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To the extent of the Master Trust Fund' s rights for which Participating Employees did not give <br /> proper instructions, the Master Trustees may vote in their discretion. <br /> VIII . CONTINUING EDUCATION <br /> The Master Trust Fund acknowledges the importance of continuing education for Master <br /> Trustees. To that end, the Master Trustees shall attend appropriate educational conferences in <br /> connection with their duties and responsibilities as Master Trustees . <br /> IX. REPORTING AND PERFORMANCE MEASUREMENT <br /> The Administrator shall submit to the Master Trustees a quarterly investment report with <br /> information sufficient to provide for a comprehensive review of investment activity and <br /> performance for the quarter. Performance shall be measured against appropriate indices <br /> identified by the Master Trustees for each investment category . This report shall summarize <br /> recent market conditions, economic developments and anticipated investment conditions . The <br /> report should also summarize the investment strategies employed in the most recent quarter, and <br /> describe the portfolio in terms of investment securities, maturities, risk characteristics, adherence <br /> to guidelines and other relevant features . <br /> Managers shall provide timely transaction and performance data to record and document <br /> investment activity, including asset valuation, yield and total return data and such other relative <br /> performance data of the Master Trust Fund' s portfolio on a periodic basis as may be reasonably <br /> requested by the Administrator. <br /> The Administrator, Managers and other contracted parties shall provide to the Master <br /> Trust Fund' s auditor such verifications or reports as are required for the purpose of developing <br /> and supporting the annual financial statements of the Master Trust Fund and the footnotes <br /> thereto . <br /> Managers shall provide immediate written and telephonic notice to the Administrator of <br /> any significant event relating to the Master Trust Fund, specifically but not limited to the <br /> resignation, termination or incapacity of any senior personnel of any Manager. <br /> X. RISK AND DIVERSIFICATION <br /> The Master Trustees will monitor the return per unit of risk (as measured by the standard <br /> deviation of quarterly returns) of the Master Trust Fund' s assets on an ongoing basis , with each <br /> Manager' s contribution being reviewed independently and as to its impact on the overall Master <br /> Trust Fund' s investment return and volatility of results over time . Each Manager' s contribution <br /> will be measured against similar data for appropriate benchmarks. <br /> Investment guidelines and monitoring will provide controls for identifying and limiting <br /> risk of loss from over concentration of assets invested in a specific maturity, with a single issuer, <br /> in like instruments, or dealers or through utilization of intermediaries for purchase and sale of <br /> investments . <br /> Page 5 of 19 <br /> Revised June 1 , 2007 <br />