October 28, 2010

Dear Friend,

We have about a dozen companies a dozen institutional investor clients signed up for the Speakers Dinner at 7:15 pm on November 9th in the "Puncheon Room" at the 21 Club at 21 West 52nd Street in New York associated with our November 9-10 conference.  The room sits 50 maximum.   Please let me know if you want to join us as just over half of the seats are taken.  We repeat the "speaker company guests" that have RSVP'd already below:

We cut our 2010 to 2012 earnings estimates sharply for Allegheny Technologies owing to lower silicon electrical steel prices, nickel cost squeezes and lower titanium mill products pounds.  We stayed at a $65 price target and Overweight.

We discussed Plum Creek's dividend coverage and strategic issues in the attached PCL report, where we stayed at a Neutral rating.

Copper Mountain and Northern Tiger dropped out of our conference, leaving us with 52 companies (quite enough).  Lake Shore Gold cancelled a few weeks ago.  Last March the late cancellations correlated with corporate activity, which we do not rule out in the case of Lake Shore Gold as they have not returned several of my phone calls.

Faithfully,

John C. Tumazos, CFA