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	Builder Investment Group, Inc. Portfolio Management
Our mission is to improve your financial security.
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On This Page:	| Investment Management
Personal Portfolio Management	| Stocks and Bonds
Institutional Funds	| Private Equity / Venture Capital
Client Service	| Schedule of Fees

Builder Investment Group, Inc. is an Atlanta-based registered investment advisory firm. It is the successor firm to Reiser-Builder, Inc. founded in 1982. We provide personalized portfolio management services for individuals, corporations, and corporate employee benefit plans. As of December 31, 2007, Builder Investment Group, Inc. had investment responsibility for assets of approximately $250 million for 130 clients with an average account size of $1.9 million.

I N V E S T M E N T   M A N A G E M E N T

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What Should You Look For In An Investment Manager? Someone to keep you invested Successful long-term investing involves participating in various asset classes such as stocks, bonds, real estate and international securities at all times. Based upon your objectives and tolerance for risk, Builder Investment Group can develop the right portfolio mix for you. (Section II) Someone to make your life simpler Since investment markets are multi-faceted and volatile, Builder Investment Group seeks to eliminate the complex decisions you must make to invest wisely. Investment Knowledge Not all of those holding themselves out to be investment managers possess the same degree of knowledge of investments. Builder Investment Group's senior investment professionals have an average of 20 years experience in the financial markets. All of our employees have a strong base of knowledge and are highly trained. Our experienced staff members are up to date on the most recent portfolio management developments. (Section IV) Responsibility Builder Investment Group professionals take responsibility for their actions. We stand accountable as a prudent expert. Creativity Investing your money prudently and within guidelines is just part of our service. Builder Investment Group is constantly exploring new ways to achieve your objectives and communicating those ideas to you. Reasonable Cost Getting the lowest fee shouldn't be your first priority in selecting a manager. However, the fee charged should be in line with the services rendered, and the value added must exceed the fees paid. We believe our competitive fee schedule delivers that value. Trust If you cannot trust your investment manager, then none of the above matters.

P E R S O N A L I Z E D   P O R T F O L I O   M A N A G E M E N T

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We believe in a personalized client service approach to money management. We believe our clients' portfolios should be individually managed by experienced professionals. As a result, our portfolio managers are responsible for all aspects of money management including the initial determination of client investment needs, asset analysis (stocks, bonds, etc.), asset weightings, stock and fund selection, portfolio management and client communication. Our focus is on building long-term relationships based on understanding individual client needs and requirements. This is reflected in the fact that many of our client relationships exceed ten years. The first step in creating a personalized individual portfolio is to establish objectives. The investment objectives must consider the client's risk tolerance, cash flow needs, expectations regarding return, previous investment experience and specific investment restrictions. To assist in this assessment we have developed a questionnaire which is used as a basis for further in-depth analysis with one of our portfolio managers. After analyzing the client's objectives, we construct a personalized portfolio which may consist of a combination of stocks and bonds, mutual funds, private equities and/or institutional venture capital funds.

S T O C K S   A N D   B O N D S

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When we believe that portfolios constructed of individual stocks and bonds are appropriate, we first determine the allocation between equity and debt. Stocks We are primarily growth investors. Through intensive research we seek to identify significant, long-term growth opportunities created by technological innovation, technological convergence or changes in the regulatory or competitive environments. We want to invest in the next generation of businesses, not the last generation. This philosophy leads us to a particular emphasis on investments in the health care, technology, and telecommunications sectors. These three sectors are all undergoing tremendous change and technological innovation as well as being among the largest and most rapidly growing industries in the economy. We believe that every portfolio should have a reasonable participation in these industries. While our primary emphasis is on growth, we are also opportunistic investors. We have found that significant opportunities can arise because of market inefficiencies, even in large well-known companies. We actively seek to identify situations in which high quality companies have undergone extraordinary changes in value because of what we believe to be transitory events. In other words we strive to move against the consensus opinion and adopt a contrarian approach. In both growth investing and opportunistic investing, we take the long view. We buy companies, not rent stocks. As a result, once we have completed our research and made our stock selections, we tend to hold positions for the long term; our portfolios typically experience only a 15%-20% annual portfolio turnover. With this approach we minimize trading costs and tax consequences, which can erode a significant portion of portfolio gains. We recognize that the stocks of emerging technology companies and companies participating in newly competitive industries may be volatile in the short run. We believe that portfolio diversification can minimize these specific risks. Fundamental research is the foundation for the stock selection process. We employ a variety of tools and methodologies to assist in this process, including a leading edge computerized research analysis system. In addition, we have invested considerable time developing independent industry resources which provide us with insights that differ from the Wall Street consensus. We believe that money can be made by leading the herd rather than following the herd. Most portfolios consist of 30-40 stocks, diversified across a number of industries and by company size. As previously discussed, we believe every portfolio should have reasonable participation in the three high growth industries of health care, technology, and telecommunications.   Largest Stock Holdings as of December 31, 2007 Exxon Mobil Invesco PLC ADR Nokia ADR Plains All American Pipe General Electric Crown Castle International Cisco Systems ING Groep Microsoft Cimarex Energy Liberty Global Cl A J P Morgan Chase WPP Group Steris Corporation Texas Instruments Asset Acceptance Capital Medtronic E.I. DuPont de Nemour Liberty Global Cl C Liberty Media Capital A     Bonds Since we consider the current spread between interest rates and inflation unattractive, we are limiting our bond purchases to short-term U.S. Treasury's with the primary objective to dampen portfolio volatility. In prior periods when rates were more competitive, we extended the average maturity using laddered portfolios to reduce specific interest rate and maturity risks. When we do find bonds attractive, we purchase U.S. Treasury's or corporate bonds of investment grade, Baa or better. When account circumstances warrant, we use municipal bonds of similar quality. In addition, we are continually researching convertible securities to provide both income and equity participation. Portfolio investments are continuously monitored for specific company and industry changes as well as for changes in the economic outlook. Asset mix and weightings are adjusted accordingly. Adjustments are also made to reflect any alteration in a client's objectives and needs.

I N S T I T U T I O N A L   F U N D S

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Allocation among assets such as stocks, bonds, real estate, etc. determines over 90% of a portfolio's eventual return. Commingled (or mutual) funds make excellent instruments to achieve complete portfolio diversification because they typically utilize different asset classes as their underlying components. We construct personalized portfolios using no-load institutional, private funds with different asset classes based on the client's risk and return preferences. In addition, diversifying strictly across asset classes is not enough. Most fund managers, whether they manage stocks or bonds, select their securities using a particular discipline or strategy. This discipline is referred to as their investment "style". All managers have different styles and different styles tend to go in and out of favor over time. Evidence suggests that no manager or management company has all of the solutions at all times. Therefore, we believe it is also prudent to diversify among funds (or within the same fund) and utilize managers with different approaches. Our personalized portfolios will likely include institutional funds employing multiple managers within various investment styles. The chart below illustrates the concept of complete diversification within one personalized portfolio: Builder Investment Group, Inc. can utilize a complement of institutional funds dedicated to investment management within specific investment styles to achieve complete diversification and to optimize a portfolio's return at various risk levels. The chart below depicts the trade off investors face between risk and return. Assuming the U.S. capital markets to be efficient, analysts utilize the graph below to determine the best mix of asset classes (stocks, bonds, etc.), for a given risk level. The line depicted is known as "The Efficient Frontier" because portfolios that lie along this line result in the highest available return for the risk accepted. Therefore, investors must decide their risk tolerance in order to receive the best return possible. Concentrate on your tolerance for risk and then optimize your return:

P R I V A T E   E Q U I T Y   /   V E N T U R E   C A P I T A L

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In addition to our public market investment capabilities, Builder Investment Group makes available to our clients when appropriate, the opportunity to invest in venture capital partnerships. These investments are generally available only to large institutional investors, but our partnership format enables individuals to participate in these portfolios of dynamic, leading edge companies. As an adjunct to our venture capital activities, we are periodically afforded opportunities to co-invest in private companies.

C L I E N T   S E R V I C E

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Builder Investment Group believes it is important to provide personal attention to all clients. All client portfolios are managed by senior investment professionals. Our services include a thorough analysis of client needs and requirements to establish long-term investment goals and objectives. Asset allocation is based on these goals and objectives. We believe client communication is an important factor in establishing long-term client relationships. Our clients receive written quarterly reports which discuss their portfolio components, account activity, investment returns and our investment outlook. We meet with our clients to review their portfolios and discuss other investment issues on a regular basis or as needed. We can create specialized reports that are customized to the investors' needs.

S C H E D U L E   O F   F E E S

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Market Value Annual Rate First $1 Million 1.00% Next $2 Million .75% Next $7 Million .50% In Excess of $10,000,000 Negotiable The preferred minimum size for portfolios of individually selected securities is $1 million. The minimum size portfolio using institutional funds is $100,000.   Annual Fee For Various Size Portfolios $500,000 $5,000 $1,000,000 $10,000 $3,000,000 $25,000 $5,000,000 $35,000 $10,000,000 $60,000 Registered and notice filed in the following states: Georgia, Florida, Colorado, and North Carolina. There are many other states that Builder Investment Group, Inc. has client relationships that fall under di minimus rules.

On This Page:	| Investment Management
Personal Portfolio Management	| Stocks and Bonds
Institutional Funds	| Private Equity / Venture Capital
Client Service	| Schedule of Fees

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