Aim

1. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 June 2014 Background Fund Information 3 months 3 Years Annualised Fund Performance to 30th June 2014 Aim The primary objective of the Fund is to generate income and thereafter long-term capital growth in real terms. Income To achieve an annual income return in excess of the benchmark yield. Benchmark 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 30 June 2014 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 applies a global thematic stock picking strategy. This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur. Historic Fund Information Source: Standard Life Wealth 30th June 2014 Market Commentary Unprecedented levels of volatility have been a feature of the post-credit crunch landscape, yet intriguingly, global financial markets are currently less volatile than at any time in almost a decade and despite mixed messages from the Bank of England the market is still expecting interest rates to stay low for the foreseeable future. The European Central Bank has launched a series of new initiatives to support the single currency, cutting interest rates to record lows and boosting lending facilities. The cost of government borrowing sits at record lows for certain European countries. Spain’s 10 year yield is now lower than at any point since records began in 1789. Similarly, France’s borrowing costs are lower than at any point since 1746 and Italy’s the lowest since 1808. Firstly this demonstrates how unprecedented the current market conditions are and secondly, illustrates the confidence investors have in the ability of central bankers to guide financial markets through the economic maelstrom. With the Vix index (a measure of market volatility) at an even year low, it would seem that global investors are not expecting dark macroeconomic clouds to unsettle their sea of investable tranquillity. Standard Life Wealth’s thematic investment process remains focused on identifying long term drivers of change in the world, regardless of whether they are positive or negative. These themes help generate suitable investment ideas that can benefit from the events taking place in the world, whilst also steering away from areas of inherent risk. With constant doomsday coverage of financial markets in the mainstream news, it is easy to forget that in any economic environment, there will be opportunities for investors who are willing to take a certain level of risk to achieve defined investment objectives, over the long term. 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: (028) 90829240 or email colin.alderdice@dsdni.gov.uk or susan.calwell@dsdni.gov.uk. Contact