AXA Framlington Japan Fund - TeleTrader.com AXA Framlington Japan Fund 3 Fund Objective To achieve...

AXA Framlington Japan Fund Issued by AXA Investment Managers UK Ltd Authorised and regulated by the Financial Conduct Authority

Interim Long Report and Unaudited Accounts

For the six months ended 15 August 2013

AXA Framlington Japan Fund

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Contents Page Fund Objective ........................................................................................................................... 3 Results ....................................................................................................................................... 3 Review ....................................................................................................................................... 4 Portfolio Changes ...................................................................................................................... 6 Managing Risks ......................................................................................................................... 7 Fund Information........................................................................................................................ 9 Fund Facts ............................................................................................................................... 10 Portfolio Statement .................................................................................................................. 11 Statement of Total Return ....................................................................................................... 17 Statement of Change in Net Assets Attributable to Unitholders .............................................. 17 Balance Sheet ......................................................................................................................... 18 Notes to the Accounts ............................................................................................................. 19 Directory .................................................................................................................................. 21 More information on any AXA unit trust, copies of the latest Manager’s Reports and Prospectus are available free of charge. Telephone 0845 777 5511 or visit our website: www.axa-im.co.uk. Telephone calls may be recorded or monitored for quality assurance purposes.


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Fund Objective To achieve maximum capital growth through investment principally in Japan, but also in other areas of the Far East. Investment is made in companies which, in the Manager's opinion, show above average profitability, management quality and growth. The AXA Framlington Japan Fund is an authorised unit trust scheme under section 243 of the Financial Services and Markets Act 2000. The Fund is a UCITS scheme and is subject to the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL).

Results

Unit Unit Price at Price at Unit Class Comparative

Class Type 15.02.13 (p) 15.08.13 (p) Performance Benchmark

R Acc* 239.6 296.1 23.58% 18.14%^

Z Acc* 103.0 127.9 24.17% 18.14%^

R Inc** 235.6 290.6 23.34% 16.90%^^

* Acc units include net income reinvested, total return. ** Inc units do not include net income reinvested, capital return dividends excluded. ^ FTSE Japan (Total Return) Index, ^^ FTSE Japan (Capital Return) Index, please note that the comparative benchmarks changed from the Topix Index to FTSE Japan after the merger with AXA Framlington Japan Smaller Companies Fund due to the enhanced suitability of the Index compared to the Fund. Past performance is not a guide to future returns. Source of all performance data: AXA Investment Managers and Lipper, bid to bid, to 15 August 2013.


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Review An important change was made to the Fund during the period under review. The Fund merged with the AXA Framlington Japan Smaller Companies Fund on 12 April 2013. The previous portfolio had a 10% exposure to smaller companies via an investment in the AXA Framlington Japan Smaller Companies Fund, but the new portfolio directly holds many small cap stocks. Currently, 60% of the total Fund assets are invested in smaller companies. This gives the Fund a great advantage in our opinion, as many structural growth businesses in Japan are smaller companies and we have the expertise in investing in under-researched stocks, making the most of our direct contact with management. Japanese equities rallied strongly after Prime Minister Shinzo Abe’s new LDP (Liberal Democratic Party) government was elected in autumn last year. Abe promised that the three arrows of ‘Abenomics’ will revive the Japanese economy: 1) Bold monetary measures to dispel deflation 2) Fiscal spending to promote investment 3) Structural reform to generate growth. The yen, having been extremely strong over recent years, severely depressing the earnings of major manufacturers, started weakening in autumn 2012. This has already improved manufacturers’ global competitiveness. Recently announced economic statistics are also encouraging. July Consumer Price Inflation (CPI) was up 0.7% year-on-year, with the unemployment ratio down to 3.8%, and industrial production up 3.2% month-on-month. The average summer bonuses at manufacturers and non-manufacturers were up 5.4% and 3.7% respectively, which were the highest numbers in 22 years. The consensus forecast for Topix 12-month forward earnings per share (EPS) shows a sharp upward trend. Japanese stocks went up +48% since the beginning of the year to May, but have since come back about 10% during the summer. Valuations are back to very attractive levels in our view. During the period under review, the Fund outperformed the comparative FTSE Japan Index benchmark by more than +5%. Many positive contributors to this good performance were smaller companies.

OUTLOOK We are very positive about Japan’s outlook. The yen’s depreciation is most likely to continue. Similarly, manufacturers earnings will keep recovering in our view, which will, in turn, raise wages and private consumption, which account for almost 60% of the economy. Japan is now finally emerging from the deflation which has dogged the economy over the last 15 years. During these 15 years, Japanese corporations have been transforming themselves into leaner operations. Productivity has improved significantly and cash levels are at a record high. Indeed, with a weaker yen, Japanese manufacturers’ global competitiveness, which once appeared to be diminishing against other Asian competitors, particularly Korea, has already started looking much more solid. This is a trend that we see as likely to continue.

Top Ten Holdings as at 15 August 2013

%

Toyota Motor 1.64Consumer Goods Softbank 1.56Telecommunications Sumitomo Mitsui Financial 1.56Financials Hulic 1.53Real Estate Tokio Marine 1.43Financials M3 1.42Consumer Services Taisei 1.36Industrials Asahi Kasei 1.35Basic Materials Kadokawa 1.34Consumer Services Otsuka 1.34Technology


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At present in Japan, there are concerns over the scheduled rise in consumption tax (similar to VAT) next spring from the current 5% to 8%. Some argue that this could frustrate the current early-stage economic recovery. However, the majority believe this is necessary to support long-term confidence in the fiscal health of the Japanese government. Japanese companies’ earnings growth in the fiscal years 2013 and 2014 are the highest amongst the major economies. We believe that Japanese equities continue to attract global investors’ attention. We are also positive about Japan over the longer term, as there are many growth areas. Recently, many companies which were believed to be purely domestic businesses have started establishing a presence in overseas markets. Examples of such companies are Kadokawa, a publisher, and Kameda Seika, a leading maker of rice crackers. An ageing population is often talked about as a negative factor but this is also creating a number of high-quality growth businesses such as Message and Tsukui. There are companies that are growing steadily in mature sectors by taking market share, such as Komeri, an operator of home centres, and Ain Pharmaciez. A number of innovative internet businesses, run by young entrepreneurs, are also doing well. Cookpad, the operator of the most successful recipe site, which more than 80% of Japanese women in their 20s and 30s access regularly, is becoming an essential marketing platform for many retailers and food companies. The Fund continues to invest in growth businesses, which have clear strengths and good management, and which we view as being under-valued. There are many such businesses in Japan. Chisako Hardie 9 September 2013


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Portfolio Changes For the period ended 15 August 2013 Major Purchases Cost (£) Major Sales Proceeds (£)Ain Pharmaciez 1,221,914

AXA Framlington Japan Smaller Companies Fund 3,861,404

ENDO Lighting 1,172,975 Mitsubishi Heavy Industries 979,333Toyota Motor 909,157 Nissan Motor 957,891Outsourcing 737,388 Mitsubishi UFJ Financial 912,131Gulliver International 699,112 Aisin Seiki 773,678Japan Drilling 685,962 Chiba Bank 736,575Yamaha 668,671 Hulic 720,838Pola Orbis 661,593 SMC 711,716Tsukui 660,290 Mazda Motor 709,649Avex 654,856 Disco 690,767 Other purchases 40,308,599 Other sales 35,800,655 Total purchases for the period 48,380,517 Total sales for the period 46,854,637


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Managing Risks Past performance is not a guide to future performance. The price of units and the revenue from them can go down as well as up and investors may not get back the amount originally invested. An initial charge is usually made when you purchase units. Changes in exchange rates will affect the value of Fund investments overseas. Investment in smaller companies and newer markets offers the possibility of higher returns but may also involve a higher degree of risk. The Fund is managed in accordance with the objective set out on page 3. By investing in financial markets there are associated risks and the following explains the Manager’s approach to managing those risks.

RISK PROFILE The Fund ordinarily invests at least 80% of the Fund’s investment in Japan, but also has the power to invest in other areas of the Far East. Consequently, changes in exchange rates will affect the value of investments overseas. Investment in smaller companies and newer markets offers the possibility of higher returns but may also involve a higher degree of risk. As the Fund mainly invests in a single country it has the potential to be more volatile than a fund which invests in a more diversified portfolio of equities across a range of countries. The value of investments and the revenue from them is not guaranteed and can go down as well as up.

MARKET RISK Future prices of investments within the Fund can go down as well as up and will affect the unit price accordingly. The Fund’s exposure to stock specific price risk is reduced by diversification. Adherence to investment guidelines and to Investment and Borrowing Powers set out in the Trust Deed, the Prospectus and the rules of the Collective Investment Schemes Sourcebook limits the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolio is set out in the Investment Review and Portfolio Statement within this document. No derivatives were used during this accounting period. Derivatives may be used for Efficient Portfolio Management in accordance with the techniques set out in the Collective Investment Schemes Sourcebook and Prospectus.

FOREIGN CURRENCY RISK The revenue and capital value of the Fund’s investments can be affected by currency movements as a proportion of the Fund’s assets and revenue are denominated in currencies other than Sterling, which is the Fund’s base currency. The Manager has identified three principal areas where foreign currency risk could impact the Fund. Movements in exchange rates may affect:

the value of investments; short term timing differences; and the revenue received.

Currency exposure may be hedged when the Manager believes there to be the risk of a large fluctuation. The Fund may be subject to short-term exposure to exchange rate movements, for instance where the date of an investment purchased and the date when the settlement occurs are different. To reduce this risk the Manager may execute a foreign currency contract on the day of the initial transaction. The Fund receives revenue in currencies other than Sterling and hence movements in exchange rates can affect the Sterling value of this revenue. To minimise this risk arrangements are in place to convert all revenue receipts to Sterling on or as soon as is practical after the date of receipt.


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INTEREST RATE RISK The Fund does not currently invest significantly in fixed rate or floating rate securities.

LIQUIDITY RISK The liquidity of the Fund is a function of the liquidity of the underlying investments. The Fund’s assets mainly consist of readily realisable securities. This should enable the payment of the Fund’s liabilities and any investor’s redemption of units.

COUNTERPARTY RISK Transactions in securities that the Fund may enter into expose it to the risk that the counterparty will not deliver the investment for a purchase or cash for a sale after the Fund has contracted to fulfil its responsibilities. This is minimised by the practice in the majority of markets of delivery versus payment and short settlement periods.

RISK AND REWARD PROFILE

The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund’s future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free.

WHY IS THIS FUND IN THIS CATEGORY? The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which may be subject to sudden and significant variation, which may result in substantial gains or losses.


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Fund Information

FIVE YEAR PERFORMANCE

In the five years to 15 August 2013, the price of R Inc units with no income reinvested, rose by +32.39% (bid to bid) from 219.5p to 290.6p. The FTSE Japan Index (Capital Return) increased by +22.34% over the same time period. During the same period, the price of R Acc units with net income reinvested, rose by +33.56% (bid to bid) from 221.7p to 296.1p. (Source: AXA Investment Managers and Lipper).

FIVE YEAR DISCRETE PERFORMANCE (DISCRETE YEARS TO LATEST REPORTING DATE) 15/08/08 – 15/08/09 = -1.18% 15/08/09 – 15/08/10 = -0.23% 15/08/10 – 15/08/11 = 5.31% 15/08/11 – 15/08/12 = -3.34% 15/08/12 – 15/08/13 = 31.92% Source: AXA Investment Managers and Lipper. Basis: bid to bid, with no revenue reinvested, net of fees in GBP. Past performance is not a guide to future returns.

YIELD R Inc 0.28% R Acc 0.28% Z Acc # 1.03%

CHARGES Initial Charge Annual Management R Inc 5.25% 1.50% R Acc 5.25% 1.50% Z Acc # 0.00% 0.75% (All charges are included in the unit price. Maximum charges permitted under the terms of the Trust Deed are 6% and 2% respectively).

ONGOING CHARGES 15 August 2013 R Inc 1.62% R Acc 1.62% Z Acc # 0.90%

UNIT TRUST INDIVIDUAL SAVINGS ACCOUNTS The AXA Framlington Japan Fund is available as a Stocks and Shares ISA through the AXA Framlington Stocks and Shares ISA. # Launched 16 April 2012


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Fund Facts

THREE YEAR RECORD R Class As at Units in issue Net asset value of Fund R Inc R Acc Total R Inc R Acc units units (£) units(p) units(p)15/02/2011 3,351,992 15,579,879 48,779,409 254.9 258.215/02/2012 2,613,249 13,316,241 37,886,923 234.7 238.515/02/2013 2,158,219 11,873,955 33,570,793 235.2 240.015/08/2013 1,974,017 12,138,225 41,745,488 291.1 296.6

Z Class # As at Units in issue Net asset value of Fund Z Acc Total Z Acc units (£) units(p)15/02/2013 15/08/2013

102,289 2,294,007

105,329 2,939,128

103.0 128.1

# Launched 16 April 2012


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Portfolio Statement

The AXA Framlington Japan Fund portfolio as at 15 August 2013 consisted of the following investments, which are ordinary shares unless otherwise stated.

Holding Market Value Total net (£) assets (%)

UNITED KINGDOM: Nil (15/02/13: 9.35%)

Authorised Unit Trusts: Nil (15/02/13: 9.35%)

JAPAN: 99.82% (15/02/13: 89.66%) OIL & GAS: 0.82% (15/02/13: 1.01%) Oil Equipment, Services & Distribution: 0.82% (15/02/13: Nil)

8,400 Japan Drilling 364,224 0.82 364,224 0.82

Oil & Gas Producers: Nil (15/02/13: 1.01%)

BASIC MATERIALS: 5.80% (15/02/13: 8.10%) Chemicals: 5.80% (15/02/13: 5.19%)

129,000 Asahi Kasei 606,589 1.35 14,300 Nitto Denko 515,304 1.15

297,000 Sakai Chemical Industry 573,000 1.28 59,000 Soken Chemical & Engineering 486,953 1.08

102,000 Toray Industries 417,590 0.94 2,599,436 5.80 Industrial Metals & Mining: Nil (15/02/13: 2.91%) INDUSTRIALS: 24.69% (15/02/13: 24.71%)

Construction & Materials: 2.27% (15/02/13: 4.49%)

29,500 LIXIL 407,659 0.91 234,000 Taisei 607,550 1.36

1,015,209 2.27


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Electronic & Electrical Equipment: 7.94%

(15/02/13: 6.38%) 130,000 Hitachi 530,523 1.20 19,600 Horiba 425,569 0.95 29,000 Iriso Electronics 557,788 1.25 35,700 Macnica 563,380 1.26

11,000

Nidec

579,115

1.30

23,800 Omron 487,967 1.09 116,000 Sansha Electric 397,526 0.89

3,541,868 7.94 Industrial Engineering: 8.87% (15/02/13: 11.20%)

141,000 Ebara 479,511 1.07 91,000 Isuzu Motors 396,362 0.90 20,000 JGC 452,566 1.01 46,000 Kubota 443,436 0.99

27,400 MISUMI 453,722 1.02 140,000 Nachi-Fujikoshi 421,174 0.94 23,300 Obara 367,239 0.82 49,500 OSG 498,218 1.11 38,000 Yushin Precision Equipment 451,062 1.01

3,963,290 8.87 Industrial Transportation: Nil (15/02/13: 1.01%) Support Services: 5.61% (15/02/13: 1.63%)

687,100 Arealink 543,728 1.22 32,600 Infomart 507,423 1.14 22,600 Monotaro 396,557 0.89 107,800 Outsourcing 567,532 1.27 81,400 Toppan Forms 488,168 1.09

2,503,408 5.61 CONSUMER GOODS: 15.57% (15/02/13: 16.05%)

Automobiles & Parts: 6.56% (15/02/13: 11.26%)

22,000 Bridgestone 486,312 1.09 18,600 Denso 562,601 1.26 33,400 Musashi Seimitsu Industry 590,867 1.32 62,400 Sumitomo Electric Industries 557,865 1.25 17,800 Toyota Motor 734,557 1.64

2,932,202 6.56


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Food Producers: 0.96%

(15/02/13: Nil) 50,000 Ajinomoto 428,368 0.96

428,368 0.96 Household Goods & Home Construction: 2.09% (15/02/13: 1.99%)

31,900 ENDO Lighting 428,725 0.96 15,500 Sanrio 506,341 1.13

935,066 2.09

Leisure Goods: 2.30%

(15/02/13: 2.80%) 102,900 Panasonic 577,402 1.29 56,900 Yamaha 449,154 1.01

1,026,556 2.30 Personal Goods: 3.66% (15/02/13: Nil)

19,400 Pigeon 591,240 1.32 22,900 Pola Orbis 512,198 1.15 14,700 Unicharm 533,564 1.19

1,637,002 3.66 HEALTH CARE: 6.84% (15/02/13: 1.32%) Health Care Equipment & Services: 5.30% (15/02/13: Nil)

13,600 Asahi Intecc 522,989 1.17 37,400 DVX 451,278 1.00 278 Message 474,709 1.06

26,900 Olympus 500,859 1.12 11,600 Sysmex 426,354 0.95

2,376,189 5.30 Pharmaceuticals & Biotechnology: 1.54% (15/02/13: 1.32%)

16,800 JCR Pharmaceuticals 212,601 0.48 41,300 Toho 474,297 1.06

686,898 1.54 CONSUMER SERVICES: 19.95% (15/02/13: 10.68%)

Food & Drug Retailers: 1.21% (15/02/13: 1.54%)

20,300 Ain Pharmaciez 539,675 1.21 539,675 1.21


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General Retailers: 9.81%

(15/02/13: 9.14%) 24,100 Cookpad 398,762 0.89 131,600 Gulliver International 487,994 1.09 21,700 Kakaku.com 532,900 1.19 27,400 Komeri 450,138 1.01 8,700 Nitori 473,958 1.06

66,200 Rakuten 526,030 1.18 55,300 Sanix 527,663 1.18 22,100 Seven & I 523,211 1.17 34,400 Start Today 465,473 1.04

4,386,129 9.81

Media: 6.93%

(15/02/13: Nil) 24,800 Avex 440,836 0.99 25,500 F@N Communications 509,480 1.14 23,100 Kadokawa 597,495 1.34 368 M3 635,853 1.42

118,200 Macromill 458,404 1.03 111,000 Toei 452,985 1.01

3,095,053 6.93 Travel & Leisure: 2.00% (15/02/13: Nil)

121,000 JP 422,574 0.95 22,900 Resorttrust 468,766 1.05

891,340 2.00 TELECOMMUNICATIONS: 2.77% (15/02/13: 2.20%) Telecommunications: 2.77% (15/02/13: 2.20%)

15,051 Japan Communications 542,367 1.21 17,100 Softbank 697,841 1.56

1,240,208 2.77 REAL ESTATE: 3.66% (15/02/13: 4.75%) Real Estate: 3.66% (15/02/13: 4.75%)

34,800 Arnest One 422,864 0.95 90,600 Hulic 680,807 1.53 32,000 Mitsubishi Estate 525,918 1.18

1,629,589 3.66


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FINANCIALS: 7.83%

(15/02/13: 14.71%) Banks: 2.77% (15/02/13: 8.21%)

153,000 Bank of Yokohama 543,334 1.21 23,500 Sumitomo Mitsui Financial 697,750 1.56

1,241,084 2.77

Financial Services: 2.55%

(15/02/13: 3.20%) 13,600 Nihon M&A Center 570,129 1.28 119,700 Nomura 567,555 1.27

1,137,684 2.55 Insurance: 2.51% (15/02/13: 3.30%)

57,700 Anicom 480,752 1.08 31,100 Tokio Marine 639,671 1.43

1,120,423 2.51 TECHNOLOGY: 10.96% (15/02/13: 4.99%) Software & Computer Services: 5.49% (15/02/13: 3.57%)

29,700 Digital Hearts 421,689 0.94 22,000 Internet Initiative 434,516 0.97 204 NTT Data 462,952 1.04 7,600 Otsuka 599,428 1.34

36,900 SCSK 534,535 1.20 2,453,120 5.49 Technology Hardware & Equipment: 5.47% (15/02/13: 1.42%)

1,302 Artiza Networks 245,233 0.55 55,900 Megachips 545,086 1.22 55 Nuflare Technology 409,337 0.92

39,200 Sato 435,567 0.97 161,600 UT 475,587 1.06 60,182 Wacom 334,944 0.75

2,445,754 5.47 UTILITIES: 0.93% (15/02/13: 1.14%) Gas Utilities: 0.93% (15/02/13: 1.14%)

117,000 Tokyo Gas 416,256 0.93 416,256 0.93


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Investments as shown in the balance sheet 44,606,031 99.82 Net current assets 78,585 0.18

Total net assets 44,684,616 100.00 SUMMARY OF FUND ASSETS The following type of securities were held by the Fund at the period end: Total net assets (%)Listed - eligible markets 99.82 - ineligible markets 1 -Unquoted 2 -Suspended 3 -Net current assets 0.18

Total net assets 100.00

1,2,3 Not approved securities within the meaning of the Collective Investment Schemes Sourcebook. The regulations permit a maximum of 10% of the Fund to be invested in unapproved securities. Securities classed as unapproved are those which are not admitted to an official listing in a member state or traded on under the rules of an eligible securities market, as laid down in the Prospectus.


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Statement of Total Return For the period ended 15 August 2013 2012 £ £ £ £Income

Net capital gains/ (losses) on investments during the period 9,735,370 (2,260,859)Revenue 322,854 385,832

Expenses (349,471) (258,463) Finance costs: interest (691) (92) Net (expense)/revenue before taxation (27,308) 127,277 Taxation (23,238) (25,393) Net (expense)/revenue after taxation (50,546) 101,884 Total return for the period 9,684,824 (2,158,975)Change in net assets attributable to unitholders’ funds from investment activities 9,684,824 (2,158,975)

Statement of Change in Net Assets Attributable to Unitholders For the period ended 15 August 2013 2012 £ £ £ £ Net assets at start of the period 33,676,122 37,886,923 In-specie following merger of Japan Smaller into the Japan Fund 23,426,382 -Movement due to sales and repurchases of units:

- Cash or value received on creation of units 8,440,605 1,583,201

- Cash or value given on cancellation of units (30,543,317) (4,751,275)

Total movement (22,102,712) (3,168,074)

Stamp duty reserve tax - (416)Change in net assets attributable to unitholders’ funds from investment activities 9,684,824 (2,158,975)

Net assets at period end 44,684,616 32,559,458


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Balance Sheet As at

15 August 2013

15 February 2013

£ £ £ £

ASSETS

Investment assets 44,606,031 33,341,078Debtors 205,605 77,268

Cash and bank balances 137,087 521,461 Total current assets 342,692 598,729Total assets 44,948,723 33,939,807

LIABILITIES

Creditors 264,107 245,799Distribution payable on income units - 17,886Total current liabilities 264,107 263,685Net assets attributable to unitholders

44,684,616 33,676,122


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Notes to the Accounts 1 Accounting policies

a) The financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the IMA in October 2010, and in accordance with UK GAAP. b) The accounting policies applied are consistent with those of the annual financial statements for the year ended 15 February 2013 and are described in those annual financial statements.


DIRECTORS' APPROVALIn accordance with the requirements of the COLL, the contents of this report have beenapproved on behalf of AXA Investment Managers UK Limited by:

NJark Beve edgeDirector26 September 2013

~~~,~,1~

~ ~,

Jim StrideDirector26 September 2013

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Directory Authorised Fund Manager and Investment Manager AXA Investment Managers UK Limited 7 Newgate Street London EC1A 7NX Authorised and regulated by the Financial Conduct Authority (formerly the Financial Services Authority) Registered in England and Wales No. 01431068. The company is a wholly owned subsidiary of AXA S.A., incorporated in France. Member of the Investment Management Association. Trustee National Westminster Bank plc Trustee and Depositary Services Younger Building 1st Floor 3 Redheughs Avenue Edinburgh EH12 9RH Authorised and regulated by the Financial Conduct Authority (formerly the Financial Services Authority) Registrar AXA Investment Managers UK Limited Unit Trust Registrars 7 Newgate Street London EC1A 7NX Authorised and regulated by the Financial Conduct Authority (formerly the Financial Services Authority) Dealing and Correspondence PO Box 10908 Chelmsford CM99 2UT Telephone Dealing & Enquiries 0845 777 5511 IFA Dealing & Enquiries 0845 766 0184 If you are calling from outside the UK, please call +44 1268 448667 Our lines are open Monday to Friday between 9am and 5:30pm Fund Accounting Administrator State Street Bank & Trust Company 20 Churchill Place London E14 5HJ Authorised and regulated by the Financial Conduct Authority (formerly the Financial Services Authority) Independent Auditor Ernst & Young LLP Ten George Street Edinburgh EH2 2DZ

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