Notice of Proxy Voting Policy

July 2003

Dorato Capital Management, LLC (DCM) votes on and keeps records of all proxy votes.

The following describes DCM's policies in deciding how to vote. In general, DCM:

Votes in favor of the Board of Director candidates unless there is a compelling reason not to;

Votes in favor of the Auditor unless there is a compelling reason not to;

Supports policies that align management incentives with shareholder interests. For example, DCM supports stock options, stock grants, and requirements that management maintain some level of share ownership. DCM supports efforts to include these costs in a company's financial statements;

Favors limits on the retirement packages given to senior executives. In the past, many retirement packages have been negotiated in secret and have been exorbitant;

Generally does not support efforts to make management decisions through the proxy voting process. For example, DCM does not support proposals that require management to leave a certain country or require investments in certain technologies or demand certain policies in dealing with its labor force;

Does not take a stand on Board composition. Most of the debate about classified versus unclassified boards and cumulative versus non-cumulative voting is not terribly helpful;

Votes against any so-called shareholder rights plans. These plans are usually designed to protect management's interests, not shareholders.

If you have any questions regarding this notice, please contact DCM.

Thank you.