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| KCM WISHES PAT ROW ALL THE BEST IN HER RETIREMENT! 
St. Louis, July 22, 2008— I am writing to highlight the contributions of Patricia Row, a real veteran of our firm, and formally apprise you of her retirement. Pat Row retired from our firm at the end of June after serving our company faithfully for 25 years. As many of you may be aware, Pat Row had been planning her retirement, in careful coordination with her colleagues here at Kennedy Capital, for some time. Pat has worn virtually every possible title in our firm…analyst, portfolio manager, Director of Research, and Chief Operating Officer. But most of all, Pat wore the title of team-member, partner, mentor and friend. So, it's with very mixed sentiments that we see Pat transition to the next chapter in her life. Pat will be pursuing some personal interests and spending more time with her wonderful family. As you can imagine, we have benefited immensely over the years from Pat's good judgment and perspective. For that reason, I have great pleasure advising you that we have asked Pat to remain as a Board member of Kennedy Capital, and she has graciously agreed. We certainly look forward to Pat's valuable contributions in that capacity. We've had a few other changes in our organization that I'd like to share with you as well. Prior to Pat's departure, she worked earnestly to find a replacement for her analyst coverage in the REIT sector. I am pleased to advise you that we were able to recruit Charlie Place as Research Analyst to cover REITs. Charlie comes to Kennedy from Ferris, Baker, Watts , a sell-side firm where he worked as an analyst covering banks and REITs. Pat actually had the opportunity to interact with Charlie while he covered REITs at FBW. Prior to his analyst responsibilities, Charlie was engaged in investment banking in FBW's corporate finance department. In addition, we have recently hired Doug Fisher as a Research Analyst assigned to the healthcare sector. We have been searching for a senior analyst in the healthcare sector for some time and we are most gratified to have an analyst of his depth join our firm. Doug has been engaged in equity research covering healthcare since 1989, working with Raymond James, NatWest/HSBC and most recently Matador Capital Management. Finally, Terry Nolan a junior analyst covering business services has decided to leave the investment business and transitioned to another firm engaged in business valuations. Terry's responsibilities will be assigned to other analysts at Kennedy under the oversight of Michael Bertz, PhD, PE, CFA, our Director of Research. Our analyst team stands at 16 today and represents the deepest bench of talent we have ever had at Kennedy Capital. We fully recognize how important it is for us to make the investments in professional talent to remain competitive. I look forward to hearing from you with any questions or thoughts you may have. We greatly appreciate your business and are committed to serving you well. Sincerely, Randall L. Kirkland, CFA |