Investments Committee

Responsibilities

The IC has the following specific responsibilities and duties with respect to the GVR Reserve and Operational Investment Accounts:

Make timely recommendations to the Board concerning:

• The hiring, termination, and replacement of the Investment Manager and/or Investment Adviser (collectively, the IM/IA) for each of the accounts that comprise the Reserve and Operational Investment Accounts.
• The terms and wording for any contract between GVR and an IM/IA.
• The specific wording and specifications for the Investment Policy Statement (IPS) set forth in Appendix 1, Section 3 that governs each of the accounts that comprise the Reserve and Operational Investment Accounts.

Perform the following ongoing functions:

• Complete due diligence and evaluation of each IM/IA at the end of each quarter or more frequently, if desired/needed.
• Monitor the IM/IAs to confirm compliance with the applicable IPS.

Make timely reports, in accordance with the IPS, to the CFO, CEO, and the Board of the following:

• A serious and meaningful violation of the IPS.
• A potential replacement of an existing IM/IA.
• Any update requested by the Board.

Collaborate with the CEO/CFO concerning the following:

• The invested Operational Funds regarding compliance with the applicable IPS and performance.
• What information and analysis the CEO/CFO will provide to the IC for the purpose of enabling the IC to perform its duties.
• The specific actions required by the CEO/CFO in order to bring an IM/IA back into compliance with its applicable IPS.

In the process of completing its duties, the IC will generate the following documents:

• An IPS for each of the accounts that comprise the Reserve and Operational Investment Accounts.
• An Investment Management Contract for each IM/IA hired by GVR as signed and implemented by the GVR Board President.
• Minutes of each meeting of the IC.