Public Market Investment Managers

The Fund's long-term strategic asset allocation is broken down for investment purposes into a number of investment mandates. In most cases the Commission has outsourced the management of these mandates to specialist investment management institutions.

Mandates are managed within guidelines and parameters set down by the Commission. Tactical and stock level investment decisions are delegated to the individual managers. Investment mandates may be passive (where the manager's target is to reproduce the return to a specified market index) or active (where the manager's target is to outperform a specified market index). Active managers are engaged where there is a reasonable expectation that they can add value over and above any extra costs incurred.

The list below is the list of Investment Managers who were managing assets of the Fund as of 31 December 2011.

PASSIVE EQUITY

Index Managers
Blackrock Investment Management
State Street Global Advisors Ireland Ltd.


ACTIVE EQUITY

Mandates
Manager
Pan Europe Oechsle International Advisors
Pan Europe Putnam Investments
Global Generation Investment Management
North American Growth Goldman Sachs Asset Management International
Pacific Basin Schroder Investment Management
EAFE Small Cap Acadian Asset Management
Global Emerging Markets Batterymarch Financial Management
Global Emerging Markets Principal Global Investors (Europe)


BONDS

Mandate
Manager
Active Eurozone Corporate DB Advisors


GLOBAL TACTICAL ASSET ALLOCATION

Mandate
Manager
Absolute Return Bridgewater Associates
Active Currency JP Morgan Asset Management


TRANSITION MANAGERS

Manager
Nomura International
State Street Bank Europe
Citigroup