On behalf of the managing partners, directors, investment executives and myself, I am pleased to welcome you to Monarch Financial Corporation of America.

                 Monarch Financial Corporation of America operates under the laws and regulations as governed by the State of New York and under the auspices of prudent business practices as mandated by the Securities and Exchange Commission (SEC), National Association of Securities Dealers (NASD), and the Municipal Securities Rulemaking Board (MSRB).

                 It is the primary resolve of Monarch Financial Corporation of America to provide the highest standards of professional business practices and services to individual and institutional investors.  Our philosophy of consistency and a fundamental belief in "old fashioned" investment policies, ethics and personalized service is the hallmark for our establishing loyal client relationships.

                 To solidify these philosophies, our sales, trading and operations departments are supervised by managing partners of the firm.  Their chief priorities include the regulatory supervision of investment trading activities, the seeking out of value in the market place and the timely execution of government, municipal, corporate, and equity transactions.

                 As a correspondent broker of First Clearing Corporation (FCC). all client accounts are managed by Monarch and maintained by FCC. This relationship facilitates essential services to our clients.  You will please note that all securities, cash, money market balances, delivery and receipt of funds and securities are maintained and the responsibility of FCC. Additionally, FCC will extend credit for our margin clients and perform the required maintenance on these accounts.  Your confirmations and monthly or quarterly statements will be prepared by FCC.  We firmly believe that the execution, clearing, support services and investment products offered to you by Monarch as a correspondent of FCC are the finest in the financial community.  Along with the services described, FCC also provides insurance protection for all securities customers up to their net equity securities balance, including full free cash balance protection. $500,000 of this insurance is provided by SIPC, not in excess of $100,000 for claims relating to cash, and the remainder is provided by a leading U.S. insurance carrier.

                 Personalized service and "old fashioned" investing philosophies combined with our efficient and professional staff has produced a "Full Service" financial organization that is totally committed to your satisfaction.

 I wish to you the greatest success and look forward to establishing a long lasting relationship.

Sincerely,

James C. Des Londe
President - CEO