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HomeMy WebLinkAboutDocumentation_Pension General_Tab 13_11/02/2009Village of Tequesta General Employees' Pension Fund As of September 30, 2009 No Text i'able of Contents 3 Client Performance & Allocation 6 3rd Quarter Market Review 29 Holdings Report with Compliance Review 35 Fiscal Year 2009 Proxy Votes 2 No Text Dana investment Advisors, inc. o ~~, Portfolio Summary ,~,;-~ .~.~ From: December 31, 2008 to September 30, 2009 I ~ ., , , I•,.. i . ~ ~,•~ ~ i ; ~i .. ~ - I 1087comp - Teauesta General Employees Pension Fund -Comp Portfolio Allocation Summary Market % of Estimated Current 09/30/09 Assets Income Yield Cash 59,611 4.8 6 0.01 Fixed Income 437,882 34.7 19,099 4.41 Equity Related 755,267 60.5 13,157 1.74 Total Portfolio 1,252,760 100.0 32,262 2.58 Account Activity Summary Portfolio Value on 12/31/2008 Contributions/Withdrawals $111,163.07 Investment Income $22,251.98 Unrealized Gain/Loss $112,703.29 Realized Gain/Loss ($13,836.52) Change in Accrued Income $549.25 Portfolio Value on 09/30/2009 Total Gain $121,668.00 Equity Related(6r `"' Cash(4.8%) ...__..._(34.7%) The impressive rally off the March 9 low in the equity markets continued throughout the third quarter, as the S&P 500 added over 15% during the period. While the rally has been broad, small and mid cap stocks of unprofitable companies with weak balance sheets have been leading the way. The rush to these high-beta names is a signal that investors are willing to take on more risk as cash trickles off the sidelines and confidence $1,252,760.47 returns to the equity markets. Performance Summary-Time Weighted Returns Portfolio Performance (%) Gross of Fees Latest Year Month To Date Total 2.82 10.98 $1,400,000 $1,200,000 $1, 000, 000 $800,000 $600,000 $400,000 $200,000 $0 Account Value ($) Over Last 12 Months o~ w~ rn rn rn o rn rn rn rn rn 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ O ~ N ~ N M ~ u7 (O ~ Op ~ r r The majority of public companies beat earnings expectations for the second quarter, driven largely by managements' aggressive cost-cutting efforts. As third quarter earnings season approaches, the market will look for revenue growth as confirmation that the corporate earnings results of the second quarter were not a temporary aberration, but can continue if the economy returns to sustainable growth. In the face of the ongoing rally, many companies are experiencing added pressure to prove that their increased stock valuations are warranted. The fixed income markets continued to improve during the third quarter as the spread between the 2 year and 10 year treasuries stabilized after increasing during the second quarter. While the spread is still high historically, its stabilization indicates that the market does not foresee imminent inflationary risks. The corporate and municipal bond markets had another strong quarter as pricing continued to improve as yields came down across the yield curve. The Intermediate Aggregate bond index increased 2.9% and the 1-5 year Municipal index advanced 2.1%. Mortgage rates increased for much of the third quarter but dropped significantly in September, returning them to historical lows. We continue to search for attractive bonds in both the new issue and secondary markets and find adjustable rate securities attractive against potential future inflation risks. Improving economic indicators such as increasing retail sales, higher new home sales and lower initial jobless claims prompted Fed Chairman Ben Bernanke to declare the recession "very likely over" on September 15th. While the markets rallied on this observation, fourth quarter markets will need to see continued economic improvement without negative impacts from Fed policy, major legislative changes, or increased global conflict. We continue to look for opportunities to increase returns while monitoring risk and welcome any questions or comments. The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy. ~ Village of Tequesta General Employees' Pension ~~ ~ Obtain a reasonable total rate of return, with rarsona Ie consistency while attempting to proteca the assets against the inroads of inflation. Performa~zce over ?-5 year market cycle to be in excess of Investment Objectives: composite indices. Manager's performance to be in the top 40% of comparable manager universe. Total Return to be equal to actuarial carnin~~s assumption and cyual or c~ccai CPI plus ~°'„ Deer ~-~ vcarc ~clc. Comparative Indices t.0°~ S&P 500 / 40°4, GovdCredit Intermediate Not more than 5% of fund's assets un~cstc in any one issuing company or aggr-egatc inecsunent in one company exceed 5°i° of outstazzdingcapital stock of the company. Equity -Investments in stock Investment Restrictions: not to exceed 60% at cost or 70°ib at market. Listed on National Exchange. Fixed -Standard & Poor's Investment Grade or M oody's investment grade. Value of bonds in single corporation shall not exceed 10°% of the total fund. ` t rE ~.I 1 11 ! ~ i ~ Total Return Fiscal4th Qtr * Fiscal Year 2009 Average Annual Since Inception 6-30-09 to 9-30-09 9-30-OR to 9-30-09 10-3-OS to 9-30-09 Blend: 60% S&P 500 10.62% 1.77% 2.08% 40% G/C lnterrr[ediate Employees' Fixed Income 2.99'% 9.39°/, GovdCredit Intermediate 3.21 % 9.68% Employees' Domestic Equity 12.95% -9.90% S&P 500 15.61% -6.91% Employees' International 20.31% 4.91% MSCI EAFE 19.52% 3.48% Fiscal = 9-30 * Unannu alized The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy. Village of Tequesta General Employees' Pension y ~ ~~ EAluity ~)~). ~n n F IXOd In GOnle ~_-=. ~ ~ ~ ~ 31.6"„ - '~~:~: Cash & N:quivalcnts S2°~o Equity Allocation Fixed Income Allocation Dana Large Corporate (ly, Cao~4th Bonds Agcnc~' 2.R°~, Bond. ?I._ ,. ~_ .~__- ;~ ~~~~~~~ 11;ti1~J Inl~~ ~ I I'ta~Ul~\' I BonlL, Uana Lar~~ I' 4°„ haxablc Bonds ~{ A"., Cali ('ors Bond h'mid; 226"-~6 -t2.4°~~~ 15 5~~~ The information set forth above is based upon information believed to be accurate and reliable but we do not guarantee its accuracy. Q3 2009 Equity Market Summary ^ Earnings reports provide upside surprises and revisions move higher Economic indicators hitting possible inflection point Case/Shiller Index, Monthly Unemployment Claims ^ Appetite for risk returns, driving a global equity market rally S&P 500 +15.6%, second best quarter since 1998 Cyclical sectors (Financials, Industrials & Materials) lead the market up 20%+ in Q309 Small cap stocks (+19.3%) outperform large caps in Q3 Large value stocks continue outperformance trend that began in Q2, growth stocks still have a significant lead over value for the full year Low quality stocks continue to lead the market ^ Q3 2009 ^ 12/31 /2008 - 9/30/2009 'I 15.6% S&P 500 19.3% NASDAQ Russell 1000 Growth 35.6% Russell 1000 Value ~ ~ 18'2% 14.9% Russell 2000 19.3% 22.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 6 Low Quality Equity Rally From March 9t" to September 30, 2009, the S&P 500 has a total return of 58%. Look at some groups that have done much better: ^ Unprofitable companies: +107% ^ Negative free cash flow companies: +87% ^ Negative ROE companies: +106% ^ Top quartile leverage (debt/EBITDA): +83% ^ Top quartile short interest: +86% ^ Small cap stocks: +178% ^ Stocks priced <$5: +229% Total Return Since Market Bottom by S8~P Quality Rating w 180 150 a N 120 ~ ca ~ 90 70.3 L ~ ~ 60 30 52.7 ~ 3 0 0 H 100.5 73.2 84.6 124.6 A+ A A- B+ B B- S&P Quality Ranking 162.7 142.8 C NR 7 Asset Allocation Matrix U.S. Equity Market Statistics by Investment Style Market Statistics Per Russell Indices as of 9-30-09 Value Core Growth Quarterly Performance 18.24% 15.61% 116.07% 13.97% Ytd Performance 14.85% 19.26% 121.08% 27.11% Trailing PIE: 15.2 16.8116.7 18.3 Fwd PIE : 15.1 15.9115.9 16.7 Dividend Yield: 3.1% 2.5% 12.3% 1.6% Est. LT Growth 1 PEG: 7.8% 11.95x 9.7% 11.73x 12.1% 11.51x Quarterly Performance 23.62% 20.62% 17.58% Ytd Performance 27.57% 32.63% 37.12% Trailing PIE: 14.8 16.8 18.9 Fwd PIE : 14.8 16.1 17.6 Dividend Yield: 2.8% 2.0% 1.1% Est. LT Growth 1 PEG: 7.4% 12.Ox 10.3% 11.63x 13.2% 11.43x Quarterly Performance 22.70% 19.28% 15.95% Ytd Performance 16.36% 22.43% 29.12% Trailing PIE: 12.6 15.3 18.8 Fwd PIE : 14.3 16.3 18.8 Dividend Yield: 2.6% 1.6% 60.0% Est. LT Growth 1 PEG: 8.5% 11.48x 13.0% 11.18x 17.4% 11.08x • Large Core Data includes S&P 500 /Russell 1000: Sources: Russell / FactSet /Standard & Poors `a~ ~a~~e G~~ ~,a GaQ a~~ 5~ VAI IA L~AI ~C VVI G Portfolio Characteristics Consistent Portfolio Characteristics Lower Valuation + Faster Growth + Higher Profitability = Better Returns With Less Risk 20 Dana LC S&P 500 Dana LC S&P 500 25 20 17.5 15.1 15 10 Dana LC SB~P 500 20 - 16.4 15 11.7 10 Dana LC SSP 500 100 76.2 75 67.8 50 27.3 25 _ 8 0 Dana LC S8P 500 ~_ _ _ - Actual Composite Holdings as of September 30, 2009 9 Historic Level of Dividend Cuts ^ S&P 500 dividends per share expected to fall over 20% in 2009 ^ Worst year for dividend cuts since 1938 ^ Dana's process leads us to companies with strong fundamentals Company Yield Increase Accenture, Inc. 2.00% 50.00% AFLAC Inc. 3.07% 16.67% Becton Dickinson 8~ Co. 1.97% 15.79% Wal-Mart Stores Inc. 2.18% 14.74% Sempra Energy 3.35% 11.43% Abbott Laboratories 3.59% 11.11 IBM 2.09% 10.00% Procter 8 Gamble Co. 3.27% 10.00% Nucor Corporation 3.40% 9.38% Medtronic 2.20% 9.00% Nike Inc. 1.85% 8.70% General Dynamics Corp. 2.70% 8.57% Coca-Cola Co 3.47% 7.89% Waste Management Inc. 4.08% 7.41% Johnson 8~ Johnson 3.55% 6.52% Chubb Corporation 3.48% 6.06% Exxon Mobil Corporation 2.41% 5.00% XTO Energy, Inc. 1.22% 4.17% Occidental Petroleum Corp. 2.08% 3.13% AT8~T Inc. 6.69% 2.50% VF Corporation 4.10% 1.72% l0 What's the Next Market Catalyst? ^ The equity markets experienced a violent move down off its 2007 high followed by a massive 60% rally off the March 2009 low ^ Valuations appear closer to "fair" ^ What can push the US equity markets higher? ii What's the Next Market Catalyst Economic Recovery ^ Alphabet Soup....will this economic recovery look like a U, W, V, L? ^ Pessimists have gone from concerns over a repeat of the Great Depression, to worries about a "double dip" recession ^ As a double dip recession looks less likely, the equity markets could respond positively Real Gross Domestic Product (~ercer,~ c4a;=z_re. seasor,a;.v acfrusteci ar.,c~a, ~•a:ei 9 7 5 3 1 -1 -3 _~ -~ Skeptics still believe a W is possible.... i ii iii iv i ii iii iv i ii iii iv i ii iii iv i u m iv i ii iii iv i ii m iv i ii iii iv i u ni i~~ i ii 2000 2001 2ao2 2003 2004 2005 Zoos 100; Zoos 2009 U.S. surc8u ~f Ec~r.~mic knah~sis 12 S&P 500 Earnings History ^ Stock prices follow earnings, the equity market responded to a dramatic drop in corporate profits ^ S&P 500 earnings peaked in 2006 at nearly $90 and fell to $49.50 in 2008 ^ Q4 2008 marked the first time in history the S&P 500 recorded a negative earnings quarter ^ Earnings expected to stabilize in Q3 2009 and grow in Q4 ^ 10% year over year growth forecasted for 2009, +34% for 2010 100 90 80 70 60 ~ 50 w 40 30 20 10 0 ~~ ~~~ N N N N N I~ CO GO CO CD Cfl CD (fl (O CO CO (D CD CO CO CO CO CO CD CO (D O O O O O C 61 d1 6) d1 O V V V V V OO OD 00 00 OD CO O CD (O (D O O O O O - O N A 6~ OO O N A 6~ 00 O N l~ O~ OO O N ? 6~ 00 O N ? d~ 00 C -- ---- -~ 13 Historical S&P Operating Earnings By Sector • Fluctuations in S&P Operating Earnings from 2007-2009 can be largely attributed to four key sectors • Consumer Discretionary's contribution dropped 60% in 2008 • Energy peaked in '08 at $51 but down 67% in '09 • Financials = 28% of overall S&P in 2007, but swung to big loss in 2008 • Materials sector earnings down 67% from '07 to '09 • Earnings in most other sectors held up very well despite the severity of the recession Historical S8~P Operating Earnings By Sector 85 75 65 ~, 55 a w 45 .` a 35 ° 25 15 5 0 U `~ -5 15 25 35 ^ 2007 A ~ 2008 A ® 2009E ~ 2010 E Qt,~ O~ ~~Q ~~~ ~G~ ~' ~,a~ ono ~~~~ \~° ~~~~ G Goy F ~~ ~~ ~~ Source: Standard & Poors 90/09 14 What's the Next Market Catalyst Earnings ^ Corporate earnings continue to improve ^ Q1 and Q2 earnings reports provided upside surprises, nearly 80% of S&P 500 companies beat or met analyst estimates ^ 3-month S&P 500 EPS revisions have been steadily improving since the beginning of 2009 ^ The upside /downside EPS revision ratio is above average for the first time in nearly two years ~s V iE s c u 0 n r_ _~ v u 0 :!~ r_ 3 ~^ 1 Month Earnings Revision Ratio 2 ~3 frlonth Earr7ings Revision Ratio Average Earnings Revision Ratio 1 C '86 '87 '88 '$9 '90 'Q1 '92 ''~3 '94 'Ci5 '96 '97 ''?8 '99 'On '01 '02 '03 '04 '05 'QG 'U7 '~?8 'O4i `,cuic~:: Ei~E.` E.~S-~•,1L ! ~5 C~uaiui(ati•, ~~ `diat~•~a;; ^ Stock prices tend to follow expected earnings growth ^ Should earnings expectations continue to improve, we would expect stock prices to have an upward bias 15 What About Valuations? ^ Market was exceptionally cheap at the March 2009 trough ^ The March -September 2009 rally is partially due to improved earnings expectations, P/E multiples expanded ^ Assuming S&P 500 EPS of $75 in 2010, market is still trading at only 14x earnings ^ Chart below reflects an equity market that remains undervalued by historical standards w a a~ N 3 a _~ . c~ a~ ~ Cyclically Adjusted S&P 500 PIE Ratia 3s ~1U-year average trailing EPS} ': 8Q year avg = 16.7x 0 N "T ~ '! V V V V U ~ ^ ^ ^ ^ 25 ~~~ 10 ~~ 6 1932 5.1x ,~ ......r-._....-.e......, ~~sx 9-Mar-09 9.9x 16-Aug~82 6.2x ~ 4 ~ ~ ~ ~4 ~ ~ rat ~ ~ ~ ~ ~? V V V V V V V V V V V V V V V V V V V N d N d d N N N N N d N d N d d N N N 16 What's the Next Market Catalyst? Revenue Growth ^ Improved earnings have been mostly due to cost cuts ^ Investors are now anxious to see revenue growth ^ Recent news has been encouraging - P&G expects organic revenue growth - General Mills revenue growth guidance higher than analyst estimates - A number of semiconductor companies have given recent guidance suggesting revenue growth ^ Global GDP growth will likely be greater than domestic growth - S&P companies generate nearly 50% of their revenue overseas - Many blue chips now generate 10% or more of their revenue from fast growing BRIC (Brazil, Russia, India, Procter & Gamble Global Sales Breakdown (%) ^ International ^ United States 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 17 What's the Next Market Catalyst? Dividends ^ Expect interest rates to remain low in the near term ^ Equity market yields are at competitive levels vs. short term interest rates ^ Payout ratios are only 35%, dividend growth could surprise to the upside as the economy continues to mend S&P 500 dividend yield vs. 90-day Treasury Yields: 18% ~ ~°io 12% 9% 6% 3% 0% Source: ~&P, Federal Peserve and Banc of America Securilies-Merrill Lynch US Equify Sfr~iegy 18 60 64 68 72 76 80 84 88 92 96 00 04 08 -S&P 500 Dividend y field .:-a.~,~ US 90-day Treasury yield Market History -We've Been Through This Before ^ Through March 6, 2009, annualized 10-year total returns on equities were -4,4% • The worst 10-year performance in U.S. stock market history, including the Great Depression ^ Historically, when 10-year annual total returns in equities fall to 1 % or less... • Cumulative returns for the next 10-years have averaged +183% • The worst subsequent 10-year cumulative return was +101 (Q4 1938 - Q4 1948) • The best 10-year cumulative return was +325% (Q3 1974 - Q3 1984) DJIA log scale 100,000 -- DJIA - DJIA @ 12 Year Lows 10,000 , . , r r~ r.'. /` s r y 1997-2009 ~+` . ~. . 1,000 a~' ••' ,.....,, •. '` 196251974 100 .~ ~f ., f •. l0 ~ r r -- - 1921-1932 ~~ ~4 .. u,. 1900 1920 1940 1960 1980 2000 19 v~v~.n i uv~ ~u r ~~ ~v~ ~ ~ ~a~ ~~.c v~~ ~~~ ~~ ~~~a~ ^ Over a 20-year rolling annual period, stocks have outperformed bonds by a median level of +3.7% since 1926 ^ Chart below shows that there are rare instances where bonds outperform stocks ^ Following the first quarter of 2009, we experienced a negative differential of -1.1 % (bonds outperformed stocks) ^ When the 20-year performance differential falls to the lowest 10% of the long term distribution (as we are today), median equity returns were... • +18.3% over the next 3 years • +16.0% over the next 5 years • +17.1 % over the next 10 years 1 -; ~ ,_ Stock'Bond Performance Differential ~ '`ii6 iouo I 20 Year Trailing Total Return ACR I ;~~~~ t saF F•uc 2 U i ~:on 4o:'rc I ia~ 20: _. ' ' _ -i~ ~ L. - ^Y ~~ ~ . .. i ? i_l 1 ~ ~~; 1~ ~•` V ~ j 'I C ~~, ~ r ~ r . ' I ` % v ; ~ ' ~ ~ ; , / ' Ei0 K : . " JLlia@: G'7?• ?^S .. ,~~ :o iOC S i ,. 4~, - .. i ~' ~ ~ ~~U°b ~O~'IQS C7:li;JF:'O.•"1?~ .=i0:: r,S e ~ .~~Tha Leuthnld Group 2009 i i - r r ~--. ~ r ~ r ~ .- ~ r .- .- r r ~ ~ r r ~ - r .--. <V ~ :V iV 20 i v-Tear Hsset ~.~ass rceturr~5 ^ Risk aversion went to extreme lengths over the past 10 years ^ Gold was the best performing asset class! - An inflation hedge - Safe Haven asset - Trendy - Easy to buy without taking physical possession GLD ^ Mean reversion (and a return to risk taking) points to a bullish stance for equity market returns going forward ~,>;t~ Stagy (1Q-year returns by aw,et class: August 1999 to August 2049: perc~lt chartgel 31:U LFU 2CU L:U 1CU ~U U ~u(1 Hots: Source: Hau3r Analytics. Gluskin SheK 21 SX~P SUI) 3-moth l~bills Heal Estate Commodities Iligh uratle Corp. Longterm lreasurfes Goltl Long Term Wildcard: Inflation ^ Currently in a deflationary environment ^ Growth in money supply increases possibility of inflationary pressure ^ Should global demand for energy accelerate and outpace supply, energy prices will move higher ^ Inflation likely to remain low in the near term - Consumer and commercial deleveraging - High unemployment, lack of wage growth ^ Equities represent "real" assets and should offer inflation protection 22 Long Term Wildcard: The Dollar ^ Increasing risk appetite has led to a weaker dollar ^ Investors turning to higher yielding foreign currencies ^ Trillion dollar deficits, the Fed printing press and the risk of dollar debasement ^ If Fed stimulus slows, the U.S. economy rebounds and deficits shrink; the dollar will have long term support ^ Since the March low, equity market movement has been almost perfectly (-0.90) negatively correlated to dollar moves 23 Market Bull and Bear Arguments Bull Case: ^ Sidelined cash levels are high ^ Economic indicators are improving ^ Credit markets have thawed ^ Cyclical sectors have led the recent rally, signaling improving economy ^ EPS revisions are moving higher Bear Case: ^ Business and consumer deleveraging will weigh on the economy ^ Equity markets ran ahead of fundamentals ^ Potential for higher taxes and regulation may depress market multiples ^ Positive EPS surprises driven by cost cutting, lack of top line growth --- MZM /Russell 3000 Market Value Recession Peripds Ratio of Liquid Money Supply /Total Stock Market Value Rose Above 1x 24 Dana Large Cap Core 0309 ranked as the second best quarter for U.S. equity markets since 1998. Dana's Large Core portfolios delivered a solid +13.9% in 03 and +14.5% YTD through Sept. 30th. Stock picks within the Energy, Industrials and Health Care sectors were most accretive to performance in Q3. Low quality stocks, which continue to exhibit market leadership, negatively impacted our relative performance this year. We remain enthusiastic about the prospects for future relative outperformance for our Large Core portfolios. Our holdings, in aggregate, are growing their sales and earnings faster, and are more profitable, than the overall market, yet still trade at a valuation discount in comparison to the S&P 500 Index. Q3 Sector Contributors Flowserve Corp. (FLS) McKesson Corp. (MCK) Unum Group (UNM) Apple Inc. (APPL) EMC Corp. (EMC) UnitedHealth Group (UNH) CME Group (CME) Bank of America Corp. (BAC) Becton Dickinson (BDX) Oracle Corp. (ORC.L) ^ Energy -underweight to integrated oil companies, good performance from APA, OXY and RIG ^ Industrials -strong contribution from FLS, GE and PCP ^ Health Care -underexposure to major pharmaceuticals, positive contribution from MCK, DVA and AMGN 03 Sector Detractors -~ ^ Financials -underexposed to diversified financials service names (Citigroup, Bank of America), poor performance from CME ^ Consumer Discretionary -defensive media, leisure and retail holdings lagged peers, particularly MHP ^ Materials -underexposure to chemicals Selected Additions ^ DaVita Inc. (DVA) -strong recurring revenue stream with attractive free cash flow, attractive top & bottom line growth with improving margin trend, solid estimate revision trend & positive surprise history ^ Newell Rubbermaid Inc. (NWL) -positive results from turn-around efforts, strong relative valuation, attractive dividend yield near 4%, accelerating revenue & earnings growth prospects, exceptionally strong upward estimate revisions and surprise trends ^ Best Buy Company (BBY) -market share gains continue, rebound in HDTV sales, earnings and revenue forecasts trending up since January Selected Deletions ^ Becton Dickenson 8~ Co. (BDX) -surprisingly negative earnings guidance, lack of confidence in managements' stated 2010 growth objectives, possibility of aggressive M&A ^ McGraw-Hill Companies (MHP) -regulatory pressure, allegations of pressure on Company analysts to inflate bond ratings, credit rating agencies' business models at risk Avg. Market Cap ($billions) 67.8 76.2 Median Market Cap ($billions) 27.3 8.0 Dividend veld 2.19% 2.46% 3 Year Retum on Equity 17.5 15.1 Price/Earnings (12month trailing) 15.1 16.8 Trailing 3 Years Earnings Growth 16.4 11.7 PEG Ratio 0.9 1.4 Alpha (0.33) 1.46 3.90 Beta 0.91 0.91 0.85 Batting Average .417 .500 .650 Dana Investment Advisors, Inc. I 1 ri800 W. Bloc mound Rd., Suite 250, Brookfield, WI 53005 1-800-'765-0157 I www.danainvcstment.com I in[o~~danainvestment.com .,~ DANA INVESTMENT ADVISORS, INC. ^ Nucor Corp. (NUE) -recent Q3 guidance disappointing, lack of confidence in Info Ratio 0.13 0.48 0.82 significant 2010 earnings acceleration, demand recovery not evident, trading at premium to peer group Apple Inc. 2.3 McKesson Corp. 2.3 Hewlett-Packard Company 2.2 Goldman Sachs Group Inc. 2.2 Cisco Systems Inc. 2.2 EMC Corp. 2.2 Transoceanlnc. 2.2 International Business Machines 2.1 General Dynamics Corp. 2.1 Microsoft Corp. 2.1 Large S8~P Core 500 Consumer Discretionary 9.3 9.1 Consumer Staples 11.4 11.6 Energy 12.1 11.7 Financials 14.9 15.2 Health Care 13.3 13.1 Industrials 10.3 10.3 Information Technology 18.3 18.6 Materials 3.5 3.5 Telecomm Services 3.1 3.2 Utilities 3.8 3.7 Performance 20 15 ~ 10 d N .0 5 c a 0 N 0 14.48 1.01 ~ -5 -10 -15 3Q2009 YTD 1 year 3 year 5 year 10 year Dana Large Cap Core ~ S&P500 IMPORTANT INFORMATION 6/29/99-12/31/99 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total Return Gross of Fees 8.59% 8.78% 0.74% -19.07% 30.50% 12.20% 13.12% 14.55% 5.85% -33.2% Benchmark Return 9.41% -9.10% -11.88% -22.10% 28.68% 10.88% 4.89% 15.80% 5.49% -37.0% Number of Portfolios in Composite 9 23 55 143 145 186 219 296 410 367 Composite Assets at Period End (US $ millions) 8.9 63.6 104.1 160.5 268.5 366.5 485.0 610.0 639.5 413.3 Percent of Firm Assets 0.8% 4.2% 5.5% 7.6% 13.0% 15.9% 17.3% 21.7% 22.9% 17.8% Composite Dispersion (%) N/A 1.29% 1.60% 0.80% 0.89% 0.59% 0.80% 0.77% 1.13% 1.64% Total Firm Assets (US $ millions) 1,186.3 1,528.0 1,883.7 2,099.9 2,064.8 2,307.6 2,810.7 2,814.9 2,794.3 2,327.2 Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPST"'). The CFA Institute has not been involved with the preparation or review of this report. NOTES Dana Investment Advisors, Inc. (Dana) is an independent investment management firm established in 1980. Dana manages a variety of equity, fixed income and balanced portfolios for primarily U.S. institutional clients. Dana maintains a complete list and description of composites, which is available upon request. The benchmark for the Large Cap Equity composite is the Standard & Poor's 500 Index. (Market Capitalization Weighted). The composite was created June 29, 1999. Performance is calculated in US Dollars utilizing atime-weighted total rate of return. Total return for the composite is represented by the asset-weighted returns of the portfolios within the composite. Trade date valuation is used. The Large Cap Equity composite does not have a minimum size criterion for composite membership. All fee-paying, discretionary accounts with similar investment objectives are included. The composite includes the equity segment of balanced accounts. Cash is allocated to these segments based on the average cash position of the "equity only" portfolios in the composite. Leverage is not used in this composite as a means to generate higher returns. There are two non-fee paying portfolios in the composite. The dispersion of annual returns is measured by the standard deviation of equal-weighted portfolio returns represented within the composite for the full year. The standard deviation presented is based upon annualized quarterly standard deviation of returns. The standard deviation of the annual returns presented for the time period 2000 to 2008 is 18.00% for the composite and 19.16% for the Standard & Poor's 500 Index. In March of 2006, Dana added a portfolio manager to the strategy's lead portfolio management team. Effective July 1, 2007, three portfolio manager/analysts transitioned from being Dana employees to being sub-advisors assisting in the management of some composite portfolios. In addition, a lead portfolio manager rejoined Dana as an employee in February of 2008. Performance results are calculated and presented before investment management and custodial fees, but after all applicable trading costs. The composite contains both traditional commission paying and bundled-fee portfolios. Transaction costs are allocated to bundled-fee portfolios at the current prevailing per share commission rate charged by our preferred list of non-directed institutional brokers. Bundled fee portfolios comprise 19.4% of composite assets as of 12/31/08. Dana investment management fees may vary based upon the differences in size, composition and servicing needs of client accounts. Investment management fees would reduce the returns presented, for example: a $1,000,000 portfolio with an advisory fee of 0.75% per annum earning a 10% annual return would have paid a total compounded advisory fee of $50,368 over a five year period. The resulting average annual return for the period would be 9.17%. Past performance is not indicative of future results. A complete description of Dana's investment advisory fee schedule is contained in the Firm's Form ADV Part II, a copy of which is available upon request. Dana Investment Advisors. lnc. 175800 W. 13hiemound Rd., Suite 250, Brookfield, WI 53005 1-800-7G5-0157 I www.danaim~estrnent.com I infoC~danainvestrnentcom ,,, Third Quarter Review Dana Large Cap Growth Dana's Large Growth composite returned +12.0% in Q3 and +20.7% YTD. Earnings reports came in better than expected, helping to fuel strong absolute returns. Nearly 80% of Dana's Large Growth holdings met or beat Wall Street expectations. Technology stocks continue their strong rally from the March lows, and our technology holdings have performed better than the sector average. Low quality stocks, which continue to exhibit market leadership, negatively impacted our relative performance this year. We remain enthusiastic about the prospects for future relative outperformance for our Large Growth portfolios. Our holdings, in aggregate, are growing their sales and earnings faster, and are more profitable, than the overall market, yet still trade at a valuation discount in comparison to the Russell 1000 Growth Index. ~ ~ ., ~ ~ ~~ f,. ~ ~~ N~~ Q3 Sector Contributors ~-~~{ priceline.com (PCLN) American Express (AXP) Flowserve Gorp. (FLS) Precision Castparts (PCP) EMC Corp. (EMC) Q3 Sector Detractors Family Dol]ar Stores (FDO) FPL Group (FPL) Lockheed Martin (LMT) Becton Dickinson (BDX) Gilead Sciences (GILD) ^ Information Technology - eBay, EMC, Broadcom, Microchip Technology strong relative performers vs. tech sector. Holdings Hewlett Packard, Cisco & Apple also up 22-30% in the quarter ^ Telecom - AT&T up 10.6% vs. 9% sector average ^ Materials - Pactiv, FMC strong relative performers up 19-20% vs. 16% sector avg. ^ Health Care -Biotech holdings Genzyme, Gilead Sciences weak performers, ABT, BAX, BCR, BDX also underperformed ^ Consumer Staples - WMT, MKC, PEP, CL up mid single digit % vs. sector avg. of 11.4% ^ Financials - CME, Bank of NY down vs. +17% sector average Selected Additions ^ Coach Inc. (COH) -gross margins trending upwards, strong returns on capital with no debt, $800mm in cash on hand ($2.50/sh), strong growth prospects in China, other emerging markets ^ DaVita Inc. (DVA) -Leading kidney dialysis service provider has strong recurring revenue stream with attractive free cash flow, attractive top & bottom line growth with improving margin trend, solid estimate revision and positive surprise history ^ Mead Johnson Nutrition Co. (MJN) -leading pediatric nutrition company recently spun out from BMY. Solid top and bottom line growth prospects, consistent free cash flow, strong upward earnings revision & surprise trends Selected Deletions ^ Becton Dickinson S Co. (BDX) -surprisingly negative earnings guidance, lack of confidence in managements' stated 2010 growth objectives, possibility of aggressive M&A ^ Family Dollar Stores Inc. (FDO) -strong performer in prior quarter experiencing decelerating earnings growth, negative surprise in same-store sales, mediocre relative valuation, risk/reward proposition prompted upgrade to stock (NWL) with more potential upside Avg. Market Cap ($billions) 54.1 70.8 Median Market Cap ($billions) 30.3 4.2 Dividend Yield 1.33% 1.58% 3 Year Return on Equity 18.8% 21.4% Price/Earnings (12month trailing) 17.5 18.3 Trailing 3 Years Earnings Growth 21.5% 19.1 Trailing 3 Years Sales Growth 17.3% 16.5% -~ Alpha (1.07) 1.86 3 .23 Beta 0.89 0.89 0 .88 Batting Average .500 .650 .618 Dana Investment Advisors, Inc. 115800 W. Bluemound Rd., Suite 250, Brookfield, WI 53005 1-800-765-0157 I www.danainvesunent.com I info~danainvestment.com ~., ^ McGraw-Hill Companies (MHP) -regulatory pressure, allegations of pressure on Info Ratio (0.09) 0.47 0.57 Company analysts to inflate bond ratings, credit rating agencies' business models at risk DANA INVESTMENT ADVISORS, INC. Cisco Systems Inc. 2.4 Mead Johnson Nutrition Company 2.4 Google Inc.-CIA 2.4 Hewlett-Packard Company 2.3 Microsoft Corp. 2.3 Ebay Inc. 2.3 Coca-Cola Enterprises Inc. 2.3 International Business Machines 2.2 Microchip Technology Inc. 2.2 Adobe Systems Inc. 2.2 ~ ~, ~ ® Vii" z i Large Russell Growth 1000 Growth Consumer Discretionary 10.5 10.5 Consumer Staples 15.9 16.1 Energy 4.4 4.3 Financials 5.8 5.7 Health Care 16.5 16.5 Industrials 10.3 10.1 Information Technology 31.3 31.3 Materials 3.9 3.9 Telecommunication 0.5 0.6 Utilities 0.9 1.0 Performance 20 15 3 10 °' 5 ~° 0 d N '~ -5 c -10 a -15 N c -20 ~ -25 -30 -1.27 3Q2009 YTD 1 year 3 year 5 year Since Inception Dana Large Cap Growth ^ Russell 1000 Growth IMPORTANT INFORMATION 3/31/01-12/31/01 _ _ 2002 2003 2004 2005 2006 2007 2008 _ Total Return (Gross of Fees) 6.47% -28.37% 34.91% 12.92% 11.26% 12.50% 15.82% -36.72% Benchmark Return -12.63% -27.88% 29.75% 6.30% 5.36% 9.07% 11.81% -38.44% Number of Portfolios in Composite 1 1 1 1 1 1 22 66 Composite Assets at End of Period (US $ millions) 21.9 18.2 21.4 21.5 21.0 22.5 47.7 66.1 Percent of Firm Assets 1.2% 0.9% 1.0% 0.9% 0.7% 0.8% 1.7% 2.8 Composite Dispersion (%) N/A N/A N/A N/A N/A N/A N/A* 0.53% Total Firm Assets (US $ millions) 1,883.7 2,099.9 2,064.8 2,307.6 2,810.7 2,814.9 2,794.3 2,327.2 *Only one account was in the composite for the entire year Dana Investment Advisors, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS""). The CFA Institute has not been involved with the preparation or review of this report. NOTES Dana Investment Advisors, Inc. (Dana) is an independent investment management firm established in 1980. Dana manages a variety of equity, fixed income and balanced portfolios for primarily U.S. institutional clients. Dana maintains a complete list and description of composites, which is available upon request. The benchmark for the Large Cap Growth composite is the Russell 1000 Growth Index. (Market Capitalization Weighted). The composite was created February 23, 2001. Performance is calculated in US Dollars utilizing atime-weighted total rate of return. Total return for the composite is represented by the asset-weighted returns of the portfolios within the composite. Trade date valuation is used. The Dana Large Cap Growth composite does not have a minimum size criterion for composite membership. All fee-paying, discretionary accounts with similar investment objectives are included. The composite does not include the equity segment of balanced accounts. Leverage is not used in this composite as a means to generate higher returns. There are no non-fee paying portfolios in the composite. The dispersion of annual returns is measured by the standard deviation ofasset-weighted portfolio returns represented within the composite for the full year. The standard deviation presented is based upon annualized quarterly standard deviation of returns. The standard deviation of the annual returns presented for the time period 2002 to 2008 is 23.91 % for the composite and 22.13% for the Russell 1000 Growth Index. Performance results are calculated and presented before investment management and custodial fees, but after all applicable trading costs. The composite contains both traditional commission paying and bundled-fee portfolios. Transaction costs are allocated to bundled-fee portfolios at the current prevailing per share commission rate charged by our preferred list ofnon-directed institutional brokers. Bundled fee portfolios comprise 10.4% of composite assets as of 12/31/08. Dana investment management fees may vary based upon the differences in size, composition and servicing needs of client accounts. Investment management fees would reduce the returns presented, for example: a $1,000,000 portfolio with an advisory fee of 0.75% per annum earning a 10% annual return would have paid a total compounded advisory fee of $50,368 over a five year period. The resulting average annual return for the period would be 9.17%. Past performance is not indicative of future results. A complete description of Dana's investment advisory fee schedule is contained in the Firm's Form ADV Part II, a copy of which is available upon request. Dana Investment Adeisors, Inc. 115800 W. Bluemound Rd., Suite 2~0, 13r~ookGeld, WI 5300ri 1-800-765-015% I www.danainvestment.com I info@danainvestmenLcom „~ COMPLIANCE APPRAISAL As of 09/30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S & P Moody Line CGQ ;ash Cash Equivalents 000009 Cash -Money Fund 0% Due 59,610.62 59,610.62 12/31 /2025 ;orporate Bonds Corp Financials 0258MOCZ0 AMER EXPRESS CREDIT CO 10,000 10,019.60 10,387.50 BBB+ A2 5.125% Due 08/25/2014 06423AA06 BANK ONE CORP 5.9% Due 5,000 5,205.05 5,343.75 A Al 11/15/2011 06739FFS5 BARCLAYS BANK PLC 6.75% Due 10,000 9,987.50 11,062.50 AA- Aa3 05/22/2019 172967CK5 CITIGROUP INC 5.125% Due 10,000 9,625.00 9,962.50 A A3 05/05/2014 233835AT4 DAIMLER FINANCE NA LLC 7.3% 10,000 10,412.50 10,774.92 BBB+ A3 Due 01/15/2012 2635346X6 E.I. DU PONT DE NEMOURS 10,000 10,695.00 10,712.50 A A2 4.75% Due 03/15!2015 38141GD04 GOLDMAN SACHS GROUP INC 5,000 4,989.15 5,281.25 A Al 5.25% Due 10/15/2013 40429CCR1 HSBC FINANCE CORP 5.25% Due 5,000 4,962.75 5,087.50 A A3 04/15/2015 459745FP5 INTL LEASE FINANCE CORP 5% 5,000 4,990.34 4,875.00 BBB+ Baa3 Due 04/15/2010 48121CYK6 JP MORGAN CHASE BANK NA 6% 5,000 5,069.40 5,302.68 A+ Aa2 Due 10/01/2017 587499A46 MERCANTILE SAFE DEP & TR 5,000 5,028.66 5,293.23 A+ 5.7% Due 1 111 512 0 1 1 90333WA64 US BANK NA 6.3% Due 5,000 5,145.25 5,237.50 A+ Aa2 02/04/2014 92976GAE1 WACHOVIA BANK NA 5.6% Due 5,000 4,983.25 5,112.50 AA- Aa3 03/15/2016 Total Corp Financials 91,113.45 94,433.33 Corp Industrials 054303A05 AVON PRODUCTS INC 4.625% 5,000 4,834.80 5,275.00 A A2 Due 05/15/2013 24702RAJ0 DELL INC 5.875% Due 06/15/2019 10,000 10,277.80 10,712.50 A- A2 494368668 KIMBERLY-CLARK 6.125% Due 5,000 5,230.50 5,668.75 A A2 08/01 /2017 500255AM6 KOHLS CORPORATION 6.3% Due 5,000 5,304.10 5,240.46 BBB+ Baal 03/01 /2011 548661CH8 LOWES COMPANIES INC 5% Due 5,000 4,992.25 5,437.50 A+ Al 10/15/2015 774341AA9 ROCKWELL COLLINS 4.75% Due 5,000 4,850.00 5,281.25 A Al 12/01/2013 78355HJK6 RYDER SYSTEM INC 5.85% Due 10,000 9,912.00 10,012.50 BBB+ Baal 11 /01 /2016 Total Corp Industrials 45,401.45 47,627.96 Total Corporate Bonds 136,514.90 142,061.29 Mortgage-Backed Bonds FHLMC -Fixed Rate Mortgages 3128P7BG7 FG C90939 5.5% Due 12/01/2025 8,216.75 8,004.75 8,644.54 3128P7CP6 FG C90978 6% Due 07/01/2026 7,430.41 7,388.78 7,871.59 3128P7CU5 FG C90983 5.5% Due 08/01/2026 8,455.08 8,387.43 8,893.68 Total FHLMC -Fixed Rate Mortgages 23,780.96 25,409.81 29 COMPLIANCE APPRAISAL As of 09/30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S & P Moody Line CGQ Mortgage-Backed Bonds FNMA -Fixed Rate Mortgages 31410BGA6 FN 884093 6% Due 05!01/2036 8,557.13 8,478.26 9,052.92 Total Mortgage Bonds 32,259.22 34,462.73 US Govt Agency Bonds FHLMC Fixed Rate Agency 3128X26U4 FREDDIE MAC 4.35% Due 10,000 10,144.00 10,678.30 AAA Aaa 04/27/2012 3128X8HR6 FREDDIE MAC 3% Due 10,000 9,975.00 10,022.50 AAA Aaa 02/04/2014 3134A4SA3 FREDDIE MAC 4.5% Due 3,000 2,957.65 3,257.58 01 /15/2013 3134A4TZ7 FREDDIE MAC 4.5% Due 10,000 10,272.40 10,887.50 07!1512013 3134A4UK8 FREDDIE MAC 4.875% Due 5,000 4,860.00 5,515.63 11/15/2013 Total FHLMC Fixed Rate Agency 38,209.05 40,361.51 FNMA Fixed Rate Agency 31359M7X5 FANNIE MAE 5% Due 05/11/2017 8,000 8,296.96 8,836.25 31359MA45 FANNIE MAE 5% Due 04/15/2015 8,000 7,933.42 8,883.75 31359MHK2 FANNIE MAE 5.5% Due 7,000 7,263.36 7,481.80 03/15/2011 31359MYN7 FANNIE MAE 4.25% Due 10,000 10,255.47 10,333.59 08/15/2010 31359MZ30 FANNIE MAE 5% Due 10/15/2011 10,000 10,096.27 10,786.72 31359MZL0 FANNIE MAE 4.75% Due 5,000 5,003.70 5,251.17 12/15/2010 Total FNMA Fixed Rate Agency 48,849.18 51,573.28 Total Agency Bonds 87,058.23 91,934.79 US Treasury Bonds and Notes NOT CLASSIFIED 912828DV9 US TREASURY N/B 4.125% Due 5,000 5,100.00 5,414.84 05/15/2015 912828EE6 US TREASURY N/B 4.25% Due 5,000 4,900.63 5,445.31 08/15/2015 912828EJ5 US TREASURY N/B 4.25% Due 15,000 14,909.18 15,592.97 10/15/2010 912828FF2 US TREASURY N/B 5.125% Due 5,000 5,130.66 5,702.34 05/15/2016 912828FW5 US TREASURY N/B 4.625% Due 10,000 10,039.56 10,746.88 10/31 /2011 912828GH7 US TREASURY N/B 4.625% Due 15,000 14,975.98 16,607.81 0211 5/20 1 7 912828HH6 US TREASURY N/B 4.25% Due 7,000 7,115.94 7,543.59 11/15/2017 912828HS2 US TREASURY N/B 2% Due 15,000 15,130.08 15,110.16 02/28/2010 912828HT0 US TREASURY N/B 2.75% Due 15,000 15,275.98 15,571.88 02/28/2013 Total NOT CLASSIFIED 92,578.01 97,735.78 Total Treasury Bonds 92,578.01 97,735.78 Common Stocks Consumer Discretionary BBY Best Buy Co Inc 151 5,614.14 5,665.52 3 24.8 30 COMPLIANCE APPRAISAL As of 09!30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S & P Moody Line CGQ Common Stocks Consumer Discretionary CMCSA Comcast Corp (A) 717 11,636.00 12,102.96 13.4 COH Coach Inc 188 5,735.65 6,188.96 3 14.1 FDO Family Dollar Stores Inc .00 .00 3 95.9 MCD McDonald'S Corp 98 5,474.40 5,592.86 1 47.7 NWL Newell Rubbermaid Inc 827 11,492.07 12,975.63 3 74.5 PCLN PricelineCominc 37 3,679.97 6,135.34 3 67.9 PNRA Panera Bread Co (CL A) 102 4,643.82 5,610.00 3 22 ROST Ross Stores Inc 123 4,963.28 5,875.71 2 21.2 TGT Target Corp 123 5,904.40 5,741.64 2 66.4 Total Consumer Discretionary 59,143.73 65,888.62 Consumer Staples CCE Coca-Cola Enterprises Inc CL Colgate-Palmolive Co CVS CVS Caremark Corp ENR Energizer Holdings Inc. GIS General Mills Inc KMB Kimberly-Clark Corp MJN Mead Johnson Nutrition Co PEP Pepsico Inc PM Philip Morris International WMT Wal-Mart Stores Inc Total Consumer Staples Energy APA CVX NE OXY RIG WMB XOM XTO Financials AFL AXP BAC GS HCBK HCP JPM Apache Corp Chevron Corp Noble Corp Occidental Petroleum Corp Transocean Inc Williams Cos Inc Exxon Mobil Corp XTO Energy Inc Total Energy 621 84 371 96 96 102 169 110 268 243 123 89 134 83 80 292 89 150 12,713.52 5,716.75 13,402.88 6,480.80 5,559.57 6,086.30 6,590.20 6,170.25 13,314.23 12,698.99 88,733.49 11,161.47 5,985.17 4,942.19 6,955.26 4,383.66 4,771.41 6, 644.30 5,329.61 50,173.07 13,295.61 6,407.52 13,259.54 6,368.64 6,180.48 6,015.96 7,623.59 6,452.60 13,062.32 11,928.87 90,595.13 11,295.09 6,268.27 5,086.64 6, 507.20 6,842.40 5,218.04 6,106.29 6,198.00 53,521.93 3 1 1 3 1 1 1 3 1 3 1 3 2 3 3 1 3 52.7 97.4 96.5 36.1 43.2 90.2 30.5 23.8 34.2 30.3 53.8 78.2 47.9 67 46.2 Aflac Inc 119 4,868.92 5,086.06 3 39.9 American Express Co 164 3,817.95 5,559.60 3 93.7 Bank Of America Corp 334 5,926.13 5,651.28 4 54.8 Goldman Sachs Group Inc 34 5,437.03 6,267.90 3 44.6 Hudson City Bancorp Inc 363 4,831.14 4,773.45 3 65.2 HCP Inc. 206 5,860.80 5,920.44 3 50.5 JP Morgan Chase 247 9,699.57 10,823.54 3 83.9 31 COMPLIANCE APPRAISAL As of 09/30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S 8~ P Moody Line CGQ Common Stocks Financials MET Metlife Inc 153 5,727.81 5,824.71 3 6.3 PNC PNC Financial Services Group I 136 5,172.32 6,608.24 3 35.6 STT State Street Corp 109 5,503.67 5,733.40 3 69 UNM Unum Group 268 4,329.72 5,745.92 3 78.4 Total Financials 61,175.06 67,994.54 Health Care ABC AmerisourceBergen Corp 277 5,142.87 6,199.26 2 46.6 ABT Abbott Laboratories 246 13,491.90 12,169.62 1 41.8 AMGN Amgen Inc 100 5,896.81 6,023.00 1 40.3 BAX Baxter International 96 4,970.19 5,472.96 1 42.6 BCR CR Bard Inc 67 5,249.62 5,266.87 1 36 BMY Bristol-Myers Squibb Co 276 6,302.49 6,215.52 1 77.4 DVA Davita Inc 216 11,201.89 12,234.24 3 51.9 GILD Gilead Sciences Inc 111 5,627.12 5,161.50 2 64.2 JNJ Johnson & Johnson 186 10,915.84 11,325.54 1 37.7 MCK Mckesson Corp 102 6,029.55 6,074.10 1 80.9 MHS Medco Health Solutions Inc 108 4,862.90 5,973.48 1 79.4 MYL Mylan Laboratories Inc 349 5,628.96 5,587.49 3 31.4 TEVA Teva Pharmaceutical -SP ADR 104 5,386.97 5,258.24 1 UNH Unitedhealth Group Inc 212 6,334.87 5,308.48 2 96.9 Total Health Care 97,041.98 98,270.30 Industrials FLS Flowserve Corp 134 9,093.43 13,204.36 3 86.8 GD .General Dynamics Corp. 104 5,428.69 6,718.40 1 99 GE General Electric Co 438 6,212.92 7,191.96 3 59.9 HON Honeywelllnternationallnc 170 5,402.98 6,315.50 1 94.5 MDR McDermott International Inc 218 5,474.14 5,508.86 3 MMM 3M Co 93 6,792.74 6,863.40 1 78 PCP Precision Castparts Corp 68 4,539.41 6,927.16 3 18.1 UNP Union Pacific Corp 196 11,670.35 11,436.60 2 88.6 UTX United Technologies Corp 93 5,747.48 5,666.49 1 73.7 Totallndustrials 60,362.14 69,832.73 Information Technology AAPL Apple Inc 79 11,775.11 14,642.65 3 36.3 ACN Accenture PLC 360 13,271.31 13,417.20 2 ADBE Adobe Systems Inc 203 5,328.77 6,707.12 3 33.6 BRCM Broadcom Corp - Class A 250 5,770.05 7,672.50 3 31 CSCO Cisco Systems Inc 609 15,060.16 14,335.86 1 76.8 EBAY Ebay Inc 296 5,018.71 6,985.60 3 85.1 EMC EMC Corp 842 10,022.07 14,347.68 2 73.9 32 COMPLIANCE APPRAISAL As of 09/30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S & P Moody Line CGQ Common Stocks Information Technology GOOG Google Inc-CIA 15 8,480.57 7,437.75 3 7.3 HPO Hewlett-Packard Co 302 14,462.86 14,257.42 1 45.8 IBM International Business Machine 111 10,600.04 13,276.71 1 21.6 MCHP Microchip Technology Inc 260 7,508.32 6,890.00 3 17.7 MSFT Microsoft Corp 521 16,458.37 13,400.12 1 98.2 ORCL Oracle Corp 579 11,739.19 12,066.36 1 34 QCOM Qualcomm Inc. 135 5,873.48 6,072.30 2 65.2 TXN Texas Instruments Inc 542 13,206.16 12,839.98 3 60.3 Total Information Technology 154,575.17 164,349.25 Materials ARG Airgas Inc 118 4,980.69 5,707.66 3 32.6 BLL Ball Corp 109 5,376.75 5,362.80 2 19.1 FCX Freeport-Mcmoran Copper 64 4,510.01 4,391.04 3 19.8 FMC FMC Corp 87 3,789.58 4,893.75 3 24 LZ Lubrizol Corp 62 4,462.82 4,430.52 3 79.3 Total Materials 23,119.85 24,785.77 Telecommunication Services T AT&T Inc 223 6,685.72 6,023.23 1 65.4 VZ Verizon Communications Inc 162 5,514.76 4,903.74 1 66.6 Total Telecommunication Services 12,200.48 10,926.97 Utilities FE Firstenergy Corp 137 6,233.52 6,263.64 2 72.1 FPL FPL Group Inc 53 3,530.38 2,927.19 1 55.2 SRE Sempra Energy 115 5,111.03 5,728.15 2 78.6 Total Utilities 14,874.93 14,918.98 i Total Domestic Equity Strategy 621,399.90 661,084.22 `ADR Strategy I li Britain BP BP PLC (ADS) 65 3,469.05 3,459.95 MAKSY Marks & Spencer PLC -ADR 293 2,323.13 3,393.70 Total Britain 5,792.18 6,853.65 Chile CCU CIA Cervecerias Unidas-ADR 119 3,798.88 4,075.75 Denmark DNSKY Danske Bank A/S-Unspons ADR 211 1,012.80 2,760.15 France SNY Sanofi-Aventis-ADR 130 5,249.26 4,803.50 VIVDY Vivendi 65 1,741.42 2,009.01 Total France 6,990.68 6,812.51 Germany AZ Allianz SE-ADR 452 5,986.18 5,640.96 33 COMPLIANCE APPRAISAL As of 09/30/2009 Portfolio: 1087comp - Tequesta General Employees Pension Fund -Comp Value ISS Identifier Description Shares/PAR Current Cost Market Value S 8 P Moody Line CGQ ADR Strategy Germany BASFY BASF S.E. 67 1,959.75 3,558.95 EONGY E.ON AG -Sponsored ADR 110 4,500.15 4,675.72 HENOY Henkel KGAA -Spons ADR 105 4,008.59 4,515.37 Total Germany 16,454.67 18,391.00 Japan CAJ Canon Inc-Spons ADR 132 5,704.34 5,278.68 DCM NTT Docomo Inc-Spon ADR 220 3,670.24 3,489.20 TM Toyota Motor Corp -Spon ADR 43 3,577.49 3,378.51 Total Japan 12,952.07 12,146.39 Mexico CX Cemex Sab-Spons ADR Part Cer 411 5,281.68 5,310.12 TMX Telefonos De Mexico-Sp ADR L 125 2,298.29 2,180.00 Total Mexico 7,579.97 7,490.12 Netherlands AEG Aegon N.V.-Ny Reg Shr 351 2,854.62 2,969.46 TNTTY TNT Nv -ADR 107 2,522.03 2,868.43 Total Netherlands 5,376.65 5,837.89 Norway YARIY Yara International-ADR 116 2,267.80 3,634.56 Singapore DBSDY DBS Group Holdings Ltd 78 2,898.80 2,940.54 South Korea KTC KT Corp-Sp Adr 253 4,875.16 4,397.14 Switzerland ZFSVY Zurich Financial Svcs-ADR 131 3,314.13 3,111.98 Total International Equity Strategy 73,313.79 78,451.68 Equity ETFs & Closed End Funds NOT CLASSIFIED EFG Ishares Msci Eafe Growth Inx 282 15,093.33 15,044.70 Bond Mutual Funds NOT CLASSIFIED GVI iShares Lehman Intermediate 50 5,132.50 5,321.00 MBB Ishares Lehman Mbs Fixed-Rat 335 35,215.20 35,774.65 SHY Ishares Barclays 1-3YrTrs Bd 311 25,766.28 26,127.11 Total NOT CLASSIFIED 66,113.98 67,222.76 Total Taxable Bond Funds 66,113.98 67,222.76 Total Portfolio 1,183,941.98 1,247,608.57 Accruals 4,465.13 Dividends owed 686.77 Total Portfolio with Accruals & Dividends 1,252,760.47 Dana Investment Advisors, Inc. confirms that to the best of our knowledge this portfolio is in compliance with the Investment Policy and Guidelines most recently provided by the client or its representatives. 34 Vote Summary Report (Short) 10/01/08 to 09/30/09 Sorted by Company Name. In All Markets, for all statuses, for Tequesta General Employees' Pension, Tequesta General Employees Pension Fund, Tequesta General Employees' Pension. Mtg Company Security/ Vote Shares Date /Type /Ballot Issues Proponent Cast Voted 04/24/09 Abbott Laboratories 002824100 136 Elect Director R.J. Alpern For Elect Director R.S. Austin For Elect Director W.M. Daley For Elect Director W.J. Farrell For Elect Director H.L. Fuller For Elect Director W.A. Osborn For Elect Director D.A.L. Owen For Elect Director W.A. Reynolds For Elect Director R.S. Roberts For Elect Director S.C. Scott, III For Elect Director W.D. Smithburg For Elect Director G.F. Tilton For Elect Director M.D. White For Approve Omnibus Stock Plan For Approve Nonqualified Employee Stock Purchase Plan For Ratify Auditors For Report on Animal Testing Against Adopt Principles for Health Care Reform Against Advisory Vote to Ratify Named Executive Officers' Compensation For 02/12/09 ACCENTURE LTD G1150G111 226 This is a duplicate meeting for ballots received via the Broadridge North American Ballot distribution system. RE-APPOINTMENT TO THE BOARD OF DIRECTORS: CHARLES H. GIANCARLO For RE-APPOINTMENT TO THE BOARD OF DIRECTORS: DINA DUBLON For RE-APPOINTMENT TO THE BOARD OF DIRECTORS: WILLIAM D. GREEN For RE-APPOINTMENT TO THE BOARD OF DIRECTORS: NOBUYUKI IDEI Against RE-APPOINTMENT TO THE BOARD OF DIRECTORS: MARJORIE MAGNER For RATIFY AUDITORS For 08/05/09 ACCENTURE LTD G1150G111 246 Accenture Ltd Class A Common Shareholder Class Meeting Proposals Approve Reincorporation from Bermuda to Ireland through Scheme of For Arrangement Adjourn Meeting For Accenture Ltd Class X Common Shareholder Class Meeting Proposals Approve Reincorporation from Bermuda to Ireland through Scheme of For Arrangement Adjourn Meeting For Accenture Ltd Special General Meeting Proposals Approve the Creation of Distributable Reserves for Accenture plc For Adjourn Meeting For 04/01/09 Adobe Systems Inc. 00724F101 166 Elect Director Robert K. Burgess For https://votex.issproxy.com/pdffiles/10292rpt_251 MdHmB ll 254777067.htm1 35 Elect Director Carol Mills Elect Director Daniel Rosensweig Elect Director Robert Sedgewick Elect Director John E. Warnock Amend Omnibus Stock Plan Ratify Auditors 04/22/09 Aegon NV Meeting for ADR Holders Open Meeting Presentation on the Course of Business and Significant Events in 2008 Approve Financial Statements and Statutory Reports Approve Dividends of EUR 0.30 Per Share Approve Discharge of Management Board Approve Discharge of Supervisory Board Ratify Ernst & Young as Auditors Elect J.]. Nooitgedacht to Executive Board Reelect D.G. Eustace to Supervisory Board Reelect S. Levy to Supervisory Board Elect A.W.H. Doctors van Leeuwen to Supervisory Board Grant Board Authority to Issue Shares Up To 10 Percent of Issued Capital Plus Additional 10 Percent in Case of Takeover/Merger Authorize Board to Exclude Preemptive Rights from Issuance under Item 12 Authorize Repurchase of Up to Ten Percent of Issued Share Capital Retirement of W.F.C. Stevens as a Supervisory Board Member Retirement of ].B.M. Streppel as a Executive Board Member Other Business (Non-Voting) Close Meeting 08/18/09 Airgas, Inc. Elect Director James W. Hovey Elect Director Paula A. Sneed Elect Director David M. Stout Elect Director Ellen C. Wolf Ratify Auditors Amend Omnibus Stock Plan 04/29/09 Allianz SE (formerly Allianz AG) Meeting for ADR Holders RECEIVE FINANCIAL STATEMENTS AND STATUTORY REPORTS FOR FISCAL 2008 (NON-VOTING) APPROPRIATION OF NET EARNINGS APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE MANAGEMENT BOARD APPROVAL OF THE ACTIONS OF THE MEMBERS OF THE SUPERVISORY BOARD BY-ELECTION TO THE SUPERVISORY BOARD AUTHORIZATION TO ACQUIRE TREASURY SHARES FOR TRADING PURPOSES AUTHORIZATION TO ACQUIRE AND UTILIZE TREASURY SHARES FOR OTHER PURPOSES AUTHORIZATION TO USE DERIVATIVES IN CONNECTION WITH THE ACQUISITION OF TREASURY SHARES PURSUANT TO 71 (1) N0.8 OF THE GERMAN STOCK CORPORATION ACT (AKTIENGESETZ) AMENDMENT TO THE STATUTES IN ACCORDANCE WITH 67 GERMAN STOCK CORPORATION ACT (AKTIENGESETZ) OTHER AMENDMENTS TO THE STATUTES: CANCELLATION OF PROVISIONS REGARDING THE FIRST SUPERVISORY BOARD OTHER AMENDMENTS TO THE STATUTES: ANTICIPATORY RESOLUTIONS ON PLANNED LAW ON IMPLEMENTATION OF SHAREHOLDER RIGHTS DIRECTIVE APPROVAL OF CONTROL AND PROFIT TRANSFER AGREEMENT BETWEEN ALLIANZ SE AND ALLIANZ SHARED INFRASTRUCTURE SERVICES SE For For For For For For 007924103 400 For For For For For For For For For For For 009363102 For For For For For Against 65 018805101 For For For For For For For For For For For 257 https://votex.issproxy.com/pdffiles/10292rpt251MdHmB 11254777067.html 36 05/06/09 Amgen, Inc. 031162100 Elect Director David Baltimore For Elect Director Frank J. Biondi, Jr. For Elect Director Francois de Carbonnel For Elect Director Jerry D. Choate For Elect Director Vance D. Coffman For Elect Director Frederick W. Gluck For Elect Director Frank C. Herringer For Elect Director Gilbert S. Omenn For Elect Director Judith C. Pelham For Elect Director J. Paul Reason For Elect Director Leonard D. Schaeffer For Elect Director Kevin W. Sharer For Ratify Auditors For Approve Omnibus Stock Plan For Reduce Supermajority Vote Requirement For Amend Articles/Bylaws/Charter -- Call Special Meetings For Reincorporate in Another State [from Delaware to North Dakota ] Against 05/07/09 Apache Corp. 037411105 Elect Director Frederick M. Bohen For Elect Director George D. Lawrence For Elect Director Rodman D. Patton For Elect Director Charles J. Pitman For 02/25/09 Apple, Inc. 037833100 Elect Director William V. Campbell For Elect Director Millard S. Drexler For Elect Director Albert A. Gore, Jr. For Elect Director Steven P. Jobs For Elect Director Andrea Jung For Elect Director A.D. Levinson For Elect Director Eric E. Schmidt For Elect Director Jerome B. York For Report on Political Contributions Against Adopt Principles for Health Care Reform Against Prepare Sustainability Report Against Advisory Vote to Ratify Named Executive Officers' Compensation For 04/24/09 AT&T Inc 002068102 Elect Director Randall L. Stephenson For Elect Director William F. Aldinger III Against Elect Director Gilbert F. Aurelio Against Elect Director Reuben V. Anderson For Elect Director James H. Blanchard Against Elect Director August A. Busch III For Elect Director Jaime Chico Pardo For Elect Director James P. Kelly For Elect Director Jon C. Madonna For Elect Director Lynn M. Martin For Elect Director John B. McCoy For Elect Director Mary S. Metz For Elect Director Joyce M. Roche For Elect Director Laura D Andrea Tyson For 78 79 36 193 37 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Director Patricia P. Upton Ratify Auditors Increase Authorized Common Stock Report on Political Contributions Amend Articles/Bylaws/Charter -- Call Special Meetings Provide for Cumulative Voting Require Independent Board Chairman Advisory Vote to Ratify Named Executive Officers' Compensation Exclude Pension Credits ttom Earnings Performance Measure 12/05/08 Bank of America Corp. Issue Shares in Connection with Acquisition Amend Omnibus Stock Plan Increase Authorized Common Stock Adjourn Meeting 04/30/09 BASF SE (formerly BASF AG) Meeting for ADR Holders Receive Financial Statements and Statutory Reports for Fiscal 2008 (Non-Voting) Approve Allocation of Income and Dividends of EUR 1.95 per Share Approve Discharge of Supervisory Board for Fiscal 2008 Approve Discharge of Management Board for Fiscal 2008 Ratify KPMG AG as Auditors for Fiscal 2009 Reelect Francois Diedrich to the Supervisory Board Reelect Michael Diekmann to the Supervisory Board Reelect Franz Ferenbach to the Supervisory Board Elect Stephen Green to the Supervisory Board Reelect Max Kley to the Supervisory Board Elect Eggert Vosherau to the Supervisory Board Approve Creation of EUR 500 Million Pool of Capital without Preemptive Rights Amend Articles Re: First Supervisory Board of BASF SE Approve Remuneration of Supervisory Board 02/03/09 Becton, Dickinson and Company Elect Director Claire M. Fraser-Liggett Elect Director Edward J. Ludwig Elect Director Willard J. Overlock, Jr. Elect Director Bertram L. Scott Ratify Auditors Declassify the Board of Directors Amend Omnibus Stock Plan Amend Omnibus Stock Plan Amend Bylaws -- Call Special Meetings Provide for Cumulative Voting 07/28/09 BMC Software, Inc. Elect Director Robert E. Beauchamp Elect Director B. Garland Cupp Elect Director Jon E. Bafield Elect Director Gary L. Bloom Elect Director Meldon K. Gafner Elect Director P. Thomas Jenkins Elect Director Louis J. Lavigne, ]r. Elect Director Kathleen A. O'Neil Elect Director Tom C. Tinsley Against For For For For For For For For 060505104 158 For For For For 055262505 139 075887109 055921100 For For For For For For For For For For For For For For For For For For For For For For For For For For Withhold Withhold Withhold For For Withhold 124 116 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 38 Ratify Auditors Amend Omnibus Stock Plan 05/05/09 Bristol-Myers Squibb Co. Elect Director L. Andreotti Elect Director L. B. Campbell Elect Director J. M. Cornelius Elect Director L. J. Freeh Elect Director L. H. Glimcher Elect Director M. Grobstein Elect Director L. Johansson Elect Director A. J. Lacy Elect Director V. L. Sato Elect Director T. D. West, Jr. Elect Director R. S. Williams Ratify Auditors Increase Disclosure of Executive Compensation Reduce Supermajoriry Vote Requirement Amend Articles/Bylaws/Charter -- Call Special Meetings Advisory Vote to Ratify Named Executive Officers' Compensation 03/27/09 Canon Inc. Meeting for ADR Holders DIVIDEND FROM SURPLUS PARTIAL AMENDMENT TO THE ARTICLES OF INCORPORATION DIRECTOR FUJIO MITARAI DIRECTOR TSUNEJI UCHIDA DIRECTOR TOSHIZO TANAKA DIRECTOR NOBUYOSHITANAKA DIRECTOR ]UNJI ICHIKAWA DIRECTOR AKIYOSHI MOROE DIRECTOR KUNIO WATANABE DIRECTOR YOROKU ADACHI DIRECTOR YASUO MITSUHASHI DIRECTOR TOMONORI IWASHITA DIRECTOR MASAHIRO OSAWA DIRECTOR SHIGEYUKI MATSUMOTO DIRECTOR KATSUICHISHIMIZU DIRECTOR RYOICHI BAMBA DIRECTOR TOSHIO HOMMA DIRECTOR MASAKI NAKAOKA DIRECTOR HARUHISA HONDA DIRECTOR TOSHIYUKI KOMATSU DIRECTOR TETSURO TAHARA DIRECTOR SEDIRO SEKINE DIRECTOR SHUNJI ONDA DIRECTOR KAZUNORI FUKUMA DIRECTOR HIDEKI OZAWA DIRECTOR MASAYA MAEDA DIRECTOR TOSHIAKI IKOMA GRANT OF RETIREMENT ALLOWANCE TO A DIRECTOR TO RETIRE GRANT OF BONUS TO DIRECTORS ISSUANCE OF SHARE OPTIONS AS STOCK OPTIONS WITHOUT COMPENSATION 110122108 138006309 For For For For For For For For For For For For For For Against Against For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For 190 132 39 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 04/23/09 CEMEX S.A.B. de C.V. 151290889 Meeting for ADR Holders Each CPO is Composed of 2 Class A Shares and 1 Class a Shares; Only Mexican Nationals Who Own Class A Shares Are Entitled to Vote Accept Financial Statements and Statutory Reports for the Year Ended December For 31, 2008 in Accordance with Stock Market Law Approve Allocation of Income For Authorize Increase in Variable Portion of Capital via Capitalization of Retained For Profits Account Renegotiate Debt with Financial Institutions For Elect Members of the Board, Members and Chairs to Audit and Corporate Practices Against Committees Approve Remuneration of Directors and Members of the Audit and Corporate For Practices Committees Designate Inspector or Shareholder Representative(s) of Minutes of Meeting For 09/04/09 CEMEX S.A.B. de C.V. 151290889 Meeting for ADR Holders Approve Increase in Variable Portion of Share Capital Represented by CPOs and For Issuance of Convertible Bonds by Up to 4.8 Billion Shares Withouth Preemptive Rights; Issuance of Convertible Instruments will be Carried Out within 24 Months 04/23/09 Centerpoint Energy Inc. 151897107 Elect Director Derrill Cody For Elect Director Michael P. Johnson For Elect Director David M. McClanahan For Elect Director Robert T. O'Connell For Elect Director Susan O. Rheney For Elect Director Michael E. Shannon For Ratify Auditors For Approve Omnibus Stock Plan For 05/27/09 Chevron Corporation 166764100 Elect Director S. H. Armacost For Elect Director L. F. Deily For Elect Director R. E. Denham For Elect Director R. J. Eaton For Elect Director E. Hernandez For Elect Director F. G. Jenifer For Elect Director 5. Nunn For Elect Director D. J. O'Reilly For Elect Director D. B. Rice For Elect Director K. W. Sharer For Elect Director C. R. Shoemate For Elect Director R. D. Sugar For Elect Director C. Ware For Elect Director J. 5. Watson For Ratify Auditors For Amend Executive Incentive Bonus Plan For Amend Omnibus Stock Plan For Amend Articles/Bylaws/Charter -- Call Special Meetings For Advisory Vote to Ratify Named Executive Officers' Compensation For Adopt Quantitative GHG Goals for Products and Operations Against Adopt Guidelines for Country Selection For Adopt Human Rights Policy For Report on Market Specific Environmental Laws Against 11/13/08 Cisco Systems, Inc. 172758102 Elect Director Carol A. Bartz For 434 451 375 58 454 https://votex.issproxy.com/pdffiles/1O292_rpt_251MdHmB ll 254777O67.html 40 Elect Director M. Michele Burns Elect Director Michael D. Capellas Elect Director Larry R. Carter Elect Director John T. Chambers Elect Director Brian L. Halla Elect Director John L. Hennessy Elect Director Richard M. Kovacevich Elect Director Roderick C. McGeary Elect Director Michael K. Powell Elect Director Steven M. West Elect Director Jerry Yang Ratify Auditors Amend Bylaws to Establish a Board Committee on Human Rights Report on Internet Fragmentation 05/13/09 CME Group Inc. Elect Director Dennis H. Chookaszian Elect Director Robert F. Corvino Elect Director Larry G. Gerdes Elect Director Daniel R. Glickman Elect Director James E. Oliff Elect Director John L. Pietrzak Elect Director Alex J. Pollock Elect Director William R. Shepard Amend Omnibus Stock Plan Amend Non-Employee Director Omnibus Stock Plan Amend Executive Incentive Bonus Plan Ratify Auditors 05/08/09 Colgate-Palmolive Co. Elect Director John T. Cahill Elect Director Jill K. Conway Elect Director Ian Cook Elect Director Ellen M. Hancock Elect Director David W. Johnson Elect Director Richard J. Kogan Elect Director Delano E. Lewis Elect Director J. Pedro Reinhard Elect Director Stephen I. Sadove Ratify Auditors Approve Omnibus Stock Plan Advisory Vote to Ratify Named Executive Officers' Compensation 05/13/09 ConocoPhillips Elect Director Richard L. Armitage Elect Director Richard H. Auchinleck Elect Director James E. Copeland, Jr. Elect Director Kenneth M. Duberstein Elect Director Ruth R. Harkin Elect Director Harold W. McGraw III Elect Director James J. Mulva Elect Director Harald J. Norvik Elect Director William K. Reilly Elect Director Bobby S. Shackouls 12572Q105 194162103 208250104 For For For For For For For For For For Against For Against For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For 13 54 82 41 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 1 1254777067.htm1 Elect Director Victoria J. Tschinkel Elect Director Kathryn C. Turner Elect Director William E. Wade, Jr. Ratify Auditors Approve Omnibus Stock Plan Adopt Principles for Health Care Reform Advisory Vote to Ratify Named Executive Officers' Compensation Report on Political Contributions Adopt Quantitative GHG Goals for Products and Operations Report on Environmental Impact of Oil Sands Operations in Canada Require Director Nominee Qualifications 05/06/09 CVS Caremark Corp Elect Director Edwin M. Banks Elect Director C. David Brown II Elect Director David W. Dorman Elect Director Kristen E. Gibney Williams Elect Director Marian L. Heard Elect Director William H. ]oyce Elect Director Jean-Pierre Million Elect Director Terrence Murray Elect Director C.A. Lance Piccolo Elect Director Sheli Z. Rosenberg Elect Director Thomas M. Ryan Elect Director Richard J. Swift Ratify Auditors Amend Articles/Bylaws/Charter -- Call Special Meetings Require Independent Board Chairman Report on Political Contributions Advisory Vote to Ratify Named Executive Officers' Compensation 05/12/09 Dentsply International, Inc. Elect Director Wendy L Dixon Elect Director Leslie A. Jones Elect Director Bret W. Wise Ratify Auditors 10/15/08 Diageo plc Meeting for ADR Holders REPORT AND ACCOUNTS 2008 DIRECTORS REMUNERATION REPORT 2008 DECLARATION OF FINAL DIVIDEND TO RE-ELECT DR FB HUMER (MEMBER OF NOMINATION COMMITTEE, CHAIRMAN OF COMMITTEE) AS A DIRECTOR TO RE-ELECT M LIL]A (MEMBER OF AUDIT, NOMINATION, REMUNERATION COMMITTEE) AS A DIRECTOR TO RE-ELECT WS SHANAHAN (MEMBER OF AUDIT, NOMINATION, REMUNERATION COMMITTEE) AS A DIRECTOR TO RE-ELECT HT STITZER (MEMBER OF AUDIT, NOMINATION, REMUNERATION COMMITTEE) AS A DIRECTOR ELECTION OF PG SCOTT (MEMBER OF AUDIT, CHAIRMAN OF COMMITTEE, NOMINATION, REMUNERATION) AS A DIRECTOR RATIFY AUDITORS AUTHORITY TO ALLOT RELEVANT SECURITIES DISAPPLICATION OF PRE-EMPTION RIGHTS AUTHORITY TO PURCHASE OWN ORDINARY SHARES AUTHORITY TO MAKE POLITICAL DONATIONS AND/OR TO INCUR POLITICAL EXPENDITURE For For For For For Against For For For For Against 126650100 For For For For For For For For For For For For For For For For For 136 249030107 129 For For For For 25243Q205 64 For For For For For For For For For For For For For https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.html ~? ADOPTION OF THE DIAGEO PL% 2008 PERFORMANCE SHARE PLAN For ADOPTION OF THE DIAGEO PLC 008 SENIOR EXECUTIVE SHARE OPTION PLAN For AUTHORITY TO ESTABLISH INTERNATIONAL SHARE PLANS For AMENDMENTS TO THE ARTICLES OF ASSOCIATION For 05/06/09 E.ON AG (formerly Veba AG) 268780103 Meeting for ADR Holders RECEIVE FINANCIAL STATEMENTS AN!9 STATUTORY REPORTS FOR FISCAL 2008 (NON-VOTING) APPROPRIATION OF BALANCE SHEET PROFITS FROM THE 2008 FINANCIAL YEAR For DISCHARGE OF THE BOARD OF MANAGEMENT FOR THE 2008 FINANCIAL YEAR For DISCHARGE OF THE SUPERVISORY BOAF:D FOR THE 2008 FINANCIAL YEAR For ELECTION OF DENS P. HEYERDAHL AS A ihEMBER OF THE SUPERVISORYBOARD For ELECTION OF PRICEWATERHOUSECOOPE~RS AKTIENGESELLSCHAFT AS For THEAUDITOR FOR THE ANNUAL AS WELL ,4S THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2009 FINANCIAL Y~.AR ELECTION OF PRICEWATERHOUSECOOPEkS AKTIENGESELLSCHAFT AS THE For AUDITOR FOR THE INSPECTION OF THE At36REVIATED FINANCIAL STATEMENTS AND THE INTERIM MANAGEMENT REPORT FOR THE FIRST HALFOF THE 2009 FINANCIAL YEAR AUTHORIZATION FOR THE ACQUISITION AFJD USE OF TREASURY SHARES For CREATION OF A NEW AUTHORIZED CAPITA!_ AND RELATED AMENDMENTS For TOTHE ARTICLES OF ASSOCIATION AUTHORIZATION I FOR THE ISSUE OF OPl~ION OR CONVERTIBLE For BONDS,PROFIT PARTICIPATION RIGHTS OR PARTICIPATING BONDS AND THE EXCLUSION OF THE SHAREHOLDERS SUBSCRIPTION RIGHT; CREATION OF ACONDITIONAL CAPITAL I AUTHORIZATION II FOR THE ISSUE OF OPTION OR CONVERTIBLE For BONDS,PROFIT PARTICIPATION RIGHTS OR PARTICIPATING BONDS AND THE EXCLUSION OF THE SHAREHOLDERS SUBSCRIPTION RIGHT; CREATION OF ACONDITIONAL CAPITAL II ALTERATION OF THE CORPORATE PURPOSE= (AMENDMENT TO THE ARTICLESOF For ASSOCIATION) AMENDMENT OF SECTION 19 PARA. 2 SENT. 2 OF THE ARTICLES OF For ASSOCIATION (AUTHORIZATION TO PERMIT THE BROADCASTING OF VIDEO AND AUDIO MATERIAL) AMENDMENT OF SECTION 20 PARA. 1 OF THE ARTICLES OF ASSOCIATION For (EXERCISING OF THE VOTING RIGHT THROUGH PROXIES) AMENDMENT OF SECTION 18 PARA. 2 OF THE ARTICLES OF ASSOCIATION(DATE For OF THE REGISTRATION FOR PARTICIPATION IN GENERAL MEETINGS) APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER For AGREEMENTBETWEEN THE COMPANY AND E.ON EINUNDZWANZIGSTE VERWALTUNGS GMBH APPROVAL OF THE CONTROL AND PROFIT AND LOSS TRANSFER For AGREEMENTBETWEEN THE COMPANY AND E.GN ZWEIUNDZWANZIGSTE VERWALTUNGS GMBH 05/14/09 ENDURANCE SPECIALTY HOLDINGS Ltd 630397106 Elect Steven W. Carlsen as Director of Endurance Specialty Holdings Ltd. For Elect Kenneth J. LeStrange as Director of Endurance Specialty Holdings Ltd. For Elect William J. Raver as Director of Endurance Specialty Holdings Ltd. For Elect Steven W. Carlsen as Director of Endurance Specialty Insurance Ltd. For Elect David S. Cash as Director of Endurance Specialty Insurance Ltd. For Elect Kenneth J. LeStrange as Director of Endurance Specialty Insurance Ltd. For Elect Alan Barlow as Director of Endurance Worldwide Holdings Limited For Elect William H. Bolinder as Director of Endurance Worldwide Holdings Limited For Elect Steven W. Carlsen as Director of Endurance Worldwide Holdings Limited For Elect Kenneth J. LeStrange as Director of Er durance Worldwide Holdings Limited For Elect Simon Minshall as Director of Endurance Worldwide Holdings Limited For Elect Brendan R. O'Neill as Director of Endurance Worldwide Holdings Limited For Elect Alan Barlow as Director of Endurance Worldwide Insurance Limited For Elect William H. Bolinder as Director of Endurance Worldwide Insurance Limited For Elect Steven W. Carlsen as Director of Endurance Worldwide Insurance Limited For 89 89 43 https://votex.issproxy.com/pdffiles/ 10292_rpt_251 MdHmB 11254777067.htm1 Elect Kenneth J. Lestrange as Director of Endurance Worldwide Insurance Limited Elect Simon Minshall as Director of Endurance Worldwide Insurance Limited Elect Brendan R. O'Neill as Director of Endurance Worldwide Insurance Limited Approve Ernst & Young as Auditors and Authorize Board to Fix Their Remuneration 05/27/09 Express Scripts, Inc. Elect Director Gary G. Benanav Elect Director Frank J. Borelli Elect Director Maura C. Breen Elect Director Nicholas J. LaHowchic Elect Director Thomas P. Mac Mahon Elect Director Frank Mergenthaler Elect Director Woodrow A Myers, Jr, MD Elect Director John 0. Parker, Jr. Elect Director George Paz Elect Director Samuel K. Skinner Elect Director Seymour Sternberg Elect Director Barrett A. Toan Ratify Auditors 05/27/09 Exxon Mobil Corp. Elect Director M.J. Boskin Elect Director L.R. Faulkner Elect Director K.C. Frazier Elect Director .W. George Elect Director R.C. King Elect Director M.C. Nelson Elect Director S.J. Palmisano Elect Director S.S Reinemund Elect Director R.W. Tillerson Elect Director E.E. Whitacre, Jr. Ratify Auditors Provide for Cumulative Voting Amend Articles/Bylaws/Charter -- Call Special Meetings Reincorporate in Another State [from New Jersey to North Dakota] Require Independent Board Chairman Advisory Vote to Ratify Named Executive Officers' Compensation Compare CEO Compensation to Average U.S. per Capita Income Review Anti-discrimination Policy on Corporate Sponsorships and Executive Perks Amend EEO Policy to Prohibit Discrimination based on Sexual Orientation and Gender Identity Adopt Quantitative GHG Goals for Products and Operations Report on Climate Change Impacts on Emerging Countries Adopt Policy to Increase Renewable Energy 05/19/09 FirstEnergy Corp Elect Director Paul T. Addison Elect Director Anthony J. Alexander Elect Director Michael J. Anderson Elect Director Dr. Carol A. Cartwright Elect Director William T. Cottle Elect Director Robert B. Heisler, Jr. Elect Director Ernest J. Novak, Jr. Elect Director Catherine A. Rein Elect Director George M. Smart 302182100 302316107_ 337932107 For For For For F=or For For For For For For For For For For For For For For For For For For For For For For For For For Against For For Against Against For For Against For Withhold Withhold Withhold Withhold Withhold Withhold Withhold Withhold Withhold 59 55 70 hops://votex.issproxy.com/pdffiles/1O292_rpt_251 MdHmB 11254777O67.htm1 44 Elect Director Wes M. Taylor Withhold Elect Director Jesse T. Williams, Sr. Withhold Ratify Auditors For Adopt Simple Majority Vote For Amend Bylaws to Reduce the Percentage of Shares Required to Call Special For Shareholder Meeting Establish Shareholder Proponent Engagement Process For Require a Majority Vote for the Election of Directors For 04/28/09 FMC Corp. 302491303 Elect Director Patricia A. Buffler For Elect Director G. Peter D'Aloia For Elect Director C. Scott Greer For Elect Director Paul J. Norris For Elect Director Dirk A. Kempthorne For Ratify Auditors For 05/22/09 FPL Group, Inc. 302571104 Elect Director Sherry S. Barrat Withhold Elect Director Robert M. Beall, II Withhold Elect Director J. Hyatt Brown For Elect Director James L. Camaren Withhold Elect Director J. Brian Ferguson Withhold Elect Director Lewis Hay, III For Elect Director Toni Jennings Withhold Elect Director Oliver D. Kingsley, Jr. For Elect Director Rudy E. Schupp For Elect Director Michael H. Thaman For Elect Director Hansel E. Tookes, II For Elect Director Paul R. Tregurtha Withhold Ratify Auditors For Amend Omnibus Stock Plan For 06/23/09 GameStop Corp. 36467W109 Elect Director Daniel A. DeMatteo For Elect Director Michael N. Rosen For Elect Director Edward A. Volkwein For Amend Omnibus Stock Plan For Ratify Auditors For 05/06/09 General Dynamics Corp. 369550108 Elect Director Nicholas D. Chabraja For Elect Director James S. Crown For Elect Director William P. Fricks For Elect Director Jay L. Johnson For Elect Director George A. Joulwan For Elect Director Paul G. Kaminski For Elect Director John M. Keane For Elect Director Deborah J. Lucas For Elect Director Lester L. Lyles For Elect Director J. Christopher Reyes For Elect Director Robert Walmsley For Approve Omnibus Stock Plan For Approve Nonqualified Employee Stock Purchase Plan For Ratify Auditors For Report on Space-based Weapons Program Against 108 76 250 133 45 https://votex.issproxy.com/pdffiles/10292rpt_251MdHmB 11254777067.htm1 Adopt a Policy in which the Company will not Make or Promise to Make Any Death Benefit Payments to Senior Executives 04/22/09 General Electric Co. Elect Director James I. Cash, Jr. Elect Director William M. Castell Elect Director Ann M. Fudge Elect Director Susan Hockfield Elect Director Jeffrey R. Immelt Elect Director Andrea Jung Elect Director Alan G.(A.G.) Lafley Elect Director Robert W. Lane Elect Director Ralph S. Larsen Elect Director Rochelle B. Lazarus Elect Director James J. Mulva Elect Director Sam Nunn Elect Director Roger S. Penske Elect Director Robert J. Swieringa Elect Director Douglas A. Warner III Ratify Auditors Provide for Cumulative Voting Advisory Vote to Ratify Named Executive Officers' Compensation Evaluate the Potential Conversion of the Corporation's Business Units into Four or More Public Corporations and Distribute New Shares Adopt Policy to Cease the Payments of Dividends or Equivalent Payments to Senior Executives for Shares Not Owned Submit Severance Agreement (Change in Control) to shareholder Vote 09/21/09 General Mills, Inc. Elect Director Bradbury H. Anderson Elect Director R. Kerry Clark Elect Director Paul Danos Elect Director William T. Esrey Elect Director Raymond V. Gilmartin Elect Director Judith Richards Hope Elect Director Heidi G. Miller Elect Director Hilda Ochoa-Brillembourg Elect Director Steve Odland Elect Director Kendall J. Powell Elect Director Lois E. Quam Elect Director Michael D. Rose Elect Director Robert L. Ryan Elect Director Dorothy A. Terrell Approve Omnibus Stock Plan Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation 05/21/09 Genryme Corp. Elect Director Douglas A. Berthiaume Elect Director Gail K. Boudreaux Elect Director Robert J. Carpenter Elect Director Charles L. Cooney Elect Director Victor J. Dzau Elect Director Connie Mack III Elect Director Richard F. Syron Elect Director Henri A. Termeer For 369604103 244 For For For For For For Against For For For For For Against For For For For For Against For For 370334104 72 For For For For For For For For For For For For For For For For For 372917104 52 For For For For For For For For https://votex.issproxy.com/pdffiles/10292_rpt_25l MdHmB 11254777067.htm1 46 Amend Omnibus Stock Plan Approve Qualified Employee Stock Purchase Plan Ratify Auditors 05/06/09 Gilead Sciences, Inc. Elect Director Paul Berg Elect Director John F. Cogan Elect Director Etienne F. Davignon Elect Director James M. Denny Elect Director Carla A. Hills Elect Director John W. Madigan Elect Director John C. Martin Elect Director Gordon E. Moore Elect Director Nicholas G. Moore Elect Director Richard ]. Whitley Elect Director Gayle E. Wilson Ratify Auditors Amend Omnibus Stock Plan 05/07/09 Google Inc Elect Director Eric Schmidt Elect Director Sergey Brin Elect Director Larry Page Elect Director L. John Doerr Elect Director John L. Hennessy Elect Director Arthur D. Levinson Elect Director Ann Mather Elect Director Paul S. Otellini Elect Director K. Ram Shriram Elect Director Shirley M. Tilghman Ratify Auditors Amend Omnibus Stock Plan Report on Political Contributions Adopt Policies to Protect Freedom of Access to the Internet Adopt Principles for Health Care Reform 08/12/09 H. J. Heinz Co. Elect Director W.R. Johnson Elect Director C.E. Bunch Elect Director L.S. Coleman, Jr. Elect Director J.G. Drosdick Elect Director E.E. Holiday Elect Director C. Kendle Elect Director D.R. 0 Hare Elect Director N. Peltz Elect Director D.H. Reilley Elect Director L.C. Swann Elect Director T.J. Usher Elect Director M.F. Weinstein Ratify Auditors Provide Right to Call Special Meeting 03/18/09 Hewlett-Packard Co. Elect Director Lawrence T. Babbio, Jr. Elect Director Sari M. Baldauf 375558103 38259P508 423074103 428236103 For For For For For For For For For For For For For For For For Withhold Withhold Withhold Withhold Withhold Withhold Withhold Withhold Withhold Withhold For Against For Against Against For For For For For For For For For For For For For For For For 69 11 195 233 47 https://votex.issproxy.com/pdffiles/10292_rpt251 MdHmB 11254777067.htm1 Elect Director Rajiv L. Gupta Elect Director John H. Hammergren Elect Director Mark V. Hurd Elect Director Joel Z. Hyatt Elect Director John R. Joyce Elect Director Robert L. Ryan Elect Director Lucille S. Salhany Elect Director G. Kennedy Thompson Ratify Auditors 04/27/09 Honeywell International, Inc. Elect Director Gordon M. Bethune Elect Director Jaime Chico Pardo Elect Director David M. Cote Elect Director D. Scott Davis Elect Director Linnet F. Deily Elect Director Clive R. Rollick Elect Director George Paz Elect Director Bradley T. Sheaves Elect Director John R. Stafford Elect Director Michael W. Wright Ratify Auditors Provide for Cumulative Voting Adopt Principles for Health Care Reform Advisory Vote to Ratify Named Executive Officers' Compensation Adopt Anti Gross-up Policy Amend Bylaws-- Call Special Meetings 06/20/09 Infosys Technologies Ltd Meeting for ADR Holders Receive, Consider And Adopt The Balance Sheet As Atmarch 31, 2009 And The Profit And Loss Account For The Yearended On That Date And The Report Of The Directors And Auditors Declare A Final Dividend For The Financial Year Endedmarch 31, 2009. Appoint A Director In Place Of Deepak M. Satwalekar, Who retires By Rotation And, Being Eligible, Seeks Re-appointment. Appoint A Director In Place Of Dr. Omkar Goswami, Who Retires by Rotation And, Being Eligible, Seeks Re-appointment. Appoint A Director In Place Of Rama Bijapurkar, Who Retires by Rotation And, Being Eligible, Seeks Re-appointment. Appoint A Director In Place Of David L. Boyles, Who Retires by Rotation And, Being Eligible, Seeks Re-appointment. Appoint A Director In Place Of Prof. Jeffrey S. Lehman, Who retires By Rotation And, Being Eligible, Seeks Re-appointment. Appoint Auditors To Hold Office From The Conclusion Of The Annual General Meeting Held On June 20, 2009, Until Theconclusion Of The Next Annual General Meeting, And To Fix Their Remuneration. Appoint K.v. Kamath As Director, Liable To Retire By rotation. 04/28/09 International Business Machines Corp. Elect Director A. J. P. Belda Elect Director C. Black Elect Director W. R. Brody Elect Director K. I. Chenault Elect Director M. L. Eskew Elect Director S. A. Jackson Elect Director T. Nishimuro Elect Director J. W. Owens Elect Director S. J. Palmisano 438516106 456788108 459200101 For For For For For For For For For Against For For For For Against For Against Against For For For Against For For For For For For For For For For For For For For For For For For For For For 120 133 51 https://votex.issproxy.com/pdffiles/1O292_rpt251 MdHmB 11254777O67.htm1 48 Elect Director J. E. Spero Elect Director S. Taurel Elect Director L. H. Zambrano Ratify Auditors Approve Executive Incentive Bonus Plan Provide for Cumulative Voting Review Executive Compensation Advisory Vote to Ratify Named Executive Officers' Compensation 04/23/09 Johnson & Johnson Elect Director Mary Sue Coleman Elect Director James G. Cullen Elect Director Michael M.E. Johns Elect Director Arnold G. Langbo Elect Director Susan L. Lindquist Elect Director Leo F. Mullin Elect Director Wiliam D. Perez Elect Director Charles Prince Elect Director David Satcher Elect Director William C. Weldon Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation 01/21/09 Johnson Controls, Inc. Elect Director Dennis W. Archer Elect Director Richard Goodman Elect Director Southwood J. Morcott Ratify Auditors Adopt Policy to Obtain Shareholder Approval of Survivor Benefits 05/19/09 ]PMOrgan Chase & Co. Elect Director Crandall C. Bowles Elect Director Stephen B. Burke Elect Director David M. Cote Elect Director James S. Crown Elect Director James Dimon Elect Director Ellen V. Futter Elect Director William H. Gray, III Elect Director Laban P. Jackson, Jr. Elect Director David C. Novak Elect Director Lee R. Raymond Elect Director William C. Weldon Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Disclose Prior Government Service Provide for Cumulative Voting Amend Articles/Bylaws/Charter -- Call Special Meetings Report on Predatory Lending Policies Amend Key Executive Performance Plan Stock Retention/Holding Period Prepare Carbon Principles Report ~l/14/09 KT Corp (formerly Korea Telecom Corporation) Meeting for ADR Holders Amend Articles of Incorporation Regarding President Qualification Requirements 478160104 For For For For For For For For For For For For For For For For For For For For 82 478366107 144 Withhold For For For For 46625H100 86 For For For For For For For For For For For For For Against For For Against For For Against 48268K101 For 168 49 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Lee Suk-Chae as President Elect Kang Si-Chin as Outside Director and as Audit Committee Member Elect Song In-Man as Outside Director and as Audit Committee Member Elect Park Joon as Outside Director and as Audit Committee Member Approve Employment Contract with President 03/06/09 KT Corp (formerly Korea Telecom Corporation) Meeting for ADR Holders Approve Appropriation of Income and Dividend of KRW 1,120 per Share Elect Lee Sang-Noon as Inside Director Elect Pyo Hyun-Myung as Inside Director Elect Lee Choon-Ho as Outside Director Elect Kim Eung-Han as Outside Director Elect Huh Jeung-Soo as Outside Director Elect Kim Eung-Han as Member of Audit Committee Approve Total Remuneration of Inside Directors and Outside Directors 03/27/09 KT Corp (formerly Korea Telecom Corporation) Meeting for ADR Holders Approve Merger Agreement with KT Freetel Co., Ltd. Amend Articles of Incorporation regarding Expansion of Business Objectives, Changes to Executives' Title, Board's Quorum Requirements, and Other Legislative Changes 04/23/09 Lockheed Martin Corp. Elect Director E. C. "Pete" Aldrige, Jr. Elect Director Nolan D. Archibald Elect Director David B. Burritt Elect Director James 0. Ellis, Jr. Elect Director Gwendolyn S. King Elect Director James M. Loy Elect Director Douglas H. McCorkindale Elect Director Joseph W. Ralston Elect Director Frank Savage Elect Director James Schneider Elect Director Anne Stevens Elect Director Robert J. Stevens Elect Director James R. Ukropina Ratify Auditors Reduce Supermajority Vote Requirement Report on Space-based Weapons Program Adopt a Policy in which the Company will not Make or Promise to Make Any Death Benefit Payments to Senior Executives Advisory Vote to Ratify Named Executive Officers' Compensation 06/09/09 MasterCard Incorporated Elect Director Richard Haythornthwaite Elect Director David R. Carlucci Elect Director Robert W. Selander Amend Certificate of Incorporation to Increase Size of Board and Amend Director Qualifications Ratify Auditors 05/27/09 McDonald's Corp. Elect Director Robert A. Eckert Elect Director Enrique Hernandez, Jr. Elect Director Jeanne P. Jackson Elect Director Andrew J. McKenna For For For For For 48268K101 279 For For For For For For For For 48268K101 279 For For 539830109 92 Against Against For For For For Against For For Against Against For For For For Against For For 57636Q104 24 For For For For For 580135101 113 For For For For https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 50 Ratify Auditors Amend Omnibus Stock Plan Approve Executive Incentive Bonus Plan Advisory Vote to Ratify Named Executive Officers' Compensation Phase out Sales of Eggs from Battery Cage Hens 07/22/09 McKesson Corporation Elect Director Andy D. Bryant Elect Director Wayne A. Budd Elect Director John H. Hammergren Elect Director Alton F. Irby, III Elect Director M. Christine Jacobs Elect Director Marie L. Knowles Elect Director David M. Lawrence Elect Director Edward A. Mueller Elect Director Jane E. Shaw Amend Omnibus Stock Plan Ratify Auditors Stock Retention/Holding Period Adopt a Policy in which the Company will not Make or Promise to Make Any Death Benefit Payments to Senior Executives 08/27/09 Medtronic, Inc. Elect Director Richard H. Anderson Elect Director Victor J. Dzau Elect Director William A. Hawkins Elect Director S. Ann Jackson Elect Director Denise M. O'Leary Elect Director Robert C. Pozen Elect Director Jean-Pierre Rosso Elect Director Jack W. Schuler Ratify Auditors Amend Qualified Employee Stock Purchase Plan Amend Omnibus Stock Plan 04/28/09 MetLife, Inc Elect Director C. Robert Henrikson Elect Director John M. Keane Elect Director Catherine R. Kinney Elect Director Hugh B. Price Elect Director Kenton ]. Sicchitano Amend Omnibus Stock Plan Ratify Auditors 08/14/09 Microchip Technology Incorporated Elect Director Steve Sanghi Elect Director Albert J. Hugo-martinez Elect Director L.b. Day Elect Director Matthew W. Chapman Elect Director Wade F. Meyercord Amend Omnibus Stock Plan Ratify Auditors 1/19/08 Microsoft Corp. Elect Director Steven A. Ballmer Elect Director James I. Cash, ]r. Elect Director Dina Dublon 58155Q103 585055106 591568108 595017104 594918104 For For For For Against For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For For Withhold Withhold For Withhold For For For For For 102 125 92 191 412 51 //votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Director William H. Gates, III Elect Director Raymond V. Gilmartin Elect Director Reed Hastings Elect Director David F. Marquardt Elect Director Charles H. Noski Elect Director Helmut Panke Approve Executive Incentive Bonus Plan Amend Non-Employee Director Omnibus Stock Plan Ratify Auditors Adopt Policies to Protect Freedom of Access to the Internet Amend Bylaws to Establish a Board Committee on Human Rights Report on Charitable Contributions 01/14/09 Monsanto Co. Elect Director Janice L. Fields Elect Director Hugh Grant Elect Director C. Steven McMillan Elect Director Robert J. Stevens Ratify Auditors 05/13/09 National Oilwell Varco, Inc. Elect Director Merrill A. Miller, Jr. Elect Director Greg L. Armstrong Elect Director David D. Harrison Ratify Auditors Amend Omnibus Stock Plan 04/28/09 Noble Energy, Inc. Elect Director Jeffrey L. Berenson Elect Director Michael A. Cawley Elect Director Edward F. Cox Elect Director Charles D. Davidson Elect Director Thomas J. Edelman Elect Director Eric P. Grubman Elect Director Kirby L. Hedrick Elect Director Scott D. Urban Elect Director William T. Van Kleef Ratify Auditors Amend Omnibus Stock Plan 06/19/09 NTT DoCoMo Inc. Meeting for ADR Holders Approve Allocation of Income, with a Final Dividend of JPY 2400 Amend Articles To Reflect Digitalization of Share Certificates Appoint Statutory Auditor 05/14/09 Nucor Corp. Elect Director Clayton C. Daley, Jr. Elect Director Harvey B. Gantt Elect Director Bernard L. Kasriel Elect Director Christopher J. Kearney Ratify Auditors Require a Majority Vote for the Election of Directors Declassify the Board of Directors Review and Assess Human Rights Policies Adopt Principles for Health Care Reform For For For For For For For For For Against Against Against 61166W 101 27 For For For For For 637071101 95 For For For For For 655044105 56 For For For For For For For For For For Against 62942M201 180 For For Against 670346105 42 For For For For For For For For Against hops://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 52 I1/09 Occidental Petroleum Corp. 674599105 Elect Director Spencer Abraham Against Elect Director Ronald W. Burkle Against Elect Director John S. Chalsty Against Elect Director Edward P. Djerejian Against Elect Director John E. Feick Against Elect Director Ray R. Irani Against Elect Director Irvin W. Maloney Against Elect Director Avedick B. Poladian Against Elect Director Rodolfo Segovia Against Elect Director Aziz D. Syriani Against Elect Director Rosemary Tomich Against Elect Director Walter L. Weisman Against Ratify Auditors For Provide Right to Call Special Meeting For Report on Host Country Social and Environmental Laws Against 0/O8 Oracle Corp. 68389X105 Elect Director Jeffrey 0. Henley For Elect Director Lawrence J. Ellison For Elect Director Donald L. Lucas For Elect Director Michael ]. Boskin For Elect Director Jack F. Kemp For Elect Director Jeffrey 5. Berg Withhold Elect Director Safra A. Catz For Elect Director Hector Garcia-Molina Withhold Elect Director H. Raymond Bingham For Elect Director Charles E. Phillips, Jr. For Elect Director Naomi 0. Seligman Withhold Elect Director George H. Conrades For Elect Director Bruce R. Chizen For Approve Executive Incentive Bonus Plan For Ratify Auditors For Advisory Vote to Ratify Named Executive Officers' Compensation For !1/09 Panera Bread Company 69840W108 Elect Director Domenic Colasacco For Elect Director W. Austin Ligon For Ratify Auditors For !2/08 Parker-Hannifin Corp. 701094104 Elect Director William E. Kassling For Elect Director Joseph M. Scaminace For Elect Director Wolfgang R. Schmitt For Ratify Auditors For )7/09 Peabody Energy Corp. 704549104 Elect Director Gregory H. Boyce For Elect Director William E. James For Elect Director Robert B. Karn III Withhold Elect Director M. Frances Keeth For Elect Director Henry E. Lentr Withhold Ratify Auditors For Amend Omnibus Stock Plan For 15/09 Philip Morris International Inc. 718172109 75 499 58 67 106 204 53 ps://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Director Harold Brown Elect Director Mathis Cabiallavetta Elect Director Louis C. Camilleri Elect Director J. Dudley Fishburn Elect Director Graham Mackay Elect Director Sergio Marchionne Elect Director Lucio A. Noto Elect Director Carlos Slim Helu Elect Director Stephen M. Wolf Ratify Auditors Amend Omnibus Stock Plan 12/23/08 PNC Financial Services Group, Inc. Approve Acquisition Adjourn Meeting 04/28/09 PNC Financial Services Group, Inc. Elect Director Richard 0. Berndt Elect Director Charles E. Bunch Elect Director Paul W. Chellgren Elect Director Robert N. Clay Elect Director Kay Coles James Elect Director Richard B. Kelson Elect Director Bruce C. Lindsay Elect Director Anthony A. Massaro Elect Director Jane G. Pepper Elect Director James E. Rohr Elect Director Donald J. Shepard Elect Director Lorene K. Steffes Elect Director Dennis F. Strigl Elect Director Stephen G. Thieke Elect Director Thomas J. Usher Elect Director George H. Walls, Jr. Elect Director Helge H. Wehmeier Approve Qualified Employee Stock Purchase Plan Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Stock Retention/Holding Period 08/11/09 Precision Castparts Corp. Elect Director Mark Donegan Elect Director Vernon E. Oechsle Elect Director Rick Schmidt Ratify Auditors 05/20/09 Ross Stores, Inc. Elect Director Michael Balmuth Elect Director K. Gunnar Bjorklund Elect Director Sharon D. Garrett Ratify Auditors 04/17/09 Sanofi Aventis Meeting for ADR Holders Ordinary Business Approve Financial Statements and Statutory Reports Accept Consolidated Financial Statements and Statutory Reports For For For For For Against For For For For For 693475105 55 For For 693475105 140 For For For For For For For For For For For For For For For For For For For For For 740189105 96 Withhold Withhold Withhold For 778296103 104 For For For For 80105N105 106 For For https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 1 1254777067.htm1 54 Approve Allocation of Income and Dividends of EUR 2.20 per Share Ratify Appointment of Chris Viehbacher as Director Approve Auditors' Special Report Regarding Related-Party Transactions Approve Transaction with Chris Viehbacher Re: Severance Payments Authorize Repurchase of Up to 10 Percent of Issued Share Capital Special Business Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights up to Aggregate Nominal Amount of EUR 1.3 Billion Authorize Issuance of Equity or Equity-Linked Securities without Preemptive Rights up to Aggregate Nominal Amount of EUR 500 Million Authorize Capital Increase of up to 10 Percent of Issued Capital for Future Acquisitions Authorize Board to Increase Capital in the Event of Additional Demand Related to Delegation Submitted to Shareholder Vote Above Authorize Capitalization of Reserves of Up to EUR 500 Million for Bonus Issue or Increase in Par Value Approve Employee Stock Purchase Plan Authorize up to 2.5 Percent of Issued Capital for Use in Stock Option Plan Authorize up to 1.0 Percent of Issued Capital for Use in Restricted Stock Plan Approve Reduction in Share Capital via Cancellation of Repurchased Shares Amend Article 15 of the Bylaws Re: Audit Committee Authorize Filing of Required Documents/Other Formalities 14/30/09 Sempra Energy Elect Director James G. Brocksmith Jr. Elect Director Richard A. Collato Elect Director Donald E. Felsinger Elect Director Wilford D. Godbold ]r. Elect Director William D. ]ones Elect Director Richard G. Newman Elect Director William G. Ouchi Elect Director Carlos Ruiz Sacristan Elect Director William C. Rusnack Elect Director William P. Rutledge Elect Director Lynn Schenk Elect Director Neal E. Schmale Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Reincorporate in Another State [California to North Dakota] 5/08/09 St. Jude Medical, Inc. Elect Director John W. Brown Elect Director Daniel J. Starks Approve Executive Incentive Bonus Plan Ratify Auditors 5/20/09 State Street Corp. (Boston) Elect Director K. Burnes Elect Director P. Coym Elect Director P. de Saint-Aignan Elect Director A. Fawcett Elect Director D. Gruber Elect Director L. Hill Elect Director R. Kaplan Elect Director C. LaMantia Elect Director R. Logue Elect Director R. Sergel For For Against Against For For For For For For For Against Against For For For 816851109 For For For For For For For For For For For For For For Against 30 790849103 206 For For For For 857477103 94 For For For For For For For For For For 55 ittps://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Director R. Skates Elect Director G. Summe Elect Director R. Weissman Adopt Majority Voting for Uncontested Election of Directors Amend Omnibus Stock Plan Advisory Vote to Ratify Named Executive Officers' Compensation Ratify Auditors Limit Auditor from Providing Non-Audit Services 04/22/09 The Coca-Cola Company Elect Director Herbert A. Allen Elect Director Ronald W. Allen Elect Director Cathleen P. Black Elect Director Barry Diller Elect Director Alexis M. Herman Elect Director Muhtar Kent Elect Director Donald R. Keough Elect Director Maria Elena Lagomsino Elect Director Donald F. McHenry Elect Director Sam Nunn Elect Director James D. Robinson III Elect Director Peter V. Ueberroth Elect Director Jacob Wallenberg Elect Director James B. Williams Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Require Independent Board Chairman Amend Bylaws to Establish a Board Committee on Human Rights Performance-Based Awards 06/02/09 The DirecTV Group, Inc Elect Director Chase Carey Elect Director Mark Carleton Elect Director Peter Lund Elect Director Haim Saban Ratify Auditors Adopt Principles for Health Care Reform Declassify the Board of Directors 05/05/09 The Dun & Bradstreet Corp Elect Director Austin A. Adams Elect Director James N. Fernandez Elect Director Sandra E. Peterson Elect Director Michael R. Quinlan Ratify Auditors Approve Omnibus Stock Plan 05/08/09 The Goldman Sachs Group, Inc. Elect Director Lloyd C. Blankfein Elect Director John H. Bryan Elect Director Gary D. Cohn Elect Director Claes Dahlback Elect Director Stephen Friedman Elect Director William W. George Elect Director Rajat K. Gupta 191216100 25459L106 26483E100 381416104 For For For For For For For Against For Against Against Against Against For For Against For For Against Against For For For For For Against Against For For For For For Against For For For For For For For For For For For For For For 88 288 45 30 https://votex.issproxy.com/pdffiles/10292rpt_251 MdHmB 11254777067.htm1 56 Elect Director James A. Johnson Elect Director Lois D. Juliber Elect Director Lakshmi N. Mittal Elect Director James J. Schiro Elect Director Ruth ]. Simmons Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Provide for Cumulative Voting Reduce Supermajority Vote Requirement Amend By-Laws to Establish Board U.S. Economic Security Committee Report on Political Contributions 06/25/09 The Kroger Co. Elect Director Reuben V. Anderson Elect Director Robert D. Beyer Elect Director David B. Dillon Elect Director Susan J. Kropf Elect Director John T. Lamacchia Elect Director David 8. Lewis Elect Director Don W. Mcgeorge Elect Director W. Rodney Mcmullen Elect Director Jorge P. Montoya Elect Director Clyde R. Moore Elect Director Susan M. Phillips Elect Director Steven R. Rogel Elect Director James A. Runde Elect Director Ronald L. Sargent Elect Director Bobby S. Shackouls Ratify Auditors Increase Purchasing of Cage Free Eggs Require a Majority Vote for the Election of Directors 05/20/09 The NASDAQ OMX Group, Inc. Elect Director Soud Ba'alawy Elect Director Urban Backstrom Elect Director H. Furlong Baldwin Elect Director Michael Casey Elect Director Lon Gorman Elect Director Robert Greifeld Elect Director Glenn H. Hutchins Elect Director Birgitta Kantola Elect Director Essa Kazim Elect Director John D. Markese Elect Director Hans Munk Nielsen Elect Director Thomas F. O'Neill Elect Director James S. Riepe Elect Director Michael R. Splinter Elect Director Lars Wedenborn Elect Director Deborah L. Wince-Smith Ratify Auditors 10/14/08 The Procter & Gamble Company Elect Director Kenneth I. Chenault Elect Director Scott D. Cook 501044101 631103108 742718109 For For Against For For For For For For Against For For For For For For For For For For For For For For For For For Against For For For For For For For For For For For For For For For For For For For For 169 91 71 57 https://votex.issproxy.com/pdffiles/10292_rpt_251 MdHmB 11254777067.htm1 Elect Director Rajat K. Gupta For Elect Director A.G. Lafley For Elect Director Charles R. Lee For Elect Director Lynn M. Martin For Elect Director W. James McNerney, Jr. For Elect Director Johnathan A. Rodgers For Elect Director Ralph Snyderman For Elect Director Margaret C. Whitman For Elect Director Patricia A. Woertz For Elect Director Ernesto Zedillo For Ratify Auditors For Adopt Majority Voting for Uncontested Election of Directors For Rotate Annual Meeting Location Against Advisory Vote to Ratify Named Executive Officers' Compensation For 11/20/08 The Royal Bank of Scotland Group plc 780097721 Meeting for ADR Holders THAT THE AUTHORISED SHARE CAPITAL OF THE COMPANY BE INCREASED BY For CREATION OF ADDITIONAL ORDINARY SHARES IN THE CAPITAL OF THE COMPANY, SUCH SHARES FORMING ONE CLASS WITH EXISTING ORDINARY SHARES AND HAVING ATTACHED THE RESPECTIVE RIGHTS AND PRIVILEGES AN THAT THE AUTHORITY TO ALLOT RELEVANT SECURITIES CONFERRED ON THE For DIRECTORS OF THE COMPANY BY ARTICLE 13(B) OF THE ARTICLES OF ASSOCIATION FOR THE PRESCRIBED PERIOD ENDING ON THE DATE OF THE ANNUAL GENERAL MEETING IN 2009 BE VARIED BY INCREASING THE SECT THAT SUBJECT TO THE PLACING AND OPEN OFFER OF 22,909,776,276 NEW For SHARES IN THE COMPANY, AS DESCRIBED IN THE COMPANY S CIRCULAR TO SHAREHOLDERS. THE WAIVER BY THE PANEL ON TAKEOVERS AND MERGERS ARISE FOR HM TREASURY TO MAKE A GENERAL CASH OFFER TO THE REM 03/10/09 The Walt Disney Company 254687106 Elect Director Susan E. Arnold For Elect Director John E. Bryson For Elect Director John S. Chen For Elect Director Judith L. Estrin For Elect Director Robert A. Iger For Elect Director Steven P. Jobs For Elect Director Fred H. Langhammer For Elect Director Aylwin B. Lewis For Elect Director Monica C. Lozano For Elect Director Robert W. Matschullat For Elect Director John E. Pepper , Jr. For Elect Director Orin C. Smith For Ratify Auditors For Amend Omnibus Stock Plan For Amend Executive Incentive Bonus Plan For Report on Political Contributions For Adopt a Policy in which the Company will not Make or Promise to Make Any Death For Benefit Payments to Senior Executives Advisory Vote to Ratify Named Executive Officers' Compensation For 06/23/09 Toyota Motor Corp. 892331307 Meeting for ADR Holders Approve Allocation of Income, with a Final Dividend of JPY 35 For Amend Articles To Reflect Digitalization of Share Certificates -Authorize Public For Announcements in Electronic Format Elect 29 Directors For Approve Stock Option Plan For 12/08/08 Transocean Inc. 690073100 419 147 56 77 https://votex.issproxy.com/pdffiles/10292_rpt251 MdHmB 11254777067.htm1 58 This is a duplicate meeting for ballots received via the Broadridge North American ballot distribution system APPROVAL OF THE MERGER TRANSACTION TO BE EFFECTED BY THE SCHEMES OF ARRANGEMENT, ATTACHED TO THE ACCOMPANYING PROXY STATEMENT AS ANNEX B. APPROVAL OF THE MOTION TO ADJOURN THE MEETING TO A LATER DATE TO SOLICIT ADDITIONAL PROXIES IF THERE ARE INSUFFICIENT VOTES AT THE TIME OF THE MEETING TO APPROVE THE MERGER TRANSACTION. 05/15/09 Transocean Ltd. This is a duplicate meeting for ballots received via the Broadridge North American Ballot Distribution System APPROVAL OF THE 2008 ANNUAL REPORT, THE CONSOLIDATED FINANCIALSTATEMENTS OF TRANSOCEAN LTD. FOR FISCAL YEAR 2008 AND THESTATUTORY FINANCIAL STATEMENTS OF TRANSOCEAN LTD. DISCHARGE OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THEEXECUTIVE OFFICERS FOR FISCAL YEAR 2008 APPROPRIATION OF THE AVAILABLE RETAINED EARNINGS WITHOUT PAYMENTOF A DIVIDEND TO SHAREHOLDERS FOR FISCAL YEAR 2008 AND RELEASEOF CHF 3.5 BILLION OF LEGAL RESERVES TO OTHER RESERVES. AUTHORIZATION OF A SHARE REPURCHASE PROGRAM APPROVAL OF THE LONG-TERM INCENTIVE PLAN OF TRANSOCEAN LTD. INTHE FORM AS AMENDED AND RESTATED EFFECTIVE AS OF 2/12/09 REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:W. RICHARD ANDERSON REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:RICHARD L. GEORGE REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:ROBERT L. LONG REELECTION OF CLASS I DIRECTOR FOR A THREE YEAR TERM:EDWARD R. MULLER REELECTION OF CLASS III DIRECTOR FOR ATWO-YEAR TERM:VICTOR E. GRIJALVA APPOINTMENT OF ERNST & YOUNG LLP AS TRANSOCEAN LTD. SINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR2009 AND REELECTION OF ERNST & YOUNG LTD., ZURICH, AS TRANSOCEANLTD. S AUDITOR PURSUANT TO THE SWISS CODE OF OBLIGATIONS FOR AFURTHER ONE-YEA 05/14/09 Union Pacific Corp. Elect Director Andrew H. Card, Jr. Elect Director Erroll B. Davis, Jr. Elect Director Thomas J. Donohue Elect Director Archie W. Dunham Elect Director Judith Richards Hope Elect Director Charles C. Krulak Elect Director Michael R. McCarthy Elect Director Michael W. McConnell Elect Director Thomas F. McCarty III Elect Director Steven R. Rogel Elect Director Jose H. Villarreal Elect Director James R. Young Ratify Auditors Report on Political Contributions 04/08/09 United Technologies Corp. Elect Director Louis R. Chenevert Elect Director George David Elect Director John V. Faraci Elect Director Jean-Pierre Garnier Elect Director Jamie S. Gorelick Elect Director Carlos M. Gutierrez Elect Director Edward A. Kangas Elect Director Charles R. Lee Elect Director Richard D. McCormick For For H8817H100 113 For For For For For For For For For For For 907818108 143 For For For For FOr For For For For For For For For For 913017109 For For For For For For For For For 79 59 https://votex.issproxy.com/pdffiles/10292_rpt251 MdHmB 11254777067.htm1 Elect Director Harold McGraw III Elect Director Richard B. Myers Elect Director H. Patrick Swygert Elect Director Andre Villeneuve Elect Director Christine Todd Whitman Ratify Auditors Report on Foreign Military Sales Offsets 05/22/09 Unum Group Elect Director Pamela H. Godwin Elect Director Thomas Kinser Elect Director A.S. MacMillan, Jr. Elect Director Edward J. Muhl Ratify Auditors 04/27/09 Valmont Industries, Inc. Elect Director Glen A. Barton Elect Director Daniel P. Neary Elect Director Kenneth E. Stinson Ratify Auditors 05/07/09 Verizon Communications Elect Director Richard L. Carrion Elect Director M. Frances Keeth Elect Director Robert W. Lane Elect Director Sandra 0. Moose Elect Director Joseph Neubauer Elect Director Donald T. Nicolaisen Elect Director Thomas H. O'Brien Elect Director Clarence Otis, Jr. Elect Director Hugh B. Price Elect Director Ivan G. Seidenberg Elect Director John W. Snow Elect Director John R. Stafford Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Approve Omnibus Stock Plan Approve Executive Incentive Bonus Plan Prohibit Executive Stock-Based Awards Amend Articles/Bylaws/Charter -- Call Special Meetings Require Independent Board Chairman Provide for Cumulative Voting Adopt a Policy in which the Company will not Make or Promise to Make Any Death Benefit Payments to Senior Executives 04/28/09 VF Corp. Elect Director Robert J. Hurst Elect Director W. Alan McCollough Elect Director M. Rust Sharp Elect Director Raymond G. Viault Ratify Auditors 06/05/09 Wal-Mart Stores, Inc. Elect Director Aida M. Alvarez Elect Director James W. Breyer Elect Director M. Michele Burns Elect Director James I. Cash, Jr. For For For For For For Against 91529Y106 210 For For For For For 920253101 57 For For For For 92343V104 128 For For For For For For For For For For For For For For For For Against For Against For For 918204108 62 For For For For For 931142103 135 For For For For https://votex.issproxy.com/pdffiles/1O292_rpt_251MdHmB 11254777O67.htm1 60 Elect Director Roger C. Corbett Elect Director Douglas N. Daft Elect Director Michael T. Duke Elect Director Gregory B. Penner Elect Director Allen I. Questrom Elect Director H. Lee Scott, Jr. Elect Director Arne M. Sorenson Elect Director Jim C. Walton Elect Director S. Robson Walton Elect Director Christopher J. Williams Elect Director Linda S. Wolf Ratify Auditors Amend EEO Policy to Prohibit Discrimination based on Sexual Orientation and Gender Identity Pay For Superior Performance Advisory Vote to Ratify Named Executive Officers' Compensation Report on Political Contributions Amend Articles/Bylaws/Charter -- Call Special Meetings Stock Retention/Holding Period 05/19/09 XTO Energy Inc Declassify the Board of Directors Elect Director Phillip R. Kevil Elect Director Herbert D. Simons Elect Director Vaughn 0. Vennerberg II Approve Executive Incentive Bonus Plan Ratify Auditors Advisory Vote to Ratify Named Executive Officers' Compensation Adopt a Policy in which the Company will not Make or Promise to Make Any Death Benefit Payments to Senior Executives 98385X106 For For For For For For For For For For For For For Against For For For Against 179 For For Against For For For For For Questions? Contact Account Management +1 (301) 556-0540 © 2007 RiskMetrics Group.All rights reserved. For more information please refer to Legal Notices 61 https://votex.issproxy.com/pdffiles/ 10292_rpt_251 MdHmB 11254777067.htm1 _- r 1 i r ■ fl 1 a r ti 1 ti • ti 1 w. i • � 1 • 1. r 1 • � ti