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Home My WebLink AboutDocumentation_Pension Public Safety_Tab 13_08/06/2007Village of Tequesta Public Safety Officers' Pension Fund June 30, 2007 ' ROCKW OOD CAPITAL ADVISORS 721 Emerson Road, Suite 565 St. Louis, Missouri 63141 (888) 962-8336 (toll-free) (314) 962-1254 (fax) 1 Tequesta Public Safety Officers' Pension Fund r Second Quarter 2 00 7 Total Fund P f li S ort ummary o o i Change in Market Value :•. .:.. ' Interest /Dividends $30,280 Contributions $83,417 ' Net Disbursements ($11,783) Net Realized & Unrealized (G/L) $40.657 • ::: ~. Portfolio Summary Total Fund Performance Foced hcome 39% • . Short-Term ~ ~ ' Funds 3% Tequesta PS 2.1 % 14.1 % 6.3% Policy (60/40) 3.7% 14.6% 4.7% (Policy) 60% S8P 500 and 40% LBIN Equities ' 58% ROCgW OOD CAPITAL ADVISORS ~ Tequesta Public Officers' Pension Fund 1 Better Than Expected Due to strong returns in April and May, the second quarter of 2007 was an enjoyable one for equity investors, as most indices performed better than expected. Only in June did we witness asell-off in stocks. For the quarter, the S&P 500 Index gained 6.2% while in the foreign developed markets, the MSCI EAFE Index turned in similar performance gaining 6.7%. The nice start to the quarter was fueled by continued investor confidence and spick-up in M&A activity (mergers 8~ acquisitions), to the tune of $1.6 trillion in deals or nearly a 100% increase from a year ago. Despite the nice start, investors could not shake concerns over higher bond yields and higher oil prices, leading to increased market volatility as the quarter wore on making investors more cautious as we enter the latter-half of the year. From an attribution standpoint, gains were fairly evenly matched across all market capitalizations, with large-cap stocks slightly besting their mid and small-cap siblings. Most major equities sectors ended in positive territory. Some of the stronger sector performers included: Telecommunications, Materials, Industrials, Technology, and Energy. Conversely, the weaker sectors continued their relative negative trends. These included: Financials, Consumer Discretionary, and Healthcare. During the first six months, your portfolio has benefited by concentrating our investment selection within those industry groups identified as displaying the greatest relative strength (i.e. Aerospace/Defense, Integrated Telecom, Foreign ADRs and Utilities). We will continue our search for dominant themes in the market and make adjustments to your portfolio as needed. Contrevisory Research & Management Corp. is a registered investment adviser and equity sub-adviser to Rockwood Capital Advisors, LLC. & Performance 25% 19.7% 20.6% 15.9% 15% ° 14.4% 15.0% 13.1 /° 10% 9.6% 6.3% 7.0% 5% 3.6% ;~a 0% 2nd Qtr. YTD One Two Since Inception 2007 Year Years (5/1/05) Tequesta Public Safety S&P 500 Equity -Second Quarter 2007 ~ROCRW OOD CAPITAL ADVISORS 2 Equity Portfolio June 30, 2007 S le Box Val Cr Grvv Large Cap - 73.6% Mid Cap - 26.4% Small Cap - 0% Average Market Cap $39.6 billion Median Market Cap $19.7 billion Top Ten Holdings ' 1. Precision Castparts 4.1 2. Bayer AG 3.8% Materia s ' 3. Lcews Corp 3.5% g% Utilities 13% 4. Volvo 3.3% 5. ATi£T Inc 2.9% Health Care 9% ADR'S 6. PPL Corp. 2.9% 13% 7. Ahold(Kon) 2.9% Not Classified 8. Praxair Inc. 2.9% Finance 2% 16% 9. Ryanair Holdings Plc. 2.8% Auto 8~ ' Cons. Staples ~ Transport 10. Hewlett Packard Co. 2.7% 12% Cons. Disc. 3% 13% Five Best Impact Five Worst Impact 1. NYSE -21.2% 2. Ryanair Holdings Plc. -15.7% 3. Simon Property Group Inc. -15.7% 4. Alliant Corp. -12.7% 5. Macys Inc. -11.4% ROCRWOOD CAPITAL ADVISORS 3 Characteristics Sector Allocation Producer Durables Technology I 5% 5% Equity Transactions Second Quarter 2007 Sold April Kraft Foods, Inc. April International Game Tech. May Apartment Invt. & Mgmt. June BRE Properties Inc. Bought April Thermo Electron Corp. April Centurytellnc. May International Flavors & Fragrances June DOW Chemical Co. ROCRWOOD CAPITAL ADVISORS __ 4 IJ ' Equit y Holdings -Ju ne 30, 2007 1 -- Cash 30,706 1.00 30,706 1.00 30,706 1.4 4.6 1,412 NA NA AHO Ahokl(Kon) Nv 5,200 10.34 53,752 12.52 65,104 2.9 0.0 - NR NA ' LNT AlliantCorp 1,300 38.94 50,617 38.85 50,505 2.2 3.3 1,495 B 0.76 BUD AnheuserBuschCos 1,100 47.00 51,695 52.16 57,376 2.5 2.3 1,298 A+ 0.66 T At&T Inc 1,600 33.80 54,083 41.50 66,400 2.9 3.4 2,272 B+ 0.22 BAY BayerAG 1,150 52.86 60,784 75.30 86,595 3.8 1.4 1,085 NA NA BA Boeing Co 570 56.58 33,389 96.16 54,811 2.4 1.5 798 B+ 0.93 ' CTL Centtuytellnc 1,186 45.69 54,187 49.05 58,173 2.6 0.5 297 A 0.11 CSCO Cisco Sys Inc 1,942 28.51 55,361 27.85 54,085 2.4 0.0 - B+ 0.43 CL Colgate Palmolive Co 800 64.86 51,887 64.85 51,880 2.3 2.2 1,024 A+ 0.98 DOW Dow Chem Co 1,242 45.82 56,902 4422 54,921 2.4 3.8 1,863 B 0.80 DISH EchostarComnwniceti 1,400 36.37 50,921 43.37 60,718 2.7 0.0 B- 0.93 FISV Fiserv Inc 960 43.76 42,010 56.80 54,528 2.4 0.0 B+ 0.76 GM GeneralMtrsCorp 1,585 33.60 53,251 37.80 59,913 2.7 2.7 1,585 B- 0.98 HNZ HPO Heinz H J Co Hewlett Packard Co 1,060 1,385 42.21 32.33 44,742 44,770 47.47 44.62 50,318 61,799 22 2.7 3.2 0.7 1,272 443 B+ B+ 0.81 0.46 IFF Intemational FIavBF 1,100 52.24 57,463 52.14 57,354 2.5 1.6 924 B+ 0.32 JPM J P Morgan Chase & C 1,100 46.98 51,673 48.45 53,295 2.4 3.1 1,496 B 0.90 LMT Lockheed Martin Corp 610 59.24 36,136 94.13 57,419 2.5 1.5 854 B 0.18 LTR LcewsCorp 1,530 23.82 36,449 50.98 77,999 3.5 0.5 383 B 0.94 M Macys Inc. 1,300 41.34 53,738 39.78 51,714 2.3 1.3 663 B 0.41 MKC Mccormick & Co Inc 1,250 3529 44,115 38.18 47,725 2.1 2.1 800 A+ 0.64 NYX Nyse Euronext 680 101.00 68,680 73.62 50,062 2.2 1.4 - NR NA PCG Pg&E Corp 1,050 34.97 36,722 45.30 47,565 2.1 3.2 1,386 B 0.94 ' PPL Ppl Corp 1,400 33.44 46,813 46.79 65,506 2.9 2.6 1,540 B+ 0.34 PX Praxair Inc 900 62.52 56,268 71.99 64,791 2.9 1.7 900 A 0.77 PCP Precision Castparts 760 37.69 28,644 121.36 92,234 4.1 0.1 91 B 0.58 ' RYAA.Y SWY Ryanair Hklgs Plc Safewaylnc 1,690 1,720 27.61 2229 46,664 38,342 37.75 34.03 63,798 58,532 2.8 2.6 0.0 0.8 396 NR B NA 0.92 HSIC Schein Henry tnc 985 45.52 44,841 53.43 52,629 2.3 0.0 B+ 0.81 SHLD Sears Hldgs Corp 300 151.84 45,552 169.50 50,850 2.3 0.0 - NR 0.12 SPG Simon Ppty Group Inc 590 62.30 36,757 93.04 54,894 2.4 3.6 1,794 B+ 0.27 SRCL Stericycle Inc 670 63.44 42,506 44.46 29,788 1.3 0.0 - B+ 0.45 ' TROW T.Rowe Price Group I 1,150 33.76 38,819 51.89 59,674 2.6 1.3 782 A 0.82 TMO ThennoFisherSaentifi 1,119 48.42 54,185 51.72 57,875 2.6 0.0 - B- 0.37 TYC Tyco Intemational Ltd 1,626 31.91 51,886 3379 54,943 2.4 1.2 650 B+ NA WOOF Vca Antech Inc 1,470 28.86 42,429 37.69 55,404 2.5 0.0 - NR 0.07 ' VOLV Volvo Aktiebolaget 3,773 8.73 32,946 19.89 75,045 3.3 3.1 1,392 NR NA WEN Wen s Intl Inc •. .. 1,600 34.02 54,437 36.75 58,800 2.6 rr r 1.4 544 B+ 0.11 ~ROCRW OOD CAPITAL ADVISORS 5 Tequesta Public Safety Officers' Pension Fund Market Environment • The Fed held rates steady in the second quarter of 2007; the federal funds rate target remains at 5.25%. Q1 GDP grew only 0.7% (annualized), but trade and inventories accounted for most of the weakness. Economists are predicting a strong rebound in Q2 growth. • In 2006, it took three months for US Treasury yields to rally from 5.2% to 4.6%. The bond market reversed that move in approximately 4 weeks, beginning in early May 2007. In a period of volatility unlike any we have seen in some time, the 10 year treasury yield rocketed from 4.95% to 5.3% in just a few days in early June, reaching its highest yield in more than 5 years. • This spike in rates was exaggerated by mortgage investors who were forced to sell treasuries to reduce their portfolio durations. (As interest rates rise, mortgage refinancings slow, extending the average maturity of mortgage portfolios. Treasury are sold to bring their durations back in line.) • For the quarter, the Lehman Aggregate fell 0.5%. YTD, the Aggregate is up 1.0%. The subprime meltdown and interest rate volatility have hurt Corporate bonds and Mortgages this year. The US Agency sector has been the best performer for both the quarter and YTD. • As we go to press in mid July, the major stock market indices are flirting with record highs. The Dow Industrials are hovering near the 14,000 mark and the S8P 500 has exceeded 1550. While the economy is on fine footing and earnings have been solid, merger activity and stock buy-backs are largely responsible for the run-up in stock prices as the supply of investable public equity is shrinking. 4% 3% 2% 1% 0% -1% Tsy Agy 4% Fixed Income Second Quarter 2007 Credit HY U.S. Treasury Yield Curves 6% 5% 4% 3% 2% 1% 0% . e:,., .,. ..6/30/2007 3/31 /2007 - • - • - 6/30/2006 3 2 5 10 mos yrs yrs yrs Fixed Income Performance 8% 6% 5.8% 5.8% 0% -2 3.2% 2.8% 3.4% 3.2% 1.5% 1.4% -0.1 %-0.2% 2nd Qtr. YTD One Two Since Inception 2007 Year Years (5/1/05) ~ Tequesta Public Safety Lehman Int. Gov't/Credit 30 Yre '~ROCRWOOD CAPITAL ADVISORS 6 Sector Index Returns Fixed Income Portfolio Structure June 30, 2007 Tequesta Public Safety Cash 4% CMBS 4% Corporates 5% t~~'.: Mortgages 23% Effective Maturity 1 to 3 yrs ~. 3 to 5 yrs 5 to 10 yrs 10 + y ~ Tequesta Pub. Safety Lehman Int. G/C 1 , 0% 10% 20% 30% 40% Lehman Int. Gov't/Credit U.S. Treasuries ~ 35% Agencies 26% Corporate 36% gencies 22% 0% ~ROCgW00D CAPITAL ADVISORS 7 Characteristics u.s. Treasuries Bond Holdings -June 30, 2007 ~ROCKWOOD CAPITAL ADVISORS g ' Economic Environment & Outlook Second Quarter 2007 ~ The Fed held rates steady in the second quarter of 2007; the federal funds rate ' target remains at 5.25%. While reported inflation has recently decelerated, the Fed, in the June FOMC statement, maintained that "a sustained moderation has yet to be convincingly demonstrated." In other words, Fed policy is on hold for ' the foreseeable future. ' ~ Employment growth has remained strong throughout 2007, averaging 145,000 jobs per month. The unemployment rate has held at 4.5% for the past three months. The Fed often mentions their concern over "high levels of resource utilization." This is "Fed speak" for a tight labor market. So far, it's showing no signs of loosening. ~ The growth outlook has been mixed. Housing data continue to disappoint, but the labor market remains solid and manufacturing has picked up. Q1 GDP grew only 0.7% (annualized), but trade and inventories accounted for most of the weakness. Economists are predicting a strong rebound in Q2 growth (median estimate is 3.2% annualized). ~ Core CPI has shown signs of decelerating recently, with the YOY rate declining from 2.7% in February to 2.2% in May. The Median CPI, a widely followed measure of core inflation, has likewise dropped from 3.6% to 3.1 % over the same period. The Fed has noted this welcome development, but they caution that this level must be sustained before they would even consider lowering the funds rate. ~ The overhang from the meltdown of the sub-prime mortgage market last quarter continues to pressure credit spreads. We do not expect the subprime problem to create system-wide problems comparable to Long Term Capital Mangement. However, the markets continue to digest a healthy re-pricing of system-wide risk. ~ The economy has clearly rebounded after hitting a soft patch early in the year. While the Fed is no doubt pleased with the recent readings on inflation, it's hard to imagine the Fed easing monetary policy with the unemployment rate at 4.5%. We look for the Fed to remain on hold through at least the end of 2007. ROCgW00D CAPITAL ADVISORS g Monetary Policy 1 ' Fed Funds Tar et Rate 9 8% ' s°i° ' 4% , 2% 0% 6/00 12/00 6/01 12/01 6/02 12/02 6/03 12/03 6/04 12/04 6/05 12/05 6/06 12/06 6/07 ' Real GDP Growth 0 (Quarterly Growth at Annualized Rate) ' 10 /o 8% 6% 4% 2% 0% -2% -4 1 'estimated , ROCI~WOOD CAPITAL ADVISORS 10 ~II Inflation Pressures Building 86 84 Capacity Utilization (0 U 82 a ca U ~' 80 .` 78 co ~ 76 0 74 72 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Can the Fed Pause? 6% 7% 5% ' 0 4% c~ c 0 3% a~ w m } 2% }° 1% ' 0% 88 90 92 94 96 98 00 02 04 06 ~ ROCgW OOD CAPITAL ADVISORS 11 Labor Market Keeps Tightening 9% 5.0% 4.5% rn •~ 4.0% c~ w, 3.5% = 3.0% rn Q 2.5% } 0 ~" 2.0% 1.5% Unemployment Rate 8% 7% 6% 5% 4% 3 % 'T-r~-~ T~~ r T~ r 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 1.0% -TTT~ ~-,T T- 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 „~ ROCKWOOD CAPITAL ADVISORS Wages 12 n ~~ IJ Proxy Voting Record .. . . ... Proposal to adopt 2006 financial statements FOR FOR 5,200 5/03/07 Discharge of liability of the members of the corporate executive board FOR FOR 5,200 5/03/07 Discharge of liability of the members of the supervisory board FOR FOR 5,200 5/03/07 Proposal to appoint Mr. A.D. Boer as a member of the corporate executive board, with effect from May 3, 2007 FOR FOR 5,200 5/03/07 Ratify Auditors FOR FOR 5,200 5/03/07 Proposal to appoint Mr. T. De Swaan as a member of the supervisory board, with effect from May 3, 2007 FOR FOR 5,200 5/03/07 Proposal to amend articles of association FOR FOR 5,200 5/03/07 Authorize the corporate executive board to issue common shares or grant rights FOR FOR 5,200 5/03/07 Authorize the corporate executive board to restrict or exclude pre-emptive rights FOR FOR 5,200 5/03/07 Proposal to cancel 78,383,010 cumulative preferred financing shares held by the company FOR FOR 5,200 5/03/07 Proposal to cancel common shares in the share capital of the company repurchased or to be repurchased by the company FOR FOR 5,200 5/03/07 Authorize the corporate executive board to acquire such number of common shares in the company or depository receipts FOR FOR 5,200 5/03/07 Proposal to cancel common shares in the share capital of the company, as referred to under item 14 FOR FOR 5,200 5/03/07 Proposal to cancel common shares in the share capital of the company, as referred to under item 16 FOR FOR 5,200 5/03/07 Proposal to approve the sale of U.S. Foodservice FOR FOR 5,200 6/19/07 Proposal to, amongst others, increase the nominal value of the common shares, as well as to authorize each member of the corporate executive FOR FOR 5,200 6/19/07 board to effectuate the proposed amendment of the articles of association. Proposal to, amongst others, reduce the issued capital by decreasing the nominal value of the common shares, as well as authorize each member of the corporate executive board to effectuate the proposed amendment of the articles FOR FOR 5,200 6/19/07 of association. Proposal to, amongst others, consolidate the common shares, as well as to authorize each member of the corporate executive board to effectuate the FOR FOR 5,200 6/19/07 proposed amendment of the articles of association ROCgW OOD CAPITAL ADVISORS 13 Proxy Voting Record Elect Directors FOR FOR 1,100 4/25/07 Ratify Auditors FOR FOR 1,100 4/25/07 Approve Omnibus Stock Plan FOR FOR 1,100 4/25/07 Approve Nonqualified Employee Stock Purchase Plan FOR FOR 1,100 4/25/07 Elect Directors FOR FOR 970 4/25/07 Ratify Auditors FOR FOR 970 4/25/07 Approve Omnibus Stock Plan FOR FOR 970 4/25/07 Approve Nonqualified Employee Stock Purchase Plan FOR FOR 970 4/25/07 Elect Directors FOR FOR 1,600 4/27/07 Ratify Auditors FOR FOR 1,600 4/27/07 Compensation Specific -Severance Payments to Executives FOR FOR 1,600 4/27/07 Report on Political Contributions FOR FOR 1,600 4/27/07 Amend Articles/Bylaws/Charter -Call Special Meetings FOR FOR 1,600 4127/07 Pay for Superior Performance FOR FOR 1,600 4/27/07 Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 1,600 4/27/07 Establish SERP Policy FOR FOR 1,600 4/27/07 4 Elect Directors FOR FOR 800 5/3/07 Ratify Auditors FOR FOR 800 5/3/07 Amend Articles/Bylaws/Charter -Call Special Meetings FOR FOR 800 5/3/07 Pay for Superior Performance FOR FOR 800 5/3/07 Proxy Voting Record .. .. Submission of approved financial statements 8 consolidated financial statements, management reports for Bayer AG & for Bayer Group, 8~ the report FOR FOR 1,150 4/27/07 of the Supervisory Board for fiscal year 2006; resolution on distribution of profit Ratification of the actions of the members of the Supervisory Board 8 Board of FOR FOR 1,150 4/27/07 Management Elect Members to Supervisory Board FOR FOR 1,150 4/27/07 Authorization to buy back & sell company shares; exclusion of subscription rights FOR FOR 1,150 4/27/07 Approval of domination and profit and loss transfer agreement between the FOR FOR 1,150 4/27/07 company and Bayer Schering GMBH Revocation of the existing authorized capital II, creation of new authorized capital II with the option of excluding subscription rights and amendment to FOR FOR 1,150 4/27/07 section 4 (3) of the articles of incorporation (capital stock) Ratify Auditors FOR FOR 1,150 4/27/07 Elect Directors FOR FOR 1,300 5/18/07 Ratify Auditors FOR FOR 1,300 5/18/07 Change Company Name FOR FOR 1,300 5/18/07 Amend Executive Incentive Bonus Plan FOR FOR 1,300 5/18/07 Approve Deferred Compensation Plan FOR FOR 1,300 5/18/07 ROCKWOOD CAPITAL ADVISORS 15 Elect Members to Supervisory Board FOR FOR 960 5/23/07 Ratify Auditors FOR FOR 960 5/23/07 Approve Omnibus Stock Plan FOR FOR 960 5/23/07 Company Specific -Provide Majorty Vote for the Election of Directors FOR FOR 960 5/23/07 Proxy Voting Record .. .. • ~ .. .. Elect Directors FOR FOR 1,585 6/5/07 Ratify Auditors FOR FOR 1,585 6/5/07 Approve Executive Incentive Bonus Plan FOR FOR 1,585 6/5/07 Approve Omnibus Stock Plan FOR FOR 1,585 6/5/07 Publish Political Contributions FOR FOR 1,585 6/5/07 Limit on Directorships of Board Members FOR FOR 1,585 6/5/07 Adopt Greenhouse Gas Emissions Goals FOR FOR 1,585 6/5/07 Provide for Cumulative Voting FOR FOR 1,585 6/5/07 Approve Terms of Existing Poison Pill FOR FOR 1,585 6/5/07 Amend Articles/Bylaws/Charter- Call Special Meetings FOR FOR 1,585 6/5/07 Performance -Based and/or Time-Based Equity Awards FOR FOR 1,585 6/5/07 Claw-back of Payments under Restatements FOR FOR 1,585 6/5/07 Optimize the Size of the Board FOR FOR 1,585 6/5/07 Adopt Simple Majority Vote FOR FOR 1,585 6/5/07 Elect Directors FOR FOR 610 4!26/07 Ratify Auditors FOR FOR 610 4/26/07 Increase Disclosure of Executive Compensation FOR FOR 610 4/26/07 Advisory Vote to Ratify Named Executive Officers' Compensations FOR FOR 610 4/26/07 Elect Directors FOR FOR 1,530 5/8/07 Ratify Auditors FOR FOR 1,530 5/8/07 Amend Executive Incentive Bonus Plan FOR FOR 1,530 5/8/07 Provide for Cumulative Voting FOR FOR 1,530 5/8/07 Social Proposal FOR FOR 1,530 5/8/07 ROCKWOOI) C.4P?T.SL 94V1SORS ~~ Proxy Voting Record ... . -. Elect Directors FOR FOR 1,100 5/15107 Ratify Auditors FOR FOR 1,100 5/15/07 Put Repricing of Stock Options to Shareholder Vote FOR FOR 1,100 5/15/07 Performance -Based and/or Time-based Equity Awards FOR FOR 1,100 5/15/07 Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 1,100 5/15/07 Separate Chairman and CEO Positions FOR FOR 1,100 5/15/07 Provide for Cumulative Voting FOR FOR 1,100 5/15/07 Require a Majority Vote for the Election of Directors FOR FOR 1,10() 5/15/07 Elect Directors FOR FOR 900 4/24/07 Ratify Auditors FOR FOR 900 4/24/07 Require Majority Vote for Election of Directors FOR FOR 900 4/24/07 Submit Shareholder Rights Plan (Poison Pill to Shareholder Vote FOR FOR 900 4/24/07 ROCgW00D CAPITAL ADVISORS 17 Elect Directors FOR FOR 1,050 4/18/07 Ratify Auditors FOR FOR 1,050 4/18/07 Performance-Based and/or Time-Based Equity Awards FOR FOR 1,050 4/18/07 Restore or Provide for Cumulative Voting FOR FOR 1,050 4/18/07 Proxy Voting Record .. . . • .. .. Elect Directors FOR FOR 1,720 5/16/07 Ratify Auditors FOR FOR 1,720 5/16/07 Approve Omnibus Stock Plan FOR FOR 1,720 5/16/07 Amend Executive Incentive Bonus Plan FOR FOR 1,720 5/16/07 Provide for Cumulative Voting FOR FOR 1,720 5/16/07 Separate Chairman and CEO Positions FOR FOR 1,720 5/16/07 Label Genetically Modified Organisms FOR FOR 1,720 5/16/07 Prepare Sustainability Report FOR FOR 1,720 5/16/07 Elect Directors FOR FOR 590 5/10/07 Ratify Auditors FOR FOR 590 5/10/07 Pay for Superior Performance FOR FOR 590 5/10/07 Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 590 5/10/07 Submit Severance Agreement (Change in Control) to shareholder Vote FOR FOR 590 5/10/07 ROCRWOOD CAPITAL ADVISORS 18 I~ Proxy Voting Record -. -• ' Elect Directors Ratify Auditors ' Approve Non-Employee Director Omnibus Stock Plan Other Business FOR FOR 1,150 4/12/07 FOR FOR 1,150 4/12/07 FOR FOR 1,150 4/12/07 FOR FOR 1,150 4/12/07 :.- Elect Directors FOR FOR 570 4/30/07 Ratify Auditors FOR FOR 570 4/30/07 Adopt Human Rights Policy FOR FOR 570 4/30/07 Separate Chairman and CEO Positions FOR FOR 570 4/30/07 Submit Shareholder Rights Plan (Poison Pill) to Shareholders Vote FOR FOR 570 4/30/07 Advisory Vote to Ratify Named Executive Officers' Compensation FOR FOR 570 4/30/07 Performance-based and/or Time-based Equity Awards FOR FOR 570 4/30/07 Claw-back of Payments under Restatements FOR FOR 570 4/30/07 Elect Directors FOR FOR 1,600 4/26/07 Ratify Auditors FOR FOR 1,600 4/26/07 Approve Executive Incentive Bonus Plan FOR FOR 1,600 4/26/07 Approve Omnibus Stock Plan FOR FOR 1,600 4/26/07 Label Genetically Modified Organisms FOR FOR 1,600 4/26/07 Prepare Sustainability Report FOR FOR 1,600 4/26/07 1 ' ROCRWOOD CAPITAL ADVISORS 19