MEDLEY & BROWN

FINANCIAL ADVISORS

March 2000 Investment News

We've moved.

After eighteen years in the Mony Building on Lelia Drive, the moving van arrived a few weeks ago. After much sweat and a little cussin', later that same day we were setting up shop at The Woodlands office complex on County Line Road. For the record, we are at 795 Woodlands Parkway, Suite 104, Ridgeland, Ms.

A confession. While we're very happy with Ridgeland, we are none too happy about not being in the city of Jackson. For two years, we looked for appropriate office space in the city, and each time we thought we had the right situation, it seemed to fall through. In one case on Lakeland Drive, we had the lease in our hands ready for signature when the amount of space available changed. In the end, The Woodlands offered us a nice arrangement in a first-class building. Jackson City Councilmanand friendBen Allen has already let us know of his unhappiness and in some way, we will have to make amends to him (perhaps the gift of a pair of ear plugs.)

Later in the Spring, you will hear from us as we are planning an open house and cocktail party for all clients.

The Woodlands is easily accessible from County Line Road andyou're not going to believe thisit is a snap to avoid the traffic of County Line. Simply take Old Canton Road north and turn left onto County Line. Then, go a short one block equivalency and turn right onto Woodlands Parkway. Our three story building is the first one on the left. The building number is 795.

Visit our Website.

While we often have concerns about the investment merits of some technology stocks, we love the benefits of today's technology and intend to use it extensively in our business. So, click onto www.medleybrown.com and see our new website. In addition to the usual background information, you can access our latest filing with the Securities and Exchange Commission, recent newsletters and other material about the firm.

www.medleybrown.com

PEAR ORCHARD RD

AVERY BLVD

OLD CANTON RD

N

MEDLEY

& BROWN

FINANCIAL ADVISORS

I-55

WOODLANDS

Office Park

Northpark

Mall

Beagle

Bagel

COUNTY LINE RD

We have also provided a link to a new service, the Schwab Signature Services Alliance. This service will allow you to access all of your accounts at Charles Schwab by using a login name and password. You should already have received information about setting up your account.

"The New Economy versus The Old Economy"

As this letter is being written, we have seen two days (March 15^th and 16^th) of very significant activity on the upside in the equities markets. The Dow Jones Industrial Average was up 8.35% the past two days and The Wall Street Journal chose to headline it, "New Economy looks at Old And Sees Gold." Many smart investors of the past few days could not ignore the compelling investment fundamentals of Old Economy stocks which have languished for months and months. Consider the list of companies which we all admire: Coca-Cola, off 35% from its high, Gillette, down 50%, Johnson & Johnson, a negative 28%, IBM, down 24%, Allstate, -45%, Fannie Mae, off 34%, Dow Chemical, -41%, WalMart, off 31%, Merck, down 36%, Bank of America, -43%, and locally, Trustmark, -37%, Mississippi Chemical, -33%, Friede Goldman, -67%, ChemFirst, -31%, and yes, MCI WorldCom, -34%.

Our sense is there are hundreds of companies in the United States, who have healthy financials and good business plans for the future but whose stock prices have fallen behind the value of the businesses. Eventually markets recognize this disparity and the gap between the intrinsic value of a business and its stock price narrows. It seems obvious that in the past few days, Wall Street has said it plans to value these businesses at a higher price level.

...there are hundreds of companies in the United States, who have healthy financials and good business plans for the future but whose stock prices have fallen behind the value of the businesses.

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MEDLEY & BROWN 795 Woodlands Parkway, Suite 104, Ridgeland, MS 39157 · P.O. Box 4707, Jackson, MS 39296-4707

FINANCIAL ADVISORS 601/982-4123 · 1/800/844-4123 · Fax 601-366-0013 · mb@medleybrown.com · www.medleybrown.com

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MEDLEY & BROWN

FINANCIAL ADVISORS

795 Woodlands Parkway, Suite 104

Ridgeland, MS 39157

P.O. Box 4707

Jackson, MS 39296-4707