Threadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited

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1 Details before Details after 01/12/2011 US Equities American 01/12/2011 Walter Scott & Partners Limited American 01/12/2011 The US Equities Portfolio seeks to achieve capital appreciation by investing principally in a diversified portfolio of equity securities corporate issuers headquartered in the United States or exercising a predominant part of their activity in this country. Secondarily, the Portfolio may invest in other securities convertible into equity securities and/or warrants. The securities will generally be of companies with capitalisations that are similar to those of companies represented in the S&P 500 Index. The American Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of medium to large companies domiciled in North America or with North American operations. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). Focused US Growth Equities : American Select Navellier and Associates, Inc. American Select The Focused US Growth Equities Portfolio will principally be invested in a concentrated portfolio of equity securities of corporate issuers headquartered in the United States or exercising a predominant part of their activity in the U.S. The holdings will generally be of companies with large market capitalisations. The Focused US Growth Equities Portfolio may secondarily invest in securities convertible into equity securities and/or warrants. The American Select Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of companies domiciled in North America or which have North American operations. These include Smaller Companies. There will be no particular specialisation. The select investment approach means that the Portfolio has the flexibility to take stock and sector positions which may lead to increased levels of volatility. Asian Equity Income 17/08/18 01/02/2013 The Asian Equity Income Portfolio seeks to achieve income and capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities, convertible debt securities, real estate investment trusts and Money Market Instruments). Asia The Asian Equity Income Portfolio seeks to achieve income and capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities, convertible debt securities, real estate investment trusts and Money Market Instruments). The Portfolio may invest up to 40% of its Net Asset Value in China A-Shares through the China-Hong Kong Stock Connect Programme. Asian Equity Income 01/02/2013 The Asia Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). The Asia Asian Equity Income Portfolio seeks to achieve income and capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities, convertible debt securities, real estate investment trusts and Money Market Instruments). 1

2 Details before Details after New Asia Pacific Asia Mondrian Investment Partners Limited The New Asia-Pacific Portfolio will be principally invested in a diversified portfolio of equity securities of issuers headquartered or exercising a predominant part of their activity in the following countries: Hong Kong, Singapore, Malaysia, Thailand, South Korea, Taiwan, Philippines, India, Indonesia, China, Pakistan, Australia, Sri Lanka and New Zealand. Investments will generally exclude securities issued in Japan. These markets differ widely in terms of their underlying economies, market capitalization and trading liquidity. Within each of these markets, the Portfolio's investments are expected to be diversified to spread risk and to provide a larger representation of the growth potential of the country. The developing Asian markets are volatile and characterized by phases of rapid economic growth and economic recession, and have underdeveloped capital markets. Consequently, they tend to be illiquid and expensive to trade. The investment approach will involve the active allocation of assets between these markets to achieve maximum growth. If any of these countries impose currency or capital restrictions, which limit the ability of the Portfolio to realize its investments, the Portfolio shall not make any new or additional investments in that country until said restrictions are removed. The Portfolio will be limited to no more than 50% of its net assets, at the time of purchase, in any one country. Secondarily, the Portfolio may invest in securities convertible into equity securities and/or warrants. Most of the countries included within this Portfolio are Emerging Markets Countries. Emerging market investments are more volatile and present higher risk than investments in more established markets. Investors should consider this extra risk when evaluating the potential benefits of investing in this Portfolio. The Asia Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). Emerging Market Corporate Bond 31/03/2010 Class AU, AEH and AUP: Asset Management Fee: 1.15% Shareholder Servicing Fee: 0.25% Class DU and DEH: Asset Management Fee: 1.15% Shareholder Servicing Fee: 0.40%. Class W and P: Asset Management Fee: 1.15% Shareholder Servicing Fee: N/A. Class IU and IEH: Asset Management Fee: 0.70% Shareholder Servicing Fee: N/A. Class AU, AEH and AUP: Asset Management Fee: 1.00% Shareholder Servicing Fee: 0.50% Class DU and DEH: Asset Management Fee: 1.00% Shareholder Servicing Fee: 1.00% Class W and P: Asset Management Fee: 1.00% Shareholder Servicing Fee: N/A Class IU and IEH: Asset Management Fee: 0.80% Shareholder Servicing Fee: N/A. 31/03/2010 Emerging Markets Low Duration Emerging Market Corporate Bond 31/03/2010 2

3 Details before Details after The Emerging Markets Low Duration Portfolio seeks to achieve total return from income and capital appreciation by investing principally in U.S. Dollardenominated or U.S. Dollar-linked debt, bank obligations, corporate obligations, and other obligations issued or guaranteed by institutions and corporations having their head office in Emerging Markets Countries or by sovereignties or supranational entities of or in Emerging Markets Countries; financial institutions or sovereignties of G-7 Countries may also guarantee the payment of interest and/or principal of the above mentioned issues. Up to 40% of the net assets of the Portfolio may be invested in obligations of corporate issuers, other than financial institutions. The Portfolio may also invest in Money Market Instruments. The Portfolio may secondarily invest in credit linked notes and U.S. Dollar-denominated or U.S. Dollarlinked debt instruments issued by U.S. corporations not referenced in the preceding sentence provided that such instrument is rated A1 or A2 by S&P, Prime 1 or Prime 2 by Moody s or must be similarly rated by another internationally recognized rating service, or, if not rated, must be an obligation that the Management Company or the relevant Sub- Advisor judges to meet similar credit quality criteria. The average duration of the Portfolio will not exceed one year and the residual duration of each investment will not exceed three years. The Emerging Market Corporate Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in U.S. Dollardenominated or U.S. Dollar hedged Investment Grade and Below Investment Grade debt and other obligations issued or guaranteed by institutions and corporations having their head office in, or conducting a part of their business in, Emerging Market Countries. The Portfolio may secondarily invest in other debt securities, including bonds issued by sovereign borrowers from Emerging Market Countries, bonds issued by sovereign and corporate borrowers from OECD, deposits, cash and near cash. The average duration of the Portfolio will not exceed five years. Emerging market investments are more volatile and present higher risk than investments in more established markets. Investors should consider this extra risk when evaluating the potential benefits of investing in this Portfolio. The Portfolio may also use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, interest rate swaps, interest rate futures and credit default swaps. Standard Bank, Plc. 27/10/2008 Fund suspension Portfolio suspended from October 27, 2008 to March 23, 2009 Stone Harbor Investment Partners LP Emerging Market Debt The Emerging Market Debt Portfolio seeks to achieve capital appreciation from investments principally in a broadly diversified range of Transferable debt Securities, such as bonds, debentures and notes of Emerging Markets Countries government and private issuers, or warrants on the same. The Portfolio will be limited to no more than 25% of its net assets, at the time of purchase, being invested in one country. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, repurchase agreements, futures on Transferable Securities, total return swaps, interest rate swaps, credit-linked notes and credit default swaps. Emerging market investments are more volatile and present a higher risk than investments in more established markets. Potential investors should consider this extra risk when The Emerging Market Debt Portfolio seeks to achieve total return from income and capital appreciation by investing principally in high yielding sovereign and corporate bonds issued by borrowers from Emerging Market Countries. The Portfolio may further invest in other fixed income securities, including bonds issued by countries making up the G7, deposits, cash and near cash. 3

4 Details before Details after evaluating the potential benefits of investing in this Portfolio. The Portfolio s investment in Emerging Markets Countries may include, but will not be limited to, investment in the following countries: Latin America/Caribbean: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Nicaragua, Panama, Peru, Uruguay, Venezuela, Trinidad and Tobago. Asia: India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan, Thailand and Vietnam. Eastern Europe: Bosnia, Bulgaria, Croatia, Czech Republic, Hungary, Kazakhstan, Poland, Romania, Russia, Serbia, Turkey and Ukraine. Africa/Middle East: Algeria, Cameroon, Egypt, Ivory Coast, Jordan, Lebanon, Madagascar, Morocco, Nigeria, Qatar, South Africa, Sudan, and Tunisia. If any of these countries impose currency or capital restrictions that limit the ability of the Portfolio to realize its investments, the Portfolio shall not make any new or additional investments in that country until said restrictions are removed. Enhanced Commodities 27/10/2008 Fund suspension Portfolio suspended from October 27, 2008 to February 17, /04/2019 The expected level of leverage determined on the sum of notionals basis would likely average 0-400%. 31/01/2014 The Enhanced Commodities Portfolio seeks to achieve capital appreciation which is directly and indirectly linked to commodity markets. The Portfolio will invest in financial derivative instruments whose underlying instruments are commodity indices or sub-indices composed of futures contracts on physical commodities. The Portfolio may also invest in exchange traded funds and/or exchange traded commodities/securitised notes, certificates, Investment Grade government securities, Money Market Instruments, cash, equities and/or other debt securities. The Portfolio will use financial derivative instruments for investment purposes, hedging and efficient portfolio management. The expected level of leverage determined on the sum of notionals basis would likely average 0-400%, and is not expected to exceed 700%. The Enhanced Commodities Portfolio seeks to achieve capital appreciation which is directly and indirectly linked to commodity markets. The Portfolio will invest in financial derivative instruments whose underlying instruments are diversified commodity indices composed of futures contracts on physical commodities. To create under and overweight positions relative to the reference portfolio in individual commodities and commodity sectors, it is intended to use a combination of long and short positions in diversified commodity indices. The long and short positions will largely offset one another and provide the Sub-Advisor the ability to adjust weights and position on the curve consistent with the Portfolio s investment strategy. The long and short positions will result in creating leverage on a sum of notionals basis, but on a net basis the Portfolio will continue to be fully invested in commodities and will not be leveraged to the market. Additionally, the Portfolio will not have any net short commodity positions. The expected level of leverage determined on the sum of notionals basis would likely average 0-400%. A degree of leverage on a sum of notionals basis can be attributed to transactions related to the hedged Classes of the Portfolio. The Portfolio will report global exposure on a relative VaR basis. The relative VaR limit will be 30% more than the VaR of the reference benchmark of the Portfolio. The Portfolio will invest collateral in investment grade government debt with maturities less than one year. The Portfolio may also invest in exchange traded funds and securitised notes, certificates, Investment Grade government securities, Money Market Instruments, cash, and/or other debt securities. The Portfolio will use financial derivative instruments for investment purposes, hedging and efficient portfolio management. 4

5 01/10/2015 Details before Details after Euro Active Bonds European Strategic Bond 01/10/2015 The Euro Active Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in short to-medium term European sovereign bonds and corporate bonds, primarily issued by companies domiciled in the Euro Area or with operations in the Euro Area. The Portfolio may also use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, futures on transferable securities and interest rate swaps. The Portfolio seeks to minimise interest rate risk if the investment environment warrants such action. Conversely, interest rate risk of the Portfolio may be increased in the countervailing scenario. The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. The European Strategic Bond Portfolio seeks to achieve total return from income and capital appreciation by investing principally in short to-medium term European sovereign bonds and corporate bonds (including Contingent Convertible Bonds for up to 5% of the Portfolio s Net Asset Value) that are Investment Grade or non-investment Grade, primarily issued by companies domiciled in Europe or with operations in Europe. The Portfolio may also use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures on Transferable Securities and interest rate swaps. The Portfolio seeks to actively manage currency exposure and interest rate risk through the use of such derivative instruments. 09/07/2010 European Bonds Euro Active Bonds European Strategic Bond 09/07/2010 The European Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in European sovereign bonds and corporate bonds, issued by companies domiciled in Europe or with European operations, denominated in a range of European currencies. The Portfolio has the flexibility to invest in bonds issued by Eastern European issuers. The Portfolio may also use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures on Transferable Securities, interest rate swaps and credit default swaps. The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. The Euro Active Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in short to medium term European sovereign bonds and corporate bonds, primarily issued by companies domiciled in the Euro Area or with operations in the Euro Area. The Portfolio may also use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, futures on transferable securities and interest rate swaps. The Portfolio seeks to minimise interest rate risk if the investment environment warrants such action. Conversely, interest rate risk of the Portfolio may be increased in the countervailing scenario. The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. 23/09/2009 RiverSource Investments LLC 23/09/2009 The European Bonds Portfolio will be principally invested in bonds issued by government of or companies headquartered or exercising a predominant part of their activity in any European The European Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in European sovereign bonds and corporate bonds, issued by companies domiciled in Europe or with 5

6 Details before Details after country. The Portfolio may be secondarily invested in European currency denominated bonds issued outside of Europe. At least 85% of the net assets of the Portfolio, at the time of purchase, shall be invested in securities rated at least A- by S&P or A3 by Moody s (or A1/P1 if short term), or, if not rated, issued by an entity having an outstanding debt issue so rated or deemed by the Management Company or the relevant Sub-Advisor to be equivalent to securities with such ratings. Up to 15% of the net assets of the Portfolio, at the time of purchase, may be invested in low-grade bonds with a minimum of a B rating. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures on Transferable Securities, interest rate swaps and credit default swaps. European operations, denominated in a range of European currencies. The Portfolio has the flexibility to invest in bonds issued by Eastern European issuers. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures on Transferable Securities, interest rate swaps and credit default swaps.10 The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. 29/11/2013 European Absolute Alpha European Select European Select 29/11/2013 The European Absolute Alpha Portfolio seeks to achieve an absolute return. The Portfolio will principally invest in equity securities, convertible debt securities and equity related derivative instruments of European companies headquartered or exercising a predominant part of their activity in Europe, and when determined appropriate, cash and Money Market Instruments. Secondarily, the Portfolio may invest in securities and derivatives related to companies headquartered outside Europe. The Portfolio will take both long and short positions (the Portfolio s positions are generally expected to be directionally long, but at times may be market neutral or net short). Short positions (and possibly long positions) will be taken by the use of financial derivative instruments to include, but not limited to, equity swaps, total/excess return swaps, and futures and options related to individual equity securities, related to exchange traded funds and/or related to indices. Hedging may also be achieved through the purchase of exchange traded funds. The Portfolio will use financial derivative instruments for investment purposes, hedging and efficient portfolio management. The use of derivatives for investment purposes may increase the risk profile of the Portfolio. The European Select Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of companies domiciled in Continental Europe or which have Continental European operations. These may include large, medium and smaller companies. There will be no particular specialisation. The select investment approach means that the Portfolio has the flexibility to take stock and sector positions which may lead to increased levels of volatility. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). 31/12/ % performance fee No performance fee Global Dynamic Real Return 01/08/2018 Change in name: Global Asset Allocation Change in name: Global Dynamic Real Return 6

7 Details before Details after 01/01/2012 The Global Asset Allocation Portfolio seeks to achieve a return from income and capital appreciation through a globally balanced investment portfolio consisting of equity and debt securities. The Global Asset Allocation Portfolio will operate as a separate Portfolio and will follow the objective of the Global Focus Portfolio for its equity portion and the Global Aggregate Bond Portfolio for its bond portion (including the use of derivatives as disclosed for such latter Portfolio). The Global Asset Allocation Portfolio seeks to achieve a return from income and capital appreciation through a globally balanced investment portfolio consisting of equity and debt securities. The Global Asset Allocation Portfolio will operate as a separate Portfolio and will follow the objective of the World Equities Portfolio for its equity portion and the Global Bond (US$) Portfolio for its bond portion (including the use of derivatives as disclosed for such latter Portfolio). The Global Asset Allocation Portfolio seeks to achieve a return from income and capital appreciation. The Portfolio will invest globally primarily in the equity and fixed income securities of both government and corporate issuers, either directly, or indirectly through financial derivative instruments and/or collective investment schemes, as well as in forward currency exchange contracts and, when determined appropriate on a defensive basis, in cash and Money Market Instruments. The Portfolio may also gain indirect exposure to commodities through, but not limited to, investment in collective investment schemes, securitised notes and/or financial derivative instruments where such derivatives underlying instruments are indices. The Portfolio will not invest in physical commodities or property. The Portfolio may use financial derivative instruments and forward transactions for both efficient portfolio management and investment purposes. The use of derivatives for investment purposes may increase the risk profile of the Portfolio. The Portfolio retains the flexibility to vary its exposure between asset classes where it deems necessary in order to achieve the investment objective. The Global Asset Allocation Portfolio seeks to achieve a return from income and capital appreciation through a globally balanced investment portfolio consisting of equity and debt securities. The Global Asset Allocation Portfolio will operate as a separate Portfolio and will follow the objective of the Global Focus Portfolio for its equity portion and the Global Aggregate Bond Portfolio for its bond portion (including the use of derivatives as disclosed for such latter Portfolio). 23/09/2009 RiverSource Investments LLC 16/10/2014 Global Aggregate Bond Global Strategic Bond Global Strategic Bond 16/10/2014 The Global Aggregate Bond Portfolio seeks to achieve total return from income and capital appreciation by investing principally either directly, or indirectly through derivatives, in a managed portfolio of both government and non- government fixed income and floating rate securities that are Investment Grade at the time of purchase, and when determined appropriate cash and Money Market Instruments. The Global Strategic Bond Portfolio seeks to achieve total return from income and capital appreciation by investing principally either directly, or indirectly through derivatives, in a managed portfolio of (i) government and non- government fixed income and floating rate securities that are Investment Grade or non-investment Grade, (ii) when deemed appropriate, currencies (as the Portfolio will take active currency positions through the use of financial derivative instruments), and (iii) when determined appropriate cash and Money Market Instruments. 7

8 Details before Details after Please see attachment Please see attachment Global Bonds (US$) Global Aggregate Bond The Global Bonds (US$) Portfolio seeks to achieve total return from income and capital appreciation by principally investing in a broadly diversified range of Transferable debt Securities such as bonds, debentures and notes of government and private issuers, or warrants on the same. At least 85% of the net assets of the Portfolio, at the time of purchase, shall be invested in securities rated at least A- by S&P or A3 by Moody s (or A1/P1 if short term), or, if not rated, issued by an entity having an outstanding debt issue so rated or deemed by the Management Company or the relevant Sub-Advisor to be equivalent to securities with such ratings. Up to 15% of the net assets of the Portfolio, at the time of purchase, may be invested in low grade bonds with a minimum of a B rating. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures on Transferable Securities, interest rate swaps and credit default swaps. The Global Aggregate Bond Portfolio seeks to achieve total return from income and capital appreciation by investing principally either directly, or indirectly through derivatives, in a managed portfolio of both government and non- government fixed income and floating rate securities that are Investment Grade at the time of purchase, and when determined appropriate cash and Money Market Instruments. The Portfolio may use financial derivative instruments for investment purposes, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, futures and options on Transferable Securities, interest rate swaps and credit default swaps. Columbia Management Investment Advisers, LLC, 01/08/2018 The Global Emerging Market Equities Portfolio seeks to achieve long-term capital appreciation by investing principally in the equity securities of Emerging Market Countries companies. These are defined as companies domiciled in and/or whose activities are in Emerging Market Countries. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). The Global Emerging Market Equities Portfolio seeks to achieve long-term capital appreciation by investing principally in the equity securities of Emerging Market Countries companies. These are defined as companies domiciled in and/or whose activities are in Emerging Market Countries. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). The Portfolio may invest up to 30% of its Net Asset Value in China A-Shares through the China-Hong Kong Stock Connect Programme. Global Emerging Market Equities 23/09/2009 The Global Emerging Market Equities Portfolio will be invested in a globally diversified portfolio of at least 80% of its assets in equity securities of corporate issuers which are headquartered or exercising a predominant part of their activity in any Emerging Markets Country. The Portfolio may also invest 20% of its assets in securities convertible into equity securities and/or warrants. The Portfolio will have a maximum exposure of 30% to any one country. Emerging market investments are more volatile and present higher risk than investments in more established markets. Investors should consider this extra risk when evaluating the potential benefits of investing in this Portfolio. The Global Emerging Market Equities Portfolio seeks to achieve long-term capital appreciation by investing principally in the equity securities of Emerging Markets companies. These are defined as companies domiciled in and/or whose activities are in Emerging Market Countries. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). 23/09/2009 Mondrian Investment Partners Limited 8

9 Details before Details after Global Emerging Market Short-Term Bonds The Global Emerging Market Short-Term Bonds Portfolio seeks to achieve moderate capital appreciation by investing principally in a globally diversified range of Transferable debt Securities. Such securities will be issued or guaranteed by emerging market sovereignties or supranational entities, or financial institutions or corporations headquartered in Emerging Markets Countries. The Portfolio may also invest secondarily in debt securities issued or guaranteed by G-7 sovereignties or supranational entities and in credit linked notes. The Portfolio may invest in securities denominated in various currencies and will generally hedge non-u.s. Dollar exposures. However, the maximum amount of non-u.s. Dollar exposure remaining unhedged will not exceed 35% of the net assets of the Portfolio. At the same time, the maximum amount of non-u.s. Dollar exposure remaining unhedged in any one currency will not exceed 10% of the net assets of the Portfolio. The Portfolio will have an average duration of three years or less with a maximum of five years residual duration for any investment. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, interest rate swaps and credit default swaps. The Global Emerging Market Short-Term Bonds Portfolio seeks to achieve total return from income and capital appreciation by investing principally in a globally diversified range of Transferable debt Securities. Such securities will be issued or guaranteed by emerging market sovereignties or supranational entities, or financial institutions or corporations headquartered in Emerging Markets Countries. The Portfolio may also invest secondarily in debt securities issued or guaranteed by G-7 sovereignties or supranational entities and in credit linked notes. The Portfolio may invest in securities denominated in various currencies and will generally hedge non-u.s. Dollar exposures. However, the maximum amount of non-u.s. Dollar exposure remaining unhedged will not exceed 35% of the net assets of the Portfolio. At the same time, the maximum amount of non-u.s. Dollar exposure remaining unhedged in any one currency will not exceed 10% of the net assets of the Portfolio. The Portfolio will have an average duration of five years or less. The Portfolio may also use financial derivative instruments for principal investment, hedging and efficient portfolio management. These derivatives may include, but are not limited to, foreign currency exchange contracts, interest rate swaps and credit default swaps. 27/10/2008 Fund suspension Portfolio suspended from October 27, 2008 to June 22, 2009 World Equities Global Focus Global Focus The World Equities Portfolio seeks to achieve capital appreciation by investing principally in a globally diversified portfolio of equity securities of corporate issuers located in developed and emerging market countries. Secondarily, the Portfolio may invest in securities convertible into equity securities and/or warrants. The Global Focus Portfolio seeks to achieve capital appreciation by investing principally in a concentrated portfolio of equity securities of corporate issuers listed, domiciled or conducting a part of their business in developed and emerging market countries. Secondarily, the Portfolio may invest in securities convertible into equity securities and/or warrants. 29/11/2013 European Smaller Companies Absolute Alpha Global Smaller Companies Global Smaller Companies 29/11/2013 The European Smaller Companies Absolute Alpha Portfolio seeks to achieve an absolute return. The Portfolio will principally invest in equity securities, convertible debt securities and equity related derivative instruments of European Smaller Companies, and when determined appropriate cash and Money Market Instruments. Secondarily, the Portfolio may invest in securities and derivatives related to companies headquartered outside Europe. The Portfolio will take both long and short positions. Short positions (and possibly long positions) will be taken by the use of financial derivative instruments to include, but not limited to, equity swaps, total/excess return swaps, and futures and options related to individual equity securities, related to exchange traded funds and/or related to indices. Hedging may also be achieved through the purchase of exchange The Global Smaller Companies Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of smaller companies worldwide. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). 9

10 Details before Details after traded funds. The Portfolio will use financial derivative instruments and forward transactions for both efficient portfolio management and investment purposes. The use of derivatives may increase or decrease the risk profile of the Portfolio. The Net Asset Value of the Portfolio shall be expressed in Euro and investment decisions will be made from a Euro perspective. 29/11/ % performance fee No performance fee European Equities Pan European Equities Pan European Equities The European Equities Portfolio will be principally invested in an internationally diversified portfolio of equity securities of corporate issuers headquartered or exercising a predominant part of their activity in various countries throughout Europe. Investments will generally be made in major European markets, except that the Portfolio may invest up to 25% of its assets at the time of purchase in securities of companies in emerging European markets. Secondarily, the Portfolio may invest in securities convertible into equity securities and/or warrants. The Pan European Equities Portfolio seeks to achieve capital appreciation by investing principally in the equity of large companies domiciled in Continental Europe or the UK or with Continental European or UK activities. The Portfolio may further invest in the equity securities of Smaller Companies and other securities (including fixed income securities, other equities and Money Market Instruments). 01/02/2013 Walter Scott & Partners Limited Pan European Smaller Companies Pan European Small Cap Opportunities 31/12/ % performance fee No performance fee European Small Cap Equities Pan European Smaller Companies Pan European Small Cap Opportunities The European Small Cap Equities Portfolio will principally invest in an internationally diversified portfolio of quoted equity securities of corporate issuers having their head office or exercising a predominant part of their activity in various countries throughout Europe (hereafter European ). Investments will generally be made in major European markets, except that the Portfolio may invest up to 15% of its assets at the time of purchase in securities of companies in emerging markets in Europe. The Portfolio will principally be invested in European smaller companies that fall below 2 billion Euro in size with a focus on companies below the 1 billion Euro in size. Secondarily, the Portfolio may also invest in European medium size companies whose capitalization size is above the 2 billion Euro threshold. The Pan European Smaller Companies Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of Smaller Companies domiciled in Continental Europe and the UK, or, with Continental European or UK operations. The Portfolio may further invest in other securities (including fixed income securities, other equities and Money Market Instruments). Montanaro Investment Managers Limited US High Yield Bond 03/05/2016 : US$ High Income Bonds : Threadneedle (lux) US High Yield Bond

11 Global Investment Grade Credit Opportunities Credit Opportunities 01/07/2015 Benchmark change: BofA Merrill Lynch US High Yield Cash Pay BB-B Constrained Index Benchmark change: Citigroup EUR 1 Month Eurodeposit Benchmark change: Citigroup EUR 1 Month Eurodeposit Benchmark change: BofA Merrill Lynch US High Yield Cash Pay Constrained Index Benchmark change: ICE BofAML Euro Currency Deposit Bid Rate Constant Maturity (1M) (Local Total Return) Benchmark change: ICE BofAML Euro Currency Deposit Bid Rate Constant Maturity (1M) (Local Total Return) Asian Equity Income The Asian Equity Income Portfolio seeks to achieve income and capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities, convertible debt securities, real estate investment trusts and Money Market Instruments). The Asian Equity Income Portfolio seeks to achieve income and capital appreciation by investing principally in the equity securities of companies domiciled in Asia (with the exclusion of Japan) or with Asian (excluding Japan) operations. The Portfolio may further invest in other securities (including fixed income securities, other equities, convertible debt securities, real estate investment trusts and Money Market Instruments). The Portfolio may invest up to 40% of its Net Asset Value in China A-Shares through the China-Hong Kong Stock Connect Programme. Important Information Threadneedle Management Luxembourg S.A., Registered with the Registre de Commerce et des Societes (Luxembourg), Registered No. B , 44, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg. (TAML) Registered in England and Wales, Registered No , Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. columbiathreadneedle.com 11