Resolutions of the Board of Trustees of Correction Officers’ Benevolent Association Annuity Fund At 11:30 am, Thursday, September 23, 1999 at the Office of the Correction Officers’ Benevolent Association, 335 Broadway, New York, New York, the trustees of Correction Officers’ Benevolent Association Annuity Fund. met with each of the investment fund investors charged with investing assets of the Correction Officers Benevolent Association Annuity Fund Also present were Mr. John Renck and Mr. Jack Renck of Monitoring/Evaluation Services, Inc., Investment Consultants and Richard J. Koehler, Fund Counsel. Afier reviewing the performance of each of the invesiment firms and interviewing Mr. Alan C. Fields of Clayton Capital Management, LLC, Newark, NJ there was discussion and the trustees resolved as follows: Because of the poor performance of Shields Alliance, $30 million will be taken from their investment account and transferred as follows: $10 million to Fleet Invesuments, $10 million to Wright Investor's Service, $5 million 10 Clayton Capital Management and $5 million to a cash account at Paine Webber. These transfers will be made as soon as possible and Mr. John Renck and Mr. Jack Renck will develop the transfer scenario. ‘They will also insure that when all transfers are accomplished. the existing asset allocation of the overall Correction Officers’ Benevolent Association portfolio remains as it is today. The $5 million Paine Webber cash account will be considered part of the fixed income allocation. In addition, it was resolved that the asset allocation within the portfolio managed by Shields Alliance would remain at 65% fixed income and 35% equity after the transfers. Israel Rexach, 1" Vice aa ae fent astro, Financial Secretary