Julius & Esther Stulberg Competition Inc.

Schedule D, Page 2, Part V, Line 4

“The burdick-thorne endowment fund was established to support the ongoing operation of the stulberg internation string competition. It ia a board designated fund for the gold medal prize which is 6,000 annually. The burdick-thorne fund is expected to reflect the organization's investment policy. The endowment is intended to be perpetual. It is intended that this fund will exist to fulfill its purpose for the entirety of the stulberg competition. The liquidity needs of the fund are to contain sufficient cash balances to distribute the spending policy disbursement for the upcoming fiscal year. The stulberg endowment fund was established to support the ongoing operations of the stulberg competition. The stulberg fund is expected to reflect the organization's investment policy. The endowment is intended to be perpetual. It is intended that this fund will exist to fulfill its purpose for the entirety of the stulberg competition. The organization has a spending policy for operations each year for funds to be paid out of total return (interest, dividends, realized and unrealized appreciation). Distribution will be made in quarterly increments on september 1, december 1, march 1 and june 1. The amount available for disbursement to the stulberg for the upcoming fiscal year is calculated march 31 by the treasurer and will be provided to the account custodian. The board may choose to suspend the given years payout. The total spending policy rate plus endowment investment fees is to be no more than 6.0% of the most recent asset valuation. Investment return objectives, risk parameters and strategies. The organization has adopted investment and spending policies, approved by the board of trustees, for the endowment assets that attempt to grow, over the long term, in excess of the approved spending and the prevailing inflation rate. The assets are to be invested in a combination of liquid equity and fixed income holdings. The investment strategy is expected to produce net investment returns equal to, or greater than, an appropriate blended benchmark over the course of an economic cycle. The blended benchmark will consist of barclays u.s. Aggregate bond index, the s&p 500 index, the russell 2000 index and the msci acwi ex us nr usd weighted 25%, 40%, 20% and 15%, respectively. Individual asset class performance will be measured by the above specific benchmarks and individual managers will be compared to these standards. The investment strategy is expected to produce investment returns equal to, or better than, the mid-point of a peer population of similar investment approaches, over the course of an economic cycle. The investment strategy will be sensitive to various measures of risk and will attempt to keep portfolio risk near market levels.”