July 19, 2008

Foreign currency trading – At all times, however, the company complies with the provisions of the Investment Company Act, pursuant to which asset coverage must be at least 300 per cent of all borrowings.

Affiliated Fund borrowed funds some years ago, but it has not followed the practice since 1950. Atlas Corporation This is a closed-end, non-diversified management investment company. It has power to engage in a broad range of activities. Its practice has been to invest substantial but varying portions of its capital in special situations, when opportunity offered, rather than to keep all or a major part of its funds in a diversified portfolio. Examples of special situations include reorganizations, the financing of new capital issues, and investment in enterprises under circumstances which gave promise of realizing ultimate profits by correction of temporarily unfavorable circumstances. At one time, Atlas had approximately two-thirds of its total assets invested in Barnsdall Company.

Foreign currency trading – At all times, however, the company complies with the provisions of the Investment Company Act, pursuant to which asset coverage must be at least 300 per cent of all borrowings.

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