<p> Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (September 30, 2009)</p><p>Investment Options Expenses Average Annual Rates of Return M & E Fund Total Annual Money Market 1 Year 2 Year 3 Year 4 Year 5 Year Ratio Expense Expense Fidelity Cash Reserves NA 0.39% 0.39% 1.19 2.33 3.25 3.54 3.31 TIAA-CREF Money Market Account .005% 0.46% 0.465% 0.73 1.86 2.89 3.26 3.08 Citigroup 3-month Treasury Bill Index 0.39 1.47 2.63 3.07 2.96 M & E Fund Total Annual Stable Value 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense TIAA-CREF Traditional Guaranteed Annuity NA NA NA 4.91 4.96 4.97 4.74 4.55 Citigroup 3-month Treasury Bill Index + 1.25% 1.61 2.72 3.88 4.32 4.21 M & E Fund Total Annual Core Fixed Income 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity U.S Bond Index NA 0.38% 0.38% 10.02 6.15 5.51 5.09 4.60 TIAA-CREF Bond Market Account .005% .495% 0.50% 9.20 5.23 4.99 4.59 4.22 BC Aggregate Bond Index 10.56 7.05 6.41 5.72 5.13 M & E Fund Total Annual Balanced 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Balanced Fund NA 0.61% 0.61% 3.73 -8.65 -0.97 1.51 4.36 TIAA-CREF Social Choice Account .005% .525% 0.53% 2.26 -5.29 -0.34 1.46 3.12 60% Russell 1000/40% BC Aggregate Index 1.16 -5.84 -0.19 1.71 3.25 M & E Fund Total Annual Large-Cap Blend Equity (Passive) 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Spartan U.S. Equity Index NA 0.10% 0.10% -6.86 -14.79 -5.46 -1.65 0.98 S&P 500 Index -6.91 -14.78 -5.43 -1.61 1.02</p><p>TIAA-CREF Equity Index Account .005% 0.48% 0.485% -6.70 -14.60 -5.42 -1.83 1.16 Russell 3000 Index -6.42 -14.30 -5.06 -1.45 1.56</p><p>Optional Retirement Program Performance Report 1 State Retirement and Pension System of Maryland (September 30, 2009)</p><p>Investment Options Expenses Average Annual Rates of Return M & E Fund Total Annual Large-Cap Blend Equity (Active) 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Contrafund NA 0.95% 0.95% -4.22 -11.94 -1.20 1.20 5.07 S&P 500 Index -6.91 -14.78 -5.43 -1.61 1.02</p><p>TIAA-CREF Stock Account .005% 0.58% 0.585% -3.05 -14.05 -4.08 -0.41 2.79 Russell 3000 Index -6.42 -14.30 -5.06 -1.45 1.56 M & E Fund Total Annual Large-Cap Growth Equity 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Blue Chip Growth Fund NA 0.76% 0.76% 0.45 -9.76 -1.54 -0.14 1.74 TIAA-CREF Growth Account .005% 0.57% 0.575% -2.35 -12.32 -2.06 -0.85 1.56 Russell 1000 Growth Index -1.85 -11.88 -2.50 -0.43 1.86</p><p>M & E Fund Total Annual Large-Cap Value Equity 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Equity Income Fund NA 0.71% 0.71% -4.24 -17.24 -7.37 -2.25 0.46 TIAA-CREF American Funds Washington Mutual Fund 0.00% 0.39% 0.39% -11.45 -15.99 -6.22 -1.74 0.27 Russell 1000 Value Index -10.62 -17.34 -7.87 -2.70 0.90 M & E Fund Total Annual Mid-Cap Equity 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense TIAA-CREF Mid Cap Value Fund 0.00% 0.77% 0.77% -3.98 -13.59 -3.41 0.32 5.20 Russell Mid Cap Value Index -7.12 -14.07 -5.65 -1.46 3.53</p><p>TIAA-CREF Mid Cap Growth Fund 0.00% 0.81% 0.81% -2.69 -14.32 -2.69 -1.43 3.15 Russell Mid Cap Growth Index -0.40 -13.37 -3.10 -0.66 3.75</p><p>Optional Retirement Program Performance Report State Retirement and Pension System of Maryland 2 (as of September 30, 2009)</p><p>Investment Options Expenses Average Annual Rates of Return M & E Fund Total Annual Mi Mid-Cap Equity (continued) 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Mid Cap Stock Fund NA 0.73% 0.73% 5.79 -14.24 -4.02 0.35 4.53 Russell Mid Cap Index -3.55 -13.46 -4.07 -0.83 3.89 M & E Fund Total Annual S Small –Cap Equity 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fi Fidelity Small Cap Stock Fund NA 0.96% 0.96% 11.54 -7.68 0.47 2.07 5.25 TI TIAA-CREF Small Cap Equity Fund 0.00% 0.78% 0.78% -8.57 -12.05 -6.06 -2.31 1.17 Russell 2000 Index -9.56 -12.05 -4.57 -1.14 2.41 M & E Fund Total Annual In International/Global Equity 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense F Fidelity Diversified International Fund NA 1.04% 1.04% -2.28 -16.58 -3.80 1.10 5.82 TI TIAA-CREF American Funds EuroPacific 0.00% 0.54% 0.54% 8.92 -9.72 1.40 5.84 10.08 F Growth Fund MSCI EAFE Index (Net) 3.23 -15.30 -3.60 1.65 6.07</p><p>M Mutual Global Discovery Fund 1.02% 1.02% 3.52 -7.22 1.66 5.37 9.05 TI TIAA-CREF Global Equities Account .005% 0.64% 0.645% -2.10 -15.03 -4.25 -0.21 3.28 MSCI All-Country World Index Free -0.12 -14.54 -3.25 0.93 4.55 M & E Fund Total Annual S Socially Responsible 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fi Neuberger Berman Socially Responsive Fund NA 1.09% 1.09% -9.17 -13.90 -4.51 -1.31 2.01 S S&P 500 Index -6.91 -14.78 -5.43 -1.61 1.02</p><p>TI TIAA-CREF Social Choice Account .005% .525% 0.53% 2.26 -5.29 -0.34 1.46 3.12 60% Russell 3000 Index/40% BC Aggregate 1.02 -5.70 -0.15 1.74 3.31 Bond Index</p><p>Optional Retirement Program Performance Report 3 State Retirement and Pension System of Maryland (as of September 30, 2009)</p><p>Investment Options Expenses Average Annual Rates of Return M & E Fund Total Annual Lifecycle Funds 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense Fidelity Freedom Income Fund NA 0.48% 0.48% 5.25 -0.12 2.33 3.02 3.39 Fidelity Freedom 2000 Fund NA 0.49% 0.49% 4.51 -1.11 2.00 2.79 3.35 Fidelity Freedom 2005 Fund NA 0.63% 0.63% 3.42 -5.20 0.42 1.99 3.34 Fidelity Freedom 2010 Fund NA 0.64% 0.64% 3.67 -5.32 0.42 2.03 3.46 Fidelity Freedom 2015 Fund NA 0.67% 0.67% 3.24 -6.30 0.06 1.97 3.81 Fidelity Freedom 2020 Fund NA 0.72% 0.72% 1.48 -8.83 -1.14 1.23 3.50 Fidelity Freedom 2025 Fund NA 0.74% 0.74% 0.93 -9.59 -1.58 0.96 3.45 Fidelity Freedom 2030 Fund NA 0.76% 0.76% -1.24 -11.94 -2.78 0.17 2.99 Fidelity Freedom 2035 Fund NA 0.78% 0.78% -1.65 -12.42 -3.10 -0.03 2.89 Fidelity Freedom 2040 Fund NA 0.79% 0.79% -2.25 -13.01 -3.43 -0.23 2.85 Fidelity Freedom 2045 Fund NA 0.80% 0.80% -2.29 -13.29 -3.46 NA NA Fidelity Freedom 2050 Fund NA 0.82% 0.82% -3.03 -14.21 -4.01 NA NA</p><p>This space intentionally left blank.</p><p>4 Optional Retirement Program Performance Report State Retirement and Pension System of Maryland (as of September 30, 2009)</p><p>Investment Options Expenses Average Annual Rates of Return M & E Fund Total Annual Lifecycle Funds (Continued) 1 Year 2 Year 3 Year 4 Year 5 Year Expense Expense Expense TIAA-CREF Lifecycle Retirement Income Fund 0.00% 0.63% 0.63% 4.86 NA NA NA NA TIAA-CREF Lifecycle 2010 Fund 0.00% 0.66% 0.66% 3.36 -5.49 0.08 1.60 NA TIAA-CREF Lifecycle 2015 Fund 0.00% 0.67% 0.67% 2.49 -7.12 -0.67 1.15 NA TIAA-CREF Lifecycle 2020 Fund 0.00% 0.69% 0.69% 1.40 -8.93 -1.79 0.41 NA TIAA-CREF Lifecycle 2025 Fund 0.00% 0.70% 0.70% 0.08 -10.66 -2.77 -0.28 NA TIAA-CREF Lifecycle 2030 Fund 0.00% 0.71% 0.71% -1.41 -12.43 -3.81 -0.94 NA TIAA-CREF Lifecycle 2035 Fund 0.00% 0.72% 0.72% -1.94 -13.16 -4.11 -1.08 NA TIAA-CREF Lifecycle 2040 Fund 0.00% 0.72% 0.72% -1.91 -13.14 -3.82 -0.76 NA TIAA-CREF Lifecycle 2045 Fund 0.00% 0.73% 0.73% -2.93 NA NA NA NA TIAA-CREF Lifecycle 2050 Fund 0.00% 0.72% 0.72% -4.08 NA NA NA NA</p><p>* Fidelity will charge a quarterly administrative fee of $3 ($12 annually). This amount will be deducted from participant’s accounts and will appear as a deduction on the quarterly account statements.</p><p>Other Notes: . All returns are reported net of all expenses. . Returns greater than one year are annualized. . Indexes are listed in red italics. They are intended to reflect the performance of the overall market in each investment category, and should be used for comparison purposes only. . The Mortality & Expense is applicable to variable annuities only. It pays for the guaranteed death benefits and annuity payments upon annuitization of the contract for the life of the annuitant. Please contact a vendor representative for a more complete explanation.</p><p>5</p>