Dell 2003 Annual Report Download - page 125
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omissions of any such delegatee, as long as the delegating Committee members do not violate any fiduciary responsibility in making or continuing such
delegation.
12.5 Investment Manager.
(a) The Committee may, in its sole discretion, appoint an "investment manager" with power to manage, acquire or dispose of any asset of the Plan and
to direct the Trustee in this regard, so long as:
(1) The investment manager is (i) registered as an investment adviser under the Investment Advisers Act of 1940; (ii) not registered as an
investment adviser under such Act by reason of paragraph (i) of section 203A(a) of such Act but is registered as an investment adviser under
the laws of the state (referred to in such section 203A(a) in which it maintains its principal office and place of business, and, at the time it
last filed the registration form most recently filed by it with such state in order to maintain its registration under the laws of such state, also
filed a copy of such form with the Secretary of Labor; (iii) a bank, as defined in Act; or (iv) an insurance company qualified to do business
under the laws of more than one state; and
(2) Such investment manager acknowledges in writing that he or it is a fiduciary with respect to the Plan.
(b) Upon the appointment of an investment manager pursuant to Subsection 12.5(a), the Committee shall not be liable for the acts of the investment
manager, as long as the Committee members do not violate any fiduciary responsibility in making or continuing such appointment. The Trustee
shall follow the directions of such investment manager and shall not be liable for the acts or omissions of such investment manager. The
Committee may, in its sole discretion, remove an investment manager at any time.
* * * * *
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