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<div style="text-align: left;" align="left"><i> <a class="imgCaptionAnchor" track="on" shape="rect" href="http://r20.rs6.net/tn.jsp?f=0018p4cIKwAcoCTyHTMCvpRZKjs4KxO60Ci_9S96TPtEiWzGAVExjHnAL-vfdZMx1fGKsHeN68XF54Oc2UhOdb6UJNer5GONK-g7efgw7jD1X12F2UkftHsWqlNFzuzzKKLRqCxg1aEEyncNcwbirK-t6k4oHzlPIFNcrbcMcbt6EWJS4HSz8_JPNTXgYQuYKtWuGhJ2RDZVjakmeo-JcefsJNj-UqYy-WR&c=iNQjV80j_f6LaWExSnWxlVsLFI15fRgiFpmzhmQnYvcHlOnYr3qa8Q==&ch=8MGXX34iRxNN_7tGYWCW8Mg98bpT2bAxLbNhvFw6l74XplO9LR3KmQ==" target="_blank"><img height="343" vspace="5" name="ACCOUNT.IMAGE.505" border="0" hspace="5" width="568" src="http://ih.constantcontact.com/fs197/1107630229921/img/505.jpg" /></a> <br /><div><span style="font-size: 16pt;">Policies and Procedures</span> <br /></div><div style="font-size: 10pt; color: #000000;">(As of June 6, 2014)</div></i></div>
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<p style="margin: 0in 0in 0.0001pt; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">The Board of the Orleans Conservation Trust has developed over a dozen policies and procedures since the founding of the Trust in 1970. A number of these policies and procedures are "required" due to our status as a 501(c)(3) non-profit organization, specifically noted on the Form 990 Federal Tax return form (eg, the Conflict of Interest Policy, Whistleblower Policy, and Document Retention and Destruction Policy). Others have been recommended by our financial advisors and/or our tax advisor (eg, the Endowment Fund Policy, the Investment Policy and Investment Procedures, and the Cash Receipts and Disbursement Procedures).&nbsp;<br /><br />&nbsp;</span><span style="font-family: Georgia, serif; font-size: 10pt;">Additional policies and procedures have been developed over time to provide guidance on matters relating to the administration and operations of the Trust - to help standardize and formalize routine as well as non-routine procedures (eg, CR Amendments Policy, Memorial Benches, Rocks and Trees Policy, and Vistas and Vegetation Policy). Most recently, we have developed the "Nomination, Vetting and Election of Trustees Policy and Procedures" and the "Retirement, Resignation, Removal and Replacement of Trustees Policy and Procedures".</span></p>
<p style="margin: 0in 0in 0.0001pt; outline: 0px; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">&nbsp;</span></p>
<p style="margin: 0in 0in 0.0001pt; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">At the recent Special Meeting of the member of the Trust (held on May 29, 2014), we committed to providing copies of the Trust's Policies & Procedures on our website for your reference. Each document includes the date that it was approved by the Board. As noted previously, the "Nomination, Vetting and Election of Trustees Policy" is still in draft form - pending Board approval.</span></p>
<p style="margin: 0in 0in 0.0001pt; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">&nbsp;</span></p>
<p style="margin: 0in 0in 0.0001pt; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">To review the Policies and Procedures please click&nbsp;</span><a style="font-weight: bold; color: rgb(51, 114, 68); text-decoration: underline;" track="on" shape="rect" href="http://r20.rs6.net/tn.jsp?f=0018p4cIKwAcoCTyHTMCvpRZKjs4KxO60Ci_9S96TPtEiWzGAVExjHnAL-vfdZMx1fGKsHeN68XF54Oc2UhOdb6UJNer5GONK-g7efgw7jD1X12F2UkftHsWqlNFzuzzKKLRqCxg1aEEyncNcwbirK-t6k4oHzlPIFNcrbcMcbt6EWJS4HSz8_JPNTXgYQuYKtWuGhJ2RDZVjakmeo-JcefsJNj-UqYy-WR&c=iNQjV80j_f6LaWExSnWxlVsLFI15fRgiFpmzhmQnYvcHlOnYr3qa8Q==&ch=8MGXX34iRxNN_7tGYWCW8Mg98bpT2bAxLbNhvFw6l74XplO9LR3KmQ==" linktype="1" target="_blank">HERE.</a></p>
<p style="margin: 0in 0in 0.0001pt; outline: 0px; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">&nbsp;</span></p>
<p style="margin: 0in 0in 0.0001pt; color: #000000; background: white;"><span style="font-size: 10.0pt; font-family: 'Georgia','serif';">Please send any comments or questions regarding the Policies and Procedures to Kris Ramsay, OCT Director, at <span>Kramsay@OrleansConservationTrust.org</span>.</span></p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; COLOR: #fafafa; FONT-SIZE: 11pt"><strong>For more information contact:</strong></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; COLOR: #fafafa; FONT-SIZE: 10pt"><strong>Orleans Conservation Trust&nbsp;</strong></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; COLOR: #ffffff; FONT-SIZE: 10pt"><strong>508-255-0183</strong></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; COLOR: #fafafa; FONT-SIZE: 10pt"><strong><a style="COLOR: #fafafa; TEXT-DECORATION: underline" track="on" shape="rect" href="http://r20.rs6.net/tn.jsp?f=0018p4cIKwAcoCTyHTMCvpRZKjs4KxO60Ci_9S96TPtEiWzGAVExjHnAK6cChQb7tN0vzYCgS9uZrY7cOqS-Z3nDm7nLXi6ErwL-gOCrZ9--od7TVD0JhUJ529y_F95tAXlQztO5MIA1_NXowTzOoHKjHza15zsRNlRlqra8m6fhZCc6TRoIkKOjepgDm2tk6AE&c=iNQjV80j_f6LaWExSnWxlVsLFI15fRgiFpmzhmQnYvcHlOnYr3qa8Q==&ch=8MGXX34iRxNN_7tGYWCW8Mg98bpT2bAxLbNhvFw6l74XplO9LR3KmQ==" linktype="1" target="_blank">www.orleansconservationtrust.org</a></strong></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; COLOR: #fafafa; FONT-SIZE: 10pt"><strong>P.O.Box 1078, E. Orleans, MA 02643</strong></p></div></td></tr></table>

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</table><div style="font-family:tahoma,sans-serif;font-size:12px;color:#000000;background-color:#ffffff;padding-top: 12px;" align="left" id="LETTER.PHYSICALADDRESS"><font style="font-family:tahoma,sans-serif;font-size:12px;color:#000000;" color="#000000" size="1" face="tahoma,sans-serif">Orleans Conservation Trust<span style="color: #bababa;"> | </span>P. O. Box 1078<span style="color: #bababa;"> | </span>East Orleans<span style="color: #bababa;"> | </span>MA<span style="color: #bababa;"> | </span>02643</font></div></div>
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