Just a reminder that the ManifestInvesting Challenge Club is meeting online tonight at 8PM. All are
welcome to join in. Register at www.bivio.com/club_cafe

Tonights agenda will include:

1. Treasurer's Report (Laurie Frederiksen)

Cash-on-hand is:

Combined: $7035.55

2. Dashboard Status

View the current dashboards at www.bivio.com/challengeclub. We will continue our discussion of
maintaining core and perimeter dashboards per the asset allocation approach spelled out by George
Nicholson in the 1984-89 Investors Manual.

3. Challenge Stock:

Colgate-Palmolive (CL) has the lowest PAR (7.8%) for Core holdings. (The 5-year yield is 2.31%)

PetMed Express (PETS) has the lowest PAR (8.6%) in the Perimeter portfolio. (MIPAR is 10.3%)

Any concerns or alerts that need to be discussed regarding current holdings?

4. Selling Motions?

1. Motion: Sell our position in PetMed Express (PETS). Second?

5. Purchasing Motions?

There have been no motions since the last meeting.

6. General Discussion

As of January 1, 2010 we converted to a traditional club structure with club accounting provided at
bivio.com

We'll also create individual accounts and fresh cash infusions will be a function of meeting
attendance.

7. Challenge Club Select

The Challenge Club Select (2009) portfolio finished Groundhog III (2009) at $1622 -- with $1000
invested in the total stock market (VTI) at $1381. Huzzah! Our contest entry finished second among
the group entries, trailing only the Two Rivers Club of San Diego, California. (High fives
suggested)

68.4% of all participants outperformed the benchmark since 2/2/2009 ... and Challenge Club Select
ended the campaign ranked #17 out of approximately 65 contestants.

We'll be "stocking" Challenge Club Select (2010) as we seek the Groundhog IV group championship.

Any chance (or interest) in getting Mark to supply some club history so a
transparent computation of performance can be available?

I'd be glad to help with the data entry.

-Jim Thomas

I'll let Mark answer that for historical data. We will be using the Performance Benchmark
report to look at performance going forward.

Laurie Frederiksen