Fiduciary Transactional Assignments

IFS recently began several fiduciary transactional assignments and other projects:

• Hibernia National Bank Employee Stock Ownership Plan and Retirement Security Plan
  Hibernia, a publicly traded bank based in New Orleans, received an acquisition offer from Capital One Finance. Two Hibernia benefit plans own Hibernia stock. As an independent fiduciary for the Plans, IFS previously decided in favor of the merger with Capital One, but following Hurricane Katrina, the initial merger transaction was derailed. Thereafter, the Company and Capital One agreed to amend the merger agreement. The Plans rehired IFS as an independent fiduciary to re-evaluate the proposed merger, and to instruct the Plans' trustee how to vote the proxies associated with participant shares. Assuming the transaction proceeds, IFS will also be responsible for instructing the trustee regarding whether and to what extent to seek merger consideration in the form of cash or Capital One stock.
• New York State Laborers - Employers' Cooperations and Education Trust Fund
  The Fund hired IFS to review, evaluate and report on its investments. IFS is to recommend possible changes to the Fund's asset allocation, investment policy statement and investment managers.