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(b) Termination of the Manager, material change in the management team or change in ownership . (c) Increase in direct and indirect expenses . (d) A total return in the lowest 25th percentile in any consecutive 4 calendar quarters as compared to the fund' s peer group that defines the comparable investment styles (universes) . ( e) Rolling total returns in the bottom 50th percentile for any 3 -year period ending on a calendar quarter as compared to the fund ' s peer group that defines the comparable investment styles (universes) . (f) Sharpe Ratios in the bottom 50th percentile for any 3 - year period ending on a calendar quarter as compared to the fund ' s peer group that defines the comparable investment styles (universes) . (g) Negative Alpha Returns over any three-year period ending on a calendar quarter for actively managed funds . This is an observable and not actionable measurement and should be factored in only if there are other reasons for the fund to be on the monitor list. (h) Any other information that may lead the Master Trustees to believe the fund is not fulfilling the intent and purpose of this policy, including performance relative to indexes specified in Section XIII .H above . Investment options offered through the MetLife CHART Program are exempt from the following minimum performance criteria. However, as part of the effort to monitor the viability of the CHART Program, the Master Trustees will generally evaluate their proprietary funds in a manner comparable to what is applied to any fund included on the investment menu. The CHART Program is an advisory service offered by MetLife that utilizes "fund of funds" actively managed by MetLife . Risk is measured implicitly by reviewing the Sharpe Ratio and Alpha statistic . If any of these events occur, the Master Trustees shall consider whether the fund continues to be an appropriate investment for the Master Trust Fund . The Master Trustees acknowledge that fluctuating rates of return characterize the securities markets, particularly during short-term time periods. Recognizing that short-term fluctuations may cause variations in performance, the Master Trustees intend to evaluate Manager performance from a long-term perspective giving funds an opportunity to recover from periods of poor returns . If a Manager has consistently failed to adhere to one or more of the above conditions, it is reasonable to presume a lack of adherence going forward. Failure to remedy the circumstances of unsatisfactory performance by the Manager, within a reasonable time, shall be grounds for termination. Any recommendation to terminate a Manager will not be made solely based on quantitative data. Frequent changes are neither expected nor desirable . When a fund is replaced, all assets in the replaced fund will be transferred to the new fund 30 days after the Master Trustees have Page 17 of 19 Revised June 1 , 2007