Your guide to F&C Investment Trusts

Transcription

1 Your guide to F&C Investment Trusts

2 Our investment trusts Our range of 11 investment trusts have different aims and strategies covering the UK and Europe as well as trusts with a global remit. We also offer more specialist trusts investing in smaller companies, private equity and property. To help make things a little easier we ve categorised our trusts by where they invest in the world. We ve also added some helpful icons to help you identify what each trust can offer as part of your investment portfolio. UK and European Trust The UK and Europe offer a wealth of investment opportunities and our trusts provide access to large blue chip companies through to some smaller companies positioned for future growth. Property Trusts Property offers the potential for capital growth and a regular income and can help to diversify an existing equity portfolio. It is however a more specialist asset and can be more risky. Global Trusts Our global investment trusts draw on the best ideas across the globe. A global trust can form the foundation of your investment portfolio to which you can add more targeted investment strategies that only invest in one market or asset class. trusts - these trusts Income trusts - these trusts Specialist trusts - these trusts Core trusts - these trusts invest offer the potential for capital aim to provide the potential for invest in a specific type of in a wide range of companies returns and may appeal to a regular income normally in the investment or sector for example across different asset classes, those investors looking for their form of dividends, often paid property, private equity or smaller markets and sectors. This level investment to grow over time. quarterly. Some of our trusts offer companies. Their more targeted of diversification helps to reduce the possibility of growth as well as investment approach can provide risk. Their broad approach can a regular income. the potential for strong growth, make them appealing as the however this can come with a base of your investment portfolio greater level of risk. These trusts to which you can add more can act as a complement to a specialist trusts. broader investment portfolio. F&C cannot give advice on the suitability of investing in our investment trusts or savings plans. If you have any doubt as to the suitability of an investment please contact a financial adviser. The value of investments can go down as well as up and you may not get back your original investment.

3 F&C investment trusts at a glance Trust Income Core Specialist Emerging Markets Foreign currency Invests in unlisted funds Property Payments from capital Smaller companies UK and European European Assets F&C Capital and Income ICG Enterprise Trust Investors Capital Global F&C Global Smaller Companies F&C Managed Portfolio F&C Private Equity Foreign & Colonial Investment Property F&C Commercial Property F&C UK Real Estate Investments Limited TR Property Trust Please refer to page 15 for a full explanation of the risks of investing in the trusts. The following pages provide detailed information on our investment trusts portfolio holdings and performance. The most up to date information on our investment trusts can be obtained from our website fandc.co.uk

4 UK and European Trust To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the UK. A high distribution policy has been adopted and dividends have been paid from a mix of income and capital reserves. Income Specialist European Assets Trust NV (as at 29 Feb 216) This equity based trust invests in small and medium-sized companies listed on the stock exchanges in Europe excluding the UK. Recent economic issues in the Eurozone mean that disciplined investors can take advantage of attractive prices to achieve good long-term returns. The fund manager, Sam Cosh aims to uncover under-researched companies that the wider investment community has overlooked, which offer the potential for significant growth. The manager only invests in companies that he believes can truly deliver, not because they are a large part of a benchmark or index. The trust offers the attractive potential for capital growth and income and over the past five years has outperformed the benchmark index. potential offered by small and medium company focus Under-researched market provides wealth of stock picking opportunities Attractive income of 6.% p.a. of net assets Trust aims: To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends are paid from a mix of income and capital reserves. Trust highlights: Diversified portfolio of small to mid-cap growth businesses across Continental Europe. This area of the market is less well researched, allowing value to be added from stock selection. Benchmark: Euromoney Smaller European Companies (ex UK) Index Fund type: Investment Trust Launch date: 1972 Total assets: million Share price: 13.p NAV 2 : 1.84p NAV 2 : Discount/premium(-/+): -1.4% Dividend payment dates: Jan, May, Aug Projected yield : 5.74% Net gearing/net cash*: 1.16%/% Management fee rate**:.8% Ongoing charges**: 1.41% Year end: 31 December Sector: European Smaller Companies Currency: Euros Website: Formerly known as HSBC Europe (ex UK) Smaller Companies Index. The projected yield is calculated using the actual dividends declared for the company s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing. **Ongoing charges calculated in accordance with AIC recommendations, and management fee rate as at the end of December % 6 2 NAV Share price Benchmark 1 year 3 years 5 years 1 Month YTD 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /211 NAV Share price Benchmark Sector breakdown (%) Industrials 26. Financials 25.3 Consumer Goods 22.2 Consumer Services 14.9 Health Care 5.8 Basic Materials 3.2 Technology 2.6 Top ten holdings (%) Irish Continental Group 3.8 Amer Sports OYJ 3.7 Gerresheimer 3.7 Cerved Information Solutions 3.6 Plastic Omnium 3.5 Origin Enterprises 3.5 Glanbia 3.5 Forbo Holding 3.4 Grafton Group 3.2 CTT Correios de Portugal Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. Fund charges may be applied in whole or in part to capital, which may result in capital erosion. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 1 The date the current investment strategy was adopted by the fund. 2 See page 15 for a definition of NAV.

5 UK and European Trust To generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share Index^ companies. Income Core F&C Capital and Income Investment Trust plc (as at 29 February 216) This equity focused trust invests in companies listed on the FTSE All-Share Index^, predominantly in large well known UK blue chip companies. The trust has some holdings in smaller UK companies and quality blue chip European companies. The trust aims to provide investors with long-term capital growth and a regular and growing income that can be paid quarterly. Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation Diversified portfolio focusing on well-established UK companies Targets long-term capital and income growth Trust aims: To generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies. Trust highlights: Dividends increased annually since launch in 1992, paid quarterly and grown significantly faster than inflation. Diversified portfolio focusing on well-established UK companies. Targets long-term capital and income growth. Benchmark: FTSE All-Share Index Fund type: Investment Trust Launch date: 1992 Total assets: 263.3m Share price: 245.p NAV 2 : p Discount/Premium(-/+): -1.77% Dividend payment dates: Mar, Jun, Sep, Dec Net dividend yield : 4.1% Net gearing/net cash*: 1%/% Management fee rate**:.% Ongoing charges**:.64% Year end: 3 September Sector: UK Equity Income Currency: Sterling Website: **Ongoing charges calculated in accord ance with AIC recommendations. The yield is calculated on an historic basis using the actual dividends paid during the last twelve months and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing. **Ongoing charges and management fee rate as at the end of 3 September 215 and calculated in accordance with AIC recommendations. % NAV Share price Benchmark Year to date 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark NAV Share price Benchmark Sector breakdown (%) Financials 28.1 Consumer Services 17.4 Industrials 15.7 Consumer Goods 14.1 Healthcare 7. Oil and Gas 5.8 Telecommunications 3.3 Basic Materials 3. Technology 2.9 Utilities year 3 years 5 years Top ten holdings (%) HSBC 4.5 GlaxoSmithKline 4.4 Royal Dutch Shell 3.4 Diageo 3.2 Unilever 3.2 Lloyds 2.9 British American Tobacco 2.7 WPP 2.7 AstraZeneca 2.6 BAE Systems 2.5 Source: Datastream, Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for a definition of NAV. 4

6 UK and European Trust To provide shareholders with long-term capital growth through investment in unquoted companies mostly through specialist private equity funds but also directly. Specialist Trust aims: To provide shareholders with long term capital growth through investment in unquoted companies both through private equity funds and directly. Trust highlights: Provides access to a diverse portfolio of mature companies in established European private equity markets with nearly underlying companies in the portfolio. Benchmark: FTSE All-Share Index Fund type: Investment Trust Launch date: 1981 Total equity: 56 million Share price: 584.p 1 NAV 2 : 7.3p Discount/Premium(-/+): -16.6% 1 Dividend payment dates: June Net dividend yield : 2.7% Management fee rate*: 1.5%/.5% Ongoing charges**: 1.8% Year end: 31 January Sector: Private Equity Currency: Sterling Website: 1 At close of Discount is to the NAV per share at The yield is calculated on an historic basis using the actual dividends paid during the company s last financial year and the closing share price as at the end of the relevant month. *1.5% of invested assets plus.5% of commitments (in both cases excluding ICG Enterprise Trust). **Ongoing charges and management fee information as at end of July 215. ICG Enterprise Trust plc (formerly Graphite Enterprise Trust) Ordinary shares (as at 31 July 215) ICG Enterprise Trust plc is an investment trust listed on the London Stock Exchange with a diversified portfolio of private equity assets. The Company was listed in 1981 and has invested exclusively in private equity and was managed by Graphite Capital until January 216 when the same management team moved with the Trust to ICG plc, a specialist asset manager of private debt, credit and equity. The Trust has been investing in private equity for more than 3 years. It applies the skills and disciplines of direct investment in unquoted companies to the selection and management of its portfolio of funds. ICG Enterprise Trust provides investors with a diverse portfolio of mature, profitable private companies across established European private equity markets where the success of individual investments can have a noticeable impact on overall performance. Access to investments by top European private equity managers Offers the potential for long-term capital growth ICG Enterprise is a highly experienced investor in unquoted assets Diversified portfolio of mature, profitable companies % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /21 NAV Share price Benchmark Sector breakdown (%) Business services 21.2 Industrials 18.4 Healthcare and education 14.2 Consumer goods and services 13.5 Leisure 9.1 Financials 8.6 Automotive supplies 8.1 Technology and telecommunications 3.5 Media 2.2 Chemicals 1.2 Top ten holdings (%) Micheldever Tyre Services 5.6 City & County Healthcare Group 3.4 ICR Group 3.2 Education Personnel 2.7 Human Capital Investment Group 2.1 Skillsoft 2.1 Spheros 1.9 Standard Brands 1.7 David Lloyd Leisure 1.7 U-POL Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market and currency movements may cause the values to fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.this fund invests in unlisted securities and their potential volatility may increase the risk to the value of, and the income, from the investment. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV.

7 UK and European Trust To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. The trust s portfolio is managed in two parts. The first part comprises investments in UK equities and equityrelated securities of large and midsized companies (the equities portfolio) and the second part comprises investments in fixed interest and other higher yielding stocks and securities (the higher yielding portfolio). Income Core Trust aims: To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. The Company s portfolio is managed in two parts. The first part comprises investments in UK equities and equity related securities of large and mid-sized companies (the Equities portfolio) and the second part comprises investments in fixed interest and other higher yielding stocks and securities (the Higher Yielding Portfolio). Benchmark: FTSE All-Share Capped 5% Index Fund type: Investment Trust Launch date: 1 March 27 Total assets: million Share price: 85.5p NAV 2 : 95.28p Discount/Premium(-/+): -1.3% Dividend payment dates: Feb, May, Aug, Nov Net dividend yield : 5.35% Net gearing/net cash*: 8.75%/% Management fee rate**:.75% Ongoing charges**: 1.5% Year end: 31 March Sector: UK Equity & Bond Income Currency: Sterling Website: The yield is calculated using the actual dividends declared for the company s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing. **Ongoing charges and management fee as at the end of 31 March 215. Please refer to the latest annual report as to how the fee is structured. Investors Capital Trust plc A Shares (as at 29 February 216) Investors Capital aims to provide shareholders with an attractive level of income together with the opportunity for capital growth. The majority of the trust s assets are invested in an equities portfolio comprising large and mid size UK companies. The trust has two classes of share A shares and B shares which pay the same level of quarterly cash distributions. The cash distributions on the A share are paid as dividends while those on the B shares are paid by way of capital distributions and therefore taxed under capital gains tax (CGT) rules, which can provide tax benefits to certain types of investors. Each unit consists of three A shares and one B share. Offers potential for long-time capital growth and/or an attractive income Predominantly equity based portfolio with a small proportion in bonds Innovative trust structure allows investors to take income from dividends or from capital returns Focuses on UK large and mid-sized companies % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /211 NAV Share price Benchmark Portfolio breakdown (%) FTSE FTSE Fixed Interest 1.13 Cash 5.94 Top ten equities holdings (%) British American Tobacco 6.11 HSBC Holdings 5.24 GlaxoSmithKline 5.21 BT Group 4.1 Royal Dutch Shell 3.83 Vodafone Group 3.21 Astrazeneca 2.99 Diageo 2.98 Compass Group 2.97 BP 2.85 Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV. 6

8 Global Trust F&C Global Smaller Companies plc (as at 29 February 216) To secure a high total return by investing in smaller companies worldwide. Specialist Trust aims: To secure a high total return by invest ing in smaller companies worldwide. Trust highlights: The largest specialist global smaller companies investment trust. Greater inherent growth potential in smaller companies. Strong dedicated small company investment team. The dividend has risen in each of the last 45 years. Benchmark: 3% Numis UK Smaller Companies (ex investment companies) Index / 7% MSCI All Country World ex UK Small Cap Index Fund type: Investment Trust Launch date: 1889 Total assets: 565.m Share price: 921.p NAV 2 (diluted): p Discount/Premium(-/+): -3.25% Dividend payment dates: Aug, Jan Net dividend yield : 1.7% Net gearing/net cash*: 5.53% Management fee rate**:.% Ongoing charges**:.79% Year end: 3 April Sector: Global Currency: Sterling Website: The yield is calculated on an historic basis using the actual dividends paid during the company s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing. **Ongoing charges and management fee information calculated in accordance with AIC recommendations as at end of 3 April 215, and excludes performance fees. This trust invests in smaller companies listed on global equity markets. Fund manager Peter Ewins and the smaller company investment team aim to identify those companies whose value has been overlooked by the wider market. Smaller companies typically grow faster than more mature larger companies and are often under researched companies offering the opportunity to invest in what could be tomorrow s leading companies at an early stage. The trust provides exposure to the UK, US and Europe via investment directly in shares. Exposure to Japan, Latin American and wider emerging markets is achieved through investment in third party funds. The primary focus of the trust is delivering capital growth and the trust has strongly outperformed its benchmark index over the last five years. The trust has also benefitted from a dividend that has risen 44 years in a row. Focuses on identifying undervalued companies with strong growth potential Can complement an existing core holding Broad exposure to global regions can help to reduce risk and offers the scope for added value through geographic asset allocation moves Dividend has risen every year for 44 years % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV 2 (diluted) Share price Benchmark NAV 2 (diluted) Share price Benchmark Geographical breakdown (%) North America 41.6 UK 28.1 Continental Europe 11.9 Rest of World 9.3 Japan 7.4 Cash & Fixed Interest 1.7 Top ten holdings (%) Eastspring Investments Japan Smaller Companies 3.7 Aberdeen Global Japanese Smaller Companies 3.7 Scottish Oriental Smaller Cos Inv Trust 2.7 Manulife Global Asian Smaller Companies 2.2 Aberdeen Global Asian Smaller Companies 1.8 Utilico Emerging Markets 1.6 Alleghany 1.1 Wellcare Health Plans 1. Sterling Bancorp 1. LKQ 1. 7 Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets, or smaller companies, their potential volatility may increase the risk to the value of, and the income from the investment. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

9 Global Trust The objective for the Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns principally through capital growth. Core Trust aims: The objective for the Portfolio is to provide growth shareholders with capital growth from a diversified portfolio of investment companies. The Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and the focus of which is to maximise total returns, principally through capital growth. Benchmark: FTSE All-Share Index Fund type: Investment Trust Launch date: April 28 Total assets portfolio: 47.8 million Total assets company: 94.6 million Share price: 142.5p NAV 2 : p Discount/Premium(-/+):.64% Net gearing/net cash*:.%/5.6% Management fee rate**:.65% Total expenses ratio**: 1.15% Year end: 31 May Sector: Global Currency: Sterling *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for defnition of gearing. **Total expenses and management fee information as at the end of May 215. F&C Managed Portfolio Trust plc (as at 29 February 216) This trust invests in other investment companies offering investors a globally diversified investment. The trust has two portfolios; an Income Portfolio and a Portfolio. The Portfolio aims to provide long-term capital returns. Its investments in investment companies provide good levels of diversification by underlying management style, geography, sector and company. Both portfolios work in tandem to enhance the other s potential. Any net income generated by the Portfolio is transferred to the Income Portfolio in exchange for a capital contribution of the same amount in the other direction. This benefits the income prospects for income shareholders and the capital growth prospects for growth shareholders. Broadly diversified portfolio across investment companies and thereby the underlying stocks they invest in One-stop access to an expertly managed ready made portfolio of investment trusts Potential for long-term capital returns % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /211 NAV Share price Benchmark Geographical breakdown (%) UK 38. North America 2. Europe 17. Cash 1. Far East & Pacific 5. Japan 4. Fixed Interest 2. South America 1. Africa 1. China 1. Other 1. Top ten holdings (%) Perpetual Income & Investment Trust 4.1 Jupiter European Opportunities Trust 3.5 Diverse Income Trust 3.2 TR Property Investment Trust 3. Lowland Investment Company 3. Finsbury & Income Trust 2.9 Henderson European Focus Trust 2.8 Polar Capital Technology Trust 2.7 Mid Wynd International Investment Trust 2.7 Personal Assets Trust 2.6 Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV. 8

10 Global Trust F&C Managed Portfolio Trust plc Income (as at 29 February 216) Income Portfolio: The objective for the Income Portfolio is to provide income shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors that focus on offering an income yield above that of the FTSE All-Share Index^. Income Core Trust aims: The objective for the Income Portfolio is to provide income shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies. The Income Portfolio invests in a diversified portfolio of at least 25 investment companies that have underlying investment exposures across a range of geographic regions and sectors and that focus on offering an income yield above that of the FTSE All-Share Index^. Benchmark: FTSE All-Share Index^ Fund type: Investment Trust Launch date: April 28 Total assets portfolio: 46.8 million Total assets company: 94.6 million Share price: 11.75p NAV 2 : 11.73p Discount/Premium(-/+):.2% Dividend payment dates: Jan, Apr, Jul, Oct Net dividend yield : 4.5% Net gearing/net cash*:.%/3.6% Management fee rate**:.65% Total expenses ratio**: 1.16% Year end: 31 May Sector: Global Equity Income Currency: Sterling The yield is calculated on an historic basis using the actual dividends paid during the company s last financial year and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See page 15 for definition of gearing. **Total expenses and management fee information as at the end of May 215. This trust invests in other investment companies offering investors a globally diversified investment. The trust has two portfolios; an Income Portfolio and a Portfolio. The Income Portfolio aims to provide an attractive level of income paid quarterly with the potential for income and capital growth. Its investments in investment companies provide good levels of diversification by underlying management style, geography, sector and company. Both portfolios work in tandem to enhance the other s potential. Any net income generated by the Portfolio is transferred to the Income Portfolio in exchange for a capital contribution of the same amount in the other direction. This benefits the income prospects for income shareholders and the capital growth prospects for growth shareholders. Broadly diversified portfolio across investment companies and thereby the underlying stocks they invest in One-stop access to an expertly managed ready made portfolio of investment trusts % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /211 NAV Share price Benchmark Geographical breakdown (%) UK 47. North America 12. Europe 11. Cash 9. Far East & Pacific 9. Fixed Interest 7. Japan 3. South America 1. China 1. Top ten holdings (%) Perpetual Income & Investment Trust 4.5 European Assets Trust 3.5 Law Debenture Corporation 3.3 City of London Investment Trust 3.3 Troy Income & Trust 3.2 Schroder Real Estate Investment Trust 3.1 Lowland Investment Company 3. Edinburgh Investment Trust 2.9 Investco Perpetual UK Smaller Companies Investment Trust 2.8 Majedie Investments Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance.the discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

11 Global Trust To achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the trust s revenue and realised capital profits. Income Specialist Trust aims: The Ordinary shares objective is to achieve long-term capital growth through investment in private equity assets. Trust highlights: Anticipated superior returns relative to the quoted markets. Access to a well diversified portfolio. Manager s understanding and access to up and coming funds. Fund type: Investment Trust Launch date 1 : 21 Total assets: 242 million Share price: 227p NAV 2 (diluted) per IFRS: p Discount/Premium(-/+): -23.9% Dividend payment dates: May, Nov Net dividend yield : 5% Net gearing/net cash*: 4.3% Management fee rate**:.9% Ongoing charges***: 1.39% Year end: 31 December Sector: Private Equity Currency: Sterling Website: 1 The Ordinary Shares of F&C Private Equity Trust were created as a share class in 21. The yield is calculated using the actual dividends declared for the Company s current financial year and the closing share price and exchange rate as at the end of the relevant month. *Borrowings/shareholders funds. See page 15 for definition of gearing. **Management fee information as at end of December 214 and expressed as a percentage of average shareholders funds. ***Ongoing charges calculated in accordance with AIC recommendations. F&C Private Equity Trust plc Ordinary shares (as at 3 Sept 215) This trust provides investors with the opportunity to access private equity investment. This specialist investment can complement a more broadly based investment strategy offering the opportunity for strong returns. The trust invests in specialist private equity funds and individual companies across the globe, but with a bias to UK and European assets. To help manage risk the trust is broadly diversified across strategies and geographies. The manager Hamish Mair looks to identify those funds and companies with an ability to make excellent returns over the medium to long term. Potential for strong returns relative to traditional equity investment Tap into up and coming funds and companies Access to a well diversified portfolio Route to alternative assets not typically available to private investors Managed by a well established, and experienced asset manager Attractive income potential % 2 NAV 2 total return Share price total return -2 Sep-1 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 1 Month Year to date 1 Year 3 Years 5 Years NAV 2 N/A Share price Standardised annual performance (%) 215/ / / / /21 NAV Share price Geographical breakdown (%) UK 47.8 Europe 34.5 US 13.6 Global 3. Emerging 1.1 Top ten holdings (%) SEP III 6.8 Stirling Square Capital Partners II 3.5 TDR Capital II 3.1 Inflexion 21 Fund 3. Argan Capital 2.8 Inflexion 212 Co-Investment Fund 2.8 August Equity Partners II 2.6 Park Holidays UK 2.5 N+1 Private Equity Fund II 2.5 RJD Partners ll 2.2 Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in hedge funds or private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. 2 See page 15 for definition of NAV. 1

12 Global Trust To secure long-term growth in capital and income from an international investment portfolio. Income Core Trust aims: The objective of the trust is to secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing. Trust highlights: The first ever investment trust, launched in A diversified portfolio gives exposure to most of the world markets. Invests in more than 5 companies in 35 countries. Among the largest investment trusts in its sector. Benchmark: FTSE All World TR Index (Pre 1/1/213 6% FTSE World ex UK TR Index/% FTSE All Share TR Index)^. Fund type: Investment Trust Launch date: 1868 Total assets: 2.9 billion Share price: 43.5p NAV 2 : p Discount/Premium(-/+): -8.11% Dividend payment dates: Feb, May, Aug, Nov Net dividend yield: 2.2% Net gearing/net cash*: 1%/% Management fee rate**:.365% p.a. based on Market Capitalisation Ongoing charges**:.87% Year end: 31 December Sector: Global Currency: Sterling Website: The yield is calculated on an historic basis using the actual dividends paid during the last twelve months and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. See pag 15 for definition of gearing. **Ongoing charges and management fee information calculated in accordance with AIC recommendations as at the end of 31 December 215. Foreign & Colonial Investment Trust plc (as at 29 February 216) Our flagship investment trust was launched back in 1868 and was the first ever investment trust. Now one of the largest and most reputable trusts in the UK, the Foreign & Colonial Investment Trust has continued to deliver solid long-term performance. Managed by Paul Niven, this equity trust is broadly diversified and cautiously managed with exposure to around 5 individual companies across the globe. This level of diversification helps to reduce the overall risk a single stock s poor performance has on the performance of the portfolio. The trust has appointed specialist fund management companies to manage the US large cap and private equity portfolios meaning you benefit from the expert market knowledge and experience of more than one management company in a single fund. The trust s primary focus is to provide long-term growth of capital and income. The trust has increased its dividend every year for the past 44 years with plans for a 45th consecutive annual increase. Heritage the first ever investment trust, launched in 1868 Solid long-term performance Exposure to global markets including Europe, US, Japan and Emerging Markets Quarterly dividend payments and reassurance that the Trust has a proven strategy for dividend growth % NAV Share price Benchmark Year to date 1 year 3 years 5 years 1 Month Year to date 1 Year 3 Years 5 Years NAV Share price Benchmark / / / / /211 NAV Share price Benchmark Geographical breakdown (%) Top ten holdings (%) UK Equity 1.1 Europe ex UK Equity 22.3 North America Equity 43.3 Japan Equity 1. Developed Pacifc Equity 3.1 Emerging Markets Equity 1.5 Liquidity.7 Total 1 Pantheon Europe Fund V 1.5 Utilico Emerging Markets 1.1 HarbourVest Partners Ventures VIII Fund.9 HarbourVest Partners VIII Buyout Fund.9 Pantheon Asia Fund V.8 Dover Street VII.8 HarbourVest Partners VII Buyout Fund.7 Pantheon Europe Fund III.7 Dover Street VI.6 HarbourVest V Direct Fund.6 11 Source: Lipper and F&C. Basis: Percentage growth, Total return, net income reinvested. Past performance is not a guide to future performance. Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Where investments are made in emerging markets their potential volatility may increase the risks to the value of and the income from the investment. Political or economic change may be more likely to occur and have a greater effect on the economies and markets of the emerging countries. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in private equity funds which are not normally available to individual investors, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these private equity funds and prospects may be more difficult to assess. If markets fall, gearing can magnify the negative impact on performance. The discrete annual performance table refers to 12 month periods, ending at the date shown. 2 See page 15 for definition of NAV.

13 Property Trust F&C Commercial Property Trust Limited (as at 31 December 215) To provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio. Income Specialist Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for capital and income growth from investing in a diversified UK commercial property portfolio. Fund Type: Investment Trust Launch Date: 18 March 25 Total assets: 1,39.1 million Share price: 134.4p NAV**: 135.3p Discount/Premium(-/+): -.7% Dividend payment dates: Monthly Net dividend yield : 4.5% Actual gearing*: 19.% Vacant property: 4.5% Weighted average lease length: 6.9 years Management fee rate***:.5% Ongoing charges***:.89% Year end: 31 December Sector: Property Direct - UK Currency: Sterling Website: The yield is calculated on an historic basis using the actual dividends paid during the company s last financial year and the closing share price as at the end of the relevant month. *(Borrowings - cash)/total assets (less trade and other payables and cash). See page 15 for definition of gearing. **The NAV is calculated under International Financial Reporting Standards. See page 15 for definition NAV. ***Ongoing charges and management fee rate as at the end of 31 December 215. This trust provides investors with the opportunity to invest in commercial property through a diversified portfolio of prime UK property. The trust aim to pay an attractive monthly dividend as well as the opportunity for capital growth by investing in high quality UK commercial property with a current geographical bias to Central London and the South East where returns are still proving strong. Attractive monthly income, currently a dividend yield of 4.5% Access to a widely diversified portfolio of quality prime UK commercial property Complement to a broadly based equity or bond portfolio % Share price NAV 2 Year to date 1 year 3 years 5 years 3 Months Year to date 1 Year 3 Years 5 Years Share price NAV Share price NAV Geographical breakdown (%) London - West End 35.7 South East 26.6 Scotland 13.1 Midlands 11.3 North West 1.6 Eastern 1.5 Rest of London 1.2 Sector breakdown (%) Offices 39.9 Retail 26.4 Retail Warehouse 16.9 Industrial 14.3 Other 2.5 Top ten property investments Properties valued in excess of 2 million London W1, St. Christopher s Place Estate Properties valued between 7 million and 1 million Newbury, Newbury Retail Park London SW1, Cassini House, St. James s Street Solihull, Sears Retail Park Properties valued between 5 million and 7 million London SW19, Wimbledon Broadway London W1, 25 Great Pulteney Street Properties valued between million and 5 million Uxbridge, 3 The Square, Stockley Park Crawley, Leonardo House, Manor Royal Aberdeen, Unit 2 Prime Four Business Park, Kingswells Aberdeen, Unit 1 Prime Four Business Park, Kingswells Source: Datastream and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV. 12

14 Property Trust F&C UK Real Estate Investments Limited (as at 31 December Quarter 4 215) To provide ordinary shareholders with an attractive level of income together with the potential for income and capital growth from investing in a diversified UK commercial property portfolio. Income Specialist Trust aims: To provide ordinary shareholders with an attractive level of income with the potential for income and capital growth from investing in a diversified UK commercial property portfolio. Fund type: Investment Trust Launch date: 1 June 24 Total assets: million Share price: 11.75p NAV*: 99.9p Discount/Premium (-/+): 1.85% Dividend payment dates: Mar, Jun, Sep, Dec Net dividend yield : 4.91% Net gearing**: 29.8% Vacant property: 4.54% Weighted average lease length: 7.32 years Management fee rate***:.6% Ongoing charges****: 1.% Year end: 3 June Sector: Property Direct - UK Currency: Sterling Website: *The NAV is calculated under International Financial Reporting Standards. Calculated with reference to projected annual dividends of 5. pence per share. **Bank Debt (less net current assets)/fair value of investment properties. See page 15 for definition of gearing. ***Please refer to the latest annual report as to how the fee is structured. ****Ongoing charges are total expenses (excluding direct property expenses) at June 215 as a percentage of net assets. The trust aims to deliver an attractive level of income together with the potential for capital growth from investment in a diversified UK commercial property portfolio. It offers investors exposure to commercial property assets often not available to private investors. This portfolio offers regional diversification while retaining a significant exposure to property in the South East. The trust invests in office and retail property, but has a bias towards good quality distribution and industrial property that provides a higher yield. Income is paid quarterly. On 11 April 213, IRP Property Investment Limited acquired the assets of ISIS Property Trust Limited through a scheme of reconstruction and was renamed F&C UK Real Estate Investments Limited. All data reflects the new portfolio as at the date of acquisition. Attractive income paid quarterly Access to a widely diversified portfolio of quality UK commercial property Complement to a broadly based equity or bond portfolio % 6 2 Share price NAV Year to date 1 year 3 years 5 years 3 Months Year to date 1 Year 3 Years 5 Years NAV Share price NAV Share price Geographical breakdown (%) Top ten property investments (%) South East 45. West Midlands 7.6 Scotland 6. Yorkshire and Humberside 1.3 East Midlands 4.8 Others 6.3 North West 4.2 London - West End 9.6 Eastern 6.2 Sector breakdown (%) London W1, 14 Berkeley Street 7.6 Banbury, 3663 Unit, Echo Park 6.5 Colnbrook, Units 1-8 Lakeside Road 4.9 Eastleigh, Southampton International Park 4.1 Hemel Hempstead, Hemel Gateway 3.7 Rotherham, Northfields Retail Park 3.5 York, Clifton Moor Gate 3.5 Leamington Spa, 3- The Parade & 47/59a Warwick Street 3.2 Bracknell, 1-2 Network, Eastern Road 3. Chelmsford, County House, County Square 2.9 Total 42.9 Industrial 28. Retail 2.5 Offices 28.4 Out of Town Retail Source: Lipper and F&C. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority. Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. 2 See page 15 for definition of NAV.

15 Property Trust The trust s objective is to maximise shareholders total returns by investing in property shares and property on an international basis. Although the investment objective allows for investment on an international basis the benchmark is a Pan European index. The majority of investments will be located in the Pan-Europe region and direct property investments are located in the UK only. Income Specialist Fund objective: The investment objective of the trust is to maximise total returns by investing in Pan European equities and UK direct property, focusing on long term capital and income growth. Fund manager(s): Marcus Phayre-Mudge Fund type: UK Investment Trust Sector: AIC Property Securities Benchmark: FTSE EPRA/NAREIT Developed Europe Capped TR Net GBP Fund currency: GBP Fund size: 165.m Share price: 297.5p Net gearing: 12.5% Initial charge:.% Ongoing charge:.76% Ann. Mgmt fee: 3.325m plus.2% of net assets p.a. Ann. Return 5 Years: 13.43% Price frequency: Daily Performance fee: 15% of outperformance of benchmark plus 1% hurdle Distribution policy: January, July Share currency: GBP Payment date(s): January, July Year end: 31 March ISIN: GB9697 FATCA: ML6PKQ SL.826 Administrator: BNP Paribas TR Property Investment Trust (as at 31 March 216) The trust has a total return objective and aims to deliver long-term capital growth accompanying a progressive dividend policy from a diversified portfolio of predominantly property related securities and commercial property. The UK direct property portfolio is mainly invested in the South East with a strong London focus. The equity portfolio is diversified geographically primarily across Northern and Western Europe. Marcus Phayre-Mudge seeks to identify well managed, well financed companies of all sizes, especially those with a focus on a particular type of real estate business. Equity based portfolio that provides exposure to property related companies Complement to a bricks and mortar property investment or equity or bond portfolio Progressive dividend. Potential for long-term capital growth and an attractive income Exposure to both direct commercial property and indirect property shares % Fund Benchmark 1 month 3 months 6 months YTD 1 Year 3 years 5 years 1 Month 3 Months 6 Months Year to date 1 Year 3 Years 5 Years Fund Benchmark Fund Benchmark The discrete performance periods are to the end of the respective month each year. Source: BMO Global Asset Management, Lipper Sector allocation (%) Industrial 1.6 Offices 29.5 Other 9.2 Residential 27.4 Retail 38.5 Top ten holdings (%) Unibail-Rodamco 9.9 Land Securities Group plc 8.3 Vonovia Se 7.9 Leg Immobilien Ag 6.1 Klepierre 5.7 Deutsche Wohnen Ag-Br 3.9 Great Portland Estates plc 2.7 Derwent London plc 2.7 Unite Group plc 2.3 British Land Co plc 2.3 Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. The Fund may invest in warrants; small movements in the price of the asset to which the warrant relates may result in a disproportionately large movement in the price of the warrant which may cause volatility. All fund performance data is net of management fees. See page 15 for definition of gearing. 14

16 Risk factors Our range of investment trusts invest in the stock market. As well as looking at the potential rewards that this can bring, it s important that you are aware of the potential risks involved so that you can make an informed decision. General risks 1. Gearing Investment trusts can borrow money, which can then be used to make further investments (gearing). They can also invest in instruments such as warrants or derivatives, where a small movement in the value or price of the underlying right or asset results in a larger movement in the value or price of the instrument. In a rising market, this gearing can enhance returns to shareholders. Correspondingly, if the market falls, losses may be greater. 2. Insufficient income Where the income earned by an investment trust is insufficient to cover its charges and expenses, the balance may be charged to capital, which will to that extent, constrain capital growth. 3. Liquidity Shares in smaller companies are generally traded less frequently than those in larger companies. This means that there may be difficulty in both buying and selling shares and individual share prices may be subject to short term price swings. 4. Net Asset Value (NAV) and premiums/discounts As investment trust shares are publicly traded on the London Stock Exchange, their price is determined by market factors, such as demand and supply between buyers and sellers. That price will not necessarily accurately reflect the underlying value of the trust s portfolio of investments (its net asset value or NAV ). The share price may be either higher than the NAV; at a premium, or more commonly, lower then the NAV; at a discount. Discounts and premiums vary constantly. Although buying shares at a discount could be seen as value for money, there is no guarantee that the discount will narrow and there is a risk that it may widen further. Many factors influence the discount or premium and a large discount does not necessarily indicate a bargain. 5. Price volatility The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. Past performance is not a guide to future performance. When you sell your shares, you may get back less than you originally invested, especially so given their inherent potential for capital appreciation. 15

17 Specific investment trust risks The following may apply depending on the composition of the investment portfoilio: 1. Concentrated portfolio Due to the concentrated nature of the portfolio, short-term volatility in the price could be relatively high which means that the amount by which the trust diverges from or under/over performs the benchmark may be higher than for other trusts. 2. Emerging markets Where investments are made in emerging markets, dealing, settlement and custody practices are less developed and riskier than in more developed markets. In addition, the stock markets and currencies of emerging markets can be volatile and may be less liquid. 3. Foreign currency For investment trusts which make investments outside the UK, you should be aware that your investment could be affected by changes in the rates of exchange between sterling and the currencies in which those investments are denominated. 4. Investment in unlisted funds Investment trusts investing in hedge funds or private equity funds will obtain exposure to funds not normally available to individual investors and will include exposure to the performance, liquidity and valuation issues of the underlying funds. Such funds are typically not marketable generally, have high minimum investment levels and may restrict or suspend repayment to investors. The information available on their investment strategies, underlying assets and performance may be limited. Investors considering an investment exposed to hedge fund strategies or private equity funds should be prepared to accept that it may be more difficult to assess the scope or scale of the opportunities available to such funds and the likelihood of their generating the expected returns. The asset value of shares in such an investment trust and its prospects may also be more difficult to assess. 5. Property For investment trusts that invest in property and property related securities, the values of such properties and securities are likely to reflect valuations of properties as determined by professional valuers. Such valuations are the opinion of valuers at a particular time, may not be supported by recent transactions and are liable to revision. Property assets are significantly less liquid than listed securities (take longer to buy or sell) and this may adversely impact the value and performance of related securities. 6. Payments from capital European Assets Trust and Private Equity Trust largely pay their dividends from capital. Dependent on performance, this may reduce the capital values of these trusts over time. 7. Smaller companies Where investments are made in smaller companies and businesses at an early stage of their development, there may be a higher degree of risk. The value of such investments is usually more sensitive to market movements and may be less liquid (take longer to buy or sell). Investors should also remember the following: 1. Investment needs If you start an investment in order to fund a specific need, for example to pay school fees, if you then do not maintain your contributions or your investment does not grow sufficiently, you may not achieve your target. 2. Changing your mind For new accounts, if you decide to exercise your cancellation rights within the 14-day period (if applicable), you may not get back the amount you invested. We will deduct a dealing fee and stamp duty and the value of your investment may have fallen before you notify us that you wish to exercise you cancellation rights. 16

18 ^FTSE International Limited ( FTSE ) FTSE 216. FTSE is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. 17 ^^MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied upon as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or relating to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, and warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (

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20 Contact us * info@fandc.com fandc.co.uk *8:3am - 5:3pm, weekdays, calls may be recorded or monitored for training and quality purposes. F&C Management Limited F&C Investments and the F&C Investments logo are trademarks of F&C Management Limited. F&C Management Limited 216. Issued and approved by F&C Management Limited which is authorised and regulated by the Financial Conduct Authority FRN: and is a member of the F&C Group of which the ultimate parent company is the Bank of Montreal. Registered Office: Exchange House, Primrose Street, London EC2A 2NY. Registered in England & Wales No CM891, F&C1371 5/16