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Tuesday, July 29, 2003

Oak Value Executives to Discuss Plans

by: Sean Hanna, Editor in Chief

Oak Value Capital executives plan to hold a special conference call this Thursday to address issues raised by the tragic death of George W. Brumley, III last week. Brumley was killed along with 11 members of his family when a chartered plan crashed in Africa.

In the wake of the tragedy, David R. Carr, Jr., president and co-founder of the firm with Brumley, said that he has taken over as the sole portfolio manager of the firm's flagship Oak Value Fund. He added that the three remaining members of the firm's investment committee "are performing their ordinary and regular investment functions, duties and responsibilities" and that shareholder services and other support functions are maintaining normal business operations.

Carr will host Thursday's conference call along with Larry D. Coats, Jr. and Matthew F. Sauer, the two other members of Oak Value's Investment Committee.

"Our relationship with the Brumley family extends back for many, many years, and we are shocked and grief stricken at this incredible tragedy," said Carr in a statement. "We know all of the individuals involved and they were wonderful people of character and integrity, with a great tradition of service and philanthropy. We are praying for the victims and the surviving members of all the families, and trying hard to pull together with our own families and loved ones to cope with such a tragic loss." Carr added that Brumley was "a leader, mentor, good friend and a great person of boundless energy and enthusiasm."

"We are doing our utmost to follow that example in the midst of these sad times and to build on the structure George helped establish at Oak Value. We intend to carry the Oak Value tradition and philosophy forward, an outcome which we are certain that George would insist," added Carr.  

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