Lowell Investment Regulations

PERAC ApprovalDate

Regulation Number

Investment Regulation/Supplemental Regulation

October 13, 2004

16.08

In accordance with Investment Guideline 99-3, the Lowell Retirement Board is authorized to invest in Ascent Venture Partners IV, L.P.  The board has been a satisfied investor in Ascent’s two predecessor partnerships, and Fund IV has the same management group and investment strategy.

September 3, 2002

16.08

The Lowell Retirement Board is authorized to withdraw the funds currently held in its large cap value mandate with Cutler & Company and temporarily place the proceeds in State Street Global Advisors’ Russell 1000 Value Index pending the selection of a permanent replacement manager.

This temporary authorization extends through December 31, 2002.

June 28, 2001

16.08

In accordance with PERAC Investment Guideline 99-2, the Lowell Retirement System may modify its investment mandate with Cutler & Company, its large cap value equity manager.  The System wants to achieve exposure to mid cap as well as large cap value equity but does not intend to seek a separate account for this sub class.  It will modify its existing mandate to allow Cutler & Company to opportunistically add mid cap value equities to its portfolio in a proportion that will usually not exceed 25%.  The System has had a satisfactory relationship with Cutler & Company for almost five years and they and their consultant are comfortable with the firm’s capabilities in mid caps.

December 19, 2000

16.08

In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement Board may invest in Charles River Partnership X.  The System has had a very satisfactory relationship with Charles River Ventures in its four immediately preceding partnerships.

December 19, 2000

16.08

In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement Board may invest in Charles River Partnership XI.  The System has had a very satisfactory relationship with Charles River Ventures in its five immediately preceding partnerships.

February 10, 2000

16.08

In accordance with PERAC Investment Guideline 99-3, the Lowell Retirement System may invest in Boston Millennia Partners II, L.P.  The system has previously invested in Boston Millennia Partners I and has indicated that performance to date has been very favorable.  All required supporting documents have been submitted.