CONSOLIDATED INVESTMENT TRUST (C.I.T.)
Investment Committee

INVESTMENT MANAGEMENT:

University of Idaho Foundation, Inc. Board of Directors: With regard to investment policy, the Board of Directors is responsible for establishing and delegating the duties of the Investment Committee and for approving investment policies based on recommendations by the Investment Committee.

Investment Committee:
The Investment Committee is responsible for managing the investment process in a fiscally responsible and prudent manner with regard to preserving principal while providing reasonable investment returns. The committee shall establish the policy to include, but not be limited to, selection of acceptable asset classes, allowable ranges of holdings in each asset class and by individual investment managers as a percent of assets, the determination of acceptable securities within each asset class, and investment performance expectations.

The committee will communicate in formal contracts the policy and performance expectations for each investment manager, and will review investment performance regularly to assure policy compliance. Performance will also be regularly evaluated to judge investment managers.

The Investment Committee is a standing committee of the University of Idaho Foundation, Inc. It generally meets three or four times a year with the staff from the University Trust and Investment Office (TIO). Membership of the Investment Committee shall be structured to assure investment acumen, continuity and opportunities for service.

The Investment Committee shall consist of a minimum of seven voting members including the Chairman of the University of Idaho Foundation, Inc., the Vice Chairman of the University of Idaho Foundation Inc., and a University of Idaho College Dean. The Treasurer of the University of Idaho Foundation, Inc., and the Managing Director of the University of Idaho Foundation, Inc. shall be included as non-voting members. Additional committee members shall be appointed by the University of Idaho Foundation Inc.'s, Chairman and approved by the University of Idaho Foundation Inc. Board of Directors. The chairman of the committee shall be appointed by the University of Idaho Foundation, Inc.'s, Chairman and approved by the Foundation Board of Directors.

The primary responsibility of the Investment Committee is to oversee and provide guidance for the investment of University of Idaho Foundation, Inc. assets. Its major responsibilities are:

1. Recommending investment goals and objectives to the Board of Directors.
2. Formulating investment policy (asset allocation, spending policy, and level of risk).
3. Selecting and hiring investment managers and reviewing their performance.
4. Establishing performance measurement criteria for investment managers and the overall portfolio.
5. Terminating Investment Managers.
6. Selecting, hiring and terminating investment advisory consultants.