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WORLD BUSINESS NEWSPAPER TUESDAY 31 MAY 2016 UK Ê2.70 Channel Islands Ê3.00; Republic of Ireland 3.00 Pain barrier Xis long march Refugee returns Nigeria on the economic edge Chinas president is leading the country on a risky path GIDEON RACHMAN, PAGE 13 Profits flow from Germanys migrant crisis PAGE 14 BIG READ, PAGE 11 Cook passes 10,000 runs in England win Briefing i Chief quits as Noble unit goes up for sale The commodities trader has announced the exit of Yusuf Alireza and unveiled plans to sell Noble Americas Energy Solutions, one of its few remaining crown jewels. PAGE 17; LEX, PAGE 16; ANALYSIS, PAGE 19 England captain Alastair Cook celebrates victory over Sri Lanka with teammate Nick Compton yesterday, shortly after he became the youngest player to score 10,000 runs in test cricket Cook passed the landmark as he scored 47 not out in the second innings at Durham to help England win the second Test against Sri Lanka by nine wickets, adding to their victory at Headingley last week and sealing the series The 31-year-old left-hander is five months younger than Sachin Tendulkar was when the Indian player passed 10,000 runs He is also the first England player to reach the mark Its a very special moment for me, Cook said You forget about all the hard times you have as a cricketer. i Multinational chiefs warn against Brexit Fifty-one company leaders from the European Round Table of Industrialists have written to the FT warning of the consequences, for the continent and UK, of an exit from the EU. PAGE 2; LETTERS, PAGE 12 i Alliance confirms Rothschild approach Alliance Trust has confirmed that it has received an approach from Jacob Rothschilds investment trust about a takeover to create a group with a value of more than Ê5bn. REPORT AND ANALYSIS, PAGES 17 & 21 i School declaration plan riles Eton head Jason Cairnduff/Livepic/Reuters Brussels urges light-touch rules for sharing economy businesses Push to harmonise regulation across EU Bid to ease tension over Uber and Airbnb DUNCAN ROBINSON BRUSSELS Brussels is to call on EU governments not to ban or limit services such as Uber and Airbnb, in a bid to head off a regulatory onslaught from national authorities on the sharing economy The European Commission will this week set out guidelines to harmonise the often wildly different treatment faced by businesses shaking up sectors ranging from accommodation to transport across the 28-country bloc While businesses such as ride-hailing company Uber have been welcomed by countries including the UK, their executives have been threatened with fines or even jail in places such as France Coherent EU-wide regulation would provide a big boost to these businesses, negating the need for companies to have fights with 28 separate watchdogs Bans on services should be a measure of last resort for governments, according to draft guidelines seen by the Financial Times and to be published on Thursday The move to help new entrants will ease some of the tension over technology regulation between Brussels and Washington, where Europes efforts to rein in the market power of the likes of Google and Apple have caused friction Last year, US President Barack Obama accused the EU of regulation that was designed to carve out some of their commercial interests But while the bulk of the new guidelines will be welcomed by the predominantly US groups that dominate the so- called sharing economy sector, some will cause concern in Silicon Valley The commission suggests that companies that not allow their operators to set their own prices or that force them to take customers could be considered an employment relationship Any such definition would be resisted by Uber, which has vociferously argued that its drivers are not employees, meaning that the company avoids issues such as contributions to social insurance schemes on their behalf The commission move comes after services such as Uber faced partial prohibition in countries across the EU, including Belgium, the Netherlands, France and Germany Brussels criticised moves such as Berlins attempt to crack down on Bans on services should be a measure of last resort Draft guidelines from Brussels Airbnb hosts by introducing fines of up to 100,000 for those who rent out their entire apartments on the home-letting website The commission said such rules were generally difficult to justify Instead, countries should consider measures such as introducing limits on the number of days someone can rent out an apartment The commission also came out in defence of rating systems used by the likes of Uber, arguing that being able to rate a driver can lead to safer services Companies such as Uber have already complained to Brussels which is responsible for ensuring that the EUs treaties are enforced about their treatment in various countries Results of these investigations are expected in a few months Hedge funds pay for exit polls to make mint on early sign of referendum result CHRIS GILES AND JIM PICKARD Rhodes scholars struggle with colonialisms legacy The scholarship set up by Cecil Rhodes using money made from diamond mines in southern Africa is making its recipients uneasy Amid a campaign in Oxford to take down a statue of the adventurer, scholars struggle to come to terms with being given such giltedged opportunities that have their origins in colonial exploits The trust, which is seeking to dish out awards beyond the former empire, says it is bound by the terms of Rhodes will Analysis i PAGE Hedge funds and investment banks have commissioned private exit polls in a bid to make profits from the result of the UK referendum on EU membership next month By finding out voting patterns early on June 23 and predicting the outcome, traders can lay big bets on the result They hope to be the first market participants to make a mint on a governmentinduced swing in sterling since George Soros bet against the pound when it crashed out of the then European exchange rate mechanism in 1992 Early indications of the likely result in the referendum will be indirectly visible from foreign exchange and sterling derivative markets before the polls close, if big money is bet on the result The hedge funds are exploiting rules that permit exit polls on the day of the referendum so long as they are not published until voting closes at 10pm Polling companies say demand is high for their private services on referendum day Hedge funds have asked for exit polls and for hourly polls on the day Banks are certainly commissioning polls for their own consumption that are never released, said one pollster Another said his company was receiving lots of calls from asset managers asking when its next research was coming out We are also being asked if we will polls on the day, he said People in the City are wanting a head start. The cost of a basic exit poll is about Ê500,000, said an investment industry insider That is far lower than potential profits from finding out whether Leave or Remain are likely to win A big move in sterling is guaranteed STOCK MARKETS CURRENCIES May 26 prev %chg For the latest news go to www.ft.com S&P 500 4933.50 4901.77 â THE FINANCIAL TIMES LTD 2016 No: 39,177 Dow Jones Ind 17873.22 17828.29 FTSEurofirst 300 1374.64 1372.90 Euro Stoxx 50 3091.06 3078.48 FTSE 100 6270.79 6265.65 FTSE All-Share 3448.45 3444.78 CAC 40 4529.40 4514.74 Xetra Dax 10333.23 10286.31 0.46 Nikkei 17068.02 16834.84 Hang Seng 20629.39 20576.77 1.39 Oil WTI $ 0.26 Oil Brent $ 266.27 266.16 Printed in London, Liverpool, Glasgow, Dublin, Frankfurt, Brussels, Milan, Madrid, New York, Chicago, San Francisco, Washington DC, Orlando, Tokyo, Hong Kong, Singapore, Seoul, Dubai 2 770307 176623 Future of Europe page Editorial Comment page 12 Janan Ganesh page 13 Lex page 16 World Markets Subscribe In print and online www.ft.com/subscribenow Tel: 0800 298 4708 on the result, with a modest rise expected if Remain wins and a tanking anticipated if there is a vote to leave Markets have all but discounted a Leave vote, said Adam Cole of RBC Capital Markets The UKs implied EU exit risk premium has collapsed to the point where the implied probability of exit is close to the level before last Mays election, when few thought there would even be a referendum, he said, raising the prospect of wild sterling swings if Leave seems to be doing well on the day Voters will be able to deduce who traders think is winning from the price of insurance against large gains or losses in the value of sterling on polling day Nasdaq Composite FTSE All World $ 2090.10 2090.54 May 30 INTEREST RATES prev May 30 price yield chg 97.96 1.85 0.00 99.45 1.56 0.00 1.313 Ger Gov 10 yr 123.715 122.285 Jpn Gov 10 yr 103.16 0.18 0.03 102.18 -0.12 0.00 97.00 2.65 0.00 102.93 -0.51 0.00 1.114 1.113 per $ 0.898 1.462 1.462 Ê per $ 0.684 0.25 Ê per 0.13 Ơ per $ 0.762 0.762 per Ê 1.313 0.41 Ơ per Ê 0.08 index 111.075 109.855 Ơ per 162.431 160.576 Ê index 87.057 1.105 0.11 SFr per 0.32 COMMODITIES 0.04 Gold $ 86.822 $ index 1.105 SFr per Ê prev 0.898 US Gov 10 yr 0.684 UK Gov 10 yr -0.02 $ per 0.65 $ per Ê 88.160 88.583 US Gov 30 yr 100.588 101.057 Ger Gov yr 1.451 May 30 prev 49.57 49.33 50.28 49.95 1216.25 1223.85 1.451 price prev chg Fed Funds Eff 0.37 0.36 0.01 %chg US 3m Bills 0.49 Euro Libor 3m 0.32 0.31 0.01 -0.28 -0.28 0.00 0.59 0.59 0.00 0.66 UK 3m -0.62 Prices are latest for edition Data provided by Morningstar Lord Waldegrave, former Tory minister and now provost of Eton College, has threatened to quit the party over a government proposal that employers should find out if job candidates went to a private school. PAGE i Iraqi army pushes into Isis-held Fallujah Iraqi forces have made progress and hope to claim their biggest victory against the militants but, with thousands of civilians still inside the city, they face their sternest test. PAGE 4; HASSAN HASSAN, PAGE 13 i Europes Nato states lift defence spend Spending by European members is set to rise for the first time in nearly a decade, as secretary-general Jens Stoltenberg warned that a British vote to exit the EU would threaten the increase. PAGE i China drags profits down at Jaguar Jaguar Land Rover profits have fallen 40 per cent after slowing sales in China, where emissions regulations in big cities and less favourable market conditions have hurt performance. PAGE 21 Datawatch Population change in eastern Europe Annual % change 1.5 1.0 0.5 1951 60 70 80 90 2000 Source: UN population statistics -0.5 15 Eastern Europes population has been falling for over 20 years, a feature unique to the region The drop peaked in the early 2000s and has since eased Emigration and low fertility rates are the main factors blogs.ft.com/ftdata FINANCIAL TIMES Tuesday 31 May 2016 NATIONAL Future of Europe Prosperity fear Cameron and Khan share Remain platform EU would be weaker and poorer if UK left, business leaders warn PM and Labours London mayor join forces as civil war rages in Tory party KATE ALLEN David Cameron was fighting to stop his campaign to keep Britain in the EU from being overwhelmed by internal strife in the Conservative party as the Remain camp hit back against highly personal attacks against the prime minister Mr Cameron hit the campaign trail yesterday with Sadiq Khan, Labours London mayor, in an attempt to show cross-party unity Speaking in southwest London, Mr Cameron said the two were campaigning together because we love our country, we want our country to be the best we possibly can, to be the strongest, to be the greatest At the same time he was warned that the referendum was doing serious damage to the Conservative party Mervyn King, former Bank of England governor, blamed the government for the ill-tempered tone of the discussion, saying the wildly exaggerated claims on both sides insult the intelligence of voters Mr Cameron would find it a lot more difficult than [he] surely must have hoped to bring his party back together again afterwards, Lord King predicted Ken Clarke, the former chancellor and a member of the John Major government that was hamstrung by Tory divisions over Europe warned the Con- servatives that infighting was completely unhelpful and a diversion The public are getting fed up of Tory civil wars when they thought they were being asked about the future of this country for their children and grandchildren, he said But Mr Clarke fired a salvo of his own when he said the Leave campaign had turned into a leadership bid by Boris Johnson, a leading Eurosceptic and Mr Khans predecessor as Londons mayor Mr Johnson was a much nicer version of Donald Trump, Mr Clarke said as he accused Leave campaigners of adopting tactics used by the US Republican Tory Eurosceptics launched attacks against Mr Cameron over the weekend in what appeared to be an orchestrated campaign Three Tory MPs Sir Bill Cash, Nadine Dorries and Andrew Bridgen said they would attempt to launch a leadership challenge immediately after the referendum on June 23 Mr Bridgen said that, whatever the outcome of the referendum, Mr Cameron was probably finished as party leader, while Ms Dorries said the prime minister would be toast within days if Remain won by a narrow margin He has lied profoundly, she said Mr Cameron said: I will everything I can in the next 24 days to speak clearly, to speak positively about the future of our country and why this matters so much. The prime ministers joint appearance with Mr Khan was meant to dem- onstrate what he called their unity of purpose The pair presented a new battle bus and a five-point pledge card in an attempt to boost the campaign for Britain to remain in the EU It was an unexpected pairing after the recent mayoral election campaign, in which Mr Cameron accused Mr Khan of sharing platform after platform with extremists and anti-Semites Yesterday Mr Cameron hailed what he said was an extraordinary coalition of campaigners and called Mr Khan a proud Muslim and proud Brit Douglas Carswell, the UK Independence party MP and former Tory, cited Mr Camerons past remarks about Mr Khan as evidence the prime minister cannot be trusted Dorset Referendum Grey vote undaunted at prospect of Brexit In Christchurch the Leave campaign hopes it will win support from 80% of electors JOSHUA CHAFFIN CHRISTCHURCH, DORSET As a young lawyer, Christopher Chope campaigned for Britain to stay in Europe in the 1975 referendum battle, rallying voters with the slogan: For your children and your grandchildren! But as Britain prepares for another national vote on what later became the EU, he has changed sides Mr Chope, 69, is a long-serving Conservative member of parliament and a father and he wants to leave the EU His change of heart is very much in keeping with the views of his constituents in Christchurch, a town that boasts the UKs highest percentage of over-60s It also matches the sentiments of greying voters throughout Britain, who could yet decide the fate of the countrys ties with Brussels There is something to be said for experience in these matters, said Mr Chope There is plenty of experience in Christchurch, a handsome Dorset town where 50 is the new 30 and 70 year olds refer to the older generations It is rich pickings for the Leave campaign, which is betting it will take as much as 80 per cent of the towns vote on June 23 That goal may not be so unreasonable In an informal poll of the high street this week, 15 older-looking voters said they were determined to leave the EU while only five wished to stay Eight others were undecided Such attitudes mirror national trends UK polls have identified the over-60s as among the EUs most determined foes Their support is all the more valuable, since older citizens are far more likely to turn out than younger ones At first glance, the legions of greying Brexit supporters seem to confound expectations: older voters are generally thought to be more conservative and risk-averse Yet many are opting for the uncertain leap of British withdrawal from the union over the continuation of a stable if uninspired marriage Mr Chope has one explanation Older voters remember life before the EU, he argues, while younger generations have developed a Brussels version of Stockholm syndrome If you have served a long prison sentence, when someone Out and about: a resident makes her feelings known after a meeting in Christchurch, Dorset Below, Christopher Chope Sam Frost opens the door and says youre free to go people are conditioned to be nervousaboutsomethingdifferent,hesaid Many voters in Christchurch also complain they were misled in 1975 when they voted to stay in the Common Market, believing it to be only an economic project,not ever-closer politicalunion We were sold on the idea that it was a trading arrangement, said Robin Grey, the 66-year-old local head of the anti-EU UK Independence party Raised on stories of sacrifice during the second world war, Mr Grey cannot understand how Britons could defend their sovereignty against German bombers only to cede it later to diplomats in Brussels Older people voice the common Eurosceptic complaints about EU bureaucracy, financial waste and uncontrolled immigration These may be exacerbated in a town facing the closure of some bus routes and the merger of two hospitals But they also suggest motivations that may be unique to older voters One is that the resilience and MAKE A SMART INVESTMENT Subscribe to the FT today at ft.com/subscription perspective developed over the course of a life makes the risks of Brexit appear more, not less, tolerable I have always found that when there have been calamities in life and youve been forced to change, it has always worked out better, said John Glazer, 69, the owner of a care home There could be problems but well get over them. Many similarly seasoned voters also bristle at the tactics employed by David Cameron, prime minister, and his allies, who have issued incessant warnings about the supposedly dire economic and security consequences of leaving the EU Just last week, for instance, the Treasury claimed millions of pensions would be hit by a British exit At the nearby Bournemouth University, Darren Lilleker, a political scientist, said older voters tended to be deeply concerned about sweeping issues of sovereignty and democracy even though many would never see the long-term consequences of an EU exit By contrast, his students, who were more pro-EU, tended to take a narrow, utilitarian view NOVEMBER 2015 Number One Southwark Bridge, London SE1 9HL Published by: The Financial Times Limited, Number One Southwark Bridge, London SE1 HL, United Kingdom Tel: 020 7873 3000; Fax: 020 7407 5700 Editor: Lionel Barber Subscriptions and Customer service: Tel 0800 028 1407; subscriptions@ft.com; www.ft.com/subscribenow Advertising: Tel: 020 7873 4000; ukads@ft.com Letters to the editor: Fax: 020 7873 5938; letters.editor@ft.com Executive appointments: Tel: 020 7873 4909; www.exec-appointments.com Printed by: St Clements Press (1988) Ltd, London, Newsprinters (Knowsley) Limited, Merseyside, Newsprinters (Eurocentral) Glasgow, and Smurfit Kappa News Press Ld, Kells, Ireland âCopyright The Financial Times Limited 2016 All rights reserved Reproduction of the contents of this newspaper in any manner is not permitted without the publishers prior consent Financial Times and FT are registered trade marks of The Financial Times Limited The Financial Times adheres to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode ROLLING IN THE DEEP 361_Cover.PRESS.indd FT Cityline For real time share prices call 0905 817 1690 or go to http://www.ft.com/servicetools/ftmobile/cityline Calls cost 75p/min Newspapers support recycling The recycled paper content of UK newspapers in 2014 was 78.5% In a letter to the Financial Times, the members of the European Round Table of Industrialists including Vittorio Colao, chief executive of Vodafone, Ian Davis, chairman of Rolls-Royce, Lakshmi Mittal, chairman of ArcelorMittal, and the chief executives of MứllerMaersk, Royal Dutch Shell, Nestlộ and Siemens said Europe was at a fork in the road and that an unravelling of the EUs single market and its rules would reduce prosperity While respecting the decision of the people in the United Kingdom, we believe that a Europe without the UK would be weaker, just as the UK itself would be weaker outside Europe, they wrote We believe the case for Europe has never been stronger. During the past 60 years, the group said, businesses have flourished and families have generally become more prosperous thanks to closer ties between people and institutions across Europe It argued the EUs size gave it tremendous bargaining power in international trade negotiations, as well as an ability to defend jobs and industries against external threats ERT members companies have annual revenues of 2.1bn and sustain about 7m jobs in Europe, including in the UK The group advocates policy change and has close ties with national and regional governments Benoợt Potier, chief executive of Frances Air Liquide and chairman of the ERT, said Europe faced urgent challenges that could not be addressed by member states acting alone From a business perspective, these included ensuring the security of energy supply, creating a digital single market, strengthening oversight of the banking system to avoid a repetition of the financial crisis, allowing small businesses to tap into capital and human resources across borders, and improving Europes education systems Mr Potier said it was especially urgent to co-operate across borders because of the refugee crisis and terrorism Policymakers both at European level and in the member states should keep in mind the need to foster European competitiveness and cohesion, especially because markets [are becoming] more and more global, he said That is the only way we can achieve sustainable growth and enhance job prospects, especially for young people and future generations. The letter from the ERT adds to a chorus of concern from the big business community, both inside and outside the UK, about the consequences of a potential British exit from the EU This month, 15 business leaders, including the heads of GE, Cisco, Mars and Airbus, wrote to the FT to warn that economic uncertainty caused by a British exit could materially affect major international businesses future investment decisions in the UK Letters page 12 Lucrative export Parents of activist who died consider taking legal action Revamped Top Gear stalls on first lap of its relaunch The parents of a Conservative activist, who complained of bullying and then committed suicide, said shortly before the start of the inquest into their sons death that they are considering taking legal action against those they hold responsible for his fate 21/10/2015 10:51 Reprints Are available of any FT article with your company logo or contact details inserted if required (minimum order 100 copies) One-off copyright licences for reproduction of FT articles are also available For both services phone 020 7873 4816, or alternatively, email syndication@ft.com Editorial Comment page 12 Janan Ganesh page 13 Lex page 16 Fifty-one chairmen and chief executives of Europes leading multinational companies have warned of the negative consequences of a British exit from the EU, for the rest of Europe as well as the UK Tory party KATE ALLEN FINANCIAL TIMES Older voters remember life before the EU, while younger generations have developed a Brussels version of Stockholm syndrome of the referendum, dwelling on possible inconveniences such as mobile phone roaming charges Older people feel there is this tide coming in from outside thats changing the country whether it be immigration or regulation, Mr Lilleker said Nostalgia played a big part in the debate, too They look at Britain and think: its changed, and they tie that to the EU. That would seem to describe Karen, a nearly 70 pensioner walking near Christchurchs priory Karen, who only gave her first name, accepted that Britains withdrawal from the EU might result in a decade of upheaval Still, she could not shake a sense that something had been lost through Britains four-decade experiment I dont think I want to be European,sheexplains.IwanttobeEnglish. Only over the past 10 years have I begun to say, bloody EU! she said Maybe thats because I turned 60. SARAH GORDON BUSINESS EDITOR Elliott Johnson, 21, took his life last September shortly after complaining to Conservative party headquarters that he had been bullied by Mark Clarke, a Tory youth organiser Mr Clarke was expelled from the party last autumn and its entire youth wing suspended as the scandal spiralled into accusations of systemic bullying and sexual harassment during lastyearsgeneralelectioncampaign Grant Shapps, who was the partys cochairman before the election, resigned from the government in November, saying: The buck should stop with me. Ray and Alison Johnson, the parents, have repeatedly called for Lord Feldman, the Conservative party chairman, to stand down, saying he should bear ultimate responsibility for the conduct of party campaigners Lord Feldman has insisted he was unaware of the bullying claims,whichhehascalledabhorrent The Conservatives have commissioned an independent inquiry into the scandal, which is being carried out by law firm Clifford Chance and overseen by Lord Pannick QC The Johnsons have declined to participate in the inquiry becausetheyfearitwillnotbeimpartial The inquest into Johnsons death will open today Mr and Mrs Johnson said they hoped the hearing would acknowledge the role that the alleged bullying played However, the coroner will not question Conservative party members In a ruling in March, Tom Osborne, the senior coroner for Bedfordshire and Luton, said it would be beyond the proper scope of the hearing, a decision theJohnsonshavequestioned Mr Johnson, who will make a statement at the inquest, told the Guardian newspaper that he was considering a range of legal options to pursue those he considersresponsibleforhissonsdeath PETER CAMPBELL MOTOR INDUSTRY CORRESPONDENT The relaunch of the BBCs Top Gear programme was watched by 4.4m people, falling short of the 5m target Chris Evans, its new host, had set The number is the lowest audience for the opening episode of a Top Gear series for a decade, indicating the scale of the challenge facing the BBC to maintain the popularity of one of its most lucrative exports following the departure of hosts Jeremy Clarkson, James May and Richard Hammond last year The programme has an estimated global income of Ê150m The total viewership for Sundays episode will rise in the coming days, however, after more people watch the show on the BBCs iPlayer catch-up service, an increasingly popular platform Final figures will not be known for another week Mr Evans had said he would be disappointed if the viewership figures failed to break 5m The corporation has poured resources into the refreshed programme, with Mr Evans joined by Matt LeBlanc, the star of Friends The opening episode of the new series saw the pair race three-wheelers from London to Blackpool, featured a dogfight between American muscle cars at the Top Gun training centre in Nevada, and saw a British-built off-road desert buggy chased across a desert by drones and a racing bike In spite of the eye-catching stunts, critical reception was poor, with reviews noting the lack of chemistry between the co-hosts One report branded it Flop Gear Mr Clarkson was sacked last year after assaulting one of the programmes producers, while his co-hosts and the shows long-time producer, Andy Wilman, quit All four have since signed with Amazon in a $250m deal to produce a motoring show called Grand Tour for its Prime video service this year Top Gear was the second-most watched programme on Sunday, after Countryfile Tuesday 31 May 2016 FINANCIAL TIMES NATIONAL Rhodes Trust tries to reach out beyond empire Oxford officials deny move is linked to students anti-imperialist campaign GONZALO VIẹA OXFORD The young Rhodes scholar pushing his bicycle along Broad Street is one of several dozen young people chosen every year for postgraduate study at Oxford university He has distinctly mixed feelings about the honour I worry that 50 years down the road Im going to be embarrassed about being here, he says In Oxford, the name of Cecil Rhodes has in recent months become highly controversial Last year a group of students campaigned to have his statue removed, condemning him as a racist imperialist and colonialist who brutally exploited southern Africans But Rhodes also established a prestigious scholarship that for more than a century has enabled international politicians, diplomats, scientists, thinkers and activists to study at Oxford, opening doors for them that have in many cases led to eminent careers The young scholar, who did not want his name to be revealed, said he struggled to come to terms with having such a gilt-edged opportunity that had its origins in Rhodes colonial exploits The Rhodes Trust [which administers the scholarships] needs to be doing much more it needs to reflect on its origins, he said What it is doing now feels like it has no obligation towards southern Africa Rhodes was not a man of his time, as he is often described, but a man who exploited people The Rhodes Trust like many other institutions around here still has to work out how to handle that. The trust, established more than a century ago for the education of young colonists who exhibited moral force of character and of instincts to lead, today runs an Ê184m endowment Alumni include Bill Clinton, the former US president, Susan Rice, US national security adviser, and three Australian prime ministers The trust acknowledges the problem of Rhodes image Confronting historical legacies is something that we encourage, says Charles Conn, warden of Rhodes House This week the trust will increase the number of scholarships, from 83 to 95, and expand its reach to seek out young leaders from beyond the Commonwealth and the US, from where most of them hail, to countries including Syria, the Palestinian territories, Jordan, Lebanon and Southeast Asia An award pays all educational expenses and living costs Mr Conn, a Canadian and US national who has been running the trust since 2013, says more announcements are due shortly and adds that moving the institution beyond empire is a significant part of the effort But he denies the impetus for change is the result of the Rhodes Must Fall campaign to have the statue of Rhodes at Oriel College torn down No one has protested about the trust giving money to talented young people to study with other talented people, says Mr Conn, a former Rhodes scholar No one has protested outside Rhodes House The protest here is about this physical representation of Rhodes in a town that is full of physical representations of people who have different views from us. He has also ruled out changing the trusts name Such a move would be Cyclists ride past the Oriel College statue of Cecil Rhodes, the former magnate and politician, below Right: an Oxford protest in March Carl Court/Getty Images fundamentally dishonest and rainbow washing the truth The money came from the development of diamond and gold mines in southern Africa during colonial administration We shouldnt pretend that isnt so. Detractors say the move by the trust to expand its programme beyond the existing geographies is not confronting the past but moving away from it Given that about 60 per cent of scholars are white, they say, a more meaningful measure would be to divert money away from scholarships awarded to US, Australian or Canadian students in favour of Private schools Anger at Eton over social mobility plan SARAH NEVILLE PUBLIC POLICY EDITOR A government proposal that employers should find out whether prospective recruits attended a private school has so angered Lord Waldegrave, a former Conservative cabinet minister and now provost of Eton College, that he has threatened to relinquish his partys whip The idea, put forward by Matt Hancock, the Cabinet Office minister and a close ally of George Osborne, the chancellor, chimes with David Camerons aim of improving the life chances of those from disadvantagedfamilybackgrounds Name or type of school attended is just one of the questions that employees would be expected to be asked under the proposals, which are likely to be adopted within Whitehall within a year, and potentially by businesses and other public sector employers thereafter Other information that might be sought is the postcode in which applicants lived while attending secondary school, and their parents professions, qualifications, and income or wealth, accordingtothe CabinetOffice Whatsthe idea behind theproposals? They are part of efforts to make workplaces more socially diverse Mr Hancock argues that unlike other diversity measures, there is no agreed way of measuring socio-economic background between employers acrosstheUK He admits he is seeking to tackle the last workplace taboo and that Britons not always like to discuss our parents background, particularly at work But he says: You cant manage what you cant measure. He wants recruiters to spot potential rather than polish It [is] quite wrong to run the risk of choosing crucial public service jobs on the basis of social engineering Whydoesthepeer feel so strongly? The peer also attended Eton, alma mater to generations of prime ministers Yesterday he was reported by the Daily Telegraph as saying he would relinquish the party whip, and would no longer be bound to back party policy in the Lords, if I believed that the government was actively seeking to damage the charitable school of which I am a trustee Lord Waldegrave clearly believes the move is a way of imposing quotas on employers It [is] quite wrong to punish children for decisions taken by their parents, and to run the risk of choosing crucial public service jobs not on the basis of merit but of social engineering The ablest candidates come from all possible backgrounds. Is recruitment so skewed towards private school-educated recruits? Thegovernment-appointedSocialMobility and Child Poverty Commission would say so In a report last year, the cross-party body found an inbuilt bias among recruiters at top law and accountancyfirmsfor themiddleclass Its chairman, Alan Milburn, complained that applicants were, in effect, expected to pass a poshness test The same body has also found that most of the UKs top judges, military officers and senior Whitehall officials were privately educated even though only per cent of thepopulationwenttoprivateschool Will Mr Hancocks plan work? Conor Ryan, director of research at the Sutton Trust, a social mobility charity, believes it will Asking potential employees about their educational background will help employers make fair judgments about their potential There are real economic and social benefits to be gained from recruiting from a wider talentpool,hesaidyesterday The Cabinet Office points to consultancy McKinsey, which said that inherent diversity and acquired diversity benefits the bottom line Companies with such two-dimensional diversity had45percentmoremarketshare Higher education Student visa applications fall after rule change VANESSA HOULDER Long-term immigration into the UK by people wishing to study in Britain has fallen to its lowest level since 2007, in a sign that tighter restrictions on overseas students are having an effect The latest migration figures published by the Office for National Statistics showed a per cent fall in student visa applications from people outside the EU to 222,609 in the year to March 2016 The fall largely stemmed from a drop in applications for further education institutions outside the university sector Applications to study at further education and other institutions fell 16 per cent to 20,770 in the year to March 2016 There was also a per cent decline to 13,591 in visa applications to study at independent schools Part of the fall reflects rules introduced in 2011 to stop abuses of student visas that made it harder for education providers to sponsor international students Critics of the policy say anti-immigration rhetoric has also deterred genuine students from coming to Britain Some will also have been put off by changes made in 2012 that meant they could no longer stay in the UK and work for two years after graduation The Home Office said most of the fall in the further education sectors sponsored visa applications since the peak in mid-2011 was accounted for by licences that had been revoked University-sponsored study visa applications fell per cent to 164,124, after a per cent increase for the Russell Group of elite universities was more than offset by a similar decrease for other universities The figures are likely to concern universities that are seeing a stagnation or decline in foreign student numbers despite a growing global market as they rely heavily on overseas students to boost their incomes James Pitman, managing director of the higher education division of Study Group, which prepares international students for university, said the drop was significant given that the number of non-EU students seeking an education abroad was increasing by at least per cent every year The largest absolute decreases in the number of study visas granted were to Iraqi, Nigerian and Libyan nationals those from southern Africa, where Rhodes critics say he did greatest harm A group of scholars known as Redress Rhodes, which is working with the trust to address issues of legacy, says on the trusts website it wants reparative justice to be a more central theme for Rhodes scholars Other critics say the trust takes students from schools where few black people attend While the trust may encourage tackling Rhodes legacy head on, few of todays scholars are happy to talk openly, perhaps mindful of the vitriol that greeted Rhodes scholar Ntokozo Qwabe when he campaigned to have the Oriel statue removed Two other recipients of the award declined to speak, as did several black Oxford students, while the Redress Rhodes group refused to comment for this article Mr Conn says the trust is bound by Rhodes will, which spells out the number of scholarships that should go to American students and puts a cap on the number for those from Africa It is unable to willy nilly reallocate scholarships, he says, while adding scholars is a better answer to the legacy issue than reallocating the awards Furthermore, Mr Conn insists the trust today is a force for good Scholars are taught about leadership, character and how to build a life of service; they learn how to speak in public and are coached in problem-solving skills; and they are put on internship programmes that open doors to high-flying careers in numerous professions Many of the 5,000 living Rhodes scholars are on hand to offer career advice to todays scholars I am not trying to suggest a calculus that by our good works we expunge the founders historical sin, says Mr Conn Everyone of us who has been the beneficiary of the scholarship carries with us that knowledge of where the money came from, and we all have to come to terms with what it means to be a Rhodes scholar and what duty that imposes on us to good in the world. The young Rhodes scholar who did not wish to be identified is not convinced The trust should be taking a harsh look at itself; its administrators are mostly from white western countries, he says The scholarship was set up for white men to spread the empire [Rhodes] put in place institutions that led to apartheid If that is not bad, then what is good? FINANCIAL TIMES Tuesday 31 May 2016 INTERNATIONAL Middle East Offshore allegations Iraqi forces push into Isis-held Fallujah Pakistan PM to have heart surgery as calls grow for him to resign Retaking city would give psychological boost to under-pressure military REBECCA COLLARD BEIRUT Iraqi forces pushed into Isis-held Fallujah yesterday, hoping to claim their biggest victory to date against the militants, but also facing their sternest test In the past week, the Iraqi army along with special forces and Shia militias has been encircling the city, preparing to attack a stronghold that represented Isiss first big conquest in Iraq in January 2014 There are believed to be fewer than 1,000 Isis fighters still in the city while thousands of Iraqi soldiers and allied militiamen are assembled outside Retaking Fallujah would provide a psychological boost for Iraqs unproved military It would also push the militants further back from Baghdad, which lies only 50km to the east, and prepare the stage for a bigger showdown in the northern city of Mosul Retaking Fallujah will mean that Isis no longer has a position close to the [capital], says Ahmed Ali, a fellow with the Institute of Regional and International Studies at the American University of Iraq Sulaimani Still, the battle will not be easy: there are tens of thousands of civilians still inside, Isis is in an advantageous position, and Iraqi national forces are depending on the aid of sectarian militias reviled by many of the locals Iraqi forces laboured for eight months to recapture Ramadi, a nearby western city, late last year in a campaign that revealed the government forces weakness and ultimately left the city in ruins [Fallujah] is smaller and very populated, says Mr Ali, predicting the task would be more complicated Once a city of 300,000, mostly Sunni residents, the city in Anbar province was a focal point of the resistance that followed the US-led invasion in 2003 The population is still estimated at around 50,000, making air support difficult without causing a high number of civilian casualties Isis has controlled Fallujah for more than two years, allowing militants to install improvised explosive devices and traps for advancing forces On top of that, says Christopher Harmer, a senior analyst with the Institute for the Study of War, who served several stints with the US army in Iraq, Isiss unconvenTURK E Y I RA N SY RI A Mosul IRAQ Baghdad Ramadi Fallujah 200km tional tactics will make the battle difficult In conventional war you can certain things to force people to surrender, said Mr Harmer But as long as [Isis] have bullets they will fight As long as they have suicide vests they will fight. Washington has set up a $1.2bn programme to train and re-equip the Iraqi military since it crumbled in the face of Isiss onslaught The army is still reliant on Shia paramilitary organisations to move forward The Iraqi security forces are operationally dependent on the Shia militias, said Mr Harmer That has raised questions about the central governments legitimacy and authority It also means local Sunni inside Fallujah and the surrounding villages will be wary of the advancing forces, even if they would otherwise be happy to see Isis go The paramilitary forces, known as the Hashd al-Shaabi, or Popular Mobilisation units while effective have been accused of abductions, reprisal killings and damaging civilian property There are fears that what happened in Tikrit will be repeated [in Fallujah], says Jaber al-Jaberi, a Sunni member of parliament in Anbar province, referring to another Sunni city liberated last year by the government The mobilisation forces burnt mosques in Tikrit. Isis is coming under pressure on other fronts as Kurdish and Arab forces launch offensives around the militants de facto capital Raqqa, in northern Syria, and Mosul, the largest city under their control Both Mr Jaberi and Mr Harmer believe that Isis will be dislodged from Fallujah, probably retreating to defend Mosul, which has become even more important for the organisation The Iraqi government has been saying for more than year that Mosul operation is imminent but there has been little progress That fight will be even more difficult A dense urban city, as many as 1m people remain there and the operation has been stalled by infighting Friends for Isis page 13 Holy ritual Tehran-Riyadh tension Hajj boycott underlines Gulf superpowers animosity Irans bar on sending pilgrims to Mecca this year is part of a broader clash with the Saudis NAJMEH BOZORGMEHR TEHRAN SIMEON KERR DUBAI Irans boycott of the annual Hajj pilgrimage in Saudi Arabia illustrates the breakdown in relations between the Gulf superpowers as they vie for regional influence Tehran said its citizens would not travel to Mecca this year, accusing Saudi Arabia of failing to guarantee their safety and placing politically-motivated restrictions on Iranian pilgrims All able-bodied Muslims are obliged to perform Hajj a spiritual pilgrimage central to the Islamic faith at least once in their lives if they can financially afford it Yet the wrangling between Iran and Saudi Arabia shows how one of Islams holiest rituals has become entangled in regional politics The Hajj became a flashpoint in the Iran-Saudi Arabis dispute last year when hundreds of Iranians died in a stampede near Mecca, prompting bitter accusations from Tehran Riyadh subsequently broke diplomatic ties with Iran in January after its Tehran embassy was stormed following the Saudi execution of a Shia cleric As the two sides have clashed throughout the region, Saudi Arabia has accused Iran of unacceptable interference in Syria, Yemen and Iraq On Sunday, Irans Hajj Association said Riyadh had linked the pilgrimage dispute to the political situation in the region and had changed the text of its agreement Considering the continuation of Saudi Arabias obstructive moves, Iranian pilgrims will be deprived of Hajj this year and its responsibility falls with the Saudi government, it said Saudi Arabia in turn blamed Tehrans intransigence for the failure to reach a bilateral Hajj agreement The countrys Hajj ministry said that it had offered many solutions to Irans demands FARHAN BOKHARI ISLAMABAD Pakistan prime minister Nawaz Sharif is due to undergo open heart surgery in a London hospital today, at a time of growing demands for his resignation over the alleged offshore wealth accumulated by three of his four children Mr Sharif has been struggling to quell rising public anger against him since last month, when the Panama Papers revealed his children had significant overseas assets, including apartments near Londons Hyde Park His public explanations that his family had merely profited from the sale of its steel business in Saudi Arabia have failed to convince the public or his political rivals Mr Sharifs heart surgery, three days before the presentation of Pakistans annual budget, risks further undermining the leader, with rivals questioning his arrangements for ruling the country during his surgery and recuperation Government officials said Ishaq Dar, finance minister and a close ally of the premier, would oversee governmental affairs in Mr Sharifs absence But Mr Dar will have no formal authority to make decisions beyond the powers granted to him as finance minister Pakistans constitution has no provisions for an acting prime minister to step in if the prime minister suffers from a medical condition, said Hasan Askari Rizvi, a commentator on security and political affairs Mr Sharifs surgery has fuelled anxiNawaz Sharif has been struggling to quell rising anger since last months claims in the Panama Papers Pilgrimage: Muslims at Mecca last year This year Iran has blocked attendance by its citizens, accusing Saudi Arabia of failing to guarantee their safety Ozkan Bilgin/Anadolu Agency/Getty Images during two days of talks that ended on Friday A Saudi official said: Iran has converted Hajj into a political demonstration in an attempt to weaken Saudi Arabias leadership role in the Islamic world. Riyadh has been angered by the involvement of Irans military in this weeks attempt by the Iraqi army and Shia paramilitary to oust Sunni militant group Isis from the city of Fallujah outside Baghdad, which it branded unacceptable Iran maintains that it is fighting terrorism and accuses Riyadh of fomenting the Sunni extremism that targets Shia Muslims This years Hajj is expected to fall in mid-September Hossein Sheikholeslam, a senior adviser to Irans parliament, said yester- Subscribe to FT Weekend today day: Our problems with Saudi Arabia are not limited to Hajj We have numerous problems from Syria and Yemen to oil prices and security of the Persian Gulf Saudis are playing a political game and use Hajj, which should be a purely religious matter, as a political leverage. Iran last boycotted the Hajj between 1988 and 1990 after 400 Shia pilgrims died in clashes with Saudi security forces in 1987 That deadly confrontation came as Saudi support for Baghdad in the Iraq-Iran war of 1980-1988 coincided with increasingly politicised Shia demonstrations during the Hajj after the Islamic revolution of 1979 Saeed Ohadi, head of Irans Hajj Organisation, said yesterday Saudi Arabia had added 11 new clauses to the previous pilgrimage accord between the Abenomics opponents pounce on expected sales tax delay Premier Shinzo Abe intends to put off raising Japans consumption tax by two and a half years until October 2019 with a decision set to be announced as early as tomorrow FT Weekend brings art and culture to life through intelligent and thought-provoking writing Our editors bring the best of the world to you from news and interviews, to extensive coverage of property, gardens, books, style, travel and arts Together with the award-winning How to Spend It magazine, there is something to delight all readers Subscribe now and save 23% at ft.com/weekendsub Hossein Sheikholeslam, senior Iran adviser countries These included issuance of visas in a third country, limitations on Iranian aircraft and a ban on displaying Iranian flags Saudi Arabia had insisted on designing the identification wristband for Iranian pilgrims and denying Iranians permits to gather publicly Saudi Arabia displayed serious determination [during negotiations] not to accept Iranian pilgrims and bought time [during negotiations] to prevent Hajj pilgrimage for Iranians, said Mr Ohadi Iran officially blamed last years Hajj deaths on inefficient management In a sign of the animosity between the two countries some officials privately say the incident was masterminded by Riyadhs intelligence service to kidnap or kill Iranian officials Japan ROBIN HARDING TOKYO Read beyond the expected Saudis use Hajj, which should be a purely religious matter, as a political leverage ety in his own party over the sensitive question of his political successor For three decades Mr Sharif has built his political base from the populous Punjab province where Shehbaz Sharif, his younger brother, is chief minister As the two brothers have aged, questions have emerged over younger members of their families remaining as united as the two elders The question of succession comes into play whenever you have power going from one generation to another, said one western diplomat Rivalries can very well emerge between Nawaz Sharifs children and Shehbaz Sharifs children. The government gave no details of the planned operation but Mr Sharifs daughter, Maryam, tweeted on Friday that the procedure would fix a perforation in the heart left by previous heart surgery in 2011 A Pakistani diplomat based in London said his understanding was that Mr Sharif could receive a triple bypass involving three cardiac arteries In an apparent effort to demonstrate he remains in control, Mr Sharif was due to preside over a meeting of his cabinet via Skype from London yesterday to consider and approve the budget, which will be presented to parliament on Friday In the past the budget was approved the day before it was announced Arif Nizami, a Lahore-based newspaper editor, said even after Mr Sharif recovered, questions about his political future would linger A consumption tax rise from per cent to 10 per cent was scheduled for April next year Delaying it prevents a big fiscal squeeze on a stuttering economy, and comes ahead of upper house elections scheduled for July, although Mr Abe is no longer expected to call lower house elections on the same day As well as putting off the consumption tax rise, Mr Abe is preparing a fiscal stimulus that could amount to Ơ5tn-Ơ6tn ($45bn-$54bn) Here are the likely consequences for the main actors in Japanese business and politics Prime Minister Shinzo Abe Postponing the sales tax rise is something of a gamble for Mr Abe The political upside is simple: voters dislike tax rises The risk is more subtle Opponents are using the delay to argue that his Abenomics programme has failed That is why Mr Abe was so eager to get G7 endorsement for fiscal stimulus, using alarming rhetoric about a new Lehman Brothers crisis The prime minister wants to sell the delay as bowing to global necessity Opinion polls show he has reason for concern: 38 per cent approve of Abenomics but 49 per cent disapprove Yet other factors, such as US president Barack Obamas visit to Hiroshima, have boosted Mr Abes overall approval rating to 56 per cent so he can afford to take a chance Ministry of Finance Postponing the sales tax increase underlines how Mr Abe has neutered the Ministry of Finance Always worried about Japans public debt almost 240 per cent of gross domestic product the ministry has fought a rearguard action in favour of the tax rise According to a senior government official, however, Mr Abe no longer trusts the ministry or its projections, after it told him a 2014 consumption tax rise would have only a modest and transient effect on the economy Instead, it caused a recession Next years tax increase was supposed to raise revenue by Ơ5.4tn a year but Mr Abe already gave up Ơ1tn by exempting food That suggests a 30-month delay could cost about per cent of GDP immaterial to Japans debt, as long as the tax rise goes ahead Bank of Japan As a former Ministry of Finance bureau- Postponing the sales tax increase underlines how Mr Abe has neutered the Ministry of Finance crat, Bank of Japan governor Haruhiko Kuroda likes budget discipline but the fiscal boost should make it easier for the BoJ to hit its per cent inflation target The central bank was forecasting growth of 1.2 per cent for the year to March 2017 and then 0.1 per cent for the year to March 2018 It is likely to revise down the first and revise up the second Most analysts think a consumption tax delay is not enough to prevent fur- ther BoJ easing in July, but if the government adds a large spending package as well, it will reduce the pressure for monetary stimulus Exporters and big business The policy mix in 2014 suppressing demand at home with consumption tax rises, while driving down the yen with easy monetary policy was ideal for Japans exporters Fiscal stimulus is less helpful to the export sector and big business in Japan has long felt a sense of crisis about the public debt Retailers and consumers After the sales tax move in 2014, consumption plunged at an annualised rate of 18.2 per cent in the second quarter Consumers, especially poorer consumers who spend every yen, are the big winners from a delay The sector-bysector impact is a little more complicated Supermarkets have less to gain from a delay because food was already exempted The likely gainers are other domestic sectors: retail, restaurants, construction and consumer goods Additional reporting by Kana Inagaki Tuesday 31 May 2016 FINANCIAL TIMES FINANCIAL TIMES Tuesday 31 May 2016 INTERNATIONAL Military alliance Natos European states to lift defence spending Secretary-general warns a vote for Brexit would put stability in Europe at risk SAM JONES BRUSSELS Defence spending by Europes Nato states is set to rise for the first time in nearly a decade, figures show, as fears over Russian aggression and the migrant crisis in the Mediterranean stoke anxiety over security across the continent But Jens Stoltenberg, Nato secretarygeneral, warned in an interview with the Financial Times that a UK vote to leave the EU could throw the turnround into jeopardy The forecast for 2016, based on figures from allied nations, indicates that 2016 will be the first year with increased defence spending among European allies for the first time in many, many years, Mr Stoltenberg said We are faced with uncertainty, we are faced with more threats, more security challenges than in a generation, and we need unity, we need strength, we need stability The UK is the largest European provider of defence capabilities in Nato, [it has] the biggest defence spending, it has the big gest defence investments second only to the United States in the whole alliance a strong UK in a strong Europe is important for unity and stability, Mr Stoltenberg said The EU was becoming increasingly important in almost all the challenges Nato had to deal with, Mr Stoltenberg added The UK was key in developing the relationship between the two Nato and the European Union are working in tandem For the UK [remaining] is a good position to be in, to be able to sit at both the Nato table and the EU table, since both organisations are so important to how we are responding to the instability we are faced with, both to the east and to the south. Last year, Natos European allies spent $253bn on defence compared with a US spend of $618bn According to the per cent guideline, European countries should be spending an additional $100bn annually on their militaries The current spend is equivalent to around 1.43 per cent of gross domestic product The aggregate figure has been steadily sliding since 2008 That year, European countries on average spent 1.7 per cent of their GDP $288bn on defence The longer-term trend has been one of even more significant decline Between 1985 and 1989, European Nato states spent an average of 3.1 per cent of GDP on defence The figure stayed above per cent for the decade following the end of the cold war, only dipping below the threshold after the millennium Nato did not provide exact figures for 2016 because it said the data were provisional and had been shared with the alliance on a confidential basis Several key Nato states have publicly declared significant increases to their On exercise: British troops take part in Nato training in Poland this year budgets, however The Baltic states, which border Russia, have made the biggest changes Latvias budget will rise nearly 60 per cent this year Lithuania will see a 35 per cent increase and Estonia per cent Poland, eastern europes main military power, is also raising defence expenditure by per cent The UKs military budget is also rising The government has pledged to increase spending in order to maintain the alliance target of per cent of GDP Falling military budgets and a fractured approach to defence procurement and strategy in Europe have been a source of concern for the alliance and the US in particular The issue has even become an topic of the US presidential race, after Republican presumptive nominee Donald Trump declared the alliance expensive and obsolete and accused Europe of freeloading on US military largesse Greece Australia Rehabilitation projects Mine clean-ups aim to reset industrys sullied image Initiatives by some companies follow centuries of poor environmental practice Greeces leftwing government is under fire for slipping a measure that allows MPs to hold stakes in offshore companies into an economic reform package, reversing a ban intended to discourage tax avoidance by the political elite Rising from the ashes Changed landscapes for tourism A century of lignite mining left the area around German town Pritzen a 90-minute drive south-east of Berlin scarred by open pits, dust and water pollution German authorities embarked on a plan to create Europes largest artificial lake district They turned mines into lakes, replanted forests and created marinas and beaches to attract tourists The end of tin mining near English town Pool in 1998 after four centuries created an economic vacuum and an environmental challenge With National Lottery support, the Heartlands project was born, transforming the former derelict mine at Robinsons Shaft into a 19-acre cultural centre featuring historical exhibitions, art galleries, climb-on sculptures, cafộs and shops Salina Turda in Romania was one of the largest salt mines in the world until mining ceased there in the 1930s Over 20 years it has been transformed into an underground theme park with museum, swimming pool, spa, rowing boat lake, a big wheel, bowling alley and mini golf course strate that our operations can and successfully coexist with local communities and other industries. Mangoolas licence extends to 2026 and any extension must be approved by local authorities The pilot is taking place while mining continues This enables Glencore to integrate mining and rehabilitation, using truck and digger fleets to shape a landform to match the surrounding countryside Natural drainage lines are being reestablishedtopreventsoilerosion The project area stretches for 1,300 hectares and Glencore uses local endemic seed collected to replant the rehabilitated land It has installed 900 bird boxes and has set up several orchid nurseries to replant rare species We recently identified a masked owl a threatened species in New South Wales, says Mr Ryba Its a great result wereshowcasingtothecommunity. Glencore has also begun cattle-grazing trials on rehabilitated pastureland at its nearby Liddell mine, successfully selling the first batch of beef produced for the export market It is producing wine and honey on its land in partner- Land scar: an open-pit mine in Hunter Valley The region produces more than 100m tonnes of coal per year Stefan Jannides/ Redbrickstock.com/Alamy ship with local farmers as it seeks to overturn perceptions of coal mining as a dirty, polluting industry But anti-coal campaigners warn that such showcase projects are designed to capture positive publicity without addressing the tens of billions of dollars of costs associated with rehabilitation of all abandoned mines While individual rehabilitation projects are a good start, it is important to note that these represent a drop in the ocean of whats required, says Nikola Casule of Greenpeace, who adds it is impossible to return former coal mines fully to their natural state after mining Others say the fact big miners are still only engaging in pilot rehabilitation projects is disgraceful given that some have been excavating sites for decades or even centuries There are ways to game the system For example, big resource companies can sell on their mines and rehabilitation obligations to small players, says Tim Buckley, director at the Institute of Energy Economics and Financial Analysis This is why it is essential that regulators push miners to progressively rehabilitate sites as they mine them. European travel Spain tourism leaps in April as sunseekers shun global terrorism hotspots IAN MOUNT BARCELONA Spain is enjoying a surge in tourism as fears over terrorism drive wary travellers away from destinations in Turkey and north Africa, and back to former favourites in southern Europe The number of foreign tourist arrivals in Spain in April rose 11.3 per cent to 6.1m compared with the same month in 2015, according to data published yesterday by INE, Spains national statistics agency Total tourist numbers over the first four months of the year rose 13 per cent to 18.1m Visitors from the UK were the primary driver behind the increase, with some 4m visiting in the first four months of this year, a 19.4 per cent increase compared with the same period in 2015 Syrizas move over offshore stakes for MPs sparks anger KERIN HOPE ATHENS JAMIE SMYTH HUNTER VALLEY, AUSTRALIA A wedge-tailed eagle soars above a picturesque hillside blanketed with shrubs and flowers, looking for prey The animals are coming back, says Damien Ryba, environment and community officer for mining group Glencore This is a sign that the land is returning to a natural state. Five years ago outsized trucks crowded a track thick with coal dust near the companys Mangoola mine, one of the biggest open-pit developments in Australias Hunter Valley It is now part of a pilot project by the Swissbased miner to rehabilitate former mining sites as it attempts to rebuild support in the community Alarmed by growing concerns about new mines, some companies are placing more emphasis on rehabilitating existing ones, particularly in the developed world These initiatives follow centuries of poor practice that have caused environmental disasters, threatened health andleft taxpayerswith bigclean-up bills There are about 50,000 abandoned mines in Australia The bill for cleaning them up would stretch to tens of billions of dollars, well beyond the level of financial assurances that miners provide to state governments, analysts say In the past many smaller companies just disappeared and their mines were abandoned with little or no rehabilitation, says Peter Erskine, research fellow at the University of Queensland But there has been a societal shift in expectations towards mine rehabilitation, with more communities and governments pushing for miners to properly close operations and leave an enduring positive legacy, he says The Hunter Valley has been a coal region since European colonisation, and produces more than 100m tonnes per year But the industry has been stung by a decision by planning authorities to refuse permission to Anglo American to expand a nearby mine Farmers have also won the right to refuse permission for exploration drilling on their land Successful rehabilitation of mined lands costs millions of dollars over the life of a mine, says Tony Israel, Glencore operations manager at Mangoola But it enables us to maintain our social licence to operate and demon- At Natos 2014 summit in Newport, south Wales, amid alarm over Russias invasion of Crimea and Moscows growing military actions, allies pledged to freeze all further cuts in defence budgets and work towards hitting Nato benchmarks for spending over the next 10 years The rise in European budgets has come as a surprise to many inside Nato in spite of the commitment made in Wales Many did not expect expenditure to grow at a time of economic travails and political instability in Europe We still have a long way to go but the pictures better than it was before and Im inspired by the fact that one year after the commitment in Wales we have been able to stop the cuts in Europe Now it looks like, into the second year, we will have the first real increase in total European defence spending, said Mr Stoltenberg The shift to Spain comes as terrorist attacks in Tunisia, Turkey and Egypt and government warnings for citizens to avoid travel to some destinations have led many seeking an inexpensive beach holiday to look elsewhere Booking behaviour really changed after those attacks Bookings are moving from Turkey, Egypt and Tunisia to Spain, and also to Bulgaria and Greece, said Dửrte Nordbeck, head of travel and logistics, Germany, at GfK, which tracks travel bookings across Europe The attack in June last year in the Tunisian town of Sousse, in which a gunman killed 38 tourists, brought the countrys tourism industry to a halt Meanwhile Turkey, which has been hit by a spate of bombings and cooling relations with Russia a main source of tourism to the country suffered its worst drop in visitor numbers since 1999, with arrivals in April falling 28 per cent to 1.75m Mainland Spain and the Balearic and Canary Islands have been among the main beneficiaries Reporting results for the six months ending March 31 recently, Thomas Cook Group, the UKbased travel agent, said its summer 2016 bookings to Spains Balearic Islands were up 14 per cent compared with the previous year, while those to the Canaries were up 23 per cent Overall summer bookings were down per 13% 28% Rise in Spains tourist numbers over the first four months of 2016 Aprils drop in foreign arrivals to Turkey, falling to 1.75m visitors cent, but up per cent excluding Turkey, the company said Thomas Cook is trading well to destinations other than Turkey, with particularly strong bookings to Spain and the US, Peter Fankhauser, Thomas Cook chief executive, said at the time However demand for Turkey our secondlargest market last year remains significantly below last years levels. Tui Group, the worlds largest tourism operator, has also warned of substantial drops in demand for Turkey and north Africa In November, Tui suspended trips to the popular Egyptian resort of Sharm el-Sheikh after a bomb brought down a Russian airliner over the Sinai desert, and 33 of the companys customers were killed in the Sousse attack But Ramún Estalella, secretary-general of Cehat, Spains hoteliers union, said security fears over terrorism were not the only reason for the wave of UK tourists visiting Spain The increase in tourism to the Canary Islands where 38.3 per cent of the 4.5m visitors in the first four months of 2016 came from the UK could be explained largely by a movement of sunseekers away from Egypt, he said However, UK visitors also made up 10.7 per cent of the 4.2m foreign tourists visiting Catalonia not primarily a beach destination in the same period Accessible prices, good marketing, and word of mouth were behind much of the increase, he said: There are a big number of British tourists who go to Catalonia to visit Barcelona and to ski, he said The tourists are not just going to islands but also to cities and that has nothing to with Tunisia. The policy was rushed through parliament earlier this month without being debated, as part of a 7,500-page economic reform package agreed with Greeces international creditors the EU and International Monetary Fund and without being picked up by opposition lawmakers Its existence was first revealed on Sunday by Proto Thema, an Athens newspaper, a week after the reforms were approved by lawmakers from the governing Syriza party and its coalition partner, the rightwing Independent Greeks Opposition lawmakers said the specific clause lifting the ban was inserted into a section on disclosure without being flagged up by the justice ministry, which would have been normal parliamentary practice Weve submitted a parliamentary question on the issue signed by all our MPs and we expect some explanations, said Kyriakos Mitsotakis, leader of the centre-right New Democracy, the main opposition party Under the new legislation cabinet ministers and MPs can own shares in companies across dozens of offshore jurisdictions provided these are deemed to co-operate with Greek tax and antimoney laundering authorities The move appears deeply at odds with the Syriza governments avowed policy to curb tax evasion by Greeks holding accounts abroad Three separate lists covering such accounts in Switzerland, Luxembourg and Panama are being investigated by the finance ministrys tax police The previous law enforced a blanket ban on high-ranking officials and close relatives owning stakes in companies based outside Greece Two cabinet ministers have had to resign in the past five years after admitting they owned offshore companies based in Cyprus Giorgos Vasileiades, Greeces top anticorruption official, defended the measure yesterday as bringing more transparency to the vexed issue of politicians financial dealings Were open to suggestions, including from political parties, to make the system more rigorous, Mr Vasileiadis said A Greek tax lawyer who declined to be identified said the new legislation would effectively facilitate tax avoidance because many of the jurisdictions that formally co-operated with Greece were also geared to protect beneficial owners of offshore companies There are delays and obstacles even when dealing with countries like Cyprus and Ireland which are EU member states, the lawyer said Greek cabinet ministers, MPs, senior ministry officials and executives of state-controlled companies are already required to make a detailed annual declaration of their own and close relatives assets, including funds held in bank accounts abroad Some officials suspected of making inaccurate declarations are investigated by state auditors but just a few cases have gone to court Only one Syriza MP is under investigation George Stathakis, economy minister, is accused of failing to declare two bank accounts and part-ownership of almost 40 properties around Greece He denies wrongdoing Tuesday 31 May 2016 FINANCIAL TIMES FINANCIAL TIMES Tuesday 31 May 2016 INTERNATIONAL Trump plans to insult his way to victory over rival Clinton Media-savvy tycoon applies technique that helped him oust 16 Republican opponents Global trade Washington accused of damaging impartiality of WTO by vetoing judge SHAWN DONNAN WORLD TRADE EDITOR The US has been accused of being a bully and undermining the World Trade Organisations dispute system after vetoing the reappointment of a South Korean judge The EU and legal scholars have warned that the veto threatens the impartiality of the global trade court DEMETRI SEVASTOPULO WASHINGTON Pocahontas & Crooked Hillary sounds like the name of a Disney movie But the words are some of the slurs that Donald Trump has started hurling at the two most powerful women in the Democratic party Elizabeth Warren and Hillary Clinton as he gears up for Novembers presidential election During the Republican race, Mr Trump often said that his wife urged him to be presidential, but that he was forced to mock rivals such as Lyin Ted Cruz and Little Marco Rubio to close the deal One month after, in effect, securing the party nomination, he is increasingly applying the technique that helped him oust 16 Republican opponents ahead of his battle with Mrs Clinton, who is poised to become the Democratic nominee, and Mrs Warren, the Massachusetts senator For months, the Clinton campaign salivated at the idea of Mr Trump as the Republican nominee But in recent weeks, some Clinton allies have grown concerned that she is underestimating the media-savvy tycoon and struggling to find his Achilles heel Those concerns have been exacerbated by polls showing the two rivals running neck and neck Speaking at the Rolling Thunder event in Washington on Sunday, Mr Trump told thousands of veterans riding Harley-Davidsons that we cant have Hillary Clinton be our president Days before, he tweeted that Crooked Hillary was a disaster following a critical government report about her use of a personal email account while secretary of state Mr Trump is trying to tap into the All revved up: veterans and bikers listen to Donald Trump, below bottom, at the annual Rolling Thunder parade in Washington, where he railed against Hillary Clinton, right Mladen Antonov/AFP/Getty feeling among roughly two-thirds of voters that Mrs Clinton is not honest, but he has gone much further by resurrecting attacks from the years that Hillary and Bill Clinton were in the White House that range from conspiracies about the suicide of a business partner to unproved claims that Mr Clinton raped a woman When you have two candidates possessing the highest unfavourable ratings of any major candidates nominated by their respective parties, you can expect that this will be a race to see who hits the bottom last, said Kevin Madden, spokesman for Mitt Romney in the 2012 campaign Both candidates will believe it is in their interest to make sure that their opponent maintains a poisoned profile in the eyes of voters. Mr Trump has accused Mrs Clinton of being an enabler for her husbands extramarital dalliances in a bid to blunt her criticism of his record with women She recently said she would not fall into the trap of responding, but his attacks have posed a conundrum Her attempts to criticise him over policy have been drowned out by his controversial statements that help him dominate television media The Clinton team has tried to tarnish Mr Trump by highlighting his controversial comments about women, and criticising his failure to release his tax returns Last week she attacked him for saying years ago that he would gain from a housing crash He deflected the attack with the same Teflon coating that shielded him in the primaries One of the few Democrats who has been an effective attack dog is Mrs Warren, a former Harvard professor whom When you have two candidates possessing [poor] ratings you can expect this will be a race to see who hits the bottom last he has called Pocahontas in response to her claim that she is part nativeAmerican After Mr Trump recently tweeted that I find it offensive that Goofy Elizabeth Warren, sometimes referred to as Pocahontas, pretended to be Native American to get in Harvard, she fired back: Get your facts straight, @realDonaldTrump I didnt even go to Harvard. Norm Ornstein, a politics expert at the American Enterprise Institute, said: Clinton is going after Trump more on issues and questions of his qualifications, and letting surrogates, especially Elizabeth Warren, more heavy lifting and aggressive attacks on his persona and moral and business failings. Some Clinton allies say she needs to stop engaging Mr Trump on detail and start assailing his character with more venom But Mr Ornstein believes Mrs Clinton will continue leaving the most abrasive attacks to others But while the Clinton team debates the best way to confront Mr Trump, it is clear Mrs Clinton faces a tougher election than expected, against a candidate that her team never envisioned would be the nominee The same tendency has been in evidence in the Democratic race where she failed to realise the potency of rival Bernie Sanders campaign Clinton starts off with a slight advantage She has the demographic trends on her side and Trump has a higher negative rating than she does with the fastest-growing sectors of the electorate, said Mr Madden But if there is one thing Hillary Clinton has shown in her last two presidential runs, its that she knows how to lose big leads and squander advantages. Senegal prosecution Chads ex-dictator given life term for crimes against humanity JOHN AGLIONBY EAST AFRICA CORRESPONDENT Former Chad president Hissốne Habrộ has been convicted of crimes against humanity, the first time an ex-leader has been tried in an African Unionbacked prosecution in another African country The court in Dakar, Senegal, also convicted Habrộ of rape, sexual slavery and ordering killings while in power The former dictator, who seized power in the central African nation in 1982 and ruled it repressively until being toppled in 1990, was sentenced to life imprisonment Habrộ, who was lauded in 1987 by then US president Ronald Reagan at the White House for expelling Libyan troops from Chad, was responsible for the deaths of about 40,000 people during his eight-year rule, according to a 1992 Chadian truth commission report Gaetan Mootoo, Amnesty Internationals west Africa researcher, said the verdict demonstrates that when there is enough political will, states can work together effectively to end impunity in even the most entrenched situations He added: This decision should also provide impetus to the African Union or individual African states to replicate such efforts to deliver justice to victims in other countries in the continent. Analysts are sceptical, however, that the trial will serve as a precedent for similar prosecutions because of the unique circumstances surrounding the case, which was brought by 4,000 victims of his oppression Many of the victims faced repeated threats and intimidation to drop their campaign against Habrộ Dozens were in court to hear the verdict yesterday The AU intervened only in 2006 after a Belgian judge issued a warrant for Habrộs arrest The AU said Senegal, Senegal Dakar 1,000km where Habrộ had been granted refuge after fleeing there in 1990, should try him on behalf of Africa After six years of further delays, the International Court of Justice in The Hague ordered Senegal in 2012 to either try Habrộ or extradite him to Belgium Senegals stance on Habrộ only changed with the election of Macky Sall as president that year The AU and Dakar established the Extraordinary African Chambers the following year The trial lasted 10 months Habrộ, who dismissed the trial as politically motivated, has two weeks to appeal This court was called extraordinary Chad NDjamena Defiant: Hissốne Habrộ gestures in court during proceedings yesterday for good reason, because the case was so unique, said a senior AU official The issue of justice in Africa for Africans is so complex I doubt it will be repeated soon But, as the circumstances changed in Senegal, they might change elsewhere, too. AU support for Habrộs prosecution contrasts sharply with its opposition to the International Criminal Court in The Hague, which has sought to prosecute many current and former African leaders for crimes against humanity Many African states argue the ICC is biased against Africans and it recently suffered the embarrassment of effectively having to drop charges against William Ruto, Kenyas deputy president, partly because of allegations of witness interference The Extraordinary African Chambers is also mandated to hold reparations hearings and establish a trust fund for all victims, not just those who participated in the case Reed Brody, a Human Rights Watch lawyer who for years supported the victims, summed up many peoples views when he wrote after the verdict: Today will be carved into history as the day that a band of unrelenting survivors brought their despot to justice. US opposition comes at a time when many believe Washington has been losing faith in the WTO and is gearing up for a big fight with China over how and when economies can deploy anti-dumping defences against cheap imports The US told fellow WTO members last week that it could not support the reappointment of Seung Wha Chang, a respected South Korean expert in international trade law whose four-year term on the seven-member resident appellate body ends today Washington cited the bodys decisions in three cases involving the US, and one other, as examples of what it said was a pattern of WTO panels overreaching and issuing abstract decisions The appellate body is not an academic body that may pursue issues simply because they are of interest to them or may be to certain members in the abstract, the US told WTO members It is not the role of the appellate body to engage in abstract discussions. But other WTO members, including Brazil, Japan and the EU, say the US objection to Mr Chang serving a second four-year term, as is customary, risks undermining the appellate body and its independence and therefore the entire dispute system That is of particular concern because the WTOs role in resolving trade disputes is widely seen as a great strength of the intergovernmental organisation, which was created in 1995 as a successor to the post-second world war General Agreement on Tariffs and Trade This is unprecedented and poses a very serious threat to the independence and impartiality of current and future appellate body members, the EU told the governing body for the WTOs dispute settlement system last week In an interview, Roberto Azevờdo, the WTOs director-general, declined to comment on the US objection to Mr Changs reappointment They have their concerns, which they made very explicitly, he said But he admitted the reappointment of panellists was a sensitive issue and raised the possibility of members changing the way judges were selected and their term limits Some at the WTO have proposed that members of the appellate body serve a single seven-year term The US intervention comes ahead of what is likely to be an important period for the appellate body Among the issues it is expected to decide are whether China is entitled to market economy status within the WTO, an important designation that would help Beijing fight back against anti-dumping cases, such as those being mounted against Chinese steel imports on both sides of the Atlantic Beijing claims it should be awarded the status automatically on the 15th anniversary of the country joining the WTO on December 15 The US and some opponents in Europe insist the text of Chinas accesRoberto Azevờdo, WTOs directorgeneral, admits the reappointment of the bodys judges is a sensitive issue sion agreement is more ambiguous and that eventually the issue will have to be decided by the appellate body Such a dispute would be among the most consequential the WTO has confronted since China became a member of the WTO in 2001 It might also be one of its most political Owing to a collapse in steel prices blamed on Chinese overcapacity and the shuttering of competing mills around the world, the issue of Chinas market economy status has become politically sensitive around the world, particularly in Europe Greg Shaffer, an expert in WTO law at the University of California Irvine, said the US move to block the reappointment of Mr Chang risked injecting politics into what ought to be a purely legal process It also, he said, was making the US look like a bully, and not an upholder of rule of law principles Prof Shaffer added: The US response and example will have ripple effects around the world Undermining the independence of the WTO appellate body will affect the entire rules-based system to resolve trade disputes. Transatlantic accord Protest against EU-Canada deal heads to German court STEFAN WAGSTYL BERLIN German activists are poised to take their protest over an EU-Canada trade deal to the countrys constitutional court as opposition to transatlantic trade pacts continues to rise German non-governmental organisations says the Comprehensive Economic and Trade Agreement runs contrary to the German constitution, the rule of law, and parliamentary democracy The move comes amid a rising tide of protest against the much larger Transatlantic Trade and Investment Partnership pact between the EU and US, which world leaders pledged to conclude by the year-end at last weeks G7 summit in Japan Ceta is TTIP through the back door, said Thilo Bode, one of the leaders of the campaign against the agreement, announcing the planned court case yesterday We must stop this. The move comes at a critical time when public support for Ceta and, especially, the TTIP, is flagging on both sides of the Atlantic While Ceta talks were concluded in 2014, the accord is still awaiting ratification by the European Parliament and the EUs 28 national parliaments To maintain political momentum, the European Commission has asked member states to approve Cetas temporary implementation this autumn Officials hope that if sceptics see Ceta in action, some of their fears will be assuaged and the way will be smoothed for the acceptance of the TTIP But the German activists are challengingthemove,sayingthepactisunconstitutional They also object to the dispute resolution mechanism proposed under Ceta and the TTIP, in which foreign companies will be able to bypass national courts and instead appeal directly to international arbitration panels The NGOs have criticised what they call special pleading rights for investors, expert bodies without democratic legitimacy and the missing participa- tion of the German parliament Bernhard Kempen, director of the international law institute at Cologne university, who is leading the campaigners legal case, said: Ceta is not only dangerous in democratic-political terms but also alarming in constitutional law terms The constitutional courts previous judgments lead only to the conclusion that international legal treaties of this kind not correspond with the constitution. The campaign brings together Campact, an anti-globalisation group that claims 1.8m supporters, Foodwatch, a consumer protection body, and More Democracy, a group lobbying for greater public participation in politics, such as through referendums The planned legal action follows a separate online grass roots campaign International legal treaties of this kind not correspond with the constitution led by Andreas Fisahn, a law professor at Bielefeld University, which has gathered 70,000 signatures for a constitutional court claim The number far exceeds the previous record, held by opponents of the ESM, the eurozones financial rescue mechanism, who secured 37,000 backers Yesterdays announcement comes after 30,000 protesters attended demonstrations against Ceta and the TTIP in Hannover last month, staged during US President Barack Obamas visit to the citys trade fair During his visit, Mr Obama and Angela Merkel, Germanys chancellor, asked for a push to conclude the TTIP negotiations by the end of the year But with protectionist rhetoric flaring up in the US presidential election, and both Germany and France facing key national polls next year, the political conditions remain uncertain Tuesday 31 May 2016 FINANCIAL TIMES 10 FINANCIAL TIMES Tuesday 31 May 2016 14 FINANCIAL TIMES Tuesday 31 May 2016 BUSINESS LIFE Leaders facing change need to be expert ghostbusters Andrew Hill Onmanagement Every organisation has ghosts Not shrieking spooks exactly, but the sort of behavioural ectoplasm that clings to companies long after change has supposedly swept through Spectres of past successes haunt the board and frighten investors, while staff in pursuit of new goals have to wade through psychomagnotheric slime to get there Ghost structures and habits are particularly persistent at established companies Whoever takes over at UniCredit will find some skeletons: the Italian banking group, which just started a search for a new chief executive, goes back nearly six centuries and so, probably, some of the ways it works But newer groups also need ghostbusters Twitter, which continues to tinker with its hierarchy and misfiring, is a good example of a company still spooked by the spirit that first enlivened it Exorcists should always be on standby at start-ups, where behaviour that seemed fresh in the first phase of growth often reeks of recklessness by the second or third round of funding Two big problems stand in the way of ghostfinders-general As leaders of the organisation, they were often the champions of the type of behaviour that now holds it back Were asking them to change the things that got them there in the first place, says Jonathan Trevor of Oxfords Saùd Business School The second related problem is that outmoded habits are often the same ones that knitted the old organisation together These informal frameworks are sometimes referred to as truces uneasy coalitions between feuding factions, based on embedded routines End the truce and you end the fragile peace Habits become institutionalised: a set of routines, procedures and rules which define us and give us identity, Sir Anthony Salz wrote in his 2013 report into how Barclays business practices went bad Everyone defends their identity. You not have to look far to detect phantoms In the newspaper business, for all our headline devotion to digitalisation, we cling to the old jargon (sections, pages), defer to old titles, and show a near-pagan devotion to the old print day There is no real reason why, as a columnist, I should be at my desk as the first edition print deadline nears, but here I almost always am Pressing technological change makes it even more urgent to know how to end the haunting A pre-internet episode from Citigroups history shows how When John Reed, then chief executive of the banking group, sought to tackle a crisis in commercial real estate that took the company to the brink of collapse, he needed several goes to make the changes that saved it Despite the depth of the problem, mere exhortation did not work He had to break the structure by getting rid of the three executives who oversaw fiefdoms outside his control and destroy ingrained bad habits To cut costs, for instance, he scrapped bonuses, but also forbade staff from using cover sheets on faxes (this was the early 1990s, remember), told them to take taxis not limousines, Outmoded habits are often the same ones that knitted the old company together and started charging for canteen meals The signal was clear As he put it in a private memo: Much of this waste is habit A style issue of how we have grown to run the place We need the courage to change our ways and embrace them. Mr Reed opened his private correspondence to Sarah Kaplan of Torontos Rotman management school for a recent study She says another important way to kill off zombie habits is to adjust internal incentives The amount people are paid sends one signal At Barclays, the Salz review found that pay contributed significantly to a sense among a few [investment bankers] that they were somehow unaffected by the ordinary rules More important, though, is to change the stimuli that affect behaviour At Citi, Prof Kaplan writes, a new system of monthly meetings of the CEO, the line managers and their teams created acute incentives to increase sales and cut costs As Prof Trevor has written, whether the strategy, purpose and structure of companies are aligned often makes the difference between a good organisation and a bad one Expunging phantasms is essential, but not enough Leaders also need to make new truces, lest the dead hand of past behaviour strangles new ways of working andrew.hill@ft.com Twitter: @andrewtghill The writer is the author of a new book, Leadership in the Headlines: Insider Insights into How Leaders Lead R Germanys migrants Part of a series: ft.com/world related trades, building and servicing houses for the new arrivals The sudden influx has also profited Germanys propertied classes Owners of warehouses, hangars, hotels, B & Bs and hostels have quickly converted them into shelters, as municipalities across the country scramble to house the huddled masses pitching up on their doorstep The crisis has also spawned a whole new subspecies of entrepreneur the shelter manager Mr Kuhirt is one of hundreds of businessmen who have won contracts to run hostels Berlins city government pays Die AkzenteSozial 25 per refugee per day, which works out at nearly 5m a year a sizeable revenue stream for a small enterprise Yet it has its sights on a much bigger prize Mr Kuhirt is bidding for contracts to run the modular housing complexes and container villages now springing up across Germany, as refugees are gradually moved out of their ad hoc shelters From the start it was clear this could turn into a serious business, he says The only question was whether it was just shortlived or something that had real long-term prospects. Mr Kuhirt is a relatively small player There are also big operators, such as European Homecare, which houses some 20,000 asylum-seekers in more than 100 shelters across Germany The companys revenues increased from 17m in 2013 to 100m in 2015 We are the Aldi of the shelter operators, says Klaus Kocks, a spokesperson Tech products that help you get a good nights sleep CHARLES WALLACE Poor sleep has been attracting a lot of attention lately Not only does it affect your cognitive performance at work but chronic insomnia has been linked in some studies to type diabetes and can affect your performance in endurance sports such as cycling While just about every sports watch and wearable can measure your basic sleep duration by recording arm movements, innovative technology is being produced that makes it easier to figure out what your specific sleep problems are and help you get a good nights rest Here are some of the best ResMed S+ This device sits on your nightstand and records light, temperature and sound to help pinpoint whether an overheated bedroom or a snoring partner is waking you It also prompts you to write about difficult events from your day to help reduce stress and plays sounds that sync with your breathing, helping you drift off I was surprised by the detail that goes into the resulting sleep report, which can be printed and taken to a doctor and particularly by the number of times I wake during the night without being aware of it Guy Chazan meets the entrepreneurs turning Germanys refugee crisis into a lucrative business opportunity aif Kuhirts mobile phone buzzes with news: some of his refugees have gone to Berlin City Hall to protest about the catering at his shelter He rolls his eyes Its always the same 10-15 people who complain, he says Most of the others are grateful they have a roof over their heads. Fielding such calls is now part of Mr Kuhirts daily routine His company, Die Akzente-Sozial, runs three refugee shelters in Berlin: the converted gyms house 530 people from as far afield as Afghanistan and Eritrea Mr Kuhirt says he is a big fan of Chancellor Angela Merkels open-door refugee policy Its become my business, he says I live from it, and so all my employees. The migrant crisis is the greatest challenge Germany has faced since reunification Last year, more than a million migrants entered the country, placing an unprecedented strain on social services and on local authorities tasked with housing, feeding and integrating them into German society But for some, the crisis has been a boon The bill for looking after Germanys refugees came to 20bn last year, and much of that money is being paid to private companies and individuals Purveyors of bedding and tents are doing a roaring trade, as are caterers, and construction companies and The fit executive Migrants bring in profitable new era for shelter providers Crisis creates demand, says Raif Kuhirt, pictured here talking to refugees in one of the three shelters he runs in Berlin Jan Zappner 25 Amount that Raif Kuhirts AkzenteSozial receives per refugee housed from Berlins government 5m Estimated revenue stream for the company, which is a relatively small player in the market You can make good money from this, but only if you it on an industrial scale. But some politicians think commercial companies should not be operating hostels, a job best left to charities and non-profit organisations such as the Red Cross Fabio Reinhardt, a member of Berlins parliamentary assembly from the alternative Pirate Party, says the city government has dished out contracts to property speculators who have no experience of handling refugees In the summer of 2015, the city government began seeking out property developers with large empty buildings and handed them contracts to operate them as emergency shelters Big Berlin companies like PeWoBe, which already had experience housing refugees from the Yugoslav wars of the early 1990s and ethnic German migrants from the former Soviet Union, quickly stepped in But the contracts have come under intense scrutiny in recent months: many of them were awarded without public tenders Berlins social affairs ministry, known as LaGeSo, said it was inadvisable to carry out tenders for emergency accommodation: the main priority was ensuring people had a roof over their heads That excuse has failed to convince critics A recent report by the Berlin Audit Office, an official watchdog, into LaGeSo described the way it handled contracts for refugee accommodation as unlawful Shelters are put into operation before the contractual negotiations are concluded and the price for accommodation has been agreed, it said Deals were often clinched with a handshake, rather than a written contract Earlier this year one of LaGeSos officials was arrested on suspicion of taking bribes from a security company seeking contracts to guard refugee shelters During searches at the officials flat, police seized a car and 51,000 in cash Meanwhile, questions have also been raised about LaGeSo payments to private landlords to house asylum-seekers A recent investigation by ZDF, the German TV channel, found the city was paying one owner 5,200 a month for a three-room flat occupied by a Syrian family, in an area where the average rent was 1,000 Meanwhile, one hotelier was receiving 200 a night for a room Emergency cover Juergen Wowra is one of many businessmen for whom the refugee crisis has created opportunities His small company Paranet has made huge inflatable air domes since 1997, mainly used as logistics warehouses, or to cover open-air swimming pools and tennis courts But in 2013 the company was approached by the Berlin city government to build a refuge for homeless people during an unusually cold winter The following year Berlin ordered an emergency shelter for refugees Soon, orders came in from across Germany The company has so far built 35 domes for more than 10,000 refugees Prices range from 180,000 to 2m: caretakers, security, catering, cleaning, bedding, chairs and tables, lighting and power are all provided by Paranet Mr Wowra says Paranet revenues tripled to 6.2m in 2015 compared with the previous year, and are expected to more than triple this year, to 22m occupied by a family of five The normal tourist room rate was 75 a night Mr Kuhirts career in the shelter management business began last summer when he received a call from LaGeSo Officials said they had requisitioned a gym in one of Berlins central districts and asked if he would take it on Before the day was out they had offered him a second one He says he still has no official contract with the city Within four hours, he and his team had converted the first gym into emergency accommodation, helped by an army of local volunteers, and the first residents had moved in Within days, security personnel had been hired and a management team installed Conditions are spartan: the place feels like a refugee encampment, with mainly young men lying on bunk beds separated by improvised screens covered with sheets Its still just a gym, not a dorm or a hostel, Mr Kuhirt admits Theres little privacy: people are never alone. He tries to keep the noise level down at night by switching off the WiFi Social workers and counsellors are on hand to deal with those residents suffering from the after-effects of war and civil strife Mr Kuhirt recently watched a group of children at the gym playing with clay: one of them made a small dinghy, packed with people I got goose bumps, he says Some critics say anyone trying to profit from a humanitarian crisis is immoral Its an argument Mr Kuhirt rejects No one goes into this line of work to make loads of money, he says Margins are very tight. But this is an industry with a secure future In the next 5-10 years there are bound to be more refugee inflows, he says There are always crises in the world, so this business will always be in demand. Withings Aura This intelligent bedside clock, designed to look a bit like an old steamship funnel, connects to a long pad placed under the mattress to measure sleep patterns At night it bathes you in red light and plays soothing sounds or your own Spotify playlist to help you drift off (Stairway to Heaven is not recommended) It rouses you with blue light and gentle music when you are in a light sleep phase, making the waking process less jarring Night-time restlessness and sleeplessness can often stem from underlying anxiety or stress, which no wearable device can yet eliminate But there are a couple of tech products that can help and may be worth trying: Headspace.com This smartphone app (paid by subscription, but there is a free 10-day trial) is a beginners guide to mindfulness meditation After the explanatory opening sessions, there are special practices to help reduce anxiety and improve sleep While you could find the same information in a book, hearing Headspace founder Andy Puddicombes thorough explanations can really help still a racing mind Fisher-Wallace Stimulator For hardcore insomniacs, this is a more expensive, drug-free way to try to address any anxiety and depression that may be keeping you awake The device uses cranial-electrical stimulation, a tiny current that passes between two electrodes that you place on your head twice a day It looks ridiculous while you wear it and takes about two weeks to start having an effect, but this FDA-cleared device is based on Russian research into electrosleep There have been several research studies showing that the current is safe and effective for insomnia If you have regular insomnia, this may be worth trying Acoustic Sheep SleepPhones This cloth band fits snugly around your head and contains two tiny speakers connected by Bluetooth to your smartphone or music player Put your head on the pillow without the discomfort of ungainly headphones, and let Ralph Vaughan Williams Serenade to Music (or Stairway to Heaven if you must) help you to nod off fitexecutive@ft.com Great place to meet Zum Schwarzen Kameel Philipp Horak Where Bognergasse 5, 1010 Vienna WiFi Yes / Plug sockets: No (phones can be charged at the counter) Espresso 2.40 Privacy AAEEE Austria has a claim to being one of the worlds most underrated wine-producing countries, three decades after the discovery that some of its producers were adulterating their wine with an active ingredient of antifreeze The haul back to respectability has been a long one, but the country is becoming known once more for its excellent wines There are few better places to enjoy a glass in central Vienna than the bar of Zum Schwarzen Kameel, a short walk from the imposing Hofburg palace complex It is a Vienna institution, dating back to 1618, when it opened as a shop selling exotic foods and spices, hence its evocative name, At the Black Camel Its art nouveau look is more recent, following a 1901 makeover The bar at the front bustles with a mixture of suits, tourists, and regulars enjoying wine, Illy coffee from Trieste and classic Viennese open sandwiches made to recipes devised 50 years ago by the current owners mother Heartier dishes are also available Most of the bar is open, with drinkers and diners sharing high counters, making for a convivial atmosphere, though the few small booths are best suited to more intimate discussions It is located close to the offices of several of the international organisations that cluster in Vienna, as well as Parliament and the stock exchange Andrew MacDowall 15 FINANCIAL TIMES Tuesday 31 May 2016 ARTS Tough love from a formidable pair of painters the dustbin, with nothing in between But Bacon is never simple He also admitted that his crucifixion compositions the ghostly silver 1933 Crucifixion and Three Studies for Figures at the Base of a Crucifixion (1944) launched his oeuvre and open this exhibition were nearer to a self-portrait The art-historical motifs, the twisted, sprawling figures who howl, wrestle, suffer, die, in the triptychs, transform autobiographical experience savage beatings by his father, masochistic relationships with lovers Peter Lacy and George Dyer, their lonely deaths into modern myths of alienation and futility A standout loan from the Hirshhorn in Washington DC is Triptych Inspired by T.S Eliots Sweeney Agonistes, in which battered dissolving bodies condense nihilism into vast sweeping formal rhythms, as Eliot did Tate Liverpools double bill of Bacon and Lassnig is a stroke of curatorial inspiration, writes Jackie Wullschlager T he only reality is pain: Kafkas summing up is quoted by Maria Lassnig in her writings on her own art, and it informs all Francis Bacons work What a stroke of curatorial inspiration at Tate Liverpool to show these painters together, in impressive solo presentations, independent yet sparking myriad connections Bacon and Lassnig, born within a decade of each other 1909, 1919 fought the same battles: to paint figuratively during the heydays of abstraction and pop, and to convey the anguish of the human condition when irony and conceptualgamesheldsway.Bothstaged the figure in artificial space, both set out totranslatebodilysensationsintopaint But on other fundamentals facing mid-20th century painters the uses of photography, expression of self they were polarised Tates juxtaposition sensitively unravels opposing strategies and possibilities Lassnigs is straightforwardly an art of autobiography Her most famous painting is the confrontational, bald, wrinkled, naked old-age self-portrait You or Me, in which she holds two guns, one pointing at her own head, the other at the viewer It says that her relationship with the outside world is so troubled that to express herself in paint was a matter of survival Liverpool opens with the large-scale 1960s Harlequin Self-portrait and Figure with Blue Throat, evocations of Lassnigs cropped body set down in economical, fluid, ravishingly coloured painterly lines, with the white canvas as torso They take their stance from art informel and are about subjectivity, boundaries between self and exterior The show closes with blisteringly frank self-depictions of extreme frailty: sagging body fragmented and doubled on an institutional bed in Hospital (2005), the defiant Self-portrait with Brush (2010-13) where the left arm Body shock: Double Selfportrait with Camera (1974) by Maria Lassnig Right: After Muybridge: Woman Emptying a Bowl of Water and Paralytic Child on All Fours (1965) by Francis Bacon DACS and hand wielding the brush are incomplete because at the age of 94 Lassnig could barely hold it An urgent yet loose, sensual handling, and a Fauvish palette of heightened flesh tones from rose to crimson, occasional brilliant yellow or bright blue grounds, interspersed sometimes with toxic greens or sickly yellows, lasted her life She could be witty, as in her selfportrait Lady with a Brain, in which her brain is placed outside her head as a difficult appendage, or sarcastic, as in Kitchen Bride, which depicts a cheese grater bowing in deference But always the drive was to depict what the body feels like within A space-age techno-nun enclosed in a plastic veil, Lassnig suffocates in Selfportrait under Plastic Blind with domestic rage, mouth shrieking, she turns a cooking pot into a blindfold in Self-portrait with Saucepan Pink Electricity is orgasmic, torso and upper legs abstracted into luminous pulsating pink waves So intensely does paint represent feeling here that you understand why Lassnig rejects photography as a mechanical intrusion into what painting does Double Self-Portrait with Camera shows Lassnig as the camera would render her (banal, moderate) and as she feels: a monstrous, squat, depressed figure Repeatedly she draws attention to her medium In Inside and Outside the Canvas a figure has climbed through the canvas and wears it like a dress In Self-portrait with Stick an enormous brush or crayon merges with her body, Satisfying sandwich of Apaches and Edwardians DANCE Royal Ballet Triple Bill Royal Opera House, London aaaae Louise Levene Larousses at the ready for the latest Wayne McGregor ballet, Obsidian Tear, which had its world premiere at Covent Garden on Saturday in a strong, wellbalanced trio of old, new and borrowed choreography The title refers to nodules of volcanic glass which in Native American legend are the petrified tears shed by the Apache tribe after their doomed army galloped over a cliff McGregor does not attempt to dance this story but he retains the sense of tribal ritual and the climactic death plunge motif which gives the action a spurious but not unsatisfying structure The production is relatively spare, with two strips of orange light marking the front and back of the stage and the usual lighting masterclass from Lucy Carter The nine male dancers are clad in voguish kilts and divided skirts by a fashionista who curated a collection of pieces (frockspeak for bought some clothes) but any catwalk vibe is dis- Royal Ballet performs Wheeldons Within the Golden Hour Bill Cooper while behind, on a canvas-within-acanvas, is a portrait of Lassnigs elderly mother, whose hands project into the pictures real space, resting on Lassnigs shoulder: a psychodrama of control and liberation, artifice and emotion Little known outside her native Austria until her last decade (she died in 2014 at the age of 95), Lassnig is the revelation of this double bill Her art does not dwindle before the power of Francis Bacon, the greatest postwar figurative painter, because it is so subjective, even narcissistic, that it demands to be taken only on its own terms Bacon demands the opposite The very great artists were not trying to express themselves They were trying to trap the fact, he said Aping Velỏzquezs sumptuous surfaces and grandeur of composition in the velvety purple 1950s popes in Figure Sitting and Study for a Portrait, or throwing in filmic and photographic sources in the wildly cruel After Muybridge: Woman Emptying a Bowl of Water and Paralytic Child on All Fours he went for timelessness: pictures that would end up in either the National Gallery or T hat triptych also starred at Tates Britains massive 2008 retrospective Liverpools show, the largest devoted to Bacon in the north of England, feels like a scaleddown version of that exhibition, with a welcome stronger focus on the earlier period: Bacons greatest Collaborating with Stuttgarts Staatsgalerie, Liverpool has garnered stellar German-owned works: Dỹsseldorfs caged Man in Blue V,StuttgartsChimpanzee,eerilyclose to Bacons bestialised human forms, Frankfurts silky screaming Nurse from the Battleship Potemkin, Berlins awkwardsexyPortraitofIsabelRawsthorne StandinginaStreetinSoho The shows subtitle, Invisible Rooms, proposes a theme about trapping the image in a space frame, but since Bacon placed almost all his figures in such transparent cages, this offers no fresh illumination Bacon insisted his reasons were formal, which renders Tates attempt to organise by content (Cage, Arena, Body/Sculpture) irrelevant It doesnt matter: Bacon is Bacon, his nightmarish claustrophobic vision magnificently offset here by the open views of the Mersey in the most compelling and beautifully show I have seen at Tate Liverpool To September 18, tate.org.uk Trading Directory pelled by the sheer power of McGregors inspired choice of music: Esa-Pekka Salonens violin chaconne Lachen Verlernt and his symphonic poem Nyx The composer himself was in the pit McGregor is not an especially musical dancemaker but the frantic strings, jazzy brass, doomy kettledrums and almost pastoral woodwind of Nyx colour and dramatise the movement so that even the more generic McGregorisms seem new-minted Ensembles become gangs, duets are infused with emotional powerplay, every kick is a gesture of anger or despair The programme ended with Christopher Wheeldons joyously inventive Within the Golden Hour but the meat in the evenings sandwich was a longoverdue revival of Kenneth MacMillans 1960 The Invitation Zenaida Yanowsky and Gary Avis make complete emotional sense of the loveless Edwardian couple who seduce a pair of adolescent cousins Francesca Hayward is pitch perfect as the flirtatious innocent whose come-hither looks over her shoulder in arabesque are all the invitation her rapist needs During the nightmarish assault Haywards tiny body becomes a rag doll in Aviss hands as he swings her around his hips to the insistent blare of Mỏtyỏs Seibers brasslike car horns sounding their warning too late To June 11, roh.org.uk TODAYS TELEVISION & RADIO TELEVISION After a Beethoven-filled weekend, Revolution and Romance (BBC4 9pm) gives an overlap with Vienna, French revolutionaries, Napoleon, the middle classes and musicians inevitably compared with rock stars (Very Keith Richards! beams presenter Suzy Klein of violinist Jack Liebeck) The Brno Philharmonic provides orchestral illustrations while Klein, whose devotion to ordinariness tips over into the banal, whisks us through the Romantics and the idolisation of composer and performer We get the arch-creators like Berlioz (sex-crazed, drug-filled musings about me-me-me) and superstar composer-performers like Liszt (I should have brought my earplugs, Klein prettily compliments the pianist Daniel Grimwood) Yet Klein does convey the excitement of times when social and political upheavals were reflected in the arts FILM Sky Selects all-day Clint Eastwood birthday tribute starts with the chilling Play Misty for Me (7.30am), a reminder of how many actually very good films hes made The spaghetti Westerns and Million Dollar Baby (9pm) are here too, as well as the underrated, haunting Thunderbolt and Lightfoot (1.35am) Make my day: Sky Select celebrates Clint Eastwoods 86th birthday RADIO Radio 4s new series of My Teenage Diary (6.30pm) starts with Robert Peston, whose economics expertise, idiosyncratic delivery and autonomous hair the BBC lost to ITV Martin Hoyle Trading Directory Trading Directory Runs Daily Classified Business Advertising UK: +44 20 7873 4000 | Email: acs.emea@ft.com FINANCIAL TIMES 16 Tuesday 31 May 2016 Not coming unstuck Henkel's shares have outperformed both consumer goods and chemicals indices Although its sales and margins have grown, the basic shape of the company has not changed Twitter: @FTLex Email: lex@ft.com Total returns Henkels main business areas Rebased 350 A higher multiple implies that the resulting earnings boost will flow through more sharply to Wells share price That is a very real benefit of a boring approach to the business Wells Fargo: keeping it real John Stumpf, chief executive of Wells Fargo, says his bank serves the real economy That formulation is a precise if subtle dig at its New Yorkbased rivals whose profitability lives (and, of late, dies) by the alchemy of trading stocks and bonds Wells, by contrast, emphasises its deposit base ($1.1tn), loan book ($900bn) and number of branches (6,000) Since the financial crisis, the institution, with key outposts in San Francisco and Charlotte, has steadily thrived through its real, if boring, business model Its shares trade at a premium to book value and its return on equity has consistently exceeded the magical 10 per cent threshold None of those highfalutin investment banks can match that But boring may not be best in the eyes of investors Wells shares are off a tenth in the past year At its biennial investor day last week, Wells lowered some of its key financial return targets for the next two years Return on assets falls to an average of 1.25 per cent from 1.45 per cent, correspondingly lowering its return on equity a percentage point to 12.5 per cent (the bridge from one to the other is financial leverage, which arithmetically, should fall slightly) Wells business might be yawninducing but it is still massive and hence subject to heightened regulation It attributed the lower forecast returns, in part, to the additional liquidity its overseers now require Other factors include higher provisions for bad loans and slim net interest margins The bank has been asked whether it has plans to expand into Europe, or delve into the Wall Street casino banking that it has mostly eschewed, in order to boost its growth rate It does not; it is content to remain focused on consumer banking (current accounts, mortgages, car loans and money management) as well as corporate loans (it bought $24bn from GE Capital this year) Dull it may be but that strategy looks right Trying to increase absolute earnings by moving into riskier businesses would be a peculiar pivot that could imperil the valuation advantage it has earned Interest rates look like they might rise faster than expected a few months ago Henkel 12 200 Investment post-Brexit: some dismal science 1030 HIGH 2008 09 10 11 12 13 10 18 17 HIGH 19 22 25 31 1010 Wind speeds in Wind speed in MPH at 12 BST Temperatures max for dayC Sun Fair Sun Rain Fair Fair Fair Sun 40 104 Belgrade Sun 23 73 Berlin Thunder 32 90 Brussels Cloudy 17 63 Budapest Sun 34 93 Buenos Aires Cloudy 23 73 Cardiff Fair 28 82 Chicago Fair 20 68 Cologne Cloudy 27 27 19 26 14 22 29 21 81 81 66 79 57 72 84 70 Not every Silicon Valley company with rich intellectual property bothers to defend it Altruistic, perhaps, but it is also a recipe for an activist attack Unprotected IP is money on the table Qualcomm, the mobile chipmaker, faced activist questions last year Jana Partners argued that the company should consider spinning off its highermargin licensing division But the Jana idea, which was ultimately rejected, only came about because Qualcomm is LOW PH Sun Sun Sun Sun Fair Fair Shower Sun 25 77 Hamburg 40 104 Helsinki 39 102 Hong Kong 20 68 Istanbul 19 66 Jersey 22 72 Lisbon 16 61 London 22 72 Los Angeles Thunder Sun Fair Sun Shower Sun Rain Fair 24 25 32 28 17 25 15 21 75 77 90 82 63 77 59 70 Luxembourg Lyon Madrid Manchester Miami Milan Montreal Moscow Mumbai Munich New York Nice Paris Prague Reykjavik Rio Rome San Francisco Stockholm Strasbourg Sydney Tokyo Toronto Vancouver Vienna Warsaw Washington Zurich Rain Shower Sun Cloudy Fair Shower Fair Sun Fair Cloudy Fair Sun Rain Thunder Cloudy Fair Sun Sun Sun Cloudy Shower Fair Fair Sun Thunder Thunder Cloudy Drizzle 14 57 17 63 24 75 18 64 31 88 21 70 23 73 22 72 34 93 21 70 28 82 23 73 16 61 21 70 11 52 26 79 23 73 22 72 25 77 21 70 17 63 26 79 26 79 20 68 24 75 26 79 29 84 18 64 CROSSWORD No 15,254 Set by DANTE                                JOTTER PAD 12 13 14 15 clear of courts and licensing despite being almost half a century old There may be good reasons for inaction, beyond friendliness or indolence Companies can be reluctant to sue their own customers, for example But spinning off intellectual property into a separate company can work in some instances The entities so created would be freer to monetise the technology licensing it and suing infringers As tech companies mature, they need to profit from their earlier innovation Nortel Networks spun off its patents into a new vehicle; unfortunately only after it entered bankruptcy AOL, under fire from activists, sold a patent portfolio to Microsoft in 2012 Less challenged companies might be forced to look at similar structures in future Copenhagen Delhi Dubai Dublin Edinburgh Frankfurt Geneva Glasgow 11 already assertive, supplying the fruits of its research and development to other companies and demanding fat royalties in return Oracle, which last week lost a court battle with Google, also took an aggressive tack, accusing the search giant of violating its copyright to develop the Android operating system Oracles defeat was applauded by software geeks prizing openness But Oracles shareholders could have been $9bn better off Google itself is not known for its proactivity It has sued only twice over patents BT in 2013 and SimpleAir this week but both were retaliatory By contrast, since 2010 Microsoft has sued 13 times over patents and brought 191 copyright cases, according to data from Lex Machina Google can point to its relative youth but Intel also stays Todays temperatures Abu Dhabi Amsterdam Athens Bham Bangkok Barcelona Beijing Belfast 10 production end and less will emerge as an investment return Grim premises generally beget grim conclusions 1010 09 by 2018, Liberum thinks it will have net cash of almost 4.5bn Personal care products offset the inherent cyclicality of industrial glues But they tend to be keenly fought over The P&G brands fetched about twice their annual sales Even Vogue, whose $2.5bn revenues are much smaller, is attracting bids from large consumer products groups There is possibly less competition for household products, such as washing powders and detergents Henkel has been a disciplined acquirer in the past And if Mr Van Bylen needed a warning about the dangers of overpaying or lurching in an unexpected strategic direction, he needs only look at the investor criticism directed at Mr Baumann 24 2008 This time last year, Henkel missed out on an acquisition that would have changed this: a portfolio of P&Gs haircare brands that went instead to Coty for $12.5bn That deal might also have helped Henkel achieve its sales target of 20bn by 2016, a goal that has since been, in effect, abandoned The company now prefers to talk about achieving a compound-average rate of earnings growth instead It has not given up on acquisitions, and is reportedly bidding on haircare assets again The target is Vogue International, owner of OGX shampoos and FX styling products Vogue represents a useful test case for Mr Van Bylen One of his main strategic challenges will be to find uses for Henkels growing financial firepower 18 15 16 Bayers Werner Baumann was not the only chief executive to take up his post at the start of this month On the same day that Mr Baumann moved into the top office in Leverkusen, Hans van Bylen was tucking his feet under the desk at Henkels Dỹsseldorf headquarters He too is a company veteran and is also likely to be contemplating acquisitions to help drive growth but perhaps not on the scale of Bayers $62bn Monsanto bid Under Kasper Rorsted, Mr Van Bylens predecessor, Henkel steadily increased sales and improved margins but did not fundamentally change its shape Its mix of revenues from adhesives to personal care and household products is broadly the same now as it was in 2008 Intellectual property: patently obvious 16 17 14 Sources: Thomson Reuters Datastream; S&P Capital IQ 23 LOW 1010 50 12 1010 100 25 10 150 1020 26 17 14 EuroStoxx Consumer Goods The hobgoblins summoned in Treasury warnings about Brexit seem oddly two-faced House prices will fall! Bond yields will shoot up! The pound will drop! To which its antagonists reply with a clever-clever smile: that is just what we want Cheaper property, decent returns for savers and a competitive currency Alas, this is too clever by half Never reason (purely) from a price change but look to what made the price move Is a drop in the apple price good news? Yes, if caused by a bumper crop of Braeburns No, if by a scare linking apple consumption to throat cancer To the Treasury analysis, which is premised upon GDP falling should Britain leave the EU The shock scenario envisages GDP 3.6 per cent lower than otherwise This means lower incomes, hence less demand for housing Increased risk premiums push bond yields up about 40 bps Sterling would fall a currency is a claim on what a country can produce and reacts poorly to higher risk premiums as well Scrambling for a silver lining, some may suppose pensioners will benefit from higher yields; higher rates discount pension liabilities by more, making it more likely that schemes remain solvent Again, it is more complex than that Prospective higher yields are fine if supported by increased investment incomes, less so when they are needed as compensation for a bump in inflation and greater financial risk The billions invested in pension funds will certainly fall in value Future buyers of these assets might welcome this but bear in mind that these future buyers may also have lower real incomes from which to save Look through all the causal spaghetti to the start and end points Investors are ultimately paid out of a countrys economic product In between lies a hodge-podge of mechanisms: assets, currencies, what various instruments yield But shove less in at the economic 18 16 250 Forecasts by Operating margin (%) Adhesives Health & personal care 300 EuroStoxx Chemicals HI 22 Sales (bn) Adhesives Health & personal care ACROSS Naturally designed to be removed (3,3) Wrong time to stop working (5,3) Unuusual anger about a former US president (6) 10 True mien of a rebel (8) 11 Not out of touch, but not to be taken seriously (2,4) 12 Exquisite soup mixed with rice (8) 13 I write a note showing anger (3) 14 Made a face before being taken outside (6) 17 Desperate doctor takes wine cold (7) 21 Fake ring revealed by youth leader (6) 25 Our first cardinal (3) 26 Rex inept, awkward and unskilful (8) 27 Good centre to find wine in? (6) 28 Persistent rouộs let off (8) 29 Some variation in pocket money (6) 30 No variety in the numbers crawling (3,5) 31 Its disorder brings troubled sleep to the north (6) DOWN Caller is redirected in city (8) Vagrant in front gets trodden on (8) A French journalist covering a sports club is being relentless (8) Art gallery for the blind (6) Embrace large number left in church (6) Animal turns up to the French company (6) Bird disease affecting humans (6) 12 A gift coppers dislike (7) 15 Dull, but not raining (3) 16 Go down for a swim (3) 18 Fast repeated punches (4-4) 19 Have effect thats magical, if its not way out (8) 20 Ornately turned out yodeller? (8) 22 Opening secret codeword is rare in operation (6) 23 Creature featured in pop song (6) 24 Greek gods head set in a ring (6) 25 Hes happy to give people his address (6) Solution to Saturdays prize puzzle on Saturday June 11 Solution to yesterdays prize puzzle on Monday June 13 Winners names will be printed in Weekend FT Noble Group: trade-off You can take the trader away from the company but you cannot take the company away from the trader This might be the tagline for Noble Group Yesterday, the commodities trader said Yusuf Alireza, its chief executive, had resigned He will be replaced by Jeffrey Frase and William Randall; his departure is unlikely to change much as long as chairman and founder Richard Elman remains in charge There may be reasons for Mr Alireza to go, not least his inability to produce adequate disclosure to shareholders Last year, Noble poorly defended itself against accusations it used accounting methods that overstated near-term profits Despite attempts to improve transparency, the market remains unconvinced This year, Noble stock has fallen 25 per cent, even with a rebound in commodity prices and a profitable first quarter The accounting crisis distracted from more sensible decisions Mr Alireza has undone purchases made after the 2007 crisis, with more than $5bn of asset sales A 2014 selldown of Noble Agri to Chinas Cofco left Noble with the strongest balance sheet in its history That seems a long time ago now Standard & Poors has downgraded Nobles debt to junk status, citing its volatile and opaque earnings The spread above US Libor for a mid-May refinancing round was more than twice as high as for similar debt priced last year Still, Fitch Ratings notes that as Noble offloads assets (it said yesterday it would sell Noble Americas Energy Solutions) it should increase cheaper short-term debt, offsetting higher interest costs and leaving Nobles average cost of funds unchanged There are parallels with UK-listed Glencore, a miner-cum-trader whose shares collapsed last year on worries about debt levels It responded with a clearly communicated plan to sell assets and reduce borrowings Its shares are up 50 per cent this year Mr Elman and his new CEOs should note: trading prowess is no substitute for clear communication Lex on the web For notes on todays breaking stories go to www.ft.com/lex Tuesday 31 May 2016 17 Flight control How China is fuelling competition in aircraft leasing PAGE 18 Noble Group to sell energy arm as chief Alireza quits Distress signals Concerns mount over peer-to-peer lending PATRICK JENKINS, PAGE 18 Trust building Under-fire Alliance confirms initial takeover approach from Rothschilds RIT Jennifer Hughes Sale of Americas business planned Shares cents above 13-year low DAVID SHEPPARD AND NEIL HUME LONDON PETER WELLS HONG KONG Noble Group, the beleaguered commodities trader, announced the resignation of Yusuf Alireza, its chief executive, yesterday and said it planned to sell Noble Americas Energy Solutions, one of its few remaining crown jewels Mr Alireza has presided over a difficult period for the Singapore-listed commodities house one of Asias largest by volume Investors and analysts have raised questions over its accounting practices and large debt pile, and falling prices have knocked almost 90 per cent off Nobles share price since its 2011 peak The company said Mr Alireza, a former Goldman Sachs banker, was leaving for family reasons But his departure comes as it starts selling profitable operations to generate cash Noble has faced greater difficulty in raising financing since the turn of the year when its rating was cut to junk by analysts who questioned its ability to consistently generate cash and to return to profitability Mr Alireza is to be replaced by two company insiders, William Randall and Jeff Frase, who will become joint chief executives, the company said in a statement to the Singapore exchange Mr Randall is president of Noble and an executive director Mr Frase is a former head oil trader at Goldman Sachs and JPMorgan who has helped expand Nobles oil business in the Americas Will Randall has been the golden child in the castle for quite a while, said a banker who follows the company The planned sale of Naes which sells gas and power to customers in North America would mean the disposal of a unit Mr Alireza viewed as core to Nobles ability to turn itself round Naes is the jewelinthecrown,saidanotherbanker Management have suggested in the past it is worth more than $1bn, he added, noting the unit was carried in the companys accounts at $300m-$400m Thats a massive uplift But can Noble achieveafullprice? Noble said the Naes transaction was expected to generate both significant cash proceeds and profits to substantially enhance the balance sheet Founded by former scrap dealer Richard Elman 30 years ago, shares in Noble fell per cent yesterday to S$0.28, the lowest since February and just cents above a 13-year low The company booked a $1.2bn writedown on longterm coal contracts in its 2015 annual results as assessments of future energy prices fell That led to a $1.7bn net loss, its first annual swing into the red in more than two decades This month, Hong Kong-based Noble secured a $1bn credit facility as part of $3bn it raised to refinance debts due in May However, this was said by people familiar with the deals to be $500m less than it was seeking It is also paying higher interest than in previous years Iceberg Research, the firm that first criticised Nobles accounting, said the switch at the top was long overdue Noble has denied any wrongdoing and defended its accounting practice of booking profits on long-term commodity contracts In December Noble sold the remaining 49 per cent stake in its agricultural unit to Cofco, the Chinese state-backed grain trader, for $750m See Lex page 16 Noble changes strategy page 19 Alliance Trust, one of the UKs oldest and largest trusts, is based in Dundee The 128-year-old company has fought off two attacks from activist investors Market value Ê2.5bn Jacob Rothschild owns 18 per cent of RIT Capital Partners, which is based in Londons Spencer House Market arket vvalue alue Ê2.6bn Any Bayer-Monsanto deal to face regulatory scrutiny Even if Bayer of Germany convinces Monsanto to accept a deal, a merger would face tough scrutiny from the US, the EU and China A tie-up would be the third large deal to shake up the agrochemicals sector since December, raising competition concerns Analysis i PAGE 20 Zurich Insurances former chief executive Martin Senn has committed suicide, less than six months after stepping down and three years after the groups finance director also killed himself Senn took his own life on Friday, the Swiss insurer announced in a statement yesterday He was 59 Our thoughts are with his bereaved family and friends, to whom we extend our deepest sympathies, the company said Senn resigned in December after coming under pressure over a failed bid for RSA, the UK insurer, and a series of problems in Zurichs general insurance division He was replaced this year by FT REPORTERS Alliance Trust confirmed yesterday that it had received an approach from the investment trust of British financier Jacob Rothschild about a takeover to create a publicly listed company with a market value of more than Ê5bn A takeover of Dundee-based Alliance Trust, one of the UKs oldest and largest trusts, by RIT Capital Partners, the 55-year- old investment trust chaired by Lord Rothschild, would end years of speculation over Alliance, which has drawn criticism from US hedge fund Elliott Advisors, which holds 16 per cent of its shares In a statement, Alliance Trust said RIT had approached its board with an informal proposal for a merger of the two companies, but added no detailed terms have been provided A deal would combine two of the UKs best-known investment trusts, a type of publicly listed closed-end fund that dates back almost 150 years and allows investors to avoid double taxation After protracted criticism from Elliot, Alliance pushed out then chief executive Katherine Garrett-Cox in March Industry veteran Lord Smith of Kelvin joined the group as chairman in February In pursuit page 21 Mario Greco, former chief executive of Italian rival Generali While Senn was Zurichs chief executive, the company was hit by the suicide of Pierre Wauthier, its finance director, who was found dead in August 2013 Wauthier had a series of disagreements shortly before his death with then Zurich chairman Josef Ackermann, who stood down a few days later Independent investigations later concluded that there was no indication Wauthier had been subjected to undue pressure by the insurers leadership, including Mr Ackermann, and that there were no irregularities in its financial reporting Yesterday Zurich said that out of respect to Martin and to his family, we will not be making any further com- ment Senn committed suicide at his holiday house in Klosters He had recently shown signs of depression and had increasing difficulties adjusting to life after his chief executive post, according to one person who knew him Senn began his career in Swiss finance as an 18-year-old apprentice at Swiss Bank Corporation, which in 1998 became UBS He joined Zurich from Swiss Life in 2006, as chief investment officer, and won plaudits for his cautious handling of its $200bn investment portfolio But as chief executive, Senn faced a series of setbacks In September he was forced to abandon a planned Ê5.6bn takeover of RSA after Zurich uncovered costly problems in its own general insurance business Companies / Sectors / People Companies Credit Suisse 20 Liberty Global 21 Three .21 Financial Services 18,21 Greco, Mario .17 AerCap 18 Delta & Pine Land Company 20 Lyft 21 Toyota 21 Financials 18,19,20 Gulliver, Stuart .20 Airbus 18 Delta Air Lines 18 Monsanto 20 Tui Group .6 Insurance 20 Kelly, Aengus 18 Air France-KLM 18 Deutsche Bank .20 Noble Group 16,17,19 Twitter 14 Oil & Gas 28 Malone, John 21 Alliance Trust 17,21 Dow Chemical 20 Oracle 16 Uber .21 Telecoms .21 McNamara, Steve 21 Amazon DuPont 20 Peugeot .21 UniCredit 14,20 Avolon 18 Ford 21 People Prosper 18 United Airlines 18 BMW 21 General Motors .21 Alexander, Tom .21 Qualcomm 16 Volkswagen .21 BOC Aviation 18 Gett 21 Alireza, Yusuf .16,19 RBS Aviation Capital 18 Wells Fargo .16 Banco Popular 20 Glencore lvarez-Pallete, Josộ Marớa .21 RIT Capital Partners 21 Bank of China 18 Google 16 Zopa 18 Azevờdo, Roberto Saudi Aramco 28 Barclays 20 HNA .18 Zurich Insurance 17 Baumann, Werner 16,20 Bayer 20 HSBC 20 Sectors Carriún, Richard 20 Stumpf, John 16 BlackRock 18 Henkel 16 Elman, Richard 16,19 Thiam, Tidjane .20 Boeing 18 Insight Investment .28 Stoneville Pedigreed Seed Company 20 Aerospace & Defence 18 Airlines 18 Elvidge, Tom .21 Tomoyama, Shigeki 21 Canaccord Genuity .21 International Airlines Group 18 Syngenta 20 Automobiles 2,21 Fankhauser, Peter Tyler, Tony 18 ChemChina .20 JPMorgan Chase 18 Tata Motors .21 Banks 20 Flint, Douglas 20 Ulbricht, Ross William 20 Citigroup .14 Jaguar Land Rover .21 Telefúnica 21 Chemicals 20 Frase, Jeff 19 al-Falih, Khalid 28 Create Research .21 Lending Club 18 Thomas Cook Group .6 Energy 19,28 Garrett-Cox, Katherine .17 van Bylen, Hans .16 â The Financial Times Limited 2016 Sky 21 Standard Chartered 20 Only in todays market mood could the words gradually, cautiously and probably be thought hawkish Janet Yellens USraterisehintson Friday were still enough to weaken emerging market currencies in Asia yesterday Butlocalequitymarketsmanagedtoshrugthenewsaside Once again, comments by Federal Reserve officials highlight investors struggle to balance global macroeconomic news with local conditions in emerging Asia Views on emerging markets still tend to be negative While currencies are bearing the brunt, analysts say they find little interest in any bullish trading ideas and there are periodicreportsofnetoutflowsfrombondandequityfunds If it is not the impact of weak commodity prices on already-slowing economic growth, then it is the debt hangover that follows a multiyear credit binge Net, EM Asia actually gains from weaker commodity prices because, Indonesia aside, it is an importer Credit, meanwhile, is more of a risk for both businesses and households in the region following years of easy borrowing There is still a moderately bullish case to be made for companies in EM Asia Leverage is high but seems to have peaked, margins are steadying and a decline in returns on equity appears to have bottomed out, according to a study by HSBC Improvements to return on equity are, says the bank, being held back by a regional tendency to hoard cash, which now accounts for 18 per cent of total assets, up from 12 per cent three years ago At least inefficient companies stuffed with cash are less likely to default and have easy room for improvement Earnings expectations for Asia are hardly excessive After years of forecasting growth per share of more than 10 per cent and being disappointed, analysts are expecting growth ofjust3percentinAsiaexcludingJapanforthisyear Last week global emerging markets began to outperform developed world equities in the year to date for the first time in three months Near-term performance will continue to depend on the comments and actions of Ms Yellen and the Fed But borrowing the language of Ms Yellen, investors should, gradually, and with caution of course, consider the EM world more carefully Probably starting with Asia Getty Images; Dreamstime Former Zurich chief Senn commits suicide six months after departure RALPH ATKINS ZĩRICH Short View Nauphal, Abdallah 28 Rajan, Amin .21 Randall, William 19 Rothschild, Jacob .17,21 Senn, Martin .17 Smith, Robert 21 Speth, Ralf 21 Week 22 Asia loses ground v dollar % change over previous month Philippine peso 0.26 Hong Kong dollar -0.15 Taiwanese dollar -1.09 Indian rupee -1.47 Offshore Chinese renminbi -1.54 Chinese renminbi -1.58 Thai baht -2.38 Singapore dollar -2.76 Indonesian rupiah -3.25 Japanese yen -4.37 South Korean won -4.39 Malaysian ringgit -5.17 Source: Bloomberg jennifer.hughes@ft.com Janet Yellens US rate rise hints on Friday were enough to further weaken emerging market currencies 18 FINANCIAL TIMES Tuesday 31 May 2016 COMPANIES INSIDE BUSINESS Financials Low volatility fund inflows top $10bn Pair of BlackRock ETFs account for more than half total raised this year STEPHEN FOLEY NEW YORK Equity funds that promise to shield investors from market volatility attracted inflows for the 11th straight month in May, making them a marketing success story for the asset management industry but triggering warnings that they might not behave as expected in a market downturn More than $10bn has flowed into USlisted low vol funds this year so far, more than the total for the whole of 2015, with two BlackRock exchange traded funds accounting for more than half of the total raised These and similar funds say they have picked stocks that will fall less steeply than the market in a downturn and go up less than the market during a bull run However, some investors expressed concern that their newfound size could change the behaviour of the underlying stocks Low volatility stock funds are probably the most dangerous thing out there, Jeffrey Gundlach, founder of DoubleLine, the Los Angeles asset manager, said The big problem in markets is always the same; not things that are known to be risky but things that are thought to be safe that turn out to be risky People that own them think they dont go down Its when you think its safe and it starts going down that you get mass selling. The times when these strategies perform worst is when its peace, man everywhere The research group Morningstar classifies 25 ETFs as low volatility funds, with $35bn in assets at the end of April, $9.8bn of which had been invested in the first four months of the year The pace of inflows picked up sharply in February, after stock markets gyrated with fears of a global recession Money has kept being added, even though the Vix index of market volatility has fallen back close to a oneyear low The six largest low vol ETFs alone had further inflows of $1.6bn in May The $13.1bn iShares Edge MSCI minimum volatility USA fund from BlackRock, which has doubled in size in the past 12 months, has had inflows on all but three days so far this year A $7.1bn sister fund that runs a mini- mum-volatility portfolio of non-US stocks has had inflows on every day but one this year Andrew Ang, head of factor investing strategies at BlackRock, said savers in low vol funds were less likely to sell in a panic if their fund was insulated from the worst of a market swoon, and he predicted that demand for low vol funds would remain robust as long as the world remained uncertain He said: The times when minimum volatility strategies perform the worst is when there is no risk of Britain leaving the EU, no refugee crisis in Europe, Greece is all good, there is no Isis, no al-Qaeda, oil is back to $50 or $60, China is growing at double digits again, and it is the 1970s peace, man everywhere. Aerospace & defence Growing rivalry Air leasing industry watches floats flight path BOC Aviations peers see value in larger public equity pool as fleet expands PEGGY HOLLINGER INDUSTRY EDITOR When shares in BOC Aviation begin trading tomorrow morning it will not just be investors and the aircraft lessors parent, Bank of China, that feel a frisson of nervousness Rivals in the leasing industry will be hoping for a strong start to BOCs life as a listed company, and Hong Kongs first publicly traded lessor It is good that there are more public leasing companies, says Aengus Kelly, chief executive of AerCap, one of the worlds biggest lessors of passenger aircraft I dont think there are enough companies of scale to cope with demand for product. BOCs smaller, Dublin-based rival, Avolon, is equally enthusiastic about the Bank of Chinas decision to sell a 34.5 per cent stake in its Singapore-based lessor There is value in having an expanding public equity market, says John Higgins, Avolons chief commercial officer There is $100bn in new aircraft to deliver every year, so the more capital the better It opens a new equity market of scale and that is a good thing. Flightglobal, the aviation news and consultancy group, predicts the worlds commercial aircraft fleet will increase by 82 per cent to 48,760 aircraft in 2034 including nearly 41,000 passenger jets Roughly 40 per cent of the fleet is expected to be operating in Asia-Pacific and China, where traffic is growing by per cent and per cent respectively Lessors are crucial to this growth Under an operating lease, where the lessor retains ownership of the aircraft, airlines can expand without shelling out huge sums upfront, and without carrying the risk of having to sell a second hand jet at uncertain value later Leasing companies already own roughly 40 per cent of commercial aircraft with 100 seats, up from 12 per cent in 1990 BOCs flotation is good news for an industry that needs wider pools of capital to meet the requirements of airline customers keen to expand People close to the float say the institutional offer was 10 times subscribed and the retail tranche more than 35 times, indicating investors have a healthy appetite for the sector But its fundraising is also a sign that competition is heating up Asias potential has drawn several new competitors and encouraged wellestablished operators such as BOC to set ambitious expansion targets In China, development of an aircraft leasing industry is a national priority PwC noted in a report that Circular No 108, issued in 2013, sets out an ambition to develop a number of internationally competitive aircraft leasing enter- Legal Notices The commercial aircraft fleet is likely to rise 82 per cent to 48,760 aircraft in 2034, including 41,000 passenger jets, Flightglobal predicts Mohd Fyrol/AFP/Getty prises between 2020 and 2030, both organically and through acquisition The decision by state-owned Bank of China to float a stake in BOC fits into that plan; as did the recent acquisition by Bohai Leasing, part of Chinas HNA conglomerate, of Avolon Asian ambitions stretch beyond China Royal Bank of Scotlands leasing arm, RBS Aviation Capital, was acquired by Japans Sumitomo Mitsubishi Banking Corporation in 2012 Incumbent operators argue that these deals did little to change the competitive landscape Avolon is still small, while both BOC and RBS, now called SMBC Aviation Capital, have operated in the market for decades Few of the new entrants, in particular in China, have what it takes to be successful, says Mr Martin The key is a broad portfolio of international clients, which allows a lessor to move aircraft when needed from struggling markets or customers to those where there is demand If we need to move aircraft we can that, says Mr Martin We place planes into China, Mexico, Canada and Europe This is not the first time we have seen new competition come in The question is, they have the staying power? Very few appear to be global. But some analysts suspect that intensifying competition is having an impact on lease rate factors rent as a percentage of cost in particular for the popular single aisle segment Deals are offered at margins of 0.7 and 0.8 per cent, and sometimes even lower, says Gueric Dechavanne, vice-president of Collateral Verifications, a valuer and assessor Not all of the decline can be blamed on low interest rates, he argues I am definitely seeing the pressure building from high levels of competition I believe that the highly competitive market has pushed lessors and investors to accept lower lease rate factors in order to get deals done, he says There are concerns that the manufacturers could destabilise the market if they continue to accelerate production rates, perhaps prompting a flood of older aircraft on to the second hand market and forcing down residual values sooner than lessors might have calculated If manufacturers are producing too many aircraft, then operating lease companies will start to struggle, says Joe Gill of Goodbody Capital Markets in Dublin The industry is not yet on high alert, he says But because it has been so good for the last six years, everyone is watching to see if it will come to a short sharp halt Liquidity and low-cost debt are still in ample supply But if those conditions change you would be worried. FINANCE Patrick Jenkins US peer-to-peer loan model has parallels with subprime crisis I nterest rates at record lows Investors desperate for decent returns A whizzy new way of making money by securitising risky consumer debt Crash That is certainly a description of the US subprime mortgage craze of a decade ago and the disaster that followed, after a collapse in house prices and a rise in loan defaults triggered a tidal wave of losses for banks around the world It could equally be a doomsday extrapolation of the distress evident today among US peer-to-peer, or marketplace, lenders In mid-May, shares in Lending Club, the biggest US operator, halved after an employee fraud emerged and the chief executive resigned amid a conflict of interest row A few months earlier the reputation of the number two in the US market, Prosper, was hit when it was found to have lent money to one of the San Bernardino gunmen and suspected terrorists At the same time, loan losses have been edging up and the companies financial backers are showing signs of nervousness Now both companies are eyeing capital raisings to shore up their finances At one level, it seems reactionary to question the P2P blueprint These are innovative platforms that use smart technology to match investors and borrowers, skirting the risks and regulatory burdens of a big balance-sheet bank which keeps loans on its own books And more and more clients are falling in love with the model In the first quarter of 2016 Lending Club lent $2.75bn, 68 per cent more than it did 12 months earlier JPMorgan Chase is many times bigger but expanded its consumer lending by only 16 per cent Yet Lending Club, which had an $8bn valuation when it floated in late 2014, is worth less than $1.7bn today, reflecting mounting doubts about the sustainability of the P2P growth story The immediate issue is whether the platforms can find the funding to back future lending at the same kind of clip Attracting additional money is crucial because their revenues increasingly rely on new lending Platforms Most urgent is receive as much as 90 per cent of their fees on new the need for a loans, rather than from mechanism to existing customers Without new loans, revenue would boost trust in plunge credit quality The original P2P model, which matched retail investors with retail borrowers, was straightforward But platforms struggled to find enough cash from small investors to cope with rampant demand for credit So they turned to institutional investors and increasingly to banks that would repackage loan portfolios in the form of securitisations Altfi, the data provider, estimates US platforms last year received 20 per cent of their money from retail investors and 50 per cent from buy-and-hold institutional investors, with the remaining 30 per cent coming from securitisations It is here, following an increase in securitisation costs triggered by the Federal Reserve rate rise last December, and nervousness about the credit quality of some P2P loans, that the crunch seems to be taking place The parallels with the subprime crisis are clear First, P2P platforms, like the originators of subprime mortgages and the banks that repackaged them have no skin in the game They originate loans to distribute them and have little reason to care whether the borrowers can repay Second, there is limited data on loan quality P2P credit deals are audited, but only summarily Third, for banks that are lending to hedge funds, who in turn are buying P2P loans, there is scant information about loan collateral not unlike the poor-quality, overvalued real estate underpinning many subprime loans in 2006 There are potential fixes Most urgent is the need for a mechanism to boost trust in credit quality The US Global Debt Registry has launched a pilot scheme with some big investors to vet loan portfolios and collateral A more prudent balance of funding, with less reliance on flighty securitisation investors, less aggressive fee recognition, and maybe even a deliberate slowdown in loan growth, would also reduce risk in the sector The UK, where P2P was born with the creation of Zopa in 2004, seems to have a healthier balance of funding, though lately some operators may have embraced institutional money too enthusiastically UK law allows the platforms to be pure matchmakers, whereas US platforms rely on an elaborate string of third-party banks and promissory notes, leaving investors exposed to counterparty risk and financial losses if the platform collapses On the plus side, the P2P sector is still pretty small, and with sensible de-risking, it will recover at least until the interest rate cycle really tests the robustness of the model patrick.jenkins@ft.com Airlines Iata warning over demand outlook set to unsettle sector PEGGY HOLLINGER INDUSTRY EDITOR Global demand for air travel may be shifting down a gear, according to Iata, the aviation industrys main trade body, sounding a warning that will send jitters through the sector The warning comes as airlines are taking delivery of new, bigger planes and manufacturers step up aircraft production to record rates Tony Tyler, outgoing director-general of Iata, signalled a more cautious outlook for passenger traffic after growth in April of just 4.6 per cent over the same period last year the lowest pace since January 2015 It is the second consecutive month of sharply slower growth after Februarys 8.6 per cent increase While some of the slowdown could be attributed to the terrorist attacks at Brussels airport and metro in March, there were still signs that underlying traffic growth could be slowing, he said Excluding the attacks, Aprils traffic growth was estimated at per cent The stimulus from lower oil prices appears to be tapering off And the global economic situation is subdued Demand is still growing, but we may be shifting down a gear, he said His comments come as airlines in Europe and the US have signalled plans to curtail capacity on certain routes after a heady few years of expansion International Airlines Group, parent to British Airways, Iberia and Aer Lingus, as well as Air France-KLM, and Delta Air Lines, have all indicated that they will moderate their capacity growth, while United Airlines warned its performance had been affected by passenger demand not growing at the same pace as industry capacity Lufthansa announced it would ground three Airbus A340s during the summer to cope with weaker demand The April slowdown follows growth in the first quarter of 6.4 per cent, still below Iatas forecast for a rise in traffic of 6.9 per cent this year That target, and its projection for global fleet expansion of 7.1 per cent, may now have to be revised when members gather for the annual meeting next week in Dublin Overall Iata was still expecting passenger traffic to rise Global airfares had already come down by per cent over the past year as airlines passed through the benefits of cheaper fuel Investors are clearly aware that the best is not getting better, said Rob Stallard, aerospace analyst with RBC Capital Markets Tuesday 31 May 2016 19 FINANCIAL TIMES COMPANIES Financials Shake-up Noble changes strategy along with chief decades It blamed a $1.2bn writedown on weaker expectations for energy prices But the Naes divisions average annual pre-tax profit has held up over the past four years, averaging $174m The company said that comparable transactions involving US energy companies indicate the business is worth in excess of $1.25bn the equivalent of more than 80 per cent of Nobles current market capitalisation The company says much of the sale proceeds will be used to reduce debt Because the company is highly leveraged, said Margaret Yang, market analyst at CMC Markets in Singapore, refinancing the balance sheet is their top priority. Noble plans to rely on its other businesses including an expanding oil trading operation, liquefied natural gas, and many long-term coal deals to generate profits Nobles UK-born founder and chairman Richard Elman has elevated two insiders to a joint chief executive position Naes sale to raise cash amid questions over whether future revenues are being sacrificed JEEVAN VASAGAR SINGAPORE DAVID SHEPPARD AND NEIL HUME LONDON Just over a fortnight ago, when Yusuf Alireza, Noble Groups chief executive, was asked about the prospect of selling the companys US retail energy unit, he declared: Definitely not. Yesterday, Noble announced Mr Alirezas resignation and a decision to sell Noble Americas Energy Solutions, whose pre-tax profits from selling gas and power to North American customers have grown steadily over the past decade The move highlights how the Singapore-listed trading house one of Asias largest by volume is prepared to sell cash-generating operations in order to cut its net debt of $3.7bn and to raise more money to finance its trading, analysts say Most of them agree that selling Naes would generate significant cash for the company sources say Noble has been approached in the past six months about a sale But they question whether the company is now being forced to sacrifice future revenues simply to remain afloat This [decision to sell Naes] is quite surprising, one analyst said I guess any asset sale that generates some liquidity is welcome. Noble has found it more difficult to raise financing this year The three major credit rating agencies have cut its debt to junk status amid a commodity rout and criticism of its accounting practices The company is also facing pointed questions about its ability to generate cash and return to profit The share price has fallen almost 90 per cent since it peaked in 2011, with losses accelerating in the past 15 months as it has scrambled to sell operations, raise cash, and fend off allegation it has booked more profit on long-term supply deals than is likely to ever be realised To Nobles critics, the exit of Mr Ali- Yusuf Alireza, second from right, saw Nobles shares fall almost 90 per cent since 2011, with losses accelerating in the past 15 months Edgar Su/Reuters Noble Ratio of net debt to capitalisation* (%) Market cap ($bn) 60 12 50 10 40 30 20 10 2014 15 Source: Thomson Reuters Datastream 16 2010 11 12 13 14 15 16 * Net debt plus shareholders equity reza and the decision to sell Naes are confirmation of the depth of the crisis after the company struggled to secure all the financing it wanted this year Hedge funds have questioned how much cash Noble has readily available for trading after it paid off maturing debt, reported a sharp drop in firstquarter results and slumped to a big loss for 2015 The company finalised $3bn in shortterm financing earlier this month but that was about $500m less than initially sought, according to people involved in the deals It had to pay far more than rivals for similar facilities During the first-quarter results call, Mr Alireza said it was looking to raise at least $1bn in additional capital, which would not core businesses sales To other analysts, the sale of Naes is potentially a bold attempt to break the cycle of bad news Accounting questions first raised more than a year ago have helped prompt a crisis of confidence and short-sellers have been betting that the prices of its stock and bonds will fall Iceberg Research, an anonymous group Noble says is the work of a disgruntled former employee, first questioned accounting last February saying it had overvalued assets and long-term supply contracts The company has denied any wrongdoing Noble posted a full-year net loss of $1.7bn for 2015, its first in nearly two Because the company is highly leveraged, refinancing the balance sheet is their top priority William Randall, 41, has spent most of his career at Noble, working out of its headquarters in Hong Kong Industry and company sources say he was heavily involved in the companys strategy of investing in small miners and other operators to secure the long-term supply deals Jeff Frase, the other joint chief executive, joined just three years ago A former head oil trader at Goldman Sachs and JPMorgan, the Connecticutbased executive has successfully grown Nobles liquids trading operation Oil trading was profitable last year and seen by some as central to growth plans Under Mr Frase, oil trading could take on even greater importance See Lex 20 FINANCIAL TIMES Tuesday 31 May 2016 COMPANIES Antitrust concerns take root over prospect of Bayer-Monsanto tie-up Financials Impact on competition, choice, farmers costs and R&D to be examined closely by global regulators DAVID J LYNCH WASHINGTON GUY CHAZAN BERLIN In 2007, agricultural group Monsanto was intent on gobbling up Delta & Pine Land Company, a large cotton seed producer But the US Department of Justice refused to approve the $1.5bn acquisition on antitrust grounds until Monsanto agreed to sell off the Stoneville Pedigreed Seed Company The sale to German group Bayer was needed to prevent bulked-up Monsanto from raising prices for US farmers, slowing development of new cotton seeds, and posing a serious threat to competition, the DoJ said Nine years on, Monsanto and Stoneville may be on the verge of a reunion Bayer has launched a $62bn bid, hoping to form the largest seed and crop chemicals company So far, it is unclear how the bid will pan out Last week Monsanto rejected Bayers $122-a-share offer as incomplete and financially inadequate while opening the door to further discussions on a deal Bayer has yet to respond Any merger would be subjected to intense scrutiny by regulators, not only in the US but in the EU, China and Brazil The question of competitive danger is just one of the issues authorities will be confronting For the combination would be just one of three large deals that have shaken up the agrochemicals sector Dow Chemical and DuPont last December announced a $130bn merger, while ChemChina has launched a $43bn takeover of Syngenta If all of the deals were to be approved, the number of big companies that supply farmers would shrink from six to three: Bayer-Monsanto, which had $23.1bn in revenues from crop protection and seed in 2015; SyngentaChemChina with $14.8bn; and Dow-Dupont with $14.6bn, according to data provided by Bayer Farmers in the US worry about reduced competition and choice Crop prices have more than halved over the past three years, putting pressure on farm incomes The biggest problem it creates is that there almost certainly will be higher costs [for farmers] as a result of less competition in the marketplace, says Roger Johnson, president of the National Farmers Union When several deals arise simultaneously in the US, the justice department normally looks holistically at the market consequences, says Christine Varney, who headed the Obama administrations antitrust division from 2009 to 2011 and is a partner at Cravath, Swaine & Moore in New York If approving all would reduce competition, staffers consider alternative scenarios involving one or more rejections or required spin-offs You take the market as you find it Well look at the totality of the market, says Ms Varney Its not sequential. The European Commission takes a different approach When faced with simultaneous mergers, EU competition regulators have established a principle of first come, first served They deal Property Killer deal Australia to auction confiscated bitcoins as price surges JAMIE SMYTH SYDNEY Australia is selling A$16m (US$11m) in confiscated bitcoins in the first such auction held outside the US, as demand for the cryptocurrency surges to its highest level in almost two years Monsantos Roundup among weedkillers at a French shop The group last week branded Bayers $122-a-share offer incomplete and inadequate Charles Platiau/Reuters Agribusiness shake-up Per cent Monsanto Syngenta AgReliant Dow Other DuPont Crop sprays Seeds Corn Bayer Monsanto Phytogen Americot Other Cotton Monsanto DuPont AgReliant Syngenta Dow Other Soyabean 20 40 60 80 Before industry merger announcements Sources: Verdant Partners; Bayer ChemChina faces hurdles Purchase of Syngenta to trigger US review ChemChinas plan to acquire Syngenta is expected to raise fewer competitive issues than Bayers proposed tie-up with Monsanto, but it could run into US regulatory issues of a different sort Although antitrust watchdogs will take a look at the deal in a number of big markets, Swiss-based Syngenta argues that there is minimal overlap between its portfolio and that of ChemChina The two groups say they expect to win approvals in time for the deal to be completed by the end of the year Syngentas share of the crop protection market is more than three times that of ChemChinas ADAMA unit, which accounts for about per cent of sales The Chinese group does not have a seed business But Syngenta has substantial US assets, so its purchase by a stateowned Chinese buyer will trigger a separate review by the Committee on Foreign Investment in the United States Four senators are urging the Treasury Department, which chairs the panel, to add representatives of the Agriculture Department and the Food and Drug Administration to the panels review of the Chinese bid The risk of negative outcomes is heightened to the extent that an acquired US agricultural asset becomes in some part governed by a foreign government with clear strategic interests, Iowa senator Charles Grassley and his colleagues wrote in a March letter Regulators at Chinas commerce ministry are expected to clear ChemChinas purchase of Syngenta, despite strong misgivings in China about genetically modified crops Very few major GM crops are approved for commercial planting in China China will make it clear to other countries that they shouldnt create extra complications when reviewing the deal, says Mei Xinyu, a researcher at a think-tank affiliated with Chinas commerce ministry Should structural reorganisation of the company be necessary, the Chinese authority could help speed up the process. David J Lynch, Lucy Hornby and Luna Lin 100 Bayer/ ChemChina/ Monsanto Syngenta with the first transaction they are formally notified about They then analyse the second deal on the assumption that the first will be resolved to their satisfaction In China, all three deals will be subject to an anti-monopoly review by a body under the Ministry of Commerce Mofcom regulators solicit feedback from Chinese state-owned enterprises before ruling on international mergers, a process that can take months Theyre being less nationalistic, says Becky Koblitz, special counsel at Sheppard Mullin in Beijing Bayer expects its proposed tie-up to clear all hurdles In a letter to Monsanto management, chief executive Werner Baumann said Bayer and its lawyers had analysed the regulatory issues and are very confident that we will be able to obtain all necessary approvals in a timely manner Bayer executives argue that there is little overlap in the two companies business Bayers strength is in chemicals such as herbicides that protect crops while Monsanto specialises in seeds and genetic traits Monsanto has a much bigger presence in the US and Latin America than Bayer, which is stronger in Europe and the Asia-Pacific region However, the confluence of big deals Dow/ DuPont BASF in the same sector has increased the odds of regulators balking at further consolidation or ordering significant divestitures, says Peter Carstensen, a former DoJ antitrust attorney Youre talking about a radical contraction in the total number of competitors in this field, where there are enormous barriers to entry. The proposed Bayer-Monsanto deal would bring together the two largest US cotton seed sellers in a single company with almost 70 per cent of the market, according to Verdant Partners, an agricultural consultancy Garrett Stoerger of Verdant says he expects US regulators to order Bayer to spin off some of its cotton seed and vegetable seed operations Antitrust officials are likely to raise issues beyond competition in particular seed markets If the six big companies shrink to three, the number of independent research and development laboratories will likewise fall Thats the real story in these deals: the elimination of parallel paths in R&D, the elimination of head-to-head competition in research and development, in traits and potentially even in chemicals, says Diana Moss of the American Antitrust Institute These mergers would substantially diminish innovation competition. EY, the auditing and financial services group, said yesterday it had been engaged to sell 24,518 bitcoins, which were confiscated as proceeds of crime during 2015 The auction comes as the value of the most popular digital currency hit $534.47, its highest since August 2014, according to CoinDesk, which runs a bitcoin price index Prices have risen about 25 per cent since the start of the year, putting the market value of all bitcoin in circulation at $8.29bn The trading history of bitcoin has been volatile, Adam Nikitins, EY transactions partner, said But we are now seeing a more steady increase in prices and we are confident of having a hotly contested auction. The US Marshals Service conducted several similar bitcoin auctions in 2014 and 2015, which were recovered during the prosecution of Ross William Ulbricht, founder of a black market website known as the Silk Road EY did not reveal the identity of the vendor for its Australian auction, which is believed to be an arm of the Australian government The Sydney Morning Herald reported in October 2014 that criminal authorities had confiscated 24,500 bitcoins from a Melbourne-based drug dealer Australias bitcoin sale will be conducted via a 48-hour sealed bid auction beginning at 12.01am on June 20 Bidders are able to submit bids on 11 lots of 2,000 bitcoins and one lot of 2,518 bitcoins, and can bid on multiple lots Mr Nikitins expected interest from digital asset managers, digital currency exchanges, and investment banks and hedge funds, which were experienced in dealing with bitcoins He said: Interest in this technology continues to grow The number of bitcoin transactions since 2012 has quadrupled, and parties are seeing more opportunities and uses for the technology. Australia is positioning itself to become a leader in digital currencies and blockchain, the ledger technology that sits behind bitcoin Advocates say this technology has the potential to revolutionise the financial system by speeding transactions and cutting costs This month the Treasury said it would team up with the Commonwealth Scientific and Industrial Research Organisation, the national science agency, to study blockchain technology It is also reforming the taxation system with regard to digital currency transactions Blockchain has the potential to disrupt or change the way not only financial services transactions are carried out, but also those across virtually any other sector, including government, said Stefan Hajkowicz, principal scientist at CSIRO Additional reporting by Hudson Lockett Banks HSBC chief Gulliver tops European exit poll MARTIN ARNOLD BANKING EDITOR HSBCs Stuart Gulliver, pictured, is the European bank chief whom investors would most like replaced, according to a poll of large shareholders When 74 institutional investors were polled by Autonomous Research and asked to name three banks in Europe most in need of a change in CEO, Mr Gulliver, who has run the regions biggest lender since 2011, won by a chunky margin The poll is not due to be released publicly, but two people who have seen the results said Mr Gulliver won 26 votes almost double those of second-placed Tidjane Thiam, appointed to head Credit Suisse less than a year ago The findings underline the growing frustration of shareholders at the performance of HSBC Its share price has dropped by onethird and it has missed several targets since Mr Gulliver took over Gulliver has two problems, said one top 20 investor in HSBC His manner is too aggressive and he really does not like criticism He also built the problem child of HSBC as the former boss of its investment bank. HSBC said: Our CEO has a clear mandate from shareholders, having received over 99 per cent support for re-election at Aprils AGM. The board of HSBC met last week and heard feedback from investors about issues of concern to them, and the succession was not one of them, according to a person involved in the meeting The person pointed out that many of the people polled by Autonomous may not have been HSBC investors The woes of Europes banking sector hit by negative interest rates and a Gulliver has two problems: his manner is too aggressive and he really does not like criticism slump in investment banking income have caused several chief executives to be replaced in the past two years, including at Barclays, Standard Chartered, Deutsche Bank and, most recently, UniCredit in Italy HSBC announced earlier this year that it was looking for a chairman to replace Douglas Flint by next year, and would be replacing Mr Gulliver, its former investment banking boss, in due course Mr Gulliver said he aimed to see the pivot to Asia plan he announced last year aimed at shifting resources to more profitable activities through to its conclusion at the end of 2017 The top 20 investor said: He deserves to be given until the end of next year to see if he achieves the new targets If he fails, he should be fired. The poll was carried out by Procensus and sent to Autonomous clients last week At Credit Suisse, Mr Thiam has drawn criticism for a faltering start He complained that staff had concealed risky exposures and he needed to change his strategic plan within only months Third-place Richard Carriún, chief executive of Spains Banco Popular, who received eight votes, heads up one of the sectors worst performers and launched a 2.5bn rights issue last week Tuesday 31 May 2016 21 FINANCIAL TIMES COMPANIES Automobiles Technology JLR profits drop 40% despite record sales China slowdown puts dent in carmaker and offsets its rising UK popularity PETER CAMPBELL MOTOR INDUSTRY CORRESPONDENT Annual profits at Jaguar Land Rover have fallen 40 per cent, despite the carmaker reporting record sales and a 10 per cent rise in revenues The British carmaker, which is owned by Indias Tata Motors, saw annual revenues rise to Ê22.2bn after sales increased 13 per cent to 521,571, the first time the company has broken through the half-million sales barrier But pre-tax profits fell to Ê1.56bn, down from Ê2.6bn a year earlier, primarily reflecting market conditions during the first half of the year especially in China, model mix and continued investment, JLR said The companys growth in China has been fuelled by sales of larger vehicles, such as Range Rovers, which generally have higher margins than smaller Jaguar cars or other models in the Land Rover series However, slowing growth in the countrys larger cities, emissions regulations and market conditions have combined to dent JLRs sales In 2015, the UK overtook China as JLRs largest market, demonstrating the scale of the slowdown in China, as well as its rising domestic popularity Ralf Speth, chief executive, has vowed to push China back to the top of the list this year, while recognising the importance of the UK market Jaguar Land Rover has produced and sold more cars than at any time in our history, he said We are now the largest automotive manufacturer in the United Kingdom. Telecoms China still accounts for about a quarter of JLRs sales, and the company opened a factory there in October 2014 Even though Chinas car market is growing, it is expanding more slowly than previously, causing many companies to miss targets in the country Other factors have eaten into JLRs bottom line During the year, it launched the Jaguar XE, a model designed to pitch the brand against rivals in the premium market such as Audi and BMW But the car has lower margins than JLRs older vehicles Sales in the highly competitive US market, where margins tend to be lower, rose during the year JLR booked a Ê166m charge, largely for US recalls of cars fitted with Takata airbags, and a Ê157m exceptional item related to the Tianjin port explosion last year During the fourth quarter of the year, JLR sold 158,813 vehicles, up 28 per cent on the same period a year earlier Last year, JLR outlined plans to cut Ê4.5bn of costs by the end of the decade, largely as a result of slowing Chinese growth The group also faces the prospect of falling appetite for diesel, which accounts for 70 per cent of its sales Financials Rothschild move O2 seeks to end merger talks with Three DANIEL THOMAS Telefúnica is seeking to move on from the blocked merger of its UK business with CK Hutchisons Three as the Spanish telecoms company plots a future sale or flotation of O2 Telefúnica and Hutchison had agreed an exclusivity deal that would have kept them talking about the deal until the end of June But now that Brussels regulators have rejected the deal, Telefúnica wants to end the talks earlier The move, which could be agreed by the two sides as early as this week, represents the end of a Ê10.5bn agreement struck more than a year ago that aimed to create the UKs largest mobile group Telefúnica and Hutchison both declined to comment A merger between Three and O2 was blocked by Europes antitrust regulator PETER CAMPBELL MOTOR INDUSTRY CORRESPONDENT Uber is to more than double the scope of its ride-sharing operations within London in an effort to tempt commuters to leave their cars at home The expansion of the UberPOOL catchment area to cover zones one and two as set out by Londons Tube service, further emphasises the motor industrys fears over falling vehicle ownership fuelled in part by the increased availability of on-demand taxi services As ride sharing becomes more commonplace, manufacturers believe that consumer habits will shift and overall car ownership will begin to fall In the past week, both Toyota and Volkswagen took stakes in ride-sharing companies VW invested $300m into Gett, the Israeli taxi app, while Toyota formed a partnership with Uber Announcing the move, Shigeki Tomoyama, senior managing officer of Toyota Motor Corporation, said ride sharing had huge potential in terms of shaping the future of mobility Earlier in the year, General Motors took a $500m stake in Lyft, the US ridehailing service None of these arrangements are exclusive, and several other carmakers are understood to be in discussions with Uber about co-operating Yesterday, Uber announced that it would expand its ride-sharing service which had previously been constrained The new area will reach all regions delineated by zones one and two of Londons underground Private equity groups have already begun talking to the Spanish company about acquiring O2 In March Alliance Trust reported that its performance was improving, with total return outperforming an industry benchmark Kris Miller in May, given concerns about the impact on pricing and infrastructure in the UK If the exclusivity agreement is ended, Telefúnica will be free to consider the next step for its British business Private equity groups have already begun talking to the Spanish group about acquiring O2, potentially through forming a consortium that could also include former Orange and EE chief executive Tom Alexander Liberty Global, the cable group controlled by John Malone, has said that it would consider acquiring the business to boost its own UK business Sky, which has an existing contract to use O2s network to launch a mobile business later this year, has also spoken to private equity firms about using the future network with a guaranteed level of capacity However, Telefúnica made it clear that all options were still open Josộ Marớa lvarez-Pallete, chief executive of Telefúnica, said there were a number of choices including a full or partial sale or a flotation He added that the business could also be kept The Spanish company is likely first to seek to float its infrastructure division Telxius in July before finalising any future plans for O2 in the UK, according to a person familiar with its plans The IPO of Telxius could raise as much as 5bn to help the Spanish group pay down its debt, and so alleviate any urgent need to raise money through a rapid sale of its British business Telxius will own about 15,000 cellular masts and a submarine cable network Uber steps up efforts to lure more London commuters Approach marks new twist for Alliance Trust RITs acquisition would be likely to end investment trusts Dundee association CHRIS NEWLANDS AND ARASH MASSOUDI Jacob Rothschilds informal approach to take over Alliance Trust marks yet another twist in the tale for one of the UKs oldest and largest investment trusts, which has been beset with problems over the past five years RIT Capital Partners, the 55-year-old investment trust chaired by financier Lord Rothschild, has approached Alliance Trust about a tie-up that would create a publicly listed company with a market value of more than Ê5bn The move follows a protracted upheaval for Dundee-based Alliance Trust, which has had to fight off two recent attacks from activist investors regarding its lacklustre performance and corporate governance record The latest assault by US hedge fund Elliott Advisors, which holds 16 per cent of Alliance Trusts shares, resulted in the companys former chief executive Katherine Garrett-Cox being ousted in March Industry veteran Robert Smith, Lord Smith of Kelvin, was also brought in as chairman to help lead a turnround at the 128-year-old company in February One large shareholder in Alliance Trust said: The move makes sense Alliance Trust has come a long way in a short space of time but there is still much to be done in terms of investment performance The board would now be much more receptive to offers given its newfound independence. Alliance Trust yesterday confirmed it had received an unsolicited approach from RIT but that no detailed terms have been provided by RIT with regard to the proposal or in terms of its two principal subsidiaries: Alliance Trust Investments and Alliance Trust Savings Canaccord Genuity has been appointed by Alliance Trust to carry out a strategic review of the company Roger Lawson, deputy chairman of Sharesoc, an association that represents shareholders and was supportive of Elliotts campaign in 2015 to appoint three new independent directors to the board of Alliance Trust, said: Problems are still unresolved at the company and a merger with another trust must surely make sense One of the drawbacks with a deal, however, would be who is on the board Travel Target the high flyer FT TRAVEL Classified Travel Advertising UK: +44 20 7873 4907 US: +1 212 641 6500 ASIA: +852 2905 5554 Notice to Advertisers Calls to the Financial Times Advertising Department may be monitored Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion of advertisements in FT publications A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from +44 (0)20 7873 3000, or viewed at www.FT.com/advertising of any tie-up as RIT is dominated by Lord Rothschild He is aged 80 with no obvious successor, and I think many Alliance Trust investors would prefer a merger with another trust unless that issue could be resolved. An acquisition by RIT, which has its headquarters in London, would also likely bring an end to Alliance Trusts long association with Dundee Alliance Trust was formed in 1888 from the amalgamation of the Dundee Mortgage The board would now be much more receptive to offers given its newfound independence and Trust Investment Company and the Dundee Investment Company and employs more than 300 people at its headquarters at West Marketgait Lord Smith recently told local Scottish media that he was committed to retaining Alliance Trusts presence in Dundee Investment management experts suggest this promise will be hard to keep if a deal with RIT, which last year disclosed a stake of less than per cent in Alliance Trust, goes through Amin Rajan, chief executive of asset management consultancy Create Research, said: There is a clear overlap in the activities of the two companies Neither has a strong recent record of which to be proud, and the deal only makes sense if there is a significant restructuring that eliminates duplication and focuses on core strengths Slash and burn may be inevitable. In March, Alliance Trust reported that its performance was improving, with the total return for the trust reaching 5.4 per cent in 2015, outperforming a key industry benchmark Alliance Trusts discount to net asset value of its holdings also narrowed to 8.1 per cent compared with 12.4 per cent a year earlier It reported that total assets under management rose to about Ê5bn Alliance Trust said: The board will incorporate any formal merger proposal received from RIT into its strategic review, alongside the other options being considered There can be no certainty that any transaction will result from the strategic review In the interim, shareholders are strongly advised to take no action and to await the outcome of the boards strategic review. RIT and Elliott declined to comment to the city centre to other areas of Greater London including Hammersmith, Peckham and Putney The new area will reach all regions delineated by zones one and two of Londons underground service, as well as Heathrow airport More than 1m people in the capital drive to work each day so this larger zone gives more commuters the option to car pool rather than driving their own vehicle into town, said Tom Elvidge, general manager of Uber in London The more people share their journey with another Londoner the more we can help to reduce congestion and air pollution in our city. But not everyone is convinced by the rise of ride sharing Steve McNamara, general secretary of the Licensed Taxi Drivers Association, said: Transport for London hasnt explained how, if at all, it will regulate ride sharing in London, so of course Uber is taking advantage of this and expanding while it can If theyre genuinely concerned about congestion and pollution, they should match black cabs commitment to go emissions-free from 2018, and support an expansion of the ultra-low emissions zone, as we do. Yet despite growing opposition in cities around the world, Uber is not alone in offering ride sharing Many carmakers are either trialling or have launched services to appeal to consumers without their own car BMW offers its DriveNow programme and Mercedes-Benz has car2go, while both Ford and VW are carrying out tests on their own services The partnerships between ride apps and carmakers also extends to working on new projects Uber has unveiled its own self-driving car pilot, and expects to work with Toyota on future models, while GM and Lyft have said they will test a fleet of self-driving electric taxis in the US within a year 22 FINANCIAL TIMES Tuesday 31 May 2016 MARKET DATA WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA Change during previous days trading (%) S&P 500 Nasdaq Composite -0.02% Dow Jones Ind 0.65% FTSE 100 0.25% FTSE Eurofirst 300 0.08% Nikkei 0.13% Hang Seng 1.39% FTSE All World $ 0.26% $ per 0.04% $ per Ê No change 0.090% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE Index May 01 - May 26 S&P 500 All World New York 2,095.15 Index May 01 - May 30 S&P/TSX COMP All World 2,090.10 13,886.43 Day -0.02% Month -0.07% Year -0.72% Day -0.16% New York IPC Nasdaq Composite Month 0.95% Month 0.93% Year -1.97% Dow Jones Industrial 17,873.22 Day 0.25% Country 46,101.81 Month -0.65% Year -0.93% Latest Year 3.13% Bovespa London Month -0.87% Year -10.93% FTSE Eurofirst 300 Day 0.13% Sóo Paulo Month 2.41% Year -13.32% CAC 40 Month -9.18% Previous Month 2.27% Country Year -9.55% 19923.89 32125.05 18186.14 4348.83 16834.84 1100.67 1349.93 2107.57 3871.74 5368.25 631.03 515.74 1472.21 1637.19 46124.15 9745.69 450.94 691.54 6992.55 28877.47 672.10 36694.26 12727.46 5469.70 5405.90 2721.60 2263.51 3523.47 5988.13 49051.49 824.87 14105.23 511.74 19479.53 7856.95 9080.73 2952.64 336.30 2820.92 1890.28 1046.35 1302.13 1721.49 Latest Day 0.32% FTSE Italia All-Share 20042.08 CSE M&P Gen 67.27 67.45 Italy FTSE Italia Mid Cap 32334.03 PX 892.68 890.47 OMXC Copenahgen 20 1000.44 996.75 FTSE MIB 18291.38 EGX 30 7531.15 7543.43 Japan 2nd Section 4383.13 OMX Tallinn 988.24 997.80 Nikkei 225 17068.02 Austria OMX Helsinki General 8011.26 8012.07 S&P Topix 150 1114.07 Belgium CAC 40 4529.40 4514.74 Topix 1366.01 SBF 120 3581.74 3571.76 Jordan Amman SE 2107.75 Brazil Germany M-DAX 20801.13 20811.14 Kenya NSE 20 3867.50 Canada TecDAX 1691.83 1690.29 Kuwait KSX Market Index 5392.81 XETRA Dax 10333.23 10286.31 Latvia OMX Riga 639.11 Chile Greece Athens Gen 641.04 636.83 Lithuania OMX Vilnius 517.15 China FTSE/ASE 20 178.58 176.75 Luxembourg LuxX 1505.62 Hong Kong Hang Seng 20629.39 20576.77 Malaysia FTSE Bursa KLCI 1629.87 HS China Enterprise 8624.76 8595.28 Mexico IPC 46101.81 HSCC Red Chip 3586.35 3565.78 Morocco MASI 9751.02 Hungary Bux 27089.72 27011.72 Netherlands AEX 451.79 India BSE Sensex 26725.60 26653.60 AEX All Share 692.75 S&P CNX 500 6627.95 6634.30 New Zealand NZX 50 7019.64 Colombia Indonesia Jakarta Comp 4836.03 4814.73 Nigeria SE All Share 28902.25 Croatia Ireland ISEQ Overall 6502.27 6503.74 Norway Oslo All Share 676.84 Israel Tel Aviv 100 12.41 12.50 Pakistan KSE 100 36234.69 (c) Closed (u) Unavaliable Correction Subject to official recalculation For more index coverage please see www.ft.com/worldindices A fuller version of this table is available on the ft.com research data archive 12763.97 5473.60 5408.00 2709.20 2272.44 3535.14 6005.71 48933.91 823.55 14082.52 506.60 19499.59 7881.11 9028.53 2954.32 334.57 2822.45 1881.61 1045.54 1302.36 1712.06 Index Index Cyprus Czech Republic Denmark Egypt Estonia Finland France Gold $ -0.48% -0.62% Year NaN% Year -18.73% FTSE MIB Hang Seng Day 0.58% Country Month -1.66% Index Philippines Poland Portugal Manila Comp Wig PSI 20 PSI General BET Index Micex Index RTX TADAWUL All Share Index FTSE Straits Times SAX SBI TOP FTSE/JSE All Share FTSE/JSE Res 20 FTSE/JSE Top 40 Kospi Kospi 200 IBEX 35 CSE All Share OMX Stockholm 30 OMX Stockholm AS SMI Index Romania Russia Saudi-Arabia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Year -22.15% Latest Previous 7464.34 46598.78 4979.45 2539.63 6362.94 1931.13 922.24 6482.48 2796.75 318.44 706.36 54474.09 32181.51 48447.60 1967.13 241.73 9116.90 6552.85 1377.76 489.58 8277.83 1,967.13 Day -0.10% Hong Kong Month -2.08% USA Venezuela Vietnam Singapore 2,796.75 Year -24.78% Day -0.21% Shanghai Month -1.47% Year -17.55% BSE Sensex Mumbai 26,725.60 25,606.62 Day 0.05% Taiwan Thailand Turkey UAE UK Year -6.98% FTSE Straits Times 2,938.32 7411.68 46634.55 4961.16 2528.56 6472.80 1927.58 917.52 6516.49 2802.51 319.39 703.66 54105.37 31679.83 48069.78 1969.17 241.85 9107.30 6571.21 1376.50 489.19 8292.45 Month -1.35% 20,629.39 Shanghai Composite Country Seoul 2,862.30 Day 0.26% 18,291.38 All World 1,994.15 Year -17.00% 21,388.03 Milan 18,600.56 Month 2.41% Index May 01 - May 30 Kospi 17,068.02 Day 1.39% Madrid Month 1.01% All World Tokyo 17,439.30 9,116.90 Day 0.11% Index 2,822.45 Year -38.80% Month -3.94% Index Latest Weighted Pr Bangkok SET BIST 100 Abu Dhabi General Index FT 30 FTSE 100 FTSE 4Good UK FTSE All Share FTSE techMARK 100 DJ Composite DJ Industrial DJ Transport DJ Utilities Nasdaq 100 Nasdaq Cmp NYSE Comp S&P 500 Wilshire 5000 IBC VNI Day 0.27% Previous 8535.87 1424.12 78028.90 4297.19 2868.20 6270.79 5671.22 3448.45 3810.78 6254.02 17873.22 7772.28 656.28 4512.54 4933.50 10469.52 2090.10 21224.32 15453.26 614.50 Country 8463.61 1412.67 78035.63 4283.49 2861.30 6265.65 5664.30 3444.78 3813.82 6232.86 17828.29 7722.69 655.29 4487.96 4901.77 10439.61 2090.54 21238.05 15350.84 608.11 Month 4.37% Index Cross-Border DJ Global Titans ($) Euro Stoxx 50 (Eur) Euronext 100 ID FTSE 4Good Global ($) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($) FTSE Gold Min ($) FTSE Latibex Top (Eur) FTSE Multinationals ($) FTSE World ($) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($) MSCI All World ($) MSCI Europe (Eur) MSCI Pacific ($) S&P Euro (Eur) S&P Europe 350 (Eur) S&P Global 1200 ($) Stoxx 50 (Eur) Year -3.96% Latest Previous 236.85 3091.06 888.98 5332.52 266.27 1374.64 2704.76 1313.64 1499.48 2404.40 1502.67 472.64 3876.49 4191.17 402.93 1676.07 1366.36 2227.31 1398.19 1411.79 1855.15 2937.68 236.91 3078.48 886.50 5331.28 266.16 1372.90 2701.20 1313.02 1535.46 2432.00 1500.02 472.49 3868.91 4175.57 401.81 1672.12 1364.09 2219.94 1393.80 1410.20 1853.14 2933.05 UK MARKET WINNERS AND LOSERS LONDON ACTIVE STOCKS stock traded m's Apple 36.5 Coca-cola Enterprises 32.1 Baxalta orporated 19.6 Facebook Class A 16.1 Amazon.com 16.0 Alphabet Class C Capital Stock 14.5 Alphabet Class A Common Stock 13.0 Hospira 11.8 Baidu 10.4 Netflix 9.4 close price 100.35 51.55 45.53 119.38 712.24 732.66 747.60 89.95 185.01 103.30 Day's change -0.06 0.69 -0.17 -0.09 -2.67 8.54 10.67 -0.01 7.34 0.49 BIGGEST MOVERS Ups Ulta Salon Cosmetics & Fragrance Hewlett Packard Enterprise Jd.com Baidu Viacom Class B Close price Day's change Day's chng% 233.15 18.26 24.25 185.01 44.24 19.46 0.87 1.08 7.34 1.71 9.11 5.00 4.66 4.13 4.02 Ups Paypoint Synthomer Softcat B&m Eur Value Retail S.a Phoenix Holdings Downs Cf Industries Holding Check Point Software Ltd Marathon Oil Freeport-mcmoran The Mosaic 27.70 83.60 12.90 11.14 25.69 -1.26 -2.21 -0.27 -0.20 -0.44 -4.35 -2.58 -2.05 -1.76 -1.68 Downs Acacia Mining Centamin Sophos Clarkson Anglo American Based on the constituents of the S&P500 and the Nasdaq 100 index Month 4.99% Ibex 35 STOCK MARKET: BIGGEST MOVERS AMERICA ACTIVE STOCKS Oil Brent $ Sep No change 1.111% May 01 - May 30 Nikkei 225 10,333.23 Day 0.46% Paris 4,428.96 Country Frankfurt 9,025.70 1,342.59 4,529.40 Day -0.24% All World 10,321.15 Europe 54,311.97 48,933.91 Year -7.20% Index May 01 - May 30 Xetra Dax 1,374.64 Previous Merval All Ordinaries S&P/ASX 200 S&P/ASX 200 Res ATX BEL 20 BEL Mid Bovespa S&P/TSX 60 S&P/TSX Comp S&P/TSX Met & Min IGPA Gen FTSE A200 FTSE B35 Shanghai A Shanghai B Shanghai Comp Shenzhen A Shenzhen B COLCAP CROBEX Previous Month 0.69% All World 6,270.79 Day 0.08% Ê per ASIA Index Latest Argentina Australia Index Day -0.05% New York 17,830.76 6,319.91 Mexico City 45,784.77 Day 0.65% 14,082.52 Year -6.20% 4,933.50 4,805.29 Toronto May 01 - May 27 FTSE 100 Ơ per $ Vodafone Astrazeneca Bp Lloyds Banking Shire Reckitt Benckiser Rio Tinto Hsbc Holdings Royal Dutch Shell Royal Dutch Shell EURO MARKETS ACTIVE STOCKS TOKYO ACTIVE STOCKS stock traded m's 111.6 103.8 96.7 96.7 95.8 92.5 84.0 78.9 78.3 76.6 close price 232.60 4022.50 361.95 72.45 4289.00 6873.00 1964.00 448.45 1675.00 1680.50 Day's change 0.55 11.00 -2.50 -0.36 -60.00 -10.00 -5.00 2.50 -7.50 -12.50 stock traded m's Daimler Ag Na O.n 221.6 Roche Gs 194.0 Bayer Ag Na 157.7 Nestle N 152.3 Novartis N 147.6 Intesa Sanpaolo 143.7 Telefonica 137.2 Volkswagen Ag Vzo O.n 125.2 Siemens Ag Na 112.4 Total 110.6 close price 60.68 238.34 85.33 67.18 72.03 2.36 9.54 135.65 98.69 43.77 Day's change 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 -0.13 stock close traded m's price Toyota Motor 498.9 5681.00 Mitsubishi Ufj Fin, 220.9 546.00 Toshiba 216.5 278.60 Nissan Motor Co., 206.5 1105.00 Softbank 201.9 6175.00 Sumitomo Mitsui Fin, 183.2 3529.00 Fuji Heavy Industries 165.6 4120.00 Hitachi, 152.9 501.00 Fast Retailing Co., 139.9 29385.00 Sony 139.8 3082.00 Day's change 92.00 3.30 12.30 40.50 122.00 25.00 149.00 17.40 385.00 4.00 Close price Day's change Day's chng% BIGGEST MOVERS Day's change Day's chng% BIGGEST MOVERS 960.00 362.80 346.50 304.90 881.00 53.50 18.60 17.00 14.20 31.50 5.90 5.40 5.16 4.88 3.71 Ups Deutsche Wohnen Ag Rwe Ag Pandora A/s Ses Delhaize Sa Close price 28.23 8.83 130.53 20.40 94.30 1.12 0.24 3.02 0.46 1.88 4.15 2.81 2.37 2.28 2.03 309.90 95.55 218.00 2320.00 612.00 -14.80 -4.45 -7.20 -68.00 -17.20 -4.56 -4.45 -3.20 -2.85 -2.73 Downs Grifols Sa B.popular Bayerische Motoren Werke Ag Abertis Infr Industrivarden Ab 14.99 1.44 64.40 13.82 16.14 -14.40 -0.16 -4.15 -0.82 -0.82 -48.99 -9.75 -6.05 -5.57 -4.81 BIGGEST MOVERS Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Ups Unitika Taiheiyo Cement Taiyo Yuden Co., Ajinomoto Co., Hokuetsu Kishu Paper Co., Close price Day's change Day's chng% 64.00 298.00 1202.00 2686.50 763.00 4.00 17.00 67.00 125.50 35.00 6.67 6.05 5.90 4.90 4.81 Downs Furukawa Electric Co., Chiyoda Showa Denko K.k Jgc All Nippon Airways Co., 267.00 784.00 112.00 1687.00 322.90 -3.00 -8.00 -1.00 -14.00 -2.50 -1.11 -1.01 -0.88 -0.82 -0.77 Based on the constituents of the Nikkei 225 index FTSE 100 Winners 3i Royal Bank Of Scotland Royal Mail Hargreaves Lansdown Legal & General Intu Properties Schroders Barclays Easyjet Int Consolidated Airlines S.a Old Mutual London Stock Exchange May 27 price(p) %Chg week %Chg ytd 552.00 251.20 532.50 1346.00 240.00 304.70 2736.00 186.20 1552.00 544.00 178.00 2724.00 9.2 8.4 8.3 6.6 6.5 6.4 6.3 5.9 5.6 5.3 4.9 4.8 Losers Marks And Spencer Fresnillo Randgold Resources Ld Rolls-royce Holdings Intertek Dcc Coca-cola Hbc Ag Carnival Inmarsat Whitbread Gkn Royal Dutch Shell 386.60 1017.00 5735.00 615.00 3150.00 6260.00 1326.00 3446.00 748.50 4249.00 273.40 1680.50 -13.1 -5.8 -4.9 -4.4 -4.3 -3.5 -2.9 -2.5 -0.9 -0.7 -0.7 -0.5 May 27 price(p) %Chg week %Chg ytd 13.8 18.0 -5.0 4.2 1.9 35.4 7.1 11.2 -12.4 35.3 -20.4 33.8 FTSE SmallCap Winners Gulf Marine Services De La Rue Cambian Fdm (holdings) Mothercare Uk Mail Georgia Healthcare Sportech Stobart Ld Jpmorgan Mid Capital Investment Trust Nanoco Topps Tiles 55.25 566.50 61.00 637.00 136.00 320.00 252.00 79.00 125.50 1029.00 44.75 139.50 24.2 16.6 11.4 9.9 9.9 9.6 8.6 8.6 8.0 7.5 7.2 6.9 -46.7 27.8 -56.4 21.9 -38.2 28.0 62.6 32.8 17.3 -5.9 -22.2 -11.7 May 27 Industry Sectors price(p) Winners Industrial Transportation 2980.07 Life Insurance 7134.56 Banks 3379.62 Technology Hardware & Equip 1209.59 General Financial 9021.03 Gas Water & Multiutilities 6188.83 Health Care Equip.& Services 7197.50 Food & Drug Retailers 2743.70 Construction & Materials 5322.71 Personal Goods 27182.65 Fixed Line Telecommunication 5136.27 Support Services 6869.87 48.4 72.2 25.9 -11.9 -8.5 43.8 -11.4 -18.5 -3.3 -16.8 -6.3 -80.9 Losers Hostelworld Hochschild Mining Game Digital Trinity Mirror Hss Hire Puretech Health Charles Taylor Vitec (the) Wireless Johnston Press Soco Int Liontrust Asset Management 180.00 138.75 84.00 118.25 99.00 120.00 260.00 502.25 170.50 36.25 124.00 272.00 -32.3 -8.3 -7.7 -5.8 -5.7 -5.5 -5.5 -5.3 -5.3 -4.6 -4.2 -4.2 -17.4 187.6 -30.6 -28.8 37.5 -26.4 0.0 -16.6 -30.4 -28.0 -15.8 -2.7 Losers Industrial Metals 1147.38 Oil Equipment & Services 13084.77 Aerospace & Defense 3998.39 Automobiles & Parts 6392.27 Oil & Gas Producers 6160.84 General Retailers 2810.25 Industrial Engineering 8189.53 Chemicals 10862.40 Food Producers 8246.61 Electricity 9044.90 Mining 8916.80 Equity Investment Instruments 7376.22 May 27 price(p) %Chg week %Chg ytd 14.6 -16.8 19.9 -10.6 -10.4 -4.0 -8.1 -14.9 -10.8 -10.9 -0.5 -0.7 FTSE 250 Winners Serco Homeserve Aldermore Paypoint Softcat Nmc Health B&m Eur Value Retail S.a Paysafe Pendragon Bgeo Ip Zoopla Property 107.50 488.00 220.00 960.00 346.50 1138.00 304.90 413.40 40.96 2577.00 163.10 320.50 18.3 16.7 12.0 11.6 10.0 8.9 8.6 8.5 7.7 7.4 7.4 7.2 -14.5 43.6 38.4 7.0 13.4 10.6 -8.4 -10.9 -34.2 -3.5 -11.3 8.9 Losers Centamin Acacia Mining Cairn Energy Paragon Of Companies Ibstock Tullow Oil hcape Dairy Crest Hikma Pharmaceuticals Sophos Britvic Melrose Industries 95.55 309.90 198.50 311.60 203.20 238.20 695.50 554.00 2225.00 218.00 682.00 380.30 -14.8 -7.0 -4.9 -4.4 -4.1 -3.6 -3.5 -3.4 -3.1 -3.1 -2.8 -2.6 %Chg week %Chg ytd 6.1 4.6 4.3 4.0 3.7 2.4 2.3 2.1 2.1 2.1 1.9 1.9 14.5 -8.9 -11.6 -5.2 -4.7 4.1 -0.9 9.6 2.9 5.1 -3.5 0.9 -2.6 -1.7 -1.0 -0.8 -0.3 0.2 0.2 0.5 0.7 0.7 1.0 1.0 58.1 0.4 -3.6 -11.5 8.8 -6.5 14.3 0.9 -7.0 2.6 21.2 -1.3 Based on last week's performance Price at suspension CURRENCIES May 30 Argentina Australia Bahrain Bolivia Brazil Canada Chile China Colombia Costa Rica Czech Republic Denmark Egypt Hong Kong Hungary India Currency Argentine Peso Australian Dollar Bahrainin Dinar Bolivian Boliviano Brazilian Real Canadian Dollar Chilean Peso Chinese Yuan Colombian Peso Costa Rican Colon Czech Koruna Danish Krone Egyptian Pound Hong Kong Dollar Hungarian Forint Indian Rupee DOLLAR Closing Mid 13.9250 1.3923 0.3771 6.8850 3.5956 1.3073 689.2500 6.5825 3068.0000 536.8500 24.2602 6.6773 8.8805 7.7691 281.9851 67.2150 Day's Change -0.0900 0.0015 0.0000 -0.0050 -0.0200 0.0040 2.2050 0.0228 0.8500 -0.0164 -0.0034 0.0171 0.0029 -0.9597 0.1775 EURO Closing Mid 15.5096 1.5507 0.4200 7.6685 4.0047 1.4560 767.6844 7.3316 3417.1281 597.9417 27.0209 7.4372 9.8910 8.6531 314.0741 74.8638 POUND Day's Closing Day's Change Mid Change -0.0912 20.3632 -0.1226 0.0025 2.0360 0.0030 0.0003 0.5514 0.0003 -0.0011 10.0683 -0.0029 -0.0199 5.2580 -0.0269 0.0053 1.9117 0.0067 2.8989 1007.9260 3.6650 0.0296 9.6259 0.0375 1.9781 4486.4959 1.9677 1.2923 785.0636 1.5867 -0.0027 35.4769 -0.0085 0.0006 9.7646 -0.0006 0.0247 12.9863 0.0306 0.0082 11.3611 0.0092 -0.8865 412.3614 -1.2220 0.2409 98.2920 0.3026 May 30 Indonesia Israel Japan One Month Three Month One Year Kenya Kuwait Malaysia Mexico New Zealand Nigeria Norway Pakistan Peru Philippines Currency Indonesian Rupiah Israeli Shekel Japanese Yen Kenyan Shilling Kuwaiti Dinar Malaysian Ringgit Mexican Peson New Zealand Dollar Nigerian Naira Norwegian Krone Pakistani Rupee Peruvian Nuevo Sol Philippine Peso DOLLAR Closing Mid 13645.0000 3.8460 111.0750 111.0749 111.0747 111.0732 100.8500 0.3025 4.1170 18.4804 1.4921 199.0800 8.3467 104.8250 3.3620 46.7550 Day's Change 62.0000 0.0030 1.2200 1.2198 1.2193 1.2165 0.2000 0.0002 0.0370 0.0140 0.0027 0.0111 0.0200 0.0065 0.1225 EURO Closing Mid 15197.7763 4.2837 123.7150 123.7150 123.7150 123.7148 112.3264 0.3369 4.5855 20.5834 1.6619 221.7346 9.2965 116.7537 3.7446 52.0756 POUND Day's Closing Day's Change Mid Change 77.8297 19953.8268 99.3995 0.0058 5.6242 0.0069 1.4297 162.4307 1.8545 1.4297 162.4306 1.8542 1.4297 162.4303 1.8537 1.4294 162.4306 1.8524 0.2876 147.4782 0.3570 0.0004 0.4423 0.0005 0.0438 6.0205 0.0567 0.0275 27.0248 0.0323 0.0039 2.1820 0.0048 0.1283 291.1250 0.1277 0.0177 12.2057 0.0216 0.0898 153.2910 0.0965 0.0094 4.9164 0.0117 0.1665 68.3723 0.2090 May 30 Currency Poland Polish Zloty Romania Romanian Leu Russia Russian Ruble Saudi Arabia Saudi Riyal Singapore Singapore Dollar South African Rand South Africa South Korea South Korean Won Sweden Swedish Krona Switzerland Swiss Franc Taiwan New Taiwan Dollar Thailand Thai Baht Tunisia Tunisian Dinar Turkey Turkish Lira United Arab Emirates UAE Dirham United Kingdom Pound Sterling One Month DOLLAR Closing Mid 3.9452 4.0434 65.9650 3.7503 1.3815 15.8400 1191.8000 8.3383 0.9922 32.6390 35.7355 2.1034 2.9525 3.6730 0.6838 0.6839 Day's Change 0.0023 -0.0039 -0.4006 0.0000 0.0057 0.1845 12.6500 0.0018 -0.0005 0.1305 0.0900 0.0043 0.0001 -0.0003 -0.0003 EURO Closing Mid 4.3941 4.5035 73.4716 4.1771 1.5387 17.6425 1327.4229 9.2872 1.1052 36.3532 39.8021 2.3428 3.2884 4.0910 0.7616 0.7616 POUND Day's Closing Day's Change Mid Change 0.0051 5.7692 0.0059 -0.0018 5.9128 -0.0032 -0.4035 96.4640 -0.5433 0.0024 5.4843 0.0023 0.0072 2.0202 0.0092 0.2156 23.1637 0.2798 14.8498 1742.8310 19.2550 0.0074 12.1936 0.0081 0.0000 1.4510 -0.0002 0.1663 47.7297 0.2117 0.1232 52.2579 0.1545 0.0062 3.0759 0.0077 0.0019 4.3175 0.0019 0.0024 5.3712 0.0024 0.0001 0.0001 - May 30 Three Month One Year United States One Month Three Month One Year Venezuela Vietnam European Union One Month Three Month One Year Currency United States Dollar Venezuelan Bolivar Fuerte Vietnamese Dong Euro DOLLAR Closing Mid 0.6839 0.6844 9.9900 22416.5000 0.8978 0.8977 0.8975 0.8961 Day's Change -0.0003 -0.0002 0.0100 23.5000 -0.0005 -0.0005 -0.0005 -0.0006 EURO Closing Mid 0.7615 0.7608 1.1138 1.1137 1.1134 1.1121 11.1268 24967.4799 - POUND Day's Closing Day's Change Mid Change 0.0001 0.0001 0.0006 1.4624 0.0006 -0.3479 1.4624 0.0006 -0.3479 1.4624 0.0006 -0.3480 1.4630 0.0007 0.0176 14.6089 0.0210 40.6401 32780.8665 48.7137 1.3129 -0.0002 1.3129 -0.0002 1.3128 -0.0002 1.3121 -0.0002 Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production) Some values are rounded Currency redenominated by 1000 The exchange rates printed in this table are also available at www.FT.com/marketsdata UK SERIES FTSE ACTUARIES SHARE INDICES www.ft.com/equities Produced in conjunction with the Institute and Faculty of Actuaries Ê Strlg Day's Euro Ê Strlg Ê Strlg Year Div P/E May 27 chge% Index May 26 May 25 ago yield% Cover ratio FTSE 100 (100) 6270.79 0.08 6423.35 6265.65 6262.85 7040.92 3.98 0.71 35.18 FTSE 250 (250) 17232.26 0.23 17651.50 17192.83 17232.64 18237.00 2.66 2.10 17.90 FTSE 250 ex Inv Co (208) 18743.30 0.23 19199.29 18700.12 18739.04 19854.83 2.67 2.24 16.69 FTSE 350 (350) 3500.46 0.11 3585.62 3496.70 3496.80 3890.51 3.76 0.88 30.16 FTSE 350 ex Investment Trusts (308) 3477.18 0.10 3561.77 3473.54 3473.32 3869.33 3.78 0.88 30.10 FTSE 350 Higher Yield (105) 3197.95 0.05 3275.75 3196.22 3193.22 3680.84 5.27 0.45 42.49 FTSE 350 Lower Yield (245) 3472.68 0.16 3557.17 3466.97 3470.68 3720.39 2.13 2.04 22.99 FTSE SmallCap (284) 4577.56 0.08 4688.93 4573.69 4571.23 4792.41 2.97 1.27 26.45 FTSE SmallCap ex Inv Co (152) 4174.13 -0.08 4275.68 4177.65 4185.67 4290.28 2.93 1.60 21.29 FTSE All-Share (634) 3448.45 0.11 3532.35 3444.78 3444.81 3824.67 3.73 0.89 30.02 FTSE All-Share ex Inv Co (460) 3411.61 0.10 3494.61 3408.17 3408.09 3790.49 3.77 0.89 29.86 FTSE All-Share ex Multinationals (569) 1163.96 0.23 988.18 1161.26 1161.87 1276.65 2.99 1.43 23.32 FTSE Fledgling (98) 7667.86 0.16 7854.40 7655.73 7659.59 7881.69 2.70 0.65 57.18 FTSE Fledgling ex Inv Co (49) 10438.37 0.25 10692.31 10412.25 10426.89 10521.09 2.79 0.12 291.18 FTSE All-Small (382) 3174.16 0.09 3251.38 3171.36 3169.82 3320.30 2.96 1.24 27.19 FTSE All-Small ex Inv Co Index (201) 3113.45 -0.07 3189.19 3115.66 3121.58 3196.49 2.93 1.55 22.09 FTSE AIM All-Share Index (825) 735.84 0.20 753.74 734.38 733.50 770.26 1.72 0.50 117.10 FTSE Sector Indices Oil & Gas (17) 6499.44 Oil & Gas Producers (10) 6200.20 Oil Equipment Services & Distribution (7)13418.04 Basic Materials (27) 3235.73 11619.22 Chemicals (7) Forestry & Paper (1) 15973.05 Industrial Metals & Mining (2) 1158.83 Mining (17) 8616.88 Industrials (119) 4435.27 Construction & Materials (14) 5483.05 Aerospace & Defense (9) 4147.58 General Industrials (6) 3782.14 Electronic & Electrical Equipment (10) 5405.79 Industrial Engineering (14) 8619.09 Industrial Transportation (8) 4497.04 Support Services (58) 6717.56 19189.07 Consumer Goods (41) Automobiles & Parts (1) 6425.03 Beverages (6) 15834.77 Food Producers (10) 8322.72 Household Goods & Home Construction (14)14453.14 Leisure Goods (2) 5369.72 Personal Goods (6) 23666.75 Tobacco (2) 50440.88 Health Care (20) 9198.10 Health Care Equipment & Services (8) 7263.84 Pharmaceuticals & Biotechnology (12)12386.20 Consumer Services (96) 4771.13 Food & Drug Retailers (7) 2861.57 General Retailers (32) 2758.36 Media (22) 7393.47 Travel & Leisure (35) 8374.40 Telecommunications (6) 3991.72 Fixed Line Telecommunications (4) 5217.15 Mobile Telecommunications (2) 5207.24 Utilities (7) 8728.40 Electricity (2) 9024.36 Gas Water & Multiutilities (5) 8179.17 Financials (282) 4240.33 Banks (9) 3337.03 Nonlife Insurance (10) 2930.92 Life Insurance/Assurance (10) 7237.84 Index- Real Estate Investment & Services (21) 2776.39 Real Estate Investment Trusts (26) 2892.02 General Financial (32) 7710.26 Equity Investment Instruments (174) 7591.20 Non Financials (352) 4094.16 Technology (19) 1422.29 Software & Computer Services (13) 1896.23 Technology Hardware & Equipment (6) 1511.44 -0.63 -0.64 -0.39 -0.93 0.65 0.30 -0.55 -1.26 0.03 0.81 -0.39 0.57 -0.24 -0.58 1.08 -0.08 0.36 -0.44 0.48 0.16 -0.11 -0.62 0.82 0.48 -0.23 0.24 -0.28 0.39 -0.04 0.73 0.19 0.50 0.40 0.68 0.24 0.51 -0.25 0.71 0.32 0.22 0.43 0.56 0.09 0.29 0.43 0.25 0.04 0.23 0.11 0.35 6657.56 6351.04 13744.48 3314.45 11901.90 16361.65 1187.02 8826.52 4543.18 5616.44 4248.49 3874.15 5537.31 8828.78 4606.44 6880.99 19655.91 6581.34 16220.00 8525.19 14804.76 5500.35 24242.52 51668.02 9421.88 7440.56 12687.53 4887.21 2931.19 2825.47 7573.34 8578.13 4088.83 5344.07 5333.93 8940.75 9243.91 8378.15 4343.49 3418.22 3002.23 7413.92 2843.94 2962.37 7897.84 7775.88 4193.76 1456.89 1942.36 1548.21 6540.84 6240.20 13471.00 3266.15 11543.70 15926.03 1165.26 8726.64 4434.14 5438.78 4163.72 3760.88 5418.62 8669.68 4449.19 6722.81 19119.39 6453.23 15758.89 8309.31 14469.62 5403.27 23473.51 50201.15 9219.51 7246.74 12421.59 4752.42 2862.66 2738.28 7379.22 8332.63 3975.62 5181.87 5195.03 8684.07 9047.33 8121.26 4226.68 3329.71 2918.30 7197.46 2773.85 2883.67 7677.15 7572.63 4092.67 1418.97 1894.13 1506.13 6561.95 6257.71 13682.93 3239.90 11486.33 15808.50 1194.76 8649.80 4433.07 5481.50 4151.32 3752.53 5449.54 8690.42 4495.64 6706.37 19068.98 6429.73 15724.15 8297.09 14395.83 5400.72 23351.67 50176.60 9214.06 7252.75 12412.25 4764.67 2837.22 2742.80 7371.90 8410.57 3938.86 5165.14 5127.77 8650.53 9008.63 8090.78 4243.05 3350.99 2918.92 7244.52 2781.27 2880.83 7684.57 7578.81 4087.57 1415.38 1890.20 1501.66 7669.07 7252.98 20097.20 4759.52 13322.63 17548.02 1796.15 13395.82 4860.30 5114.53 5461.98 3613.40 5890.09 9966.99 4605.23 7194.04 17643.03 8664.62 14607.10 8061.09 12838.22 4952.58 23637.20 44482.10 9881.20 7008.72 13451.34 5140.18 3243.69 3221.25 7711.58 8704.37 4243.49 5225.69 5746.78 8998.27 9886.03 8295.14 5085.15 4606.00 2475.95 8488.56 3176.73 3101.59 8580.65 8040.06 4420.56 1470.37 1691.64 1765.10 6.84 6.91 5.01 4.25 2.55 2.93 0.49 4.63 2.55 2.31 2.80 3.04 2.28 3.15 3.70 2.30 2.84 3.18 2.45 1.97 2.14 4.81 2.90 3.70 3.85 1.59 4.10 2.45 1.39 2.66 2.86 2.30 4.14 3.01 4.85 4.62 5.45 4.41 3.95 5.03 2.83 4.08 2.43 3.15 3.20 2.76 3.66 1.53 1.96 1.12 X/D adj 120.35 207.49 227.18 62.79 62.91 81.40 34.36 53.92 48.51 61.13 61.29 14.05 73.50 89.88 37.04 35.82 4.21 Total Return 5011.32 12142.68 13468.64 5631.14 2880.62 5316.81 3713.31 6351.38 6080.48 5610.58 2872.71 2009.06 13952.19 18455.70 5654.22 5745.73 796.64 -0.68 -21.53 228.00 5643.03 -0.70 -20.64 218.77 5567.81 0.25 81.20 387.17 10141.86 0.26 91.72 48.76 3224.80 2.12 18.51 125.71 10101.77 2.97 11.50 347.94 16963.52 2.79 72.58 0.00 1011.29 -0.02-1340.71 132.94 4499.87 1.45 27.05 55.55 4463.72 0.05 807.12 83.33 5693.81 1.51 23.63 71.61 4358.10 1.56 21.11 48.86 4171.66 1.92 22.86 49.42 4831.26 1.31 24.29 163.97 10297.95 0.91 29.83 40.84 3820.62 1.77 24.55 67.83 6811.30 1.78 19.79 260.84 13725.34 1.81 17.35 136.30 6032.39 1.59 25.69 102.47 10856.73 1.86 27.27 11.14 6973.60 2.67 17.51 151.56 9940.13 1.22 17.09 129.52 4654.65 2.93 11.76 316.89 15478.09 1.19 22.81 1163.34 31480.12 0.56 46.20 207.65 6863.06 1.80 34.98 53.78 6204.66 0.51 47.95 300.81 8223.56 1.76 23.18 54.75 4357.12 2.56 28.07 22.92 3299.54 2.12 17.70 19.08 3044.94 1.32 26.49 99.84 4424.04 1.85 23.50 110.78 7736.82 -0.28 -85.88 3.65 4186.71 1.80 18.52 0.00 4524.58 -1.08 -19.16 7.87 4877.84 1.55 13.93 79.68 9384.54 1.26 14.61 146.48 12230.41 1.65 13.76 59.90 8810.46 1.54 16.43 97.46 3792.78 0.86 23.18 101.66 2374.88 2.31 15.28 53.63 5020.23 1.53 16.00 201.97 6834.95 5.38 7.64 34.17 7228.91 4.98 6.36 42.61 3471.11 2.02 15.46 125.72 8509.72 1.05 34.53 89.13 4040.52 0.67 41.09 65.56 5828.70 1.69 38.55 12.72 1795.27 1.59 32.00 24.03 2519.81 1.87 47.98 8.47 1744.89 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Hourly movements FTSE 100 6263.81 6267.68 6258.44 6268.78 6264.43 6262.55 6254.60 6257.87 6263.60 6275.78 6250.40 FTSE 250 17189.72 17180.91 17167.50 17182.40 17201.13 17209.54 17196.05 17196.40 17212.94 17232.26 17164.87 FTSE SmallCap 4572.82 4575.83 4576.42 4576.78 4576.66 4578.25 4577.37 4577.65 4578.49 4580.18 4571.23 FTSE All-Share 3443.84 3445.33 3440.84 3445.89 3444.60 3444.09 3440.13 3441.58 3444.67 3449.24 3438.23 Time of FTSE 100 Day's high:09:36:00 Day's Low13:05:30 FTSE 100 2010/11 High: 6410.26(20/04/2016) Low: 5536.97(11/02/2016) Time of FTSE All-Share Day's high:09:36:00 Day's Low13:05:00 FTSE 100 2010/11 High: 3504.16(20/04/2016) Low: 3046.53(11/02/2016) Further information is available on http://www.ftse.com â FTSE International Limited 2013 All Rights reserved FTSEđ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence Sector P/E ratios greater than 80 are not shown For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges Values are negative UK RIGHTS OFFERS Amount Latest Issue paid renun price up date High Low Stock There are currently no rights offers by any companies listed on the LSE FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS May 27 May 26 May 25 May 24 May 23 Yr Ago High Low Year to date percentage changes FT 30 2868.20 2861.30 2859.10 2857.60 2815.10 0.00 2876.90 2547.10 Industrial Metals & 58.42 FT 30 Div Yield 1.70 1.71 1.71 1.71 1.73 0.00 3.93 2.74 Mining 22.25 P/E Ratio net 26.21 26.17 26.09 26.11 25.77 0.00 19.44 14.26 Basic Materials 18.00 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Industrial Transport 14.26 FT 30 hourly changes Industrial Eng 12.74 10 11 12 13 14 15 16 High Low Food & Drug Retailer 9.66 2861.3 2858.8 2855 2861.2 2857.9 2860.1 2857.9 2862.7 2866.4 2868.2 2855.0 Tobacco 9.56 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Oil & Gas Producers 8.87 Oil & Gas 8.52 Personal Goods 5.22 Household Goods & Ho 4.86 4.85 May 26 May 25 Mnth Ago May 27 May 26 Mnth Ago Consumer Goods Gas Water & Multi 4.22 Australia 88.31 88.12 94.64 Sweden 79.62 79.70 80.87 Utilities 3.91 Canada 89.94 89.29 92.21 Switzerland 156.04 156.22 157.86 Nonlife Insurance 3.40 Denmark 106.46 106.37 106.52 UK 88.16 88.58 86.38 NON FINANCIALS Index 2.79 Japan 139.20 138.63 137.07 USA 100.59 101.06 100.07 Software & Comp Serv 2.72 New Zealand 111.03 111.51 111.86 Euro 87.06 86.82 87.76 Norway 86.59 86.32 87.15 Source: Bank of England New Sterling ERI base Jan 2005 = 100 Other indices base average 1990 = 100 Index rebased 1/2/95 for further information about ERIs see www.bankofengland.co.uk FX: EFFECTIVE INDICES Electricity Beverages Mobile Telecomms Construct & Material Forestry & Paper Industrials Chemicals Support Services Electronic & Elec Eq FTSE 100 Index FTSE All{HY-}Share Index Telecommunications FTSE 250 Index FTSE SmallCap Index Technology Equity Invest Instr Health Care Eq & Srv Media +or- Oil Equipment & Serv Leisure Goods Real Est Invest & Tr Consumer Services Health Care Pharmace & Biotech Fixed Line Telecomms Aerospace & Defense Financial Services Tech Hardware & Eq Travel & Leisure General Retailers Food Producers Financials Life Insurance Real Est Invest & Se Automobiles & Parts Banks -1.69 -1.98 -2.09 -2.91 -3.06 -3.25 -3.49 -3.73 -4.63 -5.02 -5.35 -6.22 -6.68 -7.27 -8.85 -9.98 -11.35 -11.48 FTSE GLOBAL EQUITY INDEX SERIES May 27 Regions & countries FTSE Global All Cap FTSE Global All Cap FTSE Global Large Cap FTSE Global Mid Cap FTSE Global Small Cap FTSE All-World FTSE World FTSE Global All Cap ex UNITED KINGDOM In FTSE Global All Cap ex USA FTSE Global All Cap ex JAPAN FTSE Global All Cap ex Eurozone FTSE Developed FTSE Developed All Cap FTSE Developed Large Cap FTSE Developed Europe Large Cap FTSE Developed Europe Mid Cap FTSE Dev Europe Small Cap FTSE North America Large Cap FTSE North America Mid Cap FTSE North America Small Cap FTSE North America FTSE Developed ex North America FTSE Japan Large Cap FTSE Japan Mid Cap FTSE Global wi JAPAN Small Cap FTSE Japan FTSE Asia Pacific Large Cap ex Japan FTSE Asia Pacific Mid Cap ex Japan FTSE Asia Pacific Small Cap ex Japan FTSE Asia Pacific Ex Japan FTSE Emerging All Cap FTSE Emerging Large Cap FTSE Emerging Mid Cap FTSE Emerging Small Cap FTSE Emerging Europe FTSE Latin America All Cap FTSE Middle East and Africa All Cap FTSE Global wi UNITED KINGDOM All Cap In FTSE Global wi USA All Cap FTSE Europe All Cap FTSE Eurozone All Cap FTSE RAFI All World 3000 FTSE RAFI US 1000 FTSE EDHEC-Risk Efficient All-World FTSE EDHEC-Risk Efficient Developed Europe No of US $ stocks indices 7703 456.08 7079 462.39 1425 401.03 1642 617.20 4636 644.34 3067 266.16 2543 472.49 7382 469.33 5748 414.71 6440 466.78 7058 471.00 2094 430.10 5665 452.08 899 396.59 223 322.59 305 509.84 695 725.20 291 448.50 395 671.55 1483 673.23 686 300.45 1408 220.83 176 307.48 307 481.22 780 523.90 483 129.06 549 536.04 422 736.67 1430 489.45 971 425.22 2038 582.96 526 550.60 447 736.80 1065 608.75 112 303.34 238 672.62 221 629.23 321 327.28 1955 514.78 1411 375.87 645 350.31 3049 5489.19 1006 9192.85 3067 322.84 528 278.02 Day % 0.3 0.3 0.3 0.2 0.5 0.3 0.2 0.3 0.1 0.3 0.4 0.2 0.3 0.3 -0.2 -0.5 -0.2 0.4 0.4 0.7 0.4 0.0 0.4 0.5 0.1 0.4 0.7 0.7 0.5 0.7 0.6 0.7 0.2 0.5 -0.5 -0.8 0.3 -0.3 0.5 -0.3 -0.4 0.1 0.4 0.2 -0.4 Mth % -0.9 7.3 -0.9 -1.1 -0.4 -0.9 -0.8 -0.9 -2.0 -0.8 -0.7 -0.6 -0.6 -0.6 -1.5 -0.6 0.6 0.3 -0.7 -0.5 0.1 -1.8 -1.8 -0.9 1.6 -1.6 -2.8 -3.5 -2.4 -2.9 -3.9 -3.8 -5.1 -3.0 -3.9 -8.7 -6.5 0.1 0.1 -1.2 -2.4 -2.6 -1.2 -0.8 -0.6 YTD % 1.1 -0.3 0.6 2.5 2.7 0.9 1.0 1.3 -0.6 1.7 1.5 0.8 1.1 0.5 -2.3 -0.6 -0.9 2.8 4.9 4.9 3.1 -2.6 -6.2 -2.1 -0.5 -5.3 -0.9 -1.4 -2.0 -1.0 2.0 2.2 3.8 -1.1 13.6 12.4 1.7 -0.5 2.7 -1.4 -2.4 1.2 4.0 2.3 -0.4 Total retn 631.80 624.68 568.82 814.58 824.57 389.17 927.88 640.85 611.82 652.44 640.27 600.82 624.41 561.89 521.59 743.85 1027.35 596.24 835.08 814.36 409.17 350.59 388.62 586.71 660.52 183.23 809.92 1072.87 701.78 682.84 837.64 795.67 1056.20 843.20 448.98 1006.00 952.43 526.97 665.63 587.71 554.19 7021.51 11747.47 438.60 412.90 YTD Gr Div May 27 No of US $ Day Mth YTD Total YTD Gr Div % Yield Sectors stocks indices % % % retn % Yield 2.4 2.6 Oil & Gas 152 335.86 -0.1 -0.1 10.1 522.01 12.0 3.8 0.2 2.5 Oil & Gas Producers 110 315.41 -0.2 -0.2 10.5 499.10 12.5 3.9 1.9 2.7 Oil Equipment & Services 32 303.76 0.0 0.0 9.4 430.18 11.2 3.4 3.6 2.2 Basic Materials 256 368.76 -0.4 -0.4 4.9 548.46 6.5 3.0 3.6 2.1 Chemicals 124 580.68 -0.1 -0.1 -1.9 867.61 -0.2 2.8 2.2 2.6 Forestry & Paper 16 199.83 0.2 0.2 1.9 329.19 4.5 3.8 2.4 2.6 Industrial Metals & Mining 62 290.80 0.0 0.0 13.0 430.84 13.7 2.8 2.5 2.5 Mining 54 409.41 -1.5 -1.5 26.5 608.09 28.2 3.8 1.0 3.1 Industrials 536 309.39 0.2 0.2 3.4 435.20 4.7 2.3 3.0 2.6 Construction & Materials 111 449.79 0.2 0.2 7.3 662.55 8.7 2.2 2.7 2.5 Aerospace & Defense 26 514.47 -0.1 -0.1 1.6 717.85 2.9 2.4 2.2 2.6 General Industrials 55 224.75 0.4 0.4 3.6 340.13 5.0 2.6 2.4 2.5 Electronic & Electrical Equipment 69 310.30 0.6 0.6 -1.9 401.10 -1.1 2.0 1.9 2.7 Industrial Engineering 104 565.43 0.0 0.0 5.5 783.28 6.9 2.5 0.3 3.7 Industrial Transportation 98 516.37 0.2 0.2 4.3 724.94 5.6 2.5 1.3 2.8 Support Services 73 284.72 0.2 0.2 3.2 384.34 4.3 2.0 424 421.08 0.1 0.1 1.1 606.12 2.3 2.5 0.7 2.6 Consumer Goods 3.8 2.2 Automobiles & Parts 104 342.06 0.1 0.1 -10.4 474.70 -9.0 3.1 5.6 1.8 Beverages 48 593.31 0.0 0.0 3.8 862.91 4.6 2.5 5.7 1.7 Food Producers 103 584.28 -0.1 -0.1 4.6 868.50 6.2 2.2 4.1 2.2 Household Goods & Home Construction 48 419.02 0.1 0.1 4.4 599.58 5.6 2.3 -0.7 3.2 Leisure Goods 31 135.92 0.1 0.1 3.1 175.74 3.5 1.5 -5.2 2.3 Personal Goods 79 604.32 0.2 0.2 1.1 827.01 2.1 2.1 -1.2 1.9 Tobacco 11 1337.84 0.0 0.0 9.9 2648.47 11.4 3.6 0.6 2.1 Health Care 178 447.55 0.5 0.5 -2.3 630.85 -1.2 2.0 -4.4 2.2 Health Care Equipment & Services 64 693.72 0.4 0.4 6.8 798.46 7.2 1.0 0.1 3.3 Pharmaceuticals & Biotechnology 114 329.58 0.5 0.5 -5.3 484.05 -3.9 2.4 -0.4 3.2 Consumer Services 392 389.84 0.3 0.3 0.0 510.72 0.9 1.8 -1.2 2.8 Food & Drug Retailers 54 295.09 0.1 0.1 -1.6 402.68 -0.6 1.9 0.0 3.3 General Retailers 122 531.61 0.2 0.2 -0.2 678.98 0.5 1.6 2.8 3.2 Media 86 297.94 0.7 0.7 3.0 391.35 3.9 2.0 2.9 3.2 Travel & Leisure 130 374.26 0.2 0.2 -1.9 495.18 -1.0 1.9 4.8 3.0 Telecommunication 91 165.23 0.2 0.2 4.9 295.69 6.7 4.1 -0.4 3.1 Fixed Line Telecommuniations 42 141.68 0.3 0.3 6.9 278.24 9.1 4.4 14.5 4.0 Mobile Telecommunications 49 168.32 0.0 0.0 2.2 271.80 3.4 3.5 13.8 3.3 Utilities 163 253.59 0.1 0.1 6.9 471.70 8.5 3.8 111 276.59 0.1 0.1 6.8 509.05 8.5 3.7 3.3 3.0 Electricity 52 269.36 0.2 0.2 7.0 513.70 8.6 4.0 1.4 3.8 Gas Water & Multiutilities 689 194.48 0.4 0.4 -3.1 307.18 -1.5 3.2 3.6 2.1 Financials 246 167.62 0.3 0.3 -6.1 282.92 -4.2 3.8 0.9 3.5 Banks 68 216.50 0.3 0.3 1.0 307.01 2.8 2.5 0.0 3.3 Nonlife Insurance 50 184.72 0.7 0.7 -6.8 285.11 -5.2 3.3 2.7 3.3 Life Insurance 150 220.31 0.8 0.8 -0.9 296.40 0.0 2.1 5.1 2.5 Financial Services 186 175.89 0.6 0.6 0.9 211.52 1.8 1.8 3.4 2.3 Technology 89 317.04 0.8 0.8 2.2 365.95 2.8 1.1 1.3 2.7 Software & Computer Services Technology Hardware & Equipment 97 125.71 0.4 0.4 -0.5 155.92 0.6 2.7 Alternative Energy 10 99.36 0.9 0.9 -3.9 132.41 -3.3 1.3 Real Estate Investment & Services 103 273.75 0.1 0.1 -3.2 443.10 -1.8 2.7 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ mid cap) - please see www.ftse.com/geis The trade names Fundamental Indexđ and RAFIđ are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ Nos US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110) EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb For constituent changes and other information about FTSE, please see www.ftse.com â FTSE International Limited 2013 All Rights reserved FTSEđ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence UK COMPANY RESULTS closing Price p 2.69 2.64 2.10 2.02 1.87 1.60 0.91 0.71 0.59 0.46 0.12 -0.17 -1.13 -1.23 -1.34 -1.50 -1.51 -1.60 FTSE 100 SUMMARY Company Hargreave Hale AIM VCT Inch Kenneth Kajang Rubber Octopus AIM VCT FTSE 100 Closing Day's Price Change FTSE 100 3I Group PLC Admiral Group PLC Anglo American PLC Antofagasta PLC Arm Holdings PLC Ashtead Group PLC Associated British Foods PLC Astrazeneca PLC Aviva PLC Babcock International Group PLC Bae Systems PLC Barclays PLC Barratt Developments PLC Berkeley Group Holdings (The) PLC Bhp Billiton PLC BP PLC British American Tobacco PLC British Land Company PLC Bt Group PLC Bunzl PLC Burberry Group PLC Capita PLC Carnival PLC Centrica PLC Coca-Cola Hbc AG Compass Group PLC Crh PLC Dcc PLC Diageo PLC Direct Line Insurance Group PLC Dixons Carphone PLC Easyjet PLC Experian PLC Fresnillo PLC Gkn PLC Glaxosmithkline PLC Glencore PLC Hammerson PLC Hargreaves Lansdown PLC HSBC Holdings PLC Imperial Brands PLC Informa PLC Inmarsat PLC Intercontinental Hotels Group PLC International Consolidated Airlines Group S.A Intertek Group PLC Intu Properties PLC Itv PLC Johnson Matthey PLC Kingfisher PLC Land Securities Group PLC 552.00 1947 612.00 436.60 982.00 986.00 2950 4022.5 455.70 1032 483.00 186.20 598.50 3330 840.30 361.95 4205.5 760.00 451.90 2024 1097 1075 3446 205.30 1326 1288 2082 6260 1883 371.80 445.90 1552 1291 1017 273.40 1452.5 134.30 588.50 1346 448.45 3786 668.50 748.50 2671 544.00 3150 304.70 220.50 2883 374.60 1188 9.00 3.00 -17.20 -11.30 4.00 4.00 10.00 11.00 3.90 0.70 1.40 1.00 -45.00 -11.50 -2.50 20.50 -0.50 3.30 10.00 15.00 -23.00 67.00 -1.10 -4.00 1.00 22.00 -85.00 16.00 2.60 0.50 20.00 4.00 -15.00 -1.20 -4.50 -1.65 9.00 2.50 17.00 1.50 1.50 33.00 -0.50 0.60 1.70 7.00 3.70 -1.00 Closing Day's Price Change Legal & General Group PLC Lloyds Banking Group PLC London Stock Exchange Group PLC Marks And Spencer Group PLC Mediclinic International PLC Merlin Entertainments PLC Mondi PLC Morrison (Wm) Supermarkets PLC National Grid PLC Next PLC Old Mutual PLC Paddy Power Betfair PLC Pearson PLC Persimmon PLC Provident Financial PLC Prudential PLC Randgold Resources LD Reckitt Benckiser Group PLC RELX PLC Rexam PLC Rio Tinto PLC Rolls-Royce Holdings PLC Royal Bank Of Scotland Group PLC Royal Dutch Shell PLC Royal Dutch Shell PLC Royal Mail PLC Rsa Insurance Group PLC Sabmiller PLC Sage Group PLC Sainsbury (J) PLC Schroders PLC Severn Trent PLC Shire PLC Sky PLC Smith & Nephew PLC Sse PLC St James's Place PLC Standard Chartered PLC Standard Life PLC Taylor Wimpey PLC Tesco PLC Travis Perkins PLC Tui AG Unilever PLC United Utilities Group PLC Vodafone Group PLC Whitbread PLC Wolseley PLC Worldpay Group PLC WPP PLC 240.00 72.45 2724 386.60 870.50 423.00 1359 198.00 1009 5535 178.00 9145 828.50 2112 2914 1394 5735 6873 1250 627.00 1964 615.00 251.20 1680.5 1675 532.50 482.10 4283.5 604.50 269.30 2736 2291 4289 971.50 1179 1544 932.00 542.80 342.80 206.00 167.25 1927 1050 3152.5 971.00 232.60 4249 4088 272.20 1583 1.40 -0.36 -1.00 -4.00 2.50 0.70 4.00 1.20 9.00 90.00 45.00 3.00 -9.00 17.00 6.00 -120.00 -10.00 9.00 1.50 -5.00 -10.50 2.60 -12.50 -7.50 10.50 0.50 6.50 1.70 18.00 9.00 -60.00 5.00 -3.00 5.50 -6.40 0.90 1.40 -1.35 -6.00 11.00 25.00 16.00 0.55 7.00 -2.00 -0.50 -2.00 UK STOCK MARKET TRADING DATA May 27 May 26 May 25 May 24 May 23 Yr Ago SEAQ Bargains 5321.00 5330.00 5330.00 6001.00 5295.00 4214.00 Order Book Turnover (m) 158.39 158.37 158.37 349.08 56.72 194.53 Order Book Bargains 658755.00 658650.00 658650.00 777247.00 875187.00 815102.00 Order Book Shares Traded (m) 1230.00 1226.00 1226.00 1513.00 1616.00 1530.00 Total Equity Turnover (Êm) 2581.68 2662.60 2662.60 2907.72 2741.75 2727.76 Total Mkt Bargains 731770.00 733153.00 733153.00 866005.00 958830.00 888991.00 Total Shares Traded (m) 5456.00 5418.00 5418.00 6480.00 6125.00 5487.00 Excluding intra-market and overseas turnover *UK only total at 6pm UK plus intra-market turnover (u) Unavaliable (c) Market closed All data provided by Morningstar unless otherwise noted All elements listed are indicative and believed accurate at the time of publication No offer is made by Morningstar or the FT The FT does not warrant nor guarantee that the information is reliable or complete The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information For all queries e-mail ft.reader.enquiries@morningstar.com Data provided by Morningstar | www.morningstar.co.uk UK RECENT EQUITY ISSUES Int 1st Pre Turnover 0.113 0.145 1.862 1.815 0.703 0.816 Pre-tax 0.092L 0.105L 2.699L 3.755L 0.017L 0.02 Figures in Êm Earnings shown basic Figures in light text are for corresponding period year earlier For more information on dividend payments visit www.ft.com/marketsdata EPS(p) 0.2L 0.009L 0.03 0.22L 0.007L 0.03L Div(p) Pay day 1.75 Jul 1.75 2.8 Jul 22 2.5 Total 4.25 3.988 5.3 Issue date 05/27 05/26 05/18 05/13 05/12 05/10 05/10 05/06 05/05 Issue price(p) 75.00 160.00 130.00 200.00 9.00 148.00 8.00 208.00 108.00 Sector AIM AIM AIM AIM AIM Stock code ONC MOTR GSH HOTC TOOP MIDW MCL Stock Directa Plus PLC Joules Group PLC Oncimmune Holdings PLC Motorpoint Group PLC Green & Smart Holdings PLC Hotel Chocolat Group PLC Toople PLC Midwich Group PLC Morses Club PLC ĐPlacing price *Intoduction When issued Annual report/prospectus available at www.ft.com/ir For a full explanation of all the other symbols please refer to London Share Service notes Close price(p) 105.50 195.50 130.50 230.50 10.38 202.50 8.50 262.38 99.88 +/-0.50 1.00 -4.75 0.00 13.50 -0.13 6.75 -5.50 High 107.00 197.00 140.00 238.00 11.00 225.00 10.00 270.00 116.50 Low 83.00 160.00 126.00 200.00 10.00 148.00 8.00 209.48 100.00 Mkt Cap (Êm) 4664.5 17106.2 6658.7 23050.0 2870.4 22849.7 0.0 20845.2 12933.8 23 FINANCIAL TIMES Tuesday 31 May 2016 MARKET DATA FT500: THE WORLD'S LARGEST COMPANIES Stock Australia (A$) ANZ BHPBilltn CmwBkAu CSL NatAusBk Telstra Wesfarmers Westpc Woolworths Belgium () AnBshInBv KBC Grp Brazil (R$) Ambev Bradesco Cielo ItauHldFin Petrobras Vale Canada (C$) BCE BkMontrl BkNvaS Brookfield CanadPcR CanImp CanNatRs CanNatRy Enbridge GtWesLif ImpOil Manulife Potash RylBkC Suncor En ThmReut TntoDom TrnCan ValeantPh China (HK$) AgricBkCh Bk China BkofComm BOE Tech Ch Coms Cons Ch Evrbrght Ch Rail Cons Ch Rail Gp ChConstBk China Vanke ChinaCitic ChinaLife ChinaMBank ChinaMob ChinaPcIns ChMinsheng ChMrchSecs RMB Chna Utd Coms RMB ChShenEgy ChShpbldng RMB ChStConEng RMB ChUncHK CNNC Intl RMB CSR Daqin RMB Gree Elec Apl GuosenSec RMB HaitongSecs Hngzh HikVDT RMB Hunng Pwr IM Baotou Stl RMB In&CmBkCh IndstrlBk RMB Kweichow RMB Midea New Ch Life Ins PetroChina PingAnIns PngAnBnk RMB Pwr Cons Corp RMB SaicMtr RMB ShenwanHong ShgPdgBk RMB Sinopec Corp Sinopec Oil RMB Denmark (kr) DanskeBk MollerMrsk NovoB 52 Week High Low Price Day Chg Yld P/E MCap m 25.69 19.24 78.18 116.41 27.25 5.67 41.50 30.88 22.39 -0.16 -0.13 -0.72 0.68 -0.05 0.33 -0.10 0.31 33.86 29.59 88.88 117.61 34.90 6.53 44.14 35.15 29.22 21.86 10.97 10.63 53834.47 14.06 11.90 22.76 44382.87 69.79 7.69 14.81 96310.21 85.40 1.42 27.92 38252.86 23.82 11.31 10.63 51773.06 4.98 7.72 16.29 49788.86 36.65 6.92 18.88 33567.08 27.69 9.40 12.00 73986.19 20.50 8.91-262.09 20564.55 114.45 53.49 0.50 -0.09 124.20 66.00 87.73 44.15 3.05 25.90 205009.09 3.89 14.61 24908.36 19.08 25.58 30.98 26.09 10.51 14.26 -0.22 0.04 -0.67 -0.14 0.02 -0.03 20.46 32.00 38.56 33.78 15.05 22.19 15.99 16.27 23.36 21.49 5.67 8.60 2.87 4.19 1.57 2.89 7.70 23.90 7.77 18.85 5.87 -3.53 -2.21 83406.47 19755.13 19507.21 22109.9 21754.74 12759.4 60.87 83.17 64.90 46.59 170.52 102.14 38.56 78.29 51.98 35.97 42.15 19.42 21.66 80.46 35.78 55.09 57.73 54.00 37.69 0.39 -0.27 -0.10 0.05 0.69 -0.05 -0.34 0.07 -0.80 0.14 -0.11 -0.09 0.07 -0.09 -0.12 -0.01 0.06 -0.52 0.61 61.10 84.55 66.99 47.27 217.41 104.30 39.59 83.81 61.18 37.70 50.23 24.20 40.47 80.97 40.35 55.92 58.13 54.72 347.84 51.56 64.01 51.17 37.70 140.02 82.19 21.27 66.62 40.03 30.42 37.25 15.32 20.03 64.52 27.32 47.25 47.75 40.58 30.22 4.45 4.16 4.07 1.40 0.84 4.63 2.45 1.72 3.81 3.78 0.87 3.68 9.33 4.09 3.31 3.25 3.75 4.05 - 18.73 11.99 11.98 18.36 16.65 10.74 -83.76 16.77 28.15 13.00 58.11 15.61 13.99 11.65 -36.17 27.03 12.62 -27.01 -34.14 40459.54 40944.49 59711.05 35175.8 19967.31 30835.74 32369.7 46681.85 36944.19 27325.18 27329.36 29300.28 13904.02 91601.09 43300.32 31703.17 81792.67 29013.83 9889.78 2.80 3.16 4.75 2.05 8.71 3.30 9.64 5.84 4.97 18.18 4.48 17.06 15.92 88.00 26.20 7.37 15.52 3.89 12.32 5.94 5.30 8.43 6.75 7.37 6.37 0.17 14.60 12.42 20.49 5.20 2.85 4.10 15.87 256.13 1.75 26.00 5.32 33.90 10.28 5.84 19.91 0.17 17.95 5.35 3.87 0.02 -0.02 0.05 0.11 -0.02 0.03 0.20 0.03 0.14 0.85 0.25 0.03 0.01 0.02 -0.12 0.02 0.17 0.03 0.12 0.03 0.00 -0.02 0.22 -0.01 0.17 0.02 0.10 3.69 0.04 0.30 -0.03 0.25 0.01 0.05 0.16 0.00 0.21 0.06 0.01 4.32 5.48 8.61 4.78 14.02 5.30 15.20 10.76 7.98 24.10 6.78 38.30 26.85 104.90 42.20 11.12 34.59 10.67 20.75 19.97 10.55 13.72 14.38 16.98 15.15 0.45 34.20 25.80 49.19 11.08 7.34 6.88 20.82 283.00 2.68 51.10 9.27 58.60 17.45 16.85 27.36 0.40 20.12 6.96 14.23 2.50 2.83 4.24 1.55 5.77 3.07 6.72 4.21 4.31 15.52 4.00 16.12 12.72 79.00 23.70 6.13 13.45 3.82 10.12 5.66 4.88 7.87 4.07 6.61 6.30 0.13 13.28 10.00 20.28 4.96 2.66 3.72 11.90 166.20 1.65 22.00 4.16 30.50 9.30 5.60 14.00 0.12 11.91 3.86 3.77 8.07 7.46 7.05 0.97 2.41 7.00 1.93 1.66 7.52 3.39 2.87 5.23 3.18 2.27 3.10 5.13 1.79 7.34 0.66 3.36 2.94 1.99 7.80 1.42 2.50 1.35 9.02 7.74 3.72 1.77 5.68 0.97 3.67 2.48 1.75 1.77 6.76 4.37 4.60 - 4.23 11078.27 4.69 34012.52 4.32 21406.25 35.11 52.50 7.35 4963.76 4.28 2917.56 8.10 2576.31 9.06 3162.7 4.47 153799.77 9.00 3077.06 4.16 8581.8 14.28 16340 5.57 9407.49 13.99 231925.8 11.28 9359.31 4.71 6577.47 9.40 11324.61 30.97 12526.34 13.46 5389.4 -37.29 16204.99 6.03 24074.36 20.97 25984.26 26.12 3990.03 14.05 4146.57 8.31 14386.89 -3.45 299.94 10.12 4868.64 8.47 5450.71 20.14 9873.52 4.99 3146.06 -20.39 6815.82 4.36 45804.69 5.74 45934.04 19.38 48879.61 10.27 48.44 7.95 3460.75 51.80 14447.89 9.12 32497.28 6.28 18434.63 14.68 2927.76 7.00 33348.92 -0.23 54.71 6.28 50866.71 14.34 17569.32 -36.12 1048.46 192.80 8570 373.30 0.30 40.00 2.30 218.00 13560 415.00 168.30 7355 305.10 4.31 13.80 28403.46 - -49.96 13659.54 1.78 26.72 112513.22 Stock Price Day Chg Week change change % 232.00 18.5 27.50 16.0 5.19 13.3 1.51 13.0 10.81 11.7 24.40 11.1 2700.00 10.3 4.35 9.5 0.52 9.4 11.30 9.3 0.41 9.0 0.94 9.0 0.41 8.9 3.40 8.5 0.18 8.5 0.34 8.4 0.98 8.1 26.15 7.9 7.97 7.9 6.17 7.8 Month change % 18.53 5.21 1.03 3.21 13.47 3.19 3.02 8.74 1.45 8.44 -0.40 6.69 -0.49 8.32 -1.90 -0.16 -1.05 9.71 16.48 1.03 INTEREST RATES: OFFICIAL Current 0.25-0.50 3.50 0.75 0.00 0.50 0.00-0.00 0.00-0.25 May 27 (Libor: May 26) US$ Libor Euro Libor Ê Libor Swiss Fr Libor Yen Libor Euro Euribor Sterling CDs US$ CDs Euro CDs Stock 52 Week High Low Price Day Chg Yld P/E MCap m Japan (Ơ) AstellasPh 1493.5 27.50 2009 1358 1.96 19.10 29874.35 Bridgestne 3734 40.00 5180 3561 3.50 10.79 27334 Canon 3160 29.00 4334 2977.5 4.77 16.02 37944.57 CntJpRwy 19300 -5.00 22960 18255 0.57 13.65 35793.83 Denso 4341 21.00 6530 3879 2.60 14.41 34550.91 EastJpRwy 10080 138.00 12815 9162 1.14 18.54 35619.17 Fanuc 16735 385.00 28200 15300 4.24 19.27 31028.07 FastRetail 29385 385.00 61970 26320 1.27 55.45 28061.89 Fuji Hvy Ind 4120 149.00 5223 3275 2.42 8.57 29038.1 Hitachi 501.00 17.40 856.80 431.00 2.19 9.72 21801.19 HondaMtr 3122 95.00 4499 2726 2.58 11.81 50914.05 JapanTob 4383 71.00 4850 3551 2.71 17.80 78919.64 KDDI 3193 19.00 3446 2519 1.72 18.34 75329.62 Keyence 69330 90.00 70100 50500 0.26 38.06 37950.91 MitsbCp 1936.5 17.00 2837 1565 2.60 10.45 27721.67 MitsubEst 2125 32.00 2968 1962.5 0.65 58.34 26599.99 MitsubishiEle 1314 34.00 1713 947.00 1.88 12.73 25401.05 MitsuiFud 2673.5 19.50 3879 2260.5 0.96 23.13 23862.92 MitUFJFin 546.00 3.30 936.80 431.90 3.02 5.75 69648.42 Mizuho Fin 172.10 0.80 280.40 149.30 4.13 6.44 38789.69 Murata Mfg 12740 415.00 22220 11610 1.44 13.85 25837.12 NipponTT 4846 31.00 5419 4005 1.80 16.63 91461.88 Nissan Mt 1105 40.50 1350 922.00 3.11 8.85 44714.46 Nomura 475.10 2.70 909.20 435.10 4.43 8.23 16350.21 Nppn Stl 2251.5 -8.50 3505 1773.5 2.64 10.54 19263.1 NTTDCMo 2744.5 13.50 2888 1961 2.34 22.37 97809.78 Panasonic 995.30 30.30 1826.5 799.00 1.84 12.62 21980.86 Seven & I 4702 2.00 5998 4168 1.69 25.02 37524.65 ShnEtsuCh 6350 57.00 7790 5160 1.51 20.36 24702.93 Softbank 6175 122.00 7800 4133 0.59 14.51 66748.4 Sony 3082 4.00 3905 2199 0.67 31.29 35031.09 SumitomoF 3529 25.00 5770 2819.5 4.02 9.44 44926.43 Takeda Ph 4819 22.00 6609 4682 3.42 -36.89 34286.55 TokioMarine 3840 3.00 5504 3310 2.56 14.76 26188.56 Toyota 5681 92.00 8593 5256 3.63 8.40 170723.95 Mexico (Mex$) AmerMvl 11.53 0.03 16.94 10.87 2.48 22.06 26215.38 FEMSA UBD 168.43 -0.76 176.84 133.52 1.43 35.12 32611.88 WalMrtMex 44.15 -0.25 47.44 35.50 1.39 26.53 41717.24 Netherlands () Altice 15.49 0.12 47.73 9.98 - -50.74 14168.1 ASML Hld 89.48 -0.30 104.85 70.25 0.81 31.34 43187 Heineken 83.93 0.07 86.95 64.54 1.36 26.27 53845.27 ING 11.41 0.03 16.00 9.19 3.05 8.54 49273.2 Unilever 40.88 0.17 42.84 32.86 2.82 24.56 78074.98 Norway (Kr) DNB 108.00 0.20 138.80 90.10 3.61 7.45 21075.55 Statoil 135.50 0.40 148.00 97.25 5.47 55.37 51764.69 Telenor 142.90 2.10 186.10 116.80 2.73 54.93 25705.92 Qatar (QR) QatarNtBk 135.50 -0.50 163.17 122.50 2.63 9.77 31253.71 Russia (RUB) Gzprm neft 149.62 -0.26 170.43 122.75 4.31 4.88 53695.55 Lukoil 2698 16.00 2902 2040.1 5.28 7.48 34788.45 MmcNrlskNckl 9166 26.00 11284 7840 17.71 11.54 21988.6 Novatek 666.20 6.30 668.80 517.30 8.83 15.70 30664.57 Rosneft 320.35 -0.25 356.95 214.80 2.30 10.67 51468.57 Sberbank 133.85 0.65 135.08 66.50 0.33 14.85 43802.29 Surgutneftegas 33.74 -0.06 41.16 30.31 2.96 18273.13 Saudi Arabia (SR) AlRajhiBnk 57.90 -0.82 69.00 44.70 2.65 12.08 25087.66 Natnlcombnk 41.15 -0.57 69.00 36.60 3.85 8.82 21944.62 SaudiBasic 82.43 0.84 107.25 59.50 6.81 13.25 65937.84 SaudiTelec 63.31 -0.10 73.25 52.75 6.45 13.57 33762.18 Singapore (S$) DBS 15.55 0.01 21.50 13.01 4.03 8.57 28198.84 JardnMt US$ 56.00 0.50 61.30 45.00 2.57 11.75 39826.96 JardnStr US$ 29.49 0.18 33.41 25.24 0.93 9.13 32802.61 OCBC 8.55 -0.01 10.48 7.41 4.39 9.01 25464.24 SingTel 3.90 -0.03 4.44 3.38 4.34 16.67 45008.96 UOB 18.21 23.60 16.80 4.87 9.14 21187 South Africa (R) Firstrand 43.50 -0.40 57.80 34.08 4.90 10.75 15404.83 MTN Grp 126.03 0.19 237.32 109.56 11.99 6.23 14683.56 Naspers N 2269.66 -0.34 2280.7 1521.98 0.23 64.49 62748.09 South Korea (KRW) HyundMobis 254500-1000.00 272000 185500 1.46 12.78 20787.06 KoreaElePwr 63000 400.00 63700 40800 4.96 3.02 33935 SK Hynix 29000 350.00 51700 25650 1.83 6.15 17179.1 SmsungEl 1280000-2000.00 1393000 1033000 1.55 9.67 153549.88 Spain () BBVA 6.07 0.01 9.48 5.24 6.35 22.43 43812.08 BcoSantdr 4.41 0.01 6.89 3.31 7.07 10.87 70964.3 CaixaBnk 2.48 -0.02 4.50 2.33 5.05 19.92 16292.47 Iberdrola 6.17 0.00 6.71 5.66 2.65 15.24 43962.37 Inditex 30.24 0.14 35.38 26.00 1.33 32.69 104955.25 Repsol 11.88 0.04 17.76 7.95 8.32 -10.49 19077.53 Telefonica 9.54 0.01 14.31 8.48 8.13-240.83 52881.19 Last 1.00 3.50 0.75 0.05 0.50 0.00 0.00-0.75 Mnth Ago 0.25-0.50 3.50 1.00 0.05 0.50 0.00-0.10 -1.25 0.25 Year Ago 0.00-0.25 3.50 0.75 0.05 0.50 0.00-0.10 0-0.25 Day -0.001 0.001 0.000 Change Week 0.001 0.001 0.000 Month 0.002 0.000 -0.001 0.000 -0.007 0.000 0.000 0.000 0.000 One month 0.45665 -0.35286 0.51381 -0.76760 -0.04914 -0.34900 0.50000 0.43000 -0.39500 Three month 0.67305 -0.28171 0.58888 -0.73320 -0.02493 -0.26000 0.60000 0.62500 -0.30500 Six month 0.97810 -0.16129 0.73500 -0.64060 -0.00329 -0.14900 0.77500 0.87500 -0.20500 One year 1.31670 -0.03386 1.01025 -0.51640 0.09143 -0.01500 Short Days One Three Six One May 27 term notice month month month year Euro -0.45 -0.35 -0.45 -0.35 -0.47 -0.32 -0.38 -0.23 -0.28 -0.13 -0.09 0.06 Sterling 0.45 0.55 0.45 0.55 0.55 0.65 0.70 0.85 0.93 1.08 Swiss Franc Canadian Dollar US Dollar 0.35 0.45 0.35 0.45 0.40 0.50 0.55 0.65 0.90 1.00 1.25 1.35 Japanese Yen -0.10 0.10 -0.35 -0.15 -0.30 -0.10 -0.30 -0.10 -0.20 0.00 -0.10 0.10 Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time Other data sources: US $, Euro & CDs: Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA COMMODITIES Energy Price* Crude Oil Jun 49.28 Brent Crude Oil 50.28 RBOB Gasoline Jun 1.63 Heating Oil Jun 1.50 Natural Gas Jun 2.16 Ethanol Uranium Jun 28.20 Carbon Emissions Diesel Unleaded (95R) Base Metals ( LME Months) Aluminium 1557.50 Aluminium Alloy 1540.00 Copper 4687.00 Lead 1698.50 Nickel 8385.00 Tin 16155.00 Zinc 1904.50 Precious Metals (PM London Fix) Gold 1216.25 Silver (US cents) 1630.00 Platinum 984.00 Palladium 546.00 Bulk Commodities Iron Ore (Platts) 50.20 Iron Ore (The Steel Index) 50.30 GlobalCOAL RB Index 54.25 Baltic Dry Index 606.00 www.ft.com/commodities Change -0.24 0.88 0.00 -0.01 -0.01 0.00 2.50 -60.00 25.00 21.00 35.00 395.00 27.50 -7.60 -16.00 -19.00 1.00 -1.60 -0.60 -0.25 5.00 Agricultural & Cattle Futures Corn Wheat Soybeans Soybeans Meal Cocoa (ICE Liffe)X Cocoa (ICE US) Coffee(Robusta)X Coffee (Arabica) White SugarX Sugar 11 Cotton Orange Juice Palm Oil Live Cattle Feeder Cattle Lean Hogs S&P GSCI Spt DJ UBS Spot R/J CRB TR Rogers RICIX TR M Lynch MLCX Ex Rtn UBS Bberg CMCI TR LEBA EUA Carbon LEBA CER Carbon LEBA UK Power Jun Aug Jun Price* 413.25 480.75 1087.25 402.40 2205.00 2993.00 1642.00 121.35 486.10 17.72 64.39 146.85 119.70 146.48 80.45 Change 0.00 0.00 0.00 0.00 35.00 49.00 4.00 -0.45 1.40 0.08 0.11 -1.65 0.00 1.25 0.00 May 26 371.88 85.47 186.92 2205.97 231.14 13.33 5.01 0.40 1950.00 % Chg Month 5.75 1.94 2.02 -9.84 2.27 -0.99 0.00 -51.62 % Chg Year -14.03 -15.19 -15.33 -33.05 -14.10 -26.32 -4.76 17.82 Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ unless otherwise stated Stock Price Day Chg Sweden (SKr) AtlasCpcoB 196.80 -1.50 Ericsson 64.85 0.45 H&M 260.30 1.60 Investor 291.45 -1.55 Nordea Bk 82.13 -0.03 SEB 81.05 SvnskaHn 107.40 -0.50 Swedbank 186.60 1.00 Telia Co 39.88 0.36 Volvo 92.30 -0.20 Switzerland (SFr) ABB 20.96 CredSuisse 13.98 -0.17 Nestle 74.15 -0.10 Novartis 79.55 -0.05 Richemont 58.95 0.20 Roche 262.00 -1.40 Swiss Re 89.40 0.10 Swisscom 479.90 1.20 Syngent 393.50 -1.50 UBS 15.28 -0.06 Zurich Fin 244.20 0.30 Taiwan (NT$) Chunghwa Telecom 110.00 -0.50 Formosa PetChem 90.10 0.20 HonHaiPrc 79.50 1.10 MediaTek 216.50 4.00 TaiwanSem 157.00 0.50 Thailand (THB) PTT Explor 310.00 3.00 United Arab Emirates (Dhs) Emirtestele 17.45 0.05 United Kingdom (p) AscBrFd 2950 10.00 AstraZen 4022.5 11.00 Aviva 455.70 3.90 Barclays 186.20 1.40 BP 361.95 -2.50 BrAmTob 4205.5 20.50 BSkyB 971.50 BT 451.90 3.30 Compass 1288 1.00 Diageo 1883 16.00 GlaxoSmh 1452.5 -4.50 Glencore 134.30 -1.65 HSBC 448.45 2.50 Imperial Brands 3786 17.00 LlydsBkg 72.45 -0.36 Natl Grid 1009 9.00 Prudential 1394 6.00 RBS 251.20 2.60 ReckittB 6873 -10.00 RELX 1250 9.00 RioTinto 1964 -5.00 RollsRoyce 615.00 -10.50 RylDShlA 1675 -7.50 SABMill 4283.5 6.50 Shire 4289 -60.00 StandCh 542.80 -6.40 Tesco 167.25 -1.35 Vodafone 232.60 0.55 WPP 1583 -2.00 United States of America ($) 21stC Fox A 28.93 0.17 3M 168.89 -0.02 AbbottLb 39.30 0.41 Abbvie 62.71 0.81 Accenture 118.94 0.53 Adobe 100.14 0.77 AEP 64.31 -0.02 Aetna 113.25 0.18 Aflac 69.56 0.38 AirProd 143.06 -0.01 Alexion 150.42 2.25 Allegran 235.94 3.58 Allstate 67.68 0.17 Alphabet 747.60 10.67 Altria 63.96 -0.04 Amazon 712.24 -2.67 AmerAir 31.65 0.14 AmerExpr 65.52 0.29 AmerIntGrp 58.32 0.57 AmerTower 106.06 0.76 Amgen 156.74 1.19 Anadarko 51.53 -0.75 Anthem 130.70 1.09 Aon Cp 108.63 1.65 Apple 100.35 -0.06 ArcherDan 43.23 0.16 52 Week High Low Yld P/E MCap m 234.30 97.60 362.00 343.70 114.60 111.10 137.10 208.00 52.95 115.70 162.60 60.70 252.00 256.80 72.40 72.75 95.85 150.80 36.61 72.20 3.19 5.49 3.82 3.23 7.53 5.63 4.38 5.84 7.87 3.40 20.11 14.34 21.33 -8.08 10.23 10.53 12.38 13.79 19.14 12.30 22.16 28.94 76.95 103.20 86.75 283.90 99.75 572.00 435.20 22.57 307.10 15.94 12.23 65.70 67.00 55.65 229.90 76.85 452.70 288.50 14.01 194.70 5.19 2.92 3.44 2.66 3.00 5.10 4.83 2.93 5.17 - 24.55 48895.97 -5.50 27577.89 26.08 238266.42 28.08 210619.29 19.41 31012.24 25.91 185509.12 8.08 33400.05 17.15 25053.92 27.52 36859.78 11.20 59289.81 24.15 37035.44 112.00 94.50 99.70 439.50 163.00 93.10 4.56 19.15 26144.15 63.90 0.97 14.69 26296.41 72.50 4.70 8.45 38090.8 192.00 10.48 14.23 10424.58 112.50 2.96 13.67 124730.32 367.00 197.00 19.10 11.35 4.26 18.00 41317.84 3606 2850 4634 3746 537.50 400.10 289.90 143.91 456.90 249.44 4357.13 3231.5 1180 917.97 502.60 404.00 1312 963.00 1964.38 1592.5 1532.1 1227.5 290.35 66.67 633.22 413.95 3898 2926 89.35 55.84 1015.5 806.40 1665.19 1045.99 370.00 204.30 7069.82 5403 1323 988.50 2923 1557 1023 497.00 1973.5 1256 4590.8 2773 5870 3423 1102.75 373.40 227.35 137.00 258.00 197.70 1690 1273 1.15 41.34 34152.33 4.67 25.04 74384.59 4.17 20.43 26982.98 3.49 -91.19 46039.72 7.72 -9.89 98691.69 3.57 18.26 114648.89 3.38 26.60 24421.4 2.85 15.22 65603.41 2.28 23.48 30946.64 3.00 19.16 69308.96 5.51 115.62 103457.67 9.09 -5.31 28270.41 7.84 11.03 129928.92 3.72 32.09 53078.68 3.11 -1.22 75618.33 4.25 17.59 55284.16 2.73 13.82 52446.23 -6.68 42974.7 1.88 28.53 70860.93 2.11 26.38 36979.86 7.82 -60.99 39474.57 2.29 137.28 16536.31 7.76 -78.46 104722.19 1.74 35.48 101581.89 0.42 27.41 37209.18 8.27 -9.36 26046.4 60.60 19992.11 4.82 -43.56 90343.26 2.68 17.91 29900.82 34.70 171.27 51.74 71.60 119.72 100.33 67.19 134.40 70.09 152.16 208.88 340.34 69.48 810.35 65.53 722.45 47.09 81.92 64.93 107.24 181.81 85.43 173.59 109.00 132.97 53.31 22.66 134.00 36.00 45.45 88.43 71.27 52.29 92.42 51.41 114.64 124.16 195.50 54.12 538.85 47.31 419.14 30.99 50.27 50.20 83.07 130.09 28.16 115.63 83.83 89.47 29.86 9209.87 23668.68 45598.1 15920.52 39888.26 21092.91 24109.22 25332.62 20709.58 17964.86 3.33 40.76 24777.97 1.05 24.44 31699.35 2.52 21.32 102434.24 2.54 27.14 57737.67 3.41 18.48 101424.56 1.87 20.76 96687.86 60.55 50090.98 3.45 18.86 31596.36 0.67 16.79 39705.45 2.34 11.27 28796.94 2.34 21.61 30912.57 - 226.24 33697.11 - -37.38 93327.7 1.85 16.26 25337.17 30.95 219551.54 3.52 22.68 125132.93 - 288.91 336054.75 1.29 2.79 18299.14 1.80 12.88 62311.69 1.75-175.77 65261.97 1.74 67.59 45035.71 2.19 16.31 117745.76 1.70 -5.78 26302.28 1.96 14.45 34367.96 1.12 21.83 28778.45 2.11 11.00 549659.6 2.68 16.36 25401.17 Stock 52 Week High Low Price Day Chg AT&T AutomData Avago Tech BakerHu BankAm Baxter BB & T BectonDick BerkshHat Biogen BkNYMeln BlackRock Boeing BrisMySq CapOne CardinalHlth Carnival Caterpillar CBS Celgene CharlesSch Charter Communications ChevrnTx Chubb Cigna Cisco Citigroup CME Grp Coca-Cola Cognizant ColgtPlm Comcast ConocPhil Corning Costco CrownCstl CSX CVS Danaher Deere Delphi Delta Devon Energy DiscFinServ Disney DominRes DowChem DukeEner DuPont Eaton eBay Ecolab EMC Emerson EOG Res EquityResTP Exelon ExpScripts ExxonMb Facebook Fedex FordMtr Franklin GenDyn GenElectric GenMills GenMotors GileadSci GoldmSchs Halliburton HCA Hold Hew-Pack HiltonWwde HomeDep Honywell HumanaInc IBM IllinoisTool Illumina Intcntl Exch Intel Intuit John&John JohnsonCn JPMrgnCh Kimb-Clark KinderM Kraft Heinz Kroger L Brands LasVegasSd LibertyGbl 38.99 0.15 39.72 30.97 88.04 0.34 91.00 64.29 153.30 0.28 159.65 100.00 46.04 0.64 65.90 37.58 14.88 0.18 18.48 10.99 43.31 -0.12 46.95 32.18 36.35 0.22 41.90 29.95 166.99 -0.20 169.08 128.87 214303 -297.00 221985 186900 282.79 0.79 420.99 242.07 42.27 0.24 45.45 32.20 365.09 1.99 369.76 275.00 129.22 -0.09 150.59 102.10 71.31 0.58 73.06 51.82 73.83 1.27 92.10 58.49 78.15 0.86 91.23 74.73 48.60 1.01 55.77 40.52 71.96 -0.12 88.81 56.36 54.87 0.52 62.97 38.51 106.43 0.65 140.72 92.98 30.63 0.48 35.72 21.51 219.97 0.93 233.70 156.13 102.02 0.52 104.26 69.58 127.22 0.85 128.14 96.00 128.82 -0.05 170.68 123.54 28.92 0.02 29.62 22.46 46.58 0.47 60.95 34.52 98.61 1.14 100.87 81.87 44.78 0.09 47.13 36.56 62.46 0.20 69.80 51.22 70.59 0.10 72.72 50.84 62.88 0.59 64.99 50.01 44.33 -0.40 64.47 31.05 20.51 0.38 21.29 15.42 149.08 -0.63 169.73 117.03 90.80 -0.01 91.97 75.71 25.89 0.11 35.67 21.33 96.94 -0.01 113.65 81.37 98.91 -0.29 100.50 81.25 80.50 0.23 98.23 70.16 67.78 0.59 90.57 55.59 43.12 0.36 52.77 34.61 35.90 65.95 18.07 56.78 0.59 59.88 42.86 100.29 0.48 122.08 86.25 71.61 0.04 76.59 64.54 52.18 0.19 57.10 35.11 77.98 0.02 81.39 65.50 67.17 0.21 75.72 47.11 61.63 0.11 73.28 46.19 24.36 0.24 29.83 21.52 118.34 0.14 122.48 98.62 27.83 -0.01 28.77 22.66 52.20 0.18 61.28 41.25 81.57 -0.73 91.48 57.15 68.72 -0.02 82.39 61.90 34.33 0.16 35.95 25.09 74.97 0.26 94.61 65.55 90.01 0.21 90.46 66.55 119.38 -0.09 121.08 72.00 164.47 1.07 185.19 119.71 13.45 -0.01 15.84 10.44 37.36 0.33 51.94 31.00 143.13 0.30 153.76 121.61 30.12 0.10 32.05 19.37 62.87 65.49 47.43 31.39 0.10 36.88 24.62 85.82 0.53 123.37 81.28 159.53 0.96 218.77 139.05 42.58 0.12 46.69 27.64 77.36 0.16 95.49 43.91 13.17 0.13 15.56 8.91 20.75 0.25 29.55 16.16 133.94 -0.11 137.82 92.17 114.33 0.14 116.56 87.00 173.74 -0.51 219.79 155.24 152.84 0.40 173.78 116.90 105.34 0.08 106.19 78.79 143.85 0.73 242.37 127.10 270.21 2.21 271.72 220.28 31.57 0.08 35.59 24.87 107.89 1.06 108.20 79.63 113.06 0.16 115.00 81.79 44.10 0.05 54.52 33.62 65.43 0.40 70.61 50.07 128.45 0.53 138.76 103.04 17.85 -0.07 41.84 11.20 84.10 0.29 86.66 61.42 35.71 0.12 42.75 27.32 67.92 1.47 101.11 60.00 46.19 0.77 57.77 34.88 37.31 0.79 58.56 30.65 BONDS: HIGH YIELD & EMERGING MARKET Close Prev price price MTN Grp 126.03 125.84 Firstrand 43.50 43.90 Naspers N 2269.66 2270.00 Gree Elec Apl 0.17 0.17 Charter Communications 219.97 219.04 Petrobras 10.49 10.49 BOE Tech 2.05 2.05 Marathon Ptl 35.11 34.55 Anthem 130.70 129.61 MollerMrsk 8530.00 8530.00 Wesfarmers 41.50 41.17 RollsRoyce 615.00 625.50 Williams Cos 21.48 20.81 Carnival 48.60 47.59 ValeroEngy 54.57 54.09 CVS 96.94 96.95 Sinopec Oil 3.87 3.86 Cigna 128.82 128.87 NorfolkS 84.00 83.83 ChMrchSecs 15.52 15.51 Based on the FT Global 500 companies in local currency Day Week change change % change change % 0.19 0.15 -12620.97 -99.0 -0.40 -0.91 -4166.50 -99.0 -0.34 -0.01 -210126.34 -98.9 0.00 0.58 -0.01 -7.5 0.93 0.42 -13.14 -5.6 0.00 0.00 -0.55 -5.0 0.00 0.00 -0.10 -4.7 0.56 1.62 -1.52 -4.1 1.09 0.84 -5.03 -3.7 0.00 0.00 -295.00 -3.3 0.33 0.80 -1.36 -3.2 -10.50 -1.68 -20.00 -3.1 0.67 3.22 -0.67 -3.0 1.01 2.12 -1.43 -2.9 0.48 0.89 -1.56 -2.8 -0.01 -0.01 -2.52 -2.5 0.01 0.26 -0.08 -2.0 -0.05 -0.04 -2.46 -1.9 0.17 0.20 -1.44 -1.7 0.01 0.06 -0.23 -1.5 Month change % -15.09 -5.08 16.22 -15.20 6.56 -20.65 -4.65 -15.13 -9.71 -6.24 -2.97 -8.62 7.40 -1.80 -12.25 -5.61 -14.19 -7.50 -9.90 -7.23 BOND INDICES Since 16-12-2015 16-12-2008 16-12-2015 10-09-2014 05-03-2009 05-10-2010 15-01-2015 INTEREST RATES: MARKET Over night 0.38500 -0.39714 0.48375 P/E MCap m FT 500: BOTTOM 20 Day change change % 0.00 0.00 0.00 0.00 1.71 4.02 0.13 1.00 0.49 0.48 0.00 0.00 350.00 1.22 0.52 1.03 0.01 0.20 0.00 0.00 0.03 0.61 0.03 0.26 0.00 0.00 0.16 0.37 0.00 0.00 0.01 0.32 0.00 0.00 0.00 0.00 -0.13 -0.12 1.21 1.44 Close Prev price price L&T 1487.10 1487.10 SBI NewA 198.85 198.85 Viacom 44.24 42.53 Hew-Pack 13.17 13.04 Netflix 103.30 102.81 ICICI Bk 244.50 244.50 SK Hynix 29000.00 28650.00 BNP Parib 50.28 49.77 BBVA 6.07 6.06 Sberbank 133.20 133.20 ChConstBk 4.97 4.94 ING 11.41 11.38 Nokia 5.06 5.06 ArcherDan 43.23 43.07 IntSPaolo 2.36 2.36 BcoSantdr 4.41 4.40 Generali 13.12 13.12 ITC 356.50 356.50 Monsanto 109.49 109.62 Renault 85.15 83.94 Based on the FT Global 500 companies in local currency Rate Fed Funds Prime Discount Repo Repo O'night Call Libor Target Yld Finland () Nokia 5.12 0.06 7.11 4.52 2.85 28.26 32938.14 SampoA 40.37 47.67 36.76 5.03 13.72 25125.87 France () Airbus Grpe 56.30 0.28 68.50 49.96 2.22 18.50 48884.35 AirLiquide 98.60 0.87 123.65 90.77 2.50 19.98 37823 AXA 22.70 -0.01 26.02 18.80 4.05 10.19 61392.51 BNP Parib 50.28 0.52 61.00 37.00 3.11 9.18 69799.67 ChristianDior 146.65 0.40 195.35 140.80 2.11 17.73 29682.98 Cred Agr 9.10 0.01 14.48 7.59 4.00 7.02 26742.21 Danone 63.56 0.43 66.50 51.73 2.28 31.26 46432.5 EDF 12.22 -0.02 22.81 9.13 9.51 6.91 26156.26 Engie SA 13.98 0.10 18.90 12.96 6.92 -7.26 37919.53 Esslr Intl 118.25 125.15 95.01 0.83 34.96 28511.54 Hermes Intl 324.25 -0.25 365.55 281.20 0.88 36.21 38126.24 LOreal 167.45 0.55 178.95 140.40 1.56 29.63 104999.34 LVMH 145.40 0.35 176.60 130.75 2.20 21.23 82124.55 Nmrcble-SFR 28.45 0.50 56.64 25.57 - -36.15 13884.46 Orange 15.58 0.12 16.98 12.21 3.73 21.47 45965.98 PernodRic 99.19 0.95 114.90 88.00 1.76 28.43 29323.11 Renault 85.15 1.21 98.87 59.59 2.16 8.55 28046.24 Safran 63.36 0.40 72.45 48.87 1.89 -64.48 29429.84 Sanofi 73.91 0.11 101.10 66.44 3.73 22.87 105933.47 Sant Gbn 40.02 -0.04 44.84 31.47 1.50 62.66 25003.57 Schneider 58.19 -0.11 71.29 45.32 3.19 24.45 38156.95 SocGen 37.31 0.36 48.77 26.61 3.35 7.88 33562.54 Total 43.77 -0.14 47.40 35.21 5.70 27.75 120827.75 UnibailR 244.75 -0.25 257.85 212.05 3.80 10.87 27015.83 Vinci 68.15 -0.03 68.29 50.08 2.54 19.21 45105.2 Vivendi 17.95 0.05 24.83 16.30 17.40 15.10 27354.73 Germany () Allianz 147.00 0.25 170.00 126.55 4.51 10.43 74823.74 BASF 70.08 0.16 86.96 56.01 4.16 14.76 71691.74 Bayer 86.44 1.11 138.00 83.45 2.71 16.31 79615.71 BMW 75.76 0.60 105.45 66.00 3.98 7.37 50797.1 Continental 192.45 0.85 231.90 171.30 1.76 13.18 42871.31 Daimler 61.60 0.92 88.87 56.19 5.49 8.10 73401.41 Deut Bank 16.39 0.10 32.31 13.03 4.76 -2.97 25171.13 Deut Tlkm 16.00 0.11 17.57 13.39 3.25 12.56 82093.99 DeutsPost 26.64 -0.04 29.10 19.55 19.18 35984.27 E.ON 8.93 0.03 13.79 7.08 1.63 -2.42 19900.13 Fresenius Med 78.60 0.26 83.17 63.10 0.99 25.06 26816.08 Fresenius SE 68.30 0.27 70.00 52.39 0.67 25.67 41515.66 HenkelKgaA 92.51 0.45 95.37 75.76 1.45 19.53 26768.67 Linde 134.85 1.00 182.55 113.50 2.43 20.87 27896.28 MuenchRkv 169.70 0.25 193.65 154.65 4.42 9.36 31535.39 SAP 72.93 0.16 75.75 53.91 1.57 26.06 99790.4 Siemens 98.35 -0.34 100.90 77.91 3.25 16.14 93110.62 Volkswgn 141.35 1.30 228.05 95.00 3.29 -46.29 46457.51 Hong Kong (HK$) AIA 44.80 -0.05 53.50 36.85 1.15 26.48 69482.79 BOC Hold 23.70 0.45 33.30 18.82 4.70 10.51 32253.01 Ch OSLnd&Inv 23.25 0.20 29.15 20.45 2.35 6.48 29509.17 ChngKng 48.65 0.45 77.55 38.20 0.72 11.03 24084.67 Citic Ltd 11.18 0.10 15.28 10.02 2.67 6.97 41862.05 Citic Secs 16.40 0.20 33.65 12.82 2.13 8.97 6160.42 CK Hutchison 90.30 -0.05 124.70 87.95 4.09 7.66 44861.2 CNOOC 9.26 -0.18 12.64 6.41 5.92 17.22 53215.75 HangSeng 137.40 0.20 162.10 121.10 4.05 9.61 33812.01 HK Exc&Clr 183.10 0.80 303.20 160.10 2.84 27.73 28482.63 MTR 36.35 0.05 39.25 33.10 2.87 16.47 27500.24 SandsCh 29.55 0.60 37.55 20.75 6.69 21.20 30693.67 SHK Props 90.95 1.70 134.80 79.00 2.62 8.76 33891.49 Tencent 169.90 -1.30 172.50 124.00 0.21 42.24 205728.07 India (Rs) Bhartiartl 355.90 452.45 282.30 0.63 25.91 21166.03 HDFC Bk 1179.75 1195 928.00 0.68 25.92 44392.84 Hind Unilevr 854.35 944.00 766.40 1.67 40.06 27505.15 HsngDevFin 1233.95 1372.4 1011.45 1.23 20.82 29013.49 ICICI Bk 244.50 321.00 180.75 2.06 11.03 21156.08 Infosys 1267.6 2064 932.65 3.32 20.65 43317.83 ITC 356.50 364.00 268.00 1.78 28.08 42681.42 L&T 1487.1 1888 1016.05 1.01 27.39 20616.41 OilNatGas 213.45 337.20 187.75 4.59 9.41 27169.07 RelianceIn 968.70 1089.75 818.00 1.04 10.63 46713.27 SBI NewA 198.85 291.80 148.25 1.77 9.58 22965.55 SunPhrmInds 812.10 979.00 704.00 0.37 49.83 29077.97 Tata Cons 2636.4 2770 2115 1.53 23.84 77286.86 Indonesia (Rp) Bk Cent Asia 13200 200.00 14300 11000 1.14 18.39 23851.01 Israel (ILS) TevaPha 196.20 -3.50 275.90 189.40 2.69 25.96 52313.94 Italy () Enel 4.12 0.02 4.50 3.33 3.54 16.48 46630.6 ENI 13.94 0.11 16.99 10.93 7.17 -5.31 56425.52 Generali 13.18 0.06 18.29 10.90 4.74 10.24 22898.84 IntSPaolo 2.37 0.02 3.65 2.12 3.07 14.92 41935.1 Luxottica 49.43 0.48 67.80 46.58 1.41 30.62 26632.32 Unicred 3.00 0.01 6.61 2.76 4.17 10.24 20614.95 FT 500: TOP 20 May 27 US US US Euro UK Japan Switzerland 52 Week High Low Bid yield Mth's Spread chge vs yield US May 27 High Yield US$ Navient Corporation S* F* Bid price 06/18 8.45 BB- Ba3 BB 108.07 4.32 -0.02 -0.46 3.40 High Yield Euro Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - Emerging US$ Mexico Brazil Russia Peru Peru Colombia Brazil Poland Turkey Turkey 09/16 01/18 07/18 03/19 03/19 07/21 01/22 03/22 09/22 10/26 11.40 8.00 11.00 7.13 7.13 4.38 12.50 5.00 6.25 4.88 BBB+ BB+ BB+ BBB+ BBB+ BBB BB+ A- A3 Ba2 Ba1 A3 A3 Baa2 Ba2 A2 Baa3 Baa3 BBB+ BB BBBBBB+ BBB+ BBB BB ABBBBBB- 106.80 104.96 117.50 128.75 114.01 104.03 106.39 117.38 110.11 100.56 1.49 4.83 2.58 1.95 2.60 3.54 10.97 2.80 4.45 4.86 0.03 0.00 -0.01 0.00 0.00 -0.01 0.00 0.00 -0.01 0.00 0.01 0.00 -0.26 0.00 0.20 0.14 0.00 0.00 0.32 0.32 0.44 3.91 1.66 1.03 0.84 2.14 9.57 1.40 3.05 3.01 Emerging Euro Brazil 02/15 7.38 BBBBaa2 BBB 111.75 0.73 0.00 0.00 0.09 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.58 Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 0.00 0.66 Bulgaria 09/25 5.75 BB+ BBB- 118.14 3.49 0.00 -0.14 1.64 Data provided by SIX Financial Information & Tullett Prebon Information US $ denominated bonds NY close; all other London close *S - Standard & Poors, M - Moodys, F - Fitch VOLATILITY INDICES Index Day's change Markit IBoxx ABF Pan-Asia unhedged Corporates( Ê) Corporates($) Corporates() Eurozone Sov() Gilts( Ê) Global Inflation-Lkd Markit iBoxx Ê Non-Gilts Overall ($) Overall( Ê) Overall() Treasuries ($) 180.15 308.20 260.82 217.48 232.85 301.95 248.32 307.62 232.92 300.88 227.41 223.51 0.26 0.30 -0.05 0.15 0.33 0.36 0.15 0.27 -0.08 0.34 0.25 -0.10 -2.20 0.72 -0.54 0.13 1.05 1.33 -0.73 0.86 -0.27 1.19 0.79 -0.11 3.96 4.41 4.55 2.93 3.35 5.26 4.19 4.30 3.51 4.98 3.04 3.10 -1.81 1.09 -0.54 -0.02 0.99 1.39 0.64 1.14 -0.27 1.32 0.71 -0.11 0.02 3.80 4.55 1.98 4.22 6.45 0.42 3.87 3.51 5.67 3.44 3.10 FTSE Sterling Corporate (Ê) Euro Corporate () Euro Emerging Mkts () Eurozone Govt Bond 112.66 108.00 883.86 115.82 0.05 -0.15 9.30 -0.26 - - 1.07 0.01 -4.58 0.89 -0.68 -0.94 -11.42 0.91 Index Day's change Week's change Month's change Series high Series low 305.52 70.78 65.80 88.71 0.07 -0.19 -0.90 -0.35 -26.75 -7.43 -5.10 -8.49 3.61 0.10 -1.87 1.59 339.86 82.07 93.03 102.83 288.69 67.59 64.39 80.36 CREDIT INDICES Markit iTraxx Crossover 5Y Europe 5Y Japan 5Y Senior Financials 5Y Month's change Year change Return month Return year Markit CDX Emerging Markets 5Y 298.89 -0.77 -6.76 21.52 313.33 271.25 Nth Amer High Yld 5Y 431.68 3.01 -31.86 3.34 463.54 415.17 Nth Amer Inv Grade 5Y 77.04 -0.11 -8.04 0.77 85.25 72.99 Websites: markit.com, ftse.com All indices shown are unhedged Currencies are shown in brackets after the index names BONDS: INDEX-LINKED Price Month Value No of Yield May 27 May 27 Prev return stock Market stocks Can 4.25%' 21 126.16 -0.435 -0.493 0.48 5.18 74017.54 Fr 2.25%' 20 114.21 -1.073 -1.090 0.23 20.31 227151.12 15 Swe 0.25%' 22 111.96 -1.404 -1.396 1.17 29.90 242715.36 UK 2.5%' 20 359.66 -1.493 -1.520 0.10 6.58 512180.00 27 UK 2.5%' 24 341.87 -1.010 -1.035 0.90 6.82 512180.00 27 UK 2%' 35 233.25 -0.843 -0.866 1.44 9.08 512180.00 27 US 0.625%' 21 104.22 -0.193 -0.214 -0.43 35.84 1148930.08 37 US 3.625%' 28 136.47 0.466 -0.214 -0.66 16.78 1148930.08 37 Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies Total market value In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par amount BONDS: TEN YEAR GOVT SPREADS Bid Yield Spread Spread vs vs Bund T-Bonds Australia 2.40 2.23 0.55 Italy Austria 0.53 0.36 -1.32 Japan Belgium 0.54 0.36 -1.31 Netherlands Canada 1.35 1.18 -0.50 Norway Denmark 0.41 0.24 -1.44 Portugal Finland 0.44 0.27 -1.41 Spain France 0.51 0.33 -1.34 Switzerland Germany 0.18 0.00 -1.68 United Kingdom Greece 7.17 7.00 5.32 United States Ireland 0.80 0.63 -1.05 Data provided by SIX Financial Information & Tullett Prebon Information Bid Yield 1.47 -0.12 0.25 1.40 3.05 1.50 -0.32 1.56 1.85 Spread Spread vs vs Bund T-Bonds 1.29 -0.29 0.08 1.22 2.88 1.32 -0.49 1.39 1.68 -0.39 -1.97 -1.60 -0.46 1.20 -0.36 -2.17 -0.29 0.00 Stock 4.96 16.26 240022.44 2.36 27.27 40105.28 1.10 29.52 59855.67 1.50 -8.43 20161.55 1.37 11.75 152846.1 2.03 6.42 23918.5 3.02 13.98 28439.48 1.53 43.91 35435.61 14.13 172869.23 17.09 61945.57 1.64 15.03 45528.28 2.46 19.02 59643.56 3.01 17.17 82314.58 2.14 74.84 119038.3 2.20 10.57 37808.3 2.01 18.35 25462.47 2.48 19.45 27319.86 4.25 37.33 42016.84 1.11 17.42 22788.24 50.86 82440.84 0.80 27.32 40483.4 - -57.97 68351.13 4.27 145.12 192277.34 2.14 17.30 59090.95 0.03 15.57 33044.02 3.07 14.43 145459.27 0.44 9.13 136709 2.17 25.53 33393.27 3.04 26.59 193727.18 22.38 37842.61 2.19 45.72 63038.12 1.66 18.72 152028.2 5.64 -8.78 54897.71 2.45 54.97 22055.4 1.13 27.22 65451.35 3.82 71.71 30650.42 2.83 13.22 24747.4 1.55 20.66 104115.7 0.58 24.43 68118.87 2.97 16.17 25297.84 1.56 15.60 18502.38 1.17 7.11 33271.06 2.72 -1.08 18811.6 2.01 10.75 23406.15 1.39 18.16 162714.58 3.75 22.23 44127.39 3.43 10.13 58589.16 4.26 19.47 53720.72 2.47 28.21 58673.8 3.66 14.69 28226.54 14.58 27987.31 1.17 34.95 34709.74 1.68 26.66 54357.46 3.68 17.45 33582.92 0.84 -9.08 44886.06 3.20 6.03 25117.31 3.67 17.52 30461.49 19.39 47421.22 3.30 28.47 373236.49 72.12 275990.46 0.61 44.36 44147.66 4.54 6.10 52481.67 1.80 13.31 21853.04 2.50 15.17 43747.25 3.11 46.95 276973.19 2.94 24.41 37370.02 4.73 4.66 48335.12 2.04 7.21 114296.92 1.66 17.74 66267.81 1.72 -14.69 36587.5 14.33 30251.93 4.98 5.24 22740.08 1.03 12.91 20537.69 1.83 23.56 166622.34 1.98 18.24 87132.66 0.68 23.84 25893.63 3.46 11.31 146720.57 2.06 19.87 37856.07 50.84 21174.72 1.17 22.81 32167.32 3.16 13.21 148928.36 1.06 39.28 27605.95 2.70 20.28 310987.84 2.54 66.49 28593.12 2.74 10.90 239255.19 2.82 42.32 46258.42 9.14 524.78 39833.27 2.75 154.16 102261.83 1.14 16.66 34059.72 3.03 15.62 19493.31 5.88 20.39 36708.06 - -33.42 9448.14 52 Week High Low Price Day Chg Lilly (E) 74.99 Lockheed 240.09 Lowes 80.35 Lyondell 81.40 Marathon Ptl 35.11 Marsh&M 65.93 MasterCard 97.18 McDonald's 123.25 McKesson 181.22 Medtronic 81.69 Merck 56.48 Metlife 45.77 Microsoft 52.32 Mnstr Bvrg 150.51 MondelezInt 44.78 Monsanto 109.49 MorganStly 27.53 MylanNV 43.06 Netflix 103.30 NextEraE 119.84 Nike 56.19 NorfolkS 84.00 Northrop 214.42 NXP 92.12 Occid Pet 76.15 Oracle 40.07 Pepsico 101.96 Perrigo 96.61 Pfizer 34.61 Phillips66 80.63 PhilMorris 99.18 PNCFin 90.24 PPG Inds 108.60 Praxair 110.77 Priceline 1273 ProctGmbl 81.43 Prudntl 79.54 PublStor 255.23 Qualcomm 55.27 Raytheon 130.22 Regen Pharm 396.22 ReynoldsAm 50.13 S&P Global 111.47 Salesforce 83.77 Schlmbrg 77.17 Sempra Energy 105.35 Shrwin-Will 291.79 SimonProp 197.77 SouthCpr 26.61 Starbucks 55.15 StateSt 63.33 Stryker 111.77 Sychrony Fin 31.16 Target 68.90 TE Connect 59.64 Telsa Mtrs 223.04 TexasInstr 61.02 TheTrvelers 114.18 ThrmoFshr 152.13 TimeWrnr 75.28 TJX Cos 76.65 T-MobileUS 42.54 UnionPac 82.97 UPS B 102.98 USBancorp 42.95 UtdHlthcre 134.00 UtdTech 100.76 ValeroEngy 54.57 Verizon 50.62 VertexPharm 90.38 VF Cp 62.40 Viacom 44.24 Visa Inc 79.66 Walgreen 77.00 WalMartSto 70.75 WellsFargo 50.85 Williams Cos 21.48 Yahoo 37.82 Yum!Brnds 82.59 Venezuela (VEF) Bco de Vnzla 127.98 Bco Provncl 3750 Mrcntl Srvcs 5500 -0.53 92.85 0.20 245.37 0.19 80.69 0.03 106.50 0.56 60.38 0.36 66.09 0.80 101.76 -0.54 131.96 1.65 239.60 0.51 82.00 0.09 61.70 0.69 58.23 0.43 56.85 0.50 160.50 0.43 48.58 -0.13 120.00 0.11 41.04 0.20 74.66 0.49 133.27 0.02 121.51 0.35 68.20 0.17 98.75 0.47 218.84 0.79 114.00 0.04 79.86 0.12 45.24 0.06 106.94 0.41 198.42 0.18 36.46 0.59 94.12 0.17 102.55 0.75 100.52 0.90 118.69 0.20 124.17 3.98 1476.52 0.21 83.87 1.07 92.60 1.09 277.60 -0.47 71.32 0.19 132.43 2.68 605.93 -0.28 52.54 1.08 112.00 0.42 84.48 -0.21 92.61 0.58 108.36 3.37 309.00 0.64 214.80 -0.08 31.35 -0.14 64.00 0.46 81.26 0.19 113.85 0.27 36.40 -0.01 85.81 0.48 69.94 -2.08 286.65 0.25 61.08 0.58 118.28 0.93 152.17 1.21 91.34 0.73 79.20 -0.09 43.43 0.63 102.89 0.53 107.32 0.28 46.26 1.02 135.11 0.35 119.12 0.48 73.88 0.46 54.49 1.19 143.45 0.33 77.40 1.71 69.17 0.66 81.73 0.22 97.30 -0.10 75.20 0.30 58.77 0.67 61.38 1.06 43.78 0.14 93.33 12.98 - 143.95 4400 6200 Yld P/E MCap m 67.88 2.73 33.86 82776.74 181.91 2.67 20.89 73096.13 62.62 1.37 28.59 72109.19 69.10 3.90 8.38 34735.59 29.24 3.50 9.45 18602.5 50.81 2.34 21.59 34364.9 74.61 0.73 28.74 104790.65 87.50 2.87 23.32 108195.94 148.29 0.61 18.11 40778.22 55.54 1.82 46.64 114451.22 45.69 3.28 33.99 156338.07 35.00 3.33 9.67 50285.97 39.72 2.60 39.59 411259.63 113.08 42.10 30559.95 35.88 1.50 9.50 69501.28 81.22 1.97 33.62 47830.16 21.16 2.22 11.87 53326.28 37.59 27.03 21890.31 79.95 - 351.02 44243.27 93.74 2.70 19.69 55299.68 47.25 1.12 24.84 74815.3 64.51 2.86 15.20 24841.98 152.31 1.52 19.15 38692.44 61.61 20.34 31873.78 58.22 4.01 -6.90 58158.91 33.13 1.57 18.84 166285.09 76.48 2.80 28.63 147272.76 84.85 0.48 99.16 13836.74 28.25 3.35 27.95 209904.44 69.79 2.83 11.86 42377.63 76.54 4.16 22.94 153854.4 77.67 2.30 12.08 45058.97 82.93 1.35 20.15 28894.49 95.60 2.66 21.08 31598.79 954.02 24.64 63190.93 65.02 3.31 26.06 216754.6 57.19 3.27 7.25 35156.68 182.08 2.71 40.28 44252.3 42.24 3.53 17.21 81186.94 95.32 2.14 20.02 38672.74 348.96 61.82 40876.22 35.39 2.99 10.42 71552.62 78.55 1.23 26.02 29494.96 52.60 - -4391.54 56754.18 59.60 2.64 60.23 96642.63 86.72 2.76 21.12 26284.48 218.27 0.99 25.21 26989.15 170.99 3.21 34.10 61191.79 21.55 1.03 32.21 20588.35 42.05 1.33 32.06 80789.24 50.73 2.18 14.23 25074.9 86.68 1.32 25.79 41799.87 23.74 11.41 25984.96 65.50 3.19 13.08 41062.25 51.70 2.25 19.25 21328.23 141.05 - -28.02 31640.37 43.49 2.40 20.96 61277.93 95.21 2.17 10.54 33385.62 117.10 0.40 30.05 59865.02 55.53 1.96 15.01 59199.76 63.53 1.09 22.53 50768.82 33.23 28.64 34975.77 67.06 2.70 15.26 69780.62 87.30 2.93 18.44 71102.67 37.07 2.42 13.34 74149.01 95.00 1.52 21.19 127407.75 83.39 2.58 22.42 84322.59 51.68 3.54 7.45 25637.13 38.06 4.51 11.31 206341.7 75.90 - -53.94 22355.48 52.21 2.25 21.97 26021.94 30.11 3.68 7.80 15327.23 60.00 0.66 27.76 151735.65 71.50 1.93 23.93 84333.92 56.30 2.85 15.02 222461.71 44.50 3.00 12.29 258167.87 10.22 11.88 -22.43 16122.23 26.15 -7.82 35925.94 64.58 2.14 26.85 33650.53 85.00 2200 4300 0.63 0.22 20.79 911.16 789.34 637.77 Closing prices and highs & lows are in traded currency (with variations for that country indicated by stock), market capitalisation is in USD Highs & lows are based on intraday trading over a rolling 52 week period ex-dividend ex-capital redistribution # price at time of suspension May 27 US$ Cummins Inc Korea Electric Power Corporation Archer Daniels Midland Company FleetBoston Financial Corp SunTrust Banks, Inc E.I du Pont de Nemours and Company Euro Credit Agricole S.A Electricite de France (EDF) BHP Billiton Fin Ltd B.A.T Netherlands Fin B.V (Re - British American Tobacco) Yen Wal-Mart Stores, Inc Ê Sterling IPIC GMTN Limited B.A.T Intl Fin plc (Re - British American Tobacco) Red date Coupon Ratings M* Bid yield Day's chge yield Mth's Spread chge vs yield US F* Bid price 02/27 08/27 12/27 01/28 01/28 01/28 6.75 6.75 6.75 6.88 6.00 6.50 A+ AAA BBB BBB+ A- A2 Aa2 A2 Baa3 Baa1 A3 A AAA AAA 124.29 103.03 124.92 122.09 116.91 123.61 3.98 6.47 4.07 4.47 4.19 3.98 0.00 0.00 0.00 0.00 0.00 0.00 0.24 -0.04 -0.14 0.07 -0.12 0.68 2.13 4.62 2.22 - 03/27 03/27 09/27 03/29 2.63 4.13 3.25 3.13 BBB A+ A+ A- Baa3 A2 A3 A3 AA A+ A- 100.31 122.21 115.30 117.12 2.59 1.91 1.75 1.63 0.00 0.00 0.00 0.00 0.02 0.00 0.11 -0.06 0.74 0.06 -0.10 - 07/15 0.94 NR WR NR 100.00 0.31 0.00 0.00 - 03/26 09/26 6.88 4.00 AA A- Aa2 A3 AA A- 122.65 104.67 4.11 3.47 0.06 0.06 0.12 0.29 1.82 1.18 S* Data provided by SIX Financial Information US $ denominated bonds NY close; all other London close *S - Standard & Poors, M Moodys, F - Fitch GILTS: UK CASH MARKET May 26 Day Chng Prev 52 wk high 52 wk low VIX 13.43 -0.47 13.90 53.29 10.88 VXD 12.81 -0.33 13.14 56.32 7.76 VXN 14.71 -0.30 15.01 46.72 12.06 VDAX 19.15 0.41 18.74 32.55 16.71 CBOE VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility Deutsche Borse VDAX: DAX Index Options Volatility BONDS: BENCHMARK GOVERNMENT Red Bid Date Coupon Price Australia 10/18 3.25 103.73 11/27 2.75 103.45 Austria 10/19 0.25 99.98 10/26 0.75 102.19 Belgium 06/18 0.75 101.43 06/26 1.00 104.52 Canada 08/18 0.50 99.64 06/26 1.50 101.39 Denmark 11/18 0.25 101.64 11/25 1.75 112.37 Finland 05/18 1.00 99.83 04/26 0.50 100.56 France 05/19 1.00 104.13 11/20 0.25 102.17 05/26 0.50 99.93 05/45 3.25 141.82 Germany 04/19 0.50 102.91 10/20 0.25 102.95 02/26 0.50 103.12 08/46 2.50 142.54 Greece 07/17 3.38 96.51 02/26 3.00 75.74 Ireland 10/17 5.50 108.14 05/26 1.00 101.86 Italy 04/19 0.10 100.10 06/21 0.45 99.97 06/26 1.60 101.29 03/47 2.70 102.93 Japan 05/18 0.10 100.65 05/21 0.05 101.33 03/26 0.10 102.13 03/46 0.80 113.02 Netherlands 01/19 1.25 104.50 07/25 0.25 99.97 New Zealand 03/19 5.00 107.79 04/27 4.50 117.99 Norway 05/19 4.50 111.39 02/26 1.50 100.94 Portugal 06/19 4.75 110.99 07/26 2.88 98.47 Spain 01/19 0.25 100.62 04/26 1.95 104.16 Sweden 10/18 1.00 99.69 05/25 2.50 116.95 Switzerland 05/19 3.00 111.50 05/26 1.25 115.93 United Kingdom 07/18 1.25 101.68 01/21 1.50 102.62 07/26 1.50 99.41 12/46 4.25 145.02 United States 04/18 0.75 99.68 04/21 1.38 99.90 05/26 1.63 97.95 05/46 2.50 96.98 Data provided by SIX Financial Information & Tullett Prebon Information P/E MCap m BONDS: GLOBAL INVESTMENT GRADE Day's chge yield Ratings M* Red date Coupon Yld Bid Day chg Wk chg Month Year Yield yield yield chg yld chg yld 1.65 -0.02 0.00 -0.25 -0.33 2.40 -0.01 -0.03 -0.27 0.00 0.26 0.00 0.00 0.00 0.00 0.53 0.03 -0.02 0.00 0.00 0.04 0.00 0.00 0.00 -0.16 0.54 0.02 -0.03 -0.10 0.00 0.67 0.00 0.00 0.00 0.00 1.35 0.00 0.00 0.00 0.00 -0.41 0.00 0.00 0.00 0.00 0.41 0.03 -0.03 -0.06 0.00 1.09 0.00 -0.05 0.06 0.00 0.44 0.03 -0.02 0.00 0.00 -0.37 0.00 0.00 0.00 0.00 -0.23 0.00 0.00 0.00 0.00 0.51 0.03 -0.01 -0.10 0.00 1.47 0.04 -0.01 -0.11 0.00 -0.51 0.00 0.00 0.00 0.00 -0.42 0.00 0.00 0.00 0.00 0.18 0.03 0.00 -0.08 0.00 0.89 0.04 -0.01 -0.07 0.00 6.68 -0.05 -0.99 -2.69 0.00 7.17 0.01 0.04 -1.24 0.00 -0.37 0.00 0.00 0.00 0.00 0.80 0.03 -0.05 -0.13 0.00 0.07 0.00 -0.02 -0.03 0.00 0.46 0.02 -0.06 -0.06 0.00 1.47 0.02 -0.10 -0.08 0.00 2.58 0.01 -0.10 -0.06 0.00 -0.23 0.00 0.00 0.00 0.00 -0.22 0.00 0.00 0.00 0.00 -0.12 0.00 0.00 0.00 0.00 0.32 0.01 -0.01 0.03 0.00 -0.45 0.00 0.00 0.00 0.00 0.25 0.03 -0.01 -0.10 0.00 2.11 0.00 -0.11 -0.05 0.00 2.59 0.00 -0.13 -0.28 0.00 0.62 0.01 0.01 0.00 0.00 1.40 0.01 -0.01 -0.06 0.00 1.05 0.02 0.00 -0.05 0.00 3.05 0.02 -0.03 0.00 0.00 0.02 0.01 0.00 0.01 0.00 1.50 0.00 -0.10 -0.09 0.00 1.14 0.00 -0.04 0.07 0.00 0.55 0.03 0.02 -0.07 0.00 -0.84 0.00 0.00 0.00 0.00 -0.32 0.00 0.00 0.00 0.00 0.46 0.00 0.00 0.00 0.00 0.92 0.00 0.00 0.00 0.00 1.56 0.00 0.00 0.00 0.00 2.21 0.00 0.00 0.00 0.00 0.92 0.00 0.00 0.00 0.00 1.40 0.00 0.00 0.00 0.00 1.85 0.00 0.00 0.00 0.00 2.65 0.00 0.00 0.00 0.00 Red 52 Week Amnt Change in Yield May 27 Price Ê Yield Day Week Month Year High Low Êm Tr 4pc '16 100.96 0.42 0.00 0.00 5.00 -14.29 102.23 100.00 0.35 Tr 1.75pc '17 100.87 0.39 0.00 -2.50 -13.33 -25.00 102.05 100.87 0.29 Tr 5pc '18 108.25 0.32 6.67 3.23 -13.51 -56.76 111.74 108.25 0.35 Tr 4.5pc '19 111.08 0.47 4.44 4.44 -12.96 -53.92 112.97 111.04 0.36 Tr 4.75pc '20 115.11 0.68 3.03 1.49 -6.85 -45.16 117.12 114.45 0.33 Tr 1.5pc '21 102.64 0.92 3.37 2.22 -6.12 -35.21 138.06 99.91 0.26 Tr 4pc '22 117.04 0.96 3.23 1.05 -5.88 -36.42 119.14 113.65 0.38 Tr 5pc '25 130.32 1.33 2.31 -0.75 -10.14 -27.32 132.97 124.47 0.35 Tr 4.25pc '27 127.65 1.61 1.26 -1.83 -8.52 -21.84 130.43 119.79 0.31 Tr 4.25pc '32 131.35 1.96 1.03 -2.49 -6.67 -15.88 134.41 121.93 0.35 Tr 4.25pc '36 133.98 2.13 0.47 -2.29 -6.58 -12.70 137.18 123.52 0.29 Tr 4.5pc '42 145.64 2.22 0.45 -2.63 -6.72 -11.55 148.39 132.20 0.26 Tr 3.75pc '52 140.85 2.12 0.00 -3.64 -7.42 -15.54 142.78 121.95 0.23 Tr 4pc '60 155.52 2.06 0.00 -4.19 -7.62 -16.60 157.42 131.72 0.22 xd Ex dividend Closing mid-prices are shown in pounds per Ê 100 nominal of stock Red yield: Gross redemption yield This table shows the gilts benchmarks & the non-rump undated stocks GILTS: UK FTSE ACTUARIES INDICES Price Indices Fixed Coupon Up to Years - 10 Years 10 - 15 Years - 15 Years Over 15 Years All stocks Index Linked Up to Years Over years 5-15 years Over 15 years All stocks Yield Indices Yrs 10 Yrs 15 Yrs Day's chg % -0.05 -0.14 -0.19 -0.16 -0.14 -0.12 May 27 98.21 182.48 210.56 189.13 314.72 177.04 May 27 308.98 586.68 436.30 726.57 541.09 May 27 0.83 1.55 2.01 Day's chg % -0.04 -0.52 -0.20 -0.64 -0.45 May 26 0.80 1.52 1.99 Yr ago 1.31 1.98 2.34 Total Return 2397.05 3355.17 3986.93 3508.41 4636.27 3370.10 Month chg % -0.10 3.01 1.01 3.81 2.56 Return month 0.23 0.96 1.90 1.25 3.60 1.87 Year's chg % -1.00 2.96 1.01 3.76 2.38 20 Yrs 45 Yrs inflation 0% May 27 Dur yrs Previous Yr ago May 27 Real yield Up to yrs -1.23 1.98 -1.25 -0.92 -1.85 Over yrs -0.92 23.64 -0.94 -0.78 -0.95 5-15 yrs -0.91 9.26 -0.93 -0.78 -1.03 Over 15 yrs -0.92 29.20 -0.94 -0.78 -0.94 All stocks -0.92 20.67 -0.94 -0.79 -0.96 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts Total Return 2381.99 4344.52 3335.03 5275.58 4061.70 May 27 2.20 2.08 Return year 2.11 5.26 6.99 5.74 9.86 6.16 Yield 0.64 1.18 1.71 1.41 2.14 1.89 Return month 0.04 3.16 1.25 3.93 2.71 Return year 0.79 3.65 2.08 4.31 3.24 May 26 2.18 2.08 Yr ago 2.50 2.53 inflation 5% Dur yrs Previous 1.98 -1.89 23.73 -0.97 9.27 -1.06 29.24 -0.96 20.80 -0.98 Yr ago -1.59 -0.82 -0.88 -0.81 -0.83 All data provided by Morningstar unless otherwise noted All elements listed are indicative and believed accurate at the time of publication No offer is made by Morningstar or the FT The FT does not warrant nor guarantee that the information is reliable or complete The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information For all queries e-mail ft.reader.enquiries@morningstar.com Data provided by Morningstar | www.morningstar.co.uk 24 FINANCIAL TIMES Tuesday 31 May 2016 FINANCIAL TIMES SHARE SERVICE Main Market Price 52 Week High Low +/-Chg Yld P/E Vol 000s 0.83 4.29 2.62 6.57 3.63 2.29 2.67 2.57 14.50 16.68 -57.93 -49.15 16.99 137.28 18.93 49.07 24.8 5973.3 450.9 2390.8 651.2 4012.8 480.5 78.9 Aerospace & Defence AvonRub BAE Sys Chemring Cobham Meggitt RollsRoyceX Senior UltraElc 882.50 483.00 137.00 164.40 388.50 615.00 217.20 1748 11.00 0.70 2.00 -0.60 1.20 -10.50 1.50 4.00 1180 535.89 240.45 309.10 517.00 1023 327.80 2044 705.50 419.30 113.75 146.30 337.60 497.00 189.50 1627 15.84 374.90 10.44 4.54 6.10 17251.6 245.80 3.11 23.34 2900.0 Automobiles & Parts FordMtr $X GKN 13.45 273.40 -0.01 -1.20 25.69 335.75 2577 0.27 64.90 186.20 102.14 448.45 72.45 80.46 251.20 542.80 111.50 124.50 57.73 378.00 30.88 -0.16 33.86 3.25 514.00 -4.00 2650 0.39 -0.10 66.99 1.40 289.90 -0.05 104.30 2.50 633.22 -0.36 89.35 -0.09 80.97 2.60 370.00 -6.40 1102.75 126.75 140.50 0.06 58.13 6.50 472.90 -0.10 35.15 Banks ANZ A$X BcoSant BnkGeorgia BankIre BkNvaS C$X BarclaysX CanImp C$X HSBCX LlydsBkgX RylBkC C$X RBSX StandChX 7.375%Pf 8.25%Pf TntoDom C$X VirginMoney Westpc A$X 21.86 238.69 1538 0.23 51.17 143.91 82.19 413.95 55.84 64.52 204.30 373.40 99.00 109.00 47.75 267.30 27.69 10.97 7.11 1.90 4.07 3.49 4.63 7.84 3.11 4.09 8.27 6.61 6.63 3.75 0.37 9.40 10.63 5558.0 10.86 348.6 10.12 49.4 13.04 26127.5 11.98 433.5 -91.19 27230.0 10.74 149.2 11.03 17597.1 -1.22 133488.8 11.65 415.6 -6.68 11925.4 -9.36 5128.8 52.2 60.4 12.62 518.6 16.65 295.1 12.00 3899.3 Basic Resource (Ex Mining) Ferrexpo Mondi 32.50 1359 - 81.25 4.00 1614.36 12.50 13.78 8.51 1108 2.35 14.90 361.1 882.0 138.00 83.45 2.71 16.31 159.75 105.00 1.77 51.80 3262.5 2729.11 2.35 21.53 312.40 196.90 2.71 15.13 435.20 288.50 2.93 27.52 374.80 272.66 2.21 20.57 2142 1275.58 3.22 15.56 1848.2 12.7 295.6 678.8 62.5 348.5 130.9 221.83 245.00 91.00 2101 1824 1105 1520 26.07 76.00 379.80 865.00 227.60 44.84 337.25 88.4 823.9 22.7 1234.6 106.3 77.4 62.3 54.8 61.6 134.9 3.4 22.4 734.0 12.7 Chemicals Bayer X Carclo Croda Elemntis Syngent SFrX Synthomer Victrex 86.44 155.00 2950 209.80 393.50 362.80 1456 1.11 -2.00 6.00 2.50 -1.50 18.60 2.00 Construction & Materials Alumasc Boot(H) ClarkeT CRH GalfrdT Keller KierGp Kingsp LowBonr Marshlls MorgSdl Norcros StGobn X Tyman 152.00 207.50 83.63 2082 1404 949.50 1250 25.33 57.00 329.70 792.00 178.50 40.02 268.00 2.50 -1.50 0.63 22.00 10.00 -7.50 2.00 0.33 -1.63 6.20 7.00 2.50 -0.04 -2.00 135.62 121.00 72.00 1581 1256 720.50 1145.1 18.50 55.00 258.41 695.00 158.20 31.47 221.25 3.95 2.80 3.71 2.21 4.84 2.70 4.41 0.69 4.79 1.90 3.41 3.14 1.50 3.23 9.58 11.98 12.89 31.83 11.61 27.00 49.76 24.93 33.53 23.39 -35.04 12.57 62.66 58.90 Electronic & Electrical Equip Dialight e2v Tech Halma MorganAd OxfordIn Renishaw Spectris TT Elect XP Power 520.00 199.00 933.50 249.30 640.00 1970 1664 125.00 1650 -10.00 2.50 -2.10 -7.00 -19.00 -11.00 -1.00 30.00 760.00 268.00 935.74 375.84 1114 2550 2375 168.25 1750 380.00 192.00 707.61 187.50 502.62 1577 1441 122.50 1396.8 1.88 2.56 1.28 4.41 2.03 2.36 2.87 4.40 3.88 -84.51 18.09 33.12 21.00 -74.71 14.70 17.44 19.15 16.06 6.7 90.9 501.2 228.3 60.2 32.2 251.8 253.8 6.2 552.00 281.30 253.00 304.50 1359 27.75 9.00 -1.70 0.40 -5.00 7.00 0.02 571.50 453.50 332.60 380.37 1663 30.05 389.10 208.50 240.10 265.00 1159 23.30 1.47 6.93 4.74 7.88 3.94 1.34 8.81 17.03 19.94 12.71 11.40 11.21 1728.7 2638.9 289.2 1.7 132.8 12.8 Price +/-Chg 52 Week High Low Yld P/E Vol 000s Financial General 3i AberAsM BrewDlph CtyLonInv CloseBrs DBAG Price Hargr Lans HBM Hlth SFr HenderGp ICAP Indvardn SKr ICG IPF Investec Jupiter Liontrust Man NB GFRIF Paragon Providnt RathbnBr Record S&U Schroder N/V SVG Cap TullettPre WlkrCrip 1346 99.90 267.20 429.40 142.00 670.00 274.40 487.40 443.00 272.00 136.50 92.85 311.60 2914 1975 24.50 2272.5 2736 2074 541.00 332.50 46.25 52 Week High Low Yld P/E Vol 000s 1.60 3.56 5.12 4.61 3.83 4.52 4.10 3.05 2.94 5.69 4.25 3.53 3.54 2.73 6.73 3.04 3.03 4.00 5.07 3.68 39.02 6.40 18.95 21.32 -10.42 10.50 10.33 13.91 15.52 20.17 20.18 23.15 8.27 19.46 20.45 8.83 17.16 16.43 12.46 10.51 9.98 27.51 297.1 4.4 754.0 839.0 433.1 776.5 149.5 1374.9 1127.5 2.2 2311.2 1954.9 1234.2 240.0 15.9 106.1 11.5 197.4 3.4 22.1 164.1 255.4 0.75 679.00 420.00 0.69 -18.09 10.00 3606 2850 1.15 41.34 1.50 642.50 482.80 2.26 18.52 -3.00 761.50 632.00 3.37 16.60 0.02 4.21 3.30 2.69 -16.03 1.00 178.25 136.43 2.59 10.76 -4.00 1638 1236 2.00 23.44 7.00 2608.91 1512.48 1.47 27.27 -4.50 700.00 503.00 3.92 40.05 -3.25 328.00 245.50 3.51 28.95 0.08 19.59 15.50 0.61 33.24 -2.20 396.70 262.80 1.74 27.77 5.00 610.00 410.00 2.27 22.10 -0.83 84.80 62.17 0.56 27.70 -0.10 76.95 65.70 2.92 26.08 -0.25 62.00 29.65 -1.62 -10.00 449.00 272.50 87.39 -1.50 326.27 232.00 1.42 -37.24 6.50 4590.8 2773 1.74 35.48 -1.75 208.00 97.75 1.74 22.37 2.00 630.50 492.20 4.47 64.96 0.03 137.84 77.85 3.72 13.19 25.00 3334.5 2450 2.82 24.87 0.31 42.79 32.92 2.82 24.56 6.7 466.4 34.7 536.0 27.4 4.7 343.5 96.2 185.8 105.5 21.6 686.0 9.8 25.3 2266.4 1194.5 1313.6 19.0 1599.5 219.9 1186.4 196.1 1637.2 6.4 +/-Chg - 0.70 1.10 4.80 -0.50 0.50 -1.10 -1.60 2.80 2.00 2.00 0.60 0.70 17.00 5.00 2.50 18.00 15.00 1.00 1.00 - 1533 112.30 314.30 566.00 171.50 712.83 502.00 624.50 481.30 393.50 184.80 98.85 449.00 3654 2373 41.00 2595 3439 2616 565.00 415.90 55.00 1024 90.70 209.90 390.30 122.10 485.70 215.60 402.20 359.70 245.00 126.50 84.25 284.70 2641 1891 20.30 1996.5 2320 1792 435.30 287.10 38.00 Food & Beverages AngloEst AscBrFdX Barr(AG) Britvic C&C CarrsGroup Coca-Cola HBC Cranswk Dairy Cr Devro Glanbia Grncore HiltonFd Kerry Nestle SFrX PremFds PureCircle REA SABMillX StckSpirit Tate&Lyl TongtHu R Unilever NV 461.25 2950 546.50 682.00 4.09 143.00 1326 2307 554.00 251.00 16.80 352.80 600.00 79.97 74.15 41.25 350.00 282.50 4283.5 158.50 626.00 113.06 3152.5 40.88 Health Care Equip & Services Bioquell ConstMed GNStre kr UDGHlthC 171.50 970.00 136.60 601.50 1.00 -3.00 0.10 -10.50 178.00 1155 152.50 629.50 126.00 872.50 108.20 452.20 1.92 1.87 0.75 1.45 114.33 96.44 24.56 34.63 57.3 1.6 214.5 301.9 House, Leisure & Pers Goods BarrttDev Bellway Berkeley BovisHme Cairn Homes CtrySide CrestNic GamesWk Gleeson Headlam McBride McCarthy&S Persimn Philips PZCusns ReckittBX Redrow TaylorWm TedBaker 598.50 2760 3330 1023 1.09 275.00 597.00 503.75 545.00 494.50 153.00 238.00 2112 24.31 348.90 6873 426.70 206.00 2471 1.00 673.50 2897.51 -45.00 3788 7.00 1206 0.01 1.23 287.00 -0.50 607.50 1.50 625.00 -0.50 630.00 -0.50 550.00 -3.25 181.50 0.10 295.00 -9.00 2255 -0.03 26.10 370.00 -10.00 7069.82 -2.50 504.50 1.40 211.90 -8.00 3650 493.90 2218 2823 813.50 1.00 218.43 462.29 455.00 408.00 456.00 96.80 180.00 1772 20.48 240.70 5403 351.30 166.01 2244 2.52 2.79 5.41 3.59 2.78 10.32 1.83 3.70 2.29 1.88 1.41 0.88 1.71 11.61 10.00 11.05 10.74 -7.04 63.06 12.34 13.16 16.23 14.67 87.28 19.95 12.69 62.62 27.22 28.53 8.99 13.78 24.89 2592.4 223.2 793.4 359.9 1348.2 728.2 330.7 0.5 25.1 5.7 71.3 1637.6 656.6 1202.5 160.4 1346.2 282.8 7932.0 46.1 489.90 2.39 20.64 385.00 2.88 13.53 95.25 8.33 -12.75 517.4 2.9 308.7 Industrial Engineering Bodycote Castings Fenner 610.50 462.00 144.00 11.00 -1.00 -0.75 Price +/-Chg 777.00 514.50 237.00 Price Goodwin Hill&Sm IMI MelroseInd Renold Rotork Severfd SKF SKr Spirax-S Tex Trifast Vitec Weir 1952.5 947.50 1003 380.30 40.50 195.90 49.38 148.50 3445 128.50 132.00 502.25 1212 +/-Chg 52 Week High Low Yld P/E Vol 000s 1.50 2908.2 -4.00 1000.00 -13.00 1282 -0.70 2046.17 86.00 -3.70 260.30 0.63 75.00 -0.20 211.50 -20.00 3725.04 132.00 -2.00 140.50 7.25 670.85 -4.00 2045 1410 636.00 717.00 274.00 28.20 150.30 48.00 120.00 2664 99.30 101.96 495.00 764.50 2.17 1.97 3.78 14.61 2.57 1.01 3.88 1.96 4.67 1.59 4.82 3.63 15.99 30.98 22.59 -34.66 15.85 22.75 107.57 16.78 26.63 7.01 15.79 17.19 - 0.1 41.3 420.7 781.9 18.2 1504.3 132.7 607.7 83.7 25.5 139.3 675.2 800.1 9.00 -0.50 1.50 0.50 0.18 1.50 2.00 6.60 4.00 32.00 -2.50 755.00 31.00 195.00 61.30 33.41 69.82 644.50 864.50 423.70 1243 1948 453.50 606.25 21.25 123.00 45.00 25.24 40.00 502.50 609.46 329.10 858.00 18.24 265.10 2.33 1.72 2.57 0.93 2.69 2.82 1.80 2.95 3.65 2.49 4.70 11.42 23.59 25.58 11.75 9.13 14.36 24.40 40.72 28.07 15.48 13.63 19.79 0.4 6585.8 3.1 120.6 274.6 22.5 2450.4 1368.4 3382.1 555.8 350.1 82.9 238.65 513.86 2855 13.90 1523 99.00 925.00 535.00 543.00 149.70 410.00 1710 8.84 894.50 49.98 696.50 412.80 245.25 3.95 5.82 2.63 1.50 1.58 5.24 3.94 6.81 Industrial General BritPoly Coats Group ExovaGroup JardnMt $X Jard Str $X Macfrlne REXAM RPC Smith DS Smiths SmurfKap Vesuvius 729.00 28.50 174.50 56.00 29.49 62.50 627.00 794.50 386.30 1123 1914 346.40 Industrial Transportation BBA Aviat Braemar Clarkson Eurotunnl Fisher J Flybe Grp OceanWil RoyalMail UK Mail 202.40 446.63 2320 11.62 1438 53.50 815.00 532.50 320.00 1.50 6.13 -68.00 -0.06 -15.00 0.25 10.50 7.38 25.87 21.27 34.49 60.04 18.17 17.83 27.46 18.52 21.20 1458.8 7.5 11.4 383.5 6.0 187.1 0.4 2877.4 263.6 1947 455.70 368.10 305.75 138.25 112.50 975.50 920.00 570.50 240.00 843.50 178.00 2.15 881.00 1394 482.10 63.50 932.00 342.80 3.00 1993 1370 2.44 18.17 3.90 537.50 400.10 4.17 20.43 2.60 402.08 290.80 2.71 11.49 -1.75 367.81 265.75 6.08 9.71 145.00 123.50 6.24 1.50 123.24 93.00 7.78 11.71 -0.50 1067 819.00 2.36 13.84 8.00 1075 769.50 3.20 19.58 1.00 772.90 512.00 1.79 10.60 1.40 277.50 199.50 4.92 13.30 0.50 914.39 695.00 3.02 10.66 230.00 148.07 5.00 14.13 0.02 5.46 1.81 -2.22 31.50 952.00 777.00 6.06 9.83 6.00 1665.19 1045.99 2.73 13.82 0.50 528.00 371.00 1.14 69.87 3.50 63.00 53.00 8.77 5.10 5.50 1031 800.50 2.69 24.17 0.90 496.90 309.58 5.09 25.58 361.6 5683.7 571.8 41.9 94.6 14.9 320.9 55.2 368.4 9448.6 23.0 5071.5 36.3 1156.6 2407.9 1072.6 4.0 605.4 2619.8 1361 51.25 90.50 675.50 99.00 140.00 220.50 36.25 828.50 236.00 15.62 1250 360.00 55.09 170.50 1583 -7.00 1.50 11.50 1.70 -0.63 3.00 0.06 9.00 12.00 -0.01 -5.75 -2.00 1385 87.09 163.00 989.50 129.90 196.00 281.90 160.38 1347.5 274.00 16.75 1323 520.00 55.92 267.92 1690 1039.3 47.93 86.00 601.50 95.00 125.25 201.64 35.00 644.50 183.38 12.64 988.50 344.33 47.25 160.00 1273 309.90 -14.80 355.18 154.00 0.93 Price +/-Chg Insurance Admiral AvivaX Beazley Chesnar Eccles prf Hansard Hiscox JardineL Lancashire Leg&Gen NovaeGp Old Mut PermTSB PhoenixGrp PrudntlX RSA Ins SagicFin StJmsPl Stan Life Media 4imprint Centaur Creston DlyMailA HaynesPb ITE Grp ITV JohnstnP Pearson Quarto RELX NV RELX PLCX STV Grp ThmReut C$X Wireless Group WPPX 1.69 5.46 4.64 3.17 7.58 5.29 2.36 6.28 3.64 2.40 2.11 2.50 3.25 5.95 2.68 24.84 1.9 -10.64 81.1 11.76 112.0 9.73 938.6 -1.90 0.5 13.77 1199.3 17.83 17618.2 -75.68 11.7 -19.13 1788.2 7.74 1.4 25.11 479.4 26.38 1961.0 12.41 219.9 27.03 46.9 6.74 44.9 17.91 3190.7 Mining Acacia -7.02 637.9 P/E Vol 000s Price AngloAmer AngloPacif AnGoldA R Barrick C$ BHP Bltn BisichMg EVRAZ Fresnillo GemDmnd Harmony R Hochschild Kenmr Lonmin Petra Petropvlsk PolymtIntl RndgldRs RioTintoX Troy Res A$ VedantaRs 52 Week High Low +/-Chg 612.00 -17.20 1058.53 75.00 97.00 213.65 -1.85 244.44 21.42 -0.25 25.44 840.30 -11.50 1418.03 64.00 -1.50 94.75 116.50 -0.70 176.70 1017 -15.00 1171 133.75 2.50 159.75 45.88 0.03 62.89 138.75 -6.00 163.15 0.85 0.05 4.10 182.00 -2.75 14790 115.75 -1.50 177.40 7.93 -0.07 9.11 817.50 -8.00 836.00 5735 -120.00 6885 1964 -5.00 2923 0.52 -0.07 0.77 380.30 8.00 628.00 215.55 49.00 71.59 7.89 571.60 60.00 54.00 569.63 94.75 7.92 38.75 0.27 35.75 52.77 5.09 424.20 3546 1557 0.19 195.16 Yld P/E Vol 000s 9.50 10.67 0.68 9.48 7.81 0.34 2.54 1.76 1.76 0.78 7.82 10.95 -2.07 -5.33 169.92 -6.30 20.24 -26.38 -3.83 156.63 5.37 -3.35 -3.92 -0.58 -0.22 61.73 -1.67 23.08 39.45 -60.99 -1.12 -0.75 6110.4 179.6 953.7 526.4 8474.2 0.2 4417.7 889.4 34.2 1070.1 915.0 1622.6 994.0 648.4 1736.2 320.7 338.3 4274.5 2401.2 380.9 Oil & Gas Aminex BPX Cadogan CairnEng Cape ExxonMb $X GenelEgy GeoPark $ GrnDnGas GulfKeyst HellenPet Hunting ImpOil C$X IE Hldgs JKX Nostrum OphirEgy PremOil RylDShlAX B Schlmbrg $X SEPLAT Soco Int TrnCan C$X Tullow 1.30 361.95 8.25 198.50 209.75 90.01 125.00 2.32 255.00 4.78 4.18 307.75 42.15 12.50 22.25 323.00 70.00 72.75 1675 1680.5 77.17 88.75 124.00 54.00 238.20 0.05 -2.50 -0.13 -2.20 -2.75 0.21 -9.25 -0.03 2.50 -0.23 -0.05 1.50 -0.11 0.25 1.00 -0.35 -2.25 -7.50 -12.50 -0.21 -3.00 -2.50 -0.52 -4.00 2.33 1.18 -9.56 2276.7 456.90 249.44 7.72 -9.89 26723.2 13.25 7.75 -1.21 69.5 232.00 124.70 -3.24 1089.3 262.50 199.00 6.67 12.34 38.7 90.46 66.55 3.30 28.47 7505.7 564.50 71.75 -0.44 5250.9 5.43 1.90 -0.63 120.6 7083.33 375.00 200.00 0.0 40.99 3.52 -0.49 8389.0 5.65 2.74 20.19 107.5 677.00 232.00 5.95 -2.91 336.4 50.23 37.25 0.87 58.11 76.1 127.99 4.00 -0.55 230.6 31.25 14.40 -0.69 26.5 623.50 203.00 5.75 -8.14 71.9 136.70 63.49 -2.19 1424.8 170.50 19.00 -0.51 7136.3 1973.5 1256 7.76 -78.46 4672.2 2005.5 1261.03 7.74 -78.72 4559.9 92.61 59.60 2.64 60.23 5050.3 126.90 54.80 10.04 30.57 185.6 201.40 117.00 8.38 -17.80 390.5 54.72 40.58 4.05 -27.01 145.0 400.50 116.26 -3.09 4607.7 Pharmaceuticals & Biotech BTG CathayIn Dechra Genus GlaxoSmhX HikmaPhm Oxfd Bio RichterG $ ShireX VecturGp 677.50 17.25 1169 1546 1452.5 2225 5.51 20.55 4289 165.50 - 0.25 1.00 10.00 -4.50 -1.00 -0.12 0.04 -60.00 -0.70 730.50 28.29 1250 1629 1532.1 2520 10.96 20.58 5870 200.10 504.00 7.10 902.50 1256 1227.5 1575 5.00 14.10 3423 145.30 Harworth Grp 95.00 0.50 143.70 92.00 Assura BigYellw BritLand Cap&Reg Countrywd DrwntLdn Gt Portld Green Reit Hammersn Hansteen HIBERNIA Highcrft INTU LandSecs LondonMtrc McKaySec 56.80 837.00 760.00 60.25 370.10 3355 765.00 1.48 588.50 105.20 1.30 955.00 304.70 1188 164.60 235.50 -0.45 -9.50 -0.50 -0.75 0.20 10.00 3.00 0.02 9.00 -0.10 0.01 0.60 -1.00 0.60 2.00 64.00 893.50 879.50 71.50 608.00 3891 892.50 1.64 689.50 126.16 1.45 1090 355.70 1355 172.10 279.75 50.00 620.00 642.27 55.00 312.20 2904 681.00 1.30 531.00 99.68 1.18 910.00 269.20 963.00 152.20 216.00 1.45 1.26 5.51 0.79 0.60 0.42 - 56.92 -7.07 50.95 31.24 115.62 26.16 -10.89 20.11 27.41 137.46 1060.5 7.0 187.3 17.1 5104.3 702.9 984.8 0.0 2233.8 915.2 3.07 22.7 3.43 10.29 2.59 9.96 3.66 5.54 3.49 4.40 4.05 19.67 1.21 4.85 1.18 4.16 3.59 6.35 4.85 5.93 3.88 17.19 4.50 8.26 2.70 4.50 4.25 6.67 3.69 4.11 1721.2 123.5 3683.5 313.0 205.8 125.7 1573.5 45.6 2302.6 668.0 220.8 0.2 2219.0 2234.8 1355.6 45.0 Yld Vol 000s Real Estate REITs - Price MucklGp PrimyHth Redefine SEGRO Shaftbry Town Ctr Wkspace 471.38 107.00 44.89 438.80 935.00 305.00 873.00 52 Week High Low Yld 530.00 113.50 57.95 466.70 975.50 336.75 989.50 445.00 95.00 41.83 394.51 809.36 272.00 705.50 4.42 6.88 4.67 10.12 7.24 15.75 3.38 4.91 1.47 7.11 3.42 7.27 1.38 4.05 5.5 662.1 1823.1 1251.9 502.8 1.3 183.5 -5.10 475.10 2037 5.00 6614.2 1.30 256.00 -0.75 475.50 -0.10 8.80 40.10 -0.25 222.00 137.50 12439.08 0.75 58.56 143.50 34.00 -2.40 370.00 2.00 991.46 62.00 114.80 2.80 499.40 -1.25 293.00 3.50 706.00 0.25 291.00 312.10 195.00 5380 201.40 355.00 5.55 19.50 111.00 10900 28.50 115.00 12.00 269.00 650.85 54.50 97.25 285.60 178.50 567.00 235.50 0.44 1.38 1.14 1.86 3.12 0.62 2.46 9.50 2.35 1.45 4.20 2.77 1.53 3.11 2.19 1.02 1751.0 35.8 0.9 2028.0 147.6 2793.3 22.2 18.7 0.1 23.1 14.5 3.6 297.3 62.5 509.6 7.5 275.3 90.1 260.6 323.2 +/-Chg 10.38 0.25 0.39 4.60 6.50 1.00 9.50 Real Estate Inv & Services Cap&Count CLS Daejan Grainger HelclBar HK Land $ Lon&Assc MacauPrp Mntview RavenRuss RavenR Prf RavenR Wrt Safestre Savills SchroderRE Smart(J) StModwen U+I UNITE Gp Urban&C 343.10 1600 5960 242.10 390.00 6.05 25.00 113.75 11162.5 32.75 126.25 15.50 353.00 777.00 59.00 107.00 329.00 190.00 663.50 260.00 P/E 6.74 5.23 6.13 19.30 4.14 7.13 -8.77 -1.78 12.15 -1.68 6.79 16.76 7.22 16.60 3.75 10.88 4.42 8.47 Vol 000s Retailers AA AO World AshleyL Brown N Caffyns Card Factory Dairy Fm $ Debenhams Dignity DixonsCar Dunelm Findel Halfords Inchcape JDSportsF Lookers Marks&Sp MossBros Next Ocado Photo-Me Saga SuperGroup TescoX 286.50 170.00 24.25 252.00 595.00 368.00 6.54 74.80 2550 445.90 947.50 174.88 449.10 695.50 1296 148.10 386.60 107.88 5535 271.10 159.50 212.70 1393 167.25 -0.10 423.30 246.00 1.22 284.51 870.9 0.10 198.00 118.60 -73.66 79.1 0.13 35.50 22.00 8.25 9.44 248.0 3.40 400.00 231.30 5.65 16.95 260.1 25.00 665.00 480.00 3.40 1.73 32.0 2.00 401.50 269.00 2.53 18.91 136.4 0.03 9.22 5.56 3.49 21.01 87.9 1.10 96.35 63.75 4.55 9.38 2090.7 -25.00 2643 2038.44 0.79 22.27 51.3 0.50 506.50 398.90 21.03 2272.1 -5.50 1023 803.50 2.16 20.04 47.5 1.88 254.75 162.00 -25.26 7234.9 4.50 563.51 310.80 3.25 13.47 277.7 4.50 874.00 657.50 2.96 17.64 740.7 -4.00 1307.09 624.50 0.54 29.85 117.5 1.70 188.80 130.28 1.99 11.78 295.3 -4.00 599.35 385.00 4.66 14.81 9852.2 2.88 112.00 88.00 4.96 23.97 289.8 90.00 8175 4900 2.76 12.74 480.4 0.30 478.50 226.80 - 237.60 848.7 -1.75 185.50 131.75 3.06 22.95 55.4 0.10 225.10 170.80 2.96 16.11 1392.2 12.00 1733.49 1103 28.47 61.1 -1.35 227.35 137.00 60.60 13714.6 Support Services Acal Aggreko AshtdGp AtknsWS Babcock Berendsen Brammer Bunzl Capita Carillion Comnsis ConnectGp DCC DeLaRue Diploma Elctrcmp EnergyAst Essentra Experian HarvyNah Hays Homesve HowdenJny 257.38 1135 986.00 1354 1032 1201 189.00 2024 1075 277.80 39.38 159.75 6260 566.50 745.00 288.60 680.00 833.50 1291 68.50 137.00 488.00 508.50 -0.63 334.75 235.25 2.95 24.18 -13.00 1642 762.05 2.39 17.94 4.00 1231 749.00 1.65 13.32 2.00 1677 1110 2.70 13.91 1152.76 840.00 2.29 19.26 -6.00 1233 946.50 2.54 23.19 1.00 330.00 136.50 5.66 26.39 10.00 2108 1665 1.79 28.85 -23.00 1336 982.00 2.80 136.79 1.80 363.90 243.80 6.43 9.94 0.63 57.00 36.25 5.23 5.65 0.75 175.00 129.75 5.76 15.01 -85.00 6740 4522.72 1.35 40.78 1.00 585.00 395.50 4.41 14.60 -11.50 846.50 600.29 2.44 23.07 -1.10 293.86 167.55 4.07 30.37 695.00 433.64 23.24 -1.00 1038 660.00 2.27 32.31 4.00 1304 1017 2.04 28.48 -1.50 107.00 68.00 5.20 9.94 2.00 173.70 112.60 2.01 17.88 -0.70 493.20 353.68 2.54 27.89 0.50 538.50 440.46 1.83 18.69 4.6 598.8 1376.4 133.1 1109.1 211.5 228.2 443.3 1364.0 947.2 134.4 41.3 327.6 364.7 71.0 491.1 3.4 391.2 1335.6 83.6 2593.4 312.2 574.0 Price Intserve Intertek Lavendon MngCnslt MearsGp MenziesJ MichaelPge MITIE PayPoint PremFarn Rentokil Ricardo RbrtWlts RPS Shanks# SIG SpeedyHr St Ives Vp Watermn Wolseley 333.40 3150 127.50 16.75 386.50 503.00 401.80 282.50 960.00 120.00 179.30 840.00 330.00 183.25 80.50 134.70 39.25 98.25 719.75 96.50 4088 52 Week High Low +/-Chg 2.00 673.00 3377 -0.50 211.50 0.25 17.25 0.75 475.00 -5.00 535.00 -1.70 568.00 1.20 341.00 53.50 1112.15 197.40 0.30 183.30 -10.00 967.50 478.00 0.75 246.75 -0.50 113.50 1.40 209.90 0.25 77.00 -1.25 248.17 9.75 816.00 100.49 -2.00 4398 Yld 276.00 2296 120.75 12.94 361.75 357.50 358.30 236.50 709.00 87.75 138.70 764.60 298.00 162.00 68.75 117.00 27.94 98.00 640.00 65.00 3214 7.02 1.59 3.84 3.55 2.65 2.60 2.78 4.14 4.01 8.67 1.50 1.98 1.91 4.95 4.29 3.47 1.78 7.28 2.29 2.07 2.22 P/E Vol 000s 7.06 -14.05 26.10 -10.47 19.23 30.58 19.04 14.13 32.55 10.10 26.33 20.92 17.63 59.30 -42.17 22.12 -14.27 28.21 14.52 14.90 18.33 727.5 421.8 122.5 77.8 2.3 85.2 467.9 828.6 66.6 405.9 2434.9 5.7 8.8 108.4 0.7 892.8 38.4 228.2 0.2 19.3 373.8 811.50 0.78 40.27 314.90 3.58 -113.59 64.25 3.28 54.27 3257.9 209.5 32.0 2.00 -4.70 -1.50 4.00 - 2350 885.00 13.95 79.60 1623.5 326.00 185.00 639.00 463.75 43.00 1221 705.00 7.10 62.00 1150 208.00 130.00 363.39 315.00 12.58 1.90 2.30 5.44 1.94 1.37 3.06 2.17 0.60 - 36.23 10.32 -1.32 30.82 40.28 45.53 7.78 37.26 -11.04 8.91 134.4 289.9 9.0 13.9 400.0 147.4 62.3 1851.4 13.7 7.4 451.90 748.50 108.25 242.50 1023 3.30 1.50 -0.75 -1.50 13.00 502.60 1153 124.50 412.70 1215 404.00 708.63 86.00 184.00 780.00 2.85 4.53 4.96 5.69 3.91 15.22 10674.9 19.56 1820.1 43.35 504.8 45.64 1253.7 24.93 136.7 4205.5 3786 20.50 4357.13 17.00 3898 Tech - Hardware ARM Hldgs Laird SpirentCM 982.00 352.80 80.00 4.00 -1.10 -0.25 1332.5 413.30 98.75 Tech - Software & Services AVEVA Computcnt DRS Data Elecdata MicroFoc NCC Grp RM Sage SDL TriadGp 1602 847.00 8.00 73.50 1600 290.00 138.50 604.50 417.75 25.50 - 2.00 4.00 Telecommunications BTX Inmarsat KCOM Gp TalkTalk TelePlus Tobacco BrAmTobX Imperial BrX 3231.5 3.57 18.26 2926 3.72 32.09 1304.1 1011.0 398.6 5.8 480.9 2099.2 583.0 1489.3 0.4 29.8 270.0 2.5 2671.7 96.0 884.5 241.1 5.3 2337.9 942.1 7390.8 817.5 562.3 1428.9 Travel & Leisure 888 Hldg AirPrtnr Cineworld CompassX EntInns FirstGrp Fuller A Go-Ahead GreeneKg IrishCtl Ladbrokes MandarO $ Marstons Natl Exp PPHE Htl Restaurt Stagech ThomasCook TUI Whitbrd Willim H 227.00 426.13 563.00 1288 99.00 108.90 1038 2584 893.00 5.31 136.30 1.48 157.00 339.20 795.00 360.20 258.30 76.40 1050 4249 312.50 -0.75 1.63 1.00 2.50 0.40 -17.00 14.00 2.50 0.15 -0.20 -0.02 1.80 -0.20 6.90 3.50 1.30 11.00 7.00 -0.10 235.00 146.08 2.40 40.80 470.00 345.00 5.33 22.43 599.00 451.32 2.40 18.86 1312 963.00 2.28 23.48 135.10 69.80 -13.76 129.90 79.55 19.67 1250 993.75 1.51 20.59 2758 2134.59 3.48 19.28 985.00 766.00 3.22 21.99 5.60 3.80 1.95 19.25 150.00 92.85 4.11 259.62 1.72 1.18 4.69 20.12 177.00 142.70 4.27 -33.24 353.10 268.50 3.14 16.27 825.00 464.50 2.52 11.14 728.00 265.00 4.47 10.52 420.20 240.60 4.07 11.21 147.77 69.96 20.90 1287 956.50 4.23 50.74 5315 3641 2.01 19.85 432.10 294.10 3.94 14.57 205.30 1295 312.30 1009 869.50 971.00 -1.10 -3.10 9.00 9.50 16.00 286.67 1484 401.00 1015.5 901.00 1010 - Utilities Centrica DeeVally Drax Natl GridX Pennon UtdUtils 182.50 1270 205.10 806.40 711.90 816.50 5.83 4.83 3.94 4.25 3.62 3.88 -13.77 11412.1 16.89 2.0 22.59 515.7 17.59 4193.7 30.06 669.3 23.66 1623.5 AIM Aerospace & Defence Cohort 365.00 -1.50 432.04 259.50 1.37 26.87 29.9 7.75 2600 -200.00 9.50 3425 3.25 -0.70 2537 2.65 24.98 0.7 28.4 783.00 430.00 1.15 33.95 2.7 Banks Caribbean Inv STB Basic Resource (Ex Mining) CropperJ 737.50 - Chemicals Scapa 272.50 -5.50 279.75 174.75 0.55 54.98 1306.9 Construction & Materials Abbey AccsysTch Aukett 1062.5 65.50 6.50 -37.50 -0.13 - 1300 78.47 8.50 845.00 0.81 6.45 56.00 -41.91 5.50 3.38 6.50 1.1 3.1 80.0 Electronic & Electrical Equip CeresPow ElektronT FlowGp LPA ThorpeFW Zytronic 9.20 5.88 12.75 125.00 237.50 377.50 0.05 0.50 -3.13 -3.50 10.00 8.70 28.40 142.00 250.70 440.00 4.20 -6.56 5.05 8.87 9.75 -2.40 58.00 1.24 22.81 165.00 1.54 22.26 273.00 3.18 14.99 66.6 120.0 6181.6 1.0 1.9 27.4 87.50 -2.00 0.50 2.75 10.50 3.25 -0.91 1650 1251.29 1.78 30.70 167.00 131.00 1.67 7.31 9812 7844.85 1.55 18.03 195.00 120.22 5.06 -9.06 41.00 30.25 10.42 653.00 509.00 1.62 33.99 36.00 23.50 2.33 34.11 278.00 191.00 7.67 10.01 4.0 13.6 3.4 2.7 28.9 25.0 17.7 127.1 69.7 Financial General Ambrian Arbuthnot BP Marsh Camellia Fairpoint Leeds MattioliWds Miton Numis 3.50 1575 164.50 8124.5 129.50 39.50 646.50 25.75 221.75 Park Grp PolarCap Share ShoreCap STM Group WH Ireland 70.00 326.00 28.00 317.50 45.00 92.00 - 0.50 3.25 52 Week High Low 97.97 489.75 38.35 429.40 73.00 130.00 52.00 317.00 25.00 300.00 40.00 81.10 Yld P/E Vol 000s 3.43 7.67 2.21 1.57 2.17 13.92 12.72 61.14 12.17 11.88 -32.81 144.6 5.1 28.4 200.0 49.8 5.1 115.00 1436 36.00 420.00 - 124.00 6.00 1496.81 59.40 610.00 79.08 2.17 17.12 1086 1.62 23.83 34.10 26.07 405.10 2.50 12.26 43.3 19.0 6.8 4.6 Health Care Equip & Services Advnc Med AVO CareTech CircleHldgs ImmunDiag Tristel 194.75 8.00 241.00 20.25 149.00 115.00 -1.75 0.50 -0.50 -0.63 4.00 -0.50 199.75 10.25 262.15 48.98 320.69 152.00 135.00 4.75 210.00 9.00 135.00 80.50 0.37 3.32 2.01 2.37 29.14 -10.13 17.47 -4.30 34.21 29.83 478.1 5527.8 8.3 3.8 36.3 119.9 23.00 860.00 34.80 1050 1275 494.00 244.85 15.50 502.00 17.50 825.00 880.00 306.85 184.00 4.62 2.13 2.34 3.07 1.24 14.52 21.12 -4.46 17.68 7.53 20.27 10.0 50.2 57.0 0.2 9.3 143.7 34.3 -0.25 -0.13 19.50 227.50 287.74 6.75 7.00 6.66 137.40 4.41 22.14 90.00 6.25 27.95 1.76 -8.55 108.2 0.7 5.6 104.1 1.50 261.36 183.36 1197 844.36 275.00 1025 158.00 129.50 271.96 174.24 187.50 92.00 217.00 613.00 7.30 459.00 20.33 542.00 20.53 17.00 37.75 917.00 863.02 241.75 93.50 1119 928.00 348.00 195.25 129.75 1059.1 703.00 750.00 166.00 200.00 175.50 410.00 620.00 148.20 207.00 305.00 78.00 120.89 168.89 104.00 175.50 395.35 100.00 103.00 394.00 126.50 379.75 252.51 56.50 216.48 101.72 634.01 110.00 614.50 259.51 140.25 294.46 645.18 204.29 138.00 950.00 593.85 234.00 859.00 137.01 107.50 195.50 105.06 152.00 70.25 174.50 522.00 4.56 390.00 10.00 391.70 11.00 1.67 17.00 722.00 706.00 199.00 84.50 891.00 775.00 238.25 159.83 103.77 740.68 561.00 617.00 149.90 180.00 139.00 317.40 369.33 130.00 147.00 245.00 63.00 108.50 144.50 100.00 155.00 335.75 81.00 83.00 330.00 113.10 238.90 182.00 32.25 134.51 98.25 541.40 92.00 478.20 211.75 110.00 219.85 526.38 -4.7 -25.0 0.1 -13.0 0.3 -0.5 0.7 -2.8 -14.1 -17.3 -7.5 -15.7 0.7 -9.5 -25.1 -10.7 -66.0 -19.3 -33.9 -35.2 -17.5 1.7 -5.4 -6.1 -2.3 0.7 -1.8 -14.5 -15.5 -22.3 16.8 -9.7 -12.0 -4.5 -13.4 12.7 -13.4 -10.1 3.3 -2.7 -2.1 -2.0 -1.7 -5.4 -8.5 -10.0 -9.9 13.8 -1.3 -13.5 -9.4 -16.0 -1.2 -3.2 -3.1 -12.4 -7.6 -8.5 -11.5 -9.3 House, Leisure & Pers Goods Airea Churchll gamingrealms Mulberry Portmern TelfordHms WalkerGb 19.50 780.00 20.88 1034 1157.5 361.25 193.00 -0.13 -3.50 -3.25 1.50 -711.14 Industrial Engineering 600 Grp MS Intl Pres Tech TP Group 9.25 181.50 134.50 3.88 EP Global Estabmt Euro Ast EuroInvT F&C Cp&I F&CGblSmlr F&CMgdG F&CMgdI FidAsian FidChiSpS Fid Euro Fid Jap Fid Spec FinsG&I FstPacfic HK HK$ For & Col Geiger GenEmer GFIS GRIT GoldenPros Hansa A Hend Alt Hen Div HenEuroF HenEuro HenFarEs HenHigh HenInt Inc Hen Opp HenSmlr Herald HICL Infra Highbridge Multi Impax Env Ind IT IntBiotech Intl PP InvAsTr Inv Inc InvPerp IPST BalR IPST Gbl Eq IPST Mngd IPST UK Eq InvPpUK Invs Cap A Invs Cap B Invs CapU JLaingInf JPM Amer JPM Asn JPM Brazil JPM China JPMElct MC MG MI JPM Emrg JPM EurGth JPM EurInc JPM EuSm JPM Clavr 223.50 159.50 1052.5 656.00 263.50 995.00 148.00 112.00 256.00 134.80 168.90 87.88 193.50 597.50 4.84 437.60 13.25 492.50 12.50 6.25 31.00 736.25 722.50 221.38 90.00 961.50 848.00 279.00 175.00 123.50 828.00 617.00 690.00 163.00 181.00 169.00 384.00 440.50 146.80 181.00 272.00 71.38 119.25 155.50 101.00 162.25 388.00 89.50 88.00 353.00 122.80 290.00 207.13 43.38 152.75 100.25 592.50 98.50 568.00 235.50 121.13 271.38 558.75 Yld Industrial General Powerflte RM2 75.00 24.00 - 100.98 73.00 64.00 1.47 11.70 23.00 -2.42 106.5 196.2 182.50 - 210.00 157.00 0.82 23.70 3.0 214.50 98.50 332.00 41.00 270.50 178.00 1.00 0.50 -2.00 - 254.00 106.70 374.75 50.00 305.00 181.00 140.00 77.10 278.75 38.14 177.00 101.50 17.44 28.60 36.73 8.76 48.55 39.72 18.4 54.9 19.9 7.0 4.1 68.9 4.75 2.15 163.75 2.65 25.50 3.50 87.25 1.00 2.63 5.88 22.38 19.00 1.93 0.68 -0.15 1.00 0.15 0.13 -0.50 0.08 -0.08 0.13 0.25 - 44.58 2.99 188.00 4.30 38.50 8.95 100.25 1.54 3.20 8.75 30.33 29.50 2.66 18.00 3.89 4.73 0.63 -14.83 118.21 7.62 12.20 1.00 -7.53 0.28 -5.90 2.50 -3.37 37.00 4.76 -40.54 0.50 -37.04 1.10 -22.25 4.00 -2.32 15.00 -13.05 10.28 -56.21 1.06 -22.38 0.47 -0.18 2818.2 775.0 11.6 1826.0 11.6 68.0 1038.6 3041.6 1426.7 481.6 21.4 2456.5 276.5 65.7 27.50 19.25 1.73 1.95 -0.25 -0.13 -0.02 - 39.75 35.00 3.25 6.50 JPMGIConv JPM GEI JPM I&C Uni JPM Inc&Gr JPM Ind JPM JpSm JPM Jap JPM Mid JPM O'seas JPMRussian JPMSnrSec JPM Smlr JPM US Sml KeystoneInv Law Deb Lazard WorldTst LinTrain Ê Ln&StLaw Lowland M&GHighInc Majedie Man&Lon MCGlobPort MCurPac MercantIT MrchTst Mid Wynd Miton Global MitonUKMic MMP Monks MontanSm Mur Inc Mur Int B NB DDIF $ NewCtyEgy NewCityHY NewIndia New Star IT NorthAmer NthAtSml Oryx Int PacAsset PacHorzn Perp I&G PerAsset 90.25 91.50 321.00 101.00 524.50 267.50 287.50 1029 207.50 340.25 87.00 815.25 175.13 1643 483.00 245.75 618.75 339.50 1255 161.00 255.63 242.50 179.00 266.00 1715 401.00 343.00 166.00 56.75 2.38 421.00 560.75 660.50 946.00 835.00 1.05 11.50 57.50 321.75 77.00 900.00 2330 605.00 193.00 162.25 379.90 36880 -0.25 -0.13 -3.50 -0.75 11.50 -1.25 0.50 4.00 -0.50 -0.50 -0.38 -1.50 0.50 -7.00 3.00 0.50 -1.00 -11.00 2.00 0.13 3.00 0.25 1.50 1.00 -1.25 0.25 -1.00 3.75 4.50 6.50 0.01 -0.25 -0.50 3.00 -2.50 2.50 0.63 -2.00 0.40 40.00 PolarFins Sub PolarHealth PolarTech ProspJap $ QatarInvF $ RIT Cap RobecoNV RolincoNV Ruffer Inv Pr SchdrAsiaP Schdr Inc SchdrJap SchdrOrient SchdrUK 96.75 2.50 171.00 590.00 0.99 1.07 1619 30.38 28.32 205.50 261.00 244.00 134.50 186.00 151.50 Insurance Helios Media Food & Beverages FinsbryFd Nichols RealGdFd Wynnstay 52 Week High Low Avesco Cello Gp M&Csaatc MissionMk Next15Cm YouGov 3.03 2.68 1.95 2.80 1.37 0.56 Mining AMC BotswanaD CentAsiaM Connema C'royG&NR GrekaDrill HighldGld KarelianDd OracleC ShantaGold SierraRut Sirius Min Stratex ZincOx Oil & Gas AmeriRes AndesEnrg BahamasP BorSthnPet 16.69 14.94 0.92 1.25 - -16.17 -14.19 -6.56 -3.94 2157.9 1.5 948.3 284.0 104.75 84.25 4.99 96.7 117.25 72.94 5.36 96.3 370.00 318.25 343.4 115.85 96.00 4.65 108.7 554.50 430.00 600.7 289.00 210.00 313.3 305.00 233.50 0.97 331.9 1100 876.09 1.94 1043.4 221.40 170.50 1.54 365.00 259.50 3.82 402.3 101.05 82.00 7.07 88.0 929.20 805.00 1.35 986.3 185.22 148.00 198.3 1900 190.00 3.10 1826.4 538.00 432.50 3.35 518.0 281.75 227.00 1.41 288.9 644.10 435.00 1.04 460.6 374.10 314.76 4.24 362.5 1440 1095 3.35 1329.9 176.90 140.00 4.16 167.0 283.00 230.75 3.13 270.0 250.25 225.00 1.32 308.0 192.00 155.00 2.29 181.1 320.00 236.73 2.82 313.7 1845 1532.56 2.74 1944.9 496.75 374.50 5.99 433.8 346.00 312.00 1.17 340.6 166.44 145.00 182.5 60.97 51.50 3.73 2.25 446.90 360.50 0.94 478.6 590.00 458.03 1.34 641.4 773.50 595.00 4.84 724.2 1050 739.42 5.97 914.3 960.00 307.95 914.3 1.21 0.95 19.50 8.00 15.7 61.66 51.00 7.55 54.6 350.00 263.00 371.7 81.90 65.00 0.39 119.1 919.90 729.50 3.50 1002.1 2385 1898.35 - 2725.8 660.00 480.00 695.1 211.75 156.25 1.35 200.7 201.75 142.50 0.22 188.7 431.00 358.00 3.26 400.3 37600 33000 1.52 36731 112.84 83.50 3.31 108.8 9.50 1.00 187.50 151.50 2.16 180.0 647.00 487.40 635.3 1.07 0.90 1.3 1.32 0.90 6.97 1.3 1703 1393.64 1.85 1540.2 225.00 196.50 1.65 205.4 297.50 226.25 1.05 299.5 348.25 220.29 4.22 271.0 165.00 127.00 1.49 155.3 206.79 154.00 4.30 187.8 173.09 136.63 3.30 174.3 -6.7 -5.0 -6.5 -7.1 -12.7 -14.6 -13.4 -1.4 -15.4 -1.1 -17.3 -11.7 -10.0 -6.8 -14.9 34.3 -6.3 -5.6 -3.6 -5.3 -21.3 -1.2 -15.2 -11.8 -7.6 0.7 -9.0 -12.0 -12.6 -8.8 3.5 -8.7 -26.8 5.3 -13.4 -35.3 -10.2 -14.5 -13.0 -3.8 -14.0 -5.1 0.4 Price ClontarfEn Egdon Res EuropaOil GETECH Infrastrata Iofina Ithaca Engy PetrelRes Petroceltic# PetroNeft Rockhop Sound Oil UnJackOil VictorOil 0.22 11.13 4.13 26.00 2.40 17.38 55.00 4.75 7.50 2.08 37.00 15.88 0.17 35.00 52 Week High Low +/-Chg -0.01 -0.13 0.50 -0.38 -1.25 -0.13 -1.50 -0.88 -1.00 0.62 17.00 9.72 61.00 4.45 33.17 56.95 5.05 123.00 5.00 83.00 21.75 0.27 75.00 P/E 0.13 -4.48 6.60 -5.21 2.31 -7.05 21.75 8.46 21.21 1.01 -0.48 4.25 -10.98 16.00 38.65 2.00 -2.32 3.50 -0.10 1.86 -3.05 24.00 14.97 12.50 -10.07 0.10 -7.08 23.11 32.80 3413.1 206.3 204.3 128.2 40.2 101.6 2763.7 46.1 49.0 20.0 1531.6 778.3 1649.7 380.7 Pharmaceuticals & Biotech Abcam AllcePharm Epistem e-Thera GW Phrms HtchChMd ReNeuron Sareum SinclairIS Vernalis 631.00 47.38 90.00 14.75 512.50 1730 3.38 0.83 35.25 45.25 1.00 -0.13 0.50 9.00 -0.13 -0.02 -1.00 0.38 690.00 63.00 288.00 42.40 708.55 2896.6 6.50 1.20 61.33 88.29 493.75 1.30 34.79 391.6 38.00 2.18 10.42 347.0 70.00 -2.06 0.8 12.00 -4.42 98.4 211.00 -19.46 227.6 1560 -39.81 1.1 2.26 -7.02 487.1 0.17 -17.29 16474.1 32.00 -14.43 967.8 41.58 -68.05 284.8 FltchKng InlandHms Lok'nStor LXB Retail NewRiver Palace Cap PnthrSec PSPI 47.50 75.88 329.00 61.00 319.00 360.00 392.50 52.50 -3.50 -5.00 0.50 62.00 89.00 374.00 104.00 362.00 405.00 403.00 54.52 38.00 64.37 279.04 60.50 300.00 320.00 303.00 28.20 4.74 4.08 1.32 3.64 2.43 22.40 5.41 8.47 3.61 6.20 4.59 10.15 -15.66 4.0 88.1 10.0 417.6 185.6 3.6 2.1 10.0 SchdrUKMd ScotAmer Scottish Inv ScottMort ScottOrtll SecTstScot Seneca I&G Shires Inc StdLf Eqt StdLf Sml StrategicEq Temp Bar TempEmerg TRIG ThreadUKSel TREurGth TroyInc&G UtilicoEmg UtilEmSubs UIL Inv ValAndInc Witan WitanPac WwideHlth 442.13 270.50 614.00 261.30 743.50 133.00 146.75 204.13 424.75 352.00 213.00 1067 442.50 99.00 164.50 646.50 72.50 171.00 15.50 113.25 224.75 744.00 231.00 1760 2.13 0.50 504.50 277.59 665.00 281.90 880.55 144.19 150.00 255.75 471.46 386.00 241.50 1229 549.02 109.00 179.50 661.00 74.71 199.25 22.89 122.00 264.75 836.00 265.25 2108.5 415.00 230.00 540.00 218.80 660.00 118.00 136.35 180.78 402.00 294.25 179.61 921.96 368.60 93.80 156.00 559.80 64.43 142.94 7.01 92.50 219.00 676.78 203.03 1541 1.92 3.94 1.99 1.12 1.55 4.36 3.91 6.00 3.51 1.65 0.37 4.42 1.86 6.22 2.67 1.08 3.28 3.57 6.62 4.00 2.17 1.99 0.71 522.4 256.8 693.1 257.0 871.1 142.7 147.0 234.2 437.4 376.2 216.8 1138.5 515.9 190.9 740.6 72.1 194.0 296.6 735.5 269.9 1910.9 -15.4 5.3 -11.4 1.7 -14.6 -6.8 -0.2 -12.8 -2.9 -6.4 -1.8 -6.3 -14.2 -13.8 -12.7 0.6 -11.9 -24.2 1.2 -14.4 -7.9 Conventional - Private Equity Price +/-Chg AbnPvtEq 88.00 -0.13 Altamir 11.00 0.11 Dun Ent 329.50 -0.50 Electra 3807 -3.00 ElectraPrf 153.38 F&C PvtEq 257.00 HVPE 942.50 -0.50 HgCapital 1245 14.00 ICG Ent Tr 543.50 3.50 JPEL Pvt Eq $ 0.94 JZ Capital 390.00 Mithras 156.00 NB PE Ptnr $ 10.28 Nthn Invs 705.00 15.00 Pantheon 1297.5 7.50 PantheonR 1175 PrincssPE 7.47 -0.15 Riverstone 884.00 -1.00 StdLfEuPv 228.13 1.38 52 Week High Low 91.50 82.00 11.35 8.86 360.00 285.00 3968 3131 153.60 148.55 264.00 214.00 949.00 822.00 1250 981.00 615.94 506.86 1.07 0.90 480.00 376.00 166.00 126.50 12.11 9.85 719.60 465.00 1395 1175 1295 1120 8.15 5.72 1068 719.50 229.50 191.00 Yld 2.54 4.40 1.43 3.05 4.29 2.57 2.76 0.64 2.41 7.00 2.30 NAV 129.1 18.6 482.6 4349.9 153.4 291.8 1154.0 1351.3 724.0 1.2 681.1 171.6 685.3 1718.2 1718.2 9.5 1079.8 306.7 Dis(-) or Pm -31.8 -40.9 -31.7 -12.5 0.0 -11.9 -18.3 -7.9 -24.9 -21.7 -42.7 -9.1 2.9 -24.5 -31.6 -21.4 -18.1 -25.6 Conventional - Property ICs Price +/-Chg 52 Week High Low Yld NAV Dis(-) or Pm Real Estate SIR SiriusRE SumGermny TaliesinPr 52 Week High Low Yld P/E Vol 000s Price +/-Chg 283.50 0.52 1.01 2870.5 - -0.50 0.02 300.00 0.54 1.03 2915 235.40 13.90 0.41 3.02 8.42 0.84 3.48 7.84 2208.5 5.43 102.8 1083.8 2.4 0.3 22.00 8.50 -0.13 4076 75.18 262.00 2443 77.72 10.66 -1.35 13.75 35.71 -6.27 532.8 1137.2 1058.9 - 0.50 -4.00 355.00 51.08 155.00 106.90 406.50 870.00 99.75 208.72 2400 587.80 4.93 206.75 15.00 13.25 418.00 335.50 297.00 34.75 164.00 288.25 236.00 38.50 91.00 63.25 155.00 692.00 81.50 140.00 1800 410.00 2.65 128.13 10.00 5.00 297.40 235.29 229.89 19.67 19.16 115.00 12.52 -34.92 9.32 9.31 7.64 12.25 30.63 16.95 20.74 14.43 10.54 12.33 6.21 -1.02 15.92 49.32 23.17 14.98 -1.55 7.55 1.0 71.3 4.4 50.3 29.5 0.3 102.6 10.0 0.0 7.3 50.3 27.2 33.9 142.2 63.2 66.0 4.8 90.0 591.5 234.2 101.00 19.25 -0.50 - 171.00 27.00 100.00 5.06 167.77 15.78 6.63 159.5 867.7 Price 68.00 87.50 69.00 66.50 68.00 96.63 77.63 91.25 94.00 59.00 27.50 93.50 95.75 18.50 65.50 47.50 90.00 74.25 97.00 83.00 75.25 93.50 134.50 +/-Chg 4.13 1.25 0.50 1.50 1.75 Retailers ASOS Koovs StanlGib 3507 40.25 14.00 Support Services AndSyks Begbies Christie Empres Hargreaves Impellam JhnsnSrv JourneyGp LonSec Matchtech NewmkSec NWF Petards RedhallGp Renew Restore SafeCharge Servoca Tribal Grp Utilityws 320.00 44.00 94.00 85.50 177.25 750.00 98.00 194.50 2075 434.63 2.95 152.00 13.63 6.38 357.75 325.50 232.50 26.00 53.75 156.00 - 0.50 2.50 1.25 0.75 5.38 1.00 4.75 7.44 5.00 2.66 0.82 16.93 0.83 1.89 0.85 3.28 5.06 3.39 3.55 1.96 0.80 2.76 2.55 3.21 Tech - Hardware AminoTech IQE Price 52 Week High Low +/-Chg Yld P/E Vol 000s Tech - Software & Services Blinkx BondInt Brady Datatec DDD Eckoh EgSoltns Ingenta Iomart K3BusTc mporium OMG Progility SciSys WANdisco 23.00 87.50 66.50 210.50 0.60 48.50 56.00 127.00 268.00 345.50 8.50 45.00 0.78 71.50 180.00 0.50 -1.00 0.08 2.50 -0.50 - 36.50 144.73 110.13 370.00 3.94 56.00 75.40 150.00 310.00 377.00 11.25 51.56 6.09 84.50 265.00 14.75 84.00 33.60 158.00 0.25 35.89 48.00 114.00 198.82 232.00 3.62 39.00 0.55 38.50 69.75 2.51 2.78 2.47 0.76 0.93 0.43 1.44 1.64 - -1.44 16.29 -31.86 9.90 -0.47 71.11 75.57 -11.26 31.36 27.23 -5.22 26.90 -0.51 59.58 -2.55 261.4 5.1 287.1 1.0 6704.9 99.2 10.0 17.5 66.9 19.7 24.1 85.3 84.3 5.0 0.1 -1.00 - 545.00 147.60 279.16 4.62 14.02 16.00 -1.65 7.9 20.0 148.00 74.00 65.00 135.00 37.25 375.00 640.00 102.50 7.13 99.00 2.50 -9.50 -0.13 - 186.00 79.00 80.00 150.00 41.50 410.00 684.00 222.00 14.47 110.00 54.30 70.68 35.00 120.00 26.00 251.50 385.77 83.14 6.00 90.00 ModernWtr SeaEnergy# 5.88 2.38 -0.13 - 14.00 21.59 5.60 1.00 Marwyn Val 166.00 251.93 162.00 Telecommunications AltNetwks Peoples Op 327.00 18.25 Travel & Leisure 32Red PLC Celtic 6%CvPf Cv Pf Cortex Holdings Dalata Dart GoalsSocc MinoanGp PeelHtls 1.69 4.98 0.47 1.95 1.52 129.60 88.84 6.64 35.16 10.12 -9.85 -8.01 19.52 160.5 0.9 0.5 0.8 8.5 4.0 489.2 171.2 23.2 0.0 - -1.24 -0.25 18.1 70.5 - - Utilities Investment Companies Conventional (Ex Private Equity) 52 Week Price +/-Chg High Low 3i Infra 171.80 0.80 189.56 163.40 AbnAsianIn 160.25 2.00 198.76 137.50 AbnAsian 782.00 879.50 653.77 AbnEmgMkts 397.50 -2.38 472.50 350.00 AbnJapInv 454.50 6.50 571.00 400.00 AbnLatAmIn 50.75 -0.13 66.00 41.25 AbnNewDn 152.00 0.75 189.00 128.25 AbnNewThai 371.50 -8.00 434.00 324.00 AbnSmlInCo 199.50 229.00 186.00 Abn UK 291.00 -1.63 334.75 265.19 Abf Gd Inc 195.38 0.38 212.00 165.50 Abf Sml 1068 6.00 1235 965.00 AcenciADbt $ 1.38 0.01 1.72 1.25 Alliance 508.50 1.00 523.50 437.00 AllianzTech 594.00 10.00 650.00 507.00 AltAstsOps 37.00 1.00 46.95 29.00 Art Alpha 232.88 0.25 283.00 214.00 Sub 4.50 19.83 3.50 AsianToRt 203.00 212.00 163.25 Aurora Inv 167.00 170.00 146.00 Axiom 95.50 103.00 90.00 BG Japan 444.00 -3.00 482.75 385.00 BG Shin 517.75 2.00 547.50 318.50 BSRT 22.75 0.25 28.00 12.00 Bankers 584.00 1.00 674.50 522.00 BH Global 1255 1343.6 1227 USD $ 12.38 -0.08 13.19 12.15 BH Macro 1976 7.00 2110 1925 EUR 18.85 20.39 18.65 USD $ 18.80 20.43 18.36 BiotechGth 615.00 8.00 898.92 524.64 BlckRCom 61.88 1.63 90.50 43.25 BlckREmEur 219.75 -0.50 236.18 164.58 BlckRFrnt 112.25 0.25 118.00 93.00 BlckRGtEur 248.75 1.00 262.00 224.00 Sub# 0.26 20.63 0.10 BlckR I&G 179.50 192.98 160.50 BlckRIncStr 123.00 141.00 114.19 BlckRckLat 314.00 3.00 375.95 242.50 BlckRckNrAm 123.13 0.63 127.00 101.00 BlckRSmlr 901.75 6.75 1010 827.00 BlckRThrmt 330.75 -0.25 370.00 300.00 BlckRWld 228.00 -0.25 313.90 157.17 Brit Emp 465.00 -1.10 533.50 405.00 Brunner 520.00 -8.25 584.12 463.66 Caledonia Inv 2400 -10.00 2530 2098.85 CanGen C$ 17.89 0.12 22.00 15.73 Cap Gear 3435 -2.50 3575 3152.28 City Merch 180.00 192.50 167.00 CityNatRs 90.63 -0.88 105.37 63.70 City Lon 382.90 -0.10 418.35 338.46 DiverseInc 93.38 97.50 84.00 Dun Inc 215.00 2.00 266.75 190.00 Dun Sml 197.13 229.00 179.50 EcofinWatr 126.00 1.00 147.81 104.00 CULS 100.00 104.50 98.63 EdinDragn 242.00 0.25 287.50 211.00 CULS 104.00 -0.25 107.89 99.50 Edin Inv 697.00 0.50 737.00 630.85 Edin WWd 426.13 -0.25 502.44 378.00 Yld 4.45 5.37 1.34 0.57 8.13 2.50 2.21 4.16 3.75 4.09 2.35 4.35 1.98 1.52 26.67 1.60 2.31 2.67 9.76 3.95 2.01 3.29 5.48 6.48 3.41 1.77 1.42 9.21 2.52 2.94 2.11 3.65 0.47 5.56 6.18 4.03 2.68 5.23 2.69 5.75 1.24 3.42 0.35 NAV 173.9 893.3 467.2 527.4 57.8 177.5 460.1 242.4 317.8 216.5 1199.2 1.6 570.7 660.8 49.6 303.3 217.4 167.0 457.5 500.6 36.4 620.6 1349.0 13.3 2090.0 20.3 20.1 660.6 62.2 249.7 110.5 261.7 183.6 126.7 351.3 130.4 1040.7 392.8 257.5 529.2 617.6 2838.2 25.2 3384.9 177.9 114.4 377.8 91.0 242.8 234.9 145.6 280.7 701.0 474.3 Dis(-) or Pm -7.8 -12.5 -14.9 -13.8 -12.2 -14.4 -19.3 -17.7 -8.4 -9.8 -10.9 -13.8 -10.9 -10.1 -25.4 -23.2 -6.6 0.0 -3.0 3.4 -37.5 -5.9 -7.0 -6.9 -5.5 -7.1 -6.5 -6.9 -0.5 -12.0 1.6 -4.9 -2.2 -2.9 -10.6 -5.6 -13.4 -15.8 -11.5 -12.1 -15.8 -15.4 -29.0 1.5 1.2 -20.8 1.3 2.6 -11.4 -16.1 -13.5 -13.8 -0.6 -10.2 - 7.50 5.50 0.50 0.30 -0.10 0.13 1.00 1.50 0.03 2.60 -0.25 5.50 0.25 -0.75 -11.25 10.50 0.63 -1.50 0.50 5.00 -0.10 1.00 0.25 0.20 2.00 3.50 0.25 0.50 -0.50 3.00 0.50 0.63 -0.13 4.00 3.50 0.13 -0.50 1.50 1.48 3.07 5.31 2.13 3.85 0.97 5.58 0.78 0.96 1.84 1.73 2.13 4.31 2.19 2.17 1.49 5.67 2.56 2.18 6.95 5.09 3.68 1.67 2.19 4.51 0.83 1.30 4.34 2.02 3.73 8.76 3.22 3.85 4.88 5.14 5.23 3.91 5.50 1.29 1.06 0.92 1.18 0.35 1.16 3.86 1.06 2.59 3.92 1.18 3.85 234.6 212.7 1051.6 754.1 262.8 999.6 146.9 115.2 297.9 163.0 182.5 104.3 593.4 483.3 17.7 551.5 36.8 38.4 1114.2 1114.2 268.5 88.5 1016.3 902.8 285.6 173.7 125.8 968.3 730.3 887.8 139.5 200.5 192.1 402.3 508.5 130.3 209.1 302.5 69.1 122.5 158.9 103.1 165.1 410.2 97.8 97.8 391.6 107.9 293.8 239.5 47.9 181.9 101.5 612.1 101.7 648.5 254.8 132.4 306.5 616.3 - 1.00 1.00 0.02 0.01 -2.00 -0.50 1.00 -1.00 1.50 1.00 0.50 -11.1 -5.0 -7.1 -23.8 -17.7 5.1 0.0 -12.9 -10.0 -13.4 -1.0 -13.1 Direct Property AXA Propty CustdnREIT F&CComPrp F&CUKRealE Longbow PictonProp SLIPropInc UKComPrp 54.25 105.75 129.30 99.25 101.25 73.00 88.00 82.75 Property Securities SchdrGlbRe# TR Prop 135.00 302.50 - - 1.30 4.00 0.25 0.88 0.50 -0.88 0.25 -7.00 2.50 -0.10 12.50 0.50 -0.38 5.00 2.75 8.00 -1.25 0.25 -0.10 0.75 -0.75 0.25 0.40 - 1.80 58.00 109.75 149.00 105.50 106.75 74.75 88.50 92.00 137.00 316.00 43.75 104.50 124.60 92.75 100.79 64.75 80.25 77.00 5.20 4.64 136.5 5.04 99.1 5.93 4.32 76.8 6.44 83.3 4.45 85.3 111.90 1.61 258.32 2.55 337.4 - -5.3 0.2 -4.9 5.6 -3.0 -10.3 VCTs AlbionDev Albion Ent AlbionTech AlbionVCT ArtemisVCT Baronsmead 2nd VT Baronsmead VCT Baronsmead VT BSC VCT VCT2 Crown Place FrsightSol Inc&GthVCT KingsAYVCT Maven I&G MavenVCT2 MavenVCT4 Nthn VCT Nthn VCT NthnVent ProVenGI ProVenVCT UnicornAIM 52 Week High Low 70.89 66.00 92.90 85.50 77.99 67.50 68.50 63.00 74.00 55.00 103.49 91.50 82.49 73.50 99.00 87.50 96.00 82.00 60.97 53.00 30.44 27.00 106.00 89.00 105.00 88.25 19.00 17.50 75.00 60.00 64.00 42.00 93.00 80.00 88.00 67.25 104.00 86.50 85.36 74.00 81.25 73.00 97.89 90.50 145.00 127.00 Yld 7.35 5.71 7.25 7.52 5.88 7.76 7.73 10.96 5.85 7.63 9.09 6.42 12.53 5.41 9.01 8.74 5.67 7.41 5.67 7.23 5.98 5.35 4.65 NAV 71.1 98.0 72.6 71.5 71.7 97.8 86.9 102.8 101.7 61.2 27.3 105.4 104.4 19.6 67.5 50.8 98.1 77.9 102.2 82.9 81.1 101.1 154.7 Dis(-) or Pm -4.4 -10.7 -5.0 -7.0 -5.2 -1.2 -10.7 -11.2 -7.6 -3.6 0.7 -11.3 -8.3 -5.6 -3.0 -6.5 -8.3 -4.7 -5.1 0.1 -7.2 -7.5 -13.1 Ordinary Income Shares Price +/-Chg JPM I&C 77.50 JupiterDv&G 3.00 M&GHI&Gt 46.50 Rghts&Icp 5600 - 52 Week High Low Yld 105.90 70.00 8.77 5.40 1.75 27.67 65.50 40.00 5660 4268 - HR WO GRY 0% -19.8 2.3 10.8 -28.0 -30.3 -0.7 -22.4 -0.1 Income Shares 52 Week High Low Yld 101.20 92.50 4.76 63.00 38.25 7.62 1407.5 985.00 2.51 HR WO GRY 0% -94.3 14.8 -30.3 -6.9 -53.4 4.8 JPM In&Gr M&GHghIc Rghts&I Price 98.75 47.25 1432.5 +/-Chg 0.25 10.00 Price 4.63 1.10 +/-Chg -0.13 - Capital Shares JPM Inc&Gr M&GHghIc HR 52 Week High Low SP WO TAV 0% 15.15 3.00 4.1 -2.5 1.9 5.16 0.50 22.2 21.4 - Zero Dividend Preference Shares 52 Week Price +/-Chg High Low Abf Gd Inc 154.25 0.25 154.50 148.75 EcofinWatr 158.13 0.13 159.00 153.50 JPM I&C 178.25 179.15 171.91 JupiterDv&G 116.50 118.00 108.17 JZ Capital 371.00 1.75 370.00 354.75 M&GHghIc 118.25 118.29 112.75 UILFn16 190.00 190.50 183.50 UILFn18 147.13 147.50 137.00 UILFn20 127.50 128.00 116.65 HR SP -61.8 -24.5 -6.3 -33.7 - WO TAV 0% 159.7 160.7 192.1 128.5 373.5 122.8 - Price 53.00 160.00 31.25 61.00 14.00 2.38 +/-Chg -0.50 - 52 Week High Low Yld NAV 54.41 52.50 58.3 173.96 141.00 1.6 163.0 59.24 27.05 16.0 63.17 52.00 74.8 21.99 12.00 48.4 3.73 2.25 - ShephdNm Thwaites Price 1215 128.50 +/-Chg - 52 Week High Low Yld P/E 1250 1090 2.14 24.92 133.00 112.00 3.47 7.74 Dis(-) or Pm -9.1 -1.8 -18.4 -71.1 - - Vol 000s 5.8 15.0 Guide to FT Share Service For queries about the FT Share Service pages e-mail ft.reader.enquiries@morningstar.com All data is as of close of the previous business day Company classifications are based on the ICB system used by FTSE (see www.icbenchmark.com) FTSE 100 constituent stocks are shown in bold Closing prices are shown in pence unless otherwise indicated Highs & lows are based on intra-day trading over a rolling 52 week period Price/earnings ratios (PER) are based on latest annual reports and accounts and are updated with interim figures PER is calculated using the companys diluted earnings from continuing operations Yields are based on closing price and on dividends paid in the last financial year and updated with interim figures Yields are shown in net terms; dividends on UK companies are net of 10% tax, non-UK companies are gross of tax Highs & lows, yields and PER are adjusted to reflect capital changes where appropriate Trading volumes are end of day aggregated totals, rounded to the nearest 1,000 shares Net asset value per share (NAV) and split analytics are provided only as a guide Discounts and premiums are calculated using the latest cum fair net asset value estimate and closing price Discounts, premiums, gross redemption yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO) are displayed as a percentage, NAV and terminal asset value per share (TAV) in pence X # FT Global 500 company trading ex-dividend trading ex-capital distribution price at time of suspension from trading The prices listed are indicative and believed accurate at the time of publication No offer is made by Morningstar or the FT The FT does not warrant nor guarantee that the information is reliable or complete The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the information The FT Share Service is a paid-for-print listing service and may not be fully representative of all LSE-listed companies This service is available to all listed companies, subject to the Editors discretion For new sales enquiries please email jessica.llewelyn@ft.com or call 020 7873 4012 Data provided by Morningstar Investment Companies - AIM AbnFrntrMkts CrysAmber GLI Finance IndiaCap Infra India MMP - ISDX www.morningstar.co.uk 25 FINANCIAL TIMES Tuesday 31 May 2016 MANAGED FUNDS SERVICE Fund Bid Offer +/- Yield ACPI Global UCITS Funds Plc (IRL) www.acpishard.com Regulated ACPI Emerging Mkts FI UCITS Fund USD A $ 113.67 - -0.22 0.00 ACPI Global Credit UCITS Funds USD A $ 14.33 - 0.00 0.00 ACPI Global Fixed Income UCITS Fund USD A $ 155.86 - 0.03 0.00 Q ACPI India Fixed Income UCITS Fund USD A $ 10.22 - 0.02 0.00 ACPI India Fixed Income UCITS Fund USD A3 $ 87.13 - 0.15 0.00 ACPI International Bond UCITS Fund USD A $ 18.46 - -0.02 0.00 Fund Bid +/- Yield Artemis UK Smaller Cos R Acc 1171.76 1259.68 -0.45 0.95 Artemis UK Special Sits R Acc 522.38 555.04 0.91 1.68 Artemis US Abs Ret I Acc 107.73 - 0.03 0.00 Artemis US Equity I Acc 117.86 - 0.36 0.43 Artemis US Ex Alpha I Acc 128.08 - 0.39 0.02 1.02 - 0.00 117.68 - 0.21 0.25 1.00 - 0.00 - 104.91 - 0.18 - Artemis US Extended Alpha I Hedged Acc Ê Artemis US Select I Acc Artemis US Select I Hedged Acc Ê Artemis US Select I Inc 123.96 Artemis US Smlr Cos I Acc ACPI Select UCITS Funds PLC Offer - - 0.24 0.00 (IRL) Regulated Artisan Partners Global Funds PLC (IRL) Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130 FCA Recognised Artisan Partners Global Funds plc ACPI Balanced UCITS Fund USD Retail $ 14.18 - 0.07 0.00 ACPI Balanced UCITS Fund EUR Retail 10.63 - 0.05 0.00 ACPI Balanced UCITS Fund GBP Retail Ê 10.79 - 0.05 0.00 ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artisan Global Equity Fund Class I USD Acc $ 14.30 - 0.11 0.00 ACPI Balanced UCITS Fund EUR Institutional 10.00 - - - Artisan Global Opportunities I USD Acc $ 12.57 - -0.02 0.00 - Artisan Global Value Fund Class I USD Acc $ 16.35 - 0.00 0.00 Artisan US Value Equity Fund Class I USD Acc $ 11.67 - -0.01 0.00 Artisan Global Opportunities Class I EUR Acc 16.89 - -0.08 0.00 ACPI Balanced UCITS Fund GBP Institutional Ê 10.00 - ACPI Horizon UCITS Fund - $ 12.73 - 0.02 0.00 Abbey Life Assurance Company Limited (UK) 100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 additional fund prices can be found @ www.abbeylife.co.uk Insurances Life Funds Prop Acc Ser 1511.70 1591.30 0.30 - Selective Acc Ser 1580.90 1664.10 -0.80 - American Ser 1760.20 1852.80 4.00 - Custodian Ser 494.30 520.30 1.10 - Equity Ser 560.60 590.10 -0.20 - European Ser 580.10 610.60 3.30 - Ashmore Sicav (LUX) rue Albert Borschette L-1246 Luxembourg FCA Recognised Fund Bid The Public Sector Deposit Fund-share class F 100.00 Offer +/- Yield - 0.00 0.36 924.50 973.20 4.10 448.50 472.10 1.40 - Japan Ser 372.70 392.40 2.80 - Man Ser 1682.60 1771.20 3.90 - Money Ser 524.60 552.20 0.00 - Prop Ser 1080.00 1136.80 0.20 - Custodian Ser 474.10 499.00 1.10 - International Ser 430.20 452.80 1.40 - Managed Ser 1613.70 1698.70 3.70 - Money Ser 513.60 540.60 0.00 - Property Ser 1035.80 1090.30 0.20 - Pension Funds CCLA Investment Management Ltd (UK) Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts CBF Church of England Funds Investment Inc Investment Acc 1320.39 1335.00 -5.81 3.78 2745.10 2775.46 -12.07 - 143.02 144.31 1.77 4.05 UK Equity Acc 216.70 218.66 2.67 164.81 165.64 -0.86 3.96 Fixed Interest Acc 511.88 514.44 -2.65 134.25 138.75 0.08 6.51 Property Fund Acc 234.22 242.07 2.73 - (UK) Senator House 85 Queen Victoria Street London EC4V 4ET Property & Other UK Unit Trusts COIF Charity Funds (UK) 1209.30 1222.68 11.61 3.62 0.68 0.00 - - Global Equity Acc 219.14 221.57 3.00 Cheyne Real Estate Debt Fund Class A1 Ê 131.56 - 0.31 0.00 Ashmore SICAV Emerging Market Total Return Fund $ 82.15 - -0.23 6.00 Fixed Interest Inc 135.65 136.33 0.12 4.14 Cheyne Total Return Credit Fund - December 2017 Class $ 186.74 - 14.87 0.00 Ashmore SICAV Global Small Cap Equity Fund $ 121.99 - 0.00 0.00 Fixed Interest Acc 794.01 797.99 0.71 Cheyne Total Return Credit Fund 2020 $ 106.21 EM Mkts Corp.Debt USD F $ 86.22 - -0.13 9.17 Property Inc 116.16 120.05 0.84 5.79 EM Mkts Loc.Ccy Bd USD F $ 78.78 - -0.27 2.93 Property Acc 248.62 256.95 2.77 - - - Property (IRL) CG Asset Management Limited Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland 00 353 434 5098 FCA Recognised Aspect Capital Ltd (UK) Capital Gearing Portfolio Fund Plc Ê 27573.65 27573.65 -135.06 0.60 Other International Funds Aspect Diversified USD $ 411.97 - -21.78 0.00 Aspect Diversified EUR 246.87 - -13.34 Aspect Diversified GBP Ê 127.11 - -6.60 0.00 - SFr 117.52 - -6.44 0.00 Aspect Diversified Trends USD $ 120.60 - 0.13 0.00 Aspect Diversified Trends EUR 120.36 - 0.12 0.00 Aspect Diversified CHF 288.86 313.21 0.51 4.81 Ê 178.22 178.22 -3.72 1.64 Dollar Fund Cls D Ê 137.08 137.08 0.76 1.55 Capital Value Fund Cls V Ê 133.80 133.80 -0.75 0.26 729.74 - Japan 391.80 412.50 3.40 - Bond Global 1400.22 - 7.12 0.00 Balanced B Acc 151.15 - Ê 125.66 - 0.13 0.00 (LUX) Regulated Canada Life Investments -9.14 0.00 European B Acc 257.54 - 1.66 1.67 Security 1477.70 1555.50 0.00 - 97.21 - 0.43 2.89 Selective 2021.60 2128.00 2.30 - Global Equity B Acc 630.39 - 3.26 1.23 Global Equity Income B Inc 126.60 - 0.49 3.70 Atlantis China Healthcare Fund $ 6.44 - 0.00 0.00 $ 1.83 - 0.01 0.00 Atlantis Japan Opportunities Fund $ 2.96 - 0.03 0.00 94.69 - 0.20 4.96 120.19 - 0.66 1.44 Global Resource B Acc 90.13 - -0.34 0.68 Japan B Acc 52.26 - 0.68 0.48 Global Infrastructure B Acc Managed (Life) 1615.90 1701.00 3.80 - Managed Growth (Life) 505.10 531.70 1.00 - Portfolio III B Acc 110.68 - 0.18 2.07 Managed (Pensions) 6371.20 6706.50 18.70 - BLME Asset Management Portfolio IV B Acc 112.27 - 0.21 2.46 Managed Growth (Pensions) 618.90 651.50 1.60 - BLME Sharia'a Umbrella Fund SICAV SIF Regulated Portfolio V B Acc 111.58 - 0.24 1.69 Atlantis Asian Fund $ 6.18 - 0.02 0.00 (LUX) Income Fund - Share Class A Acc $ 1140.47 - 0.12 0.00 Portfolio VI B Acc 109.14 - 0.33 1.76 Income Fund - Share Class G Acc Ê 1081.68 - 0.12 0.00 Portfolio VII B Acc 104.36 - 0.38 1.46 Gl Sukuk Fund - Share Class A Acc $ 1254.07 - 0.37 0.00 North American B Acc Gl Sukuk Fund - Share class B Acc Ê 1119.43 1119.43 0.34 0.00 Strategic Return B Acc Bank of America Cap Mgmt (Ireland) Ltd (IRL) Global Liquidity USD $ 1.00 - 0.00 0.61 7.42 0.00 - -3.27 0.00 Gl Macro Bds & Curr Low Vol AHG - GBP Ê 98.63 - Other International AEF Ltd Usd (Est) AEF Ltd Eur (Est) $ 621.84 624.10 - 17.73 - 17.96 0.00 Arisaig Partners - 0.29 1.58 107.69 - -0.31 1.96 UK Equity & Bond Income B Inc 232.68 - -0.28 5.24 UK Equity Income B Inc 415.52 - -0.64 5.18 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044 Authorised Inv Funds Ê 0.47 - 0.01 3.24 Baring Asset Management (UK) Arisaig Africa Consumer Fund Limited $ 13.60 - 0.04 0.00 Arisaig Asia Consumer Fund Limited $ 63.35 - 0.37 0.00 Arisaig Global Emerging Markets Consumer Fund $ 10.13 - 0.02 0.00 Arisaig Global Emerging Markets Consumer UCITS 11.80 - 0.08 0.00 Arisaig Global Emerging Markets Consumer UCITS STG Ê 11.47 - 0.07 0.00 Arisaig Latin America Consumer Fund $ 22.08 - -0.04 0.00 48.47 - Capita Asset Services 24.0770 - 0.1200 1.81 Europ.RealEstate Sec IX 32.2907 - 0.1609 0.00 Gbl Listed Infrastructure I $ 10.4112 - 0.0297 - Gbl Listed Infrastructure IX $ 10.4565 - 0.0299 - Gbl RealEstate Sec I $ 11.1590 - 0.0429 1.60 Gbl RealEstate Sec IX $ 13.2867 - 0.0511 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) PO BOX 10117, Chelmsford, Essex, CM1 9JB Dealing & Client Services 0845 0264281 Authorised Inv Funds Consistent UT Acc 126.78 128.25 -0.09 4.70 Practical Investment Inc 200.10 205.06 0.08 4.10 989.05 1013.55 0.39 3.98 Crốdit Andorr Asset Management www.creditandorra.com FCA Recognised Crediinvest SICAV Money Market Eur I 11.21 - 0.00 0.00 Artemis European Growth R Acc 247.75 261.48 0.71 1.31 Artemis European Opps R Acc 77.06 81.34 0.20 0.80 Artemis Global Emg Mkts I GBP Acc 82.06 - 0.64 - Artemis Global Emg Mkts I GBP Dist 79.95 - 0.63 - Artemis Global Energy R Acc 23.48 25.16 -0.18 0.00 Artemis Global Growth R Acc 183.46 193.63 0.63 1.06 Artemis Global Income R Acc 94.48 99.84 0.31 4.18 Artemis Global Income R Inc 75.21 79.48 0.25 4.35 Artemis Global select R Acc 74.40 78.53 0.43 0.00 Artemis High Income R Inc 75.97 80.97 0.03 6.01 128.10 - 0.18 0.34 CF Heartwood Cautious Income B Inc X 109.07 - 0.19 2.90 1.32 - - 0.90 2.47 Index Europe ex UK P-Acc Ê 1.04 - 0.01 2.74 UK Gilt Gross Ê 2.12 - 0.10 5.22 Index Japan Fund P-Inc-GBP Ê 1.12 - 0.01 1.86 UK Long Corp Bond Ê 1.41 - 0.10 5.22 Index Japan P-Acc Ê 1.13 - 0.01 1.80 UK Long Corp Bond - Gross Ê Index Pacific ex Japan P-Acc Ê 1.08 - 0.01 3.72 Index Pacific ex Japan P-INC-GBP Ê 0.91 - 0.01 3.86 - 0.00 0.00 DAVIS Funds SICAV (LUX) Regulated Davis Value A Davis Global A $ 28.87 - 0.15 0.00 0.17 0.00 Discretionary Unit Fund Mngrs (1000)F (UK) Poultry, London EC2R 8JR 020 415 4130 Authorised Inv Funds European Opportunities I USD $ 2.63 - 0.01 1.67 Index World P-Acc Ê 1.21 - 0.00 2.15 American Fund GBP Hedged Ê 45.56 - -0.06 0.00 Japan Fund W-ACC-GBP Ê 2.76 - 0.02 0.59 American Fund GBP Unhedged Ê 57.06 - 0.07 $ 12.69 - 0.00 0.00 - -0.01 2.30 - 0.01 1.03 Global Opportunities I USD $ 1.56 - 0.00 1.25 Japan Smaller Cos Fund W-ACC-GBP Ê 2.32 - 0.02 0.28 Latin American Fund USD Class Global Opportunities I GBP Ê 1.07 - 0.01 1.46 MBuilder Inc Red Duration Y-ACC Ê 10.50 - 0.01 2.63 Latin American Fund GBP Unhedged Ê Global Opportunities A GBP Ê 1.01 - 0.01 0.87 MBuilder Inc Red Duration Y-GACC Ê 10.68 - 0.01 2.58 Pan European Opportunities I EUR 1.42 - 0.01 MBuilder Inc Red Duration Y-GINC Ê 9.75 - 0.01 2.70 Mbuilder Inc Red Duration Y-INC Ê 9.74 - 0.01 2.70 MoneyBuilder Balanced Y-ACC-GBP Ê 0.52 - 0.01 MoneyBuilder Balanced Y-INC-GBP Ê 0.58 - 0.00 4.45 - EFG Hermes DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 363 4029 Email AMsales@EFG-HERMES.com Other International Funds $ 29.93 - - 0.00 EFG-Hermes Frontier Equity UCITS Fund Class I $ 1024.86 - 0.77 - EFG-Hermes MENA Equity UCITS Fund Class A $ 1007.81 - -18.80 - Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Saudi Arabia Equity Fund - SR 11.99 -0.20 0.00 (UK) Stuart House St.John's Street Peterborough PE1 5DD Orders & Enquiries: 0845 850 0255 Authorised Inv Funds Authorised Corporate Director - Carvetian Capital Management 154.10 - 1.00 2.27 1.30 - 0.00 5.04 MoneyBuilder Growth Fund Y-INC-GBP Ê 0.73 - 0.00 3.09 MoneyBuilder Income Fund Y-ACC-GBP Ê 11.85 - 0.04 3.57 MoneyBuilder Income Fund Y-GACC-GBP Ê 13.59 - 0.04 3.56 MoneyBuilder Income Fund Y-GINC-GBP Ê MoneyBuilder Income Fund Y-INC-GBP Ê Clairdenstrasse 34, Postfach CH-8022 Zurich Tel: +41 (0)44 286 17 17 www.eniso-partners.com Other International Funds - 0.45 0.00 116.13 120.78 0.12 - - 1.20 1.20 - 0.00 3.63 1.14 - 0.01 1.19 Multi Asset Alloc Advent N-ACC-GBP Ê 1.09 - 0.00 1.18 Multi Asset Alloc Def N-ACC-GBP Ê 1.11 - 0.00 1.32 1.12 - 0.00 1.31 Multi Asset Alloc Growth N-ACC-GBP Ê 1.08 - 0.00 1.15 Multi Asset Alloc Strat N-ACC-GBP Ê 1.10 - 0.00 1.26 Multi Asset Balanced Inc N-GINC-GBP Ê 1.05 - 0.00 4.03 Multi Asset Balanced Inc N-INC-GBP Ê 1.05 - 0.01 3.61 1.12 - 0.00 0.98 501.33 - 4.17 0.00 Equinox Fund Mgmt (Guernsey) Limited Equinox Russian Opportunities Fund Limited $ 116.66 - (GSY) 5.99 0.00 Euronova Asset Management UK LLP (CYM) Smaller Cos Cls One Shares 35.01 - 0.21 0.00 Smaller Cos Cls Two Shares 24.44 - 0.13 0.00 Smaller Cos Cls Three Shares 12.22 - 0.08 0.00 Smaller Cos Cls Four Shares 15.82 - 0.10 0.00 Multi Asset Income Fund N-INC-GBP Ê 1.03 - 0.01 4.92 Multi Asset Open Advent N-ACC-GBP Ê 1.06 - 1.09 - 0.00 1.40 Multi Asset Open Defen N-GACC-GBP Ê 1.10 - 0.01 1.40 Open World Fund N-ACC-GBP 1.14 - 0.01 0.96 Ê 1.14 - 0.01 0.21 South-East Asia Fund W-ACC-GBP Ê 8.05 - 0.11 1.23 Special Situations Fund W-ACC-GBP Ê 28.59 - 0.01 1.96 Sterling Core Plus Bond GMACC Ê 10.88 - 0.06 Ê 10.28 Strategic Bond Fund Y-ACC-GBP Ê Strategic Bond Fund Y-GACC-GBP Ê 1.14 - 0.02 0.00 3.26 - 0.00 3.25 Strategic Bond Fund Y-GINC-GBP Ê 1.23 - 0.01 3.31 Strategic Bond Fund Y-INC-GBP 1.23 - 0.01 3.31 Ê Target 2020 A-ACC-GBP Ê 0.57 - 0.00 0.52 Target 2025 A-ACC-GBP Ê 1.33 - 0.00 0.32 Target 2030 A-ACC-GBP Ê 1.43 - 0.00 0.40 UK Growth Fund W-ACC-GBP Ê 3.34 - -0.05 1.26 109.80 - -0.50 1.31 2.43 - 0.00 1.96 UK Smaller Companies W-ACC-GBP Ê 1.94 - 0.00 1.49 Eurobank Fund Management Company (Luxembourg) S.A WealthBuilder Fund N-ACC-GBP Ê 1.18 - 0.00 1.36 Regulated Fidelity PathFinder (LF) Eq Emerging Europe (LF) Eq Flexi Style Greece 1.32 0.75 0.94 - 0.00 0.00 0.00 0.00 -0.05 0.00 Fidelity PathFinder Foundation Gross Acc (clean) Ê 1.13 - 0.00 - Fidelity PathFinder Foundation Acc (clean) Ê 1.12 - 0.00 - Fidelity PathFinder Foundation Acc (clean) Ê 1.12 - 0.00 - (LF) Eq Mena Fund 12.43 - 0.05 0.00 Fidelity PathFinder Foundation Acc (clean) Ê 1.11 - 0.00 - (LF) Greek Government Bond 20.23 - -0.09 Fidelity PathFinder Foundation Acc (clean) Ê 1.13 - 0.00 - Baring German Growth Trust 607.70 CF Richmond Core X 171.05 - 0.42 0.00 EUR Distributing Class (H) - 0.00 3.93 (LF) FOF Real Estate 12.64 11.86 16.78 - -0.01 - 0.02 0.00 0.08 0.00 Fidelity PathFinder Foundation Acc (clean) Ê 1.22 - 0.00 - Fidelity PathFinder Focussed Gross Acc (clean) Ê 1.13 - 0.00 - Fidelity PathFinder Focussed Acc (clean) Ê 1.13 - 0.01 - Baring German Growth Trust GBP 553.80 1.20 0.28 CF Seneca Diversified Growth A ACC 215.45 - 0.22 1.64 GBP Distributing Class Ê 10.33 - 0.03 3.81 Fidelity PathFinder Focused Acc (Clean) Ê 1.15 - 0.01 - Baring Global Growth Trust 386.80 407.40 0.80 0.00 CF Seneca Diversified Growth B ACC 127.89 - 0.13 2.54 GBP Distributing Class (H) Ê 8.93 - -0.01 3.95 Fidelity PathFinder Focussed Acc (clean) Ê 1.14 - 0.00 - Baring Japan Growth Trust 141.00 148.50 1.60 0.01 CF Seneca Diversified Growth N ACC 126.47 - 0.13 2.26 USD Accumulating Class $ 9.54 - -0.01 0.00 Fidelity PathFinder Focussed Acc (clean) Ê 1.16 - 0.00 - Baring Korea Trust 257.90 273.10 2.40 0.00 CF Seneca Diversified Income A INC 87.33 - 0.08 5.76 Fidelity PathFinder Focussed Acc (clean) Ê 1.18 - 0.00 - Baring UK Growth Trust 243.00 257.10 -0.70 1.38 CF Seneca Diversified Income B INC 103.88 - 0.10 5.88 Fidelity PathFinder Freedom Gross Acc (clean) Ê 1.10 - 0.00 - Baring Strategic Bond Fund 115.10 121.10 0.10 0.72 CF Seneca Diversified Income N INC 102.77 - 0.10 5.89 Fidelity PathFinder Freedom Acc (clean) Ê 1.09 - 0.00 - Baring Dynamic Capital Growth Fund 655.90 692.20 1.50 2.02 Fidelity PathFinder Freedom Acc (clean) Ê 1.09 - 0.00 - Baring Dynamic Capital Growth Fund 260.00 274.30 0.60 2.06 Fidelity PathFinder Freedom Acc (clean) Ê 1.08 - 0.00 - Fidelity PathFinder Freedom Acc (clean) Ê 1.08 - 0.01 - Fidelity PathFinder Freedom Acc (clean) Ê 1.15 - 0.01 - Fidelity PathFinder Income Income (clean) Ê 1.03 - 0.00 3.93 Fidelity PathFinder Income Gross Income (clean) Ê 1.03 - 0.00 4.89 Fidelity PathFinder Income Income (clean) Ê 1.05 - 0.01 3.21 154.80 Baring Multi Asset Fund 146.80 - 0.30 1.27 0.40 1.05 The Westchester Class GBP Acc Ê 20.17 CF Morant Wright Japan A X Common Investment Fund - 0.11 0.00 Investment Adviser - Morant Wright Management Limited 275.98 - 2.66 0.19 Baring Targeted Return Fund 145.40 146.20 0.20 2.90 CF Morant Wright Japan A Inc X 271.41 - 2.62 0.19 Baring Targeted Return Fund 110.80 111.30 0.20 2.95 CF Morant Wright Japan B X 294.38 - 2.85 0.80 CF Morant Wright Japan B Inc X 275.44 - 2.67 0.77 (LUX) Ê 29.60 - 0.12 0.00 (JER) CF Morant Wright Nippon Yield ACC A X 286.19 - 2.59 2.44 CF Morant Wright Nippon Yield ACC B X 297.49 - 2.69 2.44 CF Morant Wright Nippon Yield Fund A Inc X 244.92 - 2.22 2.49 CF Morant Wright Nippon Yield Fund B Inc X 254.68 - Dodge & Cox Worldwide Funds plc-Global Stock Fund 0.08 0.00 EUR Accumulating Share Class 13.89 - 0.11 0.00 Ê 41.78 - 0.02 3.37 Blackrock UK Long Lease Ê 1079.11 - 2.93 0.00 BLK Intl Gold & General $ 6.28 -0.06 0.00 5.95 BONHOTE Other International Funds Bonhụte Alternative - Multi-Arbitrage (USD) Classe (EUR) 6419.00 Bonhụte Alternative - Multi-Performance (USD) Classe (EUR) 9539.00 - Braemar Group PCC Limited -58.00 1.71 -93.00 0.84 (GSY) Regulated UK Agricultural Class A Ê 1.24 - 0.01 0.00 UK Agricultural Class B Ê 1.36 - 0.01 0.00 Ê 0.55 - Cavendish Asset Management Limited (1200)F (UK) USD Accumulating Share Class GBP Accumulating Share Class $ 18.43 Ê 19.62 - 0.15 0.00 0.23 0.00 Cash Fund Ê 1.00 1.00 0.00 0.17 Gross Accum Cash Ê 1.28 1.28 0.00 0.00 MoneyBuilder Cash ISA Ê 1.00 1.00 0.00 0.16 MoneyBuilder Global Ê GBP Distributing Share Class Ê 12.45 - 0.15 0.65 EUR Accumulating Share Class 21.51 - 0.32 0.00 Allocator World Fund N-ACC-GBP Ê 1062.00 - 3.00 1.63 Vietnam Property Fund (VPF) NAV $ 0.91 - -0.01 0.00 Cavendish Opportunities Fund C Acc 1112.00xd - 4.00 1.60 Vietnam Enterprise Inv (VEIL) NAV $ 3.88 - 0.03 0.00 Cavendish Worldwide Fund B Class 296.10 - 1.40 0.70 Cavendish Worldwide Fund C Acc 306.00xd - 1.50 0.70 DSM Capital Partners Funds Cavendish AIM Fund B Class 165.60 - 0.30 0.70 www.dsmsicav.com Regulated Cavendish Asia Pacific Fund B Class 152.80 - 1.50 1.74 Global Growth I2 Acc 133.36 - 1.56 0.00 Cavendish Asia Pacific Fund C Acc 159.70 - 1.60 1.71 Global Growth I1 Eur 99.67 - 1.16 Cavendish European Fund B Class 145.80 - 0.40 1.09 Cavendish Japan Fund B Class 161.90 - 1.60 0.73 - 0.00 0.96 Fidelity PathFinder Income Gross Income (clean) Ê 1.05 - 0.00 3.95 Ê 28.13 - 0.06 0.00 Fidelity PathFinder Income Income (clean) Ê 1.05 - 0.00 3.74 American Special Sits W-ACC-GBP Ê 11.30 - 0.02 0.82 Institutional OEIC Funds American Fund W-ACC-GBP Ê 1.20 - 0.01 1.46 Asian Dividend Fund W-ACC-GBP Ê 1.17 - 0.02 2.30 Cavendish North American Fund B Class 196.00 - 0.10 0.51 -0.80 2.26 - 73.58 77.82 -0.51 0.00 CCLA Investment Management Ltd Artemis Strategic Bond R M Acc 85.11 90.41 0.07 4.06 Artemis Strategic Bond R M Inc 53.99 57.34 0.05 4.13 Senator House 85 Queen Victoria Street London EC4V 4ET Authorised Inv Funds The Public Sector Deposit Fund (UK) The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.54 The Public Sector Deposit Fund-share class F 100.00 - 0.00 0.36 - Cedar Rock Capital Limited (IRL) Regulated EdenTree Investment Management Ltd (UK) PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Authorised Inv Funds Amity UK Cls A Inc 212.30 - 0.10 1.73 Amity UK Cls B Inc 212.00 - 0.10 2.66 Cedar Rock Capital Fd Plc $ 380.12 - 0.77 0.00 Higher Income Cls A Inc 123.00 - 0.20 5.17 Cedar Rock Capital Fd Plc Ê 415.93 - 9.35 0.00 Higher Income Cls B Inc 127.00 - 0.10 5.13 Cedar Rock Capital Fd Plc 350.24 - 5.44 0.00 UK Equity Growth Cls A Inc 234.60 - -0.50 0.90 UK Equity Growth Cls B Inc 239.80 - -0.50 1.81 0.00 0.48 Amity Balanced For Charities A Inc 107.20 - 0.30 6.15 - 0.01 3.30 1.62 - 0.02 1.16 Emerging Asia Fund W-ACC-GBP Ê 0.94 - 0.02 0.81 Emerging Eur Mid East and Africa W Ê 1.53 - 0.00 2.12 Enhanced Income Fund W-ACC-GBP Ê 1.35 - 0.00 7.61 Enhanced Income Fund W-INC-GBP Ê European Fund W-INC-GBP 1.06 Ê 11.32 Ê 13.00 European Opportunities W-ACC-GBP Ê 3.55 - 0.00 8.10 0.06 1.99 - 0.07 2.02 - 0.03 1.56 Extra Income Fund Y-ACC-GBP Ê 1.13 - 0.00 4.02 Extra Income Fund Y-GACC-GBP Ê 1.16 - 0.01 4.00 Extra Income Fund Y-GINC-GBP Ê 1.22 - 0.01 4.14 Extra Income Fund Y-INC-GBP 0.00 0.41 440.93 467.06 -1.65 1.54 100.00 - 1.09 China Consumer Fund W-ACC-GBP Ê European Fund W-ACC-GBP (LUX) -0.17 0.00 - 100.00 Dragon Capital Group Cavendish Opportunities Fund B Class 147.00 2.67 0.01 0.19 1.19 Asia Pacific Ops W-Acc 1501 Me Linh Point, Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: funds@dragoncapital.com Other International Funds Cavendish UK Select Fund B Class 2.67 OEIC Funds Chelsea House, Westgate, London W5 1DR IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Authorised Inv Funds 62.73 66.57 0.12 4.63 The Public Sector Deposit Fund-share class F 186.53 186.53 0.00 0.00 Cash Accum Units Ê 1.22 - 0.01 4.14 Global Dividend Fund W-ACC-GBP Ê 1.59 - 0.01 3.24 Global Dividend Fund W-INC-GBP Ê 1.43 - 0.00 3.36 Global Enhanced Income W-ACC-GBP Ê 1.32 - 0.01 4.34 Global Enhanced Income W-INC-GBP Ê 1.17 - 0.00 5.52 Ê 14.67 - 0.07 0.66 Global High Yield Fund Y-ACC-GBP Ê 12.14 Global Focus Fund W-ACC-GBP - 0.00 5.71 Global High Yield Fund Y-GACC-GBP Ê 12.69 - 0.01 5.67 Global High Yield Fund Y-GINC-GBP Ê 10.06 - 0.00 5.85 Global High Yield Fund Y-INC-GBP Ê 10.07 - 0.01 5.85 Global Property Fund W-ACC-GBP Ê Global Property W Inc Ê 1.41 1.26 - 0.00 2.06 0.01 2.96 0.11 0.00 Haussmann Cls D SFr 1163.02 - -0.19 0.00 Heartwood Wealth Management Limited 0.10 3.27 - 0.10 3.33 0.30 0.61 0.50 0.52 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc European Selected Opportunities A Acc 1273.00 - 12.00 0.68 Franklin Emg Mkts Debt Opp CHFSFr 16.87 - -0.17 9.07 Global Care Growth A Inc 204.20 - 1.10 0.00 Franklin Emg Mkts Debt Opp EUR 11.89 - -0.12 7.00 Global Equity Income A Inc 50.94 - 0.23 3.98 Franklin Emg Mkts Debt Opp GBP Ê 10.15 - -0.13 6.99 Global Growth Fund 2095.20 2189.55 3.35 0.00 Franklin Emg Mkts Debt Opp SGD S$ 22.01 - -0.20 5.46 Global Technology A Acc 983.20 - 6.00 0.00 Franklin Emg Mkts Debt Opp USD $ 17.00 - -0.15 6.98 Multi-Manager Absolute Return A Acc 135.10 - 0.00 0.34 Multi-Manager Active A Acc 177.80 - 0.50 0.00 Multi-Manager Distribution A Inc 126.30 - 0.10 3.45 Multi-Manager Diversified A Acc 78.32 - 0.02 3.41 Multi-Manager Global Select Acc 177.90 - 0.30 0.00 Multi-Manager Income & Growth A Acc 154.20 - 0.10 2.33 Multi-Manager Income & Growth A Inc 140.10 - 0.10 2.37 Multi-Manager Managed A Acc 230.70 - 0.30 0.21 Multi-Manager Managed A Inc 226.10 - 0.30 0.21 Sterling Bond Acc 200.90 209.92 0.59 2.81 Franklin Templeton International Services Sarl (IRL) Frontier Capital (Bermuda) Limited Other International Fundsmith LLP (1200)F (UK) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 www.fundsmith.co.uk, enquiries@fundsmith.co.uk Authorised Inv Funds Fixed Interest Monthly Income A Inc 61.58 64.33 0.19 2.85 Strategic Bond A Inc 124.70 - 0.30 4.82 -0.20 0.00 Fundsmith Equity T Acc 247.52 - 0.54 1.06 UK & Irish Smaller Companies A Acc 523.00 - Fundsmith Equity T Inc 233.01 - 0.50 1.07 UK Absolute Return A Acc 153.30 - 0.10 0.00 UK Alpha A Acc 115.20 - -0.30 1.90 UK Equity Income & Growth A Inc 591.40 - -0.10 4.12 UK Index A Acc 498.80 - -1.20 2.92 UK Property A Acc 193.08 203.24 0.05 4.04 GYS Investment Management Ltd (GSY) Regulated Taurus Emerging Fund Ltd $ 181.92 185.63 -5.71 0.00 97.68 102.81 0.03 4.16 Generali Worldwide UK Property A Inc PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 International Insurances UK Tracker A Acc 223.10 - -0.50 3.00 Global Multi-Strategy Managed $ 4.73 5.10 0.04 0.00 US Growth A Acc 768.60 - 3.60 0.00 UK Multi-Strategy Managed Ê 4.85 5.23 0.07 0.00 EU Multi-Strategy Managed 2.95 3.19 0.05 0.00 Global Bond USD $ 3.52 3.79 0.00 0.00 Asset Manageme Genesis Asset Managers LLP Other International Funds Emerging Mkts NAV Hermes Investment Funds Plc Ê 5.48 - 0.05 0.00 Guardian (UK) Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151 Insurances Guardian Assurance Equity S-GH Class B Managed Fund Bond Ê 12.10 - -0.02 - Ê 23.80 24.79 0.03 - 323.20 340.20 0.10 - Choices Wth-Pfts Lg-tm 273.30 287.70 0.00 Choices Wth-Pfts St-tm 626.86 659.85 0.85 Choices Managed - Hermes Abs Return Credit Fund Class F Acc Ê Ê 1.05 1.05 0.00 - Hermes Abs Return Credit Fund Class R Acc 1.97 1.97 0.01 - Hermes Active UK Inflation Fund Class F Acc Ê 1.31 1.31 0.01 0.00 Hermes Asia Ex-Japan Equity Fund Class F Acc Ê 1.59 1.59 0.01 0.00 Hermes Asia Ex-Japan Equity Fund Class R Acc 3.29 3.29 0.01 0.00 Hermes Global Emerging Markets Fund Class F Acc Ê 1.19 1.19 0.01 0.00 Hermes Global Emerging Markets Fund Class R Acc 2.88 2.88 0.02 0.00 Hermes Global Equity Fund Class F Acc Ê 1.58 1.58 0.01 0.00 Hermes Global Equity Fund Class R Acc 3.96 3.96 0.01 0.00 Hermes Global ESG Equity Fund Class F Acc Ê 1.20 1.20 0.00 0.00 Hermes Global High Yield Bond Fund Class F Acc Ê 1.14 1.14 0.00 0.00 Hermes Global High Yield Bond Fund Class R Acc 2.84 2.84 0.00 0.00 Hermes Global Small Cap Fund Class F Acc Ê Ê 1.06 1.06 0.00 - Hermes Global Small Cap Fund Class R Acc 2.00 2.00 0.01 - Hermes Multi Asset Inflation Fund Class F GBP Acc Ê 0.99 0.99 0.00 0.00 Hermes Multi Strategy Credit Fund Class F Acc Hed Ê 1.05 1.05 0.00 0.00 Hermes Sourcecap EU Alpha Fund Class F Acc Ê 1.33 1.33 0.01 0.00 Hermes Sourcecap EU Alpha Fund Class F Dis Ê 1.29 1.29 0.01 1.30 Hermes Sourcecap EU Alpha Fund Class R Acc 3.07 3.07 0.01 0.00 Hermes Sourcecap EX UK Fund Class F Acc Ê 1.40 1.40 0.00 0.00 Hermes Sourcecap EX UK Fund Class R Acc 3.15 3.15 0.01 0.00 Asset Management 690.29 726.62 -1.28 Choices Equity - Freedom With Pfts Long-Tm 221.40 233.00 0.00 - Freedom With Pfts Short-Tm 198.70 209.20 0.00 - Freedom Managed 364.95 384.15 0.38 - 406.15 427.53 -0.71 Freedom Equity - Corp Pens Mananged 221.29 221.29 0.30 - Corp Pens Equity 225.37 225.37 -0.41 - Corp Pens Fixed Interest 309.76 309.76 0.92 - Corp Pens Index Linked 334.16 334.16 -2.94 - 191.45 191.45 0.00 Corp Pens Deposit 386.30 386.30 3.32 Corp Pens Protector Corp Pens UK Index Tracker (IRL) Hermes Investment Management Limited, Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 FCA Recognised Ê 1.95 1.95 0.00 - Managed Acc Ê 18.17 19.13 0.00 - Hermes UK Small & Mid Cap Fund Class F Acc Ê 1.52 1.52 0.03 0.00 Equity Acc Ê 32.93 34.67 -0.07 - Hermes UK Small & Mid Cap Fund Class R Acc 4.30 4.30 0.08 0.00 Fixed Interest Acc Ê 17.61 18.54 0.04 - Hermes US All Cap Equity Class F Stg Ê Acc Ê 1.05 1.05 0.00 - International Acc Ê 13.64 14.36 0.05 - Hermes US All Cap Equity Class R Acc 1.97 1.97 -0.01 - International S-NA Acc Ê 7.01 7.38 0.02 - Hermes US SMID Equity Fund Class F Acc Ê 1.78 1.78 0.01 0.00 International S-PA Acc Ê 4.23 4.45 0.01 - Hermes US SMID Equity Fund Class R Acc 3.63 3.63 0.00 0.00 International S-EU Acc Ê 3.41 3.59 0.01 - Managed S-PR Acc Ê 6.90 7.27 0.00 - Hermes Property Unit Trust Fixed Interest S-IL Acc Ê 6.65 7.00 0.01 - Deposit Accum Ê 4.43 4.67 0.00 - Pens Managed Acc Ê 23.68 24.92 0.04 - Property & Other UK Unit Trusts Pens Equity Acc Ê 34.77 36.60 -0.06 - VISTA UK Residential Real Estate Ê Property 0.02 0.80 Europe (ex-UK) Fund ACC-GBP Ê 4.04 - 0.02 1.58 Fidelity Pre-Retirement Bond Fund Ê 123.30 - 0.60 2.94 Global Focus Ê 2.90 - 0.02 1.60 Index Linked Bond Ê 2.70 - 0.01 0.77 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 International Insurances www.invil.mu Other International Funds Index Linked Bond Gross Ê NAV Guardian Pensions Management Ltd - 0.01 0.77 Holiday Property Bond Ser Ê 0.52 - 0.01 0.00 - 0.03 0.77 Holiday Property Bond Ser Ê 0.61 - 0.01 0.00 Japan Ê 2.05 - 0.02 0.82 Long Bond Ê 0.53 - 0.00 2.80 Long Bond Gross Ê 0.89 - 0.01 2.75 Long Bond Fund Gross Inc Ê 11.89 - 0.10 2.80 Pacific (Ex Japan) Ê 3.62 - 0.02 1.81 Pan European Ê 9.74 - 0.02 3.47 9.75 - 0.02 3.47 Select Emerging Markets Equities Ê 1.18 - 0.02 1.58 Select Global Equities Ê 3.08 - 0.01 1.10 South East Asia Ê 3.68 - 0.05 1.95 Sterling Core Plus Bond Gr Accum Ê 2.21 - 0.01 2.88 Sterling Core Plus Bond Inc Ê 1.42 - 0.01 2.96 UK Ê 3.63 - -0.01 2.28 UK Aggreg Bond Gr Accum Ê 1.88 - 0.01 4.52 UK Aggregate Bond Inc Ê 1.24 - 0.00 3.13 5.91 6.36 0.01 5.48 1.02 (UK) 1.06 0.03 - INDIA VALUE INVESTMENTS LIMITED (INVIL) HPB Assurance Ltd 3.27 Reduced Dur UK Corp Bond Gross Inc Ê Ê Hermes UK Residential Real Estate Index-Linked Bond Fund Gross Inc Ê 12.71 Reduced Duration UK Corp Bond Inc Ê (UK) Property & Other UK Unit Trusts - 0.02 3.47 21.64 22.70 0.06 5.73 Sterling Bond Inc 3.20 - 7.60 0.16 - Ê Reduced Duration UK Corp Bond Gross Ê 10.73 - 84.99 89.69 1.16 6.79 145.90 Emerging Markets 0.02 3.47 730.80 239.50 0.01 0.51 0.01 2.04 0.00 0.00 Cautious Managed A Inc - - - Cautious Managed A Acc 4.17 - 139.25 Asian Dividend Income Inc Ê 2.68 (IRL) Regulated America Reduced Duration UK Corporate Bond Ê 10.51 0.85 0.00 - Guardian Linked Life Assurance Ltd Dodge & Cox Worldwide Funds plc-U.S Stock Fund 2.30 2.49 0.10 5.06 The Public Sector Deposit Fund-share class F 130, Tonbridge Rd, Tonbridge TN11 9DZ Callfree: Private Clients 0800 414161 Broker Dealings: 0800 414 181 Unit Trust Asian Dividend Fund W-INC-GBP Ê BlackRock UK Property Student Accom Class B FIL Investment Services (UK) Limited (1200)F (UK) - 176.30 Asset Management 1.15 - 2204.59 European Growth A Acc - $ 2535.25 Haussmann Cls C 12.80 0.68 0.00 0.68 Multi Asset Open Defen N-ACC-GBP Ê Haussmann Cls A - 0.00 4.22 0.00 4.85 Other International Funds - - - Haussmann 149.00 - 1.03 - 816.90 -0.50 Multi Asset Income Fund N-GINC-GBP Ê 99.83 102.91 0.21 China Opportunities A Acc -0.53 - HL Multi-Manager High Income A Acc Emerging Markets Opportunities A Acc - Ê (LF) FOF Dynamic Fixed Inc Baring Multi Asset Fund 0.13 0.00 - Sterling Core Plus Red Dur 0.07 4.04 0.01 0.00 - Other International Funds - - Foord Global Equity Fund_Class B $ 12.46 Ê 71.42 Multi Asset Strategic N-ACC-GBP Ê 11.16 $ 13.11 -0.02 0.00 Ê 45.26 0.00 1.66 EUR Distributing Class USD Accumulating Share Class - Global Real Estate-GBP C Class - 0.13 0.03 0.12 0.00 $ 34.65 Commercial Property-GBP Class 1.09 - - Foord International Trust 0.00 1.08 Multi Asset Open Strat N-ACC-GBP Ê 109.67 The Westchester Class GBP Acc Ê 20.12 Other International Funds 0.01 0.99 Kensington Church St, London W8 4LD 020 7368 4220 FCA Recognised 0.09 0.00 Foord Asset Management - 1.05 - Asia Pacific Capital Growth A Acc 11.19 0.00 - Multi Asset Inc & Growth N-INC-GBP Ê 99.83 102.91 0.22 (UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 www.henderson.com Authorised Inv Funds 1.12 0.00 1.39 - - - Henderson Global Investors 5th Floor, Barwa Bank Building, Grand Hamad Street , P.O Box 16034, Doha, State of Qatar + 974 4459 6111 http://www.tfi.com.qa/ Other International Funds 1.13 - 0.01 0.00 The First Investor QSCC TFI GCC Equity Opportunities Fund (Q)QAR 1245.70 +/- Yield HL Multi-Manager High Income A Inc Heartwood Caut Multi Asset B Acc Multi Asset Growth Fund N-ACC-GBP Ê 1.06 - - Multi Asset Defensive N-GACC-GBP Ê Multi Asset Open Growth N-ACC-GBP Ê (IRL) 8.77 Offer - 0.00 3.63 Multi Asset Adventurous N-ACC-GBP Ê Multi Asset Defensive N-ACC-GBP Ê ENISO Partners AG - MoneyBuilder Dividend Y-INC-GBP Ê Multi Asset Alloc Def N-GACC-GBP Ê Electric & General (1000)F CF Heartwood Defensive Multi Asset Fund B Accumulation UK Authorised Open-Ended Investment Company (IRL) European Opportunities A EUR 1024.00 1079.00 7.00 1.44 0.27 0.00 {*}CAR - Net income reinvested -0.11 0.00 Baring European Growth Trust - 0.01 0.07 - (LF) Greek Corporate Bond 21.40 - $ 83.77 0.00 0.00 EUR Accumulating Share Class 1.27 American Fund USD Class - Dodge & Cox Worldwide Funds plc-International Stock Fund Ê 0.00 2.20 9.42 0.08 0.00 Emerging Markets - retail - - 105.12 108.37 0.12 1.84 1.13 EUR Accumulating Class (H) $ 27.20 HL Multi-Manager UK Growth A Acc Ê 0.19 0.32 0.12 0.86 0.07 4.22 Index World Fund P-Inc-GBP - - - Retail Share Classes 0.01 1.68 124.73 Ê 12.94 UK Long Corporate Bond - Gross Inc Ê 11.34 - CF Heartwood Balanced B Acc X GBP Distributing Share class 105.43 108.68 0.30 0.59 1.78 12.00 0.62 Investment Adviser - DSM Capital Partners HL Multi-Manager European A Acc Ê 2864.00 0.16 0.00 0.02 4.09 European Opportunities I GBP UK Select Fund W-ACC-GBP - - 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 FCA Recognised UK Opportunities Fund W-INC-GBP Ê 17.82 89.53 92.29 0.42 0.51 2.61 Findlay Park Funds Plc 6382.71 6851.59 26.74 0.00 GBP Accumulating Share Class 140.31 144.64 0.15 1.68 HL Multi Manager Emerging Markets A Acc 0.00 1.89 Do Accum - HL Multi-Manager Strategic Bond Trust M Inc 0.01 4.24 0.00 1.86 0.70 1.65 $ 15.83 0.01 1.94 - - -0.80 1.26 USD Accumulating Share Class - - Baring Europe Select Trust - 140.32 144.65 0.15 1.81 1.24 - 8.82 169.96 175.21 0.19 1.66 HL Multi-Manager Strategic Bond Trust A Inc 1.34 - 0.08 0.00 HL Multi-Manager Strategic Bond Trust M Acc 0.01 1.98 Ê 190.40 - 0.03 3.83 Ê UK Opportunities Fund W-ACC-GBP 11.91 169.97 175.22 0.18 1.79 Index US P-Acc UK Invest Grade Long Credit GACC Ê 102.80 EUR Accumulating Class 104.07 107.25 0.20 HL Multi-Manager Strategic Bond Trust A Acc Index US Fund P-Inc-GBP 1680.01 1803.43 7.03 0.00 (IRL) HL Multi-Manager Strategic Assets A Inc 0.01 1.60 Disc Inc Dodge & Cox Worldwide Funds 0.01 3.85 0.01 3.72 - Regulated $ 40.65 0.00 3.67 Bid 2.35 Regulated Crediinvest SICAV Sustainability 15.19 0.00 3.76 - Fund NAV 0.09 0.00 - 1.04 +/- Yield European Opportunities I EUR 0.57 0.00 - 0.98 Ê Offer 0.01 0.95 - Crediinvest SICAV US American Value $ 18.30 Ê Index UK P-Acc Bid - Crediinvest SICAV International Value 230.27 -0.08 0.00 Index UK Fund P-INC-GBP Fund 1.05 Ennismore European Smlr Cos Hedge Fd 0.18 3.56 1.70 0.02 Artemis UK Select Fund Class R Acc Ê -1.34 0.00 - - 54.06 57.43 0.04 4.14 - UK Gilt Fund Inc - 109.95 - 85.20 90.50 0.07 4.06 UK Corporate Bond Fund Gross Inc Ê 11.23 0.01 2.85 Crediinvest SICAV Spanish Value 250.13 CF Heartwood Balanced Income B Inc X 135.50 Artemis Strategic Bond R Q Inc 0.01 2.54 - 0.00 0.00 8.90 0.00 292.90 Artemis Strategic Bond R Q Acc - 1.04 - - Cavendish UK Balanced Income Fund B Class Artemis Strategic Assets R Acc 0.87 Index Europe ex UK Fund P-Inc-GBP Ê Crediinvest SICAV Fixed Income Usd $ 10.70 - +/- Yield $ Ennismore European Smlr Cos NAV 140.01 Crediinvest SICAV Big Cap Value 15.47 Fund Emerging Opportunities I USD $ 0.01 0.00 637.00 Cavendish Technology Fund B Class -0.43 Index Emerging Markets P-Inc-GBP Ê 0.90 1.60 (IRL) - Baring Eastern Trust 199.34 211.17 -0.15 4.33 - 0.40 4.21 Edinburgh Partners Limited Crediinvest SICAV Fixed Income Eur 10.75 0.30 0.76 Artemis Income R Inc 111.70 113.30 (LF) Absolute Return 347.90 368.55 -0.27 4.21 Artemis Pan-Euro Abs Ret GBP Amity Sterling Bond Fund B Inc Ennismore European Smlr Cos NAV Ê 106.62 (UK) Artemis Income R Acc Artemis Monthly Dist R Inc 104.50 0.00 0.00 Regulated 1254.30 1324.93 -3.12 1.71 209.90 Amity Sterling Bond Fund A Inc - - BlackRock Artemis Capital R ACC Amity International Cls B Inc Crediinvest SICAV Money Market Usd A $ 10.06 143.58 Russia A GBP Inc F 57 St James's Street, London SW1A 1LD 0800 092 2051 Authorised Inv Funds - Ennismore Smaller Cos Plc CF Heartwood Growth B Acc X 1.30 0.28 - (LUX) 9.20 0.00 FCA Recognised (UK) - 207.90 ENISO Forte E - - 2.33 53.66 54.28 -0.04 4.86 649.20 Barings (Luxembourg) Artemis Fund Managers Ltd (1200)F 101.20 Amity International Cls A Inc Electric&General Net Income A Baring Eastern Trust - - Ê 0.18 1.87 CF Heartwood Cautious B Acc X The Westchester X Other International Funds European Real Estate Securities Duke Street,St.James,London SW1Y 6BN www.dodgeandcox.worldwide.com 020 3713 7664 FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund Authorised Funds UK Authorised Unit Trust 0.03 0.00 The Antares European Fund Limited 101.73 Sterling Bond F 0.47 0.00 - Amity Global Equity Inc for Charities A Inc The EFG-Hermes Egypt Fund 0.67 0.00 UK Equity B Acc UK Government Bond B Inc -0.24 0.00 Eq Latin America AU Class - R - USD $ 327.70 - 2.58 0.85 Total Return B Acc (JER) 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 FCA Recognised Bond Funds Barclays Investment Funds (CI) Ltd -0.04 0.00 Eq Greater China AU Class - R - USD $ 534.10 104.87 - Regulated Amundi Funds - 943.68 1.24 UK Corporate Bond - Gross 0.00 - Atlantis China Fund Ê 0.01 2.44 - $ 651.90 Global High Yield Bond B Inc UK Corporate Bond - 95.71 Far East 2nd Floor, 13 St Swithin's Lane, London EC4N 8AL www.atlantis-investmenet.com, Tel: 0207 877 3377 Regulated 0.08 0.57 0.99 ENISO Systematic Risk Class - (IRL) - Ê 0.36 1.92 2791.80 2938.80 0.50 Atlantis Investment Management Ltd Ê 24.85 0.73 0.83 Property Global Bond B Inc Global Special Sits W-ACC-GBP Index Emerging Markets P-Acc - 0.51 4.10 Eq Emerging World AU Class - R - USD $ 81.18 1.40 2.50 123.82 - - 1.30 1.61 - ENISO Forte G (CHF) 207.06 Eq Emerging Europe AE Class - R - EUR 26.83 - 208.40 7.16 1.36 Corporate Bond B Inc - 206.10 0.59 0.53 10.14 0.00 $ 26.62 Amity European Fund Cls B Inc Offer - - Bd Global AU Class - R - USD Amity European Fund Cls A Inc Bid SFr 137.23 876.11 0.00 0.00 +/- Yield ENISO Forte G (CHF) Eurocroissance - (LUX) (UK) - Bd Euro Corporate AE Class - R - EUR 18.84 Offer ENISO Forte CH SMI Expanded SFr 149.95 4366.80 4596.60 15.20 (LUX) Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 www.amundi-funds.com FCA Recognised - Regulated Practical Investment Acc Managed - 4.68 Cohen & Steers SICAV Consistent UT Inc Asia Pacific B Acc Aspect Diversified Trends GBP - CG Portfolio Fund Plc Real Return Cls A Bid -5.05 0.00 0.50 1.18 -15.03 0.00 -0.17 - - - - Other International Funds Ashmore SICAV Emerging Market Frontier Equity Fund $ 144.22 $ 3231.75 Algebris Asset Allocation Fund - Class B EUR 97.43 Cheyne Capital Management (UK) LLP 144.89 146.50 1.98 4.41 American One - 4.00 0.00 Global Equity Inc - -0.59 - -0.10 8.52 956.30 1006.60 4.20 - 1128.18 - International Algebris Financial Equity Fund - Class B EUR 94.14 0.21 0.00 Ashmore SICAV Emerging Market Debt Fund $ 95.13 1-6 Lombard Street, EC3V 9JU Dealing 0345 606 6180 Authorised Inv Funds 0.12 0.00 - 120.57 1.13 0.00 -6.40 0.00 - Cheyne Global Credit Fund - - Algebris Financial Income Fund - Class I EUR 115.32 2.30 0.00 - $ 3430.98 0.54 0.00 - Cheyne Real Estate Credit Holdings Fund Ê 166.60 American Dynamic - Regulated Cheyne Convertibles Absolute Return Fund 1342.17 243.93 246.63 2.20 - Algebris Financial Credit Fund - Class I EUR 135.56 (IRL) Ethical Invest Acc 1704.20 1793.90 9.00 Regulated Cheyne Capital Management (UK) LLP Cheyne European Event Driven Fund 130.50 Fixed Int (IRL) 53.03 0.00 185.98 188.04 1.68 3.73 Atlantas Sicav Algebris Investments - 1.61 0.00 5.34 11847.76 11978.81 113.73 - additional fund prices can be found on our website 1.61 Investment Acc 1170.00 1231.50 8.70 Formerly Target Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 $ 725.46 Ethical Invest Inc European - $ 282850.33 282850.33 -8863.08 0.00 Fund 27-31 Melville Street, Edinburgh EH3 7JF Tel: +353 434 5143 Dealing - Fax +353 434 5230 FCA Recognised Edinburgh Partners Opportunities Fund PLC Cheyne European Mid Cap Fund Investment Inc - 1061.80 1117.70 3.20 0.00 0.01 - Property Fund Inc CCLA Fund Managers Ltd - - Fixed Interest Inc 4913.50 5172.10 -2.60 Managed Ser A (Pensions) CAM-GTF Limited CAM GTi Limited UK Equity Inc 1.00 Other International Funds Raffles-Asia Investment Company $ - (IRL) Chartered Asset Management Pte Ltd 228.62 231.14 -0.41 Equity - $ 152.98 154.67 -0.27 4.31 - 1592.80 1685.50 3.90 Schwab USD Liquid Assets Fd Global Equity Acc 2048.20 2156.00 5.40 Managed Ser A (Life) +/- Yield Regulated Global Equity Inc American Formerly Hill Samuel Life Assurance Ltd 100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Offer Cheyne Real Estate Credit Holdings Fund III Ê 109.71 - Intl Ser Bid Charles Schwab Worldwide Funds Plc Local Authorities Property Fd (LAMIT) (UK) Fixed Int Ser Fund (UK) Hargreaves Lansdown Fd Mgrs (1100)F PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Enquiries 0117 90090000 www.hl.co.uk Authorised Inv Funds Hargreaves Lansdown Funds Ê 7.84 - 0.09 0.00 Intercapital Asset Management Ltd (HRV) Masarykova ul 1, 10000, Zagreb, Croatia www.icam.hr, Tel; +385 4825 868 Other International Funds Capital One Bond Fund (Ex-YU) HRK 209.69 - -0.07 - Capital Two Equity Fund (Ex-YU) HRK 92.39 - 0.18 - Unit Trust HL Multi-Manager Special Situations Trust A Acc 272.41 286.74 0.77 0.51 HL Multi-Manager Special Situations Trust M Acc 272.42 286.75 0.77 0.51 HL Multi-Manager Income & Growth Trust A Acc 165.50 174.10 0.31 3.95 HL Multi-Manager Income & Growth Trust M Acc 165.51 174.10 0.31 3.65 HL Multi-Manager Income & Growth Trust A Inc 97.70 102.78 0.18 4.04 HL Multi-Manager Income & Growth Trust M Inc 97.69 102.77 0.18 3.73 HL Multi-Manager Balanced Managed Trust A Acc 186.59 196.25 0.50 1.11 HL Multi-Manager Balanced Managed Trust M Acc 186.60 196.26 0.50 1.11 HL Multi-Manager Equity & Bond Trust A Inc 108.49 114.05 0.12 2.28 HL Multi-Manager Equity & Bond Trust M Inc 108.50 114.05 0.12 2.11 HL Multi-Manager Equity & Bond Trust A Acc 148.48 156.08 0.17 2.25 HL Multi-Manager Equity & Bond Trust M Acc 148.48 156.07 0.16 2.09 HL Multi-Manager Strategic Assets A Acc 104.07 107.25 0.19 - (IRL) Intrinsic Value Investors (IVI) LLP Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 FCA Recognised IVI European Fund EUR 18.35 - -0.02 0.00 IVI European Fund GBP Ê 18.83 - -0.02 0.62 Invesco Fund Managers Ltd (UK) Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Dealing: 0800 085 8571 Investor Services: 0800 085 8677 www.invescoperpetual.co.uk Authorised Inv Funds INVESCO PERPETUAL Funds Asian Acc F 456.39 - 3.78 0.57 26 FINANCIAL TIMES Tuesday 31 May 2016 MANAGED FUNDS SERVICE Fund Bid Asian Inc F Offer +/- Yield Fund Bid Offer +/- Yield 407.68 - 3.38 0.58 Global Equity (No Trail) inc F 190.79 - -0.01 1.22 Asian Equity Income Acc F 58.57 - 0.41 4.64 Global Equity Income (No Trail ) Acc F 255.86 - 0.69 3.76 Asian Equity Income Inc F 48.69 - 0.33 4.79 Global Equity Income (No Trail) Inc F 205.47 - 0.56 3.88 Balanced Risk Acc 53.22 - 0.16 0.00 Global ex UK Core Equity Index ( No Trail) Acc F 179.72 - 0.78 1.52 Balanced Risk Acc Balanced Risk 10 Acc Childrens Acc F 54.96 - 0.22 0.00 Global ex UK Enhanced Index ( No Trail) Acc F 208.08 - 0.77 2.01 56.71 - 0.28 0.00 Gbl Fin Cap No Trail Acc 179.22 - 0.34 4.40 387.31 - -1.29 2.20 Gbl Fin Cap No Trail Inc 147.15 - 0.28 4.53 Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Invest AD Client services: +971 692 6101 clientservices@InvestAD.com Other International Funds Invest AD - Emerging Africa Fund $ 974.18 - 5.81 0.00 Invest AD - GCC Focus Fund - -0.02 0.00 $ 1398.65 Kames Capital ICVC (UK) Kames House, Lochside Crescent, Edinburgh, EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds 211.64 - 0.45 3.45 Global Opportunities (No Trail) Acc F 252.01 - -0.34 0.98 Diversified Income B Acc 116.90 - 0.25 0.00 Corporate Bd Inc (Gross) F 88.33 - 0.19 3.55 Global Smaller Companies (No Trail) Acc F 254.61 - 0.97 0.73 Diversified Income B Inc 104.21 - 0.22 0.00 Corporate Bond Inc F Distribution Acc F Distribution Acc (Gross) F Distribution Inc F 187.65 - 0.40 3.48 Global Smaller Companies (No Trail) Inc F 243.27 - 0.93 0.73 88.23 - 0.19 3.55 Global Targeted Rets (No Trail) Acc 117.57 - 0.37 0.87 109.81 - 0.13 4.94 High Income (No Trail) Acc F 175.17 - -0.09 3.55 126.42 62.69 - 0.17 4.91 0.08 5.04 High Income (No Trail) Inc F 127.01 221.99 High Yield Fund (No Trail) Acc - -0.07 3.64 - 0.32 5.40 Distribution Inc (Gross) F 62.73 - 0.08 5.03 High Yield Fund (No Trail) Inc 159.71 - 0.23 5.55 Emerging European Acc F 37.55 - -0.19 2.57 Hong Kong & China (No Trail) Acc F 183.05 - 0.65 1.33 Emerging European Inc F 34.23 - -0.17 2.64 Income & Growth (No Trail) Acc F 226.35 - 0.06 4.33 European Equity Acc F European Equity Inc F 852.40 711.24 - 3.94 1.50 3.29 1.52 Income & Growth (No Trail) Inc F 176.26 Income (No Trail) Acc F 172.23 - 0.04 4.46 -0.10 3.31 European Equity Income Acc F 72.65 - 0.30 3.50 Income (No Trail) Inc F 124.09 - -0.07 3.39 European Equity Income Inc F 54.26 - 0.22 3.58 Japan (No Trail) Acc F 149.00 - 1.40 0.85 European High Income Acc F 82.60 - 0.33 3.63 Japanese Smaller Companies (No Trail) Acc F 222.55 - 2.79 0.00 European High Income Inc F 58.84 - 0.24 3.69 Latin American (No Trail) Acc F 105.47 - 0.76 1.64 European Opportunities Inc F 81.41 - 0.30 1.13 Latin American (No Trail) Inc F 94.72 - 0.69 1.67 European Opportunities Acc F European Smlr Cos Acc F 84.21 188.44 - 0.31 1.12 0.75 0.23 Managed Growth (No Trail) Acc F 198.09 Managed Growth (No Trail) Inc F 182.16 - 0.49 1.21 - 0.45 1.22 Global Bd Acc (Gross) F 134.66 - 0.22 1.14 Managed Income (No Trail) Acc F 193.61 - 0.32 2.76 Global Bd Inc (Gross) F 82.43 - 0.14 1.15 Managed Income (No Trail) Inc F 157.84 - 0.26 2.81 Global Bond Acc F Global Bond Inc F 126.38 82.39 - 0.21 1.14 0.14 1.15 Monthly Income Plus (No Trail) Acc F 173.03 Monthly Income Plus (No Trail) Inc F 106.59 - 0.23 5.25 - 0.14 5.36 Glbl Distribution Acc 53.72 - 0.08 5.13 Pacific (No Trail) Acc F 186.42 - 1.78 0.91 Glbl Distribution Acc (Gross) 54.74 - 0.08 5.12 Pacific (No Trail) Inc F 175.38 - 1.67 1.02 Glbl Distribution Inc 50.01 - 0.07 5.15 Tactical Bond (No Trail) Acc F 143.33 - 0.06 1.30 Glbl Distribution Inc (Gross) Global Emerging Markets Acc F Global Emerging Markets Inc F 50.06 245.47 221.36 - 0.08 5.15 1.38 0.95 1.24 0.95 Tactical Bond (No Trail) Inc F 120.48 162.82 UK Focus (No Trail) Acc F 133.68 UK Focus (No Trail) Inc F - 0.05 1.31 -0.61 2.61 -0.50 2.68 Global Equity (acc) F 465.89 - -0.04 0.65 UK Enhanced Index (No Trail) Acc F 402.87 - -0.90 3.71 Global Equity (inc) F 422.36 - -0.03 0.65 UK Enhanced Index (No Trail) Inc F 246.84 - -0.55 3.81 Global Equity Income Acc F 123.35 - 0.33 3.77 UK Growth (No Trail) Acc F 141.35 - -0.46 2.84 Global Equity Income Inc F 99.05 - 0.26 3.89 UK Growth (No Trail) Inc F 112.64 - -0.36 2.92 Gbl Financial Capital Acc 87.71 - 0.17 4.42 UK Smaller Companies Equity (No Trail) Acc F 295.08 - -0.15 1.25 Gbl Financial Capital Inc 72.00 - 0.13 4.55 UK Smaller Companies Equity (No Trail) Inc F 272.21 - -0.14 1.27 Gbl Financial Cap Acc Gross 92.34 - 0.20 4.92 UK Strategic Income (No Trail) Acc F 725.86 - -0.60 3.50 Gbl Financial Cap Inc Gross Global Opportunities Acc F Global Smaller Cos Acc F Global Smaller Cos Inc F Global Targeted Rets Acc High Income Acc F 72.17 97.67 1738.08 - 0.15 5.10 -0.13 0.45 - 6.31 0.20 58.06 - 0.18 0.43 - 444.47 - -0.24 3.65 High Yield Fund Acc 106.83 - 0.15 5.42 High Yield Fund Inc High Yield Fund Inc (Gross) US Equity (No Trail) Acc F 237.81 - -0.43 3.59 -0.79 0.10 -0.44 3.56 High Income Inc F High Yield Fund Acc (Gross) 526.38 6.62 0.20 1659.65 816.98 UK Strategic Income (No Trail) Inc F Invesco (LUX) 125.47 - 0.19 5.37 Dublin 00 353 439 8100 Hong Kong 00852 3191 8282 FCA Recognised Invesco Management SA 41.26 - 0.06 5.57 Invesco Active Multi-Sector Credit Fund A 41.31 - 0.06 5.56 Invesco Asia Balanced A dist 2.94 $ 14.01 - 0.05 3.73 460.34 - 1.64 0.77 Invesco Asia Consumer Demand Fund A income $ 11.99 - 0.00 0.25 Income & Growth Acc F 958.91 - 0.23 4.35 Invesco Asia Infrastructure (A) $ 12.36 - -0.01 0.77 0.10 4.48 Invesco Asia Opportunities Equity A $ 102.79 - 0.11 0.00 Income Acc F 409.23 3125.82 - -1.75 3.32 Invesco Balanced Risk Allocation Fund A 15.38 - 0.01 0.00 Income Inc F 1710.80 - -0.96 3.40 Invesco Emerging Europe Equity Fund A $ 8.41 - -0.01 0.00 Japan Acc F 312.73 - 2.93 0.29 Invesco Emerging Local Currencies Debt A Inc $ 6.82 - -0.03 6.16 Japanese Smlr Cos Acc F Latin America Acc F Latin America Inc F 87.13 - 1.09 0.00 Invesco Emerging Mkt Quant.Eq A $ 9.12 - -0.02 0.00 108.79 - 0.79 1.02 Invesco Energy A $ 18.34 - -0.09 0.00 0.66 1.03 Invesco Euro Corporate Bond Fund (A) 17.26 - -0.01 0.00 90.56 - Managed Growth Acc F 163.01 - 0.40 0.70 Invesco Euro Inflation Linked Bond A 15.72 - -0.02 0.00 Managed Growth Inc F 135.70 - 0.33 0.70 Invesco Euro Reserve A 322.37 - -0.01 0.00 Managed Income Acc F 161.20 - 0.26 2.78 Invesco Euro Bond A 7.22 - -0.01 0.00 Managed Income Inc F 97.99 - 0.16 2.83 Invesco European Growth Equity A 24.31 - 0.04 0.00 0.00 0.24 Invesco Global Absolute Return Fund A Class 11.29 - 0.00 0.00 Money Acc F 90.27 - 95.43 - 0.00 0.24 Invesco Global Bond A Inc 5.53 - -0.01 0.59 Monthly Income Plus Acc F 299.18 - 0.40 5.27 Invesco Global Conservative Fund 90 (EUR) A 11.71 - -0.01 0.00 Monthly Income Plus Acc (Gross) F 353.87 - 0.49 5.23 Invesco Global Equity Income Fund A $ 59.07 - 0.11 0.00 Monthly Income Plus Inc F 107.85 - 0.14 5.38 Invesco Global Inc Real Estate Sec A dist $ 9.40 - 0.01 2.23 - -0.01 3.12 - 0.27 0.00 Money Acc (Gross) F $ Monthly Income Plus Inc (Gross) F 108.05 - 0.15 5.38 Invesco Global Inv Grd Corp Bond A Dist $ 11.88 Pacific Acc F 1002.19 - 9.53 0.40 Invesco Global Leisure A Pacific Inc F Tactical Bond Acc F 917.10 69.88 - 8.72 0.40 0.03 0.81 $ 37.05 Invesco Global Smaller Comp Eq Fd A $ 59.61 Invesco Global Structured Equity A $ 45.02 - 0.22 0.00 - 0.10 1.18 Tactical Bond Inc F 60.19 - 0.02 0.81 Invesco Global Total Ret.(EUR) Bond Fund A 13.29 - 0.00 0.00 Tactical Bond Acc (Gross) F 72.62 - 0.03 0.81 Invesco Gold & Precious Metals A $ 5.30 - -0.17 0.00 Tactical Bond Inc (Gross) F 60.25 - 0.03 0.81 Invesco Greater China Equity A $ 44.26 - 0.33 0.00 UK Focus Acc F 197.38 - -0.74 2.04 Invesco India Equity A $ 52.09 - -0.08 0.00 UK Focus Inc F 161.26 - -0.61 2.08 Invesco Japanese Equity Adv Fd A Ơ 3573.00 - 30.00 0.00 UK Growth Acc F 532.96 - -1.74 2.27 Invesco Japanese Value Eq Fd A Ơ 1165.00 - 11.00 0.00 UK Growth Inc F 331.08 - -1.08 2.32 Invesco Latin American Equity A $ 6.03 - -0.02 0.00 -0.48 0.77 Invesco Nippon Small/Mid Cap Equity A Ơ 1201.00 - 24.00 0.00 UK Smaller Cos Equity Acc F UK Smaller Cos Equity Inc F UK Strategic Income Acc F 903.89 692.18 182.25 - -0.36 0.77 -0.15 3.50 Invesco Pan European Equity A EUR Cap NAV 17.92 Invesco Pan European High Income Fd A 13.83 - 0.08 0.00 - 0.00 2.61 UK Strategic Income Inc F 132.15 - -0.11 3.59 Invesco Pan European Small Cap Equity A 21.36 - 0.10 0.00 US Equity Acc F 569.56 - -1.89 0.00 Invesco Pan European Structured Equity A 17.16 - 0.05 0.00 Invesco UK Eqty Income A - 0.00 0.00 - 0.00 2.67 Invesco Perpetual Funds (No Trail) Asian (No Trail) Acc F 191.77 - 1.59 1.12 Asian (No Trail) Inc F 172.50 - 1.43 1.14 Asian Equity Income (No Trail) Acc F 120.22 - 0.84 4.63 Asian Equity Income (No Trail) Inc 99.97 - 0.70 4.78 108.69 - 0.32 0.01 Balanced Risk No Trail Acc Ê 31.26 Invesco UK Investment Grade Bond A Ê Invesco US Structured Equity A 1.01 $ 21.61 - 0.02 0.00 Invesco US Value Eq Fd A $ 30.99 - 0.18 0.00 Invesco USD Reserve A $ 87.06 - 0.00 0.00 Balanced Risk No Trail Acc 112.19 - 0.45 0.19 Balanced Risk 10 No Trail Acc 115.79 - 0.57 0.29 Dublin 00 353 439 8100 Hong Kong 00 852 2842 7200 FCA Recognised Corporate Bond (No Trail) Acc F 167.18 - 0.36 3.72 Invesco Stlg Bd A QD F Ê 2.63 - 0.00 3.39 Corporate Bond (No Trail) Inc F 116.62 - 0.25 3.80 Invesco Asian Equity A $ 6.24 - 0.02 0.00 Distribution (No Trail) Acc F 168.92 - 0.21 4.92 Invesco ASEAN Equity A $ 92.00 - -0.21 0.27 Distribution (No Trail) Inc F 109.78 - 0.14 5.02 Invesco Bond A $ 27.77 - -0.08 1.89 Emerging European (No Trail) Acc F 78.33 - -0.38 3.08 Invesco Continental Eurp Small Cap Eqty A $ 204.14 - 0.17 0.00 Emerging European (No Trail) Inc F 69.21 - -0.34 3.18 Invesco Emerging Markets Equity A $ 35.79 - 0.03 0.00 European Equity (No Trail) Acc F 150.92 - 0.70 2.04 Invesco Emerging Markets Bond A $ 21.36 - 0.01 4.43 European Equity (No Trail) Inc F 125.09 - 0.58 2.08 Invesco Continental European Equity A 8.22 - 0.02 1.19 European Equity Income (No Trail) Acc F 150.07 - 0.63 3.48 Invesco Gilt A Ê 15.55 - 0.00 1.32 European Equity Income (No Trail) Inc F 112.13 - 0.47 3.57 Invesco Global Small Cap Equity A NAV $ 120.89 - 0.31 0.00 Invesco Global Asset Management Ltd (IRL) European High Income (No Trail) Acc F 170.56 - 0.68 3.62 Invesco Global High Income A NAV $ 12.32 - 0.00 5.78 European High Income (No Trail) Inc F 121.49 - 0.48 3.68 Invesco Gbl R/Est Secs A GBP F F Ê 8.27 - 0.05 0.92 European Opportunities (No Trail) Acc F 176.78 - 0.67 1.65 Invesco Global Health Care A $ 118.58 - 0.54 0.00 European Opportunities (No Trail) Inc F 165.27 - 0.62 1.68 Invesco Global Select Equity A $ 12.63 - 0.04 0.07 European Smaller Companies (No Trail) Acc F 232.05 - 0.93 0.73 Invesco Jap Eqty Core A $ 1.76 - -0.01 0.09 Global Balanced Index (No Trail) Acc F 160.03 - 0.10 2.04 Invesco Japanese Equity A $ 18.63 - -0.07 0.00 Global Bond (No Trail) Acc F 142.17 - 0.23 1.38 Invesco Korean Equity A $ 30.31 - -0.29 0.00 Global Bond (No Trail) Inc F 127.80 - 0.21 1.39 Invesco PRC Equity A $ 48.11 - 0.21 0.00 Glbl Distribution Acc (No Trail) 108.53 - 0.17 4.20 Invesco Pacific Equity A $ 47.23 - 0.03 0.07 Glbl Distribution Inc (No Trail) 101.04 - 0.16 4.29 Invesco Global Technology A $ 15.03 - 0.07 0.00 Gbl Emerging Markets (No Trail) Acc F 161.32 - 0.90 1.51 Invesco UK Eqty A Ê - 0.01 1.51 Gbl Emerging Markets (No Trail) Inc F 149.90 - 0.84 1.53 Global Equity (No Trail) acc F 206.21 - -0.02 1.20 7.77 America Equity Acc 62.69 - 0.10 0.00 America Equity Inc 62.69 - 0.11 0.00 Asia Acc 119.60 - 1.60 0.37 Asia Inc 66.11 - 0.88 0.37 Cautious Managed Rt Acc 69.17 - 0.19 0.35 60.83 - 0.17 0.35 Diversified Real Ret Acc 52.80 - 0.12 0.96 Diversified Real Ret Inc Emerging Mkts Acc Emerging Mkts Inc Emrg Eur Eq Acc 51.02 - 0.11 0.98 140.80 - 1.00 0.68 60.11 145.80 - 0.43 0.70 -0.40 3.01 Emrg Eur Eq Inc 33.48 - -0.08 3.11 Emrg Mkts Inc Acc C 49.80 - 0.08 4.64 Emrg Mkts Inc Inc C Europe Acc Europe Inc 42.75 1077.00 - 0.06 4.78 8.00 1.15 61.27 - 0.46 1.16 Eur Dynamic exUK Acc 161.60 - 1.00 0.62 Eur Dynamic exUK Ê hdg Acc 177.30 - 0.70 0.74 Eur Dynamic exUK Inc Diversified Growth B Acc Ê 1.42 - 1.24 - 0.00 2.29 Ethical Cautious Managed B Inc 1.16 - 0.00 2.32 Ethical Corporate Bond B Acc Ethical Corporate Bond B Inc Ethical Equity B Acc Ê Ê 1.75 Ê 1.00 Ê 2.02 - Ê 0.32 - 0.00 3.38 North American Dividend Fund 166.29 173.22 0.05 2.19 1.16 - 0.00 2.64 Recovery Fund Limited 'A' Participating Shares 9975.36 10391.00 -33.34 0.51 Ê 2.63 - 0.00 2.40 Recovery Fund Limited 'I' Participating Shares 9993.73 10094.67 -33.60 1.33 UK Equity Absolute Return B Acc Ê 1.23 - 0.00 0.00 Strategic Corporate Bond Fund 134.76 140.37 0.26 2.77 UK Equity Income B Acc 2.19 - 0.00 4.52 UK Select 1475.69 1537.17 -6.74 1.14 Ê UK Equity Income B Inc Ê 1.65 - 0.00 4.64 UK Opportunities B Acc Ê 1.76 - 0.00 2.34 UK Smaller Companies B Acc Ê 2.93 - Kames Capital Investment Portfolios ICVC (UK) Global Bond exUK Inc 204.80 - 0.40 0.56 50.16 - 0.05 2.83 Global High Yield Bd Mth Inc C 36.33 - 0.02 7.32 Global High Yield Bd Acc C 98.70 - 0.05 7.26 Global High Yield Bd Inc C 36.30 - 0.02 7.35 Global Macro Opp A Net Acc 65.66 - 0.21 0.00 Global Macro Opp A Net Inc 65.66 - 0.21 0.00 Global Unconstrained Eq Acc Global Unconstrained Eq Inc Income Acc C Income Inc C Japan Acc Japan Inc Multi-Asset Inc Mth Inc C 59.28 - 0.12 0.92 50.89 - 0.10 0.93 992.50 - 2.70 0.07 73.71 49.98 45.28 330.00 79.44 63.09 - - 0.07 3.73 Natural Resources Acc Natural Resources Inc Portfolio Acc Sterling Corporate Bond Acc Sterling Corporate Bond Inc Strategic Bond Acc Strategic Bond Inc UK Dynamic Acc UK Dynamic Inc 396.10 - -0.30 0.65 -0.30 0.66 -1.40 0.40 27.90 - -0.10 0.39 200.80 - 0.00 1.18 85.57 52.98 69.41 - 0.27 2.13 0.17 2.14 0.07 2.96 56.90 - 0.05 2.98 158.20 - -0.40 1.48 128.70 - Ê 276.86 $ 202.36 Investment Grade Global Bd A GBP Inc 568.16 - 1.51 2.20 Gb.Eq.Hdg Fd.Euro IRE T 187.21 UK Equity Growth Inc -0.30 1.46 -0.20 2.49 - -0.08 3.37 - 0.00 1.40 911.70 - -1.50 4.32 UK Higher Inc Inc C 519.80 - -0.90 4.47 UK Smaller Cos Inc UK Strategic Eq Inc Acc C UK Strategic Eq Inc Inc C US Acc US Inc 369.90 71.63 149.50 - 1.90 0.29 Kleinwort Benson Bank 14 St George Street, Mayfair, London W1S1FE Dealing and enquiries: 0800 024 2400 Authorised Inv Funds Unit Trust Manager/ACD - Host Capital -0.42 3.99 732.00 - 0.10 0.00 0.00 0.00 US Equity Income Acc C 129.20 - 0.30 2.13 US Equity Income Ê hdg Inc C 100.10 - 0.00 2.27 US Equity Income Inc C US Select Acc 108.30 116.50 - 0.30 2.17 0.20 0.00 US Select Inc 115.00 - 0.10 0.00 US Smaller Cos Acc 358.60 - 2.10 0.00 US Smaller Cos Inc 93.92 - 0.56 0.00 172.34 - 0.13 1.36 HC KB Capital Growth A Inc 159.62 - 0.11 1.38 HC KB Enterprise Equity Income A Inc 105.61 - 0.25 3.06 HC KB Enterprise Equity Income A Acc 159.96 - 0.39 3.69 HC KB Endeavour Multi Asset Balanced A Acc 131.38 - 0.03 0.81 HC KB Endeavour Multi Asset Balanced A Inc 124.17 - 0.03 0.81 HC KB Enterprise Fixed Income A Acc 125.22 - 0.25 3.44 HC KB Enterprise Fixed Income A Inc 110.03 - 0.22 3.44 Lloyds Investment Fund Managers Limited (1000)F (JER) PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Other International Funds Ê 12.5300 Lloydstrust Gilt - 0.0800 2.21 Lloyds Investment Funds Limited Euro High Income 1.6370 - 0.0040 2.83 European Ê 7.6680 - 0.0420 1.12 High Income Ê 0.8689 - 0.0030 4.92 International Ê 4.1460 - 0.0230 0.65 North American Ê 16.4200 - 0.0500 0.04 Sterling Bond Ê 1.4850 - 0.0060 3.59 UK Ê 6.5050 - -0.0030 1.55 Lloyds Gilt Fund Quarterly Share Ê 1.3080 - 0.0080 1.70 Monthly Share Ê 1.2580 - 0.0080 1.70 Ê 52.6400 - 0.0010 0.09 Lloyds Gilt Fund Limited Lloyds Multi Strategy Fund Limited - 0.38 0.00 Strategy Inc-CHF/B SFr 119.51 - 0.14 0.00 Strategy Inc-EUR/B 159.99 - 0.19 0.00 Strategy Inc-USD/B $ 147.78 - 0.04 0.00 - 0.64 0.00 103.07 - 0.03 Asia Pac Bd USD Inst Inc $ 94.31 - -0.16 3.26 Platinum Fd Ltd $ 81.19 - -0.29 0.00 Mir - Glb Strat Bd A USD $ 106.89 - 0.00 0.00 Asia Pac Bd USD Ord Inc $ 96.14 - -0.17 2.57 Platinum Fd Ltd EUR 15.60 - -0.07 0.00 Mir - US Shrt Term Credit Fd $ 101.10 - -0.03 Asia Pac Eq EUR Ord Inc 84.50 - 0.49 3.13 Platinum Japan Fd Ltd $ 52.21 - 0.51 0.00 Asia Pac Eq GBP Ord Inc Ê 87.68 - 0.51 3.67 Optima Partners Global Fd $ 13.46 - 0.05 0.00 Asia Pac Eq USD Ord Inc $ 88.75 - 0.51 3.12 Optima Partners Focus Fund A $ 14.54 - -0.01 0.00 Mir - Glb Inv Grade Bds A - - (IRL) MW Japan Fund PLC A $ 24.62 - 0.17 0.00 MW Japan Fund PLC B MW Japan Fund PLC C $ 24.76 - $ 86.09 - 0.17 0.00 0.30 0.00 Morant Wright Funds (Ireland) PLC (IRL) FCA Recognised Morant Wright Fuji Yield EUR Dist Hedged 9.61 Morant Wright Fuji Yield GBP Acc Hedged Ê 10.09 Morant Wright Fuji Yield GBP Dist Hedged Ê Morant Wright Fuji Yield USD Acc Hedged $ 9.27 9.84 - 0.00 2.70 0.00 0.00 0.00 6.76 -0.01 0.00 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.21 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.12 - 0.04 0.00 0.05 0.00 Morgan Stanley Investment Funds 0.80 0.00 0.68 0.00 US Advantage A F - $ 39.87 - 0.19 0.00 0.41 0.00 Asian Property A F $ 17.68 - -0.01 0.00 0.66 0.00 Diversified Alpha Plus A F 28.70 - -0.04 0.00 0.18 0.00 Emerg Europ, Mid-East & Africa Eq A F 66.26 - 0.13 0.00 Emerging Markets Debt A F - 0.05 0.00 31.00 - (GSY) Ê 2305.23 2333.13 -7.29 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1531.02 - -6.75 0.00 Diversified Absolute Return Stlg Cell AF2 Ê 1549.30 - -6.53 0.00 Global Equity Fund A Lead Series Ê 1047.03 1050.69 -1.09 Manek Investment Mgmt Ltd (1000)F - (UK) P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Authorised Inv Funds 52.33 55.33 -0.07 0.00 Marlborough Fd Managers Ltd (1200)F (UK) Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 www.marlboroughfunds.com Authorised Inv Funds Balanced Asian Equity A F $ 57.59 0.70 0.00 Regulated Multi-Manager Investment Programmes PCC Limited UK Equity Fd Cl A Series 01 154.87 163.21 -1.53 0.65 $ 78.97 0.64 3.02 M&G Corporate Bond A Inc 40.38xd - 0.40 3.02 59.91 - -0.15 4.55 M&G Dividend A Inc 608.24 - -1.57 4.39 6073.28 - 1.42 4.33 $ 170.57 - 0.04 0.00 Global Val.Cr.Fd EUR Ord Acc 158.07 - 0.05 0.00 Swiss Select Equity Inst Acc SFr 119.80 - 0.40 0.00 Swiss Select Equity Ord Acc SFr 118.10 - 0.40 0.00 US Growth USD Ord Acc $ 197.14 - 0.88 0.00 US Growth EUR Ord Acc 187.81 - 0.85 0.00 US Growth GBP Ord Acc Ê 197.83 - 0.91 0.00 US Growth USD Inst Acc $ 182.72 - 0.82 0.00 Wealthy Nat Bd EUR Inst Inc 111.04 - 0.11 3.58 Wealthy Nat Bd GBP Inst Inc Ê 115.80 - 0.12 3.54 Wealthy Nat Bd EUR Ord Inc 110.27 - 0.11 3.33 Wealthy Nat Bd GBP Ord Inc Ê 116.40 - 0.13 3.27 Wealthy Nat Bd USD Ord Inc $ 113.66 - 0.11 3.25 All Weather Fd EUR Cls All Weather Fd GBP Cls $ 114.53 102.47 Ê 110.45 - 0.00 0.00 0.49 0.00 0.64 0.00 Pictet-Absl Rtn Fix Inc-HI EUR 107.33 - 0.00 0.00 Pictet-Agriculture-I EUR F 0.42 0.00 185.08 - Pictet-Asian Equities Ex Japan-I USD F $ 199.55 - 0.43 0.00 Pictet-Asian Local Currency Debt-I USD F $ 156.32 - -1.49 0.00 Pictet-Biotech-I USD F $ 685.45 - 4.80 0.00 Pictet-Brazil Index I USD $ 43.77 - 0.19 0.00 SFr 510.83 - 0.11 0.00 Pictet-China Index I USD $ 97.24 - 1.38 0.00 Pictet-Clean Energy-I USD F $ 78.01 - 0.41 0.00 Pictet-Digital Communication-I USD F $ 265.09 - 2.07 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 161.91 - -0.87 0.00 Pictet-Emerging Europe-I EUR F 287.85 - 1.34 0.00 Pictet-CHF Bonds I CHF Tactical Opps USD Cls $ 127.18 - 5.11 0.00 Tactical Opps EUR Cls 106.48 - 4.27 0.00 Tactical Opps GBP Cls Ê 119.04 - 4.75 0.00 - -0.04 0.00 Global Brands A F $ 103.15 - 0.19 0.00 Global Convertible Bond A F $ 41.35 - 0.19 0.00 Global Property A F $ 28.30 - Indian Equity A F $ 35.85 - Latin American Equity A F $ 40.58 Short Maturity Euro Bond A F 20.39 0.05 0.00 204.45 - 0.07 0.00 Pictet-EUR Government Bonds I EUR 163.00 - -0.02 0.00 247.18 - 0.12 0.00 0.08 0.00 Pictet-EUR Short Mid-Term Bonds-I F 137.27 - 0.00 0.00 0.40 0.00 Pictet-EUR Short Term HY I EUR 122.56 - 0.05 0.00 - -0.16 0.00 Pictet-EUR Sov.Sht.Mon.Mkt EUR I 102.77 - -0.01 0.00 - 0.02 0.00 Pictet-Euroland Index IS EUR 127.75 - 0.19 0.00 Pictet-Europe Index-I EUR F 165.56 - US Dollar Liquidity A F $ 13.03 0.35 0.00 Pictet-European Equity Selection-I EUR F 612.07 - 2.23 0.00 Pictet-European Sust Eq-I EUR F - 0.00 0.00 Pictet-EUR Bonds-I F Northwest Investment Management (HK) Ltd 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Other International Funds Northwest $ class - 1.03 0.00 Oasis Crescent Management Company Ltd Other International Funds - 0.06 0.00 Oasis Global Mgmt Co (Ireland) Ltd R 10.34 (IRL) Regulated Oasis Global Investment (Ireland) Plc Oasis Crescent Global Short Term Income Fund $ Oasis Global Equity Morgens Waterfall Vintiadis.co Inc $ 2280.74 Pictet-EUR Corporate Bonds-I F Pictet-EUR High Yield-I F Oasis Crescent Equity Fund 70.83 70.83 -0.27 0.00 78.47 83.04 0.09 4.59 All Weather Fd USD Cls (LUX) 15, Avenue J.F Kennedy L-1855 Luxembourg Tel: 0041 58 323 3000 FCA Recognised $ 40.02 0.24 0.00 310.65 310.65 0.75 0.27 New Capital Alternative Strategies Pictet Asset Management (Europe) SA Global Bond A F 0.99 $ 27.42 - 0.00 1.05 0.11 0.34 Oasis Crescent Global Investment Fund (Ireland) plc 244.64 - 1.05 0.00 Pictet-Global Bds Fundamental I USD $ 122.72 - -0.47 0.00 172.73 - 0.32 0.00 Pictet-Global Emerging Currencies-I USD F $ 99.04 - -0.11 0.00 Pictet-Global Emerging Debt-I USD F $ 375.91 - 1.65 0.00 Pictet-Global Bonds-I EUR Oasis Crescent Global Equity Fund $ 28.10 - 0.10 0.11 Pictet-Global Env.Opport-I EUR 163.53 - 1.51 0.00 Far East Growth A Inc 156.76 156.76 1.74 1.93 Oasis Crescent Variable Balanced Fund Ê 10.45 - 0.02 0.84 Pictet-Global Megatrend Selection-I USD F $ 223.25 - 0.83 0.00 Global 180.81 190.36 0.23 0.00 OasisCresGl Income Class A $ 10.88 - 0.00 2.45 Pictet-Greater China-I USD F $ 417.57 - 1.97 0.00 Global Bond Inc 140.75 148.94 0.45 3.09 OasisCresGl LowBal D ($) Dist $ 11.78 - 0.02 0.00 Pictet-Health-I USD $ 263.67 - 1.53 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.01 - 0.02 0.53 Pictet-High Dividend Sel I EUR F 159.22 - 0.86 0.00 Oasis Crescent Gbl Property Eqty $ - 0.02 1.73 Pictet-India Index I USD $ 96.56 - 1.45 0.00 Pictet-Indian Equities-I USD F $ 442.43 - 1.09 0.00 Pictet-Japan Index-I JPY F Ơ 14407.68 - 174.33 0.00 Pictet-Japanese Equities Opp-I JPY F Ơ 8616.83 - 104.51 0.00 Pictet-Japanese Equity Selection-I JPY F Ơ 12606.90 - 158.46 0.00 Phaeton Intl (BVI) Ltd (Est) $ 368.12 - 0.74 0.00 73.09 77.55 0.04 5.69 Multi Cap Income A Inc 153.48 153.48 0.13 4.74 Nano-Cap Growth A Acc 106.3369 117.1700 -0.1346 0.00 Special Situations A Acc 1222.28 1293.42 0.33 0.45 UK Multi-Cap Growth A Inc 249.36 263.87 -1.42 0.64 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 FCA Recognised Harris Global Equity R/A (USD) $ 240.87 240.87 0.63 0.00 Harris US Equity Fund R/A (USD) $ 209.00 209.00 1.29 0.00 Harris Concentrated US Equity R/A (USD) $ 158.17 158.17 0.82 0.00 Loomis Sayles Strategic Alpha R/A (USD) $ 111.57 111.57 -0.10 MFM - Third Party Funds - Junior Oils 65.87 69.70 0.12 0.00 Junior Gold C Acc 38.58 38.58 -0.41 0.00 MFM Artorius Fund 151.07 151.07 3.27 0.32 Natixis International Funds (Dublin) I plc (IRL) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Regulated MFM Bowland 167.07 180.62 2.79 0.00 Loomis Sayles Global Opportunistic Bond R/D (USD) $ 12.92 12.92 0.05 1.21 MFM Hathaway Inc 110.06 115.25 2.54 1.82 Loomis Sayles High Income R/D (USD) $ MFM Techinvest Special Situations Acc 145.10 145.10 -0.01 0.00 Loomis Sayles Multisector Income R/D (GBP) $ 12.13 12.13 0.04 5.59 MFM Techinvest Technology Acc 345.50 345.50 7.02 0.00 MFM UK Primary Opportunities A Inc 334.17 334.17 -0.23 1.30 Slater Investments Ltd - Investment Adviser 8.12 8.12 0.03 11.36 (UK) Natixis International Funds Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 Authorised Funds Loomis Sayles Strategic Income H-N/D (GBP) Ê 0.93 - 0.00 4.14 M&G Glbl Emrgng Mkts A Acc 190.15 - 0.62 0.80 Loomis Sayles US Equity Leaders N/A (GBP) Ê 1.59 - 0.01 0.28 Marlborough International Management Limited (GSY) Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 FCA Recognised Marlborough North American Fund Ltd Ê 33.62 35.83 0.38 0.00 M&G Global Macro Bond Fund A Acc 114.25xd - 0.35 1.46 M&G Global Macro Bond Fund A Inc 78.62xd - 0.24 1.45 M&G Global High Yield Bond X Inc 48.87xd - 0.02 4.24 M&G Global High Yield Bond X Acc 117.45xd - 0.06 4.24 Regulated 0.23 0.42 Marwyn Value Investors Marlborough Tiger Fund Ltd F Seeyond Factor Plus Europe Ex U.K Equity Fund N/A (GBP) Ê 1.01 - 0.01 2.06 Seeyond Factor Plus U.K Equity Fund N/A (GBP) Ê 1.01 - 0.00 3.49 Ê 23.70 25.26 -0.68 0.00 NatWest (2230)F Marwyn Asset Management Limited Ê 437.31 - (CYM) -6.34 0.00 1.20 2.45 McInroy & Wood Portfolios Limited (UK) Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Inv Funds Balanced Fund Personal Class Units 4108.40xd - 13.70 1.76 Income Fund Personal Class Units 2439.40 - 4.90 2.89 Emerging Markets Fund Personal Class Units 1689.50xd - 7.10 2.01 Smaller Companies Fund Personal Class Units 3762.70 - -1.10 1.57 9.77 Natixis International Funds (Lux) I SICAV (LUX) -0.04 3.46 0.64 1.37 Global Val.Cr.Fd USD Ord Acc - 0.05 0.00 - - 0.06 0.00 -0.04 0.00 - 153.74xd 195.67 - - - M&G Global Dividend Fund A Inc M&G Global Leaders GBP A Inc Ê 181.61 $ 153.10 573.33 0.00 4.01 0.20 2.76 Global Val.Cr.Fd GBP Ord Acc 4.65 Permal Absolute Return Fund Pictet-EUR Corporate Bonds Ex Fin i EUR 147.40 0.01 1.32 - 0.03 0.00 0.03 0.00 - 107.74 - - 0.16 0.00 - M&G Strategic Corp Bond A Acc $ 126.30 $ 336.41 - 1.00 0.14 2.76 Global Val.Cr.Fd USD Inst Acc 3.85 0.00 Fixed Income Holdings N.V - 1.06 - 0.04 3.53 -16.52 0.00 - 11.25 Loomis Sayles Strategic Income N/D (GBP) Ê 74.22 - - $ 4143.04 35.68 Harris Associates Global Concentrated Equity Fund N/A (GBP) Ê M&G Strategic Corp Bond A Inc Ê 111.99 $ 5037.64 Macro Holdings Ltd Eurozone Equity Alpha A F 169.65 180.00 1.93 0.24 -0.89 0.80 Global Val.Cr.Fd GBP Ord Inc Investment Holdings N.V European Property A F 154.20 154.20 0.29 4.40 - - 0.31 0.00 MFM Slater Recovery 259.61 - 0.41 - MFM Slater Income A Inc M&G Recovery GBP A Acc 0.41 - Pictet-Emerging Markets Sust Eq I USD $ 84.28 -0.06 3.38 1.60 2.45 - $ 102.39 0.00 0.00 -0.65 0.52 -0.39 0.80 Ê 101.95 Europ Equity Fd USD www.permal.com Other International Funds Offshore Fund Class A US $ Shares 0.22 0.00 - - Europ Equity Fd GBP Permal Investment Mgmt Svcs Ltd - - - - - 198.95xd 115.15 0.42 41.90 1005.37 192.23xd - European Equity Alpha A F M&G Global Basics A Acc M&G Recovery GBP A Inc 103.55 European Currencies High Yield Bd A F 22.15 M&G Global Dividend Fund A Acc M&G Optimal Income A Acc 1.41 0.00 Europ Equity Fd EUR 0.45 0.00 -0.01 1.68 - - 0.17 0.00 - 144.19xd $ 120.06 - 1.32 M&G Optimal Income A Inc 1.36 0.00 China Equity USD Inst Acc Pictet-Emerging Markets High Dividend I USD $ 92.46 H2O MultiReturns Fund N/A (GBP) Ê - - 3.03 0.00 402.51 427.07 0.15 0.12 77.15xd $ 116.35 - MFM Slater Growth M&G Managed Growth X Inc 1.42 0.00 China Equity USD Ord Acc Pictet-Emerging Corporate Bonds I USD $ 112.46 -0.42 0.56 0.59 0.81 1.35 0.00 - 0.02 0.00 - - - Ê 118.98 - 661.65 182.07 113.96 China Equity GBP Ord Acc 44.51 M&G Global Basics A Inc M&G Glbl Emrgng Mkts A Inc China Equity EUR Ord Acc -0.01 0.00 Euro Strategic Bond A F - 334.28 334.28 1.46 0.61 -2.76 4.71 0.69 0.71 - 0.18 0.00 $ 66.15 US Multi-Cap Income - - 6.99 - US Growth A F -0.19 4.87 - $ 173.12 Ê - 81.94 86.26 0.11 1.08 488.58 517.02 0.51 0.00 65.08xd Dyn Europ Eq USD Ord Inc NAV (Fully Diluted) Pictet-Emerging Markets-I USD F $ 471.92 Cautious Inc UK Micro Cap Growth A 20161.50 0.75 1.07 Pictet-Emerging Markets Index-I USD F $ 208.61 50.11 50.11 0.00 0.32 High Yield Fixed Interest M&G Corporate Bond A Acc - 0.04 0.00 Other International Funds Charifund Acc Ê 184.00 Other International Funds -0.01 1.44 0.61 0.00 - Dyn Europ Eq GBP Ord Inc Oryx International Growth Fund Ltd - - 1430.19 0.69 0.71 - $ 71.51 Charifund Inc - Ê 23.05 US Property A F PO Box 9039, Chelmsford, CM99 2XG www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Authorised Inv Funds 173.34 16.15 148.01 148.01 0.49 0.00 (UK) Dyn Europ Eq EUR Ord Inc Euro Corporate Bond AX F ETF Global Growth A M & G Securities (1200)F 0.55 0.00 0.57 3.78 Euro Bond A F 50.22 53.14 0.04 4.87 Extra Income - 0.00 4.10 0.0010 0.00 Ê 1816.72 1959.48 28.19 3.14 $ 95.74 $ 99.13 0.16 0.00 - Lothbury Property Trust GBP Asia Pac Eq USD Inst Acc Asia Pac Eq USD Inst Inc - $ 1.3850 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Property & Other UK Unit Trusts (IRL) - Cash European Multi-Cap New Capital Fund Management Ltd - $ 33.40 0.30 0.00 Lothbury Property Trust (UK) Cuttyhunk Fund II Limited Emerging Markets Equity A F Bond Income ETF Commodity A Other International Funds Emerging Markets Domestic Debt AX F Ê 10.83 0.18 0.00 Dealing Daily Asset Management 1.08 0.00 - M&G Extra Income A Acc 115.00 $ 31.90 - 0.17 4.47 Strategy Growth-EUR The Dorset Energy Fd Ltd NAV Ê 45.18 - 0.29 0.00 -0.35 0.00 -0.01 0.00 45.68 729.95 - - - US Growth AX F M&G Extra Income A Inc SFr 92.11 Optima Discretionary Macro Fund Limited $ 84.53 Mir - Glb Eq High Income A USD $ 97.82 Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised New Capital UCITS Funds - US Growth AH F 0.316244 3.55 Strategy Growth-CHF/B 0.01 221.18 221.18 1.73 1.51 - 0.18 0.00 - 117.34 117.34 0.01 0.18 Bond Fund for Charities - $ 110.67 Defensive A Inc 0.14 4.04 $ 130.11 Mir - Glb High Yield Bds A Emerging Markets 0.17 3.93 0.36 0.00 0.07 0.00 0.0040 0.00 - 0.33 0.00 - - - - $ 82.42 Ê 1.8360 113.94xd SFr 149.74 Optima Fd NAV Aggressive Strategy 139.77xd Strategy Balanced-CHF/B 1.27 0.62 0.00 0.0030 1.32 M&G Episode Income A Inc 0.43 1.12 - - - M&G Episode Income A Acc - $ 89.70 SFr 347.58 Ê 1.5130 1.686822 3.71 140.97 OPTIKA Fund Limited - Cl A Mir - Eq Swiss Sm/Mid A Growth Strategy - Ms EF Special Val EUR/A 0.00 0.00 0.0020 1.97 UK Equity Fund for Charities I C Ê 2.751537 funds@gam.com, www.jbfundnet.com Regulated - - 0.09 2.09 GAM -0.19 0.00 24.92 - Ơ 9105.00 23.33 0.00 Optima Fund Management 1.00 0.00 0.12 0.00 - Mir - Eq Spain A 4.26 0.00 46.00 0.00 $ 845.76 -19.54 0.00 - 0.22 0.00 Estimated NAV - - Low Volatility Gb.Eq.Fd.Yen 0.04 2.46 - Morant Wright Sakura Fund Yen Acc Unhedged Ơ 1261.86 - - $ 1357.15 Ê 126.97 $ 106.27 Ê 11.46 Other International Funds JENOP Global Healthcare Fund Ltd $ 12.37 137.17 Low Volatility Gb.Eq.Fd.USD UK Sovereign Bd Index Fund Omnia Fund Ltd 0.23 0.00 0.60 0.00 - 0.26 1.91 - Gb.Val.Fd.Sterling Ê 110.65 0.03 0.64 - 116.22 Gb.Val.Fd Euro Low Volatility Gb.Eq.Fd.Sterl - 0.01 0.00 Mir - EqPanEuropeSm&Mid - - Ê 10.55 - 0.37 0.00 (LUX) 6b Route de Trốves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com FCA Recognised 108.15 Japan Specialist Fund X Pacific Basin Specialist Equity Fund Ê 21.58 210.88 - 0.04 0.00 0.23 0.00 Low Volatility Gb.Eq.Fd.Euro 0.05 0.36 $ 96.22 - - 0.08 1.18 - Mir - Eq Global Focus A USD Morant Wright Sakura Fund Euro Acc Hedged 12.26 - $ 109.84 - Ê 15.11 -0.06 0.00 0.40 0.00 $ 320.73 Gb.Val.Fd.USD Ê 16.68 US Spec Equity Fund - 1.71 0.00 - Odey Opportunity EUR I Contl Europe Spec Equity (IRL) $ 86.38 - Gb.Eq.Fd.US Dollar Ơ 13327.00 www.odey.com/prices FCA Recognised Odey Wealth Management (CI) Ltd Mir - Eq Glb Emrg Mkt A USD - - 0.04 1.61 0.14 0.91 0.04 0.00 1.11 0.00 $ 123.37 0.00 3.56 - Ê 19.18 The initial charge you will pay will depend on the amount you invest **Address and Telephone number for series only - - - - UK Specialist Equity Inc 0.19 Morant Wright Sakura Fund Sterling Acc Hedged Ê 12.25 - Ê 219.57 Series (Investment Management customers only) United Kingdom Equity Index Fund Ê 12.33 - 1.13 0.00 Ê 222.08 Gb.Eq.Fund Sterling -0.13 0.00 Ê 110.06 -0.40 2.69 - - Mir.- EqEurope ExUK Sm&Mid Ê 1.1250 - Strategy Balanced-USD/B 182.38 Odey European Absolute Return GBP S Ê 86.84 0.04 2.91 - 1.57 0.00 0.13 0.08 - Morant Wright Fuji Yield YEN Dist Ơ 986.26 - - Global Emerg Mkts Equity Fund X Ê 10.54 Conservative Strategy 49.41xd - 288.24 0.45 0.00 Global Emerg Mkts Equity Fund X Ê 10.93 -0.73 0.00 0.09 0.00 0.20 0.00 0.85 0.00 - - - - - 68.52 $ 164.43 Morant Wright Fuji Yield B YEN Acc Ơ 902.96 Gb.Eq.Fd.Sterling UK T Growth Fd Acc M&G Episode Growth X Inc (UK) 154.49 265.28 $ 124.81 Odey Swan Fund EUR I Mir - Eq Asia ex Jap A 1.92 0.00 MMIP Investment Management Limited 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 Property & Other UK Unit Trusts JPMorgan Charity Funds Strategy Balanced-EUR Gb.Eq Fd Euro IRE T Gb.Val.Ex-Japan Fd.Yen HC KB Capital Growth A Acc M&G Dividend A Acc Ê 1.380959 Gb.Eq.Fund Euro Gb.Val.Ex-Jap.Fd.USD -0.70 3.89 - - (UK) 0.36 0.29 94.74 101.30 -1.20 0.87 0.00 1.42 UK Higher Inc Acc C UK Smaller Cos Acc - -2.12 0.37 -0.50 3.26 51.70 - - -0.17 2.53 112.20 103.20 626.49 Strategic Global Bond B GBP Inc Global USD Growth Strategy UK Equity Growth Acc 1104.17 Strategic Global Bond A GBP Inc - Gb.Eq.Euro Hdg Fd Odey Odyssey USD I 0.03 2.91 0.02 4.09 -0.41 0.00 Gb.Conc.Eq.Fd.US 0.02 4.17 - - - - - 9.98 - Morant Wright Fuji Yield YEN Acc Ơ 1022.38 Ê 182.91 9.29 Global Spec Inv Grade Bd Fund GBP Ê Global Spec Inv Grade Bd Fund GBP Ê 10.19 0.42 0.00 Gb.Conc.Eq.Fd.Sterl.UK T UK Specialist Equity Income Fund Ê UK Specialist Equity Income Fund Ê 10.14 - +/- Yield 0.04 0.00 $ 92.99 287.12 Offer 0.10 0.00 Em.Mk.Eq.Fd.US Dollar Gb.Conc.Eq.Fd.Euro Bid - 0.00 2.66 Gb.Conc.Eq.Fd.Sterling 6.23 1.00 0.00 Fund - - 0.43 4.34 - - +/- Yield $ 111.65 9.74 - 1160.89 - 0.48 Offer 133.85 Morant Wright Fuji Yield USD Dist Hedged $ 1079.20 Kames Global Equity Income B GBP Inc - 60.00 0.00 Bid Mir - Conv Bds Glb A USD 0.85 0.00 High Yield Global Bond B GBP Inc - - Fund Mir - Conv Bds Eur A EUR - 0.20 3.84 6.65 www.mirabaud.com, marketing@mirabaud.com Regulated Ê 97.95 - - (LUX) Em.Mk.Eq.Fund Sterling 518.07 Sterling Class UK Equity Core Inc 109.38 High Yield Global Bond A GBP Inc Lloyds Money Fund Limited - $ 102.57 - -0.04 3.47 283.70 -0.06 1.58 Em.Mk.Eq.Fund Euro Ơ 9514.00 -1.11 -0.10 3.37 UK Equity Core Acc Blend.Research U.S.Core Eq.Fd - - - -0.06 4.69 1012.20 - 53.82 - Eq Market Neutral Plus B Acc 80.93 UK Equity Blue Chip Inc 0.90 - 141.60 - - -0.44 UK Eq & Bond Inc Inc C 65.26 Ê 101.67 - UK Eq & Bond Inc Acc C UK Equity Blue Chip Acc Blend.Research U.S.Core Eq.Fd 0.07 3.73 63.10 - -0.06 4.58 1.20 0.00 Multi-Asset Inc Inc C 668.90 - 5.00 0.00 0.10 3.65 Multi-Manager Growth Inc 0.98 1012.94 1238.16 0.58 0.00 0.14 0.00 Eq Market Neutral B Acc Kames Global Equity Income B GBP Acc - 0.62 0.00 - 0.09 6.43 - - - Ê 103.49 - - (IRL) 1089.14 101.15 104.27 0.10 6.41 85.76 721.60 Blend.Research Gb.Eq.Fd $ 99.40 North Wall Quay, Dublin 1, Ireland +35 3162 24493 FCA Recognised Mirabaud Asset Management FCA Recognised Blend.Research U.S.Core Eq.Fd Absolute Return Bond B GBP Acc (LUX) Blend.Research U.S.Core Eq.Fd Kames Capital VCIC Distribution Units FCA Recognised MFS Investment Funds Blend.Research Gb.Eq.Fd Kames House, Lochside Crescent, Edinburgh EH12 9SA 0800 45 44 22 www.kamescapital.com Authorised Funds 0.20 0.07 Multi-Asset Inc Acc C Multi-Manager Growth Acc 0.00 1.45 1330.00 1330.00 0.00 3.03 MW Japan Fund Plc Blend.Research Gb.Eq.Fd 0.60 0.56 0.03 1.07 142.88 147.30 1.19 2.47 Ê - - Optimal Income Fund UK Equity B Acc 261.30 39.44 0.00 2.61 Strategic Bond B Inc Global Bond exUK Acc Global Financials Inc 3398.96 3540.58 11.09 1.11 Sterling Corporate Bond B Inc 0.06 0.92 0.60 1.05 Global Leaders 2444.75 2520.37 -1.61 0.26 11776.19 12140.40 35.88 1.46 - Property & Other UK Unit Trusts Asset Management 960.71 990.42 0.40 4.28 - - 1344.28 1385.85 13.32 3.03 Global High Yield Bond 52.51 701.20 (GSY) Global Macro Bond Fund Global Allocation Inc Global Financials Acc 117.16 117.16 0.07 3.30 0.00 3.46 - 0.17 2.76 Property Portfolio X 0.01 3.31 112.13 - 117.16 123.32 0.07 3.31 - Property Income B Inc 62.98 Property Portfolio A - 0.07 0.91 Global Eq Income Inc C 129.42 136.23 0.08 3.25 0.76 - 0.21 2.72 M&G Property Portfolio A Acc 1.18 53.33 0.03 2.87 1.81 4.49 Ê Global Allocation Acc - 0.02 4.65 - Ê - - - Sterling Corporate Bond B Acc 1.13 - 6904.86xd Investment Grade Bond B Inc Ê - 2.74 75.30xd Global Basics Strategic Bond B Acc 23.12 - (UK) 0.01 3.54 0.38 1.50 - (Accum Units) 0.00 5.10 - $ 234.18 Global Energy & Resources Fund $ 34.58 NAACIF - 163.82 Global Gold & Resources Fund The Equity Idx Tracker Fd Inc 0.97 Investment Grade Bond B Acc Other International Funds 9.91 3.67 Ê 123.35 47.88 0.03 1.24 - High Yield Bond B Inc Property Income B Acc 73.82 - 3794.64xd Corporate Bond 0.54 0.02 Global Eq Income Acc C 110.69xd Meridian Fund Managers Ltd (Accum Units) 0.00 4.98 - Global Eq Income Ê hdg Inc C 0.03 1.24 +/- Yield Ministry of Justice Common Investment Funds (UK) - 69.12 0.05 2.82 1.51 1.35 - Offer 0.33 3.67 2.48 Eur Smaller Cos Inc - - 112.30xd Bid - Ê 4.20 0.03 67.91 463.26 Fund 125.83xd High Yield Bond B Acc 0.48 0.63 Global Eq Income Ê hdg Acc C +/- Yield Charibond 0.00 2.19 - 0.05 2.92 Offer Property & Other UK Unit Trusts - - - M&G UK Inflation Lnkd Corp Bnd A Inc Regulated The M&G Offshore Fund Range 73.73 48.54 M&G UK Inflation Lnkd Corp Bnd A Acc M & G (Guernsey) Ltd 531.60 Global Bond Opport Inc M&G Global Leaders GBP A Acc 0.00 3.62 Eur Smaller Cos Acc Global Bond Opport Acc 0.01 3.17 Ethical Cautious Managed B Acc Ê Asset Management Cautious Managed Rt Inc Global Property Secs Inc Hong Kong & China Acc F Income & Growth Inc F 60 Victoria Embankment, London EC4Y 0JP Brokerline: 0800 727 770, Clients: 0800 20 40 20 Authorised Inv Funds JPM Retail OEIC (A class unless stated) Global Property Secs Acc 0.00 0.00 - JPMorgan Asset Mgmt (1200)F (UK) Bid M & G Securities Ltd Corporate Bd Acc (Gross) F Corporate Bond Acc F Fund (UK) PO Box 23873, Edinburgh EH7 5WJ** Enquiries: 0800 085 5588 Authorised Inv Funds Series 1(Minimum initial investment 16375,000) United Kingdom Equity Index Fund Ê 12.34 - 0.00 2.92 UK Specialist Equity Inc Ê 19.00 - 0.04 0.40 Contl Europe Spec Equity Ê 15.89 - 0.08 0.00 US Spec Equity Fund Ê 14.39 - 0.04 0.00 Japan Specialist Fund X Ê - 0.03 0.00 9.90 Pacific Basin Specialist Equity Fund Ê 21.71 - 0.27 0.92 UK Sovereign Bd Index Fund - 0.05 2.46 Ê 11.25 Odey Asset Management LLP (UK) 40 Dukes Place, London, EC3A 7NH Order Desk and Enquiries: 0345 300 2106 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds CF Odey Continental European GBP R Acc CF Odey Opus GBP R Inc 730.48 3516.97 - 4.38 0.03 9.67 0.00 CF Odey Absolute Return GBP R 305.92 - -1.18 0.00 CF Odey Portfolio Fund GBP R Inc 140.28 - 0.07 0.07 Odey Asset Management LLP (CYM) Regulated OEI Mac Inc GBP A Ê 262.02 - Ê 148.94 - 13.64 0.00 OEI MAC Inc USD $ 1391.93 - 116.08 0.00 613.36 - Ê 237.93 - 17.53 0.00 Odey European Inc GBP B Ê 135.03 - 9.95 0.00 Odey European Inc USD $ 284.37 - 20.72 0.00 Giano Capital EUR Inc 4413.43 - -216.41 0.00 Odey Asset Management LLP (IRL) FCA Recognised - 0.57 0.00 Odey Absolute Return Focus Fund $ 90.30 - -2.89 251.22 - 0.07 0.00 Odey Allegra International EUR O 159.73 - 0.34 0.00 Odey Allegra Developed Markets USD I $ 127.89 - 0.14 0.00 Odey European Focus Fund - 17.32 - 0.08 0.00 Odey Giano European Fund EUR R 112.70 - 0.27 0.00 113.47 - -0.47 0.00 Odey Naver Fund EUR I 0.23 0.00 -0.33 0.00 Pictet-Multi Asset Global Opportunities-I EUR 116.44 - 0.21 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 333.95 - 0.81 0.00 141.92 - 1.47 0.00 Pictet-Quality Global Equities I USD $ 140.32 - 0.44 0.00 Pictet-Russia Index I USD $ 54.08 - -0.15 0.00 Pictet-Russian Equities-I USD F $ 49.39 - -0.02 0.00 Pictet-Security-I USD F $ 206.37 - -0.10 0.00 Pictet-Select-Callisto I EUR 103.11 - -0.08 0.00 Pictet-Small Cap Europe-I EUR F 1133.76 - 4.48 0.00 Pictet-ST.MoneyMkt-I 140.35 - 0.00 0.00 Pictet-ST.MoneyMkt JPY I USD Ơ 101475.77 - 0.21 0.00 Pictet-ST.MoneyMkt-ICHF SFr 123.80 - 0.00 0.00 Pictet-ST.MoneyMkt-IUSD $ 135.74 - 0.02 0.00 Pictet-Timber-I USD F $ 148.05 - 0.47 0.00 Pictet Total Ret-Agora I EUR Pictet-Premium Brands-I EUR F 114.32 - -0.04 0.00 Pictet Total Ret-Corto Europe I EUR 134.19 - -0.13 0.00 Pictet Total Ret-Divers Alpha I EUR 104.47 - 0.07 0.00 109.95 - 0.07 0.00 Pictet Total Ret-Mandarin I USD $ 112.75 - 0.68 0.00 Pictet-US Equity Selection-I USD $ 191.83 - 0.87 0.00 Pictet-US High Yield-I USD F $ 146.47 - -0.07 0.00 Pictet-USA Index-I USD F $ 186.55 - 0.82 0.00 Pictet-USD Government Bonds-I F $ 652.40 - -1.22 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 130.84 - -0.07 0.00 Pictet-USD Sov.ST.Mon.Mkt-I $ 102.87 - 0.01 0.00 Pictet-Water-I EUR F 295.46 - 2.05 0.00 Pictet Total Ret-Kosmos I EUR 302.74 Odey Allegra European EUR O - 44.48 0.00 Odey European Inc GBP A Odey Pan European EUR R Pictet-LATAM Index I USD 22.11 0.00 OEI Mac Inc GBP B Odey European Inc EUR $ 54.05 Pictet-LATAM Lc Ccy Dbt-I USD F $ 115.56 27 FINANCIAL TIMES Tuesday 31 May 2016 MANAGED FUNDS SERVICE Fund Bid Offer +/- Yield Pimco Fds: Global Investors Series Plc (IRL) PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/ Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407 FCA Recognised Capital Securities Inst Acc $ 14.97 Commodity Real Return Fund Inst Acc $ 6.29 Credit Absolute Return Fund Inst Acc $ 11.13 Diversified Income - Inst Acc $ 20.26 PCG B X - 0.01 0.00 PCG C X - 0.00 0.00 0.00 0.00 $ 11.30 - -0.03 0.00 Emerging Markets Bond - Inst Acc $ 40.02 - 0.01 0.00 Emerging Markets Corp.Bd Fund Inst Acc F $ 13.19 - 0.02 0.00 Emerging Markets Short-Term Local Currency Fund $ 12.07 - -0.03 0.00 Euro Bond - Inst Acc 23.17 - 0.01 0.00 Euro Credit - Inst Acc 15.17 - 0.01 0.00 Euro Income Bond - Inst Acc F 13.35 - 0.01 0.00 Euro Short-Term Inst Acc 13.71 12.26 Euro Ultra Long Duration - Inst Acc 31.77 Global Advantage - Inst Acc $ 12.44 Global Advantage Real Return Fund Inst Acc $ Global Bond - Inst Acc Global Bond Ex-US - Inst Acc 8.63 $ 28.72 - 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 -0.11 0.00 - -0.02 0.00 - -0.02 0.00 - +/- Yield Fund Bid 169.76 - 167.74 - 0.52 0.25 Total Return C Acc 389.27 - 0.51 0.00 Total Return C Inc 268.47 - Total Return O Inc 265.29 Total Return O Acc 384.82 (JER) 165.40 162.98 - Offer +/- Yield Fund Bid -5.10 1.37 Max 30% Shs Inc Port Inc X 155.10 - 0.50 - -3.52 1.38 Max 30% Shs Inc Port Inc S 148.90 - 0.40 - - -3.50 1.38 Max 60% Shs Port Acc Ret 272.60 - 0.50 - -5.06 1.37 Max 60% Shs Port Inc Ret 212.40 - Max 60% Shs Port Inc X 164.40 - 0.57 0.00 - 0.00 0.00 $ 20.27 - 0.01 0.00 Global High Yield Bond - Inst Acc $ 20.68 - 0.01 0.00 Global Investment Grade Credit - Inst Income $ 12.38 - 0.00 3.80 Putnam Investments (Ireland) Ltd (IRL) Regulated Putnam New Flag Euro High Yield Plc - E 1008.88 - 2.30 4.03 S W Mitchell Capital LLP (CYM) Rathbone Unit Trust Mgmt (1200)F (UK) PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Authorised Inv Funds S W Mitchell European Fund Class A EUR 276.69 - -2.32 - S W Mitchell Small Cap European Fund Class A EUR 217.54 - 1.23 - The Charlemagne Fund EUR Blue Chip Income Inc 151.11 156.02 0.21 4.37 Blue Chip Income Acc 228.05 235.21 0.30 4.19 Ethical Bond Inc 90.02 92.08 0.15 4.69 Ethical Bond Acc 175.47 179.08 0.29 4.88 Global Opportunities Acc 144.77 149.33 0.78 0.00 Income Inc 843.76 872.44 -0.83 4.08 Income Acc 1330.77 1374.09 -1.30 3.91 Multi Asset Enhanced Growth Acc 123.92 - 0.23 0.08 Multi Asset Strategic Growth inc 150.35 - 0.23 1.27 250.68 - 3.59 S W Mitchell Capital LLP - (IRL) Regulated SWMC European Fund B EUR SWMC UK Fund B - -34.12 0.00 Ê 11190.58 - 74.23 0.00 SWMC Small Cap European Fund B EUR 12820.90 - 53.98 0.00 SWMC Emerging European Fund B EUR 9543.29 - 97.38 0.00 Multi Asset Strategic Growth acc 160.38 - 0.25 1.26 Multi Asset Total Return inc 126.65 - 0.02 1.90 Multi Asset Total Return acc 140.66 - 0.02 1.88 Recovery Inc 423.95 440.12 -0.84 2.71 Recovery Acc 515.80 534.86 -1.02 2.66 Strategic Bond I-Class Acc 127.23 128.05 0.20 4.03 Strategic Bond I-Class Inc 109.57 110.36 0.18 4.23 RobecoSAM (LUX) Tel +41 44 653 10 10 http://www.robecosam.com/ Regulated RobecoSAM Sm.Energy/A Ê 11.50 - 0.12 1.65 RobecoSAM Sm.Energy/N 11.48 - 0.12 0.00 RobecoSAM Sm.Materials/A Ê 127.01 - 1.06 1.38 Global Investment Grade Credit Fund Inst Acc $ $ 17.28 - 0.01 0.00 RobecoSAM Sm.Materials/Na 99.49 - 0.88 0.05 0.00 RobecoSAM Gl.Small Cap Eq/A Ê 80.78 - - 0.62 1.27 Global Real Return - Inst Acc $ 18.50 - -0.03 0.00 RobecoSAM Gl.Small Cap Eq/N 158.74 - 1.30 0.00 Income Fund Inst Acc $ 12.72 - 0.00 0.00 RobecoSAM Sustainable Gl.Eq/B 179.23 - 1.50 0.00 Inflation Strategy Fund Inst Acc $ - 0.00 0.00 RobecoSAM Sustainable Gl.Eq/N 155.17 - 1.31 0.00 PIMCO RAE Fundam.PLUS Em.Mkts Inst Acc $ 8.51 - 0.00 0.00 Robeco Asset Management (LUX) Coolsingel 120, 3011 AG Rotterdam, The Netherlands www.robeco.com/contact FCA Recognised RobecoSAM S.HealthyLiv/B Asia-Pacific Equities (EUR) 126.48 - 1.48 0.00 RobecoSAM S.HealthyLiv/N 177.56 166.02 - 1.33 0.00 1.24 0.00 PIMCO RAE Fundam.PLUS Gl.Dev.Inst Acc $ 11.05 - 0.02 0.00 Chinese Equities (EUR) 68.67 - 1.79 0.00 RobecoSAM S.HealthyLiv/Na Ê 110.28 - 0.77 PIMCO RAE Fundam.PLUS US Inst Acc $ 12.70 - 0.06 0.00 Em Stars Equities (EUR) 162.47 - 2.21 0.00 RobecoSAM S.Water/A Ê 183.67 - 0.89 1.14 Emerging Markets Equities (EUR) 138.39 - 2.58 0.00 RobecoSAM S.Water/N Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.24 - 0.02 0.00 StocksPLUS{TM} - Inst Acc $ 23.89 - 0.10 0.00 Flex-o-Rente (EUR) 110.89 - 0.05 0.00 Total Return Bond - Inst Acc $ 27.86 - 0.00 0.00 Glob.Consumer Trends Equities (EUR) 149.55 - 1.37 0.00 UK Corporate Bond - Inst Acc Ê 17.88 - 0.01 0.00 High Yield Bonds (EUR) 130.88 - 0.02 0.00 UK Long Term Corp Bnd Inst-Inst Acc Ê 20.07 - 0.02 0.00 Lux -O- Rente (EUR) 148.21 - -0.16 0.00 UK Low Duration - Inst Acc Ê 14.14 - 0.00 0.00 New World Financials (EUR) 49.80 - 0.53 0.00 UK Real Return - Inst Acc Ê 22.94 - -0.04 0.00 US Premium Equities (EUR) 184.68 - 1.23 0.00 UK Sterling Long Average Duration - Inst Acc Ê 23.19 - 0.00 0.00 Unconstrained Bond - Inst Acc $ 12.05 - 0.00 0.00 US High Yield Bond Fund Inst Acc $ 28.66 - 0.02 0.00 US Premium Equities (USD) $ 206.89 - 1.36 0.00 Royal Bank of Scotland (2230)F (UK) PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Series (Minumum Initial Investment Ê75,000) Platinum Capital Management Ltd Other International Funds Platinum All Star Fund - A $ 115.01 - - - Platinum Global Dividend Fund - A $ 49.22 - - - Platinum Maverick Enhanced Fund Limited $ 89.57 - - 0.00 United Kingdom Equity Index Fund Ê 15.44 - 0.00 2.91 UK Specialist Equity Inc Ê 19.00 - 0.03 0.40 Contl Europe Specialist Fund Ê 23.46 - 0.12 0.00 Japan Specialist Fund X Ê 14.98 - 0.04 0.00 US Spec Equity Fund Ê 19.44 - 0.05 0.00 Pacific Basin Specialist Equity Fund Ê 38.29 UK Sovereign Bd Index Fund Ê 11.02 - 0.04 2.46 - 0.02 4.17 Global Emerg Mkts Equity Fund X Ê 10.56 - 0.13 0.07 Global Spec Inv Grade Bd Fund GBP Ê 9.84 - Regulated Asian Financials I USD $ 282.55 282.55 2.20 1.16 Biotechnology I USD $ 16.18 16.18 0.15 0.00 European Income Acc EUR 11.42 11.42 0.04 0.00 European Ex UK Inc EUR Acc Financial Opps I USD $ 11.52 9.81 9.81 0.02 - - 0.04 1.94 GEM Growth I USD $ 8.42 - 0.04 0.00 GEM Income I USD $ 9.35 - 0.01 0.00 Global Alpha I USD $ 12.94 12.94 0.02 0.00 Global Convertible I USD $ 11.37 11.37 0.02 0.00 Global Insurance I GBP Global Technology I USD Ê 4.42 $ 23.58 - 0.04 0.00 0.16 0.00 Healthcare Blue Chip Fund I USD Acc $ 10.54 10.54 0.05 0.00 Healthcare Opps I USD $ 35.41 Income Opportunities B2 I GBP Acc Ê Japan Alpha I JPY Japan I JPY 1.72 - 0.18 0.00 1.72 0.00 0.00 Ơ 176.27 176.27 2.06 0.00 Ơ 1744.10 - 15.82 1.19 North American I USD $ 17.82 17.82 0.12 0.00 UK Absolute Equity I GBP Ê 13.09 13.09 0.01 0.00 Polar Capital LLP (CYM) $ 128.55 - 0.41 0.00 European Conviction A EUR 143.45 - -1.26 0.00 European Forager A EUR 172.73 - Private Fund Mgrs (Guernsey) Ltd 1.78 0.00 Monument Growth 24/05/2016 $ 106.75 - -0.25 0.00 - - 0.60 - Investments Inc Port Inc X 150.00 - 0.60 - Ê Gov Bond Inc Inst (gross) 183.30 - 0.70 - Ê Gov Bond Inc Inst 150.50 - 0.60 - Ê Gov Bond Acc Inst 153.40 - 0.60 - Strat Bond Inc Inst (gross) 180.90 - 0.20 - Strat Bond Inc Inst 148.90 - 0.10 - Strat Bond Acc Inst 153.30 - 0.00 4.21 0.93 0.00 Santander Atlas Inc Port Acc Inst 295.20 - 0.40 - Santander Atlas Inc Port Inc Inst 222.90 - 0.30 - Santander Atlas Port Acc Ret 150.20 - 0.20 - Santander Atlas Port Inc Ret 103.20 - 0.10 - Santander Atlas Port Acc Inst 165.40 - 0.20 - Santander Atlas Port Acc Ret 183.60 - 0.40 - Santander Atlas Port Inc Ret 130.90 - 0.30 - Santander Atlas Port Acc Inst 167.00 - 0.40 - Santander Atlas Port Acc Ret 191.20 - 0.50 - Santander Atlas Port Acc Inst 162.40 - 0.40 - Santander Atlas Port Acc Ret 261.20 - 0.80 - Santander Atlas Port Acc X 186.50 - 0.60 - US Spec Equity Fund Ê 20.45 - 0.06 0.36 Pacific Basin Specialist Equity Fund Ê 38.08 UK Sovereign Bd Index Fund Ê 11.18 UK Specialist Equity Income Fund Ê 10.14 Global Spec Inv Grade Bd Fund GBP Ê 10.16 Global Emerg Mkts Equity Fund X Ê 10.54 - - 0.60 Max 70% Shs Acc Ret 170.00 - 0.50 - Max 70% Shs Inc Ret 141.80 - 0.40 - Investments Inc Acc Ret 159.80 - 0.60 - Investments Inc Inc Ret 104.20 - 0.30 - Equity Inc Inc Inst 244.50 - 0.50 - Equity Inc Inc Ret 209.00 - 0.40 - Equity Inc Acc Inst 151.10 - 0.30 - N&P UK Gwth Inc Ret 166.00 - -0.10 - 0.03 2.91 0.13 0.91 - 0.01 1.96 174.00 - 0.80 0.92 Stckmkt 100 Track Gwth Acc Inst 92.08 - -0.23 - Stckmkt 100 Track Gwth Acc Ret 172.00 - -0.40 - UK Growth Acc Inst 291.00 - -0.20 - UK Growth Acc Ret 336.40 - -0.20 - UK Growth Inc Ret 219.50 - -0.10 - Royal London Corporate Bond Mth Income 88.93 90.28 0.22 4.20 Royal London European Growth Trust 111.10 112.80 0.50 0.41 Managed OEIC Royal London Sustainable Leaders A Inc 460.80 Glob Em Shs Port Acc Ret 155.70 - 0.90 - Royal London UK Growth Trust 478.00 485.30 -0.10 1.49 Max 70% Shs Port Acc Ret 257.80 - 0.60 - Royal London UK Income With Growth Trust 218.30 221.60 0.20 4.84 Max 70% Shs Port Acc X 185.10 - 0.40 - Royal London US Growth Trust 153.70 156.00 0.30 0.00 Max 70% Shs Port Acc S 149.80 - 0.30 - Investment Port Acc Ret 238.40 - 0.50 - Investment Port Acc X 169.00 - 0.40 - - 0.70 1.42 Additional Funds Available Please see www.royallondon.com for details 8.68 - 0.03 0.00 Stenham Universal USD $ 409.59 - -1.20 - Value Partners Health Care Fund USD Class A Unhedged $ 8.69 - 0.02 0.00 Stenham Universal II USD $ 151.42 - -0.51 0.00 (GSY) Regulated Japan Synthetic Warrant Yen Class Ơ 1243.57 - -34.21 0.00 Japan Synthetic Warrant GBP Hedged Class Ê 132.09 - -9.67 0.00 Renminbi Bond Fund AUD Cls A A$ 121.86 Renminbi Bond Fund AUD Cls B A$ 123.79 Renminbi Bond Fund CHF Cls A SFr 116.96 - -0.46 3.30 - -0.47 3.08 - -0.48 3.41 Renminbi Bond Fund CNH Cls B CNH 129.49 - -0.59 3.02 119.03 - -0.48 3.08 Bond Mthly Inc Inc Ret 93.19 - 0.15 - Santander Asset Management UK Limited (1200)F (UK) 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 Authorised Inv Funds Santander Premium Fund (OEIC) A Shares Europe (ex-UK) 282.50 - 1.70 - Japan Equities 153.70 - 1.60 - Pacific Bas (ex-Japan) 513.80 - 4.90 - - -0.44 3.33 -0.07 0.37 Veritas Global Focus Fund A USD $ 25.41 - -0.15 0.37 Veritas Global Focus Fund C GBP Ê 32.00 - -0.09 0.00 Veritas Global Focus Fund C EUR 25.01 - -0.14 0.00 249.07 International D - -0.08 3.35 TreeTop Global Sicav Global Opp.A 138.47 - 0.50 0.00 Veritas Global Focus Fund C USD $ 27.69 - -0.16 0.00 -0.67 4.12 278.50 - 0.50 - Sequoia Equity A 135.93 - 0.12 0.00 Veritas Global Equity Income Fund A USD $ 114.20 - -0.41 4.03 Sequoia Equity B $ 141.28 - 0.51 0.00 Veritas Global Equity Income Fund C GBP Ê 184.13 - -0.11 - Sequoia Equity C Ê 159.94 - 0.97 0.00 Veritas Global Equity Income Fund C EUR 243.98 - -0.81 - Veritas Global Equity Income Fund C USD $ 138.60 - -0.49 - B Shares 513.10 Pacific Bas (ex-Japan) - 5.00 - Saracen Fund Managers Ltd (1000)F (UK) 19 Rutland Square, Edinburgh EH1 2BB Dealing: 00 353 603 9921 Saracen Investment Funds ICVC (OEIC) Enq 0131 202 9100 Authorised Inv Funds Ê 3.67 - 0.02 1.17 E.I Sturdza Strategic Management Limited (GSY) Regulated Nippon Growth Fund Limited Ơ 84431.00 - 26.00 0.00 Veritas Global Real Return Fund A USD $ 21.46 - -0.07 0.28 Strat Evarich Japan Fd Ltd JPY Ơ 74071.00 - 779.00 0.00 Veritas Global Real Return Fund A GBP Ê 12.06 - -0.04 0.31 7.80 0.00 Veritas Global Real Return Fund A EUR 12.63 - -0.04 0.11 Strat Evarich Japan Fd Ltd USD $ 728.44 - Retail Ê 5.87 - 0.02 1.72 Saracen Global Income & Growth Fund A - Acc Ê 1.17 - 0.01 0.78 E.I Sturdza Funds PLC Saracen Global Income & Growth Fund A - Dist Ê 1.08 - 0.01 6.65 Nippon Growth (UCITS Fund Euro Hedged Class EUR) 914.02 - -1.71 0.00 Saracen Global Income and Growth Fund -Acc # Ê 1.46 - 0.01 2.35 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) 1076.59 - -1.99 0.00 Saracen Global Income and Growth Fund -Dist # Ê 1.27 - 0.01 3.41 Nippon Growth (UCITS) Fund JPY Class A shares Ơ 85052.00 - -158.00 0.00 Saracen UK Income Fund - Acc Ê 0.98 - 0.00 2.73 Nippon Growth (UCITS) Fund JPY Class B Acc shares Ơ 71302.00 - -133.00 0.00 Saracen UK Income Fund - Dist Ê 0.95 Asset Management - 0.00 4.83 For Save & Prosper please see Countrywide Assured Schroder Property Managers (Jersey) Ltd Other International Funds Indirect Real Estate SIRE Troy Asset Mgt Ltd (IRL) Regulated Ê 132.66 139.49 0.17 2.35 Nippon Growth (UCITS) Fund JPY Class C Dis shares Ơ 82212.00 - 968.00 0.00 Nippon Growth (UCITS Fund Class D Institutional JPY) Ơ 46339.00 - -86.00 0.00 Strategic China Panda Fund USD $ 1994.37 - 5.10 0.00 Strategic China Panda Fund Hedged EURO 1934.61 - 4.82 0.00 Strategic China Panda Fund Hedged Sterling Ê 1964.01 - 5.05 0.00 (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 608 0950 Authorised Inv Funds ACD Capita Financial Mgrs Trojan Investment Funds Spectrum Fund O Acc 169.12 Spectrum Fund O Inc - 164.35 - 0.31 0.37 Spectrum Income Fund O Acc 98.06 - 0.09 - Spectrum Income Fund O Inc 95.98 - 0.09 - Trojan Ethical Income O Acc 102.46 - 0.18 - Trojan Ethical Income O Inc 102.64 - 0.19 - Trojan Fund O Acc 273.33 - 0.14 0.42 Trojan Fund O Inc 226.45 - 0.12 0.43 Trojan Global Equity O Acc 231.56 - 1.25 0.89 Trojan Global Equity O Inc 196.76 - 1.05 0.90 - 0.45 0.00 Strategic Euro Bond Institutional Class EUR 1017.08 - 0.50 0.00 Strategic Euro Bond Fund Accumulating Class Shares 1138.81 - 0.55 0.00 Managed Growth 241.30 - 0.20 0.00 Strategic Euro Bond Fund Distributing Class Shares 1028.40 - 0.50 1.32 UK Growth 263.90 - 0.00 0.00 Strategic European Smaller Companies Fund EUR Class 969.65 - 0.05 Strategic Global Bond RMB Acc $ 1079.51 - 2.96 0.00 Strategic Global Bond USD Acc $ 1062.64 - 1.83 0.00 Strategic US Momentum and Value Fund $ 730.77 - -0.45 0.00 Strategic US Momentum & Value Fund USD I Class $ 486.61 - -0.29 0.00 Strategic US Momentum and Value EUR Hedged Class EUR 508.65 - -0.35 0.00 Global Emerg Mkts Eqty B Acc Ê 1.33 - 0.01 1.22 Strategic US Momentum and Value CHF Hedged Class CHFSFr 504.19 - -0.34 0.00 Global Optimal B Acc Ê 0.98 - 0.01 0.66 UBS UK Opportunities Fund B Acc Ê 0.88 - 0.00 3.26 US Equity B Acc 1.49 - 0.01 0.28 SIA (SIA Funds AG) (CH) Other International Fds - 25 Moorgate, London, EC2R 6AY 020 7131 8100 www.sandwfunds.com Authorised Inv Funds European Equity Fund A Class 513.10 - 4.30 0.73 Far Eastern Income and Growth Fund A Class 436.80 - 3.10 2.34 Fixed Interest Fund A Class 122.40xd - 0.40 2.95 Global Gold and Resources Fund A Class 214.90 - -1.40 0.00 MM Endurance Balanced Fund A Class 206.90 - 0.20 1.33 MM Global Investment Fund A Class 2043.00 - 2.00 1.95 North American Fund A Class 1735.00 - 4.00 0.00 Oriental Growth Fund A Class 155.40 - 1.70 0.35 UK Equity Growth Fund A Class 401.50 - -0.50 0.42 Taube Hodson Stonex Ptnrs UT (1200)F (UK) 50 Bank Street, Canary Wharf, London E14 5NT Admin: 50 Bank Street, Canary Wharf, London E14 5NT Dealing & Enquiries: 0870 870 8433 Authorised Inv Funds THS Growth & Value Funds 317.20 IGV - Inc A - 1.10 1.91 223.40 - -0.10 5.05 Smith & Williamson Fd Admin Ltd (1200)F (UK) 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds S&W Deucalion Fd (OEIC) 2055.00 S & W Magnum 382.40 404.00 0.50 3.02 S & W Marathon Trust - 29.00 0.28 187.00 197.90 0.50 1.78 Standard Life Wealth (JER) PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised Standard Life Offshore Strategy Fund Limited - 0.00 3.37 390.20 - 1.30 1.08 UBS Global Enhanced Equity Income C Inc Ê 0.45 - 0.00 12.23 EGV - Acc S 276.50 - 0.80 0.00 EGV - Acc Z 276.50 - 0.80 1.80 CGV Acc S 115.30 - 0.40 2.21 CGV Acc X 113.80 - 0.40 0.00 Investments III -22.38 - CGV Inc A 113.40 - 0.40 1.61 Investments IV - European Private Eq 210.25 220.76 -4.08 - CGV Inc B 113.40 - 0.40 0.00 Investments IV - Global Private Eq 311.03 326.58 -10.79 - UBS US Growth Fund B Acc Continental The Hartford International Funds (IRL) Regulated Global Eq (ex Japan) Class JP5 Ơ 1.43 - 0.00 0.00 - 0.60 - Global Fixed Interest Fund Ê 0.9981 - 0.0016 4.62 Global Eq Ex Japan Index Fund (Hedge) Ơ 1.31 - 0.00 0.00 Enhanced Inc Inc Ins 208.20 - 0.30 - Sterling Fixed Interest Fund Ê 0.8531 - 0.0028 3.89 Gbl Govt Bond (Ex Japan) Index Ơ 1.25 - 0.00 0.00 Enhanced Inc Inc Ret 195.70 - 0.40 - UK Equity Fund Ê 1.9092 - -0.0039 2.71 Gbl Govt Bond (ex Japan) Class JP4 Ơ 1.23 - 0.00 0.00 Enhanced Inc Inc X 166.70 - 0.30 - Japan Equity Index Fund 0.95 - 0.01 0.00 Japan Equity Class JP3 Ơ Ơ 1.15 - www.tni.ae Other International Funds TNI Blue Chip UAE Fund * AED 10.44 - Ê 1.52 - 0.00 0.00 UBS Emerging Markets Equity Income B Inc Ê 0.35 - 0.01 5.73 Unicapital Investments (LUX) Regulated 5.03 - Unicorn Asset Management Ltd (UK) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Authorised Inv Funds UK Growth A Inc 420.57 - 0.03 0.00 - 1.67 0.00 Veritas Asian Fund B GBP Ê 299.81 - 3.11 0.00 Veritas Asian Fund B EUR 241.03 - 1.80 0.00 Veritas China Fund B GBP Ê 123.73 - 1.86 0.00 Veritas China Fund B EUR 163.91 - 1.09 0.00 Veritas Global Focus Fund B USD $ 18.31 - -0.11 0.00 Veritas Global Focus Fund B GBP Ê 22.45 - -0.07 0.00 Veritas Global Focus Fund B EUR 16.43 - -0.10 0.00 Veritas Global Equity Income Fund B GBP Ê 138.44 - -0.09 3.92 Veritas Global Equity Income Fund B EUR 183.30 - -0.61 4.14 Veritas Global Equity Income Fund B USD $ 112.91 - -0.41 4.05 Veritas Global Real Return Fund B USD $ 20.78 - -0.07 0.00 Veritas Global Real Return Fund B GBP Ê 11.81 - -0.04 0.00 Veritas Global Real Return Fund B EUR 13.47 - -0.05 0.00 Mastertrust A Inc X F 368.61 - 0.02 0.07 UK Growth B Inc 423.34 - -1.11 0.56 Mastertrust B Inc X F 331.55 - 0.03 0.89 Outstanding British Cos A Acc X F 262.42 - -0.32 0.64 Outstanding British Cos B Acc X F 275.16 - -0.33 1.38 UK Smaller Cos A Inc X F 433.33 - -0.95 0.35 UK Smaller Cos B Inc X F 425.09 - -0.93 1.22 UK Income A Acc X F 257.60 - -0.85 4.62 UK Income A Inc X F 227.24 - -0.76 4.74 UK Income B Acc X F 274.56 - -0.91 4.60 UK Income B Inc X F 242.33 - -0.80 4.72 Value Partners Hong Kong Limited (IRL) www.valuepartners.net, fis@vp.com.hk Regulated Value Partners Asia ex-Japan Equity Fund $ 8.25 - Veritas Asset Management LLP Bid Offer Real Return Asian Fund USD (Est) 277.60 - -26.20 0.00 Real Return Asian Fund GBP (Est) Ê 296.77 - -7.03 0.00 Real Return Asian Fund EUR (Est) $ 292.91 - -10.89 0.00 Waverton Investment Funds Plc (1600)F (IRL) waverton.investments@citi.com FCA Recognised Waverton Asia Pacific A USD $ 17.23 - 0.05 5.88 8.44 - 0.01 5.46 Waverton Global Equity Fund A GBP Ê 14.10 - 0.08 0.52 Waverton UK Fund A GBP Ê 13.06 - -0.03 1.80 Waverton Equity Fund A GBP Ê 14.29 - 0.06 0.37 - 0.01 5.30 Waverton Global Bond Fund Cls A $ Waverton Sterling Bond Fund A GBP Ê 9.29 WA Fixed Income Fund Plc (IRL) Regulated European Multi-Sector 117.95 - 0.17 0.00 Yapi Kredi Asset Management (TUR) Yapi Kredi Plaza A Blok Kat:13 Levent 34330 Istanbul / Turkey Email: info@ykportfoy.com.tr; Tel: + 90 (212) 385 48 48 www.yapikrediassetmanagement.com Other International Funds Private Sector Bonds and Bills FundTRY 0.011490 - 0.000020 Eurobond (Dollar) Bonds and Bills FundTRY 0.078640 - 0.000120 - TRY 0.021280 - - - Koc Affiliate and Eq Fund (Eq Intense Fund)TRY 0.775830 - -0.000860 - TRY 0.014440 - 0.000010 - Fourth Variable Fund Istanbul Hedge Fund 0.06 - Yuki International Limited - (IRL) Tel +44-20-7269-0207 www.yukifunds.com Regulated Yuki Mizuho Umbrella Fund Yuki Mizuho Japan Dynamic Growth Ơ 6952.00 - Yuki Mizuho Japan Large Cap Ơ 777.62 - -0.38 0.00 Yuki Japan Low Price Ơ 27810.00 - 227.00 0.00 Yuki Japan Value Select 9.00 0.00 Ơ 14088.00 - 141.00 0.00 Ơ 10931.83 - -2753.17 0.00 Yuki Japan Rebounding Growth Fund JPY Class Ơ 24153.00 - 132.00 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 938.94 - YMR Umbrella Fund YMR N Growth +/- Yield (LUX) FCA Recognised Ê 117.03 - Money Market Trusts and Bank Accounts -0.17 0.00 Gross AER Int Cr CCLA Investment Management Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET CBF Church of England Deposit Fund 0.50 - 0.50 Qtr CCLA Fund Managers Ltd Senator House 85 Queen Victoria Street, London EC4V 4ET COIF Charities Deposit Fund 0.45 - 0.45 Qtr Data Provided by www.morningstar.co.uk Data as shown is for information purposes only No offer is made by Morningstar or this publication Guide to Data The fund prices quoted on these pages are supplied by the operator of the relevant fund Details of funds published on these pages, including prices, are for the purpose of information only and should only be used as a guide The Financial Times Limited makes no representation as to their accuracy or completeness and they should not be relied upon when making an investment decision The sale of interests in the funds listed on these pages may, in certain jurisdictions, be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates Persons in any doubt should take appropriate professional advice Data collated by Morningstar For other queries contact reader.enquiries@ft.com +44 (0)207 873 4211 The fund prices published in this edition along with additional information are also available on the Financial Times website, www.ft.com/funds The funds published on these pages are grouped together by fund management company Prices are in pence unless otherwise indicated The change, if shown, is the change on the previously quoted figure (not all funds update prices daily) Those designated $ with no prefix refer to US dollars Yield percentage figures (in Tuesday to Saturday papers) allow for buying expenses Prices of certain older insurance linked plans might be subject to capital gains tax on sales Guide to pricing of Authorised Investment Funds: (compiled with the assistance of the IMA The Investment Management Association, 65 Kingsway, London WC2B 6TD Tel: +44 (0)20 7831 0898.) OEIC: Open-Ended Investment Company Similar to a unit trust but using a company rather than a trust structure Different share classes are issued to reflect a different currency, charging structure or type of holder Asset Management Selling price: Also called bid price The price at which units in a unit trust are sold by investors Buying price: Also called offer price The price at which units in a unit trust are bought by investors Includes managers initial charge Single price: Based on a mid-market valuation of the underlying investments The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same Treatment of managers periodic capital charge: The letter C denotes that the trust deducts all or part of the managers/operators periodic charge from capital, contact the manager/operator for full details of the effect of this course of action Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details www.veritas-asset.com Other International Funds -1.12 0.00 0.01 0.00 The National Investor (TNI) -1.29 0.00 0.48 IGV - Acc Z 151.00 - UBS Multi Asset Income B Inc (net) Ê 0.00 2.13 Max 100% Shs Port Acc S $ 122.12 -0.31 3.19 - 0.0063 1.95 Stenham Asia USD - 1.06 - - 51.85 UBS Global Allocation (UK) B Acc Ê Global Balanced Fund - Accumulations Units Ê 1.6029 www.stenhamassetmanagement.com Other International Funds 0.00 1.47 1.40 1.81 - Stenham Asset Management Inc - - 0.80 - 1.20 423.10 - 0.40 Ê IGV - Acc Y 206.80 - UBS Targeted Return B Acc 0.00 4.00 Max 100% Shs Port Acc X 151.10 0.00 1.80 - 0.00 0.00 - - 0.52 - 0.30 0.57 Corporate Bond UK Plus B Inc Net Ê 1.45 - Ê 1.30 1.37 Ơ 157.20 UBS S&P 500 Index C Acc - Global Eq (ex Japan) Class HJ4 Max 30% Shs Port Acc X Ê 393.60 0.00 0.00 -2.47 0.00 (UK) 21 Lombard Street, London, EC3V 9AH Client Services 0800 587 2113, Client Dealing 0800 587 2112 www.ubs.com/retailfunds Authorised Inv Funds OEIC IGV - Acc X - - UBS Asset Management 0.00 4.99 1.39 164.22 0.11 3.76 - Ơ Japanese Fund O Acc X - 0.38 Global Eq (Ex Japan) Index Fund -2.50 0.10 177.65 UBS UK Equity Income B Inc Net Ê 0.0054 1.98 - Trojan Income O Inc 1.10 1.18 0.0146 0.96 166.30 0.18 3.64 - - Japanese Fund C Acc - 317.50 - Max 30% Shs Port Acc Ret 286.85 IGV - Inc B European UK Equity Income Fund A Class Trojan Income O Acc UBS Sterling Corporate Bond Indexed Fund International $ 222.93 Asset Management Strategic Euro Bond Accumulating Class CHFSFr 984.53 - Veritas Asian Fund B USD 0.31 0.36 (UK) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Authorised Inv Funds Scottish Friendly Asset Managers Ltd Ê 1.9218 0.50 -0.09 0.35 - -0.09 0.00 US Equities Global Equity Fund - - Veritas Global Focus Fund A EUR 13.83 - -0.09 3.89 Global Balanced Fund - Income Units Ê 1.3700 155.00 Veritas Global Focus Fund A GBP Ê 29.44 276.80 - - Max 30% Shs Inc Port Inc Ret -0.09 0.60 - - -4.76 0.26 - Veritas Global Equity Income Fund A EUR 200.27 1.10 - Veritas Global Focus Fund D GBP Ê 30.52 Veritas Global Equity Income Fund A GBP Ê 150.89 0.30 291.96 -0.14 0.66 1.39 0.00 - Pacific O Acc - - - -4.81 0.56 Veritas Global Focus Fund D EUR 23.74 (LUX) Ê 175.43 288.10 - -0.15 0.64 Global Opp.C 150.80 295.57 -0.10 3.88 - 0.76 0.00 Max 100% Shs Port Acc Ret Pacific C Acc - Veritas Global Focus Fund D USD $ 26.36 - Max 50% Shs Port Acc S Max 30% Shs Port Acc S Veritas Global Equity Income Fund D GBP Ê 157.64 $ 138.78 6.55 0.00 - -0.69 4.11 Global Opp.B - 0.30 - - Ê 1648.82 - Veritas Global Equity Income Fund D EUR 206.40 - Gilt 157.30 -0.43 4.02 0.90 0.0027 3.21 Managed Investments OEIC - -0.10 - 2.72 0.00 Veritas Global Equity Income Fund D USD $ 118.82 - Ê 1.1840 - 1.82 0.42 - Diversified Assets Fund 495.96 - 268.90 - European O Acc 121.54 272.20 0.40 - Veritas China Fund A EUR UK Equities - 0.30 0.66 0.00 Sterling Bonds 180.10 - - 0.03 0.00 Max 50% Shs Port Acc X 160.10 Ê 61.78 - CF Ruffer Investment Funds Enhanced Inc Acc Inst 1.92 0.42 Pegasus Fund Ltd A-1 GBP Ê 116.58 4.68 0.00 2.79 0.26 - International C 2.02 0.00 2.34 0.00 Ê 127.87 -0.63 3.39 - - Veritas China Fund A GBP - - - 3.16 0.00 Ê 161.91 Ê 1634.12 501.62 - Renminbi Bond Fund GBP Cls A UK Corporate Bond 361.87 $ 359.70 0.10 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) Ê 1698.07 European C Acc 1.85 0.40 Tosca Opportunity B USD - 0.0092 1.82 Equity & General O Acc - $ 356.95 109.37 2.46 0.22 $ 123.50 International B Renminbi Bond Fund EUR Cls A 4.21 0.24 - Veritas China Fund A USD -0.66 3.18 -82.00 0.00 - 327.19 2.08 0.00 - - Ê 406.83 Veritas Asian Fund A EUR H - $ 167.20 Ơ 20289.00 Veritas Asian Fund A GBP H Ê 261.94 Renminbi Bond Fund USD Cls A Renminbi Bond Fund YEN Cls A 2.40 0.43 Tosca Mid Cap GBP International A -0.62 3.32 - 3.15 -54.71 0.00 - $ 320.17 - - Renminbi Bond Fund SGD Cls A S$ 160.48 Veritas Asian Fund A USD H $ 268.48 Ơ 13710.92 - 2.02 0.00 - (IRL) Veritas Asset Management LLP HSSI Ltd, Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc www.veritas-asset.com +353 635 6799 FCA Recognised Institutional Tosca A USD Renminbi Bond Fund YEN Cls B Ê 1.6400 -0.03 3.97 www.toscafund.com Other International Funds Regulated TreeTop Convertible Sicav Bridge Fund - Toscafund Asset Management LLP -0.48 2.93 - - 0.02 4.81 - - 2.18 0.00 - $ 121.38 0.50 - 2.61 Renminbi Bond Fund USD Cls B 0.50 335.78 Ê TreeTop Asset Management S.A - Equity & General O Inc Aptus Global Financials B Inc -0.47 3.07 - 2.21 0.06 0.02 4.65 -0.48 3.14 219.80 - - - 248.80 337.59 2.98 - Max 50% Shs Port Inc Ret Equity & General C Inc Ê Ê 121.58 Max 50% Shs Port Acc Ret 2.40 0.06 (UK) Aptus Global Financials B Acc Renminbi Bond Fund SGD Cls B S$ 121.26 (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 601 9610 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers Ruffer LLP (1000)F Toscafund Asset Management LLP www.toscafund.com Authorised Funds Stratton Street Capital (CI) Limited Renminbi Bond Fund Euro Cls B - - Fund Gross Net - Smith & Williamson Investment Management (1200)F (UK) 0.02 4.09 1.59 Value Partners Health Care Fund HKD Class A UnhedgedHK$ -0.59 3.26 - 0.05 2.46 Royal London Unit Managers Ltd (1200) F (UK) 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Authorised Inv Funds Royal London Sustainable World A Inc 160.10 Authorised Inv Funds 0.47 1.91 Address and telephone number for Series only Royal London Sustainable Diversified A Inc Ê Santander Atlas Port Acc Inst - - 3.00 0.53 0.04 0.64 1.12 Renminbi Bond Fund CNH Cls A CNH 129.68 - 0.12 1.18 - - SFr 168.00 - $ 115.63 0.40 LTIF Stability Inc Plus - Stenham Trading Inc USD - - Ê 24.41 0.04 0.00 152.40 0.70 Ê 15.85 - SMIO3 Santander Multi Index Fund - Japan Specialist Fund X 9.24 -0.48 3.16 201.50 Contl Europe Specialist Fund 0.07 Value Partners Health Care Fund RMB Class Z UnhedgedCNH - 0.20 0.13 0.00 - Renminbi Bond Fund CHF Cls B SFr 116.85 - - 3.86 - 147.10 Value Partners Classic Equity Fund GBP Unhedged Ê 11.62 - 0.40 Bond Mthly Inc Acc Ret 0.04 0.00 $ 399.31 - 0.20 - Stenham Quadrant USD A 152.70 - Memnon European Fund I GBP Value Partners Classic Equity Fund GBP Hedged Ê 10.92 0.05 0.00 SMIO3 Santander Multi Index Fund 268.60 0.00 0.00 0.04 0.00 - -8.49 0.00 - 0.00 0.00 - Zadig Gestion (Memnon Fund) - - - 0.30 - TM New Court Equity Growth Fund - Inc Ê 12.92 0.04 0.00 Value Partners Classic Equity Fund EUR Hedged 10.64 7.76 Japan Synthetic Warrant USD Hedged Class $ 132.10 - TM New Court Fund - A 2014 Acc Ê 12.87 0.04 0.00 - Value Partners Greater China Equity Fund $ - 152.50 0.00 0.00 - Value Partners Classic Equity Fund CHF HedgedSFr 10.50 Value Partners Classic Equity USD Hedged $ 12.43 0.60 - - Value Partners Classic Equity Fund USD Z Unhedged $ 10.13 - - 0.40 Ê 12.84 +/- Yield 0.41 0.00 220.90 - TM New Court Fund A 2011 Inc Offer -0.90 Corp Bond Acc Inst (gross) 149.40 (UK) Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP Authorised Funds Bid - -0.29 0.00 Corp Bond Acc Inst Thesis Unit Trust Management Limited Fund - - 0.40 3.90 +/- Yield $ 108.98 Japan Synthetic Warrant USD Class $ 14.95 - Offer $ 99.66 - 144.40 Bid Stenham Multi Strategy USD 0.30 Corp Bond Inc Inst Fund Stenham Macro UCITS USD - Saracen Growth Fd Beta Acc 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Authorised Funds Santander Atlas Range - 171.60 Saracen Growth Fd Alpha Acc Santander Asset Management UK Limited (1200)F (UK) Bid Div Inc Port Inc Ret Santander Atlas Port Acc Ret - 0.53 0.49 Stenham Managed Fund USD 0.04 1.61 366.02 - - - Ê 19.18 Equity & General C Acc 171.09 0.30 UK Specialist Equity Prusik Asia A Global Total Fd PCG A 3.22 0.00 3.50 Ê 488.42 493.51 1.95 1.25 (UK) 40 Dukes Place, London EC3A 7NH Order Desk and Enquiries: 0345 922 0044 Authorised Inv Funds Authorised Corporate Director - Capita Financial Managers - - -11.23 0.20 Purisima Investment Fds (UK) (1200)F $ 162.72 SFr 195.70 - 0.40 0.00 Stenham Healthcare USD LTIF Stability Growth 128.18 - - - CF Ruffer Gold Fund O Acc $ 143.64 0.40 0.40 Prusik Asian Equity Income B Dist $ 159.81 Prusik Asian Smaller Cos A -2.42 - -11.35 0.32 $ 186.58 - 161.20 - (IRL) $ 196.98 Santander Atlas Port Acc Inst 129.69 Enquiries - 0207 493 1331 Regulated Stenham Growth USD 0.00 3.56 CF Ruffer Gold Fund C Acc Prusik Investment Management LLP - - (GSY) Regulated 2.38 0.00 United Kingdom Equity Index Fund Ê 15.22 Regulated ALVA Convertible A USD - 0.04 2.91 Series (Investment Management Customers Only) (IRL) 174.17 - 0.47 0.91 9.27 UK Specialist Equity Income Fund Ê Polar Capital Funds Plc - 0.30 Fund Renminbi Bond Fund GBP Cls B 1.29 0.00 0.00 0.00 1.93 0.00 $ 136.87 165.50 Bal Intl Track Acc Ret - - - Stenham Equity UCITS USD Multi-Manager OEIC 144.14 Low Average Duration - Inst Acc $ 14.94 Stenham Credit Opportunities A Class USD $ 99.58 Investments Inc Port Inc Ret SMIO3 Santander Multi Index Fund RobecoSAM Sm.Materials/N 9.05 +/- Yield Managed Investments OEIC 14344.95 0.04 0.00 - Offer Regulated - $ 14.36 - +/- Yield Managed Investments OEIC Global Investment Grade Credit Fund Inst Acc 12.03 Global Multi-Asset - Inst Acc Offer 146.10 Max 60% Shs Port Inc S 0.57 0.00 0.01 0.00 0.00 0.00 - Offer Regulated - Euro Real Return - Inst Acc Global Total Fd PCG INT -0.01 0.00 - Euro Low Duration Fund Inst Acc 11.32 Global Total Fd PCG B - Emerging Asia Bond Fund Inst Acc $ 10.19 Euro Long Average Duration - Inst Acc 23.71 Bid Purisima Investment Fds (CI) Ltd Diversified Income Durat Hdg Fund Inst Acc $ 11.51 Emerging Local Bond - Inst Acc Fund Yuki Asia Umbrella Fund 5.00 - Time: Some funds give information about the timing of price quotes The time shown alongside the fund managers/operators name is the valuation point for their unit trusts/OEICs, unless another time is indicated by the symbol alongside the individual unit trust/OEIC name The symbols are as follows: 0001 to 1100 hours; 1101 to 1400 hours; 1401 to 1700 hours; # 1701 to midnight Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis The managers/operators must deal at a forward price on request, and may move to forward pricing at any time Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation Investors can be given no definite price in advance of the purchase or sale being carried out The prices appearing in the newspaper are the most recent provided by the managers/operators Scheme particulars, prospectus, key features and reports: The most recent particulars and documents may be obtained free of charge from fund managers/operators * Indicates funds which not price on Fridays Charges for this advertising service are based on the number of lines published and the classification of the fund Please contact data@ft.com or call +44 (0)20 7873 3132 for further information 28 Tuesday 31 May 2016 Analysis Commodities INSIGHT Spotlight on Saudi oil minister at Opec meeting Abdallah Nauphal A changed monetary order will emerge but its outlines are fuzzy M ost investors tend to focus on the current business cycle or the next possible downturn, few think in terms of eras The current era began with the collapse of Bretton Woods and its replacement by a fiat currency system that provided policymakers with great latitude in setting policy and accumulating debt The growing imbalance created by numerous attempts to mitigate the downside of the business cycle is leading to recurrent crises The most severe began nearly 10 years ago and is still unfolding, with the emerging markets its epicentre While there is little disagreement on how the crisis has developed, there is a big split on what it means or what happens next Some believe this is a banking crisis that has largely been addressed and, in time, the system will revert to equilibrium The opposing view is that this is largely an insolvency problem resulting from an excess of supply relative to demand combined with a mountain of debt collateralised with overinflated assets Disinflation, weak capex, and currency wars are symptoms of this broader malaise True reform is tough, so instead, policymakers have been experimenting with how far they can push monetary policy But monetary policy is not well suited to dealing with the problems we confront (For all central bankers efforts, we still have anaemic growth in the developed world, and emerging markets in varying states of crisis.) All that has done is buy time, but even that comes with the collateral damage of distorted asset prices and more debt If you want to get out of a hole, you should first stop digSooner or later ging Monetary policy is providing the shovels for the glo- everyone sits bal economy to carry on digdown to a ging an ever deeper hole The most charitable expla- banquet of nation for the actions of policonsequences cymakers is that they have been guilty of reacting to outmoded models The goal of any interest rate cut is to stimulate demand The assumption of policymakers is that lower interest rates act as an incentive to consumption and a disincentive to savings This relationship seems to have broken down This may be partly a function of demographics and partly psychology After the Great Depression, regardless of the interest rate, people refused to spend They were so worried about another downturn that they rebuilt their savings John Maynard Keynes became a Keynesian when he realised that monetary policy was not sufficient to stimulate demand under these conditions We are reaching the limits of monetary policy In all likelihood interest rates will head further into negative territory When that fails, the probable conclusion will be a fiscal expansion that is likely to be monetised The mindset shift towards such an outcome has become more established in academic circles, and another crisis will quickly spread it to policymakers It is possible that the ultimate goal is to generate enough inflation to act as a wealth transfer between generations and from savers to borrowers This may well be the democratically acceptable way of defaulting on debt But it may be harder to create inflation in the current environment Even if this takes longer than hoped, inflation is a monetary phenomenon, and in a fiat currency system policymakers will eventually succeed in creating it In such an environment, the best thing you can is try to identify assets that will perform reasonably well regardless of policy and its impact on growth and inflation, rather than try to maximise return in the shorter term Ideally such an asset should possess two key characteristics: good cash flow visibility and stability; and an embedded inflation hedge That tends to lead you to hard assets rather than financial assets, though there are parts of securities markets that also have these attributes While demographics, debt accumulation and globalisation were all supportive of growth in the 1980s and 1990s, those tailwinds have reversed and are increasingly headwinds Reform of the social contract between generations is clearly needed Productivity must also rise A new monetary order will emerge, but it is still hard to discern its outlines There are already debates around what form this will take Robert Louis Stevenson wrote: Sooner or later everyone sits down to a banquet of consequences. That moment is coming Abdallah Nauphal is chief executive of Insight Investment More comment and data on ft.com Y Fast FT Our global team gives you marketmoving news and views, 24 hours a day, five days a week ft.com/fastft Y Alphaville Our irreverent financial blog Join Paul Murphy and Bryce Elder for the daily Markets Live session at 11am ft.com/alphaville Y beyondbrics News and comment from more than 40 emerging economies, headed by Brazil, Russia, India and China ft.com/beyondbrics Y Podcast The Hard Currency podcast takes a look at what is driving the global currency market ft.com/podcasts Y Lex Video Analysis and opinion from the team on the hot issues affecting companies and markets ft.com/lexvideo Industry anxious to know how Riyadhs clout will be applied amid reform push at home Oil price Brent ($ per barrel) 140 120 100 ANJLI RAVAL, DAVID SHEPPARD AND NEIL HUME As former chief executive and current chairman of state-owned Saudi Aramco, Khalid al-Falih has long been one of the most powerful men in the oil industry Yet the scrutiny awaiting him in Vienna this week will be unlike anything Riyadhs new oil minister has faced before While no deal to freeze or cut production is expected at the half-yearly Opec ministerial meeting on Thursday, his every word will be parsed Saudi energy policy has entered a new and uncertain chapter under Mohammed bin Salman, the deputy crown prince who has appointed himself ultimate head of oil affairs Mr Falih will, from the moment he touches down in the Austrian capital, be pursued by a press pack hungry for his view on the oil market The base case is that there will be no cut, David Hufton of PVM, a Londonbased brokerage, said The uncertainties are more about whether the meeting will be acrimonious and whether the Saudis will talk about increasing production Oil has risen more than 80 per cent since late January, in what some see as validation of Saudi Arabias refusal to address a glut by cutting output While the two-year-old policy has left production from outside Opec on track for its biggest annual drop in more than a decade, the industry wants to know how Mr Falih intends to use the kingdoms oil might as it embarks on a radical reform programme Prince Mohammed is driving plans to sell a small stake in Saudi Aramco, helping support a 15year plan to change the economy Oil has become both an international and domestic instrument of policy, said Ed Morse, at Citi 80 60 40 20 2011 12 Investors in Asia and Europe reacted to comments made late on Friday by Ms Yellen that a second rise in shortterm interest rates would probably be appropriate in coming months if the US economy continues to improve The dollar index a gauge of the currency against its trading partners climbed 0.5 per cent to 95.97 on a quiet European trading day UK and US markets were closed for public holidays The yen felt the dollars strength most keenly, weakening as much as 1.4 per cent to Ơ111.47 That, in turn, was enough to drive up a Japanese stock market over which the level of the yen carries considerable sway The broad Topix index closed up 1.2 per cent at 1,366.01, while the Nikkei 225 climbed 1.4 per cent to 17,068.02 Both of Japans main stock market indices remain down double digits for the year The odds of the Fed lifting interest rates 25 basis points at its meeting in mid-June are now 30 per cent, up from 21.1 per cent a month ago The comments from Ms Yellen were the latest in a series, beginning with the release of minutes of officials April meeting, which have forced investors to 15 16 Million barrels per day 34 33 32 31 30 29 28 2011 12 13 14 15 16 Sources: Thomson Reuters Datastream; Bloomberg The scrutiny awaiting Saudi Arabias new oil minister in Vienna this week will be unlike anything he has faced Leonhard Foeger/Reuters Dollar pushes ahead after Yellen remarks The dollar extended its advance, trading at the highest level since late March, after Federal Reserve chair Janet Yellen became the latest and most important US policymaker to argue that a rate rise this summer was on the table 14 Opec production Global overview PETER WELLS HONG KONG RICHARD BLACKDEN LONDON 13 digest the possibility that the central bank will lift interest rates over the summer It was the dominant theme in the European trading day, capping the blistering rally in European government bonds The yield on the 10year German bond rose basis points to 0.17 per cent, while the yield on the equivalent French bond edged up by the same amount to 0.5 per cent By contrast, European equities began the week on a firmer footing, with Germanys Dax closing up 0.5 per cent at 10333.23 Frances CAC 40 strengthened 0.3 per cent to 4529.40 Gold continued its torrid May, falling for a ninth straight day in its longest losing streak since March last year It dropped 0.5 per cent to $1,207.62 an ounce The precious metal, which tends to flourish in a low-interest rate environment, was one of the biggest beneficiaries earlier this year as investors discarded the possibility the Fed would lift rates this year Analysts say Ms Yellens comments will only sharpen the focus on this weeks US economic data, which culminate on Friday with the release of the monthly jobs report for May Revisions to US GDP data released last Friday also showed the economy grew 0.8 per cent in the first three months of this year, up from an initial estimate of 0.5 per cent, but below the 1.4 per cent pace in the December quarter Data from the Commodity Futures Trading Commission for the week ended May 24 showed hedge funds became net buyers of the dollar for the first time in five weeks As chairman of Saudi Aramco, Mr Falih has defended the decision not to cut output In doing so, he has proved more vocal than Ali al-Naimi, his long-serving predecessor as oil minister His approach at Saudi Aramco hints at a possible change in the way the kingdom will communicate with the oil market Mr Falih appears to already be showing greater transparency and willingness to communicate what theyre doing, Jamie Webster, an independent oil consultant, said Now were all going to be watching to see how he acts in Vienna with other delegates. At Davos in January, Mr Falih said Saudi Arabia had never advocated that it would take the role of balancing market against structural imbalance that was emerging Last month Prince Mohammed made a veiled threat that output could easily be ramped up to 11m barrels a day Mr Naimi spent many years working co-operatively with Opec, said Gary Ross, executive chairman at New Yorkbased consultancy PIRA Energy The new policy is that it is Saudi Arabia first. How his successor interacts with other members of the cartel, particularly regional rival Iran, which is driving up production after years of sanctions, will be closely watched in Vienna Opecs inability to agree a production policy has drawn criticism from other producer nations, including Opec members Venezuela and Nigeria, which face economic and political crises At its last meeting in December, Opec scrapped its output target of 30m barrels An attempt to agree a production freeze with non-Opec countries in April foundered after Prince Mohammed ruled that Saudi Arabia would not participate as long as Iran insisted on continuing to raise its output to presanctions levels Irans output has risen close to that mark, but the chance of reaching any sort of agreement in Vienna remains slim Even without a deal, oils rally may make for a smoother meeting than recent gatherings The new minister has been an advocate for the current policy and it is working Oil prices are doing what oil prices do, and we can see the end of the tunnel now, said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University But he added: The bad blood between Iran and Saudi Arabia is quite real, and makes it difficult to think about any co-ordination on oil policy. [...]... 4.37% Index Cross-Border DJ Global Titans ($ ) Euro Stoxx 50 (Eur) Euronext 100 ID FTSE 4Good Global ($ ) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($ ) FTSE Gold Min ($ ) FTSE Latibex Top (Eur) FTSE Multinationals ($ ) FTSE World ($ ) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($ ) MSCI All World ($ ) MSCI Europe (Eur) MSCI Pacific ($ ) S&P Euro (Eur) S&P Europe 350 (Eur) S&P... & Mining (2 ) 1158.83 Mining (1 7) 8616.88 Industrials (1 1 9) 4435.27 Construction & Materials (1 4) 5483.05 Aerospace & Defense (9 ) 4147.58 General Industrials (6 ) 3782.14 Electronic & Electrical Equipment (1 0) 5405.79 Industrial Engineering (1 4) 8619.09 Industrial Transportation (8 ) 4497.04 Support Services (5 8) 6717.56 19189.07 Consumer Goods (4 1) Automobiles & Parts (1 ) 6425.03 Beverages (6 ) 15834.77... Telecommunications (6 ) 3991.72 Fixed Line Telecommunications (4 ) 5217.15 Mobile Telecommunications (2 ) 5207.24 Utilities (7 ) 8728.40 Electricity (2 ) 9024.36 Gas Water & Multiutilities (5 ) 8179.17 Financials (2 8 2) 4240.33 Banks (9 ) 3337.03 Nonlife Insurance (1 0) 2930.92 Life Insurance/Assurance (1 0) 7237.84 Index- Real Estate Investment & Services (2 1) 2776.39 Real Estate Investment Trusts (2 6) 2892.02 General Financial... president (6 ) 10 True mien of a rebel (8 ) 11 Not out of touch, but not to be taken seriously (2 , 4) 12 Exquisite soup mixed with rice (8 ) 13 I write a note showing anger (3 ) 14 Made a face before being taken outside (6 ) 17 Desperate doctor takes wine cold (7 ) 21 Fake ring revealed by youth leader (6 ) 25 Our first cardinal (3 ) 26 Rex inept, awkward and unskilful (8 ) 27 Good centre to find wine in? (6 ) 28... French company (6 ) 8 Bird disease affecting humans (6 ) 12 A gift coppers dislike (7 ) 15 Dull, but not raining (3 ) 16 Go down for a swim (3 ) 18 Fast repeated punches (4 - 4) 19 Have effect thats magical, if its not way out (8 ) 20 Ornately turned out yodeller? (8 ) 22 Opening secret codeword is rare in operation (6 ) 23 Creature featured in pop song (6 ) 24 Greek gods head set in a ring (6 ) 25 Hes happy to... Persistent rouộs let off (8 ) 29 Some variation in pocket money (6 ) 30 No variety in the numbers crawling (3 , 5) 31 Its disorder brings troubled sleep to the north (6 ) DOWN 1 Caller is redirected in city (8 ) 2 Vagrant in front gets trodden on (8 ) 3 A French journalist covering a sports club is being relentless (8 ) 5 Art gallery for the blind (6 ) 6 Embrace large number left in church (6 ) 7 Animal turns up... Producers (1 0) 8322.72 Household Goods & Home Construction (1 4)1 4453.14 Leisure Goods (2 ) 5369.72 Personal Goods (6 ) 23666.75 Tobacco (2 ) 50440.88 Health Care (2 0) 9198.10 Health Care Equipment & Services (8 ) 7263.84 Pharmaceuticals & Biotechnology (1 2)1 2386.20 Consumer Services (9 6) 4771.13 Food & Drug Retailers (7 ) 2861.57 General Retailers (3 2) 2758.36 Media (2 2) 7393.47 Travel & Leisure (3 5) 8374.40... 2.06 Fidelity PathFinder Freedom 3 Acc (clean) Ê 1.08 - 0.00 - Fidelity PathFinder Freedom 4 Acc (clean) Ê 1.08 - 0.01 - Fidelity PathFinder Freedom 5 Acc (clean) Ê 1.15 - 0.01 - Fidelity PathFinder Income 1 Income (clean) Ê 1.03 - 0.00 3.93 Fidelity PathFinder Income 1 Gross Income (clean) Ê 1.03 - 0.00 4.89 Fidelity PathFinder Income 2 Income (clean) Ê 1.05 - 0.01 3.21 154.80 Baring Multi Asset Fund... Inv Co Index (2 0 1) 3113.45 -0.07 3189.19 3115.66 3121.58 3196.49 2.93 1.55 22.09 FTSE AIM All-Share Index (8 2 5) 735.84 0.20 753.74 734.38 733.50 770.26 1.72 0.50 117.10 FTSE Sector Indices Oil & Gas (1 7) 6499.44 Oil & Gas Producers (1 0) 6200.20 Oil Equipment Services & Distribution (7 )1 3418.04 Basic Materials (2 7) 3235.73 11619.22 Chemicals (7 ) Forestry & Paper (1 ) 15973.05 Industrial Metals & Mining... PathFinder (LF) Eq Emerging Europe (LF) Eq Flexi Style Greece 1.32 0.75 0.94 - 0.00 0.00 0.00 0.00 -0.05 0.00 Fidelity PathFinder Foundation 1 Gross Acc (clean) Ê 1.13 - 0.00 - Fidelity PathFinder Foundation 1 Acc (clean) Ê 1.12 - 0.00 - Fidelity PathFinder Foundation 2 Acc (clean) Ê 1.12 - 0.00 - (LF) Eq Mena Fund 12.43 - 0.05 0.00 Fidelity PathFinder Foundation 3 Acc (clean) Ê 1.11 - 0.00 - (LF)