McMASTER UNIVERSITY
Contributory Pension Plan for Salaried Employees
RATE OF RETURN FOR YEAR  ENDING JUNE 30, 2009
(in thousands of dollars)


Income Plan 2000
(2)		 Original Plan
(3)		 Total
Investment Income
Net Realized Gain on Sales of Investments 
Net Realized Gain on Sales of Units in the Master Trust Fund
Change in Net Unrealized Gains/(Loss) in Investments
 
31,455
     551
   (8,016) 
  (138,303)   

  (114,313)

  

24
15
  (2)
(168) 

(131)

31,479
     566
 (8,018)
(138,471)  

(114,444)
Expenses
Administrative Expenses
Audit Fee
Investment Manager Fees
Pension Filing and Assessment Fees
Professional Fees
Trustee and Custodial Fees

259
  16
2,174   
  30
591
137

3,207 

-
-
  3
-
 4
  2

 9

 256
   16
2,177 
   30
   595 
   139 

 3,216 
Net Income
(117,520) 
(140)
(117,660)
Net Assets Market Value June 30, 2008
Net Assets Market Value June 30, 2009
1,004,197
   889,757
1,158
1,077
1,005,355
   890,834

 
 
2009 Rate of Return (1) =                          (117,660) 
  1/2 (1,005,355 +890,834 + 117,660)
  =    (11.69)%

 
Calculation of Five Year Average
%
2009 Rate of Return
2008 Rate of Return
2007 Rate of Return
2006 Rate of Return
2005 Rate of Return

Total Return for Last Five Years
 (11.69)    
(3.98) 
14.45 
  5.93
10.00

14.71
     
Five Year Annual Average Return (Total Return / 5) =                                      2.94%
Rate of Return in Excess of 4.5% (2.94% - 4.5%) =                                      (1.56%)
Average CPI to June 30, 2009 =                                      1.67%
Increase to Pensions =                              0.00%
(1) Formula as established
(2) Amounts as reported on June 30, 2009 Audited Statements
(3) Per June 30, 2009 internal financial statements