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Home My WebLink About2012 02 14 Other - Winter Springs Quarterly Investment Report - 4th Quarter 2011 - Related to Agenda Item '603'Winter Springs General Employees General Plan and Trust 4th Quarter 2011 WWW.BOGDAHNGROUP.COM THE r7 " � BOGDAHN _ / G Roup. simpli ying your investment rrxrl irdufiar y decisions 4t" Quarter 2011 Market Environment THE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust 4th Quarter 2011 WWW.BOGDAHNGROUP.COM THE r7 " � BOGDAHN _ / G Roup. simpli ying your investment rrxrl irdufiar y decisions 4t" Quarter 2011 Market Environment THE BOGDAHN GROUP. ;!-� THE BOGDAHN GRoup The Market Environment Plan Investment Performance Quarter Ended: December 31, 2011 Portfolio Attribution (Reference pages 17 -22 of The Bogdahn Group December 2011 Report) • Investment returns were generally positive across asset classes during the quarter. Outsized equity returns during October had the most significant impact on overall return attribution. News of modestly improving domestic economics was overshadowed by Euro zone financial concerns for the remainder of the quarter resulting in a modest retracement in equity valuations; foreign equity markets experienced a greater decline, which was further accentuated as measured in U.S. dollars. Portfolio allocations to Core Real Estate continued to deliver steady income and modest appreciation. • Plan assets increased measurably from investments during the quarter, $1,284,398 from appreciation and $94,796 from income. This equates to a total return net of fees of 6.23% for the first quarter of the fiscal year. Manager performance to benchmarks was mixed. Benchmark relative performance for the international equity allocation (RBC) was the most significant contributor to overall Plan under performance to Policy Benchmarks. • The most notable positive contribution came from the allocation to domestic equity with additional outperformance by Lateef. Also notable were allocations to Real Estate, and benchmark outperformance by Intercontinental. The most significant negative to Plan performance came from the allocation to international equity and benchmark underperformance from RBC What helped? • The allocation to Real Estate continues to provide strong support to absolute return results. Fund operating incomes and resulting distributions remain steady and above the average coupon paid by the investment grade domestic bond allocation. What hurt? • Active management performance was below benchmarks for DGHM and RBC. Recommendations: • Review allocation considerations to managed futures. f11L BOGDAHN GROUP The Market Environment Major Market Index Performance Period Ended: December 31, 2011 ■ After an extremely negative third quarter, investors in the world's equity markets would have likely been satisfied with a quarter that simply offered some "stabilization" of rapidly deteriorating values. However, led by stronger domestic economic indicators and renewed "hope" of productive collaboration by European central authorities and countries to ease debt woes, "unsettled" equity investors received some welcome relief. As a result, domestic equity markets enjoyed their strongest performance in more than a year. While the international equity indices also posted their strongest results in a year, compared to their domestic index counterparts, it is clear that Europe's structural problems continue to weigh heavilyon the international returns. ■ Large cap stocks, as measured by the S &P 500, returned a strong 11.8% for the quarter with October accounting for the majority of the quarter's double -digit performance. This quarter represented the best return for the S &P 500 since the third quarter of 2009 (15.6 %) and the 11th best fourth quarter return since 1926. Several positive readings on the domestic economy during the quarter had a constructive impact on economically sensitive small cap issues. As a result, the Russell 2000 small cap index produced the highest domestic equity performance for the quarter, returning 15.5 %. ■ Broad international equity results were also positive for the quarter with the MSCI- ACWxUS index returning 3.8% in U.S. Dollars (USD). Developed markets, represented by the MSCI -EAFE index, returned a slightly lower 3.4% for the quarter and the MSCI -EM (emerging markets) index posted a stronger 4.5 %. While several "far east" currencies appreciated relative to the USD during the quarter, the Euro continued its slide versus the USD, which dampened the returns of U.S. based international investors. ■ The various segments of the domestic bond market also posted positive performance for the quarter. However, a relatively stable yield curve coupled with more attractive opportunities in other asset classes during the quarter kept returns low. The broad market Barclays US Aggregate index returned a mild 1.1% for the quarter. MSCI ACWxUS MSCIEAFE MSCI Emerg Mkts S &P 500 Russell 3000 Russell 1000 Russell MidCap Russell 2000 Barclays US Agg Barclays US Tsy Barclays US TIPS Barclays MBS Barclays Corp IG 3 -Month T -Bill Quarter Performance 3.8% 3.4% 4.5% 1.1% 0.9% 2.7% 0.9% 1.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 11.8% 12.1% 11.8% 1 12.3% 15.5% 1 -Year Performance MSCI ACWxUS - 13.3% MSCI EAFE - 11.7% MSCI Emerg Mkts - 18.2% S &P 500 Russell 3000 Russell 1000 Russell MidCap -1.5% Russell 2000 -4.2%E Barclays US Agg Barclays US Tsy Barclays US TIPS Barclays MBS Barclays Corp IG 3 -Month T -Bill 2.1% 1.0% 1.5% ® 7.8% 9.8% 13.6% 6.2% 8.1% 0.1% -25.0% -15.0% -5.0% 5.0% 15.0% 25.0% DIE Source: PA Ris /Investment Metrics 4 BOGDAHN GROUP. The Market Environment Domestic Equity Style Index Performance Period Ended: December 31, 2011 ■ Style -based equity indices moved sharply higher across the capitalization spectrum during the fourth quarter. In a reversal of a 2011 trend, value -based index results outperformed growth -based index returns at all capitalization levels for the quarter. Although value managed to outpace growth for the period, growth index results were still very robust with indices posting returns of greater than 10% at every level. The average performance span between styles across capitalizations was a relatively narrow 200 basis points for the quarter. ■ The fourth quarter's "value- surge" was driven primarily by the 11.8% return of the financial sector in the Russell 1000 index. This sector represented an average weight of 24.6% in the Russell 1000 Value index versus a weight of only 3.8% in the Russell 1000 Growth index. Although financials certainly gave a boost to value -based performance results for the quarter, the strongest absolute returns were realized in the energy (18.4 %) and consumer discretionary (18.0 %) sectors of the Russell 1000 Value index. These sectors collectively represented an average weight of 22.5% in the value index. In contrast, the information technology sector, which represents a significant overweight in the Russell 1000 growth index ( +19.5% vs. value), returned a solid but lower 8.5% for the quarter, which represented a drag on growth results. ■ With the exception of midcap style -based benchmarks, growth outpaced value at all capitalization levels for the year. Over this period, the information technology sector of the Russell 1000 index returned a mild but positive 1.3 %. This performance favored growth - based strategies. However, in contrast to the fourth quarter's strong performance in the financial sector, the Russell 1000 index posted a disappointing -15.1% financial sector return for the year. This large performance disparity between the two heaviest weighted sectors of the growth and value benchmarks placed downward pressure on value results. With the exception of the 0.4% return of the Russell 1000 Value index, each of the other value -based benchmarks posted negative results for the year. Source: PARis /Investment Metrics 5 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth 3000 Value 3000 Index 3000 Growth 1000 Value 1000 Index 1000 Growth MidCap Value MidCap Index MidCap Growth 2000 Value 2000 Index 2000 Growth Quarter Performance - Russell Style Series 13.3% 12.1% 10.9% 13.1% 11.8% 10.6% 13.4% 12.3% 11.2% 16.0% 15.5% 15.0% 0.0% 5.0% 10.0% 15.0% 20.0% 1 -Year Performance - Russell Style Series -0.1% 1.0% 2.2% II 0.4% 1.5% 2.6% -1.4% -1.5% -1.7% -5.5% -4.2% -2.9% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% THE BOGDAHN GROUP. The Market Environment GICS Sector Performance & (Quarter Average Sector Weight) Period Ended: December 31, 2011 ■ The performance of the Global Industry Classification Standard (GICS) economic sectors of the Russell 1000 large cap index Energy (11.7 %) covered a span of 1,090 basis points from best (18.5 %) to worst (7.6 %) for the quarter. The term "worst" is certainly relative this Materials (4.0 %) quarter since the solid 7.6% return of the telecommunication Industrials (10.8 %) services sector dominated all of last quarter's sector results. Five of ten Russell 1000 index sectors posted double -digit returns for the Consumer Disc (11.7 %) quarter with the heavily- weighted ( >10 %) energy (18.5 %) and Consumer Staples (10.3 %) industrial (16.8 %) sectors leading the way. ■ The fourth quarter's strong sector performance was enough to propel several previously negative large cap sectors into positive territory for the year. However, the financial (- 15.1 %), materials ( -9.3 %) and industrial ( -1.6 %) sectors were still weak for the year. Mirroring the risk aversion theme that existed for most of 2011, defensive issues in the consumer staples, heath care and utilities sectors were the strongest performing for the year with returns in excess of 10 %. Each of these sectors built on earlier 2011 gains during the fourth quarter . ■ Like large cap sector performance, all ten GICS sectors of the Russell 2000 small cap index posted positive results for the quarter. This small cap sector performance covered a span of 1,400 basis points from best (22.7 %) to worst (8.7 %). While small cap sector performance was also led by returns in the energy (22.7 %) and industrial (20.5 %) sectors, six additional sectors of the Russell 2000 index also returned greater than 10% for the quarter. As a result, small cap sectors easily outpaced their respective large cap counterparts during the period and outperformed in eight of ten economic sectors. ■ Only three sectors of the Russell 2000 index managed to post positive returns for 2011. As a result, management strategies that invest down the capitalization spectrum will likely have a tough time keeping pace with large cap focused strategies for 2011. In fact, absent of the fourth quarter's surge in consumer staples and health care, the utilities sector of the Russell 2000 index would have been the only sector to post a positive return for the year. Source: Thompson Financial Health Care (11.6 %) Financials (14.1 %) Info Technology (18.9 %) Telecom Services (3.0 %) Utilities (3.9 %) Energy (6.8 %) Materials (4.5 %) Industrials (15.5 %) Consumer Disc (13.2 %) Consumer Staples (3.7 %) Health Care (12.5 %) Financials (21.8 %) Info Technology (17.4 %) Telecom Services (0.8 %) Utilities (3.8 %) Russell 1000 ■Quarter Ell-Year 18.5% 4.0% 16.2% -9.3% 16.8% -1.6% 12.3% 4.5% 9.7% 14.1% 9.6% 11.4% 11.2% -15.1 8.5% 1.3% 7.6% 4.5% 8.5% 19.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Russell 2000 1 ®Quarter ❑l -Year -8.0% 22.7% 15.5% -12.7% 20.5% -5.5% 14.5% -6.9% 9.3% 7.8% 11.9% g2. 15.6% -4.2% 14.6% -6.9% 8.7% -6.9% 10.6% 1s.s °io 15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% THE 6 It' BOGDAHN GROUP. The Market Environment Top 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000 Period Ended: December 31, 2011 Russell 000 Exxon Mobil Corp Top 10 Weighted Symbol XOM Stocks Weight 3.08% Return 17.4% Sector Energy Apple Inc AAPL 2.87% 6.2% Information Technology IBM IBM 1.77% 5.5% Information Technology Chevron Corp CVX 1.62% 15.9% Energy Microsoft Corp MSFT 1.53% 5.1% Information Technology Procter & Gamble Co PG 1.42% 6.4% Consumer Staples Johnson & Johnson JNJ 1.39% 3.9% Health Care General Electric Co GE 1.37% 18.6% Industrials AT &T Inc T 1.36% 7.6% Telecomm Service Pfizer Inc Russell rrr Cobalt International Energy Inc FIFE Top r Performing Symbol CIE 1.23% Stocks Weight 0.01% 23.6% Return 103.4% Health Care A Sector Energy Education Management Corp EDMC 0.01% 88.6% Consumer Discretionary Akamai Technologies Inc AKAM 0.04% 62.4% Information Technology Plains Exploration & Production PXP 0.04% 61.7% Energy Lamar Advertising Co LAMR 0.01% 61.5% Consumer Discretionary Pultegroup Inc PHM 0.01% 59.7% Consumer Discretionary MBIA Inc MBI 0.01% 59.4% Financials Wesco International Inc WCC 0.02% 58.0% Industrials Pharmasset Inc VIRUS 0.06% 55.6% Health Care Lyondellbasell Industries Nv Russell rrr AMR Corp LYB Bottom r Performing Symbol AMR 0.08% Stocks Weight 0.00% 54.2% Return - 88.2% Materials Sector Industrials Green Mountain Coffee Roasters GMCR 0.06% - 51.7% Consumer Staples First Solar Inc FSLR 0.02% - 46.6% Information Technology Sears Holdings Corp SHLD 0.02% - 44.7% Consumer Discretionary Rovi Corp ROVI 0.03% - 42.8% Information Technology Human Genome Sciences Inc HGSI 0.01% - 41.8% Health Care Career Education Corp CECO 0.01% - 38.9% Consumer Discretionary Netflix Inc NFLX 0.04% - 38.8% Consumer Discretionary Pandora Media Inc P 0.00% - 31.7% Consumer Discretionary Homeaway Inc AWAY 0.00% - 30.8% Consumer Discretionary Source: Thompson Financial Russell 000 Healthspring Inc Top 10 Weighted Symbol HS Stocks Weight 0.32% Return 49.6% Sector Health Care Netlogic Microsystems Inc NETL 0.31% 3.0% Information Technology World Fuel Services Corp INT 0.26% 28.7% Energy Jack Henry & Associates Inc JKHY 0.26% 16.3% Information Technology Home Properties Inc HME 0.25% 2.6% Financials Clean Harbors Inc CLH 0.25% 24.2% Industrials American Campus Communities ACC 0.25% 13.8% Financials Nu Skin Enterprises Inc NUS 0.24% 20.3% Consumer Staples National Retail Properties Inc NNN 0.24% -0.4% Financials Signature Bank Russell rrr Inhibitex Inc SBNY Top r Performing Symbol INHX 0.24% Stocks Weight 0.05% 25.7% Return 344.7% Financials Sector Health Care Medivation Inc MDVN 0.10% 171.6% Health Care RSC Holdings Inc RRR 0.07% 159.5% Industrials Solta Medical Inc SLTM 0.01% 151.2% Health Care First Financial Hldg Inc FFCH 0.01% 124.1% Financials Flotek Industries Inc FTK 0.04% 113.3% Materials Broadwind Energy Inc BWEN 0.01% 112.4% Industrials Greenbrier Companies Inc GBX 0.03% 108.4% Industrials Delphi Financial Group Inc DFG 0.12% 106.8% Financials Ista Pharmaceuticals Inc Russell rrr Alimera Sciences Inc ISTA Bottom r Performing Symbol ALIM 0.01% Stocks Weight 0.00% 104.3% Return - 84.4% Health Care Sector Health Care Biosante Pharmaceuticals Inc BPAX 0.02% - 78.0% Health Care Powerwave Technologies Inc PWAV 0.01% - 75.8% Information Technology Mf Global Holdings Ltd MF 0.02% - 70.9% Financials School Specialty Inc SCHS 0.01% - 64.9% Consumer Discretionary Endocyte Inc ECYT 0.01% - 64.5% 1 Health Care DHT Holdings Inc DHT 0.01% - 62.9% Energy Targacept Inc TRGT 0.03% - 62.9% Health Care Diamond Foods Inc DMND 0.10% - 59.5% Consumer Staples Friendfinder Networks Inc FFN 0.00% - 59.2% Information Technology Tin BOGDAHN GROUP. The Market Environment International and Regional Market Index Performance (Country Count) Period Ended: December 31, 2011 ■ With the exception of the developed market Pacific region, which was held back by Japan's -3.9% return, each of the diversified international equity benchmarks closed the quarter in positive territory in USD. While the broad market MSCI- ACWxUS index returned a solid 3.8% for the quarter, individual country results within the index represented a performance band of nearly 50% for the quarter in USD. Two "crisis- headline" countries, Ireland, which returned 22.4% and Greece, which posted a return of - 27.5 %, were the quarter's strongest and weakest performing countries within the index for the quarter. Within the broad international markets, the developed market MSCI -EAFE index returned 3.4% for the quarter while the MSCI -EM index rebounded with a stronger 4.5 %. ■ The MSCI- ACWxUS index realized positive performance across all 10 economic sector for the quarter. These positive sector results were dominated by the 12.1% return of the energy sector, the quarter's only double -digit sector return in the MSCI- ACWxUS index. While both the developed and emerging market GICS tables show sectors with negative results for the quarter, it is clear that the MSCI- ACWxUS index's energy sector strength came from developed market constituents, while its solid 6.6% return in the consumer discretionary sector came from the benchmark's emerging market exposure. ■ The USD continued to strengthen against most of the developed and emerging market European currencies during the quarter. In contrast, all five of the developed Pacific region countries and four of the eight EM Asia countries appreciated relative to the USD. As always, un- hedged USD strength represents a drag on U.S. investor returns of foreign holdings. ■ Unlike the double -digit performance realized by domestic equity benchmarks, the fourth quarter's positive international index results were not enough to overcome the weakness experienced earlier in the year. As a result, international index performance was uniformly weak with the developed market MSCI -EAFE index returning -11.7% and the MSCI -EM index returning a weaker -18.2% in USD for the year. Source: MSCI AC World x US (44) WORLD x US (23) EAFE (22) Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) AC World x US (44) WORLD x US (23) EAFE (22) Europe (16) Pacific (5) Emerging Mkt (21) EM Europe (5) EM Asia (8) EM Latin Amer (5) Quarter Performance ■USD El Local Currency 3.8% 4.2% 3.6% 4.0% 3.4% 4.1 5.5% 7.5% 4.5% 4.9% 0.5% 1.7% 5.8% 5.1% 8.8% 9.3% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1 -Year Performance I oUSD ❑Local Currency - 13.3% -11.8% -11.8% - 11.6% - 11.7% - 11.7% -10.5% -8.a% -13.6% -16.5% -18.2% - 23.3% - .12.5% - 16.4% -14.0% -12.5% - 19.2% -9.8% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% THE BOGDAHN �'' GR OUP. The Market Environment U.S. Dollar International Index Attribution & Country Detail Period Ended: December 31, 2011 MSCI-EAFE Sector Weight Quarter Return 1 -Year Return Energy 9.2% 14.9% 1.5% Materials 10.1% 4.4% -22.5% Industrials 12.5% 4.4% -14.5% Consumer Discretionary 10.0% 1.2% - 14.1% Consumer Staples 11.5% 5.9% 4.6% Health Care 10.0% 5.7% 6.3% Financials 21.4% -0.3% - 21.2% Information Technology 4.7% -0.5% -17.5% Telecommunication Services 6.1% 2.0% -1.0% Utilities Total 4.5% 00 -4.5% - 18.3% -16.0% Netherlands 2.5% 1.7% MSC1 - Emerging Mkt Sector Weight Q uarter Q. EL Return_MML 9.1% Energy 14.0% 6.6% - 17.9% Materials 13.3% 1.0% -26.8% Industrials 6.4% 1.9% - 29.2% Consumer Discretionary 8.1% 2.1% -8.9% Consumer Staples 8.1% 9.7% 0.9% Health Care 1.0% -3.2% - 22.3% Financials 23.8% 4.2% - 23.4% Information Technology 13.1% 7.1% -15.0% Telecommunication Services 8.5% 2.0% -4.1% Utilities Total 3.7% 00 8.9% - 13.4% -16.0% Netherlands 2.5% 1.7% Source: MSCI Country United Kingdom Weight 23.37o Quarter Q. EL Return_MML 9.1% Energy 11.9% 12.1% -7.7% Materials 11.7% 2.2% -23.8% Industrials 10.5% 4.7% - 16.2% Consumer Discretionary 9.0% 1.3% - 13.4% Consumer Staples 10.0% 6.6% 3.9% Health Care 7.2% 5.6% 5.6% Financials 22.9% 1.2% - 20.2% Information Technology 6.4% 2.7% - 17.6% Telecommunication Services 6.4% 2.5% -1.1% Utilities Total 4.1% 00 -1.8% -16.8% -16.0% Netherlands 2.5% 1.7% Source: MSCI Country United Kingdom Weight 23.37o Weight 15.9% Q. EL Return_MML 9.1% Return -2.5% Japan 21.6% 14.8% -3.9% - 14.2% France 9.1% 6.2% 2.8% -16.0% Switzerland 8.6% 5.9% 4.1% -6.1% Australia 8.6% 5.9% 7.5% -10.8% Germany 7.9% 5.4% 3.9% -17.5% Spain 3.3% 2.2% -1.9% - 11.2% Sweden 3.1% 2.1% 8.8% -15.1% Hong Kong 2.8% 1.9% 6.3% -16.0% Netherlands 2.5% 1.7% 6.6% - 11.7% Italy 2.3% 1.6% 0.9% - 22.3% Singapore 1.7% 1.1% -1.0% - 17.9% Denmark 1.1% 0.7% 8.3% - 15.7% Belgium 1.0% 0.7% 2.2% -10.0% Norway 0.9% 0.6% 9.6% -9.1% Finland 0.8% 0.6% -1.9% -31.0% Israel 0.7% 0.4% 4.8% - 27.6% Ireland 0.3% 0.2% 22.4% 14.3% Austria 0.2% 0.2% -5.1% -36.0% Portugal 0.2% 0.2% -9.3% - 21.9% New Zealand 0.1% 0.1% -2.2% 6.4% Greece Total EAFE Countries 1 0.1% 00 1 0.1% 1 -27.5% 1 - 62.7% Canada Total D- 1 1 8.4% 1 5.2% -12.27o China 4.2% 8.1% - 18.2% Korea 3.5% 5.9% -11.8% Brazil 3.5% 8.9% - 21.6% Taiwan 2.6% -0.4% - 20.2% South Africa 1.8% 7.0% - 14.4% Russia 1.5% 6.2% - 19.3% India 1.4% - 14.3% - 37.2% Mexico 1.1% 9.4% -12.1% Malaysia 0.8% 11.7% 0.1% Indonesia 0.7% 5.8% 6.5% Thailand 0.5% 11.5% -2.4% Chile 0.4% 8.2% -20.0% Poland 0.3% -6.1% -29.5% Turkey 0.3% - 15.7% - 35.2% Colombia 0.2% 2.2% -5.0% Philippines 0.2% 7.0% 0.1% Peru 0.2% 12.5% - 21.4% Czech Republic 0.1% -2.0% -5.0% Egypt 0.1% -2.4% - 33.7% Hungary 0.1% - 11.7% - 46.9% Morocco Total Emerging Countries Total ACWIxUS Countries 0.0% 23.3% 00 -10.0% 4.5% lnw9w.pg� -14.8% Tin BOGDAHN GROUP. The Market Environment Domestic Bond Sector & Broad /Global Bond Market Performance Period Ended: December 31, 2011 ■ With the exception of the proxy for global bonds (Barclays Global Aggregate xUS), each of the fixed income benchmarks posted positive results for the quarter. The broad market Barclays Aggregate bond index posted a return of 1.1 %. Within the benchmark's segments, the Treasury (0.9 %), mortgage (0.9 %) and corporate (1.9 %) portions of the index all contributed to the broad market performance. In a reversal of last quarter's "flight -to- quality the scaled credit benchmark results show that investors once again favored the "yield- advantage" of lower -rated issues over the "safety" of Treasury securities. The high yield benchmark returned a strong 6.5% for the quarter while high - quality AAA index returned a "Treasury -like" 0.9 %. While Treasury returns were mild for the quarter due to a largely stable yield curve, Treasury inflation protected securities (TIPS) returned a solid 2.7 %. TIPS were the beneficiary of the continued easing of domestic inflation expectations. Outside of the U.S. market, the Barclays Global Aggregate xUS benchmark posted a return of -0.4% for the quarter in USD. This global bond index number was negatively impacted by the moderate strength in the USD during the period as the USD hedged version of the index returned 0.7% for the quarter. ■ The trailing one -year returns were strong across the various broad and sector -based fixed income indices. The year's fixed income results were led by the 13.6% return of TIPS, which benefited from both a decline in the yield curve as well as reduced inflation expectations. The leading performance of TIPS for 2011 was followed by Treasury (9.8 %), corporate (8.1 %) and mortgage (6.2 %) index results. ■ The advantage of longer- duration portfolios in the trailing year's declining interest rate environment is evident in the 178 basis point return differential between the Barclays Aggregate and the Barclays Intermediate Aggregate benchmarks. Outside of the aggregate index components, the performance of the global (4.4 %) and high yield (5.0 %) benchmarks were held back by risk factors associated with ongoing global macroeconomic events and concerns. Source: Barclays Capital Live AAA AA A Baa High Yield Treasury Mortgage Corporate IG TIPS Aggregate Intermediate Agg Global Agg x US AAA AA A Baa High Yield Treasury Mortgage Corporate IG TIPS Aggregate Intermediate Agg Global Agg x US Quarter Performance 0.9% 1.7% 2.8% 6.5% 0.9% 0.9% 1.9% 2.7% 0.9% -0.4% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 1 -Year Performance 7.7% 7.5% 8.2% 9.4% 5.0% 9.8% 6.2% 8.1% 13.6% 7.8% 6.0% 4.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% AAA, AA, A, Baa, Treasury, Mortgage & Corporate benchmarks - - sub -com ponents of the Barclays Aggregate Index. THE 10 BOGDAHN GROUP. The Market Environment Market Rate & Yield Curve Comparison Period Ended: December 31, 2011 ■ With no direct action by the Fed, the fed funds rate remained unchanged during the quarter (targeted at 0.0% to 0.25 %). The benchmark 10 -year Treasury also showed little change over the period, closing the quarter at a yield of 1.89 %, just 3 basis points lower than its 9/30/11 yield. However, the green 10 -year Treasury yield line on the market rate graph clearly shows a substantial level of yield volatility underneath these two quarter "end- points ". 10 -year yields moved higher through most of October as investors sought out stronger performing asset classes and more attractively yielding fixed income securities. The 10 -year closed at its highest level of the quarter on 10/27/11 with a yield of 2.42% before declining back below 2.0% in late November and moving in a narrow range for the rest of the quarter. ■ Several quarter's ago the 5 -year TIPS auction experienced an interesting market anomaly, it was actually issued with a negative yield. In order to be issued with a negative yield, the bond carried a positive 0.5% coupon but was issued at a premium to its par value. The orange 10 -year TIPS yield line on the market rate graph shows that what was once an anomaly in the TIPS market has become more commonplace. The 10 -year TIPS yield closed 25 of the quarter's 63 trading days, including the 12/31/11 yield of - 0.05 %, in negative territory. ■ The Treasury yield curve ended the fourth quarter close to its 9/30/11 level. Yields along the curve fell an average of only 5 basis points for maturities beyond 1 -year during the quarter. While the first paragraph detailed a fair amount of "intra- quarter" volatility in 10 -year Treasury yields, fully invested portfolios will likely show moderately positive results for the period and favor longer- duration, lower- quality strategies. Source: Mortgage X.com, US Department of Treasury & St. Louis Fed 11 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 1 -Year Trailing Market Rates Fed Funds Rate TED Spread 3 -Month Libor B"10vr Spread 10vr Treasury — 10vr TIPS -0.50 i Dec -10 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Mar -11 Jun -11 Sep -11 Dec -11 Treasury Yield Curve X12/31/2009 0 12/31 /2010 --�- 9/30/2011 o- 12/30/2011 O O O O O O O 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr THE BOGDAHN GR OUP. The Market Environment A Term -Based Asset Class Review 5 -Year Annualized Returns at 5 -Year Historical Intervals Russell 3000 Russell Top 200 Russell 1000 Russell Midcap Russell 2500 Russell 2000 BarclayHedge BTOP 50 MSCI ACW ex USA MSCIEAFE MSCI EM Barclays US Agg Bond B /ML Global Brd Mkt x USD Russell 3000 Russell Top 200 Russell 1000 Russell Midcap Russell 2500 Russell 2000 BarclayHedge BTOP 50 MSCI ACW ex USA MSCIEAFE MSCI EM Barclays US Agg Bond B /ML Global Brd Mkt x USD 7.2% 5 -years 4.7% 5 -years ago 6.8% 12.9% 12.2% 11.4% 7. 16.9% 15.4% 5.1% 27.0% 10.5% -10.0% 0.0% Russell 3000 Russell Top 200 Russell 1000 Russell Midcap Russell 2500 Russell 2000 BarclayHedge BTOP 50 MSCI ACW ex USA MSCIEAFE MSCI EM -5.7% Barclays US Agg Bond B /ML Global Brd Mkt x USD 10.0% 20.0% 30.0% -10.0% 0.0% Russell 3000 Russell Top 200 Russell 1000 Russell Midcap Russell 2500 Russell 2000 BarclayHedge BTOP 50 MSCI ACW ex USA MSCIEAFE MSCI EM Barclays US Agg Bond B /ML Global Brd Mkt x USD 10.0% 20.0% 30.0% -10.0% 0.0% 10.0% 20.0% 30.0% -10.0% 0.0% ® Best Performing ■ Worst Performing Source: Zephyr Style Advisor 12 10.0% 20.0% 30.0% THE BOGDAHN GROUP. 15.2% 15.0% 15.3% 15.8% 16.0% 15.6% 8.4% 8.5% 8.5% 12.7% L_ 7.0% 5 -years N/A 15 -years ago -10.0% 0.0% 10.0% 20.0% 30.0% -10.0% 0.0% ® Best Performing ■ Worst Performing Source: Zephyr Style Advisor 12 10.0% 20.0% 30.0% THE BOGDAHN GROUP. The Market Environment Presidential Election Year Equity Market Performance* (top) 2011 Bogdahn Survey Results (bottom) 55.0% 45.0% 35.0% 25.0% 15.0% 5.0% -5.0% -15.0% -25.0% -35.0% -45.0% Total Return % 43.6% 21 Annual Returns 33.9% 0 17 Positive Returns (79 %) 32.4 /o Average Return = +10.5% 23.8% 23.1% 0 ° 18.4% 16.5% 19.0% 16.80 11.1% 10.9% F 0 6.6% 6.3% ° 0.5% ? ?% Ll 0 `Equity series represents the S &P 500 from 1960 to Present and the S &P 90 from 1928 -1956 -37.0% 1928 1932 1936 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 We want to thank everyone who was able to participate in the Bogdahn Group's first client survey. As we indicated, the insights gathered from this valuable client feedback will be used to enhance the effectiveness of the client service and communication that we provide all of our clients. We received 115 responses to the following 10 questions that asked clients to rate their experience on a scale of 0 (poor) to 9 (excellent). 7.78 1 1 Please rate your satisfaction with the structure and clarity of our performance report. 7.95 1 2 Please rate your satisfaction with the level of detail in our performance report. 8.31 3 Please rate your consultant's ability to effectively communicate the information in the performance report. 8.25 1 4 Please rate your consultant's ability to effectively communicate investment insights beyond those in the performance report. 8.10 1 5 Please rate the effort of your consultant to offer suggestions and /or solutions to enhance your portfolio. 7.46 1 6 Please rate the outcomes of your consultant's suggestions and /or investment solutions. 8.19 1 7 Please rate your consultant's level of understanding of your Plan /Fund's unique needs. 8.26 1 8 Please rate the timeliness of your consultant's responses to regular inquiries. (Our firm policy is to reply to all inquiries within 24 hours). 8.18 1 9 Please rate the detail provided in your consultant's follow up to inquiries. 8.06 110 Please rate your overall satisfaction with The Bogdahn Group's services. 8.05 Average THE Source: SBBI & Zephyr Style Advisor 13 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust December 31, 2011 September 30, 2011 : $22,040,847 Segments Market Value Allocation ■ Domestic Equity 10,332,778 46.9 ■ International Equity 3,093,390 14.0 ■ Fixed Income 5,884,695 26.7 ■ Real Estate 2,182,283 9.9 ■ Cash Equivalent 547,702 2.5 December 31, 2011 : $23,755,054 Segments Market Value Allocation ■ Domestic Equity 11,679,992 49.2 ■ International Equity 3,136,046 13.2 ■ Fixed Income 4,940,754 20.8 ■ Global Fixed Income 944,275 4.0 ■ Real Estate 2,251,027 9.5 Cash Equivalent 802,961 3.4 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fand level performance. 14 THE BOGDAHN �'' GR OUP. Winter Springs General Employees General Plan and Trust December 31, 2011 September 30, 2011 : $22,040,847 ■ Lateef Asset Mgmt.Equity ■ Dalton, Greiner, Hartman, Maher & Co. ■ Galliard Core Fixed Income ■ RBC Global (Voyageur) ■ Intercontinental Galliard TIPS Templeton Global Bond Fund (TGBAX) ■ American Core Realty Fund ■ Receipt & Disbursement ■ Galliard Cash December 31, 2011 : $23,755,054 Market Value Allocation Market Value Allocation ($) (%) ($) (%) 5,331,882 24.2 ■ Lateef Asset Mgmt.Equity 5,919,527 24.9 5,305,428 24.1 ■ Dalton, Greiner, Hartman, Maher & Co. 5,919,026 24.9 4,760,830 21.6 ■ Galliard Core Fixed Income 3,802,526 16.0 3,093,390 14.0 ■ RBC Global (Voyageur) 3,136,046 13.2 1,492,695 6.8 ■ Intercontinental 1,552,701 6.5 1,133,176 5.1 Galliard TIPS 1,148,822 4.8 - 0.0 ■ Templeton Global Bond Fund (TGBAX) 944,275 4.0 689,588 3.1 ■ American Core Realty Fund 698,325 2.9 233,642 1.1 ■ Receipt & Disbursement 633,590 2.7 216 0.0 ■ Galliard Cash 216 0.0 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 15 THE BOGDAHN GROUP. ;!-� THE 16 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Asset Allocation vs. Target Allocation As of December 31, 2011 December 31, 2011 Domestic Large Cap Value Equity Domestic Broad Cap Growth Equity RBC Global International Equity Galliard Capital Fixed Income Galliadr Capital TIPS Templeton Global Bond Fund American Core Realty Fund Intercontinental Realty Receipt & Disbursement Galliard Cash -0.1% -0.1% -1.8% -0.2% -1.0 % - -2.1 % M1.0% -1.5% 2.7% 0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0 Allocation Differences December 31, 2011 Market Value Allocation Target Domestic Large Cap Value Equity 5,919,026 24.9 25.0 Domestic Broad Cap Growth Equity 5,919,527 24.9 25.0 RBC Global International Equity 3,136,046 13.2 15.0 Galliard Capital Fixed Income 3,802,526 16.0 15.0 Galliadr Capital TIPS 1,148,822 4.8 5.0 Templeton Global Bond Fund 944,275 4.0 5.0 American Core Realty Fund 698,325 2.9 5.0 Intercontinental Realty 1,552,701 6.5 5.0 Receipt & Disbursement 633,590 2.7 0.0 Galliard Cash 216 0.0 0.0 Total Fund 23,755,054 100.0 100.0 THE Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 17 B OGDAHN -� GROUP. Winter Springs General Employees General Plan and Trust Asset Allocation History As of December 31,2011 Asset Allocation Total Equity Portfolio Total Domestic Equity Dalton, Greiner, Hartman, Maher & Co. Lateef Asset Mgmt.Equity Total International Equity RBC Global (Voyageur) Total Fixed Income Total Domestic Fixed Income Galliard Core Fixed Income Galliard TIPS Total Global Fixed Income Templeton Global Bond Fund (TGBAX) Total Real Estate American Core Realty Fund Intercontinental Receipt & Disbursement Galliard Cash Total Fund Portfolio 14,974,598 63.04 13,730,700 62.30 16,655,319 67.48 16,433,476 68.25 15,200,658 67.06 11,838,553 49.84 10,637,310 48.26 12,767,958 51.73 12,611,331 52.37 11,615,146 51.25 5,919,026 24.92 5,305,428 24.07 6,408,076 25.96 6,408,094 26.61 5,886,361 25.97 5,919,527 24.92 5,331,882 24.19 6,359,882 25.77 6,203,237 25.76 5,728,785 25.27 3,136,046 13.20 3,093,390 14.03 3,887,362 15.75 3,822,145 15.87 3,585,512 15.82 3,136,046 13.20 3,093,390 14.03 3,887,362 15.75 3,822,145 15.87 3,585,512 15.82 5,895,623 24.82 5,894,006 26.74 5,676,295 23.00 5,457,217 22.66 5,233,634 23.09 4,951,348 20.84 - 0.00 - 0.00 - 0.00 - 0.00 3,802,526 16.01 4,760,830 21.60 4,568,825 18.51 4,387,658 18.22 4,209,236 18.57 1,148,822 4.84 1,133,176 5.14 1,107,470 4.49 1,069,559 4.44 1,024,397 4.52 944,275 3.98 - 0.00 - 0.00 - 0.00 - 0.00 944,275 3.98 - 0.00 - 0.00 - 0.00 - 0.00 2,251,027 9.48 2,182,283 9.90 2,128,576 8.62 2,069,315 8.59 1,994,043 8.80 698,325 2.94 689,588 3.13 678,112 2.75 662,552 2.75 642,474 2.83 1,552,701 6.54 1,492,695 6.77 1,450,464 5.88 1,406,763 5.84 1,351,569 5.96 633,590 2.67 233,642 1.06 196,439 0.80 87,251 0.36 193,800 0.86 216 0.00 216 0.00 26,316 0.11 32,116 0.13 43,716 0.19 23,755,054 100.00 22,040,847 100.00 24,682,945 100.00 24,079,375 100.00 22,665,850 100.00 � Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. ""*� Tin B 18 V �} O GDA L7 i V GROUP. Winter Springs General Employees General Plan and Trust Asset Allocation History As of December 31,2011 Asset Allocation History by Segment 100.0 90.0 80.0 70.0 60.0 y 50.0 J 40.0 30.0 20.0 10.0 0.0 9/07 12/07 3/08 ❑ Cash Equivalent ■ Fixed Income 6/08 9/08 12/08 ■ Real Estate ❑ International Equity 3/09 6/09 9/09 12/09 ■ Global Fixed Income ■ Domestic Equity 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. THE 19 BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Financial Reconciliation Quarter to Date 1 Quarter Ending December 31, 2011 Total Equity 13,730,700 8,131 - - - 31,408 -2,031 61,587 1,207,620 14,974,598 Total Domestic Equity 10,637,310 - - - - 23,278 -1,406 52,596 1,173,329 11,838,553 Lateef Asset Mgmt.Equity 5,331,882 - - - - 13,330 -710 19,972 581,713 5,919,527 Dalton, Greiner, Hartman, Maher & Co. 5,305,428 - - - -9,948 -695 32,624 591,617 5,919,026 Total International Equity 3,093,390 8,131 - - -8,131 -626 8,991 34,290 3,136,046 RBC Global (Voyageur) 3,093,390 8,131 - - -8,131 -626 8,991 34,290 3,136,046 Total Fixed Income 5,894,006 - 25,729 - - -3,401 -142 33,198 -2,310 5,895,623 Total Domestic Fixed Income - - 996,599 - - -3,401 -95 7,173 5,944,270 4,951,348 Galliard Core Fixed Income 4,760,830 - 996,599 - - -3,401 - - 41,697 3,802,526 Galliard TIPS 1,133,176 - - - - -142 4,069 11,719 1,148,822 Total Global Fixed Income - 970,870 - - - - 29,130 - 55,725 944,275 Templeton Global Bond Fund (TGBAX) - 970,870 - - - - 29,130 - 55,725 944,275 Total Real Estate 2,182,283 - - -8,414 -1,930 - - 79,088 2,251,027 American Core Realty Fund 689,588 - - -8,414 -1,930 - - 19,081 698,325 Intercontinental 1,492,695 - - - - - - 60,006 1,552,701 Receipt & Disbursement 233,642 17,598 774,050 - 378,377 - - 13,334 11 - 633,590 Galliard Cash 216 - - - - - - - 216 Total Fund Portfolio 22,040,847 - 774,050 - 386,791 - 36,739 - 15,507 94,796 1,284,398 23,755,054 � Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 7**N THE �} O GDAL7 i V 20 is V GROUP. Winter Springs General Employees General Plan and Trust Financial Reconciliation Fiscal Year to Date October 1, 2011 To December 31, 2011 Total Equity 13,730,700 8,131 - - - 31,408 -2,031 61,587 1,207,620 14,974,598 Total Domestic Equity 10,637,310 - - - - 23,278 -1,406 52,596 1,173,329 11,838,553 Lateef Asset Mgmt.Equity 5,331,882 - - - - 13,330 -710 19,972 581,713 5,919,527 Dalton, Greiner, Hartman, Maher & Co. 5,305,428 - - - -9,948 -695 32,624 591,617 5,919,026 Total International Equity 3,093,390 8,131 - - -8,131 -626 8,991 34,290 3,136,046 RBC Global (Voyageur) 3,093,390 8,131 - - -8,131 -626 8,991 34,290 3,136,046 Total Fixed Income 5,894,006 - 25,729 - - -3,401 -142 33,198 -2,310 5,895,623 Total Domestic Fixed Income - - 996,599 - - -3,401 -95 7,173 5,944,270 4,951,348 Galliard Core Fixed Income 4,760,830 - 996,599 - - -3,401 - - 41,697 3,802,526 Galliard TIPS 1,133,176 - - - - -142 4,069 11,719 1,148,822 Total Global Fixed Income - 970,870 - - - - 29,130 - 55,725 944,275 Templeton Global Bond Fund (TGBAX) - 970,870 - - - - 29,130 - 55,725 944,275 Total Real Estate 2,182,283 - - -8,414 -1,930 - - 79,088 2,251,027 American Core Realty Fund 689,588 - - -8,414 -1,930 - - 19,081 698,325 Intercontinental 1,492,695 - - - - - - 60,006 1,552,701 Receipt & Disbursement 233,642 17,598 774,050 - 378,377 - - 13,334 11 - 633,590 Galliard Cash 216 - - - - - - - 216 Total Fund Portfolio 22,040,847 - 774,050 - 386,791 - 36,739 - 15,507 94,796 1,284,398 23,755,054 � Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 7** THr �} O GDAL7 i V 21 BV GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of December 31, 2011 Total Fund (Net) 6.23 (45) 6.23 (45) -0.85 (78) 11.44 (31) 1.03 (90) 3.37 (87) 11/01/2000 Total Fund Policy 7.18 (16) 7.18 (16) 2.60 (11) 11.07 (40) 2.53 (41) 3.13 (93) Difference -0.95 -0.95 -3.45 0.37 -1.50 0.24 All Public Plans -Total Fund Median 6.07 6.07 0.37 10.65 2.30 4.24 Total Fund (New Mgrs) (Net) 6.11 (49) 6.11 (49) -0.99 (81) 11.35 (32) N/A -0.67 (88) 10/01/2007 Total Fund Policy 7.18 (16) 7.18 (16) 2.60 (11) 11.07 (40) 2.53 (41) 1.32 (30) Difference -1.07 -1.07 -3.59 0.28 N/A -1.99 All Public Plans -Total Fund Median 6.07 6.07 0.37 10.65 2.30 0.80 Total Fund (Gross) 6.39 (40) 6.39 (40) -0.15 (65) 12.25 (17) 1.74 (73) 4.10 (56) 11/01/2000 Total Fund Policy 7.18 (16) 7.18 (16) 2.60 (11) 11.07 (40) 2.53 (41) 3.13 (93) Difference -0.79 -0.79 -2.75 1.18 -0.79 0.97 All Public Plans -Total Fund Median 6.07 6.07 0.37 10.65 2.30 4.24 Total Fund (New Mgrs) (Gross) 6.27 (42) 6.27 (42) -0.29 (67) 12.09 (20) N/A -0.04 (76) 10/01/2007 Total Fund Policy 7.18 (16) 7.18 (16) 2.60 (11) 11.07 (40) 2.53 (41) 1.32 (30) Difference -0.91 -0.91 -2.89 1.02 N/A -1.36 All Public Plans -Total Fund Median 6.07 6.07 0.37 10.65 2.30 0.80 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total THE Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of December 31, 2011 Total Equity Total Equity Policy Difference Total Domestic Equity Total Domestic Equity Policy Difference IM U.S. Large Cap Core Equity (SA +CF) Median Total International Equity MSCI EAFE Index Difference IM International Large Cap Value Equity (SA +CF) Median Total Fixed Income Total Fixed Policy Difference Total Domestic Fixed Income Total Domestic Fixed Policy Difference Total Global Fixed Income Total Global Fixed Income Policy Difference IM Global Fixed Income (MF) Median Total Real Estate NCREIF Fund Index -Open End Diversified Core (EW) Difference 9.24 9.24 1.43 -4.54 15.62 -0.63 2.81 10.08 11/01/2000 10.08 (86) -2.01 2.02 12.18 -1.27 -0.84 2.82 -0.84 11/01/2000 -2.53 (97) 3.44 0.48 0.64 11.53 (60) 11.53 (60) -1.05 (75) 15.65 (22) 0.52 (50) 12.12 (42) 12.12 (42) 1.03 (59) 14.27 (43) -0.17 (69) -0.59 0.07 -0.59 12/01/2011 -2.08 (41) 1.38 -0.79 0.69 11.80 11.80 -3.13 1.78 10/01/2007 14.02 0.51 0.06 1.40 (91) 1.40 (91) -15.79 (82) 16.03 (7) -4.90 (79) 3.38 (55) 3.38 (55) -11.73 (60) 8.16 (60) -4.26 (67) -1.98 -1.98 -4.06 7.87 -0.64 3.55 3.55 -10.65 8.92 -2.79 0.50 0.50 6.09 8.75 5.86 0.91 0.91 5.97 6.19 6.09 -0.41 -0.41 0.12 2.56 -0.23 1.08 1.08 6.71 8.96 5.98 0.91 0.91 5.97 6.19 6.09 0.17 0.17 0.74 2.77 -0.11 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.91 0.91 3.73 7.56 5.62 3.62 3.62 15.53 -3.37 N/A 2.97 2.97 15.99 -1.76 -0.21 0.66 0.66 -0.46 -1.61 N/A Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See b23 chmark history for details. 2.82 01/01/2001 1.43 1.39 2.81 (35) 11/01/2000 0.79 (86) 2.02 1.86 2.82 (96) 11/01/2000 2.34 (97) 0.48 5.78 5.98 11/01/2000 6.06 -0.08 6.04 11/01/2000 6.06 -0.02 0.07 (91) 12/01/2011 0.86 (41) -0.79 0.75 -3.13 10/01/2007 -3.19 0.06 THE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of December 31, 2011 Dalton, Greiner, Hartman, Maher & Co. Russell 3000 Value Index Difference IM U.S. All Cap Value Equity (SA +CF) Median Lateef Asset Mgmt.Equity Russell 1000 Growth Index Difference IM U.S. Large Cap Growth Equity (SA +CF) Median RBC Global (Voyageur) MSCI EAFE Index Difference IM International Large Cap Value Equity (SA +CF) Median Galliard Core Fixed Income Barclays Capital Intermediate Aggregate Difference IM U.S. Intermediate Duration (SA +CF) Median Galliard TIPS BC U.S. Treasury Inflation Notes: 1 -10 Year Difference IM U.S. TIPS (SA +CF) Median Templeton Global Bond Fund (TGBAX) Citigroup World Government Bond Difference IM Global Fixed Income (MF) Median 11.77 (68) 11.77 (68) -2.46 (63) N/A N/A 17.41 (55) 05/01/2009 13.33 (31) 13.33 (31) -0.10 (47) 11.62 (82) -2.58 (92) 16.64 (65) -1.56 -1.56 -2.36 N/A N/A 0.77 12.30 12.30 -1.02 15.12 0.45 17.54 11.29 (24) 11.29 (24) 0.40 (46) 15.33 (62) N/A 1.16 (17) 10/01/2007 10.61 (38) 10.61 (38) 2.64 (23) 18.02 (28) 2.50 (39) 0.10 (31) 0.68 0.68 -2.24 -2.69 N/A 1.06 10.06 10.06 -0.24 16.00 1.91 -0.85 1.40 (91) 1.40 (91) -15.79 (82) 16.03 (7) N/A -8.24 (70) 11/01/2007 3.38 (55) 3.38 (55) -11.73 (60) 8.16 (60) -4.26 (67) -8.80 (75) -1.98 -1.98 -4.06 7.87 N/A 0.56 3.55 3.55 -10.65 8.92 -2.79 -6.77 1.05 (57) 1.05 (57) 6.37 (26) 9.20 (13) N/A 5.82 (82) 10/01/2007 0.91 (77) 0.91 (77) 5.97 (46) 6.19 (70) 6.09 (65) 6.21 (62) 0.14 0.14 0.40 3.01 N/A -0.39 1.08 1.08 5.90 6.85 6.40 6.50 1.39 (95) 1.39 (95) 8.28 (91) 7.71 (95) N/A 6.37 (94) 10/01/2007 1.69 (94) 1.69 (94) 8.93 (91) 8.69 (91) 6.90 (93) 6.63 (93) -0.30 -0.30 -0.65 -0.98 N/A -0.26 2.67 2.67 13.55 10.28 8.07 8.00 N/A N/A N/A N/A N/A 0.07 (91) 12/01/2011 -0.13 (87) -0.13 (87) 6.35 (18) 4.68 (91) 7.13 (20) 0.86 (41) N/A N/A N/A N/A N/A -0.79 0.91 0.91 3.73 7.56 5.62 0.75 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total THE Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See b2 history for details. BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Trailing Returns As of December 31, 2011 American Core Realty Fund 2.77 (63) 2.77 (63) 15.05 (78) -3.60 (49) N/A -3.29 (40) 10/01/2007 American Core Realty Policy 2.97 (45) 2.97 (45) 15.99 (40) 3.06 (8) N/A 1.31 (1) Difference -0.19 -0.19 -0.94 -6.66 N/A -4.60 IM U.S. Open End Private Real Estate (SA +CF) Median 2.87 2.87 15.85 -4.23 -2.29 -5.10 Intercontinental 4.02 (30) 4.02 (30) 15.74 (54) N/A N/A 16.44 (49) 10/01/2010 NCREIF Fund Index -Open End Diversified Core (EW) 2.97 (45) 2.97 (45) 15.99 (40) -1.76 (43) -0.21 (38) 17.07 (40) Difference 1.06 1.06 -0.25 N/A N/A -0.63 IM U.S. Open End Private Real Estate (SA +CF) Median 2.87 2.87 15.85 -4.23 -2.29 16.34 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fond level performance. Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. THE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of December 31, 2011 Total Fund (Net) 6.23 (45) -1.27 (83) 10.92 (28) 0.73 (58) -16.82 (90) 13.03 (74) 7.89 (64) Total Fund Policy 7.18 (16) 2.53 (14) 9.13 (74) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) Difference -0.95 -3.80 1.79 0.40 -4.71 1.06 -1.66 All Public Plans -Total Fund Median 6.07 0.29 9.99 1.25 -13.67 14.40 8.63 Total Fund (New Mgrs) (Net) 6.11 (49) -1.15 (81) 10.66 (33) 0.68 (59) -16.82 (90) N/A N/A Total Fund Policy 7.18 (16) 2.53 (14) 9.13 (74) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) Difference -1.07 -3.68 1.53 0.35 -4.71 N/A N/A All Public Plans -Total Fund Median 6.07 0.29 9.99 1.25 -13.67 14.40 8.63 Total Fund (Gross) 6.39 (40) -0.41 (67) 11.71 (16) 1.44 (48) -16.46 (89) 13.92 (58) 8.62 (51) Total Fund Policy 7.18 (16) 2.53 (14) 9.13 (74) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) Difference -0.79 -2.94 2.58 1.11 -4.35 1.95 -0.93 All Public Plans -Total Fund Median 6.07 0.29 9.99 1.25 -13.67 14.40 8.63 Total Fund (New Mgrs) (Gross) 6.27 (42) -0.43 (68) 11.40 (21) 1.39 (49) -16.46 (89) N/A N/A Total Fund Policy 7.18 (16) 2.53 (14) 9.13 (74) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) Difference -0.91 -2.96 2.27 1.06 -4.35 N/A N/A All Public Plans -Total Fund Median 6.07 0.29 9.99 1.25 -13.67 14.40 8.63 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total THE Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. BOGDHN `� GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of December 31, 2011 Total Equity 9.24 -4.58 13.61 -1.09 -25.61 18.52 10.83 Total Equity Policy 10.08 -1.66 934 -691 -21.98 16.44 12.51 Difference -0.84 -2.92 4.27 5.82 -3.63 2.08 -1.68 Total Domestic Equity 11.53 (60) -3.30 (89) 14.19 (8) -4.29 (36) -21.66 (62) 17.58 (43) 9.29 (67) Total Domestic Equity Policy 12.12 (42) 0.55 (56) 10.96 (31) -6.91 (62) -21.98 (67) 16.44 (60) 10.79 (48) Difference -0.59 -3.85 3.23 2.62 0.32 1.14 -1.50 IM U.S. Large Cap Core Equity (SA +CF) Median 11.80 0.97 9.46 -5.90 -20.51 16.98 10.75 Total International Equity 1.40 (91) -8.75 (53) 11.69 (12) 11.87 (21) -39.55 (100) 23.63 (55) 19.84 (66) MSCI EAFE Index 3.38 (55) -8.94 (56) 3.71 (64) 3.80 (61) -30.13 (72) 25.38 (39) 19.65 (69) Difference -1.98 0.19 7.98 8.07 -9.42 -1.75 0.19 IM International Large Cap Value Equity (SA +CF) Median 3.55 -8.61 4.87 5.13 -27.39 23.89 20.89 Total Fixed Income 0.50 4.67 9.27 10.53 0.64 4.96 3.27 Total Fixed Policy 0.91 4.22 7.52 9.69 4.16 5.33 3.55 Difference -0.41 0.45 1.75 0.84 -3.52 -0.37 -0.28 Total Domestic Fixed Income 1.08 4.67 9.27 10.53 0.64 4.96 3.27 Total Domestic Fixed Policy 0.91 4.22 7.52 9.69 4.16 5.33 3.55 Difference 0.17 0.45 1.75 0.84 -3.52 -0.37 -0.28 Total Global Fixed Income N/A N/A N/A N/A N/A N/A N/A Total Global Fixed Income Policy N/A N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.91 1.44 8.00 13.40 -1.41 7.59 2.53 Total Real Estate 3.62 (35) 16.00 (86) 2.71 (75) -32.42 (35) 4.72 (40) N/A N/A NCREIF Fund Index -Open End Diversified Core (EW) 2.97 (45) 18.27 (46) 6.97 (44) -35.19 (50) 3.18 (54) 18.21 (58) 17.45 (57) Difference 0.66 -2.27 -4.26 2.77 1.54 N/A N/A IM U.S. Ooen End Private Real Estate (SA +CF) Median 2.87 17.35 6.09 -35.27 3.60 18.73 18.17 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. THE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of December 31, 2011 Dalton, Greiner, Hartman, Maher & Co. 11.77 (68) -5.35 (91) 16.63 (11) N/A N/A N/A N/A Russell 3000 Value Index 13.33 (31) -2.22 (63) 9.15 (71) -10.79 (94) -22.70 (78) 13.73 (76) 14.55 (18) Difference -1.56 -3.13 7.48 N/A N/A N/A N/A IM U.S. All Cap Value Equity (SA +CF) Median 12.30 -1.32 10.84 -3.65 -19.98 16.80 10.47 Lateef Asset Mgmt.Equity 11.29 (24) -1.17 (75) 11.93 (42) 0.53 (22) -15.13 (15) N/A N/A Russell 1000 Growth Index 10.61 (38) 3.78 (27) 12.65 (35) -1.85 (38) -20.88 (52) 19.35 (57) 6.04 (57) Difference 0.68 -4.95 -0.72 2.38 5.75 N/A N/A IM U.S. Large Cap Growth Equity (SA +CF) Median 10.06 1.20 11.26 -2.98 -20.56 20.21 6.75 RBC Global (Voyageur) 1.40 (91) -8.75 (53) 11.69 (12) 11.87 (21) N/A N/A N/A MSCI EAFE Index 3.38 (55) -8.94 (56) 3.71 (64) 3.80 (61) -30.13 (72) 25.38 (39) 19.65 (69) Difference -1.98 0.19 7.98 8.07 N/A N/A N/A IM International Large Cap Value Equity (SA +CF) Median 3.55 -8.61 4.87 5.13 -27.39 23.89 20.89 Galliard Core Fixed Income 1.05 (57) 4.16 (25) 9.63 (17) 12.08 (40) -1.68 (93) N/A N/A Barclays Capital Intermediate Aggregate 0.91 (77) 4.22 (20) 7.52 (78) 9.69 (82) 4.16 (34) 5.33 (69) 3.84 (59) Difference 0.14 -0.06 2.11 2.39 -5.84 N/A N/A IM U.S. Intermediate Duration (SA +CF) Median 1.08 3.58 8.26 11.52 3.21 5.49 3.91 Galliard TIPS 1.39 (95) 6.73 (92) 7.28 (95) 3.97 (89) 7.72 (17) N/A N/A BC U.S. Treasury Inflation Notes: 1 -10 Year 1.69 (94) 7.19 (89) 7.40 (95) 4.02 (89) 7.89 (14) 5.32 (27) 2.28 (42) Difference -0.30 -0.46 -0.12 -0.05 -0.17 N/A N/A IM U.S. TIPS (SA +CF) Median 2.67 9.73 9.35 6.18 6.35 5.11 2.14 Templeton Global Bond Fund (TGBAX) N/A N/A N/A N/A N/A N/A N/A Citigroup World Government Bond -0.13 (87) 4.61 (11) 4.98 (95) 13.79 (46) 5.88 (5) 8.69 (35) 2.22 (68) Difference N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income (MF) Median 0.91 1.44 8.00 13.40 -1.41 7.59 2.53 Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total THE Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Comparative Performance Fiscal Year Returns As of December 31, 2011 American Core Realty Fund 2.77 (63) 16.11 (86) 2.71 (75) -32.42 (35) 4.72 (40) N/A N/A American Core Realty Policy 2.97 (45) 18.27 (46) 5.84 (52) -22.09 (5) 5.27 (29) N/A N/A Difference -0.19 -2.16 -3.13 -10.33 -0.55 N/A N/A IM U.S. Open End Private Real Estate (SA +CF) Median 2.87 17.35 6.09 -35.27 3.60 18.73 18.17 Intercontinental 4.02 (30) 16.29 (69) N/A N/A N/A N/A N/A NCREIF Fund Index -Open End Diversified Core (EW) 2.97 (45) 18.27 (46) 6.97 (44) -35.19 (50) 3.18 (54) 18.21 (58) 17.45 (57) Difference 1.06 -1.98 N/A N/A N/A N/A N/A IM U.S. Ooen End Private Real Estate (SA +CF) Median 2.87 17.35 6.09 -35.27 3.60 18.73 18.17 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. Returns for periods greater than one year are annualized. Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See b2 history for details. THE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust Total Fund (Gross) December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Fund (Gross) 22,041 774 -387 -37 -16 95 1,284 23,755 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Fund (Gross) 22,041 774 -387 -37 -16 95 1,284 23,755 0 17.00 14.00 11 .00 8.00 5.00 z 2.00 -1_00 -4.00 -7.00 S170.0 S160.0 S150.0 5140.0 5130.0 S120.0 5110.0 S100.0 590.0 S80.0 570.0 ;155.9 ;146.7 1 1 Oct -2011 1 1 1 Quarter Quarter Quarter 1 To 1 2 3 4 5 Ending Quarter Sep -2011 Year Years Years Years Years Total Fund (Gross) -11.50 (79) 1.07 (52) Dec -2011 6.12 (53) 10.11 (11) -6.15 (65) Total Fund Policy -9.45 (38) 1.34 (30) ■ Total Fund (Gross) 6.39 (40) 6.39 (40) -0.15 (65) 6.97 (41) 12.25 (17) 0.64 (65) 1.74 (73) • Total Fund Policy 7.18 (16) 7.18 (16) 2.60 (11) 7.69 (20) 11.07 (40) 1.62 (33) 2.53 (41) Median 6.07 6.07 0.37 6.53 10.65 0.98 2.30 S170.0 S160.0 S150.0 5140.0 5130.0 S120.0 5110.0 S100.0 590.0 S80.0 570.0 ;155.9 ;146.7 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total Fund (Gross) -11.50 (79) 1.07 (52) 4.92 (10) 6.12 (53) 10.11 (11) -6.15 (65) Total Fund Policy -9.45 (38) 1.34 (30) 4.31 (36) 7.11 (19) 9.08 (37) -6.63 (79) All Public Plans -Total Fund Median -10.18 1.09 4.08 6.21 8.76 -5.81 PIN DIE so � BOGDAHN - GROUP. 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Fund (Gross) - Total Fund Policy Winter Springs General Employees General Plan and Trust Total Fund (Gross) December 31, 2011 18.0 12.0 0.00 1 25.00 50.00 75.00 G 6.0 0.0 LL o -6.0 F 12.0 Under -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Total Fund Policy Over Perfonnance Under Perfomrance A Mar -2007 Dec -2011 12.00 e c 8.00 i 4.00 0.00 100.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 6.00 8.00 Total Period 5 -25 25- Median Median -75 75 -95 Deviation %) Count Count Count Count ■ Total Fund (Gross) 20 2 (10 %) 2 (10 %) 10 (50 %) 6 (30 %) • Total Fund Policy 20 0 (0 %) 9 (45 %) 10 (50 %) 1 (5 %) 4.00 e 2.00 8 m 0.00 -2.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 Error Risk (Standard Deviation %) Ratio Total Fund (Gross) 2.73 Risk (Standard Deviation %) 0.09 1.10 Total Fund Policy 0.00 100.00 100.00 Standard 0.14 1.00 Standard Return Deviation Return Deviation ■ Total Fund (Gross) 12.25 13.85 ■ Total Fund (Gross) 1.74 14.35 • Total Fund Policy 11.07 13.11 • Total Fund Policy 2.53 12.82 - Median 10.65 13.05 - Median 2.30 13.24 Historical Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Fund (Gross) 2.23 105.49 97.97 0.69 0.53 0.91 1.04 7.90 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.87 1.00 7.55 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio Total Fund (Gross) 2.73 107.20 115.65 -0.90 -0.20 0.09 1.10 Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.14 1.00 31 Downside Risk 10.01 8.64 THE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Total Domestic Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Equity 10,637 -23 -1 53 1,173 11,839 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Equity 10,637 -23 -1 53 1,173 11,839 20.00 16.00 12.00 e 8.00 e a 4.00 0.00 -4.00 -8.00 S160.0 S150.0 5140.0 5130.0 S120.0 S110.0 S100.0 590.0 S80.0 570.0 560.0 550.0 ;137.6 ;118.0 Median 11.80 Oct -2011 14.02 -1.05 0.51 1 To 1 2 3 4 5 Quarter Year Years Years Years Years Dec -2011 1 1 ■ Total Domestic Equity 11.53 (60) 11.53 (60) -1.05 (75) 7.57 (57) 15.65 (22) -1.16 (56) 0.52 (50) • Total Domestic Equity Policy 12.12 (42) 12.12 (42) 1.03 (59) 8.69 (38) 14.27 (43) -1.54 (63) -0.17 (69) S160.0 S150.0 5140.0 5130.0 S120.0 S110.0 S100.0 590.0 S80.0 570.0 560.0 550.0 ;137.6 ;118.0 Median 11.80 11.80 1.78 7.98 14.02 -1.05 0.51 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total Domestic Equity -17.20 (86) 0.27 (57) 6.86 (36) 8.99 (88) 12.92 (11) -10.12 (19) Total Domestic Equity Policy -15.28 (60) -0.03 (65) 6.38 (47) 11.59 (30) 11.53 (35) -11.32 (45) 1M U.S. Large Cap Core Equity (SA +CF) Median -14.89 0.47 6.30 10.91 11.04 -11.48 DIE 32 /� BOGDAHN GROUP. 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Domestic Equity Total Domestic Equity Policy Winter Springs General Employees General Plan and Trust Total Domestic Equity December 31, 2011 20.0 10.0 w 0.0 A -10.0 F -20.0 Over Performance Under 0.00 m 25.00 . 50.00 a" e 75.00 x -24.0 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Total Domestic Equity Policy Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 18.00 12.00 6.00 0.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 Risk (Standard Deviation %) Return Standard Deviation ■ Total Domestic Equity 15.65 20.02 • Total Domestic Equity Policy 14.27 19.22 - Median 14.02 18.64 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Total Domestic Equity 20 2 (10 %) 8 (40 %) 6 (30 %) 4 (20 %) • Total Domestic Equity Policy 20 0 (0 %) 2 (10 %) 16 (80 %) 2 (10 %) - 3.00 0.00 d x -3.00 -6.00 12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Downside Error Market Standard Ratio Return Deviation ■ Total Domestic Equity 0.52 20.00 • Total Domestic Equity Policy -0.17 19.05 - Median 0.51 18.78 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Capture Total Domestic Equity 4.70 102.09 98.79 0.84 Total Domestic Equity 3.69 102.48 97.84 0.99 0.37 0.82 1.02 11.48 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.94 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio Total Domestic Equity 4.70 102.09 98.79 0.84 0.19 0.05 1.02 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.01 1.00 33 Downside Risk 14.41 14.09 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Lateef AssetMgnA.Equity 5,332 - - - -13 -1 20 582 5,920 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Lateef AssetMgnA.Equity 5,332 - - - -13 -1 20 582 5,920 25.00 20.00 15.00 e 10.00 e a 5.00 0.00 -5.00 -10.00 5720.0 5110.0 5100.0 590.0 580.0 570.0 ` 560.0 $105.0 $100.4 34 DIE BOGDAHN GROUP. 1 Oct -2011 1 2 3 4 5 s50.0 Quarter To Dec -2011 Year Years Years Years Years 11/07 6/08 3/09 12/09 9/10 6/11 12/11 ■ Lateef Asset Mgmt.Equity 11.29 (24) 11.29 (24) 0.40 (46) 7.86 (48) 15.33 (62) 0.77 (24) N/A • Russell 1000 Growth Index 10.61 (38) 10.61 (38) 2.64 (23) 9.45 (27) 18.02 (28) X0.30 (32) 2.50 (39) La cf Asset MgmtEqui y Russell 1000 Growth Index Median 10.06 10.06 -0.24 7.69 16.00 -0.87 1.91 Comparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Lateef Asset Mgmt.Equity -16.55 (76) 1.44 (27) 6.57 (30) 9.55 (84) 13.95 (26) -11.88 (56) Russell 1000 Growth Index -13.14 (26) 0.76 (46) 6.03 (47) 11.83 (49) 13.00 (38) -11.75 (53) IM U.S. Large Cap Growth Equity (SA +CF) Median -14.62 0.61 5.84 11.78 12.27 -11.63 34 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity December 31, 2011 0 20.0 10.0 0.0 -10.0 Over Performance ■ Under -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Russell 1000 Growth Index Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 0.00 x 25.00 . 50.00 a" 75.00 x e 3.00 a 2 0.00 a -3.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 5 -25 25- Median Median -75 75 -95 Total Period Beta Error Information Count Count Count Count ■ LateefAssetMgint.Equity 6 4 (67 %) 1 (17 %) 1 (17 %) 0 (0 %) • Russell 1000 Growth Index 20 0 (0 %) 9 (45 %) 11 (55 %) 0 (0 %) _ 20.00 c 15.00 10.00 5.00 6.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity 15.33 19.16 • Russell 1000 Growth Index 18.02 17.76 - Median 16.02 18.39 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity N/A N/A • Russell 1000 Growth Index 2.50 18.92 - Median 1.92 19.39 Tracking Up Down Information Sharpe Market Tracking Beta Error Information Sharpe Downside Ratio Market Market Alpha N/A N/A N/A Beta Error Capture Capture 0.15 1.00 Ratio Ratio Risk LateefAssetMgtnt.Equity 4.32 98.92 109.78 -3.00 -0.48 0.84 1.05 10.39 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.02 1.00 9.96 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.15 1.00 35 Downside Risk N/A 13.76 DIE I� BOGDAHN GROUP. ;!-� THE 36 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Total Domestic Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Equity 10,637 -23 -1 53 1,173 11,839 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Equity 10,637 -23 -1 53 1,173 11,839 20.00 16.00 12.00 e 8.00 e a 4.00 0.00 -4.00 -8.00 S160.0 S150.0 5140.0 5130.0 S120.0 S110.0 S100.0 590.0 S80.0 570.0 560.0 550.0 ;137.6 ;118.0 Median 11.80 Oct -2011 14.02 -1.05 0.51 1 To 1 2 3 4 5 Quarter Year Years Years Years Years Dec -2011 1 1 ■ Total Domestic Equity 11.53 (60) 11.53 (60) -1.05 (75) 7.57 (57) 15.65 (22) -1.16 (56) 0.52 (50) • Total Domestic Equity Policy 12.12 (42) 12.12 (42) 1.03 (59) 8.69 (38) 14.27 (43) -1.54 (63) -0.17 (69) S160.0 S150.0 5140.0 5130.0 S120.0 S110.0 S100.0 590.0 S80.0 570.0 560.0 550.0 ;137.6 ;118.0 Median 11.80 11.80 1.78 7.98 14.02 -1.05 0.51 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total Domestic Equity -17.20 (86) 0.27 (57) 6.86 (36) 8.99 (88) 12.92 (11) -10.12 (19) Total Domestic Equity Policy -15.28 (60) -0.03 (65) 6.38 (47) 11.59 (30) 11.53 (35) -11.32 (45) 1M U.S. Large Cap Core Equity (SA +CF) Median -14.89 0.47 6.30 10.91 11.04 -11.48 DIE 32 /� BOGDAHN GROUP. 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Domestic Equity Total Domestic Equity Policy Winter Springs General Employees General Plan and Trust Total Domestic Equity December 31, 2011 20.0 10.0 w 0.0 A -10.0 F -20.0 Over Performance Under 0.00 m 25.00 . 50.00 a" e 75.00 x -24.0 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Total Domestic Equity Policy Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 18.00 12.00 6.00 0.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 Risk (Standard Deviation %) Return Standard Deviation ■ Total Domestic Equity 15.65 20.02 • Total Domestic Equity Policy 14.27 19.22 - Median 14.02 18.64 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Total Domestic Equity 20 2 (10 %) 8 (40 %) 6 (30 %) 4 (20 %) • Total Domestic Equity Policy 20 0 (0 %) 2 (10 %) 16 (80 %) 2 (10 %) - 3.00 0.00 d x -3.00 -6.00 12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Downside Error Market Standard Ratio Return Deviation ■ Total Domestic Equity 0.52 20.00 • Total Domestic Equity Policy -0.17 19.05 - Median 0.51 18.78 Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Capture Total Domestic Equity 4.70 102.09 98.79 0.84 Total Domestic Equity 3.69 102.48 97.84 0.99 0.37 0.82 1.02 11.48 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.79 1.00 11.94 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio Total Domestic Equity 4.70 102.09 98.79 0.84 0.19 0.05 1.02 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.01 1.00 33 Downside Risk 14.41 14.09 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Lateef AssetMgnA.Equity 5,332 - - - -13 -1 20 582 5,920 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Lateef AssetMgnA.Equity 5,332 - - - -13 -1 20 582 5,920 25.00 20.00 15.00 e 10.00 e a 5.00 0.00 -5.00 -10.00 5720.0 5110.0 5100.0 590.0 580.0 570.0 ` 560.0 $105.0 $100.4 34 DIE BOGDAHN GROUP. 1 Oct -2011 1 2 3 4 5 s50.0 Quarter To Dec -2011 Year Years Years Years Years 11/07 6/08 3/09 12/09 9/10 6/11 12/11 ■ Lateef Asset Mgmt.Equity 11.29 (24) 11.29 (24) 0.40 (46) 7.86 (48) 15.33 (62) 0.77 (24) N/A • Russell 1000 Growth Index 10.61 (38) 10.61 (38) 2.64 (23) 9.45 (27) 18.02 (28) X0.30 (32) 2.50 (39) La cf Asset MgmtEqui y Russell 1000 Growth Index Median 10.06 10.06 -0.24 7.69 16.00 -0.87 1.91 Comparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Lateef Asset Mgmt.Equity -16.55 (76) 1.44 (27) 6.57 (30) 9.55 (84) 13.95 (26) -11.88 (56) Russell 1000 Growth Index -13.14 (26) 0.76 (46) 6.03 (47) 11.83 (49) 13.00 (38) -11.75 (53) IM U.S. Large Cap Growth Equity (SA +CF) Median -14.62 0.61 5.84 11.78 12.27 -11.63 34 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Lateef Asset Mgmt.Equity December 31, 2011 0 20.0 10.0 0.0 -10.0 Over Performance ■ Under -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Russell 1000 Growth Index Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 0.00 x 25.00 . 50.00 a" 75.00 x e 3.00 a 2 0.00 a -3.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 5 -25 25- Median Median -75 75 -95 Total Period Beta Error Information Count Count Count Count ■ LateefAssetMgint.Equity 6 4 (67 %) 1 (17 %) 1 (17 %) 0 (0 %) • Russell 1000 Growth Index 20 0 (0 %) 9 (45 %) 11 (55 %) 0 (0 %) _ 20.00 c 15.00 10.00 5.00 6.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity 15.33 19.16 • Russell 1000 Growth Index 18.02 17.76 - Median 16.02 18.39 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 Risk (Standard Deviation %) Return Standard Deviation ■ Lateef Asset Mgmt.Equity N/A N/A • Russell 1000 Growth Index 2.50 18.92 - Median 1.92 19.39 Tracking Up Down Information Sharpe Market Tracking Beta Error Information Sharpe Downside Ratio Market Market Alpha N/A N/A N/A Beta Error Capture Capture 0.15 1.00 Ratio Ratio Risk LateefAssetMgtnt.Equity 4.32 98.92 109.78 -3.00 -0.48 0.84 1.05 10.39 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.02 1.00 9.96 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.15 1.00 35 Downside Risk N/A 13.76 DIE I� BOGDAHN GROUP. ;!-� THE 36 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Dalton, Greiner, Hartman, Maher & Co. December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 30.00 25.00 20.00 5.00 10.00 a 5.00 0.00 -5.00 -10.00 I 5160.0 S150.0 5140.0 5130.0 S l 20.0 5110.0 5100.0 $143.4 THE 37 BOGDAHN GROUP. 1 Oct -2011 1 2 3 4 5 1 Quarter Dec -2011 Year Years Years Years Years 8/09 3110 12/10 12/11 ■ Dalton, Greiner, Hartman, Maher & Co. 11.77 (68) 11.77 (68) -2.46 (63) 7.29 (62) N/A N/A N/A • Russell 3000 Value Index 13.33 (31) 13.33 (31) -0.10 (47) 7.75 (56) 11.62 (82) -2.97 (90) -2.58 (92) Dalton, Greiner, Hartman, Matter & Co. Russell 3000 Value Index Median 12.30 12.30 - 1.02 8.05 15.12 -0.96 0.45 Comparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Dalton, Greiner, Hartman, Maher & Co. -17.84 (63) -0.86 (71) 7.13 (42) 8.45 (86) 11.94 (30) -8.39 (21) Russell 3000 Value Index -16.63 (49) -0.68 (66) 6.47 (48) 10.92 (57) 10.10 (69) -11.09 (62) IM U.S. All Cap Value Equity (SA +CF) Median -16.86 -0.10 6.37 11.37 10.90 -10.59 THE 37 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Dalton, Greiner, Hartman, Maher & Co. December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 30.00 25.00 20.00 5.00 10.00 a 5.00 0.00 -5.00 -10.00 I 5160.0 S150.0 5140.0 5130.0 S l 20.0 5110.0 5100.0 $143.4 THE 37 BOGDAHN GROUP. 1 Oct -2011 1 2 3 4 5 1 Quarter Dec -2011 Year Years Years Years Years 8/09 3110 12/10 12/11 ■ Dalton, Greiner, Hartman, Maher & Co. 11.77 (68) 11.77 (68) -2.46 (63) 7.29 (62) N/A N/A N/A • Russell 3000 Value Index 13.33 (31) 13.33 (31) -0.10 (47) 7.75 (56) 11.62 (82) -2.97 (90) -2.58 (92) Dalton, Greiner, Hartman, Matter & Co. Russell 3000 Value Index Median 12.30 12.30 - 1.02 8.05 15.12 -0.96 0.45 Comparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Dalton, Greiner, Hartman, Maher & Co. -17.84 (63) -0.86 (71) 7.13 (42) 8.45 (86) 11.94 (30) -8.39 (21) Russell 3000 Value Index -16.63 (49) -0.68 (66) 6.47 (48) 10.92 (57) 10.10 (69) -11.09 (62) IM U.S. All Cap Value Equity (SA +CF) Median -16.86 -0.10 6.37 11.37 10.90 -10.59 THE 37 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Total International Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total lnternationalEquity 3,093 8 -8 -1 9 34 3,136 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total lnternationalEquity 3,093 8 -8 -1 9 34 3,136 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 r� I S200.0 S180.0 S l 60.0 S140.0 S120.0 S100.0 S80.0 kg 38 DIE � BOGDAHN - GROUP. 1 Oct -2011 1 2 3 4 5 S60.0 Quarter To Dec -2011 Year Years Years Years Years ■ Total International Equity 1.40 (91) 1.40 (91) -15.79 (82) 0.88 (27) 16.03 (7) -6.09 (54) -4.90 (79) • MSCI EAFE Index 3.38 (55) 3.38 (55) -11.73 (60) -2.27 (67) 8.16 (60) -7.87 (76) -4.26 (67) 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Intetuational Equity MSCI EAFE Index Median 3.55 3.55 - 10.65 - 1.07 8.92 - 5.92 - 2.79 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total International Equity -21.20 (79) 0.67 (72) 4.69 (21) 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) 3.45 (53) 6.65 (55) 16.53 (33) -13.75 (80) IM International Large Cap Value Equity (SA +CF) Median -18.76 1.46 3.51 6.74 15.74 -12.21 38 DIE � BOGDAHN - GROUP. Winter Springs General Employees General Plan and Trust Total International Equity December 31, 2011 36.0 24.0 w A 12.0 0.0 -12.0 o -24.0 Over Performance ■ ■ Under 0.00 c x 25.00 . 50.00 a" 75.00 x 100.00 - 15.00 10.00 y 5.00 0.00 -20.0 -10.0 0.0 10.0 20.0 30.0 MSCI SAFE Index Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ Total International Equity 16.03 24.64 • MSCI EAFE Index 8.16 22.45 - Median 8.79 21.86 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Total International Equity 20 2 (10 %) 2 (10 %) 6 (30 %) 10 (50 %) • MSCI EAFE Index 20 0 (0 %) 2 (10 %) 17 (85 %) 1 (5 %) 4.00 0.00 4.00 -8.00 -12.00 4.00 16.00 18.00 20.00 22.00 24.00 26.00 28.01 Risk (Standard Deviation %) Return Standard Deviation ■ Total International Equity -4.90 25.95 • MSCI EAFE Index -4.26 22.49 - Median -2.82 21.91 39 DIE BOGDAHN `� GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total International Equity 7.16 114.61 92.23 7.25 1.05 0.72 1.05 13.48 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.46 1.00 14.14 Hist Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Total International Equity 8.07 106.65 105.54 0.41 0.03 -0.11 1.10 19.40 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A -0.14 1.00 16.99 39 DIE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 RBC Global (Voyageur) 3,093 8 -8 -1 9 34 3,136 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 RBC Global (Voyageur) 3,093 8 -8 -1 9 34 3,136 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 r� in S100.0 S90.0 S80.0 S70.0 S60.0 S50.0 S40.0 77.8 72.0 1 1 Oct -2011 1 1 1 Quarter Quarter Quarter 1 Quarter 1 2 3 4 5 Ending Quarter Sep -2011 Year Years Years Years Years RBC Global (Voyageur) -21.20 (79) 0.67 (72) Dec -o 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) ■ RBC Global (Voyageur) 1.40 (91) 1.40 (91) -15.79 (82) 0.88 (27) 16.03 (7) -6.09 (54) N/A • MSCI EAFE Index 3.38 (55) 3.38 (55) -11.73 (60) -2.27 (67) 8.16 (60) -7.87 (76) -4.26 (67) Median 3.55 3.55 -10.65 - 1.07 8.92 -5.92 -2.79 in S100.0 S90.0 S80.0 S70.0 S60.0 S50.0 S40.0 77.8 72.0 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 RBC Global (Voyageur) -21.20 (79) 0.67 (72) 4.69 (21) 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) 3.45 (53) 6.65 (55) 16.53 (33) -13.75 (80) IM International Large Cap Value Equity (SA +CF) Median -18.76 1.46 3.51 6.74 15.74 -12.21 40 DIE � BOGDAHN - GROUP. 2/08 9/08 6/09 3/10 12/10 12/11 RBC Global (Voyageur) - MSCI EAFE Index Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) December 31, 2011 20.0 0.00 1 25.00 50.00 75.00 15.0 ' 10.0 5.0 P 0.0 L� -10.0 Undcr Prrf r -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 MSCI SAFE Index ( %) Over Perfom mee Mar -2007 * Dee -2011 - 15.00 e " 10.00 5.00 0.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ RBC Global (Voyageur) 16.03 24.64 • MSCI EAFE Index 8.16 22.45 - Median 8.79 21.86 100.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 5 -25 25- Median Median -75 75 -95 Total Period Beta Error Information Count Count Count Count ■ RBC Global (Voyageur) 5 2 (40 %) 2 (40 %) 1 (20 %) 0 (0 %) • MSCI EAFE Index 20 0 (0 %) 2 (10 %) 17 (85 %) 1 (5 %) 4.00 0.00 4.00 -8.00 -12.00 4.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ RBC Global (Voyageur) N/A N/A • MSCI EAFE Index -4.26 22.49 - Median -2.82 21.91 Tracking Up Down Information Sharpe Market Tracking Beta Error Information Sharpe Downside Ratio Market Market Alpha N/A N/A N/A Beta Error Capture Capture -0.14 1.00 Ratio Ratio Risk RBC Global (Voyageur) 7.16 114.61 92.23 7.25 1.05 0.72 1.05 13.48 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.46 1.00 14.14 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio RBC Global (Voyageur) N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A -0.14 1.00 41 Downside Risk N/A 16.99 PIN THE BOGDAHN �'' GR OUP. ;!-� THE 42 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Total Fixed Policy As of December 31, 2011 Nov -2000 Barclays Capital Aggregate 100.00 Sep -2006 Intermediate Aeereeate 100.00 THE 43 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Dalton, Greiner, Hartman, Maher & Co. December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Dalton, Greiner, Hartman, Maher & Co. 5,305 -10 -1 33 592 5,919 30.00 25.00 20.00 5.00 10.00 a 5.00 0.00 -5.00 -10.00 I 5160.0 S150.0 5140.0 5130.0 S l 20.0 5110.0 5100.0 $143.4 THE 37 BOGDAHN GROUP. 1 Oct -2011 1 2 3 4 5 1 Quarter Dec -2011 Year Years Years Years Years 8/09 3110 12/10 12/11 ■ Dalton, Greiner, Hartman, Maher & Co. 11.77 (68) 11.77 (68) -2.46 (63) 7.29 (62) N/A N/A N/A • Russell 3000 Value Index 13.33 (31) 13.33 (31) -0.10 (47) 7.75 (56) 11.62 (82) -2.97 (90) -2.58 (92) Dalton, Greiner, Hartman, Matter & Co. Russell 3000 Value Index Median 12.30 12.30 - 1.02 8.05 15.12 -0.96 0.45 Comparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Dalton, Greiner, Hartman, Maher & Co. -17.84 (63) -0.86 (71) 7.13 (42) 8.45 (86) 11.94 (30) -8.39 (21) Russell 3000 Value Index -16.63 (49) -0.68 (66) 6.47 (48) 10.92 (57) 10.10 (69) -11.09 (62) IM U.S. All Cap Value Equity (SA +CF) Median -16.86 -0.10 6.37 11.37 10.90 -10.59 THE 37 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Total International Equity December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total lnternationalEquity 3,093 8 -8 -1 9 34 3,136 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total lnternationalEquity 3,093 8 -8 -1 9 34 3,136 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 r� I S200.0 S180.0 S l 60.0 S140.0 S120.0 S100.0 S80.0 kg 38 DIE � BOGDAHN - GROUP. 1 Oct -2011 1 2 3 4 5 S60.0 Quarter To Dec -2011 Year Years Years Years Years ■ Total International Equity 1.40 (91) 1.40 (91) -15.79 (82) 0.88 (27) 16.03 (7) -6.09 (54) -4.90 (79) • MSCI EAFE Index 3.38 (55) 3.38 (55) -11.73 (60) -2.27 (67) 8.16 (60) -7.87 (76) -4.26 (67) 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Intetuational Equity MSCI EAFE Index Median 3.55 3.55 - 10.65 - 1.07 8.92 - 5.92 - 2.79 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total International Equity -21.20 (79) 0.67 (72) 4.69 (21) 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) 3.45 (53) 6.65 (55) 16.53 (33) -13.75 (80) IM International Large Cap Value Equity (SA +CF) Median -18.76 1.46 3.51 6.74 15.74 -12.21 38 DIE � BOGDAHN - GROUP. Winter Springs General Employees General Plan and Trust Total International Equity December 31, 2011 36.0 24.0 w A 12.0 0.0 -12.0 o -24.0 Over Performance ■ ■ Under 0.00 c x 25.00 . 50.00 a" 75.00 x 100.00 - 15.00 10.00 y 5.00 0.00 -20.0 -10.0 0.0 10.0 20.0 30.0 MSCI SAFE Index Over Perfomranee Under Perfomranee A Mar -2007 Dec -2011 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ Total International Equity 16.03 24.64 • MSCI EAFE Index 8.16 22.45 - Median 8.79 21.86 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Total International Equity 20 2 (10 %) 2 (10 %) 6 (30 %) 10 (50 %) • MSCI EAFE Index 20 0 (0 %) 2 (10 %) 17 (85 %) 1 (5 %) 4.00 0.00 4.00 -8.00 -12.00 4.00 16.00 18.00 20.00 22.00 24.00 26.00 28.01 Risk (Standard Deviation %) Return Standard Deviation ■ Total International Equity -4.90 25.95 • MSCI EAFE Index -4.26 22.49 - Median -2.82 21.91 39 DIE BOGDAHN `� GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total International Equity 7.16 114.61 92.23 7.25 1.05 0.72 1.05 13.48 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.46 1.00 14.14 Hist Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Total International Equity 8.07 106.65 105.54 0.41 0.03 -0.11 1.10 19.40 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A -0.14 1.00 16.99 39 DIE BOGDAHN `� GROUP. Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 RBC Global (Voyageur) 3,093 8 -8 -1 9 34 3,136 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 RBC Global (Voyageur) 3,093 8 -8 -1 9 34 3,136 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 r� in S100.0 S90.0 S80.0 S70.0 S60.0 S50.0 S40.0 77.8 72.0 1 1 Oct -2011 1 1 1 Quarter Quarter Quarter 1 Quarter 1 2 3 4 5 Ending Quarter Sep -2011 Year Years Years Years Years RBC Global (Voyageur) -21.20 (79) 0.67 (72) Dec -o 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) ■ RBC Global (Voyageur) 1.40 (91) 1.40 (91) -15.79 (82) 0.88 (27) 16.03 (7) -6.09 (54) N/A • MSCI EAFE Index 3.38 (55) 3.38 (55) -11.73 (60) -2.27 (67) 8.16 (60) -7.87 (76) -4.26 (67) Median 3.55 3.55 -10.65 - 1.07 8.92 -5.92 -2.79 in S100.0 S90.0 S80.0 S70.0 S60.0 S50.0 S40.0 77.8 72.0 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 RBC Global (Voyageur) -21.20 (79) 0.67 (72) 4.69 (21) 9.87 (5) 19.39 (7) -12.31 (52) MSCI EAFE Index -18.95 (55) 1.83 (42) 3.45 (53) 6.65 (55) 16.53 (33) -13.75 (80) IM International Large Cap Value Equity (SA +CF) Median -18.76 1.46 3.51 6.74 15.74 -12.21 40 DIE � BOGDAHN - GROUP. 2/08 9/08 6/09 3/10 12/10 12/11 RBC Global (Voyageur) - MSCI EAFE Index Winter Springs General Employees General Plan and Trust RBC Global (Voyageur) December 31, 2011 20.0 0.00 1 25.00 50.00 75.00 15.0 ' 10.0 5.0 P 0.0 L� -10.0 Undcr Prrf r -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 MSCI SAFE Index ( %) Over Perfom mee Mar -2007 * Dee -2011 - 15.00 e " 10.00 5.00 0.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ RBC Global (Voyageur) 16.03 24.64 • MSCI EAFE Index 8.16 22.45 - Median 8.79 21.86 100.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 5 -25 25- Median Median -75 75 -95 Total Period Beta Error Information Count Count Count Count ■ RBC Global (Voyageur) 5 2 (40 %) 2 (40 %) 1 (20 %) 0 (0 %) • MSCI EAFE Index 20 0 (0 %) 2 (10 %) 17 (85 %) 1 (5 %) 4.00 0.00 4.00 -8.00 -12.00 4.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 Risk (Standard Deviation %) Return Standard Deviation ■ RBC Global (Voyageur) N/A N/A • MSCI EAFE Index -4.26 22.49 - Median -2.82 21.91 Tracking Up Down Information Sharpe Market Tracking Beta Error Information Sharpe Downside Ratio Market Market Alpha N/A N/A N/A Beta Error Capture Capture -0.14 1.00 Ratio Ratio Risk RBC Global (Voyageur) 7.16 114.61 92.23 7.25 1.05 0.72 1.05 13.48 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.46 1.00 14.14 Tracking Up Down Information Sharpe Market Market Alpha Beta Error Capture Capture Ratio Ratio RBC Global (Voyageur) N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A -0.14 1.00 41 Downside Risk N/A 16.99 PIN THE BOGDAHN �'' GR OUP. ;!-� THE 42 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Total Fixed Policy As of December 31, 2011 Nov -2000 Barclays Capital Aggregate 100.00 Sep -2006 Intermediate Aeereeate 100.00 THE 43 BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Total Domestic Fixed Income Composite December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Fixed Income Composite - -997 -3 7 5,944 4,951 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Domestic Fixed Income Composite - -997 -3 7 5,944 4,951 12.00 10.00 8.00 i ° 6.00 z 4.00 2.00 0.00 5200.0 S190.0 S180.0 5170.0 S l 60.0 S l 50.0 5140.0 5130.0 S120.0 S110.0 S100.0 590.0 ; 11 §q:i Median 1.08 1.08 5.90 6.23 6.85 6.18 6.40 1 Oct -2011 1 1 1 1 1 To 1 2 3 4 5 Quarter Ending Year Years Years Years Years Sep -2011 Dec -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 ■ Total Domestic Fixed Income Composite 1.08 (49) 1.08 (49) 6.71 (11) 6.97 (16) 8.96 (17) 5.70 (75) 5.98 (71) • Total Domestic Fixed Policy 0.91 (77) 0.91 (77) 5.97 (46) 6.06 (63) 6.19 (70) 5.86 (68) 6.09 (65) Median 1.08 1.08 5.90 6.23 6.85 6.18 6.40 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Total Domestic Fixed Income Composite 2.02 (49) 2.30 (5) 1.15 (14) -0.85 (35) 2.76 (52) 2.57 (71) Total Domestic Fixed Policy 2.30 (34) 2.17 (17) 0.48 (68) -0.75 (29) 2.07 (90) 2.92 (45) 1M U.S. Intermediate Duration (SA +CF) Median 2.01 2.00 0.60 -1.08 2.77 2.84 THE 44 ,1� BOGDAHN GR OUP. 2/01 6/02 12/03 6/05 12/06 6/08 12/09 12/11 Total Domestic Fixed Income Composite Total Domestic Fixed Policy Winter Springs General Employees General Plan and Trust Total Domestic Fixed Income Composite December 31, 2011 10.0 0 � 8.0 e 6.0 c 4.0 Over O Perfomranee °° ° ■ ° under 0.00 m 25.00 . 50.00 a" = 75.00 C9 £ 2 A 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Total Domestic Fixed Policy ( %) Over Performance Under Performance A Mar -2007 Dec-2011 9.00 6.00 cC 3.00 0.60 0.90 1.20 1.50 1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 Risk (Standard Deviation %) Return Standard Deviation ■ Total Domestic Fixed Income Composite 8.96 2.80 • Total Domestic Fixed Policy 6.19 2.29 - Median 6.85 2.64 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Error Count Count Count Count ■ Total Domestic Fixed Income Composite 20 1 (5 %) 1 (5 %) 7 (35 %) 11 (55 %) • Total Domestic Fixed Policy 20 1 (5 %) 5 (25 %) 13 (65 %) 1 (5 %) 7.70 7 6.60 F 5.50 z 4.40 3.30 1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 4.50 4.80 5.10 5.40 Risk (Standard Deviation %) Return Standard Deviation ■ Total Domestic Fixed Income Composite 5.98 3.93 • Total Domestic Fixed Policy 6.09 2.90 - Median 6.41 3.37 45 DIE BOGDAHN GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Domestic Fixed Income Composite 1.52 128.07 49.85 2.48 1.71 3.05 1.02 1.09 Total Domestic Fixed Policy 0.00 100.00 100.00 0.00 N/A 2.59 1.00 1.02 Hist Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Total Domestic Fixed Income Composite 2.67 104.47 125.11 -0.03 -0.02 1.10 0.99 2.39 Total Domestic Fixed Policy 0.00 100.00 100.00 0.00 N/A 1.53 1.00 1.27 45 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Galliard Core Fixed Income December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Galliard Core Fixed Income 4,761 -997 -3 42 3,803 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Galliard Core Fixed Income 4,761 -997 -3 42 3,803 12.00 10.00 8.00 Y 6.00 a 4.00 2.00 0.00 5132.0 5128.0 S l 24.0 S l 20.0 S1160 S112.0 S108.0 S104.0 S100.0 596.0 , ,.w $129.2 $127.2 THE 46 BOGDAHN �-�'` GR OUP. 1 Oct -2011 1 2 3 4 5 1 - Quarter Dec -2011 Year Years Years Years Years 11/07 6/08 3/09 12/09 9/10 6/11 12/11 ■ Galliard Core Fixed Income 1.05 (57) 1.05 (57) 6.37 (26) 7.02 (15) 9.20 (13) 5.72 (74) N/A • Barclays Capital Intermediate Aggregate 0.91 (77) 0.91 (77) 5.97 (46) 6.06 (63) 6.19 (70) 5.86 (68) 6.09 (65) Galliard Core Fixed [ncomc Barclays Capital Intermediate Aggregate Median 1.08 1.08 5.90 6.23 6.85 6.18 6.40 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Galliard Core Fixed Income 2.13 (42) 2.17 (17) 0.88 (23) -1.05 (46) 2.92 (37) 2.63 (64) Barclays Capital Intermediate Aggregate 2.30 (34) 2.17 (17) 0.48 (68) -0.75 (29) 2.07 (90) 2.92 (45) IM U.S. Intermediate Duration (SA +CF) Median 2.01 2.00 0.60 -1.08 2.77 2.84 THE 46 BOGDAHN �-�'` GR OUP. Winter Springs General Employees General Plan and Trust Galliard Core Fixed Income December 31, 2011 9.0 .- 8.0 t 7.0 .� 6.0 5.0 c� 0.00 m 25.00 . 50.00 a" 75.00 Over O Pcrformancc A Under 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 Barclays Capital Intermediate Aggregate Over Performance Under Performance 0 Mar -2007 ® Dec -2011 9.00 6.00 x 3.00 0.60 0.90 1.20 1.50 1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 Risk (Standard Deviation %) Return Standard Deviation ■ Galliard Core Fixed Income 9.20 2.82 • Barclays Capital Intermediate Aggregate 6.19 2.29 - Median 6.85 2.64 x 100.00 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Galliard Core Fixed Income 6 1 (17 %) 3 (50 %) 0 (0 %) 2 (33 %) • Barclays Capital Intermediate Aggregate 20 0 (0 %) 6 (30 %) 13 (65 %) 1 (5 %) 7.70 7 6.60 F 5.50 z 4.40 3.30 1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 4.50 4.80 5.10 5.40 Risk (Standard Deviation %) Return Standard Deviation ■ Galliard Core Fixed Income N/A N/A • Barclays Capital Intermediate Aggregate 6.09 2.90 - Median 6.41 3.37 47 DIE BOGDAHN GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard Core Fixed Income 1.58 129.74 40.47 2.76 1.78 3.11 1.02 1.04 Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 2.59 1.00 1.02 Hist Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Galliard Core Fixed Income N/A N/A N/A N/A N/A N/A N/A N/A Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 1.53 1.00 1.27 47 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Galliard TIPS December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec 12/31/2011 Galliard TIPS 1,133 4 12 1,149 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec 12/31/2011 Galliard TIPS 1,133 4 12 1,149 16.00 14.00 12.00 10.00 8.00 a 6.00 4.00 2.00 0.00 I I ISemm S132.0 5128.0 5124.0 S l 20.0 Sl 16.0 S112.0 S l 08.0 S104.0 S100.0 THE 48 BOGDAHN �-� GR OUP. 1 Oct -2011 1 2 3 4 5 S96.0 I Quarter To Dec - 2011 Year Years Years Years Years 11/07 6/08 3/09 12/09 9/10 6/11 12/11 ■ Galliard TIPS 1.39 (95) 1.39 (95) 8.28 (91) 6.52 (95) 7.71 (95) 5.50 (95) N/A • BC U.S. Treasury Inflation Notes: 1 -10 Year 1.69 (94) 1.69 (94) 8.93 (91) 7.06 (94) 8.69 (91) 5.79 (94) 6.90 (93) Galliard TIPS BC U.S. Treasury Inflation Notes: 1 - 10 Year Median 2.67 2.67 13.55 9.97 10.28 7.20 8.07 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Galliard TIPS 1.57 (92) 2.84 (90) 2.23 (32) -0.05 (21) 1.89 (96) 2.21 (92) BC U.S. Treasury Inflation Notes: 1 -10 Year 1.65 (91) 2.96 (80) 2.35 (17) 0.06 (14) 1.92 (93) 2.29 (90) IM U.S. TIPS (SA +CF) Median 4.63 3.57 2.11 -0.72 2.68 3.88 THE 48 BOGDAHN �-� GR OUP. Winter Springs General Employees General Plan and Trust Galliard TIPS December 31, 2011 10.0 ,°:. 8.0 F = 6.0 4.0 2.0 Under fr 2.0 3.0 4.0 5.0 6.0 7.0 8.0 BC U.S. Treasury Inflation Notes: 1 -10 Year ( %) Under Perfomrance A Mar -2007 * Dec -2011 11.70 e 10.40 9.10 7.80 6.50 9.0 10.0 2.70 3.00 3.30 3.60 3.90 4.20 4.50 4.80 5.10 5.40 5.70 6.00 6.30 Risk (Standard Deviation %) Return Standard Deviation ■ Galliard TIPS 7.71 3.88 • BC U.S. Treasury Inflation Notes: 1 -10 Year 8.69 4.32 - Median 10.28 5.67 0.00 x 25.00 . 50.00 a" _ = 75.00 x 10000 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Error Count Count Count Count ■ GalliardTlPS 6 0 (0 %) 0 (0 %) 0 (0 %) 6 (100 %) • BC U.S. Treasury Inflation Notes: 1 -10 Year 20 2 (10 %) 2 (10 %) 5 (25 %) 11 (55 %) 9.00 e 8.00 � 7.00 x 6.00 5.00 3.60 4.00 4.40 4.80 5.20 5.60 6.00 6.40 6.80 7.20 7.60 8.0 Risk (Standard Deviation %) Return Standard Deviation ■ Galliard TIPS N/A N/A • BC U.S. Treasury Inflation Notes: 1 -10 Year 6.90 6.07 - Median 8.07 7.30 49 DIE BOGDAHN GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard TIPS 1.38 89.31 90.36 0.33 -0.67 1.91 0.85 1.50 BC U.S. Treasury Inflation Notes: 1 -10 Year 0.00 100.00 100.00 0.00 N/A 1.93 1.00 1.57 Hist Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Galliard TIPS N/A N/A N/A N/A N/A N/A N/A N/A BC U.S. Treasury Inflation Notes: 1 -10 Year 0.00 100.00 100.00 0.00 N/A 0.89 1.00 4.09 49 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust Total Real Estate December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Real Estate 2,182 -8 -2 79 2,251 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Total Real Estate 2,182 -8 -2 79 2,251 25.00 20.00 15.00 10.00 z 5.00 0.00 -5.00 -10.00 ■ A ■ A ■ 1 Oct -2011 1 2 3 4 5 Quarter To Dec -2011 Year Years Years Years Years ■ Total Real Estate 3.62 (35) 3.62 (35) 15.53 (62) 13.54 (85) -3.37 (48) -3.70 (45) N/A • NCRELF Fund Index -Open End Diversified Core (EW) 2.97 (45) 2.97 (45) 15.99 (40) 16.17 (27) -1.76 (43) -3.89 (46) -0.21 (38) Median 2.87 2.87 15.85 14.20 -4.23 -4.84 -2.29 5110.0 5105.0 5100.0 595.0 590.0 S85.0 S80.0 575.0 570.0 565.0 560.0 Total Real Estate NCREIF Fund Index -Open End Diversified Core (EW) 1 Quarter Ending Sep -2011 1 Quarter Ending Jun -2011 1 Quarter Ending Mar -2011 1 Quarter Ending Dec -2010 1 Quarter Ending Sep -2010 1 Quarter Ending Jun -2010 Total Real Estate 3.17 (56) 3.51 (80) 4.39 (55) 4.05 (64) 4.56 (71) 3.25 (63) NCRELF Fund Index -Open End Diversified Core (EW) 3.52 (45) 4.62 (49) 4.01 (68) 4.99 (35) 5.45 (56) 4.32 (32) 1M U.S. Open End Private Real Estate (SA +CF) Median 3.21 4.47 4.49 4.58 6.01 3.49 P THE Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 50 � �} O GDAL7 i V B V GROUP. 11/07 6/08 3/09 12/09 9/10 6/11 12/11 Winter Springs General Employees General Plan and Trust Total Real Estate December 31, 2011 0.0 -3.0 W -6.0 x -9.0 F -12.0 J Over Performance Under -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 NCREIF Fund Index -Open End Diversified Core (EW) Over Perforrnmee Under Perfomranee AM-2007 Dec -2011 0.0 0.00 e -3.00 -6.00 -9.00 .00 10.00 12.00 14.00 16.00 18.00 20.0 Risk (Standard Deviation Return Standard Deviation ■ Total Real Estate -3.37 11.91 • NCREIF Fund Index-Open End Diversified Core (EW) -1.76 12.47 - Median -4.23 14.16 0.00 m 25.00 . 50.00 n , e 75.00 x 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Total Period 5 -25 25- Median Median -75 75 -95 Count Count Count Count ■ Total Real Estate 6 0 (0 %) 6 (100 %) 0 (0 %) 0 (0 %) • NCREIF Fund Index-Open End Diversified Core (EW) 20 0 (0 %) 13 (65 %) 7 (35 %) 0 (0 %) 1.30 e 0.00 c -1.30 E x -2.60 -3.90 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.0 Risk (Standard Deviation Return Standard Deviation ■ Total Real Estate N/A N/A • NCREIF Fund Index -Open End Diversified Core (EW) -0.21 11.41 - Median -2.29 14.91 Tracking Up Down Information Sharpe Market Tracking Error Information Sharpe Downside Ratio Market Market Alpha N/A N/A Beta Error Capture Capture -0.09 Ratio Ratio Risk Total Real Estate 2.20 84.56 101.17 -1.75 -0.78 -0.23 0.94 10.46 NCRELF Fund Index -Open End Diversified Core (EW) 0.00 100.00 100.00 0.00 N/A -0.09 1.00 10.56 Tracking Up Down Information Sharpe Market Market Alpha Error Capture Capture Ratio Ratio Total Real Estate N/A N/A N/A N/A N/A N/A NCRELF Fund Index -Open End Diversified Core (EW) 0.00 100.00 100.00 0.00 N/A -0.09 Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. 51 Beta Downside Risk N/A N/A 1.00 9.54 DIE BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust American Core Realty Fund December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 American Core Realty Fund 690 -8 -2 19 698 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 American Core Realty Fund 690 -8 -2 19 698 25.00 20.00 15.00 10.00 e a 5.00 0.00 -5.00 -10.00 ., r i m L 7 3. S110.0 S105.0 S100.0 595.0 590.0 S85.0 S80.0 575.0 570.0 565.0 Median 2.87 2.87 American Core Realty Fund NCRELF Property Index IM U.S. Open End Private Real Estate (SA +CF) Median 11/07 6/08 3/09 American Core Realty Fund NCREIF Property Index $103.8 $86.7 12/09 9/10 6/11 12/11 15.85 14.20 Oct -2011 -2.29 1 1 1 1 2 3 4 5 Quarter Quarter Year Years Years Years Years Ending Dec -o Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 ■ American Core Realty Fund 2.77 (63) 2.77 (63) 15.05 (78) 13.12 (89) -3.60 (49) -3.87 (46) N/A • NCRELF Property Index 2.96 (45) 2.96 (45) 14.26 (92) 13.69 (83) 2.43 (9) 0.13 (9) 3.09 (1) Median 2.87 2.87 American Core Realty Fund NCRELF Property Index IM U.S. Open End Private Real Estate (SA +CF) Median 11/07 6/08 3/09 American Core Realty Fund NCREIF Property Index $103.8 $86.7 12/09 9/10 6/11 12/11 15.85 14.20 -4.23 -4.84 -2.29 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 3.19 (52) 3.83 (67) 4.48 (52) 3.71 (77) 4.56 (71) 3.25 (63) 3.30 (48) 3.94 (66) 3.36 (90) 4.62 (48) 3.86 (83) 3.31 (57) 3.21 4.47 4.49 4.58 6.01 3.49 THE 52 BOGDAHN ��'' GR OUP. Winter Springs General Employees General Plan and Trust American Core Realty Fund December 31, 2011 a 3.0 0.0 x -3.0 U c -6.0 £ -9.0 d Over Pcrformancc ■ ■ ■ ■ Under 0.00 q m 25.00 50.00 e 75.00 x 100.00 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 NCREIF Property Index ( %) Undcr Pcrformancc Mar -2007 * Dee-2011 4.00 0.00 = -4.00 -8.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Risk (Standard Deviation %) Information 5 -25 25- Median Standard 75 -95 Return Deviation ■ Atnerican Core Realty Fund -3.60 11.83 • NCREIF Property Index 2.43 7.85 - Median -4.23 14.16 3/07 9/07 3/08 9/08 3/09 9/09 3/10 9/10 3/11 9/11 12/11 Information 5 -25 25- Median Median -75 75 -95 Total Period Market Market Alpha Ratio Ratio Count Count Count Count ■ American Core Realty Fund 6 0 (0 %) 6 (100 %) 0 (0 %) 0 (0 %) • NCREIF Property Index 20 13 (65 %) 1 (5 %) 6 (30 %) 0 (0 %) 188.92 -6.76 -1.27 -0.26 1.47 Peer Group NCREIF Property Index 0.00 100.00 100.00 4.00 2.00 F 0.00 -2.00 -4.00 8.00 10.00 12.00 14.00 16.00 18.1 Risk (Standard Deviation %) Return Standard Deviation ■ American Core Realty Fund N/A N/A • NCREIF Property Index 3.09 7.81 - Median -2.29 14.91 53 DIE BOGDAHN GROUP. Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Atnerican Core Realty Fund 4.46 96.26 188.92 -6.76 -1.27 -0.26 1.47 10.46 NCREIF Property Index 0.00 100.00 100.00 0.00 N/A 0.33 1.00 5.66 Historical Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk American Core Realty Fund N/A N/A N/A N/A N/A N/A N/A N/A NCREIF Property Index 0.00 100.00 100.00 0.00 N/A 0.25 1.00 5.74 53 DIE BOGDAHN GROUP. THE 54 BOGDAHN GRoup Winter Springs General Employees General Plan and Trust Intercontinental December 31, 2011 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Intercontinental 1,493 60 1,553 Market Value Net Capital Market Value As of Transfers Contributions Distributions Fees Expenses Income Apprec./ As of 10/01/2011 Deprec. 12/31/2011 Intercontinental 1,493 60 1,553 25.00 20.00 15.00 e 10.00 e a 5.00 0.00 5.00 -10.00 I Lr7 Lr7 � MM 51230 S120.0 ` 5117.0 ' 5114.0 ' 5111.0 ' 5108.0 ' S105.0 S102.0 599.0 1 Oct -2011 1 2 3 4 5 1 Quarter To Dec - 2011 Year Years Years Years Years 11/10 12/10 3111 6/11 9/11 12/11 ■ Intercontinental 4.02 (30) 4.02 (30) 15.74 (54) N/A N/A N/A N/A • NCRELF Fund Index -Open End Diversified Core (EW) 2.97 (45) 2.97 (45) 15.99 (40) 16.17 (27) -1.76 (43) -3.89 (46) -0.21 (38) Intercontinental NCREIF Fund Index - Open End Diversified Core (EW) Median 2.87 2.87 15.85 14.20 - 4.23 - 4.84 - 2.29 C omparative I 1 1 1 1 1 1 Quarter Quarter Quarter Quarter Quarter Quarter Ending Ending Ending Ending Ending Ending Sep -2011 Jun -2011 Mar -2011 Dec -2010 Sep -2010 Jun -2010 Intercontinental 3.17 (57) 3.36 (82) 4.35 (57) 4.51 (56) N/A N/A NCRELF Fund Index -Open End Diversified Core (EW) 3.52 (45) 4.62 (49) 4.01 (68) 4.99 (35) 5.45 (56) 4.32 (32) 1M U.S. Open End Private Real Estate (SA +CF) Median 3.21 4.47 4.49 4.58 6.01 3.49 THE Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fund level performance. �� BOGDAHN 55 - --O * GR QUP. Winter Springs General Employees General Plan and Trust Benchmark History As of December 31,2011 Total Fund Jan -1976 S &P 500 Barclays Capital Aggregate MSCI EAFE Index Oct -2003 S &P 500 Barclays Capital Aggregate MSCI EAFE Index Sep -2006 S &P 500 Barclays Capital Intermediate Aggregate Oct -2009 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE Index Barclays Capital U.S. Treasury: U.S. TIPS NCREIF Property Index Oct -2010 Russell 3000 Index Barclays Capital Intermediate Aggregate MSCI EAFE Index Barclays Capital U.S. Treasury: U.S. TIPS NCREIF Fund Index -Open End Diversified Core (EW) 65.00 30.00 5.00 60.00 30.00 10.00 60.00 40.00 50.00 25.00 15.00 5.00 5.00 50.00 20.00 15.00 5.00 10.00 Total Domestic Jan -1926 S &P 500 Oct -2009 Russell 3000 Index Total Fixed Nov -2000 Barclays Capital Aggregate Sep -2006 Barclays Capital Intermediate Aggregate 56 100.00 100.00 100.00 100.00 Tin BOGDAHN GROUP. Winter Springs General Employees General Plan and Trust As of December 31, 2011 Disclosures Neither The Bogdahn Group, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. THE 57 BOGDAHN GRoup Statistics Definitions Statistics Description Return -- Compounded rate of return for the period. Standard Deviation -- A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over a specified time period. Sharpe Ratio -- Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk - adjusted performance. Alpha -- A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio's non - systematic return. Beta -- A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non - diversifiable or systematic risk. R- Squared -- The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R- Square means a higher correlation of the portfolio's performance to the appropriate benchmark. Treynor Ratio -- Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return over the risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk - adjusted performance. Downside Risk -- A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product. Tracking Error -- A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. Information Ratio -- Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value -added contribution by the manager. Consistency -- The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. Excess Return -- Arithmetic difference between the managers return and the risk -free return over a specified time period. Active Return -- Arithmetic difference between the managers return and the benchmark return over a specified time period. Excess Risk -- A measure of the standard deviation of a portfolio's performance relative to the risk free return. Market Capture -- The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. ,vn Market Capture -- The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Calculation based on monthly periodicity. 58 TfjE BOGDAHN GROUP City of Winter Springs General Employee Retirement System Compliance Checklist as of December 31, 2011 1. The Total Plan return equaled or exceeded the 8% actuarial earnings assumption over the trailing three and five year periods. ✓ 2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods. ✓ 3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ 1. Total equity returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. ✓ 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. 4. The total equity allocation was less than 75% of the total plan assets at market. ✓ 5. Total foreign equity was less than 25% of the total plan assets at cost. ✓ 1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ 3. All fixed income investments had a minimum rating of investment grade or higher. ✓ aaer Comr. 1. Manager outperformed the index over the trailing three year period. 2. Manager outperformed the index over the trailing five year period. 3. Manager ranked within the top 40th percentile over trailing three year period. 4. Manager ranked within the top 40th percentile over trailing five year period. 5. Less than four consecutive quarters of under performance relative to the benchmark 6. Three year down - market capture ratio less than the index. Intercontinental ending market value as of 12/31/2011 calculated using quarter -end fand level performance. 59 2 C7 CJ F Chicago 4320 Winfield Road, Suite 200 Warrenvlle, Illinois 60555 Dallas 15770 Dallas Parkway, Suite 250 Dallas, Texas 75248 THE BOGDAHN GROUP. sirrrpl6ingyour investment acrd frduriary decisions Orlando 4901 Vineland Road, Suite 600 Orlando, Florida 32811 866.240.7932 Cleveland 6133 Rocksidc Road Rockside Square I1, Suite 303 Independence, Ohio 44131 Milwaukee 250 E. Wisconsin Ave, Suite 1800 Milwaukee, Wisconsin 53202