LIPPER & COMPANY

investment advisory; investment supervisory and investment management services relating to small, medium and large capitalization equity securities, fixed income securities including high yield corporate bonds, investment grade securities, convertible securities and hedged convertible securities and merger arbitrage; fund investment services; financial management services, namely, buying, selling, maintenance and management of funds and investments for others; private placements, namely, sale of interests in investment funds and securities that do not require registration; underwriting mutual fund shares; securities lending operations, namely, borrowing and lending of securities for others; and investment banking and corporate finance services