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voted to remove the fund . Written notice to all affected Participating Employers will be sent within 10 days of the Master Trustees decision to remove the fund . All deposits previously allocated into the replaced fund will be directed to the new fund . Appropriate information about the fund replacement and new fund prospectus will be given to Participating Employees prior to the exchange . Events that Constitute Immediate Removal of a Mutual Fund. In an effort to maintain strict oversight of the mutual funds in which assets of the Defined Contribution Pension Plan Trust, Deferred Compensation Plan Trust and Other Post-Employment Benefit Plan Trust are held, the following guidelines have been developed as a basis for when a mutual fund must immediately be removed from the Master Trust Fund. Funds meeting the following criteria may be removed by the Administrator with 30 days written notice to affected Participating Employees and notification to the Chair of the Master Trustees . Written notice to all affected Participating Employers will be sent within 10 days of the decision to remove the fund . Appropriate information about the fund' s replacement and new fund prospectus will be given to Participating Employees prior to the exchange . • Management team termination 12 -month returns as compared to the relevant universe in the bottom 10th percentile 2 . Qualitative due diligence of each fund will be conducted on a periodic basis with appropriate parties at each investment entity. Any issue materially affecting the management staff and investment process associated with each fund will be considered, including : (a) Changes to the management team or the firm ' s ownership . (b) Modifications to the fund ' s investment policy, philosophy and decision process . (c) Deviation of investment style, regulatory action and investigation or litigation by a government agency . J . Proxy Votina. The Master Trustees will vote on all proxies issued by the mutual funds . XIV, REVIEW AND AMENDMENTS It is intended that the Managers , investment consultants, Administrator and Master Trustees review this investment policy periodically . If at any time a Manager or consultant believes that the specific objectives defined herein cannot be met or that the guidelines unreasonably constrict performance, the Master Trustees shall be notified in writing . By the initial and continuing acceptance of these investment guidelines , the Manager concurs with the provisions of this policy . Page 18 of 19 Revised June 1 , 2007