ÿþ<html> <body bgcolor=#D5D7FD> <font face="arial" size=3 color=black> <blockquote> <br> <b>July 2010</b><br><br> Having applied a Fiduciary Lens to the topic of health care, Wayne Miller, Founder of Denali Fiduciary Management as well as Founder of Nura Life Sciences Corporation was invited to speak in front of the US House of Representatives Veteran's Affairs Committee in WashingtonDC on 7-20. That testimony was in support of Mr. Miller's work as an advisor to Dr. Dawson Church, one of the world's leading authorities on Emotional Freedom Techniques (EFT). Known for its effectiveness in the treatment of post-traumatic stress and for its impact on soldiers returning from war, EFT was included in the examination of innovative treatments in military health care - the topic of testimony for the Committee that day. Having been invited by a 2nd Lt in the US Army who could not attend Miller, was asked to speak in his place. Miller spoke of his ten years of experience as an advisor to various Biophysics-centric companies and the obstacles he has observed to creating innovation in military health care. Given his background in fiduciary conduct and his unique (amongst those testifying) experience in pension finance, Miller's comments were well received by Committee members. In review of his testimony MIller said; "I am grateful for the chance to speak up on the topic of innovation in health care - or more specifically some of the barriers that exist which discourage innovation. The view one has of health care when examined through a fiduciary lens is not pretty. When it comes to health care generally but certainly with regards to the health care of our veterans, we have a duty to see that government agencies adopt a vigorousness in promoting efficiency and effectiveness. <br><br> Below is an audio link to Mr. Miller's testimony:<br><br> <a href="http://www.denalifm.com/Roundtable.mp3">Download in .MP3 format</a> <br><br> <b>January 2010</b><br><br> A statement from Wayne Miller, Chairman Emeritus of Denali Fiduciary Mgt.: "Having created Denali Fiduciary Management Corporation in 2004 and having lost my partner and friend Douglas Foster a few months ago to cancer, I now intend to take a sabbatical from the company and pursue my interest in using the Fiduciary Lens we applied to the pension finance space into other arenas. We have seen that our approach to promoting efficiency and effectiveness can be very helpful and very productive in the context of working with large entities that manage tens of billions of dollars. Though I wish we were more effective in the context of stimulating systemic change in the pension fiduciary space, I have a keen interest, given my background in neurosciences to apply our concept of a Fiduciary lens to innovation in health care. I have worked with various biophysics-centric companies in the last decade and and witnessed the remarkable attributes of this discipline as well as the obstacles to their adoption. It is an arena ripe for innovation." <br><br> <b>December 2009</b><br><br> Wayne H. Miller, Chairman Emeritus of Denali Fiduciary Mgt was asked to speak at the General Session of the American Academy of Anti-Aging Medicine global conference in Las Vegas. Attended by 4000+ physicians from around the world Miller addressed the topic of viewing health care through a finance and a fiduciary lens. <br><br> Click <a href="http://www.denalifm.com/octpdf.pdf">here</a> to view Miller's presentation. <br><br> <b>October 2009</b> <br><br> It is with profound sadness that we report on the death of Denali co-Founder Douglas Foster. Upon hearing of Douglas's passing, co-Founder Wayne Miller, Chairman Emeritus of Denali Fiduciary Mgt. commented; "I have known Doug for 20+ years. He was both a business partner and good friend. I have lost a companion, a comrade and a compatriot all at once. In a world where honor is barely in the business lexicon, Doug was one of the most honorable men I have known. I am grateful for him having been part of my life and shall miss him terribly." Douglas Foster had 28+ years in the pension business having worked for various insurance companies before joining Denali's predecessor organization - IRPS. He leaves behind a wife, Margie and two sons, Craig and Glenn in the San Francisco Bay area. <br><br> <b>October 2009</b> <br><br> Wayne H. Miller, having served as CEO of Denali Fiduciary Management since its inception, is stepping down from that role and will hereafter serve the Company as Chairman  Emeritus. In explaining the change in his role, Miller said; <br><br>  I am pleased to look back over the past four years and see what we ve done. I am grateful to have had the opportunity to address the management of over $100 billion in retirement assets globally. Though I always wish I could have done more, our impact on a few major companies and a few foreign governments has provided great satisfaction personally and professionally. It has also provided a concrete example of what authentic fiduciary conduct CAN be and that substance has been helpful to our customers. I am moving on to work more closely in the health care space where I have served as an Advisor to a couple of emerging technology companies. My interest in health care began many years ago with my academic focus in neurosciences. Most people know me as a finance or pension guy while my first career was actually in neuroscience research. The opportunity to work in this capacity again is simply compelling at this time. I will miss the focus on fiduciary governance but when one examines health care through a fiduciary lens  the challenges look to be very similar. Efficiency and effectiveness, the two watchwords of authentic fiduciary conduct, have been missing from health care for a very long time. The economic self interest of multiple market players has supplanted the focus on purposefulness and patient outcomes that make a difference. Miller s final comment;  in the final analysis, regardless of the job description we have, we measure the value of one another by what we gave  not what we receive. In this regard, if my fiduciary consulting work has made a difference I am grateful for the opportunity of having done so. <br><br> <b>September 2009</b> <br><br> Over the past two and a half years, Denali's Founder, former CEO and Chairman Emeritus Wayne H. Miller, having had various business interactions with senior personnel from the Federal Reserve s Board of Governors, crafted an 8 page synopsis of his experience. Noting that senior staffers from the Board of Governors first contacted him in the winter of 2007, Miller notes; "This is not intended as a personal attack on any individual. It is not that the people who work at the Federal Reserve are bad people. They are not. They have simply grown so used to conducting their affairs in alignment with the best interests of the country's largest banks that they long ago forgot about having a duty to serve the American people. They may claim otherwise but it is not evident in their behavior. <br><br> Says Miller; "most people are not good at seeing their own shortcomings or mistakes - regardless of how those mistakes impact others. This is not a political statement so much as a statement that summarizes the human condition." To paraphrase Warren Buffet: What the human being is best at is evaluating all new information in such a way as to validate the conclusions that have they already reached." Said differently, we are not as good at learning as we would like to believe we are.<br><br> Closing the gap between our identity of ourselves and how we really behave is the great challenge we all face. None of us are immune from this exercise. Moreover, it is incumbent upon those in positions of responsibility to lead in this effort. That is the nature of the job. Such conduct will provide models that others will emulate. It will also provide them with the courage to do so. <br><br> Leaders must lead. <br><br> Contrast that quote from Warren Buffet with a conversation I had with one senior staffer at the Board of Governors. When I suggested that a governance review of the Federal Reserve would be beneficial to the organization I was told - and I quote; "We have academics who knock on our door all the time who want to come in and help us." In response to such a statement my question to the staffer was (and anyone else listening); Do you really think the problem with the Federal Reserve s behavior in the financial crises was due to the lack of a sufficient number of PhD s in econmics? Is that really what drove their behavior relative to their mission? Was a shortage of PhD s really the problem? <br><br> <b>April 2009</b><br><br> The Chairman of Denali was asked by a German medical device company to speak on its behalf at the American Academy of Anti-Aging and Regenerative Medicine conference in Orlando. Having addressed the inefficiency and its ineffectiveness of America's health care system privately, the CEO of the German company asked Miller to apply his fiduciary expertise to the arena of American health care. In examining the issue Miller commented; "When one takes a deep dive on our health care system in this country, which isn't really a "system" as that word is generally used, one sees a massive structure that wastes a lot of money and generates a lot of misery. In considering the topic the first thing that I noted was that 75% of the money we spend in this country is spent on chronic health care conditions. By definition, that means that something is terribly wrong with how the people and organizations we now rely upon to deliver health care services - provide us products and services. In an engineering context, if something doesn't work - try something else. Applying that principle to health care is a very interesting exercise." Miller added; "I believe that the opportunity to save 50% of our current health care expenditures is very real. The question isn't are there solutions available that could make that result a reality. The real question is do we have the political will to make those solutions visible and viable." <br><br> <a href="Obserations%20of%20the%20Federal%20Reserve%208-1-%2009.pdf">Observations from working with the Federal Reserve.</a> <br><br> <b>November 2008</b> <br><br> CEO of Denali Fiduciary Management Wayne Miller was engaged by defense counsel to serve as an expert witness in an ERISA litigation case. In the case pending in front of a New York court, Miller was asked to examine the conduct of a pension Trustee in a dispute with the pension Trust s investment advisor. Commenting on this assignment as an expert witness, Miller said;  while I cannot divulge the details of the litigation, I am reminded that the task of serving in a fiduciary capacity on a retirement plan involves more effort, more discipline and more thoughtfulness than is typically applied to the task. <br><br> <b>October 2008</b> <br><br> In response to the turmoil in the financial markets, various people have asked for Denali's point of view about what is happening and what can or should be done to resurrect the financial infrastructure of the United States. In response to those requests - some from high level Democrat and Republican supporters, Wayne Miller, Founder of Denali Fiduciary Management authored the following response - called THE PETITION. Invoking the duty and the right of American citizens to petition the government for a redress of grievances, Miller suggests that the banks which are insolvent be declared as such and that the reconstruction of our banking system begin immediately to align itself with both core market principles as well as the best interests of the broadest numbers of people. In a capitalist system, when investors and/or managers makes significant mistakes they pay a price for that mistake. Usually, that price is that they lose their capital. Miller continued; "We cannot allow those who guided the system to the edge of collapse to be financially rewarded. At the end of the day, such irresponsible action would be tantamount to telling the American people that there is one system for the bankers and another one for ordinary business people. <br><br> "If there is any good news that will come from this I hope and pray that it will be the elevation of fiduciary standards so that they serve as a guiding light for the entire under pinnings of the US financial system. I would be shocked to see banks allow for that - given their conduct. On the other hand, when will we, the vast majority of the marketplace, demand it. <br><br> <a href="http://www.denalifm.com/Petition2209.pdf">Download Petition .PDF</a><br><br> <b>June 2008</b> <br><br> In the Fall of 2007 Wayne H. Miller, CEO of Denali Fiduciary Management was asked by staff of the US House of Representatives Ways and Means Committee to submit his thoughts regarding coroporate fiduciary conduct in the management of retirement plans. In his response, Miller summarizes his thoughts the fundamental problems that must be addressed and offers some suggestions for solutions to those problems. <br><br> The Committee has posted Miller's response which can be accessed through the following link. <br><br> <a href="http://waysandmeans.house.gov/hearings.asp?formmode=printfriendly&id=6663">http://waysandmeans.house.gov/hearings.asp?formmode=printfriendly&id=6663</a> <br><br> <b>May 2008</b> <br><br> Founder of Denali Fiduciary Management, Wayne H. Miller delivered the following speech at the national FI 360 conference held in Charlotte, NC in the beginning of May. Miller s presentation on the Emotional Intelligence of serving in a fiduciary capacity was well received by those in attendance with more than 40 requests for reprints of the presentation which is provided below. The presentation on the theme of the emotional intelligence of serving in a fiduciary capacity examines what Miller believes is a core challenge of serving in a fiduciary capacity  self deception. According to Miller, the greatest obstacle to having fiduciaries be more efficient and effective in their work is that many fiduciary committees are engineered to operate in a manner that does not serve their primary purpose.  There are many factors which influence the structure and function of fiduciary committees and not all of these factors are related to promoting a fiduciary culture grounded in excellence . Any factor that degrades the promotion of excellence allows mediocrity to flourish and makes it OK for learning and professional development to take a back seat to the status quo . <br><br> <a href="http://www.denalifm.com/FI%20360%20Presentation%20by%20Wayne%20Miller.ppt">Download Presentation (PowerPoint)</a> <br><br> In commenting about the presentation to the conference MIller said; "In 20+ years of working with investors and investment fiduciaries, especially in an ERISA context, I have found that where a fiduciary culture that includes a vigorous process improvement function is missing, what underlies the assessment of the quality of the guardianship applied is the sentiment "we are good people here, therefore we do a good job." While I have not met a malicious fiduciary, I have met many who fail to require of themselves a discipline in which fiduciary excellence guides their path." This cannot be legislated and so a tougher regulatory infra-structure is not an answer. Only the leadership that would see the practices embodied by FI360 and CEFEX as more valuable than the elegantly crafted paragraph of the Prudent Man Rule will move this domain of governance from a compliance function to one driven by the search for efficiency and effectiveness." <br><br> <b>May 2008</b> <br><br> Wayne H. Miller, Founder of Denali Fiduciary Management has been asked to Chair a panel at the National Association of Corporate Directors annual meeting held in October in Washington DC. The NACD is the oldest and most prestigious name in corporate governance in the United States. (see <a href="http://www.nacdonline.org/conference08/speakers.asp">http://www.nacdonline.org/conference08/speakers.asp</a> to see the list of who s who in corporate governance. The topic to be addressed by the panel will be: Fiduciary Governance: the role of the Board of Director s in the oversight of corporate retirement plans. In asking Miller to Chair the panel, the NACD is making the topic visible for the first time in the history of the organization. Miller credits the leadership of the NACD for its courage in tackling a topic that has often made corporate directors uncomfortable. Miller has asked Dr. Susan Mangiero (Founder and CEO of pensiongovernance.com.) and Gerald Czarnecki (Chairman of the Audit Committee of State Farm Insurance) to serve as fellow panelists and they have accepted. <br><br> <b>February 2008</b> <br><br> Denali Fiduciary Management is pleased to announce that Wayne H. Miller, CEO, has been invited to speak at the FI 360 national conference to be held in Charlotte, North Carolina on May 8th and 9th. The topic of Mr. Miller s talk will be  Fiduciary Evolution: From Process to Thought Process. In response to the invitation Miller stated:  FI 360 is an organization that has articulated various practices that are at the core of an investment fiduciary s activities. Their work is highly regarded and I am pleased to be able to use the opportunity of this meeting to speak to colleagues who are genuinely concerned about fiduciary conduct in retirement plan management. <br><br> <b>December 2007</b> <br><br> Denali Fiduciary Management is pleased to announce that CEO Wayne H. Miller has been appointed to the panel of international experts for CEFEX  the Center for Fiduciary Excellence. CEFEX is a sister company to the global standards certification company in North America responsible for conducting more ISO (International Standards Organization) certifications than any other organization. CEFEX was created to promulgate global standards for fiduciary excellence amongst fiduciaries, investment advisors and investment managers. CEO Miller stated  I am grateful that our work continues to capture the attention of others in the field. Having this acknowledgement from colleagues is a special kind of reward. Particularly after the World Bank conference in Cyrus, in which I was the only American, I am thoroughly convinced that those organizations that anchor their pension fund management products and services to a best fiduciary practices standard of care will establish a unique identity and capture global business for generations yet to come . <br><br> <b>December 2007 </b> <br><br> Denali Fiduciary Management is pleased to announce that another Asian-based Global Fortune 100 company has engaged the firm to provide fiduciary training for the North American legal, finance and HR staff responsible for the oversight of $1 Billion in US retirement assets. <br><br> <b>November 2007 </b> <br><br> Denali Fiduciary Management is pleased to announce that Wayne H. Miller, its CEO has been invited to the World Bank s Conference on Pension Reform in the Middle East and North Africa. The conference, to be held in Cyprus in early December 2007, will bring together government personnel from various Arab and non-Arab countries to discuss pension reform issues that are prominent in the region. <br><br> <b>September 2007 </b> <br><br> Denali CEO, Wayne H. Miller was invited to participate in the fiduciary governance consulting assignment won by a competing consulting firm. The client, a Fortune 100 financial services institution has engaged the competing consulting firm in an exercise to review its fiduciary governance practices in the management of $10 billion of ERISA assets. CEO Miller stated  I am grateful that the principals of the consulting firm (Cortex Applied Research of Toronto) had the intellectual integrity to invite me to participate with them in this exercise. This relationship comes to us after the principals of the firm reviewed our ERISA Fiduciary Governance training program . <br><br> <b>June 2007 </b> <br><br> Denali CEO, Wayne Miller is pleased to announce that it has acquired a Fortune 100 $15+ billion Plan Sponsor for fiduciary training and coaching. The assignment, like most others that Denali acquires, stipulates that Denali cannot publicly disclose the name of the company. <br><br> <b>May 2007 </b> <br><br> Denali CEO invited as lunchtime speaker at DB investment conference sponsored by Plan Sponsor magazine and the Woman s Pension Exchange in New York City. Wayne Miller, CEO of Denali, addressed Plan Sponsors regarding what has been learned from conducting fiduciary trainings for ERISA fiduciaries responsible for the management of billions of dollars. His remarks touched upon Denali s work on Emotional Intelligence and the challenge of serving in a fiduciary capacity. <br><br> <b>March 2007 </b> <br><br> The American National Bank of Texas, one of the first financial institutions in the United States to offer independent fiduciary services for the DC marketplace, has trained all senior executives involved in the offering of such Trust services using Denali s ERISA Fiduciary Governance training program. The Bank has the stated intention of standardizing its client training on Denali s training program. <br><br> <b>March 2007 </b> <br><br> Wayne Miller, CEO of Denali Fiduciary Management was invited to speak on fiduciary governance at the American Conference Institute s June conference on Fiduciary Liability in Pension Benefit Plans. The conference will highlight the ever changing landscape of fiduciary liability with some of the industry s leading personnel. <br><br> <b>February 2007 </b> <br><br> Denali CEO Wayne H. Miller is pleased to announce that Denali Fiduciary Management has been asked by the Board of Governors of the Federal Reserve Bank of the United States to respond to an RFP published by the Board. The goal of the RFP is to identify an organization that will create and deliver a training program for bank examiners as to how to audit fiduciary accounts within the banking system. In receiving the request from the Federal Reserve Miller said, "It is an unexpected honor to even be identified by the Board of Governors as an organization that should be on the list. We have been able to secure the participation of four senior partners from one of America s largest and most prestigious law firms in this project and expect to put together a program that is commensurate with the responsibility involved. I am grateful that our work  to generate an authentic fiduciary culture wherever we go  has been recognized at this level." <br><br> <b>February 2007 </b> <br><br> Denali Fiduciary Management is pleased to announce that CEO Wayne Miller has been invited to Dubai as a guest of the Principality. Mr. Miller, accompanied by a member of Denali s Board of Advisors, Bennett Stewart, co-founder of Stern Stewart and CEO of EVA Dimensions, met with senior staff and management from the Department of Economic Development as well as senior executives from some of Dubai s leading companies. <br><br> <b>January 2007 </b> <br><br> Wayne Miller, co-founder of Denali Fiduciary Management, was interviewed by members of the General Accountability Office (GAO)the investigative arm of the US Congress. The interview was focused on Denali s perspective on current Plan Sponsor fiduciary governance practices and proposed legislative changes that could be beneficial to the marketplace. <br><br> <b>January 2007 </b> <br><br> Denali Fiduciary Management is pleased to announce that it has established a consulting relationship with the Department of Economic Development of the Principality of Dubai; a part of the United Arab Emirates. The relationship, consummated after more than a year of discussions, involves projects focused on corporate fiduciary conduct as well as additional economic development projects. <br><br> <b>November 2006 </b> <br><br> Denali has been identified as preferred vendor for one of the largest ERISA fiduciary liability insurers in the United States. When Plan Sponsors have their ERISA fiduciaries trained via Denali s on-line ERISA fiduciary governance program, the insurance carrier will take this into favorable consideration in the underwriting process for renewal of the company s fiduciary liability policy. <br><br> <b>October 2006 </b> <br><br> Denali Fiduciary Management has been retained by a $750MM investment manager to develop ERISA fiduciary governance training and documentation materials for use by its customers. <br><br> <b>October 2006 </b> <br><br> Denali Fiduciary Management is pleased to announce that it has developed a third alternative to the challenge of offering company securities in a defined contribution plan. The first two alternatives, eliminating company stock as an investment option in the DC plan and hiring an independent fiduciary to manage the company stock portion of Plan assets both have limitations as to their effectiveness or expense. This third alternative, referred to as the Denali Methodology, is less dramatic and less expensive than theseexisting  solutions in the marketplace. Furthermore, the Denali Methodology has been reviewed by leading ERISA attorneys as well as senior personnel from one of the largest ERISA fiduciary liability insurance carriers. All have attested to the viability of the strategy. HINT: The problem isn t the company stock. For more information about the Denali Methodology contact Wayne Miller, CEO of Denali at <a href="mailto:wmiller@denalifm.com">wmiller@denalifm.com</a> <br><br> <b>May 9, 2006 </b> <br><br> Denali CEO addresses AICPA national conference on Employee Benefits Denali Fiduciary Mgt. is pleased to announce that Wayne Miller, CEO, addressed the national conference of the American Institute of Certified Public Accountants (AICPA) on the topic of ERISA Fiduciary Governance held in Baltimore on May 9th. The conference attracts the most prominent CPA firms in the country active in the ERISA plan audit industry. The Powerpoint show from Mr. Miller  s speech can be found on the Denali website through <a href="ftp://phyqu001@97.74.214.192/Wayne%20Miller%20COFE3%2010-9-09.ppt">this link</a>. <br><br> <b>March 30, 2006 </b> <br><br> Denali Completes ERISA Fiduciary Training of Senior Executives and Benefits Committee of Fortune 1000 Consumer Products CompanyA Fortune 1000 company ($10 billion in market cap) retained Denali to train its senior executives and Benefits Committee members on best fiduciary practices. Using the training template created for Financial Executives International, Denali was asked to return to the company for an additional training session beyond the original assignment. The training has resulted in significant shifts in the company s governance structure and operations. <br><br> <b>March 27, 2006 </b> <br><br> Denali Conducts ERISA Fiduciary Training for Global Fortune 100 Manufacturing Firm Denali has completed an intensive training session for executive fiduciaries serving on the retirement plan committee of a Global Fortune 100 manufacturing firm. The course utilized the video ERISA fiduciary governance training created by Denali for Financial Executives International, the largest national association of senior financial executives with approximately 15,000 members nationwide. Attendees, who serve as ERISA fiduciaries on $3+ billion of assets represented the Legal, HR, Finance and Engineering units of the corporation. The response to the training has been overwhelmingly positive and Denali has been invited back for additional training and consulting engagements. <br><br> <b>March 15, 2006 </b> <br><br> Denali to Produce Web cast on ERISA fiduciary governance for Directors & Boards Magazine Based upon the Q4 2005 article  What s an ERISA Fiduciary to Do? authored by Denali CEO, Wayne H. Miller and published by Directors & Boards Magazine, the magazine will co-sponsor a national webcast to be held May 16, 2006 on the subject of board member responsibility for oversight of ERISA retirement plans. The webcast is expected to be the first in a series to be conducted throughout 2006 on several aspects of retirement plan management. Invited board member attendees (subject to final confirmation) include Owsley Brown II, Chairman of Brown-Forman Company of Louisville, KY and Gerald M. Czarnecki, Chair of the Audit Committee of State Farm Mutual Insurance of Bloomington, IL. Wayne Miller, CEO of Denali will moderate the webcast along with Jim Kristie, Editor of Directors & Boards. <br><br> Click here for a replay of the webcast. <br><br> <b>February 14, 2006 </b> <br><br> Denali to Address NW Chapter of the National Association of Corporate Directors In conjunction with the Managing Partner of Preston Gates & Ellis, one of the premier law firms in the Northwest, the Northwest Chapter of the National Association of Corporate Directors (NACD) invited Denali to address the subject of Board of Directors ERISA retirement plan liability at its February meeting. The presentation served as a template that will be re-created at NACD chapters around the country through 2006 and 2007. <br><br> <b>November 20, 2005 </b> <br><br> Denali CEO participates in specialist consulting team working to create risk controls for the Chile s private retirement (Social Security) system. <br><br> Denali CEO asked to participate on the international team chosen by the World Bank tasked with the examination of the Chilean national retirement system. The Chilean system has been portrayed by various United States media and politicians as a potential model for partial privatization of the U.S. Social Security System. The goal of the World Bank project is to assess risk and operations of the Chilean system and suggest reform/improvement to ensure the long term success and viability of the system in meeting the needs of Chile s citizens. <br><br> <b>November 1, 2005 </b> <br><br> Fortune 1000 Firm Retains Denali for Fiduciary Training of Board and Plan Committee Members Denali has been retained by a major national beverage, wine and distilled spirits producer to conduct a series of ERISA fiduciary training seminars for senior executives and Board members. The basis of the training program will be the Internet video-based fiduciary training program created by Denali and now offered by Financial Executives International, the largest national association of senior financial executives. The training format will be for trainees to observe video training portions and then review content with Denali professionals to ensure absorption and comprehension of the material. </blockquote> </font> </html>