August 24, 20––

Mr. Howard Welshans
Search Associates
Eagle Square
New Hope, PA 18938

Dear Mr. Welshans:

Your firm, Search Associates, has been most highly recommended by a respected associate for the excellence of your searches in the financial area. My background (University of Chicago MBA, plus a CFA) and record with the Amoco Pension Fund qualify me as either an analyst or portfolio manager. Some of my background follows:

• Compiled a seven-year record of 17.1% compound growth compared to the S&P growth of 10% compounded;
   
• Made investment and divestment decisions for up to a quarter of a $450 million fund covering over 30,000 employees by using a capital asset pricing model (CAPM), a University of Chicago state-of-the-art financial management tool;
   
• Achieved the best record of five managers in the Amoco Fund which was chosen as the No. 1 large in-house managed corporate pension plan in the country for one-year and three-year periods ended June, 19-;
   
• Some of my stock picks: Waste Management, up 138% in 9 months; Newhall Land and Farming, up 106% in 3 years; Getty Oil, up 88% in 2 years and 7 months.
   

We had the best record in the country, and I had the best record in the group. This record is the more remarkable since I had primarily cyclical areas in a growth-oriented operation. Institutional Investor recognized this accomplishment in an article on the top performing money managers in the country in November, 20––.

I mainly followed oil and gas production, gas transmission, chemicals, metals and mining, conglomerates and special situations. I was highly successful in selecting issues that showed special promise for capital appreciation. I used the Capital Asset Pricing Model, Wall Street research, company management interviews, trade journals, and industry- and brokerage-sponsored conferences to make security selections. As a result, I dramatically outperformed bull markets on the upside and declined less than the average on the downside.

Does your client need someone who can make money for his investment portfolio? Please call me at 312-446-2192 and we can continue our discussion.

Yours truly,

Edward M. Ortt


EMO/jz

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