PERFORMANCE SYNOPSIS - MID-YEAR 2017 RETURNS

INVESTMENT COUNCIL SPOTLIGHT Meet current OIC Chair Rukaiyah Adams, an Oregon finance leader and the investment chief at Meyer Memorial Trust Rukaiyah Adams was appointed to the Oregon Invest- ment Council in 2013, and elected chair by her Council peers in 2017. Chief Investment Officer at Meyer Me- morial Trust in Portland, Chair Adams is driven by the belief that people want to take care of each other. Renowned for asking tough questions, she is looking out for the future of all Oregonians. Her desire to suc- ceed in capital markets for the benefit of everyday people attracted her to both her current position at Meyer as well as her volunteer role on the Council, TREASURY BUDGET PROPOSAL which oversees $95 billion in public trust fund invest- ments managed by the Oregon State Treasury. Chair Adams previously worked as director of invest- ment management at The Standard in Portland, and started her career as a mergers and acquisitions law- yer at Skadden, Arps, Slate, Meagher & Flom in San Francisco. She holds a BA from Carleton College with Academic Distinction, a JD from Stanford Law School, and an MBA from The Stanford Graduate School of Business. Newly approved state budget clears the way for more in-house investing capacity at Treasury, which will save PERS money The State Treasury was successful in getting legislative approval to allow the office to increase investing capacity to better manage a growing and increasingly complicated portfolio. ployees Retirement Fund (OPERF) has grown to become one of the country's largest public pension funds. At the same time, the number of staff assigned to OPERF management hasn't kept up, forc- With expanded internal capacity, Treasury ing Treasury to hire external managers will hire more staff in Oregon and reduce its current reliance on external partners and consultants. This "insourcing" initia- tive will translate into millions of dollars of annual fee savings for PERS and its ben- eficiaries. Due to its successful, long-term invest- ment track record, the Oregon Public Em- and consultants to handle daily activities such as securities trading, research and financial reporting. Additional staff will not require new tax money or compete for General Fund dol- lars against other state workers or pro- grams as all of Treasury's fund manage- ment activities are funded through invest- ment fees. New positions to enhance overall risk management will provide focused atten- tion on Environmental, Social and Govern- ance factors, and bolster current monitor- ing efforts among existing investments in both public and private markets. More resources were also added in cybersecuri- ty to fortify digital firewalls and protect critical operating and investment data. Even when all these newly-budgeted posi- tions are filled, Treasury will still rank as one of the leanest institutional invest- ment managers in its peer group. I have questions about my PERS benefits or retirement options. Public Employees Retirement System www.Oregon.gov/PERS 888-320-7377 WHO TO CONTACT I have questions about the IAP and my personal account balance. Public Employees Retirement System www.Oregon.gov/PERS 888-320-7377 I would like to know more about the Oregon Savings Growth Plan. http://www.oregon.gov/pers/osgp/pages/ index.aspx [email protected] 888-320-7377 I have questions about the Oregon Investment Council. I would like to communicate with the State Treasurer. I have questions or story ideas for Invested For You. Oregon State Treasury Office of the State Treasurer www.Oregon.gov/Treasury [email protected] 503-378-4329 Oregon State Treasury Communications and Stakeholder Relations www.Oregon.gov/Treasury 503-378-4000 Communications and Stakeholder Relations OF OR www.Oregon.gov/Treasury 503-378-4000 Oregon State Treasury Tobias Read, Treasurer f www.Oregon.gov/ www.facebook.com/ Treasury oregonstatetreasury @Oregon Treasury

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