PO BOX 23400, SAN JUAN, PUERTO RICO 00931-3400 TEL. (787) 758-3350, FAX (787) 758-7196

BOARD OF TRUSTEES UNIVERSITY OF PUERTO RICO

CERTIFICATION NUMBER 22 2011-2012

I, Aida Ávalo de Sánchez, Secretary of the Board of Trustees of the University of

Puerto Rico, DO HEREBY CERTIFY THAT:

The Board of Trustees of the University of Puerto Rico, at its regular meeting

held on October 15, 2011, having considered the recommendation of its Financial Affairs

Committee, approved the following:

The Retirement System of the University of Puerto Rico is hereby authorized to participate as an investor in the McCoy Investments II Fund of Vedanta Capital, up to the sum of $15,000,000, but not to exceed, Two Percent (2%) of total fund assets (determined as of the date the investment is agreed to), nor any other limitation provided in the Statement of Investment Policy, Guidelines and Objectives of the Investment Fund of the aforesaid Retirement System, Certification No. 30 (2007-2008), as amended. The Executive Director of the U.P.R. Retirement System is authorized to do all acts and things required to effectuate this investment and the present authorization includes the execution and delivery by the Executive Director, the President or the Secretary of the Board, as the case may be, of documents or certifications required to by the acts hereby authorized. On the date of approval of the present certification, Certification No.13 (2011-2012) shall be without effect. IN WITNESS WHEREOF, I have issued this Certificate and affixed the Seal of

the University of Puerto Rico, in San Juan, Puerto Rico, this 17th day of October 2011.

Aida Ávalo de Sánchez Secretary