November 30, 2004

Mr. Richard Feaser

Ruane, Cunniff & Co., Inc.

767 Fifth Avenue, Suite 4701

New York, NY 10153-4798

Via Fax: 212-832-5298

Dear Rick:

A need exists to raise funds for current expenditures. In this connection, $5,000,000 is to be withdrawn from the Bradley Foundation's portfolio under your management (#26-01678). I have enclosed the Foundation's wire instructions for your convenience.

We plan to instruct Northern Trust to transfer $5,000,000 on December 30, 2004.

The Foundation's contact at Northern Trust is Calvin Johnson, 312-444-7488.

Please contact me if you have any questions.

Very truly yours,

Michael W. Senske

Controller

MWS/ye

cc:	Michael W. Grebe

Calvin Johnson

November 30, 2004

Mr. Calvin Johnson

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60675

Via Fax: 312-557-2674

Re:	Bradley Foundation

Transaction:	Transfer Btw. Accounts

Sponsor:	BRDFN

Dear Cal:

You are directed to process each of the transactions listed below:

Transfer Cash Between Trust/Custody Accounts as directed on December 30, 2004.

Transfer from:

Account No./

Short Code Currency Amount P/I

26-01678	USD	$5,000,000	P

Transfer to:

Account No./

Short Code Currency Amount P/I

26-01675	USD	$5,000,000	P

Narrative:	Transfer Between Accounts

Acacia Institutional

December 30, 2004

$5,000,000

Very truly yours,

Michael W. Senske

Controller

MWS/ye