New York State Teachers' Retirement System
October 30, 2008 Board Meeting
Summary of Actions

Ratified the following actions taken by the Retirement Board's Finance Committee since the previous Board meeting:

• An investment of the Euro equivalent of $100 million in Charterhouse Capital Partners IX, subject to the satisfactory completion of due diligence.
• An investment of $50 million in HIPEP VI - Asia Pacific Fund L.P., subject to the satisfactory completion of due diligence.
• The extension of the OMP Development Joint Venture for one year with the option to extend the program for an additional year at staff discretion, subject to the satisfactory completion of due diligence.

Ratified the following actions taken by the Executive Director since the previous Board meeting:

• An investment of up to $50 million, or an amount not to exceed 20% of the fund's total commitments, in U.S. Industrial REIT III LLC, a closed-end private REIT sponsored by USAA Real Estate Company. Approval is subject to the satisfactory completion of due diligence.
• A seven-year, $29.7 million first mortgage financing for Chandler Festival in Chandler, Arizona.
• A seven-year, $18.9 million first mortgage financing for Chandler Gateway in Chandler, Arizona.
• The purchase of an up to $75 million (but not less than $50 million) interest in the existing $1.3 billion first mortgage on a 50-story Class A office building at 767 Fifth Ave. in New York City.

Renewed the agreement with Citigroup Alternative Investments LLC to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec.1, 2008.

Renewed the agreement with EII Realty Securities Inc. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 7, 2008.

Renewed the agreement with LaSalle Investment Management (Securities) L.P. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 1, 2008.

Renewed the agreement with RREEF America L.L.C. to manage a portion of the System's portfolio as an international (non-U.S.) real estate investment manager, for one year, effective Dec. 1, 2008.

Renewed the agreement with State Street Global Advisors to manage a portion of the System's portfolio as a passive international equity manager, for one year, effective Feb. 18, 2009.

Renewed the agreement with Callan Associates Inc. to act as a general investment, real estate and private equity consultant, for one year, effective Feb. 1, 2009.

Reappointed Daniel J. Bukowski and Robert G. Wade to three-year terms on the Investment Advisory Committee, effective Jan. 1, 2009.

Reappointed Paul J. Dolinoy, Blake Eagle and Thomas P. Mahoney to three-year terms on the Real Estate Advisory Committee, effective Jan. 1, 2009.

Accepted changes to the Investment Policy Manual, reflecting updates approved by the Retirement Board through the July 2008 Board Meeting.

Accepted the report of KPMG LLC on the financial statements of the Retirement System as of June 30, 2008, and for the 2007-2008 plan year ended on that date.

Approved the System's 2009 legislative program.