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

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INTECH Performance Fee Illustration * Fixed Fee Formula: 0.495% on the 1st $100,000,000 Account market value (MV) = $66,000,000 Base Fee $ = $33,000 Avg. Fee % = 0.495% Performance Fee Terms: Avg. Fee $ = $326,700 Base Fee (BF) = 0.05% Participation Rate (PR) = 12.50% Maximum Fee (MF) = 0.90% Total Fee Calculations Gross Perf Total Excess TR Alpha Fee % Perf Fee $ Fee % Total Fee $ Net of [ α ] [ α * PR ] [ α * PR * MV ] [ Perf + Base ] [ Perf + Base ] All Fees Minimum Fee 0.00% 0.0000% $0 0.0500% $33,000 -0.05% 0.25% 0.0313% $20,625 0.0813% $53,625 0.17% 0.50% 0.0625% $41,250 0.1125% $74,250 0.39% 0.75% 0.0938% $61,875 0.1438% $94,875 0.61% 1.00% 0.1250% $82,500 0.1750% $115,500 0.83% 1.25% 0.1563% $103,125 0.2063% $136,125 1.04% 1.50% 0.1875% $123,750 0.2375% $156,750 1.26% 1.75% 0.2188% $144,375 0.2688% $177,375 1.48% 2.00% 0.2500% $165,000 0.3000% $198,000 1.70% 2.25% 0.2813% $185,625 0.3313% $218,625 1.92% 2.50% 0.3125% $206,250 0.3625% $239,250 2.14% 2.75% 0.3438% $226,875 0.3938% $259,875 2.36% 3.00% 0.3750% $247,500 0.4250% $280,500 2.58% 3.25% 0.4063% $268,125 0.4563% $301,125 2.79% 3.50% 0.4375% $288,750 0.4875% $321,750 3.01% Fixed Fee Equivalance 3.56% 0.4450% $293,700 0.4950% $326,700 3.07% 3.75% 0.4688% $309,375 0.5188% $342,375 3.23% 4.00% 0.5000% $330,000 0.5500% $363,000 3.45% 4.25% 0.5313% $350,625 0.5813% $383,625 3.67% 4.50% 0.5625% $371,250 0.6125% $404,250 3.89% 4.75% 0.5938% $391,875 0.6438% $424,875 4.11% 5.00% 0.6250% $412,500 0.6750% $445,500 4.33% 5.25% 0.6563% $433,125 0.7063% $466,125 4.54% 5.50% 0.6875% $453,750 0.7375% $486,750 4.76% 5.75% 0.7188% $474,375 0.7688% $507,375 4.98% 6.00% 0.7500% $495,000 0.8000% $528,000 5.20% 6.25% 0.7813% $515,625 0.8313% $548,625 5.42% 6.50% 0.8125% $536,250 0.8625% $569,250 5.64% 6.75% 0.8438% $556,875 0.8938% $589,875 5.86% Maximum Fee 6.80% 0.8500% $561,000 0.9000% $594,000 5.90% * Example calculations provided for illustrative purposes only. Only the Base Fee will be charged for the initial 3 quarters under the performance fee arrangement. For the 4th and subsequent quarters, both the Base Fee and Performance Fee will be charged. The performance fee will be based upon the account's excess performance from the inception of the performance fee until its 3rd anniversary, at which point a rolling 3-year return will be utilized. The performance excess for the account will be calculated relative to the Benchmark Index in US dollars, although significant investment restrictions may require that a custom benchmark be used to calculate the excess performance for performance fee purposes. A document further describing INTECH’s standard performance fee methodology accompanies this illustration.
Q1 - 2013 Preliminary Recent Investment Performance Quarter 1 Year 3 Year 5 Year 10 Year 20 Year Total Portfolio 6.3 10.4 10.2 5.6 8.7 8.1 Policy Benchmark 6.4 11.1 10.0 5.3 8.9 8.2 Excess Return -0.1 -0.7 0.2 0.3 -0.2 -0.1 *Gross of Fees Portfolio Valuation as of March 31, 2013 (in millions $) March 31, Dec. 31, Quarterly Percentage March 31, Annual Percentage 2013 2012 Change Change* 2012 Change Change* EBMUD $1,109.2 $1,045.7 $63.5 6.1% $1,011.1 $98.1 9.7% *Percentage change in value due to both investment results and cash flows. 1
Page 21 and 22: M E M O R A N D U M Date: April 29,
Page 23 and 24: Recent Investment Performance Barro
Page 25: Additional Considerations Barrow Ha
Page 29: For example, as of the most recent
Page 33 and 34: Q1 - 2013 Preliminary Periods endin
Page 35: Q1 - 2013 Preliminary Fixed Income
Page 38 and 39: AGENDA ITEMS Section Tab Current In
Page 40 and 41: THE CURRENT INTEREST RATE ENVIRONME
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 •
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INVESTMENT OPTIONS r • In light o
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INVESTMENT OPTION 2 r • Option 2:
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INVESTMENT OPTION 4 r • Option 4:
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INVESTMENT OPTION 4-A r • Option
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INVESTMENT OPTION 4-B r • Option
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INVESTMENT OPTION 4-C r • Option
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CONCLUSIONS r • There are a few a
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Considering a Real Return Class Eas
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Defining Inflation • Inflation is
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Expert Views 5
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Expert Views: Inflation Doves • B
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Expert Views: Inflation Doves The E
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Expert Views: Inflation Hawks • B
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Expert Views: Inflation Hawks The E
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Expert Views: Summary • Experts a
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Institutional Investor Response •
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Modeling the Real Return Class •
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Modeling the Real Return Class •
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Implementing a Real Return Class
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Appendix 25 25
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Modeling a Real Return Class SUMMAR
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A Brief Description of Global Infla
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A Brief Description of Absolute Ret
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A Brief Description of Absolute Ret
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A Brief Description of Commodities
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A Brief Description of Oil & Gas RE
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A Brief Description of Oil & Gas RE
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FROM: Lisa Sorani, Manager of HR Employee Services LS -

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