CHB Capital Partners

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Winter 1996

As we sit down to write this note it is sunny and 70 degrees in Denver. We thought to include the fellow above to show our sympathy with the rest of the country -- especially the East Coast. The mildness of Denver's winters has to be one of the country's best kept secrets.

We are sending this to the diverse group of people we met during the time since starting out to raise the capital for CHB Capital Partners. It is the first in a series of somewhat regular updates that you will receive from us.

As the first enclosed tombstone describes, on June 30, 1995 we closed the fund with $34 million in committed capital. Our investors, both domestic and international, cover the spectrum from wealthy individuals to corporate pension funds. Each of them believes as we do, that the family owned and closely held business market provides a wealth of interesting investment opportunities. We will focus our efforts solely on providing these businesses with capital for ownership transition and expansion on a private, negotiated basis.

The second tombstone describes the completion of our first investment. Trussway is the largest manufacturer of roof and floor trusses in the United States. The company is based in Houston and serves the Southwestern and Southeastern United States from facilities in Houston, Dallas, Orlando, Atlanta and Fredericksburg. Trussway's customers -- single family builders and multifamily developers -- rely on Trussway for consistent, on-time delivery of custom roof and floor trusses that are engineered to meet exacting design specifications. Trussway's performance in these areas has led to its becoming the recognized industry leader.

The acquisition enabled two non-management founders of Trussway to sell their stakes while the chief executive (also a founder) stayed in and an additional 20 members of management bought in alongside him. CHB Capital Partners owns a majority interest in the company and both Tad and John are involved actively in several initiatives at Trussway management's request. As a matter of fact, Trussway shareholders viewed our ability to bring skills and expertise to bear on several important opportunities as a significant bonus. For our first investment, we could not have hoped to find a situation that fit our template better.

We continue to look for more Trussways and would appreciate you thinking of us if you run across a similar situation. Should you call, we guarantee you a thoughtful and timely response.

Best regards,

Tad Kelly & John Flanigan

511 Sixteenth Street, Suite 600 Denver, CO 80202
Telephone: (303) 571-0100 Facsimile: (303) 571-0114