List of investment managers

Lothian Pension Fund

UK Equities

Internal

Inception: January 1999

Benchmark: FTSE 350

Performance objective: to achieve returns of 0.33% a year above the benchmark index on a rolling 3-year basis

Martin Currie

Appointed: December 2002

Benchmark: FTSE All Share

Performance objective: to achieve returns of 2% a year above the benchmark index on a rolling 3-year basis

European Equities

Axa Rosenberg

Appointed: July 2005

Benchmark: FTSE Europe (ex-UK)

Performance objective: to achieve returns of 2% a year above the benchmark index on a rolling 3-year basis

North American Equities

Goldman Sachs Asset Management

Appointed: July 2004

Benchmark: S&P 500

Performance objective: to achieve returns of 1% a year above the benchmark index on a rolling 3-year basis

Pacific incl. Japan Equities

Baillie Gifford

Appointed: July 2004

Benchmark: FTSE AW Asia Pacific incl. Japan

Performance objective: to achieve returns of 1.5% a year above the benchmark index on a rolling 3-year basis

Global Equities

Wellington

Appointed: July 2005

Benchmark: FTSE Developed World incl. UK

Performance objective: to achieve returns of 2% a year above the benchmark index on a rolling 3-year basis

Global Unconstrained Equities

Franklin Templeton Institutional and Lazard Asset Management

Appointed: March 2007

Benchmark: FTSE All World

Performance objective: to achieve returns of 3% a year above the benchmark index on a rolling 5-year basis

Emerging Market Equities

Aberdeen Asset Management

Appointed: January 2008

Benchmark: MSCI Emerging Markets

Performance objective: to achieve returns of 3% a year above the benchmark index on a rolling 3-year basis

Global Fixed Interest

Rogge Global Partners

Appointed: March 2007

Benchmark: Merrill Lynch Sterling Broad Over 10 Year

Performance objective: to achieve returns of 1% a year above the benchmark index on a rolling 3-year basis

Property

Standard Life Investments

Appointed: April 2001

Benchmark: IPD Universe

Performance objective: to achieve returns of 1% a year above the benchmark index on a rolling 3-year basis

Active Currency Overlay

AG Bisset & Co, JP Morgan and Record Currency Management

Appointed: March 2006

Performance objective: to implement a 50% passive hedge and actively target a 2% return from the nominal foreign currency exposure of the fund

Lothian Buses Fund

Balanced

Baillie Gifford

Benchmark: Scheme specific

Performance objective: to achieve returns of 1% a year above the benchmark index on a rolling 3-year basis

Property

Standard Life

BenchmarK: HSBC/APUT Pooled Property Index

Performance objective: to perform in line with the benchmark

Scottish Homes

Balanced

State Street Global Advisors

Appointed: July 2005

Benchmark: customised

Objective: to achieve returns of 0.5% a year above the benchmark index

Property

Schroder

Benchmark: IPD Pooled Property Fund Index

Performance objective: to perform in line with the benchmark