INVESTMENT SUBCOMMITTEE
MEETING MINUTES

Date: June 16, 2010 Time: 2:30 p.m.
_x Regularly Scheduled __ Special
Attendees: Was a quorum present? Yes
Commission Other Attendees
Charlie Casella ING, Kay Carey-Reid
Robert Baus ING, Bud Hancock
Steven Greatorex ING, Tony Camp
Fae Brown-Brewton ING, Sean Banai
Comptroller's Office
Thomas Woodruff, Division Director
Margaret Haering, Assistant Director

Matters Discussed:
Tony Camp of ING reviewed the performance of the two separate accounts making up the Stable Value Fund, noted that the fund's overall market to book ratio was 101.9% and that the crediting rate for the 3rd quarter of 2010 would be 3.82%, as calculated in accordance with the contractual formula .

Bud Hancock and Sean Bania of ING discussed the fixed income market outlook and shared their views on the Stable Value Fund's portfolio construction and anticipated performance
Kay Carey-Reid discussed ING's first quarter performance, recent ratings of its financial stability and plans for the eventual separation of ING's US insurance and retirement business from the Dutch parent's banking operations.
In executive session the committee discussed the selection of sub-advisors for the Stable Value Fund (executive session).

Materials Reviewed:
Interest rate crediting sheet
Portfolio Review—Stable Value Fund
ING Financial Stability Rating

Decisions voted upon: None. Crediting rate for the Stable Value Fund was calculated according to the contractual formula.

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