Stack Financial Management was incorporated in 1994 in response to demand from InvesTech subscribers for personal portfolio management. SFM is separate and independent of InvesTech Research, yet employs the same safety-first philosophy and technical approach first used by InvesTech Research almost three decades ago. Stack Financial Management offers:

	PROFESSIONAL ASSET MANAGEMENT, using a proven strategy which reduces portfolio exposure when market risk is high.
	A "SAFETY-FIRST" PHILOSOPHY utilizing the technical indicators developed by InvesTech Research over the past 27 years.
	ACCOUNT MANAGEMENT for individual clients, corporations, trusts and retirement plans.
	PORTFOLIOS suited to your personal investment profile.

About James B. Stack

James Stack, president of Stack Financial Management, and editor of the InvesTech Market Analyst and the InvesTech Portfolio Strategy, isn't your typical investment advisor. His office is over 2,200 miles away from Wall Street, in Montana, nestled in a glen of birch, tamarack, cedar and Douglas fir on the shore of Whitefish Lake. But this locale hasn't prevented Jim from helping investors to develop an objective, safety-first investment strategy focused on risk management.

Formerly a project manager for IBM Research with a number of domestic and international patents to his credit, Jim has a graduate degree in engineering, with post-graduate study in business. After founding InvesTech Research in 1979, he began publishing the InvesTech Market Analyst in 1982 and added the InvesTech Mutual Fund Advisor (now known as InvesTech Portfolio Strategy) four years later. In 1994, he became a Registered Investment Advisor and opened Stack Financial Management in response to demand from InvesTech subscribers. Jim and his staff maintain over a century of financial and market data, and create all of the custom analysis software used by InvesTech and Stack Financial Management.

In addition to addressing numerous investment seminars, Jim has been a guest on "Wall $treet Week with Louis Rukeyser," and is regularly invited to appear on the "Nightly Business Report" with Paul Kangas, CNN's "Business Day" and "Moneyline," and CNBC.

In June 2000, Jim was awarded a Carnegie Medal in "recognition of an outstanding act of heroism" for a midnight rescue following a boating accident near his home on Whitefish Lake. Working and living near the majestic Glacier National Park (a feature Barron's article described it as "Far From the Madding Crowd"), Jim and his wife Lisa spend their rare spare time skiing and white-water kayaking.

Meet the faces of Stack Financial Management

In addition to Jim Stack, Stack Financial Management employs three professionals to help meet your investment objectives. Collectively, they have nearly 35 years of investment management experience -complementing Jim's 30 year background- and all three have a Masters in Business Administration degree. This team works closely with Jim in making all investment decisions - from our invested allocation target to the stocks and mutual funds we invest in.

The collegial atmosphere is immediately evident when visiting the offices of Stack Financial Management on Whitefish Lake. Our business functions in an open-architecture environment promoting discussion and debate on current investments, stocks under consideration and portfolio strategies.

Bruce Morison serves as Senior Portfolio Manager, concentrating on the research and selection of securities and overall portfolio construction. Bruce brings nearly 25 years of investment experience and securities analysis to our firm.

Bruce was drawn to SFM because of the firm's history of challenging the conventional Wall Street mindset. He notes, "While everyone in our business talks about preservation of capital, SFM's mantra of 'safety-first' is firmly imbedded in the firm's culture. We take a fresh and innovative approach when managing a client's account, such as hedging the portfolio with precious metals and natural resource stocks or taking advantage of investment opportunities in foreign markets."

Before joining SFM, Bruce was a Vice President and Senior Portfolio Manager for Davidson Investment Advisers (DIA) in Great Falls, Montana. At DIA, he proposed and developed the multiple investment style philosophy and relative valuation analysis model currently in use. Before moving to DIA, Bruce spent seven years at Newell Associates in Palo Alto, California where he was involved in managing the Vanguard Equity Income Fund. He has an MBA from the University of Denver and a BA in Economics from Lake Forest College.

He and his wife, Melinda, enjoy golfing, hiking and snowboarding when there is a lull in the school and sports schedules of their three children.

Cathy Hetrick is a Portfolio Manager and Senior Account Executive for Stack Financial Management responsible for securities analysis, account maintenance and SEC compliance. In addition to her responsibilities at SFM, she also serves as Editor of the InvesTech Portfolio Strategy.

Cathy originally helped Jim start InvesTech Research over 25 years ago, and in 1997 returned to work at the firm on a full-time basis. Prior to joining SFM, Cathy was employed as a field representative with the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) and served for ten years as Manager of Laboratory Services at Kalispell Regional Medical Center. She earned her MBA from the University of Montana and her undergraduate degree from the University of Colorado.

Raised in Montana, Cathy enjoys outdoor activities, hiking, and traveling with her husband. They have two grown children, who are pilots serving in the U.S. Air Force and the Coast Guard.

Denise Falkner is Director of Business Development and a Senior Account Executive with Stack Financial Management. She joined the company in 1998 and is responsible for office management, account maintenance, trading and marketing. Additionally, she performs all mutual fund analysis for SFM and the InvesTech newsletters. Her experience is invaluable in opening new accounts, transferring assets and assisting clients with special requests. She is happy to answer any questions you might have about our investment philosophy and operations.

Born and raised in California, Denise has a BS degree from the University of California at Davis where she graduated with highest honors in 1991. Soon after graduation, she began working in product management at Oscar Mayer Foods, as she also completed her MBA at the University of Wisconsin - Madison. She finished her graduate degree in 1994 and continued working at Oscar Mayer Foods for three more years.

In the late '90s, family drew her to Montana where she enjoys hiking, golfing, skiing and spending quality time with her husband, a police officer for the City of Kalispell, and two young children.

Annell Danczyk is a member of our client services and securities analysis teams at Stack Financial Management. As an Account Executive, she plays an integral role in maintaining accounts. In addition, she provides technical support to the portfolio management team.

A native Kansan, Annell received her BS degree in Chemical Engineering from Kansas State University. Upon graduating, she worked for Arco Oil and Gas in West Texas and Alaska. For 15 years prior to joining SFM, Annell worked in a variety of technical positions for the U.S. Army, Navy, and the Department of Energy as she followed her husband, a career Army Officer, around the United States and across the ocean to Italy and Germany.

With her four children and husband, Annell has settled in Whitefish, Montana. When she is not at work diligently helping SFM clients, Annell and her family will be riding the ski slopes, cheering at soccer games, fishing the lakes and rivers, and hiking in the many beautiful areas surrounding Whitefish.

Jan Lyders is the latest addition to our client services group, joining Stack Financial Management at the end of 2005. As an integral part of the team, she works closely with clients in opening and maintaining their accounts. When you call our offices, it will likely be her friendly voice that answers the telephone.

A native Idahoan, Jan was originally employed in the San Francisco Bay Area prior to accepting a transfer to Seattle, where she lived and worked for 20 years. With a transition in the late 1980s from her previous career in Hotel and Restaurant Management, she brings to SFM over a decade of experience in the Financial Services industry.

In 2001, Jan and her husband, Scott, moved to Whitefish where they enjoy operating a Bed & Breakfast and participating in a variety of outdoor activities in their spare time.

Our concern for risk in the pursuit of profits has led to the evolution of the methodology which we use in selecting investment securities and structuring client portfolios. Many investment management firms profess the ability to forecast market turning points. However, at Stack Financial Management, we follow the powerful proprietary indicators and have access to the technological resources supplied by InvesTech Research. Mr. Stack has nearly 30 years of full-time experience researching the financial markets to support our market strategy. His mathematical and engineering background provide the basis for a logical, well-planned method of analyzing the stock market - the internal strength, as well as the effect of outside influences.

Since the needs of our clients vary according to their personal circumstances, we offer two portfolio configuration options:

Capital Appreciation Portfolios:
Designed for investors whose primary objective is conservative growth. Income is not a primary consideration. These portfolios are particularly well suited for value-oriented investors seeking to maximize their retirement or long-term savings, and who have over 10 years until retirement or anticipated capital withdrawals. This strategy selects companies with strong internal growth characteristics and a history of success. These firms are typically market leaders in their core business. While valuation is important, the emphasis is on growth at a reasonable price. Investments may include:

• Predominantly small- to mid-cap stocks, with some large-cap stocks.
• Growth mutual funds, including capital appreciation opportunities in sector funds.
• International stocks (ADRs), including emerging markets.
• Defensive positions in precious metals stocks or bear market funds if conditions warrant.
• Money market funds or T-bills.

Value & Dividend Portfolios:
Designed for those who want a consistent and relatively high level of dividend income, as well as capital appreciation potential. This option is most suitable for conservative clients, who want more stable returns and a lower level of price volatility, or retired investors seeking current income from their portfolio. This strategy identifies quality companies that are undervalued or temporarily out of favor, but offer solid earnings and attractive dividend yields. Investments may include:

• Predominantly mid-cap and large-cap stocks, with some small-cap stocks.
• Growth & income and equity income mutual funds, with some sector funds.
• International stocks (ADRs).
• Defensive positions in precious metals stocks or bear market funds if conditions warrant.
• Other income investments, including corporate or Treasury bonds, REITs and CDs.
• Money market funds or T-bills.

Advisory fees are based on a percentage of the assets under management. Fees are payable on a quarterly basis in advance based on the market value of the assets under management at the end of the preceding quarter.

Minimum Account Balance: Our minimum opening account balance is currently $400,000 in cash or securities. Existing clients may open additional accounts with a minimum of $200,000.

If you would like to receive additional details about Stack Financial Management's unique asset management services, including a complete client information package, please complete the form below: