June 30, 2008

Dear Friends,

Byram Capital Management will cease managing client portfolios on September 30, 2008.

The past several years have been very difficult ones for the investment markets. In these difficult conditions Byram Capital has strived to provide the highest level of professional service and portfolio management.

We are beginning a disciplined shut down of Byram Capital. Our investment team will remain in place during this period. Our back office team will continue to provide administrative support and reporting. We will work with each client to help implement a transition to a successor manager and to effect this transition as smoothly as possible. We expect our shutdown will be complete by October 31, 2008. Needless to say, Alex, George, Bill and I stand ready to provide any and all support.

Capital has tremendous pride and appreciation for your support during the past 6 ½ years. We have appreciated each client relationship and wish you the very best in fulfilling your future investment objectives.

Sincerely,
Seth M. Lynn, Jr.
Chairman

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