A. Performance results for the Investment Manager(s) will be measured on a quarterly basis and presented to the Foundation's Finance Council at least annually. Performance will be calculated and compared on time-weighted rates of return, net of investment management fees.

B. Consideration shall be given to the extent that the investment results are consistent with the investment objectives, goals and guidelines as set forth in this Statement.

C. While the Board of Trustees intends to fairly evaluate the portfolio performance over the agreed period of evaluation, the Board of Trustees reserves the right to change Investment Manager(s) for any reason, including:

1. The Foundation's performance is unsatisfactory to the Board of Trustees on either an absolute or relative basis and/or there is an unacceptable justification of poor results.

2. Lack of responsiveness to the Board of Trustees' overall concern about the market or inflexibility of approach.

3. Failure by the Investment Manager(s) to meet the Board of Trustee's communication and reporting requirements.

4. Any failure to abide by the fiduciary standard of ERISA or failure to abide by the investment policies stated herein.