The document outlines investment management fees paid by the Employees' Retirement System of the State of Hawaii for fiscal years 2010 and 2011. It lists the fees paid to various investment managers categorized by asset class. Total fees increased from $31.2 million in 2010 to $39.9 million in 2011, with higher fees paid for real estate investments. Some real estate investment managers received performance-based incentive fees when assets were sold at returns exceeding benchmarks.

1. Employees' Retirement System of the State of Hawaii
Investment Management Fees
Fiscal Year Ended June 30, 2010 and 2011
Fees Investment Class FY 2010 FY 2011
Abbott Capital Alternative investments $ 932,107 $ 971,275
Acadian Asset Int'l Equity $ 922,828 $ 1,059,234
Atalanta Sosnoff Domestic Equity $ 987,302 $ 1,119,544
Bank of Hawaii /CM Bidwell Domestic Equity $ 331,859 $ 379,175
Barrow Hanley Domestic Equity $ 1,052,850 $ 1,194,662
Bishop Street Cap Mgmt (CIC/HCM) Fixed Income $ 350,966 $ 350,233
Bradford & Marzec Fixed Income $ 893,199 $ 908,522
CB RICHARD ELLIS Real Estate $ - $ 2,422,895 **
CM Bidwell Domestic Equity $ 294,353 $ 339,744
CS McKee Domestic Equity $ 835,471 $ 978,507
GK Macquerie HITIP $ 225,000 $ 225,000
Goldman Sachs Domestic Equity $ 2,024,183 $ 2,276,255
Hancock Timber Alternative investments $ 1,364,218 $ 1,320,926
Heitman Capital Real Estate $ 3,080,084 $ 3,222,907 **
Invesco Realty Real Estate $ 1,134,603 $ 4,323,862 **
Jennison Assoc Domestic Equity $ 1,519,230 $ 1,982,414
JP Morgan Chase Int'l Equity $ 1,612,174 $ 2,436,986
Julius Baer Invest Int'l Equity $ 578,165 $ 252,869
LaSalle Investment Real Estate $ 820,826 $ 885,365
Mellon Domestic Equity $ 173,558 $ 191,046
Mercator Asset Int'l Equity $ 757,387 $ 1,104,087
New Star Int'l Equity $ 1,231,913 $ 613,020
Oeschle Fixed Income $ 908,133 $ 876,767
Philadelphia Int'l Advisors Int'l Equity $ 1,123,676 $ 1,257,821
Pacific Income Advisors Fixed Income $ 336,147 $ 335,981
Pacific Investment Management Co Fixed Income $ 2,097,079 $ 2,454,166
Rexiter Int'l Equity $ 998,510 $ 1,168,664
SSGA Int'l Equity $ 69,963 $ 75,929
Systematic Domestic Equity $ 1,119,467 $ 1,285,443
T Rowe Price Domestic Equity $ 1,433,160 $ 1,902,117
Western Asset Co Domestic Equity $ 1,280,478 $ 1,305,585
Pension Consulting Alliance Investment Consultant - General $ 316,074 $ 306,750
Courtland Partners Consultant Real Estate $ 358,333 $ 368,333
$ 31,163,296 $ 39,896,084
Investment manager fees are based on accrual method of accounting, thus it reflects changes.
in the value of investments.
** Includes performance based incentive fee for real estate investments. Incentive fees are only paid
when the asset is sold AND if the asset continues to outperform the benchmark. No incentive fee
is paid if the investment does not exceed the benchmark rate of return.