July 1, 2003

As a result of recent federal legislation (Gramm-Leach-Bliley Act) and rules issued by the Federal Brad Commission regarding the Privacy of Consumer Financial Information, firms that provide services related to personal financial matters (such as financial and estate planning may be required to provide written notices to certain clients regarding disclosure of non-public personal information. As a result, we are sending or hand delivering this notice to all clients to whom we may be providing such services now or may have provided in the past.

As your financial advisors, we may collect non-public information about you, and with your permission, from third parties such as attorneys, accountants, other financial advisors, insurance agents, banking institutions, and other advisors. We do not disclose any non-public information about our clients to anyone except as permitted by law, or as specifically authorized by that client. If authorized by you, we may disclose non-public personal information to unrelated third parties such as accountants, attorneys, banking institutions or other financial advisors. We restrict access to non-public information about you to those employees and advisors of our firm who need to know to provide our financial services to you. We maintain physical, electronic, and procedural safeguards with Federal Regulations and our rules of ethics to guard your non-public information.

Our securities broker-dealer is Girard Securities, Inc., with headquarters in San Diego, CA. We know that many of you have already received a privacy notice from their firm. We collect non-public personal information about you to be provided to Girard Securities, Inc. Girard Securities, Inc. does not disclose any non-public personal information about current or former customers to affiliates on non-affiliated third parties except as permitted by law.