| Operating Principles |

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Our clients' interests always come first. Our experience shows that if we serve our clients well, our own success will follow. |

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Our assets are our people, capital and reputation. If any of these is ever diminished, the last is the most difficult to restore. We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends upon unswerving adherence to this standard. |

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We take great pride in the professional quality of our work. We have an uncompromising determination to achieve excellence in everything we undertake. |

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We stress creativity and imagination in everything we do. While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a client's problems. |

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We make an unusual effort to identify and recruit the very best person for every job. In a service business, we know that without the best people, we cannot be the best firm. |

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We stress teamwork in everything we do. While individual creativity is always encouraged, we have found that team effort often produces the best results. The dedication of our people to the firm and the intense effort they give their jobs are greater than one finds in most other organizations. We think that this is an important part of our success. |

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We consider our size an asset that we try hard to preserve. We want to be big enough to undertake the largest project that any of our clients could contemplate, yet small enough to maintain the loyalty, the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success. |

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Our business is highly competitive, and we aggressively seek to expand our client relationships. However, we must always be fair competitors and must never denigrate other firms. |

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Integrity and honesty are at the heart of our business. We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives. |