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Local Agency Investment Fund

Administrative Earnings (Cost)

Quarter Ending Percentage of Earnings (Cost) 1 Equivalent Basis Point Value 2
09/30/04 0.45 0.8
12/31/04 0.49 1.0
03/31/05 0.37 0.9
06/30/05 0.24 0.7
09/30/05 0.35 1.1
12/31/05 0.29 1.0
03/31/06 0.24 1.0
06/30/06 0.13 0.6
09/30/06 0.21 0.8
12/31/06 0.21 1.1
03/31/07 0.17 0.9
06/30/07 0.22 1.2
09/30/07 0.17 0.9
12/31/07 0.17 0.8
03/31/08 0.18 0.7
06/30/08 0.22 0.7
09/30/08 0.27 0.8
12/31/08 0.33 0.8
03/31/09 0.40 0.8
06/30/09 0.30 0.5
09/30/09 0.50 0.4
12/31/09 0.50 0.3
03/31/10 0.50 0.3
06/30/10 0.49 0.3
09/30/10 0.50 0.3
12/31/10 2.09 1.0
03/31/11 1.84 1.0
06/30/11 1.19 0.6
09/30/11 2.01 0.8
12/31/11 1.97 0.8
03/31/12 2.00 0.8
06/30/12 1.51 0.5
09/30/12 2.34 0.8
12/31/12 2.45 0.8
03/31/13 2.71 0.8

The law provides that reimbursements cannot exceed five percent of the EARNINGS of the fund per quarter. Listed above is the percentage of earnings (cost) per quarter.

1 The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings
2 The equivalent basis point value equals the gross quarterly yield minus the net quarterly yield