New Bedford Investment Regulations

PERAC Approval Date

Regulation Number

Supplemental Investment Regulation

December 11, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the New Bedford Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO U.S. Venture Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, and the underlying funds in which the Fund may invest, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

December 11, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the New Bedford Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO U.S. LBO & Corporate Finance Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, and the underlying funds in which the Fund may invest, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

December 11, 2007

17.03

Notwithstanding the provisions of the Public Employee Retirement Administration Commission regulations, the New Bedford Retirement Board may invest funds of the Retirement System (the “System”) in the fund known as the INVESCO International Partnership Fund IV, LP (the “Fund”), and effective as of the date of the initial investment by the System of any of its assets in the Fund, while the assets of the System are so invested, the activities and investments of the Fund, directly or indirectly, shall be deemed to satisfy the prohibited transaction rules set forth in 840 CMR 16.00 et seq. and 840 CMR 17.03 to the extent such activities satisfy the prohibited transaction rules set forth in Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), taking into account statutory exemptions under ERISA, and Prohibited Transaction Class Exemption 84-14, as amended, and other available class exemptions.

July 18, 2007

17.04

Notwithstanding the provisions of Public Employee Retirement Administration Commission regulations, the New Bedford Contributory Retirement System (the “System”) may invest its assets in the fund known as the Wellington Trust Company, National Association Multiple Collective Investment Funds Trust (“the Fund”), and while the funds of the System are so invested, the assets of the System so invested shall be deemed to meet the provisions of the rules set forth in 840 CMR 17.00 et seq.; provided, however, that Wellington Trust Company, National Association (“Wellington Trust”) shall comply with 840 CMR 17.04(7) and (8) and that at all times, Wellington Trust remains a qualified investment manager as defined in 840 CMR 16.01 and that said investment is contingent on Wellington Trust’s and the Fund’s continuing compliance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations promulgated thereunder.

July 25, 2006

19.01(06)

Notwithstanding the provisions of Public Employee Retirement Administration Commission Regulations, the New Bedford Retirement Board may invest funds of the New Bedford Retirement Board (the “Board”) with the real estate investment fund known as Realty Associates Fund VIII Corporation (the “Fund”), and while the assets of the System are so invested,

(i)the assets of the System shall be deemed to include, for purposes of applying the rules set forth in 840 CMR 16.00 et seq. and 17.00 et seq., the System’s interest in the Fund or the operating partnership in which the Fund is invested (the “OP”) but not any of the underlying assets of the Fund or the OP; provided that, at all times, the Fund and the OP qualify as “venture capital operating companies” or “real estate operating companies” within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations promulgated thereunder, or the assets of the Fund and the OP otherwise would not be treated as plan assets under ERISA; and

(ii)The limitation and restrictions set forth in 840 CMR Section 19.01(6) shall be deemed satisfied if no single investment of the OP, valued at cost, exceeds 20% of the capital commitments to the Fund and the OP provided, however, that any investment may be made in excess of 20% of the capital commitments to the Fund (determined at the time of such investment) if the investment is approved in advance by the OP’s Advisory Committee.