Q&A regarding the US and European small/mid cap equity searches

1. Manager question

Is it possible for the same investment manager to submit an application for more than one product/strategy?

AP3 answer

Yes, there are no limits to the number of applications any one manager can submit. Each product/strategy will be evaluated on it’s own merits.

2. Manager question

Do we have to show exactly 5-year track record?

AP3 answer

Given the fact that AP3 is a government authority we will adhere to a formal procurement process and in this process we can not allow any flexibility in this or in any of the other qualifications.

We regret but the lack of a 5-year track record as of June 30, 2002 for US small and mid cap and as of September 30, 2002 for European small and mid cap respectively will eliminate a product from consideration.

3. Manager question

What strategy and style of management has AP3 decided on?

AP3 answer

At this stage we have neither decided on the exact combination of small, mid or smid cap products, nor on style diversification. A decision will be taken later on when we have learnt more from the process.