b. Raffle permit-Mule Deer Foundation

(i) Place an "'X" in the box next to the nominee( s) of your choice. (The number of boxes you mark depends on the number of vacancies); (ii) Place your voted secret ballot inside the envelope marked "CONFIDENTIAL"; place the "CONFIDENTIAL" envelope inside the envelope addressed "President/CEO, The Mule Deer Foundation"; then place your signature on the front upper left hand comer of the envelope addressed "President/CEO, The Mule Deer Foundation. " (2) Each existing Director shall be entitled to vote for one nominee per vacancy listed on the secret ballot and in no event shall the Director be entitled to vote for the same nominee twice if more than one vacancy exists. After placing his or her vote(s) on the secret ballot, the Director shall return the secret ballot to the President/CEO or corporate counsel, at the Corporation's headquarters office or counsel's business office, no later than the date set for the fourth quarter meeting, or as otherwise directed by the Board. A ballot received after the date set for the close of election or which is personally delivered to the Corporation after the date set for the close of the election shall be invalid. (3) The President/CEO and two Directors appointed by the Board of Directors and the head of the Corporation's office staff or corporate counsel shall accumulate and count all secret ballots received on or before the date set for the close of the election. The votes shall be tabulated, excluding any spoiled ballots, and depending on the number of vacancies to be filled, the nominee(s) receiving the highest number of votes shall become the new Director(s), provided that a nominee to be elected mllst receive votes greater than fifty percent (50%) of the total number of directors then in office. No election shall be valid and no director shall be elected unless at least sixty percent (60%) of all Directors then in office, vote and return unspoiled secret ballots to the President/CEO, or corporate counsel, on or before the date set for the close of the election. (4) Tie votes or in a case where not all vacant director positions are filled, a follow-up vote may take place by open forum or secret ballot at the 4th quarter Board meeting, or as othenvise directed by the Board, and the voting may continue until all vacant director positions are filled. Section 5.04. MEETINGS. (a) Regular Meetings. Regular meetings of the Board shall be held quarterly, or as othenvise designated by the Board of Directors, at the hour and place designated by the Board. One regular meeting of the Board of directors shall be an annual meeting for review' of the annual report (section 10.04). 9 May17.2003FinaJ