For the Fund’s Global Equity strategy include:

• Regional / Sectoral split: fully global investment approach within the portfolios

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

• Currency hedging: hedging is not an important issue in the longterm; however, the Trustees may wish to hedge 50% passively in order to manage short-term currency risk

• Management approach: unconstrained investment for both managers, and

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