October 8, 2001

To our Valued Clients and Business Associates:

The challenges facing Frenkel & Co., Inc. after the events of September 11th have resulted in this declaration of pride in our Courageous Family of Employees. One hundred and fifty-two of these individuals were actively engaged in servicing our clients that morning on Floors 35 & 36 of Tower Two, World Trade Center. They have persevered in maintaining professionalism every day since, while coping with their own experience of grief and loss. We continue to listen in awe to Frenkel stories of survival. Our employees have made us aware of managers and personnel who moved swiftly to evacuate these premises safely, and of fellow workers who generously carried one of their own, onto an active elevator, thereby risking their own lives to accompany her to the ground floor. Several of our employees remained in lower Manhattan and immediately attempted to make contact with our clients and insurance industry personnel. Many reached out from secure places to comfort each other, to let the people who work beside them know that they were safe.

We affirm our commitment to our clients and to our brave and dedicated employees by establishing new permanent locations for Frenkel & Co, Inc. that will continue to enhance the collective resources of our International Brokerage Services. In readjusting our strategy, we can maintain our tradition of technical knowledge and business integrity while remaining sensitive to the ongoing safety concerns shared with the metropolitan New York business community as a whole. Frenkel & Co., Inc. has secured a permanent office in New York at 1740 Broadway, near 55th Street. In approximately sixty days we will welcome the employees who service clients in our National and International Accounts Divisions, the Marine Hull/Cargo Divisions, Frenkel Benefits, LLC., and Claims and Engineering personnel that work in conjunction with these divisions. Additionally, we have secured permanent office space at 30 Montgomery Street, Jersey City, New Jersey. Our Personal Lines, Accounting/Finance, and Voice and Data Divisions will service our valued clients in this new office in approximately sixty days as well.

In the meantime, we are bolstered by the continued professionalism of our employees at Frenkel of New Jersey, 560 Sylvan Avenue, Englewood Cliffs, where many of our New York based employees are temporarily responding to clients’ needs in cooperation with our staff located in Manhattan at 380 Lexington Avenue. The ongoing success and support of Frenkel of California in Los Angeles remains a source of professional pride in the overall quality of service provided by Frenkel & Co.’s Family of Employees.

Very truly yours,

John F. Kelly
President & Ceo

Robert E. Shunk
Chairman