One Main Street, Cambridge, Massachusetts (617) ; F: (617) Fee Analysis for Calendar Year 2006 June, 2007 Oklahoma State Pension Commission Allan Martin Partner Carolyn Smith Senior Consultant

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 2 Fee Comparison from 2005 to 2006 – Periods ending Dec FEES 2006 FEES Asset Growth & Fee Growth 2005 to 2006

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 3 Individual Retirement System Fee Analysis

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 4 Teachers Retirement System Total 2006 Return13.7% *The Teachers also paid a fee of $21,880 to Bloomberg Financial Information Services in 2006

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 5 Public Employees Retirement System Total 2006 Return13.0%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 6 Firefighters Retirement System Total 2006 Return12.4%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 7 Police Pension and Retirement System Total 2006 Return14.5% **These two managers also charged an incentive fee

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 8 Law Enforcement Retirement System Total 2006 Return11.0%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 9 Judges & Justices Retirement System Total 2006 Return12.2%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 10 Total 2006 Return10.5% Department of Wildlife Retirement System