Hello All,

I apologize for the delay in sending this and that it is still in rough draft.  The attached document contains Kathy’s revisions and comments to my original proposed recommendation.   I have added proposed definitions for the terms we are struggling with.  These came out of discussions between James and I. 

I feel that we must provide a clear recommendation on the proxy issue but I personally seem to keep moving towards drafting policy.  I am hoping we will have time to discuss on the call today as I have several questions for the team. 

Susan