1. One Main Street, Cambridge, Massachusetts 02142-1524 (617) 374-1300; F: (617) 374-1313 www.nepc.com Fee Analysis for Calendar Year 2005 June, 2006 Oklahoma State Pension Commission Allan Martin, Partner Kevin Tatlow, Consultant

2. L:\Clients\Oklahoma\Fee Analysis Reports\Fee Analysis 2005 Calendar Year.ppt 1 Fee Comparison from 2004 to 2005 – Periods ending Dec 31 2004 FEES 2005 FEES Asset Growth & Fee Growth 2004 to 2005

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

4. 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

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

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

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

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

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

10. 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.