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"I think it would be important to standardize the [NOBO/OBO] language [when customers open brokerage accounts]. If there isn't going to be a change in terms of shareholder communication and if we are going to stay with the NOBO/OBO status, I think it would be important for the broker dealers to have consistent language when customers open accounts about whether they choose to be OBO or NOBO. But as importantly I think there should be a refreshment of that status periodically, perhaps every two to three years. And I would say third the default position should be NOBO and not OBO." Catherine Kinney, New York Stock Exchange, SEC Roundtable Discussion on Proxy Voting Mechanics, Unofficial Transcript, May 24, 2007, p. 60.

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