RETIREMENT BOARD MEETING                Retirement Board Conference Room

SECOND MONTHLY MEETING                 The Willows Office Park

                        9:00 a.m.                               1355 Willow Way

                                                                     Suite 221

                 February 22, 2012                         Concord, California

THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE FOLLOWING:

1.           Pledge of Allegiance.

2.           Accept comments from the public.

3.          Approve minutes from the February 8, 2012 meeting.

4.          Presentation from DLJ Real Estate Partners Fund V, L.P.

5.          Consider and take possible action on staff recommendation for commitment to DLJ Real Estate Capital Partners V, L.P.

6.          Presentation from GMO regarding the addition of Emerging Markets in the GMO International Equity Strategy.

7.          Consider and take possible action on staff recommendation for the addition of Emerging Markets in the GMO International Equity Strategy.

8.          Review of total portfolio performance including:

a.    Consideration of any managers already under review or to be placed under review.

b.    Consideration of any changes in allocations to managers

9.        Consider and take possible action to adopt the automatic cost-of-living increases for retirees effective April 1, 2012. Note: Revised to include Safety Tier C.

10.       Miscellaneous

a.      Staff Report

b.      Outside Professionals’ Report

c.      Trustees’ comments