March 22, 1999

PERSONAL AND CONFIDENTIAL

Dr. Hillel Fradkin

American Enterprise Institute

1150 Seventeenth Institute

Washington, DC 20036

Re:Supplemental Retirement Plan

Dear Hillel:

Enclosed is a check in the amount of $23,874 representing a lump sum distribution of your supplemental employee retirement plan sponsored by The Lynde and Harry Bradley Foundation, Inc.

Enclosed is an historical analysis of your retirement account including an analysis of the investment income.

The distribution you receive should be included in your 1999 taxable income. Accordingly, you may have to make an estimated tax payment to avoid an underpayment tax penalty. The Bradley Foundation is required to report the distribution to the IRS at the end of 1999.

Please contact me if you have any questions.

Very truly yours,

Robert N. Berkopec

RNB/sg

cc:Michael Joyce