Investments

INVESTMENT POLICY SUMMARY 2006

OBJECTIVES:
To preserve the portfolio's purchasing power through asset growth in excess of the spending policy plus the rate of inflation. Invest assets in order to maximize long-term growth of capital without undue exposure to risk

SPENDING POLICY:
Determination of the annual Spending Policy will be based on a twelve trailing quarter average of the market value of the endowment ending 12/31, with a minimum 3.0% and maximum 5.5% payout amount. This range takes into account preservation of principal as well as investment, custodial, and administrative fees. The Board will vote annually in March on the exact Spending Policy percentage for the upcoming year. Special payments in excess of the annual Spending Policy are allowable only with special approval of the Board of Directors.

ASSET ALLOCATION: Foundation's current investment allocation is:

PORTFOLIO BENCHMARKS:

• 3% above the risk free rate (1 month treasury bills) plus Inflation(Personal Comsumption Expenditure (CPE)
• Portfolio is expected to perform as well as a "composite" index consisting of a weighing of the Standard & Poor’s 500 Stock Index (equities) and of the Shearson Lehman Intermediate Bond Index (fixed income) that equates to the funds weighting in each asset class, net of fees
• These objectives are to be measured over running five-year periods

IMPORTANT: The above information represents excerpts from the Foundation's investment policy adopted by the Board of Directors on November 20, 2003. This information should be relied upon only in conjunction with the complete Policy which is available upon request. Please consult with your investment advisor regarding appropriate the investment plan for you.