RETENTION OF RORER ASSET MANAGEMENT AS INVESTMENT COUNSELOR
 
WHEREAS, the Philadelphia Bar Association has heretofore maintained various accounts and certificates of deposit to fund operating expenses as well as the Reserve for Asset Replacement Fund and the Capital Contingency Reserve Fund;

WHEREAS, operating funds are not invested separately from the Association's reserve funds;

WHEREAS, the Association has not heretofore adopted a policy regarding the investment of the Association's assets;

WHEREAS, the Association's reserve funds are intended to be used for the long-term financial requirements of the Association and to fund future capital expenditures;

WHEREAS, it is desired that the Association adopt a specific policy for the investment of operating funds as well as the long-term financial and capital needs of the Association;

NOW, THEREFORE, BE IT RESOLVED that the Philadelphia Bar Association adopts the attached statement of Investment Objectives and Policies;

AND BE IT FURTHER RESOLVED that the Association retain the services of Rorer Asset Management as investment advisors to prudently invest Association funds pursuant to the Statement of Investment Objectives and Policies;

AND BE IT FURTHER RESOLVED that at least on an annual basis, the Treasurer and Assistant Treasurer of the Association shall report to the Board of Governors on the performance of the investment advisor and the status of the Association's investments.

PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: February 24, 1994