2. Statement of Reasonable Projection (SORP) A requirement for the issue of a SORP for Occupational Schemes became effective on July 1 st. A SORP should be issued for new schemes, on receipt of a transfer value and annually with the member certificate. An approach for preparing the SORP has been discussed with the Pensions Board.

3. Statement of Reasonable Projection ( SORP ) Costs A series of banded costs reflecting the nature of the underlying asset/product e.g. Band 1: 0.25% RIY Direct Property, Equity (including private equity), Cash or Bonds. Band 2: 0.75% RIY Collective Investment Funds (unit linked, unit trusts, mutual funds, OEICs, Insurance Company funds), Stockbrokers Funds/Portfolios. Band 3: 1.25% RIY Syndicated Investments, Hedge Funds, Geared Property/Equity and others not listed above.

4. Statement of Reasonable Projection (SORP)Investment Return Asset Mix Assumed Future Rate of Return Equities7.0% Property7.0% Fixed Interest4.5% Cash3.0% Other Assets3.0%

5. Statement of Reasonable Projection (SORP) Copies of the detailed correspondence with Pensions Board has been posted to the website. A spreadsheet has been prepared for APTI by John McCarthy. It is still being tested however a beta version will be issued to members over the coming days.