GSIS RESOLUTION NO. 48 IMPLEMENTATION OF A CONDONATION PROGRAM ON OUTSTANDING SERVICE LOANS March 05, 2008

RESOLVED, to APPROVE the recommendations of the Senior Vice President (Corporate Services Group), for the implementation of a Condonation Program on outstanding service loans declared in default and restructuring of the remaining balance through the consolidated loan program:

1. Proposed unilateral condonation of penalties and surcharges and interest on service oriented loans declared in default as of December 31, 2007, as follows: ,

-100% condonation of penalties and surcharges

-50% waiver of interests

2 Restructuring of the remaining balance of the loan, after deducting the condoned amounts trough the Consolidated Loan Program.RESOLVED FURTHER, to DIRECT the Senior Vice President (Corporate Services ) in coordination with the Vice President (Public Affairs Office) to conduct an information drive regarding this program.RESOLVED, FINALLY, to DIRECT the SVP (CSG) to submit a report to the Board, after six (6) months, as to the impact of this program, including the financial implications on the Funds of the System.Adopted; 5 March 2008 (Board Meeting No. 5)