Actuarial Valuation - 2011

We have carried out an actuarial valuation of The Highland Council Pension Fund (“the Fund”) as at 31
March 2011. The Fund is part of the Local Government Pension Scheme (“LGPS”).

The valuation is being carried out in accordance with Regulation 32 of The Local Government Pension
Scheme (Administration) (Scotland) Regulations 2008 (“the Regulations”) as amended