Managed Pension Fund. State Street Global Advisors UK-domiciled pooled fund range

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Managed

Pension Fund

State Street Global Advisors’

UK-domiciled pooled fund range

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If you have any queries about Managed Pension Fund (MPF) or other investment products from State Street Global Advisors, please contact your Relationship Manager or:

Investors – Transaction and Dealing Enquiries European Shareholder Services

T +44 (0)20 3395 6563 F +44 (0)20 7004 2952 european_shareholder_services @ssga.com

Clients – General Enquiries

Client Relationship Management T +44 (0)20 3395 6022 londoncrm@statestreet.com Consultants Consultant Relations T +44 (0)20 3395 6095 ConsultantRelationsLondon@ssga.com

Life Company Managed Pension Funds Limited

Investment Manager State Street Global Advisors Limited

Custodian _{State Street Bank and Trust} Domicile United Kingdom

Currency GBP

Fund Structure Nominal pooled fund structure

In-Specie Transfer Capabilities Yes (please contact SSGA)

Holdings Type Uncertificated Life Policy

Auditors Ernst & Young LLP

Accounting Dates Annual on 31 December

Investment Styles Passive, Active, Enhanced, Currency Hedged

Type of Unit Accumulation

Pricing Basis Mid/Bid/Offer, except As Of Priced Funds which use Single Swinging Pricing

Dealing Frequency Daily

Notification Deadline One day before dealing date, by 10am

Valuation Point Relevant market close

Settlement Timeframes Contributions and Redemptions: Dealing day +3

Registered Office 20 Churchill Place, Canary Wharf, London E14 5HJ +44 (0)20 3395 6000

This document highlights some key features of Managed Pension Funds Limited. Investors should review the Contract of Linked Long-Term Insurance, Fee and Instruction Letter, Strategy Disclosure Document and Embedded Charges information available on ssga.com. Investors should consult with their legal, tax and financial advisors before investing. Unless otherwise stated, this document is accurate as at 31 July 2014, but is subject to change.

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GLOBAL REACH +

LOCAL MARKET EXPERTISE

State Street Global Advisors is a leading provider of investment management services with over £1.45 trillion in assets under management. We have 29 offices and 10 investment centres across five continents.

DEDICATED INVESTMENT

PROFESSIONALS

Over 30 years, we’ve built experienced teams in index and active equity, fixed income, currency management, cash management, multi-asset class solutions, liability-driven investing and alternative investments.

CLIENT-FOCUSED APPROACH

In the UK we work with a diverse client base including defined benefit and defined contribution pension schemes, public funds, third-party distributors and charities to meet a variety of investment objectives.

DIVERSE INVESTMENT

CAPABILITIES

Our investment services cover a wide range of asset classes, investment approaches and styles, implemented through both pooled and segregated structures. We also partner with clients and their consultants to provide customised investment solutions.

State Street Global Advisors is a leading

provider of investment management services

and one of the world’s largest institutional asset

managers with over £1.45 trillion in assets under

management.

1

_{We have investment centres in}

London, Boston, Dublin, Hong Kong, Montréal,

Paris, Singapore, Sydney, Tokyo and Toronto,

and offices in 29 cities worldwide.

1

_{We have been}

operating in London since 1990 and now rank as

one of the major investment managers in the UK.

2

State Street Global Advisors Limited is a wholly

owned subsidiary of State Street Global Advisors

International Holdings Inc., which is ultimately

owned by State Street Corporation. State Street

Corporation is listed on the New York Stock

Exchange (NYSE: STT).

You can learn more about us and our range of

investment offerings and research at ssga.com

and ssgainsight.com.

Pension Fund Clients1

196 £37.1BN

MPF Assets Under Management1

AT A GLANCE

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Managed Pension Funds Limited (MPF) is State Street Global Advisors’ flagship UK-domiciled pooled fund vehicle for pension fund investors — including both defined benefit and defined contribution schemes. MPF is generally available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004.3_{In the case of non-UK}

pension schemes, MPF is available to those schemes which satisfy the applicable requirements set out in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006. The vehicle offers a suite of pooled funds across the major asset classes and provides investors with cost-effective access to a broad range of investment strategies.

As of 30 June 2014, MPF had £37.1 billion under

management for 196 pension fund clients.4

MPF is a limited liability insurance company of which State Street Corporation is the sole shareholder. Investors in MPF become policyholders of Managed Pension Funds Limited, which assigns investment management, marketing and client relationship functions to State Street Global Advisors Limited. Custody and fund pricing services are provided to MPF by State Street Bank and Trust, while securities lending services are provided to MPF by State Street Bank GmbH.

MPF has five Board members (including two independent Non-Executive Directors), an Actuarial Function Holder and a Compliance Officer.

MPF is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA. It is subject to periodic reviews and is required to maintain a high quality governance framework in adherence to PRA and FCA requirements.

Investment Strategies in MPF

MPF is designed to provide defined benefit and defined contribution schemes and fund platforms with cost-effective access to a broad range of investment strategies, many of which capitalise on our strengths in index investment management.

MPF offers funds across a range of asset classes and investment styles, including index equity and fixed income, cash, enhanced equity, active equity, currency-hedged index equity, fund of funds and

diversified growth. Specialist default solutions for defined contribution plans are also available, including our suite of Timewise Target Retirement Funds.™ We can provide flexible asset allocation across the sub-funds to help clients build diversified portfolios tailored to their investment objectives. The pooled structure of MPF means the asset class components can be used as building blocks to created bespoke solutions for pension schemes.

Expanding the Opportunity Set – Exchange Traded Funds

We have added to MPF a new suite of pooled funds that aim to provide cost effective passive exposure to an even broader range of investments — including previously difficult to access asset classes such as dividend tilted equities. Access to these asset classes is gained by wrapping ETF assets within the designated sub-funds.

This solutions-oriented approach means that UK pension funds can access the ETF asset classes without the need to trade them directly or the need for a custodial account (as MPF has the custody arrangements for holding ETFs). Investors simply invest in MPF as they would for any other sub-funds available in the vehicle. The ETFs accessed are State Street Global Advisors’ highly regarded SPDR ETF funds.

Advanced Beta

Always at the forefront, we continue to evolve indexing expertise and capabilities — most recently through innovations in systematic, rules-based Advanced Beta strategies.

Also known as Smart Beta, with these strategies investors can venture beyond simple market capitalization-weighted approaches to explore other sources of return, diversify portfolios or express specific investment views. These strategies are designed to maintain the low cost and transparency of traditional passive investing. Within MPF, investors can currently choose from Fundamental Index® funds that target low price-to-fundamental factor stocks, or a proprietary passive strategy that is designed to identify high quality and low volatility stocks across both developed and emerging markets.

3 _{The Local Government Pension Scheme (LGPS) is a registered scheme under the Act.} 4 _{Source: State Street Global Advisors, as at 30 June 2014.}

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State Street Global Advisors 5

Opportunities for Defined Contribution Schemes

We recognise the unique requirements of defined contribution (DC) pension savers, schemes and fund platforms. This is why our philosophy in developing funds for the DC sector is to create investment strategies that are sophisticated in their assumptions and design, yet straightforward and clear for investors.

For trustees and scheme sponsors our Timewise Target

Retirement FundsTM_{are designed as a comprehensive}

default investment option. With an intelligently devised and value driven combination of assets, which adapt and evolve over time, the funds can offer a powerful and flexible investment solution for people in workplace pension schemes.

Asset allocation within the Timewise funds is based on State Street Global Advisors’ investment insights. We assess a range of factors to determine what combination of investments we believe are typically appropriate for investors looking to retire on the target retirement date of each fund.

Glide path helps to manage risk. Our glide path and

built-in risk management tools are designed to help

address the common risks members face when investing for retirement including shortfall, inflation and market volatility risks.

Broad asset class exposure improves diversification.

As a result of diversification, members’ investments can benefit from reduced volatility with the potential to improve the risk-return trade off over time.

Continual asset class evolution. We design portfolio

asset allocations using our proprietary macroeconomic forecasts combined with our decades of institutional portfolio management experience.

More value for workplace savers. A foundation of

index investments, combined with our own investment architecture, is designed to provide increased value for workplace pension schemes.

Within MPF, we also offer a range of funds that are structured specifically to suit DC platform models, as well as a suite of net funds for DC schemes that invest in MPF either directly or via an administrator. The net funds deduct management fees from the unit price to facilitate ease of administration in relation to fees and fund costs.

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INVESTMENT EXPERTISE

MPF offers funds across a range of asset classes and investment styles, including

index equity and fixed income, cash, enhanced equity, active equity, currency-hedged

index equity, fund of funds and diversified growth. Specialist default solutions for

defined contribution plans are also available, including our suite of Timewise Target

Retirement Funds

TM

_{. We can provide flexible asset allocation across the sub-funds to}

help clients build diversified portfolios tailored to their investment objectives. The

pooled structure of MPF means the asset class components can be used as building

blocks to created bespoke solutions for pension schemes.

INDEX EQUITY

• Equity funds that seek to track their designated index with low tracking error volatility relative to the benchmark

• The trade-off between tracking error and transaction costs is managed to optimise performance • Fund range includes global,

regional and country index tracking opportunities • An additional selection of

dividend-tilted index funds that use innovative access to the SSGA’s SPDR Exchange Traded Funds as underlying assets

INDEX FIXED INCOME

• Fixed income funds that seek to track their designated index with low tracking error volatility relative to the benchmark

• Well-defined and transparent indices

• Control risk through disciplined exposure-management process across currency, duration, yield curve, sector and issuer • Use index replication for UK

gilts; stratified sampling for corporate bonds

ENHANCED EQUITY

• Seek to outperform their benchmark, using quantitative stock-selection techniques • Invest in a sample of equities

with characteristics similar to the benchmark, while seeking to limit unintended risk exposures

• Model-driven stock evaluation process, using fundamental (value, growth, and quality) and technical (sentiment) factors • Low turnover to minimise

transaction costs

ACTIVE EQUITY

• A selection of funds that target returns above the benchmark index • Quantitative stock-selection

strategy provides core exposure to designated developed and emerging market equities • Model-driven stock evaluation

process, using fundamental (value and growth) and technical (sentiment) factors

• More concentrated than enhanced equity portfolios, with fewer holdings and larger positions

ADVANCED BETA

• Our Advanced Beta funds represent passive investment opportunities beyond those that track traditional market cap-weighted indices • Fundamental Index® funds

utilise an alternative approach to security weighting, targeting low price-to-fundamental factor stocks across developed, or developed and emerging, markets globally

• A proprietary passive strategy designed to identify both high quality and low volatility stocks across developed and emerging markets

EMERGING MARKETS

• Index and active approaches to emerging markets equities • Emerging Markets Select Equity

Fund uses a proprietary stock selection model to build a concentrated portfolio of stocks • The Fund’s risk controlled

investment process targets an investment return in excess of the performance of the MSCI Emerging Markets Free Index over the long term

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LIABILITY-DRIVEN INVESTING

• Single Stock Gilt Funds offer exposure to long-duration gilts, to help extend portfolio duration and hedge inflation

• The funds are designed to be a simple, liquid and cost effective way to extend the duration of asset portfolios to achieve a better match between scheme assets and liabilities

• Pooled fund structure incorporates custody and collateral management • Can be used in tailored

combinations with Leveraged Gilt and Swap Funds (available to qualifying investors) to suit the objectives and risk tolerances of the scheme • The funds can also complement

conventional bond index funds to help structure stable and cost effective hedging portfolios

CURRENCY HEDGED EQUITY

• Currency volatility, a by-product of investing in international assets, can be reduced through currency hedging using forward foreign exchange contracts — an approach which is available within a number of index equity funds in MPF

• Passive hedges of 50%, 75% and 100% to Sterling available

• Dynamic strategic currency hedging also available — seeking to reduce currency losses without necessarily eliminating currency gains • Dynamic strategic hedging systematically adjusts the currency hedge ratio to Sterling or Euro between 0%–100%

CASH

• Preservation of capital is paramount across cash management strategies • MPF cash funds invest in

high-quality money market instruments, as rated by external ratings agencies

• Specialist credit research analysts approve and monitor all issuers

DIVERSIFIED

• Diversified Beta and Diversified Alternatives seek to reduce the risk of exposure to a single asset class by offering a portfolio of traditional equities and bonds — as well as property, hedge funds, commodities, high yield and emerging market debt, infrastructure and other alternative asset classes

• The portfolios are structured with passively implemented strategies in order to target lower costs • A Dynamic Diversified Fund

(DDF) is also available – this is an absolute return fund that proactively switches between defensive, medium and higher-risk assets based on market conditions, targeting timely and profitable exposure to the right assets at the right time

• Investors can use the DDF as the growth-seeking asset in their portfolio in place of a traditional equity allocation, as a complement to an LDI-type strategy or as a core, default investment through the accumulation phase of a DC plan

TIMEWISE TARGET

RETIREMENT FUNDS™

• Timewise Target Retirement Funds are designed to be a comprehensive default investment option for DC scheme members • Asset allocation for the funds

is based on our proprietary investment glide path that seeks to ensure DC scheme members are invested in the right asset classes at the right time — throughout all the phases of their working lives

• With an intelligently devised and value driven combination of assets, the funds can offer a powerful and flexible investment solution for people in workplace pension schemes

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Cost Effective

The economies of scale that can be gained from investors pooling their assets has been accepted by pension funds for many years. Within MPF, transaction costs are kept low by seeking to deal in the most cost-effective way. This involves using the internal State Street crossing network, as well as other trading strategies. We seek to match buyers and sellers at the unit level, allowing them to cross with each other at no cost. We do not set a minimum size for clients to access this crossing opportunity. Clients invest in MPF by means of an insurance contract and because of this, management fees are not generally subject to VAT.

Tax Efficient

Assets held within MPF’s unit-linked funds are classified as pension business for UK tax purposes. Any dividends received and capital gains arising are therefore exempt from UK corporation tax. In addition, dividends and capital gains arising on overseas assets held in most jurisdictions generally benefit from a tax treatment which is preferential to most tax payers. This is by virtue of being classified as tax exempt pension business, or through the operation of double taxation agreements, or a combination of the two. Further details are available on request. You should consult with your tax or financial advisor to ensure that your scheme qualifies to invest in MPF’s range of funds.

Securities Lending

The State Street securities lending programme covers equity and fixed income assets around the world. MPF funds participate in the programme, providing the potential to generate incremental returns for investors in a risk controlled manner. The programme is managed by State Street Securities Finance (SSSF), a division of State Street’s Global Markets area. SSSF is a key global player in securities lending, with lendable assets of approximately $3.1 trillion, 128 borrower relationships and more than 210 employees dedicated to securities lending activities.5

At present, lending in relation to which State Street acts as lending agent for MPF is collateralised by non-cash collateral with a margin of 102%–110%.6_{It is marked to market on a}

daily basis. Collateral types and collateralisation levels are under continual review. MPF benefits from a counterparty default indemnity from State Street Bank & Trust Company. Revenue generated from securities lending is allocated 70% to MPF in respect of the investors and 30%7_{to State}

Street, which pays all costs associated with the lending programme. Please contact us to find more about the potential benefits of securities lending within MPF, as well as our risk management process.

Proxy Voting and Corporate Governance

We consider proxy voting an opportunity to improve shareholder value, in addition to our fiduciary responsibility to vote. Our proxy voting policy and procedures seek to ensure that our clients receive the best possible returns on their investments, and that companies have effective management controls in place to mitigate risk. We regularly engage with companies to discuss a variety of corporate governance issues, with the goal of providing insight on the principles and practices that drive our voting decisions. Pension schemes may have their own proxy voting policies that lead to different views on voting issues. We can accommodate client-directed voting — please contact your Relationship Manager for more information. Our Proxy Voting and Corporate Governance Policy, a quarterly Company Engagement newsletter and MPF Voting Records are all available on a dedicated section of our website, ssga.com

In-Specie Contributions

The life policy structure of MPF may enable investors to transfer stock into and out of the fund free of UK stamp duty. Any resulting reduction in entry and exit costs can be a major competitive advantage over other pooled vehicles. Transferring assets in-specie may significantly reduce the potential for performance drag for institutional investors when they change asset managers. It may help investors to minimise costs when changing their asset managers, while retaining market exposure. Investors should obtain their own tax advice before investing in MPF.

Expertise in Transition Management

Making the decision to change investment managers is often only the beginning of the process. The practical steps to implement this change in asset allocation strategy or investment manager can sometimes be complex, time-consuming and costly for investors. We have significant experience in organising portfolio conversions and aim to make the process as simple, straight forward and cost effective as possible. Whether you make direct in-specie transfers into our pooled funds (conversions), or you require major portfolio restructuring, State Street can provide the support you need in relation to legal requirements, portfolio analysis, cost minimisation, asset allocation and co-ordination with the out-going manager. Once you have decided on your investment strategy, we will review the transition management options with you and work to ensure a smooth transition process.

ADMINISTRATION BENEFITS

5 _{As at 30 June 2014. Not all borrower relationships are used in relation to the}

lending of MPF’s securities.

6 _{As at 30 June 2014.}

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Investing

Once you have decided to invest in MPF, we send you the legal documentation, including an instruction letter, which tells us the funds you wish to invest in, and how you want your portfolio to be managed. Any questions or issues that may arise with the documentation can be discussed with your Client Relationship Manager. Where necessary, our dedicated New Business Team will initiate transfer arrangements including communication with the outgoing investment manager.

Fees

Please contact your relationship manager for details about fees. In addition to the Policy Charge other costs are incurred by the MPF subfunds. Details of these costs are set out in the policy documentation and on the Client’s Corner section of ssga.com

Unit Allocation and Dealing Spreads

MPF allocates notional units to the policyholders based on the underlying notional unit buy (offer) price. This is calculated using the middle market price plus transaction costs.

The redemption of notional units is based on the underlying notional unit sell (bid) price, that is, the middle market price minus transaction costs. The dealing spread – the difference between the buy and sell price – is affected by market conditions. For information on the latest indicative spreads, please contact your relationship manager.

Crossing

When there are buyers and sellers of notional units, we match them in a process called “crossing”. Buyers and sellers are allocated the middle market price, without the addition (deduction) of dealing expenses on the portion of the trade that is crossed. The uncrossed portion is charged at normal spreads. A single contribution may therefore include a crossed element (called a “swap buy”) and an uncrossed element (a “buy”). Crossing is applied on a weighted basis across all transactions for all clients. MPF does not receive any fee nor retain any profits from crossing transactions.

In-specie transfers

We welcome in-specie transfers for new investments. Whenever possible, we will transfer the stock to the appropriate funds, valued at middle market prices, unless the fund manager believes that a direct transfer would affect the fund’s ability to meets its performance objectives. We work with the client to maximise the number of stocks transferred and propose trading strategies for any stock that cannot be absorbed. There may be associated costs, which are charged to the incoming client.

When a client makes a redemption, we may be able to give the new manager an in-specie stock transfer that is representative of the fund. This will depend on market conditions and the size of the transfer. In these instances, the client would generally bear the custodian costs.

Valuations

Middle market prices are used to calculate valuations and investment performance. All funds are priced at close of business. Bid-based reporting can be provided on request.

Settlement

Sell and buy orders settle on the dealing date plus three working days (T+3).

The late arrival of monies to purchase notional units, or the early settlement of redemptions, may be subject to an interest charge.

Notification deadline

Instructions to buy or sell notional units must be received by 10:00am, one day prior to the dealing date (T-1).

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Client Service

Our dedicated Shareholder Services team is available to answer questions, take dealing instructions and process transactions. Responsive and flexible, they aim to handle all client queries within 24 hours.

Shareholder Services is able to address most transactional issues. However, when investors wish to discuss investment updates, strategy changes, asset allocation, benchmarks or legal matters, a dedicated Client Relationship Manager should be the first point of contact. Client Relationship Managers also update investors on fund developments and attend trustee meetings when requested.

Contact information is provided on the inside front cover of this document.

Client Reporting

Every quarter, clients receive a detailed report about their investment. Fund factsheets provide performance data, a performance review, an asset allocation summary and relevant market reviews.

This information is also available online at ssga.com

Online Access

Clients can view their fund information and other data online via our website,

ssga.com. This allows access to Client’s Corner, a password-protected area

containing investment data, as well as information on our products and research not available on our public website. With their clients’ consent, consultants may also access this data via Consultant’s Corner.

• The following information and facilities are available:

• View portfolio value, transaction history and investment performance • Obtain the most recent Embedded Costs and Spreads applicable for

the Funds

• Submit requests for bespoke reports

• Download data to incorporate into other documents • View and print factsheets

• Access information on our investment capabilities, thought leadership and in-house research in various media formats, including video • Email links to the Shareholder Services team and your Client

Relationship Manager

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Clients can view their

fund information and

other data online via

our website at ssga.com

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Our range of MPF funds is shown below and these can be used in any combination. Further information about each of the funds, including investment policies and latest performance data can be found in the quarterly fund factsheets, accessible online at ssga.com

This section is accurate as at 31 July 2014, but is subject to change.

Please contact us to find out the current position regarding information in this section.

FUND RANGE

Index Equity Funds Benchmark1 _{Indexation Methodology}2

UK Equity FTSE® All Share Replication

World UK Equity FTSE® All-World UK Replication

North America Equity FTSE® All-World Developed North America Replication

Europe ex UK Equity FTSE® All-World Developed Europe ex UK Replication

Japan Equity FTSE® All-World Japan Replication

Asia Pacific ex Japan Equity FTSE® All-World Developed Asia Pacific ex Japan Replication

Middle-East and Africa Equity FTSE® All-World Developed Middle-East and Africa Replication

Emerging Markets Equity FTSE® All-World All Emerging Markets Replication/

Stratified Sampling

Advanced Emerging Markets Equity FTSE® All-World Advanced Emerging Markets Replication/

Stratified Sampling

Emerging Markets Dividend S&P Emerging Markets Dividend Opportunities Index Fund of Funds (ETF)

Euro Dividend Aristocrats S&P Euro High Yield Dividend Aristocrats Index Fund of Funds (ETF)

UK Dividend Aristocrats S&P UK High Yield Dividend Aristocrats Index Fund of Funds (ETF)

US Dividend Aristocrats S&P High Yield Dividend Aristocrats Index Fund of Funds (ETF)

Global Dividend Aristocrats S&P Global Dividend Aristocrats Index Fund of Funds (ETF)

Emerging Markets Corporate Bond BofA Merrill Lynch Emerging Markets Diversified Corporate ex-144A Index Fund of Funds (ETF) Emerging Markets Inflation Linked

Local Bond Index Barclays Emerging Markets Inflation Linked 20% Capped Index Fund of Funds (ETF)

Emerging Markets Local Bond Barclays EM Local Currency Liquid Government Index Fund of Funds

All World Developed Equity Hedged

Target Volatility 90% FTSE All World Developed Index, with 50% of the non-Sterling currency exposure hedged back to Sterling; 10% 7-Day LIBID GBP Fund of Funds Emerging Markets Equity Target Volatility 90% FTSE All World All Emerging Index; 10% 7-Day LIBID GBP Fund of Funds

Advanced Beta Funds Benchmark1 _{Indexation Methodology}2

Fundamental Index® Global Equity FTSE® RAFI® All-World 3000 Optimised Sampling

Fundamental Index® World

Developed Equity FTSE® RAFI® Developed 1000 Optimised Sampling

All World Equity Low Volatility /

High Quality Screened Index SSGA Global Low Volatility/High Quality Screened Index

Index Fixed Income Funds Benchmark1 _{Indexation Methodology}2

UK Conventional Gilts All Stocks FTSE® Actuaries UK Gilts British Government All Stocks Replication

UK Conventional Gilts Over 15 Years FTSE® Actuaries UK Gilts British Government Over 15 Years Replication

UK Index Linked Gilts All Stocks FTSE® Actuaries UK Gilts British Government Index Linked All Stocks Replication UK Index Linked Gilts Over 5 Years FTSE® Actuaries UK Gilts British Government Index Linked Over 5 Years Replication UK Index Linked Gilts Over 15 Years FTSE® Actuaries UK Gilts British Government Index Linked Over 15 Years Replication

Sterling Non Gilts Bond All Stocks Barclays Sterling Aggregate 100mm Non Gilts Index Stratified Sampling

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Fund Range (continued)

Index Fund of Funds Benchmark1 _Structure

Asia Pacific Equity FTSE® All-World Developed Asia Pacific Fund of Funds

Balanced 80% Global Equity (50/50), 6% UK Conventional Gilts All Stocks,

Fund of Funds 6% Sterling Non Gilts All Stocks, 3% UK Index Linked Gilts All Stocks, 5% Sterling Liquidity

Fund of Funds

Global Equity (70/30) 70% FTSE® All Share and 30% FTSE® World ex UK Fund of Funds

Global Equity (50/50) 50% FTSE® All Share and 50% International Equities3 Fund of Funds

International Equity FTSE® World ex UK Fund of Funds

All World Developed Equity FTSE® All-World Developed Fund of Funds

All World Equity FTSE® All-World Fund of Funds

Diversified Funds Benchmark1 _Structure

Dynamic Diversified GBP 7-day LIBID Fund of Funds

Diversified Beta 60% FTSE® All-World Developed Fund of Funds

40% FTSE® Gilts All Stocks Fund of Funds

Diversified Alternatives GBP 7-day LIBID plus 2.5% Fund of Funds

Active Equity Funds Benchmark1

Emerging Markets Select MSCI Emerging Markets

North America Active Equity FTSE® All-World Developed North America

Europe ex UK Active Equity FTSE® All-World Developed Europe ex UK

Enhanced Equity Funds Benchmark1

Asia Pacific Enhanced Equity FTSE® All-World Developed Asia Pacific

Europe ex UK Enhanced Equity Index FTSE® All-World Developed Europe ex UK Index

Cash Funds Benchmark1 _Structure

Sterling Liquidity GBP 7-day LIBID (Sterling London Interbank 7 Day Deposit Rate) Fund of Funds

Euro Liquidity EUR 7-day LIBID (Euro London Interbank 7 Day Deposit Rate) Fund of Funds

Passive Currency Hedged Index Funds Benchmark1 _Structure

North America Equity (100% Hedged) FTSE® All-World Developed North America 100% Hedged to Sterling Fund of Funds + Currency Forwards

North America Equity (75% Hedged) FTSE® All-World Developed North America 75% Hedged to Sterling Fund of Funds

North America Equity (50% Hedged) FTSE® All-World Developed North America 50% Hedged to Sterling Fund of Funds

Europe ex UK Equity (100% Hedged) FTSE® All-World Developed Europe ex UK 100% Hedged to Sterling Fund of Funds +

Currency Forwards

Europe ex UK Equity (75% Hedged) FTSE® All-World Developed Europe ex UK 75% Hedged to Sterling Fund of Funds

Europe ex UK Equity (50% Hedged) FTSE® All-World Developed Europe ex UK 50% Hedged to Sterling Fund of Funds

Japan Equity (100% Hedged) FTSE® All-World Japan 100% Hedged to Sterling Fund of Funds +

Currency Forwards

Japan Equity (75% Hedged) FTSE® All-World Japan 75% Hedged to Sterling Fund of Funds

Japan Equity (50% Hedged) FTSE® All-World Japan 50% Hedged to Sterling Fund of Funds

Asia Pacific ex Japan Equity (100% Hedged) FTSE® All-World Developed Asia Pacific ex Japan 100% Hedged to Sterling Fund of Funds + Currency Forwards Asia Pacific ex Japan Equity (75% Hedged) FTSE® All-World Developed Asia Pacific ex Japan 75% Hedged to Sterling Fund of Funds Asia Pacific ex Japan Equity (50% Hedged) FTSE® All-World Developed Asia Pacific ex Japan 50% Hedged to Sterling Fund of Funds Middle-East and Africa Equity

(100% Hedged) FTSE® All-World Developed Middle-East and Africa 100% Hedged to Sterling Fund of Funds + Currency Forwards Middle-East and Africa Equity (75% Hedged) FTSE® All-World Developed Middle-East and Africa 75% Hedged to Sterling Fund of Funds Middle-East and Africa Equity (50% Hedged) FTSE® All-World Developed Middle-East and Africa 50% Hedged to Sterling Fund of Funds Global Equity (50/50) (50% Hedged) 50% FTSE® All Share, 50% International Equities, 50% Hedged to Sterling4 _{Fund of Funds}

International Equity (100% Hedged) FTSE® World ex UK 100% Hedged to Sterling Fund of Funds

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(100% Hedged) Currency Forwards Fundamental Index® Global Equity

(75% Hedged) FTSE® RAFI® All-World 3000 75% Hedged to Sterling Fund of Funds

All World Equity Low Volatility /

High Quality Screened Hedged Sub-Fund SSGA Global Low Volatility/High Quality Screened Index 100% Hedged to Sterling Fund of Funds + Currency Forwards

Dynamic Currency Hedged Index Fund Benchmark1 _Structure

North America Equity (GBP Dynamic

Currency Hedged) FTSE® All-World Developed North America 50% Hedged to Sterling Fund of Funds + Currency Forwards

Europe ex UK Equity (GBP Dynamic

Currency Hedged) FTSE® All-World Developed Europe ex UK 50% Hedged to Sterling Fund of Funds + Currency Forwards

Japan Equity (GBP Dynamic

Currency Hedged) FTSE® All-World Japan 50% Hedged to Sterling Fund of Funds + Currency Forwards

Asia Pacific ex Japan Equity

(GBP Dynamic Currency Hedged) FTSE® All-World Developed Asia Pacific ex Japan 50% Hedged to Sterling Fund of Funds + Currency Forwards International Equity

(GBP Dynamic Currency Hedged) FTSE® World ex UK 50% Hedged to Sterling Fund of Funds + Currency Forwards

As Of Priced Funds4 _Benchmark1 _Structure

As Of Priced Net UK Conventional

Gilts All Stocks Index FTSE® Actuaries British Government All Stocks Replication

As Of Priced UK Index Linked

Gilts Over 5 Years FTSE® Actuaries UK Gilts British Government Index Linked Over 5 Years Replication

As Of Priced Diversified Beta 60% FTSE® All-World Developed, 40% FTSE® Gilts All Stocks Fund of Funds

As Of Priced Global Equity (30/70) 30% FTSE® All Share, 70% FTSE® World ex UK 75% Hedged to Sterling Fund of Funds

As Of Priced Sterling Liquidity GBP 7-day LIBID (Sterling London Interbank 7 Day Deposit Rate) Fund of Funds

As Of Priced Pre-Retirement Fund of Funds

As Of Priced All World Equity

(75% Hedged) Index FTSE® All World Net UK Tax Fund of Funds

As Of Priced Fundamental Index®

Global Equity (75% Hedged) FTSE® RAFI All World 3000 Index Fund of Funds

As Of Priced All World Equity (Hedged) Low

Volatility/High Quality Screened Index SSgA Global Low Volatility/High Quality Screened Hedged Index Fund of Funds As Of Priced Fundamental Index® Global

Equity (100% Hedged) FTSE® RAFI All World 3000 100% Hedged Net UK Tax Fund of Funds

Net Funds5 _Benchmark1 _Structure

Net UK Equity FTSE® All Share Replication

Net UK Conventional Gilts All Stocks FTSE® Actuaries UK Gilts British Government All Stocks Replication

Net UK Conventional Gilts Over 15 Years FTSE® Actuaries UK Gilts British Government Over 15 Years Replication Net Index Linked Gilts Over 5 Years FTSE® Actuaries UK Gilts British Government Index Linked Over 5 Years Replication

Net Sterling Non Gilts Bond All Stocks Barclays Sterling Aggregate 100mm Non Gilts Index Stratified Sampling

Net Balanced Index BNY Mellon CAPS Discretionary Portfolio Survey Median Fund

ex Property Fund of Funds

Net Global (50/50) Index Fund 25% FTSE® All Share + 25% FTSE® World ex UK + 50% UK Conventional

Gilts Over 15 Years Fund of Funds

Net Global Balanced (50/50) 25% FTSE® All Share

25% FTSE® World ex UK

50% FTSE® Actuaries British Government Over 15 Years

Fund of Funds

Net Global Equity (50/50)

Index Sub-Fund N12 50% in the UK Equity Index,16.7% in the North America Equity Index, 16.7% in the Europe ex UK Equity Index, 8.3% in the Japan Equity Index and 8.3% in the Asia Pacific ex Japan Equity Index

N/A

Net Global Equity (50% UK /

50% International) 50% FTSE® All Share 50% FTSE® World ex UK Fund of Funds

(15)

15

1 _{Where relevant, performance is measured against a total return benchmark, net of}

withholding tax payable by a UK pension fund investor.

2 _{Indexation Methodologies:}

Replication – This methodology builds a portfolio that mirrors the benchmark, so that the stock weights of the portfolio are almost identical to the stock weights of the index. A portfolio that is replicated should not require any trading until something changes, either in the portfolio, such as a cash flow, or in the index. This tends to be the most effective and efficient indexing approach when the portfolio has sufficient asset size and the index is liquid.

Stratified Sampling – When full replication is not possible we utilise a stratified sampling strategy. This involves investing in a sufficiently diversified portfolio with the aim of minimising risk exposures and limiting trading costs to achieve consistent performance and tracking error.

Optimised Sampling – Under this methodology, the portfolio owns a broad representative sample of the index. It analyses the historical relationship of a range of financial variables and how these factors impact security movement. The methodology is typically applied when the asset size of a portfolio is small, when the benchmark is extremely broad with many illiquid constituents, or when certain stocks or industry groups are restricted.

3 _{Allocated 1/3 FTSE All-World Developed North America, 1/3 FTSE All-World}

Developed Europe ex UK, 1/6 FTSE All-World Developed Asia Pacific ex Japan, 1/6 FTSE All-World Japan.

4 _{Historically priced funds available only to Defined Contribution schemes using fund}

platforms, enabling the policy holder to purchase and redeem units on an ‘as of’ basis.

5 _{Net-of-management fee funds available to Defined Contribution pension schemes}

investing in MPF directly or via an administrator.

Fund Range (continued)

Net Sterling Liquidity GBP 7-day LIBID (Sterling London Interbank 7 Day Deposit Rate) Fund of Funds

Net Global Equity (50/50) (50% Hedged) 50% FTSE All Share

50% FTSE® World ex UK 50% Hedged to Sterling Fund of Funds

Net Dynamic Diversified GBP 7-day LIBID plus 4% Fund of Funds

International Equity Index Fund " I "

(Net price) FTSE World ex UK Index Fund of Funds

Sterling Liquidity Fund " I " (Net price) London Interbank 7 day deposit rate Fund of Funds

UK Equity Index Fund " I " (Net price) FTSE All-Share Index Replicated

UK Index Linked Gilts Over 5 Years

Index Fund " I " (Net price) FTSE Actuaries British Government Over 5 Years Index Linked Gilts Index Replicated

Liability-Driven Investing Benchmark1 _Structure

UK Conventional Gilt Dec 2049 Barclays UKTI 4.25% Dec 49 TRI Replication

UK Conventional Gilt Dec 2055 Barclays UKTI 4.25% Dec 55 TRI Replication

UK Conventional Gilt Jan 2060 Barclays UKTI 4.00% Jan 60 TRI Replication

UK Index Linked Gilt Nov 2027 Barclays UKTI 1.250% Nov 27 TRI Replication

UK Index Linked Gilt Mar 2050 Barclays UKTI 0.500% Mar 50 TRI Replication

Pooled Swap Funds Please contact us for details

Leveraged Gilt Funds Please contact us for details

Transition Fund Please contact us for details

Timewise Target Retirement funds Fund of funds

Timewise Target Retirement 2015 Sub-Fund Fund of funds

(16)

investment advice as such term is defined under the Markets in Financial Instruments Directive (2004/39/EC) and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor’s or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor. All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Street shall have no liability for decisions based on such information. Past performance is no guarantee of future results.

Investing in the Managed Pension Fund Limited is effected by means of an insurance policy written by Managed Pension Funds Limited, a member of the State Street group of companies. Any figures quoted are sourced from State Street Global Advisors Limited unless otherwise stated. This document should not be construed as an invitation or inducement to engage in investment activity. MPF is generally available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. In the case of non-UK pension schemes, MPF is available to those schemes which satisfy the applicable requirements set out in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006. This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority and Prudential Regulation Authority). It should not be circulated to or relied upon by any other persons. This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Conduct Authority (FCA)) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.

Please note that neither State Street Global Advisors Limited or Managed Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for, the calculation of projected liabilities.

Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy.

Investing involves risk including the risk of loss of principal.

Risk associated with equity investing include stock values which may fluctuate in response to the activities of individual companies and general market and economic conditions. International Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. The use of leverage, as part of the investment process, can multiply market movements into greater changes in an investment’s value, thus resulting in increased volatility of returns. Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond values and yields usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Diversification does not ensure a profit or guarantee against loss.

Investing in foreign domiciled securities may involve risk of capital loss from unfavorable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

around the year indicated in each fund’s name. When choosing a Fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a funds approximate target date. There may be other considerations relevant to fund selection and investors should select the fund that best meets their individual circumstances and investment goals. The funds’ asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. The investment risks of each Fund change over time as its asset allocation changes. Assumptions and forecasts used by SSGA in developing the Portfolio’s asset allocation glide path may not be in line with future capital market returns and participant savings activities, which could result in losses near, at or after the target date year or could result in the Portfolio not providing adequate income at and through retirement. Derivative investments may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.

Hedge funds are typically unregulated private investment pools made available to only sophisticated investors who are able to bear the risk of the loss of their entire investment. An investment in a hedge fund should be viewed as illiquid and interests in hedge funds are generally not readily marketable and are generally not transferable. Investors should be prepared to bear the financial risks of an investment in a hedge fund for an indefinite period of time. An investment in a hedge fund is not intended to be a complete investment program, but rather is intended for investment as part of a diversified investment portfolio. Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates. Investing in high yield fixed income securities, otherwise known as junk bonds, is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries.

Securities lending programs and the subsequent reinvestment of the posted collateral are subject to a number of risks, including the risk that the value of the investments held in the may decline in value and may at any point be worth less than the original cost of that investment. Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. Managed Pension Fund Limited is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London Stock Exchange Plc (the “Exchange”) or by The Financial Times Limited (“FT”) and neither FTSE nor Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indices and/or the figure at which the said Indices stands at any particular time on any particular day or otherwise. The Indices are compiled and calculated by FTSE. However, neither FTSE nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or Exchange or FT shall be under any obligation to advise any person of any error therein. “FTSE®_{” is a trademark of the Exchange and FT and is used by FTSE under licence.}

“All-World” and “All-Share”, are trademarks of FTSE. Managed Pension Fund Limited is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”), by the London Stock Exchange Plc (the “Exchange”), The Financial Times Limited (“FT”) or by Research Affiliates LLC (“RA”) (collectively the “Licensor Parties”), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE®_RAFI®_{All World 3000}

Index (the “Index”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.

FTSE®_{is a trade mark of the Exchange and the FT. Fundamental Index}®_{and RAFI}®_All

World 3000 Index trade names and patent-pending concept are the exclusive property of Research Affiliates®_{, LLC. Patent pending: US-2005-0171884-A1, US-2006-0015433-A1,}