From: Butler, James D.

Sent: Friday, January 23, 2009 2:18 PM

To: Z_DeKalb-Employees
Subject: Pension Board Meeting

We held our bi-monthly Pension Board meeting on 1-22-2009.

Payment of 5 invoices was approved.

A review of the 4th quarter 2008 investment results was done by Callan Associates.

Mazama Capital Management gave a presentation on their positions and expectations in the
market.

The Segal Company gave us results of their Experience Study and Asset/Liability study. We
requested a pension funding recommendation from Segal by the next bi-monthly pension
meeting.

Requests from 6 employees to repay contributions withdrawn from the pension plan in order to
receive service for prior employment were approved.

Requests from 2 employees to pay contributions for employment on military leave without pay
was approved.

Request for 1 employee applying for disability pension was approved.

Request for 1 employee applying for disability pension (appeal) was denied.

I want to reassure all Dekalb County Employees that the Pension Board is very aware of the
current economic conditions. We are hopeful that this cycle in the economy is close to a bottom.
The condition of the pension’s positions in the market and funding of the pension are top priorities
of the board. Let us all be hopeful that 2009 will be a great year!

James Butler

Pension Board Member