GSIS RESOLUTION NO. 223 REVISION OF THE INTEREST RATE OF THE GSIS RETIREMENT LOAN PROGRAM September 17, 2003

RESOLVED:  That, taking into account that the Retirement Loan is a long-term loan window, thus, its yield necessarily comparable to that of long-term treasury notes, to APPROVE the recommendation of the Senior Vice President (Corporate Services Group) for the increase of the interest rate of the GSIS Retirement Loan Program from ten (10%) percent per annum compounded monthly to twelve (12%) percent per annum compounded annually.

Adopted: 17 Sept. 2003 (Board Meeting No. 18)