While, as you know, we advertise in a variety of media nationally, our best source of new clients has been from referrals, by good clients just like you recommending us to their friends. We appreciate the fact that you have enough confidence in us to tell your friends about us. We believe that "One Good Turn Deserves Another" and so we have started a Referral Appreciation Program. Talk to your friends. If someone you know would like to find out how they can get 30 days FREE trading on the INTERNET when they open a new Freedom Investments account, send us their name, address and phone number (and please include your name and your Freedom Investments Account Number). If the person you refer opens an account within sixty days of your referral, we'll send you five trading coupons. Each of these coupons is good for one free stock trade when you use our INTERNET system to place your order.

This is NOT a one time offer either. For each account opened as a result of your referral, we will send you an additional five commission coupons.

Thank you for your business. Thank you for your confidence in us. And, thank you for recommending us to your friends. Our goal is to remain worthy of your trust.

Back to top

Notice

From the NYSE:
The New York Stock Exchange is open from Monday through Friday 9:30 a.m. to 4:00 p.m. EST and will observe the following holidays:

Our NASDAQ Securities Execution Agents have notified Freedom Investments, Inc. that special trading circumstances are occurring in the OTC (over the counter) market that may affect customer orders. Specifically, it is possible that orders placed on stocks that are in a "Fast Market" will not receive an execution that reflects the market at the time the order was placed.

A "Fast Market" exists when the number of orders entering the NASDAQ system exceeds the market maker's ability to maintain current quotes and execute orders within the normal 90 second time frame. Generally, stocks trading in a fast market will disable the "NASDAQ automated execution system." When this situation occurs, trades are handled manually by the market makers on a "first come, first served" basis. According to the market makers, orders currently received for stocks in a fast market may take as long as 4 minutes or longer to be executed.

Please enter your trades accordingly.

For more information on the increase in price volatility and volume in many stocks and the brokers response to these market conditions., please view the NASD web site at "nasdr.com" If you have any additional questions concerning these recent events, please contact Freedom's customer service department at (800) 944-4033.

Back to top

IMPORTANT!!

Due to recent changes implemented by the exchanges, Freedom Investments, Inc. is required to have a properly executed "Market Data Agreement" for each customer receiving a real-time quote.

Currently there are two ways a customer can receive a Real Time quote:

1) Complete a Market Data Agreement and receive Real Time individual quotes and Real Time snap quotes and at a cost of $25 per month, non-professional, for each account listed.

Or,

2) Complete a Market Data Agreement and receive delayed individual quotes, but Real Time snap quotes at no charge.

NOTE: a "snap quote" is the quote given prior to submitting an order to Freedom via the TradeFlash software using the "On Line – Real time link" option on the transmission control screen or Freedom’s Internet site.

Included with your statement is a letter describing snap quotes and

our real-time quotes policy. If you wish to receive real-time quotes, you MUST return the letter to us. If you wish to receive Real Time quotes, check one of the boxes on the letter. (Delayed quotes require no documents.) Then return the completed document to Freedom Investments and contact our customer service department to request a market data agreement.

Back to top

Education Corner

(Editor's Note): To read the complete article or for additional helpful information, go to the web site of the New York Stock Exchange: http://www.nyse.com

You and the Investment World - The New York Stock Exchange

http://www.nyse.com/public/educat/uinvestw/toc.htm   Reprinted with permission of NYSE

Why Stock Prices Go Up and Down
(cont'd)

Nothing alters people's attitudes toward saving and investing more than their perceptions of a major news event. For example, when a nation has declared war, stock prices may go up. That's because a country at war needs armaments, supplies for troops, spare parts, and huge amounts of fuel. So companies gear up to produce and sell more goods.

News of other events can push stock prices down. If fighting between Iran and Iraq, for example, flares up in the Persian Gulf, U.S. stock prices may drop. That's because fighting may decrease the supply of oil coming from that region. As a result, oil may become more expensive and the cost of all U.S. goods that rely on oil or petroleum products may increase.

People are reluctant to invest unless they feel confident about the future of the economy. If investors aren't sure how a major event will affect the nation's economy, they're likely to hesitate about investing in securities. For example, if investors are uncertain of a new president's attitude toward business, stock prices may drop while investors await developments.

Watch for the continuation of this series in future issues of TORCHLIGHT. - editor

Back to top

INTERNET CORNER

A series of articles which describe some of the features found on our INTERNET site:
http://www.freedominvestments.com

With our next issue of TorchLight, we plan to begin a series of articles discussing the features of our web site. Let us know if there are any areas that would be of particular interest to you! Send your questions/comments to:

Editor - TorchLight
c/o Freedom Investments
11422 Miracle Hills Drive
Suite 501
Omaha, NE 68123

or FAX (800) 830-1855

or email: feedback@freedominvestments.com

Back to top

Nothing herein is to be construed as a solicitation of any transaction. The information presented has been obtained from sources considered to be reliable, but it is not purported to be complete or without error. Freedom Investments Inc. and Fahnestock & Co. Inc. and/or the officers and directors, and/or members of their families, may at times have positions in any securities mentioned.