Appendix 2

Strategic asset allocation and benchmark

Asset ClassAllocation %Index
UK Equities32FTSE All Share
Overseas Equities32MSCI World Index NDR
Fixed Income15BAML GBP Broad Market
Property13IPD All Properties Index
Private Equity and Infrastructure2GBP 7 Day LIBID
Absolute Return5RPI +5%
Cash1GBP 7 Day LIBID
Total100