Gardner Russo & Quinn LLC

Item	7      Types	of	Clients

       Investors with GRQ understand the nature of our investment advisory service and
are committed to the firm’s long-term, global-value investment strategy (please also see
Item 4C regarding restrictions and limitations). Investments through separately managed
accounts and in the Semper Vic Funds are managed in parallel fashion.

     At present approximately seventy-five percent of assets under management are
managed in separate accounts. As separate account managers, we handle various types of

investment accounts including those of individuals, trusts, employee benefit plans, and
foundations and endowed funds (including those of state universities). The minimum size
for a new separately managed account is $1,000,000. At the discretion of GRQ, investments
of lesser amounts may be accepted. Maintenance of an account that is below the minimum
is at the discretion of GRQ.

       At present approximately twenty-five percent of assets under management are
invested in Semper Vic Funds.

       The following three Funds are offered to investors on a private placement basis.

        Semper	Vic	Partners,	L.P.	(“Semper Vic”): Interests in Semper Vic are intended for
a limited number of experienced and sophisticated investors that are “accredited investors”
that include certain institutional investors as well as natural persons with net worth of $1
million or individual income in excess of $200,000 or joint income in excess of $300,000 in
each of the last two years.

        Semper	Vic	Partners	(QP),	L.P. (“Semper Vic QP”): Interests in Semper Vic QP will
generally be available only to qualified investors who are “accredited investors” and to
“qualified purchasers” that are natural persons and family-owned companies that own not
less than $5 million in investments, as well as to other persons acting for their accounts or
accounts of others, that own and invest on a discretionary basis not less than $25 million.

        Semper	Vic	Partners	Offshore,	Ltd. (“Semper Vic Offshore”): Interests in Semper
Vic Offshore will generally be available to experienced and sophisticated investors who are
neither citizens nor residents of the United States and to U.S. investors that are tax-exempt
entities.

       Any offering of Funds’ interests will be made only pursuant to a confidential offering
memorandum and the relevant subscription application, each of which must be read and
completed in entirety. No offer to purchase securities will be made or accepted prior to
GRQ’s receipt of these documents and the completion of appropriate documentation. At
the discretion of GRQ (Thomas Russo, Managing Member), subscription for investment by
any prospective investor in any Fund may be declined.

        The minimum size for an initial interest in the Domestic Funds is $1,000,000.
At the discretion of GRQ (Thomas Russo, Managing Member), investments of lesser
amounts may be accepted according to the nature of the account and any applicable
qualification requirements.

       The minimum size for both initial and subsequent investments in the Offshore Fund
is $500,000 (U.S.), subject to reduction at the discretion of the Directors of Semper Vic
Offshore, but not below $100,000 (U.S.) or such other amount as may be specified under
Cayman Islands law from time to time.

        The subscription documents for each Semper Vic Fund contain questions and
require representations relating to these qualifications. Prospective Fund investors should
refer to the appropriate Fund offering documents for additional important information

regarding restrictions applicable to participation and redemption of investments in the
Semper Vic Funds.

      Additional	Fund	Information: Prospective investors in one or more Semper Vic
Funds should refer to the appropriate offering and organizational documents for additional
important information, terms, conditions and risks involved with investing in a Fund.