NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS HAD NO FINANCIAL TIES TO MADOFF

[Omaha Steve]

http://gangbox.wordpress.com/2009/01/24/new-york-city-d... /

NEW YORK CITY DISTRICT COUNCIL OF CARPENTERS HAD NO FINANCIAL TIES TO MADOFF…according to letter from the benefit fund trustees sent to the membership

NEW YORK DISTRICT COUNCIL OF CARPENTERS

BENEFIT FUNDS

UNION MANAGEMENT

TRUSTEES TRUSTEES

Michael J.Forde Stuart R. GraBois Kevin O’Callaghan

Chairman Executive Director Co-Chairman

Peter Thomassen Alfred G. Gerosa

Denis Sheil 395 Hudson Street George Greco

Lawrence D’Errico New York, NY 10014 David T. Meberg

John E. Greaney Telephone: [phone] Paul O’Brien

Charles Harkin Fax: [phone] Joseph Oliveieri

January 12, 2009

Dear Participant:

Over the past few days, many of you have written or called the offices of your pension fund expressing concern about recent newspaper and media reports regarding Bernard Madoff. Those reports identified a New York State Carpenter’s Fund as having lost a considerable amount by investing in Madoff entities. We are writing you to assure you that no funds of the New York City Carpenters Pension Fund have ever been invested in any investment vehicle linked to Bernard Madoff.

The investment returns of the New York City District Council of Carpenters Pension Fund for many years have been in the top tier of jointly trusteed pension funds. We have retained nationally recognized professionals to monitor the pension fund’s investments and to assure compliance with all applicable state and federal laws and regulations. On a regular basis, we meet with the fund professionals to evaluate the progress of these investments.

Once again we reassure you that you New York City District Council of Carpenters Pension Fund had no investments with entities controlled by Bernard Madoff. We take our responsibilities to you very seriously, we will continue to oversee the investments of your pension fund with skill, diligence, and prudence to the best of our abilities.

Chairman Co-Chairman

Michael J. Forde Kevin O’Callaghan