Fund Fact Sheet. for members of the Hewlett-Packard Limited Pension Scheme

Fund Fact Sheet for members of the Hewlett-Packard Limited Pension Scheme 3 June 21

Introduction This fact sheet gives you details of the investment funds available to you as a member of the Hewlett-Packard Limited Pension Scheme. The fund summaries provide you with information on the aim, the performance and the risk profile of each fund. You should read this fact sheet in conjunction with your Investment Guide, which includes a glossary of investment terms. If you want more information on any of the funds, website addresses are available on the Hewlett-Packard Limited Pension Scheme website:. Market indices returns 3 months to 3 June 21 1 Sterling returns Local currency returns 6.4 % 2. 1.6 1.6-6.8-6. -6. -1-11.8-11.1-1. -1.4-11.6-8. -8.7-1. -14.4-14.7-2 UK Overseas US Europe (ex UK) Japanese Asia Pacific (ex-japan) Emerging Markets Over Year Gilts UK Non Gilts All Stocks Over Year Index Linked Gilts Global Bonds Commentary The second quarter of 21 was difficult and volatile for both economies and equity markets. Fears surfaced that the US rebound seen in the first quarter might fade away, and consensus forecasts for US growth have flattened, leading to some renewed concerns of a double-dip recession. Concerns about a decline in the pace of output growth in China and other Asian exporting economies followed. Bond markets delivered positive results over the quarter with the rally in gilts taking many by surprise. The UK property market has continued to produce positive returns with property values increasing markedly, although the fundamentals remain less supportive. After the positive momentum seen over the past few quarters, equities fell this quarter across all major markets in both sterling and local currency terms. Page

The range of funds The table below shows the performance history for all of the current funds, after the deduction of investment management fees, and has been sourced from the investment managers. The outperformance target for each manager against their benchmark is also shown. Past performance is not a guide to the future and the value of investments can go down as well as up. Passive funds are in orange, multi-manager active funds are in purple, the diversified growth fund is in pink and other funds are in light blue. Performance Quarter 2 to 3/6/1 Performance 1 Year to 3/6/1 Performance Since inception to 3/6/1 Investment Funds Fund Fund Fund Outperformance target 1 LIFESTYLE DEFAULT OPTION % % % % % p.a. % p.a. % p.a. Schroders Diversified Growth Fund 2-4. 2.8 18.8 1. 2.6 7.7 n/a LIFESTYLE OPTIONS % % % % % p.a. % p.a. % p.a. SEI Global Equity 4/6 Fund -11.7-11.2 18.3 19.8-7.3-4.1 1. 1.9 Global Equity 4/6 Fund 1-11.3-11.3 17.9 17.9.1.3 n/a Schroders Diversified Growth Fund 2-4. 2.8 18.8 1. 2.6 7.7 n/a /SEI 4/6 Equity Fund -11. -11.2 18.1 18.9-6.2-4.8.8 1. SEI/Aviva Fund -1.3-9.7 18.4 19.7-6. -3.9 1. 1.8 SELF-SELECT FUNDS % % % % % p.a. % p.a. % p.a. Schroders Diversified Growth Fund 2-4. 2.8 18.8 1. 2.6 7.7 n/a SEI World (Ex-UK) Equity Fund -1.8-1.8 18.1 18.9-6.6-3. 1.6 2. SEI UK Equity Fund -13.3-11.8 17.8 21.1-8.9.2 1.3 1.7 SEI Global Equity 4/6 Fund -11.7-11.2 18.3 19.8-7.3-4.1 1. 1.9 World (Ex-UK) Equity Index Fund 1-11. -11.1 18.3 18.1 8.6 8. n/a UK Equity Index Fund 1-11.8-11.8 21.2 21.1 9.1 9.1 n/a Global Equity 4/6 Fund 1-11.3-11.3 17.9 17.9.1.3 n/a Consensus Index Fund 1-8.9-8.9 18.7 18.8 9. 9. n/a Aviva Property Fund 2.9 3.1 19. 19. -1.8-2. 1. Over Year Index-Linked Gilts Fund 1 1.6 1.6 8.4 8.4 6.3 6.4 n/a Pre-Retirement Fund 1 3.6 3. 14.9.3 9.1 9. n/a Cash Fund 1.1.1.4. 3.8 3.8 n/a All figures are shown net of fees. 1 The L&G funds are passively managed and aim to track the performance of the benchmarks. 2 The Schroder Diversified Growth Fund aims to match the benchmark performance of RPI + % p.a. Key to symbols Fund type Fund type Symbols Passive Fund Active Multi Manager Fund Growth Property Diversified Growth Fund Property Fund Balanced Lifestyle Defensive Page

Lifestyle (Default option) Lifestyle (Options) Schroder Diversified Growth Fund SEI Global Equity 4/6 Fund Global Equity 4/6 Fund Fees:.7% Inception date: 7/2/28 Fees:.6% Inception date: 31//28 Fees:.19% Inception date: 22//28 Fund Description The objective of the Schroder Life Diversified Growth Fund is to target a return of RPI + % p.a. over a five to seven year period. The Fund supports goals where there is a desire to grow assets to a similar extent as long-term investments, but with reduced volatility. Not applicable. The objective of the Fund is a targeted return of RPI + % p.a. over a five year period. The Global Equity 4/6 Fund is invested in equities, both domestic and international, and is expected to capture the return premium provided by global equity markets over time. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. 6% MSCI World Index, 4% FTSE All Share Index. Outperform the benchmark by 1.% 1.9% p.a. over rolling three year periods gross of fees. This option uses the passive manager to manage the equity allocation in the growth phase. The Fund benchmark is based on 6% in overseas equities and 4% in UK equities. Composite benchmark: 4% FTSE All Share, 21.% FTSE World North America, 21% FTSE World Europe (ex-uk), 9.9% FTSE World Japan, 8.1% FTSE Developed Asia-Pacific (ex-japan). Performance 4 3 3 2 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -4.% Target 2.8% Total return for one year to 3/6/1: 18.8% Target 1.% Annualised return since inception to 3/6/1: 2.6% Target 7.7% 4 3 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -11.7% -11.2% Total return for one year to 3/6/1: 18.3% 19.8% Annualised return since inception to 3/6/1: -7.3% -4.1% 2 2 1-1 -2-2 Total return for Quarter 2 to 3/6/1: -11.3% -11.3% Total return for one year to 3/6/1: 17.9% 17.9% Annualised return since inception to 3/6/1:.1%.3% RISK PROFILE horizons. As this Fund invests in a broad range of asset classes (including alternatives that do not fit into mainstream categories of equities, bonds, cash and property), this Fund is expected to have lower volatility of returns than pure equity returns but has the potential to generate similar returns to equities. The design of the Fund may be appropriate for investors with moderate to higher levels of risk tolerance and/or longer-term horizons. As the Fund invests in equities and seeks to outperform its benchmark return, it is likely to be subject to greater volatility than many other funds. However, it has the potential to provide higher returns than other funds over the longer term. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. horizons. As it invests in equities it has the potential to provide higher returns than other funds over the longer term. However, as it aims to track its benchmark the risk of underperformance against the benchmark is small relative to an actively managed fund. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. Performance commentary The Fund has a return target of generating RPI + % over a full market cycle (an average of five years duration). However, over short time periods it is likely that the Fund will deviate substantially from this target. Performance of the Fund over the quarter was 7.3% behind the target albeit 6.8% ahead of the comparative equity benchmark return. The falls in investment markets negatively impacted upon the Fund s performance over the quarter with equity exposure having a particularly detrimental impact. The currency trades and commodity exposure added value. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. The Fund is made up of various underlying funds. Over the three month period to the end of June 21 the Fund underperformed the benchmark by.% returning -11.7%. The Global Developed Markets Equity and European (ex UK) Equity Funds outperformed their respective benchmarks while the US Fund lagged the benchmark. The Emerging Markets Fund s performance was behind the benchmark with stock selection decision in Europe, the Middle East and Asia proving particularly detrimental to the Fund s performance. The Fund s performance over the second quarter of 21 was in line with the benchmark. All underlying funds delivered returns broadly in line with their respective benchmarks. Page 3

Schroder Diversified Growth Fund /SEI 4/6 Equity Fund SEI/Aviva Fees:.7% Inception date: 7/2/28 Fees:.4% Inception date: 31//28 Fees:.62% Inception date: 31//28 The objective of the Schroder Life Diversified Growth Fund is to target a return of RPI + % p.a. over a five to seven year period. The Fund supports goals where there is a desire to grow assets to a similar extent as long-term investments, but with reduced volatility. Not applicable. The objective of the Fund is a targeted return of RPI +% p.a. over a five year period. 4 3 3 2 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -4.% Target 2.8% Total return for one year to 3/6/1: 18.8% Target 1.% Annualised return since inception to 3/6/1: 2.6% Target 7.7% horizons. As this Fund invests in a broad range of asset classes (including alternatives that do not fit into mainstream categories of equities, bonds, cash and property), this Fund is expected to have lower volatility of returns than pure equity returns but has the potential to generate similar returns to equities. The Fund has a return target of generating RPI + % over a full market cycle (an average of five years duration). However, over short time periods it is likely that the Fund will deviate substantially from this target. Performance of the Fund over the quarter was 7.3% behind the target albeit 6.8% ahead of the comparative equity benchmark return. The falls in investment markets negatively impacted upon the Fund s performance over the quarter with equity exposure having a particularly detrimental impact. The currency trades and commodity exposure added value. This choice has a blend of passive and active management with half invested in the SEI Equity Fund and half in s Equity Fund for the growth phase. Both Funds have 6% in overseas equities and 4% in UK equities. Composite benchmark of % Global Equity 4/6 Fund and % SEI Global Equity 4/6 Fund. To outperform the benchmark by.7%.9% p.a. over rolling three year periods gross of fees. 2 2 1-1 -2-2 Total return for Quarter 2 to 3/6/1: -11.% -11.2% Total return for one year to 3/6/1: 18.1% 18.9% Annualised return since inception to 3/6/1: -6.2% -4.8% The Fund is made up of % Global Equity 4/6 Fund (passive) and % SEI Global Equity 4/6 Fund (active). Please refer to the risk profiles for these two Funds. Over the second quarter of 21 the Fund underperformed the benchmark return by.3% due to underperformance of the SEI Fund. The s Global Equity Fund s performance over the second quarter of 21 was in line with the benchmark. All underlying funds delivered returns broadly in line with their respective benchmarks. The SEI Fund is made up of various underlying funds. The Global Developed Markets Equity and European (ex UK) Equity Funds outperformed their respective benchmarks while the US Fund lagged the benchmark. The Emerging Markets Fund s performance was behind the benchmark with stock selection decision in Europe, the Middle East and Asia proving particularly detrimental to the Fund s performance. Primarily uses SEI s Equity Fund (4% UK equities, 6% overseas equities) for the growth phase, but has an exposure to property managed by Aviva for diversification. Composite benchmark of 9% SEI Global Equity 4/6 Fund and 1% Aviva Property Fund. To outperform the benchmark by 1.4% 1.8% p.a. over rolling three year periods gross of fees. 4 4 3 3 2 2 1-1 -2-2 Total return for Quarter 2 to 3/6/1: -1.3% -9.7% Total return for one year to 3/6/1: 18.4% 19.7% Annualised return since inception to 3/6/1: -6.% -3.9% The Fund is made up of 9% SEI Global Equity 4/6 Fund (active) and 1% Aviva Property Fund. Please refer to the risk profiles for these two Funds. The Fund returned -1.3% over the three month period to the end of June 21 underperforming the benchmark by.6%. The Aviva Fund continued its strong performance delivering an absolute return of 2.9% over the three month period although marginally underperforming the benchmark. The SEI Fund is made up of various underlying funds. The Global Developed Markets Equity and European (ex UK) Equity Funds outperformed their respective benchmarks while the US Fund lagged the benchmark. The Emerging Markets Fund s performance was behind the benchmark with stock selection decision in Europe, the Middle East and Asia proving particularly detrimental to the Fund s performance. Fund Description Performance RISK PROFILE Performance commentary Page

Self-select funds Schroder Diversified Growth Fund SEI World (Ex-UK) Equity Fund SEI UK Equity Fund Fees:.7% Inception date: 7/2/28 Fees:.724% Inception date: 31//28 Fees:.7% Inception date: 31//28 Fund Description The objective of the Schroder Life Diversified Growth Fund is to target a return of RPI + % p.a. over a five to seven year period. The Fund supports goals where there is a desire to grow assets to a similar extent as long-term investments, but with reduced volatility. Not applicable. The objective of the Fund is a targeted return of RPI + % p.a. over a five year period. The World (Ex-UK) Equity Fund invests in equity and equity-related securities listed on recognised markets around the world. It achieves this by investing in other pooled funds managed by SEI. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. MSCI AC World Index Ex UK. The UK Equity Fund invests in equity securities listed on recognised markets in the UK. At all times the Fund s investment in equity securities will represent at least 6% of the Fund s net assets. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. FTSE All Share Index. Outperform the benchmark by 1.6% 2.% p.a. over a rolling three year period, gross of fees. Outperform the benchmark by 1.3% 1.7% p.a. over a rolling three year period, gross of fees. Performance 4 3 3 2 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -4.% Target 2.8% Total return for one year to 3/6/1: 18.8% Target 1.% Annualised return since inception to 3/6/1: 2.6% Target 7.7% 4 3 2 1-1 Total return for Quarter 2 to 3/6/1: -1.8% -1.8% Total return for one year to 3/6/1: 18.1% 18.9% Annualised return since inception to 3/6/1: -6.6% -3.% 4 3 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -13.3% -11.8% Total return for one year to 3/6/1: 17.8% 21.1% Annualised return since inception to 3/6/1: -8.9%.2% RISK PROFILE horizons. As this Fund invests in a broad range of asset classes (including alternatives that do not fit into mainstream categories of equities, bonds, cash and property), this Fund is expected to have lower volatility of returns than pure equity returns but has the potential to generate similar returns to equities. The design of the Fund may be appropriate for investors with higher levels of risk tolerance and/or longer-term horizons. As the Fund invests in equities and seeks to outperform its benchmark return, it is likely to be subject to greater volatility than many other funds. However, it has the potential to provide higher returns than other funds over the longer term. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. The design of the Fund may be appropriate for investors with moderate to higher levels of risk tolerance and/or longer-term horizons. As the Fund invests in equities and seeks to outperform its benchmark return, it is likely to be subject to greater volatility than many other funds. However, it has the potential to provide higher returns than other funds over the longer term. Performance commentary The Fund has a return target of generating RPI + % over a full market cycle (an average of five years duration). However, over short time periods it is likely that the Fund will deviate substantially from this target. Performance of the Fund over the quarter was 7.3% behind the target albeit 6.8% ahead of the comparative equity benchmark return. The falls in investment markets negatively impacted upon the Fund s performance over the quarter with equity exposure having a particularly detrimental impact. The currency trades and commodity exposure added value. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. The Fund is made up of various underlying funds. The Fund s performance was in line with the benchmark with the Fund returning -1.8% over the three month period to the end of June 21. The Global Developed Markets Equity and European (ex UK) Equity Funds outperformed their respective benchmarks while the US Fund lagged the benchmark. The Emerging Markets Fund s performance was behind the benchmark with stock selection decision in Europe, the Middle East and Asia proving particularly detrimental to the Fund s performance. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. The Fund is made up of various underlying funds. The second quarter of 21 saw a reduction in investors appetite for risk and growing fears about a double dip recession which led to a significant fall in the UK equity market. This had a negative impact on the Fund s performance which, with its portfolio positioned towards a recovery, underperformed the benchmark by 1.% over the quarter. Page

SEI Global Equity 4/6 Fund World (Ex-UK) Equity Index Fund UK Equity Index Fund Fees:.6% Inception date: 31//28 Fees:.23% Inception date: 1/4/23 Fees:.1% Inception date: 1/4/23 The Global Equity 4/6 Fund is invested in equities, both domestic and international, and is expected to capture the return premium provided by global equity markets over time. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. Composite benchmark: 4% UK equity, 6% overseas component. Outperform the benchmark by 1.% 1.9% over a rolling three year period, gross of fees. 4 3 2 1-1 -2 Total return for Quarter 2 to 3/6/1: -11.7% -11.2% Total return for one year to 3/6/1: 18.3% 19.8% Annualised return since inception to 3/6/1: -7.3% -4.1% The design of the Fund may be appropriate for investors with moderate to higher levels of risk tolerance and/or longer-term horizons. As the Fund invests in equities and seeks to outperform its benchmark return, it is likely to be subject to greater volatility than many other funds. However, it has the potential to provide higher returns than other funds over the longer term. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. SEI is a manager of managers and has the responsibility for selecting, monitoring and replacing the underlying investment managers in this Fund. The Fund is made up of various underlying funds. Over the three month period to the end of June 21 the Fund underperformed the benchmark by.% returning -11.7%. The Global Developed Markets Equity and European (ex UK) Equity Funds outperformed their respective benchmarks while the US Fund lagged the benchmark. The Emerging Markets Fund s performance lagged the benchmark return with stock selection decision in Europe, the Middle East and Asia proving particularly detrimental to the Fund s performance. The World (Ex-UK) Equity Index Fund provides access to overseas equity markets via index funds, and aims to capture global equity market returns (excluding the UK). FTSE World (Ex-UK) Index. 2 2 1-1 -2-2 Total return for Quarter 2 to 3/6/1: -11.% -11.1% Total return for one year to 3/6/1: 18.3% 18.1% Annualised return since inception to 3/6/1: 8.6% 8.% horizons. As it invests in equities it has the potential to provide higher returns than other funds over the longer term. However, as it aims to track its benchmark the risk of underperformance against the benchmark is small relative to an actively managed fund. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. The Fund marginally outperformed the benchmark over the three month period to the end of June 21 albeit delivering a negative return in absolute terms. The UK Equity Index Fund aims to capture the returns of the UK equity market. It tracks the FTSE All Share Index and is invested only in UK equities. FTSE All Share Index. 3 3 2 2 1-1 Total return for Quarter 2 to 3/6/1: -11.8% -11.8% Total return for one year to 3/6/1: 21.2% 21.1% Annualised return since inception to 3/6/1: 9.1% 9.1% horizons. As it invests in equities it has the potential to provide higher returns than other funds over the longer term. However, as it aims to track its benchmark the risk of underperformance against the benchmark is small relative to an actively mananged fund. Over the second quarter of 21 the Fund delivered a return of -11.8% which was in line with the benchmark return. Fund Description Performance RISK PROFILE Performance commentary Page 6

Consensus property Global Equity 4/6 Fund Consensus Index Fund Aviva Property Fund Fees:.19% Inception date: 22//28 Fees:.% Inception date: 1/4/23 Fees:.7% Inception date: 1/4/26 Fund Description The Global Equity 4/6 Fund provides access to the UK and overseas equity markets via index funds and aims to capture global equity market returns. Composite benchmark: 4% FTSE All Share, 21.% FTSE World North America, 21% FTSE World Europe (ex-uk), 9.9% FTSE World Japan, 8.1% FTSE Developed Asia-Pacific (ex-japan). The Consensus Index Fund combines the mid to long-term growth potential of UK and international equities with the relative security of gilts, overseas bonds and cash. CAPS Pooled Balanced Fund Median. The Aviva Pooled Pensions Limited Property Fund, launched in 1972, is a value oriented sector balanced fund with a highly active approach. The Fund invests solely in UK commercial property across the major property sectors of retail, office and industrial/warehouse. IPD/PPFI All Balanced Funds Index Median. Outperform the product benchmark by 1.% p.a. gross of fees over three years. 4 4 4 3 3 3 2 1 2 1 2 1 Performance -1-2 Total return for Quarter 2 to 3/6/1: -11.3% -11.3% Total return for one year to 3/6/1: 17.9% -1 Total return for Quarter 2 to 3/6/1: -8.9% -8.9% Total return for one year to 3/6/1: 18.7% -1-2 Total return for Quarter 2 to 3/6/1: 2.9% 3.1% Total return for one year to 3/6/1: 19.% 17.9% 18.8% 19.% Annualised return since inception to 3/6/1:.1% Annualised return since inception to 3/6/1: 9.% Annualised return since inception to 3/6/1: -1.8%.3% 9.% -2.% RISK PROFILE horizons. As it invests in equities it has the potential to provide higher returns than other funds over the longer term. However, as it aims to track its benchmark the risk of underperformance against the benchmark is small relative to an actively managed fund. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. interest to members with mid to long-term horizons. As a balanced fund it invests mainly in equities and this Fund will be subject to less volatility than a pure equity fund but has the potential to provide greater growth than bonds and cash funds. As it aims to track its benchmark the risk of underperformance against the benchmark in each market is small relative to an actively managed fund. In addition, there is a risk that some currencies may fluctuate in value relative to sterling. horizons. The Fund invests in commercial property and is designed to provide a combination of capital growth and income. Property has different risk and return characteristics to both equities and bonds and therefore provides diversification. However, property is a relatively illiquid asset and it may take several months to receive your cash after deciding to disinvest. Performance commentary The Fund s performance over the second quarter of 21 was in line with the benchmark. All underlying funds delivered returns broadly in line with their respective benchmarks. The Fund s performance over the second quarter of 21 was in line with the benchmark. All underlying bond and gilt funds delivered positive returns. However, these gains were more than offset by the negative performance of equities. The Fund continued its strong performance delivering an absolute return of 2.9% over the three month period to the end of June 21 although underperforming the benchmark return by.2%. Page 7

bonds cash Over Year Index-Linked Gilts Fund Pre-Retirement Fund Cash Fund Fees:.1% Inception date: 1/4/23 Fees:.% Inception date: 22//28 Fees:.12% Inception date: 1/4/23 The Over Year Index-Linked Gilts Fund aims to offer some protection against changes in annuity prices as you approach your pension date and is designed to capture the returns of the UK gilt market. It tracks the FTSE A Index-Linked (Over Year) Index and invests in medium to long-term gilts. FTSE-A Index-Linked Over Year Index. 1-1 Total return for Quarter 2 to 3/6/1: 1.6% 1.6% Total return for one year to 3/6/1: 8.4% 8.4% Annualised return since inception to 3/6/1: 6.3% 6.4% The Fund is more appropriate for those approaching retirement, or those who do not want to be exposed to the volatility of the stock market. It should be subject to less volatility than either balanced or equity funds but is unlikely to produce as high an expected return over the longer term. As the cost of purchasing a pension is closely linked to long-term bonds, investing in a bond carries less risk than other asset classes. This Fund aims to track its benchmark so the risk of underperformance against the benchmark is small relative to an actively managed fund. The Fund returned 1.6% over the three month period to the end of June 21 which was in line with the benchmark return. The Pre-Retirement Fund aims to invest in assets that reflect the investments underlying a typical non inflation-linked pension annuity product. There is no guarantee of full protection against investment driven changes to annuity prices but investing in a similar way to annuity providers offers some protection. 1% Over Year Gilts Index Fund and 9% AAA-AA-A Corporate Bond Over Year Index Fund. 2 2 1-1 -2-2 Total return for Quarter 2 to 3/6/1: 3.6% 3.% Total return for one year to 3/6/1: 14.9%.3% Annualised return since inception to 3/6/1: 9.1% 9.% The Fund is more appropriate for those approaching retirement, or those who do not want to be exposed to the volatility of the stock market. It should be subject to less volatility than either balanced or equity funds but is unlikely to produce as high an expected return over the longer term. As the cost of purchasing a pension is closely linked to long-term bonds, investing in bonds carries less risk than other asset classes. This Fund aims to track its benchmark so the risk of underperformance against the benchmark is small relative to an actively managed fund. Over the second quarter of 21 the Fund marginally outperformed the benchmark due to strong return delivered by the underlying Corporate Bonds Fund. The Cash Fund delivers competitive rates of return from cash deposits and other short-term investments. It is likely to be of specific interest to investors who want a cash sum on their pension date and offers security of capital over the short term, rather than growth in the longer term. Libid 7 Day. 6 4 2-2 -4-6 Total return for Quarter 2 to 3/6/1:.1%.1% Total return for one year to 3/6/1:.4%.% Annualised return since inception to 3/6/1: 3.8% 3.8% The Fund is appropriate for those approaching retirement who plan to take part of their pension entitlement as a cash lump sum. The Fund generally invests in highly rated short-term debt instruments, where the risk of capital loss is significantly lower than other asset classes. However, the interest earned will vary and over a longer period the returns are not expected to be as high as either bonds or equities. Over the second quarter of 21 the Fund returned.1% which is in line with the benchmark return. Fund Description Performance RISK PROFILE Performance commentary Page 8

Risk v reward Between different types of assets (or asset classes) there are different levels of risk and potential return as shown in the diagram below. So, for example, equities have a very different risk and return profile to cash. Even within an asset class there are different levels of risk and potential reward that depend on what the fund manager is trying to achieve. For each type of asset there is a benchmark against which fund managers can evaluate their performance. A passive fund, which simply aims to match the benchmark for the asset class it is investing in, has a lower potential risk and reward profile than a fund that aims to outperform the benchmark significantly. Regional equities Overseas equities UK equities Alternative/ Balanced funds Property Potential long-term investment return Gilts UK/Corporate bonds Cash Risk Page 9

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