Diversity Investment Group
Minutes of the Meeting: May 5, 1999

In Attendance: Michael Wall, Steve Shockley, John Brock, Larry Corse, David Brodeur, Roger Drury, Russ 
Douglas, Roger Drury, Ron Kozak, Andy Bain, Gary Kaupman, Randy Wilbur, Tom Saunders, Todd Fibus.

Absent: Holly Deveny

Guests: Peter Carnell, David Jones

Holly provided David B. with a proxy due to her being absent.

David B. shared stock tips/Peter Lynch quotes.

Minutes were approved for last month.

Larry Corse volunteered to be Assistant Secretary (but will not be attending the next two meetings).

Tom reviewed the valuation statement: $904.00 cash on hand. $2,547.00 is due Vinnie.

Gary presented his diversification worksheet.

Guest Peter Carnell gave a presentation on his background in engineering.

Guest David Jones, a financial software developer, gave a presentation on Avon and Carnival.

Both Peter and David were approved for membership by more than 2/3rd's majority. (Both have attended three 
meetings and have given presentations.)

General discussion on DRIP plan of Waterhouse as opposed to Etrade.

David B. offered to teach a class on STB Stock Analyst, May 27, 1999.
At 7:30 PM at his house.

Roger/VP Corner:
This month presentations by: Gary, Andy and Tom.
Next month: Randy, Roger (RPM), Gary and Steve (3M).

Randy invited everyone to a cookout the second Saturday in June (June 12) at a mountain cabin 2 hours north of 
Atlanta (Blue Ridge).

Tom gave a presentation on Diversified Insurance Industry: American International Group (AIG). Regulated like the 
banking industry…"not too exciting...but very predictable earnings."
Current price of $120.38 is in the HOLD zone. BUY up to $81.89.

Andy gave an update on Wolverine. Earnings dropped but price up slightly.
Andy also gave a comparison of Barr Labs (BRL) and Jones Pharma (JMED).
Barr's current price of $35.13 is in the BUY zone. Buy up to $47.27.
Jones Pharma's current price of $33.40 is in the BUY zone. Buy up to $37.68….OR…buy up to $25.00.
Expressed the need to compare to a couple of other generic drug companies…perhaps Merck and Pfizer.

Gary gave a presentation on HCR Manor Care (HCR)…a Real Estate Industry company.
Compared to Sunrise. Both long-term care industries.
HCR's current price of $27 ¾ is in the BUY zone. Buy up to $28.
Gary will get a V/L on the industry and compare to Sunrise, etc.

John gave a presentation on Andrew (Antennas, Cabling/Cell Towers).
Half of their sales are international (hit hard). Lots of competition in market.
Quarter after quarter of earnings disappointments. If Int'l market improves they could do well.
May be another year before we start to see improvement.

All checks were received.

Gary made a motion to give Tiffany to Vinnie to buy him out. Everyone approved the motion (only one abstention.) 
Gary to continue to follow Tiffany in case we want to purchase it again.

Meeting Adjourned.

Minutes respectfully submitted by David Robinson