Roger Brown, Cfa

Denver Employees Retirement Plan, founded in 1963, is a defined benefit plan with the sole purpose to provide retirement benefits to qualified members of the City and County of Denver and Denver Health and Hospital Authority. Total fund assets are approximately $1.6 billion and includes a 6.5% target to real estate and 5% target to alternatives. The alternatives portfolio includes both single and multi-manager hedge funds, in addition to private equity, natural resources, oil/gas and timber. Denver works extremely closely with Summit Strategies and primarily relies on their expertise in the selection of investment managers. The Plan does not anticipate any major changes in the alternative investment portfolio over the first half of 2011.