1.2

53887

WATER AND POWER EMPLOY· S' RETIREMENT PLAN AND RETIREE IiEALTH BENEFITS FUND SUMMARY OF INVESTMENT ReTURNS AS DF AUGUST 1. 201 I (PRELIMINARY)

FY 2009 to 2010 FY 2010 to 201 I f'Y

RETIREMENT PLAN Fro. 10 J

July 1,200 une 30, 2010

From July 1.2010 10 June 3 .2011

e~ <.kAock Inv 5lmer,t ( el3ekRoe~ Inv ,lment Ru! 111000 lod"" VcdU edde<l

....J;I) (ell N I)

IS , 1534 1522 012%

32.07 32..07~"

31.84,. O,14~.

LARGE CAP T R<> Piloe . LC Vlllue (GtosI) 30.04"~

2968",T Ro.... Prioe . LC VaIu" Cap tNel) Ru" ell 1000 V kle Inde 28.84':1. V iu added 0.76

27,88':1.AFS(t'Jr ) 1010" 9.77% 27.48,..MFS (Nell

Ruuell 100D Value Indo. 189:>~ 289-4 .716 1.46Value odde<l

11125 'Fr«l Alg.er (G",..,) 42. Fred Aig t (N II 15.116" 42.15 RlIM6I11000 Gso"Mh Inti 13 3500"'.

7,14V.lue B<Id<ld 2.26'10

,INltCH (GrGS_) NtANlA INTECH (N t) NlIt, MIA Russell 1000 Grov.1h Inda NlA NtA Voluu Ildd4ld NtANlA (T('rmln led ~n August 2009 due to performance 'HUH}

r Ro F"r",. LC GrolMh (Gross) (e) 3170 T Ro".. P,,,,,,, LC GrooMh (Nel)

·149-4% ·1490 31.25"

Russell 1000 Grc,..;t, ,rille. 3500% V IueIMld<ld

12.72 ·216% -3.75%

NtA12. 3" NlA

12 6% 1

NtA .003'11. NlA

Oct. 2009 thru M ,.2010)

.58 ' 33.79 31.35,. 2.44

NlA NtA NlA NfA

quan. performance through Mar. 2010)

NtA NtA NtA NtA

41 16", 39.79% 4349

034 -3.7u""

NtAFj2000 Growth T'"ns~n (Gfo&ol 1237% R2000 GroWlh Translllol'l (N I) 12.37 ' NlA Rusaf! 2000 GrO\Mh too&>; 1207'11. NtA IJ IIl8 added 0.30"\ Nlil (TlUTlpo ry Passive accau.nt ..i~ S8pt. 2.009. Perform1lfl~ from Oct. 2009 Ihru r.20101

(3) TOlal ""rb vAtu h " t...u.:ed by """', otJItlow'ot periodlc """h 'oplenlshmoll for'he PIM'8 0P"""'1'I9 needs. (bl Figure. ,effect parlin! y...' ",turM f..om inl.oejltH>n dele, (e) Parlo,"",""e Deg,nn,no May ~OII).

(.) O"grn j n.e,;lm nt ~ ,,"COO by $57 I mm (RP) , nd S2371mm (HPj dllG'o _, re.aJIocoIJo" ... illig. 2009

Page 1 of 8

5a.!

284 2776% 211.05% 2.1g.,;,

pt. 2009. Perform4Jle;e. f'rom

23.26 22.53 2M7" ,254

NlA NlA NtA NlA

·1:'.39% ·12.54 ·12aa",

rman ~ is

lh Inde,

~61 Sap 04 $248.5 -9_ ·8.35 -O.:J1"

-875, 5243,6 -8.80%

Feb·04

-9.35" 0.66%

-9611 ' Feb 04 -1174 -623 ·3~

Feb-04 52438NlA NtA NIA NlA

-70&" Apr·l0 S3S8.3 -715 ·6..2.3% -0.92""

NlA NiA A

NIA NJA

-984 Nov-<l4 o ·9.83, 1165 19'"

$47.9 NtA NtA NlA

NlA

NlA NlA NlA NtA NlA

$1006-1432">0 1.4 48~~

·12.16, ·2.33~.

NlA NlA NlA NtA

NlA

M I Value 8I:l112011

(in M.llione)

( )

?011 to 201 '}

From July I 2011 to AU~lus' 31,2011

-7.79"10 -779'10 .7.80% 001,.

nceptiiOr'J

Da

Au ·03

In ption

Amount (in WII,,,,,,,)

SI,768.8 mm n (S7835 m,lli:ll; from

OtiglMllundlna plu. 5983.1 mIllion

Irom Nortl_, r ru51 on NIb OS) RedemplJbn of$1 690 blI1ion

<107

$4142

NlA

$1061

WA

NIA

$106 I

NfA

WAT EA A POWER EMPLOyEES' RETIREMENT PLAN AND ETIREE HEA n! BENEFrlS FUND SUMMARY OF INVEST\lENT RllUANS AS OF AUGUST 31 2U11 (PRELIMINARY)

FY 2009 10 2010 FY 2010 to 2"1 I FY 2011 to 2012 rnoeptiof) Mark~1 Value From JUly 1 2.009 From July 1,2.010 From July 1,2011 Inception Amount 8/3112011

RETIREMENT PLAN t<, June 3".20'" to June 30, .2.011 to Auyust31, 2011 Dato (in r~illions) (In Millions)

INTERNAlIONAL DEVELOPED '''''&$00 (Gross) 6,04'" 26.69 -t75"­ 2700 $3..9 Inv""" (Notl 5.68% 28.36'1(, ·8fl2 MSCI World eX USA IMf In III 8,46·. 31 111(, .Q 77')r,

v IlNl dd"'/ ·2 86 2.75"'0 0 00 (Placed on wldch statu n AUgulIl 010 due 10 • gn,hclIJlI or9 nwl1lOnallN.... E.x1oncled watch _t.... in July 2011 dlHl rtorman. ilUJues)

The EIoo;ton Campall'i (Gr ) 8.03'" 241 • 1M IIoo;to/I C¢<npany (Noll 7.81~. 2388 MSCI World ex USA IMI IfJ lZl 8.4~. 31,11 Ve'ue <:k!ed -0 as "74~

(placed on VI tch etalu ,n 0 mber2r)10 due to performo1~e i••ue.s)

P)'r::II'M IGro'lS1 a,6S. 33.70"­Py,. ,i (Noll 8_300.. 33.29% MSCI World US.... IMI (0 el) 8.46% 3111 Vnluoeddod ·0 16 2.1~

(Anign,""nt to Py mi. lobal Advlsora eff.. iv SepL 30, 20(6)

EMERGING hMRKET Ill. ao.ton Cotrj>ony (G,,,sa) 232.1' 22.&& TIt Boston Com,>""V (N I) 2215"­ 21,&5 MSC! Ern <ging Ml<t5 IMI (I) (z 24111 2753% V '''added -2.76 -598%

r Ro,.., Price la, 'j 24 S·' 28.42~

r R"we Pre. (N II 2345~ 27.2A.. MSCI Emerging Ml<Io 1M! If) (l 24.111 27.S3 'llllu. "ddfld .146% -027"1. (Terminated In March 2011 du to performanco i..uea:)

CORE FIXED INCOME ING (Cross) 670't0 NlA

NlAING(NeO .llO'SO a goo. Nil'.

Vok,. dd<Jd BC Ag 10<1«'

-030"- NlA (TelYllInated In Oct. 2.009 du.lO performance ISSU- ~ Sub8equonl pOiformance throu h M.. r.~"10)

,1113% ..11 Ie". .g 77')r,

, 41-"

f-05 2700 $317.

~.S4.~

·959% ·977,. 0.18"lo

Nov-04 $265.0 $4009

10ao 1095 '

r 65 1201

~.35%

·1.59

-8.57' ~8 71 ;;J

-9.35"4 0.64%

$A56 $I'S.5

NlA NlA NIP>

NlA

Nil'.

WElLS (GI'05O) 1166 5.01 3.25'" Sll20.7 $1,062' WElLS (Nel) 11 .5G ~ 4~' 3.23.... ,vi Be Aggreg.>le Index 9,50'\ 390" 307. Ii lueedd<Jd 207" Og 0.16. (Placed on watch det... ,n Janll"fl' 2010 due to organ tionol ...ue.)

JP Mor n (Gross) tel 2.3 SA5~ 2.56"­ Apr.tO $1,103..5 JP Morgnn (N I 2.3t .. 5.34'M. 2.54 BC Aggl_le I ox 2.42"0 3.90% 307 Volue added -012% 1.44% -<l.53'l'o

""li=IG""'H""Y=IE""'LD~-----·_--t--------I---------I-------+------t----..---+---------1 ~103,o 113.3

WElL Higtl Y",1d (NQll 212.7"'0 12?7'!<, -238'lCo Be COI1"'''''I. HY 1M&.( 26 Trlo 15.&1·" ·289'Jro V.,lJtI fl<lded oS.so -2,67 061 % (Pined on watch status III Januery 2:010 due to perlormllnce ,......... ApprOVed for replacement In July 2.011 dualo poor pcrformllAC4iII)

WELLS HIQh 'Yiliki (Gross) 2161 13.2:9% -2.31 NOI/·Q4

l.<lomla So.y,e H'Ollh Vi 1<1 (GroIIlIl 28.33 21 -3' 6toa.O $119.• Loomill SIlyles High Yield IN BC Co"",,,,,,,, HY Inde.

J 2771 26?7 ,

21,000: 15.64%

-4 02"l0 ·28!l%

V Iu. o.dd d 0,9.1". 5.3 ., 13'1<.

(t) P.rformllr1C8 beginning y 20'"', \~ POIi:y e..1, hlMtksfnrTOll>' Non US EqullV. DeYeIopdd nd ~g Md,1c.alo I P c:e<l by MSCIACWI ex us IMI, MSCIWorld e. US IMI.8nd MSCI EMF!MI

I speclJllelY e/fectJll8 J/lOuary t. 2OQ;I. M o.iguml inYostlll8nt.o ,ooduced by $151 Omm {RPI "d $94.3mro (HPJ dll 10 ....... I Iloc.oIIOn III Aug. 200~ (z) Int..rnallonal B.nthm~( MSC' World Ex.lJS IMI. MSCr Em 'uIfIClIMI, lUld MSCI ACWI Ex·US 1M! 1> rev~ 10 show "Nor Ow ndo- eI1ecth1e SepI8ml>el30. 2010

Pag<l2 oj 8

5a.2

813112011

WATER AND POWER EMPLOYEES' RETIREMENT PLAN AND RETIREE HEAlTH BENEFITS FU 0 SUMMARY OF INVESTMENT R URNS AS OF AUGUST 31,2011 (PREUMINAAY)

MMkelVlll.... From July 1.2009

FY 20091a 2010 FY 2010 to 201 t FY 2011 to 2012 Inception From July 1,2011 Inception AmountFrom July 1,2010

0_ (In MlUlons) to June 30, 2010 to June 30. '2011 10 AU01US! 31, :Wl1RETIREMENT PL.AN In IAllllo"") AI.TERNATIVE INVESTIiIENTS PAI'~1Y.

$21 S 16.63 NtA Jun-08LOXJJl9lon Capital VI (Gr"".) (I) (tI) 'a03"4 (m) NtA

'A PENe Blend Ind 11.87 LoxlIIgton ltdl VI (N 1&.11 ' 18.0 '

10.32% NlA V lu" ded 4.34"4 NtAS75

ITO: m.1 mlllio Totol c p' dlotrobut ITO: S10.82 million)

ndmarl< XIII (GrO$S 10 (iv)

Performanc for 201~al0. T tal commitment: $30 million. Total c

$2e.g9 tl2'i. (m) 11 09% NlA Nov 6 8.34% 10.13% NlA

A PENG Blend<ld Ind ndrnarl< XIII (Nal)

t ,.a7 18.87% NlA V I""lld~d -353"' ·8.74'4 NJA Performance fo, 2010-1011. Total commitm nt: $30 million. Tollll capital call..d ITO: S2tl.87 million. Totill ""pltal d!t;tributed fTO, S14.34 million)

COHRJ SOF II (Gross) (Q ("') 8.18% (n) 14.flol% $18S $170 COHRJ SO. II (Net) 4 &7%

NlA Mar OS 13.84'1. NlA

CA PEIVC B nded Ind"" ·15.94"" 18.16 NlA V"I..-added 20111 • ·~51 NlA (Performance lor 1Ql0-4010. Tot.,1 Comm~m"" . no millIOn.. Total cap. I 1I''<lITD: S16.n millIOn. To I capllal di ",build ITO: $2.80 million)

Asher Ll"'Ch Capital (GlOSlli lQ (IOJ ·1874% (0) 16-32% NlA May 08 SI1.0 $12.2 14.21% NtA

A PENC Blondad Ind"" -10 OS,. Frsher Lynch c.",tal (Nell '19.59 ~

18.16 NlA V I added ·9 ... , 94" NJA (Performance. for 1010-4010. Total Commrtment $20 mililon. Total capiLli 1'*<1 ITO: $10J19 mllliOfl)

18.59')(, 1m) $8810.99% NlA S8p 03 $5.5 15.47" 10.46'4 A

18.81 NtA ~41 NlA

I CilpiiJIJ tall d ITO; S5.41 "'III ion. ToIDI capital distnouled ITO: S1.29 mil IOn)

12.76"1. (m) 12.24"­

11 /l7"Jo

NlA f'@b.Og $511 $3 11.00 10.34'li. Nt 11 81 18.87~ NtA ·0 ~5 NtA

18 million. TObol capiiJIl ",,1I0o<I lTD: $5.6 million. TeLaI c pital r1i.tributod lTD' SO. 14 million)

NlA 20111% NtA s..p-oo NlA 19.38'11. NlA N1A ,0,32 NlA

SON N/A I capital called ITO; $8.87 mmion. To I capJtllI dlarribliled 0; $1.35 million)

EnCap Ene,lIY Cap.oJ VIII (GrOll) 1"'1 448"4 Ntl>-11NlA S1.0 EnCap en.,lIY CapUl VIII IN 11 400 NlA CA PENC 81e!1dJ!d Ind 775'0. N/A V Jw<ldded -3.75~ NlA (Perlonn~lInce for1Q11. TotDI CQml'Ttit 1Sl:l5 m~lion. TOlal ""pll1ll called ITO' $l.oe million)

AU<!a.x MaUllnlna lUI (Gross) (ill) Nol>-11 51-830% NlA S15 Audllx Mazz.anina lUI (N I) ~.70'lli. NlA ell. PENe Blended Indo 7 "T5'o NtA Velll "ddOd -1845 NlA (Performance tor' 1011. Total Comr-ldmenl 17 million. Tot..1capital ""'led rro: $1.55 ml rlOn)

(g) Pertonnar...-lllr looS-3ooSIAR (II Parl""""".,.lcr 2oo8-<100e IRA (i) Parlo(m8nce ror4QOl1.1009111R. ~1 Porlormar1Ca 10< 1009 IRA (k) Parlo""""" ler 3008·1 00ll In nat Aal 01 R wn (IRA) (Q PtHformanc<i ,rom Prfv te I U$log IAA 1m p rfe~lor2ooiHal0(RA.

(n) ParlofT1\l)"'" lor 4008-1009 IRR (0) Parlorma...,. for 1009-<1009 IRR (IV) PerlcmllI,.., L¢ated on.. ndar quaner"nd bnls only

rage 3 01 8

5a.3

.6

WATER AND POWER EMPLOYEES' RETIREMENT PLAN AND REnREE HEALHI SENI"FITS FUND SUMMARY OF INVESTMENT RETURNS AS OF AUGUST 31, 2011 (PREUMINARY)

Inception Markot V,lue From July 1.2009

FT' 2.011 to 2012FY 2.009 to 2010 FY 2010 '0 20 \'I 8I3t12011From July 1,20-11 AmountFrom July 1, 2010 Inc.pllon

(InM,lIioM) (in Mlillonl)

REAL RETURN PAAMCO (13'0$&1 (I) 11 ,B3% (r) 6 tl7~" t,) NIA

RETIREMENT PLAN to Juno 30,2010 to June 30, 2011 to Auqust 31, 2011 Oallo

NIA. PAM1CO (N~.) IT.36~ 5 OS'.. NI T·8Ib .. 3'(, 310 180., N'A Value Added 8.26% 324% NlA (Terminated I,. October 2010 du k organ tional i.sue•. Subsequont performance through Du .2010. Fun redemption of shar•• in May 2011)

AETOS (Grossl (t)

$330Feb oJ'

$33.01:;.57"'0(.) Ul%(a) ·068'10(1) IL9~' 7~~ .\J?3'·

T·BiIs+3 I\ETOS (Ne')

310 317% OliO'" .123%

(Perform, 0 I uJaled with a on month leg~ Tolal commitm nl: $33 millton. Fully funded}

WAMCO COILS (Gross) (a) (Ii)

V Ill, Added 9.8.". 422%

$31118

WAMCO GIL's (Net) t 02~ ~21~ $2.98.4

40004 Be Glob lint lion·I,nked HedVo:>d Ind x

0.86 541~

Val... AddbJ ·047 -2.64' (Addition,1 funding ,,1$137.35 million nd $34.06 million in Oct. 2010 andJ n.2011,("" livlly)

REAL ESTATE PRISA I (GIOOS) II) (IV) ·22.3:n-. 2529 NlA PfllSA I (NOI) ·2302% 2432 NlA NCREiF ., a6% 1311 NJA V~lue dded -6 16"'0 11.2t% NlA

,(Performance for 2Q10"1Q11. Total commjtrmmll~$50 million. Fully funded)

PRISA II (Gross) miN! Jun 07 215 178NlA·260614 3087 PRISA II (N~t) NIA-2679 2958

-1fI~ NlA V Iu lloCIcIed NCR8F 13,1 t'"

NlA (Performance ror 2Qlo-1Ql1~ Totalcommitm "t il 121.5 million Fully fundlldl

JP MORGAN (GfO\lS) (I) ·8 03'l\0 (lll

9.93 1847

18.06"4 OcHlf S5003.~

1703 :1.5:2­JP MORGAN (N ot) -8.0B 1506 2.~~NCREiF ·0&3'

V Iua added 0.8 _ 28 109% (Performnr.ce from Jun'11-Jul'lt. Total eommltmenl il SSG-o m,lIion. fully funded)

CB RICI1llJd ~ (Gross) ..s 73'Ilo (v) S1B 1 CB RIClhllfd 81 (N I) -8 73

308lN 688% .IU" 06 2lI7T 86 "\0

i~CREIF ·9.59 t477 2.42 R.26....

:(Performance ftom Jun'11..Jul'11. Totl1l cornmitment is S20#0 mlll.ion. Tot4ll lIod If0; $18,05 rtllih n. TO~ll capiteJ di.t"bu'<l<! ITO: 11.25 million»

1.1-. We. II (GroGS) (IV)

ValUb Added :uI ~ 14.96

315, NlA .!4n.l0 $9.8 1GB Mesa Wet;! II (NllI) NIAa12"10

13.11'11. NJA V III Added NCREIF

NIA (P~rformance fo, 201 CI.10ll. Totel commitmelll ia 11 Bmllitall. ToW capital lied ITO, $9 million. To'al pilDl Dilotributed ITO, $0.37 mUlion)

Lone 51'" II (GrCl$O) (/II)

'10.98'

SO.4 SO.2Jun t t NlA NlA Lone 51", IIINet) NlA NlA NCRElF N/A NlA V IIll>Added NlA (Total commitment is $9 million. TalaI pnnl cal"'" ITO; SQ.~1 millIon)

Lone Stor VlI (GfOSS) (IV)

NlA

.Ju 1 11 $1.6 Lon SllIf VII (Nel)

NIA NlA NlA NlA S13

NCAEIF NlA NlA V lUll Added NlA NlA (Tolal commitmlllll;s S9 million. Talal c:lpfulJ cDllod ITO, Sl.~5 million. Total pital diotributed ITO: $0,10 mIllion}

Invesc!o AE (Gl'OIS) (ill) 58,B $8.8NlA NlA Jul-l'l Invesco Rt:: (Nel) NlA NlA

,NeREIF NlA NlA VallJ&Addlld NI~ NlA (Tot;}1 e:ommltrnent IS $10 million. Tou.1 CaPI1.a1l C4UL'd ITO; 'S8.S mil JOn)

t 19.4S%(q) .....0', (q)Total Retirement Portfolio 12.2..Q"t. (q) $7,034.9 (p)

RP Policy Benchmark 12.00'% 1922'l1l{z) (ill) -3.78% Iz)

(e) Perlormance beg y 2010 (k! Perlo/man« for 3Qo(l·1 009 Irumnl A81e 01 Re.lurn (1M) II) Perlonnanc:e!rom P"v I I U IIIRA (p) Inclucl. -h xcounlS (Ca5h RPlorS2371.lt<1and HP larSI? 8M) (q) Portfolio am w'"'" of lallS. Ann",,! oSl<nWlld maMoement ,..... "'" 2 buls paio {rj R6lurn 8r8 ~," of MUllI ,/18 lltmlnl fN (1 _I and pootformanoe f_ (5 ) (5) AllIlirn. ala ne' 01 annual""" 9t,m,mt t (07!S.) rod pertormance Ie"" (IC1 (I' Pratim'll8ry perlprtTW1C8 returns reponed by lIWestmem I1lIIMQ I (u) P rl<mnancl4lllom July 2009 Ii"u May201 0 (IfI P,lfor"",n ar.turn~ reported by ,Iv men' man"1J8" hom July 20Q!) Ihl U Jun 2.010. (zl Intama""na! BI""hm,,,1<s MSCI World Ex·US IMI MSCI Emerging 1M!. and MSCI /lCWI Ex US IMI .. I ...1I8d to ww' "' DO/lde"cIs' effect"a Sept _ 30. 20 10 (I') Sammyo oj World GovllnJ "","oli,_lndex (Sene. Ll w•• 'epl cod by SC World Gcw 1m ,h,n,LlnkAld Index/SenesSI """""". January 31 l 11 liii) AdILl!;!o><! to ~lkJl Calt'brod ,n<lex t I~rn lor llI3O, 1I (ill) r'erlQlmallC8 updalld 0/1 alIef);lJrquartlf nd .. onl,

Pogo 4 018

5aA

WATER AND POWER EMPLOYEES' R IREMEm' PLAN AND RETIREE HEALTH BENEFITS FUND SUMMARY OF INVESTMENT AETlJRNS AS OF AUGUST 31, 2011 (PREUMINARY)

Pd.rke.1 V.lueFY 2010102011 FY 2011102012 lIloeptionFV 2009 to :ll)1 0 In eplton Amou tFrom July 1. 2011 From July 1,2000 Rom Jul~ 1,2010 8131/201'

(in MlUlan.) to AU!Just 31, 2011 Dale (in lIIi1JiOM)to Juno 30, 20tO 10 June 9ll. 2011RHIREE HEAtTH PLAN PASSIVE 8lad<RoctIinve tmlOnl (Gr_) 1535'110 32.04%

15.35%8ladcRock In....unenl (Nel) 32.04 31,94RusuU 1000 Indo. 162:2 011V.lueadded 01

LARGE CAP r Rowe Price LC V,lu tG......) ("'1 -0.35 29.96% r Rowe Price LC VlIlu. Cap IN I) 29.41%-0.63

-111 2894~Ruue\l1ooo Valla Ind 048 047Val.....dded

MFS (GIOU) (I'j) 2.24 2796% -2.41'Jl, 27.46..MFS (N.ll .. 1.11"Au_Ii 1000 V IU<llnd • 28,1J4".

-141'Jl,V.lu IICIdlld '1~"

<12.50'4Fred Algol (010 ) (w) 2.~

4204% RUsNI1000 Growth Indo.

·2Fred Alll« (N 'I 35_00

VIII" <>dded -030"10

7.04·2.03

-14.S8 31.nRowe Price - I.C Growth Groeo (e) T Ro_ Price· LC Gm",th (N&I) ·1492% 31.21 fillS II 1000 GtolMh lrod • 35.0012.72 Val.. tided -2.2~ -a 711

NJAR1000 GrOWlh TI'lIIIM.I>n (G,oul 2G6 NJARIOOOGrowthTrnn,;ltlM ('I IJ 12. 6

RUSlen i 000 Gtowth Ind 12.96 NJA O.OO'Xo NlAV lUll ddlld

(TempO ry P .tv account ''''''' sept. 2000. P <lorman Irom Oc 2009 Ihru Mor. 2010)

SMALL CAP EIlmOl!lt p, nne ~ (Groosl (w) 4.69% 30176." Enm951 Partners (Nell ~10% 33.72% Russoll 2000 V "'0 Ind 193% 31.35% VOlue dded 211'Jl, 2.37%

Fronller (Grosa) (0) ·1237% <11030.. Fronlla, IN"') ·12.<44% 3966% Russell 2000 Growth lrod~ ·1288'10 43.

,Value tided 0.43 ' -a.83

F\2000 Growth TranlIttlon (0,.-) 12.3S NlA R2oo0 Growth Tmn$i11On (N.o 1238% NlA Ru$$<!11 2000 GroWlh lode. 12..Q7' NJA V lue added 0.31 NlA (Tampor.1ry Pa Alve _«aunl since Se­ 2D09. Pe:rlomrance tram Oc. 2009 Ihru.u r. 2(11 0'

INTERNATIONAL DEVELOPED In. (Gro~) (w) ·1083'4 28.75 lnvMCO(Nat) 10.93 2824% '"'SCI Wo'ld ex USA IMI ""'ua ....ded

(dl (~l .949'11. -1,44

3111. ·2

(Placed on W Ir.h IUS in AutJUlI 2010 due 10 .i"nifant org:t1nization-a1 iuues. Evt.end d WAtch :3

.J n,,()7 53806 $1353 ·749 -749·

i .. JAddlltlrull tundng 0' $60 mJljlOtl 'n OS

0.31·' -7.~

Alldarnplloo S 10 millon ,n !l<'ll8 .nd S I6..0 mol"on in 3/10

-9.56% -965% . 35"­.<J.2J>'!Io

-8.75% -882'1ro -9 35'~

053.

-967~.

·9.72% -6.23% .:J 49°

NJA NlA NJA NJA

·10.24'4 10;l6~

-1185%. 1.411~.

1432% -1~.47%

-12.15 ·2.32

NlA NJA NlA NlA

-877% Sep-09 -884'1iro ·9.~

0.93 lus in July 2011 doo to rformance l&Su )

S<!p-oo $42.8

Sep-OO $43.2

Apr-10 ..SO 4

Kl'I

$562

$656

$694

$576

NlA

$162Sop 09

Apr., 0 $152

NlA114

The BostOn CO"1' "0' ((3;OS ) The Boslon Com ny (N 1) MSCI World ex USA IMI lei) 11:1 V'li\lEl .dded (Placod on \Ill leh .laWa in muer2010 du

.42"<> -9.70'll. -949% 0.22

Lo performlnc~j aucs)

2422% 23.73% 3111% 7.38 •

11.08% -11.15% -977'Q ., 36':'0

Sop·OIl 139.4 $511 S

P)'ram, (Gross) (Wi Pyramis (N.l) "'SCI Wo,k! x USA IMI Va'uo~

(d) (Z)

S92'1ro -9.24'110 ·949 0.24 •

3384~

33.14% 3111% 2..03

-9.65% ·g.63'ro·9.,.,.. 014'"

$113.3

(Assignment t.o PYl'1lmi. Gtob I Ad ,isore e"jiv S pL 30, 2006)

(<I) Polocy BenohmarlQr lor TOlnl on US Eqtlll'/. 0ev,,1oped nd Emerg""" Morluits _ro rop1a<:ed by MSCI cwr US IMI. MSCI WOI1d o~ US IMI. rod MSCI EMF IMI rupecr",.ly .n8CI",e Jl\II""'t'f 1, 2008.

tel P rfo,_I"'lI May2010 (w) P rfOrmtlnoabeg Ocl ZOO9 ( ) Orig I,n. tm nf 'educed by $57_1 mm lRPJ and S2317mm (HPJ duo 10 _ flon kl Aug 2009 (~l 1nlemalJOnal BanclTmerlUr MSCI 'Nolld ElI.lJS 1M!. MSCI emarglnQ IMI. nnd MSCI Ae:-NI E>:·US IMI weN revlO8d to sbow'Nll1 D",lden<b elfec""e $eplember 30.2010

5a.5

WATER AND POWER EMPLOYEES' RETIREMENT PLAN AND RETIREE HEALTH BENEFITS FUND SUMMARY OF INVESTMENT RETURNS AS OF 'AUGUST 31 2011 (PRELIMINARY)

Fy 2009 to 2010 FY 2010 to 2011 FY 2011 to 2012 Inception Market Value

From July'. 2009 From July 1, 2010 From July 1. 2011 Inception Amount al3112011

RETIREE HEAlTli PLAN to June 30, 2010 to June 3D, 2011 to AU~lu5t 31. 2011 Date (,n tAillions) (in Millions)

CORE FIXED INCOME WELLS (GJ'OS$) 11 82~. 4.83% 3-25% Jan·O? $24a2 S206.1 WELLS ( I) 1168-... 4~ 322~~ .~dd~ion.ll lun(ling '$40 (y)

Be A1I9reg Ie Ind < 9.50'!'. !l.90". ;J.07~ mil in 6108 Valu~ ddad 2.1~ 0.77'% 0.15%

.JP Mol n (Gross) (8) 2.38% 5.05% 2.70~9 Apr·l0 $154.5 $206.3 JP Mo'llll.n N I) 2..37% 4.96% 2.78'lOo Be Aggr"ll1l18 Index 2.42% 390% 3 On'. Value dd8d ·0.05"­ 1.05% .{l29'!<o

HIGH YIELD WELLS High Yield (Groo;s) (w) 4.81". 13.21% ·2~7'% $32.8 $41.5 WELLS High Yield (Nel) 4 4~. 12.65% ·24~

BC Corporf11e HY Ind.. 1098'.. 1S.64~ ~2'.a.9~'

Valu dded -655 ·2.9~ 0.43"'­(PI ced on Wbtch atatua rn January 2010 due to performnrlC ie ues". Approved for replacem&nt in July 2011 dUt to poor performance)

ALTERNATIVE INVESTMENTS PRIVATE eOUITY Landma!k XIV (Groso) (I) (M Londm3lkXIV (Nel) C PENe Blended Index Value added

16.69". (m) 10.99'" NlA Sop·08 SO,9 $1.1 15. 7' 10.46~. ~

11.S7'4 16.81"'. ~VA

360% -8.41% NlA (Performance for 2010-1Q'1. Total commitm nt: $5 million. ToLlI capital called ITO: $0.91 mllrion. Tofill capital distribute,d ITO: $0.21 million)

O...ktree PF V (Gross) (Q (",1 12.7e% (m) Oul<t,. PF V (14&1) IT.39'· CA PENe 61 nded lrlde. 11 8~

Value ded -0 47%

12.24~ NlA Fob· $0.9 $10 10 J4~. NlA 6.87·~ NlA

-8.52% NJA (Performance for 2Q10-,Q11. TOlal commrtment: 52..5 million. Tolal capital lied rTD: $0.88 million. Total capital dlstributed 1m: $0.02 million)

Lex.Won Cep~aJ VII (G(ossJ (iv) NlA 20 16% NlA Sep·09 $1.5 $1.6 LexinglOn Cop~.1 VII (N I) NlA 19.59% NJA CA PENe BI nded IndItX NIA 10~ NJA Vall' .dd<ld A g~,.. NJA (Per/ormonce for 2010-4010. Tala! commitment 55 million. TOlal capital called rro: $1 AS million. Total ClIpnal disuilluted lTD: $0.23 million)

EnCllp Ene'll\' CePIUlI VIII GIO$S) (iv) 4.4~

En~p nergy Caprt"l VIII (N t) 4.00~

CA PENe Blended Indgx 7 75". Value dd d 3.75% (Performance for lQ'1. Total Comnlitmcnt $2.5 milliOn. Totnl capn3.1 c3.lIed rro: 50.21 million)

Audax Mezzanloo 1111 (Gross) (rJ) ·S.Ja'" Al'd x ,.leU nina 1111 (N I) -8.70% CA PEN ~ Blanded Ind 7 T5~'

Val,,,, dd -16.45'" (Per/ormance .for lOll. Tolal Commilmcnl 53 millIon. TOIllI caplllIl called ITO: SO.27 million)

I I

A NJA NlA NIA

Feb·1! $0.2 $0.2

NiA NJA NIA WA

Feb-ll $0.3 $0.3

(e) Per10rrnance beg May 2010. (i) P rforo1 lor 4008 lQ09IRR (j) P rfor_ tor 1Q09 IRA. (I) Perfon-""""e tram Privale luting IRR (ml Perlormance lor 2009,1 010 IAA. (p) Includes c "ccounls (Cash, Ri' 10< $237 8M and HP tor $17 8M) q) Portfoll> are ross alIas Ann lfMllld man gemenl f s are 26 basis poln

(w) Performance be9. Oct 2009 (y) Or/gWlal in menlO.-tuced by ~;161 ,Omm (RP) lid $94 rntl1 (HP) due 10 _1,,,,,1 (ion In Aug. 2009 (z) Intemallo reenchmar1cs MSCI World Ex-US IMI. MSCf Eroorging IMI, and MSCI ACWI Ex·US IMI were ....v~ to .how "Nel DlvidJlnde" aH""ti"e Sep<embtlr 30, 2010 (N) pgdormance updated on calendar quarter·end /xlSl$ only

Page 6 01 8

5a,6

WATER AND POWER EMPLOY ES' RETIREMENT PLAN AND RETIREE HEALTli BENEFITS FUND SUMMARY OF INVESTMENT R8\JRNS AS Of"AUGUST 31 2011 (PRELIMINARY)

FY 2009 to 2010 FY 2010 to 201'1 FY 2011 to 2012 Inception Market V.fue From July I, 2009 From ,Iuly 1, 2010 From July 1.2011 Ince,pdnn Amount 813112.011

RETIREE HEALTH PLAN to June 30, 2010 to June 30. 2011 to July 31, 2011 Date (inl.4f11ions) (in Millions)

REAL ESTATE Mesa West il (Grossi (ill) J Hi'll. NlA JarHO 511 $1.1

M""" We.111 (Nell 2.12% NlA NCRElF 13.11% fA V~'1lu Addad ·'OQ8~1I NlA (P@rformance for 2010-1011. Total commitmenr,; $2 ml fion. Total capit.a) called ITO: $1.09 million; Total capital diS1ributed ITD: 0.04 million)

Lone Star II (Gro""j (r"j NlA NlA Jun·11 50.1 SO.O Lone Star II (Net) NlA NlA NCREIF NlA NJA ValullAdded f'{IA NlA (Tctal commitment is $1 million Tola' capital called ~TD: SO.OS million)

Lone Star VII ( r"""J INl NlA NlA Jun-11 $02 SOl LOI\ll Star VII (Net) NlA NlA NCREIF NlA NiA Vatu.. Added NiA NiA

I (Total commitmont is $ 1million Total capital caihtd ITD~ $0.16 mimon.. Total eapital distrHmtctd ITD; $0.01 minion) I

,inv......,o R.E IGr"",,) ()vl NJA NlA Jul·11 $14 $1.4 Invesco RE (Net) N1A r A NCRElF N1A NJA Value Added NlA NJA (Tolal commitment is '$5 mi ion. Total capital called ITO: $1.4 million)

REAL RETURN PAAMCO (Grou.) S7 % NlA Aug-lO 57.5 flfA PAAMCC (NBtj 6,31 ~ NlA T·BI +3% 128.,. NJA Vel" Added 4.04 • f A (Terminated in October 2010 due to organizational i~sues. SUbsequent performance thr-ough Doc.. '2010. Full mdemption ofafuLr'&s n MaV 2011)

AETOS (Gro...) 7.84% "'.68% S .,·10 S7,5 57.9 AETOS (Nel) 6.. ,. T-Bin +3'10 2~

V I"" Mded 4 17':<0 (Periormance calculated with 3. m(nUh~la9~ Total commitment. $7.5 million. Fully fund d)

-0.71 • oSO,{,

'121~

WAMCO GILS (Gro$$) CeJ (uj WAMCO GllS (Ne!) Be Globallnflal;"n·ll"k<lld Hedged In<lb V lUll Addtld (Additional funding of$ 7 19 million in J~n. 20r)

1.05% 0,88% 132% -044%

4.25% 405"lD 501~

2.9%

2.40% 2.36% 2.23'1l. 013"0

SZl.2 564.9

Total Retiree Health Portfolio RHBF Policy Benchm.rk

12.0.2% (q) 13.49%

18.91%(q) 18.38% (z) (iii)

-3.80%(q) -3.47% (z)

$1,131.6 (p)

(e) Pertormance b<eg. M3y 201 0 (p) Indud sClash .ccount~ (Cash Rr 10'$237.8M ond HP lor t17.llM 1 (i,) 8 .eb'!s Gap~<ll World Goo' InfLollon·Linkad Inde" (SendS Ll was r.placed by 8e World Goollollld.,n-lHlked lrods'( ($en"s 81 ell""'iv" .Januo,y 31.2011 (IiI) Adj ted!~ BClual Carnbrtdge inM)( ,alum for 6I3OJ 1 «Vi Pe,iotmanc<l updated on ""lM<1ar quorte'-and l>Mis only.

Page 7 of 8

5a.?

WATER AN PQWEFl EMPLOYEES' FlETI EMENT PLAN AND RETIREE flEALTft BENEFITS FUND SCHEDULE Of REL ATIVE REnJRN - NET OF 'AI'lAGEMENT FEES (au RTERLY ONLY) AS OF JUNE 30,2011

Portfolio RoluJIl D1I'V•• , '~Y.Qr :loV• ., S-Y"", IO-V..,r Gro$S Relum {SoUlU. 8NY Meaofl) :LMe; Eo1lmalJld 'lllQ men'F....

486'Jl, 02g~

10.46'1<0 0.2.'.

4.40". (128"".

434'" ~2a-.

5.01'.. 0.21'"

NOI R lurn 451'_ 19.10" 4 12"\ 466"­ .. .804".

PollcV Indo-x· Gross IC (Allocation) ea,,:lpys C pita! A911,o9111 F"txed Incom" (330/.) MSCI ACWxUS·IMI&, US (Z) InlOCI1<uicnal EqUfty (20~.)

RltSQll • 000 Inde' Perf Ooma61.'" Equrty (34'10) NCREIF P",p '0 ArT...,_ A I Estat& (4"".) CltrnMdge Blend PENenlur" ( p,lItllle EqUity (3%) CG 3-Momh US T-llill + 3 R I Retum (5.,.) CG 3-MonHl US T·8i1l CMh (1~)

7204 352'10 635% 8.1~'Yo

1348'<· 1.5N 00"

390"­3026% 32 :r7'Yo lC03'!Io 20,89'10 314% 014"­

6.46'(, 0.54'" 400'. --3.63'". 387"!lo 3.3S (l350j,

6~'

0.22% :t35o;,

NlA NlA NlA

187"!lo

S 7oll·~

NlA 344'.­

N/A rollA rollA

201", W&~htedPoiay Rolurn tbMed "" alloc81lon 1lIrg«r,) 4.86'Jl, lH!2~" 4 07,," 468"' ­ 516" Rebtive RE:'turn - Net of Feel -o.D9% -0.03% 0.05% O.Oll'll. -0.36""

Izl I I rnationD1Bonc.hl1'lll'l<s MSCI World -US 11.11 MSCI Enlerglng IMI. and MSCI ACWI E ·US IMI ""'"l ,e\l_IO show "Nat Dilrid..".,.· .Hoctlll& $eplamb ,30.2010.

(iii) AdIU8111d 10 >te,..a18l3lYl1 indll~ 'Slum

INVESTM NT PERFORMANCE. CRITERIA

Sholt·term M~dium-t.rm

(Rolling 12 mtn periods) (Rolling 36 mlh ponods) long-termA:1Se,Cla""

Al:IiY. Do~.IJc Equity ponfor", Aolum « PMlo11o Annlul. A ""n VRA"" 0 98 nl

< B nchnwk AMIZd 2 con. 'ufNe

I ndnr '1'" ondd ,

CIllo I qlf end

Benchma,' Roturn

00Illie<;ti1"0 caJen&l

qt,. end d I

p.....,. DomllS1ia EQUJIy TI1lel<lnO Erm, ~T"'e1MIl &ro,' ~ Ponfolo A"nlzd. R .'urn <

.35 12~uliYa Beenhm",\( ,~onb:d FUllum

<:alendAr qlJ nd ,...

02O'lro I 2 <lOfIUOU1IIIe

-Q.l0....,12 ...n~llY•

q1' and d' taIv.

Portlol'" An nl:d A

. c:alendar' Ilr end dlIJ

Aethia IntemalioMI tOt,Ult\

CBlendn, q" od t_

Portfolio Aetw n <: Portfollo AnnIZ<J R lurn VRR <0.0881

2 can_,dIllO calend:tr

-4.£'lO I 2 OCII\SkUlrv.

Bonc:hmarll A lurn S"""hmatic Annlzd Pel"rn

rqtr.Mddluas.

Portlolo Fl,"um <

B4n0hmclJ Return a.ncttmar Annlzd RSlurn 2 OO/Isec;u1/o1. cal

-\ 0'- I 2 ecoaeeutlv. ~.!l'IO I 2 ~U11v8 ql' end

Fund of HedG" Fund VRR < 1 00 I

(R .IRelum)

GloblLllnl oon LlnkM! VAR<O.9 ",2

~ consecUlllla ealJQndar

(R...IA.,urn) qlr anddAl

'All portfolIO relurns ore O'I8IU8'ed gro 01 nlIlnllger lees. excepllor Hedge Fund whicm WIn b. "" tualed net 6' marla!J'l' I...... Two (2) OCln&llCUlrv0"l" rt&ra poood '- ""rlled 10 tv«> (2) <:onsocutrvo caIolnd r qUllrler-end dlll ,n 0c10be' 20 1O. See "ddandum ,n SlalemaOl .'1 Invllt.tmMI Policy lor "pocl., ~nchrno,k",lorml)fjo".

I R turn dl800llnlS 'rom benc:hmnrk r lurn en 213 o't lh typllOOJ trockJng error &slim;l! of lh spaolflcd type 0, portfolio.

Annu lizltd Ae'urn the aVGr QG' a,r,m J rtIllHn 01 e.ithGf the portfOlio or ilS b&ndlmnrk.

VRR - V J.... RM1!",e RaIID- IS caloulalad B Porttoli<> Curmrialilre Relurn Rial.... I B nc.hrntl,k CLrm"IalIlrO A urn Ra live 'T",eklng 'to,. moMUr o"hav,L1IOolyollh a• .., g IlnMuaJdiff'" ooaMIWMn lholl"rtfolio·.datum Mdtll booehm",k'~r tum FlJIld 01 H,;dg Fund perlCl<rnanc. a~ looorpoml.ed On J~n 1,2009 GiclbaI '"flauon Linked Seculn_ perlormo.nc.o. <:trl' IIICO,pomled 0f'1 Fall. 1 2011.

p • 6et 8

5a.8