Welcome to The Securities Transfer Association’s 95th Anniversary and 2006 Annual Meeting

1. Welcome to The Securities Transfer Association’s 95th Anniversary and 2006 Annual Meeting

2. Securities Transfer Association Board Members Director Mary Corcoran Aim Fund Services, Inc. Director Julian G. Clark Mellon Investor Services Director Debra H. Hacka National City Bank Director Nancy L. Hoffman UMB Bank, N.A. Director Salli A. Marinov First American Stock Transfer President * Charles Rossi Computershare Secretary Steven Nelson Continental Stock Transfer & Trust Co. Vice President and Treasurer * Lennie M. Kaufman Wells Fargo Shareowner Services Vice President & Assistant Secretary * Thomas L. Montrone Registrar and Transfer Company Director Jonathan E. Miller StockTrans, Inc. Director * Gary Nazare The Bank of New York Director Yehuda L. Neuberger American Stock Transfer & Trust Co. Executive Director * Cynthia Jones The Securities Transfer Association, Inc. * Executive Committee Members

3. Securities Transfer Association Key Initiatives • Proxy Reform • SEC Rulemaking • Dematerialization • DTCC Fees

4. Securities Transfer Association Proxy Reform • NYSE Proxy Working Group • Diverse Committee • Various Constituencies Presented • Six Major Recommendations • Key STA Areas of Interest • Issuer Access to Beneficial Holders • Review Existing Proxy Distribution/Tabulation Process and Fees

5. Securities Transfer Association Proxy Reform (continued) • Over-voting/Over-reporting • STA/Sarbanes Oxley • NYSE Fines • ADP Over-voting Service • SIA Best Practices • Pre Distribution Reconcilement • Post Distribution Reconcilement

6. Securities Transfer Association SEC’s Proposed Access vs. Delivery Rule Proposed Rule Still Under SEC Review • 140 comment letters from issuers, shareholders, intermediaries and their agents • Significant disagreement was expressed on several key matters: • The sufficiency of current Internet access among the U.S. population to adopt the rules, particularly among certain demographic groups • The effect that the proposed “notice and access” model might have on the extent of shareholder participation in the corporate voting process; • The level of security and privacy on the Internet; • The extent of potential savings to companies and those conducting proxy contests that choose to rely on the proposed model; and • Whether the proposed model may make the proxy delivery system too complex, particularly as it relates to beneficial owners.

7. Securities Transfer Association • Suggestions for revisions include: • Provide a mechanism for shareholders to elect to receive paper copies of the proxy materials that remain in place until revoked by the shareholder; • Require the proxy card and proxy statement be made available through the same medium – electronic or paper (i.e., do not permit mailing of a paper proxy card along with the Notice of Internet Availability of Electronic Proxy Materials unless also accompanied by the proxy statement); • The Commission should review and simplify the entire proxy delivery system as a whole rather that addressing the issue of electronic delivery of proxy materials in isolation (to include direct delivery of proxy materials to beneficial owners, proxy over-voting and OBO/NOBO status); and • The NYSE should review the appropriateness of its current fee schedule for payments to intermediaries for forwarding proxy materials and electronic suppressions.

8. Securities Transfer Association Proxy Reform (continued) • SEC Options • Adopt as is • Adopt with Modifications • Abandon Rule • Combine with Other Major Proxy Initiatives

9. Securities Transfer Association Proxy Reform (continued) Coalition Update • Members • Business Roundtable • Society of Corporate Secretaries and Governance Professionals • Securities Transfer Association • National Investor Relations Institute • National Association of Corporate Directors • Supported NYSE Working Group Findings with Conditions • Supported SEC’s Access vs. Delivery Proposed Rule • Met with SEC Commissioners • Concerns Surrounding Anonymity • Develop Alternative Process Detail

10. Securities Transfer Association SEC Rulemaking • Staff Changes • Processing • Shareholder Communication/Disclosure • Purchase and Sales • Insurance Requirements • Segregation of Funds • Contracts

11. NYSE, AMEX, NASDAQ 01/01/07 01/01/08 New FAST Agreements Limited Participant Agreements Book Entry Only Securities Transfer Association Dematerialization

12. Securities Transfer Association Industry Overview • Excess Capacity • No Organic Growth • Registered Shareholder Bases Attrition 6-9% Per Year • Consolidation Continues • Impact of New Rules • Impact of Industry Forces • DRS • Brokers

13. STA, SEC, SIA, DTCC Activities Three Areas Identified Transfer Processing Dividend Process Corporate Action Current Status Securities Transfer Association DTCC Fees

14. Keith Bradley Herb Lemmer Carmen Buonomo Maurice Lynch Gregory Caddell Anne Neuberger Mary Rose Cascaes Douglas Reed Armando DiBiase Janet Roskopf Cynthia Jones Kathryn Sevcik Don Gress John Ulla Craig Keller Karl Wagner Robert Kristanko Securities Transfer Association Processing Committee Members Chairperson - Deb Culhane

15. Securities Transfer Association Legal Committee MembersChairperson – Mario Passudetti Stephen Cesso Andrea Manning Stephen J. Dolmatch Steven Nelson Gordon Glaza Susan Oliver William Harris William Stewart Blanche Hurt Robert Sussman Herb Lemmer Catherine Wexler Barbara Lubitz

16. Securities Transfer Association Proxy Committee MembersChairperson – Mario Passudetti Gregory Caddell Robert Kristanko Norma Cianfaglione Angela Lamb Piero Falcone Joseph Maclelland Jeffrey Jordan Alma Menendez Craig Keller Gail Schweda

17. Securities Transfer Association Fraud Committee MembersChairperson – Cynthia Jones Keith Bradley Bruce Mills Greg Caddell Anne Neuberger Mary Rose Cascaes Angela Ponte Dawn Coleman Janet Roskopf John Couturier Deborah D. Seidel Vic D’Amico Kathryn J. Sevcik Robert A. Kristanko Marshall Toburen Herbert J. Lemmer Alan Vesprini Deborah Liblit Raymond Werkmeister III Shellie McCauley Bob Winterle

18. Securities Transfer Association Thank you for attending the conference.