Aim

1. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 31 December 2013 Background Fund Information 3 months to 31 -12-13 3 Years Annualised Fund Performance Aim The primary objective of the Fund is to achieve an annual income return of 20% more than the benchmark yield and thereafter long-term capital growth in real terms. Benchmark Income To achieve an annual income return of 20% more than the benchmark yield. Long-term Total Return (Gross) Key Details Risk Factors The portfolio is being managed with a medium risk approach. The value of any investment may go down as well as up, as can the income generated from it. Perspective Shareholders may wish to seek independent advice before investing in this Fund.

2. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 31 December 2013 Fund Manager Ethical Restriction: No direct investment permitted In tobacco stocks Sector Allocation as a % of Total Market Value NICIFC Fund Composition The current Fund Manager is Standard Life Wealth. 30 Lothian Road, Edinburgh EH1 2OH. Standard Life Wealth are regulated by the Financial Conduct Authority. Standard Life Wealth is a global thematic stock picking company. This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur. Historic Fund Information Source: Standard Life Wealth, as at 31 December 2013 Market Commentary Financial market investors spent the majority of 2013 attempting to gauge the health of the world economy, a difficult task as economic indicators and forward guidance fluctuated between the calm and the restless. Indeed, buoyant financial market returns led investors to question if these were a true reflection of economic well-being. There was evidence to support both renewed optimism and continued caution. While the Federal Reserve’s (Fed) announcement that they would begin ‘tapering’ quantitative easing (QE) from $85bn to $75bn in January removed an element of uncertainty, the magnitude of the tapering ($10bn) was still relatively modest when taken into context. The Fed increased its holdings of securities by US$1.1tn in 2013 and has seen its balance sheet expand to $4tn since 2007. Extremely unorthodox monetary policy remains in place and historically low levels of interest rates are likely to be with us for some time. Nevertheless, broad financial conditions improved over the course of the last year. This has been led by improvements in some of the major economies such as the US, Japan, Germany and the UK. Even Italy shows signs of recovery, posting 0% growth in Q3 2013, a relief after eight consecutive quarters of decline. Meanwhile the Chinese authorities announced a number of measures to deal with various risks in the housing and local finance sectors. We continue to focus on identifying companies with the attributes that we feel are best served to delivering sustainable and superior returns to our clients, over the long term. Key to delivering on this is the use of our global themes, which we use to help identify the key drivers of change in the world. Challenges still exist in the post credit crunch world, but we remain committed to identifying and investing in businesses that can generate returns for the long term investor. There’s always the potential for unforeseen events to unsettle markets, but prudent management implications of a variety of macroeconomics scenarios across asset classes and individual securities. Key to our investment approach remains our thematic framework, which we believe will lead us to invest in quality companies that have the ability to weather short term macroeconomics turbulence. NI Central Investment Fund for Charities. c/o Department for Social Development, The Lighthouse Building, 4th Floor, 1 Cromac Place, Gasworks Business Park, Ormeau Road, Belfast BT7 2JB. Tel: 02890 829508/02890/02890 829240 or email deborah.walker@dsdni.gov.uk or colin.alderdice@dsdni.gov.uk. Contact