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Hunter / Eric,


Apologies for the delay in getting back to you....things have been busy
on this end....but a good kind on busy.


I remain very hopeful that we can find a way to work together as I am
confident that our approach to investing will be compelling to your
contacts.


As an update, our recent performance has been outstanding. Year-to-date
(thru 07/21/11) BMPEX (the Beck, Mack & Oliver Partners Fund on which I
am the lead portfolio manager) is up 13.8% and is ranked in the top 1%
of the Large / Blend Category by Morningstar and over the past 12 months
BMPEX also is in the top 2% relative to its peer group of almost 2,000
mutual funds. This Fund is a proxy for our separate account portfolios.


As you know our long term equity investing track record is exceptional
(see attached). Over the past 24 rolling 5 year periods we have
outperformed the S&P 500 18 times (11 straight years ending 12/31/10)
and had zero negative 5 year periods vs. the S&P 500 which has had 4
negative rolling 5 year periods. Our batting average is better over
rolling 10 year periods, having outperformed the S&P 500 17 out of 19
years (our two years of underperformance coming during the peak of the
internet bubble). Our lowest rolling 10 year return is up 42% vs. the
S&P 500 which is down 13%.


After having done some research on payout structures for marketing
professionals I have learned that the industry standard is 20% of the
first year revenue, 10% of the second year revenue and 5% for each year
following, as long as the account remains. Clearly, this is a departure
from our originally discussed $300,000 annual flat fee.


While I'm not going to be able to sell a flat fee structure here amongst
my partners, I'm willing to meaningfully increase the incentive based
compensation after an account is earned. Meaning, I would advocate for
a 30%, 20% and then 10% into perpetuity structure on the revenue from
all assets raised.


I feel confident that we can have success working together and I would
expect that your contacts will appreciate our fundamental approach to
allocating capital.


Let me know if this structure is agreeable to you both.....I'm hopeful
that we will have an opportunity to work together.


Best,


Zac


Zachary A. Wydra

Partner

Beck, Mack & Oliver

360 Madison Ave.

NY, NY 10017

212-661-2640


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