Threadneedle investments

Threadneedle UK Equity IncomeNew Model Adviser Retreat, Brighton 2012

Richard Colwell – Fund Manager 13th – 14th September 2012

1. Threadneedle UK Equities

2. UK equity market

3. Threadneedle UK equity income

AP. Appendix

Agenda / Contents

2

Threadneedle UK Equities

1

Threadneedle UK Equities team

Jonathan BarberUtilities, Property, Chemicals

21 years’ experience

Mark WestwoodTravel & Leisure, Telecoms and

Food Retailers13 years’ experience

Aamod MishraTobacco

1 year’s experience

Dan VaughanSmall Caps


Simon HainesConstruction, Other Financials,

Housebuilders, Industrials13 years’ experience

Daniel Belchers2

Mining9 years’ experience

Richard ColwellHealthcare, Media


James ThorneSmall Caps


Chris KinderBanks, Oil Services, Aerospace


Stephen Thornber1

Global Oil25 years’ experience

Benjamin MaloneDedicated UK Trader20 years’ experience

Christopher FoxDedicated UK Trader15 years’ experience

Neil FinlayInvestment Specialist10 years’ experience

Cathrine de Coninck-SmithGovernance & SRI Analyst


Leigh HarrisonHead of Equities


Simon BrazierHead of UK Equities14 years’ experience

Fionnuala O’GradyGovernance & SRI Analyst

Blake HutchinsInsurance, Consumer Staples,

Media4 years’ experience

Stacey CassidyMid Cap Oil, General Retailers,

Technology3 years’ experience

Iain RichardsHead of Governance & SRI


Source: Threadneedle as of 30 June 2012.1 Stephen is attached to the Global Equity Team.2 Daniel is attached to the Commodities Team.Support services and Industrials are split between fund managers.

4

Experienced and resourced

Jenny FedeleTeam Assistant

UK Equities team – performance

Strong performance across a full range of productsSource: Morningstar as at 31 July 2012. Fund data is bid to bid and net of basic rate tax. All fund returns are based in £.1 Quartile ranks of all funds are shown within their respective peer group sector from within the UK Unit Trust / OEICs Universe.

5

Asset class and IMA sector Fund name Quartile performance1

1 year 3 years 5 years Since FM start

UK All Companies

Threadneedle UK Fund 1 1 1 1 30.04.10

Threadneedle UK Extended Alpha 1 – – 1 30.11.10

Threadneedle UK Select Fund 1 2 2 1 31.10.06

Threadneedle UK Mid 250 Fund 1 1 1 1 31.01.05

Threadneedle UK Growth & Income 1 1 1 1 31.12.09

UK Smaller Companies Threadneedle UK Smaller Companies Fund 2 2 2 2 30.04.10

UK Equity Income

Threadneedle UK Equity Alpha Income Fund 1 1 1 1 31.05.06

Threadneedle UK Equity Income Fund 1 1 1 1 28.02.06

Threadneedle UK Monthly Income Fund 2 1 2 2 30.06.02

UK Equity and Bond Income Threadneedle Monthly Extra Income Fund 1 1 1 1 31.12.09

Absolute Returns Threadneedle UK Absolute Alpha Fund 1 – – 1 31.10.10

5

Best selling UK equity income fund in 2012 (YTD) (Cofunds, June 2012)

Top 3 fund on Principal Investment Management’s White List (July 2012)

“One of the best teams in the sector”

ISA 2012: Top-rated Income fund (Bestinvest, April 2012)

“One of our favourites among the many UK equity income funds”

Positive press coverage – Bestinvest and Investment Quorum

Citywire Star Pick (July 2012)

“Leigh Harrison & Richard Colwell have been consistently among the best in their peer group for many years”

Leigh Harrison named in Citywire’s “10 best fund managers over the last decade” (July 2012)

Richard Colwell Citywire rated for 27 consecutive months

Richard has 21 years’ experience, having previously worked at the Bank of England and some of the UK’s leading fund management organisations

Threadneedle UK Equity Income

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UK equity market

2

QE money printing

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QE designed to avoid deflation whilst banks and consumers de-lever

Monopoly: “If the Bank runs out of money, the Banker may digitally create the necessary money” Parker Brothers

Source: “Wait and Hope” Value Investment Congress, 3 May 2011, Steven Romick, Managing Partner, First Pacific Advisors, LLC.

Where are the banks in their healing process?

Source: Westhouse Securities, August 2012.

9

US banks starting to function normally after 3 years of shrinking balance sheets…

Source: Thomson Reuters Datastream; Arbuthnot

2008 2009 2010 2011 201285

90

95

100

105

110

85

90

95

100

105

110

COMMERCIAL BANK ASSETS - LOANS & LEASES IN BANK CREDIT : United States-COMMERCIAL BAN…M4 LENDING EXCLUDING SECURISATIONS, EXCLUDING INTERMEDIATE OFCS : United KingdomMFI'S & EUROSYS: LOANS TO E-A RESIDENTS - NON GOVT. (EP) : Euro Area, Evolving Membership

G 056

But European banks only just started deleveraging!

Europe

US

UK

12 years into equity bear market…

Source: Reuters EcoWin and Longview Economics, August 2012

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US secular bear & bull markets

1905 1920 1935 1950 1965 1980 1995 20103

5

10

20

40

80

160

320

640

1280

2560

Trend in commodity indices Falling Rising Falling Rising Falling Rising

Commodity super cycle




Secular equity bull

Secular equity bull

Secular equity bull

S&

P 5

00

ind

ex

How much further to go!?

Source: Reuters EcoWin and Longview Economics, August 2012

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0

5

10

15

20

25

1870 1882 1894 1907 1919 1931 1944 1956 1968 1981 1993 2005

Real

term

s F

TS

E a

ctu

ari

es a

ll s

hare

pri

ce i

nd

ex

UK equities have fallen considerably (in real terms) from their 1999/2000 highs.

The LONG cycles have also (reasonably) closely followed the US Long Cycles (e.g. with a most recent secular bull market peak in 1999/2000); a prior secular bull from 1982 – albeit the ultimate low was in 1975); a secular bear in the 1970s and a prior secular bull run from 1952-1969.

1900 peak

‘69 peak

‘75

‘96

2000

‘07

Sustained uptrend

begins in ‘82

UK long term secular bull and bear cycles (1870 to present)

What has happened to the cult of the equity?

Source: Citi, 7 June 2012

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0.2

0.6

1.0

1.4

1.8

2.2

1919 1929 1939 1949 1959 1969 1979 1989 1999 2009

Pre-1959 Average

Post-1959 Average

Yield Gap Reverses

UK dividend yield to bond yield ratio 1919 to 2012

Gilts: return free risk?!

Source: Global Financial Data, Oriel Securities and Barclays Capital.

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Starting year gilt yield and 10-year average annual real returns UK 10-year gilt yield (%)

0

4

8

12

16

20

24

1915 1925 1935 1945 1955 1965 1975 1985 1995 2005 2015

-4

-2

0

2

4

6

8

10

< 3% ≥ 3% < 4%

≥ 4%< 5%

≥ 5% < 6%

≥ 6% < 7%

≥ 7% < 8%

≥ 8%< 9%

≥ 9% < 10%

≥ 10%

UK equities: Valuations at more attractive starting point

Source: Global Financial Data, Oriel Securities and Barclays Capital.

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Starting year PER and 10-year average annual real returns

UK price/earnings ratio (×)

0

2

4

6

8

10

12

< 8x ≥ 8x < 10x

≥ 10x < 12x

≥ 12x < 14x

≥ 14x < 16x

≥ 16x0

5

10

15

20

25

30

35

27 32 37 42 47 52 57 62 67 72 77 82 87 92 97 02 07 12F

TS

E A

ll S

ha

re P

/E

Average P/E pre 1985 is 10.3x

Average P/E post 1985 is 16.2x

But valuations were 60% lower before debt supercycle

15

Sterling Corporate Non-Financial Index

Corporates are in better shape than many sovereigns

Source: Bloomberg as at 31 May 2012

PT/12/01371

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

May-02 May-04 May-06 May-08 May-10 May-12

Yie

ld %

The average cost of debt has fallen from nearly 8% in late 2008 to around 4% now

For example:

In September 2008 Imperial Tobacco borrowed with a coupon of 8.12%, these bonds now yield 4.4%

GlaxoSmithKline recently raised $5bn via 3 tranches (these are yields not spreads). 3yr 0.75%, 5yr 1.5%, 10yr 2.83%

Dividends matter!

Source: Citigroup.

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-10

-5

0

5

10

15

20

25

1970s 1980s 1990s 2000s 2010s All Periods

Dividend Re-Rating Dividend Growth Total Return

In a lower growth world, dividends and their reinvestment could account for an even greater percentage of real returns than the historic 80%High dividend cover underpins quality of yields

Return Composition – MSCI UK

Dividend growth will be the main driver of returns in the end; shut out the noise!

Threadneedle UK equity income

3

Threadneedle UK Equity Income team

Experienced, resourced and ratedSource: Threadneedle as at 31 July 2012.

Leigh Harrison 29 years’ experience

Richard Colwell 21 years’ experience

Jonathan Barber 21 years’ experience

Threadneedle UK Equity Income

Threadneedle UK Equity Alpha Income

18

Performance overviewThreadneedle UK equity income funds

Source: Morningstar as at 31 July 2012. Peer group is IMA UK Equity Income for the UK Equity Income and UK Equity Alpha Income funds, and IMA UK All Companies for the UK Growth & Income fund. Fund data in £ and quoted on a bid to bid basis with net income reinvested at bid. Fund data net of fees.1 Sharpe ratio based on net of fees performance over three years.

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UK Equity Income Fund UK Equity Alpha Income Fund

6.4

13.4

2.8

11.5

0.90.4

3.5

1.3

11.3

-5

0

5

10

15

20

1 year 3 years 5 years

%

Threadneedle UK Equity Alpha Income Fund

Peer group median

FTSE All Share Index

5.4

2.8

0.90.4

13.7

3.9

11.5 11.3

1.3

-5

0

5

10

15

20


%

Threadneedle UK Equity Income Fund

Peer group median


UK Growth & Income Fund

5.9

11.0

-0.2

6.6

10.5

0.4

14.6

11.3

7.4

-5

0

5

10

15

20


%

Threadneedle UK Growth & Income Fund

Peer group median


Sharpe Ratio1 0.97 0.92 0.98

PerformanceAttractive risk return characteristics

High information ratiosSource: Morningstar. Fund data quoted on a bid to bid basis with net income reinvested at bid, UK Basic Tax. Fund data is net of fees. Excludes one outlying data point with tracking error of 19.1% and return of -7.0%.

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Relative return vs. tracking error – 30 June 2007 to 30 June 2012

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

Tracking Error Annualised (%)

Ann

ualis

ed R

elat

ive

Ret

urns

(%

)

UK IMA - UK Equity Income Threadneedle UK Monthly Income Threadneedle UK Equity Alpha Income Threadneedle UK Equity Income

UK Income investment approach

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Yield greater than 110% of FTSE All Share yield

Steadily growing distribution

Capital growth

Objective

Plain vanilla

Manage for total return

Construct yield at portfolio level

Diversification to manage risk

Philosophy

Focus on effective combination of top down and bottom up

Search for durable investment themes

Fundamentally based stock views

Invest with conviction, not index constrained

Characteristics

Focus on picking stocks: Not dependent on a buoyant market for returns Always look for businesses where ability to grow dividend on a sustainable base is not reflected in valuation

UK Income stock selection

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Hidden gems – unloved stocks or businesses that have been overlooked

Medium to long term potential – use short term volatility to build positions in long term opportunities

Value, not just optically cheap stocks

We like:

Stock envy!

Short term earnings momentum plays

Speculative or bubble stocks

‘Comfort’ stocks

Over reliance on macro bets

We avoid:

Undervalued high yielding large caps

Stock performance versus index5-year relative performance

Source: Datastream as at 31 July 2012, in local currency.

23

80

90

100

110

120

130

140

150

160

170

180

Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12

Re

ba

sed

to 1

00

AstraZeneca relative to FTSE AllShare Index

40

50

60

70

80

90

100

110

120

Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12

Reb

ased

to

100

BT relative to FTSE All Share Index

80

90

100

110

120

130

140

150

160

170

180

Jul07

Jul08

Jul09

Jul10

Jul11

Jul12

Re

ba

sed

to 1

00

Unilever relative to FTSE All Share Index

Hidden gems, attractively valued with self-help opportunities

Stock performance versus index3-year relative performance

Source: Datastream as at 31 July 2012, in local currency.

24

40

50

60

70

80

90

100

110

Jul 09 Jul 10 Jul 11 Jul 12

Reb

ased

to 1

00

3i relative to FTSE All Share Index

70

75

80

85

90

95

100

105


Reb

ased

to 1

00

Marks & Spencer relative to FTSEAll Share Index

Initial purchase here


90%

100%

110%

120%

130%

140%

150%

160%

170%


Reb

ased

to 1

00

ITV relative to FTSE All Share Index


Biggest exposure to free cash flow compounders 14% in Consumer Staples (e.g. Unilever, Imperial Tobacco); 11% in Pharmaceuticals (e.g. GlaxoSmithKline, AstraZeneca);

13% in Consumer Discretionary (e.g. Compass, Reed, Pearson)

Balanced market cap exposure Approx. 75% FTSE 100, 25% FTSE 250

Zero weight in 12 of the top 20 biggest stocks in the market (e.g. no BP, HSBC, Tesco, Vodafone)

Zero weight in Banks for 2 years

Zero weight in Mining

c.20% in Industrials Includes exposure to structural growth (e.g. Rolls-Royce); Defence (e.g. BAe Systems, Cobham). Other holdings include

IMI, GKN, Wolseley, W.S. Atkins and D.S. Smith

c.8% of the fund in Consumer Cyclicals (e.g. M&S, ITV)

UK Equity Income – differentiated!

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Lessons from football transfer market!

Source: Soccernomics, Simon Kuper and Stefan Szymanski, 2009

26PT/11/00788

Lessons from football transfer market!Buy players with personal problems at a discount

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Paulo Di Canio

EricCantona

Unilever

Wolseley

Reed Elsevier

Lessons from football transfer market!Abandon ‘sight-based prejudices’

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Chris Waddle

Peter Crouch

L&G

BT

Marks & Spencer

He’ll never go anywhere because he doesn’t look like a league ball player”Michael Lewis, ‘Moneyball’

Resist impulse to buy

100 Year Anniversary of birth of Behavioural Finance1!

Resist impulse

to sell

1 G.C. Selden ‘Psychology of the Stock Market’ 1912

Scepticism

Optimism

Excitement

Euphoria

Anxiety

Denial

Desperation

Panic

Fear

Capitulation

Despondency

Depression

Hope

Relief

Scepticism

Everyone’s been making great returns, I’d better get involved

It’s ok I’m in it for the long

term

I’d better get out of this

now

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Think active; act lazy!

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…like a goalkeeper facing a penalty.. often better off standing still!

“Many investors seem to suffer from ‘action bias’ – a desire to do something. However, when there is nothing to do, the best plan is usually to do nothing. Stand at the plate and wait for the fat pitch.”James Montier, GMO

Paul Cooper was renowned for his ability to save penalties. In 1979-80 he saved 8 out of 10. Keepers were not allowed to move their feet in those days, so he used to stand there swinging his arms and leaning to one side to put people off.

Alive to macro risks, that never went away!

Equities good value

Income is cheap!

We play to our strengths!

Conclusion

31PT/12/01396

Appendix

AP

33

Significant purchases

PT/12/01371

Stock Rationale

■ Dividend yield: 6.6%■ Large cap global pharmaceutical which experienced a massive de-rating in 2010. Like because of visibility of risks, valuation and

scope to transform business■ Sentiment poor because of high exposure to patent expiries and scepticism of late stage pipeline■ Market undervaluing resilience of cash flow generation, new products (e.g. Brilinta) and EM potential, however■ Also, scope to do bolt on acquisitions of late stage or on market products. Eg collaboration deal with BMS to buy Amylin.■ Stock trading on biggest discount ever to its peer group■ Current share rating credits minimal terminal value on a cash flow model, and ignores an M&A solution

■ Dividend yield: 4.0%■ Global FMCG company with significant and expanding presence in emerging markets (55% of group)■ Strong balance sheet, with net debt / EBITDA circa 1x. ■ The supertanker has turned! Operationally outperforming rivals. World class HPC business undervalued■ Ability to pass through food price inflation to consumers. Getting the balance right■ Growth in emerging markets business to drive revenues. Grown 10% p.a. over 10 years■ Signs that P&G will start to act more rationally helpful

■ Dividend yield: 6.2%■ UK business (60% of group) has very attractive growth opportunities. Whether the government decides to replace the UK’s ageing

generation capacity with renewables, nuclear, gas or a mixture, there will need to be significant investment in transmission■ Political and regulatory risk should be lower than for other European utilities – given the need for investment and because

transmission is a small part of customers final bill■ The scale of the UK investment pipeline (£30bn over 8 years) has to be weighed against the group’s high debt position (c. £20bn) and

the impact on the dividend paying capacity. Bears fret about the risk of a dividend cut but we think this is largely in the price now■ Post the poorly received £3bn rights issue, the company have a new FD and new Chairman – which probably means the ‘status quo’

is not going to prevail. We think the management have options, before any potential dividend adjustment to mitigate any financial risk, including potential asset sales

■ The underperforming US division has been a source of disappointment for some time, but the risk profile from here has improved. US returns have started to rise

Source: Company information, 30 June 2012.

34


PT/12/01371

Stock Rationale

■ Dividend yield: 5.4%■ Self-help story, with opportunities to improve competitive position and win back market share. The company is not reliant upon attracting

younger shoppers■ New management executing on new initiatives – market concerns over returns on investment spend overdone■ M&S demographic will be more resilient, as it was in early 90s recession■ Food like for like sales gradually improving, with scope for greater penetration of existing customer base■ Operationally geared – a small conversion of shoppers from occasional to regular will lead to a significant increase in profits■ Sustainable dividend, despite consumer outlook and investment plans■ Will have double digit free cash flow yield in few years post revamps

■ Dividend yield: 4.3%■ Current trading tough. Not helped by the Tesco headwind. But we think correct not to go unprofitably ‘tit-for-tat’ with Tesco’s aggressive

coupons■ Morrisons is focused on ‘profitable’ growth. Market share is not an issue, in our view■ New space plans will not cannibalise existing stores , unlike a lot of the sectors expansion, and they are demonstrating greater returns

discipline. 12% share nationally but less than 7% in south = opportunity ■ Beyond near term trading, Morrisons remains a very profitable, increasingly well run grocer with c. 90% property ownership, with EPS

progression underpinned by the buyback (4% EBIT growth goes to 11% EPS growth)■ Longer term question will be whether Fresh Formats being trialled justify a full roll out■ Shares are too lowly rated (c. 10x PE) and we think its wrong that share price has just tracked quarterly like for likes in the last year

■ Dividend yield: 4.7%■ Company has set out a strategy to be the leading supplier of recycled packaging for consumer goods in Europe■ Very clear financial targets of growth returns and cash conversion■ After recent disposals, now net short of paper, which has historically been a highly cyclical and volatile revenue stream■ Consolidation taking place in European corrugated packaging industry, with 3 players now controlling 40% of the market■ Reverse takeover, rights issue funded, acquisition of SCA has the potential to materially add value■ Size of deal and European exposure mean there are risks but execution on previous acquisitions and disposals been very good■ Paid attractive price (buying tangible assets of €2bn for €1.6bn), and on stress tests of 08/09 rerun can still cover cost on capital


35


PT/12/01371

Stock Rationale

■ Dividend yield: 6.0%■ Following the market turmoil of 2009, the company is delivering on its plan to maintain strong cash flow and be more selective in

new business underwriting■ The capital position of the company continues to strengthen; and this is further supported by recent positive news flow on Solvency

II■ L&G has virtually no exposure to sovereign debt in the most worrisome countries■ L&G Investment Management is an under appreciated part of the valuation■ 35% increase in 2011 dividend announced, taking it back above the level at which it was cut in 2008

■ Dividend yield: 3.4%■ A very cash generative business . Stagecoach have returned over £1bn to shareholders since Souter came back in business

versus current market cap of £1.3bn. Further special dividends are likely in a few years time■ Averaged annual TSR of 18% over the last decade, demonstrates the discipline with which the company is run■ Our interests completely aligned with the owner given Souter’s c20% stake e.g. last year opportunistically bought back a London

bus business for £52m, having sold it for £26m 2 years earlier■ Operationally Stagecoach has outperformed its peers for years. Read through from the First Group warning on UK business are

misplaced. Management have reiterated they expect at least flat UK business profits in 2013, despite economic headwinds■ There is also uncertainty over the Rail franchises to be allocated over the next three years. These will be longer than the old style 5

year contracts and should allow better returns. Rail only 10% of Stagecoach profits and no franchise wins are factored into valuation. However, very likely to win some given operational record. Will have news on West Coast and Great Western franchises in H2 2012

■ Megabus in US is also a self-funded exciting growth opportunity

■ Dividend yield: 4.3%■ Highly regarded new CEO implemented far reaching review. Taking out 25% of costs by 2014 (37% of headcount) is brutal but

shows how bloated it had got. Also, rapidly reducing expensive gross debt■ With shares on mid 30s discount to NAV post write downs, there is significant scope for a re-rating. Requires evidence of

realisations above book cost to come through■ Applying industry best practice not rocket science but should make real difference to credit control and ensure don’t get a repeat of

“boom/bust” from reckless investing in 06/07 and 99/00 peaks


Biography

36

RICHARD COLWELLFund Manager

Richard Colwell joined Threadneedle in 2010 as a fund manager in the UK Equity Income team. He manages the Threadneedle UK Growth & Income, UK Overseas Earnings and Monthly Extra Income funds and is the co-manager of the Threadneedle UK Equity Income and UK Equity Alpha Income funds.

Prior to joining Threadneedle, Richard ran high alpha UK equity portfolios at Aviva Investors. He has also held fund management roles at Credit Suisse and Schroders and worked at the Bank of England.

Richard has a degree in Banking, Insurance & Finance from the University of Bangor.

He is also a member of UKSIP and the Chartered Institute of Bankers.

Threadneedle start date: 2010Industry start date: 1990

Important information

37PT/12/01074

For Investment Professionals use only, not to be relied upon by private investors.

Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document or Simplified Prospectus, as well as the latest annual or interim reports, which can be obtained free of charge on request and the applicable Terms & Conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specifically this Fund.

Past performance is not a guide to future performance. The value of investments can fluctuate. The dealing price may include a dilution adjustment where the fund experiences large inflows and outflows of investment. Further details are available in the Prospectus.

Index returns assume reinvestment of dividends and capital gains and unlike fund returns do not reflect fees or expenses. The index is unmanaged and cannot be invested in directly.

The research and analysis included in this document has been produced by Threadneedle for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. Any opinions expressed are made as at the date of publication but are subject to change without notice.

The Threadneedle UK Equity Alpha Income Fund may deduct the annual management charge from capital rather than from income. This may erode capital or reduce the potential for capital growth over time. The Fund has a concentrated portfolio (holds a limited number of investments) and if one or more of those investments declines or is otherwise adversely affected, it may have a pronounced effect on the Fund’s value. As such, it is aimed at the more experienced investor.

The Threadneedle Monthly Extra Income Fund, Threadneedle UK Equity Income Fund, Threadneedle UK Monthly Income Fund, Threadneedle UK Growth & Income Fund and Threadneedle Managed Income Fund may deduct the annual management charge from capital rather than from income. This may erode capital or reduce the potential for capital growth over time.

The Threadneedle UK Select Fund has a concentrated portfolio (holds a limited number of investments) and if one or more of those investments declines or is otherwise adversely affected, it may have a pronounced effect on the Fund’s value. As such, it is aimed at the more experienced investor.

The Threadneedle UK Smaller Companies Fund and Threadneedle UK Mid 250 Fund invest in smaller companies. Smaller companies can be more volatile and less liquid than their larger counterparts.

The mention of any specific shares or bonds should not be taken as a recommendation to deal.

The information provided in this presentation is for the sole use of those intermediaries attending the presentation. It may not be reproduced in any form without the express permission of Threadneedle and to the extent that it is passed on, care must be taken to ensure that this is in a form that accurately reflects the information presented here.

Threadneedle Investment Services Limited, 60 St Mary Axe, London EC3A 8JQ, Registered no. 3701768.

Authorised and regulated in the UK by the Financial Services Authority. Threadneedle is a brand name, and both the Threadneedle name and logo are trademarks or registered trademarks of the Threadneedle group of companies.

For Investment Professional Use Only(Not for onward distribution to,

or to be relied upon by, private investors)

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