This document contains information about several retail properties owned by UK Outlet Mall Partnership LP. It provides details about two outlet malls - Cheshire Oaks Designer Outlet Mall and Bridgend Designer Outlet Mall. For Cheshire Oaks, it discusses improvements made to the tenant mix, plans to upgrade parts of the mall, and increases in sales, visitors, and average spend. For Bridgend, it only provides basic details about the size, units, amenities, and ownership status.

1. If an image paints a thousand words why do so many ads rely on so much text!
RetouchingPeter Lacey
Creative Artworker
I have enjoyed many years of retouching since the late
‘80s for a mainly financial and charity based advertising
agency, the Gate (London).
With the advent of massive image libraries and a
direction to reduce costs that line of work has reduced,
so much of the portfolio reflects that. However I continue
to use my skills in this field to support client branding
and educate our team.
I’ve always believed for a retoucher to be fully effective
there’s a need to be involved in the process prior to any
photoshoot and during the image selection process.
There should also be a desire to get the most out of the
image, improve composition and maintain direction to
reflect the style for the client.
I have a long history of working in print, pre-press and
outdoor media. Initially in screen, litho and web-offset I
was first employed as a sign writer and moved towards
typesetting, retouching and client liason.
Fully conversant in Adobe Photoshop, Illustrator,
InDesign, colour management and integration with other
applications, to ISO specifications. Moderate level of
Dreamweaver.
Held full-time employment at a London agency for over
26 years to very specific brand guidelines producing
financial report & accounts, packaging, press & online
advertising, event projects, brand guidelines plus on-site
client placement, working from home and tutoring.
I consider myself as a self motivated, friendly, team-
player available for day or night shifts.
Hobbies include dj-ing, singer in a band, cooking and
exotic pets.
111 Suttons Avenue,
Hornchurch,
Essex RM12 4LZ
0779 2652486
pete_nicki@ntlworld.com

2. SOCIETE GENERAL
Société Générale S.A. is a French multinational banking and financial services company headquarters in Paris.
The brief was to create a campaign that encouraged
traders to join in the fun of their online trading challenge.
Previous attempts by other agencies had failed to
bring much interaction to what was considered a rather
mundane approach.
Working alongside the Creative Director the concept of
gladiators challenging each other was brought to life by
hiring costumes from the BBC, sourcing images of a bull
ring, moody sky, traders and monitors. I was involved in
modelling for the photo-shoot and I created a variety of
images for use in print and online media.
The result was a high uptake in interaction and a repeat
of the campaign the following year.

3. INSIGHT
Insight Investment is a global asset manager responsible for over £400bn in assets.
Insight often required quite specific styles to their images
and used a large range of hand painted artworks within
their advertising. This particular image was a move away
from that, where the client decided a little fun should
be the direction, but also a little clichéd. Their in-house
design department attempted to create an image of
the edge of the world. It was my position to start from
scratch and produce something a little more believable.

4. INVESTEC
Investec is an international specialist banking and asset management group based in the UK, South Africa and Australia
The initial brief was to create an iconic brand for
Investec UK but the idea of a zebra (considered a little
too common in South Africa) required a hard sell and a
faultless approach. We had to polish our hero and create
a family of over 100 zebras, masked out to appear on a
huge variety of print, online and outdoor media, including
cricket and rugby pitches! The branding has subsequently
allowed the zebra to be synonymous with Investec.
BANK
P R I VAT E B A N K I N G
A S S E T M A N AG E M E N T
I N V E S T M E N T
B A N KI N
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C A P I TA L
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BANKPRIVATEBANKING
A S S E T M A N A G E M E N T
INVESTMENT
BANKING
C
A
PITAL
MARKETS
BANK
PRIVATE
BANKING
ASSETMANAGEMENT
INVESTMENTBANKING
CAPITALMARKETS
BANK
INVESTMEN
T
BANKING
CAPITAL
MARKETS
A
SSET
M
A
N
A
G
EM
EN
T
P R I VAT E
B A N
K I N
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SpecialistBanking
Take a different route
Takeadifferentroute
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5. FRANKLIN TEMPLETON
Franklin Templeton Investments is a global investment firm based in America.
Our brief was to commission photography and to create
an image that reflected Franklin Templeton’s ability to
invest in any fixed income sector, currency or country, for
their Templeton Global Total Return Bond Fund.
The shoot took place in a chalk quarry and subsequently
involved a large amount of montaging and retouching
to provide an image that worked on multi-page press
advertising as well as online applications.

6. HSBC
HSBC Global Asset Management is part of HSBC Group, one of the largest financial services organisations in the world.
HSBC imaging is referred to as Warm White, a duotone
which ensures a broad spectrum of midtones with a
defined White and Black point. This range of images
implements the binary coding creative which runs the
length of major London thoroughfares. 8 images were
created in total from commissioned aerial photography.

7. NEW STAR
New Star Asset Management – Investment management company now part of Henderson Global Investors.
For the release of the New Star International Property
Fund the creative brief examined world landmarks to
replicate the feel of their UK Property Fund which was
launched the previous year. As many of the buildings
were shot in a variety of lighting conditions and
perspectives the challenge was to montage the elements
to become one. I sourced images from photo libraries
and compiled the elements for the out-door media, large
format posters and press advertising.

8. ROYAL BRITISH LEGION
At the Gate we maintained the Royal British Legion
account for over 10 years, each year producing a huge
variety of advertising for the Poppy Appeal.
The objective was to position The Royal British Legion
as the foremost charity for the ex-service community as
well as raising their awareness.
I was heavily involved in full time retouching for this
client, including the Poppy Man, For Their Sake routes
and the Victory Thanks campaign which used agency
staff images to immitate WWII personnel.

9. FOR HIS SAKE, WEAR A POPPY.
To donate text POPPY to 70222*
0845 845 1945 www.poppy.org.uk
*Cost £1.50 Plus standard network charges (at least £1 goes to the Poppy Appeal) info@britishlegion.org.uk Reg. Charity No. 219279
C31321 Poppy 48sh final 13/1/10 11:39 Page 4

10. Typography & creative artwork
My experience in creating artwork stems back to the
original days of dedicated code based typesetting
equipment, before computers took a major role in this
field. With personal tuition in this area, college courses in
Pagemaker, online and DVD courses in Quark, Photoshop
and Illustrator and subsequently InDesign I’ve built a
sound foundation for creating artwork to an extremely
high level.
I’ve also delved into digital design to gain a clear
understanding of the medium which has helped drive
senior creatives to have a better understanding when
moving from print to an online medium.
I have many years experience in POS, direct marketing,
press and digital advertising plus large format media,
websites and social media.
I believe in constructing artwork that does well under
scrutiny and serves to inform other operators on how
to follow the style for the design. This is imperative
when formatting large documents such as report and
accounts, ensuring consistency and assisting global
changes. I therefore provide examples of my artwork for
people to take a good look under the bonnet.
I was asked, on a voluntary
basis, to redesign the journal
for the British Tarantula
Society, a scientific and
hobbyist publication that
is provided in print and
as an online interactive
document.
BTS

11. 10 UK Outlet Mall Partnership LP 11
Cheshire Oaks Designer Outlet Mall
• 348,064 square feet
• 147 units
• 3,200 car parking spaces
• Long Leasehold, expiring 2196
• Opened in 1995
• Class Open A1 Retail planning consent
• The largest outlet mall in the UK
• Located on junction 10 of M53 motorway
A key focus of this financial year was to further improve the tenant
mix in the Designer Quarter. Lettings have been completed to
Lulu Guinness, Joseph and Church’s. Lulu Guinness and Joseph
have traded at high densities but Church’s turnover has been
disappointing so far. Further work alongside the retailer is
currently underway to increase their turnover densities. Other
new lettings completed across the scheme include Rituals,
Crocs, Watch Station, Fossil and Kipling.
Cheshire Oaks is nearly 20 years old and parts of the scheme are
starting to look dated. There are several initiatives underway to
improve the customer experience in the future. This should help
attract new customers and also increase dwell time and average
spend. Planned improvements to the scheme include a refurbishment
of Phases 1 – 3 in a similar style to Phase 4 (the Designer Quarter),
refurbishment of the toilets and a signage upgrade.
In addition, confirmation has been given that, under the terms
of the head lease, another 14,500 sq ft of retail space can be
constructed. Plans are being drawn up for submission to the
planning authority. Discussions are also underway with Polo Ralph
Lauren for an upsize. Completion is planned for spring 2015.
Over the financial year, the catering offer was further improved by a
new letting to Ed’s Diner, who are achieving high trading densities. As
part of the future ‘vision’ for Cheshire Oaks, further improvements to
the catering offer and play area will be made.
The annualised occupied sales per square foot at the outlet was
£528.04, a significant increase from £480.43 in the previous
financial year. The total visitor count of 7.3 million was up by 5.5%
on the previous year’s figure of 6.9 million. Further improvement of
the luxury/premium offer has helped increase the average spend per
visitor from £23.14 to £24.24.
Bridgend Designer Outlet Mall
• 246,798 square feet
• 96 units
• 9 screen Odeon Cinema
• 2,000 car parking spaces
• Freehold
• Opened in 1998
• Class A1 Retail planning consent
• 7th largest outlet mall in the UK
• Located on junction 36 of M4 motorway
• Adjacent to Sainsbury’s store and hotel
There is a continued focus at Bridgend to attract higher quality
fashion operators. Since purchasing the outlet, significant progress
has been made in improving the fashion offer. New entrants this
year include Fat Face, Fossil and Watch Station. Further lettings also
include Tempur and Double Overhead (a surfing brand).
The catering offer has also been further improved. The unit formerly
occupied by KFC has been let to Ed’s Diner who have traded
strongly since opening. KFC have opened in a Drive Thru unit
which has also seen turnover growth compared to their previous
unit. Additional improvements in the food court are planned in the
next financial year with the potential to build a further catering offer
in the north car park.
Elements of the outlet are beginning to look outdated and
as a result further improvements are also planned with the
refurbishment of the customer toilets, improvements to the store
fascias and installation of clearer wayfinding signage. This will
create a more attractive shopping environment for customers.
The annualised occupied sales per square foot at the outlet was
£341.84, which is a 10.9% increase from the previous financial
year. The total visitor count of 3.7 million was consistent with the
previous year’s figure, and in addition, the average spend per visitor
was up from £16.45 to £18.22, which is an increase of 10.7%. This
is in contrast to a higher increase in footfall last year but a lower
average spend. The increased turnover reflects an improvement in
merchandising within the stores as well as an enhanced tenant
line-up. This will be helped further following the employment of a full
time retail manager.
Investment Manager’s
report(continued)
Investment Manager’s
report(continued)
Bridgend Cheshire Oaks
16 UK Outlet Mall Partnership LP 17
Responsible property
investment
Sustainability remained high on both the industry and Fund’s
agenda over the last year. Government intervention continues to
increase, with the Energy Performance of Buildings Regulations and
changes to Energy Performance Certificates (EPCs), draft Energy
Bill, simplification of the Carbon Reduction Commitment (CRC),
launch of the Green Deal, review of the Feed-in Tariff and the
announcement that Greenhouse Gas Reporting will become
mandatory for listed companies. The Fund continues to manage
sustainability risks and pursue opportunities through Henderson’s
Responsible Property Investment programme, and is committed to
reporting performance transparently to investors, in line with best
practice sustainability reporting recommendations.
Carbon performance
• 9% reduction in annual electricity consumption 2013 ~
£60,000 saving
• 7% reduction in scope 1 & 2 greenhouse gas emissions from
2012 to 2013
Global Real Estate Sustainability Benchmark
(GRESB)
The Fund was awarded a ‘Green Star’ in the 2012 Global Real
Estate Sustainability Benchmark, being ranked 5th in its peer group
of 17 UK retail funds. The portfolio scored highly for policy &
disclosure, risk & opportunity management and environmental
management system, which drove performance improvements in
energy, greenhouse gas and water management.
Sustainability Action Plans
The Fund has drafted a Sustainability Action Plan for each outlet,
with McArthurGlen’s property management and technical teams.
The Plans contain long term targets and short term actions in key
areas including energy, waste, water, suppliers & contractors,
biodiversity, travel, green leases, occupier and community
engagement. The Plans set the detailed environmental programme
framework for the year ahead, allow good practice to be shared
between the outlets and enable us to track and report on progress
towards annual targets.
Responsible property management
• Energy efficient LED lighting installed at Bridgend and Cheshire
Oaks, reducing operational and maintenance costs.
• Proposal for installing photovoltaic (PV) solar panels at Cheshire
Oaks with a year one yield on cost of 9.9% and 25 year IRR of
12.3%, and for installing a solar thermal system at Bridgend to
provide hot water for the toilet blocks with a return on investment
(ROI) greater than 15% and payback period of six years.
• Waste management review was undertaken in order to increase
income from recyclates and reduce uplift, transport and landfill
costs. The Fund has started recycling food waste and continues
to aim for zero direct to landfill.
• Charity projects included the donation of space, fund-raising,
staff gardening challenge, provision of a children’s play area,
donation of recycling bins and support for local Young
Enterprise Scheme, all of which combined to increase footfall
and strengthen our outlets’ brands and relationships with local
communities.
• Biodiversity action plan including bat and bird boxes, wildlife
sanctuary, nursery area for the propagation of own plants, plant
infill programme and feasibility review into the installation of
beehives. Biodiversity is currently declining in the UK and is
essential for water and air quality, agricultural pollination, climate
change adaptation and public health.
Industry initiatives
• The Fund engages with and influences real estate policy
makers through the BCSC sustainability committee, AREF
environmental & social governance committee, IIGCC property
working group and Green Property Alliance.
• Henderson became a founder participant in the IPD/RICS
initiative ‘EcoPAS’ assessing the potential impact of key
environmental factors to portfolio performance and
investment value.
• Henderson is an active member of the Better Building
Partnership, including the Landlord Energy Rating display
energy certificate and Green Lease projects.
Impact area (INREV Sustainability Performance Measures: Like-for-Like)
Units of
measurement
2013 2012
Energy
Total energy consumption from electricity [GRI: EN4]
kWh
9,326,404 9,768,797
of which exclusively sub-metered to tenants 3,549,569 3,205,783
Total energy consumption from natural gas [GRI: EN3] 4,794,689 4,164,295
subset of fuels consumption which is sub-metered to tenants 177,429 198,674
Greenhouse
gas
emissions
Total direct GHG emissions [GRI: EN16 – GHG Protocol Scope 1]
kg CO2e
855,163 734,473
Total indirect GHG emissions [GRI: EN16 – GHG Protocol Scope 2] 3,006,091 3,415,196
Total indirect GHG emissions [GRI: EN16 – GHG Protocol Scope 3] 1,879,951 1,704,990
Water Total water withdrawal [GRI: EN8 partial] m3 77,195 75,566
Waste
Total weight of waste [GRI: EN22]
metric tonnes
2,796 2,511
Total weight of waste – Recycled [GRI: EN22] 1,412 1,328
Total weight of waste – Off site material recovery [GRI: EN22] 459 269
Total weight of waste – Incineration with energy recovery [GRI: EN22] 10 26
Total weight of waste – Composting/anaerobic digestion [GRI: EN22] 914 888
Percentage of waste by disposal route – Recycled [GRI: EN22]
proportion by
weight (%)
51% 53%
Percentage of waste by disposal route – Off site material recovery [GRI: EN22] 16% 11%
Percentage of waste by disposal route – Incineration with energy recovery [GRI: EN22] 0% 1%
Percentage of waste by disposal route – Composting/anaerobic digestion [GRI: EN22] 33% 35%
Note: Upstream sustainability services at Jones Lang LaSalle have undertaken data quality assurance on the above environmental performance data.
Data coverage notes
The data disclosed in the like-for-like indicators includes the three assets in the Fund for which Henderson has procurement responsibility for energy and water supplies and
waste, these being Bridgend, Cheshire Oaks and Swindon. The data disclosed included the same three outlets in 2012 and 2013.
Energy and greenhouse gases notes
Emissions factors are based upon DEFRA guidance.
Emissions are reported using the Greenhouse Gas Protocol and INREV Sustainability Best Practices guidelines.
Natural gas emissions use the DEFRA emissions factors based on UK natural gas calculations, as the greenhouse gas content of natural gas varies only marginally over time
and between regions.
Scope 3 emissions are for landlord-obtained consumption that is sub-metered to tenants only, and do not include business travel or supply chain emissions.
Emissions are reported as kilogrammes of CO2 equivalent (kg CO2e).
Water notes
Water consumption is for landlord-obtained “shared services”, common parts and any services provided to tenant areas.
Henderson Global Investors Limited
Responsible property
investment(continued)
34 UK Outlet Mall Partnership LP
Notes to the Financial
Statements(continued)
For the year ended 31 March 2013
35
Notes to the Financial
Statements(continued)
For the year ended 31 March 2013
12. Creditors – amounts falling due after one year
Fund Fund
2013 2012
£’000 £’000
Gross bank loans 210,000 210,000
Unamortised finance costs (331) (570)
Developer performance fee accruals – 962
209,669 210,392
The Fund has entered into hedging arrangements with Bayerische Landesbank under the terms of which the Fund has either fixed or
limited its interest cost for the full term of the facility. The fair value of these hedges as at 31 March 2013 is a loss of £14.0 million
(2012: loss of £21.0 million). This revaluation is not recognised in the Financial Statements.
As at 31 March 2013 the Fund has a £210 million debt facility with Bayerische Landesbank which incurs interest at a rate of three-
month LIBOR plus a margin of 1.10%, payable quarterly in arrears. The facility was fully drawn in August 2008.
The debt facility contains certain covenants detailing, amongst others, minimum interest cover ratio (ICR) and loan-to-value (LTV) ratio
on the basis of market valuation of the properties. At the year end the loan-to-value ratio was 48.6% compared to the covenant of 65%.
The Fund must maintain a minimum ICR of 150% and for the 22 May 2013 interest payment date (IPD), based on rent collected and
expenditure as at 31 March 2013, an ICR of 193% was reported to the bank.
13. Limited Partner Funds
Fund Partnership Fund Partnership
2013 2013 2012 2012
Notes £’000 £’000 £’000 £’000
Initial investment – Partners’ capital 2 2 2 2
Initial investment – Partners’ loans 181,231 181,231 181,231 181,231
Revaluation reserve 14(a) 37,911 – 15,275 –
Performance fee reserve 14(b) (2,192) – (962) –
Partners’ current account 15 – 35,719 – 14,313
Partners’ retained profits 15,181 15,181 8,802 8,802
232,133 232,133 204,348 204,348
8. Investments (continued)
Partial funding for the assets as described above occurs via Trinity Luxembourg S.à r.l (“Trinity”), an entity which is treated as a quasi-
subsidiary for the purpose of these financial statements and consolidated.
The Partnership lent Trinity £77.25 million. Under the terms of the loan agreement Trinity is required to lend this money on to the underlying
property holding partnerships. All loan agreements contain interest clauses such that no material results or balances will remain in Trinity.
Trinity is run by a charitable trust and not legally owned by the Partnership or any related entity.
9. Debtors
Fund Partnership Fund Partnership
2013 2013 2012 2012
Notes £’000 £’000 £’000 £’000
Rents receivable 2,052 – 1,920 –
Monies due from managing agents 1,534 – 1,333 –
Unamortised lease incentives 7 5,096 – 4,704 –
Interest receivable from Trinity – 742 – 803
Distribution receivable from underlying partnerships – 15,004 – 5,929
Affiliate company debtors – – – 5,060
Other debtors and prepayments 140 50 50 50
8,822 15,796 8,007 11,842
10. Cash
Fund Partnership Fund Partnership
2013 2013 2012 2012
£’000 £’000 £’000 £’000
Cash at bank 11,438 501 6,769 519
Restricted cash 2,936 – 3,159 –
14,374 501 9,928 519
Restricted cash represents rent held by Bayerische Landesbank, as transferred regularly by McArthurGlen, until the quarterly interest
payment is deducted and the balance released to the Fund.
11. Creditors – amounts falling due in less than one year
Fund Partnership Fund Partnership
2013 2013 2012 2012
£’000 £’000 £’000 £’000
Capital accruals 300 – – –
Developer performance fee accruals 2,192 – – –
Interest payable 1,383 – 1,420 –
Distribution payable 1,828 1,828 1,276 1,276
VAT payable 653 – 383 –
Other creditors and accruals 1,742 14 1,752 9
8,098 1,842 4,831 1,285
HENDERSON

12. 23
FF MPF Quarterly Investment ReviewBond Funds
Fixed Interest Fund Eurozone Long Bond Fund
The Fixed Interest Fund invests in primarily Eurozone AAA Government and Eurozone Corporate Bonds. Euro Government AAA bonds must constitute at least
80% of this Fund. This Fund is suitable for the risk averse investor and will perform well if interest rates are falling. However, in a rising interest rate environment,
this Fund can produce negative results. The underlying benchmark for the Fund is a composite of 10% Barclays Euro Aggregate Credit Index and 90% Barclays
Euro Aggregate Treasury AAA 5+ years.
Fund objective
Performance (%) period to 30 September 2012
The Eurozone Long Bond Fund invests primarily in Eurozone government AAA bonds with a maturity exceeding ten years. It can also invest in corporate bonds.
The Fund is suitable for matching longer term pension liabilities. The underlying benchmark for the Fund is the 100% Barclays Euro Aggregate Treasury AAA
10+ years.
Fund objective
Performance (%) period to 30 September 2012
Market review
Growth in the eurozone has remained shackled by
the deep recession in the nations of the periphery.
While this would normally have supported bonds
issued by the more highly rated, core countries,
the market was subdued over the quarter. Instead,
focus switched to the periphery nations following
the European Central Bank’s commitment to
intervene in the markets in attempt to reduce
unsustainably high borrowing costs. Core markets
were also held back by data reporting that inflation
had jumped by more than expected in August.
This weakened the case for a further reduction in
interest rates.
Activity
We made a number of moves in terms of
geographic positioning over the quarter. We
reduced the portfolio’s exposure to France as we
became more negative on its economic outlook.
The Netherlands was the main beneficiary of this
move following the elections in which the centre
parties did better than expected. We continued to
actively trade duration.
Performance
Exposure to highly rated non-government bonds
proved positive with spreads tightening as investors
became more willing to take on risk in the search for
yield. We actively adjusted the portfolio’s duration
and added value with our positioning ahead of a
significant extension in the index at the end of July
notable for its impact. In contrast to the previous
quarter being underweight long-dated bonds added
value as they lagged other parts of the curve.
Market commentaryMarket commentary
Market review
Growth in the eurozone has remained shackled by
the deep recession in the nations of the periphery.
While this would normally have supported bonds
issued by the more highly rated, core countries, the
market was subdued over the quarter. Instead,
focus switched to the periphery nations following the
European Central Bank’s commitment to intervene
in the markets in attempt to reduce unsustainably
high borrowing costs. Core markets were also held
back by data reporting that inflation had jumped by
more than expected in August. This weakened the
case for a further reduction in interest rates.
Activity
We made a number of moves in terms of
geographic positioning over the quarter. We
reduced the portfolio’s exposure to France as we
became more negative on its economic outlook.
The Netherlands was the main beneficiary of this
move following the elections in which the centre
parties did better than expected. We continued to
actively trade duration.
Performance
Exposure to highly rated non-government bonds
proved positive with spreads tightening as investors
became more willing to take on risk in the search for
yield. We actively adjusted the portfolio’s duration
and added value with our positioning ahead of a
significant extension in the index at the end of July
notable for its impact. In contrast to the previous
quarter being underweight long-dated bonds added
value as they lagged other parts of the curve.
22
0-5
Years
5-10
Years
10-15
Years
15-20
Years
20+
Years
-15
-10
-5
0
5
10
15
30/06/2012 30/09/2012
8.28
-11.79
-4.23
7.74
0.00
8.20
-11.65
-4.93
8.48
-0.10
Maturity profile
Fund weightings relative to benchmark (%)
Description Fund Index Relative
Modified Duration (Years) 9.12 9.19 -0.07
Weighted Yield (Years) 1.91 1.87 0.04
Duration
As at 30/06/2012 As at 30/09/2012
% %
Euro Government Bonds 84.7 83.7
Direct Holdings 47.4 44.0
Long Bond Fund 37.4 39.6
Euro Credits 13.6 14.9
Direct Holdings 0.0 0.0
Credit Participations 12.6 13.1
Covered Bonds 0.8 1.8
Long Bond Fund 0.3 0.0
Government Related 0.2 0.0
Govt Related Long Bond Fund 0.2 0.0
Cash 1.4 1.4
Total Fund 100.0 100.0
Figures may not tally due to rounding
Asset allocation
Description Fund Index Relative
Modified Duration (Years) 13.38 13.59 -0.21
Weighted Yield 2.43 2.43 0.00
Duration
0-5
Years
5-10
Years
10-15
Years
15-20
Years
20+
Years
-20
-15
-10
-5
0
5
10
15
20
30/06/2012 30/09/2012
2.07
3.91
-18.89
11.75
1.151.97 1.94
-19.40
15.58
-0.10
Maturity profile
Fund weightings relative to benchmark (%)
0
20
40
60
80
100
0.000.00 0.00 0.00 0.000.00
98.0397.93
AAA AA A BBB
30/06/2012 30/09/2012
Credit rating
Rating allocation (%)*
*excluding cash
3 months YTD 1 year 3 years 5 years
Fixed Interest Fund (Net) 4.0 8.7 8.9 4.5 5.1
10% Barclays Euro Aggregate Credit Index
90% Barclays Euro Aggregate Treasury AAA 5+ years (Gross)
3.9 8.5 8.4 4.7 6.0
Fund size as at 30 September 2012 €134.9m
3 months YTD 1 year 3 years 5 years
Eurozone Long Bond Fund (Net) 4.6 8.7 8.6 5.4 6.0
100% Barclays Euro Aggregate Treasury AAA 10+ years (Gross) 4.7 9.1 9.0 5.7 6.4
Fund size as at 30 September 2012 €91.1m
42 43
F&C Quarterly Investment ReviewEquity-Linked Bond Funds
Overseas Equity-Linked UK Gilt Fund OEIC
The investment objective of the Fund is to provide a total return by investing predominantly in UK government securities together with approximately
100% exposure to overseas equities through exchange traded futures.
Fund objective
Fund Performance
Performance (%) period to 30 June 2014
Fixed interest 75.1%
Cash 24.9%
All data as at 30 June 2014.
S&P 500: 33.3%
Euro Stoxx 50: 32.7%
Topix: 17.3%
Hang Seng: 8.5%
SPI 200: 8.2%
Total equity exposure 98.1%
% total equity exposure by geography
Benchmark 3 months 1 year 3 years Since Inception*
Fund
%
Benchmark
%
Fund
%
Benchmark
%
Fund
%
Benchmark
%
Fund
%
Benchmark
%
Overseas Equity-
Linked UK Gilt Fund
Composite
Equity Index
6.3 4.6 25.8 22.5 18.8 12.6 16.5 11.2
Gilts FTSE Actuaries UK
Government>
15 years
2.3 2.3 5.3 5.3 8.5 8.7 7.8 7.7
Cash 7 day LIBID GBP 0.1 0.1 0.4 0.3 0.5 0.4 0.5 0.4
Fund size as at
30 June 2014
£24.0m
Fixed income allocation
Property Fund
Property Fund OEIC
0
10
20
30
CashLeisureRetail WarehousesIndustrialsOfficesStandard Retail
31/03/2014 30/06/2014
20.80
18.40
19.60
27.50
19.30
21.60
0.0 0.0
7.508.30
29.70
27.40
Sector weighting
Sector allocation is absolute (%)
The Fund aims to provide a total return based on income and capital appreciation through investment in UK real estate. The Fund may also hold cash,
government and public securities, derivatives and units in collective investment schemes. The Fund will have scope to invest in both exchange traded and OTC
derivatives, although the latter will not be available for purchase at launch.
The Fund aims to maximise total return through investment mainly in a diversified portfolio of UK commercial property, seeking to add value through strategic
asset allocation, stock selection and asset management. Property will normally be owned directly but participation in co-ownership arrangements such as
unauthorised unit trusts and limited partnerships is permitted where the arrangements do not result in additional restrictions on the liquidity of the Fund.
The Fund is unlikely to be 100 per cent invested in direct property assets in order to maintain an appropriate level of liquidity for an open-ended fund.
Fund objective
Fund commentary
Performance (%) period to 30 June 2014
3 months YTD 1 year 3 years
Property 3.6 6.1 11.8 6.0
IPD UK Monthly Index 5.1 9.1 17.6 8.6
Fund size as at 30 June 2014 £154.4m
*Performance comprises direct property holdings, investment trusts and income.
Fund
The fund return was positive over the quarter, with
both the gilt and equity markets rising. This
enabled the fund to outperform the equity
benchmark.
Overseas Equities
Equities were boosted by growing conviction in the
global economic recovery and dovish statements
on monetary policy by the major central banks.
Geopolitics was a secondary theme, with conflict
in the Middle East and the crisis in Ukraine causing
bouts of volatility and pushing up the price of oil. In
a sign of growing confidence, merger and
acquisition activity hit a seven-year high. Emerging
market assets enjoyed strong returns and
increasing demand as a fall in US bond yields
diverted capital to higher yielding markets. Globally
the best-performing countries were Turkey and
India, while Greece and Ireland fell sharply because
of profit taking.
Gilts
The gilt market made gains over the second
quarter. Bonds responded well to indications that
monetary policy in the US would remain loose.
Statements from the Bank of England were less
clear, however, as the governor Mark Carney
appeared to amend his earlier guidance by hinting
that interest rates may rise sooner than the market
expected. Nevertheless, his indication that interest
rates would eventually settle at around 2.5%
helped support the longer-dated part of the
market. Inflationary pressures remained muted as
wage rises were weak. Over the quarter, the yield
on the benchmark ten-year gilt fell from 2.73%
to 2.68%.
Market
UK commercial property delivered another strong
performance in the first three months of 2014,
seeing a total return of 3.9% according to the IPD
Monthly Index. Offices and industrials are still
outperforming retail property but all the main
sectors saw double digit total annualised total
returns during the period and positive growth in
capital values. London and the south-east
generally continued to outperform the regions.
Rental growth in the quarter was 0.4%, in-line
with the previous quarter, driven by the office and
industrial sectors. Investment activity moved
lower after a strong final quarter last year but a
lack of stock rather than lack of demand appears
to be the main constraint and pressure remained
on yields in most parts of the market. The annual
income return from property at 6.7% is attractive
in comparison with many other asset classes and
the sector continuing to see solid inward flows of
money into funds from retail buyers.
Activity
The fund is continuing to expand with a further
four properties either completed or exchanged
over the first quarter. These include properties in
Balham, Greater London, Kings Cross, London,
Worcester and Winchester let to tenants such as
Sainsbury’s, Lloyds Bank, BrandPie and Cath
Kidston. The Fund has one property under offer in
Aberdeen and is bidding on a further three
properties located throughout the UK.
The Fund’s properties remain 100% occupied.
There are no voids and this continues to maximise
the income return.
There were no significant asset management
initiatives in the three-month period.
Performance
The underlying properties produced a total return
over the first quarter of 2.4%. This is made up of
0.7% capital and 1.7% income.
2 3
F&C Quarterly Investment Review
Market Summary
FTSE All-Share Index FTSE World Ex UK Index
95
100
105
110
115
120
125
Sep
11
Oct
11
Nov
11
Dec
11
Sep
12
Aug
12
Jul
12
Jan
12
Feb
12
Mar
12
Apr
12
May
12
Jun
12
95
100
105
110
115
120
ML Non Gilt Stocks FTSE Actuaries All Stocks Index
FTSE Actuaries Index Linked All Stocks index
Sep
11
Oct
11
Nov
11
Dec
11
Sep
12
Aug
12
Jul
12
Jan
12
Feb
12
Mar
12
Apr
12
May
12
Jun
12
Rebased to 100 as at 30/09/2011. Source: Datastream
Rebased to 100 as at 30/09/2011. Source: Datastream
Name 1 month 3 months YTD 1 year 3 years 5 years10 years
UK Equity
FTSE All-Share 1.1 4.7 8.2 17.2 8.0 1.7 9.0
FTSE Small Cap ex Investment Trusts 3.4 11.0 25.9 21.4 4.8 -2.3 7.1
International Equities
FTSE All World Developed Europe (ex UK) 1.6 6.6 8.6 12.5 -0.4 -1.5 9.7
FTSE World North America 1.0 3.5 11.6 24.2 12.1 5.9 8.3
FTSE All World Japan 0.7 -3.6 -1.7 -5.2 -0.7 -1.7 3.5
FTSE All World Asia Pacific (ex Japan) 4.2 6.7 11.4 16.2 7.3 4.7
MSCI Emerging Markets 4.3 4.8 8.1 13.2 5.6 3.7 17.1
Fixed Interest
FTSE Actuaries British Government All Stocks -0.7 1.1 3.1 8.3 7.8 8.3 6.0
FTSE Actuaries British Government Fixed Over 15 Years -1.3 1.1 3.2 13.0 10.7 10.1 6.7
FTSE Actuaries British Government Over 5 Years Index-Linked -3.7 -3.2 -4.3 5.0 9.3 8.3 7.3
Merrill Lynch Sterling Non Gilts 0.8 5.6 10.9 13.6 8.9 7.2
Merrill Lynch Sterling Non Gilts Over 15 Years 0.0 6.2 11.3 15.4 10.6 8.8 6.5
Merrill Lynch EMU Direct Government AAA +15 Years
JP Morgan Global Government (ex Japan) -0.5 -0.3 0.4 0.6 2.9 10.3 6.8
IPD 0.0 0.4 1.6 3.3 11.2 -1.9 6.0
LIBID 7 Day Rate 0.0 0.1 0.3 0.5 0.4 1.6 3.0
Interest Rates
UK Base Rate 0.50
US Federal Funds 0.25
Market Returns in Sterling Terms
% change, period to 30 September 2012
Global equity markets overcame a steady flow of disappointing data on economic growth to
post gains in the third quarter. Share prices advanced on the back of hopes that intervention
in the bond markets by the European Central Bank would buy time in the battle to resolve the
sovereign debt crisis. This caused European stock markets to post some of the strongest
gains. A general recovery in risk appetite was given further impetus by the US Federal
Reserve’s announcement that it was implementing a third round of financial stimulus through
its quantitative easing (QE) programme. Growth stocks were the main beneficiaries as
investors anticipated a rebound in confidence similar to that which accompanied earlier
tranches of QE. The most disappointing major market was Japan, which slid in value as
manufacturers lost confidence and exporters suffered from feeble external demand.
Global government bonds had a mixed quarter. The highest rated markets such as the US,
UK and Germany struggled to make headway as investors shifted assets towards more risky
asset classes. However, eurozone periphery bonds were a beneficiary, with yields falling as
the European Central Bank stated its intention to buy up the short-term debt of the most
distressed nations in a bid to force down government borrowing costs. Announcements of
further tranches of quantitative easing in the US, Japan and the UK did not, as in previous
rounds, lead to bond prices posting meaningful gains. In the US and UK, worries about the
diminishing effectiveness of such programmes and the possibility of inflationary pressures
growing over the medium term meant that performance was subdued.
UK & Overseas Equity Markets
Fixed Interest Markets
F&C Quarterly Investment Review
Mixed Fund MPF
The Fund’s objective is to maintain a position within the top third of the Balanced Universe of the CAPS Pooled Pension Fund Update over rolling three-year
periods. Asset allocation decisions are based on the survey average and the weightings adjusted by the Manager to reflect the shorter-term attractions of
different classes and markets. Although the Fund invests in a wide range of asset classes, it has a significant bias towards equities and, in particular, UK equities.
Fund objective
Market review
Equity markets overcame a steady flow of
disappointing data on economic growth to post
gains in the third quarter. Share prices advanced
on the back of hopes that intervention in the bond
markets by the European Central Bank would buy
time in the battle to resolve the sovereign debt
crisis. This caused European stock markets to
post some of the strongest gains. A general
recovery in risk appetite was given further impetus
by the US Federal Reserve’s announcement that it
was implementing a third round of financial
stimulus through its quantitative easing
programme. Global government bonds had a
mixed quarter. The highest rated markets such as
the US, UK and Germany struggled to make
headway as investors shifted assets towards more
risky asset classes. Corporate bonds made gains
on the back of improving risk appetite and negative
net issuance.
Activity
We held a slight overweighting of equities during
the quarter as we felt that risk assets offered
better prospects, despite the uncertain macro-
economic backdrop. As it became clear that the
European Central Bank was taking meaningful
steps to resolve the sovereign debt crisis, we
increased our exposure to the attractively valued
European stock market. To fund this move, we
trimmed our exposure to North America back to
underweight as we were concerned that
government spending cuts and tax rises in 2013
would hurt investor sentiment. We were also
mindful that the US, being a more defensive
market, would underperform if risk appetite
remained strong. Emerging markets remained
favoured, despite a deterioration of fundamentals.
Within the bond segment, we preferred corporate
bonds as robust company balance sheets were
lending support to valuations. Government bonds
continued to offer little value given the extremely
low yields on offer.
Performance
The Fund’s marginal outperformance of the
benchmark index can be attributed to asset
allocation, with the overweighting of equities
proving judicious. The exposure to Europe ex UK,
which was raised over the quarter, also added
value.
At the Fund level, the UK and emerging markets
equity portions suffered from disappointing
returns in July and August as their favoured good-
quality companies were hit by deteriorating
sentiment. The Fund’s Japanese holdings
boosted relative performance, however.
The Fund profited from its overweighting of
corporate bonds over the quarter. Within that
segment, the overweighting of some of the higher-
beta sectors, particularly financials, worked well.
Market commentary
Source: CAPS Pooled Pension Fund Final Update to 30 September 2012. Calculation basis: offer to offer, income reinvested at offer, net of fees, 3, 5 and 10 year figures are annualised.
Allocation
As at 30/06/2012
%
As at 30/09/2012
%
Total Equity 76.6 78.4
Total UK Equity 40.5 40.2
European 7.9 11.2
North American 15.8 12.5
Japan 2.8 4.5
Far Eastern 3.9 4.4
Emerging Markets 5.7 5.6
Total International Equity 36.1 38.2
Government Bonds 6.4 6.8
Corporate Bonds 3.9 3.3
International Bonds 4.0 3.6
Index Linked 0.1 0.1
Total Fixed Interest 14.4 13.8
Property 0.6 0.6
Cash 8.4 7.2
Total Fund 100.0 100.0
Figures may not tally due to rounding
Asset allocation
Performance (%) period to 30 September 2012
1 month 3 months YTD 1 Year 3 Years 5 Years 10 Years
Mixed Fund 1.0 4.0 7.3 12.5 5.4 2.0 8.1
CAPS Pooled Pension Fund Update – Balanced Median 1.2 3.9 7.2 13.7 6.4 2.3 8.5
Fund size as at 30 September 2012 £77.9m
F&C

13. Win FA
Cup Final
2011
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more.
F&C
World
Cup
Fantasy
Football
Live the
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Football
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F&C World Cup Fantasy Football 2011
Photography and models commissioned to play the
part of financial sector footballers which were given a
dynamic approach that provided a feeling of movement
and energy.
I created the look of this via Photoshop and illustrator,
and subsequently developed images for both print
material and online banners.

14. DES ETF SPDR GÉNÉRATEURS
DE REVENUS
QUAND PRÉCISION RIME
AVEC PERFORMANCE
ETF EN OBLIGATIONS
D’ENTREPRISE PAR SPDR
Offre une diversification dans l’univers
des obligations d’entreprises
Apporte une exposition importante
aux différentes devises
Cliquez sur la voiture
Cliquez sur la voiture
POUR EN SAVOIR PLUS
POUR EN SAVOIR PLUS
1. Three SPDR precision cars slowly roll forward into centre of frame and remain in ‘static motion’. A “Click car” instruction appears in top right of frame.
2. Campaign headlines slide in from the left into the green panel. If user does not click on a car after approx. 8 seconds (enabling headline text to appear),
they are taken to Frame 6.
3. When user holds their mouse cursor over a car, the car will animate as if its engine is revving. This animation will continue until user clicks. When user
clicks on a car, we then zoom in to reveal a category, in this case Corporate Bond ETFs represented by the F1 car.
4. User clicks on car to reveal benefits. Learn more CTA appears throughout. Benefit bullet points animate in one-by-one. Upon final bullet point appearing,
animated car drives off screen from left to right.
4. User clicks on car to reveal benefits. Learn more CTA appears throughout. Benefit bullet points animate in one-by-one. Upon final bullet point appearing,
animated car drives off screen from left to right.
DES ETFS MARCHÉS
ÉMERGENTS PAR SPDR
QUAND PRÉCISION
RIME AVEC
PERFORMANCE
DES ETF SPDR
GÉNÉRATEURS
DE REVENUS
• L’accès à des solutions actions
et obligations
• Une exposition ciblée pour investir
sur les marchés émergents
• De nombreuses possibilités d’exposition
et de diversification
DES ETFS MARCHÉS
ÉMERGENTS PAR SPDR
Cliquez sur la voitureCliquez sur la voiture Retour
POUR EN SAVOIR PLUS
7. Disclaimer
1. Three SPDR precision cars slowly roll forward into centre of
frame and remain in ‘static motion’. A “Click car” instruction
appears in top right of frame.
2. Campaign headlines slide in from the left into the green panel.
If user does not click on a car after approx. 8 seconds (enabling
headline text to appear), they are taken to Frame 6.
4. User clicks on car to reveal benefits. Learn more CTA appears
throughout. Benefit bullet points animate in one-by-one. Upon
final bullet point appearing, animated car drives off screen from
left to right.
3. When user holds their mouse cursor over a car, the car will
animate as if its engine is revving. This animation will continue
until user clicks. When user clicks on a car, we then zoom in to
reveal a category, in this case Emerging Markets ETFs
represented by the Paris-Dakar rally car.
5. Back button takes user to ‘home’ screen showing all three
SPDR precision cars. User can repeat or click on another vehicle.
6. End frame of logo, strapline, CTA and Disclaimer fade in
on white background.
WHEN INVESTING FOR INCOME,
THE FORMULA HAS TO BE RIGHT.
SPDR®
Corporate Bond ETFs allow
you to step up a gear by building a fixed
income portfolio of diversified corporate
bonds – from fixed rate, investment
grade euro and sterling to euro high yield
and emerging markets.
SPDR ETFs aim to put you in pole
position for delivering income. The
superior construction of our products
is just one of the ways we can help
precisely match your investments to
your investment strategy.
Our Corporate Bond ETFs are part of a
collection of income-generating funds, all
precision-built to perform. Take a closer
look at spdretfsinsights.com
STATE STREET
Worldwide Financial Services Provider
In direct liason with the US offices I was responsible for a vast amount of
online and press advertising for State Street, providing English, German,
French, Italian and Dutch ads to very specific guidelines.

15. I W I B A L A N C E D P O R T F O L I O F U N D Q U A R T E R 4 2 0 1 5 B U L L E T I N
Investment Objective: The investment objective of the Fund is to provide a return in the form of both income
and capital appreciation.
Fund Outlook: We hoped to gain clarity on the path of transitional
improvement in financial conditions as we progressed in 2015. However,
we believe that a number of extremely unusual structural features remain
present, which have delayed this resolution.
However, the point of divergence in monetary policy has now been reached
as the USA moves into tightening mode as most other countries remain on
extremely easy monetary policy settings. This has not happened for over a
decade and will likely cause a number of tensions and unintended
consequences in markets.
The US dollar appears key to future developments. The most obvious threat
is for a continued strengthening in the US dollar which could provoke a
crisis, led most plausibly by emerging markets. However, long positioning
in the US dollar is still one of the most crowded trades in markets and could
unwind. If the US dollar then weakened this would ease deflationary
pressures and a violent rally in the under owned and depressed areas of
markets; such as selective emerging market equities and commodities,
could follow.
We continue to remain very concerned about the growing indications that
the credit cycle has entered a very advanced phase that usually precedes a
pickup in defaults. This would be more negative for equity markets given
that credit spreads are being priced close to equivalent recession levels.
We believe that China should stabilise after the stimulus measures enacted
and this will lend some support to global growth and commodities.
However, there is an obvious danger that the currency is further devalued
and this unleashes further deflationary forces into the global economy.
We feel that the risk of policy error is very high and the Fed will waiver in
2016 and this will cause a lot of rotational activity. We believe that they will
FUNDMANAGEMENT
Asset Allocation as at 31st December 2015 (%)
Cash 4.93
UK Equities 25.48
European Equities 14.28
US Equities 7.53
Japanese Equities 4.84
Other Equities 3.52
Alternatives 20.87
Bonds 18.55
Cumulative Fund Performance 31st December 2015 (%)
1 year 2 year 3 year 5 year 10 year
Fund -0.62 1.76 17.56 22.13 43.95
Sector Average 2.66 7.66 23.24 28.05 55.59
FTSE WMA Balanced
Index (Total Return)
2.70 10.13 25.68 37.36 73.28
Source: Financial Express
Discrete Performance 12 Months to 31st December 2015 (%)
2014-2015 2013-2014 2012-2013 2011-2012 2010-2011
Fund -0.62 2.4 15.53 9.95 -5.52
Source: Financial Express
Past performance is not an indication of future performance. All performance is quoted net of charges. All performance
in this factsheet is based on Income A shares in GBP.
move from a short term softening of tone, to a more hawkish bias around
the end of Q1, only to relent on rate rises in the second half of 2016 as US
growth momentum fails to sustain. As a result there is some caution
warranted given it would result in extremely elevated bond, equity and
currency volatility.
The obvious downside risk is that a marked slowdown or recession unfolds
in the US provoked by policy error. However, in the meantime we see that
most central banks have been given a free pass to extend stimulus and
usually this has positively impacted asset prices.
Strategy: The fund is a fund-of-funds adopting a multi-asset, multi-
manager approach to portfolio construction.
Guidelines: This fund may be suitable for investors who are seeking capital
growth from investing in global stock markets and who are prepared to
accept average levels of volatility. This fund is aimed at investors who
require an actively managed and diversified portfolio who have an
investment time horizon of at least five years. While a broad range of asset
classes can be used, typically a maximum of 85% of the underlying portfolio
can be invested in global shares.
Please see the Key Investor Information Document and Prospectus for
further information. These documents also provide further information
about the risks that apply when investing within the fund. The value of
investments and any income from them is not guaranteed and my go down
as well as up; you may get back less than the amount you invested.
City Financial Investment Company Limited were appointed as sub-
investment manager of the fund on 14th August 2015.
Source: City Financial Investment Company Limited
Share Class Information
Balanced A Inc Balanced B Inc
ISIN GB00B00LNF80 GB0033184986
Sedol B00LNF8 3318498
Bloomberg SNGMPIR SNGMPII
Minimum Investment Amounts £5,000.00 £10,000.00
Initial Charge (max) 4.50% Nil
Annual Management Charge (AMC) 1.50% 0.75%
Ongoing Charge (includes AMC) as at
30th June 2014
2.70% 1.99%
Fund Launch Date 19/04/2004 17/07/2003
Price as at 31st December 2015 137.22p 157.08p
Estimated Yield as at
31st December 2015
1.53% 1.52%
Fund Facts (as at 31st December 2015)
The Investment Mixed Investment 40-85% Shares
Association Sector
Benchmark FTSE WMA Balanced Index (Total Return)
Fund Size £16,046,282
XD Dates 1-Apr, 1-Jul, 1-Oct, 1-Jan
Payment Dates 31-May, 31-Aug, 30-Nov, last day
of Feb
Holdings as at 31st December 2015
Cash 4.93
UK Equities 25.48
Ardevora UK Income
CF Miton UK Multi Cap Income
Fidelity UK Opps
TB Garraway UK Equity Market
CF Lindsell Train UK Equity
River & Mercantile UK Equity Income
European Equities 14.28
BlackRock Continental European Income
Schroder European Alpha Income
Wisdome tree european small cap dividend
iShares EuroStoxx Banks 30-15 ETF
US Equities 7.53
Legg Mason US Small Cap Opps
AHFM US Enhanced Equity
Japanese Equities 4.84
GLG Japan CoreAlpha (Hedged)
City Financial Japanese Opps
Other Equities 3.52
Polar Capital Global Technology
Alternatives 20.87
BlackRock Absolute Return
Morgan Stanley 15% UKX/SX5E AutoCall (Oct, 6374.85/2994.2)
Barclays 7.6% FTSE AutoCall (Oct, 6376.6)
Credit Suisse 9.45% UKX/SPX AutoCall (Nov 6696.6/2048.72)
Catco
Goldman Sachs L/S risk premia
Bonds 18.55
L&G All Stocks Index Linked Gilt Index
Victory Park Specialty Lending
PIMCO GIS Global Investment Grade Credit
PFS TwentyFour Dynamic Bond
Jupiter Strategic Bond
iShares Global High Yield
Source: City Financial Investment Company Limited
IWI FUND MANAGEMENT
Part of the Investec Group of Companies.

16. CHILTERN RAILWAYS
Chiltern Railways are the main challenger to Virgin Trains on the very competitive Birmingham-London route.
The new creative style for Chiltern Railways uses type in
a heroic and dramatic way to build headlines that stand
in bold relief against backgrounds which show both
Birmingham and London.
I’ve become the main focal point to implement the
branding across numerous platforms including print,
online and outdoor media. This work is currently being
considered for Travel Marketing awards in March 2016.
Book
online,
only at
Chiltern
£15 return tickets*
to London. Book before 6th March, only at
chilternrailways.co.uk/just15 *Terms and conditions apply.
C55035 15pounds_Wrap_BirmInt_Spring.pdf 1 15/12/2015 12:30
Book
by 6th
March
Only available here.
Terms and conditions apply.
Client: Chiltern Railways
Project/item: £15 offer
Size: 160x600
File name: C55035 £15 160x600_spring.ai

17. DOUGLAS & GORDON
Estate Agents
Douglas & Gordon are estate agents for prime and
sub-prime property within London.
As part of the production team I was responsible for
producing online, print and electronic documents.
Retouching commissioned photography to maintain
branding, creating storyboards for online units within
InDesign, producing interactive pdfs and creating ads
for press.
I have had 2 periods of working on-site with the client
at their head office in Pimlico to produce their quarterly
Investor Views, with glowing praise.

18. Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015).
Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76
Save thousands on fees when you sell your home
Freephone
08000 219 219
Watch new TV spots
‘The Block of Ice’
& ‘The Pink Scarf’
now and see how
much you could save
at homeseller.com
GENIUS!
Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015).
Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76.
No Sale, No Fee option is 12 week sole agency & is charged at £1,295 on completion. Reasonable costs apply if you withdraw from a sale.
SELL FOR ONLY
£695INCLUDING VAT
OR
You could save thousands in fees selling your home.
Call us now on 08000 219 219
NO SALE
NO FEE
OPTION
Save thousands on fees when you sell your home
GENIUS!
Freephone
08000 219 219
Frame 1.
Frame 2.
Frame 3.
Frame 4.
Client: Homeseller
Project/item: Homeseller advertising campaign
Size: Leaderboard 728x90
File name: C54892 Homeseller_leaderboard 728x90.ai
Savings based on Homeseller fee of £695 inc VAT versus traditional High Street Estate Agent commission of 1.5% + VAT (Source: Which? 2015).
Average Greater London house price £481,820 (Source: Land Registry House Price Index, June 2015). £695 v £8,672.76 = saving of £7,977.76.
No Sale, No Fee option is 12 week sole agency & is charged at £1,295 on completion. Reasonable costs apply if you withdraw from a sale.
SELL FOR ONLY
£695INCLUDING VAT
OR
You could save thousands in fees selling your home.
Call us now on 08000 219 219
NO SALE
NO FEE
OPTION
Freephone 08000 219 219
HOMESELLER
Online estate agent

19. Prepared for professional clients and institutional/qualified investors only. It is not to be relied upon by retail clients. The information should not be considered as investment advice of any nature. The value of an investment and any income from it may go down as well as up and investors may not get back the original amount invested. Aviva Investors Global Services Limited, registered in England No. 1151805.
Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association. 12/590/301112
Investment intelligence for
the outcome you need.
Find out more
You invest to meet their
individual needs.
So our investment solution
needs to be equally individual.
You invest to meet their
individual needs.
Frame 1. Frame 2. Frame 3. Frame 4.
Frame 5. Frame 6. Frame 7. Frame 8.
SECURE, LONG-TERM INCOME STREAMS.
SECURE, LONG-TERM INCOME STREAMS.
NEVER MORE EVASIVE.
OR MORE IMPORTANT.
SECURE, LONG-TERM INCOME STREAMS.
Investment intelligence
for the outcome you need. Discover income solutions>
NEVER MORE EVASIVE.
SECURE, LONG-TERM INCOME STREAMS.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
For professional clients only.
WE SPEAK YOUR LANGUAGE
CAMPAIGN.
AvivA investors
AVIVA
British multinational insurance company

20. NOW YOU CAN CONTROL YOUR ANNUITY INCOME
AND SAVE INCOME TAX
NOW YOU CAN
NOW YOU CAN
COMBINE ANNUITIES & DRAWDOWN IN
A SINGLE TAX-ADVANTAGED WRAPPER
SWITCH DRAWDOWN INTO ANNUITIES
WITHIN A SINGLE PRODUCT
NOW YOU CAN COMBINE ANNUITIES & D
A SINGLE TAX-ADVANTA
Watch the video and find out more
Download your Retirement Account Toolkit
NOW YOU CAN
The Retirement Account
The certainty of an annuity
and the flexibility of drawdown in
one simple tax-advantaged wrapper.
Frame 1. ‘NOW YOU CAN’ starts off large. The swift flies in and out of the letters.
Frame 2. ‘NOW YOU CAN’ decreases in size. The swift flies across and as it does it reveals the remaining headline copy.
Frame 3. ‘NOW YOU CAN’ stays in place as the swift flies away, taking the headline copy with it.
Frame 4. Repeat with headline 2.
Frame 5. Repeat with headline 3.
Frame 6. Headline disappears and ‘The Retirement Account’ appears.
Frame 7. ‘The Retirement Account’ disappears and copy appears in 3 phases broken at annuity and drawdown.
Frame 8. CTA.
COMBINE ANNUITIES
& DRAWDOWN IN
A SINGLE TAX-ADVANTAGED
WRAPPER.
CONTROL YOUR
ANNUITY INCOME
AND SAVE INCOME TAX
NOW YOU CAN
NOW YOU CAN
COMBINE ANNUITIES
& DRAWDOWN IN
A SINGLE TAX-ADVANTAGED
WRAPPER.
NOW YOU CAN NOW YOU CAN
SWITCH DRAWDOWN
INTO ANNUITIES
WITHIN A SINGLE PRODUCT
The certainty of
an annuity and the
flexibility of drawdown
in one simple
tax-advantaged
wrapper.
The
Retirement
Account
NOW YOU CAN
Watch the video and find out more
RETIREMENT
ADVANTAGE
Enhanced annuity provider
14
Introduction
• Retirement Advantage (formerly Stonehaven)
has been a specialist lifetime mortgage
originator and servicer since 2006
• Highly regarded in the industry and winner of
many specialist industry awards
• Acquired by MGM Advantage in 2014, now part
of the Retirement Advantage Group
Distribution
• Retirement Advantage’s products are
distributed through an extensive network of
c.2500 financial intermediaries
• Excellent relationships maintained across the
network as evidenced by exceptional Institute of
Customer Services survey results
• Since acquisition and rebranding, distribution
capabilities have been significantly enhanced
Regulation
• Highly experienced in ensuring all activities
are compliant and has a close and positive
relationship with its regulator, the Financial
Conduct Authority (FCA)
• Member of the Equity Release Council- adhere
to a strict code of conduct
• Active member of the Council of Mortgage
Lenders (CML)- promoting lifetime mortgages
and sharing best practice across lenders
IT Systems
• Systems have been built specifically for
the lifetime mortgage market, are unique
and provide end-to-end processing and
administration. They have been built to be
highly scalable
• Automated decision making for more generic
applications, allowing focus on more complex
areas
• Have the ability to offer 300+ products,
including any bespoke product to match a
specific funder’s requirements
Retirement Advantage
Equity Release Overview
15
Corporate Governance
• Strong culture of corporate governance,
overseen by management with significant
lifetime mortgage and financial services
experience
• Very low complaint rates, and no complaints
upheld by Financial Ombudsman Service (FOS)
in nearly 10 years of trading
• Recently hired FCA pre-eminent expert in
lifetime mortgages as company Head of
Compliance
Products
• Renowned for speed to market in developing
high-margin specialist products
• Focused on customer outcomes to achieve the
optimal solution for customer and asset owner
Servicing
• Retirement Advantage Equity Release provides
Third Party Administration and servicing for
£500m of mortgages and focuses exclusively
on the lifetime mortgage market
• Responsible for managing all customer
activity (such as annual statements, porting,
repayments, complaint handling, moving into
long term care, death of a party and sale of
property)
• Specially trained team to focus on the sensitive
needs of this older audience
• Retirement Advantage acts as a risk mitigant by
ensuring that all activities remain compliant with
latest FCA regulations
Lifetime mortgages
15149
8
• Rates vary according to risk
o Retirement Advantage rates currently range
from 6.16% p.a. fixed for life to 7.28%
• Retirement Advantage’s current interest paying
loan portfolio loan characteristics
o Average loan size c. £70,000
o Average property value c. £295,000
o Average initial loan to value (LTV) 25%
o Average age 65
o 40% pay all of interest for whole of life
• For Interest Select products, there is cashflow in
early years, unlike traditional interest roll-up
• Low risk assets (low LTVs, interest paying)
• High yielding
Products depend on your
strategy and preferences
%
1 3 5 7 9 11 13 15 17 19
0
2
4
6
8
10
21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
%
1 3 5 7 9 11 13 15 17 19
0
2
4
6
8
10
12
21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51
Expected cashflow profile - Lump Sum
Expected cashflow profile - Interest paying
A product could be designed to provide:
• Greater liquidity during the term
• Shorter duration
• Still maintain attractive yields
Bespoke products
for individual funders
%
0
2
4
6
8
10
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39
Expected cashflow profile – Lump Sum
(shorter duration)
%
1 3 5 7 9 11 13 15 17 19
0
3
6
9
12
15
21 23 25 27 29 31 33 35 37 39
Expected cashflow profile – Interest
paying 100% (shorter duration)
Lifetime mortgages
This could be achieved by:
• Providing a product targeted specifically at
over 75 year olds
• Likely annual redemption rates to be 8-10%
• Indicative average term for the product would
be 8-10 years
98
• There are a number of well documented structural reasons why
this market is expected to grow in the future:
o Changes to pension regulations and poor personal pension
provisioning make lifetime mortgages more common
o Enhanced product design from new funders entering the
market
o Significant numbers of interest-only mortgage customers
reaching the end of term without a repayment vehicle
o Political solution to growing pension crisis of asset rich and
income poor retirees
The Lifetime Mortgage
Market today
(£)
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Q215
0
50
100
150
200
250
300
350
400
Quarterly Advances from Equity Release Council
Lender 2012 £m 2013 £m 2014 £m
2015 £m
(estimate)
Aviva 434 401 696 700
Just Retirement 279 382 417 300
Legal & General 0 0 0 200
Retirement Advantage 68 58 52 120
More2Life 125 115 85 100
Pure Retirement N/A N/A 60 75
LV= 89 93 105 70
Hodge Lifetime Unknown Unknown 50 50
Source: Equity Release Council data, Annual report and accounts & Retirement Advantage analysis.
Lifetime mortgages
Retirement Advantage: 4th largest lifetime mortgage provider
1110
We will look to achieve the following objectives:
• Provide you with a suite of lifetime mortgage
products which complies with your risk appetite
and provides desired volumes, yield and duration
• Bring those products to market, either using your
own brand or the Retirement Advantage brand
• Work with you to ensure the lifetime mortgage
assets qualify for the matching adjustment under
Solvency II if required
• Manage all aspects of potential reputational risk
to your satisfaction
Understanding
your requirements
and objectives
Lifetime Mortgage Yield:
Lifetime mortgage yields are calculated at a
product level and then combined with product mix
assumptions to obtain an estimate for the yield of
the portfolio.
Components driving the lifetime mortgage yields
used in pricing are:
• Interest rate
• Expense contribution
• Cost of No Negative Equity Guarantee
• Product mix
For annuity providers, to create the annuity
pricing yield:
• Match assets to liabilities
• Combine lifetime mortgages with bond or
other asset cashflows to match the projected
annuity liabilities
• Construct new yield curve using combined
asset cashflows/yields
• Adjust yield curve to allow for the cost of capital
This method can be used to create a single
yield curve which can be used to assist with
annuity pricing.
Note:
• AERs based on latest prices
• Expenses cover all origination costs, ongoing servicing costs
and the cost of No Negative Equity Guarantee (NNEG).
They are shown as an indicative annual charge over the life
of the loan.
Illustrative examples
of calculating Net Yield
from Gross Yield
Interest Select
Gold
Lump Sum
Platinum
Interest
(AER)
6.52% 6.97%
Expenses -0.63% -0.74%
Net Yield 5.89% 6.23%
5
Lifetime mortgages
54

21. Personal projects
I’ve always been involved in local bands and dj work which has required poster
advertising plus social media branding.
Here’s a small selection of what I’ve produced for my dj events alongside bands.
I’ve also included a wedding invite that I believe is different enough to be included.
Kerry Ashleymet at university in 2002
Home
Sweet
Home
He liked her she liked him
They became friends
3 years (and many boozy nights out) later!
TOGETHER THEY GRADUATED
Having had a very ‘stressful’ time
as students they decided a
break was in order…
so with backpacks on
they headed to Vietnam
Kerry and Ashley
realised it was time
to get ‘proper’ jobs
After 12,000 miles they realised
it was time to move in together
Renting (just in case) – it went well!!!
So in 2009 they bought their first
home and moved to Chelmsford
For 2 years
He said lots of lovely things
(whilst Kerry – completely unawares –
stuffed her face with hot donuts)
Then nervously finishing with
“So much so… will you marry me?”
She said – Oh My God are you
ACTUALLY
beingserious...
and still very
good friends
Back
to the
•
REAL
WORLD
•
R E A L W
ORLD
Then in May2006
Ashley FINALLY asked Kerry
to be his Girlfriend
Horrraahhhh!
ASHLEYdrove
toWICKFORD
KERRYdrove
toROMFORD
2½ Years later Ashley took Kerry
to her favourite place,
to her favourite beach,
in the rain!!!
It’s the end of one story,
and the start of another
Kerry & Ashley invite.pdf 1 15/05/2012 00:02
Christmas
Dinner & Dance
2 Course Festive Menu: £25 per person
live singer:
James Leonard
performing Ratpack, Michael Bublé & Motown
plus dj Ska N Mash
bringing classic 60s to present day
Saturday12th December
Open 7.00pm, dinner served 7.30pm
Tel: 01375 672205
or email: pegasusclub@btconnect.com
to book tickets