Responsible since: September 1998

INVESCO Equity Western Europe Fund management: Bernhard Langer/Alexander Uhlmann Location: Frankfurt Responsible since: September 1998 Size and number of holdings (as of 31/12/2013) EUR 94.5 Mio (87 holdings) Web page: www.invesco.com; www.invescoeurope.com www.institutional.invesco.com Overview Invesco is one of two managers responsible for the management of the Macquarie MS Equities Western Europe Portfolio. Invesco pursues a structured (active, quantitative) investment approach for the management of European large and mid cap mandates (European Quantitative Growth Equity). The benchmark for this mandate is the MSCI Europe Growth Index. Invesco Ltd A Premier Global Investment Management Company Invesco Ltd. is one of the world s leading independent global investment management organizations serving retail, institutional and high-net-worth clients around the world. Our sole focus is investment management; with no distractions from competing interests, all our global resources and local commitment are focused on providing clients with the investment expertise and client service they seek. To achieve our mission of helping investors worldwide achieve their financial objectives, Invesco draws on the strength of its global resources. With US$778,8 billion (equivalent to 565,3 billion) in assets under management 1, specialized investment teams with distinct perspectives deliver diversified investment strategies ranging from major equity and fixed-income asset classes to other alternative asset classes, including real estate, private equity and commodities. These capabilities are delivered through numerous investment centers designed around distinctive asset classes, styles or regional expertise. Each investment center adheres to clearly defined investment strategies and philosophies intended to align with client expectations. To further strengthen our investment culture, we also maintain an active Investors Forum that consists of senior investment professionals from each investment centre. Chaired by Senior Managing Director, Karen Dunn Kelley, the role of the Investors Forum is primarily to foster, promote and grow investment excellence across the organization. Our distinctive combination of independent thought within individual investment centers and collaboration across investment centers provides clients the reach and resources of a global 1 Source: Invesco Ltd. as at December 31, 2013. Invesco Ltd AUM includes all assets under advisement, distributed and overseen by Invesco and its affiliate Invesco Powershares which has an agreement with Deutsche Bank to provide certain marketing services for the Powershares DB products. Neither firm is affiliated with Deutsche Bank. 1

organization and the focus and attention of a boutique firm: our investment capabilities are both diverse and specialized; we are global in reach yet local in presence and our processes are disciplined yet can be delivered in customized ways. All of which distinctively positions Invesco Ltd. to keep pace with clients evolving investment needs worldwide. Invesco Ltd. is a publicly owned company whose shares are listed on the New York Stock Exchange under the symbol "IVZ" and is a constituent of the S&P 500. Employees and employee trusts hold approximately 8% of the shares in Invesco Ltd. Additionally, investment professionals invest a portion of their deferred bonus (25%) and may invest up to 75% in select Invesco managed mutual funds. The remainder of the deferred compensation is awarded in Invesco stock. Organization Invesco Ltd has organized its sales and client services efforts along regional lines. We think it is of utmost importance to be close to our clients and hence have local sales professionals in each important market. Client Service will be provided to you by one of our client service teams in your proximity. We have offices in the following 10 locations in Continental Europe (Amsterdam, Brussels, Frankfurt, Madrid, Milan, Munich, Paris, Vienna, Stockholm and Zurich). With offices worldwide, capabilities in virtually every asset class and investment style, a disciplined approach to investment management and a commitment to the highest standards of performance and client service, Invesco Ltd. is well positioned to compete in our evolving world. One of Invesco Ltd. s greatest client benefits is the combined power of its distinct worldwide investment management capabilities. We offer diversified investment strategies spanning all major equity, fixed income, asset allocation and alternative asset classes. Research efforts are focused within the distinct investment teams and these groups benefit from the considerable global investment resources and knowledge available within the Invesco Ltd., without being restricted by a single house view. A brief overview of each of Invesco Ltd. s investment centers and capabilities are described in the following table. Investment center Investment focus Location(s) Invesco Asia-Pacific Invesco Canada Invesco Fixed Income Invesco Fundamental Equities Asia ex Japan Greater China Japan Australia Trimark Investments: Canadian, regional, sector and global equity Canadian and global fixed income Balanced portfolios Global liquidity Stable value Global and US broad fixed income Global alternatives & bank loans US growth equity US core equity US value equity International and global growth equity Sector equity Balanced portfolios Beijing, Hong Kong, Melbourne, Shenzhen, Sydney, Taipei, Tokyo Toronto Atlanta, Chicago, Hong Kong, Houston, London, Louisville, Melbourne, New York, Palm Harbor, FL, San Diego, Tokyo Austin, Houston, San Francisco 2

Invesco Global Strategies Invesco Perpetual Invesco PowerShares Invesco Private Capital Invesco Real Estate Invesco Unit Investment Trusts WL Ross & Co Global equity (global, non-us, and emerging market equities) Canadian equities Global quantitative equity (quantitative active, enhanced and long/short strategies) Global asset allocation (global macro, risk parity, commodities and active balanced solutions) Global and regional equities including UK, European, Asian, Japanese and emerging markets Fixed income Index based ETFs and ETNs and actively managed ETFs Domestic and international equity Taxable and tax-free fixed income Commodities and currencies Private equity fund of funds Customized portfolios Global direct real estate investing Global public real estate investing Equity trusts Closed-end trusts Tax-free fixed income trusts Taxable fixed income trusts Distressed and restructuring private equities Energy private equities Atlanta, Boston, Frankfurt, Melbourne, New York, Tokyo, Toronto Henley, U.K. Chicago London, New York, San Francisco Atlanta, Beijing, Dallas, Hong Kong, London, Luxembourg, Madrid, Munich, New York, Newport Beach, Paris, Prague, San Francisco, Seoul, Shanghai, Singapore, Tokyo Chicago Beijing, Mumbai, New York, Tokyo Source: Invesco. All data as of September 30, 2013 The listed centers do not all provide products or services that are available in all jurisdictions, nor are their products and services available on all platforms. All entities listed are wholly owned, indirect subsidiaries of Invesco Ltd., except Invesco Great Wall in Shenzhen, which is a joint venture between Invesco and Great Wall Securities, and the Huaneng Invesco WLR Investment Consulting Company Ltd. in Beijing, which is a joint venture between Huaneng Capital Services and WL Ross & Co. Please consult your Invesco representative for more information Assets under management 2 Breakdown by asset class Asset class AuM (EUR billions) Equity 278,1 Balanced 38,7 Cash 60,0 Fixed Income 124,6 Alternatives 63,8 2 Source: Invesco, as of 31/12/2013. Numbers may not add up due to rounding. 3

Total 565,3 Breakdown by client domicile Client Domicile AuM (EUR billions) Asia Ex-Japan 7,3 Canada 20,4 Emerging Markets 7,3 Europe (ex-uk) 41,0 Japan 13,4 Middle East/Africa 7,0 United Kingdom 86,2 United States 382,7 Total 565,3 Breakdown by client segment Client Type AuM (EUR billions) Retail 377,2 Institutional 188,1 Total 565,3 The Invesco Global Quantitative Equity (GQE) Team is responsible for this mandate. This group comprises over 40 investment professionals based in Europe, the US and Australia. Half of the team is located in Frankfurt and manages our European portfolios. Investment Team Our European Quantitative Growth equity product is managed within our Invesco Global Quantitative Equity Team based in Frankfurt; using a functional team approach. The Invesco Global Quantitative Equity team is functionally structured into two main operating groups: Research: Responsibilities include investment process development, monitoring, and enhancement; maintenance of our systems, models, and data feed integrity. Their research responsibilities are not assigned by company size or sector. All Analysts work with all stocks under consideration, but with a variety of different perspectives on the stocks potential to the portfolio. Portfolio Management: Portfolio Management is responsible for the optimization and implementation of all portfolios. All transactions are initiated by this team and it is also accountable for the transaction cost management. They are also responsible for business development, risk control and investment communication. The members of this team have the prime responsibility for the managed strategies. Investment Philosophy and Process Our philosophy is based on several assumptions: We believe that markets are inefficient and offer exploitable opportunities. Thus we strive to achieve outperformance. Risk and return are the focus of our efforts. 4

We work on a stock picking level and calculate an estimated attractiveness for each security in the universe. The fundamental law of active portfolio management stipulates that the quality of an investment approach is largely contingent on the number of independent forecasts. Thus, in our Core and Enhanced strategies we purely focus on stock selection and keep country/ currency, industry and style exposures very close to the benchmark. When considering risk we take into account the active risk versus our benchmark which we control through the use of an optimiser as well as limiting active factor exposures. Our stock picking is based on four concepts that are based on fundamental or behavioural finance insights. We use a highly efficient and systematic process to capture the insight contained in these concepts in our portfolios. To preserve the value added through our Stock Selection Model, we minimise transaction costs through state of the art trading techniques. Our research effort is directed to continuously enhance and update the investment process to stay ahead of the competition. Investment process 1. Universe development - The universe consists of the largest and most liquid companies (close to 1000 in Europe) and represents 95% to 100% of the market capitalization of the major regional large cap indices. In addition to meeting minimum liquidity and capitalization requirements, a stock must be listed on a stock exchange that is within the benchmark universe. All stocks within a universe are eligible for selection. 2. Stock selection - The stock selection process is designed to identify attractive and unattractive stocks by providing an impartial assessment of the expected relative price performance of each stock. This is achieved using Invesco s proprietary stock selection model which has a proven realtime track record of over 25 years. The process quantifies four different aspects, each of which has a proven impact on relative price performance. The design of the model is shown below. We believe the model is enhanced by the relatively low correlation between the indicators. 1 Not all factors are used in all regions. The stock selection model is based on several factors grouped into four concepts: earnings momentum, price trend, management action and relative value. Each of these concepts determines the ranking of individual stocks relative to the universe. The concepts all have fundamental 5

investment rationales giving us confidence that they may continue to work as well in the future as they have in the past. Put differently, all of the factors in the model make good, common sense. The investment rationales for the concepts are as follows: Earnings Momentum - Analysts are generally able to forecast the direction of an earnings change but not necessarily the magnitude of it. We therefore use the Institutional Brokerage Estimate Service (IBES) database to predict the direction of future earnings revisions. Since sell side analysts have job risk if they make extreme earnings forecasts relative to their peers they will keep their forecasted earnings within a narrower range than they should, causing earnings revisions to be serially correlated. This allows us to identify companies that are likely to achieve earnings different from the current consensus expectation. Our revisions against the trend indicator considers only earnings revisions against the trend of the stock price. These revisions tend to be based on superior information and higher confidence. Price Trend - Measures of a company's short-, medium- and long-term performance relative to other stocks in the universe is a useful indicator. We examine a number of behavioural market inefficiencies: Investors have the tendency to sell outperforming stocks too early and retain underperforming stocks for too long in a bid to realize gains and avoid realizing losses. Innovative products and technologies of successful companies will eventually be mimicked in a competitive environment and therefore cause reversals to the typical business cycle. Our short-term reversal indicator is based on the effect that investors tend to overreact to new information. Therefore stocks having outperformed in most recent weeks have a higher likelihood to underperform stocks that have underperformed most recently. Management Action - Management has a greater knowledge of their company than the market does. We therefore look for signals by identifying whether a company is buying back its own stock or issuing new shares. We can then establish which companies have evaluated their own share price as relatively cheap compared to those which consider the current market price as relatively high. We then avoid the risk associated with empire building companies that finance their acquisitions by major share issues. By also monitoring company balance sheets we can identify where capital needs exceed internally generated free cash flow. A combination of several measures of corporate health helps us to assess the soundness of a company s management. It is also useful to help avoid the most risky stocks, which are frequently dominated by risk seeking investors tending to overestimate prospects. Furthermore, we look for the relationship between a company s cashflow and its debt. Generally high debts relative to cashflow are typical of either the confident extrapolation of a stable state into the distant future which is likely to be disappointed or of high riskiness which is also likely to be disappointing. In addition firms with comparatively high cashflow ratios are plausible takeover candidates. Relative Value - Individual stocks are valued relative to the universe, with the rationale that stocks that are mispriced experience, over time, a return to fair value. Additionally, stocks with higher earnings yields and lower P/Es tend to have low expectations for future earnings growth. Investors behave like they know more than they actually do, thus underpricing low P/E stocks and overpricing high P/E stocks. Each of the stocks in the universe is evaluated based on these factors. The result is a weight-ofthe-evidence forecast of the expected excess return for each stock compared to the universe average for the next month. The model and excess return forecasts are updated weekly. 3. Risk assessment - Risk assessment is undertaken both at a stock and at a portfolio level. We use proprietary risk models as the basis of the risk assessment. The risk assessment is also an integral part of the portfolio construction process. 6

Benchmark Representative Investable Universe Broad External Analyst Coverage Liquidity & Capitalisation Screens Barra Aegis Country Sector/industry Style Stock Specific Identify risks not captured by Barra Litigation Formal SEC investigations Sub-industry risk Liquidity risk Stock Risk Forecast 4. Portfolio construction - The Global Portfolio Management System, GPMS, is used for optimization. It determines the optimum portfolio allocation taking into account our alpha forecasts and risk estimates for each individual stock, as well as the level of risk. The expected returns are generated by our stock selection model. The risk estimates provided by the risk model are based on time-weighted historical data. With our transaction cost forecast we ensure that trades are only executed if they enhance total alpha after trading-related cost. 7

Stock Return Forecasts Stock Risk Forecasts Transaction Cost Forecast Optimization through GPMS 1 Portfolio Guidelines & Constraints Final Review Portfolio 1 Global Portfolio Management System For illustrative purposes only The final portfolio review includes verifying data quality and a final check if all portfolio guidelines and client restrictions are met. If we find erroneous data through this verification process, the data are corrected, or the company s stock in question is removed from the investable universe, and the portfolio construction process is re-run. Thus, there is no judgmental override of the optimization outcome. 5. Trading - The final step in the investment process is to trade the portfolios in the most costeffective way. We think it is critically important to manage and monitor transaction costs to maximize the alpha from our stock selection model. Within the portfolio optimization step, transaction costs are considered versus the forecasted return and risk. As a result, a trade will only occur if it has a net positive impact on return. 8

Performance according to AIMR or GIPS Invesco Frankfurt meets the compliance criteria of the AIMR performance presentation standards (AIMR-PPS ) as well as those of the Canadian and American version of GIPS. Invesco has not applied for certification of performance by AIMR, nor has AIMR been involved in the computation of performance. The composite data (European Quantitative Growth Inst) shown below is as of 31 December 2013. The start date of the composite was July 31st, 2012. In EUR, gross returns Benchmark: MSCI Europe Growth net return index As at 31/12/2013 1 month 3 months 6 months YTD 1 year 2 years 3 years 4 years 5 years 7 years 10 years SI Annualised Gross Returns : Composite : 2,01 5,60 11,96 21,59 21,59 19,88 Benchmark : 0,99 4,38 11,98 18,19 18,19 16,11 Relative Outperformance : 1,01 1,18-0,02 2,88 2,88 3,24 Absolute Outperformance : 1,02 1,23-0,02 3,41 3,41 3,77 Cumulative Gross Returns : Composite : 2,01 5,60 11,96 21,59 21,59 29,28 Benchmark : 0,99 4,38 11,98 18,19 18,19 23,57 Relative Outperformance : 1,01 1,18-0,02 2,88 2,88 4,63 Absolute Outperformance : 1,02 1,23-0,02 3,41 3,41 5,72 Annualised Standard Deviations : Composite : - - - - 7,50 6,38 Benchmark : - - - - 7,93 6,93 Annualised Tracking Error : - - - - 3,03 3,07 Risk Statistics (ex-post) : Sharpe Ratio Composite: - - - - 2,87 3,10 Benchmark: - - - - 2,28 2,31 Information Ratio : - - - - 0,97 1,08 This information is aimed at professional clients and should not be distributed or redistributed to any other persons. Data as at 17 February 2014, unless otherwise stated. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. Whist great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. www.invescoeurope.com 9