| When Guzman & Company was founded back in 1987, our vision was to build a client-oriented firm that would combine the capabilities of the latest trading technologies with the talents of highly motivated and experienced employees operating in an entrepreneurial environment. By marrying those strengths, we were convinced we could create a dynamic and truly exceptional firm that would be able to contribute significantly to the success of investors by providing them with consistent, first-rate execution. As things turned out, we were correct. Our vision already has been translated into reality in the institutional market place. Today, Guzman & Company is a leader in the provision of creative, global execution solutions to institutional investors. The challenge now is to enable the individual investor to benefit from that same level of expertise and commitment. To meet this challenge, we are focusing on four key elements of the value equation for individual investors: Quality trade execution Fair, inclusive access to capital markets Useful, high-quality proprietary and third-party research Professional staff committed to providing responsive customer service At the core of our ability to deliver added value in these critical areas is our enduring commitment to first-rate people and top-flight technology, which has been the hallmark of Guzman & Company from Day One. Astute deployment of technology has enabled our Firm to be a leader in a fast-changing landscape - to uncover improved market liquidity and handle increased trading volumes, while controlling transaction costs on behalf of clients. As we move forward, I would like to commend our employees for their enthusiasm, professionalism and hard work. I'd also like to thank our many valued clients for their support and loyalty. You may rest assured that, as the new century unfolds and we continue expanding our innovative execution services, we will strive constantly to merit the continued support of institutional clients and individual investors alike. Leo Guzman, President Copyright © 2002 Guzman & Company. All rights reserved. Member NYSE, NASD, SIPC. Est. 1987. User Agreement. Privacy Policy.