Quarterly Commentary

2009	2008	2007	2006	2005
The Mid-Quarter Update 02/13/2009	Fourth Quarter, 2008 Third Quarter, 2008 What We Know 10/08 Second Quarter, 2008 The Virtuous Inflation 06/08 First Quarter, 2008	Fourth Quarter, 2007 Third Quarter, 2007 Second Quarter, 2007 First Quarter, 2007	Fourth Quarter, 2006 Third Quarter, 2006 Second Quarter, 2006 First Quarter, 2006	Fourth Quarter, 2005 Third Quarter, 2005 Second Quarter, 2005 First Quarter, 2005

The views presented in the attached letters are those of Grisanti Brown & Partners' investment professionals as of the date of each of the letters and may not have reflected their views as of the date they were first published or at any time thereafter. Each of these letters contain broad discussions of investment techniques and methodologies that GB&P utilized during the period covered by each letter. These views are intended to assist clients in understanding GB&P and do not constitute investment advice. None of the information presented should be construed as an offer to sell or recommendation of any security mentioned therein.