February 24, 2017

NOTICE OF THE ANNUAL BUSINESS MEETING and REPORT OF THE NOMINATING COMMITTTEE

In accordance with Article III, Section 1 (b) of the Bylaws, you are hereby notified that the Annual Business Meeting of The American College of Trust and Estate Counsel will be held on Friday, March 10, 2017 at the Opening Breakfast at The

Phoenician, Scottsdale, Arizona.

At that meeting the following matters will be considered:

1. Approval of the minutes of the March 17, 2016 Annual Meeting of Fellows in Las Vegas, Nevada at the Bellagio.

2. The election of the members to the Board of Regents

3. Such other business as may come before the membership

In accordance with Article IV, Section 3 of the Bylaws, the report of the Nominating Committee is enclosed. Any Fellow who wishes to make additional nominations may consult that section to determine the proper procedure to be followed.

Cynda C. Ottaway

ACTEC President

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American College of Trust and Estate Counsel 2016 Annual Business Meeting Minutes

Las Vegas, Nevada The Bellagio

Thursday, March 17, 2016

President Bruce Stone called the meeting to order at 7:45 a.m. and welcome everyone to the 49th Annual Meeting. Bruce gave special thanks to Bessemer Trust Company for sponsoring the breakfast buffet and recognized the representatives in attendance:

Kevin Bourke Scott Deke Taylor Heininger Phil Hayes Murray Stoltz

He then thanked five other sponsors and their representatives who sponsored the printing of the Annual Meeting Brochure, Lap Top Support, Wi-Fi Service and the Printing Kiosk.

Citi Trust – Annual Meeting Brochure Emily Griset Robert Laughlin

Amanda Smith Peter Randazzo Adam von Poblitz

Ashar Group - Laptop Power Support

Jason Mendelsohn Jon Mendelsohn Jamie Mendelsohn

Fidelity Charitable – Wi-Fi Service/Support Co-Sponsor Mark Ricketson Josh Daly Tony Oomen Jonathan Batista

Waverton Investment Management Limited– Wi-Fi Support Co-Sponsor Stephen Browne

Andrew Vaughan-Payne

Willamette Management Associates- Print Kiosk Curt Kimball

Weston Kirk

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Bruce announced as of February 29, 2016 the following attendance statistics: Fellows 649 Spouses/guests 275 Others/ teens/children) 7 Total 931

Bruce also announced that attending were 88 sponsor representatives and 12 sponsor guests for a total of 1,031 registered for this meeting. There were 26 sponsor companies, which included:

Abbot Downing Atlantic Trust Ashar Group- Life Insurance Valuation & Life Settlements Bessemer Trust Company Bonhams Christie’s Citi Trust Empire Valuation Consultants Fidelity Charitable Fiduciary Trust Company International First Republic Trust Company FMV Opinions, Inc. Gresham Partners LLC Gurr Johns, Inc. Heritage Auctions Life Audit Professionals, LLC Lifespring Financial, Inc. Management Planning, Inc. Northern Trust Sotheby’s South Dakota Trust SRR Sterling Foundation Management, LLC Waverton Investment Management Willamette Management Associates Wilmington Trust

Bruce continued indicating that the sponsor signage is prominently displayed at the entrance of sponsored events. Bruce asked all the Fellows to please stop by and thank the sponsors for their support of ACTEC meetings and that the sponsor tabletop displays are located in Monet 1 & 2 meeting rooms. Bruce then asked everyone to support the “Quality of Life Subcommittee”, or the Fellows who cycled from Phoenix in support of the Foundation. Bruce gave special thanks to the Foundation Committee of David Eckstein of FMV Opinions, Inc., John A. Hartog, Charles A. Redd, Andrew D. Rothstein, Laura Hill, Erik Dryburgh, and especially Robert E. Temmerman, Jr. who organized the second bike ride fundraiser in three years.

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Bruce asked for a motion to approve the minutes of 2015 Annual Meeting of Fellows in Marco Island, Florida

on March 5, 2015 – these were distributed with the notice of the Annual Meeting. A motion was made and

seconded to dispense the reading of the minutes, which was unanimously approved. A motion was then

made to approve the minutes of the 2015 Annual Meeting as distributed, which passed unanimously.

Bruce then introduced the Officers of the College for 2015-2016. Bruce recognized President- Elect, Cynda C. Ottaway, Oklahoma City, Oklahoma; Vice President, Susan T. House, Pasadena, California; Treasurer, Charles D. Fox, IV, Charlottesville, Virginia; Secretary, John A. Terrill, II, West Conshohocken, Pennsylvania; and Immediate Past President, Kathleen R. Sherby, St. Louis, Missouri Bruce called Duncan E. Osborne, Chair of the 2015 Nominating Committee, to give the Nominating Committee’s report. Duncan recognized and thanked the members of the committee: Gregory N. Barrick, Terrence M. Franklin, Lynne K. Green, Peter T. Mott, Raymond K. Okada, Kathleen R. Sherby, and Susan S. Westerman. Duncan announced the following nominees for the Board of Regents to be elected by the Fellows for a second three-year term (ending 2019):

Ann B. Burns, Minneapolis, Minnesota Laird A. Lile, Naples, Florida Bruce then called for a vote on those nominees. All were elected unanimously, and they were congratulated

by Bruce.

Duncan announced the nominees for an initial three-year term (ending 2019) to be elected by the Fellows:

Amy K. Kanyuk, Concord, New Hampshire Trent S. Kiziah, Los Angeles, California Stephanie Loomis-Price, Houston, Texas

C. Kevin McCrindle, Waterloo, Iowa Thomas L. Overbey, Fayetteville, Arkansas Lynn B. Sassin, Baltimore, Maryland James D. Spratt, Jr., Atlanta, Georgia Dale B. Stone, Birmingham, Alabama Randall M.L. Yee, Honolulu, Hawaii Bruce then called for a vote on the nominees. All were elected unanimously, and they were congratulated by Bruce. Duncan announced the nominees for a one-year term:

Bruce Stone, Coral Gables, Florida, Immediate Past President Cynda C. Ottaway, Oklahoma City, Oklahoma, President

Both were elected unanimously.

Duncan announced the nominees for a one-year term, subject to election by the Board of Regents as an

officer:

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Susan T. House, Pasadena, California, President-Elect Charles D. Fox, IV, Charlottesville, Virginia, Vice-President John A. Terrill, II, West Conshohocken, Pennsylvania, Treasurer Stephen R. Akers, Dallas, Texas, Secretary

Bruce then called for a vote on those nominees. All four were elected unanimously.

Bruce announced the nominees to be elected by the Board of Regents:

1.) For a one-year term as an officer of the College:

Susan T. House, Pasadena, California, President-Elect Charles D. Fox, IV, Charlottesville, Virginia, Vice-President John A. Terrill, II, West Conshohocken, Pennsylvania, Treasurer Stephen R. Akers, Dallas, Texas, Secretary (Under the bylaws of the College, the President-Elect, Cynda C. Ottaway, will automatically succeed to the office of President).

2.) For the Board of Directors of the ACTEC Foundation:

(a.) For a second three-year term (ending in 2019):

C. Kevin McCrindle, Waterloo, Iowa Joshua S. Rubenstein, New York, New York James D. Spratt, Jr., Atlanta, Georgia

(b.) For an initial three-year term (ending in 2019):

Elaine M. Bucher, West Palm Beach, Florida P. Daniel Donohue, Sioux Falls, South Dakota David M. English, Columbia, Missouri James M. Maddox, Hobbs, New Mexico Robert E. Temmerman, Jr., San Jose, California

3.) For a one-year term as an officer of the ACTEC Foundation:

L. Henry Gissel, Jr., Houston, Texas, Vice President John A. Terrill, II, West Conshohocken, Pennsylvania, Treasurer Stephen R. Akers, Dallas, Texas, Secretary

Bruce thanked Duncan and the 2015 Nominating Committee for their hard work.

Bruce then recognized and thanked Retiring Regents:

Glen S. Bagby, Lexington, Kentucky M. Patricia Culler, Cleveland, Ohio P. Daniel Donohue, Sioux Falls, South Dakota J. Keith George, San Luis Obispo, California Louis S. Harrison, Chicago, Illinois James M. Maddox, Hobbs, New Mexico David Pratt, Boca Raton, Florida Howard S. Tuthill, III, Stamford, Connecticut

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Bruce continued and recognized and thanked the Past Presidents at this meeting:

1995-96 L. Henry Gissel, Jr., Houston, Texas 1999-00 Hanson S. Reynolds, Boston, Massachusetts 2000-01 Neill G. McBryde, Charlotte, North Carolina 2002-03 Carlyn S. McCaffrey, New York, New York 2003-04 Ronald D. Aucutt, McLean, Virginia 2004-05 Robert J. Rosepink, Scottsdale, Arizona 2005-06 Judith W. McCue, Chicago, Illinois 2006-07 Bruce S. Ross, Los Angeles, California 2007-08 Daniel H. Markstein, III, Birmingham, Alabama 2008-09 W. Bjarne Johnson, Great Falls, Montana 2009-10 Dennis I. Belcher, Richmond, Virginia 2010-11 Karen M. Moore, Columbus, Ohio 2011-12 Mary F. Radford, Atlanta, Georgia 2012-13 Louis A. Mezzullo, Encinitas, California 2013-14 Duncan E. Osborne, Austin, Texas 2014-15 Kathleen R. Sherby, St. Louis, Missouri Bruce then recognized and thanked the retiring members of the Executive Committee:

Robert K. Kirkland, Liberty, Missouri Kathleen R. Sherby, St. Louis, Missouri

Bruce recognized the following outgoing and incoming State Chairs:

Arkansas Thomas L. Overbey, Fayetteville Lee Moore, Fayetteville California Robert E. Temmerman, Jr., San Jose John T. Rogers, Jr., Los Angeles Colorado Thomas L. Stover, Longmont James R. Walker, Denver Kansas Theron E. Fry, Wichita Scott K. Martinsen, Overland Park Minnesota Christopher B. Hunt, Minneapolis Bridget Logstrom-Koci, Minneapolis Montana Dirk A. Williams, Missoula Elaine Hightower Gagliardi, Missoula

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New Mexico

Kurt A. Sommer, Santa Fe Marjorie A. Rogers, Albuquerque New York (Downstate) Barbara A. Sloan, New York Ronni G. Davidowitz, New York

North Carolina Rudy L. Ogburn, Raleigh David T. Lewis, Charlotte Oklahoma John A. Bass, El Reno Susan B. Shields, Oklahoma City

South Carolina Rita Bragg Caughman, Columbia J. Tod Hyche, Greenville Tennessee Bryan Howard, Nashville Jeffrey E. Thompson, Memphis Wyoming Clay D. Geittmann, Jackson Timothy O. Beppler, Evanston Eastern and Central Canada Maria Elena Hoffstein, Toronto Barry S. Corbin, Toronto Bruce recognized the following outgoing and incoming Committee Chairs:

Charitable Planning and Exempt Organizations

Erik Dryburgh, San Francisco, California

Jeffrey C. Thede, Portland, Oregon Digital Property Task Force

James D. Lamm, Minneapolis, Minnesota

Suzanne Brown Walsh, Hartford, Connecticut Estate and Gift Tax

Mickey Davis, Houston, Texas

Turney P. Berry, Louisville, Kentucky

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FATF Task Force

Co-Chair John A. Terrill, II, West Conshohocken, Pennsylvania

Christopher H. Gadsden continues as chair Fiduciary Income Tax

Janet Rae Montgomery, Chicago, Illinois

Gregory V. Gadarian, Tucson, Arizona Long Range Planning

Cynda C. Ottaway, Oklahoma City, Oklahoma

Susan T. House, Pasadena, California Nominating Duncan E. Osborne, Austin, Texas Kathleen R. Sherby, St. Louis, Missouri Program Susan T. House, Pasadena, California Charles D. Fox, IV, Charlottesville, Virginia Site Selection Karen M. Moore, Columbus, Ohio Mary F. Radford, Atlanta, Georgia

State Chairs Steering Robert E. Temmerman, Jr., San Jose, California W. Donald Sparks, II, Wilmington, Delaware State Laws Kevin D. Millard, Denver, Colorado Gerry W. Beyer, Lubbock, Texas

Transfer Tax Study

Barbara A. Sloan, New York, New York Trent S. Kiziah, Los Angeles, California Washington Affairs Ellen K. Harrison, Washington, DC Beth Shapiro Kaufman, Washington, DC

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Bruce recognized and thanked the outgoing members of the ACTEC Foundation Board:

John T. Bannen, Milwaukee, Wisconsin William Finestone, Los Angeles, California Jeffrey C. Thede, Portland, Oregon Robert A. Wells, Concord, New Hampshire Glen A. Yale, San Antonio, Texas

Bruce thanked the Program Committee and asked them to stand to be recognized:

Chair, Susan T. House, Pasadena, California John F. Bergner, Dallas, Texas Stephanie B. Casteel, Atlanta, Georgia Tami Conetta, Sarasota, Florida Mickey Davis, Houston, Texas Charles D. Fox, IV, Charlottesville, Virginia Gregory V. Gadarian, Tucson, Arizona Keith Bradoc Gallant, New Haven, Connecticut Wendy S. Goffe, Seattle, Washington Deborah Packer Goodall, Boca Raton, Florida Lynne K. Green, Jackson, Mississippi Nancy G. Henderson, San Diego, California Amy K. Kanyuk, Concord, New Hampshire Beth Shapiro Kaufman, Washington, DC Mary Ann Mancini, Washington, DC Scott K. Martinsen, Overland Park, Kansas Kevin D. Millard, Denver, Colorado M. Read Moore, Menlo Park, California S. Andrew Pharies, San Diego, California

Tina Portuondo, Coral Gables, Florida Michael D. Simon, West Palm Beach, Florida Steven E. Trytten, Pasadena, California

Lauren Wolven, Chicago, Illinois Bruce then recognized and asked all First Time Attendees (Red Dots) in attendance to stand including:

David Akins, Orlando, FL Kevin Chen, Boise, ID Jay Michael Eisenberg, Potomac, MD Amanda Gyeszly, Houston, TX Sarah Moore Johnson, Washington, DC Laura Kelly, Newark, NJ Avi Kestenbaum, Mineola, NY Ineke Koele, Deventer, Netherlands Kyle McInnis, Shreveport, LA Jonathan Michael, Chicago, IL Nicole Pearl, Los Angeles, CA Jennifer Pierce, Little Rock, AR Mark Poochigian, Fresno, CA

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Adam Randle, Saint Louis, MO Philip Sullivan, San Diego, CA Ivan Taback, New York, NY Lisa Burns Weinstein, Boston, MA Ann Wilson, Seattle, WA Andrew Wolov, Tulsa, OK

Bruce then recognized and thanked the ACTEC Staff for their contributions and hard work over the year: Executive Director, Deb McKinnon Meetings Director, Dylah Wallenius State and Regional Meetings Director, Virna Tavarez Sponsor Relations Manager, Toni Villaceran (Not at meeting) Meetings Registrar, Claire Novak Communications Director, Leah Weatherspoon Committees and CLE Director, Donna Braman Membership and Foundation Director, Amy Michaud IT Support, Chris Richards Finance Director, Brendan McGinn Executive Assistant and Governance Coordinator, India Howard Staff Accountant, Mark Akinmade (Not at meeting in DC office) Bruce declared the 2016 Annual Business Meeting to be ended, and the meeting was adjourned at 8:20 a.m. Respectfully submitted,

John (Jack) A. Terrill, Secretary

Kathleen R. Sherby

Bryan Cave LLP

211 North Broadway, Suite 3600

St. Louis, MO 63102

krsherby@bryancave.com

August 15, 2016

Cynda C. Ottaway

Crowe & Dunlevy

324 North Robinson Avenue, Suite 100

Oklahoma City, OK 73102

Re: ACTEC 2016-17 Nominating Committee Report

Dear Cynda,

The 2016 Nominating Committee, comprised of Glen S. Bagby, Gregory N. Barrick, Nancy G.

Fax, Trent S. Kiziah, Bridget A. Logstrom Koci, Peter T. Mott, Bruce Stone, and myself, as

Chair, is pleased to submit the following nominations, each of which has been accepted by the

respective nominee.

A.) Nominees for the Board of Regents, to be elected by the Fellows

1.) For a second three-year term (ending 2020):

Terrence M. Franklin, Los Angeles, California

Dan W. Holbrook, Knoxville, Tennessee

Nancy Schmidt Roush, Kansas City, Missouri

Barbara A. Sloan, New York, New York

2.) For an initial three-year term (ending 2020):

Elaine M. Bucher, West Palm Beach, Florida

Mickey R. Davis, Houston, Texas

Lauren Y. Detzel, Orlando, Florida

Steven B. Gorin, St. Louis, Missouri

Lynne K. Green, Jackson, Mississippi

Nancy A. McLaughlin, Salt Lake City, Utah

Robert E. Temmerman, Jr., San Jose, California

3.) To fill the unexpired term held by Ann. B. Burns (ending 2019)

Keith Bradoc Gallant, New Haven, Connecticut

4.) For a one-year term:

Susan T. House, Pasadena, California, President

Cynda C. Ottaway, Oklahoma City, Oklahoma, Immediate Past President

5.) For a one-year term, subject to election by the Board of Regents as an officer:

Charles D. Fox, IV, Charlottesville, Virginia, President-Elect

John A. Terrill, II, West Conshohocken, Pennsylvania, Vice President

Stephen R. Akers, Dallas, Texas, Treasurer

Ann B. Burns, Minneapolis, Minnesota, Secretary

B.) Nominees to be elected by the Board of Regents

1.) For a one-year term as an officer of the College:

Charles D. Fox, IV, Charlottesville, Virginia, President-Elect

John A. Terrill, II, West Conshohocken, Pennsylvania, Vice President

Stephen R. Akers, Dallas, Texas, Treasurer

Ann B. Burns, Minneapolis, Minnesota, Secretary

(Under the bylaws of the College, the President-Elect, Susan T. House, Pasadena, California, will

automatically succeed to the office of President.)

2.) For a three-year term as an officer of the ACTEC Foundation (ending 2020):

L. Henry Gissel, Jr., Houston, Texas, President

3.) For a one-year term as an officer of the ACTEC Foundation:

James M. Maddox, Hobbs, New Mexico, Vice President

James D. Spratt, Jr., Atlanta, Georgia, Treasurer

Judith W. McCue, Evanston, Illinois, Secretary

4.) For the Board of Directors of the ACTEC Foundation:

(a) For a second three-year term (ending in 2020):

Lynne K. Green, Jackson, Mississippi

Judith W. McCue, Evanston, Illinois

John T. Rogers, Jr., Los Angeles, California

Margaret E.W. Sager, West Conshohocken, Pennsylvania

(b) For an initial three-year term (ending 2020):

Susan L. Abbott, Boston, Massachusetts

Stephanie B. Casteel, Atlanta, Georgia

Erik Dryburgh, San Francisco, California

Susan N. Gary, Eugene, Oregon

(Note: The ACTEC Officers and Immediate Past-President also serve on the Foundation

Board.)

On behalf of the entire committee, I extend our thanks for the opportunity to have been of service to the

College.

With best regards,

Kathleen R. Sherby

Chair, 2016 Nominating Committee