OUR INVESTMENT APPROACH

Martin, Lucas & Seagram's investment approach starts with an overview of the economy and global economic trends. The risks and rewards are then assessed between fixed income securities and common stocks. All investment strategies are designed to meet the particular needs and circumstances of each client. The appropriate division between asset classes depends on our clients' objectives as well as the prospects for the security markets and individual investments within each market segment.

All investment counsellors at Martin, Lucas & Seagram have extensive experience in research and security analysis.

Security selection is based predominantly on fundamental analysis and concentrates on appraising the relative

merits of each investment opportunity.

In selecting equities, we look for companies having underlying values and prospects which are attractive relative
to their market prices. Emphasis is put on companies with powerhouse attributes, and we place a great
importance on reliable dividends, strong balance sheets and unique competitive advantages.

We view credit risk and term-to-maturity as the most critical factors to be considered when
investing in fixed income securities. These are appraised in light of our forecast for the future
trend of interest rates, currency values and other factors which have an impact on risk.

At Martin, Lucas & Seagram we believe that fundamental research and basic common
sense are the key ingredients for good long-term investment performance.

We attribute the success of our firm to effectively blending our clients' objectives
with strategies that balance risk and reward.