FOR IMMEDIATE RELEASE

FORMER PRIMECAP FUND MANAGER TO LAUNCH WEALTH MANAGEMENT FIRM—LIEBAU ASSET MANAGEMENT

F. Jack Liebau, Jr. Will Head Firm; Focus on Providing Superior Long-Term Investment Returns and Personalized Attention to Each Client

PASADENA, CA, October 30, 2003 - F. Jack Liebau, Jr. announced today the establishment of a new wealth management firm, Liebau Asset Management Company, LLC. The firm, based in Pasadena, California, already manages more than $50 million of client assets and will be headed by Mr. Liebau.

“Today's announcement marks the official launch of Liebau Asset Management, which is dedicated to one business only: Managing domestic equity portfolios for individuals, endowments, foundations and corporate pension plans,” said F. Jack Liebau, Jr., President and portfolio manager of Liebau Asset Management.

Each client portfolio at Liebau Asset Management will receive individual attention focused on its unique investment requirements and objectives. Liebau Asset Management’s personalized service will also take into account clients’ particular tax needs and sensitivities.

“As an independent firm not aligned with any bank or brokerage firm, Liebau Asset Management’s sole and exclusive allegiance is to its clients’ best interests,” Liebau continued. “I’m looking forward to working one-on-one with clients to help them achieve their financial goals.”

Mr. Liebau has more than nineteen years of experience in the investment management industry with The Capital Group and Primecap Management Company. He has served as one of four managers of the Vanguard Primecap and Vanguard Capital Opportunity Funds, both of which have received Morningstar’s top five-star rating. As a partner and portfolio manager at Primecap, Mr. Liebau was solely responsible for managing more than $1.7 billion in assets. He managed a portion of the portfolios for all Primecap’s clients, which include corporate pensions, foundations, endowments, religious orders and mutual funds. In recognition of his work, Money Magazine featured Mr. Liebau as a manager of one of the best performing mutual funds of the 1990’s.

About Liebau Asset Management

Liebau Asset Management Co., LLC, an independent investment management company, was founded in September of 2003 in Pasadena, California. The firm’s mission is to provide consistently superior long-term investment results for its clients, measured over an entire market cycle, with an emphasis on personal service, stability and integrity. Liebau Asset Management’s investment philosophy is based on conducting fundamental research, and investing in high quality, well-managed companies with good business franchises. Annual turnover is anticipated to be approximately 20%. The firm is a Delaware corporation, registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisors Act of 1940.