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12/17/2023

With the execution of some call on Friday (12.15.23) we have paid off our margin and

have some available cash. We should have new capital coming in from the sale of real

estate but the timing is uncertain. The market is at an all time high, margin rates are still

high and political risk is high so it is time to sell out of the money puts cautiously. For

those reasons we have adopted the following guidelines:


We will not sell options to result in a debt load in excess of about 6% of the value of our

securities.


We will develop measures for getting the most premium revenue from the

limit by creating probability measures on the likelihood of a trade execution.

Sales will be limited to one contract per company per expiration date.


Sales will be at 15% below the market rate on any Dividend Champion down 2% on the

day.


Sales will be 10% below the market rate on our list of tech Wannabe DCs on any

Wannabee down 2% on the day.


We will not sell puts on the following issues: TDS, WBA, WLY, MMM, MO, MDT,

LEG, BEN, PII or ALB. These are firms we have substantial holdings in and we have

owned for some time and are down in value. In some cases we believe there may be a

threat to maintaining their Dividend Champion status.

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