MASTER INVESTMENT CUSTODIAN RECOMMENDATION

Northern Trust Company and Mellon Bank were identified as the two preferred candidates. They both are very competent and either one could serve the Foundation well. After further review and analysis I recommend Northern Trust for the following reasons:

1.	Northern Trust is located in Chicago and has demonstrated a significant commitment to the Midwest and is in the process of establishing Northern Trust Bank of Wisconsin that will be located in downtown Milwaukee.

2.	Both proposals were excellent, but the personnel from Northern Trust exhibited a more responsive and interested attitude in acquiring the Foundation's business. This included a personal call from Bill Osborn , Chairman and CEO.

3.	Northern Trust agreed to the following reductions in transaction charges:

Transaction	Original	Revised

Equity, fixed income etc.	$12	$10

Mutual fund	$35	$25

In addition they reduced the annual Managed Account Fee from $2,500 to $1,500 per account.

These fee modifications result in a reduction of the "equalized" fee estimate from $168,390 to $151,414 compared to the Mellon Bank reduced fee estimate of $145,838.

4.	Northern Trust agreed to increasing the fee split for security lending from 55/45 to 60/40 while maintaining the enhanced indemnification coverage.

5.	The Fourth Quarter 1998 International Securities Lending magazine survey included the following rankings:

Agent Lenders

1.	Northern Trust

8.	Mellon Bank

Desk Performance -- Agent Lenders

1.	Northern Trust

7.	Mellon Bank

Relationship Management -- Agent Lenders

1.	Chase Manhattan

2.	Northern Trust

8.	Mellon Bank

6.	Northern Trust is the trust company and investment advisor for the Sarah Doll Barder Trust.