GLOBAL EMERGING MARKETS UNIT TRUST

GLOBAL EMERGING MARKETS UNIT TRUST FOR THE PERIOD ENDED 30 SEPTEMBER 2015

Manager St. James's Place Unit Trust Group Limited PO Box 9034, Chelmsford, CM99 2XA United Kingdom Freephone: 0800 027 1031 (Authorised and regulated by the Financial Conduct Authority) Directors of the Manager D. C. Bellamy A. M. Croft I. S. Gascoigne D. J. Lamb Investment Adviser First State Investment Management (UK) Limited 23 St. Andrew Square Edinburgh, EH2 1BB United Kingdom (Authorised and regulated by the Financial Conduct Authority) Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street London, EC4V 4LA United Kingdom (Authorised and regulated by the Financial Conduct Authority) Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon, SS15 5FS United Kingdom (Authorised and regulated by the Financial Conduct Authority) Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX United Kingdom Prospectus and Manager's Reports Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and Financial Statements for the range of St. James's Place Unit Trusts can be requested from a member of the St. James's Place Partnership or, at any time during normal business hours, from the Administration Centre at PO Box 9034, Chelmsford CM99 2XA. Freephone: 0800 027 1031 1

Report of the Manager During the period under review, 1 April 2015 to 30 September 2015, the St. James's Place Global Emerging Markets Unit Trust Income unit offer price fell by 13.2% from 134.1p to 116.4p and the Accumulation unit offer price (in which revenue is reflected in the price rather than distributed) fell by 13% from 135.4p to 117.8p. The Manager's Report consists of Report of the Manager, The Trust's Performance, Investment Adviser's Comments, Risk and Reward Profile and Portfolio Statement. The Trust's Performance The performance of the Trust since its launch in April 2010, over the five year period since September 2010 and over the period under review is shown below, together with figures for the most commonly quoted indices in comparable markets where the major proportion of the Trust has been invested. St. James's Place Global Emerging Markets Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI Emerging Markets (Total Return) 06/04/10 to 30/09/10 to 31/03/15 to 30/09/15 30/09/15 30/09/15 % change % change % change +16.4 +15.5-13.2 +17.8 +16.9-13.0-10.4-11.8-18.8 Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Investment Adviser's Comments The portfolio achieved a negative absolute return over the period but outperformed broader emerging market equities. We remain concerned about the potential impact on companies, governments and individuals of a normalisation of interest rates. Markets fell significantly over the period in sterling terms. At a sector level, consumer staples and health care outperformed, while financials and information technology lagged. Taiwanese consumer staples business Uni-President Enterprises rose as it reported results, although management stated that they are cautious on the outlook, with growth and competition still challenging. South Africa brewing firm SABMiller outperformed as the company received a bid from rival Anheuser Busch InBev. We also purchased Taiwanese technology firm Asustek Computer, a computer hardware manufacturer with a solid track record, and Thai financials business Kasikornbank, a good quality bank which was attractively valued. We sold utilities business Hong Kong & China Gas reducing our exposure to regulatory risk and Siam Commercial Bank on concerns about valuation and the credit cycle. We believe that market weakness should increase pressure for reform in emerging markets which will be positive for companies in the asset class over the long term. Some of our favourite companies tend to be run by families who have built their wealth over generations and have witnessed many of the boom and bust cycles which are characteristic of emerging economies. A generational time horizon offers a degree of protection against the temptations of free money (very low interest rates), which is often offered in a currency different from the cashflows that will be used to pay back the debt. First State Investment Management (UK) Limited 14 October 2015 2

Performance Record The St. James's Place Global Emerging Markets Unit Trust was first offered on 6 April 2010 at an offer price of 100.00p per unit. Unit Price History and Record of Net Distributions Paid/Payable The record of net distributions paid/payable per unit is shown below: Income Calendar year 2010 2011 2012 2013 2014 2015* Accumulation Calendar year 2010 2011 2012 2013 2014 2015* Net revenue distributed Highest Lowest per 1,000 Invested Offer Bid per unit at 06/04/10 p p p 113.6 86.75 - - 115.7 95.48 - - 127.2 103.20 0.380 3.80 139.8 114.80 0.539 5.39 138.0 110.00 0.286 2.86 139.5 105.50 0.284 2.84 Net revenue distributed Highest Lowest per 1,000 Invested Offer Bid per unit at 06/04/10 p p p 113.6 86.75 - - 115.7 95.48 - - 127.6 103.40 0.380 3.80 140.3 115.80 0.541 5.41 139.3 110.80 0.288 2.88 141.3 106.80 0.287 2.87 Net Asset Values Income Year ended March 2013 2014 2015 2015* Accumulation Year ended March 2013 2014 2015 2015* Market NAV NAV Units in Issue of Class per Unit '000 p 5,032,859 6,466 128.48 5,384,359 6,322 117.40 4,942,211 6,300 127.47 3,884,283 4,308 110.90 Market NAV NAV Units in Issue of Class per Unit '000 p 596,187,648 771,754 129.45 660,785,835 783,455 118.56 609,795,428 786,639 129.00 578,129,260 648,393 112.15 Ongoing Charges Figure The Ongoing Charges Figure for the year ended 30 September 2015 was 2.00% (31 March 2015: 1.99%) for Income units and 2.00% (31 March 2015: 1.99%) for Accumulation units. The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the period, annualised, against its average net asset value. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). The OCF can fluctuate as underlying costs change. 3

Performance Record (continued) Risk and Reward Profile The synthetic risk and reward indicator for the St. James s Place Global Emerging Markets Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 5. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. * To 30 September 2015 4

Portfolio Statement as at 30 September 2015 (unaudited) Security Holdings Market Value 000 % of Net Assets BERMUDA (0.83%) 4,985 0.76 Li & Fung 9,970,000 4,985 0.76 BRAZIL (6.56%) 42,381 6.49 Banco Bradesco 4,893,923 18,522 2.84 Natura Cosmeticos 1,920,900 5,876 0.90 Tractebel Energia 668,300 3,549 0.54 Ultrapar Participacoes 617,700 6,327 0.97 WEG 3,235,736 8,107 1.24 CAYMAN ISLANDS (1.38%) 7,062 1.08 China Mengniu Dairy 3,064,000 7,062 1.08 CHILE (1.18%) 7,063 1.08 Empresa Nacional de Electricidad 9,341,942 7,063 1.08 HONG KONG (1.46%) - - INDIA (17.13%) 136,558 20.93 Dr Reddy's Laboratories 436,707 18,205 2.79 Housing Development Finance 3,611,181 43,856 6.72 Infosys 1,953,276 22,643 3.47 Mahindra & Mahindra 1,503,446 18,997 2.91 Tata Consultancy Services 279,217 7,232 1.11 Tech Mahindra 4,569,752 25,625 3.93 MALAYSIA (6.86%) 36,986 5.66 Axiata 32,178,474 27,694 4.24 CIMB 6,005,554 4,009 0.61 Public Bank 2,016,740 5,283 0.81 MEXICO (3.96%) 31,718 4.86 Grupo Financiero Santander Mexico ADR 1,599,979 7,653 1.17 Kimberly-Clark de Mexico 16,453,358 24,065 3.69 PAPUA NEW GUINEA (0.44%) - - POLAND (4.07%) 26,239 4.02 Bank Pekao 804,920 21,754 3.33 Orange Polska 3,543,688 4,485 0.69 SOUTH AFRICA (18.37%) 100,582 15.41 AngloGold Ashanti 1,036,768 5,369 0.82 Impala Platinum 1,905,517 3,445 0.53 Remgro 2,498,000 29,545 4.53 Shoprite 1,727,326 12,690 1.94 Standard Bank 3,838,215 24,548 3.76 Tiger Brands 1,717,566 24,985 3.83 SOUTH KOREA (6.29%) 42,645 6.54 LG 220,702 7,461 1.14 LG Chem 86,468 13,679 2.10 Samsung Fire & Marine Insurance 67,292 10,440 1.60 Shinhan Financial 482,060 11,065 1.70 SWITZERLAND (3.38%) 28,355 4.34 Coca-Cola HBC 1,446,033 20,230 3.10 SGS 6,992 8,125 1.24 TAIWAN (7.67%) 56,288 8.63 Asustek Computer 1,197,000 6,757 1.04 Quanta Computer 3,450,000 3,929 0.60 Taiwan Semiconductor Manufacturing 3,926,000 10,159 1.56 Uni-President Enterprises 31,174,173 35,443 5.43 5

Portfolio Statement (continued) as at 30 September 2015 (unaudited) Security Holdings Market Value 000 % of Net Assets THAILAND (1.10%) 6,068 0.93 Kasikornbank 'A' Shares 1,963,400 6,068 0.93 TURKEY (0.78%) 5,098 0.78 Anadolu Efes Biracilik Ve Malt Sanayii 1,108,274 5,098 0.78 UNITED KINGDOM (16.20%) 101,660 15.58 SABMiller 991,181 37,007 5.67 Tullow Oil 1,854,958 3,187 0.49 Unilever 2,285,848 61,466 9.42 Investment assets 633,688 97.09 Total other assets (net) 19,013 2.91 Net assets 652,701 100.00 Comparative figures shown in brackets relate to 31 March 2015. All investments held are listed, unless otherwise stated. Stocks shown as ADRs represent American Depositary Receipts. 6

Material Portfolio Changes Cost Purchases 000 St. James's Place Money Market Unit Trust L Acc 18,141 Banco Bradesco 13,950 Infosys 10,337 Kasikornbank 'A' Shares 7,502 Asustek Computer 6,985 Mahindra & Mahindra 5,165 Grupo Financiero Santander Mexico ADR 2,253 Axiata 784 Uni-President Enterprises 62 Proceeds Sales 000 SABMiller 22,979 St. James's Place Money Market Unit Trust L Acc 18,141 Shoprite 14,469 Hong Kong & China Gas 10,661 Uni-President Enterprises 9,347 Siam Commercial Bank 7,483 Samsung Electronics 5,874 Tractebel Energia 4,795 Oil Search 3,253 Tata Consultancy Services 2,709 Stocks shown as ADRs represent American Depositary Receipts. This investment is a related party. 7

Statement of Total Return for the period 01 April 2015 to 30 September 2015 (unaudited) Income Net capital (losses)/gains Revenue Expenses Interest payable and similar charges Net revenue before taxation Taxation Net revenue after taxation Total return before distributions Equalisation Change in net assets attributable to unitholders from investment activities 01/04/15 to 30/09/15 01/04/14 to 30/09/14 000 000 000 000 (105,087) 37,466 12,595 12,719 (7,240) (8,004) - (2) 5,355 4,713 (802) (760) 4,553 3,953 (100,534) 41,419 (111) (70) (100,645) 41,349 Statement of Change in Net Assets Attributable to Unitholders for the period 01 April 2015 to 30 September 2015 (unaudited) 01/04/15 to 30/09/15 01/04/14 to 30/09/14 000 000 000 000 Opening net assets attributable to unitholders 792,939 789,777 Movement due to creation and cancellation of units: Amounts receivable on creation of units 46,932 8,359 Amounts payable on cancellation of units (86,675) (30,860) Dilution levy charged Stamp duty reserve tax Change in net assets attributable to unitholders from investment activities (see above) Closing net assets attributable to unitholders (39,743) (22,501) 150 5 - (10) (100,645) 41,349 652,701 808,620 Comparative information is provided for the Statement of Change in Net Assets Attributable to Unitholders. Since this information is for the prior interim period, the net assets at the end of that period do not correspond to the net assets at the start of the current period. The prices per unit as at 30 September 2015 (unaudited) were: Income units Accumulation units Bid Offer p p 110.6 116.4 112.0 117.8 8

Balance Sheet as at 30 September 2015 (unaudited) Assets Fixed assets Investments Current assets Debtors Cash and bank balances Total assets Liabilities Creditors Distribution payable Other creditors Total liabilities Net assets attributable to unitholders 30/09/15 31/03/15 000 000 633,688 774,383 2,874 1,489 17,015 20,920 653,577 796,792 - (14) (876) (3,839) (876) (3,853) 652,701 792,939 Accounting and Distribution policies for the period 01 April 2015 to 30 September 2015 (unaudited) Basis of accounting The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in May 2014 (the IMA SORP 2014) and United Kingdom Generally Accepted Accounting Practice. Adoption of IMA SORP 2014 Changing in accounting policies There have been no changes to the accounting policies as detailed in the audited financial statements for the year end 31 March 2015. Changes in presentation The presentation of these financial statements has been changed from the previous period to comply with the requirements of the IMA SORP 2014. The main change is: amendments to labelling of some line items within the financial statements. amendments to categorisation of some line items within the financial statements. Directors' Certificate This report is certified in accordance with the requirements of the rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook. Directors A. M. Croft London D. J. Lamb 26 November 2015 9

General Information The Trust St. James's Place Global Emerging Markets Unit Trust is an authorised Unit Trust scheme under section 243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 22 March 2010. The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment Scheme Sourcebook and is classified as a UCITS Scheme. Unitholders should note that with effect from 28 April 2014 the St. James s Place Global Emerging Markets Unit Trust was closed to new investment under the limited issue arrangements permitted under the FCA rules for authorised funds. With effect from this date no new Units have been or will be issued in respect of this Scheme, except in relation to existing Unitholders who invest through an existing regular savings facility. The Trust Manager The Manager of the Trust is St. James's Place Unit Trust Group Limited which is regulated by the Financial Conduct Authority. Investment Objectives The investment objective of the Scheme is to achieve long-term capital appreciation. The Scheme aims to achieve this objective by principally investing worldwide in equities in emerging economies, including those of companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, cash and near cash, and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. European Savings Directive It is the Manager's intention that the Trust will not normally hold 15% or more of its value in money debt instruments. Unit Dealings Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by telephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom, freephone: 0800 027 1031. The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing day following receipt of the client's instructions, or if received before noon, on that dealing day. In the case of telephone purchases of units from the Manager, settlement must be by return of post after receipt of the contract note. In the case of telephone redemptions, the proceeds will not become payable until the receipt at the Administration Centre of a written request. A contract note confirming the subscription or redemption price and the number of units involved will be forwarded, together with a cancellation notice, where appropriate, on the next business day. The most recent issue and redemption prices will be published on the Manager's website: www.sjp.co.uk and are available by calling the Administration Centre on 0800 027 1031. Minimum Investment This Scheme is subject to limited issue arrangements. No new Units have been or will be issued in respect of this Scheme, except in relation to Unitholders who invest through a regular savings plan in existence on 28 April 2014. For such pre-existing regular savings plans, please note that the minimum monthly investment is 150 and the minimum annual investment is 1,500. 10

General Information (continued) Management Charges With effect from 26 October 2015 the Manager has changed the charging structure of the Scheme. The annual management charge has been increased to include many of the predictable costs, such as trustee fees and administration fees, which were previously charged directly to the Scheme. These changes are therefore presentational only and there is no overall increase in the total charges met by the Scheme. In addition, the way the annual management charge is calculated has been changed. The charge was previously calculated monthly, based on the Scheme value on the first business day of the month; in future it will be calculated daily, based on the Scheme value every day. The Trust Deed permits the following management charges which are receivable by the Manager: (a) A Preliminary Charge of 5 per cent which is included in the offer price of the Units. (b) An Annual Management Charge at a rate of 1.37 per cent (1.25 per cent prior to 26 October 2015) of the value of the Trust. Income Distributions Income distributions are made annually on or before the 31 May. Accumulation Distributions Revenue due to accumulation unitholders is reflected in the price of their units. Tax Vouchers Income unitholders that receive income distributions by direct credit and accumulation unitholders (where the distribution income is reinvested) receive an annual consolidated tax voucher in May with all the relevant payment and tax information required to complete a tax return. Tax vouchers will be enclosed if income unitholders receive payment by cheque. Report A report is sent semi-annually to all unitholders on or before 31 May and 30 November. Capital Gains Tax The Trust is not liable to tax on capital gains and any individual holding units will not be liable to capital gains tax unless the total chargeable gains for the tax year 2015/2016 exceed 11,100 (2014/2015 11,000). To calculate capital gains on accumulation units, the total amount of reinvested net revenue (shown on the annual tax credit vouchers) should be added to the base cost of the units purchased. Unitholders should consult their professional advisers for any advice regarding their tax position. 11

St. James s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority. St. James s Place Unit Trust Group Ltd Registered Office: St. James s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 947644. Perivan Financial Print 238901 Global Emerging Markets (11/15)