UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549-3010

DIVISION OFCORPORATION FINANCE

February 26,2009

Amy L. GoodmanGibson, Dun & Crutcher LLP1050 Connecticut Avenue, N.W.Washington, DC 20036-5306

Re: Time Warer Inc.

Incoming letter dated December 30, 2008

Dear Ms. Goodman:

This is in response to your letters dated December 29, 2008 andDecember 30, 2008 concernng the shareholder proposal submitted to Time Warer bythe International Brotherhood of Electrical Workers' Pension Benefit Fund. Ourresponse is attched to the enclosed photocopy of your correspondence. By doing this,we avoid having to recite or sumarze the facts set forth in the correspondence. Copiesof all of the correspondence also will be provided to the proponent.

In connection with this matter, your attention is directed to the enclosure, whichsets forth a brief discussion of the Division's inormal procedures regarding shareholderproposals.

Heather L. MaplesSenior Special Counsel

Enclosures

cc: Lindell K. Lee

TrusteeInternational Brotherhood ofElectrcal Workers' Pension Benefit Fund900 Seventh Street, NWWashington, DC 20001

Februar 26,2009

Response of the Office of Chief CounselDivision of Corporation Finance

Re: Time Warer Inc.Incoming letter dated December 30,2008

The proposal requests that the board tae the necessar steps to provide for

cumulative voting in the election of directors.

There appears to be some basis for your view that Time Warer may exclude theproposal under rule 14a-8(i)(.1) as substantially duplicative of a previously submittedproposal that will be included in Time Warer's 2009 proxy materials. Accordingly, wewill not recommend enforcement action to the Commission if Time Warer omits theproposal from its proxy materials in reliance on rule 14a-8(i)(11).

Damon ColbertAttorney-Adviser

Time Warer (IBEW) -- CORRCT VERSION Page 1 of2

Maples, Heather

From: McPhee, Gilian (GMcPhee(ggibsondunn.com)

Sent: Tuesday, December 30, 2008 9:39 AM

To: shareholderproposals

Subject: Time Warner (IBEW) -- CORRECT VERSION

Importance: High

Attachments: Time Warner - No-Action Letter- Stockholder Proposal of IBEW.pdf

At 6:41p.m. yesterday (December 29), we submitted on behalf of our client, Time Warner Inc., a no-action request with respect to a stockholder proposal and statements in support thereof submitted by the International Brotherhood of Electrical Workers Pension Benefit Fund.

Please disregard that e-mail.

Attached is the correct version of the no-action request, which should replac,e the version sent yesterday.

Thank you, Gilian McPhee

Gilian McPhee Gibson, Dunn & Crutcher LLP 1050 Connecticut Avenue N.W. Washington, D.C. 20036-5306 Phone: (202) 955-8230 Fax: (202) 530-9572 Email: gmcphee~gibsondunn.com

-=-=Time Warner - No-Action Letter- Stockholder Proposal of IBEW.pdf;:;:

From: Reily, Susan M.

Sent: Monday, December 29, 2008 6:41 PM

To: shareholderproposals(Qsec.gov

Subject: Time Warner (ISEW)

Attached on behalf of our client, Time Warner Inc., please find our no-action request with respect to a stockholder proposal and statements in support thereof submitted by the International Brotherhood of Electrical Workers Pension Benefit Fund.

Susan M. Reilly

Gibson, Dunn & Crutcher LLP

1050 Connecticut Avenue, N. W.

Washington, D.C. 20036

T: (202) 887-3675 F: (202) 530-4214' sreilly~gibsondunn. com

12/30/2008

Time Warer (IBEW) -- CORRCT VERSION Page 2 of2

-=-= File: Time Warner - No-Action Letter - Stockholder Proposal of the IBEW.pdf;:;:

This message may contain confidential and privileged information. If it has been sent to you in error, please reply to advise the sender of the error and then immediately delete ths message.

12/30/2008

DIVISION OF CORPORATION FINANCE INFORMAL PROCEDURES REGARING SHAREHOLDER PROPOSALS

The Division of Corporation Finance believes that its responsibility with respect to matters arising under Rule 14a-8 (17 CFR 240. 14a-8J, as with other matters under the proxy rules, is to aid those who must comply with the rule by offering informal advice and suggestions and to determine, initially, whether or not it may be appropriate in a particular matter to recommend enforcement action to the Commission. In connection with a shareholder proposal under Rule 14a-8, the Division's staff considers the information fuished to it by the Company in support of its intention to exclude the proposals from the Company's proxy materials, as well as any information fuished by the proponent or the proponent's representative.

Although Rule 14a-8(k) does not require any communications from shareholders to the Commission's s,taff, the staffwil always consider information concerning alleged violations of the statutes administered by the Commission, including argument as to whether or not activities proposed to be taken would be violative of the statute or rule involved. The receipt by the staff of such information, however, should not be constred as changing the staffs informal

procedures and proxy review into a formal or adversar procedure.

It is important to note that the staffs and Commission's no-action responses to Rule 14a-8(j submissions reflect only informal views. The determinations reached in these no­action letters do not and cannot adjudicate the merits of a company's position with respect to the proposaL. Only a court such as a U.S. Distrct Court can decide whether a company is obligated to include shareholder proposals in its proxy materials. Accordingly a discretionary determination not to recommend or take Commission enforcement action, does not preclude a proponent, or any shareholder of a company, from pursuing any rights he or she may have against the company in court, should the management omit the proposal from the company's proxy materiaL.

GIBSON,DUNN&CRUTCHERIlP LAWYERS

Ai R£GlHERED LlMlTE.D LIABILiTY I'ARTNERSHn' INCWNNG I'ROHSS10NAt CORPORATIONS

1050 Connectcut Avenue, N.W: Washigton, D.C. 20036-5306

(202) 955-8500 www~gibsondnni.Ç(m

agdrtn(!ygibsdll.ll

Decenber 30, Z008

.

Direct Dial Client No.

(202) 955-8653 C 92415-00001 Fax No,

(202) 53Q.9677

f/. BMAIL ()ØiçeotChi~rCoUJeI Dî¥Ì$lonof CorporatÎouFinance

Securtiesatd Exchane Conu$sÍon 100 F Strt, NE

Wasngton, DC 20549

Re: Time Warner Inc.; StockholderPtoposal ()fthe Interational Br()therhood ofEleetricalWorlærsPensi()n Beneft Fund

ExhangeAct of 193LRule 14tl-8

Dea Ladie13atdGeemen:

Ths letter is to infomi you tht our cHem, TÍIe Water Inc. (the ''Compâty''), mtënds to omit from its proxy statement and fOri,ofproxý forits 2009 Anual Meeting of Stockholder (collectively, the "ZOn9:Pxy Materals") a stockho1detproposaI(the "Proposal"') andstaternents in support thereofsubnitted by the Inteniationa BrotherhoodofEiectrc~ Workers PenÌonBenefitFund (the ''Proponent'').

PUrtto Rule 14a,,8(j),wë have:

· fied ths letter Wíththe Secuttiesâtd EXêhage ConuSsôrï (the

"CölnsSior")no lat than eighty (80) .catendadaYS bêforethe. Co~any intenGs. to nl(jits d~fhtiy~ 2009 Prx:yMatera1witl.th~Ço_ssjon; and

· conc1.nt1y sentcopî~ of ths corr~spndençe1o t1e Pronent.

Rule 14a-8(k) and StaLegaI BulIetiNo. 14D (NoY. 7,2008) ("8LB 14D") provide tht stockholder proponents are required to send companes a copy of âtý co:rspondencethat the propotlentselect to submit to the Conussioíl or the st of the DìVìsÍon OfCor:oraon Fince

(the ~'Sta'). Açcordíngly, wear~ talg ths opportity to infor the proponent t1at if the

LOS A'I:Q£i.ES NJ;W YQRK WR~lIINaToN.. D.Ç,SA,fMNÇlSÇO .1'A.LQ ALTO LONP()N pARts MUNICHBRtiSstLs ÖUOAI SINGAPORE ORANGE COUNTY CEN"IURY'cnY DALLA mNVER:

GIBSON, DUNN &CRUTCHERLLP Offce ofCmef CouneI Divisìonof Corporation Fînce December 30, 2008 Page 2

Proponent elects to submit additional correspondence. to theCon:ission or the Statfwith tespectto ths Proposa, a copy of thattotrspohdenceShouldconcurently be fushed to. the undetignedoh belialfoftheCompanypùttto Rile 14a-8(k) and SLB14D.

THE PROPOSAL AN TH PRIOR PROPOSAL

On Novembet25, 2008, tliePropon.eht sUbmitted the Proposal fotÌíclusion Ihthê 200 Proxy Materials. TheProposal states:

RESQL VED: That thestock:olders of Tùne Warer Inc. ("the Company"), asmbled in Anual Meetig in pern and by proxy, hereby tequestthe Bow of Directors to tae the necessar steps to provide forcu:ulatIve V'otigin the election of ditors. wmchmeaseachstòckholder . shall be entitled to. as many votes as slialIeqtl the numberniuberoÍ shaes lie or sh own mtltipliedby the

ofdìectors to be elected, and. he or she may cas allof such votes for a single , caidÎdate,or any two or more of them as he or shemay see. fi.

A copy ,of the Ptoposa1,as well as relatedcoiìespondence,ís atthed to 'this letter as ExhIbitA.

Pror to tht date, on November 4, 2008, the Company received a stockholderptposal

by John Chevedden purortedly under the name of(the "PriotProposa") submitted Kenneth. Steiieras his nomial proponent. ThePnor Prosal states:

REOLVE: Cu:wative Votig. Shaeholder recomieid that our Board tae the steps necessar to adöpt ctiulatve votig. cuulative voting meä :tht 'eâ.h .shareliøldet may cast as many votes åS equal tötbe iibet .0£ shares held"

multiplied by the nu:berof directo to be ølected A shareholder may cast a1 sp.ch cumulate votes forasingIøcandidRt~ or ,split vntesn~tween' multip1e canQidaes. Und.er cunulatiVê vonn.g shaolder .C, wit;d1d V'oIesíÌin

cerai poor-perforngnoiiees in order to .cast milû.ple votes for other.

A copy of the :Por Proposal,. as well as relat correspondence, is athed to ths leter

as Exhbit B.

BASIS FOR EXCLUSION

For the reasons addres$edin aseparateno-actÎon r~uest rega.digtheProrPrnposa.f,

which 1.S bei.submitted concurently herth, the Company believes .t:the Pror Prposai is excludale. .Alteatively,showdthe Staffnotconcür with the exclusioooftheProrProposal

fur the reas addresed ìntht request, then the Company intends to Inellde the ProrPtal Ìí its 2009 Prxy Materials. AccordiIgly, weliereby reectfully reuest that the Stafconcut.in out View that, if the CompaiY includes the PriorProposa1 in its 2009 Proxy Materials, the

GIBSON, DUNN&CRUTCHERLLP Ofce ofChiefCouisel Division of Corporation Finae December 30, 2008 Page 3

Pioposalmaybe e:xch.ided from the 2009 ~oJeY Materialsp1luatto Rule 14a-8(i)(i l)becse !1f­tbelrJlsa1 is Substantially duplicative of the Pror Prposal.

ANALYSIS

The Proposal May Be Excluded under Rule 14a"S(î)(1l) as Substatially DUpJieativeofa

Previously Submitted Proposal.

Rule 14a-8(i)(1l) provides that a stockho1derptoposa1 may be excluded ifit

"substantially duplicates another proposal previouslysub1ttted to the coinan by another

proponent that will be includ in the cøinany'SPtoxy marialfotthesaenieeg," The Coiission ~sted that "rt)he puiseofrRule 14a-8(i)(11)) is tøelhnitatethepossìbrility 1 ofshâfeholders havig foconsidettwor more .substatiallyidenticalprposas submitted to an issue by ptopo:teii actin~jndependently ofeachothet." Exchange ActRelea:No~ 12999 (Nov. 22,. 1976).

ThePtoposal is substatially duplicative of the prevìously subnitted PriorPrøposai' In

fact, as reflected above, the resolutionsit both proposals alevially identicaL. When a

company receives two subStantialy duplicative proposal, the Stafha indicated that the. company mustiIlc1udein itsproxymaterals tbeproposal it received fit, unes íhatproposal may otlerwsebeexcluded See Atlantic RichjWld Ct). (avaiL. Jan. Ii, 1982); see alø Great Lake Chemical Corp; (avaìl.Mal. 2~ 1 998)t Pacifc Gas :&Ele.ctric (;, (avaiL. Jan.Q, 1994). The Company received tlePror Proposa on November 4;7 2008,21 daysbefôre it reeived the Proposal onNoveíIbet.25~ 2008. Aëcordingly" unles .theProrPtoposál isothetse

excludale, the CompanY iIltends to inclnde the previouslysnbmittedPrôrPrQPo8alin its. 200~ Pl"oJeY Matena1sand toeJecludethePl"oposal as SUbstantially dnpíicativeof;te l'01"Proposal.

Pursuant to Stafptecedent,the stadard in detenng whether proposals areapplied

substtially duplîcative is whether the proposals present the same ''pnncipal tlt' or

"pnncipal focus." See Pacifc Gas &Electrc Co. (avaiL. Feb. 1~ 1993) (refuing to allow ~clusjon of a sUbsequep.tysUbmittedproposal uiderRule 14a",8(i)(11) becUSe the "prcipal tht'; Qithe secndptopoal dífferedfrom the "pnncipaI focU$" of the previously subtt pro,posa1).The Sta consistently has tàken thepositOh thatprøposals nee notbe ideitiea il

.order for acompany to ~xcludea subsequently submirtedprop.osal frin ítspròxy statement .i relianc.eon Rule 14a-8(j)(11), See,e.gr, InternationalPaperGo.. (ävaìL.Fèb.lQ, 20(8) (ålo\Vg exclusioiiof a pl"oposalaskigtbatthehoardremQVeSllpeiajority yotereqiiementstromt1e .conian'scharras substatíaIlyd\1pliçativeofa proposal asItng that the board adopt simle majority vote requients il the company' scharr and bylaws); GeneralMotors Corp. (avail. Apt; 5. 2007) (aIloWÙg exclusion of a ptopOSal teqnestúg anánual stement of eah COntrbution made with resecttoa.politicalcataígn, political pary, or atempt toilt1uenèe

legî~lation as substtily duplicative of proposa1 reuestig a report outling the .C(mpanY~$

po1jtiçalcontrbiition. policy along with astatementof'lln~deductible pølitica CQutrbutiøl) maediinngtheyeal)~ (lest C01l1lUlicatiørt IntetiiatiôiUll, InC. (avail Mal. 8,2006)

GIBSON,DUNN&CRUTCHERLLP Offce ofChíefCoûnsel

Di:vsionof Corporation Finance

December 30) 2008 Page 4

company's govenancedocutents to provide that(allowìng exclusion ofa proposal to amend the

diectors be elected bya rnjorityvote as substantìally duplìcative of a proposal requestig that the board amend the bylaws to ptovidethat diectors be elected by majority vote in lmcontested elections and by plurlity vote in contested elections).

In. the intat case, the Proposal and the Pror Prosa have thesa:epricipa1 tbtand focus. The.reso1utions in:te proposals ate virtually identical andaskthe:BoatdofDirectors'to take the steps necessar to adopt cUtl1lativevoting cindirector.e1ections.Furher,each proposal

the term ~'cuiu1ative voting" in the same maner;thatis, to mean thateaChdstocklolderdefies

be' entitled to cast as .many votesasequa! the nu:ner of shars he or she holdsmuJ.plì~by the numberofdîecors to be elected and th :test.kldercacast thesecutulat~ votes for one or mOíe dìectorsin anyiner he or:she see fit. Jnadditiòn, the supportg sttements ofbo:t proposals provide the sae basic rationale in sipportof cumulative votig. In thsrega both

supportngstatemel1ts state that cuulatve votig will increae diector independence and wil

help Board. .represent all stockholders,includhgmiority stocklolde,andtbeirjn~sts.the

The oiiY slWstantiveQifferencebetee. tlitwo proposa. istlat the Prr Proposa's suppørt statement cOntaiadditionat statistics and rationales to, adVOCate forcuiulative voting.

Apiiar rationalebéhid the, ~'pnncipatht'J'~cipal focus".conceptis tht the inc1us1Qnin a, single proxy stamentofmwtipleprollsals addissmg the s.aie issiieÎn different t~rmsmaY CQnfe stockholdetsand place a CQrnanyand its board ofditørsin a position wher they ate unblefo detenne thestckholders' wilL. IftheCompanywet toìncludeboth the Ptposaland the Pror Prposal in its 2009 Proxy Materials, this would .create confsion for stockholder because they would be asked to vote on the same subject iiater- whetherto adopt

cumulative voti in director elections - in two different votes 011 two different proposals.

Furher, if otteoftheproposals fails and the other passeS. theBoat would be unable to detein the, stockhølders." will, and itwouldbe diffcUlt fOí the Board to decide what tIlle of action it shotûd take with respect tocutulative voti.

IftheStadoes not concurthatthe.llQr Eroposatisexcl.le tOrthereasoIt.~ J.n tlesepaTteno-actionrequ~tsubmitted ConcUlently lii:rei~then.the Cø:rpanyintends to. Includethe Prr Eroposalin its2009 :lxy Materals. In that.;event, the Compay believes tht

th Prposaliny beexcludedputSUânlto Rule 14a..8(ì)(11) as substantially duplicâtvéofthe previously submitted Pror Proposal.

CONCLUSION

,BaSeduponthe foregOing analysis, we repectflý'têquest thatthé Stafêöncurthåf it

will tae no action if the Company excludes the Propo$Ù 1Ìom its 2009 Rrxy~tena1s. We WQuld be happy tQ provide you with any adQitiQn.infonnon and aner any questiøns tht you may have regadig thssubject

.~

~f'i

GIBSON, DUNN &CRUTCHERtLP Offce of Chief Counsel Division ofCorpotationFinance Dece:her30, 2008

Pag.5

Ifweêat be ofa1lyfier assÍstance in this matter, please donothestate to call me at 95.5-86$.3 or Julie ¥. Klm~tle COllPaiy'sCo:uel,at (212) 484-8142.(20Z)

ALjas El1closUE

cc' Julie ¥. Kl, Time Warer Ii.

Llidell K. Lee, International Brothê'rhoodof Electrcal WorkerS Pension Benefit FUId

lOOS74295_S.I)(

GIBSON1DUNN &CRUTCHERll

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TiineWarner VIA OVERNGHT MA CONFIRTION OF RECElPT REOUESTED

DëCmber 2,2008 '"

Mr. Lidell K. LeeTrue

'Trost for the Inteationa Brotherhood of Eleccal Wotker'PenSon BenefitFlJd

, 900 Seventh Strt, NW Washigt~ DC:iOOO1,

Re: l'ronosalSûbilued toTie Warner IDe.. , Oe$Mr.Le:

Your leteradess to th Corpra Secta ~ N'oveniber2,s, 2008~ received byTimè Water Inc. ("TW")on Noveniber 25, 2008) hasbe~m forwared, Ja nie. A copy otyoti letter is attche As you ar awa Rule 14a..8 promuled un theSecudties~Kchange Aêt of 1934góver. the re1Ïements. fotsïockhölderšUbmitt propo toa comp~y f.~mcll.ionlzthe compary'Sproxy' mate for its stòolâlS'

meçgs aid.thesititio11 ÌJwbich a CQJlary '.îst1nt~awrç t9 ;ÌJëhiQè a:YSûêh

proposal in suh 'proxy materiaL.

Ptlsuànt to R.ule 14a.;8(b), to be eligible tGhavea propb$ä1 inêluded in the ptoxy is reùiedto submitsuëîeiit pro()f of itsooiitì1.0ûS,inätèal of TW the proponent

ownership of at least $2,Oooi.iiket val\1e) or 1%, of securties èntitle(l to be voted on the of the date the propsa wa submitt.prpo at themeetg tor at lea one year as

To, ,date, we have not teived documenta proof of th. sh. ownership. We live reVÎewed oiiæctds ,of registerestkhølder ,'an øou1d not cønf .the prop~t~$ ownerp.

To remedy th defeCtbeprponent iIûSt S1.bitStciënt prfôflts ôW1portl,~lJisÎte nuiQer(lfTW$ha~s.Rme 14a-8(b) provitl~s'that s1.çlept'proòf lt~ hem tA fonnof(1)a wrttn $ta~entiin th~~d,'~ hø1der()ftl~pmpntmt's m çøtton $tock (us\1yà broker or ban veng that)'f; of NøYem~r 2$.2008 (the da the proposal wa, subintted), the proponent contiuol.1yheld the, reuisite nun~t()f

slesofTWlcoan stok for at lea one yea, or (2) if the .proponent. bas Withfied

the Secties and Exëhage Comtrssona Schdule 13D) Sëhedule 13G" FOI13, Fòr4 or Fot 5" ot amel1drelis to those döëeiits ot 1.daed foI1s". têtléCtig the

the i;equìtenun of TWshes as or or bëfòr th~dà. on prt~s oWlerp of

which th oIle-yea eÍigibiltypeod 'b:n~a COPY of tlescliedu1ë l!Qr for,anø.aiy

iösi~ . . .... .' v. ..... .... .' TimeWar.etlni:..Oii~ TlïneWàrner.Çenter .lieW'(b(k,N.;1QQ19-l.Q1.6

T 212.4,84.8bbO .ww.tímewarner.CQin

Mr. LindellK. Leê ~mPe 2,.2008 Page:2

S1Useuetatdmeits reportg achøein the owneJhip level and a ~~ staeít thll the ~po~nt contiuously held the requiite numbe of TW sha: for the one-year perod.

Puswmt to Rule ì4a-8(f)(1), ths requested doumen'itiön mllt bè posttkedor tt8lttd eleconicay nQ l~r th 14 calenda' days :fom~ da: you receive ths req~

.'

1'eproxymlesalsö ptovide. ce ..sustve criteri.. puruant to which .a company ispènntted to:excludetrQn its proxy m.ateria1s astc1dölqeI's pr()posal. 't.s

lettra.ckesses onlythe procedural requìrment fOJ; submittg a proposa.and doC$ not

addressor waive any of our substantive concern.". .~ Plea addres any response to 1hs re. an any futtCQspondterelaÛI

tQileprcposal to my atttion. Pleae note th any colTponie11 set to me via fax should be senHo212-4R4-'7278.

For your reference I enclose acöpyofRüle 14a-8.

, S~rely,~~/.,.............~/ IlIKf ...... . .... .

Counsel

Attchment

l05138v2

RUle 14a..a ..- PrQPo$al$ QfSecurity Holders

This sêCon addresøsWhèiia CQI1:!)any mustlncl~d&asharel1oldets propo$al În Its proxy statêment andidéti tlTe propoSal in it form of proxy when the company hólds an annual Cirspecial mßetingohharøoldøJ', In summary, in order to have your shareholder proposai includecon a company's proxy card, and included along with any supportng stement in it proxy .satement, you mustba eligible and follow certin prure. Under a fewspeÇÌ circmstance, the company is permitted roexclude your prposal, but only aft $Ubmltng it reans to the CommissiCin. We stcture this setn inaquesn~and-answer foimatso that itis øaier to undeJ'd. The reference to. "yCiu'" aretò a sharøolder seekng to $ubmitthe proposal.

a, QuestiOn 1: What isapl'po$~?A sharehoider pl'POsal1s Y()Qlrecn:erKationor reuireElrrthat the compåyandlorits board of directrs take action, whicb.you Intend to prent ala meeng'of the

company's shareholi:ørs.Yöur pl'posal should state ¡¡S clearly ¡¡s, possible the course of action that You .beliøvetle comPany shoulâfOlIOW, If yoorpropO$I is. plåGØdon tlé CåmP8I1Y'$c pr()xy~d, tlé

company must also proVie in the form of proxy means for shareolde to speif by boxes. a choice l:øtweenClPprovalord~PPI'"ali c:rabsaotin. Unl~othse indic.tø.#:e WQ "'pl'pQS8l" asUSed in tlisseçtón refers bothto)'ûr prpØalia"dt~ yourcbtrøsilding $ltemeotin $upörtof your proposal (ifany).

b.Queston 2;Who is eligible tosubmlta propoS8l. and how do I dernstto tle company that nameligible? . 1 i looooe(to be eligibleto submit a.propQsal.,¥ou must have continuou$lhßldat.leal $2;000

In markehialue,or1%.øfthécompany's séCntesentied to be voted 'on the proposai at the fieetihg fOr àt løasiØileyear by the, datØ you suhmitthe propoal, Yov. must col'nuEl to Í1okl

those, securiies through ,the date of the meeting~

2, If YOlÍ, ate tle registered holder øryörséries. which meiitótyOïroarn äppèl' iothe, company's records asa sharehoJder,the company can veri yo,ureligibiliton it own, . .. altc:ugh. YOQwill stlthave to prvide the COmpany IN awrrl$lteìentitlat yOulnt~nc:to contnue to holdthesentesthroiiQhth'date. of the meeng of shareholders Howøver. if likemanysharehol(iers you are nota registered holder, the company likely do notknow that yOu are ä shClrehokler. or how many share you own, Inthis cae. at th time you submit

your proposal, you must prove your eligibilit tö the companyin one of two ways:

i. The flrstWay isto submlt tõtlié compahyâ written statementfi'öm tte "'rêëörd'"

holder of your securis bank) veriing that. at the time you(usuallya.broker or

subrlued YO\.r propol.youÇQØtim.öU$ly h~d thElS~fi fQr $1 leastöl'El yc:r, YOOtnlistaJ$ò il'cJude yôurown WrttnstatétenUhaly6u:ílitehdtö contnue to hOld

th seriesthroughtle date ofthe'meeng of shaehoders; or

it TheSé wa to proveowirSi¡ äpplieØhly.Jfyou have filed a SChedule 130. Schedule 13G, Form 3. Form .4 and/or Form 5, or amendments to those documents or.lJp(i;~ forms. reflecit~ryo( ownership OftlSMrEsas ,ofOl befØrette date on which the one-year eligibilty period If thes documenbeins, you have filed one of

witt theSEO, you møy demol'trate yøutellgibillty by $ubôitng to tleCQtnpal"Y:

A. A copy of thescheduleand/orform.and any subsequent amendments ~portng a ctiange in Youi' owner $hP level;

B. Your Wrttn stateent that you continuously held the required number of sh.ElfOt theone-Yeirpeoq cis'Ofthedate oftf(e sttøméit: a"i;

.0. Yourwrn sttementlhtyou intend to contiue the shares oweriP of

. thrøu!;h th.. d~teoftìèØmP8nY's ann~lor spEiiil mEltlÍ'i;~

c. QUestiQii S: HoW \1anyptopø~ls may I sQl:it: Eai:$tiaì"holder møysubmitu9 morø thl:none prôposal to. a company for a partcular shareholders' meeting.

d. QUestion 4: How iong can my propoat ' be? The proposal, incuding anyacempaiiying suppórtng sttement, may not exce 500 words.

e. QUe$ton 5: What IStti deaèllineforsubmitting a proposal?

1. Ifyo,lJare Submitting yourpropØsal forthø cOmpany's annual meeting,you canin möst~ses find tte dèdline Inlastyear'sproxY statement However,iftte company did notholdan annual meetinglasty~r, or,haschangettheèlate of its m~tingfor ttisyear morethan 30 liays frm lastyear'møeng,you canùsually'find the dealinéin òneQfthe CQmpaiys quarterly report on Form 10:00r1o.S8, or ¡n,sharholder report of invesent CQmpanies under RQle 30i:h of (h InveslmentCOmpanyAOof 1940.. (Editors I1te: Uns sêction was redesignated as Rule 30e-t.Se 66 FR3734, 3759, Jan.16,2001,J InòrdertO avoid controversy,shareholder should 'Submit their propoal by means, Including electnic meaiis, that PètllIUhem to pro\Ithedatø of deliVery. '

2. The,deadline is caculated in,ttefollowing manner if th propol is submtt fora regularly

schedl!l~ anrual !'eeting. The ,ørpOllU$l bØ~atthe CQmpaìiyS p¡ncipii execve offs no Jess than t20 calendar days before the date of th company's prxy, stmentrel?as.,l(J;tO$!lrthO~rs jnCQnnect() Withep!i;vi,(l!J~ts$rmUQI~.Howe\Ir, ifllie company did not hold anaonual mèetingtteprèViouS:Yer¡ or ¡l,lhedateòf ttisyear'sannual meeting has ben changed by more tharr30 days from the date oftle

previi:Gs Year's mee,tíng,tl:~O- ttl'edS$dlìne løar*i:nEible ímø J)fQretl1e CQmp¡¡n)"beWM:tØprintandsendsitproxymaterials.

3. If yqtJ atti' $(ìtmlfng youl"prqj:lfora,.mèetlng ofshareJïk1er ottel" thana l'ladY sceduled. annual meeting,thedeadllne.isareaable time bere~thecompanýbe¡ns toprintahdsendsitproxy materials.

f. Question6:What if I fail to follow one of the eligibilit or procedural reauirements explained jnanswersto Questins 1 througl14 of this secton?

t. The copany may exclude your propoal, but only .afrit has noti you of th problem, and yøu haVØfailEl ~øql!~iy to èorrit Witin 14~dåtdliy$ Øf r~vinø )ir

noti you in wrting of any pruralol" eligibilit deficienêi, as well as of the time

frme föryour repønSè. 'tour~ponse mustbe'postarked;Qr

prposal, the CQmpay must

ttösmitted ßJeçtÖ,ically,noìatèl"tIll14daysfromthedäteyou røCßwødtbecømpanY$ noticatlon. Acompany nee not provideyou;such notice. of a;defóiency if tte defciency ci3nnotbe reedlØ' such 'as ¡fyou fawsubrnjtapröpQsal,l)thecornAAný'$ ptpei1y determln~ dS$t1nn~. If lfß (;mpanyinteids töeX(iu(fttepi'posal, itwilllatet ha\Ilö

make asubmÎSsion under Rule 14a..and,provide.you with a copy under Queon 10 belo, Bulø 14~Sü).

2. If you fail in ,your promise to hold the reuire number of serities ttrough the date of the meeting of sharøhQlders, the,ritbe CQmpany wíll be permitted to ext:udë i:li of ypllrptopolil$ frm its pro.xmaterials for any. meeting held in tte following twocalendaryealS.

9. ClQi3stjQn1: WhQhastl:hQ~o C)tøér$iidiMthecomlsiOn ,o,r jt..~ .løt tiJ)r9~Çàbe excuded? EXcept as othrwse noted, the burdnlson the copany. todemotite that ltis entied tQøxLle a ptoP9sa.

h~ QueonS: Must lapper pernallyattteshareholders' meeting to presen the proposal?

1, Ëithéryou,otyour represntatIVe WhQ iStjuallfEKi,tider sta~I¡!WtO présëot théptopbø.1 on

yourbehalf,mustatnd the meeting topresnt tte propoal. Whethyouatnd-te meetng yourself oTsend a qualifiEl rep~tiySto tte mèeting In yqQrplaCE. yO, shoold make.sure ttityou,oryour I"eprsentae, followlheprope $!te law procedure for

atlendlngthemetingandlor prasnting your propoal.

.2. If the 'Cmpany holds it shareholder meetin:gin' whoJeorin part thevia elecnic media. and.

(¡rnpany pei1itsyou oryour representative to preøntyói;r pl'øi:osal viasiJch mødia. tlen you mayappearthrollh. elecnic media rather than trveling to the meetng to appear in pen.

3. If you or your qualifed repreentatie fail to appear and presnt the proposal. wiut good cause, the CòrnpanY will be pøitted to exclude all 01 your proposals frm its pro)(rnatrials

for any meetings held in thafollowing two calendar years.

i. Question 9: If i have (¡mpJled With tteptodui"l reqi.emèlts, on What öthêr ~$eS may àcamP$oy rely to excJude.my propol?

1. IrnpropeiuliØI' staëlaW; If ~ pl'pcsa Î$ nptaptpe Sl~fö(èeriIîY$hárøhóldØÍ' underihlawsof1h jurisdictn of the GOmpany'sorganlztion;

Note to paragraph (1)(1)

Depending on the subje matt. some proposals ar notGOnsidered pror underst laVi if they WQuld be binding onth GOmpany if approve by .stlaretilders.lnour eXprience. mQSt propOals that are ca as r8GOmmendasor reques thttheboard ofdirersæke $pec:ifédactn are proper undørstilé law; Ac:iringly, WawilJ a$mèttataprøpol dràftdàsa recmm.endaflon orsLlggèSon is pl'perûnless the cOmpany demoristrfeSotheris.

.2. Violatlonof law;lfttéi:ro~lwould.. iflrnplemeí'~,ca4S£ltheccrn¡lny l.VÌØI¡:te any

;stte~ federal. or foreign låwto which it is subject;

Note to paragraph (i)(2)

Note to parraph basis exclusion to permexcusindf a(i) ): Wewilnotapply ths for

propo$Øloflgrounds " .itJN()uld v.iolate foreign law if ccrnpllanee wltltttøforen law (¡uId restilt. in a 'iólatiönof låny stte .or leâer:\ law.

3. Vi()laon.ofproxyroles:lf1he~posaorsuppomngsttementI$GOnttoanyofthe...

Gomrnissi!o's pmxyrtløs. Iriçll.dingRljle 14¡:-9. wticl prohibits rnatørii:Jyfal$e ørmisleaciingsæíeentiiiplOxY Sölìçiting materials;

4. Personal grié\lanee; $Pecial interest: If the propcal rølat8$ to the rødl' of a J)r$Otlal Qlim

.or grievancagainsUhe company ,or any other person, or if It isdesignedto reltlna;beneflor t()firtE:r apens iOt£l!' wh!cis notsha!'Ø(bYth.otrslirøliers attlyOl,

láit;

5.Rélevaì1êé~lf the pl'POsal'lal. tQoperatlsWhiclaçÇouot.~rlØS ÛlstlSpØt.øfth

MOO¡li'y'stotala$setsaUheendÓf it mostrent1iscaY$ar,and for.løss ttn5peront of itsneteaming sand gross sales for it mostrecntflscal Nar,and isnot'otherwe SÌQnlfcanfly relafed: ro the çompanY'$ buslhess;;

6. Abence of po/autri: If the compay \Vuld 1aCk the pöweror autorltytQîmPkent the propcal;

7~ MaòagElElllI funCtns: If i:hØ prøil tlals\rUj a mattr r$iatingto the com\y's ordinarybusiness operations; .. 8. Relatø$löelectoo: Ifthepropøsal felat~$ to a nOl1tiiat:QllOr anelèÇn fQr membership on

the company's board () directors .or analogous goveming body; or a procedure for $Uch nomination or electon:

9. Cönflictswith companýsproposal: If the propoal dire conficts wi one of the company's owi propo$$lsto besubmitte( to $harehoJder at the $$me mEetiri.

Note to pararaph (i)(9)

Noteta paragraph (1)(9): A company's submission to th COmmission under this secton shouldspec!f the points of conflic Wi the company's proposal.

1(). SUbstatillyimplemElnted: If the conlPany has alreasub$iitiallylmplemedthe proposal;

11.0lìpliÇah:1f thø proposal SUQsntJallVdupljc: anQthørprolprevÎoUsIYSUl,iÚ to th company by another proponent thatwilbe included in th company's proxy materials fOrth $$mE rteé"î1g; .

12.R'eubmisaions: If the proposal de~Is/with 5ubstantiaiiy the same subjec matterasanoth.er propØ'$al or propösalsthat ha$OrJ:ave bee!'l preò"lJslyirellidê,d ir thli.çai:pany's prøx. materialwithiti the: preeéding5calendãr years,.a ccmpânymayeKc!.de it'fromjtproXY materials forany meeting held wiin 3 calellaryears of the last time it was include if the proptàlre(:ve(:

i. Le than 3% of th vote.j proposed once within the. preding 5 calendar years;

iLlesstho 6% althe vote on its lastsubmisslon toshareholtlrs If propotw ~v¡olisiy witll"the préjri5' çalønc:ärYea~; or

iii. Less than 10% of the vote. on its lastsubmisaion tosharetoldersifprbpoe( threé tlm,~.ør more previously Witlln the preeøÎri 5 calendar years;aríÇl

13.Søecifcamount ofdividells: Ifth,propoall'iatestospeámounts ófcssh or stcl dlvidel1ds.

fOllow itltirnds.to exlude my pröpl?j. Questin 10:What proceure must th company

1, If the companY intends to exclude a propoi frm it prxy materialS, .it mVst filØ it reascri with the CömmissionnolatJ" thao80 calenar days before it files its defil'tiveproxy staemeii alidfQrm of proxy with the Cömmis,slon. Tt.é. CQmpal1ymusfslmulJäIi~us.1y provide you With a. copy of it .SlbilssiOtl. The Cómmissioh stáff may pørtit the êOmpaný tómake it submlsaionliierthn80 days befor8'thecompany files it definitive.iiroxy statement and fQrID ófpr'XY, ¡'the CQrnpanYdélIoiïtesgooC: caU$ø 1ør rniS$!oothe dé.adtfhé.

2. The company must fle six parcopièS()f the1bllbWri:

ì. Theprcpoi;

ii.An exlanatjoòofWhytlElCQfTso¥ beiêvesthat ItmayøxclOde the prpösal,Whiçt

should, ifposaible, reer to th most recent applicable autori,suëh as prior

Division leter iSSUEld under the rule; and

iiL A SUppóringQpjniøri ófcouJ'$EIWñØn $lJtéaSQlÎsrëba$EdOl matt"" of$t¡teØr foren law.

ComisSion responding to the eompanrsk. Questin 11: May I submltmy ownstatemenUò thearguments? ' Yes, you may submit a rense, but it is not require. You should tr to submit any reonse to us, with a copy to tOe company, as son as possible afr the company makes it $Obmission. Ttis way,

the Commision stff wil have time to consider fully your submission befre itisue its rense~You sllidd submit six pcpér copies of YOurrtsponsé.

J. QUØ$tjn 12:Ïfth companyincud$s mystareholder pl'pø$!lln its prOXY~, Whatirfqrmtlii abóme mus itil1èludeäJoi;wi'theproposå itelf

1. ThecomPanysPrOXYi $1.tßI$nt muStincluqøyollr ,nlime ari addrtss,as'Wè!f listOé nlJi:liér of th company's votingsecuriiësthåt you Mid. HowêverjinStead of providing ,that informatin, the companY may instead include a staement tht it will provide the infömiation to shareholdrs promptly upon recêMng an oraJörwrtten request.

¡¡

2. The company is not respibl for thé contents of your propøsalorsupprtng $ftemenL

in its proxystarnéiit resons'wl' it believesm. Question 13: What can I doifthê company inCludes stents?sharehoers shøld naivote in favor of my propol, and 'I disagree with some of it

1.. Thecornny mayelecttoinCliIeinlts,pmxystamentreasons why itbeliees

startl1lders,should'VQteagalnstYOur Pl'pIJ. The compal)y is al19WEG to mi:ke argumepts

refløctingits'QWnpoint è!f\ieW,JuSIa$ you m¡;y ø)(rm yòûrø'W !'olntPlvieWin Y01.rsupportng staement. ' 'proposal's

2. Howevr, if you beliEl'letlát thø eompaliy's opPsiton tò yørpräï cømänsm~ñaliy false or misleading stement that may violat ouranti-frudrule,~ Rule 14a-9, you should prompty send tòthø Commission sta and the company a lettre~lainlngtle reasons 1'r

your view, along with a copy ofthe company's statements opposing your proposal. To the extnt possible, YOur letter should InClu(ie specifc factt,u¡il informlin (iemonstttlng tle iiiccrac: of the èOmpél)y's, claims. Time peì1itng, you may wish to tr to woÏ'out)'ur difrence wi the compay by conta the Comission:st.yourself bere

3~ Wøreql,Îrethe cømpanttosand youä êQpyof it statement oppc$lri your proØQülbeoì'e it send its proxy materials; so that,youmay bring to our attntlön any materialy ,fals or mi$éadirjg $ttemøí'ts, uricierileføUowing ,llm~mØ$:

i. If our no-acOlreponse requi tht reviions toyou make ,your f)pos or$t¡pprtOO Stnt as ~G(i1ciltiØlto rEKl.iringtlcompcnytoil'cli.cie Ît!í'ritProxy matenals~ ilen the company must provide you with a èOpy ofit()PPn ., ' statements no later than 5 calendar days aftr the companY reive a cöpy oty(jl.íi revisØi propo$ar; or

Ii. In all othercase. th company mlJ proVidG you wI a copy ofitQPPlton stantnO latèrilan~Q calendárdäys befo!'itsfilê& dØfitîVe èOpi of.i proxy sttement and formot proxy under Rule 14a-6. '

tci:ê12 ¡; 3E P.ê"2DEC..B4-2Ø i0:i9From:

,;~ llNYM1iL.LON

."sserS¡¡~VlC;ING

Noveber 26, 2008 .

VIa Faclrnle (212-11'74)& Cérted Mail

Mr. .pllJ F.W_hitø VlPi-ent anc COrate&ttal"l'im Wamer.lnc. .One Time Watn~ NeV() NY 1Q019 .

Tru_ oftllnt,matial BroerofElcleal W'orl'Pern~; Bord of

eøeft Amci(IØEPBF)

Dér Mr. waIngn:

As.culan of th Bord Qf TNSeeofthe .lntemàtiBtotherOO of EleclWQI PJl3enefttFund(fBEWPBF). we.ar.Wltl to fØQtthas ofthClos of burneu.NoVèbe 25, 200 th Fund held138.431.$haæ.of llme Wam fnc líto llOUt 8Gnt atThBak of Nl.Yor MelOand rel-in itnoin

.n~llnEi qf ce "PO. Th Fund ,has. l'fd IfU~la d$2.00 WOrlofShrein. YØl,rCQøany co~$ll' NQ..blir 26, 2O7. Jfthareanoterque orccregingthi$ mat. plø fell' to conta me at 61748436.

$inre, ~~__ V.~. J(he Ved1Off . ,The Ba,O( NeYorffMelon

1:t~iilll :11~¡""''''' i-!r.I ~;!f.,~'.t;.~.r(HtMA~

GIBSON, DUNN&CRUTffltiLP

,

EXlITB

.1'11"41~ '''l$l & OMB Memorandum M-07-16'" PAæ Ë111e3

KmD~h$f '" FISMA & OMB Memorandum M-07-16 '"

Mr. Ricbl). PaIiioW-ier.~(T1 T"iu V/lI .Omie New'Y-økNY 10019:ihie: ~12 48

lbftl4a8 ~DeMr. 'Pa

=:~m:==i~:ï=t:=~~=::~=r=ian~()fr~".~lobe.melÌJilltb~oV&Ðwn~ó'th~.st ~;url-tb. cJ.ti~re~",òldø.~. aJ.tb.~ó(iotth~-t~aim~ 11s~.~..Witl-e~l~lC~s.is~tö bèuscilfo dø~~Pfi~n. TJù. ~ pt fo.Toln~~9tJû 4~.tq çtØ1my~"p.thJ.e 1. .fot1~~l-Its:~~aiøattkf~~tt"s .. ...... ,~~~an tü c:uuÒáøasfoJöhn~_:6MB Memorandu~_7-16 '"

'*'.FISMA & OMB Memorandum M-07-16 "'. .. .tØ. ~ili pr çomiuiiea() anclii()lU _it wnlbe ~àltbao\1cdønliai b__t. . .

. Your COdcnand thQOrisi~OI oftiB!id' ()fÒ~lSi$ llPPrced msuppttøttblòn.te~. ofou~. .Plea adle i-ptOttbpl'osalpro by em ."~L "61'll co::p~ F. W~ o:at\V~rii~ìlW'~~èO

.Piiui:F. 'W.... n.~...PH:2i~'-847$3l':2~"i74¡Øi-S~4aaSil~ew.~~~~l'f! ii:H8+19i .. . .' p! 2;l'--?~.-124 F:21~-48+1278

:..-l.:"~,: ,_~

PAGl!2i"a.11l8412eØ8 **øBI & OMS Memorandum M-07-16 ***

.~ .~C' lA.8 ~ ~Ovtrer 4,200S- Catñ. Vot' . "RRSOT!VBO:UUUhrVé V()ll$~lc tfO~ lh ..aallartt the ~ ~lU to ad()ptølW1.evøtin¡.Cwn~ VOt1 øleas (bea~l~.. ii C8asm.yvøtas equal to nlJ of~.held;mutiCl by thnmbe of dieøto beeJecte A~Øldê in .tasU 'SQ euat votell.f a singl~ .~or spt vøtebe niple Qadat Ui ..wmvQt slølde cawiold vot ti(:na pootpenom~ in ~toCasD1pië ~ for ot

swentcd~~CU vo w.54%-sat~ ll... tb s.~atA1Aiii205 â:iD~8" Ita.sol-ve¡rthan S~~ åf ~.~(GM).2ØOát ñt~ô08. 'tCoøf1ionllìWW.cij.øi.~~a4opØfth~ tøi~. ~S al tfmmayesvo1 torptaloitb~'Nonel_øu~ør¡¡ ma ~ tbitM:90Uld 110iVo1: øñthÙl-ibliedtocot cu$fve votiugatQur200S ~~. ~Ve votiti.âllbWs a si$?fi gi. ots~ldc meteca di orit ehce-Sa~ iDt;Sbholder insian brnsm¡ ùiea ~ tôBØâdeons Cu wt. also.~ -iei to ~shld va bym;k;i.1t i-trfoa:woú1d.be acUÚ .topi. bn.~liiitiO:r . It is no. iiin~ t1 aWòu1ac~ ~ hoWtb 'Yf' po '~'.apoiivëfOtiipt~onofouco. .' .. Thc--'t$-tb" .._.....t..+:... V" ~W' .. ...l...i....Ual.. t..........:....""..l. it._...~ "f4,..... ,~'J~¡' 8"'~ll,_,... '.o--pipC-i ~wu- SQuç ~'" m.W¥-i..J.",o .~~ii~fò iive$if$.in . fin.. ~f. ~'.. ,$øv~~ qd.. ~iöd\d\l..~.~.ForÎ1staQe.i 2O ~ fo~80vøman .an. ~ce .is 'we.ideti'fe6 . ..' .-Th COråLi (TCL)ww.~õi.~ ai~in~re fi ra oU\ ~:. .'''I)'.ìi~~..~ve'

"Vcr Hish Co" in ex pa with $19mi tot JeBew an $18irlion ~Richrd.~. "I G~Ri.ASeit.~

-w. l- ii,.~ide rightt . Qiulvçvo'd.i.

A9t.by'wrttlt.cøse.j"

.AÎJ,pemtchamnv,. ". '. '.. Wi.........c...btw. msd.od~EiM_... ._..A" ::....... ......I~-i....T..~A__ ......... ...., . . . '",'. ..-~.~ on AUCl~ua_.i "oU.l- co.T'airiiedoi4~ .a1- ~tmcnt~~.Mì~MiC8 . ... . . .St~êò~: . ... . . .. . .' .· '1. WìA'lfeain t1.layFw FG,~ byPaHøof11

Cof,.*. Ub..lt.ai....~.~. H.........C. . .ii.... teth... ....òQ... CERi...):b....rd '.. Pa. ." '.. .i-..veS2Smiavlwo ~ wl. . . dcr ex~ as.yeaieof-i31%.Thel'be;~.ij th.ianef01 inövo Pl~ ~çoubotQt'poiYely totbpt~:

C1.ülàllwe Vot. "f. oa $"

11184J2aB!: **liBf & OMS Memorandum M-07-16 *** PA8aliaa

NUIe; Keet~. ..* FISMA & OMS Memorandum M-07-16 *** sp th ~

The ~fQisrefor J'bIcaòa wi.rtùæ-to~ngor e1ùnoióft.i:~bein an~t~ llespdQf ~~ ilie It iir~'~ tblb,.P'. ~..pr ~íe It lš~1iiíthdèpt to entbtlinofihe- ~ ~ jsre intlpriis..l1ad U'tt is at~CI èpon . Plèa ~tø.l-th.tiofth ptopo~Ua l- éfth~ ií ti of1h~. Iith~óf clar aQwg.vodc.outh~ titl-c oftb aneø Qtba0t ite i$ie"ù toi.co...,~t&..-i..ut al. th . .......t".~. _. . ,~ . . .Pl _~.K

The compay is rest to asa Pfoposanup- (reente by "3" above)~ O,n the clUlogicå orda' in which JUpoar submtt .1'. ret- dlsionof4~" or higbar numbe aloWs fur tàtc8ót of 8lto to be ite2. .

T11 pl'~is bøcd to Çorm wiStaLe Bu_ Nò.. 148 (CF Sop 1$,Ii

20 ÎDl~A~;rii1Y.~ fQii~-bc1iewilit.wøWdMti.ap~f( ~JØe&du~"8~.~.ancJOran~~in~óJ.i4e(i)(in. 1ñ1bllewl oi~~: .' .· tlco~ objec to~ øs ~.~attdSupP. ~~paQ~toDc~ IÕ wlteno~y:fQrJDI!", may

'be'dor.count-d; . . .· thl:coaltCltn faås ~ailt1:a.on 1Ube~hy$bl4ia ain th ÎlUDavót to tl copa, it di~.C) its ofces;anor . "-t.~ objeçto.St.~ 1J. re~ thOpofth $bø1der~t Qtaør~ soce butl slci at not îded Sp æ.8I

Seid;S\UMic.sts,tn (lii 21,2005).. ,St wil ~hei(huitii Idttb,atGa~JJarUhé pröpfa wlbe ~ätt1 aïua,--na.,pi~aøowi~tls piôl.~ by ei. " ­

TiineWarner

"\'O\lGHTMA cöNFnON OFREEIPREUETED

VI EMA

Novebe 10,2008

Mr; Jobi Chevedden

... FISMA & OMS Memorandum M-07-16 ...

Re: ,ProDosal Submitd to Tie Warier Ine.

DeMr. Cheved:

A.1etrñoinMr.~ethSte~. adQ~~ to :RchD.Panssigned Ocbe 9, 200~ reèivedbyTiieWam Inc. ("Ton Novembe4~ .20~in Wlehyou weredesgiä.toacon behaofMt. Steiner in Còmiecnwia Rue 14a..8~heba subin~.to TW li befoiwlU tom.e.. A COllofMt.8ter's letti$athe

ar a\V.Rwe 141-8 pJom:ga .lPd.eltJeSecurtie$. ~ç~e.Aof 1934As. you

proposa toacoIÌpaY forinclusongovemtherequimem for Stlder sUbmitt

in the compay's prXyniâl fôr ìtsstkholtirs' m.eê and th situons in wIDch

acoinpany.is not reuired to incl~any such proposa.insucptxy ~ri.

Puuat to Rule 14a..8(b),to be eligible tohavë á prposa Ùlcludedin the proxy materialofTW tbepiponenis r~ui tøown at the tie ofsu.inttth propo,

proj)Sl. a1 the m~tingand toat least $2~OOO w()of$ecwti~ entitled to .bevote on th

have héld sUèhsêCurtieseontiuously for at leat one year. To date, we have not reive

dócen profot ths .sh. oWJetp.We.hâve reviewed ourrectd.of registoekboldet and cou1dnotcoii tJeptaponent~sownp. .Aøcrdgly~ aspettd

the 4$i:ni~hoide øfthe TWIby.R.e l4a-8, TWreue$a wrttènstatement frm

coiiii stck (USyabrokeror ba) veri. tbt.,as.oÎNôvebet4.20ö'S, th th requite nl1 of sñ ofTWêômmonstk rot átprpo êôntuously held

leat one yelian providi the numbe øfsb owned

Pti to .Rtd 14a~8(f)1), th reuest dõclIentaii m.us be ptvideto

TWwin 14 days'ofyourreipt oftb~.

1046ý. . .. ... .T1mëwãmer Inc. ~ One T1meWamer Center. New¥ork NY i0019,Sòi6 T2i2484.8çoo..ww.timewamer.com

Mr. J'oMCh.eveddC Novenìber 10, 20Q8 Päg.e2

The ploxyruesalso provide ~ susttive cra put to whch a conipayis .~rmitt. toexci~ ftm¡T p!xyinsa. stckholde'spr()poSA. Th letladdresses only the and does

prdu re1.rements for Submittng your proposa

not adds or waive any of our substtive concer

Plea ~ any futu corrpondece Jelat to ~prsa tot'y attion Plea note 1hanycorrn4ce se ~ nievi ~shQu14 be set to 212-484-7278.

Sincerely.~.7~....~., CoUi

Atthïent

00:. K,enethSteer

*** FI8MA & OMS Memorandum M-07-16 *..

11l936

PAæ e1l0311/e4/20ea **9Ø5t & OMS Memorandum M-07-16 ***

.

.Ke &m *** FISMA & OMS Memorandum M-07-16 ***

Mt~ lUcbll. 'ar:r~ w_,~('i T'U$W~Cele Nln¥OrkNYl0019Ph.! 212484

lbo 14a Pt De Ml*Pii

T.1\e i4âgpriS.reecim~ In~oftlt~~ of()Ut~.'Is ~.llibt1 nexan.Sbhoid.~R-, ii.8. .~_~".I.;""'t'' ... .iWuiUW.. 40.. "~"""""ó---~øftb. ;_.:.-..... st.,.""I_.."' .ui~.Y"m... ..' ...SJoWW__ ''I-4-l .-i-"~vt~;.ua ~~ clpf~,~\1~91.r~ ~1h'~Î1ottñ~.tlUm:G~~Tl$~fo'W1be~~~1$ itcd,tó 'I) us for dêvoprpIoaon Th Îl tlprfoJo~~, .$.dløtlisclSf.;toaçcOJ 1i' ~~gatb$au If'ôt1: f~st.. '.ar1øetñ . bei'.......I!. ..òLë~"'~-. . -. "i.." .. Pi-di'. "". . . K... ~""--e. ...PI_'WI £.._5 -".__" .... ."ailfüÇOc:$t\"'. Çl__(B:OMS Memorandurlatm-16 *** . .

*** FISMA & OMS Memorandum M-07-16 *** .

tø ~ prii eocaon _in or th itwnbe'\ab tñCØWiCå~"CJi~-i .. . , ".,.ou.. .'.CO..'~.'. .. n.....anihCQ..de..... *on....oJI-...B. .~.o. f...DI.d.............. ia~.......d..... d.ltin.U .....1.~.... ..........fJ

.tD.....i i.~... ........ite.. .' ..~.... ......... .' A~Øfou~.... .' ~~wicd-loft'....~

.... .....;/......................... '., ../o............~P..... '. ...... ... it .'':i¿" ..~ ."~- - 0$­. ,

.~: P~F. W~ 4a'QLWdhgti:TieWät.êö~Ji~i:.Wg~ ..~~ f'~2:~1174 i- a.*1____. .-d' . ""..8' . tl.na..i'..~ . ..gUY.91~ . .au~. .u."__~~ß--'~..~ ~~CUlØlT~ .21.i7961 . . F! 211..?~i24 P: 2ii-47278

.. ,~ .. :"'~.."...¡"- ..~

PAG e:uea11104/20fJa *-e,~ & OMS Memorandum M-07-16 *** .

. rn R.\le,t4l8~ NèMm:4,2Ø0~- ÇaiJ Votll.. .... . ,.

Ra~otVEn: Cumulatve. V~ ~ ~~clthowhar '.ta..th 'sliies .toiidopt Dgu1 V(ltiDJ ~.vot1ii t1 ~ ~idci ma caas DU v* . cqualto nlU o1sh. helCLintiIicç bY 1h~Qf dlortø be eJecte. A sbol_ ma ea al øhcuvote fo a$lte.ca or s¡t VGesbe mule cada Und~. vod shold- ca wi()ld ~ ft~pQI-pe~ÌJor iO.Cfmu ~.fo.~

~_lol~_$â..~Vô.~S4~at~~~tl~l~atAlAiin20aaîniOp8..it.i$O~~1h~3~ at ~Mö (GM)m2ØØ-dm~Ø0. ThCø~øfJituon~~.óij~:~ad~()ftb.'pr. tøiõ. c.BD àlso temmcñay.votor ~ãl801 tbiiltO,~Non.lenicJ ma _ t:-i wccovlricitvo.otitb esbU$edtoe ot~ 'V1iatour2008àt inleliitg. .

ti choCe-Cuat votngàIøw a slea grof~1dcrsto elect adite of~.. tbW.s!d ~ snhrsini hiGt ~to ~.'-lons ~.VØâlS( ~.~to .~.Øtoi-~..by':rltnK.it.~ tò 8:. woUld..be ac_ to ga.b' ~olilt.ia.!l :~m=cctba. 'WO.at'l -ia1iZ hoVètb ve ~ty ..~.~Mhivefo:riiptvei -l~ofÖU øo.' 1J~lll$ 'ofdiCu~ Vo1i¡prSll ~ul afSøbø(lOïcfintbrl-l4f'th.~W fõ DPtwrønts in, (lllr .~fS ~.. S()v=a~ '-d ÍQ.indjvi'-i. .~pcimce J!()t in$tacIJiu ~8 'th. tøii~.SQ~ii~ GD ~~ -i. weid .. .;, 'tCo1J (TQJ) ww.th~.CCan~eimveres:rdHùm fåOl1 co .. .p" ~ ~Bo~"enés.

UVe. mpCOii" in extl pa Wi$19:m for J'efBcwkean $18 inJian fb~ichllr4 P~. .il O~ lUA$$$eøt"

· WeÎuJ1~Ql~ ritn;CU\n'vvöt ~.l:'wttt eoSC. An.i4~J*entCh . ." '. .... ... .· Wcl-;1.ÙJdedieclUdói l1dcre1a dk~ot-~ CO~."~4~~ (J4bodaci- ~tmct~..~~ ... ...... StfhllJ3ølJe . .. . . ." .. . ...

· Ti.War"W f.ea in th .'Pay Por F.wft.~port by Pau ~of11 eo9QtltIJ. HOi ii tböi æoRicb Par i:ed $2mioa ov l.WU Yea Wle shldCl exñep~..S-yea reof~31o/o. .. .' .

Th ø.e~ s.,!ws ~i$iifot itClt. Pleacmooê. Ð'l boa 10i-a polJVêy ;tQtb. ~po: Qn~.Vrt.

Yfioii¡. ..'

11/84/28B8 ~1lMA & OMS Memorandum M-07-16 ... PAØ3l03

Nutl Ker Stì~~ ... FISMA & OMB Memorandum M-07-16 ... ,sprø thpt.

'Tâb foisreue føp~ca WI~ ~~ltngQf ~~1) of' text.incluc ~ an OOud te -l_ prot--eiia~ It isrësreql- thth.pr be ~ b'fóreit Î$ pulilnth de

the $itt.lØ is relica in th pr~ ~s.ptto. e.ith thc -gr ofPlea adlf~ iSian~èa i: . P!.iitQ'tbtth tieoflhpt,o-la~oftI~ Îb 1iof1h~.lh th.ln. ofclmw.ai tq.q.void ~Qn 11f.liil i;t1an.~ oï ba\9IJt-is~tol,CØsttlll..nth piQX~ TheCQ~ is tecs to asa ~ii(~Dy "3~ abve) ~ottbøhrlogiQB otd bi wbi~ptpósâ-asubmit Th~~oIl ot'~ orhinumbealowfor l'caòïof8l4i to be.it 2-TI pr.. isbeved toøomi Wi StIA Buet No. 149 (OF ~ 1',.20iilti~Acxf. $Qln .fowebeUev.1h it wod nö be~ fo CØ~fOac11e~8~W~lUdlotll~~bi~ org14a8(i)(ilm.,thfooWi~~~ ... . ..thQOyobj_totá.øs~thltii~ .... .. ... . .. ta ~obj_ tofiastlltwiio iit.ii fasèori1leâlninay.~~otCOli~;.. .· th coyoJieám fictWásbø1M ~ asouri ~ ~by~oWêt 14 4~t1Îlun'Vote to 1hcoj Îl c1; Of iu o£èm.wor ....th~ob,to sm_~ th~th~ opof~iicl..~.ora.ieçe SO. buth ~arnotièJed spc:y assu

Seea1: Sui Mlcist lii (luly 21.2005).

Sb1wil lili u11 af th an.. ~arthepfpø.lwi be ~~I1t1lJua..mng. Plea acQWectJpr ~ by ~ ..

Rulø14a-8 - Proposals of Security Holders

Tlis si;nadd~esWheli a eompanymU$ includes sharhOlder'$ proposa Ih itprXy sttemehtan Idnti the When the company holds anannualorspcilmeetini;.ofshaholde. lnsumrniy..1nprapolln itfOnn of prxy

()r(erto ~ve your ShahØkler prpposalil'udØ£on;: coiipants PI'XYClr(, andil'~d alOwithanY$Ipprtii'Ïg sttement In it proxyslatèmet, you must be eligiblaand follow certin produres. Underafew spec . .ciÌ'rntin~.th CØpaoy ispeiìtdto exçlllli your pl'l, but only afer sUbmitng it$ fØnS to the Coriml$Son. Westte thsSen ¡,i a l.úesriånd-answer formt So that it Is _ler to undersnd. The reerences to "you" are to a sharehØlderseeking to subll the prposa.

a. Quesn 1: Wliatis a proposal? Ashareholderproosal is your remmendaton or reqiremen that tlcomp;ny andorit board of dirl'takel!on, wniçt yoU intènq to préent at a ri~l1g oft~ eompany's shareholders. Yoür .propoalshOuld$latè asclearly as pcssible the Cours ófacon .that

you believe the company should fOllow. if your propol Is place on the company's proxy card. the company mustals provide in t~ fønn.of ptxymesll for shrehold8lto spø by bo a c;ic between approl or disapproval, or absntion. Unles othse indicate, thewo"proras

~used in this seaton refial' botIto YOiir propol, l:nd to your corresPØir SÚterenlln $lipportQfyøur propcsal(lfany). . b. Questîn2:Who iseliglble to submit Ii pl'po~l.anc hØda' dernl\tøto~ cornl1ythat lam

øliglble?

1. lnorder lobe ellibletö subm a propol, yøu mus havecolitlniiLjly ti. âtlla$~,PO In m.at!.tvalue¡ ør 1 %,:of .tIe oompahys'serltißntløø to be .votØon thø pfO¡:alat~ meetng for atleast one year by the date you submit the proposal.Vou mus oontinueto hol thQ8e si:tUritlesthrougbthedatØ ofthØ treEitlg.

2. If you are the reistere holder of yoursecurls, which meas that your name appars in the company's records as a sharøhOldiar, th copaiiy can veri your eligibilit cmitsoWj,

although you wiU.stll have to prVide the companywiaw.tln staement tht you Intnd tocontinue to hold thesedtles throu9hthe dat ofti inting of share1d~. HO'ver1iflike m¡aÌ1Y$harehØid8l you ¡are opt a. reisíØred holQør, tIe e:mpaOY Iik!.lY dØØs "ot J(ow . that you are a'sharholder. or how many share you own. In this cae,atthetimeyou ;submit your propo, you mU$ prove. your eligibility to the compayJn cmeoftw Wt:

.i Thefirswayis to submit to the COmpany a wrin slerentfromthe"recrd holdar of YQyr secrities (lJuaii~abrQkeror~o.k) vØlifin9 thatatthia time YolJ

$ubrìdttad yoùr propoal. yøu cotrnUQusJyllet the. securities for at I$lst Qne year, You mustalsolncludeyour own wr ;sttentthatyouintndtocontinue to hold the seclJritiesthfOUgh .thèqate of the Meei.o øtsbarel1lQørs;ør

Ii. The secnd way to prove owership applies only ifyou have filed a Scheule 130, SCheQule 13G" FOnn $; Fomi4 and/ør Fømi 5, ørarend,treht$to~e dOCûmEl"ts or updated fOirs,reflecüii ¥QuroWershlpoftheshatEls as of or bef the date on whICh the one-year eligibiltyperfd begins. If you hav filed one of these docunits Wi the SEC, yoll indemOn$lt your$llglb/liiyi)y stlbmitng to ÍIecompay;

A. :A-c,py of th~ scfØ£ule andf()r fonn, andanysuf)eqQ~t ~mendrt,,~nts $PÖrtg a chãnge inyoOrciWJèt$hip~Vel;

B. Ypiirwrttnstawment that YOLl cotinllQlJIyneldthereQlrø rliimbérof shâi:s fòrtheonê-yearpeiiód as of'thê 'date of théslatemeot; and

C. YourwrStatèMent that you ln~nd tocontÎlll.eownerhip oftIia$latia through the date of the company's annual or speial meeting.

c. Ques()n 3: i-owmariy prpo$aJ$mayl submit: EachshareholdennaYsubmit no more than one propo$al wacompanyfòrapartcular SharElholders' inee.ing,

d. Ou~tìQn4: Howtol'g Çéinpl'pql be? Tb t)l'pQsl:l. il'u(fOOi:nY acemppnYirig$Uppoitng statement, may not exceed 500 words. .

e. Que$tlon 5: What is th dealine fòr submit aprpo

1. If you aresubmittig YOur pròposal for thecompanys annual meeting, yOu can In most~e$ fid the deadline in la VElar's prxy statement. However, if the oompany(Üd not hold an annual meetinglas ye,of l-cbange( 1Ie date of itmeating for tljs year more 1Ian 30 day frm Iaslyear's metitig,you ca uslly flndthedeadllie in one of thé:.compaliys

report oflnvesentquarterly raporton Form 10" Q or 10..SB¡ orlnsharelder

of194.(EdIs note: 1hoompanÎès tiMer Rule aOd-1of tI Invêsthelit Cøm\)any AC

redsignated as Rule30e1. Se 66 FR$734, 3759,Jan.16,2001.1Inordrtose wa

aV9ldconlrv8f.Sharelloldm;should submi1tnalrpropoaJ$ bymeans, inÇludil'e1~.ric means. that permit tfem to prove the date of delivery. .

, 2. The (/ØÇlinels cak;l$e(lntlefollowing manner IfthepJlssu~ fQr a reui-l scbeduledannual meeli, Th propol mU$lbe rè attle ~panyspriliclpai execve.off notfessthn 126 calendar days before the date olthe oompanysproxy

staement releaed llshareholders in. coóoeQon wit tfe previousyet(s annual meeti. Howeer,íf.the.company did oothold an annual meting the previous year, or if the date of this Yeata annualmeønglisbØen changßd by more t1an 30 days frm the dste oftlepreVlOÏJyetta mØEri, then thë(ieadllne is ä reasonable time betore tfe Company ~ins tQ print and sends its proxy materials.

3. Ifyouarøsubtritriyour p.rQPO$al for a meeting o.sharehQlders othertÎarl alelllirl

scheduledannual meeting, th deadline is a reasonable. time befòre.tbecompany begins to pijli atidséI1$iJProxy matalS,

t: QueSion 6: WhaHtffall lofollow one of the ellgibirit or ,procedural reuirents expiained in answers ll QuestiOÏs 1 through 4 ofthls.$ecn?

1. The company may excude your proposal, but only after it has noti you of th problem.

and YOLl have failßd adequately to oorrtit, Withiti14 calendar days of reivng your

propos, t1e company mustnoti you in wrting of any proceU.r or eligibility deficiencies, as well.i;. of the time frame for your rens, Your respose must bepotmark,or ttrimittt:lecnicaJIy, no l;slertlan 14 claYs.from thedlte YOl. reivedthØ i:mpany's notification. Aoompany neenotProvide you such notiofadeficiency lftfe defciency ca..motbØ. remedied,sl4cli$ if you fail tø submit a proposalbytheoom~y' properly døttrineddeädlh'ie.lf thé CompayiotenQto e)(l.detleptopoal, ..!twilll$ør ~eto

provide you wi a oopyuodrQue$ton10 be,make,8submision.under Rule 14a- and

Rl/le 14~8'(j);

2. If youJailin your promise to hold th require numberofsecuriestfrouQhtbe date of the meeting óf shareholdelS,tIEmtheoompany wil Lipel'it.ed tQ~)(QIQde ~11. of yotPItpø¡;1$from its próxymateríål$ fòr anymêetlng held in thefolloWlng,fWo .càløiidaryears.

g. Que$tioli 7: WhoflaS thè burdønof parsadln9t1e Cotrmi$šion or it staff thát my.proi:sai can be excluded? Except as otheiwise noted, the burden is ontheoompany to demonstte tfat itis entitled to excl\.de a proposal,

h. Question 8: Must I 'apper persnaUyat th shareholders' meeting to present the propoal?

t. EltlefýoQ, or your reesentatiVe wt is. qualified .-Understalaw tóprøeiit the, Øropø~1 Oti 'your behalf, must attnd thmeeii to prnltle prposal. Whether you atnd the maetìi'gyourself prsøod .El. qí,lifi f'prøôtatleto tl1eme(iiFl¥øJJrpt;sCè,YÒ\.shol.Ø make. sure that you¡oryour rererítative,followlhé proper state law procedure fur afWndin9 theiieatjnganellorprøstin9 your propoal.

2. Ift/êCòpaóy holdsifsharehök:el'mèeting in Wholê orin pavla eløqnlc media,¡a11 the

company permits you oryour represntatie to preent your proposal ,via such media, then yol. m¡ay¡appeár thl'ughêlElnícmediä taøl'than trvøliÌ'to tt mêêtiTl9 to apPØr In

persn.

3. lfyau or yourquäifedrepresentatlvefaiUo appear and Present the proposal. without good

cause; ttcompany wlllbe peimitto exclude all of your prposals from. Its . proxy mi:teriais for aiiy msetngslidin .tlfClllowlng .tw. ca~l1ärY~I'.

i. QUesUgli é: If l h~comPliøcw1ththe pfluralreqiiiremøits; ()fl Whlit oth$l basesrnV a cortpay rély to exCude my proposal?

1.. Irri¡)roper unclø:rStatê law: Ifthøptòi:sal Îs nøt a Pl'Pêf$ubjøøtfol'aÇfon bysharøldêi' under the laws of the juriicn ;of the company's organition;

Not to parraph (1(1)

Depending on the subject mattr,some proposals are not considered pror undestate law iftheywo!JICi.be binding Oil the company Ifapprovøcl.bY shørøhoIÇlê"s.l~l()i.røxprjncj it propols that are cast as remendatns or reuesJhattheboard.of direclotae. speiedacon¡are proper undør stae Jaw. Acrdlngly..we win assms thataprdraftø.das a reoommoodátÎonor suggestin is prof)erl.itiesthe .companydemonstrtes otherwIse.

2. Violatin of.~: If the pro~alwPuld,if implêmente. çau~.lt eQmpafoviqlate i!ny state, federal, .or forêign IàW to which it is subjec

Notetopararaph (j)(2)

Note to paragraph (i)(2): We will not E1plythis baiS fo éXcúSon tö perritexcsion ota proposal on9i'nd$,that1t wPuldViI¡¡te.foretn law If compliancewlththefon;lgri lawcquld resultJn'Çl Violation '(faiiY$tØ ôrfedê:rllaw,

3. Viólatlón of proxy rules: If the pro~alQr supportng sttémerit Is èól'trry many oftbe Commision's pro rules, including Rule 14a-9, whích prohibits matenallyfalseor misieading statønt in proxy solicitìl1 m;erils;

4. Personal grievance: special interest If theproposaf relatestolh redress of a personal ciaim or griva!' àgaìrist th company órany othr pal'.Qr ifiti$ desgnødtOreultJô à béeij toyout orlofurtera penal interet. which is no share by the'oth shareholder 'at large:

5. Reléance:lfthepraposlretastooperatins whichacuntforlessthan 5 pentof the

(:O'lJaliy's total åilts attbe ~ndof iI$ most rect:fs~lyear,andforlésstharì 5 pel'ntof itsneteaming.sandgrosssales.for its most reentfiscalyer, and is not otherwse sighificai:tly talat9(lQ thécompahy'sbvs.ln$S;

6. Absence ofpowerJauthoii: If the company would lack th .power or authority foimplemerit

the proposal:

7. Manaernt!nt funat: If the proppsal dt!alsWi a inttrrelating to lhe compal'I's ()nary businèssoperations;

a. Rel$t to. el~: Ifibeprnpol rel$tø anørninatiori oi'al'elßCori fQl rnèmbøl'ip on th company's boar ofdlrectrs oranalogousgoveming bo; ora proorefor suc;

nominatianor'electint

9. ConfllçtWiçOpany's Pt'pôblfthe pr~ldii'Q:~Wilh r. Øfth coinpasÖWn proPØls lobe $Ubmttt to stirehøldel'ätthØ same ineøtlrig.

Note to paragraph (i)(9)

Nota to pararaph (i)(9):A company's submision to the Commisn undr this sectn shOlJldspe the ppinl of cøk: Wi ibecompanY's proppsii.

10.SUlìstatialiyirplernehled: lfibe cornpany.has alreysubStntiallylrplernéried th

proppsal;

11..0upl~n: Jfthe Pí'¡)sàlsubstantially dupliCteahother propoSa preou$lysubmîtledto

th .company by ano~rprQponerithahvil béinClUc;edin'the company's proxymaterialSfòt

~.sarne rnEltjii;

12. Resubmissions:lfthe proposal (jeals WisUbstntally tlesame.subjec malterasanother propoal or propoals tht.lls Qr have ben previölJsly InèlìKediotiecÖrnpany's prnii materials within th preing 5 calendar years, a company may exclude it fr its proxy

materals tor any meetjng tit!14 Witiin3caJendElr years af ~ IEst _'¡t WElS Ina~e(.lf tié pfQpøsalreeêived:

i. Løssthan3% öfibe'l~ lfptj)Stonaø Withtf';~ predirn p caEmal'wars:

ii. Les than 6% of the vote onjtslast submission. to shareholde if proposed twce pr~V!QuSlyWitI¡n thpreita -5caøodaryøars; Qr

ii, Less than 10% of .the vote on itslastsubmissnta shareholders if proposed three timEl .or more pr~Yiouslywjln thep~.di.ng 5ç:¡fenøar years; i¡nd

13. Speèifcamountof diviends: If the proposal relates tospec amounts of ca or stoc dividends.

j.QuéS 10:What proures must the copany follbwifit Intendstoexcludè mypropoal?

1, lftnècol1pàny inten!1atø exèÍuøeâpr¡)alftQI1Jts prPXYthaterial$,i( mlLst,f11eJf$,~øns With .the Gommissionno later than 80 calerardaysbefore it flleslfdeflnitieproiistt~mèntand.fqrmofprø"YWit tlCømmi$ion.'Teçompioy ml.st$lml.l~l'éQl.$lYPJ¥lr,l! YQU With a còPyof it submission. ThGommlSn staffrnatperritthecoinpaný to make: its. submission later than:80 days before the company. files its defiriitiveproxy statemer and form of proxy; ìfflè còpariý (jemQrslrte gòdi:4$e forriSsIi:tl1ètlØ8dliM.

2. The company .must filesbc: PElper copies of the following,

i. The proposal;

iI. An éxplariation ofWhý th.øcømpanybølìøvethatit may~lìJdè the proi:$al, Whièl1 should, if possible, refer lcthe mostrentapplicableauthoñty, 'Such as prior OMalgo!tltll'iSSue( undèr.fle nile; and

m. A supprtng opiniOl" ofcouTlI When sUC Je.SOIl 3l'basedon ma~l' Qfstte or foreign law.

k. Q(J!'stion 11: May I sUbmit my OWl statemEll1t to the Cómmission responding to the company's al'umenl$?

Yes. you may sûbmita re$ponse.butit is notrequired.You should by to submit any reponséto us, With a co to thecom~ny, ,as $(11 as POI~e .rtlecømPAAroe$ll$UbmiSn.Thlswa'¡' the Commisslonstaffwil have time töconslder fully issues itS repons. Youyour submisson before it

should submihlxpaper copÍE of your fGns~

LQue 12: Jfthe copanyinclJdØmYslarèØlderprpClinit proKy m~èrais, ~ IntgtmticÏl aboutmeml.st iHnetudealonQWi the propOsalltsein

1. The company's ptKy $tteent must inclUde your name,'and.addJ'. as Wellas.thenUlr oftha compay's voting seurities that you hold. However, instead of proViding thât ¡nfonnatin,the company may instead inetu$ a sttemen thatit will provide the informtin tosharehoJders prompty upon recivng an oral or writn reques

2. The compay isnotfGlllble for tf coi\ of your ptposal nT supportngstnt

m. QlJe$.n 13: Wl'can J do if the company includes In it prXy stamént rens why it beieve shareholders should not vo in favor of my proposal, and I dlaagreewith some .ofil$staenls?

1. The companY may eJe to include inltsproKy sttement rèasns Whyit belièYe' shareholders should vote against youtprQposal, Tni;comparyiì:allowElto maE¡ i;rgu~nts ref~Og jt. oWnpøil't ofviéW, ju$taSyoí.,måy eiqes ýQyr öwnpøint,of viå In your propôsal'ssupporting sttement .

2. HoweVtr, if you believe that the.compay'soppQsitOI' to your proposal contains n'ally false or misleading staìemenl$ that may violate our anti. frud rule, Rule 14a-9,youshold promptl sand to the Çomrnissln'staff andthØ company a lettr e)(lainlngthe reasQns fot

yourvieW,alOng with a copY'of thecornpany$,$tateeÍll$ opPsiOg yourpi'pOsäl. To the exent possible. your letter should includespecfaetualinfonnat ~monstriithe Ina~taGy of~ cqmpany's ~iOl. l1me pElltng, yo may WÍtø tito WQrk oiJt YO!Jt difrence ,Wih the company by yourself bere contangthe Commission sta; "

ß. We ~9uire ,th.comPaòY to sand yOu a COpy ()fltsstøm~intsoppöin9 your propOsai bere

it sElds it$proxymatedals,so that you may brng to our,attentionanymåteriallyfalse or misleading statemets,undetthe folloWi9 tlmefrmes~

I. If our ~ctot reponse, requil'sthatyou make revisióòs töyour prOpQsal or

supportng statementas a condition to reuiring the copanY to include it in its proKy mateiials. then fue company mustprovideYQu with acøpyof its oPPOSiton statemen no lar than 5 calendar days afr the company recives a copy of your reVised proposal; or

i.l. In aU othërcases,thecopany must provie you With a copy ofit opponstatement no l;aterthan ~O aaleridardaysl.øfQre its fll~detnit"e copiésof '.$ prøxYsttømenfahd forttl ofproXýurierRUle 14a-6.

., .., ~.. , ~

From: *** FISMA & OMB Memorandum M-07-16 ***

Sent: Monday, November 10,20085:13 PM

To: Kim. Julie

Sl(bject: TW

The letrs werreceiyed Sinceely, JobnCheveden

De Ms. Ki.

From: olmstdlSMA & OMS Memorandum M-07-16 ...

Sent: ThUrsay, November 13, 2008 3:12 PM

To: Kim, Julie Cç:Sijvennn, Janet Subject: Rule 14a., Broker Letter (T)CUV Attchrnønts:. CCËOOØ05.Pdf

.Pë.Ms. Ki,

Atthed is the brker lettees. Pleae advi withil on busils

day whether there is any fuer ruê14a-8 reqúîenillt.

Sincerely, ¡OM Cheveden

-ll , DISCOUNT BRO~RS. .. - -- - - - - - ~ .

I

iDa:J'5 AJôll'2.Y j

j

To wh k-ico !.i

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