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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-09000
__________________________________________
Oak Value Trust
_____________________________________________________________________________
Exact name of registrant as specified in charter)
3100 Tower Boulevard, Suite 700
Durham, NC 27707
_____________________________________________________________________________
(Address of principal executive offices)
Larry D. Coats, Jr.
3100 Tower Boulevard, Suite 700
Durham, NC 27707
_____________________________________________________________________________
(Name and address of agent for service)
Registrant's telephone number, including area code: 919-419-1900
_________________________
Date of fiscal year end: June 30, 2004
________________________________
Date of reporting period: July 1, 2003 - June 30, 2004
________________________________
Form N-PX is to be used by a registered management investment company, other
than a small business investment company registered on Form N-5 (ss.ss. 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
August 31 of each year, containing the registrant's proxy voting record for the
most recent twelve-month period ended June 30, pursuant to section 30 of the
Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4).
The Commission may use the information provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-PX, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-PX unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
SEC 2451 (4-03) Persons who are to respond to the collection of information
contained in this form are not required to respond unless the
form displays a currently valid OMB control number.
ITEM 1. PROXY VOTING RECORD:
Appended hereto as Exhibit A is the following information indicating for each
matter relating to a portfolio security owned by the Registrant considered at
any shareholder meeting held during the twelve month period ended June 30, 2004
with respect to which the Registrant was entitled to vote:
(a) The name of the issuer of the portfolio security;
(b) The exchange ticker symbol of the portfolio security;
(c) The Council on Uniform Securities Identification Procedures
("CUSIP") number for the portfolio security;
(d) The shareholder meeting date;
(e) A brief identification of the matter voted on;
(f) Whether the matter was proposed by the issuer or by a security
holder;
(g) Whether the Registrant cast its vote on the matter;
(h) How the Registrant cast its vote (e.g., for or against proposal,
or abstain; for or withhold regarding election of directors); and
(i) Whether the Registrant cast its vote for or against management.
SIGNATURES
----------
[See General Instruction F]
Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
(Registrant) Oak Value Trust
_________________________________________________________________
By (Signature and Title)* /s/ Larry D. Coats, Jr.
____________________________________________________
Larry D. Coats, Jr., President
Date: August 18, 2004
_______________________________________________________________________
* Print the name and title of each signing officer under his or her signature.
EXHIBIT A
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CONSTELLATION STZ Annual Meeting
BRANDS, INC. Date: 07/15/2003
Issuer: 21036P306 Holdings
Reconciliation
Date: 05/20/2003
Country: Vote Deadline
UNITED Date: 07/15/2003
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932016555
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 Withheld For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
451,200 451,200 06/17/2003 07/08/2003 07/08/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CHARTER CHTR Annual Meeting
COMMUNICATIONS, INC. Date: 07/23/2003
Issuer: 16117M107 Holdings
Reconciliation
Date: 05/27/2003
Country: Vote Deadline
UNITED Date: 07/23/2003
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932016024
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 Withheld For ELECTION OF DIRECTORS
02 For For AMEND OMNIBUS STOCK
OPTION PLAN
03 For For AMEND OMNIBUS STOCK
OPTION PLAN
04 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
3,010,125 3,010,125 06/23/2003 07/07/2003 07/07/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ZALE CORPORATION ZLC Annual Meeting
Date: 11/06/2003
Issuer: 988858106 Holdings
Reconciliation
Date: 09/16/2003
Country: Vote Deadline
UNITED Date: 11/06/2003
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932052614
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For ADOPT INCENTIVE STOCK
OPTION PLAN
03 For For APPROVE EXECUTIVE BONUS
PLAN
04 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
306,875 306,875 10/08/2003 11/04/2003 11/04/2003
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE WALT DISNEY DIS Annual Meeting
COMPANY Date: 03/03/2004
Issuer: 254687106 Holdings
Reconciliation
Date: 01/16/2004
Country: Vote Deadline
UNITED Date: 03/03/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932078175
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
Withheld JOHN E. BRYSON
For JOHN S. CHEN
Withheld MICHAEL D. EISNER
For JUDITH L. ESTRIN
Withheld ROBERT A. IGER
For AYLWIN B. LEWIS
Withheld MONICA C. LOZANO
For ROBERT W. MATSCHULLAT
Withheld GEORGE J. MITCHELL
Withheld LEO J. O'DONOVAN, S.J.
Withheld GARY L. WILSON
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 Against Against S/H PROPOSAL - HUMAN
RIGHTS RELATED
04 Against Against S/H PROPOSAL - HUMAN
RIGHTS RELATED
05 Against Against S/H PROPOSAL -
BUSINESS/INVESTMENT
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
150,000 150,000 02/02/2004 03/02/2004 03/02/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
HEWLETT-PACKARD HPQ Annual Meeting
COMPANY Date: 03/17/2004
Issuer: 428236103 Holdings
Reconciliation
Date: 01/20/2004
Country: Vote Deadline
UNITED Date: 03/17/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932086982
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
For L.T. BABBIO, JR.
For P.C. DUNN
For C.S. FIORINA
For R.A. HACKBORN
For G.A. KEYWORTH II
For R.E. KNOWLING, JR.
Withheld S.M. LITVACK
For R.L. RYAN
For L.S. SALHANY
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 Against For ADOPT OMNIBUS STOCK
OPTION PLAN
04 For Against S/H PROPOSAL - PROXY
PROCESS/STATEMENT
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
308,075 308,075 01/28/2004 03/08/2004 03/08/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE E.W. SCRIPPS SSP Annual Meeting
COMPANY Date: 04/15/2004
Issuer: 811054204 Holdings
Reconciliation
Date: 02/10/2004
Country: Vote Deadline
UNITED Date: 04/15/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932109449
- MANAGEMENT 2
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
128,985 128,985 03/17/2004 04/13/2004 04/13/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CENDANT CORPORATION CD Annual Meeting
Date: 04/20/2004
Issuer: 151313103 Holdings
Reconciliation
Date: 02/23/2004
Country: Vote Deadline
UNITED Date: 04/20/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932103170
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
For RT. HON. BRIAN MULRONEY
For RONALD L. NELSON
Withheld ROBERT W. PITTMAN
Withheld MYRA J. BIBLOWIT
For SHELI Z. ROSENBERG
02 For For DECLASSIFY BOARD
03 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
04 Against Against S/H PROPOSAL - BOARD OF
DIRECTORS
05 Against Against S/H PROPOSAL - CORPORATE
GOVERNANCE
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
595,150 595,150 03/08/2004 04/15/2004 04/15/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DOW JONES & DJ Annual Meeting
COMPANY, INC. Date: 04/21/2004
Issuer: 260561105 Holdings
Reconciliation
Date: 02/27/2004
Country: Vote Deadline
UNITED Date: 04/21/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932108168
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 Against For AMEND LONG TERM INCENTIVE
PLAN
04 Against Against S/H PROPOSAL - BOARD OF
DIRECTORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
239,125 239,125 03/16/2004 04/19/2004 04/19/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MERCK & CO., INC. MRK Annual Meeting
Date: 04/27/2004
Issuer: 589331115 Holdings
Reconciliation
Date: 02/24/2004
Country: Vote Deadline
UNITED Date: 04/27/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932102306
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
For PETER C. WENDELL*
For WILLIAM G. BOWEN**
Withheld WILLIAM M. DALEY**
For THOMAS E. SHENK**
For WENDELL P. WEEKS**
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 For For DECLASSIFY BOARD
04 Against Against S/H PROPOSAL - LIMIT
COMPENSATION
05 Against Against S/H PROPOSAL - HEALTH
ISSUES
06 Against Against S/H PROPOSAL - REQUIRE
SHAREHOLDER APPROVAL OF
BUSINESS
COMBINATION
07 Against Against S/H PROPOSAL -
POLITICAL/GOVERNMENT
08 Against Against S/H PROPOSAL - HEALTH
ISSUES
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
158,605 158,605 03/09/2004 04/23/2004 04/23/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
EQUIFAX INC. EFX Annual Meeting
Date: 04/28/2004
Issuer: 294429105 Holdings
Reconciliation
Date: 02/18/2004
Country: Vote Deadline
UNITED Date: 04/28/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932110721
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
471,175 471,175 03/26/2004 04/26/2004 04/27/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
XL CAPITAL LTD XL Annual Meeting
Date: 04/30/2004
Issuer: G98255105 Holdings
Reconciliation
Date: 03/15/2004
Country: Vote Deadline
UNITED Date: 04/30/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932119515
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
141,575 141,575 04/02/2004 04/28/2004 04/28/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AFLAC INCORPORATED AFL Consent Meeting
Date: 05/03/2004
Issuer: 001055102 Holdings
Reconciliation
Date: 02/25/2004
Country: Vote Deadline
UNITED Date: 05/03/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932116026
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For ADOPT OMNIBUS STOCK
OPTION PLAN
03 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
202,975 202,975 03/24/2004 04/29/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BERKSHIRE HATHAWAY BRKA Annual Meeting
INC. Date: 05/03/2004
Issuer: 084670108 Holdings
Reconciliation
Country: Vote Deadline
UNITED Date: 05/03/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932104071
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 Against Against S/H PROPOSAL -
POLITICAL/GOVERNMENT
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
5852 5852 03/23/2004 04/29/2004 04/29/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMBAC FINANCIAL ABK Annual Meeting
GROUP, INC. Date: 05/04/2004
Issuer: 023139108 Holdings
Reconciliation
Date: 03/09/2004
Country: Vote Deadline
UNITED Date: 05/04/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932122118
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For APPROVE AUTHORIZED COMMON
STOCK INCREASE
03 For For AMEND OMNIBUS STOCK
OPTION PLAN
04 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
172,725 172,725 03/30/2004 04/30/2004 04/30/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
IMS HEALTH RX Annual Meeting
INCORPORATED Date: 05/07/2004
Issuer: 449934108 Holdings
Reconciliation
Date: 03/05/2004
Country: Vote Deadline
UNITED Date: 05/07/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932115745
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 For Against S/H PROPOSAL - REPORT ON
EMPLOYEES EARNING OVER
$100,000
04 Against Against S/H PROPOSAL - PUT GOLDEN
PARACHUTE TO SHAREHOLDER
VOTE
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
375,700 375,700 03/31/2004 05/04/2004 05/04/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CERTEGY INC. CEY Annual Meeting
Date: 05/13/2004
Issuer: 156880106 Holdings
Reconciliation
Date: 03/15/2004
Country: Vote Deadline
UNITED Date: 05/13/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932108396
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For ELECTION OF DIRECTORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
189,600 189,600 04/01/2004 05/06/2004 05/06/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PARTNERRE LTD. PRE Annual Meeting
Date: 05/13/2004
Issuer: G6852T105 Holdings
Reconciliation
Date: 03/19/2004
Country: Vote Deadline
UNITED Date: 05/13/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932127269
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 Withheld For ELECTION OF DIRECTORS
02 Against For FIX NUMBER OF DIRECTORS
03 For For APPROVE CHARTER AMENDMENT
04 For For AMEND INCENTIVE STOCK
OPTION PLAN TO INCREASE
SHARES
05 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
06 For For TRANSACT OTHER BUSINESS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
200,000 200,000 04/05/2004 05/10/2004 05/10/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COX COMMUNICATIONS, COX Annual Meeting
INC. Date: 05/18/2004
Issuer: 224044107 Holdings
Reconciliation
Date: 03/19/2004
Country: Vote Deadline
UNITED Date: 05/18/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932117395
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
For G. DENNIS BERRY
For JANET M. CLARKE
For JAMES C. KENNEDY
For ROBERT C. O'LEARY
For JAMES O. ROBBINS
Withheld RODNEY W. SCHROCK
For ANDREW J. YOUNG
02 Against For ADOPT STOCK PURCHASE PLAN
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
176,650 176,650 04/08/2004 05/10/2004 05/10/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ROSS STORES, INC. ROST Annual Meeting
Date: 05/20/2004
Issuer: 778296103 Holdings
Reconciliation
Date: 03/22/2004
Country: Vote Deadline
UNITED Date: 05/20/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932125811
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
For MICHAEL J. BUSH
Withheld NORMAN A. FERBER
For JAMES C. PETERS
02 For For ADOPT INCENTIVE STOCK
OPTION PLAN
03 For For APPROVE AUTHORIZED COMMON
STOCK INCREASE
04 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
243,150 243,150 04/20/2004 05/17/2004 05/17/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CADBURY SCHWEPPES CSG Annual Meeting
PLC Date: 05/21/2004
Issuer: 127209302 Holdings
Reconciliation
Date: 04/01/2004
Country: Vote Deadline
UNITED Date: 05/17/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932113828
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For For RECEIVE CONSOLIDATED
FINANCIAL STATEMENTS
02 For For DECLARE FINAL PAYMENT OF
DIVIDEND
03 For For APPROVE RENUMERATION OF
DIRECTORS
04 For For ELECTION OF DIRECTORS
09 For For APPOINT AUDITORS
10 For For PERMIT DIRECTORS TO
FIX/APPROVE AUDITOR'S
REMUNERATION
11 For For ALLOT RELEVANT SECURITIES
12 For For ELIMINATE PREEMPTIVE
RIGHTS
13 For For AUTHORIZE DIRECTORS TO
REPURCHASE SHARES
14 For For AMEND STOCK OPTION PLAN
15 For For AMEND LONG TERM INCENTIVE
PLAN
16 For For ADOPT OMNIBUS STOCK
OPTION PLAN
17 For For AMEND OMNIBUS STOCK
OPTION PLAN
18 For For MISCELLANEOUS
COMPENSATION PLANS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
331,350 331,350 04/15/2004 05/17/2004 05/17/2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TIME WARNER INC. TWX Annual Meeting
Date: 05/21/2004
Issuer: 887317105 Holdings
Reconciliation
Date: 03/23/2004
Country: Vote Deadline
UNITED Date: 05/21/2004
STATES
- --------------------------------------------------------------------------------
Vote Group: GLOBAL
Agenda: 932131294
- MANAGEMENT
Management
Proposal Vote Recommended
Number Cast Vote Proposal
- --------------------------------------------------------------------------------
01 For ELECTION OF DIRECTORS
Withheld JAMES L. BARKSDALE
For STEPHEN F. BOLLENBACH
Withheld STEPHEN M. CASE
Withheld FRANK J. CAUFIELD
For ROBERT C. CLARK
Withheld MILES R. GILBURNE
For CARLA A. HILLS
For REUBEN MARK
For MICHAEL A. MILES
Withheld KENNETH J. NOVACK
For RICHARD D. PARSONS
For R.E. TURNER
For FRANCIS T. VINCENT, JR.
02 For For RATIFY APPOINTMENT OF
INDEPENDENT AUDITORS
03 Against Against MISCELLANEOUS SHAREHOLDER
PROPOSAL
04 Against Against S/H PROPOSAL - ELIMINATE
PREEMPTIVE RIGHTS
Voted Ballot Received Last Date
Shares Shares Date Vote Date Confirmed
- --------------------------------------------------------------------------------
812,425 812,425 04/08/2004 05/18/2004 05/18/2004