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<div id="pgGroup_bz1Eaf" class="group"><div class='textboxV3' id='pgTextboxV3_2'><br /><br /><br /><br />The Gateway to Independent Research . . .</div>
<div class='textboxV3' id='pgTextboxV3_1'><br />Portales Partners provides independent research to <br />institutional investors. Our specialty is the analysis of the <br />financial services industry; including banks, brokers, consumer<br />finance, thrifts and the GSEs. Our strengths are marrying<br />the macro trends with the micro consequences. We pride <br />ourselves on independent, in-depth analysis and original <br />thinking, unconflicted by corporate finance. Recommendations<br />are honest and straightforward. Portales' size confers a<br />nimbleness others lack, allowing our clients to benefit from<br />our undivided attention.</div>
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