John Moran

Operates as a holding company for a family of property and casualty insurance companies

Operates as a bank holding company with interest in providing banking services

Operates as a bank holding company whose subsidiary provides banking services

Provides brokerage and investment banking services

Functions as a College/University

Provides brokerage services

Provides financial services

Functions as a College/University

Value Architects is a value-oriented, research driven investment manager with the objective of producing long-term capital appreciation while preserving capital in adverse markets. They believe owning the most growth for the least price provides downside protection. They build portfolios by finding good businesses. Value Architects makes a clear distinction between investment risk and market risk. They believe investment risk is attributable to mistaken analysis of the company's growth, cash flow and sustainable competitive advantage. Market risk is volatility of stock prices. In selecting securities, Value Architects looks beyond earnings per share and other publicly available financial measures to identify value that others have overlooked. They invest in companies that generate free cash flow in excess of their operational needs and earn a return on invested capital above industry norms. Companies should have a sustainable competitive advantage and the ability to maintain growth. They diversify portfolios across S & P defined sectors, typically having exposure across a minimum of seven of the ten sectors. Portfolios contain at least twenty securities. Individual equity position weightings are a minimum of 2% and a maximum of 10%.