Diversity Investment Group Minutes of the Meeting

July 2, 2003

In attendance: Andy Bain, Holly Deveny, Russ Douglas, Roger Drury, David Robinson, Satish Shah, David Brodeur, Tom Sanders

Absent: Steve Shockley-proxy given to Russ, Todd Fibus Proxy given to Tom, Peter Carnell-proxy given to Roger, Larry Corse, Jennifer Mullins, Vreni Ludin, Ron Kozak, David Jones

Minutes from the June Meeting were approved.

Tom S. presented the Treasure’s report. He first presented an article on Freddie Mac for members to review. There was $1450.81 in the club’s account to spend tonight. The unit valuation as of 06/30/03 was $18.89. The funds collected tonight were $1435.

Holly D. presented the VP report. She reviewed the upcoming presentations for August meeting.

David B. Presented the DIG Board

Presentations:

Russ D. presented Cardinal Health, Inc. a company currently in the group’s portfolio. CAH is a leading provider of products and services for the healthcare industry. This company was in the buy zone.

David B. presented AFLAC, Inc. and updated some information, which he had presented in an earlier presentation. He also presented Techne, Inc, a company, which the group has in its portfolio. He presented ratio analysis of these companies. Both were in the buy zone.

Roger D. presented Waste Connections, Inc. WCN provides solid waste management services for commercial, industrial, and residential customers. This company was in the buy zone.

Members were asked to decide which companies they would like to invest tonight’s funds and they were canvassed about their interests especially considering the DIG Board. There was some discussions about Robert Half and Fannie Mae. After further discussion a motion was made by Tom S. to sell Robert Half and with those funds buy more Cardinal, and with funds on hand to buy AFLAC. Motion was seconded and passed by other members and their proxy votes.

Next meeting August 2, 2003

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