Leeb Capital Management, Inc.An AffiliAte of the leeb group

SERVING INVESTORS

through FORWARD THINKING

and UNCOMPROMISING DILIGENCE

LEEB CAPITAL MANAGEMENT, INC. IS PART OF THE LEEB GROUP OF COMPANIES,WHOSE MEMBER FIRMS OFFER A VARIETY OF FINANCIAL AND EDUCATIONAL

SERVICES INTENDED TO HELP BOTH INDIVIDUAL AND INSTITUTIONAL INVESTORS

PROFIT FROM ON-GOING RESEARCH AND UNIQUE INSIGHTS INTO

ECONOMIC TRENDS AND THE FINANCIAL MARKETS.

W E L C O M E TO A N E W L E V E L

of financial security and freedom

As a high net worth individual, chances are you have acquired your assets throughstrong financial discipline and by being perceptive enough to take advantage of

wealth-building opportunities most investors overlook.

Now that you can enjoy the fruits of your success—including freedom from excessivedemands on your time—you want a professional money manager who understandsyour goals. You deserve a manager you can trust—who has a history of…

*Accurately spotting trends in industries, markets, and the global economy that

create the biggest risks and opportunities going forward.

*Taking steps to preserve wealth during adverse markets and tumultuous events.

*Delivering strong performance in both bull and bear markets.

But more than that…you deserve a manager who gives your portfolio the attention it requires, who is available to answer questions and discuss your concerns, who helpsyou stay informed about developments that may affect your assets, and who providesprompt, personalized service.

Leeb Capital Management, Inc. was created to meet the specific needs of investors like you. In fact, we are so confident we can provide the peace of mind, freedom, and financial results you desire, we’d like to offer you a special reward just for taking time to learn about us.

Let us start by introducing you to the man responsible for formulating our approach to financial management, our founder…

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Stephen leeb, ph.D. (pSYCh.), M.A. (MAth.), b.S. (eCon.)

Chairman of the Investment Committee

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“To be a savvy investor, there’s nothing that isn’t relevant, from science toeconomics to international relations to policies in Washington...Knowinghow to evaluate what you read, and how to draw together disparate threadsof information and apply them to prospects for the financial markets, is thereal challenge. But it’s also what we really love to do.” ~ Dr. Stephen Leeb

Dr. Stephen Leeb is a long-standing figure in theinvestment world, owing to his ability to chooseinvestments in line with developing economic trends.

For 13 years (1990-2003), he edited PersonalFinance, one of the top three financial newsletters inAmerica, where his insights and investment ideaswere read by over 120,000 subscribers. Further, hehas appeared many times on financial and broadcasttelevision, and his opinions on stock and commodityprices are regularly quoted in newspapers and journals across the country.

Dr. Leeb sits on various corporate boards, where heshares his strategic perspectives on financial marketsand natural resources. Since 2006, Dr. Leeb has beenhead of the advisory board of Leor Exploration &Production LLC, a Houston-based oil and gas exploration company whose Texas operations weresold in November 2007 to Encana for $2.55 billion.Since 2007, he has been a member of the advisoryboard of Electrum USA Ltd., one of the world’slargest privately held gold exploration companies. He is also on the advisory board of Sunshine Silver MinesCorp., a privately held silver exploration company.

Since 2008, Dr. Leeb has been a director of PlainSight Systems, a Yale University-based technologyholding company. Dr. Leeb also sits on the board oftwo Plain Sight Systems subsidiaries. WaterIntelligence plc, a publicly traded London-basedcompany that has developed cutting-edge technologyfor managing water supplies, and Deep MarketsCorp. which is developing next-generation risk management applications.

Dr. Leeb has authored seven books. His first, Gettingin on the Ground Floor (1986), accurately forecastedthe bull market of the 1980s and 1990s.

In Defying the Market (1999), Dr. Leeb predictedthe downfall of technology shares and the subsequentrise in energy and gold prices.

His book, The Oil Factor (2004), warned that oilprices were about to skyrocket. They hit a 21-yearhigh just four months later.

His New York Times bestseller, The ComingEconomic Collapse (2006), outlined challenges facingthe economy and the steps to take to forestall them.

Dr. Leeb’s latest book, Game Over: How You CanProsper in a Shattered Economy (2009), explainshow the combination of several key factors—including inflation, the weakening dollar, the rapidfluctuation in oil prices, increasing competition fromChina and India, and our runaway national debt—are going to make for a very rocky road forAmericans for years to come.

As Chairman of the Investment Committee for LeebCapital Management, Inc., Dr. Leeb contributes hisdeep understanding of macro-economic trends andmarket conditions, plus detailed research into individual companies, to lead our team of experts inchoosing stocks for your portfolio. His leadership anddedication are responsible for much of our success.

For example, consider Leeb Capital Management’sapproach to one of the most fundamental aspects ofportfolio design…

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Joining Dr. Leeb at the helm of Leeb Capital Managementis the company’s president, Dr. Patrick DeSouza.

Dr. DeSouza joined the company in 2008, bringing leadership and operating experience that reinforces LeebCapital Management’s goal to deliver first-tier performancelong-term. Dr. DeSouza is also CEO of the Plain SightGroup, a private equity company centered at Yale Universitywith various alternative investments. Plain Sight and its teamof Yale-trained mathematicians and computer scientists havebeen working with Leeb Capital to develop next generationquantitative and risk assessment tools to provide Leeb Capitalwith an analytic edge. Moreover, Plain Sight private investments will deepen our expertise in certain strategic vertical markets, such as energy and defense.

In addition to Plain Sight, Dr. DeSouza has twenty years of experience on Wall Street in investment banking and practicing securities law with significant experience inrespect to billions of dollars of M&A and corporate financetransactions both in the United States and internationally.

Dr. DeSouza has also served at the White House as Directorfor Inter-American Affairs on the National Security Council.In addition to several articles on economic policy, he is the author of Economic Strategy and National Security(Westview, 2000) which includes contributions from formersenior members of the Bush and Clinton Administrations.Dr. DeSouza is a lecturer at Yale Law School and a memberof the Council on Foreign Relations. He is a graduate ofColumbia College, Yale Law School and Stanford GraduateSchool where he wrote his doctoral dissertation on foreigninvestment in the United States.

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AN ASSET ALLOCATION

STRATEGY THAT TREATS

YOU AS A PERSON, NOT

A STATISTICMost financial advisors follow a standard formula.Subtract your age from 100, and that gives you thepercentage of your portfolio that should be in stocks.The remainder, they say, should be in bonds. Thus,the older you get, the fewer shares you own.

At Leeb Capital Management, we feel that approach isoverly simplistic and goes against both market historyand most investors’ needs.

An important fact: Over ten-year periods, stocks havebeen shown to outperform bonds 90% of the time. So the most certain way to grow your wealth is tomake stocks the largest component of your portfolio.

Regardless of age, we believe most investors shouldhold bonds only if they need current income.

When you choose Leeb Capital Management as yourmoney manager, we work with you to design an assetmix tailored to address your unique timeframe, risktolerance, tax situation, and income needs (or lackthereof).

Your income component may include not only bonds,but also other cash-generating securities whose valuesare less likely to be eroded by inflation.

In times of market uncertainty or economic weakness,we may allocate a portion of your portfolio to securities that provide protection against falling asset values.

The remainder of your portfolio can then be devotedto pursuing what we view as the most promisinggrowth opportunities. Here again, we take a sophisticated approach…

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OUR GOAL IS TO THRIVE IN

ALL MARKET CONDITIONS

We believe that a well-designed portfolio should produce superior results even under volatile conditions. Rather than just “mirroring” the market,we focus on finding securities likely to lead the packwhen overall stock prices are rising, and also providesolid returns when the market is falling.

Our pursuit of this goal starts with the big picture:our ongoing research into the significant trends anddevelopments in science, industry, the economy,global markets, and geopolitics. This tells us whichsectors are most likely to outperform in the future.

Having identified the top four or five sectors, weperform extensive and diligent fundamental analysisto find stocks within each sector that meet the following criteria…

STRONG GROWTH We look for stocks whoseprojected 3-5 year growth exceeds that of the S&P500. The market leaders, in other words.

COMPETITIVE EDGE We stick to companies

that are unlikely to suffer from competition becausethey have a dominant position in their industry.

VALUE Ideally, we prefer stocks with a forward P/Eless than that of the S&P 500. But where none exist,we look for stocks with a PEG ratio much lower than the market’s. Either way, by buying shares at a discount to their true value, we attempt to positionyou to enjoy stronger returns going forward.

DIVERSIFICATION We make sure your portfoliois diversified across and within our chosen sectors,with no more than 8% invested in any one company.

Research and experience tells us that a portfoliodesigned according to these principles should produce excellent returns, provided our growth estimates are correct.

Fortunately, we’re not afraid of hard work. Our staff gladly puts in the long hours required to derivethe most accurate, independent growth projectionspossible.

However, growth is only one part of our strategy…

S&P 500

STRONGEST GROWTH SECTORS

MARKET LEADERS

UNDERVALUED OPPORTUNITIES

Our stock selection process begins with the S&P 500, a diversified universe of established,

well-capitalized companies.

Within the overall index, we select the 4 or 5 sectors with the fastest growing revenues, and the greatest

likelihood of continued growth.

Our Watch List consists of roughly 150 companies that hold dominant positions in our chosen sectors.

Our portfolio consists of 30-40 stocks, drawn from the Watch List, that offer the best combination of

value and growth potential.

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ROGER S. CONRAD

M.A. International Management, American Graduate School of International Mgmt.B.A. Anthropology, Emory University

Roger has been working with Stephen Leeb since wellbefore LCM’s formal track record began. As a PortfolioManager, he works with the LCM team to choose securities for the income portion of your portfolio.

Roger is the founder of the newsletter, UtilityForecaster, which advises investors on income-producing securities such as utility stocks, bonds, and preferred shares. In 1997, Utility Forecaster wasnamed Best Financial Advisory by the NewsletterPublishers Association. In addition, he has co-authoredtwo books with Stephen Leeb, Market Timing for theNineties (1994) and The Agile Investor (1996).

GENIA TURANOVA, CFA

MBA Finance and Investments, Baruch College, CUNY

Genia joined LCM in 2001 as a Portfolio Manager and a member of the Investment Committee. Prior tojoining the LCM team Genia was a research analyst withIndependence Asset Management LLC in New York. She received her B.S. degree in Economics from KharkivNational University (Ukraine). Genia taught Economicsand Management in the School of Economics at KharkivNational University for more than nine years. She earnedan MBA in Finance and Investments from the HonorsMBA Program at Baruch College, CUNY. Genia is a CFAcharterholder.

DAVID A. SANDELL, CFA

B.A. Finance and Psychology, Washington University in St. Louis

David began his career with Leeb Capital Managementin 2004. He currently serves in the capacity ofPortfolio Manager, Head Trader, and member of theInvestment Committee. David’s market observationshave been quoted in the media including Wall StreetJournal Radio, Reuters, and Bloomberg TV and Radio.David graduated with honors from WashingtonUniversity in St. Louis with a B.A. degree in Finance and Psychology. David is a CFA charterholder.

GREG DORSEY

B.A. Economics and International Relations,University of Delaware

Greg joined the Leeb Group in 2004, and currentlyserves in the capacity of Portfolio Manager and member of the Investment Committee. Greg has morethan 20 years of experience as a securities analyst andportfolio manager. He has also written for and servedas editor of several award-winning investment publications over the years. Greg holds a B.A. degree in Economics and International Relations from theUniversity of Delaware.

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OUR TEAM OF

PROFESSIONALS IS

DEDICATED TO HELPING

YOU MEET YOUR

FINANCIAL GOALS

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A SAFER APPROACH TO

MEETING YOUR CURRENT

INCOME NEEDS

Bonds are the traditional investment choice when youwant current income. But when interest rates rise, bondprices fall. In addition, inflation will gradually erodethe value of both bonds and cash.

With today’s interest rates being extremely low and rising, and higher inflation on the horizon, we feel it’s important to hold income-producing securities thatoffer better protection for your capital. Our currentstrategy includes…

*Buying bonds or bond funds with low duration or limited correlation with interest rate swings.

*Owning stocks in industries that can keep pacewith rising interest rates and inflation.

*Choosing only investment grade securities, to reduce credit risk.

*Diversifying among various income sectors, such as REITs, utilities, and preferred shares.

We rigorously research and track over 250 incomesecurities using our own five-stage methodology. Our methodology includes a proprietary safety ratingsystem and a value index that compares prospectivetotal returns with a security’s current P/E ratio.

The result is an income portfolio designed not only tomeet your current income needs, but also to preserveyour capital with minimal turnover of securities.

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A NOTE ABOUT

PERFORMANCE

As an experienced investor, you know that a manager’spast performance is no guarantee of future results, andthat all securities carry risk of loss.

We are pleased with our track record over the last ten plus years—a period that includes both bull andbear market phases. We will gladly provide you withthe latest performance figures on request. In addition,we believe our approach gives us the best chance ofproducing superior results going forward. Nonetheless,the future always remains uncertain.

We therefore suggest that your choice of a money manager should be based on more than just performance. For instance, let’s look at some of theother reasons why you might choose Leeb CapitalManagement…

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“Building a top-performing income portfolio involves buying interest-producing securities

that maximize your income and let you dodge a handful of risks.”

Roger S. Conrad Portfolio Manager

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REDUCING RISK IN AN

UNCERTAIN CLIMATE

As most investors have learned in recent years, simplyoutperforming the market does not necessarily meanthat you are making a decent return on your money.When stock prices are falling, you can beat the market and lose money at the same time. When inflation is rising, you may outperform the index, yetlose ground in terms of real purchasing power.

At Leeb Capital Management, our goal is to generatesolid gains in all eventualities—both good and bad.So we dedicate a portion of your portfolio to securities that offer insurance against today’s biggest risks.

On the heels of the finanical crisis, and still in anuncertain climate, we choose stocks that are likely todo well regardless of whether the economy improvesor weakens.

With inflation looming—due to record debt levels, a large defense budget, and burgeoning entitlementprograms—we diversify into sectors such as oil services and gold that thrived during the high inflation of the 1970s.

With the ongoing threat of terrorist strikes, we offerprotection in the form of zero coupon bonds, defenseand insurance stocks, and precious metals—all ofwhich were safe havens after 9/11.

With this small “insurance” component in place, you can enjoy peace of mind without sacrificing the potential returns from our selected growth opportunities.

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WE’RE NEVER AFRAID TO

ADMIT MISTAKES, OR HOLD

OUT FOR THE BIGGEST GAINS

Once we are confident about our economic forecastand our chosen securities, we believe the best way toachieve long-term gains is to buy and hold. Trying totrade every short-term price swing generally worksagainst your best interests, and may result in worseperformance due to lost opportunities and highertransaction costs.

“A portfolio is not just a collection of stocks. We build in both growth and protection by selecting what ourresearch shows as the best stocks in the best sectors and incorporating hedges, such as hard assets-based securities or zero coupon bonds.”

Genia Turanova, CFA Portfolio Manager

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At the same time, we believe that knowing when to sell is as important as choosing the right securities to buy. There are three main conditionsunder which we would sell a security…

* If we foresee a major change in the economic environment, such as the start of a new trend in interest rates or inflation that warrants a different asset mix.

*Failure of the security to live up to our fundamental expectations.

*Fulfillment of our performance expectations, so that further upside is limited.

By following these guidelines, we aim to maximizeyour returns, while lowering your transaction costs.And speaking of costs…

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COMPETITIVE FEES HELP

ADD TO YOUR NET INCOME

AND LONG-TERM PROFITS

Like most money managers, Leeb CapitalManagement charges an annual fee based on thesize of your portfolio. This arrangement means we have a vested interest in helping you increaseyour wealth.

At the same time, we keep our rates competitive so you can enjoy a higher net income, and/or havemore money to reinvest for compound growth.

For further savings, we have negotiated institutionalrates with Schwab, Fidelity, and TD Ameritrade. (Or we can work with the broker of your choice.)

Should you ever wish to cancel your agreementwith us, you are free to do so at any time, andreceive a full refund of all management fees paid for the balance of the quarter. No advance notice is required.

Here’s what your fees cover…

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“A timeless investment strategy takes astraightforward, disciplined approach built around

diversification and finding long-term value.”

David A. Sandell, CFA Portfolio Manager

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PERSONALIZED SERVICE

AND COMMUNICATIONAs our client, we provide you with personal attention and first class service, starting with…

INITIAL INVESTMENT CONFERENCE

Once you open an account with us, we will holdan initial conference to learn about your uniquegoals, time frames, risk tolerance, tax situation,and other factors which will influence how westructure and manage your portfolio.

YOUR PERSONAL PORTFOLIO

MANAGER

You will be introduced to your personal PortfolioManager who is responsible for the day-to-daymanagement of your account. Your PortfolioManager is always available to answer questionsabout your account and provide prompt service,such as fulfilling your requests for transfers orchecks, or forwarding information to youraccountant.

COMPLETE STATEMENTS AND

CONFIRMATIONS

Naturally, you will receive written confirmation ofevery transaction in your account, plus a monthlybrokerage statement. In addition, Leeb CapitalManagement will provide you with a QuarterlyAppraisal detailing all activity and performanceover the previous three months.

Your final Quarterly Appraisal each year willinclude the tax-related information you need tocomplete your annual 1040. You can simply pass it on to your accountant. It’s that simple.

But there’s one more important point we’d like to make…

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WITH LEEB, YOU’RE

NEVER JUST A CLIENTAlthough Leeb Capital Management will take overthe management of your assets—including portfolio design, security selection, and executionof trades—we never want you to feel out of the loop.

We make it easy for you to stay informed about the markets, the economy, and the reasons behindour current investment choices. You will receiveregular market commentary from our InvestmentTeam, plus periodic reports on the sectors we’recurrently following.

Our quarterly market updates, plus recent articleson investment topics are also posted on our website, so you can access them even when you’reaway from home.

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WE’RE NEVER TOO BUSY

TO SPEAK WITH YOU

We make a point of being available by phone, anytime the markets are open. Even in the daysimmediately following 9/11, we answered every single call from our concerned clients, and helpedeach person to the best of our ability.

We also communicate with you regularly, and shiftallocations in accordance with any changes to yourrequired income, liquidity, or any other aspect ofyour situation or goals you share with us.

In short, we prefer to see you not just as a client,but as an important member of our team.

But before you decide if Leeb Capital Managementis the investment partner you’ve been looking for,let us offer you an easy, no-cost way to find out…

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In appreciation for your willingness to learn about our services, we would liketo offer you a free, confidential, no-obligation Portfolio Review.

Simply call us at 1-800-524-LEEB (1-800-524-5332) to arrange a time that is convenient for you to speak with one of our Portfolio Advisers.

In return, we will give you our current take on the markets, including which sectors we feel offer the best opportunities at the moment.We’ll look at how yourinvestments are currently allocated, and make recommendations on how we would go about designing a portfolio that’s better suited to meet your financial goals.

By the time the Review is over, you should have a pretty good idea how Leeb CapitalManagement’s customized style can serve your needs, as well as some sensible tips formanaging your investments.

Phone Leeb Capital Management today, and explore further what we have to offer. We look forward to your call, and to helping you enjoy a prosperous future.

let us offer you SOME FREE ADVICE

ON YOUR CURRENT PORTFOLIO

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Leeb Capital Management, Inc.An AffiliAte of the leeb group

8 West 40th Street, 19th Floor

New York, NY 10018

800.524.LEEB (5332)212.653.1504 phone212.246.3696 fax