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GO
V
ERN
ME
NT
EX
HIBIT
GN
-19
Letter
of
GoverningInstructions
ForWrightInvestmentManagement
WRIGHTINVESTORS'SERV1CE,INC.
440
Wheelers
Farms
RoadMilford,Connecticut
06461
Theundersigned
(the"
Cli
ent
")
desi
gnates
WrightInvestors'Service,Inc.(the
"Advisor")
to
di-
reelatthebank.trustcompanyorothercustodian
ap-
provedbytheAdvisor(the"Custodian")thein- vestment
of
allpropertyintheClient'saccountas providedforin
thisLetter
of
Governing
Instructions
forWrightInvestmentManagement.
R
EPRES
E
NTATIONS
AND
WARRAN
T
IES:
TheAdvisor
is
aninvestmentadvisora'thattermis definedin
til
InvestmentAdvisersActof
1940
(the"Act")andregisteredwiththe
Secur
itiesandEx- change
Comm
ission
asprovided
forin
thatAct.The Advisoris
a
fiduciaryasdescribedintheEmployee RetirementIncomeSecurityAct
of
t974,
asamended("ERlSA"),withrespecttotheCIient'saccount. The
Advisor
will
use
its
bestefforts
intheinvestmentmanagementoftheClient'saccountbut isnotliableforlossesresultingfromactionstakenor omittedunlesssuchactionsareaviolationofthese- curitieslaws
of
theUnitedStatesorfailure
to
dis-chargetheAdvisor'sfiduciaryresponsibilitiesunder ERISA.TheAdvisorhaobtainedanybondrequired
UD-
derSection
412
ofERISAoranyotherapplicableDate
-
- - - - I . ~ " _ 4 _
- = ~ = -
: : : : . . . . : ~ e . . . . -
- - - -
law
and
willcontinueanysuchbondforthe
t
erm
ofthisAg
reement
andwillprovidetheClientwith evidenceofsuchcoverageuponwrittenrequest.
PURCHASE
AND
SALE
OF
SEC
URJTIES:
TheClientappointstheAdvisoragentforthe
Client
andaurhorizesandinstructstheAdvisortopurchase andsell,
in
theAdvisor's
sa
leandab
solute
dis-cretion,SecuritiesfortheClient'saccountwhichthe Advisordeemsadvisableandwhichconformtoany writteninvestmentguidelines
or
policiesofthe Clientwhichareattachedtoandmadepartofthis Agreement.Forpurposes
of
thisAgreement,theterm Securitiesincludes: Stocksandfixedincomeinstrumentsmeet- ingthequality
requirements
oftheAdvisor, Fundsorinvestmentcompanysharesman- agedorselectedbytheAdvisor.Depositsinandfixedincomeobligationsof anybankOrfinancialcorporationoperating underthelawsoftheUnitedStatesorother governments,andOther
securities
which
theClientmayde-positorauthorizeinwriting.
EMt>LOYEE
BENEFlT
s:
OHJER
ERISAACCOUNTS
 
TheClientrecognizesthatallinvestmentsarcsub jecttovaryingdegreesofriskandthattheAdvisor makesnorepresentationthatsecuritiesboughtwillbeprofitable.PastperformanceoftheAdvisorisnotaguaranteeoffuture
resu
Its.
DEPOSITS
&
WlTHDRAWALS:The
Clientwi
II
notifytheAdvisorofallcashandsecuritiesdepos itedinorwithdrawnfromtheClient'saccount.The Advisor,however,isauthorizedto
relyand
actonlyuponwrittenororal(ifconfirmedinwriting)
noti
ficationbytheCustodianofsuchdepositsorwithdrawal.. TheAdvisorisauthorized.
bur
notrequired,toact
00
theClient'soralinstruction.excepttheAdvisorisonly authorizedtoactontheClient'soralwithdrawalinstructionswhentheinstructionistodirectthe
CUSto-
diantopaythewithdrawaldirectlytotheClientoran accountintheClient'sname.TheAdvisormayonly directotherwithdrawalinstructionsbyforwardingthe Client'swrittenauthorizationtotheCustodian.
BROKERS
AND
COl\il1\iUSSION
COSTS;
TheAdvisorisauthorizedtoplaceSecuritiesordersforthis accountwithany
broker/de
aler
thattheAdvisorcon siderssatisfactoryfortheexecution
of
investmenttransactionsforitsclients.
If
theCustodianis
a
broker/dealerthattheAdvisorconsidersatisfactory,theCli entauthorizestheAdvisortoplacebuyor
sell
orderswiththeCustodian.TheAdvisormaycombinepur chaseandsaletransactionsfortheClient"account withsimilartransactionsforotheraccountsdirectedby theAdvisorwhenever.in
the
discretionoftheAdvisor. it
is
inthebestinterestsofthe
Client
andotherclientsoftheAdvisorbutitdoesnotinanywayimpairthe
s
egr
egation
ofthe
property
intheClient'saccount. TheClientrecognizesthatmanyofthebroker/ dealerswithwhomtheAdvisornormallyplacesbuyor sellordersalsopurchaseinvestmentservicesfromthe Advisorfortheirownuseoronbehalfoftheircustom
ers,
andthatsomebroker/dealersmay,inreciprocity forbrokerageplacedwiththembytheAdvisor.alsoprovidetheAdvisorwithspecializedserviceswhichare utilizedintheAdvisor'sinvestmentcollectionandana lyticalprocesses.TheAdvisormayplace
buy
orsellordersforthisaccountwithsuchbroker/dealersorwiththebroker/dealer.ifan
y.
whointroducedtheCli-enttotheAdvisor,providedthatsuchbroker/dealerisconsideredbytheAdvisorassatisfactoryfortheex ecutionofinvestmenttransactionsfor
I(S
clients;thatthebrokeragecommissionchargesanddiscountsarcsubstantiallythe
same
asthosemadebyotherbroker/
dealers
utilizedbytheAdvisorandnotexcessive
in
relationtotherateswhicharegenerallychargedfor similartransactionsinthesecuritiesindustry;andthat,
in.
thebestjudgmentoftheAdvisor,thebestinterests oftheClientandotherclients
are
notadverselyaf fected.
Th
ese
provisionsarebelievedbytheAdvisorto beinfullcompliancewithSection
28(e)
oftheSecuritiesExchangeActof
1934.
LIMITEDPOWEROF
ATTORNEY:
ThisAgreementconstitutesacontinuingPowerofAttorney applyingandlimitedtoanyandallfuturetransactions relatingtotheCIient'
s
account.
Th
isPowerofAttorneydesignatestheAdvisor
as
Agent,subjecttothe ordersandinstructionscontainedinthisAgreement. ThisPowerofAttorneyshallnotbeaffectedbyany changeintheClient'sorganization.andshallcontinue ineffectuntiltheAdvisorreceiveswrittennotification
from
theClientthatthisPowerofAttorney
has
beenrevoked.TheAdvisorasAgentwillalwaysactand bindtheundersignedupontheinstructionofitspresi dentorof
anyo
neofitsofficersoremployee.afrom timetotimedesignatedforthispurposebyitspresi dent.
VERIFIC
ATIONOF
ST
A
TENIENTS:
TheCli
ent
authorizestheAdvisor,
as
agent
of
theClient,toreceive
information
fromtheCustodianforthepur poseofreconcilingreportspreparedbytheCustodian inresponsetoanytransactionsoractionsbytheCusto dianfor.orpurportingtobefor.theClient'saccount.
REPORTS:
AtleastquarterlytheAdvisorwillprovidetotheClientafinancialreportoftheClient's accountwhichwi
IIinclude
allassetsintheaccount
as
ofth
e.
endofthequ
an
erandtheirfairmarketvalue,
as
wellaall
[Tan
actionsinvolvingtheaccountduringthe quarter.Atother
reasonable
times.theAdvisorwill provide.attheClient'srequest,additionalinformation andadvicetotheClientregardingtheClient'saccount. Thisinformationmaybeprovidedbymail,telephone orinpersonand.attheAdvisor'sdiscretion,byclient
 
serviceofficersand
employe
es
of
eitherthe
Advisor
or
of
ab
ank
or
other
fiduciary
organization
compensated
by
the
Advisor
forthis
purpose.
PROXJES:
Exceptas
provided
in
this
para-
graph.theAdvisor
will
vote
all
proxi
esfor
securiti
esheldinthe
Client'
saccount.AttheCIi
ent
'sr
equ
est
the
Advisor
will
provide
the
Client
with
a
proxy
voti
ng
record
for
securitie
s
held
in
the
Client'
account.
If
the
Client
or
anoth
er
de
sign
eeis
auth
or-izedto
vote
theproxi
es,
theClientwill
provide
the
Advisorwith
verificationacc
eptable
to
the
Advisor,
inc
ludin
ginstructions.
thatthe
Advisor
is
not
authorizedtovotetheproxies.
ADVISOR'S
FEE:
The
Adviorwillcharge
a
feeforitsservicesp
rovided
under
thi
Agreement
inac-cordancewiththe
attach
edschedule
of
feesthatis computedonthebasis
of
thecashandmarketvalue ofpropertyinthe
account
onthelastdayofeach calend
ar
quarter.TheClient's
account
willbebiliedquarterlyin
arr
ears.
The
Advisorwill
bill
the
Custodian
for
services
providedtothe
Clie
nt's
a
count
unless
other
wisedi-rectedbytheClient.TheCustodianwillpro
mp
tlypaythe
Advi
'orforserviceprovided
to
the
Client's
a
cco
untby
char
gingtheClient'saccount. Exceptasmay
be
permittedbyruleor
ord
er
of
rhe
applicable
state
regulatoryauthority,the
Advi
sorhallnotbecornpenatedon
the
basisofahare
of
capitalgains
upon
or
capital
appreciation
ofthefunds oranyportion
of
the
fu
nds
of
the
Cl
ienr.
TheAdvisorwill
give
the
Client
90
days'
writtennoticeofa
chan
geinthe
schedule
of
feesappli
cable
tot.heClien
t's
account.
The
new
feeschedulewill automatically
come
into
effect
for
the
Cli
ent'
s
ac-
countinac
cordance
withthe
90·day
noticeprovision
unlesstheCli
ent
pr
ovid
eswrittennoticetotheAd- visorthattheaccountis
not
to
continu
e
under
thenew
fee
sche
dule.
SPECIALINSTRUCTIONS:
The
Clientmay
submit
specialinstructions
to
the
Advisor
at
any
time.
Speci
alinstructi
ons
b
ecome
part
of
this
Agr
ee-mentonlyuponwrittena
cce
ptanceby
the
Advisor.
Except
as
provided
elsewhere
inthis
Agre
em
ent
the
Advisor
is
authorized,
butnot
required,
to
act
upon
the
Client
's
oralspecial
instructions.
ASSIGNMENT:
This
A
gre
em
ent
maynot
beassignedby
either
party
without
the
consent
of
the
other
party.
andcontemporaneous
notification
of
theassi
gnmentbyeither
party
tothe
Custodian.
TERMINATION:
Clientmaytermin
ate
this
Agre
ement
without
p
enalty
withinfive
busine
ss
davs
of
signing
it.This
Agreement
may
be
terminated
by
either
party
upon
written
noticetotheother.Upon
termination.
theClient
will
promptly
pay,orcause
the
Custodian
topay,
any
fees
due
totheAdvisor.
TheAdvisor
will
refundany
pr
epa
idfeesallocablet
periodsafter
the
date
of
t
ermination.
The
Advi
s
or
will
direct
the
Custodian
to
dis
p
ose
of
the
property
intheCli
ent'
saccountin
acco
rdance
with
the
Cli
ent'
s
wri
tten
directions
fordispositionofthe
accoun
t.
The
A
dvi
sorwillissueafinalreportas
of
the
termination
dateoftheacco
unt
whichwillcontain
at
leastuchinform
ation
asis
contained
inits
quar
terlyreports.
NOTICES:
TheAdvis
orisnot
bound
by
any
n
otice
of
or
demandmade
withrespecttothisAgree- mentunlesssuchnoticeordemandisinwriting
to
the
Advi
sor
andsigned
bythe
Client
or
the
Cli
ent's
legalrepresentative.TheAd
visormay
relyconclusively andisprotectedinactinguponanywrittenororal(if confirmed
in
writing)noticerequest.consent,instruc- tionor
other
instrum
ent
reasonablybelievedbythe Advisorin
goo
dfaithtobegenuineorignedbythe properperson
or
duly
authorized
or
properlymade.
SEVERABILITY:
U'
anytermofthis
Agreement
isconstruedasinvalidor
unenfor
ceable,the
rema
inder
of
thisAgreementshall
not
be
af
fe
cted
by
such
deter-minati
on
and
the
remaining
terms
of
this
Agreemen
twillbevalidandenforceabletothe
fuU
extentofthelaw.
GOVERNING
LAW:
This
Agreement
isgovernedby
and
construedin
accord
an
ce
with
thelawsofthe
State
of
NewYork
now
in
effect
orasfromtimeto
time
amend
ed.
unle
ssN
ewYork
law
ispre-emptedbyFederal
laws
thenin
effec
t.
of 00

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