| While American Fidelity Assurance Company touches lives throughout the insurance industry,
the American Fidelity Corporation has other companies that expand its influence into financial security solutions, real
estate markets and property management services.
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AASC Holding, LLC, is comprised of several different companies, all with a major
focus on investments. Asset Services Company is an independent investment consulting firm whose clients are foundations,
endowments, retirement plans and ultra-high net worth individuals and families. ASC consults on approximately $3.4 billion in client assets.
InvesTrust is a special purpose national bank, serving as an independent trust company. InvesTrust is
one of the larger institutions of its kind in the United States, administering about $2.5 billion in assets for individuals,
foundations, endowments and retirement plans.
InvesTrust Retirement Services (formerly known as Oklahoma Data Services) provides participant record keeping
for InvesTrust's retirement plan clients. The company tracks information for about 9,000
plan participants.
Most of ASC Holding's revenue is tied closely to the equity markets. Despite a challenging year, top line
revenue was down just 2 percent while expenses grew by only 2 percent. From an investment perspective, most of our clients'
assets held up better than the markets as a whole.
For 2009, we are working hard to re-establish our historic growth patterns while maintaining a personal touch
with clients and our high-quality, independent investment work. More than anything else, what makes us attractive to our current
and potential clients is our personal and independent top-quality service
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American Fidelity Property Company has witnessed the ups and downs of
Oklahoma's economy in the past 50 years, reinforcing our belief in conservative management. Our real estate interests
include office, multi-family and commercial development while we also provide property management services. This
diversity of investments allows us to create desirable property values and a high return on investment.
With strong liquidity and management experience, we have been able to expand and reinforce our role in niche
markets. In 2008, AFPC continued working with American Fidelity Assurance Company to assess its office environment and needs
for the years to come. Office spaces will be remodeled and relocated in the Classen Complex throughout 2009 and beyond.
Although national markets experienced heavy fluctuations and devaluations in 2008, the Oklahoma market has
remained strong and stable. Little movement was recorded in the real estate market in 2008. AFPC will continue to monitor
potential investment properties and will be in a strong position to buy if the right opportunity materializes. We will continue
our conservative approach to growth in 2009.
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