Dear YMCA Colleagues,

Stunning events in the financial markets continue to occur at a rapid pace. The news has been filled with stories of evaporating asset values and American workers' retirement savings disappearing overnight. As the financial systems stabilize over the next several quarters, the YMCA Retirement Fund's Management and Board will continue to closely monitor evolving conditions.

The Fund maintains a highly diversified portfolio that is built for long term performance. In the 86-year history of our Fund, participant account balances have never gone down, and at present, we do not anticipate any change to that record.

Our retirees can remain confident that monthly annuity payments will continue uninterrupted.

Following the previously scheduled quarterly meeting of the Fund's Board of Trustees, I want to reiterate our belief that we remain properly structured and poised to pursue attractive investment opportunities. We will come through this crisis as we have weathered others in the past.

Thanks for your support and confidence.

Sincerely,

John M. Preis, CEO
YMCA Retirement Fund

Committed to serving YMCA employees with
Security, Integrity and Enduring Value