<![CDATA[
<body bgcolor="#3F5F56" text="#FFFFFF" link="#990033" vlink="#990033" alink="#990033" leftmargin="0" topmargin="0" marginwidth="0" marginheight="0">
<table border="0" cellspacing="0" cellpadding="0" align="center" width="100%">
<tr>
<td>
<p> </p>
<p> </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td width="100%" align="center">
<table width="721" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="right">
<table width="540" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="center"><a href="#"><img src="/images/top_nav_1.gif" width="388" height="19" border="0" usemap="#Map"></a></td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width="100%" align="center" bgcolor="#D7D7D7" height="1"><img src="/images/transparent.gif" width="1" height="1"></td>
</tr>
<tr>
<td width="100%" align="center">
<table width="721" border="0" cellspacing="0" cellpadding="0" height="294">
<tr>
<td background="/images/center_pic_1.jpg">
<table width="100%" border="0" cellspacing="0" cellpadding="0" height="294">
<tr>
<td width="25%" valign="bottom" align="center">
<p><a href="/index.htm" target="_parent"><img src="/images/transparent.gif" width="106" height="85" border="0" name="Home" alt="Staats Capital Management Home"></a></p>
<p><br>
<br>
<br>
</p>
<p> </p>
<p><br>
<br>
</p>
<p> </p>
</td>
<td width="75%" valign="top" align="center">
<p> </p>
<p><font face="BankGothic Lt BT, BankGothic Md BT, Arial Black" size="4"><b><br>
STAATS CAPITAL MANAGEMENT</b></font> </p>
<p><font face="Arial, Helvetica, sans-serif" color="#990000" size="2"><b>WARNING:
In order to see this site your web browser must be<br>
able to show frames. Either refresh your browser or
download a<br>
current web browser. If you have any questions please
ask.</b></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">A
private portfolio management group specialized in <br>
undervalued securities and arbitrage situations.<br>
</font><font size="3" face="Arial, Helvetica, sans-serif"></font></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td width="100%" align="center" height="1" bgcolor="#D7D7D7"><img src="/images/transparent.gif" width="1" height="1"></td>
</tr>
<tr>
<td width="100%" align="center" valign="top">
<table width="721" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="right" valign="top"><img src="/images/bottom_nav_1.gif" width="154" height="17" usemap="#Map2" border="0">
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
<map name="Map">
<area shape="rect" coords="3,2,77,18" href="/about_bot.htm" target="_top" alt="About Staats" title="About Staats">
<area shape="rect" coords="89,2,154,17" href="/philosophy_bot.htm" target="_top" alt="Philosophy" title="Philosophy">
<area shape="rect" coords="163,4,234,17" href="/performance_bot.htm" target="_top" alt="Performance" title="Performance">
<area shape="rect" coords="242,3,313,17" href="/legal_bot.htm" alt="Legal Forms" title="Legal Forms" target="_top">
<area shape="rect" coords="323,2,383,16" href="/contact_bot.htm" alt="Contact Us" title="Contact Us" target="_top">
</map>
<map name="Map2">
<area shape="rect" coords="2,3,60,15" href="/disclaimer_bot.htm" alt="Disclaimer" title="Disclaimer" target="_top">
<area shape="rect" coords="70,3,146,14" href="/privacy_bot.htm" target="_top" alt="Privacy Policy" title="Privacy Policy">
</map>
]]>