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The 2010 Census of Women in Corporate Leadership How Minnesota’s Top Public Companies Rank

Report produced by St. Catherine University and the Minnesota Women’s Economic Roundtable 2 APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

TIME TO TAKE ACTION Increasing the number of women in corporate leadership is good governance.

The third annual Minnesota Census of Women in Corporate Leadership reveals that women have made little progress in joining the top leadership ranks of Minnesota’s largest 100 publicly held companies over the past year.

Consider the evidence:

QWomen hold 14.3 percent of the available board seats in Minnesota’s 100 largest publicly held companies; that’s 116 of the 814 board seats available in 2010. The number of seats held by women declined between 2009 and 2010 by three seats.

QTwenty-eight of the top 100 public companies in Minnesota have no women board members.

QForty-one of the top 100 public companies have only one woman on their boards.

QEight companies showed a net increase of one woman on their boards. Four companies had a net decrease in the number of women on their boards.

QOnly 12 of the top 100 public companies in Minnesota include women of color among their women board members.

Lack of gender diversity in top corporate ranks — including the executive suite — is more than an issue of equity. Gender imbalance fundamentally shapes business performance and ultimately impacts the economic future of our state.

Women directors make substantive contributions to boards, according to the Harvard Business Review, including more collaborative approaches to leadership. Additional research suggests that the presence of at least three women on corporate boards correlates with improved fi nancial performance.

To move our state forward, corporate leadership in Minnesota must draw upon the talents, skills and creativity of a more balanced representation of our population.

LINDA HALL KELLER, Ph.D. PAULA MEYER steering committee co-chair, steering committee co-chair, The 2010 Minnesota Census of The 2010 Minnesota Census of Women in Corporate Leadership Women in Corporate Leadership

E-mail the steering committee co-chairs at [email protected]

Where Are the Women? Minnesota companies that include no women corporate directors or women executive offi cers (Section 16b) on their corporate leadership teams include:

Broadview Institute, Inc. CEO Jeffrey Myhre Multiband Corp. CEO James Mandel Cardiovascular Systems, Inc. CEO David Martin Nortech Systems, Inc. CEO Michael Degen Compellent Technologies, Inc. CEO Philip Soran Rimage Corp. CEO Sherman Black Digi International, Inc. CEO Joseph Dunsmore Rochester Medical Corp. CEO Anthony Conway Entrex Corp. CEO Peter Hauser Stratysis, Inc. CEO Scott Crump Image Sensing Systems, Inc. CEO Ken Aubrey Vital Images, Inc. CEO Michael Carrel Insignia Systems, Inc. CEO Scott Drill Virtual Radiologic Corp. CEO Rob Kill IntriCon Corp. CEO Mark Gorder Winland Electronics, Inc. CEO Thomas dePetra Lakes Entertainment, Inc. CEO Lyle Berman WSI Industries, Inc. CEO Michael Pudil Mocon, Inc. CEO Robert Demorest Data based on SEC fi lings as of June 30, 2010.

Electronic copies of The 2010 Minnesota Census of Women in Corporate Leadership are available at: mncensus.stkate.edu PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011 3

EXECUTIVE SUMMARY By REBECCA HAWTHORNE, Ph.D. and JOANN BANGS, Ph.D. St. Catherine University, Master of Arts in Organizational Leadership

The 2010 Minnesota Census of Women in Corporate Leadership presents a tale of stalled progress and missed opportunities. Only eight of Minnesota’s top 100 publicly held companies experienced a net gain in women corporate directors in 2010. Four companies experienced a net loss. Of the 72 new board seats that became available in 2010, only 14 seats were awarded to women.

Lack of racial diversity is also an issue. Only 1.7 percent of the people who serve on Minnesota boards are women of color. One Minnesota company — Granite City Food & Brewery, Ltd. — added six board seats in 2010 and appointed six white men to fi ll them.

Diversifying a corporate leadership team provides a competitive advantage. A handful of Minnesota’s Fortune® 500 companies are appointing highly qualifi ed women of color to their boards. Others must follow their lead.

As in the two earlier versions of the Census, the 2010 Honor Roll is comprised of companies in which women make up at least 20 percent of the board and at least 20 percent of executive offi cers. “Special Distinction” is reserved for those companies in which women make up at least 30 percent of the board and at least 30 percent of executive offi cers.

This year’s Honor Roll refl ects the tenuous progress companies have made toward diversifying their corporate boards and executive offi ces.

In several cases, the departure of one or two women removes companies from Honor Roll recognition because they lack the critical mass to maintain a diverse leadership team. Consider:

QSUPERVALU, INC. departed the Honor Roll after losing one woman director. QUnitedHealth Group, Inc. left the Honor Roll after it added two executive offi cers to its senior leadership ranks, both men. QFamous Dave’s of America, Inc. added one board seat, fi lled by a man, which took it off the Honor Roll. QSelect Comfort Corp. lost one woman director, which knocked it off the Honor Roll.

The movement of these companies off the Honor Roll underscores why Minnesota corporations must attain critical mass in their leadership ranks for progress to occur. One woman director and/or one woman executive is not enough.

Research on women in leadership

A recent global survey by McKinsey & Company (2010) reveals that 72 percent of male and female executives believes gender diversity in corporate leadership leads to improved fi nancial performance. Yet translating belief into practice continues to elude many companies, including the majority of Minnesota’s top 100 publicly held companies.

A body of widely recognized research links competitive advantage with boards that embrace diversity of gender, ethnicity and skill set (Deloitte, 2010; Ernst and Young, 2009; CalPERS, 2009; Catalyst, 2007). The presence of a critical mass of women in leadership improves the corporate bottom line in terms of both fi nancial profi ts and effective decision-making. Percent of Board Seats Held by Women Nationally A “critical mass,” according to Wellesley Centers for Women (2006), consists of three or more women — the number at Nationwide (497) which women directors and senior executives are perceived as individuals with unique skill sets and voices as opposed to California (51,400) representatives of their gender. The presence of three or more Chicago (28,50) women also shifts the dynamics of how boards operate, research shows. Florida (15,100)

In 2010, only six Minnesota Census companies had three Georgia (13,150) or more women directors. This is a decline from the nine Kansas/Missouri (10,43) companies with three or more women directors in The 2009 Minnesota Census. Maryland (6,86)

Despite an increasing number of highly qualifi ed women in the Massachusetts (11,100) leadership pipeline (48 percent of the labor force and 51 percent Michigan (17,17) of all management/professional positions, according to the White House Project, 2010), women’s progress beyond middle Minnesota (17,100) management has stalled. NYC Metro (64,100)

Only in rare instances do we fi nd three women on the board or Philadelphia (12,100) in the senior executive offi ces of Minnesota’s top companies. Women CEOs lead only six of the 100 companies in The 2010 Tennessee (7,72) Minnesota Census. Texas (49,97)

Engaging the talents, creativity and expertise of all highly qualifi ed Wisconsin (8,50) individuals — men and women working in partnership — will provide Minnesota with the strongest human capital upon which 0% 5% 10% 15% 20% 25% to build a resilient economic future. % Fortune® 500 director seats filled by women % director seats filled by women

The numbers in parentheses indicate the number of companies in each region designated Fortune® 500, followed by the total number of companies in that region’s sample. 4 APRIL 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Serving on Minnesota’s Corporate Boards A look at the state’s top 100 public companies Women Corporate Directors by Company Size Women Corporate Directors by Seats (Based on SEC fi lings as of June 30, 2010) 80% 6 Fortune® 500 70% QWomen hold 14.3 percent (116) of the 814 available board seats in Minnesota’s 100 largest publicly held Fortune® 501–1000 companies, a net decrease of three seats from The 2009 Minnesota Census. The overall percentage of seats 60% 10 held by women corporate directors has not increased over the past three years. 50% Other 32 QThe percentage of seats held by women corporate directors tends to increase with company size. 40% 27 30% 2 Women Corporate Directors by Company 20% 3 13 3 10% QWomen serve on the boards of 72 of Minnesota’s 100 largest publicly held companies, a decrease of one 1 3 company from 2009. 0 0 Percent and Number of Companies 0% 0 1 2 3 or more QSix of the top 100 companies have three or more women corporate directors (down from nine in 2009), 25 companies have two women corporate directors, 41 have one woman corporate director and 28 have none.

QMinnesota companies reporting larger revenues tend to have a greater number and percentage of women corporate directors than smaller companies. Companies with 3 or  iiiOf the 17 Minnesota Fortune® 500 companies, three have three or more women corporate directors, 10 have two women corporate more women directors: directors, three have one woman corporate director and one (Nash Finch Co.) has none. ALLETE, Inc.  iiiOf the eight Minnesota Fortune® 501–1000 companies, none have three or more women corporate directors, two have two women , Inc. corporate directors and six have one. Foods Corp.  iiiOf the remaining 75 Minnesota companies in the Census (whose revenues range from $17 million to $1.5 billion), three have three or Piper Jaffray Companies more women corporate directors, 13 have two women corporate directors, 32 have one and 27 have none. MTS Systems Corp. Changes in Women Corporate Directors from 2009 to 2010: Target Corp. Missed Opportunities

A total of 72 new directors were added to the boards of Minnesota’s largest 100 publicly held companies in 2010. Only 14 of those 72 board Companies with a 2010 net seats went to women. Twelve companies added a total of 14 new women directors. These 14 new women directors represent only 19.4 percent of the new directors. This represents multiple missed opportunities to diversify boards. increase in women directors: ALLETE, Inc. Of Minnesota’s largest 100 publicly held companies, only eight companies achieved a net increase of one woman director in 2010. Four companies had a net decrease of one woman director. Eighty-eight companies experienced no change in the total number Co., Inc. of women corporate directors. Digital River, Inc. Minnesota companies that added women directors in 2010: Hutchinson Technology, Inc. ALLETE, Inc. , Inc. MoneyGram International, Inc. MTS Systems Corp. Alliant Techsystems, Inc. (added two women directors) Hormel Foods Corp. Piper Jaffray Companies MoneyGram International, Inc. Best Buy Co., Inc. Hutchinson Technology, Inc. Xata Corp. Piper Jaffray Companies Digital River, Inc. MTS Systems Corp. (added two women directors) , Inc. Xata Corp. Comparisons with National Data Minnesota’s data on women directors are comparable to the national trends. The percentage of board seats held by women directors in Minnesota (14.3 percent) falls in the upper-middle range of the national data reported by ION, a national nonprofi t organization dedicated to advancing women in corporate leadership. However, Minnesota’s Fortune® 500 companies out-perform Fortune® 500 companies Companies with a 2010 net across the country. decrease in women directors: Q In the 14 regions reported in the national ION data, women hold between 8.3 percent and 18.4 percent of the available board seats in all Select Comfort Corp. companies included in the research. Minnesota weighs in with 14.3 percent. SUPERVALU, INC. Q In Fortune® 500 companies nationwide, women hold 15.7 percent of the available board seats. Minnesota’s Fortune® 500 companies have women directors in 20.1 percent of the available board seats. The Corporation Vascular Solutions, Inc. QIn the 14 regions reported in the national ION data, the percentage of companies with no women corporate directors ranges from 8 percent to 50.6 percent. Twenty-eight percent of Minnesota’s 100 largest publicly held companies have no women corporate directors; that fi gure is 1 percentage point higher than the percentage of companies with no women corporate directors in 2009.

Percent of Board Seats Held by Women of Color Nationally

Nationwide (497) Women Directors of Color

Chicago (50) For the fi rst time, the Minnesota Census examined directors’ seats held by women of color. Women of color — as classifi ed and named by the U.S. Census Bureau — include women identifi ed as Black, Hispanic, Florida (100) Asian, Native Hawaiian and other Pacifi c Islander, and American Indian or Alaskan Native.

Georgia (150) Twelve of Minnesota’s 100 largest publicly held companies have women directors of color. Two of the Kansas/Missouri (43) 12 companies have two women of color serving on their boards. The 10 other companies each have one woman director of color. Maryland (86) QWomen of color hold 1.7 percent of the available board seats in Minnesota’s 100 largest publicly held Massachusetts (100) companies, which have revenues ranging from $17 million to $87 billion.

Michigan (17) QFourteen women of color hold board seats. This represents 12.1 percent of the total board seats held by Minnesota (100) women directors in Minnesota’s 100 largest publicly held companies.

NYC Metro (100) QOf the 17 Minnesota Fortune® 500 companies, six companies have one or two women of color on the board; 11 companies have none. Philadelphia (100) Tennessee (72) Comparisons with National Data: Missed Opportunities Women of color are scarce on corporate boards. Nationwide, women of color hold between 0.0 percent to Texas (97) 3.3 percent of the available board seats of companies in the 14 regional samples. Minnesota, with 1.7 per- Wisconsin (50) cent women directors of color, is in the middle of the range. Of the new 72 directors added to Minnesota’s largest 100 publicly held companies during 2010, none were women of color. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% The numbers in parentheses indicate the number of companies in that region’s sample. PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 2011 5

Number of Women Corporate Directors by Company Bold indicates companies with a 2010 net increase in women corporate directors. Fortune® 500 Fortune® 501-1000 Remaining 75 Companies Three or More Women Directors General Mills, Inc. (5) ALLETE, Inc. (4) Hormel Foods Corp. (4) MTS Systems Corp. (4) Target Corp. (4) Piper Jaffray Companies (4) Two Women Directors Company Pentair, Inc. Capella Education Company Alliant Techsystems, Inc. The Valspar Corporation Christopher & Banks Corp. Best Buy Co., Inc. CyberOptics Corp. Ecolab, Inc. Deluxe Corp. Medtronic, Inc. G&K Services, Inc. St. Jude Medical, Inc. Hickory Tech Corp. SUPERVALU, INC. HMN Financial, Inc. U.S. Bancorp MoneyGram International, Inc. UnitedHealth Group, Inc. Navarre Corp. Xcel Energy, Inc. New Ulm Telecom, Inc. Otter Tail Corp. SurModics, Inc. The Co. One Woman Director , Inc. Donaldson Co., Inc. ADC Telecomunications, Inc. Clearfi eld, Inc. , Inc. C.H. Robinson Worldwide, Inc. Co. AGA Medical Corp. Communications Systems, Inc. NVE Corp. The Mosaic Co. Imation Corp. American Medical Systems Holding, Inc. Datalink Corp. Select Comfort Corp. , Inc. Analysts International Corp. Digital River, Inc. Synovis Life Technologies, Inc. Polaris Industries, Inc. Angeion Corp. The Dolan Company TCF Financial Corp. Regis Corp. Apogee Enterprises, Inc. ev3, Inc. Techne Corp. Appliance Recycling Centers of America, Inc. FICO Tennant Co. Arctic Cat, Inc. Famous Dave’s of America, Inc. Value Vision Media, Inc. Buffalo Wild Wings, Inc. Graco, Inc. Winmark Corp. Canterbury Park Holding Corp. H.B. Fuller Co. Xata Corp. Caribou Coffee Co., Inc. Hutchinson Tecnology, Inc. No Women Directors Nash Finch Co. ATS Medical, Inc. Hawkins, Inc. Nortech Systems, Inc. Broadview Institute, Inc. Image Sensing Systems, Inc. Rimage Corp. Cardiovascular Systems, Inc. Insignia Systems, Inc. Rochester Medical Corp. Compellent Technologies, Inc. IntriCon Corp. Stratasys, Inc. Digi International, Inc. Lakes Entertainment, Inc. Vascular Solutions, Inc. Digital Angel Corp. Lawson Software, Inc. Virtual Radiologic Corp. Entrx Corp. Medtox Scientifi c, Inc. Vital Images, Inc. FSI International, Inc. Mocon, Inc. Winland Electronics, Inc. Granite City Food & Brewery, Ltd. Multiband Corp. WSI Industries, Inc.

Women Executive Offi cers (Section 16b) (Based on SEC fi lings as of June 30, 2010) Minnesota Census: A National Initiative Q Women hold 16.3 percent of the available executive offi cer positions in Minnesota’s 100 largest publicly held companies, which have revenues ranging from $17 million to $87 billion. This refl ects a slight increase back to 2008 levels of representation of women executives. Minnesota is one of 14 states or geographic regions participating QSeventeen of the top 100 public companies have three or more women executive offi cers; 12 of the top 100 public companies have two women in ION (InterOrganization executive offi cers; 40 have just one woman executive offi cer; and 31 have none. In 2010, fewer companies had two or more women executive offi cers, refl ecting a decrease in critical mass. Network), a national nonprofi t organization dedicated to Q Minnesota companies reporting larger revenues tend to have a greater number and percentage of women executive offi cers than smaller advancing women as corporate companies. directors and executive offi cers. ION establishes research  iii ® Sixteen of the 17 Minnesota Fortune 500 companies have women executive offi cers: eight of the companies have three or protocols and synthesizes more women executive offi cers, three companies have two women executive offi cers, fi ve companies have one woman executive offi cer, and one company (C.H. Robinson Worldwide, Inc.) has none. data from its 14 members in a national report released  iiiSix of the eight Minnesota Fortune® 501–1000 companies have women executive offi cers: one company has three or more women executive every March. offi cers, fi ve of the companies have one woman executive offi cer, and two of the companies (Patterson Companies, Inc. and Imation Corp.) have no women executive offi cers. ION members are women’s  iiiForty-seven of the 75 remaining companies in the Census have women executive offi cers: eight of the companies have three or more women nonprofi t organizations in each executive offi cers, nine of the companies have two women executive offi cers, 30 of the companies have one woman executive offi cer, and 28 of the 14 states or regions. of the companies have no women executive offi cers. Minnesota’s sponsoring organization is the Minnesota Comparisons with National Data Women’s Economic Executive offi cers of companies are a potential pipeline for corporate board appointees. Roundtable (MWER).

Q Women hold between 5.1 percent and 16.3 percent of all executive offi cer positions across the 14 regions represented in the national ION study. Learn more at Minnesota, with 16.3 percent, leads the regions. www.ionwomen.org. Q Between 5.9 percent and 74 percent of companies included in ION’s sample have no women in their executive offi ces. Thirty-one percent of Minnesota companies have no women executive offi cers.

Percent of Executive Officers Who are Women Nationally The Top Executive Positions (Section 16b offi cers)

Nationwide (497) Criteria for inclusion in the “executive offi cer” category vary by company. To be consistent, the Minnesota Census identifi es only those individuals formally designated as Section 16b executive offi cers in SEC fi lings. The 2010 Minnesota Census Chicago (50) examined the women executive offi cers holding the following titles: CEO, President, COO, CFO and CTO. Florida (100) Twenty-two women hold these executive offi cer positions Georgia (150) across the Minnesota Census companies. The distribution of Selected Positions Percentage of MN Women top women executives across Minnesota’s 100 largest publicly CEO 6% Kansas/Missouri(43) held companies reveals more than twice the number of CFOs President 3% Chief Operating Offi cer 1% Maryland (86) to CEOs. Financial expertise and leadership have provided an entrée for women into the executive suites of Minnesota Chief Financial Offi cer 13% Massachusetts (100) companies. Chief Technology Offi cer 2%

Michigan (17) Minnesota (100) Women Corporate Directors and Executive Offi cers NYC Metro (100) The number of Minnesota companies with both women corporate directors and women executive offi cers has not Philadelphia (100) changed from 2009 to 2010, refl ecting stalled progress in women’s representation in top leadership ranks.

Tennessee (72) QSixty of Minnesota’s 100 largest publicly held companies have both women corporate directors and women executive offi cers. Texas (97)

Wisconsin (50) QNineteen of Minnesota’s 100 largest publicly held companies have no women directors or executive offi cers, the same number as 2009 (with some shifts in companies). 0% 5% 10% 15% 20% QMinnesota companies reporting larger revenues are more likely than smaller companies to have women represented The numbers in parentheses indicate the number in both the boardroom and the executive suite, a refl ection of national trends. of companies in that region’s sample. 6 APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Directors and Executive Offi cers (as listed in SEC fi lings as of June 30, 2010)

Company Name Directors Title Executive Offi cers Titles Linda G. Alvarado President and Chief Executive Offi cer Alvarado Construction, Inc. Angela S. Lalor Senior Vice President, Human Resources 3M Company Aulana L. Peters Retired Partner, Gibson, Dunn & Crutcher LLP Lois M. Martin Senior Vice President and Chief Financial Offi cer, Capella Education Kimberly Hartwell Vice President, Global Go-to-Market ADC Telecommunications, Inc. Company Laura N. Owen Vice President, Chief Administrative Offi cer AGA Medical Corp. Terry Allison Rappuhn Project Leader and Consultant for the Patient Friendly Billing Project Brigid A. Makes Chief Financial Offi cer Kathleen A. Brekken Retired President and Chief Executive Offi cer, Midwest of Cannon Falls, Deborah A. Amberg Senior Vice President, General Counsel and Secretary Inc. Kathryn W. Dindo Retired, Vice President and Chief Risk Offi cer of FirstEnergy Corporation ALLETE, Inc. Heidi J. Eddins Former Executive Vice President, Secretary and General Counsel of Florida East Coast Industries, Inc. Madeleine W. Ludlow Principal of Market Capital Partners LLC Roxanne J. Decyk Executive Vice President of Global Government Affairs for Royal Dutch Karen Davies Senior Vice President and President, Armament Systems Alliant Techsystems, Inc. Shell plc Paula J. Patineau Senior Vice President, Human Resources and Administrative Services April H. Foley Former Ambassador to Hungary American Medical Systems Jane E. Kiernan General Manager – Baxter IV Therapy, Baxter Healthcare Corporation Whitney D. Erickson Vice President and General Manager, Men’s Health Holding, Inc. Jeanne M. Forneris Senior Vice President and General Counsel Siri S. Marshall Former Senior Vice President, General Counsel and Secretary, and Chief Deirdre N. Davey Executive Senior Vice President, Corporate Communications and Governance and Compliance Offi cer at General Mills, Inc. Community Relations Ameriprise Financial, Inc. Kelli A. Hunter Executive Vice President, Human Resources Kim M. Sharan President, Financial Planning, Retirement & Wealth Strategies and Chief Marketing Offi cer Brigid A. Bonner Senior Vice President of Ecommerce for the Home Service Division of The Brittany McKinney Vice President of Strategy and Operations Analysts International Corp. Schwan Food Company Angeion Corp. Paula R. Skjefte President and Chief Executive Offi cer of Waterford Consulting, Inc Sara L. Hays Managing Director, Operations and General Counsel, Wrightwood Capital, Patricia A. Beithon General Counsel and Secretary Apogee Enterprises, Inc. LLC Appliance Recycling Centers of Glynnis A. Jones Former Vice President of Corporate Planning, Appliance Recycling Centers Rachel L. Holmes Vice President, Business Development and Environmental Affairs America, Inc. of America, Inc. Arctic Cat, Inc. Susan E. Lester Private Investor Mary Ellen Walker Vice President – General Manager, Parts, Garments and Accessories ATS Medical, Inc. Astrid M. Berthe Director and Vice President, Regulatory Affairs and Quality Assurance Lisa M. Caputo Executive Vice President and Chief Marketing Offi cer for Citigroup, Inc. Shari L. Ballard Executive Vice President, President — Americas Best Buy Co., Inc. Kathy J. Higgins Victor President, Centera Corporation Susan S. Grafton Vice President, Controller and Chief Accounting Offi cer Carol A. Surface Executive Vice President, Human Resources Broadview Institute, Inc. Sally J. Smith Chief Executive Offi cer and President, Buffalo Wild Wings, Inc. Kathleen M. Benning Executive Vice President, Global Marketing and Brand Development Judith A. Shoulak Executive Vice President, Global Operations and Human Resources Buffalo Wild Wings, Inc. Sally J. Smith Chief Executive Offi cer and President, Buffalo Wild Wings, Inc. Mary J. Twinem Executive Vice President, Chief Financial Offi cer and Treasurer C.H. Robinson Worldwide, Inc. ReBecca Koenig Roloff Chief Executive Offi cer of the Minneapolis YWCA Canterbury Park Holding Corp. Carin J. Offerman Private Investor and Principal in Puppy Good Start Jody G. Miller Chief Executive Offi cer and President of the Business Talent Group Sally B. Chial Senior Vice President, Capella Experience Capella Education Company Sandra E. Taylor President and Chief Executive Offi cer of Sustainable Business International Lois M. Martin Senior Vice President and Chief Financial Offi cer LLC Cardiovascular Systems, Inc. Sarah Palisi Chapin Chief Executive Offi cer of Hail Merry Snacks and co-founder of The Chain Karen McBride-Raffel Vice President of Human Resources Caribou Coffee Co., Inc. Gang Anne L. Jones Chief Executive Offi cer of Jones Consulting Group, Inc. Susan C. Connell Executive Vice President and Chief Merchandise Offi cer Christopher & Banks Corp. Lorna E. Nagler President and Chief Executive Offi cer, Christopher & Banks Corp. Monica L. Dahl Senior Vice President, Planning & Allocation and e-Commerce Lorna E. Nagler President and Chief Executive Offi cer Clearfi eld, Inc. Cheryl P. Beranek President and Chief Executive Offi cer of Clearfi eld, Inc. Cheryl P. Beranek Chief Executive Offi cer Communications Systems, Inc. Luella G. Goldberg Director, Communications Systems, Inc. Karen Nesburg Bleick Vice President, Human Resources Kathleen P. Iverson Chairman of the Board of Directors, President and Chief Executive Offi cer, Kathleen P. Iverson President and Chief Executive Offi cer CyberOptics Corp. CyberOptics Corp. Irene M. Qualters Program Director – Offi ce of Cyberinfrastructure of the National Science Foundation Datalink Corp. Margaret A. Loftus Independent Consultant Cheryl E. Mayberry President and Chief Executive Offi cer, Nia Enterprises, LLC Lynn Koldenhoven Vice President, Sales and Marketing Direct-to-Consumer McKissack Julie Loosbrock Senior Vice President, Human Resources Deluxe Corp. May Ann O’Dwyer Senior Vice President – Finance and Operations and Chief Financial Joanne McGowan Segment Leader, Small Business Services Offi cer, Wheels, Inc. Laura Radewald Vice President, Enterprise Brand, Customer Experience and Media Relations Digi International, Inc. Lorraine M. Breece Senior Vice President, Chief Financial Offi cer and Chief Accounting Digital Angel Corp. Offi cer Digital River, Inc. Cheryl F. Rosner Consultant to various companies Lauren Rich Fine Practitioner in Residence at Kent State University’s College of Vicki J. Duncomb Vice President, Chief Financial Offi cer and Corporate Secretary The Dolan Company Communication and Information Janet M. Dolan President, Act III Enterprises Sandra N. Joppa Vice President of Human Resources Donaldson Co., Inc. Mary Lynne Perushek Vice President and Chief Information Offi cer Debra L. Wilfong Vice President and Chief Technology Offi cer Barbara J. Beck Executive Vice President of Manpower, Inc. Susan K. Nestegard President – Global Healthcare Sector Ecolab, Inc. Victoria J. Reich Senior Vice President and Chief Financial Offi cer of United Stationers, Inc. Entrx Corp. Elizabeth H. Weatherman Managing Director of Warburg Pincus LLC Stacy Enxing Seng Executive Vice President and President, U.S. Peripheral Vascular ev3, Inc. Julie D. Tracy Senior Vice President, Chief Communications Offi cer Lisa A. Kro Chief Financial Offi cer and Managing Director of Goldner Hawn Private Diana G. Purcel Chief Financial Offi cer and Secretary Famous Dave’s of America, Inc. Equity, L.P. Fastenal Co. Reyne K. Wisecup Executive Vice President of Human Resources, Fastenal Reyne K. Wisecup Executive Vice President, Human Resources and Director FICO Margaret L. Taylor Managing Partner of B Cubed Ventures LLC Deborah Kerr Executive Vice President and Chief Technology Offi cer FSI International, Inc. Patricia M. Hollister Chief Financial Offi cer and Assistant Secretary Lynn Crimp-Caine Chief Executive Offi cer, Outsidein Consulting G&K Services, Inc. Alice M. Richter Retired Certifi ed Public Accountant with KPMG LLP Judith Richards Hope Distinguished Visitor from Practice and Professor of Law, Georgetown Christine L. Shea Executive Vice President, External Relations President, General Mills University Foundation Heidi G. Miller President of JPMorgan International, a division of JPMorgan Chase & Co. General Mills, Inc. Hilda Ochoa- Founder, President and Chief Executive Offi cer, Strategic Investment Brillembourg Group; Director, Emerging Markets Investment Corporation Lois E. Quam Founder and Chief Executive Offi cer, Tysvar, LLC Dorothy A. Terrell Limited Partner First Light Capital Marti Morfi tt Chief Executive Offi cer of Airborne, Inc., and President and Chief Executive Caroline M. Chambers Vice President and Controller Graco, Inc. Offi cer of River Rock Partners, Inc. Karen Park Gallivan Vice President, General Counsel and Secretary Granite City Food & Brewery, Ltd. Monica A. Underwood Vice President of Finance and Secretary H.B. Fuller Co. Juliana L. Chugg Senior Vice President, President, Pillsbury USA, General Mills, Inc. Ann B. Parriott Vice President, Human Resources Theresa R. Moran Vice President – Quality and Support Hawkins, Inc. Keenan Paulson Vice President, Water Treatment Group Kathleen P. Pepski Vice President, Chief Financial Offi cer, and Treasurer Myrita P. Craig Chief Executive Offi cer of Sapientia Consulting, Inc. Mary T. Jacobs Vice President of Human Resources Hickory Tech Corp. Diane L. Dewbrey Chief Executive Offi cer and Director of Foundation Bank Karen L. Himle Vice President of University Relations, University of Minnesota Susan K. Kolling Senior Vice President HMN Financial, Inc. Susan K. Kolling Senior Vice President, HMN Financial, Inc. Jody H. Feragen Hormel Senior Vice President and Chief Financial Offi cer Deanna T. Brady Vice President, Foodservice Sales Susan I. Marvin President, Marvin Windows and Doors Julie H. Craven Vice President, Corporate Communications Hormel Foods Corp. Elsa A. Murano, Ph.D. Professor of Nutrition and Food Science and President Emerita, Texas Jody H. Feragen Senior Vice President and Chief Financial Offi cer A&M University Susan K. Nestegard President, Global Healthcare Sector, Ecolab, Inc. Martha Goldberg Former Senior Vice President and Corporate Offi cer for Medtronic, Inc. Connie L. Pautz Vice President of Human Resources Hutchinson Technology, Inc. Aronson Kathleen S. Skarvan Vice President and President of the Disk Drive Components Division Image Sensing Systems, Inc. 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Women Directors and Executive Offi cers (as listed in SEC fi lings as of June 30, 2010)

Company Name Directors Title Executive Offi cers Titles Imation Corp. Linda W. Hart Vice Chairman, President and Chief Executive Offi cer, Hart Group, Inc. Insignia Systems, Inc. IntriCon Corp. Lakes Entertainment, Inc. Lawson Software, Inc. Kristin Trecker Senior Vice President, Human Resources Life Time Fitness, Inc. Martha (Marti) A. Morfi tt Chief Executive Offi cer of of Airborne, Inc. Angela M. Lacis Corporate Controller and Principal Accounting Offi cer Medtox Scientifi c, Inc. Susan E. Puskas Vice President Quality, Regulatory Affairs and Human Resources Charlotte L. Sebastian Vice President, Human Resources Shirley Ann Jackson, President, Rensselaer Polytechnic Institute Caroline Stockdale Senior Vice President of Human Resources Medtronic, Inc. Ph.D. Denise M. O’Leary Private Venture Capital Investor Mocon, Inc. Ann Mather Former Executive Vice President and Chief Financial Offi cer of Pixar Jean C. Benson Senior Vice President, Controller MoneyGram International, Inc. Animation Studios, Inc. Pamela H. Patsley Chairman of the Board and Chief Executive Offi cer Pamela H. Patsley Chairman and CEO, MoneyGram International, Inc. Phyllis E. Cochran President of the Parts Group of Navistar, Inc. Cindy C. Redding Vice President – Human Resources The Mosaic Co. Linda Thrasher Vice President – Public Affairs Laura B. Hamilton Chair of the Board and Chief Executive Offi cer, MTS Systems Corp. Laura B. Hamilton Chair of the Board and Chief Executive Offi cer Emily Maddox Liggett President and Chief Executive Offi cer of Novatorque, Inc. Susan E. Knight Vice President and Chief Financial Offi cer MTS Systems Corp. Barb J. Samardzich Vice President of Powertrain Engineering of Ford Motor Company Kathleen M. Staby Vice President, Human Resources and Strategy Gail P. Steinel President and Owner of Executive Advisors Multiband Corp. Nash Finch Co. Kathleen M. Mahoney Senior Vice President, Secretary and General Counsel Deborah L. Hopp Vice President for Publishing of MSP Communications, Inc. and Publisher, Joyce Fleck President, Navarre Distribution Services Navarre Corp. Mpls. St. Paul Magazine Kathleen P. Iverson President and Chief Executive Offi cer of CyberOptics Corp. Rosemary J. Dittrich Co-owner and Executive Secretary of D & A Trucklines, Inc. Barbara A. J. Bornhoft Vice President and Chief Operating Offi cer/Secretary New Ulm Telecom, Inc. Mary Ellen Domeier Board Chair of Bank Midwest Nortech Systems, Inc. NVE Corp. Patricia M. Hollister Chief Financial Offi cer, FSI International, Inc. Karen M. Bohn President, Galeo Group, LLC Michelle Kommer Vice President of Human Resources Otter Tail Corp. Joyce Nelson Schuette Retired Managing Director and Investment Banker, Piper Jaffray Cos. Ellen A. Rudnick Executive Director and Clinical Professor, University of Chicago Graduate Patterson Companies, Inc. School of Business Leslie Abi-Karam Executive Vice President and President of Mailing Solutions Management, Angela D. Lageson Senior Vice President, General Counsel and Secretary Pentair, Inc. Pitney Bowes, Inc. Glynis A. Bryan Chief Financial Offi cer, Insight Enterprises, Inc. Virginia Gambale Founder and Managing Partner of Azimuth Partners, LLC Debbra L. Schoneman Chief Financial Offi cer B. Kristine Johnson President of Affi nity Capital Management Piper Jaffray Companies Lisa K. Polsky CIT Group, Inc. Jean M. Taylor President and Chief Executive Offi cer of Polaris Industries, Inc. Annette K. Clayton Vice President, Global Supply Chain, Dell Corporation Stacy L. Bogart Vice President — General Counsel, Compliance Offi cer and Secretary Regis Corp. Susan S. Hoyt Retired Executive Vice President of Human Resources, Staples, Inc. Norma Knudsen Executive Vice President, Merchandising Rimage Corp. Rochester Medical Corp. Brenda J. Lauderback Former President of the Retail and Wholesale Group for Nine West Group, Shelly R. Ibach Executive Vice President, Sales and Merchandising Inc. Karen R. Richard Senior Vice President, Chief Human Resource & Strategy Offi cer Select Comfort Corp. Kathryn V. Roedel Executive Vice President, Product Development and Operations Wendy L. Schoppert Senior Vice President and Chief Information Offi cer Barbara B. Hill Chief Executive Offi cer and Director of ValueOptions, Inc. Angela D. Craig Vice President, Corporate Relations St. Jude Medical, Inc. Wendy L. Yarno Retired, Chief Marketing Offi cer, Merck & Co., Inc. Pamela S. Krop Vice President, General Counsel and Corporate Secretary Jane J. Song President, Atrial Fibrillation Stratasys, Inc. Susan E. Engel Chief Executive Offi cer and President of PorteroLuxury, Inc. Julie Dexter Berg Executive Vice President, Chief Marketing Offi cer Kathi P. Seifert Retired Executive Vice President of Kimberly-Clark Corporation Janel S. Haugarth Executive Vice President; President and Chief Operating Offi cer, Supply SUPERVALU, INC. Chain Services Pamela K. Knous Executive Vice President and Chief Financial Offi cer Sherry M. Smith Senior Vice President, Finance Mary K. Brainerd President and Chief Executive Offi cer of HealthPartners, Inc. Jan M. Webster Vice President of Human Resources SurModics, Inc. Susan E. Knight Vice President and Chief Financial Offi cer of MTS Systems Corp. Karen Gilles Larson Former President and Chief Executive Offi cer, Synovis Life Technologies, Mary L. Frick Vice President of Regulatory/Clinical/Quality Affairs Synovis Life Technologies, Inc. Inc. Roxanne S. Austin President, Austin Investment Advisors Beth Jacob Executive Vice President and Chief Information Offi cer Mary N. Dillon President and Chief Executive Offi cer, United States Cellular Corporation Jodeen A. Kozlak Executive Vice President, Human Resources Target Corp. Mary E. Minnick Partner, Lion Capital Kathryn A. Tesija Executive Vice President, Merchandising Anne M. Mulcahy Former Chairman of the Board of Xerox Corp. Luella G. Goldberg Director, TCF Financial Corp. Barbara E. Shaw Senior Vice President-Director of Corporate Human Resources of TCF Financial Corp. TCF Financial and Executive Vice President of Corporate Human Resources for TCF Bank Techne Corp. Karen A. Holbrook, Ph.D. Vice President for Research and Innovation, University of South Florida Carol S. Eicher Business Director, Performance Monomers for The Dow Chemical Heidi M. Wilson Vice President, General Counsel and Secretary Tennant Co. Company, and Vice President/Global Business Director, Primary Materials and Process Chemicals, Rohm and Haas Company Janet K. Cooper Former Senior Vice President and Treasurer, Qwest Communications Judy L. Altmaier Vice President, Operations The Toro Co. International, Inc. Katherine J. Harless Former President and Chief Executive Offi cer, Idearc, Inc. Victoria Buyniski Retired Chairman and Chief Executive Offi cer, United Medical Resources, Jennie P. Executive Vice President U.S. Bancorp Gluckman Inc. Pamela A. Joseph Vice Chairman Olivia F. Kirtley Certifi ed Public Accountant, Business Consultant Diane L. Thormodsgard Vice Chairman Michele J. Hooper President and Chief Executive Offi cer of The Directors’ Council Gail K. Boudreaux Executive Vice President, UnitedHealth Group and President of UnitedHealth Group, Inc. Gail R. Wilensky, Ph.D. Senior Fellow, Project HOPE UnitedHealthcare Lori K. Sweere Executive Vice President of Human Capital Janel S. Haugarth Executive Vice President, President and Chief Operating Offi cer of Supply Lori A. Walker Senior Vice President and Chief Financial Offi cer The Valspar Corporation Chain Services, SUPERVALU, INC. Mae C. Jemison, M.D. President, BioSentient Corporation Catherine Dunleavy Executive Vice President and Chief Financial Offi cer, NBC Universal Cable Kris Kulesza Senior Vice President—Merchandising Value Vision Media, Inc. Carol Steinberg Senior Vice President – E-Commerce, Marketing and Business Development Susan Christian Vice President of Sales Operations Vascular Solutions, Inc. Carrie Powers Vice President of Marketing Charmaine Sutton Senior Vice President of Operations Virtual Radiologic Corp. Vital Images, Inc. Winland Electronics, Inc. Jenele C. Grassle Vice President, Merchandising, Carlson Marketing Worldwide Leah A. Goff Vice President, Human Resources Winmark Corp. Merry Beth Hovey Vice President, Marketing WSI Industries, Inc. Xata Corp. Karen T. Beckwith Co-owner of Beckwith Crowe, LLC A. Patricia Sampson CEO and President of The Sampson Group, Inc. Cathy J. Hart Vice President, Corporate Services and Corporate Secretary Xcel Energy, Inc. Kim Williams Retired Partner at Wellington Management Corp. Teresa S. Madden Vice President and Controller Judy M. Poferl President & CEO, Northern States Power Co., Minnesota 8 APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Women Directors and Executive Offi cers in Minnesota’s 100 Largest Public Companies (Ranked by 2009 revenue)

2009 Company Name Total Women % Women Net Change in Women Total Exec. Women Exec. % Women Exec. Rank Directors Directors Directors Directors from 2009 Offi cers Offi cers Offi cers 1 UnitedHealth Group, Inc. 9 2 22.2% 0 11 2 18.2% 2 Target Corp. 12 4 33.3% 0 10 3 30.0% 3 Best Buy Co., Inc. 12 2 16.7% 1 15 3 20.0% 4 SUPERVALU, INC. 12 2 16.7% -1 11 4 36.4% 5 3M Company 10 2 20.0% 0 14 1 7.1% 6 U.S. Bancorp 13 2 15.4% 0 14 3 21.4% 7 Medtronic, Inc. 11 2 18.2% 0 10 1 10.0% 8 General Mills, Inc. 14 5 35.7% 0 12 1 8.3% 9 Xcel Energy, Inc. 10 2 20.0% 0 13 3 23.1% 10 Ameriprise Financial, Inc. 8 1 12.5% 0 12 3 25.0% 11 C.H. Robinson Worldwide, Inc. 8 1 12.5% 0 7 0 0.0% 12 Hormel Foods Corp. 12 4 33.3% 0 31 3 9.7% 13 The Mosaic Co. 12 1 8.3% 0 10 2 20.0% 14 Ecolab, Inc. 11 2 18.2% 0 14 1 7.10% 15 Nash Finch Co. 7 0 0.0% 0 8 1 12.5% 16 Alliant Techsystems, Inc. 10 2 20.0% 0 9 2 22.2% 17 St. Jude Medical, Inc. 8 2 25.0% 0 13 3 23.1% 18 Patterson Companies, Inc. 10 1 10.0% 0 7 0 0.0% 19 The Valspar Corporation 11 2 18.2% -1 5 1 20.0% 20 Pentair, Inc. 10 2 20.0% 0 8 1 12.5% 21 Regis Corp. 7 1 14.3% 0 7 1 14.3% 22 Fastenal Co. 9 1 11.1% 0 7 1 14.3% 23 Donaldson Co., Inc. 11 1 9.1% 0 11 3 27.3% 24 Imation Corp. 9 1 11.1% 0 5 0 0.0% 25 Polaris Industries, Inc. 9 1 11.1% 0 14 1 7.1% 26 The Toro Co. 9 2 22.2% 0 14 1 7.1% 27 TCF Financial Corp. 13 1 7.7% 0 16 1 6.3% 28 Deluxe Corp. 10 2 20.0% 0 10 4 40.0% 29 H.B. Fuller Co. 7 1 14.3% 0 10 1 10.0% 30 MoneyGram International, Inc. 9 2 22.2% 1 8 2 25.0% 31 ADC Telecommunications, Inc. 10 1 10.0% 0 9 2 22.2% 32 Otter Tail Corp. 9 2 22.2% 0 6 1 16.7% 33 G&K Services, Inc. 9 2 22.2% 0 5 0 0.0% 34 Life Time Fitness, Inc. 8 1 12.5% 0 6 0 0.0% 35 ALLETE, Inc. 12 4 33.3% 1 6 1 16.7% 36 Apogee Enterprises, Inc. 9 1 11.1% 0 5 1 20.0% 37 Lawson Software, Inc. 9 0 0.0% 0 11 1 9.1% 38 FICO 9 1 11.1% 0 9 1 11.1% 39 Tennant Co. 10 1 10.0% 0 8 1 12.5% 40 Graco, Inc. 8 1 12.5% 0 12 2 16.7% 41 Select Comfort Corp. 8 1 12.5% -1 8 4 50.0% 42 Buffalo Wild Wings, Inc. 7 1 14.3% 0 6 4 66.7% 43 Navarre Corp. 9 2 22.2% 0 5 1 20.0% 44 Value Vision Media, Inc. 8 1 12.5% 0 9 2 22.2% 45 American Medical Systems Holding, Inc. 8 1 12.5% 0 11 2 18.2% 46 Piper Jaffray Companies 9 4 44.4% 1 11 1 9.1% 47 Christopher & Banks Corp. 8 2 25.0% 0 6 3 50.0% 48 Arctic Cat, Inc. 8 1 12.5% 0 7 1 14.3% 49 ev3, Inc. 9 1 11.1% 0 9 2 22.2% 50 Digital River, Inc. 5 1 20.0% 1 3 0 0.0% PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011 9

Women Directors and Executive Offi cers in Minnesota’s 100 Largest Public Companies (Ranked by 2009 revenue)

2009 Company Name Total Women % Women Net Change in Women Total Exec. Women Exec. % Women Exec. Rank Directors Directors Directors Directors from 2009 Offi cers Offi cers Offi cers 51 Hutchinson Technology, Inc. 10 1 10.0% 1 8 2 25.0% 52 MTS Systems Corp. 8 4 50.0% 1 4 3 75.0% 53 Capella Education Company 9 2 22.2% 0 8 2 25.0% 54 Hawkins, Inc. 7 0 0.0% 0 8 3 37.5% 55 Multiband Corp. 6 0 0.0% 0 5 0 0.0% 56 Techne Corp. 9 1 11.1% 0 3 0 0.0% 57 The Dolan Company 8 1 12.5% 0 5 1 20.0% 58 Caribou Coffee Co., Inc. 9 1 11.1% 0 7 1 14.3% 59 AGA Medical Corp. 8 1 12.5% NA 3 1 33.3% 60 Datalink Corp. 7 1 14.3% 0 4 0 0.0% 61 Digi International, Inc. 6 0 0.0% 0 3 0 0.0% 62 Analysts International Corp. 7 1 14.3% 0 4 1 25.0% 63 Hickory Tech Corp. 9 2 22.2% 0 6 1 16.7% 64 Famous Dave’s of America, Inc. 6 1 16.7% 0 2 1 50.0% 65 Compellent Technologies, Inc. 8 0 0.0% 0 5 0 0.0% 66 Virtual Radiologic Corp. 9 0 0.0% 0 5 0 0.0% 67 Communications Systems, Inc. 7 1 14.3% 0 6 1 16.7% 68 Appliance Recycling Centers of America, Inc. 4 1 25.0% 0 8 1 12.5% 69 Stratasys, Inc. 6 0 0.0% 0 3 0 0.0% 70 Granite City Food & Brewery, Ltd. 7 0 0.0% 0 4 1 25.0% 71 Medtox Scientifi c, Inc. 5 0 0.0% 0 7 3 42.9% 72 Rimage Corp. 6 0 0.0% 0 3 0 0.0% 73 Nortech Systems, Inc. 5 0 0.0% 0 6 0 0.0% 74 ATS Medical, Inc. 7 0 0.0% 0 8 1 12.5% 75 SurModics, Inc. 9 2 22.2% 0 11 1 9.1% 76 Vascular Solutions, Inc. 7 0 0.0% -1 8 3 37.5% 77 Xata Corp. 9 1 11.1% 1 5 0 0.0% 78 Digital Angel Corp. 5 0 0.0% NA 3 1 33.3% 79 HMN Financial, Inc. 9 2 22.2% 0 4 1 25.0% 80 FSI International, Inc. 5 0 0.0% 0 4 1 25.0% 81 Cardiovascular Systems, Inc. 8 0 0.0% 0 8 0 0.0% 82 Synovis Life Technologies, Inc. 8 1 12.5% 0 6 1 16.7% 83 Vital Images, Inc. 8 0 0.0% 0 6 0 0.0% 84 IntriCon Corp. 5 0 0.0% 0 7 0 0.0% 85 Canterbury Park Holding Corp. 6 1 16.7% 0 4 0 0.0% 86 Winmark Corp. 6 1 16.7% 0 7 2 28.6% 87 Rochester Medical Corp. 5 0 0.0% 0 6 0 0.0% 88 New Ulm Telecom, Inc. 7 2 28.6% 0 3 1 33.3% 89 Insignia Systems, Inc. 5 0 0.0% 0 5 0 0.0% 90 CyberOptics Corp. 5 2 40.0% 0 2 1 50.0% 91 NVE Corp. 5 1 20.0% NA 2 0 0.0% 92 Mocon, Inc. 9 0 0.0% 0 5 0 0.0% 93 Lakes Entertainment, Inc. 6 0 0.0% NA 2 0 0.0% 94 Angeion Corp. 7 1 14.3% 0 3 0 0.0% 95 Image Sensing Systems, Inc. 6 0 0.0% NA 3 0 0.0% 96 Clearfi eld, Inc. 6 1 16.7% NA 3 1 33.3% 97 Winland Electronics, Inc. 5 0 0.0% 0 3 0 0.0% 98 Entrx Corp. 5 0 0.0% NA 3 0 0.0% 99 Broadview Institute, Inc. 5 0 0.0% NA 2 0 0.0% 100 WSI Industries, Inc. 5 0 0.0% NA 3 0 0.0% 10 APRIL 1, 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

Honor Roll and Special Distinction Companies Minnesota Census companies have boards ranging from four to 14 seats and list from two to 31 Section 16b executive offi cers. Therefore, Honor Roll criteria focus on percentages of women corporate directors and women executive offi cers.

Companies with both 20 percent or more women corporate directors and 20 percent or more women executive offi cers receive honor roll distinction. Special distinction is awarded to companies with 30 percent or more women directors and 30 percent or more women executive offi cers. Companies are listed by revenue category and by CEO, those in the best position to serve as catalysts for change. (Special Distinction companies are in bold.) Call to Action Advancing women into corporate FORTUNE® 500: Alliant Techsystems, Inc.* CEO Mark DeYoung leadership positions is a competitive St. Jude Medical, Inc. CEO Daniel Starks imperative. We hope these data Target Corp. CEO Gregg Steinhafel prompt women and men in Xcel Energy, Inc.* CEO Richard Kelly companies of all sizes across

Minnesota to add women to their OTHER COMPANIES: Capella Education Company CEO J. Kevin Gilligan boards of directors. Christopher & Banks Corp. CEO Lorna Nagler QThis report lists the names of 119 CyberOptics Corp. CEO Kathleen Iverson Deluxe Corp. CEO Lee Schram women who are executive offi cers, HMN Financial, Inc. CEO Bradley Krehbiel many of whom are board-ready. MoneyGram International, Inc.* CEO Pamela Patsley QThis report also lists the names of MTS Systems Corp. CEO Laura Hamilton Navarre Corp. CEO Cary Deacon 113 women who currently serve on New Ulm Telecom, Inc. CEO Bill Otis Minnesota boards and have the capacity to serve on others. *2010 addition QThe Minnesota chapter of Women FORTUNE® 500 Corporate Directors has a directory of more than 30 Minnesota women who currently serve as directors of companies. Women Corporate Alliant Techsystems, Inc. — ATK is undergoing a strategic transformation as it builds on market leadership positions in Directors offers access to a global conventional munitions and rocket motors in order to grow as a premier aerospace and defense company. (New to the Honor Target Corp. — Founded in Minneapolis in 1902 as the Dayton network of women with corporate Roll in 2010) Dry Goods Company, Target is the second largest retailer in the United States. (Special Distinction company) board experience. E-mail: [email protected].

St. Jude Medical, Inc. — Advances the practice of medicine by QThe National Association of Corporate reducing risk wherever possible and contributing to successful Xcel Energy, Inc. — As a leading combination electricity and outcomes for every patient. natural gas energy company, Xcel offers energy-related products and services to 3.4 million electricity customers and 1.9 million Directors (NACD) has a talented natural gas customers. (New to the Honor Roll in 2010) pool of director candidates available to boards seeking independent directors. For $1,000, an experienced Other Companies search professional will identify eight to 10 highly qualifi ed candidates for consideration. Contact Judith Smith at Capella Education Company — A national leader in online MoneyGram International, Inc. — MoneyGram offers a diverse [email protected]/registry. education and the parent company of Capella University, a array of products and services that enable consumers and regionally accredited online university. businesses to make payments and transfer money around the world. (New to the Honor Roll in 2010) QContact executive search fi rms, such as SpencerStuart, with a proven track Christopher & Banks Corp. — A Minneapolis-based retailer of women’s clothing with over 800 women’s specialty stores record of placing women on corporate in 46 states. MTS Systems Corp. — Delivers the resources that engineers, boards. researchers and manufacturers need to excel in their businesses. (Special Distinction company) CyberOptics Corp. — Provides industry-leading optical sensors QEncourage CEOs and board members and inspection systems for the electronics assembly equipment market. (Special Distinction company) to develop a goal for board diversity, Navarre Corp. — A publisher and distributor of home including moving toward the optimum entertainment PC software, video games and accessories, DVD videos and music. number of three or more women on the board. Deluxe Corp. — A $1.5 billion company with locations in the United States, Canada, Ireland and China, Deluxe is one of the top check producers in North America. New Ulm Telecom, Inc. — Provides value-enhanced communication solutions with superior service provided by customer-focused employees.

HMN Financial, Inc. — A $1.1 billion asset, well-capitalized community bank with 16 branches located in Minnesota and Iowa. PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – APRIL 1, 2011 11 Methodology The 2010 Minnesota Census of Women in Corporate Data confi rmation sheets were e-mailed or mailed Leadership examines the percentage of women in to each company, requesting verifi cation of the leadership roles at the 100 largest publicly held information and notifi cation of any changes companies headquartered in Minnesota as ranked occurring before the Census cutoff of June 30, 2010. by 2009 net revenue in the Minneapolis-based Star Follow-up phone calls were made to the companies Tribune 100: 19th Annual Report (April 2010) and that had not responded by the requested deadline. the Minneapolis/St. Paul Business Journal top 100 list The company response rate was 67 percent. Changes (April 2010). that occurred in board membership, executive offi cer appointments, company ownership or bankruptcy Excluded from the list are closely held companies, fi lings after the period covered by the June 30, 2010, cooperatives and fraternal benefi ts organizations, fi lings are not refl ected in this analysis. and over-the-counter stocks. Of Minnesota’s Fortune® 500 companies, three companies are not Criteria for inclusion in the “executive offi cer” represented in the Minnesota Census data sample: category vary by company. To be consistent, Land O’Lakes, CHS, Inc. and Financial the Census uses only those individuals formally for Lutherans. Although the Security and Exchange designated as Section 16b executive offi cers Commission (SEC) lists these as public companies in SEC fi lings. with more than 500 shareholders, they are not publicly traded on a stock exchange. All reasonable steps have been taken to verify the accuracy of Data for The 2010 Minnesota Census were collected the data. Any Joann Bangs, Ph.D. from company fi lings with the SEC, including proxy remaining errors Associate professor, economics statements (DEF 14A), annual reports (Form 10-K) or omissions St. Catherine University and current reports (Form 8-K). Accessed online are the sole through EDGAR, the most recent SEC fi lings through responsibility of June 30, 2010, were reviewed for data collection. the researchers. Rebecca Hawthorne, Ph.D. Program director and assistant professor Master of Arts in Organizational Leadership St. Catherine University

Resources for The 2010 Minnesota Census was produced by St. Catherine University and the Minnesota Women’s Economic Roundtable. MWER is the Minnesota Information representative to ION (InterOrganization Network), a national organization CalPERS (2009). “Board Diversifi cation Strategy: that advocates for women’s participation in top leadership roles in business. Realizing Competitive Advantage and Shareowner Value.” www.calpers.ca.gov St. Catherine University Catalyst (2007). “The Bottom Line: Corporate Performance and Women’s Representation on A dynamic university educating students to lead and infl uence, St. Catherine Boards.” www.catalyst.org prepares students to make a difference in their professions, their communities and the world. At the University’s heart is the largest, most Deloitte (2010). “Diversifying the American innovative college for women in the nation. St. Kate’s also offers a Board: Thought Leaders Collaborate on Current range of graduate and associate programs for women and men at Challenges and Practical Solutions.” its two campuses in St. Paul and Minneapolis www.deloitte.com (Board Diversity Report, a PDF) and within its four schools: the School of Business and Leadership; the Henrietta Schmoll School of Health; the School of Humanities, Arts “Groundbreakers: Ernest and Young (2009). and Sciences; and the School of Using the Strength of Women to Rebuild the World Professional Studies. Economy.” www.ey.com/groundbreakers Founded in 1905, St. Catherine University Kramer, V.W., Konrad, A.M.& Erkut, S. (2006). is the only college or university in the “Critical Mass on Corporate Boads: Why Three or Minnesota Private College Council More Women Enhance Governance.” Wellesley to offer degrees at the associate, Centers for Women, Report No. WCW 11. www. baccalaureate, master’s and wcwonline.org/pubs/title.php?id=487 doctoral levels.

McKinsey & Company (2010). “Moving Women to the Top: McKinsey Global Survey Results.” www. mckinseyquarterly.com/Moving_women_to_the_ top_Mckinsey_Global_Survey_results_2686

The White House Project (2010) “The White House Project Report: Benchmarking Women’s Minnesota Women’s Economic Roundtable Leadership.” Thewhitehouseproject.org/ Founded in 1979, the Minnesota Women’s Economic Roundtable (MWER) is a forum for high-profi le women documents/Report.pdf leaders to become more knowledgeable about cutting-edge economic issues, to discuss the implications of the economy on professional and personal lives, and to contribute to the formation of economic policies.

Kudos and Contributions A special thank you to the organizing committee: tLYNN CASEY, CEO, Padilla Speer Beardsley Special thanks to the following individuals at St. Catherine University: t LINDA HALL KELLER, Ph.D., steering committee co-chair, tAMY GAGE, director of marketing and communications, tMarjorie Mathison Hance, vice president for The 2010 Minnesota Census of Women in Corporate Leadership; St. Catherine University external relations Minnesota Women’s Economic Roundtable, executive tREBECCA HAWTHORNE, Ph.D., program director and tBeth Lory and Mary Everett, MAOL research assistants committee; Minnesota’s ION board member; and Women assistant professor, Master of Arts in Organizational tMaha El-Wailli, communications coordinator, Offi ce of Corporate Directors, Minnesota chapter board Leadership (MAOL), St. Catherine University Marketing and Communications tPAULA MEYER, steering committee co-chair, The 2010 tBETH LABRECHE, CEO, LaBreche; and past president, tVal Krech, program coordinator, MAOL Minnesota Census of Women in Corporate Leadership, and Minnesota Women’s Economic Roundtable Women Corporate Directors, Minnesota chapter board tSHEILA RONNING, president and CEO, Sharp UpSwing tELLEN BREYER, Minnesota Women’s Economic Roundtable, executive committee tDEE THIBODEAU, co-founder and co-CEO, Charter Solutions 12 APRIL 2011 – THE 2010 MINNESOTA CENSUS OF WOMEN IN CORPORATE LEADERSHIP – PAID ADVERTISING SUPPLEMENT TO THE BUSINESS JOURNAL

breaking barriers for 120 years YWCA of Minneapolis has been leading social change in the Twin Cities since 1891. And we continue to work toward eliminating sexism and racism in our community. As a sponsor of the 2010 Minnesota Census of Women in Corporate Leadership, we salute those organizations dedicated to advancing women as corporate directors and executive officers.

Spencer Stuart is a proud sponsor of the 2010 Minnesota Census of Women in Corporate Leadership. We applaud the female executives it features — and all the women whose expertise, perspectives and leadership are enriching Minnesota companies. Supporting. Developing. Honoring Leaders. KPMG LLP is a proud sponsor of the 201 Minneapolis/St. Paul office 612.313.2000 Minnesota Census of www.spencerstuart.com Women in Corporate Leadership. We congratulate this year’s honorees.FOR DIRECTORS —BY DIRECTORS

kpmg.com © 2011 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG KPMG the of firm member U.S. the and partnership liability limited Delaware a LLP, KPMG 2011 © (“KPMG Cooperative International KPMG with affiliated firms and member logo name, independent KPMG of The network U.S.A. the in Printed reserved. rights All entity. Swiss a International”), through complexity” are registered trademarks or of KPMG International. 46080CHI “cutting

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