Guy Ester

The Panel “We have replaced the core UK holding in the HSBC UK Equity Fund with the Barclays Global Investors UK Equity Fund following Tim Russell’s decision to leave HSBC. Tim Russell and other important team members that have left HSBC will be running an identical portfolio with Cazenove from early next year. Our current stance would be to reinvest with Tim Russell once he is up and running in his new environment. Until this time we have indexed this portion of the portfolio.” The investments Amount (E) - Fund 30,000 - Insinger de Beaufort Zeus (OS) Fund (fund of hedge funds)

12,870 - ABN Amro Europe Bond Fund

12,000 - Wellington US Equity Research

9000 Credit Suisse US Equity

8500 - Pimco Total Return Fund (bonds)

6200 - Pimco Global Bond Fund

3060 - Gartmore CSF Continental Europe (predominantly large-cap growth)

3060 - Thames River European Fund (Continental European large cap)

2800 - Cambrian Fund (US small and mid caps)

2600 - Barclays United Kingdom Equity Fund (UK core passive)

2500 - Martin Currie Japan (large caps)

1520 - Fidelity European Growth Fund

1300 - Ashmore EMLIP (Sovereign high yield)

1300 - Pimco High Yield Fund

1150 - SVM UK Growth

1080 - Merrill Lynch Japan Opportunities (Japan small cap)

1060 - Aberdeen Asia-Pacific (equities)