Your Name Investment Policy Statement Date This investment policy has been set in conjuction with a comprehensive review and assessment of projected financial requirements and the following:

PLANNING ASSUMPTIONS

Marginal Tax Rates Inflation Expectation   2002  2003 2002  2003 Federal 28% 3% State 9.3%

PORTFOLIO OBJECTIVES Invest for Moderate Growth and Income, with an emphasis on growth TIME HORIZONS Financial Independence from your age 60 to age 100 in

RISK PROFILE (Questionnaire) RISK PRIORITY Conservative Moderate Balanced Moderately Aggressive Aggressive Growth Tax Advantages Income Safety of Principal

PERFORMANCE EXPECTATIONS (over portfolio lifetime) 10.7% Pre-Tax Return (10.1% five-year Standard Deviation) ASSET ALLOCATION

Present   Target   Cash 100% Cash 5% Bonds 0% Bonds 15% Stocks 0% Stocks 65% Tangibles 0% Tangibles 5%

PROCEDURE Invest in line with investment policy statement Dollar cost average as appropriate (not continuous) Minimize transfer and administrative costs Rebalance when portfolio is out of balance by 5% Rebalance quarterly to minimize transfer and administrative costs

____________________________ ____________________________ Your Signature HK Financial, Inc.

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