CONSULTANTS AND ADVISORS

Consultants

Michael J. O'Leary, CFA, Executive Vice President, Callan Associates Michael O'Leary is an Executive Vice President and shareholder at Callan, Associates, where he is responsible for national oversight of Callan's plan sponsor consulting practice. Throughout his career, Mr. O'Leary has worked extensively with major corporate and public funds. He previously held a variety of management, research and analyst positions for major trust companies in Chicago and Hartford and headed the investment consulting practice at Mercer Asset Planning in Denver. Michael O'Leary received his Bachelor's degree from Fordham University and is a Chartered Financial Analyst. Mr. O'Leary has taught investments at the graduate level and is a frequent speaker before professional and industry groups.  Callan Associates is an employee-owned corporation focused solely on investment consulting. Callan advises the Permanent Fund in selection and ongoing evaluations of managers across all major asset classes. The firm also conducts asset/liability and asset allocation studies on the Fund's behalf. They advise the Fund on optimization of its management structure as well as on a wide variety of special projects, including securities lending, manager and custodial searches and alternative investments.

Advisors

The Alaska Permanent Fund Corporation (APFC) Investment Advisory Board was formed in February of 2001 with the purpose of providing APFC Trustees further insights into the increasingly complex and changing world of institutional investing. The three advisors impart special perspectives drawn from their professional knowledge in the areas of portfolio management, overall management of a large fund and experience with an endowment or trust fund. Each seat has a term of three years and these terms are staggered to ensure that only one position expires annually.

	Robert M. Maynard As Chief Investment Officer of the Public Employee Retirement System of Idaho, Mr. Maynard also lends his investment expertise as a board member to numerous institutes, foundations and endowments. Mr. Maynard's long association with Alaska began in 1976 when he clerked for the Alaska Supreme Court and later worked for over a decade as an assistant attorney general. For three years Mr. Maynard served as Deputy Executive Director of the Alaska Permanent Fund Corporation. He graduated magna cum laude from Claremont Men's College, and received his Doctorate of Jurisprudence from the University of California Davis School of Law.
	Jerrold Mitchell Mr. Mitchell managed domestic and international equity portfolios for institutions and mutual funds for over twenty-five years at Wellington Management Company, where he was a partner.  He also served as Chief Investment Officer of the Massachusetts state pension fund for four years and is currently a partner at Saltonstall & Company.  He is a graduate of Yale University and Harvard Law School.
	George Zinn As Corporate Vice President and Treasurer, Mr. Zinn is responsible for overseeing Microsoft's corporate assets. He leads a group which manages the company's worldwide financial and corporate risk, investment portfolio, strategic portfolio, foreign exchange, corporate and structured project finance, dilution management, cash and liquidity, customer financing, and credit activities. Mr. Zinn is dedicated to minimizing financial risks for Microsoft while optimizing returns. Prior to joining Microsoft in 1996, he was a partner in a money-management firm specializing in foreign exchange and commodity trading. Mr. Zinn holds an A.B. in Economics and Environmental Studies, with a minor in Romance Languages, from Bowdoin College. He earned his M.B.A. from the University of Washington while working at Microsoft. Mr. Zinn has also been recognized by Treasury & Risk Management Magazine as a Top 40 Finance Professional under 40.