London Borough of Merton Performance Review Period Ending 31st March 2012

1. London Borough of Merton Performance Review Period Ending 31st March 2012 Annual General Meeting Wednesday 19th September 2012

2. Fund Structure as at end March 2012

3. Performance relative to Benchmark

4. Fund Performance – Year to end March 2012 Fund Return: 4.9% Benchmark Return: 4.5% Difference: +0.4% • The above benchmark return was due to stock selection in Equity investments.

5. Manager Performance – Latest Year

6. Fund Performance – Three years to end March 2012 Fund Return: 16.1% p.a. Benchmark Return: 15.9% p.a. Difference: +0.1% p.a. • The above benchmark return was due to stock selection in Equity investments. • This was reduced however by the unfavourable above benchmark commitment to Bonds during 2010.

7. Manager Performance – Three Years Performance to end March 2012

8. Long Term Annual Performancevs. WM Local Authority Universe

9. Contact details for further information Lynn Coventry – Client Manager State Street Investment Analytics 525 Ferry Road, Edinburgh EH5 2AW 0131 315 5258 Lynn.coventry@StateStreet.com