GLOBAL EQUITY GROWTH PORTFOLIO April 2015

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1 GLOBAL EQUITY GROWTH PORTFOLIO April 2015 PORTFOLIO COMMENTARY During the first quarter of 2015, global equity markets experienced mixed performances, with a number of key factors influencing the characteristics of markets. Economic data, inflation levels, currency valuations, and Central Banks monetary policy announcements were all closely watched by investors. UK economic data released during the period under review ultimately provided positive news for investors. During the quarter, data showed the UK s economy grew by 2.8% during 2014, helping the unemployment rate to stay at its lowest level since the financial crisis (5.7%). Data from UK business surveys highlighted business strengths, and the appreciation of the pound against the euro was welcomed by importers trading with the Eurozone. Economic data in Europe was very strong during the period. In ch, the European Central Bank began to implement its 60bn a month quantitative easing programme, and Greece moved closer to extending its bailout programme with its creditors. Both developments were broadly met with confidence from investors. Within the US, with the exception of the labour market, economic data was weaker than in previous quarters, leading to the Federal Reserve talking down the imminent probability of interest rate increases. The US dollar appreciated significantly against its major trading partners,. Within Asia Pacific and Japanese equity markets, robust corporate earnings reports and proactive Central Banks allowed investors to overlook the disappointing economic data in the region. Japanese equity markets reached their highest level for 15 years. Global emerging equity markets continue to feel the impact of the lower oil price and strong US dollar. Commodity exporting markets, such as Brazil, Mexico, Russia, and the Middle East underperformed. Looking ahead, we expect that financial markets are likely to take their direction from Central Banks monetary policy announcements, most predominately the timing of the first interest rate rises from the Bank of England and the US Federal Reserve. We remain optimistic on European and Japanese equity markets as we believe that these markets have the potential to benefit from improving economic and corporate earnings momentum, as well as accommodative monetary policy environments. FUND UK Equities US Equities Europe (ex-uk) Equities Japan Equities Pacific Basin (ex-japan) Equities Global Emerging Shares Portfolio 10.00% 10.00% 25.00% 10.00% FUND MANAGER BREAKDOWN ASSET MANAGERS / MUTUAL FUNDS BlackRock Investment Management Kames Capital Santander Asset Management State Street Global Advisors Threadneedle UK Equity Income Fund* Jupiter UK Growth Fund* Deutsche Asset Management Goldman Sachs Asset Management Robeco US Premium Equities Fund* Robeco US Large Companies Fund* BlackRock European Dynamic Fund* Santander Asset Management State Street Global Advisors ishares MSCI Europe ex UK Fund* Amundi Nomura Japan Strategic Fund* Aberdeen Global Asia Pacific Equity Fund* Allianz Asset Management Santander Asset Management 25.00% 20.00% * Denotes a mutual fund ASSET ALLOCATION UK Equities US Equities Europe (ex-uk) Equities Japan Equities Pacific Basin (ex-japan) Equities Global Emerging Equities The Portfolio performance was positive for the first quarter of There were no changes made to the Fund Manager line-up during this time. As always, we will continue to review and monitor the Portfolio closely. PERFORMANCE FROM Year return to TO RETURNS 8.06% -3.51% 14.58% 7.73% 14.40% 47.84%

2 UK EQUITIES FUND The selected target index is the FTSE All-Share Index, which is broad based and reflects the performance of around 700 of the UK's largest quoted companies. It represents around 98% of quoted companies in the United Kingdom. FUND MANAGERS The managers of the underlying investments in the UK Equities Fund are State Street Global Advisors, BlackRock Investment Management, Kames Capital and Santander Asset Management. UK EQUITIES JUPITER UK GR IA 4.43% THREADNEEDLE UK EQUITY INCOME (GBP) 4.42% HSBC 3.20% BRITISH AMERICAN TOBACCO PLC 3.20% PRUDENTIAL PLC 2.88% IMPERIAL TOBACCO 2.88% SHIRE LTD 2.45% BP PLC (GBP) 2.43% BT GROUP (BRITISH TELECOM) 2.32% ROYAL SHELL B WI (GBP) 2.23% Each manager has a disciplined approach to risk control, providing significant diversification and employing sophisticated mathematical modelling techniques. State Street Global Advisors (SSgA), founded in 1978 as the Asset Management Division of State Street Corporation, is a global leader in asset management and relied on by sophisticated institutions worldwide for their investment needs. SSgA manages a wide range of strategies based on multiple investment approaches. Recognised as pioneers and industry leaders in indexed strategies, many of its strengths stem from the ability to gain efficient and low-cost exposure to a variety of securities thanks to its depth of experience, size and scale of influence in the market. Within the active space, its investment philosophy is powered by disciplined, quantitatively led stock selection backed by thorough investment research. BlackRock helps millions of people, as well as the world s governments and largest institutions, pursue their investing goals. It offers a comprehensive set of innovative solutions, global market and investment insights, as well as sophisticated risk and portfolio analytics. BlackRock s clients have entrusted it with managing $4.6 trillion (assets under management as at 31 December 2014). Kames Capital s investment philosophy seeks strong performance by employing an active management style and investing with conviction. The manager believes in a flexible and pragmatic approach, with an emphasis on stock selection and idea generation, aiming to exploit opportunities and generate value throughout an economic cycle. Stocks are evaluated using analysis of fundamentals, valuation and technicals with a focus on identifying changes that drive stock prices. Santander Asset Management s flexible approach blends top down macro economic analysis and bottom up fundamental stock analysis. The manager believes that the relative importance of economic forces, such as interest rates, inflation and growth will vary as the UK moves through the economic cycle. During a downturn top down factors and sector selection take priority, but in periods of stable economic growth stock selection becomes more important.

3 US EQUITIES FUND The selected target index is the FTSE World USA Index, which is broad based and reflects the performance of nearly 700 of the United States' largest quoted companies. FUND MANAGERS The managers of the underlying investments in the US Equities Fund are Goldman Sachs Asset Management and Deutsche Asset Management. Goldman Sachs employs a comprehensive, objective and riskmanaged approach to equity investing. By combining fundamental insights with quantitative techniques, the process aims to generate results that are stable, explainable and repeatable. US EQUITIES ROBECO US PREMIUM EQ - IE (GBP) 8.83% APPLE COMPUTER 4.45% JOHNSON AND JOHNSON 2.52% GENERAL ELECTRIC (NEW YORK) 2.30% BERKSHIRE HATHA B 1.88% EXXON MOBIL 1.76% COMCAST CORP-CL A 1.67% GOOGLE 1.55% KROGER 1.42% AMERISOURCEBERGN 1.40% Deutsche Asset Management employs an active investment management approach that includes a rigorous and detailed examination of published financial information on companies, using mathematical techniques (quantitative analysis). Both managers have a disciplined approach to risk control, providing significant diversification and employing sophisticated mathematical modelling techniques.

4 EUROPE (EX-UK) EQUITIES FUND The selected target index is the FTSE World Europe Ex UK Index, which is broad based and reflects the performance of over 350 of Europe's largest quoted companies. FUND MANAGERS The managers of the underlying investments in the Europe (ex-uk) Equities Fund are State Street Global Advisors and Santander Asset Management. State Street Global Advisors (SSgA), founded in 1978 as the Asset Management Division of State Street Corporation, is a global leader in asset management and relied on by sophisticated institutions worldwide for their investment needs. SSgA manages a wide range of strategies based on multiple investment approaches. Recognised as pioneers and industry leaders in indexed strategies, many of its strengths stem from the ability to gain efficient and low-cost exposure to a variety of securities thanks to its depth of experience, size and scale of influence in the market. Within the active space, its investment philosophy is powered by disciplined, quantitatively led stock selection backed by thorough investment research. EUROPE (EX-UK) EQUITIES BLACKROCK EUROPEAN DYNAMIC - A 8.86% NOVARTIS N 3.48% NESTLE SA REG 2.87% NOVO NORDISK B 2.86% ROCHE HOLDING G (SUIZA) 2.32% BAYER AG 2.13% ING GROEP 1.91% DAIMLERCHRYSLER AG (EUR) 1.89% AXA (PARIS) 1.74% ALLIANZ SE (XETRA) 1.63% Santander Asset Management takes an active fundamental approach with a bias towards growth. The manager is looking for companies that demonstrate earnings per share growth above the European average. Stocks that pass the screening are compared to the analyst s recommendation in making the final investment decision.

5 JAPAN EQUITIES FUND The selected target index is the FTSE World Japan Index, which is broad based and reflects the performance of nearly 500 of Japan's largest quoted companies. FUND MANAGER The manager of the underlying investments in the Japan Equities Fund is Amundi. Amundi has a commitment to develop its sustainable and responsible investment policies by using a flexible approach that does not limit it to any particular style, e.g. value or growth. It aims to generate recurrent outperformance through stock picking based on an objective and quantitative decision-making process in a risk mitigated environment. JAPAN EQUITIES NOMURA FUNDS IRELAND JAPAN STRATEGIC VAL 8.84% TOYOTA MOTOR 5.57% MITSUBISHI UFJ FINANCIAL GROUP 2.54% CENTRAL JAPAN RY 1.72% HONDA MOTOR 1.66% SOFTBANK 1.61% TOKYO GAS 1.43% SUMITOMO MITSUI 1.41% JAPAN TOBACCO 1.41% BRIDGESTONE 1.39%

6 PACIFIC BASIN (EX-JAPAN) EQUITIES FUND The selected target index is the FTSE All World Asia Pacific ex Japan Index, which reflects the performance of more than 800 of the region's largest quoted companies. It covers 13 countries, including Australia and New Zealand. FUND MANAGER The manager of the underlying investments in the Pacific Basin (ex- Japan) Equities Fund is Allianz Global Investors. Understand. Act. This two-word philosophy is at the core of what Allianz Global Investors does. It listens to its clients to understand their needs, then acts decisively to deliver solutions. Allianz is a diversified active investment manager with a culture of risk management and combined worldwide assets under management of over 412bn as at 31 December PACIFIC BASIN (EX-JAPAN) EQUITIES ABERDEEN GLOBAL ASIA PACIFIC EQUITY D2 8.74% SAMSUNG ELECTRONICS (KRW) 3.22% TWN SEMICONT MAN 2.80% COMMONWEALTH BK 2.52% CHINA MOBILE (HONG KONG) 2.13% TENCENT HOLDINGS LTD (HKD) 1.68% WESTPAC BANKING 1.55% CHINA CONSTRUCTION BANK (HKD) 1.45% BANK OF CHINA ORD 1.35% BHP BILLITON LTD (AUSTRALIA) 1.33% It manages portfolios designed to deliver consistent performance through thoughtful and disciplined investment processes.

7 GLOBAL EMERGING SHARES PORTFOLIO The MSCI Emerging kets Index is a free float-adjusted market capitalisation index that is designed to measure equity market performance in the Global Emerging kets. FUND MANAGER The Fund is managed by Santander Asset Management s Global Multi-Asset Solutions team. The Fund is able to invest in collective investments, Emerging ket equities, and equities in those companies that have significant Emerging ket exposure as well as other assets including but not limited to exchange traded funds, derivatives and fixed interest investments. The manager combines both quantitative screening and qualitative assessment to select the most appropriate managers and investments to meet strict criteria. GLOBAL EMERGING EQUITIES ROBECO EMERGING CONSERVATIVE EQUITIES I 9.72% SCHRODER GL EMERGING MARKETS 9.38% ABERDEEN EMERGING MARKETS EQUITY A 9.17% AXA FRAMLINGTON EMERGING MARKETS I 9.16% BLACKROCK COLLECTIV EMERGING MK EQ TRACK 8.98% LYXOR ETF MSCI EMERGING MK-B (USD) SUIZA 8.06% ISHARES MSCI EMERGING MKTS (GBP) ETF 7.72% FIDELITY SOUTH EAST ASIA ACC (GBP) 6.29% GS GROWTH EMERGING MKT (GBP) 6.28% ISHARES MSCI AC FAR EAST EX - JAPAN ETF 5.92%

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