ob cob ,,,beee 6\ Ocb Cf N N N N N N N rt, rt, 95' 95' 95' (15' Source: Callan 5 E FTA_R 1_02033250 EFTA02691359 NYC Mayor s Office of Penstons Equity Concentration Sharply Increased Total Risk Investments All U.S. Pension Plans Historical Projected Standard Deviations for 8% Mixes 13%