Miller Tabak + Co., LLC - Client Services

Miller Tabak + Co., LLC has long put emphasis on the macro factors influencing the financial markets. MT provides top-notch analyses and insights on the U.S. economy, fiscal and monetary policy, and international affairs. Our macro view is considered by many of the country's top investors to be extremely value-added and relevant to their trading and investment decisions.

In his efforts to broaden MT's insights on the economy and markets, Mr. Crescenzi has established contacts with policymakers in and outside of Washington. This effort has brought important insights of extreme relevance to investors. We expect these efforts to broaden further in the months and years to come and to include further contact with key figures within U.S. industry and finance.

A key focal point for Mr. Crescenzi is his open-mindedness with respect to the changing macro environment. Never one to shy away from a major call, Mr. Crescenzi avoids the tendency to become infatuated with a particular viewpoint and stays ahead of trends that appear outside of mainstream views. One way he accomplishes this is to sometimes put a bit of distance between textbook examples and conventional thinking.

We also provide primary coverage of 16 oil service companies, including investment recommendations and actively updated earnings models for each company. MT will also comment on companies outside our primary coverage when company-specific events or relevant industry trends warrant.

The primary coverage list encompasses large, mid, and small capitalization stocks, covering the key niches of the oil service market: Baker Hughes (BHI), BJ Services (BJS), Cooper Cameron (CAM), ENSCO Intl (ESV), FMC Technologies (FTI), Global Santa Fe (GSF), Grant Prideco (GRP), Halliburton Company (HAL), Nabors Industries (NBR), National Oilwell (NOI), Noble Corp. (NE), Schlumberger (SLB), Smith International (SII), and Weatherford International (WFT).

MT publishes the Energy Weekly each Monday morning generally around 8:00 am (EST). We also publish Morning Energy Notes on a near daily basis and brief intraday notes as developments warrant. Intraday notes include a short analysis of US natural gas storage figures shortly after their release on Thursday mornings. When an oil service company on our primary coverage list has a significant change in fundamentals, we publish reports supporting our recommendation.

MT's Energy Strategist, Kevin Simpson CFA, has followed energy stocks for 26 years on the sell side. Kevin was a perennial Institutional Investor All Star for his work following the oil service industry and was on the WSJ All Star list for 6 consecutive years.

Anthony (Tony) Crescenzi is one of the leaders of MT's efforts in this regard. He is the firm's Chief Bond Market Strategist and its economist, a dual role that has given Mr. Crescenzi a solid grasp of the macro condition impacting the markets and the economy. Mr. Crescenzi has worked on Wall Street for 22 years, with twenty of those years spent at Miller Tabak + Co., LLC where his work has been viewed as extremely value-added inside and outside of the firm. Mr. Crescenzi holds a B.S. in finance from CUNY, and an MBA in finance from St. John's University. He has published numerous works, the most prominent of which is his first book, The Strategic Bond Investor, published in 2002. He is currently working on a second book, a revision of Stigum's 1,200-page book The Money Market (1989), a widely acclaimed book well known on Wall Street for 25 years. It will be published in the middle of 2006.

Recognition of Mr. Crescenzi's work has extended beyond MT and its clients. His media exposure is particularly notable, having logged over 500 television appearances on stations such as CNBC and Bloomberg. In addition, Mr. Crescenzi appears across the media spectrum, in print, radio, and electronic media, for example. He is regularly quoted in The Wall Street Journal, The New York Times, Investors Business Daily, and The Financial Times, among many others.

Mr. Crescenzi makes it a priority to be available to clients at anytime, which is one reason he sits on the firm's trading desk. His presence on the desk makes it possible for him to quickly communicate key insights to clients soon after new information becomes available. Speedy communications are only as important as their quality, of course, so it is notable that Mr. Crescenzi's views are widely regarded and widely sought for their accuracy and insightfulness.