DIRECTORS VOTE TO DISCONTINUE THE GIELOW FAMILY FOUNDATION

Directors vote to discontinue the Gielow Family Foundation

During the Gielow Family Foundation Board of Directors meeting Sunday, September 12, 2004, in North Conway, New Hampshire, one of the topics of discussion centered on the subject of the Foundation's future. The possibility of dissolving the foundation was brought up and deliberated After a full airing of the matter, the president requested that each board member submit a vote by e-mail to either continue or discontinue foundation activities. The results of the vote have been kept confidential, except to the board members themselves. The final vote was to cease operations, and the president began action toward that end. At the present time (April 8, 2005), the GFF financial account at RBC Dain Rauscher in Chicago has been closed. All securities that were held there have been sold and proceeds transferred to the GFF account at a Credit Union in Boca Raton, Florida, where the Foundation maintains a checking account. An amount currently remains in that account, but it will be used for expenses (principally for tax return preparation) and for donations to some recipients who received GFF donations in the past. All monies in excess of valid expenses will be donated. This year's annual report (and fee) have been submitted to the State of Florida via the Sunbiz.org website on the Internet. The Articles of Dissolution have been prepared and forwarded by U.S. Mail, with the required fee, to the Florida Division of Corporations. The formal date of dissolution is June 30, 2005. The president has been authorized to take all necessary steps to complete the dissolution of the Gielow Family Foundation, and this process should be completed prior to the June 30th date. (However, a GFF tax return will have to be filed next year to fulfill Foundation tax responsibilities.) This posting is a formal notice that as of June 30, 2005, the Gielow Family Foundation is discontinued.

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