Appendix B:Investment Manager Information

Appendix B:Investment Manager Information

The Fund invests with the following investment managers:

Newton Investment Management (“Newton”);

Capital International;

Insight Investment Management ("Insight");

Standard Life Investments (“Standard Life”);

Wilshire Associates (“Wilshire”);

Millennium Global Investors (“Millennium”);

Fauchier Partners (“Fauchier”) (recently acquired by Permal);

CBRE Global Investors (“CBRE”) (recently merged with ING Real Estate);

Infracapital Partners (“Infracapital”);

ETF Manager;

Legal and General Investment Managements (“L&G”);

M&G investments (“M&G”);

Invesco Perpetual (“Invesco”);

AXA Investment Managers (“AXA”);

The tables below show the details of the mandate(s) with each manager.

Growth Assets

Investment Manager / Fund / Date of Appointment / Benchmark / Objective over rolling 3 year period
UK Equities
L&G / December 2009 / FTSE All-Share Index / match index
Global Equities
Newton / October 1994 / MSCI AC World / +2.0% p.a.
Capital International / March 2001 / MSCI World / +1.5% p.a.
L&G / April 2012 / MSCI World / match index
Diversified Growth
Invesco (Risk Parity) / November 2012 / 3 month Sterling LIBOR / +6.0% p.a.
Property
CBRE / June 2009 / IPD UK All Balanced Fund / +1.0% p.a.
Alternatives - Infrastructure
Infracapital / May 2007 / LIBOR 7 Day Index / +5.0% p.a.
Alternatives – Private Equity
Standard Life / December 2004 / LIBOR 7 Day Index / +5.0% p.a.
Wilshire / December 2004 / LIBOR 7 Day Index / +5.0% p.a.
Alternatives – Hedge Fund of Funds
Fauchier / April 2007 / LIBOR 7 Day Index / +5.0% p.a.
Alternatives – Currency (Active & Passive overlay)
Millennium / August 2006 / LIBOR 7 Day Index / +5.0% p.a.
Alternatives – Environmental Technologies Fund
ETF / February 2008 / LIBOR 7 Day Index / +5.0% p.a.
Alternatives – UK Financing Fund
M&G / May 2010 / LIBOR 7 Day Index / +5.0% p.a.

Matching Assets

Investment Manager / Fund / Date of Appointment / Benchmark / Objective
Bonds
Insight / March 2001 / Specific benchmark / +0.5% p.a.
Liability Driven Investment
AXA / November2012* / n/a / n/a

AVC Funds

Provider / Vehicle / Status
AVC Fund
Equitable Life / Building Society / Closed to new members
Equitable Life / With Profits Fund / Closed to new members
Equitable Life / Managed Fund / Closed to new members
AVC Fund
Standard Life Assurance / Managed Fund / Open
Standard Life Assurance / With Profits Fund / Open
Standard Life Assurance / Sterling Fund / Open
Standard Life Assurance / Ethical Fund / Open
Standard Life Assurance / Lifestyle / Open
Standard Life Assurance / Managed Cash Fund / Open

The ‘with profits’ vehicle is designed to provide smoothed medium to long term growth by investing in a range of assets including equities and property. The investment returns are distributed by way of reversionary and terminal bonuses. The objective of the ‘with profits’ policy and managed fund is to provide returns on members’ contributions which at least keep pace with inflation.