<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"> <html> <head> <meta content="text/html;charset=ISO-8859-1" http-equiv="Content-Type"> <title></title> </head> <body bgcolor="#ffffff" text="#000000"> <img moz-do-not-send="true" alt="TNG October Monthly Memo" src="http://www.thenicholsongrp.com/images/memos/TNGOctMemo.jpg" height="1100" width="850"> </body> </html>