News Releases

Core Growth Strategy Composite is Formed
Starts with Three Accounts

Geneva, April 22, 2006: David P. Brady, CFA is manager of the newly formed Brady Investment Counsel LLC Core Growth Composite. The three accounts that presently make up the Core Growth Composite are all of the Brady Investment Counsel accounts and have been invested according to the firm's Core Growth Model portfolio, whether concentrated or diverse.

Mr. Brady has employed substantially the same investment selection model to build portfolios since September 1994. Up until March 2003, the Core Growth Model (formally named in 2003) was extensively relied upon to guide the Stein Roe Young Investor Fund when Mr. Brady was lead manager of that fund. Over his management tenure, the Young Investor Fund performed in the 16th percentile of the Morningstar Large Cap Growth peer group and was selected as a Top 100 Mutual Fund by Money magazine for five consecutive years ending in 2002, which was Mr. Brady's last full year as the Fund's manager.

The Brady Investment Counsel Core Growth Strategy long-term results are the combined performance of the Brady Investment Counsel Core Growth Composite (Composite) and the Stein Roe Young Investor Fund. Again, both the Composite and The Young Investor fund have been managed in substantially the same manner. The Composite is and the Young Investor Fund was essentially based on the Core Growth Model, which Mr. Brady has developed over his 21-year investment career.

Brady Investment Counsel LLC was formed so we could manage client accounts according to our proven Core Growth Strategy. The strategy has been successful at producing superior risk-adjusted investment results. The firm was also founded on the principle that investment management fees that are charged to clients really matter. With this in mind, we keep our operating costs low and flexible by outsourcing non-investment related functions. This affords us the opportunity to profitably offer our clients the industry's most competitive fee structure.

Maintaining a low-cost operating structure and charging low client fees are claims that most of our larger competitors simply can not make. We are frequently questioned as to why we have set our management fees at approximately one-half the industry average. The answer is simple: Our clients benefit in the long run because they keep more of their money invested at comparatively better after-fee returns. In addition, Brady Investment Counsel benefits through the greater level of assets under management as a result of the low fees and improved net returns.

We will continue to invest in growing companies that are attractively valued according to our proprietary equity valuation model. Our goal is to produce superior risk-adjusted results. We will work hard for our clients ever mindful that past performance does not guarantee future results.

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