Global Emerging Markets

Description of Strategy

This is a Nomura Asset Management U.K. Limited (“NAM”) owned and managed strategy employing a unique, regional specialist approach to managing global emerging market equities. NAM has appointed Nomura Asset Management Singapore Limited to manage the Emerging Asia region and has appointed two specialist external managers following competitive tendering exercises as follows:

• Charlemagne Capital Limited manage the EMEA region while
• Gartmore Investment Limited manage Latin America.

As NAM manage the overall strategy, investors will benefit from having 3 regional experts but only deal with one.

In addition to a comprehensive set of investment guidelines, the strategy will seek to maintain a neutral regional allocation between the three main regions, with rebalancing back to neutral benchmark positions occurring only if month end deviations from the MSCI EM benchmark weight exceed 3%.