Date: 29 July 2008 By: Karen Thrumble Investment Performance Review

2 2007/08 Returns

3 2007/08 Range of Returns

4 Long Term Returns

5 Risk & Return

6 Asset Allocation

7 Asset Allocation Within Asset Types

8 Performance Relative to Market Indices

9 2007/08 SUFFOLK CC PENSION FUND – Total Fund vs Strategic Benchmark Returns

/08 SUFFOLK CC PENSION FUND – One Year Fund vs Benchmark Attribution

/08 SUFFOLK CC PENSION FUND – Longer Term Performance

/08 SUFFOLK CC PENSION FUND – Manager Performance % FundManager 6 month Relative Return % 1 Yr Relative Return % 3 Year Relative Return % p.a.Target % p.a. 32L&G – Multi Asset Passive n/a 7Blackrock – UK Equities Alliance – UK Equities Newton – Global Equities JP Morgan – Global Equities Aberdeen – Bonds Schroder - Property Private Equity - vs FTSE World

/08 SUFFOLK CC PENSION FUND – Longer Term Returns Relative to Peer Funds

/08 SUFFOLK CC PENSION FUND – One Year Attribution Relative to Peer Funds

/08 SUFFOLK CC PENSION FUND – Risk Relative to Peer Funds

16 GLOSSARY OF TERMS Absolute Risk – is the investment risk in a fund and is associated with the degree of uncertainty in the return achieved and is defined by the volatility on its returns. To be statistically robust, WM use 36- monthly observations of fund, portfolio or benchmark return. Asset Allocation Contribution – is the portion of the over/under-performance attributable to differences in asset structure in comparison with the benchmark during the reporting period. Information Ratio – is often interpreted as a measure of manager skill in adding value over and above the benchmark and is calculated as a ratio of the relative return and the relative risk taken by the portfolio over a given period. Ranking – indicates the position occupied by the portfolio’s return when all returns earned by portfolios in a particular universe are listed in descending order. A ranking of ‘n’ means that n% of funds achieved a return greater than or equal to that return. Relative Return – the degree of out or under performance of the benchmark. Relative Risk (Active Risk or Tracking Error) – measures the degree of volatility of relative returns. The larger the relative risk the greater the monthly deviation from benchmark. Stock Selection Contribution – is the portion of the over/under-performance attributable to the choice of securities within each of the defined areas of investment. Strategic Risk – measures the degree of volatility in the strategic benchmark return relative to the minimum risk benchmark.