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

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Considering a Real Return Class RATIONALE – THE OPPORTUNITY SET IS LARGE Combined Size of Potential Real Return Investment Markets (estimates for 6/30/2009) Abs Ret/ Hedge Fds $1.6T Global TIPS $1.4T Commodities $3.7T Infrastrucure $1.6T Timber $500B Very new segment with significant potential Volatile segment Proven asset class with verifiable track record Wide range of strategies within segment • Real Return-oriented investments represent over $8 trillion in opportunity • Other segments include Agriculture and Oil & Gas; LIBOR+ mandates may also be appropriate Sources: RREEF Real Estate Research, AllianceBernstein, Forest Investment Associates, Mercer, BIS 18 18
Modeling the Real Return Class • Different plan sponsors may arrive at different structural definitions for the Real Return Class: • TIPS • Timber PLAN SPONSOR ABC • Core real estate • Hedge Funds • Infrastructure • Oil & Gas projects • Commodities PLAN SPONSOR XYZ • Agriculture • Once a set of components are determined as viable, appropriate assumptions must be established 19 19
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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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SECTION 2 LOOKING FORWARD Source: W
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LOOKING FORWARD: INTRODUCTION r •
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LOOKING FORWARD: POSSIBLE OUTCOMES
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POSSIBLE OUTCOMES: ALTERNATIVE SCEN
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Page 62 and 63: 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 and 100: Expert Views 5
Page 101 and 102: Expert Views: Inflation Doves • B
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: Institutional Investor Response •
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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