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D. Investment Advisor Duties. Subject to the approval of the Board of Trustees, the <br />Investment Advisor shall recommend an asset allocation for the Trust Fund that is consistent <br />with the objectives of the Investment Policy. If the Board of Trustees shall approve a separate <br />Investment Policy with respect to assets in a segregated portion of the Trust Fund, the Investment <br />Advisor shall recommend an asset allocation for such segregated portion of the Trust Fund that is <br />consistent with the objectives of such Investment Policy. At least annually, the Investment <br />Advisor shall review the Investment Policy and asset allocation with the Board of Trustees. The <br />Investment Advisor shall also advise the Board of Trustees with regard to investing in a manner <br />that is consistent with applicable law, and, as advised by the Administrator, the expected <br />distribution requirements of the Plans. <br />E. Investment Managers. The Board of Trustees, from time to time, may appoint <br />one (1) or more independent Investment Managers ( "Investment Manager "), pursuant to a <br />written investment management agreement with each, describing the powers and duties of the <br />Investment Manager to invest and manage all or a portion of the Trust Fund. The Investment <br />Manager shall have the power to direct the management, acquisition or disposition of that <br />portion of the Trust Fund for which the Investment Manager is responsible. <br />The Board of Trustees shall be responsible for ascertaining that each Investment <br />Manager, while acting in that capacity, satisfies the following requirements: <br />1. The Investment Manager is either (i) registered as an investment adviser <br />under the Investment Advisers Act of 1940, as amended; (ii) a bank as defined in that <br />Act; or (iii) an insurance company qualified to perform the services described herein <br />under the laws of more than one state; and <br />2. The Investment Manager has acknowledged in writing to the Board of <br />Trustees that it is a fiduciary with respect to the assets in the portion of the Trust Fund for <br />which the Investment Manager has responsibility for management, acquisition or <br />disposition. <br />F. Custodians. The Custodian(s) shall no less frequently than annually or at the <br />request of the Board of Trustees certify the value of any property of the Trust Fund managed by <br />the Investment Manager(s). The Trustees shall be entitled to rely conclusively upon such <br />valuation for all purposes under the Trust Fund. <br />G. Investment in Insurance Contracts. The Trustees may offer one (1) or more <br />investment options pursuant to one (1) or more agreements with insurance companies qualified <br />to do business in the Commonwealth of Virginia. Any asset invested pursuant to such an <br />agreement shall be held by the insurance company. Each insurance company so selected shall <br />certify the value of the Trust Fund's interest in the property held by it at least annually. The <br />Trustees shall be entitled to rely conclusively on such valuation for all purposes under this <br />Agreement. <br />H. Investment in Mutual Funds. The Trustees may offer one (1) or more investment <br />options pursuant to one (1) or more agreements with companies offering mutual fund products. <br />As amended December 7, 2012 15 <br />