Income Securities Advisors

ISA is an independent investment advisory and research firm, which for over 20 years has been specializing, in fixed income securities including bonds, convertibles, preferreds and hybrids. ISA maintains current and historic databases on the entire high yield bond and preferreds markets as well as defaulted municipals and corporate bonds. ISA publishes two monthly newsletters, the Forbes/Lehmann Income Securities Investor and the Defaulted Bonds Newsletter, which can be subscribed to in hard copy or via the electronic editions. ISA provides a variety of information services on the Bloomberg financial information system. Type BIA <GO> on any Bloomberg terminal for a list of services. OUR PHILOSOPHY: 1. We believe fixed income securities have a place in all investment portfolios no matter the age, wealth or risk tolerance of the investor. 2. We make investment selection to suit low, medium and high risk investors and clearly identify which is which. 3. We advocate no one investment strategy. While most fixed income investors are most comfortable with a buy and hold strategy, others may wish to pursue a balanced portfolio strategy, a high yield strategy or a convertibles investment strategy.

	Richard Lehmann is President of Income Securities Advisors, Inc. Mr. Lehman founded the Bond Investors Association (BIA) in 1983 as an information organization for individual bondholders. ISA is the successor to BIA. He has authored numerous articles on bonds and fixed income investing both in financial column and book form. He is currently a regular columnist on fixed income investing with Forbes Magazine. He has taught finance and accounting in the MBA program at Barry University in Miami and has spoken at numerous investment seminars. Mr. Lehmann holds an MBA from Columbia University, is a CPA and a registered investment advisor.