RETIRED MEMBERS, BENEFICIARIES, AND SURVIVORS CURRENT YEAR. Retired Members 12/31/04 3,643 1,169 4,812 & Survivor

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1 GROUP 1 GROUP 2 & 4 TOTAL Retired Members 12/31/04 3,643 1,169 4,812 & Survivor Retirements During 2005 RETIRED MEMBERS, BENEFICIARIES, AND SURVIVORS CURRENT YEAR Superannuation Ordinary Disability Accidental Disability Termination - Survivor TOTAL RETIREES Death Reinstatement - Total Deductions TOTAL RETIREES BENEFICIARIES, AND SURVIVORS 12/31/05 3,611 1,169 4,780

2 MEMBERSHIP FOR CURRENT YEAR GROUP 1 GROUP 2 & 4 TOTAL Active Members 12/31/04 7,070 1,557 8,627 Additions During TOTAL ACTIVE MEMBERS 7,996 1,605 9,601 Deductions Due To: Transfer To Inactive - Death Withdrawal Retirement for: Superannuation Ordinary Disability Accidental Disability Termination - Survivor TOTAL DEDUCTIONS Active Members 12/31/05 7,196 1,520 8,716 Inactive Members 12/31/05 3, ,502 TOTAL MEMBERSHIP 12/31/05 10,596 1,622 12,218 The Middlesex Retirement System includes Retirees of thirty-one (31) Towns, and thirty-seven (37) District Units. District Units include Regional Schools, Housing Authorities, Water Supply Districts, the East Middlesex Mosquito Project and the Groton Country Club. The Towns in the Retirement System are: Acton Carlisle Lincoln Tewksbury Ashby Chelmsford Littleton Townsend Ashland Dracut North Reading Tyngsborough Ayer Dunstable Pepperell Wayland Bedford Groton Sherborn Westford Billerica Holliston Shirley Weston Boxborough Hopkinton Stow Wilmington Burlington Hudson Sudbury Middlesex Ret. Office

3 ANNUAL STATEMENT MIDDLESEX RETIREMENT SYSTEM 12/31/05 INCOME MEMBERS DEDUCTIONS 29,266,975 30,972,341 EMPLOYER'S CONTRIBUTIONS 52,708,663 52,141,963 FROM OTHER SYSTEMS 1,394,162 1,459,818 FEDERAL GRANT PAYMENTS 193, ,187 INTEREST EARNED 63,247,011 43,732,977 C.O.L.A. REIMBURSEMENT FROM STATE 0 0 MISCELLANEOUS INCOME 155, ,661 EXPENDITURES $146,966,301 $129,391,947 PENSION BENEFITS 48,811,428 51,191,759 ACCIDENTAL DISABILITY BENEFITS 8,964,388 9,089,350 ORDINARY DISABILITY BENEFITS 1,112,060 1,121,918 ANNUITIES 10,048,779 10,459,968 MEMBER-SURVIVOR BENEFITS 3,409,277 3,529,212 ACCIDENTAL DEATH BENEFITS 2,381,860 2,261,393 REIMBURSEMENT TO OTHER SYSTEMS 1,401,328 1,733,776 MEMBER WITHDRAWAL- REFUNDS & TRANSFERS 6,230,935 5,444,146 ADMINSTRATIVE EXPENSES AND MANAGEMENT FEES 6,665,683 7,031,217 $89,025,738 $91,862,739

4 ANNUAL STATEMENT MIDDLESEX RETIREMENT SYSTEM 12/31/05 ASSETS U.S. GOVERNMENT SECURITIES 152,794, ,589,921 MARKET VALUE OF STOCKS 244,672, ,330,425 CASH DEPOSITS - INTEREST BEARING 17,815,446 32,056,524 REAL ESTATE FUND 39,332,951 33,511,089 VENTURE CAPITAL 29,705,615 27,078,994 INTERNATIONAL INVESTMENTS 110,150, ,654,147 ACCRUED INTEREST ON INVESTMENTS 2,106,236 2,272,277 ACCOUNTS RECEIVABLE 3,817,512 4,814,186 ACCOUNTS PAYABLE (1,946,334) (4,329,648) $598,448,707 $635,977,915 FUND LIABILITIES ANNUITY SAVINGS FUND 235,701, ,438,128 ANNUITY RESERVE FUND 79,323,629 80,360,321 MILITARY SERVICE FUND 50,242 43,923 PENSION FUND (31,603,282) (46,950,181) EXPENSE FUND 0 0 PENSION RESERVE FUND 314,977, ,085,724 $598,448,707 $635,977,915

5 ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2005 OF THE CONDITION AND AFFAIRS OF MIDDLESEX RETIREMENT SYSTEM INVESTMENT MANAGER LIST COMMISSION RECAPTURE PROGRAMS First Honolulu Securities 900 Fort Street - Suite 950, Honolulu, Hawaii Trading Partners 175 Stafford Ave. - Ste. 1, Wayland, PA Lynch, Jones & Ryan 100 Summer Street 16th floor, Boston, MA FIXED AND EQUITY MANAGERS AFL-CIO Housing Investment Trust 1717 K Street,NW, Ste. 707, Washington, D.C Atlanta Capital Management Two Midtown Plaza, Suite 1600, 1349 West Peachtree Street, Atlanta, GA Columbia Management Group 100 Federal Street - made 10005F, Boston, MA Diversified Investment Advisors Riverside Center, 275 Grove Street, Ste , Newton, (Terminated June 2005) MA Financial Management Advisors 1900 Avenue of the Stars, Suite 900, Los Angeles, CA Fisher Investments Skyline Blvd., Woodside, CA Fox Asset Management LLC 331 Newman Springs Rd., Ste. 122, Red Bank, NJ Freedom Capital One Beacon Street, 5 th Floor, Boston, MA Hartford Investment Management Company P.O. Box 1744, Hartford, CT Independence Investment LLC 53 State Street, Boston, MA INTECH Harbour Financial Center, 2401 P.G.A. Blvd, Ste 100, Palm Beach Gardens, Florida IR&M 2 International Place - 23 rd Floor, Boston, MA J&W Seligman 100 Park Ave, New York, New York State Street Global Advisors One International Place, Boston, MA Page 1 of 3

6 INTERNATIONAL MONEY MANAGERS Aberdeen Asset Management 45 Broadway, 31 st Floor, NY, NY Acadian Asset Management One Post Office Square, 20 th Floor, Boston, MA Lazard Asset Management LLC 30 Rockefeller Plaza, New York, New York Massachusetts Financial Services 500 Boylston Street, Boston, MA Wells Capital Management 525 Market Street - 10 th Floor, San Francisco, CA REAL ESTATE MANAGERS BlackRock 10 Park Avenue, Morristown, NJ Geometry Real Estate 335 Madison Aveue, Ste. 1702, NY,NY Intercontinental 1270 Soldiers Field Road, Boston, MA L&B Realty Advisors, Inc North Central Expressway, Suite 800, Dallas, Texas Lend Lease / VEF Advisors Tower Place 100, Suite 1660, 3340 Peachtree Road, N.E., Atlanta, GA Sentinel R.E Avenue of the Americas, NY, NY SSgA Investment Mgmt One International Place, Boston, MA The Tuckerman Group 4 International Drive, Suite 230, Rye Brook, NY TA Realty 28 State Street, Boston, MA VENTURE CAPITAL MANAGERS Alliance Technology Ventures III, LLC 2400 Lakeview Parkway Suite 675, Alpharetta, GA Ascend Venture Partners 1500 Broadway 14 th Floor, NY,NY Ascent Venture Partners, Inc. 255 State Street - 5 th Floor, Boston, MA Auda 745 Fifth Avenue, 29 th Floor, NY, NY Axxon Capital 50 Franklin Street, 4 th Floor, Boston, MA Bachow and Associates 3 Balla Plaza East - Ste. 502, Balacywid, PA Boston Millennia Partners 30 Rowes Wharf, Boston, MA Charles River Ventures 1000 Winter Street- Ste. 3300, Waltham, MA Page 2 of 3

7 Globespan Capital Partners One Boston Place, Suite 2810, Boston, MA Cross Atlantic/Nova Vita 5 Radnor Corp Center, Suite 555, 100 Matsonford Road, Radnor, PA New England Partners One Boston Place - Ste. 2100, Boston, MA North Atlantic Ventures 2 City Center, Portland, ME Novus Ventures Steven Creek Blvd, Ste 130, Cupertino, CA PRISM Venture Partners Westwood Executive Center, 100 Lowder Park Drive, Ste. 2500, Westwood, MA T H Lee Putnam Capital 7 Shattuck Rd., Andover, MA Weiss Peck & Greer 8 Sound Shore Drive, Suite 265, Greenwich, CT Zero Stage Capital 101 Main Street, 17 th Floor, Kendall Square, Cambridge, MA ALTERNATIVE INVESTMENTS A.G. Bisset Five Mile Landing, 71 Rowayton Avenue, CT Global Forest Partners Trade Center 4 th Floor, 24 Airport Road, West Lebanon, NH INTERNATIONAL VENTURE Crescent Capital Duke Street Capital 5 Crescent Gardens, Belfast BT7 INS Almack House, 28 King Street, London SW1Y 6XA First America Asia Fund 3555 Lear Way, Medford, OR INVESCO 101 Federal Street, Boston, MA OTHER Salus Capital Management Biltmore Tower, 500 South Grand Avenue- Ste. 1680, Los Angeles, CA Salomon Smith Barney The Tower at Northwoods, 222 Rosewood Drive, 8 th Floor Danvers, MA Page 3 of 3