Joe McDonnell presented a report to update members on the quarter 3 market environment and fund performance. The report also included commentary on the medium-term investment outlook.

It was noted that in future reports, given the impact that China has on the economy, it would be differentiated from the rest of emerging markets.

Following discussion it was:

RESOLVED – Tonote thecontents ofthe report.

Exclusionof the Public andPress

RESOLVED – That under Section 100(A) of the Local Government Act 1972, thepublic be excluded from the meeting for the following items of business on thegrounds that they involve the likely disclosure of exempt information as defined inparagraph 3 of Part 1 of Schedule 12A of the Act and the public interest not todisclose informationoutweighs thepublic interest indisclosing it.