Global & EAFE equities at Newton

1. Global & EAFE equities at Newton Paul Markham, investment manager - global equities 15 March 2009

2. Global and EAFE sector performanceBy industry – 3 month to 31/03/2009 Attribution analysis (%) EB EAFE EB Global *Attribution based on internal Pace analysis

3. Portfolio construction (as of 31 Mar 2009) Global representative account vs MSCI World Relative position to benchmark (%) Underweight Overweight Key sector positions compared to MSCI World (%) EAFE Plus representative account vs MSCI EAFE Relative position to benchmark (%) Underweight Overweight Key sector positions compared to MSCI EAFE (%) Source: Newton as at 31 Mar 2009Portfolio holdings are subject to change at any time without notice and should not be construed as investment recommendations

4. Outlook • Unprecedented monetary stimulus may put a floor under consumption • Credit is, as yet, difficult to come by, however • Mid-term inflationary pressures are likely to be considerable • Governments and central banks face a delicate balancing act • Volatility likely to remain high and trading ranges probable • Stock selection will be critical and short-term "noise" to be treated with caution

5. Performance EAFE Composite Global Composite Composite Returns US$ vs MSCI EAFE GDR (US$) Composite Returns US$ vs MSCI World GDR (US$)

6. Newton EAFE (Global Equity ex US) Plus Composite contains fully discretionary segregated portfolios that invest in global equity markets with the exception of North America and for comparison purposes is measured against the MSCI EAFE Index. This composite comprises portfolios that invest in global equities including emerging markets, which may include stocks that do not form part of the benchmark. Returns include the effect of foreign currency exchange rates Newton has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®) Newton, the firm, includes all the assets managed by Newton Investment Management Limited, Newton Capital Management Limited, Newton International Investment Management Limited and Newton Fund Managers (CI) Limited which are investment management firms and wholly owned subsidiaries of The Bank of New York Mellon Corporation Newton Investment Management Limited is authorized and regulated by the Financial Services Authority in the conduct of investment business. Newton International Investment Management Limited and Newton Fund Managers (CI) Limited (Newton) are authorized and regulated by the Jersey Financial Services Commission in the conduct of investment business. Newton Capital Management Limited is registered with the U.S. Securities and Exchange Commission as an investment advisor under the Investment Adviser’s Act 1940. The firm maintains a complete list and description of composites, which is available upon request Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Capital gains, dividend and interest received may be subject to withholding tax imposed by the country of origin and such taxes may not be recoverable. The MSCI Index range is calculated gross of withholding taxes. Past performance is not indicative of future results The U.S. Dollar is the currency used to express performance. Further information regarding the exchange rates used is available upon request. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The fee schedule appropriate for this presentation starts at 0.25% per annum subject to a minimum of £100,000, however, individual fees are negotiated on an account by account basis The Newton Global Equity (ex US) Composite was created 4Q04 Newton has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ®). For each of the years from 1996 to 2006, Newton has been verified by an independent verifier. Copies of the verification reports are available upon request. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results is available upon request Newton EAFE (Global Equity ex US) Plus Composite– Annual disclosure * Part period return – Composite inception 1st November 1997 N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year