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1
F&C Asset ManagementInvestment Process Presentation
Contact:
Simon MalesDirector, Institutional Business
2
Agenda
Section I – Business Overview
Section II – Top Down Investment Process
Section III – Bottom Up Investment Process- Equities- Bonds
Section IV – Fund Performance Review
Section V – Why Recommend F&C?
3
Section I - Business Overview
4
Significant Growth in Assets
Supported by organic and acquisition driven growth
Growth in Funds under Management (£bn)
0
25
50
75
100
125
2000 2001 2002 2003 2004
FUM (£bn)
Funds under management have quadrupled in the last 3 years from FIS (£33bn) to F&C (£125bn)
The value of the company has quadrupled in the past year from ISIS (£300m) to F&C (£1.1bn)
Driven by ‘twin track’ growth strategy of organic new business and strategic acquisitions
Supported by FP board
Source: F&C Asset Management plc as at 31/03/05.
5
F&C Asset Management plc
A well structured ownership and organisational structure
London
Dublin
Amsterdam
Boston
Edinburgh
Frankfurt
Lisbon
Paris
51%
3%
26%
20%
Public Markets
Eureko
F&C Employees
Friends Provident
Total Assets Under Management: £125.3 billion
Source: F&C Asset Management plc as at 31/03/05.
6
F&C Asset Management plc
Significant size and scale gives F&C advantages
F&C manages £125.3bn with a Pan-European business and leading market positions in the UK and a number of continental European countries
4th largest UK headquartered asset manager
2nd largest active manager in the UK
Top 10 manager of European pension monies
F&C head office, Exchange House, Primrose Street, EC2A 2NY
Source: F&C Asset Management plc as at 31/03/05.
7
Highly Resourced Teams
Chief Investment
OfficerTony Broccardo
Chief Investment
OfficerTony Broccardo
PropertyPaul Herrington
PropertyPaul Herrington
Alternative InvestmentsAlternative
Investments
Fixed InterestHelene Williamson
Fixed InterestHelene Williamson
Emerging EquityHumphrey CareyEmerging EquityHumphrey Carey
Pacific EquityM Hanbury-Williams
Pacific EquityM Hanbury-Williams
Pan-EuropeanEquity
Richard Wilson
Pan-EuropeanEquity
Richard Wilson
Global/USEquity
Jeremy Tigue
Global/USEquity
Jeremy Tigue
Global StrategyPaul Niven
Global StrategyPaul Niven
SRIKarina Litvack
SRIKarina Litvack
19
8
19
11
12
10
11
14
13
9
18
11
30
8
33
9
6
39
10
9
Avg. years' experience Team Size
DealingJohn Harwood
DealingJohn Harwood
Source: F&C Asset Management plc as at 31/03/05.
F&C has one of the UK’s largest teams managing:
– Pan-European Equities
– Fixed Interest
– Property
8
Business OverviewF&C has a highly diversified business mix...
By Asset Class
AUM as at 31 December 2004
By Client
AUM as at 31 December 2004
UK Equities13%
Overseas Equities
19%
Fixed Interest
58%
Liquidity4%
Alternative Investments
1%Property5%
Pension Funds25%
Retail11%
Other Institutional
1%
Charities1%
Insurance62%
Source: F&C Asset Management plc as at 31/12/04.
9
…with significant businesses in a number of major European centres
Business Overview
2003 Net Revenues: €366.4m
205.6
79.6
25.1
16.1
0.7
32.9
6.4
Venture Capital3%
Other Institutional
24%
Investment Trusts12%
Mutual Funds12%
Sub-Advisory7%
Institutional Insurance
42%
Revenues for H1 2004 by Client
Source: F&C Asset Management plc as at 31/12/04.
10
Business OverviewF&C is supported by, but not dependent on, its majority shareholder
Friends Provident
23% Third Party77% Friends
Provident13%
Third Party87%
AUM as at 31 December 2004 Revenues for H1 2004
Source: F&C Asset Management plc as at 31/12/04.
11
Business OverviewSummary messages
F&C’s scale and diversified business mix holds some key advantages:– £125.3bn size of assets gives us excellent access to
companies– Highly diversified business mix reduces risks: by asset class /
client mandate / country / market– It makes us difficult to ignore - consultants want to come in
F&C has one of the UK’s largest teams in: Pan-European Equities, Fixed Interest and UK Commercial Property
87% of F&C’s revenues (H1 2004) come from third party business:– This is supported by the consulting community who do not
favour fund managers with a heavy reliance on any one client– This is also supported by institutional clients who favour a fund
manager with a diversified revenue base (spreading business risk)
12
Strengthened by Third Party BusinessGlobal Investor Top 100 Largest Asset Managers - F&C is 40th
Source: Global Investor, December 2004/January 2005. US$ conversion made on 12.11.04.
1. State Street Global Advisers Ltd State Street Corporation 1,217,436
2. Fidelity Investments Fidelity Investments 1,197,500
3. Barclays Global Investors Barclays plc 1,150,518
40. F&C Asset Management F&C Asset Management plc 165,100
51. AXA Investment Managers AXA 139,027
54. Insight Investment Management Ltd HBOS plc 131,304
77. Henderson Global Investors HHG plc 68,412
98. Scottish Widows Invst Partnership Lloyds TSB Group 36,500
100. Standard Life Investments Ltd Standard Life Assurance Company 36,038
Position / Asset Manager Parent Third Party Assets USD m
EBCs favour managers with higher exposure to third party business
13
A Profitable BusinessF&C is a highly efficient company…and one of the most profitable
Market Capitalisation
Amvescap £2.8bn
Schroders £2.2bn
Henderson £1.7bn
F&C £1.1bn
Investec £1.1bn
Singer & Friedlander £477m
Aberdeen £206m
Source: F&C Asset Management plc. Market Cap data as at 17/03/05.
14
What differentiates F&C?Competitive advantages - corporate
Company scale: our investment teams have almost unrivalled access to company management, particularly outside of the bi-annual reporting season, where we meet regularly with corporates to add value to our research process
Highly resourced: F&C has a large resource base of investment professionals managing client money. With over 200 staff directly responsible for investment management, we have an excellent flow of ideas and processes, structured within a transparent and accountable environment.
Collegiate approach: Our competitive advantages lie with the skill sets of the individuals managing portfolios, and not the structure that we impose on them.
15
Section II - Top Down Investment Process
16
Friends Provident Managed Pension Fund
Fund size: £2.7bnInvestment Approach
Diversified portfolio
Performance driven by top-down asset allocation and bottom-up stock selection
Performance benchmark is the LipperBalanced Managed Sector
F&C Top-Down Strategy
Overweight– Pacific Equities– European Equities
Underweight– UK Fixed Interest– US Equities
Source: F&C Asset Management plc as at 31/12/04.
Overseas Equities
27%
UK Equities56%
Cash6%
Fixed Interest
10%
Property1%
Stock selection is the key driver to relative performance…but asset allocation can add significant value: ¼ to ⅓
17
Investment TeamStrategy team
Name Title Years in Industry
Years at F&C
Paul Niven Head of Strategy 8 8
Richard Philbin Head of Fund of Funds 10 3
Tom Caddick Analyst, Fund of Funds 6 1
Anna Stastny Analyst, Fund of Funds 3 1
Stergios Saloustos Quantitative Analyst 5 1
Steven Andrew Macro Economist 17 4
Michel de Groot Head of Strategy Netherlands 8 5
Jan Willemsen Investment Strategist (NL) 8 4
Peter Vermeulen Investment Strategist (NL) 25 25
Toby Vaughan Assistant Strategist 3 3
Arjan de Ruijter ALM Analyst 6 6
Average Years Experience 9 6
Source: F&C Asset Management plc as at 31/12/04.
F&C’s Strategy Team combines strong continuity and scale with much experience
18
GTAA – Top Down Investment ProcessAsset allocation decisions are critical to multi-asset class portfolios
Global Tactical Asset Allocation Decisions
Quantitative Investment ProcessQuantitative Investment Process Qualitative Investment ProcessQualitative Investment Process
Value of the process is greater than the sum of its parts
19
GTAA – Quantitative Investment ProcessF&C has a very thorough and robust modelling process
Quantitative Models– Equities vs Fixed Interest
– Equities– Regions– Momentum
– Fixed Interest– Government bonds– Corporate bonds– High yield bonds
– Foreign Exchange
Global Equities - Historical Valuation Gap - 31 March 2005
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Dec
-92
Dec
-93
Dec
-94
Dec
-95
Dec
-96
Dec
-97
Dec
-98
Dec
-99
Dec
-00
Dec
-01
Dec
-02
Dec
-03
Dec
-04
F&C understands and exploits key relationships to develop successful investment policies
20
GTAA – Qualitative Investment ProcessThe judgmental decision-making process adds value
Fundamentals– GDP growth, Inflation, Earnings, Policies (Monetary, Fiscal)
Cyclical Analysis– Identification of the place in the cycle– Judgement decisions
14
32
1 below trend and risingEquities +++Bonds +
2 above trend and risingEquities ++Bonds -
3 above trend and decliningEquities +Bonds -
4 below trend and decliningEquities --Bonds ++
F&C exploits anomalies in economic and market cycles
21
What differentiates F&C?Competitive advantages - asset allocation
Dual investment approach: Our Global Tactical Asset Allocation process is supported by a thoroughly robust quantitative analysis modelling process and a qualitative overlay where we seek to add consistent incremental value.
Quantitative models: We are convinced in our ability to understand and exploit key relationships to develop successful value-added multi-asset class allocations and investment policies.
Qualitative overlay: Based on an investment approach that underlies the overall GTAAprocess.
People and process driven: At F&C, we believe that it is the combination of this structuredapproach, with the views and opinions of our dedicated and experienced professionals, that distinguishes our process and makes the difference for the benefit of our clients.
Value added performance: We aim to add 25% to 33% of value from asset allocation
22
Section III - Bottom Up Investment Process
Equities
23
Friends Provident Managed Pension Fund
Fund size: £2.8bn
Source: F&C Asset Management plc as at 31/05/05.
UK Equities55.2%
Cash1.1%Property
6.6%
Fixed Interest10.0%
Overseas Equities27.1%
Equities = 82%
Pan-European Equities = 66%
24
Investment TeamF&C has a highly resourced Pan-European equity team
Richard WilsonHead of Pan European Equities
(+38)
UNITED KINGDOM PAN EUROPE
(3) Core
(6) Research
CONTINENTAL EUROPE
SMALL CAP
(3)High Alpha
(6) Core
(3) Core
(4) High Alpha
(2) Stewardship
(4) Income
(3) Continental
Europe
(5) UK
Source: F&C Asset Management plc as at 31/12/04.
25
Pan-European Equity TeamCompetitive advantages
Structural change from institutional : retail at ISIS to new core : high alpha mix positions the team more strongly
10 teams (max size 6 people) within Pan-European Equity rather than one very large mass
More accountability, transparency and visibility in the investment management decision-making process
Best of breed approach to research analyst & fund manager roles: 26 sector specialists of which 6 are career analysts
Head of P-E Equities Richard Wilson (ex Gartmore) is very confident about attracting new business
26
F&C’s Highly Resourced UK Equity Team
Name Title Years in Industry
Years at F&C
Richard Wilson Head of Pan European Equities 17 1
Robin Woodall Head of UK Core Equities 22 9
Chris Rew Fund Manager, UK Core Equities 18 8
Julian Cane Fund Manager, UK Core Equities 13 12
John Hayes Fund Manager, UK Core Equities 19 4
Martin Smith Fund Manager, UK Core Equities 19 4
Roger Jones Fund Manager, UK Core Equities 4 4
Jamie Hooper Fund Manager, UK High Alpha 10 10
Derek Mitchell Fund Manager, UK High Alpha 23 21
Michael Gifford Fund Manager, UK High Alpha 21 1
Ted Scott Head of Stewardship 23 21
Hilary Aldridge Fund Manager, Stewardship Funds 7 4
Rodger McNair Head of UK Equities (Edinburgh) 18 15
Richard Bell Fund Manager, UK Equities (Edinburgh) 11 6
Gary Thomson Fund Manager, UK Equities (Edinburgh) 9 9
Julia Clark Fund Manager, UK Equities (Edinburgh) 8 5
Sandy Fleming Head of UK Small Cap 40 9
Catherine Stanley Fund Manager, UK Small Cap 13 4
Peter Ewins Fund Manager, UK Small Cap 15 9
Stephen Grant Fund Manager, UK Small Cap 21 8
Mike Willis Fund Manager, UK Small Cap 13 4
AVERAGE YEARS OF EXPERIENCE 16 8
Source: F&C Asset Management plc as at 31/12/04.
27
UK Equity TeamCompetitive advantages
c.350 years of investment experience for F&C’s UK team of 21 professionals
Average of half their career – 8 years each – at F&C
Strong continuity for FP UK Equity Fund managed by Martin Smith since 2002
Two-thirds ex-ISIS, one-third ex-F&C
28
Equity Investment PhilosophyWe view all companies as potential investments
Style
F&C’s style is active and pragmatic
Beliefs
Independent fundamental research is the key to identifying investment opportunities
We believe in a team based approach
We are bottom up stock pickers
F&C is not hampered by a dogmatic style
29
Equity Portfolio ConstructionOverview
Research AnalystsSector and
Stock Research
RiskManagement
Strategy TeamMacro-
Economic View (GTAA)
FundManagers
Stock Selection& Portfolio
Construction
Combining investment idea generation with risk management– Stock Research– Economics and Strategy– Risk Management
A continuous assessment process
Informed team debate a critical ingredient
A highly collegiate approach…with onus on fund manager to outperform
30
Research - Lies at the Heart of Our Investment Process3 stage process
Industry Assessment&
Franchise Evaluation
Financial Analysis&
Valuation
Tactical Assessment
Recommendation&
Communication
‘The Company’
‘The Share Price’
‘The Timing’
‘The Decision’
Industry assessment and franchise evaluation (qualitative)
Financial analysis & valuation (quantitative)
Tactical assessment
Recommendation and communication
Prolific idea generation is the key to delivering business winning performance
31
What differentiates F&C?Competitive advantages - equities
Not dogmatic: We are not bound by ‘value’ or ‘growth’ investment styles, hence we do not expect portfolios to experience long periods of underperformance. Every stock is a potential investment.
Practical approach: The result is an active and pragmatic approach to fund management in which we view all companies as potential investments.
Fair Value driven: We focus on determining a “fair value” for each company, hence our style is not a driver of our process, but a result. In this way, we aim to provide consistent performance in all normal market environments.
32
Section III - Bottom Up Investment Process
Fixed Interest
Government & Corporate Bonds
33
Friends Provident Managed Pension Fund
Fund size: £2.8bn
Source: F&C Asset Management plc as at 31/05/05.
UK Equities55.2%
Cash1.1%Property
6.6%
Fixed Interest10.0%
Overseas Equities27.1%
Fixed Interest = 10%
Government Bonds = 6%
Corporate Bonds = 4%
34
Government BondsTeam summary
Name Title Years in Industry
Years at F&C
Helene Williamson Head of Emerging Debt 28 10
Helen Roberts Head of Government Bonds 17 6
Paul Grainger Director, UK Government Bonds 10 2
Philip Chow Fund Manager, UK Government Bonds 11 0
Alex Dale Fund Manager, UK Government Bonds 7 3
Lionel Oster Director, European Government Bonds 9 8
Antonio Serra Assistant Director, European Government Bonds 8 6
Henry Hunt Director, Global Government Bonds 19 19
Jose Salinas Investment Analyst 2 2
Average Years Experience 12 6
Jacob de Wit Head of Fixed Income 11 0
Team has specialist skills in quant and qualitative areas
35
Investment PhilosophyChallenging the consensus
US GDP Growth: Consensus and Actual
%
Source: Consensus Economics
Markets “price in” what investors expect to happen but ...
… investors are often wrong and bond markets often overshoot!
Our approach is to anticipate these “errors” by the application of in-house economic fundamental and quantitative tools
0
1
2
3
4
5
6
2000 2001 2002 2003 2004
Start of Year Consensus Actual GDP Growth
F&C measures consensus and establishes its own macro-economic view
36
Investment ProcessProcess Stages
Stage 2Portfolio Construction
Stage 1Research & Forecasting
Stage 3Portfolio Analysis
Fundamental and quantitative Research
How do we deviate from the Consensus?
Model portfolios
Out-performance objective
Risk parameter
Performance measurement
Performance attribution
Risk analysis
Scenarios &Forecasts Portfolio
One clear, repeatable process, consisting of three stages
37
Corporate Bond TeamName Primary Sector Years in Years at
industry F&C
Patrick Hendrikx Head of Credit 11 3Ian Robinson Head of Credit Strategy 13 3
Rebecca Seabrook Director, UK Credit 9 4Adam Mossakowski Ass. Portfolio Manager 4 1
Han Altink Portfolio Manager, Financials 23 5Dominique Dijkhuis Portfolio Manager, Consumers 7 4Tjomme Dijkma Portfolio Manager, Financials 9 9Mario Hooghiemstra Portfolio Manager, Utilities 15 5Cor Moons Portfolio Manager, Industrials 16 5Judith van der Ven Portfolio Manager, TMT 10 10
Paul Allen Credit Analyst, Financials 5 3Holly Barton Credit Analyst, Consumers 8 1Heinie Hakker Credit Analyst, Financials 20 1Henri Jongschaap Credit Analyst, Industrials/TMT 15 1Sven Scholze Credit Analyst, Utilities 1 1
Fatima Luis Portfolio Manager – Retail 8 6
Kevin Mathews Credit - Head of High Yield 23 1Roman Gaiser Euro HY Portfolio Manager 10 5Guido Billstein Credit Analyst, - High Yield 13 1Arjuna Rajasingham Credit Analyst - High Yield 4 1
Average Years of Experience 11 4
20 specialists on corporate bonds – one of the UK’s largest teams
c.240 years experience within the team – average 11 years each
Strong mix of dedicated career analysts and portfolio managers
One of the most experience and largest teams in Europe
38
Corporate Bonds
We believe that investors process company information inefficiently
In the short run, securities may be temporarily mis-priced
Through fundamental credit analysis we identify under and over-valued securities
Investment philosophy
Model Portfolio
Stage 2
Allocation toSectors
Stage 1
Allocation to Non-Government Bonds
Stage 3
Stock Selection
Stage 4
Risk Control
F&C has never held a corporate bond downgraded to junk
39
What differentiates F&C?Competitive advantages - bonds
Scale: Actively managing fixed interest portfolios is a core competency at F&C and to reflect this over £70bn is invested in government bond and corporate bond funds.
People: Our fixed interest fund managers are amongst the most experienced in the industry. With extensive experience constructing portfolios to meet the risk/return needs of a wide variety of clients, we are ideally positioned to meet the growing demand for specialist fixed income management.
Process: We blend qualitative and quantitative approaches to analysing both markets themselves as well as the expectations of other market participants. This provides a robust and disciplined framework for investment decision-making and we believe that the strength of our long-term performance record fully justifies our confidence in the effectiveness of our process.
40
Section IV – Fund Performance Review
41
Fund Performance – Managed Pension Fund
Friends Provident Managed Fund
4.5
15.4
6.2
-2.9
3.76.2
14.6
6.2
-1.2
6.5
-5
0
5
10
15
20
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident Managed Fund Balanced Managed Sector
Percentile: 11th 34th 33rd 52nd 93rd
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
42
Fund Performance – UK Equity Pension Fund
Friends Provident UK Equity Fund
5.1
17.2
7.1
-3.6
3.9
7.2
16.4
6.8
-1.8
7.7
-5
0
5
10
15
20
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident UK Equity Fund UK All Companies Sector
Percentile: 8th 33rd 38th 46th 83rd
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
43
Fund Performance – Overseas Equity Pension Fund
Friends Provident Overseas Equity Fund
4.2
15.8
4.4
-6.7
4.16.3
13.8
4.5
-5.2
6.0
-10
-5
0
5
10
15
20
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident Overseas Equity Fund Global Equities Sector
Percentile: 47th 61st 33rd 52nd 71st
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
44
Fund Performance – Fixed Interest Pension Fund
Friends Provident Fixed Interest Fund
4.7
10.9
7.0 7.2
4.3 3.9
10.8
6.45.8
4.0
0
4
8
12
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident Fixed Interest Fund UK Fixed Interest Sector
Percentile: 32nd 39th 49th 31st 10th
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
45
Fund Performance – Stewardship Managed Pension Fund
Friends Provident Stewardship Managed Fund
3.6
15.4
7.8
-0.9
3.76.2
14.6
6.2
-1.2
5.9
-5
0
5
10
15
20
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident Stewardship Managed Fund Balanced Managed Sector
Percentile: 65th 68th 32nd 10th 38th
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
46
Fund Performance – Stewardship Pension Fund
Friends Provident Stewardship Fund
3.3
17.4
10.9
1.03.9
7.2
16.4
6.8
-1.8
6.8
-5
0
5
10
15
20
3 Months YTD 1 Year 3 Years 5 Years
Friends Provident Stewardship Fund UK All Companies Sector
Percentile: 67th 62nd 36th 10th 13th
Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised.
47
Section V - Conclusion
Why Recommend F&C?
48
What differentiates F&C?Competitive Advantages – Scale and Size
The second largest active UK manager - allows excellent access
Highly resourced teams - around 200 investment professionals, with one of the largest P-E equity (39), fixed interest (33) and property (30) teams in the UK
Very stable management post-merger
F&C is one of the largest and most well resourced UK managers
49
What differentiates F&C?Competitive Advantages – Investment Process
Equity process is not bound or constrained by value/growth style - driven by Fair Value
Bond process driven by highly robust and disciplined quant and qualitative approach
Competitive advantage comes from F&C’s dedicated proprietary research capabilities –having superior access to companies is very important
F&C does not impose style on fund managers – this flexibility maximises performance prospects
50
Contact Details
United Kingdom
Tel: +44 (0) 20 7628 8000
Tel: +44 (0) 131 465 1000Investment Offices
Head Office F&C Asset Management plc, Exchange House, Primrose Street, London EC2A 2NY, United KingdomAuthorised and regulated in the UK by the Financial Services Authority
F&C Asset Management plc, 80 George Street, Edinburgh, Scotland, EH2 3BU, United Kingdom Authorised and regulated in the UK by the Financial Services Authority
United Kingdom
+49 (0) 69 308 55 098Tel:
+617 426 9050Tel:
+33 (0) 1 43 22 13 66Tel:
+351 (0) 21 003 3200Tel:
+31 (0) 20 582 3000Tel:
+353 (0) 1 436 4000Tel:
+44 (0) 1306 651800Tel:
F&C Management Limited, Niederlassung Deutschland, Mainzer Landstr. 49/49a, 60329 Frankfurt Germany. Authorised and regulated in the UK by the Financial Services Authority
Germany
F&C Management Limited, 30 Rowes Wharf, Suite 540, Boston, MA 02110, USAAuthorised and regulated in the UK by the Financial Services Authority
United States
F&C Management Limited, 11 Place des 5 Martyrs du Lycée Buffon BP 148, 75664 PARIS, Cedex 14 Authorised and regulated in the UK by the Financial Services Authority
France
F&C Portugal, S.A., Av. José Malhoa, Lote 1686, 1070-157 Lisboa, PortugalRegulated in Portugal by the CMVM and the Bank of Portugal.
Portugal
F&C Netherlands B.V., Gatwickstraat 1, 1043 GK, Amsterdam, The NetherlandsRegulated in the Netherlands by the Autoriteit-FM.
Netherlands
F&C Ireland Limited, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland Authorised in Ireland by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act, 1995.
Ireland
Marketing & Client Services
F&C Asset Management plc, Park Lodge, London Road, Dorking, Surrey, RH4 1QP, United Kingdom Authorised and regulated in the UK by the Financial Services Authority
www.fandc.com
for professional investors only PRIVATE & CONFIDENTIAL
Past performance should not be seen as an indication of future performance. The value of investments and income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject
to change at any time. F&C Group Companies may from time to time deal in investments mentioned herein on behalf of their clients. The source of information in all graphs is F&C unless otherwise stated.Issued and approved in the UK by F&C Asset Management plc, 80 George Street, Edinburgh, Scotland, EH2 3BU, United Kingdom. Authorised and regulated in the UK by the Financial Services Authority (FSA)
® F&C, F&C Monogram, FANDC, FandC and fandc are all registered trade marks of F&C Management Limited© Copyright F&C Asset Management plc. 2004. All Rights Reserved. Neither this document nor any part of it may be reproduced by any party whether by photocopying or storing in
any medium by electronic means or otherwise without the prior approval of F&C Asset Management plc.