Letter to our shareholders Financial Highlights Penismightier, You and the Community Managerial Analysis Penismightier Audit Statement Board of Directors

The Board of Directors and Shareholders, Penismightier, INC.:

We have audited the accompanying statement of assets and liabilities, including the statement of cash flows, and income statement, of Penismightier, Inc. as of March 1, 2002, the related statements of operations for the twelve months ended and of changes in net assets for the twelve months then ended and for the year ended February 28, 2001, and the financial highlights for each of the periods presented. These financial statements and financials highlights are the responsibility of the Executive Officers of Penismightier. Out responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financials statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of assets owned as of March 1, 2002, by correspondence with the company's managers; where replies were not received from managers, we preformed other auditing procedures.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Penismightier, INC. as of March 1, 2002, the results of its operations, the changes in its net assets, and the financial highlights for the respective stated periods in conformity with generally accepted accounting principles.

DELOITTE & TOUCHE LLP
New York, New York
March 10, 2002

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