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For Immediate Release:

For additional information contact:
Tedd M. Alexander III
Managing Member
410.244.6200
www.credocm.com

Credo Capital Management, LLC Receives State Registration

Baltimore , Maryland — June 16, 2004 — Credo Capital reported the State of Maryland declared its registration as an investment advisor with the State effective as of today, June 16, 2004 .

Tedd M. Alexander stated, “We are happy to have completed another stage in our development as a world-class investment management company. We are equally happy to have registered in our home state of Maryland .”

Having acquired registration, Credo will launch a full effort toward acquiring its first institutional clients. Mr. Alexander expects that Credo will be registered with the Security and Exchange Commission as soon as practicable.

Credo Capital Management provides investment advisory services to institutional clients. Headquartered in Baltimore , Maryland , Credo Capital Management is registered under the Maryland Securities Act as a limited liability company.