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

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A Brief Description of Global Inflation Linked Bonds REAL RETURN - TIPS 1,600 Global Index-Linked Bond Issuance 1,400 1,200 1,000 $ Trillion 800 600 400 200 0 2004 2006 2008 2010 U.S. U.K. France Japan Germany Other Euro/CDA Source: Barclays 28 28
A Brief Description of Global Inflation Linked Bonds REAL RETURN - TIPS • Objective • Produce inflation-protected income/returns over extended periods • TIPS can help plan sponsors secure more steady real returns over time • Key Market Trends/Issues • Returns on TIPS have proven cyclical as a result of supply/demand factors as well as expectations for economic growth • The bulk of global TIPS issuance has come from sovereign governments • The market of TIPS has grown significantly in recent years • Compared to other major classes, TIPS have exhibited better inflation-protection characteristics • In the 2008 crisis, TIPS became attractively priced relative to U.S. Treasuries for lack of liquidity reasons • Investment Management Trends/Issues • Institutional TIPS management totals approximately $125 billion • Several plan sponsors have dedicated TIPS asset class portfolios, while others consider TIPS a Real Return component • Track records of active TIPS managers is mixed and relatively sparse 29 29
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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 72 and 73: 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 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: Modeling a Real Return Class SUMMAR
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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