July 6, 1999
Dear Norman:
On behalf of our company and my colleague, Doug Beath, I wanted to take this moment to thank
you and the Trustees for the recent vote of confidence in giving us additional assets. It is my
understanding, based on the discussions at the Trustees Meeting on Tuesday, June 29, that we
wi11 recei ve $10 mi 11 ion in assets of which approx i mately $5 million wiII go into bonds and $5
million will go into equities to be invested in our Majors portfolio-which is a large cap value
portfolio.
I f there are any quest ions, please do not hesi tate to call.
Sincerely,
f\~J(~
Senior Vice President
/icv
GOVERNMENT
EXHIBIT
GH -12