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Pension Advisory Committee Meeting

Pension Advisory Committee Meeting. May 15, 2008. 1. BP Canada Pension Advisory Committee Meeting Agenda for May 15, 2008. Topic Presenter Time PR=PreRead. KBSH Manager Update KBSH 10:30 Asset / Liability Study Mercer 11:15

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Pension Advisory Committee Meeting

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  1. Pension Advisory Committee Meeting May 15, 2008 1

  2. BP Canada Pension Advisory Committee Meeting Agenda for May 15, 2008 Topic Presenter Time PR=PreRead. • KBSH Manager Update KBSH 10:30 • Asset / Liability Study Mercer 11:15 • Review study results -PR • Recommendation and Implementation -PR • Saving Plans Transition Update Stacey Norman12:45 • Acceptance of PAC Meeting Minutes Herb Kostler 12:55 • For Dec 13th Meeting - PR • Pension Task List / Point-Out items - PR • Review of outstanding action items from previous meeting • PAC Investment Portfolio Reviews Herb Kostler 1:05 • Other Topics for Discussion 1:20

  3. Mercer Asset Liability Study

  4. Asset Liability Study – Next Steps • Sign-off of the Executive Financial Memorandum • Amend SIPP • Hold supplemental PAC meeting to review and concur to changes • BP Canada Board of Directors resolution to adopt new SIPP • Prepare Specific Asset Mix change recommendations for next PAC meeting • Complete implementation by January 1, 2009

  5. Future Meeting Dates • Scheduled dates • 2008-9-04 (Meeting Notice Sent) • 2008-12-11 (Meeting Notice Sent) • 2009-2-19 (Tentative) • 2009-5-20 (Tentative)

  6. Outstanding Action Items As of Last Meeting 2008-02-13 • Prepare an action plan and update PAC wrt implementation of CAPSA Governance Guidelines (2004/12/13 – Herb) • Prepare Castrol Plan SIPP (2005/12/15 – Herb) • Present the results of the Mercer A/L Study at the May 15th PAC meeting. (2008/02/13 – Herb)

  7. DB Plan Performance As of 03/31/2008 • Highlights • 2008 Q1 Pension Fund total asset return is -2.90% vs the portfolio benchmark of -2.29%, under performing the Benchmark by about 0.61% • All equity manager under performed their bench marks and Fixed income manger out performed theirs • Completed the US equity manager change from the BlackRock Derivative strategy to the BGI Alpha Tilts strategy • Contract for Pyramis was completed at the end of April with investment planned move from New Star in June • Rebalancing has not taken place, pending A/L study results

  8. DB Plan PerformanceYTD as of 03/31/2008

  9. DB SIPP Monitoring – As of 03/31/2008Quarterly Over / Under Benchmark Performance Over / Under Benchmark Performance: > than 1% negative performance for active and 0.2% for passive highlighted as < than 1% negative performance for active and 0.2% for passive highlighted as

  10. KBSH Quarterly Added ValueAs of 03/31/2008 only 35% of quarters had value added above the index return Only 1 quarter target return was reached

  11. NTGA Quarterly Added ValueAs of 03/31/2008 only 30% of quarters had value added above the index return Only 2 quarters target return was reached

  12. KBSH Quarterly Added ValueAs of 03/31/2008 • Managers hired for offsetting styles (growth vs value), but often moving in the same direction

  13. DB - BP Canada Pension Master Trust As of 03/31/2008

  14. DB Asset Balances As of 03/31/2008 534.0 512.4 489.6 488.4 449.6 403.7 378.0 342.1 297.2

  15. DC Plan PerformanceAs of 03/31/2008 Total BP and Castrol DC Plan assets = $21.6 M

  16. DC Verses DB Asset MixAs of 03/31/2008 DC Asset Mix DB Asset Mix

  17. Castrol Investments Review As of 03/31/2008

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