Wright Investors ' Service

Wright lnternationnl Financial Center Phone: (203) 330· S000

® Pax: (203 ) DO ·SOO !
1000 Lafayc u Boulevard, Bridgepo rt. Connecticut 06604--4720 USA

April 28, 1995

GOVERNMENT
Mr. Joseph L. Bruno EXHIBIT
89 Bulson Road
GC -ll
Troy, NY 12180

Dear Joe,

On October 6, 1994 I wrote you with an adjustment to the March 1, 1994 Referral
Agreement signed by you with Wright Investors' Service.

As a result of the outstanding effort on your part in introducing Ken Singer, me and
others in our organization to prospective clients who might be candidates to utilize the
investment management services of Wright Investors' Service , our President and
Chairman have agreed with me that we should provide a further modification to the
schedule of referral fees previously established. The new schedule is attached and
will apply to all accounts referred by you and managed by Wright Investors' Service.
The schedule will be effective for the next billing for each of the existing accounts
based on the period that the account has been under management and from
inception for the new account with the Paper Industry Union - Management Pension
Fund .

The purpose of this Referral Agreement is to provide for Wright to pay you a referral
fee for introductions or referrals to prospective clients who might be seeking to add or
change investment advisors . It is understood that your role is only to provide such
referrals and introductions and that Wright Investors' Service has the responsibility of
providing the information, material and meetings with such prospective clients in order
to establish an account.

Your relationship with Wright Investors' Service as a referral agent must be disclosed
to each prospective account and the exact form of this disclosure will be provided by
our in-house counsel, Helen George. Your comments regarding your role with Wright
Investors' Service as a part of your introduction of Ken and me at the Paper Industry
Union meeting before the full Board of Trustees was very impressive; however, this
opportunity may not arise in each case. It will be necessary to be sure that we fully
comply with all of the requirements that our counsel has identified which will meet any
regulatory issues.

ln In vestments. Quality Counts . .. and Keep s On Co unting 06889

Mr. Joseph L. Bruno Page 2

All of us appreciate the job you have done, particularly considering your very busy
schedule.

Sincerely,

/r
Albert L. Meric, Jr. CFA
Executive Vice President

ALM,Jr./cd

cc: Helen George

bruoctea
 Schedule A

Referral Fees to be paid to Joseph Bruno

WIS will pay a portion of its investment management fees for referrals meeting all of
the requirements in the attached letter of understanding. A referral fee will be paid for
those clients who have retained WIS as an investment advisor as a result of having
been referred to WIS by Joseph Bruno.

The referral fee paid by WIS shall be equal to a percentage of the fee paid by the
client to WIS and shall be paid quarterly in arrears. The percentage paid will be as
follows:

Client Fees Paid During: Percent Paid to Referral Agent

1st Year of Investment Management 20%

2nd Year of Investment Management 15%
3rd Year of Investment Management 15%

Although this agreement is for the first three years of investment management of any
client, it is Wright's intent to continue payments to referral agents so long as there is a
continuing active relationship between the referral agent and Wright Investors' Service.
It is expected that payments after the third year of investment management will be at
the rate of 10% of fees paid by the client to Wright.

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