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0.0

2.0

4.0

6.0

8.0

10.0

12.0

One Year Three Years Five Years Ten Years

%

Performance as of June 30 (annualized)

Global Fixed Income GFI Benchmark Value Add

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CalPERS Global Fixed Income Tier Letter

Total Qualitative Score 3rd B

Weight Tier Letter

Organization 20% 5th C

FIRM 50% 6th C

Quality and Stability of Senior Management

Quality of Organization

Ownership/Incentives

TEAM 50% 3rd B

Stability of Investment Professionals

Quality of Team

Commitment to Improvement

Information Gathering 20% 1st A

Information Resources

Depth of Information

Breadth of Information

Forecasting 20% 2nd A

Clear & Intuitive Forecasting Approach

Repeatable Process

Strength, Clarity, and Intuitiveness of Valuation Methodology

Forecasting Success

Unique Forecasting Approach

Portfolio Construction 20% 2nd A

Risk Budgeting/Control

Defined Buy/Sell Discipline

Consistency of Portfolio Characteristics

Implementation 10% 2nd A

Resources

Liquidity

Compliance/Trading/Monitoring

Attribution 10% 2nd A

Depth of Attribution

Integration of Attribution

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