FOR FINANCIAL ADVISER USE ONLY

Report as of 8 Dec 2011

Morningstar Portfolio X-Ray : Portfolio94017797

Asset Allocation
Asset Allocation Portfolio %

Top 10 Countries
Country Equity % Country Equity %

Stocks Bonds Cash Other Not classified

20.21 41.23 38.21 0.34 0.00

Canada Mexico South Africa Australia Peru

39.34 13.23 12.99 10.49 6.00

Mali Russian Federation United States United Kingdom Greece

4.66 4.21 3.89 3.07 0.80

World Regions
Americas Greater Europe Greater Asia Greater Europe Equity % 25.72 Americas Equity % 63.03 Greater Asia Equity % 11.25

<25

25-50

50-75

>75

United Kingdom Western Europe - Euro Western Europe - Non Euro Emerging Europe Middle East / Africa

3.07 0.80 0.00 4.21 17.65

United States Canada Central & Latin America

3.89 39.34 19.80

Japan Australasia Emerging 4 Tigers Emerging Asia - Ex 4 Tigers

0.00 10.49 0.56 0.19

Not Classified: 0.00%

Stock Sectors
Portfolio Equity % Equity % Equity %
Sen siti ve

h Cyclical r t y u
Cyclical

100.00

j Sensitive i Communication Services o Energy p Industrials a Technology

0.00

k Defensive s Consumer Defensive d Healthcare f Utilities

0.00

De

Basic Materials Consumer Cyclical Financial Services Real Estate

100.00 -

Not Classified: 0.00%

fen siv

Investment Style
0 1 1 Value Style
0-10

2 3 1 Blend
10-25

75 15 2

Equity Style

Portfolio

Price/Book Price/Earnings Price/Cashflow

2.43 2.20 12.99

0 0 0

0 0 0

0 100 0

Fixed-Income Style

Portfolio

Growth
25-50 >50

Top 10 Underlying Holdings

Assets % Name Type Sector Country

Size Large Mid Small

Ltd Mod Ext Interest Rate Sensitivity

0-10 10-25 25-50 >50

Credit Quality High Med Low

Effective Duration Effective Maturity (Y) Average credit quality

5.79 4.57 3.88 3.46 2.11 1.89 1.85 1.80 1.69 1.53

Japan(Govt Of) 0.7% US Treasury Note 3.5% Italy(Rep Of) 4.25% Japan(Govt Of) 2% Japan(Govt Of) 1.3762% Newcrest Mining Limited Spain(Kingdom Of) 4% Japan(Govt Of) 1.9% Fresnillo PLC Kinross Gold Corporation

Bond - US Treasury Bond - US Treasury Bond - US Treasury Bond - US Treasury Bond - US Treasury Stock Bond - US Treasury Bond Stock Stock

Basic Materials Basic Materials Basic Materials

Japan United States Italy Japan Japan Australia Spain Japan Mexico Canada

2011 Morningstar UK Limited. All Rights Reserved. Legal Information: The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar UK Limited (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar UK Limited, (4) are provided solely for informational purposes (5) are not warranted to be correct, complete, accurate or timely and the date of data published may vary from fund to fund . Morningstar UK Limited shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use and that the information must not be relied upon by you the user without appropriate verification. Morningstar UK Limited informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.

FOR FINANCIAL ADVISER USE ONLY

Report as of 8 Dec 2011

Morningstar Performance X-Ray : Portfolio94017797 Date Benchmark Performance

MSCI World NR USD 30 Nov 2011 Performance
Growth Of 10000 USD Portfolio Benchmark 25 20 15 10 5K Quarterly Performance Relative To Benchmark %20.00 10.00 0.00 -10.00 2002 2003 2004 2005 2006 2007 2008 2009 2010

Trailing Returns

Portfolio %

+/- Benchmark

Time Period Return

Best %

Worst %

3 Months 6 Months 1 Year 3 Years Annualised 5 Years Annualised YTD Return Analysis
Underlying Holdings Portfolio Benchmark

-3.71 0.45 3.68 10.69 6.82 1.71

-2.06 12.11 2.22 -1.63 8.78 7.20

3 Months 6 Months 1 Year 3 Years Annualised 5 Years Annualised

18.11 (Aug 98-Nov 98) 23.58 (Nov 01-May 02) 32.45 (Dec 01-Dec 02) 22.08 (Nov 00-Nov 03) 15.08 (Mar 01-Mar 06)

-14.52 (Jul 08-Oct 08) -15.77 (Apr 08-Oct 08) -13.74 (Oct 07-Oct 08) 0.05 (Oct 97-Oct 00) 0.46 (Mar 96-Mar 01)

Correlation Matrix
3 Yr Mean 40.00 3 30.00
1 2 3 4 1 2 3 4

20.00

1.00 0.28 0.56 0.63

1.00 0.38 0.45

1.00 0.24

1.00

4 2

10.00

0.00

-10.00 -5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

-10.00

3 Yr Standard Deviation

1.00 To 0.60

0.60 To 0.20

0.20 To -0.20

-0.20 To -0.60

-0.60 To -1.00

Top 10 Portfolio Holdings

Name
1 2 3 4

Statistics
Assets Mean Stnd Dev Risk And Return Statistics 3 Yr 5 Yr

Invesco Bond Fund C Inc HSBC Global Liquidity USD Liq C Acc BlackRock Global Funds - World Gold A2 USD HSBC Global Investment Funds US Dollar Bond...

49.39 25.77 20.90 3.94

6.96 0.18 32.94 7.78

8.77 0.07 32.57 3.32

Standard Deviation Mean Sharpe Ratio

MPT Statistics

9.98 10.67 1.06

3 Yr

10.50 7.15 0.55

5 Yr

Alpha Beta R-Squared Information Ratio Tracking Error

7.50 0.22 21.27 -0.09 18.16

6.05 0.23 20.71 0.48 18.30

2011 Morningstar UK Limited. All Rights Reserved. Legal Information: The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar UK Limited (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar UK Limited, (4) are provided solely for informational purposes (5) are not warranted to be correct, complete, accurate or timely and the date of data published may vary from fund to fund . Morningstar UK Limited shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use and that the information must not be relied upon by you the user without appropriate verification. Morningstar UK Limited informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.

FOR FINANCIAL ADVISER USE ONLY

Report as of 8 Dec 2011

Portfolio Holdings
Portfolio Holdings
Total 4 Holdings Type Holding Portfolio Date

Performance Date

30 Nov 2011

Morningstar Rating

1 Year

3 Years

5 Years

Market Value

Assets

Annualised Annualised

Invesco Bond Fund C Inc HSBC Global Liquidity USD Liq C Acc BlackRock Global Funds - World Gold A2 USD HSBC Global Investment Funds US Dollar Bond P Inc

Fund Fund Fund Fund

31 Mar 2011 31 Oct 2010 31 Aug 2011 31 Oct 2011

QQQQ QQQQ QQQQ QQQ

7.14 0.06 -3.02 4.71

6.79 0.18 31.92 8.00

6.25 1.73 9.73 3.78

(USD) 12782.41 6670.23 5408.71 1018.68

(%) 49.39 25.77 20.90 3.94

2011 Morningstar UK Limited. All Rights Reserved. Legal Information: The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar UK Limited (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar UK Limited, (4) are provided solely for informational purposes (5) are not warranted to be correct, complete, accurate or timely and the date of data published may vary from fund to fund . Morningstar UK Limited shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use and that the information must not be relied upon by you the user without appropriate verification. Morningstar UK Limited informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.

FOR FINANCIAL ADVISER USE ONLY

Report as of 8 Dec 2011

Disclosure
The performance data given represents past performance and should not be considered indicative of future results. The fund(s) returns do not reflect active trading and do not necessarily reflect the results that might have been achieved by active management of the account. The investment returns of other clients of the adviser may differ materially from the investment portrayed. Asset Allocation This pie chart and table shows the portfolio's exposure to the following broad asset classes: Stocks, Bonds, Cash and Other. The Other category represents an asset class that Morningstar recognizes but classifies outside of the asset classes listed above. (For example, real estate is typically classified as Other.) Not Classified is for those securities Morningstar does not recognize or track. The tables adjacent to the pie chart identify the net asset allocation percentages of the portfolio, as well as the component long positions (assets) and short or marginal positions (liabilities) of the portfolio. World Regions This data set provides a broad breakdown of a portfolios geographical exposure, by region and by market maturity. Only non-cash equity assets are evaluated in determining the exposures. Not Classified indicates the percentage of the equity portion of the portfolio for which Morningstar is unable to assess region or origin. Stock Sector This table shows the percentage of the portfolios equity assets invested in each of the three supersectors (information, service, and manufacturing economies) and 12 major industry subclassifications, in comparison with a benchmark. The Sector Graph accompanying the table demonstrates the sector orientation of the portfolio in relation to the Morningstar Broad Market Index. . ) Not Classified is for those securities Morningstar does not recognize or track. The percentage of each sector that composes the benchmark index (Rel Bmark) is also listed. Top 10 Underlying Holdings This listing indicates the most heavily weighted underlying holdings in the portfolio, up to 10, identifying the percentage of assets that each represents in the portfolio, the security type, the sector classification, and the country of origin. The portfolio date is the most recent available for full holdings disclosure in Morningstar's database. It could be that two funds have a different portfolio date, depending on portfolio availability in the database. Total Return Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Portfolio and benchmark returns are calculated by asset-weighting the monthly returns of the underlying holdings and thus reflect the pretax results an investor would have achieved by rebalancing the portfolio on a monthly basis. These same returns are used to calculate all returns-based statistics. Returns for individual holdings are trailing total returns.

Risk and Return Profile R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). The Sharp Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a fund's excess returns by the standard deviation of a fund's excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analysing a fund that is an investors sole holding. The Sharpe Ratio can be used to compare two funds directly on how much risk a fund had to bear to earn excess return over the risk-free rate. The standard deviation shows how far a set of values are spread above and below the average for a particular fund type. If the standard deviation is a high number positive or negative then the fund has performed that far below or above the average. If the standard deviation is low then the fund has performed closer to the average. Mean is the annualised performance of a fund over three years. Growth Graph The graph compares the growth of a fund with that of an index and with that of the average for all funds in its Morningstar category. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. The index is an unmanaged portfolio of specified securities and the index and the category average do not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is assigned by Morningstar and may differ from that in the fund's prospectus. Risk Scatter Graph The risk / reward scatter plot is based on each holding's risk and return over the most recent three-year period. Risk is measured as 3-year standard deviation of return. Return is measured as 3 year mean return. The risk / reward scatter plot also contains the portfolio's risk and return. Correlation Matrix The matrix shows the performance correlation between different holdings. A correlation of 1 indicates the two holdings move in the same direction, a correlation of -1 indicates the two holdings move in opposite directions and a correlation of 0 means that no correlation could be found. A correlation of -1 will offer maximum diversification.

2011 Morningstar UK Limited. All Rights Reserved. Legal Information: The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar UK Limited (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar UK Limited, (4) are provided solely for informational purposes (5) are not warranted to be correct, complete, accurate or timely and the date of data published may vary from fund to fund . Morningstar UK Limited shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use and that the information must not be relied upon by you the user without appropriate verification. Morningstar UK Limited informs you as follows: (i) no investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from investments can go down as well as up.