423.842.8314. Nicaragua. The Costa Rica outperform” returns in the E-mail: [email protected] of this Decade. Fee simple, short/medium term (2-3 U.S. title insured, ocean view years) then this is for you. Great for family vacations. property at unbelievable U.S Title insured/guaranteed, Quality Resorts of America prices. A safe, secure vehicle ocean view, raw land parcels. membership with Lighthouse for triple-digit profits? The Resort Marina base Competively priced from mainstream media has now (Sacramento River Delta) and $19,000. fly/buy expenses picked up on this story; your privileges at River Grove paid package available. Call window of opportunity will (Felton, CA) and Redwood Member Simon Gaches U.S. soon begin to close. Experts Trails (near Eureka, CA). Toll Free: 1 866 489 7539, or agree, property in Nicaragua Price $4,000. Annual dues could appreciate 5-10 fold in Costa Rica: 506 210 7858. $365. Contact Member Dr. the coming decade. GQ www.growthcapital.com, John Hartford. Fax or Magazine called Nicaragua [email protected] telephone: 925.934.9547. the New Florida! Timing is Liquidation of five perfect and our developments INVESTMENT primetime timeshares: are situated in the best OPPORTUNITIES locations. Ocean view lots Williamsburg Plantation starting at $45,000, coming in Vacation Village at 14%* Compounded Annual 2005 spectacular Casitas Bonaventure (Ft. Lauderdale). Locked in Profit. Insured overlooking the heart of San Vacation Village at Weston and Bonded. Quoted on “60 Juan del Sur. Raw land (near Orlando). Coral Reef Minutes” as “perfect no risk opportunities for the long- Resort at Hilton Head. All opportunity.” Contact term investor, partnership 2/2, Occupancy 6-8. $6000 Premier Member Bob opportunities. Don’t wait to each. Contact Director’s [email protected]. buy land here... buy land here and wait! Contact UNDERSTANDING OPTIONS: Member Alex Wilson, Your Best Chance at 1,385% or More 949.495.4142. Email: [email protected] Sure, options can be risky. But they’re also your best opportunity to swat an investment home run. And they are your best chance to recoup whatever you www.pacificcoastparadise.com may have lost in the Nasdaq meltdown or to score lottery-sized returns without having to resort to wasting your money on numbered ping pong balls. Costa Rica; beautiful, safe, And cashing in on options probably happens more often than you think. secure. Flamingo beach, In fact, just this past spring, subscribers of The Insider Alert scored a 1,385% probably the best known return from a put option on a doomed company, Sealed Air. missed investment opport- That’s why The OC Research Department created Understanding Options – unity of the late 1980’s - an easy-to-understand guide to options, written with the novice in mind. But prices went up over 15/20 that doesn’t mean that the more experienced options traders should simply times. Today a comparable ignore this report. opportunity presents itself; This report will put the odds of making money in options in your favor. since the new airport opened To place an order, please contact Member Services at 800.992.0205 or 410.223.2643. Oxford Club members pay $19.95 plus $2.95 S&H and a few years back the surroun- Director’s Circle members pay $15.95 plus S&H (P3UPF201). Chairman’s ding coastal area has started Circle members call to receive your copy for just $10 (P3UPF202). to develop. If you are looking 11 M EMBERS’ EXCHANGE

Start Your 2005 Tax Planning Now... Do you have high income, real estate capital gains, stock market capital gains or mandatory IRA withdraws? An investment with Royale Energy can help you reduce your Federal & State income taxes for 2005. For a FREE copy of The Tax Advantages of Oil & Natural Gas Exploration or to contact Member Don Hosmer, Royale Energy, please call (800) 447.8505 or E-mail [email protected]. Royale Energy, Inc. is a leading, NASDAQ listed, independent producer of oil and natural gas. Ticker symbol: ROYL. This is not an offer to sell or solicitation of monthly. Minimum OIL AND GAS INVEST- an offer to buy. Offers are $100,000. Qualifies for MENTS. Be a direct owner of only made through the IRA’s. Contact Member natural gas wells in the Big private placement David Onion 630.455.1002, Sandy Gas Field. Develop- memorandum. x17 or donion@ mental drilling; infill Triple Net (NNN) properties chicagocapitalholdings.com locations. Multi-well available nationwide. Single programs. Develop an Investment pearls at import existing gas field. 100% credit tenants with long-term prices! Contact Member 20-year plus leases. Can be one-to-one active write-off Glenn Callahan. against ordinary income. used for 1031 exchange or www.tahitiblackpearlcousa.com trusts. All major franchises Accredited investors need P.O. Box 2462, apply for future programs including: Walgreens, TGI Caramel, CA 93921. Friday’s, Advance Auto, etc. based on availability. This communication should not Build wealth securely. ALBERTA REAL ESTATE – be considered an offer to sell Contact Member Tim Gulla 15%- 20% Annually: Cash or the solicitation of an offer at 215.453.8097 or E-mail: flow & equity growth. Why: to buy. Nor shall there be [email protected] for lowest taxes in Canada, net any sale of these securities in consultation to discuss needs in-migration province, jobs, any jurisdiction in which analysis or list a property for 2nd largest oil reserves in the such offer, solicitation or sale sale. world & no rent control. would be unlawful. Offers to Proven track record. Conatct sell securities may be made 15%-20% return secured Member Thomas Beyer. Min by private memoran-dum by Real Estate! Purchase $25K, www.prestprop.com, only. Contact Member Ron first mortgages. Earn fees at 403.688.PROP. closing plus interest paid Walblay, Owner, Blue Flame

12 M EMBERS’ EXCHANGE

Energy Corporation, 14N679 FOR YOUR seeking a suitable position. Route 25, Suite C, East INFORMATION Contact Member Mohamed Dundee, IL 60118.Phone Ramahi. E-mail: 800-728-8303. Visit Penny Stock secrets [email protected], www.blueflameenergy.com. revealed. Free comprehensive Mobile: 00974 5442067 E-mail: energy@ and educational book on blueflameenergy.com. Micro-Cap stock investing for novice and experienced PROFESSIONAL investors. Contact Member SERVICES BUSINESS Martin Engelman. Tel: OFFSHORE SERVICES by OPPORTUNITIES 877.216.6598. licensed Practitioner * Earn $10,000+ monthly Free Success E Book. MLM Formation & Administration of within 2 months. This is Superstar shows secrets IBCs * Establishment of Trust realistic and easy to do. We learned in 26 years in the & Trustee Services * Mail show you how with a industry at http://drolthoff. Forwarding Services * complete turnkey, fully successin10steps.com. Brokerage/Trading in Global automated marketing system Contact member Jerry Olthoff Investments * Formation of and with wealth-building 480-288-5032 jolthoff@ Local Corporation and BEST strategies. Solid, stable im-services.com RETIREE INVESTOR company marketing PROGRAM Contact: Interna- professional and financial Jordanian, 37 years old, tional Services Ltd., P. O. Box education. Learn strategies to holding a diploma in 2284, 62 Gabourel Lane, secure an early retirement. business administration with Belize City, Belize * Tel: 011. Rapid returns with very high experince in import and 501.223.2077 * USA Tel: profits. Contact Member export business, Arabic - 1.954.323.-8314 * Fax: 011. Jessica Fergus at English Translation, and 501.223.5313 * Email: 800.995.0796, ext 2792. administrative assistance is [email protected] * Web: www.belizeoffshoreinvestors.com

ENTREPRENEUR’S I-T H-A-S Burdened by your credit DREAM A-R-R-I-V-E-D card debt? We get credit card debt forgiven: not consolida- NASA “CERTIFIED SPACE TECHNOLOGY” tion, negotiation. Also Radiant Catalytic Ionization (RIC) is advanced mortgages. Contact Lifetime oxidation technology – revolutionary & lucrative. Fellow Member Rich Reinhold Applications: homes, offices, hotels, cars, RV’s, at 760.434.3698. aircraft, boats, HVAC, commercial plants, etc. “Sick Environment Syndrome” is under attack – the Healthy Indoor Disputes? Owed money? Environmental Trend is here! Homeowners, contractors, CEO’s will demand it. Been taken advantage on Marketed via an exclusive alliance – INC 500 Christian Co. Needed investment or business by all residential & light commercial indoor envornmental consumers. deals? Take action, be Propietary Products are available & exportable – also EPA Registered compensated! No cost unless & Common Mkt. Certified. we get results! Contact A Home-Based Business of integrity/honesty. Further your future – Member Jack Baugher at invest in our Professional $35 Business Kit (a small fee for genuine hope!). 509.966.0359. Seeking a FEW GOOD Entrepreneurial Trail-Blazing Marketers. Call TODAY – Member: Capt. JACK WINDISCH, 706.781.2581 – Thank You! The bubble’s not bursting! San Diego “spec” real estate

13 M EMBERS’ EXCHANGE from $65,000. Hold time: one Commercial venture and [email protected] or year minimum. Other opportu- factoring capital available. phone 4162 8732131. nities available. Contact $50,000 and up. Contact Lifetime Member John W. Member Ray Oukrop at Timing is everything. Current Davis, broker. jwdsandiego@ 512.349.9895 or email: green investment group is yahoo.com or 619.238.4759. [email protected] seeking $25 million for development of proven wind HOW TO LEGALLY PROTECT Corporate asset based lending turbine design as morphed thru YOUR ASSETS. Oxford Club and accounts receivable innovation and leading edge Wealth Advisory Panel Member, financing available. Fund early technology. Commitments from International Attorney, past stage business, corporate Nat’l and Internat’l players/ Adjunct-Professor of Law, growth, business turnaround. goverments suggests unlimited former judge, retired trial From $200,000 to $200 world-wide potential. Contact litigator, and author, David million. Contact Member Member Dr. Finley at Tanzer. Book and Video shows David Onion, 630. 455.1002, 503.620.3538 PST USA. how to protect your assets ext.17 or donion@ using stateside and offshore chicagocapitalholdings.com HEALTH SERVICES planning techniques. Excellent funding solutions Prevent Heart Attack/Stroke www.DavidTanzer.com or for profitable companies Happening To YOU. 800.220.6777 to order. worldwide who need Nutritional arterial cleansing expansion money. Start ups formula opens your arteries. No BOOMING LAS VEGAS REAL with breakthrough technology bi-pass surgery or angioplasty. ESTATE!!! * Single Family considered. Minimum US$10 Reverse diabetic gangrene and Homes * Condo * High Rise million and up. Contact retinopathy. Contact Member Luxury Estates * Gated * Golf Member Raymond J. Brown Ira Marxe at 888.824.3745, * Lakes * Horse Property at Ray Brown and Associates. E-mail: [email protected] or * Income Property. View Director’s Circle Member and www.aalex.biz Property. Contact Member Bob Member of the International Mosier, Agent, at BobLasVeg- Is PAIN keeping you from Society of Financers. [email protected] Internet enjoying your wealth and Tel: 225.294.2206, Realty,Inc. 702.434.5804. investments? Could low level Fax: 225.294.2533, E-mail: Lasers be right for you? [email protected] Contact Member Steve Elkjer www.raybrownassoc.com FUNDING AVAILABLE at www.3Ltherapy.com or 1.877.218.8923. Immediate/Unlimited FUNDING NEEDED Business Loans. Commercial TRAVEL OPPORTUNITIES “Offshore” private capital Small Swiss company is available for all legal, viable looking for 2 million CHF Delray Beach, FL. Quaint projects. $500K minimum; no loan to rapidly scale up the oceanfront house. 3-BD, 2-BA maximum – worldwide. Brokers production of revolutionary recently restored 1929 home and other Deal-Makers are new fun – and transportation located in historic Delray invited, with fees protected. vehicle. We would like to fulfill Beach. Exquisitely furnished. Contact Member D.J. Callender the exploding demand as soon Hot tub and breathtaking views. at 301.494.3800 or 410.414. as possible. Contact Member Many delighted amenities. 8060 (Fax). E-mail: djc@ Roland Deutsch. Please send Seasonal rates: US$2,700/wk. usa-cma.com or visit your credit offer for sums of For more information contact www.usa-cma.com 50’000 CHF and above to Ann at 561.243.0630.

14 CCalendaralendar ooff EEventsvents

AUGUST We did something no other investment advisory organization can do... We spent the year sending our investment advisors out to scour the world for 2005’s top wealth generating AGORA WEALTH SYMP. strategies... Some come from the U.S., many come from across the globe. You'll be amazed at AUGUST 10-14 VANCOUVER, BC what the experts you already trust have discovered. They will reveal all of their findings only at FAIRMONT HOTEL the 2005 Agora Wealth Symposium in Vancouver scheduled for August 10-14 at one of our favorite hotels in the world, the Fairmont in Vancouver. The lineup is already impressive, with investment minds like Alexander Green, Steve Sjuggerud, Ph.D., Karim Rahemtulla, Porter Stansberry, Horacio Márquez, Eric Roseman, Dan Denning, James Boric, Lynn Carpenter, Rick Rule, Robert Bauman, Dan Ferris and Agora Publishing and Oxford Club founder Bill Bonner and others set to make presentations and answer questions. Please call Event Director Barbara Perriello at 800.926.6575.

OCTOBER The Oxford Club is teaming up with our sister organizations – The Sovereign Society and 6TH ANNUAL OFFSHORE International Living – at our first ever Cancun 6th Annual Offshore Opportunities. You OPPORTUNITIES will learn everything you need to know to create the international investment strategy that’s OCTOBER 12-15 right for you... for little more than the price of a single consultation. Please contact CANCUN, MEXICO Patricia Goltry at [email protected], or 866.381.8446. Don’t forget to mention that you are an Oxford Club member.

NOVEMBER The New Orleans Conference is famous for bringing together the top analysts and THE NEW ORLEANS investors in the world. For the last three years, The Oxford Club and Agora Publishing have INVESTMENT CONF. held a special day dedicated to our speakers and analysts such as Alexander Green, OCTOBER 30-NOVEMBER 3 Karim Rahemtulla, Agora Founder and President Bill Bonner, Dr. Steve Sjuggerud, NEW ORLEANS MARRIOTT Eric Fry, Eric Roseman and Porter Stansberry. Early-bird discounts are available. Please call Oxford Club Event Manager Kristin Keeney at 800.992.0205 or e-mail her directly at [email protected].

JANUARY Join us for the The Inaugural Gold Cruise this coming January. We have a fabulous THE INAUGURAL roster of top-notch experts in precious metals, commodities and natural resources for an GOLD CRUISE 11-day adventure that will enrich your life as well as your portfolio. Together we will cruise JANUARY 16-27, 2006 on the magnificent six-star Crystal Symphony from lush Costa Rica, through the Panama CRYSTAL SYMPHONY Canal, to the Eastern Caribbean, where we will visit jewels such as Antigua, St. Barts, and Turks & Caicos. A lackluster stock market, the evermore tangible threat of inflation, the emergence of China as a huge consumer of natural resources, the rising price of oil, and a falling dollar combine to make commodities, natural resources and precious metals more attractive than they have been in years. This exclusive adventure will include such speakers as The Oxford Club’s Alexander Green and Steve McDonald, Agora Financial’s Addison Wiggin, Outstanding Investment’s Justice Litle... plus other top speakers such as Mary Anne and Pamela Aden, Frank Venoroso, Brien Lundin, and the renowned Marc Faber. Between ports you will be enlightened by lively and informative seminars-at-sea that will reveal the trends, the companies, and the most effective strategies for reaping the benefits of this boom, all while enjoying the shipboard amenities and pampering by Crystal’s legendary staff. Call now to get the best cabin selections at 888.684.7245. Cabins will sell out quickly! Don’t forget to mention that you are an Oxford Club member and your priority code is 004440. The OC Investment Team Is Coming to a Town Near You! How to Improve Your Financial Future Five-Fold

The Oxford Club is proud to bring to you our Regional Chapter Meetings, and the idea behind them is as timeless as the roots of civilization itself. You’ll find intellectual lectures on the turbulent events of the day and how they affect your wealth, as well as presentations on new strategies for investing your money, all in the spirit of OC fellowship and camaraderie.

OTTAWA & TORONTO *FREE REGIONAL CHAPTER MEETINGS 12:30PM – Registration Karim Rahemtulla 1:00-5:30PM – Presentations / Program Investment Advisory Panelist *Cost: FREE Presenting TO REGISTER Options Strategies Space on all days is limited. Reserve your place before For All Investors the R.S.V.P. date by phoning Member Services at 800.992.0205 or 410.223.2643 *Professional attire is kindly requested for all OC events.

Locations, Dates & Speakers: OTTAWA • ONTARIO TORONTO • ONTARIO BOSTON • FREE REGIONAL CHAPTER MEETING FREE REGIONAL CHAPTER MEETING FREE REGIONAL CHAPTER MEETING July 20, 2005 July 21, 2005 August 3, 2005 The Westin Ottawa | 11 Colonel By Drive Renaissance Toronto Hotel Downtown Hilton Boston Back Bay Ottawa, Ontario | Canada K1N 9H4 One Blue Jays Way | Toronto, Ontario 40 Dalton Street | Boston, MA 02115 R.S.V.P. by July 15, 2005 Canada | M5V 1J4 R.S.V.P. by August 1, 2005 With: Karim Rahemtulla, Steve McDonald, David Melnik, R.S.V.P. by July 15, 2005 With: D.R. Barton, Mike Dugan, Don Hosmer and Peter Zipper, Brent Amey and Walter Sijka With: Karim Rahemtulla, Steve McDonald, David Melnik, The RMB Group Peter Zipper, Brent Amey and Walter Sijka

UPCOMING MEETINGS: SEPTEMBER 14 ~ PORTLAND | SEPTEMBER 15 ~ SEATTLE | OCTOBER 19 ~ PHILADELPHIA

Don Hosmer, CEO, President & Director Joe Gandolfo, Ph.D. Steve McDonald, Phil Schutty, Maura Royale Energy, Inc. Joe Gandolfo, Ph.D. & Associates Taylor, Mike Dugan and Kevin Long 7676 Hazard Center Drive • Suite 1500 P.O. Box 6989 VIP Trading Services The Oxford Club San Diego, CA 92108 Lakeland, FL 33807-6989 888.570.9830 • fax 410.223.2628 619.881.2800 • fax 619.881.2899 800.553.1008 • fax 863.646.4840 smcdonald@; pschutty@; mtaylor@; [email protected] • www.royl.com [email protected] mdugan@; or [email protected]

Barry Potekin, VP of Public Relations Peter Zipper, Senior Vice President Walter Sijka, Mark Ihnatowych The RMB Group Anglo Irish Bank Union Securities Ltd. A Divison of Man Financial Rathausstrasse 20 • A-1010 1290 Central Parkway West • Suite 200 141 W. Jackson Blvd. • Suite 180C Vienna, Austria Mississauga, ON Canada L5C 4R3 Chicago, IL 60604 • 888.281.9570 (43-1) 406 61 61 866.220.0247 • fax 905.896.8806 [email protected] Fax (43-1) 405 81 42 [email protected]

David Melnik, Wealth Protection Director Brent Amey, CIBC Wood Gundy, Inc. For More Information, 126 Wellington Street West • Suite 100 350 Lonsdale Road • Suite 311 Please Visit Our Website Toronto, Ontario M5P 1R6 Canada Barrie, ON L4N 1K9 Canada 416.488.7918 • fax 905.877.7751 705.446.5062 • fax 705.725.8733 www.OxfordClub.com [email protected] [email protected]