PERFORMANCE REVIEW AS OF DECEMBER 31, 2014. LACERA Investments

PERFORMANCE REVIEW AS OF DECEMBER 31, 214

Table of Contents EXECUTIVE SUMMARY Total Fund Performance...1 Equity Market Review...2 Equity Manager Review...4 Fixed Income Market Review...7 Fixed Income Manager Review...8 Commodities Market Review... 11 Commodities Manager Review... 12 TOTAL FUND Annualized and Annual Returns (Gross of Fees)... 13 Annualized and Annual Returns (Net of Fees)... 14 Fiscal Year Returns... 15 Total Fund Attribution vs. Benchmark... 16 Risk-Adjusted Return... 17 ASSET ALLOCATION Total Fund... 18 Actual vs. Target... 2 U.S. Equity Managers... 21 Non-U.S. Equity Managers... 22 Fixed Income Managers & Programs... 24 Commodities Managers... 26 ANNUALIZED TOTAL RETURNS U.S. Equity Managers... 27 Non-U.S. Equity Managers... 28 Fixed Income Managers & Programs... 3 Commodities Managers... 32 U.S. EQUITY Risk-Adjusted Return... 33 Large Cap: INTECH Investment Management LLC... 34 Relational Investors, LLC... 35 Twin Capital Management, Inc.... 36 Small/Mid Cap: Cramer Rosenthal McGlynn LLC.... 37 Eagle Asset Management, Inc.... 38 Frontier Capital Management Company, LLC... 39 Westwood Management Corporation... 4 Emerging Manager Program: FIS Group, Inc.... 41 Northern Trust Investments, Inc.... 42 NON-U.S. EQUITY Risk-Adjusted Return... 43 Non U.S.: Acadian Asset Management, LLC... 44 Capital Guardian Trust Company... 45 Putnam Investments... 46 Pacific Basin: GAM International Management Ltd.... 47 Europe: BlackRock Institutional Trust Co. - Europe Alpha Tilts... 48 Emerging Markets: Acadian Asset Management, LLC... 49 AQR Capital Management, LLC.... 5 Capital Guardian Trust Company... 51

Genesis Investment Management, LLP... 52 Lazard Asset Management, LLC... 53 FIXED INCOME Risk-Adjusted Return... 54 Core: BlackRock Financial Management, Inc... 55 Dodge & Cox... 56 Pugh Capital Management, Inc.... 57 Wells Capital Management... 58 Core Plus: Dolan McEniry Capital Management, LLC... 59 GW Capital, Inc.... 6 LM Capital Group, LLC... 61 Loomis, Sayles & Company, LP... 62 Pacific Investment Management Company... 63 Western Asset Management Company... 64 High Yield: Oaktree Capital Management, L.P.... 65 PENN Capital Management Company, Inc.... 66 Opportunistic: Beach Point Capital... 67 Brigade Capital Management... 68 Crescent Capital Group LP... 69 Principal Global Investors, LLC... 7 Sankaty Advisors, LLC... 71 Western Asset Management Company... 72 STIF: J.P. Morgan Chase Asset Management... 73 COMMODITIES Risk-Adjusted Return... 74 Credit Suisse Asst Management, LLC... 75 Neuberger Berman Alternative Fund/Gresham... 76 Pacific Investment Management Company... 77 PERFORMANCE BANDS U.S. Equity: Large Cap... 78 Small/Mid Cap... 79 Non-U.S. Equity: Non-U.S.... 8 Pacific Basin & Europe... 81 Emerging Markets... 82 Fixed Income: Core... 83 Core Plus... 84 High Yield... 86 Opportunistic... 87 STIF... 88 Commodities... 89 APPENDIX Estimated Total Fees to be Paid: Equities... 9 Fixed Income... 92 Commodities... 93 Allocation Ranges: Strategic vs. Actual... 94 Glossary

EXECUTIVE SUMMARY for the quarter ended December 31, 214 TOTAL FUND PERFORMANCE In the fourth quarter of 214, LACERA s Total Fund increased 1.2% but trailed its policy benchmark return of 1.5% by 3 basis points (bps). Non-U.S. Equity was the only asset class that outperformed its benchmark. In contrast, U.S. Equity, Fixed Income, Real Estate, Private Equity, Commodities, and Hedge Funds underperformed their respective benchmarks. Cash matched its benchmark, as both were essentially flat. LACERA s U.S. equity composite return was 5.1%, 1 bps below its benchmark index return. Manager performance was mixed, as a slight majority of active managers (5 of 9) underperformed their benchmarks, leading to the slightly negative relative performance. LACERA s Non-U.S. equity composite returned -1.5%, 4 bps better than its benchmark return. Seven of ten active managers generated positive excess returns: All three global ex-u.s. developed markets managers outperformed, as did three of five active emerging markets managers, and the European region specialist. LACERA's Fixed Income Composite return of.8% trailed its benchmark by 5 bps for the quarter. This underperformance is attributable to negative relative results generated by most of LACERA's core, core plus, and high yield fixed income managers, as well as the allocation to opportunistic mandates. LACERA s Private Equity portfolio rose 2.%, but trailed the 3.3% return of the benchmark by 13 bps. LACERA s Real Estate portfolio returned 1.6%, compared to its benchmark return of 3.1%, resulting in underperformance of 15 bps. Both of these asset classes are lagged by one quarter. LACERA s Hedge Fund portfolio declined.7%, trailing its benchmark return of 1.2% by 19 bps. The Hedge Fund return is lagged by one month. As a reminder, short term results for the three aforementioned asset classes are not very meaningful. Qtr FYTD 1 Yr 3 Yrs 5 Yrs 1 Yrs U.S. Equity 5.1 5. 12.6 2.6 15.8 7.9 RUSSELL 3 (DAILY) 5.2 5.3 12.6 2.5 15.6 7.9 Non-U.S. Eq 5% Dev Mkt Hdg'd -1.5-4.4.8 11.9 6. 6.1 CUSTOM MSCI ACWI IMI N 5%H -1.9-4.8.1 11.2 5.5 5.8 Fixed Income.8.6 5.3 4.6 6.1 5.8 FI CUSTOM INDEX 1.3 1.3 5.6 3.2 4.8 5. Barclays US Universal 1.3 1.3 5.6 3.2 4.8 4.9 Real Estate* 1.6 6.3 11.2 9.1 8. 5.8 REAL ESTATE TARGET 3.1 6. 11.8 11.4 11.1 8.5 Private Equity* 2. 6.7 19.6 16.9 16.9 16.2 PRIVATE EQUITY TARGET 3.3 6.7 13.5 12.7 1.2 11. Commodities -12.2-22.2-16.2-7.7-3.2 Bloomberg Commodity Index Total Return -12.1-22.5-17. -9.4-5.5 Hedge Funds** -.7.8 5.4 7.7 HEDGE FUND CUSTOM INDEX 1.2 2.5 5. 5.1 Cash.1.2.5.9 1.9 Citigroup 6 M Treasury Bill Index.1.1.1 1.6 Total Fund (Gross of Fees) 1.2.9 7. 11.6 9.3 7. TOTAL FUND POLICY BENCHMARK 1.5 1. 6.6 1.8 8.6 6.8 LACERA's Commodities composite declined 12.2%, lagging the index return of -12.1% by 1 bps. Two of the three managers within the composite surpassed the benchmark for the quarter. Total Fund (Net of Fees) 1.1.7 6.7 11.4 9.1 6.8 All asset class returns shown are Gross of Fees. Yearly returns are annualized. See Glossary for all benchmark definitions. * Portfolio and benchmark are one quarter in arrears. Preliminary returns. ** Portfolio and benchmark are one month in arrears. 1

EXECUTIVE SUMMARY for the quarter ended December 31, 214 EQUITY MARKET REVIEW U.S. INDEX Global equities began the fourth quarter on a volatile note, as concerns about global growth and the imminent end of the U.S. Federal Reserve s asset purchase program weighed on investors. However, the tide turned in mid-october as improved economic data in the U.S., the ongoing decline in oil prices, and the continuation of accommodative monetary policy by global central banks contributed to a rebound. Russell 3 Russell 25 5.2 6.8 After posting a flat return in the 3rd quarter, U.S. equities recovered in the 4th quarter, advancing more than 5%. As a result, the Dow Jones Industrial Average and the S&P 5 Index reached all times highs during the quarter, and the Nasdaq Composite Index finished just shy of its "dot com" peak. Investors were encouraged by a number of positive economic and corporate developments. Third quarter U.S. GDP growth was revised up to 5.% the strongest in a decade. In addition, the employment report released in December highlighted an improving job market with more jobs added than had been predicted by economists. Russell 2 Russell 1 S&P 5 4.9 4.9 9.7 LACERA s U.S. equity benchmark, the Russell 3 Index, returned 5.2%. Small capitalization (cap) stocks outperformed large caps, with the small cap Russell 2 Index up 9.7% versus a 4.9% gain in the large cap Russell 1. Style results were mixed as large cap value stocks outperformed their growth counterparts, but small cap growth stocks beat small cap value. Russell 2 Value Russell 1 Value 5. 9.4 Russell 2 Growth 1.1 Russell 1 Growth 4.8 1 2. 3. 4 5. 6. 7 8. 9. 1 11. 12. 2

EXECUTIVE SUMMARY for the quarter ended December 31, 214 EQUITY MARKET REVIEW NON-U.S. INDEX European markets declined for the second consecutive quarter, driven by weak inflation data and slowing economic growth. Eurozone GDP was stagnant in the 3rd quarter, expanding only.2%. November's inflation report showed that year-over-year inflation was.3%, significantly below the European Central Bank s (ECB) target of just under 2.%. The weak data prompted speculation that the ECB would expand its asset purchase program to include government bonds in the first quarter of 215. The Pacific Basin region rose for the quarter in local terms; however, given Asian currency weakness versus the U.S. dollar (USD), results were less impressive in USD terms. Emerging markets declined for the second consecutive quarter as plunging commodity prices, the economic crisis in Russia, and depreciating currencies versus the USD held back the region. Non-U.S. equity markets, as represented by the MSCI ACWI ex-u.s. IMI (unhedged), returned -3.9%. All regions declined as follows: Canada -5.8%, Emerging Markets -4.7%, Europe -4.%, and the Pacific region -2.3%. Non-U.S. Eq Cust Hdg'd Index* MSCI ACWI X U.S. IMI (Net)* MSCI Europe IMI (Net) MSCI EAFE + Canada (Net) MSCI Emerging Markets IMI (Net) MSCI Pacific IMI (Net) -4.7-3.9-4. -3.7-1.9-2.3 The U.S. dollar (USD) rose versus all major currencies. The USD strengthened 9.2% versus the Japanese Yen, 4.2% versus the Euro, 3.9% versus the British Pound and 3.8% versus the Canadian Dollar. For the quarter, LACERA's passive 5% developed markets currency hedge into USD returned 2.6%. MSCI EM Small Cap Index (Net) MSCI EAFE + Canada Small Cap (Net) -6. -3.4 MSCI Canada IMI (Net) -5.8-6 5-6 -5 5-5 -4.5-4. -3.5-3. -2.5-2. -1.5-1. * See Glossary 3

EXECUTIVE SUMMARY for the quarter ended December 31, 214 Large Cap EQUITY MAGER REVIEW LARGE CAP LACERA's active U.S. Large Cap managers posted mixed results during the quarter as market volatility increased due to an accelerating drop in oil prices and investors reassessing the impact on the economy. The emerging manager fund-of-funds underperformed. U.S. Equity Composite FIS Funds Mgmt. 5.1 4.9 INTECH, one of LACERA's two quantitative managers, outperformed its index by 16 bps due to stock selection within the information technology, industrials, health care, and consumer staples sectors. Twin, the other quantitative manager, outpaced its benchmark by 2 bps through stock selection in the consumer discretionary sector. Relational, LACERA s large cap activist manager, underperformed by 47 bps due to its positions in industrial companies which were negatively impacted by the oil price decline. Northern Trust Russell 3 4.7 5.2 FIS, one of LACERA's emerging manager fund-of-funds advisors, underperformed its index by 3 bps. Northern Trust, the other fund-offunds advisor, underperformed by 5 bps. The sub-managers in each mandate struggled with stock selection in the energy sector. INTECH Twin Capital Enhanced 5.1 6.5 Two large cap managers had observations* that fell outside their calculated performance bands for the quarter: Intech (one observation above) and FIS (two observations below). S&P 5 Index 4.9 Relational Investors.2 Relational Custom Index 4.9.5 1. 1.5 2. 2 5 3. 3 5 4. 4 5 5. 5 5 6. 6 5 7. See Glossary for all Custom Index definitions. * Each quarterly observation is based on trailing one year excess returns. 4

EXECUTIVE SUMMARY for the quarter ended December 31, 214 Small/Mid Cap EQUITY MAGER REVIEW (...cont.) LACERA's small/mid cap managers also posted mixed results, but underperformed as a group. Cramer Rosenthal McGlynn SMALL / MID CAP 2.8 Eagle outperformed by 2 bps as a result of positive stock selection in the industrials, financials, and materials sectors. Eagle Asset Management 8.8 Frontier outpaced its benchmark by 18 bps as a result of stock selection in the information technology and industrials sectors. Westwood trailed its benchmark by 25 bps driven by stock selection in the industrials and energy sectors. Frontier Capital 8.6 CRM underperformed by 4 bps due to stock selection within the financials, industrials, health care, and information technology sectors. Westwood Management 4.3 No small/mid cap managers had observations* that fell outside their calculated performance bands for the quarter. Russell 25 Index 6.8 1. 2. 3 4 5. 6. 7. 8 9. 1 * Each quarterly observation is based on trailing one year excess returns. 5

EXECUTIVE SUMMARY for the quarter ended December 31, 214 Non-U.S. EQUITY MAGER REVIEW (...cont.) LACERA's active non-u.s. equity managers posted strong results for the quarter, as seven of ten managers outperformed their respective benchmarks. Non-U.S. Eq 5% Dev Mkt Hedged Non-U.S. Eq Custom Hedged Idx Non-U.S. -1.5-1.9 Among the developed markets managers, Acadian outperformed its benchmark by 13 bps due to stock selection in Canada and Australia and in the materials and consumer staples sectors. Capital Guardian s EAFE+Canada strategy surpassed its index by 21 bps, driven by stock selection in France and the United Kingdom. Stock selection in the financials sector also contributed to the results. Putnam s small cap portfolio outpaced its benchmark by 4 bps via stock selection in Canada and within the industrials sector. Acadian Asset Mgmt. Capital Guardian MSCI EAFE + Canada (Net) Putnam MSCI World X-U.S. Small Cap Idx -3.7-3. -3.4-2.4-1.6 BlackRock Europe Tilts exceeded its benchmark by 12 bps as a result of stock selection in Italy, Germany, and France, as well as in the financials sector. GAM lagged its index by 2 bps primarily due to stock selection in Australia and an underweight to consumer discretionary stocks. In emerging markets, Acadian s strategy outperformed its benchmark by 19 bps due to stock selection in South Korea and Brazil, and also within financials. AQR s 17 bps of excess return was largely driven by an overweight allocation to China. Lazard s closed-end fund strategy delivered 44 bps of excess return mainly due to an overweight to and selection among its Asian funds. Capital Guardian underperformed its index by 6 bps due to an underweight allocation to South Africa and Taiwan, and negative stock selection in the information technology sector. Genesis trailed its benchmark by 2 bps, as an underweight to China and stock selection in the financials sector drove results. One non-u.s. equity manager had observations* that fell outside its calculated performance bands for the quarter: Capital Guardian EM (two observations below). BTC Europe Alpha Tilts MSCI Europe (Net) GAM International Mgmt. MSCI Pacific Basin (Net) Acadian Emrg. Markets AQR Emerging Markets Lazard Emrg. Markets MSCI EMF (Net) Capital Guardian Emerging Mkts Genesis Investment Mgmt. MSCI EMF IMI Custom Index -4.4-4.5-5.3-4.9-4.7-3.2-2.3-2.1-2.6-2.8 -.1-6. -5.5-5 -4.5-4 -3.5-3. -2 5-2. -1 5-1. -.5.5 See Glossary for all Custom Index definitions. * Each quarterly observation is based on trailing one year excess returns. 6

EXECUTIVE SUMMARY for the quarter ended December 31, 214 FIXED INCOME MARKET REVIEW U.S. Treasury Yield Curve By generating a 1.3% return for the quarter, the U.S. fixed income market ended calendar year 214 with a respectable return of 5.6% (as measured by the Barclays U.S. Universal Index). The fourth quarter was highly volatile due to concerns surrounding plummeting commodity prices, the Ebola outbreak, and weak global economic data (particularly from Europe and China). In addition, Russia s economy was severely affected by tumbling oil prices and economic sanctions, resulting in a continued devaluation of their currency. By year end, the Russian ruble had depreciated almost 5% versus the U.S. dollar. These events, coupled with lower inflation expectations (resulting primarily from lower gasoline prices), led investors to seek a safe haven in U.S. Treasuries, especially those with long-dated maturities. Furthering the rally in Treasuries was the Fed s statement that it would be "patient in beginning to normalize monetary policy" and that any rate hike would be based on the U.S. economy's progress toward the Fed's dual mandate of "maximum" employment and a 2% inflation target. The U.S. Treasury yield curve continued to flatten during the quarter as maturities 5-year and longer decreased between 1 and 45 bps points, while 3-year and shorter maturities increased by as much as 12 bps. The 3-year Treasury bond yield decreased the most (down 45 bps) ending the quarter at 2.75%, while the 1-year Treasury bond yield dropped 32 bps to 2.17%. The greatest increase in yield was exhibited by the 1-Year Treasury Bill which jumped to.22%, up 12 bps from the prior quarter-end. These changes in yield levels produced an overall return of 1.9% for the Treasury Index with the Long-Term component outpacing the intermediate portion of the index by a whopping 76 bps (8.6% vs 1.%). Treasury Inflation Protected Securities (TIPS) continued to be among the worst performing sectors with a flat return of % due to lower inflation expectations. Given investor s flight to quality, all spread sectors underperformed Treasuries during the quarter. Emerging markets was the worst performing sector, trailing Treasuries by 28 bps with a -.9% return, while high yield Ba/B-rated corporate bonds underperformed by 22 bps (-.3% return). Asset-backed, commercial mortgage-backed, and residential mortgage-backed securities lagged Treasuries by 13 bps, 5bps, and 1 bps, respectively. Investment grade corporate bonds, because of their longer duration characteristics, trailed Treasuries by only 1 bps, with a 1.8% return. Total Returns BC U.S. Universal BC Aggregate BC Asset-Backed BC CMBS BC Treasury BC TIPS BC Mortgage-Backed BC Investment Grade Corp BC High Yield Ba/B -.3 JP Morgan Emrg Mkts -.9 -.6 1.3 1.8 1.4 1.9 1.8 1.8-4. -2. 2. 4. 7

EXECUTIVE SUMMARY for the quarter ended December 31, 214 Core FIXED INCOME MAGER REVIEW LACERA s core managers generated mixed results against the Barclays Aggregate Index for the quarter. Wells Capital outpaced the Aggregate Index by 1 bps because of solid security selection in MBS 1 combined with an overweight allocation to ABS 1 and CMBS 1 sectors. Pugh Capital, one of LACERA s emerging managers, performed in-line with the Index for the quarter. Pugh s outperformance from an overweight allocation to ABS and CMBS was offset by the negative impact of an overweight to corporate bonds. Fixed Income Composite Fixed Income Custom Index BlackRock Core.8 1.3 1.6 BlackRock's active portfolio lagged the benchmark by 2 bps for the quarter. The portfolio s shorter-than-benchmark duration and allocation to Treasury Inflation Protected Securities (TIPS) detracted from returns for the quarter as both interest rates and inflation expectations fell. Dodge & Cox underperformed the most among core managers last quarter, trailing the Index by 6 bps (though their three-year performance is still best among core managers). The strategy s defensive duration positioning, overweight allocation to corporate bonds, security selection within corporates and Agency MBS were negative contributors to performance. For the quarter, none of the core managers had observations* that fell outside their calculated performance bands. Dodge & Cox 1.2 Pugh Capital 1.8 Wells Capital 1.9 Barclays Aggregate 1.8 5 1. 1.5 2 2.5 1 ABS = asset-backed securities CMBS = commercial mortgage-backed securities MBS = mortgage-backed securities * Each quarterly observation is based on trailing one year excess returns. 8

EXECUTIVE SUMMARY for the quarter ended December 31, 214 Core Plus FIXED INCOME MAGER REVIEW (...cont.) Core Plus With the exception of one manager, LACERA s core plus managers trailed their respective benchmarks. LM Capital was the best performing core plus manager for the quarter, adding 3 bps over their custom benchmark. Good security selection within U.S. Treasury and high yield securities proved beneficial, due to their higher quality and longer duration characteristics. Loomis Sayles PIMCO Western Asset.7 1.3 1.6 Dolan McEniry, one of LACERA s emerging managers, and PIMCO each lagged their respective benchmarks by 2 bps for the quarter. Dolan s zero exposure to MBS, a component of their custom benchmark, was the primary reason for underperformance. PIMCO s allocation to TIPS and underweight to the long-end of the yield curve detracted from performance as longer maturity yields declined. Barclays Aggregate Dolan McEniry.7 1.8 Western Asset underperformed by 5 bps for the quarter. Western's allocation to EMD 1 was the largest negative contributor, along with modest exposures to TIPS and high yield. GW Capital, another emerging manager, lagged its benchmark by 6 bps. The primary contributor to GW's underperformance was security selection (two securities in particular), caused by weakness in energy markets. Dolan McEniry Custom Index GW Capital.4.9 Loomis Sayles was the biggest laggard among core plus managers (though they're still the top performer for the year). Loomis underperformed by 11 bps for the quarter. The strategy s out-of-benchmark exposure to high yield and international bonds, combined with an underweight to U.S. Treasury securities detracted from performance. GW Custom Index LM Capital 1. 1.8 The following managers had observations* that fell outside their calculated performance bands for the quarter: LM Capital (four observations below), PIMCO (two observations below) and GW Capital (one observation below). LM Capital Custom Index 1.5.5 1. 1.5 2 2.5 See Glossary for all Custom Index definitions. 1 EMD = Emerging Market Debt * Each quarterly observation is based on trailing one year excess returns. 9

EXECUTIVE SUMMARY for the quarter ended December 31, 214 FIXED INCOME MAGER REVIEW (...cont.) High Yield & Opportunistic HIGH YIELD / OPPORTUNISTIC LACERA s high yield managers underperformed for the quarter. Oaktree trailed the Barclays High Yield Ba/B Index by 2 bps because of security selection within industrials and gaming. Oaktree Capital -.5 PENN lagged the Index by 13 bps for the quarter. The portfolio s exposure to energy related securities, combined with an overweight allocation to single B-rated securities detracted, as lower quality bonds underperformed. Issue selection within chemicals, and an underweight allocation to noncyclical industries like healthcare and food also negatively impacted performance. PENN Capital Barclays HIgh Yield Ba/B -1.6 -.3 LACERA s non-traditional fixed income investments include portfolios comprised of securities such as non-agency MBS 1, bank loans, high yield corporate bonds, private debt, and distressed securities. Performance varied among LACERA s opportunistic fixed income managers for the quarter. Beach Point**.4 Beach Point was the best performing opportunistic manager for the quarter. The firm outpaced its benchmark by 11 bps, benefitting from the strategy s security selection in the food/supermarket and cable/media sectors. Principal underperformed its custom index by 2 bps for the quarter. The firm s short duration positioning, combined with security selection in high yield and bank loans, negatively impacted the portfolio. Western Asset trailed its benchmark by 3 bps. Western s portfolio was negatively impacted by an allocation to high yield and EMD along with an underweight allocation to Non-Agency mortgages. Sankaty underperformed by 18 bps for the quarter. Sanktay s mixture of bonds and loans within the energy sector were the primary culprits to their underperformance, along with security selection within the insurance sector. Brigade underperformed by 2 bps for the quarter. The strategy s exposure to high yield bonds within the energy and gaming sectors was a drag on performance. The portfolio s distressed and bank debt positions also negatively impacted performance. Crescent trailed its benchmark by 28 bps. This was the result of an overweight to and security selection within energy. Lastly, Tennenbaum Capital (Tennenbaum), a recently hired opportunistic manager, was given its first funding in early October ($37 million). As of December 3, 214, Tennenbaum s portfolio was valued at $37.4 million. For the quarter, both high yield managers (Oaktree and PENN) were outside their calculated performance bands for the quarter. Each had two observations* below. None of the opportunistic managers had observations* that fell outside their calculated performance bands for the quarter. Crescent Capital Sankaty Advisors Opportunistic Custom Index Brigade Capital Brigade Custom Index Principal Opp. BC U.S. Universal Spread 1-1 Yr. Western Opportunistic Western Opportunistic Custom Index -3.5-2.5-2.3 -.7 -.3 -.1 -.1.1.2-4 -3.5-3. -2.5-2. -1.5-1. - 5 5 1. 1 See Glossary for all Custom Index definitions. 1 MBS = mortgage-backed securities * Each quarterly observation is based on trailing one year excess returns. ** Represents the combined performance of two portfolios, one of which is reported one month in arrears.

EXECUTIVE SUMMARY for the quarter ended December 31, 214 COMMODITIES MARKET REVIEW The Bloomberg Commodity Index fell 12.1% for the quarter as the majority of constituents that make up Index continued to decline. Of the 22 commodities in the Index, only five registered a positive return. For all of 214, the Bloomberg Commodity Index lost 17.%. Energy was the biggest story within commodities for the quarter as both Brent Crude and WTI Crude Oil continued to experience sharp declines due to excess inventories. Brent and WTI dropped by roughly 4% in the quarter as U.S. shale output, combined with the refusal of OPEC (Organization of the Petroleum Exporting Countries) to cut production, kept inventories high - at the same time global demand for oil weakened. Ancillary commodities within the sector declined with oil: Natural Gas returned -32.5%, Unleaded Gas was off by 38.6%, and Diesel dropped by 3.2%. As a result, energy was the worst performing sector for the quarter and year, returning -36.6% and - 39.3%, respectively. Notably, the sector no longer has the distinction of being the largest sector within the Index - energy is now second to Agriculture. Agriculture, the largest sector in the Index, was the only sector to post a positive return for the quarter, up 5.6%. Agriculture was driven higher in the quarter due to robust returns (gains from 1-22%) within four of the nine commodities in the sector as unseasonably dry weather in Brazil, Russia, and Australia decreased supply expectations. However, the sector decreased by 9.2% for the year because of high crop yields. Industrial Metals, the third largest component in the Index, declined 6.2% for the quarter and 6.9% for the year. For both time periods, the sector s performance was driven lower by economic data out of China and Europe that pointed to a continued weakening of demand for the metals. Bloomberg Commodity Index Total Returns Industrials Precious Metals -6.2-3.9 Agriculture 5.6 Energy -36.6 Livestock -5.3 Bloomberg Commodity Index Total Return -12.1-42 -38 5-35 -31 5-28 -24.5-21. -17.5-14. -1.5-7. -3.5 3.5 7. 1.5 Bloomberg Commodity Index Sector Weights Livestock was down 5.3% for the quarter but was the only sector with positive calendar year performance, with a return of 11.6%. Livestock's strong year-to-date return is attributable to sustained demand for live cattle, coupled with flat supply. For the year, live cattle returned an impressive 22.1%. Lean hogs declined 13.9% for the quarter and 4.4% for the year, as supply continued to increase, outpacing demand. Precious Metal returns fell 3.9% for the quarter and 6.7% for the year. Silver led the index lower in both time periods, falling by 8.8% and 2.4%, respectively. Silver s decline for the quarter was driven by the FED s announcement of an end to quantitative easing (QE). The end of QE prompted the U.S. Dollar to trade higher, causing precious metal prices to decline as their attractiveness as safe haven currencies waned. For the year, silver traded lower off of weak industrial demand. 11

EXECUTIVE SUMMARY for the quarter ended December 31, 214 COMMODITIES MAGER REVIEW Commodities LACERA's commodities composite underperformed the benchmark, the Bloomberg Commodity Index by 1 bps for the quarter, with a return of -12.2% versus the index return of -12.1%. Two of the three portfolio managers outpaced the benchmark. For the whole of 214, all three managers surpassed the Index, prompting the composite to outperform by 8 bps for the year. Commodities Composite -12.2 PIMCO outpaced the benchmark by 4 bps for the quarter. Most of the quarter's excess return was attributable to PIMCO's active commodity strategies within energy trades. Specifically, calendar trades that favored longer dated WTI, Brent crude, and natural gas futures added 7 bps of alpha to the portfolio. However, the fixed income collateral underlying the commodities detracted 3 bps for the quarter. An overweight to TIPS detracted as inflation expectations declined. At year end, the account was up 17 bps versus the Index. Credit Suisse -11.9 Credit Suisse, the most conservative of the three managers, outperformed the Index by 2 bps in the fourth quarter and 3 bps for the year. Credit Suisse manages the underlying fixed income collateral in liquid, short duration U.S. Treasury and agency debt, which added a few bps to the portfolio for the quarter. Therefore, outperformance for the account was attributable to active commodities strategies. Spread positioning within natural gas was the largest contributor to performance. Gresham/Neuberger Berman lagged the index by 9 bps for the quarter. The portfolio's overweight positioning to Brent Crude detracted as oil was down over 4%. Additionally, an underweight to Corn, which gained 2% in the quarter, weighed on performance. Neuberger's conservatively managed cash collateral account was flat for the quarter. Despite the negative fourth quarter return, the manager has outpaced the benchmark by 4 bps for the year. For the quarter, no managers had observations* that fell outside their calculated performance bands. Neuberger / Gresham -13. PIMCO -11.7 Bloomberg Commodity Index Total Return -12.1-13 5-13. -12.5-12. -11 5-11 * Each quarterly observation is based on trailing one year excess returns. 12

TOTAL FUND ANNUALIZED & ANNUAL RETURNS for the quarter ended December 31, 214 Gross of Fees Qtr End 1 Year 3 Years 5 Years 7 Years 1 Years Dec 31 213 Dec 31 212 Dec 31 211 Dec 31 21 U.S. Equity 5.1 12.6 2.6 15.8 7.6 7.9 33.9 16.2.7 18.2 RUSSELL 3 (DAILY) 5.2 12.6 2.5 15.6 7.5 7.9 33.6 16.4 1. 16.9 Non-U.S. Eq 5% Dev Mkt Hdg -1.5.8 11.9 6..7 6.1 18. 17.7-14.1 11.4 CUSTOM MSCI ACWI IMI N 5%H -1.9.1 11.2 5.5.3 5.8 17.4 17.1-14.1 1.9 Fixed Income.8 5.3 4.6 6.1 6.2 5.8.3 8.5 6.7 9.7 FI CUSTOM INDEX 1.3 5.6 3.2 4.8 5.1 5. -1.3 5.5 7.4 7.2 Barclays US Universal 1.3 5.6 3.2 4.8 5. 4.9-1.3 5.5 7.4 7.2 Real Estate* 1.6 11.2 9.1 8..8 5.8 8.6 7.6 1.9 2. REAL ESTATE TARGET 3.1 11.8 11.4 11.1 4.7 8.5 11.7 1.7 15.8 5.6 Private Equity* 2. 19.6 16.9 16.9 1.7 16.2 18.5 12.7 14.2 19.8 PRIVATE EQUITY TARGET 3.3 13.5 12.7 1.2 9.3 11. 13.6 1.9 8.5 4.8 Commodities -12.2-16.2-7.7-3.2-5.8-7.5 1.5-1.4 2.5 Bloomberg Commodity Index Total Return -12.1-17. -9.4-5.5-7.6-9.5-1.1-13.3 16.8 Hedge Funds** -.7 5.4 7.7 13.7 4.3 HEDGE FUND CUSTOM INDEX 1.2 5. 5.1 5.1 5.1 Cash.2.5.9.8 1.9.4.9.4 2.6 Citigroup 6 M Treasury Bill Index.1.1.1.5 1.6.1.1.1.2 Total Fund (Gross of Fees) 1.2 7. 11.6 9.3 4.8 7. 15.2 12.8 -.4 12.8 TOTAL FUND POLICY BENCHMARK 1.5 6.6 1.8 8.6 4.9 6.8 14. 12. -.1 11. 13 See Glossary for all benchmark definitions. * Portfolio and benchmark are one quarter in arrears. Preliminary returns. ** Portfolio and benchmark are one month in arrears. Performance included in Total Fund beginning 1/31/11.

TOTAL FUND ANNUALIZED & ANNUAL RETURNS for the quarter ended December 31, 214 Net of Fees Qtr End 1Year 3 Years 5 Years 7 Years 1 Years Dec 31 213 Dec 31 212 Dec 31 211 Dec 31 21 U.S. Equity 5.1 12.4 2.4 15.7 7.5 7.8 33.8 16.1.5 18. RUSSELL 3 (DAILY) 5.2 12.6 2.5 15.6 7.5 7.9 33.6 16.4 1. 16.9 Non-U.S. Eq 5% Dev Mkt Hdg -1.6.5 11.7 5.8.5 5.9 17.8 17.6-14.2 11.2 CUSTOM MSCI ACWI IMI N 5%H -1.9.1 11.2 5.5.3 5.8 17.4 17.1-14.1 1.9 Fixed Income.8 5. 4.4 5.9 6. 5.6.1 8.3 6.6 9.5 FI CUSTOM INDEX 1.3 5.6 3.2 4.8 5.1 5. -1.3 5.5 7.4 7.2 Barclays US Universal 1.3 5.6 3.2 4.8 5. 4.9-1.3 5.5 7.4 7.2 Real Estate* 1.4 1 8.1 7.1.1 4.8 7.6 6.8 1.1 1. REAL ESTATE TARGET 3.1 11.8 11.4 11.1 4.7 8.5 11.7 1.7 15.8 5.6 Private Equity* 2. 19.6 16.9 16.9 1.7 16.2 18.5 12.7 14.2 19.8 PRIVATE EQUITY TARGET 3.3 13.5 12.7 1.2 9.3 11. 13.6 1.9 8.5 4.8 Commodities -12.3-16.6-8.1-3.7-6.2-7.9 1.1-1.7 19.3 Bloomberg Commodity Index Total Return -12.1-17. -9.4-5.5-7.6-9.5-1.1-13.3 16.8 Hedge Funds** -.7 5.4 7.7 13.7 4.3 HEDGE FUND CUSTOM INDEX 1.2 5. 5.1 5.1 5.1 Cash.1.5.8.8 1.8.4.9.3 2.5 Citigroup 6 M Treasury Bill Index.1.1.1.5 1.6.1.1.1.2 Total Fund (Net of Fees) 1.1 6.7 11.4 9.1 4.6 6.8 15. 12.6 -.6 12.5 TOTAL FUND POLICY BENCHMARK 1.5 6.6 1.8 8.6 4.9 6.8 14. 12. -.1 11. 14 See Glossary for all benchmark definitions. * Portfolio and benchmark are one quarter in arrears. Preliminary returns. ** Portfolio and benchmark are one month in arrears. Performance included in Total Fund beginning 1/31/11.

TOTAL FUND FISCAL YEAR RETURNS FYTD Jun 3 21 Jun 3 211 Jun 3 212 Jun 3 213 Jun 3 214 U.S. Equity 5. 15.9 33.6 2.8 21.8 25.8 RUSSELL 3 (DAILY) 5.3 15.7 32.4 3.8 21.5 25.2 Non-U.S. Eq 5% Dev Mkt Hdg -4.4 12.2 26.6-13. 16.9 2.9 CUSTOM MSCI ACWI IMI N 5%H -4.8 11.5 25.9-12.6 16.1 2.3 Fixed Income.6 15. 7.3 7.5 2.6 6.6 FI CUSTOM INDEX 1.3 1.6 4.8 7.4.2 5.2 Barclays US Universal 1.3 1.6 4.8 7.4.2 5.2 Real Estate* 6.3-14.4 9.1 9.5 8.7 9.1 REAL ESTATE TARGET 6. -9.8 15.7 13.1 1.2 12.2 Private Equity* 6.7 26.7 22. 1.2 1.9 23.5 PRIVATE EQUITY TARGET 6.7 4.8 6.5 9. 13.2 13.3 Commodities -22.2 7.1 3.9-13.1-5.5 1.2 Bloomberg Commodity Index Total Return -22.5 2.7 25.9-14.3-8. 8.2 Hedge Funds**.8 13.5 8.3 HEDGE FUND CUSTOM INDEX 2.5 5.1 5. Cash.1 4. 1.4.7.5.4 Citigroup 6 M Treasury Bill Index.2.2.1.1.1 Total Fund (Gross of Fees).9 11.8 2.4.2 12.1 16.8 TOTAL FUND POLICY BENCHMARK 1. 9.5 18.6 1.1 11.4 15.3 Total Fund (Net of Fees).7 11.6 2.2-11.9 16.5 15 See Glossary for all benchmark definitions. * Portfolio and benchmark are one quarter in arrears. Preliminary returns. ** Portfolio and benchmark are one month in arrears. Performance included in Total Fund beginning 1/31/11.

TOTAL FUND ATTRIBUTION TOTAL FUND vs. BENCHMARK for the one-year ended December 31, 214 1. Value Added Effects Allocation.5 TOTAL FUND - 2 DOMESTIC EQ PLUS CE INT'L EQUITY W/CCY OVERLAY COMMODITIES COMPOSITE TOTAL HEDGE FUNDS FIXED INCOME CASH PRIVATE EQUITY MIRROR REAL ESTATE MIRROR -.5 Allocation Total - 1 Yr Selection - 1 Yr Total - 1 Yr Fund Weight Target Weight Relative Fund Return Benchmark Return Return Difference Allocation Effect* Selection Effect** BM Impact TOTAL FUND - 2 1 1 7. 6.6.5 -.1.8 -.9.6 CASH 2.9 2..9.2.1.1 - - - COMMODITIES COMPOSITE 2.2 3. -.8-16.2-17..8.1 - -.1 TOTAL HEDGE FUNDS 1.2 2. -.8 5.4 5..4 - - PRIVATE EQUITY MIRROR 8.7 11. -2.3 19.6 13.5 6.1 -.2.5 - -.3 REAL ESTATE MIRROR 11. 1 1. 11.2 11.8 -.6 - - - - FIXED INCOME 22.8 23. -.2 5.3 5.6 -.3 - - - INT'L EQUITY W/CCY OVERLAY 24.6 24..6.8.1.7 -.1.2 - -.1 DOMESTIC EQ PLUS CE 26.7 25. 1.7 12.6 12.6.1 - -.1 Mgmt Effect Total Value Add * Allocation decision reflects the asset class over or underweight (versus the policy weight) multiplied by the difference between the asset class benchmark and Fund Policy benchmark return. ** Selection decision reflects the Fund's asset class return minus the asset class benchmark return, multiplied by the asset class weight. 16

TOTAL FUND RISK-ADJUSTED RETURN for the quarter ended December 31, 214 1 Year Risk vs Return Annualized Return 8 5 8 7 5 7 6 5 Rate of Return 1 Years Total Standard Deviation(Qtr) 1 Years TOTAL FUND 7. 18 9.9 21 TOTAL FUND POLICY BENCHMARK 6.8 35 9.4 12 5th Percentile 7.8 8.8 25th Percentile 6.9 1.1 5th Percentile 6.5 1.7 75th Percentile 6.3 11.4 95th Percentile 5.7 13.2 Number of Observations 39 27 6 5 5 5 8 8.5 9 9.5 1 1.5 11 11.5 12 12.5 13 13.5 14. Risk (Standard Deviation) TOTAL FUND TOTAL FUND POLICY BENCHMARK Rate of Return 1 Years Standard Deviation(Qtr) 1 Years Tracking Error 1 Years Public Funds (DB) > $1 Billion TOTAL FUND - 2 7. 18 9.9 21 1.2 TOTAL FUND POLICY BENCHMARK 6.8 35 9.4 12 17

ASSET ALLOCATION TOTAL FUND for the quarter ended December 31, 214 Cash 2.9% Fixed Income 22.8% Non-U.S. Equity 24.6% Hedge Funds 1.2% Real Estate 11.% U.S. Equity 26.7% Private Equity 8.7% Commodities 2.2% 18

ASSET ALLOCATION TOTAL FUND for the quarter ended December 31, 214 1 9 8 7 Weight 6 5 4 3 Fixed Income Hedge Funds Real Estate Private Equity Commodities U.S. Equity Non-U.S. Equity Cash 2 1 Dec-5 Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Dec-14 Time 19

ASSET ALLOCATION ACTUAL vs. TARGET for the quarter ended December 31, 214 Actual vs Target Weights 32. 28. 26.7 24. 25. 24.6 24. 22.8 23. Weight (%) 2 16. 12. 8. 8.7 11. 11. 1 4. 3. 2.2 2.9 2. 2. 1.2 U.S. Equities Non-U.S. Equities Private Equity* Fixed Income Real Estate* Commodities Hedge Funds** Cash Actual Target Ending Market Value Actual Target Relative Min Max Total Equity 24,249,731,82 51.4 49. 2.4 39 59 U.S. Equities 12,61,143,288 26.7 25. 1.7 Non-U.S. Equities 11,639,587,794 24.6 24..6 Fixed Income 1,752,315,235 22.8 23. -.2 2 26 Real Estate* 5,29,811,585 11. 1 1. 7 15 Private Equity* 4,91,365,36 8.7 11. -2.3 8 15 Commodities 1,25,289,78 2.2 3. -.8 5 Hedge Funds** 546,634,39 1.2 2. -.8 4 Cash 1,347,24,827 2.9 2..9 4 Total Fund 47,222,171,863 1 1 * Portfolio and benchmark are one quarter in arrears. Preliminary returns. ** Portfolio and benchmark are one month in arrears. 2

ASSET ALLOCATION U.S. EQUITY MAGERS for the quarter ended December 31, 214 PASSIVE December 31, 214 Assets ($ millions) % of Composite BTC Russell 1 Index 9,67.4 71.9 BTC Russell 2 Index 75.8.6 BTC S&P 5 Index 378. 3. PASSIVE September 3, 214 Assets ($ millions) % of Composite BTC Russell 1 Index 8,644.8 71.8 BTC Russell 2 Index 69..6 BTC S&P 5 Index 36.2 3. LOW RISK INTECH 627.6 5. Twin Capital 384.3 3. LOW RISK INTECH 589.7 4.9 Twin Capital 365.9 3. MODERATE / HIGH RISK Cramer Rosenthal McGlynn 272.2 2.2 Eagle Asset Mgmt. 245.7 1.9 FIS Group 237.6 1.9 Frontier Capital Mgmt. 517.6 4.1 Northern Trust 385.6 3.1 Relational Investors 5.6.4 Westwood Mgmt. Corp. 367.7 2.9 MODERATE / HIGH RISK Cramer Rosenthal McGlynn 265.1 2.2 Eagle Asset Mgmt. 226.2 1.9 FIS Group 241.4 2. Frontier Capital Mgmt. 477.6 4. Northern Trust 368.4 3.1 Relational Investors 8.7 Westwood Mgmt. Corp. 352.9 2.9 TOTAL U.S. EQUITY 12,61.1 1 TOTAL U.S. EQUITY 12,41.1 1 21

ASSET ALLOCATION NON-U.S. EQUITY MAGERS (cont's...) for the quarter ended December 31, 214 PASSIVE December 31, 214 Assets ($ millions) % of Composite BTC Canada Index IMI 796.1 7. BTC EAFE Index IMI 5,224.9 45.8 BTC Emerging Markets Index 434.2 3.8 BTC Europe Index 522.1 4.6 BTC Emerging Markets Small Cap Index 117.2 1. NON-US DEVELOPED Acadian Asset Mgmt. 614.8 5.4 Capital Guardian 294.6 2.6 Putnam Investments 15.6 1.3 REGIOL DEVELOPED BTC Europe Alpha Tilts 781.9 6.8 GAM International Mgmt. 676.6 5.9 EMERGING MARKETS Acadian Emrg. Markets 329.5 2.9 AQR Emerging Markets 21.1 1.8 Capital Guardian Emerging 511.9 4.5 Genesis Investment Mgmt. 563.3 4.9 Lazard 191.9 1.7 PASSIVE September 3, 214 Assets ($ millions) % of Composite BTC Canada Index IMI 843.6 7.1 BTC EAFE Index IMI 5,47.1 45.6 BTC Emerging Markets Index 454.8 3.8 BTC Europe Index 545.7 4.6 BTC Emerging Markets Small Cap Index 124.7 1.1 NON-US DEVELOPED Acadian Asset Mgmt. 63.7 5.3 Capital Guardian 299.8 2.5 Putnam Investments 155.6 1.3 REGIOL DEVELOPED BTC Europe Alpha Tilts 88.3 6.8 GAM International Mgmt. 693.4 5.9 EMERGING MARKETS Acadian Emrg. Markets 338.7 2.9 AQR Emerging Markets 216.2 1.8 Capital Guardian Emerging 54.7 4.6 Genesis Investment Mgmt. 593.3 5. Lazard 192.4 1.6 TOTAL NON-U.S. EQUITY (Unhedged) 11,419.7 1 TOTAL NON-U.S. EQUITY (Unhedged) 11,844.9 1 22

ASSET ALLOCATION NON-U.S. EQUITY MAGERS (...cont'd) for the quarter ended December 31, 214 PASSIVE HEDGE December 31, 214 Assets ($ millions) Currency Hedge Gain/Loss 219.9 TOTAL NON-U.S. EQUITY (Hedged) 11,639.6 PASSIVE HEDGE September 3, 214 Assets ($ millions) Currency Hedge Gain/Loss 256.5 TOTAL NON-U.S. EQUITY (Hedged) 12,11.5 23

ASSET ALLOCATION FIXED INCOME MAGERS & PROGRAMS (cont's...) for the quarter ended December 31, 214 CORE December 31, 214 Assets ($ millions) % of Composite BTC Aggregate Index 816.9 7.6 BTC Intermediate Credit Index 221.1 2.1 BlackRock 716.4 6.7 Dodge & Cox 1,174. 1.9 Pugh Capital Mgmt. 8.8.8 Wells Capital Mgmt. 1,37.1 12.2 TOTAL CORE 4,316.3 4.1 CORE September 3, 214 Assets ($ millions) % of Composite BTC Aggregate Index 82.3 7.5 BTC Intermediate Credit Index 219.3 2. BlackRock 75.4 6.6 Dodge & Cox 1,16.1 1.8 Pugh Capital Mgmt. 79.5.7 Wells Capital Mgmt. 1,283.2 12. TOTAL CORE 4,249.8 39.6 CORE PLUS Dolan McEniry Capital Mgmt. 18.4 1.7 GW Capital 148.1 1.4 LM Capital Group 68.6 5.7 Loomis, Sayles & Co. 994.6 9.2 PIMCO 955.7 8.9 Western Asset Mgmt. 1,12.6 9.4 TOTAL CORE PLUS 3,9 36.3 CORE PLUS Dolan McEniry Capital Mgmt. 179.3 1.7 GW Capital 147.6 1.4 LM Capital Group 672.5 6.3 Loomis, Sayles & Co. 988. 9.2 PIMCO 991.2 9.2 Western Asset Mgmt. 999.9 9.3 TOTAL CORE PLUS 3,978.4 37.1 Policy Ranges Core: 25% - 45% Core Plus: 25% - 45% High Yield: - 1% Opportunistic: 15% - 35% 24

ASSET ALLOCATION FIXED INCOME MAGERS & PROGRAMS (...cont'd) for the quarter ended December 31, 214 HIGH YIELD December 31, 214 Assets ($ millions) % of Composite Oaktree Capital Mgmt. 593.6 5.5 PENN Capital Mgmt. 93.4.9 TOTAL HIGH YIELD 686.9 6.4 HIGH YIELD September 3, 214 Assets ($ millions) % of Composite Oaktree Capital Mgmt. 597.5 5.6 PENN Capital Mgmt. 95..9 TOTAL HIGH YIELD 692.4 6.5 OPPORTUNISTIC Beach Point Capital* 34.3 2.8 Brigade Capital Mgmt. 539.4 5. Crescent Capital 191.2 1.8 Principal Opportunistic 24 2.2 Sankaty Advisors 193.6 1.8 Tennenbaum Capital** 37.4.3 Western Opportunistic 272.1 2.5 TOTAL OPPORTUNISTIC 1,778. 16.5 MORTGAGE PROGRAM Member Home Loan Program (MHLP) 71..7 TOTAL FIXED INCOME*** 1,752.3 1 OPPORTUNISTIC Beach Point Capital* 264.7 2.5 Brigade Capital Mgmt. 553.1 5.2 Crescent Capital 198.3 1.8 Principal Opportunistic 24.3 2.2 Sankaty Advisors 198.9 1.9 Western Opportunistic 272.4 2.5 TOTAL OPPORTUNISTIC 1,727.8 16.1 MORTGAGE PROGRAM Member Home Loan Program (MHLP) 76..7 TOTAL FIXED INCOME*** 1,724.5 1 Policy Ranges Core: 25% - 45% Core Plus: 25% - 45% High Yield: - 1% Opportunistic: 15% - 35% * Represents the combined assets of two portfolios, one of which is reported one month in arrears. ** One month in arrears. *** Does not include cash. 25

ASSET ALLOCATION COMMODITIES MAGERS for the quarter ended December 31, 214 December 31, 214 Assets ($ millions) % of Composite Credit Suisse 343.1 33.5 Neuberger Berman/Gresham 348.8 34. PIMCO 333.4 32.5 September 3, 214 Assets ($ millions) % of Composite Credit Suisse 389.7 33.3 Neuberger Berman/Gresham 41.6 34.4 PIMCO 377.7 32.3 TOTAL COMMODITIES 1,25.3 1 TOTAL COMMODITIES 1,168.9 1 26

ANNUALIZED TOTAL RETURNS U.S. EQUITY MAGERS for the quarter ended December 31, 214 LARGE CAP Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC S&P 5 Index 378. 5. 13.7 INTECH 627.6 6.5 15.7 2.9 16.3 Twin Capital 384.3 5.1 14. 2.6 15.8 S&P 5 4.9 13.7 2.4 15.5 Relational Investors* 5.6.2 6.1 18.5 16.2 Relational Custom Index 4.9 13.2 2.3 15.4 BTC Russell 1 9,67.4 4.9 13.3 2.7 15.7 Russell 1 4.9 13.2 2.6 15.6 SMALL / MID CAP Cramer Rosenthal McGlynn 272.2 2.8 5. 19.1 Eagle Asset Management 245.7 8.8 8.1 18.8 16.3 Frontier Capital Management 517.6 8.6 12.9 23.5 17.9 Westwood Management 367.7 4.3 5.7 17.9 15.7 Russell 25 6.8 7.1 2 16.4 BTC - Russell 2 75.8 9.8 5.1 19.5 15.8 Russell 2 9.7 4.9 19.2 15.5 EMERGING MAGER PROGRAM FIS Group 237.6 4.9 8.8 19.6 14.7 Northern Trust 385.6 4.7 1.6 2.9 15.3 Russell 3 5.2 12.6 2.5 15.6 LARGE CAP Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC S&P 5 Index 378. 5. 13.7 INTECH 627.6 6.4 15.3 2.5 16. Twin Capital 384.3 5. 13.8 2.4 15.6 S&P 5 4.9 13.7 2.4 15.5 Relational Investors* 5.6 5.3 17.6 15.3 Relational Custom Index 4.9 13.2 2.3 15.4 BTC- Russell 1 9,67.4 4.9 13.3 2.6 15.7 Russell 1 4.9 13.2 2.6 15.6 SMALL / MID CAP Cramer Rosenthal McGlynn 272.2 2.7 4.3 18.4 Eagle Asset Management 245.7 8.6 7.4 18.2 15.6 Frontier Capital Management 517.6 8.4 11.9 22.5 17. Westwood Management 367.7 4.2 5. 17.1 14.9 Russell 25 6.8 7.1 2 16.4 BTC - Russell 2 75.8 9.8 5.1 19.5 15.8 Russell 2 9.7 4.9 19.2 15.5 EMERGING MAGER PROGRAM FIS Group 237.6 4.8 7.8 18.9 14. Northern Trust 385.6 4.6 9.7 2.4 14.8 Russell 3 5.2 12.6 2.5 15.6 See Glossary for all Custom index definitions. * Time-weighted returns are shown for the Relational portfolio rather than IRR. 27

ANNUALIZED TOTAL RETURNS NON-U.S. EQUITY MAGERS (cont's...) for the quarter ended December 31, 214 NON U.S. Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Acadian Asset Management 614.8-2.4-1.4 13.2 8.1 Capital Guardian 294.6-1.6-4.9 12.4 6.8 MSCI EAFE + CADA Net (Daily) -3.7-4.3 1.5 5.2 Putnam International Small Cap 15.6-3. -1.2 11.2 MSCI World EX US Small Cap (Net) -3.4-5.3 11.8 7.9 BTC EAFE IMI* 5,224.9-3.4-4.6 11.7 6.1 MSCI EAFE IMI Custom Index -3.4-4.9 11.4 5.7 BTC Canada IMI* 796.1-5.6.7 5. 4.7 MSCI Canada Custom IMI (Net) -5.8 4.3 4. NON U.S. Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Acadian Asset Management 614.8-2.5-1.9 12.8 7.6 Capital Guardian 294.6-1.7-5.3 12. 6.4 MSCI EAFE + Canada Net (Daily) -3.7-4.3 1.5 5.2 Putnam International Small Cap 15.6-3.2-1.8 1.5 MSCI World Ex US Small Cap (Net) -3.4-5.3 11.8 7.9 BTC EAFE IMI* 5,224.9-3.4-4.6 11.7 6. MSCI EAFE IMI Custom Index -3.4-4.9 11.4 5.7 BTC Canada IMI* 796.1-5.6.7 5. 4.7 MSCI Canada Custom IMI (Net) -5.8 4.3 4. PACIFIC BASIN GAM Pacific Basin 676.6-2.3 2.2 1.5 6.7 MSCI Pacific (Net) -2.1-2.7 9.6 5.7 PACIFIC BASIN GAM Pacific Basin 676.6-2.4 1.6 1 6.2 MSCI Pacific (Net) -2.1-2.7 9.6 5.7 See Glossary for all Custom index definitions. * BTC EAFE & Canada Funds; 8/31/8 - Present: BTC EAFE & Canada IMI Funds. 28

ANNUALIZED TOTAL RETURNS NON-U.S. EQUITY MAGERS (...cont'd) for the quarter ended December 31, 214 EUROPE Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC Euro Tilts 781.9-3.2-4.2 15. 7.3 BTC Europe Index 522.1-4.3-5.8 12.4 5.8 MSCI Europe (Net) -4.4-6.2 11.9 5.3 EUROPE Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC Euro Tilts 781.9-3.3-4.7 14.4 6.9 BTC Europe Index 522.1-4.3-5.8 12.4 5.8 MSCI Europe (Net) -4.4-6.2 11.9 5.3 EMERGING MARKETS Acadian Emerging Markets 329.5-2.6 2.3 AQR Emerging Markets 21.1-2.8 Lazard Emerging Markets 191.9 -.1 2.2 BTC - Emerging Markets 434.2-4.5-2.3 4. 1.7 MSCI EM Standard (Net) -4.5-2.2 4. 1.8 BTC Emerging Markets Small Cap 117.2-6. 1. 7.6 MSCI EM Small Cap - Net Return -6. 1. Capital Guardian Emerging* 511.9-5.3-7.5 2. -.5 Genesis 563.3-4.9 -.7 7.2 5.7 MSCI EM IMI Custom Index -4.7-1.8 4.5 1.9 EMERGING MARKETS Acadian Emerging Markets 329.5-2.7 1.7 AQR Emerging Markets 21.1-3. Lazard Emerging Markets 191.9 -.3 1.2 BTC - Emerging Markets 434.2-4.5-2.5 3.7 1.5 MSCI EM Standard (Net) -4.5-2.2 4. 1.8 BTC Emerging Markets Small Cap 117.2-6..7 7.4 MSCI EM Small Cap - Net Return -6. 1. Capital Guardian Emerging* 511.9-5.3-7.5 2. -.5 Genesis 563.3-5.1-1.4 6.5 4.9 MSCI EM IMI Custom Index -4.7-1.8 4.5 1.9 PASSIVE HEDGE BTC Passive Currency Hedge 219.9 2.6 5.1 2.1 5% FX Hedge Index 2.6 5.1 2.1 PASSIVE HEDGE BTC Passive Currency Hedging 219.9 2.6 5.1 2.1 5% FX Hedge Index 2.6 5.1 2.1 See Glossary for all Custom index definitions. * Returns reflect fees (they are taken directly from the commingled fund). 29

ANNUALIZED TOTAL RETURNS FIXED INCOME MAGERS & PROGRAMS (cont's...) for the quarter ended December 31, 214 CORE Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC Aggregate Index 816.9 1.8 6.2 2.8 4.6 BlackRock 716.4 1.6 6.2 3.3 4.9 Dodge & Cox 1,174. 1.2 6.4 5.1 5.8 Pugh Capital Mgmt. 8.8 1.8 6.4 3.3 5.1 Wells Capital Mgmt. 1,37.1 1.9 6.5 3.9 5.8 Barclays Aggregate Bond Index 1.8 6. 2.7 4.4 BTC Intermediate Credit Index 221.1.8 4.3 4. 5.1 Barclays Credit Intermediate Index.8 4.2 4. 5. CORE Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs BTC Aggregate Index 816.9 1.8 6.2 2.8 4.6 BlackRock 716.4 1.6 6. 3.1 4.8 Dodge & Cox 1,174. 1.2 6.2 5. 5.7 Pugh Capital Mgmt. 8.8 1.7 6.1 3.1 4.9 Wells Capital Mgmt. 1,37.1 1.9 6.4 3.8 5.6 Barclays Aggregate Bond Index 1.8 6. 2.7 4.4 BTC Intermediate Credit Index 221.1.8 4.3 4. 5.1 Barclays Credit Intermediate Index.8 4.2 4. 5. CORE PLUS Loomis, Sayles & Co. 994.6.7 7. 5.2 6.6 PIMCO 955.7 1.6 4.9 3.6 5.1 Western Asset Mgmt. 1,12.6 1.3 6.9 5.1 7. Barclays Aggregate Bond Index 1.8 6. 2.7 4.4 Dolan McEniry Capital Mgmt. 18.4.7 4.7 5.5 6.8 Dolan McEniry Custom Index.9 4.6 4. 5.1 GW Capital 148.1.4 4.3 5.7 7.1 GW Custom Index 1. 5. 4.9 6.4 LM Capital Group 68.6 1.8 5.7 3.2 5.1 LM Custom Index 1.5 6. 2.9 4.7 CORE PLUS Loomis, Sayles & Co. 994.6.7 6.9 5.1 6.4 PIMCO 955.7 1.5 4.6 3.4 4.9 Western Asset Mgmt. 1,12.6 1.3 6.7 4.9 6.8 Barclays Aggregate Bond Index 1.8 6. 2.7 4.4 Dolan McEniry Capital Mgmt. 18.4.6 4.3 5.2 6.5 Dolan McEniry Custom Index.9 4.6 4. 5.1 GW Capital 148.1.3 4.1 5.4 6.9 GW Custom Index 1. 5. 4.9 6.4 LM Capital Group 68.6 1.7 5.5 3. 4.9 LM Custom Index 1.5 6. 2.9 4.7 See Glossary for all Custom index definitions. 3

ANNUALIZED TOTAL RETURNS FIXED INCOME MAGERS & PROGRAMS (...cont'd) for the quarter ended December 31, 214 HIGH YIELD Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Oaktree Capital Mgmt. 593.6 -.5 2.4 7.8 8.7 PENN Capital Mgmt. 93.4-1.6 1. 6.9 8.4 Barclays BA/B U.S. High Yield Index -.3 3.4 8.1 8.9 HIGH YIELD Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Oaktree Capital Mgmt. 593.6 -.7 1.9 7.3 8.2 PENN Capital Mgmt. 93.4-1.7.4 6.4 7.9 Barclays BA/B U.S. High Yield -.3 3.4 8.1 8.9 OPPORTUNISTIC Beach Point Capital* 34.3.4 Crescent Capital Group 191.2-3.5 Sankaty Advisors 193.6-2.5 Opportunistic Custom Index -.7 2.3 7.1 Brigade Capital Mgmt. 539.4-2.3 2.6 9.8 Brigade Custom Index -.3 2.8 7. Principal Opportunistic 24 -.1 5. 7.7 Barclays U.S. Universal Spread 1-1 Yr..1 3.5 4.9 5.9 Western Opportunistic 272.1 -.1 2.7 8.4 7.7 Western Opportunistic Custom Index.2 2.4 6. 5.6 OPPORTUNISTIC Beach Point Capital* 34.3.2 Crescent Capital Group 191.2-3.6 Sankaty Advisors 193.6-2.7 Opportunistic Custom Index -.7 2.3 7.1 Brigade Capital Mgmt. 539.4-2.5 1.6 9. Brigade Custom Index -.3 2.8 7. Principal Opportunistic 24 -.1 4.8 7.6 Barclays U.S. Universal Spread 1-1 Yr..1 3.5 4.9 5.9 Western Opportunistic 272.1 -.1 2.7 8.3 7.7 Western Opportunistic Custom Index.2 2.4 6. 5.6 MORTGAGE PROGRAM Member Home Loan Program (MHLP) 71. -.7 5.5 3.8 4.9 MORTGAGE PROGRAM Member Home Loan Program (MHLP) 71. -.8 5.3 3.6 4.7 31 See Glossary for all Custom index definitions. * Represents the combined assets & performance of two portfolios, one of which is reported one month in arrears.

ANNUALIZED TOTAL RETURNS COMMODITIES MAGERS for the quarter ended December 31, 214 COMMODITIES MAGERS Gross of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Credit Suisse 343.1-11.9-16.7-8.7 Neuberger Berman/Gresham 348.8-13. -16.6-7.6-2.3 PIMCO 333.4-11.7-15.3-7.4-3.7 Bloomberg Commodity Index Total Return -12.1-17. -9.4-5.5 COMMODITIES MAGERS Net of Fees Mkt Value ($Mil) Qtr 1 Yr 3 Yrs 5 Yrs Credit Suisse 343.1-12. -17. -8.9 Neuberger Berman/Gresham 348.8-13.1-16.9-7.9-2.7 PIMCO 333.4-11.7-15.7-7.8-4.4 Bloomberg Commodity Index Total Return -12.1-17. -9.4-5.5 32

U.S. EQUITY RISK ADJUSTED RETURN for the quarter ended December 31, 214 1 Year Risk vs Return Annualized Return 15. 14. 13. 12. 11. 1 9. 8. 7. Rate of Return 1 Years Standard Deviation (Qtr) 1 Years U.S. Equity 7.9 68 16.9 37 RUSSELL 3 (DAILY) 7.9 68 16.8 31 5th Percentile 12.3 14.4 25th Percentile 9.7 16.4 5th Percentile 8.5 18. 75th Percentile 7.7 2.2 95th Percentile 6.7 22.7 Number of Observations 26 222 6. 5. 4. 3. 2. 7.5 9. 1.5 12. 13.5 15 16 5 18. 19.5 21. 22.5 24 25 5 27. Risk (Standard Deviation) U.S. Equity RUSSELL 3 (DAILY) Rate of Return 1 Years Standard Deviation(Qtr) 1 Years Tracking Error 1 Years U.S. Equity 7.9 68 16.9 37.6 RUSSELL 3 (DAILY) 7.9 68 16.8 31 Universe data: U.S. Equity Funds - plans greater than $1 billion 33

U.S. EQUITY - LARGE CAP INTECH INVESTMENT MAGEMENT LLC for the quarter ended December 31, 214 Manager Profile Firm: INTECH Investment Management LLC Location:West Palm Beach, FL Year Founded:1987 Contact:Christian McCormick, CFA, Managing Director Inception Date:December 26 Assigned Role:Enhanced Index Benchmark:S&P 5 Investment Style:Core Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception INTECH 627.6 6.5 15.69 2.91 16.35 8. S&P 5 INDEX (DAILY) 4.93 13.69 2.41 15.45 7.16 US Equity Funds - Large Cap Universe 1 Qtr 1 Year 3 Years 5 Years Median 4 9 12.54 2.8 15.53 Number of Observations 388 397. 348. 37. Return 3 Year Risk vs Return 3 27. 3 Year Standard Deviation 24. 3 Year Return (Qtr) 21. INTECH 2.9 47 9. 13 18. S&P 5 INDEX (DAILY) 2.4 64 9.3 22 15. 5th Percentile 24.5 8. 12. 25th Percentile 22.2 9.4 9. 5th Percentile 2.8 1.2 3. 4. 5. 6 7 8. 9. 1 11. 12. 13. 14 15 16. 75th Percentile 19.6 11.3 Risk (Standard Deviation) 95th Percentile 17.3 13.7 INTECH S&P 5 INDEX (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 INTECH S&P 5 INDEX (DAILY) Excess Universe data: U.S. Equities Total Large Cap 34

U.S. EQUITY - LARGE CAP RELATIOL INVESTORS, LLC for the quarter ended December 31, 214 Manager Profile Firm:Relational Investors, LLC Location:San Diego, CA Year Founded:1996 Contact:Jay Winship, Senior Managing Director Inception Date:September 26 Assigned Role:U.S. Equity Benchmark:Relational Custom Index Investment Style:Activist Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Relational Investors 5.6.24 6.11 18.47 16.23 8.69 RELATIOL CUSTOM INDEX 4.88 13.24 2.34 15.41 7.9 US Equity Funds - Large Value Universe 1 Qtr 1 Year 3 Years 5 Years Median 4.7 12.78 21.26 15.53 Number of Observations 11 1 89. 78. Return 3 Year Risk vs Return 3 27.5 3 Year Standard Deviation 25. 3 Year Return (Qtr) 22.5 RELATIOL INVESTORS 18.5 92 15.3 99 2 RELATIOL CUSTOM INDEX 2.3 7 9.4 33 17.5 5th Percentile 24.8 7.7 15. 12.5 25th Percentile 22.4 8.9 1 5th Percentile 21.3 1 6. 7. 8 9. 1 11 12. 13. 14 15. 16. 17 18. 19. 2 75th Percentile 19.9 1.8 Risk (Standard Deviation) 95th Percentile 18.3 12.6 RELATIOL INVESTORS RELATIOL CUSTOM INDEX Returns 6 4 2-2 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Relational Investors RELATIOL CUSTOM INDEX Excess Universe data: U.S. Equity Funds Large Cap Value Time-weighted returns rather than IRR are shown for the Relational portfolio. 35

U.S. EQUITY - LARGE CAP TWIN CAPITAL MAGEMENT, INC. for the quarter ended December 31, 214 Manager Profile Firm:Twin Capital Management, Inc. Location:McMurray, PA Year Founded:199 Contact:Geoffrey Gerber, Ph.D., President Inception Date:December 26 Assigned Role:Enhanced Index Benchmark:S&P 5 Investment Style:Core Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Twin Capital Management 384.3 5.6 13.99 2.56 15.79 7.68 S&P 5 INDEX (DAILY) 4.93 13.69 2.41 15.45 7.16 US Equity Funds - Large Cap Universe 1 Qtr 1 Year 3 Years 5 Years Median 4 9 12.54 2.8 15.53 Number of Observations 388 397. 348. 37. Return 3 Year Risk vs Return 3 27. 3 Year Standard Deviation 24. 3 Year Return (Qtr) 21. TWIN CAPITAL ENH 2.6 57 9.4 26 18. S&P 5 INDEX (DAILY) 2.4 64 9.3 22 15. 5th Percentile 24.5 8. 12. 25th Percentile 22.2 9.4 9. 5th Percentile 2.8 1.2 3. 4. 5. 6 7 8. 9. 1 11. 12. 13. 14 15 16. 75th Percentile 19.6 11.3 Risk (Standard Deviation) 95th Percentile 17.3 13.7 TWIN CAPITAL ENH S&P 5 INDEX (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Twin Capital Management S&P 5 INDEX (DAILY) Excess Universe data: U.S. Equities Total Large Cap 36

U.S. EQUITY - SMALL/MID CAP CRAMER, ROSENTHAL, McGLYNN LLC for the quarter ended December 31, 214 Manager Profile Firm:Cramer, Rosenthal, McGlynn LLC Location:New York, NY Year Founded:1973 Contact:Serra Sonmez, Vice President Inception Date:April 21 Assigned Role:Small/Mid Cap Equity Benchmark:Russell 25 Investment Style:Core / Value Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Cramer Rosenthal McGlynn 272.2 2.81 4.96 19.8 14.3 RUSSELL 25 (DAILY) 6.77 7.7 19.97 15.12 US Equity Funds - SMID Universe 1 Qtr 1 Year 3 Years 5 Years Median 7.75 5.28 2 16.76 Number of Observations 185 18 164. 142. Return 3 Year Risk vs Return 35. 31.5 3 Year Standard Deviation 28. 3 Year Return (Qtr) 24.5 CRAMER ROSENTHAL MCGLYNN 19.1 64 11.9 24 21. RUSSELL 25 (DAILY) 2 52 11.6 17 17.5 5th Percentile 24.8 1.9 14. 1.5 25th Percentile 21.6 12. 7. 5th Percentile 2 12.9 9. 1 11. 12. 13 14. 15. 16. 17 18. 19. 2 75th Percentile 18. 13.8 Risk (Standard Deviation) 95th Percentile 15. 16.4 CRAMER ROSENTHAL MCGLYNN RUSSELL 25 (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Cramer Rosenthal McGlynn RUSSELL 25 (DAILY) Excess Universe data: U.S. Equities SMID 37

U.S. EQUITY - SMALL/MID CAP EAGLE ASSET MAGEMENT, INC. for the quarter ended December 31, 214 Manager Profile Firm:Eagle Asset Management, Inc. Location:St. Petersburg, FL Year Founded:1976 Contact:Ed Rick, CFA, Senior Vice President Inception Date:February 25 Assigned Role:Small/Mid Cap Equity Benchmark:Russell 25 Investment Style:Core / Growth Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Eagle Asset Management 245.7 8.76 8.11 18.83 16.28 19 RUSSELL 25 (DAILY) 6.77 7.7 19.97 16.36 9.17 US Equity Funds - SMID Universe 1 Qtr 1 Year 3 Years 5 Years Median 7.75 5.28 2 16.76 Number of Observations 185 18 164. 142. Return 3 Year Risk vs Return 35. 31.5 3 Year Standard Deviation 28. 3 Year Return (Qtr) 24.5 EAGLE ASSET MAGEMENT 18.8 68 11.9 2 21. RUSSELL 25 (DAILY) 2 52 11.6 17 17.5 5th Percentile 24.8 1.9 14. 1.5 25th Percentile 21.6 12. 7. 5th Percentile 2 12.9 9. 1 11. 12. 13 14. 15. 16. 17 18. 19. 2 75th Percentile 18. 13.8 Risk (Standard Deviation) 95th Percentile 15. 16.4 EAGLE ASSET MAGEMENT RUSSELL 25 (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Eagle Asset Management RUSSELL 25 (DAILY) Excess Universe data: U.S. Equities SMID 38

U.S. EQUITY - SMALL/MID CAP FRONTIER CAPITAL MAGEMENT COMPANY, LLC for the quarter ended December 31, 214 Manager Profile Firm:Frontier Capital Mgmt. Company, LLC Location:Boston, MA Year Founded:198 Contact:Michael Cavarretta, Chairman-Portf. Manager Inception Date:June 22 Assigned Role:Small/Mid Cap Equity Benchmark:Russell 25 Investment Style:Core / Growth Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Frontier Capital Management 517.6 8.57 12.92 23.48 17.93 12.37 RUSSELL 25 (DAILY) 6.77 7.7 19.97 16.36 9.82 US Equity Funds - SMID Universe 1 Qtr 1 Year 3 Years 5 Years Median 7.75 5.28 2 16.76 Number of Observations 185 18 164. 142. Return 3 Year Risk vs Return 35. 31.5 3 Year Standard Deviation 28. 3 Year Return (Qtr) 24.5 FRONTIER CAPITAL MAGEMENT 23.5 1 11.5 14 21. RUSSELL 25 (DAILY) 2 52 11.6 17 17.5 5th Percentile 24.8 1.9 14. 1.5 25th Percentile 21.6 12. 7. 5th Percentile 2 12.9 9. 1 11. 12. 13 14. 15. 16. 17 18. 19. 2 75th Percentile 18. 13.8 Risk (Standard Deviation) 95th Percentile 15. 16.4 FRONTIER CAPITAL MAGEMENT RUSSELL 25 (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Frontier Capital Management RUSSELL 25 (DAILY) Excess Universe data: U.S. Equities SMID 39

U.S. EQUITY - SMALL/MID CAP WESTWOOD MAGEMENT CORP. for the quarter ended December 31, 214 Manager Profile Firm:Westwood Management Corporation Location:Dallas, TX Year Founded:1983 Contact:Jackie Finley, Vice President Inception Date:April 29 Assigned Role:Small/Mid Cap Equity Benchmark:Russell 25 Investment Style:Core / Value Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Westwood Management 367.7 4.34 5.74 17.88 15.66 21.23 RUSSELL 25 (DAILY) 6.77 7.7 19.97 16.36 22.65 US Equity Funds - SMID Universe 1 Qtr 1 Year 3 Years 5 Years Median 7.75 5.28 2 16.76 Number of Observations 185 18 164. 142. Return 3 Year Risk vs Return 35. 31.5 3 Year Standard Deviation 28. 3 Year Return (Qtr) 24.5 WESTWOOD MAGEMENT 17.9 77 12.4 37 21. RUSSELL 25 (DAILY) 2 52 11.6 17 17.5 5th Percentile 24.8 1.9 14. 1.5 25th Percentile 21.6 12. 7. 5th Percentile 2 12.9 9. 1 11. 12. 13 14. 15. 16. 17 18. 19. 2 75th Percentile 18. 13.8 Risk (Standard Deviation) 95th Percentile 15. 16.4 WESTWOOD MAGEMENT RUSSELL 25 (DAILY) Returns 45 3 15-15 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Westwood Management RUSSELL 25 (DAILY) Excess Universe data: U.S. Equities SMID 4

U.S. EQUITY - EMERGING MAGER PROGRAM FIS GROUP, INC. for the quarter ended December 31, 214 Manager Profile Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Firm: FIS Group, Inc. Location: Philadelphia, PA Year Founded: 1996 Contact: Kila D. Weaver, Vice President Inception Date: September 24 Assigned Role: Emerging Manager Program Benchmark: Russell 3 FIS Consolidation RUSSELL 3 (DAILY) 3 Year Risk vs Return Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception 237.6 4.91 8.83 19.59 14.69 8.99 5.24 12.56 2.51 15.63 8.85 3 Year Risk vs Return Calendar Year Returns as of December 31, 214 Returns 45 3 FIS Consolidation 15 RUSSELL 3 (DAILY) Excess -15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Universe data: evestment's U.S. All Cap Core Equity 41

U.S. EQUITY - EMERGING MAGER PROGRAM NORTHERN TRUST INVESTMENTS, INC. for the quarter ended December 31, 214 Manager Profile Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Firm: Northern Trust Investments, Inc. Location: Stamford, CT Year Founded: 1987 Contact: Robert Furnari, Executive V.P. Inception Date: May 1995 Assigned Role: Emerging Manager Program Benchmark: Russell 3 Northern Trust RUSSELL 3 (DAILY) 3 Year Risk vs Return Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception 385.6 4.69 1.57 2.95 15.33 1.45 5.24 12.56 2.51 15.63 9.51 3 Year Risk vs Return Calendar Year Returns as of December 31, 214 Returns 45 3 Northern Trust 15 RUSSELL 3 (DAILY) Excess -15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Universe data: evestment's U.S. All Cap Core Equity 42

NON-U.S. EQUITY RISK ADJUSTED RETURN for the quarter ended December 31, 214 1 Year Risk vs Return Annualized Return 15. 13.5 12. 1.5 9. 7.5 6. 4.5 Rate of Return 1 Years Standard Deviation (Qtr) 1 Years Non-U.S. Equity (Hedged) 6.1 67 2.3 55 CUSTOM MSCI ACWI IMI N 5% H 5.8 72 2.3 55 5th Percentile 11.2 15.3 25th Percentile 8.7 18.6 5th Percentile 6.8 19.9 75th Percentile 5.6 22.2 95th Percentile 4.3 26.7 Number of Observations 152 123 3. 1.5-1.5 13 5 15. 16.5 18. 19 5 21. 22.5 24. 25 5 27. 28.5 3 Risk (Standard Deviation) Non-U.S. Equity (Hedged) CUSTOM MSCI ACWI IMI N 5%H Rate of Return 1 Years Standard Deviation(Qtr) 1 Years Tracking Error 1 Years Non-U.S. Equity (Hedged) 6.1 67 2.3 55.6 CUSTOM MSCI ACWI IMI N 5%H 5.8 72 2.3 55 Universe data: Non-U.S. Equity Funds 43

NON-U.S. EQUITY ACADIAN ASSET MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:Acadian Asset Management, LLC Location:Boston, MA Year Founded:1986 Contact:Douglas Coughlin, CFA, Sr. Vice President Inception Date:April 26 Assigned Role:Non-U.S. Equity Benchmark:MSCI EAFE + Canada (Net) Investment Style:Core / Value Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Acadian Developed Markets 614.8-2.42-1.43 13.22 8.6 2.57 MSCI EAFE + Canada Net Index -3.69-4.32 1.47 5.21 2.65 Intl/Global Equity Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median -1.4.97 12.15 6.4 Number of Observations 1 97. 81. 55. Return 3 25. 2 15. 1 5. -5. 6. 7 8 9. 1 11. 12. 13. 14 15. 16. 17. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) ACADIAN DEVELOPED MKTS 13.2 44 12.4 56 MSCI EAFE + Canada Net Index 1.5 63 12.3 49 5th Percentile 2.9 9.3 25th Percentile 17.4 1.7 5th Percentile 12.2 12.3 75th Percentile 9.6 13.3 95th Percentile 4.7 14.5 ACADIAN DEVELOPED MKTS MSCI EAFE + Canada Net Index 3 Calendar Year Returns as of December 31, 214 Returns 15-15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Acadian Developed Markets MSCI EAFE + Canada Net Index Excess Universe data: International Equity Funds Core 44

NON-U.S. EQUITY CAPITAL GUARDIAN TRUST COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Capital Guardian Trust Company Location:Los Angeles, CA Year Founded:1968 Contact:Michael Bowman, Relationship Manager Funding / Inception Date:October 1987 / November 1994* Assigned Role:Non-U.S. Equity Benchmark:EAFE Custom Index Investment Style:Core / Growth Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Capital Guardian Non US 294.6-1.64-4.87 12.38 6.83 7.6 EAFE CUSTOM INDEX -3.69-4.32 1.47 5.21 4.82 Intl/Global Equity Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median -1.4.97 12.15 6.4 Number of Observations 1 97. 81. 55. Return 3 25. 2 15. 1 5. -5. 6. 7 8 9. 1 11. 12. 13. 14 15. 16. 17. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) CGT INTL LG CAP 12.4 49 12.4 56 EAFE CUSTOM INDEX 1.5 63 12.3 49 5th Percentile 2.9 9.3 25th Percentile 17.4 1.7 5th Percentile 12.2 12.3 75th Percentile 9.6 13.3 95th Percentile 4.7 14.5 CGT INTL LG CAP EAFE CUSTOM INDEX 3 Calendar Year Returns as of December 31, 214 Returns 15-15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Capital Guardian Non US EAFE CUSTOM INDEX Excess * State Street performance data begins November 1994. Universe data: International Equity Funds Core 45

NON-U.S. EQUITY PUTM INVESTMENTS for the quarter ended December 31, 214 Manager Profile Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) Firm: Putnam Investments Location: Boston, MA Year Founded: 1937 Contact: Lisa M. Horkan, Sr. Client Service Manager Inception Date: October 211 Assigned Role: Non-U.S. Equity Benchmark: MSCI World ex-u.s. Small Cap Index (Net) Investment Style: Small Cap Core Putnam Int'l Small Cap 15.6 MSCI WORLD EX US SMALL CAP (NET) - DAILY 3 Year Risk vs Return 1 3 Quarter 1 Year Years 5 Years Since Incept -3.4-1.21 11.15 1.52-3.38-5.35 11.77 11.4 3 Year Risk vs Return Calendar Year Returns as of December 31, 214 Returns 3 15 Putnam Int'l Small Cap MSCI WORLD EX US SMALL CAP (NET) - DAILY Excess -15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Universe data: evestment's Non-U.S. Small Cap Diversified Equity 46

NON-U.S. EQUITY - PACIFIC BASIN GAM INTERTIOL MAGEMENT LTD. for the quarter ended December 31, 214 Manager Profile Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Firm: GAM International Management Ltd. Location: London, England Year Founded: 1993 Contact: Michael Bunker, Portfolio Manager Inception Date: April 1994 Assigned Role: Pacific Basin Benchmark: MSCI Pacific Basin Net Investment Style: Core GAM Pacific Basin MSCI PACIFIC $ (DAILY) 3 Year Risk vs Return Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception 676.6-2.31 2.16 1.49 6.7 7.9-2.8-2.7 9.6 5.66 1.87 3 Year Risk vs Return Calendar Year Returns as of December 31, 214 Returns 3 15 GAM Pacific Basin MSCI PACIFIC $ (DAILY) -15 Excess -3 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Universe data: evestment's Pacific Basin Equity 47

NON-U.S. EQUITY - EUROPE BLACKROCK INSTITUTIOL TRUST COMPANY, N.A. - EUROPE ALPHA TILTS for the quarter ended December 31, 214 Manager Profile Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Firm: BlackRock Institutional Trust Company, N.A. Location: San Francisco, CA Year Founded: 1985 Contact: Lilian Wan, Managing Director Inception Date: January 27 Assigned Role: Non-U.S. Equity Enhanced Index Benchmark: MSCI Europe Net Investment Style: Core BTC Euro Tilts MSCI EUROPE (DAILY) 3 Year Risk vs Return Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception 781.9-3.17-4.17 14.97 7.32 1.84-4.35-6.18 11.86 5.28.87 3 Year Risk vs Return Calendar Year Returns as of December 31, 214 Returns 45 3 BTC Euro Tilts 15 MSCI EUROPE (DAILY) Excess -15 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Universe data: evestment's All Europe Equity 48

NON-U.S. EQUITY - EMERGING MARKETS ACADIAN ASSET MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:Acadian Asset Management, LLC Location:Boston, MA Year Founded:1986 Contact:Douglas Coughlin, CFA, Sr. Vice President Inception Date:January 213 Assigned Role:Emerging Markets Benchmark:MSCI EMF (Net) Investment Style:Core / Value Return 4 3 2 1-1 Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Incept Acadian Emerging Markets 329.5-2.59 2.27.47 MSCI EMERGING MARKETS -4.5-2.19-2.39 Intl Equity Emerging Mkt Funds 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median -4 39-1.46 5.64 3.68 Number of Observations 241 234. 177. 137. 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 14.7 9.5 25th Percentile 7.1 12.9 5th Percentile 5.6 13.8 75th Percentile 4. 15. 95th Percentile -.5 16. -2 7. 8 9. 1 11. 12. 13 14. 15. 16 17. 18. 19 2 21. 22. Risk (Standard Deviation) 5 Calendar Year Returns as of December 31, 214 Returns -5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Acadian Emerging Markets MSCI EMERGING MARKETS Excess Universe data: International Equity Funds Emerging Markets 49

NON-U.S. EQUITY - EMERGING MARKETS AQR CAPITAL MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:AQR Capital Management, LLC Location:Greenwich, CT Year Founded:1998 Contact:Joey Lee, Vice President Inception Date:February 214 Assigned Role:Emerging Markets Benchmark:MSCI EMF (Net) Investment Style:Core Return 4 3 2 1-1 Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Incept AQR Emerging Markets 21.1-2.84 5.43 MSCI EMERGING MARKETS -4.5 4.61 Intl Equity Emerging Mkt Funds 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median -4 39-1.46 5.64 3.68 Number of Observations 241 234. 177. 137. 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 14.7 9.5 25th Percentile 7.1 12.9 5th Percentile 5.6 13.8 75th Percentile 4. 15. 95th Percentile -.5 16. -2 7. 8 9. 1 11. 12. 13 14. 15. 16 17. 18. 19 2 21. 22. Risk (Standard Deviation) 15 Calendar Year Returns as of December 31, 214 Returns 7 35 No Data Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 AQR Emerging Markets MSCI EMERGING MARKETS Excess Universe data: International Equity Funds Emerging Markets 5

NON-U.S. EQUITY - EMERGING MARKETS CAPITAL GUARDIAN TRUST COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Capital Guardian Trust Company Location:Los Angeles, CA Year Founded:1968 Contact:Michael Bowman, Relationship Manager Inception Date:February 1992 Assigned Role:Emerging Markets Benchmark:MSCI EMF IMI Custom Investment Style:Core / Growth Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Capital Guardian Emerging 511.9-5.33-7.52 2.2 -.54 8.69 MSCI EM IMI CUSTOM INDEX -4.7-1.79 4.46 1.93 7.87 Intl Equity Emerging Mkt Funds Universe 1 Qtr 1 Year 3 Years 5 Years Median -4 39-1.46 5.64 3.68 Number of Observations 241 234. 177. 137. Return 4 3 2 1-1 -2 7. 8 9. 1 11. 12. 13 14. 15. 16 17. 18. 19 2 21. 22. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) CGT EMERGING MKTS 2. 89 14.6 67 MSCI EM IMI CUSTOM INDEX 4.5 65 13.8 55 5th Percentile 14.7 9.5 25th Percentile 7.1 12.9 5th Percentile 5.6 13.8 75th Percentile 4. 15. 95th Percentile -.5 16. CGT EMERGING MKTS MSCI EM IMI CUSTOM INDEX Returns 3 15-15 -3 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Capital Guardian Emerging MSCI EM IMI CUSTOM INDEX Excess Universe data: International Equity Funds Emerging Markets 51

NON-U.S. EQUITY - EMERGING MARKETS GENESIS INVESTMENT MAGEMENT, LLP for the quarter ended December 31, 214 Manager Profile Firm:Genesis Investment Management, LLP Location:London, England Year Founded:1989 Contact:Jonathan Snow, Director Inception Date:September 27 Assigned Role:Emerging Markets Benchmark:MSCI EMF IMI Custom Investment Style:Core Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Genesis 563.3-4.88 -.72 7.23 5.67 5.8 MSCI EM IMI CUSTOM INDEX -4.7-1.79 4.46 1.93 1.1 Intl Equity Emerging Mkt Funds Universe 1 Qtr 1 Year 3 Years 5 Years Median -4 39-1.46 5.64 3.68 Number of Observations 241 234. 177. 137. Return 4 3 2 1-1 -2 7. 8 9. 1 11. 12. 13 14. 15. 16 17. 18. 19 2 21. 22. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) GENESIS 7.2 23 13.5 4 MSCI EM IMI CUSTOM INDEX 4.5 65 13.8 55 5th Percentile 14.7 9.5 25th Percentile 7.1 12.9 5th Percentile 5.6 13.8 75th Percentile 4. 15. 95th Percentile -.5 16. GENESIS MSCI EM IMI CUSTOM INDEX Returns 3 15-15 -3 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Genesis MSCI EM IMI CUSTOM INDEX Excess Universe data: International Equity Funds Emerging Markets 52

NON-U.S. EQUITY - EMERGING MARKETS LAZARD ASSET MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:Lazard Asset Management, LLC Location:New York, NY Year Founded:197 Contact:Tony Dote, Managing Director Inception Date:February 213 Assigned Role:Emerging Markets Benchmark:MSCI EMF (Net) Investment Style:Core Return 4 3 2 1-1 Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Incept Lazard Emerging Markets 191.9-7 2.18-1.54 MSCI EMERGING MARKETS -4.5-2.19-3.19 Intl Equity Emerging Mkt Funds 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median -4 39-1.46 5.64 3.68 Number of Observations 241 234. 177. 137. 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 14.7 9.5 25th Percentile 7.1 12.9 5th Percentile 5.6 13.8 75th Percentile 4. 15. 95th Percentile -.5 16. -2 7. 8 9. 1 11. 12. 13 14. 15. 16 17. 18. 19 2 21. 22. Risk (Standard Deviation) 5 Calendar Year Returns as of December 31, 214 Returns -5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Lazard Emerging Markets MSCI EMERGING MARKETS Excess Universe data: International Equity Funds Emerging Markets 53

FIXED INCOME RISK ADJUSTED RETURN for the quarter ended December 31, 214 1 Year Risk vs Return Annualized Return 11. 1 9. 8. 7. 6. 5. 4. Rate of Return 1 Years Standard Deviation (Qtr) 1 Years FIXED INCOME 5.8 36 3.9 47 FI CUSTOM INDEX 5. 55 3.1 21 5th Percentile 8.4 1.1 25th Percentile 6.1 3.1 5th Percentile 5.4 4.1 75th Percentile 4.3 6.9 95th Percentile 2. 1.4 Number of Observations 227 192 3. 2. 1. -2. 2 4. 6. 8. 1 12. 14. 16. 18 2 22. 24. 26. 28. Risk (Standard Deviation) FIXED INCOME FI CUSTOM INDEX Rate of Return 1 Years Standard Deviation(Qtr) 1 Years Tracking Error 1 Years FIXED INCOME 5.8 36 3.9 47 2.3 FI CUSTOM INDEX 5. 55 3.1 21 Universe data: Fixed Income Funds - plans greater than $1 billion 54

FIXED INCOME - CORE BLACKROCK FINCIAL MAGEMENT, INC. for the quarter ended December 31, 214 Manager Profile Firm:BlackRock Financial Management, Inc. Location:New York, NY Year Founded:1988 Contact:Lilian Wan, Managing Director Inception Date:March 1997 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Blackrock 716.4 1.6 6.17 3.26 4.94 6.11 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 5.73 US Fixed Income Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median 1 55 5.79 3.52 5.22 Number of Observations 132 135. 129. 111. Return 9 7 5 6 4 5 3 1 5 5 1. 1.5 2. 2 5 3. 3.5 4 4.5 5. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) BLACKROCK 3.3 63 2.6 29 Barclays Aggregate (Daily) 2.7 81 2.6 29 5th Percentile 5.6 2. 25th Percentile 4.4 2.5 5th Percentile 3.5 2.8 75th Percentile 2.9 3.1 95th Percentile 1.5 3.6 BLACKROCK Barclays Aggregate (Daily) 1 Calendar Year Returns as of December 31, 214 Returns 5-5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Blackrock Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core 55

FIXED INCOME - CORE DODGE & COX for the quarter ended December 31, 214 Manager Profile Firm:Dodge & Cox Location:San Francisco, CA Year Founded:193 Contact:Dana Emery, Senior V. P. Inception Date:March 1997 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Dodge & Cox 1,174. 1.22 6.36 5.13 5.77 6.72 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 5.73 US Fixed Income Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median 1 55 5.79 3.52 5.22 Number of Observations 132 135. 129. 111. Return 9 7 5 6 4 5 3 1 5 5 1. 1.5 2. 2 5 3. 3.5 4 4.5 5. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) DODGE & COX 5.1 14 2.5 27 Barclays Aggregate (Daily) 2.7 81 2.6 29 5th Percentile 5.6 2. 25th Percentile 4.4 2.5 5th Percentile 3.5 2.8 75th Percentile 2.9 3.1 95th Percentile 1.5 3.6 DODGE & COX Barclays Aggregate (Daily) 1 Calendar Year Returns as of December 31, 214 Returns 5-5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Dodge & Cox Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core 56

FIXED INCOME - CORE PUGH CAPITAL MAGEMENT, INC. for the quarter ended December 31, 214 Manager Profile Firm:Pugh Capital Management, Inc. Location:Seattle, WA Year Founded:1991 Contact:Mary E. Pugh, President Inception Date:July 25 Assigned Role:Emerging Manager Benchmark:Barclays Aggregate Bond Index Investment Style:Core Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Pugh Capital Mgmt 8.8 1.75 6.39 3.34 5.12 5.39 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 4.69 US Fixed Income Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median 1 55 5.79 3.52 5.22 Number of Observations 132 135. 129. 111. Return 9 7 5 6 4 5 3 1 5 5 1. 1.5 2. 2 5 3. 3.5 4 4.5 5. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) PUGH CAPITAL MGMT 3.3 57 2.8 54 Barclays Aggregate (Daily) 2.7 81 2.6 29 5th Percentile 5.6 2. 25th Percentile 4.4 2.5 5th Percentile 3.5 2.8 75th Percentile 2.9 3.1 95th Percentile 1.5 3.6 PUGH CAPITAL MGMT Barclays Aggregate (Daily) 1 Calendar Year Returns as of December 31, 214 Returns 5-5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Pugh Capital Mgmt Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core 57

FIXED INCOME - CORE WELLS CAPITAL MAGEMENT for the quarter ended December 31, 214 Manager Profile Firm:Wells Capital Management Location:Walnut Creek, CA Year Founded:1981 Contact:Sandra Willen, Managing Director Inception Date:March 24 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Wells Capital 1,37.1 1.89 6.54 3.95 5.77 5.82 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 4.57 US Fixed Income Funds - Core Universe 1 Qtr 1 Year 3 Years 5 Years Median 1 55 5.79 3.52 5.22 Number of Observations 132 135. 129. 111. Return 9 7 5 6 4 5 3 1 5 5 1. 1.5 2. 2 5 3. 3.5 4 4.5 5. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) WELLS CAPITAL 3.9 37 2.9 63 Barclays Aggregate (Daily) 2.7 81 2.6 29 5th Percentile 5.6 2. 25th Percentile 4.4 2.5 5th Percentile 3.5 2.8 75th Percentile 2.9 3.1 95th Percentile 1.5 3.6 WELLS CAPITAL Barclays Aggregate (Daily) 1 Calendar Year Returns as of December 31, 214 Returns 5-5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Wells Capital Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core 58

FIXED INCOME - CORE PLUS DOLAN McENIRY CAPITAL MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:Dolan McEniry Capital Management, LLC Location:Chicago, IL Year Founded:1997 Contact:Daniel Dolan Jr., Principal Inception Date:July 25 Assigned Role:Emerging Manager Benchmark:Dolan McEniry Custom Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Dolan McEniry Cap 18.4.7 4.66 5.53 6.81 6.94 DOLAN CUSTOM INDEX.94 4.57 3.99 5.8 5.21 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 1 5 2 2.5 3. 3.5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) DOLAN MCENIRY CAP 5.5 11 2.2 5 DOLAN CUSTOM INDEX 4. 44 2.5 1 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. DOLAN MCENIRY CAP DOLAN CUSTOM INDEX 15 Calendar Year Returns as of December 31, 214 Returns 1 5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Dolan McEniry Cap DOLAN CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds Core Plus 59

FIXED INCOME - CORE PLUS GW CAPITAL, INC. for the quarter ended December 31, 214 Manager Profile Firm:GW Capital, Inc. Location:Bellevue, WA Year Founded:1989 Contact:Guy Watanabe, President Inception Date:January 22 Assigned Role:Emerging Manager Benchmark:GW Custom Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception GW Capital Inc. 148.1.39 4.32 5.66 7.12 6.91 GW CUSTOM INDEX.96 4.96 4.9 6.4 6.39 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 5 2. 2.5 3. 3 5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) GW CAPITAL INC. 5.7 11 3.1 65 GW CUSTOM INDEX 4.9 19 2.8 37 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. GW CAPITAL INC. GW CUSTOM INDEX Returns 15 1 5-5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 GW Capital Inc. GW CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds Core Plus 6

FIXED INCOME - CORE PLUS LM CAPITAL GROUP, LLC for the quarter ended December 31, 214 Manager Profile Firm:LM Capital Group, LLC Location:San Diego, CA Year Founded:1989 Contact:John Chalker, Managing Director Inception Date:January 22 Assigned Role:Full Mandate Benchmark:LM Custom Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception LM Capital Management Inc. 68.6 1.78 5.69 3.2 5.8 6.19 LM CUSTOM INDEX 1.52 5.99 2.88 4.72 5.57 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 5 2. 2.5 3. 3 5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) LM CAPITAL MAGEMENT INC. 3.2 59 3. 55 LM CUSTOM INDEX 2.9 82 2.9 52 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. LM CAPITAL MAGEMENT INC. LM CUSTOM INDEX 1 Calendar Year Returns as of December 31, 214 Returns 5-5 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 LM Capital Management Inc. LM CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds Core Plus 61

FIXED INCOME - CORE PLUS LOOMIS, SAYLES & COMPANY, LP for the quarter ended December 31, 214 Manager Profile Firm:Loomis, Sayles & Company, LP Location:Boston, MA Year Founded:1926 Contact:Stephanie S. Lord, Vice President Inception Date:March 1997 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Loomis Sayles 994.6.7 7.4 5.23 6.59 6.59 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 5.73 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 5 2. 2.5 3. 3 5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) LOOMIS SAYLES 5.2 16 3.7 85 Barclays Aggregate (Daily) 2.7 85 2.6 11 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. LOOMIS SAYLES Barclays Aggregate (Daily) Returns 15 1 5-5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Loomis Sayles Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core Plus 62

FIXED INCOME - CORE PLUS PACIFIC INVESTMENT MAGEMENT COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Pacific Investment Management Company Location:Newport Beach, CA Year Founded:1971 Contact:Stephanie King, Executive Vice President Inception Date:March 24 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception PIMCO 955.7 1.57 4.87 3.64 5.13 5.68 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 4.57 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 5 2. 2.5 3. 3 5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) PIMCO 3.6 54 3.2 69 Barclays Aggregate (Daily) 2.7 85 2.6 11 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. PIMCO Barclays Aggregate (Daily) Returns 15 1 5-5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 PIMCO Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core Plus 63

FIXED INCOME - CORE PLUS WESTERN ASSET MAGEMENT COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Western Asset Management Company Location:Pasadena, CA Year Founded:1971 Contact:Veronica Amici, Head of Public Funds Inception Date:March 1997 Assigned Role:Full Mandate Benchmark:Barclays Aggregate Bond Index Investment Style:Core Plus Fixed Income Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Western Asset Mgmt. 1,12.6 1.31 6.86 5.7 6.99 7.2 Barclays Aggregate (Daily) 1.79 5.97 2.66 4.45 5.73 US Fixed Income Funds - Core Plus Universe 1 Qtr 1 Year 3 Years 5 Years Median 1.62 6.49 3.7 5.47 Number of Observations 19. 19. 18. 17. Return 9 7 5 6 4 5 3 1 5-1 5 1 5 2. 2.5 3. 3 5 4. 4.5 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) WESTERN ASSET MGMT. 5.1 17 3.2 71 Barclays Aggregate (Daily) 2.7 85 2.6 11 5th Percentile 6.2 2.4 25th Percentile 4.4 2.7 5th Percentile 3.7 2.9 75th Percentile 3.1 3.5 95th Percentile.2 4. WESTERN ASSET MGMT. Barclays Aggregate (Daily) Returns 15 1 5-5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Western Asset Mgmt. Barclays Aggregate (Daily) Excess Universe data: U.S. Fixed Income Funds Core Plus 64

FIXED INCOME - HIGH YIELD OAKTREE CAPITAL MAGEMENT, L.P. for the quarter ended December 31, 214 Manager Profile Firm:Oaktree Capital Management, L.P. Location:Los Angeles, CA Year Founded:1995 Contact:Sheldon M. Stone, Principal Inception Date:July 1997 Assigned Role:Full Mandate Benchmark:Barclays High Yield Ba/B Index Investment Style:High Yield Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Oaktree Capital 593.6 -.54 2.41 7.82 8.7 7.55 Barclays Ba to B U.S. High Yield -.31 3.42 8.15 8.92 6.74 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 2 17.5 15. 12.5 1 7.5 5. 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) OAKTREE CAPITAL 7.8 81 4.4 56 Barclays Ba to B U.S. High Yield 8.1 68 4.2 48 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 OAKTREE CAPITAL Barclays Ba to B U.S. High Yield Returns 2 15 1 5-5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Oaktree Capital Barclays Ba to B U.S. High Yield Excess Universe data: U.S. Fixed Income Funds High Yield 65

FIXED INCOME - HIGH YIELD PENN CAPITAL MAGEMENT COMPANY, INC. for the quarter ended December 31, 214 Manager Profile Firm:PENN Capital Management Co., Inc. Location:Philadelphia, PA Year Founded:1987 Contact:Christian Noyes, Sr. V.P. & Principal Inception Date:July 25 Assigned Role:Emerging Manager Program Benchmark:Barclays High Yield Ba/B Index Investment Style:High Yield Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Penn Capital Mgmt 93.4-1.56.96 6.92 8.42 7.23 Barclays Ba to B U.S. High Yield -.31 3.42 8.15 8.92 7.51 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 2 17.5 15. 12.5 1 7.5 5. 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) PENN CAPITAL MGMT 6.9 97 4.6 71 Barclays Ba to B U.S. High Yield 8.1 68 4.2 48 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 PENN CAPITAL MGMT Barclays Ba to B U.S. High Yield 2 Calendar Year Returns as of December 31, 214 Returns 1-1 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Penn Capital Mgmt Barclays Ba to B U.S. High Yield Excess Universe data: U.S. Fixed Income Funds High Yield 66

FIXED INCOME - OPPORTUNISTIC BEACH POINT CAPITAL for the quarter ended December 31, 214 Manager Profile Firm:Beach Point Capital Location:Santa Monica, CA Year Founded:28 Contact:Lucy Trevisani, Director Inception Date:March 214 Assigned Role:Full Mandate Benchmark:Opportunistic Custom Index Investment Style:Opportunistic Credit Return 2 17.5 15. 12.5 1 7.5 5. Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Beach Point* 34.3.36 2.38 OPPORTUNISTIC CUSTOM INDEX -.68.43 US Fixed Income Funds - High Yield 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 15 Calendar Year Returns as of December 31, 214 Returns 7 35 No Data Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Beach Point OPPORTUNISTIC CUSTOM INDEX Excess 67 Universe data: U.S. Fixed Income Funds High Yield * Represents the combined assets & performance of two portfolios, one of which is reported one month in arrears.

FIXED INCOME - OPPORTUNISTIC BRIGADE CAPITAL MAGEMENT for the quarter ended December 31, 214 Manager Profile Firm:Brigade Capital Management Location:New York, NY Year Founded:26 Contact:Rob Brady, Director Inception Date:July 21 Assigned Role:Full Mandate Benchmark:Brigade Custom Index Investment Style:Opportunistic Credit Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Brigade Capital Mgmt 539.4-2.28 2.57 9.83 1.26 BRIGADE CUSTOM INDEX -.33 2.75 7. 7.34 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 2 17.5 15. 12.5 1 7.5 5. 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) BRIGADE CAP MGMT 9.8 4 5.4 82 BRIGADE CUSTOM INDEX 7. 96 3.2 9 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 BRIGADE CAP MGMT BRIGADE CUSTOM INDEX 2 Calendar Year Returns as of December 31, 214 Returns 1 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Brigade Capital Mgmt BRIGADE CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds High Yield 68

FIXED INCOME - OPPORTUNISTIC CRESCENT CAPITAL GROUP LP for the quarter ended December 31, 214 Manager Profile Firm:Crescent Capital Group LP Location:Los Angeles, CA Year Founded:1991 Contact:John Fekete, Managing Director Inception Date:May 214 Assigned Role:Full Mandate Benchmark:Opportunistic Custom Index Investment Style:Opportunistic Credit Direct Lending Return 2 17.5 15. 12.5 1 7.5 5. Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Crescent Capital 191.2-3.45-4. OPPORTUNISTIC CUSTOM INDEX -.68 -.3 US Fixed Income Funds - High Yield 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 15 Calendar Year Returns as of December 31, 214 Returns 7 35 No Data Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Crescent Capital OPPORTUNISTIC CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds High Yield 69

FIXED INCOME - OPPORTUNISTIC PRINCIPAL GLOBAL INVESTORS, LLC for the quarter ended December 31, 214 Manager Profile Firm:Principal Global Investors, LLC Location:Des Moines, IA Year Founded:1879 Contact:Paul Stover, Relationship Manager Inception Date:February 211 Assigned Role:Full Mandate Benchmark:Barclays U.S. Universal Spread 1-1 Yr. Investment Style:Opportunistic Credit Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Principal Opportunistic 24 -.1 5.2 7.72 5.93 Barclays US Universal Spread 1-1 Yr 5 3.5 4.89 4.75 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 21. 18. 15. 12. 9. 6. 3. 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) PRINCIPAL OPPORTUNISTIC 7.7 83 3.8 18 Barclays US Universal Spread 1-1 Yr 4.9 1 3.1 9 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 PRINCIPAL OPPORTUNISTIC Barclays US Universal Spread 1-1 Yr Returns 2 15 1 5 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Principal Opportunistic Barclays US Universal Spread 1-1 Yr Excess Universe data: U.S. Fixed Income Funds High Yield 7

FIXED INCOME - OPPORTUNISTIC SANKATY ADVISORS, LLC for the quarter ended December 31, 214 Manager Profile Firm: Sankaty Advisors, LLC Location: Boston, MA Year Founded: 1998 Contact: Dorothy Crocker Sumption, Vice President Inception Date: June 214 Assigned Role: Full Mandate Benchmark: Opportunistic Custom Index Investment Style: Opportunistic Credit Multi Strategy Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Sankaty Advisors 193.6-2.49-2.56 OPPORTUNISTIC CUSTOM INDEX -.68-1.6 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 2 17.5 15. 12.5 1 7.5 5. 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 15 Calendar Year Returns as of December 31, 214 Returns 7 35 No Data Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Sankaty Advisors OPPORTUNISTIC CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds High Yield 71

FIXED INCOME - OPPORTUNISTIC WESTERN ASSET MAGEMENT COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Western Asset Management Company Location:Pasadena, CA Year Founded:1971 Contact:Veronica Amici, Head of Public Funds Inception Date:February 29 Assigned Role:Full Mandate Benchmark:Western Opp. Custom Index Investment Style:Opportunistic - Structured Credit Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Western Opportunistic 272.1-9 2.73 8.38 7.72 14 WESTERN OPP. CUSTOM INDEX.2 2.44 6.3 5.62 7.71 US Fixed Income Funds - High Yield Universe 1 Qtr 1 Year 3 Years 5 Years Median.13 4.1 9.19 9.49 Number of Observations 93. 93. 83. 7 Return 2 17.5 15. 12.5 1 7.5 5. 2.5 1.5 2. 2 5 3. 3.5 4. 4.5 5 5 5 6. 6.5 7. 7 5 8 8.5 9. Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) WESTERN OPPORTUNISTIC 8.4 66 4.9 77 WESTERN OPP. CUSTOM INDEX 6. 99 2.8 5 5th Percentile 12.7 2.6 25th Percentile 1.7 3.9 5th Percentile 9.2 4.3 75th Percentile 7.9 4.7 95th Percentile 7.2 6.6 WESTERN OPPORTUNISTIC WESTERN OPP. CUSTOM INDEX 2 Calendar Year Returns as of December 31, 214 Returns 1-1 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Western Opportunistic WESTERN OPP. CUSTOM INDEX Excess Universe data: U.S. Fixed Income Funds High Yield 72

FIXED INCOME - STIF J.P. MORGAN ASSET MAGEMENT for the quarter ended December 31, 214 Manager Profile Firm:J.P. Morgan Asset Management Location:New York, NY Year Founded:1871 Contact:Kyongsoo Noh (KNoh), Executive Director Inception Date:September 212 Assigned Role:Full Mandate Benchmark:Citigroup 6-month T-Bill Investment Style:Enhanced Cash Return 3 2 1-1 -2 Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception STIF - JP Morgan Enhanced Cash 1,857.6 1.18.32 Citigroup 6 M Treasury Bill Index 1 6 9 Cash Funds 3 Year Risk vs Return Universe 1 Qtr 1 Year 3 Years 5 Years Median 1 7.13.2 Number of Observations 544 521. 425. 351. 3 Year Return 3 Year Standard Deviation (Qtr) 5th Percentile 6. 25th Percentile.5 5th Percentile.1.1 75th Percentile.7 95th Percentile - 8.9-3 3. 6. 9 12 15 18. 21. 24. 27 3 33. 36. 39 42. Risk (Standard Deviation) 5 Calendar Year Returns as of December 31, 214 Returns Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 STIF - JP Morgan Enhanced Cash Citigroup 6 M Treasury Bill Index Excess Universe data: Cash Funds 73

COMMODITIES RISK ADJUSTED RETURN for the quarter ended December 31, 214 5 Year Risk vs Return Annualized Return 27. 24. 21. 18. 15. 12. 9. 6. 3. Standard Deviation Rate of Return 5 Years (Qtr) 5 Years COMMODITIES -3.2 64 16.2 62 Bloomberg Commodity Index Total Return -5.5 85 15.8 6 5th Percentile 22.3 25th Percentile.9 1.8 5th Percentile -.4 14.2 75th Percentile -3.7 19.3 95th Percentile -6.4 57.2 Number of Observations 1 9-3. -6. -9. -12. 4.5 9. 13.5 18 22 5 27. 31.5 36. 4 5 45. 49.5 54. 58 5 63. Risk (Standard Deviation) COMMODITIES Bloomberg Commodity Index Total Return Rate of Return 5 Years Standard Deviation (Qtr) 5 Years Tracking Error 5 Years COMMODITIES -3.2 64 16.2 62 1.7 Bloomberg Commodity Index Total Return -5.5 85 15.8 6 Universe data: Commodities Funds 74

COMMODITIES CREDIT SUISSE ASSET MAGEMENT, LLC for the quarter ended December 31, 214 Manager Profile Firm:Credit Suisse Asset Management, LLC Location:New York, NY Year Founded:1935 Contact:Nelson Louie, Managing Director Inception Date:March 211 Assigned Role:Commodities Benchmark:Bloomberg Commodity Index Total Return Investment Style:Active Commodities Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Credit Suisse Commodity 343.1-11.9-16.73-8.7-1.85 Bloomberg Commodity Index Total Return -12.1-17.1-9.43-11.37 Commodity Funds Universe 1 Qtr 1 Year 3 Years 5 Years Median -3.43 -.43 Number of Observations 28. 23. 17. 1 Return 6 45. 3 15. -15. -3 1 2 3 4 5 6 7 8 9 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) CREDIT SUISSE COMMODITY -8.7 69 13.8 6 Bloomberg Commodity Index Total Return -9.4 81 13.9 61 5th Percentile 37.9 25th Percentile 2.2 4. 5th Percentile 11.8 75th Percentile -9. 28.3 95th Percentile -13.1 73.7 CREDIT SUISSE COMMODITY Bloomberg Commodity Index Total Return 1 Calendar Year Returns as of December 31, 214 Returns -1-2 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Credit Suisse Commodity Bloomberg Commodity Index Total Return Excess Universe data: Commodities Funds 75

COMMODITIES NEUBERGER BERMAN ALTERTIVE FUND MAGEMENT LLC/GRESHAM for the quarter ended December 31, 214 Manager Profile Firm: Neuberger Berman/Gresham Location: New York, NY Year Founded: 185/1987 Contact: Jonathan Berland, Managing Director (Gresham) Inception Date: July 27 Assigned Role: Commodities Benchmark: Bloomberg Commodity Index Total Return Investment Style: Active Commodities Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception Neuberger Berman/Gresham 348.8-13.5-16.55-7.57-2.34-3.52 Bloomberg Commodity Index Total Return -12.1-17.1-9.43-5.53-5.76 Commodity Funds Universe 1 Qtr 1 Year 3 Years 5 Years Median -3.43 -.43 Number of Observations 28. 23. 17. 1 Return 6 45. 3 15. -15. -3 1 2 3 4 5 6 7 8 9 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) NEUBERGER BERMAN/GRESHAM -7.6 66 14.2 62 Bloomberg Commodity Index Total Return -9.4 81 13.9 61 5th Percentile 37.9 25th Percentile 2.2 4. 5th Percentile 11.8 75th Percentile -9. 28.3 95th Percentile -13.1 73.7 NEUBERGER BERMAN/GRESHAM Bloomberg Commodity Index Total Return Returns 3 15-15 -3 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 Neuberger Berman/Gresham Bloomberg Commodity Index Total Return Excess Universe data: Commodities Funds 76

COMMODITIES PACIFIC INVESTMENT MAGEMENT COMPANY for the quarter ended December 31, 214 Manager Profile Firm:Pacific Investment Management Company Location:Newport Beach, CA Year Founded:1971 Contact:Stephanie King, Executive Vice President Inception Date:July 27 Assigned Role:Commodities Benchmark:Bloomberg Commodity Index Total Return Investment Style:Active Commodities Manager vs. Benchmark: Return through December 31, 214 (not annualized if less than 1 year) Ending Mkt Val ($mil) 1 Quarter 1 Year 3 Years 5 Years Since Inception PIMCO Commodity Plus 333.4-11.65-15.28-7.38-3.71-4.19 Bloomberg Commodity Index Total Return -12.1-17.1-9.43-5.53-5.76 Commodity Funds Universe 1 Qtr 1 Year 3 Years 5 Years Median -3.43 -.43 Number of Observations 28. 23. 17. 1 Return 6 45. 3 15. -15. -3 1 2 3 4 5 6 7 8 9 Risk (Standard Deviation) 3 Year Risk vs Return 3 Year Standard Deviation 3 Year Return (Qtr) PIMCO COMMODITY PLUS -7.4 66 14.3 63 Bloomberg Commodity Index Total Return -9.4 81 13.9 61 5th Percentile 37.9 25th Percentile 2.2 4. 5th Percentile 11.8 75th Percentile -9. 28.3 95th Percentile -13.1 73.7 PIMCO COMMODITY PLUS Bloomberg Commodity Index Total Return Returns 3 15-15 -3 Calendar Year Returns as of December 31, 214 Dec 31 21 Dec 31 211 Dec 31 212 Dec 31 213 Dec 31 214 PIMCO Commodity Plus Bloomberg Commodity Index Total Return Excess Universe data: Commodities Funds 77

3. 2. 1. -1. -2. Intech U.S. EQUITY LARGE CAP ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 3. Twin Capital 2. 1. -1. -2. Dec-5 Dec-7 Jun-6 Jun-8 Dec-6 Jun-7 Dec-8 Dec-7 Jun-9 Jun-8 Dec-9 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-1 Dec-1 Jun-11 Dec-11 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 6. 4. 2. -2. -4. -6. FIS (Emerging) 9. Northern Trust (Emerging) 6. 3. -3. -6. 78

6. 3. -3. -6. -9. U.S. EQUITY SMALL/MID CAP ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Cramer Rosenthal McGlynn Eagle 12. 6. -6. -12. -18. -24. Dec-4 Mar-11 Jun-5 Jun-11 Dec-5 Jun-6 Sep-11 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 15. 1 5. -5. -1 Frontier Westwood 9. 6. 3. -3. -6. -9. 79

8. 4. -4. -8. NON U.S. EQUITY ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Acadian Capital Guardian Non-U.S. 9. 6. 3. -3. -6. -9. Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 9. 6. 3. -3. -6. -9. -12. Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Putnam 8

8. 6. 4. 2. -2. -4. NON U.S. EQUITY PACIFIC BASIN & EUROPE ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 BTC Europe Alpha Tilts GAM 25. 2 15. 1 5. -5. -1-15. Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 81

1 5. -5. -1 NON U.S. EQUITY EMERGING MARKETS ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Acadian Emerging Capital Guardian Emerging Markets 9. 6. 3. -3. -6. -9. Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 25. 2 15. 1 5. -5. -1 Genesis Lazard 1 5. -5. -1 Mar-14 Jun-14 Sep-14 Dec-14 82

6. 4. 2. -2. -4. -6. FIXED INCOME CORE ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 BlackRock Dodge & Cox 15. 12. 9. 6. 3. -3. -6. Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Wells Capital 8. 6. 4. 2. -2. Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 4. 3. 2. 1. -1. Pugh Capital (Emerging) 83

1 8. 6. 4. 2. -2. -4. FIXED INCOME CORE PLUS ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Dolan McEniry (Emerging) 15. GW Capital (Emerging) 1 5. -5. -1 Dec-4 Jun-6 Jun-5 Dec-6 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 8. 6. 4. 2. -2. -4. -6. LM Capital 2 Loomis, Sayles 15. 1 5. -5. -1-15. 84

15. 12. 9. 6. 3. -3. -6. FIXED INCOME CORE PLUS ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 25. Western Asset - Core Plus 2 15. 1 5. -5. -1-15. Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 PIMCO 85

4. 3. 2. 1. -1. -2. -3. FIXED INCOME HIGH YIELD ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Oaktree Capital PENN Capital (Emerging) 4. 2. -2. -4. -6. -8. Dec-4 Jun-5 Dec-5 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-6 Dec-6 Jun-7 Dec-7 Jun-8 Dec-8 Jun-9 Dec-9 Jun-1 Dec-1 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 86

8. 6. 4. 2. -2. FIXED INCOME OPPORTUNISTIC ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Brigade Capital Principal Global Investors - Opportunistic 6. 5. 4. 3. 2. 1. -1. -2. -3. Mar-1 Jun-11 Jun-1 Sep-11 Sep-1 Dec-1 Dec-11 Mar-11 Mar-12 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 12. 1 8. 6. 4. 2. -2. -4. Western - Opportunistic 87

FIXED INCOME STIF ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 J.P. Morgan Asset Management 1.2 1..8.6.4.2 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 88

4. -4. COMMODITIES ONE YEAR ROLLING EXCESS RETURNS for the quarter ended December 31, 214 Credit Suisse Neuberger Berman/Gresham 12. 9. 6. 3. -3. -6. Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 16. 12. 8. 4. -4. -8. PIMCO 89

ESTIMATED TOTAL FEES TO BE PAID 1 EQUITIES for the quarter ended December 31, 214 Avg. Market Value U.S. EQUITY (Millions) Fees Annualized Effective Rate Active Cramer Rosenthal McGlynn $271.7 $352,924.4 52. bps Eagle Asset Mgmt. $241.9 $327,42.3 54.1 bps FIS Funds Mgmt. $235.9 $331,68.5 56.2 bps Frontier Capital Mgmt. $55.6 $948,12.2 75. bps INTECH $621.6 $418,555.8 26.9 bps Northern Trust $382.9 $419,35.3 43.8 bps Relational Investors 2 $5.1 $16,367. 85. bps Twin Capital Mgmt. $381.6 $143,85.2 15. bps Westwood Mgmt. Corp. $365.9 $526,76.2 57.5 bps Subtotal: $3,57 $3,573,427 46.8 bps Passive BTC R1 Index $9,4.3 $222,856.2 1. bps BTC R2 Index $74.3 $1,839.5 1. bps BTC S&P 5 Index $375.3 $9,289.5 1. bps Subtotal: $9,454 $233,985 1. bps Total U.S. Equity: $12,511.1 $3,87,412.3 12.2 bps 1 Estimations may not match net-of-fee returns on "Annualized Total Returns" pages. 2 Includes manager incentive fee, if any. 9

ESTIMATED TOTAL FEES TO BE PAID 1 EQUITIES for the quarter ended December 31, 214 Avg. Market Value NON-U.S. EQUITY (Millions) Fees Annualized Effective Rate Active Acadian Asset Mgmt. $62.5 $592,916.1 38.2 bps Acadian Emrg. Markets $334.5 $429,342. 51.3 bps AQR Capital Mgmt. $217.9 $382,366. 7.2 bps BTC Europe Alpha Tilts $797. $89,46.1 4.6 bps Capital Guardian $3.3 $26,455.1 34.7 bps Capital Guardian Emerging $532.1 $824,689.8 62. bps GAM International Mgmt. $695.2 $738,917.4 42.5 bps Genesis Investment Mgmt. $582.1 $1,54,926. 72.5 bps Lazard Asset Mgmt. $194.3 $376,758. 77.6 bps Putnam $152.2 $228,369. 6 bps Subtotal: $4,426 $5,698,199 51.5 bps Passive BTC Canada Index IMI $87.9 $3,293.8 1.5 bps BTC EAFE Index IMI $5,315. $199,31.7 1.5 bps BTC Emerging Markets Index $45.1 $187,533.8 16.7 bps BTC Emrg. Mkt. Small Cap Index $12.2 $6,12.3 2 bps BTC Europe Index $533. $13,191.5 1. bps Subtotal: $7,226 $49,432 2.7 bps Total Non-U.S. Equity: $11,652.2 $6,188,631.4 21.2 bps Currency Hedge 5% Developed Mkt. Currency Hedge $9,316.5 $349,369.5 1.5 bps 1 Estimations may not match net-of-fee returns on "Annualized Total Returns" pages. 91

ESTIMATED TOTAL FEES TO BE PAID 1 FIXED INCOME for the quarter ended December 31, 214 Avg. Market Value FIXED INCOME (Millions) Fees Core Annualized Effective Rate BTC Aggregate Index $814.1 $2,149.1 1. bps BTC Intermediate Credit Index $221.1 $5,471.8 1. bps BlackRock $711.1 $284,27.9 16. bps Dodge & Cox $1,168.2 $293,19.5 1 bps Pugh Capital Mgmt. $8.6 $42,723.5 21.2 bps Wells Capital Mgmt. $1,33.2 $375,43.1 11.5 bps Subtotal: $4,298 $1,2,795 9.5 bps Core Plus Dolan McEniry Capital Mgmt. $18.5 $119,58.7 26.4 bps GW Capital $148.6 $76,962.5 2.7 bps LM Capital Group $632.3 $258,988. 16.4 bps Loomis, Sayles & Co. $995.3 $325,69.3 13.1 bps PIMCO $963.3 $534,747.7 22.2 bps Western Asset Mgmt. $1,11.9 $351,483.4 13.9 bps Subtotal: $3,932 $1,666,931 17. bps High Yield Oaktree Capital Mgmt. $61.5 $744,543.3 49.5 bps PENN Capital Mgmt. $94.9 $16,732.9 45. bps Subtotal: $696 $851,276 48.9 bps Opportunistic Beach Point Capital $223. $362,49.9 65. bps Brigade Capital Mgmt. $547.2 $1,11,8.6 8.5 bps Crescent Capital Group $194.1 $28,118.5 57.7 bps Principal Global Investors $241.3 $84,441.3 14. bps Sankaty Advisors $193.6 $321,653.9 66.4 bps Western Asset Mgmt. $272.2 $34,26. 5. bps Subtotal: $1,671 $2,183,73 52.3 bps Total Fixed Income: $1,598. $5,722,731.7 21.6 bps Cash/STIF J.P. Morgan Asset Mgmt. $1,91.1 $237,638. 5. bps 1 Estimations may not match net-of-fee returns on "Annualized Total Returns" pages. 92

ESTIMATED TOTAL FEES TO BE PAID 1 COMMODITIES for the quarter ended December 31, 214 Avg. Market Value COMMODITIES (Millions) Fees Annualized Effective Rate Credit Suisse $366.8 $242,599.4 26.5 bps Neuberger Berman $374.8 $354,59.6 37.8 bps PIMCO $355.2 $378,984.1 42.7 bps Total Commodities: $1,97 $976,174 35.6 bps 1 Estimations may not match net-of-fee returns on "Annualized Total Returns" pages. 93

ALLOCATION RANGES STRATEGIC vs. ACTUAL for the quarter ended December 31, 214 U.S. EQUITY: Mandate Strategic Allocation Range Actual Allocation Passive 35-75% 75.5% Low Risk -25% 8.% Moderate/High Risk 1-3% 16.5% U.S. Equity Managers: Passive BTC S&P 5 Index, BTC Russell 1, BTC Russell 2. Low Risk INTECH, Twin Capital. Moderate/High Risk Cramer Rosenthal McGlynn, Eagle, FIS, Frontier, Northern Trust, Relational, Westwood. NON-U.S. EQUITY: Mandate Strategic Allocation Range Actual Allocation Passive Non-U.S. 4-7% 62.1% Active Non-U.S. -4% 9.3% Active Regional -2% 12.8% Active Emerging Markets 1-3% 15.8% Non-U.S. Equity Managers: Passive BTC Canada IMI, BTC EAFE IMI, BTC Emerging Markets, BTC EAFE - Euro Cons, BTC Emrg Mkt Small Cap Non-U.S. Developed Acadian, Capital Guardian, Putnam Small Cap Regional Developed BTC Europe Tilts, Global Asset Management Emerging Markets Acadian Emerging, AQR, Capital Guardian, Genesis, Lazard Market Value (In Millions) 5% Passive Currency Hedge Overlay 4,564 Total Non-US Developed Markets $ 9,62 % of Total Market Value $ 5.4% 94

ALLOCATION RANGES STRATEGIC vs. ACTUAL (Contʹd) for the quarter ended December 31, 214 Non-U.S. Composite ACWI X U.S. IMI Net Difference Emerging Markets 21.4% 21.7% -.4% Europe 46.4% 46.2%.1% Pacific 24.5% 24.4%.1% Canada 7.8% 7.6%.2% 1% 1% % Canada, 7.8% Emerging Markets, 21.4% Pacific, 24.5% Europe, 46.4% 95

ALLOCATION RANGES STRATEGIC vs. ACTUAL for the quarter ended December 31, 214 FIXED INCOME STRUCTURE: Strategy Strategic Allocation Range Actual Allocation Strategic Target Core 1 25-45% 4.8% 35% Core Plus 25-45% 36.3% 35% High Yield -1% 6.4% 5% Opportunistic 15-35% 16.5% 25% COMMODITIES STRUCTURE: Strategy Strategic Allocation Range Actual Allocation Strategic Target Commodities -5% 2.2% 3% 1 Includes Home Loan Programs. 96

Glossary A Alpha: Alpha is an estimate of the contribution to investment performance attributable to the manager s selection of securities. It is calculated by subtracting the manager s return from the benchmark return. Annual Return: The total return of a security over a specified period, expressed as an annual rate of interest. Annualized: A figure (as in a percentage) calculated by a formula to find the "average" performance per year for a period greater than one year. B Barbell Strategy: Fixed income portfolio structuring technique using a mix of short and long-term securities to achieve a targeted average maturity or duration. Barclays U.S. Universal Index: The Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non- ERISA eligible portion of the CMBS Index. Basis Points (Bps): One one-hundredth of one percent. One hundred basis points equal one percent. Bear Market: A market characterized by a trend of falling prices. Bearish: Pessimistic about the market; anticipating a decline in prices Beta: A measure of the volatility of a stock relative to the overall market. A beta of less than one indicates lower risk than the market; a beta of more than one indicates higher risk than the market. Brigade Custom Index: 5% Barclays U.S. Corporate High Yield Ba/B & 5% Credit Suisse Leveraged Loan Index. Bull Market: A market characterized by a trend of rising prices. Bullet: Fixed Income portfolio structuring technique focusing on a particular maturity or duration. Bullish: Optimistic about the market; anticipating a rise in prices. C Capital Structure: The division of a company's capitalization among bonds, debentures, preferred and common stock, earned surplus and retained income. Carried Interest: Share of profits or common stock ownership (beyond pro-rata investment) granted to a venture fund or promoter for its/his role in originating and structuring an investment. The general partner s carried interest is his share of the partnership profits. Carrying Value: A venture capital limited partnership must list on its balance sheet a value for every investment it holds. These valuations are called the carrying values. Cash-On-Cash Return: The return to limited partners. Cash inflows are the capital calls of the partnership. Cash outflows are all distributions to limited partners. Note that stock distributions are considered cash for this calculation. Citigroup 6-month T-Bill: The Citigroup 6-Month T-Bill Index is a market valueweighted index of public obligations of the U.S. Treasury with maturities of six month. Committed Capital: When a venture capital limited partnership is formed, each limited partner agrees to contribute a certain amount of capital to the partnership. Once the agreement is signed, the dollar amount is said to be capital committed to the partnership. Common Stock: Ordinary capital stock (representing ownership) in a company. Common stock does not enjoy the special privileges of preferred stock, but has voting rights. Convertible Bond: A bond which, at the option of the holder, is convertible into other types of securities.

Convexity: A measure of how the duration of a bond portfolio changes with interest rate movements. Higher convexity means that if interest rates rise, bond prices fall by relatively small amounts and when interest rates fall, bond prices rise by higher relative amounts. Therefore, for either direction of interest rate movements, the greater the convexity the more beneficial the impact on bond prices. Coupon Income (Average Coupon): The annual coupon payments of a bond divided by the par value. Current Yield: The annual coupon payments of a bond divided by the market price. Current Ratio: The ratio of current assets over current liabilities. A measure of a company s ability to pay its bills. Custom MSCI ACWI IMI N 5%H: 7/31/1 Present MSCI ACWI X U.S. IMI (Net) with 5% hedged Developed Markets; 8/31/8 7/31/1 MSCI ACWI X U.S. IMI (Net); Inception 8/31/8 MSCI ACWI X U.S. (Net), except the ten-year return (Gross). D 5% Developed Market Currency Hedge Index: A custom index based on a MSCI FX Hedged Index return. Deflation: A progressive reduction in the price level, which would make real interest rates greater than nominal rates. Discount Rate: The interest rate used in present value calculations to discount or convert future cash flows into terms of present dollars. Dividend: A cash or other distribution to preferred or common stockholders. Bloomberg Commodity Index Total Return: The Bloomberg Commodity Index Total Return is composed of futures contracts on physical commodities. Dolan McEniry Custom Index: Barclays Credit Intermediate (65%) and Barclays Mortgage Backed (25%) and Barclays High Yield Ba/B (1%). Duration: A measure of the price sensitivity of a bond portfolio to changes in interest rates. It is calculated as the weighted average time to receive a bond s coupon and principal payments. The closer the coupon and principal payments, the shorter the duration. The more distant the coupon and principal payments, the longer the duration. Portfolios with longer maturity bonds will normally have longer duration and will, therefore, have greater price sensitivities to changes in interest rates. E EAFE Custom Index: Inception - 6/3/6 MSCI EAFE (Net); 6/3/6 - Present MSCI EAFE + Canada (Net). Earnings per Share: Latest reported earnings for the last 12-month period divided by the current number of shares of common stock outstanding. Earnings Yield: The percentage found by dividing the earnings per share by the market price of a stock. Equity: Ownership or proprietary rights and interests in a company. Synonymous with common stock. EBITDA: Earnings before Interest, Taxes, Depreciation and Amortization. Enterprise Value: Enterprise value represents the Equity + Debt value of the company. F Federal Funds Rate: The interest rate at which federal funds are traded. It is monitored by the Fed in the process of regulating the growth of bank reserves and money supply in the execution of its monetary policy. As such, it is closely watched by market participants. Fiscal Policy: Federal Government policies affecting government spending, taxation, and deficits (or surpluses), viewed from a macroeconomics standpoint.

Fixed Income Custom Index: Inception-3/31/9: A combination of the Barclays US Aggregate Bond Index and the Barclays US High Yield Ba/B Index. The weights have varied over time, but as of 9/3/6, the mix was 93% Aggregate and 7% high yield. 3/31/9-Present : 1% Barclays U.S. Universal. Fully-Diluted Ownership: Proportionate ownership assuming the exercise of all common stock options, warrants, and the conversion of any convertible securities. Futures Contract: Agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price and a stipulated future date. G GW Custom Index: Barclays Government/ Corporate (6%) and Barclays High Yield Ba/B (4%). H Hedging: The temporary purchase or sale of a contract calling for future delivery of a specific security at an agreed upon price to offset a present or anticipated position in the cash market. Hedge Fund Custom Index: The Citigroup 3-Month U.S. T-Bill Index plus 5 bps. High Yield Bond: A bond with a low investment quality and credit worthiness, usually with a rating of BB or less. I Immunization: A process for designing fixed income portfolios to obtain a target rate of return over a specified time period, within a narrow range, despite market conditions. Index: A statistical yardstick composed of a basket of securities with a set of characteristics. An example of this would include the "S&P 5" which is an index of 5 stocks. Inflation: A general rise in prices, usually measured by changes in prices of major indices, such as the Consumer Price Index. An increase in a particular price may or may not be inflationary, depending on how it affects other prices and on how promptly it brings to market additional supplies of a product. Inflation Index Bond: Fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is fixed at issuance, but over the life of the bond this interest is paid on an increasing principal value, which has been adjusted for inflation. Information Ratio: The information ratio is the excess return (alpha) per unit of active risk (tracking error). It is measured by dividing alpha by the tracking error. Interest-Rate Risk: When interest rates rise, the market value of fixed-income securities (such as bonds) declines. Similarly, when interest rates decline, the market value of fixed-income securities increases. Internal Rate of Return: The Internal rate of return is a total rate of return that gives full weight to the size and time of cash flows over the period measured and fully reflects unrealized gains and losses in addition to realized gains and losses, interest and dividend income. J J-Curve: Most venture partnerships go through their first few years with writeoffs/write-downs exceeding write-ups, after which value increases rapidly as successful companies emerge. The plot of partnership values versus time, therefore, resembles a J. L Laddering: A fixed income portfolio strategy in which assets are distributed evenly over a range of maturities. LBO (Leveraged Buyout): The purchase of a business using the debt capacity of the business to borrow funds (sometimes by issuing notes to the seller) to finance the purchase. Limited Partner: The main investment subscribers to a Limited Partnership Fund. They have limited liability and no executive or management control of the Partnership. As defined by the IRS code, any investor in a venture capital limited partnership.

LM Custom Index: Barclays Aggregate (9%) and JP Morgan EMBI + (1%). M Market Capitalization: The market value of all outstanding shares of common stock of a company. Derived by multiplying the number of shares outstanding at monthend by the month-end closing price of the security. Maturity: The date on which a loan, bond, mortgage or other debt security becomes due and is to be paid off. Mezzanine Stage: The last private round of financing before an anticipated public offering. Implies substantial revenues and usually the expectation of imminent profitability. Modern Portfolio Theory: The theoretical framework for designing investment portfolios based upon the risk and reward characteristics of the entire portfolio. The major tenet of the theory holds that reward is directly related to risk, which can be divided into two basic parts: 1) systematic risk (portfolios' behavior as a function of the market's behavior), and 2) unsystematic risk (portfolios' behavior attributable to selection of individual securities). Because un-systematic risk can be largely eliminated through diversification, the portfolio will be subject principally to systematic risk. Mortgage-Backed Securities: Bonds which are a general obligation of the issuing institution but are collateralized by a pool of mortgages. MSCI Canada IMI Custom Index (Net): Inception 8/31/8 MSCI Canada (Net); 8/31/8 - Present MSCI Canada IMI (Net). MSCI EMF IMI Custom Index: Inception 12/31/ MSCI EMF (Gross); 12/31/ 8/31/8 MSCI EMF (Net); 8/31/8 Present MSCI EMF IMI (Net). MSCI EAFE IMI Custom Index (Net): Inception 8/31/8 MSCI EAFE (Net); 8/31/8 - Present MSCI EAFE IMI (Net). O Opportunistic Custom Index: 5% Barclays U.S. Corporate High Yield Index & 5% Credit Suisse Leveraged Loan Index. P Private Equity Target: Rolling ten-year return of the Russell 3 Index plus 5 bps. Payout Ratio: A measurement of the percent of a firm s earnings that is paid out to Shareholders in dividends. Calculated by dividing most recently reported fiscal year-end dividends per share by most recently reported annual primary earnings per share. Preferred Stock: Securities or shares representing an ownership interest in a business, but which have "preference" over common shares, in regards to dividends and distribution of assets in the event of liquidation. Present Value: The discounted value of a series of future cash flows so as to account for the time value of money. Alternatively, the value of a future series of cash flows stated in terms of current dollars. Price/Book Ratio: Calculated by dividing the current month-end stock price by the book value per share. Price/Earnings Ratio: A popular measure of relative stock value and investor expectations of future earnings growth. Calculated by dividing the current monthend stock price by the latest 12-months reported earnings per share. R Real Estate Target: 7/1/13-Present: Open End Diversified Core Equity (ODCE) Index + 4 basis points. Inception-6/3/13: NCREIF Property Index (NPI) minus 25 basis points. Recession: A decline in total physical output that lasts six consecutive months or more. A growth recession is marked by a sixmonth or longer slowdown (but no decline) in the growth rate.

Reflation: A fiscal or monetary policy that is designed to expand a country's output and curb the effects of deflation. Reflation is usually accomplished by increasing the money supply or by reducing taxes. Relational Custom Index: Inception-3/13: S&P5; 4/13-Present: Russell 1. Return Correlation: The relationship between the returns on investments. A negative return correlation between two investments means that most of the time when investment A has a positive return, investment B will have a negative return. Return on Equity: A measurement of return on stockholders investment. Calculated by dividing the most recently reported fiscal year-end Net Income by the most recently reported fiscal year-end Common Equity (Common Stock outstanding + Capital Surplus + Retained Earnings). Risk-vs.-Return: Risk measures the probability of financial loss. Investors often compare risk, as measured by standard deviation of returns, to historical or expected return when making investment decisions. Typically, investors demand higher returns for investments they consider more risky. ROI: Return on investment. For limited partnership investments the IRR serves as the measure of return on investment. Rule 144: An SEC rule permitting the sale of restricted investment letter stock by affiliated persons in small amounts without first registering the stock with the SEC. It is designed to prohibit the creation of public markets in securities of issuers for which adequate current information is not available to the public. (The rule permits the public sale in ordinary trading transactions of limited amounts of securities owned by persons controlling, controlled by, or under common control with the issuer and by persons who have acquired restricted securities of the issuer). Russell 3 Index: The Russell 3 Index measures the performance of the largest 3 U.S. companies representing approximately 98% of the investable U.S. equity market. S Secular Trend: A long-term movement in the price of a security or of interest rates, either upward or downward, which is not related to seasonal or technical factors. Stages of Venture Capital Investing: Seed Capital: Financing provided to enable an entrepreneur to establish a business plan and undertake market research etc., to the point where they can seek first round financing to establish a business. First Round and Early Stage: Financing a company that will have a net cash outflow, maybe with only a prototype product. It will still need to establish prices, employ staff and develop the product with often little or no sales. Middle Stage or Market Entry: Financing a growing company whose income may still be below expenses but sales will be generating revenue. Equity finance will normally be required to enlarge the working capital base and to extend marketing activity. Late Stage or Development Capital: Equity capital required for major growth, acquisition, product development, etc. Mezzanine and Bridge: Financing the equity capital required by rapidly expanding companies who hold off from a public offering until the public marketplace is prime. Standard Deviation: Statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. In portfolio theory, the past performance of securities is used to determine the range of possible future performances and a probability is attached to each performance. The standard deviation of performance can then be calculated for each security and for the portfolio as a whole. The greater the degree of dispersion, the greater the risk. T Time-Weighted Rate of Return: The timeweighted rate of return is the investment performance (return), measured from beginning market value, of a unit of assets held continuously for the entire time period measured. This rate provides a standard

for comparing the performance of different funds in which the size and timing of contributions and payouts could vary considerably. Consequently, the timeweighted rate of return is a mathematical measure that eliminates the effects of fund cash flows. TIPS: Inflation-indexed securities issued by the U.S. Treasury Department (commonly known as Treasury Inflation-Protection Securities). TIPS have been issued in the U.S. since January 1997. These securities adjust both their principal and coupon payments upward with any rise in inflation. Like all Treasuries, they enjoy the full guarantee of the U.S. government. Total Fund Policy Benchmark: Uses the fund s Board approved target asset allocations. Total Return: The aggregate increase or decrease in the value of the portfolio resulting from the net appreciation or depreciation of the principal of the fund, plus or minus the net income or loss experienced by the fund during the period. Tracking Error: Tracking error is the volatility of a manager s excess return. It is measured by subtracting the benchmark return from the manager s return and calculating the standard deviation. Treasury Bill: A non-interest bearing obligation, fully guaranteed by the U.S. Government, payable to the bearer. Bills are sold on a discount basis so that the income is the difference between the purchase price and the face value. Treasury Bond: A coupon security of the U.S. Treasury which may be issued with any maturity but generally carries a maturity of more than 1 years. Treasury Note: A coupon security issued by the U.S. Treasury with a maturity of not less than one year not more than 1 years. V Vintage Year: The Vintage Year benchmark approach assumes that there is a definite and unique life cycle to a group of venture capital funds formed in the same year. Venture Economics has maintained that a fund can be compared fairly on an interim basis only to other funds in its vintage year. A fund s vintage year is defined as the year of first investment or capital call. In some cases funds that were formed in the last three months of the year but did not have a capital call until the next year or those funds that made their first investment more than six months after the closing are categorized by the date of their first investment. W Warrant: An option to purchase stock in a corporation, typically over a specified period of time and under preset conditions. Western Opportunistic Custom: 6% Barclays US ABS Floating Rate Home Equity Loan (HEL) Index & 4% Barclays US Credit 1-3 Credit Index. Y Years to Maturity: Market value weighted average time to stated maturity for all securities held in the portfolio. Yield: The rate of annual income return on an investment expressed as a percentage. Income yield is obtained by dividing the current dollar income by the current market price of the security. Yield Curve: A graphic depiction of interest rates across all maturities, -3 years. The shape of the curve is largely influenced by the Federal Reserve Policy. Yield to Maturity: The return a bond earns on the price at which it was purchased if it were held to maturity. It assumes that coupon payments can be reinvested at the yield to maturity. Yield to Worst: The yield resulting from the most adverse set of circumstances from the investor's point of view; the lowest of all possible yields. SOURCE: www.nasdaq.com & www.pimco.com Last updated: 7/18/14

Los Angeles County Employees Retirement Association Investment Performance Analysis December 31, 214

Market Environment Overview of Major Asset Classes As of 12/31/14 Indices U.S. Equity (Wilshire 5) U.S. Bonds (Barclays Aggregate) Non U.S. Equity (ACWI X US Net) Developed Equity (EAFE Net) Emerging Equity (Emg Mkts Net) Int l Bonds (Citigroup Non-US Gov t Bond) Treasury Bills (91 Day) Consumer Price Index Legend w a x m z s n b Returns Qtr Ytd 1Yr 3Yrs 5Yrs 1Yrs 2Yrs 5.26 12.71 12.71 2.29 15.54 7.99 9.93 1.79 5.97 5.97 2.66 4.45 4.71 6.2-3.87-3.87-3.87 8.99 4.43 5.13 -- -3.57-4.9-4.9 11.6 5.33 4.43 5.2-4.5-2.19-2.19 4.4 1.78 8.43 5.77-2.91-2.68-2.68-1.94.85 2.64 4.96 4 4 7 9 1.54 2.84-1.35.76.76 1.33 1.69 2.12 2.28 1 Year Std Dev 16.71 3.26 2.5 19.86 24.58 8.6.99 2.33 2 Last 1 Years(1/5 to 12/14) 14. Previous 1 Years(1/95 to 12/4) 16. 12. w 12. 1 Return 8. 4. a n b s 4. 8. 12. 16. 2 Annual Standard Deviation 24. 28. w x m z Return 8. a s 6. m 4. n z b 2. 3. 6. 9. 12. 15. 18. 21. 24. 27. 3 Annual Standard Deviation

Market Environment U.S. Common Stocks As of 12/31/14 Indices Standard & Poor s 5 Wilshire 5 Wilshire 45 Wilshire US Large Cap Wilshire US Small Cap Wilshire Real Est. Secs Returns Qtr Ytd 1Yr 3Yrs 5Yrs 1Yrs 2Yrs 4.93 5.26 6.72 4.98 7.71 15.3 13.69 12.71 7.97 13.46 6.8 31.53 13.69 12.71 7.97 13.46 6.8 31.53 2.41 2.29 2.8 2.22 2.81 16.46 15.45 15.54 16.77 15.38 17.4 17.23 7.67 7.99 9.26 7.87 9.51 8.15 9.85 9.93 1.59 9.92 11.26 11.57 Styles Wilshire US Large Growth Wilshire US Large Value Wilshire US Small Growth Wilshire US Small Value 5.15 4.84 6.7 8.6 13.96 13. 4.23 9.9 13.96 13. 4.23 9.9 21.6 19.2 2.47 21.5 15.49 15.31 17.65 16.31 8.59 7.9 19 8.88 9.54 13 9.73 12.32 Sectors (Wilshire 5) Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities 8.79 8.48-12.43 7.78 8.26 7.14 5.37.65-4.17 13.12 9.25 15.71-8.72 14.7 24.23 9.1 18.48 5.75 1.57 27.1 9.25 15.71-8.72 14.7 24.23 9.1 18.48 5.75 1.57 27.1 24.98 17.81 6.22 24.42 27.93 21.59 2.65 14.7 11.91 14.36 21.34 16.24 9.1 13.63 19.72 17.66 14.73 11.58 11.72 13.95 8.9 1.76 9.71 1.61 1.84 8.39 8.99 8.24 6.95 9.84 -- -- -- -- -- -- -- -- -- -- Index Definitions Wilshire 5: All publicly traded U.S. corporations Wilshire 45: All Wilshire 5 companies excluding large S&P5 companies Wilshire US Large Cap: Largest 75 publicly traded companies Wilshire US Small Cap: Companies ranking between 75 and 25 by market capitalization Style Definitions (Wilshire Style Indices) Large Co: Largest 75 companies in the Wilshire 5 Small Co: Next 175 companies in the Wilshire 5 Value: Relatively low P/E and P/B ratios Growth: Relatively high P/E and P/B ratios

Market Environment U.S. Common Stocks Relative Return As of 12/31/14 1.35 Small vs Large 1.25 Growth vs Value 1.29 Small Favored 1.2 Growth Favored 1.22 1.15 1.16 1.1 1.9 1.5 1.2.96 1..89.95.83.9.76 Large Favored.7 12/4 12/5 12/6 12/7 12/8 12/9 12/1 12/11 12/12 12/13 12/14.85 Value Favored.8 12/4 12/5 12/6 12/7 12/8 12/9 12/1 12/11 12/12 12/13 12/14 Based on Wilshire Style Indices

Market Environment U.S. Fixed Income Indices As of 12/31/14 Indices Barclays Aggregate Barclays Treasury Barclays Credit (Corporate) Barclays Mortgage Barclays High Yield Citigroup High Grade Barclays Universal Barclays US TIPS Legend a l c m e h u t Returns Qtr Ytd 1Yr 3Yrs 5Yrs 1Yrs 2Yrs 1.79 5.97 5.97 2.66 4.45 4.71 6.2 1.93 5.5 5.5 1.38 3.91 4.38 5.9 1.76 7.53 7.53 4.84 6.25 5.46 6.92 1.79 6.8 6.8 2.37 3.73 4.75 6.14-1. 2.45 2.45 8.43 9.3 7.74 7.92 5.91 17.28 17.28 6.45 9.85 7.24 8.43 1.34 5.56 5.56 3.2 4.81 4.91 6.38-3 3.64 3.64.44 4.11 4.37 -- Characteristics (Current Qtr) Eff MaturityEff Duration Yld to Mat 7.69 5.55 2.25 6.82 5.58 1.43 1.6 7.7 3.3 6.45 4.34 2.6 6.46 4.34 6.9 26.57 14.21 3.88 7.56 5.42 2.76 8.41 5.76 1.98 Return 7. 6. 5. 4. 3. 2. 1. -1. m e a l u t Current Qtr c -2. 3. 6. 9. 12. 15. Duration h Return 25. 22.5 2 17.5 15. 12.5 1 7.5 5. 2.5 e m a lu Last Year c t 3. 6. 9. 12. 15. Duration h

2 Market Environment U.S. Fixed Income Markets Historical Spread Comparison to Treasuries As of 12/31/14 18. 16. 14. Current Yield Spread 12. 1 8. 6. 4. 2. 3/5 3/6 3/7 3/8 3/9 3/1 3/11 3/12 3/13 3/14 Description Barclays Mortgage Barclays Long Agencies Barclays AAA Long Corp Barclays BAA Long Corp Barclays High Yield Legend Current Qtr Spread 1.3 1.5 1.33 2.57 5.6 Median Spread (1 Years) 1.86 1.3 1.4 2.55 5.58

Market Environment U.S. Fixed Income Markets Yield Spread To Treasuries As of 12/31/14 9. Treasury Yield Curve 12. Comparative Yields 8. 1.7 7. 9.4 Yield to Maturity 6. 5. 4. 3. 2. 1 Year Ago Current Treasury Yield to Maturity 8.1 6.8 5.5 4.2 2.9 1.6 e m u a t l c Current Treasury h 1..3 5. 1 15. 2 25. Maturity -1. 5. 1 15. 2 25. 3 Maturity Description Legend Eff Maturity Yield to Mat Barclays Aggregate Barclays Treasury Barclays Credit Barclays Mortgage Barclays High Yield Citigroup High Grade Barclays Universal Barclays U.S. TIPS a l c m e h u t 7.69 6.82 1.6 6.45 6.46 26.57 7.56 8.41 2.25 1.43 3.3 2.6 6.9 3.88 2.76 1.98

Equity(in U.S. dollars) U.S. (S & P 5) Non U.S. (ACWI X U.S.) Net Developed (EAFE) Net Emerging (Emg Mkts) Net Europe Pacific France Germany Japan United Kingdom Market Environment International Markets As of 12/31/14 Returns Qtr Ytd 1Yr 3Yrs 5Yrs 1Yrs 2Yrs 4.93-3.87-3.57-4.5-4.35-2.8-6.6 -.39-2.42-4.24 13.69-3.87-4.9-2.19-6.18-2.7-9.92-1.36-4.2-5.39 13.69-3.87-4.9-2.19-6.18-2.7-9.92-1.36-4.2-5.39 2.41 8.99 11.6 4.4 11.86 9.6 11.34 15.52 9.7 9.58 15.45 4.43 5.33 1.78 5.28 5.65 1.93 6.49 5.48 6.87 7.67 5.13 4.43 8.43 4.6 4.18 3.25 6.49 2.29 4.6 9.85 -- 5.2 5.77 7.53 1.73 6.89 7.2-5 7.18 1 Year Std Dev 16.26 2.5 19.86 24.58 21.71 17.92 23.41 24.99 17.21 2.45 Equity(in local currency) Non U.S. (ACWI X US) Net Developed (EAFE) Net Emerging (Emg Mkts) Net Europe Pacific France Germany Japan United Kingdom 1.17 1.92.67 9 5.52-1.73 3.92 6.66 -.18 7.6 6.73 6.98 5.41 8.89 3.62 2.74 9.78 1.6 7.6 6.73 6.98 5.41 8.89 3.62 2.74 9.78 1.6 14.92 17.52 9.2 14.69 23.5 15.29 19.17 27.46 1.22 7.69 8.54 5.67 8.2 9.82 6.43 1.82 11.13 8.19 6.48 5.73 1.34 6.11 5.18 4.94 8.4 3.99 7.8 -- 5.31 -- 7.64 2.21 7.22 7.5.91 7.34 16.2 16.34 18.89 16.25 18.87 17.97 2.11 22.2 14.46 % Change in Exchange Rates Euro vs Dollar Yen vs Dollar Pound vs Dollar -4.21-8.51-3.82-12.18-12.34-5.86-12.18-12.34-5.86-2.32-13.75.11-3.35-4.93 -.7-1.16-1.56-2.6 -- -.91-2 9.78 11.66 1.5 International Fixed Income Citigroup Non-US Gov t Bond Citigroup World Bond Citigroup Non-US Hedged Barclays Global Aggregate -2.91-1.49 3.2-1.4-2.68 -.48 9.77.59-2.68 -.48 9.77.59-1.94 -.97 5.51.73.85 1.67 4.61 2.65 2.64 3.8 4.7 3.6 4.96 5.32 6.52 5.66 8.6 7.19 3.12 5.75

.5.4 Market Environment U.S. Dollar Cost of Foreign Currencies As of 12/31/14 Weaker Dollar.3.2.1 - -.1 -.2 -.3 Stronger Dollar -.4 3/5 6/6 9/7 12/8 3/1 6/11 9/12 12/13 Description Japanese Yen U.K. Pound Euro Canadian Dollar Chinese Yuan Legend

LA County Employees Retirement Association Asset Allocation Total Fund Quarter Ended 12/31/14 Manager Name BTC Russell 1 Index BTC Russell 2 Index BTC S&P 5 Index Cramer Rosenthal McGlynn Eagle Asset Mgmt FIS Funds Mgmt Frontier Capital Mgmt INTECH Northern Trust Relational Investors Twin Capital Enh Westwood Management Domestic Equity Composite Equity $() % 9,67,36 75,756 378,3 262,17 241,593 237,611 56,225 624,183 385,632 5,624 381,78 359,28 12,569,227 19.2.2.8.6.5.5 1.1 1.3.8.1.8.8 26.6 Bonds $() % Cash $() % 1,14 4,111 11,385 3,41 3,227 8,689 4,916.1 Intl Equity $() % Intl Bonds $() % Real Estate $() % Special Invest $() % Other $() % As Allocated To Manager $() % 9,67,36 75,756 378,3 272,211 245,74 237,611 517,61 627,583 385,632 5,624 384,35 367,717 12,61,143 19.2.2.8.6.5.5 1.1 1.3.8.1.8.8 26.7 Beach Point BlackRock Brigade Capital Management BTC Aggregate BTC Intermediate Credit Crescent Capital Dodge & Cox Dolan McEniry GW Capital LM Capital Mgmt. Loomis, Sayles & Co. Member Home Loan Program (MHLP) Oaktree Capital PENN Capital Mgmt. PIMCO Principal Global Investors Opp. Pugh Capital Mgmt. Sankaty Advisors Tennenbaum Capital 33,975 684,983 512,682 816,92 221,72 154,78 1,156,661 165,15 141,477 594,35 974,558 71,45 559,689 9,484 92,353 233,217 8,96 175,548 37,45.6 1.5 1.1 1.7.5.3 2.4.3.3 1.3 2.1.2 1.2.2 1.9.5.2.4.1 28 31,431 26,748 36,452 17,315 15,294 6,645 14,543 2,31 33,873 2,93 53,314 6,778 726 18,9.1.1.1.1.1 34,255 716,414 539,431 816,92 221,72 191,16 1,173,976 18,444 148,122 68,579 994,589 71,45 593,562 93,386 955,667 239,996 8,822 193,638 37,45.6 1.5 1.1 1.7.5.4 2.5.4.3 1.3 2.1.2 1.3.2 2..5.2.4.1 1

LA County Employees Retirement Association Asset Allocation Total Fund Quarter Ended 12/31/14 Manager Name Wells Capital Mgmt. Western Asset Mgmt. Western Opportunistic Fixed Income Composite Equity $() % Bonds $() % 1,247,964 952,636 263,41 1,34,52 2.6 2..6 21.9 Cash $() % 59,185 59,976 8,68 412,263.1.1.9 Intl Equity $() % Intl Bonds $() % Real Estate $() % Special Invest $() % Other $() % As Allocated To Manager $() % 1,37,15 1,12,612 272,9 1,752,315 2.8 2.1.6 22.8 Cash Managed Short Term 1,347,25 1,347,25 2.9 2.9 1,347,25 1,347,25 2.9 2.9 Acadian Asset Mgmt Acadian Emerging Markets AQR Emerging Equities Fund BTC Canada Index IMI BTC Currency Overlay BTC EAFE Index IMI BTC Emerging Markets Index BTC Emerging Markets Small Cap BTC Europe Alpha Tilts BTC Europe Index Capital Guardian Capital Guardian Emerging Genesis Global Asset Mgmt Lazard Emerging Market Disc Assets Putnam Investments Int l Equity Composite 5% Dev Mkt Hdg 4,612 13,217 14,349 6,34 1,716 4,233.1 61,222 329,522 21,68 796,51 219,936 5,224,925 434,163 117,193 781,95 522,15 281,373 511,91 563,291 662,284 185,526 148,889 11,599,355 1.3.7.4 1.7.5 11.1.9.2 1.7 1.1.6 1.1 1.2 1.4.4.3 24.6 614,834 329,522 21,68 796,51 219,936 5,224,925 434,163 117,193 781,95 522,15 294,59 511,91 563,291 676,633 191,866 15,65 11,639,588 1.3.7.4 1.7.5 11.1.9.2 1.7 1.1.6 1.1 1.2 1.4.4.3 24.6 Real Estate Real Estate 5,29,812 5,29,812 11. 11. 5,29,812 5,29,812 11. 11. Private Equity Special Investments 4,91,365 4,91,365 8.7 8.7 4,91,365 4,91,365 8.7 8.7 Grosvenor 3,327.6 3,327.6 2

LA County Employees Retirement Association Asset Allocation Total Fund Quarter Ended 12/31/14 Manager Name Grosvenor OPCRD HFOF Hedge Fund Composite Equity $() % Bonds $() % Cash $() % Intl Equity $() % Intl Bonds $() % Real Estate $() % Special Invest $() % Other $() % 246,37 546,634.5 1.2 As Allocated To Manager $() % 246,37 546,634.5 1.2 Credit Suisse Neuberger Berman/Gresham PIMCO Commodities Composite 39,493 14,68 166,321 22,421.1.4.5 33,66 334,233 167,3 84,868.6.7.4 1.7 343,99 348,841 333,35 1,25,29.7.7.7 2.2 As Invested by Managers As Allocated to Managers Total Fund Policy Targets 12,569,227 12,61,143 11,85,543 26.6 26.7 25. 1,34,52 1,752,315 1,861,1 21.9 22.8 23. 2,6,859 1,347,25 944,443 4.4 2.9 2. 11,599,355 11,639,588 11,333,321 24.6 24.6 24. 5,29,812 5,29,812 4,722,217 11. 11. 1 4,91,365 4,91,365 5,194,439 8.7 8.7 11. 1,351,53 1,571,924 2,361,19 2.9 3.3 5. 47,222,172 47,222,172 47,222,172 1 1 1 3

LA County Employees Retirement Association Sources of Fund Growth Total Fund Quarter Ended 12/31/14 Manager Name BTC Russell 1 Index BTC Russell 2 Index BTC S&P 5 Index Cramer Rosenthal McGlynn Eagle Asset Mgmt FIS Funds Mgmt Frontier Capital Mgmt INTECH Northern Trust Relational Investors Twin Capital Enh Westwood Management Domestic Equity Composite Beginning Value $() 8,644,8 68,991 36,155 265,119 226,186 241,398 477,62 589,69 368,365 79,986 365,933 352,923 12,41,147 Net Contrib $() 339 414-29,565-28,812 Distrib & Adm Fees $() 15, 15, Invest Fees $() 221 2 9 347 296 332 895 414 425 167 141 511 3,76 Invest Gain/Loss $() 422,781 6,767 17,885 7,439 19,814 11,26 4,92 38,37 17,278 371 18,513 15,34 616,568 Ending Value $() 9,67,36 75,756 378,3 272,211 245,74 237,611 517,61 627,583 385,632 5,624 384,35 367,717 12,61,143 Time Wtd Return (%) 4.89 9.81 4.96 2.68 8.63 4.76 8.38 6.43 4.58 5.2 4.19 5.1 Beach Point BlackRock Brigade Capital Management BTC Aggregate BTC Intermediate Credit Crescent Capital Dodge & Cox Dolan McEniry GW Capital 264,728 75,421 553,92 82,287 219,299 198,37 1,16,82 179,299 147,619 39,839 567 284 1,52 2 6 34 292 119 77 255 11,276-12,61 14,635 1,779-6,844 14,186 1,263 58 34,255 716,414 539,431 816,92 221,72 191,16 1,173,976 18,444 148,122.16 1.56-2.47 1.82.81-3.6 1.2.64.34 4

LA County Employees Retirement Association Sources of Fund Growth Total Fund Quarter Ended 12/31/14 Manager Name LM Capital Mgmt. Loomis, Sayles & Co. Oaktree Capital PENN Capital Mgmt. PIMCO Principal Global Investors Opp. Pugh Capital Mgmt. Sankaty Advisors Tennenbaum Capital Wells Capital Mgmt. Western Asset Mgmt. Western Opportunistic Fixed Income Composite Beginning Value $() 672,456 988,15 597,472 94,968 991,174 24,322 79,471 198,944 1,283,246 999,867 272,369 Net Contrib $() -75, -5, Distrib & Adm Fees $() Invest Fees $() 267 326 679 17 53 9 43 35 Invest Gain/Loss $() 11,389 6,9-3,231-1,475 15,22-236 1,393-4,956 Ending Value $() 68,579 994,589 593,562 93,386 955,667 239,996 8,822 193,638 Time Wtd Return (%) 1.74.67 -.65-1.67 1.51 -.14 1.7-2.67 37,86 26 345 37,45 375 351 34 24,278 13,95-245 1,37,15 1,12,612 272,9 1.86 1.27 -.1 1,724,461-48,82 4,354 5,938 86,228 1,752,315.76 Cash Managed Short Term 912,727 912,727 1,25,897 1,25,897 89,346 89,346 8,471 8,471 1,219 1,219 1,347,25 1,347,25 Acadian Asset Mgmt Acadian Emerging Markets AQR Emerging Equities Fund 63,691 338,729 216,26 398 581 446 398-15,276-8,76-6,138 614,834 329,522 21,68-2.51-2.72-3.2 5

LA County Employees Retirement Association Sources of Fund Growth Total Fund Quarter Ended 12/31/14 Manager Name BTC Canada Index IMI BTC Currency Overlay BTC EAFE Index IMI BTC Emerging Markets Index BTC Emerging Markets Small Cap BTC Europe Alpha Tilts BTC Europe Index Capital Guardian Capital Guardian Emerging Genesis Global Asset Mgmt Lazard Emerging Mkt Disc Assets Putnam Investments IE Comp 5% Dev Mkt Hdg Beginning Value $() 843,593 256,533 5,47,129 454,765 124,729 88,323 545,73 299,767 54,711 593,256 693,385 192,38 155,555 12,11,481 Net Contrib $() -274,917-274,519 Distrib & Adm Fees $() Invest Fees $() 31 347 23 192 62 824 13 259 1,55 739 374 222 5,747 Invest Gain/Loss $() -47,511 238,667-182,1-2,41-7,475-25,594-23,611-4,918-28,81-28,91-16,14-14 -4,729-181,627 Ending Value $() 796,51 219,936 5,224,925 434,163 117,193 781,95 522,15 294,59 511,91 563,291 676,633 191,866 15,65 11,639,588 Time Wtd Return (%) -5.64 2.58-3.37-4.53-6.4-3.27-4.33-1.73-5.33-5.5-2.42 -.27-3.18-1.59 Real Estate Real Estate 5,74,49 5,74,49 523,814 523,814 459,141 459,141 12,114 12,114 83,23 83,23 5,29,812 5,29,812 1.36 1.36 Private Equity Special Investments 4,7,487 4,7,487 26,917 26,917 321,7 321,7 81,661 81,661 4,91,365 4,91,365 2.3 2.3 Grosvenor 33,313-2,986 3,327 -.98 All Private Equity and Real Estate cash flows are included in "Net Contrib" and "Distrib & Adm Fees". 6

LA County Employees Retirement Association Sources of Fund Growth Total Fund Quarter Ended 12/31/14 Manager Name Grosvenor OPCRD HFOF Hedge Fund Composite Beginning Value $() 246,939 55,252 Net Contrib $() Distrib & Adm Fees $() Invest Fees $() Invest Gain/Loss $() -632-3,617 Ending Value $() 246,37 546,634 Time Wtd Return (%) -.26 -.66 Credit Suisse Neuberger Berman/Gresham PIMCO Commodities Composite 389,671 41,564 377,73 1,168,937 241 357 377 976-46,33-52,366-43,975-142,672 343,99 348,841 333,35 1,25,29-11.95-13.13-11.74-12.29 Total Fund 46,643,542 1,684,215 1,69,541 37,6 54,962 47,222,172 1.8 7

LA County Employees Retirement Association Growth of One Dollar Total Fund Quarter Ended 12/31/14 2.8 2.6 2.4 2.2 2. Value 1.8 1.6 1.4 1.2 1..8.6 12/1 12/2 12/3 12/4 12/5 12/6 12/7 12/8 12/9 12/1 12/11 12/12 12/13 12/14 Net of Fee Return Russell 3 MSCI ACWI X US IMI Index (N) Barclays Universal Legend Return 5 Years Inception 6/3/1 9.1 6.62 15.63 6.47 4.71 6.48 4.81 5.47 $ Value 2.37 2.33 2.33 2.5 8

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 INTECH Gross of Fee Return Net of Fee Return Published S&P 5 Value Added Twin Capital Enh Gross of Fee Return Net of Fee Return Published S&P 5 Value Added BTC S&P 5 Index Gross of Fee Return Net of Fee Return Published S&P 5 Value Added BTC Russell 1 Index Gross of Fee Return Net of Fee Return Russell 1 Value Added BTC Russell 2 Index Gross of Fee Return Net of Fee Return Russell 2 Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 6.5 6.43 4.93 1.56 5.6 5.2 4.93.13 4.97 4.96 4.93 3 4.89 4.89 4.88 1 9.81 9.81 9.73 8 7.9 7.75 6.12 1.79 6.28 6.2 6.12.16 6.16 6.15 6.12 4 5.59 5.58 5.57 2 1.79 1.79 1.65.14 13.45 13.14 11.67 1.78 11.44 11.28 11.67 -.23 11.71 11.7 11.67 4 1.99 1.98 1.97 3 3.93 3.92 3.73.2 15.69 15.3 13.69 2.1 13.99 13.78 13.69.3 13.74 13.72 13.69 5 13.27 13.25 13.25 2 5.14 5.13 4.89.25 2.91 2.55 2.41.49 2.56 2.37 2.41.14 2.65 2.64 2.62 3 19.51 19.5 19.21.3 16.35 16. 15.45.89 15.79 15.61 15.45.33 15.69 15.67 15.64 4 15.77 15.76 15.54.23 Since 12/31/4 Inception Date 12/31/6 12/31/6 12/31/6 12/31/6 12/31/6 12/31/6 9/3/12 9/3/12 9/3/12 12/31/7 12/31/7 12/31/7 12/31/7 12/31/7 12/31/7 Inception Return 7.88 7.55 7.5.83 7.57 7.41 7.5.53 19.77 19.76 19.73 5 7.54 7.53 7.48 5 8.43 8.41 8.18.25 9

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Cramer Rosenthal McGlynn Gross of Fee Return Net of Fee Return Russell 25 Value Added Eagle Asset Mgmt Gross of Fee Return Net of Fee Return Russell 25 Value Added Frontier Capital Mgmt Gross of Fee Return Net of Fee Return Russell 25 Value Added Westwood Management Gross of Fee Return Net of Fee Return Russell 25 Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 2.81 2.68 6.77-3.96 8.76 8.63 6.77 2. 8.57 8.38 6.77 1.8 4.34 4.19 6.77-2.43-1.11-1.37 1.6-2.17 2.8 2.52 1.6 1.74 3.8 2.7 1.6 2.2-1.51-1.79 1.6-2.56 3.31 2.78 4.66-1.35 5.75 5.18 4.66 1.8 6.99 6.19 4.66 2.33 2.17 1.59 4.66-2.49 4.96 4.29 7.7-2.11 8.11 7.38 7.7 1.4 12.92 11.88 7.7 5.85 5.74 4.99 7.7-1.33 19.8 18.39 19.97 -.89 18.83 18.17 19.97-1.14 23.48 22.5 19.97 3.51 17.88 17.15 19.97-2.9 16.28 15.65 16.36-7 17.93 17.1 16.36 1.57 15.66 14.95 16.36 -.7 Since 12/31/4 11.9 11.4 8.72 3.18 Inception Date 3/31/1 3/31/1 3/31/1 3/31/5 3/31/5 3/31/5 6/3/2 6/3/2 6/3/2 3/31/9 3/31/9 3/31/9 Inception Return 14.4 13.41 15.13-1.1 1.35 9.76 9.31 1.4 13.27 12.43 1.4 2.87 21.25 2.54 22.66-1.41 FIS Funds Mgmt Gross of Fee Return Net of Fee Return Russell 3 Value Added 4.91 4.76 5.24 -.33 3.71 2.75 5.25-1.54 7.8 6.8 1.38-2.58 8.83 7.82 12.55-3.72 19.59 18.88 2.51 -.92 14.7 14.1 15.63 -.94 7.83 7.18 7.94 -.12 9/3/4 9/3/4 9/3/4 8.73 8.9 8.76-3 1

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Northern Trust Gross of Fee Return Net of Fee Return Russell 3 Value Added Domestic Equity Composite Gross of Fee Return Net of Fee Return Russell 3 Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 4.69 4.58 5.24 -.55 5.13 5.1 5.24 -.11 4.91 4.12 5.25 -.34 5.5 4.95 5.25 -.2 9.25 8.42 1.38-1.13 1.2 14 1.38 -.18 1.57 9.74 12.55-1.98 12.61 12.41 12.55 6 2.95 2.39 2.51.44 2.56 2.41 2.51 6 15.34 14.81 15.63 -.29 15.81 15.67 15.63.18 Since 12/31/4 8.38 7.88 7.94.43 7.93 7.79 7.94-1 Inception Date 6/3/95 6/3/1 6/3/1 6/3/81 6/3/1 6/3/1 Inception Return 1.22 6.91 6.47.95 11.96 6.34 6.47 Acadian Asset Mgmt Gross of Fee Return Net of Fee Return MSCI EAFE + Canada (N) Value Added Capital Guardian Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added Putnam Investments Gross of Fee Return Net of Fee Return MSCI - World Ex USA Small ($Net) Value Added -2.42-2.51-3.69 1.27-1.64-1.73-3.69 2.5-3.4-3.18-3.38.34-1.11-1.28-9.22 -.89-7.24-7.41-9.22 1.98-12.65-12.91-11.37-1.28-5.54-5.9-5.3 -.51-4.78-5.12-5.3.25-12.25-12.75-8.5-3.75-1.43-1.89-4.32 2.89-4.87-5.29-4.32 -.55-1.21-1.84-5.34-4.86 13.22 12.76 1.46 2.75 12.38 11.97 1.46 1.92 11.15 1.47 11.76 -.61 8.6 7.63 5.21 2.85 6.83 6.45 5.21 1.62 5.46 5.7 4.56.9 3/31/6 3/31/6 3/31/6 12/31/94 6/3/1 6/3/1 9/3/11 9/3/11 9/3/11 2.57 2.17 2.65-8 7.91 5.44 5.32.51 1.52 9.89 11.5 -.52 11

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 BTC EAFE Index IMI Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years -3.37-3.37-3.41 4-9.27-9.28-9.32 4-5.63-5.64-5.84.21-4.62-4.65-4.9.28 11.74 11.72 11.39.36 6.6 6.5 5.71.35 Since 12/31/4 5.2 5.1 4.67.35 Inception Date 12/31/94 12/31/94 12/31/94 Inception Return 5.5 5.49 5.14.36 Global Asset Mgmt Gross of Fee Return Net of Fee Return MSCI Pacific Index (N) Value Added -2.31-2.42-2.8 -.23-3.31-3.51-5.64 2.34 2.48 2.5 -.2 2.67 2.16 1.62-2.7 4.86 1.49 9.99 9.6.89 6.7 6.22 5.65 1.4 7.13 6.65 4.18 2.95 3/31/94 6/3/1 6/3/1 7.9 7.57 4.57 3.48 BTC Europe Index Gross of Fee Return Net of Fee Return MSCI Europe Index (N) Value Added -4.33-4.33-4.35 2-11.2-11.2-11.5 3-7.81-7.82-8.11.3-5.79-5.8-6.18.39 12.38 12.37 11.86.52 5.78 5.77 5.28.51 5.5 5.4 4.6.45 9/3/98 6/3/1 6/3/1 5.24 5.89 5.55.35 12

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 BTC Europe Alpha Tilts Gross of Fee Return Net of Fee Return MSCI Europe Index (N) Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years -3.17-3.27-4.35 1.18-9.52-9.71-11.5 1.53-7.12-7.5-8.11.99-4.17-4.73-6.18 2.1 14.96 14.44 11.86 3.1 7.32 6.87 5.28 2.4 Since 12/31/4 Inception Date 12/31/6 12/31/6 12/31/6 Inception Return 1.84 1.42.87.97 Capital Guardian Emerging Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added Genesis Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added BTC Emerging Markets Index Gross of Fee Return Net of Fee Return MSCI EM Index (N) Value Added BTC Emerging Markets Small Cap Gross of Fee Return Net of Fee Return MSCI Emerging Mkts Small Cap Ind Value Added -5.33-5.33-4.7 -.63-4.88-5.5-4.7 -.18-4.49-4.53-4.5 1-5.99-6.4-6.2 3-9.84-9.84-7.77-2.7-8.7-9.3-7.77 -.93-7.86-7.93-7.84-1 -7.3-7.39-7.31 1-5.2-5.2-1.85-3.35-1.12-1.65-1.85.73-1.75-1.91-1.77 2-2.38-2.57-2.44 6-7.52-7.52-1.79-5.73 -.72-1.43-1.79 1.7-2.3-2.53-2.19 -.11.97.67 1.1-4 2.2 2.2 4.46-2.44 7.23 6.5 4.46 2.77 3.99 3.75 4.4-5 7.6 7.37 7.65-5 -.54 -.54 1.93-2.48 5.68 4.94 1.93 3.74 1.7 1.51 1.78-8 8.64 8.64 8.73-9 8.22 7.99 8.43 -.21 12/31/91 12/31/91 12/31/91 9/3/7 9/3/7 9/3/7 12/31/4 12/31/4 12/31/4 9/3/11 9/3/11 9/3/11 8.69 8.69 7.86.83 4.4 3.28 -.42 4.47 8.22 7.99 8.43 -.21 6.89 6.69 6.82 7 The Cap Guardian and AQR emerging accounts are commingled funds and fees are taken directly from the fund. 13

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years Acadian Emerging Markets Gross of Fee Return Net of Fee Return MSCI EM Index (N) Value Added AQR Emerging Equities Fund Gross of Fee Return Net of Fee Return MSCI EM Index (N) Value Added Lazard Emerging Market Disc Assets Gross of Fee Return Net of Fee Return MSCI EM Index (N) Value Added -2.59-2.72-4.5 1.91-2.84-3.2-4.5 1.66-7 -.27-4.5 4.43-5.86-6.9-7.84 1.99-6.7-6.29-7.84 1.77-2.19-2.57-7.84 5.65 2.42 2.4-1.77 4.18 -.34 -.72-1.77 1.43 6.86 6.5-1.77 8.63 2.26 1.74-2.19 4.45 2.18 1.2-2.19 4.37 Since 12/31/4 Inception Date 12/31/12 12/31/12 12/31/12 3/31/14 3/31/14 3/31/14 3/31/13 3/31/13 3/31/13 Inception Return.48 1-2.4 2.87 -.34 -.72-1.77 1.43.39 -.47-1.82 2.21 BTC Canada Index IMI Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added -5.63-5.64-5.82.18-1.75-1.76-11.6.31-1.38-1.4-1.9.51.72.7 1.71 5.3 5.1 4.27.75 4.74 4.73 4.1.73 9/3/6 9/3/6 9/3/6 5.3 5.29 4.63.68 14

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 BTC Currency Overlay Gross of Fee Return Net of Fee Return 5% FX Hedge Index Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 2.59 2.58 2.58 6. 5.99 6. 5.46 5.44 5.45 1 5.13 5.11 5.13 2.1 2.9 2.1 - Since 12/31/4 Inception Date 9/3/1 9/3/1 9/3/1 Inception Return 1.2 1.19 1.21-1 Int l Eq Composite 5% Dev Mkt Hdg Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added -1.54-1.59-1.93.39-4.4-4.49-4.81.41-1 -.18 -.59.58.78.55 8.69 11.87 11.68 11.21.66 6.1 5.85 5.55.46 6.8 5.93 5.78.3 9/3/87 6/3/1 6/3/1 6.8 6.62 6.55.21 BTC Aggregate Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added 1.82 1.82 1.79 3 2.6 2.5 1.96.1 4.24 4.23 4.5.19 6.24 6.22 5.97.27 2.83 2.82 2.66.17 4.6 4.59 4.45.15 4.88 4.87 4.71.17 12/31/99 6/3/1 6/3/1 5.87 5.4 5.21.2 15

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 BTC Intermediate Credit Gross of Fee Return Net of Fee Return Barclays Credit Intermediate Value Added BlackRock Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Dodge & Cox Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Pugh Capital Mgmt. Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Wells Capital Mgmt. Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years.81.81.8 1 1.6 1.56 1.79 -.2 1.22 1.2 1.79 -.57 1.75 1.7 1.79-4 1.89 1.86 1.79.1.72.71.69 3 1.85 1.76 1.96 -.12 1.45 1.4 1.96 -.51 1.87 1.77 1.96-9 2.14 2.8 1.96.18 2.58 2.57 2.49.1 4.7 3.91 4.5 3 3.76 3.66 4.5 -.29 4.25 4.3 4.5.2 4.42 4.26 4.5.37 4.33 4.31 4.16.16 6.17 5.96 5.97.2 6.38 6.22 5.97.41 6.39 6.11 5.97.43 6.55 6.39 5.97.58 4.5 4.4 3.98 7 3.25 3.5 2.66.59 5.14 5.3 2.66 2.48 3.34 3.1 2.66.68 3.95 3.82 2.66 1.29 5.6 5.6 5. 6 4.94 4.76 4.45.49 5.78 5.66 4.45 1.33 5.12 4.88 4.45.67 5.77 5.64 4.45 1.32 Since 12/31/4 4.98 4.83 4.71.27 5.94 5.83 4.71 1.23 5.98 5.84 4.71 1.27 Inception Date 6/3/9 6/3/9 6/3/9 3/31/97 6/3/1 6/3/1 3/31/97 6/3/1 6/3/1 6/3/5 6/3/5 6/3/5 3/31/4 3/31/4 3/31/4 Inception Return 6.4 6.3 5.98 6 6.2 5.46 5.21.4 6.84 6.26 5.21 1.16 5.39 5.15 4.69.71 5.77 5.63 4.53 1.24 16

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Dolan McEniry Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added GW Capital Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added LM Capital Mgmt. Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added Loomis, Sayles & Co. Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added PIMCO Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years.7.64.94 -.23.39.34.96 -.57 1.78 1.74 1.52.26.7.67 1.79-1.1 1.56 1.51 1.79 -.23.71.57.75-4 -.29 -.39.4 -.69 1.62 1.54 1.46.16.2.13 1.96-1.76 1.47 1.36 1.96 -.5 2.73 2.46 2.77-4 1.79 1.58 2.53 -.74 3.96 3.79 3.91 5 3.37 3.23 4.5 -.68 3.38 3.16 4.5 -.66 4.66 4.32 4.57 9 4.32 4.5 4.95 -.63 5.69 5.48 6. -.31 7.5 6.87 5.97 1.8 4.87 4.58 5.97-1.1 5.53 5.24 3.99 1.54 5.66 5.42 4.9.76 3.2 3.2 2.89.31 5.23 5.8 2.66 2.57 3.64 3.39 2.66.98 6.82 6.53 5.8 1.74 7.13 6.89 6.4.72 5.8 4.9 4.72.36 6.59 6.43 4.45 2.14 5.13 4.89 4.45.68 Since 12/31/4 6.54 6.29 5.81.73 5.35 5.17 5.3.32 5.77 5.62 4.71 1.6 5.79 5.57 4.71 1.8 Inception Date 6/3/5 6/3/5 6/3/5 12/31/1 12/31/1 12/31/1 12/31/1 12/31/1 12/31/1 3/31/97 6/3/1 6/3/1 3/31/4 3/31/4 3/31/4 Inception Return 6.95 6.65 5.22 1.73 6.91 6.66 6.37.54 6.19 6. 5.57.62 6.72 6.5 5.21.99 5.62 5.41 4.53 1.9 17

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Western Asset Mgmt. Gross of Fee Return Net of Fee Return Barclays Aggregate Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 1.31 1.27 1.79 -.48 1.28 1.21 1.96 -.68 4.13 3.98 4.5 8 6.86 6.68 5.97.9 5.6 4.9 2.66 2.4 6.99 6.83 4.45 2.54 Since 12/31/4 5.95 5.8 4.71 1.24 Inception Date 3/31/97 6/3/1 6/3/1 Inception Return 7.13 6.66 5.21 1.59 Oaktree Capital Gross of Fee Return Net of Fee Return Barclays Ba-B Index Value Added PENN Capital Mgmt. Gross of Fee Return Net of Fee Return Barclays Ba-B Index Value Added Beach Point Gross of Fee Return Net of Fee Return Policy Index Value Added Brigade Capital Management Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added -.54 -.65 -.31 -.24-1.56-1.67 -.31-1.25.36.16 -.68 1.5-2.28-2.47 -.33-1.95-2.28-2.51-1.9 -.38-3.51-3.73-1.9-1.61 -.42 -.83-1.77 1.35-3.76-4.13-1.29-2.47 -.49-1.2.48 -.96-1.53-1.97.48-2.1 1.74 1.11.13 1.61 -.61-1.32.62-1.23 2.4 1.85 3.42-1.3.96.4 3.42-2.47 2.57 1.65 2.75 -.18 7.82 7.3 8.15 -.33 6.92 6.41 8.15-1.22 9.83 8.95 7. 2.84 8.7 8.19 8.92 -.22 8.42 7.92 8.92 -.5 7.58 7.8 7.3.28 6/3/97 6/3/1 6/3/1 6/3/5 6/3/5 6/3/5 3/31/14 3/31/14 3/31/14 6/3/1 6/3/1 6/3/1 7.56 7.81 7.91.4 7.24 6.76 7.51 -.27 1.74 1.11.13 1.61 1.27 9.42 7.34 2.93 Beach Point represents the combined performance of two portfolios, one of which is reported one month in arrears. 18

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years Crescent Capital Gross of Fee Return Net of Fee Return Policy Index Value Added Principal Global Investors Opp. Gross of Fee Return Net of Fee Return US Universal Spread 1-1 Yr Value Added Sankaty Advisors Gross of Fee Return Net of Fee Return Policy Index Value Added Western Opportunistic Gross of Fee Return Net of Fee Return Western Opportunistic Policy Value Added Member Home Loan Program (MHLP) Gross of Fee Return Net of Fee Return -3.45-3.6 -.68-2.77 -.1 -.14 5 -.15-2.49-2.67 -.68-1.81-9 -.1.2 -.29 -.73 -.79-4.57-4.84-1.77-2.8 -.26 -.33 -.47.21-3.9-3.4-1.77-1.32.23.2.53 -.31 1.1.89-3.99-4.36.13-4.12 2.13 1.99 1.6.53-2.73-3.11.13-2.86 1.63 1.58 1.58 5 3.63 3.45 5.2 4.84 3.5 1.52 2.73 2.66 2.44.29 5.52 5.28 7.72 7.56 4.89 2.83 8.38 8.31 6.3 2.34 3.79 3.56 7.72 7.66 5.62 2.1 4.94 4.7 Since 12/31/4 Inception Date 3/31/14 3/31/14 3/31/14 3/31/11 3/31/11 3/31/11 3/31/14 3/31/14 3/31/14 3/31/9 3/31/9 3/31/9 3/31/5 3/31/5 Inception Return -3.99-4.36.13-4.12 5.99 5.79 4.76 1.23-2.73-3.11.13-2.86 11.55 11.48 8.43 3.12 5.29 5.3 19

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Fixed Income Gross of Fee Return Net of Fee Return Blended Policy Benchmark Value Added Barclays Universal Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years.81.76 1.34 -.53 1.34 -.53.59.48 1.31 -.72 1.31 -.72 2.91 2.69 3.54 -.63 3.54 -.63 5.28 5.2 5.56 -.28 5.56 -.28 4.64 4.44 3.2 1.45 3.2 1.45 6.5 5.85 4.81 1.24 4.81 1.24 Since 12/31/4 5.78 5.6 5..77 4.91.87 Inception Date 6/3/81 6/3/1 6/3/1 6/3/1 Inception Return 8.83 6.8 5.56.7 5.47.79 Real Estate Gross of Fee Return Net of Fee Return NFI-ODCE + 4bps Value Added 1.6 1.36 3.1-1.5 6.35 5.67 5.98.37 8.59 7.68 8.51 8 11.21 9.99 11.8 -.6 9.12 8.13 11.42-2.3 8.1 7.5 11.8-3.7 5.8 4.83 8.46-2.66 9/3/85 9/3/85 7.57 6.54 Private Equity Gross of Fee Return Net of Fee Return Ten-Yr Russell 3+5.%(1Q-lag) Value Added 2.3 2.3 6.65 6.65 12.82 12.82 19.63 19.63 13.52 6.11 16.92 16.92 16.94 16.94 16.23 16.23 6/3/98 6/3/98 14.71 14.71 Credit Suisse Gross of Fee Return Net of Fee Return Bloomberg Commodity Index Value Added -11.89-11.95-12.1.2-22.7-22.17-22.5.42-21.81-22.1-22.43.62-16.73-17. -17.1.28-8.7-8.95-9.43.72 3/31/11 3/31/11 3/31/11-11.45-11.67-12.1.65 The "Dow Jones - UBS Commodity Index" was rebranded as the "Bloomberg Commodity Index" effective 7/1/214. 2

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Neuberger Berman/Gresham Gross of Fee Return Net of Fee Return Bloomberg Commodity Index Value Added PIMCO Gross of Fee Return Net of Fee Return Bloomberg Commodity Index Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years -13.5-13.13-12.1 -.95-11.65-11.74-12.1.45-22.42-22.57-22.5 8-21.98-22.14-22.5.52-2.77-21.6-22.43 1.66-2.78-21.11-22.43 1.65-16.55-16.94-17.1.45-15.28-15.72-17.1 1.73-7.57-7.93-9.43 1.86-7.38-7.83-9.43 2.5-2.34-2.71-5.53 3.19-3.71-4.36-5.53 1.82 Since 12/31/4 Inception Date 6/3/7 6/3/7 6/3/7 6/3/7 6/3/7 6/3/7 Inception Return -3.52-3.88-5.77 2.24-4.19-4.68-5.77 1.58 Commodities Composite Gross of Fee Return Net of Fee Return Bloomberg Commodity Index Value Added -12.21-12.29-12.1 -.12-22.16-22.3-22.5.34-21.12-21.4-22.43 1.31-16.2-16.56-17.1.8-7.7-8.7-9.43 1.73-3.21-3.71-5.53 2.32 6/3/7 6/3/7 6/3/7-3.95-4.36-5.77 1.81 Hedge Fund Composite Gross of Fee Return Net of Fee Return 3-Mo U.S. T-Bill Index+5%(1M-lag) Value Added -.66 -.66 1.23-1.89.84.84 2.48-1.64 2.5 2.5 3.75-1.7 5.43 5.43 5.4.39 7.7 7.7 5.6 2.64 12/31/11 12/31/11 12/31/11 7.7 7.7 5.6 2.64 The "Dow Jones - UBS Commodity Index" was rebranded as the "Bloomberg Commodity Index" effective 7/1/214. Hedge fund performance included in total fund beginning 1/31/211. 21

LA County Employees Retirement Association Fund Return Table Quarter Ended 12/31/14 Total Fund Gross of Fee Return Net of Fee Return Policy Index Value Added Manager 1 Quarter 2 Quarters 3 Quarters 1 Year 3 Years 5 Years 1.16 1.8 1.46 -.3.86.69 1.2 -.15 4.66 4.37 4.45.21 7.2 6.67 6.56.45 11.65 11.38 1.81.84 9.34 9.1 8.58.76 Since 12/31/4 7.5 6.82 6.78.26 Inception Date 12/31/94 6/3/1 Inception Return 8.71 6.62 6/3/1 6.9-5 STIF-Enhanced Cash Gross of Fee Return Net of Fee Return Citigroup 6 Month T-Bill Value Added 1 1-5 3 3 3.15 8 5.11.18.11 6.11.51.46 9.41.9.85.12.78 1.91 1.85 1.61.3 9/3/ 6/3/1 6/3/1 2.34 2. 1.65.41 22

LA County Employees Retirement Association Sources of Portfolio Growth Total Fund Quarter Ended 12/31/14 23 Quarter Beginning Value $() Net Contrib $() Distrib & Adm Fees $() Invest Fees $() Invest Gain/Loss $() Ending Value $() Time Wtd Return (%) 3/95 6/95 9/95 12/95 1995 3/96 6/96 9/96 12/96 1996 3/97 6/97 9/97 12/97 1997 3/98 6/98 9/98 12/98 1998 3/99 6/99 9/99 12/99 1999 14,854,429 15,591,736 16,527,691 17,293,979 14,854,429 17,734,571 18,15,39 18,521,3 18,42,175 17,734,571 19,15,355 18,785,294 2,519,811 21,374,842 19,15,355 2,861,146 22,498,531 22,958,357 23,534,56 2,861,146 25,861,815 26,129,912 27,338,936 27,29,55 25,861,815 15,591,736 16,527,691 17,293,979 17,734,571 17,734,571 18,15,39 18,521,3 18,42,175 19,15,355 19,15,355 18,785,294 2,519,811 21,374,842 2,861,146 2,861,146 22,498,531 22,958,357 23,534,56 25,861,815 25,861,815 26,129,912 27,338,936 27,29,55 29,985,39 29,985,39 5.41 6.89 5.75 4.29 24.27 2.69 2.92 2.5 4.34 12.54 -.4 1.81 5.39 -.64 15.57 8.52 1.16-6.16 11.11 14.46 2.45 4.9 -.6 12.32 19.99

LA County Employees Retirement Association Sources of Portfolio Growth Total Fund Quarter Ended 12/31/14 24 Quarter Beginning Value $() Net Contrib $() Distrib & Adm Fees $() Invest Fees $() Invest Gain/Loss $() Ending Value $() Time Wtd Return (%) 3/ 6/ 9/ 12/ 2 3/1 6/1 9/1 12/1 21 3/2 6/2 9/2 12/2 22 3/3 6/3 9/3 12/3 23 3/4 6/4 9/4 12/4 24 29,985,39 31,11,922 3,676,698 3,66,37 29,985,39 29,442,173 27,862,148 24,755,681 22,392,8 29,442,173 27,283,274 27,248,68 25,886,359 23,277,84 27,283,274 24,64,874 23,419,446 25,765,88 26,494,89 24,64,874 28,556,63 29,44,247 29,236,1 29,277,369 28,556,63 31,11,922 3,676,698 3,66,37 29,442,173 29,442,173 27,862,148 24,755,681 22,392,8 27,283,274 27,283,274 27,248,68 25,886,359 23,277,84 24,64,874 24,64,874 23,419,446 25,765,88 26,494,89 28,556,63 28,556,63 29,44,247 29,236,1 29,277,369 31,312,718 31,312,718 3.83 -.53.38-2.97.58-4.77 2.21-8.15 6.61-4.7.67-4.37-9.15 4.83-8.31-2.5 1.43 3.53 8.71 21.74 3.13-1.2 7.64 12.34

LA County Employees Retirement Association Sources of Portfolio Growth Total Fund Quarter Ended 12/31/14 25 Quarter Beginning Value $() Net Contrib $() Distrib & Adm Fees $() Invest Fees $() Invest Gain/Loss $() Ending Value $() Time Wtd Return (%) 3/5 6/5 9/5 12/5 25 3/6 6/6 9/6 12/6 26 3/7 6/7 9/7 12/7 27 3/8 6/8 9/8 12/8 28 3/9 6/9 9/9 12/9 29 31,312,718 3,847,563 31,622,29 33,142,812 31,312,718 33,585,78 34,66,26 34,553,584 35,885,622 33,585,78 37,665,123 38,38,36 4,152,47 41,62,135 37,665,123 41,223,852 39,51,27 38,271,99 35,19,957 41,223,852 3,666,757 28,292,443 3,574,94 33,361,145 3,666,757 811,738 594,246 431,317 581,893 646,547 2,254,3 1,82,988 79,5 879,6 797,293 82,716 3,269,119 18,735 13,332 18,156 8,171 16,838 56,498-4,234,214-2,165,178 2,748,396 3,9,777 1,28,995 4,873,99 3,847,563 31,622,29 33,142,812 33,585,78 33,585,78 34,66,26 34,553,584 35,885,622 37,665,123 37,665,123 38,38,36 4,152,47 41,62,135 41,223,852 41,223,852 39,51,27 38,271,99 35,19,957 3,666,757 3,666,757 28,292,443 3,574,94 33,361,145 34,469,134 34,469,134 -.64 2.31 5.19 2.66 9.77 4.66 4 4.95 5.67 16.11 2.22 4.81 3.29 -.18 1.45-4.43 -.18-8.8-12.13-23.55-7.23 9.92 9.82 3.8 16.25

LA County Employees Retirement Association Sources of Portfolio Growth Total Fund Quarter Ended 12/31/14 26 Quarter Beginning Value $() Net Contrib $() Distrib & Adm Fees $() Invest Fees $() Invest Gain/Loss $() Ending Value $() Time Wtd Return (%) 3/1 6/1 9/1 12/1 21 3/11 6/11 9/11 12/11 211 3/12 6/12 9/12 12/12 212 3/13 6/13 9/13 12/13 213 3/14 6/14 9/14 12/14 214 34,469,134 35,418,564 33,333,454 35,789,195 34,469,134 37,696,98 38,924,46 39,223,87 35,53,237 37,696,98 36,561,837 38,951,814 38,193,745 39,828,813 36,561,837 4,487,879 44,71,455 45,776,495 47,41,27 627,647 647,538 622,116 878,956 2,776,258 963,234 916,65 778,992 928,183 3,586,474 94,578 836,992 1,95,235 1,273,112 4,145,917 1,36,791 1,485,34 1,41,94 1,331,895 81,24 921,333 945,132 1,13,82 3,771,39 1,82,792 1,2,37 1,22,727 1,23,642 4,59,53 1,95,924 971,572 1,185,35 1,615,286 4,867,816 1,93,158 1,43,617 1,447,749 1,54,337 15,788 22,184 18,49 19,4 75,385 19,867 18,647 16,536 18,276 73,326 19,449 19,329 17,177 19,92 75,875 21,842 25,556 47,94 43,198 1,138,594-1,789,132 2,797,166 2,151,581 4,298,21 1,366,976 422,362-3,28,362 1,352,334-138,689 2,564,773-64,161 1,742,45 1,21,158 4,723,816 2,77,822 1,1,178 1,719,91-145,846 35,418,564 33,333,454 35,789,195 37,696,98 37,696,98 38,924,46 39,223,87 35,53,237 36,561,837 36,561,837 38,951,814 38,193,745 39,828,813 4,487,879 4,487,879 41,65,493 45,776,495 47,41,27 46,643,542 3.28-5.14 8.37 5.97 12.52 3.58 1.4-8.45 3.76 -.59 6.98-1.62 4.47 2.39 12.59 4.75 2.2 3.65 -.38 41,65,493 41,154,137 43,275,18 4,487,879 688,816 1,195,594 1,13,978 4,52,179 1,213,3 1,111,67 1,774,453 6,29,58 21,979 2,497 25,87 9,187 5,17 2,57,453 2,14,782 6,29,165 41,154,137 43,275,18 44,71,455 44,71,455 -.13 4.99 4.77 15.7 46,643,542 44,71,455 1,684,215 5,542,239 1,69,541 6,1,244 37,6 153,664 54,962 3,124,385 47,222,172 47,222,172 1.8 6.67

LA County Employees Retirement Association Sources of Portfolio Growth Total Fund Quarter Ended 12/31/14 Quarter Total Period Beginning Value $() Net Contrib $() 14,854,429 23,168,88 (Sum) Distrib & Adm Fees $() 29,531,587 (Sum) Invest Fees $() 543,669 (Sum) Invest Gain/Loss $() 18,937,662 (Sum) Ending Value $() Time Wtd Return (%) 47,222,172 8.55 (Annualized) All Private Equity and Real Estate cash flows are included in "Net Contrib" and "Distrib & Adm Fees". 27

16% LA County Employees Retirement Assocation Performance Comparison TUCS Total Return of Master Trusts - Public 12/31/14 14% Rate of Return 12% 1% 8% 6% 4% 2% % 5th 25th Med 75th 95th 1 1 1 1 1 1 1 1-2% Manager returns are Gross of Fees 1 Quarter 2 Quarters 3 Quarters 1 Year 2 Years 3 Years 5 Years 1 Years Total Fund 1 Policy Index 1.16 (78) 1.46 (65).86 (59) 1.2 (57) 4.66 (52) 4.45 (55) 7.2 (3) 6.56 (5) 11.9 (7) 1.2 (77) 11.65 (59) 1.81 (77) 9.34 (66) 8.58 (86) 7.5 (17) 6.78 (29) Median Number of Funds 1.94 13 1.17 13 4.7 13 6.56 13 12.11 98 12.1 98 9.74 92 6.44 73 28

LA County Employees Retirement Association Return vs Risk Risk of TUCS Master Trusts - Public 3 Years Ending 12/31/14 2 18. Median Risk 16. Annualized Rate of Return 14. 12. 1 8. 1 Median Return 6. 4. 3.5 4.5 4.6 5.15 5.7 6.25 6.8 7.35 7.9 8.45 9. Historical Standard Deviation of Return Total Fund 1 Policy Index Median Annualized Return Standard Deviation Value Rank Value Rank 11.65 59 5.22 11 1.81 77 5.13 1 12.1 6.27 29

LA County Employees Retirement Association Return vs Risk Risk of TUCS Master Trusts - Public 5 Years Ending 12/31/14 14. 13. Median Risk 12. Annualized Rate of Return 11. 1 9. 8. 1 Median Return 7. 6. 5. 5.9 6.8 7.7 8.6 9.5 1.4 11.3 12.2 13.1 14. Historical Standard Deviation of Return Total Fund 1 Policy Index Median Annualized Return Standard Deviation Value Rank Value Rank 9.34 66 8.2 17 8.58 86 7.84 15 9.74 9.33 3

LA County Employees Retirement Association Custom Benchmark Specification Total Fund Quarter Ended 12/31/14 Label Quarter Start Quarter End Percent Description 9/8 3/9 Policy Index 3/95 12/8 6/9 3/1 6/1 12/9 3/1 6/1 1 21. 7. 26.4 1.96 2. 1 3 2. 21. 7. 28. 2. 1 3 2. 7. 26. 2. 1 3. 23. 29. 7. 26. LACERA TF Blended Policy Benchmark MSCI ACWI X US IMI Index (N) Ten-Yr Russell 3+5.% (1Q-lag) Barclays Aggregate Barclays High Yield Ba-B Index 6 Month T-Bill Index NCREIF Property Index - 25 bps Russell 3 Bloomberg Commodity Index MSCI ACWI X US IMI Index (N) Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Russell 3 Bloomberg Commodity Index Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index MSCI ACWI X US IMI Index (N) Russell 3 Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 31

LA County Employees Retirement Association Custom Benchmark Specification Total Fund Quarter Ended 12/31/14 Label Quarter Start Quarter End Percent Description Policy Index (cont.) 9/1 12/1 3/11 9/1 12/1 3/11 2. 1 3. 26. 26. 7. 26. 2. 1 3. 26. 26. 7. 26. 2. 1 3. 23. 29. 7. 26. 2. 1 3. 22. 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index Russell 3 MSCI ACWI X US IMI Index (N) Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index Russell 3 Int l Eq. Custom Hedged Index Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index Russell 3 Int l Eq. Custom Hedged Index Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index Russell 3 32

LA County Employees Retirement Association Custom Benchmark Specification Total Fund Quarter Ended 12/31/14 Label Quarter Start Quarter End Percent Description Policy Index (cont.) 6/11 12/11 3/12 12/12 9/11 12/11 9/12 12/12 3 7. 26. 2. 1 3. 29. 23. 23. 28. 26. 2. 3. 1 7. 1. 24. 27. 26. 2. 3. 1 7. 1. 24. Int l Eq. Custom Hedged Index Ten-Yr Russell 3+5.% (1Q-lag) Barclays Universal 6 Month T-Bill Index NCREIF Property Index - 25 bps Bloomberg Commodity Index Int l Eq. Custom Hedged Index Russell 3 Russell 3 Int l Eq. Custom Hedged Index Barclays Universal 6 Month T-Bill Index Bloomberg Commodity Index NCREIF Property Index - 25 bps Ten-Yr Russell 3+5.% (1Q-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) Russell 3 Int l Eq. Custom Hedged Index Barclays Universal 6 Month T-Bill Index Bloomberg Commodity Index NCREIF Property Index - 25 bps Ten-Yr Russell 3+5.% (1Q-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) Russell 3 33

LA County Employees Retirement Association Custom Benchmark Specification Total Fund Quarter Ended 12/31/14 Label Quarter Start Quarter End Percent Description Policy Index (cont.) 3/13 6/13 12/13 3/13 9/13 12/13 26. 24. 2. 3. 1 1 1. 1. 1 1 3. 2. 24. 27. 23. 1. 1 1 3. 2. 24. 26. 24. 24. 26. Int l Eq. Custom Hedged Index Barclays Universal 6 Month T-Bill Index Bloomberg Commodity Index NCREIF Property Index - 25 bps Ten-Yr Russell 3+5.% (1Q-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) Ten-Yr Russell 3+5.% (1Q-lag) NCREIF Property Index - 25 bps Bloomberg Commodity Index 6 Month T-Bill Index Barclays Universal Int l Eq. Custom Hedged Index Russell 3 3-Mo U.S. T-Bill Index+5%(1M-lag) Ten-Yr Russell 3+5.% (1Q-lag) NCREIF Property Index - 25 bps Bloomberg Commodity Index 6 Month T-Bill Index Barclays Universal Int l Eq. Custom Hedged Index Russell 3 Russell 3 Int l Eq. Custom Hedged Index 34

LA County Employees Retirement Association Custom Benchmark Specification Total Fund Quarter Ended 12/31/14 Label Quarter Start Quarter End Percent Description Policy Index (cont.) 3/14 12/14 9/14 12/14 24. 2. 3. 1 1 1. 1 24. 25. 23. 2. 3. 11. 2. 2. 11. 3. 2. 23. 24. 25. 1 Barclays Universal 6 Month T-Bill Index Bloomberg Commodity Index NFI-ODCE + 4bps Ten-Yr Russell 3+5.% (1Q-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) NFI-ODCE + 4bps Russell 3 Int l Eq. Custom Hedged Index Barclays Universal 6 Month T-Bill Index Bloomberg Commodity Index Ten-Yr Russell 3+5.% (1Q-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) 3-Mo U.S. T-Bill Index+5%(1M-lag) Ten-Yr Russell 3+5.% (1Q-lag) Bloomberg Commodity Index 6 Month T-Bill Index Barclays Universal Int l Eq. Custom Hedged Index Russell 3 NFI-ODCE + 4bps 35

GLOSSARY As Allocated to Managers - The percent of total Trust assets held by the individual managers. The percentages are also summarized by manager category, i.e. Domestic Equity Managers, etc. As Invested by Managers - The percent of total Trust assets that each manager holds in each asset class. The percentages are also summarized by manager category. Beta - A measure of relative volatility. A beta over 1. indicates abovemarket volatility; below 1., less volatility. Current Yield - The stated coupon rate of a bond divided by its current market price. Distributions & Administrative Fees - Amounts withdrawn from the trust for the payment of benefits or non-manager fees. DBT/EQ - Debt to equity ratio. A measure of the relative amount of funds provided by lenders and owners. Debt / Equity Ratio = Long Term Debt Shareholders' Equity Effective Duration - An option-adjusted measure of the sensitivity of the portfolio to changes in interest rates. Equity Yield - The ratio of the level of current income from dividends to the most recent share price. Interest Rate Anticipation - The portion of net management effect which is attributable to deviation from the duration of the benchmark. Investment Gain/Loss - The investment income and realized or unrealized increase (decrease) in market value of a portfolio for the time period. Investment Fees - Amounts paid to investment managers as investment management fees. Market Capitalization - The sum of the market value of outstanding common stock of a company. Maturity - The date on which a loan, bond, mortgage or other debt/security becomes due and is to be repaid. Median Market Capitalization - The market capitalization that exceeds one half of the values in a population and which is exceeded by the other half of the values. The median has a percentile rank of 5. Net Contribution - The total amount contributed to the trust during the quarter. It includes amounts contributed to the managers accounts and amounts transferred within the trust from the managers accounts. Amounts withdrawn from the trust are not reflected in this column, since they are included in "Distributions & Administrative Fees" or "Investment Fees." Net/Real Return - A client or manager's total return adjusted for inflation by using the Consumer Price Index. Equity Yield = Indicated Annual Dividend Stock Price

GLOSSARY P/B - Price to book ratio, the current market price of a stock divided by the previous year's book value per share. ROE - Return on equity; return to stockholders measured by relating profits to stockholder's equity. P/B = Market Price of Common Stock Book Value per Share ROE = Net Profit After Tax Stockholders' Equity Portfolio P/B is computed as the reciprocal of the value-weighted summation of the individual stocks B/Ps. P/E - Price/earnings ratio, the current market price of a stock divided by the previous year's earning per share. P/E = Market Price of Common Stock Last 12 months' EPS Portfolio P/C is computed as the reciprocal of the value-weighted summation of the individual stocks E/Ps. Performance Comparison Data for Wilshire Associates Universe Comparison Service is supplied by Wilshire s Manager Universe Database and by Wilshire s Cooperative Universe Service. Quality - Weighted portfolio quality rating ranked as follows: GOV = 5. - 4.5 AAA = 4.49-3.5 AA = 3.49-2.5 A = 2.49-1.5 BAA = 1.49 -.5 <BAA =.49 - R Square - The percent diversification relative to the market. The higher the number (up to 1.), the more diversified. Sector/Issue - The portion of net management effect which is attributable to a manager's ability to choose bond market sectors and individual issues that outperform the market. Sector Weighting - The portion of net management effect which is attributable to a manager's ability to allocate assets across market sectors. Stock Selection - The portion of net management effect which is attributable to a manager's ability to choose securities that outperform the market. Style - Measures the return impact of a manager's investment style according to the selected index. Timing - The portion of net management effect which is attributable to a manager's ability to use cash in anticipation of falling markets. Total Fund Attribution Return Contribution The exhibit can be run with or without a Universe Allocation. The formulas below assume a Universe Allocation. If the exhibit is run without a Universe Allocation the relevant return contribution is included in the Strategic Policy Return Contribution. Universe Allocation = (Universe Return * Universe Allocation) / 1

GLOSSARY Strategic Policy = ((1. + (Policy Return * Policy Allocation / 1)/1) / (1. + (Universe Return * Universe Allocation / 1)) 1.) * 1 Asset Allocation = ((1. + (Actual Allocation * Policy Return / 1)/1) / (1. + (Policy Allocation * Policy Return / 1)) 1.) * 1 Years To Effective Maturity - The time remaining in years until the bond s last payment of interest and principal, taking into account prepayment contingencies of the bond. Yield To Effective Maturity - The option-adjusted yield provided by a bond to its maturity date. Active Management = ((1. + (Actual Return * Actual Allocation / 1)/1) / (1. + (Policy Return * Actual Allocation / 1)) 1.) * 1 Actual Return = (Actual Return * Actual Allocation) / 1 Total Net Management Effect - Measures the added return produced by a manager. Trading Effect - Measures the impact of quarterly trading on portfolio returns, determined by comparing the actual portfolio return with that of the buy-and-hold portfolio. The buy-and-hold return is used to illustrate the results that would have been obtained if the manager had maintained the initial holdings throughout the period. Turnover - The rate at which securities within a portfolio are exchanged for other securities, defined as the lesser of sales or purchases during a specified period divided by the average market value. Equity Turnover = Lesser of Equity Purchases or Sales Average Equity Market Value

GLOSSARY Wilshire Equity Sectors CGD Capital Goods CDU Consumer Durables CND Consumer Non-Durables ENR Energy FIN Finance M&S Materials and Services TEC Technology TRN Transportation UTL Utilities Wilshire International Sectors ENR Energy MAT Materials CAP Capital Equipment CON Consumer Goods SRV Services FIN Finance MIN Multi-Industry GMN Gold Mines MIS Miscellaneous Global Industry Classification Standard Sectors The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor s. GICS is the service mark of MSCI and S&P and has been licensed for use by Wilshire Associates. CDI Consumer Discretionary CST Consumer Staples ENR Energy FIN Financials HTH Healthcare IND Industrials INF Information Technology MAT Materials TEL Telecommunication Services UTI Utilities Fixed Income Sectors Maturity Sector Analysis FIN Finance FOR Foreign (Yankee Bonds) GA Treasuries & non-mortgage government agencies IND Industrial MISC Miscellaneous, cash and cash equivalents MTGE Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), and corporate mortgages TRAN Transportation UTL Utilities