1. One Main Street, Cambridge, Massachusetts 02142-1524 (617) 374-1300; F: (617) 374-1313 www.nepc.com Fee Analysis for Calendar Year 2006 June, 2007 Oklahoma State Pension Commission Allan Martin Partner Carolyn Smith Senior Consultant

3. L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2006 Calendar Year.ppt 2 Fee Comparison from 2005 to 2006 – Periods ending Dec 31 2005 FEES 2006 FEES Asset Growth & Fee Growth 2005 to 2006

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

5. 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

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

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

8. 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

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

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

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