Mike Burns

State of Alaska CEO Compensation

August 15, 2007, Action item of Alaska Permanent Fund Board entitled "Executive Director Performance review to increase salary of Mike Burns to $300,000.00 to annualized effective as of July 1, 2007

Michael J. Burns joined Alaska Permanent Fund Corporation as Executive Director in August 2004. Prior to that, he was President, Key Bank, National Association (Alaska), a subsidiary of KeyCorp, a bank based financial Services company headquartered in Cleveland, Ohio.

Hired as President, Alaska Pacific Bank, in February 1985, Mr. Burns held that position until October, 1987. At that time, Alaska Pacific Bank and it sister bank, First National Bank of Fairbanks, combined to form Key Bank of Alaska as which time Mike assumed the role of President of the new organization. In his role as President and Chief Executive Officer, Key Bank of Alaska, Burns directed it growth from eight to more than twenty branches until it became the third larges bank in Alaska. He retired on January 31, 2002. Mr. Burns resides at 1720 Douglas Highway, Douglas, Alaska 99824.

Mr. Burns was appointed to University of Alaska Board of Regents by Governor Tony Knowles for an eight year term 1997-2005. He chaired the Board of Regents 1998-2001. He has previously been a member of University of Alaska Foundation Board of Trustees 6/04-6/05, Nature Conservancy of Alaska Board of Trustees 1994-2004, Alaska Command Civilian Advisory Board, Chair, Alaska Community Foundation 2004. Mr. Burns chaired Alaska Telephone Utility (ATU) Board of Directors 1991-1998 until ATU was sold to Alaska Communications System. He was Chair, United Way of Anchorage Campaign 1987, and continues on United Way Anchorage Trustees Council, was Commissioner, Public Broadcasting Commission, member of the Board, Boys and Girls Clubs of Anchorage, Imaginarium, Alaska Children's Trust, Anchorage Concert Association, Fiscal Policy Council of Alaska, Alaska Bankers Association, and a Committee, American Bankers Association. He was inducted into Young Presidents Organization. He continues on Alaska Airlines Community Advisory Board to Present.

Mr. Burns received a Bachelor of Arts in Political Science from Knox College, Galesburg, Illinois 6/14/69, a J.D. from University of Denver School of Law 1971, and was licensed to practice law in Illinois on 6/5/75 and is currently inactive, licensed to practice in Colorado on 10/1/71 and has been inactive since 6/20/83, and Missouri on 4/29/72 but since 1994 has continued per Missouri Bar Rule 6.01(j)(3) “to be licensed in good standing but does not reside or practice in Missouri” and is not required to take CLE. Mike and his wife, Rebecca, are the parents of three sons and one daughter.

Mr. Burns received a salary increase as Executive Director on 8/15/07 to $300,000.00 retroactive to 7/1/07. Employees of Alaska Permanent Fund Corporation are exempt from Alaska State Personnel Act. Mr. Burns had obtained 1,000 (Please check the exact number.) shares of Segilman LaSalle International Real Estate Fund on May 30, 2007 stating on his "Individual Investment Transaction Disclosure" submitted on June 4, 2007 at the bottom of the form "Segilman LaSalle is a real estate advisor to APFC." That same date 5/30/07 Burns bought 200 shares of Segilman LaSalle for his daughter, Bridget Burns, and 200 shares of Segilman LaSalle for his son, Michael Burns, Jr. as reported 6/4/07. Segilman LaSalle International Real Estate Fund is involved in the management of Tyson's Corner, McLean, Virginia, which APFC owns.

Individual Investment Transaction Disclosure and APOC Financial Disclosure Statements:

(bio and photo from Alaska Permanent Fund corporation Website)