Fresno County Employees Retirement System Data as of April 30, 2008

Fresno County Employees Retirement System Data as of April 30, 2008 June 4, 2008 Peter A. Nori, CFA Executive Vice President Templeton Global Equities Thomas J. Dickson Senior Vice President Institutional Client Service 650.312.3203 tdickson@templeton.com

Table of Contents Portfolio Summary and Process Tab 1 Performance and Portfolio Attribution Tab 2 Geographic and Sector Allocation Tab 3 Holdings Tab 4 Appendix Tab 5 This presentation is intended only as a general overview of the International Equity mandate and is for informational purposes only, and should not be construed or relied upon as investment advice. It has been provided to the recipient for use in a private and confidential meeting to discuss an existing investment advisory relationship and may not be reproduced or used for any other purpose. It is intended solely for the Client identified hereon. It is not meant for the general public. Information provided in this presentation is as of April 30, 2008, unless otherwise indicated.

Portfolio Summary Fresno County Employees Retirement System As of April 30, 2008 Fresno County Employees Retirement System (Gross of Fees) Portfolio Overview Investment Mandate International Equity Inception Date August 1, 1994 Lead Portfolio Manager Peter A. Nori Total Net Assets (USD) 243,435,528 Cash & Cash Equivalent 5.2% Number of Holdings 88 Market Capitalization (Weighted Average in Millions USD) Fresno County Employees Retirement System 65,562 Market Capitalization (Weighted Average in Millions USD) MSCI EAFE Index 57,813 Portfolio Performance (USD %) Fresno County Employees Retirement System (Net of Fees) MSCI EAFE Index 1Month 5.5 5.4 5.6 YTD -6.2-6.4-3.8 1 Year -3.0-3.4-1.3 2 Years* 11.0 10.5 9.0 3 Years* 16.2 15.7 16.7 5 Years* 20.4 19.8 20.9 7 Years* 9.7 9.2 9.4 10 Years* 7.0 6.5 7.0 Since Inception* 9.6 9.1 7.6 *Average Annual Returns All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 3

Franklin Templeton Institutional Firm Overview Franklin Templeton Institutional offers a full range of institutional investment capabilities from six distinct investment management platforms. FRANKLIN INVESTMENTS Total Combined Assets Under Management (AUM): US$591.1 Billion 1 Franklin Global Advisers Templeton Franklin Templeton Real Estate Advisors Franklin Templeton Fixed Income Darby Mutual Series Established 1947 2 1940 1984 3 1971 4 1994 1949 Focus Global, International, & U.S. Equity Global, International, & Emerging Markets Equity Global Real Estate Global & Regional Fixed Income Emerging Markets Private Equity & Mezzanine Finance Global & U.S. Equity; Distressed Debt Style Growth, Core Core Value Multi-Sector, Multi-Region Single Sector, Multi-Sector Multi-Sector Deep Value AUM 1 US$113.3 Billion US$199.6 Billion US$4.4 Billion US$154.9 Billion US$1.6 Billion US$76.2 Billion FRANKLIN INSTITUTIONAL Institutional AUM: US$173.8 Billion 1 Single Business Development, Relationship Management, and Consultant Relations Platform 1. Source: Franklin Templeton Investments, as of 3.31.08. Assets under management (AUM) combine the institutional and non-institutional AUM of U.S. and non-u.s. investment management subsidiaries of the parent company, Franklin Resources, Inc. [NYSE: BEN], a global investment organization operating as Franklin Templeton Investments. Institutional AUM is the combined institutional assets of Franklin Templeton Institutional, LLC, and its affiliates. Figures for the assets under management above may not correspond precisely to the assets under management for the units of Franklin Templeton Investments as defined for purposes of the Global Investment Performance Standards (GIPS ). For GIPS purposes, Franklin Global Advisers and Franklin Templeton Fixed Income are both units of the firm Franklin. Numbers may not equal 100% due to rounding. Please note that the table above does not include Bissett Asset Management or Bissett s SMA business (combined AUM of US$18.6 billion as of 3.31.08), Fiduciary Trust Company International (AUM of US$9.9 billion as of 3.31.08), or Franklin Advisory Services LLC (AUM of US$12.4 billion as of 3.31.08). The firms are wholly owned subsidiaries of Franklin Templeton Investments and offer solutions to Canadian (Bissett), high net-worth (Fiduciary), and U.S. value-oriented mutual fund (Franklin Advisory Services) investors. 2. Franklin Global Advisers, a unit of Franklin, combines the expertise of the Franklin Advisers, Inc., and Fiduciary Global Advisors (formerly Fiduciary Trust Company International) equity teams (with origins dating back to 1947 and 1931, respectively). 3. Franklin Templeton Real Estate Advisors originated in 1984 as the global real estate team of Fiduciary Trust Company International. 4. Franklin Templeton Fixed Income, a unit of Franklin, combines the expertise of the Franklin Advisers, Inc., and Fiduciary Trust Company International fixed income teams (originating in 1971 and 1973, respectively). 4

Investment Philosophy VALUE We seek companies that we believe are trading at a discount to what our research indicates the company may be worth. PATIENCE Security prices can fluctuate more widely than underlying security values. In our opinion, market efficiencies should recognize and correct these security prices over time. BOTTOM-UP We identify value through rigorous fundamental analysis of a company s business to determine what we consider its economic worth based on projected future earnings, cash flow or asset value potential. 5

The Templeton Advantage A CLEAR PHILOSOPHY, CONSISTENTLY APPLIED Templeton s proven ability to consistently apply our philosophy for more than 60 years. A CULTURE DEFINED BY OUR GLOBAL PERSPECTIVE Global thinking, global research, and a global search for value are the basis of our culture, and are key to global investment decisions. RESEARCH BUILT TO UNCOVER THE BEST OPPORTUNITIES Within a framework of rigorous review and risk management, our approach to research maximizes the creativity and expertise of our research teams. SUPERIOR CLIENT SERVICE We deliver outstanding client service through a deep knowledge of our clients investment needs. 6

Templeton Global Presence Presence Vienna Buenos Aires Ft. Lauderdale Nassau Edinburgh Warsaw Frankfurt Rio de Janeiro Toronto Johannesburg Moscow Istanbul Dubai Hong Kong Shanghai Melbourne Mumbai Seoul Singapore Global Research Offices Emerging Markets Research Offices Templeton has 19 Global Equity and Emerging Markets research offices worldwide, providing on-the-ground, comprehensive research insights and contacts. As of 10.1.07. 7

Templeton Global Equity Group CHIEF INVESTMENT OFFICER Gary Motyl, CFA DIRECTOR OF RESEARCH Norman Boersma, CFA DIRECTOR OF PORTFOLIO MANAGEMENT Cindy Sweeting, CFA NASSAU TORONTO FORT LAUDERDALE EDINBURGH SINGAPORE MELBOURNE HONG KONG FRANKFURT 4 PM/Analysts 2 Analysts 6 PM/Analysts 3 Analysts 7 PM/Analysts 3 Analysts 3 PM/Analysts 1 Analyst 1 PM/Analyst 1 PM/Analyst 1 Analyst 3 PM/Analysts 1 Analyst 1 PM/Analyst Average 15 years of industry experience Average 9 years of tenure with the firm 10 nationalities 9 languages As of 3.31.08. 8

Integrated Global Research Platform Director of Research: Norman Boersma, CFA GLOBAL SECTOR TEAMS INFORMATION TECHNOLOGY James Harper Eric Howe Matthew Nagle Peter Nori Katherine Owen Craig Watson Peter Wilmshurst Maarten Bloemen Martin Cobb Neil Devlin Tony Docal Tina Sadler David Tuttle Craig Watson Small Cap Technology Computers & Peripherals EMS/Component Manufacturers Semiconductor Equipment & Products Consumer Electronics/ Household Durables Internet Software & Services Software IT Consulting Office Electronics MATERIALS Metals & Mining Energy E&P Alternative Energy Integrated Oil & Refiners Energy Equipment & Services Small Cap Cyclicals Chemicals Building & Construction Small Cap Energy Paper & Forest Products Herbert Arnett Alan Chua Tony Docal Harlan Hodes Peter Moeschter Lisa Myers Matthew Nagle Katherine Owen Craig Watson Mathias Strohfeldt Joanne Wong Guang Yang CONSUMER Small Cap Media Automobile Components Automobiles Leisure Equipment & Products Small Cap & Asian Consumer Goods Beverages/Food Products Household/Personal Products Textiles & Apparel Food & Drug Retail Hardline/Softline Retail Cable/Satellite Hotels, Restaurants & Leisure Publishing/Advertising Broadcasting Internet Software/Services UTILITIES North & South American Gas/Electric/Water Utilities Asian Gas/Electric/Water Utilities European Gas/Electric/ Water Utilities Alan Chua Tian Qiu Tina Sadler Tucker Scott Heather Waddell Uwe Zoellner Mohan Kandiah Peter Nori Katherine Owen Tian Qiu INDUSTRIALS Machinery Airlines/Air Freight & Couriers Marine/Shipping Road & Rail/Transportation Infrastructure Construction & Engineering Commercial Services & Supplies Trading Company & Distributors Small Cap Capital Goods Small Cap Cyclicals Aerospace & Defense Electrical Equipment Industrial Conglomerates HEALTH CARE Biotechnology Generic Manufacturers Pharmaceuticals Providers & Services Medical Technology, Equipment & Supplies Small Cap Health Care Dylan Ball Neil Devlin Harlan Hodes Eric Howe Brad Radin Simon Rudolph Mathias Strohfeldt James Harper Matthew Nagle Tina Sadler Peter Wilmshurst Joanne Wong FINANCIALS Global Property & Casualty Multiline Re-Insurers Insurance Brokers North American Banks South American Banks Small Cap Financial Services North American Thrift/Mortgage Australian & Asian Banks Real Estate Diversified Financials Capital Markets European Banks TELECOM SERVICES North & South American Fixed Line & Wireless Telecom Cable/Satellite Wireless Telecom Latin American & Small Cap Telecom Fixed Line Telecom Telecom Equipment Research Technology Group As of 2.25.08. Note: Sector team leaders in boldface. Global Research Library Junior Research Analysts ADDITIONAL RESOURCES Portfolio Analysis & Investment Risk Group Global Trading Platform Emerging Markets Group Institutional Product Management 9

Building the Templeton Portfolio 'S BOTTOM-UP STOCK SELECTION PROCESS 5 4 3 2 1 Portfolio Monitoring and Risk Management Bottom-Up Portfolio Construction Research Team Evaluation In-Depth Fundamental Analysis Identify Potential Bargains Ongoing valuation analysis Disciplined sell methodology Weekly peer review and risk analytics Investment guidelines Industry and sector framework Build and diversify portfolio Long-term approach: 20% historical turnover 1 Presentation of investment thesis Investment debate and critique Director of Research approval Five-year financial forecasts Management/supplier/competitive evaluation Recommendation of Bargain List candidates Experienced analysts Focus on global industry sectors Quantitative and qualitative assessment 1. Historical turnover is based on Templeton s experience as a Firm, over a five-year period ended March 31, 2008. The turnover is a byproduct of Templeton s long-term approach to managing portfolios, but various factors, such as a portfolio s specific investment guidelines and market or economic conditions may cause actual portfolio turnover to vary. For more information regarding an individual strategy s historical turnover ratio please contact your Institutional marketing representative at 1.800.321.8563. 10

Historical Performance Fresno County Employees Retirement System As of April 30, 2008 Total Returns (USD %) Inception Date 1Mth YTD 1Yr 2Yrs* 3Yrs* 5Yrs* 7Yrs* 10 Yrs* Fresno County Employees Retirement System Gross of Fees 08.01.1994 5.5-6.2-3.0 11.0 16.2 20.4 9.7 7.0 9.6 Fresno County Employees Retirement System Net of Fees 5.4-6.4-3.4 10.5 15.7 19.8 9.2 6.5 9.1 MSCI EAFE Index 5.6-3.8-1.3 9.0 16.7 20.9 9.4 7.0 7.6 Since Incept* *Average Annual Returns (USD) All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 11

Portfolio Attribution: by Sector and Country Fresno County Employees Retirement System vs. MSCI EAFE Index May 1, 2007 to April 30, 2008 Contributors/Detractors by Sector Contributors/Detractors by Country Telecommunication Services 1.5 Spain 0.9 Financials 1.4 Japan 0.9 Utilities 0.7 Denmark 0.7 Information Technology 0.3 Singapore 0.4 Energy 0.1 Switzerland 0.4 Industrials 0.0 Australia -0.4 Consumer Staples -0.2 France -0.4 Health Care -0.8 Finland -0.7 Materials -2.1 Germany -1.4 Consumer Discretionary -2.6 United Kingdom -2.1-3.0-1.5 0.0 1.5 3.0 Total Effect (%) -3.0-2.0-1.0 0.0 1.0 Total Effect (%) Total Effect represents the opportunity cost of investment decisions in a group relative to the overall benchmark. Index statistics calculated by FactSet Research Systems, Inc. Profile data is calculated as a percentage of equity. All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 12

Index Sector Returns May 1, 2007 to April 30, 2008 MSCI EAFE Index % Returns (USD) Financials Industrials Materials Consumer Discretionary Energy Consumer Staples Health Care Utilities Telecommunication Services Information Technology -30-18 -6 6 18 30 Market Cap (Billions) % Return in USD Price to Earnings Price to Book Price to Cash Earnings Yield MSCI EAFE 13,154.9-1.3 13.0 1.9 8.4 3.2 Financials 3,534.1-11.7 10.8 1.4 13.7 4.4 Banks 1,899.7-11.3 9.7 1.4 0.0 4.8 Diversified Financials 585.5-18.6 13.7 1.6 12.9 4.5 Insurance 654.5-6.4 10.2 1.3 0.0 3.9 Real Estate 394.4-10.5 15.7 1.2 14.4 3.0 Industrials 1,582.4-2.5 13.8 2.1 8.3 2.4 Capital Goods 1,169.1-0.1 13.8 2.1 8.8 2.3 Commercial Services & Supplies 104.6-13.3 16.1 2.7 9.4 2.5 Transportation 308.6-6.3 13.2 1.9 6.7 2.7 Materials 1,454.5 22.7 14.3 2.5 9.0 2.0 Materials 1,454.5 22.7 14.3 2.5 9.0 2.0 Consumer Discretionary 1,342.4-11.4 12.6 1.7 6.7 2.8 Automobiles & Components 533.5-4.5 10.2 1.4 4.7 2.5 Consumer Durables & Apparel 305.7-11.6 16.0 1.7 8.9 1.9 Consumer Services 121.0-20.9 15.2 2.4 9.7 3.9 Media 215.9-11.5 13.9 2.1 9.0 4.0 Retailing 166.3-20.9 14.5 2.3 10.0 3.0 Energy 1,108.1 20.7 10.8 2.5 7.1 3.3 Energy 1,108.1 20.7 10.8 2.5 7.1 3.3 Consumer Staples 1,103.0 6.7 18.7 3.0 12.6 2.6 Food & Staples Retailing 283.7-1.5 19.0 2.3 10.4 2.6 Food Beverage & Tobacco 708.5 10.5 18.3 3.3 13.5 2.6 Household & Personal Products 110.8 3.1 20.2 3.8 14.6 1.8 Health Care 818.9-9.4 15.8 2.9 12.7 3.0 Health Care Equipment & Services 104.5-4.9 22.3 3.4 15.5 1.4 Pharmaceuticals & Biotechnology 714.4-10.0 15.1 2.8 12.4 3.2 Utilities 771.7 8.9 14.9 2.1 7.7 3.3 Utilities 771.7 8.9 14.9 2.1 7.7 3.3 Telecommunication Services 749.7 6.3 13.1 1.8 5.3 4.6 Telecommunication Services 749.7 6.3 13.1 1.8 5.3 4.6 Information Technology 690.3-5.4 19.3 2.2 9.0 2.0 Semiconductors & Semiconductor 64.5-25.0 17.0 1.6 7.0 1.5 Equipment Software & Services 168.3 14.6 23.4 3.9 17.5 2.0 Technology Hardware & Equipment 457.4-8.0 18.4 1.9 7.9 2.1 All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 13

Portfolio Composition: Sector Allocation Fresno County Employees Retirement System vs. MSCI EAFE Index As of April 30, 2008 Financials Consumer Discretionary Industrials Telecommunication Services Energy Health Care Information Technology Consumer Staples Utilities Materials Weightings as percent of equity. 0 5 10 15 20 25 30 Fresno County Employees Retirement System MSCI EAFE Index Portfolio % Index % Over/ Under Financials 21.3 26.9-5.6 Banks 9.6 14.4-4.9 Insurance 6.0 5.0 1.1 Diversified Financials 4.6 4.5 0.2 Real Estate 1.1 3.0-1.9 Consumer Discretionary 15.0 10.2 4.8 Media 5.6 1.6 3.9 Automobiles & Components 2.7 4.1-1.4 Consumer Services 2.5 0.9 1.6 Consumer Durables & Apparel 2.4 2.3 0.1 Retailing 1.8 1.3 0.5 Industrials 14.6 12.0 2.6 Capital Goods 10.7 8.9 1.8 Commercial Services & Supplies 2.3 0.8 1.5 Transportation 1.6 2.4-0.7 Telecommunication Services 12.6 5.7 6.9 Telecommunication Services 12.6 5.7 6.9 Energy 9.7 8.4 1.3 Energy 9.7 8.4 1.3 Health Care 8.5 6.2 2.3 Pharmaceuticals Biotechnology & Life Sciences 7.5 5.4 2.0 Health Care Equipment & Services 1.0 0.8 0.2 Information Technology 7.6 5.3 2.3 Technology Hardware & Equipment 4.1 3.5 0.6 Software & Services 2.2 1.3 0.9 Semiconductors & Semiconductor Equipment 1.3 0.5 0.8 Consumer Staples 4.8 8.4-3.6 Food Beverage & Tobacco 4.8 5.4-0.6 Food & Staples Retailing 0.0 2.2-2.2 Household & Personal Products 0.0 0.8-0.8 Utilities 4.3 5.9-1.6 Utilities 4.3 5.9-1.6 Materials 1.8 11.1-9.3 Materials 1.8 11.1-9.3 All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 14

Index Market Returns May 1, 2007 to April 30, 2008 MSCI EAFE Index % Returns (USD) Austria Belgium Denmark Finland France Germany Greece Ireland Italy Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom Australia Hong Kong Japan New Zealand Singapore Market % Return in % Change Price to Cap % Return Local in Ex. Rate Price to Price to Cash (Billions) in USD Currency (USD) Earnings Book Earnings Yield EAFE 13,154.9-1.3-10.6 0.0 13.0 1.9 8.4 3.2 Europe 9,115.3-1.1-9.4 0.0 12.1 2.0 8.4 3.6 Austria 83.2-6.6-18.1-12.3 15.2 1.7 8.0 2.3 Belgium 170.7-8.4-19.7-12.3 12.4 1.5 9.4 5.1 Denmark 126.8 8.5-4.7-12.2 15.8 2.8 12.6 1.6 Finland 225.2 10.2-3.4-12.3 13.8 2.8 9.2 3.6 France 1,425.9-1.8-13.9-12.3 12.3 1.8 7.8 3.6 Germany 1,192.2 7.2-6.0-12.3 12.1 1.8 7.4 3.1 Greece 92.8 5.9-7.1-12.3 13.0 2.6 8.7 3.4 Ireland 88.4-21.1-30.8-12.3 8.8 1.5 9.1 3.7 Italy 516.1-7.5-18.9-12.3 11.4 1.5 5.7 4.7 Netherlands 369.6 0.4-12.0-12.3 9.1 1.9 7.9 3.9 Norway 150.4 17.8 1.2-14.1 12.8 2.6 8.4 2.6 Portugal 44.7-0.5-12.7-12.3 13.6 2.4 6.5 4.4 Spain 573.5 14.8 0.6-12.3 12.0 2.2 7.0 3.9 Sweden 312.3-11.7-21.1-10.7 12.0 2.1 8.9 4.0 Switzerland 902.8-5.2-18.2-13.7 16.6 2.6 13.4 2.9 United Kingdom 2,840.9-4.0-3.1 1.0 11.5 2.1 8.8 3.8 Pacific 4,039.6-1.8-13.0 0.0 15.7 1.7 8.4 2.3 Australia 868.4 7.4-5.1-11.7 15.2 2.5 12.7 4.1 Hong Kong 294.9 20.4 20.0-0.3 16.2 2.0 12.5 2.6 Japan 2,707.6-6.6-18.3-12.5 16.1 1.5 7.4 1.7 New Zealand 15.7-10.4-14.8-4.9 11.7 2.0 7.1 6.2 Singapore 152.9 9.9-1.8-10.7 12.4 2.0 9.5 2.8-30 -15 0 15 30 All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 15

Portfolio Composition: Geographic Allocation Fresno County Employees Retirement System vs. MSCI EAFE Index As of April 30, 2008 Europe Asia North America Portfolio % Index % Over/ Under Europe 81.7 69.3 12.4 United Kingdom 24.0 21.6 2.4 France 12.1 10.8 1.3 Germany 12.0 9.1 3.0 Switzerland 6.3 6.9-0.6 Netherlands 6.1 2.8 3.3 Spain 5.8 4.4 1.5 Italy 5.1 3.9 1.2 Sweden 3.1 2.4 0.8 Norway 2.2 1.1 1.1 Finland 1.8 1.7 0.1 Denmark 1.4 1.0 0.5 Austria 1.3 0.6 0.7 Belgium 0.0 1.3-1.3 Other 0.6 1.7-1.1 Asia 16.8 24.0-7.2 Japan 11.2 20.6-9.4 Singapore 3.9 1.2 2.7 Hong Kong 1.7 2.2-0.5 North America 1.5 0.0 1.5 Bermuda 1.5 0.0 1.5 Australia/NZL 0.0 6.7-6.7 Australia 0.0 6.6-6.6 New Zealand 0.0 0.1-0.1 Australia/NZL 0 15 30 45 60 75 90 Fresno County Employees Retirement System MSCI EAFE Index Weightings as percent of equity. All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 16

Top Ten Equity Holdings Fresno County Employees Retirement System As of April 30, 2008 Name of Security Country Industry Percent of Total 1. TELEFONICA SA Spain Telecommunication Services 2.4 2. TELENOR ASA Norway Telecommunication Services 2.1 3. TOTAL SA France Energy 2.1 4. VODAFONE GROUP PLC United Kingdom Telecommunication Services 1.9 5. FRANCE TELECOM SA France Telecommunication Services 1.9 6. SINGAPORE TELECOMMUNICATIONS LTD Singapore Telecommunication Services 1.9 7. NESTLE SA Switzerland Food Beverage & Tobacco 1.8 8. E.ON AG Germany Utilities 1.8 9. ROYAL DUTCH SHELL United Kingdom Energy 1.8 10. ING GROEP NV Netherlands Diversified Financials 1.8 Total 19.4 Holdings of the same issuer have been combined. 17

Fundamental Portfolio Characteristics Fresno County Employees Retirement System vs. MSCI EAFE Index As of April 30, 2008 Price to Earnings Portfolio Benchmark Weighted Average 11.6x 13.1x Median 12.4x 14.4x Percentage Covered 93.1% 99.8% PricetoCashFlow Portfolio Benchmark Weighted Average 6.4x 8.4x Median 8.3x 9.1x Percentage Covered 94.2% 87.1% PricetoBookValue Portfolio Benchmark Weighted Average 1.8x 1.9x Median 1.7x 1.8x Percentage Covered 99.0% 99.9% Dividend Yield Portfolio Benchmark Weighted Average 3.5% 3.2% Median 3.1% 2.3% Percentage Covered 99.0% 100.0% Market Capitalization (Millions USD) Portfolio Benchmark Weighted Average 65,562 57,813 Median 30,687 5,742 Max 249,647 229,339 Min 240 369 Percentage Covered 99.0% 100.0% Source: FactSet. For the portfolio, the Price to Earnings, Price to Cash Flow, and Price to Book Value calculations for the weighted average use harmonic means. Values less than 0.01 (i.e., negative values) are excluded and values in excess of 200x are capped at 200x. Yields above 100% are also excluded. For the benchmark, no limits are applied to these ratios in keeping with the benchmark s calculation methodology. Market capitalization statistics are indicated in the base currency for the portfolio presented. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security s issuing company. This methodology may cause small differences between the portfolio s reported characteristics and the portfolio s actual characteristics. In practice, Franklin Templeton s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. The market capitalization figures for both the portfolio and the benchmark are the security level, not aggregated up to the main issuer. The dividend yield quoted here should not be used as an indication of the income to be received from this portfolio. All MSCI data is provided as is. The portfolio described herein is not sponsored or endorsed by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the portfolio described herein. Copying or redistributing the MSCI data is strictly prohibited. 18

Management Profile PETER A. NORI, CFA Executive Vice President Portfolio Manager/Research Analyst Templeton Global Equities Templeton Investment Counsel, LLC Fort Lauderdale, Florida, United States Peter A. Nori, executive vice president, has research responsibility for the Global Semiconductor and the Global Pharmaceutical industries. In addition, Mr. Nori manages several institutional portfolios as well as the FTVIPT Templeton Foreign Securities Fund and FTVIPT Templeton Global Asset Allocation Fund. Mr. Nori joined Franklin in 1987 as a shareholder services representative and entered the management training program in 1988. In March 1990, he joined the research department as an equity analyst and co-portfolio manager of the Franklin Convertible Securities Fund. After joining Templeton s global equity research team in 1994, Mr. Nori s initial responsibilities involved researching small capitalization securities on a global basis. Mr. Nori earned a B.S. in finance and an M.B.A., with an emphasis in finance, from the University of San Francisco. He is a Chartered Financial Analyst (CFA) Charterholder and a member of the CFA Institute. 19

Management Profile THOMAS J. DICKSON Senior Vice President Client Service Franklin Templeton Institutional San Mateo, California, United States Thomas J. Dickson, senior vice president, is a relationship manager in the Client Service group and is responsible for a number of separate account and institutional fund client relationships. Mr. Dickson started his career at Franklin Templeton in the San Mateo management training program in 1992. In 1994, he moved to Templeton s Fort Lauderdale office where he took on the role of portfolio manager and research analyst. Mr. Dickson earned a B.S. in managerial economics from the University of California, Davis, and an M.B.A. with emphasis in international business from the University of Miami. Mr. Dickson holds NASD Series 6, 7, and 63 licenses. 20