This document provides an overview of an investment committee and their investment process. It describes their use of sophisticated software and research to construct portfolios tailored to client risk profiles. Key aspects of their process include client risk profiling, strategic and tactical asset allocation, fund selection, and ongoing portfolio monitoring and reviews. Their goal is to provide a structured, disciplined process with transparent fees and competitive performance.

1. By Gordon Kearney

5. THE FIDUCIA CLIENT & INVESTMENT PROCESS

7. DRIVERS OF STRATEGIC ASSET ALLOCATION 09/23/11 Strategic Asset Allocation Asset Class Mean Reversion Climate Change Demographic Trends Capital Flows/ Globalisation Impact of Chindia Inflation Interest Rates Productivity Trends Growth Inflation Trade Off

10. ASSET ALLOCATION 09/23/11 Optimisation Client Allocation Preferences

11. FUND SELECTION 09/23/11

12. AN EXAMPLE OF QUANTATIVE RESEARCH FOR A PARTICULAR SECTOR Here the leading funds within the UK Equity Income sector are compared. Investment growth over a number of periods are considered along with the funds standard deviation and yield. 09/23/11

13. EXAMPLE OF THE LEVEL OF RESEARCH AND MONITORING UNDERTAKEN ON A DAILY BASIS This is one of the Lipper Hindsight screens that the investment team use on a daily basis to monitor the portfolios and their underlying holdings 09/23/11

14. CONSTANT REGIONAL MONITORING 09/23/11

15. CONSTANT SECTOR MONITORING Sophisticated in-house developed spreadsheets allow the investment team to monitor asset classes and geographical sectors to highlight sources of positive and negative returns 09/23/11

16. CONSTANT FUND/ASSET CLASS MONITORING 09/23/11

21. ADDITIONAL INFORMATION 09/23/11 Source: Lipper. Performance shown is Total Return (GBP) with income re-invested net of tax, net of annual charges and excluding initial charges. The impact of any initial charge can be material on the performance of the investments. Past performance is no guarantee of future returns, the value of the portfolios and income from them is not guaranteed and may fall as well as rise and investors may not get back the amount invested. The price of shares and units and the income therefrom can fluctuate and may be affected by exchange rate variations. The performance of the Fiducia Portfolios illustrated is based on current and back tested historical holdings. The holdings in the Fiducia portfolios will change from time to time and any changes may not be made immediately to clients ’ portfolios. Due to the inconsistent nature of total switching costs, these are excluded from portfolio performance. In the unlikely event that historic prices cannot be obtained for closed funds the relevant IMA sector benchmark will be used as a proxy. Performance is based on holding the underlying investments direct with each investment company. Investments will, however, be held via a wrap Platform. The wrap platform negotiate discounts with each investment company but charge an annual fee for their service. Depending on the size of discounts negotiated and total amounts invested the actual performance of clients ’ portfolios may therefore differ from that shown. While all reasonable efforts have been made to ensure that data is accurate and up to date, no representations or warranties are given as to the reliability, accuracy or completeness of data.