2008 1st Quarter

Edward Patchett, CFA – Senior VP and Managing Director presented at the International Foundation of Employee Plans’ Investment Institute held in San Francisco, CA, April 14-15, 2008. Mr. Patchett presented session was entitled, “Current Issues Touching Investments.” Mr.

The Board of Trustees of the Sheet Metal Workers Local 292 Pension and Annuity Fund in Troy, MI hired IFS to provide ongoing investment advisory services. Among other things, IFS will advise the Board of Trustees regarding overall asset allocation and investment structure, investment manager selection, performance evaluation and monitoring.

Steven Harding, Managing Director for the IFS Operational Review Practice, had an opportunity to speak at two recent conferences: Ohio FORUM and New York PERS. At the Ohio FORUM conference, Mr. Harding spoke on the topic of "Developing and Maintaining a ‘Best Practice’ Internal Auditing Function", which included the operational risks of money managers, sections of the IIA Research Foundation Common Body of Knowledge, and a top 10 list of "best practices". At the New York PERS conference, Mr.

IFS recently completed performing an Operational Review for the Arizona State Treasurer’s Office, which included the $2.36 billion Arizona State Endowment Fund’s investment strategy.  The final report was issued in February 2008.

The theme for the IFS 2008 Educational Conference was "Navigating Waves of Change" The event was held Sunday, March 9, 2008, through Tuesday, March 11, 2008, at the Westin Diplomat Resort and Spa located in Hollywood, Florida. This event was the fourth educational conference IFS has designed and presented especially for benefit plan fiduciaries, and was attended by a broad cross-section of IFS' clients.

The $26 billion South Carolina Retirement Systems hired Independent Fiduciary Services ("IFS") to evaluate the System’s investment operations and accounting infrastructure. This project will be carried out by the IFS Operational Review practice. IFS was officially engaged on December 19, 2007.