RAGEN MACKENZIE

Ragen MacKenzie is the leading regional brokerage firm headquartered in the Pacific Northwest. The Company's primary business is retail securities brokerage, which it conducts through its Seattle headquarters and 10 additional offices in Washington, Oregon and Alaska, which include four offices operated by independent contractors. This business is directly supported by the Company's proprietary research efforts, which are based on a value-oriented, contrarian approach to investing.