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With this said, you can then see page 20 which indicates the performance for the Plan, and with the strong markets in Sept. 38% for the fiscal year is good as it exceeds the 7. 75% assumed rate of return that the actuary uses for determining pension costs. As you can see the returns in the first column for Sept. you can see that the equity portfolios significantly outperformed fixed income, and the new international equity portfolio led the asset classes, and helped the Plan returns. ’s results representing the first full month of the change to the Plan’s investment program I am comfortable with these changes and feel allegra zurich airport hotel the portfolio is well positioned. OK, sorry for all of that, I just wanted to bring you up-to-date, so to your questions: -- From the last meeting it appeared the committee desired to take as safe and prosperous investment strategy approach as possible. Should we reconsider the asset allocations between fixed income and/or domestic equity? The results you are referring to relate to the quarter ending allegra zurich airport hotel June 30th, where there was a lot of concern regarding Foreign Debt, particularly Greece, and this caused stock markets to detract during the quarter and subsequently bonds to do well. However, looking at the long-term, in order to help the Plan exceed its allegra zurich airport hotel assumed rate of return we need to have stocks as a return generation component, while we expect times of pullbacks in the stock market, we believe over the longer term stocks should outperform fixed income, but you can see why we create a balanced mix of stocks and bonds to help us mitigate extreme return movements—ie. when stocks go down allegra zurich airport hotel the bonds are there to take some of the pressure off. Which is what they did in that quarter, but as you can see here this quarter the stock portfolios helped and drove returns.  Lastly, with the economic events from 2008-2010 , bonds have done well, allegra zurich airport hotel but this has come at the expense of driving down interest rates, so in this allegra zurich airport hotel extremely low interest rate environment, we can allegra zurich airport hotel expect that future returns will need to allegra zurich airport hotel come from over assets classes, not fixed income, if we wish to achieve the 7. --After reading pages 2-9, what one allegra zurich airport hotel area accounts for this decline and when can we expect to recoup this quarters lost and perhaps make some gains? I certainly understand there are no crystal balls when dealing with the stock market, but would like your best estimate. In other words, how would I justify this quarters lost to those with vested interests in this plan? Well, I allegra zurich airport hotel feel like I am cheating on the test as I have the benefit of the recent market allegra zurich airport hotel movements to help me, as you can see in the allegra zurich airport hotel quarterly report attached, the Plan re-cooped those losses and the Plan is up 5.

So to your questions, these losses have been recouped. I would justify this to those with a vested interest by explaining that-- it is important to understand the long-term nature of the allegra zurich airport hotel Plan and that quarterly movements may be negative, but we believe over the long-term in order allegra beck image to achieve our earnings goal, we have to incorporate elements of risks, like stocks into the Plan. We can offset these risks by diversifying the portfolio across other asset classes, so we seek to achieve our earnings goal with as little risks as possible, unfortunately that is a required trade-off. --What steps, if any or necessary, have been taken to address the portfolio’s decline? What steps should be taken to make sure the pension fund takes advantage (at a comfortable level, not too aggressive) of what appears to be a growing (albeit slow) economic trend? As I mentioned, we have actually added new asset classes including international equity and inflation-protected fixed allegra zurich airport hotel income, and an actively managed bond portfolio vs. I feel that these changes will help the Plan achieve its returns over the long-term, I actually have concern about fixed income in this low interest rate environment, and feel comfortable with the active manager who can help us in the bond portfolio and protect us if rates start to rise, as well I feel the international equity portfolio will assist with creating more opportunities for returns.