The Committee is looking to appoint at least one active bond investment manager with a broad range of

capabilities. The successful manager will have a wide range of capabilities in bond management which includes

absolute return, global bonds and high yield. The mandate is for up to approximately £350m and represents

around 10% of the total Fund's assets (as at 31 December 2011).

Proposals will firstly be assessed versus the criteria in the Pre Qualification Questionnaire (PQQ). Proposals

fulfilling the requirements of the Pre Qualification Questionnaire will be invited to Tender. Completed Tender

documents will be scored in line with the Award Criteria in section IV.2.1 of this document and the "Instructions"

section of the Tender document. There will be a section in the Tender document titled "Operational Due

Diligence". At this stage, responses will firstly be assessed against the Operational Due Diligence requirements.

Only those assigned a "Pass" for this section will have the remaining Tender document scored. Proposals that

are assigned a "Fail" for Operational Due Diligence will not have the remainder of their Tender document scored

and therefore will not be considered suitable for this mandate.

A short list of the highest scoring Tender documents will be invited to present to the Committee. At this stage

80% of the Tender score will be retained and up to 20% assigned to "Communication". This score will be

awarded at the selection day based on the effectiveness of the presentation received. Further details on the

"Communication" stage will be provided in advance of the selection day.