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

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Q1 - 2013 Manager Performance (Gross of Fees) Preliminary Domestic Equity – Periods ending March 31, 2013 Manager Mkt Value ($000) Asset Class Management Style Quarter 1 YR 3 YR 5 YR Estimated Annual Fee (bps) 1 Current Monitoring Status Northern Trust Co. 266,346 Large Cap Core Passive 11.0 14.5 13.0 6.3 3 --- Russell 1000 Index --- --- --- 11.0 14.4 12.9 6.2 --- --- Intech 69,564 Large Cap Growth Active 8.7 10.8 14.3 7.1 50 --- T. Rowe Price 67,400 Large Cap Growth Active 7.9 8.4 13.2 8.1 49 --- Russell 1000 Growth Index --- --- --- 9.5 10.1 13.1 7.3 --- --- Barrow Hanley 152,416 Large Cap Value Active 10.1 13.2 10.9 5.9 32 --- Russell 1000 Value Index --- --- --- 12.3 18.8 12.7 4.8 --- --- Northern Trust Co. 18,612 Small Cap Growth Passive 13.2 14.9 15.0 --- 5 --- Russell 2000 Growth Index --- --- --- 13.2 14.5 14.7 --- --- --- Opus 25,133 Small Cap Value Active 11.5 13.6 12.1 8.1 67 2 Heightened Russell 2000 Value Index --- --- --- 11.6 18.1 12.1 7.3 --- --- International Equity – Periods ending March 31, 2013 Manager Mkt Value ($000) Asset Class Management Style Quarter 1 YR 3 YR 5 YR Estimated Annual Fee (bps) 1 Current Monitoring Status Franklin Templeton 3 100,102 ACWI x U.S. Active 3.3 12.1 5.7 0.3 58 --- Fisher Investments 104,466 ACWI x U.S. Active 3.1 5.1 6.6 1.8 66 --- MSCI ACWI x U.S. (blend)* --- --- --- 3.3 8.9 4.9 0.1 --- --- *As of January 1, 2007, the benchmark changed from MSCI EAFE to MSCI ACWI x U.S. 1 Reviewed annually. Last reviewed June 30, 2012. 2 The Estimated Annual Fee reported for Opus is based on the new management fee schedule approved by the Board at the November 2012 Board meeting. 3 Franklin Templeton’s returns are reported net of fees. The Franklin Templeton institutional mutual fund account was liquidated in June 2011 and moved to a transition account which later funded the Franklin Templeton new separate account in the same month. The Q2-2011 return is an aggregate of the institutional mutual fund account, Franklin transition account, and new separate account. 4
Q1 - 2013 Preliminary Fixed Income – Periods ending March 31, 2013 Manager Mkt Value Asset Class Management Quarter 1 YR 3 YR 5 YR Estimated Annual Current Monitoring ($000) Style Fee (bps) 4 Status Western Asset Management 82,448 Core Plus Active 0.9 8.8 9.3 8.1 26 --- BC Universal (blend)* --- --- --- 0.1 4.7 6.0 5.9 --- --- CS McKee 157,041 Core Active 0.1 4.5 --- --- 20 --- BC Aggregate --- --- --- -0.1 3.8 --- --- --- --- *As of January 1, 2008, the benchmark changed from BC Aggregate to BC Universal. Real Estate – Periods ending March 31, 2013 Manager Mkt Value Asset Class Quarter 1 YR 3 YR 5 YR Estimated Annual Current Monitoring ($000) Fee (bps) 4 Status RREEF II* 21,075 Real Estate 3.4 12.4 15.6 -1.5 161 Heightened NCREIF* --- --- 2.5 10.5 12.6 2.1 --- --- Urdang 31,744 Real Estate 7.5 13.8 --- --- 27.5 bps + 15% on --- excess returns FTSE NAREIT All Equity REITs --- --- 9.1 18.7 --- --- --- --- *Results are lagged one quarter. 4 Reviewed annually. Last reviewed June 30, 2012. 5
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 and 30: For example, as of the most recent
Page 31 and 32: Q1 - 2013 Preliminary Recent Invest
Page 33: Q1 - 2013 Preliminary Periods endin
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 •
Page 80 and 81: INVESTMENT OPTIONS r • In light o
Page 82 and 83: 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
Page 121 and 122:
Modeling a Real Return Class SUMMAR
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A Brief Description of Global Infla
Page 125 and 126:
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
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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