Public Safety Personnel Retirement System Corrections Officer Retirement Plan Elected Officials’ Retirement Plan Summary Report as of June 30, 2009

Total fund 2 Total Revenue June 30, 2009 Total Net Loss ($595,929,593)

Total fund 3 Total Expenses June 30, 2009 Total Expenses $578,609,862

Total fund 4 Asset Allocation June 30, 2009 at Market

Total fund 5 Total Fund – Returns by Asset Class (Fiscal Year )

Total Fund Rates of Return (Estimated) 6 Total fund

Index/Actual Total Returns FY Total fund

8 Total Fund vs. Benchmark FYE June 30 *Total Fund returns are gross of fees ** Benchmark 7/1/2008-3/31/2009: 46% Wilshire 5000, 21% MSCI World Ex-US, 20% Lehman Gov/Credit, 6% NCREIF NPI, 6% Wilshire bps, 1% 91-Day Treasury Bill; Benchmark 3/31/09-6/30/ % Russell 3000, 20% MSCI World Ex-US, 20% BC Capita Aggregate, 8% NCREIF MPI, 8% Russell bps, 8% ML US High Yield BB-B Rated Constrained, 5% CPI+200 bps and 1% 91-day T-Bill.

Total fund 9 Funding Levels

Total fund 10 PSPRS – Aggregate Employer Rates *The aggregate computed contribution rates before application of the statutory minimum

Total fund 11 CORP – Aggregate Employer Rates

Total fund 12 EORP – Employer Rates

Total fund 13 *Market value does not include future benefit increase reserve Total Fund Changing Financial Status (in 000s)

Total fund 14 Implications for the Future Employer Rates Post Retirement Benefit Increase Reserves (after cost of July 1, 2009 post retirement adjustment)  PSPRS:$285,613,717 (July 1 adjustment = $125.7M)  CORP: $15,124,946 (July 1 adjustment = $18.1M)  EORP: $3,637,670 (July 1 adjustment = $11.3M)  Future Increase Amount is contingent upon assets flowing into account.

Arizona PSPRS Trust - Performance as of 12/31/2009 (Gross of Fees) Asset AllocationPerformance % DescriptionMarket Values($) % Month Ending 3 Month Ending Fiscal YTD Calendar YTD 1 Year3 Year5 Year Arizona PSPRS Trust - Total Fund $6,134,244, %1.14%3.50%16.16%18.86% 1.58%2.91% Target Fund Benchmark 1.38%3.49%15.31%19.69% -2.74%2.96% Total Equity $3,091,940, %2.34%4.76%22.76%29.95% -2.70%1.97% Target Equity Benchmark 2.55%5.04%23.59%33.79% -4.27%2.79% Fixed Income $1,852,858, %-1.11%1.63%7.64%10.87% 3.65%3.97% BC Aggregate -1.56%0.21%3.96%5.93% 6.04%4.97% Other Major Asset Classes $1,852,858, %N/A Total fund 15

Arizona PSPRS Trust - Performance as of 12/31/2009 (Gross of Fees) The Performance Benchmarks below effective beginning 4/1/2009 TARGET EQUITY BENCHMARK - 60% Russell 3000, 40% MSCI World Ex-US. TARGET FUND BENCHMARK - 30% Russell 3000, 20% MSCI World Ex-US, 20% BC Aggregate, 8% NCREIF NPI, 8% Russell bps, 8% ML High Yield BB-B Constrained, 5% CPI bps and 1% 91-Day T-Bill. The Performance Benchmarks below effective through 3/31/2009 TARGET EQUITY BENCHMARK % Wilshire 5000, 32.31% MSCI World Ex-US. TARGET FUND BENCHMARK - 46% Wilshire 5000, 21% MSCI World Ex-US, 20% BC Gov/Cred, 6% NCREIF NPI, 6% Wilshire bps and 1% 91-Day T-Bill. Disclaimer for Preliminary Returns Note that the returns for the Total Fund, Total Equity and Fixed Income are from the daily returns and accounting has not yet been finalized for the prior month. Returns for other major asset classes are not yet available but the Total Fund return does include the contributions for all asset classes. After the prior month closes, final returns will be reported for the Total Fund as well for all of the major asset classes. Also, note that the NCREIF NPI and Real Assets Benchmark (CPI bps) have not yet been reported. Total fund 16