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ITEM PF13 - ANNEX 1

PENSION FUND COMMITTEE – 21 NOVEMBER 2003

REPORT OF OFFICER MEETING WITH ABN AMRO MELLON

Transaction Cost Analysis

Based on a Pension Fund equity portfolio of £400 million.

Estimated
Market Value (£400 million)	£400 million
Turnover (%)	120%
Turnover value	£480 million
Transaction costs (basis points)*	101bp
Transaction costs (£ millions)	£4.8 million
In relation to market value (basis points)	120bp

Note a basis point = 1/100 of 1 per cent. Therefore 100bp = 1%.

* Excluding stamp duty.

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