Subject: RE: Proposed Investment Policies
From: "Bonnie Raquet" <[email-masked]>
To: "'Rick Leach'" <[email-masked]>, <[email-masked]>, "'Randy Russell'" <[email-masked]>, "'Samuel Berger'" <[email-masked]>, "'Anne Marie Person'" <[email-masked]>, "'Rachel Reeve'" <[email-masked]>, "'Laura Huber'" <[email-masked]>
Cc: "'Shannon Hiskey'" <[email-masked]>, "'Tim Hawkins'" <[email-masked]>
Date: Thu, 15 Mar 2012 14:27:15 -0400

As I indicated when we first reviewed these, and based on my general
experience on other boards where we manage endowment funds, these policies
seem appropriately conservative, and the asset allocation instructions fit
the goals.  I approve.

Bonnie E. Raquet

Phone: 612-562-0380

E-mail:  [email-masked]

From: Rick Leach [mailto:[email-masked]] 
Sent: Thursday, March 15, 2012 12:33 PM
To: [email-masked]'; Bonnie Raquet; Randy Russell
([email-masked]); Samuel Berger; 'Anne Marie Person'; 'Rachel
Reeve'; 'Laura Huber'
Cc: Shannon Hiskey; Tim Hawkins
Subject: Proposed Investment Policies

Dear Members of the Executive Committee,

In follow-up to our discussion earlier this week, please find attached for
your review/approval the proposed investment policies for our reserve and
the Bertini Fund.  Thanks again for your guidance and commitment of time.

All the Best,

Rick