Stockholder

Dear Stockholder:

Records on file in this office indicate that you hold stock in the following companies:

American Can

Intermountain Natural Gas

Western Water

Northern Tissue

In view of the current market conditions, we advise you to sit tight on your can; hold your water; and let your gas go. Northern Tissue touched new bottoms today and thousands were wiped clean.

Sincerely yours,

R.U. Dunn

Squatten Leavitt Corp.