One Main Street, Cambridge, Massachusetts (617) ; F: (617) Fee Analysis for Calendar Year 2005 June, 2006 Oklahoma State Pension Commission Allan Martin, Partner Kevin Tatlow, Consultant

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 1 Fee Comparison from 2004 to 2005 – Periods ending Dec FEES 2005 FEES Asset Growth & Fee Growth 2004 to 2005

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 2 Individual Retirement System Fee Analysis

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 3 Teachers Retirement System Total 2005 Return7.4% *The Teachers also paid a fee of $19,680 to Bloomberg Financial Information Services in 2005

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 4 Public Employees Retirement System Total 2005 Return7.2%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 5 Firefighters Retirement System Total 2005 Return7.9%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 6 Police Pension and Retirement System Total 2005 Return7.4%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 7 Law Enforcement Retirement System Total 2005 Return7.1%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 8 Judges & Justices Retirement System Total 2005 Return6.6%

L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 9 Total 2005 Return5.8% Department of Wildlife Retirement System ***As of December 31, 2005, all assets were with Bank of Oklahoma domestic equity.