Target Price Achieved

• Significant premium to intrinsic value
• Expected annual return provides insufficient equity-risk premium

Portfolio Upgrade

• Enhance quality characteristics
• Accelerate growth profile
• Improve value metrics

Diversification Requirements

• Rebalance within sector controls
• Improve industry mix

Negative Company or Industry Changes

• Position-review research report written for any of following conditions:
• Stock price declines 20% or more in a short time period, absent a broad market decline
• Validity deteriorates for one or more of the reasons for purchase
• A deterioration in a company's credit-quality profile
• Formal research meeting discussion of position review report
• Quality parameters reviewed by the chief investment officer with individual portfolio managers