MINUTES OF THE REGULAR MEETING OF THE FIREFIGHTERS PENSION BOARD JUNE 20, 2012 Present: Chair T. J. Broom, Vice-Chair Mike Hartley, Secrelary/Treasurer Pamela Nadalini, Trustees Sheila Roberson and Scott Snow Absent: None Others Present: Attorney Pedro Herrera, Katie Byrne, Brian Casey and Harry Radovich of DePrince Race & Zollo, Pension Plans Administrator Benita Saldutti, incoming Pension Plans Administrator Wendy Clutter, and Pension Analyst Gail Loeffler CALL THE MEETING TO ORDER Chair Broom called the meeting to order at 9:01 a.m. Introduction of Incoming Pension Plans Administrator Ms. Wendy Clutter was introduced to the Board by Ms. Saldutti. Ms. Saldutti stated that Ms. Clutter has been hired as the City's Pension Plans Administrator to succeed her when she retires on September 1, 2012. APPROVAL OF THE MINUTES MAY 23, 2012 On a motion of Trustee Roberson, and a second of Trustee Snow, it was moved to approve the Minutes of May 23, 2012. Motion carried unanimously. INVESTMENT REVIEW - DEPRINCE RACE & ZOLLO (DRZ) DRZ representatives Brian Casey and Katie Byrne reviewed the Small-Cap Value Income Performance Report and stated that for the month ending May 31, 2012, the portfolio performance was 6.05% as compared to the Russell 2000 Value index performance of -6.11%. Inception to Date, 01/31/02-05/31/12, the portfolio performance was 7.75% versus 6.39% Russell 2000 Value index. Market Value on May 31, 2012, was $5,161,805. Brian Casey and Harry Radovich reviewed the Large-Cap Value Income Performance Report and stated that for the month ending May 31, 2012, the portfolio was -9.26% as compared to the Russell 1000 Value index of -5.86%. Inception to date, 04/30/11- 05/31/12, the portfolio was -8.56% as compared to the Russell 1000 Value of -4.52% and the S&P 500 of-1.43%. The Market Value on May 31, 2012 was $11,499,024. The holdings of the Small-Cap Value and Large-Cap Value funds were reviewed, as well as the DRZ Value Philosophy. Information was provided concerning the current economic conditions and the future outlook. REQUESTS FOR SHARE LOANS Ms. Saldutti stated that two Share loan applications have been received for consideration. Charles Joseph has requested a loan of $15,000 to be repaid over 48 months. Bret Williams has requested a loan of $18,000 to be repaid over 60 months. On motion of Vice Chair Hartley, and a second of Trustee Snow, it was moved to approve the Share loan requests of Mr. Joseph and Mr. Williams. Motion carried unanimously. ATTORNEY'S REPORT Attorney Herrera reminded the Board to.file their Financial Disclosure forms by July 1, 2012, and he reviewed upcoming educational opportunities. OTHER MATTERS Next Meeting The next regular meeting will be July 25, 2012, at 9:00 a.m. in the City Commission Chambers. ADJOURN The meeting was adjourned at 9:41 a.m. Chair Broom Secretary/Treasurer Nadalini 2