ARTICLE I

DEFINITIONS

            As used herein the following terms have the following respective meanings:

            “Account” has the meaning ascribed to it in Section 2.07 .

            “Agent” means any Person appointed by the Investment Manager or under the direct or indirect control of the Investment Manager acting in its capacity as a provider of services for SWIB, which Person shall not include a broker-dealer registered under the U.S. Securities Exchange Act of 1934, as amended, or any Person acting as Custodian.

            “Agreement” means this Investment Management Agreement, as from time to time amended.

            “Assets” means the investment assets and cash of SWIB delivered to the Investment Manager for investment, together with all interest, income, accruals and capital growth thereon, all proceeds thereof, and such additional investment assets and funds as may be allocated by SWIB to the Investment Manager for management hereunder.

            “Authorized Instructions” has the meaning ascribed to it in Section 2.06 .

            “Authorized Investments” means the investments in which the Investment Manager is authorized to make on behalf of SWIB in its management of the Assets under this Agreement.  Such investments are specified in SCHEDULE I under the heading “Authorized Investments."

            “Authorized Persons” has the meaning ascribed to it in Section 2.05 .

            “Claims” has the meaning ascribed to it in ARTICLE V subparagraph (i) .

            “Custodian” means any Person charged with the safekeeping of Assets, and having such powers, duties, and rights as set forth in a custody agreement between SWIB and such Person (on the date hereof, Mellon Trust).

            "Damages" has the meaning ascribed to it in Section 6.01(a) .

"ERISA" means the U.S. Employee Retirement Income Security Act of 1974, as amended.

“Fair Market Value” means the fair market value as computed by SWIB's Custodian.

            "Interested Person" has the meaning ascribed to it ARTICLE IV, subparagraph (h).

            “Investment Consultant” means any advisor or consultant of SWIB designated as such in writing from SWIB.

            "Investment Guidelines" has the meaning ascribed to it in Section 2.02 .

            “Investment Manager” means _________________[name of investment manager].

            “Performance Standards” has the meaning ascribed to it in Section 2.03.

            “Person” means an individual, a corporation, an association, a partnership, an organization, a limited liability company or partnership, a business, a trust, an estate, or any other legal entity.

            “Prohibited Transactions” has the meaning ascribed to it in SCHEDULE I under the heading “General Guidelines.”

            “SWIB” means the State of Wisconsin Investment Board, an independent agency of the State of Wisconsin.

            “SWIB Records” has the meaning ascribed to it in Section 2.17 .

ARTICLE II

APPOINTMENT, AUTHORITY AND RESPONSIBILITY OF INVESTMENT MANAGER

2.01          Appointment.  SWIB hereby appoints _________________ as Investment Manager with regard to the Assets, and _______________________ hereby agrees to serve as Investment Manager, on the terms and conditions set forth herein.

2.02          Management of Assets.  The Investment Manager shall invest and reinvest the Assets in accordance with the investment objectives and guidelines set forth in Schedule I (the “Investment Guidelines”), as the same may be amended from time to time by SWIB in writing and, in connection therewith, may purchase, sell, and otherwise deal with the Assets, on behalf of SWIB and in the name of SWIB, the Custodian, any sub-custodian appointed by the Custodian, or any nominee of either, and on terms and conditions determined by the Investment Manager in a manner consistent with the provisions hereof, and may directly place orders for purchases and sales of the Assets; provided, however, that the Custodian shall nevertheless retain custody of all Assets, and provided further that the Investment Manager shall not enter into securities lending transactions with respect to any of the Assets.

2.03          Performance Standards.  The Investment Manager acknowledges that SWIB has established performance standards for the Assets as are set forth in Schedule II attached hereto (the “Performance Standards”), as the same may be amended from time to time by SWIB in writing, and that failure to consistently meet such performance standards may result in termination of this Agreement. 

The Investment Manager hereby acknowledges that it has reviewed and is familiar with the Investment Guidelines and the Performance Standards.  In the event that SWIB amends the Investment Guidelines pursuant to Section 2.02 or the Performance Standards pursuant to this Section 2.03 , the Investment Manager agrees to be bound by any such amendments upon receipt of written notice from SWIB and to acknowledge such amendments in writing.

2.04          Fiduciary Duties.  The Investment Manager acknowledges that it is a fiduciary of SWIB with respect to the investment and management of the Assets.  The Investment Manager shall discharge all of its duties and exercise all of its powers hereunder (i) solely in the interest of SWIB, (ii) with the care, skill, prudence, and diligence under the circumstances prevailing that a prudent person who is familiar with such matters would use in discharging such duties and exercising such powers, and (iii) otherwise in accordance with the standard of responsibility applicable to SWIB investments under s. 25.15 of the Wisconsin Statutes. 

The Investment Manager and its affiliates perform investment advisory and management services for various clients.  SWIB agrees that the Investment Manager may give advice and take action in the performance of its duties with respect to any of its other clients or with respect to its officers or employees which may differ from advice given or the timing or the nature of action taken with respect to the Assets.

2.05          Authorized SWIB Personnel.  Upon execution of this Agreement, SWIB shall provide the Investment Manager with a list of authorized SWIB personnel (“Authorized Persons”) who will be permitted to advise, inform and direct the Investment Manager on SWIB’s behalf, together with signature specimens of certain Authorized Persons who may execute specific tasks under this Agreement.  The list of Authorized Persons and any changes to such list shall be made in writing to the Investment Manager and signed by SWIB’s Executive Director or her designee.  Until notified of any such change and subject to the provisions of Section 2.06 below, the Investment Manager may rely and act upon instructions and notices received from an Authorized Person identified on the then current list furnished by SWIB.  Investment Manager may request a current list at any time.

2.06          Authorized Instructions.  All directions and instructions to the Investment Manager from any Authorized Person (“Authorized Instructions”) shall be in writing and transmitted as provided in Section 8.14 hereof (Notices); provided, however, that the Investment Manager may, in its discretion, accept verbal Authorized Instructions subject to written confirmation of same from such Authorized Person.  Such Authorized Instructions shall bind the Investment Manager upon receipt.  If the Investment Manager receives instructions or notices from a source other than an Authorized Person, the Investment Manager shall not comply with them and shall immediately notify SWIB’s Chief Investment Officer [Fixed Income or Public Equities] in writing of such unauthorized instructions or notices.

2.07          Custody of Assets.  SWIB shall instruct its designated Custodian to (a) establish a separate custody account on its books and records in the Investment Manager’s name (“Account”) and (b) maintain the Account in a manner that enables Custodian to account for the Assets, and transactions with respect thereto. 

Ownership of the Assets shall remain with SWIB.  The Investment Manager shall not, under any circumstances, take possession, custody, title, or ownership of any Assets.  The Investment Manager shall not have the right to have securities in the Account registered in its own name or in the name of its nominee, nor shall the Investment Manager in any manner acquire or become possessed of any income or proceeds distributable by reason of selling, holding or controlling any Assets in the Account.  Accordingly, the Investment Manager shall have no responsibility with respect to the collection of income, reclamation of withheld taxes (subject to Section 2.16 below), physical acquisition or the safekeeping of the Assets.  All such duties of collection, physical acquisition or safekeeping shall be the sole obligation of the Custodian.

2.08          Withdrawal of Assets from Management.  By notice to the Investment Manager, SWIB may withdraw from and decrease the Assets managed by the Investment Manager hereunder immediately upon prior written notice.  Any such notice shall set forth the amount of any such withdrawal or identify the investment assets and amount of cash to be withdrawn, the date as of which such withdrawal shall be effective and such other information that SWIB deems necessary or appropriate.  On and after the effective date of such withdrawal and decrease and except as may otherwise be set forth in such notice, the Investment Manager shall cease to be responsible for future investment of the Assets and/or cash withdrawn.

2.09          Trading Procedures.  All transactions authorized by this Agreement shall be settled through SWIB’s Custodian, who shall retain sole possession of and have complete custodial responsibility for the Assets.  The Investment Manager shall be the sole entity to notify and instruct the Custodian on: (a) orders which the Investment Manager places for the sale or purchase of any Assets and the management or disposition of such Assets, and (b) the purchase or acquisition of other securities or property for the Account.  The Investment Manager shall provide the Custodian with such trade information as the Custodian may require to effect settlement, within the time frames as the Custodian may designate.  SWIB shall provide the Investment Manager with the Custodian’s detailed procedures and settlement instructions upon request.

2.10          Investment Manager Not Acting as Principal.  The Investment Manager shall not act as a principal in sales and/or purchases of the Assets, unless the Investment Manager shall have received prior written approval from an Authorized Person for each such transaction.  The Investment Manager shall also not exercise voting rights or grant proxies with respect to securities under its management or engage in prohibited transactions to the extent set forth in s. 406(b) of ERISA.

2.11          Brokerage.  SWIB may, in writing and from time to time, direct the Investment Manager to effect orders through one or more brokers or dealers designated by SWIB.  The Investment Manager, in seeking to place such orders, shall effect them with such brokers or dealers unless the Investment Manager can obtain better net best execution elsewhere.  In selecting brokers or dealers, the Investment Manager shall use reasonable efforts to seek the most favorable combination of price and execution, and may consider the fact that a broker or dealer has furnished, or has agreed to furnish in the future, statistical, research or other information or services which enhance the Investment Manager's investment research and portfolio management capability for investing the Assets. 

Notwithstanding the foregoing, the Investment Manager shall not place orders with any broker/dealer who: (a) SWIB has by written notice to the Investment Manager deemed unsuitable for SWIB trades, (b) is affiliated with the Investment Consultant and any other investment consultant that provides non-brokerage related services to SWIB, or (c) is affiliated with the Investment Manager.  The Investment Manager agrees to be bound by any changes to such broker/dealer list upon receipt of written notice from SWIB.  In addition, the Investment Manager shall not engage in transactions that involve a broker acting as a principal where the broker is also the investment manager, without SWIB's advance written consent.

2.12          Trade Confirmation and Settlement.  Where a transaction is eligible for settlement through the Depository Trust Company’s Institutional Delivery System, the Investment Manager shall use such System for trade confirmation and settlement.  The Investment Manager shall cooperate with SWIB’s Custodian and other parties to the trade to promptly resolve any trade settlement discrepancies or disputes.

2.13          Discretionary Rights and Powers Affecting the Assets.  The Investment Manager may receive information from the Custodian concerning the Assets held in the Account, including without limitation, conversion rights, subscription rights, warrants, options, pendency of calls, maturities of securities, expirations of rights, tender and exchange offers, and any other right or power requiring a discretionary decision by the Investment Manager.  The Investment Manager shall be responsible for timely directing the Custodian as to the exercise of such rights and/or powers where the Investment Manager has actual knowledge of same, whether by written notice or otherwise.

2.14          Acting on Illegal Information.  The Investment Manager shall not place orders to purchase and/or sell any Assets on the basis of any material information obtained, or utilized, by the Investment Manager in violation of the securities laws of the United States, or any other country in which the Investment Manager transacts business on SWIB’s behalf.

2.15          Account Reconciliation.  The Investment Manager shall review all performance and other reports provided to it by the Custodian with respect to the Assets, and notify SWIB monthly in writing of any material errors or discrepancies.  The Investment Manager shall cooperate with the Custodian to reconcile the Account each month. 

2.16          Notification of Tax Liabilities.  The Investment Manager shall promptly notify SWIB if, at any time, SWIB is required to pay taxes to any government or to file any returns or other tax documents with respect to income earned on the Assets under this Agreement.  The Investment Manager acknowledges that SWIB is relying on the Investment Manager for notice of such taxation matters.  The Investment Manager shall be liable for all penalties and interest due to any failure by the Investment Manager to notify SWIB of such tax matters.

2.17          Administration and Records.  The Investment Manager shall keep accurate and detailed accounts and records of its services hereunder, the Assets and all transactions involving the Assets, including such records as are customary or required under the Investment Advisers Act of 1940, any other applicable law, regulation, or requirement (“SWIB Records”).  The Investment Manager agrees that all accounts and records relating to said services and Assets shall be open to inspection, copying, and audit at all reasonable times by any Person designated by SWIB.  Upon termination, SWIB may request that all books and records be transferred to it, except for those books and records that are required to be retained by the Investment Manager.

            The Investment Manager agrees that, except for accounts and records routinely or customarily destroyed in the ordinary course of business in compliance with a records retention policy provided to SWIB and existing laws governing the retention of such documents, no such accounts and records may be destroyed by it unless the Investment Manager first notifies SWIB in writing of the intention to do so and then provides SWIB with the opportunity to take possession of such accounts and records as SWIB and the Investment Manager shall mutually agree.

2.18          Reporting.  The Investment Manager shall provide SWIB and SWIB's staff, auditors, accountants, and other professional advisers, with such documents, reports, data, and other information at such times as SWIB may reasonably require.  Such information shall be in a form satisfactory to, and approved by, SWIB and agreed to by the Investment Manager in its reasonable discretion.  The required reports may include reports of use of soft dollars, performance reports, statements to SWIB and the Custodian confirming all transactions relating to the Assets, the existence and status of any claims, and reports regarding the Investment Manager’s system of internal control.  The Investment Manager shall also provide the Custodian with such documents, reports, data, and other information at such times as the Custodian or SWIB may reasonably require.  The current list of regular reports is set forth in Schedule III attached hereto.

The Investment Manager shall also regularly review data provided by SWIB or its Custodian on SWIB's aggregate holdings when making investments with the Assets and promptly notify SWIB if any transaction triggers a legal filing or reporting obligation under applicable law.

2.19          Meetings.  The Investment Manager shall meet with SWIB at such times and places as SWIB may reasonably request.  The Investment Manager shall regularly consult with SWIB and its staff to provide full information regarding portfolio management strategy and analysis, in order to assist SWIB's development of a diversified, skilled, and balanced team approach to quantitative investment of its funds.  This interface shall include regular telephone communication, exchange of written data and analysis, and other interaction as requested by SWIB.  The Investment Manager shall consult with and inform SWIB staff as requested in development of portfolio investment ideas, strategy and execution, as well as ongoing evaluation of strategy and performance.  The Investment Manager shall attend performance and risk reviews at the offices of SWIB at least annually.

ARTICLE III

COMPENSATION

3.01          Fees.  For each calendar quarter during which this Agreement is in effect, the Investment Manager shall be paid in arrears for its services hereunder in accordance with the fee calculation set forth in Schedule IV attached hereto.  Such fee calculation is subject to annual adjustment by SWIB upon 30 days' advance written notice.

3.02          Invoices.  The Investment Manager shall submit to SWIB a quarterly invoice within thirty (30) calendar days of the close of the quarter for which services were provided.  Each invoice shall include the quarterly share of the Investment Manager's Total Fee (prorated for any partial quarter), as set forth in the then current Schedule IV.  Invoices shall only cover work already performed; no compensation shall be paid to the Investment Manager in advance of services rendered.  Invoices shall be mailed to:

State of Wisconsin Investment Board

121 East Wilson Street

Madison, WI 53702

Attention: Manager of Accounting Operations

3.03          Most Favored Nation.  For so long as this Agreement remains effective, the Investment Manager shall promptly advise SWIB of any fee agreement or arrangement between the Investment Manager and any of its clients that contains terms more favorable than those set forth in the then current Schedule IV.  SWIB shall automatically receive the benefit of any such more favorable terms at its option.

3.04          Seminars and Training Programs.  In the event the Investment Manager conducts seminars, training sessions or similar events which are generally made available to the Investment Manager's clients, SWIB shall be invited to attend upon the same terms and conditions as such other clients.  If the Investment Manager offers to pay the cost of such events and/or the travel or lodging expenses incurred by its clients in connection with attending such events, the Investment Manager shall reimburse SWIB for such expenses on the same basis as the Investment Manager reimburses the expenses of its other clients.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF INVESTMENT MANAGER

            The Investment Manager hereby represents and warrants to SWIB as follows:

(a)       The Investment Manager is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full corporate power and authority to carry on its business as it has been and is conducted.

(b)      The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby are within the power of the Investment Manager and have been duly authorized by all necessary corporate and other action.  The Investment Manager has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding agreements and obligations of the Investment Manager, enforceable against the Investment Manager in accordance with its terms, except insofar as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar limitations on creditors' rights generally and general principles of equity.

(c)       Neither the execution and delivery of this Agreement nor the consummation of the transactions provided herein will violate any agreement to which the Investment Manager is a party or by which it is bound, any law, regulation, order, or any provision of the charter documents of the Investment Manager.

(d)      The Investment Manager has completed, obtained, and performed all registrations, filings, approvals, licenses, authorizations, consents, or examinations required by any government or governmental authority for entry into this Agreement and performance of its acts contemplated by this Agreement, and the Investment Manager shall maintain such proper authorizations during the term hereof.  The Investment Manager is and shall remain registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended during the term.  The Investment Manager shall immediately notify SWIB if at any time during the term of this Agreement it is not so registered or if its registration is suspended.

(e)       The personnel and Agents of the Investment Manager responsible for discharging the Investment Manager's duties and obligations under this Agreement are and will be individuals experienced in the performance of the various functions contemplated by this Agreement.  None of such individuals has been convicted of any felony, found liable in a civil or administrative proceeding, pleaded no contest, or agreed to any consent decree with respect to any matter involving breach of trust, breach of fiduciary duty, fraud, violations of any federal or state securities law or the NASD Code of Conduct, or bankruptcy law violations.  Investment Manager shall immediately notify SWIB if this representation and warranty is no longer accurate.

(f)        The Investment Manager has not employed or retained any person or selling agency to solicit or secure this Agreement under any agreement or understanding for a commission, percentage, brokerage, or contingent fee, except for bona fide employees of the Investment Manager and the Investment Manager's affiliates or bona fide established commercial or selling agencies maintained by the Investment Manager for the purpose of securing business.  If the Investment Manager in any way breaches or violates this warranty, SWIB shall have the right to immediately terminate this Agreement for default and, in SWIB’s sole discretion, to deduct from the Investment Manager's compensation under this Agreement, or otherwise recover, the full amount of such commission, percentage, brokerage or contingent fee.

(g)       The Investment Manager has not offered or given any gratuities in the form of gifts, entertainment or otherwise, to any officer, fiduciary, or employee of SWIB or the State of Wisconsin with a view toward securing this Agreement or securing any favorable determination made concerning the award of this Agreement.

(h)       The Investment Manager does not and shall not knowingly employ in any capacity: (1) any SWIB employee or fiduciary who either could influence the award of this Agreement or any competing agreement, or who does or will have any direct or indirect financial interest in this Agreement ("Interested Person") and (2) any spouse or economic dependent of any Interested Person.

(i)         The Investment Manager warrants that it has delivered to SWIB, at least five (5) business days prior to the execution of this Agreement, the Investment Manager's current Securities and Exchange Commission Form ADV, Part II (the Investment Manager's "Disclosure Statement"), unless it is exempt from such requirement, in which case Investment Manager has provided SWIB with a letter from its counsel explaining the basis for such exemption.

(j)        Neither any representation or warranty contained in this Agreement nor any written statement, certificate, or document furnished or to be furnished to SWIB by or on behalf of the Investment Manager pursuant to this Agreement contains or will contain any misstatement of a material fact or omits or will omit to state a material fact necessary to make the statements contained herein or therein not misleading.

ARTICLE V

CONVENANTS OF INVESTMENT MANAGER

            The Investment Manager covenants with SWIB as follows:

(a)       The Investment Manager covenants that it will comply with all requirements which any federal, state, local, foreign or international law or regulation may impose with respect to the subject matter of or transactions contemplated by this Agreement, including, without limitation, all transactions involving the Assets ("Legal Requirements"), and will promptly cooperate with and furnish information to SWIB regarding such Legal Requirements.  All provisions required by such Legal Requirements to be included in this Agreement are hereby incorporated by reference.

(b)      The Investment Manager covenants that it shall fully and faithfully discharge all its obligations, duties, and responsibilities pursuant to this Agreement, and refrain from transactions in which it may have a conflicting material interest (direct or indirect) without prior written consent.

(c)       The Investment Manager covenants that all services which the Investment Manager provides hereunder shall meet the requirements and standards set forth in the body of this Agreement and any Schedules attached hereto.  At SWIB’s request, the Investment Manager shall promptly correct any errors or omissions in the provision of such services.

(d)      The Investment Manager covenants that no gratuities in the form of gifts, entertainment or otherwise, will be given to any officer, fiduciary or employee of SWIB or the State of Wisconsin with a view toward securing any favorable treatment concerning the performance and/or continuation of this Agreement.  If SWIB finds that the Investment Manager has offered or given such gratuities, SWIB may terminate this Agreement upon one (1) calendar day's written notice.

(e)       The Investment Manager shall not engage directly or indirectly in any financial or other transaction with any trustee, staff member, or employee of SWIB which would violate standards in the Wisconsin Code of Ethics for Public Officials and Employees, as set forth in Subchapter III of Chapter 19 of the Wisconsin Statutes.

(f)         In connection with its performance under this Agreement, the Investment Manager shall not knowingly develop, provide or use any program, process, composition, writing, equipment, appliance or device, or any trademark, service mark, logo, idea, or any other work or invention of any nature, or any other tangible or intangible assets, that infringes or will infringe on any patent, copyright, or trademark of any other person or entity, or is or will be a trade secret of any other person or entity.

(g)       The Investment Manager shall promptly, and in any case within five (5) calendar days, notify SWIB in writing if any of the representations and warranties of the Investment Manager set forth in this Agreement shall cease to be true at any time during the term of this Agreement; or if there is any material change in the management personnel of the Investment Manager or the professional personnel actively involved in rendering services hereunder, any change in ownership or control of the Investment Manager, or any other material change in the business organization of the Investment Manager, including without limitation the filing for bankruptcy relief.

(h)       The Investment Manager shall annually provide SWIB with copies of its audited financial statements, including its audited balance sheet, income statement and statement of cash flow, within fifteen (15) days after such financial statements become available.

(i)         The Investment Manager shall assist SWIB and the Custodian as necessary to prepare required reporting or regulatory forms and filings regarding the Assets; to take action necessary to recover any taxes improperly paid or withheld; and shall use diligence to identify and evaluate material legal claims relating to any of the Assets, including but not limited to class action claims (such claims shall hereinafter be referred to as “Claims”), advise SWIB of any Claims potentially involving more than U.S.$3 million and pursue, or assist SWIB in pursuing, any Claims as directed by SWIB.  If such assistance requires addition of personnel, substantial reprogramming or addition of data processing capabilities, it shall be at SWIB's expense.

(j)        To the extent permitted by applicable law, the Investment Manager shall promptly advise SWIB in writing of any extraordinary investigation, examination, complaint, disciplinary action or other proceeding relating to or affecting the Investment Manager's ability to perform its duties under this Agreement or involving any investment professional employed by the Investment Manager who has performed any service with respect to SWIB’s account in the twenty-four (24) preceding months, which is commenced by any of the following: (A) the Securities and Exchange Commission of the United States, (B) the New York Stock Exchange, (C) the American Stock Exchange, (D) the National Association of Securities Dealers, (E) any Attorney General or any regulatory agency of any state of the United States, (F) any U.S. Government department or agency, or (G) any governmental agency regulating securities of any country in which the Investment Manager is doing business. Except as otherwise required by law, SWIB shall maintain the confidentiality of all such information until the investigating entity makes the information public.

(k)      The Investment Manager shall comply with the provisions and reports set forth in Schedule V, Certification of Contractors Concerning Financial Contacts or Solicitations, attached hereto.

(l)         The Investment Manager shall annually file with SWIB a compliance certificate, executed by a responsible officer of the Investment Manager's firm, in the form attached hereto as Schedule VI, within thirty (30) days after each June 30.

            The Investment Manager understands that SWIB has relied upon the foregoing acknowledgments, representations, warranties, covenants and agreements and that the same constitute a material inducement to SWIB’s decision to enter into this Agreement.

ARTICLE VI

INDEMNIFICATION

6.01          Indemnity from Investment Manager.

(a)    The Investment Manager agrees to indemnify and hold harmless SWIB, its trustees, employees, fiduciaries (excluding the Investment Manager) and agents (any and all of whom is/are referred to as "Indemnified Party"), jointly and severally, from and against any and all losses, claims, damages, judgments, liabilities, fines or penalties (any and all of which is/are referred to as "Damages"), joint or several, of every kind and description, excluding consequential, incidental and special damages, to which the Indemnified Party may become subject, insofar as such Damages are caused by or arise directly out of

(1)   the negligence, willful misconduct, breach of fiduciary duty, bad faith, improper or unethical practice, infringement of intellectual property rights, breach of trust, breach of confidentiality, or violation of any Legal Requirement (as that term is defined in subparagraph (a) of ARTICLE V above) on the part of Investment Manager and its Agents; and

(2)   (i) breach of this Agreement or (ii) any contract or other agreement which the Investment Manager, in its capacity as such has entered into with any of its Agents.

            For purposes of this Agreement, the term "negligence" shall mean failure to exercise the care, skill, prudence and diligence under the circumstances then prevailing which a prudent person acting in a similar capacity, with the same resources, and familiar with like matters would exercise in the conduct of an enterprise of a like character with like aims.

(b)   The Investment Manager shall indemnify and hold harmless an Indemnified Party, jointly and severally, for all costs, charges, expenses (including attorneys' fees) excluding consequential and incidental damages, incurred by an Indemnified Party, in connection with any investigation, claim, action, suit, proceeding, demand, or judgment, which results in any Damages, which are subject to the above indemnities to the Indemnified Party only as a result of a final judgment by a court of competent jurisdiction or as a result of a settlement or by other final determination as mutually agreed upon by the parties.

(c)    The Investment Manager shall not be liable for any default or delay in the performance of its obligations under this Agreement if and to the extent such default or delay is caused, directly or indirectly, by:  flood, earthquake, elements of nature or acts of God; riots, civil disorders, rebellions or revolutions in any country; or any other cause beyond the reasonable control of such party (“Force Majeure”); but in every case the default or delay in performance must be beyond the reasonable control and without the fault or negligence of such party.

This indemnification shall survive the termination of this Agreement.

6.02          Control of Settlement and Disputes.  The Investment Manager shall, at its sole cost, have control over the defense, payment, settlement, or other disposition of, or any action, claim, suit, dispute, or proceeding (any and all of which is/are referred to in this Section 6.02 as "action") involving, any obligation or liability assumed by or imposed upon the Investment Manager pursuant to this Article VI, with counsel selected by Investment Manager and which counsel is reasonably acceptable to the Indemnified Parties, and the Investment Manager shall have the right to conduct and control all negotiations and proceedings with respect thereto; provided, however, that (1) the Investment Manager shall fully and promptly keep all Indemnified Parties informed of the status of such actions, and (2) no such payment, settlement, or disposition shall be made without the prior express written approval of SWIB, which approval shall not be unreasonably withheld.  The Indemnified Party or Indemnified Parties (if more than one) may select one counsel separate from counsel to the Investment Manager and participate directly in the action if in the reasonable written opinion of the separate counsel selected by the Indemnified Party or Indemnified Parties a potential conflict of interest exists between such Indemnified Party or Indemnified Parties and the Investment Manager.

6.03          Insurance.  The Investment Manager shall certify to SWIB in writing upon execution of this Agreement and at least annually thereafter the nature, amount of and carrier of insurance insuring the Investment Manager against the indemnification liabilities of the Investment Manager under this Agreement.  The annual certification of insurance coverage shall be made in the compliance certificate in the form attached hereto as Schedule VI.  Such insurance shall be provided by insurer(s) rated A-, class X or better by A.M. Best & Company, or otherwise approved in writing by SWIB. The Investment Manager shall not cancel or modify such coverage, except upon forty-five (45) days prior written notice to SWIB, and in any event shall maintain insurance which meets the following minimum standards:  directors and officers liability insurance coverage of [$____________], brokers blanket bond or similar coverage of [$_______________] and the coverage specified below.  Failure by the Investment Manager to procure or maintain the insurance described in this Section 6.03 shall constitute a material breach upon which SWIB may immediately terminate this Agreement for default, pursuant to Section 7.02 below.

(a)    Workers' Compensation.  The Investment Manager shall bear sole responsibility and liability for furnishing Workers' Compensation benefits to the Investment Manager's employees for injuries arising from or connected with any services provided to SWIB under this Agreement.  The Investment Manager shall provide and maintain a program of Workers' Compensation and Employer's Liability insurance, in an amount and form to meet all applicable statutory requirements, to cover all of the Investment Manager's employees.

(b)   Errors and Omissions.  The Investment Manager shall provide and maintain an Errors and Omissions policy dedicated solely to covering the Investment Manager and its Agents for errors and omissions losses arising from the services which Investment Manager provides pursuant to this Agreement.  Such policy shall have a per-occurrence limit of at least [____________________________] and an annual aggregate of at least [__________________________________].

6.04          Subrogation.  In case of any payment by the Investment Manager to an Indemnified Party pursuant to this Article VI, the Investment Manager shall be subrogated to the amount of such payment to all rights of the Indemnified Party against any Person as respects the loss or expense which has caused such payment to be made.

ARTICLE VII

EFFECTIVE DATE, TERMINATION AND RESIGNATION

7.01          Effective Date.  This Agreement shall be effective as of the day and year first above.

7.02          Termination.  The status of the Investment Manager as investment manager hereunder may be terminated upon written notice given by SWIB to the Investment Manager, regardless of whether the Investment Manager has met the performance standards established by SWIB.  Such termination shall take effect at least thirty (30) days following the receipt of such notice, or on another date selected by SWIB ("Termination Date"), provided, that if SWIB selects a Termination Date which is less than thirty (30) days following the receipt of such notice, the Investment Manager shall be entitled to compensation hereunder for such thirty-day period based on valuations as of the Termination Date.  Upon the effective date of such termination the Investment Manager shall cease to perform any and all of its duties and obligations under this Agreement.

7.03          Resignation.  The Investment Manager may resign as investment manager hereunder by specifying a date of resignation ("Termination Date") at least thirty (30) days' prior written notice to SWIB.

7.04          Rights, Remedies and Responsibilities upon Termination.  In the event of any termination of this Agreement, all of the terms and conditions herein shall continue to apply through the Termination Date and through any period following such date, during which the Investment Manager shall continue to perform the services required under this Agreement in order to complete any transactions pending on the Termination Date and to facilitate an orderly transition to a successor investment manager ("Transition Period").  Such Transition Period shall not exceed three (3) months after the Termination Date.  The following provisions shall also apply to any termination of this Agreement.

(a)    Post-Termination Responsibilities.  If either party terminates this Agreement, and unless otherwise expressly directed by SWIB, the Investment Manager shall take all necessary steps to stop services under this Agreement on the Termination Date.

(b)   Termination Invoice.  Following the Termination Date of this Agreement, the Investment Manager shall submit to SWIB, in the form and with any reasonable certifications as may be prescribed by SWIB, the Investment Manager's final invoice ("Termination Invoice").  The Termination Invoice shall prorate the Investment Manager's fees in accordance with Schedule IV.  The Investment Manager shall submit such Termination Invoice no later than thirty (30) days after the Termination Date.  Upon the Investment Manager's failure to submit its Termination Invoice within the time allowed, SWIB may determine, on the basis of information available to it, the amount, if any, due to the Investment Manager and such determination shall be deemed final.  After SWIB has made such determination, or after the Investment Manager has submitted its Termination Invoice, SWIB shall authorize payment to the Investment Manager.

(c)    Good Faith Transfer.  Upon any termination of this Agreement by either party and to the extent directed by SWIB, the Investment Manager shall continue to serve as an investment manager hereunder at the then existing compensation level for the duration of the Transition Period.  The Investment Manager shall cooperate with SWIB in good faith to effect a smooth and orderly transfer of such services and all applicable records.  Upon termination of this Agreement, the Investment Manager shall retain all SWIB Records (as that term is defined in Section 2.17 above) according to the record retention provisions set forth in Section 2.17 above.

7.05          Measure of Damages.  Damages arising from any default, act or omission under this Agreement shall be determined under the laws of the State of Wisconsin, without regard to special circumstances or conditions of the parties, provided that such damages are reasonably foreseeable at the time of entering into this Agreement.

If any payment required to be made to a party hereto by the other party is not paid in full when due, including fees payable to the Investment Manager pursuant to Section 3.01 above, the amount due shall include an amount equal to the average Federal Funds rate as published daily in the Wall Street Journal ("Fed Funds Rate"), and compounded daily to the extent permitted under applicable law from the date of loss to the date on which payment is made.

ARTICLE VIII

MISCELLANEOUS

8.01          SWIB's Authority.  SWIB represents and warrants that SWIB is duly authorized and has full legal power and authority to employ and pay the Investment Manager for the services contemplated in this Agreement.

8.02          Violation of Law.  Neither the execution and delivery of this Agreement nor the consummation of the transactions provided herein will cause SWIB to violate any agreement to which SWIB is a party or by which it is bound or any law, order, or decree.

8.03          Attorneys' Fees.  If either or both of the parties initiate any litigation or alternative dispute resolution process to enforce or interpret any of the provisions of this Agreement, then the party not substantially prevailing shall pay to the substantially prevailing party all reasonable costs and expenses incurred therein by the substantially prevailing party including, without limitation, reasonable attorneys' fees and court costs.  These expenses shall be in addition to any other relief to which the substantially prevailing party may be entitled and shall be included in and as part of the judgment or decision rendered in such litigation or alternative dispute resolution process.

8.04          Headings; Interpretation.  The headings in the Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of the terms or provisions hereof.  Each party hereto and its counsel have participated fully and equally in the review and negotiation of this Agreement.  The language in all parts of this Agreement shall in all cases be construed according to its fair meaning, and not strictly for or against any party hereto.  Any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in interpreting this Agreement.

8.05          Further Acts and Assurances.  In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by or on behalf of the parties hereto, the parties hereby agree to perform, execute and/or deliver or cause to be performed, executed and/or delivered any and all such further acts, deeds, and assurances as the other party may reasonably require to consummate the transactions contemplated hereby.

8.06          Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which counterparts shall together constitute but one and the same instrument.

8.07          Confidentiality.  The Investment Manager shall retain as strictly confidential all information about SWIB, the Assets, and financial transactions regarding the Assets received in performing services contemplated by this Agreement; provided, however, that such restrictions shall not apply to any disclosure required by regulatory authorities, applicable law or the rules of any securities exchange which may be applicable.  The Investment Manager shall inform all of its Agents of the confidentiality provisions of this Agreement.

8.08          Assignment.  The Investment Manager may not assign this agreement or any rights and responsibilities hereby created without the prior written consent of SWIB, which consent may be granted or withheld in SWIB’s sole discretion.  Despite SWIB’s consent, no assignment shall release the Investment Manager of any of its obligations or alter any of its primary obligations to be performed under the Agreement, unless such consent expressly provides for such release of the Investment Manager.  Any attempted assignment or delegation of this provision shall be void and shall entitle SWIB to terminate this Agreement for default.

8.09          Publicity.  No publicity release or announcement concerning this Agreement shall be issued without advance written approval of SWIB.

8.10          Severability.  Should one or more provisions of this Agreement be held by any court to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect.

8.11          Modifications–Waiver.  No termination, cancellation, modification, amendment, deletion, addition, or other change in this Agreement, or any provision hereof, or waiver of any breach, failure of condition, right or remedy herein provided, shall be effective for any purpose unless specifically set forth in writing and signed by the party or parties to be bound thereby.  The waiver of any breach, failure of condition, right or remedy in respect to any occurrence or event on one occasion shall not be deemed a waiver of such breach, failure of condition, right or remedy in respect to such occurrence or event on any other occasion.

The parties shall meet and confer in good faith on any modification of this Agreement that may become necessary to make its provisions consistent with any investment policy of SWIB, or federal, state, local, foreign or international statute, rule, regulation or ordinance which governs any aspect of this Agreement.

8.12          Governing Law; Jurisdiction.  This Agreement shall be construed and enforced according to the laws of the State of Wisconsin, without regard to choice of law rules.  The parties hereto hereby submit to the jurisdiction of the courts of the State of Wisconsin, or of the United States of America sitting in the State of Wisconsin, over any action, suit, or proceeding arising out of or relating to this Agreement.  Nothing herein shall affect the right of SWIB to serve process in any manner permitted by law or limit the right of SWIB to bring proceedings against the Investment Manager in the competent courts of any other jurisdiction or jurisdictions.

8.13          Joint and Several Liability.  If the Investment Manager (or any permitted assignee) consists of more than one person or entity, the liability of each such person or entity signing this Agreement as Investment Manager shall be joint and several.

8.14          Notices.  All notices, reports, demands and other communications required hereunder and under any law now or hereinafter in effect shall be in writing and shall be deemed properly delivered if delivered by hand, certified mail, overnight courier, or telecopy (receipt confirmed), addressed as set forth below or to such other address or marked for such other attention as the addressed party shall have designated in writing to the other party:

Notice shall be deemed given upon receipt.

8.15          Nondiscrimination.  In connection with the performance of services under this Agreement, the Investment Manager agrees not to discriminate against any employee or applicant for employment because of age, race, religion, color, handicap, sex, physical condition, developmental disability (as defined in s. 51.01(5) of the Wisconsin Statutes), sexual orientation, or national origin.  This provision shall include, but not be limited to, the following:  employment, upgrading, demotion or transfer; recruitment or recruitment advertising; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship.

8.16          Replacement of Investment Manager’s Agents.  Upon demand by SWIB, the Investment Manager shall replace any Agent assigned to perform services under this Agreement who SWIB determines is unable to effectively execute the responsibilities required by this Agreement.

8.17          Integration.  This Agreement, and any and all Schedules attached hereto, supersedes all previous oral and written agreements or understandings, and all contemporaneous oral and written negotiations, commitments, understandings and communications between the parties relating to the subject matter of this Agreement.  No party has been induced to enter into this Agreement by, nor is any party relying on, any representation or warranty outside those expressly set forth in this Agreement.

8.18          Schedules.  The Schedules attached hereto are incorporated in and made a part of this Agreement by reference.  The Schedules may be modified by SWIB at any time, without an amendment hereto, upon written notice from an Authorized Person, provided that Schedule IV may only be modified with written consent of the Investment Manager.  If any conflicts, inconsistencies or ambiguities should arise between or among this Agreement and the incorporated documents, the following precedence shall be used to interpret the requirements of this Agreement:

(1)  The terms of this Agreement; and

(2)  The terms of the Schedules according to the order in which they appear.

8.19          No Agency.  The Investment Manager shall at all times be acting in the capacity of  an independent contractor.  Nothing in this Agreement or in any other document referred to herein and no action taken pursuant hereto shall cause the Investment Manager to be treated as an agent of SWIB except as expressly provided in and limited by the terms of this Agreement; shall be deemed to constitute the Investment Manager and SWIB a partnership, association, joint venture, or other entity; or, except as otherwise contemplated herein, shall otherwise cause SWIB to be responsible for any action or inaction of the Investment Manager or any of its officers, directors, employees, or agents.  For all purposes, including but not limited to Workers’ Compensation liability, the Investment Manager understands and agrees that all persons furnishing services pursuant to this Agreement are deemed employees solely of the Investment Manager and not of SWIB.

8.20          Word Usage.  Unless the context clearly requires otherwise, (i) the plural and singular number shall each be deemed to include the other; (ii) the masculine, feminine, and neuter genders shall each be deemed to include the others; (iii) “shall,” “will,” or “agrees” are mandatory, and “may” is permissive; (iv) “or” is not exclusive; (v) “includes” and “including” are not limiting; and (vi) ”hereof,” “herein,” and other variants of “here” refer to this Agreement as a whole.

            IN WITNESS WHEREOF, the parties have hereunto executed this Agreement as of the day and year first above written.

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INVESTMENT GUIDELINES

____________________ [Name of Investment Manager]

__________ [Type of Portfolio] - ____________ [Name of Investment Process]
Statement of Objectives, Guidelines & Procedures

Introduction

The Investment Manager shall invest the Assets in accordance with the following objectives, guidelines, and procedures.  Limits shall be applied at the time of purchase.  Maximum cash equivalent limits may be exceeded on a temporary basis only as required to accommodate investment of newly allocated Assets or to the extent required for transactional purposes.  Prior written approval of SWIB is required for investment of Assets in securities issued or guaranteed by an affiliate of the Investment Manager and for investments in mutual funds or other collective investment vehicles.

General Guidelines

All investments are subject to compliance with applicable local, state, federal, foreign and international statutes, and shall be managed in a diversified and prudent manner.  SWIB may amend these guidelines from time to time upon written notice to the Investment Manager, and, in such event, the Investment Manager agrees to be bound by any such amendments and to acknowledge such amendments in writing.  The Investment Manager shall invest within the scope of its stated style and shall invest in compliance with the Association for Investment Management and Research’s Code of Ethics and the Standards of Professional Conduct as presented in the Standards of Practice Handbook[1].

Sector and security selection, portfolio structure and timing of purchase and sales are delegated to the Investment Manager subject to this Agreement.  The following transactions are prohibited (collectively, “Prohibited Transactions”):  short sales, trading on margin, writing options, derivatives (other than as may be explicitly allowed below), "prohibited transactions" as defined under the U.S. Employee Retirement Income Security Act of 1974, as amended (ERISA), and transactions that involve a broker acting as a "principal", where such broker is also the investment manager who is making the transaction.  Transactions shall be executed on the basis of "best price and execution," for the sole benefit of SWIB's beneficiaries.

Authorized Investments

Investment by the Investment Manager in any other types of investments will require prior written approval from SWIB.

Any material violation of these Authorized Investments and Prohibited Transactions is to be corrected immediately upon discovery and must be promptly reported to SWIB.  A realized loss resulting from a material violation of these Authorized Investments and Prohibited Transactions will require reimbursement of the amount of the loss by the Investment Manager.

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SCHEDULE II

PERFORMANCE OBJECTIVES

[____________________________________________________________]

Performance numbers shall be based on data furnished by SWIB's Custodian.

Note:  In addition to the above, SWIB will consider the Investment Manager’s effectiveness in fulfilling its non-investment obligations under this Agreement in evaluating performance.

SCHEDULE III

REGULAR REPORTS

A.       Monthly – A monthly report will be sent to SWIB by the 15^th day of the following month when the Investment Manager has that shall include a list of any identified any Claims.  The report shall describe the Claims andand their status. and include a certification that diligent inquiry to identify claims was conducted.

B.        Quarterly –At least quarterly a report will be sent to SWIB by the 15^th day of the following month.  Such report will include a discussion of portfolio's recent strategy and expected future strategy, performance on the portfolio and benchmark for the quarter, year-to-date, one year, three years, five years, since inception, and calendar year returns and any additional analytical exhibits deemed relevant by the Investment Manager.

C.       Annually – Written report regarding actions taken by the Investment Manager to determine that its system of internal control is effective in meeting its objectives, including operations, financial reporting and compliance objectives.  If the Custodian is Mellon Trust, such report shall be either (i) a Statement on Auditing Standards (SAS) 70 or FRAG 21 report or (ii) an internally generated explanation along with a negative assurance letter from the Investment Manager’s outside auditors or a COSO (Committee of Sponsoring Organizations of the Treadway Commission) report.  If the Custodian is not Mellon Trust, such report shall be a SAS 70 or FRAG 21.

D.       The Investment Manager will meet with SWIB staff and the SWIB Board as often as is determined necessary, and should expect to meet with SWIBthe Board at least annually.

E.        Ensure that all documents, exhibits, and written materials that will be used during the meetings between SWIB and the Investment Manager be submitted to and received by SWIB at least seven (7) business days in advance of these meetings.

F.        Provide SWIB with proof of liability and fiduciary insurance coverage and certification of compliance with guidelines and identifying any breaches since the previous certification, in writing, on an annual basis within thirty (30) days after each June 30.

G.       The Investment Manager will keep SWIB apprised of relevant information regarding its organization, personnel and investment strategy.  The Investment Manager will notify SWIB (i) on a best efforts basis within five (5) business days of the departure, death or incapacity of any senior investment / business personnel involved in the ____________ [type of portfolio¾e.g. global fixed income] investment process, and (ii) as soon as practicable of any other material organizational changes or events that could adversely affect the Investment Manager's ability to provide the services set forth in the investment agreement between the Investment Manager and SWIB.

SCHEDULE IV

FEE CALCULATION

Investment Management Agreement Between the
State of Wisconsin Investment Board ("SWIB")
and

____________________ ("Investment Manager")
for ____________________ [portfolio category] Management

Investment Manager Compensation:  Fee Calculation

SWIB shall pay the Investment Manager a fee to be computed as follows, and no other payment shall be due the Investment Manager, except as explicitly provided in the Agreement.

For each calendar quarter during which this Agreement is in effect, the Investment Manager shall be paid for its services hereunder during such calendar quarter an amount equal to one quarter of the following percentages of the Fair Market Value of the Assets managed by the Investment Manager hereunder:

                           basis points on the first $     million (U.S.);

                           basis points on the next $     million (U.S.);

                           basis points on the next $     million (U.S.);  

                           basis points on the next $     million (U.S.);

                           basis points on the next $     million (U.S.);

                           basis points on the next $     million (U.S.);

                           basis points on amounts over $     million (U.S.).

Fair Market Value shall mean the fair market value as computed by SWIB's Custodian and shall include any accruals calculated.

All fees are calculated on Fair Market Value as of the final business day of the calendar quarter, except that any contributions or withdrawals during any calendar quarter shall be added to or deleted from the Fair Market Value of the assets as of the date of such contribution or withdrawal, and the fee shall then be calculated on a pro rata basis.

The fee shall be prorated for any calendar quarter during only a portion of which this Agreement is in effect.

For the purpose of the calculation above, Assets shall include the total Assets managed by the Investment Manager.

SCHEDULE V

CERTIFICATION OF CONTRACTORS

CONCERNING FINANCIAL CONTACTS OR SOLICITATIONS

The Investment Manager acknowledges that the State of Wisconsin Investment Board (SWIB) is responsible for investing the assets of the Fixed Trust Fund and the Variable Trust Fund of the Wisconsin Retirement System, the State Investment Fund and five smaller trust funds established by the State of Wisconsin.  The members of the Board of Trustees of SWIB (hereinafter referred to as the “Board”) are the sole and exclusive trustees and fiduciaries of these statutory trusts. 

The Investment Manager agrees to assist the Board in discharging their mutual fiduciary obligations and to affirmatively assist in identifying potential conflicts of interests.  The Investment Manager hereby acknowledges that the Board is directing its Investment Manager to file an annual certification regarding transactions which may represent potential conflicts of interest and further agrees to file the annual certification. 

In the event any member of the Board or any key staff of SWIB, or any elected or appointed official of the State of Wisconsin, or any person claiming to represent or to have influence with the Board or with any member of the Board, contacts the Investment Manager with respect to a financial transaction or solicitation which is not solely on behalf of SWIB’s business with the Investment Manager, the Investment Manager shall promptly report by telephone and in writing such contact to the Chairman of the Board and the Executive Director of SWIB.

The Investment Manager further agrees to furnish an annual certification stating that, except as specifically described in the certification, no member of the Board, or key staff of SWIB, and no person claiming to represent or have influence with the Board has contacted the Investment Manager with respect to a financial transaction or solicitation which is not solely on behalf of SWIB's business with the Investment Manager.  Such certification shall be made in the compliance certificate in the form attached hereto as Schedule VI and shall be filed annually within thirty (30) days after each June 30 for the fiscal year ending on such June 30.

  SCHEDULE VI

COMPLIANCE CERTIFICATE

            As a duly authorized officer of ____________________________ (the "Investment Manager"), I hereby certify that I am familiar with that certain Investment Management Agreement dated  ______________, 2000 (the "Agreement") between the State of Wisconsin Investment Board ("SWIB") and the Investment Manager relating to investment of certain SWIB funds by the Investment Manager.  In addition, to the best of my knowledge after diligent inquiry, I hereby certify to SWIB that:

(a)        All investments of SWIB funds made by the Investment Manager during the fiscal year ending June 30, ____, were made within applicable Investment Guidelines incorporated in the Agreement at the time each investment was made, except as set forth below;

(b)               All current investment holdings in the SWIB portfolio managed by the Investment Manager are in compliance with Investment Guidelines currently applicable under the Agreement, except as set forth below;

(c)               During the fiscal year ending June 30, ____, no member of the Board, or key staff of SWIB, and no person claiming to represent or have influence with the Board has contacted the Investment Manager with respect to a financial transaction or solicitation which is not solely on behalf of SWIB's business with the Investment Manager, except as set forth below;

(d)               The Investment Manager is in compliance with all representations, warranties and covenants in the Agreement which apply to the Investment Manager, including but not limited to Wisconsin ethics code compliance, and any indemnity or insurance coverage requirements, except as set forth below.  Current Insurance coverage applicable to SWIB’s funds are as follows: (Please attach insurance certificates.)

Errors and Omissions dedicated to the Agreement:             Date of expiration:__________

            Per occurrence limit:  ______________________ 

Annual aggregate:  ________________________           

Directors and officers liability:  ____________________            Date of expiration:__________

Brokers blanket bond or similar coverage:  ___________            Date of expiration:__________

Other: ________________________________________    Date of expiration:__________

Exceptions:  (Attach a separate sheet if necessary.)

Dated:                                                                         By:                                                                  

                        Name:                                                                                                                                     

                        Title:                                                                                                                                        

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