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New York State Teachers' Retirement System
January 26, 2012 Board Meeting
Summary of Actions

Re-elected R. Michael Kraus as president of the Board and David P. Keefe as vice president.

Authorized the Executive Director to establish an internally managed index portfolio replicating the MSCI Canada benchmark and to allocate up to $500 million in that portfolio.

Authorized the Executive Director to contract with Loomis Sayles & Co. to serve as an active global bond manager benchmarked to the Barclays Capital Global Aggregate Float Adjusted Index, for one year, subject to the satisfactory completion of due diligence and approved the allocation of up to $250 million for this mandate.

Considered an investment in Co-Investment Partners (NY), LP, Pool III, and authorized the System to invest up to $250 million in that fund, subject to the satisfactory completion of due diligence.

Considered an investment in The First Capital Access Fund, LP, and authorized the System to invest up to $100 million in that fund, subject to the satisfactory completion of due diligence.

Considered a proposal to participate in the development of a life sciences building in the Longwood Medical area of Boston and authorized the System to invest up to $81 million in the venture, subject to the satisfactory completion of due diligence.

Renewed the agreement with Torchlight Investors LLC to manage a portion of the System's assets in Commercial Mortgage Backed Securities (CMBS), for one year, effective March 30, 2012.

Renewed the agreement with Iridian Asset Management L.L.C. to manage a portion of the System's portfolio as an active domestic mid capitalization equity manager, for one year, effective April 1, 2012.

Renewed the agreement with Black Rock Financial Management Inc. to manage a portion of the System's assets in Commercial Mortgage Backed Securities (CMBS), for one year, effective April 3, 2012.

Appointed Geoffrey Gerber to the System's Investment Advisory Committee for a term ending December 31, 2014.

Approved amended charters for the Board's Audit Committee and the System's Internal Audit Department.

Honored Dhvani Shah for her service as Managing Director of Private Equity.