Appendix 3 COUNTERPARTY LIST as at 20th January 2014 Max CP Max Group Country Max Fitch Long- Counterparty Limit Limit /Domicile £m £m Duration Term Rating UK Financial Institutions: UK Bank of New York Mellon (International) Ltd 7.0 - 12 months AA- UK Barclays Bank Plc 7.0 - 12 months A UK Credit Suisse International 7.0 - 6 months A UK Goldman Sachs 7.0 - 3 Months A HSBC Bank Plc UK 7.0 - 12 months AA- (HSBC Group) UK MBNA Europe Bank 7.0 - 6 months A- UK Santander 7.0 - 3 months A UK Standard Chartered Bank 7.0 - 12 months AA- Sumitomo Mitsui Banking Corporation Europe UK 7.0 - 3 months A- Ltd UK UBS Ltd 7.0 - 6 months A UK Nationwide Building Society 7.0 - 3 months A Bank of Scotland UK 7.0 7.0 12 months A (Lloyds Banking Group) Lloyds TSB Bank UK (Lloyds Banking Group) 7.0 7.0 12 months A Nat West Bank UK 7.0 7.0 12 months A (RBS Group) Royal Bank of Scotland UK 7.0 7.0 12 months A (RBS Group) Ulster Bank Ltd UK (RBS Group) 7.0 7.0 12 months A- All the above banks are UK based and are authorised by the FSA Others: UK Local Authorities 7.0 - Non-Specified - Money Market Funds 10% total - 1 year - (MMFs) Investment Policy Investments: UK Cheltenham Festivals Ltd 0.1 12 months - UK The Gloucestershire Everyman Theatre 0.1 12 months - Ubico Ltd (wholly owned LA company - 50/50 UK 0.5 - 1 year - CBC & Cotswold DC) UK Cheltenham Borough Homes 10 Non-Specified - Gloucestershire Airport Ltd - 50/50 CBC & UK 10 Years - Glos City Council 1.55 Appendix 3 NON-UK COUNTERPARTY LIST as at 20th January 2014 Sovereign rating AAA Max CP Max Group Country Max Fitch Long- Counterparty Limit Limit /Domicile £m £m Duration Term Rating Non-UK Financial Institutions: Australia Australia & New Zealand Banking Group Ltd 2.0 2.0 6 months AA- Australia Commonwealth Bank of Australia 2.0 2.0 6 months AA- Australia National Australia Banks Ltd 2.0 2.0 6 months AA- Australia Westpac Banking Corporation 2.0 2.0 6 months AA- Canada Bank of Montreal 2.0 2.0 12 months AA- Canada Bank of Nova Scotia 2.0 2.0 12 months AA- Canada Canadian Imperial Bank of Commerce 2.0 2.0 12 months AA- Canada Royal Bank of Canada 2.0 2.0 12 months AA Canada Toronto Dominion Bank 2.0 2.0 12 months AA- Finland Nordea Bank Finland plc 2.0 2.0 12 months AA- Germany Landwirtschaftliche Rentenbank 2.0 2.0 12 months AAA Luxembourg Clearstream Banking 2.0 2.0 12 months AA Singapore DBS Bank Ltd 2.0 2.0 12 months AA- Singapore Oversea Chinese Banking Corporation 2.0 2.0 12 months AA- Singapore United Oversea Bank Ltd 2.0 2.0 12 months AA- Sweden Nordea Bank AB 2.0 2.0 12 months AA- Sweden Svenska Hadelsbanken AB 2.0 2.0 12 months AA- Minimum Credit rating of AA- for Non-UK Investments: Specified Maximum maturity of one year Non-Specified No maximum.