ERS Investment Returns

ERS Investment Returns are summarized in the following table:

ERS Returns for 3rd Quarter 2011 (net of fees)
ERS Returns	3rd Quarter 2011	1 Year	3 Year	5 Year	Since Inception
Total Fund	-11.5%	-0.3%	3.0%	0.5%	9.0%
Domestic Equities	-18.1%	-1.5%	0.7%	-2.6%	9.0%
International Equities	-18.3%	-9.3%	1.0%	-2.0%	5.8%
Global Equities	-19.4%	-9.2%			-7.0%
Fixed Income	0.5%	5.1%	11.9%	7.9%	8.0%
Private Equity	1.9%	5.3%			4.1%
Real Estate	6.1%	20.9%	-12.9%	-3.9%	4.1%
Total Assets Under Management as of September 30, 2011 were $3,833,665,726

All returns over 1 year are annualized.
Private Equity and Real Estate returns are lagged 1-quarter.
Total assets under management per Northern Trust custodial reports.
Inception dates and benchmark data are listed in the detailed quarterly reports.
Past performance is no guarantee of future results.