Defining Success

In order to hold ourselves accountable for our returns, we have clearly defined our objectives and as a result, we measure success three ways:

Absolute return objective

• Minimum annual return of CPI + 7%, over three year rolling periods.

Relative to benchmark objective

• Outperform stated benchmark over three year rolling periods.

Relative to peers objective

• Performance in the top quartile of highly respected peer groups.

Achieving the relative measures is largely a consequence of achieving our absolute return objective.