MEDAMERICA RETIREMENT & BENEFITS COMMITTEE

ADDENDUM TO MINUTES

EMERGENCY PHYSICIANS INTEGRATED CARE

The following is an addendum of the MedAmerica Retirement & Benefits Committee Meeting held on October 30, 2009. Because minutes are for the most part, a truncated version of the actual discussion, the following summary is meant to elaborate on what these changes mean to EPIC and their subsidiaries:

Retirement Plans

EPIC Retirement Plan Performance

As of Sept. 30, 2009

Fund / Quarter / YTD / 1 Year / 3 Years / 5 Years
Schwab Stable Value Fund / 0.80% / 2.38% / 3.38% / 4.18% / 4.08%
PIMCO Total Return Fund / 6.04% / 12.71% / 18.32% (11) / 9.16% (1) / 6.93% (1)
Invesco Real Estate Fund / 31.74% / 18.67% / (22.96%) (14) / (10.59%) (9) / 3.24% (11)
Oakmark Equity Income Balanced Fund / 10.55% / 14.66% / 1.02% (55) / 3.99% (2) / 6.36% (2)
Europacific Int’l Growth Fund / 19.61% / 34.88% / 8.92% (10) / 1.40% (4) / 10.08% (6)
Schwab Large Cap Value Fund / 19.45% / 24.11% / (5.17%) (30) / (9.20%) (86) / 0.39% (60)
SEI Small Cap Value Fund / 21.80% / 25.47% / (9.31%) (64) / (5.53%) (57) / 2.43% (50)
Schwab Tot Stk Mkt Index Fund / 16.12% / 21.09% / (6.21%) (54) / (4.66%) (41) / 1.81% (35)

Growth Fund of America

/ 13.42% / 27.35% / (1.99%) (42) / (2.66%) (49) / 3.89% (16)
Calamos Aggr. Growth Fund / 17.79% / 41.43% / 1.23% (22) / (3.21%) (77) / 1.44% (55)
Vanguard (SmCap) Explorer Fund / 17.66% / 30.39% / (3.66%) (35) / (4.22%) (54) / 2.41% (43)
EPIC Defined Benefit Plan / 10.21% / 13.34% / 2.15% (46) / (0.25%) (36) / 3.28% (32)

·  Numbers in parentheses reflect the fund’s performance among its peers - (1) is best, (99) is worst

Quarterly Fees: EPIC 401(k) Balance Participants Qtrly EPIC Fees Ad Valorem Fees

9/30/2009 $13,047,012 88 $1,584 $10,141

12/31/2008 $ 9,795,338 86 $1,548 $ 7,000

12/31/2007 $12,256,211 79 $1,422* $ 8,569

12/31/2006 $ 9,932,459 74 $ 896 $ 7,651

12/31/2005 $ 7,247,298 68 $ 824 $ 5,778

12/31/2004 $ 5,281,030 62 $ 698 $ 4,821

12/31/2003 $ 3,298,680 52 $ 554 $ 2,489

12/31/2002 $ 1,721,989 49 $ 882 $ 1,706

* $400 travel credit no longer provided in lieu of stipend and expenses reimbursed for EPIC.

EPIC 401(k) fund balances surged by 33% in the first nine months of 2009 and have surpassed the balances of 2007. Investment returns averaged just over 30% for the period. (Returns for 2008 averaged -34.0%.) The average balance per EPIC participant increased to $148,000 from $114,000 at the end of 2008.

Fund Information

On August 28th, we switched the Dodge & Cox Balanced Fund to the Oakmark Equity and Income Balanced Fund. The transfer was completed without any delays and there was no interruption to the trading capabilities of the participants.

Because all of the plan sponsored funds improved their performance dramatically, there were no other changes to the existing lineup of funds.

The Committee did discuss the merits of Target Benefit Funds and will continue to discuss their advantages. If you should have opinions on these funds, please feel free to notify Jim Antinori, MD or Bob Parker.

Next Meeting

Our next committee meeting will be in Emeryville, CA on February 5, 2010. EPIC Board members are always welcome to attend.