Shareholders,

You have an opportunity to get full asset value for your shares by voting in favor of Proposal #3 on the proxy. Management and the Board of Directors is opposing this proposal.

I encourage you to read the proposal which will amend the company's charter to permit you to tender your shares for full net asset value on March 31, 2005, June 30, 2005, and September 30, 2005. With the current discount of 12% this will give you a nice gain on your investment which you can reinvest elsewhere.