Dear Investor:

I want to take this opportunity to thank you for the interest you have expressed in
Mischler Financial Group, Inc.  I was fortunate in 1990 to be in a position to start the
first certified Disabled Veteran Business Enterprise (DVBE) in the financial services
sector.  Since then, because of the support of institutional clients such as CalPERS,
CalSTRS, and the State of Illinois, we have grown to 30 people with offices in Illinois,
Michigan, Texas and our headquarters in Corona Del Mar, California.

In 1990, California Treasurer, Tom Hayes, told me "... make it easy for clients to do
business with you and you will be successful."  I listened to him and have focused on
providing professional financial services in equities, fixed income, and cash management.
These services have answered the required fiduciary concerns of our domestic and
international institutional clients.

I am very proud to be a co-founder of the American Veterans Educational Foundation
and everything it stands for.  As you are aware, I have agreed to contribute a portion of
Mischler Financial Group profits from the American Freedom Funds to this foundation.
The purpose of the foundation is to give educational grants to service disabled veterans
and their families.  We are all very excited about the foundation and anticipate that the
foundation will fund grants to be given out sometime before the fall 2004 semester.

As I stated in the beginning, I am very appreciative of your interest and will gladly
answer any questions you may have concerning Mischler Financial Group and the
services we offer.  Our lengthy client list includes many of the world's largest financial
institutions and is available to you upon request.

Sincerely,

Walter M. Mischler
Chairman and CEO