SP_SISFPS_APR16_V5

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2017 1 1 Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Alastair Woodward Cord Rodewald 2016 12 14 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

A 4% 2017 1 A1 4% 2017 1 A1 4% 2017 1 A1 4% 2017 1 A 4% 2017 1 A 3% 2017 1 A 3% 2017 1 3 A1 3% 2017 1 3 A 5% 2017 1 A1 5% 2017 1 A 5% 2017 1

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 A III 5% A (i) 5% A (ii) 10% A A RQFII QFII A (i) 5% A (ii) 10% A B III A RQFII QFII www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

A (i) 10% A (ii) 5% A (iii) 30% A B Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Alastair Woodward Cord Rodewald 2016 12 9 2

A 2014 11 17 180 380 H A A 2016 12 5 60 A H 3

A A http://www.hkex.com/hk/eng/market/sec_tradinfra/chinaconnect/chinaconnect.htm A A A A 4

A A A A A A A 5

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5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2017 1 9 2016 10 31 50 B H 10% A Schroder Investment Management (Luxembourg) S.A. www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

+852 2869 6968 Cord Rodewald Alastair Woodward 2016 12 9

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2017 1 9 Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Cord Rodewald Alastair Woodward 2016 12 9 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2017 1 9 2016 10 31 Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Cord Rodewald Alastair Woodward 2016 12 9 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2016 12 1 Schroder International Selection Fund Asia Pacific Cities Real Estate B H 10% A B H 10% A www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

Page 2 of 2 Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Cord Rodewald Nathalie Wolff 2016 10 31

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2016 12 1 Schroder International Selection Fund European Value Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Cord Rodewald Nathalie Wolff 2016 10 31 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2016 12 1 Schroder International Selection Fund Global Cities Real Estate Schroder Investment Management (Luxembourg) S.A. www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

Page 2 of 2 +852 2869 6968 Cord Rodewald Nathalie Wolff 2016 10 31

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2016 12 1 Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Cord Rodewald Nathalie Wolff 2016 10 31 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 2016 10 1 A A1 2016 10 1 2016 10 1 ISIN LU0136043394 0.50% 0.20% LU0135992385 0.50% 0.20% 0.10% Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Noel Fessey Nathalie Wolff 2016 9 20 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg : (+352) 341 342 202 : (+352) 341 342 342 - VaR HSBC Asian Local Bond Index iboxx iboxx Asian Local Currency Bond Index 2016 4 1 Markit Markit iboxx 2016 4 1 iboxx - - Schroder Investment Management (Luxembourg) S.A. +852 2869 6968 Noel Fessey Nathalie Wolff 2016 5 19 www.schroders.com R.C.S. Luxembourg - B. 8202 For your security, telephone conversations may be recorded

1/22 2016 3 104

2/22 Asia Pacific ex-japan Equity Asian Convertible Bond Emerging Market Bond Emerging Market Corporate Bond Emerging Market Local Currency Bond EURO Credit Absolute Return EURO Credit Conviction EURO High Yield European Alpha Absolute Return European Equity (Ex UK) European Equity Absolute Return European Equity Focus European Equity Yield European Opportunities European Special Situations European Total Return Global Conservative Global Conservative Convertible Bond Global Convertible Bond Global Diversified Growth Global Dynamic Balanced Global Emerging Markets Smaller Companies Global High Income Bond Global Multi-Asset Allocation Global Multi Credit Global Recovery Global Tactical Asset Allocation Global Unconstrained Bond Indian Bond Indian Opportunities Italian Equity Japan DGF Multi-Manager Diversity QEP Global Absolute QEP Global Blend QEP Global Core QEP Global Emerging Markets QEP Global ESG QEP Global Value Plus QEP Global Yield RMB Fixed Income Strategic Beta 10 Strategic Credit Swiss Equity Swiss Equity Opportunities Swiss Small & Mid Cap Equity UK Opportunities Wealth Preservation

3/22 88 33 AA1D AD A1D A1D 5 5

4/22 V 1 5 5 3 3 30 (www.schroders.com.hk)

5/22 10.9 10.13 2014 12 31 2014 12 31 10 2015 12 31 10 2015 12 31 8 10 2014 1 12016 12 31 10 2016 12 31 10 2017 1 1 15% = xx15% = 5 6 9 2 9 1 15 13 10 9 2500,0009 2(15-13) x 500,000 x 15% = 150,000 9 3 9 2 14 13 9 2 1 x 500,000 x 15% = 75,000(150,000 75,000) = 75,000 9 2 13 9 2 150,000

6/22 II

7/22 REITs REITs REITs REITs REITs REITsREITs REITs REITs REITs REITs REITs REITs

8/22 ETFs ETF ETF ETF ETF ETF ETF ETF ETF ETF ETF ETF (a) (b) (c) (d) (e) (f) (g) 100% 1978 ABH ABH AB A B

9/22 A A A A A

10/22 A A A A A A AA A (a) (b) A

11/22 A 824 824 A RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII

12/22 RQFII RQFII 2010FATCA FATCA 2010 3 18 FATCA FATCA 30% FATCA FATCA FATCA FATCA FATCA FATCA FATCA FATCA III III 5%A

13/22 RQFII QFII A 10% AB III A RQFII QFIIA 30% AB III III III 10% 10% 20% 10% 10% 10%20%

14/22 10% 30% 10% 20% 10% 20% (US Treasury Inflation Protected Securities) TIPSTIPS TIPS RQFII RQFII 30% (a) (b) (c) 10% 5%

15/22 RQFII RQFII BBB- BB+ 30% I RQFII QFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFIIRQFII RQFII RQFII (a) (b) (c) (d) RQFII (i) (ii) RQFII RQFII (i) (ii) RQFII RQFII (e) RQFII RQFII

16/22 (f) (i) (ii) (i) (ii) (iii) RQFII RQFII RQFII IIRQFIIRQFII III RQFII RQFII (i) VaR * 0% 200% 0% 200% 0% 200% 0% 150% 0% 100% 0% 100% 100% 300% 0% 150% 0% 200% 0% 100% 0% 150% 200% 500% 0% 250% (ii) * UCITS 100% *

17/22 A 180 380 H A 3,000 130 A A A A10% A30%

18/22 A A A A http://www.hkex.com.hk/chinaconnect Schroder Investment Management Limited Schroder Investment Management North America Inc. Schroder Investment Management (Japan) Limited Schroder Investment Management (Singapore) Ltd

19/22 (i) (ii) 12 (www.schroders.com.hk) (www.schroders.com.hk) (www.schroders.com.hk) 2010FATCA 3.4 2010FATCA I FATCA

20/22 SIRF UCITS III VaR GDCGDC GDC GDC SIRF (http://www.schroders.lu) (www.schroders.com.hk) (http://www.schroders.lu) 88 33schroders@schroders.com.hk+852 2869 6968 2016 4

21/22 I (i) (ii) (iii) 2014 12 93.8% www.chinabond.com.cn www. sse.com.cn www.szse.com.cn RQFII T+0 T+1 2014 122.9% www.chinabond.com.cn www.sse. com.cn www.szse.com.cn (QFII) RQFII T+1 QFII RQFII AA

22/22

2016 3 Schroder Investment Management (Luxembourg) S.A. www.schroders.lu

5 Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof 1736 Senningerberg Grand Duchy of Luxembourg Tel: (+352) 341 342 202 Fax: (+352) 341 342 342 (i) (ii)

7............................................................. 9........................................................... 12......................................................... 13 1............................................ 15 1.1.............................................. 15 1.2.................................... 15 2.......................................... 16 2.1........................................ 16 2.2.................................. 19 2.3.............. 22 2.4...................................... 22 2.5........................................ 24 2.6............................ 25 3.......................................... 27 3.1.......................... 27 3.2........................................ 31 3.3.............................................. 32 3.4.............................................. 33 3.5........................................ 37 3.6...................................... 37 3.7.......................................... 38 3.8.......................................... 39 I............................................. 41 1......................... 41 2..................................... 46 3....................................... 46 4..... 48 5....................................... 48 6....................................... 50 7............................................... 50 II............................................. 51 1........................................... 51 2....................................... 51 3........................................... 51 4............................... 51 5......................... 51 6................................. 51 7........................................... 51 8........................................... 52 9......................................... 52 10..................................... 52 11................................. 52 12....................................... 52 13............................. 52 14......................... 53 15................................. 53 16................................. 53 17................................. 53

8 18......................... 54 19......................................... 54 20..................... 55 21........................................... 56 22..................................... 56 23................................. 56 24............. 56 25................... 56 26................... 57 27................................... 57 28. 1933 144A 57 29....................... 58 30................... 59 31..................................... 59 32....................................... 59 33........................................... 59 34............................................. 59 35........................................... 59 36........................................... 59 37........................................... 60 38............................................... 60 39..................................... 60 40................................... 61 41........................................... 61 42........................... 61 43........................... 61 44. -RQFII RQFII............. 62 45....................... 62 46........................... 62 47....................... 63 III............................................. 64............................................. 67 1....................................... 67 2....................................... 68 3....... 71 4..................................... 71 IV............................................. 138

9 CHF A B H CSSF CSSF 14/592 EEA III J.P. Morgan Bank Luxembourg S.A. Commission de Surveillance du Secteur Financier (ESMA) UCITS CSSF 14/592 III I 1.A OECD

10 EMU REIT (ETFs) ETFs (i) ETFs UCITS UCIs (ii) ETFs 2008 2 89CSSF 14/592 IUCITS UCI UCITS 10%I 1.A (9) 2010 12 17 Schroder Investment Management (Luxembourg) S.A. 2.4 REITs REIT (i) UCITS UCIs (ii) REITs REIT UCITS 2004/39/EC2004 4 21 CSSF

11 UCITS UCI UCITS IV HMRC UCITS IV 1(2)a) b) 2(2) 2009/65/EC 2009 7 13 UCITS

12 Massimo TOSATO Schroders PLC 31 Gresham Street London EC2V 7QA United Kingdom Mike CHAMPION Schroder Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom Marie-Jeanne CHEVREMONT-LORENZINI 19 rue de Bitbourg 1273 Luxembourg Duchy of Luxembourg Jacques ELVINGER Elvinger Hoss Prussen 2, place Winston Churchill 1340 Luxembourg Grand Duchy of Luxembourg Daniel DE FERNANDO GARCIA Serrano 1, 28001 Madrid Spain Achim KUESSNER Schroder Investment Management GmbH Taunustor 1, 60310 Frankfurt Germany Ketil PETERSEN Schroders Denmark Filia af Schroder Investment Management (Luxembourg) S.A. Store Strandstraede 21 1255 Copenhagen K Denmark Carlo TRABATTONI GFIG Schroder Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom

13 5, rue Höhenhof 1736 Senningerberg Grand Duchy of Luxembourg Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof 1736 Senningerberg Grand Duchy of Luxembourg Schroder Investment Management (Switzerland) AG Central 2 8021 Zürich Switzerland Schroder Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom Schroder Investment Management Australia Limited Level 20 Angel Place 123 Pitt Street Sydney NSW 2000 Australia Schroder Investment Management North America Inc. 875 Third Avenue 22nd Floor New York New York 10022-6225 United States of America 88 33 Schroder Investment Management (Japan) Limited 21st Floor Marunouchi Trust Tower Main 1-8-3 Marunouchi Chiyoda-Ku Tokyo 100-0005 Japan Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6 route de Trèves 2633 Senningerberg Grand Duchy of Luxembourg PricewaterhouseCoopers Société coopérative 2, rue Gerhard Mercator 2182 Luxembourg Grand Duchy of Luxembourg

14 Elvinger Hoss Prussen 2, place Winston Churchill 1340 Luxembourg Grand Duchy of Luxembourg Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof 1736 Senningerberg Grand Duchy of Luxembourg

15 1. 1.1. Société d Investissement à Capital VariableSICAV 1.2. III I II

16 2. 2.1. 1 III 1 1 III 1 1 III 5

17 Schroder Investment Management (Luxembourg) S.A. www.schroders.lu 100 2.4

18 2004 11 12 2009 2009 6 (SI 2009/3001) UCITS IV III 3 1940 1933 1933 S 902 1986 FATCA S 902 (i) (ii) (a) (b) (iii) (a) (b)

19 (a) (b) 1933 1933 501(a) (i) (ii) (iii) (iv) (v) (a) (b) 1996 8 20 (i) (ii) (iii) 45-106 31-103 2.2. 1 III 1 1 III 1 1

20 III III 30 10,000,000 1 1 1 III 1 1

21 (A) (B) (C) (D) 1%

22 III 2.3. 2.4. (A) 2016 5 2 (B) (C) (1)

23 (2) (3) (4) (I) (II) (a) (b) (5) UCIs (6) (7) (8) III (D) 2%

24 2% 2.5. (A) 10%10% (B) 30 (C) (1)

25 (2) (3) (4) (5) (6) (7) (8) (D) (E) 2.6.

26 17

27 3. 3.1. Jacques Elvinger Jacques Elvinger Elvinger Hoss Prussen Schroder Investment Management (Luxembourg) S.A. II J.P. Morgan Bank (Luxembourg) S.A. 0.3% Schroder Investment Management (Luxembourg) S.A. 1991 8 23 12,867,092.98 Schroder Investment Management (Luxembourg) S.A. 15 UCIs Schroder GAIA Schroder Special Situations Fund Markus Ruetimann Schroder Investment Management Limited Noel Fessey Schroder Investment Management (Luxembourg) S.A. Nathalie Wolff Schroder Investment Management (Luxembourg) S.A. Cord Rodewald Schroder Investment Management (Luxembourg) S.A.

28 Finbarr Browne, Schroder Investment Management (Luxembourg) S.A. Paul Duncombe Schroder Investment Management Limited John Troiano Schroder Investment Management Limited European Small & Mid-Cap Value III

29 III III J.P. Morgan Bank Luxembourg S.A. J.P. Morgan Bank Luxembourg S.A. 1973 5 16 European Bank & Business Centre, 6 route de Tréves, 2633 Senningerberg, Grand Duchy of Luxembourg2014 12 311,109,510,148 J.P. Morgan Bank Luxembourg S.A. 0.005% 0.3% 150

30 0.015% Arendt Services S.A. Arendt Services S.A. 2009 4 1 19 rue de Bitbourg, 1273 Luxembourg, Grand Duchy of Luxembourg Arendt Services S.A. 1993 4 5 2014 7 28 Arendt Services S.A. 2016 2 18 Arendt Services S.A. Caisse de Consignation Caisse de Consignation

31 3.2. (A) Société Anonyme SICAV 1968 12 5 1968 12 16Mémorial 2011 10 11 Registre de Commerce et des Sociétés B-8202 (B) 1,250,000 (C) (1) Schroder Investment Management (Luxembourg) S.A. Schroder Investment Management (Luxembourg) S.A. (2) J.P. Morgan Bank Luxembourg S.A. www.schroders.lu www.schroders.lu Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg

32 3.3. www.schroders.lu 50

33 3.4. A) taxe d abonnement 0.05% 174 0.01% 0.01% (i) UCI (ii) UCI (iii) UCIs (iv)ucitsii UCIs B)

34 2003 6 3 2003/48/EC 2005 6 21 2005 2014 11 25 2016 3 20 2015 15% 25% 2005 2005 2015 11 102016 1 1 2015 2010 FATCA2016 OECD CRS FATCA 2010 3 18 (Hiring Incentive to Restore Employment Act) FATCA FATCA 30% CRS 2014 12 9 2014/107/EU 2016 1 1 CRS CRS CRS FATCA CRS FATCA CRS CRS FATCA

35 CRS CRS FATCA A) B) 2010 8 2009/3001 R HMRC www.hmrc.gov.uk/cisc/offshore-funds.htm 3.3 http://www.schroders.com/en/lu/professional-investor/fundcentre/investing-with-us/income-tables/ HMRC

36 2009 6 3 60% R R 0.5% 5 60% 10% 20% 40% 45% 60% 10% 32.5% 37.5% (www.schroders.com/equalisation)

37 3.5. 11 8 Mémorial 12 31 www.schroders.lu 3.6. (A) (B) (C) FATCA

38 50,000,000 UCITS Caisse de Consignation 3.5 www.schroders.lu 3.7.

39 3.8.

I 41 1(D) 1. (A) (1) (2) (3) (4) (I) (II) (5) UCITS UCI (I) UCIs UCIs CSSF (II) UCIs UCITS UCITS IV (III) UCIs (IV) UCITS UCIs 10%UCITS UCIs (6) 12 CSSF

42 (7) (I) 1(A) (II) OTC CSSF (III) OTC OTC OTC (8) (I) (II) (III) (IV) CSSF 1 2 3 10,000,000 78/660/EEC (9) 10% A(1) A(4) A(8) (10) (i) UCITS UCITS UCITS UCITS (ii) UCITS(iii) UCITS UCITS UCITS 85% UCITS UCITS15% B

43 3 UCITS (b) UCITS UCITS UCITS UCITS UCITS UCITS UCITS (B) (C) (1) 10% 20% 1(A)(6) OTC 10% 5% (2) 5% 40% OTC (C)(1) 20% OTC (3) (C)(1)10%35% (4) (C)(1) 10% 25% 5% 80%

44 (5) (C)(3) (C)(4) (C)(2) 40% (C)(1) (C)(2) (C)(3) (C)(4) (C)(1) (C)(2) (C)(3) (C)(4) 35% 83/349/EEC C 20% (6) (D) CSSF (C) 20% 35%35% (7) 100% 30% 6 (C) (D) (1) (2) (a) 10% (b) 10% (c) 10% (d) UCI 25% (b) (c) (d)

45 (D)(1) (2) (i) (ii) (iii) (iv) 434648 (1) (2) (E) 10% UCITS UCIs Asian Diversified Growth Global Diversified Growth Japan DGF Strategic Beta 10 Wealth PreservationUCITS III UCITS (1) 10% UCITS UCIs 20% UCITS UCI UCIs UCITS30% (2) UCITS UCIs 10% UCITS UCIs UCITS UCIs UCITS UCIs (3) UCITS UCIs 1(C) (F) 1915 8 10 (1) (2) 10% (3) (4)

46 (5) 2. (A) (B) (C) 1(A)(5) (7) (8) (D) 10% (E) (D) 10% (F) (G) 3. 1(A)(7) 200% 10% 2(D) 210% 1(A)(7) 1(C)(5) 1(C)(1) (7) 1(C)(1) (7) 1(C)

47 III III (VaR) VaR VaR 99% 250 VaR VaR VaR VaR 99% 20% VaR VaR VaR VaR VaR VaR VaR VaR III

48 4. CSSF14/592 CSSF 5 CSSF 7 5. 1(C) (A) 1(D)

49 (B) (C) (D) (E) 20% 20% 30% (F) (G) (H) (I) 1(A)(6) ESMA

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II 51 1. 2. 3. 4. 5. 6. 2.5 7.

52 8. 9. 10. 11. 12. 13.

53 14. 15. 16. 17.

54 18. EMIR 648/2012 2012 8 16 EMIR EMIR CCP EMIR EMIR - 19. 10% 5%

55 20. EMIR CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP CCP

56 21. 22. 23. 24. 25.

57 26. 27. 28. 1933 144A 144A 1933 144A 144A

58 29. A B 10% 2014 11 2014 11 17 2008 1 1 2014 11 17 A B 2014 11 17 2014 11 17 A 10%

59 30. I 5 31. 32. 33. 34. 35. 36.

60 37. 38. 39. 3.4

61 40., 41. 42. 2005 CNHCNY HKMA CNH CNY 2005 CNH CNY (CNH) HKMA CNH CNH(CNY) 43.

62 44. RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFII RQFIIRQFII RQFII RQFII RQFII RQFII RQFII RQFII 45. 46. 1997 OTC 90% (CNY)

63 47. A A QFII RQFII A A A A

64 III (*) (A) 397 (B) II (ADRs) (GDRs) (C) (D) VaR (i) (ii) (i) (ii)

65 (E) (i) (ii) (iii) (iv) 2008 2 8 Grand Ducal Regulation UCITS UCIs (v) 2008 2 8 Grand Ducal Regulation 9 CSSF 14/592 (vi) (i) - (v) (F) I 1.A(9) 10% (G) II

66 (H) (i) (ii) (iii) 2008 2 8 Grand Ducal Regulation UCITS UCIs (i) (ii) (iii) (iv) 2008 2 8 Grand Ducal Regulation UCITS UCIs (v) 2008 2 8 Grand Ducal Regulation 9 CSSF 14/592 (vi) (i) - (v) (i) (ii) (iii) 2008 2 8 Grand Ducal Regulation UCITS UCIs (iv) 2008 2 8Grand Ducal Regulation 9CSSF 14/592 I 1.A(9) 10% I 3.

67 A AX A1 B C D E F I IZ J R S X X1 X2 X3 Y Z 1. A B A B AX A1 AX A1 AX A1 AX A1 C C C D D D D D D E E E 50,000,000 50,000,000

68 50,000,000 50,000,000 E E IZ IZ 174 CSSF IZ IZ IZ IZ Z Z (i) (ii) Z 2. F F CPF CPF CPF CPF F F F 3%3.09278%F 1.5% I (A) (B) 174 CSSF

69 I I I I I I I J J 174 CSSF 1951198 J J J J J J J R R 3.4 R R R R R R R 1.5% S S S S

70 S S S S S S S S S 1.5% S X X1 X2 X3 X X1 X2 X3 174 CSSF X X1 X2 X3 X X1 X2 X3 X X1 X2 X3 X X1 X2 X3 X X1 X2 X3 1% 1.3% 1.4% 1.5% Y Y Y Y Y Y Y 1% Y

71 3. A 1,000 1,000 1,000 1,000 1,000 1,000 X 1,000 1,000 1,000 1,000 1,000 1,000 A1 1,000 1,000 1,000 1,000 1,000 1,000 B 1,000 1,000 1,000 1,000 1,000 1,000 C 500,000 500,000 250,000 250,000 500,000 500,000 D 1,000 1,000 1,000 1,000 1,000 1,000 E 500,000 500,000 250,000 250,000 500,000 500,000 F 1,000 1,000 1,000 1,000 1,000 1,000 I 5,000,000 5,000,000 2,500,000 2,500,000 5,000,000 5,000,000 IZ 100,000,000 100,000,000 20,000,000 20,000,000 100,000,000 100,000,000 J 5,000,000 2,500,000 5,000,000 R S X 25,000,000 12,500,000 25,000,000 X1 22,500,000 12,500,000 22,500,000 X2 20,000,000 12,500,000 20,000,000 X3 17,500,000 12,500,000 17,500,000 Y 1,000 1,000 1,000 1,000 1,000 1,000 Z 100,000,000 100,000,000 20,000,000 20,000,000 100,000,000 100,000,000 4.

73 B H 10% A 1 PEA Schroder Investment Management Limited 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.5% 1.50% B 0.6% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

74 III (G) 12 (VaR) 5 1 PEA Schroder Investment Management (Singapore) Ltd 1 250% RQFII RQFII RQFII RQFII II 2 3 A 3% 1.25% AX 3% 1.25% A1 2% 0.50% 1.25% B 0.50% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

75 B H 10% A 2016 6 1 B H 10% A II 1 PEA Schroder Investment Management Limited 1 1

76 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 0.75% D 1.00% 1.50% E 1% 0.375% IZ 0.75% Z 0.75% III 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

77 B H 10% A II 1 PEA Schroder Investment Management (Singapore) Ltd 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

78 III (G) (VaR) VaR RQFII RQFII II 1 PEA Schroder Investment Management (Singapore) Ltd 1 (HSBC Asian Local Bond Index) 150% 2 3 A 3% 1.00% AX 3% 1.00% A1 2% 0.50% 1.00% B 0.50% 1.00% C 1% 0.60% D 1.00% 1.00% E 1% 0.30% IZ 0.60% Z 0.60% RQFII RQFII 1 III 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

79 B H 10% A 1 PEA Schroder Investment Management (Singapore) Ltd 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 0.75% D 1.00% 1.50% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

80 B H 10% A 30% 1 PEA Schroder Investment Management (Singapore) Ltd 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

81 B H 10% A II II 1 PEA Schroder Investment Management (Singapore) Ltd 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

82 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

83 B H 10% A 1 PEA 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

84 BH 10% A 1 PEA 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

85 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

86 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

87 12 2 3 A 3% 1.50% AX 3% 1.50% A1 2% 0.50% 1.50% B 0.50% 1.50% C 1% 0.90% D 1.00% 1.50% E 1% 0.45% IZ 0.90% Z 0.90% 5 III 1 PEA Schroder Investment Management Limited 1 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

88-1 PEA Schroder Investment Management Limited 1 - - III 10% 50% 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.25% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

89 III (G) 1 PEA Schroder Investment Management Limited 1 (VaR) VaR Barclays Capital EURO Aggregate Index 200% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

90 20% 1 PEA Schroder Investment Management Limited 1 (VaR) VaR EMU Bank of America Merrill Lynch EMU Corporate Index 150% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.45% D 1.00% 0.75% E 1% 0.225% IZ 0.45% Z 0.45% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

91 EMU 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 0.75% D 1.00% 1.50% E 1% 0.375% IZ 0.75% Z 0.75% 1 PEA 2 Schroder Investment Management Limited 1 III 1 2 French Plan d Epargne en Actions (PEA)75% EEA 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

92 III (G) 1 PEA Schroder Investment Management Limited 1 (VaR) VaR Bank of America Merrill Lynch Euro Government Index 150% 2 3 A 3% 0.40% AX 3% 0.40% A1 2% 0.50% 0.40% B 0.50% 0.40% C 1% 0.20% D 1.00% 0.40% E 1% 0.10% IZ 0.20% Z 0.20% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

93 (i) (ii) II CESRESMA 10-049 2 3 A 0.50% AX 0.50% A1 0.10% 0.50% B 0.10% 0.50% C 0.20% D 1.00% 0.50% E 1% 0.10% IZ 0.20% Z 0.20% III 1 PEA Schroder Investment Management Limited 1 1 2 1% 1.0101% 3 A1 DB

94 III (G) 1 PEA Schroder Investment Management Limited 1 (VaR) VaR 1-3 Citigroup 1-3yr EURO Government Bond Index 1-3 150% 2 3 A 3% 0.50% AX 3% 0.50% A1 2% 0.50% 0.50% B 0.10% 0.50% C 1% 0.20% D 1.00% 0.50% E 1% 0.10% IZ 0.20% Z 0.20% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

95 2016 6 1 1 1 PEA 2 Schroder Investment Management Limited 1 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 2 French Plan d Epargne en Actions (PEA)75% EEA 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

96 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 PEA Schroder Investment Management Limited 1 2 15% 3.1 A AX A1 B C D E F IZ S X X1 X2 X3 Z 1 2 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

97 80% 1 PEA 2 Schroder Investment Management Limited 1 3 4 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 French Plan d Epargne en Actions (PEA) 75% EEA 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

98 30% 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

99 1 PEA Schroder Investment Management Limited 1 2 15% 3.1 A AX A1 B C D E F IZ S X X1 X2 X3 Z 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

100 III (G) 20% 1 PEA Schroder Investment Management Limited 1 (VaR) VaR Barclays Capital Global Aggregate Bond Index 400% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

101 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

102 20% 1 PEA Schroder Investment Management North America Inc. 1 (VaR) VaR Barclays Capital Global Aggregate Credit Component USD hedged Index 200% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.45% D 1.00% 0.75% E 1% 0.225% IZ 0.45% Z 0.45% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

103 (VaR) 300% 1 PEA Schroder Investment Management North America Inc. 1 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

104 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

105 II 2016 6 1 1 PEA Schroder Investment Management Limited 1 B H 10% A 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

106 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

107 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

108 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

109 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 PEA Schroder Investment Management Limited 1 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

110 2016 6 1 1 PEA Schroder Investment Management Limited 1 B H 10% A II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

111 III 40% 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 0.75% D 1.00% 1.50% E 1% 0.375% IZ 0.75% Z 0.75% III 1 PEA Schroder Investment Management Limited 1 * 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

112 70% 1 PEA Schroder Investment Management North America Inc. 1 (VaR) VaR CMBS EMG 2% Barclays Capital Global High Yield ex CMBS ex EMG 2% Cap Index 2% CMBS 100% 2 3 A 3% 1.00% AX 3% 1.00% A1 2% 0.50% 1.00% B 0.50% 1.00% C 1% 0.60% D 1.00% 1.00% E 1% 0.30% IZ 0.60% Z 0.60% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

113 III (G) 1 PEA Schroder Investment Management Limited 1 (VaR) VaR Bank of America Merrill Lynch Global Inflation-Linked Government EUR hedged Index 150% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

114 ETFs REITs 20% 10% III (G) 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.25% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

115 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

116 30% B H 10% A 1 PEA Schroder Investment Management Limited 1 2 15% 3.1 A AX A1 B C D E F IZ S X X1 X2 X3 Z II 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

117 B H 10% A 1 PEA 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

118 RQFII RQFII RQFII RQFII II 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 PEA 1 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

119 BH 10% A 1 PEA 1 II 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

120 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management (Singapore) Ltd 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

121 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% 1 PEA Schroder Investment Management (Japan) Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

122 3 4 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 PEA Schroder Investment Management (Japan) Limited 1 2 15% 3.1 A AX A1 B C D E F IZ S X X1 X2 X3 Z 1 2 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

123 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 PEA Schroder Investment Management (Japan) Limited 1 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

124 30% 1 PEA Schroder Investment Management (Japan) Limited 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

125 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management (Singapore) Ltd 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

126 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA Schroder Investment Management Limited 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

127 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

128 (QEP) 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 1.00% D 1.00% 1.25% E 1% 0.50% IZ 1% Z 1% III 1 PEA Schroder Investment Management Limited 1 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

129 (QEP) 1 PEA Schroder Investment Management Limited 1 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 1.00% D 1.00% 1.25% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

130 III (G) (VaR) 900% 1 PEA Schroder Investment Management Limited 1 2 3 A 3% 1.00% AX 3% 1.00% A1 2% 0.50% 1.00% B 0.50% 1.00% C 1% 0.60% D 1.00% 1.00% E 1% 0.30% IZ 0.60% Z 0.60% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

131 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% 1 PEA 1 III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

132 3 4 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% 1 PEA 2 Schroder Investment Management Limited 1 III 1 2 French Plan d Epargne en Actions (PEA)75% EEA 3 5% 5.26315% 4% 4.16667% 1% 1.0101% 4 A1 DB

133 III (G) 1 PEA Schroder Investment Management North America Inc. 1 (VaR) VaR Barclays Capital US Aggregate Bond Index MBSARMABS CMBS 200% 2 3 A 3% 0.75% AX 3% 0.75% A1 2% 0.50% 0.75% B 0.50% 0.75% C 1% 0.50% D 1.00% 0.75% E 1% 0.25% IZ 0.50% Z 0.50% III 1 2 3% 3.09278% 2% 2.04081% 1% 1.0101% 3 A1 DB

134 (i) (ii) II CESRESMA 10-049 2 3 A 0.20% AX 0.20% A1 0.20% B 0.20% C 0.20% D 1.00% 0.20% E 1% 0.10% IZ 0.20% Z 0.20% III 1 PEA Schroder Investment Management North America Inc. 1 1 2 1% 1.0101% 3 A1 DB

135 85% 1 PEA Schroder Investment Management North America Inc. 1 2 3 A 5% 1.25% AX 5% 1.25% A1 4% 0.50% 1.50% B 0.60% 1.25% C 1% 0.75% D 1.00% 1.25% E 1% 0.375% IZ 0.75% Z 0.75% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

136 40% 1 PEA Schroder Investment Management North America Inc. 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

137 30% 1 PEA Schroder Investment Management North America Inc. 1 2 3 A 5% 1.50% AX 5% 1.50% A1 4% 0.50% 1.50% B 0.60% 1.50% C 1% 1.00% D 1.00% 1.50% E 1% 0.50% IZ 1% Z 1% III 1 2 5% 5.26315% 4% 4.16667% 1% 1.0101% 3 A1 DB

138 IV (A) (B) (MSCI)MSCI MSCI MSCI MSCI MSCI MSCI MSCI