FUND NEWS                               Jun 22, 2009

Board hires distressed debt manager

JUN 22 – The Alaska Permanent Fund Corporation Board of Trustees hired Oaktree Capital Management to manage a portion of the Fund’s distressed debt allocation.

The Board committed $250 million to Oaktree’s Opportunities Fund VIII, a fund that focuses on distressed debt opportunities. This new commitment does not increase the Fund’s 1% allocation to distressed debt. In a related action, the Board approved the transfer of $200 million of existing debt-based absolute return strategies from Crestline`s distressed opportunity mandate to Crestline`s absolute return mandate. This transfer of exposure will better align the investments of Crestline two portfolios with the Fund`s new asset allocation