Avalon Capital, Inc.

As on October 30, 2003 Avalon Capital, Inc. is out of business. Avalon Capital, Inc. is a closed ended equity mutual fund launched and managed by Hutner Capital Management, Inc. The fund invests in the public equity markets of the United States. It makes its investments in stocks of companies operating across diversified sectors. Avalon Capital, Inc. was formed on November 20, 1995 and is domiciled in the United States.