While we constantly refine our investment process, we hold true to the following disciplines...

• Individual equity selection emphasizes a company's long-term growth rates, financial stability, product development, quality of management, and long-term customer demand.
• We utilize several databases to screen and filter companies meeting our specific criteria.  These filters
  are then analyzed by our investment committee and serve as an initial step in the development of
  potential investments.
• Equity positions are evaluated based on a multiple of the company's growth rate compared to the
  current inflationary environment.
• Fixed income securities are purchased based on the current interest rate environment, monetary policy,
  yield spreads, credit quality of the issuer, and the income needs of the client.  Specific portfolios are
  structured and evaluated on the average life of the total portfolio and not the maturity of one issue.
• All portfolios are managed on a fully invested basis with the liquidity guidelines based on the individual
  needs of the client.  Market timing will not be used as a strategic approach; however, under extreme
  market conditions liquidity may exceed typical levels.
• The risk profile of individual portfolios is managed by strategic asset allocation, sector diversification,
  and portfolio realignment.
  

• The client and NTV establish an investment objective based on the income and growth
  needs, time horizon and risk profile of the client.
• NTV reviews account holdings regularly to verify compliance with investment policy, account objectives, and risk profile of the client.
• NTV's investment committee reviews all accounts quarterly to verify that portfolios are invested in accordance with stated objectives and comply with current investment policy and rebalances the portfolios if necessary.
• NTV reviews the investment objective on a regular basis.
  Investment portfolios are generally constructed using a model based on technical and fundamental
  research, industry trends, and the macro economic cycle.

In summary:  Our process encompasses identifying client objectives, allocating available assets, selecting appropriate securities and/or asset class managers, and monitoring performance including adherence to
stated investment objectives.