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October 31, 2012

A Letter from the President - October 31st, 2012

Hello to you! It is a gray, fall day in Chicago as I look out my sixth floor window, and I think about our friends, families, and clients in the northeastern US, dealing with the aftermath of Hurricane Sandy. It is hard to believe the extent of the damage to New York and New Jersey. However, having spent some time living in New Jersey, I can say with confidence that if there is any group that will rebuild and come back even stronger than before, it is the people of the Garden and Empire States.

In prior communications with you, we have covered some of the things we at Covenant Trust Company do to manage the risk in our clients’ portfolios. We talked about how CTC is rigorous in our fund selection, determined in creating diversification, and disciplined about rebalancing. Given the recent events in the Northeast, I thought you might be interested in hearing about the other risks we work to mitigate.

At CTC, we spend a good deal of time working on business continuity plans, looking at disaster scenarios that could impact our ability to serve you, and then working out solutions. No one knows if and when the next “super-storm” will come, or if there will be an extended power outage, or a flood or tornado, but we work on having a plan just in case. As this hurricane showed all of us, the forces of nature are powerful indeed, and can be devastating to our physical surroundings. We need to be as prepared as possible to jump into “Plan B” when regular life is interrupted.

CTC has a Risk Committee that is charged with looking at the many aspects of risk. The Committee was reviewing the current back-up contingency plans when Hurricane Sandy occurred. While CTC may not ever suffer through an actual hurricane, the possibility exists for there to be an extended interruption of power service, or the inability to get into our company building. You can rest assured that we examine these real life possibilities, and continue to test and refine our contingency plans with new information. The aftermath of Hurricane Sandy brought a new focus to our efforts, and we all will be stronger for it.

Thank you, as always, for putting your trust in Covenant Trust Company and allowing us to work with you on your financial goals. In this season of Thanksgiving, we count it a blessing.

All the best to you,

Ann P. Wiesbrock, CFP®

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