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

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LOOKING FORWARD: INTRODUCTION r • As we’ve already discussed d interest t rates are near all time lows • This outcome is the direct effect of the US Central Bank’s (Fed) policies • To combat the economic crisis of 2008 the Fed embarked on an unprecedented endeavor to lower interest rates to boost economic activity o December 2008 Fed set the Federal Funds Rate to 0-0.25% o November 2008 Fed began Quantitative Easing (QE1) buying $600 billion in MBS o November 2010 Fed began QE2 buying $600 billion in Treasuries o September 2012 Fed began QE3 buying an unlimited quantity of Treasuries and MBS at a rate of $85 billion a month • These actions have swollen the Fed’s balance sheet from less than $1 trillion before the financial crisis to approximately $3.3 trillion today Pension Consulting Alliance, Inc. ││ EBMUD Fixed Income Discussion │ 16
LOOKING FORWARD: INTRODUCTION r • The Fed has grown its balance sheet at a rate of 30% per year since the crisis Current: $3.3T Pension Consulting Alliance, Inc. ││ EBMUD Fixed Income Discussion │ 17
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 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 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 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 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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