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AUTHORIZATION TO INCREASE THE FISCAL YEAR 1999-2000 ENDOWMENT INCOME DISTRIBUTION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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AUTHORIZATION TO INCREASE THE FISCAL YEAR 1999-2000 ENDOWMENT INCOME DISTRIBUTION

The following resolution was adopted:

RESOLVED that the Executive Vice President and Chief Financial Officer be authorized to increase the Fiscal Year 1999-2000 income distribution of Class A shares four percent from $64.95 per share to $68.76 per share, which equals 4.14 percent of the June 30, 1999, market value of the Pooled Endowment Fund;

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer be authorized to increase the Fiscal Year 1999-2000 income distribution for Class B shares four percent from $87.87 per share to $94.43 per share, which equals 5.68 percent of the June 30, 1999, market value of the Pooled Endowment Fund;

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer be authorized to increase the Fiscal Year 1999-2000 income distribution for the Miller Center endowment to an amount equal to 5.75 percent of the June 30, 1999, market value of their endowment managed by Sun Trust. Thereafter, the amount will increase by four percent subject to the same tests as the Class B shares.