The Tredegar Trust Company, headquartered in Richmond, Virginia, was formed in August, 1993 under the Independent Trust Company Act that became law in Virginia, as adopted by the Virginia General Assembly, effective July 1, 1993 as an Amendment to the Virginia Banking Act. Tredegar's team of professionals is headed by John Mason Lee Antrim. They offer comprehensive portfolio management, trust administration/estate settlement and custody services to high net worth individuals and institutional clients in central Virginia.

Tredegar received its Certificate of Authority from the State Corporation Commission's Bureau of Financial Institutions in December 1993 and began operations January 12, 1994. The company has subsequently experienced tremendous growth in assets under administration and accountability (currently in excess of $300 million), and expanded its geographical territory into Northern Virginia.

Executing a strategy consistent with the corporation motto "19th Century Service with 21st Century Technology", Tredegar has remained disciplined in providing unparalleled and personal service to each client. We develop a knowledge of clients' needs that competitors, particularly larger banks pre-occupied with mergers and acquisitions, can not duplicate. The underlying purpose of the relationship is to deliver the best products to families; the under-girding of this stated purpose is to enhance communications. We strive constantly to be pro-active and to help clients achieve their goals.

Tredegar employs a "growth-at-a- reasonable-price" (GARP) large cap equity investment style by which stocks are selected on the basis of price to earnings ratios and their relationships to earnings per share growth rates. In short, we research stocks and will pay for growth, but not too much for that growth. Importantly, we analyze stocks to ensure they represent growth prospects looking forward one or two years. Also, we prefer companies with branded products, global operations, substantial "free" cash flow, and less than average leverage on the balance sheet. By talking with Wall Street analysts and company management we are able to construct portfolios by purchasing stocks which will provide exposure to all S&P industry sectors. Realizing no one can "time the market", we do not attempt to raise cash based solely on broad market valuation measures, relying instead on the asset allocation tailored to each client as the broad basis of investment decisions.

In fixed-income investment management, we employ a "laddered" strategy of purchasing high quality securities in each year of the investment horizon. This compares to other strategies where "bets" are placed or clustered around certain years. In both equity and fixed-income investing, we attempt to select high quality securities and to provide a balanced exposure to economic sectors as a way to maximize long-term risk-adjusted total returns.

Our relations with The Middleburg Bank (TMB) formed in late 1994 when Tredegar began the custody and investment management of TMB's trust accounts. Not only were our corporate cultures an excellent match but our traditions of placing exceptional customer service as a foremost priority made perfect sense when we decided to affiliate with Independent Community Bankshares. Tredegar Trust now has an office at The Middleburg Bank in Middleburg headed by its Piedmont Regional Manager and Vice President, David L. Hartley.

Customer service knows no product or geographical boundaries. In fact, through the affiliation of TMB and Tredegar we have a flexible, well-capitalized, well-staffed company with a well- articulated strategy focused on the customer.

• John Mason Antrim - jantrim@tredegartrust.com
• David Hartley - dhartley@tredegartrust.com