Minutes of a Meeting of the Board of Trustees of the GOVERNMENT

Construction and General Laborers Union EXH IB IT

Local 190 Pension, Welfare, and Savings Funds
Held on February 20, 2003 GL -5
At Cafe' Italia, 662 Central Avenue, Albany, New York

PENSION FUND
1. Mr. Carlisle distributed a preliminary on the performance of the investment
managers of the Pension and Welfare Funds for the month of January 2003, the
fiscal year to date, and the calendar year to date. Mr. Carlisle's report provided a
detailed review of each investment manager with comparisons to industry
benchmarks as well as to an adjusted performance index for similarly situated
managers.

2. Me Lilly expressed concerns regarding High Rock's performance and stated that
the Trustees should focus their attention on High Rock for possible replacement.

3. Mr. Carlisle presented the fourth quarter of 2002 report on the performance of the
investment managers of the Pension and Welfare Funds. Mr. Carlisle reviewed
Fund performance against benchmarks and asset allocation for the period.
Included in Mr. Carlisle's report was a comparison of individual managers within a
universe of their peers.

4. Mr. Lilly distributed and reviewed in detail a report on the search for investment
managers which was conducted by Independent Fiduciary Services, Inc. Mr. Lilly's
report reviewed active versus passive management, management fees for each
respective candidate, and historical performance. Mr. Lilly recommended that the
Trustees consider active fixed-income management based on current interest rates
and his belief that interest rates will rise.

Mr. Lilly further recommended that both the Pension and Welfare fixed-income
assets be placed with the chosen manager to leverage the manager's fees in
negotiati on.

After discussion , a motion was made to direct Mr. Carlisle and Mr. Lilly to
negotiate fees with Wright Investors and, based upon favorable management fees,
to contract with Wright Investors. Motion was seconded and unan imously passed .

4- Ms. Oliver presented and reviewed with the Trustees the compiled financial
statements for the three-month period ending October 31, 2002 for the Pension
Fund. Upon motion made and seconded, the Trustees accepted the financial
statements as submitted.

9· Upon motion made and seconded, the Trustees approved the following pension
applications, as submitted by the Fund Office and reviewed by the consultant,
which have been processed si nee the last Trustees' meeti ng:

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