EQUITY INCOME UNIT TRUST

EQUITY INCOME UNIT TRUST FOR THE PERIOD ENDED 31 MARCH 2014

Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager D. C. Bellamy A. M. Croft I. S. Gascoigne D. J. Lamb Secretary of the Manager St. James's Place Administration Limited Investment Adviser RWC Asset Management LLP 60 Petty France London, SW1H 9EU United Kingdom (Authorised and regulated by the Financial Conduct Authority) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Conduct Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Conduct Authority) Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX United Kingdom Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at PO Box 9034, Chelmsford CM99 2XA. Freephone: 0800 027 1031 1

Report of the Manager During the period under review, 1 October 2013 to 31 March 2014, the St. James's Place Equity Income Unit Trust Income unit offer price rose by 3.0% from 200.7p to 206.7p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) rose by 4.6% from 369.8p to 386.8p. On the 28 May 2014, the latest available date before the printing of this report, the Income unit offer price was 211.5p and the Accumulation unit offer price was 398.6p. The estimated yield was 3.60%.. The Trust's Performance The performance of the Trust since its launch in February 1997, over the five year period since March 2009 and over the period under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. St. James's Place Equity Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share FTSE All-Share (net income reinvested) Source: Lipper for Fund returns 01/02/97 to 31/03/09 to 30/09/13 to 31/03/14 31/03/14 31/03/14 % change % change % change +106.7 +88.1 +3.0 +286.8 +126.7 +4.6 +70.3 +79.2 +3.3 +194.2 +113.3 +4.8 REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments The portfolio performed relatively well versus UK equity markets in the period. Stock markets delivered good returns in the six months to the end of March although they have made an uncertain start to 2014. Whilst investors appear to be more relaxed with the idea that quantitative easing (QE) is coming to an end in the US, markets have been unsettled by further evidence of a slowdown in China and more recently the crisis in Ukraine. The global economic picture is mixed although the UK continues to be the star performer and the IMF has recently upgraded its GDP growth forecasts to around 3% for this year. Corporate profitability continues to be at record levels, although corporate profit growth is relatively anaemic; and, on some estimates, corporate profits today are no higher than they were two years ago. The significant increase in share prices that we have seen over the last two years when coupled with flatlining profits, has resulted in a significant expansion in company valuation multiples over that period. The portfolio s performance was helped by good returns from Next as it announced that it had traded well over Christmas. Food retailers were poor performers as they are being adversely affected by structural changes in consumer habits coupled with increased competition from budget operators. In the UK, the valuation story is muddied by the fact that there are a small number of very large companies which still have relatively attractive valuations and a very long tail of smaller companies where the valuations are much more demanding. By way of illustration, the largest 20 companies in the market have a median dividend yield of over 4%. In contrast, for the UK FTSE 350 Index of large and medium-sized companies as a whole, the median dividend yield is just 2.3%. There are still some low valuations to be found, but they are not widespread. It is also clear that the most attractive valuations exist within the very largest companies and this is where the fund is focused at the current time. RWC Asset Management LLP 14 April 2014 2

Performance Record Unit Price History Calendar year 2009 2010 2011 2012 2013 2014* Income Accumulation Highest Lowest Highest Lowest Offer Bid Offer Bid p p p p 166.8 95.10 266.7 147.7 179.1 141.20 290.5 231.7 178.9 136.60 297.1 231.8 179.0 144.00 320.1 252.1 209.0 169.20 387.8 305.5 213.0 192.00 398.5 359.3 Distributions The record of net distributions paid/payable per unit is shown below: Income Accumulation Net revenue distributed Net revenue distributed per 1,000 per 1,000 Invested Invested per unit at 02/01/09 per unit at 02/01/09 Calendar year p p 2009 4.874 39.53 7.676 40.10 2010 4.855 39.38 7.911 41.33 2011 6.405 51.95 10.801 56.43 2012 6.504 52.75 11.443 59.78 2013 6.878 55.78 12.577 65.71 2014* 1.385 11.23 2.591 13.54 Net Asset Values Year ended September 2011 2012 2013 2014* Units in Issue Units in Issue Market NAV per Unit NAV per Unit Income Accumulation NAV of Trust Income Accumulation '000 p p 105,774,676 257,447,915 766,270 140.11 240.08 108,909,168 288,464,239 1,000,027 160.09 286.23 117,838,169 358,026,306 1,476,435 188.77 350.25 123,227,697 389,999,383 1,668,536 194.44 366.39 Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2014 was 1.62% (30 September 2013: 1.64%). The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the period, annualised, against its average net asset value. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). The OCF can fluctuate as underlying costs change. Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place Equity Income Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 6. It was calculated using performance data up to 3 February 2014. The risk category is recalculated weekly and for the last three weeks of the period under review the risk category changed from a category 6 to a category 5. Please note that if the risk category consistently remains as a category 5 for a four month period, the KIID will be amended from a category 6 accordingly. * To 31 March 2014 3

Investment Assets as at 31 March 2014 (unaudited) Security Holdings Market Value 000 % of Net Assets Banks (0.00%) 32,661 1.96 HSBC 5,371,838 32,661 1.96 Corporate Bonds (2.54%) 38,058 2.27 Daily Mail & General Trust 10% 09/04/2021 GBP7,250,000 9,606 0.57 LBG Capital No.2 15% 21/12/2019 GBP14,205,000 20,619 1.23 RSA Insurance 6.701% Perpetual GBP7,500,000 7,833 0.47 Financial Services (3.18%) 35,523 2.13 Close Brothers 2,517,580 35,523 2.13 Fixed Line Telecommunications (4.29%) 75,879 4.55 BT 20,089,782 75,879 4.55 Food & Drug Retailers (6.05%) 114,095 6.84 Tesco 21,307,744 63,071 3.78 WM Morrison Supermarkets 23,854,209 51,024 3.06 Food Producers (4.14%) 80,529 4.83 Unilever 3,139,545 80,529 4.83 Gas, Water & Multiutilities (1.96%) 57,407 3.44 Centrica 17,507,446 57,407 3.44 General Industrials (4.67%) 68,748 4.12 Smiths 5,400,503 68,748 4.12 General Retailers (6.69%) 97,054 5.82 Next 1,452,903 97,054 5.82 Life Insurance (9.05%) 147,438 8.84 Legal & General 36,107,152 74,597 4.47 Old Mutual 15,869,633 32,009 1.92 Standard Life 10,827,931 40,832 2.45 Media (12.84%) 183,700 11.01 British Sky Broadcasting 10,892,510 99,775 5.98 Daily Mail & General Trust 950,481 8,241 0.49 Reed Elsevier 8,248,895 75,684 4.54 Mobile Telecommunications (5.17%) 46,265 2.77 Vodafone 20,929,827 46,265 2.77 Non Equity Investment Instruments (9.57%) 157,776 9.46 St. James's Place Money Market Unit Trust L Acc 151,441,896 157,776 9.46 Non Life Insurance (4.15%) 57,689 3.45 RSA Insurance 56,412,377 50,602 3.03 RSA Insurance Right 09/04/2014 21,154,640 7,087 0.42 Oil & Gas Producers (9.12%) 164,872 9.88 BP 16,734,515 81,121 4.86 Royal Dutch Shell 'B' Shares 3,553,290 83,751 5.02 4

Investment Assets (continued) as at 31 March 2014 (unaudited) Security Holdings Market Value 000 % of Net Assets Pharmaceuticals & Biotechnology (12.40%) 223,594 13.40 AstraZeneca 3,185,535 124,411 7.46 GlaxoSmithKline 6,179,611 99,183 5.94 Investment assets 1,581,288 94.77 Total other assets (net) 87,248 5.23 Net assets 1,668,536 100.00 Comparative figures shown in brackets relate to 30 September 2013. All investments held are listed, unless otherwise stated. During the period under review the Manager decided to place some of the sterling cash held on deposit into the St. James s Place Money Market Unit Trust in order to spread risk across a number of institutions. The St. James s Place Money Market Unit Trust is highly liquid and is rated AAA by Standard & Poors. This investment is a related party. 5

Material Portfolio Changes Cost Purchases 000 St. James's Place Money Market Unit Trust L Acc 49,369 WM Morrison Supermarkets 44,229 HSBC 33,891 Centrica 33,773 Unilever 15,388 British Sky Broadcasting 15,377 AstraZeneca 9,776 Royal Dutch Shell 'B' Shares 9,667 Tesco 8,634 GlaxoSmithKline 8,273 Proceeds Sales 000 Daily Mail & General Trust 37,727 St. James's Place Money Market Unit Trust L Acc 32,962 Verizon Communications 27,151 Provident Financial 19,673 Next 13,982 Home Retail 10,823 Dixons Retail 6,291 Trinity Mirror 6,183 St Ives 1,607 Royal Mail 450 This investment is a related party. 6

Statement of Total Return for the period 01 October 2013 to 31 March 2014 (unaudited) Income Net capital gains Revenue Expenses Finance costs: Interest Net revenue before taxation Taxation Net revenue after taxation Total return before distributions Finance costs: Distributions Change in net assets attributable to unitholders from investment activities 01/10/13 to 31/03/14 01/10/12 to 31/03/13 000 000 000 000 55,507 170,980 25,989 18,944 (12,725) (9,178) - - 13,264 9,766 8-13,272 9,766 68,779 180,746 (24,812) (17,864) 43,967 162,882 Statement of Change in Net Assets Attributable to Unitholders for the period 01 October 2013 to 31 March 2014 (unaudited) 01/10/13 to 31/03/14 01/10/12 to 31/03/13 000 000 000 000 Opening net assets attributable to unitholders 1,476,435 1,000,027 Movement due to creation and cancellation of units: Amounts receivable on creation of units 134,589 140,890 Amounts payable on cancellation of units (7,903) (3,074) 126,686 137,816 Stamp duty reserve tax (207) (174) Change in net assets attributable to unitholders from investment activities (see above) 43,967 162,882 Retained distribution on accumulation units 21,653 15,442 Unclaimed distributions 2 - Closing net assets attributable to unitholders 1,668,536 1,315,993 Comparative information is provided for the Statement of Change in Net Assets Attributable to Unitholders. Since this information is for the prior interim period, the net assets at the end of that period do not correspond to the net assets at the start of the current period. The prices per unit as at 31 March 2014 (unaudited) were: Income units Accumulation units Bid Offer p p 196.4 206.7 367.5 386.8 7

Balance Sheet as at 31 March 2014 (unaudited) Assets Investment assets Debtors Cash and bank balances: Sterling Total other assets 31/03/14 30/09/13 000 000 000 000 1,581,288 1,414,765 11,526 13,906 79,575 65,194 91,101 79,100 Total assets 1,672,389 1,493,865 Liabilities Creditors (143) (12,719) Distribution payable on income units (3,710) (4,711) Total liabilities (3,853) (17,430) Net assets attributable to unitholders 1,668,536 1,476,435 Accounting and Distribution policies for the period 01 October 2013 to 31 March 2014 (unaudited) Basis of accounting The interim financial statements have been prepared on the same basis as the audited annual financial statements for the year ended 30 September 2013. They have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in October 2010 (the IMA SORP 2010). Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft D. J. Lamb London 29 May 2014 8

Distribution Tables Distributions in pence per unit Group 1 First interim Units purchased prior to 1 October 2013 Second interim Units purchased prior to 1 January 2014 Group 2 First interim Units purchased on or after 1 October 2013 to 31 December 2013 Second interim Units purchased on or after 1 January 2014 to 31 March 2014 Income Net revenue Equalisation Distributions paid to/ payable 31/07/14 Distributions paid to 31/07/13 Group 1 (p) (p) (p) (p) First interim 1.664-1.664 1.524 Second interim 1.385-1.385 1.162 Group 2 (p) (p) (p) (p) First interim 0.654 1.010 1.664 1.524 Second interim 0.741 0.644 1.385 1.162 Accumulation Net revenue Equalisation Distributions paid to/ payable 31/07/14 Distributions paid to 31/07/13 Group 1 (p) (p) (p) (p) First interim 3.087-3.087 2.725 Second interim 2.591-2.591 2.096 Group 2 (p) (p) (p) (p) First interim 1.213 1.874 3.087 2.725 Second interim 1.386 1.205 2.591 2.096 9

General Information The Trust St. James's Place Equity Income Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 21 January 1997. The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment Scheme Sourcebook and is classified as a UCITS Scheme. The Trust Manager The Manager of the Trust is St. James's Place Unit Trust Group Limited which is a member of the IMA and is authorised and regulated by the Financial Conduct Authority. Investment Objectives The objective is to achieve a level of income in excess of the average yield of the stocks comprising the FTSE All-Share Index and to achieve capital growth over the medium to long term. It is intended that the Scheme will be invested in equities in UK and EC companies. There are no specific restrictions on the investment of the Scheme including as to economic sector or geographical area, except as set out in the Scheme Prospectus and as provided in the Regulations. Please note that with effect from 4 August 2014, the above reference to the FTSE All-Share Index will be removed from the investment objective of the Unit Trust and the first sentence will be amended as follows: The objective is to achieve an above average level of income and to achieve capital growth over the medium to long term. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. European Savings Directive It is the Manager's intention that the Trust will not normally hold 15% or more of its value in money debt instruments. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: 0800 027 1031. The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published on the Manager's website: www.sjp.co.uk and are available by calling the Administration Centre on 0800 027 1031. Minimum Investment The minimum lump sum investment is 1,500, thereafter the minimum additional investment is 1,000. The minimum monthly investment is 150 and the minimum monthly increment is 50. The minimum annual investment is 1,500 and the minimum annual increment is 500. 10

General Information (continued) Management Charges The Trust Deed permits the following management charges which are receivable by the Manager: (a) A Preliminary Charge of 5 per cent which is included in the offer price of the Units. (b) An Annual Management Charge at a rate of 1.5 per cent of the value of the Trust. Income Distributions Income distributions are made quarterly on or before the 31 January, 30 April, 31 July and 31 October. Accumulation Distributions Revenue due to accumulation unitholders is reflected in the price of their units. Tax Vouchers Income unitholders that receive income distributions by direct credit and accumulation unitholders (where the distribution income is reinvested) receive an annual consolidated tax voucher in May with all the relevant payment and tax information required to complete a tax return. Tax vouchers will be enclosed if income unitholders receive payment by cheque. Report A report is sent semi-annually to all unitholders on or before 31 May and 30 November. Capital Gains Tax The Trust is not liable to tax on capital gains and any individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2014/2015 exceed 11,000 (2013/2014 10,900). To calculate capital gains on accumulation units, the total amount of reinvested net revenue (shown on the annual tax credit vouchers) should be added to the base cost of the units purchased. Unitholders should consult their professional advisers for any advice regarding their tax position. 11

St. James s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority. St. James s Place Unit Trust Group Ltd Registered Office: St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 947644. Perivan Financial Print 232503 Equity Income (5/14)