FROM: Lisa Sorani, Manager of HR Employee Services LS -

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Expert Views: Inflation Doves • Inflation Doves: Experts who do not believe inflation poses a real or immediate threat • Inflation is not an imminent problem • If it does occur it will be in the distant future • We have the policy tools to deal with it • Inflation cannot increase without a stronger job market and economic recovery • Policy makers should be doing more to stimulate the economy • Inflation is a distant problem 6
Expert Views: Inflation Doves • Ben Bernanke – Chairman of the Federal Reserve • Long term inflation expectations have remained stable and well anchored • Demand is slack and core inflation below-target • Any increase in inflation from higher commodity prices will be transitory • Fed will be able to maintain inflation at or below target as long as inflation expectations remain stable • Reasoning • High unemployment – slack in labor markets inhibits greater inflation • Output gap – below average economic recovery • Lack of lending from banks • Falling home prices – about 40% of CPI is housing related • Debt deleveraging 7
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M E M O R A N D U M Date: April 29,
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Recent Investment Performance Barro
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Additional Considerations Barrow Ha
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For example, as of the most recent
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Q1 - 2013 Preliminary Recent Invest
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Q1 - 2013 Preliminary Periods endin
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Q1 - 2013 Preliminary Fixed Income
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AGENDA ITEMS Section Tab Current In
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THE CURRENT INTEREST RATE ENVIRONME
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Page 50 and 51: SECTION 2 LOOKING FORWARD Source: W
Page 52 and 53: LOOKING FORWARD: INTRODUCTION r •
Page 54 and 55: LOOKING FORWARD: POSSIBLE OUTCOMES
Page 56 and 57: POSSIBLE OUTCOMES: ALTERNATIVE SCEN
Page 78 and 79: LOOKING FORWARD: CONCLUSIONS r •
Page 80 and 81: INVESTMENT OPTIONS r • In light o
Page 82 and 83: INVESTMENT OPTION 2 r • Option 2:
Page 84 and 85: INVESTMENT OPTION 4 r • Option 4:
Page 86 and 87: INVESTMENT OPTION 4-A r • Option
Page 88 and 89: INVESTMENT OPTION 4-B r • Option
Page 90 and 91: INVESTMENT OPTION 4-C r • Option
Page 92 and 93: CONCLUSIONS r • There are a few a
Page 95 and 96: Considering a Real Return Class Eas
Page 97 and 98: Defining Inflation • Inflation is
Page 99: Expert Views 5
Page 103 and 104: Expert Views: Inflation Doves The E
Page 105 and 106: Expert Views: Inflation Hawks • B
Page 107 and 108: Expert Views: Inflation Hawks The E
Page 109 and 110: Expert Views: Summary • Experts a
Page 111 and 112: Institutional Investor Response •
Page 113 and 114: Modeling the Real Return Class •
Page 115 and 116: Modeling the Real Return Class •
Page 117 and 118: Implementing a Real Return Class
Page 119 and 120: Appendix 25 25
Page 121 and 122: Modeling a Real Return Class SUMMAR
Page 123 and 124: A Brief Description of Global Infla
Page 125 and 126: A Brief Description of Absolute Ret
Page 127 and 128: A Brief Description of Absolute Ret
Page 129 and 130: A Brief Description of Commodities
Page 131 and 132: A Brief Description of Oil & Gas RE
Page 133 and 134: A Brief Description of Oil & Gas RE
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FROM: Lisa Sorani, Manager of HR Employee Services LS -

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