Dear Gold Club members,

I am not a member of Gold Club, but I am the president of a small investment partnership partially modeled on your group. I have been on the Gold Club email list for almost two years observing and learning about the way you operate. The email list has been very quiet recently, and I had assumed that most Gold Club business was being conducted at live meetings. I was very surprised to read yesterday that the club may soon disband.

Because I am not a Gold Club partner, I do not have any meaningful comment to make on your upcoming decision. However, if Gold Club does disband and if any Gold Club partners would like to continue their involvement with investment clubs, I invite you to consider RainFrog Ethical Investment Partnership. RainFrog is partially modeled on Gold Club, although there are several important differences, including our focus on Socially Responsible Investment and the fact that our monthly meetings are conducted by email rather than in person. You can read more about our partnership and the way we operate on our web site (www.geocities.com/rainfrog_japan). You can also download a copy of our Agreement of Partnership from the web site. I would be happy to answer any questions you might have either by email or by telephone (home 202-965-5659, work 202-778-9661).

I wish you the best of luck with your future investments, and I hope to hear from some of you in the near future. I believe RainFrog has a lot to gain from the experience of Gold Club partners, and I hope you will find we have a lot to offer in return.

Sincerely,

R. Tucker Gilman

president, RainFrog Ethical Investment Partnership