For the Fund’s Global Fixed Income Strategy include:

• Regional / Sub-sectoral split: fully global investment approach within the portfolios

• Passive or Active management : use of active investment management approach

• Currency hedging: always hedge 100% of the resulting currency risk

• Management approach: relaxed LBGAI mandate for both managers with formal controls on concentration and other risks

• How many managers: a maximum of two Global Fixed Income managers in accordance with the Trustees specific wishes.