MINUTES OF INVESTMENT CLUB MEETING

Sunday, January 25, 2004

MEMBERS PRESENT: Gay Chestnut, Ike Chestnut, Janice Hackney, Deborah Hauges, Elsie Jones, Greg Joseph, Renee Patterson, Nancy Pierre, Toni Pinckney, Arthur Powell, Sallie Williams, Tabatha Williams and Preston Younger
MEMBERS ABSENT: Gretchen DuRant,

MEETING COMMENCED: 3:45 p.m.

1. MOTIVATIONAL READING: Read by Gregory and Toni

2. MINUTES: Minutes of December 21, 2003 read by Nancy, correction made as per payment to Zandra in cash only, change to per discussion in November meeting to "case by case". Revision on the financial section, cash has been depleted due to payout, the word "depleted" changed to "decreased". In new business, motion to purchase $1200.00 worth of GE stock, "purchase" changed to "rescind". Minutes accepted.

3. FINANCIALS:
   Preston reported on the valuation statement

   1. Overall stocks are doing well except for FTI consulting. Positive return on all.
   2. Cash made from funds raiser was estimated at $955.00
   3. Total cash available in the bank $5647.89
   4. Renee questioned total cash of $360.00 from last meeting. Expenses are to be reconciled.
   5. Greg questioned Pfizer- re cash return, should we find another more productive blue chip- looking for nine or 10% return- J&J 4.69% not meeting goal Renee suggested that we look at numbers from PERT for better picture. Toni asks if we were looking for 15% from all stocks.
   6. Member's status report- Preston needs more time to familiarize himself with it before he can answer questions.
   7. Investment histories- out of our entire portfolio- all are fine except for GE. Toni says there was no problem with share amount. Elsie says what we saw there was correct.
   8. Medallion signature required to remove Lee's name off account to add Janice and Greg.

4. STOCK UPDATES: A few articles were read discussing the current state of companies we own.

   STOCK NAME	STOCKS SYMBOL	WATCHER/ REPORTED BY	# OF SHARES	ADJUSTED PURCHASE PRICE*	STOCK CURRENT PRICE	PERFORM- ANCE
   Apollo Group, Inc. -Doing very well, things are looking very positive	APOL	Greg/ Same	25	$39.13	$72.56
   Advanced Neuromod	ANSI	Elsie/ Same	20	$55.90	$46.00
   Bed Bath & Beyond	BBBY	Tabatha/ Same	25	$27.22	$39.98
   Cheesecake Factory -2 new openings, upward trend	CAKE	Deborah/ Same	75	$32.17	$42.35
   FactSet Research	FDS	Gaye/	50	$32.09	$38.18
   FTI Consulting	FCN	Nancy/ Same	75	$24.17	$23.03
   General Electric	GE	Ike/	81.8	$29.88	$33.21
   Johnson & Johnson	JNJ	Janice/ Same	98.4	$52.33	$53.00
   Lowe's	LOW	Renee/ Same	50	$43.46	$55.28
   Nokia	NOK	Lee/ Deborah	50	$21.77	$21.15
   Pfizer	PFE	Sally/ Same	50	$39.29	$36.14

5. FUND-RAISING PROJECT:
   
   1. Gay- Scholarship fundraising- a detailed itemized report was distributed with actual money tally $925.89
   2. Discussion for next fund raiser: Sallie suggested a dance and a shopping spree in Connecticut and Gay suggested shopping spree in Franklin Mills.

6. B.I UPDATE:None

7. NEW BUSINESS:
   
   1. Arthur Powell was welcomed to the club letter sent to him was read by Greg
   2. Lee would like to rescind his resignation; Greg read e-mail sent. Toni feels since his record has not been closed yet with the approval of the club if rescinding done before 90 days period. Motion was made to accept Lee's return vote-unanimously accepted.

8. PRESENTATIONS: Deborah's stock presentation - after comments and discussions Hot Topics was put on our watch list for further option as Deborah feels now would not be a good time to spend $35 on stock price

1. BUY RECOMMENDATION: - Pert report sorted by relative value
   
   1. GE - 71/2% -- not performing, sales increased for quarter, stock price weak-pre tax profit up.
   2. BBBY - stock on table to buy-recommendation 50 shares. Unanimous vote in favor of stock purchase.