TAILIEUCHUNG - CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR SECURITIES LENDING

We do this by making and enforcing rules under Ontario’s Securities Act and Commodity Futures Act. This includes requiring public companies to disclose key information about their finances and operations in documents like financial statements, the management’s discussion and analysis (MD&A), prospectuses and news releases. We also require insiders of public companies to report their trading in the company’s securities. We investigate complaints about possible breaches of Ontario securities law, such as misleading disclosure, selective disclosure and insider trading. We have the authority to impose sanctions on individuals and companies that breach Ontario securities law. Sanctions may include reprimands, fines, suspensions and bans from the securities industry. . | CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT POLICY FOR SECURITIES LENDING September 11 2012 The policy changes once adopted and approved shall apply to any new purchases in the Securities Lending Cash Collateral Pool. The Securities Lending Policy dated November 13 2007 and updated in December 2008 will govern legacy commitments purchased by external managers. Similarly the policy for the Low Duration Fixed Income Program dated December 15 2008 will govern legacy positions purchased by CalPERS Fixed Income Unit. I. PURPOSE The California Public Employees Retirement System CalPERS Total Fund Statement of Investment Policy adopted by the CalPERS Investment Committee Committee sets forth CalPERS overarching investment purposes and objectives with respect to all its investment programs. This document sets forth the investment policy Policy for the Securities Lending Program Program . The design of this Policy ensures that investors managers consultants and other participants selected by CalPERS take prudent and careful action while managing the Program. Additionally use of this Policy assures sufficient flexibility in managing investment risks and returns associated with the management and oversight of the Program. The Program is comprised of two separate functions lending both equity and fixed income securities to borrowers and reinvesting the cash collateral posted by borrowers. This Policy is the controlling document for the following functions of the Program A. Attachment A - Delegated Lending Guidelines These apply to the lending borrowing transaction and is effective for both equity and fixed income securities. B. Attachment B - Delegated Cash Collateral Reinvestment Guidelines These apply to the reinvestment of cash collateral received on lending and is effective for reinvestment managers either in-house or external. C. Attachment C - Securities Lending Investment Policy Tracking Log. This attachment will log any changes made to .

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