Consistently ranked #1 in the prestigious Group Five survey, American Stock Transfer and Trust Company (“AST”) has pioneered a unique, customer-driven approach to the provision of comprehensive transfer agency services. Founded in 1970, AST has grown to be the largest independent stock transfer agent in the nation. Our more than 2,500 clients can attest to our exceptional standards in customer care, our unending focus on quality, and our innovative approach to the stock transfer business. In our opinion, AST’s success can be attributed to the following four distinguishing factors:

Pioneering Technological Innovation

From our very inception, we have relied on consistent technological advancements to ensure our continuing ability to provide high quality services at rates substantially lower than those of our competitors.

Our experienced mainframe and PC programmers have developed our processing systems entirely in-house. Our Vice President of Information Technology, who has been with the company since its early days, has encyclopedic knowledge of our operations and our industry and has overseen the growth and development of our vast and complex information technology resources. As a result of our staff’s familiarity with our proprietary processing systems, we have demonstrated an unparalleled ability to adapt to changing markets and circumstances in an expedient and responsible manner.

Long before the Internet won mainstream acceptance, AST recognized its potential as a means to streamline and improve the provision of stock transfer services. We were the first transfer agent to offer Internet and telephonic proxy voting, the first transfer agent to offer comprehensive online stock purchase and sale plans, the first transfer agent to offer automated stock option issuances and the first transfer agent to offer online, customer- initiated report generation tools. And, with the launch of our redesigned and expanded website in the summer of 2002, we have cemented our position as the industry pioneer in the provision of relevant and effective technological enhancements.

Time and time again, we have put our technology resources to the task of meeting our clients’ most daunting business challenges. Over the years, we have developed custom applications in the areas of online customer access, Internet and telephonic proxy voting, reserve accounting, and customer reporting.

Responsiveness to our Customers/ Flexibility

The stock transfer business is unique from most other service organizations. In addition to providing a needed corporate service, AST is the public face of our corporate clients. Shareholders often do not understand the function of a transfer agent, and they consider a call to AST as a call to the client.

Since we are the public face of our clients, we know that it is absolutely vital that our structure accommodate the unique business needs and circumstances of each of our clients. We are continually modifying our systems and our business processes to ensure that all reasonable client requests are satisfied. AST truly abides by the notion that “the client is always right.”

Organizational Structure

One of the pioneering service enhancements introduced by AST is the flat, single point organizational structure. Our clients are each assigned an account administration team that has overall responsibility for all aspects of the client relationship. Our clients are not expected to familiarize themselves with the intricacies of our operations and to determine the best person or department to call in each instance. Our clients will never be passed from person to person when trying to resolve a question of issue. All questions can be posed to the appropriate account administration team, who will ensure that the client receives a complete, correct and expedient answer. And, our account administrators are always available. AST does not permit its first-line operational employees to use voice- mail during regular business hours.

But, this single point system is only part of the solution. Once an account administrator has received a client request, we must ensure that our organizational structure is optimized in a manner that will ensure the immediate response time that our clients have come to expect. AST can boast a truly flat organizational structure. From our President through the maintenance personnel, there are never more than three levels in our organizational structure. This flat structure ensures that all requests, regardless of their nature, receive immediate attention by the most qualified and capable party.

The last organizational element that distinguishes AST is its high level of employee satisfaction and loyalty. The average tenure of our first-line employees is in excess of eight years. And, on average, our managerial staff has been with AST for greater than 15 years. These long-term employment arrangements, coupled with the fact that all of our employees are located in a single facility, ensures that our employees are absolutely familiar with the intricacies of our business and have the working relationships necessary to ensure that requests are handled correctly and expeditiously.

Simple and Predictable Fee Structure

Yet another industry innovation pioneered by AST is the flat monthly fee structure. Until AST was founded, the industry standard was a small monthly fee and a whole host of add-ons and additions, many of which were not clearly understood by the clients. AST introduced at that time, and maintains to this day, a flat monthly fee structure which allows for predictability and planning. Except as otherwise agreed, the only costs not included in the monthly fee are out-of–pocket and incidental expenses. This accommodation on fee structure simplifies our clients budgeting and ensures that our clients do not receive unexpected and inexplicable charges.

Superior Service
AST is proud of its accomplishments, and will continue to improve our offerings and our industry. We look forward to servicing your future stock transfer needs.