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D. Performance Monitoring Consultant (Investment Consultant) Under the direction of the Master Trustees and subject to an applicable written investment consulting agreement, the duties and responsibilities of the investment consultant shall include, but not be limited to , the following : 1. Assists the Master Trustees in developing investment policy guidelines, including asset class choices , asset allocation targets and risk diversification. 2 . Provides the Master Trustees with objective information on a broad spectrum of investment management specialists and helps construct a portfolio management team of superior investment managers . 3 . Monitors the performance of the investment managers and provides regular quarterly reports to the Master Trustees, which will aid the Master Trustees in carrying out the intent of this policy . 4 . Reports conclusions and recommendations to the Master Trustees as required. 5 . Evaluates and makes recommendations , as needed, on portfolio management. 6 . Evaluates and makes recommendations, as needed, on other areas of investment, such as real estate, foreign securities or venture capital . 7 . Will abide by duties , responsibilities and guidelines detailed in any specific investment consulting agreement. IV. INVESTMENT AND FIDUCIARY STANDARDS The standard of prudence to be used by investment advisors , money managers or other qualified parties or individuals with contracted investment responsibilities with the Master Trust Fund (the "Managers") shall be the "prudent person" , which provides that the investments of the Master Trust Fund shall be made with the judgment and care under the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs , not in regard to speculation but in regard to the permanent disposition of the invested Master Trust Fund assets considering the probable income, total return and probable safety of these Master Trust Fund investments . Managers shall adhere to the fiduciary standards set forth in the Employee Retirement Income Security Act of 1974 at 29 U. S . C . s . 1104(a) ( 1 )(A) through (C) . Individuals , acting in accordance with established procedures and exercising due diligence , shall be relieved of personal responsibility for an individual security ' s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to minimize any investment losses . Any individual who is involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program , or which could impair their ability to make impartial investment decisions . Managers shall have a written policy which addresses the disclosure of potential conflict-of4riterests which shall be submitted to the Administrator upon request. Managers shall also disclose to the Administrator any Page 3 of 19 Revised June 1 , 2007