How do I opt out of the voting process for undirected shares?
You can opt out by checking the appropriate box on the Voting Instruction Form and returning it by postal mail for receipt by June2, 2004. It is not possible to opt out on the Internet or by telephone. Why can I vote shares attributable to others’ accounts? PESP provides that plan participants who do not opt out are “named fiduciaries” for purposes of voting the undirected shares of the PFI Common Stock held under PESP. If more than 60% of the eligible voters opt out, we will hire an independent fiduciary to direct the Fund’s Trustee on how to vote the undirected shares. Under ERISA, plan fiduciaries are required to act prudently in making proxy-voting decisions by investigating the relevant facts and making a decision solely in the interests of the participants and beneficiaries. You will not be considered a fiduciary for the undirected shares if you opt out of having your vote applied to them. How do I know that my voting instructions are confidential? PESP’s policy is to ensure conf
