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Letter of Governing Instructions
For Wright Investment Management
WRIGHT INVESTORS ' SERV1CE, INC.
440 Wheelers Farm s Road
Milford, Connecticut 06461
Th e unde rsi g ne d ( t he " Cli ent ") de si gnates
Wright Investors' Service, Inc. (the " Advisor" ) to di-
reel at the bank. trust company or other cust odian ap-
pro ved by the Ad viso r (the "C ustodia n") the in-
vestment of all property in the Client 's account as
provided for in th is Lette r of Governing Instruct io ns
for Wright Investment Management.
REPRESE NTATIONS AND WARRANT IES:
The Advisor is an invest ment ad visor a ' that term is
defined in til Investment Advisers Act of 1940 (the
" Act") and registe red wit h the Securities and Ex-
change Commission as pro vided for in that Act. The
Advisor is a fiduciary as described in the Employee
Retirement Income Security Act of t974, as amended
("ERlSA") , with respect to the CIient ' s account.
Th e Advisor wi ll use its best efforts in the
investment management of the Client' s account but
is not liable for losses resultin g from actions taken or
omitted unless such actions are a violation of the se-
curities laws of the United States or failure to dis-
ch arge the Advisor's fiduciary responsibilities under
ERISA.
The Advisor ha obta ined any bond required UD-
der Section 412 of ERIS A or any other applicable
GOVERNMENT
EXHIBIT
GN-19
Date -----I.~"_4_-=~=-::::....:~e....-----
law and will conti nue any such bond for the term of
th is Agreement and will provide the Clie nt wit h
e vidence of such coverage upon written request.
PURCHASE AND SALE OF SEC URJTIES:
The Client appoints the Adv isor agent for the Client
and aurhorizes and instructs the Advi sor to purchase
and se ll, in the Adv iso r' s sale and ab solute dis-
cretion, Securities for the Client' s account which the
Adv isor deem s ad visable and which conform to any
written inv est ment g uide line s or po licie s o f the
Cli ent whic h are attached to and made part of this
Agree ment. For purposes of this Agreement, the term
Securities includ es:
Stocks and fixed income instruments meet-
ing the quality requirements of the Adv isor,
Funds or investment company shares man-
aged or selected by the Advisor.
Deposits in and fixed income obligations of
any bank Or financ ial co rporation operating
under the laws of the United State s or other
governments, and
Other securities which the Client may de-
posit or authorize in writing.
EMt>LOYEE BENEFlT s: OHJER ERISA ACCOUNTS
 The Client recognizes that all investments arc sub-
ject to varying degrees of risk and that the Advisor
makes no representation that securities bought will be
profitable. Past performance of the Advisor is not a
guarantee of future resuIts.
DEPOSITS & WlTHDRA WALS: The Client
wiII notify the Advisor of all cash and securities depos-
ited in or withdrawn from the Client's account. The
Advisor, however, is authorized to rely and act only
upon written or oral (if confirmed in writing) noti fica-
tion by the Custodian of such deposits or withdrawa l. .
The Advisor is authorized. bur not required, to act 00
the Client's oral instruction. except the Advisor is only
authorized to act on the Client's oral withdrawal in-
struct ions when the instruction is to direct the CUSto-
dian to pay the withdrawal directly to the Client or an
account in the Client 's name. The Advisor may only
direct other withdrawal instructions by forwarding the
Client ' s written authorization to the Custodian.
BROKERS AND COl\il1\iUSSION COSTS; The
Advisor is authorized to place Securities orders for this
account with any broker/dealer that the Advisor con-
siders satisfactory for the execution of investment
transactions for its clients. If the Custodian is a broker/
dealer that the Advisor considers atisfactory, the Cli-
ent authorizes the Advisor to place buy or sell orders
with the Custodian. The Advisor may combi ne pur-
chase and sale transactions for the Client " account
with similar transactions for other accounts directed by
the Advisor whenever. in the discretion of the Advisor.
it is in the best interests of the Client and other clients
of the Advisor but it does not in any way impair the
segreg atio n of the property in the Client's account .
The Client recognizes that many of the broker/
dealers with whom the Advisor normally places buy or
sell orders also purchase investment services from the
Advisor for their own use or on behalf of their custom-
ers, and that some broker/de alers may, in reciprocity
for brokera ge placed with them by the Advisor. also
provide the Advisor with specialized services which are
utilized in the Advisor's investment collection and ana-
lytical processes. The Advisor may place buy or sell
orders for this account with such broker/dealers or
with the broker/dealer. if an y. who introduced the Cli-
ent to the Advisor, provi ded that such broker/dealer is
considered by the Advisor as satisfactory for the ex-
ecution of investment transactions for I(S clients; that
the brokerage commission charges and discounts arc
substantially the same as those made by other broker/
dealers utilized by the Advisor and not excessive in
relation to the rates which are generally charged for
similar transactions in the securities industry; and that,
in. the best judgment of the Advisor, the best interests
of the Client and other clients are not adversely af-
fected. These provisions are believed by the Advisor to
be in full compliance with Section 28(e) of the Securi-
ties Exchange Act of 1934.
LIMITED POWER OF ATTORNEY: This
Agreement constitutes a continuing Power of Attorney
a pplying and limited to any and all future transactions
relatin g to the CIient' s account. Th is Power of Attor-
ney designates the Advisor as Agent, subject to the
orde rs and instructions contained in this Agreement.
This Power of Attorney shall not be affected by any
chang e in the Client's organization. and shall continue
in effect until the Advisor receives written notification
from the Client that this Power of Attorney has been
revoked. The Advisor as Agent will always act and
bind the unders igned upon the instruction of its presi-
dent or of anyone of its officers or employee . a from
time to time designated for this purpose by its presi-
dent.
VERIFICATION OF STATENIENTS: The Cli-
ent authorizes the Advisor, as agent o f the Client, to
receive information from the Custodian for the pur-
pose of reconcilin g reports prepared by the Custodian
in response to any transactions or actions by the Custo-
dian for. or purporting to be for. the Client's accou nt.
REPORTS: At least quarterly the Advisor will
provide to the Client a financial report of the Cl ient's
account which wiII include all assets in the account as
of the. end of the quaner and their fair market value, as
well a all [Tan actions involving the account during the
quarter. At other reasonable times. the Advisor will
provide. at the Client' s request, additional information
and advice to the Client regarding the Client's account.
This information may be provided by mail, telephone
or in person and. at the Advisor' s discretion, by client
service officers and employees of e ithe r the Advisor or
of a bank or other fiduciary organization compensated
by the Advisor for this purpose.
PROXJES: E xce pt as provided in this para-
gra ph. the Advi sor will vote all proxies fo r securities
held in the Client' s acco unt. A t the CI ient ' s request
the Advisor will provide the Client with a proxy
voti ng record for securities held in the Client'
accou nt. If the Client or another designee is auth or-
ized to vote the proxies, the Cli ent will provide the
Advisor with verification ac ceptable to the Advisor,
inc ludin g in s tr uc t io n s. that the Advisor is not
authori zed to vote the proxies.
ADVISOR'S FEE: The Advi or will c ha rge a fee
for its se rvices provided under thi A greement in ac-
co rdance wit h the attached sc he d u le of fees tha t is
co mputed on the bas is of the cas h and marke t va lue
o f prop e rty in the account o n the last day o f ea ch
ca le ndar q ua rte r. Th e Cl ient' s account will be bi lied
q uart erly in arrears.
The Advi so r will bill the Custodian for se rv ices
provi ded to the Client' s a count unless otherw ise di-
rec ted by the Cli e nt. T he C us todi an w ill pro mptly
pay the Advi 'o r fo r service pro vide d to the Client's
account by charging the C lie nt' s acc ou nt.
Except as may be pe rm itte d by ru le or order of
rhe app lica ble state regul ato ry autho rity , the Advi so r
ha ll no t be cornpen ated o n the bas is o f a hare of
capita l ga ins upon or capital appreciation of th e fu nds
o r any po rtion of the fu nds of the Cl ienr.
T he Ad viso r will give the Client 90 days' written
notice o f a change in the schedule of fees ap pl icable
to t.he Cl ie nt's account. The new fee sc hed ule will
au to ma tic all y come into effect for the Cl ient' s ac-
co unt in ac cordance with the 90·day notice provision
unless the C lient provides written not ice to the Ad -
viso r th at the ac count is not to continue under the
new fee schedule.
SPECIAL INSTRUCTIONS: The Client may
submit special instructions to the Advisor at any
time. Special ins truc tions become part of this Agree-
ment only upon written acceptance by the Advisor.
Except as provided elsewhere in this Agreement the
Advisor is authorized, but not required, to act upon
the Client 's oral special instructions.
ASSIGNMENT: This Agreement may not be
assig ne d by either party without the consent of the
other party. and contemporaneous noti fic ation of the
assign m e nt by ei the r party to the Custodian.
TERMINATION: Client may terminate this
Agreement without penalty within five business davs
of signing it. Th is Agreement may be terminated by
e ithe r part y upon written notic e to the ot he r. Upon
termination. the Client will promptly pay , or c ause
the Custodian to pay, any fees due to the Ad viso r.
The Advisor will refund any prepa id fees a llocable t
periods after the date of termination. T he Advi sor
will direct the Custodian to dispose of the property in
the Cl ient' s ac count in accorda nce with the C lient' s
writte n directions for dispositio n of the accoun t. The
Advi sor will issue a final report as of the termination
da te o f the account whic h will c on tain at least uc h
in fo rmation as is contained in its quarterly re po rts.
NOTICES: The Adviso r is not bound by any
notice of or demand made wit h res pect to this Ag re e-
me nt un less s uc h noti ce or de ma nd is in writin g to the
Advisor and signed by the Client or the Cli ent's legal
re prese nta tive . T he Ad visor may rely co nc lus ive ly
a nd is prot ect ed in acti ng upo n any wr itte n o r o ra l (if
con firm ed in writi ng) notice re qu est . co nsent, instruc-
tio n or other instru ment re aso na bly be lie ved by th e
Ad viso r in good fa ith to be ge nuine o r ign ed by the
prop e r pe rso n or duly au tho rized or pro perly made.
SEVERABILITY: U' any term of this Agreement
is con strued as inval id or unenforceab le, the remainde r
of thi s Ag ree me nt sha ll not be affected by su ch deter-
minatio n and the remaining te rm s of this Agreement
will be valid and enforceable to the fuU extent of the law.
GOVERNING LAW: This Agreement is
go ve rned by and co ns trued in accord ance with the
laws of the State of New York now in effect or as from
time to time amended. unless New York law is pre-
e m pte d by Fede ral laws then in effect.
 The Client acknowledges receipt of Disclosure Report Current Fee Schedule attached as Exhibit _ .:. .:A_
- _
in lieu of Pan IIofSEC Form AD V.
Investment Policy Statement attached as Exhibit
TIle des ignated Introducer or Service As soci ate, if any,
will be paid a fee by the Advisor. Th ere is no additional Client Information or Supplemental Information
cost to the Client due to this arrangement. attac hed as Exhibit . C
·J:h SCl.. o5 (J Re 13R(OOf"i,;~e - {;;;.;.H- rBi l

Address for All Communications: Social Security or fe deral Il):

Lo c a l 773 Be n e f i t s Office 4 -1 4 180 2 0
La wr En c e J . Go n n e l l y Fun d Ma n a g e r
Full T itle of Accou nt:
P .O .Bo : 1 3 1 3 South Glens Fal l s , NY
1 2803 No r t h e a s t Ne w Yo r k Dis tri ct Co u nc i l
Telephone ~) 13 - '7 C) 2 - 0 5 8 (i Pip e fit ter s We l fa r e Fund

Na mes & T itles of Tho. e Si gning Agreement

(Please Prim)

C(I) Name LA-tz.& v/ '> 13,,) ,V1.<,- V\

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T ille :.l..

(2) N ame
Tille

(3) Na me
Signature
T itle

(4) Name
Signatu re
T ille

Introducer or Service Assoc ia t By: Wright Inves tors ' Service. Inc.
fo r this Account:
Mr . Mic ha e l C . Ch r y s

Custodian Wa c h o v i a Se cur i ti e s _ Date /?--}'d-. 1 J() 7

060 707 Local77:l
 Wright Investors' Service
ADR Equity Management Fee Schedule
For
Northeastern NY District Council Pipefitters Welfare Fund
Local 773

Annual
Rate

First $10 million 0.60%

Next $10 million 0.50%

Next $15 million 0.40%

Next $15 million

Fees are billed quarterly in advance at the

rate of one fourth the annual rate based
market value at the end of the preceding
quarter.