Imperial Brands (formerly known as Imperial Tobacco) AstraZeneca RESULTS SEASON. Stephen Lamacraft, 7 March 2016

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1 The views expressed in this article are those of the author at the date of publication and not necessarily those of Woodford Investment Management Ltd. We re heading towards the end of one of the busiest periods of financial reporting in the annual calendar, so I thought I d take the opportunity to update you on the fundamental progress of some of the equity income fund s core holdings. Below, I ve provided a brief update on the investment case for each of the fund s top ten positions, pulled out quotes from the latest financial results for these core holdings and highlighted the latest announced dividend and the rate of growth in that dividend over the previous year. In share price terms, 2016 has started with considerable volatility but in the long-term it s fundamentals that count. Overall, we re pleased to report that the fund s key holdings are performing well operationally and, in an environment of considerable dividend risk, they are delivering attractive and sustainable dividends. Indeed, several of the positions below have delivered very impressive rates of dividend growth and we are confident that will continue. Imperial Brands (formerly known as Imperial Tobacco) Tobacco has, over the years, proven itself to be an extremely dependable industry delivering steady and sustainable growth in cash flows, earnings and dividends year in, year out, regardless of the economic environment. Imperial Brands latest trading update demonstrates this very well with a solid performance across the board and the integration of the brands it acquired in the merger of Reynolds American and Lorillard appears to be progressing very positively. In short, the name change has no impact on the stock s attractive and dependable growth characteristics. We continued to make good progress against our strategic objectives in the first quarter and are well placed to meet full year expectations. We are further sharpening our focus on quality revenue growth and have advanced the simplification of our portfolio and prioritisation of profitable volume. In the USA, the ITG Brands team has made excellent progress in the quarter successfully executing our retailer and wholesale programmes and establishing the foundations for a year of strong delivery. Alison Cooper, Chief Executive On track to deliver full year dividend growth of at least 10% AstraZeneca

2 The results from AstraZeneca were greeted negatively by the market but, in our view, there was nothing wrong with the numbers. Its shares have suffered in the recent sector rotation that has led to pharmaceutical stocks being dumped in favour of the oil and resources sectors. Fundamentally, however, this is unjustified. We had a meeting with Astra s management just after the results and we continue to believe that they are doing all the right things to return the business to growth and create meaningful long-term shareholder value. We delivered a strong pipeline and financial performance in 2015 as we begin the next phase in our strategic journey. The Growth Platforms delivered an 11% rise in product sales that, along with the 7% increase in Core EPS, demonstrated the underlying strength of our business. Our culture of innovation continued to drive R&D productivity, with six regulatory approvals in the year. This momentum will continue in 2016 as we anticipate six regulatory submissions and around ten major data readouts. We strengthened the strategic importance of Oncology, bringing to patients next-generation therapies such as Tagrisso in lung cancer and Lynparza in ovarian cancer, as well as a promising immuno-oncology pipeline. Alongside this organic progress, we also continued to invest in our main therapy areas through key agreements with Acerta Pharma, ZS Pharma, and Takeda. As we face the transitional period of patent expiry for Crestor in the US, we re confident that our strong execution on strategy, combined with the benefits of focused investments and new launches, keeps us on track to return to sustainable growth in line with our targets. Pascal Soriot, Chief Executive Officer Second interim dividend $1.90 per share in line with previous year GlaxoSmithKline Glaxo s management team has successfully managed expectations down over the last twelve months to a level from which they can deliver positive earnings surprises. This hasn t been a comfortable journey for shareholders but we continue to see substantial long-term value, believing that the sum of Glaxo s constituent parts is significantly greater than the whole, as reflected by the current share price. In 2015, we made substantial progress to accelerate new product sales growth, integrate new businesses in Vaccines and Consumer Healthcare and restructure our Global Pharmaceuticals business. This progress means the Group is well positioned to return to core earnings growth in 2016 For 2016, we continue to expect core EPS percentage growth to reach double-digits on a constant currency basis, although we are also mindful that the macro-economic and healthcare environment will continue to be challenging. As a result, we remain focused on improving commercial execution and realising the benefits of our integration and restructuring programme. Sir Andrew Witty, Chief Executive Officer Fourth interim dividend 23.0p per share in line with previous year (plus a special dividend of 20p per share) British American Tobacco Another tobacco company, delivering similarly impressive and dependable growth. Much of what I wrote above about Imperial Brands applies here too. The Group had an excellent year in 2015, despite a challenging external environment. Led by growth across all of our Global Drive Brands, the Group delivered another year of very good revenue and profit growth at constant rates of exchange. Despite significant currency headwinds impacting reported results, the excellent underlying performance of the Group in 2015 and the increase in our total dividend for 2015 to 154.0p are testimony to the strength of the business, our strategy and our confidence in the future.

3 Richard Burrows, Chairman Final dividend 104.6p per share (+4.0% on previous year) BT BT is making solid strategic progress, with the recent acquisition of EE progressing well, and it continues to strengthen its leading position in the UK broadband market. The shares aren t as cheap as they were a few years ago but it continues to offer an attractive yield and the prospect of very strong dividend growth. This is a strong set of results with good numbers across the board. Revenue was up 4.7% this quarter, our best result for more than seven years. We are making good progress towards our goal of sustainable profitable revenue growth. Gavin Patterson, Chief Executive BT s year end is 31 March, so this was a third quarter results statement and no dividend was announced (BT s interim dividend, announced in in October was 4.4p per share, up 12.8% on the previous year). Reynolds American Another tobacco company which is delivering strong and sustainable growth. Its growth prospects have been further improved recently by its merger with Lorillard. Reynolds American s strong fourth-quarter results wrapped up a transformational year for our company. Each of our operating companies delivered excellent results both in the quarter and for the full year. The integration of Newport is going extremely well, and I believe we ve entered 2016 with significant momentum I m very pleased to announce today that we have increased our quarterly dividend by 16.7%, reflecting Reynolds American s strong adjusted EPS growth in 2015 and our outlook for This significant dividend increase reflects the benefits of the completion of the Lorillard acquisition, continued strong growth from our Santa Fe and American Snuff segments, and meaningful cost savings. Susan M. Cameron, President and Chief Executive Officer Fourth quarter dividend $0.42 per share (+25.4% on previous year) Roche Extremely well positioned for long-term growth, Roche has an impressive and valuable portfolio of on-market drugs, along with a high quality pipeline of drugs currently in the clinic. In particular, its market leading position in the exciting and fast-evolving field of immuno-oncology looks under-appreciated by the market, in our view, as does its potential treatment for multiple sclerosis, ocrelizumab was a successful year, with strong business results in both Pharmaceuticals and Diagnostics, driven by our newly launched medicines and diagnostic platforms. I am particularly pleased with the progress of our product pipeline. We reported important clinical data across several areas including cancer, multiple sclerosis, immune and blood diseases. Based on our strong product portfolio and promising pipeline, we are well positioned for the future. Severin Schwan, Chief Executive Officer Annual dividend CHF 8.10 (+1.3% on previous year)

4 Legal & General Annual results are due later this month, so the statement below is taken from its most recent trading statement in November The shares have been under pressure so far this year, with the market appearing increasingly nervous about its exposure to corporate bonds in an environment of deteriorating credit quality in that asset class. We are less concerned the company does indeed hold a substantial portfolio of corporate bonds on its balance sheet but we are reassured about its quality and diversity. We see its recent weakness as unjustified, given its strong cash generation, high yield and the fact that it looks well placed to deliver attractive rates of dividend growth. Legal & General s scale and growing international business, coupled with strategic clarity and financial discipline, has driven a strong performance, particularly in our asset management businesses, resulting in net cash up 14% at 943m External political and regulatory uncertainties remain, but we believe that by aligning our strategy to macro trends we have created a high degree of resilience in our business model and are well positioned for further growth. Nigel Wilson, Group Chief Executive Latest interim dividend 3.45p per share (+19.0% on previous year) BAE Systems Another solid business operating in a dependable industry, BAE Systems is emerging from a period of sluggish growth in good shape. The outlook for defence spending in the US and the UK appears to be improving following several years of budget cuts, and it looks wellplaced to grow in other parts of the world too. We have delivered another year of solid performance. BAE Systems has a large order backlog generated by a well-balanced portfolio of businesses serving the needs of customers in many of the world s larger accessible markets. The Group is well placed to continue to generate attractive returns for shareholders as defence budgets recover and our commercial adjacencies of cyber and commercial electronics continue to grow. Ian King, Chief Executive Final dividend 12.5p per share (+1.9% on previous year) Provident Financial Really well-placed across all of its business units. In particular, Vanquis Bank, its sub-prime credit card business and Moneybarn, which offers non-standard vehicle finance, have been delivering very strong growth and we expect that to continue. Meanwhile, credit quality is being astutely managed in its Satsuma division which is expected to reach profitability this year. Earnings and dividends have been growing at double-digit rates and this looks sustainable for several years to come, in our view. I am delighted to announce adjusted earnings per share growth of 22.6% in 2015 and a 22.6% increase in the dividend for the year, reflecting strong capital generation and a very robust funding position The group has made a good start to Vanquis Bank and Moneybarn have continued to trade strongly and the home credit business has enjoyed a very satisfactory collections performance. Peter Crook, Chief Executive Final dividend 80.9p per share (+26.6% on previous year)

5 What are the risks? The value of the fund and any income from it may go down as well as up, so you may get back less than you invested Past performance cannot be relied upon as a guide to future performance The annual management charge is charged to capital, so the income of the fund may be higher but capital growth may be restricted or capital may be eroded The fund may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits some of these security types could increase the fund s volatility and increase the level of indirect charges to which the fund is exposed The fund may invest in overseas securities and be exposed to currencies other than pound sterling as a result, exchange rate movements may cause the sterling value of investments to decrease or increase The fund may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded the lack of an open market may also make it more difficult to establish fair value Important information Before investing, you should read the Key Investor Information Document (KIID) for the fund, and the Prospectus which, along with our terms and conditions, can be obtained from the downloads page or from our registered office. If you have a financial adviser, you should seek their advice before investing. Woodford Investment Management Ltd is not authorised to provide investment advice. The Woodford Funds (Ireland) ICAV (the Fund ) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland. The Fund s Swiss paying agent is Neue Helvetische Bank AG. All fund documentation including, Prospectus, Key Investor Information Documents, Instrument of Incorporation and financial reports may be obtained free of charge from the Swiss Representative in Lausanne. The place of performance and jurisdiction for all shares distributed in or from Switzerland is at the registered office of the Swiss Representative. Fund prices can be found at Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number ). Incorporated in England and Wales, company number Registered address 9400 Garsington Road, Oxford OX4 2HN. Woodford Patient Capital Trust plc is incorporated in England and Wales, company number Registered as an investment company under section 833 of the Companies Act Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP Woodford Investment Management Ltd. All rights reserved.