AUGUST Emerging Markets. Pacific ex Japan. Global Property. UK Property BRIC

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1 INDICATOR HOW TO USE INDICATOR The indicator provides investors with a 2-month stock market outlook from a selection of fund groups linked to Old Mutual International. We provided the fund groups with an index as a benchmark for each sector and asked them how they think the index will perform over the next 2 months. These views are not fund specific. We have asked the fund groups to provide an outlook for each sector as a whole. These are Investment House views and are not fund-specific. s s h i Negative Neutral Positive View not provided Positive shift Negative shift Aberdeen Barings BNP Paribas BMO (formerly F&C) Fidelity * Henderson HSBC Invesco Perpetual JPMorgan M&G Pictet Schroders Columbia Threadneedle Consensus ly % Performance BENCHMARKS AND MARKET MOVEMENTS percentage growth Equities UK UK Smaller Companies US US Smaller Companies Europe Japan Pacific ex Japan Emerging Markets BRIC Property UK Property Global Property Bonds UK Government UK Corporate International Equities UK Past performance is not a guide to the future. The value of units may fall as well as rise. UK Smaller Cos US US Smaller Cos Europe AUGUST 205 Property *This is the view of Fidelity Solutions' Tactical Asset Allocation team, they do not represent those of Fidelity Worldwide Investment. These views give an overall sense of Fidelity s opinion, but do not indicate a specific numerical value or index in relation to their outlook. Year Years 5 Years 0 Years Source for all performance information: Morningstar Direct. Cumulative return in with gross income reinvested over period August 2005 to August 205. All asset classes are represented by the equivalent Morningstar Europe OE category. Japan Pacific ex Japan Emerging Markets Bonds p p q p p q p q q q p p p p p p p n i p q q p q q q q p p q q p n p q p p q i q p q i q q i h q n p p p q p q q p p p q q q q p p p h p p p p p p q q q p p q q q q i p p h p p h q i q i p p p p p q q p p p q p q q q p p pq q q q BRIC UK Property Global Property UK Governmentl UK Corporate International INDICATOR CATEGORIES The outlook provided by the fund group for equities ignores the effect that currency movements can have on the market. For example, if the fund group believes the US outlook is positive, but believes the strength of Sterling will be a deterrent for UK investors, they will still show a positive outlook for the US market. The outlooks for equities, bonds and property relate to the specific indices shown in the benchmarks and market movements table below the indicator grid. The performance information shown in this table is calculated in US Dollar terms. OUTLOOK GUIDELINES s A POSITIVE OUTLOOK the fund group believes the index they are using as a benchmark will rise in excess of 5% over the next 2 months. A NEUTRAL OUTLOOK the fund group believes the index they are using as a benchmark will have either a positive or negative movement of between 0% and 5%. q A NEGATIVE OUTLOOK the fund group believes the index they are using as a benchmark will fall in excess of 5% over the next 2 months. AUGUST 205 INFORMER 5

2 FUND NEWS August 205 FUND LAUNCHES MFS European Smaller Companies Schroder ISF Japanese Opportunities Schroder ISF Indian Opportunities OM Asian Equity OM Asian Equity OM Asian Equity OM ly Income High Yield Bond OM ly Income High Yield Bond Old Mutual International Old Mutual International Underlying Currency Isle of Man Ireland 08/09/205 08/09/205 8/08/205 0/0/205 0/0/205 0/0/205 0/0/205 0/0/205 FUND SUSPENSIONS The following funds are currently suspended until further notice. For further information or indicative prices (where available), please visit our website detailed below. Aviva Investors Asia Pacific Property Close Property Investment Portfolio Old Mutual International Old Mutual International Underlying Currency Isle of Man Ireland // Suspension pending closure Until further notice OTHER EVENTS Name change GLG Continental Europe to Man GLG Continental European Growth Name change GLG Technology Equity to Man GLG Technology Equity Name change GLG UK Income to Man GLG UK Income Name change GLG UK Select to Man GLG UK Select Name change Man AHL Trend to Man AHL Trend Alternatives Old Mutual International Old Mutual International Underlying Currency Isle of Man Ireland 8/08/205-8/08/205-8/08/205-8/08/205 - /07/205 - FOR FURTHER DETAILS VISIT INFORMER AUGUST 205

3 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 Year Years 5 Years AMC SFC Managed Solutions available in different risk profiles, providing a high level of diversification across multiple asset classes 9909 Aggressive N 90 Balanced N Cautious N Defensive N Global Dynamic Bond N 99 Aggressive N 9000 Balanced N Cautious N Defensive N Global Dynamic Bond N Aggressive Y 9527 Balanced Y 9528 Cautious Y Defensive N Global Dynamic Bond N Sector Solutions offering access to a wide range of different asset classes and sectors EQUITIES Ethical N 9774 Global Dynamic Equity N 9897 Global Equity Income N OM Asian Equity N UK Equity N 9250 UK Index Tracker Y UK Opportunities N UK Select Equity N 949 US Index Tracker Y European Best Ideas N 9744 European Equity N OM Asian Equity N SEK Swedish Equity ()¹ Y Global Emerging Markets N Global Equity N Greater China Equity N 8549 Japanese Equity N OM Asian Equity N Pacific Equity N UK Alpha N 9740 US Dividend N 8550 US Equity N FIXED INCOME Emerging Markets Debt N 9705 Global Fixed Interest Blend N OM ly Income High Yield Bond N Strategic Bond N Emerging Markets Debt N 9802 Euro Bond N Emerging Markets Debt N Global Fixed Interest Blend Y 985 Investment Grade Corporate Bond N Local Currency Emerging Market Debt N OM ly Income High Yield Bond N 9740 Total Return Bond N MULTI-ASSET 9800 OM Foundation N 9804 OM Foundation N 972 Global Best Ideas N Index Cautious N OM Foundation N 980 OM Foundation N 997 Diversified Managed Y OM Foundation N 980 OM Foundation N 9805 OM Foundation N ALTERNATIVES Global Equity Absolute Return N PROPERTY 9709 Global Property Securities N Global Real Estate Securities Y Further fund performance information available from AUGUST 205 INFORMER 7

4 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 EQUITIES AMC SFC EQUITIES ASIA PACIFIC Baring Korea Y 992 First State Asia Pacific Leaders N Old Mutual Asia Pacific N OM Asian Equity N Year Years 5 Years 9787 DWS Invest Top 50 Asia N OM Asian Equity N Aberdeen Global Asia Pacific Equity Y Alquity Asia² N Baring ASEAN Frontiers Y BNY Mellon Asian Equity Y Eastspring Investments Asian Infrastructure Equity Y Eastspring Investments Dragon Peacock Y Eastspring Investments Indonesia Equity Y Fidelity Emerging Asia N HSBC GIF Korean Equity Y HSBC GIF Singapore Equity Y 97 5 HSBC GIF Thai Equity Y Invesco Asean Equity Y 977 Invesco Asia Balanced Y Invesco Asia Consumer Demand Y Invesco Asia Infrastructure Y Invesco Asia Opportunities Equity Y Invesco Asian Equity Y JP Morgan Asean Y JP Morgan Australia Y JP Morgan Eastern Smaller Companies Y JP Morgan Korea Y 85 4 JP Morgan Pacific Securities Y JP Morgan Taiwan Y JP Morgan Thailand Y OM Asian Equity N Pacific Equity N Pictet Pacific (ex Japan) Index N Templeton Asian Growth Y EQUITIES BRIC Allianz BRIC Equity N HSBC GIF BRIC Markets Equity Y Schroder ISF BRIC N Templeton BRIC Y EQUITIES CHINA AND HONG KONG 9797 Aberdeen Global Chinese Equity Y Baring China Select Y Baring Hong Kong & China Y BlackRock GF China Y Fidelity China Consumer Y Fidelity China Focus Y First State China Growth Y First State Hong Kong Growth Y Greater China Equity N Henderson Horizon China² Y HSBC GIF Chinese Equity Y HSBC GIF Hong Kong Equity Y Invesco PRC Equity Y 85 4 JP Morgan Greater China Y JP Morgan Hong Kong Y Legg Mason Martin Currie GF Greater China N Value Partners Classic N EQUITIES EMERGING MARKETS 98 4 Baring Dynamic Emerging Markets N Baring Global Emerging Markets Y Fidelity Emg Europe, Middle East & Africa Y 997 First State Global Emerging Markets Leaders N JP Morgan Emerging Mkts Investment Trust² N Jupiter New Europe N Aberdeen Global Emerging Markets Equity Y 97 4 Aberdeen Global Emerging Mkts Infrastructure N 9880 Alquity Africa² Y Baring Eastern Europe Y Baring Global Emerging Markets Y 9754 Franklin MENA Y 988 Emirates MENA Top Companies N Global Emerging Markets N HSBC GIF Global Emerging Markets Equity Y Invesco Emerging Markets Equity Y Investec GSF Africa Opportunities N JP Morgan Emg Europe, ME & Africa Equity Y JPM Emerging Markets Opportunities N JP Morgan Middle East Equity Y Parvest Equity World Emerging Y Schroder ISF Global Emerging Markets Opps N Schroder ISF Middle East N Templeton Emerging Markets Y Templeton Emerging Markets Smaller Cos Y Templeton Frontier Markets Y VAM Emerging Markets Growth² N 8 INFORMER AUGUST 205

5 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August AMC SFC EQUITIES ENERGY 978 Jupiter Global Ecology Growth N Parvest Equity World Utilities Y Year Years 5 Years 92 4 BlackRock GF New Energy Y BlackRock GF World Energy Y 9758 HSBC GIF Global Equity Climate Change Y Investec GSF Global Energy Y Parvest Global Environment N 972 Schroder ISF Global Climate Change Equity Y EQUITIES OPE Baring Europe Select Y Fidelity European N GAM Star Continental European Equity Y Man GLG Continental European Growth N 9594 Henderson European Growth N 8504 Henderson Gartmore Pan European N European Best Ideas N 9744 European Equity N 9582 Henderson Gartmore Continental European N HSBC GIF Euroland Equity Y 9790 Jupiter European Opportunities N 9755 Lazard European Equity N MFS Meridian European Value N Pictet Europe Index N SEK Swedish Equity ()¹ Y Henderson Gartmore Pan European N Investec GSF Continental European Equity Y EQUITIES GLOBAL 948 Aberdeen World Equity N AXA Framlington Financial N 9529 AXA Framlington Global Opportunities N 949 BlackRock Global Equity N Ethical N F&C Investment Trust N 9492 Fidelity Global Financial Services Y Fidelity Global Industrials Y 9772 Fidelity Global Special Situations N 9774 Global Dynamic Equity N 979 Henderson Global Care Growth N Henderson Global Financials N Invesco Perpetual Global Equity N Jupiter Ecology N 9724 Newton Global Equity N Newton Real Return N 905 Sarasin EquiSar Global Thematic N Credit Suisse Equity Fund (LUX) Global Prestige N 9778 Jupiter Global Financials N 9707 Aberdeen Global World Equity N 954 Baring Global Select Y BlackRock GF Global Allocation Y BlackRock GF Global Equity Y Dominion CHIC N 9828 Fidelity Global Demographics N 9892 Fidelity Global Dividend Y Fidelity Global Real Assets N Franklin Mutual Global Discovery Y Global Equity N 9740 HSBC Amanah Global Equity N Investec GSF Global Franchise () N 9442 Investec GSF Global Dynamic Y Investec GSF Global Strategic Equity Y JP Morgan Global Unconstrained Equity Y Jupiter Merlin International Equity N M&G Global Basics N MFS Meridian Global Concentrated N Pictet Premium Brands N 97 Schroder ISF QEP Global Active Value Y Templeton Global Y VAM Driehaus N 9897 Global Equity Income N 974 Henderson Global Equity Income N 97 Allianz Oriental Income N Invesco Global Equity Income N 9828 JP Morgan Asia Pacific Income Y JP Morgan Global Income N 9880 Templeton Global Income N EQUITIES HEALTH 949 Fidelity Global Health Care Y 9509 Schroder Global Healthcare N 95 AXA World Funds Framlington Health Y BlackRock GF World Healthscience Y 922 Invesco Global Healthcare Y AUGUST 205 INFORMER 9

6 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 Year Years 5 Years AMC SFC EQUITIES INDIA Fidelity India Focus Y BlackRock GF India Y Franklin India Y HSBC GIF India Equity Y JP Morgan India Y Jupiter India N Kotak India Growth N Kotak India Mid Cap N EQUITIES JAPAN 925 Fidelity Japan Smaller Companies N 907 Schroder Tokyo N 972 JPY Aberdeen Global Japanese Smaller Cos ()¹ N 979 Franklin Japan N 8549 Japanese Equity N EQUITIES LATIN AMERICA Threadneedle Latin America Y Alquity Latin America² N BlackRock GF Latin America Y Fidelity Latin America Y HSBC GIF Brazil Equity Y Investec GSF Latin American Equity Y MFS Meridian Latin American Equity N Parvest Equity Brazil Y EQUITIES NORTH AMERICA 9 Fidelity American Special Situations N 97 Schroder US Smaller Companies N 9979 Threadneedle American Y 949 US Index Tracker Y 9722 BlackRock GF US Flexible Y 9252 Fidelity American Growth N 9828 Franklin Mutual Beacon Y 9705 Franklin US Equity Y Franklin US Opportunities Y GAM Star US All Cap Equity Y 8520 JP Morgan America Equity Y MFS Meridian US Value N Neptune US Opportunities N 9850 North American Equity N Pictet USA Index N 9740 US Dividend N 8550 US Equity N VAM US Mid Cap Growth² N VAM US Small Cap Growth² N EQUITIES RUSSIA Parvest Equity Russia Y Baring Russia² N HSBC GIF Russia Equity Y Neptune Russia & Greater Russia N EQUITIES TECHNOLOGY AXA Framlington Biotech N Man GLG Technology Equity N 8508 Henderson Global Technology N 942 Aberdeen Global Technology Y Franklin Biotechnology Discovery N Franklin Technology Y EQUITIES UK 9708 Aberdeen UK Equity N 9747 Artemis UK Special Situations N 9845 AXA Framlington UK Select Opportunities N BlackRock GF United Kingdom Y 978 Fidelity UK Special Situations N 95 Man GLG UK Select N 9555 Henderson UK & Irish Smaller Companies N Henderson UK Alpha N 9805 HSBC GIF UK Equity Y 97 HSBC UK Freestyle N 94 HSBC UK Growth & Income N 949 Invesco Perpetual UK Smaller Companies N 8507 Invesco UK Equity N 9782 Liontrust UK Growth N 978 Liontrust UK Smaller Companies N 929 M&G Recovery N 980 Schroder UK Alpha Plus N 95 4 Schroder UK Mid N UK Equity N 9250 UK Index Tracker Y UK Opportunities N UK Select Equity N UK Alpha N EQUITIES UK INCOME 975 Artemis Income N 957 Man GLG UK Income N Invesco Perpetual High Income N 9249 Jupiter Income Trust N 9778 Liontrust Global Income N 20 INFORMER AUGUST 205

7 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 FIXED INCOME AMC SFC FIXED INCOME EMERGING MARKETS Emerging Markets Debt N Year Years 5 Years Emerging Markets Debt N Aberdeen Global Emerging Markets Bond N 9797 BlackRock GF Emerging Markets LC Bond Y Eastspring Investments Asian High Yield Bond N Emerging Markets Debt N 982 Emirates Global Sukuk N Emirates MENA Fixed Income N 982 HSBC GIF India Fixed Income N 9772 Invesco Emerging Local Currencies Debt Y 972 Investec GSF Emg Mkts Local Currency Debt Y Investec GSF Latin American Corporate Debt Y JP Morgan Emerging Markets Bond N JP Morgan Emerging Markets Debt Y Local Currency Emerging Market Debt N MFS Meridian Emerging Markets Debt N 99 Parvest Bond Best Selection World Emerging Y Templeton Emerging Markets Bond Y UTI Indian Fixed Income N FIXED INCOME GLOBAL 9705 Global Fixed Interest Blend N 9849 M&G Short Dated Corporate Bond N Newton International Bond N OM ly Income High Yield Bond N Old Mutual Global Strategic Bond N Threadneedle Dollar Bond Y Allianz Bondspezial² N 9802 Euro Bond N Global Dynamic Bond N Aberdeen Global Asian LC Short Duration Bond Y Baring High Yield Bond Y 8554 BlackRock GF World Bond Y BlackRock GF Global Inflation Linked Bond N 984 BNY Mellon Global Bond Y 9788 Eastspring Investments Asian Bond Y Eastspring Investments US High Yield Bond N Franklin High Yield Y Franklin Strategic Income N 9709 Franklin US Government Y Global Dynamic Bond N Global Fixed Interest Blend Y 9784 HSBC GIF Global Core Plus Bond N 85 2 Invesco Bond N 985 Investment Grade Corporate Bond N JP Morgan Global High Yield Bond Y MFS Meridian High Yield N 9808 MFS Meridian Limited Maturity N MFS Meridian Research Bond N OM ly Income High Yield Bond N PIMCO Global Investment Grade Credit N 9795 Schroder ISF Global Corporate Bond Y Schroder ISF Global High Yield Y Templeton Global Bond Y Templeton Global Total Return Y 9740 Total Return Bond N FIXED INCOME UK Artemis High Income N BlackRock UK Gilts All Stocks Tracker N Fidelity Money Builder Income N Fidelity Sterling Bond Y Global Dynamic Bond N 9 Henderson Fixed Interest ly Income N Invesco Sterling Bond N Lloyds High Income N Lloyds Sterling Bond N M&G Offshore Corporate Bond N M&G Offshore High Yield Corporate Bond N 994 Premier Multi-Asset Conservative Growth N Strategic Bond N 998 Threadneedle Strategic Bond Y Threadneedle UK Corporate Bond N MULTI-ASSET MULTI-ASSET AGGRESSIVE 9909 Aggressive N 9804 OM Foundation N 972 Global Best Ideas N 99 Aggressive N Aggressive Y 9805 OM Foundation N MFS Meridian Prudent Wealth N AUGUST 205 INFORMER 2

8 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 MULTI-ASSET Year Years 5 Years AMC SFC MULTI-ASSET BALANCED 90 Balanced N CF Miton Cautious Multi Asset N 9800 OM Foundation N Lloyds Multi Strategy Growth N 90 2 Sarasin GlobalSar Strategic N 9000 Balanced N 980 OM Foundation N 9527 Balanced Y 997 Diversified Managed Y Emirates Active Managed N Emirates Balanced Managed N 980 OM Foundation N 984 Jupiter Merlin International Balanced N MFS Meridian Global Total Return N MULTI-ASSET CAUTIOUS Aberdeen Managed Distribution N Cautious N Cautious Investec Managed N Defensive N Henderson Cautious Managed N Index Cautious N 9748 Lloyds Multi Strategy Conservative N Newton Multi-Asset Diversified Return N Cautious N Defensive N OM Foundation N 9528 Cautious Y Defensive N 9790 Emirates Conservative Managed N 979 Fidelity Multi Asset Strategic N OM Foundation N ALTERNATIVES ALTERNATIVES - ABSOLUTE RETURN Global Equity Absolute Return N 980 Henderson Multi-Manager Absolute Return N 9774 Schroder ISF Asian Bond Absolute Return N 9770 Schroder ISF Emg Mkt Debt Absolute Return N ALTERNATIVES - SPECIALIST JP Morgan Global Convertibles N Aviva Investors Global Convertibles N Fulcrum Alternative Beta Plus Daily N Man AHL Trend Alternative² N COMMODITIES COMMODITIES AGRICULTURE 9789 Baring Global Agriculture N 9748 Sarasin Food & Agriculture Opportunities N 978 DWS Invest Global Agribusiness N Allianz Global Agricultural Trends N COMMODITIES NATURAL RESOURCES JP Morgan Natural Resources N Parvest Equity World Materials Y Baring Global Resources Y BlackRock GF World Mining Y Franklin Natural Resources Y Investec GSF Global Natural Resources Y JP Morgan Global Natural Resources Y Legg Mason Martin Currie GF Global Resources N Pictet Timber Y 979 Pictet Water Y COMMODITIES PRECIOUS METALS 92 5 BlackRock Gold & General N BlackRock GF World Gold Y BMG Bullion N BMG Gold Bullion N Franklin Gold & Precious Metals Y Investec GSF Global Gold Y Pictet (CH) Precious Metals Fund - Physical Gold N 22 INFORMER AUGUST 205

9 ALL CURRENCIES (,,, ) All percentage growth calculated to /07/205 Performance % over one year to end July 205 August 205 PROPERTY PROPERTY GLOBAL Aviva Investors European Property N 9709 Global Property Securities N Year Years 5 Years AMC SFC Aviva Investors European Property N Aviva Investors European Property N Global Real Estate Securities Y Schroder ISF Global Property Securities N PROPERTY UK 952 Aberdeen Property Share N Aviva Investors Property Trust N 9955 Henderson UK Property N M&G Property N CASH CASH FUNDS DEPOSIT 8502 Deposit Y 9202 Deposit N 922 Deposit Y 852 Deposit Y CASH MONEY MARKET 982 BlackRock GF Euro Reserve Y 9792 Emirates Islamic Money Market N CURRENCY CONVERTER The tables below show the relative performance (%) of each currency against the currencies shown. month months months year years 5 years 0 years month months months year years 5 years 0 years month months months year years 5 years 0 years month months months year years 5 years 0 years Source for all performance information: Morningstar, bid to bid with gross income reinvested back into the fund. s Ethical profile. * Funds marked with are authorised by the Hong Kong Securities and Futures Commission (SFC), and can therefore be promoted to Hong Kong investors. The funds show performance rather than the performance of the underlying currency of the Fund. 2 The fund manager may apply a Performance Related Fee (PRF). The AMC shown is illustrative as it would need to be adjusted to take account of the PRF. For further information on how the PRF for this fund is calculated please refer to the performance related fee document, which can be found at ~ This fund is available for distribution by selected third parties in the Middle East region only. This fund is closed to new business. Investors should be aware that unit prices and the income from units may fall as well as rise and that past performance is not a guide to the future. Where a fund invests in securities designated in a different currency to the fund or where an underlying fund is denominated in a different currency, investments may rise and fall purely as a result of exchange rate fluctuations. Sector classifications are proprietary to Old Mutual International. The performance figures shown are inclusive of all external fund management fees and Old Mutual International s Annual Management Charge; however, they exclude product charges. The currency that features at the beginning of the Old Mutual International fund names indicates the currency that the funds are denominated in (the base currency). For example, the Old Mutual International Balanced Portfolio is denominated in Sterling. Old Mutual International s Multi-currency pricing system allows Old Mutual International to take the price of a fund and, by applying an exchange rate to it, produce equivalent prices in other currencies. The fund codes shown under the heading additional re-priced currencies indicate the availability of multi-currency priced funds. Old Mutual International Portfolio Bond products must invest directly into the base currency funds. This Morningstar sourced information is provided to you by Old Mutual International and is used at your own risk. Morningstar take care to ensure that the information provided is correct. Morningstar and Old Mutual International neither warrants, represents nor guarantees the contents of the information, nor do they accept any responsibility for error, inaccuracies, omissions or any inconsistencies herein. Investors should be aware of the risks when investing in Emerging Market Funds are they may be subject to considerable fluctuations in value. They are additional to the normal risks inherent in securities. Local dealing restrictions may make certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is only suitable for sophisticated investors who understand the risks involved. AUGUST 205 INFORMER 2