Pete Lacey Portfolio 2016

If an image paints a thousand words why do so many ads rely on so much text!

RetouchingPeter LaceyCreative Artworker

I have enjoyed many years of retouching since the late ‘80s for a mainly financial and charity based advertising agency, the Gate (London).

With the advent of massive image libraries and a direction to reduce costs that line of work has reduced, so much of the portfolio reflects that. However I continue to use my skills in this field to support client branding and educate our team.

I’ve always believed for a retoucher to be fully effective there’s a need to be involved in the process prior to any photoshoot and during the image selection process.

There should also be a desire to get the most out of the image, improve composition and maintain direction to reflect the style for the client.

I have a long history of working in print, pre-press and outdoor media. Initially in screen, litho and web-offset I was first employed as a sign writer and moved towards typesetting, retouching and client liason.

Fully conversant in Adobe Photoshop, Illustrator, InDesign, colour management and integration with other applications, to ISO specifications. Moderate level of Dreamweaver.

Held full-time employment at a London agency for over 26 years to very specific brand guidelines producing financial report & accounts, packaging, press & online advertising, event projects, brand guidelines plus on-site client placement, working from home and tutoring.

I consider myself as a self motivated, friendly, team-player available for day or night shifts.

Hobbies include dj-ing, singer in a band, cooking and exotic pets.

111 Suttons Avenue, Hornchurch, Essex RM12 4LZ

0779 2652486 [email protected]

SOCIETE GENERALSociété Générale S.A. is a French multinational banking and financial services company headquarters in Paris.

The brief was to create a campaign that encouraged traders to join in the fun of their online trading challenge. Previous attempts by other agencies had failed to bring much interaction to what was considered a rather mundane approach.

Working alongside the Creative Director the concept of gladiators challenging each other was brought to life by

hiring costumes from the BBC, sourcing images of a bull ring, moody sky, traders and monitors. I was involved in modelling for the photo-shoot and I created a variety of images for use in print and online media.

The result was a high uptake in interaction and a repeat of the campaign the following year.

INSIGHTInsight Investment is a global asset manager responsible for over £400bn in assets.

Insight often required quite specific styles to their images and used a large range of hand painted artworks within their advertising. This particular image was a move away from that, where the client decided a little fun should

be the direction, but also a little clichéd. Their in-house design department attempted to create an image of the edge of the world. It was my position to start from scratch and produce something a little more believable.

INVESTECInvestec is an international specialist banking and asset management group based in the UK, South Africa and Australia

The initial brief was to create an iconic brand for Investec UK but the idea of a zebra (considered a little too common in South Africa) required a hard sell and a faultless approach. We had to polish our hero and create

a family of over 100 zebras, masked out to appear on a huge variety of print, online and outdoor media, including cricket and rugby pitches! The branding has subsequently allowed the zebra to be synonymous with Investec.

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BANK

PRIVATE BANKING

ASSET MANAGEMENT

INVESTMENT BANKING

CAPITAL MARKETS

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Take a different route

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FRANKLIN TEMPLETONFranklin Templeton Investments is a global investment firm based in America.

Our brief was to commission photography and to create an image that reflected Franklin Templeton’s ability to invest in any fixed income sector, currency or country, for their Templeton Global Total Return Bond Fund.

The shoot took place in a chalk quarry and subsequently involved a large amount of montaging and retouching to provide an image that worked on multi-page press advertising as well as online applications.

HSBCHSBC Global Asset Management is part of HSBC Group, one of the largest financial services organisations in the world.

HSBC imaging is referred to as Warm White, a duotone which ensures a broad spectrum of midtones with a defined White and Black point. This range of images

implements the binary coding creative which runs the length of major London thoroughfares. 8 images were created in total from commissioned aerial photography.

NEW STARNew Star Asset Management – Investment management company now part of Henderson Global Investors.

For the release of the New Star International Property Fund the creative brief examined world landmarks to replicate the feel of their UK Property Fund which was launched the previous year. As many of the buildings were shot in a variety of lighting conditions and

perspectives the challenge was to montage the elements to become one. I sourced images from photo libraries and compiled the elements for the out-door media, large format posters and press advertising.

ROYAL BRITISH LEGION

At the Gate we maintained the Royal British Legion account for over 10 years, each year producing a huge variety of advertising for the Poppy Appeal.

The objective was to position The Royal British Legion as the foremost charity for the ex-service community as well as raising their awareness.

I was heavily involved in full time retouching for this client, including the Poppy Man, For Their Sake routes and the Victory Thanks campaign which used agency staff images to immitate WWII personnel.

FOR HI S SAKE, WEAR A POPPY.

To donate text POPPY to 70222*

0845 845 1945 www.poppy.org.uk*Cost £1.50 Plus standard network charges (at least £1 goes to the Poppy Appeal) [email protected] Reg. Charity No. 219279

C31321 Poppy 48sh final 13/1/10 11:39 Page 4

Typography & creative artwork

My experience in creating artwork stems back to the original days of dedicated code based typesetting equipment, before computers took a major role in this field. With personal tuition in this area, college courses in Pagemaker, online and DVD courses in Quark, Photoshop and Illustrator and subsequently InDesign I’ve built a sound foundation for creating artwork to an extremely high level.

I’ve also delved into digital design to gain a clear understanding of the medium which has helped drive senior creatives to have a better understanding when moving from print to an online medium.

I have many years experience in POS, direct marketing, press and digital advertising plus large format media, websites and social media.

I believe in constructing artwork that does well under scrutiny and serves to inform other operators on how to follow the style for the design. This is imperative when formatting large documents such as report and accounts, ensuring consistency and assisting global changes. I therefore provide examples of my artwork for people to take a good look under the bonnet.

I was asked, on a voluntary basis, to redesign the journal

for the British Tarantula Society, a scientific and

hobbyist publication that is provided in print and as an online interactive

document.

BTS

10 UK Outlet Mall Partnership LP 11

Cheshire Oaks Designer Outlet Mall

• 348,064 square feet

• 147 units

• 3,200 car parking spaces

• Long Leasehold, expiring 2196

• Opened in 1995

• Class Open A1 Retail planning consent

• The largest outlet mall in the UK

• Located on junction 10 of M53 motorway

A key focus of this financial year was to further improve the tenant

mix in the Designer Quarter. Lettings have been completed to

Lulu Guinness, Joseph and Church’s. Lulu Guinness and Joseph

have traded at high densities but Church’s turnover has been

disappointing so far. Further work alongside the retailer is

currently underway to increase their turnover densities. Other

new lettings completed across the scheme include Rituals,

Crocs, Watch Station, Fossil and Kipling.

Cheshire Oaks is nearly 20 years old and parts of the scheme are

starting to look dated. There are several initiatives underway to

improve the customer experience in the future. This should help

attract new customers and also increase dwell time and average

spend. Planned improvements to the scheme include a refurbishment

of Phases 1 – 3 in a similar style to Phase 4 (the Designer Quarter),

refurbishment of the toilets and a signage upgrade.

In addition, confirmation has been given that, under the terms

of the head lease, another 14,500 sq ft of retail space can be

constructed. Plans are being drawn up for submission to the

planning authority. Discussions are also underway with Polo Ralph

Lauren for an upsize. Completion is planned for spring 2015.

Over the financial year, the catering offer was further improved by a

new letting to Ed’s Diner, who are achieving high trading densities. As

part of the future ‘vision’ for Cheshire Oaks, further improvements to

the catering offer and play area will be made.

The annualised occupied sales per square foot at the outlet was

£528.04, a significant increase from £480.43 in the previous

financial year. The total visitor count of 7.3 million was up by 5.5%

on the previous year’s figure of 6.9 million. Further improvement of

the luxury/premium offer has helped increase the average spend per

visitor from £23.14 to £24.24.

Bridgend Designer Outlet Mall

• 246,798 square feet

• 96 units

• 9 screen Odeon Cinema

• 2,000 car parking spaces

• Freehold

• Opened in 1998

• Class A1 Retail planning consent

• 7th largest outlet mall in the UK

• Located on junction 36 of M4 motorway

• Adjacent to Sainsbury’s store and hotel

There is a continued focus at Bridgend to attract higher quality

fashion operators. Since purchasing the outlet, significant progress

has been made in improving the fashion offer. New entrants this

year include Fat Face, Fossil and Watch Station. Further lettings also

include Tempur and Double Overhead (a surfing brand).

The catering offer has also been further improved. The unit formerly

occupied by KFC has been let to Ed’s Diner who have traded

strongly since opening. KFC have opened in a Drive Thru unit

which has also seen turnover growth compared to their previous

unit. Additional improvements in the food court are planned in the

next financial year with the potential to build a further catering offer

in the north car park.

Elements of the outlet are beginning to look outdated and

as a result further improvements are also planned with the

refurbishment of the customer toilets, improvements to the store

fascias and installation of clearer wayfinding signage. This will

create a more attractive shopping environment for customers.

The annualised occupied sales per square foot at the outlet was

£341.84, which is a 10.9% increase from the previous financial

year. The total visitor count of 3.7 million was consistent with the

previous year’s figure, and in addition, the average spend per visitor

was up from £16.45 to £18.22, which is an increase of 10.7%. This

is in contrast to a higher increase in footfall last year but a lower

average spend. The increased turnover reflects an improvement in

merchandising within the stores as well as an enhanced tenant

line-up. This will be helped further following the employment of a full

time retail manager.

Investment Manager’s report (continued)

Investment Manager’s report (continued)

Bridgend Cheshire Oaks

16 UK Outlet Mall Partnership LP 17

Responsible property investment

Sustainability remained high on both the industry and Fund’s

agenda over the last year. Government intervention continues to

increase, with the Energy Performance of Buildings Regulations and

changes to Energy Performance Certificates (EPCs), draft Energy

Bill, simplification of the Carbon Reduction Commitment (CRC),

launch of the Green Deal, review of the Feed-in Tariff and the

announcement that Greenhouse Gas Reporting will become

mandatory for listed companies. The Fund continues to manage

sustainability risks and pursue opportunities through Henderson’s

Responsible Property Investment programme, and is committed to

reporting performance transparently to investors, in line with best

practice sustainability reporting recommendations.

Carbon performance

• 9% reduction in annual electricity consumption 2013 ~

£60,000 saving

• 7% reduction in scope 1 & 2 greenhouse gas emissions from

2012 to 2013

Global Real Estate Sustainability Benchmark (GRESB)

The Fund was awarded a ‘Green Star’ in the 2012 Global Real

Estate Sustainability Benchmark, being ranked 5th in its peer group

of 17 UK retail funds. The portfolio scored highly for policy &

disclosure, risk & opportunity management and environmental

management system, which drove performance improvements in

energy, greenhouse gas and water management.

Sustainability Action Plans

The Fund has drafted a Sustainability Action Plan for each outlet,

with McArthurGlen’s property management and technical teams.

The Plans contain long term targets and short term actions in key

areas including energy, waste, water, suppliers & contractors,

biodiversity, travel, green leases, occupier and community

engagement. The Plans set the detailed environmental programme

framework for the year ahead, allow good practice to be shared

between the outlets and enable us to track and report on progress

towards annual targets.

Responsible property management

• Energy efficient LED lighting installed at Bridgend and Cheshire

Oaks, reducing operational and maintenance costs.

• Proposal for installing photovoltaic (PV) solar panels at Cheshire

Oaks with a year one yield on cost of 9.9% and 25 year IRR of

12.3%, and for installing a solar thermal system at Bridgend to

provide hot water for the toilet blocks with a return on investment

(ROI) greater than 15% and payback period of six years.

• Waste management review was undertaken in order to increase

income from recyclates and reduce uplift, transport and landfill

costs. The Fund has started recycling food waste and continues

to aim for zero direct to landfill.

• Charity projects included the donation of space, fund-raising,

staff gardening challenge, provision of a children’s play area,

donation of recycling bins and support for local Young

Enterprise Scheme, all of which combined to increase footfall

and strengthen our outlets’ brands and relationships with local

communities.

• Biodiversity action plan including bat and bird boxes, wildlife

sanctuary, nursery area for the propagation of own plants, plant

infill programme and feasibility review into the installation of

beehives. Biodiversity is currently declining in the UK and is

essential for water and air quality, agricultural pollination, climate

change adaptation and public health.

Industry initiatives

• The Fund engages with and influences real estate policy

makers through the BCSC sustainability committee, AREF

environmental & social governance committee, IIGCC property

working group and Green Property Alliance.

• Henderson became a founder participant in the IPD/RICS

initiative ‘EcoPAS’ assessing the potential impact of key

environmental factors to portfolio performance and

investment value.

• Henderson is an active member of the Better Building

Partnership, including the Landlord Energy Rating display

energy certificate and Green Lease projects.

Impact area (INREV Sustainability Performance Measures: Like-for-Like)Units of

measurement2013 2012

Energy

Total energy consumption from electricity [GRI: EN4]

kWh

9,326,404 9,768,797

of which exclusively sub-metered to tenants 3,549,569 3,205,783

Total energy consumption from natural gas [GRI: EN3] 4,794,689 4,164,295

subset of fuels consumption which is sub-metered to tenants 177,429 198,674

Greenhouse gas emissions

Total direct GHG emissions [GRI: EN16 – GHG Protocol Scope 1]

kg CO2e

855,163 734,473

Total indirect GHG emissions [GRI: EN16 – GHG Protocol Scope 2] 3,006,091 3,415,196

Total indirect GHG emissions [GRI: EN16 – GHG Protocol Scope 3] 1,879,951 1,704,990

Water Total water withdrawal [GRI: EN8 partial] m3 77,195 75,566

Waste

Total weight of waste [GRI: EN22]

metric tonnes

2,796 2,511

Total weight of waste – Recycled [GRI: EN22] 1,412 1,328

Total weight of waste – Off site material recovery [GRI: EN22] 459 269

Total weight of waste – Incineration with energy recovery [GRI: EN22] 10 26

Total weight of waste – Composting/anaerobic digestion [GRI: EN22] 914 888

Percentage of waste by disposal route – Recycled [GRI: EN22]

proportion by weight (%)

51% 53%

Percentage of waste by disposal route – Off site material recovery [GRI: EN22] 16% 11%

Percentage of waste by disposal route – Incineration with energy recovery [GRI: EN22] 0% 1%

Percentage of waste by disposal route – Composting/anaerobic digestion [GRI: EN22] 33% 35%

Note: Upstream sustainability services at Jones Lang LaSalle have undertaken data quality assurance on the above environmental performance data.

Data coverage notesThe data disclosed in the like-for-like indicators includes the three assets in the Fund for which Henderson has procurement responsibility for energy and water supplies and waste, these being Bridgend, Cheshire Oaks and Swindon. The data disclosed included the same three outlets in 2012 and 2013.

Energy and greenhouse gases notesEmissions factors are based upon DEFRA guidance. Emissions are reported using the Greenhouse Gas Protocol and INREV Sustainability Best Practices guidelines. Natural gas emissions use the DEFRA emissions factors based on UK natural gas calculations, as the greenhouse gas content of natural gas varies only marginally over time and between regions. Scope 3 emissions are for landlord-obtained consumption that is sub-metered to tenants only, and do not include business travel or supply chain emissions. Emissions are reported as kilogrammes of CO2 equivalent (kg CO2e).

Water notesWater consumption is for landlord-obtained “shared services”, common parts and any services provided to tenant areas.

Henderson Global Investors Limited

Responsible property investment (continued)

34 UK Outlet Mall Partnership LP

Notes to the Financial Statements (continued)

For the year ended 31 March 2013

35

Notes to the Financial Statements (continued)

For the year ended 31 March 2013

12. Creditors – amounts falling due after one year

Fund Fund 2013 2012 £’000 £’000

Gross bank loans 210,000 210,000Unamortised finance costs (331) (570)Developer performance fee accruals – 962 209,669 210,392

The Fund has entered into hedging arrangements with Bayerische Landesbank under the terms of which the Fund has either fixed or limited its interest cost for the full term of the facility. The fair value of these hedges as at 31 March 2013 is a loss of £14.0 million (2012: loss of £21.0 million). This revaluation is not recognised in the Financial Statements.

As at 31 March 2013 the Fund has a £210 million debt facility with Bayerische Landesbank which incurs interest at a rate of three-month LIBOR plus a margin of 1.10%, payable quarterly in arrears. The facility was fully drawn in August 2008.

The debt facility contains certain covenants detailing, amongst others, minimum interest cover ratio (ICR) and loan-to-value (LTV) ratio on the basis of market valuation of the properties. At the year end the loan-to-value ratio was 48.6% compared to the covenant of 65%. The Fund must maintain a minimum ICR of 150% and for the 22 May 2013 interest payment date (IPD), based on rent collected and expenditure as at 31 March 2013, an ICR of 193% was reported to the bank.

13. Limited Partner Funds

Fund Partnership Fund Partnership 2013 2013 2012 2012 Notes £’000 £’000 £’000 £’000

Initial investment – Partners’ capital 2 2 2 2Initial investment – Partners’ loans 181,231 181,231 181,231 181,231Revaluation reserve 14(a) 37,911 – 15,275 –Performance fee reserve 14(b) (2,192) – (962) –Partners’ current account 15 – 35,719 – 14,313Partners’ retained profits 15,181 15,181 8,802 8,802 232,133 232,133 204,348 204,348

8. Investments (continued)

Partial funding for the assets as described above occurs via Trinity Luxembourg S.à r.l (“Trinity”), an entity which is treated as a quasi-subsidiary for the purpose of these financial statements and consolidated.

The Partnership lent Trinity £77.25 million. Under the terms of the loan agreement Trinity is required to lend this money on to the underlying property holding partnerships. All loan agreements contain interest clauses such that no material results or balances will remain in Trinity.

Trinity is run by a charitable trust and not legally owned by the Partnership or any related entity.

9. Debtors Fund Partnership Fund Partnership 2013 2013 2012 2012 Notes £’000 £’000 £’000 £’000

Rents receivable 2,052 – 1,920 –Monies due from managing agents 1,534 – 1,333 –Unamortised lease incentives 7 5,096 – 4,704 –Interest receivable from Trinity – 742 – 803Distribution receivable from underlying partnerships – 15,004 – 5,929Affiliate company debtors – – – 5,060Other debtors and prepayments 140 50 50 50 8,822 15,796 8,007 11,842

10. Cash Fund Partnership Fund Partnership 2013 2013 2012 2012 £’000 £’000 £’000 £’000

Cash at bank 11,438 501 6,769 519Restricted cash 2,936 – 3,159 – 14,374 501 9,928 519

Restricted cash represents rent held by Bayerische Landesbank, as transferred regularly by McArthurGlen, until the quarterly interest payment is deducted and the balance released to the Fund.

11. Creditors – amounts falling due in less than one year

Fund Partnership Fund Partnership 2013 2013 2012 2012 £’000 £’000 £’000 £’000

Capital accruals 300 – – –Developer performance fee accruals 2,192 – – –Interest payable 1,383 – 1,420 –Distribution payable 1,828 1,828 1,276 1,276VAT payable 653 – 383 –Other creditors and accruals 1,742 14 1,752 9 8,098 1,842 4,831 1,285

HENDERSON

23

FF MPF Quarterly Investment ReviewBond Funds

Fixed Interest Fund Eurozone Long Bond Fund

The Fixed Interest Fund invests in primarily Eurozone AAA Government and Eurozone Corporate Bonds. Euro Government AAA bonds must constitute at least 80% of this Fund. This Fund is suitable for the risk averse investor and will perform well if interest rates are falling. However, in a rising interest rate environment, this Fund can produce negative results. The underlying benchmark for the Fund is a composite of 10% Barclays Euro Aggregate Credit Index and 90% Barclays Euro Aggregate Treasury AAA 5+ years.

Fund objective

Performance (%) period to 30 September 2012

The Eurozone Long Bond Fund invests primarily in Eurozone government AAA bonds with a maturity exceeding ten years. It can also invest in corporate bonds. The Fund is suitable for matching longer term pension liabilities. The underlying benchmark for the Fund is the 100% Barclays Euro Aggregate Treasury AAA 10+ years.

Fund objective


Market review Growth in the eurozone has remained shackled by the deep recession in the nations of the periphery. While this would normally have supported bonds issued by the more highly rated, core countries, the market was subdued over the quarter. Instead, focus switched to the periphery nations following the European Central Bank’s commitment to intervene in the markets in attempt to reduce unsustainably high borrowing costs. Core markets were also held back by data reporting that inflation had jumped by more than expected in August. This weakened the case for a further reduction in interest rates.

ActivityWe made a number of moves in terms of geographic positioning over the quarter. We reduced the portfolio’s exposure to France as we became more negative on its economic outlook. The Netherlands was the main beneficiary of this move following the elections in which the centre parties did better than expected. We continued to actively trade duration.

PerformanceExposure to highly rated non-government bonds proved positive with spreads tightening as investors became more willing to take on risk in the search for yield. We actively adjusted the portfolio’s duration and added value with our positioning ahead of a significant extension in the index at the end of July notable for its impact. In contrast to the previous quarter being underweight long-dated bonds added value as they lagged other parts of the curve.

Market commentaryMarket commentary

Market review Growth in the eurozone has remained shackled by the deep recession in the nations of the periphery. While this would normally have supported bonds issued by the more highly rated, core countries, the market was subdued over the quarter. Instead, focus switched to the periphery nations following the European Central Bank’s commitment to intervene in the markets in attempt to reduce unsustainably high borrowing costs. Core markets were also held back by data reporting that inflation had jumped by more than expected in August. This weakened the case for a further reduction in interest rates.

ActivityWe made a number of moves in terms of geographic positioning over the quarter. We reduced the portfolio’s exposure to France as we became more negative on its economic outlook. The Netherlands was the main beneficiary of this move following the elections in which the centre parties did better than expected. We continued to actively trade duration.

PerformanceExposure to highly rated non-government bonds proved positive with spreads tightening as investors became more willing to take on risk in the search for yield. We actively adjusted the portfolio’s duration and added value with our positioning ahead of a significant extension in the index at the end of July notable for its impact. In contrast to the previous quarter being underweight long-dated bonds added value as they lagged other parts of the curve.

22

0-5Years

5-10Years

10-15Years

15-20Years

20+Years

-15

-10

-5

0

5

10

1530/06/2012 30/09/2012

8.28

-11.79

-4.23

7.74

0.00

8.20

-11.65

-4.93

8.48

-0.10

Maturity profile

Fund weightings relative to benchmark (%)

Description Fund Index Relative

Modified Duration (Years) 9.12 9.19 -0.07

Weighted Yield (Years) 1.91 1.87 0.04

Duration

As at 30/06/2012 As at 30/09/2012 % %

Euro Government Bonds 84.7 83.7

Direct Holdings 47.4 44.0

Long Bond Fund 37.4 39.6

Euro Credits 13.6 14.9

Direct Holdings 0.0 0.0

Credit Participations 12.6 13.1

Covered Bonds 0.8 1.8

Long Bond Fund 0.3 0.0

Government Related 0.2 0.0

Govt Related Long Bond Fund 0.2 0.0

Cash 1.4 1.4

Total Fund 100.0 100.0

Figures may not tally due to rounding

Asset allocation

Description Fund Index Relative

Modified Duration (Years) 13.38 13.59 -0.21

Weighted Yield 2.43 2.43 0.00

Duration

0-5Years

5-10Years

10-15Years

15-20Years

20+Years

-20

-15

-10

-5

0

5

10

15

2030/06/2012 30/09/2012

2.073.91

-18.89

11.75

1.151.97 1.94

-19.40

15.58

-0.10

Maturity profile

Fund weightings relative to benchmark (%)

0

20

40

60

80

100

0.000.00 0.00 0.00 0.000.00

98.0397.93

AAA AA A BBB

30/06/2012 30/09/2012

Credit rating

Rating allocation (%)*

*excluding cash

3 months YTD 1 year 3 years 5 years

Fixed Interest Fund (Net) 4.0 8.7 8.9 4.5 5.1

10% Barclays Euro Aggregate Credit Index90% Barclays Euro Aggregate Treasury AAA 5+ years (Gross)

3.9 8.5 8.4 4.7 6.0

Fund size as at 30 September 2012 €134.9m

3 months YTD 1 year 3 years 5 years

Eurozone Long Bond Fund (Net) 4.6 8.7 8.6 5.4 6.0

100% Barclays Euro Aggregate Treasury AAA 10+ years (Gross) 4.7 9.1 9.0 5.7 6.4

Fund size as at 30 September 2012 €91.1m

42 43

F&C Quarterly Investment ReviewEquity-Linked Bond Funds

Overseas Equity-Linked UK Gilt Fund OEIC

The investment objective of the Fund is to provide a total return by investing predominantly in UK government securities together with approximately 100% exposure to overseas equities through exchange traded futures.

Fund objective

Fund Performance

Performance (%) period to 30 June 2014

Fixed interest 75.1%

Cash 24.9%

All data as at 30 June 2014.

S&P 500: 33.3%

Euro Stoxx 50: 32.7%

Topix: 17.3%

Hang Seng: 8.5%

SPI 200: 8.2%

Total equity exposure 98.1%

% total equity exposure by geography

Benchmark 3 months 1 year 3 years Since Inception*

Fund %

Benchmark %

Fund %

Benchmark %

Fund %

Benchmark %

Fund %

Benchmark %

Overseas Equity-Linked UK Gilt Fund

Composite Equity Index

6.3 4.6 25.8 22.5 18.8 12.6 16.5 11.2

Gilts FTSE Actuaries UK Government> 15 years

2.3 2.3 5.3 5.3 8.5 8.7 7.8 7.7

Cash 7 day LIBID GBP 0.1 0.1 0.4 0.3 0.5 0.4 0.5 0.4

Fund size as at 30 June 2014

£24.0m

Fixed income allocation

Property Fund

Property Fund OEIC

0

10

20

30

CashLeisureRetail WarehousesIndustrialsOfficesStandard Retail

31/03/2014 30/06/2014

20.8018.40

19.60

27.50

19.3021.60

0.0 0.0

7.508.30

29.7027.40

Sector weighting

Sector allocation is absolute (%)

The Fund aims to provide a total return based on income and capital appreciation through investment in UK real estate. The Fund may also hold cash, government and public securities, derivatives and units in collective investment schemes. The Fund will have scope to invest in both exchange traded and OTC derivatives, although the latter will not be available for purchase at launch.

The Fund aims to maximise total return through investment mainly in a diversified portfolio of UK commercial property, seeking to add value through strategic asset allocation, stock selection and asset management. Property will normally be owned directly but participation in co-ownership arrangements such as unauthorised unit trusts and limited partnerships is permitted where the arrangements do not result in additional restrictions on the liquidity of the Fund.

The Fund is unlikely to be 100 per cent invested in direct property assets in order to maintain an appropriate level of liquidity for an open-ended fund.

Fund objective

Fund commentary

Performance (%) period to 30 June 2014

3 months YTD 1 year 3 years

Property 3.6 6.1 11.8 6.0

IPD UK Monthly Index 5.1 9.1 17.6 8.6

Fund size as at 30 June 2014 £154.4m

*Performance comprises direct property holdings, investment trusts and income.

FundThe fund return was positive over the quarter, with both the gilt and equity markets rising. This enabled the fund to outperform the equity benchmark.

Overseas EquitiesEquities were boosted by growing conviction in the global economic recovery and dovish statements on monetary policy by the major central banks. Geopolitics was a secondary theme, with conflict in the Middle East and the crisis in Ukraine causing bouts of volatility and pushing up the price of oil. In a sign of growing confidence, merger and acquisition activity hit a seven-year high. Emerging market assets enjoyed strong returns and increasing demand as a fall in US bond yields diverted capital to higher yielding markets. Globally the best-performing countries were Turkey and India, while Greece and Ireland fell sharply because of profit taking.

GiltsThe gilt market made gains over the second quarter. Bonds responded well to indications that monetary policy in the US would remain loose. Statements from the Bank of England were less clear, however, as the governor Mark Carney appeared to amend his earlier guidance by hinting that interest rates may rise sooner than the market expected. Nevertheless, his indication that interest rates would eventually settle at around 2.5% helped support the longer-dated part of the market. Inflationary pressures remained muted as wage rises were weak. Over the quarter, the yield on the benchmark ten-year gilt fell from 2.73% to 2.68%.

MarketUK commercial property delivered another strong performance in the first three months of 2014, seeing a total return of 3.9% according to the IPD Monthly Index. Offices and industrials are still outperforming retail property but all the main sectors saw double digit total annualised total returns during the period and positive growth in capital values. London and the south-east generally continued to outperform the regions. Rental growth in the quarter was 0.4%, in-line with the previous quarter, driven by the office and industrial sectors. Investment activity moved lower after a strong final quarter last year but a lack of stock rather than lack of demand appears to be the main constraint and pressure remained on yields in most parts of the market. The annual income return from property at 6.7% is attractive in comparison with many other asset classes and the sector continuing to see solid inward flows of money into funds from retail buyers.

ActivityThe fund is continuing to expand with a further four properties either completed or exchanged over the first quarter. These include properties in Balham, Greater London, Kings Cross, London, Worcester and Winchester let to tenants such as Sainsbury’s, Lloyds Bank, BrandPie and Cath Kidston. The Fund has one property under offer in Aberdeen and is bidding on a further three properties located throughout the UK.

The Fund’s properties remain 100% occupied. There are no voids and this continues to maximise the income return.

There were no significant asset management initiatives in the three-month period.

Performance The underlying properties produced a total return over the first quarter of 2.4%. This is made up of 0.7% capital and 1.7% income.

2 3

F&C Quarterly Investment Review

Market Summary

FTSE All-Share Index FTSE World Ex UK Index

95

100

105

110

115

120

125

Sep11

Oct11

Nov11

Dec11

Sep12

Aug12

Jul12

Jan12

Feb12

Mar12

Apr12

May12

Jun12

95

100

105

110

115

120

ML Non Gilt Stocks FTSE Actuaries All Stocks Index

FTSE Actuaries Index Linked All Stocks index

Sep11

Oct11

Nov11

Dec11

Sep12

Aug12

Jul12

Jan12

Feb12

Mar12

Apr12

May12

Jun12

Rebased to 100 as at 30/09/2011. Source: Datastream

Rebased to 100 as at 30/09/2011. Source: Datastream

Name 1 month 3 months YTD 1 year 3 years 5 years 10 years

UK Equity

FTSE All-Share 1.1 4.7 8.2 17.2 8.0 1.7 9.0

FTSE Small Cap ex Investment Trusts 3.4 11.0 25.9 21.4 4.8 -2.3 7.1

International Equities

FTSE All World Developed Europe (ex UK) 1.6 6.6 8.6 12.5 -0.4 -1.5 9.7

FTSE World North America 1.0 3.5 11.6 24.2 12.1 5.9 8.3

FTSE All World Japan 0.7 -3.6 -1.7 -5.2 -0.7 -1.7 3.5

FTSE All World Asia Pacific (ex Japan) 4.2 6.7 11.4 16.2 7.3 4.7

MSCI Emerging Markets 4.3 4.8 8.1 13.2 5.6 3.7 17.1

Fixed Interest

FTSE Actuaries British Government All Stocks -0.7 1.1 3.1 8.3 7.8 8.3 6.0

FTSE Actuaries British Government Fixed Over 15 Years -1.3 1.1 3.2 13.0 10.7 10.1 6.7

FTSE Actuaries British Government Over 5 Years Index-Linked -3.7 -3.2 -4.3 5.0 9.3 8.3 7.3

Merrill Lynch Sterling Non Gilts 0.8 5.6 10.9 13.6 8.9 7.2

Merrill Lynch Sterling Non Gilts Over 15 Years 0.0 6.2 11.3 15.4 10.6 8.8 6.5

Merrill Lynch EMU Direct Government AAA +15 Years

JP Morgan Global Government (ex Japan) -0.5 -0.3 0.4 0.6 2.9 10.3 6.8

IPD 0.0 0.4 1.6 3.3 11.2 -1.9 6.0

LIBID 7 Day Rate 0.0 0.1 0.3 0.5 0.4 1.6 3.0

Interest Rates

UK Base Rate 0.50

US Federal Funds 0.25

Market Returns in Sterling Terms% change, period to 30 September 2012

Global equity markets overcame a steady flow of disappointing data on economic growth to post gains in the third quarter. Share prices advanced on the back of hopes that intervention in the bond markets by the European Central Bank would buy time in the battle to resolve the sovereign debt crisis. This caused European stock markets to post some of the strongest gains. A general recovery in risk appetite was given further impetus by the US Federal Reserve’s announcement that it was implementing a third round of financial stimulus through its quantitative easing (QE) programme. Growth stocks were the main beneficiaries as investors anticipated a rebound in confidence similar to that which accompanied earlier tranches of QE. The most disappointing major market was Japan, which slid in value as manufacturers lost confidence and exporters suffered from feeble external demand.

Global government bonds had a mixed quarter. The highest rated markets such as the US, UK and Germany struggled to make headway as investors shifted assets towards more risky asset classes. However, eurozone periphery bonds were a beneficiary, with yields falling as the European Central Bank stated its intention to buy up the short-term debt of the most distressed nations in a bid to force down government borrowing costs. Announcements of further tranches of quantitative easing in the US, Japan and the UK did not, as in previous rounds, lead to bond prices posting meaningful gains. In the US and UK, worries about the diminishing effectiveness of such programmes and the possibility of inflationary pressures growing over the medium term meant that performance was subdued.

UK & Overseas Equity Markets

Fixed Interest Markets

F&C Quarterly Investment Review

Mixed Fund MPF

The Fund’s objective is to maintain a position within the top third of the Balanced Universe of the CAPS Pooled Pension Fund Update over rolling three-year periods. Asset allocation decisions are based on the survey average and the weightings adjusted by the Manager to reflect the shorter-term attractions of different classes and markets. Although the Fund invests in a wide range of asset classes, it has a significant bias towards equities and, in particular, UK equities.

Fund objective

Market reviewEquity markets overcame a steady flow of disappointing data on economic growth to post gains in the third quarter. Share prices advanced on the back of hopes that intervention in the bond markets by the European Central Bank would buy time in the battle to resolve the sovereign debt crisis. This caused European stock markets to post some of the strongest gains. A general recovery in risk appetite was given further impetus by the US Federal Reserve’s announcement that it was implementing a third round of financial stimulus through its quantitative easing programme. Global government bonds had a mixed quarter. The highest rated markets such as the US, UK and Germany struggled to make headway as investors shifted assets towards more risky asset classes. Corporate bonds made gains on the back of improving risk appetite and negative net issuance.

ActivityWe held a slight overweighting of equities during the quarter as we felt that risk assets offered better prospects, despite the uncertain macro-economic backdrop. As it became clear that the European Central Bank was taking meaningful steps to resolve the sovereign debt crisis, we increased our exposure to the attractively valued European stock market. To fund this move, we trimmed our exposure to North America back to underweight as we were concerned that government spending cuts and tax rises in 2013 would hurt investor sentiment. We were also mindful that the US, being a more defensive market, would underperform if risk appetite remained strong. Emerging markets remained favoured, despite a deterioration of fundamentals.

Within the bond segment, we preferred corporate bonds as robust company balance sheets were lending support to valuations. Government bonds continued to offer little value given the extremely low yields on offer.

PerformanceThe Fund’s marginal outperformance of the benchmark index can be attributed to asset allocation, with the overweighting of equities proving judicious. The exposure to Europe ex UK, which was raised over the quarter, also added value.

At the Fund level, the UK and emerging markets equity portions suffered from disappointing returns in July and August as their favoured good-quality companies were hit by deteriorating sentiment. The Fund’s Japanese holdings boosted relative performance, however.

The Fund profited from its overweighting of corporate bonds over the quarter. Within that segment, the overweighting of some of the higher-beta sectors, particularly financials, worked well.

Market commentary

Source: CAPS Pooled Pension Fund Final Update to 30 September 2012. Calculation basis: offer to offer, income reinvested at offer, net of fees, 3, 5 and 10 year figures are annualised.

AllocationAs at 30/06/2012

%As at 30/09/2012

%

Total Equity 76.6 78.4

Total UK Equity 40.5 40.2

European 7.9 11.2

North American 15.8 12.5

Japan 2.8 4.5

Far Eastern 3.9 4.4

Emerging Markets 5.7 5.6

Total International Equity 36.1 38.2

Government Bonds 6.4 6.8

Corporate Bonds 3.9 3.3

International Bonds 4.0 3.6

Index Linked 0.1 0.1

Total Fixed Interest 14.4 13.8

Property 0.6 0.6

Cash 8.4 7.2

Total Fund 100.0 100.0

Figures may not tally due to rounding

Asset allocation


1 month 3 months YTD 1 Year 3 Years 5 Years 10 Years

Mixed Fund 1.0 4.0 7.3 12.5 5.4 2.0 8.1

CAPS Pooled Pension Fund Update – Balanced Median 1.2 3.9 7.2 13.7 6.4 2.3 8.5

Fund size as at 30 September 2012 £77.9m

F&C

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Photography and models commissioned to play the part of financial sector footballers which were given a dynamic approach that provided a feeling of movement and energy.

I created the look of this via Photoshop and illustrator, and subsequently developed images for both print material and online banners.

DES ETF SPDR GÉNÉRATEURS DE REVENUS


QUAND PRÉCISION RIME AVEC PERFORMANCE

ETF EN OBLIGATIONS D’ENTREPRISE PAR SPDR

Offre une diversification dans l’univers des obligations d’entreprises

Apporte une exposition importante aux différentes devises

Donne accès à des investissements au profil rendement / risque optimisé, comprenant des allocations à haut rendement

les pays où la réglementation en vigueur les autorise. Avant d’investir, vous devez recevoir et lire le Prospectus et les Documents d’Information Clé pour l’Investisseur (DICI) relatif aux fonds négociables en bourse de la plate-forme SPDR. D’autres brochures d’information et le prospectus/DICI décrivant les caractéristiques, les coûts et les risques des fonds négociables en bourse de la plate-forme SPDR sont à la disposition des résidents des pays où leur vente est autorisée sur www.spdrseurope.com et auprès du bureau local de SSgA. “SPDR” est une marque déposée de Standard & Poor’s Financial Services LLC (“S&P”) que State Street Corporation utilise sous licence. Aucun produit financier proposé par State Street Corporation ou par les sociétés de son groupe n’est parrainé, approuvé, vendu ou promu par S&P ou par les sociétés de son groupe et S&P et les sociétés de son groupe ne donnent aucune assurance, garantie ou recommandation concernant l’opportunité d’acheter, de vendre ou de détenir des unités/parts de ces fonds. © 2013 State Street Corporation. Tous droits réservés. IBGE-0901.

SPDR ETFs est la plate-forme de fonds négociables en bourse/trackers (“ETF”) de State Street Global Advisors, et comprend des fonds autorisés par les autorités européennes de régulation comme des SICAV à statut juridique d’OPCVM. Comme les actions, les trackers sont des investissements à risque et leur cours fluctue sur le marché des valeurs. La valeur de l’investissement est susceptible de baisser comme d’augmenter et la rentabilité de l’investissement est donc variable. Les variations des taux de change peuvent avoir une incidence négative sur la valeur, le cours ou les

dividendes d’un investissement. Il n’y a en outre aucune garantie de réalisation des objectifs d’investissement d’un tracker. La plateforme SPDR ETF ne vous est peut-être pas accessible ou n’est peut-être pas adaptée à vos besoins. Cet avertissement publié par State Street Global Advisors (“SSgA”) ne constitue pas un conseil d’investissement, une offre ou une invitation à acheter des parts de fonds négociables en bourse par l’intermédiaire de la plate-forme SPDR. Les trackers négociés par l’intermédiaire de la plate-forme SPDR ne peuvent être proposés et vendus que dans

Cliquez sur la voiture



Retour

POUR EN SAVOIR PLUS

POUR EN SAVOIR PLUS

POUR EN SAVOIR PLUS

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Exonération de responsabilitié

POUR EN SAVOIR PLUS

1. Three SPDR precision cars slowly roll forward into centre of frame and remain in ‘static motion’. A “Click car” instruction appears in top right of frame.

5. Back button takes user to ‘home’ screen showing all three SPDR precision cars. User can repeat or click on another vehicle.

6. End frame of logo, strapline, CTA and Disclaimer fade in on white background.

7. Disclaimer

8.

2. Campaign headlines slide in from the left into the green panel. If user does not click on a car after approx. 8 seconds (enabling headline text to appear), they are taken to Frame 6.

3. When user holds their mouse cursor over a car, the car will animate as if its engine is revving. This animation will continue until user clicks. When user clicks on a car, we then zoom in to reveal a category, in this case Corporate Bond ETFs represented by the F1 car.

4. User clicks on car to reveal benefits. Learn more CTA appears throughout. Benefit bullet points animate in one-by-one. Upon final bullet point appearing, animated car drives off screen from left to right.



Note: If user does not roll over a car the MPU will play on a loop showing the 3 cars then the end frame (frames 1, 2,and 6).

DES ETFS MARCHÉS ÉMERGENTS PAR SPDR

QUAND PRÉCISION RIME AVEC PERFORMANCE



• L’accès à des solutions actions et obligations

• Une exposition ciblée pour investir sur les marchés émergents

• De nombreuses possibilités d’exposition et de diversification

DES ETFS MARCHÉS ÉMERGENTS PAR SPDR

SPDR ETFs est la plate-forme de fonds négociables en bourse/trackers (“ETF”) de State Street Global Advisors, et comprend des fonds autorisés par les autorités européennes de régulation comme des SICAV à statut juridique d’OPCVM. Comme les actions, les trackers sont des investissements à risque et leur cours fluctue sur le marché des valeurs. La valeur de l’investissement est susceptible de baisser comme d’augmenter et la rentabilité de l’investissement est donc variable. Les variations des taux de change peuvent avoir une incidence négative sur la valeur, le cours ou les dividendes d’un investissement. Il n’y a en outre aucune garantie de réalisation des objectifs d’investissement d’un tracker. La plateforme SPDR ETF ne vous est peut-être pas accessible ou n’est peut-être pas adaptée à vos besoins. Cet avertissement publié par State Street Global Advisors (“SSgA”) ne constitue pas un conseil d’investissement, une offre ou une invitation à acheter des parts de fonds négociables en bourse par l’intermédiaire de la plate-forme SPDR. Les trackers négociés par l’intermédiaire de la plate-forme SPDR ne peuvent être proposés et vendus que dans les pays où la réglementation en vigueur les autorise. Avant d’investir, vous devez recevoir et lire le Prospectus et les Documents d’Information Clé pour l’Investisseur (DICI) relatif aux fonds négociables en bourse de la plate-forme SPDR. D’autres brochures d’information et le prospectus/DICI décrivant les caractéristiques, les coûts et les risques des fonds négociables en bourse de la plate-forme SPDR sont à la disposition des résidents des pays où leur vente est autorisée sur www.spdrseurope.com et auprès du bureau local de SSgA. “SPDR” est une marque déposée de Standard & Poor’s Financial Services LLC (“S&P”) que State Street Corporation utilise sous licence. Aucun produit financier proposé par State Street Corporation ou par les sociétés de son groupe n’est parrainé, approuvé, vendu ou promu par S&P ou par les sociétés de son groupe et S&P et les sociétés de son groupe ne donnent aucune assurance, garantie ou recommandation concernant l’opportunité d’acheter, de vendre ou de détenir des unités/parts de ces fonds. © 2013 State Street Corporation. Tous droits réservés. IBGE-0901.

Cliquez sur la voitureCliquez sur la voiture


Exonération de responsabilitié

Retour

POUR EN SAVOIR PLUS

POUR EN SAVOIR PLUS

Note: If user does not roll over a car the MPU will play on a loop showing the 3 cars then the end frame (frames 1, 2,and 6).

7. Disclaimer

1. Three SPDR precision cars slowly roll forward into centre of frame and remain in ‘static motion’. A “Click car” instruction appears in top right of frame.

2. Campaign headlines slide in from the left into the green panel. If user does not click on a car after approx. 8 seconds (enabling headline text to appear), they are taken to Frame 6.


3. When user holds their mouse cursor over a car, the car will animate as if its engine is revving. This animation will continue until user clicks. When user clicks on a car, we then zoom in to reveal a category, in this case Emerging Markets ETFs represented by the Paris-Dakar rally car.

5. Back button takes user to ‘home’ screen showing all three SPDR precision cars. User can repeat or click on another vehicle.

6. End frame of logo, strapline, CTA and Disclaimer fade in on white background.

WHEN INVESTING FOR INCOME, THE FORMULA HAS TO BE RIGHT.

SPDR® Corporate Bond ETFs allow

you to step up a gear by building a fi xed

income portfolio of diversifi ed corporate

bonds – from fi xed rate, investment

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SPDR ETFs aim to put you in pole

position for delivering income. The

superior construction of our products

is just one of the ways we can help

precisely match your investments to

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Our Corporate Bond ETFs are part of a

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precision-built to perform. Take a closer

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STATE STREETWorldwide Financial Services Provider

In direct liason with the US offices I was responsible for a vast amount of online and press advertising for State Street, providing English, German, French, Italian and Dutch ads to very specific guidelines.

I W I B A L A N C E D P O R T F O L I O F U N D Q U A R T E R 4 2 0 1 5 B U L L E T I N

Investment Objective: The investment objective of the Fund is to provide a return in the form of both income and capital appreciation.

Fund Outlook: We hoped to gain clarity on the path of transitional improvement in financial conditions as we progressed in 2015. However, we believe that a number of extremely unusual structural features remain present, which have delayed this resolution. However, the point of divergence in monetary policy has now been reached as the USA moves into tightening mode as most other countries remain on extremely easy monetary policy settings. This has not happened for over a decade and will likely cause a number of tensions and unintended consequences in markets. The US dollar appears key to future developments. The most obvious threat is for a continued strengthening in the US dollar which could provoke a crisis, led most plausibly by emerging markets. However, long positioning in the US dollar is still one of the most crowded trades in markets and could unwind. If the US dollar then weakened this would ease deflationary pressures and a violent rally in the under owned and depressed areas of markets; such as selective emerging market equities and commodities, could follow.We continue to remain very concerned about the growing indications that the credit cycle has entered a very advanced phase that usually precedes a pickup in defaults. This would be more negative for equity markets given that credit spreads are being priced close to equivalent recession levels. We believe that China should stabilise after the stimulus measures enacted and this will lend some support to global growth and commodities. However, there is an obvious danger that the currency is further devalued and this unleashes further deflationary forces into the global economy. We feel that the risk of policy error is very high and the Fed will waiver in 2016 and this will cause a lot of rotational activity. We believe that they will

FUNDMANAGEMENT

Asset Allocation as at 31st December 2015 (%)

Cash 4.93UK Equities 25.48European Equities 14.28US Equities 7.53Japanese Equities 4.84Other Equities 3.52Alternatives 20.87Bonds 18.55

Cumulative Fund Performance 31st December 2015 (%)

1 year 2 year 3 year 5 year 10 year

Fund -0.62 1.76 17.56 22.13 43.95

Sector Average 2.66 7.66 23.24 28.05 55.59

FTSE WMA Balanced Index (Total Return)

2.70 10.13 25.68 37.36 73.28

Source: Financial ExpressDiscrete Performance 12 Months to 31st December 2015 (%)

2014-2015 2013-2014 2012-2013 2011-2012 2010-2011

Fund -0.62 2.4 15.53 9.95 -5.52Source: Financial ExpressPast performance is not an indication of future performance. All performance is quoted net of charges. All performance in this factsheet is based on Income A shares in GBP.

move from a short term softening of tone, to a more hawkish bias around the end of Q1, only to relent on rate rises in the second half of 2016 as US growth momentum fails to sustain. As a result there is some caution warranted given it would result in extremely elevated bond, equity and currency volatility. The obvious downside risk is that a marked slowdown or recession unfolds in the US provoked by policy error. However, in the meantime we see that most central banks have been given a free pass to extend stimulus and usually this has positively impacted asset prices. Strategy: The fund is a fund-of-funds adopting a multi-asset, multi-manager approach to portfolio construction.Guidelines: This fund may be suitable for investors who are seeking capital growth from investing in global stock markets and who are prepared to accept average levels of volatility. This fund is aimed at investors who require an actively managed and diversified portfolio who have an investment time horizon of at least five years. While a broad range of asset classes can be used, typically a maximum of 85% of the underlying portfolio can be invested in global shares.Please see the Key Investor Information Document and Prospectus for further information. These documents also provide further information about the risks that apply when investing within the fund. The value of investments and any income from them is not guaranteed and my go down as well as up; you may get back less than the amount you invested. City Financial Investment Company Limited were appointed as sub-investment manager of the fund on 14th August 2015.

Source: City Financial Investment Company Limited

Share Class Information

Balanced A Inc Balanced B Inc

ISIN GB00B00LNF80 GB0033184986

Sedol B00LNF8 3318498

Bloomberg SNGMPIR SNGMPII

Minimum Investment Amounts £5,000.00 £10,000.00

Initial Charge (max) 4.50% Nil

Annual Management Charge (AMC) 1.50% 0.75%

Ongoing Charge (includes AMC) as at 30th June 2014

2.70% 1.99%

Fund Launch Date 19/04/2004 17/07/2003

Price as at 31st December 2015 137.22p 157.08p

Estimated Yield as at 31st December 2015

1.53% 1.52%

Fund Facts (as at 31st December 2015) The Investment Mixed Investment 40-85% SharesAssociation Sector

Benchmark FTSE WMA Balanced Index (Total Return)

Fund Size £16,046,282XD Dates 1-Apr, 1-Jul, 1-Oct, 1-JanPayment Dates 31-May, 31-Aug, 30-Nov, last day

of Feb

Holdings as at 31st December 2015

Cash 4.93

UK Equities 25.48Ardevora UK Income CF Miton UK Multi Cap Income Fidelity UK Opps TB Garraway UK Equity Market CF Lindsell Train UK Equity River & Mercantile UK Equity Income

European Equities 14.28BlackRock Continental European Income Schroder European Alpha Income Wisdome tree european small cap dividend iShares EuroStoxx Banks 30-15 ETF

US Equities 7.53Legg Mason US Small Cap Opps AHFM US Enhanced Equity

Japanese Equities 4.84GLG Japan CoreAlpha (Hedged) City Financial Japanese Opps

Other Equities 3.52Polar Capital Global Technology

Alternatives 20.87BlackRock Absolute Return Morgan Stanley 15% UKX/SX5E AutoCall (Oct, 6374.85/2994.2) Barclays 7.6% FTSE AutoCall (Oct, 6376.6) Credit Suisse 9.45% UKX/SPX AutoCall (Nov 6696.6/2048.72) Catco Goldman Sachs L/S risk premia

Bonds 18.55L&G All Stocks Index Linked Gilt Index Victory Park Specialty Lending PIMCO GIS Global Investment Grade Credit PFS TwentyFour Dynamic Bond Jupiter Strategic Bond iShares Global High Yield

Source: City Financial Investment Company Limited

IWI FUND MANAGEMENTPart of the Investec Group of Companies.

CHILTERN RAILWAYSChiltern Railways are the main challenger to Virgin Trains on the very competitive Birmingham-London route.

The new creative style for Chiltern Railways uses type in a heroic and dramatic way to build headlines that stand in bold relief against backgrounds which show both Birmingham and London.

I’ve become the main focal point to implement the branding across numerous platforms including print, online and outdoor media. This work is currently being considered for Travel Marketing awards in March 2016.

Book online,only at

Chiltern

£15 return tickets* to London. Book before 6th March, only at

chilternrailways.co.uk/just15 *Terms and conditions apply.

C55035 15pounds_Wrap_BirmInt_Spring.pdf 1 15/12/2015 12:30

Bookby 6thMarch

Only available here.Terms and conditions apply.

Client: Chiltern RailwaysProject/item: £15 o�erSize: 160x600File name: C55035 £15 160x600_spring.ai

DOUGLAS & GORDONEstate Agents

Douglas & Gordon are estate agents for prime and sub-prime property within London.

As part of the production team I was responsible for producing online, print and electronic documents. Retouching commissioned photography to maintain branding, creating storyboards for online units within InDesign, producing interactive pdfs and creating ads for press.

I have had 2 periods of working on-site with the client at their head office in Pimlico to produce their quarterly Investor Views, with glowing praise.

Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015). Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76

Save thousands on fees when you sell your home

Freephone08000 219 219

Watch new TV spots ‘The Block of Ice’& ‘The Pink Scarf’

now and see howmuch you could saveat homeseller.comGENIUS!

Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015). Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76. No Sale, No Fee option is 12 week sole agency & is charged at £1,295 on completion. Reasonable costs apply if you withdraw from a sale.

SELL FOR ONLY

£695INCLUDING VAT

OR

You could save thousands in fees selling your home. Call us now on 08000 219 219

NO SALENO FEE

OPTION

Save thousands on fees when you sell your home

GENIUS!

Freephone08000 219 219

Frame 1.

Frame 2.

Frame 3.

Frame 4.

Client: HomesellerProject/item: Homeseller advertising campaignSize: Leaderboard 728x90File name: C54892 Homeseller_leaderboard 728x90.ai

Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015). Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76. No Sale, No Fee option is 12 week sole agency & is charged at £1,295 on completion. Reasonable costs apply if you withdraw from a sale.

SELL FOR ONLY

£695INCLUDING VAT

OR

You could save thousands in fees selling your home. Call us now on 08000 219 219

NO SALENO FEE

OPTION

Freephone 08000 219 219

HOMESELLEROnline estate agent

Prepared for professional clients and institutional/qualified investors only. It is not to be relied upon by retail clients. The information should not be considered as investment advice of any nature. The value of an investment and any income from it may go down as well as up and investors may not get back the original amount invested. Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association. 12/590/301112

Investment intelligence for the outcome you need.

Find out more

You invest to meet their individual needs.

So our investment solution needs to be equally individual.

You invest to meet their individual needs.

Frame 1. Frame 2. Frame 3. Frame 4.

Frame 5. Frame 6. Frame 7. Frame 8.

SECURE, LONG-TERM INCOME STREAMS.


NEVER MORE EVASIVE. OR MORE IMPORTANT.


Investment intelligence for the outcome you need. Discover income solutions>

NEVER MORE EVASIVE.


For professional clients only.










WE SPEAK YOUR LANGUAGE CAMPAIGN.

AvivA investors

AVIVABritish multinational insurance company

NOW YOU CAN CONTROL YOUR ANNUITY INCOME AND SAVE INCOME TAX

NOW YOU CAN

NOW YOU CAN

COMBINE ANNUITIES & DRAWDOWN IN A SINGLE TAX-ADVANTAGED WRAPPER

SWITCH DRAWDOWN INTO ANNUITIES WITHIN A SINGLE PRODUCT

NOW YOU CAN COMBINE ANNUITIES & DA SINGLE TAX-ADVANTA

Watch the video and find out more

Download your Retirement Account Toolkit

NOW YOU CAN

The Retirement Account

The certainty of an annuity and the flexibility of drawdown in

one simple tax-advantaged wrapper.

Frame 1. ‘NOW YOU CAN’ starts o� large. The swift flies in and out of the letters.

Frame 2. ‘NOW YOU CAN’ decreases in size. The swift flies across and as it does it reveals the remaining headline copy.

Frame 3. ‘NOW YOU CAN’ stays in place as the swift flies away, taking the headline copy with it.

Frame 4. Repeat with headline 2.

Frame 5. Repeat with headline 3.

Frame 6. Headline disappears and ‘The Retirement Account’ appears.

Frame 7. ‘The Retirement Account’ disappears and copy appears in 3 phases broken at annuity and drawdown.

Frame 8. CTA.

COMBINE ANNUITIES & DRAWDOWN IN

A SINGLE TAX-ADVANTAGED WRAPPER.

CONTROL YOUR ANNUITY INCOME

AND SAVE INCOME TAX

NOW YOU CAN

NOW YOU CANCOMBINE ANNUITIES

& DRAWDOWN IN A SINGLE TAX-ADVANTAGED

WRAPPER.

NOW YOU CAN NOW YOU CANSWITCH DRAWDOWN

INTO ANNUITIES WITHIN A SINGLE PRODUCT

The certainty of an annuity and the

flexibility of drawdown in one simple

tax-advantaged wrapper.

TheRetirement

Account

NOW YOU CAN

Download your Retirement Account Toolkit

Watch the video and find out more

RETIREMENT ADVANTAGE

Enhanced annuity provider

14

Introduction

• Retirement Advantage (formerly Stonehaven)

has been a specialist lifetime mortgage

originator and servicer since 2006

• Highly regarded in the industry and winner of

many specialist industry awards

• Acquired by MGM Advantage in 2014, now part

of the Retirement Advantage Group

Distribution

• Retirement Advantage’s products are

distributed through an extensive network of

c.2500 fi nancial intermediaries

• Excellent relationships maintained across the

network as evidenced by exceptional Institute of

Customer Services survey results

• Since acquisition and rebranding, distribution

capabilities have been signifi cantly enhanced

Regulation

• Highly experienced in ensuring all activities

are compliant and has a close and positive

relationship with its regulator, the Financial

Conduct Authority (FCA)

• Member of the Equity Release Council- adhere

to a strict code of conduct

• Active member of the Council of Mortgage

Lenders (CML)- promoting lifetime mortgages

and sharing best practice across lenders

IT Systems

• Systems have been built specifi cally for

the lifetime mortgage market, are unique

and provide end-to-end processing and

administration. They have been built to be

highly scalable

• Automated decision making for more generic

applications, allowing focus on more complex

areas

• Have the ability to o� er 300+ products,

including any bespoke product to match a

specifi c funder’s requirements

Retirement Advantage Equity Release Overview

15

Corporate Governance

• Strong culture of corporate governance,

overseen by management with signifi cant

lifetime mortgage and fi nancial services

experience

• Very low complaint rates, and no complaints

upheld by Financial Ombudsman Service (FOS)

in nearly 10 years of trading

• Recently hired FCA pre-eminent expert in

lifetime mortgages as company Head of

Compliance

Products

• Renowned for speed to market in developing

high-margin specialist products

• Focused on customer outcomes to achieve the

optimal solution for customer and asset owner

Servicing

• Retirement Advantage Equity Release provides

Third Party Administration and servicing for

£500m of mortgages and focuses exclusively

on the lifetime mortgage market

• Responsible for managing all customer

activity (such as annual statements, porting,

repayments, complaint handling, moving into

long term care, death of a party and sale of

property)

• Specially trained team to focus on the sensitive

needs of this older audience

• Retirement Advantage acts as a risk mitigant by

ensuring that all activities remain compliant with

latest FCA regulations

Lifetime mortgages

15149

8

• Rates vary according to risk

o Retirement Advantage rates currently range

from 6.16% p.a. fi xed for life to 7.28%

• Retirement Advantage’s current interest paying

loan portfolio loan characteristics

o Average loan size c. £70,000

o Average property value c. £295,000

o Average initial loan to value (LTV) 25%

o Average age 65

o 40% pay all of interest for whole of life

• For Interest Select products, there is cashfl ow in

early years, unlike traditional interest roll-up

• Low risk assets (low LTVs, interest paying)

• High yielding

Products depend on your strategy and preferences

%

1 3 5 7 9 11 13 15 17 190

2

4

6

8

10

21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

%

1 3 5 7 9 11 13 15 17 190

2

4

6

8

10

12

21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Expected cashfl ow profi le - Lump Sum

Expected cashfl ow profi le - Interest paying

A product could be designed to provide:

• Greater liquidity during the term

• Shorter duration

• Still maintain attractive yields

Bespoke products for individual funders

%

0

2

4

6

8

10

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39

Expected cashfl ow profi le – Lump Sum (shorter duration)

%

1 3 5 7 9 11 13 15 17 190

3

6

9

12

15

21 23 25 27 29 31 33 35 37 39

Expected cashfl ow profi le – Interest paying 100% (shorter duration)

Lifetime mortgages

This could be achieved by:

• Providing a product targeted specifi cally at

over 75 year olds

• Likely annual redemption rates to be 8-10%

• Indicative average term for the product would

be 8-10 years

98

• There are a number of well documented structural reasons why

this market is expected to grow in the future:

o Changes to pension regulations and poor personal pension

provisioning make lifetime mortgages more common

o Enhanced product design from new funders entering the

market

o Signifi cant numbers of interest-only mortgage customers

reaching the end of term without a repayment vehicle

o Political solution to growing pension crisis of asset rich and

income poor retirees

The Lifetime Mortgage Market today

(£)

Q10

9

Q20

9

Q30

9

Q4

09

Q11

0

Q21

0

Q31

0

Q4

10

Q11

1

Q21

1

Q31

1

Q4

11

Q11

2

Q21

2

Q31

2

Q4

12

Q11

3

Q21

3

Q31

3

Q4

13

Q11

4

Q21

4

Q31

4

Q4

14

Q11

5

Q21

5

0

50

100

150

200

250

300

350

400

Quarterly Advances from Equity Release Council

Lender 2012 £m 2013 £m 2014 £m 2015 £m(estimate)

Aviva 434 401 696 700

Just Retirement 279 382 417 300

Legal & General 0 0 0 200

Retirement Advantage 68 58 52 120

More2Life 125 115 85 100

Pure Retirement N/A N/A 60 75

LV= 89 93 105 70

Hodge Lifetime Unknown Unknown 50 50

Source: Equity Release Council data, Annual report and accounts & Retirement Advantage analysis.

Lifetime mortgages

Retirement Advantage: 4th largest lifetime mortgage provider

1110

We will look to achieve the following objectives:

• Provide you with a suite of lifetime mortgage

products which complies with your risk appetite

and provides desired volumes, yield and duration

• Bring those products to market, either using your

own brand or the Retirement Advantage brand

• Work with you to ensure the lifetime mortgage

assets qualify for the matching adjustment under

Solvency II if required

• Manage all aspects of potential reputational risk

to your satisfaction

Understanding your requirements and objectives

Lifetime Mortgage Yield:

Lifetime mortgage yields are calculated at a

product level and then combined with product mix

assumptions to obtain an estimate for the yield of

the portfolio.

Components driving the lifetime mortgage yields

used in pricing are:

• Interest rate

• Expense contribution

• Cost of No Negative Equity Guarantee

• Product mix

For annuity providers, to create the annuity

pricing yield:

• Match assets to liabilities

• Combine lifetime mortgages with bond or

other asset cashfl ows to match the projected

annuity liabilities

• Construct new yield curve using combined

asset cashfl ows/yields

• Adjust yield curve to allow for the cost of capital

This method can be used to create a single

yield curve which can be used to assist with

annuity pricing.

Note:

• AERs based on latest prices

• Expenses cover all origination costs, ongoing servicing costs and the cost of No Negative Equity Guarantee (NNEG). They are shown as an indicative annual charge over the life of the loan.

Illustrative examples of calculating Net Yield from Gross Yield

Interest Select Gold

Lump Sum Platinum

Interest (AER) 6.52% 6.97%

Expenses -0.63% -0.74%

Net Yield 5.89% 6.23%

5

Lifetime mortgages

54

Personal projects

I’ve always been involved in local bands and dj work which has required poster advertising plus social media branding.

Here’s a small selection of what I’ve produced for my dj events alongside bands.

I’ve also included a wedding invite that I believe is different enough to be included.

Kerry Ashleymet at university in 2002

HomeSweetHome

He liked her she liked himThey became friends

3 years (and many boozy nights out) later!

TOGETHER THEY GRADUATEDHaving had a very ‘stressful’ time as students they decided a break was in order… so with backpacks on they headed to Vietnam

Kerry and Ashley realised it was time to get ‘proper’ jobs

After 12,000 miles they realisedit was time to move in togetherRenting (just in case) – it went well!!!So in 2009 they bought their first home and moved to Chelmsford

For 2 years

He said lots of lovely things(whilst Kerry – completely unawares –

stuffed her face with hot donuts)Then nervously finishing with

“So much so… will you marry me?”

She said – Oh My God are you

ACTUALLYbeing serious...

and still verygood friends

Back to the •

REA

L WORLD •

R E A L W O RL

D

Then in May 2006Ashley FINALLY asked Kerry

to be his GirlfriendHorrraahhhh!

ASHLEY drove

to WICKFORDKERRY drove

to ROMFORD

2½ Years later Ashley took Kerryto her favourite place,to her favourite beach, in the rain!!!

It’s the end of one story, and the start of another

Kerry & Ashley invite.pdf 1 15/05/2012 00:02

ChristmasDinner & Dance

2 Course Festive Menu: £25 per personlive singer:

James Leonardperforming Ratpack, Michael Bublé & Motown

plus dj Ska N Mash bringing classic 60s to present day

Saturday 12th DecemberOpen 7.00pm, dinner served 7.30pm

Tel: 01375 672205 or email: [email protected]

to book tickets