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R2302 R E S O L U T I O N NO. 2302 WHEREAS, Section 9.3 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District, may from time to time, appoint one or more investment managers to act on behalf of any Trustee or Trustees of the Pension Plan with respect to all or a specified portion of the assets of the Pension Fund held by said Trustee. Such investment managers shall be either (a) registered as an investment adviser under the Investment Advisers Act of 1940, (b) the securities of investment companies (mutual funds) registered under the Investment Company Act of 1940, (c) a bank common or collective trust fund as defined in the Investment Advisers Act of 1940, (d) a legal insurance company qualified to manage, acquire or dispose of plan assets under the laws of Missouri, and WHEREAS, Section 9.4 of the Pension Plan of The Metropolitan St. Louis Sewer District provides that the Board of Trustees of the District may, from time to time, direct the Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset or assets, and WHEREAS, Mercantile Trust Company has been designated as Trustee of said Pension Plan, and will continue in that function, and WHEREAS, Resolution No. 2196, adopted December 14, 1995, specified the manner in which the assets of the Pension Fund of The Metropolitan St. Louis Sewer District are to be invested. NOW, THEREFORE, BE IT RESOLVED that the following investment managers be appointed to act on behalf of the Trustee of the Pension Plan with respect to the assets of the Pension Fund of The Metropolitan St. Louis Sewer District in the manner as hereafter provided. (A) Sanford C. Bernstein & Co. is hereby appointed as an investment manager of the Value Equity Asset Component as specified in Resolution No. 2293. (B) Collective Equity Fund as managed by Mississippi Valley Advisors, Inc. is hereby appointed investment manager of the Growth & Income portion of the Equity Asset Component as specified in Resolution No. 2293. (C) IDS/American Express is hereby appointed as an investment manager of the Large Capitalization Growth portion of the Equity Asset Component as specified in Resolution No. 2293. (D) Westcore and Fiduciary Trust International are hereby appointed as an investment manager of the Small Capitalization Equity Asset Component as specified in Ordinance No. 2293. (E) Income Research & Management, Inc. and Llama Asset Management Company, L.P. are hereby appointed fixed income investment managers to manage a portion of the Fixed Income Asset Component as specified in Resolution No. 2293. (F) Mercantile Trust Company is hereby appointed investment manager of the Short Term Investment Fund (STIF) portion of the Fixed Income Asset Component as specified in Resolution No. 2293. (G) INVESCO Retirement Trust International Equity Fund is hereby appointed as an investment manager of the International Equity Component as specified in Resolution No. 2293. (H) Lynch, Jones and Ryan is hereby appointed as a recapture brokerage firm for the District's Pension Plan. BE IT FURTHER RESOLVED that the Executive Director, with the approval of the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, is hereby authorized and directed to execute any necessary instruments to give effect to the foregoing. The foregoing Resolution was adopted October 8, 1998.