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CITY OF CLEARWATER EMPLOYEE PENSION PLAN2000191486/266569_0/266569/264304 � E L L I�3 Cx 7' CC� �3 ��3 A C� E�✓t E h1 7' 2000003949/266569_0/G1039/G1039 2000003956/266569_0/G1039/G1039 30 June 2010 2000003976/266569_0/G1039/G1039 assets �ong 3 T�l�yc� IG�� i��a��s�°� Syd�ey , �7�mber o# Professiana�s Central Research Global Industry Analysis Quantitative Analysis Global Macroanalysis Technical Analysis Portfolio Coordinators Management Equities Portfolio Management Research Analysis Product Management Management Fixed Income Portfolio Management Credit Analysis Quantitative Analysis Product Management Portfolio Analysis Management �Rv�ra�� ar� �f Eaap�ri�va�� Average Years with Wellingion (Vianagement � r �i t'1; r��r ;�� ° AverageYears of Experience �;'�� Average Years with Wellington Management �r � ' ��pl � , �rF,: �,. �,, � 54 21 � l�� ,��53'; 12 ;f' �� Average Years of Experience � Average Years with Wellington Management 33 ' 1$ r � � f 4 27 ��3� : Asset Allocation � AssetAllocation Portfolio Management ��-�79�� 77 ,` �� : AssetAllocationAnalysis `�;��5�� 15 �sfslt InvestmentServices r� Equity and Fixed Income Traders � 48;,�: 78 ��qy�. Management/Inv & Risk Mgmt �� 7�� 22 ; ��r � Research Associates �,;4� �" 6� �q- ; s �»„��; Taial �7�mber of I�v�stme�at Pro#essiana�s 4�1 As of 30 June 2010 0 2000003966/266569_0/G1039/G1039 Average Years of Experience Average Years with Wellington Management Average Years of Experience Average Years with Wellington Management Average Years of Experience Average Years with Wellington Management 17 9 17 9 16 7 16 7 19 10 � 1 Apri12008 City of Clearwater Pension Plan retained Wellington Trust Company, Na to manage approximately $8.0 million in the WTC-CIF Emerging Markets Equity Portfolio 1 July 2008 2 February 2009 31 July 2010 2000192072/266569_0/266569/265537 City of Clearwater Pension Plan contributed an additional $8.0 million to the WTC-CIF Emerging Markets Equity Portfolio City of Clearwater Pension Plan contributed an additional $5.0 million to the WTC-CIF Emerging Markets Equity Portfolio City of Clearwater Pension Plan WTC-CIF Emerging Markets Equity Portfolio � Market Value $24,569,590 � 2000192077/266569_0/266569/265537 � E L L I�3 Cx 7' CC� �3 ��3 A C� E�✓t E h1 7' 2000002006/266569_0/G1123/G1123 Vera M. Trojan, CFA Senior Vice President Bo Z. Meunier, CFA Vice President Jamie F. Rice, CFA Vice President Murali Srikantaiah Vice President David J. Palmisano, CFA Vice President 2000193397/266569_0/266569/G1123 Equity Portfolio Manager MBA, Harvard Business School, 1987 26 years of professional experience Equity Research Analyst MBA, Babson College (Olin), 1998 14 years of professional experience Equity Research Analyst AB, Harvard College, 1992 18 years of professional experience Equity Research Analyst MBA, Dartmouth College (Tuck), 2000 14 years of professional experience Equity Research Analyst MBA, Boston College, 2000 15 years of professional experience : 2000193406/266569_0/266569/266569 First investment Emerg4ng Emerging Emerging Local in Non-US First Regional 1�ilarkets Equity Markets Debt Currency Debt securities Equity approach launched launched launched First dedicated Fdrst dnvestment First dedicated China EYner�ing International pn Emerg4ng Latin America Opportunities 1�ilarkets Local Equity approach 1�ilarkets Equities Equity approach launched Equity launched *Einerging Markets Equity, Einerging Markets Local Equity, China Opportunities, and Latin Ainerica Equity 30 June 2010 1� 2000001995/266569_0/G1123/G1123 �merging Markets Team assets US$8.0 billion* iolling Gross Monthly 3-Year Trailing Return: 30 June 2003 to 30 June 2010 50 4U � 30 ._ Q w N ZO � Y � �Q � C � O d � �.� -�Q _20 ..��:/ _ _ -20 -10 0 10 20 30 40 50 MSCI Emerging Markets (%i holling gross monflily rehirns for fl1e t�merging Markets Iotal Composite versus fl1e MSCi t�merging Markets index. Gross per£ormance results are net of mmmissions and ofller direct expenses, but before (gross ot) advisory fees, nistody charges, wifldlolding taxes, and ofller indirect expenses, and include reinvestment ot dividends. tf all expenses reFlected, theperformanceshown would belower. Actual fees will varydepending on, among other things, theapplicablefeescheduleand accountsize Por eeample, ifUS$100,000 was invested and eeperienced a 10% annual return ompounded monthly for tenyears, its ending value, without giving effutW the deduction of advisory fees, would beUS$270,704with an annualized compounded return of 10.47%. If an advisory fee of 0.95% of average net assets per year were deducted monthly for the tenryear period, the annualized compounded return would be 9.43% and the ending dollar value would be US$246,355. Information regarding the firm s advisory fees is available upon request and also may be found in Part II of the firm s Porm ADV. Composite returns have the potential W be adjusted until reviewed and finalized 30 days following each calendar quarter end period. Past performance is no guarantee of future result . Por use u1 one-on-one presentations only. This suppLemental in£ormation mmpLements the GLPS" compliant presentation provided in the attachment 1� 2000001998/266569_0/G1123/G1123 Research Universe �,,,, r,-,.�,i The above investinent guidelines or typical characteristics are sought to be applied as part of the portfolio inanageinent process, but the paraineters outlined inay be exceeded either historically or in the future. 12 2000193398/266569_0/266569/G1123 E �� a� �ts ui�y MSCI Emerging Markets E �� a� �ts ui�y MSCI Emerging Markets E �� a� �ts ui�y MSCI Emerging Markets *Inception date of the Portfolio is 28 February 1994. Returns for periods less than one year are not annualized. z000i9z559�z66569_o�z66569�czoz6 Annualized Returns �, ,: � . I , � � . .1 2005 3407�/� 34.5 �iii� , � � . ll• � � ,. , •� ll� , ,. . .1 13 3 Yrs -101�/� -2.2 ll: 1 . ', . 2003 2 01�/� 56.3 5 Yrs 1309�/� 13.1 ll � � F, •� ll �, . .1 Since Inception� 03�/� 5.8 ll. ,� � F , . ll .F . � MSCI Index Performance �in USD) zo �o 0 � _ � � -�o -zo -30 ��don�s a/o,nb ahai/a,�d a/ays ah�/ipp n�s Ch�/� /nd�a M�rpcCOUrk�'Y M�ki�o gyAt ��r�a s00thqt,�a Ms�/ M jF,n� gwanC2�0h 9 p�b��p0�and N0�9ary Sources: FactSet, MSCI As of 30 June 2010 14 2000068301/266569_0/G1871/G1871 �nq Ma�k ets� MSCI Index Performance �in USD) 5 E -5 � � � �ons stap/�S yea�th �ar� �ons ��SCr�t,oTa� om sVCS ti/�ties �ndustr�a/s Fnan��a/S Ms�� FM lFm� g ng � �nfo T��hno�o�� ,.gy ark�'tsl Sources: FactSet, MSCI As of 30 June 2010 15 2000068307/266569_0/G1871/G1871 *Association of Southeast Asian Nations (Philippines, Malaysia, Singapore, Thailand, Vietnain, Indonesia, Brunei Darussalain, Cainbodia, Laos, Myarunar) 30 June 2010 �7 2000002004/266569_0/G1123/G1123 60 40 20 " O � �o °- -20 N m -40 -60 -80 -100 Thailand Egypt Brazil Colombia Jordan Malaysia South China Russia South Africa Korea Selected Outperforming Countries Thailand Egypt Selected Underperforming Countries South Korea Russia *Represents top and bottom five relative contributing countries 17 2000192560/266569_0/266569/G2026 Stocks Contributing to Performance PTT Chemical, Kasikornbank Public EFG-Hermes, Orascom Construction Stocks Detracting from Performance Hanmi, Samsung Electronics Evraz, Gazprom � �oo Sector Attribution — Value Added 50 ', 45 " >> O � p" °Q -3 -1 �� 50 -28 m 100 150 Health Industrials Utilities Care Selected Outperforming Sectors Health Care Industrials Selected Underperforming Sectors Cons Discretionary Materials Sector Allocation Security Selection 5 5 10 12 -7 -9 -z -6 -31 -31 -24 33 -55 -79 Cons Energy Telecom Financials Info Materials Cons Staples Svcs Technology Discretionary Stocks Contributing to Performance Piramal Healthcare, Hikma Pharmaceutical Lanco Infratech, Doosan Infracore *Represents underweight position relative to the benchinark 2000192653/266569_0/266569/G2026 Stocks Detracting from Performance Astra Intl Tbk PT* Hyundai Motors* Evraz, Norilsk Nickel i � Largest Country Positions South Korea Israel China India Turkey Largest Sector Positions Health Care Materials Energy Information Technology Industrials Portfolio Weight� 10.3% 2.2 17.4 10.0 0.5 Portfolio Weight� 7.4% 9.0 9.5 15.4 8.4 MSCI EM Index Weight 13.6% 0.0 19.1 8.4 1.6 MSCI EM Index Weight 0.8% 14.2 14.1 13.3 6.9 Difference -3.3% 2.2 -1.7 1.6 -1.1 Difference 6.6% -5.2 -4.6 2.1 1.5 *Equity only 30 June 2010 Information shown is for a representative account which was selected by the firm because it was deemed to best represent this investment approach. Results for other advisory accounts may vary from the information shown. This supplemental information complements the GIPS'"' coinpliant presentation for the Emerging Markets Total Composite which is provided in the attachment. 19 2000002047/266569_0/G1123/G1123 � Company Petrobras Hon Hai Precision Teva Pharmaceutical Industries EFG-Hermes Taiwan Semiconductor Lojas Renner Tata Motors Piramal Healthcare Tata Consultancy Services China Shenhua Energy Number of Equity Names Country Brazil Taiwan Israel Egypt Taiwan Brazil India India India China Sector Energy Info Technology Health Care Financials Info Technology Cons Discretionary Industrials Health Care Info Technology Energy Portfolio Weight� 0.0% 2.8 1.5 1.5 2.9 1.4 1.4 1.3 1.5 1.6 103 MSCI EM Index 2.9% 0.9 0.0 0.0 1.6 0.1 0.1 0.0 0.3 0.4 Difference -2.9% 1.9 1.5 1.5 1.3 1.3 1.3 1.3 1.2 1.2 *Equity only 30 June 2010 Information shown is for a representative account which was selected by the firm because it was deemed to best represent this investment approach. Results for other advisory accounts may vary from the information shown. This supplemental information complements the GIPS'"' coinpliant presentation for the Emerging Markets Total Composite which is provided in the attachment. The specific securities identified are not representative of all of the securities purchased, sold, or recommended for clients. It should not be assumed that an investment in the securities identified has or will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client's account will hold any or all of the securities listed. 2� 2000002043/266569_0/G1123/G1123 � Size Asset-weighted Market Cap Median Market Cap Over $10 billion $2 —10 billion Under $2 billion Valuation P/E (Current)� EPS Growth� P/B� Risk Projected Tracking Risk�� Number of Countries Number of Companies Emerging Markets Portfolio $37.4 bil 8.0 53% 40 7 13.2x 22.4% 2.4x 3.25% 22 103 MSCI EM Index $41.9 bil 4.7 65% 32 3 14.6x 22.8% 19x 25 740 *Weighted average P/E, EPS growth, and P/B based on 2010 estimates. For P/E and EPS, stocks without earnings are omitted from the calculations. Sources: Datastream, Wellington Management. **Source: Barra Global Long-Term Model (GEM2L) Information shown is for a representative account which was selected by the firm because it was deemed to best represent this investment approach. Results for other advisory accounts may vary from the information shown. This supplemental information complements the GIPS"' compliant presentation for the Emerging Markets Total Composite which is provided in the attachment. 21 2000002059/266569_0/G1123/G1123 � � E L L I�3 Cx 7' CC� �3 ��3 A C� E�✓t E h1 7' Appendix A1 2000192668/266569_0/266569/G1871 MSCI EM Index �US$) 1,500 1,000 - _ __ 22 Sep 94 to 9 Mar 95 /121 days) 16 Feb 94 to 24 Aug 92 33% Decline /59 da ys) � 19% Decline � r� I r � 500 _ "i Aug 90 to 16 Jan 91 � /121 days) 32% Decline 10 Jul 97 to 5 Oct 98 '; � /323daysJ 58% Decline Asian Financial Crisis � 22 Apr 92 to 24 Aug 92 /89 da ys) 19% Decline 100 ' 6/90 6/92 Source: MSCI Y axis shown with logarithinic scale. 2000063759/266569_0/G1871/G1871 23 Jul 07 to 16 Aug 07 � /24 days) 18% Decline Initial US Sub-Prime Mtg Fears 10May06to 13Jun06�� /25 da ys) 24% Decline 30ct05to 190ct05�� /16 da ys) 2g Oct 07 to 2 Mar 09 9% Decline 60% Decline Global CreditCrisis Apr04to 17May04 /26 days) \ 20% Decline S fF dT� h 10Feb00to30ct01 /430 da ysJ 54% Decline Global Correction � tart o e �g ten�ng i8Apr02to 100ct02 /168 days) 30% Decline 6/94 6/96 6/98 6/00 6/02 6/04 6/06 6/08 6/10 A2 Appendix � India China Ta iwa n Brazil Peru Indonesia Thailand Turkey Chile Malaysia Korea Mexico Russia Philippines Israel Poland South Africa Colombia Czech Republic Hungary -5 0 5 10 15 20 25 Percent 1-Year GDP Acceleration or Deceleration in Percentage Points, 1Q10, or LatestAvailable Forecast Real GDP Growth, 2010 Sources: Blooinberg, IMF, Wellington Manageinent A3 2000068318/266569_0/G1871/G1871 Appendix � India Malaysia Thailand Ta iwa n Philippines Korea China Poland Indonesia Czech Republic Chile Brazil Mexico South Africa Venezuela Argentina Colombia Turkey Hungary Russia Ranked Overnight/Policy Interest Rates, Percentage Point Change Y/Y, May 2010 or Latest Data Available -6 -5 -4 -3 -2 -1 0 1 Percent Sources: CEIC and Haver � I� 2000063756/266569_0/G1871/G1871 Appendix � Appendix A5 2000018426/266569_0/G1871/G1871 35 Emerging Markets GDP as a% of World GDP 30 25 20 � � U d d 15 10 5 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Sources: IMF, Haver I��/� 2000018429/266569_0/G1871/G1871 Appendix � India Mexico Brazil Australia Canada US China Korea UK France Italy Germany Russia Japan 5-Year % Ch in Working Age Population, Ages 15 — 64, 2008 — 2012 -6 -4 -2 0 2 4 6 8 10 12 Sources UN Forecasts generated in 2008 A7 2000018432/266569_0/G1871/G1871 Appendix � � 0 .� _ Q 0 � Population Levels by Income per Capita US$ $5,000 Income As of March 2006 Sources: Wellington Manageinent, UN � • 2000018435/266569_0/G1871/G1871 Appendix Poland South Africa Indonesia Philippines Thailand Hungary Brazil Mexico Russia China Korea Colombia Argentina India Malaysia Turkey Chile Czech Rep Venezuela International Reserves: 3-Month Annualized Growth Rate, May 2010 or Latest Available -60 -40 -20 0 20 40 Latest 3-Mo Annualized Sources: Haver and CEIC � • 2000063757/266569_0/G1871/G1871 Appendix � 2010 Forecast of Financial Vulnerability �.z �.o o.a 0.6 0.4 0.2 0.0 q/9��ah;�a 9USS�a ��i, e�ari�rhaiia�a a��ao q�9e��ae U�da��sa� �0�da� °io,hba�/� F9yp�, �IechgAU /oo,s�a o/a�ao,�a�saU�hq f�.c oo/9a�ao�9 �o,.o �o�k�y Financial Vulnerability is defined as Debt Service + Imports/(Gross International Reserves — IMF Credit) + Exports + Net Transfers Source: Institute of International Finance A7� 2000018441/266569_0/G1871/G1871 Appendix Appendix A11 2000018444/266569_0/G1871/G1871 Excessive Credit Growth f� Current Account Deficits Year-on-Year Current Domestic Account Country Credit Growth� Balance/GDP Albania Bosnia Bulgaria Latvia Lithuania Romania Ukraine Poland (96 - 01) Iceland (06) US UK Euro-zone 12.0% 6.0 18.0 -2.0 0.0 27.0 47.0 40.0% 76.0 7.0% 9.0 5.0 -13.5% -15.0 -24.0 -13.0 -12.0 -13.0 -7.0 -7.0% -26.0 -4.7% -2.0 -1.0 *Date: Credit Growth (Q2 2009); Current Account (2008 year-end) Sources: IMF, Haver, Wellington Management & National Statistics Al2 2000018446/266569_0/G1871/G1871 Watch List Country Czech Republic Hungary Poland Slovakia Russia Turkey Year-on-Year Credit Growth� 12.0% 13.0 30.0 14.0 26.0 19.0 Appendix Current Account Balance/GDP -3.0% -8.0 -5.0 -6.0 6.0 -6.0 � 40 35 30 y 25 � � 0 � N � 20 C .� F � 15 10 5 15.2x 14.6x 0' 6/96 6/97 6/98 6/99 6/00 6/Ol 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 Source: MSCI A13 2000068338/266569_0/G1871/G1871 Appendix � 5.0 4.5 4.0 3.5 3.0 � 2.5 2.0 1.5 1.0 0.5 OA ' 6/96 6/97 6/98 6/99 6/00 6/Ol 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 Source: MSCI A14 2000068348/266569_0/G1871/G1871 1.9x 1.7x Appendix � Appendix A15 2000068484/266569_0/G1871/G1871 1N 1:� L: L� f*� C"� �`l� �.7 Yk,! h=4 A P'� .i C�. f h4 9 tJ `f ��r5�s?�:��ir�.€, a;�€i I�+alalr��ati�r�is I;�r t,�,t�r t�lier��s � up��iut, l��aN�ca�ta� i....��!�.,i.."�d1n�m�,,,i,;,;,��J,�aa.,.�:..,�1�t�kpda§��:.�:<k�!��ie?��'r�b�;: � � h9rv �c�� nwv �vtv — 1 n�,a.r s��c ' F�� I F��a91t � {� t ��t��c��t�� ' ,�< s„ ��a�ar� �A�� ,'4 Li�� rti� �he �S��B�t��. '�h� � r i;r� ��r�p�� s��r�a�r� �� ar� �f �1"�� L9j3�0�` �9�t� �� It� this �Mdrt. uideo, [3i�re�t�ar aF� A. euundtat�le d'�.i�eussi�on �n the Strateqic .�set A91�scakion W�ndy ��. �.sttiu�reit�n tle?at �rta6�em� and th�§r� The zhalle�.nt�e �.f �rawing supply ta Cre�:mw�ll previe�ars how carparate likely irnplicaticans:. m�et d�r�sa�sd,. alI b�t fargai#en aas ar�d Puhlic �l:a�r�� can sa�anage Yheir� ... the Zt368 2G'6� dawratursa, is r�sk.�exp�s.ur�s.... r-� er�ser��g as.a key t�aern� in �, '�... s�aiC?mbdtty rnarkets. -•`°� P�-LaY 2C'�U ` �f�� ffki�� ;s ��r��it �d��i��c�� a��#��t� Tca meet th�eir abjectr�.ves, pen�.sia� plan�.s must �avagate a: wr�r-ld €af rs,s:k. Me��.mire� a# csur Ass�t Allocatra�n 5tra#er��es �Gr��a aff�er a g.uirJe Ear plans arsd a serdes. �of pate�atia3 . stslutscans, �. . .. . .. .. . . 2000152328/266569_0/G2356/G2356 M1A`Y i`L'7C�: �V�4:��ttii� ��ti �tl��r�IC1g L�}�� r��y. What� a��re ti�� og�o��rlunitie�s i�n� e�Qrgin�g ma,rket curren�ie�s7 C�a�e�r�cy SLra�kegist h�IrcMael Sage2�� v�ilin�s key trend� and �is � in�vesirr��nt app��acM�. '_. fiF "h" E�:77 L'�: �tl�R�r�� ,; ��; '�h� ��r°�8� f�r �t�f�d�Ult� . ASt�r 2tr�rng aer4ss-th�e-6oard'�. perfcsrma�ce 9�.,st year, 2ti1C5 wi3] ae� a y�ar rsf diff�renF�"atzva in eme�ging markets, accnrdiny tr �o�t(oli�+ .. .. Manager Vera.Ta�rayan ar�d t�am.� I�� l�� L C-m�,il N�iiF¢�ak�ns '�. �'�r',tebSdtc�.� � ��.J �� o� ��r f � - r��,,, zo_c� li �Y��9if air5 t�ti� ►��rs�t �,:; s� i�a��19�a��ra �� 19��4-5"1�1�9 �7�� Cltr�s 7anes,, CPA �- � r��,,, za�o � Si��ng d��r 8�e Ll� F3sc�l ��lienge�� P�3a�y S�, 20�{i � Ca��+alaiing ��ra'y ir�d�s Frarra 1 � 1Y�s��4dlaty �hcvek� , '!�''I�'ra Fvll � Xv:;;�;�C F�`a,t..cards t!�.:i �9s�6�1i �t�l�e G1a45�1I Ta54�� 92�Rurit t��e��e� i��i�ro�n ta�� ftsii�� L ie.� r,i i E��NCdrrain� EY�r3Y ]une E�r 2�1�� Appendix � ,• Wellington Management Company, LLi is an independently owned, SEC-registered Investment Adviser that, along with its subsidiaries and affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington Management also has offices in: Chicago, Illinois, Radnor, Pennsylvania; San Francisco, California; Beijing; Hong Kong; London; Singapore; Sydney; and Tokyo. This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management Company, LLr or its affiliates. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the authar(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. In the UK, this material is provided by Wellington Management International Ltd, a firm authorized and regulated by the Financial Services Authority (FSA). This material is directed only at persons (Relevant Persons) who are classified as eligible counterparties or professional clients under the rules of the FSA. This material must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment service to which this material relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons residing in Austria, France, and Germany are directed to contact only the Managing Director at Wellington Management International Ltd in the United Kingdom for further information. In Hong Kong, this material is provided by Wellington Global Investment Management Limited, a corporation licensed by the Securities and Futures Commission to conduct Type 1(dealing in securities), Type 4(advising on securities), and Type 9(asset management) regulated activities, on the basis that you are a Professional Investor as defined in the Securities and Futures Ordinance. By accepting this material you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to a person who is not a Professional Investor as defined in the Ordinance. In Singapore, Wellington Management conducts its financial services business through Wellington International Management Company Pte Ltd (Registration Number 199504987R). In Australia, Wellington International Management Company Pte Ltd (WIM) has authorized the issue of this material for use solely by wholesale clients (as defined in the Corporations Act 2001) of WIM or of any of its related bodies corporate, or by wholesale clients who are considering investing in funds of which WIM or any of its related bodies corporate is an investment manager. By accepting this material, a wholesale client agrees not to reproduce or distribute any part of the material, nor make it available to any retail client, without WIM's prior written consent. Wellington Management Company, LLr is exempt from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 in respect of financial services, in reliance on class order 03/1100, a copy of which may be obtained at the web site of the Australian Securities and Investments Commission, http://www.asic.gov.au. The class order exempts a registered investment adviser regulated by the SEC, among others, from the need to hold an AFSL for financial services provided to Australian wholesale clients on certain conditions. Financial services provided by Wellington Management Company, LLn are regulated by the SEC under the laws and regulatory requirements of the United States, which are different from the laws applying in Australia. In Japan, Wellington International Management Company Pte Ltd has been registered as a Financial Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin-Sho) Number 428. WIM is a member of the Japan Securities Investment Advisers Association (JSIAA) and the Investment Trusts Association, Japan (ITA). �02010 Wellington Management. All rights reserved. As of January 2010 �i1% 2000000298/266569_0/G1422/G1422